N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-08274
MassMutual Select Funds
(Exact name of registrant as specified in charter)
1295 State Street, Springfield, MA				01111
(Address of principal executive offices)				(Zip code)
Paul LaPiana
1295 State Street, Springfield, MA 01111
(Name and address of agent for service)
Registrant's telephone number, including area code:			(413) 744-1000
Date of fiscal year end:	9/30/2022
Date of reporting period:	3/31/2022

Item 1. Reports to Stockholders.

(a) The Reports to Stockholders are attached herewith.

Table of Contents
Select President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MassMutual Total Return Bond Fund	22
MassMutual Strategic Bond Fund	38
MassMutual Diversified Value Fund	67
MassMutual Fundamental Value Fund	72
MM S&P 500® Index Fund	76
MassMutual Equity Opportunities Fund	84
MassMutual Fundamental Growth Fund	87
MassMutual Blue Chip Growth Fund	90
MassMutual Growth Opportunities Fund	93
MassMutual Mid Cap Value Fund	95
MassMutual Small Cap Value Equity Fund	101
MassMutual Small Company Value Fund	105
MM S&P® Mid Cap Index Fund	110
MM Russell 2000® Small Cap Index Fund	117
MassMutual Mid Cap Growth Fund	142
MassMutual Small Cap Growth Equity Fund	147
MM MSCI EAFE® International Index Fund	152
MassMutual Overseas Fund	165
MassMutual Select T. Rowe Price International Equity Fund	169
Statements of Assets and Liabilities (Unaudited)	178
Statements of Operations (Unaudited)	190
Statements of Changes in Net Assets	202
Financial Highlights	216
Notes to Financial Statements (Unaudited)	253
Other Information (Unaudited)	300
Proxy Voting	300
Quarterly Reporting	300
Liquidity Risk Management Program	300
Trustees’ Approval of Investment Advisory Contracts	300
Fund Expenses	302

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Select Funds – President’s Letter to Shareholders (Unaudited)

March 31, 2022

To Our Shareholders

Paul LaPiana

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

Welcome to the MassMutual Select Funds Semiannual Report, covering the six months ending March 31, 2022.

Market Highlights

● For the reporting period from October 1, 2021 through March 31, 2022, U.S. stocks were up nearly 6%, despite rising inflationary pressures, the Russian-Ukraine war, and the Federal Reserve Board (the “Fed”) taking the first steps in rolling back years of accommodative monetary policy.

● In the fourth quarter of 2021, expectations for strong economic and earnings growth in 2022 bolstered by the possibility for a $2 trillion economic stimulus and social spending plan, allowed investors to look past skyrocketing Omicron variant COVID-19 cases and heightened inflationary pressures.

● During the first quarter of 2022 investors in both stocks and bonds were challenged by the unexpected invasion of Ukraine by Russia, a stalled economic stimulus plan, and the Fed raising interest rates for the first time since 2018.

● Foreign stocks in both developed and emerging markets experienced losses in the reporting period, hindered by the unexpected economic impact of the Russian-Ukraine war and the strengthening of the U.S. dollar.

● U.S. bond investors experienced negative returns as the rollback of accommodative monetary policy drove yields higher and concerns over increased default risk due to the Russian-Ukraine war drove valuations lower.

Market Commentary

For the six months beginning on October 1, 2021, global stock investors experienced mixed returns. U.S. stocks rose in the period, despite the Russian-Ukraine war, buoyed by rising expectations for strong economic growth with COVID-19 appearing to have peaked and strong corporate earnings growth and balance sheets.

The broad market S&P 500^® Index* delivered a gain of 5.92% for the period, while the technology-heavy NASDAQ Composite^® Index declined, losing 1.25% for the period. The more economically sensitive Dow Jones Industrial Average was up 3.44% for the period. During this period small-cap stocks significantly underperformed their larger cap peers while value stocks significantly outperformed their growth peers.

The continued economic recovery, Fed interest rate hike in March, and the unexpected invasion of Ukraine by Russia affected sectors differently. The energy, materials, and utilities sectors fared the best for this period as investors anticipated these sectors would benefit the most from higher commodity prices. The communication services and consumer discretionary sectors lagged other sectors, hurt by rising interest rates and rising inflationary pressures. West Texas Intermediate (WTI) crude oil prices ended the period at $100.28 per barrel, up 32% for the period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

1

MassMutual Select Funds – President’s Letter to Shareholders (Unaudited) (Continued)

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 3.38% for the six-month period, negatively impacted by the Russian-Ukraine war and a stronger U.S. dollar. European stocks fared better than Japanese stocks, in part due to the Japanese economy’s great sensitivity to energy prices. Emerging-market stock markets, as measured in the MSCI Emerging Markets^® Index, were also down, falling 8.20% for the period, with food and energy inflation affecting emerging market economies to a greater degree.

The Fed has begun to unwind years of accommodative monetary policy now that the labor market has recovered and inflation pressures are higher. The economic shock of the Russian-Ukraine war and the resulting rise in commodity prices may force the Fed to raise interest rates faster than planned which increases the risk of a policy mistake that leads to a recession. The proposed tax hike in the President’s budget proposal adds to the risk of a recession.

Investors entered the period in the midst of rising inflationary pressures and expectations that the Fed would start rolling back years of accommodative monetary policy. In this environment bond yields rose, with the 10-year U.S. Treasury bond reaching 2.32% by the end of March. The Bloomberg U.S. Aggregate Bond Index ended the period down 5.92%, as bond prices are negatively impacted by rising yields. Investment-grade bond prices fared worse as concerns of defaults increased. The Bloomberg U.S. Corporate Bond Index, which tracks the performance of investment-grade corporate bonds, ended the period down 7.48%. Below investment grade bonds as represented by the Bloomberg U.S. Corporate High Yield Index performed better, ending the period down 4.16%, aided by generally shorter maturities and investor demand for bonds in the energy sector as the sharp rise in oil prices lessened the risk of default.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Paul LaPiana
President
MassMutual Select Funds
MML Investment Advisers, LLC

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual.

The information provided is the opinion of MML Advisers as of 4/1/2022 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

MM202305-301322

2

MassMutual Select Funds – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Total Return Bond Fund, and who is the Fund’s subadviser?

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).

MassMutual Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
U.S. Government Agency Obligations and Instrumentalities*	33.4%
U.S. Treasury Obligations	32.1%
Corporate Debt	28.6%
Non-U.S. Government Agency Obligations	12.5%
Mutual Funds	8.9%
Bank Loans	2.7%
Sovereign Debt Obligations	1.1%
Municipal Obligations	0.4%
Common Stock	0.1%
Purchased Options	0.0%
Total Long-Term Investments	119.8%
Short-Term Investments and Other Assets and Liabilities	(19.8)%
Net Assets	100.0%

* 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.

3

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Strategic Bond Fund, and who are the Fund’s subadvisers?

The Fund seeks a superior total rate of return by investing in fixed income instruments. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated fixed income securities and other debt instruments of domestic and foreign entities, including corporate bonds, securities issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities, mortgage-backed securities, and money market instruments. The Fund’s subadvisers are Western Asset Management Company, LLC (Western Asset) and its affiliate, Western Asset Management Company Limited (Western Asset Limited), which were responsible for approximately 58% of the Fund’s portfolio (Western Asset Limited manages the non-U.S. dollar denominated investments of the Fund); and Brandywine Global Investment Management, LLC (Brandywine Global), which was responsible for approximately 42% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Strategic Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
Corporate Debt	31.2%
U.S. Government Agency Obligations and Instrumentalities*	13.1%
Non-U.S. Government Agency Obligations	9.7%
U.S. Treasury Obligations	9.6%
Sovereign Debt Obligations	4.3%
Bank Loans	3.0%
Mutual Funds	0.5%
Purchased Options	0.1%
Municipal Obligations	0.0%
Total Long-Term Investments	71.5%
Short-Term Investments and Other Assets and Liabilities	28.5%
Net Assets	100.0%

* 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.

4

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Diversified Value Fund, and who are the Fund’s subadvisers?

The Fund seeks to achieve long-term growth of capital and income by investing primarily in a diversified portfolio of equity securities of larger, well-established companies. The Fund invests primarily in stocks of companies that the subadvisers believe are undervalued in the marketplace. While the Fund does not limit its investments to issuers in a particular capitalization range, the subadvisers currently focus on securities of larger size companies. The Fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in stocks, securities convertible into stocks, and other securities, such as warrants and stock rights, whose value is based on stock prices. The Fund’s subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which was responsible for approximately 36% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 64% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Diversified Value Fund Largest Holdings (% of Net Assets) on 3/31/22
Anthem, Inc.	3.1%
AbbVie, Inc.	2.9%
Johnson & Johnson	2.9%
JP Morgan Chase & Co.	2.5%
United Parcel Service, Inc. Class B	2.4%
Bank of America Corp.	2.3%
Comcast Corp. Class A	2.3%
Exxon Mobil Corp.	2.3%
Oracle Corp.	2.1%
The Southern Co.	2.0%
	24.8%

MassMutual Diversified Value Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	26.1%
Financial	25.1%
Industrial	10.2%
Technology	7.1%
Utilities	7.0%
Energy	6.9%
Consumer, Cyclical	6.4%
Communications	5.1%
Basic Materials	4.6%
Mutual Funds	2.4%
Total Long-Term Investments	100.9%
Short-Term Investments and Other Assets and Liabilities	(0.9)%
Net Assets	100.0%

5

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Fundamental Value Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadvisers believe are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Although the Fund may invest in companies of any size, the Fund will tend to focus on companies with large market capitalizations (which the Fund’s subadvisers believe are generally above $1 billion). The Fund’s subadvisers are Boston Partners Global Investors, Inc. (Boston Partners), which managed approximately 50% of the Fund’s portfolio; and Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley), which was responsible for approximately 50% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Fundamental Value Fund Largest Holdings (% of Net Assets) on 3/31/22
UnitedHealth Group, Inc.	2.5%
JP Morgan Chase & Co.	2.3%
Wells Fargo & Co.	2.2%
Johnson & Johnson	2.2%
Deere & Co.	2.0%
CVS Health Corp.	1.9%
Cigna Corp.	1.8%
Chubb Ltd.	1.7%
ConocoPhillips	1.7%
Berkshire Hathaway, Inc. Class B	1.6%
	19.9%

MassMutual Fundamental Value Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	27.2%
Financial	19.1%
Industrial	12.8%
Energy	9.6%
Technology	9.3%
Consumer, Cyclical	6.8%
Communications	5.4%
Basic Materials	4.9%
Utilities	3.3%
Total Long-Term Investments	98.4%
Short-Term Investments and Other Assets and Liabilities	1.6%
Net Assets	100.0%

6

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MM S&P 500^® Index Fund, and who is the Fund’s subadviser?

The Fund seeks to approximate as closely as practicable (before fees and expenses) the capitalization-weighted total rate of return of that portion of the U.S. market for publicly-traded common stocks composed of larger-capitalized companies. Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included within the S&P 500^® Index* (the “Index”), in weightings that approximate the relative composition of the securities contained in the Index, and in Index futures contracts. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

MM S&P 500 Index Fund Largest Holdings (% of Net Assets) on 3/31/22
Apple, Inc.	7.0%
Microsoft Corp.	6.0%
Amazon.com, Inc.	3.7%
Tesla, Inc.	2.3%
Alphabet, Inc. Class A	2.2%
Alphabet, Inc. Class C	2.0%
NVIDIA Corp.	1.8%
Berkshire Hathaway, Inc. Class B	1.7%
Meta Platforms, Inc. Class A	1.3%
UnitedHealth Group, Inc.	1.3%
	29.3%

MM S&P 500 Index Fund Sector Table (% of Net Assets) on 3/31/22
Technology	24.4%
Consumer, Non-cyclical	20.1%
Financial	14.8%
Communications	14.3%
Consumer, Cyclical	9.7%
Industrial	7.6%
Energy	4.0%
Utilities	2.7%
Basic Materials	2.1%
Mutual Funds	0.0%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

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

7

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Equity Opportunities Fund, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadvisers believe are financially sound, valued conservatively by the market, and have improving prospects. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which was responsible for approximately 28% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 72% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Equity Opportunities Fund Largest Holdings (% of Net Assets) on 3/31/22
Chubb Ltd.	3.9%
UnitedHealth Group, Inc.	3.8%
The TJX Cos., Inc.	3.6%
Visa, Inc. Class A	3.5%
Northrop Grumman Corp.	3.5%
PepsiCo, Inc.	3.4%
Marsh & McLennan Cos., Inc.	3.4%
Honeywell International, Inc.	3.4%
Johnson & Johnson	3.3%
Colgate-Palmolive Co.	3.3%
	35.1%

MassMutual Equity Opportunities Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	34.7%
Financial	21.3%
Industrial	14.4%
Consumer, Cyclical	9.9%
Basic Materials	7.1%
Technology	5.8%
Utilities	3.0%
Energy	1.7%
Mutual Funds	1.2%
Communications	1.1%
Total Long-Term Investments	100.2%
Short-Term Investments and Other Assets and Liabilities	(0.2)%
Net Assets	100.0%

8

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Fundamental Growth Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term growth of capital by investing primarily in domestic equity securities that the Fund’s subadvisers believe offer the potential for long-term growth. While the Fund may invest in issuers of any size, the Fund currently focuses on securities of mid-capitalization companies. The Fund’s subadvisers are Westfield Capital Management Company, L.P. (Westfield), which was responsible for approximately 51% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 49% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Fundamental Growth Fund Largest Holdings (% of Net Assets) on 3/31/22
ICON PLC	4.5%
TransUnion	4.1%
Palo Alto Networks, Inc.	3.7%
Gartner, Inc.	3.3%
ZoomInfo Technologies, Inc.	2.8%
Hilton Worldwide Holdings, Inc.	2.7%
Seagen, Inc.	2.2%
Varonis Systems, Inc.	2.1%
Omnicell, Inc.	2.1%
CDW Corp.	2.0%
	29.5%

MassMutual Fundamental Growth Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	31.6%
Technology	24.4%
Consumer, Cyclical	13.2%
Communications	11.9%
Industrial	10.1%
Financial	7.0%
Energy	1.0%
Basic Materials	0.7%
Mutual Funds	0.5%
Total Long-Term Investments	100.4%
Short-Term Investments and Other Assets and Liabilities	(0.4)%
Net Assets	100.0%

9

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Blue Chip Growth Fund, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long term by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The Fund’s subadvisers currently define blue chip growth companies to mean firms that, in their view, are well-established in their industries and have the potential for above-average earnings growth. The Fund’s subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which was responsible for approximately 53% of the Fund’s portfolio; and Loomis, Sayles & Company, L.P. (Loomis Sayles), which managed approximately 47% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 3/31/22
Amazon.com, Inc.	9.3%
Microsoft Corp.	6.9%
Alphabet, Inc. Class C	6.8%
NVIDIA Corp.	5.1%
Meta Platforms, Inc. Class A	4.8%
Visa, Inc. Class A	4.1%
Apple, Inc.	3.7%
Tesla, Inc.	3.5%
Alphabet, Inc. Class A	3.2%
The Boeing Co.	2.1%
	49.5%

MassMutual Blue Chip Growth Fund Sector Table (% of Net Assets) on 3/31/22
Communications	32.4%
Technology	29.8%
Consumer, Non-cyclical	17.4%
Consumer, Cyclical	8.4%
Financial	7.0%
Industrial	4.3%
Basic Materials	0.2%
Mutual Funds	0.1%
Total Long-Term Investments	99.6%
Short-Term Investments and Other Assets and Liabilities	0.4%
Net Assets	100.0%

10

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Growth Opportunities Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of U.S. companies that the Fund’s subadvisers believe offer the potential for long-term growth. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadvisers are Sands Capital Management, LLC (Sands Capital), which managed approximately 47% of the Fund’s portfolio; and Jackson Square Partners, LLC (Jackson Square), which was responsible for approximately 53% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Growth Opportunities Fund Largest Holdings (% of Net Assets) on 3/31/22
Amazon.com, Inc.	8.6%
Visa, Inc. Class A	6.3%
Microsoft Corp.	5.7%
ServiceNow, Inc.	5.5%
Uber Technologies, Inc.	4.2%
Edwards Lifesciences Corp.	3.7%
Match Group, Inc.	3.5%
Mastercard, Inc. Class A	3.3%
Block, Inc.	3.1%
Charter Communications, Inc. Class A	3.0%
	46.9%

MassMutual Growth Opportunities Fund Sector Table (% of Net Assets) on 3/31/22
Communications	30.0%
Technology	29.4%
Consumer, Non-cyclical	20.6%
Financial	10.8%
Consumer, Cyclical	3.7%
Industrial	3.4%
Total Long-Term Investments	97.9%
Short-Term Investments and Other Assets and Liabilities	2.1%
Net Assets	100.0%

11

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Mid Cap Value Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the stocks of mid-cap companies. The Fund’s subadvisers are American Century Investment Management, Inc. (American Century), which managed approximately 34% of the Fund’s portfolio; PanAgora Asset Management, Inc. (PanAgora), which oversaw approximately 30% of the Fund’s portfolio; and Thompson, Siegel & Walmsley LLC (TSW), which was responsible for approximately 36% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Mid Cap Value Fund Largest Holdings (% of Net Assets) on 3/31/22
The Allstate Corp.	1.4%
Dollar Tree, Inc.	1.3%
Laboratory Corp. of America Holdings	1.2%
Zimmer Biomet Holdings, Inc.	1.2%
HP, Inc.	1.0%
Alleghany Corp.	1.0%
CenterPoint Energy, Inc.	1.0%
AmerisourceBergen Corp.	1.0%
McKesson Corp.	0.9%
CDK Global, Inc.	0.9%
	10.9%

MassMutual Mid Cap Value Fund Sector Table (% of Net Assets) on 3/31/22
Financial	25.0%
Consumer, Non-cyclical	19.4%
Industrial	11.7%
Utilities	9.7%
Consumer, Cyclical	8.8%
Energy	7.3%
Communications	6.4%
Technology	5.5%
Basic Materials	3.4%
Mutual Funds	1.4%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
Net Assets	100.0%

12

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Small Cap Value Equity Fund, and who are the Fund’s subadvisers?

The Fund seeks to maximize total return through investment primarily in small capitalization equity securities that the Fund’s subadvisers believe are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are Wellington Management Company LLP (Wellington Management), which managed approximately 55% of the Fund’s portfolio; and Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley), which was responsible for approximately 45% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Small Cap Value Equity Fund Largest Holdings (% of Net Assets) on 3/31/22
Allegheny Technologies, Inc.	2.3%
Darling Ingredients, Inc.	1.9%
Air Transport Services Group, Inc.	1.8%
Old National Bancorp	1.7%
Adient PLC	1.6%
Enerpac Tool Group Corp.	1.6%
OFG Bancorp	1.6%
Harsco Corp.	1.5%
The Greenbrier Cos., Inc.	1.5%
Texas Capital Bancshares, Inc.	1.5%
	17.0%

MassMutual Small Cap Value Equity Fund Sector Table (% of Net Assets) on 3/31/22
Industrial	25.0%
Financial	24.4%
Consumer, Non-cyclical	14.8%
Consumer, Cyclical	10.5%
Technology	9.9%
Basic Materials	7.4%
Communications	3.4%
Utilities	2.3%
Energy	0.6%
Mutual Funds	0.1%
Total Long-Term Investments	98.4%
Short-Term Investments and Other Assets and Liabilities	1.6%
Net Assets	100.0%

13

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Small Company Value Fund, and who are the Fund’s subadvisers?

The Fund seeks to achieve long-term growth of capital by investing primarily in a diversified portfolio of equity securities of smaller companies that the Fund’s subadvisers consider to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are AllianceBernstein L.P. (AllianceBernstein), which managed approximately 68% of the Fund’s portfolio; and American Century Investment Management, Inc. (American Century), which was responsible for approximately 32% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Small Company Value Fund Largest Holdings (% of Net Assets) on 3/31/22
BankUnited, Inc.	1.5%
Cactus, Inc. Class A	1.4%
Dycom Industries, Inc.	1.4%
Independence Realty Trust, Inc.	1.2%
Korn Ferry	1.2%
Physicians Realty Trust	1.1%
Selective Insurance Group, Inc.	1.1%
IDACORP, Inc.	1.0%
The Goodyear Tire & Rubber Co.	1.0%
Acadia Healthcare Co., Inc.	1.0%
	11.9%

MassMutual Small Company Value Fund Sector Table (% of Net Assets) on 3/31/22
Financial	33.7%
Consumer, Cyclical	20.6%
Industrial	16.6%
Consumer, Non-cyclical	11.8%
Technology	6.6%
Basic Materials	3.0%
Energy	2.8%
Communications	2.2%
Utilities	2.1%
Mutual Funds	1.6%
Total Long-Term Investments	101.0%
Short-Term Investments and Other Assets and Liabilities	(1.0)%
Net Assets	100.0%

14

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MM S&P^® Mid Cap Index Fund, and who is the Fund’s subadviser?

The Fund seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the S&P MidCap 400^® Index* (the “Index”). Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in Index futures contracts. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

The Board of Trustees of the MassMutual Select Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the MM S&P Mid Cap Index Fund will be dissolved. Effective on or about June 24, 2022 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

Please note that prior to the Termination Date, the Fund may hold most or all of its assets in cash or cash equivalents and therefore may not be able to meet its investment objective.

MM S&P Mid Cap Index Fund Largest Holdings (% of Net Assets) on 3/31/22
Targa Resources Corp.	0.7%
Camden Property Trust	0.7%
Alcoa Corp.	0.7%
Steel Dynamics, Inc.	0.7%
Cleveland-Cliffs, Inc.	0.7%
Wolfspeed, Inc.	0.6%
Cognex Corp.	0.6%
Darling Ingredients, Inc.	0.6%
Carlisle Cos., Inc.	0.5%
Medical Properties Trust, Inc.	0.5%
	6.3%

MM S&P Mid Cap Index Fund Sector Table (% of Net Assets) on 3/31/22
Financial	24.4%
Industrial	19.5%
Consumer, Non-cyclical	15.8%
Consumer, Cyclical	15.2%
Technology	8.9%
Basic Materials	5.6%
Energy	4.3%
Utilities	3.3%
Communications	2.3%
Mutual Funds	0.8%
Total Long-Term Investments	100.1%
Short-Term Investments and Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

* The “S&P MidCap 400 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by MassMutual. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P MidCap 400 Index.

15

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MM Russell 2000^® Small Cap Index Fund, and who is the Fund’s subadviser?

The Fund seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the Russell 2000^® Index* (the “Index”). Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in Index futures contracts. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

The Board of Trustees of the MassMutual Select Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the MM Russell 2000 Small Cap Index Fund will be dissolved. Effective on or about June 24, 2022 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

Please note that prior to the Termination Date, the Fund may hold most or all of its assets in cash or cash equivalents and therefore may not be able to meet its investment objective.

MM Russell 2000 Small Cap Index Fund Largest Holdings (% of Net Assets) on 3/31/22
Ovintiv, Inc.	0.5%
AMC Entertainment Holdings, Inc. Class A	0.5%
Avis Budget Group, Inc.	0.4%
BJ’s Wholesale Club Holdings, Inc.	0.3%
Chesapeake Energy Corp.	0.3%
Tenet Healthcare Corp.	0.3%
Tetra Tech, Inc.	0.3%
Antero Resources Corp.	0.3%
Lattice Semiconductor Corp.	0.3%
EastGroup Properties, Inc.	0.3%
	3.5%

MM Russell 2000 Small Cap Index Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	23.0%
Financial	23.0%
Industrial	12.4%
Consumer, Cyclical	12.3%
Technology	10.6%
Energy	6.5%
Communications	4.1%
Basic Materials	3.4%
Utilities	3.0%
Mutual Funds	2.1%
Government	0.0%
Total Long-Term Investments	100.4%
Short-Term Investments and Other Assets and Liabilities	(0.4)%
Net Assets	100.0%

* The Fund is sponsored solely by MassMutual. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Russell 2000^® Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “Russell 2000^®” and “Russell^®” are trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Fund.

16

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Mid Cap Growth, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Fund’s subadvisers expect to grow at a faster rate than the average company. The Fund’s subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 75% of the Fund’s portfolio; and Frontier Capital Management Company, LLC (Frontier), which was responsible for approximately 25% of the Fund’s portfolio, as of March 31, 2022. Effective March 7, 2022, T. Rowe Price Investment Management, Inc. was added as sub-subadviser for the Fund.

MassMutual Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 3/31/22
Hologic, Inc.	2.4%
Microchip Technology, Inc.	2.3%
Ball Corp.	2.2%
Marvell Technology, Inc.	2.0%
Teleflex, Inc.	2.0%
Textron, Inc.	2.0%
Catalent, Inc.	1.8%
Agilent Technologies, Inc.	1.6%
Ingersoll Rand, Inc.	1.6%
KLA Corp.	1.5%
	19.4%

MassMutual Mid Cap Growth Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	30.2%
Technology	19.1%
Industrial	17.0%
Consumer, Cyclical	17.0%
Financial	6.6%
Communications	5.7%
Mutual Funds	1.1%
Basic Materials	0.7%
Energy	0.5%
Total Long-Term Investments	97.9%
Short-Term Investments and Other Assets and Liabilities	2.1%
Net Assets	100.0%

17

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Small Cap Growth Equity Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadvisers believe offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadvisers are Wellington Management Company LLP (Wellington Management), which managed approximately 62% of the Fund’s portfolio; and Invesco Advisers, Inc. (Invesco Advisers), which was responsible for approximately 38% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 3/31/22
Inspire Medical Systems, Inc.	1.6%
Chart Industries, Inc.	1.2%
Tandem Diabetes Care, Inc.	1.1%
Globus Medical, Inc. Class A	1.1%
Manhattan Associates, Inc.	1.1%
Varonis Systems, Inc.	1.0%
Fluor Corp.	1.0%
Cargurus, Inc.	1.0%
Rapid7, Inc.	1.0%
Kornit Digital Ltd.	0.9%
	11.0%

MassMutual Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	24.5%
Industrial	17.2%
Technology	15.9%
Financial	15.4%
Consumer, Cyclical	11.1%
Energy	4.5%
Communications	4.4%
Mutual Funds	2.3%
Basic Materials	2.3%
Utilities	0.7%
Total Long-Term Investments	98.3%
Short-Term Investments and Other Assets and Liabilities	1.7%
Net Assets	100.0%

18

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MM MSCI EAFE^® International Index Fund, and who is the Fund’s subadviser?

The Fund seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the MSCI EAFE Index* (the “Index”). Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in Index futures contracts. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

The Board of Trustees of the MassMutual Select Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the MM MSCI EAFE International Index Fund will be dissolved. Effective on or about June 24, 2022 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

Please note that prior to the Termination Date, the Fund may hold most or all of its assets in cash or cash equivalents and therefore may not be able to meet its investment objective.

MM MSCI EAFE International Index Fund Largest Holdings (% of Net Assets) on 3/31/22
Nestle SA Registered	2.2%
Roche Holding AG	1.7%
ASML Holding NV	1.7%
Shell PLC	1.3%
AstraZeneca PLC	1.3%
LVMH Moet Hennessy Louis Vuitton SE	1.2%
BHP Group Ltd.	1.2%
Novartis AG Registered	1.2%
Toyota Motor Corp.	1.2%
Novo Nordisk A/S Class B	1.1%
	14.1%

MM MSCI EAFE International Index Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	25.3%
Financial	20.1%
Industrial	13.1%
Consumer, Cyclical	13.0%
Basic Materials	7.3%
Technology	6.1%
Communications	5.2%
Energy	4.3%
Utilities	3.2%
Mutual Funds	2.7%
Diversified	0.2%
Total Long-Term Investments	100.5%
Short-Term Investments and Other Assets and Liabilities	(0.5)%
Net Assets	100.0%

* The Fund is not sponsored, endorsed, sold, or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers, or any other third party involved in, or related to, compiling, computing, or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by MassMutual. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or owners of the Fund or any other person or entity regarding the advisability of investing in funds generally or in the Fund particularly or the ability of any MSCI index to track corresponding stock market performance.

19

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Overseas Fund, and who are the Fund’s subadvisers?

The Fund seeks growth of capital over the long-term by investing in foreign equity securities. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in stocks of foreign companies, including companies located in Europe, Latin America, and Asia. The Fund may invest up to 25% of its total assets in equity securities of issuers in emerging markets. The Fund’s subadvisers are Massachusetts Financial Services Company (MFS), which was responsible for approximately 66% of the Fund’s portfolio; and Harris Associates L.P. (Harris), which managed approximately 34% of the Fund’s portfolio, as of March 31, 2022.

MassMutual Overseas Fund Largest Holdings (% of Net Assets) on 3/31/22
Nestle SA Registered	2.6%
Bayer AG Registered	2.5%
Roche Holding AG	2.4%
Schneider Electric SE	2.2%
Capgemini SE	2.0%
Air Liquide SA	1.9%
SAP SE	1.8%
Intesa Sanpaolo SpA	1.8%
Novartis AG Registered	1.6%
Novo Nordisk A/S Class B	1.6%
	20.4%

MassMutual Overseas Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	29.7%
Financial	18.5%
Industrial	14.5%
Consumer, Cyclical	14.1%
Technology	8.1%
Basic Materials	6.3%
Communications	5.5%
Energy	1.4%
Mutual Funds	1.2%
Utilities	0.6%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

20

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MassMutual Select T. Rowe Price International Equity Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital growth and current income primarily through investments in non-U.S. stocks. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund normally invests in a number of different countries throughout the world and may purchase the stocks of companies of any size. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price). In addition, each of T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, and T. Rowe Price Singapore Private Ltd. serves as a sub-subadviser for the Fund.

Except as noted below, the MassMutual Select T. Rowe Price International Equity Fund has not been available for purchase by new or existing investors since October 29, 2020. The MassMutual Select T. Rowe Price Retirement Funds will continue to be able to purchase shares of the Fund. No other new or existing customers will be able to make purchases of the Fund, except that existing customers may continue to reinvest any dividends and capital gains distributions. Purchases of Fund shares may be further restricted or reopened in the future.

MassMutual Select T. Rowe Price International Equity Fund Largest Holdings (% of Net Assets) on 3/31/22
Taiwan Semiconductor Manufacturing Co. Ltd.	2.8%
Samsung Electronics Co. Ltd.	2.0%
AstraZeneca PLC Sponsored ADR	1.5%
Nestle SA Registered	1.4%
ASML Holding NV	1.4%
Roche Holding AG	1.3%
Sanofi	1.3%
Nippon Telegraph & Telephone Corp.	1.3%
Tencent Holdings Ltd.	0.9%
Toyota Motor Corp.	0.9%
	14.8%

MassMutual Select T. Rowe Price International Equity Fund Sector Table (% of Net Assets) on 3/31/22
Financial	23.5%
Consumer, Non-cyclical	20.9%
Industrial	11.1%
Technology	10.7%
Consumer, Cyclical	10.5%
Communications	9.5%
Basic Materials	5.9%
Energy	3.2%
Utilities	2.3%
Mutual Funds	1.8%
Diversified	0.1%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
Net Assets	100.0%

21

MassMutual Total Return Bond Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
COMMON STOCK — 0.1%
Communications — 0.1%
Telecommunications — 0.1%
Intelsat Emergence SA		16,754	$	487,960
TOTAL COMMON STOCK (Cost $1,575,354)				487,960
TOTAL EQUITIES (Cost $1,575,354)				487,960
	Principal Amount
BONDS & NOTES — 110.8%
BANK LOANS — 2.7%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2020 Term Loan E, 1 mo. USD LIBOR + 2.250%
2.707% VRN 5/30/25	$	291,280		285,728
Airlines — 0.0%
American Airlines, Inc., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 1.750%
2.197% VRN 1/29/27		86,864		81,037
Auto Parts & Equipment — 0.0%
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%
3.707% VRN 4/30/26		211,302		208,397
Beverages — 0.0%
Naked Juice LLC
Term Loan, SOFR + 3.250%
3.750% VRN 1/24/29		86,086		84,548
Delayed Draw Term Loan, SOFR + 3.250%
3.750% VRN 1/24/29		4,966		4,878
				89,426
Chemicals — 0.0%
Zep, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
5.000% VRN 8/12/24		257,988		245,088
Commercial Services — 0.0%
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%
4.750% VRN 3/04/28		198,500		196,735

	Principal Amount		Value
Diversified Financial Services — 0.6%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 1 mo. USD LIBOR + 1.750%
2.500% VRN 1/15/25	$	70,325	$	69,051
Setanta Aircraft Leasing Designated Activity Company, Term Loan B, 3 mo. USD LIBOR + 2.000%
3.006% VRN 11/05/28		4,750,000		4,674,807
				4,743,858
Entertainment — 0.0%
Churchill Downs, Inc., 2017 Term Loan B, 1 mo. USD LIBOR + 2.000%
2.460% VRN 12/27/24		96,231		94,788
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.250%
3.000% VRN 10/15/25		151,921		150,845
				245,633
Environmental Controls — 0.0%
Clean Harbors, Inc., 2017 Term Loan B, 1 mo. USD LIBOR + 1.750%
2.207% VRN 6/28/24		96,465		95,813
GFL Environmental, Inc., 2020 Term Loan, 3 mo. USD LIBOR + 3.000%
3.500% VRN 5/30/25		158,707		157,914
				253,727
Food — 0.1%
Hostess Brands LLC, 2019 Term Loan, 1 mo. USD LIBOR + 2.250%, 3 mo. USD LIBOR + 2.250%
3.000% VRN 8/03/25		318,484		313,990
Health Care – Products — 0.1%
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%
2.750% VRN 11/08/27		668,267		662,179
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%
0.000% VRN 10/23/28 (a)		105,000		103,897
				766,076
Health Care – Services — 0.1%
ICON Luxembourg S.A.R.L., LUX
Term Loan, 3 mo. USD LIBOR + 2.250%
3.313% VRN 7/03/28		333,943		332,066

The accompanying notes are an integral part of the financial statements.

22

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

	Principal Amount		Value
US Term Loan, 3 mo. USD LIBOR + 2.250%
3.313% VRN 7/03/28	$	83,202	$	82,735
IQVIA, Inc., 2018 USD Term Loan B3, 1 mo. USD LIBOR
0.000% FRN 6/11/25 (a)		148,567		147,490
				562,291
Insurance — 0.2%
Acrisure LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
3.957% VRN 2/15/27		199,491		196,333
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
3.000% VRN 2/19/28		962,817		945,968
				1,142,301
Internet — 0.1%
NortonLifeLock, Inc., 2022 Term Loan B,
0.000% 1/28/29 (a)		550,000		542,669
Lodging — 0.0%
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%
3.207% VRN 12/23/24		1,243		1,236
Media — 0.2%
Charter Communications Operating LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750%
2.210% VRN 2/01/27		97,995		97,070
CSC Holdings LLC, 2017 Term Loan B1, 1 mo. USD LIBOR + 2.250%
2.647% VRN 7/17/25		172,733		169,603
Diamond Sports Group LLC
Term Loan, SOFR + 3.250%
3.545% VRN 8/24/26		173,233		58,575
Term Loan, SOFR + 8.000%
9.000% VRN 5/26/26		216,686		219,425
DIRECTV Financing LLC, Term Loan, 3 mo. USD LIBOR + 5.000%
5.750% VRN 8/02/27		429,750		428,800
Sinclair Television Group, Inc., 2021 Term Loan B3, 1 mo. USD LIBOR + 3.000%
3.460% VRN 4/01/28		397,000		386,829
				1,360,302

	Principal Amount		Value
Packaging & Containers — 0.1%
Berry Global, Inc., 2021 Term Loan Z, 1 mo. USD LIBOR + 1.750%
2.071% VRN 7/01/26	$	985,634	$	970,386
Pharmaceuticals — 0.6%
Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. USD LIBOR + 2.500%
3.500% VRN 3/01/24		255,307		253,583
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD LIBOR + 1.750%
1.981% VRN 8/01/27		1,018,052		1,000,551
Endo Luxembourg Finance Company I S.a r.l., 2021 Term Loan, 1 mo. USD LIBOR + 5.000%
5.750% VRN 3/27/28		856,581		800,458
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%
5.006% VRN 10/01/27		224,432		223,871
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%
2.457% VRN 11/15/27		723,383		710,362
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%
2.250% VRN 3/15/28		818,813		809,601
Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 5/05/28		411,888		409,985
Organon & Co, USD Term Loan, 3 mo. USD LIBOR + 3.000%
3.563% VRN 6/02/28		723,125		718,605
				4,927,016
Retail — 0.1%
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%
2.207% VRN 11/19/26		368,825		360,449
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250%
3.750% VRN 8/03/28		473,813		467,596
				828,045
Telecommunications — 0.5%
CenturyLink, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 2.250%
2.707% VRN 3/15/27		863,337		839,328

The accompanying notes are an integral part of the financial statements.

23

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

	Principal Amount		Value
CommScope, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.250%
3.707% VRN 4/06/26	$	292,500	$	284,333
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%
2.207% VRN 3/01/27		1,460,000		1,431,253
SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 1.750%
2.210% VRN 4/11/25		481,250		474,767
Telenet Financing USD LLC, 2020 USD Term Loan AR, 3 mo. USD LIBOR + 2.000%
2.397% VRN 4/30/28		300,000		292,713
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%
3.457% VRN 3/09/27		962,204		935,503
				4,257,897
TOTAL BANK LOANS (Cost $22,263,503)				22,021,838
CORPORATE DEBT — 28.6%
Aerospace & Defense — 0.2%
The Boeing Co.
1.167% 2/04/23		1,855,000		1,840,353
Agriculture — 0.7%
American Homes Rent
3.625% 4/15/32 (b)		1,650,000		1,609,031
BAT Capital Corp.
4.390% 8/15/37		340,000		316,234
4.540% 8/15/47		2,165,000		1,931,124
5.650% 3/16/52		570,000		577,983
Reynolds American, Inc.
5.850% 8/15/45		1,160,000		1,187,321
				5,621,693
Airlines — 0.2%
Continental Airlines, Inc.
5.983% 10/19/23		713,477		714,489
US Airways, Inc.
7.125% 4/22/25		674,003		687,549
				1,402,038
Auto Manufacturers — 0.4%
Ford Motor Credit Co. LLC
4.250% 9/20/22		435,000		437,680
General Motors Co.
4.875% 10/02/23		150,000		154,630

	Principal Amount		Value
General Motors Financial Co., Inc.
3.150% 6/30/22	$	805,000	$	806,993
3.450% 4/10/22		1,720,000		1,720,584
3.550% 7/08/22		410,000		412,089
				3,531,976
Banks — 8.8%
Bank of America Corp.
SOFR + 1.060% 2.087% VRN 6/14/29		1,835,000		1,679,309
SOFR + 1.320% 2.687% VRN 4/22/32		245,000		225,343
SOFR + 1.330% 2.972% VRN 2/04/33		1,400,000		1,313,682
3 mo. USD LIBOR + .790% 3.004% VRN 12/20/23		355,000		355,991
3 mo. USD LIBOR + .810% 3.366% VRN 1/23/26		1,900,000		1,902,934
3 mo. USD LIBOR + .970% 3.458% VRN 3/15/25		3,465,000		3,488,390
3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29		1,670,000		1,698,326
Citigroup, Inc.
SOFR + .770% 1.462% VRN 6/09/27		1,225,000		1,126,497
SOFR + 2.107% 2.572% VRN 6/03/31		520,000		476,438
SOFR + 1.146% 2.666% VRN 1/29/31		430,000		398,442
SOFR + 1.351% 3.057% VRN 1/25/33		1,670,000		1,565,146
SOFR + 1.280% 3.070% VRN 2/24/28		410,000		400,233
SOFR + 1.939% 3.785% VRN 3/17/33		1,065,000		1,059,371
SOFR + 3.914% 4.412% VRN 3/31/31		830,000		861,774
Credit Suisse Group AG
SOFR + .980% 1.305% VRN 2/02/27 (c)		1,315,000		1,176,131
SOFR + 2.044% 2.193% VRN 6/05/26 (c)		885,000		830,933
SOFR + 1.560% 2.593% VRN 9/11/25 (c)		875,000		846,009
SOFR + 1.730% 3.091% VRN 5/14/32 (c)		975,000		879,474
4.282% 1/09/28 (c)		345,000		345,091
Discover Bank
4.200% 8/08/23		1,120,000		1,139,351
DNB Bank ASA 1 year CMT + .680%
1.605% VRN 3/30/28 (c)		1,400,000		1,266,291

The accompanying notes are an integral part of the financial statements.

24

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

	Principal Amount		Value
Global Bank Corp. 3 mo. USD LIBOR + 3.300%
5.250% VRN 4/16/29 (c)	$	200,000	$	190,500
The Goldman Sachs Group, Inc.
SOFR + .486% 0.925% VRN 10/21/24		895,000		868,027
SOFR + .789% 1.093% VRN 12/09/26		485,000		444,702
1.217% 12/06/23		2,245,000		2,192,101
SOFR + .798% 1.431% VRN 3/09/27		2,295,000		2,119,893
SOFR + .913% 1.948% VRN 10/21/27		1,755,000		1,633,298
3 mo. USD LIBOR + .990% 2.905% VRN 7/24/23		885,000		886,078
SOFR + 1.410% 3.102% VRN 2/24/33		1,615,000		1,522,460
HSBC Holdings PLC
SOFR + 1.732% 2.013% VRN 9/22/28		1,370,000		1,244,305
SOFR + 1.929% 2.099% VRN 6/04/26		1,480,000		1,409,105
SOFR + 1.285% 2.206% VRN 8/17/29		1,135,000		1,022,845
SOFR + 1.187% 2.804% VRN 5/24/32		865,000		788,133
JP Morgan Chase & Co.
3 mo. TSFR + .580% 0.969% VRN 6/23/25		2,650,000		2,532,209
SOFR + .580% 0.697% VRN 3/16/24		440,000		431,755
SOFR + .490% 0.768% VRN 8/09/25		880,000		834,853
SOFR + .605% 1.561% VRN 12/10/25		1,890,000		1,810,885
SOFR + .885% 1.578% VRN 4/22/27		1,360,000		1,268,279
SOFR + 1.180% 2.545% VRN 11/08/32		435,000		397,540
SOFR + 1.250% 2.580% VRN 4/22/32		390,000		357,351
SOFR + 1.170% 2.947% VRN 2/24/28 (d)		535,000		522,864
Lloyds Banking Group PLC
1 year CMT + .850% 1.627% VRN 5/11/27		1,000,000		918,124
3 mo. USD LIBOR + .810% 2.907% VRN 11/07/23		1,255,000		1,257,041
1 year CMT + 1.800% 3.750% VRN 3/18/28		425,000		424,378

	Principal Amount		Value
1 year CMT + 3.500% 3.870% VRN 7/09/25	$	415,000	$	419,715
Macquarie Group Ltd.
SOFR + 1.069% 1.340% VRN 1/12/27 (c)		920,000		840,622
SOFR + 1.440% 2.691% VRN 6/23/32 (c) (d)		5,000		4,401
SOFR + 1.532% 2.871% VRN 1/14/33 (c)		1,335,000		1,185,081
4.442% 6/21/33 (c)		525,000		530,828
Morgan Stanley
SOFR + .560% 1.164% VRN 10/21/25		2,885,000		2,743,162
SOFR + .879% 1.593% VRN 5/04/27		1,365,000		1,269,815
SOFR + 1.020% 1.928% VRN 4/28/32		455,000		393,332
SOFR + 1.178% 2.239% VRN 7/21/32		360,000		320,020
SOFR + 1.200% 2.511% VRN 10/20/32		175,000		157,747
SOFR + 1.290% 2.943% VRN 1/21/33		1,055,000		989,465
Natwest Group PLC 3 mo. USD LIBOR + 1.762%
4.269% VRN 3/22/25		1,710,000		1,730,952
Santander UK Group Holdings PLC
SOFR + .787% 1.089% VRN 3/15/25		1,825,000		1,737,129
1 year CMT + 1.250% 1.532% VRN 8/21/26		295,000		271,519
SOFR + .989% 1.673% VRN 6/14/27		340,000		309,743
SOFR + 1.220% 2.469% VRN 1/11/28		285,000		265,451
3 mo. USD LIBOR + 1.570% 4.796% VRN 11/15/24		525,000		537,240
Santander UK PLC
5.000% 11/07/23 (c)		1,390,000		1,421,761
UBS AG
0.700% 8/09/24 (c)		1,355,000		1,285,860
Wells Fargo & Co.
3 mo. USD LIBOR + .750% 2.164% VRN 2/11/26		925,000		895,681
SOFR + 2.100% 2.393% VRN 6/02/28		1,710,000		1,619,514
SOFR + 1.500% 3.350% VRN 3/02/33		3,750,000		3,645,965
SOFR + 1.510% 3.526% VRN 3/24/28		875,000		872,608

The accompanying notes are an integral part of the financial statements.

25

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

	Principal Amount		Value
3 mo. USD LIBOR + 1.310% 3.584% VRN 5/22/28	$	1,345,000	$	1,348,811
				72,908,304
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		2,215,000		2,462,257
Bacardi Ltd.
5.300% 5/15/48 (c)		275,000		307,156
				2,769,413
Biotechnology — 0.1%
Amgen, Inc.
3.350% 2/22/32		495,000		490,442
4.400% 2/22/62		410,000		425,388
				915,830
Chemicals — 0.2%
International Flavors & Fragrances, Inc.
2.300% 11/01/30 (c)		1,685,000		1,506,169
5.000% 9/26/48		430,000		471,397
				1,977,566
Commercial Services — 0.2%
S&P Global, Inc.
4.750% 8/01/28 (c) (d)		750,000		807,156
3.700% 3/01/52 (c)		415,000		421,515
				1,228,671
Cosmetics & Personal Care — 0.2%
Gsk Consumer Healthcare Co.
3.625% 3/24/32 (c)		1,640,000		1,640,935
Diversified Financial Services — 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300% 1/30/32		2,270,000		2,046,619
3.875% 1/23/28		265,000		258,124
4.125% 7/03/23		220,000		221,405
Air Lease Corp.
3.250% 3/01/25		950,000		937,787
Avolon Holdings Funding Ltd.
2.528% 11/18/27 (c)		1,109,000		981,283
2.875% 2/15/25 (c)		860,000		826,629
3.950% 7/01/24 (c)		380,000		379,081
Capital One Financial Corp. SOFR + 1.790%
3.273% VRN 3/01/30		1,160,000		1,120,905
Charles Schwab Corp.
2.900% 3/03/32		415,000		399,626

	Principal Amount		Value
Discover Financial Services
3.950% 11/06/24	$	150,000	$	152,759
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (c)		700,000		705,014
5.500% 2/15/24 (c) (d)		75,000		76,811
				8,106,043
Electric — 1.3%
Ameren Illinois Co.
3.700% 12/01/47		480,000		475,337
Consolidated Edison Co. of New York, Inc.
4.650% 12/01/48		1,000,000		1,097,691
Duke Energy Carolinas LLC
3.700% 12/01/47		738,000		720,261
Duke Energy Corp.
2.550% 6/15/31		560,000		512,081
Duke Energy Progress LLC
4.000% 4/01/52		380,000		402,580
Entergy Louisiana LLC
3.780% 4/01/25		1,250,000		1,260,003
FirstEnergy Transmission LLC
2.866% 9/15/28 (c)		1,401,000		1,301,721
5.450% 7/15/44 (c)		600,000		654,740
Florida Power & Light Co.
3.990% 3/01/49		1,000,000		1,068,872
Metropolitan Edison Co.
4.000% 4/15/25 (c)		985,000		980,661
MidAmerican Energy Co.
4.400% 10/15/44		1,905,000		2,045,672
Mong Duong Finance Holdings BV
5.125% 5/07/29 (c)		250,000		225,250
				10,744,869
Engineering & Construction — 0.0%
Artera Services LLC
9.033% 12/04/25 (c)		257,000		253,788
Entertainment — 0.4%
Cdi Escrow Issuer, Inc.
5.750% 4/01/30 (b) (c)		225,000		227,250
Magallanes, Inc.
4.279% 3/15/32 (c)		410,000		411,762
5.050% 3/15/42 (c)		1,640,000		1,675,753
5.141% 3/15/52 (c)		820,000		839,143
				3,153,908
Food — 0.5%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
3.000% 2/02/29 (c)		730,000		674,338
3.000% 5/15/32 (c)		910,000		812,184

The accompanying notes are an integral part of the financial statements.

26

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

	Principal Amount		Value
Kraft Heinz Foods Co.
4.875% 10/01/49	$	815,000	$	859,067
5.200% 7/15/45		750,000		810,735
Pilgrim’s Pride Corp.
5.875% 9/30/27 (c)		75,000		75,798
Post Holdings, Inc.
4.625% 4/15/30 (c)		1,300,000		1,170,585
				4,402,707
Gas — 0.2%
KeySpan Gas East Corp.
5.819% 4/01/41 (c)		1,337,000		1,537,113
Hand & Machine Tools — 0.3%
Humana, Inc.
3.700% 3/23/29		2,050,000		2,058,312
Health Care – Products — 0.1%
Mozart Debt Merger Sub
3.875% 4/01/29 (c)		643,000		593,971
Health Care – Services — 1.2%
Aetna, Inc.
3.500% 11/15/24		500,000		505,824
Centene Corp.
2.450% 7/15/28		1,951,000		1,782,629
4.250% 12/15/27		435,000		436,631
CommonSpirit Health
2.782% 10/01/30		455,000		424,092
HCA, Inc.
2.375% 7/15/31		230,000		205,144
4.125% 6/15/29		1,262,000		1,286,501
4.625% 3/15/52 (c)		415,000		418,356
5.000% 3/15/24		200,000		207,487
5.125% 6/15/39		650,000		701,507
5.250% 4/15/25		644,000		678,753
5.250% 6/15/26		390,000		412,057
5.250% 6/15/49		485,000		530,898
5.500% 6/15/47		775,000		874,110
Molina Healthcare, Inc.
3.875% 11/15/30 (c)		417,000		401,363
3.875% 5/15/32 (c)		850,000		808,307
				9,673,659
Household Products & Wares — 0.0%
Central Garden & Pet Co.
5.125% 2/01/28		22,000		21,839
Insurance — 1.5%
Aon Corp. / Aon Global Holdings PLC
3.900% 2/28/52		845,000		833,267
Athene Global Funding
1.985% 8/19/28 (c)		2,200,000		1,936,438
3.205% 3/08/27 (c)		445,000		429,013

	Principal Amount		Value
Berkshire Hathaway Finance Corp.
3.850% 3/15/52	$	1,245,000	$	1,272,369
Farmers Exchange Capital
3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (c)		3,290,000		3,740,690
3 mo. USD LIBOR + 3.744% 6.151% VRN 11/01/53 (c)		350,000		411,980
Teachers Insurance & Annuity Association of America 3 mo. USD LIBOR + 2.661%
4.375% VRN 9/15/54 (c)		4,000,000		4,011,946
				12,635,703
Internet — 0.2%
Tencent Holdings Ltd.
3.680% 4/22/41 (c)		455,000		401,797
3.840% 4/22/51 (c)		455,000		394,381
3.975% 4/11/29 (c)		410,000		408,930
				1,205,108
Lodging — 0.1%
Hyatt Hotels Corp.
1.800% 10/01/24		930,000		895,612
Media — 1.0%
Cable One, Inc.
4.000% 11/15/30 (c)		900,000		829,998
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750% 2/15/28		500,000		494,154
4.800% 3/01/50		375,000		356,044
4.908% 7/23/25		1,105,000		1,147,164
5.250% 4/01/53		250,000		253,195
5.375% 4/01/38		5,000		5,137
5.375% 5/01/47		180,000		184,724
5.750% 4/01/48		1,088,000		1,156,180
CSC Holdings LLC
4.125% 12/01/30 (c)		900,000		789,178
5.375% 2/01/28 (c)		125,000		121,320
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.375% 8/15/26 (c)		1,175,000		455,313
Time Warner Cable, Inc.
5.500% 9/01/41		370,000		384,419
5.875% 11/15/40		360,000		387,213
Virgin Media Secured Finance PLC
4.500% 8/15/30 (c)		1,200,000		1,119,000
The Walt Disney Co.
3.600% 1/13/51		385,000		380,459
				8,063,498

The accompanying notes are an integral part of the financial statements.

27

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

	Principal Amount		Value
Mining — 0.0%
Corp. Nacional del Cobre de Chile
3.150% 1/14/30 (c)	$	200,000	$	192,055
Miscellaneous - Manufacturing — 0.2%
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		1,067,000		1,145,763
General Electric Co.
6.750% 3/15/32		480,000		604,761
				1,750,524
Oil & Gas — 0.9%
Antero Resources Corp.
8.375% 7/15/26 (c)		81,000		89,228
Ecopetrol SA
6.875% 4/29/30		200,000		209,934
Exxon Mobil Corp.
3.452% 4/15/51		520,000		503,791
KazMunayGas National Co. JSC
4.750% 4/19/27 (c)		200,000		191,512
Occidental Petroleum Corp.
0.010% 10/10/36		499,000		267,589
4.500% 7/15/44		400,000		382,254
Pertamina Persero PT
3.100% 8/27/30 (c)		875,000		824,687
Petroleos Mexicanos
6.625% 6/15/35		2,100,000		1,882,146
7.690% 1/23/50		295,000		257,756
Petronas Capital Ltd.
3.500% 4/21/30 (c)		200,000		203,487
Saudi Arabian Oil Co.
1.625% 11/24/25 (c)		200,000		189,656
Shell International Finance BV
3.000% 11/26/51		500,000		447,251
4.550% 8/12/43		660,000		733,729
Sunoco LP / Sunoco Finance Corp.
4.500% 4/30/30 (c)		271,000		250,088
Transocean Guardian Ltd.
5.875% 1/15/24 (c)		206,175		197,413
Transocean Pontus Ltd.
6.125% 8/01/25 (c)		247,230		246,612
Transocean Poseidon Ltd.
6.875% 2/01/27 (c)		218,438		216,253
				7,093,386
Oil & Gas Services — 0.0%
Transocean Proteus Ltd.
6.250% 12/01/24 (c)		85,500		84,859

	Principal Amount		Value
USA Compression Partners LP/USA Compression Finance Corp.
6.875% 4/01/26	$	70,000	$	70,822
6.875% 9/01/27		217,000		217,833
				373,514
Packaging & Containers — 0.2%
Berry Global, Inc.
1.650% 1/15/27		85,000		77,518
4.875% 7/15/26 (c)		585,000		592,441
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 (c)		70,000		69,722
Sealed Air Corp.
1.573% 10/15/26 (c)		1,200,000		1,094,726
4.000% 12/01/27 (c)		70,000		68,250
				1,902,657
Pharmaceuticals — 1.7%
AbbVie, Inc.
4.450% 5/14/46		1,395,000		1,493,080
4.500% 5/14/35		234,000		251,183
4.550% 3/15/35		576,000		618,447
Bayer US Finance II LLC
4.250% 12/15/25 (c)		955,000		972,268
4.375% 12/15/28 (c)		2,735,000		2,801,393
4.625% 6/25/38 (c)		1,310,000		1,360,131
4.875% 6/25/48 (c)		220,000		236,387
Becton Dickinson and Co.
2.823% 5/20/30		1,735,000		1,650,977
Cigna Corp.
3.400% 3/15/51		210,000		189,105
4.125% 11/15/25		695,000		717,234
CVS Health Corp.
3.250% 8/15/29		5,000		4,937
5.050% 3/25/48		2,360,000		2,678,151
Embecta Corp.
5.000% 2/15/30 (c)		425,000		400,862
Endo DAC / Endo Finance LLC / Endo Finco, Inc.
6.000% 6/30/28 (c) (d)		1,323,000		747,495
				14,121,650
Pipelines — 0.9%
Energy Transfer LP
4.950% 6/15/28		1,291,000		1,353,828
5.350% 5/15/45		370,000		381,078
5.400% 10/01/47		1,275,000		1,330,136
5.500% 6/01/27		264,000		283,616
5.950% 10/01/43		750,000		801,148

The accompanying notes are an integral part of the financial statements.

28

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

	Principal Amount		Value
Galaxy Pipeline Assets Bidco Ltd.
2.160% 3/31/34 (c)	$	384,360	$	353,553
Kinder Morgan, Inc.
5.550% 6/01/45		565,000		632,250
Plains All American Pipeline LP/PAA Finance Corp.
3.550% 12/15/29		228,000		220,366
Rockies Express Pipeline LLC
4.950% 7/15/29 (c)		1,000,000		968,740
6.875% 4/15/40 (c)		745,000		736,410
Southern Gas Corridor CJSC
6.875% 3/24/26 (c)		400,000		436,512
				7,497,637
Real Estate Investment Trusts (REITS) — 1.5%
American Campus Communities Operating Partnership LP
3.625% 11/15/27		1,220,000		1,211,431
CyrusOne LP/CyrusOne Finance Corp.
2.150% 11/01/30		1,020,000		1,018,429
3.450% 11/15/29		430,000		442,900
GLP Capital LP/GLP Financing II, Inc.
4.000% 1/15/30		60,000		58,237
5.250% 6/01/25		600,000		617,586
5.300% 1/15/29		620,000		651,353
5.375% 4/15/26		1,820,000		1,901,779
Healthcare Trust of America Holdings LP
3.100% 2/15/30		530,000		503,875
3.750% 7/01/27		165,000		166,948
Healthpeak Properties, Inc.
4.000% 6/01/25		1,675,000		1,704,530
Hudson Pacific Properties LP
4.650% 4/01/29		1,185,000		1,242,646
Invitation Homes Operating Partnership LP
4.150% 4/15/32 (b)		815,000		832,455
SL Green Operating Partnership LP
3.250% 10/15/22		1,000,000		1,002,964
Ventas Realty LP
3.750% 5/01/24		1,050,000		1,062,295
				12,417,428
Retail — 0.2%
Michaels Cos., Inc.
5.250% 5/01/28 (c)		556,000		510,463
Michaels Cos., Inc.
7.875% 5/01/29 (c) (d)		339,000		288,574
Starbucks Corp.
3.000% 2/14/32		835,000		799,149
				1,598,186

	Principal Amount		Value
Savings & Loans — 0.3%
Nationwide Building Society
SOFR + 1.290% 2.972% VRN 2/16/28 (c)	$	720,000	$	686,118
3 mo. USD LIBOR + 1.181% 3.622% VRN 4/26/23 (c)		620,000		620,126
3 mo. USD LIBOR + 1.064% 3.766% VRN 3/08/24 (c)		1,215,000		1,221,975
3 mo. USD LIBOR + 1.392% 4.363% VRN 8/01/24 (c)		300,000		304,763
				2,832,982
Semiconductors — 0.2%
Broadcom, Inc.
3.419% 4/15/33 (c)		420,000		392,669
4.300% 11/15/32		385,000		391,215
Intel Corp.
3.050% 8/12/51 (d)		1,129,000		1,005,253
				1,789,137
Software — 0.3%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.750% 3/01/25 (c)		325,000		325,000
Oracle Corp.
2.875% 3/25/31		115,000		104,938
3.800% 11/15/37		200,000		180,915
3.950% 3/25/51		1,748,000		1,527,324
				2,138,177
Telecommunications — 3.0%
AT&T, Inc.
2.550% 12/01/33		1,115,000		989,693
3.800% 12/01/57		4,820,000		4,394,826
4.500% 5/15/35		110,000		116,388
4.750% 5/15/46		100,000		108,557
4.850% 3/01/39		366,000		398,657
5.250% 3/01/37		850,000		966,379
Intelsat Jackson Holdings S.A., Escrow
8.500% 10/15/24 (c) (e) (f) (g)		378,000		—
9.750% 7/15/25 (c) (e) (f) (g)		1,379,000		—
Intelsat Jackson Holdings SA
6.500% 3/15/30 (c)		2,240,000		2,234,400
Level 3 Financing, Inc.
3.400% 3/01/27 (c)		825,000		777,563
3.875% 11/15/29 (c)		230,000		211,600
Sprint Corp.
7.875% 9/15/23		74,000		78,625
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738% 3/20/25 (c)		2,583,750		2,639,565

The accompanying notes are an integral part of the financial statements.

29

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

	Principal Amount		Value
5.152% 9/20/29 (c)	$	2,015,000	$	2,126,280
T-Mobile USA, Inc.
2.250% 2/15/26		840,000		793,664
2.250% 2/15/26 (c)		377,000		356,204
2.550% 2/15/31		955,000		866,118
3.750% 4/15/27		1,270,000		1,278,658
3.875% 4/15/30		580,000		582,297
4.375% 4/15/40		840,000		844,307
4.750% 2/01/28		175,000		178,325
Verizon Communications, Inc.
2.355% 3/15/32 (c)		1,885,000		1,699,773
2.550% 3/21/31		410,000		380,461
Vodafone Group PLC
4.875% 6/19/49		1,260,000		1,370,428
5.250% 5/30/48		1,000,000		1,119,355
				24,512,123
Transportation — 0.1%
Empresa de Transporte de Pasajeros Metro SA
3.650% 5/07/30 (c) (d)		200,000		199,000
Union Pacific Corp.
3.500% 2/14/53		415,000		405,817
				604,817
TOTAL CORPORATE DEBT (Cost $244,630,625)				236,007,182
MUNICIPAL OBLIGATIONS — 0.4%
City of New York NY, General Obligation
3.000% 8/01/34		945,000		887,484
County of Miami-Dade FL Aviation Revenue, Revenue Bond
2.707% 10/01/33		375,000		348,209
New York City Transitional Finance Authority, Revenue Bond
5.508% 8/01/37		985,000		1,177,389
New York State Dormitory Authority, Revenue Bond
5.051% 9/15/27		600,000		652,739
University of Michigan, Revenue
3.504% 4/01/52		410,000		416,905
				3,482,726
TOTAL MUNICIPAL OBLIGATIONS (Cost $3,741,090)				3,482,726

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.5%
Commercial Mortgage-Backed Securities — 2.2%
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class AMP, 3.287% 11/05/32 (c)	$	1,920,000	$	1,889,770
Series 2018-PARK, Class A, 4.091% VRN 8/10/38 (c) (h)		1,280,000		1,316,532
BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1 mo. USD LIBOR + .920%
1.317% FRN 10/15/36 (c)		2,166,515		2,153,109
BX Trust, Series 2019-OC11, Class A
3.202% 12/09/41 (c)		420,000		406,412
CALI Mortgage Trust, Series 2019-101C, Class A
3.957% 3/10/39 (c)		945,000		958,469
COMM Mortgage Trust, Series 2015-CR27, Class A3
3.349% 10/10/48		2,600,705		2,575,659
CPT Mortgage Trust, Series 2019-CPT, Class A
2.865% 11/13/39 (c)		805,000		761,454
DC Office Trust, Series 2019-MTC, Class A
2.965% 9/15/45 (c)		860,000		813,908
Hudson Yards Mortgage Trust
Series 2019-55HY, Class A, 2.943% VRN 12/10/41 (c) (h)		860,000		820,333
Series 2019-30HY, Class A, 3.228% 7/10/39 (c)		880,000		854,445
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2021-HTL5, Class A, 1 mo. USD LIBOR + 1.115% 1.512% FRN 11/15/38 (c)		2,138,000		2,095,238
Series 2019-OSB, Class A, 3.397% 6/05/39 (c)		900,000		887,884
MKT Mortgage Trust, Series 2020-525M, Class A
2.694% 2/12/40 (c)		1,030,000		959,094
One Bryant Park Trust, Series 2019-OBP, Class A
2.516% 9/15/54 (c)		1,085,000		1,003,951
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,
3.834% VRN 1/15/32 (c) (h)		640,000		639,060
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B,
4.144% VRN 1/05/43 (c) (h)		50,000		48,541
				18,183,859

The accompanying notes are an integral part of the financial statements.

30

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

	Principal Amount		Value
Home Equity Asset-Backed Securities — 0.6%
Argent Securities, Inc., Series 2005-W2, Class M1, 1 mo. USD LIBOR + .735%
1.192% FRN 10/25/35	$	2,688,198	$	2,665,832
Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580%
1.037% FRN 1/25/36		2,342,379		2,320,334
Option One Mortgage Loan Trust, Series 2006-1, Class 1A1, 1 mo. USD LIBOR + .440%
0.897% FRN 1/25/36		245,836		245,640
				5,231,806
Other Asset-Backed Securities — 3.3%
AGLCLO Ltd., Series 2021-13A, Class A1, 3 mo. USD LIBOR + 1.160%
1.320% FRN 10/20/34 (c)		2,400,000		2,379,408
AIG CLO Ltd., Series 2019-2A, Class BR, 3 mo. USD LIBOR + 1.600%
1.858% FRN 10/25/33 (c)		2,400,000		2,373,847
Aimco CLO 11 Ltd., Series 2020-11A, Class AR, 3 mo. USD LIBOR + 1.130%
1.371% FRN 10/17/34 (c)		2,075,000		2,052,586
Barings CLO Ltd., Series 2013-IA, Class AR, 3 mo. USD LIBOR + .800%
1.054% FRN 1/20/28 (c)		2,787,877		2,783,821
Countrywide Asset-Backed Certificates Trust, Series 2004-5, Class M1, 1 mo. USD LIBOR + .855%
1.312% FRN 8/25/34		202,893		200,626
First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720%
1.177% FRN 10/25/35		191,348		190,754
Flatiron CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600%
1.848% FRN 7/19/34 (c)		2,400,000		2,359,750
GoldenTree Loan Opportunities Ltd., Series 2014-9A, Class AR2, 3 mo. USD LIBOR + 1.110%
1.409% FRN 10/29/29 (c)		2,044,603		2,042,262
GSAMP Trust, Series 2006-HE1, Class M1, 1 mo. USD LIBOR + .585%
1.042% FRN 1/25/36		1,554,645		1,547,768

	Principal Amount		Value
LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240%
1.481% FRN 7/15/27 (c)	$	533,951	$	533,635
Lehman XS Trust, Series 2005-4, Class 1A3, 1 mo. USD LIBOR + .800%
1.257% FRN 10/25/35		99,967		99,547
LoanCore Issuer Ltd., Series 2018-CRE1, Class B, 1 mo. USD LIBOR + 1.700%
2.097% FRN 5/15/28 (c)		2,570,000		2,531,540
Magnetite Ltd., Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800%
1.041% FRN 1/15/28 (c)		1,414,681		1,408,704
Morgan Stanley Capital, Inc. Trust, Series 2006-NC2, Class A2D, 1 mo. USD LIBOR + .580%
1.037% FRN 2/25/36		2,219,333		2,213,642
Rockford Tower Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.120%
1.374% FRN 4/20/34 (c)		2,435,000		2,406,530
TRTX Issuer Ltd., Series 2019-FL3, Class A, 30 day SOFR + 1.264%
1.315% FRN 10/15/34 (c)		2,026,711		2,021,669
				27,146,089
Student Loans Asset-Backed Securities — 2.2%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%
1.157% FRN 7/25/56 (c)		1,581,792		1,562,612
Education Loan Asset-Backed Trust, Series 2013-1, Class A2, 1 mo. USD LIBOR + .800%
1.257% FRN 4/26/32 (c)		2,982,403		2,967,047
SLM Student Loan Trust
Series 2014-1, Class A3, 1 mo. USD LIBOR + .600% 1.057% FRN 2/26/29		1,536,901		1,513,291
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 1.107% FRN 5/26/26		2,584,089		2,550,826
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 2.108% FRN 7/25/73		3,735,000		3,679,810
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 2.508% FRN 10/25/83		3,630,000		3,642,450

The accompanying notes are an integral part of the financial statements.

31

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

	Principal Amount		Value
Wachovia Student Loan Trust, Series 2006-1, Class A6, 3 mo. USD LIBOR + .170%
0.428% FRN 4/25/40 (c)	$	2,159,024	$	2,110,195
				18,026,231
Whole Loan Collateral Collateralized Mortgage Obligations — 4.2%
Ajax Mortgage Loan Trust, Series 2019-,Class A1,
2.860% STEP 7/25/59 (c)		2,203,288		2,157,616
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD LIBOR + .400%
0.857% FRN 3/25/46		1,632,592		1,563,994
Bear Stearns Trust, Series 2005-4, Class 25A1,
2.545% VRN 5/25/35 (h)		1,047,261		982,896
BINOM Securitization Trust, Series 2022-RPL1, Class A1,
3.000% VRN 2/25/61 (c) (h)		3,306,868		3,208,791
CIM Trust, Series 2021-J3, Class A1,
2.500% VRN 6/25/51 (c) (h)		3,833,321		3,535,191
Citigroup Mortgage Loan Trust, Series 2006-AR2, Class 1A2,
2.550% VRN 3/25/36 (h)		3,458		3,232
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,
3.850% VRN 9/25/57 (c) (h)		1,843,209		1,855,174
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1,
2.299% VRN 11/25/35 (h)		1,537,696		1,365,231
HarborView Mortgage Loan Trust
Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 0.362% FRN 11/19/36		2,841,797		2,499,379
Series 2007-6, Class 1A1A, 1 mo. USD LIBOR + .200% 0.649% FRN 8/19/37		2,707,340		2,353,219
HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD LIBOR + .520%
0.977% FRN 1/25/36		2,899,320		2,812,934
JP Morgan Mortgage Trust
Series 2005-A5, Class 1A2, 2.403% VRN 8/25/35 (h)		99,944		97,345
Series 2021-13, Class A3, 2.500% VRN 4/25/52 (c) (h)		4,129,460		3,816,041
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1,
2.283% VRN 4/25/34 (h)		493,381		471,624

	Principal Amount		Value
RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD LIBOR + .370%
0.827% FRN 8/25/36	$	559,657	$	521,201
Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1
6.250% 12/25/36		2,083,543		1,828,474
Structured Asset Mortgage Investments Trust, Series 2006-AR1, Class 3A1, 1 mo. USD LIBOR + .460%
0.917% FRN 2/25/36		2,483,492		2,260,478
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + .620% 1.077% FRN 1/25/45		621,082		614,802
Series 2005-7, Class 4CB, 7.000% 8/25/35		2,723,097		2,215,492
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4,
2.771% VRN 4/25/37 (h)		943,800		886,257
				35,049,371
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $105,017,780)				103,637,356
SOVEREIGN DEBT OBLIGATIONS — 1.1%
Abu Dhabi Government International Bond
2.500% 9/30/29 (c)		647,000		633,559
Brazilian Government International Bond
3.875% 6/12/30		730,000		672,659
Chile Government International Bond
2.550% 1/27/32 (d)		200,000		187,910
Colombia Government International Bond
3.000% 1/30/30 (d)		400,000		344,488
4.500% 1/28/26		400,000		399,548
Dominican Republic International Bond
4.500% 1/30/30 (c)		440,000		403,704
Egypt Government International Bond
7.600% 3/01/29 (c)		200,000		189,704
Hong Kong Airport Authority
3.250% 1/12/52 (c)		850,000		758,214
Hungary Government International Bond
2.125% 9/22/31 (c)		250,000		225,946

The accompanying notes are an integral part of the financial statements.

32

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

	Principal Amount		Value
Indonesia Government International Bond
2.850% 2/14/30 (d)	$	300,000	$	294,844
Mexico Government International Bond
2.659% 5/24/31		613,000		557,640
3.750% 1/11/28		420,000		427,678
4.750% 4/27/32 (d)		200,000		211,794
Oman Government International Bond
5.625% 1/17/28 (c)		200,000		206,198
Panama Government International Bond
2.252% 9/29/32		200,000		176,894
3.160% 1/23/30 (d)		400,000		391,432
Peruvian Government International Bond
2.844% 6/20/30		200,000		191,546
4.125% 8/25/27		254,000		263,939
Philippine Government International Bond
2.457% 5/05/30		200,000		189,939
Qatar Government International Bond
4.500% 4/23/28 (c)		600,000		653,250
Republic of South Africa Government International Bond
4.850% 9/30/29 (d)		400,000		390,782
4.875% 4/14/26		200,000		203,600
Republic of Turkey International Bond
3.250% 3/23/23		200,000		196,296
Romanian Government International Bond
3.000% 2/14/31 (c)		270,000		249,271
Saudi Government International Bond
3.250% 10/26/26 (c)		400,000		409,356
3.625% 3/04/28 (c)		200,000		206,500
				9,036,691
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $9,762,989)				9,036,691
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (i) — 33.4%
Collateralized Mortgage Obligations — 0.8%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K155, Class A3 3.750% 4/25/33		2,115,000		2,290,349

	Principal Amount		Value
Federal National Mortgage Association REMICS
Series 2018-43, Class CT, 3.000% 6/25/48	$	668,692	$	660,037
Series 2018-55, Class PA, 3.500% 1/25/47		673,387		682,490
Series 2018-54, Class KA, 3.500% 1/25/47		648,933		660,846
Series 2018-38, Class PA, 3.500% 6/25/47		906,233		923,725
Government National Mortgage Association
Series 2018-124, Class NW, 3.500% 9/20/48		636,548		640,577
Series 2019-15, Class GT, 3.500% 2/20/49		728,272		733,185
				6,591,209
Pass-Through Securities — 31.1%
Federal Home Loan Mortgage Corp.
Pool #G18596 3.000% 4/01/31		296,848		300,514
Pool #G18691 3.000% 6/01/33		110,390		111,719
Pool #G08710 3.000% 6/01/46		65,219		64,811
Pool #G08715 3.000% 8/01/46		1,381,026		1,371,958
Pool #G08721 3.000% 9/01/46		186,919		185,691
Pool #G08726 3.000% 10/01/46		2,490,515		2,474,160
Pool #G08732 3.000% 11/01/46		1,761,731		1,750,162
Pool #G08741 3.000% 1/01/47		1,188,026		1,179,482
Pool #G18713 3.500% 11/01/33		814,098		834,996
Pool #G16756 3.500% 1/01/34		333,434		342,097
Pool #G60038 3.500% 1/01/44		607,817		623,628
Pool #G07848 3.500% 4/01/44		4,847,053		4,967,079
Pool #G07924 3.500% 1/01/45		1,347,721		1,375,198
Pool #G60138 3.500% 8/01/45		2,782,777		2,842,989
Pool #G08711 3.500% 6/01/46		1,091,080		1,108,551
Pool #G08716 3.500% 8/01/46		1,608,499		1,634,256
Pool #G67703 3.500% 4/01/47		1,924,363		1,957,582
Pool #G67706 3.500% 12/01/47		1,534,862		1,560,878
Pool #G08792 3.500% 12/01/47		1,327,692		1,345,632
Pool #G67707 3.500% 1/01/48		1,812,493		1,850,011
Pool #G67708 3.500% 3/01/48		3,315,830		3,374,105
Pool #G67709 3.500% 3/01/48		4,346,186		4,414,421
Pool #G67711 4.000% 3/01/48		503,235		522,616
Pool #G67713 4.000% 6/01/48		1,311,615		1,357,160
Pool #G67714 4.000% 7/01/48		1,837,290		1,907,764
Pool #G67717 4.000% 11/01/48		1,617,023		1,679,048
Pool #G08843 4.500% 10/01/48		657,907		685,638
Pool #G08826 5.000% 6/01/48		216,582		229,382
Pool #G08844 5.000% 10/01/48		80,198		84,550

The accompanying notes are an integral part of the financial statements.

33

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

	Principal Amount		Value
Federal National Mortgage Association
Pool #MA4093 2.000% 8/01/40	$	909,534	$	853,335
Pool #MA4152 2.000% 10/01/40		3,395,033		3,185,257
Pool #MA4176 2.000% 11/01/40		2,478,072		2,324,954
Pool #MA4333 2.000% 5/01/41		732,125		686,888
Pool #BL6060 2.455% 4/01/40		1,265,000		1,125,553
Pool #MA3029 3.000% 6/01/32		298,754		302,221
Pool #MA1607 3.000% 10/01/33		2,097,722		2,098,814
Pool #BN7755 3.000% 9/01/49		2,036,377		2,011,982
Pool #MA3811 3.000% 10/01/49		510,149		495,429
Pool #BO2259 3.000% 10/01/49		3,448,654		3,403,029
Pool #AB4262 3.500% 1/01/32		1,430,781		1,457,059
Pool #MA1148 3.500% 8/01/42		2,838,297		2,909,940
Pool #CA0996 3.500% 1/01/48		89,577		90,691
Pool #MA3276 3.500% 2/01/48		203,413		205,496
Pool #MA3305 3.500% 3/01/48		695,546		702,017
Pool #MA3332 3.500% 4/01/48		27,405		27,660
Pool #CA3633 3.500% 6/01/49		801,111		811,005
Pool #MA2995 4.000% 5/01/47		593,310		612,331
Pool #AS9830 4.000% 6/01/47		358,493		369,986
Pool #MA3027 4.000% 6/01/47		533,555		550,661
Pool #AS9972 4.000% 7/01/47		318,044		327,942
Pool #AL9106 4.500% 2/01/46		281,818		299,074
Pool #CA1710 4.500% 5/01/48		1,128,240		1,172,064
Pool #CA1711 4.500% 5/01/48		19,724		20,573
Pool #CA2208 4.500% 8/01/48		830,401		865,744
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		1,678,549		1,677,528
Pool #MA4836 3.000% 11/20/47		1,199,928		1,198,823
Pool #MA6209 3.000% 10/20/49		500,983		490,032
Pool #MA4127 3.500% 12/20/46		1,153,478		1,176,692
Pool #MA4382 3.500% 4/20/47		198,680		202,678
Pool #MA4719 3.500% 9/20/47		1,762,816		1,794,986
Pool #MA4837 3.500% 11/20/47		238,790		242,626
Pool #MA4962 3.500% 1/20/48		602,600		612,279
Pool #MA5019 3.500% 2/20/48		825,297		837,006
Pool #MA4838 4.000% 11/20/47		511,905		527,351
Pool #MA4901 4.000% 12/20/47		414,531		427,038
Pool #MA5078 4.000% 3/20/48		344,733		354,595
Pool #MA5466 4.000% 9/20/48		236,710		242,761
Pool #MA5528 4.000% 10/20/48		947,228		971,221
Pool #MA4264 4.500% 2/20/47		251,723		266,563
Pool #MA4512 4.500% 6/20/47		1,593,898		1,681,883
Pool #MA3666 5.000% 5/20/46		33,436		35,926
Pool #MA3806 5.000% 7/20/46		221,796		238,311
Pool #MA4072 5.000% 11/20/46		43,600		46,281

	Principal Amount		Value
Pool #MA4454 5.000% 5/20/47	$	837,293	$	895,715
Government National Mortgage Association II TBA
2.000% 11/01/51 (b)		4,200,000		3,995,578
2.500% 12/01/51 (b)		11,675,000		11,329,310
Uniform Mortgage Backed Securities TBA
2.000% 2/01/37 (b)		11,150,000		10,829,438
2.000% 12/01/51 (b)		11,175,000		10,377,908
2.000% 12/01/51 (b)		42,675,000		39,559,392
2.500% 1/01/37 (b)		67,200,000		64,034,248
2.500% 4/18/37 (b)		8,725,000		8,622,072
3.000% 2/01/52 (b)		7,750,000		7,587,129
3.000% 2/01/52 (b)		17,925,000		17,507,685
				256,808,838
U.S. Agencies Notes — 1.5%
Federal Home Loan Banks
1.040% 6/14/24		8,900,000		8,619,071
1.610% 9/04/24		4,230,000		4,143,477
				12,762,548
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $279,717,214)				276,162,595
U.S. TREASURY OBLIGATIONS — 32.1%
U.S. Treasury Bonds & Notes — 32.1%
U.S. Treasury Bond
1.875% 11/15/51		3,356,000		2,943,393
2.000% 11/15/41		35,997,000		32,621,875
2.250% 5/15/41		11,500,000		10,874,501
2.250% 2/15/52		16,359,000		15,679,087
2.375% 2/15/42		2,220,000		2,142,646
U.S. Treasury Inflation Index
0.125% 2/15/52		1,366,111		1,441,140
U.S. Treasury Note
0.750% 12/31/23		12,020,000		11,715,204
0.875% 1/31/24		17,588,000		17,152,622
1.250% 12/31/26		4,120,000		3,897,605
1.500% 2/29/24 (d)		25,228,000		24,878,888
1.500% 1/31/27		16,163,000		15,468,877
1.750% 3/15/25		23,602,000		23,126,278
1.875% 2/28/27 (d)		45,195,000		44,051,142
1.875% 2/15/32		2,790,000		2,678,835
2.250% 3/31/24		15,450,000		15,438,536

The accompanying notes are an integral part of the financial statements.

34

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

	Principal Amount		Value
2.500% 3/31/27 (b)	$	40,700,000	$	40,843,101
				264,953,730
TOTAL U.S. TREASURY OBLIGATIONS (Cost $270,422,007)				264,953,730
TOTAL BONDS & NOTES (Cost $935,555,208)				915,302,118
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $350,834)				97,106
RIGHTS — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
Intelsat Jackson Holdings S.A. Expiration date 12/5/25 (e) (f) (g)		1,754		—
Intelsat Jackson Holdings S.A. Expiration date 12/5/25 (e) (f) (g)		1,754		—
TOTAL RIGHTS (Cost $0)				—
	Number of Shares
MUTUAL FUNDS — 8.9%
Diversified Financial Services — 8.9%
State Street Navigator Securities Lending Government Money Market Portfolio (j)		73,382,484		73,382,484
TOTAL MUTUAL FUNDS (Cost $73,382,484)				73,382,484
TOTAL LONG-TERM INVESTMENTS (Cost $1,010,863,880)				989,269,668
	Principal Amount
SHORT-TERM INVESTMENTS — 10.2%
Repurchase Agreement — 2.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (k)	$	17,164,564		17,164,564
U.S. Treasury Bill — 8.1%
U.S. Treasury Bill
0.223% 7/07/22 (d) (l)		2,210,000		2,206,583
0.225% 7/07/22 (d) (l)		6,250,000		6,240,335

	Principal Amount		Value
0.315% 7/07/22 (d) (l)	$	2,300,000	$	2,296,443
0.332% 7/14/22 (l)		2,615,000		2,610,386
0.524% 7/28/22 (l)		2,115,000		2,109,749
0.569% 8/04/22 (l)		16,500,000		16,454,253
0.610% 8/25/22 (l)		9,252,000		9,218,326
0.626% 8/25/22 (l)		6,515,000		6,491,288
0.633% 8/11/22 (l)		4,435,000		4,420,932
0.651% 9/01/22 (l)		7,443,000		7,413,626
0.674% 8/25/22 (l)		7,970,000		7,940,992
				67,402,913
TOTAL SHORT-TERM INVESTMENTS (Cost $84,633,906)				84,567,477
TOTAL INVESTMENTS — 130.0% (Cost $1,095,497,786) (m)				1,073,837,145
Other Assets/(Liabilities) — (30.0)%				(248,048,713	)
NET ASSETS — 100.0%			$	825,788,432

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

REMICS Real Estate Mortgage Investment Conduits

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at March 31, 2022 where the rate will be determined at time of settlement.

(b) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (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 March 31, 2022, the aggregate market value of these securities amounted to $138,335,932 or 16.75% of net assets.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $75,235,456 or 9.11% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,445,460 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

The accompanying notes are an integral part of the financial statements.

35

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

Notes to Portfolio of Investments (Continued)

(f) Investment was valued using significant unobservable inputs.

(g) Non-income producing security.

(h) 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 March 31, 2022.

(i) 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.

(j) Represents investment of security lending cash collateral. (Note 2).

(k) Maturity value of $17,164,564. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $17,507,942.

(l) The rate shown represents yield-to-maturity.

(m) See Note 6 for aggregate cost for federal tax purposes.

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
Eurodollar 1 Year Mid Curve Future		9/16/22		98.38		109		USD	26,399,800	$	8,856	$	46,632	$	(37,776	)
Eurodollar 1 Year Mid Curve Future		9/16/22		98.75		235		USD	56,917,000		11,750		140,288		(128,538	)
Eurodollar Future		12/19/22		98.00		170		USD	41,369,500		76,500		163,914		(87,414	)
										$	97,106	$	350,834	$	(253,728	)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
Eurodollar 1 Year Mid Curve Future		9/16/22		99.00		535		USD	129,577,000	$	(20,062	)	$	(176,991	)	$	156,929
Eurodollar 2 Year Mid Curve Future		12/16/22		97.63		151		USD	36,728,863		(103,813	)		(105,493	)		1,680
Eurodollar 2 Year Mid Curve Future		12/16/22		97.88		255		USD	62,025,563		(119,531	)		(141,473	)		21,942
Eurodollar Future		12/19/22		98.25		170		USD	41,369,500		(53,125	)		(110,116	)		56,991
										$	(296,531	)	$	(534,073	)	$	237,542
Put
Eurodollar 1 Year Mid Curve Future		9/16/22		97.63		652		USD	157,914,400	$	(1,401,800	)	$	(446,411	)	$	(955,389	)
Eurodollar 2 Year Mid Curve Future		12/16/22		97.38		406		USD	98,754,425		(474,513	)		(417,141	)		(57,372	)
Eurodollar Future		12/19/22		97.25		170		USD	41,369,500		(167,874	)		(78,241	)		(89,633	)
										$	(2,044,187	)	$	(941,793	)	$	(1,102,394	)
										$	(2,340,718	)	$	(1,475,866	)	$	(864,852	)

The accompanying notes are an integral part of the financial statements.

36

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

Interest Rate Swaptions Written

Paid by Fund

Received by Fund

Description

Counterparty

Expiration Date

Rate

Frequency

Rate

Frequency

Notional Amount

Value

Premium Paid (Received)

Unrealized Appreciation/ (Depreciation)

Put

2-Year Interest Rate Swap, 6/10/2024

JP Morgan Chase Bank N.A.*

6/08/22

3-Month USD SOFR

Quarterly

1.95%##

Semi-Annually

USD

41,670,000

$

(645,052

)

$

(120,010

)

$

(525,042

)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		6/21/22		27	$	4,947,153		$	(164,778	)
Short
U.S. Treasury Ultra 10 Year		6/21/22		16	$	(2,156,125	)	$	(11,375	)
U.S. Treasury Note 2 Year		6/30/22		5		(1,073,662	)		14,053
								$	2,678

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.073%		Semi-Annually		7/24/25		USD	10,155,000	$	(353,205	)	$	—	$	(353,205	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.034%		Semi-Annually		7/24/25		USD	15,025,000		(533,632	)		—		(533,632	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.026%		Semi-Annually		7/24/25		USD	20,310,000		(724,399	)		—		(724,399	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.390%		Semi-Annually		9/28/25		USD	25,970,000		(711,181	)		—		(711,181	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.688%		Semi-Annually		12/07/25		USD	22,425,000		(455,490	)		—		(455,490	)
Fixed 1.808%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		7/24/53		USD	850,000		78,542			—		78,542
Fixed 1.785%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		7/24/53		USD	1,250,000		121,586			—		121,586
Fixed 1.773%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		7/24/53		USD	1,700,000		169,955			—		169,955
Fixed 1.870%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		9/28/53		USD	2,215,000		168,737			—		168,737
Fixed 1.743%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		12/07/53		USD	1,875,000		186,840			—		186,840
											$	(2,052,247	)	$	—	$	(2,052,247	)

* Contracts are subject to a master netting agreement or similar agreement.

## Exercise Rate.

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

37

MassMutual Strategic Bond Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 70.9%
BANK LOANS — 3.0%
Advertising — 0.1%
CMG Media Corp., 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
3.957% VRN 12/17/26	$	439,784	$	432,567
Airlines — 0.1%
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
4.500% FRN 4/21/28		486,201		479,720
Auto Parts & Equipment — 0.1%
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%
3.707% VRN 4/30/26		380,344		375,114
Beverages — 0.1%
Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%
4.506% VRN 3/31/28		486,325		473,559
Building Materials — 0.1%
Solis IV BV, USD Term Loan B1, SOFR + 3.500%
4.000% VRN 2/26/29		370,000		362,138
Commercial Services — 0.2%
API Group DE, Inc., Term Loan B, 1 mo. USD LIBOR + 2.500%
2.945% VRN 10/01/26		486,314		480,235
Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%, 6 mo. USD LIBOR + 2.750%
3.500% VRN 9/23/26		486,297		482,246
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000%
4.457% VRN 8/27/25		185,814		184,885
				1,147,366
Computers — 0.1%
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 5.000%
5.750% VRN 7/27/28		488,775		484,254
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%
4.500% VRN 2/01/28		276,093		273,762
				758,016

	Principal Amount		Value
Diversified Financial Services — 0.2%
Avolon TLB Borrower 1 (US) LLC, 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%
2.750% VRN 12/01/27	$	88,352	$	87,248
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750%
3.250% VRN 10/22/26		388,050		377,138
Citadel Securities LP, 2021 Term Loan B, 1 mo. USD LIBOR + 2.500%
2.957% VRN 2/02/28		52,704		52,356
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD LIBOR + 3.750%
4.750% VRN 4/09/27		280,925		279,169
Jane Street Group LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
3.207% VRN 1/26/28		349,219		343,764
VFH Parent LLC, 2022 Term Loan B, SOFR + 3.000%
3.500% VRN 1/13/29		110,000		108,763
				1,248,438
Electronics — 0.0%
II-VI, Inc., 2021 Bridge Term Loan B,
0.000% 12/01/28 (a)		160,000		158,800
Entertainment — 0.1%
PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500%
2.957% VRN 5/29/26		258,892		256,586
Scientific Games International, Inc., 2018 Term Loan B5, 1 mo. USD LIBOR + 2.750%
3.207% VRN 8/14/24		299,309		298,001
				554,587
Food — 0.1%
Froneri International PLC, 2020 USD Term Loan, 1 mo. USD LIBOR + 2.250%
2.707% VRN 1/29/27		304,575		298,648
Health Care – Products — 0.1%
Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750%
3.250% VRN 12/11/26		260,000		256,316
Health Care – Services — 0.2%
Global Medical Response, Inc., 2020 Term Loan B, 3 mo. USD LIBOR + 4.250%
5.250% VRN 10/02/25		384,940		381,691

The accompanying notes are an integral part of the financial statements.

38

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250%
3.702% VRN 3/05/26 (a)	$	492,427	$	486,272
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750%
4.197% VRN 11/16/25		52,800		52,432
				920,395
Insurance — 0.1%
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
3.000% VRN 2/19/28		306,126		300,769
Leisure Time — 0.1%
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 8/17/28		368,552		365,327
Lodging — 0.2%
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%
3.207% VRN 12/23/24		492,470		489,392
Four Seasons Holdings, Inc., New 1st Lien Term Loan, 1 mo. USD LIBOR + 2.000%
2.457% VRN 11/30/23		73,559		73,248
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750%
2.207% VRN 6/22/26		286,204		282,950
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250%
2.710% VRN 2/08/27		465,094		458,247
				1,303,837
Machinery - Diversified — 0.1%
Ali Group North America Co., 2021 Term Loan B,
0.000% 10/13/28 (a)		290,000		285,409
Media — 0.2%
iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000%
3.457% VRN 5/01/26		495,927		492,272
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500%
2.731% VRN 9/18/26		492,275		489,903

	Principal Amount		Value
Virgin Media Bristol LLC, USD Term Loan N, 3 mo. USD LIBOR + 2.500%
2.897% VRN 1/31/28	$	203,954	$	201,182
				1,183,357
Pharmaceuticals — 0.3%
Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. USD LIBOR + 2.500%
3.500% VRN 3/01/24		268,015		266,206
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%
2.457% VRN 11/15/27		347,795		341,535
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%
2.250% VRN 3/15/28		476,400		471,040
Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 5/05/28		486,325		484,078
				1,562,859
Retail — 0.1%
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%
2.207% VRN 11/19/26		167,773		163,963
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750%
3.250% VRN 10/19/27		375,423		366,976
				530,939
Software — 0.2%
AthenaHealth, Inc.
2022 Delayed Draw Term Loan,
0.000% 2/15/29 (a) (b)		59,420		58,692
2022 Term Loan B, SOFR + 3.500%
4.000% VRN 2/15/29		350,580		346,285
Cloudera, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%
4.250% VRN 10/08/28		200,000		197,250
DCert Buyer, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 4.000%
4.457% VRN 10/16/26		112,562		111,609
Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%
3.500% VRN 2/15/28		445,500		436,430
				1,150,266

The accompanying notes are an integral part of the financial statements.

39

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Telecommunications — 0.1%
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%
2.207% VRN 3/01/27	$	498,362	$	488,549
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%
3.457% VRN 3/09/27		410,000		398,623
				887,172
Transportation — 0.1%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000%
3.006% VRN 12/30/26		496,290		490,240
TOTAL BANK LOANS (Cost $15,698,834)				15,525,839
CORPORATE DEBT — 31.2%
Aerospace & Defense — 1.4%
The Boeing Co.
2.196% 2/04/26		230,000		217,692
2.700% 2/01/27		90,000		86,449
2.800% 3/01/27		150,000		143,574
3.100% 5/01/26		80,000		78,305
3.200% 3/01/29		290,000		276,380
3.250% 2/01/35		360,000		321,503
3.550% 3/01/38		80,000		70,374
3.750% 2/01/50		240,000		213,591
3.950% 8/01/59		860,000		744,586
5.150% 5/01/30		160,000		170,653
5.705% 5/01/40		640,000		720,191
5.805% 5/01/50		1,510,000		1,742,828
5.930% 5/01/60		940,000		1,084,737
General Dynamics Corp.
3.500% 5/15/25		50,000		50,941
4.250% 4/01/40		20,000		21,841
4.250% 4/01/50		50,000		56,128
L3Harris Technologies, Inc.
5.054% 4/27/45		50,000		56,419
Lockheed Martin Corp.
3.550% 1/15/26		90,000		92,226
4.500% 5/15/36		60,000		66,216
Northrop Grumman Corp.
2.930% 1/15/25		160,000		160,513
3.250% 1/15/28		290,000		290,510
5.250% 5/01/50		160,000		199,281
Raytheon Technologies Corp.
2.250% 7/01/30		110,000		101,902

	Principal Amount		Value
4.125% 11/16/28	$	160,000	$	167,555
4.500% 6/01/42		80,000		88,302
				7,222,697
Agriculture — 0.4%
Altria Group, Inc.
2.450% 2/04/32		140,000		121,717
4.400% 2/14/26		192,000		198,736
5.800% 2/14/39		240,000		258,873
5.950% 2/14/49		120,000		129,849
6.200% 2/14/59		56,000		62,396
BAT Capital Corp.
3.557% 8/15/27		170,000		165,714
4.540% 8/15/47		250,000		222,994
Cargill, Inc.
1.375% 7/23/23 (c)		180,000		177,847
Philip Morris International, Inc.
1.125% 5/01/23		190,000		187,830
2.100% 5/01/30		40,000		35,995
4.500% 3/20/42		80,000		80,267
Reynolds American, Inc.
5.850% 8/15/45		110,000		112,591
				1,754,809
Airlines — 1.2%
Delta Air Lines, Inc.
3.800% 4/19/23		90,000		90,563
2.900% 10/28/24		180,000		175,950
7.000% 5/01/25 (c)		1,670,000		1,795,090
7.375% 1/15/26		380,000		412,674
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 (c)		320,000		322,117
4.750% 10/20/28 (c)		2,410,000		2,432,073
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (c)		330,000		344,025
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
8.000% 9/20/25 (c)		240,000		255,965
United Airlines, Inc.
4.375% 4/15/26 (c)		80,000		78,750
4.625% 4/15/29 (c)		290,000		275,776
				6,182,983
Apparel — 0.1%
NIKE, Inc.
2.850% 3/27/30		280,000		276,445
3.250% 3/27/40		130,000		126,687
3.375% 3/27/50		40,000		39,725
				442,857

The accompanying notes are an integral part of the financial statements.

40

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Auto Manufacturers — 0.5%
Ford Motor Co.
4.750% 1/15/43	$	90,000	$	81,352
Ford Motor Credit Co. LLC
2.900% 2/16/28		390,000		352,462
3.625% 6/17/31		220,000		199,437
4.000% 11/13/30		200,000		188,440
4.125% 8/17/27		200,000		195,884
4.950% 5/28/27		250,000		254,507
5.125% 6/16/25		200,000		204,000
General Motors Co.
5.150% 4/01/38		40,000		40,667
5.400% 10/02/23		130,000		134,582
5.950% 4/01/49		110,000		122,336
6.125% 10/01/25		20,000		21,496
6.600% 4/01/36		10,000		11,615
General Motors Financial Co., Inc.
3.100% 1/12/32		40,000		35,958
4.250% 5/15/23		10,000		10,126
Nissan Motor Co. Ltd.
3.043% 9/15/23 (c)		200,000		199,660
3.522% 9/17/25 (c)		410,000		402,326
4.345% 9/17/27 (c)		300,000		296,078
				2,750,926
Banks — 9.5%
ABN AMRO Bank NV
4.750% 7/28/25 (c)		260,000		265,785
Banco Santander SA
3 mo. USD LIBOR + 1.120% 1.358% FRN 4/12/23		200,000		201,081
2.746% 5/28/25		600,000		585,362
Bank of America Corp.
SOFR + 1.210% 2.572% VRN 10/20/32		60,000		54,528
SOFR + 2.150% 2.592% VRN 4/29/31		360,000		332,167
SOFR + 1.330% 2.972% VRN 2/04/33		130,000		121,985
3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28		570,000		565,190
3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28		270,000		270,894
3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29		890,000		905,096
3 mo. USD LIBOR + 1.210% 3.974% VRN 2/07/30		270,000		274,388
4.000% 4/01/24		270,000		277,309
4.000% 1/22/25		270,000		275,227
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51		480,000		494,770

	Principal Amount		Value
4.200% 8/26/24	$	380,000	$	389,572
4.250% 10/22/26		50,000		51,533
3 mo. USD LIBOR + 1.520% 4.330% VRN 3/15/50		90,000		95,798
4.450% 3/03/26		50,000		51,742
5.000% 1/21/44		130,000		148,394
3 mo. USD LIBOR + 3.705% 6.250% VRN (d)		170,000		175,729
Bank of Montreal
SOFR Index + .680% 0.931% FRN 3/10/23		3,770,000		3,774,635
1.850% 5/01/25		70,000		67,348
5 year USD Swap + 1.432% 3.803% VRN 12/15/32		90,000		89,088
The Bank of New York Mellon Corp.
1.600% 4/24/25		170,000		164,059
The Bank of Nova Scotia
SOFR Index + .550% 0.808% FRN 9/15/23		4,440,000		4,436,497
1.300% 6/11/25		120,000		113,194
Barclays Bank PLC
1.700% 5/12/22		240,000		240,125
Barclays PLC 3 mo. USD LIBOR + 3.054%
5.088% VRN 6/20/30		510,000		529,089
BNP Paribas SA
SOFR + 2.074% 2.219% VRN 6/09/26 (c)		200,000		190,407
5 year USD Swap + 1.483% 4.375% VRN 3/01/33 (c)		220,000		218,642
4.400% 8/14/28 (c)		400,000		407,644
4.625% 3/13/27 (c)		260,000		266,295
Canadian Imperial Bank of Commerce
0.950% 6/23/23		120,000		117,812
SOFR + .800% 1.072% FRN 3/17/23		3,360,000		3,366,720
Citigroup, Inc.
SOFR + 2.107% 2.572% VRN 6/03/31		170,000		155,759
SOFR + 1.939% 3.785% VRN 3/17/33		510,000		507,304
3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30		180,000		182,767
4.125% 7/25/28		150,000		152,395
4.300% 11/20/26		670,000		689,957
SOFR + 3.914% 4.412% VRN 3/31/31		410,000		425,695
4.450% 9/29/27		480,000		495,875
4.650% 7/30/45		181,000		198,931
4.650% 7/23/48		70,000		79,009
4.750% 5/18/46		40,000		42,999

The accompanying notes are an integral part of the financial statements.

41

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
5.300% 5/06/44	$	16,000	$	18,223
3 mo. USD LIBOR + 3.905% 5.950% VRN (d)		320,000		326,176
3 mo. USD LIBOR + 4.068% 5.950% VRN (d)		50,000		50,438
3 mo. USD LIBOR + 3.423% 6.300% VRN (d)		60,000		60,240
6.625% 6/15/32		20,000		24,173
8.125% 7/15/39		50,000		75,549
Commonwealth Bank of Australia SOFR + .400%
0.499% FRN 7/07/25 (c)		4,560,000		4,515,586
Cooperatieve Rabobank UA
4.375% 8/04/25		470,000		478,219
Credit Agricole SA SOFR + 1.676%
1.907% VRN 6/16/26 (c)		270,000		255,174
Credit Suisse Group AG
SOFR + 2.044% 2.193% VRN 6/05/26 (c)		480,000		450,675
SOFR + 1.730% 3.091% VRN 5/14/32 (c)		350,000		315,709
SOFR + 3.730% 4.194% VRN 4/01/31 (c)		250,000		246,473
Danske Bank A/S
5.375% 1/12/24 (c)		240,000		247,609
Goldman Sachs Capital II 3 mo. USD LIBOR + .768%
4.000% VRN (d)		8,000		6,400
The Goldman Sachs Group, Inc.
SOFR + 1.472% 2.908% VRN 7/21/42 (e)		80,000		68,937
SOFR + 1.513% 3.210% VRN 4/22/42		40,000		36,238
3.500% 4/01/25		370,000		373,160
3.500% 11/16/26		200,000		200,797
SOFR + 1.846% 3.615% VRN 3/15/28		50,000		49,906
3 mo. USD LIBOR + 1.510% 3.691% VRN 6/05/28		430,000		431,152
3.850% 7/08/24		90,000		91,711
4.000% 3/03/24		100,000		102,114
3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29		490,000		502,583
4.250% 10/21/25		260,000		266,645
4.750% 10/21/45		130,000		144,660
5.150% 5/22/45		290,000		324,088
6.250% 2/01/41		130,000		167,974
6.750% 10/01/37		80,000		100,830
HSBC Holdings PLC
SOFR + 1.929% 2.099% VRN 6/04/26		510,000		485,570

	Principal Amount		Value
4.250% 8/18/25	$	330,000	$	334,198
SOFR + 2.530% 4.762% VRN 3/29/33		200,000		205,417
Intesa Sanpaolo SpA
3.375% 1/12/23 (c)		350,000		350,742
5.017% 6/26/24 (c)		900,000		907,776
5.710% 1/15/26 (c)		200,000		204,553
JP Morgan Chase & Co.
SOFR + 1.850% 2.083% VRN 4/22/26		340,000		328,477
SOFR + 2.040% 2.522% VRN 4/22/31		300,000		278,142
SOFR + 2.440% 3.109% VRN 4/22/51		80,000		70,809
3 mo. USD LIBOR + .945% 3.509% VRN 1/23/29		70,000		69,796
3.875% 9/10/24		300,000		306,826
3 mo. USD LIBOR + 1.260% 4.203% VRN 7/23/29		310,000		321,171
4.250% 10/01/27		70,000		72,456
3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29		830,000		866,793
4.950% 6/01/45		140,000		158,536
JP Morgan Chase & Co. SOFR + 1.180%
2.545% VRN 11/08/32		160,000		146,222
Lloyds Banking Group PLC
4.550% 8/16/28		370,000		382,249
Morgan Stanley
SOFR + 1.143% 2.699% VRN 1/22/31		10,000		9,385
SOFR + 3.120% 3.622% VRN 4/01/31		750,000		746,192
3 mo. USD LIBOR + 1.140% 3.772% VRN 1/24/29		350,000		353,329
3 mo. USD LIBOR + 1.628% 4.431% VRN 1/23/30		10,000		10,457
National Australia Bank Ltd. SOFR + .380%
0.488% FRN 1/12/25 (c)		3,190,000		3,172,280
National Securities Clearing Corp.
1.500% 4/23/25 (c)		250,000		239,657
Natwest Group PLC 3 mo. USD LIBOR + 1.550%
4.519% VRN 6/25/24		200,000		203,104
Royal Bank of Canada
1.150% 6/10/25		310,000		292,913
1.600% 4/17/23		30,000		29,851
Santander Holdings USA, Inc.
4.500% 7/17/25		50,000		51,160

The accompanying notes are an integral part of the financial statements.

42

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
The Toronto-Dominion Bank
1.150% 6/12/25	$	300,000	$	283,471
UBS Group AG
4.253% 3/23/28 (c)		340,000		347,306
5 year USD Swap + 4.344% 7.000% VRN (c) (d)		500,000		521,655
US Bancorp
1.450% 5/12/25		280,000		267,960
Wells Fargo & Co.
SOFR + 2.000% 2.188% VRN 4/30/26		200,000		193,150
SOFR + 2.100% 2.393% VRN 6/02/28		230,000		217,829
SOFR + 1.432% 2.879% VRN 10/30/30		150,000		142,583
3.000% 10/23/26		350,000		345,608
SOFR + 1.500% 3.350% VRN 3/02/33		360,000		350,013
4.300% 7/22/27		370,000		384,118
4.400% 6/14/46		180,000		186,525
SOFR + 4.032% 4.478% VRN 4/04/31		210,000		221,984
4.650% 11/04/44		80,000		85,136
4.750% 12/07/46		10,000		10,867
4.900% 11/17/45		250,000		276,201
SOFR + 4.502% 5.013% VRN 4/04/51		1,350,000		1,601,307
5.375% 11/02/43		110,000		127,704
3 mo. USD LIBOR + 3.990% 5.875% VRN (d)		50,000		52,240
				48,593,953
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.650% 2/01/26		320,000		327,401
4.900% 2/01/46		50,000		55,582
Anheuser-Busch InBev Worldwide, Inc.
3.500% 6/01/30		130,000		131,880
4.000% 4/13/28		80,000		82,926
4.350% 6/01/40		30,000		31,269
4.500% 6/01/50		360,000		384,438
4.600% 4/15/48		20,000		21,496
4.750% 1/23/29		230,000		249,386
5.550% 1/23/49		110,000		134,055
The Coca-Cola Co.
1.450% 6/01/27 (e)		250,000		234,877
2.500% 6/01/40		10,000		8,892
2.600% 6/01/50		80,000		68,294

	Principal Amount		Value
Molson Coors Beverage Co.
3.000% 7/15/26	$	50,000	$	49,440
3.500% 5/01/22		20,000		20,025
4.200% 7/15/46		50,000		48,487
PepsiCo, Inc.
1.625% 5/01/30		170,000		152,867
				2,001,315
Biotechnology — 0.1%
Amgen, Inc.
4.663% 6/15/51		24,000		26,397
Gilead Sciences, Inc.
3.700% 4/01/24		130,000		132,296
4.500% 2/01/45		10,000		10,650
4.750% 3/01/46		40,000		44,307
				213,650
Building Materials — 0.0%
Builders FirstSource, Inc.
4.250% 2/01/32 (c)		10,000		9,312
Carrier Global Corp.
3.577% 4/05/50		20,000		18,291
				27,603
Chemicals — 0.2%
Equate Petrochemical BV
4.250% 11/03/26 (c)		230,000		232,875
OCP SA
3.750% 6/23/31 (c)		260,000		235,300
5.125% 6/23/51 (c)		220,000		182,600
Orbia Advance Corp. SAB de CV
2.875% 5/11/31 (c)		490,000		433,645
				1,084,420
Commercial Services — 0.2%
The ADT Security Corp.
4.125% 8/01/29 (c)		10,000		9,277
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625% 7/15/26 (c)		10,000		10,118
Cintas Corp. No 2
2.900% 4/01/22		100,000		100,000
3.700% 4/01/27		160,000		164,151
DP World Ltd.
5.625% 9/25/48 (c)		330,000		356,387
PayPal Holdings, Inc.
1.650% 6/01/25		270,000		259,828
United Rentals North America, Inc.
3.750% 1/15/32		80,000		74,600
3.875% 11/15/27		60,000		59,419
3.875% 2/15/31		20,000		18,850
				1,052,630

The accompanying notes are an integral part of the financial statements.

43

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Computers — 1.0%
Apple, Inc.
2.450% 8/04/26	$	480,000	$	474,269
Dell International LLC/EMC Corp.
5.300% 10/01/29		3,770,000		4,106,924
International Business Machines Corp.
3.000% 5/15/24		320,000		322,367
				4,903,560
Cosmetics & Personal Care — 0.1%
GSK Consumer Healthcare Capital US LLC
3.375% 3/24/29 (c)		260,000		257,550
The Procter & Gamble Co.
3.000% 3/25/30		100,000		100,457
				358,007
Distribution & Wholesale — 0.0%
H&E Equipment Services, Inc.
3.875% 12/15/28 (c)		20,000		18,725
Diversified Financial Services — 1.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.450% 10/29/26		170,000		157,204
3.000% 10/29/28		160,000		147,193
3.150% 2/15/24		190,000		186,734
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300% 1/30/32		160,000		144,255
Air Lease Corp.
3.375% 7/01/25		80,000		78,941
Blue Owl Finance LLC
3.125% 6/10/31 (c)		1,610,000		1,366,474
Capital One Financial Corp. SOFR + .690%
0.938% FRN 12/06/24		3,920,000		3,898,387
ILFC E-Capital Trust II
4.300% VRN 12/21/65 (c) (f)		10,000		8,100
International Lease Finance Corp.
5.875% 8/15/22		70,000		70,855
KKR Group Finance Co. II LLC
5.500% 2/01/43 (c)		20,000		22,819
Mastercard, Inc.
3.850% 3/26/50		50,000		52,796
Park Aerospace Holdings Ltd.
4.500% 3/15/23 (c)		10,000		10,072
5.250% 8/15/22 (c)		16,000		16,103
5.500% 2/15/24 (c) (e)		50,000		51,207
Vanguard Group, Inc.
3.050% 8/22/50		450,000		386,553

	Principal Amount		Value
Visa, Inc.
3.150% 12/14/25	$	200,000	$	202,695
4.300% 12/14/45		160,000		177,806
				6,978,194
Electric — 1.1%
The AES Corp.
3.950% 7/15/30 (c)		2,080,000		2,060,566
AES Panama Generation Holdings SRL
4.375% 5/31/30 (c)		1,730,000		1,647,825
American Transmission Systems, Inc.
2.650% 1/15/32 (c)		440,000		406,869
Consolidated Edison Co. of New York, Inc.
3.350% 4/01/30		70,000		69,780
3.950% 4/01/50		50,000		51,380
Duke Energy Ohio, Inc.
3.650% 2/01/29		260,000		264,559
Exelon Corp.
5.625% 6/15/35		40,000		45,279
FirstEnergy Corp.
7.375% 11/15/31		460,000		568,100
Pacific Gas and Electric Co.
1.750% 6/16/22		450,000		449,354
2.100% 8/01/27		140,000		126,000
2.500% 2/01/31		40,000		34,485
3.300% 8/01/40		50,000		40,959
3.500% 8/01/50		80,000		63,885
				5,829,041
Electronics — 0.0%
Honeywell International, Inc.
1.350% 6/01/25		80,000		77,121
Entertainment — 0.2%
Magallanes, Inc.
3.755% 3/15/27 (c)		60,000		59,886
4.054% 3/15/29 (c)		80,000		80,456
4.279% 3/15/32 (c)		430,000		431,848
5.050% 3/15/42 (c)		20,000		20,436
5.141% 3/15/52 (c)		300,000		307,004
				899,630
Environmental Controls — 0.1%
Republic Services, Inc.
2.500% 8/15/24		230,000		227,753
Food — 0.2%
Danone SA
2.589% 11/02/23 (c)		310,000		309,819
The Hershey Co.
0.900% 6/01/25		50,000		47,127

The accompanying notes are an integral part of the financial statements.

44

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Mars, Inc.
2.700% 4/01/25 (c)	$	140,000	$	138,910
3.200% 4/01/30 (c)		80,000		79,302
Mondelez International, Inc.
1.500% 5/04/25		390,000		372,951
				948,109
Forest Products & Paper — 0.1%
Suzano Austria GmbH
3.125% 1/15/32		80,000		70,830
3.750% 1/15/31		430,000		404,845
				475,675
Health Care – Products — 0.1%
Abbott Laboratories
3.750% 11/30/26		139,000		144,443
4.750% 11/30/36		80,000		92,983
4.900% 11/30/46		100,000		121,729
Medtronic, Inc.
3.500% 3/15/25		86,000		87,785
4.625% 3/15/45		18,000		20,745
				467,685
Health Care – Services — 0.4%
Aetna, Inc.
2.800% 6/15/23		40,000		40,164
Anthem, Inc.
3.350% 12/01/24		120,000		121,024
3.650% 12/01/27		140,000		143,112
Centene Corp.
2.625% 8/01/31		10,000		8,900
3.000% 10/15/30		10,000		9,223
4.250% 12/15/27		70,000		70,263
4.625% 12/15/29		120,000		121,440
CommonSpirit Health
4.350% 11/01/42		20,000		20,113
Fresenius Medical Care US Finance II, Inc.
4.750% 10/15/24 (c)		70,000		72,316
HCA, Inc.
3.500% 9/01/30		70,000		67,356
4.500% 2/15/27		40,000		41,367
4.750% 5/01/23		150,000		153,806
5.000% 3/15/24		50,000		51,872
5.250% 6/15/26		60,000		63,393
5.500% 6/15/47		80,000		90,231
Humana, Inc.
2.150% 2/03/32		40,000		35,052
4.500% 4/01/25		50,000		51,847
4.625% 12/01/42		70,000		74,586
4.800% 3/15/47		10,000		11,308

	Principal Amount		Value
Tenet Healthcare Corp.
4.375% 1/15/30 (c)	$	10,000	$	9,599
UnitedHealth Group, Inc.
1.250% 1/15/26		110,000		103,626
2.000% 5/15/30		100,000		92,182
2.300% 5/15/31		20,000		18,786
3.125% 5/15/60		30,000		26,660
3.875% 12/15/28		110,000		115,573
3.875% 8/15/59		90,000		92,633
4.250% 6/15/48		110,000		120,252
4.450% 12/15/48		50,000		56,296
5.800% 3/15/36		70,000		86,770
				1,969,750
Home Builders — 0.1%
Lennar Corp.
4.500% 4/30/24		100,000		102,582
4.750% 11/29/27		40,000		41,732
MDC Holdings, Inc.
6.000% 1/15/43		20,000		20,547
NVR, Inc.
3.950% 9/15/22		100,000		100,415
				265,276
Insurance — 0.9%
Ambac Assurance Corp.
5.100% (c) (d)		4,362		4,929
Athene Global Funding SOFR + .700%
0.914% FRN 5/24/24 (c)		3,560,000		3,515,262
Berkshire Hathaway Finance Corp.
4.250% 1/15/49		160,000		175,125
Brighthouse Financial, Inc.
4.700% 6/22/47		11,000		10,680
Chubb INA Holdings, Inc.
3.350% 5/03/26		120,000		121,783
Guardian Life Global Funding
1.100% 6/23/25 (c)		120,000		113,029
MetLife Capital Trust IV
7.875% 12/15/37 (c)		200,000		238,500
New York Life Global Funding
0.950% 6/24/25 (c)		100,000		93,495
Principal Life Global Funding II
1.250% 6/23/25 (c)		110,000		103,251
Teachers Insurance & Annuity Association of America
4.900% 9/15/44 (c)		50,000		55,169
6.850% 12/16/39 (c)		22,000		28,817
				4,460,040

The accompanying notes are an integral part of the financial statements.

45

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Internet — 0.5%
Alphabet, Inc.
0.450% 8/15/25	$	50,000	$	46,734
0.800% 8/15/27		90,000		81,404
2.050% 8/15/50		160,000		126,132
Amazon.com, Inc.
2.100% 5/12/31		80,000		74,530
2.500% 6/03/50		60,000		50,061
3.150% 8/22/27		470,000		477,750
4.050% 8/22/47		100,000		108,722
4.250% 8/22/57		70,000		79,077
4.950% 12/05/44		180,000		218,710
Prosus NV
3.061% 7/13/31 (c)		570,000		473,557
3.832% 2/08/51 (c)		210,000		152,963
4.027% 8/03/50 (c)		310,000		233,849
Tencent Holdings Ltd.
3.680% 4/22/41 (c) (e)		210,000		185,445
3.840% 4/22/51 (c)		320,000		277,367
				2,586,301
Investment Companies — 0.3%
Golub Capital BDC, Inc.
2.500% 8/24/26		1,570,000		1,444,244
Iron & Steel — 0.1%
ArcelorMittal SA
7.000% STEP 10/15/39		60,000		70,425
Vale Overseas Ltd.
6.875% 11/21/36		174,000		209,889
				280,314
Leisure Time — 0.0%
VOC Escrow Ltd.
5.000% 2/15/28 (c)		210,000		196,097
Lodging — 0.3%
Las Vegas Sands Corp.
2.900% 6/25/25		100,000		93,297
3.200% 8/08/24		630,000		601,964
Sands China Ltd.
3.800% STEP 1/08/26		280,000		264,950
5.125% STEP 8/08/25		750,000		743,437
				1,703,648
Machinery – Construction & Mining — 0.0%
Vertiv Group Corp.
4.125% 11/15/28 (c)		30,000		27,378
Machinery – Diversified — 0.1%
Deere & Co.
3.100% 4/15/30		60,000		60,100
3.750% 4/15/50		260,000		277,402

	Principal Amount		Value
Otis Worldwide Corp.
2.056% 4/05/25	$	140,000	$	136,445
				473,947
Media — 1.0%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500% 8/15/30 (c)		30,000		28,149
4.500% 5/01/32		840,000		769,608
4.750% 2/01/32 (c)		70,000		65,243
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% 3/01/42		60,000		49,653
4.200% 3/15/28		190,000		192,166
4.400% 4/01/33		140,000		139,608
4.800% 3/01/50		100,000		94,945
4.908% 7/23/25		270,000		280,303
5.050% 3/30/29		360,000		381,423
5.375% 4/01/38		100,000		102,743
5.500% 4/01/63		80,000		80,333
6.484% 10/23/45		160,000		182,307
6.834% 10/23/55		60,000		71,107
Comcast Corp.
2.800% 1/15/51		30,000		24,977
2.887% 11/01/51 (c)		300,000		252,757
3.150% 3/01/26		280,000		282,537
3.250% 11/01/39		30,000		28,462
3.300% 4/01/27		120,000		121,583
3.400% 4/01/30		180,000		182,325
3.400% 7/15/46		30,000		28,149
3.450% 2/01/50		20,000		18,704
3.750% 4/01/40		80,000		80,474
4.000% 8/15/47		20,000		20,409
4.000% 3/01/48		50,000		51,172
4.150% 10/15/28		180,000		189,324
4.250% 10/15/30		230,000		244,635
4.250% 1/15/33		20,000		21,603
6.500% 11/15/35		41,000		53,006
CSC Holdings LLC
6.500% 2/01/29 (c)		250,000		252,877
DISH DBS Corp.
5.250% 12/01/26 (c)		120,000		114,234
5.750% 12/01/28 (c)		120,000		113,550
Fox Corp.
5.476% 1/25/39		90,000		101,960
Time Warner Cable, Inc.
6.550% 5/01/37		50,000		57,512
6.750% 6/15/39		120,000		139,242
7.300% 7/01/38		100,000		121,497

The accompanying notes are an integral part of the financial statements.

46

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Time Warner Entertainment Co. LP
8.375% 7/15/33	$	20,000	$	26,115
Virgin Media Secured Finance PLC
5.500% 5/15/29 (c)		210,000		207,986
The Walt Disney Co.
6.200% 12/15/34		20,000		25,198
6.650% 11/15/37		50,000		66,633
				5,264,509
Mining — 0.5%
Anglo American Capital PLC
4.750% 4/10/27 (c)		230,000		238,903
Barrick Gold Corp.
5.250% 4/01/42		20,000		23,180
Barrick North America Finance LLC
5.700% 5/30/41		80,000		97,378
5.750% 5/01/43		80,000		97,580
BHP Billiton Finance USA Ltd.
5.000% 9/30/43		100,000		118,711
First Quantum Minerals Ltd.
6.875% 10/15/27 (c)		230,000		240,925
Freeport-McMoRan, Inc.
4.550% 11/14/24		10,000		10,307
4.625% 8/01/30		120,000		122,700
5.450% 3/15/43		466,000		521,967
Glencore Funding LLC
3.875% 10/27/27 (c)		90,000		89,623
4.000% 3/27/27 (c)		270,000		271,207
4.125% 5/30/23 (c)		130,000		132,070
4.125% 3/12/24 (c)		130,000		131,845
Hudbay Minerals, Inc.
6.125% 4/01/29 (c) (e)		10,000		10,300
Southern Copper Corp.
5.250% 11/08/42		450,000		510,750
Teck Resources Ltd.
6.000% 8/15/40		20,000		22,954
				2,640,400
Miscellaneous - Manufacturing — 0.2%
3M Co.
2.375% 8/26/29		140,000		133,153
3.050% 4/15/30		60,000		59,661
3.700% 4/15/50 (e)		150,000		151,320
Eaton Corp.
2.750% 11/02/22		240,000		241,311
4.150% 11/02/42		40,000		41,616
General Electric Co.
6.750% 3/15/32		114,000		143,631
				770,692

	Principal Amount		Value
Oil & Gas — 3.1%
Apache Corp.
4.250% 1/15/44	$	570,000	$	498,864
4.750% 4/15/43		150,000		142,598
5.100% 9/01/40		120,000		120,900
6.000% 1/15/37		17,000		19,083
BP Capital Markets America, Inc.
3.000% 2/24/50		340,000		293,501
3.119% 5/04/26		290,000		289,667
3.588% 4/14/27		100,000		101,526
3.633% 4/06/30		120,000		122,113
BP Capital Markets PLC
3.506% 3/17/25		330,000		336,629
Chevron Corp.
1.995% 5/11/27		110,000		105,731
3.078% 5/11/50		20,000		18,869
Chevron USA, Inc.
3.850% 1/15/28		300,000		312,805
ConocoPhillips Co.
6.950% 4/15/29		75,000		92,755
Continental Resources, Inc.
2.268% 11/15/26 (c)		70,000		65,361
4.375% 1/15/28		130,000		131,794
5.750% 1/15/31 (c)		250,000		273,450
Coterra Energy, Inc.
3.900% 5/15/27 (c)		230,000		232,009
4.375% 3/15/29 (c)		220,000		229,263
Devon Energy Corp.
4.750% 5/15/42		10,000		10,576
5.000% 6/15/45 (e)		440,000		479,523
5.250% 10/15/27		32,000		33,189
5.600% 7/15/41		140,000		161,702
5.850% 12/15/25		120,000		130,029
5.875% 6/15/28		26,000		27,536
8.250% 8/01/23		30,000		31,788
Diamondback Energy, Inc.
3.250% 12/01/26		10,000		9,999
3.500% 12/01/29		160,000		158,451
Ecopetrol SA
5.875% 5/28/45		770,000		674,713
EOG Resources, Inc.
3.900% 4/01/35		200,000		205,365
4.150% 1/15/26		70,000		72,560
4.375% 4/15/30		60,000		64,970
4.950% 4/15/50 (e)		40,000		48,930
EQT Corp.
3.900% 10/01/27		70,000		70,000
6.625% STEP 2/01/25		20,000		21,126

The accompanying notes are an integral part of the financial statements.

47

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Exxon Mobil Corp.
2.992% 3/19/25	$	340,000	$	342,043
3.043% 3/01/26		130,000		131,347
3.482% 3/19/30		190,000		195,136
4.114% 3/01/46		200,000		215,759
4.327% 3/19/50		20,000		22,286
KazMunayGas National Co. JSC
5.375% 4/24/30 (c)		200,000		191,964
Occidental Petroleum Corp.
3.200% 8/15/26		300,000		294,750
4.100% 2/15/47		590,000		542,800
4.200% 3/15/48		120,000		112,200
4.400% 4/15/46		40,000		38,000
4.625% 6/15/45 (e)		80,000		77,600
6.450% 9/15/36		240,000		282,812
6.600% 3/15/46		630,000		740,250
7.875% 9/15/31		160,000		199,600
Petrobras Global Finance BV
5.500% 6/10/51 (e)		610,000		523,441
5.999% 1/27/28		900,000		944,505
7.375% 1/17/27		260,000		288,925
Petroleos Mexicanos
6.375% 1/23/45		220,000		175,954
6.625% 6/15/35		303,000		271,567
6.875% 8/04/26		160,000		167,371
7.690% 1/23/50		2,470,000		2,158,163
Pioneer Natural Resources Co.
1.125% 1/15/26		40,000		37,140
2.150% 1/15/31		190,000		171,249
Qatar Energy
3.125% 7/12/41 (c)		380,000		345,744
3.300% 7/12/51 (c)		390,000		357,951
Reliance Industries Ltd.
3.625% 1/12/52 (c)		330,000		291,938
Shell International Finance BV
2.750% 4/06/30 (e)		160,000		155,219
2.875% 5/10/26		130,000		130,427
3.250% 4/06/50		230,000		215,703
4.000% 5/10/46		180,000		187,577
4.550% 8/12/43		100,000		111,171
Sinopec Group Overseas Development 2014 Ltd.
4.375% 4/10/24 (c)		330,000		338,604
Southwestern Energy Co.
4.750% 2/01/32		60,000		59,925
5.375% 3/15/30		20,000		20,324
				15,926,820

	Principal Amount		Value
Oil & Gas Services — 0.0%
Halliburton Co.
3.800% 11/15/25	$	2,000	$	2,045
4.850% 11/15/35		20,000		21,492
5.000% 11/15/45		110,000		119,392
Schlumberger Holdings Corp.
3.900% 5/17/28 (c)		31,000		31,371
				174,300
Packaging & Containers — 0.0%
Ball Corp.
3.125% 9/15/31		100,000		89,250
Pharmaceuticals — 1.6%
AbbVie, Inc.
2.600% 11/21/24 (e)		550,000		546,542
2.950% 11/21/26		260,000		258,287
3.200% 11/21/29		600,000		592,443
3.600% 5/14/25		130,000		131,846
3.800% 3/15/25		180,000		183,528
4.250% 11/21/49		20,000		20,759
4.550% 3/15/35		90,000		96,632
4.875% 11/14/48		20,000		22,593
Becton Dickinson and Co.
3.363% 6/06/24		82,000		82,744
4.685% 12/15/44		20,000		21,498
Bristol-Myers Squibb Co.
2.900% 7/26/24		206,000		207,698
3.200% 6/15/26		204,000		207,384
3.400% 7/26/29		19,000		19,361
Cigna Corp.
3.750% 7/15/23		161,000		163,485
4.125% 11/15/25		100,000		103,199
4.375% 10/15/28		760,000		800,897
4.900% 12/15/48		20,000		22,399
CVS Health Corp.
1.875% 2/28/31		30,000		26,418
2.125% 9/15/31		140,000		125,106
3.750% 4/01/30		150,000		152,642
4.125% 4/01/40		120,000		122,194
4.250% 4/01/50		30,000		31,107
4.300% 3/25/28		578,000		605,637
5.050% 3/25/48		120,000		136,177
5.125% 7/20/45		100,000		112,995
CVS Pass-Through Trust
5.298% 1/11/27 (c)		5,142		5,347
5.880% 1/10/28		63,928		68,270
6.036% 12/10/28		58,450		62,655
6.943% 1/10/30		53,508		59,949

The accompanying notes are an integral part of the financial statements.

48

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
GlaxoSmithKline Capital PLC
2.850% 5/08/22	$	10,000	$	10,019
Johnson & Johnson
0.550% 9/01/25		120,000		112,202
0.950% 9/01/27		40,000		36,696
3.625% 3/03/37		320,000		330,900
Merck & Co., Inc.
0.750% 2/24/26		200,000		186,509
1.450% 6/24/30		120,000		106,559
Pfizer, Inc.
0.800% 5/28/25		270,000		255,329
1.700% 5/28/30		280,000		253,813
Teva Pharmaceutical Finance Co. BV
2.950% 12/18/22		110,000		109,313
Teva Pharmaceutical Finance Netherlands III BV
2.800% 7/21/23		420,000		415,800
3.150% 10/01/26		900,000		815,742
6.000% 4/15/24		350,000		358,750
7.125% 1/31/25		390,000		410,257
				8,391,681
Pipelines — 1.3%
Cameron LNG LLC
2.902% 7/15/31 (c)		40,000		38,078
3.302% 1/15/35 (c)		130,000		122,041
Cheniere Energy Partners LP
3.250% 1/31/32 (c)		170,000		154,700
El Paso Natural Gas Co. LLC
8.375% 6/15/32		289,000		375,367
Energy Transfer LP
2.900% 5/15/25		170,000		166,477
3.750% 5/15/30		430,000		423,069
4.950% 6/15/28		50,000		52,433
5.250% 4/15/29		80,000		85,377
5.300% 4/01/44		20,000		20,566
6.250% 4/15/49		260,000		298,211
3 mo. USD LIBOR + 4.028% 6.250% VRN (d)		20,000		17,125
5 year CMT + 5.694% 6.500% VRN (d)		50,000		49,140
5 year CMT + 5.134% 6.750% VRN (d)		160,000		155,600
5 year CMT + 5.306% 7.125% VRN (d)		60,000		58,800
Enterprise Products Operating LLC
3.700% 1/31/51		10,000		9,145
4.150% 10/16/28		980,000		1,020,051
3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78		40,000		37,169

	Principal Amount		Value
5.700% 2/15/42	$	40,000	$	46,478
EQM Midstream Partners LP
5.500% 7/15/28		10,000		10,077
Kinder Morgan Energy Partners LP
5.500% 3/01/44		30,000		32,640
Kinder Morgan, Inc.
4.300% 3/01/28		140,000		145,000
5.200% 3/01/48		20,000		21,727
MPLX LP
4.500% 4/15/38		70,000		71,416
4.700% 4/15/48		210,000		211,718
4.800% 2/15/29		190,000		202,583
4.875% 12/01/24		90,000		93,290
5.500% 2/15/49		100,000		110,701
Southern Natural Gas Co. LLC
8.000% 3/01/32		148,000		187,936
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
6.000% 12/31/30 (c)		10,000		9,704
Tennessee Gas Pipeline Co. LLC
2.900% 3/01/30 (c)		170,000		159,695
Transcontinental Gas Pipe Line Co. LLC
7.850% 2/01/26		60,000		68,853
Venture Global Calcasieu Pass LLC
3.875% 11/01/33 (c)		80,000		76,428
Western Midstream Operating LP
3 mo. USD LIBOR + 1.850% 1.844% FRN 1/13/23		90,000		89,100
3.600% STEP 2/01/25		240,000		238,376
4.550% STEP 2/01/30		900,000		895,500
5.500% 8/15/48		20,000		19,750
5.750% STEP 2/01/50		230,000		224,250
The Williams Cos., Inc.
3.750% 6/15/27		170,000		172,110
7.500% 1/15/31		200,000		248,536
7.750% 6/15/31		350,000		438,544
				6,857,761
Real Estate Investment Trusts (REITS) — 0.1%
CTR Partnership LP / CareTrust Capital Corp.
3.875% 6/30/28 (c)		20,000		18,800
GLP Capital LP/GLP Financing II, Inc.
5.250% 6/01/25		10,000		10,293
5.375% 4/15/26		40,000		41,798
MPT Operating Partnership LP / MPT Finance Corp.
3.500% 3/15/31		110,000		102,158
4.625% 8/01/29		10,000		9,900

The accompanying notes are an integral part of the financial statements.

49

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
5.000% 10/15/27	$	30,000	$	30,506
WEA Finance LLC/Westfield UK & Europe Finance PLC
3.750% 9/17/24 (c)		220,000		219,796
				433,251
Retail — 0.3%
Costco Wholesale Corp.
1.375% 6/20/27		190,000		176,879
1.600% 4/20/30		110,000		98,486
The Home Depot, Inc.
2.700% 4/15/30		70,000		67,826
3.300% 4/15/40		120,000		115,688
3.350% 4/15/50		220,000		207,168
3.900% 12/06/28		30,000		31,463
3.900% 6/15/47		40,000		41,643
Lowe’s Cos., Inc.
4.500% 4/15/30		50,000		53,510
McDonald’s Corp.
3.300% 7/01/25		60,000		60,744
3.500% 7/01/27		180,000		183,220
3.600% 7/01/30		190,000		193,514
3.625% 9/01/49		40,000		38,278
3.800% 4/01/28		110,000		113,524
4.200% 4/01/50		140,000		146,069
Target Corp.
2.250% 4/15/25		110,000		108,469
Walmart, Inc.
1.500% 9/22/28		80,000		73,599
1.800% 9/22/31		40,000		36,351
				1,746,431
Semiconductors — 0.3%
Broadcom, Inc.
3.137% 11/15/35 (c)		490,000		431,820
Intel Corp.
1.600% 8/12/28		190,000		173,503
3.050% 8/12/51 (e)		90,000		80,135
3.700% 7/29/25		40,000		40,998
4.750% 3/25/50		20,000		23,278
NVIDIA Corp.
2.850% 4/01/30		90,000		88,626
3.500% 4/01/40		240,000		240,932
3.500% 4/01/50		170,000		171,706
3.700% 4/01/60		170,000		171,991
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.700% 5/01/25 (c)		120,000		116,553

	Principal Amount		Value
Texas Instruments, Inc.
1.750% 5/04/30	$	110,000	$	100,108
				1,639,650
Software — 0.4%
Microsoft Corp.
2.400% 8/08/26		600,000		594,396
2.525% 6/01/50		133,000		115,275
2.675% 6/01/60		17,000		14,649
2.921% 3/17/52		107,000		100,344
3.041% 3/17/62		83,000		77,428
3.300% 2/06/27		290,000		298,767
Open Text Holdings, Inc.
4.125% 2/15/30 (c)		10,000		9,500
Oracle Corp.
1.650% 3/25/26		300,000		280,095
2.875% 3/25/31		350,000		319,378
2.950% 4/01/30		20,000		18,454
salesforce.com, Inc.
3.250% 4/11/23		60,000		60,751
3.700% 4/11/28		50,000		51,747
Workday, Inc.
3.500% 4/01/27 (g)		50,000		50,099
3.700% 4/01/29 (g)		80,000		80,097
3.800% 4/01/32 (g)		100,000		100,124
				2,171,104
Telecommunications — 1.3%
Altice France SA
5.500% 10/15/29 (c)		210,000		188,429
AT&T, Inc.
1.650% 2/01/28		280,000		255,580
2.300% 6/01/27		250,000		238,149
2.550% 12/01/33		120,000		106,514
3.100% 2/01/43		240,000		207,410
3.300% 2/01/52		40,000		34,040
3.500% 9/15/53		180,000		158,086
3.550% 9/15/55		173,000		152,489
3.650% 9/15/59		60,000		52,352
3.800% 12/01/57		10,000		9,118
4.350% 6/15/45		101,000		102,051
5.350% 9/01/40		40,000		45,825
5.550% 8/15/41		40,000		46,604
CommScope, Inc.
6.000% 3/01/26 (c)		60,000		60,695
Sprint Capital Corp.
8.750% 3/15/32		20,000		26,919
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738% 3/20/25 (c)		165,000		168,564

The accompanying notes are an integral part of the financial statements.

50

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
T-Mobile USA, Inc.
2.250% 2/15/26	$	70,000	$	66,139
2.250% 11/15/31		70,000		61,240
2.550% 2/15/31		130,000		117,901
2.625% 2/15/29		230,000		209,928
2.875% 2/15/31		170,000		153,158
3.000% 2/15/41		60,000		50,770
3.300% 2/15/51		20,000		16,805
3.375% 4/15/29		70,000		66,719
3.500% 4/15/25		350,000		352,700
3.500% 4/15/31 (c)		210,000		197,925
3.500% 4/15/31		80,000		75,400
3.750% 4/15/27		50,000		50,341
3.875% 4/15/30		140,000		140,554
Telefonica Emisiones SA
5.213% 3/08/47		150,000		161,588
Verizon Communications, Inc.
1.750% 1/20/31		280,000		244,159
2.550% 3/21/31		570,000		528,933
2.650% 11/20/40		260,000		221,398
2.875% 11/20/50		530,000		442,564
3.400% 3/22/41		40,000		37,534
3.850% 11/01/42		40,000		39,888
3.875% 2/08/29		130,000		135,258
4.000% 3/22/50		120,000		121,099
4.125% 8/15/46		180,000		184,737
4.329% 9/21/28		440,000		465,002
4.400% 11/01/34		270,000		287,311
5.250% 3/16/37		170,000		198,082
5.500% 3/16/47		30,000		37,415
Vmed O2 UK Financing I PLC
4.750% 7/15/31 (c)		200,000		188,500
Vodafone Group PLC
4.375% 5/30/28		70,000		73,331
				6,779,204
Transportation — 0.1%
Union Pacific Corp.
2.150% 2/05/27		50,000		48,101
2.891% 4/06/36		270,000		251,718
3.750% 7/15/25		70,000		71,778
3.750% 2/05/70		150,000		145,941
3.839% 3/20/60		120,000		120,340
XPO Logistics, Inc.
6.250% 5/01/25 (c)		20,000		20,671
				658,549
TOTAL CORPORATE DEBT (Cost $163,401,383)				159,461,940

	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 0.0%
Northeast Ohio Regional Sewer District, Revenue Bond
5.000% 11/15/43	$	50,000	$	51,834
State of California
General Obligation, 5.000% 4/01/42		70,000		70,057
General Obligation, 5.000% 11/01/43		50,000		52,407
				174,298
TOTAL MUNICIPAL OBLIGATIONS (Cost $173,256)				174,298
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.7%
Auto Floor Plan Asset-Backed Securities — 0.2%
Ford Credit Floorplan Master, Series 2018-4, Class A
4.060% 11/15/30		1,100,000		1,137,233
Automobile Asset-Backed Securities — 0.5%
Hertz Vehicle Financing III LP, Series 2021-2A, Class C
2.520% 12/27/27 (c)		2,500,000		2,331,683
Commercial Mortgage-Backed Securities — 4.4%
Banc of America Merrill Lynch Trust, Series 2016-GG10, Class AJA,
5.831% VRN 8/10/45 (c) (f)		708,576		288,745
BANK, Series 2017-BNK4, Class XA,
1.340% VRN 5/15/50 (f)		3,301,180		165,300
Benchmark Mortgage Trust, Series 2021-B29, Class XA,
1.048% VRN 9/15/54 (f)		2,515,647		174,478
BX Commercial Mortgage Trust, Series 2018-IND, Class G, 1 mo. USD LIBOR + 2.050%
2.447% FRN 11/15/35 (c)		357,000		354,340
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B,
4.175% VRN 7/10/47 (f)		350,000		351,074
Credit Suisse Mortgage Trust
Series 2014-USA, Class A2, 3.953% 9/15/37 (c)		190,000		187,931
Series 2019-RIO Class A, 1 mo. USD LIBOR + 3.024% 4.024% FRN 12/15/22 (c)		2,500,000		2,455,817
Series 2014-USA, Class E, 4.373% 9/15/37 (c)		140,000		120,643
Series 2014-USA, Class F, 4.373% 9/15/37 (c)		2,440,000		1,869,267

The accompanying notes are an integral part of the financial statements.

51

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2017-CHOP, Class G, 1 mo. USD LIBOR + 5.350% 5.747% FRN 7/15/32 (c)	$	1,160,000	$	1,033,148
Grace Trust, Series 2020-GRCE, Class D,
2.680% VRN 12/10/40 (c) (f)		4,500,000		3,901,507
GS Mortgage Securities Trust
Series 2021-ROSS, Class A, 1 mo. USD LIBOR + 1.150% 1.547% FRN 5/15/26 (c)		370,000		363,565
Series 2018-SRP5, Class A, 1 mo. USD LIBOR + 1.550% 1.947% FRN 9/15/31 (c)		1,267,996		1,194,886
JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class XA, 0.647% VRN 4/15/47 (f)		1,045,478		9,485
Series 2015-C31, Class B, 4.622% VRN 8/15/48 (f)		160,000		162,174
Series 2013-C17, Class B, 4.886% VRN 1/15/47 (f)		30,000		30,307
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class XA,
0.852% VRN 10/15/50 (f)		7,516,279		260,698
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AJ,
6.193% VRN 9/12/49 (f)		4,147		4,032
Morgan Stanley Capital I Trust, Series 2019-L2, Class B,
4.494% VRN 3/15/52 (f)		850,000		878,951
PFP Ltd., Series 2021-8, Class A, 1 mo. USD LIBOR + 1.000%
1.431% FRN 8/09/37 (c)		790,000		778,660
Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 1 mo. USD LIBOR + 1.200%
1.657% FRN 11/25/36 (c)		979,863		970,699
Shops at Crystals Trust, Series 2016-CSTL, Class A
3.126% 7/05/36 (c)		320,000		312,508
UBS Commercial Mortgage Trust, Series 2017-C1, Class A4
3.460% 6/15/50		170,000		170,028
Waterfall Commercial Mortgage Trust, Series 2015-SBC5, Class A,
4.104% VRN 9/14/22 (c) (f)		72,915		71,774
Wells Fargo Commercial Mortgage Trust
Series 2019-C52, Class XA, 1.591% VRN 8/15/52 (f)		5,589,618		483,405
Series 2016-BNK1, Class B, 2.967% 8/15/49		780,000		728,192

	Principal Amount		Value
Series 2013-LC12, Class B, 4.305% VRN 7/15/46 (f)	$	140,000	$	136,736
WFRBS Commercial Mortgage Trust
Series 2014-C24, Class B, 4.204% VRN 11/15/47 (f)		190,000		180,660
Series 2014-C24, Class C, 4.290% VRN 11/15/47 (f)		190,000		165,852
Series 2014-LC14, Class D, 4.586% VRN 3/15/47 (c) (f)		5,000,000		4,797,722
				22,602,584
Home Equity Asset-Backed Securities — 0.5%
Accredited Mortgage Loan Trust, Series 2006-2, Class M1, 1 mo. USD LIBOR + .270%
0.727% FRN 9/25/36		420,000		394,914
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD LIBOR + .960%
1.417% FRN 11/25/33		1,226,152		1,107,782
GSAA Home Equity Trust, Series 2006-5, Class 2A3, 1 mo. USD LIBOR + .540%
0.997% FRN 3/25/36		328,244		189,011
RBSSP Resecuritization Trust, Series 2010-4, Class 6A2,
5.825% STEP 2/26/36 (c)		860,224		842,936
				2,534,643
Manufactured Housing Asset-Backed Securities — 0.1%
Conseco Finance Corp., Series 1996-4, Class M1,
7.750% VRN 6/15/27 (f)		549,849		573,135
Other Asset-Backed Securities — 2.2%
Arbor Realty Commercial Real Estate Notes Ltd.
Series 2021-FL3, Class A, 1 mo. USD LIBOR + 1.070% 1.467% FRN 8/15/34 (c)		790,000		780,509
Series 2021-FL4, Class A, 1 mo. USD LIBOR + 1.350% 1.747% FRN 11/15/36 (c)		790,000		782,831
Credit Suisse European Mortgage Capital Ltd., Series 2019-1OTF, Class A1, 3 mo. USD LIBOR + 2.900%
3.199% FRN 8/09/24 (c)		955,000		933,829
Dividend Solar Loans LLC, Series 2019-1, Class A
3.670% 8/22/39 (c)		842,417		835,117

The accompanying notes are an integral part of the financial statements.

52

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A2, 1 mo. USD LIBOR + .120%
0.577% FRN 11/25/36	$	329,120	$	310,142
HGI CRE CLO Ltd., Series 2021-FL2, Class A, 1 mo. USD LIBOR + 1.000%
1.431% FRN 9/17/36 (c)		790,000		778,858
InStar Leasing III LLC, Series 2021-1A, Class A
2.300% 2/15/54 (c)		595,240		553,765
PFCA Home Equity Investment Trust, Series 2003-IFC6, Class A,
4.684% VRN 4/22/35 (c) (f)		449,000		446,792
Saxon Asset Securities Trust, Series 2006-3, Class A4, 1 mo. USD LIBOR + .240%
0.697% FRN 10/25/46		440,000		403,655
SBA Small Business Investment Cos.
Series 2019-25G, Class 1, 2.690% 7/01/44		226,331		226,077
Series 2019-20D, Class 1, 2.980% 4/01/39		155,127		155,410
Series 2018-10B, Class 1, 3.548% 9/10/28		250,430		254,622
Structured Asset Investment Loan Trust, Series 2004-8, Class A9, 1 mo. USD LIBOR + 1.000%
1.457% FRN 9/25/34		764,051		746,094
Taco Bell Funding LLC, Series 2021-1A, Class A23
2.542% 8/25/51 (c)		3,990,000		3,468,624
USQ Rail LLC, Series 2021-1A, Class A
2.250% 2/28/51 (c)		739,757		684,429
				11,360,754
Student Loans Asset-Backed Securities — 0.3%
College Ave Student Loans LLC, Series 2019-A, Class A2
3.280% 12/28/48 (c)		289,133		281,583
SLM Student Loan Trust, Series 2003-7A, Class A5A, 3 mo. USD LIBOR + 1.200%
2.026% FRN 12/15/33 (c)		364,422		361,213
SMB Private Education Loan Trust, Series 2021-A, Class B
2.310% 1/15/53 (c)		600,000		566,099
				1,208,895

	Principal Amount		Value
Whole Loan Collateral Collateralized Mortgage Obligations — 1.5%
Bear Stearns Asset -Backed Securities I Trust, Series 2005-AC8, Class A3, 1 mo. USD LIBOR + 7.650%
7.193% FRN 11/25/35	$	658,360	$	139,869
Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A4, 1 mo. USD LIBOR + .350%
0.807% FRN 5/25/37		1,585,262		727,777
Credit Suisse Mortgage Trust
Series 2015-4R, Class 3A3, 1 mo. USD LIBOR + .310% 0.807% FRN 10/27/36 (c)		717,784		355,062
Series 2021-2R, Class 1A1, 1 mo. USD LIBOR + 1.750% 1.991% FRN 7/25/47 (c)		605,825		609,570
Flagstar Mortgage Trust, Series 2018-2, Class A4,
3.500% VRN 4/25/48 (c) (f)		31,257		31,208
GS Mortgage Securities Trust, Series 2014-2R, Class 3B
0.702% 11/26/37 (c)		1,220,000		1,049,830
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3,
2.638% VRN 10/25/35 (f)		48,473		31,635
HarborView Mortgage Loan Trust, Series 2006-2, Class 1A,
2.598% VRN 2/25/36 (f)		27,376		11,458
JP Morgan Mortgage Trust
Series 2018-3, Class A1, 3.500% VRN 9/25/48 (c) (f)		292,715		291,634
Series 2018-4, Class A1, 3.500% VRN 10/25/48 (c) (f)		124,741		124,042
Series 2018-5, Class A1, 3.500% VRN 10/25/48 (c) (f)		147,882		147,710
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1,
3.200% STEP 5/25/59 (c)		1,057,521		1,055,675
Morgan Stanley Resecuritization Trust, Series 2015-R3, Class 7A2, 12 mo. MTA + .770%
0.874% FRN 4/26/47 (c)		74,159		73,401
New Residential Mortgage Loan Trust
Series 2018-RPL1, Class M2, 3.500% VRN 12/25/57 (c) (f)		730,000		706,037
Series 2017-4A, Class A1, 4.000% VRN 5/25/57 (c) (f)		269,109		271,494
Prime Mortgage Trust
Series 2006-DR1, Class 1A1, 5.500% 5/25/35 (c)		7,364		7,130

The accompanying notes are an integral part of the financial statements.

53

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2006-DR1, Class 2A2, 6.000% 5/25/35 (c)	$	532,247	$	474,305
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 1A1,
2.700% VRN 8/25/36 (f)		169,758		129,836
Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 4A1, 12 mo. MTA + 2.150%
2.291% FRN 3/25/46		176,720		172,360
Towd Point Mortgage Trust, Series 2017-4, Class B2,
3.414% VRN 6/25/57 (c) (f)		740,000		682,055
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1B, 12 mo. MTA + 1.000%
1.141% FRN 2/25/46		506,053		483,745
				7,575,833
Whole Loan Collateral Planned Amortization Classes — 0.0%
Alternative Loan Trust, Series 2006-18CB, Class A6, 1 mo. USD LIBOR + 28.600%
26.774% FRN 7/25/36		43,138		47,936
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $52,575,491)				49,372,696
SOVEREIGN DEBT OBLIGATIONS — 4.3%
Abu Dhabi Government International Bond
3.125% 9/30/49 (c)		1,330,000		1,217,163
Argentine Republic Government International Bond
1.125% STEP 7/09/35		1,927,319		585,250
2.500% STEP 7/09/41		110,000		38,441
Brazil Notas do Tesouro Nacional Serie F
10.000% 1/01/31 BRL (h)		5,316,000		1,049,916
Brazilian Government International Bond
5.000% 1/27/45		510,000		454,390
5.625% 1/07/41 (e)		730,000		707,611
Colombia Government International Bond
3.250% 4/22/32		430,000		359,222
4.125% 2/22/42		440,000		344,287
Indonesia Government International Bond
3.500% 1/11/28		700,000		717,315

	Principal Amount		Value
5.125% 1/15/45 (c)	$	830,000	$	917,650
6.500% 2/15/31 IDR (h)		58,983,000,000		4,036,224
Kuwait Government International Bond
3.500% 3/20/27 (c)		320,000		332,896
Mexican Bonos
7.750% 11/13/42 MXN (h)		34,785,600		1,629,729
8.000% 11/07/47 MXN (h)		76,980,000		3,687,338
8.500% 5/31/29 MXN (h)		28,500,000		1,442,080
Mexico Government International Bond
4.750% 3/08/44		830,000		817,401
Nigeria Government International Bond
7.143% 2/23/30 (c)		210,000		197,662
Panama Government International Bond
4.500% 4/01/56		350,000		342,583
Peruvian Government International Bond
6.550% 3/14/37		460,000		580,180
Provincia de Buenos Aires/Government Bonds,
3.900% STEP 9/01/37 (c)		540,019		230,053
Qatar Government International Bond
4.000% 3/14/29 (c)		380,000		405,680
4.817% 3/14/49 (c)		640,000		758,310
Republic of Kenya Government International Bond
6.300% 1/23/34 (c)		370,000		317,275
Republic of Poland Government International Bond
4.000% 1/22/24		540,000		553,787
Russian Federal Bond— OFZ
6.900% 5/23/29 RUB (h) (i)		269,798,000		99,618
7.250% 5/10/34 RUB (h) (i)		60,500,000		22,338
7.700% 3/16/39 RUB (h) (i)		86,260,000		31,850
State of Israel
2.750% 7/03/30		310,000		306,794
				22,183,043
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $30,668,723)				22,183,043
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (j) — 13.1%
Collateralized Mortgage Obligations — 1.8%
Federal Home Loan Mortgage Corp.
Series 3422, Class AI, 0.250% STEP 1/15/38		8,140		57

The accompanying notes are an integral part of the financial statements.

54

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 5018, Class MI, 2.000% 10/25/50	$	363,119	$	48,398
Series 5140, Class NI, 2.500% 5/25/49		291,745		43,155
Series 5010, Class IK, 2.500% 9/25/50		220,784		31,707
Series 5010, Class JI, 2.500% 9/25/50		520,272		85,712
Series 5013, Class IN, 2.500% 9/25/50		273,598		45,589
Series 5040, Class IB, 2.500% 11/25/50		162,710		23,511
Series 5059, Class IB, 2.500% 1/25/51		743,791		125,089
Series 5069, Class MI, 2.500% 2/25/51		87,043		12,362
Series 4793, Class CB, 3.000% 5/15/48		242,713		239,914
Series 4793, Class CD, 3.000% 6/15/48		150,023		148,291
Series 4813, Class CJ, 3.000% 8/15/48		120,785		119,565
Series 353, Class S1, 1 mo. USD LIBOR + 6.000% 5.603% FRN 12/15/46		241,807		42,849
Series 334, Class S7, 1 mo. USD LIBOR + 6.100% 5.703% FRN 8/15/44		102,115		17,200
Series 3621, Class SB, 1 mo. USD LIBOR + 6.230% 5.833% FRN 1/15/40		23,887		3,579
Series 4203, Class PS, 1 mo. USD LIBOR + 6.250% 5.853% FRN 9/15/42		96,701		13,254
Series R007, Class ZA, 6.000% 5/15/36		63,761		69,409
Series 3973, Class SA, 1 mo. USD LIBOR + 6.490% 6.093% FRN 12/15/41		153,267		26,475
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series 2012-K20, Class X2A, 0.200% 5/25/45 (c)		358,632		2
Series K741, Class X1, 0.572% VRN 12/25/27 (f)		2,998,066		84,621
Series K094, Class X1, 0.880% VRN 6/25/29 (f)		996,936		54,250
Series K743, Class X1, 0.926% VRN 5/25/28 (f)		4,000,000		198,776
Series KC05, Class X1, 1.204% VRN 6/25/27 (f)		1,569,748		61,534
Series K736, Class X1, 1.308% VRN 7/25/26 (f)		2,157,163		92,981

	Principal Amount		Value
Series K110, Class X1, 1.697% VRN 4/25/30 (f)	$	1,296,666	$	142,673
Series 2019-KF58, Class B, 1 mo. USD LIBOR + 2.150% 2.391% FRN 1/25/26 (c)		506,574		514,015
Federal National Mortgage Association
Series 2006-118, Class IP1, 0.230% FRN 12/25/36 (f)		59,156		3,372
Series 2006-118, Class IP2, 0.230% FRN 12/25/36 (f)		43,420		2,416
Series 2005-88, Class IP, 1.517% FRN 10/25/35 (f)		23,922		926
Series 2006-88, Class IP, 1.765% VRN 3/25/36 (f)		32,498		1,461
Series 2020-47, Class GZ, 2.000% 7/25/50		310,677		268,889
Series 2020-97, Class AI, 2.000% 1/25/51		186,896		26,762
Series 2006-59, Class IP, 2.387% FRN 7/25/36 (f)		67,568		4,487
Series 2020-56, Class DI, 2.500% 8/25/50		426,972		69,128
Series 2020-57, Class NI, 2.500% 8/25/50		352,271		58,734
Series 2020-74, Class EI, 2.500% 10/25/50		167,562		25,174
Series 2020-89, Class DI, 2.500% 12/25/50		1,167,710		170,976
Series 2021-3, Class QI, 2.500% 2/25/51		791,040		119,091
Series 2021-3, Class IB, 2.500% 2/25/51		277,744		48,713
Series 409, Class C2, 3.000% 4/25/27		51,191		2,424
Series 409, Class C13, 3.500% 11/25/41		58,527		8,520
Series 409, Class C18, 4.000% 4/25/42		66,454		10,851
Series 409, Class C22, 4.500% 11/25/39		44,488		7,472
Series 2013-124, Class SB, 1 mo. USD LIBOR + 5.950% 5.493% FRN 12/25/43		245,710		37,069
Series 2011-59, Class NZ, 5.500% 7/25/41		295,127		321,145
Series 2013-9, Class CB, 5.500% 4/25/42		248,148		265,682
Series 2016-61, Class BS, 1 mo. USD LIBOR + 6.100% 5.643% FRN 9/25/46		87,823		11,303
Series 2017-76, Class SB, 1 mo. USD LIBOR + 6.100% 5.643% FRN 10/25/57		507,289		78,004

The accompanying notes are an integral part of the financial statements.

55

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2012-133, Class CS, 1 mo. USD LIBOR + 6.150% 5.693% FRN 12/25/42	$	74,385	$	13,585
Series 2012-134, Class SK, 1 mo. USD LIBOR + 6.150% 5.693% FRN 12/25/42		136,743		23,156
Series 2013-54, Class BS, 1 mo. USD LIBOR + 6.150% 5.693% FRN 6/25/43		186,486		36,484
Series 2017-85, Class SC, 1 mo. USD LIBOR + 6.200% 5.743% FRN 11/25/47		149,079		20,835
Series 2012-46, Class BA, 6.000% 5/25/42		61,391		67,530
Series 2012-35, Class SC, 1 mo. USD LIBOR + 6.500% 6.043% FRN 4/25/42		68,485		10,978
Series 2011-87, Class SG, 1 mo. USD LIBOR + 6.550% 6.093% FRN 4/25/40		73,919		3,961
Series 2011-96, Class SA, 1 mo. USD LIBOR + 6.550% 6.093% FRN 10/25/41		154,414		22,072
Series 2012-74, Class SA, 1 mo. USD LIBOR + 6.650% 6.193% FRN 3/25/42		38,772		5,002
Series 2012-28, Class B, 6.500% 6/25/39		6,791		7,406
Series 2013-9, Class BC, 6.500% 7/25/42		73,555		82,509
Series 2012-51, Class B, 7.000% 5/25/42		53,796		60,445
Federal National Mortgage Association ACES
Series 2020-M36, Class X1, 1.460% VRN 9/25/34 (f)		1,276,975		118,408
Series 2019-M19, Class A2, 2.560% 9/25/29		434,699		428,682
Federal National Mortgage Association Grantor Trust Series 2017-T1, Class A 2.898% 6/25/27		99,486		101,363
Government National Mortgage Association
Series 2012-144, Class IO, 0.334% VRN 1/16/53 (f)		2,369,093		33,230
Series 2014-186, Class IO, 0.391% VRN 8/16/54 (f)		380,038		5,268
Series 2018-H07, Class FD, 1 mo. USD LIBOR + .300% 0.406% FRN 5/20/68		314,937		314,743
Series 2010-H28, Class FE, 1 mo. USD LIBOR + .400% 0.506% FRN 12/20/60		92,766		92,892

	Principal Amount		Value
Series 2012-135, Class IO, 0.520% VRN 1/16/53 (f)	$	2,912,486	$	59,988
Series 2014-H20, Class FA, 1 mo. USD LIBOR + .430% 0.536% FRN 10/20/64		972,380		976,816
Series 2011-H08, Class FG, 1 mo. USD LIBOR + .480% 0.586% FRN 3/20/61		73,881		74,105
Series 2011-H09, Class AF, 1 mo. USD LIBOR + .500% 0.606% FRN 3/20/61		51,600		51,758
Series 2017-41, Class IO, 0.631% VRN 7/16/58 (f)		883,586		32,183
Series 2021-60, Class IO, 0.823% VRN 5/16/63 (f)		2,417,256		172,895
Series 2020-H13, Class FA, 1 mo. USD LIBOR + .450% 0.899% FRN 7/20/70		150,958		151,785
Series 2020-H13, Class FC, 1 mo. USD LIBOR + .450% 0.899% FRN 7/20/70		64,272		64,598
Series 2014-22, Class IA, 1.120% FRN 11/20/42 (f)		21,221		334
Series 2020-H09, Class FL, 1 mo. USD LIBOR + 1.150% 1.599% FRN 5/20/70		460,606		477,972
Series 2017-H18, Class BI, 1.614% VRN 9/20/67 (f)		3,125,692		189,642
Series 2020-H09, Class NF, 1 mo. USD LIBOR + 1.250% 1.699% FRN 4/20/70		140,777		143,805
Series 2012-H27, Class AI, 1.758% VRN 10/20/62 (f)		400,361		18,464
Series 2020-181, Class WI, 2.000% 12/20/50		1,403,049		157,153
Series 2017-H20, Class IB, 2.038% VRN 10/20/67 (f)		64,172		4,595
Series 2017-H15, Class KI, 2.197% VRN 7/20/67 (f)		119,322		10,878
Series 2020-123, Class NI, 2.500% 8/20/50		437,824		57,121
Series 2020-123, Class IL, 2.500% 8/20/50		179,162		23,357
Series 2020-127, Class IN, 2.500% 8/20/50		173,998		22,842
Series 2020-129, Class IE, 2.500% 9/20/50		180,638		23,798
Series 2020-160, Class IH, 2.500% 10/20/50		183,326		24,971
Series 2020-160, Class YI, 2.500% 10/20/50		725,639		96,428
Series 2020-160, Class VI, 2.500% 10/20/50		269,740		35,955

The accompanying notes are an integral part of the financial statements.

56

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Series 2013-107, Class AD, 2.764% VRN 11/16/47 (f)	$	187,704	$	183,866
Series 2013-53, Class OI, 3.500% 4/20/43		380,660		38,429
Series 2020-47, Class MI, 3.500% 4/20/50		315,668		44,451
Series 2020-47, Class NI, 3.500% 4/20/50		84,087		12,136
Series 2014-176, Class IA, 4.000% 11/20/44		42,440		6,997
Series 2015-167, Class OI, 4.000% 4/16/45		53,791		8,854
Series 2016-84, Class IG, 4.500% 11/16/45		243,607		44,348
Series 2016-135, Class SB, 1 mo. USD LIBOR + 6.100% 5.669% FRN 10/16/46		109,238		23,593
Series 2016-21, Class ST, 1 mo. USD LIBOR + 6.150% 5.701% FRN 2/20/46		67,971		10,665
Series 2010-85, Class HS, 1 mo. USD LIBOR + 6.650% 6.201% FRN 1/20/40		8,443		305
Government National Mortgage Association II TBA 3.000% 5/01/51 (g)		800,000		787,094
				9,268,297
Pass-Through Securities — 10.6%
Federal Home Loan Mortgage Corp.
Pool #RB5125 2.000% 9/01/41		958,162		900,155
Pool #RA3882 2.000% 11/01/50		352,960		328,890
Pool #QB8602 2.000% 2/01/51		84,554		79,171
Pool #QB9087 2.000% 2/01/51		445,045		415,738
Pool #QB9090 2.000% 2/01/51		93,155		86,759
Pool #SD0552 2.000% 3/01/51		457,870		426,430
Pool #QB9482 2.000% 3/01/51		86,371		80,576
Pool #QC0041 2.000% 3/01/51		85,338		79,612
Pool #QC0160 2.000% 3/01/51		82,921		77,357
Pool #QC0161 2.000% 3/01/51		89,090		83,111
Pool #QB9290 2.000% 3/01/51		278,350		259,672
Pool #QC0297 2.000% 4/01/51		194,816		181,439
Pool #SD0573 2.000% 4/01/51		171,570		160,647
Pool #QC0885 2.000% 4/01/51		94,162		88,167
Pool #QC1164 2.000% 4/01/51		86,592		80,890
Pool #SD0745 2.000% 11/01/51 (g)		98,210		91,497
Pool #FS0349 2.000% 1/01/52 (g)		197,900		184,249
Pool #FS1014 2.000% 2/01/52 (g)		99,758		92,877
Pool #FS1015 2.000% 2/01/52 (g)		298,572		277,978
Pool #FS1112 2.000% 3/01/52 (g)		200,000		187,017
Pool #840698 5 year CMT + 1.285% 2.130% FRN 3/01/47		21,858		21,185

	Principal Amount		Value
Pool #QK0701 2.500% 4/01/41	$	86,023	$	83,225
Pool #QB5092 2.500% 11/01/50		173,329		166,740
Pool #QB5093 2.500% 11/01/50		83,636		80,274
Pool #QB8934 2.500% 2/01/51		174,050		166,727
Pool #CA9390 2.500% 3/01/51 (g)		379,515		363,398
Pool #QB9901 2.500% 3/01/51		96,788		92,715
Pool #QC0165 2.500% 3/01/51		89,302		86,096
Pool #SD0926 2.500% 7/01/51 (g)		100,000		95,792
Pool #QC5830 2.500% 8/01/51		192,158		184,478
Pool # FS0024 2.500% 9/01/51 (g)		96,285		92,858
Pool #QC6551 2.500% 9/01/51		93,904		90,115
Pool #FS1104 2.500% 11/01/51 (g)		100,000		96,128
Pool #SD7548 2.500% 11/01/51 (g)		788,897		757,861
Pool #RA6562 2.500% 1/01/52 (g)		197,068		189,977
Pool #FS0366 2.500% 1/01/52 (g)		98,927		95,406
Pool #SD0849 2.500% 1/01/52		99,573		95,492
Pool #QD6079 2.500% 2/01/52		99,443		95,336
Pool #QD8675 2.500% 3/01/52 (g)		100,000		95,871
Pool #841077 12 mo. USD LIBOR + 1.619% 2.872% FRN 11/01/47		150,063		149,081
Pool #ZS8669 3.000% 9/01/32		78,409		79,294
Pool #ZS8673 3.000% 10/01/32		55,279		55,903
Pool #ZT1257 3.000% 1/01/46		165,821		166,011
Pool #G67701 3.000% 10/01/46		658,479		655,739
Pool #G60985 3.000% 5/01/47		1,311,879		1,307,774
Pool #ZT1493 3.000% 9/01/48		139,990		139,144
Pool #RA1293 3.000% 9/01/49		449,516		445,255
Pool #RA3175 3.000% 7/01/50		106,144		104,408
Pool #FM8577 3.000% 8/01/51 (g)		187,699		186,330
Pool #FS0037 3.000% 8/01/51 (g)		93,076		91,777
Pool #QC9154 3.000% 10/01/51 (g)		98,794		97,325
Pool #FS0034 3.000% 12/01/51 (g)		98,398		97,580
Pool # FS0240 3.000% 1/01/52 (g)		99,085		98,355
Pool #SD0809 3.000% 1/01/52		98,442		96,547
Pool # FS1074 3.000% 3/01/52 (g)		500,000		495,534
Pool #841076 12 mo. USD LIBOR + 1.628% 3.012% FRN 11/01/48		563,275		558,234
Pool #841081 12 mo. USD LIBOR + 1.623% 3.089% FRN 2/01/50		241,721		242,273
Pool #ZS9316 3.500% 1/01/38		315,615		322,793
Pool #Q41209 3.500% 6/01/46		146,018		148,356
Pool #RA6599 3.500% 1/01/52		285,910		287,274
Pool #Q19135 4.000% 6/01/43		26,372		27,495
Pool #Q19236 4.000% 6/01/43		18,775		19,563
Pool #Q19985 4.000% 7/01/43		841,863		877,707
Pool #Q19615 4.000% 7/01/43		26,662		27,798
Pool #C09071 4.000% 2/01/45		152,055		157,677

The accompanying notes are an integral part of the financial statements.

57

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #G67713 4.000% 6/01/48	$	558,794	$	578,199
Pool #ZA6680 4.000% 4/01/49		387,640		400,340
Pool #U92272 4.500% 12/01/43		3,587		3,819
Pool #Q49177 4.500% 6/01/47		102,487		108,368
Pool #Q56002 5.000% 5/01/48		38,711		40,998
Pool #G06875 5.500% 12/01/38		5,120		5,556
Pool #G06669 6.500% 9/01/39		10,292		11,641
Pool #G07509 6.500% 9/01/39		9,675		11,004
Pool #G07335 7.000% 3/01/39		22,557		26,308
Federal National Mortgage Association
Pool #CA8377 1.500% 12/01/35		88,959		84,647
Pool #BQ0254 2.000% 8/01/50		77,562		72,527
Pool #BQ1528 2.000% 9/01/50		79,064		73,931
Pool #BQ9224 2.000% 1/01/51		184,278		171,683
Pool #BR2641 2.000% 2/01/51		86,908		81,185
Pool #BR2643 2.000% 2/01/51		81,547		76,076
Pool #BR2644 2.000% 2/01/51		86,439		80,639
Pool #BR2664 2.000% 2/01/51		331,516		309,685
Pool #BR3500 2.000% 2/01/51		86,342		80,441
Pool #BR3256 2.000% 2/01/51		85,295		79,918
Pool #BR3257 2.000% 2/01/51		85,383		79,947
Pool #FM6418 2.000% 3/01/51		90,288		84,483
Pool #BQ9453 2.000% 3/01/51		180,143		168,055
Pool #BR4080 2.000% 3/01/51		89,374		83,238
Pool #BR5589 2.000% 3/01/51		86,847		80,884
Poll #BR3290 2.000% 3/01/51		364,925		339,868
Pool #BR3286 2.000% 3/01/51		87,276		81,338
Pool #BR4722 2.000% 3/01/51		84,644		78,964
Pool #BR4753 2.000% 3/01/51		89,675		83,770
Pool #BR4756 2.000% 3/01/51		82,847		77,288
Pool #BR5458 2.000% 3/01/51		91,168		84,908
Pool #BR5487 2.000% 3/01/51		87,585		81,708
Pool #BR5587 2.000% 3/01/51		89,567		83,556
Pool #BR5577 2.000% 3/01/51		89,740		83,718
Pool #BR5649 2.000% 3/01/51		93,900		87,599
Pool #BR5633 2.000% 3/01/51		91,801		85,641
Pool #BR6462 2.000% 3/01/51		92,416		86,070
Pool #FM6343 2.000% 3/01/51		92,781		86,555
Pool #BR8518 2.000% 4/01/51		89,514		83,619
Pool #MA4305 2.000% 4/01/51 (g)		729,986		679,862
Pool #BR7745 2.000% 4/01/51		87,276		81,528
Pool #BR7744 2.000% 4/01/51		88,804		83,095
Pool #BR8478 2.000% 4/01/51		88,455		82,768
Pool #CB1273 2.000% 8/01/51 (g)		96,248		89,609
Pool #BL5850 2.260% 4/01/30		384,590		370,146
Pool #MA2749 2.500% 9/01/36		47,597		46,562
Pool #FM3123 2.500% 3/01/38		468,497		458,302
Pool #CA9358 2.500% 3/01/41		90,222		87,695
Pool #CB0100 2.500% 4/01/41		183,018		178,178

	Principal Amount		Value
Pool #CB0101 2.500% 4/01/41	$	92,621	$	90,026
Pool #CB0114 2.500% 4/01/41		368,583		357,451
Pool #CB0470 2.500% 5/01/41		736,996		714,508
Pool #FM4577 2.500% 10/01/50		249,572		239,461
Pool #BQ5876 2.500% 11/01/50		89,539		85,939
Pool #BR0001 2.500% 12/01/50		86,620		83,110
Pool #FM5423 2.500% 1/01/51		430,723		413,273
Pool #FM5713 2.500% 2/01/51		161,159		154,378
Pool #FM6460 2.500% 3/01/51		179,105		172,170
Pool #FM6871 2.500% 4/01/51		183,678		175,950
Pool #BR7222 2.500% 4/01/51		190,119		182,045
Pool #FM7304 2.500% 5/01/51		187,753		179,779
Pool #FM7675 2.500% 6/01/51		258,551		248,541
Pool #FM7676 2.500% 6/01/51		94,462		90,539
Pool #FM7900 2.500% 7/01/51		187,808		180,009
Pool #BT3303 2.500% 8/01/51		96,637		92,774
Pool #BU0051 2.500% 9/01/51		587,476		562,115
Pool #FM8864 2.500% 10/01/51		193,758		185,938
Pool #FM9335 2.500% 10/01/51		96,899		92,655
Pool #FS0434 2.500% 11/01/51 (g)		98,224		94,736
Pool #BU2599 2.500% 1/01/52		99,114		95,022
Pool #FS0392 2.500% 1/01/52		198,821		190,316
Pool #FS0424 2.500% 1/01/52		99,508		95,399
Pool #BV3089 2.500% 2/01/52		99,810		95,689
Pool #CB2869 2.500% 2/01/52		296,389		283,501
Pool #FS0605 2.500% 2/01/52		298,583		285,693
Pool #FS0523 2.500% 2/01/52		99,542		95,276
Pool #CB3044 2.500% 3/01/52		99,825		95,547
Pool #CB3031 2.500% 3/01/52		199,672		190,866
Pool #AM8674 2.810% 4/01/25		50,000		49,705
Pool #MA2320 3.000% 7/01/35		45,422		45,516
Pool #MA2523 3.000% 2/01/36		309,317		310,155
Pool #MA2579 3.000% 4/01/36		226,319		226,932
Pool #MA2707 3.000% 8/01/36		278,494		279,509
Pool #MA2773 3.000% 10/01/36		1,019,236		1,022,951
Pool #MA2832 3.000% 12/01/36		518,139		520,028
Pool #AQ7306 3.000% 1/01/43		28,959		28,884
Pool #AR1202 3.000% 1/01/43		35,994		35,901
Pool #BC1509 3.000% 8/01/46		38,666		38,384
Pool #AS7738 3.000% 8/01/46		405,074		402,120
Pool #AS7844 3.000% 9/01/46		67,654		67,161
Pool #BC2817 3.000% 9/01/46		50,791		50,421
Pool #AL9397 3.000% 10/01/46		76,844		76,283
Pool #BD8104 3.000% 10/01/46		187,123		186,402
Pool #BM1565 3.000% 4/01/47		722,594		719,808
Pool #CA4979 3.000% 1/01/50		156,437		154,025
Pool #FM8576 3.000% 2/01/50		88,083		87,386
Pool #BP7009 3.000% 8/01/50		123,757		121,733
Pool #FS0331 3.000% 1/01/52		99,430		97,578

The accompanying notes are an integral part of the financial statements.

58

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #AN8048 3.080% 1/01/28	$	210,000	$	211,551
Pool #BL2454 3.160% 5/01/29		86,648		87,696
Pool #MA2110 3.500% 12/01/34		68,101		69,394
Pool #MA2138 3.500% 1/01/35		35,710		36,388
Pool #AS8740 3.500% 2/01/37		74,340		75,613
Pool #FM5754 3.500% 3/01/37		61,470		62,637
Pool #890827 3.500% 12/01/37		46,638		47,698
Pool #FM6015 3.500% 8/01/39		62,314		63,381
Pool #FM0068 3.500% 2/01/40		237,074		245,577
Pool #FM0071 3.500% 2/01/40		50,407		51,364
Pool #MA1177 3.500% 9/01/42		19,987		20,492
Pool #MA1213 3.500% 10/01/42		121,890		124,967
Pool #AL3026 3.500% 12/01/42		36,854		37,784
Pool #AY6181 3.500% 4/01/45		92,009		93,728
Pool #AS6328 3.500% 12/01/45		374,172		378,518
Pool #AS6541 3.500% 1/01/46		102,942		104,672
Pool #AS6562 3.500% 1/01/46		82,445		83,830
Pool #AL9546 3.500% 11/01/46		202,602		205,469
Pool #BC9096 3.500% 12/01/46		81,931		83,103
Pool #FM3347 3.500% 5/01/47		217,955		221,277
Pool #CA0907 3.500% 12/01/47		40,441		40,956
Pool #FM3469 3.500% 8/01/48		424,459		431,591
Pool #FM3773 3.500% 11/01/48		441,148		447,872
Pool #FM3278 3.500% 11/01/48		120,125		121,730
Pool #CB2680 3.500% 1/01/52		292,224		294,006
Pool #AK8441 4.000% 4/01/42		13,871		14,454
Pool #AO2711 4.000% 5/01/42		10,386		10,823
Pool #AO6086 4.000% 6/01/42		21,753		22,668
Pool #AP0692 4.000% 7/01/42		16,303		16,989
Pool #AP5333 4.000% 7/01/42		149,086		155,356
Pool #AP2530 4.000% 8/01/42		15,961		16,627
Pool #AP4903 4.000% 9/01/42		27,319		28,460
Pool #AP7399 4.000% 9/01/42		40,024		41,695
Pool #MA1217 4.000% 10/01/42		92,750		97,202
Pool #AP9229 4.000% 10/01/42		10,273		10,702
Pool #AP9766 4.000% 10/01/42		72,961		76,463
Pool #MA1253 4.000% 11/01/42		55,516		58,180
Pool #AQ3599 4.000% 11/01/42		16,757		17,457
Pool #AQ7003 4.000% 12/01/42		37,077		38,624
Pool #AQ4555 4.000% 12/01/42		31,218		32,521
Pool #AQ7082 4.000% 1/01/43		42,565		44,342
Pool #AL3508 4.000% 4/01/43		27,223		28,351
Pool #AQ4078 4.000% 6/01/43		29,221		30,432
Pool #AQ4080 4.000% 6/01/43		18,667		19,441
Pool #AT8394 4.000% 6/01/43		28,495		29,685
Pool #AB9683 4.000% 6/01/43		39,585		41,225
Pool #AT9637 4.000% 7/01/43		79,690		82,967
Pool #AT9653 4.000% 7/01/43		60,515		63,041
Pool #AT9657 4.000% 7/01/43		47,449		49,400

	Principal Amount		Value
Pool #AS0070 4.000% 8/01/43	$	25,172	$	26,325
Pool #MA1547 4.000% 8/01/43		27,769		29,042
Pool #AS4347 4.000% 1/01/45		45,547		47,377
Pool #BF0104 4.000% 2/01/56		89,228		93,065
Pool #BF0183 4.000% 1/01/57		50,948		53,139
Pool #BF0191 4.000% 6/01/57		87,071		90,516
Pool #MA0706 4.500% 4/01/31		12,267		12,807
Pool #MA0734 4.500% 5/01/31		43,565		45,484
Pool #MA0776 4.500% 6/01/31		14,733		15,391
Pool #MA0913 4.500% 11/01/31		10,815		11,298
Pool #MA0939 4.500% 12/01/31		11,040		11,533
Pool #993117 4.500% 1/01/39		1,063		1,117
Pool #AA0856 4.500% 1/01/39		7,209		7,620
Pool #AA3495 4.500% 2/01/39		5,734		6,049
Pool #935520 4.500% 8/01/39		10,148		10,714
Pool #AD5481 4.500% 5/01/40		303,230		320,621
Pool #AD6914 4.500% 6/01/40		32,020		33,844
Pool #AD8685 4.500% 8/01/40		88,063		92,912
Pool #MA1591 4.500% 9/01/43		52,237		55,681
Pool #MA1629 4.500% 10/01/43		48,592		51,796
Pool #AL4341 4.500% 10/01/43		2,947		3,133
Pool #MA1664 4.500% 11/01/43		24,006		25,589
Pool #MA1711 4.500% 12/01/43		49,982		53,168
Pool #AL4741 4.500% 1/01/44		21,666		23,095
Pool #AW0318 4.500% 2/01/44		47,059		49,985
Pool #AL5562 4.500% 4/01/44		10,102		10,737
Pool #890604 4.500% 10/01/44		216,421		229,741
Pool #AS4271 4.500% 1/01/45		27,560		29,799
Pool #CA2047 4.500% 7/01/48		216,489		228,274
Pool #CA5379 4.500% 3/01/50		213,273		224,566
Pool #BF0148 4.500% 4/01/56		407,610		426,780
Pool #BF0222 4.500% 9/01/57		454,512		486,604
Pool #BF0301 4.500% 8/01/58		45,798		48,988
Pool #BF0338 4.500% 1/01/59		113,320		121,216
Pool #915154 5.000% 4/01/37		34,474		36,908
Pool #974965 5.000% 4/01/38		90,251		96,652
Pool #983077 5.000% 5/01/38		24,814		26,606
Pool #310088 5.000% 6/01/38		22,085		23,651
Pool #AE2266 5.000% 3/01/40		55,619		59,578
Pool #937948 5.500% 6/01/37		7,837		8,583
Pool #995072 5.500% 8/01/38		12,053		13,195
Pool #BF0141 5.500% 9/01/56		451,391		498,136
Pool #481473 6.000% 2/01/29		12		13
Pool #867557 6.000% 2/01/36		1,608		1,720
Pool #AE0469 6.000% 12/01/39		97,180		107,982
Pool #BM1948 6.000% 7/01/41		111,250		123,222
Pool #AL4324 6.500% 5/01/40		62,400		71,052
Pool #AE0758 7.000% 2/01/39		35,171		41,083

The accompanying notes are an integral part of the financial statements.

59

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Government National Mortgage Association
Pool #AA5649 3.000% 9/15/42	$	86,132	$	87,016
Pool #783669 3.000% 9/15/42		162,861		164,532
Pool #AB2892 3.000% 9/15/42		84,558		85,426
Pool #AB9109 3.000% 10/15/42		52,231		52,767
Pool #AB9108 3.000% 10/15/42		604,097		610,297
Pool #AB9207 3.000% 11/15/42		44,773		45,233
Pool #784571 3.500% 6/15/48		192,607		198,906
Pool #BS8439 3.500% 5/15/50		171,313		172,633
Pool #487588 6.000% 4/15/29		695		743
Pool #595077 6.000% 10/15/32		230		249
Pool #596620 6.000% 10/15/32		191		208
Pool #604706 6.000% 10/15/33		31,276		34,098
Pool #636251 6.000% 3/15/35		3,752		4,118
Pool #782034 6.000% 1/15/36		31,498		34,491
Pool #658029 6.000% 7/15/36		10,177		11,214
Government National Mortgage Association II
Pool #MA4068 3.000% 11/20/46		22,703		22,689
Pool #MA7590 3.000% 9/20/51		188,181		186,420
Pool #MA1995 3.500% 6/20/44		58,089		59,549
Pool #MA2678 3.500% 3/20/45		24,792		25,399
Pool #784106 3.500% 1/20/46		65,186		66,660
Pool #MA3597 3.500% 4/20/46		103,736		106,083
Pool #BC4732 3.500% 10/20/47		236,122		240,874
Pool #BD0384 3.500% 10/20/47		167,311		170,678
Pool #784825 3.500% 10/20/49		59,965		59,898
Pool #BM7534 3.500% 2/20/50		70,333		70,979
Pool #MA4511 4.000% 6/20/47		653,950		675,112
Pool #MA4720 4.000% 9/20/47		435,984		449,684
Pool #BM9734 4.000% 10/20/49		43,001		44,231
Pool #BM9743 4.000% 11/20/49		52,287		53,782
Pool #BS1728 4.000% 1/20/50		54,448		56,005
Pool #BS1742 4.000% 2/20/50		48,664		50,056
Pool #BS1757 4.000% 3/20/50		33,971		34,943
Pool #BS8420 4.000% 4/20/50		188,577		193,973
Pool #783298 4.500% 4/20/41		91,375		97,305
Pool #783368 4.500% 7/20/41		13,557		14,437
Pool #MA4654 4.500% 8/20/47		147,604		155,521
Pool #MA5138 4.500% 4/20/48		229,204		239,189
Pool #MA5193 4.500% 5/20/48		230,395		240,143
Pool #MA5265 4.500% 6/20/48		204,895		213,372
Pool #MA5331 4.500% 7/20/48		51,956		54,089
Pool #MA5818 4.500% 3/20/49		68,168		70,829
Pool #4747 5.000% 7/20/40		57,057		60,565
Government National Mortgage Association II TBA
3.000% 5/01/51 (g)		300,000		295,910

	Principal Amount		Value
3.500% 5/19/52 (g)	$	100,000	$	100,332
3.500% 6/21/52 (g)		600,000		600,117
Uniform Mortgage Backed Securities TBA
2.500% 11/01/51 (g)		2,600,000		2,482,594
2.500% 11/01/51 (g)		500,000		476,445
3.000% 2/01/52 (g)		1,400,000		1,370,578
3.500% 2/01/49 (g)		3,700,000		3,685,547
4.000% 3/01/49 (g)		200,000		202,672
				53,950,017
Whole Loans — 0.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2020-DNA6, Class M2, 1 Mo. SOFR + 2.000% 2.099% FRN 12/25/50 (c)		780,000		772,796
Series 2020-DNA2, Class M2, 1 mo. USD LIBOR + 1.850% 2.307% FRN 2/25/50 (c)		447,955		447,082
Series 2020-DNA1, Class B1, 1 mo. USD LIBOR + 2.300% 2.757% FRN 1/25/50 (c)		380,000		363,150
Series 2017-DNA1, Class B1, 1 mo. USD LIBOR + 4.950% 5.407% FRN 7/25/29		1,450,000		1,548,671
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2019-R07, Class 1M2, 1 mo. USD LIBOR + 2.100% 2.557% FRN 10/25/39 (c)		115,302		115,302
Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 2.757% FRN 8/25/31 (c)		184,158		184,217
Series 2018-C05, Class 1B1, 1 mo. USD LIBOR + 4.250% 4.707% FRN 1/25/31		370,000		370,721
				3,801,939
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $69,610,188)				67,020,253
U.S. TREASURY OBLIGATIONS — 9.6%
U.S. Treasury Bonds & Notes — 9.6%
U.S. Treasury Bond
1.625% 11/15/50		710,000		583,312
1.750% 8/15/41		20,000		17,358
1.875% 2/15/51		4,340,000		3,795,379
1.875% 11/15/51		14,362,000		12,596,250

The accompanying notes are an integral part of the financial statements.

60

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
2.000% 11/15/41	$	2,370,000	$	2,147,786
2.000% 2/15/50		1,730,000		1,559,728
2.000% 8/15/51		1,760,000		1,587,660
2.250% 5/15/41		300,000		283,683
2.250% 2/15/52		2,355,000		2,257,122
2.375% 2/15/42		80,000		77,212
2.375% 5/15/51		2,910,000		2,854,703
3.000% 2/15/48		16,000		17,448
3.750% 11/15/43 (k)		1,560,000		1,847,216
U.S. Treasury Note
0.125% 1/31/23		1,010,000		998,041
0.250% 11/15/23		70,000		67,859
0.250% 10/31/25		200,000		184,611
1.250% 11/30/26		5,370,000		5,086,949
1.250% 8/15/31		890,000		809,340
1.375% 11/15/31		5,020,000		4,606,635
1.625% 5/15/31		850,000		800,808
2.500% 3/31/27		6,010,000		6,031,131
U.S. Treasury Strip
0.000% 5/15/49		1,450,000		751,573
				48,961,804
TOTAL U.S. TREASURY OBLIGATIONS (Cost $52,098,204)				48,961,804
TOTAL BONDS & NOTES (Cost $384,226,079)				362,699,873
	Number of Shares
MUTUAL FUNDS — 0.5%
Diversified Financial Services — 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio (l)		2,385,545		2,385,545
TOTAL MUTUAL FUNDS (Cost $2,385,545)				2,385,545
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $285,691)				223,600
TOTAL LONG-TERM INVESTMENTS (Cost $386,897,315)				365,309,018

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 30.3%
Repurchase Agreement — 2.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (m)	$	13,932,842	$	13,932,842
U.S. Treasury Bill — 27.6%
United States Treasury Floating Rate Note
3 mo. Treasury money market yield + .049% 0.000% FRN 1/31/23		5,600,000		5,606,076
3 mo. Treasury money market yield + .034% 0.000% FRN 4/30/23		54,600,000		54,662,080
3 mo. Treasury money market yield + .029% 0.000% FRN 7/31/23		2,860,000		2,863,730
3 mo. Treasury money market yield + .029% 0.000% FRN 7/31/23		54,600,000		54,671,198
3 mo. Treasury money market yield + .029% 0.000% FRN 7/31/23		2,215,000		2,217,888
3 mo. Treasury money market yield + .035% 0.000% FRN 10/31/23		2,160,000		2,163,227
3 mo. Treasury money market yield + .035% 0.000% FRN 10/31/23		3,030,000		3,034,527
3 mo. Treasury money market yield + .035% 0.000% FRN 10/31/23		3,520,000		3,525,259
3 mo. Treasury money market yield + .035% 0.000% FRN 10/31/23		4,670,000		4,676,977
3 mo. Treasury money market yield + .035% 0.000% FRN 10/31/23		2,260,000		2,263,376
3 mo. Treasury money market yield + .035% 0.000% FRN 10/31/23		5,400,000		5,408,068
				141,092,406
TOTAL SHORT-TERM INVESTMENTS (Cost $154,886,053)				155,025,248
TOTAL INVESTMENTS — 101.8% (Cost $541,783,368) (n)				520,334,266
Less Unfunded Loan Commitments — (0.0)%				(59,420	)
NET INVESTMENTS — 101.8% (Cost $541,723,948)				520,274,846
Other Assets/(Liabilities) — (1.8)%				(9,031,333	)
NET ASSETS — 100.0%			$	511,243,513

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

IO Interest Only

The accompanying notes are an integral part of the financial statements.

61

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

Abbreviation Legend (Continued)

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at March 31, 2022 where the rate will be determined at time of settlement.

(b) Unfunded or partially unfunded loan commitments.

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $85,944,639 or 16.81% of net assets.

(d) Security is perpetual and has no stated maturity date.

(e) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $2,583,825 or 0.51% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $255,556 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2022.

(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(h) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(i) 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 March 31, 2022, these securities amounted to a value of $153,806 or 0.03% of net assets.

(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) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(l) Represents investment of security lending cash collateral. (Note 2).

(m) Maturity value of $13,932,842. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% - 0.375%, maturity date of 7/15/24, and an aggregate market value, including accrued interest, of $14,211,522.

(n) See Note 6 for aggregate cost for federal tax purposes.

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
U.S. Treasury Note 10 Year Future		4/22/22		123.25		40		USD	4,915,000	$	41,875	$	29,444	$	12,431
U.S. Treasury Note 5 Year Future		4/22/22		114.50		66		USD	7,569,375		45,375		33,630		11,745
U.S. Treasury Note 5 Year Future		4/22/22		115.00		144		USD	16,515,000		61,875		66,648		(4,773	)
Eurodollar 1 Year Mid Curve Future		6/10/22		97.88		132		USD	31,967,100		5,775		37,377		(31,602	)
Eurodollar Future		12/19/22		98.38		120		USD	29,202,000		30,750		67,415		(36,665	)
Eurodollar Future		6/19/23		98.50		132		USD	31,967,100		37,950		51,177		(13,227	)
										$	223,600	$	285,691	$	(62,091	)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
U.S. Treasury Note 10 Year Future		4/22/22		123.00		30		USD	3,686,250	$	(23,906	)	$	(15,886	)	$	(8,020	)
U.S. Treasury Note 10 Year Future		4/22/22		124.00		39		USD	4,792,125		(15,234	)		(25,433	)		10,199
U.S. Treasury Note 10 Year Future		4/22/22		124.50		21		USD	2,580,375		(5,578	)		(9,261	)		3,683
U.S. Treasury Note 10 Year Future		4/22/22		127.00		32		USD	3,932,000		(2,000	)		(21,382	)		19,382
U.S. Treasury Note 10 Year Future		4/22/22		129.00		77		USD	9,461,375		(2,406	)		(15,742	)		13,336
U.S. Treasury Note 5 Year Future		4/22/22		115.75		63		USD	7,225,313		(11,813	)		(21,914	)		10,101
U.S. Treasury Note 5 Year Future		4/22/22		118.25		60		USD	6,881,250		(1,406	)		(20,896	)		19,490
U.S. Treasury Note 5 Year Future		4/22/22		118.50		14		USD	1,605,625		(328	)		(6,523	)		6,195
U.S. Treasury Note 10 Year Future		5/20/22		124.00		39		USD	4,792,125		(30,469	)		(32,229	)		1,760
U.S. Treasury Note 10 Year Future		5/20/22		130.50		39		USD	4,792,125		(3,047	)		(2,495	)		(552	)

The accompanying notes are an integral part of the financial statements.

62

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 5 Year Future		5/20/22		117.00		184		USD	21,102,500	$	(28,750	)	$	(31,416	)	$	2,666
Eurodollar 1 Year Mid Curve Future		6/10/22		98.63		132		USD	31,967,100		(825	)		(7,935	)		7,110
Eurodollar Future		12/19/22		98.13		120		USD	29,202,000		(45,000	)		(104,748	)		59,748
Eurodollar Future		6/19/23		98.00		132		USD	31,967,100		(67,650	)		(103,585	)		35,935
										$	(238,412	)	$	(419,445	)	$	181,033
Put
Eurodollar Future		12/19/22		98.13		120		USD	29,202,000	$	(279,000	)	$	(94,248	)	$	(184,752	)
Eurodollar Future		6/19/23		97.00		27		USD	6,538,725		(46,069	)		(5,343	)		(40,726	)
										$	(325,069	)	$	(99,591	)	$	(225,478	)
										$	(563,481	)	$	(519,036	)	$	(44,445	)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		4/19/22		USD	379,261		RUB	47,520,000	$	(196,715	)
BNP Paribas SA*		4/19/22		USD	100,097		AUD	134,000		(193	)
BNP Paribas SA*		4/19/22		USD	26,473		RUB	2,479,834		(3,584	)
Citibank N.A.*		4/19/22		IDR	23,023,950,712		USD	1,587,694		14,402
Citibank N.A.*		4/19/22		MXN	15,455,250		USD	737,334		37,672
Citibank N.A.*		4/19/22		AUD	7,620,330		USD	5,463,746		239,525
Citibank N.A.*		4/19/22		EUR	555,000		USD	635,455		(21,221	)
Citibank N.A.*		4/19/22		BRL	3,297,133		USD	634,516		55,036
Citibank N.A.*		4/19/22		USD	715,085		EUR	631,834		15,817
Citibank N.A.*		4/19/22		USD	1,580,153		CNH	10,055,443		(818	)
Citibank N.A.*		4/19/22		USD	193,629		MXN	4,091,000		(11,514	)
Citibank N.A.*		4/19/22		USD	90,593		RUB	8,342,851		(10,529	)
Citibank N.A.*		4/19/22		USD	556,851		BRL	2,655,472		1,494
Goldman Sachs International*		4/19/22		GBP	2,632,114		USD	3,568,760		(111,459	)
Goldman Sachs International*		4/19/22		RUB	314,863,936		USD	4,085,334		(268,963	)
Goldman Sachs International*		4/19/22		USD	314,967		BRL	1,500,000		1,262
Goldman Sachs International*		4/19/22		USD	1,507,452		RUB	153,802,595		(356,743	)
Morgan Stanley & Co. LLC*		4/19/22		JPY	642,474,779		USD	5,552,481		(273,653	)
Morgan Stanley & Co. LLC*		4/19/22		ZAR	6,889,002		USD	432,808		37,740
Morgan Stanley & Co. LLC*		4/19/22		CAD	15,546,746		USD	12,216,042		218,905
Morgan Stanley & Co. LLC*		4/19/22		BRL	858,339		USD	147,760		31,750
Morgan Stanley & Co. LLC*		4/19/22		USD	476,435		RUB	66,939,127		(334,914	)
									$	(936,703	)

The accompanying notes are an integral part of the financial statements.

63

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Euro-BOBL		6/08/22		9	$	1,305,266		$	(22,304	)
Euro-OAT		6/08/22		15		2,636,170			(122,051	)
Australia Treasury Bond 10 Year		6/15/22		36		3,549,351			(135,045	)
U.S. Treasury Long Bond		6/21/22		55		8,628,325			(374,887	)
U.S. Treasury Ultra Bond		6/21/22		287		52,349,505			(1,514,630	)
U.S. Treasury Note 5 Year		6/30/22		1,876		220,578,143			(5,424,393	)
3 Month SOFR		9/20/22		57		14,063,858			(4,095	)
90 Day Eurodollar		12/19/22		413		101,586,429			(1,082,879	)
90 Day Eurodollar		6/19/23		82		20,345,761			(487,411	)
90 Day Eurodollar		12/18/23		184		45,424,161			(817,961	)
								$	(9,985,656	)
Short
Euro-Buxl 30 Year Bond		6/08/22		2	$	(446,169	)	$	34,202
3 Month Euribor		6/13/22		55		(15,284,966	)		23,075
Japanese Government Bond 10 Year		6/13/22		4		(4,953,479	)		34,800
U.S. Treasury Note 10 Year		6/21/22		1,121		(141,450,323	)		3,707,448
U.S. Treasury Ultra 10 Year		6/21/22		41		(5,727,337	)		173,118
U.S. Treasury Note 2 Year		6/30/22		239		(51,291,864	)		642,536
90 Day Eurodollar		3/17/25		91		(22,266,417	)		109,054
								$	4,724,233

Centrally Cleared Credit Default Swaps - Sell Protection††

Reference Obligation/ Index	Rate Received by Fund		Payment Frequency	Termination Date		Credit Rating		Notional Amount			Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG Series 38†		1.000%	Quarterly		6/20/27		BBB+**		USD	44,169,000	$	698,224	$	608,380	$	89,844
CDX.NA.HY Series 38†		5.000%	Quarterly		6/20/27		BB**		USD	5,990,000		322,514		306,167		16,347
											$	1,020,738	$	914,547	$	106,191

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation (Depreciation)
28 Day-MXN-TIIE-Banxico		Monthly	Fixed 7.450%		Monthly		7/18/29		MXN	88,370,000	$	(181,444	)	$	37,243		$	(218,687	)
3-Month USD LIBOR		Quarterly	Fixed 0.190%		Semi-Annually		6/15/22		USD	15,757,000		(20,941	)		(71	)		(20,870	)
Fixed 3.970%		Maturity	U.S. Consumer Price Index		Maturity		11/18/23		USD	3,530,000		103,012			(19,506	)		122,518

The accompanying notes are an integral part of the financial statements.

64

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

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 2.950%		Maturity	U.S. Consumer Price Index		Maturity		10/20/26		USD	3,480,000	$	174,212		$	(1,826	)	$	176,038
U.S. Consumer Price Index		Maturity	Fixed 3.370%		Maturity		11/18/26		USD	3,530,000		(99,684	)		55,349			(155,033	)
Fixed 1.520%		Annually	12-Month USD SOFR		Annually		11/20/26		USD	4,000,000		86,959			(9,570	)		96,529
12-Month USD SOFR		Annually	Fixed 1.550%		Annually		3/04/27		USD	3,092,000		(95,394	)		(4,801	)		(90,593	)
Fixed 0.710%		Annually	12-Month USD SOFR		Annually		5/15/27		USD	17,179,000		1,243,273			45,132			1,198,141
Fixed 1.350%		Semi-Annually	3-Month USD LIBOR		Quarterly		2/15/28		USD	2,365,000		142,054			(16,352	)		158,406
Fixed 1.130%		Annually	12-Month USD SOFR		Annually		8/15/28		USD	980,000		60,160			6,525			53,635
Fixed 1.220%		Annually	12-Month USD SOFR		Annually		8/15/28		USD	2,942,000		164,802			(190	)		164,992
Fixed 1.200%		Annually	12-Month USD SOFR		Annually		11/01/28		USD	2,290,000		134,551			(134	)		134,685
Fixed 1.733%		Annually	12-Month USD SOFR		Annually		10/20/31		USD	3,490,000		42,519			13,723			28,796
U.S. Consumer Price Index		Maturity	Fixed 2.770%		Maturity		10/20/31		USD	3,480,000		(196,606	)		3,003			(199,609	)
Fixed 2.000%		Annually	12-Month USD SOFR		Annually		3/18/32		USD	1,542,000		17,052			10,018			7,034
Fixed 0.560%		Annually	12-Month USD LIBOR		Annually		7/20/45		USD	3,470,000		967,899			78,573			889,326
Fixed 0.740%		Annually	12-Month USD SOFR		Annually		8/19/45		USD	2,400,000		590,991			—			590,991
Fixed 1.729%		Annually	Fed Funds		Annually		2/15/47		USD	1,725,000		108,004			25,406			82,598
Fixed 1.630%		Semi-Annually	3-Month USD LIBOR		Quarterly		2/15/47		USD	594,000		80,233			(2,265	)		82,498
Fixed 1.520%		Annually	12-Month USD SOFR		Annually		2/15/47		USD	1,137,000		117,260			(29,926	)		147,186
Fixed 1.630%		Annually	12-Month USD SOFR		Annually		5/15/47		USD	580,000		47,419			25,405			22,014
Fixed 1.650%		Annually	12-Month USD SOFR		Annually		8/15/47		USD	226,000		18,162			22,724			(4,562	)
Fixed 2.050%		Semi-Annually	3-Month USD LIBOR		Quarterly		6/07/51		USD	614,000		29,569			77			29,492
Fixed 1.671%		Semi-Annually	3-Month USD LIBOR		Quarterly		7/09/51		USD	1,535,000		200,860			(6,841	)		207,701
											$	3,734,922		$	231,696		$	3,503,226

* Contracts are subject to a master netting agreement or similar agreement.

** Rating is determined by Western Asset Management Company and represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody’s Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

The accompanying notes are an integral part of the financial statements.

65

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company’s rating category, as applicable. The reference entity rating represents the creditworthiness of the underlying issuer. As the credit rating declines, the likelihood of payment by the fund increases. 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

CNH Offshore Chinese Yuan

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

JPY Japanese Yen

MXN Mexican Peso

RUB Russian Ruble

USD U.S. Dollar

ZAR South African Rand

The accompanying notes are an integral part of the financial statements.

66

MassMutual Diversified Value Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.5%
COMMON STOCK — 97.6%
Basic Materials — 4.6%
Chemicals — 2.7%
Celanese Corp.		3,700	$	528,619
CF Industries Holdings, Inc.		34,099		3,514,243
Dow, Inc.		8,900		567,108
DuPont de Nemours, Inc.		12,200		897,676
Eastman Chemical Co.		4,300		481,858
FMC Corp.		2,900		381,553
Huntsman Corp.		2,600		97,526
International Flavors & Fragrances, Inc.		17,923		2,353,827
LyondellBasell Industries NV Class A		4,000		411,280
The Mosaic Co.		12,100		804,650
Olin Corp.		1,900		99,332
				10,137,672
Forest Products & Paper — 0.7%
International Paper Co.		59,645		2,752,617
Iron & Steel — 0.6%
Nucor Corp.		9,600		1,427,040
Reliance Steel & Aluminum Co.		2,100		385,035
Steel Dynamics, Inc.		6,700		558,981
				2,371,056
Mining — 0.6%
Freeport-McMoRan, Inc.		17,700		880,398
Newmont Corp.		18,800		1,493,660
				2,374,058
				17,635,403
Communications — 5.1%
Advertising — 0.2%
The Interpublic Group of Cos., Inc.		7,100		251,695
Omnicom Group, Inc.		6,800		577,184
				828,879
Internet — 0.4%
eBay, Inc.		22,000		1,259,720
NortonLifeLock, Inc.		13,100		347,412
				1,607,132
Media — 2.9%
Comcast Corp. Class A		186,625		8,737,782
Fox Corp. Class A		10,700		422,115
Nexstar Media Group, Inc. Class A		500		94,240
The Walt Disney Co. (a)		13,260		1,818,742
				11,072,879

	Number of Shares		Value
Telecommunications — 1.6%
Cisco Systems, Inc.		105,200	$	5,865,952
				19,374,842
Consumer, Cyclical — 6.0%
Apparel — 0.1%
Capri Holdings Ltd. (a)		3,500		179,865
Ralph Lauren Corp.		600		68,064
Skechers U.S.A., Inc. Class A (a)		3,000		122,280
Tapestry, Inc.		2,700		100,305
				470,514
Auto Manufacturers — 0.7%
Ford Motor Co.		124,700		2,108,677
PACCAR, Inc.		4,200		369,894
				2,478,571
Auto Parts & Equipment — 0.1%
BorgWarner, Inc.		2,700		105,030
Lear Corp.		1,500		213,885
				318,915
Distribution & Wholesale — 0.1%
LKQ Corp.		9,700		440,477
Home Builders — 0.6%
D.R. Horton, Inc.		11,600		864,316
Lennar Corp. Class A		8,800		714,296
NVR, Inc. (a)		80		357,382
PulteGroup, Inc.		8,500		356,150
				2,292,144
Home Furnishing — 0.1%
Whirlpool Corp.		2,000		345,560
Leisure Time — 0.1%
Brunswick Corp.		2,500		202,225
Lodging — 0.4%
Boyd Gaming Corp.		1,300		85,514
Las Vegas Sands Corp. (a)		39,808		1,547,337
				1,632,851
Retail — 3.8%
Advance Auto Parts, Inc.		2,200		455,312
AutoNation, Inc. (a)		2,700		268,866
AutoZone, Inc. (a)		600		1,226,748
Bath & Body Works, Inc.		2,600		124,280
BJ’s Wholesale Club Holdings, Inc. (a)		3,500		236,635
Darden Restaurants, Inc.		1,600		212,720
Dick’s Sporting Goods, Inc. (b)		1,500		150,030
Genuine Parts Co.		4,700		592,294
Lowe’s Cos., Inc.		23,400		4,731,246
Macy’s, Inc.		3,500		85,260
O’Reilly Automotive, Inc. (a)		2,300		1,575,408

The accompanying notes are an integral part of the financial statements.

67

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Penske Automotive Group, Inc.		2,100	$	196,812
Target Corp.		16,000		3,395,520
Walgreens Boots Alliance, Inc.		21,500		962,555
Williams-Sonoma, Inc.		2,000		290,000
				14,503,686
				22,684,943
Consumer, Non-cyclical — 26.0%
Agriculture — 2.6%
Altria Group, Inc.		46,000		2,403,500
Archer-Daniels-Midland Co.		17,700		1,597,602
Bunge Ltd.		4,400		487,564
Darling Ingredients, Inc. (a)		2,000		160,760
Philip Morris International, Inc.		54,731		5,141,430
				9,790,856
Beverages — 0.0%
Molson Coors Beverage Co. Class B		2,400		128,112
Biotechnology — 1.5%
Amgen, Inc.		6,800		1,644,376
Bio-Rad Laboratories, Inc. Class A (a)		900		506,907
Gilead Sciences, Inc.		29,600		1,759,720
Regeneron Pharmaceuticals, Inc. (a)		2,700		1,885,734
				5,796,737
Commercial Services — 0.5%
AMERCO		700		417,858
Booz Allen Hamilton Holding Corp.		3,200		281,088
Service Corp. International		5,600		368,592
United Rentals, Inc. (a)		1,900		674,899
				1,742,437
Food — 2.7%
Campbell Soup Co.		3,700		164,909
Conagra Brands, Inc.		73,246		2,458,868
General Mills, Inc.		15,100		1,022,572
The J.M. Smucker Co.		2,800		379,148
Kellogg Co.		8,000		515,920
The Kraft Heinz Co.		30,500		1,201,395
The Kroger Co.		18,600		1,067,082
Tyson Foods, Inc. Class A		38,510		3,451,651
				10,261,545
Health Care – Products — 0.7%
Henry Schein, Inc. (a)		3,400		296,446
Hologic, Inc. (a)		5,900		453,238
Medtronic PLC		17,746		1,968,919
				2,718,603
Health Care – Services — 4.7%
Anthem, Inc.		24,036		11,806,964
Centene Corp. (a)		13,700		1,153,403
DaVita, Inc. (a)		3,700		418,507

	Number of Shares		Value
HCA Healthcare, Inc.		10,800	$	2,706,696
Laboratory Corp. of America Holdings (a)		3,200		843,712
Quest Diagnostics, Inc.		4,300		588,498
Universal Health Services, Inc. Class B		2,500		362,375
				17,880,155
Household Products & Wares — 0.9%
Kimberly-Clark Corp.		28,066		3,456,609
Pharmaceuticals — 12.4%
AbbVie, Inc.		67,822		10,994,624
AmerisourceBergen Corp.		6,500		1,005,615
Becton Dickinson and Co.		16,557		4,404,162
Bristol-Myers Squibb Co.		25,800		1,884,174
Cardinal Health, Inc.		3,400		192,780
Cigna Corp.		8,600		2,060,646
CVS Health Corp.		58,866		5,957,828
Johnson & Johnson		62,000		10,988,260
McKesson Corp.		5,200		1,591,876
Merck & Co., Inc.		63,100		5,177,355
Sanofi Sponsored ADR		53,915		2,767,996
				47,025,316
				98,800,370
Energy — 6.9%
Energy – Alternate Sources — 0.1%
First Solar, Inc. (a)		2,700		226,098
Oil & Gas — 6.3%
APA Corp.		8,500		351,305
Chevron Corp.		16,538		2,692,883
EOG Resources, Inc.		32,571		3,883,440
Exxon Mobil Corp.		105,600		8,721,504
Marathon Oil Corp.		18,380		461,522
Ovintiv, Inc.		6,200		335,234
TotalEnergies SE (b)		99,473		5,047,134
TotalEnergies SE Sponsored ADR		30,522		1,542,582
Valero Energy Corp.		10,300		1,045,862
				24,081,466
Pipelines — 0.5%
Kinder Morgan, Inc.		56,500		1,068,415
ONEOK, Inc.		10,400		734,552
				1,802,967
				26,110,531
Financial — 25.1%
Banks — 13.3%
Bank of America Corp.		213,300		8,792,226
The Bank of New York Mellon Corp.		22,100		1,096,823
Citizens Financial Group, Inc.		10,600		480,498

The accompanying notes are an integral part of the financial statements.

68

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Comerica, Inc.		3,400	$	307,462
Commerce Bancshares, Inc.		2,955		211,548
Cullen/Frost Bankers, Inc.		1,400		193,774
East West Bancorp, Inc.		3,500		276,570
Fifth Third Bancorp		78,640		3,384,666
First Horizon Corp.		10,191		239,387
The Goldman Sachs Group, Inc.		14,985		4,946,548
Huntington Bancshares, Inc.		158,558		2,318,118
JP Morgan Chase & Co.		68,800		9,378,816
KeyCorp.		24,300		543,834
M&T Bank Corp.		3,000		508,500
Morgan Stanley		21,600		1,887,840
Northern Trust Corp.		5,100		593,895
Pinnacle Financial Partners, Inc.		800		73,664
The PNC Financial Services Group, Inc.		10,500		1,936,725
Regions Financial Corp.		23,900		532,014
State Street Corp.		19,528		1,701,279
Synovus Financial Corp.		1,600		78,400
Truist Financial Corp.		33,400		1,893,780
US Bancorp		37,300		1,982,495
Wells Fargo & Co.		144,289		6,992,245
Zions Bancorp NA		4,100		268,796
				50,619,903
Diversified Financial Services — 2.2%
Ally Financial, Inc.		9,300		404,364
American Express Co.		19,300		3,609,100
Ameriprise Financial, Inc.		2,900		871,044
Capital One Financial Corp.		11,300		1,483,577
Credit Acceptance Corp. (a) (b)		400		220,148
Discover Financial Services		7,300		804,387
Raymond James Financial, Inc.		5,150		566,037
SEI Investments Co.		3,700		222,777
				8,181,434
Insurance — 8.2%
Aflac, Inc.		17,500		1,126,825
The Allstate Corp.		7,500		1,038,825
American Financial Group, Inc.		2,200		320,364
American International Group, Inc.		84,117		5,280,024
Arch Capital Group Ltd. (a)		10,000		484,200
Assurant, Inc.		1,500		272,745
Chubb Ltd.		26,171		5,597,977
Cincinnati Financial Corp.		4,000		543,840
Equitable Holdings, Inc.		11,000		340,010
Everest Re Group Ltd.		1,200		361,656
Fidelity National Financial, Inc.		7,000		341,880
First American Financial Corp.		2,800		181,496
Globe Life, Inc.		2,400		241,440

	Number of Shares		Value
The Hartford Financial Services Group, Inc.		8,900	$	639,109
Lincoln National Corp.		4,800		313,728
Loews Corp.		48,001		3,111,425
Markel Corp. (a)		370		545,839
MetLife, Inc.		64,223		4,513,592
Old Republic International Corp.		5,100		131,937
Principal Financial Group, Inc.		6,800		499,188
Prudential Financial, Inc.		9,800		1,158,066
Reinsurance Group of America, Inc.		800		87,568
RenaissanceRe Holdings Ltd.		1,200		190,212
The Travelers Cos., Inc.		11,700		2,137,941
Voya Financial, Inc.		3,400		225,590
W.R. Berkley Corp.		6,750		449,483
Willis Towers Watson PLC		3,300		779,526
				30,914,486
Real Estate — 0.2%
CBRE Group, Inc. Class A (a)		4,000		366,080
Jones Lang LaSalle, Inc. (a)		1,700		407,082
				773,162
Real Estate Investment Trusts (REITS) — 1.2%
Equity Residential		30,620		2,753,350
Weyerhaeuser Co.		50,631		1,918,915
				4,672,265
				95,161,250
Industrial — 10.2%
Aerospace & Defense — 3.6%
The Boeing Co. (a)		7,832		1,499,828
General Dynamics Corp.		9,100		2,194,738
L3 Harris Technologies, Inc.		21,364		5,308,313
Lockheed Martin Corp.		6,500		2,869,100
Northrop Grumman Corp.		4,100		1,833,602
				13,705,581
Building Materials — 0.2%
Masco Corp.		8,300		423,300
Owens Corning		3,400		311,100
				734,400
Electronics — 0.2%
Arrow Electronics, Inc. (a)		2,300		272,849
Jabil, Inc.		4,800		296,304
Sensata Technologies Holding PLC (a)		3,600		183,060
				752,213
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,800		369,864
Machinery – Construction & Mining — 0.0%
Oshkosh Corp.		1,600		161,040

The accompanying notes are an integral part of the financial statements.

69

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Machinery – Diversified — 0.9%
AGCO Corp.		900	$	131,427
Deere & Co.		7,700		3,199,042
				3,330,469
Miscellaneous - Manufacturing — 1.9%
General Electric Co.		61,650		5,640,975
Parker-Hannifin Corp.		3,300		936,408
Textron, Inc.		7,200		535,536
				7,112,919
Packaging & Containers — 0.5%
Amcor PLC		50,000		566,500
Berry Global Group, Inc. (a)		2,900		168,084
Crown Holdings, Inc.		4,300		537,887
Packaging Corp. of America		2,900		452,719
Sealed Air Corp.		4,900		328,104
				2,053,294
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		1,000		199,440
Transportation — 2.7%
C.H. Robinson Worldwide, Inc.		3,000		323,130
Expeditors International of Washington, Inc.		4,100		422,956
Knight-Swift Transportation Holdings, Inc.		4,100		206,886
United Parcel Service, Inc. Class B		42,615		9,139,213
				10,092,185
				38,511,405
Technology — 7.1%
Computers — 1.4%
DXC Technology Co. (a)		2,600		84,838
Genpact Ltd.		6,000		261,060
Hewlett Packard Enterprise Co.		41,300		690,123
HP, Inc.		41,200		1,495,560
International Business Machines Corp.		21,100		2,743,422
Leidos Holdings, Inc.		1,700		183,634
				5,458,637
Semiconductors — 2.2%
Micron Technology, Inc.		13,600		1,059,304
QUALCOMM, Inc.		47,242		7,219,522
				8,278,826
Software — 3.5%
Citrix Systems, Inc.		5,122		516,810
Fiserv, Inc. (a)		7,900		801,060
Microsoft Corp.		13,723		4,230,938
Oracle Corp.		94,000		7,776,620
				13,325,428
				27,062,891

	Number of Shares		Value
Utilities — 6.6%
Electric — 6.2%
Alliant Energy Corp.		6,200	$	387,376
Dominion Energy, Inc.		20,100		1,707,897
Duke Energy Corp.		9,300		1,038,438
Edison International		8,900		623,890
Entergy Corp.		5,100		595,425
Evergy, Inc.		5,700		389,538
Eversource Energy		8,100		714,339
Exelon Corp.		31,200		1,486,056
FirstEnergy Corp.		13,500		619,110
NRG Energy, Inc.		5,700		218,652
OGE Energy Corp.		2,400		97,872
Pinnacle West Capital Corp.		1,400		109,340
PPL Corp.		17,700		505,512
Public Service Enterprise Group, Inc.		16,800		1,176,000
Sempra Energy		35,108		5,902,357
The Southern Co.		103,741		7,522,260
Vistra Corp.		11,400		265,050
				23,359,112
Gas — 0.3%
NiSource, Inc.		37,906		1,205,411
Water — 0.1%
Essential Utilities, Inc.		5,500		281,215
				24,845,738
TOTAL COMMON STOCK (Cost $284,505,994)				370,187,373
PREFERRED STOCK — 0.9%
Consumer, Cyclical — 0.4%
Auto Manufacturers — 0.4%
Volkswagen AG 2.560%		8,984		1,553,480
Consumer, Non-cyclical — 0.1%
Pharmaceuticals — 0.1%
Becton Dickinson and Co. Convertible 6.000% (b)		9,376		495,241
Utilities — 0.4%
Electric — 0.2%
Southern Co. Convertible 6.75%		14,685		801,948
Gas — 0.2%
NiSource, Inc. 7.750%		5,436		646,775
				1,448,723
TOTAL PREFERRED STOCK (Cost $3,872,726)				3,497,444
TOTAL EQUITIES (Cost $288,378,720)				373,684,817

The accompanying notes are an integral part of the financial statements.

70

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 2.4%
Diversified Financial Services — 2.4%
iShares Russell 1000 Value ETF (b)		18,400	$	3,054,032
State Street Navigator Securities Lending Government Money Market Portfolio (c)		5,922,805		5,922,805
				8,976,837
TOTAL MUTUAL FUNDS (Cost $8,936,332)				8,976,837
TOTAL LONG-TERM INVESTMENTS (Cost $297,315,052)				382,661,654
SHORT-TERM INVESTMENTS — 1.4%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		104		104

	Principal Amount
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (d)	$	5,510,160		5,510,160
TOTAL SHORT-TERM INVESTMENTS (Cost $5,510,264)				5,510,264
TOTAL INVESTMENTS — 102.3% (Cost $302,825,316) (e)				388,171,918
Other Assets/(Liabilities) — (2.3)%				(8,894,261	)
NET ASSETS — 100.0%			$	379,277,657

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 March 31, 2022, was $8,231,182 or 2.17% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,631,614 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $5,510,160. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% - 0.500%, maturity dates ranging from 4/15/24 - 7/15/24, and an aggregate market value, including accrued interest, of $5,620,557.

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

The accompanying notes are an integral part of the financial statements.

71

MassMutual Fundamental Value Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.4%
COMMON STOCK — 98.4%
Basic Materials — 4.9%
Chemicals — 4.9%
Air Products & Chemicals, Inc.		24,639	$	6,157,533
Axalta Coating Systems Ltd. (a)		155,866		3,831,186
DuPont de Nemours, Inc.		129,864		9,555,393
Element Solutions, Inc.		137,352		3,008,009
International Flavors & Fragrances, Inc.		44,397		5,830,658
				28,382,779
				28,382,779
Communications — 5.4%
Internet — 2.2%
Alphabet, Inc. Class A (a)		2,971		8,263,391
Meta Platforms, Inc. Class A (a)		12,192		2,711,013
NortonLifeLock, Inc.		69,020		1,830,410
				12,804,814
Media — 1.2%
Altice USA, Inc. Class A (a)		80,365		1,002,955
Comcast Corp. Class A		127,099		5,950,775
				6,953,730
Telecommunications — 2.0%
Cisco Systems, Inc.		111,343		6,208,486
T-Mobile US, Inc. (a)		44,554		5,718,506
				11,926,992
				31,685,536
Consumer, Cyclical — 6.8%
Apparel — 0.3%
Ralph Lauren Corp.		13,472		1,528,264
Distribution & Wholesale — 0.3%
LKQ Corp.		43,647		1,982,010
Entertainment — 0.9%
Marriott Vacations Worldwide Corp.		15,782		2,488,821
SeaWorld Entertainment, Inc. (a)		38,325		2,852,913
				5,341,734
Food Services — 0.4%
Aramark		63,318		2,380,757
Home Furnishing — 0.3%
Sony Group Corp. Sponsored ADR		17,751		1,823,205
Lodging — 0.9%
Las Vegas Sands Corp. (a)		62,414		2,426,032
MGM Resorts International		64,085		2,687,725
				5,113,757
Retail — 3.7%
Advance Auto Parts, Inc.		17,996		3,724,452

	Number of Shares		Value
AutoZone, Inc. (a)		3,416	$	6,984,285
Dollar General Corp.		10,510		2,339,841
Kohl’s Corp.		18,271		1,104,665
Lithia Motors, Inc.		6,243		1,873,649
Lowe’s Cos., Inc.		12,731		2,574,081
Restaurant Brands International, Inc.		18,659		1,089,499
The TJX Cos., Inc.		36,899		2,235,342
				21,925,814
				40,095,541
Consumer, Non-cyclical — 27.2%
Agriculture — 1.0%
Altria Group, Inc.		48,575		2,538,044
Philip Morris International, Inc.		33,075		3,107,065
				5,645,109
Beverages — 2.6%
Coca-Cola Europacific Partners PLC		176,260		8,567,999
Keurig Dr Pepper, Inc.		115,900		4,392,610
Molson Coors Beverage Co. Class B		42,074		2,245,910
				15,206,519
Biotechnology — 0.9%
Corteva, Inc.		92,703		5,328,569
Commercial Services — 1.6%
FleetCor Technologies, Inc. (a)		9,343		2,326,968
Global Payments, Inc.		20,634		2,823,556
PROG Holdings, Inc. (a)		27,412		788,643
United Rentals, Inc. (a)		9,085		3,227,083
				9,166,250
Cosmetics & Personal Care — 1.3%
The Procter & Gamble Co.		50,486		7,714,261
Food — 0.4%
US Foods Holding Corp. (a)		62,111		2,337,237
Health Care – Products — 2.4%
Avantor, Inc. (a)		85,392		2,887,957
Envista Holdings Corp. (a)		35,688		1,738,362
Hologic, Inc. (a)		22,102		1,697,876
LivaNova PLC (a)		18,214		1,490,452
Medtronic PLC		58,619		6,503,778
				14,318,425
Health Care – Services — 4.9%
Anthem, Inc.		6,380		3,133,984
Centene Corp. (a)		57,389		4,831,580
Humana, Inc.		7,256		3,157,593
ICON PLC (a)		10,181		2,476,223
UnitedHealth Group, Inc.		29,093		14,836,557
				28,435,937
Pharmaceuticals — 12.1%
AbbVie, Inc.		25,610		4,151,637

The accompanying notes are an integral part of the financial statements.

72

MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
AmerisourceBergen Corp.		18,501	$	2,862,290
Becton Dickinson and Co.		10,816		2,877,056
Bristol-Myers Squibb Co.		49,084		3,584,605
Cigna Corp.		43,745		10,481,739
CVS Health Corp.		112,772		11,413,654
Johnson & Johnson		72,201		12,796,183
McKesson Corp.		9,196		2,815,172
Merck & Co., Inc.		104,429		8,568,399
Novartis AG Sponsored ADR		28,861		2,532,553
Perrigo Co. PLC		97,058		3,729,939
Sanofi Sponsored ADR		101,377		5,204,695
				71,017,922
				159,170,229
Energy — 9.6%
Oil & Gas — 8.3%
Canadian Natural Resources Ltd. (b)		65,897		4,084,296
Cenovus Energy, Inc.		103,358		1,724,011
ConocoPhillips		96,793		9,679,300
Devon Energy Corp.		25,471		1,506,100
EOG Resources, Inc.		21,947		2,616,741
Hess Corp.		68,143		7,294,027
Marathon Petroleum Corp.		57,986		4,957,803
Phillips 66		71,231		6,153,646
Pioneer Natural Resources Co.		32,936		8,234,988
Valero Energy Corp.		23,694		2,405,889
				48,656,801
Oil & Gas Services — 0.6%
Schlumberger NV		83,464		3,447,898
Pipelines — 0.7%
Enbridge, Inc.		88,969		4,100,581
				56,205,280
Financial — 19.1%
Banks — 8.9%
Bank of America Corp.		118,584		4,888,032
The Goldman Sachs Group, Inc.		9,714		3,206,591
JP Morgan Chase & Co.		99,777		13,601,601
M&T Bank Corp.		15,983		2,709,119
Northern Trust Corp.		45,738		5,326,190
Truist Financial Corp.		63,504		3,600,677
US Bancorp		102,326		5,438,627
Wells Fargo & Co.		271,868		13,174,723
				51,945,560
Diversified Financial Services — 2.8%
AerCap Holdings NV (a)		46,211		2,323,489
American Express Co.		32,340		6,047,580
Capital One Financial Corp.		26,443		3,471,702

	Number of Shares		Value
The Charles Schwab Corp.		53,474	$	4,508,393
				16,351,164
Insurance — 5.9%
The Allstate Corp.		42,742		5,920,194
American International Group, Inc.		44,604		2,799,793
Axis Capital Holdings Ltd.		28,307		1,711,724
Berkshire Hathaway, Inc. Class B (a)		27,382		9,663,382
Chubb Ltd.		45,705		9,776,300
Everest Re Group Ltd.		7,535		2,270,898
Willis Towers Watson PLC		10,564		2,495,428
				34,637,719
Real Estate — 0.3%
The Howard Hughes Corp. (a)		16,171		1,675,477
Real Estate Investment Trusts (REITS) — 1.2%
American Campus Communities, Inc.		30,231		1,692,029
Corporate Office Properties Trust		93,103		2,657,160
MGM Growth Properties LLC Class A		38,942		1,507,055
VICI Properties, Inc.		52,407		1,491,503
				7,347,747
				111,957,667
Industrial — 12.8%
Aerospace & Defense — 3.1%
General Dynamics Corp.		32,607		7,864,156
Howmet Aerospace, Inc.		88,790		3,191,113
Raytheon Technologies Corp.		74,920		7,422,324
				18,477,593
Building Materials — 0.9%
CRH PLC Sponsored ADR		39,308		1,574,679
MDU Resources Group, Inc.		27,276		726,905
Mohawk Industries, Inc. (a)		14,037		1,743,395
Owens Corning		12,807		1,171,841
				5,216,820
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		15,781		1,547,327
Electronics — 0.2%
Allegion PLC		11,636		1,277,400
Engineering & Construction — 0.8%
AECOM		38,079		2,924,848
Jacobs Engineering Group, Inc.		11,754		1,619,819
				4,544,667
Hand & Machine Tools — 0.8%
Stanley Black & Decker, Inc.		33,329		4,659,061
Machinery – Construction & Mining — 1.2%
BWX Technologies, Inc.		40,793		2,197,111
Caterpillar, Inc.		10,689		2,381,723

The accompanying notes are an integral part of the financial statements.

73

MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Vertiv Holdings Co.		194,922	$	2,728,908
				7,307,742
Machinery – Diversified — 3.3%
Deere & Co.		28,218		11,723,450
Dover Corp.		9,470		1,485,843
The Middleby Corp. (a)		8,611		1,411,687
Otis Worldwide Corp.		34,751		2,674,090
Westinghouse Air Brake Technologies Corp.		22,729		2,185,848
				19,480,918
Miscellaneous - Manufacturing — 0.7%
Eaton Corp. PLC		25,412		3,856,525
Transportation — 1.5%
Canadian National Railway Co.		20,519		2,752,419
J.B. Hunt Transport Services, Inc.		14,629		2,937,357
Union Pacific Corp.		10,587		2,892,474
				8,582,250
				74,950,303
Technology — 9.3%
Computers — 1.8%
Cognizant Technology Solutions Corp. Class A		85,395		7,657,370
Leidos Holdings, Inc.		18,475		1,995,669
NetApp, Inc.		13,449		1,116,267
				10,769,306
Semiconductors — 4.8%
Applied Materials, Inc.		23,883		3,147,779
Broadcom, Inc.		5,492		3,458,203
KLA Corp.		4,286		1,568,933
Lam Research Corp.		2,680		1,440,795
Microchip Technology, Inc.		50,406		3,787,507
Micron Technology, Inc.		54,356		4,233,789
NXP Semiconductor NV		8,014		1,483,231
Qorvo, Inc. (a)		18,211		2,259,985
QUALCOMM, Inc.		44,007		6,725,150
				28,105,372
Software — 2.7%
Activision Blizzard, Inc.		28,553		2,287,381
Fidelity National Information Services, Inc.		55,241		5,547,301
Oracle Corp.		64,662		5,349,487
SS&C Technologies Holdings, Inc		34,151		2,562,008
				15,746,177
				54,620,855

	Number of Shares		Value
Utilities — 3.3%
Electric — 3.3%
CenterPoint Energy, Inc.		142,119	$	4,354,526
Constellation Energy Corp.		15,298		860,513
Dominion Energy, Inc.		36,367		3,090,104
Entergy Corp.		26,554		3,100,179
Exelon Corp.		45,895		2,185,979
Pinnacle West Capital Corp.		73,298		5,724,574
				19,315,875
				19,315,875
TOTAL COMMON STOCK (Cost $436,286,057)				576,384,065
TOTAL EQUITIES (Cost $436,286,057)				576,384,065
TOTAL LONG-TERM INVESTMENTS (Cost $436,286,057)				576,384,065
	Principal Amount
SHORT-TERM INVESTMENTS — 1.6%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (c)	$	9,111,264		9,111,264
TOTAL SHORT-TERM INVESTMENTS (Cost $9,111,264)				9,111,264
TOTAL INVESTMENTS — 100.0% (Cost $445,397,321) (d)				585,495,329
Other Assets/(Liabilities) — 0.0%				223,139
NET ASSETS — 100.0%			$	585,718,468

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

74

MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)

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 March 31, 2022, was $2,987,918 or 0.51% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,078,292 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Maturity value of $9,111,264. Collateralized by U.S. Government Agency obligations with rates ranging from 0.500% - 1.750%, maturity dates ranging from 4/15/24 - 6/30/24, and an aggregate market value, including accrued interest of $9,293,509.

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

75

MM S&P 500 Index Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.7%
COMMON STOCK — 99.7%
Basic Materials — 2.1%
Chemicals — 1.6%
Air Products & Chemicals, Inc.		18,732	$	4,681,314
Albemarle Corp.		9,932		2,196,462
Celanese Corp.		9,316		1,330,977
CF Industries Holdings, Inc.		18,280		1,883,937
Dow, Inc.		62,094		3,956,630
DuPont de Nemours, Inc.		43,552		3,204,556
Eastman Chemical Co.		11,119		1,245,995
Ecolab, Inc.		21,170		3,737,775
FMC Corp.		10,767		1,416,614
International Flavors & Fragrances, Inc.		21,426		2,813,877
Linde PLC		43,562		13,915,010
LyondellBasell Industries NV Class A		22,209		2,283,529
The Mosaic Co.		31,109		2,068,748
PPG Industries, Inc.		20,020		2,624,021
The Sherwin-Williams Co.		20,493		5,115,463
				52,474,908
Forest Products & Paper — 0.0%
International Paper Co.		32,990		1,522,488
Iron & Steel — 0.1%
Nucor Corp.		23,141		3,439,910
Mining — 0.4%
Freeport-McMoRan, Inc.		124,830		6,209,044
Newmont Corp.		67,563		5,367,881
				11,576,925
				69,014,231
Communications — 14.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		32,939		1,167,688
Omnicom Group, Inc.		17,783		1,509,421
				2,677,109
Internet — 10.5%
Alphabet, Inc. Class A (a)		25,527		70,999,521
Alphabet, Inc. Class C (a)		23,576		65,847,532
Amazon.com, Inc. (a)		37,140		121,074,543
Booking Holdings, Inc. (a)		3,484		8,182,000
CDW Corp.		11,591		2,073,514
eBay, Inc.		52,920		3,030,199
Etsy, Inc. (a)		10,913		1,356,268
Expedia Group, Inc. (a)		12,683		2,481,683
F5, Inc. (a)		5,235		1,093,853
Match Group, Inc. (a)		24,244		2,636,293
Meta Platforms, Inc. Class A (a)		195,983		43,578,780

	Number of Shares		Value
Netflix, Inc. (a)		37,677	$	14,113,427
NortonLifeLock, Inc.		48,612		1,289,190
Twitter, Inc. (a)		67,279		2,603,024
VeriSign, Inc. (a)		8,097		1,801,259
				342,161,086
Media — 1.6%
Charter Communications, Inc. Class A (a)		10,117		5,519,026
Comcast Corp. Class A		384,333		17,994,471
Discovery, Inc. Class A (a)		14,278		355,808
Discovery, Inc. Class C (a)		25,505		636,860
DISH Network Corp. Class A (a)		20,478		648,129
FactSet Research Systems, Inc.		3,232		1,403,173
Fox Corp. Class A		27,047		1,067,004
Fox Corp. Class B		11,917		432,349
News Corp. Class A		32,931		729,421
News Corp. Class B		9,628		216,822
Paramount Global		51,026		1,929,293
The Walt Disney Co. (a)		154,569		21,200,684
				52,133,040
Telecommunications — 2.1%
Arista Networks, Inc. (a)		19,179		2,665,497
AT&T, Inc.		606,118		14,322,568
Cisco Systems, Inc.		358,243		19,975,630
Corning, Inc.		62,884		2,321,048
Juniper Networks, Inc.		27,710		1,029,704
Lumen Technologies, Inc. (b)		78,218		881,517
Motorola Solutions, Inc.		14,246		3,450,381
T-Mobile US, Inc. (a)		49,860		6,399,531
Verizon Communications, Inc.		356,491		18,159,652
				69,205,528
				466,176,763
Consumer, Cyclical — 9.7%
Airlines — 0.2%
Alaska Air Group, Inc. (a)		10,880		631,149
American Airlines Group, Inc. (a) (b)		55,123		1,005,995
Delta Air Lines, Inc. (a)		54,828		2,169,544
Southwest Airlines Co. (a)		50,729		2,323,388
United Airlines Holdings, Inc. (a)		27,562		1,277,774
				7,407,850
Apparel — 0.6%
NIKE, Inc. Class B		108,326		14,576,346
PVH Corp.		6,034		462,265
Ralph Lauren Corp.		3,986		452,172
Tapestry, Inc.		22,756		845,385
Under Armour, Inc. Class A (a)		15,240		259,385
Under Armour, Inc. Class C (a)		17,728		275,848

The accompanying notes are an integral part of the financial statements.

76

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

	Number of Shares		Value
VF Corp.		27,153	$	1,543,920
				18,415,321
Auto Manufacturers — 2.9%
Cummins, Inc.		12,025		2,466,448
Ford Motor Co.		333,446		5,638,572
General Motors Co. (a)		123,214		5,389,380
PACCAR, Inc.		29,324		2,582,565
Tesla, Inc. (a)		71,055		76,568,868
				92,645,833
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		22,942		2,746,387
BorgWarner, Inc.		20,659		803,635
				3,550,022
Distribution & Wholesale — 0.3%
Copart, Inc. (a)		18,018		2,260,718
Fastenal Co.		48,645		2,889,513
LKQ Corp.		22,403		1,017,320
Pool Corp.		3,448		1,457,987
W.W. Grainger, Inc.		3,691		1,903,781
				9,529,319
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		17,898		1,384,589
Live Nation Entertainment, Inc. (a)		11,542		1,357,801
Penn National Gaming, Inc. (a)		14,111		598,589
				3,340,979
Home Builders — 0.2%
D.R. Horton, Inc.		27,648		2,060,053
Lennar Corp. Class A		22,407		1,818,776
NVR, Inc. (a)		277		1,237,434
PulteGroup, Inc.		21,257		890,668
				6,006,931
Home Furnishing — 0.0%
Whirlpool Corp.		5,089		879,277
Housewares — 0.0%
Newell Brands, Inc.		32,493		695,675
Leisure Time — 0.1%
Carnival Corp. (a)		69,761		1,410,567
Norwegian Cruise Line Holdings Ltd. (a) (b)		35,905		785,601
Royal Caribbean Cruises Ltd. (a)		19,207		1,609,163
				3,805,331
Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		23,789		3,609,743
Las Vegas Sands Corp. (a)		29,463		1,145,227
Marriott International, Inc. Class A (a)		23,086		4,057,365
MGM Resorts International		31,429		1,318,132

	Number of Shares		Value
Wynn Resorts Ltd. (a)		8,956	$	714,151
				10,844,618
Retail — 4.8%
Advance Auto Parts, Inc.		5,355		1,108,271
AutoZone, Inc. (a)		1,751		3,580,060
Bath & Body Works, Inc.		22,156		1,059,057
Best Buy Co., Inc.		18,144		1,649,290
CarMax, Inc. (a) (b)		13,937		1,344,642
Chipotle Mexican Grill, Inc. (a)		2,388		3,777,888
Costco Wholesale Corp.		37,674		21,694,573
Darden Restaurants, Inc.		10,743		1,428,282
Dollar General Corp.		19,680		4,381,358
Dollar Tree, Inc. (a)		18,985		3,040,448
Domino’s Pizza, Inc.		3,139		1,277,604
Genuine Parts Co.		12,055		1,519,171
The Home Depot, Inc.		88,584		26,515,849
Lowe’s Cos., Inc.		57,145		11,554,148
McDonald’s Corp.		63,328		15,659,748
O’Reilly Automotive, Inc. (a)		5,717		3,915,916
Ross Stores, Inc.		29,900		2,704,754
Starbucks Corp.		97,404		8,860,842
Target Corp.		40,661		8,629,077
The TJX Cos., Inc.		101,161		6,128,333
Tractor Supply Co.		9,719		2,268,123
Ulta Beauty, Inc. (a)		4,620		1,839,776
Walgreens Boots Alliance, Inc.		60,665		2,715,972
Walmart, Inc.		120,107		17,886,334
Yum! Brands, Inc.		24,401		2,892,250
				157,431,766
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		11,090		908,493
				315,461,415
Consumer, Non-cyclical — 20.1%
Agriculture — 0.8%
Altria Group, Inc.		154,748		8,085,583
Archer-Daniels-Midland Co.		47,435		4,281,483
Philip Morris International, Inc.		131,485		12,351,701
				24,718,767
Beverages — 1.5%
Brown-Forman Corp. Class B		15,730		1,054,225
The Coca-Cola Co.		329,943		20,456,466
Constellation Brands, Inc. Class A		14,014		3,227,704
Molson Coors Beverage Co. Class B		15,872		847,247
Monster Beverage Corp. (a)		31,979		2,555,122
PepsiCo, Inc.		117,391		19,648,906
				47,789,670

The accompanying notes are an integral part of the financial statements.

77

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

	Number of Shares		Value
Biotechnology — 1.5%
Amgen, Inc.		47,828	$	11,565,767
Bio-Rad Laboratories, Inc. Class A (a)		1,851		1,042,539
Biogen, Inc. (a)		12,506		2,633,763
Corteva, Inc.		61,766		3,550,310
Gilead Sciences, Inc.		106,557		6,334,814
Illumina, Inc. (a)		13,227		4,621,514
Incyte Corp. (a)		15,861		1,259,680
Moderna, Inc. (a)		29,949		5,159,015
Regeneron Pharmaceuticals, Inc. (a)		9,068		6,333,272
Vertex Pharmaceuticals, Inc. (a)		21,637		5,646,608
				48,147,282
Commercial Services — 1.8%
Automatic Data Processing, Inc.		35,676		8,117,717
Cintas Corp.		7,515		3,196,806
Equifax, Inc.		10,340		2,451,614
FleetCor Technologies, Inc. (a)		6,932		1,726,484
Gartner, Inc. (a)		7,017		2,087,277
Global Payments, Inc.		24,160		3,306,054
MarketAxess Holdings, Inc.		3,277		1,114,835
Moody’s Corp.		13,736		4,634,664
Nielsen Holdings PLC		30,844		840,191
PayPal Holdings, Inc. (a)		98,885		11,436,050
Quanta Services, Inc.		12,211		1,607,090
Robert Half International, Inc.		9,248		1,055,937
Rollins, Inc.		18,917		663,041
S&P Global, Inc.		30,067		12,332,882
United Rentals, Inc. (a)		6,095		2,165,005
Verisk Analytics, Inc.		13,659		2,931,631
				59,667,278
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co.		71,353		5,410,698
The Estee Lauder Cos., Inc. Class A		19,723		5,370,967
The Procter & Gamble Co.		203,343		31,070,811
				41,852,476
Food — 1.0%
Campbell Soup Co.		17,407		775,830
Conagra Brands, Inc.		41,243		1,384,528
General Mills, Inc.		51,288		3,473,223
The Hershey Co.		12,439		2,694,661
Hormel Foods Corp.		23,776		1,225,415
The J.M. Smucker Co.		9,255		1,253,220
Kellogg Co.		21,999		1,418,716
The Kraft Heinz Co.		59,673		2,350,519
The Kroger Co.		56,790		3,258,042
Lamb Weston Holdings, Inc.		12,506		749,234
McCormick & Co., Inc.		21,349		2,130,630
Mondelez International, Inc. Class A		117,792		7,394,982

	Number of Shares		Value
Sysco Corp.		43,060	$	3,515,849
Tyson Foods, Inc. Class A		24,577		2,202,836
				33,827,685
Health Care – Products — 3.9%
Abbott Laboratories		150,128		17,769,150
ABIOMED, Inc. (a)		3,926		1,300,448
Align Technology, Inc. (a)		6,185		2,696,660
Baxter International, Inc.		42,443		3,291,030
Bio-Techne Corp.		3,368		1,458,479
Boston Scientific Corp. (a)		120,692		5,345,449
The Cooper Cos., Inc.		4,129		1,724,229
Danaher Corp.		54,044		15,852,727
Edwards Lifesciences Corp. (a)		53,078		6,248,342
Henry Schein, Inc. (a)		11,850		1,033,202
Hologic, Inc. (a)		21,423		1,645,715
IDEXX Laboratories, Inc. (a)		7,179		3,927,344
Intuitive Surgical, Inc. (a)		30,390		9,168,055
Medtronic PLC		114,154		12,665,386
PerkinElmer, Inc.		10,585		1,846,659
ResMed, Inc.		12,339		2,992,331
Steris PLC		8,406		2,032,319
Stryker Corp.		28,541		7,630,436
Teleflex, Inc.		4,032		1,430,675
Thermo Fisher Scientific, Inc.		33,462		19,764,330
Waters Corp. (a)		5,188		1,610,303
West Pharmaceutical Services, Inc.		6,333		2,601,026
Zimmer Biomet Holdings, Inc.		17,896		2,288,898
				126,323,193
Health Care – Services — 2.4%
Anthem, Inc.		20,617		10,127,483
Catalent, Inc. (a)		15,404		1,708,304
Centene Corp. (a)		49,555		4,172,035
Charles River Laboratories International, Inc. (a)		4,255		1,208,292
DaVita, Inc. (a)		5,281		597,334
HCA Healthcare, Inc.		20,290		5,085,080
Humana, Inc.		10,915		4,749,881
IQVIA Holdings, Inc. (a)		16,237		3,754,157
Laboratory Corp. of America Holdings (a)		7,820		2,061,821
Molina Healthcare, Inc. (a)		4,891		1,631,589
Quest Diagnostics, Inc.		10,256		1,403,636
UnitedHealth Group, Inc.		79,957		40,775,671
Universal Health Services, Inc. Class B		6,060		878,397
				78,153,680
Household Products & Wares — 0.2%
Avery Dennison Corp.		7,155		1,244,755

The accompanying notes are an integral part of the financial statements.

78

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

	Number of Shares		Value
Church & Dwight Co., Inc.		20,435	$	2,030,830
The Clorox Co.		10,600		1,473,718
Kimberly-Clark Corp.		28,523		3,512,893
				8,262,196
Pharmaceuticals — 5.7%
AbbVie, Inc.		150,065		24,327,037
AmerisourceBergen Corp.		12,784		1,977,813
Becton Dickinson and Co.		24,197		6,436,402
Bristol-Myers Squibb Co.		185,071		13,515,735
Cardinal Health, Inc.		23,298		1,320,997
Cigna Corp.		27,424		6,571,065
CVS Health Corp.		111,479		11,282,790
Dentsply Sirona, Inc.		18,383		904,811
DexCom, Inc. (a)		8,209		4,199,724
Eli Lilly & Co.		67,396		19,300,193
Johnson & Johnson		223,415		39,595,840
McKesson Corp.		12,733		3,897,953
Merck & Co., Inc.		214,404		17,591,848
Organon & Co.		21,689		757,597
Pfizer, Inc.		476,421		24,664,315
Viatris, Inc.		104,074		1,132,325
Zoetis, Inc.		40,165		7,574,717
				185,051,162
				653,793,389
Energy — 4.0%
Energy – Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		11,389		2,298,072
SolarEdge Technologies, Inc. (a)		4,516		1,455,823
				3,753,895
Oil & Gas — 3.3%
APA Corp.		31,085		1,284,743
Chevron Corp.		163,631		26,644,036
ConocoPhillips		110,565		11,056,500
Coterra Energy, Inc.		68,199		1,839,327
Devon Energy Corp.		53,407		3,157,956
Diamondback Energy, Inc.		14,595		2,000,683
EOG Resources, Inc.		49,679		5,923,227
Exxon Mobil Corp.		359,259		29,671,201
Hess Corp.		23,234		2,486,967
Marathon Oil Corp.		66,835		1,678,227
Marathon Petroleum Corp.		49,106		4,198,563
Occidental Petroleum Corp.		75,310		4,273,089
Phillips 66		39,900		3,446,961
Pioneer Natural Resources Co.		19,281		4,820,828
Valero Energy Corp.		34,680		3,521,407
				106,003,715

	Number of Shares		Value
Oil & Gas Services — 0.3%
Baker Hughes Co.		76,785	$	2,795,742
Halliburton Co.		75,681		2,866,040
Schlumberger NV		118,988		4,915,394
				10,577,176
Pipelines — 0.3%
Kinder Morgan, Inc.		165,618		3,131,837
ONEOK, Inc.		38,111		2,691,780
The Williams Cos., Inc.		103,657		3,463,180
				9,286,797
				129,621,583
Financial — 14.8%
Banks — 4.6%
Bank of America Corp.		603,634		24,881,794
The Bank of New York Mellon Corp.		62,661		3,109,865
Citigroup, Inc.		168,496		8,997,686
Citizens Financial Group, Inc.		35,709		1,618,689
Comerica, Inc.		10,984		993,283
Fifth Third Bancorp		58,021		2,497,224
First Republic Bank		15,261		2,473,808
The Goldman Sachs Group, Inc.		28,814		9,511,501
Huntington Bancshares, Inc.		121,278		1,773,084
JP Morgan Chase & Co.		250,910		34,204,051
KeyCorp.		78,825		1,764,104
M&T Bank Corp.		10,812		1,832,634
Morgan Stanley		120,323		10,516,230
Northern Trust Corp.		17,559		2,044,746
The PNC Financial Services Group, Inc.		35,764		6,596,670
Regions Financial Corp.		79,665		1,773,343
Signature Bank		5,250		1,540,823
State Street Corp.		30,858		2,688,349
SVB Financial Group (a)		4,947		2,767,599
Truist Financial Corp.		113,412		6,430,460
US Bancorp		115,020		6,113,313
Wells Fargo & Co.		329,910		15,987,439
Zions Bancorp NA		12,539		822,057
				150,938,752
Diversified Financial Services — 3.7%
American Express Co.		52,201		9,761,587
Ameriprise Financial, Inc.		9,394		2,821,582
BlackRock, Inc.		12,103		9,248,750
Capital One Financial Corp.		35,114		4,610,117
Cboe Global Markets, Inc.		9,059		1,036,531
The Charles Schwab Corp.		127,640		10,761,328
CME Group, Inc.		30,533		7,262,579
Discover Financial Services		24,331		2,681,033
Franklin Resources, Inc.		24,142		674,045

The accompanying notes are an integral part of the financial statements.

79

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

	Number of Shares		Value
Intercontinental Exchange, Inc.		47,760	$	6,310,051
Invesco Ltd.		29,998		691,754
Mastercard, Inc. Class A		73,245		26,176,298
Nasdaq, Inc.		9,807		1,747,607
Raymond James Financial, Inc.		15,647		1,719,762
Synchrony Financial		44,845		1,561,055
T. Rowe Price Group, Inc.		19,416		2,935,505
Visa, Inc. Class A		140,751		31,214,349
				121,213,933
Insurance — 3.8%
Aflac, Inc.		50,571		3,256,267
The Allstate Corp.		23,814		3,298,477
American International Group, Inc.		70,617		4,432,629
Aon PLC Class A		18,252		5,943,399
Arthur J Gallagher & Co.		17,582		3,069,817
Assurant, Inc.		4,830		878,239
Berkshire Hathaway, Inc. Class B (a)		155,412		54,846,449
Brown & Brown, Inc.		19,675		1,421,912
Chubb Ltd.		36,617		7,832,376
Cincinnati Financial Corp.		12,550		1,706,298
Everest Re Group Ltd.		3,265		984,006
Globe Life, Inc.		7,967		801,480
The Hartford Financial Services Group, Inc.		28,446		2,042,707
Lincoln National Corp.		14,179		926,739
Loews Corp.		16,936		1,097,792
Marsh & McLennan Cos., Inc.		42,974		7,323,629
MetLife, Inc.		59,549		4,185,104
Principal Financial Group, Inc.		20,778		1,525,313
The Progressive Corp.		49,705		5,665,873
Prudential Financial, Inc.		32,201		3,805,192
The Travelers Cos., Inc.		20,557		3,756,381
W.R. Berkley Corp.		17,745		1,181,640
Willis Towers Watson PLC		10,292		2,431,176
				122,412,895
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		28,305		2,590,474
Real Estate Investment Trusts (REITS) — 2.6%
Alexandria Real Estate Equities, Inc.		12,331		2,481,614
American Tower Corp.		38,651		9,709,904
AvalonBay Communities, Inc.		11,769		2,923,066
Boston Properties, Inc.		12,101		1,558,609
Crown Castle International Corp.		36,691		6,773,159
Digital Realty Trust, Inc.		24,208		3,432,694
Duke Realty Corp.		32,101		1,863,784
Equinix, Inc.		7,644		5,668,943
Equity Residential		28,763		2,586,369
Essex Property Trust, Inc.		5,587		1,930,197

	Number of Shares		Value
Extra Space Storage, Inc.		11,341	$	2,331,710
Federal Realty Investment Trust		5,814		709,715
Healthpeak Properties, Inc.		45,103		1,548,386
Host Hotels & Resorts, Inc.		61,788		1,200,541
Iron Mountain, Inc. (b)		24,808		1,374,611
Kimco Realty Corp.		51,634		1,275,360
Mid-America Apartment Communities, Inc.		9,759		2,044,022
Prologis, Inc.		62,862		10,150,956
Public Storage		12,977		5,064,664
Realty Income Corp.		47,937		3,322,034
Regency Centers Corp.		13,381		954,600
SBA Communications Corp.		9,163		3,152,988
Simon Property Group, Inc.		27,862		3,665,525
UDR, Inc.		24,982		1,433,217
Ventas, Inc.		34,043		2,102,496
Vornado Realty Trust		13,707		621,201
Welltower, Inc.		36,969		3,554,200
Weyerhaeuser Co.		63,927		2,422,833
				85,857,398
Savings & Loans — 0.0%
People’s United Financial, Inc.		36,870		737,031
				483,750,483
Industrial — 7.6%
Aerospace & Defense — 1.6%
The Boeing Co. (a)		46,482		8,901,303
General Dynamics Corp.		19,592		4,725,199
Howmet Aerospace, Inc.		32,250		1,159,065
L3 Harris Technologies, Inc.		16,567		4,116,403
Lockheed Martin Corp.		20,577		9,082,688
Northrop Grumman Corp.		12,447		5,566,547
Raytheon Technologies Corp.		126,644		12,546,621
Teledyne Technologies, Inc. (a)		3,926		1,855,545
TransDigm Group, Inc. (a)		4,462		2,907,171
				50,860,542
Building Materials — 0.4%
Carrier Global Corp.		72,408		3,321,355
Fortune Brands Home & Security, Inc.		11,385		845,678
Johnson Controls International PLC		59,581		3,906,726
Martin Marietta Materials, Inc.		5,331		2,051,849
Masco Corp.		19,945		1,017,195
Mohawk Industries, Inc. (a)		4,771		592,558
Vulcan Materials Co.		11,147		2,047,704
				13,783,065
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		19,753		2,630,705
Emerson Electric Co.		50,513		4,952,800

The accompanying notes are an integral part of the financial statements.

80

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

	Number of Shares		Value
Generac Holdings, Inc. (a)		5,378	$	1,598,664
				9,182,169
Electronics — 1.0%
Agilent Technologies, Inc.		25,393		3,360,256
Allegion PLC		7,447		817,532
Amphenol Corp. Class A		50,911		3,836,144
Fortive Corp.		30,427		1,853,917
Garmin Ltd.		12,702		1,506,584
Honeywell International, Inc.		58,279		11,339,928
Keysight Technologies, Inc. (a)		15,581		2,461,330
Mettler-Toledo International, Inc. (a)		1,947		2,673,601
TE Connectivity Ltd.		27,693		3,627,229
Trimble, Inc. (a)		21,238		1,532,109
				33,008,630
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc.		10,840		1,493,860
Environmental Controls — 0.3%
Pentair PLC		13,661		740,563
Republic Services, Inc.		17,697		2,344,852
Waste Management, Inc.		32,636		5,172,806
				8,258,221
Hand & Machine Tools — 0.1%
Snap-on, Inc.		4,576		940,277
Stanley Black & Decker, Inc.		13,718		1,917,639
				2,857,916
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		45,941		10,236,574
Machinery – Diversified — 0.7%
Deere & Co.		23,818		9,895,426
Dover Corp.		12,225		1,918,103
IDEX Corp.		6,378		1,222,854
Ingersoll Rand, Inc.		34,346		1,729,321
Nordson Corp.		4,635		1,052,516
Otis Worldwide Corp.		36,113		2,778,895
Rockwell Automation, Inc.		9,829		2,752,415
Westinghouse Air Brake Technologies Corp.		15,995		1,538,239
Xylem, Inc.		15,497		1,321,274
				24,209,043
Miscellaneous - Manufacturing — 1.1%
3M Co.		48,579		7,232,442
A.O. Smith Corp.		11,422		729,752
Eaton Corp. PLC		33,886		5,142,539
General Electric Co.		93,305		8,537,407
Illinois Tool Works, Inc.		24,342		5,097,215
Parker-Hannifin Corp.		10,892		3,090,714
Textron, Inc.		18,886		1,404,741

	Number of Shares		Value
Trane Technologies PLC		19,736	$	3,013,687
				34,248,497
Packaging & Containers — 0.2%
Amcor PLC		126,587		1,434,231
Ball Corp.		27,377		2,463,930
Packaging Corp. of America		8,074		1,260,432
Sealed Air Corp.		12,244		819,858
WestRock Co.		22,397		1,053,331
				7,031,782
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		3,432		684,478
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		11,045		1,189,657
CSX Corp.		188,292		7,051,535
Expeditors International of Washington, Inc.		14,585		1,504,589
FedEx Corp.		20,671		4,783,063
J.B. Hunt Transport Services, Inc.		7,192		1,444,082
Norfolk Southern Corp.		20,353		5,805,083
Old Dominion Freight Line, Inc.		7,846		2,343,443
Union Pacific Corp.		54,050		14,767,000
United Parcel Service, Inc. Class B		61,877		13,270,141
				52,158,593
				248,013,370
Technology — 24.4%
Computers — 8.5%
Accenture PLC Class A		53,647		18,091,378
Apple, Inc.		1,315,999		229,786,585
Cognizant Technology Solutions Corp. Class A		44,644		4,003,227
DXC Technology Co. (a)		20,093		655,635
EPAM Systems, Inc. (a)		4,744		1,407,118
Fortinet, Inc. (a)		11,529		3,939,920
Hewlett Packard Enterprise Co.		108,463		1,812,417
HP, Inc.		91,883		3,335,353
International Business Machines Corp.		76,111		9,895,952
Leidos Holdings, Inc.		11,981		1,294,188
NetApp, Inc.		18,725		1,554,175
Seagate Technology Holdings PLC		16,939		1,522,816
Western Digital Corp. (a)		26,412		1,311,356
				278,610,120
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a)		4,511		1,866,201
Semiconductors — 5.9%
Advanced Micro Devices, Inc. (a)		138,762		15,172,237
Analog Devices, Inc.		44,632		7,372,314
Applied Materials, Inc.		75,366		9,933,239
Broadcom, Inc.		35,041		22,064,617

The accompanying notes are an integral part of the financial statements.

81

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

	Number of Shares		Value
Intel Corp.		345,609	$	17,128,382
IPG Photonics Corp. (a)		3,140		344,646
KLA Corp.		12,790		4,681,907
Lam Research Corp.		11,839		6,364,765
Microchip Technology, Inc.		47,102		3,539,244
Micron Technology, Inc.		95,023		7,401,341
Monolithic Power Systems, Inc.		3,645		1,770,304
NVIDIA Corp.		212,196		57,899,800
NXP Semiconductor NV		22,460		4,156,897
Qorvo, Inc. (a)		9,287		1,152,517
QUALCOMM, Inc.		95,641		14,615,858
Skyworks Solutions, Inc.		14,040		1,871,251
Teradyne, Inc.		13,875		1,640,441
Texas Instruments, Inc.		78,391		14,383,181
				191,492,941
Software — 9.9%
Activision Blizzard, Inc.		66,049		5,291,185
Adobe, Inc. (a)		40,041		18,243,480
Akamai Technologies, Inc. (a)		13,815		1,649,373
ANSYS, Inc. (a)		7,396		2,349,339
Autodesk, Inc. (a)		18,684		4,004,915
Broadridge Financial Solutions, Inc.		10,057		1,565,975
Cadence Design Systems, Inc. (a)		23,463		3,858,725
Ceridian HCM Holding, Inc. (a)		11,281		771,169
Cerner Corp.		24,733		2,314,020
Citrix Systems, Inc.		10,641		1,073,677
Electronic Arts, Inc.		23,880		3,021,059
Fidelity National Information Services, Inc.		51,694		5,191,112
Fiserv, Inc. (a)		50,452		5,115,833
Intuit, Inc.		24,042		11,560,355
Jack Henry & Associates, Inc.		6,268		1,235,109
Microsoft Corp.		636,325		196,185,361
MSCI, Inc.		6,889		3,464,340
Oracle Corp.		133,742		11,064,476
Paychex, Inc.		27,192		3,710,892
Paycom Software, Inc. (a)		4,071		1,410,113
PTC, Inc. (a)		9,080		978,098
Roper Technologies, Inc.		8,956		4,229,292
salesforce.com, Inc. (a)		83,634		17,757,171
ServiceNow, Inc. (a)		16,998		9,466,016
Synopsys, Inc. (a)		13,064		4,353,839
Take-Two Interactive Software, Inc. (a) (b)		9,663		1,485,590
Tyler Technologies, Inc. (a)		3,522		1,566,903
				322,917,417
				794,886,679

	Number of Shares		Value
Utilities — 2.7%
Electric — 2.5%
AES Corp.		56,062	$	1,442,475
Alliant Energy Corp.		21,331		1,332,761
Ameren Corp.		21,639		2,028,873
American Electric Power Co., Inc.		42,515		4,241,722
CenterPoint Energy, Inc.		53,849		1,649,933
CMS Energy Corp.		24,886		1,740,527
Consolidated Edison, Inc.		29,879		2,828,944
Constellation Energy Corp.		28,082		1,579,613
Dominion Energy, Inc.		69,023		5,864,884
DTE Energy Co.		16,462		2,176,441
Duke Energy Corp.		65,497		7,313,395
Edison International		32,499		2,278,180
Entergy Corp.		16,880		1,970,740
Evergy, Inc.		19,526		1,334,407
Eversource Energy		28,917		2,550,190
Exelon Corp.		83,307		3,967,912
FirstEnergy Corp.		48,032		2,202,748
NextEra Energy, Inc.		166,699		14,121,072
NRG Energy, Inc.		21,128		810,470
Pinnacle West Capital Corp.		9,647		753,431
PPL Corp.		64,209		1,833,809
Public Service Enterprise Group, Inc.		42,584		2,980,880
Sempra Energy		26,968		4,533,860
The Southern Co.		90,277		6,545,985
WEC Energy Group, Inc.		26,603		2,655,245
Xcel Energy, Inc.		45,658		3,295,138
				84,033,635
Gas — 0.1%
Atmos Energy Corp.		11,299		1,350,118
NiSource, Inc.		34,043		1,082,567
				2,432,685
Water — 0.1%
American Water Works Co., Inc.		15,405		2,549,989
				89,016,309
TOTAL COMMON STOCK (Cost $1,583,631,032)				3,249,734,222
TOTAL EQUITIES (Cost $1,583,631,032)				3,249,734,222

The accompanying notes are an integral part of the financial statements.

82

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

	Number of Shares		Value
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		264,754	$	264,754
TOTAL MUTUAL FUNDS (Cost $264,754)				264,754
TOTAL LONG-TERM INVESTMENTS (Cost $1,583,895,786)				3,249,998,976
	Principal Amount
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/2022, 0.000%, due 4/01/22 (d)	$	13,764,122		13,764,122
U.S. Treasury Bill — 0.2%
U.S. Treasury Bill
0.315% 6/30/22 (e) (f)		7,365,000		7,355,517
TOTAL SHORT-TERM INVESTMENTS (Cost $21,123,414)				21,119,639
TOTAL INVESTMENTS — 100.3% (Cost $1,605,019,200) (g)				3,271,118,615
Other Assets/(Liabilities) — (0.3)%				(11,322,597	)
NET ASSETS — 100.0%			$	3,259,796,018

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 March 31, 2022, was $4,942,851 or 0.15% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,803,406 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $13,764,122. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 7/15/24, and an aggregate market value, including accrued interest, of $14,039,492.

(e) The rate shown represents yield-to-maturity.

(f) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(g) See Note 6 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		6/17/22		96	$	20,314,459	$	1,433,141

The accompanying notes are an integral part of the financial statements.

83

MassMutual Equity Opportunities Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.0%
COMMON STOCK — 98.3%
Basic Materials — 7.1%
Chemicals — 6.5%
CF Industries Holdings, Inc.		52,700	$	5,431,262
Ecolab, Inc.		124,576		21,995,138
International Flavors & Fragrances, Inc.		27,100		3,559,043
Linde PLC		53,706		17,155,308
				48,140,751
Forest Products & Paper — 0.6%
International Paper Co.		91,500		4,222,725
				52,363,476
Communications — 1.1%
Media — 1.1%
Comcast Corp. Class A		109,500		5,126,790
The Walt Disney Co. (a)		20,950		2,873,502
				8,000,292
Consumer, Cyclical — 9.6%
Apparel — 3.0%
NIKE, Inc. Class B		163,778		22,037,967
Lodging — 0.3%
Las Vegas Sands Corp. (a)		62,100		2,413,827
Retail — 6.3%
McDonald’s Corp.		80,963		20,020,531
The TJX Cos., Inc.		440,133		26,663,257
				46,683,788
				71,135,582
Consumer, Non-cyclical — 34.6%
Agriculture — 0.3%
Philip Morris International, Inc.		24,200		2,273,348
Beverages — 5.6%
The Coca-Cola Co.		259,497		16,088,814
PepsiCo, Inc.		152,245		25,482,768
				41,571,582
Cosmetics & Personal Care — 6.3%
Colgate-Palmolive Co.		317,096		24,045,390
The Procter & Gamble Co.		147,107		22,477,949
				46,523,339
Food — 1.1%
Conagra Brands, Inc.		107,500		3,608,775
Tyson Foods, Inc. Class A		47,900		4,293,277
				7,902,052
Health Care – Products — 9.0%
Baxter International, Inc.		203,183		15,754,810
Danaher Corp.		31,879		9,351,067

	Number of Shares		Value
Medtronic PLC		206,420	$	22,902,299
Stryker Corp.		69,128		18,481,371
				66,489,547
Health Care – Services — 5.5%
Anthem, Inc.		24,730		12,147,871
UnitedHealth Group, Inc.		55,157		28,128,415
				40,276,286
Household Products & Wares — 0.6%
Kimberly-Clark Corp.		37,100		4,569,236
Pharmaceuticals — 6.2%
AbbVie, Inc.		40,100		6,500,611
Becton Dickinson and Co.		25,650		6,822,900
CVS Health Corp.		41,800		4,230,578
Johnson & Johnson		135,975		24,098,849
Sanofi Sponsored ADR		84,500		4,338,230
				45,991,168
				255,596,558
Energy — 1.7%
Oil & Gas — 1.7%
EOG Resources, Inc.		21,400		2,551,522
TotalEnergies SE (b)		154,400		7,834,061
TotalEnergies SE Sponsored ADR		46,750		2,362,745
				12,748,328
Financial — 21.3%
Banks — 3.3%
Fifth Third Bancorp		93,750		4,035,000
The Goldman Sachs Group, Inc.		9,950		3,284,495
Huntington Bancshares, Inc.		245,000		3,581,900
State Street Corp.		29,800		2,596,176
Wells Fargo & Co.		220,000		10,661,200
				24,158,771
Diversified Financial Services — 6.2%
American Express Co.		105,043		19,643,041
Visa, Inc. Class A		117,492		26,056,201
				45,699,242
Insurance — 9.6%
American International Group, Inc.		131,100		8,229,147
Chubb Ltd.		135,052		28,887,623
Loews Corp.		62,250		4,035,045
Marsh & McLennan Cos., Inc.		148,549		25,315,721
MetLife, Inc.		63,000		4,427,640
				70,895,176
Real Estate Investment Trusts (REITS) — 2.2%
American Tower Corp.		37,538		9,430,296
Equity Residential		47,550		4,275,696

The accompanying notes are an integral part of the financial statements.

84

MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Weyerhaeuser Co.		78,800	$	2,986,520
				16,692,512
				157,445,701
Industrial — 14.4%
Aerospace & Defense — 6.1%
The Boeing Co. (a)		12,400		2,374,600
L3 Harris Technologies, Inc.		25,200		6,261,444
Lockheed Martin Corp.		24,663		10,886,248
Northrop Grumman Corp.		57,231		25,594,848
				45,117,140
Electronics — 3.4%
Honeywell International, Inc.		129,752		25,247,144
Miscellaneous - Manufacturing — 1.2%
General Electric Co.		94,350		8,633,025
Transportation — 3.7%
Union Pacific Corp.		68,884		18,819,798
United Parcel Service, Inc. Class B		39,400		8,449,724
				27,269,522
				106,266,831
Technology — 5.8%
Computers — 1.4%
Accenture PLC Class A		31,589		10,652,758
Semiconductors — 1.1%
QUALCOMM, Inc.		52,200		7,977,204
Software — 3.3%
Citrix Systems, Inc.		7,900		797,110
Microsoft Corp.		76,302		23,524,670
				24,321,780
				42,951,742
Utilities — 2.7%
Electric — 2.4%
Sempra Energy		54,350		9,137,322
The Southern Co.		119,750		8,683,073
				17,820,395
Gas — 0.3%
NiSource, Inc.		58,750		1,868,249
				19,688,644
TOTAL COMMON STOCK (Cost $563,803,209)				726,197,154

	Number of Shares		Value
PREFERRED STOCK — 0.7%
Consumer, Cyclical — 0.3%
Auto Manufacturers — 0.3%
Volkswagen AG 2.560%		13,900	$	2,403,537
Consumer, Non-cyclical — 0.1%
Pharmaceuticals — 0.1%
Becton Dickinson and Co. Convertible 6.000% (b)		14,700		776,454
Utilities — 0.3%
Electric — 0.2%
Southern Co. Convertible 6.75%		23,100		1,261,491
Gas — 0.1%
NiSource, Inc. 7.750%		8,204		976,112
				2,237,603
TOTAL PREFERRED STOCK (Cost $5,989,632)				5,417,594
TOTAL EQUITIES (Cost $569,792,841)				731,614,748
MUTUAL FUNDS — 1.2%
Diversified Financial Services — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		8,783,482		8,783,482
				8,783,482
TOTAL MUTUAL FUNDS (Cost $8,783,482)				8,783,482
TOTAL LONG-TERM INVESTMENTS (Cost $578,576,323)				740,398,230

The accompanying notes are an integral part of the financial statements.

85

MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.1%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		156	$	156
	Principal Amount
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (d)	$	8,133,590		8,133,590
TOTAL SHORT-TERM INVESTMENTS (Cost $8,133,746)				8,133,746
TOTAL INVESTMENTS — 101.3% (Cost $586,710,069) (e)				748,531,976
Other Assets/(Liabilities) — (1.3)%				(9,691,260	)
NET ASSETS — 100.0%			$	738,840,716

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 March 31, 2022, was $8,480,626 or 1.15% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $107,452 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $8,133,590. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $8,296,325.

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

Country weightings, as a percentage of net assets, is as follows:

United States	87.1	%
Ireland	6.9	%
Switzerland	3.9	%
France	2.0	%
Germany	0.3	%
Total Long-Term Investments	100.2	%
Short-Term Investments and Other Assets and Liabilities	(0.2	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

86

MassMutual Fundamental Growth Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 0.7%
Chemicals — 0.7%
Celanese Corp.		2,110	$	301,456
Communications — 11.9%
Internet — 10.4%
CDW Corp.		5,079		908,582
Etsy, Inc. (a)		2,400		298,272
Expedia Group, Inc. (a)		1,430		279,808
Match Group, Inc. (a)		7,803		848,498
Palo Alto Networks, Inc. (a)		2,673		1,663,969
Zendesk, Inc. (a)		5,240		630,320
				4,629,449
Telecommunications — 1.5%
Ciena Corp. (a)		4,530		274,654
Nice Ltd. Sponsored ADR (a) (b)		1,740		381,060
				655,714
				5,285,163
Consumer, Cyclical — 13.2%
Apparel — 1.0%
Tapestry, Inc.		11,850		440,227
Distribution & Wholesale — 2.2%
Copart, Inc. (a)		3,500		439,145
WESCO International, Inc. (a)		4,070		529,670
				968,815
Entertainment — 1.6%
Live Nation Entertainment, Inc. (a)		3,490		410,564
Vail Resorts, Inc.		1,120		291,502
				702,066
Lodging — 2.7%
Hilton Worldwide Holdings, Inc. (a)		7,913		1,200,719
Retail — 5.7%
Freshpet, Inc. (a)		5,356		549,740
Lululemon Athletica, Inc. (a)		2,402		877,282
Ulta Beauty, Inc. (a)		1,270		505,739
Wingstop, Inc.		5,382		631,578
				2,564,339
				5,876,166
Consumer, Non-cyclical — 31.6%
Biotechnology — 3.4%
Horizon Therapeutics PLC (a)		4,290		451,351
Rocket Pharmaceuticals, Inc. (a)		4,530		71,846
Seagen, Inc. (a)		6,702		965,423
				1,488,620

	Number of Shares		Value
Commercial Services — 13.4%
Chegg, Inc. (a) (b)		22,497	$	816,191
Gartner, Inc. (a)		4,859		1,445,358
Global Payments, Inc.		3,710		507,676
MarketAxess Holdings, Inc.		1,580		537,516
Shift4 Payments, Inc. Class A (a)		13,591		841,691
TransUnion		17,630		1,821,884
				5,970,316
Health Care – Products — 7.3%
Align Technology, Inc. (a)		1,546		674,056
Avantor, Inc. (a)		8,800		297,616
The Cooper Cos., Inc.		1,035		432,206
IDEXX Laboratories, Inc. (a)		1,063		581,525
Insulet Corp. (a)		1,240		330,323
Omnicell, Inc. (a)		7,157		926,760
				3,242,486
Health Care – Services — 5.3%
ICON PLC (a)		8,199		1,994,161
Quest Diagnostics, Inc.		2,710		370,890
				2,365,051
Pharmaceuticals — 2.2%
Ascendis Pharma A/S ADR (a)		3,260		382,594
DexCom, Inc. (a)		1,160		593,456
				976,050
				14,042,523
Energy — 1.0%
Oil & Gas — 1.0%
Devon Energy Corp.		7,450		440,518
Financial — 7.0%
Banks — 0.8%
First Republic Bank		2,200		356,620
Diversified Financial Services — 3.5%
Hamilton Lane, Inc. Class A		10,427		805,903
LPL Financial Holdings, Inc.		2,400		438,432
Tradeweb Markets, Inc. Class A		3,250		285,578
				1,529,913
Insurance — 1.0%
Arthur J Gallagher & Co.		2,530		441,738
Real Estate Investment Trusts (REITS) — 1.7%
Douglas Emmett, Inc.		7,190		240,290
Essex Property Trust, Inc.		1,480		511,310
				751,600
				3,079,871
Industrial — 10.1%
Aerospace & Defense — 3.7%
Hexcel Corp.		12,300		731,481

The accompanying notes are an integral part of the financial statements.

87

MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Teledyne Technologies, Inc. (a)		845	$	399,372
TransDigm Group, Inc. (a)		774		504,292
				1,635,145
Building Materials — 1.5%
Fortune Brands Home & Security, Inc.		9,155		680,033
Electrical Components & Equipment — 0.9%
AMETEK, Inc.		2,840		378,231
Environmental Controls — 0.8%
Waste Connections, Inc.		2,700		377,190
Machinery – Construction & Mining — 1.5%
BWX Technologies, Inc.		12,209		657,577
Machinery – Diversified — 1.7%
IDEX Corp.		1,580		302,934
Rockwell Automation, Inc.		1,635		457,849
				760,783
				4,488,959
Technology — 24.4%
Computers — 6.3%
Cognizant Technology Solutions Corp. Class A		2,420		217,001
EPAM Systems, Inc. (a)		250		74,153
Fortinet, Inc. (a)		2,400		820,176
NetApp, Inc.		4,730		392,590
Varonis Systems, Inc. (a)		20,026		952,036
Zscaler, Inc. (a)		1,400		337,792
				2,793,748
Semiconductors — 6.2%
Advanced Micro Devices, Inc. (a)		2,900		317,086
KLA Corp.		1,810		662,569
Microchip Technology, Inc.		6,660		500,432
ON Semiconductor Corp. (a)		4,850		303,659
Synaptics, Inc. (a)		3,188		636,006
Teradyne, Inc.		2,750		325,132
				2,744,884
Software — 11.9%
Avalara, Inc. (a)		8,953		890,913
Ceridian HCM Holding, Inc. (a)		11,600		792,976
Electronic Arts, Inc.		900		113,859
HubSpot, Inc. (a)		749		355,730
Lightspeed Commerce, Inc. (a) (b)		13,280		404,642
MongoDB, Inc. (a)		940		416,975
MSCI, Inc.		680		341,958
Nutanix, Inc. Class A (a)		11,430		306,553
Splunk, Inc. (a)		2,820		419,080

	Number of Shares		Value
ZoomInfo Technologies, Inc. (a)		20,992	$	1,254,062
				5,296,748
				10,835,380
TOTAL COMMON STOCK (Cost $43,338,742)				44,350,036
TOTAL EQUITIES (Cost $43,338,742)				44,350,036
MUTUAL FUNDS — 0.5%
Diversified Financial Services — 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		231,250		231,250
TOTAL MUTUAL FUNDS (Cost $231,250)				231,250
TOTAL LONG-TERM INVESTMENTS (Cost $43,569,992)				44,581,286
	Principal Amount
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (d)	$	387,596		387,596
TOTAL SHORT-TERM INVESTMENTS (Cost $387,596)				387,596
TOTAL INVESTMENTS — 101.3% (Cost $43,957,588) (e)				44,968,882
Other Assets/(Liabilities) — (1.3)%				(573,759	)
NET ASSETS — 100.0%			$	44,395,123

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

88

MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)

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 March 31, 2022, was $1,408,452 or 3.17% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,213,147 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $387,596. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 0.500%, maturity dates ranging from 4/15/24 - 9/15/24, and an aggregate market value, including accrued interest, of $395,511.

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

Country weightings, as a percentage of net assets, is as follows:

United States	91.4	%
Ireland	5.5	%
Canada	1.7	%
Denmark	0.9	%
Israel	0.9	%
Total Long-Term Investments	100.4	%
Short-Term Investments and Other Assets and Liabilities	(0.4	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

89

MassMutual Blue Chip Growth Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.4%
Basic Materials — 0.2%
Chemicals — 0.2%
Linde PLC		17,703	$	5,654,869
The Sherwin-Williams Co.		4,427		1,105,068
				6,759,937
				6,759,937
Communications — 32.4%
Internet — 29.7%
Alibaba Group Holding Ltd. Sponsored ADR (a)		183,819		19,999,507
Alphabet, Inc. Class A (a)		42,996		119,586,925
Alphabet, Inc. Class C (a)		90,166		251,832,736
Amazon.com, Inc. (a)		105,676		344,498,476
Booking Holdings, Inc. (a)		4,633		10,880,369
DoorDash, Inc., Class A (a)		113,419		13,291,573
JD.COM, Inc., Class A, Lockup Shares (Acquired 1/20/22, Cost $350,651)) (a) (b) (c)		9,614		267,495
Meta Platforms, Inc. Class A (a)		803,847		178,743,419
Netflix, Inc. (a)		167,375		62,697,001
Opendoor Technologies, Inc. (a) (d)		335,690		2,903,718
Pinterest, Inc. Class A (a)		205,335		5,053,294
Sea Ltd. ADR (a)		177,387		21,249,189
Shopify, Inc. Class A (a)		54,710		36,981,772
Snap, Inc. Class A (a)		624,649		22,481,117
Spotify Technology SA (a)		31,705		4,788,089
Tencent Holdings Ltd.		196,300		9,260,529
				1,104,515,209
Media — 2.6%
FactSet Research Systems, Inc.		67,776		29,424,950
The Walt Disney Co. (a)		476,710		65,385,544
				94,810,494
Telecommunications — 0.1%
Cisco Systems, Inc.		—		—
T-Mobile US, Inc. (a)		39,706		5,096,265
				5,096,265
				1,204,421,968
Consumer, Cyclical — 8.4%
Apparel — 0.4%
NIKE, Inc. Class B		112,349		15,117,682
Auto Manufacturers — 4.0%
Rivian Automotive, Inc. Class A (a)		97,857		4,916,336
Rivian Automotive, Inc., Lockup Shares (Acquired 1/19/21-11/18/21, Cost $12,901,166) (a) (b) (c)		265,643		12,678,609

	Number of Shares		Value
Tesla, Inc. (a)		122,026	$	131,495,217
				149,090,162
Retail — 4.0%
Carvana Co. (a) (d)		112,038		13,365,013
Chipotle Mexican Grill, Inc. (a)		9,638		15,247,605
Dollar General Corp.		64,648		14,392,584
Lululemon Athletica, Inc. (a)		45,892		16,761,135
Ross Stores, Inc.		153,392		13,875,840
Starbucks Corp.		431,468		39,250,644
The TJX Cos., Inc.		52,257		3,165,729
Yum China Holdings, Inc.		226,551		9,410,929
Yum! Brands, Inc.		179,424		21,267,127
				146,736,606
				310,944,450
Consumer, Non-cyclical — 17.4%
Beverages — 1.3%
Monster Beverage Corp. (a)		596,483		47,658,992
Biotechnology — 4.1%
Illumina, Inc. (a)		117,315		40,989,861
Regeneron Pharmaceuticals, Inc. (a)		77,275		53,970,405
Vertex Pharmaceuticals, Inc. (a)		220,839		57,632,354
				152,592,620
Commercial Services — 2.8%
Adyen NV (a)		142,318		2,813,627
Affirm Holdings, Inc. (a) (d)		71,534		3,310,594
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $3,358,253) (a) (b) (c) (e)		881,113		2,511,172
Block, Inc. (a)		275,486		37,355,902
Cintas Corp.		6,206		2,639,970
PayPal Holdings, Inc. (a)		337,078		38,983,071
S&P Global, Inc.		32,780		13,445,700
TransUnion		35,125		3,629,817
				104,689,853
Health Care – Products — 3.2%
Align Technology, Inc. (a)		9,352		4,077,472
Danaher Corp.		83,183		24,400,070
Intuitive Surgical, Inc. (a)		182,249		54,980,878
Stryker Corp.		61,794		16,520,626
Teleflex, Inc.		15,411		5,468,285
Thermo Fisher Scientific, Inc.		22,045		13,020,879
				118,468,210
Health Care – Services — 1.7%
HCA Healthcare, Inc.		44,085		11,048,582
Humana, Inc.		17,463		7,599,374
UnitedHealth Group, Inc.		90,868		46,339,954
				64,987,910

The accompanying notes are an integral part of the financial statements.

90

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

	Number of Shares		Value
Pharmaceuticals — 4.3%
AstraZeneca PLC Sponsored ADR		79,990	$	5,306,537
Eli Lilly & Co.		94,812		27,151,312
Novartis AG Sponsored ADR (d)		569,227		49,949,669
Novo Nordisk A/S Sponsored ADR		181,992		20,210,212
Roche Holding AG Sponsored ADR		914,056		45,163,507
Zoetis, Inc.		60,913		11,487,583
				159,268,820
				647,666,405
Financial — 7.0%
Banks — 0.5%
The Goldman Sachs Group, Inc.		59,107		19,511,221
Diversified Financial Services — 6.2%
The Charles Schwab Corp.		129,615		10,927,840
Mastercard, Inc. Class A		120,002		42,886,315
SEI Investments Co.		389,232		23,435,659
Visa, Inc. Class A		690,571		153,147,931
				230,397,745
Insurance — 0.3%
Chubb Ltd.		34,015		7,275,808
Marsh & McLennan Cos., Inc.		25,592		4,361,389
				11,637,197
				261,546,163
Industrial — 4.3%
Aerospace & Defense — 2.1%
The Boeing Co. (a)		405,600		77,672,400
Electronics — 0.1%
TE Connectivity Ltd.		27,458		3,596,449
Machinery – Diversified — 1.3%
Deere & Co.		115,947		48,171,341
Miscellaneous - Manufacturing — 0.1%
General Electric Co.		61,596		5,636,034
Transportation — 0.7%
Expeditors International of Washington, Inc.		257,189		26,531,617
				161,607,841
Technology — 29.7%
Computers — 4.1%
Apple, Inc.		785,605		137,174,489
Crowdstrike Holdings, Inc. Class A (a)		11,733		2,664,330
Fortinet, Inc. (a)		41,283		14,108,052
				153,946,871
Semiconductors — 8.1%
Advanced Micro Devices, Inc. (a)		205,018		22,416,668
ASML Holding NV		25,148		16,797,104
Marvell Technology, Inc.		132,801		9,523,160
Monolithic Power Systems, Inc.		15,519		7,537,268

	Number of Shares		Value
NVIDIA Corp.		698,786	$	190,670,748
QUALCOMM, Inc.		236,509		36,143,305
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		63,909		6,663,152
Texas Instruments, Inc.		54,771		10,049,383
				299,800,788
Software — 17.5%
Atlassian Corp. PLC Class A (a)		43,244		12,706,384
Autodesk, Inc. (a)		261,920		56,142,552
Bill.com Holdings, Inc. (a)		54,898		12,450,317
Canva, Inc. (Acquired 8/16/21, Cost $2,302,739) (a) (b) (c) (e)		1,351		1,844,115
Confluent, Inc. Class A (a)		68,200		2,796,200
Datadog, Inc. Class A (a)		32,118		4,864,913
DocuSign, Inc. (a)		45,921		4,919,057
Gusto, Inc. (Acquired 4/10/21, Cost $765,943) (a) (b) (c) (e)		26,606		764,985
HashiCorp, Inc. Class A (a) (d)		18,050		974,700
Intuit, Inc.		70,029		33,672,744
Microsoft Corp.		826,627		254,857,370
MongoDB, Inc. (a)		29,930		13,276,649
MSCI, Inc.		5,409		2,720,078
Oracle Corp.		887,052		73,385,812
Paycom Software, Inc. (a)		3,952		1,368,894
Roper Technologies, Inc.		22,007		10,392,366
salesforce.com, Inc. (a)		279,478		59,338,769
ServiceNow, Inc. (a)		84,563		47,092,289
Snowflake, Inc. Class A (a)		21,813		4,998,013
Synopsys, Inc. (a)		65,736		21,907,837
Twilio, Inc. Class A (a)		12,433		2,049,083
Veeva Systems, Inc. Class A (a)		23,522		4,997,485
Workday, Inc. Class A (a)		95,526		22,874,656
				650,395,268
				1,104,142,927
TOTAL COMMON STOCK (Cost $2,232,325,592)				3,697,089,691
PREFERRED STOCK — 0.1%
Technology — 0.1%
Software — 0.1%
Canva, Inc., Series A (Acquired 11/04/21-12/17/21, Cost $144,893) (a) (b) (c) (e)		85		116,025
Canva, Inc., Series A-3 (Acquired 11/04/21-12/17/21, Cost $17,043) (a) (b) (c) (e)		10		13,650

The accompanying notes are an integral part of the financial statements.

91

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

	Number of Shares		Value
Databricks, Inc., Series G (Acquired 2/01/21, Cost $815,183) (a) (b) (c) (e)		4,596	$	762,384
Databricks, Inc., Series H (Acquired 8/31/21, Cost $2,202,319) (a) (b) (c) (e)		9,990		1,657,141
Gusto, Inc., Series E (Acquired 7/13/21, Cost $1,117,484) (a) (b) (c) (e)		36,765		1,117,484
				3,666,684
TOTAL PREFERRED STOCK (Cost $4,296,923)				3,666,684
TOTAL EQUITIES (Cost $2,236,622,515)				3,700,756,375
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		3,359,023		3,359,023
TOTAL MUTUAL FUNDS (Cost $3,359,023)				3,359,023
TOTAL LONG-TERM INVESTMENTS (Cost $2,239,981,538)				3,704,115,398

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.7%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100	$	100
	Principal Amount
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (g)	$	24,331,806		24,331,806
TOTAL SHORT-TERM INVESTMENTS (Cost $24,331,906)				24,331,906
TOTAL INVESTMENTS — 100.3% (Cost $2,264,313,444) (h)				3,728,447,304
Other Assets/(Liabilities) — (0.3)%				(9,332,820	)
NET ASSETS — 100.0%			$	3,719,114,484

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) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $21,733,060 or 0.58% of net assets.

(c) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $21,733,060 or 0.58% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $21,556,672 or 0.58% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $18,848,698 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e) Investment was valued using significant unobservable inputs.

(f) Represents investment of security lending cash collateral. (Note 2).

(g) Maturity value of $24,331,806. Collateralized by U.S. Government Agency obligations with rates ranging from 0.500% - 1.750%, maturity dates ranging from 4/15/24 - 6/30/24, and an aggregate market value, including accrued interest, of $24,818,590.

(h) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

92

MassMutual Growth Opportunities Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Communications — 30.0%
Internet — 27.0%
Airbnb, Inc. Class A (a)		46,557	$	7,996,630
Amazon.com, Inc. (a)		9,880		32,208,306
DoorDash, Inc., Class A (a)		31,022		3,635,468
Fiverr International Ltd. (a) (b)		15,325		1,165,773
Match Group, Inc. (a)		120,321		13,083,705
Meta Platforms, Inc. Class A (a)		18,260		4,060,294
Netflix, Inc. (a)		23,102		8,653,778
Sea Ltd. ADR (a)		78,301		9,379,677
Shopify, Inc. Class A (a)		7,072		4,780,389
Uber Technologies, Inc. (a)		440,850		15,729,528
				100,693,548
Media — 3.0%
Charter Communications, Inc. Class A (a)		20,788		11,340,270
				112,033,818
Consumer, Cyclical — 3.7%
Apparel — 1.8%
NIKE, Inc. Class B		49,677		6,684,537
Entertainment — 1.1%
Warner Music Group Corp. Class A		109,597		4,148,247
Retail — 0.8%
Floor & Decor Holdings, Inc. Class A (a)		39,028		3,161,268
				13,994,052
Consumer, Non-cyclical — 20.6%
Commercial Services — 4.5%
Block, Inc. (a)		86,054		11,668,922
CoStar Group, Inc. (a)		79,080		5,267,519
				16,936,441
Health Care – Products — 9.4%
10X Genomics, Inc. Class A (a) (b)		79,390		6,039,197
Align Technology, Inc. (a)		20,518		8,945,848
Edwards Lifesciences Corp. (a)		116,954		13,767,825
Intuitive Surgical, Inc. (a)		20,593		6,212,496
				34,965,366
Health Care – Services — 2.0%
Catalent, Inc. (a)		67,521		7,488,079
Pharmaceuticals — 4.7%
DexCom, Inc. (a)		19,699		10,078,008
Sarepta Therapeutics, Inc. (a)		43,942		3,432,749
Zoetis, Inc.		21,377		4,031,489
				17,542,246
				76,932,132

	Number of Shares		Value
Financial — 10.8%
Diversified Financial Services — 9.6%
Mastercard, Inc. Class A		34,721	$	12,408,591
Visa, Inc. Class A (b)		105,426		23,380,324
				35,788,915
Private Equity — 1.2%
KKR & Co., Inc.		76,038		4,445,942
				40,234,857
Industrial — 3.4%
Environmental Controls — 1.6%
Waste Management, Inc.		37,821		5,994,629
Transportation — 1.8%
Canadian Pacific Railway Ltd. (b)		80,624		6,654,705
				12,649,334
Technology — 29.4%
Semiconductors — 1.2%
NVIDIA Corp.		16,475		4,495,368
Software — 28.2%
Adobe, Inc. (a)		7,691		3,504,174
Atlassian Corp. PLC Class A (a)		27,718		8,144,380
Cloudflare, Inc. Class A (a)		52,774		6,317,048
Coupa Software, Inc. (a)		36,497		3,709,190
Datadog, Inc. Class A (a)		39,134		5,927,627
Gitlab, Inc. (a)		51,203		2,788,003
Intuit, Inc.		15,593		7,497,738
Microsoft Corp.		68,625		21,157,774
ServiceNow, Inc. (a)		37,051		20,633,331
Snowflake, Inc. Class A (a)		44,603		10,219,885
Twilio, Inc. Class A (a)		54,280		8,945,887
Veeva Systems, Inc. Class A (a)		30,734		6,529,746
				105,374,783
				109,870,151
TOTAL COMMON STOCK (Cost $291,639,460)				365,714,344
TOTAL EQUITIES (Cost $291,639,460)				365,714,344
TOTAL LONG-TERM INVESTMENTS (Cost $291,639,460)				365,714,344

The accompanying notes are an integral part of the financial statements.

93

MassMutual Growth Opportunities Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.9%
Repurchase Agreement — 2.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (c)	$	10,821,174	$	10,821,174
TOTAL SHORT-TERM INVESTMENTS (Cost $10,821,174)				10,821,174
TOTAL INVESTMENTS — 100.8% (Cost $302,460,634) (d)				376,535,518
Other Assets/(Liabilities) — (0.8)%				(2,913,750	)
NET ASSETS — 100.0%			$	373,621,768

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 March 31, 2022, was $12,580,377 or 3.37% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $12,944,201 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Maturity value of $10,821,174. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% - 0.375%, maturity dates ranging from 7/15/24 - 9/15/24, and an aggregate market value, including accrued interest, of $11,037,691.

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

94

MassMutual Mid Cap Value Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.2%
COMMON STOCK — 97.2%
Basic Materials — 3.4%
Chemicals — 2.0%
Axalta Coating Systems Ltd. (a)		14,595	$	358,745
CF Industries Holdings, Inc.		9,268		955,160
LyondellBasell Industries NV Class A		7,138		733,929
The Mosaic Co.		5,300		352,450
Olin Corp.		706		36,910
				2,437,194
Forest Products & Paper — 0.9%
International Paper Co.		13,648		629,855
Mondi PLC		24,711		479,053
Sylvamo Corp. (a)		407		13,545
				1,122,453
Iron & Steel — 0.5%
Cleveland-Cliffs, Inc. (a)		10,100		325,321
United States Steel Corp.		9,000		339,660
				664,981
				4,224,628
Communications — 6.4%
Advertising — 0.5%
The Interpublic Group of Cos., Inc.		17,731		628,564
Internet — 1.1%
eBay, Inc.		3,900		223,314
F5, Inc. (a)		2,209		461,571
IAC/InterActiveCorp (a)		6,600		661,848
				1,346,733
Media — 4.7%
Altice USA, Inc. Class A (a)		58,000		723,840
Discovery, Inc. Class C (a)		18,300		456,951
DISH Network Corp. Class A (a)		19,600		620,340
Fox Corp. Class A		14,500		572,025
Fox Corp. Class B		17,061		618,973
Liberty Broadband Corp. Class C (a)		6,700		906,644
Liberty Global PLC Class A (a)		30,900		788,259
Liberty Media Corp-Liberty SiriusXM Class C (a)		16,700		763,691
News Corp. Class A		13,717		303,832
				5,754,555
Telecommunications — 0.1%
Juniper Networks, Inc.		3,190		118,540
				7,848,392
Consumer, Cyclical — 8.8%
Airlines — 0.7%
Southwest Airlines Co. (a)		19,456		891,085

	Number of Shares		Value
Apparel — 0.7%
Columbia Sportswear Co.		199	$	18,016
Deckers Outdoor Corp. (a)		188		51,469
PVH Corp.		2,653		203,246
Ralph Lauren Corp.		248		28,133
Tapestry, Inc.		13,342		495,655
				796,519
Auto Manufacturers — 0.4%
Cummins, Inc.		965		197,931
PACCAR, Inc.		3,482		306,660
				504,591
Auto Parts & Equipment — 0.7%
Aptiv PLC (a)		346		41,420
BorgWarner, Inc.		15,406		599,293
Bridgestone Corp.		4,800		185,767
				826,480
Distribution & Wholesale — 0.7%
LKQ Corp.		20,166		915,738
Food Services — 0.3%
Sodexo SA		5,150		418,092
Home Builders — 0.7%
NVR, Inc. (a)		100		446,727
PulteGroup, Inc.		10,802		452,604
Toll Brothers, Inc.		345		16,222
				915,553
Home Furnishing — 0.2%
Dolby Laboratories, Inc. Class A		2,380		186,163
Leisure Time — 0.3%
Polaris, Inc. (b)		3,126		329,230
Retail — 4.1%
Advance Auto Parts, Inc.		4,091		846,673
Bath & Body Works, Inc.		5,717		273,273
Beacon Roofing Supply, Inc. (a)		5,257		311,635
Cracker Barrel Old Country Store, Inc.		1,947		231,167
Dick’s Sporting Goods, Inc.		753		75,315
Dollar Tree, Inc. (a)		9,829		1,574,114
Kohl’s Corp.		3,704		223,944
MSC Industrial Direct Co., Inc. Class A		8,527		726,586
Ross Stores, Inc.		6,300		569,898
Victoria’s Secret & Co. (a)		1,288		66,152
Williams-Sonoma, Inc.		1,226		177,770
				5,076,527
				10,859,978

The accompanying notes are an integral part of the financial statements.

95

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

	Number of Shares		Value
Consumer, Non-cyclical — 19.4%
Agriculture — 1.1%
Archer-Daniels-Midland Co.		10,722	$	967,768
Darling Ingredients, Inc. (a)		5,278		424,245
				1,392,013
Beverages — 0.7%
Brown-Forman Corp. Class B		1,380		92,488
Molson Coors Beverage Co. Class B		14,762		787,995
				880,483
Biotechnology — 0.9%
Corteva, Inc.		14,429		829,379
Incyte Corp. (a)		1,815		144,147
Novavax, Inc. (a)		90		6,629
United Therapeutics Corp. (a)		600		107,646
				1,087,801
Commercial Services — 1.4%
Euronet Worldwide, Inc. (a)		1,022		133,013
FleetCor Technologies, Inc. (a)		3,300		821,898
Gartner, Inc. (a)		77		22,905
Global Payments, Inc.		4,000		547,360
ManpowerGroup, Inc.		2,187		205,403
Morningstar, Inc.		84		22,946
				1,753,525
Food — 4.0%
Conagra Brands, Inc.		24,718		829,783
General Mills, Inc.		4,396		297,697
The J.M. Smucker Co.		2,179		295,058
Kellogg Co.		4,257		274,534
Koninklijke Ahold Delhaize NV		22,084		709,918
The Kraft Heinz Co.		15,300		602,667
Orkla ASA		30,283		269,317
Post Holdings, Inc. (a)		14,800		1,025,048
Sysco Corp.		2,864		233,846
Tyson Foods, Inc. Class A		4,205		376,894
				4,914,762
Health Care – Products — 3.1%
Envista Holdings Corp. (a)		2,813		137,021
Globus Medical, Inc. Class A (a)		377		27,815
Henry Schein, Inc. (a)		7,251		632,215
Hologic, Inc. (a)		9,213		707,743
ICU Medical, Inc. (a)		104		23,154
Koninklijke Philips NV		25,448		776,927
Zimmer Biomet Holdings, Inc.		11,161		1,427,492
Zimvie, Inc. (a)		1,088		24,850
				3,757,217
Health Care – Services — 3.5%
Centene Corp. (a)		5,700		479,883

	Number of Shares		Value
Humana, Inc.		296	$	128,810
IQVIA Holdings, Inc. (a)		2,652		613,169
Laboratory Corp. of America Holdings (a)		5,796		1,528,174
Molina Healthcare, Inc. (a)		104		34,693
Quest Diagnostics, Inc.		5,550		759,573
Universal Health Services, Inc. Class B		5,422		785,919
				4,330,221
Household Products & Wares — 0.5%
Avery Dennison Corp.		204		35,490
Kimberly-Clark Corp.		4,907		604,346
				639,836
Pharmaceuticals — 4.2%
AmerisourceBergen Corp.		7,609		1,177,188
Becton Dickinson and Co.		1,582		420,812
Cardinal Health, Inc.		8,624		488,981
Dentsply Sirona, Inc.		3,958		194,813
McKesson Corp.		3,817		1,168,498
Organon & Co.		17,830		622,802
Perrigo Co. PLC		17,400		668,682
Viatris, Inc.		43,800		476,544
				5,218,320
				23,974,178
Energy — 7.3%
Oil & Gas — 4.8%
APA Corp.		15,727		649,997
Chesapeake Energy Corp. (b)		5,700		495,900
Devon Energy Corp.		17,520		1,035,958
Diamondback Energy, Inc.		2,600		356,408
DTE Midstream LLC (a)		501		27,184
EQT Corp.		13,300		457,653
Hess Corp.		1,865		199,630
HF Sinclair Corp.		17,300		689,405
Marathon Oil Corp.		29,343		736,803
Pioneer Natural Resources Co.		2,741		685,332
Valero Energy Corp.		5,823		591,267
				5,925,537
Oil & Gas Services — 0.5%
Baker Hughes Co.		16,332		594,648
Pipelines — 2.0%
Enterprise Products Partners LP (c)		17,456		450,539
Kinder Morgan, Inc.		30,500		576,755
Targa Resources Corp.		8,395		633,571
The Williams Cos., Inc.		25,900		865,319
				2,526,184
				9,046,369

The accompanying notes are an integral part of the financial statements.

96

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

	Number of Shares		Value
Financial — 25.0%
Banks — 6.4%
The Bank of New York Mellon Corp.		17,358	$	861,478
Comerica, Inc.		6,357		574,864
Commerce Bancshares, Inc.		951		68,082
Fifth Third Bancorp		11,786		507,269
First Citizens BancShares, Inc. Class A		1,194		794,726
First Hawaiian, Inc.		18,660		520,427
KeyCorp.		33,807		756,601
M&T Bank Corp.		866		146,787
Northern Trust Corp.		8,782		1,022,664
Popular, Inc.		411		33,595
Prosperity Bancshares, Inc.		8,130		564,059
Regions Financial Corp.		30,389		676,459
State Street Corp.		2,254		196,369
Synovus Financial Corp.		5,523		270,627
Truist Financial Corp.		10,769		610,602
Webster Financial Corp.		478		26,825
Westamerica Bancorp.		4,195		253,798
Wintrust Financial Corp.		301		27,972
				7,913,204
Diversified Financial Services — 2.5%
Affiliated Managers Group, Inc.		1,872		263,859
Alliance Data Systems Corp.		260		14,599
Ally Financial, Inc.		15,400		669,592
Ameriprise Financial, Inc.		2,959		888,765
Discover Financial Services		5,364		591,059
Janus Henderson Group PLC		907		31,763
SLM Corp.		1,603		29,431
T. Rowe Price Group, Inc.		4,277		646,640
				3,135,708
Insurance — 8.0%
Aflac, Inc.		8,402		541,005
Alleghany Corp. (a)		1,500		1,270,500
The Allstate Corp.		12,373		1,713,784
Arch Capital Group Ltd. (a)		17,700		857,034
Assurant, Inc.		295		53,640
Chubb Ltd.		1,978		423,094
Fidelity National Financial, Inc.		18,000		879,120
The Hartford Financial Services Group, Inc.		10,556		758,026
Loews Corp.		8,300		538,006
Markel Corp. (a)		400		590,096
Old Republic International Corp.		18,300		473,421
Prudential Financial, Inc.		3,558		420,449
Reinsurance Group of America, Inc.		10,055		1,100,620
Unum Group		7,341		231,315
				9,850,110

	Number of Shares		Value
Private Equity — 0.5%
KKR & Co., Inc.		10,266	$	600,253
Real Estate — 1.1%
CBRE Group, Inc. Class A (a)		7,369		674,411
Jones Lang LaSalle, Inc. (a)		2,565		614,215
				1,288,626
Real Estate Investment Trusts (REITS) — 6.4%
Annaly Capital Management, Inc.		109,500		770,880
Apartment Income REIT Corp.		807		43,142
Duke Realty Corp.		9,677		561,847
Equinix, Inc.		667		494,661
Essex Property Trust, Inc.		876		302,640
Extra Space Storage, Inc.		623		128,089
Gaming and Leisure Properties, Inc.		8,600		403,598
Healthcare Trust of America, Inc. Class A		7,167		224,614
Healthpeak Properties, Inc.		20,947		719,110
JBG SMITH Properties		31,495		920,284
MGM Growth Properties LLC Class A		11,100		429,570
Orion Office REIT, Inc.		2,580		36,120
Regency Centers Corp.		7,382		526,632
SBA Communications Corp.		1,575		541,957
Simon Property Group, Inc.		1,463		192,472
Weyerhaeuser Co.		24,933		944,961
WP Carey, Inc.		7,849		634,513
				7,875,090
Savings & Loans — 0.1%
Capitol Federal Financial, Inc.		15,292		166,377
				30,829,368
Industrial — 11.7%
Aerospace & Defense — 0.4%
BAE Systems PLC		22,797		214,895
General Dynamics Corp.		820		197,768
				412,663
Building Materials — 1.9%
Cie de Saint-Gobain		5,252		312,547
Fortune Brands Home & Security, Inc.		6,261		465,067
Louisiana-Pacific Corp.		8,263		513,297
Masco Corp.		9,409		479,859
MDU Resources Group, Inc.		1,049		27,956
Owens Corning		5,180		473,970
				2,272,696
Electrical Components & Equipment — 0.7%
Acuity Brands, Inc.		186		35,210
Emerson Electric Co.		8,850		867,742
				902,952

The accompanying notes are an integral part of the financial statements.

97

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

	Number of Shares		Value
Electronics — 2.8%
Agilent Technologies, Inc.		165	$	21,835
Flex Ltd. (a)		29,600		549,080
Hubbell, Inc.		974		178,992
nVent Electric PLC		24,571		854,579
TE Connectivity Ltd.		1,439		188,480
Trimble, Inc. (a)		8,245		594,794
Vontier Corp.		43,002		1,091,821
				3,479,581
Environmental Controls — 0.2%
Clean Harbors, Inc. (a)		272		30,366
Republic Services, Inc.		1,519		201,268
				231,634
Hand & Machine Tools — 0.2%
Snap-on, Inc.		598		122,877
Stanley Black & Decker, Inc.		972		135,876
				258,753
Machinery – Construction & Mining — 0.6%
Oshkosh Corp.		7,411		745,917
Machinery – Diversified — 0.4%
CNH Industrial NV		21,100		334,646
Dover Corp.		605		94,925
IMI PLC		5,916		105,436
				535,007
Metal Fabricate & Hardware — 0.0%
Crane Co.		257		27,828
Miscellaneous - Manufacturing — 0.9%
A.O. Smith Corp.		6,160		393,562
Axon Enterprise, Inc. (a)		95		13,084
Textron, Inc.		9,189		683,478
				1,090,124
Packaging & Containers — 2.7%
Amcor PLC		24,156		273,687
Berry Global Group, Inc. (a)		6,000		347,760
Graphic Packaging Holding Co.		34,900		699,396
Packaging Corp. of America		3,098		483,629
Sealed Air Corp.		7,160		479,434
Sonoco Products Co.		10,538		659,257
WestRock Co.		8,059		379,015
				3,322,178
Shipbuilding — 0.6%
Huntington Ingalls Industries, Inc.		3,500		698,040
Transportation — 0.3%
Heartland Express, Inc.		16,793		236,278

	Number of Shares		Value
Ryder System, Inc.		1,979	$	156,994
				393,272
				14,370,645
Technology — 5.5%
Computers — 2.1%
Amdocs Ltd.		4,561		374,960
Fortinet, Inc. (a)		76		25,972
HP, Inc.		35,374		1,284,076
Lumentum Holdings, Inc. (a)		2,661		259,714
NetApp, Inc.		385		31,955
Western Digital Corp. (a)		11,900		590,835
				2,567,512
Semiconductors — 0.5%
Cirrus Logic, Inc. (a)		2,182		185,012
Qorvo, Inc. (a)		256		31,769
Teradyne, Inc.		3,600		425,628
				642,409
Software — 2.9%
Akamai Technologies, Inc. (a)		4,096		489,021
Cadence Design Systems, Inc. (a)		106		17,433
CDK Global, Inc.		23,740		1,155,663
Cerner Corp.		2,793		261,313
DocuSign, Inc. (a)		61		6,534
Dropbox, Inc. Class A (a)		736		17,112
HubSpot, Inc. (a)		30		14,248
Manhattan Associates, Inc. (a)		229		31,765
Open Text Corp.		10,547		447,193
SS&C Technologies Holdings, Inc		6,500		487,630
Synopsys, Inc. (a)		2,014		671,206
Teradata Corp. (a)		409		20,160
				3,619,278
				6,829,199
Utilities — 9.7%
Electric — 7.9%
CenterPoint Energy, Inc.		39,593		1,213,130
CMS Energy Corp.		8,362		584,838
DTE Energy Co.		1,894		250,406
Edison International		11,345		795,284
Entergy Corp.		6,317		737,510
Evergy, Inc.		15,048		1,028,380
Eversource Energy		11,367		1,002,456
NorthWestern Corp. (b)		8,928		540,055
OGE Energy Corp.		21,000		856,380
PG&E Corp. (a)		7,612		90,887
Pinnacle West Capital Corp.		9,200		718,520
Vistra Corp.		38,400		892,800
WEC Energy Group, Inc.		604		60,285

The accompanying notes are an integral part of the financial statements.

98

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

	Number of Shares		Value
Xcel Energy, Inc.		13,265	$	957,335
				9,728,266
Gas — 1.7%
Atmos Energy Corp.		2,296		274,349
NiSource, Inc.		23,700		753,660
Spire, Inc.		4,386		314,739
UGI Corp.		21,800		789,596
				2,132,344
Water — 0.1%
Essential Utilities, Inc.		1,196		61,153
				11,921,763
TOTAL COMMON STOCK (Cost $111,701,373)				119,904,520
TOTAL EQUITIES (Cost $111,701,373)				119,904,520
MUTUAL FUNDS — 1.4%
Diversified Financial Services — 1.4%
iShares Russell Mid-Cap Value ETF (b)		7,185		859,613
State Street Navigator Securities Lending Government Money Market Portfolio (d)		806,009		806,009
TOTAL MUTUAL FUNDS (Cost $1,642,922)				1,665,622
TOTAL LONG-TERM INVESTMENTS (Cost $113,344,295)				121,570,142

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (e)	$	991,751	$	991,751
TOTAL SHORT-TERM INVESTMENTS (Cost $991,751)				991,751
TOTAL INVESTMENTS — 99.4% (Cost $114,336,046) (f)				122,561,893
Other Assets/(Liabilities) — 0.6%				770,203
NET ASSETS — 100.0%			$	123,332,096

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 March 31, 2022, was $2,026,852 or 1.64% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,261,992 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is a Master Limited Partnership

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $991,751. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $1,011,621.

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.		6/30/22		GBP	57,574		USD	75,782	$	(171	)
Bank of America N.A.		6/30/22		USD	781,486		GBP	590,135		6,472
Bank of America N.A.		6/30/22		USD	156,965		JPY	18,894,480		1,382
JP Morgan Chase Bank N.A.		6/30/22		USD	1,428,566		EUR	1,292,241		(5,918	)
UBS AG		6/30/22		USD	229,935		NOK	2,021,148		467
									$	2,232

The accompanying notes are an integral part of the financial statements.

99

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

Currency Legend

EUR Euro

GBP British Pound

JPY Japanese Yen

NOK Norwegian Krone

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

100

MassMutual Small Cap Value Equity Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.3%
COMMON STOCK — 98.3%
Basic Materials — 7.4%
Chemicals — 3.9%
Axalta Coating Systems Ltd. (a)		12,063	$	296,508
Cabot Corp.		11,626		795,334
Element Solutions, Inc.		26,640		583,416
H.B. Fuller Co.		4,434		292,955
Orion Engineered Carbons SA		20,207		322,706
				2,290,919
Forest Products & Paper — 0.6%
Neenah, Inc.		9,841		390,294
Iron & Steel — 2.3%
Allegheny Technologies, Inc. (a)		51,948		1,394,284
Mining — 0.6%
Ferroglobe PLC (a)		44,471		342,427
Ferroglobe Representation & Warranty Insurance Trust (b) (c)		234,800		—
				342,427
				4,417,924
Communications — 3.4%
Internet — 0.7%
ePlus, Inc. (a)		800		44,848
Shutterstock, Inc.		3,605		335,553
				380,401
Media — 0.6%
WideOpenWest, Inc. (a)		21,712		378,657
Telecommunications — 2.1%
Ciena Corp. (a)		9,757		591,567
Infinera Corp. (a)		76,498		663,238
				1,254,805
				2,013,863
Consumer, Cyclical — 10.5%
Apparel — 0.9%
Deckers Outdoor Corp. (a)		572		156,597
Kontoor Brands, Inc.		9,763		403,700
				560,297
Auto Parts & Equipment — 5.1%
Adient PLC (a)		23,781		969,551
American Axle & Manufacturing Holdings, Inc. (a)		86,679		672,629
Gentherm, Inc. (a)		12,129		885,902
Visteon Corp. (a)		4,437		484,210
				3,012,292
Food Services — 0.9%
Aramark		14,787		555,991

	Number of Shares		Value
Home Builders — 0.8%
Century Communities, Inc.		2,485	$	133,121
TRI Pointe Homes, Inc. (a)		16,597		333,268
				466,389
Home Furnishing — 0.8%
Whirlpool Corp.		2,774		479,292
Lodging — 0.4%
Wyndham Hotels & Resorts, Inc.		2,705		229,086
Office Furnishings — 1.0%
Interface, Inc.		44,338		601,667
Textiles — 0.6%
UniFirst Corp.		1,761		324,517
				6,229,531
Consumer, Non-cyclical — 14.8%
Agriculture — 1.9%
Darling Ingredients, Inc. (a)		14,273		1,147,264
Beverages — 0.3%
C&C Group PLC (a)		77,911		200,237
Commercial Services — 5.2%
BrightView Holdings, Inc. (a)		21,158		287,960
CBIZ, Inc. (a)		7,797		327,240
Huron Consulting Group, Inc. (a)		11,238		514,813
ICF International, Inc.		3,989		375,525
Monro, Inc.		7,636		338,580
Sterling Check Corp. (a)		12,987		343,247
WillScot Mobile Mini Holdings Corp. (a)		22,024		861,799
				3,049,164
Food — 1.3%
Cranswick PLC		6,516		300,755
Post Holdings, Inc. (a)		2,815		194,967
SunOpta, Inc. (a)		48,032		241,121
				736,843
Health Care – Products — 2.0%
Haemonetics Corp. (a)		11,978		757,249
ICU Medical, Inc. (a)		1,186		264,051
Invacare Corp. (a)		14,255		20,099
Lantheus Holdings, Inc. (a)		2,941		162,667
				1,204,066
Health Care – Services — 1.6%
LHC Group, Inc. (a)		1,484		250,202
MEDNAX, Inc. (a)		14,991		351,989
Syneos Health, Inc. (a)		4,015		325,014
				927,205
Household Products & Wares — 1.6%
ACCO Brands Corp.		39,206		313,648

The accompanying notes are an integral part of the financial statements.

101

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

	Number of Shares		Value
Spectrum Brands Holdings, Inc.		7,398	$	656,351
				969,999
Pharmaceuticals — 0.9%
Owens & Minor, Inc.		11,742		516,883
				8,751,661
Energy — 0.6%
Oil & Gas — 0.1%
Brigham Minerals, Inc. Class A		3,200		81,760
Oil & Gas Services — 0.5%
NOW, Inc. (a)		25,927		285,975
				367,735
Financial — 24.4%
Banks — 11.8%
1st Source Corp.		4,411		204,009
Atlantic Union Bankshares Corp.		7,856		288,237
Cadence Bank		11,576		338,714
Eastern Bankshares, Inc.		13,809		297,446
First Citizens BancShares, Inc. Class A		482		320,819
First Interstate BancSystem, Inc. Class A		7,999		294,123
Hancock Whitney Corp.		9,571		499,128
International Bancshares Corp.		9,147		386,095
OFG Bancorp		34,578		921,158
Old National Bancorp		62,349		1,021,276
Synovus Financial Corp.		8,753		428,897
Texas Capital Bancshares, Inc. (a)		15,613		894,781
Umpqua Holdings Corp.		40,146		757,153
Webster Financial Corp.		6,281		352,490
				7,004,326
Diversified Financial Services — 0.8%
Air Lease Corp.		10,591		472,888
Insurance — 5.5%
Alleghany Corp. (a)		773		654,731
Assured Guaranty Ltd.		5,807		369,673
Kemper Corp.		7,730		437,054
NMI Holdings, Inc. Class A (a)		14,618		301,423
ProAssurance Corp.		13,319		358,015
Reinsurance Group of America, Inc.		2,770		303,204
SiriusPoint Ltd. (a)		33,612		251,418
White Mountains Insurance Group Ltd.		520		590,845
				3,266,363
Real Estate — 0.7%
Alexander & Baldwin, Inc.		16,483		382,241
Real Estate Investment Trusts (REITS) — 4.8%
Brandywine Realty Trust		24,363		344,493
Centerspace		4,244		416,421

	Number of Shares		Value
Global Medical REIT, Inc.		11,672	$	190,487
LXP Industrial Trust		15,110		237,227
Pebblebrook Hotel Trust		11,124		272,315
Phillips Edison & Co., Inc.		8,751		300,947
Piedmont Office Realty Trust, Inc. Class A		21,145		364,117
PotlatchDeltic Corp.		4,831		254,739
RPT Realty		34,988		481,785
				2,862,531
Savings & Loans — 0.8%
Banc of California, Inc.		24,470		473,739
				14,462,088
Industrial — 25.0%
Aerospace & Defense — 0.6%
Hexcel Corp.		6,275		373,174
Building Materials — 3.8%
American Woodmark Corp. (a)		5,424		265,505
Apogee Enterprises, Inc.		18,448		875,542
Gibraltar Industries, Inc. (a)		16,840		723,278
Tyman PLC		98,005		406,243
				2,270,568
Electrical Components & Equipment — 1.6%
Belden, Inc.		7,934		439,543
Encore Wire Corp.		4,684		534,304
				973,847
Electronics — 2.9%
CTS Corp.		10,934		386,407
FARO Technologies, Inc. (a)		8,115		421,331
II-VI, Inc. (a) (d)		9,334		676,622
Vishay Precision Group, Inc. (a)		6,761		217,366
				1,701,726
Engineering & Construction — 0.5%
Primoris Services Corp.		12,047		286,960
Environmental Controls — 2.2%
Clean Harbors, Inc. (a)		3,547		395,987
Harsco Corp. (a)		74,394		910,583
				1,306,570
Hand & Machine Tools — 2.9%
Enerpac Tool Group Corp.		44,058		964,429
Kennametal, Inc.		16,544		473,324
Luxfer Holdings PLC		17,301		290,657
				1,728,410
Machinery – Diversified — 0.4%
Thermon Group Holdings, Inc. (a)		13,571		219,850
Metal Fabricate & Hardware — 0.8%
Standex International Corp.		4,474		447,042

The accompanying notes are an integral part of the financial statements.

102

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

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.1%
John Bean Technologies Corp.		1,846	$	218,696
Materion Corp.		5,180		444,133
				662,829
Packaging & Containers — 2.2%
Sealed Air Corp.		9,946		665,984
TriMas Corp.		19,476		624,985
				1,290,969
Transportation — 3.7%
Air Transport Services Group, Inc. (a)		32,624		1,091,273
Dorian LPG Ltd.		16,467		238,607
Kirby Corp. (a)		12,380		893,712
				2,223,592
Trucking & Leasing — 2.3%
GATX Corp.		3,551		437,945
The Greenbrier Cos., Inc.		17,395		896,016
				1,333,961
				14,819,498
Technology — 9.9%
Computers — 2.8%
Exlservice Holdings, Inc. (a)		1,567		224,504
Science Applications International Corp.		5,799		534,494
Super Micro Computer, Inc. (a)		14,004		533,132
WNS Holdings Ltd. ADR (a)		4,016		343,328
				1,635,458
Semiconductors — 4.2%
Azenta, Inc.		8,347		691,799
Cohu, Inc. (a)		20,073		594,161
Diodes, Inc. (a)		8,475		737,241
Photronics, Inc. (a)		29,349		498,052
				2,521,253
Software — 2.9%
ACI Worldwide, Inc. (a)		9,202		289,771
Allscripts Healthcare Solutions, Inc. (a)		5,882		132,463
CDK Global, Inc.		12,041		586,156
Concentrix Corp.		1,593		265,330
Progress Software Corp.		9,803		461,623
				1,735,343
				5,892,054
Utilities — 2.3%
Electric — 0.6%
Portland General Electric Co.		6,493		358,089
Gas — 1.7%
New Jersey Resources Corp.		7,643		350,508
Spire, Inc.		4,435		318,256

	Number of Shares		Value
UGI Corp.		9,991	$	361,874
				1,030,638
				1,388,727
TOTAL COMMON STOCK (Cost $45,035,485)				58,343,081
TOTAL EQUITIES (Cost $45,035,485)				58,343,081
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (e)		69,116		69,116
TOTAL MUTUAL FUNDS (Cost $69,116)				69,116
TOTAL LONG-TERM INVESTMENTS (Cost $45,104,601)				58,412,197
	Principal Amount
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (f)	$	1,042,125		1,042,125
TOTAL SHORT-TERM INVESTMENTS (Cost $1,042,125)				1,042,125
TOTAL INVESTMENTS — 100.2% (Cost $46,146,726) (g)				59,454,322
Other Assets/(Liabilities) — (0.2)%				(117,613	)
NET ASSETS — 100.0%			$	59,336,709

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

103

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Investment was valued using significant unobservable inputs.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $441,503 or 0.74% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $390,468 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e) Represents investment of security lending cash collateral. (Note 2).

(f) Maturity value of $1,042,125. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,063,019.

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

The accompanying notes are an integral part of the financial statements.

104

MassMutual Small Company Value Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Basic Materials — 3.0%
Chemicals — 2.4%
AdvanSix, Inc.		37,490	$	1,915,364
H.B. Fuller Co.		32,110		2,121,507
Innospec, Inc.		13,500		1,249,425
Minerals Technologies, Inc.		13,246		876,223
Orion Engineered Carbons SA		8,475		135,346
Trinseo PLC (a)		789		37,809
				6,335,674
Iron & Steel — 0.6%
Carpenter Technology Corp.		38,748		1,626,641
Mining — 0.0%
Ferroglobe Representation & Warranty Insurance Trust (b) (c) (d)		49,975		—
				7,962,315
Communications — 2.2%
Advertising — 0.3%
Entravision Communications Corp. Class A		110,950		711,190
Internet — 0.8%
Criteo SA Sponsored ADR (c)		70,701		1,925,895
Solo Brands, Inc. Class A (a) (c)		25,177		214,760
				2,140,655
Media — 0.1%
Townsquare Media, Inc. Class A (c)		11,915		152,393
Telecommunications — 1.0%
A10 Networks, Inc.		129,960		1,812,942
Casa Systems, Inc. (c)		222,410		1,005,293
				2,818,235
				5,822,473
Consumer, Cyclical — 20.6%
Airlines — 0.6%
SkyWest, Inc. (c)		53,796		1,552,015
Apparel — 1.3%
Kontoor Brands, Inc.		40,859		1,689,520
Tapestry, Inc.		45,364		1,685,272
				3,374,792
Auto Manufacturers — 1.5%
Blue Bird Corp. (a) (c)		93,158		1,753,233
REV Group, Inc.		168,602		2,259,267
				4,012,500
Auto Parts & Equipment — 2.4%
Dana, Inc.		93,546		1,643,603
The Goodyear Tire & Rubber Co. (c)		193,770		2,768,973

	Number of Shares		Value
The Shyft Group, Inc.		58,778	$	2,122,474
				6,535,050
Distribution & Wholesale — 1.2%
A-Mark Precious Metals, Inc.		6,119		473,244
H&E Equipment Services, Inc.		49,018		2,133,263
KAR Auction Services, Inc. (c)		37,681		680,142
				3,286,649
Entertainment — 1.8%
Accel Entertainment, Inc. (c)		54,014		657,890
IMAX Corp. (c)		125,813		2,381,640
Penn National Gaming, Inc. (c)		7,887		334,567
Scientific Games Corp. Class A (c)		26,220		1,540,425
				4,914,522
Food Services — 0.2%
Healthcare Services Group, Inc.		21,433		398,011
Home Builders — 2.1%
KB Home		64,270		2,081,063
Skyline Champion Corp. (c)		21,378		1,173,225
Taylor Morrison Home Corp. (c)		91,019		2,477,537
				5,731,825
Home Furnishing — 0.9%
MillerKnoll, Inc.		69,090		2,387,750
Leisure Time — 1.1%
Brunswick Corp.		17,912		1,448,902
Malibu Boats, Inc. Class A (c)		14,339		831,805
OneWater Marine, Inc. Class A		19,337		666,160
				2,946,867
Lodging — 1.0%
Boyd Gaming Corp.		5,009		329,492
Hilton Grand Vacations, Inc. (c)		45,960		2,390,380
				2,719,872
Retail — 6.3%
Beacon Roofing Supply, Inc. (c)		22,649		1,342,633
Citi Trends, Inc. (a) (c)		38,540		1,180,288
Dave & Buster’s Entertainment, Inc. (c)		20,217		992,655
Dine Brands Global, Inc.		30,000		2,338,500
Genesco, Inc. (c)		25,100		1,596,611
GMS, Inc. (c)		17,512		871,572
LL Flooring Holdings, Inc. (c)		—		—
MarineMax, Inc. (c)		21,767		876,339
Papa John’s International, Inc.		21,230		2,235,094
Penske Automotive Group, Inc.		19,313		1,810,014
Red Robin Gourmet Burgers, Inc. (c)		23,754		400,492
Ruth’s Hospitality Group, Inc.		58,537		1,339,327
Sally Beauty Holdings, Inc. (c)		127,860		1,998,452
				16,981,977

The accompanying notes are an integral part of the financial statements.

105

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

	Number of Shares		Value
Textiles — 0.2%
UniFirst Corp.		2,162	$	398,413
				55,240,243
Consumer, Non-cyclical — 11.8%
Commercial Services — 5.1%
Adtalem Global Education, Inc. (c)		42,354		1,258,337
AMN Healthcare Services, Inc. (c)		5,314		554,410
Barrett Business Services, Inc.		5,707		442,121
The Brink’s Co.		26,480		1,800,640
Deluxe Corp.		32,084		970,220
Euronet Worldwide, Inc. (c)		2,959		385,114
EVERTEC, Inc.		41,479		1,697,736
Herc Holdings, Inc.		16,434		2,745,957
Korn Ferry		48,132		3,125,692
Loomis AB		24,917		681,279
				13,661,506
Cosmetics & Personal Care — 0.5%
Edgewell Personal Care Co.		36,320		1,331,855
Food — 1.8%
The Hain Celestial Group, Inc. (c)		68,944		2,371,674
Nomad Foods Ltd. (c)		103,618		2,339,694
				4,711,368
Health Care – Products — 1.1%
Integra LifeSciences Holdings Corp. (c)		35,540		2,283,800
Varex Imaging Corp. (c)		19,768		420,861
Zimvie, Inc. (c)		7,906		180,573
				2,885,234
Health Care – Services — 2.1%
Acadia Healthcare Co., Inc. (c)		42,070		2,756,847
MEDNAX, Inc. (c)		111,190		2,610,741
National HealthCare Corp.		4,633		325,376
				5,692,964
Household Products & Wares — 0.8%
Spectrum Brands Holdings, Inc.		25,835		2,292,081
Pharmaceuticals — 0.4%
Patterson Cos., Inc.		34,830		1,127,447
				31,702,455
Energy — 2.8%
Energy – Alternate Sources — 0.8%
Enviva, Inc.		8,587		679,661
Infrastructure and Energy Alternatives, Inc. (c)		126,240		1,495,944
				2,175,605
Oil & Gas — 1.6%
Coterra Energy, Inc.		56,109		1,513,260
Earthstone Energy, Inc. Class A (c)		12,729		160,767

	Number of Shares		Value
HF Sinclair Corp.		66,470	$	2,648,830
				4,322,857
Oil & Gas Services — 0.4%
ChampionX Corp. (c)		43,222		1,058,074
NCS Multistage Holdings, Inc. (c)		897		44,904
				1,102,978
				7,601,440
Financial — 33.7%
Banks — 17.1%
1st Source Corp.		36,868		1,705,145
Ameris Bancorp		22,816		1,001,166
Associated Banc-Corp.		97,659		2,222,719
Bank of Marin Bancorp		30,596		1,073,002
BankUnited, Inc.		90,721		3,988,095
Carter Bankshares, Inc. (c)		86,705		1,506,066
ConnectOne Bancorp, Inc.		12,380		396,284
CVB Financial Corp.		9,268		215,110
F.N.B. Corp.		112,112		1,395,794
First BanCorp		152,484		2,000,590
First Hawaiian, Inc.		2,024		56,449
First Mid Bancshares, Inc.		4,368		168,124
HarborOne Bancorp, Inc.		149,707		2,098,892
Heritage Financial Corp.		86,402		2,165,234
Home BancShares, Inc.		45,111		1,019,509
Independent Bank Corp.		7,306		596,827
Independent Bank Group, Inc.		37,317		2,655,478
Old National Bancorp		83,759		1,371,972
Origin Bancorp, Inc.		9,167		387,673
Premier Financial Corp.		52,176		1,582,498
QCR Holdings, Inc.		4,350		246,167
Sandy Spring Bancorp, Inc.		35,189		1,580,690
SouthState Corp.		17,624		1,437,942
Synovus Financial Corp.		47,207		2,313,143
Texas Capital Bancshares, Inc. (c)		42,840		2,455,160
Towne Bank		12,805		383,382
TriCo Bancshares		39,196		1,569,016
UMB Financial Corp.		13,600		1,321,376
Umpqua Holdings Corp.		93,544		1,764,240
Valley National Bancorp		132,813		1,729,225
Veritex Holdings, Inc.		23,196		885,391
Webster Financial Corp.		41,492		2,328,531
				45,620,890
Diversified Financial Services — 1.7%
Enact Holdings, Inc.		15,196		338,111
Moelis & Co. Class A		49,451		2,321,724
Stifel Financial Corp.		27,525		1,868,948
				4,528,783

The accompanying notes are an integral part of the financial statements.

106

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

	Number of Shares		Value
Insurance — 2.9%
Axis Capital Holdings Ltd.		28,718	$	1,736,578
The Hanover Insurance Group, Inc.		16,270		2,432,690
James River Group Holdings Ltd.		7,893		195,273
ProAssurance Corp.		22,544		605,983
Selective Insurance Group, Inc.		31,512		2,815,912
				7,786,436
Investment Companies — 0.6%
Compass Diversified Holdings (a)		68,931		1,638,490
Private Equity — 0.1%
Patria Investments Ltd.		13,829		246,294
Real Estate Investment Trusts (REITS) — 8.4%
Armada Hoffler Properties, Inc.		47,301		690,595
Brandywine Realty Trust		57,966		819,639
Broadstone Net Lease, Inc.		111,240		2,422,807
CareTrust REIT, Inc.		28,423		548,564
Cousins Properties, Inc.		54,789		2,207,449
Easterly Government Properties, Inc.		17,233		364,306
Four Corners Property Trust, Inc.		26,024		703,689
Getty Realty Corp.		12,944		370,457
Healthcare Realty Trust, Inc.		4,774		131,190
Highwoods Properties, Inc.		8,228		376,349
Independence Realty Trust, Inc.		125,880		3,328,267
Kite Realty Group Trust		15,460		352,024
National Health Investors, Inc.		8,233		485,829
National Storage Affiliates Trust		24,864		1,560,465
NETSTREIT Corp.		94,900		2,129,556
Physicians Realty Trust		164,541		2,886,049
Sabra Health Care REIT, Inc.		15,326		228,204
STAG Industrial, Inc.		64,338		2,660,376
Summit Hotel Properties, Inc. (c)		22,267		221,779
				22,487,594
Savings & Loans — 2.9%
Berkshire Hills Bancorp, Inc.		84,330		2,443,040
Pacific Premier Bancorp, Inc.		75,022		2,652,028
Provident Financial Services, Inc.		16,538		386,989
WSFS Financial Corp.		49,316		2,299,112
				7,781,169
				90,089,656
Industrial — 16.6%
Building Materials — 1.3%
Cornerstone Building Brands, Inc. (c)		28,634		696,379
Masonite International Corp. (c)		15,717		1,397,870
Mohawk Industries, Inc. (c)		4,310		535,302
Tecnoglass, Inc.		30,872		779,209
				3,408,760

	Number of Shares		Value
Electrical Components & Equipment — 1.0%
Belden, Inc.		46,303	$	2,565,186
Graham Corp.		10,385		80,069
				2,645,255
Electronics — 2.5%
Advanced Energy Industries, Inc.		3,399		292,586
Avnet, Inc.		36,099		1,465,258
Coherent, Inc. (c)		4,297		1,174,628
II-VI, Inc. (a) (c)		30,556		2,215,004
TTM Technologies, Inc. (c)		63,494		940,981
Vontier Corp.		30,317		769,749
				6,858,206
Engineering & Construction — 2.9%
Arcosa, Inc.		36,023		2,062,317
Dycom Industries, Inc. (c)		39,844		3,795,539
Great Lakes Dredge & Dock Corp. (c)		135,060		1,894,892
				7,752,748
Environmental Controls — 0.1%
CECO Environmental Corp. (c)		28,207		154,856
Charah Solutions, Inc. (a) (c)		29,837		148,887
				303,743
Hand & Machine Tools — 0.1%
Luxfer Holdings PLC		10,396		174,653
Regal Rexnord Corp.		769		114,412
				289,065
Machinery – Construction & Mining — 1.3%
The Manitowoc Co., Inc. (c)		97,779		1,474,507
Terex Corp.		55,519		1,979,808
				3,454,315
Machinery – Diversified — 3.3%
Albany International Corp. Class A		811		68,384
Applied Industrial Technologies, Inc.		18,210		1,869,439
Cactus, Inc. Class A		67,410		3,824,843
Colfax Corp. (c)		36,993		1,471,951
DXP Enterprises, Inc. (c)		16,384		443,843
Gates Industrial Corp. PLC (c)		72,074		1,085,434
				8,763,894
Metal Fabricate & Hardware — 0.8%
The Timken Co.		33,954		2,061,008
Miscellaneous - Manufacturing — 0.0%
DIRTT Environmental Solutions (a) (c)		61,401		83,505
Packaging & Containers — 1.0%
Graphic Packaging Holding Co.		85,466		1,712,739
Karat Packaging, Inc. (c)		6,044		119,973
Pactiv Evergreen, Inc.		75,800		762,548
				2,595,260

The accompanying notes are an integral part of the financial statements.

107

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

	Number of Shares		Value
Transportation — 1.6%
ArcBest Corp. (a)		31,280	$	2,518,040
Kirby Corp. (c)		24,650		1,779,483
				4,297,523
Trucking & Leasing — 0.7%
GATX Corp.		14,960		1,845,017
				44,358,299
Technology — 6.6%
Computers — 0.8%
KBR, Inc.		6,310		345,346
Unisys Corp. (c)		90,252		1,950,346
				2,295,692
Semiconductors — 1.9%
Cohu, Inc. (c)		11,027		326,399
Kulicke & Soffa Industries, Inc. (a)		46,171		2,586,499
Magnachip Semiconductor Corp. (c)		124,170		2,099,715
				5,012,613
Software — 3.9%
ACI Worldwide, Inc. (c)		62,510		1,968,440
Avaya Holdings Corp. (c)		69,264		877,575
Change Healthcare, Inc. (c)		124,500		2,714,100
CommVault Systems, Inc. (c)		35,117		2,330,013
Donnelley Financial Solutions, Inc. (c)		25,464		846,933
IBEX Holdings Ltd. (c)		13,068		208,304
Teradata Corp. (c)		31,342		1,544,847
				10,490,212
				17,798,517
Utilities — 2.1%
Electric — 1.1%
IDACORP, Inc.		24,320		2,805,555
PNM Resources, Inc.		5,584		266,190
				3,071,745
Gas — 1.0%
Northwest Natural Holding Co.		3,349		173,210
South Jersey Industries, Inc.		7,479		258,399
Southwest Gas Holdings, Inc.		27,178		2,127,766
				2,559,375
				5,631,120
TOTAL COMMON STOCK (Cost $235,200,137)				266,206,518
TOTAL EQUITIES (Cost $235,200,137)				266,206,518

	Number of Shares		Value
MUTUAL FUNDS — 1.6%
Diversified Financial Services — 1.6%
State Street Navigator Securities Lending Government Money Market Portfolio (e)		4,173,181	$	4,173,181
TOTAL MUTUAL FUNDS (Cost $4,173,181)				4,173,181
TOTAL LONG-TERM INVESTMENTS (Cost $239,373,318)				270,379,699
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (f)	$	411,309		411,309
TOTAL SHORT-TERM INVESTMENTS (Cost $411,309)				411,309
TOTAL INVESTMENTS — 101.2% (Cost $239,784,627) (g)				270,791,008
Other Assets/(Liabilities) — (1.2)%				(3,114,995	)
NET ASSETS — 100.0%			$	267,676,013

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

108

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

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 March 31, 2022, was $7,090,593 or 2.65% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,142,850 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Investment was valued using significant unobservable inputs.

(c) Non-income producing security.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

(e) Represents investment of security lending cash collateral. (Note 2).

(f) Maturity value of $411,309. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 7/15/24, and an aggregate market value, including accrued interest, of $419,546.

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
UBS AG*		6/30/22		SEK	279,569		USD	29,758	$	44
UBS AG*		6/30/22		USD	608,018		SEK	5,733,277		(3,146	)
									$	(3,102	)

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

SEK Swedish Krona

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

109

MM S&P Mid Cap Index Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 5.6%
Chemicals — 2.1%
Ashland Global Holdings, Inc.		8,601	$	846,424
Cabot Corp.		9,194		628,962
The Chemours Co.		25,999		818,449
Ingevity Corp. (a)		6,383		408,959
Minerals Technologies, Inc.		5,409		357,805
NewMarket Corp.		1,111		360,386
Olin Corp.		22,928		1,198,676
RPM International, Inc.		21,069		1,715,859
Sensient Technologies Corp.		6,828		573,211
Valvoline, Inc.		29,141		919,690
				7,828,421
Iron & Steel — 2.4%
Cleveland-Cliffs, Inc. (a)		77,683		2,502,170
Commercial Metals Co.		19,738		821,496
Reliance Steel & Aluminum Co.		10,180		1,866,503
Steel Dynamics, Inc.		30,631		2,555,544
United States Steel Corp.		42,395		1,599,987
				9,345,700
Mining — 1.1%
Alcoa Corp.		29,912		2,692,977
Royal Gold, Inc.		10,664		1,506,610
				4,199,587
				21,373,708
Communications — 2.3%
Internet — 0.4%
Mimecast Ltd. (a)		10,116		804,829
TripAdvisor, Inc. (a)		16,093		436,442
Yelp, Inc. (a)		11,151		380,361
				1,621,632
Media — 1.0%
Cable One, Inc.		805		1,178,713
The New York Times Co. Class A		27,149		1,244,510
TEGNA, Inc.		35,953		805,347
World Wrestling Entertainment, Inc. Class A (b)		7,111		444,011
				3,672,581
Telecommunications — 0.9%
Calix, Inc. (a)		8,909		382,285
Ciena Corp. (a)		25,165		1,525,754
Iridium Communications, Inc. (a)		21,479		866,033
ViaSat, Inc. (a)		12,087		589,846
				3,363,918
				8,658,131

	Number of Shares		Value
Consumer, Cyclical — 15.2%
Airlines — 0.2%
JetBlue Airways Corp. (a)		51,672	$	772,496
Apparel — 1.7%
Capri Holdings Ltd. (a)		23,984		1,232,538
Carter’s, Inc.		6,867		631,695
Columbia Sportswear Co.		5,616		508,417
Crocs, Inc. (a)		9,561		730,460
Deckers Outdoor Corp. (a)		4,426		1,211,706
Hanesbrands, Inc.		56,737		844,814
Skechers U.S.A., Inc. Class A (a)		21,918		893,378
Urban Outfitters, Inc. (a)		10,655		267,547
				6,320,555
Auto Parts & Equipment — 1.4%
Adient PLC (a)		15,397		627,736
Dana, Inc.		23,434		411,735
Fox Factory Holding Corp. (a)		6,841		670,076
Gentex Corp.		38,429		1,120,974
The Goodyear Tire & Rubber Co. (a)		45,652		652,367
Lear Corp.		9,700		1,383,123
Visteon Corp. (a)		4,549		496,432
				5,362,443
Distribution & Wholesale — 1.1%
Avient Corp.		14,865		713,520
IAA, Inc. (a)		21,909		838,019
Univar Solutions, Inc. (a)		27,776		892,721
Watsco, Inc.		5,366		1,634,698
				4,078,958
Entertainment — 1.0%
Churchill Downs, Inc.		5,593		1,240,416
Marriott Vacations Worldwide Corp.		6,921		1,091,442
Scientific Games Corp. Class A (a)		15,681		921,259
Six Flags Entertainment Corp. (a)		12,573		546,925
				3,800,042
Home Builders — 0.8%
KB Home		13,925		450,891
Taylor Morrison Home Corp. (a)		19,967		543,502
Thor Industries, Inc. (b)		9,037		711,212
Toll Brothers, Inc.		18,257		858,444
TRI Pointe Homes, Inc. (a)		18,057		362,585
				2,926,634
Home Furnishing — 0.5%
Leggett & Platt, Inc.		21,670		754,116
MillerKnoll, Inc.		12,306		425,295
Tempur Sealy International, Inc.		31,278		873,282
				2,052,693

The accompanying notes are an integral part of the financial statements.

110

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

	Number of Shares		Value
Housewares — 0.2%
The Scotts Miracle-Gro Co. (b)		6,593	$	810,675
Leisure Time — 1.1%
Brunswick Corp.		12,526		1,013,228
Callaway Golf Co. (a)		19,040		445,917
Harley-Davidson, Inc.		25,001		985,039
Polaris, Inc. (b)		9,268		976,106
YETI Holdings, Inc. (a)		14,240		854,115
				4,274,405
Lodging — 1.0%
Boyd Gaming Corp.		13,325		876,518
Choice Hotels International, Inc.		5,333		756,006
Travel + Leisure Co.		14,021		812,377
Wyndham Hotels & Resorts, Inc.		15,139		1,282,122
				3,727,023
Retail — 5.9%
American Eagle Outfitters, Inc. (b)		24,931		418,841
AutoNation, Inc. (a)		6,495		646,772
BJ’s Wholesale Club Holdings, Inc. (a)		22,091		1,493,573
Casey’s General Stores, Inc.		6,029		1,194,767
Cracker Barrel Old Country Store, Inc.		3,822		453,786
Dick’s Sporting Goods, Inc. (b)		10,221		1,022,304
FirstCash Holdings, Inc.		6,538		459,883
Five Below, Inc. (a)		9,103		1,441,642
Foot Locker, Inc.		14,187		420,786
GameStop Corp. Class A (a) (b)		10,048		1,673,796
The Gap, Inc.		34,581		486,901
Kohl’s Corp.		22,610		1,367,001
Lithia Motors, Inc.		4,920		1,476,590
Macy’s, Inc.		48,624		1,184,481
MSC Industrial Direct Co., Inc. Class A		7,659		652,623
Murphy USA, Inc.		3,727		745,251
Nordstrom, Inc.		18,119		491,206
Nu Skin Enterprises, Inc. Class A		8,095		387,589
Ollie’s Bargain Outlet Holdings, Inc. (a)		9,538		409,752
Papa John’s International, Inc.		5,258		553,562
RH (a)		2,825		921,204
Texas Roadhouse, Inc.		11,316		947,489
Victoria’s Secret & Co. (a)		11,803		606,202
The Wendy’s Co.		28,678		630,056
Williams-Sonoma, Inc.		11,853		1,718,685
Wingstop, Inc.		4,846		568,678
				22,373,420

	Number of Shares		Value
Toys, Games & Hobbies — 0.3%
Mattel, Inc. (a)		56,922	$	1,264,238
				57,763,582
Consumer, Non-cyclical — 15.8%
Agriculture — 0.6%
Darling Ingredients, Inc. (a)		26,290		2,113,190
Beverages — 0.2%
The Boston Beer Co., Inc. Class A (a)		1,525		592,417
Biotechnology — 1.1%
Arrowhead Pharmaceuticals, Inc. (a)		17,135		788,039
Exelixis, Inc. (a)		51,407		1,165,397
Halozyme Therapeutics, Inc. (a)		22,874		912,215
United Therapeutics Corp. (a)		7,317		1,312,743
				4,178,394
Commercial Services — 4.6%
ASGN, Inc. (a)		8,465		987,950
Avis Budget Group, Inc. (a)		6,512		1,714,610
The Brink’s Co.		7,986		543,048
Euronet Worldwide, Inc. (a)		8,588		1,117,728
FTI Consulting, Inc. (a)		5,571		875,873
Graham Holdings Co. Class B		648		396,233
Grand Canyon Education, Inc. (a)		6,438		625,194
GXO Logistics, Inc. (a)		16,019		1,142,795
H&R Block, Inc.		26,733		696,127
HealthEquity, Inc. (a)		13,583		916,038
Insperity, Inc.		5,793		581,733
John Wiley & Sons, Inc. Class A		7,074		375,134
LiveRamp Holdings, Inc. (a)		11,063		413,646
ManpowerGroup, Inc.		8,813		827,717
Paylocity Holding Corp. (a)		6,447		1,326,599
PROG Holdings, Inc. (a)		9,215		265,116
Progyny, Inc. (a)		11,313		581,488
R1 RCM, Inc. (a)		21,698		580,638
Sabre Corp. (a)		52,550		600,646
Service Corp. International		26,794		1,763,581
WEX, Inc. (a)		7,282		1,299,473
				17,631,367
Cosmetics & Personal Care — 0.1%
Coty, Inc. Class A (a)		55,875		502,316
Food — 1.7%
Flowers Foods, Inc.		32,286		830,073
Grocery Outlet Holding Corp. (a) (b)		14,196		465,345
The Hain Celestial Group, Inc. (a)		14,838		510,427
Ingredion, Inc.		10,810		942,092
Lancaster Colony Corp.		3,221		480,412
Performance Food Group Co. (a)		25,151		1,280,438
Pilgrim’s Pride Corp. (a)		7,918		198,742
Post Holdings, Inc. (a)		9,247		640,447

The accompanying notes are an integral part of the financial statements.

111

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

	Number of Shares		Value
Sanderson Farms, Inc.		3,447	$	646,278
Sprouts Farmers Market, Inc. (a)		18,239		583,283
				6,577,537
Health Care – Products — 3.6%
Bruker Corp.		16,509		1,061,529
Envista Holdings Corp. (a)		26,218		1,277,079
Globus Medical, Inc. Class A (a)		12,840		947,335
Haemonetics Corp. (a)		8,304		524,979
ICU Medical, Inc. (a)		3,240		721,353
Integra LifeSciences Holdings Corp. (a)		11,835		760,517
LivaNova PLC (a)		8,648		707,666
Masimo Corp. (a)		8,254		1,201,287
Neogen Corp. (a)		17,507		539,916
NuVasive, Inc. (a)		8,406		476,620
Penumbra, Inc. (a)		5,706		1,267,474
Quidel Corp. (a)		6,162		692,978
Repligen Corp. (a)		8,354		1,571,304
STAAR Surgical Co. (a)		7,734		618,024
Tandem Diabetes Care, Inc. (a)		10,323		1,200,462
				13,568,523
Health Care – Services — 2.3%
Acadia Healthcare Co., Inc. (a)		14,612		957,524
Amedisys, Inc. (a)		5,297		912,620
Chemed Corp.		2,501		1,266,881
Encompass Health Corp.		16,165		1,149,493
LHC Group, Inc. (a)		5,146		867,616
Medpace Holdings, Inc. (a)		4,671		764,129
Syneos Health, Inc. (a)		16,847		1,363,765
Tenet Healthcare Corp. (a)		17,405		1,496,134
				8,778,162
Household Products & Wares — 0.2%
Helen of Troy Ltd. (a) (b)		3,922		768,085
Pharmaceuticals — 1.4%
BellRing Brands, Inc. (a)		18,142		418,717
Jazz Pharmaceuticals PLC (a)		9,987		1,554,676
Neurocrine Biosciences, Inc. (a)		15,413		1,444,969
Option Care Health, Inc. (a)		22,503		642,686
Patterson Cos., Inc.		14,098		456,352
Perrigo Co. PLC		21,735		835,276
				5,352,676
				60,062,667
Energy — 4.3%
Energy – Alternate Sources — 0.7%
First Solar, Inc. (a)		16,066		1,345,367
SunPower Corp. (a)		13,491		289,787

	Number of Shares		Value
Sunrun, Inc. (a)		33,633	$	1,021,434
				2,656,588
Oil & Gas — 2.0%
CNX Resources Corp. (a)		32,899		681,667
DTE Midstream LLC (a)		15,717		852,804
EQT Corp.		48,875		1,681,789
HF Sinclair Corp.		24,289		967,917
Murphy Oil Corp. (b)		23,591		952,841
PDC Energy, Inc.		15,822		1,149,943
Range Resources Corp. (a)		40,585		1,232,972
				7,519,933
Oil & Gas Services — 0.6%
ChampionX Corp. (a)		32,831		803,703
Nov, Inc.		63,798		1,251,079
				2,054,782
Pipelines — 1.0%
Antero Midstream Corp.		52,756		573,457
Equitrans Midstream Corp.		66,054		557,496
Targa Resources Corp.		37,202		2,807,635
				3,938,588
				16,169,891
Financial — 24.4%
Banks — 6.7%
Associated Banc-Corp.		24,307		553,227
Bank of Hawaii Corp.		6,540		548,837
Bank OZK		19,658		839,397
Cadence Bank		30,600		895,356
Cathay General Bancorp		12,308		550,783
Commerce Bancshares, Inc.		17,955		1,285,398
Cullen/Frost Bankers, Inc.		9,258		1,281,400
East West Bancorp, Inc.		23,056		1,821,885
F.N.B. Corp.		55,205		687,302
First Financial Bankshares, Inc.		20,842		919,549
First Horizon Corp.		86,761		2,038,016
Fulton Financial Corp.		26,208		435,577
Glacier Bancorp, Inc.		17,624		886,135
Hancock Whitney Corp.		14,107		735,680
Home BancShares, Inc.		24,469		552,999
International Bancshares Corp.		8,648		365,032
Old National Bancorp		47,967		785,699
PacWest Bancorp		19,430		838,016
Pinnacle Financial Partners, Inc.		12,370		1,139,030
Prosperity Bancshares, Inc.		14,975		1,038,965
Synovus Financial Corp.		23,560		1,154,440
Texas Capital Bancshares, Inc. (a)		8,225		471,375
UMB Financial Corp.		7,003		680,411
Umpqua Holdings Corp.		35,196		663,797

The accompanying notes are an integral part of the financial statements.

112

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

	Number of Shares		Value
United Bankshares, Inc.		22,160	$	772,941
Valley National Bancorp		68,473		891,518
Webster Financial Corp.		29,215		1,639,546
Wintrust Financial Corp.		9,262		860,718
				25,333,029
Diversified Financial Services — 2.7%
Affiliated Managers Group, Inc.		6,605		930,975
Alliance Data Systems Corp.		8,089		454,197
Evercore, Inc. Class A		6,340		705,769
Federated Hermes, Inc.		15,735		535,934
Interactive Brokers Group, Inc. Class A		14,196		935,658
Janus Henderson Group PLC		27,466		961,859
Jefferies Financial Group, Inc.		31,436		1,032,673
Navient Corp.		25,021		426,358
SEI Investments Co.		17,096		1,029,350
SLM Corp.		45,314		831,965
Stifel Financial Corp.		16,978		1,152,806
The Western Union Co.		63,983		1,199,042
				10,196,586
Insurance — 4.7%
Alleghany Corp. (a)		2,226		1,885,422
American Financial Group, Inc.		10,759		1,566,726
Brighthouse Financial, Inc. (a)		12,652		653,602
CNO Financial Group, Inc.		19,562		490,811
Essent Group Ltd.		17,942		739,390
First American Financial Corp.		17,834		1,156,000
The Hanover Insurance Group, Inc.		5,781		864,375
Kemper Corp.		9,726		549,908
Kinsale Capital Group, Inc.		3,485		794,650
Mercury General Corp.		4,318		237,490
MGIC Investment Corp.		52,046		705,223
Old Republic International Corp.		46,390		1,200,109
Primerica, Inc.		6,416		877,837
Reinsurance Group of America, Inc.		10,914		1,194,646
RenaissanceRe Holdings Ltd.		7,146		1,132,713
RLI Corp.		6,475		716,329
Selective Insurance Group, Inc.		9,781		874,030
Unum Group		33,218		1,046,699
Voya Financial, Inc.		17,547		1,164,244
				17,850,204
Real Estate — 0.5%
Jones Lang LaSalle, Inc. (a)		8,200		1,963,572
Real Estate Investment Trusts (REITS) — 9.5%
American Campus Communities, Inc.		22,609		1,265,426
Apartment Income REIT Corp.		25,506		1,363,551
Brixmor Property Group, Inc.		48,392		1,248,997
Camden Property Trust		16,604		2,759,585

	Number of Shares		Value
Corporate Office Properties Trust		18,250	$	520,855
Cousins Properties, Inc.		24,158		973,326
Douglas Emmett, Inc.		28,512		952,871
EastGroup Properties, Inc.		6,610		1,343,681
EPR Properties		12,154		664,945
First Industrial Realty Trust, Inc.		21,169		1,310,573
Healthcare Realty Trust, Inc.		23,972		658,751
Highwoods Properties, Inc.		17,042		779,501
Hudson Pacific Properties, Inc.		24,774		687,478
JBG SMITH Properties		18,548		541,973
Kilroy Realty Corp.		17,067		1,304,260
Kite Realty Group Trust		35,584		810,248
Lamar Advertising Co. Class A		14,106		1,638,835
Life Storage, Inc.		13,326		1,871,370
The Macerich Co.		34,613		541,347
Medical Properties Trust, Inc.		96,967		2,049,882
National Retail Properties, Inc.		28,536		1,282,408
National Storage Affiliates Trust		13,314		835,587
Omega Healthcare Investors, Inc.		38,827		1,209,849
Park Hotels & Resorts, Inc.		38,422		750,382
Pebblebrook Hotel Trust		21,346		522,550
Physicians Realty Trust		35,791		627,774
PotlatchDeltic Corp.		11,221		591,683
PS Business Parks, Inc.		3,268		549,285
Rayonier, Inc.		23,619		971,213
Rexford Industrial Realty, Inc.		26,038		1,942,174
Sabra Health Care REIT, Inc.		37,154		553,223
SL Green Realty Corp. (b)		10,415		845,490
Spirit Realty Capital, Inc.		20,748		954,823
STORE Capital Corp.		39,872		1,165,459
				36,089,355
Savings & Loans — 0.3%
New York Community Bancorp, Inc.		75,553		809,928
Washington Federal, Inc.		10,597		347,794
				1,157,722
				92,590,468
Industrial — 19.5%
Aerospace & Defense — 0.6%
Curtiss-Wright Corp.		6,376		957,420
Hexcel Corp.		13,631		810,636
Mercury Systems, Inc. (a)		9,221		594,293
				2,362,349
Building Materials — 2.5%
Builders FirstSource, Inc. (a)		31,114		2,008,098
Eagle Materials, Inc.		6,419		823,943
Lennox International, Inc.		5,470		1,410,494
Louisiana-Pacific Corp.		14,296		888,068
MDU Resources Group, Inc.		33,039		880,489

The accompanying notes are an integral part of the financial statements.

113

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

	Number of Shares		Value
Owens Corning		16,327	$	1,493,921
Simpson Manufacturing Co., Inc.		7,058		769,604
Trex Co., Inc. (a)		18,704		1,221,932
				9,496,549
Electrical Components & Equipment — 1.2%
Acuity Brands, Inc.		5,690		1,077,117
Belden, Inc.		7,295		404,143
Energizer Holdings, Inc.		10,650		327,594
EnerSys		6,702		499,768
Littelfuse, Inc.		4,002		998,139
Universal Display Corp.		7,044		1,175,996
				4,482,757
Electronics — 3.3%
Arrow Electronics, Inc. (a)		11,059		1,311,929
Avnet, Inc.		16,079		652,647
Coherent, Inc. (a)		4,025		1,100,274
Hubbell, Inc.		8,840		1,624,527
II-VI, Inc. (a) (b)		17,277		1,252,410
Jabil, Inc.		23,313		1,439,111
National Instruments Corp.		21,427		869,722
nVent Electric PLC		27,334		950,676
TD SYNNEX Corp.		6,734		695,016
Vicor Corp. (a)		3,485		245,867
Vishay Intertechnology, Inc.		21,562		422,615
Vontier Corp.		27,468		697,412
Woodward, Inc.		10,248		1,280,078
				12,542,284
Engineering & Construction — 1.5%
AECOM		22,965		1,763,942
Dycom Industries, Inc. (a)		4,904		467,155
EMCOR Group, Inc.		8,672		976,727
Fluor Corp. (a)		22,976		659,182
MasTec, Inc. (a)		9,562		832,850
TopBuild Corp. (a)		5,349		970,255
				5,670,111
Environmental Controls — 0.8%
Clean Harbors, Inc. (a)		8,133		907,968
Stericycle, Inc. (a)		14,925		879,381
Tetra Tech, Inc.		8,773		1,447,019
				3,234,368
Hand & Machine Tools — 1.1%
Kennametal, Inc.		13,500		386,235
Lincoln Electric Holdings, Inc.		9,594		1,322,149
MSA Safety, Inc.		5,924		786,115
Regal Rexnord Corp.		11,009		1,637,919
				4,132,418

	Number of Shares		Value
Machinery – Construction & Mining — 0.4%
Oshkosh Corp.		10,821	$	1,089,134
Terex Corp.		11,341		404,420
				1,493,554
Machinery – Diversified — 3.1%
AGCO Corp.		9,970		1,455,919
Chart Industries, Inc. (a)		5,773		991,628
Cognex Corp.		28,725		2,216,134
Colfax Corp. (a)		22,086		878,802
Flowserve Corp.		21,165		759,823
Graco, Inc.		27,615		1,925,318
The Middleby Corp. (a)		9,038		1,481,690
The Toro Co.		17,045		1,457,177
Watts Water Technologies, Inc. Class A		4,477		624,944
				11,791,435
Metal Fabricate & Hardware — 0.7%
Crane Co.		8,110		878,151
The Timken Co.		11,216		680,811
Valmont Industries, Inc.		3,448		822,693
Worthington Industries, Inc.		5,296		272,267
				2,653,922
Miscellaneous - Manufacturing — 1.6%
Axon Enterprise, Inc. (a)		11,124		1,532,109
Carlisle Cos., Inc.		8,495		2,089,090
Donaldson Co., Inc.		20,071		1,042,287
ITT, Inc.		13,908		1,046,021
Trinity Industries, Inc.		13,289		456,610
				6,166,117
Packaging & Containers — 0.8%
AptarGroup, Inc.		10,695		1,256,662
Greif, Inc. Class A		4,314		280,669
Silgan Holdings, Inc.		13,634		630,300
Sonoco Products Co.		15,975		999,396
				3,167,027
Transportation — 1.7%
Kirby Corp. (a)		9,767		705,080
Knight-Swift Transportation Holdings, Inc.		26,964		1,360,603
Landstar System, Inc.		6,124		923,683
Ryder System, Inc.		8,724		692,075
Saia, Inc. (a)		4,279		1,043,306
Werner Enterprises, Inc.		9,727		398,807
XPO Logistics, Inc. (a)		16,028		1,166,838
				6,290,392

The accompanying notes are an integral part of the financial statements.

114

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

	Number of Shares		Value
Trucking & Leasing — 0.2%
GATX Corp.		5,768	$	711,367
				74,194,650
Technology — 8.9%
Computers — 2.2%
CACI International, Inc. Class A (a)		3,790		1,141,775
Genpact Ltd.		27,703		1,205,357
KBR, Inc.		22,793		1,247,461
Kyndryl Holdings, Inc. (a)		29,133		382,225
Lumentum Holdings, Inc. (a)		11,731		1,144,946
MAXIMUS, Inc.		10,061		754,072
NCR Corp. (a)		21,447		861,955
Qualys, Inc. (a)		5,425		772,574
Science Applications International Corp.		9,251		852,665
				8,363,030
Office & Business Equipment — 0.1%
Xerox Holdings Corp.		19,941		402,210
Semiconductors — 3.3%
Amkor Technology, Inc.		16,289		353,797
Azenta, Inc.		12,172		1,008,815
Cirrus Logic, Inc. (a)		9,307		789,141
CMC Materials, Inc.		4,643		860,812
Lattice Semiconductor Corp. (a)		22,249		1,356,077
MKS Instruments, Inc.		9,011		1,351,650
Power Integrations, Inc.		9,612		890,840
Semtech Corp. (a)		10,469		725,920
Silicon Laboratories, Inc. (a)		6,206		932,141
SiTime Corp. (a)		2,435		603,442
Synaptics, Inc. (a)		6,422		1,281,189
Wolfspeed, Inc. (a)		20,078		2,286,081
				12,439,905
Software — 3.3%
ACI Worldwide, Inc. (a)		19,101		601,491
Aspen Technology, Inc. (a)		10,831		1,791,123
Blackbaud, Inc. (a)		7,264		434,896
CDK Global, Inc.		18,974		923,654
CommVault Systems, Inc. (a)		7,240		480,374
Concentrix Corp.		6,970		1,160,923
Digital Turbine, Inc. (a)		14,336		628,060
Envestnet, Inc. (a)		8,878		660,878
Fair Isaac Corp. (a)		4,270		1,991,784
Manhattan Associates, Inc. (a)		10,261		1,423,303
SailPoint Technologies Holding, Inc. (a)		15,153		775,531
Teradata Corp. (a)		17,629		868,934

	Number of Shares		Value
Ziff Davis, Inc. (a)		7,835	$	758,271
				12,499,222
				33,704,367
Utilities — 3.3%
Electric — 1.5%
ALLETE, Inc.		8,542		572,143
Black Hills Corp.		10,369		798,620
Hawaiian Electric Industries, Inc.		17,760		751,425
IDACORP, Inc.		8,208		946,875
NorthWestern Corp. (b)		8,787		531,526
OGE Energy Corp.		32,523		1,326,288
PNM Resources, Inc.		13,946		664,806
				5,591,683
Gas — 1.3%
National Fuel Gas Co.		14,857		1,020,676
New Jersey Resources Corp.		15,607		715,737
ONE Gas, Inc.		8,707		768,306
Southwest Gas Holdings, Inc.		10,703		837,938
Spire, Inc.		8,408		603,358
UGI Corp.		34,088		1,234,667
				5,180,682
Water — 0.5%
Essential Utilities, Inc.		37,369		1,910,677
				12,683,042
TOTAL COMMON STOCK (Cost $290,259,293)				377,200,506
TOTAL EQUITIES (Cost $290,259,293)				377,200,506
MUTUAL FUNDS — 0.8%
Diversified Financial Services — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		3,004,853		3,004,853
TOTAL MUTUAL FUNDS (Cost $3,004,853)				3,004,853
TOTAL LONG-TERM INVESTMENTS (Cost $293,264,146)				380,205,359

The accompanying notes are an integral part of the financial statements.

115

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (d)	$	3,735,348	$	3,735,348
U.S. Treasury Bill — 0.2%
U.S. Treasury Bill
0.315% 6/30/22 (e) (f)		930,000		928,803
TOTAL SHORT-TERM INVESTMENTS (Cost $4,664,628)				4,664,151
TOTAL INVESTMENTS — 101.3% (Cost $297,928,774) (g)				384,869,510
Other Assets/(Liabilities) — (1.3)%				(4,884,709	)
NET ASSETS — 100.0%			$	379,984,801

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 March 31, 2022, was $8,926,124 or 2.35% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,147,558 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $3,735,348. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $3,810,073.

(e) The rate shown represents yield-to-maturity.

(f) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P Mid Cap 400 E Mini Index		6/17/22		18	$	4,666,990	$	173,570

The accompanying notes are an integral part of the financial statements.

116

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.3%
COMMON STOCK — 98.3%
Basic Materials — 3.4%
Chemicals — 1.8%
AdvanSix, Inc.		2,194	$	112,092
American Vanguard Corp.		2,340		47,549
Amyris, Inc. (a)		14,134		61,624
Balchem Corp.		2,586		353,506
Cabot Corp.		4,499		307,777
Codexis, Inc. (a)		4,804		99,059
Danimer Scientific, Inc. (a) (b)		7,166		41,993
Ecovyst, Inc.		4,765		55,083
Ferro Corp. (a)		6,587		143,201
GCP Applied Technologies, Inc. (a)		5,370		168,725
H.B. Fuller Co.		4,244		280,401
Hawkins, Inc.		1,546		70,961
Ingevity Corp. (a)		3,185		204,063
Innospec, Inc.		1,969		182,231
Intrepid Potash, Inc. (a)		799		65,630
Koppers Holdings, Inc.		1,648		45,353
Kronos Worldwide, Inc.		1,803		27,983
Marrone Bio Innovations, Inc. (a) (b)		8,677		9,371
Minerals Technologies, Inc.		2,662		176,091
Oil-Dri Corp. of America		385		11,030
Orion Engineered Carbons SA		4,849		77,439
Quaker Chemical Corp.		1,080		186,635
Rayonier Advanced Materials, Inc. (a)		5,062		33,257
Rogers Corp. (a)		1,500		407,550
Sensient Technologies Corp.		3,393		284,842
Stepan Co.		1,732		171,139
Trinseo PLC		3,122		149,606
Tronox Holdings PLC Class A		9,188		181,831
Unifi, Inc. (a)		1,073		19,421
Valhi, Inc.		205		6,009
Zymergen, Inc. (a)		6,134		17,727
				3,999,179
Forest Products & Paper — 0.1%
Clearwater Paper Corp. (a)		1,295		36,299
Glatfelter Corp.		3,483		43,120
Neenah, Inc.		1,347		53,422
Schweitzer-Mauduit International, Inc.		2,507		68,942
				201,783
Iron & Steel — 0.4%
Allegheny Technologies, Inc. (a)		10,214		274,144
Carpenter Technology Corp.		3,819		160,322
Commercial Metals Co.		9,642		401,300
Schnitzer Steel Industries, Inc. Class A		2,111		109,645
				945,411

	Number of Shares		Value
Mining — 1.1%
Arconic Corp. (a)		8,557	$	219,230
Century Aluminum Co. (a)		4,116		108,292
Coeur Mining, Inc. (a)		20,437		90,945
Compass Minerals International, Inc.		2,741		172,107
Constellium SE (a)		9,957		179,226
Energy Fuels, Inc. (a) (b)		12,389		113,359
Ferroglobe Representation & Warranty Insurance Trust (a) (c) (d)		10,133		—
Gatos Silver, Inc. (a)		3,764		16,261
Hecla Mining Co.		42,582		279,764
Kaiser Aluminum Corp.		1,266		119,207
Livent Corp. (a) (b)		12,986		338,545
MP Materials Corp. (a)		6,080		348,627
Novagold Resources, Inc. (a)		18,948		146,468
Perpetua Resources Corp. (a)		2,707		11,099
PolyMet Mining Corp. (a)		2,489		10,429
United States Lime & Minerals, Inc.		158		18,334
Ur-Energy, Inc. (a) (b)		14,602		23,363
Uranium Energy Corp. (a) (b)		21,182		97,225
				2,292,481
				7,438,854
Communications — 4.1%
Advertising — 0.1%
Advantage Solutions, Inc. (a) (b)		6,012		38,357
Boston Omaha Corp. Class A (a) (b)		1,622		41,150
Clear Channel Outdoor Holdings, Inc. (a)		29,082		100,624
Entravision Communications Corp. Class A		4,907		31,454
Fluent, Inc. (a) (b)		3,843		7,993
National CineMedia, Inc.		5,001		12,702
Quotient Technology, Inc. (a)		7,160		45,681
Stagwell, Inc. (a)		4,817		34,875
				312,836
Internet — 1.8%
1-800-Flowers.com, Inc. Class A (a)		2,159		27,549
1stdibs.com, Inc. (a)		1,622		12,960
aka Brands Holding Corp. (a)		842		3,722
Cargurus, Inc. (a)		7,654		324,989
CarParts.com, Inc. (a) (b)		3,872		25,942
Cars.com, Inc. (a)		5,483		79,120
ChannelAdvisor Corp. (a)		2,323		38,492
Cogent Communications Holdings, Inc.		3,413		226,453
Comscore, Inc. (a)		5,879		17,108
Couchbase, Inc. (a)		1,918		33,412
Digital Media Solutions, Inc. Class A (a)		308		1,121

The accompanying notes are an integral part of the financial statements.

117

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
ePlus, Inc. (a)		2,137	$	119,800
Eventbrite, Inc. Class A (a)		6,111		90,259
Everquote, Inc. Class A (a)		1,525		24,674
fuboTV, Inc. (a)		10,829		71,147
Groupon, Inc. (a) (b)		1,839		35,364
HealthStream, Inc. (a)		2,000		39,840
HyreCar, Inc. (a)		1,597		3,801
Lands’ End, Inc. (a)		1,100		18,612
Limelight Networks, Inc. (a) (b)		9,968		52,033
Liquidity Services, Inc. (a)		1,892		32,391
Liveone, Inc. Common Stock Usd.001 (a)		5,133		4,189
Lulu’s Fashion Lounge Holdings, Inc. (a)		494		3,349
Magnite, Inc. (a)		10,402		137,410
MediaAlpha, Inc. Class A (a)		1,668		27,605
Mimecast Ltd. (a)		4,971		395,493
Open Lending Corp. Class A (a)		8,353		157,955
Overstock.com, Inc. (a)		3,446		151,641
Perficient, Inc. (a)		2,610		287,335
Q2 Holdings, Inc. (a)		4,379		269,965
QuinStreet, Inc. (a)		3,991		46,296
RealReal, Inc. (a) (b)		6,380		46,319
Revolve Group, Inc. (a)		2,879		154,574
Shutterstock, Inc.		1,879		174,897
Solo Brands, Inc. Class A (a) (b)		1,323		11,285
Stitch Fix, Inc. Class A (a)		6,518		65,636
TechTarget, Inc. (a)		2,093		170,119
TrueCar, Inc. (a)		7,730		30,533
Tucows, Inc. Class A (a)		786		53,684
Upwork, Inc. (a)		9,449		219,595
VirnetX Holding Corp. (a) (b)		5,235		8,533
Yelp, Inc. (a)		5,734		195,587
				3,890,789
Media — 0.7%
AMC Networks, Inc. Class A (a)		2,333		94,790
Audacy, Inc. (a)		9,573		27,666
CuriosityStream, Inc. (a)		2,351		6,818
The E.W. Scripps Co. Class A (a)		4,590		95,426
Gannett Co., Inc. (a)		11,241		50,697
Gray Television, Inc.		6,853		151,246
Hemisphere Media Group, Inc. (a)		1,462		6,681
Houghton Mifflin Harcourt Co. (a)		10,190		214,092
iHeartMedia, Inc. Class A (a)		8,976		169,916
Liberty Latin America Ltd. Class A (a)		3,238		31,408
Liberty Latin America Ltd. Class C (a)		12,361		118,542
Scholastic Corp.		2,215		89,220
Sinclair Broadcast Group, Inc. Class A		3,681		103,142
TEGNA, Inc.		17,731		397,174

	Number of Shares		Value
Thryv Holdings, Inc. (a)		628	$	17,659
Value Line, Inc.		91		6,097
WideOpenWest, Inc. (a)		4,204		73,318
				1,653,892
Telecommunications — 1.5%
A10 Networks, Inc.		4,837		67,476
ADTRAN, Inc.		3,917		72,269
Anterix, Inc. (a)		929		53,789
ATN International, Inc.		911		36,331
Aviat Networks, Inc. (a)		859		26,431
CalAmp Corp. (a) (b)		2,728		19,942
Calix, Inc. (a)		4,423		189,791
Cambium Networks Corp. (a)		826		19,527
Casa Systems, Inc. (a)		2,649		11,974
Clearfield, Inc. (a) (b)		915		59,676
Consolidated Communications Holdings, Inc. (a) (b)		5,976		35,258
Credo Technology Group Holding Ltd. (a)		1,731		26,363
DZS, Inc. (a)		1,395		19,349
EchoStar Corp. Class A (a)		2,988		72,728
Extreme Networks, Inc. (a)		10,176		124,249
Globalstar, Inc. (a) (b)		48,553		71,373
Gogo, Inc. (a)		4,738		90,306
Harmonic, Inc. (a) (b)		7,253		67,380
IDT Corp. Class B (a)		1,145		39,033
Infinera Corp. (a) (b)		14,639		126,920
InterDigital, Inc.		2,480		158,224
Iridium Communications, Inc. (a)		9,466		381,669
KVH Industries, Inc. (a) (b)		1,199		10,911
Maxar Technologies, Inc.		5,814		229,420
NeoPhotonics Corp. (a)		4,177		63,532
NETGEAR, Inc. (a)		2,314		57,110
Ooma, Inc. (a)		1,843		27,627
Plantronics, Inc. (a)		3,415		134,551
Preformed Line Products Co. (b)		247		15,665
Ribbon Communications, Inc. (a)		5,736		17,724
Shenandoah Telecommunications Co.		3,869		91,231
Telephone & Data Systems, Inc.		8,098		152,890
Telesat Corp. (a) (b)		520		8,580
United States Cellular Corp. (a)		1,196		36,155
Viavi Solutions, Inc. (a)		18,391		295,727
Vonage Holdings Corp. (a)		20,331		412,516
				3,323,697
				9,181,214
Consumer, Cyclical — 12.3%
Airlines — 0.3%
Allegiant Travel Co. (a)		1,231		199,902

The accompanying notes are an integral part of the financial statements.

118

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Frontier Group Holdings, Inc. (a)		2,835	$	32,121
Hawaiian Holdings, Inc. (a)		4,052		79,824
Mesa Air Group, Inc. (a)		2,753		12,113
SkyWest, Inc. (a)		3,989		115,083
Spirit Airlines, Inc. (a)		7,868		172,073
Sun Country Airlines Holdings, Inc. (a)		2,580		67,544
				678,660
Apparel — 0.6%
Crocs, Inc. (a)		4,671		356,864
Fossil Group, Inc. (a) (b)		3,761		36,256
Kontoor Brands, Inc.		4,152		171,685
Oxford Industries, Inc.		1,287		116,473
PLBY Group, Inc. (a)		2,417		31,639
Rocky Brands, Inc.		537		22,334
Steven Madden Ltd.		6,468		249,924
Superior Group of Cos, Inc.		955		17,047
Torrid Holdings, Inc. (a)		1,338		8,108
Urban Outfitters, Inc. (a)		5,499		138,080
Wolverine World Wide, Inc.		6,502		146,685
				1,295,095
Auto Manufacturers — 0.3%
Arcimoto, Inc. (a) (b)		2,313		15,289
Blue Bird Corp. (a) (b)		1,408		26,499
Canoo, Inc. (a) (b)		8,461		46,705
Fisker, Inc. (a) (b)		13,089		168,848
Hyliion Holdings Corp. (a)		9,249		40,973
Lordstown Motors Corp. Class A (a) (b)		12,140		41,397
Nikola Corp. (a) (b)		18,308		196,079
REV Group, Inc.		2,756		36,930
Wabash National Corp.		3,898		57,846
Workhorse Group, Inc. (a) (b)		12,331		61,655
XL Fleet Corp. (a)		9,136		18,181
				710,402
Auto Parts & Equipment — 1.3%
Adient PLC (a)		7,599		309,811
Aeva Technologies, Inc. (a)		8,246		35,705
American Axle & Manufacturing Holdings, Inc. (a)		9,059		70,298
Commercial Vehicle Group, Inc. (a)		2,490		21,040
Cooper-Standard Holdings, Inc. (a)		1,336		11,717
Dana, Inc.		11,667		204,989
Dorman Products, Inc. (a)		2,122		201,654
Douglas Dynamics, Inc.		1,797		62,158
Fox Factory Holding Corp. (a)		3,389		331,953
Gentherm, Inc. (a)		2,669		194,944
The Goodyear Tire & Rubber Co. (a)		22,167		316,766

	Number of Shares		Value
Meritor, Inc. (a)		5,443	$	193,607
Methode Electronics, Inc.		2,969		128,409
Miller Industries, Inc.		871		24,527
Motorcar Parts of America, Inc. (a) (b)		1,485		26,478
Romeo Power, Inc. (a) (b)		7,656		11,407
The Shyft Group, Inc.		2,788		100,675
Standard Motor Products, Inc.		1,692		72,993
Tenneco, Inc. Class A (a)		5,461		100,045
Titan International, Inc. (a)		4,105		60,467
Velodyne Lidar, Inc. (a)		6,092		15,596
Visteon Corp. (a)		2,228		243,142
XPEL, Inc. (a) (b)		1,443		75,916
				2,814,297
Distribution & Wholesale — 0.9%
A-Mark Precious Metals, Inc.		720		55,685
Avient Corp.		7,289		349,872
EVI Industries, Inc. (a) (b)		408		7,585
G-III Apparel Group Ltd. (a)		3,525		95,351
Global Industrial Co.		1,041		33,551
H&E Equipment Services, Inc.		2,578		112,195
Ideanomics, Inc. (a) (b)		39,966		44,762
KAR Auction Services, Inc. (a)		9,685		174,814
Resideo Technologies, Inc. (a)		11,576		275,856
ScanSource, Inc. (a)		2,021		70,311
Titan Machinery, Inc. (a)		1,529		43,209
Veritiv Corp. (a)		1,151		153,762
VSE Corp.		832		38,347
WESCO International, Inc. (a)		3,569		464,470
				1,919,770
Entertainment — 1.6%
Accel Entertainment, Inc. (a)		4,497		54,773
AMC Entertainment Holdings, Inc. Class A (a)		41,369		1,019,332
Bally’s Corp. (a)		2,612		80,293
Chicken Soup For The Soul Entertainment, Inc. (a)		642		5,130
Cinemark Holdings, Inc. (a)		8,649		149,455
Eros STX Global Corp. (a) (b)		1,379		3,847
Esports Technologies, Inc. (a) (b)		1,181		7,960
Everi Holdings, Inc. (a)		6,844		143,724
GAN Ltd. (a)		3,249		15,660
Golden Entertainment, Inc. (a)		1,379		80,079
Golden Nugget Online Gaming, Inc. (a)		3,078		21,885
Hall of Fame Resort & Entertainment Co. (a) (b)		5,043		5,598
IMAX Corp. (a)		3,991		75,550
International Game Technology PLC (b)		8,014		197,786

The accompanying notes are an integral part of the financial statements.

119

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Liberty Media Corp-Liberty Braves Class A (a) (b)		780	$	22,448
Liberty Media Corp-Liberty Braves Class C (a)		2,938		82,000
Lions Gate Entertainment Corp. Class A (a)		4,586		74,522
Lions Gate Entertainment Corp. Class B (a)		9,551		143,552
Madison Square Garden Entertainment Corp. (a)		2,092		174,285
Monarch Casino & Resort, Inc. (a)		1,054		91,940
NEOGAMES SA (a)		808		12,467
RCI Hospitality Holdings, Inc.		700		43,022
Red Rock Resorts, Inc. Class A		4,302		208,905
Rush Street Interactive, Inc. (a) (b)		4,097		29,785
Scientific Games Corp. Class A (a)		7,706		452,727
SeaWorld Entertainment, Inc. (a)		4,039		300,663
				3,497,388
Food Services — 0.1%
Healthcare Services Group, Inc.		5,998		111,383
Sovos Brands, Inc. (a)		2,038		28,899
				140,282
Home Builders — 1.1%
Beazer Homes USA, Inc. (a)		2,297		34,960
Cavco Industries, Inc. (a)		740		178,229
Century Communities, Inc.		2,408		128,996
Forestar Group, Inc. (a)		1,422		25,255
Green Brick Partners, Inc. (a)		2,458		48,570
Hovnanian Enterprises, Inc. Class A (a)		409		24,172
Installed Building Products, Inc.		1,900		160,531
KB Home		6,373		206,358
Landsea Homes Corp. (a)		947		8,097
LCI Industries		1,986		206,167
LGI Homes, Inc. (a)		1,731		169,084
M.D.C. Holdings, Inc.		4,586		173,534
M/I Homes, Inc. (a)		2,291		101,606
Meritage Home Corp. (a)		2,966		234,996
Skyline Champion Corp. (a)		4,213		231,209
Taylor Morrison Home Corp. (a)		9,583		260,849
TRI Pointe Homes, Inc. (a)		8,873		178,170
Winnebago Industries, Inc.		2,591		139,992
				2,510,775
Home Furnishing — 0.4%
Aterian, Inc. (a) (b)		2,382		5,788
Daktronics, Inc. (a)		3,229		12,399
Ethan Allen Interiors, Inc.		1,802		46,978
Flexsteel Industries, Inc.		548		10,576

	Number of Shares		Value
Hamilton Beach Brands Holding Co. Class A		647	$	7,525
Hooker Furnishings Corp.		956		18,107
iRobot Corp. (a)		2,149		136,247
The Lovesac Co. (a)		1,015		54,871
MillerKnoll, Inc.		5,956		205,839
Purple Innovation, Inc. (a) (b)		4,706		27,530
Sleep Number Corp. (a)		1,774		89,959
Snap One Holdings Corp. (a)		1,378		20,325
Sonos, Inc. (a) (b)		10,277		290,017
Traeger, Inc. (a) (b)		2,399		17,849
Universal Electronics, Inc. (a)		1,036		32,365
VOXX International Corp. (a)		1,303		12,991
Weber, Inc. Class A (b)		1,789		17,586
				1,006,952
Housewares — 0.0%
Lifetime Brands, Inc.		1,061		13,623
Tupperware Brands Corp. (a) (b)		3,909		76,030
				89,653
Leisure Time — 0.5%
Acushnet Holdings Corp.		2,744		110,473
Callaway Golf Co. (a)		9,269		217,080
Camping World Holdings, Inc. Class A (b)		3,346		93,521
Clarus Corp.		2,115		48,180
Drive Shack, Inc. (a) (b)		7,212		11,106
Escalade, Inc.		824		10,877
F45 Training Holdings, Inc. (a)		2,576		27,563
Johnson Outdoors, Inc. Class A		428		33,268
Liberty TripAdvisor Holdings, Inc. Class A (a)		5,395		11,060
Life Time Group Holdings, Inc. (a)		3,091		44,943
Lindblad Expeditions Holdings, Inc. (a) (b)		2,398		36,162
Malibu Boats, Inc. Class A (a)		1,659		96,239
Marine Products Corp. (b)		735		8,489
MasterCraft Boat Holdings, Inc. (a)		1,508		37,112
Nautilus, Inc. (a)		2,644		10,893
OneSpaWorld Holdings Ltd. (a)		4,243		43,279
OneWater Marine, Inc. Class A		895		30,833
Vista Outdoor, Inc. (a)		4,523		161,426
Xponential Fitness, Inc. (a)		961		22,526
				1,055,030
Lodging — 0.2%
Bluegreen Vacations Holding Corp. (a)		1,175		34,745
Century Casinos, Inc. (a)		2,147		25,657
Full House Resorts, Inc. (a)		2,571		24,707
Hilton Grand Vacations, Inc. (a)		6,866		357,101
The Marcus Corp. (a)		1,859		32,904

The accompanying notes are an integral part of the financial statements.

120

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Target Hospitality Corp. (a)		1,942	$	11,652
				486,766
Office Furnishings — 0.1%
CompX International, Inc.		141		3,316
HNI Corp.		3,490		129,305
Interface, Inc.		4,637		62,924
Kimball International, Inc. Class B		2,754		23,271
Steelcase, Inc. Class A		6,852		81,882
				300,698
Retail — 4.8%
Abercrombie & Fitch Co. Class A (a)		4,486		143,507
Academy Sports & Outdoors, Inc.		6,301		248,259
America’s Car-Mart, Inc. (a)		473		38,105
American Eagle Outfitters, Inc. (b)		12,195		204,876
Arko Corp.		6,669		60,688
Asbury Automotive Group, Inc. (a)		1,857		297,491
Aspen Aerogels, Inc. (a)		1,767		60,926
Barnes & Noble Education, Inc. (a)		3,620		12,960
Bassett Furniture Industries, Inc.		723		11,973
Beacon Roofing Supply, Inc. (a)		4,468		264,863
Bed Bath & Beyond, Inc. (a) (b)		7,766		174,968
Big 5 Sporting Goods Corp. (b)		1,653		28,349
Big Lots, Inc.		2,422		83,801
Biglari Holdings, Inc. Class B (a)		63		9,110
BJ’s Restaurants, Inc. (a)		1,788		50,600
BJ’s Wholesale Club Holdings, Inc. (a)		10,992		743,169
Bloomin’ Brands, Inc.		7,107		155,928
BlueLinx Holdings, Inc. (a)		739		53,119
Boot Barn Holdings, Inc. (a)		2,345		222,283
Brinker International, Inc. (a)		3,545		135,277
The Buckle, Inc.		2,395		79,131
Caleres, Inc.		2,941		56,850
Cannae Holdings, Inc. (a)		6,778		162,130
CarLotz, Inc. (a)		5,473		7,498
Carrols Restaurant Group, Inc.		2,892		6,536
The Cato Corp. Class A		1,498		21,961
The Cheesecake Factory, Inc. (a)		3,694		146,984
Chico’s FAS, Inc. (a)		9,565		45,912
The Children’s Place, Inc. (a)		1,101		54,279
Chuy’s Holdings, Inc. (a)		1,573		42,471
Citi Trends, Inc. (a) (b)		620		18,988
Clean Energy Fuels Corp. (a)		12,420		98,615
Conn’s, Inc. (a) (b)		1,417		21,836
The Container Store Group, Inc. (a)		2,444		19,967
Cracker Barrel Old Country Store, Inc.		1,902		225,824
Dave & Buster’s Entertainment, Inc. (a)		3,509		172,292

	Number of Shares		Value
Denny’s Corp. (a)		4,959	$	70,963
Designer Brands, Inc. Class A (a)		4,878		65,902
Dillard’s, Inc. Class A		435		116,750
Dine Brands Global, Inc.		1,308		101,959
Duluth Holdings, Inc. Class B (a)		1,013		12,389
El Pollo Loco Holdings, Inc. (a)		1,554		18,057
Fiesta Restaurant Group, Inc. (a)		1,454		10,869
First Watch Restaurant Group, Inc. (a) (b)		805		10,505
FirstCash Holdings, Inc.		3,182		223,822
Franchise Group, Inc.		2,273		94,170
Genesco, Inc. (a)		1,149		73,088
GMS, Inc. (a)		3,427		170,562
Group 1 Automotive, Inc.		1,335		224,053
GrowGeneration Corp. (a) (b)		4,387		40,404
Guess?, Inc.		3,221		70,379
Haverty Furniture Cos., Inc.		1,274		34,933
Hibbett, Inc.		1,093		48,464
Jack in the Box, Inc.		1,698		158,610
JOANN, Inc.		889		10,144
Kirkland’s, Inc. (a)		1,051		9,764
Kura Sushi USA, Inc. Class A (a)		342		18,861
La-Z-Boy, Inc.		3,519		92,796
Lazydays Holdings, Inc. (a) (b)		639		12,895
LL Flooring Holdings, Inc. (a) (b)		2,350		32,947
Macy’s, Inc.		24,180		589,025
MarineMax, Inc. (a)		1,693		68,160
MedAvail Holdings, Inc. (a)		895		869
Movado Group, Inc.		1,245		48,617
Murphy USA, Inc.		1,873		374,525
National Vision Holdings, Inc. (a)		6,644		289,479
Noodles & Co. (a)		3,098		18,495
Nu Skin Enterprises, Inc. Class A		3,984		190,754
The ODP Corp. (a)		3,697		169,434
The ONE Group Hospitality, Inc. (a)		1,689		17,751
OptimizeRx Corp. (a)		1,372		51,738
Papa John’s International, Inc.		2,654		279,413
Party City Holdco, Inc. (a)		9,024		32,306
Patrick Industries, Inc.		1,820		109,746
PC Connection, Inc.		885		46,365
PetMed Express, Inc. (b)		1,612		41,590
Portillo’s, Inc. Class A (a)		1,827		44,871
PriceSmart, Inc.		1,968		155,216
Red Robin Gourmet Burgers, Inc. (a)		1,198		20,198
Regis Corp. (a) (b)		3,819		8,096
Rite Aid Corp. (a) (b)		4,409		38,579
Rush Enterprises, Inc. Class A		3,398		172,992
Rush Enterprises, Inc. Class B		508		24,562
Ruth’s Hospitality Group, Inc.		2,643		60,472

The accompanying notes are an integral part of the financial statements.

121

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Sally Beauty Holdings, Inc. (a)		8,806	$	137,638
Shake Shack, Inc. Class A (a)		2,998		203,564
Shift Technologies, Inc. (a) (b)		5,008		11,018
Shoe Carnival, Inc.		1,403		40,911
Signet Jewelers Ltd.		4,237		308,030
Sonic Automotive, Inc. Class A		1,736		73,797
Sportsman’s Warehouse Holdings, Inc. (a)		3,441		36,784
Sweetgreen, Inc. Class A (a) (b)		1,008		32,246
Texas Roadhouse, Inc.		5,618		470,395
Tilly’s, Inc. Class A		1,846		17,279
TravelCenters of America, Inc. (a)		991		42,573
Vera Bradley, Inc. (a)		2,192		16,813
Wingstop, Inc.		2,393		280,819
Winmark Corp.		278		61,160
World Fuel Services Corp.		5,016		135,633
Zumiez, Inc. (a)		1,563		59,722
				10,686,447
Textiles — 0.1%
UniFirst Corp.		1,209		222,795
Toys, Games & Hobbies — 0.0%
Funko, Inc. Class A (a)		2,101		36,242
				27,451,252
Consumer, Non-cyclical — 23.0%
Agriculture — 0.3%
22nd Century Group, Inc. (a) (b)		13,068		30,318
The Andersons, Inc.		2,529		127,107
AppHarvest, Inc. (a)		5,715		30,718
Cadiz, Inc. (a)		1,812		3,751
Fresh Del Monte Produce, Inc.		2,684		69,542
Greenlane Holdings, Inc. Class A (a) (b)		1,759		985
Limoneira Co.		1,273		18,688
Tejon Ranch Co. (a)		1,691		30,878
Turning Point Brands, Inc.		1,145		38,941
Universal Corp.		1,942		112,772
Vector Group Ltd.		11,515		138,641
Vital Farms, Inc. (a)		1,931		23,867
				626,208
Beverages — 0.4%
Celsius Holdings, Inc. (a) (b)		4,322		238,488
Coca-Cola Consolidated, Inc.		377		187,312
The Duckhorn Portfolio, Inc. (a)		2,859		52,005
MGP Ingredients, Inc. (b)		1,138		97,401
National Beverage Corp.		1,882		81,867
NewAge, Inc. (a)		12,130		7,048
Primo Water Corp.		12,575		179,194
The Vita Coco Co., Inc. (a)		989		8,861

	Number of Shares		Value
Zevia PBC (a)		878	$	4,013
				856,189
Biotechnology — 6.1%
2seventy bio, Inc. (a)		1,911		32,602
4D Molecular Therapeutics, Inc. (a)		2,293		34,670
89bio, Inc. (a)		828		3,122
9 Meters Biopharma, Inc. (a)		19,815		11,875
Absci Corp. (a) (b)		4,559		38,432
ACADIA Pharmaceuticals, Inc. (a)		9,575		231,906
Acumen Pharmaceuticals, Inc. (a)		2,227		8,708
Adagio Therapeutics, Inc. (a)		4,481		20,433
Adicet Bio, Inc. (a)		2,108		42,097
Adverum Biotechnologies, Inc. (a)		7,163		9,384
Aerovate Therapeutics, Inc. (a)		1,056		19,356
Affimed NV (a)		9,146		39,968
Agenus, Inc. (a)		17,428		42,873
Akero Therapeutics, Inc. (a)		2,094		29,714
Akouos, Inc. (a)		2,098		9,966
Alaunos Therapeutics, Inc. (a)		17,475		11,401
Albireo Pharma, Inc. (a)		1,329		39,644
Aldeyra Therapeutics, Inc. (a)		3,685		16,380
Aligos Therapeutics, Inc. (a)		1,862		4,003
Allakos, Inc. (a)		2,986		17,020
Allogene Therapeutics, Inc. (a)		5,401		49,203
Allovir, Inc. (a)		2,488		16,794
Alpha Teknova, Inc. (a)		608		8,396
Alpine Immune Sciences, Inc. (a) (b)		950		8,522
Altimmune, Inc. (a)		3,045		18,544
ALX Oncology Holdings, Inc. (a)		1,395		23,575
Amicus Therapeutics, Inc. (a)		21,026		199,116
AnaptysBio, Inc. (a)		1,517		37,531
Anavex Life Sciences Corp. (a)		5,357		65,945
Angion Biomedica Corp. (a) (b)		1,827		3,873
ANI Pharmaceuticals, Inc. (a)		856		24,062
Annexon, Inc. (a)		2,736		7,469
Apellis Pharmaceuticals, Inc. (a)		6,279		319,036
Applied Molecular Transport, Inc. (a) (b)		2,100		15,792
Applied Therapeutics, Inc. (a)		1,457		3,074
Arbutus Biopharma Corp. (a) (b)		7,020		20,920
Arcellx, Inc. (a)		707		9,912
Arcturus Therapeutics Holdings, Inc. (a)		1,676		45,185
Arcus Biosciences, Inc. (a)		3,588		113,237
Arcutis Biotherapeutics, Inc. (a)		2,170		41,794
Ardelyx, Inc. (a)		8,661		9,267
Arrowhead Pharmaceuticals, Inc. (a)		8,216		377,854
Atara Biotherapeutics, Inc. (a)		6,928		64,361
Atea Pharmaceuticals, Inc. (a)		5,312		38,353

The accompanying notes are an integral part of the financial statements.

122

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Athersys, Inc. (a) (b)		18,483	$	11,191
Athira Pharma, Inc. (a)		2,618		35,343
Atossa Therapeutics, Inc. (a)		9,284		11,605
Atreca, Inc. Class A (a)		2,196		6,961
Aura Biosciences, Inc. (a)		493		10,846
Avalo Therapeutics, Inc. (a)		5,371		3,892
Avid Bioservices, Inc. (a)		4,830		98,387
Avidity Biosciences, Inc. (a)		2,991		55,244
Avrobio, Inc. (a)		3,316		4,377
Axsome Therapeutics, Inc. (a) (b)		2,219		91,844
Beam Therapeutics, Inc. (a)		4,096		234,701
Berkeley Lights, Inc. (a)		3,835		27,267
BioAtla, Inc. (a)		1,403		7,015
BioCryst Pharmaceuticals, Inc. (a)		14,415		234,388
Biodesix, Inc. (a) (b)		1,174		1,984
Biohaven Pharmaceutical Holding Co. Ltd. (a)		4,461		528,941
Biomea Fusion, Inc. (a)		1,897		8,461
Black Diamond Therapeutics, Inc. (a)		2,088		5,784
Bluebird Bio, Inc. (a)		5,327		25,836
Blueprint Medicines Corp. (a)		4,681		299,022
Bolt Biotherapeutics, Inc. (a)		2,040		5,590
Bridgebio Pharma, Inc. (a)		8,458		85,849
Brooklyn ImmunoTherapeutics, Inc. (a) (b)		2,698		5,531
C4 Therapeutics, Inc. (a)		3,071		74,502
Cara Therapeutics, Inc. (a)		3,519		42,756
Cardiff Oncology, Inc. (a)		3,315		8,221
Caribou Biosciences, Inc. (a)		3,970		36,445
Cassava Sciences, Inc. (a) (b)		3,061		113,686
CEL-SCI Corp. (a)		2,999		11,786
Celldex Therapeutics, Inc. (a)		3,676		125,205
Century Therapeutics, Inc. (a)		1,418		17,853
Cerevel Therapeutics Holdings, Inc. (a)		3,259		114,098
ChemoCentryx, Inc. (a) (b)		4,314		108,152
Chinook Therapeutics, Inc. (a)		3,212		52,548
ChromaDex Corp. (a)		3,607		8,873
CinCor Pharma, Inc. (a)		939		16,470
Clene, Inc. (a) (b)		1,884		7,423
Codex DNA, Inc. (a) (b)		810		4,350
Codiak Biosciences, Inc. (a)		1,426		8,941
Cogent Biosciences, Inc. (a)		2,882		21,586
Cortexyme, Inc. (a)		1,560		9,656
Crinetics Pharmaceuticals, Inc. (a)		3,670		80,556
Cue Biopharma, Inc. (a)		2,416		11,790
Cullinan Oncology, Inc. (a)		2,026		21,212
Curis, Inc. (a)		7,307		17,391
Cymabay Therapeutics, Inc. (a)		6,933		21,562

	Number of Shares		Value
Cyteir Therapeutics, Inc. (a) (b)		1,627	$	6,134
Cytek Biosciences, Inc. (a)		7,807		84,159
CytomX Therapeutics, Inc. (a)		5,220		13,937
Day One Biopharmaceuticals, Inc. (a) (b)		1,845		18,302
Deciphera Pharmaceuticals, Inc. (a)		3,223		29,877
Denali Therapeutics, Inc. (a)		7,275		234,037
Design Therapeutics, Inc. (a)		2,080		33,592
DICE Therapeutics, Inc. (a)		1,063		20,335
Dynavax Technologies Corp. (a)		8,619		93,430
Dyne Therapeutics, Inc. (a)		2,309		22,259
Edgewise Therapeutics, Inc. (a) (b)		3,147		30,526
Editas Medicine, Inc. (a)		5,466		103,963
Eiger BioPharmaceuticals, Inc. (a)		2,645		21,953
Eliem Therapeutics, Inc. (a)		505		4,237
Emergent BioSolutions, Inc. (a)		3,920		160,955
Entrada Therapeutics, Inc. (a)		939		8,817
Epizyme, Inc. (a)		11,364		13,069
Erasca, Inc. (a) (b)		5,084		43,722
Esperion Therapeutics, Inc. (a)		4,500		20,880
Evelo Biosciences, Inc. (a) (b)		2,392		8,109
Evolus, Inc. (a)		2,698		30,272
Exagen, Inc. (a)		771		6,191
EyePoint Pharmaceuticals, Inc. (a) (b)		1,960		23,814
Fate Therapeutics, Inc. (a)		6,491		251,656
FibroGen, Inc. (a)		6,877		82,662
Finch Therapeutics Group, Inc. (a)		686		3,451
Forma Therapeutics Holdings, Inc. (a)		2,628		24,440
Forte Biosciences, Inc. (a)		1,006		1,469
Frequency Therapeutics, Inc. (a)		2,772		5,877
Gemini Therapeutics, Inc. (a)		2,082		2,894
Generation Bio Co., (a)		3,412		25,044
Geron Corp. (a) (b)		24,740		33,646
Global Blood Therapeutics, Inc. (a)		4,951		171,503
Gossamer Bio, Inc. (a)		4,917		42,680
Graphite Bio, Inc. (a)		2,330		11,883
Greenwich Lifesciences, Inc. (a)		366		7,181
GT Biopharma, Inc. (a)		1,653		4,761
Halozyme Therapeutics, Inc. (a)		11,083		441,990
Harvard Bioscience, Inc. (a)		3,208		19,922
Homology Medicines, Inc. (a)		3,681		11,190
Humanigen, Inc. (a)		3,643		10,965
iBio, Inc. (a)		19,120		8,187
Icosavax, Inc. (a)		2,059		14,495
Ideaya Biosciences, Inc. (a)		2,663		29,799
IGM Biosciences, Inc. (a)		719		19,219
Ikena Oncology, Inc. (a)		2,331		14,219
Imago Biosciences, Inc. (a)		1,631		31,429
Immunic, Inc. (a)		1,526		17,244

The accompanying notes are an integral part of the financial statements.

123

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
ImmunityBio, Inc. (a)		5,649	$	31,691
ImmunoGen, Inc. (a)		17,141		81,591
Immunovant, Inc. (a)		3,279		18,067
Impel Neuropharma, Inc. (a) (b)		508		3,236
Infinity Pharmaceuticals, Inc. (a)		7,598		8,662
Inhibrx, Inc. (a)		2,221		49,484
Innoviva, Inc. (a)		3,457		66,893
Inovio Pharmaceuticals, Inc. (a)		16,455		59,073
Inozyme Pharma, Inc. (a) (b)		1,299		5,313
Insmed, Inc. (a)		9,421		221,393
Instil Bio, Inc. (a) (b)		4,297		46,193
Intercept Pharmaceuticals, Inc. (a) (b)		2,054		33,419
Intra-Cellular Therapies, Inc. (a)		6,435		393,758
iTeos Therapeutics, Inc. (a)		1,613		51,906
IVERIC bio, Inc. (a)		9,206		154,937
Janux Therapeutics, Inc. (a)		1,365		19,574
Kaleido Biosciences, Inc. (a) (b)		1,851		3,054
Karuna Therapeutics, Inc. (a)		1,773		224,799
Karyopharm Therapeutics, Inc. (a) (b)		5,688		41,921
KemPharm, Inc. (a) (b)		2,328		11,710
Keros Therapeutics, Inc. (a)		1,245		67,703
Kezar Life Sciences, Inc. (a)		3,026		50,292
Kiniksa Pharmaceuticals Ltd. Class A (a)		2,269		22,554
Kinnate Biopharma, Inc. (a)		2,121		23,882
Kodiak Sciences, Inc. (a)		2,578		19,902
Kronos Bio, Inc. (a)		3,011		21,770
Krystal Biotech, Inc. (a)		1,609		107,063
Kymera Therapeutics, Inc. (a)		2,746		116,211
Lexicon Pharmaceuticals, Inc. (a)		5,834		12,193
Ligand Pharmaceuticals, Inc. (a)		1,206		135,663
Lineage Cell Therapeutics, Inc. (a) (b)		10,494		16,161
Lucid Diagnostics, Inc. (a)		508		1,707
MacroGenics, Inc. (a)		4,739		41,751
Magenta Therapeutics, Inc. (a) (b)		2,446		7,093
MaxCyte, Inc. (a) (b)		7,988		55,836
MEI Pharma, Inc. (a)		10,429		6,283
MeiraGTx Holdings PLC (a) (b)		2,432		33,683
Mersana Therapeutics, Inc. (a)		5,563		22,196
Mind Medicine MindMed, Inc. (a) (b)		26,185		29,065
MiNK Therapeutics, Inc. (a)		190		428
Molecular Templates, Inc. (a)		3,203		11,050
Monte Rosa Therapeutics, Inc. (a) (b)		2,282		31,994
Mustang Bio, Inc. (a)		6,638		6,704
Myriad Genetics, Inc. (a)		6,329		159,491
NeoGenomics, Inc. (a)		9,066		110,152
NGM Biopharmaceuticals, Inc. (a)		2,481		37,835
Nkarta, Inc. (a)		1,179		13,417
Nurix Therapeutics, Inc. (a)		2,578		36,118

	Number of Shares		Value
Nuvalent, Inc., Class A (a) (b)		1,502	$	20,863
Nuvation Bio, Inc. (a)		12,676		66,676
Olema Pharmaceuticals, Inc. (a)		1,972		8,401
Omega Therapeutics, Inc. (a)		1,758		10,970
Omeros Corp. (a) (b)		4,891		29,395
Oncocyte Corp. (a) (b)		4,457		6,641
Oncorus, Inc. (a)		1,929		3,434
Oncternal Therapeutics, Inc. (a)		4,061		5,645
Organogenesis Holdings, Inc. (a)		5,470		41,681
Oyster Point Pharma, Inc. (a) (b)		967		11,256
Phathom Pharmaceuticals, Inc. (a) (b)		1,564		21,286
Pliant Therapeutics, Inc. (a)		1,927		13,508
Portage Biotech, Inc. (a)		416		2,733
Poseida Therapeutics, Inc. (a)		2,268		10,161
Praxis Precision Medicines, Inc. (a)		2,707		27,638
Precigen, Inc. (a)		7,664		16,171
Precision BioSciences, Inc. (a)		4,008		12,345
Prelude Therapeutics, Inc. (a) (b)		967		6,672
Prothena Corp. PLC (a)		2,892		105,760
Provention Bio, Inc. (a)		4,540		33,233
PTC Therapeutics, Inc. (a)		5,546		206,921
Puma Biotechnology, Inc. (a)		2,428		6,993
Pyxis Oncology, Inc. (a)		954		3,854
Radius Health, Inc. (a)		3,836		33,872
Rain Therapeutics, Inc. (a)		1,381		7,002
Rallybio Corp. (a)		1,307		9,123
RAPT Therapeutics, Inc. (a)		1,666		36,635
Recursion Pharmaceuticals, Inc. Class A (a)		9,188		65,786
REGENXBIO, Inc. (a)		3,153		104,648
Relay Therapeutics, Inc. (a)		5,594		167,428
Replimune Group, Inc. (a)		2,362		40,107
Revolution Medicines, Inc. (a)		4,736		120,815
Rigel Pharmaceuticals, Inc. (a)		13,509		40,392
Rocket Pharmaceuticals, Inc. (a)		3,268		51,830
Rubius Therapeutics, Inc. (a)		3,757		20,701
Sana Biotechnology, Inc. (a) (b)		6,869		56,738
Sangamo Therapeutics, Inc. (a)		9,403		54,631
Scholar Rock Holding Corp. (a)		2,306		29,724
Seelos Therapeutics, Inc. (a)		8,547		7,161
Seer, Inc. (a) (b)		3,295		50,216
Selecta Biosciences, Inc. (a)		7,634		9,390
Sensei Biotherapeutics, Inc. (a)		1,919		4,433
Sesen Bio, Inc. (a) (b)		14,729		8,877
Shattuck Labs, Inc. (a)		2,329		9,922
Sigilon Therapeutics, Inc. (a)		1,190		1,749
Silverback Therapeutics, Inc. (a)		1,882		6,606
Singular Genomics Systems, Inc. (a)		3,661		23,101
Solid Biosciences, Inc. (a)		5,218		6,262

The accompanying notes are an integral part of the financial statements.

124

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Sorrento Therapeutics, Inc. (a)		23,799	$	55,452
SpringWorks Therapeutics, Inc. (a)		2,333		131,675
Spruce Biosciences, Inc. (a)		876		1,761
SQZ Biotechnologies Co. (a)		1,989		9,567
Stoke Therapeutics, Inc. (a)		1,493		31,428
Surface Oncology, Inc. (a)		2,685		7,894
Sutro Biopharma, Inc. (a)		3,517		28,910
Syndax Pharmaceuticals, Inc. (a)		3,919		68,112
Talaris Therapeutics, Inc. (a)		1,785		17,564
Tarsus Pharmaceuticals, Inc. (a)		626		10,529
Taysha Gene Therapies, Inc. (a)		1,650		10,758
TCR2 Therapeutics, Inc. (a)		2,745		7,576
Tenaya Therapeutics, Inc. (a) (b)		2,256		26,576
Terns Pharmaceuticals, Inc. (a)		1,189		3,531
TG Therapeutics, Inc. (a)		10,345		98,381
Theravance Biopharma, Inc. (a)		4,764		45,544
Theseus Pharmaceuticals, Inc. (a)		857		9,881
TransMedics Group, Inc. (a) (b)		2,067		55,685
Travere Therapeutics, Inc. (a)		4,718		121,583
Turning Point Therapeutics, Inc. (a)		3,670		98,539
Twist Bioscience Corp. (a)		4,421		218,309
Tyra Biosciences, Inc. (a)		979		10,475
UroGen Pharma Ltd. (a) (b)		1,634		14,232
Vaxart, Inc. (a)		9,743		49,105
VBI Vaccines, Inc. (a)		14,571		24,188
Ventyx Biosciences, Inc. (a)		914		12,403
Vera Therapeutics, Inc. (a)		1,073		25,205
Veracyte, Inc. (a)		5,387		148,520
Verastem, Inc. (a)		13,984		19,717
Vericel Corp. (a)		3,716		142,026
Veru, Inc. (a)		5,081		24,541
Verve Therapeutics, Inc. (a)		2,909		66,383
Vigil Neuroscience, Inc. (a)		588		4,134
Viking Therapeutics, Inc. (a)		5,511		16,533
Vincerx Pharma, Inc. (a)		1,513		6,052
Vir Biotechnology, Inc. (a)		4,806		123,610
Viracta Therapeutics, Inc. (a)		2,991		14,237
VistaGen Therapeutics, Inc. (a)		15,963		19,794
Vor BioPharma, Inc. (a)		1,578		9,531
WaVe Life Sciences Ltd. (a)		3,328		6,656
Werewolf Therapeutics, Inc. (a)		1,870		8,228
XBiotech, Inc.		1,110		9,590
Xencor, Inc. (a)		4,500		120,060
Xilio Therapeutics, Inc. (a)		671		4,744
XOMA Corp. (a) (b)		505		14,130
Zentalis Pharmaceuticals, Inc. (a)		2,914		134,452
				13,692,924

	Number of Shares		Value
Commercial Services — 5.3%
2U, Inc. (a) (b)		5,811	$	77,170
The Aaron’s Co., Inc.		2,500		50,200
ABM Industries, Inc.		5,403		248,754
Acacia Research Corp. (a)		4,113		18,550
Adtalem Global Education, Inc. (a)		3,965		117,800
AirSculpt Technologies, Inc. (a)		583		7,975
Alarm.com Holdings, Inc. (a)		3,790		251,883
Alta Equipment Group, Inc. (a)		1,548		19,133
American Public Education, Inc. (a)		1,534		32,582
AMN Healthcare Services, Inc. (a)		3,780		394,367
API Group Corp. (a)		16,172		340,097
Arlo Technologies, Inc. (a)		6,753		59,832
ASGN, Inc. (a)		4,082		476,410
Avis Budget Group, Inc. (a)		3,313		872,313
Barrett Business Services, Inc.		596		46,172
BrightView Holdings, Inc. (a)		3,780		51,446
The Brink’s Co.		3,850		261,800
Carriage Services, Inc.		1,231		65,649
Cass Information Systems, Inc.		1,091		40,269
CBIZ, Inc. (a)		3,931		164,984
Cimpress PLC (a)		1,406		89,408
CoreCivic, Inc. (a)		9,603		107,266
Corvel Corp. (a)		697		117,403
Coursera, Inc. (a)		5,835		134,438
CRA International, Inc.		576		48,534
Cross Country Healthcare, Inc. (a)		2,883		62,475
Custom Truck One Source, Inc. (a)		4,629		38,837
Deluxe Corp.		3,407		103,028
Emerald Holding, Inc. (a)		2,159		7,341
Ennis, Inc.		2,100		38,787
European Wax Center, Inc. (a)		1,079		31,895
EVERTEC, Inc.		4,852		198,592
Evo Payments, Inc. Class A (a)		3,790		87,511
First Advantage Corp. (a)		4,409		89,018
Forrester Research, Inc. (a)		901		50,834
Franklin Covey Co. (a)		1,003		45,356
Graham Holdings Co. Class B		306		187,110
Green Dot Corp. Class A (a)		4,277		117,532
The Hackett Group, Inc.		1,959		45,175
HealthEquity, Inc. (a)		6,556		442,137
Heidrick & Struggles International, Inc.		1,555		61,547
Herc Holdings, Inc.		2,000		334,180
HireQuest, Inc. (b)		454		8,680
Huron Consulting Group, Inc. (a)		1,737		79,572
I3 Verticals, Inc. Class A (a)		1,699		47,334
ICF International, Inc.		1,484		139,704
Insperity, Inc.		2,913		292,523

The accompanying notes are an integral part of the financial statements.

125

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
John Wiley & Sons, Inc. Class A		3,461	$	183,537
Kelly Services, Inc. Class A		2,820		61,166
Kforce, Inc.		1,632		120,719
Korn Ferry		4,319		280,476
Landec Corp. (a)		2,040		23,623
Laureate Education, Inc. Class A		7,935		94,030
LiveRamp Holdings, Inc. (a)		5,290		197,793
Marathon Digital Holdings, Inc. (a) (b)		7,649		213,790
Medifast, Inc.		923		157,630
MoneyGram International, Inc. (a)		7,175		75,768
Monro, Inc.		2,655		117,723
Multiplan Corp. (a) (b)		26,126		122,270
National Research Corp. Class A		1,108		43,932
Paya Holdings, Inc. (a)		6,746		39,532
Perdoceo Education Corp. (a)		5,599		64,277
Priority Technology Holdings, Inc. (a)		894		5,141
PROG Holdings, Inc. (a)		4,524		130,156
Progyny, Inc. (a)		5,158		265,121
R1 RCM, Inc. (a)		9,515		254,621
Remitly Global, Inc. (a)		1,075		10,610
Rent the Runway, Inc. Class A (a)		1,300		8,957
Rent-A-Center, Inc.		5,283		133,079
Repay Holdings Corp. (a)		6,925		102,282
Resources Connection, Inc.		2,478		42,473
Riot Blockchain, Inc. (a)		8,613		182,337
ShotSpotter, Inc. (a)		694		19,238
SP Plus Corp. (a)		1,849		57,985
Sterling Check Corp. (a)		1,351		35,707
StoneMor, Inc. (a)		2,423		6,324
Strategic Education, Inc.		1,952		129,574
Stride, Inc. (a)		3,322		120,688
Team, Inc. (a)		2,417		5,342
Textainer Group Holdings Ltd.		3,778		143,828
Transcat, Inc. (a)		566		45,925
TriNet Group, Inc. (a)		3,251		319,768
Triton International Ltd.		5,352		375,603
TrueBlue, Inc. (a)		2,803		80,979
Udemy, Inc. (a)		1,178		14,678
Vectrus, Inc. (a)		947		33,959
Viad Corp. (a)		1,613		57,487
Vivint Smart Home, Inc. (a)		7,315		49,449
Willdan Group, Inc. (a)		883		27,099
WillScot Mobile Mini Holdings Corp. (a)		16,719		654,214
WW International, Inc. (a)		4,171		42,669
				11,755,162
Cosmetics & Personal Care — 0.2%
The Beauty Health Co. (a)		6,987		117,941
Edgewell Personal Care Co.		4,355		159,698

	Number of Shares		Value
elf Beauty, Inc. (a)		3,856	$	99,600
The Honest Co., Inc. (a)		6,610		34,438
Inter Parfums, Inc.		1,432		126,088
Revlon, Inc. Class A (a)		656		5,294
				543,059
Food — 1.7%
AquaBounty Technologies, Inc. (a)		4,798		8,972
B&G Foods, Inc.		5,141		138,704
Cal-Maine Foods, Inc.		3,277		180,956
Calavo Growers, Inc.		1,361		49,608
The Chefs’ Warehouse, Inc. (a)		2,511		81,859
HF Foods Group, Inc. (a)		2,850		18,981
Hostess Brands, Inc. (a)		11,083		243,161
Ingles Markets, Inc. Class A		1,130		100,627
J&J Snack Foods Corp.		1,184		183,638
John B Sanfilippo & Son, Inc.		712		59,409
Krispy Kreme, Inc. (b)		6,823		101,322
Laird Superfood, Inc. (a)		518		1,870
Lancaster Colony Corp.		1,523		227,155
Mission Produce, Inc. (a)		3,051		38,595
Nathan’s Famous, Inc.		223		12,080
Natural Grocers by Vitamin Cottage, Inc.		730		14,308
Performance Food Group Co. (a)		12,147		618,404
Sanderson Farms, Inc.		1,631		305,796
Seneca Foods Corp. Class A (a)		465		23,966
The Simply Good Foods Co. (a)		6,823		258,933
SpartanNash Co.		2,882		95,077
Sprouts Farmers Market, Inc. (a)		9,054		289,547
Tattooed Chef, Inc. (a) (b)		3,746		47,125
Tootsie Roll Industries, Inc.		1,253		43,802
TreeHouse Foods, Inc. (a)		4,166		134,395
United Natural Foods, Inc. (a)		4,616		190,872
Utz Brands, Inc. (b)		4,786		70,737
Village Super Market, Inc. Class A		717		17,567
Weis Markets, Inc.		1,323		94,489
Whole Earth Brands, Inc. (a)		2,896		20,735
				3,672,690
Health Care – Products — 3.9%
Accelerate Diagnostics, Inc. (a) (b)		2,969		4,275
Accuray, Inc. (a)		7,212		23,872
Acutus Medical, Inc. (a)		1,689		2,348
Akoya Biosciences, Inc. (a)		996		10,946
Alphatec Holdings, Inc. (a)		5,648		64,952
AngioDynamics, Inc. (a)		2,998		64,577
Apyx Medical Corp. (a)		2,630		17,174
Artivion, Inc. (a)		3,038		64,952
Asensus Surgical, Inc. (a) (b)		19,522		12,236

The accompanying notes are an integral part of the financial statements.

126

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Aspira Women’s Health, Inc. (a)		6,270	$	6,521
AtriCure, Inc. (a)		3,588		235,624
Atrion Corp.		112		79,856
Avanos Medical, Inc. (a)		3,855		129,143
Avita Medical, Inc. (a) (b)		1,957		16,595
AxoGen, Inc. (a)		3,029		24,050
Axonics Inc. (a)		3,670		229,742
BioLife Solutions, Inc. (a)		850		19,321
Bionano Genomics, Inc. (a) (b)		23,317		60,158
Bioventus, Inc. Class A (a)		2,287		32,247
Butterfly Network, Inc. (a)		10,652		50,704
Cardiovascular Systems, Inc. (a)		3,170		71,642
CareDx, Inc. (a)		4,046		149,662
Castle Biosciences, Inc. (a)		1,704		76,441
Celcuity, Inc. (a)		874		8,172
Cerus Corp. (a)		13,419		73,670
ClearPoint Neuro, Inc. (a)		1,516		15,782
CONMED Corp.		2,327		345,676
Cue Health, Inc. (a)		1,277		8,237
Cutera, Inc. (a) (b)		1,411		97,359
Cvrx, Inc. (a)		983		5,888
CytoSorbents Corp. (a) (b)		3,625		11,564
Dermtech, Inc. (a) (b)		1,909		28,024
Eargo, Inc. (a) (b)		2,381		12,595
Glaukos Corp. (a)		3,647		210,870
Haemonetics Corp. (a)		4,042		255,535
Hanger, Inc. (a)		2,985		54,715
Inari Medical, Inc. (a)		2,758		249,985
InfuSystem Holdings, Inc. (a) (b)		1,453		14,239
Inogen, Inc. (a)		1,580		51,224
Inspire Medical Systems, Inc. (a)		2,155		553,167
Integer Holdings Corp. (a)		2,628		211,738
Intersect ENT, Inc. (a)		2,662		74,563
Invacare Corp. (a)		3,007		4,240
iRadimed Corp.		499		22,375
iRhythm Technologies, Inc. (a)		2,364		372,259
IsoPlexis Corp. (a) (b)		795		2,727
Lantheus Holdings, Inc. (a)		5,399		298,619
LeMaitre Vascular, Inc.		1,513		70,309
LivaNova PLC (a)		4,283		350,478
Meridian Bioscience, Inc. (a)		3,419		88,757
Merit Medical Systems, Inc. (a)		4,114		273,663
MiMedx Group, Inc. (a)		8,769		41,302
NanoString Technologies, Inc. (a)		3,627		126,038
Natus Medical, Inc. (a)		2,702		71,009
Neogen Corp. (a)		8,624		265,964
NeuroPace, Inc. (a)		605		4,967
Nevro Corp. (a)		2,770		200,354
NuVasive, Inc. (a)		4,149		235,248

	Number of Shares		Value
Omnicell, Inc. (a)		3,508	$	454,251
OraSure Technologies, Inc. (a) (b)		5,635		38,205
Ortho Clinical Diagnostics Holdings PLC Class H (a)		9,656		180,181
Orthofix Medical, Inc. (a)		1,503		49,148
OrthoPediatrics Corp. (a)		1,107		59,767
Pacific Biosciences of California, Inc. (a)		15,565		141,641
Paragon 28, Inc. (a)		669		11,199
PAVmed, Inc. (a) (b)		6,333		8,360
PROCEPT BioRobotics Corp. (a)		595		20,819
Pulmonx Corp. (a) (b)		2,071		51,382
Pulse Biosciences, Inc. (a) (b)		1,252		6,085
Quanterix Corp. (a)		2,465		71,953
Quotient Ltd. (a) (b)		6,831		8,197
Rapid Micro Biosystems, Inc., Class A (a) (b)		1,397		9,486
Retractable Technologies, Inc. (a) (b)		1,555		7,386
RxSight, Inc. (a)		1,432		17,728
SeaSpine Holdings Corp. (a)		2,577		31,336
Sera Prognostics, Inc., Class A (a)		689		2,611
Shockwave Medical, Inc. (a)		2,704		560,701
SI-BONE, Inc. (a)		2,595		58,647
Sientra, Inc. (a) (b)		4,812		10,683
Silk Road Medical, Inc. (a)		2,748		113,465
STAAR Surgical Co. (a)		3,807		304,217
Stereotaxis, Inc. (a)		3,990		14,883
Surmodics, Inc. (a) (b)		1,070		48,503
Tactile Systems Technology, Inc. (a)		1,555		31,349
Talis Biomedical Corp. (a)		1,170		1,650
Treace Medical Concepts, Inc. (a)		2,387		45,138
Utah Medical Products, Inc.		269		24,172
Varex Imaging Corp. (a)		3,073		65,424
ViewRay, Inc. (a)		11,962		46,891
Zynex, Inc. (b)		1,854		11,550
				8,665,358
Health Care – Services — 1.8%
Accolade, Inc. (a) (b)		4,067		71,416
Addus HomeCare Corp. (a)		1,231		114,840
Agiliti, Inc. (a)		1,934		40,807
American Well Corp. Class A (a)		14,594		61,441
Aveanna Healthcare Holdings, Inc. (a)		3,203		10,922
Bright Health Group, Inc. (a) (b)		20,477		39,521
Brookdale Senior Living, Inc. (a)		14,817		104,460
Community Health Systems, Inc. (a)		9,957		118,190
The Ensign Group, Inc.		4,211		379,032
Fulgent Genetics, Inc. (a)		1,673		104,412
Innovage Holding Corp. (a) (b)		1,311		8,417
Inotiv, Inc. (a) (b)		1,420		37,176

The accompanying notes are an integral part of the financial statements.

127

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Invitae Corp. (a)		15,958	$	127,185
The Joint Corp. (a)		1,089		38,540
LHC Group, Inc. (a)		2,447		412,564
LifeStance Health Group, Inc. (a) (b)		5,741		58,041
MEDNAX, Inc. (a)		6,094		143,087
Medpace Holdings, Inc. (a)		2,320		379,529
ModivCare, Inc. (a)		995		114,813
National HealthCare Corp.		1,007		70,722
Neuronetics, Inc. (a)		2,256		6,836
Ontrak, Inc. (a)		856		1,939
OPKO Health, Inc. (a) (b)		31,935		109,856
The Pennant Group, Inc. (a)		2,097		39,067
Personalis, Inc. (a)		2,800		22,932
RadNet, Inc. (a)		3,634		81,293
Select Medical Holdings Corp.		8,844		212,167
SOC Telemed, Inc. (a)		5,091		15,222
Surgery Partners, Inc. (a)		2,750		151,387
Tenet Healthcare Corp. (a)		8,515		731,949
Thorne HealthTech, Inc. (a)		652		4,147
Tivity Health, Inc. (a)		3,522		113,303
U.S. Physical Therapy, Inc.		1,022		101,638
Vapotherm, Inc. (a)		1,796		24,964
Viemed Healthcare, Inc. (a)		2,805		13,969
				4,065,784
Household Products & Wares — 0.4%
ACCO Brands Corp.		7,446		59,568
Central Garden & Pet Co. (a)		790		34,728
Central Garden & Pet Co. Class A (a)		3,207		130,782
Helen of Troy Ltd. (a) (b)		1,932		378,363
Quanex Building Products Corp.		2,680		56,253
WD-40 Co.		1,095		200,637
				860,331
Pharmaceuticals — 2.9%
Aclaris Therapeutics, Inc. (a)		4,071		70,184
AdaptHealth Corp. (a)		5,736		91,948
Aeglea BioTherapeutics, Inc. (a)		3,519		8,094
Aerie Pharmaceuticals, Inc. (a) (b)		3,445		31,350
Agios Pharmaceuticals, Inc. (a)		4,340		126,337
Akebia Therapeutics, Inc. (a)		14,346		10,299
Alector, Inc. (a)		4,663		66,448
Alkermes PLC (a)		12,837		337,741
Amneal Pharmaceuticals, Inc. (a)		8,135		33,923
Amphastar Pharmaceuticals, Inc. (a)		2,957		106,156
Ampio Pharmaceuticals, Inc. (a)		16,889		7,938
Amylyx Pharmaceuticals, Inc. (a)		778		9,997
Anika Therapeutics, Inc. (a)		1,174		29,479
Antares Pharma, Inc. (a)		13,338		54,686
Arvinas, Inc. (a)		3,771		253,788

	Number of Shares		Value
Athenex, Inc. (a)		7,899	$	6,552
BellRing Brands, Inc. (a)		9,025		208,297
Beyondspring, Inc. (a) (b)		1,900		4,180
Bioxcel Therapeutics, Inc. (a)		1,357		28,375
Catalyst Pharmaceuticals, Inc. (a)		7,762		64,347
Chimerix, Inc. (a)		5,928		27,150
Citius Pharmaceuticals, Inc. (a) (b)		10,143		18,156
Clovis Oncology, Inc. (a) (b)		9,449		19,087
Coherus Biosciences, Inc. (a)		5,151		66,499
Collegium Pharmaceutical, Inc. (a)		2,748		55,949
Corcept Therapeutics, Inc. (a)		6,993		157,482
CorMedix, Inc. (a) (b)		3,096		16,966
Covetrus, Inc. (a)		8,277		138,971
Cytokinetics, Inc. (a)		6,348		233,670
Durect Corp. (a)		17,499		11,723
Eagle Pharmaceuticals, Inc. (a)		901		44,591
Enanta Pharmaceuticals, Inc. (a)		1,564		111,326
Endo International PLC (a)		18,130		41,880
Foghorn Therapeutics, Inc. (a)		1,526		23,241
Fortress Biotech, Inc. (a)		6,011		8,175
Fulcrum Therapeutics, Inc. (a) (b)		2,173		51,391
G1 Therapeutics, Inc. (a) (b)		3,115		23,674
Gritstone bio, Inc. (a)		3,425		14,111
Harmony Biosciences Holdings, Inc. (a)		1,837		89,370
Harpoon Therapeutics, Inc. (a)		1,690		8,399
Heron Therapeutics, Inc. (a)		7,273		41,602
Heska Corp. (a)		783		108,273
Hookipa Pharma, Inc. (a)		1,621		3,696
Immuneering Corp. Class A (a)		1,480		9,576
Intellia Therapeutics, Inc. (a)		5,586		405,935
Ironwood Pharmaceuticals, Inc. (a)		11,734		147,614
Jounce Therapeutics, Inc. (a)		2,693		18,285
Kala Pharmaceuticals, Inc. (a) (b)		4,090		5,644
KalVista Pharmaceuticals, Inc. (a)		1,814		26,738
Kura Oncology, Inc. (a)		5,072		81,558
Landos Biopharma, Inc. (a)		475		701
Lyell Immunopharma, Inc. (a) (b)		11,823		59,706
Madrigal Pharmaceuticals, Inc. (a)		941		92,331
MannKind Corp. (a) (b)		19,712		72,540
Marinus Pharmaceuticals, Inc. (a) (b)		2,993		27,985
Mirum Pharmaceuticals, Inc. (a)		311		6,848
Morphic Holding, Inc. (a)		1,690		67,854
Nature’s Sunshine Products, Inc. (a)		998		16,786
Neoleukin Therapeutics, Inc. (a)		3,134		5,892
NexImmune, Inc. (a)		1,519		6,395
Ocugen, Inc. (a)		14,708		48,536
Ocular Therapeutix, Inc. (a)		6,249		30,933
Option Care Health, Inc. (a)		12,740		363,854

The accompanying notes are an integral part of the financial statements.

128

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Oramed Pharmaceuticals, Inc. (a)		3,019	$	26,114
ORIC Pharmaceuticals, Inc. (a)		2,489		13,291
Outlook Therapeutics, Inc. (a)		9,296		16,547
Owens & Minor, Inc.		5,815		255,976
Pacira BioSciences, Inc. (a)		3,531		269,486
Paratek Pharmaceuticals, Inc. (a) (b)		4,085		12,132
Passage Bio, Inc. (a)		3,244		10,056
Patterson Cos., Inc.		6,873		222,479
PetIQ, Inc. (a)		2,140		52,216
Phibro Animal Health Corp. Class A		1,668		33,277
PMV Pharmaceuticals, Inc. (a) (b)		2,068		43,056
Prestige Consumer Healthcare, Inc. (a)		3,996		211,548
Prometheus Biosciences, Inc. (a)		2,396		90,473
Protagonist Therapeutics, Inc. (a)		3,576		84,680
Reata Pharmaceuticals, Inc. Class A (a) (b)		2,192		71,810
Relmada Therapeutics, Inc. (a)		1,975		53,305
Reneo Pharmaceuticals, Inc. (a) (b)		807		2,373
Revance Therapeutics, Inc. (a)		5,614		109,473
Rhythm Pharmaceuticals, Inc. (a)		3,485		40,147
Senseonics Holdings, Inc. (a) (b)		34,549		68,062
Seres Therapeutics, Inc. (a)		5,482		39,032
SIGA Technologies, Inc. (a)		3,892		27,594
Spectrum Pharmaceuticals, Inc. (a)		13,684		17,652
Spero Therapeutics, Inc. (a)		1,958		17,035
Summit Therapeutics, Inc. (a) (b)		2,319		5,682
Supernus Pharmaceuticals, Inc. (a)		3,924		126,824
Syros Pharmaceuticals, Inc. (a)		4,966		5,910
TherapeuticsMD, Inc. (a)		33,141		12,594
Tonix Pharmaceuticals Holding Corp. (a)		38,738		8,918
Trevena, Inc. (a)		14,665		8,064
USANA Health Sciences, Inc. (a)		961		76,351
Vanda Pharmaceuticals, Inc. (a)		4,346		49,153
Vaxcyte, Inc. (a)		3,402		82,158
Verrica Pharmaceuticals, Inc. (a) (b)		1,142		9,262
Y-mAbs Therapeutics, Inc. (a)		2,866		34,048
				6,567,990
				51,305,695
Energy — 6.5%
Coal — 0.3%
Arch Resources, Inc.		1,213		166,642
CONSOL Energy, Inc. (a)		2,747		103,370
Peabody Energy Corp. (a)		7,138		175,095
SunCoke Energy, Inc.		6,674		59,465
Warrior Met Coal, Inc.		4,127		153,153
				657,725

	Number of Shares		Value
Energy – Alternate Sources — 0.6%
Advent Technologies Holdings, Inc. (a)		2,820	$	6,542
Aemetis, Inc. (a)		2,126		26,936
Alto Ingredients, Inc. (a)		5,595		38,158
Array Technologies, Inc. (a)		10,236		115,360
Beam Global (a) (b)		644		13,170
Cleanspark, Inc. (a) (b)		3,139		38,829
Eos Energy Enterprises, Inc. (a) (b)		3,731		15,596
FuelCell Energy, Inc. (a) (b)		29,615		170,582
FutureFuel Corp.		1,983		19,295
Gevo, Inc. (a)		15,930		74,552
Green Plains, Inc. (a)		3,832		118,830
Infrastructure and Energy Alternatives, Inc. (a)		2,230		26,426
Renewable Energy Group, Inc. (a)		3,588		217,612
REX American Resources Corp. (a)		415		41,334
Stem, Inc. (a)		9,122		100,433
Sunnova Energy International, Inc. (a) (b)		6,896		159,022
SunPower Corp. (a)		6,410		137,687
TPI Composites, Inc. (a)		2,871		40,366
				1,360,730
Oil & Gas — 4.5%
Antero Resources Corp. (a)		22,941		700,389
Berry Corp.		5,386		55,584
Brigham Minerals, Inc. Class A		3,501		89,451
California Resources Corp.		6,505		290,969
Callon Petroleum Co. (a) (b)		3,859		227,990
Centennial Resource Development, Inc. Class A (a)		14,762		119,129
Chesapeake Energy Corp. (b)		8,424		732,888
Civitas Resources, Inc.		3,485		208,089
CNX Resources Corp. (a)		16,108		333,758
Comstock Resources, Inc. (a)		7,339		95,774
Crescent Energy, Inc. Class A (b)		2,321		40,246
CVR Energy, Inc.		2,376		60,683
Delek US Holdings, Inc. (a)		5,267		111,766
Denbury, Inc. (a)		4,044		317,737
Earthstone Energy, Inc. Class A (a)		2,516		31,777
Falcon Minerals Corp.		3,249		21,898
Helmerich & Payne, Inc.		8,242		352,593
HighPeak Energy, Inc.		373		8,281
Kosmos Energy Ltd. (a)		35,950		258,481
Laredo Petroleum, Inc. (a)		1,008		79,773
Magnolia Oil & Gas Corp. Class A		11,570		273,630
Matador Resources Co.		8,879		470,409
Murphy Oil Corp.		11,750		474,582
Nabors Industries Ltd. (a)		565		86,287

The accompanying notes are an integral part of the financial statements.

129

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Northern Oil and Gas, Inc.		4,897	$	138,046
Oasis Petroleum, Inc.		1,591		232,763
Ovintiv, Inc.		21,017		1,136,389
Par Pacific Holdings, Inc. (a)		3,544		46,143
Patterson-UTI Energy, Inc.		14,928		231,085
PBF Energy, Inc. Class A (a)		7,721		188,161
PDC Energy, Inc.		7,817		568,140
Range Resources Corp. (a)		19,167		582,293
Ranger Oil Corp. Class A (a)		1,700		58,701
Riley Exploration Permian, Inc.		821		20,591
SM Energy Co.		9,617		374,582
Southwestern Energy Co. (a)		81,436		583,896
Talos Energy, Inc. (a)		2,939		46,407
Tellurian, Inc. (a)		29,688		157,346
W&T Offshore, Inc. (a)		7,707		29,441
Whiting Petroleum Corp.		3,157		257,327
				10,093,475
Oil & Gas Services — 0.9%
Archrock, Inc.		10,715		98,899
Aris Water Solution, Inc. Class A		1,576		28,683
Bristow Group, Inc. (a)		1,897		70,341
ChampionX Corp. (a)		16,234		397,408
DMC Global, Inc. (a) (b)		1,521		46,390
Dril-Quip, Inc. (a)		2,803		104,692
Expro Group Holdings NV (a)		3,705		65,875
Helix Energy Solutions Group, Inc. (a)		11,332		54,167
Liberty Oilfield Services, Inc. Class A (a)		7,406		109,757
Matrix Service Co. (a)		2,221		18,257
MRC Global, Inc. (a)		6,447		76,784
National Energy Services Reunited Corp. (a)		3,059		25,696
Newpark Resources, Inc. (a)		7,301		26,722
NexTier Oilfield Solutions, Inc. (a)		13,845		127,928
NOW, Inc. (a)		8,823		97,318
Oceaneering International, Inc. (a)		7,946		120,461
Oil States International, Inc. (a)		4,949		34,396
ProPetro Holding Corp. (a)		6,857		95,518
RPC, Inc. (a)		5,398		57,597
Select Energy Services, Inc. Class A (a)		5,065		43,407
Solaris Oilfield Infrastructure, Inc. Class A		2,535		28,620
TETRA Technologies, Inc. (a)		9,630		39,579
Tidewater, Inc. (a) (b)		3,276		71,220
US Silica Holdings, Inc. (a)		5,887		109,851
				1,949,566
Pipelines — 0.2%
Equitrans Midstream Corp.		32,762		276,511

	Number of Shares		Value
Golar LNG Ltd. (a)		8,114	$	201,065
Kinetik Holdings, Inc.		266		17,293
				494,869
				14,556,365
Financial — 23.0%
Banks — 8.5%
1st Source Corp.		1,346		62,253
Alerus Financial Corp.		1,235		34,135
Allegiance Bancshares, Inc.		1,524		68,092
Amalgamated Financial Corp.		1,117		20,073
American National Bankshares, Inc.		856		32,254
Ameris Bancorp		5,320		233,442
Arrow Financial Corp.		1,079		34,981
Associated Banc-Corp.		11,923		271,368
Atlantic Union Bankshares Corp.		6,041		221,644
BancFirst Corp.		1,378		114,663
The Bancorp, Inc. (a)		4,194		118,816
Bank First Corp.		516		37,147
Bank of Marin Bancorp		1,227		43,031
The Bank of NT Butterfield & Son Ltd.		4,015		144,058
BankUnited, Inc.		6,854		301,302
Banner Corp.		2,742		160,489
Bar Harbor Bankshares		1,209		34,602
Blue Foundry Bancorp (a)		2,285		30,962
Blue Ridge Bankshares, Inc.		1,338		20,297
Bridgewater Bancshares, Inc. (a)		1,705		28,439
Business First Bancshares, Inc.		1,503		36,568
Byline Bancorp, Inc.		2,001		53,387
Cadence Bank		14,508		424,504
Cambridge Bancorp		542		46,070
Camden National Corp.		1,160		54,566
Capital Bancorp, Inc. /MD		635		14,516
Capital City Bank Group, Inc.		1,090		28,732
Capstar Financial Holdings, Inc.		1,677		35,351
Carter Bankshares, Inc. (a)		2,122		36,859
Cathay General Bancorp		5,825		260,669
CBTX, Inc.		1,470		45,570
Central Pacific Financial Corp.		2,192		61,157
Citizens & Northern Corp.		1,243		30,304
City Holding Co.		1,204		94,755
Civista Bancshares, Inc.		1,137		27,402
CNB Financial Corp.		1,317		34,663
Coastal Financial Corp. (a)		797		36,463
Columbia Banking System, Inc.		6,272		202,397
Community Bank System, Inc.		4,287		300,733
Community Trust Bancorp, Inc.		1,246		51,335
ConnectOne Bancorp, Inc.		2,983		95,486

The accompanying notes are an integral part of the financial statements.

130

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
CrossFirst Bankshares, Inc. (a)		3,683	$	58,044
Customers Bancorp, Inc. (a)		2,447		127,587
CVB Financial Corp.		10,968		254,567
Dime Community Bancshares, Inc.		2,700		93,339
Eagle Bancorp, Inc.		2,529		144,178
Eastern Bankshares, Inc.		13,773		296,670
Enterprise Bancorp, Inc.		737		29,568
Enterprise Financial Services Corp.		2,782		131,616
Equity Bancshares, Inc. Class A		1,107		35,767
Farmers National Banc Corp.		2,458		41,933
FB Financial Corp.		2,672		118,690
Fidelity D&D Bancorp, Inc.		337		15,647
Financial Institutions, Inc.		1,237		37,271
First BanCorp		15,929		208,989
First Bancorp		2,751		114,909
First Bancorp, Inc.		813		24,455
The First Bancshares, Inc.		1,591		53,553
First Bank		1,271		18,074
First Busey Corp.		4,030		102,120
First Commonwealth Financial Corp.		7,510		113,852
First Community Bancshares, Inc.		1,307		36,870
First Financial Bancorp		7,405		170,685
First Financial Bankshares, Inc.		10,406		459,113
First Financial Corp.		887		38,389
First Foundation, Inc.		4,016		97,549
First Internet Bancorp		761		32,731
First Interstate BancSystem, Inc. Class A		7,023		258,236
First Merchants Corp.		4,293		178,589
First Mid Bancshares, Inc.		1,327		51,076
The First of Long Island Corp.		1,836		35,729
Five Star Bancorp		1,016		28,753
Flagstar Bancorp, Inc.		4,181		177,274
Fulton Financial Corp.		12,730		211,573
German American Bancorp Inc.		1,979		75,182
Glacier Bancorp, Inc.		8,829		443,922
Great Southern Bancorp, Inc.		813		47,975
Guaranty Bancshares, Inc.		621		21,735
Hancock Whitney Corp.		6,938		361,817
Hanmi Financial Corp.		2,453		60,368
HarborOne Bancorp, Inc.		3,747		52,533
HBT Financial, Inc.		817		14,853
Heartland Financial USA, Inc.		3,244		155,161
Heritage Commerce Corp.		4,638		52,178
Heritage Financial Corp.		2,773		69,491
Hilltop Holdings, Inc.		4,959		145,795
Home BancShares, Inc.		12,183		275,336
HomeStreet, Inc.		1,571		74,434
Hope Bancorp, Inc.		9,269		149,046

	Number of Shares		Value
Horizon Bancorp, Inc.		3,421	$	63,870
Independent Bank Corp.		3,673		300,047
Independent Bank Corp. of Michigan		1,599		35,178
Independent Bank Group, Inc.		2,984		212,341
International Bancshares Corp.		4,311		181,967
Kearny Financial Corp.		5,255		67,684
Lakeland Bancorp, Inc.		4,905		81,914
Lakeland Financial Corp.		1,960		143,080
Live Oak Bancshares, Inc.		2,556		130,075
Luther Burbank Corp.		1,250		16,613
Macatawa Bank Corp.		2,156		19,426
Mercantile Bank Corp.		1,235		43,744
Merchants Bancorp		1,207		33,048
Meta Financial Group, Inc.		2,358		129,501
Metrocity Bankshares, Inc.		1,562		36,676
Metropolitan Bank Holding Corp. (a)		809		82,332
Mid Penn Bancorp, Inc.		1,154		30,939
Midland States Bancorp, Inc.		1,698		49,004
MidWestOne Financial Group, Inc.		1,171		38,760
MVB Financial Corp.		839		34,819
National Bank Holdings Corp. Class A		2,305		92,845
NBT Bancorp, Inc.		3,390		122,481
Nicolet Bankshares, Inc. (a)		975		91,231
Northrim BanCorp, Inc.		453		19,737
OFG Bancorp		3,938		104,908
Old National Bancorp		23,572		386,109
Old Second Bancorp, Inc.		2,282		33,112
Origin Bancorp, Inc.		1,784		75,445
Orrstown Financial Services, Inc.		836		19,169
Park National Corp.		1,158		152,138
PCSB Financial Corp.		1,007		19,244
Peapack Gladstone Financial Corp.		1,405		48,824
Peoples Bancorp, Inc.		2,032		63,622
Peoples Financial Services Corp.		558		28,168
Pioneer Bancorp, Inc. (a)		1,015		10,678
Preferred Bank		1,089		80,684
Premier Financial Corp.		2,895		87,805
Primis Financial Corp.		1,913		26,744
Provident Bancorp, Inc.		1,152		18,685
QCR Holdings, Inc.		1,328		75,152
RBB Bancorp		1,116		26,215
Red River Bancshares, Inc.		339		17,937
Renasant Corp.		4,371		146,210
Republic Bancorp, Inc. Class A		762		34,244
Republic First Bancorp, Inc. (a)		3,664		18,906
S&T Bancorp, Inc.		3,087		91,313
Sandy Spring Bancorp, Inc.		3,561		159,960
Seacoast Banking Corp. of Florida		4,397		153,983
ServisFirst Bancshares, Inc.		4,005		381,636

The accompanying notes are an integral part of the financial statements.

131

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Sierra Bancorp		1,138	$	28,427
Silvergate Capital Corp. Class A (a)		2,244		337,879
Simmons First National Corp. Class A		8,918		233,830
SmartFinancial, Inc.		1,121		28,675
South Plains Financial, Inc.		818		21,742
Southern First Bancshares, Inc. (a)		606		30,809
Southside Bancshares, Inc.		2,512		102,565
SouthState Corp.		6,169		503,329
Spirit of Texas Bancshares, Inc.		1,018		26,753
Stock Yards Bancorp, Inc.		1,935		102,362
Summit Financial Group, Inc.		874		22,366
Texas Capital Bancshares, Inc. (a)		4,061		232,736
Third Coast Bancshares, Inc. (a)		358		8,270
Tompkins Financial Corp.		1,134		88,758
Towne Bank		5,389		161,347
TriCo Bancshares		2,213		88,586
TriState Capital Holdings, Inc. (a)		2,348		78,024
Triumph Bancorp, Inc. (a)		1,908		179,390
TrustCo Bank Corp. NY		1,494		47,703
Trustmark Corp.		4,913		149,306
UMB Financial Corp.		3,514		341,420
United Bankshares, Inc.		10,569		368,647
United Community Banks, Inc.		8,395		292,146
Univest Financial Corp.		2,293		61,361
Valley National Bancorp		32,048		417,265
Veritex Holdings, Inc.		3,814		145,580
Walker & Dunlop, Inc.		2,345		303,490
Washington Trust Bancorp, Inc.		1,382		72,555
WesBanco, Inc.		4,853		166,749
West BanCorp, Inc.		1,322		35,972
Westamerica Bancorp.		2,095		126,748
				18,903,750
Diversified Financial Services — 2.4%
Amerant Bancorp, Inc.		2,097		66,244
Artisan Partners Asset Management, Inc. Class A		4,698		184,866
Assetmark Financial Holdings, Inc. (a)		1,487		33,086
Associated Capital Group, Inc. Class A		154		6,454
Atlanticus Holdings Corp. (a)		378		19,577
B. Riley Financial, Inc.		1,623		113,545
BGC Partners, Inc. Class A		25,317		111,395
Blucora, Inc. (a)		3,889		76,030
Brightsphere Investment Group, Inc.		2,592		62,856
Cohen & Steers, Inc.		1,994		171,265
Columbia Financial, Inc. (a)		3,141		67,563
Cowen, Inc. Class A		2,109		57,154
Curo Group Holdings Corp. (b)		1,627		21,232
Diamond Hill Investment Group, Inc.		241		45,139

	Number of Shares		Value
Enact Holdings, Inc.		1,167	$	25,966
Encore Capital Group, Inc. (a)		1,982		124,331
Enova International, Inc. (a)		2,908		110,417
EZCORP, Inc. Class A (a)		4,118		24,873
Federal Agricultural Mortgage Corp. Class C		734		79,624
Federated Hermes, Inc.		7,458		254,019
Finance Of America Cos., Inc. Class A (a)		1,625		4,940
Flywire Corp. (a)		4,498		137,549
Focus Financial Partners, Inc. Class A (a)		5,207		238,168
GAMCO Investors, Inc. Class A		443		9,795
GCM Grosvenor, Inc. Class A		3,464		33,635
Greenhill & Co., Inc.		1,135		17,558
Hamilton Lane, Inc. Class A		2,795		216,026
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		6,145		291,457
Home Point Capital, Inc. (b)		663		2,062
Houlihan Lokey, Inc.		4,096		359,629
International Money Express, Inc. (a)		2,597		53,524
LendingClub Corp. (a)		8,032		126,745
LendingTree, Inc. (a)		931		111,413
Moelis & Co. Class A		4,905		230,290
Mr Cooper Group, Inc. (a)		4,961		226,569
Navient Corp.		12,116		206,457
Nelnet, Inc. Class A		1,362		115,756
Ocwen Financial Corp. (a)		661		15,705
Oportun Financial Corp. (a)		1,647		23,651
Oppenheimer Holdings, Inc. Class A		758		33,034
PennyMac Financial Services, Inc.		2,415		128,478
Piper Sandler Cos.		1,402		184,012
PJT Partners, Inc. Class A		1,900		119,928
PRA Group, Inc. (a)		3,469		156,383
Pzena Investment Management, Inc. Class A		1,219		9,776
Regional Management Corp.		602		29,239
Sculptor Capital Management, Inc.		1,734		24,155
StepStone Group, Inc. Class A		3,658		120,933
Stonex Group, Inc. (a)		1,381		102,512
Stronghold Digital Mining, Inc. Class A (a)		664		3,884
Velocity Financial, Inc. (a)		775		8,479
Virtus Investment Partners, Inc.		585		140,394
WisdomTree Investments, Inc. (b)		10,704		62,832
World Acceptance Corp. (a)		339		65,034
				5,265,638
Insurance — 2.2%
Ambac Financial Group, Inc. (a)		3,728		38,771

The accompanying notes are an integral part of the financial statements.

132

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
American Equity Investment Life Holding Co.		6,629	$	264,563
American National Group, Inc.		597		112,887
AMERISAFE, Inc.		1,532		76,094
Argo Group International Holdings Ltd.		2,539		104,810
BRP Group, Inc. Class A (a)		3,794		101,793
Citizens, Inc. (a)		4,051		17,176
CNO Financial Group, Inc.		9,595		240,739
Crawford & Co. Class A		1,423		10,758
Donegal Group, Inc. Class A		1,243		16,669
eHealth, Inc. (a)		1,933		23,989
Employers Holdings, Inc.		2,243		92,008
Enstar Group Ltd. (a)		994		259,583
Essent Group Ltd.		8,682		357,785
Genworth Financial, Inc. Class A (a)		40,618		153,536
Goosehead Insurance, Inc. Class A		1,447		113,691
Greenlight Capital Re Ltd. Class A (a)		2,105		14,882
HCI Group, Inc.		462		31,499
Heritage Insurance Holdings, Inc.		2,052		14,651
Horace Mann Educators Corp.		3,338		139,629
Investors Title Co.		100		20,321
James River Group Holdings Ltd.		2,924		72,340
Kinsale Capital Group, Inc.		1,724		393,106
Maiden Holdings Ltd. (a)		5,821		14,029
MBIA, Inc. (a)		3,836		59,036
MetroMile, Inc. (a)		8,955		11,821
National Western Life Group, Inc. Class A		204		42,922
NI Holdings, Inc. (a)		671		11,380
NMI Holdings, Inc. Class A (a)		6,725		138,669
Palomar Holdings, Inc. (a)		1,969		125,996
ProAssurance Corp.		4,298		115,530
Radian Group, Inc.		14,438		320,668
RLI Corp.		3,209		355,012
Safety Insurance Group, Inc.		1,169		106,204
Selective Insurance Group, Inc.		4,765		425,800
Selectquote, Inc. (a)		10,966		30,595
SiriusPoint Ltd. (a)		7,015		52,472
Stewart Information Services Corp.		2,145		130,008
Tiptree, Inc.		1,843		23,683
Trean Insurance Group, Inc. (a)		1,601		7,509
Trupanion, Inc. (a)		3,060		272,707
United Fire Group, Inc.		1,680		52,198
United Insurance Holdings Corp.		1,816		6,011
Universal Insurance Holdings, Inc.		2,160		29,138
				5,002,668
Private Equity — 0.0%
Chicago Atlantic Real Estate (b)		531		9,415

	Number of Shares		Value
Real Estate — 0.9%
Alexander & Baldwin, Inc.		5,803	$	134,572
Angel Oak Mortgage, Inc.		752		12,340
Cushman & Wakefield PLC (a)		11,125		228,174
Douglas Elliman, Inc.		5,681		41,471
eXp World Holdings, Inc. (b)		5,029		106,464
Fathom Holdings, Inc. (a)		546		5,842
FRP Holdings, Inc. (a)		544		31,443
Kennedy-Wilson Holdings, Inc.		9,524		232,290
Legacy Housing Corp. (a)		676		14,507
Marcus & Millichap, Inc.		1,913		100,777
McGrath RentCorp		1,936		164,521
Newmark Group, Inc. Class A		13,475		214,522
Radius Global Infrastructure, Inc. Class A (a)		5,773		82,439
Rafael Holdings, Inc. Class B Class B (a)		926		2,324
RE/MAX Holdings, Inc. Class A		1,460		40,486
Realogy Holdings Corp. (a)		9,230		144,726
Redfin Corp. (a) (b)		8,260		149,010
The RMR Group, Inc. Class A		1,256		39,062
The St. Joe Co.		2,673		158,349
				1,903,319
Real Estate Investment Trusts (REITS) — 8.0%
Acadia Realty Trust		6,964		150,910
AFC Gamma, Inc.		1,168		22,332
Agree Realty Corp. (b)		5,647		374,735
Alexander’s, Inc.		170		43,559
American Assets Trust, Inc.		3,999		151,522
Apartment Investment and Management Co. Class A (a)		12,115		88,682
Apollo Commercial Real Estate Finance, Inc.		11,262		156,880
Apple Hospitality REIT, Inc.		17,175		308,635
Arbor Realty Trust, Inc.		11,546		196,975
Ares Commercial Real Estate Corp.		3,473		53,901
Armada Hoffler Properties, Inc.		5,337		77,920
ARMOUR Residential REIT, Inc. (b)		7,042		59,153
Ashford Hospitality Trust, Inc. (a) (b)		1,277		13,025
Blackstone Mortgage Trust, Inc. Class A		12,637		401,730
Braemar Hotels & Resorts, Inc.		4,636		28,650
Brandywine Realty Trust		13,619		192,573
BrightSpire Capital, Inc.		6,745		62,391
Broadmark Realty Capital, Inc.		10,270		88,836
Broadstone Net Lease, Inc.		12,620		274,864
BRT Apartments Corp.		882		21,142
CareTrust REIT, Inc.		7,726		149,112
Catchmark Timber Trust, Inc. Class A		4,011		32,890

The accompanying notes are an integral part of the financial statements.

133

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Centerspace		1,149	$	112,740
Chatham Lodging Trust (a)		3,790		52,264
Chimera Investment Corp.		18,895		227,496
City Office REIT, Inc.		3,436		60,680
Clipper Realty, Inc.		941		8,535
Community Healthcare Trust, Inc.		1,911		80,663
Corporate Office Properties Trust		9,065		258,715
CTO Realty Growth, Inc. (b)		474		31,436
DiamondRock Hospitality Co. (a)		16,704		168,710
Digitalbridge Group, Inc. (a)		38,855		279,756
Diversified Healthcare Trust		18,927		60,566
Dynex Capital, Inc. (b)		2,879		46,640
Easterly Government Properties, Inc.		6,945		146,817
EastGroup Properties, Inc.		3,246		659,847
Ellington Financial, Inc.		4,326		76,787
Empire State Realty Trust, Inc. Class A		11,445		112,390
Equity Commonwealth (a)		8,718		245,935
Essential Properties Realty Trust, Inc.		9,704		245,511
Farmland Partners, Inc.		2,326		31,983
Four Corners Property Trust, Inc.		6,196		167,540
Franklin BSP Realty Trust, Inc.		2,827		39,521
Franklin Street Properties Corp.		8,089		47,725
The GEO Group, Inc. (a) (b)		9,434		62,359
Getty Realty Corp.		3,272		93,645
Gladstone Commercial Corp.		2,958		65,135
Gladstone Land Corp. (b)		2,520		91,778
Global Medical REIT, Inc.		4,811		78,516
Global Net Lease, Inc.		8,345		131,267
Granite Point Mortgage Trust, Inc.		4,246		47,216
Great Ajax Corp.		1,780		20,879
Healthcare Realty Trust, Inc.		11,829		325,061
Hersha Hospitality Trust (a)		2,518		22,863
Independence Realty Trust, Inc.		17,735		468,913
Indus Realty Trust, Inc.		471		34,425
Industrial Logistics Properties Trust		5,205		117,997
Innovative Industrial Properties, Inc.		1,900		390,260
Invesco Mortgage Capital, Inc. (b)		24,926		56,831
iStar, Inc. (b)		5,389		126,156
Kite Realty Group Trust		17,385		395,856
KKR Real Estate Finance Trust, Inc.		2,840		58,532
Ladder Capital Corp.		9,088		107,875
LTC Properties, Inc. (b)		3,131		120,450
LXP Industrial Trust		22,421		352,010
The Macerich Co.		17,138		268,038
MFA Financial, Inc.		35,444		142,839
National Health Investors, Inc.		3,507		206,948
National Storage Affiliates Trust		6,526		409,572
The Necessity Retail REIT, Inc.		9,908		78,372

	Number of Shares		Value
NETSTREIT Corp.		3,190	$	71,584
New York Mortgage Trust, Inc.		30,262		110,456
NexPoint Residential Trust, Inc.		1,789		161,565
Office Properties, Inc. ome Trust		3,834		98,649
One Liberty Properties, Inc.		1,270		39,103
Orchid Island Capital, Inc. (b)		11,143		36,215
Outfront Media, Inc.		11,673		331,863
Paramount Group, Inc.		14,959		163,203
Pebblebrook Hotel Trust		10,405		254,714
PennyMac Mortgage Investment Trust (b)		7,847		132,536
Phillips Edison & Co., Inc.		9,147		314,565
Physicians Realty Trust		17,650		309,581
Piedmont Office Realty Trust, Inc. Class A		9,937		171,115
Plymouth Industrial REIT, Inc.		2,513		68,102
Postal Realty Trust, Inc. Class A		1,307		21,984
PotlatchDeltic Corp.		5,299		279,416
Preferred Apartment Communities, Inc. Class A		4,181		104,274
PS Business Parks, Inc.		1,614		271,281
Ready Capital Corp. REIT		5,438		81,896
Redwood Trust, Inc.		9,195		96,823
Retail Opportunity Investments Corp.		9,505		184,302
Retail Value, Inc.		1,519		4,648
RLJ Lodging Trust		13,207		185,955
RPT Realty		6,691		92,135
Ryman Hospitality Properties, Inc. (a)		4,310		399,839
Sabra Health Care REIT, Inc.		18,273		272,085
Safehold, Inc.		1,661		92,102
Saul Centers, Inc.		944		49,749
Seritage Growth Properties Class A (a) (b)		2,941		37,233
Service Properties Trust		13,099		115,664
SITE Centers Corp.		13,891		232,119
STAG Industrial, Inc.		14,376		594,448
Summit Hotel Properties, Inc. (a)		8,260		82,270
Sunstone Hotel Investors, Inc. (a)		17,434		205,373
Tanger Factory Outlet Centers, Inc.		8,196		140,889
Terreno Realty Corp.		5,922		438,524
TPG RE Finance Trust, Inc.		4,761		56,227
Two Harbors Investment Corp.		27,526		152,219
UMH Properties, Inc.		3,531		86,827
Uniti Group, Inc. (b)		15,767		216,954
Universal Health Realty Income Trust		1,028		60,004
Urban Edge Properties		9,287		177,382
Urstadt Biddle Properties, Inc. Class A		2,357		44,335
Veris Residential, Inc. (a)		7,018		122,043

The accompanying notes are an integral part of the financial statements.

134

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Washington Real Estate Investment Trust		6,789	$	173,120
Whitestone REIT (b)		3,674		48,681
Xenia Hotels & Resorts, Inc. (a)		9,123		175,983
				17,946,502
Savings & Loans — 1.0%
Axos Financial, Inc. (a)		4,567		211,863
Banc of California, Inc.		4,388		84,952
Berkshire Hills Bancorp, Inc.		3,925		113,707
Brookline Bancorp, Inc.		6,149		97,277
Capitol Federal Financial, Inc.		10,383		112,967
Flushing Financial Corp.		2,321		51,874
FS Bancorp, Inc.		581		18,011
Hingham Institution for Savings		115		39,468
Home Bancorp Inc.		586		23,903
HomeTrust Bancshares, Inc.		1,229		36,292
Investors Bancorp, Inc.		18,309		273,353
Northfield Bancorp, Inc.		3,492		50,145
Northwest Bancshares, Inc.		9,798		132,371
OceanFirst Financial Corp.		4,655		93,566
Pacific Premier Bancorp, Inc.		7,500		265,125
Provident Financial Services, Inc.		6,000		140,400
Southern Missouri Bancorp, Inc.		621		31,019
Washington Federal, Inc.		5,234		171,780
Waterstone Financial, Inc.		1,747		33,787
WSFS Financial Corp.		5,191		242,005
				2,223,865
				51,255,157
Government — 0.0%
Multi-National — 0.0%
Banco Latinoamericano de Comercio Exterior SA		2,431		37,875
Industrial — 12.4%
Aerospace & Defense — 0.7%
AAR Corp. (a)		2,728		132,117
Aerojet Rocketdyne Holdings, Inc. (a)		6,004		236,257
Aerovironment, Inc. (a)		1,802		169,640
AerSale Corp. (a)		1,219		19,163
Astronics Corp. (a)		1,974		25,524
Barnes Group, Inc.		3,787		152,200
Ducommun, Inc. (a)		863		45,213
Kaman Corp.		2,211		96,134
Kratos Defense & Security Solutions, Inc. (a)		9,833		201,380
Moog, Inc. Class A		2,326		204,223
National Presto Industries, Inc.		417		32,088
Park Aerospace Corp.		1,507		19,666

	Number of Shares		Value
Triumph Group, Inc. (a)		5,108	$	129,130
				1,462,735
Building Materials — 1.1%
AAON, Inc.		3,356		187,030
American Woodmark Corp. (a)		1,322		64,712
Apogee Enterprises, Inc.		1,956		92,832
Boise Cascade Co.		3,159		219,456
Caesarstone Ltd.		1,726		18,157
Cornerstone Building Brands, Inc. (a)		4,389		106,740
Gibraltar Industries, Inc. (a)		2,623		112,658
Griffon Corp.		4,132		82,764
JELD-WEN Holding, Inc. (a)		7,327		148,591
Masonite International Corp. (a)		1,907		169,609
Modine Manufacturing Co. (a)		3,906		35,193
PGT Innovations, Inc. (a)		4,612		82,924
Simpson Manufacturing Co., Inc.		3,494		380,986
SPX Corp. (a)		3,509		173,380
Summit Materials, Inc. Class A (a)		9,508		295,318
UFP Industries, Inc.		4,832		372,837
View, Inc. (a)		8,074		14,856
				2,558,043
Electrical Components & Equipment — 0.6%
American Superconductor Corp. (a) (b)		2,269		17,267
Belden, Inc.		3,547		196,504
Blink Charging Co. (a) (b)		2,922		77,316
Encore Wire Corp.		1,586		180,915
Energizer Holdings, Inc.		5,346		164,443
EnerSys		3,314		247,125
Insteel Industries, Inc.		1,495		55,300
nLight, Inc. (a)		3,486		60,447
Novanta, Inc. (a)		2,828		402,396
Powell Industries, Inc.		765		14,857
				1,416,570
Electronics — 1.7%
Advanced Energy Industries, Inc.		3,020		259,962
Akoustis Technologies, Inc. (a) (b)		4,058		26,377
Allied Motion Technologies, Inc.		975		29,094
Atkore, Inc. (a)		3,597		354,089
Badger Meter, Inc.		2,340		233,321
Benchmark Electronics, Inc.		2,824		70,713
Brady Corp. Class A		3,783		175,040
Comtech Telecommunications Corp.		2,112		33,137
CTS Corp.		2,557		90,364
FARO Technologies, Inc. (a)		1,449		75,232
Fluidigm Corp. (a) (b)		5,890		21,145
GoPro, Inc. Class A (a)		10,317		88,004
Identiv, Inc. (a)		1,704		27,554

The accompanying notes are an integral part of the financial statements.

135

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
II-VI, Inc. (a) (b)		8,492	$	615,585
Itron, Inc. (a)		3,622		190,807
Kimball Electronics, Inc. (a)		1,884		37,661
Knowles Corp. (a)		7,085		152,540
Kopin Corp. (a)		6,533		16,529
Luna Innovations, Inc. (a)		2,524		19,460
Mesa Laboratories, Inc. (b)		398		101,442
MicroVision, Inc. (a) (b)		13,142		61,373
Napco Security Technologies, Inc. (a)		2,312		47,442
NVE Corp.		368		20,045
OSI Systems, Inc. (a)		1,338		113,891
Plexus Corp. (a)		2,245		183,664
Sanmina Corp. (a)		5,039		203,676
Stoneridge, Inc. (a)		2,057		42,703
TTM Technologies, Inc. (a)		8,368		124,014
Turtle Beach Corp. (a) (b)		1,197		25,484
Vicor Corp. (a)		1,689		119,159
Vishay Intertechnology, Inc.		10,694		209,602
Vishay Precision Group, Inc. (a)		1,019		32,761
				3,801,870
Engineering & Construction — 1.3%
908 Devices, Inc. (a)		1,710		32,507
Arcosa, Inc.		3,884		222,359
Atlas Technical Consultants, Inc. (a)		1,241		14,942
Comfort Systems USA, Inc.		2,859		254,480
Concrete Pumping Holdings, Inc. (a)		2,166		14,512
Construction Partners, Inc. Class A Class A (a)		3,189		83,488
Dycom Industries, Inc. (a)		2,360		224,814
EMCOR Group, Inc.		4,278		481,831
Exponent, Inc.		4,163		449,812
Fluor Corp. (a) (b)		11,383		326,578
Granite Construction, Inc.		3,662		120,114
Great Lakes Dredge & Dock Corp. (a)		5,169		72,521
IES Holdings, Inc. (a)		702		28,220
INNOVATE Corp. (a) (b)		3,765		13,893
Iteris, Inc. (a)		3,710		11,056
Latham Group, Inc. (a)		3,407		45,109
Mistras Group, Inc. (a)		1,748		11,554
MYR Group, Inc. (a)		1,329		124,979
NV5 Global, Inc. (a)		1,058		141,031
Primoris Services Corp.		4,281		101,973
Sterling Construction Co., Inc. (a)		2,231		59,791
Tutor Perini Corp. (a)		3,373		36,428
				2,871,992
Environmental Controls — 0.9%
Casella Waste Systems, Inc. Class A (a)		3,945		345,779

	Number of Shares		Value
CECO Environmental Corp. (a)		2,466	$	13,538
Centrus Energy Corp. Class A (a)		768		25,882
Energy Recovery, Inc. (a)		3,332		67,107
Evoqua Water Technologies Corp. (a)		9,278		435,880
Harsco Corp. (a)		6,260		76,622
Heritage-Crystal Clean, Inc. (a)		1,285		38,049
Montrose Environmental Group, Inc. (a)		2,098		111,047
Pure Cycle Corp. (a)		1,577		18,956
PureCycle Technologies, Inc. (a)		4,718		37,744
Sharps Compliance Corp. (a)		1,659		9,788
Tetra Tech, Inc.		4,324		713,201
US Ecology, Inc. (a)		2,524		120,849
				2,014,442
Hand & Machine Tools — 0.3%
Cadre Holdings, Inc.		473		11,617
Enerpac Tool Group Corp.		4,832		105,773
Franklin Electric Co., Inc.		3,711		308,161
Kennametal, Inc.		6,679		191,086
Luxfer Holdings PLC		2,175		36,540
				653,177
Machinery – Construction & Mining — 0.3%
Argan, Inc.		1,187		48,180
Astec Industries, Inc.		1,813		77,959
Babcock & Wilcox Enterprises, Inc. (a)		4,335		35,374
Bloom Energy Corp. Class A (a) (b)		11,398		275,262
Hyster-Yale Materials Handling, Inc.		792		26,302
The Manitowoc Co., Inc. (a)		2,718		40,987
Terex Corp.		5,481		195,453
				699,517
Machinery – Diversified — 1.9%
AgEagle Aerial Systems, Inc. (a) (b)		6,180		7,354
Alamo Group, Inc.		798		114,744
Albany International Corp. Class A		2,463		207,680
Altra Industrial Motion Corp.		5,183		201,774
Applied Industrial Technologies, Inc.		3,074		315,577
Cactus, Inc. Class A		4,433		251,528
Chart Industries, Inc. (a) (b)		2,927		502,771
CIRCOR International, Inc. (a)		1,453		38,679
Columbus McKinnon Corp.		2,228		94,467
CSW Industrials, Inc.		1,204		141,578
DXP Enterprises, Inc. (a)		1,366		37,005
Eastman Kodak Co. (a) (b)		3,511		22,997
The Gorman-Rupp Co.		1,809		64,907
GrafTech International Ltd.		16,048		154,382
Hydrofarm Holdings Group, Inc. (a) (b)		3,147		47,677

The accompanying notes are an integral part of the financial statements.

136

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Ichor Holdings Ltd. (a)		2,248	$	80,074
Kadant, Inc.		924		179,432
Lindsay Corp.		875		137,384
Mueller Water Products, Inc. Class A		12,483		161,280
NN, Inc. (a)		3,722		10,719
Ranpak Holdings Corp. (a)		3,012		61,535
SPX FLOW, Inc.		3,364		290,044
Tennant Co.		1,483		116,860
Thermon Group Holdings, Inc. (a)		2,619		42,428
Watts Water Technologies, Inc. Class A		2,206		307,936
Welbilt, Inc. (a)		10,474		248,758
Zurn Water Solutions Corp.		9,727		344,336
				4,183,906
Metal Fabricate & Hardware — 0.8%
AZZ, Inc.		1,956		94,357
Helios Technologies, Inc.		2,592		208,008
Lawson Products, Inc. (a)		390		15,031
Mayville Engineering Co., Inc. (a)		728		6,821
Mueller Industries, Inc.		4,511		244,361
Northwest Pipe Co. (a) (b)		740		18,833
Olympic Steel, Inc.		743		28,576
Omega Flex, Inc.		253		32,857
Park-Ohio Holdings Corp.		745		10,482
Proto Labs, Inc. (a)		2,225		117,703
RBC Bearings, Inc. (a)		2,241		434,485
Ryerson Holding Corp.		1,313		45,981
Standex International Corp.		960		95,923
TimkenSteel Corp. (a)		3,694		80,825
Tredegar Corp.		2,071		24,831
Worthington Industries, Inc.		2,650		136,237
Xometry, Inc. Class A (a)		1,976		72,618
				1,667,929
Miscellaneous - Manufacturing — 0.9%
American Outdoor Brands, Inc. (a)		1,134		14,889
AMMO, Inc. (a) (b)		6,909		33,163
Byrna Technologies, Inc. (a)		1,562		12,762
Chase Corp.		591		51,364
EnPro Industries, Inc.		1,655		161,743
ESCO Technologies, Inc.		2,048		143,196
Fabrinet (a)		2,965		311,710
Federal Signal Corp.		4,830		163,012
Haynes International, Inc.		970		41,322
Hillenbrand, Inc.		5,840		257,953
John Bean Technologies Corp.		2,514		297,834
Materion Corp.		1,632		139,928
Meta Materials, Inc. (a) (b)		16,594		27,712
Myers Industries, Inc.		2,893		62,489

	Number of Shares		Value
NL Industries, Inc.		785	$	5,644
Sight Sciences, Inc. (a)		1,750		20,230
Smith & Wesson Brands, Inc.		3,843		58,145
Sturm, Ruger & Co., Inc.		1,380		96,076
Trinity Industries, Inc.		6,198		212,963
				2,112,135
Packaging & Containers — 0.3%
Greif, Inc. Class A		2,065		134,349
Greif, Inc. Class B		480		30,605
Karat Packaging, Inc. (a)		395		7,841
Matthews International Corp. Class A		2,462		79,670
O-I Glass, Inc. (a)		12,476		164,433
Pactiv Evergreen, Inc.		3,520		35,411
TriMas Corp.		3,465		111,192
UFP Technologies, Inc. (a)		569		37,651
				601,152
Transportation — 1.4%
Air Transport Services Group, Inc. (a)		4,731		158,252
ArcBest Corp.		2,030		163,415
Atlas Air Worldwide Holdings, Inc. (a)		2,311		199,601
Costamare, Inc.		4,238		72,258
Covenant Logistics Group, Inc.		939		20,217
CryoPort, Inc. (a)		3,243		113,213
Daseke, Inc. (a)		3,311		33,342
DHT Holdings, Inc.		11,184		64,867
Dorian LPG Ltd.		2,542		36,834
Eagle Bulk Shipping, Inc.		711		48,426
Forward Air Corp.		2,151		210,325
Frontline Ltd. (a)		9,848		86,662
Genco Shipping & Trading Ltd.		2,580		60,940
Heartland Express, Inc.		3,733		52,523
Hub Group, Inc. Class A (a)		2,659		205,301
International Seaways, Inc.		3,666		66,135
Marten Transport Ltd.		4,787		85,017
Matson, Inc.		3,336		402,388
Nordic American Tankers Ltd.		13,255		28,233
PAM Transportation Services, Inc. (a)		544		18,904
Radiant Logistics, Inc. (a)		3,018		19,225
Safe Bulkers, Inc.		4,938		23,505
Saia, Inc. (a)		2,127		518,605
Scorpio Tankers, Inc. (b)		3,903		83,446
SFL Corp. Ltd.		9,914		100,924
Teekay Corp. (a)		5,662		17,949
Teekay Tankers Ltd. Class A (a)		1,883		26,061
Universal Logistics Holdings, Inc.		601		12,110
US Xpress Enterprises, Inc. Class A (a)		1,917		7,438
Werner Enterprises, Inc.		4,882		200,162

The accompanying notes are an integral part of the financial statements.

137

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Yellow Corp. (a)		4,110	$	28,811
				3,165,089
Trucking & Leasing — 0.2%
GATX Corp.		2,831		349,147
The Greenbrier Cos., Inc.		2,555		131,608
Willis Lease Finance Corp. (a)		252		8,112
				488,867
				27,697,424
Technology — 10.6%
Computers — 2.3%
3D Systems Corp. (a) (b)		9,948		165,933
Cantaloupe, Inc. (a)		4,748		32,144
Conduent, Inc. (a)		13,379		69,036
Corsair Gaming, Inc. (a) (b)		2,172		45,960
Desktop Metal, Inc. Class A (a) (b)		14,983		71,019
Diebold Nixdorf, Inc. (a)		5,676		38,200
Exlservice Holdings, Inc. (a)		2,635		377,517
Grid Dynamics Holdings, Inc. (a)		3,580		50,406
iCAD, Inc. (a)		1,985		8,853
Insight Enterprises, Inc. (a)		2,769		297,169
Integral Ad Science Holding Corp. (a)		2,528		34,886
KBR, Inc.		11,339		620,584
MAXIMUS, Inc.		4,918		368,604
Mitek Systems, Inc. (a)		3,424		50,230
NetScout Systems, Inc. (a)		5,626		180,482
Onespan, Inc. (a)		2,768		39,970
PAR Technology Corp. (a) (b)		2,023		81,608
Parsons Corp. (a)		2,112		81,734
Ping Identity Holding Corp. (a)		4,870		133,584
PlayAGS, Inc. (a)		2,218		14,794
Qualys, Inc. (a)		2,735		389,491
Quantum Corp. (a) (b)		5,130		11,646
Rapid7, Inc. (a)		4,512		501,915
Rekor Systems, Inc. (a) (b)		2,652		12,093
Rimini Street, Inc. (a) (b)		3,440		19,952
SecureWorks Corp. Class A (a)		799		10,587
Startek, Inc. (a)		1,540		6,822
Super Micro Computer, Inc. (a)		3,580		136,291
Telos Corp. (a)		3,255		32,452
Tenable Holdings, Inc. (a)		7,403		427,819
TTEC Holdings, Inc.		1,482		122,295
Unisys Corp. (a)		5,256		113,582
Varonis Systems, Inc. (a)		8,584		408,083
Vuzix Corp. (a) (b)		4,777		31,528
				4,987,269
Office & Business Equipment — 0.0%
Pitney Bowes, Inc.		14,089		73,263

	Number of Shares		Value
Semiconductors — 3.1%
Alpha & Omega Semiconductor Ltd. (a)		1,735	$	94,818
Ambarella, Inc. (a)		2,831		297,028
Amkor Technology, Inc.		8,184		177,756
Arteris, Inc. (a)		453		5,889
Atomera, Inc. (a) (b)		1,570		20,504
Axcelis Technologies, Inc. (a)		2,645		199,777
AXT, Inc. (a)		3,157		22,162
CEVA, Inc. (a)		1,801		73,211
CMC Materials, Inc.		2,275		421,785
Cohu, Inc. (a)		3,841		113,694
Diodes, Inc. (a)		3,496		304,117
EMCORE Corp. (a)		3,203		11,851
FormFactor, Inc. (a)		6,232		261,931
Impinj, Inc. (a)		1,516		96,327
Kulicke & Soffa Industries, Inc. (b)		4,911		275,114
Lattice Semiconductor Corp. (a)		10,880		663,136
MACOM Technology Solutions Holdings, Inc. (a)		3,961		237,145
MaxLinear, Inc. (a)		5,687		331,836
Onto Innovation, Inc. (a)		3,906		339,392
Ouster, Inc. (a) (b)		10,054		45,243
Photronics, Inc. (a)		4,764		80,845
Power Integrations, Inc.		4,723		437,728
Rambus, Inc. (a)		8,704		277,571
Semtech Corp. (a)		5,183		359,389
Silicon Laboratories, Inc. (a)		3,040		456,608
SiTime Corp. (a)		1,296		321,175
SkyWater Technology, Inc. (a) (b)		724		7,841
SMART Global Holdings, Inc. (a)		3,916		101,150
Synaptics, Inc. (a)		3,176		633,612
Ultra Clean Holdings, Inc. (a)		3,559		150,866
Veeco Instruments, Inc. (a)		4,005		108,896
				6,928,397
Software — 5.2%
1Life Healthcare, Inc. (a)		9,191		101,836
8x8, Inc. (a)		9,020		113,562
ACI Worldwide, Inc. (a)		9,451		297,612
Agilysys, Inc. (a)		1,699		67,756
Alignment Healthcare, Inc. (a) (b)		6,334		71,131
Alkami Technology, Inc. (a)		2,317		33,156
Allscripts Healthcare Solutions, Inc. (a)		9,745		219,457
Altair Engineering, Inc. Class A (a)		3,705		238,602
American Software, Inc. Class A		2,514		52,392
Apollo Medical Holdings, Inc. (a) (b)		3,021		146,428
Appfolio, Inc. Class A (a)		1,527		172,872
Appian Corp. (a)		3,151		191,644

The accompanying notes are an integral part of the financial statements.

138

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Asana, Inc. Class A (a) (b)		5,862	$	234,304
Avaya Holdings Corp. (a)		6,678		84,610
Avid Technology, Inc. (a)		2,903		101,228
AvidXchange Holdings, Inc. (a)		2,049		16,495
Bandwidth, Inc. Class A (a)		1,846		59,792
Benefitfocus, Inc. (a)		1,960		24,735
BigCommerce Holdings, Inc. (a)		3,871		84,814
Blackbaud, Inc. (a)		3,839		229,841
Blackline, Inc. (a)		4,344		318,068
Bottomline Technologies de, Inc. (a)		3,546		200,987
Box, Inc. Class A (a)		10,954		318,323
Brightcove, Inc. (a)		3,191		24,890
BTRS Holdings, Inc. (a)		7,575		56,661
Cardlytics, Inc. (a) (b)		2,591		142,453
Cerence, Inc. (a)		3,148		113,643
CommVault Systems, Inc. (a)		3,572		237,002
Computer Programs & Systems, Inc. (a)		1,100		37,895
Consensus Cloud Solutions, Inc. (a)		1,289		77,508
Convey Health Solutions Holdings, Inc. (a)		1,191		7,789
CoreCard Corp. (a) (b)		594		16,276
CS Disco, Inc. (a)		1,229		41,749
CSG Systems International, Inc.		2,590		164,646
Daily Journal Corp. (a)		98		30,575
DarioHealth Corp. (a)		1,174		6,856
Digi International, Inc. (a)		2,777		59,761
Digimarc Corp. (a) (b)		1,003		26,449
Digital Turbine, Inc. (a)		7,278		318,849
DigitalOcean Holdings, Inc. (a)		4,068		235,334
Domo, Inc. Class B (a)		2,281		115,350
Donnelley Financial Solutions, Inc. (a)		2,361		78,527
E2open Parent Holdings, Inc. (a) (b)		15,931		140,352
Ebix, Inc. (b)		2,128		70,543
eGain Corp. (a)		1,573		18,215
Enfusion, Inc. Class A (a)		1,690		21,497
EngageSmart, Inc. (a)		1,268		27,021
Envestnet, Inc. (a)		4,360		324,558
EverCommerce, Inc. (a)		2,434		32,129
Evolent Health, Inc. Class A (a)		6,388		206,332
Forian, Inc. (a) (b)		1,647		11,463
Genius Brands International, Inc. (a) (b)		21,928		22,367
GreenBox POS (a) (b)		1,602		6,760
GTY Technology Holdings, Inc. (a)		2,653		8,569
Health Catalyst, Inc. (a)		4,161		108,727
HireRight Holdings Corp. (a)		1,783		30,489
IBEX Holdings Ltd. (a) (b)		424		6,759
Inseego Corp. (a)		6,961		28,192

	Number of Shares		Value
Instructure Holdings, Inc. (a)		925	$	18,556
Intapp, Inc. (a)		1,080		25,931
JFrog Ltd. (a)		4,295		115,750
Kaltura, Inc. (a) (b)		4,865		8,708
LivePerson, Inc. (a)		5,258		128,400
ManTech International Corp. Class A		2,200		189,618
MeridianLink, Inc. (a)		1,854		33,557
MicroStrategy, Inc. Class A (a) (b)		754		366,685
Model N, Inc. (a)		2,895		77,876
Momentive Global, Inc. (a)		10,597		172,307
NantHealth, Inc. (a) (b)		2,418		1,822
NextGen Healthcare, Inc. (a)		4,488		93,844
ON24, Inc. (a)		2,249		29,574
Outbrain, Inc. (a)		1,873		20,097
Outset Medical, Inc. (a)		3,752		170,341
PagerDuty, Inc. (a) (b)		6,656		227,569
PDF Solutions, Inc. (a)		2,401		66,916
Phreesia, Inc. (a)		3,976		104,807
Porch Group, Inc. (a) (b)		6,047		41,996
PowerSchool Holdings, Inc., Class A (a)		3,428		56,596
Privia Health Group, Inc. (a)		3,267		87,327
Progress Software Corp.		3,543		166,840
PROS Holdings, Inc. (a) (b)		3,201		106,625
Rackspace Technology, Inc. (a) (b)		4,337		48,401
SailPoint Technologies Holding, Inc. (a)		7,336		375,457
Sapiens International Corp. NV		2,486		63,120
Schrodinger, Inc. /United States (a)		3,630		123,856
Simulations Plus, Inc. (b)		1,226		62,502
Smith Micro Software, Inc. (a)		3,702		13,957
Society Pass, Inc. (a) (b)		308		915
Sprout Social, Inc. Class A (a)		3,626		290,515
SPS Commerce, Inc. (a)		2,894		379,693
Sumo Logic, Inc. (a)		7,110		82,974
Tabula Rasa HealthCare, Inc. (a)		1,757		10,120
Upland Software, Inc. (a)		2,279		40,133
UserTesting, Inc. (a) (b)		807		8,627
Verint Systems, Inc. (a)		5,164		266,979
Veritone, Inc. (a) (b)		2,242		40,984
Verra Mobility Corp. (a)		12,189		198,437
Viant Technology, Inc. (a)		1,063		6,963
Weave Communications, Inc. (a)		393		2,342
Workiva, Inc. (a)		3,434		405,212
Xperi Holding Corp.		8,394		145,384
Yext, Inc. (a)		9,106		62,740
Ziff Davis, Inc. (a)		3,489		337,665

The accompanying notes are an integral part of the financial statements.

139

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Zuora, Inc. Class A Class A (a)		9,070	$	135,869
				11,650,418
				23,639,346
Utilities — 3.0%
Electric — 1.5%
ALLETE, Inc.		4,193		280,847
Ameresco, Inc. Class A (a) (b)		2,477		196,921
Avista Corp.		5,664		255,730
Black Hills Corp.		5,131		395,190
Clearway Energy, Inc. Class A		2,761		91,997
Clearway Energy, Inc. Class C		6,613		241,441
FTC Solar, Inc. (a) (b)		3,138		15,470
MGE Energy, Inc.		2,918		232,827
NorthWestern Corp. (b)		4,351		263,192
Ormat Technologies, Inc.		3,633		297,288
Otter Tail Corp.		3,298		206,125
PNM Resources, Inc.		6,848		326,444
Portland General Electric Co.		7,218		398,073
Unitil Corp.		1,249		62,300
Via Renewables, Inc.		1,050		8,652
				3,272,497
Gas — 1.1%
Brookfield Infrastructure Corp. Class A		5,096		384,442
Chesapeake Utilities Corp.		1,382		190,384
New Jersey Resources Corp.		7,741		355,002
Northwest Natural Holding Co.		2,456		127,024
ONE Gas, Inc.		4,231		373,344
South Jersey Industries, Inc.		8,259		285,349
Southwest Gas Holdings, Inc.		5,283		413,606
Spire, Inc.		4,070		292,063
				2,421,214
Water — 0.4%
American States Water Co.		2,955		263,054
Artesian Resources Corp. Class A		664		32,237
California Water Service Group		4,210		249,569
Global Water Resources, Inc.		1,064		17,705
Middlesex Water Co.		1,386		145,766
SJW Group		2,220		154,467
The York Water Co.		1,034		46,499
				909,297
				6,603,008
TOTAL COMMON STOCK (Cost $195,249,740)				219,166,191
TOTAL EQUITIES (Cost $195,249,740)				219,166,191

	Number of Shares		Value
WARRANTS — 0.0%
Energy — 0.0%
Oil & Gas — 0.0%
Nabors Industries Ltd. (a) (b)		326	$	7,498
TOTAL WARRANTS (Cost $0)				7,498
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Biotechnology — 0.0%
Aduro Biotech, Inc., CVR (a) (c) (d)		1,859		—
Tobira Therapeutics Inc., CVR (a) (c) (d)		1,376		10,471
				10,471
Pharmaceuticals — 0.0%
GTx, Inc., CVR (a) (b) (c) (d)		111		—
Zogenix, Inc. (a) (b) (c) (d)		5,016		—
				—
				10,471
Technology — 0.0%
Computers — 0.0%
Quantum Corp. (a) (c) (d)		5,130		43
TOTAL RIGHTS (Cost $3,721)				10,514
	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Diversified Financial Services — 0.0%
GAMCO Investors, Inc.	$	1,000		980
TOTAL CORPORATE DEBT (Cost $1,000)				980
TOTAL BONDS & NOTES (Cost $1,000)				980

The accompanying notes are an integral part of the financial statements.

140

MM Russell 2000 Small Cap Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 2.1%
Diversified Financial Services — 2.1%
State Street Navigator Securities Lending Government Money Market Portfolio (e)		4,779,733	$	4,779,733
TOTAL MUTUAL FUNDS (Cost $4,779,733)				4,779,733
TOTAL LONG-TERM INVESTMENTS (Cost $200,034,194)				223,964,916
	Principal Amount
SHORT-TERM INVESTMENTS — 2.7%
Repurchase Agreement — 2.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (f)	$	4,820,385		4,820,385
U.S. Treasury Bill — 0.5%
U.S. Treasury Bill
0.315% 6/30/22 (g) (h)		1,155,000		1,153,513
TOTAL SHORT-TERM INVESTMENTS (Cost $5,974,490)				5,973,898
TOTAL INVESTMENTS — 103.1% (Cost $206,008,684) (i)				229,938,814
Other Assets/(Liabilities) — (3.1)%				(6,957,043	)
NET ASSETS — 100.0%			$	222,981,771

Abbreviation Legend

CVR Contingent Value Rights

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $13,157,620 or 5.90% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $8,849,433 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Investment was valued using significant unobservable inputs.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $10,514 or 0.00% of net assets.

(e) Represents investment of security lending cash collateral. (Note 2).

(f) Maturity value of $4,820,385. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $4,916,847.

(g) The rate shown represents yield-to-maturity.

(h) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(i) See Note 6 for aggregate cost for federal tax purposes.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Russell 2000 E Mini Index		6/17/22		59	$	6,089,309	$	6,571

The accompanying notes are an integral part of the financial statements.

141

MassMutual Mid Cap Growth Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.8%
COMMON STOCK — 96.4%
Basic Materials — 0.7%
Chemicals — 0.7%
RPM International, Inc.		396,000	$	32,250,239
The Sherwin-Williams Co.		58,206		14,529,382
				46,779,621
Communications — 5.7%
Advertising — 0.7%
The Trade Desk, Inc. Class A (a)		749,110		51,875,867
Internet — 3.5%
Chewy, Inc. Class A (a) (b)		203,090		8,282,010
Deliveroo PLC Class A (a) (c)		2,403,988		3,542,032
DoorDash, Inc., Class A (a)		89,000		10,429,910
Etsy, Inc. (a)		144,000		17,896,320
Farfetch Ltd. Class A (a)		386,000		5,836,320
IAC/InterActiveCorp (a)		149,000		14,941,720
Match Group, Inc. (a)		156,000		16,963,440
Okta, Inc. (a)		111,175		16,782,978
Palo Alto Networks, Inc. (a) (b)		116,700		72,646,917
Roku, Inc. (a)		118,503		14,844,871
Spotify Technology SA (a)		213,000		32,167,260
Twitter, Inc. (a)		273,469		10,580,516
Upwork, Inc. (a)		165,000		3,834,600
Vimeo, Inc. (a)		1,246,302		14,806,068
				243,554,962
Media — 0.7%
Liberty Media Corp-Liberty Formula One Class C (a)		693,000		48,399,120
Telecommunications — 0.8%
Arista Networks, Inc. (a)		183,466		25,498,105
Corning, Inc.		870,000		32,111,700
				57,609,805
				401,439,754
Consumer, Cyclical — 17.0%
Airlines — 1.1%
Azul SA (a) (b)		1,123,176		16,903,799
Southwest Airlines Co. (a)		1,290,000		59,082,000
				75,985,799
Apparel — 0.2%
Deckers Outdoor Corp. (a)		58,000		15,878,660
Auto Manufacturers — 1.0%
Rivian Automotive, Inc., Lockup Shares (Acquired 12/23/19-7/10/20, Cost $17,656,722) (a) (d) (e)		1,469,560		70,139,160

	Number of Shares		Value
Auto Parts & Equipment — 0.2%
Aptiv PLC (a)		81,000	$	9,696,510
BorgWarner, Inc.		171,251		6,661,664
				16,358,174
Distribution & Wholesale — 0.2%
Leslie’s, Inc. (a) (b)		708,726		13,720,935
Entertainment — 2.0%
Caesars Entertainment, Inc. (a)		713,786		55,218,485
DraftKings, Inc. Class A (a) (b)		651,000		12,674,970
Live Nation Entertainment, Inc. (a)		368,608		43,363,045
Vail Resorts, Inc.		119,000		30,972,130
				142,228,630
Leisure Time — 0.6%
Peloton Interactive, Inc. Class A (a)		302,000		7,978,840
Planet Fitness, Inc. Class A (a)		394,430		33,321,446
				41,300,286
Lodging — 1.7%
Hilton Worldwide Holdings, Inc. (a)		480,000		72,835,200
MGM Resorts International		1,037,000		43,491,780
				116,326,980
Retail — 8.9%
Advance Auto Parts, Inc.		125,785		26,032,464
Bath & Body Works, Inc.		433,000		20,697,400
Burlington Stores, Inc. (a)		479,532		87,356,344
Carvana Co. (a) (b)		34,217		4,081,746
Casey’s General Stores, Inc.		313,000		62,027,210
Chipotle Mexican Grill, Inc. (a)		54,008		85,442,276
Darden Restaurants, Inc.		107,640		14,310,738
Dollar General Corp.		385,131		85,741,715
Dollar Tree, Inc. (a)		334,000		53,490,100
Domino’s Pizza, Inc.		88,000		35,816,880
Five Below, Inc. (a)		120,000		19,004,400
Floor & Decor Holdings, Inc. Class A (a)		145,322		11,771,082
Lululemon Athletica, Inc. (a)		32,000		11,687,360
O’Reilly Automotive, Inc. (a)		90,838		62,220,396
Olaplex Holdings, Inc. (a)		303,000		4,735,890
Ross Stores, Inc.		450,502		40,752,411
Warby Parker, Inc. Class A (a)		90,000		3,042,900
				628,211,312
Toys, Games & Hobbies — 1.1%
Mattel, Inc. (a)		3,411,305		75,765,084
				1,195,915,020
Consumer, Non-cyclical — 30.1%
Beverages — 0.3%
The Boston Beer Co., Inc. Class A (a)		59,000		22,919,730

The accompanying notes are an integral part of the financial statements.

142

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

	Number of Shares		Value
Biotechnology — 2.6%
Alnylam Pharmaceuticals, Inc. (a)		245,000	$	40,006,050
Apellis Pharmaceuticals, Inc. (a)		56,382		2,864,769
Argenx SE ADR (a)		104,471		32,940,751
BioMarin Pharmaceutical, Inc. (a)		74,041		5,708,561
Exelixis, Inc. (a)		372,000		8,433,240
Guardant Health, Inc. (a)		118,084		7,821,884
Horizon Therapeutics PLC (a)		108,551		11,420,651
Illumina, Inc. (a)		20,231		7,068,711
Ionis Pharmaceuticals, Inc. (a)		681,000		25,224,240
Moderna, Inc. (a)		46,417		7,995,793
Seagen, Inc. (a)		160,000		23,048,000
Ultragenyx Pharmaceutical, Inc. (a)		160,000		11,619,200
				184,151,850
Commercial Services — 8.3%
Block, Inc. (a)		227,429		30,839,372
Bright Horizons Family Solutions, Inc. (a)		379,593		50,368,195
Cintas Corp.		90,486		38,491,839
Clarivate PLC (a) (b)		1,813,000		30,385,880
CoStar Group, Inc. (a)		637,000		42,430,570
Dlocal Ltd. (a)		380,845		11,905,215
Equifax, Inc.		195,000		46,234,500
FleetCor Technologies, Inc. (a)		273,000		67,993,380
Global Payments, Inc.		165,065		22,587,494
GXO Logistics, Inc. (a)		122,729		8,755,487
MarketAxess Holdings, Inc.		71,000		24,154,200
Moody’s Corp.		31,921		10,770,465
Multiplan Corp. (a) (b)		2,568,000		12,018,240
Paylocity Holding Corp. (a)		24,000		4,938,480
Quanta Services, Inc.		228,401		30,059,856
Terminix Global Holdings, Inc. (a)		959,000		43,759,170
TransUnion		671,000		69,341,140
Verisk Analytics, Inc.		196,000		42,067,480
				587,100,963
Food — 0.3%
TreeHouse Foods, Inc. (a)		523,000		16,871,980
Health Care – Products — 11.9%
Alcon, Inc. (b)		685,997		54,420,142
Align Technology, Inc. (a)		37,095		16,173,420
Avantor, Inc. (a)		2,290,000		77,447,800
Bruker Corp.		1,193,000		76,709,900
The Cooper Cos., Inc.		196,000		81,847,640
Edwards Lifesciences Corp. (a)		78,164		9,201,466
Exact Sciences Corp. (a)		362,205		25,325,374
Hologic, Inc. (a)		2,226,228		171,018,835
ICU Medical, Inc. (a)		141,000		31,392,240
IDEXX Laboratories, Inc. (a)		33,717		18,445,222

	Number of Shares		Value
Insulet Corp. (a)		73,489	$	19,576,735
Novocure Ltd. (a) (b)		86,400		7,158,240
Ortho Clinical Diagnostics Holdings PLC Class H (a)		966,000		18,025,560
Quidel Corp. (a)		275,000		30,926,500
ResMed, Inc.		24,497		5,940,767
Teleflex, Inc.		395,730		140,416,876
West Pharmaceutical Services, Inc.		128,000		52,570,880
				836,597,597
Health Care – Services — 3.6%
Acadia Healthcare Co., Inc. (a)		824,000		53,996,720
agilon health, Inc. (a)		214,000		5,424,900
Amedisys, Inc. (a)		106,311		18,316,322
Catalent, Inc. (a)		1,157,000		128,311,300
Molina Healthcare, Inc. (a)		144,579		48,230,109
				254,279,351
Household Products & Wares — 1.0%
Avery Dennison Corp.		304,000		52,886,880
Reynolds Consumer Products, Inc.		665,000		19,511,100
				72,397,980
Pharmaceuticals — 2.1%
Alkermes PLC (a)		1,044,000		27,467,640
Dentsply Sirona, Inc.		266,000		13,092,520
DexCom, Inc. (a)		53,855		27,552,218
Elanco Animal Health, Inc. (a)		896,000		23,376,640
Neurocrine Biosciences, Inc. (a)		229,000		21,468,750
Perrigo Co. PLC		662,000		25,440,660
Sarepta Therapeutics, Inc. (a)		91,342		7,135,637
				145,534,065
				2,119,853,516
Energy — 0.5%
Energy – Alternate Sources — 0.1%
Shoals Technologies Group, Inc. Class A (a)		394,000		6,713,760
Oil & Gas — 0.4%
Coterra Energy, Inc.		730,040		19,689,179
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $652,320) (a) (d) (e) (f)		216		1,285,237
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $4,872,708) (a) (d) (e) (f)		1,328		7,901,826
				28,876,242
				35,590,002
Financial — 6.5%
Banks — 0.8%
SVB Financial Group (a)		100,473		56,209,620

The accompanying notes are an integral part of the financial statements.

143

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

	Number of Shares		Value
Diversified Financial Services — 2.2%
Cboe Global Markets, Inc.		321,000	$	36,728,820
LPL Financial Holdings, Inc.		208,910		38,163,679
Raymond James Financial, Inc.		161,000		17,695,510
SoFi Technologies, Inc. (a) (b)		645,000		6,095,250
Tradeweb Markets, Inc. Class A		680,000		59,751,600
				158,434,859
Insurance — 2.1%
Aon PLC Class A		126,879		41,315,609
Assurant, Inc.		317,000		57,640,110
Axis Capital Holdings Ltd.		580,000		35,072,600
Kemper Corp.		199,000		11,251,460
				145,279,779
Private Equity — 1.4%
KKR & Co., Inc.		1,681,490		98,316,720
Real Estate — 0.0%
eXp World Holdings, Inc. (b)		122,000		2,582,740
				460,823,718
Industrial — 16.9%
Building Materials — 0.8%
Builders FirstSource, Inc. (a)		204,649		13,208,046
Martin Marietta Materials, Inc.		120,000		46,186,800
				59,394,846
Electrical Components & Equipment — 0.1%
Littelfuse, Inc.		32,000		7,981,120
Electronics — 4.7%
Agilent Technologies, Inc.		874,273		115,692,546
Amphenol Corp. Class A		615,488		46,377,021
Fortive Corp.		736,000		44,844,480
II-VI, Inc. (a) (b)		239,512		17,362,225
Keysight Technologies, Inc. (a)		415,000		65,557,550
National Instruments Corp.		968,000		39,291,120
				329,124,942
Engineering & Construction — 0.2%
MasTec, Inc. (a)		159,791		13,917,796
Environmental Controls — 0.8%
Waste Connections, Inc.		394,729		55,143,641
Machinery – Construction & Mining — 0.5%
BWX Technologies, Inc.		657,000		35,386,020
Machinery – Diversified — 3.3%
Cognex Corp.		321,000		24,765,150
Colfax Corp. (a)		1,432,000		56,979,280
IDEX Corp.		208,000		39,879,840
Ingersoll Rand, Inc.		2,177,000		109,611,950
				231,236,220

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.9%
Textron, Inc.		1,861,000	$	138,421,180
Packaging & Containers — 3.1%
Ardagh Metal Packaging SA (a)		865,381		7,035,548
Ball Corp.		1,723,994		155,159,460
Sealed Air Corp.		850,000		56,916,000
				219,111,008
Transportation — 1.5%
J.B. Hunt Transport Services, Inc.		409,000		82,123,110
Knight-Swift Transportation Holdings, Inc.		267,377		13,491,843
XPO Logistics, Inc. (a)		140,331		10,216,097
				105,831,050
				1,195,547,823
Technology — 19.0%
Computers — 2.9%
Crowdstrike Holdings, Inc. Class A (a)		140,000		31,791,200
EPAM Systems, Inc. (a)		61,745		18,314,184
Fortinet, Inc. (a)		256,000		87,485,440
Genpact Ltd.		355,560		15,470,416
KBR, Inc.		573,240		31,373,425
Leidos Holdings, Inc.		171,000		18,471,420
Thoughtworks Holding, Inc. (a)		198,000		4,120,380
				207,026,465
Semiconductors — 8.0%
Advanced Micro Devices, Inc. (a)		308,320		33,711,709
Entegris, Inc.		128,000		16,801,280
KLA Corp.		282,827		103,531,652
Lam Research Corp.		28,155		15,136,410
Lattice Semiconductor Corp. (a)		178,000		10,849,100
Marvell Technology, Inc.		2,007,834		143,981,776
Microchip Technology, Inc.		2,169,688		163,030,356
Skyworks Solutions, Inc.		270,000		35,985,600
Wolfspeed, Inc. (a)		358,670		40,838,166
				563,866,049
Software — 8.1%
Atlassian Corp. PLC Class A (a)		128,797		37,844,423
Autodesk, Inc. (a)		44,009		9,433,329
Bill.com Holdings, Inc. (a)		119,000		26,988,010
Black Knight, Inc. (a)		591,000		34,272,090
Broadridge Financial Solutions, Inc.		94,000		14,636,740
CCC Intelligent Solutions Holdings, Inc. (a)		1,329,853		14,681,577
Ceridian HCM Holding, Inc. (a)		633,000		43,271,880
Clear Secure Inc. Class A (a) (b)		106,000		2,849,280
Coupa Software, Inc. (a)		86,530		8,794,044
DocuSign, Inc. (a)		242,000		25,923,040
Doximity, Inc. Class A (a)		206,000		10,730,540

The accompanying notes are an integral part of the financial statements.

144

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

	Number of Shares		Value
Fair Isaac Corp. (a)		61,457	$	28,667,232
HashiCorp, Inc. Class A (a) (b)		10,000		540,000
HubSpot, Inc. (a)		28,729		13,644,551
MongoDB, Inc. (a)		44,955		19,941,589
MSCI, Inc.		52,450		26,376,056
nCino, Inc. (a)		135,000		5,532,300
Paycom Software, Inc. (a)		89,453		30,984,730
Playtika Holding Corp. (a)		469,000		9,065,770
Procore Technologies, Inc. (a)		59,000		3,419,640
PTC, Inc. (a)		276,000		29,730,720
Roper Technologies, Inc.		104,000		49,111,920
SentinelOne Inc. Class A (a)		189,000		7,321,860
Signify Health, Inc. Class A (a)		521,622		9,467,439
Synopsys, Inc. (a)		68,000		22,662,360
Veeva Systems, Inc. Class A (a)		330,332		70,182,337
Workday, Inc. Class A (a)		58,504		14,009,367
				570,082,824
				1,340,975,338
TOTAL COMMON STOCK (Cost $5,158,634,379)				6,796,924,792
PREFERRED STOCK — 0.4%
Consumer, Cyclical — 0.0%
Auto Manufacturers — 0.0%
Nuro, Inc., Series D (Acquired 10/29/21, Cost $3,125,295) (a) (d) (e) (f)		149,925		3,125,295
Consumer, Non-cyclical — 0.1%
Commercial Services — 0.0%
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $3,678,889) (a) (d) (e) (f)		77,608		4,047,257
Health Care – Services — 0.1%
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $5,006,003) (a) (d) (e) (f)		618,025		5,006,003
				9,053,260
Financial — 0.1%
Investment Companies — 0.1%
Maplebear, Inc., Series E (Acquired 11/19/21-12/01/21, Cost $10,196,717) (a) (d) (e) (f)		84,807		8,141,472

	Number of Shares		Value
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $1,765,375) (a) (d) (e) (f)		14,123	$	1,355,808
				9,497,280
Industrial — 0.1%
Electrical Components & Equipment — 0.1%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $7,310,569) (a) (d) (e) (f)		177,128		5,521,080
Technology — 0.1%
Software — 0.1%
Databricks, Inc., Series G (Acquired 2/01/21, Cost $2,400,675) (a) (d) (e) (f)		13,535		2,245,186
Databricks, Inc., Series H (Acquired 8/31/21, Cost $3,616,301) (a) (d) (e) (f)		16,404		2,721,096
				4,966,282
TOTAL PREFERRED STOCK (Cost $37,099,821)				32,163,197
TOTAL EQUITIES (Cost $5,195,734,200)				6,829,087,989
MUTUAL FUNDS — 1.1%
Diversified Financial Services — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		78,709,887		78,709,887
				78,709,887
TOTAL MUTUAL FUNDS (Cost $78,709,887)				78,709,887
TOTAL LONG-TERM INVESTMENTS (Cost $5,274,444,087)				6,907,797,876

The accompanying notes are an integral part of the financial statements.

145

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

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 3.1%
Mutual Fund — 1.5%
T. Rowe Price Government Reserve Investment Fund		103,919,119	$	103,919,119
	Principal Amount
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (h)	$	113,375,556		113,375,556
TOTAL SHORT-TERM INVESTMENTS (Cost $217,294,675)				217,294,675
TOTAL INVESTMENTS — 101.0% (Cost $5,491,738,762) (i)				7,125,092,551
Other Assets/(Liabilities) — (1.0)%				(71,916,322	)
NET ASSETS — 100.0%			$	7,053,176,229

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 March 31, 2022, was $186,660,265 or 2.65% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $112,867,454 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $3,542,032 or 0.05% of net assets.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $111,489,420 or 1.58% of net assets.

(e) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $111,489,420 or 1.58% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(f) Investment was valued using significant unobservable inputs.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $113,375,556. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 1.750%, maturity dates ranging from 6/30/24 - 7/15/24, and an aggregate market value, including accrued interest of $115,643,139.

(i) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

146

MassMutual Small Cap Growth Equity Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.0%
COMMON STOCK — 96.0%
Basic Materials — 2.3%
Chemicals — 1.8%
Cabot Corp.		49,443	$	3,382,396
Element Solutions, Inc.		84,796		1,857,032
Methanex Corp.		47,891		2,612,933
Olin Corp.		84,377		4,411,229
				12,263,590
Mining — 0.5%
Livent Corp. (a) (b)		58,438		1,523,479
MP Materials Corp. (a) (b)		27,000		1,548,180
				3,071,659
				15,335,249
Communications — 4.4%
Internet — 3.1%
Cargurus, Inc. (a)		156,851		6,659,893
Criteo SA Sponsored ADR (a)		46,419		1,264,454
Perficient, Inc. (a)		47,662		5,247,110
RealReal, Inc. (a) (b)		22,944		166,573
Revolve Group, Inc. (a)		54,908		2,948,010
Shutterstock, Inc.		53,159		4,948,040
				21,234,080
Media — 0.4%
The New York Times Co. Class A		53,557		2,455,053
Telecommunications — 0.9%
Calix, Inc. (a)		92,417		3,965,614
Viavi Solutions, Inc. (a)		140,614		2,261,073
				6,226,687
				29,915,820
Consumer, Cyclical — 11.1%
Apparel — 1.2%
Carter’s, Inc.		11,442		1,052,550
Crocs, Inc. (a)		20,398		1,558,407
Deckers Outdoor Corp. (a)		2,789		763,544
Oxford Industries, Inc.		30,355		2,747,127
Steven Madden Ltd.		59,865		2,313,184
				8,434,812
Distribution & Wholesale — 0.7%
SiteOne Landscape Supply, Inc. (a)		14,992		2,424,056
WESCO International, Inc. (a)		17,483		2,275,238
				4,699,294
Entertainment — 1.1%
Cinemark Holdings, Inc. (a)		103,946		1,796,187
Red Rock Resorts, Inc. Class A		72,386		3,515,064

	Number of Shares		Value
SeaWorld Entertainment, Inc. (a)		26,010	$	1,936,184
				7,247,435
Food Services — 0.3%
Sovos Brands, Inc. (a)		152,814		2,166,903
Home Builders — 0.8%
Cavco Industries, Inc. (a)		1,926		463,877
Skyline Champion Corp. (a)		90,187		4,949,463
				5,413,340
Leisure Time — 1.0%
Acushnet Holdings Corp.		22,327		898,885
Planet Fitness, Inc. Class A (a)		57,268		4,838,000
YETI Holdings, Inc. (a)		22,118		1,326,638
				7,063,523
Lodging — 1.3%
Boyd Gaming Corp.		32,524		2,139,429
Choice Hotels International, Inc.		29,117		4,127,626
Wyndham Hotels & Resorts, Inc.		31,057		2,630,217
				8,897,272
Retail — 4.7%
BJ’s Wholesale Club Holdings, Inc. (a)		29,289		1,980,229
Boot Barn Holdings, Inc. (a)		46,735		4,430,011
Denny’s Corp. (a)		110,319		1,578,665
Dutch Bros, Inc., Class A (a) (b)		12,960		716,299
Floor & Decor Holdings, Inc. Class A (a)		13,284		1,076,004
Freshpet, Inc. (a)		42,404		4,352,347
La-Z-Boy, Inc.		5,098		134,434
National Vision Holdings, Inc. (a)		62,818		2,736,980
Nu Skin Enterprises, Inc. Class A		46,146		2,209,471
Papa John’s International, Inc.		30,713		3,233,465
Patrick Industries, Inc.		29,431		1,774,689
Rush Enterprises, Inc. Class A		44,040		2,242,076
Victoria’s Secret & Co. (a)		38,347		1,969,502
Wingstop, Inc.		25,465		2,988,318
				31,422,490
				75,345,069
Consumer, Non-cyclical — 24.5%
Biotechnology — 3.7%
Akero Therapeutics, Inc. (a)		28,458		403,819
Amicus Therapeutics, Inc. (a)		191,222		1,810,872
Apellis Pharmaceuticals, Inc. (a)		40,475		2,056,535
BioAtla, Inc. (a)		21,934		109,670
Blueprint Medicines Corp. (a)		16,833		1,075,292
Celldex Therapeutics, Inc. (a)		31,199		1,062,638
Certara, Inc. (a)		21,915		470,734
Crinetics Pharmaceuticals, Inc. (a)		17,400		381,930

The accompanying notes are an integral part of the financial statements.

147

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

	Number of Shares		Value
Fate Therapeutics, Inc. (a) (b)		16,573	$	642,535
Halozyme Therapeutics, Inc. (a)		77,780		3,101,867
ImmunoGen, Inc. (a)		112,262		534,367
Intra-Cellular Therapies, Inc. (a)		15,969		977,143
Karuna Therapeutics, Inc. (a)		8,422		1,067,826
Kodiak Sciences, Inc. (a)		7,747		59,807
Kymera Therapeutics, Inc. (a)		31,653		1,339,555
Myriad Genetics, Inc. (a)		60,631		1,527,901
NeoGenomics, Inc. (a)		43,938		533,847
PTC Therapeutics, Inc. (a)		19,556		729,634
RAPT Therapeutics, Inc. (a)		17,780		390,982
Relay Therapeutics, Inc. (a)		30,300		906,879
Revolution Medicines, Inc. (a)		44,590		1,137,491
Rocket Pharmaceuticals, Inc. (a)		54,850		869,921
Sage Therapeutics, Inc. (a)		12,479		413,055
Turning Point Therapeutics, Inc. (a)		33,138		889,755
Veracyte, Inc. (a)		100,832		2,779,938
				25,273,993
Commercial Services — 5.1%
AMN Healthcare Services, Inc. (a)		16,958		1,769,228
Chegg, Inc. (a) (b)		50,381		1,827,823
Cross Country Healthcare, Inc. (a)		67,128		1,454,664
Herc Holdings, Inc.		34,415		5,750,402
LiveRamp Holdings, Inc. (a)		41,660		1,557,667
Mister Car Wash, Inc. (a)		114,244		1,689,669
Paylocity Holding Corp. (a)		15,702		3,231,000
R1 RCM, Inc. (a)		129,510		3,465,688
Repay Holdings Corp. (a)		89,689		1,324,706
Textainer Group Holdings Ltd.		64,381		2,450,985
TriNet Group, Inc. (a)		48,308		4,751,575
WillScot Mobile Mini Holdings Corp. (a)		123,478		4,831,694
				34,105,101
Cosmetics & Personal Care — 0.3%
elf Beauty, Inc. (a)		74,276		1,918,549
Food — 0.6%
Performance Food Group Co. (a)		80,210		4,083,491
Health Care – Products — 9.6%
AtriCure, Inc. (a)		29,426		1,932,405
Axonics Inc. (a) (b)		56,883		3,560,876
CareDx, Inc. (a)		17,308		640,223
CONMED Corp.		4,801		713,189
Glaukos Corp. (a)		35,843		2,072,442
Globus Medical, Inc. Class A (a)		103,339		7,624,351
Haemonetics Corp. (a)		37,988		2,401,601
ICU Medical, Inc. (a)		7,928		1,765,090
Inari Medical, Inc. (a)		53,841		4,880,148
Inmode Ltd. (a)		17,051		629,352

	Number of Shares		Value
Inspire Medical Systems, Inc. (a)		41,805	$	10,730,926
Integra LifeSciences Holdings Corp. (a)		39,372		2,530,045
NanoString Technologies, Inc. (a)		49,060		1,704,835
Omnicell, Inc. (a)		32,635		4,225,906
Penumbra, Inc. (a)		14,178		3,149,359
Quanterix Corp. (a)		20,035		584,822
Repligen Corp. (a)		27,694		5,208,965
Shockwave Medical, Inc. (a)		13,871		2,876,291
Tandem Diabetes Care, Inc. (a)		66,084		7,684,908
				64,915,734
Health Care – Services — 2.9%
Acadia Healthcare Co., Inc. (a)		34,191		2,240,536
Amedisys, Inc. (a)		14,199		2,446,346
LHC Group, Inc. (a)		32,091		5,410,543
Medpace Holdings, Inc. (a)		31,321		5,123,802
Surgery Partners, Inc. (a) (b)		55,135		3,035,182
Tenet Healthcare Corp. (a)		18,605		1,599,286
				19,855,695
Household Products & Wares — 0.3%
Spectrum Brands Holdings, Inc.		23,082		2,047,835
Pharmaceuticals — 2.0%
Aclaris Therapeutics, Inc. (a)		52,455		904,324
Ascendis Pharma A/S ADR (a)		9,905		1,162,451
BellRing Brands, Inc. (a)		65,046		1,501,262
Covetrus, Inc. (a)		102,621		1,723,007
Intellia Therapeutics, Inc. (a)		16,756		1,217,658
Madrigal Pharmaceuticals, Inc. (a)		7,805		765,827
Myovant Sciences Ltd. (a)		43,498		579,393
Owens & Minor, Inc.		91,579		4,031,307
Pacira BioSciences, Inc. (a)		12,001		915,916
Y-mAbs Therapeutics, Inc. (a)		32,369		384,544
				13,185,689
				165,386,087
Energy — 4.5%
Energy – Alternate Sources — 0.8%
Atlantica Sustainable Infrastructure PLC		66,336		2,326,404
First Solar, Inc. (a)		23,210		1,943,605
Maxeon Solar Technologies Ltd. (a) (b)		68,282		988,723
				5,258,732
Oil & Gas — 3.6%
Brigham Minerals, Inc. Class A		84,546		2,160,150
Chesapeake Energy Corp. (b)		45,816		3,985,992
Magnolia Oil & Gas Corp. Class A		153,797		3,637,299
Matador Resources Co.		79,127		4,192,148
PDC Energy, Inc.		33,389		2,426,713

The accompanying notes are an integral part of the financial statements.

148

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

	Number of Shares		Value
SM Energy Co.		52,723	$	2,053,561
Viper Energy Partners LP (c)		99,992		2,956,763
Whiting Petroleum Corp.		32,523		2,650,950
				24,063,576
Pipelines — 0.1%
New Fortress Energy, Inc.		17,688		753,686
				30,075,994
Financial — 15.4%
Banks — 4.3%
Ameris Bancorp		112,296		4,927,548
Atlantic Union Bankshares Corp.		63,992		2,347,866
Cadence Bank		77,423		2,265,397
First Interstate BancSystem, Inc. Class A		58,783		2,161,451
National Bank Holdings Corp. Class A		55,142		2,221,120
Pinnacle Financial Partners, Inc.		47,008		4,328,497
Seacoast Banking Corp. of Florida		78,581		2,751,907
Simmons First National Corp. Class A		76,417		2,003,654
Synovus Financial Corp.		45,042		2,207,058
Western Alliance Bancorp		22,351		1,851,110
Wintrust Financial Corp.		24,280		2,256,340
				29,321,948
Diversified Financial Services — 3.5%
Air Lease Corp.		65,085		2,906,045
Cohen & Steers, Inc.		28,095		2,413,079
Evercore, Inc. Class A		7,234		805,289
Hamilton Lane, Inc. Class A		58,301		4,506,084
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		87,832		4,165,872
LPL Financial Holdings, Inc.		26,126		4,772,698
PRA Group, Inc. (a)		63,058		2,842,655
StepStone Group, Inc. Class A		39,383		1,302,002
				23,713,724
Insurance — 1.9%
Assured Guaranty Ltd.		51,085		3,252,071
Kemper Corp.		34,428		1,946,559
Kinsale Capital Group, Inc.		10,119		2,307,334
MGIC Investment Corp.		78,333		1,061,412
Selective Insurance Group, Inc.		30,611		2,735,399
SiriusPoint Ltd. (a)		177,537		1,327,977
				12,630,752
Real Estate — 0.4%
McGrath RentCorp		32,271		2,742,390
Real Estate Investment Trusts (REITS) — 5.3%
Centerspace		23,510		2,306,801
Essential Properties Realty Trust, Inc.		164,519		4,162,331
Hudson Pacific Properties, Inc.		91,552		2,540,568
Independence Realty Trust, Inc.		95,107		2,514,629

	Number of Shares		Value
Life Storage, Inc.		15,591	$	2,189,444
National Storage Affiliates Trust		54,223		3,403,036
Outfront Media, Inc.		46,146		1,311,931
Pebblebrook Hotel Trust		88,299		2,161,560
Phillips Edison & Co., Inc.		118,555		4,077,106
PotlatchDeltic Corp.		43,914		2,315,585
PS Business Parks, Inc.		25,043		4,209,227
Ryman Hospitality Properties, Inc. (a)		24,957		2,315,261
Xenia Hotels & Resorts, Inc. (a)		119,367		2,302,589
				35,810,068
				104,218,882
Industrial — 17.2%
Aerospace & Defense — 1.6%
Curtiss-Wright Corp.		33,712		5,062,194
Mercury Systems, Inc. (a)		47,547		3,064,404
Spirit AeroSystems Holdings, Inc. Class A		61,001		2,982,339
				11,108,937
Building Materials — 0.5%
Louisiana-Pacific Corp.		30,970		1,923,856
Trex Co., Inc. (a)		18,339		1,198,087
				3,121,943
Electrical Components & Equipment — 1.1%
Acuity Brands, Inc.		13,910		2,633,163
Novanta, Inc. (a)		34,852		4,959,091
				7,592,254
Electronics — 0.6%
II-VI, Inc. (a) (b)		51,916		3,763,391
Engineering & Construction — 1.0%
Fluor Corp. (a) (b)		232,594		6,673,122
Environmental Controls — 1.9%
Casella Waste Systems, Inc. Class A (a)		64,601		5,662,278
Clean Harbors, Inc. (a)		45,691		5,100,943
Evoqua Water Technologies Corp. (a)		43,318		2,035,080
				12,798,301
Hand & Machine Tools — 0.8%
Enerpac Tool Group Corp.		86,586		1,895,367
Kennametal, Inc.		70,698		2,022,670
Regal Rexnord Corp.		12,114		1,802,321
				5,720,358
Machinery – Diversified — 6.0%
Albany International Corp. Class A		27,202		2,293,673
Applied Industrial Technologies, Inc.		49,369		5,068,221
Cactus, Inc. Class A		56,189		3,188,164
Chart Industries, Inc. (a) (b)		45,909		7,885,789
Colfax Corp. (a)		73,056		2,906,898

The accompanying notes are an integral part of the financial statements.

149

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

	Number of Shares		Value
Flowserve Corp.		64,278	$	2,307,580
Kornit Digital Ltd. (a)		75,439		6,238,051
The Middleby Corp. (a)		18,888		3,096,499
Ranpak Holdings Corp. (a)		68,872		1,407,055
SPX FLOW, Inc.		21,030		1,813,207
Zurn Water Solutions Corp.		112,876		3,995,810
				40,200,947
Metal Fabricate & Hardware — 1.4%
Advanced Drainage Systems, Inc.		42,141		5,006,772
Helios Technologies, Inc.		52,646		4,224,842
				9,231,614
Miscellaneous - Manufacturing — 0.2%
John Bean Technologies Corp.		13,099		1,551,839
Packaging & Containers — 0.4%
Graphic Packaging Holding Co.		139,925		2,804,097
Transportation — 1.2%
CryoPort, Inc. (a)		49,468		1,726,928
Kirby Corp. (a)		33,674		2,430,926
Saia, Inc. (a)		16,769		4,088,617
				8,246,471
Trucking & Leasing — 0.5%
GATX Corp.		25,098		3,095,336
				115,908,610
Technology — 15.9%
Computers — 3.7%
CyberArk Software Ltd. (a)		26,370		4,449,937
Endava PLC Sponsored ADR (a)		15,318		2,037,754
Globant SA (a)		20,377		5,340,200
Rapid7, Inc. (a) (b)		59,178		6,582,961
Varonis Systems, Inc. (a)		144,542		6,871,527
				25,282,379
Semiconductors — 5.4%
Ambarella, Inc. (a)		38,393		4,028,194
Cirrus Logic, Inc. (a)		9,221		781,849
FormFactor, Inc. (a)		61,176		2,571,227
Impinj, Inc. (a) (b)		22,921		1,456,400
Lattice Semiconductor Corp. (a)		100,713		6,138,458
MACOM Technology Solutions Holdings, Inc. (a)		44,390		2,657,629
MaxLinear, Inc. (a)		34,081		1,988,626
MKS Instruments, Inc.		10,763		1,614,450
Nova Ltd. (a)		23,224		2,528,629
Power Integrations, Inc.		25,651		2,377,335
SiTime Corp. (a)		13,006		3,223,147
Synaptics, Inc. (a)		24,076		4,803,162
Tower Semiconductor Ltd. (a) (b)		52,215		2,527,206
				36,696,312

	Number of Shares		Value
Software — 6.8%
Cardlytics, Inc. (a) (b)		40,422	$	2,222,402
Concentrix Corp.		14,993		2,497,234
Digital Turbine, Inc. (a)		55,733		2,441,663
DigitalOcean Holdings, Inc. (a)		36,960		2,138,136
Domo, Inc. Class B (a)		15,718		794,859
Evolent Health, Inc. Class A (a)		13,295		429,429
Five9, Inc. (a)		23,161		2,556,974
Health Catalyst, Inc. (a)		69,988		1,828,786
Jamf Holding Corp. (a) (b)		166,583		5,798,754
Manhattan Associates, Inc. (a)		54,727		7,591,182
New Relic, Inc. (a)		51,662		3,455,155
Olo, Inc. Class A (a)		22,217		294,375
Sprout Social, Inc. Class A (a)		60,423		4,841,091
Verra Mobility Corp. (a)		201,333		3,277,701
Workiva, Inc. (a)		28,005		3,304,590
Ziff Davis, Inc. (a)		23,532		2,277,427
				45,749,758
				107,728,449
Utilities — 0.7%
Electric — 0.4%
Portland General Electric Co.		51,438		2,836,806
Gas — 0.3%
ONE Gas, Inc.		22,064		1,946,927
				4,783,733
TOTAL COMMON STOCK (Cost $576,896,327)				648,697,893
TOTAL EQUITIES (Cost $576,896,327)				648,697,893
MUTUAL FUNDS — 2.3%
Diversified Financial Services — 2.3%
iShares Russell 2000 ETF (b)		12,179		2,499,983
iShares Russell 2000 Growth ETF (b)		12,454		3,185,111
State Street Navigator Securities Lending Government Money Market Portfolio (d)		9,746,224		9,746,224
				15,431,318
TOTAL MUTUAL FUNDS (Cost $15,321,403)				15,431,318
TOTAL LONG-TERM INVESTMENTS (Cost $592,217,730)				664,129,211

The accompanying notes are an integral part of the financial statements.

150

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.8%
Repurchase Agreement — 3.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (e)	$	26,127,308	$	26,127,308
TOTAL SHORT-TERM INVESTMENTS (Cost $26,127,308)				26,127,308
TOTAL INVESTMENTS — 102.1% (Cost $618,345,038) (f)				690,256,519
Other Assets/(Liabilities) — (2.1)%				(14,343,153	)
NET ASSETS — 100.0%			$	675,913,366

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 March 31, 2022, was $47,150,923 or 6.98% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $38,592,929 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is a Master Limited Partnership

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $26,127,308. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% - 0.375%, maturity dates ranging from 7/15/24 - 9/15/24, and an aggregate market value, including accrued interest, of $26,650,072.

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

The accompanying notes are an integral part of the financial statements.

151

MM MSCI EAFE International Index Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.4%
Australia — 7.8%
Ampol Ltd.		2,235	$	50,789
APA Group		11,730		93,020
Aristocrat Leisure Ltd.		5,866		159,035
ASX Ltd.		1,913		116,119
Aurizon Holdings Ltd.		18,007		49,445
Australia & New Zealand Banking Group Ltd.		27,533		564,216
BHP Group Ltd.		49,314		1,920,778
BlueScope Steel Ltd.		4,558		70,433
Brambles Ltd.		13,609		100,354
Cochlear Ltd.		632		105,290
Coles Group Ltd.		13,337		177,765
Commonwealth Bank of Australia		16,624		1,305,361
Computershare Ltd.		5,448		99,671
Crown Resorts Ltd. (a)		3,912		37,182
CSL Ltd.		4,666		926,653
Dexus		11,114		90,448
Domino’s Pizza Enterprises Ltd. (b)		544		35,444
Endeavour Group Ltd.		13,254		72,110
Evolution Mining Ltd.		18,340		59,593
Fortescue Metals Group Ltd.		16,495		253,130
Goodman Group		16,308		276,987
The GPT Group		19,562		75,246
IDP Education Ltd. (b)		1,952		45,525
Insurance Australia Group Ltd.		22,828		74,340
Lendlease Corp Ltd.		6,156		51,163
Macquarie Group Ltd.		3,305		497,167
Medibank Pvt. Ltd.		25,760		58,986
Mineral Resources Ltd.		1,559		60,942
Mirvac Group		38,344		70,983
National Australia Bank Ltd.		31,900		766,301
Newcrest Mining Ltd.		8,549		169,711
Northern Star Resources Ltd.		10,685		84,683
Orica Ltd.		3,805		45,061
Origin Energy Ltd.		16,595		76,792
Qantas Airways Ltd. (a)		9,166		35,216
QBE Insurance Group Ltd.		14,316		122,011
Ramsay Health Care Ltd.		1,866		90,372
REA Group Ltd.		477		47,693
Reece Ltd.		2,593		36,581
Rio Tinto Ltd.		3,629		321,469
Santos Ltd.		31,246		179,671
Scentre Group		51,129		115,790
SEEK Ltd.		3,498		76,971
Sonic Healthcare Ltd.		4,519		118,995

	Number of Shares		Value
South32 Ltd.		44,675	$	166,361
Stockland		23,091		72,890
Suncorp Group Ltd.		12,413		102,642
Tabcorp Holdings Ltd.		22,877		90,719
Telstra Corp. Ltd.		41,355		121,960
Transurban Group		30,319		305,453
Treasury Wine Estates Ltd.		6,533		55,960
Vicinity Centres		40,053		55,380
Washington H Soul Pattinson & Co. Ltd.		1,893		40,199
Wesfarmers Ltd.		11,064		415,725
Westpac Banking Corp.		35,760		643,964
WiseTech Global Ltd.		1,417		53,383
Woodside Petroleum Ltd.		9,491		226,449
Woolworths Group Ltd.		11,838		328,802
				12,465,379
Austria — 0.2%
Erste Group Bank AG		3,225		116,965
OMV AG		1,465		69,857
Raiffeisen Bank International AG		1,629		23,028
Verbund AG		657		69,177
voestalpine AG		1,272		37,786
				316,813
Belgium — 0.8%
Ageas SA		1,593		80,169
Anheuser-Busch InBev SA		8,491		509,284
Elia Group SA/NV		303		46,248
Etablissements Franz Colruyt NV		572		23,719
Groupe Bruxelles Lambert SA		1,098		113,868
KBC Group NV		2,438		175,340
Proximus SADP		1,432		26,652
Sofina SA		138		50,045
Solvay SA (b)		682		67,146
UCB SA		1,214		145,331
Umicore SA		1,850		79,915
				1,317,717
Bermuda — 0.1%
CK Infrastructure Holdings Ltd.		6,500		43,494
Hongkong Land Holdings Ltd.		10,200		49,757
Jardine Matheson Holdings Ltd.		2,100		115,181
				208,432
Cayman Islands — 0.7%
Budweiser Brewing Co. APAC Ltd. (c)		16,625		44,122
Chow Tai Fook Jewellery Group Ltd.		17,000		30,790
CK Asset Holdings Ltd.		19,245		131,534
CK Hutchison Holdings Ltd.		25,745		188,754
ESR Cayman Ltd. (a) (c)		20,400		63,154

The accompanying notes are an integral part of the financial statements.

152

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Futu Holdings Ltd. ADR (a) (b)		616	$	20,057
Grab Holdings Ltd. (a) (b)		11,534		40,369
Melco Resorts & Entertainment Ltd. ADR (a)		2,260		17,267
Sands China Ltd. (a)		22,400		53,762
Sea Ltd. ADR (a)		3,114		373,026
SITC International Holdings Co. Ltd.		14,000		49,420
WH Group Ltd. (c)		78,072		49,115
Wharf Real Estate Investment Co. Ltd.		16,000		79,066
Xinyi Glass Holdings Co. Ltd.		18,000		43,241
				1,183,677
Denmark — 2.6%
Ambu A/S Class B		1,881		27,624
AP Moller - Maersk A/S Class A		30		88,654
AP Moller - Maersk A/S Class B		57		171,806
Carlsberg A/S Class B		1,006		122,827
Chr Hansen Holding A/S		1,034		75,985
Coloplast A/S Class B		1,124		170,233
Danske Bank A/S		6,667		110,182
Demant A/S (a)		950		42,975
DSV A/S		1,986		379,756
Genmab A/S (a)		629		227,862
GN Store Nord A/S		1,186		57,878
Novo Nordisk A/S Class B		16,387		1,814,806
Novozymes A/S Class B		2,075		142,016
Orsted A/S (c)		1,844		232,200
Pandora A/S		988		93,474
ROCKWOOL International A/S Class B		81		26,754
TDC Holding A/S (a)		—		—
Tryg A/S		3,549		86,045
Vestas Wind Systems A/S		9,838		290,468
				4,161,545
Finland — 1.1%
Elisa OYJ		1,373		82,750
Fortum OYJ		4,255		77,242
Kesko OYJ Class B		2,631		72,618
Kone OYJ Class B		3,311		173,415
Neste OYJ		4,063		185,098
Nokia OYJ (a)		52,610		289,612
Nordea Bank Abp (b)		31,209		321,382
Orion OYJ Class B (b)		1,077		48,871
Sampo OYJ Class A		4,771		232,882
Stora Enso OYJ Class R		5,692		111,372
UPM-Kymmene OYJ (b)		5,194		169,483
Wartsila OYJ Abp		4,319		39,447
				1,804,172

	Number of Shares		Value
France — 10.2%
Accor SA (a)		1,772	$	56,786
Aeroports de Paris (a)		299		44,779
Air Liquide SA		4,619		808,044
Alstom SA		3,054		71,192
Amundi SA (c)		522		35,618
Arkema SA		575		68,599
AXA SA		18,950		553,414
BioMerieux		376		40,077
BNP Paribas SA		10,944		623,121
Bollore SE		8,202		42,842
Bouygues SA		2,129		74,219
Bureau Veritas SA		2,972		84,890
Capgemini SE		1,547		344,120
Carrefour SA		5,947		129,013
Cie de Saint-Gobain		4,932		293,504
Cie Generale des Etablissements Michelin SCA		1,627		219,796
CNP Assurances		1,552		37,420
Covivio		485		38,480
Credit Agricole SA		12,430		148,503
Danone SA		6,401		352,617
Dassault Aviation SA		231		36,725
Dassault Systemes SE		6,445		317,577
Edenred		2,502		123,688
Eiffage SA		794		81,383
Electricite de France SA (b)		5,175		48,755
Engie SA		17,631		231,114
EssilorLuxottica SA		2,801		511,309
Eurazeo SE		441		37,063
Faurecia SE (b)		1,004		25,972
Faurecia SE		249		6,446
Gecina SA		449		56,495
Getlink SE		4,257		76,666
Hermes International		309		438,280
Ipsen SA		334		41,723
Kering SA		729		460,508
Klepierre SA		2,030		53,974
L’Oreal SA		2,447		979,450
La Francaise des Jeux SAEM (c)		1,064		42,174
Legrand SA		2,568		244,132
LVMH Moet Hennessy Louis Vuitton SE		2,703		1,924,724
Orange SA		19,571		231,422
Orpea SA		516		22,268
Pernod Ricard SA		2,044		448,294
Publicis Groupe SA		2,161		131,273
Remy Cointreau SA		238		49,036
Renault SA (a)		1,764		46,110

The accompanying notes are an integral part of the financial statements.

153

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Safran SA		3,332	$	391,611
Sanofi		11,087		1,130,699
Sartorius Stedim Biotech		272		111,478
Schneider Electric SE		5,273		880,361
SEB SA		234		32,641
Societe Generale SA		7,774		207,968
Sodexo SA		812		65,921
Teleperformance		571		217,734
Thales SA		1,042		131,578
TotalEnergies SE (b)		24,433		1,239,700
Ubisoft Entertainment SA (a)		943		41,514
Unibail Rodamco Westfield (a)		6,607		24,574
Unibail Rodamco Westfield (a)		825		61,720
Valeo SE		2,551		46,869
Veolia Environnement SA		6,383		203,677
Vinci SA		5,246		536,339
Vivendi SE (b)		7,742		101,044
Wendel SE		290		29,507
Worldline SA (a) (c)		2,337		101,316
				16,289,846
Germany — 7.5%
adidas AG		1,855		433,173
Allianz SE Registered		3,971		948,253
BASF SE		8,934		509,459
Bayer AG Registered		9,568		654,616
Bayerische Motoren Werke AG		3,220		278,898
Bechtle AG		804		45,373
Beiersdorf AG		1,007		105,817
Brenntag SE		1,530		123,714
Carl Zeiss Meditec AG		397		64,373
Commerzbank AG (a)		9,988		76,263
Continental AG (a)		1,026		74,007
Covestro AG (c)		1,834		92,669
Daimler Truck Holding AG (a)		4,121		114,486
Delivery Hero SE (a) (c)		1,600		70,478
Deutsche Bank AG Registered (a)		20,075		256,339
Deutsche Boerse AG		1,843		331,074
Deutsche Lufthansa AG Registered (a)		5,272		42,740
Deutsche Post AG Registered		9,656		463,667
Deutsche Telekom AG Registered		31,542		589,114
E.ON SE		21,829		253,864
Evonik Industries AG		2,198		61,111
Fresenius Medical Care AG & Co. KGaA		2,079		139,423
Fresenius SE & Co. KGaA		4,208		154,838
GEA Group AG		1,442		59,578
Hannover Rueck SE		580		98,783
HeidelbergCement AG		1,491		85,272
HelloFresh SE (a)		1,522		68,774

	Number of Shares		Value
Henkel AG & Co. KGaA		955	$	63,301
Infineon Technologies AG		12,724		434,695
KION Group AG		697		46,351
Knorr-Bremse AG		664		51,013
LANXESS AG		850		37,591
LEG Immobilien SE		731		83,482
Mercedes-Benz Group AG		8,331		585,141
Merck KGaA		1,257		263,252
MTU Aero Engines AG		507		117,800
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		1,362		364,834
Nemetschek SE		563		54,614
Puma SE		52		4,438
Puma SE		980		83,648
Rational AG		54		37,469
RWE AG		6,204		270,608
SAP SE		10,145		1,132,013
Scout24 SE (c)		840		48,186
Siemens AG Registered		7,452		1,032,565
Siemens Energy AG (a)		3,728		85,180
Siemens Healthineers AG (c)		2,673		165,749
Symrise AG		1,292		155,108
Telefonica Deutschland Holding AG		9,590		26,194
Uniper SE		1,056		27,159
United Internet AG Registered		969		33,327
Volkswagen AG		327		81,474
Vonovia SE		7,150		334,314
Zalando SE (a) (c)		2,224		112,893
				11,928,555
Hong Kong — 2.2%
AIA Group Ltd.		117,780		1,233,090
BOC Hong Kong Holdings Ltd.		37,500		141,106
CLP Holdings Ltd.		16,499		160,781
Galaxy Entertainment Group Ltd.		21,000		124,809
Hang Lung Properties Ltd.		21,000		42,251
Hang Seng Bank Ltd.		7,700		148,113
Henderson Land Development Co. Ltd.		15,325		63,622
HK Electric Investments & HK Electric Investments Ltd. Class SS (c)		21,706		21,189
HKT Trust & HKT Ltd.		33,840		46,442
Hong Kong & China Gas Co. Ltd.		108,290		130,989
Hong Kong Exchanges & Clearing Ltd.		11,781		555,203
Link REIT		20,397		173,852
MTR Corp. Ltd.		14,528		78,405
New World Development Co. Ltd.		15,722		63,840

The accompanying notes are an integral part of the financial statements.

154

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Power Assets Holdings Ltd.		14,000	$	91,192
Sino Land Co. Ltd.		30,986		40,005
Sun Hung Kai Properties Ltd.		12,258		146,019
Swire Pacific Ltd. Class A		4,500		27,460
Swire Properties Ltd.		12,196		30,238
Techtronic Industries Co. Ltd.		13,403		215,919
				3,534,525
Ireland — 0.7%
CRH PLC		7,484		299,656
DCC PLC		916		70,995
Flutter Entertainment PLC (a)		1,617		185,479
James Hardie Industries PLC		4,203		126,484
Kerry Group PLC Class A		1,538		171,846
Kingspan Group PLC		1,542		149,870
Smurfit Kappa Group PLC		2,438		108,059
				1,112,389
Israel — 0.7%
Azrieli Group Ltd.		461		40,447
Bank Hapoalim B.M.		11,188		110,307
Bank Leumi Le-Israel BM		14,311		153,629
Check Point Software Technologies Ltd. (a)		1,033		142,823
CyberArk Software Ltd. (a)		382		64,463
Elbit Systems Ltd.		256		56,042
Fiverr International Ltd. (a) (b)		331		25,179
ICL Group Ltd.		7,024		83,506
Inmode Ltd. (a)		566		20,891
Israel Discount Bank Ltd. Class A		11,183		69,485
Kornit Digital Ltd. (a)		400		33,076
Mizrahi Tefahot Bank Ltd.		1,422		55,315
Nice Ltd. (a)		595		130,252
Teva Pharmaceutical Industries Ltd. Sponsored ADR (a)		10,202		95,797
Wix.com Ltd. (a)		532		55,573
				1,136,785
Italy — 1.7%
Amplifon SpA		1,317		58,807
Assicurazioni Generali SpA (b)		10,694		244,695
Atlantia SpA (a)		4,776		99,320
DiaSorin SpA		218		34,135
Enel SpA		79,104		528,260
Eni SpA		24,547		359,886
FinecoBank Banca Fineco SpA		6,100		92,645
Infrastrutture Wireless Italiane SpA (c)		3,597		40,339
Intesa Sanpaolo SpA		159,987		365,683
Mediobanca Banca di Credito Finanziario SpA		5,714		57,894
Moncler SpA		1,990		110,823

	Number of Shares		Value
Nexi SpA (a) (c)		5,297	$	61,186
Poste Italiane SpA (c)		5,134		58,241
Prysmian SpA		2,529		86,147
Recordati Industria Chimica e Farmaceutica SpA		1,077		54,143
Snam SpA		19,531		112,791
Telecom Italia SpA		101,113		37,128
Terna - Rete Elettrica Nazionale		13,367		114,965
UniCredit SpA		20,449		220,787
				2,737,875
Japan — 21.9%
Advantest Corp.		1,900		149,030
Aeon Co. Ltd.		6,200		132,269
AGC, Inc.		1,900		75,937
Aisin Corp.		1,300		44,418
Ajinomoto Co. Inc.		4,600		130,626
ANA Holdings, Inc. (a)		1,400		29,228
Asahi Group Holdings Ltd.		4,400		159,736
Asahi Intecc Co. Ltd.		2,100		41,090
Asahi Kasei Corp.		12,800		110,801
Astellas Pharma, Inc.		18,200		285,309
Azbil Corp.		1,300		43,300
Bandai Namco Holdings, Inc.		1,900		143,934
Benefit One, Inc.		900		18,843
Bridgestone Corp.		5,600		216,728
Brother Industries Ltd.		2,300		41,884
Canon, Inc. (b)		9,700		236,124
Capcom Co. Ltd.		1,900		45,947
Central Japan Railway Co.		1,400		182,473
The Chiba Bank Ltd. (b)		4,700		27,704
Chubu Electric Power Co. Inc.		6,100		63,200
Chugai Pharmaceutical Co. Ltd.		6,600		220,726
Concordia Financial Group Ltd.		9,400		35,067
Cosmos Pharmaceutical Corp.		200		24,293
CyberAgent, Inc.		4,300		53,314
Dai Nippon Printing Co. Ltd.		2,200		51,672
Dai-ichi Life Holdings, Inc.		9,800		199,371
Daifuku Co. Ltd.		1,000		71,437
Daiichi Sankyo Co. Ltd.		17,100		375,147
Daikin Industries Ltd.		2,400		436,980
Daito Trust Construction Co. Ltd.		600		63,660
Daiwa House Industry Co. Ltd.		5,700		148,917
Daiwa House REIT Investment Corp.		23		61,891
Daiwa Securities Group, Inc. (b)		14,700		83,235
Denso Corp.		4,200		268,008
Dentsu Group, Inc.		2,000		81,786
Disco Corp.		300		83,682
East Japan Railway Co.		2,900		168,316
Eisai Co. Ltd.		2,200		101,955

The accompanying notes are an integral part of the financial statements.

155

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
ENEOS Holdings, Inc.		29,500	$	110,876
FANUC Corp.		1,900		334,131
Fast Retailing Co. Ltd.		600		308,236
Fuji Electric Co. Ltd.		1,300		64,837
FUJIFILM Holdings Corp.		3,500		214,119
Fujitsu Ltd.		1,900		283,256
GLP J-REIT		41		62,405
GMO Payment Gateway, Inc.		400		40,836
Hakuhodo DY Holdings, Inc.		2,400		30,159
Hamamatsu Photonics KK		1,400		74,510
Hankyu Hanshin Holdings, Inc.		2,400		69,421
Hikari Tsushin, Inc.		200		22,780
Hino Motors Ltd. (b)		3,000		17,553
Hirose Electric Co. Ltd.		325		47,224
Hitachi Construction Machinery Co. Ltd. (b)		900		23,322
Hitachi Ltd.		9,400		471,020
Hitachi Metals Ltd. (a)		2,100		35,137
Honda Motor Co. Ltd.		16,000		454,659
Hoshizaki Corp.		600		41,153
Hoya Corp.		3,600		410,802
Hulic Co. Ltd.		3,800		34,119
Ibiden Co. Ltd.		1,000		49,053
Idemitsu Kosan Co. Ltd.		2,171		59,895
Iida Group Holdings Co. Ltd.		1,200		20,772
Inpex Corp.		9,600		113,995
Isuzu Motors Ltd.		5,700		73,640
Ito En Ltd.		600		29,439
ITOCHU Corp.		11,600		393,496
Itochu Techno-Solutions Corp.		1,000		25,541
Japan Airlines Co. Ltd. (a)		1,700		31,641
Japan Exchange Group, Inc.		4,700		87,574
Japan Metropolitan Fund Invest		72		60,840
Japan Post Bank Co. Ltd. (b)		4,300		34,632
Japan Post Holdings Co. Ltd.		24,000		176,290
Japan Post Insurance Co. Ltd.		1,900		33,236
Japan Real Estate Investment Corp.		12		62,880
Japan Tobacco, Inc.		11,700		200,282
JFE Holdings, Inc.		4,800		67,549
JSR Corp. (b)		1,800		53,074
Kajima Corp.		4,400		53,585
Kakaku.com, Inc.		1,300		29,075
The Kansai Electric Power Co., Inc.		6,600		62,270
Kansai Paint Co. Ltd.		1,900		30,527
Kao Corp.		4,600		188,838
KDDI Corp.		15,700		515,687
Keio Corp. (b)		900		35,136
Keisei Electric Railway Co. Ltd.		1,200		33,398
Keyence Corp.		1,900		883,363

	Number of Shares		Value
Kikkoman Corp.		1,400	$	92,723
Kintetsu Group Holdings Co. Ltd. (b)		1,700		48,636
Kirin Holdings Co. Ltd.		7,800		116,655
Kobayashi Pharmaceutical Co. Ltd.		500		40,084
Kobe Bussan Co. Ltd.		1,400		43,006
Koei Tecmo Holdings Co. Ltd. (b)		580		18,967
Koito Manufacturing Co. Ltd.		900		36,436
Komatsu Ltd.		8,500		203,963
Konami Holdings Corp.		900		56,887
Kose Corp.		300		31,377
Kubota Corp.		10,000		187,480
Kurita Water Industries Ltd.		1,000		36,910
Kyocera Corp.		3,100		174,247
Kyowa Kirin Co. Ltd.		2,500		58,001
Lasertec Corp.		700		117,686
Lawson, Inc.		600		22,931
Lion Corp.		1,800		20,065
LIXIL Group Corp.		2,500		46,523
M3, Inc.		4,200		152,004
Makita Corp.		2,100		67,260
Marubeni Corp.		15,000		174,998
Mazda Motor Corp.		5,800		42,906
McDonald’s Holdings Co. Japan Ltd.		800		33,321
Medipal Holdings Corp.		1,500		24,720
MEIJI Holdings Co. Ltd.		1,200		65,080
Mercari, Inc. (a)		800		20,746
MinebeaMitsumi, Inc.		3,500		76,244
MISUMI Group, Inc.		2,800		83,310
Mitsubishi Chemical Holding Corp.		12,600		83,838
Mitsubishi Corp.		12,300		463,440
Mitsubishi Electric Corp.		17,500		201,421
Mitsubishi Estate Co. Ltd.		11,600		172,521
Mitsubishi Gas Chemical Co., Inc.		1,400		23,770
Mitsubishi HC Capital, Inc.		6,500		30,253
Mitsubishi Heavy Industries Ltd.		3,200		105,385
Mitsubishi UFJ Financial Group, Inc.		116,400		722,515
Mitsui & Co. Ltd.		15,200		414,044
Mitsui Chemicals, Inc.		1,700		42,824
Mitsui Fudosan Co. Ltd.		8,900		190,415
Mitsui OSK Lines Ltd. (b)		3,300		91,610
Miura Co. Ltd.		900		22,197
Mizuho Financial Group, Inc.		23,600		302,078
MonotaRO Co. Ltd.		2,500		53,574
MS&AD Insurance Group Holdings, Inc.		4,300		139,709
Murata Manufacturing Co. Ltd.		5,600		370,192
NEC Corp.		2,300		96,488
Nexon Co. Ltd.		5,000		119,646
NGK Insulators Ltd.		2,600		37,120

The accompanying notes are an integral part of the financial statements.

156

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Nidec Corp.		4,400	$	348,593
Nihon M&A Center Holdings, Inc.		2,600		36,131
Nintendo Co. Ltd.		1,100		555,019
Nippon Building Fund, Inc.		14		79,502
Nippon Express Holdings, Inc.		800		54,990
Nippon Paint Holdings Co. Ltd.		7,800		68,446
Nippon Prologis REIT, Inc.		19		55,572
Nippon Sanso Holdings Corp.		1,300		24,702
Nippon Shinyaku Co. Ltd.		500		33,997
Nippon Steel Corp.		8,600		152,458
Nippon Telegraph & Telephone Corp.		11,700		339,965
Nippon Yusen KK		1,600		139,828
Nissan Chemical Corp.		1,200		70,429
Nissan Motor Co. Ltd. (a)		22,100		98,381
Nisshin Seifun Group, Inc.		1,700		23,733
Nissin Foods Holdings Co. Ltd.		600		42,133
Nitori Holdings Co. Ltd.		800		100,465
Nitto Denko Corp.		1,300		93,168
Nomura Holdings, Inc.		30,400		127,391
Nomura Real Estate Holdings, Inc.		1,200		28,738
Nomura Real Estate Master Fund, Inc.		43		56,854
Nomura Research Institute Ltd.		3,400		111,198
NTT Data Corp.		6,200		121,605
Obayashi Corp.		6,700		49,265
Obic Co. Ltd.		700		104,887
Odakyu Electric Railway Co. Ltd.		2,600		43,173
Oji Holdings Corp. (b)		8,300		41,263
Olympus Corp.		10,800		205,183
Omron Corp.		1,800		120,011
Ono Pharmaceutical Co. Ltd.		3,700		92,924
Open House Group Co. Ltd.		800		35,401
Oracle Corp.		400		27,778
Oriental Land Co. Ltd.		1,900		362,751
ORIX Corp.		11,900		237,512
Orix JREIT, Inc.		26		35,248
Osaka Gas Co. Ltd.		3,500		60,088
Otsuka Corp.		1,200		42,613
Otsuka Holdings Co. Ltd.		3,700		127,992
Pan Pacific International Holding Corp.		3,800		60,947
Panasonic Corp.		21,500		208,209
Persol Holdings Co. Ltd.		1,900		42,590
Pola Orbis Holdings, Inc.		900		11,711
Rakuten Group, Inc.		7,900		62,279
Recruit Holdings Co. Ltd.		13,200		577,860
Renesas Electronics Corp. (a)		12,400		143,482
Resona Holdings, Inc.		19,300		82,647
Ricoh Co. Ltd. (b)		6,500		56,393
Rinnai Corp.		400		29,948

	Number of Shares		Value
Rohm Co. Ltd.		900	$	69,950
Ryohin Keikaku Co. Ltd.		2,500		29,156
Santen Pharmaceutical Co. Ltd.		3,700		37,039
SBI Holdings, Inc.		2,242		56,660
SCSK Corp.		1,800		30,846
Secom Co. Ltd.		2,100		152,159
Seiko Epson Corp. (b)		2,800		41,980
Sekisui Chemical Co. Ltd.		3,500		50,129
Sekisui House Ltd.		5,700		110,520
Seven & i Holdings Co. Ltd.		7,300		347,336
SG Holdings Co. Ltd.		3,000		56,538
Sharp Corp. (b)		1,600		14,984
Shimadzu Corp.		2,200		75,756
Shimano, Inc.		700		160,115
Shimizu Corp.		5,400		32,454
Shin-Etsu Chemical Co. Ltd.		3,500		533,349
Shionogi & Co. Ltd.		2,600		159,676
Shiseido Co. Ltd.		3,900		197,656
The Shizuoka Bank Ltd.		4,400		31,073
SMC Corp.		600		335,108
Softbank Corp.		28,100		328,427
SoftBank Group Corp.		11,800		530,730
Sohgo Security Services Co. Ltd.		600		19,594
Sompo Holdings, Inc.		3,100		136,360
Sony Group Corp.		12,300		1,269,495
Square Enix Holdings Co. Ltd.		800		35,414
Stanley Electric Co. Ltd.		1,300		24,550
Subaru Corp.		6,000		95,316
SUMCO Corp.		3,000		49,223
Sumitomo Chemical Co. Ltd.		14,500		66,469
Sumitomo Corp.		10,900		189,010
Sumitomo Dainippon Pharma Co. Ltd.		1,300		12,838
Sumitomo Electric Industries Ltd.		7,000		83,252
Sumitomo Metal Mining Co. Ltd.		2,500		126,232
Sumitomo Mitsui Financial Group, Inc.		12,700		405,311
Sumitomo Mitsui Trust Holdings, Inc.		3,400		111,076
Sumitomo Realty & Development Co. Ltd.		2,900		80,159
Suntory Beverage & Food Ltd.		1,200		45,758
Suzuki Motor Corp.		3,700		126,830
Sysmex Corp.		1,700		123,444
T&D Holdings, Inc.		5,200		70,547
Taisei Corp.		2,000		57,816
Taisho Pharmaceutical Holdings Co. Ltd.		400		18,553
Takeda Pharmaceutical Co. Ltd.		15,441		441,919
TDK Corp.		3,800		137,202
Terumo Corp.		6,100		184,743

The accompanying notes are an integral part of the financial statements.

157

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
TIS, Inc.		2,300	$	53,795
Tobu Railway Co. Ltd.		1,900		46,227
Toho Co. Ltd.		1,200		45,370
Tokio Marine Holdings, Inc.		6,100		354,789
Tokyo Century Corp. (b)		500		18,347
Tokyo Electric Power Co. Holdings, Inc. (a)		16,600		54,882
Tokyo Electron Ltd.		1,500		770,211
Tokyo Gas Co. Ltd.		3,500		64,114
Tokyu Corp.		4,800		62,346
TOPPAN, INC.		2,400		42,400
Toray Industries, Inc.		13,700		71,405
Toshiba Corp.		3,800		144,194
Tosoh Corp.		2,800		41,407
TOTO Ltd.		1,500		60,252
Toyo Suisan Kaisha Ltd.		900		32,184
Toyota Industries Corp.		1,400		96,362
Toyota Motor Corp.		103,400		1,852,257
Toyota Tsusho Corp.		2,100		86,408
Trend Micro, Inc.		1,300		75,886
Tsuruha Holdings, Inc.		400		25,404
Unicharm Corp.		3,800		135,139
USS Co. Ltd.		2,100		35,322
Welcia Holdings Co. Ltd.		900		22,144
West Japan Railway Co.		2,000		83,012
Yakult Honsha Co. Ltd. (b)		1,300		69,387
Yamaha Corp.		1,400		61,051
Yamaha Motor Co. Ltd.		2,700		60,510
Yamato Holdings Co. Ltd.		3,100		58,033
Yaskawa Electric Corp.		2,300		89,829
Yokogawa Electric Corp.		2,300		39,238
Z Holdings Corp.		25,900		112,454
ZOZO, Inc.		1,100		29,223
				34,752,294
Luxembourg — 0.3%
ArcelorMittal SA		6,225		200,091
Aroundtown SA		10,132		58,200
Eurofins Scientific SE		1,269		125,800
InPost SA (a)		2,436		15,312
Tenaris SA		4,624		69,690
				469,093
Netherlands — 5.6%
ABN AMRO Bank NV (b) (c)		3,826		48,946
Adyen NV (a) (c)		192		379,310
Aegon NV		17,646		93,126
AerCap Holdings NV (a)		1,256		63,152
Airbus SE (a) (b)		5,743		694,177
Akzo Nobel NV		1,795		154,220

	Number of Shares		Value
Argenx SE (a)		448	$	140,872
ASM International NV		453		164,213
ASML Holding NV		4,026		2,685,340
CNH Industrial NV		9,949		157,533
Davide Campari-Milano NV		5,504		64,022
Euronext NV (c)		888		80,634
EXOR NV		1,104		84,204
Ferrari NV		3		656
Ferrari NV		1,220		266,070
Heineken Holding NV		1,064		83,276
Heineken NV (b)		2,579		245,879
IMCD NV		549		93,345
ING Groep NV		37,990		397,025
JDE Peet’s NV		831		23,774
Just Eat Takeaway.com (a) (c)		1,628		54,645
Koninklijke Ahold Delhaize NV		10,232		328,920
Koninklijke DSM NV		1,706		304,895
Koninklijke KPN NV		32,715		113,620
Koninklijke Philips NV		8,957		274,021
NN Group NV		2,634		132,756
Prosus NV		9,068		480,036
QIAGEN NV (a)		2,355		115,597
Randstad NV (b)		1,181		70,886
Stellantis NV		9,912		160,738
Stellantis NV		9,889		160,894
STMicroelectronics NV		6,678		290,100
Universal Music Group NV (b)		7,062		187,479
Wolters Kluwer NV		2,555		271,978
				8,866,339
New Zealand — 0.3%
Auckland International Airport Ltd. (a)		11,355		61,403
Fisher & Paykel Healthcare Corp. Ltd.		5,449		91,562
Mercury NZ Ltd.		5,702		23,425
Meridian Energy Ltd.		13,498		47,053
Ryman Healthcare Ltd.		3,549		23,001
Spark New Zealand Ltd.		19,662		62,295
Xero Ltd. (a)		1,266		95,889
				404,628
Norway — 0.8%
Adevinta ASA (a)		2,933		26,723
Aker BP ASA		1,278		47,620
DNB Bank ASA		9,194		208,156
Equinor ASA		9,500		356,470
Gjensidige Forsikring ASA		1,778		44,109
Mowi ASA		4,248		114,518
Norsk Hydro ASA		13,054		127,201
Orkla ASA		7,827		69,608
Schibsted ASA Class A		860		21,125

The accompanying notes are an integral part of the financial statements.

158

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Schibsted ASA Class B		1,026	$	21,848
Telenor ASA		6,389		91,827
Yara International ASA		1,671		83,328
				1,212,533
Portugal — 0.2%
Banco Espirito Santo SA (a) (d)		39,664		—
EDP - Energias de Portugal SA		26,532		130,681
Galp Energia SGPS SA		4,628		58,567
Jeronimo Martins SGPS SA		2,759		66,097
				255,345
Singapore — 1.2%
Ascendas REIT		34,932		75,328
CapitaLand Integrated Commercial Trust		48,234		79,879
Capitaland Investment Ltd. (a)		25,146		73,718
City Developments Ltd.		3,300		19,103
DBS Group Holdings, Ltd.		17,622		463,288
Genting Singapore Ltd.		52,700		31,568
Keppel Corp. Ltd.		14,300		67,520
Mapletree Commercial Trust		22,600		31,432
Mapletree Logistics Trust		28,313		38,520
Oversea-Chinese Banking Corp. Ltd.		33,487		304,365
Singapore Airlines Ltd. (a) (b)		12,049		48,635
Singapore Exchange Ltd.		7,600		55,732
Singapore Technologies Engineering Ltd.		14,300		43,347
Singapore Telecommunications Ltd.		78,500		152,458
United Overseas Bank Ltd.		11,493		269,580
UOL Group Ltd.		4,769		24,721
Venture Corp. Ltd.		2,400		30,960
Wilmar International Ltd.		19,800		68,656
				1,878,810
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		2,323		62,444
Aena SME SA (a) (c)		746		123,580
Amadeus IT Group SA (a)		4,376		285,035
Banco Bilbao Vizcaya Argentaria SA (b)		64,949		371,363
Banco Santander SA		168,886		573,024
CaixaBank SA		42,605		143,596
Cellnex Telecom SA (c)		4,971		238,270
EDP Renovaveis SA		2,986		76,907
Enagas SA (b)		2,224		49,420
Endesa SA		2,906		63,417
Ferrovial SA		4,698		124,374
Grifols SA (b)		2,942		53,219
Iberdrola SA		56,923		619,570
Industria de Diseno Textil SA		10,500		228,468

	Number of Shares		Value
Naturgy Energy Group SA (b)		1,889	$	56,410
Red Electrica Corp. SA		4,268		87,655
Repsol SA		14,143		185,967
Siemens Gamesa Renewable Energy SA (a)		2,430		42,659
Telefonica SA		50,803		246,593
				3,631,971
Sweden — 3.3%
Alfa Laval AB		3,169		108,978
Assa Abloy AB Class B		9,742		262,679
Atlas Copco AB Class A		6,536		339,209
Atlas Copco AB Class B		3,783		171,560
Boliden AB		2,744		139,151
Electrolux AB (b)		2,492		37,705
Embracer Group AB (a) (b)		5,466		45,806
Epiroc AB Class A		6,371		136,331
Epiroc AB Class B		3,839		69,104
EQT AB		2,971		116,346
Essity AB Class B		5,730		135,007
Evolution AB (c)		1,663		169,717
Fastighets AB Balder Class B (a)		1,036		67,793
Getinge AB Class B		2,071		82,436
Hennes & Mauritz AB Class B (b)		7,261		96,969
Hexagon AB Class B		18,911		265,315
Husqvarna AB Class B		4,339		45,225
Industrivarden AB Class A		1,206		34,276
Industrivarden AB Class C		1,501		41,887
Investment AB Latour		1,586		50,381
Investor AB		4,941		114,793
Investor AB Class B		17,535		380,790
Kinnevik AB Class B (a)		2,323		60,458
L E Lundbergforetagen AB Class B		776		39,419
Lifco AB		2,250		57,099
Lundin Energy AB (b)		2,004		84,959
Nibe Industrier AB Class B		13,426		147,967
Sagax AB		1,516		45,861
Sandvik AB		10,834		230,010
Securitas AB Class B		3,012		33,936
Sinch AB (a) (b) (c)		5,573		37,735
Skandinaviska Enskilda Banken AB Class A (b)		15,726		170,282
Skanska AB Class B (b)		3,445		77,070
SKF AB Class B		3,743		60,842
Svenska Cellulosa AB Class B (b)		5,846		113,510
Svenska Handelsbanken AB Class A		13,965		128,522
Swedbank AB Class A (b)		8,772		130,912
Swedish Match AB		14,631		110,055
Tele2 AB Class B		4,973		75,076

The accompanying notes are an integral part of the financial statements.

159

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Telefonaktiebolaget LM Ericsson Class B (b)		28,404	$	259,896
Telia Co AB (b)		25,850		103,519
Volvo AB Class A		2,189		41,841
Volvo AB Class B		13,670		254,966
				5,175,393
Switzerland — 10.2%
ABB Ltd. Registered		16,012		518,045
Adecco Group AG Registered		1,624		73,503
Alcon, Inc.		4,867		384,459
Bachem Holding AG Registered Class B		70		38,412
Baloise Holding AG Registered		473		84,286
Barry Callebaut AG Registered		37		86,641
Chocoladefabriken Lindt & Spruengli AG		10		118,588
Chocoladefabriken Lindt & Spruengli AG Registered		1		120,794
Cie Financiere Richemont SA Registered		5,080		644,390
Clariant AG		2,138		37,022
Coca-Cola HBC AG		1,770		36,912
Credit Suisse Group AG Registered		26,273		207,297
EMS-Chemie Holding AG Registered		69		66,752
Geberit AG Registered		348		214,232
Givaudan SA Registered		90		370,480
Holcim Ltd.		1,101		53,753
Holcim Ltd. (b)		3,895		188,549
Julius Baer Group Ltd.		2,210		128,195
Kuehne & Nagel International AG Registered		530		150,173
Logitech International SA Registered		1,718		127,323
Lonza Group AG Registered		725		525,250
Nestle SA Registered		27,414		3,558,908
Novartis AG Registered		21,352		1,872,602
Partners Group Holding AG		219		272,078
Roche Holding AG		6,830		2,701,096
Roche Holding AG		323		141,222
Schindler Holding AG		407		86,774
Schindler Holding AG Registered		211		44,738
SGS SA Registered		58		161,160
Sika AG Registered (b)		1,379		454,321
Sonova Holding AG Registered		513		213,973
Straumann Holding AG Registered		103		164,815
The Swatch Group AG		300		85,248
The Swatch Group AG Registered		393		21,339
Swiss Life Holding AG Registered		304		194,039
Swiss Prime Site AG Registered		770		75,906
Swiss Re AG		2,934		279,194

	Number of Shares		Value
Swisscom AG Registered (b)		245	$	147,095
Temenos Group AG Registered		687		65,826
UBS Group AG Registered		34,188		667,931
VAT Group AG (c)		260		99,138
Vifor Pharma AG (a)		454		80,944
Zurich Insurance Group AG		1,462		720,808
				16,284,211
United Kingdom — 15.0%
3i Group PLC		9,424		170,470
Abrdn PLC		20,082		56,207
Admiral Group PLC		1,833		61,403
Anglo American PLC		12,453		642,282
Antofagasta PLC		3,766		82,235
Ashtead Group PLC		4,346		273,964
Associated British Foods PLC		3,287		71,385
AstraZeneca PLC		15,083		2,000,174
Auto Trader Group PLC (c)		8,759		72,508
Aveva Group PLC		991		31,639
Aviva PLC		37,043		218,662
BAE Systems PLC		30,950		291,749
Barclays PLC		162,918		316,486
Barratt Developments PLC		9,352		63,806
Berkeley Group Holdings PLC		1,072		52,179
BP PLC		192,351		940,026
British American Tobacco PLC		21,229		887,932
The British Land Co. PLC		8,660		59,983
BT Group PLC		86,938		207,208
Bunzl PLC		3,297		128,188
Burberry Group PLC		3,825		83,527
Coca-Cola Europacific Partners PLC		2,068		100,525
Compass Group PLC		17,311		373,070
Croda International PLC		1,410		144,909
Diageo PLC		22,702		1,147,431
Entain PLC (a)		5,834		125,131
Experian PLC		8,970		345,928
Ferguson PLC		2,152		292,112
GlaxoSmithKline PLC		49,046		1,057,625
Glencore PLC		96,566		627,560
Halma PLC		3,777		123,288
Hargreaves Lansdown PLC		3,152		41,528
Hikma Pharmaceuticals PLC		1,619		43,558
HSBC Holdings PLC		198,024		1,356,870
Imperial Brands PLC		9,222		194,179
Informa PLC (a)		14,663		115,079
InterContinental Hotels Group PLC		1,789		121,146
Intertek Group PLC		1,640		111,996
J Sainsbury PLC		16,950		56,126
JD Sports Fashion PLC		23,023		44,584

The accompanying notes are an integral part of the financial statements.

160

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Johnson Matthey PLC		1,726	$	42,294
Kingfisher PLC		21,884		73,035
Land Securities Group PLC		6,304		64,717
Legal & General Group PLC		59,296		210,256
Lloyds Banking Group PLC		690,427		422,678
London Stock Exchange Group PLC		3,203		334,636
M&G PLC		26,184		75,843
Melrose Industries PLC		43,238		69,989
Mondi PLC		4,640		89,952
National Grid PLC		35,238		541,245
Natwest Group PLC		56,464		158,879
Next PLC		1,354		106,770
Ocado Group PLC (a)		5,111		78,125
Pearson PLC		7,259		70,920
Persimmon PLC		3,065		86,207
Phoenix Group Holdings PLC		7,282		58,385
Prudential PLC		26,756		395,233
Reckitt Benckiser Group PLC		6,962		532,154
RELX PLC		18,797		585,492
Rentokil Initial PLC		18,341		126,326
Rio Tinto PLC		10,919		866,160
Rolls-Royce Holdings PLC (a)		84,104		110,580
The Sage Group PLC		9,767		89,567
Schroders PLC		1,324		55,795
Segro PLC		11,341		199,784
Severn Trent PLC		2,425		97,883
Shell PLC		74,987		2,057,925
Smith & Nephew PLC		8,390		133,733
Smiths Group PLC		3,907		74,060
Spirax-Sarco Engineering PLC		732		119,955
SSE PLC		10,422		238,637
St. James’s Place PLC		5,135		96,818
Standard Chartered PLC		25,383		168,323
Taylor Wimpey PLC		35,848		61,171
Tesco PLC		75,339		272,376
Unilever PLC		25,029		1,133,056
United Utilities Group PLC		6,872		101,289
Vodafone Group PLC		265,761		436,025
Whitbread PLC (a)		2,004		74,575
WPP PLC		11,744		153,685
				23,799,191
TOTAL COMMON STOCK (Cost $133,152,781)				154,927,518

	Number of Shares		Value
PREFERRED STOCK — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG 2.590%		567	$	43,937
Fuchs Petrolub SE 2.460% EUR		771		28,009
Henkel AG & Co. KGaA 2.130%		1,802		120,684
Porsche Automobil Holding SE 2.350%		1,543		149,485
Sartorius AG 0.130%		260		115,468
Volkswagen AG 2.560%		1,793		310,039
				767,622
TOTAL PREFERRED STOCK (Cost $744,415)				767,622
TOTAL EQUITIES (Cost $133,897,196)				155,695,140
MUTUAL FUNDS — 2.6%
United States — 2.6%
iShares Core MSCI EAFE ETF		4,050		281,515
State Street Navigator Securities Lending Government Money Market Portfolio (e)		3,942,809		3,942,809
				4,224,324
TOTAL MUTUAL FUNDS (Cost $4,242,622)				4,224,324
TOTAL LONG-TERM INVESTMENTS (Cost $138,139,818)				159,919,464

The accompanying notes are an integral part of the financial statements.

161

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (f)	$	1,384,605	$	1,384,605
TOTAL SHORT-TERM INVESTMENTS (Cost $1,384,605)				1,384,605
TOTAL INVESTMENTS — 101.4% (Cost $139,524,423) (g)				161,304,069
Other Assets/(Liabilities) — (1.4)%				(2,247,601	)
NET ASSETS — 100.0%			$	159,056,468

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 March 31, 2022, was $6,563,881 or 4.13% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,974,814 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $2,543,112 or 1.60% of net assets.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

(e) Represents investment of security lending cash collateral. (Note 2).

(f) Maturity value of $1,384,605. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,412,341.

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

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	25.3	%
Financial	20.1	%
Industrial	13.1	%
Consumer, Cyclical	13.0	%
Basic Materials	7.3	%
Technology	6.1	%
Communications	5.2	%
Energy	4.3	%
Utilities	3.2	%
Mutual Funds	2.7	%
Diversified	0.2	%
Total Long-Term Investments	100.5	%
Short-Term Investments and Other Assets and Liabilities	(0.5	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

162

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of Montreal*		6/15/22		USD	65,391		AUD	90,000	$	(2,037	)
Bank of Montreal*		6/15/22		USD	812,213		GBP	620,000		(2,014	)
Bank of Montreal*		6/15/22		USD	526,908		CHF	490,000		(4,953	)
Bank of Montreal*		6/15/22		USD	1,797,583		EUR	1,630,000		(10,474	)
Bank of Montreal*		6/15/22		USD	255,691		JPY	31,110,000		(326	)
Bank of Montreal*		6/15/22		GBP	378,569		USD	495,315		1,848
Bank of Montreal*		6/15/22		CHF	226,884		USD	244,375		1,892
Bank of Montreal*		6/15/22		JPY	161,302,924		USD	1,370,765		(43,336	)
Bank of Montreal*		6/15/22		AUD	200,000		USD	150,036		(196	)
Bank of Montreal*		6/15/22		EUR	1,880,000		USD	2,076,856		8,511
Bank of New York Mellon**		6/15/22		USD	1,075,599		JPY	131,870,000		(9,614	)
Bank of New York Mellon**		6/15/22		EUR	838,754		USD	925,404		4,974
Bank of New York Mellon**		6/15/22		DKK	164,266		USD	24,346		148
BNP Paribas SA*		6/15/22		USD	343,860		AUD	460,000		(773	)
BNP Paribas SA*		6/15/22		CHF	200,000		USD	217,528		(442	)
Citibank N.A.*		6/15/22		USD	120,436		AUD	160,000		564
Citibank N.A.*		6/15/22		HKD	667,890		USD	85,454		(106	)
Citibank N.A.*		6/15/22		SEK	1,594,954		USD	165,192		4,740
JP Morgan Chase Bank N.A.*		6/15/22		USD	36,718		ILS	119,805		(905	)
JP Morgan Chase Bank N.A.*		6/15/22		USD	11,327		NOK	101,065		(147	)
JP Morgan Chase Bank N.A.*		6/15/22		USD	168,497		JPY	19,880,000		4,896
JP Morgan Chase Bank N.A.*		6/15/22		USD	231,975		EUR	210,000		(965	)
JP Morgan Chase Bank N.A.*		6/15/22		USD	211,119		GBP	160,000		996
JP Morgan Chase Bank N.A.*		6/15/22		SGD	67,342		USD	49,581		104
JP Morgan Chase Bank N.A.*		6/15/22		GBP	620,000		USD	817,779		(3,552	)
JP Morgan Chase Bank N.A.*		6/15/22		CHF	460,000		USD	495,898		3,400
Morgan Stanley & Co. LLC*		6/15/22		USD	117,378		CHF	110,000		(2,020	)
Morgan Stanley & Co. LLC*		6/15/22		USD	256,464		JPY	30,520,000		5,301
Morgan Stanley & Co. LLC*		6/15/22		JPY	110,870,000		USD	910,412		1,982
Morgan Stanley & Co. LLC*		6/15/22		AUD	631,300		USD	474,242		(1,272	)
									$	(43,776	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Hang Seng Index		4/28/22		1	$	136,262	$	4,100
Topix Index		6/09/22		6		961,728		(2,388	)
SPI 200 Index		6/16/22		4		555,588		4,066
Euro Stoxx 50 Index		6/17/22		43		1,798,094		20,459
FTSE 100 Index		6/17/22		9		879,549		5,509
							$	31,746

* Contracts are subject to a master netting agreement or similar agreement.

The accompanying notes are an integral part of the financial statements.

163

MM MSCI EAFE International Index Fund — Portfolio of Investments (Continued)

Currency Legend

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

ILS Israeli Shekel

JPY Japanese Yen

NOK Norwegian Krone

SEK Swedish Krona

SGD Singapore Dollar

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

164

MassMutual Overseas Fund — Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.4%
Australia — 0.7%
Brambles Ltd.		230,500	$	1,699,725
Orica Ltd.		186,129		2,204,244
				3,903,969
Belgium — 1.1%
Anheuser-Busch InBev SA		59,500		3,568,769
KBC Group NV		35,681		2,566,162
				6,134,931
Canada — 3.9%
Canadian National Railway Co.		58,571		7,856,714
Intact Financial Corp.		18,011		2,661,274
Open Text Corp.		56,400		2,391,524
Restaurant Brands International, Inc.		29,400		1,716,666
Suncor Energy, Inc.		88,663		2,886,521
The Toronto-Dominion Bank		52,488		4,164,528
				21,677,227
Cayman Islands — 2.3%
Alibaba Group Holding Ltd. (a)		338,540		4,633,692
JD.COM, Inc., Class A, Lockup Shares (Acquired 1/20/22, Cost $113,212) (a) (d) (e)		3,104		86,364
NetEase, Inc.		100,900		1,818,991
Tencent Holdings Ltd.		78,700		3,712,703
Trip.com Group Ltd. (a)		30,399		716,070
Vipshop Holdings Ltd. ADR (a)		223,504		2,011,536
				12,979,356
Denmark — 2.0%
Carlsberg A/S Class B		22,125		2,701,337
Novo Nordisk A/S Class B		78,204		8,660,833
				11,362,170
Finland — 0.2%
UPM-Kymmene OYJ (b)		37,700		1,230,174
France — 16.9%
Accor SA (a)		118,760		3,805,850
Air Liquide SA		59,876		10,474,659
BNP Paribas SA		100,631		5,729,652
Capgemini SE		50,089		11,141,958
Cie de Saint-Gobain		36,235		2,156,348
Cie Generale des Etablissements Michelin SCA		20,329		2,746,303
Danone SA		43,900		2,418,358
Dassault Systemes SE		51,123		2,519,084
Edenred		10,700		528,961
Engie SA		294,258		3,857,254
EssilorLuxottica SA		29,910		5,459,922

	Number of Shares		Value
L’Oreal SA		8,613	$	3,447,489
Legrand SA		36,301		3,451,026
LVMH Moet Hennessy Louis Vuitton SE		12,128		8,635,979
Pernod Ricard SA		30,024		6,584,925
Publicis Groupe SA		50,469		3,065,814
Schneider Electric SE		72,776		12,150,422
Valeo SE		116,830		2,146,498
Worldline SA (a) (c)		87,800		3,806,410
				94,126,912
Germany — 15.4%
adidas AG		7,375		1,722,183
Allianz SE Registered		25,050		5,981,801
Bayer AG Registered		199,966		13,681,114
Bayerische Motoren Werke AG		58,285		5,048,314
Beiersdorf AG		58,052		6,100,179
Continental AG (a)		59,380		4,283,145
Daimler Truck Holding AG (a)		93,036		2,584,636
Deutsche Boerse AG		40,097		7,202,974
Fresenius Medical Care AG & Co. KGaA		55,500		3,721,972
Fresenius SE & Co. KGaA		94,500		3,477,237
Henkel AG & Co. KGaA		36,500		2,419,344
Mercedes-Benz Group AG		74,473		5,230,733
Merck KGaA		33,184		6,949,687
MTU Aero Engines AG		9,936		2,308,595
SAP SE		91,710		10,233,305
Siemens AG Registered		11,800		1,635,034
thyssenkrupp AG (a)		335,917		2,893,741
Vitesco Technologies Group AG (a)		3,036		120,490
				85,594,484
Hong Kong — 1.5%
AIA Group Ltd.		771,600		8,078,215
India — 2.0%
Axis Bank Ltd. (a)		202,305		2,012,855
HDFC Bank Ltd.		99,578		1,921,482
Housing Development Finance Corp. Ltd.		96,489		3,014,490
Tata Consultancy Services Ltd.		89,174		4,388,954
				11,337,781
Indonesia — 0.0%
Bank Mandiri Persero Tbk PT		490,900		269,359
Ireland — 1.9%
Linde PLC (a)		14,553		4,689,573
Ryanair Holdings PLC Sponsored ADR (a)		65,249		5,684,493
				10,374,066

The accompanying notes are an integral part of the financial statements.

165

MassMutual Overseas Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Israel — 0.9%
Check Point Software Technologies Ltd. (a)		34,369	$	4,751,858
Italy — 2.3%
Eni SpA		170,511		2,499,876
Intesa Sanpaolo SpA		29,600		68,100
Intesa Sanpaolo SpA		4,372,814		9,994,975
				12,562,951
Japan — 9.9%
Daikin Industries Ltd.		33,700		6,135,924
Denso Corp.		44,100		2,814,083
Hitachi Ltd.		140,000		7,015,187
Hoya Corp.		37,600		4,290,600
Koito Manufacturing Co. Ltd.		58,400		2,364,278
Komatsu Ltd.		59,400		1,425,343
Kose Corp.		26,900		2,813,433
Kubota Corp.		255,900		4,797,608
Kyocera Corp.		65,300		3,670,429
Olympus Corp.		219,900		4,177,746
Shin-Etsu Chemical Co. Ltd.		13,900		2,118,155
SMC Corp.		6,300		3,518,633
Sony Group Corp.		47,600		4,912,843
Terumo Corp.		117,000		3,543,433
Toyota Motor Corp.		81,300		1,456,368
				55,054,063
Mexico — 0.4%
Grupo Televisa SAB Sponsored ADR		190,300		2,226,510
Netherlands — 5.7%
Akzo Nobel NV		54,711		4,700,558
CNH Industrial NV		247,697		3,922,053
EXOR NV		53,000		4,042,419
ING Groep NV		298,997		3,124,750
Iveco Group NV (a) (b)		27,019		175,567
Koninklijke Philips NV		155,477		4,756,506
Prosus NV		88,023		4,659,704
QIAGEN NV (a)		63,510		3,117,438
Randstad NV (b)		52,760		3,166,777
				31,665,772
Portugal — 0.5%
Galp Energia SGPS SA		201,646		2,551,810
Republic of Korea — 0.5%
NAVER Corp.		10,685		2,987,774
Singapore — 0.9%
DBS Group Holdings, Ltd.		183,500		4,824,277
Spain — 1.0%
Amadeus IT Group SA (a)		86,149		5,611,402

	Number of Shares		Value
Sweden — 1.4%
Hennes & Mauritz AB Class B (b)		223,794	$	2,988,705
SKF AB Class B (b)		162,800		2,646,298
Volvo AB Class B		119,200		2,223,260
				7,858,263
Switzerland — 13.3%
Cie Financiere Richemont SA Registered		53,866		6,832,821
Credit Suisse Group AG Registered		666,094		5,255,556
Holcim Ltd.		76,684		3,743,835
Julius Baer Group Ltd.		46,367		2,689,598
Nestle SA Registered		113,445		14,727,522
Novartis AG Registered		100,296		8,796,106
Roche Holding AG		33,575		13,278,084
Sika AG Registered (b)		10,673		3,516,292
The Swatch Group AG		5,445		1,547,245
UBS Group AG Registered		405,969		7,931,418
Zurich Insurance Group AG		11,613		5,725,541
				74,044,018
Taiwan — 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		49,370		5,147,316
United Kingdom — 12.4%
Compass Group PLC		343,029		7,392,640
Diageo PLC		129,259		6,533,162
Experian PLC		124,931		4,817,963
Glencore PLC		765,900		4,977,407
Informa PLC (a)		230,600		1,809,805
Liberty Global PLC Class A (a)		120,000		3,061,200
Lloyds Banking Group PLC		9,962,697		6,099,138
London Stock Exchange Group PLC		22,010		2,299,510
Natwest Group PLC		501,400		1,410,848
Prudential PLC		171,600		2,534,836
Reckitt Benckiser Group PLC		67,438		5,154,758
RELX PLC		212,337		6,613,906
Rio Tinto PLC		49,515		3,927,823
Rolls-Royce Holdings PLC (a)		2,017,039		2,651,998
Schroders PLC		75,568		3,184,512
Smiths Group PLC		78,748		1,492,734
Tesco PLC		1,030,136		3,724,292
WPP PLC		124,344		1,627,194
				69,313,726
United States — 0.4%
Yum China Holdings, Inc.		51,399		2,135,115
TOTAL COMMON STOCK (Cost $473,372,465)				547,803,499

The accompanying notes are an integral part of the financial statements.

166

MassMutual Overseas Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.4%
Republic of Korea — 0.4%
Samsung Electronics Co. Ltd. 1.760%		48,900	$	2,529,295
TOTAL PREFERRED STOCK (Cost $2,867,259)				2,529,295
TOTAL EQUITIES (Cost $476,239,724)				550,332,794
MUTUAL FUNDS — 1.1%
United States — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		6,467,478		6,467,478
TOTAL MUTUAL FUNDS (Cost $6,467,478)				6,467,478
TOTAL LONG-TERM INVESTMENTS (Cost $482,707,202)				556,800,272

	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (g)	$	5,928,463		5,928,463
TOTAL SHORT-TERM INVESTMENTS (Cost $5,928,463)				5,928,463
TOTAL INVESTMENTS — 101.0% (Cost $488,635,665) (h)				562,728,735
Other Assets/(Liabilities) — (1.0)%				(5,801,523	)
NET ASSETS — 100.0%			$	556,927,212

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 March 31, 2022, was $11,511,986 or 2.07% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $5,625,375 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $3,806,410 or 0.68% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $86,364 or 0.02% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $86,364 or 0.02% of net assets.

(f) Represents investment of security lending cash collateral. (Note 2).

(g) Maturity value of $5,928,463. Collateralized by U.S. Government Agency obligations with rates ranging from 1.750% - 0.375%, maturity dates ranging from 6/30/24 - 7/15/24, and an aggregate market value, including accrued interest, of $6,047,134.

(h) See Note 6 for aggregate cost for federal tax purposes.

Notes to Portfolio of Investments (Continued)

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	29.7	%
Financial	18.5	%
Industrial	14.5	%
Consumer, Cyclical	14.1	%
Technology	8.1	%
Basic Materials	6.3	%
Communications	5.5	%
Energy	1.4	%
Mutual Funds	1.2	%
Utilities	0.6	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

167

MassMutual Overseas Fund — Portfolio of Investments (Continued)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
State Street Bank and Trust Co.*		6/15/22		CHF	710,000		USD	771,479	$	(824	)
State Street Bank and Trust Co.*		6/15/22		USD	3,159,833		CHF	2,902,000		9,915
									$	9,091

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

CHF Swiss Franc

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

168

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.2%
Australia — 3.0%
Australia & New Zealand Banking Group Ltd.		107,979	$	2,212,742
BHP Group Ltd.		258,803		9,922,526
BHP Group Ltd.		137,339		5,349,348
Challenger Ltd.		203,921		1,015,510
Downer EDI Ltd.		719,149		2,874,039
IGO Ltd.		594,416		6,215,412
Incitec Pivot Ltd.		407,611		1,151,341
Macquarie Group Ltd.		19,279		2,900,114
Rio Tinto Ltd.		13,511		1,196,850
Scentre Group		903,524		2,046,180
South32 Ltd.		2,125,639		7,915,480
Treasury Wine Estates Ltd.		249,498		2,137,138
Worley Ltd.		596,566		5,726,339
				50,663,019
Austria — 0.5%
BAWAG Group AG (a)		75,229		3,795,197
Erste Group Bank AG		123,536		4,480,445
				8,275,642
Belgium — 0.3%
KBC Group NV		39,071		2,809,969
Umicore SA		38,843		1,677,906
				4,487,875
Bermuda — 0.5%
China Resources Gas Group Ltd.		756,000		3,197,459
Credicorp Ltd.		6,300		1,082,781
Hongkong Land Holdings Ltd.		304,500		1,485,398
Kunlun Energy Co. Ltd.		2,528,000		2,188,294
				7,953,932
Brazil — 1.4%
Ambev SA		866,100		2,801,470
B3 SA - Brasil Bolsa Balcao		1,102,600		3,638,241
Banco BTG Pactual SA		485,100		2,653,197
EDP - Energias do Brasil SA		469,707		2,320,393
Klabin SA		361,100		1,829,372
Localiza Rent a Car SA		93,400		1,198,631
Magazine Luiza SA		1,039,915		1,489,634
Raia Drogasil SA		433,932		2,181,942
Rede D’Or Sao Luiz SA (a)		298,371		3,127,191
Suzano SA		257,227		2,979,609
				24,219,680
Canada — 3.8%
Canadian Pacific Railway Ltd.		86,700		7,156,218
Constellation Software, Inc.		1,716		2,933,322

	Number of Shares		Value
Definity Financial Corp.		86,608	$	2,212,049
Element Fleet Management Corp.		274,850		2,660,229
Magna International, Inc.		82,869		5,329,305
Manulife Financial Corp.		312,568		6,665,650
National Bank of Canada (b)		98,150		7,523,669
Shopify, Inc. Class A (c)		4,916		3,323,019
Sun Life Financial, Inc. (b)		205,243		11,459,394
TC Energy Corp.		52,091		2,937,997
TELUS International CDA, Inc. (c)		58,817		1,453,782
TMX Group Ltd.		57,539		5,917,981
Waste Connections, Inc.		35,031		4,893,831
				64,466,446
Cayman Islands — 5.2%
Alibaba Group Holding Ltd. (c)		341,780		4,678,039
Alibaba Group Holding Ltd. Sponsored ADR (c)		96,319		10,479,507
Baidu, Inc. Sponsored ADR (c)		59,842		7,917,097
Bizlink Holding, Inc.		188,000		1,934,944
Budweiser Brewing Co. APAC Ltd. (a)		1,037,100		2,752,391
China Resources Mixc Lifestyle Services Ltd. (a)		209,800		1,032,031
CK Hutchison Holdings Ltd.		334,500		2,452,441
ENN Energy Holdings Ltd.		99,000		1,475,391
JD Health International, Inc. (a) (c)		264,600		1,609,985
JD.com, Inc. Class A (c)		44,350		1,298,915
JD.COM, Inc., Class A, Lockup Shares (Acquired 1/20/22, Cost $574,850) (c) (d) (f)		15,761		438,525
JOYY, Inc. ADR		99,289		3,646,885
Kanzhun Ltd. (c)		16,881		420,506
KE Holdings, Inc. ADR (c)		171,581		2,122,457
Kingdee International Software Group Co. Ltd. (c)		675,000		1,489,539
Li Auto, Inc. ADR (c)		17,200		443,932
Longfor Group Holdings Ltd. (a)		540,000		2,755,650
Meituan Class B Class B (a) (c)		137,500		2,709,523
Pinduoduo, Inc. ADR (c)		15,500		621,705
Sea Ltd. ADR (c)		10,139		1,214,551
Shenzhou International Group Holdings Ltd.		44,100		588,202
Silergy Corp.		8,000		942,297
Sunny Optical Technology Group Co. Ltd.		52,300		837,682
Tencent Holdings Ltd.		327,200		15,435,787
Tingyi Cayman Islands Holding Corp.		18,000		30,332
Tongcheng Travel Holdings Ltd. (c)		1,478,400		2,621,891
Trip.com Group Ltd. (c)		83,750		1,972,790
Trip.com Group Ltd. ADR (c)		103,513		2,393,221
Weibo Corp. Sponsored ADR (c)		75,453		1,849,353

The accompanying notes are an integral part of the financial statements.

169

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

	Number of Shares		Value
Wuxi Biologics Cayman, Inc. (a) (c)		331,000	$	2,685,145
XP, Inc. Class A (c)		152,072		4,577,367
Zhongsheng Group Holdings Ltd.		432,500		3,045,283
				88,473,364
Chile — 0.2%
Banco de Chile		23,418,339		2,507,322
Banco Santander Chile Sponsored ADR		64,384		1,454,435
				3,961,757
China — 3.0%
Beijing Capital International Airport Co. Ltd. Class H (c)		2,302,000		1,341,311
BTG Hotels Group Co. Ltd. Class A (c)		262,525		943,916
China Construction Bank Corp. Class H		4,319,000		3,244,416
Fuyao Glass Industry Group Co. Ltd.		448,000		2,505,481
Gree Electric Appliances, Inc. of Zhuhai Class A		849,300		4,312,145
Hisense Home Appliances Group Co. Ltd.		1,084,755		1,894,125
Hongfa Technology Co. Ltd.		114,100		844,480
Huayu Automotive Systems Co. Ltd.		745,500		2,337,544
Hundsun Technologies, Inc. Class A		318,400		2,223,958
Jiangsu Hengrui Medicine Co. Ltd. Class A		145,960		844,957
Kweichow Moutai Co. Ltd. Class A		8,698		2,346,413
Midea Group Co. Ltd. Class A		240,700		2,153,002
NARI Technology Co. Ltd.		1,061,899		5,226,154
PICC Property & Casualty Co. Ltd. Class H		2,028,000		2,069,311
Ping An Bank Co. Ltd. Class A		1,168,000		2,824,413
Ping An Insurance Group Co. of China Ltd. Class H		441,000		3,111,510
Ping An Insurance Group Co. of China Ltd. Class A		149,000		1,127,294
Sangfor Technologies, Inc.		31,400		550,305
Shandong Pharmaceutical Glass Co. Ltd.		311,700		1,299,865
Shenzhen Inovance Technology Co. Ltd. Class A		288,600		2,583,190
Sinopharm Group Co. Ltd. Class H		350,800		797,857
Songcheng Performance Development Co. Ltd.		844,200		1,736,494
Tsingtao Brewery Co. Ltd. Class H		396,000		3,134,782
Yifeng Pharmacy Chain Co. Ltd. Class A		162,016		1,019,243
Zhejiang Sanhua Intelligent Controls Co. Ltd.		345,200		898,926
				51,371,092

	Number of Shares		Value
Cyprus — 0.0%
Ozon Holdings Plc. (c) (d) (e)		18,310	$	—
TCS Group Holding, PLC (d) (e)		10,848		—
				—
Czech Republic — 0.1%
Komercni banka AS		30,403		1,175,822
Denmark — 0.2%
Genmab A/S (c)		10,629		3,850,475
Finland — 0.9%
Kojamo OYJ (b)		58,640		1,407,150
Metso Outotec OYJ		150,922		1,273,198
Sampo OYJ Class A		200,255		9,774,834
Stora Enso OYJ Class R		153,767		3,008,654
				15,463,836
France — 7.6%
Air Liquide SA		25,201		4,408,643
Alstom SA		107,793		2,512,766
AXA SA		493,602		14,415,109
BNP Paribas SA		136,553		7,774,951
Dassault Aviation SA		62,426		9,924,645
Engie SA		648,796		8,504,683
EssilorLuxottica SA		58,691		10,713,751
Faurecia SE (b)		45,974		1,189,294
Ipsen SA		13,626		1,702,139
Kering SA		8,628		5,450,289
L’Oreal SA		10,944		4,380,509
Legrand SA		21,854		2,077,594
LVMH Moet Hennessy Louis Vuitton SE		2,424		1,726,056
Safran SA		18,943		2,226,374
Sanofi		213,116		21,734,476
Teleperformance		6,259		2,386,685
Thales SA		105,140		13,276,539
TotalEnergies SE (b)		266,896		13,541,966
				127,946,469
Germany — 5.8%
BASF SE		75,799		4,322,421
Bayer AG Registered		177,993		12,177,783
Beiersdorf AG		29,191		3,067,428
Covestro AG (a)		88,037		4,448,350
Daimler Truck Holding AG (c)		63,026		1,750,928
Deutsche Boerse AG		24,169		4,341,689
Deutsche Post AG Registered		37,803		1,815,244
Deutsche Telekom AG Registered		499,502		9,329,264
Evotec SE (c)		124,754		3,770,320
Fresenius SE & Co. KGaA		142,688		5,250,370
GEA Group AG		52,643		2,175,024
HeidelbergCement AG		30,162		1,725,001

The accompanying notes are an integral part of the financial statements.

170

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

	Number of Shares		Value
Infineon Technologies AG		21,827	$	745,685
KION Group AG		38,318		2,548,197
Knorr-Bremse AG		39,931		3,067,797
Mercedes-Benz Group AG		47,888		3,363,492
MorphoSys AG (c)		4,016		109,968
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		22,804		6,108,422
SAP SE		31,503		3,515,209
Siemens AG Registered		103,014		14,273,846
Siemens Healthineers AG (a)		56,199		3,484,822
Stroeer SE & Co KGaA		18,802		1,298,723
Teamviewer AG (a) (c)		79,245		1,174,824
Telefonica Deutschland Holding AG		11,342		30,979
Vonovia SE		36,030		1,684,663
Zalando SE (a) (c)		56,059		2,845,621
				98,426,070
Hong Kong — 1.7%
AIA Group Ltd.		1,237,200		12,952,783
Beijing Enterprises Holdings Ltd.		234,500		741,318
China Overseas Land & Investment Ltd.		925,000		2,755,408
Fosun International Ltd.		1,476,000		1,598,722
Galaxy Entertainment Group Ltd.		1,065,000		6,329,597
Guangdong Investment Ltd.		2,372,000		3,238,246
Hong Kong Exchanges & Clearing Ltd.		19,600		923,689
				28,539,763
Hungary — 0.4%
OTP Bank Nyrt (c)		179,878		6,525,467
India — 4.3%
Ambuja Cements Ltd.		745,605		2,928,339
Ashok Leyland Ltd.		506,776		779,479
Asian Paints Ltd.		11,990		484,385
Axis Bank Ltd. (c)		453,138		4,508,544
HDFC Asset Management Co. Ltd. (a)		27,573		775,980
HDFC Bank Ltd.		175,702		3,390,390
HDFC Life Insurance Co. Ltd. (a)		137,700		971,812
Hindalco Industries Ltd.		122,346		914,808
Hindustan Unilever Ltd.		19,932		536,101
Housing Development Finance Corp. Ltd.		445,722		13,925,156
ICICI Bank Ltd.		382,659		3,669,856
ICICI Bank Ltd. Sponsored ADR		138,323		2,619,838
Indus Towers Ltd. (c)		637,156		1,847,685
Infosys Ltd.		145,887		3,650,842
Kotak Mahindra Bank Ltd.		226,539		5,206,819
Maruti Suzuki India Ltd.		31,672		3,142,463
NTPC Ltd.		2,810,157		4,989,336

	Number of Shares		Value
Petronet LNG Ltd.		1,298,031	$	3,306,359
Reliance Industries Ltd.		156,619		5,423,481
Shriram Transport Finance Co. Ltd.		259,161		3,856,066
Tata Consultancy Services Ltd.		14,793		728,080
Tech Mahindra Ltd.		116,778		2,302,479
Voltas Ltd.		179,453		2,940,605
				72,898,903
Indonesia — 0.8%
Bank Central Asia Tbk PT		12,541,300		6,948,375
Bank Rakyat Indonesia Persero Tbk PT		11,581,564		3,729,082
Sarana Menara Nusantara Tbk PT		39,543,600		2,941,562
				13,619,019
Ireland — 0.5%
Accenture PLC Class A		4,321		1,457,171
DCC PLC		26,017		2,016,445
Linde PLC (c)		14,803		4,770,133
				8,243,749
Italy — 1.5%
Banca Mediolanum SpA		369,208		3,144,529
DiaSorin SpA		13,907		2,177,584
Enel SpA		756,012		5,048,682
Ermenegildo Zegna Holditalia SpA (b) (c)		104,719		1,104,785
Intesa Sanpaolo SpA		626,570		1,432,156
Leonardo SpA (c)		247,984		2,471,200
Moncler SpA		42,242		2,352,447
Prysmian SpA		156,197		5,320,619
UniCredit SpA		156,958		1,694,670
				24,746,672
Japan — 14.8%
Asahi Group Holdings Ltd.		81,000		2,940,590
Asahi Kasei Corp.		223,900		1,938,144
Asics Corp.		90,300		1,741,527
Astellas Pharma, Inc.		605,900		9,498,284
Benesse Holdings, Inc.		51,200		939,909
Bridgestone Corp.		55,700		2,155,671
Central Japan Railway Co.		13,600		1,772,594
Chugai Pharmaceutical Co. Ltd.		80,000		2,675,466
CyberAgent, Inc.		204,300		2,533,058
Dai-ichi Life Holdings, Inc.		129,800		2,640,652
Daiichi Sankyo Co. Ltd.		135,400		2,970,465
Daikin Industries Ltd.		9,200		1,675,089
Denso Corp.		30,700		1,959,010
DIC Corp.		71,400		1,458,193
Disco Corp.		6,100		1,701,541
Electric Power Development Co. Ltd.		74,600		1,068,616

The accompanying notes are an integral part of the financial statements.

171

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

	Number of Shares		Value
Fujitsu General Ltd.		132,700	$	2,581,199
Fujitsu Ltd.		37,200		5,545,859
Hamamatsu Photonics KK		39,100		2,080,964
Hikari Tsushin, Inc.		9,800		1,116,237
Hitachi Ltd.		112,700		5,647,225
Hitachi Metals Ltd. (c)		150,900		2,524,840
Honda Motor Co. Ltd.		37,400		1,062,766
Hoshizaki Corp.		29,800		2,043,928
Kansai Paint Co. Ltd.		54,100		869,214
Kirin Holdings Co. Ltd.		225,600		3,374,010
MatsukiyoCocokara & Co.		74,100		2,633,666
Mitsubishi Corp.		68,700		2,588,484
Mitsubishi Electric Corp.		559,500		6,439,726
Mitsubishi Estate Co. Ltd.		162,500		2,416,781
Mitsubishi HC Capital, Inc.		204,800		953,210
Mitsubishi UFJ Financial Group, Inc.		1,009,500		6,266,143
Mitsui Fudosan Co. Ltd.		299,300		6,403,520
Murata Manufacturing Co. Ltd.		97,300		6,432,082
Nippon Sanso Holdings Corp.		61,100		1,160,990
Nippon Shokubai Co. Ltd.		30,600		1,332,109
Nippon Steel Corp.		114,700		2,033,360
Nippon Telegraph & Telephone Corp.		744,500		21,632,830
NSK Ltd. (b)		175,600		1,054,180
NTT Data Corp.		404,400		7,931,759
Omron Corp.		20,800		1,386,793
ORIX Corp.		199,900		3,989,801
Otsuka Holdings Co. Ltd.		308,000		10,654,463
Outsourcing, Inc.		149,100		1,538,013
Pan Pacific International Holding Corp.		90,600		1,453,104
Panasonic Corp.		255,900		2,478,171
Persol Holdings Co. Ltd.		246,900		5,534,406
Pola Orbis Holdings, Inc.		27,200		353,925
Recruit Holdings Co. Ltd.		70,500		3,086,297
Renesas Electronics Corp. (c)		121,400		1,404,740
Seven & i Holdings Co. Ltd.		194,100		9,235,321
Shimadzu Corp.		55,000		1,893,911
Shiseido Co. Ltd.		13,400		679,125
SMC Corp.		2,300		1,284,581
SoftBank Group Corp.		30,300		1,362,807
Sompo Holdings, Inc.		75,000		3,299,038
Sony Group Corp.		67,500		6,966,741
Stanley Electric Co. Ltd.		222,300		4,198,095
Sumitomo Corp.		356,600		6,183,592
Sumitomo Mitsui Trust Holdings, Inc.		44,100		1,440,724
Sumitomo Rubber Industries Ltd.		65,700		602,783
Suzuki Motor Corp.		108,900		3,732,903
Taiheiyo Cement Corp.		82,600		1,362,516
Takeda Pharmaceutical Co. Ltd.		104,900		3,002,221

	Number of Shares		Value
TechnoPro Holdings, Inc.		93,300	$	2,506,687
THK Co. Ltd.		48,500		1,069,773
Tokio Marine Holdings, Inc.		67,400		3,920,130
Tokyo Electron Ltd.		16,200		8,318,283
Tosoh Corp.		21,300		314,991
Toyota Motor Corp.		811,700		14,540,394
Welcia Holdings Co. Ltd.		36,400		895,612
Z Holdings Corp.		1,176,000		5,106,039
				249,589,871
Luxembourg — 0.4%
Globant SA (c)		2,868		751,617
Millicom International Cellular SA (b) (c)		58,337		1,474,280
Samsonite International SA (a) (c)		468,600		1,053,079
Tenaris SA		212,164		3,197,623
				6,476,599
Malaysia — 0.2%
CIMB Group Holdings Bhd		2,794,863		3,538,106
Mexico — 1.0%
Gruma SAB de CV Class B		214,980		2,695,519
Grupo Aeroportuario del Pacifico SAB de CV ADR		18,215		2,936,804
Grupo Aeroportuario del Sureste SAB de CV ADR		8,132		1,802,051
Grupo Financiero Banorte SAB de CV Class O		315,700		2,377,988
Grupo Mexico SAB de CV Series B		498,584		2,976,714
Orbia Advance Corp. SAB de CV		728,779		1,927,655
Wal-Mart de Mexico SAB de CV		444,400		1,821,169
				16,537,900
Netherlands — 5.8%
Adyen NV (a) (c)		1,155		2,281,784
AerCap Holdings NV (c)		50,723		2,550,352
Airbus SE (c)		47,645		5,759,019
Akzo Nobel NV		134,826		11,583,729
ASML Holding NV		35,507		23,683,147
Heineken NV (b)		14,319		1,365,158
ING Groep NV		1,119,690		11,701,627
Koninklijke DSM NV		11,756		2,101,025
Koninklijke Philips NV		339,527		10,387,146
NXP Semiconductor NV		43,544		8,059,123
Prosus NV (c)		48,857		2,646,688
Prosus NV (c)		196,526		10,403,565
Shop Apotheke Europe NV (a) (c)		9,360		854,709
Signify NV (a)		57,625		2,686,961
Stellantis NV		169,690		2,745,992
X5 Retail Group NV GDR (d) (e)		53,349		—

The accompanying notes are an integral part of the financial statements.

172

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

	Number of Shares		Value
Yandex NV (c) (d) (e)		66,647	$	—
				98,810,025
Norway — 0.9%
DNB Bank ASA		226,472		5,127,420
Equinor ASA		182,092		6,832,665
Storebrand ASA (b)		319,219		3,190,017
				15,150,102
Philippines — 0.3%
Bank of the Philippine Islands		367,490		706,028
SM Investments Corp.		180,470		3,161,928
Universal Robina Corp.		381,240		889,407
				4,757,363
Poland — 0.2%
Powszechna Kasa Oszczednosci Bank Polski SA (c)		110,597		1,039,861
Powszechny Zaklad Ubezpieczen SA		327,097		2,618,188
				3,658,049
Portugal — 0.8%
Banco Comercial Portugues SA (c)		5,527,839		1,050,054
Galp Energia SGPS SA		707,396		8,952,026
Jeronimo Martins SGPS SA		129,299		3,097,589
				13,099,669
Republic of Korea — 3.6%
Amorepacific Corp.		15,091		1,981,178
Hyundai Motor Co.		16,750		2,477,646
Kangwon Land, Inc. (c)		111,040		2,534,507
KT Corp.		50,108		1,471,738
KT Corp. Sponsored ADR (c)		173,369		2,486,111
LG Chem Ltd.		4,362		1,891,169
LG Household & Health Care Ltd.		2,578		1,810,898
NAVER Corp.		39,878		11,150,816
Samsung Electronics Co. Ltd.		597,861		34,154,390
				59,958,453
Russia — 0.0%
Gazprom PJSC (c) (d) (e)		248,301		—
Novatek PJSC (c) (d) (e)		7,314		—
				—
Saudi Arabia — 0.8%
Al Rajhi Bank		72,208		3,078,907
Nahdi Medical Co. (c)		43,707		1,805,834
The Saudi British Bank		207,364		2,191,553
Saudi Tadawul Group Holding Co. (c)		21,514		1,094,866
The Saudi National Bank		319,155		6,008,896
				14,180,056
Singapore — 1.2%
DBS Group Holdings, Ltd.		79,300		2,084,824
Jardine Cycle & Carriage Ltd.		86,900		1,600,224

	Number of Shares		Value
United Overseas Bank Ltd.		360,000	$	8,444,177
Wilmar International Ltd.		883,200		3,062,495
Yangzijiang Shipbuilding Holdings Ltd.		4,139,900		4,657,077
				19,848,797
South Africa — 0.7%
Capitec Bank Holdings Ltd.		21,753		3,475,416
Clicks Group Ltd.		60,314		1,277,906
FirstRand Ltd. (b)		1,263,019		6,669,229
Shoprite Holdings Ltd.		53,884		869,540
				12,292,091
Spain — 0.8%
Amadeus IT Group SA (c)		65,315		4,254,358
Fluidra SA		83,422		2,393,595
Iberdrola SA		433,247		4,715,612
Indra Sistemas SA (b) (c)		123,265		1,369,257
				12,732,822
Sweden — 1.0%
Assa Abloy AB Class B		85,769		2,312,634
Elekta AB (b)		151,824		1,191,300
Essity AB Class B		78,405		1,847,336
Olink Holding AB (b) (c)		24,220		427,725
Svenska Handelsbanken AB Class A		243,109		2,237,374
Swedbank AB Class A (b)		370,565		5,530,255
Telefonaktiebolaget LM Ericsson Class B (b)		395,104		3,615,194
				17,161,818
Switzerland — 6.5%
ABB Ltd. Registered		125,751		4,068,491
Alcon, Inc.		68,106		5,379,905
Barry Callebaut AG Registered		2,059		4,821,440
Holcim Ltd.		49,299		2,406,856
Julius Baer Group Ltd.		159,553		9,255,148
Lonza Group AG Registered		7,849		5,686,469
Nestle SA Registered		182,480		23,689,702
Novartis AG Registered		149,619		13,121,805
Partners Group Holding AG		2,122		2,636,303
PolyPeptide Group AG (a) (c)		11,255		887,806
Roche Holding AG		56,542		22,360,965
UBS Group AG Registered		221,599		4,329,380
Zurich Insurance Group AG		23,741		11,704,992
				110,349,262
Taiwan — 3.5%
Hon Hai Precision Industry Co. Ltd.		1,217,000		4,483,384
Largan Precision Co. Ltd.		11,000		719,801
MediaTek, Inc.		156,000		4,863,906
President Chain Store Corp.		41,000		375,767

The accompanying notes are an integral part of the financial statements.

173

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

	Number of Shares		Value
Taiwan Semiconductor Manufacturing Co. Ltd.		2,311,000	$	47,778,617
Vanguard International Semiconductor Corp.		215,000		926,216
				59,147,691
Thailand — 0.7%
Airports of Thailand PCL (c)		214,500		427,387
Bangkok Dusit Medical Services PCL		4,056,200		3,080,272
CP ALL PCL		3,014,300		5,869,953
Land & Houses PCL		7,936,900		2,264,243
				11,641,855
Turkey — 0.0%
D-MARKET Elektronik Hizmetler ve Ticaret AS (c)		62,932		142,856
United Arab Emirates — 0.3%
First Abu Dhabi Bank PJSC		666,117		4,274,087
United Kingdom — 10.9%
Amcor PLC		361,289		4,112,029
Antofagasta PLC		144,588		3,157,258
Ashtead Group PLC		55,162		3,477,308
ASOS PLC (c)		151,198		3,184,352
AstraZeneca PLC Sponsored ADR		383,122		25,416,313
boohoo Group PLC (b) (c)		1,359,664		1,572,145
Bridgepoint Group PLC (a) (c)		501,253		2,303,628
British American Tobacco PLC		69,213		2,894,930
Bunzl PLC		43,281		1,682,777
Burberry Group PLC		213,041		4,652,205
Close Brothers Group PLC		47,218		732,913
Compass Group PLC		174,057		3,751,113
Diageo PLC		80,918		4,089,854
Direct Line Insurance Group PLC		848,160		3,057,640
Dr. Martens Plc		278,610		866,742
Fresnillo PLC		166,877		1,614,557
GlaxoSmithKline PLC Sponsored ADR		230,953		10,060,313
Great Portland Estates PLC		432,873		4,035,931
HSBC Holdings PLC		614,614		4,211,364
Imperial Brands PLC		141,280		2,974,798
Informa PLC (c)		299,740		2,352,432
Investec PLC		256,636		1,685,584
Johnson Matthey PLC		82,277		2,016,105
Kingfisher PLC		919,966		3,070,250
Lloyds Banking Group PLC		10,084,659		6,173,803
London Stock Exchange Group PLC		74,830		7,817,916
Melrose Industries PLC		1,355,674		2,194,428
Mondi PLC		67,916		1,316,633
National Grid PLC		231,472		3,555,338
Network International Holdings PLC (a) (c)		761,531		2,788,733

	Number of Shares		Value
Next PLC		60,537	$	4,773,676
Persimmon PLC		78,022		2,194,469
Playtech PLC (c)		83,052		641,193
Prudential PLC		77,960		1,151,607
Rolls-Royce Holdings PLC (c)		2,167,583		2,849,933
Shell PLC		44,840		2,463,061
Shell PLC		234,314		6,430,456
Smith & Nephew PLC		267,035		4,256,430
Smiths Group PLC		152,970		2,899,675
Standard Chartered PLC		325,528		2,158,688
Taylor Wimpey PLC		984,772		1,680,409
THG PLC (c)		104,492		124,962
Unilever PLC		246,215		11,146,085
Unilever PLC		96,189		4,353,939
Vodafone Group PLC		2,198,460		3,606,941
Vodafone Group PLC Sponsored ADR		188,082		3,125,923
Whitbread PLC (c)		56,522		2,103,354
Wizz Air Holdings Plc (a) (c)		19,712		740,968
WPP PLC		531,782		6,959,021
				184,480,182
United States — 1.1%
Autoliv, Inc.		20,165		1,529,739
Broadcom, Inc.		9,297		5,854,135
Canva, Inc. (Acquired 8/16/21-11/4/21, Cost $652,842) (c) (d) (e) (f)		383		522,795
Coupang, Inc. (c)		52,477		927,793
Mastercard, Inc. Class A		7,899		2,822,945
MercadoLibre, Inc. (c)		1,426		1,696,199
Yum China Holdings, Inc.		113,200		4,702,328
Yum China Holdings, Inc.		6,150		268,831
				18,324,765
TOTAL COMMON STOCK (Cost $1,524,536,150)				1,641,461,471
PREFERRED STOCK — 0.5%
Brazil — 0.3%
Banco Bradesco SA 3.340%		450,520		2,102,594
Itau Unibanco Holding SA 0.550%		364,750		2,105,277
				4,207,871
Germany — 0.2%
Sartorius AG 0.130%		1,672		742,551
Volkswagen AG 2.560%		18,722		3,237,339
				3,979,890

The accompanying notes are an integral part of the financial statements.

174

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

	Number of Shares		Value
United States — 0.0%
Canva, Inc., Series A , (Acquired 11/04/21, Cost $39,209) (c) (d) (e) (f)		23	$	31,395
TOTAL PREFERRED STOCK (Cost $6,978,506)				8,219,156
TOTAL EQUITIES (Cost $1,531,514,656)				1,649,680,627
MUTUAL FUNDS — 1.8%
United States — 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		30,782,733		30,782,733
TOTAL MUTUAL FUNDS (Cost $30,782,733)				30,782,733
RIGHTS — 0.0%
Russia — 0.0%
Moscow Exchange (c) (d) (e)		1,181,630		—
Moscow Exchange (c) (d) (e)		83,990		—
				—
TOTAL RIGHTS (Cost $2,619,126)				—
TOTAL LONG-TERM INVESTMENTS (Cost $1,564,916,515)				1,680,463,360
SHORT-TERM INVESTMENTS — 1.6%
Mutual Fund — 1.6%
T. Rowe Price Government Reserve Investment Fund		27,661,446		27,661,446
TOTAL SHORT-TERM INVESTMENTS (Cost $27,661,446)				27,661,446
TOTAL INVESTMENTS — 101.1% (Cost $1,592,577,961) (h)				1,708,124,806
Other Assets/(Liabilities) — (1.1)%				(18,397,576	)
NET ASSETS — 100.0%			$	1,689,727,230

Abbreviation Legend

ADR American Depositary Receipt

GDR Global Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $47,766,190 or 2.83% of net assets.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $50,498,966 or 2.99% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $22,767,531 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Non-income producing security.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $992,715 or 0.06% of net assets.

(e) Investment was valued using significant unobservable inputs.

(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $992,715 or 0.06% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Financial	23.5	%
Consumer, Non-cyclical	20.9	%
Industrial	11.1	%
Technology	10.7	%
Consumer, Cyclical	10.5	%
Communications	9.5	%
Basic Materials	5.9	%
Energy	3.2	%
Utilities	2.3	%
Mutual Funds	1.8	%
Diversified	0.1	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

175

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

OTC Options Written

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
Erste Group Bank AG	Goldman Sachs International*		6/17/22		48.00		71		EUR	340,800	$	(602	)	$	(7,951	)	$	7,349
Erste Group Bank AG	Goldman Sachs International*		6/17/22		48.00		15		EUR	72,000		(127	)		(1,877	)		1,750
London Stock Exchange Group	Goldman Sachs International*		6/17/22		83.00		3		GBP	24,900		(7,866	)		(7,843	)		(23	)
											$	(8,595	)	$	(17,671	)	$	9,076

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

EUR Euro

GBP British Pound

The accompanying notes are an integral part of the financial statements.

176

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MassMutual Select Funds – Financial Statements

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Total Return Bond Fund			MassMutual Strategic Bond Fund
Assets:
Investments, at value (Note 2) (a)	$	989,269,668		$	365,249,554
Repurchase agreements, at value (Note 2) (b)		17,164,564			13,932,842
Other short-term investments, at value (Note 2) (c)		67,402,913			141,092,450
Total investments (d)		1,073,837,145			520,274,846
Cash		2,228,385			1,089,110
Foreign currency, at value (e)		—			1,590,166
Receivables from:
Investments sold
Regular delivery		10,113,643			5,563,497
Delayed delivery		133,405,574			2,426,125
Open forward contracts (Note 2)		—			653,603
Fund shares sold		6,938,776			77,788
Collateral pledged for open futures contracts (Note 2)		3,975,000			1,203,442
Collateral pledged for open swap agreements (Note 2)		1,346,421			4,216,820
Collateral pledged for when-issued (Note 2)		596,000			—
Variation margin on open derivative instruments (Note 2)		—			1,678,049
Interest and dividends		3,466,181			2,809,386
Interest tax reclaim		13,624			1,018
Foreign taxes withheld		—			—
Prepaid expenses		50,087			65,966
Total assets		1,235,970,836			541,649,816
Liabilities:
Payables for:
Investments purchased
Regular delivery		9,581,626			3,946,230
Delayed delivery		318,582,745			16,771,418
Closed swap agreements, at value		—			180,610
Written options outstanding, at value (Note 2) (f)		2,985,770			563,481
Open forward contracts (Note 2)		—			1,590,306
Foreign currency overdraft		75			—
Fund shares repurchased		4,575,514			4,445,884
Payable for premium on purchased options		331,705			29,444
Collateral held for securities on loan (Note 2) (g)		73,382,484			2,385,545
Trustees’ fees and expenses (Note 3)		125,458			43,027
Variation margin on open derivative instruments (Note 2)		157,470			—
Affiliates (Note 3):
Administration fees		71,184			119,533
Investment advisory fees		207,567			166,183
Service fees		62,405			34,002
Distribution fees		12,462			4,165
Accrued expense and other liabilities		105,939			126,475
Total liabilities		410,182,404			30,406,303
Net assets	$	825,788,432		$	511,243,513
Net assets consist of:
Paid-in capital	$	871,856,226		$	542,026,719
Accumulated Gain (Loss)		(46,067,794	)		(30,783,206	)
Net assets	$	825,788,432		$	511,243,513

(a)	Cost of investments:	$	1,010,863,880	$	386,837,895
(b)	Cost of repurchase agreements:	$	17,164,564	$	13,932,842
(c)	Cost of other short-term investments:	$	67,469,342	$	140,953,211
(d)	Securities on loan with market value of:	$	75,235,456	$	2,583,825
(e)	Cost of foreign currency:	$	—	$	1,593,574
(f)	Premiums on written options:	$	1,595,876	$	519,036
(g)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

178

MassMutual Diversified Value Fund		MassMutual Fundamental Value Fund		MM S&P 500 Index Fund		MassMutual Equity Opportunities Fund		MassMutual Fundamental Growth Fund
$	382,661,654	$	576,384,065	$	3,249,998,976	$	740,398,230	$	44,581,286
	5,510,160		9,111,264		13,764,122		8,133,590		387,596
	104		—		7,355,517		156		—
	388,171,918		585,495,329		3,271,118,615		748,531,976		44,968,882
	—		14,645		—		—		—
	—		288,761		—		38		—
	5,933,227		1,257,623		—		3,064,370		157,999
	—		—		—		—		—
	—		—		—		—		—
	146,719		212,082		1,260,429		129,399		11,113
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	566,717		805,637		2,084,242		998,276		30,119
	—		—		—		—		—
	8,915		82,264		—		75,025		—
	58,588		59,943		67,342		57,474		64,895
	394,886,084		588,216,284		3,274,530,628		752,856,558		45,233,008
	7,592,740		227,803		—		2,611,372		197,175
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	1,714,582		1,673,617		12,045,145		1,924,654		288,954
	—		—		—		—		—
	5,922,805		—		264,754		8,783,482		231,250
	111,795		148,540		362,634		95,213		12,715
	—		—		557,813		—		—
	36,225		49,906		405,750		62,475		19,762
	159,537		295,350		260,446		426,381		23,861
	25,501		26,290		455,778		39,075		8,137
	645		1,050		167,595		2,334		858
	44,597		75,260		214,695		70,856		55,173
	15,608,427		2,497,816		14,734,610		14,015,842		837,885
$	379,277,657	$	585,718,468	$	3,259,796,018	$	738,840,716	$	44,395,123
$	280,326,543	$	412,576,234	$	1,342,251,891	$	528,450,254	$	41,658,453
	98,951,114		173,142,234		1,917,544,127		210,390,462		2,736,670
$	379,277,657	$	585,718,468	$	3,259,796,018	$	738,840,716	$	44,395,123

$	297,315,052	$	436,286,057	$	1,583,895,786	$	578,576,323	$	43,569,992
$	5,510,160	$	9,111,264	$	13,764,122	$	8,133,590	$	387,596
$	104	$	—	$	7,359,292	$	156	$	—
$	8,231,182	$	2,987,918	$	4,942,851	$	8,480,626	$	1,408,452
$	—	$	286,364	$	—	$	39	$	—
$	—	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of the financial statements.

179

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Total Return Bond Fund		MassMutual Strategic Bond Fund
Class I shares:
Net assets	$	627,780,736	$	332,302,516
Shares outstanding (a)		66,748,528		34,631,725
Net asset value, offering price and redemption price per share	$	9.41	$	9.60
Class R5 shares:
Net assets	$	31,473,605	$	64,929,739
Shares outstanding (a)		3,350,845		6,760,542
Net asset value, offering price and redemption price per share	$	9.39	$	9.60
Service Class shares:
Net assets	$	57,758,114	$	39,455,831
Shares outstanding (a)		6,119,483		4,108,351
Net asset value, offering price and redemption price per share	$	9.44	$	9.60
Administrative Class shares:
Net assets	$	13,395,567	$	23,876,180
Shares outstanding (a)		1,426,498		2,490,318
Net asset value, offering price and redemption price per share	$	9.39	$	9.59
Class A shares:
Net assets	$	11,507,054	$	18,397,892
Shares outstanding (a)		1,230,683		1,919,374
Net asset value, and redemption price per share	$	9.35	$	9.59
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	9.77	$	10.02
Class R4 shares:
Net assets	$	64,855,939	$	26,078,768
Shares outstanding (a)		6,851,137		2,738,401
Net asset value, offering price and redemption price per share	$	9.47	$	9.52
Class R3 shares:
Net assets	$	19,017,417	$	6,202,587
Shares outstanding (a)		2,026,926		655,645
Net asset value, offering price and redemption price per share	$	9.38	$	9.46

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

180

MassMutual Diversified Value Fund		MassMutual Fundamental Value Fund		MM S&P 500 Index Fund		MassMutual Equity Opportunities Fund		MassMutual Fundamental Growth Fund
$	241,340,711	$	365,738,818	$	1,402,746,895	$	436,652,518	$	10,584,414
	18,635,186		36,185,277		70,217,510		22,318,748		2,667,299
$	12.95	$	10.11	$	19.98	$	19.56	$	3.97
$	60,926,714	$	104,891,861	$	471,048,847	$	150,669,063	$	8,593,840
	4,689,618		10,284,200		23,452,573		7,655,772		2,146,066
$	12.99	$	10.20	$	20.09	$	19.68	$	4.00
$	15,543,732	$	32,362,329	$	358,964,941	$	46,241,411	$	5,558,949
	1,196,098		3,193,840		17,813,610		2,417,799		1,508,454
$	13.00	$	10.13	$	20.15	$	19.13	$	3.69
$	20,496,755	$	41,605,857	$	302,470,558	$	43,481,733	$	6,519,370
	1,562,570		4,058,964		15,438,045		2,320,975		1,957,359
$	13.12	$	10.25	$	19.59	$	18.73	$	3.33
$	27,394,253	$	29,321,811	$	20,276,574	$	48,883,587	$	10,597,939
	2,111,391		2,912,436		1,064,033		2,799,399		3,981,246
$	12.97	$	10.07	$	19.06	$	17.46	$	2.66
$	13.72	$	10.66	$	20.17	$	18.48	$	2.81
$	12,504,528	$	10,327,146	$	435,812,593	$	9,185,901	$	1,359,370
	982,578		1,051,864		22,665,442		539,563		534,569
$	12.73	$	9.82	$	19.23	$	17.02	$	2.54
$	1,070,964	$	1,470,646	$	268,475,610	$	3,726,503	$	1,181,241
	83,106		150,528		14,582,040		240,140		681,970
$	12.89	$	9.77	$	18.41	$	15.52	$	1.73

The accompanying notes are an integral part of the financial statements.

181

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Blue Chip Growth Fund		MassMutual Growth Opportunities Fund
Assets:
Investments, at value (Note 2) (a)	$	3,704,115,398	$	365,714,344
Repurchase agreements, at value (Note 2) (b)		24,331,806		10,821,174
Other short-term investments, at value (Note 2) (c)		100		—
Total investments (d)		3,728,447,304		376,535,518
Cash		—		—
Foreign currency, at value (e)		—		—
Receivables from:
Investments sold
Regular delivery		—		113,153
Open forward contracts (Note 2)		—		—
Fund shares sold		1,124,102		82,558
Investment adviser (Note 3)		—		—
Interest and dividends		962,147		40,036
Foreign taxes withheld		2,309,127		10,968
Prepaid expenses		73,910		55,705
Total assets		3,732,916,590		376,837,938
Liabilities:
Payables for:
Investments purchased
Regular delivery		348,561		1,595,903
Open forward contracts (Note 2)		—		—
Foreign currency overdraft		—		—
Fund shares repurchased		7,305,343		1,211,566
Collateral held for securities on loan (Note 2) (f)		3,359,023		—
Trustees’ fees and expenses (Note 3)		209,375		81,237
Variation margin on open derivative instruments (Note 2)		—		—
Affiliates (Note 3):
Administration fees		247,747		36,922
Investment advisory fees		1,847,439		213,923
Service fees		171,699		20,253
Distribution fees		28,817		1,350
Due to custodian		—		—
Accrued expense and other liabilities		284,102		55,016
Total liabilities		13,802,106		3,216,170
Net assets	$	3,719,114,484	$	373,621,768
Net assets consist of:
Paid-in capital	$	2,051,824,669	$	272,319,742
Accumulated Gain (Loss)		1,667,289,815		101,302,026
Net assets	$	3,719,114,484	$	373,621,768

(a)	Cost of investments:	$	2,239,981,538	$	291,639,460
(b)	Cost of repurchase agreements:	$	24,331,806	$	10,821,174
(c)	Cost of other short-term investments:	$	100	$	—
(d)	Securities on loan with market value of:	$	21,556,672	$	12,580,377
(e)	Cost of foreign currency:	$	—	$	—
(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

182

MassMutual Mid Cap Value Fund		MassMutual Small Cap Value Equity Fund		MassMutual Small Company Value Fund		MM S&P Mid Cap Index Fund		MM Russell 2000 Small Cap Index Fund
$	121,570,142	$	58,412,197	$	270,379,699	$	380,205,359	$	223,964,916
	991,751		1,042,125		411,309		3,735,348		4,820,385
	—		—		—		928,803		1,153,513
	122,561,893		59,454,322		270,791,008		384,869,510		229,938,814
	2,176,158		58,661		—		—		3,462
	—		71		—		—		—
	644,202		1,107,151		3,304,945		—		108,018
	8,321		—		44		—		—
	54,579		5,289		43,896		258,697		114,213
	33,431		—		19,541		—		—
	161,121		47,820		268,188		395,331		222,302
	1,926		—		—		—		—
	52,504		63,762		59,942		51,292		51,528
	125,694,135		60,737,076		274,487,564		385,574,830		230,438,337
	692,896		522,390		1,674,188		70,477		40,181
	6,089		—		3,146		—		—
	38		—		—		—		—
	697,658		688,817		589,949		2,040,756		2,230,637
	806,009		69,116		4,173,181		3,004,853		4,779,733
	16,005		16,740		52,906		42,135		30,712
	—		—		—		68,667		105,678
	13,779		17,381		27,584		76,089		54,323
	72,282		39,336		196,326		34,264		20,507
	1,208		4,887		9,307		128,003		68,749
	82		457		247		66,848		30,426
	—		—		21,565		—		—
	55,993		41,243		63,152		57,937		95,620
	2,362,039		1,400,367		6,811,551		5,590,029		7,456,566
$	123,332,096	$	59,336,709	$	267,676,013	$	379,984,801	$	222,981,771
$	110,449,051	$	43,249,802	$	219,638,252	$	263,560,580	$	185,223,895
	12,883,045		16,086,907		48,037,761		116,424,221		37,757,876
$	123,332,096	$	59,336,709	$	267,676,013	$	379,984,801	$	222,981,771

$	113,344,295	$	45,104,601	$	239,373,318	$	293,264,146	$	200,034,194
$	991,751	$	1,042,125	$	411,309	$	3,735,348	$	4,820,385
$	—	$	—	$	—	$	929,280	$	1,154,105
$	2,026,852	$	441,503	$	7,090,593	$	8,926,124	$	13,157,620
$	—	$	71	$	—	$	—	$	—

The accompanying notes are an integral part of the financial statements.

183

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Blue Chip Growth Fund		MassMutual Growth Opportunities Fund
Class I shares:
Net assets	$	2,513,379,200	$	234,162,054
Shares outstanding (a)		97,113,378		34,060,075
Net asset value, offering price and redemption price per share	$	25.88	$	6.87
Class R5 shares:
Net assets	$	501,131,982	$	54,680,331
Shares outstanding (a)		19,444,098		8,251,710
Net asset value, offering price and redemption price per share	$	25.77	$	6.63
Service Class shares:
Net assets	$	182,553,487	$	22,277,062
Shares outstanding (a)		7,186,937		3,689,850
Net asset value, offering price and redemption price per share	$	25.40	$	6.04
Administrative Class shares:
Net assets	$	251,930,912	$	33,690,798
Shares outstanding (a)		10,148,432		6,355,499
Net asset value, offering price and redemption price per share	$	24.82	$	5.30
Class A shares:
Net assets	$	117,676,845	$	24,510,832
Shares outstanding (a)		5,084,812		6,262,911
Net asset value, and redemption price per share	$	23.14	$	3.91
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	24.49	$	4.14
Class R4 shares:
Net assets	$	107,258,281	$	2,201,085
Shares outstanding (a)		4,632,192		544,292
Net asset value, offering price and redemption price per share	$	23.15	$	4.04
Class R3 shares:
Net assets	$	45,183,777	$	2,099,606
Shares outstanding (a)		2,174,199		820,963
Net asset value, offering price and redemption price per share	$	20.78	$	2.56

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

184

MassMutual Mid Cap Value Fund		MassMutual Small Cap Value Equity Fund		MassMutual Small Company Value Fund		MM S&P Mid Cap Index Fund		MM Russell 2000 Small Cap Index Fund
$	119,203,730	$	36,654,089	$	172,194,487	$	107,927,057	$	78,801,231
	9,434,645		3,465,933		15,648,952		6,846,796		6,293,544
$	12.63	$	10.58	$	11.00	$	15.76	$	12.52
$	950,314	$	9,168,196	$	58,760,501	$	34,279,880	$	17,596,520
	74,103		865,487		5,292,855		2,182,730		1,405,994
$	12.82	$	10.59	$	11.10	$	15.71	$	12.52
$	272,915	$	3,023,805	$	8,801,236	$	19,944,774	$	10,356,298
	21,492		284,040		798,760		1,277,446		835,947
$	12.70	$	10.65	$	11.02	$	15.61	$	12.39
$	1,004,962	$	2,659,360	$	13,054,890	$	33,455,790	$	23,598,852
	77,015		253,433		1,218,668		2,139,729		1,895,998
$	13.05	$	10.49	$	10.71	$	15.64	$	12.45
$	1,474,260	$	5,580,126	$	13,652,330	$	24,343,841	$	14,350,490
	115,361		546,692		1,345,221		1,558,541		1,161,969
$	12.78	$	10.21	$	10.15	$	15.62	$	12.35
$	13.52	$	10.80	$	10.74	$	16.53	$	13.07
$	292,549	$	1,459,396	$	802,686	$	66,175,595	$	36,068,529
	23,281		144,038		80,508		4,271,235		2,941,838
$	12.57	$	10.13	$	9.97	$	15.49	$	12.26
$	133,366	$	791,737	$	409,883	$	93,857,864	$	42,209,851
	10,635		79,598		45,322		6,089,989		3,465,072
$	12.54	$	9.95	$	9.04	$	15.41	$	12.18

The accompanying notes are an integral part of the financial statements.

185

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Mid Cap Growth Fund		MassMutual Small Cap Growth Equity Fund
Assets:
Investments, at value (Note 2) (a)	$	6,907,797,876	$	664,129,211
Repurchase agreements, at value (Note 2) (b)		113,375,556		26,127,308
Other short-term investments, at value (Note 2) (c)		103,919,119		—
Total investments (d)		7,125,092,551		690,256,519
Cash		—		1,985
Foreign currency, at value (e)		—		12
Receivables from:
Investments sold
Regular delivery		18,703,142		3,220,223
Open forward contracts (Note 2)		—		—
Fund shares sold		13,667,998		492,117
Investment adviser (Note 3)		—		—
Variation margin on open derivative instruments (Note 2)		—		—
Interest and dividends		1,062,971		378,710
Foreign taxes withheld		4,605		—
Prepaid expenses		79,837		59,436
Total assets		7,158,611,104		694,409,002
Liabilities:
Payables for:
Investments purchased
Regular delivery		3,238,615		7,241,957
Written options outstanding, at value (Note 2) (f)		—		—
Open forward contracts (Note 2)		—		—
Fund shares repurchased		18,012,887		779,638
Collateral held for securities on loan (Note 2) (g)		78,709,887		9,746,224
Trustees’ fees and expenses (Note 3)		434,060		86,996
Affiliates (Note 3):
Administration fees		358,959		46,925
Investment advisory fees		4,013,314		450,052
Service fees		154,167		28,283
Distribution fees		16,326		2,760
Accrued expense and other liabilities		496,660		112,801
Total liabilities		105,434,875		18,495,636
Net assets	$	7,053,176,229	$	675,913,366
Net assets consist of:
Paid-in capital	$	4,870,415,068	$	604,053,261
Accumulated Gain (Loss)		2,182,761,161		71,860,105
Net assets	$	7,053,176,229	$	675,913,366

(a)	Cost of investments:	$	5,274,444,087	$	592,217,730
(b)	Cost of repurchase agreements:	$	113,375,556	$	26,127,308
(c)	Cost of other short-term investments:	$	103,919,119	$	—
(d)	Securities on loan with market value of:	$	186,660,265	$	47,150,923
(e)	Cost of foreign currency:	$	—	$	12
(f)	Premiums on written options:	$	—	$	—
(g)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

186

MM MSCI EAFE International Index Fund		MassMutual Overseas Fund		MassMutual Select T. Rowe Price International Equity Fund
$	159,919,464	$	556,800,272	$	1,680,463,360
	1,384,605		5,928,463		—
	—		—		27,661,446
	161,304,069		562,728,735		1,708,124,806
	—		—		1,126,819
	547,636		372,378		2,915,852
	—		2,155,592		2,651,823
	39,356		9,915		—
	132,710		658,377		567,501
	—		49,483		113,052
	1,011,036		—		—
	771,558		1,079,536		6,070,743
	707,423		2,984,533		2,877,144
	51,092		56,101		17,626
	164,564,880		570,094,650		1,724,465,366
	—		312,411		2,790,671
	—		—		8,595
	83,132		824		—
	1,165,798		5,273,627		23,613
	3,942,809		6,467,478		30,782,733
	33,850		85,110		35,435
	43,760		55,657		21,899
	14,378		383,810		—
	44,092		29,937		—
	19,370		4,151		—
	161,223		554,433		1,075,190
	5,508,412		13,167,438		34,738,136
$	159,056,468	$	556,927,212	$	1,689,727,230
$	136,890,161	$	475,412,031	$	1,598,202,069
	22,166,307		81,515,181		91,525,161
$	159,056,468	$	556,927,212	$	1,689,727,230

$	138,139,818	$	482,707,202	$	1,564,916,515
$	1,384,605	$	5,928,463	$	—
$	—	$	—	$	27,661,446
$	6,563,881	$	11,511,986	$	50,498,966
$	545,318	$	373,946	$	2,020,569
$	—	$	—	$	17,671

The accompanying notes are an integral part of the financial statements.

187

MassMutual Select Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Mid Cap Growth Fund		MassMutual Small Cap Growth Equity Fund
Class I shares:
Net assets	$	5,148,114,023	$	464,710,585
Shares outstanding (a)		220,647,565		31,060,218
Net asset value, offering price and redemption price per share	$	23.33	$	14.96
Class R5 shares:
Net assets	$	1,252,367,842	$	112,898,162
Shares outstanding (a)		54,629,452		7,749,504
Net asset value, offering price and redemption price per share	$	22.92	$	14.57
Service Class shares:
Net assets	$	227,275,961	$	29,052,273
Shares outstanding (a)		10,327,129		2,215,219
Net asset value, offering price and redemption price per share	$	22.01	$	13.11
Administrative Class shares:
Net assets	$	191,712,673	$	25,178,311
Shares outstanding (a)		9,369,228		2,175,647
Net asset value, offering price and redemption price per share	$	20.46	$	11.57
Class A shares:
Net assets	$	125,046,353	$	24,850,975
Shares outstanding (a)		7,003,890		2,777,723
Net asset value, and redemption price per share	$	17.85	$	8.95
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	18.89	$	9.47
Class R4 shares:
Net assets	$	82,762,305	$	14,818,732
Shares outstanding (a)		4,566,822		1,626,720
Net asset value, offering price and redemption price per share	$	18.12	$	9.11
Class R3 shares:
Net assets	$	25,897,072	$	4,404,328
Shares outstanding (a)		1,667,585		675,071
Net asset value, offering price and redemption price per share	$	15.53	$	6.52

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

188

MM MSCI EAFE International Index Fund		MassMutual Overseas Fund		MassMutual Select T. Rowe Price International Equity Fund
$	60,876,171	$	329,588,189	$	1,689,727,230
	4,811,710		37,169,173		159,941,563
$	12.65	$	8.87	$	10.56
$	14,982,837	$	121,573,143	$	—
	1,184,477		13,642,662		—
$	12.65	$	8.91	$	—
$	3,845,969	$	43,033,975	$	—
	302,998		4,862,997		—
$	12.69	$	8.85	$	—
$	21,017,131	$	17,230,589	$	—
	1,670,037		1,925,406		—
$	12.58	$	8.95	$	—
$	13,932,057	$	19,102,220	$	—
	1,108,837		2,188,843		—
$	12.56	$	8.73	$	—
$	13.29	$	9.24	$	—
$	19,553,380	$	20,066,113	$	—
	1,566,955		2,364,624		—
$	12.48	$	8.49	$	—
$	24,848,923	$	6,332,983	$	—
	1,999,473		736,753		—
$	12.43	$	8.60	$	—

The accompanying notes are an integral part of the financial statements.

189

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Total Return Bond Fund			MassMutual Strategic Bond Fund
Investment income (Note 2):
Dividends (a)	$	—		$	—
Interest (b)		6,400,560			6,597,638
Securities lending net income		65,510			637
Other income		—			704
Total investment income		6,466,070			6,598,979
Expenses (Note 3):
Investment advisory fees		1,290,170			1,078,838
Custody fees		73,913			112,518
Audit fees		27,567			32,617
Legal fees		17,906			10,052
Proxy fees		527			527
Accounting & Administration fees		38,301			83,711
Shareholder reporting fees		21,524			17,796
Trustees’ fees		18,196			12,709
Registration and filing fees		50,643			48,895
Transfer agent fees		1,469			1,434
		1,540,216			1,399,097
Administration fees:
Class R5		17,495			36,991
Service Class		63,908			37,346
Administrative Class		26,829			55,682
Class A		17,211			34,248
Class R4		73,979			32,251
Class R3		21,106			8,278
Distribution and Service fees:
Class A		14,343			28,540
Class R4		92,474			40,314
Class R3		52,765			20,694
Total expenses		1,920,326			1,693,441
Expenses waived (Note 3):
Class I advisory fees waived		(95,531	)		(86,940	)
Class R5 advisory fees waived		(5,241	)		(18,511	)
Service Class advisory fees waived		(9,584	)		(9,364	)
Administrative Class advisory fees waived		(2,684	)		(9,257	)
Class A advisory fees waived		(1,722	)		(5,702	)
Class R4 advisory fees waived		(11,090	)		(8,043	)
Class R3 advisory fees waived		(3,164	)		(2,057	)
Net expenses:		1,791,310			1,553,567
Net investment income (loss)		4,674,760			5,045,412

The accompanying notes are an integral part of the financial statements.

190

MassMutual Diversified Value Fund		MassMutual Fundamental Value Fund		MM S&P 500 Index Fund		MassMutual Equity Opportunities Fund		MassMutual Fundamental Growth Fund
$	4,717,240	$	5,940,452	$	24,768,782	$	7,234,702	$	138,493
	—		—		4,964		—		—
	1,337		5,203		1,649		1,842		838
	—		—		—		—		—
	4,718,577		5,945,655		24,775,395		7,236,544		139,331
	966,127		1,798,560		1,640,707		2,658,812		160,106
	19,821		24,785		94,858		27,818		16,678
	23,911		23,815		25,048		24,406		24,869
	4,037		6,075		35,768		7,965		626
	527		527		527		527		527
	15,284		15,632		36,962		17,411		14,040
	12,408		17,356		60,516		16,116		11,753
	9,280		13,661		67,901		15,369		1,321
	49,204		50,245		53,243		50,850		49,679
	1,471		1,470		1,469		1,469		1,468
	1,102,070		1,952,126		2,016,999		2,820,743		281,067
	33,771		56,306		244,344		80,135		4,930
	15,841		31,845		463,898		47,785		6,070
	32,105		71,221		618,623		77,459		10,801
	41,300		48,715		38,673		78,339		17,484
	12,774		9,945		597,974		9,053		1,493
	1,093		1,694		349,861		3,591		1,490
	34,417		40,595		27,623		65,282		14,570
	15,967		12,432		597,974		11,316		1,866
	2,732		4,234		699,723		8,978		3,725
	1,292,070		2,229,113		5,655,692		3,202,681		343,496
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	—		—		—		—		—
	1,292,070		2,229,113		5,655,692		3,202,681		343,496
	3,426,507		3,716,542		19,119,703		4,033,863		—

The accompanying notes are an integral part of the financial statements.

191

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Total Return Bond Fund			MassMutual Strategic Bond Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	(20,994,806	)	$	(387,256	)
Futures contracts		(368,175	)		(9,352,955	)
Written options		(1,283,613	)		986,509
Swap agreements		(456	)		1,183,704
Foreign currency transactions		9,620			(117,344	)
Forward contracts		23,730			284,950
Net realized gain (loss)		(22,613,700	)		(7,402,392	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(32,129,177	)		(29,300,994	)*
Futures contracts		9,150			(3,176,262	)
Written options		(1,336,517	)		(78,244	)
Swap agreements		(1,959,471	)		663,945
Translation of assets and liabilities in foreign currencies		(489	)		77,991
Forward contracts		—			(889,325	)
Net change in unrealized appreciation (depreciation)		(35,416,504	)		(32,702,889	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(58,030,204	)		(40,105,281	)
Net increase (decrease) in net assets resulting from operations	$	(53,355,444	)	$	(35,059,869	)

(a)	Net of foreign withholding tax of:	$	—	$	—
(b)	Net of foreign withholding tax of:	$	—	$	13,314
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	4,077

The accompanying notes are an integral part of the financial statements.

192

MassMutual Diversified Value Fund			MassMutual Fundamental Value Fund		MM S&P 500 Index Fund			MassMutual Equity Opportunities Fund			MassMutual Fundamental Growth Fund
$	17,593,353		$	42,085,477	$	296,704,849		$	56,989,096		$	2,567,395
	—			—		(488,605	)		—			—
	—			—		—			—			—
	—			—		—			—			—
	(2,132	)		2,303		—			(17,790	)		2
	—			—		—			—			—
	17,591,221			42,087,780		296,216,244			56,971,306			2,567,397
	12,330,788			6,998,141		(115,345,870	)		7,441,064			(6,909,838	)
	—			—		2,165,531			—			—
	—			—		—			—			—
	—			—		—			—			—
	972			2,692		—			2,708			—
	—			—		—			—			—
	12,331,760			7,000,833		(113,180,339	)		7,443,772			(6,909,838	)
	29,922,981			49,088,613		183,035,905			64,415,078			(4,342,441	)
$	33,349,488		$	52,805,155	$	202,155,608		$	68,448,941		$	(4,546,606	)

$	28,953	$	52,513	$	4,913	$	45,038	$	197
$	—	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of the financial statements.

193

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Blue Chip Growth Fund			MassMutual Growth Opportunities Fund
Investment income (Note 2):
Dividends (a)	$	10,703,116		$	416,385
Interest		7,536			548
Securities lending net income		6,048			21,871
Non cash income		—			—
Total investment income		10,716,700			438,804
Expenses (Note 3):
Investment advisory fees		12,342,083			1,574,953
Custody fees		142,614			18,729
Audit fees		25,046			24,017
Legal fees		45,450			5,284
Proxy fees		527			527
Accounting & Administration fees		40,705			14,245
Shareholder reporting fees		59,630			14,416
Trustees’ fees		80,322			10,635
Registration and filing fees		53,858			50,062
Transfer agent fees		1,468			1,468
		12,791,703			1,714,336
Administration fees:
Class R5		284,145			34,802
Service Class		200,673			26,147
Administrative Class		463,820			64,696
Class A		201,096			49,852
Class R4		120,189			2,476
Class R3		51,530			2,453
Distribution and Service fees:
Class A		167,580			41,544
Class R4		150,237			3,095
Class R3		128,826			6,133
Total expenses		14,559,799			1,945,534
Expenses waived (Note 3):
Class I fees reimbursed by adviser		—			—
Class R5 fees reimbursed by adviser		—			—
Service Class fees reimbursed by adviser		—			—
Administrative Class fees reimbursed by adviser		—			—
Class A fees reimbursed by adviser		—			—
Class R4 fees reimbursed by adviser		—			—
Class R3 fees reimbursed by adviser		—			—
Class I advisory fees waived		—			(26,709	)
Class R5 advisory fees waived		—			(6,959	)
Service Class advisory fees waived		—			(2,614	)
Administrative Class advisory fees waived		—			(4,303	)
Class A advisory fees waived		—			(3,323	)
Class R4 advisory fees waived		—			(248	)
Class R3 advisory fees waived		—			(246	)
Net expenses:		14,559,799			1,901,132
Net investment income (loss)		(3,843,099	)		(1,462,328	)

The accompanying notes are an integral part of the financial statements.

194

MassMutual Mid Cap Value Fund			MassMutual Small Cap Value Equity Fund		MassMutual Small Company Value Fund			MM S&P Mid Cap Index Fund		MM Russell 2000 Small Cap Index Fund
$	1,227,759		$	399,419	$	2,379,169		$	2,212,367	$	1,885,323
	—			—		—			713		800
	1,116			458		9,284			10,015		58,802
	—			—		—			—		1,053
	1,228,875			399,877		2,388,453			2,223,095		1,945,978
	427,374			238,611		1,215,606			223,010		141,168
	28,365			18,182		24,459			17,306		52,618
	24,345			24,340		23,784			17,664		18,037
	1,242			840		2,698			4,786		3,316
	527			527		527			527		527
	17,191			14,176		15,068			15,893		20,463
	10,148			8,550		10,368			33,994		25,655
	2,415			1,746		5,739			7,913		5,490
	48,780			48,911		49,238			49,743		49,507
	1,469			1,469		1,467			1,469		1,467
	561,856			357,352		1,348,954			372,305		318,248
	516			4,991		32,438			17,750		9,610
	433			3,091		9,288			27,085		15,331
	1,495			4,011		21,776			76,281		64,952
	2,358			9,064		21,137			47,282		30,527
	283			1,476		800			97,653		63,025
	141			737		387			142,358		66,151
	1,965			7,554		17,614			33,773		21,805
	353			1,845		1,000			97,653		63,025
	352			1,843		966			284,716		132,303
	569,752			391,964		1,454,360			1,196,856		784,977
	(182,553	)		—		(75,931	)		—		—
	(1,599	)		—		(26,898	)		—		—
	(664	)		—		(3,901	)		—		—
	(1,542	)		—		(5,941	)		—		—
	(2,415	)		—		(5,878	)		—		—
	(441	)		—		(336	)		—		—
	(218	)		—		(164	)		—		—
	—			—		—			—		—
	—			—		—			—		—
	—			—		—			—		—
	—			—		—			—		—
	—			—		—			—		—
	—			—		—			—		—
	—			—		—			—		—
	380,320			391,964		1,335,311			1,196,856		784,977
	848,555			7,913		1,053,142			1,026,239		1,161,001

The accompanying notes are an integral part of the financial statements.

195

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Blue Chip Growth Fund			MassMutual Growth Opportunities Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	274,954,643		$	39,810,148
Futures contracts		—			—
Foreign currency transactions		(1,092	)		40
Forward contracts		—			—
Net realized gain (loss)		274,953,551			39,810,188
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(511,854,522	)		(137,024,889	)
Futures contracts		—			—
Translation of assets and liabilities in foreign currencies		—			27
Forward contracts		—			—
Net change in unrealized appreciation (depreciation)		(511,854,522	)		(137,024,862	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(236,900,971	)		(97,214,674	)
Net increase (decrease) in net assets resulting from operations	$	(240,744,070	)	$	(98,677,002	)

^(a) Net of foreign withholding tax of: $ 506,252 $ 3,695

The accompanying notes are an integral part of the financial statements.

196

MassMutual Mid Cap Value Fund			MassMutual Small Cap Value Equity Fund			MassMutual Small Company Value Fund			MM S&P Mid Cap Index Fund			MM Russell 2000 Small Cap Index Fund
$	6,480,079		$	6,542,763		$	19,696,915		$	36,661,607		$	19,716,196
	—			—			—			70,029			(278,225	)
	(656	)		16			—			—			—
	150,360			—			56,505			—			—
	6,629,783			6,542,779			19,753,420			36,731,636			19,437,971
	2,480,848			(3,450,021	)		(19,776,909	)		(26,163,709	)		(37,142,077	)
	—			—			—			252,064			34,896
	(105	)		7			—			—			(1	)
	(36,189	)		—			(9,428	)		—			—
	2,444,554			(3,450,014	)		(19,786,337	)		(25,911,645	)		(37,107,182	)
	9,074,337			3,092,765			(32,917	)		10,819,991			(17,669,211	)
$	9,922,892		$	3,100,678		$	1,020,225		$	11,846,230		$	(16,508,210	)

$ 3,749 $ 1,094 $ 1,756 $ — $ 1,874

The accompanying notes are an integral part of the financial statements.

197

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Mid Cap Growth Fund			MassMutual Small Cap Growth Equity Fund
Investment income (Note 2):
Dividends (a)	$	16,943,811		$	2,763,271
Interest		47,962			—
Securities lending net income		151,482			64,169
Non cash income		—			—
Total investment income		17,143,255			2,827,440
Expenses (Note 3):
Investment advisory fees		28,032,476			2,920,581
Custody fees		246,602			40,670
Audit fees		25,202			25,470
Legal fees		96,139			7,639
Proxy fees		527			527
Accounting & Administration fees		79,048			17,238
Shareholder reporting fees		277,191			58,643
Trustees’ fees		169,611			14,662
Registration and filing fees		61,367			51,387
Transfer agent fees		1,469			1,470
		28,989,632			3,138,287
Administration fees:
Class R5		740,711			69,686
Service Class		280,768			32,565
Administrative Class		330,012			41,864
Class A		219,964			43,726
Class R4		116,802			16,313
Class R3		28,969			4,774
Distribution and Service fees:
Class A		183,303			36,439
Class R4		146,003			20,392
Class R3		72,422			11,934
Total expenses		31,108,586			3,415,980
Expenses waived (Note 3):
Class I fees reimbursed by adviser		—			—
Class R5 fees reimbursed by adviser		—			—
Service Class fees reimbursed by adviser		—			—
Administrative Class fees reimbursed by adviser		—			—
Class A fees reimbursed by adviser		—			—
Class R4 fees reimbursed by adviser		—			—
Class R3 fees reimbursed by adviser		—			—
Class I advisory fees waived		(7,133	)		—
Class R5 advisory fees waived		(1,753	)		—
Service Class advisory fees waived		(318	)		—
Administrative Class advisory fees waived		(266	)		—
Class A advisory fees waived		(174	)		—
Class R4 advisory fees waived		(115	)		—
Class R3 advisory fees waived		(36	)		—
Net expenses:		31,098,791			3,415,980
Net investment income (loss)		(13,955,536	)		(588,540	)

The accompanying notes are an integral part of the financial statements.

198

MM MSCI EAFE International Index Fund		MassMutual Overseas Fund			MassMutual Select T. Rowe Price International Equity Fund
$	1,930,623	$	3,925,754		$	15,823,221
	—		2,698			13,853
	15,854		41,954			97,798
	179,791		1,328,018			2,098,012
	2,126,268		5,298,424			18,032,884
	94,693		2,558,556			—
	68,231		132,372			454,858
	19,333		33,822			43,454
	2,112		7,106			17,147
	527		527			527
	21,402		23,224			21,531
	23,665		15,692			31,347
	3,573		13,648			29,069
	49,343		50,451			13,113
	1,469		1,471			1,469
	284,348		2,836,869			612,515
	8,043		71,844			—
	5,062		45,580			—
	43,049		28,711			—
	26,167		33,357			—
	34,642		21,229			—
	40,455		6,853			—
	18,691		27,797			—
	34,642		26,536			—
	80,910		17,132			—
	576,009		3,115,908			612,515
	—		(186,038	)		(612,515	)
	—		(68,606	)		—
	—		(22,144	)		—
	—		(9,311	)		—
	—		(10,720	)		—
	—		(10,140	)		—
	—		(3,335	)		—
	—		—			—
	—		—			—
	—		—			—
	—		—			—
	—		—			—
	—		—			—
	—		—			—
	576,009		2,805,614			—
	1,550,259		2,492,810			18,032,884

The accompanying notes are an integral part of the financial statements.

199

MassMutual Select Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Mid Cap Growth Fund			MassMutual Small Cap Growth Equity Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	673,079,271		$	13,398,836
Futures contracts		—			—
Foreign currency transactions		1,129			—
Forward contracts		—			—
Net realized gain (loss)		673,080,400			13,398,836
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(1,285,247,218	)		(73,316,439	)
Futures contracts		—			—
Written options		—			—
Translation of assets and liabilities in foreign currencies		—			—
Forward contracts		—			—
Net change in unrealized appreciation (depreciation)		(1,285,247,218	)		(73,316,439	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(612,166,818	)		(59,917,603	)
Net increase (decrease) in net assets resulting from operations	$	(626,122,354	)	$	(60,506,143	)

(a)	Net of foreign withholding tax of:	$	42,763	$	2,016
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	—

The accompanying notes are an integral part of the financial statements.

200

MM MSCI EAFE International Index Fund			MassMutual Overseas Fund			MassMutual Select T. Rowe Price International Equity Fund
$	7,810,891		$	31,817,647		$	6,607,143
	7,354			—			—
	(17,322	)		619			(411,193	)
	(160,343	)		105,441			—
	7,640,580			31,923,707			6,195,950
	(16,652,825	)		(56,000,963	)*		(132,721,287	)*
	81,155			—			—
	—			—			9,076
	8,868			(41,974	)		229,803
	(11,149	)		(121,201	)		—
	(16,573,951	)		(56,164,138	)		(132,482,408	)
	(8,933,371	)		(24,240,431	)		(126,286,458	)
$	(7,383,112	)	$	(21,747,621	)	$	(108,253,574	)

$	193,784	$	527,979	$	1,974,382
$	—	$	315,206	$	908,920

The accompanying notes are an integral part of the financial statements.

201

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Total Return Bond Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,674,760		$	13,180,083
Net realized gain (loss)		(22,613,700	)		4,466,855
Net change in unrealized appreciation (depreciation)		(35,416,504	)		(16,898,443	)
Net increase (decrease) in net assets resulting from operations		(53,355,444	)		748,495
Distributions to shareholders (Note 2):
Class I		(12,175,679	)		(36,195,787	)
Class R5		(629,319	)		(2,183,127	)
Service Class		(1,020,606	)		(4,814,337	)
Administrative Class		(271,077	)		(1,077,493	)
Class A		(151,047	)		(595,039	)
Class R4		(1,037,468	)		(5,283,413	)
Class R3		(234,819	)		(1,444,165	)
Total distributions		(15,520,015	)		(51,593,361	)
Net fund share transactions (Note 5):
Class I		1,640,380			96,163,136
Class R5		(5,659,185	)		3,833,656
Service Class		(8,258,423	)		(17,605,651	)
Administrative Class		(4,600,692	)		(175,722	)
Class A		756,511			968,248
Class R4		(9,463,577	)		(16,602,248	)
Class R3		(1,768,618	)		(3,848,267	)
Increase (decrease) in net assets from fund share transactions		(27,353,604	)		62,733,152
Total increase (decrease) in net assets		(96,229,063	)		11,888,286
Net assets
Beginning of period		922,017,495			910,129,209
End of period	$	825,788,432		$	922,017,495

The accompanying notes are an integral part of the financial statements.

202

MassMutual Strategic Bond Fund						MassMutual Diversified Value Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	5,045,412		$	15,753,495		$	3,426,507		$	6,805,227
	(7,402,392	)		20,775,833			17,591,221			43,114,317
	(32,702,889	)		(24,654,966	)		12,331,760			76,405,646
	(35,059,869	)		11,874,362			33,349,488			126,325,190
	(20,295,777	)		(23,040,523	)		(28,645,872	)		(4,826,890	)
	(4,546,406	)		(4,697,559	)		(8,493,887	)		(1,427,247	)
	(2,619,511	)		(1,923,985	)		(1,877,787	)		(310,576	)
	(1,912,369	)		(3,735,392	)		(2,424,318	)		(339,296	)
	(1,094,081	)		(3,173,070	)		(3,138,699	)		(504,355	)
	(1,635,600	)		(2,384,840	)		(1,549,573	)		(199,786	)
	(396,988	)		(702,974	)		(130,528	)		(24,615	)
	(32,500,732	)		(39,658,343	)		(46,260,664	)		(7,632,765	)
	(26,605,247	)		(7,328,067	)		19,287,534			(41,004,875	)
	(8,968,353	)		(3,524,026	)		(7,142,844	)		(13,881,575	)
	15,933,511			(7,247,620	)		899,908			(3,425,423	)
	(22,910,036	)		(16,752,042	)		(174,230	)		(637,603	)
	(9,172,621	)		(27,857,171	)		1,389,465			(10,390,898	)
	(11,845,486	)		(6,478,544	)		375,092			(871,873	)
	(4,454,174	)		(3,711,171	)		23,856			(900,942	)
	(68,022,406	)		(72,898,641	)		14,658,781			(71,113,189	)
	(135,583,007	)		(100,682,622	)		1,747,605			47,579,236
	646,826,520			747,509,142			377,530,052			329,950,816
$	511,243,513		$	646,826,520		$	379,277,657		$	377,530,052

The accompanying notes are an integral part of the financial statements.

203

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Fundamental Value Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,716,542		$	6,635,888
Net realized gain (loss)		42,087,780			74,837,269
Net change in unrealized appreciation (depreciation)		7,000,833			123,978,956
Net increase (decrease) in net assets resulting from operations		52,805,155			205,452,113
Distributions to shareholders (Note 2):
Class I		(42,679,245	)		(5,157,291	)
Class R5		(13,424,402	)		(2,353,725	)
Service Class		(3,658,666	)		(360,826	)
Administrative Class		(5,544,501	)		(834,960	)
Class A		(3,738,569	)		(375,447	)
Class R4		(1,143,866	)		(115,118	)
Class R3		(189,183	)		(10,379	)
Total distributions		(70,378,432	)		(9,207,746	)
Net fund share transactions (Note 5):
Class I		23,115,843			(19,247,814	)
Class R5		(4,009,849	)		(69,565,446	)
Service Class		3,399,960			279,092
Administrative Class		(4,691,967	)		(28,849,743	)
Class A		(3,280,092	)		(12,884,956	)
Class R4		1,299,386			(1,209,026	)
Class R3		(156,370	)		332,463
Increase (decrease) in net assets from fund share transactions		15,676,911			(131,145,430	)
Total increase (decrease) in net assets		(1,896,366	)		65,098,937
Net assets
Beginning of period		587,614,834			522,515,897
End of period	$	585,718,468		$	587,614,834

The accompanying notes are an integral part of the financial statements.

204

MM S&P 500 Index Fund						MassMutual Equity Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	19,119,703		$	39,543,942		$	4,033,863		$	8,893,421
	296,216,244			428,951,911			56,971,306			82,440,199
	(113,180,339	)		412,353,799			7,443,772			82,435,725
	202,155,608			880,849,652			68,448,941			173,769,345
	(184,016,801	)		(184,594,221	)		(51,816,002	)		(29,303,320	)
	(60,703,846	)		(62,427,564	)		(19,138,493	)		(11,320,812	)
	(45,847,810	)		(56,637,356	)		(5,530,550	)		(3,060,907	)
	(43,469,722	)		(56,802,753	)		(6,343,270	)		(3,107,276	)
	(2,886,746	)		(3,735,318	)		(6,388,911	)		(4,112,745	)
	(59,838,315	)		(81,258,599	)		(1,104,425	)		(641,099	)
	(36,541,127	)		(33,665,725	)		(456,521	)		(280,015	)
	(433,304,367	)		(479,121,536	)		(90,778,172	)		(51,826,174	)
	2,653,976			119,039,680			16,370,740			(38,652,063	)
	33,501,691			292,712			(10,377,660	)		(18,198,761	)
	12,473,475			(55,563,343	)		612,599			(8,411,791	)
	(43,037,688	)		(46,621,732	)		(6,265,538	)		(1,296,344	)
	(4,172,732	)		(1,424,408	)		(2,400,704	)		(11,829,692	)
	(27,615,362	)		(128,706,061	)		798,983			(1,300,240	)
	18,772,225			29,862,549			650,229			(689,241	)
	(7,424,415	)		(83,120,603	)		(611,351	)		(80,378,132	)
	(238,573,174	)		318,607,513			(22,940,582	)		41,565,039
	3,498,369,192			3,179,761,679			761,781,298			720,216,259
$	3,259,796,018		$	3,498,369,192		$	738,840,716		$	761,781,298

The accompanying notes are an integral part of the financial statements.

205

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Fundamental Growth Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(204,165	)	$	(564,496	)
Net realized gain (loss)		2,567,397			17,886,297
Net change in unrealized appreciation (depreciation)		(6,909,838	)		(376,347	)
Net increase (decrease) in net assets resulting from operations		(4,546,606	)		16,945,454
Distributions to shareholders (Note 2):
Class I		(3,135,065	)		(6,380,932	)
Class R5		(2,856,640	)		(6,053,760	)
Service Class		(1,845,774	)		(3,030,485	)
Administrative Class		(2,350,670	)		(6,751,917	)
Class A		(4,304,968	)		(7,726,774	)
Class R4		(569,215	)		(841,305	)
Class R3		(735,465	)		(1,759,650	)
Total distributions		(15,797,797	)		(32,544,823	)
Net fund share transactions (Note 5):
Class I		1,228,201			3,998,568
Class R5		1,608,401			1,326,428
Service Class		1,340,140			1,716,809
Administrative Class		1,523,976			(2,357,880	)
Class A		2,836,168			1,341,065
Class R4		366,355			473,520
Class R3		505,032			(274,762	)
Increase (decrease) in net assets from fund share transactions		9,408,273			6,223,748
Total increase (decrease) in net assets		(10,936,130	)		(9,375,621	)
Net assets
Beginning of period		55,331,253			64,706,874
End of period	$	44,395,123		$	55,331,253

The accompanying notes are an integral part of the financial statements.

206

MassMutual Blue Chip Growth Fund						MassMutual Growth Opportunities Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	(3,843,099	)	$	(10,923,488	)	$	(1,462,328	)	$	(3,465,501	)
	274,953,551			798,397,828			39,810,188			118,471,910
	(511,854,522	)		89,559,232			(137,024,862	)		15,322,375
	(240,744,070	)		877,033,572			(98,677,002	)		130,328,784
	(505,752,573	)		(127,404,610	)		(63,212,251	)		(47,724,289	)
	(109,320,598	)		(28,785,200	)		(16,825,851	)		(21,391,483	)
	(38,828,325	)		(9,281,346	)		(7,030,586	)		(6,439,381	)
	(63,222,321	)		(18,063,967	)		(13,489,206	)		(11,015,116	)
	(28,345,519	)		(10,446,481	)		(12,095,384	)		(9,735,160	)
	(25,050,959	)		(6,486,894	)		(871,903	)		(691,469	)
	(11,466,411	)		(3,093,658	)		(1,142,314	)		(479,063	)
	(781,986,706	)		(203,562,156	)		(114,667,495	)		(97,475,961	)
	390,399,702			(374,006,009	)		51,360,975			33,930,008
	25,268,328			(85,488,562	)		4,482,725			(34,648,348	)
	26,256,654			(6,808,938	)		4,434,521			(3,278,486	)
	(14,852,575	)		(96,534,878	)		4,225,346			(8,087,089	)
	11,880,169			(90,410,401	)		5,682,817			(3,377,993	)
	10,775,715			(11,561,211	)		917,510			(119,268	)
	4,023,207			(13,043,278	)		1,113,978			1,659,825
	453,751,200			(677,853,277	)		72,217,872			(13,921,351	)
	(568,979,576	)		(4,381,861	)		(141,126,625	)		18,931,472
	4,288,094,060			4,292,475,921			514,748,393			495,816,921
$	3,719,114,484		$	4,288,094,060		$	373,621,768		$	514,748,393

The accompanying notes are an integral part of the financial statements.

207

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Mid Cap Value Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	848,555		$	1,514,512
Net realized gain (loss)		6,629,783			29,432,448
Net change in unrealized appreciation (depreciation)		2,444,554			5,223,076
Net increase (decrease) in net assets resulting from operations		9,922,892			36,170,036
Distributions to shareholders (Note 2):
Class I		(26,888,446	)		(1,535,817	)
Class R5		(232,404	)		(9,182	)
Service Class		(134,310	)		(2,890	)
Administrative Class		(217,970	)		(10,657	)
Class A		(345,700	)		(33,097	)
Class R4		(64,772	)		(9,681	)
Class R3		(33,429	)		(3,107	)
Total distributions		(27,917,031	)		(1,604,431	)
Net fund share transactions (Note 5):
Class I		21,745,297			(15,118,386	)
Class R5		103,177			(78,209	)
Service Class		(204,501	)		284,050
Administrative Class		13,974			(37,094	)
Class A		152,434			(2,624,903	)
Class R4		59,814			(951,165	)
Class R3		11,123			(356,301	)
Increase (decrease) in net assets from fund share transactions		21,881,318			(18,882,008	)
Total increase (decrease) in net assets		3,887,179			15,683,597
Net assets
Beginning of period		119,444,917			103,761,320
End of period	$	123,332,096		$	119,444,917

The accompanying notes are an integral part of the financial statements.

208

MassMutual Small Cap Value Equity Fund						MassMutual Small Company Value Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	7,913		$	(47,141	)	$	1,053,142		$	1,012,014
	6,542,779			15,364,222			19,753,420			44,645,407
	(3,450,014	)		23,244,043			(19,786,337	)		69,536,582
	3,100,678			38,561,124			1,020,225			115,194,003
	(9,194,395	)		(1,714,290	)		(24,481,352	)		(812,256	)
	(2,283,497	)		(392,010	)		(8,756,926	)		(380,666	)
	(701,615	)		(102,703	)		(1,250,165	)		(31,805	)
	(618,052	)		(119,788	)		(2,095,447	)		(88,859	)
	(1,433,744	)		(190,647	)		(1,983,118	)		(31,978	)
	(353,982	)		(87,302	)		(113,169	)		(6,237	)
	(177,490	)		(26,075	)		(57,144	)		—
	(14,762,775	)		(2,632,815	)		(38,737,321	)		(1,351,801	)
	7,001,917			(38,627,240	)		16,143,331			29,888,794
	(136,013	)		(4,505,136	)		1,438,519			(12,033,263	)
	426,907			(720,319	)		1,325,986			1,296,461
	598,065			(2,046,395	)		163,562			(6,925,230	)
	314,344			(665,065	)		1,807,805			(4,188,434	)
	246,429			(1,861,118	)		135,691			(811,423	)
	243,920			(379,380	)		112,215			90,947
	8,695,569			(48,804,653	)		21,127,109			7,317,852
	(2,966,528	)		(12,876,344	)		(16,589,987	)		121,160,054
	62,303,237			75,179,581			284,266,000			163,105,946
$	59,336,709		$	62,303,237		$	267,676,013		$	284,266,000

The accompanying notes are an integral part of the financial statements.

209

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MM S&P Mid Cap Index Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,026,239		$	4,561,365
Net realized gain (loss)		36,731,636			45,036,160
Net change in unrealized appreciation (depreciation)		(25,911,645	)		101,774,558
Net increase (decrease) in net assets resulting from operations		11,846,230			151,372,083
Distributions to shareholders (Note 2):
Class I		(14,266,462	)		(6,691,909	)
Class R5		(3,962,838	)		(1,816,870	)
Service Class		(2,455,558	)		(1,580,444	)
Administrative Class		(4,378,127	)		(3,274,879	)
Class A		(2,830,155	)		(1,877,552	)
Class R4		(8,602,717	)		(5,732,162	)
Class R3		(12,335,822	)		(7,008,746	)
Total distributions		(48,831,679	)		(27,982,562	)
Net fund share transactions (Note 5):
Class I		(7,094,161	)		12,805,722
Class R5		3,349,478			3,662,318
Service Class		233,955			(4,757,323	)
Administrative Class		(14,041,673	)		(6,066,042	)
Class A		(3,465,933	)		(9,122,748	)
Class R4		(6,012,174	)		(23,593,238	)
Class R3		(12,390,847	)		(13,862,251	)
Increase (decrease) in net assets from fund share transactions		(39,421,355	)		(40,933,562	)
Total increase (decrease) in net assets		(76,406,804	)		82,455,959
Net assets
Beginning of period		456,391,605			373,935,646
End of period	$	379,984,801		$	456,391,605

The accompanying notes are an integral part of the financial statements.

210

MM Russell 2000 Small Cap Index Fund						MassMutual Mid Cap Growth Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	1,161,001		$	1,739,105		$	(13,955,536	)	$	(30,632,373	)
	19,437,971			51,296,175			673,080,400			1,647,676,829
	(37,107,182	)		61,448,403			(1,285,247,218	)		828,830,012
	(16,508,210	)		114,483,683			(626,122,354	)		2,445,874,468
	(17,308,103	)		(4,196,431	)		(1,191,184,730	)		(375,441,053	)
	(3,460,429	)		(838,131	)		(296,057,142	)		(93,364,700	)
	(2,330,009	)		(547,886	)		(60,589,689	)		(21,000,941	)
	(6,323,503	)		(2,550,257	)		(48,166,646	)		(16,747,973	)
	(3,038,829	)		(941,766	)		(35,773,353	)		(14,060,398	)
	(9,267,214	)		(2,730,417	)		(26,566,357	)		(12,555,638	)
	(9,570,091	)		(2,474,950	)		(7,898,792	)		(2,425,094	)
	(51,298,178	)		(14,279,838	)		(1,666,236,709	)		(535,595,797	)
	2,400,717			(6,670,417	)		286,772,448			(1,050,859,042	)
	2,895,359			(361,913	)		(14,318,412	)		(133,644,713	)
	103,051			898,928			(17,523,864	)		(79,897,288	)
	(13,821,715	)		(15,783,800	)		10,266,626			(67,420,563	)
	(1,359,565	)		(6,918,536	)		4,850,178			(67,523,371	)
	(5,287,829	)		(15,119,767	)		(39,023,346	)		(56,872,643	)
	(1,055,442	)		(8,381,054	)		4,452,352			(5,336,176	)
	(16,125,424	)		(52,336,559	)		235,475,982			(1,461,553,796	)
	(83,931,812	)		47,867,286			(2,056,883,081	)		448,724,875
	306,913,583			259,046,297			9,110,059,310			8,661,334,435
$	222,981,771		$	306,913,583		$	7,053,176,229		$	9,110,059,310

The accompanying notes are an integral part of the financial statements.

211

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select Small Cap Growth Equity Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(588,540	)	$	(3,403,677	)
Net realized gain (loss)		13,398,836			182,434,815
Net change in unrealized appreciation (depreciation)		(73,316,439	)		33,560,588
Net increase (decrease) in net assets resulting from operations		(60,506,143	)		212,591,726
Distributions to shareholders (Note 2):
Class I		(106,892,194	)		(29,012,613	)
Class R5		(33,194,542	)		(11,622,191	)
Service Class		(7,598,507	)		(2,891,135	)
Administrative Class		(7,499,285	)		(2,733,082	)
Class A		(9,396,325	)		(4,198,556	)
Class R4		(5,183,552	)		(1,628,809	)
Class R3		(1,924,436	)		(582,672	)
Total distributions		(171,688,841	)		(52,669,058	)
Net fund share transactions (Note 5):
Class I		125,100,539			48,500,540
Class R5		1,081,555			(14,434,041	)
Service Class		2,785,874			(4,142,715	)
Administrative Class		5,323,627			(6,527,416	)
Class A		5,082,257			(11,314,222	)
Class R4		4,257,625			(1,752,684	)
Class R3		1,963,508			46,831
Increase (decrease) in net assets from fund share transactions		145,594,985			10,376,293
Total increase (decrease) in net assets		(86,599,999	)		170,298,961
Net assets
Beginning of period		762,513,365			592,214,404
End of period	$	675,913,366		$	762,513,365

The accompanying notes are an integral part of the financial statements.

212

MM MSCI EAFE International Index Fund						MassMutual Overseas Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	1,550,259		$	4,478,886		$	2,492,810		$	7,891,034
	7,640,580			11,152,814			31,923,707			57,353,956
	(16,573,951	)		30,832,020			(56,164,138	)		118,601,925
	(7,383,112	)		46,463,720			(21,747,621	)		183,846,915
	(6,296,608	)		(2,197,280	)		(36,687,508	)		(9,459,279	)
	(1,441,283	)		(535,653	)		(14,531,662	)		(3,249,074	)
	(385,936	)		(109,695	)		(4,314,842	)		(923,098	)
	(2,198,344	)		(1,045,250	)		(1,831,463	)		(421,047	)
	(1,270,730	)		(434,004	)		(2,031,119	)		(637,174	)
	(2,484,572	)		(987,127	)		(2,008,900	)		(395,010	)
	(2,792,733	)		(886,577	)		(623,942	)		(131,963	)
	(16,870,206	)		(6,195,586	)		(62,029,436	)		(15,216,645	)
	(5,260,606	)		(1,757,932	)		(3,196,592	)		(89,876,994	)
	560,442			(1,692,765	)		(18,156,170	)		(11,110,200	)
	188,699			(203,237	)		3,635,828			(2,927,620	)
	(823,886	)		(14,371,018	)		(46,603	)		(4,219,010	)
	(382,012	)		(6,375,803	)		(2,390,562	)		(14,609,910	)
	(6,636,915	)		(11,233,374	)		2,069,888			(1,874,361	)
	(4,000,995	)		(5,659,961	)		253,415			(734,871	)
	(16,355,273	)		(41,294,090	)		(17,830,796	)		(125,352,966	)
	(40,608,591	)		(1,025,956	)		(101,607,853	)		43,277,304
	199,665,059			200,691,015			658,535,065			615,257,761
$	159,056,468		$	199,665,059		$	556,927,212		$	658,535,065

The accompanying notes are an integral part of the financial statements.

213

MassMutual Select Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price International Equity Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	18,032,884		$	39,053,643
Net realized gain (loss)		6,195,950			61,703,034
Net change in unrealized appreciation (depreciation)		(132,482,408	)		231,627,276
Net increase (decrease) in net assets resulting from operations		(108,253,574	)		332,383,953
Distributions to shareholders (Note 2):
Class I		(71,743,166	)		(23,974,243	)
Total distributions		(71,743,166	)		(23,974,243	)
Net fund share transactions (Note 5):
Class I		169,625,570			77,255,606
Increase (decrease) in net assets from fund share transactions		169,625,570			77,255,606
Total increase (decrease) in net assets		(10,371,170	)		385,665,316
Net assets
Beginning of period		1,700,098,400			1,314,433,084
End of period	$	1,689,727,230		$	1,700,098,400

The accompanying notes are an integral part of the financial statements.

214

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MassMutual Total Return Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders													Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m		Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers		Ratio of expenses to average daily net assets after expense waiversj		Net investment income (loss) to average daily net assets
Class I
3/31/22r	$	10.21	$	0.06	$	(0.67	)	$	(0.61	)	$	(0.17	)	$	(0.02	)	$	(0.19	)	$	9.41		(6.19%)b	$	627,781		0.36%a		0.33%a		1.18%a
9/30/21		10.80		0.16		(0.13	)		0.03			(0.24	)		(0.38	)		(0.62	)		10.21		0.24%		677,869		0.36%		0.33%		1.55%
9/30/20		10.30		0.22		0.59			0.81			(0.31	)		—			(0.31	)		10.80		8.06%		616,932		0.36%		N/A		2.08%
9/30/19		9.62		0.30		0.67			0.97			(0.29	)		—			(0.29	)		10.30		10.42%		479,295		0.36%		N/A		3.03%
9/30/18		9.99		0.25		(0.34	)		(0.09	)		(0.28	)		—			(0.28	)		9.62		(0.98%)		426,828		0.34%		N/A		2.62%
9/30/17		10.43		0.22		(0.18	)		0.04			(0.27	)		(0.21	)		(0.48	)		9.99		0.57%		361,805		0.35%		N/A		2.18%
Class R5
3/31/22r	$	10.19	$	0.05	$	(0.67	)	$	(0.62	)	$	(0.16	)	$	(0.02	)	$	(0.18	)	$	9.39		(6.20%)b	$	31,474		0.46%a		0.43%a		1.04%a
9/30/21		10.79		0.15		(0.14	)		0.01			(0.23	)		(0.38	)		(0.61	)		10.19		0.06%		39,879		0.46%		0.43%		1.45%
9/30/20		10.28		0.21		0.59			0.80			(0.29	)		—			(0.29	)		10.79		8.04%		38,177		0.46%		N/A		2.04%
9/30/19		9.60		0.29		0.67			0.96			(0.28	)		—			(0.28	)		10.28		10.32%		44,973		0.46%		N/A		2.93%
9/30/18		9.96		0.24		(0.34	)		(0.10	)		(0.26	)		—			(0.26	)		9.60		(1.01%)		51,708		0.44%		N/A		2.49%
9/30/17		10.41		0.20		(0.18	)		0.02			(0.26	)		(0.21	)		(0.47	)		9.96		0.36%		68,491		0.45%		N/A		2.04%
Service Class
3/31/22r	$	10.24	$	0.05	$	(0.68	)	$	(0.63	)	$	(0.15	)	$	(0.02	)	$	(0.17	)	$	9.44		(6.20%)b	$	57,758		0.56%a		0.53%a		0.94%a
9/30/21		10.82		0.14		(0.12	)		0.02			(0.22	)		(0.38	)		(0.60	)		10.24		0.11%		70,920		0.55%		0.53%		1.33%
9/30/20		10.32		0.20		0.59			0.79			(0.29	)		—			(0.29	)		10.82		7.82%		93,185		0.56%		N/A		1.93%
9/30/19		9.63		0.28		0.68			0.96			(0.27	)		—			(0.27	)		10.32		10.24%		116,389		0.56%		N/A		2.83%
9/30/18		10.00		0.23		(0.34	)		(0.11	)		(0.26	)		—			(0.26	)		9.63		(1.17%)		131,813		0.54%		N/A		2.41%
9/30/17		10.45		0.19		(0.19	)		—			(0.24	)		(0.21	)		(0.45	)		10.00		0.25%		158,965		0.55%		N/A		1.95%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	226%	435%	316%	217%	243%	289%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

216

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.18	$ 0.04	$ (0.67)	$ (0.63)	$ (0.14)	$ (0.02)	$ (0.16)	$ 9.39	(6.33%)b	$ 13,396	0.66%a	0.63%a	0.85%a
9/30/21	10.77	0.13	(0.13)	0.00d	(0.21)	(0.38)	(0.59)	10.18	(0.07%)	19,333	0.66%	0.63%	1.24%
9/30/20	10.25	0.19	0.59	0.78	(0.26)	—	(0.26)	10.77	7.79%	20,596	0.66%	N/A	1.84%
9/30/19	9.57	0.27	0.67	0.94	(0.26)	—	(0.26)	10.25	10.10%	21,183	0.66%	N/A	2.77%
9/30/18	9.93	0.22	(0.34)	(0.12)	(0.24)	—	(0.24)	9.57	(1.21%)	53,849	0.64%	N/A	2.30%
9/30/17	10.37	0.18	(0.18)	—	(0.23)	(0.21)	(0.44)	9.93	0.19%	63,399	0.65%	N/A	1.86%
Class A
3/31/22r	$ 10.12	$ 0.03	$ (0.67)	$ (0.64)	$ (0.11)	$ (0.02)	$ (0.13)	$ 9.35	(6.39%)b	$ 11,507	0.91%a	0.88%a	0.65%a
9/30/21	10.72	0.10	(0.13)	(0.03)	(0.19)	(0.38)	(0.57)	10.12	(0.33%)	11,662	0.91%	0.88%	0.98%
9/30/20	10.23	0.16	0.58	0.74	(0.25)	—	(0.25)	10.72	7.45%	11,334	0.91%	N/A	1.56%
9/30/19	9.56	0.24	0.68	0.92	(0.25)	—	(0.25)	10.23	9.89%	8,464	0.91%	N/A	2.48%
9/30/18	9.93	0.20	(0.35)	(0.15)	(0.22)	—	(0.22)	9.56	(1.51%)	4,327	0.89%	N/A	2.07%
9/30/17	10.38	0.17	(0.19)	(0.02)	(0.22)	(0.21)	(0.43)	9.93	(0.01%)	4,703	0.90%	N/A	1.68%
Class R4
3/31/22r	$ 10.25	$ 0.04	$ (0.68)	$ (0.64)	$ (0.12)	$ (0.02)	$ (0.14)	$ 9.47	(6.36%)b	$ 64,856	0.81%a	0.78%a	0.71%a
9/30/21	10.83	0.11	(0.13)	(0.02)	(0.18)	(0.38)	(0.56)	10.25	(0.20%)	79,970	0.80%	0.78%	1.07%
9/30/20	10.32	0.18	0.59	0.77	(0.26)	—	(0.26)	10.83	7.64%	102,120	0.81%	N/A	1.72%
9/30/19	9.63	0.25	0.69	0.94	(0.25)	—	(0.25)	10.32	9.96%	160,788	0.81%	N/A	2.58%
9/30/18	9.99	0.21	(0.35)	(0.14)	(0.22)	—	(0.22)	9.63	(1.42%)	172,390	0.79%	N/A	2.15%
9/30/17	10.43	0.17	(0.19)	(0.02)	(0.21)	(0.21)	(0.42)	9.99	0.02%	221,969	0.80%	N/A	1.71%
Class R3
3/31/22r	$ 10.15	$ 0.02	$ (0.68)	$ (0.66)	$ (0.09)	$ (0.02)	$ (0.11)	$ 9.38	(6.47%)b	$ 19,017	1.06%a	1.03%a	0.46%a
9/30/21	10.73	0.09	(0.12)	(0.03)	(0.17)	(0.38)	(0.55)	10.15	(0.37%)	22,384	1.05%	1.03%	0.83%
9/30/20	10.23	0.15	0.58	0.73	(0.23)	—	(0.23)	10.73	7.33%	27,785	1.06%	N/A	1.43%
9/30/19	9.55	0.23	0.67	0.90	(0.22)	—	(0.22)	10.23	9.63%	30,478	1.06%	N/A	2.33%
9/30/18	9.90	0.18	(0.34)	(0.16)	(0.19)	—	(0.19)	9.55	(1.61%)	33,583	1.04%	N/A	1.91%
9/30/17	10.35	0.14	(0.19)	(0.05)	(0.19)	(0.21)	(0.40)	9.90	(0.27%)	35,633	1.05%	N/A	1.46%

The accompanying notes are an integral part of the financial statements.

217

MassMutual Strategic Bond Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.90	$ 0.10	$ (0.75)	$ (0.65)	$ (0.44)	$ (0.21)	$ (0.65)	$ 9.60	(6.42%)b	$ 332,303	0.50%a	0.45%a	1.91%a
9/30/21	11.30	0.25	(0.05)	0.20	(0.33)	(0.27)	(0.60)	10.90	1.79%	400,718	0.46%	0.46%k	2.28%
9/30/20	11.05	0.30	0.41	0.71	(0.31)	(0.15)	(0.46)	11.30	6.70%	423,904	0.47%	0.47%n	2.76%
9/30/19	10.12	0.35	0.86	1.21	(0.28)	—	(0.28)	11.05	12.31%	377,879	0.49%	0.48%	3.37%
9/30/18	10.65	0.32	(0.60)	(0.28)	(0.25)	—	(0.25)	10.12	(2.69%)	287,070	0.47%	0.47%n	3.13%
9/30/17	10.67	0.27	(0.01)aa	0.26	(0.28)	—	(0.28)	10.65	2.64%	178,204	0.50%	0.48%	2.59%
Class R5
3/31/22r	$ 10.90	$ 0.09	$ (0.76)	$ (0.67)	$ (0.42)	$ (0.21)	$ (0.63)	$ 9.60	(6.43%)b	$ 64,930	0.60%a	0.55%a	1.81%a
9/30/21	11.31	0.24	(0.06)	0.18	(0.32)	(0.27)	(0.59)	10.90	1.61%	83,071	0.56%	0.56%k	2.19%
9/30/20	11.05	0.29	0.42	0.71	(0.30)	(0.15)	(0.45)	11.31	6.66%	89,644	0.57%	0.57%n	2.65%
9/30/19	10.12	0.34	0.86	1.20	(0.27)	—	(0.27)	11.05	12.20%	79,978	0.59%	0.58%	3.27%
9/30/18	10.65	0.31	(0.60)	(0.29)	(0.24)	—	(0.24)	10.12	(2.79%)	78,583	0.57%	0.57%n	3.02%
9/30/17	10.67	0.26	(0.01)aa	0.25	(0.27)	—	(0.27)	10.65	2.55%	71,341	0.60%	0.58%	2.53%
Service Class
3/31/22r	$ 10.91	$ 0.09	$ (0.77)	$ (0.68)	$ (0.42)	$ (0.21)	$ (0.63)	$ 9.60	(6.55%)b	$ 39,456	0.70%a	0.65%a	1.74%a
9/30/21	11.31	0.23	(0.05)	0.18	(0.31)	(0.27)	(0.58)	10.91	1.59%	29,022	0.66%	0.66%k	2.08%
9/30/20	11.05	0.28	0.42	0.70	(0.29)	(0.15)	(0.44)	11.31	6.53%	37,611	0.67%	0.67%n	2.57%
9/30/19	10.12	0.33	0.86	1.19	(0.26)	—	(0.26)	11.05	12.02%	36,123	0.69%	0.68%	3.17%
9/30/18	10.64	0.30	(0.59)	(0.29)	(0.23)	—	(0.23)	10.12	(2.78%)	52,794	0.67%	0.67%n	2.89%
9/30/17	10.67	0.25	(0.02)aa	0.23	(0.26)	—	(0.26)	10.64	2.30%	66,969	0.70%	0.68%	2.40%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	36%	120%	193%	262%	294%	224%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

218

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.85	$ 0.08	$ (0.75)	$ (0.67)	$ (0.38)	$ (0.21)	$ (0.59)	$ 9.59	(6.57%)b	$ 23,876	0.80%a	0.75%a	1.60%a
9/30/21	11.25	0.22	(0.05)	0.17	(0.30)	(0.27)	(0.57)	10.85	1.49%	50,859	0.76%	0.76%k	1.98%
9/30/20	11.00	0.27	0.41	0.68	(0.28)	(0.15)	(0.43)	11.25	6.40%	70,366	0.77%	0.77%n	2.47%
9/30/19	10.08	0.32	0.85	1.17	(0.25)	—	(0.25)	11.00	11.91%	76,297	0.79%	0.78%	3.07%
9/30/18	10.61	0.29	(0.60)	(0.31)	(0.22)	—	(0.22)	10.08	(2.96%)	70,368	0.77%	0.77%n	2.81%
9/30/17	10.64	0.24	(0.01)aa	0.23	(0.26)	—	(0.26)	10.61	2.30%	66,460	0.80%	0.78%	2.33%
Class A
3/31/22r	$ 10.80	$ 0.07	$ (0.75)	$ (0.68)	$ (0.32)	$ (0.21)	$ (0.53)	$ 9.59	(6.66%)b	$ 18,398	1.05%a	1.00%a	1.35%a
9/30/21	11.21	0.19	(0.05)	0.14	(0.28)	(0.27)	(0.55)	10.80	1.21%	30,068	1.01%	1.01%k	1.72%
9/30/20	10.97	0.24	0.41	0.65	(0.26)	(0.15)	(0.41)	11.21	6.09%	60,452	1.02%	1.02%n	2.20%
9/30/19	10.04	0.29	0.86	1.15	(0.22)	—	(0.22)	10.97	11.72%	49,917	1.04%	1.03%	2.82%
9/30/18	10.57	0.26	(0.59)	(0.33)	(0.20)	—	(0.20)	10.04	(3.23%)	45,189	1.02%	1.02%n	2.54%
9/30/17	10.60	0.21	(0.01)aa	0.20	(0.23)	—	(0.23)	10.57	1.99%	53,329	1.05%	1.03%	2.07%
Class R4
3/31/22r	$ 10.78	$ 0.07	$ (0.75)	$ (0.68)	$ (0.37)	$ (0.21)	$ (0.58)	$ 9.52	(6.72%)b	$ 26,079	0.95%a	0.90%a	1.45%a
9/30/21	11.18	0.20	(0.05)	0.15	(0.28)	(0.27)	(0.55)	10.78	1.31%	41,556	0.91%	0.91%k	1.83%
9/30/20	10.93	0.25	0.41	0.66	(0.26)	(0.15)	(0.41)	11.18	6.29%	49,770	0.92%	0.92%n	2.33%
9/30/19	10.01	0.30	0.86	1.16	(0.24)	—	(0.24)	10.93	11.82%	66,656	0.94%	0.93%	2.91%
9/30/18	10.55	0.27	(0.60)	(0.33)	(0.21)	—	(0.21)	10.01	(3.17%)	67,672	0.92%	0.92%n	2.67%
9/30/17	10.58	0.22	(0.01)aa	0.21	(0.24)	—	(0.24)	10.55	2.15%	61,286	0.95%	0.93%	2.14%
Class R3
3/31/22r	$ 10.67	$ 0.06	$ (0.74)	$ (0.68)	$ (0.32)	$ (0.21)	$ (0.53)	$ 9.46	(6.77%)b	$ 6,203	1.20%a	1.15%a	1.18%a
9/30/21	11.07	0.17	(0.05)	0.12	(0.25)	(0.27)	(0.52)	10.67	1.03%	11,534	1.16%	1.16%k	1.59%
9/30/20	10.82	0.22	0.41	0.63	(0.23)	(0.15)	(0.38)	11.07	6.02%	15,761	1.17%	1.17%n	2.09%
9/30/19	9.92	0.27	0.84	1.11	(0.21)	—	(0.21)	10.82	11.48%	18,689	1.19%	1.18%	2.67%
9/30/18	10.45	0.24	(0.58)	(0.34)	(0.19)	—	(0.19)	9.92	(3.32%)	19,519	1.17%	1.17%n	2.42%
9/30/17	10.50	0.19	(0.01)aa	0.18	(0.23)	—	(0.23)	10.45	1.84%	16,295	1.20%	1.18%	1.90%

The accompanying notes are an integral part of the financial statements.

219

MassMutual Diversified Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 13.48	$ 0.12	$ 1.06	$ 1.18	$ (0.26)	$ (1.45)	$ (1.71)	$ 12.95	9.05%b	$ 241,341	0.57%a	1.87%a
9/30/21	9.87	0.23	3.62	3.85	(0.24)	—	(0.24)	13.48	39.59%	230,230	0.57%	1.84%
9/30/20	11.48	0.25	(1.01)	(0.76)	(0.28)	(0.57)	(0.85)	9.87	(7.64%)	197,915	0.58%	2.42%
9/30/19	13.48	0.26	(0.33)	(0.07)	(0.26)	(1.67)	(1.93)	11.48	1.59%	210,652	0.58%	2.31%
9/30/18	16.69	0.25	1.70	1.95	(0.42)	(4.74)	(5.16)	13.48	13.43%	202,121	0.57%	1.85%
9/30/17	14.90	0.30	2.47	2.77	(0.35)	(0.63)	(0.98)	16.69	19.25%	145,732	0.58%	1.90%
Class R5
3/31/22r	$ 13.50	$ 0.12	$ 1.06	$ 1.18	$ (0.24)	$ (1.45)	$ (1.69)	$ 12.99	9.06%b	$ 60,927	0.67%a	1.76%a
9/30/21	9.89	0.22	3.62	3.84	(0.23)	—	(0.23)	13.50	39.38%	70,251	0.67%	1.74%
9/30/20	11.50	0.24	(1.02)	(0.78)	(0.26)	(0.57)	(0.83)	9.89	(7.75%)	62,821	0.68%	2.33%
9/30/19	13.50	0.25	(0.33)	(0.08)	(0.25)	(1.67)	(1.92)	11.50	1.48%	74,403	0.68%	2.19%
9/30/18	16.71	0.24	1.69	1.93	(0.40)	(4.74)	(5.14)	13.50	13.28%	143,091	0.67%	1.80%
9/30/17	14.90	0.29	2.47	2.76	(0.32)	(0.63)	(0.95)	16.71	19.16%	50,361	0.68%	1.83%
Service Class
3/31/22r	$ 13.50	$ 0.11	$ 1.07	$ 1.18	$ (0.23)	$ (1.45)	$ (1.68)	$ 13.00	9.05%b	$ 15,544	0.77%a	1.68%a
9/30/21	9.89	0.20	3.63	3.83	(0.22)	—	(0.22)	13.50	39.28%	15,170	0.77%	1.65%
9/30/20	11.51	0.23	(1.02)	(0.79)	(0.26)	(0.57)	(0.83)	9.89	(7.88%)	13,967	0.78%	2.25%
9/30/19	13.49	0.24	(0.32)	(0.08)	(0.23)	(1.67)	(1.90)	11.51	1.40%	10,046	0.78%	2.08%
9/30/18	16.69	0.22	1.70	1.92	(0.38)	(4.74)	(5.12)	13.49	13.21%	13,564	0.77%	1.64%
9/30/17	14.90	0.27	2.47	2.74	(0.32)	(0.63)	(0.95)	16.69	18.97%	11,721	0.78%	1.71%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	21%	60%	52%	42%	75%	71%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

220

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 13.61	$ 0.11	$ 1.06	$ 1.17	$ (0.21)	$ (1.45)	$ (1.66)	$ 13.12	8.92%b	$ 20,497	0.87%a	1.57%a
9/30/21	9.96	0.19	3.67	3.86	(0.21)	—	(0.21)	13.61	39.24%	21,354	0.87%	1.54%
9/30/20	11.59	0.22	(1.03)	(0.81)	(0.25)	(0.57)	(0.82)	9.96	(7.99%)	16,359	0.88%	2.12%
9/30/19	13.58	0.23	(0.33)	(0.10)	(0.22)	(1.67)	(1.89)	11.59	1.29%	20,346	0.88%	2.01%
9/30/18	16.76	0.21	1.70	1.91	(0.35)	(4.74)	(5.09)	13.58	13.07%	15,165	0.87%	1.61%
9/30/17	14.96	0.26	2.48	2.74	(0.31)	(0.63)	(0.94)	16.76	18.92%	5,176	0.88%	1.63%
Class A
3/31/22r	$ 13.45	$ 0.09	$ 1.05	$ 1.14	$ (0.17)	$ (1.45)	$ (1.62)	$ 12.97	8.76%b	$ 27,394	1.12%a	1.32%a
9/30/21	9.85	0.16	3.63	3.79	(0.19)	—	(0.19)	13.45	38.84%	26,835	1.12%	1.29%
9/30/20	11.46	0.19	(1.02)	(0.83)	(0.21)	(0.57)	(0.78)	9.85	(8.22%)	27,575	1.13%	1.87%
9/30/19	13.45	0.20	(0.32)	(0.12)	(0.20)	(1.67)	(1.87)	11.46	1.03%	37,170	1.13%	1.75%
9/30/18	16.64	0.18	1.69	1.87	(0.32)	(4.74)	(5.06)	13.45	12.82%	45,319	1.12%	1.36%
9/30/17	14.85	0.21	2.48	2.69	(0.27)	(0.63)	(0.90)	16.64	18.64%	16,573	1.13%	1.36%
Class R4
3/31/22r	$ 13.24	$ 0.09	$ 1.05	$ 1.14	$ (0.20)	$ (1.45)	$ (1.65)	$ 12.73	8.88%b	$ 12,505	1.02%a	1.43%a
9/30/21	9.70	0.17	3.57	3.74	(0.20)	—	(0.20)	13.24	39.00%	12,608	1.02%	1.39%
9/30/20	11.31	0.20	(1.01)	(0.81)	(0.23)	(0.57)	(0.80)	9.70	(8.14%)	9,823	1.03%	2.00%
9/30/19	13.32	0.21	(0.32)	(0.11)	(0.23)	(1.67)	(1.90)	11.31	1.18%	6,570	1.03%	1.88%
9/30/18	16.56	0.19	1.68	1.87	(0.37)	(4.74)	(5.11)	13.32	12.93%	4,523	1.02%	1.44%
9/30/17	14.81	0.23	2.46	2.69	(0.31)	(0.63)	(0.94)	16.56	18.74%	861	1.03%	1.47%
Class R3
3/31/22r	$ 13.35	$ 0.08	$ 1.05	$ 1.13	$ (0.14)	$ (1.45)	$ (1.59)	$ 12.89	8.70%b	$ 1,071	1.27%a	1.18%a
9/30/21	9.77	0.14	3.61	3.75	(0.17)	—	(0.17)	13.35	38.73%	1,082	1.27%	1.14%
9/30/20	11.39	0.18	(1.02)	(0.84)	(0.21)	(0.57)	(0.78)	9.77	(8.38%)	1,492	1.28%	1.76%
9/30/19	13.37	0.18	(0.31)	(0.13)	(0.18)	(1.67)	(1.85)	11.39	0.91%	1,387	1.28%	1.59%
9/30/18	16.59	0.15	1.68	1.83	(0.31)	(4.74)	(5.05)	13.37	12.56%	2,177	1.27%	1.13%
9/30/17	14.83	0.19	2.46	2.65	(0.26)	(0.63)	(0.89)	16.59	18.44%	2,046	1.28%	1.22%

The accompanying notes are an integral part of the financial statements.

221

MassMutual Fundamental Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.48	$ 0.07	$ 0.87	$ 0.94	$ (0.08)	$ (1.23)	$ (1.31)	$ 10.11	9.28%b	$ 365,739	0.65%a	1.34%a
9/30/21	7.52	0.12	2.99	3.11	(0.15)	—	(0.15)	10.48	41.76%	353,238	0.65%	1.19%
9/30/20	10.33	0.15	(0.72)	(0.57)	(0.23)	(2.01)	(2.24)	7.52	(8.51%)	268,368	0.66%	1.85%
9/30/19	11.93	0.20	(0.39)	(0.19)	(0.23)	(1.18)	(1.41)	10.33	(0.07%)	353,302	0.64%	1.96%
9/30/18	13.01	0.23	0.81	1.04	(0.24)	(1.88)	(2.12)	11.93	8.56%	632,974	0.63%	1.91%
9/30/17	12.39	0.23	1.60	1.83	(0.25)	(0.96)	(1.21)	13.01	15.49%	594,578	0.64%	1.82%
Class R5
3/31/22r	$ 10.56	$ 0.06	$ 0.87	$ 0.93	$ (0.06)	$ (1.23)	$ (1.29)	$ 10.20	9.18%b	$ 104,892	0.75%a	1.22%a
9/30/21	7.57	0.11	3.02	3.13	(0.14)	—	(0.14)	10.56	41.74%	112,193	0.75%	1.11%
9/30/20	10.39	0.14	(0.73)	(0.59)	(0.22)	(2.01)	(2.23)	7.57	(8.68%)	132,370	0.76%	1.75%
9/30/19	11.98	0.19	(0.38)	(0.19)	(0.22)	(1.18)	(1.40)	10.39	(0.13%)	196,887	0.74%	1.85%
9/30/18	13.06	0.22	0.80	1.02	(0.22)	(1.88)	(2.10)	11.98	8.39%	309,004	0.73%	1.80%
9/30/17	12.43	0.21	1.61	1.82	(0.23)	(0.96)	(1.19)	13.06	15.41%	368,686	0.74%	1.72%
Service Class
3/31/22r	$ 10.49	$ 0.06	$ 0.87	$ 0.93	$ (0.06)	$ (1.23)	$ (1.29)	$ 10.13	9.16%b	$ 32,362	0.85%a	1.14%a
9/30/21	7.53	0.10	2.99	3.09	(0.13)	—	(0.13)	10.49	41.43%	29,948	0.85%	0.99%
9/30/20	10.34	0.13	(0.72)	(0.59)	(0.21)	(2.01)	(2.22)	7.53	(8.76%)	21,654	0.86%	1.64%
9/30/19	11.93	0.18	(0.38)	(0.20)	(0.21)	(1.18)	(1.39)	10.34	(0.25%)	30,115	0.84%	1.75%
9/30/18	13.00	0.20	0.81	1.01	(0.20)	(1.88)	(2.08)	11.93	8.36%	49,551	0.83%	1.69%
9/30/17	12.38	0.20	1.60	1.80	(0.22)	(0.96)	(1.18)	13.00	15.24%	60,852	0.84%	1.59%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	16%	38%	54%	103%	46%	13%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

222

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.59	$ 0.05	$ 0.88	$ 0.93	$ (0.04)	$ (1.23)	$ (1.27)	$ 10.25	9.09%b	$ 41,606	0.95%a	1.03%a
9/30/21	7.60	0.09	3.02	3.11	(0.12)	—	(0.12)	10.59	41.33%	47,797	0.95%	0.92%
9/30/20	10.41	0.13	(0.73)	(0.60)	(0.20)	(2.01)	(2.21)	7.60	(8.78%)	56,880	0.96%	1.53%
9/30/19	12.00	0.17	(0.38)	(0.21)	(0.20)	(1.18)	(1.38)	10.41	(0.36%)	58,983	0.94%	1.65%
9/30/18	13.07	0.19	0.81	1.00	(0.19)	(1.88)	(2.07)	12.00	8.21%	85,905	0.93%	1.60%
9/30/17	12.44	0.19	1.61	1.80	(0.21)	(0.96)	(1.17)	13.07	15.16%	92,380	0.94%	1.51%
Class A
3/31/22r	$ 10.41	$ 0.04	$ 0.86	$ 0.90	$ (0.01)	$ (1.23)	$ (1.24)	$ 10.07	8.97%b	$ 29,322	1.20%a	0.78%a
9/30/21	7.46	0.06	2.98	3.04	(0.09)	—	(0.09)	10.41	40.98%	33,431	1.20%	0.65%
9/30/20	10.26	0.11	(0.73)	(0.62)	(0.17)	(2.01)	(2.18)	7.46	(9.06%)	34,647	1.21%	1.33%
9/30/19	11.83	0.14	(0.37)	(0.23)	(0.16)	(1.18)	(1.34)	10.26	(0.58%)	66,407	1.19%	1.38%
9/30/18	12.90	0.16	0.80	0.96	(0.15)	(1.88)	(2.03)	11.83	7.94%	84,733	1.18%	1.34%
9/30/17	12.28	0.16	1.59	1.75	(0.17)	(0.96)	(1.13)	12.90	14.90%	108,447	1.19%	1.26%
Class R4
3/31/22r	$ 10.19	$ 0.04	$ 0.85	$ 0.89	$ (0.03)	$ (1.23)	$ (1.26)	$ 9.82	9.04%b	$ 10,327	1.10%a	0.89%a
9/30/21	7.32	0.07	2.91	2.98	(0.11)	—	(0.11)	10.19	41.10%	9,329	1.10%	0.74%
9/30/20	10.11	0.11	(0.70)	(0.59)	(0.19)	(2.01)	(2.20)	7.32	(8.98%)	7,609	1.11%	1.41%
9/30/19	11.67	0.15	(0.37)	(0.22)	(0.16)	(1.18)	(1.34)	10.11	(0.47%)	9,055	1.09%	1.48%
9/30/18	12.77	0.17	0.79	0.96	(0.18)	(1.88)	(2.06)	11.67	8.06%	9,172	1.08%	1.45%
9/30/17	12.21	0.17	1.57	1.74	(0.22)	(0.96)	(1.18)	12.77	14.98%	16,370	1.09%	1.37%
Class R3
3/31/22r	$ 10.14	$ 0.03	$ 0.84	$ 0.87	$ (0.01)	$ (1.23)	$ (1.24)	$ 9.77	8.91%b	$ 1,471	1.35%a	0.63%a
9/30/21	7.27	0.05	2.90	2.95	(0.08)	—	(0.08)	10.14	40.82%	1,678	1.35%	0.49%
9/30/20	10.05	0.09	(0.71)	(0.62)	(0.15)	(2.01)	(2.16)	7.27	(9.23%)	989	1.36%	1.15%
9/30/19	11.63	0.12	(0.37)	(0.25)	(0.15)	(1.18)	(1.33)	10.05	(0.77%)	2,362	1.34%	1.23%
9/30/18	12.72	0.14	0.79	0.93	(0.14)	(1.88)	(2.02)	11.63	7.84%	2,831	1.33%	1.21%
9/30/17	12.14	0.14	1.57	1.71	(0.17)	(0.96)	(1.13)	12.72	14.72%	2,936	1.34%	1.14%

The accompanying notes are an integral part of the financial statements.

223

MM S&P 500 Index Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 21.46	$ 0.14	$ 1.20	$ 1.34	$ (0.29)	$ (2.53)	$ (2.82)	$ 19.98	5.91%b	$ 1,402,747	0.12%a	1.31%a
9/30/21	19.31	0.28	4.91	5.19	(0.39)	(2.65)	(3.04)	21.46	29.93%	1,495,161	0.12%	1.36%
9/30/20	17.92	0.32	2.30	2.62	(0.40)	(0.83)	(1.23)	19.31	15.04%	1,210,251	0.12%	1.79%
9/30/19	20.48	0.32	(0.00)d,aa	0.32	(0.37)	(2.51)	(2.88)	17.92	4.17%	1,083,523	0.12%	1.86%
9/30/18	21.59	0.37	3.00	3.37	(0.48)	(4.00)	(4.48)	20.48	17.77%	819,557	0.12%	1.86%
9/30/17	19.40	0.39	3.03	3.42	(0.44)	(0.79)	(1.23)	21.59	18.44%	541,131	0.12%	1.95%
Class R5
3/31/22r	$ 21.55	$ 0.13	$ 1.20	$ 1.33	$ (0.26)	$ (2.53)	$ (2.79)	$ 20.09	5.87%b	$ 471,049	0.22%a	1.21%a
9/30/21	19.38	0.26	4.93	5.19	(0.37)	(2.65)	(3.02)	21.55	29.78%	471,641	0.22%	1.26%
9/30/20	17.98	0.30	2.31	2.61	(0.38)	(0.83)	(1.21)	19.38	14.93%	416,360	0.22%	1.70%
9/30/19	20.53	0.31	(0.01)aa	0.30	(0.34)	(2.51)	(2.85)	17.98	4.05%	487,312	0.22%	1.76%
9/30/18	21.63	0.35	3.01	3.36	(0.46)	(4.00)	(4.46)	20.53	17.65%	532,163	0.22%	1.75%
9/30/17	19.43	0.38	3.03	3.41	(0.42)	(0.79)	(1.21)	21.63	18.33%	710,184	0.22%	1.88%
Service Class
3/31/22r	$ 21.60	$ 0.11	$ 1.20	$ 1.31	$ (0.23)	$ (2.53)	$ (2.76)	$ 20.15	5.73%b	$ 358,965	0.37%a	1.06%a
9/30/21	19.41	0.23	4.95	5.18	(0.34)	(2.65)	(2.99)	21.60	29.63%	371,149	0.37%	1.11%
9/30/20	18.00	0.28	2.31	2.59	(0.35)	(0.83)	(1.18)	19.41	14.80%	381,745	0.37%	1.54%
9/30/19	20.55	0.28	(0.01)aa	0.27	(0.31)	(2.51)	(2.82)	18.00	3.84%	395,249	0.37%	1.61%
9/30/18	21.64	0.32	3.02	3.34	(0.43)	(4.00)	(4.43)	20.55	17.48%	481,405	0.37%	1.59%
9/30/17	19.43	0.35	3.03	3.38	(0.38)	(0.79)	(1.17)	21.64	18.17%	508,135	0.37%	1.72%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	1%	4%	6%	4%	3%q	5%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Portfolio turnover excludes securities received from subscriptions in-kind. Amount would be 12% including securities received from subscriptions in-kind.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

224

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 21.05	$ 0.10	$ 1.17	$ 1.27	$ (0.20)	$ (2.53)	$ (2.73)	$ 19.59	5.70%b	$ 302,471	0.47%a	0.96%a
9/30/21	18.99	0.20	4.83	5.03	(0.32)	(2.65)	(2.97)	21.05	29.45%	368,149	0.47%	1.01%
9/30/20	17.63	0.25	2.27	2.52	(0.33)	(0.83)	(1.16)	18.99	14.68%	370,740	0.47%	1.45%
9/30/19	20.19	0.26	(0.01)aa	0.25	(0.30)	(2.51)	(2.81)	17.63	3.77%	476,225	0.47%	1.51%
9/30/18	21.34	0.29	2.97	3.26	(0.41)	(4.00)	(4.41)	20.19	17.34%	606,359	0.47%	1.50%
9/30/17	19.19	0.32	3.00	3.32	(0.38)	(0.79)	(1.17)	21.34	18.03%	572,199	0.47%	1.62%
Class A
3/31/22r	$ 20.51	$ 0.07	$ 1.15	$ 1.22	$ (0.14)	$ (2.53)	$ (2.67)	$ 19.06	5.60%b	$ 20,277	0.72%a	0.69%a
9/30/21	18.57	0.15	4.72	4.87	(0.28)	(2.65)	(2.93)	20.51	29.14%	25,655	0.72%	0.76%
9/30/20	17.26	0.21	2.21	2.42	(0.28)	(0.83)	(1.11)	18.57	14.40%	23,908	0.72%	1.20%
9/30/19	19.82	0.21	(0.02)aa	0.19	(0.24)	(2.51)	(2.75)	17.26	3.46%	28,147	0.72%	1.26%
9/30/18	21.03	0.24	2.92	3.16	(0.37)	(4.00)	(4.37)	19.82	17.06%	34,494	0.72%	1.25%
9/30/17	18.92	0.27	2.96	3.23	(0.33)	(0.79)	(1.12)	21.03	17.80%	27,907	0.72%	1.37%
Class R4
3/31/22r	$ 20.69	$ 0.08	$ 1.15	$ 1.23	$ (0.16)	$ (2.53)	$ (2.69)	$ 19.23	5.64%b	$ 435,813	0.62%a	0.81%a
9/30/21	18.71	0.17	4.75	4.92	(0.29)	(2.65)	(2.94)	20.69	29.26%	494,937	0.62%	0.87%
9/30/20	17.39	0.22	2.24	2.46	(0.31)	(0.83)	(1.14)	18.71	14.51%	561,315	0.62%	1.29%
9/30/19	19.95	0.23	(0.02)aa	0.21	(0.26)	(2.51)	(2.77)	17.39	3.61%	594,415	0.62%	1.36%
9/30/18	21.13	0.26	2.93	3.19	(0.37)	(4.00)	(4.37)	19.95	17.15%	681,097	0.62%	1.35%
9/30/17	19.01	0.29	2.97	3.26	(0.35)	(0.79)	(1.14)	21.13	17.88%	670,521	0.62%	1.47%
Class R3
3/31/22r	$ 19.92	$ 0.05	$ 1.11	$ 1.16	$ (0.14)	$ (2.53)	$ (2.67)	$ 18.41	5.46%b	$ 268,476	0.87%a	0.56%a
9/30/21	18.12	0.11	4.60	4.71	(0.26)	(2.65)	(2.91)	19.92	28.96%	271,678	0.87%	0.60%
9/30/20	16.87	0.17	2.17	2.34	(0.26)	(0.83)	(1.09)	18.12	14.25%	215,443	0.87%	1.04%
9/30/19	19.45	0.18	(0.02)aa	0.16	(0.23)	(2.51)	(2.74)	16.87	3.34%	222,503	0.87%	1.11%
9/30/18	20.72	0.21	2.87	3.08	(0.35)	(4.00)	(4.35)	19.45	16.90%	251,216	0.87%	1.10%
9/30/17	18.70	0.24	2.91	3.15	(0.34)	(0.79)	(1.13)	20.72	17.54%	208,410	0.87%	1.21%

The accompanying notes are an integral part of the financial statements.

225

MassMutual Equity Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 20.17	$ 0.11	$ 1.73	$ 1.84	$ (0.25)	$ (2.20)	$ (2.45)	$ 19.56	9.21%b	$ 436,653	0.73%a	1.15%a
9/30/21	17.22	0.24	3.99	4.23	(0.24)	(1.04)	(1.28)	20.17	25.67%	432,817	0.73%	1.25%
9/30/20	18.33	0.27	0.26	0.53	(0.29)	(1.35)	(1.64)	17.22	2.73%	402,371	0.74%	1.64%
9/30/19	18.41	0.27	1.36	1.63	(0.28)	(1.43)	(1.71)	18.33	10.82%	274,970	0.74%	1.60%
9/30/18	22.45	0.27	2.75	3.02	(0.51)	(6.55)	(7.06)	18.41	16.23%	268,240	0.74%	1.50%
9/30/17	18.40	0.41	4.27	4.68	(0.27)	(0.36)	(0.63)	22.45	25.85%	228,919	0.74%	2.00%
Class R5
3/31/22r	$ 20.26	$ 0.11	$ 1.74	$ 1.85	$ (0.23)	$ (2.20)	$ (2.43)	$ 19.68	9.21%b	$ 150,669	0.83%a	1.04%a
9/30/21	17.30	0.22	4.00	4.22	(0.22)	(1.04)	(1.26)	20.26	25.48%	165,143	0.83%	1.15%
9/30/20	18.41	0.26	0.25	0.51	(0.27)	(1.35)	(1.62)	17.30	2.61%	156,171	0.84%	1.50%
9/30/19	18.47	0.26	1.37	1.63	(0.26)	(1.43)	(1.69)	18.41	10.76%	180,002	0.84%	1.50%
9/30/18	22.50	0.25	2.75	3.00	(0.48)	(6.55)	(7.03)	18.47	16.09%	188,418	0.84%	1.38%
9/30/17	18.44	0.39	4.28	4.67	(0.25)	(0.36)	(0.61)	22.50	25.73%	207,798	0.84%	1.87%
Service Class
3/31/22r	$ 19.75	$ 0.09	$ 1.70	$ 1.79	$ (0.21)	$ (2.20)	$ (2.41)	$ 19.13	9.14%b	$ 46,241	0.93%a	0.95%a
9/30/21	16.88	0.20	3.91	4.11	(0.20)	(1.04)	(1.24)	19.75	25.44%	46,987	0.93%	1.04%
9/30/20	18.00	0.23	0.25	0.48	(0.25)	(1.35)	(1.60)	16.88	2.52%	48,504	0.94%	1.41%
9/30/19	18.10	0.24	1.33	1.57	(0.24)	(1.43)	(1.67)	18.00	10.61%	53,931	0.94%	1.41%
9/30/18	22.17	0.23	2.71	2.94	(0.46)	(6.55)	(7.01)	18.10	16.00%	50,746	0.94%	1.28%
9/30/17	18.18	0.35	4.23	4.58	(0.23)	(0.36)	(0.59)	22.17	25.59%	61,849	0.94%	1.74%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	14%	25%	41%	33%	35%	131%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

226

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 19.38	$ 0.08	$ 1.66	$ 1.74	$ (0.19)	$ (2.20)	$ (2.39)	$ 18.73	9.06%b	$ 43,482	1.03%a	0.84%a
9/30/21	16.59	0.18	3.83	4.01	(0.18)	(1.04)	(1.22)	19.38	25.26%	51,726	1.03%	0.95%
9/30/20	17.71	0.21	0.25	0.46	(0.23)	(1.35)	(1.58)	16.59	2.42%	45,175	1.04%	1.30%
9/30/19	17.84	0.21	1.31	1.52	(0.22)	(1.43)	(1.65)	17.71	10.46%	55,316	1.04%	1.29%
9/30/18	21.94	0.21	2.68	2.89	(0.44)	(6.55)	(6.99)	17.84	15.92%	75,215	1.04%	1.19%
9/30/17	17.99	0.33	4.19	4.52	(0.21)	(0.36)	(0.57)	21.94	25.50%	82,359	1.04%	1.66%
Class A
3/31/22r	$ 18.18	$ 0.05	$ 1.57	$ 1.62	$ (0.14)	$ (2.20)	$ (2.34)	$ 17.46	8.95%b	$ 48,884	1.28%a	0.59%a
9/30/21	15.64	0.12	3.61	3.73	(0.15)	(1.04)	(1.19)	18.18	24.94%	53,123	1.28%	0.70%
9/30/20	16.78	0.16	0.24	0.40	(0.19)	(1.35)	(1.54)	15.64	2.19%	55,832	1.29%	1.05%
9/30/19	16.98	0.16	1.24	1.40	(0.17)	(1.43)	(1.60)	16.78	10.19%	63,914	1.29%	1.04%
9/30/18	21.17	0.16	2.56	2.72	(0.36)	(6.55)	(6.91)	16.98	15.62%	78,457	1.29%	0.92%
9/30/17	17.37	0.28	4.02	4.30	(0.14)	(0.36)	(0.50)	21.17	25.13%	107,667	1.29%	1.42%
Class R4
3/31/22r	$ 17.80	$ 0.06	$ 1.53	$ 1.59	$ (0.17)	$ (2.20)	$ (2.37)	$ 17.02	8.98%b	$ 9,186	1.18%a	0.70%a
9/30/21	15.34	0.13	3.54	3.67	(0.17)	(1.04)	(1.21)	17.80	25.07%	8,727	1.18%	0.79%
9/30/20	16.48	0.18	0.23	0.41	(0.20)	(1.35)	(1.55)	15.34	2.28%	8,716	1.19%	1.18%
9/30/19	16.74	0.17	1.21	1.38	(0.21)	(1.43)	(1.64)	16.48	10.30%	6,921	1.19%	1.13%
9/30/18	21.00	0.17	2.54	2.71	(0.42)	(6.55)	(6.97)	16.74	15.70%	9,409	1.19%	1.04%
9/30/17	17.28	0.31	3.99	4.30	(0.22)	(0.36)	(0.58)	21.00	25.27%	8,146	1.19%	1.58%
Class R3
3/31/22r	$ 16.40	$ 0.04	$ 1.41	$ 1.45	$ (0.13)	$ (2.20)	$ (2.33)	$ 15.52	8.90%b	$ 3,727	1.43%a	0.46%a
9/30/21	14.22	0.09	3.27	3.36	(0.14)	(1.04)	(1.18)	16.40	24.79%	3,259	1.43%	0.55%
9/30/20	15.42	0.13	0.22	0.35	(0.20)	(1.35)	(1.55)	14.22	2.00%	3,447	1.44%	0.92%
9/30/19	15.77	0.13	1.12	1.25	(0.17)	(1.43)	(1.60)	15.42	10.01%	3,297	1.44%	0.92%
9/30/18	20.10	0.12	2.41	2.53	(0.31)	(6.55)	(6.86)	15.77	15.43%	2,679	1.44%	0.78%
9/30/17	16.55	0.24	3.83	4.07	(0.16)	(0.36)	(0.52)	20.10	25.00%	3,087	1.44%	1.28%

The accompanying notes are an integral part of the financial statements.

227

MassMutual Fundamental Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 6.15	$ (0.01)	$ (0.44)	$ (0.45)	$ —	$ (1.73)	$ (1.73)	$ 3.97	(9.10%)b	$ 10,584	1.14%a	N/A	(0.57%)a
9/30/21	8.33	(0.04)	1.93	1.89	—	(4.07)	(4.07)	6.15	28.46%	13,386	1.04%	N/A	(0.61%)
9/30/20	8.03	0.00d	1.67	1.67	(0.02)	(1.35)	(1.37)	8.33	23.25%	12,278	0.89%	N/A	(0.01%)
9/30/19	9.81	0.02	(0.00)d,aa	0.02	(0.05)	(1.75)	(1.80)	8.03	4.27%	67,992	0.82%	0.78%	0.31%
9/30/18	8.44	0.05	1.95	2.00	(0.07)	(0.56)	(0.63)	9.81	24.98%	64,876	0.78%	0.70%	0.56%
9/30/17	8.01	0.08	1.37	1.45	(0.08)	(0.94)	(1.02)	8.44	20.59%	75,206	0.84%	0.70%	1.09%
Class R5
3/31/22r	$ 6.19	$ (0.02)	$ (0.44)	$ (0.46)	$ —	$ (1.73)	$ (1.73)	$ 4.00	(9.25%)b	$ 8,594	1.24%a	N/A	(0.68%)a
9/30/21	8.37	(0.05)	1.94	1.89	(0.00)d	(4.07)	(4.07)	6.19	28.29%	10,813	1.14%	N/A	(0.71%)
9/30/20	8.05	(0.01)	1.69	1.68	(0.01)	(1.35)	(1.36)	8.37	23.34%	12,351	0.99%	N/A	(0.17%)
9/30/19	9.83	0.02	(0.01)aa	0.01	(0.04)	(1.75)	(1.79)	8.05	4.13%	31,014	0.92%	0.88%	0.21%
9/30/18	8.46	0.04	1.95	1.99	(0.06)	(0.56)	(0.62)	9.83	24.80%	32,604	0.88%	0.80%	0.45%
9/30/17	8.02	0.08	1.38	1.46	(0.08)	(0.94)	(1.02)	8.46	20.56%	26,201	0.94%	0.80%	0.99%
Service Class
3/31/22r	$ 5.84	$ (0.02)	$ (0.40)	$ (0.42)	$ —	$ (1.73)	$ (1.73)	$ 3.69	(9.05%)b	$ 5,559	1.34%a	N/A	(0.77%)a
9/30/21	8.11	(0.05)	1.85	1.80	(0.00)d	(4.07)	(4.07)	5.84	28.05%	6,641	1.24%	N/A	(0.81%)
9/30/20	7.83	(0.02)	1.66	1.64	(0.01)	(1.35)	(1.36)	8.11	23.35%	6,285	1.09%	N/A	(0.30%)
9/30/19	9.62	0.01	(0.02)aa	(0.01)	(0.03)	(1.75)	(1.78)	7.83	3.97%	9,805	1.02%	0.98%	0.11%
9/30/18	8.29	0.03	1.92	1.95	(0.06)	(0.56)	(0.62)	9.62	24.72%	9,630	0.98%	0.90%	0.35%
9/30/17	7.88	0.07	1.35	1.42	(0.07)	(0.94)	(1.01)	8.29	20.41%	8,668	1.04%	0.90%	0.88%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	35%	78%	164%	123%	47%	52%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

228

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 5.46	$ (0.02)	$ (0.38)	$ (0.40)	$ —	$ (1.73)	$ (1.73)	$ 3.33	(9.35%)b	$ 6,519	1.44%a	N/A	(0.87%)a
9/30/21	7.80	(0.05)	1.78	1.73	(0.00)d	(4.07)	(4.07)	5.46	28.26%	8,032	1.34%	N/A	(0.91%)
9/30/20	7.59	(0.03)	1.59	1.56	—	(1.35)	(1.35)	7.80	23.08%	13,485	1.19%	N/A	(0.41%)
9/30/19	9.38	0.00d	(0.02)aa	(0.02)	(0.02)	(1.75)	(1.77)	7.59	3.97%	14,315	1.12%	1.09%	0.01%
9/30/18	8.10	0.02	1.87	1.89	(0.05)	(0.56)	(0.61)	9.38	24.56%	12,307	1.08%	1.00%	0.25%
9/30/17	7.72	0.06	1.32	1.38	(0.06)	(0.94)	(1.00)	8.10	20.31%	10,889	1.14%	1.00%	0.77%
Class A
3/31/22r	$ 4.72	$ (0.02)	$ (0.31)	$ (0.33)	$ —	$ (1.73)	$ (1.73)	$ 2.66	(9.38%)b	$ 10,598	1.69%a	N/A	(1.13%)a
9/30/21	7.25	(0.06)	1.60	1.54	(0.00)d	(4.07)	(4.07)	4.72	27.60%	13,199	1.59%	N/A	(1.16%)
9/30/20	7.15	(0.04)	1.49	1.45	—	(1.35)	(1.35)	7.25	22.92%	15,843	1.44%	N/A	(0.67%)
9/30/19	8.95	(0.02)	(0.03)aa	(0.05)	—	(1.75)	(1.75)	7.15	3.67%	14,997	1.37%	1.33%	(0.23%)
9/30/18	7.75	0.00d	1.79	1.79	(0.03)	(0.56)	(0.59)	8.95	24.31%	18,868	1.33%	1.25%	0.00%e
9/30/17	7.43	0.04	1.26	1.30	(0.04)	(0.94)	(0.98)	7.75	19.91%	15,687	1.39%	1.25%	0.53%
Class R4
3/31/22r	$ 4.59	$ (0.02)	$ (0.30)	$ (0.32)	$ —	$ (1.73)	$ (1.73)	$ 2.54	(9.40%)b	$ 1,359	1.59%a	N/A	(1.02%)a
9/30/21	7.14	(0.05)	1.57	1.52	(0.00)d	(4.07)	(4.07)	4.59	27.79%	1,699	1.49%	N/A	(1.06%)
9/30/20	7.06	(0.04)	1.47	1.43	—	(1.35)	(1.35)	7.14	22.94%	1,662	1.34%	N/A	(0.59%)
9/30/19	8.86	(0.01)	(0.03)aa	(0.04)	(0.01)	(1.75)	(1.76)	7.06	3.87%	1,217	1.27%	1.22%	(0.08%)
9/30/18	7.68	0.01	1.77	1.78	(0.04)	(0.56)	(0.60)	8.86	24.48%	2,757	1.23%	1.15%	0.10%
9/30/17	7.39	0.05	1.25	1.30	(0.07)	(0.94)	(1.01)	7.68	20.10%	2,908	1.29%	1.15%	0.63%
Class R3
3/31/22r	$ 3.70	$ (0.01)	$ (0.23)	$ (0.24)	$ —	$ (1.73)	$ (1.73)	$ 1.73	(9.60%)b	$ 1,181	1.85%a	N/A	(1.28%)a
9/30/21	6.45	(0.05)	1.37	1.32	(0.00)d	(4.07)	(4.07)	3.70	27.69%	1,562	1.74%	N/A	(1.32%)
9/30/20	6.51	(0.05)	1.34	1.29	—	(1.35)	(1.35)	6.45	22.70%	2,803	1.59%	N/A	(0.82%)
9/30/19	8.34	(0.03)	(0.05)aa	(0.08)	—	(1.75)	(1.75)	6.51	3.54%	2,794	1.52%	1.48%	(0.40%)
9/30/18	7.27	(0.01)	1.67	1.66	(0.03)	(0.56)	(0.59)	8.34	24.08%	3,307	1.48%	1.40%	(0.15%)
9/30/17	7.04	0.03	1.19	1.22	(0.05)	(0.94)	(0.99)	7.27	19.93%	2,301	1.54%	1.40%	0.39%

The accompanying notes are an integral part of the financial statements.

229

MassMutual Blue Chip Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 33.66	$ (0.01)	$ (1.45)	$ (1.46)	$ —	$ (6.32)	$ (6.32)	$ 25.88	(6.04%)b	$ 2,513,379	0.63%a	(0.10%)a
9/30/21	28.98	(0.05)	6.11	6.06	—	(1.38)	(1.38)	33.66	21.60%	2,790,281	0.63%	(0.15%)
9/30/20	22.73	0.01	7.59	7.60	(0.09)	(1.26)	(1.35)	28.98	34.96%	2,729,246	0.64%	0.06%
9/30/19	23.37	0.07	0.59	0.66	(0.11)	(1.19)	(1.30)	22.73	3.82%	1,947,695	0.64%	0.34%
9/30/18	19.78	0.06	4.45	4.51	(0.11)	(0.81)	(0.92)	23.37	23.49%	1,799,107	0.64%	0.30%
9/30/17	16.66	0.07	3.81	3.88	(0.10)	(0.66)	(0.76)	19.78	24.41%	1,081,072	0.65%	0.38%
Class R5
3/31/22r	$ 33.56	$ (0.03)	$ (1.44)	$ (1.47)	$ —	$ (6.32)	$ (6.32)	$ 25.77	(6.10%)b	$ 501,132	0.73%a	(0.21%)a
9/30/21	28.93	(0.08)	6.09	6.01	—	(1.38)	(1.38)	33.56	21.46%	616,307	0.73%	(0.25%)
9/30/20	22.69	(0.01)	7.58	7.57	(0.07)	(1.26)	(1.33)	28.93	34.84%	604,630	0.74%	(0.04%)
9/30/19	23.32	0.05	0.59	0.64	(0.08)	(1.19)	(1.27)	22.69	3.75%	456,222	0.74%	0.24%
9/30/18	19.75	0.04	4.43	4.47	(0.09)	(0.81)	(0.90)	23.32	23.31%	503,294	0.74%	0.19%
9/30/17	16.63	0.05	3.81	3.86	(0.08)	(0.66)	(0.74)	19.75	24.33%	443,867	0.75%	0.28%
Service Class
3/31/22r	$ 33.18	$ (0.04)	$ (1.42)	$ (1.46)	$ —	$ (6.32)	$ (6.32)	$ 25.40	(6.14%)b	$ 182,553	0.83%a	(0.30%)a
9/30/21	28.64	(0.11)	6.03	5.92	—	(1.38)	(1.38)	33.18	21.36%	207,565	0.83%	(0.35%)
9/30/20	22.47	(0.04)	7.51	7.47	(0.04)	(1.26)	(1.30)	28.64	34.72%	184,567	0.84%	(0.17%)
9/30/19	23.10	0.03	0.58	0.61	(0.05)	(1.19)	(1.24)	22.47	3.61%	114,021	0.84%	0.14%
9/30/18	19.57	0.02	4.39	4.41	(0.07)	(0.81)	(0.88)	23.10	23.21%	122,916	0.84%	0.09%
9/30/17	16.49	0.03	3.77	3.80	(0.06)	(0.66)	(0.72)	19.57	24.14%	133,658	0.85%	0.18%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	10%	20%	28%	25%	17%	27%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

230

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 32.58	$ (0.06)	$ (1.38)	$ (1.44)	$ —	$ (6.32)	$ (6.32)	$ 24.82	(6.20%)b	$ 251,931	0.93%a	(0.42%)a
9/30/21	28.18	(0.14)	5.92	5.78	—	(1.38)	(1.38)	32.58	21.21%	347,256	0.93%	(0.45%)
9/30/20	22.13	(0.06)	7.40	7.34	(0.03)	(1.26)	(1.29)	28.18	34.60%	388,847	0.94%	(0.24%)
9/30/19	22.78	0.01	0.57	0.58	(0.04)	(1.19)	(1.23)	22.13	3.51%	312,815	0.94%	0.04%
9/30/18	19.31	(0.00)d	4.33	4.33	(0.05)	(0.81)	(0.86)	22.78	23.08%	315,952	0.94%	(0.01%)
9/30/17	16.28	0.01	3.73	3.74	(0.05)	(0.66)	(0.71)	19.31	24.05%	257,730	0.95%	0.08%
Class A
3/31/22r	$ 30.82	$ (0.09)	$ (1.27)	$ (1.36)	$ —	$ (6.32)	$ (6.32)	$ 23.14	(6.30%)b	$ 117,677	1.18%a	(0.66%)a
9/30/21	26.79	(0.20)	5.61	5.41	—	(1.38)	(1.38)	30.82	20.91%	142,265	1.18%	(0.69%)
9/30/20	21.13	(0.11)	7.03	6.92	—	(1.26)	(1.26)	26.79	34.23%	202,794	1.18%	(0.48%)
9/30/19	21.82	(0.04)	0.54	0.50	—	(1.19)	(1.19)	21.13	3.27%	181,457	1.19%	(0.21%)
9/30/18	18.53	(0.05)	4.15	4.10	—	(0.81)	(0.81)	21.82	22.76%	198,284	1.19%	(0.26%)
9/30/17	15.65	(0.03)	3.58	3.55	(0.01)	(0.66)	(0.67)	18.53	23.73%	162,073	1.20%	(0.16%)
Class R4
3/31/22r	$ 30.82	$ (0.07)	$ (1.28)	$ (1.35)	$ —	$ (6.32)	$ (6.32)	$ 23.15	(6.27%)b	$ 107,258	1.08%a	(0.56%)a
9/30/21	26.76	(0.17)	5.61	5.44	—	(1.38)	(1.38)	30.82	21.05%	128,730	1.08%	(0.60%)
9/30/20	21.09	(0.09)	7.02	6.93	—	(1.26)	(1.26)	26.76	34.34%	121,843	1.09%	(0.38%)
9/30/19	21.78	(0.02)	0.54	0.52	(0.02)	(1.19)	(1.21)	21.09	3.38%	106,445	1.09%	(0.11%)
9/30/18	18.51	(0.03)	4.15	4.12	(0.04)	(0.81)	(0.85)	21.78	22.92%	107,811	1.09%	(0.16%)
9/30/17	15.66	(0.01)	3.57	3.56	(0.05)	(0.66)	(0.71)	18.51	23.81%	67,035	1.10%	(0.07%)
Class R3
3/31/22r	$ 28.32	$ (0.10)	$ (1.12)	$ (1.22)	$ —	$ (6.32)	$ (6.32)	$ 20.78	(6.37%)b	$ 45,184	1.33%a	(0.81%)a
9/30/21	24.76	(0.23)	5.17	4.94	—	(1.38)	(1.38)	28.32	20.72%	55,690	1.33%	(0.85%)
9/30/20	19.64	(0.13)	6.51	6.38	—	(1.26)	(1.26)	24.76	34.06%	60,548	1.33%	(0.62%)
9/30/19	20.41	(0.07)	0.49	0.42	—	(1.19)	(1.19)	19.64	3.10%	61,141	1.34%	(0.36%)
9/30/18	17.41	(0.08)	3.90	3.82	(0.01)	(0.81)	(0.82)	20.41	22.57%	60,560	1.34%	(0.41%)
9/30/17	14.78	(0.05)	3.37	3.32	(0.03)	(0.66)	(0.69)	17.41	23.59%	40,705	1.35%	(0.32%)

The accompanying notes are an integral part of the financial statements.

231

MassMutual Growth Opportunities Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 11.31	$ (0.02)	$ (1.94)	$ (1.96)	$ —	$ (2.48)	$ (2.48)	$ 6.87	(20.42%)b	$ 234,162	0.77%a	0.75%a	(0.55%)a
9/30/21	10.57	(0.06)	2.82	2.76	—	(2.02)	(2.02)	11.31	28.69%	304,938	0.76%	0.74%	(0.54%)
9/30/20	10.21	(0.02)	3.53	3.51	(0.06)	(3.09)	(3.15)	10.57	45.81%	248,333	0.77%	0.76%	(0.23%)
9/30/19	13.19	(0.03)	(0.29)aa	(0.32)	—	(2.66)	(2.66)	10.21	1.63%	168,427	0.76%	N/A	(0.24%)
9/30/18	11.97	(0.04)	2.81	2.77	—	(1.55)	(1.55)	13.19	25.79%	390,266	0.74%	N/A	(0.30%)
9/30/17	10.82	(0.02)	1.95	1.93	—	(0.78)	(0.78)	11.97	19.63%	378,731	0.74%	N/A	(0.18%)
Class R5
3/31/22r	$ 11.00	$ (0.03)	$ (1.86)	$ (1.89)	$ —	$ (2.48)	$ (2.48)	$ 6.63	(20.45%)b	$ 54,680	0.87%a	0.85%a	(0.65%)a
9/30/21	10.33	(0.07)	2.76	2.69	—	(2.02)	(2.02)	11.00	28.64%	82,696	0.86%	0.84%	(0.64%)
9/30/20	10.05	(0.03)	3.45	3.42	(0.05)	(3.09)	(3.14)	10.33	45.51%	112,882	0.87%	0.86%	(0.31%)
9/30/19	13.04	(0.04)	(0.29)aa	(0.33)	—	(2.66)	(2.66)	10.05	1.56%	127,577	0.86%	N/A	(0.36%)
9/30/18	11.87	(0.05)	2.77	2.72	—	(1.55)	(1.55)	13.04	25.58%	153,460	0.84%	N/A	(0.40%)
9/30/17	10.74	(0.03)	1.94	1.91	—	(0.78)	(0.78)	11.87	19.59%	185,795	0.84%	N/A	(0.28%)
Service Class
3/31/22r	$ 10.27	$ (0.03)	$ (1.72)	$ (1.75)	$ —	$ (2.48)	$ (2.48)	$ 6.04	(20.54%)b	$ 22,277	0.97%a	0.95%a	(0.75%)a
9/30/21	9.77	(0.07)	2.59	2.52	—	(2.02)	(2.02)	10.27	28.53%	30,819	0.96%	0.94%	(0.74%)
9/30/20	9.66	(0.03)	3.27	3.24	(0.04)	(3.09)	(3.13)	9.77	45.46%	31,955	0.97%	0.96%	(0.37%)
9/30/19	12.67	(0.05)	(0.30)aa	(0.35)	—	(2.66)	(2.66)	9.66	1.40%	73,129	0.96%	N/A	(0.47%)
9/30/18	11.58	(0.06)	2.70	2.64	—	(1.55)	(1.55)	12.67	25.52%	68,041	0.94%	N/A	(0.50%)
9/30/17	10.50	(0.04)	1.90	1.86	—	(0.78)	(0.78)	11.58	19.55%	74,058	0.94%	N/A	(0.38%)

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	16%	26%	47%	33%	28%	19%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

232

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 9.34	$ (0.03)	$ (1.53)	$ (1.56)	$ —	$ (2.48)	$ (2.48)	$ 5.30	(20.58%)b	$ 33,691	1.07%a	1.05%a	(0.85%)a
9/30/21	9.06	(0.08)	2.38	2.30	—	(2.02)	(2.02)	9.34	28.30%	51,978	1.06%	1.04%	(0.84%)
9/30/20	9.17	(0.04)	3.05	3.01	(0.03)	(3.09)	(3.12)	9.06	45.29%	57,076	1.07%	1.06%	(0.52%)
9/30/19	12.19	(0.05)	(0.31)aa	(0.36)	—	(2.66)	(2.66)	9.17	1.38%	48,666	1.06%	N/A	(0.56%)
9/30/18	11.21	(0.07)	2.60	2.53	—	(1.55)	(1.55)	12.19	25.36%	56,625	1.04%	N/A	(0.60%)
9/30/17	10.21	(0.05)	1.83	1.78	—	(0.78)	(0.78)	11.21	19.31%	89,663	1.04%	N/A	(0.48%)
Class A
3/31/22r	$ 7.60	$ (0.03)	$ (1.18)	$ (1.21)	$ —	$ (2.48)	$ (2.48)	$ 3.91	(20.74%)b	$ 24,511	1.32%a	1.30%a	(1.11%)a
9/30/21	7.72	(0.08)	1.98	1.90	—	(2.02)	(2.02)	7.60	27.99%	38,900	1.31%	1.29%	(1.09%)
9/30/20	8.24	(0.05)	2.63	2.58	(0.01)	(3.09)	(3.10)	7.72	44.93%	41,810	1.32%	1.31%	(0.77%)
9/30/19	11.30	(0.07)	(0.33)aa	(0.40)	—	(2.66)	(2.66)	8.24	1.06%	36,629	1.31%	N/A	(0.81%)
9/30/18	10.52	(0.09)	2.42	2.33	—	(1.55)	(1.55)	11.30	25.08%	49,746	1.29%	N/A	(0.85%)
9/30/17	9.65	(0.07)	1.72	1.65	—	(0.78)	(0.78)	10.52	19.07%	76,756	1.29%	N/A	(0.73%)
Class R4
3/31/22r	$ 7.76	$ (0.03)	$ (1.21)	$ (1.24)	$ —	$ (2.48)	$ (2.48)	$ 4.04	(20.68%)b	$ 2,201	1.22%a	1.20%a	(1.01%)a
9/30/21	7.84	(0.08)	2.02	1.94	—	(2.02)	(2.02)	7.76	28.08%	2,721	1.21%	1.19%	(0.99%)
9/30/20	8.32	(0.04)	2.66	2.62	(0.01)	(3.09)	(3.10)	7.84	45.05%	2,777	1.22%	1.21%	(0.60%)
9/30/19	11.37	(0.06)	(0.33)aa	(0.39)	—	(2.66)	(2.66)	8.32	1.17%	9,775	1.21%	N/A	(0.71%)
9/30/18	10.57	(0.08)	2.43	2.35	—	(1.55)	(1.55)	11.37	25.17%	16,920	1.19%	N/A	(0.75%)
9/30/17	9.68	(0.06)	1.73	1.67	—	(0.78)	(0.78)	10.57	19.22%	9,200	1.19%	N/A	(0.63%)
Class R3
3/31/22r	$ 5.90	$ (0.02)	$ (0.84)	$ (0.86)	$ —	$ (2.48)	$ (2.48)	$ 2.56	(20.72%)b	$ 2,100	1.47%a	1.45%a	(1.26%)a
9/30/21	6.40	(0.07)	1.59	1.52	—	(2.02)	(2.02)	5.90	27.84%	2,696	1.46%	1.44%	(1.24%)
9/30/20	7.33	(0.05)	2.21	2.16	(0.00)d	(3.09)	(3.09)	6.40	44.85%	984	1.47%	1.46%	(0.92%)
9/30/19	10.41	(0.07)	(0.35)aa	(0.42)	—	(2.66)	(2.66)	7.33	0.95%	925	1.46%	N/A	(0.97%)
9/30/18	9.82	(0.10)	2.24	2.14	—	(1.55)	(1.55)	10.41	24.93%	976	1.44%	N/A	(1.00%)
9/30/17	9.08	(0.08)	1.60	1.52	—	(0.78)	(0.78)	9.82	18.82%	1,035	1.44%	N/A	(0.88%)

The accompanying notes are an integral part of the financial statements.

233

MassMutual Mid Cap Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 15.11	$ 0.10	$ 1.04	$ 1.14	$ (0.16)	$ (3.46)	$ (3.62)	$ 12.63	8.48%b	$ 119,204	0.92%a	0.61%a	1.40%a
9/30/21	11.24	0.18	3.87	4.05	(0.18)	—	(0.18)	15.11	36.36%	114,786	0.93%	0.70%	1.28%
9/30/20	12.42	0.20	(1.15)	(0.95)	(0.23)	—	(0.23)	11.24	(7.88%)	97,457	1.00%	0.80%	1.75%
9/30/19	14.05	0.21	(0.11)aa	0.10	(0.16)	(1.57)	(1.73)	12.42	2.92%	93,413	1.00%	0.80%	1.73%
9/30/18	15.20	0.18	0.99	1.17	(0.21)	(2.11)	(2.32)	14.05	8.30%	91,004	0.98%	0.80%	1.28%
9/30/17	13.59	0.21	1.87	2.08	(0.21)	(0.26)	(0.47)	15.20	15.51%	81,793	0.92%	0.80%	1.46%
Class R5
3/31/22r	$ 15.28	$ 0.09	$ 1.05	$ 1.14	$ (0.14)	$ (3.46)	$ (3.60)	$ 12.82	8.32%b	$ 950	1.02%a	0.71%a	1.29%a
9/30/21	11.36	0.17	3.91	4.08	(0.16)	—	(0.16)	15.28	36.22%	1,001	1.03%	0.79%	1.18%
9/30/20	12.55	0.20	(1.17)	(0.97)	(0.22)	—	(0.22)	11.36	(7.96%)	843	1.10%	0.90%	1.67%
9/30/19	14.15	0.20	(0.10)aa	0.10	(0.13)	(1.57)	(1.70)	12.55	2.78%	1,332	1.10%	0.90%	1.68%
9/30/18	15.28	0.16	1.02	1.18	(0.20)	(2.11)	(2.31)	14.15	8.26%	949	1.08%	0.90%	1.10%
9/30/17	13.67	0.20	1.87	2.07	(0.20)	(0.26)	(0.46)	15.28	15.32%	7,290	1.02%	0.90%	1.34%
Service Class
3/31/22r	$ 15.16	$ 0.08	$ 1.05	$ 1.13	$ (0.13)	$ (3.46)	$ (3.59)	$ 12.70	8.31%b	$ 273	1.12%a	0.81%a	1.17%a
9/30/21	11.28	0.16	3.88	4.04	(0.16)	—	(0.16)	15.16	36.08%	569	1.13%	0.87%	1.07%
9/30/20	12.46	0.18	(1.16)	(0.98)	(0.20)	—	(0.20)	11.28	(8.05%)	203	1.20%	1.00%	1.55%
9/30/19	14.09	0.18	(0.10)aa	0.08	(0.14)	(1.57)	(1.71)	12.46	2.73%	215	1.20%	1.00%	1.53%
9/30/18	15.24	0.17	0.97	1.14	(0.18)	(2.11)	(2.29)	14.09	8.03%	255	1.18%	1.00%	1.14%
9/30/17	13.62	0.19	1.87	2.06	(0.18)	(0.26)	(0.44)	15.24	15.29%	1,998	1.12%	1.00%	1.29%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	97%	134%	74%	54%	98%	88%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

234

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 15.46	$ 0.08	$ 1.07	$ 1.15	$ (0.10)	$ (3.46)	$ (3.56)	$ 13.05	8.30%b	$ 1,005	1.22%a	0.91%a	1.09%a
9/30/21	11.50	0.14	3.97	4.11	(0.15)	—	(0.15)	15.46	35.93%	1,124	1.23%	1.00%	0.98%
9/30/20	12.71	0.17	(1.19)	(1.02)	(0.19)	—	(0.19)	11.50	(8.19%)	873	1.30%	1.10%	1.46%
9/30/19	14.32	0.18	(0.10)aa	0.08	(0.12)	(1.57)	(1.69)	12.71	2.62%	889	1.30%	1.10%	1.44%
9/30/18	15.43	0.14	1.03	1.17	(0.17)	(2.11)	(2.28)	14.32	8.08%	888	1.28%	1.10%	0.97%
9/30/17	13.81	0.17	1.90	2.07	(0.19)	(0.26)	(0.45)	15.43	15.15%	811	1.22%	1.10%	1.14%
Class A
3/31/22r	$ 15.13	$ 0.06	$ 1.05	$ 1.11	$ —	$ (3.46)	$ (3.46)	$ 12.78	8.15%b	$ 1,474	1.47%a	1.16%a	0.85%a
9/30/21	11.27	0.10	3.88	3.98	(0.12)	—	(0.12)	15.13	35.51%	1,544	1.48%	1.26%	0.73%
9/30/20	12.47	0.14	(1.17)	(1.03)	(0.17)	—	(0.17)	11.27	(8.41%)	3,071	1.55%	1.35%	1.23%
9/30/19	14.07	0.14	(0.09)aa	0.05	(0.08)	(1.57)	(1.65)	12.47	2.41%	2,788	1.55%	1.35%	1.18%
9/30/18	15.21	0.10	1.00	1.10	(0.13)	(2.11)	(2.24)	14.07	7.73%	2,464	1.53%	1.35%	0.73%
9/30/17	13.61	0.13	1.87	2.00	(0.14)	(0.26)	(0.40)	15.21	14.83%	2,178	1.47%	1.35%	0.90%
Class R4
3/31/22r	$ 14.96	$ 0.07	$ 1.03	$ 1.10	$ (0.03)	$ (3.46)	$ (3.49)	$ 12.57	8.20%b	$ 293	1.37%a	1.06%a	0.97%a
9/30/21	11.14	0.11	3.84	3.95	(0.13)	—	(0.13)	14.96	35.64%	276	1.38%	1.20%	0.81%
9/30/20	12.31	0.15	(1.14)	(0.99)	(0.18)	—	(0.18)	11.14	(8.27%)	934	1.45%	1.25%	1.29%
9/30/19	13.97	0.16	(0.11)aa	0.05	(0.14)	(1.57)	(1.71)	12.31	2.48%	1,050	1.45%	1.25%	1.36%
9/30/18	15.11	0.13	0.99	1.12	(0.15)	(2.11)	(2.26)	13.97	7.89%	307	1.43%	1.25%	0.90%
9/30/17	13.54	0.14	1.85	1.99	(0.16)	(0.26)	(0.42)	15.11	14.90%	130	1.37%	1.25%	0.98%
Class R3
3/31/22r	$ 14.92	$ 0.05	$ 1.03	$ 1.08	$ —	$ (3.46)	$ (3.46)	$ 12.54	8.04%b	$ 133	1.62%a	1.31%a	0.69%a
9/30/21	11.10	0.07	3.84	3.91	(0.09)	—	(0.09)	14.92	35.39%	144	1.63%	1.42%	0.52%
9/30/20	12.28	0.12	(1.15)	(1.03)	(0.15)	—	(0.15)	11.10	(8.53%)	381	1.70%	1.50%	1.05%
9/30/19	13.90	0.13	(0.11)aa	0.02	(0.07)	(1.57)	(1.64)	12.28	2.19%	503	1.70%	1.50%	1.06%
9/30/18	15.06	0.08	1.00	1.08	(0.13)	(2.11)	(2.24)	13.90	7.66%	383	1.68%	1.50%	0.57%
9/30/17	13.48	0.12	1.84	1.96	(0.12)	(0.26)	(0.38)	15.06	14.70%	333	1.62%	1.50%	0.80%

The accompanying notes are an integral part of the financial statements.

235

MassMutual Small Cap Value Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 13.05	$ 0.01	$ 0.64	$ 0.65	$ —	$ (3.12)	$ (3.12)	$ 10.58	5.27%b	$ 36,654	1.12%a	N/A	0.14%a
9/30/21	8.72	0.00d	4.68	4.68	—	(0.35)	(0.35)	13.05	54.27%	37,021	1.03%	N/A	0.04%
9/30/20	11.17	0.02	(1.39)	(1.37)	(0.03)	(1.05)	(1.08)	8.72	(14.27%)	51,492	1.05%	N/A	0.22%
9/30/19	18.11	0.05	(2.20)	(2.15)	(0.06)	(4.73)	(4.79)	11.17	(8.20%)	47,894	0.97%	0.93%	0.44%
9/30/18	18.07	0.06	2.07	2.13	(0.09)	(2.00)	(2.09)	18.11	12.92%	51,328	0.89%	0.80%	0.32%
9/30/17	16.19	0.09	2.76	2.85	(0.08)	(0.89)	(0.97)	18.07	17.90%	113,321	0.86%	0.80%	0.55%
Class R5
3/31/22r	$ 13.07	$ 0.00d	$ 0.64	$ 0.64	$ —	$ (3.12)	$ (3.12)	$ 10.59	5.16%b	$ 9,168	1.22%a	N/A	0.01%a
9/30/21	8.74	(0.01)	4.69	4.68	—	(0.35)	(0.35)	13.07	54.14%	11,028	1.13%	N/A	(0.07%)
9/30/20	11.19	0.01	(1.40)	(1.39)	(0.01)	(1.05)	(1.06)	8.74	(14.38%)	10,194	1.15%	N/A	0.11%
9/30/19	18.12	0.04	(2.20)	(2.16)	(0.04)	(4.73)	(4.77)	11.19	(8.26%)	16,680	1.07%	1.01%	0.31%
9/30/18	18.08	0.04	2.08	2.12	(0.08)	(2.00)	(2.08)	18.12	12.80%	42,389	0.99%	0.90%	0.24%
9/30/17	16.20	0.08	2.75	2.83	(0.06)	(0.89)	(0.95)	18.08	17.76%	43,715	0.96%	0.90%	0.44%
Service Class
3/31/22r	$ 13.13	$ (0.00)d,bb	$ 0.64	$ 0.64	$ —	$ (3.12)	$ (3.12)	$ 10.65	5.13%b	$ 3,024	1.32%a	N/A	(0.07%)a
9/30/21	8.79	(0.02)	4.71	4.69	—	(0.35)	(0.35)	13.13	53.95%	3,143	1.23%	N/A	(0.15%)
9/30/20	11.24	0.00d	(1.40)	(1.40)	(0.00)d	(1.05)	(1.05)	8.79	(14.38%)	2,572	1.25%	N/A	0.02%
9/30/19	18.15	0.03	(2.20)	(2.17)	(0.01)	(4.73)	(4.74)	11.24	(8.39%)	4,730	1.17%	1.12%	0.23%
9/30/18	18.11	0.02	2.08	2.10	(0.06)	(2.00)	(2.06)	18.15	12.66%	5,773	1.09%	1.00%	0.14%
9/30/17	16.22	0.06	2.77	2.83	(0.05)	(0.89)	(0.94)	18.11	17.71%	8,940	1.06%	1.00%	0.34%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	25%	23%	77%	30%	24%	21%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

bb The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

The accompanying notes are an integral part of the financial statements.

236

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 12.99	$ (0.01)bb	$ 0.63	$ 0.62	$ —	$ (3.12)	$ (3.12)	$ 10.49	5.02%b	$ 2,659	1.42%a	N/A	(0.17%)a
9/30/21	8.70	(0.03)	4.67	4.64	—	(0.35)	(0.35)	12.99	53.93%	2,550	1.33%	N/A	(0.25%)
9/30/20	11.16	(0.01)	(1.40)	(1.41)	—	(1.05)	(1.05)	8.70	(14.58%)	3,126	1.35%	N/A	(0.08%)
9/30/19	18.07	0.02	(2.19)	(2.17)	(0.01)	(4.73)	(4.74)	11.16	(8.45%)	3,240	1.27%	1.22%	0.13%
9/30/18	18.00	(0.00)d	2.07	2.07	(0.00)d	(2.00)	(2.00)	18.07	12.57%	5,162	1.19%	1.10%	(0.01%)
9/30/17	16.15	0.04	2.75	2.79	(0.05)	(0.89)	(0.94)	18.00	17.57%	8,977	1.16%	1.10%	0.26%
Class A
3/31/22r	$ 12.73	$ (0.02)bb	$ 0.62	$ 0.60	$ —	$ (3.12)	$ (3.12)	$ 10.21	4.97%b	$ 5,580	1.67%a	N/A	(0.43%)a
9/30/21	8.56	(0.06)	4.58	4.52	—	(0.35)	(0.35)	12.73	53.40%	6,375	1.58%	N/A	(0.50%)
9/30/20	11.01	(0.03)	(1.37)	(1.40)	—	(1.05)	(1.05)	8.56	(14.70%)	4,715	1.60%	N/A	(0.34%)
9/30/19	17.93	(0.01)	(2.18)	(2.19)	—	(4.73)	(4.73)	11.01	(8.68%)	7,990	1.52%	1.47%	(0.11%)
9/30/18	17.92	(0.03)	2.04	2.01	(0.00)d	(2.00)	(2.00)	17.93	12.26%	11,623	1.44%	1.35%	(0.20%)
9/30/17	16.08	0.00d	2.73	2.73	(0.00)d	(0.89)	(0.89)	17.92	17.25%	10,493	1.41%	1.35%	0.01%
Class R4
3/31/22r	$ 12.65	$ (0.02)bb	$ 0.62	$ 0.60	$ —	$ (3.12)	$ (3.12)	$ 10.13	4.98%b	$ 1,459	1.57%a	N/A	(0.32%)a
9/30/21	8.50	(0.05)	4.55	4.50	—	(0.35)	(0.35)	12.65	53.54%	1,492	1.48%	N/A	(0.41%)
9/30/20	10.93	(0.02)	(1.36)	(1.38)	—	(1.05)	(1.05)	8.50	(14.62%)	2,332	1.50%	N/A	(0.24%)
9/30/19	17.83	(0.00)d	(2.17)	(2.17)	—	(4.73)	(4.73)	10.93	(8.59%)	4,301	1.42%	1.38%	(0.00%)e
9/30/18	17.85	(0.01)	2.03	2.02	(0.04)	(2.00)	(2.04)	17.83	12.37%	3,350	1.34%	1.25%	(0.08%)
9/30/17	16.01	0.01	2.73	2.74	(0.01)	(0.89)	(0.90)	17.85	17.42%	2,491	1.31%	1.25%	0.07%
Class R3
3/31/22r	$ 12.49	$ (0.03)bb	$ 0.61	$ 0.58	$ —	$ (3.12)	$ (3.12)	$ 9.95	4.89%b	$ 792	1.82%a	N/A	(0.57%)a
9/30/21	8.41	(0.08)	4.51	4.43	—	(0.35)	(0.35)	12.49	53.27%	695	1.73%	N/A	(0.66%)
9/30/20	10.86	(0.04)	(1.36)	(1.40)	—	(1.05)	(1.05)	8.41	(14.92%)	748	1.75%	N/A	(0.47%)
9/30/19	17.79	(0.03)	(2.17)	(2.20)	—	(4.73)	(4.73)	10.86	(8.84%)	856	1.67%	1.61%	(0.27%)
9/30/18	17.81	(0.06)	2.04	1.98	—	(2.00)	(2.00)	17.79	12.14%	1,544	1.59%	1.50%	(0.34%)
9/30/17	16.00	(0.03)	2.73	2.70	—	(0.89)	(0.89)	17.81	17.14%	1,214	1.56%	1.50%	(0.18%)

The accompanying notes are an integral part of the financial statements.

237

MassMutual Small Company Value Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 12.69	$ 0.05	$ 0.02aa	$ 0.07	$ (0.04)	$ (1.72)	$ (1.76)	$ 11.00	0.27%b	$ 172,194	0.94%a	0.86%a	0.81%a
9/30/21	7.36	0.05	5.35	5.40	(0.07)	—	(0.07)	12.69	73.67%	179,847	0.96%	0.94%	0.48%
9/30/20	9.22	0.05	(1.41)	(1.36)	(0.07)	(0.43)	(0.50)	7.36	(15.96%)	86,121	1.00%	N/A	0.67%
9/30/19	12.04	0.07	(1.28)	(1.21)	(0.04)	(1.57)	(1.61)	9.22	(8.59%)	95,423	0.98%	0.98%k	0.73%
9/30/18	13.45	0.06	0.93	0.99	(0.09)	(2.31)	(2.40)	12.04	8.45%	103,334	0.95%	0.93%	0.47%
9/30/17	11.30	0.09	2.27	2.36	(0.13)	(0.08)	(0.21)	13.45	20.96%	112,070	0.95%	0.93%	0.72%
Class R5
3/31/22r	$ 12.78	$ 0.04	$ 0.02aa	$ 0.06	$ (0.02)	$ (1.72)	$ (1.74)	$ 11.10	0.25%b	$ 58,761	1.04%a	0.96%a	0.71%a
9/30/21	7.42	0.05	5.37	5.42	(0.06)	—	(0.06)	12.78	73.32%	65,854	1.06%	1.04%	0.40%
9/30/20	9.28	0.04	(1.41)	(1.37)	(0.06)	(0.43)	(0.49)	7.42	(15.95%)	48,006	1.10%	N/A	0.55%
9/30/19	12.10	0.06	(1.28)	(1.22)	(0.03)	(1.57)	(1.60)	9.28	(8.67%)	78,145	1.08%	1.08%k	0.64%
9/30/18	13.50	0.04	0.95	0.99	(0.08)	(2.31)	(2.39)	12.10	8.35%	74,247	1.05%	1.03%	0.37%
9/30/17	11.35	0.08	2.27	2.35	(0.12)	(0.08)	(0.20)	13.50	20.77%	84,951	1.05%	1.03%	0.63%
Service Class
3/31/22r	$ 12.69	$ 0.04	$ 0.02aa	$ 0.06	$ (0.01)	$ (1.72)	$ (1.73)	$ 11.02	0.24%b	$ 8,801	1.14%a	1.06%a	0.61%a
9/30/21	7.37	0.03	5.34	5.37	(0.05)	—	(0.05)	12.69	73.14%	8,737	1.16%	1.14%	0.28%
9/30/20	9.23	0.04	(1.42)	(1.38)	(0.05)	(0.43)	(0.48)	7.37	(16.11%)	4,281	1.20%	N/A	0.44%
9/30/19	12.03	0.05	(1.27)	(1.22)	(0.01)	(1.57)	(1.58)	9.23	(8.70%)	6,847	1.18%	1.18%k	0.52%
9/30/18	13.43	0.03	0.94	0.97	(0.06)	(2.31)	(2.37)	12.03	8.25%	8,664	1.15%	1.13%	0.27%
9/30/17	11.29	0.06	2.26	2.32	(0.10)	(0.08)	(0.18)	13.43	20.65%	12,810	1.15%	1.13%	0.50%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	22%	66%	57%	146%	65%	57%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

238

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 12.38	$ 0.03	$ 0.02aa	$ 0.05	$ —	$ (1.72)	$ (1.72)	$ 10.71	0.13%b	$ 13,055	1.24%a	1.16%a	0.51%a
9/30/21	7.19	0.02	5.22	5.24	(0.05)	—	(0.05)	12.38	73.10%	14,862	1.26%	1.24%	0.20%
9/30/20	9.01	0.03	(1.38)	(1.35)	(0.04)	(0.43)	(0.47)	7.19	(16.15%)	12,971	1.30%	N/A	0.36%
9/30/19	11.80	0.04	(1.26)	(1.22)	(0.00)d	(1.57)	(1.57)	9.01	(8.88%)	11,363	1.28%	1.28%k	0.42%
9/30/18	13.22	0.02	0.92	0.94	(0.05)	(2.31)	(2.36)	11.80	8.14%	14,411	1.25%	1.23%	0.17%
9/30/17	11.12	0.05	2.23	2.28	(0.10)	(0.08)	(0.18)	13.22	20.53%	14,943	1.25%	1.23%	0.41%
Class A
3/31/22r	$ 11.83	$ 0.01	$ 0.03aa	$ 0.04	$ —	$ (1.72)	$ (1.72)	$ 10.15	0.06%b	$ 13,652	1.49%a	1.41%a	0.26%a
9/30/21	6.87	(0.01)	4.99	4.98	(0.02)	—	(0.02)	11.83	72.61%	13,826	1.51%	1.49%	(0.06%)
9/30/20	8.64	0.01	(1.33)	(1.32)	(0.02)	(0.43)	(0.45)	6.87	(16.45%)	10,694	1.55%	N/A	0.11%
9/30/19	11.40	0.01	(1.20)	(1.19)	—	(1.57)	(1.57)	8.64	(9.03%)	16,723	1.53%	1.53%k	0.17%
9/30/18	12.85	(0.01)	0.89	0.88	(0.02)	(2.31)	(2.33)	11.40	7.84%	21,061	1.50%	1.48%	(0.08%)
9/30/17	10.80	0.02	2.17	2.19	(0.06)	(0.08)	(0.14)	12.85	20.31%	23,325	1.50%	1.48%	0.15%
Class R4
3/31/22r	$ 11.65	$ 0.02	$ 0.02aa	$ 0.04	$ —	$ (1.72)	$ (1.72)	$ 9.97	0.05%b	$ 803	1.39%a	1.31%a	0.37%a
9/30/21	6.78	0.00d	4.91	4.91	(0.04)	—	(0.04)	11.65	72.68%	780	1.41%	1.40%	0.02%
9/30/20	8.52	0.02	(1.30)	(1.28)	(0.03)	(0.43)	(0.46)	6.78	(16.25%)	882	1.45%	N/A	0.28%
9/30/19	11.26	0.02	(1.19)	(1.17)	(0.00)d	(1.57)	(1.57)	8.52	(8.96%)	541	1.43%	1.43%k	0.27%
9/30/18	12.73	0.00d	0.88	0.88	(0.04)	(2.31)	(2.35)	11.26	7.95%	663	1.40%	1.38%	0.02%
9/30/17	10.74	0.03	2.15	2.18	(0.11)	(0.08)	(0.19)	12.73	20.33%	525	1.40%	1.38%	0.28%
Class R3
3/31/22r	$ 10.73	$ 0.01	$ 0.02aa	$ 0.03	$ —	$ (1.72)	$ (1.72)	$ 9.04	(0.05%)b	$ 410	1.64%a	1.56%a	0.12%a
9/30/21	6.23	(0.02)	4.52	4.50	—	—	—	10.73	72.23%	359	1.66%	1.64%	(0.23%)
9/30/20	7.86	(0.00)d	(1.20)	(1.20)	(0.00)d	(0.43)	(0.43)	6.23	(16.47%)	151	1.70%	N/A	(0.04%)
9/30/19	10.57	0.00d	(1.14)	(1.14)	—	(1.57)	(1.57)	7.86	(9.30%)	422	1.68%	1.68%k	0.04%
9/30/18	12.09	(0.02)	0.83	0.81	(0.02)	(2.31)	(2.33)	10.57	7.76%	418	1.65%	1.63%	(0.19%)
9/30/17	10.19	(0.00)d	2.05	2.05	(0.07)	(0.08)	(0.15)	12.09	20.14%	180	1.65%	1.63%	(0.03%)

The accompanying notes are an integral part of the financial statements.

239

MM S&P Mid Cap Index Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 17.27	$ 0.07	$ 0.41	$ 0.48	$ (0.22)	$ (1.77)	$ (1.99)	$ 15.76	2.67%b	$ 107,927	0.17%a	N/A	0.84%a
9/30/21	12.92	0.23	5.18	5.41	(0.19)	(0.87)	(1.06)	17.27	43.51%	125,905	0.18%	N/A	1.40%
9/30/20	13.76	0.18	(0.46)	(0.28)	(0.20)	(0.36)	(0.56)	12.92	(2.34%)	83,944	0.18%	N/A	1.38%
9/30/19	15.27	0.20	(0.75)	(0.55)	(0.22)	(0.74)	(0.96)	13.76	(2.62%)	81,697	0.18%	0.18%n	1.48%
9/30/18	14.31	0.21	1.72	1.93	(0.17)	(0.80)	(0.97)	15.27	14.06%	64,388	0.16%	0.16%n	1.43%
9/30/17	13.56	0.17	2.02	2.19	(0.22)	(1.22)	(1.44)	14.31	17.06%	48,408	0.18%	0.18%n	1.22%
Class R5
3/31/22r	$ 17.21	$ 0.06	$ 0.41	$ 0.47	$ (0.20)	$ (1.77)	$ (1.97)	$ 15.71	2.57%b	$ 34,280	0.27%a	N/A	0.76%a
9/30/21	12.88	0.21	5.17	5.38	(0.18)	(0.87)	(1.05)	17.21	43.33%	34,037	0.28%	N/A	1.28%
9/30/20	13.71	0.16	(0.44)	(0.28)	(0.19)	(0.36)	(0.55)	12.88	(2.34%)	22,832	0.28%	N/A	1.28%
9/30/19	15.22	0.19	(0.76)	(0.57)	(0.20)	(0.74)	(0.94)	13.71	(2.77%)	32,207	0.28%	0.28%n	1.41%
9/30/18	14.26	0.19	1.73	1.92	(0.16)	(0.80)	(0.96)	15.22	13.99%	22,023	0.26%	0.26%n	1.31%
9/30/17	13.52	0.15	2.02	2.17	(0.21)	(1.22)	(1.43)	14.26	16.94%	25,668	0.28%	0.28%n	1.13%
Service Class
3/31/22r	$ 17.10	$ 0.05	$ 0.40	$ 0.45	$ (0.17)	$ (1.77)	$ (1.94)	$ 15.61	2.53%b	$ 19,945	0.42%a	N/A	0.58%a
9/30/21	12.81	0.18	5.14	5.32	(0.16)	(0.87)	(1.03)	17.10	43.09%	21,699	0.43%	N/A	1.11%
9/30/20	13.64	0.14	(0.45)	(0.31)	(0.16)	(0.36)	(0.52)	12.81	(2.55%)	19,643	0.43%	N/A	1.13%
9/30/19	15.14	0.16	(0.74)	(0.58)	(0.18)	(0.74)	(0.92)	13.64	(2.87%)	21,397	0.43%	0.43%n	1.22%
9/30/18	14.19	0.17	1.72	1.89	(0.14)	(0.80)	(0.94)	15.14	13.82%	27,225	0.41%	0.41%n	1.18%
9/30/17	13.46	0.13	2.01	2.14	(0.19)	(1.22)	(1.41)	14.19	16.78%	25,968	0.43%	0.43%n	0.99%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	7%	16%	18%	15%	13%	33%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

240

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 17.09	$ 0.03	$ 0.42	$ 0.45	$ (0.13)	$ (1.77)	$ (1.90)	$ 15.64	2.48%b	$ 33,456	0.52%a	N/A	0.40%a
9/30/21	12.80	0.17	5.14	5.31	(0.15)	(0.87)	(1.02)	17.09	42.96%	50,348	0.53%	N/A	1.04%
9/30/20	13.63	0.13	(0.45)	(0.32)	(0.15)	(0.36)	(0.51)	12.80	(2.63%)	42,109	0.53%	N/A	1.03%
9/30/19	15.13	0.15	(0.75)	(0.60)	(0.16)	(0.74)	(0.90)	13.63	(3.00%)	54,062	0.53%	0.53%n	1.12%
9/30/18	14.19	0.16	1.70	1.86	(0.12)	(0.80)	(0.92)	15.13	13.64%	66,044	0.51%	0.51%n	1.07%
9/30/17	13.45	0.12	2.01	2.13	(0.17)	(1.22)	(1.39)	14.19	16.73%	60,979	0.53%	0.53%n	0.90%
Class A
3/31/22r	$ 17.06	$ 0.02	$ 0.40	$ 0.42	$ (0.09)	$ (1.77)	$ (1.86)	$ 15.62	2.36%b	$ 24,344	0.77%a	N/A	0.21%a
9/30/21	12.77	0.12	5.14	5.26	(0.10)	(0.87)	(0.97)	17.06	42.61%	29,885	0.78%	N/A	0.76%
9/30/20	13.60	0.10	(0.45)	(0.35)	(0.12)	(0.36)	(0.48)	12.77	(2.86%)	30,053	0.78%	N/A	0.78%
9/30/19	15.09	0.12	(0.74)	(0.62)	(0.13)	(0.74)	(0.87)	13.60	(3.24%)	36,013	0.78%	0.78%n	0.88%
9/30/18	14.14	0.12	1.71	1.83	(0.08)	(0.80)	(0.88)	15.09	13.42%	36,885	0.76%	0.76%n	0.83%
9/30/17	13.42	0.09	1.99	2.08	(0.14)	(1.22)	(1.36)	14.14	16.34%	33,142	0.78%	0.78%n	0.65%
Class R4
3/31/22r	$ 16.96	$ 0.03	$ 0.39	$ 0.42	$ (0.12)	$ (1.77)	$ (1.89)	$ 15.49	2.38%b	$ 66,176	0.67%a	N/A	0.34%a
9/30/21	12.70	0.14	5.11	5.25	(0.12)	(0.87)	(0.99)	16.96	42.84%	78,753	0.68%	N/A	0.87%
9/30/20	13.53	0.11	(0.46)	(0.35)	(0.12)	(0.36)	(0.48)	12.70	(2.84%)	77,572	0.68%	N/A	0.88%
9/30/19	15.02	0.13	(0.74)	(0.61)	(0.14)	(0.74)	(0.88)	13.53	(3.13%)	109,915	0.68%	0.68%n	0.97%
9/30/18	14.10	0.13	1.70	1.83	(0.11)	(0.80)	(0.91)	15.02	13.51%	137,402	0.66%	0.66%n	0.92%
9/30/17	13.39	0.10	2.00	2.10	(0.17)	(1.22)	(1.39)	14.10	16.52%	130,620	0.68%	0.68%n	0.76%
Class R3
3/31/22r	$ 16.86	$ 0.01	$ 0.39	$ 0.40	$ (0.08)	$ (1.77)	$ (1.85)	$ 15.41	2.26%b	$ 93,858	0.92%a	N/A	0.09%a
9/30/21	12.63	0.10	5.09	5.19	(0.09)	(0.87)	(0.96)	16.86	42.50%	115,765	0.93%	N/A	0.64%
9/30/20	13.46	0.08	(0.46)	(0.38)	(0.09)	(0.36)	(0.45)	12.63	(3.07%)	97,782	0.93%	N/A	0.63%
9/30/19	14.94	0.10	(0.74)	(0.64)	(0.10)	(0.74)	(0.84)	13.46	(3.38%)	127,756	0.93%	0.93%n	0.72%
9/30/18	14.04	0.10	1.69	1.79	(0.09)	(0.80)	(0.89)	14.94	13.20%	153,657	0.91%	0.91%n	0.67%
9/30/17	13.35	0.07	1.98	2.05	(0.14)	(1.22)	(1.36)	14.04	16.22%	144,122	0.93%	0.93%n	0.51%

The accompanying notes are an integral part of the financial statements.

241

MM Russell 2000 Small Cap Index Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 16.27	$ 0.08	$ (0.90)	$ (0.82)	$ (0.16)	$ (2.77)	$ (2.93)	$ 12.52	(5.67%)b	$ 78,801	0.23%a	N/A	1.16%a
9/30/21	11.60	0.14	5.25	5.39	(0.16)	(0.56)	(0.72)	16.27	47.46%	98,933	0.22%	N/A	0.88%
9/30/20	12.32	0.14	(0.04)	0.10	(0.20)	(0.62)	(0.82)	11.60	0.29%	75,987	0.23%	0.22%	1.18%
9/30/19	14.72	0.17	(1.60)	(1.43)	(0.15)	(0.82)	(0.97)	12.32	(8.94%)	74,592	0.21%	0.20%	1.34%
9/30/18	14.16	0.17	1.81	1.98	(0.18)	(1.24)	(1.42)	14.72	15.17%	68,359	0.20%	0.20%n	1.24%
9/30/17	12.57	0.17	2.34	2.51	(0.19)	(0.73)	(0.92)	14.16	20.64%	49,853	0.22%	0.20%	1.28%
Class R5
3/31/22r	$ 16.25	$ 0.07	$ (0.89)	$ (0.82)	$ (0.14)	$ (2.77)	$ (2.91)	$ 12.52	(5.73%)b	$ 17,597	0.33%a	N/A	1.06%a
9/30/21	11.59	0.12	5.25	5.37	(0.15)	(0.56)	(0.71)	16.25	47.29%	19,313	0.32%	N/A	0.78%
9/30/20	12.31	0.12	(0.03)	0.09	(0.19)	(0.62)	(0.81)	11.59	0.18%	14,076	0.33%	0.32%	1.08%
9/30/19	14.71	0.15	(1.60)	(1.45)	(0.13)	(0.82)	(0.95)	12.31	(9.06%)	15,613	0.31%	0.30%	1.23%
9/30/18	14.15	0.16	1.81	1.97	(0.17)	(1.24)	(1.41)	14.71	15.07%	22,393	0.30%	0.30%n	1.13%
9/30/17	12.56	0.15	2.35	2.50	(0.18)	(0.73)	(0.91)	14.15	20.57%	16,566	0.32%	0.30%	1.18%
Service Class
3/31/22r	$ 16.10	$ 0.06	$ (0.88)	$ (0.82)	$ (0.12)	$ (2.77)	$ (2.89)	$ 12.39	(5.74%)b	$ 10,356	0.48%a	N/A	0.89%a
9/30/21	11.49	0.10	5.20	5.30	(0.13)	(0.56)	(0.69)	16.10	47.09%	13,433	0.47%	N/A	0.63%
9/30/20	12.21	0.11	(0.04)	0.07	(0.17)	(0.62)	(0.79)	11.49	0.01%	8,863	0.48%	0.47%	0.94%
9/30/19	14.58	0.13	(1.58)	(1.45)	(0.10)	(0.82)	(0.92)	12.21	(9.15%)	9,013	0.46%	0.45%	1.06%
9/30/18	14.04	0.14	1.78	1.92	(0.14)	(1.24)	(1.38)	14.58	14.86%	19,285	0.45%	0.45%n	0.98%
9/30/17	12.48	0.13	2.32	2.45	(0.16)	(0.73)	(0.89)	14.04	20.33%	19,390	0.47%	0.45%	1.03%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	4%	23%	17%	16%	20%	38%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

242

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 16.12	$ 0.06	$ (0.89)	$ (0.83)	$ (0.07)	$ (2.77)	$ (2.84)	$ 12.45	(5.75%)b	$ 23,599	0.58%a	N/A	0.80%a
9/30/21	11.50	0.08	5.22	5.30	(0.12)	(0.56)	(0.68)	16.12	46.99%	45,888	0.57%	N/A	0.53%
9/30/20	12.23	0.10	(0.05)	0.05	(0.16)	(0.62)	(0.78)	11.50	(0.13%)	44,134	0.58%	0.57%	0.83%
9/30/19	14.61	0.12	(1.58)	(1.46)	(0.10)	(0.82)	(0.92)	12.23	(9.27%)	50,106	0.56%	0.55%	0.99%
9/30/18	14.06	0.12	1.80	1.92	(0.13)	(1.24)	(1.37)	14.61	14.80%	53,624	0.55%	0.55%n	0.87%
9/30/17	12.50	0.12	2.32	2.44	(0.15)	(0.73)	(0.88)	14.06	20.16%	52,240	0.57%	0.55%	0.93%
Class A
3/31/22r	$ 16.00	$ 0.04	$ (0.88)	$ (0.84)	$ (0.04)	$ (2.77)	$ (2.81)	$ 12.35	(5.90%)b	$ 14,350	0.83%a	N/A	0.55%a
9/30/21	11.42	0.04	5.18	5.22	(0.08)	(0.56)	(0.64)	16.00	46.55%	19,825	0.82%	N/A	0.28%
9/30/20	12.15	0.07	(0.05)	0.02	(0.13)	(0.62)	(0.75)	11.42	(0.37%)	19,730	0.83%	0.82%	0.58%
9/30/19	14.51	0.09	(1.56)	(1.47)	(0.07)	(0.82)	(0.89)	12.15	(9.45%)	23,469	0.81%	0.80%	0.74%
9/30/18	13.97	0.09	1.79	1.88	(0.10)	(1.24)	(1.34)	14.51	14.52%	29,287	0.80%	0.80%n	0.63%
9/30/17	12.43	0.09	2.30	2.39	(0.12)	(0.73)	(0.85)	13.97	19.85%	23,317	0.82%	0.80%	0.68%
Class R4
3/31/22r	$ 15.93	$ 0.05	$ (0.88)	$ (0.83)	$ (0.07)	$ (2.77)	$ (2.84)	$ 12.26	(5.86%)b	$ 36,069	0.73%a	N/A	0.65%a
9/30/21	11.38	0.06	5.15	5.21	(0.10)	(0.56)	(0.66)	15.93	46.67%	53,581	0.72%	N/A	0.38%
9/30/20	12.10	0.08	(0.05)	0.03	(0.13)	(0.62)	(0.75)	11.38	(0.25%)	50,001	0.73%	0.72%	0.68%
9/30/19	14.46	0.10	(1.56)	(1.46)	(0.08)	(0.82)	(0.90)	12.10	(9.38%)	60,168	0.71%	0.70%	0.84%
9/30/18	13.94	0.10	1.78	1.88	(0.12)	(1.24)	(1.36)	14.46	14.60%	74,670	0.70%	0.70%n	0.73%
9/30/17	12.40	0.10	2.31	2.41	(0.14)	(0.73)	(0.87)	13.94	20.08%	63,118	0.72%	0.70%	0.76%
Class R3
3/31/22r	$ 15.83	$ 0.03	$ (0.88)	$ (0.85)	$ (0.03)	$ (2.77)	$ (2.80)	$ 12.18	(6.03%)b	$ 42,210	0.98%a	N/A	0.40%a
9/30/21	11.31	0.02	5.13	5.15	(0.07)	(0.56)	(0.63)	15.83	46.38%	55,942	0.97%	N/A	0.13%
9/30/20	12.03	0.05	(0.05)	0.00d	(0.10)	(0.62)	(0.72)	11.31	(0.50%)	46,256	0.98%	0.97%	0.43%
9/30/19	14.38	0.07	(1.56)	(1.49)	(0.04)	(0.82)	(0.86)	12.03	(9.63%)	55,627	0.96%	0.95%	0.59%
9/30/18	13.87	0.07	1.77	1.84	(0.09)	(1.24)	(1.33)	14.38	14.38%	70,230	0.95%	0.95%n	0.48%
9/30/17	12.36	0.07	2.29	2.36	(0.12)	(0.73)	(0.85)	13.87	19.73%	57,433	0.97%	0.95%	0.51%

The accompanying notes are an integral part of the financial statements.

243

MassMutual Mid Cap Growth Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 31.23	$ (0.04)	$ (1.91)	$ (1.95)	$ —	$ (5.95)	$ (5.95)	$ 23.33	(7.79%)b	$ 5,148,114	0.71%a	0.71%a,k	(0.29%)a
9/30/21	25.51	(0.08)	7.39	7.31	—	(1.59)	(1.59)	31.23	29.56%	6,514,823	0.70%	N/A	(0.26%)
9/30/20	23.34	0.01	3.43	3.44	(0.01)	(1.26)	(1.27)	25.51	15.23%	6,188,463	0.71%	N/A	0.03%
9/30/19	24.10	0.03	1.14	1.17	(0.01)	(1.92)	(1.93)	23.34	6.66%	5,925,776	0.71%	N/A	0.15%
9/30/18	21.92	0.01	3.59	3.60	—	(1.42)	(1.42)	24.10	17.21%	5,436,930	0.71%	N/A	0.06%
9/30/17	19.16	(0.00)d	3.64	3.64	(0.03)	(0.85)	(0.88)	21.92	19.83%	3,055,936	0.72%	N/A	(0.00%)e
Class R5
3/31/22r	$ 30.80	$ (0.05)	$ (1.88)	$ (1.93)	$ —	$ (5.95)	$ (5.95)	$ 22.92	(7.86%)b	$ 1,252,368	0.81%a	0.80%a	(0.39%)a
9/30/21	25.20	(0.11)	7.30	7.19	—	(1.59)	(1.59)	30.80	29.44%	1,668,653	0.80%	N/A	(0.36%)
9/30/20	23.08	(0.02)	3.40	3.38	—	(1.26)	(1.26)	25.20	15.13%	1,471,580	0.81%	N/A	(0.07%)
9/30/19	23.87	0.01	1.12	1.13	—	(1.92)	(1.92)	23.08	6.54%	1,533,487	0.81%	N/A	0.05%
9/30/18	21.75	(0.01)	3.55	3.54	—	(1.42)	(1.42)	23.87	17.06%	1,517,553	0.81%	N/A	(0.04%)
9/30/17	19.01	(0.02)	3.62	3.60	(0.01)	(0.85)	(0.86)	21.75	19.76%	1,167,243	0.82%	N/A	(0.11%)
Service Class
3/31/22r	$ 29.82	$ (0.06)	$ (1.80)	$ (1.86)	$ —	$ (5.95)	$ (5.95)	$ 22.01	(7.89%)b	$ 227,276	0.91%a	0.90%a	(0.49%)a
9/30/21	24.47	(0.13)	7.07	6.94	—	(1.59)	(1.59)	29.82	29.29%	325,714	0.90%	N/A	(0.46%)
9/30/20	22.47	(0.04)	3.30	3.26	—	(1.26)	(1.26)	24.47	15.00%	335,782	0.91%	N/A	(0.17%)
9/30/19	23.31	(0.01)	1.09	1.08	—	(1.92)	(1.92)	22.47	6.48%	373,475	0.91%	N/A	(0.05%)
9/30/18	21.30	(0.03)	3.46	3.43	—	(1.42)	(1.42)	23.31	16.90%	405,725	0.91%	N/A	(0.14%)
9/30/17	18.64	(0.04)	3.55	3.51	—	(0.85)	(0.85)	21.30	19.65%	252,898	0.92%	N/A	(0.20%)

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	9%	29%	37%	37%	34%	36%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

244

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 28.15	$ (0.07)	$ (1.67)	$ (1.74)	$ —	$ (5.95)	$ (5.95)	$ 20.46	(7.94%)b	$ 191,713	1.01%a	1.00%a	(0.59%)a
9/30/21	23.20	(0.15)	6.69	6.54	—	(1.59)	(1.59)	28.15	29.16%	246,666	1.00%	N/A	(0.56%)
9/30/20	21.38	(0.06)	3.14	3.08	—	(1.26)	(1.26)	23.20	14.92%	261,188	1.01%	N/A	(0.27%)
9/30/19	22.32	(0.03)	1.01	0.98	—	(1.92)	(1.92)	21.38	6.31%	290,024	1.01%	N/A	(0.15%)
9/30/18	20.46	(0.05)	3.33	3.28	—	(1.42)	(1.42)	22.32	16.85%	337,284	1.01%	N/A	(0.25%)
9/30/17	17.96	(0.06)	3.41	3.35	—	(0.85)	(0.85)	20.46	19.49%	339,090	1.02%	N/A	(0.30%)
Class A
3/31/22r	$ 25.35	$ (0.09)	$ (1.46)	$ (1.55)	$ —	$ (5.95)	$ (5.95)	$ 17.85	(8.05%)b	$ 125,046	1.26%a	1.26%a,k	(0.84%)a
9/30/21	21.08	(0.20)	6.06	5.86	—	(1.59)	(1.59)	25.35	28.86%	167,114	1.25%	N/A	(0.81%)
9/30/20	19.58	(0.10)	2.86	2.76	—	(1.26)	(1.26)	21.08	14.64%	196,756	1.26%	N/A	(0.52%)
9/30/19	20.67	(0.07)	0.90	0.83	—	(1.92)	(1.92)	19.58	6.06%	226,723	1.26%	N/A	(0.40%)
9/30/18	19.10	(0.10)	3.09	2.99	—	(1.42)	(1.42)	20.67	16.52%	272,769	1.26%	N/A	(0.50%)
9/30/17	16.86	(0.10)	3.19	3.09	—	(0.85)	(0.85)	19.10	19.21%	274,719	1.27%	N/A	(0.55%)
Class R4
3/31/22r	$ 25.63	$ (0.08)	$ (1.48)	$ (1.56)	$ —	$ (5.95)	$ (5.95)	$ 18.12	(7.99%)b	$ 82,762	1.16%a	1.15%a	(0.75%)a
9/30/21	21.28	(0.17)	6.11	5.94	—	(1.59)	(1.59)	25.63	28.97%	155,374	1.15%	N/A	(0.72%)
9/30/20	19.74	(0.08)	2.88	2.80	—	(1.26)	(1.26)	21.28	14.73%	176,500	1.16%	N/A	(0.42%)
9/30/19	20.80	(0.06)	0.92	0.86	—	(1.92)	(1.92)	19.74	6.18%	222,247	1.16%	N/A	(0.29%)
9/30/18	19.19	(0.08)	3.11	3.03	—	(1.42)	(1.42)	20.80	16.65%	229,517	1.16%	N/A	(0.39%)
9/30/17	16.92	(0.08)	3.20	3.12	—	(0.85)	(0.85)	19.19	19.33%	125,717	1.17%	N/A	(0.46%)
Class R3
3/31/22r	$ 22.84	$ (0.09)	$ (1.27)	$ (1.36)	$ —	$ (5.95)	$ (5.95)	$ 15.53	(8.10%)b	$ 25,897	1.41%a	1.41%a,k	(0.99%)a
9/30/21	19.16	(0.21)	5.48	5.27	—	(1.59)	(1.59)	22.84	28.65%	31,715	1.40%	N/A	(0.96%)
9/30/20	17.93	(0.12)	2.61	2.49	—	(1.26)	(1.26)	19.16	14.48%	31,065	1.41%	N/A	(0.67%)
9/30/19	19.14	(0.09)	0.80	0.71	—	(1.92)	(1.92)	17.93	5.91%	32,770	1.41%	N/A	(0.54%)
9/30/18	17.81	(0.12)	2.87	2.75	—	(1.42)	(1.42)	19.14	16.36%	35,471	1.41%	N/A	(0.64%)
9/30/17	15.80	(0.11)	2.97	2.86	—	(0.85)	(0.85)	17.81	19.04%	27,527	1.42%	N/A	(0.70%)

The accompanying notes are an integral part of the financial statements.

245

MassMutual Small Cap Growth Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 20.88	$ (0.01)	$ (1.42)	$ (1.43)	$ —	$ (4.49)	$ (4.49)	$ 14.96	(8.27%)b	$ 464,711	0.86%a	(0.08%)a
9/30/21	16.42	(0.07)	5.93	5.86	—	(1.40)	(1.40)	20.88	36.62%	487,031	0.86%	(0.37%)
9/30/20	15.30	(0.03)	2.97	2.94	(0.14)	(1.68)	(1.82)	16.42	20.54%	342,888	0.87%	(0.19%)
9/30/19	19.08	(0.01)	(1.04)	(1.05)	—	(2.73)	(2.73)	15.30	(2.31%)	269,356	0.86%	(0.05%)
9/30/18	15.74	(0.03)	4.24	4.21	—	(0.87)	(0.87)	19.08	27.96%	385,194	0.85%	(0.15%)
9/30/17	13.05	(0.01)	2.70	2.69	—	—	—	15.74	20.61%	306,490	0.86%	(0.05%)
Class R5
3/31/22r	$ 20.47	$ (0.02)	$ (1.39)	$ (1.41)	$ —	$ (4.49)	$ (4.49)	$ 14.57	(8.29%)b	$ 112,898	0.96%a	(0.20%)a
9/30/21	16.13	(0.09)	5.83	5.74	—	(1.40)	(1.40)	20.47	36.53%	155,912	0.96%	(0.47%)
9/30/20	15.06	(0.04)	2.91	2.87	(0.12)	(1.68)	(1.80)	16.13	20.40%	134,136	0.97%	(0.29%)
9/30/19	18.85	(0.02)	(1.04)	(1.06)	—	(2.73)	(2.73)	15.06	(2.40%)	128,280	0.96%	(0.14%)
9/30/18	15.57	(0.04)	4.19	4.15	—	(0.87)	(0.87)	18.85	27.87%	142,284	0.95%	(0.25%)
9/30/17	12.93	(0.02)	2.66	2.64	—	—	—	15.57	20.42%	119,338	0.96%	(0.15%)
Service Class
3/31/22r	$ 18.89	$ (0.02)	$ (1.27)	$ (1.29)	$ —	$ (4.49)	$ (4.49)	$ 13.11	(8.29%)b	$ 29,052	1.06%a	(0.30%)a
9/30/21	14.99	(0.10)	5.40	5.30	—	(1.40)	(1.40)	18.89	36.36%	36,258	1.06%	(0.57%)
9/30/20	14.12	(0.05)	2.71	2.66	(0.11)	(1.68)	(1.79)	14.99	20.26%	31,977	1.07%	(0.39%)
9/30/19	17.89	(0.03)	(1.01)	(1.04)	—	(2.73)	(2.73)	14.12	(2.43%)	34,404	1.06%	(0.23%)
9/30/18	14.84	(0.06)	3.98	3.92	—	(0.87)	(0.87)	17.89	27.69%	33,978	1.05%	(0.34%)
9/30/17	12.33	(0.03)	2.54	2.51	—	—	—	14.84	20.36%	34,017	1.06%	(0.25%)

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	34%	81%	79%	71%	85%	86%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

246

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 17.21	$ (0.03)	$ (1.12)	$ (1.15)	$ —	$ (4.49)	$ (4.49)	$ 11.57	(8.38%)b	$ 25,178	1.16%a	(0.39%)a
9/30/21	13.77	(0.11)	4.95	4.84	—	(1.40)	(1.40)	17.21	36.23%	29,715	1.16%	(0.67%)
9/30/20	13.10	(0.06)	2.51	2.45	(0.10)	(1.68)	(1.78)	13.77	20.16%	29,067	1.17%	(0.49%)
9/30/19	16.87	(0.04)	(1.00)	(1.04)	—	(2.73)	(2.73)	13.10	(2.60%)	28,372	1.16%	(0.34%)
9/30/18	14.05	(0.07)	3.76	3.69	—	(0.87)	(0.87)	16.87	27.60%	35,642	1.15%	(0.45%)
9/30/17	11.69	(0.04)	2.40	2.36	—	—	—	14.05	20.19%	30,295	1.16%	(0.35%)
Class A
3/31/22r	$ 14.36	$ (0.04)	$ (0.88)	$ (0.92)	$ —	$ (4.49)	$ (4.49)	$ 8.95	(8.44%)b	$ 24,851	1.41%a	(0.64%)a
9/30/21	11.71	(0.13)	4.18	4.05	—	(1.40)	(1.40)	14.36	35.83%	31,656	1.41%	(0.91%)
9/30/20	11.38	(0.08)	2.16	2.08	(0.07)	(1.68)	(1.75)	11.71	19.94%	34,699	1.42%	(0.74%)
9/30/19	15.14	(0.07)	(0.96)	(1.03)	—	(2.73)	(2.73)	11.38	(2.87%)	33,997	1.41%	(0.59%)
9/30/18	12.72	(0.09)	3.38	3.29	—	(0.87)	(0.87)	15.14	27.33%	43,682	1.40%	(0.70%)
9/30/17	10.61	(0.07)	2.18	2.11	—	—	—	12.72	19.89%	35,240	1.41%	(0.60%)
Class R4
3/31/22r	$ 14.53	$ (0.03)	$ (0.90)	$ (0.93)	$ —	$ (4.49)	$ (4.49)	$ 9.11	(8.47%)b	$ 14,819	1.31%a	(0.54%)a
9/30/21	11.82	(0.12)	4.23	4.11	—	(1.40)	(1.40)	14.53	36.02%	17,129	1.31%	(0.82%)
9/30/20	11.48	(0.07)	2.18	2.11	(0.09)	(1.68)	(1.77)	11.82	20.01%	15,517	1.32%	(0.65%)
9/30/19	15.23	(0.06)	(0.96)	(1.02)	—	(2.73)	(2.73)	11.48	(2.76%)	12,843	1.31%	(0.49%)
9/30/18	12.78	(0.08)	3.40	3.32	—	(0.87)	(0.87)	15.23	27.44%	13,972	1.30%	(0.60%)
9/30/17	10.65	(0.06)	2.19	2.13	—	—	—	12.78	20.00%	5,081	1.31%	(0.50%)
Class R3
3/31/22r	$ 11.72	$ (0.03)	$ (0.68)	$ (0.71)	$ —	$ (4.49)	$ (4.49)	$ 6.52	(8.59%)b	$ 4,404	1.56%a	(0.78%)a
9/30/21	9.78	(0.12)	3.46	3.34	—	(1.40)	(1.40)	11.72	35.63%	4,813	1.56%	(1.07%)
9/30/20	9.79	(0.08)	1.82	1.74	(0.07)	(1.68)	(1.75)	9.78	19.66%	3,930	1.57%	(0.90%)
9/30/19	13.51	(0.07)	(0.92)	(0.99)	—	(2.73)	(2.73)	9.79	(2.94%)	2,728	1.56%	(0.73%)
9/30/18	11.46	(0.10)	3.02	2.92	—	(0.87)	(0.87)	13.51	27.10%	2,622	1.55%	(0.85%)
9/30/17	9.57	(0.08)	1.97	1.89	—	—	—	11.46	19.75%	2,199	1.56%	(0.75%)

The accompanying notes are an integral part of the financial statements.

247

MM MSCI EAFE International Index Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 14.47	$ 0.13	$ (0.63)	$ (0.50)	$ (0.52)	$ (0.80)	$ (1.32)	$ 12.65	(3.87%)b	$ 60,876	0.30%a	N/A	1.96%a
9/30/21	11.96	0.35	2.59	2.94	(0.29)	(0.14)	(0.43)	14.47	24.95%	74,969	0.31%	N/A	2.48%
9/30/20	12.34	0.27	(0.20)	0.07	(0.39)	(0.06)	(0.45)	11.96	0.35%	63,542	0.25%	0.25%n	2.27%
9/30/19	13.12	0.39	(0.61)	(0.22)	(0.34)	(0.22)	(0.56)	12.34	(1.15%)	56,770	0.23%	0.23%n	3.20%
9/30/18	13.40	0.38	(0.05)	0.33	(0.43)	(0.18)	(0.61)	13.12	2.49%	46,834	0.32%	0.25%	2.82%
9/30/17	12.10	0.32	1.80	2.12	(0.61)	(0.21)	(0.82)	13.40	18.96%	39,255	0.31%	0.25%	2.72%
Class R5
3/31/22r	$ 14.46	$ 0.13	$ (0.63)	$ (0.50)	$ (0.51)	$ (0.80)	$ (1.31)	$ 12.65	(3.89%)b	$ 14,983	0.40%a	N/A	1.91%a
9/30/21	11.95	0.32	2.60	2.92	(0.27)	(0.14)	(0.41)	14.46	24.83%	16,476	0.41%	N/A	2.30%
9/30/20	12.33	0.25	(0.19)	0.06	(0.38)	(0.06)	(0.44)	11.95	0.29%	15,217	0.35%	0.35%n	2.09%
9/30/19	13.11	0.36	(0.60)	(0.24)	(0.32)	(0.22)	(0.54)	12.33	(1.26%)	22,402	0.33%	0.33%n	3.00%
9/30/18	13.39	0.36	(0.04)	0.32	(0.42)	(0.18)	(0.60)	13.11	2.38%	12,947	0.42%	0.35%	2.69%
9/30/17	12.09	0.26	1.85	2.11	(0.60)	(0.21)	(0.81)	13.39	18.87%	13,724	0.41%	0.35%	2.13%
Service Class
3/31/22r	$ 14.50	$ 0.12	$ (0.64)	$ (0.52)	$ (0.49)	$ (0.80)	$ (1.29)	$ 12.69	(4.03%)b	$ 3,846	0.55%a	N/A	1.76%a
9/30/21	11.98	0.31	2.60	2.91	(0.25)	(0.14)	(0.39)	14.50	24.68%	4,191	0.56%	N/A	2.23%
9/30/20	12.28	0.24	(0.22)	0.02	(0.26)	(0.06)	(0.32)	11.98	0.02%	3,671	0.50%	0.50%n	2.01%
9/30/19	13.05	0.32	(0.56)	(0.24)	(0.31)	(0.22)	(0.53)	12.28	(1.31%)	3,340	0.48%	0.48%n	2.66%
9/30/18	13.33	0.31	(0.01)	0.30	(0.40)	(0.18)	(0.58)	13.05	2.26%	27,218	0.57%	0.50%	2.31%
9/30/17	12.05	0.32	1.75	2.07	(0.58)	(0.21)	(0.79)	13.33	18.58%	25,208	0.56%	0.50%	2.62%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	2%	5%	9%	7%	15%	35%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

n Expenses incurred during the period fell under the expense cap.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

248

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 14.36	$ 0.11	$ (0.63)	$ (0.52)	$ (0.46)	$ (0.80)	$ (1.26)	$ 12.58	(4.05%)b	$ 21,017	0.65%a	N/A	1.61%a
9/30/21	11.87	0.28	2.59	2.87	(0.24)	(0.14)	(0.38)	14.36	24.54%	25,078	0.66%	N/A	2.00%
9/30/20	12.26	0.21	(0.19)	0.02	(0.35)	(0.06)	(0.41)	11.87	(0.04%)	32,706	0.60%	0.60%n	1.81%
9/30/19	13.03	0.33	(0.59)	(0.26)	(0.29)	(0.22)	(0.51)	12.26	(1.49%)	40,745	0.58%	0.58%n	2.78%
9/30/18	13.31	0.31	(0.03)	0.28	(0.38)	(0.18)	(0.56)	13.03	2.15%	38,753	0.67%	0.60%	2.31%
9/30/17	12.03	0.29	1.77	2.06	(0.57)	(0.21)	(0.78)	13.31	18.48%	43,896	0.66%	0.60%	2.39%
Class A
3/31/22r	$ 14.33	$ 0.09	$ (0.63)	$ (0.54)	$ (0.43)	$ (0.80)	$ (1.23)	$ 12.56	(4.23%)b	$ 13,932	0.90%a	N/A	1.39%a
9/30/21	11.83	0.26	2.57	2.83	(0.19)	(0.14)	(0.33)	14.33	24.25%	16,157	0.91%	N/A	1.85%
9/30/20	12.22	0.19	(0.20)	(0.01)	(0.32)	(0.06)	(0.38)	11.83	(0.29%)	19,156	0.85%	0.85%n	1.62%
9/30/19	12.98	0.31	(0.59)	(0.28)	(0.26)	(0.22)	(0.48)	12.22	(1.66%)	23,948	0.83%	0.83%n	2.59%
9/30/18	13.27	0.28	(0.03)	0.25	(0.36)	(0.18)	(0.54)	12.98	1.87%	22,344	0.92%	0.85%	2.15%
9/30/17	12.00	0.26	1.76	2.02	(0.54)	(0.21)	(0.75)	13.27	18.16%	18,255	0.91%	0.85%	2.17%
Class R4
3/31/22r	$ 14.25	$ 0.09	$ (0.62)	$ (0.53)	$ (0.44)	$ (0.80)	$ (1.24)	$ 12.48	(4.14%)b	$ 19,553	0.80%a	N/A	1.35%a
9/30/21	11.78	0.26	2.57	2.83	(0.22)	(0.14)	(0.36)	14.25	24.37%	29,780	0.81%	N/A	1.91%
9/30/20	12.16	0.20	(0.20)	0.00d	(0.32)	(0.06)	(0.38)	11.78	(0.18%)	34,159	0.75%	0.75%n	1.70%
9/30/19	12.92	0.31	(0.58)	(0.27)	(0.27)	(0.22)	(0.49)	12.16	(1.56%)	41,622	0.73%	0.73%n	2.65%
9/30/18	13.21	0.30	(0.04)	0.26	(0.37)	(0.18)	(0.55)	12.92	1.95%	48,486	0.82%	0.75%	2.25%
9/30/17	11.96	0.29	1.74	2.03	(0.57)	(0.21)	(0.78)	13.21	18.31%	45,031	0.81%	0.75%	2.39%
Class R3
3/31/22r	$ 14.18	$ 0.08	$ (0.62)	$ (0.54)	$ (0.41)	$ (0.80)	$ (1.21)	$ 12.43	(4.22%)b	$ 24,849	1.05%a	N/A	1.16%a
9/30/21	11.73	0.23	2.55	2.78	(0.19)	(0.14)	(0.33)	14.18	24.02%	33,013	1.06%	N/A	1.68%
9/30/20	12.11	0.17	(0.20)	(0.03)	(0.29)	(0.06)	(0.35)	11.73	(0.41%)	32,240	1.00%	1.00%n	1.43%
9/30/19	12.87	0.28	(0.58)	(0.30)	(0.24)	(0.22)	(0.46)	12.11	(1.86%)	40,853	0.98%	0.98%n	2.39%
9/30/18	13.17	0.26	(0.04)	0.22	(0.34)	(0.18)	(0.52)	12.87	1.69%	45,563	1.07%	1.00%	2.01%
9/30/17	11.93	0.25	1.75	2.00	(0.55)	(0.21)	(0.76)	13.17	18.05%	40,921	1.06%	1.00%	2.06%

The accompanying notes are an integral part of the financial statements.

249

MassMutual Overseas Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.17	$ 0.04	$ (0.35)	$ (0.31)	$ (0.15)	$ (0.84)	$ (0.99)	$ 8.87	(3.70%)b	$ 329,588	0.89%a	0.79%a	0.86%a
9/30/21	7.99	0.12	2.27	2.39	(0.05)	(0.16)	(0.21)	10.17	30.17%	383,223	0.88%	0.79%	1.23%
9/30/20	8.35	0.05	(0.07)	(0.02)	(0.19)	(0.15)	(0.34)	7.99	(0.59%)	370,549	0.89%	0.83%	0.68%
9/30/19	9.42	0.20	(0.34)	(0.14)	(0.15)	(0.78)	(0.93)	8.35	0.01%	348,467	0.87%	N/A	2.42%
9/30/18	9.61	0.16	(0.16)	0.00d	(0.19)	—	(0.19)	9.42	(0.02%)	362,074	0.92%	N/A	1.68%
9/30/17	7.88	0.15	1.76	1.91	(0.18)	—	(0.18)	9.61	24.71%	318,534	0.93%	N/A	1.70%
Class R5
3/31/22r	$ 10.21	$ 0.04	$ (0.37)	$ (0.33)	$ (0.13)	$ (0.84)	$ (0.97)	$ 8.91	(3.79%)b	$ 121,573	0.99%a	0.89%a	0.78%a
9/30/21	8.02	0.11	2.28	2.39	(0.04)	(0.16)	(0.20)	10.21	30.07%	158,046	0.98%	0.89%	1.11%
9/30/20	8.38	0.05	(0.08)	(0.03)	(0.18)	(0.15)	(0.33)	8.02	(0.67%)	132,845	0.99%	0.94%	0.58%
9/30/19	9.45	0.19	(0.34)	(0.15)	(0.14)	(0.78)	(0.92)	8.38	(0.14%)	122,168	0.97%	N/A	2.34%
9/30/18	9.64	0.15	(0.16)	(0.01)	(0.18)	—	(0.18)	9.45	(0.11%)	134,803	1.02%	N/A	1.54%
9/30/17	7.90	0.13	1.78	1.91	(0.17)	—	(0.17)	9.64	24.64%	154,039	1.03%	N/A	1.52%
Service Class
3/31/22r	$ 10.14	$ 0.03	$ (0.36)	$ (0.33)	$ (0.12)	$ (0.84)	$ (0.96)	$ 8.85	(3.82%)b	$ 43,034	1.09%a	0.99%a	0.67%a
9/30/21	7.97	0.10	2.26	2.36	(0.03)	(0.16)	(0.19)	10.14	29.91%	45,454	1.08%	0.99%	1.02%
9/30/20	8.33	0.04	(0.08)	(0.04)	(0.17)	(0.15)	(0.32)	7.97	(0.79%)	37,997	1.09%	1.03%	0.49%
9/30/19	9.39	0.18	(0.33)	(0.15)	(0.13)	(0.78)	(0.91)	8.33	(0.15%)	36,489	1.07%	N/A	2.27%
9/30/18	9.58	0.14	(0.16)	(0.02)	(0.17)	—	(0.17)	9.39	(0.22%)	39,149	1.12%	N/A	1.45%
9/30/17	7.86	0.11	1.77	1.88	(0.16)	—	(0.16)	9.58	24.39%	45,240	1.13%	N/A	1.26%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	9%	27%	34%	27%	46%	29%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

bb The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

The accompanying notes are an integral part of the financial statements.

250

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.24	$ 0.03	$ (0.37)	$ (0.34)	$ (0.11)	$ (0.84)	$ (0.95)	$ 8.95	(3.88%)b	$ 17,231	1.19%a	1.09%a	0.57%a
9/30/21	8.05	0.08	2.30	2.38	(0.03)	(0.16)	(0.19)	10.24	29.72%	19,735	1.18%	1.09%	0.81%
9/30/20	8.40	0.03	(0.07)	(0.04)	(0.16)	(0.15)	(0.31)	8.05	(0.77%)	19,034	1.19%	1.14%	0.38%
9/30/19	9.46	0.17	(0.33)	(0.16)	(0.12)	(0.78)	(0.90)	8.40	(0.32%)	21,563	1.17%	N/A	2.03%
9/30/18	9.65	0.13	(0.16)	(0.03)	(0.16)	—	(0.16)	9.46	(0.33%)	31,199	1.22%	N/A	1.31%
9/30/17	7.92	0.12	1.76	1.88	(0.15)	—	(0.15)	9.65	24.22%	40,543	1.23%	N/A	1.40%
Class A
3/31/22r	$ 9.98	$ 0.01	$ (0.34)	$ (0.33)	$ (0.08)	$ (0.84)	$ (0.92)	$ 8.73	(3.94%)b	$ 19,102	1.44%a	1.34%a	0.31%a
9/30/21	7.85	0.06	2.24	2.30	(0.01)	(0.16)	(0.17)	9.98	29.45%	24,231	1.43%	1.34%	0.59%
9/30/20	8.21	0.01	(0.08)	(0.07)	(0.14)	(0.15)	(0.29)	7.85	(1.17%)	30,721	1.44%	1.38%	0.17%
9/30/19	9.25	0.15	(0.32)	(0.17)	(0.09)	(0.78)	(0.87)	8.21	(0.48%)	29,537	1.42%	N/A	1.86%
9/30/18	9.44	0.11	(0.16)	(0.05)	(0.14)	—	(0.14)	9.25	(0.60%)	41,179	1.47%	N/A	1.11%
9/30/17	7.75	0.09	1.73	1.82	(0.13)	—	(0.13)	9.44	23.89%	49,218	1.48%	N/A	1.09%
Class R4
3/31/22r	$ 9.75	$ 0.02	$ (0.34)	$ (0.32)	$ (0.10)	$ (0.84)	$ (0.94)	$ 8.49	(3.88%)b	$ 20,066	1.34%a	1.24%a	0.42%a
9/30/21	7.68	0.07	2.18	2.25	(0.02)	(0.16)	(0.18)	9.75	29.46%	20,875	1.33%	1.24%	0.70%
9/30/20	8.03	0.02	(0.06)	(0.04)	(0.16)	(0.15)	(0.31)	7.68	(0.90%)	18,019	1.34%	1.28%	0.28%
9/30/19	9.10	0.17	(0.34)	(0.17)	(0.12)	(0.78)	(0.90)	8.03	(0.51%)	14,876	1.32%	N/A	2.14%
9/30/18	9.30	0.12	(0.16)	(0.04)	(0.16)	—	(0.16)	9.10	(0.48%)	12,903	1.37%	N/A	1.23%
9/30/17	7.64	0.10	1.70	1.80	(0.14)	—	(0.14)	9.30	24.05%	7,779	1.38%	N/A	1.26%
Class R3
3/31/22r	$ 9.85	$ 0.01	$ (0.35)	$ (0.34)	$ (0.07)	$ (0.84)	$ (0.91)	$ 8.60	(4.03%)b	$ 6,333	1.59%a	1.49%a	0.17%a
9/30/21	7.76	0.05	2.21	2.26	(0.01)	(0.16)	(0.17)	9.85	29.29%	6,971	1.58%	1.49%	0.51%
9/30/20	8.11	(0.00)d	(0.07)	(0.07)	(0.13)	(0.15)	(0.28)	7.76	(1.19%)	6,093	1.59%	1.53%	(0.03%)
9/30/19	9.17	0.15	(0.34)	(0.19)	(0.09)	(0.78)	(0.87)	8.11	(0.72%)	3,382	1.57%	N/A	1.86%
9/30/18	9.37	0.10	(0.17)	(0.07)	(0.13)	—	(0.13)	9.17	(0.75%)	3,947	1.62%	N/A	1.08%
9/30/17	7.70	0.08	1.72	1.80	(0.13)	—	(0.13)	9.37	23.73%	3,267	1.63%	N/A	1.00%

The accompanying notes are an integral part of the financial statements.

251

MassMutual Select T. Rowe Price International Equity Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 11.71	$ 0.12	$ (0.79)	$ (0.67)	$ (0.32)	$ (0.16)	$ (0.48)	$ 10.56	(5.95%)b	$ 1,689,727	0.07%a	0.00%a	2.06%a
9/30/21	9.51	0.27	2.10	2.37	(0.17)	—	(0.17)	11.71	25.11%	1,700,098	0.07%	0.00%	2.39%
9/30/20	9.43	0.15	0.16	0.31	(0.23)	—	(0.23)	9.51	3.11%	1,314,433	0.65%	0.55%	1.63%
9/30/19	9.70	0.26	(0.39)	(0.13)	(0.14)	—	(0.14)	9.43	(1.17%)	1,135,941	0.79%	0.67%	2.80%
9/30/18g	10.00	0.19	(0.49)	(0.30)	—	—	—	9.70	(3.00%)b	809,616	0.89%a	0.67%a	3.03%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	14%	28%	30%	26%	24%q

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Portfolio turnover excludes securities received from subscriptions in-kind. Securities received from subscriptions in-kind had no impact on portfolio turnover.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

252

Notes to Financial Statements (Unaudited)

1. The Funds

MassMutual Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 19 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MassMutual Total Return Bond Fund (“Total Return Bond Fund”)
MassMutual Strategic Bond Fund (“Strategic Bond Fund”)
MassMutual Diversified Value Fund (“Diversified Value Fund”)
MassMutual Fundamental Value Fund (“Fundamental Value Fund”)
MM S&P 500^® Index Fund (“S&P 500 Index Fund”)
MassMutual Equity Opportunities Fund (“Equity Opportunities Fund”)
MassMutual Fundamental Growth Fund (“Fundamental Growth Fund”)
MassMutual Blue Chip Growth Fund (“Blue Chip Growth Fund”)
MassMutual Growth Opportunities Fund (“Growth Opportunities Fund”)
MassMutual Mid Cap Value Fund (“Mid Cap Value Fund”)
MassMutual Small Cap Value Equity Fund (“Small Cap Value Equity Fund”)
MassMutual Small Company Value Fund (“Small Company Value Fund”)
MM S&P^® Mid Cap Index Fund (“S&P Mid Cap Index Fund”)
MM Russell 2000^® Small Cap Index Fund (“Russell 2000 Small Cap Index Fund”)
MassMutual Mid Cap Growth Fund (“Mid Cap Growth Fund”)
MassMutual Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)
MM MSCI EAFE^® International Index Fund (“MSCI EAFE International Index Fund”)
MassMutual Overseas Fund (“Overseas Fund”)
MassMutual Select T. Rowe Price International Equity Fund (“MM Select T. Rowe Price International Equity Fund”)

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

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 and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general

253

Notes to Financial Statements (Unaudited) (Continued)

oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or 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) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

1 The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

254

Notes to Financial Statements (Unaudited) (Continued)

For 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, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

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

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

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing 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.

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

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

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

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

255

Notes to Financial Statements (Unaudited) (Continued)

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

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

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

The Fundamental Value Fund, Fundamental Growth Fund, Growth Opportunities Fund, and Small Cap Growth Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2022. For each Fund noted in the preceding sentence, 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 March 31, 2022, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3			Total
Total Return Bond Fund
Asset Investments
Common Stock	$	487,960		$	—		$	—		$	487,960
Bank Loans		—			22,021,838			—			22,021,838
Corporate Debt		—			236,007,182			—	+,**		236,007,182
Municipal Obligations		—			3,482,726			—			3,482,726
Non-U.S. Government Agency Obligations		—			103,637,356			—			103,637,356
Sovereign Debt Obligations		—			9,036,691			—			9,036,691
U.S. Government Agency Obligations and Instrumentalities		—			276,162,595			—			276,162,595
U.S. Treasury Obligations		—			264,953,730			—			264,953,730
Purchased Options		97,106			—			—			97,106
Rights		—			—			—	+,**		—
Mutual Funds		73,382,484			—			—			73,382,484
Short-Term Investments		—			84,567,477			—			84,567,477
Total Investments	$	73,967,550		$	999,869,595		$	—		$	1,073,837,145
Asset Derivatives
Futures Contracts	$	14,053		$	—		$	—		$	14,053
Swap Agreements		—			725,660			—			725,660
Total	$	14,053		$	725,660		$	—		$	739,713
Liability Derivatives
Futures Contracts	$	(176,153	)	$	—		$	—		$	(176,153	)
Swap Agreements		—			(2,777,907	)		—			(2,777,907	)
Written Options		(2,340,718	)		(645,052	)		—			(2,985,770	)
Total	$	(2,516,871	)	$	(3,422,959	)	$	—		$	(5,939,830	)
Strategic Bond Fund
Asset Investments
Bank Loans (Less Unfunded Loan Commitments)	$	—		$	15,467,147		$	—		$	15,467,147
Corporate Debt		—			159,461,940			—			159,461,940
Municipal Obligations		—			174,298			—			174,298

256

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Strategic Bond Fund (Continued)
Asset Investments (Continued)
Non-U.S. Government Agency Obligations	$	—		$	49,372,696		$	—		$	49,372,696
Sovereign Debt Obligations		—			22,183,043			—			22,183,043
U.S. Government Agency Obligations and Instrumentalities		—			67,020,253			—			67,020,253
U.S. Treasury Obligations		—			48,961,804			—			48,961,804
Mutual Funds		2,385,545			—			—			2,385,545
Purchased Options		223,600			—			—			223,600
Short-Term Investments		—			155,025,248			—			155,025,248
Unfunded Loan Commitments***		—			(728	)		—			(728	)
Total Investments	$	2,609,145		$	517,665,701		$	—		$	520,274,846
Asset Derivatives
Forward Contracts	$	—		$	653,603		$	—		$	653,603
Futures Contracts		4,724,233			—			—			4,724,233
Swap Agreements		—			5,349,729			—			5,349,729
Total	$	4,724,233		$	6,003,332		$	—		$	10,727,565
Liability Derivatives
Forward Contracts	$	—		$	(1,590,306	)	$	—		$	(1,590,306	)
Futures Contracts		(9,985,656	)		—			—			(9,985,656	)
Swap Agreements		—			(594,069	)		—			(594,069	)
Written Options		(563,481	)		—			—			(563,481	)
Total	$	(10,549,137	)	$	(2,184,375	)	$	—		$	(12,733,512	)
Diversified Value Fund
Asset Investments
Common Stock	$	365,140,239		$	5,047,134	*	$	—		$	370,187,373
Preferred Stock		1,943,964			1,553,480	*		—			3,497,444
Mutual Funds		8,976,837			—			—			8,976,837
Short-Term Investments		104			5,510,160			—			5,510,264
Total Investments	$	376,061,144		$	12,110,774		$	—		$	388,171,918
S&P 500 Index Fund
Asset Investments
Common Stock	$	3,249,734,222		$	—		$	—		$	3,249,734,222
Mutual Funds		264,754			—			—			264,754
Short-Term Investments		—			21,119,639			—			21,119,639
Total Investments	$	3,249,998,976		$	21,119,639		$	—		$	3,271,118,615
Asset Derivatives
Futures Contracts	$	1,433,141		$	—		$	—		$	1,433,141
Equity Opportunities Fund
Asset Investments
Common Stock	$	718,363,093		$	7,834,061	*	$	—		$	726,197,154
Preferred Stock		3,014,057			2,403,537	*		—			5,417,594
Mutual Funds		8,783,482			—			—			8,783,482
Short-Term Investments		156			8,133,590			—			8,133,746
Total Investments	$	730,160,788		$	18,371,188		$	—		$	748,531,976
Blue Chip Growth Fund
Asset Investments
Common Stock	$	3,666,949,159		$	25,020,260	*	$	5,120,272	**	$	3,697,089,691
Preferred Stock		—			—			3,666,684	**		3,666,684

257

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3			Total
Blue Chip Growth Fund (Continued)
Asset Investments (Continued)
Mutual Funds	$	3,359,023	$	—		$	—		$	3,359,023
Short-Term Investments		100		24,331,806			—			24,331,906
Total Investments	$	3,670,308,282	$	49,352,066		$	8,786,956		$	3,728,447,304
Mid Cap Value Fund
Asset Investments
Common Stock	$	117,209,495	$	2,695,025	*	$	—		$	119,904,520
Mutual Funds		1,665,622		—			—			1,665,622
Short-Term Investments		—		991,751			—			991,751
Total Investments	$	118,875,117	$	3,686,776		$	—		$	122,561,893
Asset Derivatives
Forward Contracts	$	—	$	8,321		$	—		$	8,321
Liability Derivatives
Forward Contracts	$	—	$	(6,089	)	$	—		$	(6,089	)
Small Cap Value Equity Fund
Asset Investments
Common Stock	$	57,435,846	$	907,235	*	$	—	+,**	$	58,343,081
Mutual Funds		69,116		—			—			69,116
Short-Term Investments		—		1,042,125			—			1,042,125
Total Investments	$	57,504,962	$	1,949,360		$	—		$	59,454,322
Small Company Value Fund
Asset Investments
Common Stock	$	265,525,239	$	681,279	*	$	—	+,**	$	266,206,518
Mutual Funds		4,173,181		—			—			4,173,181
Short-Term Investments		—		411,309			—			411,309
Total Investments	$	269,698,420	$	1,092,588		$	—		$	270,791,008
Asset Derivatives
Forward Contracts	$	—	$	44		$	—		$	44
Liability Derivatives
Forward Contracts	$	—	$	(3,146	)	$	—		$	(3,146	)
S&P Mid Cap Index Fund
Asset Investments
Common Stock	$	377,200,506	$	—		$	—		$	377,200,506
Mutual Funds		3,004,853		—			—			3,004,853
Short-Term Investments		—		4,664,151			—			4,664,151
Total Investments	$	380,205,359	$	4,664,151		$	—		$	384,869,510
Asset Derivatives
Futures Contracts	$	173,570	$	—		$	—		$	173,570
Russell 2000 Small Cap Index Fund
Asset Investments
Common Stock	$	219,166,191	$	—		$	—	+,**	$	219,166,191
Warrants		—		7,498			—			7,498
Rights		—		—			10,514	**		10,514
Corporate Debt		—		980			—			980
Mutual Funds		4,779,733		—			—			4,779,733
Short-Term Investments		—		5,973,898			—			5,973,898
Total Investments	$	223,945,924	$	5,982,376		$	10,514		$	229,938,814

258

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Russell 2000 Small Cap Index Fund (Continued)
Asset Derivatives
Futures Contracts	$	6,571		$	—		$	—		$	6,571
Mid Cap Growth Fund
Asset Investments
Common Stock	$	6,714,056,537		$	73,681,192	*	$	9,187,063	**	$	6,796,924,792
Preferred Stock		—			—			32,163,197	**		32,163,197
Mutual Funds		78,709,887			—			—			78,709,887
Short-Term Investments		103,919,119			113,375,556			—			217,294,675
Total Investments	$	6,896,685,543		$	187,056,748		$	41,350,260		$	7,125,092,551
MSCI EAFE International Index Fund
Asset Investments
Common Stock*
Australia	$	—		$	12,465,379		$	—		$	12,465,379
Austria		—			316,813			—			316,813
Belgium		—			1,317,717			—			1,317,717
Bermuda		—			208,432			—			208,432
Cayman Islands		450,719			732,958			—			1,183,677
Denmark		—			4,161,545			—			4,161,545
Finland		—			1,804,172			—			1,804,172
France		—			16,289,846			—			16,289,846
Germany		—			11,928,555			—			11,928,555
Hong Kong		—			3,534,525			—			3,534,525
Ireland		—			1,112,389			—			1,112,389
Israel		437,801			698,984			—			1,136,785
Italy		—			2,737,875			—			2,737,875
Japan		—			34,752,294			—			34,752,294
Luxembourg		—			469,093			—			469,093
Netherlands		490,116			8,376,223			—			8,866,339
New Zealand		—			404,628			—			404,628
Norway		—			1,212,533			—			1,212,533
Portugal		—			255,345			—			255,345
Singapore		—			1,878,810			—			1,878,810
Spain		—			3,631,971			—			3,631,971
Sweden		—			5,175,393			—			5,175,393
Switzerland		80,944			16,203,267			—			16,284,211
United Kingdom		100,525			23,698,666			—			23,799,191
Preferred Stock*
Germany		—			767,622			—			767,622
Mutual Funds		4,224,324			—			—			4,224,324
Short-Term Investments		—			1,384,605			—			1,384,605
Total Investments	$	5,784,429		$	155,519,640		$	—		$	161,304,069
Asset Derivatives
Futures Contracts	$	34,134		$	—		$	—		$	34,134
Forward Contracts					39,356						39,356
Total	$	34,134		$	39,356		$	—		$	73,490
Liability Derivatives
Futures Contracts	$	(2,388	)	$	—		$	—		$	(2,388	)
Forward Contracts					(83,132	)					(83,132	)
Total	$	(2,388	)	$	(83,132	)	$	—		$	(85,520	)

259

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3			Total
Overseas Fund
Asset Investments
Common Stock*
Australia	$	—	$	3,903,969		$	—		$	3,903,969
Belgium		—		6,134,931			—			6,134,931
Canada		21,677,227		—			—			21,677,227
Cayman Islands		2,011,536		10,967,820			—			12,979,356
Denmark		—		11,362,170			—			11,362,170
Finland		—		1,230,174			—			1,230,174
France		—		94,126,912			—			94,126,912
Germany		—		85,594,484			—			85,594,484
Hong Kong		—		8,078,215			—			8,078,215
India		—		11,337,781			—			11,337,781
Indonesia		—		269,359			—			269,359
Ireland		5,684,493		4,689,573			—			10,374,066
Israel		4,751,858		—			—			4,751,858
Italy		—		12,562,951			—			12,562,951
Japan		—		55,054,063			—			55,054,063
Mexico		2,226,510		—			—			2,226,510
Netherlands		—		31,665,772			—			31,665,772
Portugal		—		2,551,810			—			2,551,810
Republic of Korea		—		2,987,774			—			2,987,774
Singapore		—		4,824,277			—			4,824,277
Spain		—		5,611,402			—			5,611,402
Sweden		—		7,858,263			—			7,858,263
Switzerland		—		74,044,018			—			74,044,018
Taiwan		5,147,316		—			—			5,147,316
United Kingdom		3,061,200		66,252,526			—			69,313,726
United States		2,135,115		—			—			2,135,115
Preferred Stock*
Republic of Korea		—		2,529,295			—			2,529,295
Mutual Funds		6,467,478		—			—			6,467,478
Short-Term Investments		—		5,928,463			—			5,928,463
Total Investments	$	53,162,733	$	509,566,002		$	—		$	562,728,735
Asset Derivatives
Forward Contracts	$	—	$	9,915		$	—		$	9,915
Liability Derivatives
Forward Contracts	$	—	$	(824	)	$	—		$	(824	)
MM Select T. Rowe Price International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	50,663,019		$	—		$	50,663,019
Austria		—		8,275,642			—			8,275,642
Belgium		—		4,487,875			—			4,487,875
Bermuda		1,082,781		6,871,151			—			7,953,932
Brazil		24,219,680		—			—			24,219,680
Canada		64,466,446		—			—			64,466,446
Cayman Islands		35,686,581		52,786,783			—			88,473,364
Chile		3,961,757		—			—			3,961,757
China		—		51,371,092			—			51,371,092
Cyprus		—		—			—	+,**		—
Czech Republic		—		1,175,822			—			1,175,822

260

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3			Total
MM Select T. Rowe Price International Equity Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Denmark	$	—	$	3,850,475		$	—		$	3,850,475
Finland		—		15,463,836			—			15,463,836
France		—		127,946,469			—			127,946,469
Germany		—		98,426,070			—			98,426,070
Hong Kong		—		28,539,763			—			28,539,763
Hungary		—		6,525,467			—			6,525,467
India		2,619,838		70,279,065			—			72,898,903
Indonesia		—		13,619,019			—			13,619,019
Ireland		1,457,171		6,786,578			—			8,243,749
Italy		1,104,785		23,641,887			—			24,746,672
Japan		—		249,589,871			—			249,589,871
Luxembourg		751,617		5,724,982			—			6,476,599
Malaysia		—		3,538,106			—			3,538,106
Mexico		16,537,900		—			—			16,537,900
Netherlands		10,609,475		88,200,550			—	+,**		98,810,025
Norway		—		15,150,102			—			15,150,102
Philippines		—		4,757,363			—			4,757,363
Poland		—		3,658,049			—			3,658,049
Portugal		—		13,099,669			—			13,099,669
Republic of Korea		2,486,111		57,472,342			—			59,958,453
Russia		—		—			—	+,**		—
Saudi Arabia		1,805,834		12,374,222			—			14,180,056
Singapore		—		19,848,797			—			19,848,797
South Africa		—		12,292,091			—			12,292,091
Spain		—		12,732,822			—			12,732,822
Sweden		427,725		16,734,093			—			17,161,818
Switzerland		—		110,349,262			—			110,349,262
Taiwan		—		59,147,691			—			59,147,691
Thailand		9,377,612		2,264,243			—			11,641,855
Turkey		142,856		—			—			142,856
United Arab Emirates		—		4,274,087			—			4,274,087
United Kingdom		41,065,610		143,414,572			—			184,480,182
United States		16,003,400		1,798,570			522,795	**		18,324,765
Preferred Stock*
Brazil		4,207,871		—			—			4,207,871
Germany		—		3,979,890			—			3,979,890
United States		—		—			31,395	**		31,395
Mutual Funds		30,782,733		—			—			30,782,733
Rights		—		—			—	+,**		—
Short-Term Investments		27,661,446		—			—			27,661,446
Total Investments	$	296,459,229	$	1,411,111,387		$	554,190		$	1,708,124,806
Liability Derivatives
Written Options	$	—	$	(8,595	)	$	—		$	(8,595	)

* 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.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at March 31, 2022 in relation to net assets were not significant.

*** Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+ Represents a security at $0 value as of March 31, 2022.

261

Notes to Financial Statements (Unaudited) (Continued)

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, collateral pledged for open futures contracts, collateral pledged for open swap agreements, and collateral pledged for when-issued, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2022.

The Funds, with the exception of the MM Select T. Rowe Price International Equity Fund, had no Level 3 transfers during the period ended March 31, 2022. The MM Select T. Rowe Price International Equity Fund had Level 3 transfers during the period ended March 31, 2022; however, none of the transfers individually or collectively had a material impact on the MM Select T. Rowe Price International Equity Fund.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At March 31, 2022, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk		Equity Risk		Foreign Exchange Risk		Interest/ Inflation Rate Risk			Total
Total Return Bond Fund
Asset Derivatives
Purchased Options*,^^^	$	—	$	—	$	—	$	97,106		$	97,106
Futures Contracts^^		—		—		—		14,053			14,053
Swap Agreements^^,^^^		—		—		—		725,660			725,660
Total Value	$	—	$	—	$	—	$	836,819		$	836,819
Liability Derivatives
Futures Contracts^^	$	—	$	—	$	—	$	(176,153	)	$	(176,153	)
Swap Agreements^^,^^^		—		—		—		(2,777,907	)		(2,777,907	)
Written Options^		—		—		—		(645,052	)		(645,052	)
Written Options^,^^^		—		—		—		(2,340,718	)		(2,340,718	)
Total Value	$	—	$	—	$	—	$	(5,939,830	)	$	(5,939,830	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—	$	—	$	517,130		$	517,130
Forward Contracts		—		—		23,730		—			23,730
Futures Contracts		—		—		—		(368,175	)		(368,175	)
Swap Agreements		—		—		—		(456	)		(456	)
Written Options		—		—		—		(1,283,613	)		(1,283,613	)
Total Realized Gain (Loss)	$	—	$	—	$	23,730	$	(1,135,114	)	$	(1,111,384	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—	$	—	$	(397,340	)	$	(397,340	)
Futures Contracts		—		—		—		9,150			9,150
Swap Agreements		—		—		—		(1,959,471	)		(1,959,471	)
Written Options		—		—		—		(1,336,517	)		(1,336,517	)
Total Change in Appreciation (Depreciation)	$	—	$	—	$	—	$	(3,684,178	)	$	(3,684,178	)

262

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Strategic Bond Fund
Asset Derivatives
Purchased Options*,^^^	$	—		$	—		$	—		$	223,600		$	223,600
Forward Contracts*		—			—			653,603			—			653,603
Futures Contracts^^		—			—			—			4,724,233			4,724,233
Swap Agreements^^,^^^		1,020,738			—			—			4,328,991			5,349,729
Total Value	$	1,020,738		$	—		$	653,603		$	9,276,824		$	10,951,165
Liability Derivatives
Forward Contracts^	$	—		$	—		$	(1,590,306	)	$	—		$	(1,590,306	)
Futures Contracts^^		—			—			—			(9,985,656	)		(9,985,656	)
Swap Agreements^^,^^^		—			—			—			(594,069	)		(594,069	)
Written Options^,^^^		—			—			—			(563,481	)		(563,481	)
Total Value	$	—		$	—		$	(1,590,306	)	$	(11,143,206	)	$	(12,733,512	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—		$	—		$	(689,921	)	$	(689,921	)
Forward Contracts		—			—			284,950			—			284,950
Futures Contracts		—			—			—			(9,352,955	)		(9,352,955	)
Swap Agreements		(783,829	)		—			—			1,967,533			1,183,704
Written Options		—			—			—			986,509			986,509
Total Realized Gain (Loss)	$	(783,829	)	$	—		$	284,950		$	(7,088,834	)	$	(7,587,713	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—		$	39,360		$	10,501		$	49,861
Forward Contracts		—			—			(889,325	)		—			(889,325	)
Futures Contracts		—			—			—			(3,176,262	)		(3,176,262	)
Swap Agreements		149,973			—			—			513,972			663,945
Written Options		—			—			(6,778	)		(71,466	)		(78,244	)
Total Change in Appreciation (Depreciation)	$	149,973		$	—		$	(856,743	)	$	(2,723,255	)	$	(3,430,025	)
S&P 500 Index Fund
Asset Derivatives
Futures Contracts^^	$	—		$	1,433,141		$	—		$	—		$	1,433,141
Realized Gain (Loss)#
Futures Contracts	$	—		$	(488,605	)	$	—		$	—		$	(488,605	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	—		$	2,165,531		$	—		$	—		$	2,165,531
Mid Cap Value Fund
Asset Derivatives
Forward Contracts*,^^^	$	—		$	—		$	8,321		$	—		$	8,321
Liability Derivatives
Forward Contracts^,^^^	$	—		$	—		$	(6,089	)	$	—		$	(6,089	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	—		$	150,360		$	—		$	150,360
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—		$	(36,189	)	$	—		$	(36,189	)

263

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk		Total
Small Company Value Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	44		$	—	$	44
Liability Derivatives
Forward Contracts^^	$	—	$	—		$	(3,146	)	$	—	$	(3,146	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	—		$	56,505		$	—	$	56,505
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	(9,428	)	$	—	$	(9,428	)
S&P Mid Cap Index Fund
Asset Derivatives
Futures Contracts^^	$	—	$	173,570		$	—		$	—	$	173,570
Realized Gain (Loss)#
Futures Contracts	$	—	$	70,029		$	—		$	—	$	70,029
Change in Appreciation (Depreciation)##
Futures Contracts	$	—	$	252,064		$	—		$	—	$	252,064
Russell 2000 Small Cap Index Fund
Asset Derivatives
Futures Contracts ^^	$	—	$	6,571		$	—		$	—	$	6,571
Realized Gain (Loss)#
Futures Contracts	$	—	$	(278,225	)	$	—		$	—	$	(278,225	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	—	$	34,896		$	—		$	—	$	34,896
MSCI EAFE International Index Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	39,356		$	—	$	39,356
Futures Contracts^^		—		34,134			—			—		34,134
Total Value	$	—	$	34,134		$	39,356		$	—	$	73,490
Liability Derivatives
Forward Contracts^	$	—	$	—		$	(83,132	)	$	—	$	(83,132	)
Futures Contracts^^		—		(2,388	)		—			—		(2,388	)
Total Value	$	—	$	(2,388	)	$	(83,132	)	$	—	$	(85,520	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	—		$	(160,343	)	$	—	$	(160,343	)
Futures Contracts		—		7,354			—			—		7,354
Total Realized Gain (Loss)	$	—	$	7,354		$	(160,343	)	$	—	$	(152,989	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	(11,149	)	$	—	$	(11,149	)
Futures Contracts		—		81,155			—			—		81,155
Total Change in Appreciation (Depreciation)	$	—	$	81,155		$	(11,149	)	$	—	$	70,006
Overseas Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	9,915		$	—	$	9,915

264

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk		Total
Overseas Fund (Continued)
Liability Derivatives
Forward Contracts^	$	—	$	—		$	(824	)	$	—	$	(824	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	—		$	105,441		$	—	$	105,441
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	(121,201	)	$	—	$	(121,201	)
MM Select T. Rowe Price International Equity Fund
Liability Derivatives
Written Options^	$	—	$	(8,595	)	$	—		$	—	$	(8,595	)
Change in Appreciation (Depreciation)##
Written Options	$	—	$	9,076		$	—		$	—	$	9,076

* Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts, as applicable.

^ Statements of Assets and Liabilities location: Payables for: open forward contracts, or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps, exchange-traded purchased and written options, or forward contracts, which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

For the period ended March 31, 2022, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Total Return Bond Fund		40		8,948,193	$	93,675,000		648	$	3,710,000		1,900	$	41,670,000
Strategic Bond Fund		4,512		38,901,147		256,069,167		2,072,710		—		936,156		—
S&P 500 Index Fund		106		—		—		—		—		—		—
Mid Cap Value Fund		—		3,123,431		—		—		—		—		—
Small Company Value Fund		—		674,394		—		—		—		—		—
S&P Mid Cap Index Fund		13		—		—		—		—		—		—
Russell 2000 Small Cap Index Fund		32		—		—		—		—		—		—
MSCI EAFE International Index Fund		56		7,336,149		—		—		—		—		—
Overseas Fund		—		3,395,504		—		—		—		—		—
MM Select T. Rowe Price International Equity Fund		—		—		—		—		—		87		—

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased swaptions and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2022.

265

Notes to Financial Statements (Unaudited) (Continued)

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of March 31, 2022. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2022.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Strategic Bond Fund
Citibank N.A.	$	363,946	$	(44,082	)	$	—	$	319,864
Goldman Sachs International		1,262		(1,262	)		—		—
Morgan Stanley & Co. LLC		288,395		(288,395	)		—		—
	$	653,603	$	(333,739	)	$	—	$	319,864
Small Company Value Fund
UBS AG	$	44	$	(44	)	$	—	$	—
MSCI EAFE International Index Fund
Bank of Montreal	$	12,251	$	(12,251	)	$	—	$	—
Bank of New York Mellon		5,122		(5,122	)		—		—
Citibank N.A.		5,304		(106	)		—		5,198
JP Morgan Chase Bank N.A.		9,396		(5,569	)		—		3,827
Morgan Stanley & Co. LLC		7,283		(3,292	)		—		3,991
	$	39,356	$	(26,340	)	$	—	$	13,016
Overseas Fund
State Street Bank and Trust Co.	$	9,915	$	(824	)	$	—	$	9,091

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2022.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Total Return Bond Fund
JP Morgan Chase Bank N.A.	$	(645,052	)	$	—	$	—	$	(645,052	)
Strategic Bond Fund
Bank of America N.A	$	(196,715	)	$	—	$	—	$	(196,715	)
BNP Paribas SA		(3,777	)		—		—		(3,777	)
Citibank N.A.		(44,082	)		44,082		—		—
Goldman Sachs International		(737,165	)		1,262		—		(735,903	)
Morgan Stanley & Co. LLC		(608,567	)		288,395		—		(320,172	)
	$	(1,590,306	)	$	333,739	$	—	$	(1,256,567	)

266

Notes to Financial Statements (Unaudited) (Continued)

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Small Company Value Fund
UBS AG	$	(3,146	)	$	44	$	—	$	(3,102	)
MSCI EAFE International Index Fund
Bank of Montreal	$	(63,336	)	$	12,251	$	—	$	(51,085	)
Bank of New York Mellon		(9,614	)		5,122		—		(4,492	)
BNP Paribas SA		(1,215	)		—		—		(1,215	)
Citibank N.A.		(106	)		106		—		—
JP Morgan Chase Bank N.A.		(5,569	)		5,569		—		—
Morgan Stanley & Co. LLC		(3,292	)		3,292		—		—
	$	(83,132	)	$	26,340	$	—	$	(56,792	)
Overseas Fund
State Street Bank and Trust Co.	$	(824	)	$	824	$	—	$	—
MM Select T. Rowe Price International Equity Fund
Goldman Sachs International	$	(8,595	)	$	—	$	—	$	(8,595	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2022, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. For example, futures contracts are exchange-traded and typically have minimal exposure to counterparty risk and forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

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Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts and related options.

Futures Contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

Options on Futures Contracts. If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

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When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

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Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

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Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC

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options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

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The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

The Strategic Bond Fund entered into certain loan agreements which are unfunded. The Strategic Bond Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the Strategic Bond Fund’s Portfolio of Investments. At March 31, 2022, the Strategic Bond Fund had sufficient cash and/or securities to cover these commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being

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within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2022, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2022, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

Foreign Securities

Each of the MSCI EAFE International Index Fund, Overseas Fund, and MM Select T. Rowe Price International Equity Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to

275

Notes to Financial Statements (Unaudited) (Continued)

greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

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

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

The Funds’ subadvisory fees, if applicable, are paid monthly by MML Advisers out of the advisory fees.

Fund	Investment Advisory Fee	Investment Subadviser(s)
Total Return Bond Fund	0.30% on the first $2 billion; and	Metropolitan West Asset Management, LLC
	0.27% on any excess over $2 billion
Strategic Bond Fund	0.45% on the first $200 million; and	Western Asset Management Company, LLC;
	0.35% on any excess over $200 million	Western Asset Management Company Limited; and Brandywine Global Investment Management, LLC
Diversified Value Fund	0.50% on the first $400 million; and	Brandywine Global Investment Management, LLC;
	0.475% on any excess over $400 million	and T. Rowe Price Associates, Inc.
Fundamental Value Fund	0.60% on the first $1.25 billion;	Barrow, Hanley, Mewhinney & Strauss, LLC; and
	0.575% on the next $250 million; and	Boston Partners Global Investors, Inc.
	0.55% on any excess over $1.5 billion
S&P 500 Index Fund	0.10% on the first $2.5 billion;	Northern Trust Investments, Inc.
	0.08% on the next $2.5 billion; and

276

Notes to Financial Statements (Unaudited) (Continued)

Fund	Investment Advisory Fee	Investment Subadviser(s)
	0.05% on any excess over $5 billion
Equity Opportunities Fund	0.69% on the first $1 billion; and	T. Rowe Price Associates, Inc.; and
	0.64% on any excess over $1 billion	Wellington Management Company LLP
Fundamental Growth Fund	0.65% on the first $300 million; and	Wellington Management Company LLP; and
	0.60% on any excess over $300 million	Westfield Capital Management Company, L.P.
Blue Chip Growth Fund	0.65% on the first $750 million; and	Loomis, Sayles & Company, L.P.; and
	0.60% on any excess over $750 million	T. Rowe Price Associates, Inc.
Growth Opportunities Fund	0.71% on the first $500 million; and	Jackson Square Partners LLC; and
	0.68% on any excess over $500 million	Sands Capital Management, LLC
Mid Cap Value Fund	0.70% on the first $300 million; and	American Century Investment Management, Inc.;
	0.65% on any excess over $300 million	PanAgora Asset Management, Inc.; and Thompson, Siegel & Walmsley LLC
Small Cap Value Equity Fund	0.75% on the first $300 million; and 0.70% on any excess over $300 million	Barrow, Hanley, Mewhinney & Strauss, LLC; and Wellington Management Company LLP
Small Company Value Fund	0.85% on the first $750 million; and	AllianceBernstein L.P.; and
	0.80% on any excess over $750 million	American Century Investment Management, Inc.
S&P Mid Cap Index Fund	0.10% on the first $500 million; and	Northern Trust Investments, Inc.
	0.08% on any excess over $500 million
Russell 2000 Small Cap Index Fund	0.10% on the first $500 million; and	Northern Trust Investments, Inc.
	0.08% on any excess over $500 million
Mid Cap Growth Fund*	0.72% on the first $2 billion; and	Frontier Capital Management Company, LLC;
	0.67% on any excess over $2 billion	and T. Rowe Price Associates, Inc.
Small Cap Growth Equity Fund	0.80% on the first $1 billion; and	Invesco Advisers, Inc.; and Wellington
	0.78% on any excess over $1 billion	Management Company LLP
MSCI EAFE International Index Fund	0.10% on the first $1 billion; and	Northern Trust Investments, Inc.
	0.09% on any excess over $1 billion
Overseas Fund	0.80% on the first $750 million;	Harris Associates L.P.; and
	0.775% on the next $500 million; and	Massachusetts Financial Services Company
	0.75% on any excess over $1.25 billion
MM Select T. Rowe Price International Equity Fund**	0.00%	T. Rowe Price Associates, Inc.

* Effective March 7, 2022, T. Rowe Price Investment Management, Inc. was added as as a sub-subadviser of the Fund.

** T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, and T. Rowe Price Singapore Private Ltd. each serves as a sub-subadviser of the Fund.

277

Notes to Financial Statements (Unaudited) (Continued)

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
Total Return Bond Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Strategic Bond Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Diversified Value Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Fundamental Value Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
S&P 500 Index Fund	None	0.10%	0.25%	0.35%	0.35%	0.25%	0.25%
Equity Opportunities Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Fundamental Growth Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Blue Chip Growth Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Growth Opportunities Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Mid Cap Value Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Small Cap Value Equity Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Small Company Value Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
S&P Mid Cap Index Fund	None	0.10%	0.25%	0.35%	0.35%	0.25%	0.25%
Russell 2000 Small Cap Index Fund	None	0.10%	0.25%	0.35%	0.35%	0.25%	0.25%
Mid Cap Growth Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
Small Cap Growth Equity Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
MSCI EAFE International Index Fund	None	0.10%	0.25%	0.35%	0.35%	0.25%	0.25%
Overseas Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%
MM Select T. Rowe Price International Equity Fund	None	N/A	N/A	N/A	N/A	N/A	N/A

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares and Class R4 shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

278

Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
Mid Cap Value Fund*	0.61%	0.71%	0.81%	0.91%	1.16%	1.06%	1.31%
Small Company Value Fund*	0.86%	0.96%	1.06%	1.16%	1.41%	1.31%	1.56%
MM Select T. Rowe Price International Equity Fund*	0.00%	N/A	N/A	N/A	N/A	N/A	N/A

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through January 31, 2023.

Effective February 1, 2022, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
Overseas Fund*	0.79%	0.89%	0.99%	1.09%	1.34%	1.24%	1.49%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through January 31, 2023.

Prior to February 1, 2022, MML Advisers agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
Overseas Fund*	0.79%	0.89%	0.99%	1.09%	1.34%	1.24%	1.49%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through January 31, 2022.

MML Advisers has agreed to waive 0.03% of the advisory fees of the Total Return Bond Fund through January 31, 2023.

MML Advisers has agreed to waive 0.05% of the advisory fees of the Strategic Bond Fund through January 31, 2023.

MML Advisers has agreed to waive 0.02% of the advisory fees of the Growth Opportunities Fund through January 31, 2023.

Effective March 31, 2022, MML Advisers has agreed to waive 0.05% of the advisory fees of the Mid Cap Growth Fund through January 31, 2024.

279

Notes to Financial Statements (Unaudited) (Continued)

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended March 31, 2022, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Diversified Value Fund	$	2,838
Fundamental Value Fund		719
Equity Opportunities Fund		226
Fundamental Growth Fund		996
Blue Chip Growth Fund		14,391
Growth Opportunities Fund		2,567
Mid Cap Value Fund		693
Small Cap Value Equity Fund		100
Mid Cap Growth Fund		47,438
Small Cap Growth Equity Fund		6,173

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds’ shares by related parties at March 31, 2022:

	Total % Ownership by Related Party
Total Return Bond Fund		89.2	%
Strategic Bond Fund		96.7	%
Diversified Value Fund		93.1	%
Fundamental Value Fund		95.3	%
S&P 500 Index Fund		94.0	%
Equity Opportunities Fund		85.8	%
Fundamental Growth Fund		79.4	%
Blue Chip Growth Fund		86.8	%
Growth Opportunities Fund		93.3	%
Mid Cap Value Fund		96.5	%
Small Cap Value Equity Fund		96.4	%
Small Company Value Fund		93.4	%
S&P Mid Cap Index Fund		91.1	%
Russell 2000 Small Cap Index Fund		95.4	%

280

Notes to Financial Statements (Unaudited) (Continued)

	Total % Ownership by Related Party
Mid Cap Growth Fund		74.9	%
Small Cap Growth Equity Fund		85.6	%
MSCI EAFE International Index Fund		93.2	%
Overseas Fund		89.3	%
MM Select T. Rowe Price International Equity Fund		100.0	%

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2022, were as follows:

	Purchases				Sales
	Long- Term U.S. Government Securities		Other Long-Term Securities		Long- Term U.S. Government Securities		Other Long-Term Securities
Total Return Bond Fund	$	2,027,867,331	$	120,348,678	$	2,098,166,037	$	62,154,402
Strategic Bond Fund		118,744,636		24,319,691		119,902,156		79,896,480
Diversified Value Fund		—		81,799,810		—		111,071,916
Fundamental Value Fund		—		93,591,187		—		149,316,174
S&P 500 Index Fund		—		28,343,900		—		442,203,990
Equity Opportunities Fund		—		105,648,174		—		185,974,618
Fundamental Growth Fund		—		17,204,962		—		22,927,032
Blue Chip Growth Fund		—		413,820,309		—		719,210,264
Growth Opportunities Fund		—		68,316,367		—		112,333,371
Mid Cap Value Fund		—		50,074,217		—		55,063,234
Small Cap Value Equity Fund		—		15,114,154		—		20,778,549
Small Company Value Fund		—		61,542,637		—		75,916,021
S&P Mid Cap Index Fund		—		28,863,616		—		113,429,029
Russell 2000 Small Cap Index Fund		—		9,812,827		—		76,759,065
Mid Cap Growth Fund		—		752,444,314		—		2,248,890,963
Small Cap Growth Equity Fund		—		243,808,129		—		275,836,026
MSCI EAFE International Index Fund		—		3,617,034		—		34,354,028
Overseas Fund		—		54,225,778		—		123,149,120
MM Select T. Rowe Price International Equity Fund		—		360,292,679		—		242,219,155

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases		Sales		Realized Gains/Losses
Equity Opportunities Fund	$	—	$	3,968,508	$	2,020,515
Blue Chip Growth Fund		—		2,525,761		609,593
Mid-Cap Value Fund		7,769		—		—
Mid Cap Growth Fund		1,642,439		—		—
Small Cap Growth Equity Fund		—		56,491		19,180
Overseas Fund		—		223,327		3,371

281

Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Total Return Bond Fund Class I
Sold		10,544,783		$	102,889,013			19,146,497		$	197,586,295
Issued as reinvestment of dividends		1,213,926			12,175,679			3,517,569			36,195,787
Redeemed		(11,378,237	)		(113,424,312	)		(13,402,414	)		(137,618,946	)
Net increase (decrease)		380,472		$	1,640,380			9,261,652		$	96,163,136
Total Return Bond Fund Class R5
Sold		94,028		$	932,827			966,646		$	9,943,955
Issued as reinvestment of dividends		62,806			629,319			212,366			2,183,127
Redeemed		(717,678	)		(7,221,331	)		(807,001	)		(8,293,426	)
Net increase (decrease)		(560,844	)	$	(5,659,185	)		372,011		$	3,833,656
Total Return Bond Fund Service Class
Sold		302,209		$	3,013,787			2,109,996		$	22,504,731
Issued as reinvestment of dividends		101,251			1,020,606			466,054			4,814,337
Redeemed		(1,212,793	)		(12,292,816	)		(4,257,688	)		(44,924,719	)
Net increase (decrease)		(809,333	)	$	(8,258,423	)		(1,681,638	)	$	(17,605,651	)
Total Return Bond Fund Administrative Class
Sold		372,350		$	3,738,850			473,476		$	4,887,313
Issued as reinvestment of dividends		27,026			271,077			104,814			1,077,493
Redeemed		(872,166	)		(8,610,619	)		(591,870	)		(6,140,528	)
Net increase (decrease)		(472,790	)	$	(4,600,692	)		(13,580	)	$	(175,722	)
Total Return Bond Fund Class A
Sold		167,013		$	1,619,111			485,232		$	4,955,544
Issued as reinvestment of dividends		15,120			151,047			58,109			595,039
Redeemed		(103,360	)		(1,013,647	)		(448,655	)		(4,582,335	)
Net increase (decrease)		78,773		$	756,511			94,686		$	968,248
Total Return Bond Fund Class R4
Sold		326,829		$	3,260,885			1,619,080		$	16,849,147
Issued as reinvestment of dividends		102,618			1,037,468			509,982			5,283,413
Redeemed		(1,381,255	)		(13,761,930	)		(3,756,435	)		(38,734,808	)
Net increase (decrease)		(951,808	)	$	(9,463,577	)		(1,627,373	)	$	(16,602,248	)
Total Return Bond Fund Class R3
Sold		135,423		$	1,337,180			457,819		$	4,729,647
Issued as reinvestment of dividends		23,412			234,819			140,483			1,444,165
Redeemed		(338,169	)		(3,340,617	)		(980,562	)		(10,022,079	)
Net increase (decrease)		(179,334	)	$	(1,768,618	)		(382,260	)	$	(3,848,267	)
Strategic Bond Fund Class I
Sold		5,607,209		$	55,723,167			9,792,877		$	107,787,429
Issued as reinvestment of dividends		1,975,931			20,292,814			2,100,242			23,039,656
Redeemed		(9,712,752	)		(102,621,228	)		(12,641,185	)		(138,155,152	)
Net increase (decrease)		(2,129,612	)	$	(26,605,247	)		(748,066	)	$	(7,328,067	)
Strategic Bond Fund Class R5
Sold		407,776		$	4,219,489			1,720,310		$	18,754,867
Issued as reinvestment of dividends		442,257			4,546,406			427,829			4,697,559
Redeemed		(1,707,968	)		(17,734,248	)		(2,458,439	)		(26,976,452	)
Net increase (decrease)		(857,935	)	$	(8,968,353	)		(310,300	)	$	(3,524,026	)

282

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Strategic Bond Fund Service Class
Sold		1,859,295		$	20,183,634			703,441		$	7,620,821
Issued as reinvestment of dividends		254,816			2,619,511			175,067			1,923,985
Redeemed		(666,796	)		(6,869,634	)		(1,543,663	)		(16,792,426	)
Net increase (decrease)		1,447,315		$	15,933,511			(665,155	)	$	(7,247,620	)
Strategic Bond Fund Administrative Class
Sold		153,492		$	1,591,060			2,372,820		$	25,699,371
Issued as reinvestment of dividends		186,209			1,912,369			341,132			3,735,392
Redeemed		(2,535,725	)		(26,413,465	)		(4,280,361	)		(46,186,805	)
Net increase (decrease)		(2,196,024	)	$	(22,910,036	)		(1,566,409	)	$	(16,752,042	)
Strategic Bond Fund Class A
Sold		68,115		$	695,773			1,496,947		$	16,640,515
Issued as reinvestment of dividends		106,519			1,093,950			290,574			3,173,070
Redeemed		(1,038,363	)		(10,962,344	)		(4,394,795	)		(47,670,756	)
Net increase (decrease)		(863,729	)	$	(9,172,621	)		(2,607,274	)	$	(27,857,171	)
Strategic Bond Fund Class R4
Sold		167,781		$	1,702,094			653,572		$	7,092,970
Issued as reinvestment of dividends		160,353			1,635,600			218,994			2,384,840
Redeemed		(1,444,818	)		(15,183,180	)		(1,470,051	)		(15,956,354	)
Net increase (decrease)		(1,116,684	)	$	(11,845,486	)		(597,485	)	$	(6,478,544	)
Strategic Bond Fund Class R3
Sold		79,372		$	800,478			319,656		$	3,425,685
Issued as reinvestment of dividends		39,151			396,988			65,090			702,974
Redeemed		(543,519	)		(5,651,640	)		(727,933	)		(7,839,830	)
Net increase (decrease)		(424,996	)	$	(4,454,174	)		(343,187	)	$	(3,711,171	)
Diversified Value Fund Class I
Sold		1,900,327		$	25,102,938			4,766,409		$	58,517,759
Issued as reinvestment of dividends		2,269,879			28,645,872			438,410			4,826,890
Redeemed		(2,620,472	)		(34,461,276	)		(8,179,237	)		(104,349,524	)
Net increase (decrease)		1,549,734		$	19,287,534			(2,974,418	)	$	(41,004,875	)
Diversified Value Fund Class R5
Sold		324,955		$	4,258,889			645,349		$	8,129,226
Issued as reinvestment of dividends		670,394			8,493,887			129,280			1,427,247
Redeemed		(1,507,763	)		(19,895,620	)		(1,925,876	)		(23,438,048	)
Net increase (decrease)		(512,414	)	$	(7,142,844	)		(1,151,247	)	$	(13,881,575	)
Diversified Value Fund Service Class
Sold		53,145		$	716,270			164,512		$	2,075,082
Issued as reinvestment of dividends		148,207			1,877,787			28,106			310,576
Redeemed		(128,726	)		(1,694,149	)		(481,322	)		(5,811,081	)
Net increase (decrease)		72,626		$	899,908			(288,704	)	$	(3,425,423	)
Diversified Value Fund Administrative Class
Sold		98,981		$	1,345,233			347,161		$	4,457,155
Issued as reinvestment of dividends		189,400			2,424,318			30,457			339,296
Redeemed		(295,344	)		(3,943,781	)		(450,291	)		(5,434,054	)
Net increase (decrease)		(6,963	)	$	(174,230	)		(72,673	)	$	(637,603	)

283

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Diversified Value Fund Class A
Sold		90,665		$	1,203,672			421,139		$	5,205,137
Issued as reinvestment of dividends		247,566			3,136,659			45,661			504,096
Redeemed		(221,963	)		(2,950,866	)		(1,271,123	)		(16,100,131	)
Net increase (decrease)		116,268		$	1,389,465			(804,323	)	$	(10,390,898	)
Diversified Value Fund Class R4
Sold		49,296		$	657,542			271,872		$	3,106,319
Issued as reinvestment of dividends		123,743			1,536,882			18,255			198,248
Redeemed		(142,734	)		(1,819,332	)		(350,322	)		(4,176,440	)
Net increase (decrease)		30,305		$	375,092			(60,195	)	$	(871,873	)
Diversified Value Fund Class R3
Sold		7,505		$	98,072			30,422		$	403,152
Issued as reinvestment of dividends		10,368			130,528			2,246			24,615
Redeemed		(15,857	)		(204,744	)		(104,228	)		(1,328,709	)
Net increase (decrease)		2,016		$	23,856			(71,560	)	$	(900,942	)
Fundamental Value Fund Class I
Sold		1,907,222		$	19,741,516			6,014,795		$	58,173,128
Issued as reinvestment of dividends		4,341,734			42,679,245			600,383			5,157,291
Redeemed		(3,778,638	)		(39,304,918	)		(8,589,850	)		(82,578,233	)
Net increase (decrease)		2,470,318		$	23,115,843			(1,974,672	)	$	(19,247,814	)
Fundamental Value Fund Class R5
Sold		313,231		$	3,252,521			1,298,021		$	13,009,525
Issued as reinvestment of dividends		1,353,266			13,424,402			271,793			2,353,725
Redeemed		(2,011,458	)		(20,686,772	)		(8,416,442	)		(84,928,696	)
Net increase (decrease)		(344,961	)	$	(4,009,849	)		(6,846,628	)	$	(69,565,446	)
Fundamental Value Fund Service Class
Sold		504,506		$	5,230,419			715,166		$	7,256,979
Issued as reinvestment of dividends		371,015			3,658,211			41,902			360,779
Redeemed		(536,297	)		(5,488,670	)		(778,059	)		(7,338,666	)
Net increase (decrease)		339,224		$	3,399,960			(20,991	)	$	279,092
Fundamental Value Fund Administrative Class
Sold		131,351		$	1,386,769			594,754		$	5,712,661
Issued as reinvestment of dividends		555,561			5,544,501			95,972			834,960
Redeemed		(1,142,299	)		(11,623,237	)		(3,661,979	)		(35,397,364	)
Net increase (decrease)		(455,387	)	$	(4,691,967	)		(2,971,253	)	$	(28,849,743	)
Fundamental Value Fund Class A
Sold		192,908		$	1,966,254			393,724		$	3,933,994
Issued as reinvestment of dividends		380,538			3,733,076			43,766			375,073
Redeemed		(873,578	)		(8,979,422	)		(1,869,795	)		(17,194,023	)
Net increase (decrease)		(300,132	)	$	(3,280,092	)		(1,432,305	)	$	(12,884,956	)
Fundamental Value Fund Class R4
Sold		50,437		$	492,732			50,328		$	473,808
Issued as reinvestment of dividends		119,651			1,143,866			13,737			115,118
Redeemed		(33,920	)		(337,212	)		(187,920	)		(1,797,952	)
Net increase (decrease)		136,168		$	1,299,386			(123,855	)	$	(1,209,026	)

284

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Fundamental Value Fund Class R3
Sold		17,133		$	166,182			78,733		$	805,088
Issued as reinvestment of dividends		19,872			189,183			1,242			10,379
Redeemed		(51,925	)		(511,735	)		(50,502	)		(483,004	)
Net increase (decrease)		(14,920	)	$	(156,370	)		29,473		$	332,463
S&P 500 Index Fund Class I
Sold		6,729,915		$	140,684,723			17,260,205		$	347,463,609
Issued as reinvestment of dividends		8,976,077			184,009,587			10,266,209			184,586,442
Redeemed		(15,154,833	)		(322,040,334	)		(20,521,046	)		(413,010,371	)
Net increase (decrease)		551,159		$	2,653,976			7,005,368		$	119,039,680
S&P 500 Index Fund Class R5
Sold		1,257,381		$	26,718,581			1,891,528		$	38,627,265
Issued as reinvestment of dividends		2,943,930			60,703,846			3,454,763			62,427,564
Redeemed		(2,631,150	)		(53,920,736	)		(4,944,523	)		(100,762,117	)
Net increase (decrease)		1,570,161		$	33,501,691			401,768		$	292,712
S&P 500 Index Fund Service Class
Sold		1,112,260		$	23,315,488			2,704,969		$	55,210,299
Issued as reinvestment of dividends		2,214,870			45,847,810			3,123,958			56,637,356
Redeemed		(2,698,894	)		(56,689,823	)		(8,306,556	)		(167,410,998	)
Net increase (decrease)		628,236		$	12,473,475			(2,477,629	)	$	(55,563,343	)
S&P 500 Index Fund Administrative Class
Sold		827,957		$	17,189,140			1,845,338		$	37,527,075
Issued as reinvestment of dividends		2,159,450			43,469,722			3,211,009			56,802,753
Redeemed		(5,036,632	)		(103,696,550	)		(7,090,273	)		(140,951,560	)
Net increase (decrease)		(2,049,225	)	$	(43,037,688	)		(2,033,926	)	$	(46,621,732	)
S&P 500 Index Fund Class A
Sold		116,552		$	2,243,959			272,433		$	5,131,189
Issued as reinvestment of dividends		147,358			2,886,746			216,289			3,735,318
Redeemed		(450,595	)		(9,303,437	)		(525,326	)		(10,290,915	)
Net increase (decrease)		(186,685	)	$	(4,172,732	)		(36,604	)	$	(1,424,408	)
S&P 500 Index Fund Class R4
Sold		1,543,391		$	30,198,050			2,912,407		$	56,820,281
Issued as reinvestment of dividends		3,028,215			59,837,538			4,668,157			81,225,926
Redeemed		(5,826,814	)		(117,650,950	)		(13,658,676	)		(266,752,268	)
Net increase (decrease)		(1,255,208	)	$	(27,615,362	)		(6,078,112	)	$	(128,706,061	)
S&P 500 Index Fund Class R3
Sold		1,425,274		$	27,715,496			3,895,891		$	74,728,360
Issued as reinvestment of dividends		1,929,310			36,541,127			2,006,301			33,665,725
Redeemed		(2,414,052	)		(45,484,398	)		(4,151,692	)		(78,531,536	)
Net increase (decrease)		940,532		$	18,772,225			1,750,500		$	29,862,549
Equity Opportunities Fund Class I
Sold		908,491		$	18,216,681			2,342,051		$	44,627,814
Issued as reinvestment of dividends		2,666,804			51,816,002			1,667,804			29,303,320
Redeemed		(2,717,092	)		(53,661,943	)		(5,915,556	)		(112,583,197	)
Net increase (decrease)		858,203		$	16,370,740			(1,905,701	)	$	(38,652,063	)

285

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Equity Opportunities Fund Class R5
Sold		411,877		$	8,310,325			842,306		$	15,151,904
Issued as reinvestment of dividends		978,951			19,138,493			641,043			11,320,812
Redeemed		(1,884,742	)		(37,826,478	)		(2,362,507	)		(44,671,477	)
Net increase (decrease)		(493,914	)	$	(10,377,660	)		(879,158	)	$	(18,198,761	)
Equity Opportunities Fund Service Class
Sold		85,226		$	1,672,093			376,730		$	6,983,511
Issued as reinvestment of dividends		290,928			5,530,550			177,650			3,060,907
Redeemed		(337,952	)		(6,590,044	)		(1,048,051	)		(18,456,209	)
Net increase (decrease)		38,202		$	612,599			(493,671	)	$	(8,411,791	)
Equity Opportunities Fund Administrative Class
Sold		57,327		$	1,095,837			620,927		$	11,214,685
Issued as reinvestment of dividends		340,670			6,343,270			183,645			3,107,276
Redeemed		(745,855	)		(13,704,645	)		(858,899	)		(15,618,305	)
Net increase (decrease)		(347,858	)	$	(6,265,538	)		(54,327	)	$	(1,296,344	)
Equity Opportunities Fund Class A
Sold		43,115		$	774,722			286,817		$	4,880,640
Issued as reinvestment of dividends		367,584			6,384,936			258,475			4,112,340
Redeemed		(532,813	)		(9,560,362	)		(1,193,610	)		(20,822,672	)
Net increase (decrease)		(122,114	)	$	(2,400,704	)		(648,318	)	$	(11,829,692	)
Equity Opportunities Fund Class R4
Sold		51,301		$	886,575			58,146		$	972,979
Issued as reinvestment of dividends		65,235			1,104,425			41,202			641,099
Redeemed		(67,195	)		(1,192,017	)		(177,306	)		(2,914,318	)
Net increase (decrease)		49,341		$	798,983			(77,958	)	$	(1,300,240	)
Equity Opportunities Fund Class R3
Sold		59,550		$	931,922			88,794		$	1,445,005
Issued as reinvestment of dividends		29,567			456,521			19,486			280,015
Redeemed		(47,682	)		(738,214	)		(151,917	)		(2,414,261	)
Net increase (decrease)		41,435		$	650,229			(43,637	)	$	(689,241	)
Fundamental Growth Fund Class I
Sold		431,325		$	1,947,361			1,285,417		$	8,075,228
Issued as reinvestment of dividends		741,150			3,135,065			1,160,169			6,380,932
Redeemed		(682,016	)		(3,854,225	)		(1,742,122	)		(10,457,592	)
Net increase (decrease)		490,459		$	1,228,201			703,464		$	3,998,568
Fundamental Growth Fund Class R5
Sold		56,875		$	286,898			237,897		$	1,631,222
Issued as reinvestment of dividends		669,002			2,856,640			1,092,737			6,053,760
Redeemed		(326,252	)		(1,535,137	)		(1,059,599	)		(6,358,554	)
Net increase (decrease)		399,625		$	1,608,401			271,035		$	1,326,428
Fundamental Growth Fund Service Class
Sold		77,524		$	334,478			96,110		$	571,166
Issued as reinvestment of dividends		457,949			1,799,739			579,443			3,030,485
Redeemed		(163,655	)		(794,077	)		(314,225	)		(1,884,842	)
Net increase (decrease)		371,818		$	1,340,140			361,328		$	1,716,809

286

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Fundamental Growth Fund Administrative Class
Sold		46,124		$	186,073			228,849		$	1,235,015
Issued as reinvestment of dividends		662,161			2,350,670			1,380,760			6,751,917
Redeemed		(223,105	)		(1,012,767	)		(1,865,226	)		(10,344,812	)
Net increase (decrease)		485,180		$	1,523,976			(255,617	)	$	(2,357,880	)
Fundamental Growth Fund Class A
Sold		95,541		$	306,899			189,500		$	906,932
Issued as reinvestment of dividends		1,515,834			4,304,968			1,822,352			7,726,774
Redeemed		(424,939	)		(1,775,699	)		(1,402,788	)		(7,292,641	)
Net increase (decrease)		1,186,436		$	2,836,168			609,064		$	1,341,065
Fundamental Growth Fund Class R4
Sold		20,924		$	63,380			43,223		$	201,697
Issued as reinvestment of dividends		199,206			539,848			187,400			772,086
Redeemed		(55,504	)		(236,873	)		(93,402	)		(500,263	)
Net increase (decrease)		164,626		$	366,355			137,221		$	473,520
Fundamental Growth Fund Class R3
Sold		87,552		$	172,018			204,225		$	737,635
Issued as reinvestment of dividends		397,548			735,465			530,015			1,759,650
Redeemed		(225,690	)		(402,451	)		(746,314	)		(2,772,047	)
Net increase (decrease)		259,410		$	505,032			(12,074	)	$	(274,762	)
Blue Chip Growth Fund Class I
Sold		5,109,849		$	142,884,423			9,208,665		$	288,635,407
Issued as reinvestment of dividends		17,779,562			505,650,751			4,344,635			127,384,702
Redeemed		(8,675,795	)		(258,135,472	)		(24,822,276	)		(790,026,118	)
Net increase (decrease)		14,213,616		$	390,399,702			(11,268,976	)	$	(374,006,009	)
Blue Chip Growth Fund Class R5
Sold		566,248		$	15,772,415			2,679,809		$	82,658,186
Issued as reinvestment of dividends		3,858,828			109,320,598			983,773			28,785,200
Redeemed		(3,346,072	)		(99,824,685	)		(6,199,890	)		(196,931,948	)
Net increase (decrease)		1,079,004		$	25,268,328			(2,536,308	)	$	(85,488,562	)
Blue Chip Growth Fund Service Class
Sold		180,870		$	5,389,991			1,223,525		$	37,332,066
Issued as reinvestment of dividends		1,390,201			38,828,325			320,599			9,281,346
Redeemed		(640,493	)		(17,961,662	)		(1,731,897	)		(53,422,350	)
Net increase (decrease)		930,578		$	26,256,654			(187,773	)	$	(6,808,938	)
Blue Chip Growth Fund Administrative Class
Sold		191,217		$	5,320,709			1,382,931		$	43,389,745
Issued as reinvestment of dividends		2,315,836			63,222,321			634,937			18,063,967
Redeemed		(3,017,735	)		(83,395,605	)		(5,159,799	)		(157,988,590	)
Net increase (decrease)		(510,682	)	$	(14,852,575	)		(3,141,931	)	$	(96,534,878	)
Blue Chip Growth Fund Class A
Sold		122,418		$	3,255,040			1,018,552		$	28,655,216
Issued as reinvestment of dividends		1,109,963			28,270,753			387,337			10,446,481
Redeemed		(763,597	)		(19,645,624	)		(4,359,478	)		(129,512,098	)
Net increase (decrease)		468,784		$	11,880,169			(2,953,589	)	$	(90,410,401	)

287

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Class R4
Sold		201,076		$	5,082,789			1,076,100		$	30,583,742
Issued as reinvestment of dividends		983,162			25,050,959			240,790			6,486,894
Redeemed		(729,138	)		(19,358,033	)		(1,692,637	)		(48,631,847	)
Net increase (decrease)		455,100		$	10,775,715			(375,747	)	$	(11,561,211	)
Blue Chip Growth Fund Class R3
Sold		128,887		$	2,916,809			357,619		$	9,388,348
Issued as reinvestment of dividends		501,154			11,466,411			124,694			3,093,658
Redeemed		(422,331	)		(10,360,013	)		(961,576	)		(25,525,284	)
Net increase (decrease)		207,710		$	4,023,207			(479,263	)	$	(13,043,278	)
Growth Opportunities Fund Class I
Sold		3,630,606		$	27,215,513			5,964,565		$	64,460,451
Issued as reinvestment of dividends		7,852,454			63,212,251			4,781,993			47,724,289
Redeemed		(4,384,366	)		(39,066,789	)		(7,289,756	)		(78,254,732	)
Net increase (decrease)		7,098,694		$	51,360,975			3,456,802		$	33,930,008
Growth Opportunities Fund Class R5
Sold		367,820		$	2,908,100			1,827,378		$	19,490,118
Issued as reinvestment of dividends		2,168,280			16,825,851			2,200,770			21,391,483
Redeemed		(1,800,186	)		(15,251,226	)		(7,435,247	)		(75,529,949	)
Net increase (decrease)		735,914		$	4,482,725			(3,407,099	)	$	(34,648,348	)
Growth Opportunities Fund Service Class
Sold		253,007		$	2,176,935			347,551		$	3,384,510
Issued as reinvestment of dividends		994,425			7,030,586			709,183			6,439,381
Redeemed		(559,225	)		(4,773,000	)		(1,325,612	)		(13,102,377	)
Net increase (decrease)		688,207		$	4,434,521			(268,878	)	$	(3,278,486	)
Growth Opportunities Fund Administrative Class
Sold		261,012		$	1,660,135			539,808		$	4,962,892
Issued as reinvestment of dividends		2,172,175			13,489,206			1,331,937			11,015,116
Redeemed		(1,640,713	)		(10,923,995	)		(2,609,272	)		(24,065,097	)
Net increase (decrease)		792,474		$	4,225,346			(737,527	)	$	(8,087,089	)
Growth Opportunities Fund Class A
Sold		175,648		$	776,516			683,345		$	4,932,367
Issued as reinvestment of dividends		2,635,032			12,094,799			1,444,315			9,734,684
Redeemed		(1,663,069	)		(7,188,498	)		(2,427,204	)		(18,045,044	)
Net increase (decrease)		1,147,611		$	5,682,817			(299,544	)	$	(3,377,993	)
Growth Opportunities Fund Class R4
Sold		23,109		$	106,887			34,506		$	256,709
Issued as reinvestment of dividends		183,946			871,903			100,504			691,469
Redeemed		(13,203	)		(61,280	)		(138,783	)		(1,067,446	)
Net increase (decrease)		193,852		$	917,510			(3,773	)	$	(119,268	)
Growth Opportunities Fund Class R3
Sold		33,469		$	99,686			402,025		$	2,286,504
Issued as reinvestment of dividends		380,771			1,142,314			91,599			479,063
Redeemed		(50,572	)		(128,022	)		(190,176	)		(1,105,742	)
Net increase (decrease)		363,668		$	1,113,978			303,448		$	1,659,825

288

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Mid Cap Value Fund Class I
Sold		523,514		$	6,975,429			1,378,441		$	19,471,679
Issued as reinvestment of dividends		2,209,404			26,888,446			120,645			1,535,817
Redeemed		(894,590	)		(12,118,578	)		(2,569,512	)		(36,125,882	)
Net increase (decrease)		1,838,328		$	21,745,297			(1,070,426	)	$	(15,118,386	)
Mid Cap Value Fund Class R5
Sold		13,477		$	177,765			26,384		$	378,441
Issued as reinvestment of dividends		18,803			232,404			713			9,182
Redeemed		(23,733	)		(306,992	)		(35,750	)		(465,832	)
Net increase (decrease)		8,547		$	103,177			(8,653	)	$	(78,209	)
Mid Cap Value Fund Service Class
Sold		248		$	3,555			21,295		$	311,554
Issued as reinvestment of dividends		8,620			105,510			125			1,602
Redeemed		(24,898	)		(313,566	)		(1,891	)		(29,106	)
Net increase (decrease)		(16,030	)	$	(204,501	)		19,529		$	284,050
Mid Cap Value Fund Administrative Class
Sold		3,979		$	55,389			12,029		$	184,500
Issued as reinvestment of dividends		14,968			188,296			723			9,443
Redeemed		(14,608	)		(229,711	)		(15,951	)		(231,037	)
Net increase (decrease)		4,339		$	13,974			(3,199	)	$	(37,094	)
Mid Cap Value Fund Class A
Sold		6,341		$	87,736			142,864		$	1,953,163
Issued as reinvestment of dividends		28,037			345,700			2,584			33,097
Redeemed		(21,082	)		(281,002	)		(315,794	)		(4,611,163	)
Net increase (decrease)		13,296		$	152,434			(170,346	)	$	(2,624,903	)
Mid Cap Value Fund Class R4
Sold		4,284		$	54,732			7,013		$	97,079
Issued as reinvestment of dividends		1,257			15,233			622			7,872
Redeemed		(737	)		(10,151	)		(72,997	)		(1,056,116	)
Net increase (decrease)		4,804		$	59,814			(65,362	)	$	(951,165	)
Mid Cap Value Fund Class R3
Sold		386		$	5,264			5,118		$	70,621
Issued as reinvestment of dividends		2,760			33,429			246			3,107
Redeemed		(2,175	)		(27,570	)		(30,021	)		(430,029	)
Net increase (decrease)		971		$	11,123			(24,657	)	$	(356,301	)
Small Cap Value Equity Fund Class I
Sold		468,275		$	5,970,562			907,032		$	11,357,203
Issued as reinvestment of dividends		879,846			9,194,395			152,789			1,714,290
Redeemed		(719,230	)		(8,163,040	)		(4,127,369	)		(51,698,733	)
Net increase (decrease)		628,891		$	7,001,917			(3,067,548	)	$	(38,627,240	)
Small Cap Value Equity Fund Class R5
Sold		58,267		$	650,050			809,584		$	10,404,197
Issued as reinvestment of dividends		218,100			2,283,497			34,845			392,010
Redeemed		(254,541	)		(3,069,560	)		(1,166,710	)		(15,301,343	)
Net increase (decrease)		21,826		$	(136,013	)		(322,281	)	$	(4,505,136	)

289

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Small Cap Value Equity Fund Service Class
Sold		12,829		$	157,419			29,025		$	363,192
Issued as reinvestment of dividends		66,630			701,615			9,089			102,703
Redeemed		(34,894	)		(432,127	)		(91,348	)		(1,186,214	)
Net increase (decrease)		44,565		$	426,907			(53,234	)	$	(720,319	)
Small Cap Value Equity Fund Administrative Class
Sold		8,267		$	103,978			40,323		$	521,611
Issued as reinvestment of dividends		59,543			618,052			10,705			119,788
Redeemed		(10,711	)		(123,965	)		(213,856	)		(2,687,794	)
Net increase (decrease)		57,099		$	598,065			(162,828	)	$	(2,046,395	)
Small Cap Value Equity Fund Class A
Sold		17,667		$	191,766			152,503		$	1,865,323
Issued as reinvestment of dividends		141,955			1,433,744			17,347			190,647
Redeemed		(113,754	)		(1,311,166	)		(219,908	)		(2,721,035	)
Net increase (decrease)		45,868		$	314,344			(50,058	)	$	(665,065	)
Small Cap Value Equity Fund Class R4
Sold		9,286		$	99,353			36,336		$	451,536
Issued as reinvestment of dividends		35,292			353,982			7,995			87,302
Redeemed		(18,450	)		(206,906	)		(200,794	)		(2,399,956	)
Net increase (decrease)		26,128		$	246,429			(156,463	)	$	(1,861,118	)
Small Cap Value Equity Fund Class R3
Sold		15,441		$	159,571			21,846		$	274,446
Issued as reinvestment of dividends		18,019			177,490			2,414			26,075
Redeemed		(9,501	)		(93,141	)		(57,525	)		(679,901	)
Net increase (decrease)		23,959		$	243,920			(33,265	)	$	(379,380	)
Small Company Value Fund Class I
Sold		1,336,264		$	16,250,261			4,737,139		$	55,347,151
Issued as reinvestment of dividends		2,185,835			24,481,352			85,053			812,256
Redeemed		(2,045,654	)		(24,588,282	)		(2,348,073	)		(26,270,613	)
Net increase (decrease)		1,476,445		$	16,143,331			2,474,119		$	29,888,794
Small Company Value Fund Class R5
Sold		349,568		$	4,287,893			2,238,221		$	24,968,017
Issued as reinvestment of dividends		774,949			8,756,926			39,529			380,666
Redeemed		(983,741	)		(11,606,300	)		(3,598,862	)		(37,381,946	)
Net increase (decrease)		140,776		$	1,438,519			(1,321,112	)	$	(12,033,263	)
Small Company Value Fund Service Class
Sold		85,975		$	1,058,770			317,513		$	3,700,087
Issued as reinvestment of dividends		111,423			1,250,165			3,323			31,805
Redeemed		(86,974	)		(982,949	)		(213,621	)		(2,435,431	)
Net increase (decrease)		110,424		$	1,325,986			107,215		$	1,296,461
Small Company Value Fund Administrative Class
Sold		65,251		$	794,375			319,890		$	3,595,272
Issued as reinvestment of dividends		192,067			2,095,447			9,514			88,859
Redeemed		(239,073	)		(2,726,260	)		(933,127	)		(10,609,361	)
Net increase (decrease)		18,245		$	163,562			(603,723	)	$	(6,925,230	)

290

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Small Company Value Fund Class A
Sold		155,087		$	1,688,391			299,765		$	3,244,014
Issued as reinvestment of dividends		191,789			1,983,094			3,577			31,978
Redeemed		(170,165	)		(1,863,680	)		(691,731	)		(7,464,426	)
Net increase (decrease)		176,711		$	1,807,805			(388,389	)	$	(4,188,434	)
Small Company Value Fund Class R4
Sold		5,440		$	57,181			73,265		$	751,995
Issued as reinvestment of dividends		9,904			100,625			673			5,920
Redeemed		(1,837	)		(22,115	)		(137,064	)		(1,569,338	)
Net increase (decrease)		13,507		$	135,691			(63,126	)	$	(811,423	)
Small Company Value Fund Class R3
Sold		13,792		$	130,156			16,202		$	161,460
Issued as reinvestment of dividends		6,198			57,144			–			–
Redeemed		(8,125	)		(75,085	)		(7,013	)		(70,513	)
Net increase (decrease)		11,865		$	112,215			9,189		$	90,947
S&P Mid Cap Index Fund Class I
Sold		449,085		$	7,442,023			2,126,843		$	35,570,161
Issued as reinvestment of dividends		896,135			14,266,462			461,829			6,691,909
Redeemed		(1,787,668	)		(28,802,646	)		(1,795,719	)		(29,456,348	)
Net increase (decrease)		(442,448	)	$	(7,094,161	)		792,953		$	12,805,722
S&P Mid Cap Index Fund Class R5
Sold		232,211		$	3,942,966			839,995		$	14,215,521
Issued as reinvestment of dividends		249,706			3,962,838			125,735			1,816,870
Redeemed		(277,115	)		(4,556,326	)		(760,997	)		(12,370,073	)
Net increase (decrease)		204,802		$	3,349,478			204,733		$	3,662,318
S&P Mid Cap Index Fund Service Class
Sold		128,004		$	2,086,456			367,250		$	5,990,700
Issued as reinvestment of dividends		155,612			2,455,558			109,906			1,580,444
Redeemed		(274,954	)		(4,308,059	)		(742,178	)		(12,328,467	)
Net increase (decrease)		8,662		$	233,955			(265,022	)	$	(4,757,323	)
S&P Mid Cap Index Fund Administrative Class
Sold		142,539		$	2,423,728			685,066		$	11,160,805
Issued as reinvestment of dividends		276,921			4,378,127			227,738			3,274,879
Redeemed		(1,224,985	)		(20,843,528	)		(1,257,406	)		(20,501,726	)
Net increase (decrease)		(805,525	)	$	(14,041,673	)		(344,602	)	$	(6,066,042	)
S&P Mid Cap Index Fund Class A
Sold		77,116		$	1,266,278			554,824		$	9,039,654
Issued as reinvestment of dividends		179,010			2,830,155			130,567			1,877,552
Redeemed		(449,463	)		(7,562,366	)		(1,287,755	)		(20,039,954	)
Net increase (decrease)		(193,337	)	$	(3,465,933	)		(602,364	)	$	(9,122,748	)
S&P Mid Cap Index Fund Class R4
Sold		412,758		$	6,610,678			863,466		$	14,261,029
Issued as reinvestment of dividends		548,993			8,602,717			401,412			5,732,162
Redeemed		(1,334,237	)		(21,225,569	)		(2,727,287	)		(43,586,429	)
Net increase (decrease)		(372,486	)	$	(6,012,174	)		(1,462,409	)	$	(23,593,238	)

291

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
S&P Mid Cap Index Fund Class R3
Sold		501,337		$	7,914,626			1,180,316		$	19,237,954
Issued as reinvestment of dividends		790,758			12,335,822			492,533			7,008,746
Redeemed		(2,068,700	)		(32,641,295	)		(2,545,333	)		(40,108,951	)
Net increase (decrease)		(776,605	)	$	(12,390,847	)		(872,484	)	$	(13,862,251	)
Russell 2000 Small Cap Index Fund Class I
Sold		450,024		$	6,456,410			1,573,646		$	24,868,488
Issued as reinvestment of dividends		1,333,444			17,308,103			299,104			4,196,431
Redeemed		(1,572,191	)		(21,363,796	)		(2,343,175	)		(35,735,336	)
Net increase (decrease)		211,277		$	2,400,717			(470,425	)	$	(6,670,417	)
Russell 2000 Small Cap Index Fund Class R5
Sold		173,946		$	2,420,791			648,502		$	10,477,592
Issued as reinvestment of dividends		266,597			3,460,429			59,738			838,131
Redeemed		(223,023	)		(2,985,861	)		(734,583	)		(11,677,636	)
Net increase (decrease)		217,520		$	2,895,359			(26,343	)	$	(361,913	)
Russell 2000 Small Cap Index Fund Service Class
Sold		105,287		$	1,465,188			341,215		$	5,283,515
Issued as reinvestment of dividends		181,325			2,330,009			39,388			547,886
Redeemed		(285,010	)		(3,692,146	)		(317,656	)		(4,932,473	)
Net increase (decrease)		1,602		$	103,051			62,947		$	898,928
Russell 2000 Small Cap Index Fund Administrative Class
Sold		183,434		$	2,656,013			579,844		$	8,948,622
Issued as reinvestment of dividends		489,435			6,323,503			182,814			2,550,257
Redeemed		(1,622,731	)		(22,801,231	)		(1,752,876	)		(27,282,679	)
Net increase (decrease)		(949,862	)	$	(13,821,715	)		(990,218	)	$	(15,783,800	)
Russell 2000 Small Cap Index Fund Class A
Sold		85,612		$	1,173,360			536,036		$	8,165,532
Issued as reinvestment of dividends		236,853			3,038,829			67,900			941,766
Redeemed		(399,180	)		(5,571,754	)		(1,093,086	)		(16,025,834	)
Net increase (decrease)		(76,715	)	$	(1,359,565	)		(489,150	)	$	(6,918,536	)
Russell 2000 Small Cap Index Fund Class R4
Sold		389,649		$	5,484,441			1,068,047		$	16,948,543
Issued as reinvestment of dividends		727,982			9,267,214			197,856			2,730,417
Redeemed		(1,538,554	)		(20,039,484	)		(2,298,236	)		(34,798,727	)
Net increase (decrease)		(420,923	)	$	(5,287,829	)		(1,032,333	)	$	(15,119,767	)
Russell 2000 Small Cap Index Fund Class R3
Sold		272,772		$	3,561,214			703,629		$	10,872,549
Issued as reinvestment of dividends		755,931			9,570,091			180,259			2,474,950
Redeemed		(1,098,402	)		(14,186,747	)		(1,439,744	)		(21,728,553	)
Net increase (decrease)		(69,699	)	$	(1,055,442	)		(555,856	)	$	(8,381,054	)
Mid Cap Growth Fund Class I
Sold		9,238,690		$	235,780,505			21,183,859		$	619,721,055
Issued as reinvestment of dividends		46,250,992			1,175,700,217			13,500,310			369,233,487
Redeemed		(43,455,335	)		(1,124,708,274	)		(68,670,135	)		(2,039,813,584	)
Net increase (decrease)		12,034,347		$	286,772,448			(33,985,966	)	$	(1,050,859,042	)

292

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Mid Cap Growth Fund Class R5
Sold		6,128,036		$	153,636,511			8,395,381		$	240,160,574
Issued as reinvestment of dividends		11,851,698			296,055,421			3,401,006			91,793,143
Redeemed		(17,523,182	)		(464,010,344	)		(16,010,155	)		(465,598,430	)
Net increase (decrease)		456,552		$	(14,318,412	)		(4,213,768	)	$	(133,644,713	)
Mid Cap Growth Fund Service Class
Sold		367,809		$	9,519,407			1,066,469		$	29,688,014
Issued as reinvestment of dividends		2,525,623			60,589,689			803,095			21,000,941
Redeemed		(3,489,064	)		(87,632,960	)		(4,669,869	)		(130,586,243	)
Net increase (decrease)		(595,632	)	$	(17,523,864	)		(2,800,305	)	$	(79,897,288	)
Mid Cap Growth Fund Administrative Class
Sold		185,065		$	4,147,902			869,031		$	23,069,316
Issued as reinvestment of dividends		2,158,971			48,166,646			677,781			16,747,973
Redeemed		(1,736,143	)		(42,047,922	)		(4,042,762	)		(107,237,852	)
Net increase (decrease)		607,893		$	10,266,626			(2,495,950	)	$	(67,420,563	)
Mid Cap Growth Fund Class A
Sold		130,536		$	2,733,032			588,035		$	13,908,258
Issued as reinvestment of dividends		1,836,269			35,770,513			630,794			14,060,392
Redeemed		(1,555,616	)		(33,653,367	)		(3,959,939	)		(95,492,021	)
Net increase (decrease)		411,189		$	4,850,178			(2,741,110	)	$	(67,523,371	)
Mid Cap Growth Fund Class R4
Sold		372,374		$	7,621,828			1,821,605		$	43,245,580
Issued as reinvestment of dividends		1,343,771			26,566,357			557,533			12,555,638
Redeemed		(3,211,895	)		(73,211,531	)		(4,612,065	)		(112,673,861	)
Net increase (decrease)		(1,495,750	)	$	(39,023,346	)		(2,232,927	)	$	(56,872,643	)
Mid Cap Growth Fund Class R3
Sold		151,603		$	2,855,631			393,431		$	8,615,707
Issued as reinvestment of dividends		466,005			7,898,792			120,591			2,425,094
Redeemed		(338,872	)		(6,302,071	)		(746,836	)		(16,376,977	)
Net increase (decrease)		278,736		$	4,452,352			(232,814	)	$	(5,336,176	)
Small Cap Growth Equity Fund Class I
Sold		4,365,751		$	75,323,549			7,016,670		$	144,369,320
Issued as reinvestment of dividends		6,689,062			106,891,206			1,541,584			29,012,613
Redeemed		(3,314,503	)		(57,114,216	)		(6,121,222	)		(124,881,393	)
Net increase (decrease)		7,740,310		$	125,100,539			2,437,032		$	48,500,540
Small Cap Growth Equity Fund Class R5
Sold		354,093		$	5,791,012			1,671,272		$	32,751,480
Issued as reinvestment of dividends		2,133,325			33,194,542			629,588			11,622,191
Redeemed		(2,355,048	)		(37,903,999	)		(2,999,349	)		(58,807,712	)
Net increase (decrease)		132,370		$	1,081,555			(698,489	)	$	(14,434,041	)
Small Cap Growth Equity Fund Service Class
Sold		72,969		$	1,070,706			293,630		$	5,450,566
Issued as reinvestment of dividends		542,363			7,598,507			169,568			2,891,135
Redeemed		(319,533	)		(5,883,339	)		(677,279	)		(12,484,416	)
Net increase (decrease)		295,799		$	2,785,874			(214,081	)	$	(4,142,715	)

293

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund Administrative Class
Sold		67,706		$	920,020			203,401		$	3,468,903
Issued as reinvestment of dividends		606,248			7,499,285			175,761			2,733,082
Redeemed		(224,534	)		(3,095,678	)		(763,539	)		(12,729,401	)
Net increase (decrease)		449,420		$	5,323,627			(384,377	)	$	(6,527,416	)
Small Cap Growth Equity Fund Class A
Sold		50,043		$	523,383			504,453		$	6,982,978
Issued as reinvestment of dividends		976,336			9,343,532			322,918			4,197,930
Redeemed		(452,792	)		(4,784,658	)		(1,587,189	)		(22,495,130	)
Net increase (decrease)		573,587		$	5,082,257			(759,818	)	$	(11,314,222	)
Small Cap Growth Equity Fund Class R4
Sold		179,547		$	1,656,872			241,546		$	3,516,902
Issued as reinvestment of dividends		532,192			5,183,552			123,958			1,628,809
Redeemed		(263,498	)		(2,582,799	)		(499,572	)		(6,898,395	)
Net increase (decrease)		448,241		$	4,257,625			(134,068	)	$	(1,752,684	)
Small Cap Growth Equity Fund Class R3
Sold		55,249		$	488,094			134,796		$	1,555,386
Issued as reinvestment of dividends		275,707			1,924,436			54,866			582,672
Redeemed		(66,439	)		(449,022	)		(180,997	)		(2,091,227	)
Net increase (decrease)		264,517		$	1,963,508			8,665		$	46,831
MSCI EAFE International Index Fund Class I
Sold		464,318		$	6,312,370			1,167,745		$	16,349,594
Issued as reinvestment of dividends		472,718			6,296,608			167,731			2,197,280
Redeemed		(1,305,337	)		(17,869,584	)		(1,468,932	)		(20,304,806	)
Net increase (decrease)		(368,301	)	$	(5,260,606	)		(133,456	)	$	(1,757,932	)
MSCI EAFE International Index Fund Class R5
Sold		128,868		$	1,733,882			357,285		$	5,015,925
Issued as reinvestment of dividends		108,204			1,441,283			40,890			535,653
Redeemed		(191,784	)		(2,614,723	)		(532,440	)		(7,244,343	)
Net increase (decrease)		45,288		$	560,442			(134,265	)	$	(1,692,765	)
MSCI EAFE International Index Fund Service Class
Sold		54,455		$	738,805			65,961		$	912,342
Issued as reinvestment of dividends		28,844			385,936			8,342			109,695
Redeemed		(69,369	)		(936,042	)		(91,634	)		(1,225,274	)
Net increase (decrease)		13,930		$	188,699			(17,331	)	$	(203,237	)
MSCI EAFE International Index Fund Administrative Class
Sold		131,786		$	1,787,817			336,591		$	4,688,150
Issued as reinvestment of dividends		165,663			2,198,344			80,157			1,045,250
Redeemed		(373,388	)		(4,810,047	)		(1,425,597	)		(20,104,418	)
Net increase (decrease)		(75,939	)	$	(823,886	)		(1,008,849	)	$	(14,371,018	)
MSCI EAFE International Index Fund Class A
Sold		77,401		$	1,023,453			236,577		$	3,266,105
Issued as reinvestment of dividends		95,904			1,270,730			33,308			434,004
Redeemed		(192,307	)		(2,676,195	)		(761,697	)		(10,075,912	)
Net increase (decrease)		(19,002	)	$	(382,012	)		(491,812	)	$	(6,375,803	)

294

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MSCI EAFE International Index Fund Class R4
Sold		185,403		$	2,488,432			754,994		$	10,460,788
Issued as reinvestment of dividends		188,797			2,484,572			76,285			987,127
Redeemed		(897,794	)		(11,609,919	)		(1,641,065	)		(22,681,289	)
Net increase (decrease)		(523,594	)	$	(6,636,915	)		(809,786	)	$	(11,233,374	)
MSCI EAFE International Index Fund Class R3
Sold		175,939		$	2,330,525			327,480		$	4,532,208
Issued as reinvestment of dividends		212,861			2,792,733			68,674			886,577
Redeemed		(717,500	)		(9,124,253	)		(817,256	)		(11,078,746	)
Net increase (decrease)		(328,700	)	$	(4,000,995	)		(421,102	)	$	(5,659,961	)
Overseas Fund Class I
Sold		4,939,128		$	47,681,197			9,326,183		$	89,997,203
Issued as reinvestment of dividends		3,877,276			36,679,034			1,033,783			9,459,111
Redeemed		(9,323,362	)		(87,556,823	)		(19,054,553	)		(189,333,308	)
Net increase (decrease)		(506,958	)	$	(3,196,592	)		(8,694,587	)	$	(89,876,994	)
Overseas Fund Class R5
Sold		630,614		$	6,115,122			2,048,201		$	19,758,875
Issued as reinvestment of dividends		1,528,040			14,531,662			353,544			3,249,074
Redeemed		(3,993,552	)		(38,802,954	)		(3,483,345	)		(34,118,149	)
Net increase (decrease)		(1,834,898	)	$	(18,156,170	)		(1,081,600	)	$	(11,110,200	)
Overseas Fund Service Class
Sold		467,295		$	4,752,519			412,087		$	3,976,372
Issued as reinvestment of dividends		456,597			4,314,842			101,106			923,098
Redeemed		(542,846	)		(5,431,533	)		(798,474	)		(7,827,090	)
Net increase (decrease)		381,046		$	3,635,828			(285,281	)	$	(2,927,620	)
Overseas Fund Administrative Class
Sold		67,838		$	667,939			382,828		$	3,680,866
Issued as reinvestment of dividends		191,576			1,831,463			45,617			421,047
Redeemed		(261,250	)		(2,546,005	)		(866,637	)		(8,320,923	)
Net increase (decrease)		(1,836	)	$	(46,603	)		(438,192	)	$	(4,219,010	)
Overseas Fund Class A
Sold		112,759		$	1,071,100			264,898		$	2,542,503
Issued as reinvestment of dividends		217,687			2,031,016			70,638			637,155
Redeemed		(568,601	)		(5,492,678	)		(1,819,906	)		(17,789,568	)
Net increase (decrease)		(238,155	)	$	(2,390,562	)		(1,484,370	)	$	(14,609,910	)
Overseas Fund Class R4
Sold		204,163		$	1,866,358			721,382		$	6,841,308
Issued as reinvestment of dividends		221,488			2,008,900			44,888			395,010
Redeemed		(201,343	)		(1,805,370	)		(973,710	)		(9,110,679	)
Net increase (decrease)		224,308		$	2,069,888			(207,440	)	$	(1,874,361	)
Overseas Fund Class R3
Sold		46,140		$	426,675			205,906		$	2,014,268
Issued as reinvestment of dividends		67,894			623,942			14,811			131,963
Redeemed		(84,925	)		(797,202	)		(297,944	)		(2,881,102	)
Net increase (decrease)		29,109		$	253,415			(77,227	)	$	(734,871	)

295

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price International Equity Fund Class I
Sold		18,110,119		$	207,443,934			26,565,354		$	299,651,877
Issued as reinvestment of dividends		6,457,531			71,743,166			2,226,021			23,974,243
Redeemed		(9,862,156	)		(109,561,530	)		(21,745,375	)		(246,370,514	)
Net increase (decrease)		14,705,494		$	169,625,570			7,046,000		$	77,255,606

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained the following amounts during the period ended March 31, 2022:

	Front-End Sales Charges Retained by Distributor
Diversified Value Fund	$	730
Fundamental Value Fund		730
S&P 500 Index Fund		27
Equity Opportunities Fund		948
Blue Chip Growth Fund		618
Mid Cap Growth Fund		353
Small Cap Growth Equity Fund		204

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2022, no amounts have been retained by the Distributor.

With respect to Class A shares, the Distributor may pay an up-front concession to financial intermediaries through which sales are made as described in the Funds’ Prospectus

6. Federal Income Tax Information

At March 31, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Total Return Bond Fund	$	1,095,497,786	$	5,731,820	$	(27,392,461	)	$	(21,660,641	)
Strategic Bond Fund		541,783,368		4,130,649		(25,579,751	)		(21,449,102	)
Diversified Value Fund		302,825,316		89,584,350		(4,237,748	)		85,346,602
Fundamental Value Fund		445,397,321		147,493,628		(7,395,620	)		140,098,008
S&P 500 Index Fund		1,605,019,200		1,714,028,722		(47,929,307	)		1,666,099,415
Equity Opportunities Fund		586,710,069		168,001,768		(6,179,861	)		161,821,907
Fundamental Growth Fund		43,957,588		5,062,042		(4,050,748	)		1,011,294
Blue Chip Growth Fund		2,264,313,444		1,574,283,941		(110,150,081	)		1,464,133,860
Growth Opportunities Fund		302,460,634		92,268,061		(18,193,177	)		74,074,884
Mid Cap Value Fund		114,336,046		12,625,585		(4,399,738	)		8,225,847
Small Cap Value Equity Fund		46,146,726		14,765,367		(1,457,771	)		13,307,596

296

Notes to Financial Statements (Unaudited) (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Small Company Value Fund	$	239,784,627	$	39,266,998	$	(8,260,617	)	$	31,006,381
S&P Mid Cap Index Fund		297,928,774		100,790,198		(13,849,462	)		86,940,736
Russell 2000 Small Cap Index Fund		206,008,684		57,178,091		(33,247,961	)		23,930,130
Mid Cap Growth Fund		5,491,738,762		1,998,036,800		(364,683,011	)		1,633,353,789
Small Cap Growth Equity Fund		618,345,038		106,036,464		(34,124,983	)		71,911,481
MSCI EAFE International Index Fund		139,524,423		35,347,001		(13,567,355	)		21,779,646
Overseas Fund		488,635,665		102,866,768		(28,773,698	)		74,093,070
MM Select T. Rowe Price International Equity Fund		1,592,577,961		248,036,799		(132,489,954	)		115,546,845

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2021, for federal income tax purposes, there were no unused capital losses.

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2021, was as follows:

	Ordinary Income		Long Term Capital Gain
Total Return Bond Fund	$	51,593,361	$	—
Strategic Bond Fund		21,393,604		18,264,739
Diversified Value Fund		7,632,765		—
Fundamental Value Fund		9,207,746		—
S&P 500 Index Fund		59,183,283		419,938,253
Equity Opportunities Fund		13,151,452		38,674,722
Fundamental Growth Fund		14,953,658		17,591,165
Blue Chip Growth Fund		—		203,562,156
Growth Opportunities Fund		4,069,271		93,406,690
Mid Cap Value Fund		1,604,431		—
Small Cap Value Equity Fund		26,515		2,606,300
Small Company Value Fund		1,351,801		—
S&P Mid Cap Index Fund		6,422,505		21,560,057
Russell 2000 Small Cap Index Fund		4,007,936		10,271,901
Mid Cap Growth Fund		14,252,104		521,343,693
Small Cap Growth Equity Fund		6,970,464		45,698,594
MSCI EAFE International Index Fund		3,918,278		2,277,308
Overseas Fund		5,244,641		9,972,004
MM Select T. Rowe Price International Equity Fund		23,974,243		—

297

Notes to Financial Statements (Unaudited) (Continued)

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2021:

	Amount
MSCI EAFE International Index Fund	$	398,397
Overseas Fund		1,724,212
MM Select T. Rowe Price International Equity Fund		3,703,979

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2021, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences			Unrealized Appreciation (Depreciation)		Total
Total Return Bond Fund	$	13,970,001	$	—	$	(143,314	)	$	8,980,978	$	22,807,665
Strategic Bond Fund		16,980,860		9,902,514		—			9,894,021		36,777,395
Diversified Value Fund		16,945,476		24,318,421		(131,313	)		70,729,706		111,862,290
Fundamental Value Fund		8,293,957		53,907,569		(173,758	)		128,687,743		190,715,511
S&P 500 Index Fund		29,793,935		373,719,405		(407,458	)		1,745,587,004		2,148,692,886
Equity Opportunities Fund		11,064,961		69,126,262		(108,023	)		152,636,493		232,719,693
Fundamental Growth Fund		9,172,286		6,498,040		(14,689	)		7,425,436		23,081,073
Blue Chip Growth Fund		37,765,672		693,996,434		(212,773	)		1,958,471,258		2,690,020,591
Growth Opportunities Fund		9,742,882		95,874,560		(93,442	)		209,122,523		314,646,523
Mid Cap Value Fund		16,064,739		9,759,045		(18,231	)		5,071,631		30,877,184
Small Cap Value Equity Fund		3,627,991		10,443,544		(19,283	)		13,696,752		27,749,004
Small Company Value Fund		16,565,495		21,111,198		(61,608	)		48,139,772		85,754,857
S&P Mid Cap Index Fund		10,681,991		33,550,046		(38,815	)		109,216,448		153,409,670
Russell 2000 Small Cap Index Fund		6,570,972		43,144,475		(28,233	)		55,877,050		105,564,264
Mid Cap Growth Fund		203,053,013		1,380,816,228		(437,857	)		2,891,688,840		4,475,120,224
Small Cap Growth Equity Fund		39,573,638		122,594,480		(98,562	)		141,985,533		304,055,089
MSCI EAFE International Index Fund		6,286,677		8,820,283		(32,249	)		31,344,914		46,419,625
Overseas Fund		14,112,278		47,916,430		(96,344	)		103,359,874		165,292,238
MM Select T. Rowe Price International Equity Fund		40,755,928		15,484,285		(28,128	)		215,309,816		271,521,901

The Funds did not have any unrecognized tax benefits at March 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

298

Notes to Financial Statements (Unaudited) (Continued)

7. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.

9. Coronavirus (COVID-19) Pandemic

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

10. Russian-Ukraine War

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

299

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 22, 2022, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2021 through December 31, 2021. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in December 2021, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), reviewed and approved a proposal to make changes to the existing subadvisory agreement with T. Rowe Price Associates, Inc. (“T. Rowe Price”) for the Mid Cap Growth Fund (the “Fund” and the “Amended Subadvisory Agreement”) intended to permit T. Rowe Price to delegate to its advisory affiliates. The Trustees considered, among other things, that any such delegation by T. Rowe Price would be subject to the consent of MML Advisers and the Board. At the same time, the Trustees, including the Independent Trustees, approved a subadvisory agreement between T. Rowe Price and T. Rowe Price Investment Management, Inc. (the “New Sub-Subadvisory Agreement”) for the Fund. The Trustees considered, among other things, that the New Sub-Subadvisory Agreement would not result in any changes in the fees payable by the Fund or MML Advisers and that the services provided would continue to be

300

Other Information (Unaudited) (Continued)

subject to the supervision of T. Rowe Price. The Trustees concluded that the Amended Subadvisory Agreement and New Sub-Subadvisory Agreement are in the best interests of the Fund and its shareholders. In their deliberations, the Trustees were advised by independent counsel.

Prior to the votes being taken to approve the Amended Subadvisory Agreement and New Sub-Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Subadvisory Agreement and New Sub-Subadvisory Agreement became effective on March 7, 2022.

Also at their meeting in December 2021, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make changes to the existing subadvisory agreements with T. Rowe Price and Frontier Capital Management Company, LLC (“Frontier”) for the Fund intended to lower the fees payable under the agreements. In arriving at their decision, the Trustees discussed the fees payable to T. Rowe Price and Frontier by MML Advisers under the amended subadvisory agreements and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the amended subadvisory agreements is not excessive and the subadvisory fee amount under the amended subadvisory agreements is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the votes being taken to approve the amendments to the subadvisory agreements discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The amended subadvisory agreements became effective on January 1, 2022.

301

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2022

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2022:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2022.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Total Return Bond Fund
Class I	$1,000	0.33%	$938.10	$1.59	$1,023.30	$1.66
Class R5	1,000	0.43%	938.00	2.08	1,022.80	2.17
Service Class	1,000	0.53%	938.00	2.56	1,022.30	2.67
Administrative Class	1,000	0.63%	936.70	3.04	1,021.80	3.18
Class A	1,000	0.88%	936.10	4.25	1,020.50	4.43
Class R4	1,000	0.78%	936.40	3.77	1,021.00	3.93
Class R3	1,000	1.03%	935.30	4.97	1,019.80	5.19
Strategic Bond Fund
Class I	1,000	0.45%	935.80	2.17	1,022.70	2.27
Class R5	1,000	0.55%	935.70	2.65	1,022.20	2.77
Service Class	1,000	0.65%	934.50	3.13	1,021.70	3.28
Administrative Class	1,000	0.75%	934.30	3.62	1,021.20	3.78
Class A	1,000	1.00%	933.40	4.82	1,019.90	5.04
Class R4	1,000	0.90%	932.80	4.34	1,020.40	4.53
Class R3	1,000	1.15%	932.30	5.54	1,019.20	5.79

302

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Diversified Value Fund
Class I	$1,000	0.57%	$1090.50	$2.97	$1,022.10	$2.87
Class R5	1,000	0.67%	1090.60	3.49	1,021.60	3.38
Service Class	1,000	0.77%	1090.50	4.01	1,021.10	3.88
Administrative Class	1,000	0.87%	1089.20	4.53	1,020.60	4.38
Class A	1,000	1.12%	1087.60	5.83	1,019.30	5.64
Class R4	1,000	1.02%	1088.80	5.31	1,019.80	5.14
Class R3	1,000	1.27%	1087.00	6.61	1,018.60	6.39
Fundamental Value Fund
Class I	1,000	0.65%	1092.80	3.39	1,021.70	3.28
Class R5	1,000	0.75%	1091.80	3.91	1,021.20	3.78
Service Class	1,000	0.85%	1091.60	4.43	1,020.70	4.28
Administrative Class	1,000	0.95%	1090.90	4.95	1,020.20	4.78
Class A	1,000	1.20%	1089.70	6.25	1,018.90	6.04
Class R4	1,000	1.10%	1090.40	5.73	1,019.40	5.54
Class R3	1,000	1.35%	1089.10	7.03	1,018.20	6.79
S&P 500 Index Fund
Class I	1,000	0.12%	1059.10	0.62	1,024.30	0.61
Class R5	1,000	0.22%	1058.70	1.13	1,023.80	1.11
Service Class	1,000	0.37%	1057.30	1.90	1,023.10	1.87
Administrative Class	1,000	0.47%	1057.00	2.41	1,022.60	2.37
Class A	1,000	0.72%	1056.00	3.69	1,021.30	3.63
Class R4	1,000	0.62%	1056.40	3.18	1,021.80	3.13
Class R3	1,000	0.87%	1054.60	4.46	1,020.60	4.38
Equity Opportunities Fund
Class I	1,000	0.73%	1092.10	3.81	1,021.30	3.68
Class R5	1,000	0.83%	1092.10	4.33	1,020.80	4.18
Service Class	1,000	0.93%	1091.40	4.85	1,020.30	4.68
Administrative Class	1,000	1.03%	1090.60	5.37	1,019.80	5.19
Class A	1,000	1.28%	1089.50	6.67	1,018.50	6.44
Class R4	1,000	1.18%	1089.80	6.15	1,019.00	5.94
Class R3	1,000	1.43%	1089.00	7.45	1,017.80	7.19
Fundamental Growth Fund
Class I	1,000	1.14%	909.00	5.43	1,019.20	5.74
Class R5	1,000	1.24%	907.50	5.90	1,018.70	6.24
Service Class	1,000	1.34%	909.50	6.38	1,018.20	6.74
Administrative Class	1,000	1.44%	906.50	6.84	1,017.80	7.24
Class A	1,000	1.69%	906.20	8.03	1,016.50	8.50
Class R4	1,000	1.59%	906.00	7.56	1,017.00	8.00
Class R3	1,000	1.85%	904.00	8.78	1,015.70	9.30
Blue Chip Growth Fund
Class I	1,000	0.63%	939.60	3.05	1,021.80	3.18
Class R5	1,000	0.73%	939.00	3.53	1,021.30	3.68
Service Class	1,000	0.83%	938.60	4.01	1,020.80	4.18
Administrative Class	1,000	0.93%	938.00	4.49	1,020.30	4.68
Class A	1,000	1.18%	937.00	5.70	1,019.00	5.94
Class R4	1,000	1.08%	937.30	5.22	1,019.50	5.44
Class R3	1,000	1.33%	936.30	6.42	1,018.30	6.69

303

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Growth Opportunities Fund
Class I	$1,000	0.75%	$795.80	$3.36	$1,021.20	$3.78
Class R5	1,000	0.85%	795.50	3.80	1,020.70	4.28
Service Class	1,000	0.95%	794.60	4.25	1,020.20	4.78
Administrative Class	1,000	1.05%	794.20	4.70	1,019.70	5.29
Class A	1,000	1.30%	792.60	5.81	1,018.40	6.54
Class R4	1,000	1.20%	793.20	5.36	1,018.90	6.04
Class R3	1,000	1.45%	792.80	6.48	1,017.70	7.29
Mid Cap Value Fund
Class I	1,000	0.61%	1084.80	3.17	1,021.90	3.07
Class R5	1,000	0.71%	1083.20	3.69	1,021.40	3.58
Service Class	1,000	0.81%	1083.10	4.21	1,020.90	4.08
Administrative Class	1,000	0.91%	1083.00	4.73	1,020.40	4.58
Class A	1,000	1.16%	1081.50	6.02	1,019.10	5.84
Class R4	1,000	1.06%	1082.00	5.50	1,019.60	5.34
Class R3	1,000	1.31%	1080.40	6.79	1,018.40	6.59
Small Cap Value Equity Fund
Class I	1,000	1.12%	1052.70	5.73	1,019.30	5.64
Class R5	1,000	1.22%	1051.60	6.24	1,018.80	6.14
Service Class	1,000	1.32%	1051.30	6.75	1,018.30	6.64
Administrative Class	1,000	1.42%	1050.20	7.26	1,017.90	7.14
Class A	1,000	1.67%	1049.70	8.53	1,016.60	8.40
Class R4	1,000	1.57%	1049.80	8.02	1,017.10	7.90
Class R3	1,000	1.82%	1048.90	9.30	1,015.80	9.15
Small Company Value Fund
Class I	1,000	0.86%	1002.70	4.29	1,020.60	4.33
Class R5	1,000	0.96%	1002.50	4.79	1,020.10	4.83
Service Class	1,000	1.06%	1002.40	5.29	1,019.60	5.34
Administrative Class	1,000	1.16%	1001.30	5.79	1,019.10	5.84
Class A	1,000	1.41%	1000.60	7.03	1,017.90	7.09
Class R4	1,000	1.31%	1000.50	6.53	1,018.40	6.59
Class R3	1,000	1.56%	999.50	7.78	1,017.20	7.85
S&P Mid Cap Index Fund
Class I	1,000	0.17%	1026.70	0.86	1,024.10	0.86
Class R5	1,000	0.27%	1025.70	1.36	1,023.60	1.36
Service Class	1,000	0.42%	1025.30	2.12	1,022.80	2.12
Administrative Class	1,000	0.52%	1024.80	2.63	1,022.30	2.62
Class A	1,000	0.77%	1023.60	3.88	1,021.10	3.88
Class R4	1,000	0.67%	1023.80	3.38	1,021.60	3.38
Class R3	1,000	0.92%	1022.60	4.64	1,020.30	4.63
Russell 2000 Small Cap Index Fund
Class I	1,000	0.23%	943.30	1.11	1,023.80	1.16
Class R5	1,000	0.33%	942.70	1.60	1,023.30	1.66
Service Class	1,000	0.48%	942.60	2.32	1,022.50	2.42
Administrative Class	1,000	0.58%	942.50	2.81	1,022.00	2.92
Class A	1,000	0.83%	941.00	4.02	1,020.80	4.18
Class R4	1,000	0.73%	941.40	3.53	1,021.30	3.68
Class R3	1,000	0.98%	939.70	4.74	1,020.00	4.94

304

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Mid Cap Growth Fund
Class I	$1,000	0.71%	$922.10	$3.40	$1,021.40	$3.58
Class R5	1,000	0.80%	921.40	3.83	1,020.90	4.03
Service Class	1,000	0.90%	921.10	4.31	1,020.40	4.53
Administrative Class	1,000	1.00%	920.60	4.79	1,019.90	5.04
Class A	1,000	1.26%	919.50	6.03	1,018.60	6.34
Class R4	1,000	1.15%	920.10	5.51	1,019.10	5.79
Class R3	1,000	1.41%	919.00	6.75	1,017.90	7.09
Small Cap Growth Equity Fund
Class I	1,000	0.86%	917.30	4.11	1,020.60	4.33
Class R5	1,000	0.96%	917.10	4.59	1,020.10	4.83
Service Class	1,000	1.06%	917.10	5.07	1,019.60	5.34
Administrative Class	1,000	1.16%	916.20	5.54	1,019.10	5.84
Class A	1,000	1.41%	915.60	6.73	1,017.90	7.09
Class R4	1,000	1.31%	915.30	6.26	1,018.40	6.59
Class R3	1,000	1.56%	914.10	7.44	1,017.20	7.85
MSCI EAFE International Index Fund
Class I	1,000	0.30%	961.30	1.47	1,023.40	1.51
Class R5	1,000	0.40%	961.10	1.96	1,022.90	2.02
Service Class	1,000	0.55%	959.70	2.69	1,022.20	2.77
Administrative Class	1,000	0.65%	959.50	3.18	1,021.70	3.28
Class A	1,000	0.90%	957.70	4.39	1,020.40	4.53
Class R4	1,000	0.80%	958.60	3.91	1,020.90	4.03
Class R3	1,000	1.05%	957.80	5.13	1,019.70	5.29
Overseas Fund
Class I	1,000	0.79%	963.00	3.87	1,021.00	3.98
Class R5	1,000	0.89%	962.10	4.35	1,020.50	4.48
Service Class	1,000	0.99%	961.80	4.84	1,020.00	4.99
Administrative Class	1,000	1.09%	961.20	5.33	1,019.50	5.49
Class A	1,000	1.34%	960.60	6.55	1,018.20	6.74
Class R4	1,000	1.24%	961.20	6.06	1,018.70	6.24
Class R3	1,000	1.49%	959.70	7.28	1,017.50	7.49
MM Select T. Rowe Price International Equity Fund
Class I	1,000	0.00%	940.50	0.00	1,024.90	0.00

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2022, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 365 days in the year, unless stated otherwise.

305

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC MM202305-
301324

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Portfolio Summary (Unaudited)	3
Consolidated Portfolio of Investments (Unaudited)	4
Consolidated Statement of Assets and Liabilities (Unaudited)	25
Consolidated Statement of Operations (Unaudited)	27
Consolidated Statements of Changes in Net Assets	29
Consolidated Financial Highlights	30
Notes to Consolidated Financial Statements (Unaudited)	32
Other Information (Unaudited)	54
Proxy Voting	54
Quarterly Reporting	54
Liquidity Risk Management Program	54
Fund Expenses	55

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Select BlackRock Global Allocation Fund – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Paul LaPiana

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

March 31, 2022

Welcome to the MassMutual Select BlackRock Global Allocation Fund Semiannual Report, covering the six months ending March 31, 2022.

Market Highlights

● For the reporting period from October 1, 2021 through March 31, 2022, U.S. stocks were up nearly 6%, despite rising inflationary pressures, the Russian-Ukraine war, and the Federal Reserve Board (the “Fed”) taking the first steps in rolling back years of accommodative monetary policy.

● In the fourth quarter of 2021, expectations for strong economic and earnings growth in 2022 bolstered by the possibility for a $2 trillion economic stimulus and social spending plan, allowed investors to look past skyrocketing Omicron variant COVID-19 cases and heightened inflationary pressures.

● During the first quarter of 2022 investors in both stocks and bonds were challenged by the unexpected invasion of Ukraine by Russia, a stalled economic stimulus plan, and the Fed raising interest rates for the first time since 2018.

● Foreign stocks in both developed and emerging markets experienced losses in the reporting period, hindered by the unexpected economic impact of the Russian-Ukraine war and the strengthening of the U.S. dollar.

● U.S. bond investors experienced negative returns as the rollback of accommodative monetary policy drove yields higher and concerns over increased default risk due to the Russian-Ukraine war drove valuations lower.

Market Commentary

For the six months beginning on October 1, 2021, global stock investors experienced mixed returns. U.S. stocks rose in the period, despite the Russian-Ukraine war, buoyed by rising expectations for strong economic growth with COVID-19 appearing to have peaked and strong corporate earnings growth and balance sheets.

The broad market S&P 500^® Index* delivered a gain of 5.92% for the period, while the technology-heavy NASDAQ Composite^® Index declined, losing 1.25% for the period. The more economically sensitive Dow Jones Industrial Average was up 3.44% for the period. During this period small-cap stocks significantly underperformed their larger cap peers while value stocks significantly outperformed their growth peers.

The continued economic recovery, Fed interest rate hike in March, and the unexpected invasion of Ukraine by Russia affected sectors differently. The energy, materials, and utilities sectors fared the best for this period as investors anticipated these sectors would benefit the most from higher commodity prices. The communication services and consumer discretionary sectors lagged other sectors, hurt by rising interest rates and rising inflationary pressures. West Texas Intermediate (WTI) crude oil prices ended the period at $100.28 per barrel, up 32% for the period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

(Continued)

1

MassMutual Select BlackRock Global Allocation Fund – President’s Letter to Shareholders (Unaudited) (Continued)

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 3.38% for the six-month period, negatively impacted by the Russian-Ukraine war and a stronger U.S. dollar. European stocks fared better than Japanese stocks, in part due to the Japanese economy’s great sensitivity to energy prices. Emerging-market stock markets, as measured in the MSCI Emerging Markets^® Index, were also down, falling 8.20% for the period, with food and energy inflation affecting emerging market economies to a greater degree.

The Fed has begun to unwind years of accommodative monetary policy now that the labor market has recovered and inflation pressures are higher. The economic shock of the Russian-Ukraine war and the resulting rise in commodity prices may force the Fed to raise interest rates faster than planned which increases the risk of a policy mistake that leads to a recession. The proposed tax hike in the President’s budget proposal adds to the risk of a recession.

Investors entered the period in the midst of rising inflationary pressures and expectations that the Fed would start rolling back years of accommodative monetary policy. In this environment bond yields rose, with the 10-year U.S. Treasury bond reaching 2.32% by the end of March. The Bloomberg U.S. Aggregate Bond Index ended the period down 5.92%, as bond prices are negatively impacted by rising yields. Investment-grade bond prices fared worse as concerns of defaults increased. The Bloomberg U.S. Corporate Bond Index, which tracks the performance of investment-grade corporate bonds, ended the period down 7.48%. Below investment grade bonds as represented by the Bloomberg U.S. Corporate High Yield Index performed better, ending the period down 4.16%, aided by generally shorter maturities and investor demand for bonds in the energy sector as the sharp rise in oil prices lessened the risk of default.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Paul LaPiana
President
MassMutual Select Funds
MML Investment Advisers, LLC

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual.

The information provided is the opinion of MML Advisers as of 4/1/2022 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

    MM202305-301322

2

MassMutual Select BlackRock Global Allocation Fund – Portfolio Summary (Unaudited)

What is the investment approach of MassMutual Select BlackRock Global Allocation Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing in both equity and debt securities, including money market securities and other short-term debt obligations, of issuers located around the world, including emerging markets, without limitation on the percentage of assets the Fund can invest in a particular type of security. The Fund seeks to reduce volatility by allocating its assets broadly across markets, industries, and issuers and without geographic or market capitalization limits. The Fund’s subadviser is BlackRock Investment Management, LLC (BlackRock).

The Board of Trustees of the MassMutual Select Funds has approved a Plan of Liquidation and Termination pursuant to which it is expected that the MassMutual Select BlackRock Global Allocation Fund (the “Fund”) will be dissolved. Effective on or about June 24, 2022 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

Please note that prior to the Termination Date, the Fund may hold most or all of its assets in cash or cash equivalents and therefore may not be able to meet its investment objective.

MassMutual Select BlackRock Global Allocation Fund Largest Holdings (% of Net Assets) on 3/31/22
iShares CMBS ETF	4.9%
Microsoft Corp.	2.3%
Apple, Inc.	1.9%
Alphabet, Inc. Class C	1.7%
Amazon.com, Inc.	1.6%
iShares JP Morgan USD Emerging Markets Bond ETF	1.5%
UnitedHealth Group, Inc.	1.2%
iShares MSCI China ETF	1.1%
ConocoPhillips	1.0%
Bank of America Corp.	0.8%
	18.0%

MassMutual Select BlackRock Global Allocation Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
Equities	59.2%
Mutual Funds	12.4%
Bond & Notes	4.3%
Purchased Options	0.2%
Total Long-Term Investments	76.1%
Short-Term Investments and Other Assets and Liabilities	23.9%
Net Assets	100.0%
Equities Sold Short	(0.1)%

3

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 59.2%
COMMON STOCK — 58.4%
Australia — 0.3%
BHP Group Ltd. (a)		554	$	21,578
BHP Group Ltd.		2,365		90,676
CSL Ltd.		40		7,944
Endeavour Group Ltd.		1,956		10,642
Goodman Group		653		11,091
Northern Star Resources Ltd.		279		2,211
QBE Insurance Group Ltd.		105		895
Quintis Group (Acquired 7/20/16-12/04/18, Cost $355,478) (b) (c) (d) (e)		578,796		—
Santos Ltd.		103		592
South32 Ltd.		11,727		43,669
Treasury Wine Estates Ltd.		930		7,966
Woodside Petroleum Ltd. (a)		368		8,780
				206,044
Belgium — 0.0%
Etablissements Franz Colruyt NV		251		10,408
Solvay SA		7		689
				11,097
Bermuda — 0.0%
China Gas Holdings Ltd.		3,800		4,852
Brazil — 0.1%
Banco do Brasil SA		463		3,375
Empresa SA (e)		1,712		5,379
Engie Brasil Energia SA		859		7,801
Locaweb Servicos de Internet SA (e) (f)		2,266		4,807
Natura & Co. Holding SA (e)		724		3,961
Sendas Distribuidora SA		2,697		9,228
Ultrapar Participacoes SA		486		1,444
WEG SA		622		4,556
				40,551
Canada — 1.5%
Alimentation Couche-Tard, Inc.		218		9,821
Barrick Gold Corp.		73		1,790
Canadian National Railway Co.		24		3,219
Cenovus Energy, Inc.		3,112		51,908
Cenovus Energy, Inc.		14,789		246,533
CGI, Inc. (e)		22		1,753
Enbridge, Inc.		14,296		658,109
George Weston Ltd.		37		4,556
Great-West Lifeco, Inc.		97		2,858
Lions Gate Entertainment Corp. Class A (e)		10,758		174,818
Nutrien Ltd.		138		14,264

	Number of Shares		Value
Power Corp. of Canada		58	$	1,795
Restaurant Brands International, Inc.		94		5,492
Royal Bank of Canada		9		991
Shopify, Inc. Class A (e)		4		2,705
Sun Life Financial, Inc. (a)		28		1,563
Suncor Energy, Inc.		19		619
Thomson Reuters Corp.		66		7,166
The Toronto-Dominion Bank		28		2,222
Waste Connections, Inc.		54		7,544
				1,199,726
Cayman Islands — 1.3%
AAC Technologies Holdings, Inc.		3,500		8,403
Alibaba Group Holding Ltd. (e)		6,600		90,336
Alibaba Group Holding Ltd. Sponsored ADR (e)		1,387		150,906
ANTA Sports Products Ltd.		600		7,488
ASM Pacific Technology Ltd.		500		5,057
China Feihe Ltd. (f)		8,000		7,879
China Hongqiao Group Ltd.		12,000		15,918
China Literature Ltd. (e) (f)		400		1,655
China Resources Cement Holdings Ltd.		2,000		1,661
Country Garden Services Holdings Co.Ltd.		1,000		4,249
Dali Foods Group Co. Ltd. (f)		1,500		784
Diversey Holdings Ltd. (e)		9,255		70,060
ENN Energy Holdings Ltd.		400		5,961
GlobalFoundries, Inc. (e)		1,056		65,915
Haidilao International Holding Ltd. (f)		5,000		9,715
Hedosophia European Growth (e)		2,081		22,561
Hygeia Healthcare Holdings Co. Ltd. (f)		2,800		10,878
Innovent Biologics, Inc. (e) (f)		500		1,684
JD Health International, Inc. (e) (f)		6,650		40,463
Jinxin Fertility Group Ltd. (e) (f)		12,500		9,546
Jiumaojiu International Holdings Ltd. (f)		6,000		12,783
Kingdee International Software Group Co. Ltd. (e)		3,000		6,620
Kingsoft Corp. Ltd.		3,800		12,265
Li Auto, Inc. ADR (e)		2,624		67,725
Li Ning Co. Ltd.		500		4,285
Logan Group Co. Ltd.		2,000		565
Meituan (e) (f)		1,200		23,647
Microport Cardioflow Medtech Corp. (e) (f)		44,000		15,892
Ming Yuan Cloud Group Holdings Ltd.		4,000		5,464
NetEase, Inc.		590		10,636
NU Holdings Ltd/Cayman Islands (e)		4,260		32,887

The accompanying notes are an integral part of the consolidated financial statements.

4

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
Sands China Ltd. (e)		1,200	$	2,880
SITC International Holdings Co. Ltd.		4,000		14,120
Tencent Holdings Ltd.		5,700		268,900
Tingyi Cayman Islands Holding Corp.		2,000		3,354
Want Want China Holdings Ltd.		8,000		7,384
WH Group Ltd. (f)		9,000		5,662
Wuxi Biologics Cayman, Inc. (e) (f)		3,098		25,132
Zhongsheng Group Holdings Ltd.		500		3,521
ZTO Express Cayman, Inc. ADR		24		600
				1,055,441
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA Sponsored ADR		225		19,260
China — 1.0%
Agricultural Bank of China Ltd. Class H		35,000		13,424
Aier Eye Hospital Group Co. Ltd. Class A		3,132		15,432
Amoy Diagnostics Co. Ltd. Class A		1,450		11,655
Anhui Gujing Distillery Co. Ltd. Class B		100		1,288
Asymchem Laboratories Tianjin Co. Ltd. Class A		227		13,074
Bank of China Ltd. Class H		23,000		9,235
BYD Co. Ltd. Class A		2,500		89,297
China Construction Bank Corp. Class H		32,000		24,038
China International Travel Service Corp. Ltd.		600		15,404
China Life Insurance Co. Ltd. Class H		3,000		4,578
China Merchants Bank Co. Ltd. Class H		4,000		31,270
China National Building Material Co. Ltd. Class H		16,000		19,771
China Pacific Insurance Group Co. Ltd. Class H		2,800		6,800
China Petroleum & Chemical Corp. Class H		42,000		21,001
Contemporary Amperex Technology Co. Ltd. Class A		1,900		152,236
COSCO SHIPPING Holdings Co. Ltd. Class A (e)		1,800		4,354
COSCO SHIPPING Holdings Co. Ltd. Class H (e)		3,100		5,368
Dongfeng Motor Group Co. Ltd. Class H		6,000		4,495
Foshan Haitian Flavouring & Food Co. Ltd. Class A		1,500		20,626
Ganfeng Lithium Co. Ltd. Class H (f)		2,400		33,987
Glodon Co. Ltd. Class A		1,400		10,909
Great Wall Motor Co. Ltd. Class H		6,000		9,564

	Number of Shares		Value
Gree Electric Appliances, Inc. of Zhuhai Class A		2,100	$	10,662
Guangzhou Baiyun International Airport Co. Ltd.		8,300		15,950
Haier Smart Home Co. Ltd. Class H		800		2,587
Hangzhou Robam Appliances Co. Ltd. Class A		4,000		18,315
Hangzhou Tigermed Consulting Co. Ltd. Class H (f)		1,100		13,254
Hundsun Technologies, Inc. Class A		2,193		15,318
Industrial & Commercial Bank of China Ltd. Class H		36,000		22,068
Jafron Biomedical Co. Ltd. Class A		500		3,565
Jiangsu Hengrui Medicine Co. Ltd. Class A		2,500		14,472
JiuGui Liquor Co. Ltd.		100		2,318
Kweichow Moutai Co. Ltd. Class A		100		26,977
Nongfu Spring Co. Ltd. Class H (f)		1,200		6,371
PetroChina Co. Ltd. Class H		10,000		5,121
Pharmaron Beijing Co. Ltd.		200		3,696
Pharmaron Beijing Co. Ltd. Class H (f)		700		8,459
PICC Property & Casualty Co. Ltd. Class H		8,000		8,163
Ping An Insurance Group Co. of China Ltd. Class H		1,000		7,056
Shanghai Jinjiang International Hotels Co. Ltd.		1,900		14,807
Venustech Group, Inc. Class A		3,550		11,663
Wuhan Raycus Fiber Laser Technologies Co. Ltd. Class A		2,000		12,278
WuXi AppTec Co. Ltd. (f)		200		3,128
WuXi AppTec Co. Ltd. Class A		824		14,465
Yifeng Pharmacy Chain Co. Ltd. Class A		1,784		11,223
Yonyou Network Technology Co. Ltd. Class A		4,128		14,834
Zijin Mining Group Co. Ltd. Class H		2,000		3,062
ZTE Corp. Class H		2,600		5,285
				792,903
Denmark — 0.3%
AP Moller - Maersk A/S Class B		5		15,071
Carlsberg A/S Class B		12		1,465
DSV A/S		302		57,747
GN Store Nord A/S		70		3,416
Novo Nordisk A/S Class B		614		67,999
Pandora A/S		1,028		97,259
				242,957
Finland — 0.0%
Nokian Renkaat OYJ		110		1,782

The accompanying notes are an integral part of the consolidated financial statements.

5

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
Wartsila OYJ Abp (a)		445	$	4,064
				5,846
France — 1.8%
Alstom SA		50		1,166
Arkema SA		1,369		163,325
BNP Paribas SA		4,441		252,858
Cie de Saint-Gobain		4,067		242,028
Credit Agricole SA		143		1,708
Danone SA		2,226		122,626
Electricite de France SA (a)		1,084		10,213
Engie SA		393		5,152
EssilorLuxottica SA		397		72,470
Faurecia SE		28		724
Kering SA		11		6,949
La Francaise des Jeux SAEM (f)		317		12,565
LVMH Moet Hennessy Louis Vuitton SE		652		464,269
Orpea SA		301		12,990
Pernod-Ricard SA		32		7,018
Remy Cointreau SA		22		4,533
Schneider Electric SE		83		13,857
Societe Generale SA		1,949		52,139
TotalEnergies SE (a)		548		27,805
Veolia Environnement SA		21		670
				1,475,065
Germany — 2.7%
adidas AG		29		6,772
Auto1 Group SE (e) (f)		3,443		39,283
BASF SE		192		10,949
Bayerische Motoren Werke AG		73		6,323
Brenntag SE		18		1,456
Covestro AG (f)		98		4,952
Daimler Truck Holding AG (e)		215		5,973
Deutsche Boerse AG		23		4,132
Deutsche Telekom AG		25,412		474,623
E.ON SE		115		1,337
Infineon Technologies AG		2,060		70,377
Lanxess AG		24		1,061
LEG Immobilien SE		7		799
Mercedes-Benz Group AG		7,041		494,536
SAP SE		814		90,829
Siemens AG		4,658		645,423
Siemens Energy AG (e)		176		4,021
Telefonica Deutschland Holding AG		3,116		8,511
Uniper SE		317		8,153
Vantage Towers AG		8,236		291,790
Vitesco Technologies Group AG (e)		47		1,865

	Number of Shares		Value
Vonovia SE		14	$	655
				2,173,820
Hong Kong — 0.3%
AIA Group Ltd.		21,000		219,858
BYD Electronic International Co. Ltd.		1,500		2,993
CSPC Pharmaceutical Group Ltd.		4,000		4,587
Hang Lung Properties Ltd.		1,000		2,012
Lenovo Group Ltd.		18,000		19,522
Link REIT		1,300		11,080
SJM Holdings Ltd. (e)		3,000		1,480
				261,532
India — 0.0%
HCL Technologies Ltd.		497		7,584
Indian Oil Corp. Ltd.		1,663		2,609
InterGlobe Aviation Ltd. (e) (f)		149		3,914
				14,107
Indonesia — 0.0%
Bank Central Asia Tbk PT		14,400		7,978
Ireland — 0.2%
Accenture PLC Class A		10		3,372
Allegion PLC		5		549
Johnson Controls International PLC		450		29,507
Kingspan Group PLC		147		14,287
Linde PLC		154		49,192
Medtronic PLC		43		4,771
Seagate Technology Holdings PLC		49		4,405
Willis Towers Watson PLC		36		8,504
				114,587
Israel — 0.3%
Nice Ltd. Sponsored ADR (a) (e)		1,171		256,449
SimilarWeb Ltd. (e)		445		5,763
				262,212
Italy — 0.3%
Enel SpA		2,206		14,732
Intesa Sanpaolo SpA		96,640		220,891
UniCredit SpA		87		939
				236,562
Japan — 1.1%
Astellas Pharma, Inc.		650		10,190
Chubu Electric Power Co., Inc.		100		1,036
Chugai Pharmaceutical Co. Ltd.		100		3,344
CyberAgent, Inc.		500		6,199
Eisai Co. Ltd.		200		9,269
Fanuc Ltd.		1,800		316,545
Hino Motors Ltd. (a)		800		4,681
Hoya Corp.		1,509		172,195
Inpex Corp.		200		2,375

The accompanying notes are an integral part of the consolidated financial statements.

6

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
Japan Tobacco, Inc.		100	$	1,712
The Kansai Electric Power Co., Inc.		100		944
Kao Corp.		200		8,210
Keyence Corp.		135		62,765
Kirin Holdings Co. Ltd.		400		5,982
Kose Corp.		600		62,753
Kyowa Kirin Co. Ltd.		300		6,960
Kyushu Electric Power Co., Inc.		100		671
Mazda Motor Corp.		800		5,918
Mitsubishi Electric Corp.		1,000		11,510
Mizuho Financial Group, Inc.		700		8,960
NEC Corp.		300		12,585
Nihon M&A Center Holdings, Inc.		100		1,390
Nomura Holdings, Inc.		2,400		10,057
Olympus Corp.		200		3,800
Oracle Corp.		100		6,945
Otsuka Holdings Co. Ltd.		100		3,459
Pan Pacific International Holding Corp.		500		8,019
Recruit Holdings Co. Ltd.		1,709		74,815
Ryohin Keikaku Co. Ltd.		200		2,332
Ship Healthcare Holdings, Inc.		100		1,623
Softbank Corp.		100		1,169
SoftBank Group Corp.		500		22,489
Sumco Corp.		200		3,282
Sumitomo Mitsui Trust Holdings, Inc.		100		3,267
Suzuki Motor Corp.		100		3,428
Sysmex Corp.		100		7,261
Terumo Corp.		300		9,086
Toray Industries, Inc.		200		1,042
Toyota Motor Corp.		100		1,791
Yamato Holdings Co. Ltd.		400		7,488
				887,547
Luxembourg — 0.0%
ArcelorMittal SA		849		27,290
Samsonite International SA (e) (f)		1,800		4,045
				31,335
Mexico — 0.0%
America Movil SAB de C.V. Class L		736		779
Grupo Bimbo SAB de CV Series A		1,186		3,578
				4,357
Netherlands — 1.8%
Adyen NV (e) (f)		104		205,459
Airbus SE (e)		8		967
Akzo Nobel NV		1,699		145,971
ASML Holding NV		684		456,228
Ferrari NV		216		47,236
ING Groep NV		35,322		369,142

	Number of Shares		Value
Iveco Group NV (e)		114	$	741
Koninklijke Ahold Delhaize NV		433		13,919
Koninklijke Philips NV		347		10,616
NXP Semiconductors NV		913		168,978
Prosus NV		14		741
Randstad NV		118		7,083
Schlumberger NV		181		7,477
Stellantis Nv		675		10,946
STMicroelectronics NV		838		36,404
				1,481,908
Norway — 0.1%
Aker BP ASA		25		931
LINK Mobility Group Holding ASA (a) (e)		1,966		3,805
Norsk Hydro ASA		4,235		41,267
Yara International ASA		242		12,068
				58,071
Poland — 0.0%
Dino Polska SA (e) (f)		8		639
Polski Koncern Naftowy ORLEN SA		202		3,634
				4,273
Portugal — 0.0%
Jeronimo Martins SGPS SA		260		6,229
Republic of Korea — 0.9%
Amorepacific Corp.		618		81,132
Celltrion Healthcare Co. Ltd.		1,317		70,178
DL E&C Co. Ltd.		6		652
Fila Holdings Corp.		74		1,909
Hana Financial Group, Inc.		245		9,781
Kakao Corp.		618		53,673
KB Financial Group, Inc.		116		5,832
Kia Corp.		82		4,980
Krafton, Inc. (e)		7		1,571
Kumho Petrochemical Co. Ltd.		19		2,413
LG Chem Ltd.		148		64,166
LG Display Co. Ltd.		121		2,050
LG Energy Solution (e)		827		301,583
LG Household & Health Care Ltd.		1		702
POSCO Holdings, Inc.		20		4,803
Samsung Electronics Co. Ltd.		179		10,226
Samsung Fire & Marine Insurance Co. Ltd.		24		4,318
Samsung SDI Co. Ltd.		169		82,463
SK Hynix, Inc.		21		2,010
SK Innovation Co. Ltd. (e)		1		175
				704,617
Saudi Arabia — 0.0%
Dr Sulaiman Al Habib Medical Services Group Co.		24		1,217

The accompanying notes are an integral part of the consolidated financial statements.

7

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments(Continued)

	Number of Shares		Value
Singapore — 0.0%
DBS Group Holdings Ltd.		300	$	7,887
Singapore Press Holdings Ltd.		300		520
United Overseas Bank Ltd.		400		9,382
				17,789
South Africa — 0.0%
FirstRand Ltd. (a)		180		950
Impala Platinum Holdings Ltd. (a)		333		5,124
Kumba Iron Ore Ltd. (a)		114		5,049
				11,123
Spain — 0.4%
Cellnex Telecom SA (f)		6,816		326,705
Endesa SA		244		5,325
Iberdrola SA		664		7,227
				339,257
Sweden — 0.6%
Atlas Copco AB Class A		646		33,527
Epiroc AB Class A		1,483		31,734
Hennes & Mauritz AB Class B		497		6,637
Hexagon AB Class B		2,198		30,837
Husqvarna AB Class B		444		4,628
Kinnevik AB Class B (e)		32		833
Lundin Energy AB (a)		243		10,302
SKF AB		541		8,794
Svenska Handelsbanken AB Class A		300		2,761
Telefonaktiebolaget LM Ericsson Class B		749		6,853
Telia Co. AB (a)		1,015		4,065
Volvo AB Class B		16,114		300,550
				441,521
Switzerland — 0.8%
ABB Ltd. Registered		342		11,065
Adecco Group AG Registered		97		4,390
Cie Financiere Richemont SA		337		42,748
Coca-Cola HBC AG		464		9,676
Julius Baer Group Ltd.		63		3,655
Kuehne & Nagel International AG Registered		11		3,117
Lonza Group AG Registered		97		70,275
Nestle SA		474		61,535
Novartis AG Registered		161		14,120
On Holding AG, Class A (e)		609		15,371
Partners Group Holding AG		9		11,181
Roche Holding AG		5		1,977
Sika AG Registered		183		60,291
Straumann Holding AG Registered (a)		22		35,203
The Swatch Group AG		15		4,263
TE Connectivity Ltd.		2,341		306,624

	Number of Shares		Value
Temenos Group AG Registered		82	$	7,857
UBS Group AG Registered		105		2,051
				665,399
Taiwan — 0.7%
ASE Technology Holding Co. Ltd.		1,000		3,567
Cathay Financial Holding Co. Ltd.		2,000		4,485
Evergreen Marine Corp. Taiwan Ltd.		1,000		4,677
Formosa Plastics Corp.		1,000		3,707
Fubon Financial Holding Co. Ltd.		2,497		6,641
Hon Hai Precision Industry Co. Ltd.		1,080		3,979
Nan Ya Plastics Corp.		1,000		3,241
SinoPac Financial Holdings Co. Ltd.		2,000		1,280
Taiwan Cooperative Financial Holding Co. Ltd.		4,000		4,119
Taiwan Glass Industry Corp.		1,000		876
Taiwan Semiconductor Manufacturing Co. Ltd.		24,000		496,186
Uni-President Enterprises Corp.		1,000		2,283
United Microelectronics Corp.		2,000		3,693
Yang Ming Marine Transport Corp. (e)		1,000		4,309
				543,043
Thailand — 0.0%
Intouch Holdings PCL		2,000		4,677
Turkey — 0.0%
BIM Birlesik Magazalar AS		161		928
United Kingdom — 3.0%
Alphawave IP Group PLC (a) (e)		7,136		16,417
Anglo American PLC		1,917		98,872
Aptiv PLC (e)		1,209		144,729
Ashtead Group PLC		228		14,373
AstraZeneca PLC		3,286		435,760
Atlassian Corp. PLC Class A (e)		257		75,514
Auto Trader Group PLC (f)		3,374		27,930
Barclays PLC		8,683		16,868
BP PLC		9,223		45,073
British American Tobacco PLC		18		753
Burberry Group PLC		366		7,992
Compass Group PLC		9,361		201,740
Diageo PLC		384		19,409
Dr. Martens Plc		1,037		3,226
Experian PLC		41		1,581
Genius Sports Ltd. (e)		2,561		11,781
GlaxoSmithKline PLC		232		5,003
Glencore PLC		31,510		204,776
Hargreaves Lansdown PLC		99		1,304
Intertek Group PLC		19		1,298
Kingfisher PLC		2,120		7,075
Legal & General Group PLC		1,570		5,567

The accompanying notes are an integral part of the consolidated financial statements.

8

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments(Continued)

	Number of Shares		Value
Lloyds Banking Group PLC		659,360	$	403,659
National Grid PLC		227		3,487
Natwest Group PLC		2,683		7,549
RELX PLC		70		2,180
Rio Tinto PLC		757		60,050
Royal Mail PLC		832		3,563
Shell PLC		6,933		190,970
Smith & Nephew PLC		187		2,981
Spirax-Sarco Engineering PLC		283		46,376
THG PLC (e)		17,726		21,199
Unilever PLC		6,886		311,727
Vodafone Group PLC		661		1,084
				2,401,866
United States — 38.9%
3M Co.		73		10,868
Abbott Laboratories		5,310		628,492
AbbVie, Inc.		2,996		485,682
Adobe, Inc. (e)		25		11,391
Advance Auto Parts, Inc.		299		61,881
Advanced Micro Devices, Inc. (e)		316		34,551
Agilent Technologies, Inc.		22		2,911
Air Products & Chemicals, Inc.		1,346		336,379
Airbnb, Inc.Class A (e)		37		6,355
Albemarle Corp.		1,378		304,745
Alcoa Corp.		1,662		149,630
Align Technology, Inc. (e)		2		872
Alphabet, Inc. Class C (e)		483		1,349,014
Altair Engineering, Inc. Class A (e)		909		58,540
AltC Acquisition Corp. Class A (e)		2,125		20,740
Altice USA, Inc. Class A (e)		235		2,933
Amazon.com, Inc. (e) (g)		395		1,287,680
American Tower Corp.		2,042		512,991
AMETEK, Inc.		9		1,199
Amgen, Inc.		3		725
Amphenol Corp. Class A		15		1,130
Analog Devices, Inc.		7		1,156
ANSYS, Inc. (e)		219		69,565
Anthem, Inc.		2		982
Apple, Inc. (g)		8,946		1,562,061
Applied Materials, Inc.		2,065		272,167
Archer-Daniels-Midland Co.		1,251		112,915
Arthur J Gallagher & Co.		6		1,048
Autodesk, Inc. (e)		368		78,881
AutoZone, Inc. (e)		4		8,178
AvalonBay Communities, Inc.		13		3,229
AvidXchange Holdings, Inc. (e)		61		491
Baker Hughes Co.		1,498		54,542
Bank of America Corp.		16,123		664,590

	Number of Shares		Value
Baxter International, Inc.		76	$	5,893
Becton Dickinson and Co.		18		4,788
Berkshire Hathaway, Inc. Class B (e)		26		9,176
Best Buy Co., Inc.		67		6,090
The Boeing Co. (e)		47		9,001
Booking Holdings, Inc. (e)		4		9,394
Boston Scientific Corp. (e)		12,024		532,543
Bristol-Myers Squibb Co.		4,188		305,850
Broadcom, Inc.		1		630
Brown-Forman Corp. Class B		277		18,565
Cadence Design Systems, Inc. (e)		453		74,500
California Resources Corp.		1,339		59,893
Capital One Financial Corp.		25		3,282
Carrier Global Corp.		691		31,696
CBRE Group, Inc. Class A (e)		86		7,871
CDW Corp.		10		1,789
Centene Corp. (e)		10		842
CF Industries Holdings, Inc.		3,064		315,776
The Charles Schwab Corp.		6,369		536,970
Charter Communications, Inc. Class A (e)		381		207,843
Chesapeake Energy Corp. (a)		97		8,439
Citigroup, Inc.		15		801
CME Group, Inc.		281		66,839
Comcast Corp. Class A		5,992		280,545
ConocoPhillips		8,339		833,900
Constellation Brands, Inc. Class A (h)		18		4,146
Constellation Energy Corp.		228		12,825
Corteva, Inc.		266		15,290
Costco Wholesale Corp.		897		516,537
Crowdstrike Holdings, Inc. Class A (e)		658		149,419
Crown Castle International Corp.		70		12,922
CSX Corp.		477		17,864
D.R. Horton, Inc.		3,331		248,193
Danaher Corp.		61		17,893
Datadog, Inc. Class A (e)		303		45,895
DaVita, Inc. (e)		78		8,823
Deere & Co.		130		54,010
Dell Technologies Class C (e)		331		16,613
Delta Air Lines, Inc. (e)		831		32,883
Devon Energy Corp.		1,141		67,467
DexCom, Inc. (e)		436		223,058
DocuSign, Inc. (e)		53		5,677
Dominion Energy, Inc.		8		680
Duke Realty Corp.		20		1,161
Dynatrace, Inc. (e)		2,578		121,424
Ecolab, Inc.		6		1,059
Edwards Lifesciences Corp. (e)		2,369		278,879
Electronic Arts, Inc.		109		13,790

The accompanying notes are an integral part of the consolidated financial statements.

9

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
Element Solutions, Inc.		497	$	10,884
Eli Lilly & Co.		2		573
Emerson Electric Co.		131		12,845
EOG Resources, Inc.		8		954
EPAM Systems, Inc. (e)		69		20,466
EQT Corp.		14,579		501,663
Equity Residential		100		8,992
Essex Property Trust, Inc.		20		6,910
The Estee Lauder Cos., Inc. Class A		101		27,504
Expedia Group, Inc. (e)		317		62,027
Extra Space Storage, Inc.		45		9,252
Exxon Mobil Corp.		513		42,369
F5, Inc. (e)		636		132,892
FedEx Corp.		104		24,065
First Republic Bank		47		7,619
Floor & Decor Holdings, Inc. Class A (e)		561		45,441
Fortinet, Inc. (e)		327		111,749
Fortive Corp.		6,118		372,770
Fortune Brands Home & Security, Inc.		8		594
Franklin Resources, Inc.		139		3,881
Freeport-McMoRan, Inc.		8,199		407,818
Gartner, Inc. (e)		14		4,164
Generac Holdings, Inc. (e)		204		60,641
General Dynamics Corp.		6		1,447
General Motors Co. (e)		6,331		276,918
Genuine Parts Co.		62		7,813
Gilead Sciences, Inc.		176		10,463
Gitlab, Inc. (e)		6		327
Grand Rounds, Inc. (Acquired 11/02/22, Cost $522,311) (b) (c) (d) (e)		198,853		155,105
Green Plains, Inc. (e)		420		13,024
Hasbro, Inc.		13		1,065
HCA Healthcare, Inc.		41		10,275
Hess Corp.		45		4,817
Hewlett Packard Enterprise Co.		650		10,862
Highland Transcend Part Cl A		1,863		18,313
Hilton Worldwide Holdings, Inc. (e)		1,529		232,010
Hologic, Inc. (e)		54		4,148
Honeywell International, Inc.		3		584
HP, Inc.		130		4,719
HubSpot, Inc. (e)		25		11,874
Humana, Inc.		1,088		473,465
Huntington Ingalls Industries, Inc.		36		7,180
IDEXX Laboratories, Inc. (e)		14		7,659
Illinois Tool Works, Inc.		4		838
Informatica, Inc. (e)		1,081		21,339
Ingersoll Rand, Inc.		37		1,863

	Number of Shares		Value
Intel Corp.		20	$	991
International Flavors & Fragrances, Inc.		1,585		208,158
Intuit, Inc.		143		68,760
Intuitive Surgical, Inc. (e)		862		260,048
IQVIA Holdings, Inc. (e)		4		925
Johnson & Johnson		1,931		342,231
JP Morgan Chase & Co.		118		16,086
Kellogg Co.		15		967
Khosla Ventures Acquisition Co. (e)		1,594		15,589
Kinder Morgan, Inc.		496		9,379
KLA Corp.		2		732
Laboratory Corp. of America Holdings (e)		39		10,283
Lam Research Corp.		27		14,515
Lennar Corp. Class A		507		41,153
Liberty Media Acquisition Co. (e)		3,637		36,479
Liberty Media Corp-Liberty SiriusXM Class A (e)		3,062		139,964
Liberty Media Corp-Liberty SiriusXM Class C (e)		4,237		193,758
Live Nation Entertainment, Inc. (e)		553		65,055
LKQ Corp.		125		5,676
Lockheed Martin Corp.		2		883
Loews Corp.		14		908
Lookout, Inc. (Acquired 3/04/15, Cost $42,391) (b) (c) (d) (e)		3,711		6,568
Lowe’s Cos., Inc.		359		72,586
Lululemon Athletica, Inc. (e)		23		8,400
LyondellBasell Industries NV Class A		473		48,634
Marsh & McLennan Cos., Inc.		3,058		521,144
Masco Corp.		2,271		115,821
Masimo Corp. (e)		198		28,817
Mastercard, Inc. Class A		1,796		641,855
McDonald’s Corp.		992		245,302
MercadoLibre, Inc. (e)		2		2,379
Merck & Co., Inc.		147		12,061
Meta Platforms, Inc. Class A (e)		316		70,266
Mettler-Toledo International Inc (e)		11		15,105
Micron Technology, Inc.		3,083		240,135
Microsoft Corp.		6,000		1,849,860
Mid-America Apartment Communities, Inc.		4		838
Mirion Technologies, Inc. (e)		778		6,278
Molina Healthcare, Inc. (e)		12		4,003
Mondelez International Inc. Class A		38		2,386
MongoDB, Inc. (e)		173		76,741
Monster Beverage Corp. (e)		15		1,199
Moody’s Corp.		18		6,073
Morgan Stanley		3,564		311,494

The accompanying notes are an integral part of the consolidated financial statements.

10

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
The Mosaic Co.		294	$	19,551
MSCI, Inc.		6		3,017
NetApp, Inc.		45		3,735
Netflix, Inc. (e)		37		13,860
New Relic, Inc. (e)		446		29,829
NextEra Energy, Inc.		5,520		467,599
NIKE, Inc. Class B		389		52,344
Northern Trust Corp.		47		5,473
NVIDIA Corp.		1,118		305,058
O’Reilly Automotive, Inc. (e)		112		76,716
Okta, Inc. (e)		228		34,419
ONEOK, Inc.		259		18,293
Oracle Corp.		103		8,521
Organon & Co.		123		4,296
Otis Worldwide Corp.		42		3,232
Palantir Technologies, Inc. (e)		336		4,613
Palo Alto Networks, Inc. (e)		222		138,197
Park Hotels & Resorts, Inc.		363		7,089
Parker Hannifin Corp.		49		13,904
Paycom Software, Inc. (e)		8		2,771
PayPal Holdings, Inc. (e)		6		694
Peloton Interactive, Inc. Class A (e)		2,170		57,331
PepsiCo, Inc.		337		56,407
Pfizer, Inc.		169		8,749
Philip Morris International, Inc.		127		11,930
Pioneer Natural Resources Co.		752		188,023
The PNC Financial Services Group, Inc.		80		14,756
PPG Industries, Inc.		774		101,448
The Procter & Gamble Co.		6		917
Prologis, Inc.		134		21,638
Public Service Enterprise Group, Inc.		71		4,970
Public Storage		4		1,561
PVH Corp.		238		18,233
QUALCOMM, Inc.		316		48,291
Raytheon Technologies Corp.		18		1,783
Regeneron Pharmaceuticals, Inc. (e)		112		78,223
ResMed, Inc.		349		84,636
Rivian Automotive, Inc. (e)		653		32,807
Rockwell Automation, Inc.		27		7,561
Rollins, Inc.		138		4,837
S&P Global, Inc.		210		86,138
salesforce.com, Inc. (e)		2,470		524,430
SBA Communications Corp.		51		17,549
Seagen, Inc. (e)		837		120,570
Sempra Energy		3,468		583,040
ServiceNow, Inc. (e)		471		262,295
The Sherwin-Williams Co.		6		1,498
Signature Bank		2		587

	Number of Shares		Value
Simon Property Group, Inc.		7	$	921
Skyworks Solutions, Inc.		8		1,066
SmartRent, Inc. (e)		2,282		11,547
Snap-on, Inc.		26		5,343
Snowflake, Inc. Class A (e)		37		8,478
Southwest Airlines Co. (e)		91		4,168
Splunk, Inc. (e)		145		21,548
Stanley Black & Decker, Inc.		14		1,957
Starbucks Corp.		2,115		192,402
Stryker Corp.		361		96,513
SVB Financial Group (e)		2		1,119
T-Mobile US, Inc. (e)		10		1,284
T. Rowe Price Group, Inc.		40		6,048
Tapestry, Inc.		175		6,501
Target Corp.		41		8,701
Tesla, Inc. (e)		100		107,760
Textron, Inc.		10		744
The The Home Depot, Inc.		1,185		354,706
Thermo Fisher Scientific, Inc.		703		415,227
The TJX Cos., Inc.		3,535		214,150
Toast, Inc., Class A (e)		2,081		45,220
Tractor Supply Co.		16		3,734
TransDigm Group, Inc. (e)		85		55,381
Trimble, Inc. (e)		23		1,659
Twilio, Inc. Class A (e)		521		85,866
U.S. Bancorp		677		35,983
UDR, Inc.		19		1,090
Ulta Beauty, Inc. (e)		81		32,256
United Parcel Service, Inc. Class B		2,101		450,580
United Rentals, Inc. (e)		167		59,320
United States Oil Fund LP (e)		2,764		204,868
UnitedHealth Group, Inc.		1,863		950,074
Valero Energy Corp.		3,601		365,646
VeriSign, Inc. (e)		383		85,202
Verisk Analytics, Inc.		320		68,682
Verizon Communications, Inc.		559		28,475
Vertex Pharmaceuticals, Inc. (e)		30		7,829
Vertiv Holdings Co.		14,781		206,934
VF Corp.		15		853
Visa, Inc. Class A		27		5,988
VMware, Inc. Class A		101		11,501
Vulcan Materials Co.		2,286		419,938
W.R. Berkley Corp.		11		699
Walmart, Inc.		1,465		218,168
The Walt Disney Co. (e)		2,986		409,560
Waters Corp. (e)		19		5,897
WEC Energy Group, Inc.		36		3,593
Wells Fargo & Co.		28		1,357
Weyerhaeuser Co.		1,210		45,859

The accompanying notes are an integral part of the consolidated financial statements.

11

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
Workday, Inc. Class A (e)		79	$	18,917
XPO Logistics, Inc. (e)		1,554		113,131
Yum China Holdings, Inc.		224		9,305
Yum China Holdings, Inc.		350		15,299
Yum! Brands, Inc.		47		5,571
Zebra Technologies Corp. Class A (e)		14		5,792
Zoetis, Inc.		268		50,542
Zscaler, Inc. (e)		434		104,716
				31,319,691
TOTAL COMMON STOCK (Cost $47,380,838)				47,049,388
PREFERRED STOCK — 0.8%
Brazil — 0.0%
Banco Bradesco SA 4.760%		910		4,247
Petroleo Brasileiro SA 21.130%		2,345		16,475
				20,722
Germany — 0.0%
Henkel AG & Co. KGaA, 21.130%		67		4,487
Volkswagen AG 2.540%		194		33,546
				38,033
United Kingdom — 0.1%
Aptiv PLC, Convertible
5.500%		453		61,821
United States — 0.7%
Becton Dickinson and Co., Convertible
6.000% (a)		1,730		91,378
Boston Scientific Corp., Convertible
5.500%		298		34,699
Cash Mandatory Exchangeable Trust, Convertible
5.250% (f)		116		130,282
Citigroup Capital XIII, 3 mo. USD LIBOR + 6.370%
6.669% VRN (a)		2,154		59,020
Lookout, Inc., Series F (Acquired 9/19/14-10/22/14, Cost $628,910) (b) (c) (d) (e)		55,056		200,404
Wells Fargo & Co. Series L 1.06%
7.500% (i)		19		25,175
				540,958
TOTAL PREFERRED STOCK (Cost $1,043,205)				661,534
TOTAL EQUITIES (Cost $48,424,043)				47,710,922

	Principal Amount		Value
BONDS & NOTES — 4.3%
BANK LOANS — 0.3%
United States — 0.3%
American Rock Salt Co. LLC, 2021 Term Loan, 1 mo. USD LIBOR + 4.000%
4.750% VRN 6/09/28	$	228	$	225
Frontier Communications Corp., 2021 DIP Term Loan B, 3 mo. USD LIBOR + 3.750%
4.813% VRN 5/01/28		423		416
IPS Corp., 2021 Delayed Draw Term Loan, 3 mo. USD LIBOR
0.000% FRN 10/02/28 (j)		5,595		5,452
Maverick Gaming LLC, Term Loan B, 3 mo. USD LIBOR + 7.500%
8.500% VRN 9/03/26		1		—
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 7.000%
7.500% VRN 11/01/29		52,000		49,920
OVG Business Services, LLC, Initial Term Loan, 3 mo. USD LIBOR + 6.250%
7.250% VRN 10/13/28		193,000		185,762
				241,775
TOTAL BANK LOANS (Cost $246,812)				241,775
CORPORATE DEBT — 1.0%
Australia — 0.5%
Quintis (Australia) Pty Limited First Lien Note (Acquired 7/20/16-10/01/20, Cost $1,175,262),
7.500%10/01/26(b)(c)(d)(f)		1,176,001		321,048
Quintis (Australia) Pty Limited Second Lien Note (Acquired 7/20/16, Cost $1,077,000),
12.000%10/01/28(b)(c)(d)(f)		1,095,355		115,012
				436,060
Netherlands — 0.1%
Bio City Development Co. B.V. (Acquired 7/05/11, Cost $1,400,000),
8.000%7/06/21(b)(c)(d)(f)(k)		1,400,000		70,000
United States — 0.4%
AbbVie, Inc.
4.250%11/21/49		20,000		20,758
Broadcom, Inc.
4.150%11/15/30		16,000		16,218

The accompanying notes are an integral part of the consolidated financial statements.

12

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Principal Amount		Value
Carrols Restaurant Group, Inc.
5.875%7/01/29(a)(f)	$	40,000	$	32,600
CVS Health Corp.
5.050%3/25/48		22,000		24,966
The Fresh Market, Inc.
9.750%5/01/23(f)		87,000		85,332
Gilead Sciences, Inc.
4.750%3/01/46		19,000		21,046
Kraft Heinz Foods Co.
4.375%6/01/46		22,000		21,662
Lowe S Cos., Inc.
3.350%4/01/27		15,000		15,102
4.250%4/01/52		25,000		25,874
Stem, Inc., Convertible,
0.500%12/01/28(f)		20,000		14,834
Union Pacific Corp.
2.800%2/14/32		29,000		27,848
				306,240
TOTAL CORPORATE DEBT (Cost $4,005,614)				812,300
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.1%
United States — 0.1%
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class DFX,
5.350%7/05/33(f)		58,198		58,597
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $57,762)				58,597
SOVEREIGN DEBT OBLIGATIONS — 1.6%
Argentina — 0.2%
Argentine Republic Government International Bond
0.500% STEP 7/09/30		97,844		32,681
1.000%7/09/29		100,849		34,200
1.125% STEP 7/09/35		123,206		37,412
2.000% STEP 1/09/38		40,519		15,126
				119,419
Austria — 0.1%
Republic of Austria Government International Bond
2.100% EUR (f) (h)		46,000		61,438
Brazil — 0.3%
Brazil Letras do Tesouro Nacional
7/01/24 BRL (h)		1,612,000		264,051

	Principal Amount		Value
Canada — 0.5%
Canadian Government Bond
0.500% 9/01/25 CAD (h)	$	566,000	$	425,409
China — 0.2%
China Government International Bond
2.680% 5/21/30 CNY (h)		1,260,000		195,596
Spain — 0.3%
Spain Government International Bond
3.450% 7/30/66 EUR (f) (h)		171,000		246,216
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,476,780)				1,312,129
U.S. TREASURY OBLIGATIONS — 1.3%
United States — 1.3%
U.S. Treasury Bond
1.750%8/15/41		146,800		127,411
1.875%11/15/51(g)		388,400		340,648
2.000%8/15/51(g)		209,400		188,895
U.S. Treasury Note
0.125%11/30/22(l)		200,000		198,426
1.375%11/15/31		204,800		187,936
				1,043,316
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,114,005)				1,043,316
TOTAL BONDS & NOTES (Cost $6,900,973)				3,468,117
		Number of Shares
MUTUAL FUNDS — 12.4%
Diversified Financial Services — 12.4%
United States — 12.4%
Invesco Senior Loan ETF (a)		22,822		496,835
iShares China Large-Cap ETF		848		27,111
iShares CMBS ETF		78,871		3,931,719
iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		348		42,087
iShares iBoxx High Yield Corporate Bond ETF (a)		6,543		538,424
iShares JP Morgan USD Emerging Markets Bond ETF (g)		12,478		1,219,849
iShares MSCI China ETF (a)		16,612		878,609
iShares Preferred &, Inc. ome Securities ETF (a)		6,039		219,940

The accompanying notes are an integral part of the consolidated financial statements.

13

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Number of Shares		Value
KraneShares Bosera MSCI China A 50 Connect Index ETF		4,278	$	156,746
KraneShares CSI China Internet ETF		373		10,634
SPDR Blackstone Senior Loan ETF (a)		3,905		175,569
SPDR Bloomberg High Yield Bond ETF (a)		377		38,643
SPDR Gold Shares (l)		813		146,868
State Street Navigator Securities Lending Government Money Market Portfolio (m)		2,126,333		2,126,333
				10,009,367
TOTAL MUTUAL FUNDS (Cost $10,330,624)				10,009,367
TOTAL PURCHASED OPTIONS (#) — 0.2% (Cost $261,535)				168,999
WARRANTS — 0.0%
Cayman Islands — 0.0%
Hedosophia European Growth Expires 5/13/27, Strike 11.50 (d) (e)		875		842
Highland Transcend Part Cl A Expires 12/02/25, Strike 11.50 (e)		621		193
TPG Pace Beneficial Finance Corp. Expires 10/09/27, Strike 11.50 (e)		221		142
				1,177
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/22/23, Strike 67.00 (e)		16		13
United Kingdom — 0.0%
Genius Sports Ltd. Expires 12/31/28, Strike 11.50 (e)		501		526
United States — 0.0%
Altus Power, Inc. Expires 01/22/26, Strike 11.00 (e)		220		356
EVGO, Inc. Expires 9/15/25, Strike 11.50 (e)		494		1,941
Gores Holdings VIII, Inc. Expires 12/31/27, Strike 11.50 (e)		153		200
Hippo Holdings, Inc. Expires 8/02/26, Strike 11.50 (e)		417		142
Latch, Inc. Expires 6/04/26, Strike 11.50 (e)		1,080		713
Offerpad Solutions, Inc. Expires 10/13/25, Strike 11.50 (e)		720		583
Sarcos Technology and Robotics Corp. Expires 06/15/27, Strike 11.50 (e)		16,846		17,857

	Number of Shares			Value
Volta, Inc. Expires 8/26/26, Strike 11.50 (e)		509		$	484
					22,276
TOTAL WARRANTS (Cost $30,460)					23,992
RIGHTS — 0.0%
France — 0.0%
Electricite De France S.A. (a) (d) (e)		1,157			512
TOTAL RIGHTS (Cost $0)					512
TOTAL LONG-TERM INVESTMENTS (Cost $65,947,635)					61,381,909
		Principal Amount
SHORT-TERM INVESTMENTS — 22.8%
Repurchase Agreement — 17.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (n)	$	13,771,391			13,771,391
Sovereign Debt Obligation — 5.7%
Japan Treasury Discount Bill, 0.000% 6/06/22 JPY (h)		554,650,000			4,556,813
TOTAL SHORT-TERM INVESTMENTS (Cost $18,589,022)					18,328,204
TOTAL INVESTMENTS — 98.9% (Cost $84,536,657) (o)					79,710,113
Other Assets/(Liabilities) — 1.1%					856,336
NET ASSETS — 100.0%				$	80,566,449
		Number of Shares
EQUITIES SOLD SHORT — (0.1)%
United States — (0.1)%
The J.M. Smucker Co.		(175	)		(23,697	)
Walgreens Boots Alliance, Inc.		(1,586	)		(71,005	)
					(94,702	)
TOTAL EQUITIES SOLD SHORT (Cost $(92,238))					(94,702	)

The accompanying notes are an integral part of the consolidated financial statements.

14

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

Abbreviation Legend

ADR American Depositary Receipt

DIP Debtor In Possession

ETF Exchange-Traded Fund

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

Notes to Consolidated 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 March 31, 2022, was $2,872,872 or 3.57% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $841,449 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Consolidated Portfolio of Investments or the Consolidated Statement of Assets and Liabilities. (Note 2).

(b) Investment was valued using significant unobservable inputs.

(c) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $868,137 or 1.08% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $869,491 or 1.08% of net assets.

(e) Non-income producing security.

(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 March 31, 2022, the aggregate market value of these securities amounted to $1,996,577 or 2.48% of net assets.

(g) A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(h) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(i) Security is perpetual and has no stated maturity date.

(j) All or a portion of the security represents unsettled loan commitments at March 31, 2022 where the rate will be determined at time of settlement.

(k) 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 March 31, 2022, these securities amounted to a value of $70,000 or 0.09% of net assets.

(l) All or a portion of this security is held by a wholly owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly owned subsidiary.

(m) Represents investment of security lending cash collateral. (Note 2).

(n) Maturity value of $13,771,391. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $14,046,913.

(o) See Note 6 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
EUR Call USD Put	BNP Paribas SA*		4/07/22		1.19		3,274,585		EUR	3,274,585	$	4	$	1,716	$	(1,712	)
Shell PLC	Citibank N.A.*		4/14/22		50.00		3,539		USD	176,950		18,754		10,264		8,490
Mosaic Co.	Citibank N.A.*		5/20/22		75.00		1,200		USD	90,000		3,542		5,100		(1,558	)
CF Industries Holdings, Inc.	Citibank N.A.*		5/20/22		115.00		600		USD	69,000		2,551		3,901		(1,350	)
Amazon.com, Inc.	Citibank N.A.*		6/17/22		4,150.00		34		USD	141,100		381		4,692		(4,311	)
Devon Energy Corp.	Credit Suisse International*		4/14/22		50.00		889		USD	44,450		8,341		4,072		4,269
Euro Stoxx 50 Index	Credit Suisse International*		6/17/22		4,650.00		29		EUR	134,850		27		1,836		(1,809	)
EssilorLuxottica SA	Goldman Sachs International*		6/17/22		200.00		429		EUR	85,800		231		3,042		(2,811	)
EUR Call USD Put	JP Morgan Chase Bank N.A.*		4/07/22		1.16		3,274,585		EUR	3,274,585		22		22,842		(22,820	)
EssilorLuxottica SA	JP Morgan Chase Bank N.A.*		9/16/22		200.00		256		EUR	51,200		436		2,811		(2,375	)
Pioneer Natural Resources Co.	Morgan Stanley & Co. LLC*		6/17/22		260.00		1,401		USD	364,260		18,287		23,497		(5,210	)
Shell PLC	Nomura Securities International, Inc.*		4/14/22		52.50		2,863		USD	150,308		8,895		4,209		4,686
											$	61,471	$	87,982	$	(26,511	)

The accompanying notes are an integral part of the consolidated financial statements.

15

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
Amazon.com, Inc.		4/14/22		3,000.00		1		USD	300,000	$	29,013	$	12,197	$	16,816
Apple, Inc.		4/14/22		165.00		3		USD	49,500		3,330		2,340		990
Apple, Inc.		4/14/22		185.00		26		USD	481,000		1,300		9,991		(8,691	)
Autodesk, Inc.		4/14/22		250.00		2		USD	50,000		36		2,598		(2,562	)
BP PLC		4/14/22		34.00		28		USD	95,200		140		3,618		(3,478	)
Coinbase Global, Inc.		4/14/22		200.00		2		USD	40,000		1,120		4,187		(3,067	)
Comcast Corp.		4/14/22		52.50		17		USD	89,250		17		2,809		(2,792	)
Devon Energy Corp.		4/14/22		60.00		24		USD	144,000		4,632		5,838		(1,206	)
Diamondback Energy, Inc.		4/14/22		135.00		2		USD	27,000		1,360		1,228		132
Discovery, Inc.		4/14/22		42.50		19		USD	80,750		16		1,251		(1,235	)
Home Depot, Inc.		4/14/22		365.00		1		USD	36,500		6		1,572		(1,566	)
JP Morgan Chase & Co.		4/14/22		155.00		3		USD	46,500		27		847		(820	)
KraneShares CSI China Internet ETF		4/14/22		39.00		22		USD	85,800		66		5,170		(5,104	)
Marathon Oil Corp.		4/14/22		24.00		7		USD	16,800		1,183		1,017		166
Marathon Oil Corp.		4/14/22		25.00		8		USD	20,000		864		950		(86	)
Mastercard, Inc.		4/14/22		370.00		1		USD	37,000		325		1,177		(852	)
Meta Platforms, Inc.		4/14/22		320.00		1		USD	32,000		2		1,352		(1,350	)
Nvidia Corp.		4/14/22		240.00		2		USD	48,000		7,000		3,142		3,858
Occidental Petroleum Corp.		4/14/22		60.00		5		USD	30,000		645		2,536		(1,891	)
Pfizer, Inc.		4/14/22		55.00		8		USD	44,000		168		1,450		(1,282	)
Sabre Corp.		4/14/22		13.00		10		USD	13,000		70		292		(222	)
Salesforce.com, Inc.		4/14/22		230.00		1		USD	23,000		60		1,129		(1,069	)
Starbucks Corp.		4/14/22		100.00		4		USD	40,000		48		692		(644	)
Twilio, Inc.		4/14/22		310.00		2		USD	62,000		—		4,904		(4,904	)
Visa, Inc.		4/14/22		215.00		2		USD	43,000		1,810		1,434		376
Walt Disney Co.		4/14/22		140.00		3		USD	42,000		528		1,641		(1,113	)
Wells Fargo & Co.		4/14/22		55.00		8		USD	44,000		144		1,841		(1,697	)
Western Digital Corp.		4/14/22		80.00		34		USD	272,000		—		3,846		(3,846	)
Xerox Holdings Corp.		4/14/22		30.00		19		USD	57,000		2		308		(306	)
Bath & Body Works, Inc.		5/20/22		60.00		15		USD	90,000		675		7,893		(7,218	)
Diamondback Energy, Inc.		5/20/22		150.00		2		USD	30,000		1,130		1,327		(197	)
Diamondback Energy, Inc.		5/20/22		155.00		3		USD	46,500		1,290		1,687		(397	)
Occidental Petroleum Corp.		5/20/22		55.00		5		USD	27,500		2,950		1,244		1,706
Occidental Petroleum Corp.		5/20/22		60.00		6		USD	36,000		2,190		1,303		887
Occidental Petroleum Corp.		5/20/22		65.00		6		USD	39,000		1,320		2,552		(1,232	)
Ovintiv, Inc.		5/20/22		55.00		13		USD	71,500		5,460		4,709		751
Servicenow, Inc.		5/20/22		520.00		2		USD	104,000		11,680		10,124		1,556
Tesla, Inc.		5/20/22		1,150.00		1		USD	115,000		6,576		7,802		(1,226	)
BP PLC		6/17/22		35.00		28		USD	98,000		924		4,346		(3,422	)
General Motors Co.		6/17/22		55.00		16		USD	88,000		736		4,624		(3,888	)
Marathon Oil Corp.		7/15/22		25.00		7		USD	17,500		2,093		1,603		490
Marathon Oil Corp.		7/15/22		26.00		8		USD	20,800		2,000		1,719		281
Xerox Holdings Corp.		7/15/22		30.00		10		USD	30,000		71		482		(411	)
										$	93,007	$	132,772	$	(39,765	)

The accompanying notes are an integral part of the consolidated financial statements.

16

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
Invesco Senior Loan ETF		4/14/22		20.00		59		USD	118,000	$	365	$	806	$	(441	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		4/14/22		121.00		29		USD	350,900		3,074		6,532		(3,458	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		4/14/22		122.00		15		USD	183,000		2,460		2,928		(468	)
Microsoft Corp.		4/14/22		265.00		3		USD	79,500		72		1,927		(1,855	)
Nvidia Corp.		4/14/22		215.00		3		USD	64,500		105		4,104		(3,999	)
Salesforce.com, Inc.		4/14/22		190.00		4		USD	76,000		176		2,809		(2,633	)
Servicenow, Inc.		4/14/22		520.00		2		USD	104,000		1,200		5,384		(4,184	)
Alibaba Group Holding Ltd.		5/20/22		90.00		7		USD	63,000		2,100		5,903		(3,803	)
Apple, Inc.		5/20/22		140.00		5		USD	70,000		380		3,081		(2,701	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		5/20/22		118.00		29		USD	342,200		2,784		4,676		(1,892	)
Micron Technology, Inc.		5/20/22		75.00		5		USD	37,500		1,805		2,631		(826	)
										$	14,521	$	40,781	$	(26,260	)
										$	107,528	$	173,553	$	(66,025	)

OTC Options Written

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
EUR Call USD Put	BNP Paribas SA*		4/07/22		1.16		3,274,585		EUR	3,274,585	$	(22	)	$	(9,197	)	$	9,175
Shell PLC	Citibank N.A.*		4/14/22		55.00		780		USD	42,900		(1,061	)		(382	)		(679	)
Shell PLC	Citibank N.A.*		4/14/22		60.00		2,759		USD	165,540		(399	)		(1,793	)		1,394
Devon Energy Corp.	Credit Suisse International*		4/14/22		55.00		889		USD	48,895		(4,756	)		(2,365	)		(2,391	)
EssilorLuxotica SA	Goldman Sachs International*		6/17/22		220.00		429		EUR	94,380		(77	)		(955	)		878
EUR Call USD Put	JP Morgan Chase Bank N.A.*		4/07/22		1.19		3,274,585		EUR	3,274,585		(4	)		(6,781	)		6,777
EssilorLuxotica SA	JP Morgan Chase Bank N.A.*		9/16/22		225.00		256		EUR	57,600		(121	)		(975	)		854
Pioneer Natural Resources Co.	Morgan Stanley & Co. LLC*		6/17/22		285.00		1,401		USD	399,285		(9,023	)		(10,658	)		1,635
Shell PLC	Nomura Securities International, Inc.*		4/14/22		57.50		2,863		USD	164,623		(1,253	)		(1,145	)		(108	)
											$	(16,716	)	$	(34,251	)	$	17,535

The accompanying notes are an integral part of the consolidated financial statements.

17

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Put
Shell PLC	Citibank N.A.*		4/14/22		40.00		3,095		USD	123,800	$	(53	)	$	(2,940	)	$	2,887
Amazon.com, Inc.	Citibank N.A.*		6/17/22		2,800.00		17		USD	47,600		(751	)		(2,472	)		1,721
Devon Energy Corp.	Credit Suisse International*		4/14/22		41.00		444		USD	18,204		(6	)		(897	)		891
Euro Stoxx 50 Index	Credit Suisse International*		6/17/22		3,400.00		43		EUR	146,200		(3,210	)		(2,588	)		(622	)
EssilorLuxotica SA	Goldman Sachs International*		6/17/22		160.00		429		EUR	68,640		(3,437	)		(7,391	)		3,954
EssilorLuxotica SA	JP Morgan Chase Bank N.A.*		9/16/22		160.00		256		EUR	40,960		(3,117	)		(1,893	)		(1,224	)
Pioneer Natural Resources Co.	Morgan Stanley & Co. LLC*		6/17/22		220.00		700		USD	154,000		(5,433	)		(4,961	)		(472	)
											$	(16,007	)	$	(23,142	)	$	7,135
											$	(32,723	)	$	(57,393	)	$	24,670

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
Abbott Laboratories		4/14/22		125.00		5		USD	62,500	$	(100	)	$	(419	)	$	319
Amazon.com, Inc.		4/14/22		3,300.00		1		USD	330,000		(5,500	)		(4,702	)		(798	)
Apple, Inc.		4/14/22		170.00		8		USD	136,000		(5,136	)		(1,220	)		(3,916	)
Apple, Inc.		4/14/22		175.00		5		USD	87,500		(1,650	)		(379	)		(1,271	)
Apple, Inc.		4/14/22		185.00		21		USD	388,500		(1,050	)		(4,704	)		3,654
Bank of America Corp.		4/14/22		45.00		16		USD	72,000		(208	)		(764	)		556
Boston Scientific Corp.		4/14/22		46.00		12		USD	55,200		(348	)		(465	)		117
Charles Schwab Corp.		4/14/22		90.00		6		USD	54,000		(240	)		(542	)		302
Coinbase Global, Inc.		4/14/22		225.00		2		USD	45,000		(290	)		(2,585	)		2,295
Costco Wholesale Corp.		4/14/22		590.00		1		USD	59,000		(440	)		(226	)		(214	)
Freeport-McMoRan, Inc.		4/14/22		48.00		10		USD	48,000		(2,730	)		(1,523	)		(1,207	)
KraneShares CSI China Internet ETF		4/14/22		44.00		22		USD	96,800		(18	)		(2,061	)		2,043
Microsoft Corp.		4/14/22		300.00		4		USD	120,000		(4,800	)		(2,009	)		(2,791	)
Microsoft Corp.		4/14/22		310.00		2		USD	62,000		(1,094	)		(507	)		(587	)
NVIDIA Corp.		4/14/22		260.00		3		USD	78,000		(5,520	)		(993	)		(4,527	)
NVIDIA Corp.		4/14/22		270.00		2		USD	54,000		(2,400	)		(1,626	)		(774	)
Servicenow, Inc.		4/14/22		620.00		2		USD	124,000		(500	)		(1,496	)		996
Unitedhealth Group, Inc.		4/14/22		530.00		2		USD	106,000		(594	)		(833	)		239
Visa, Inc.		4/14/22		235.00		2		USD	47,000		(182	)		(476	)		294
Applied Materials, Inc.		5/20/22		145.00		3		USD	43,500		(969	)		(873	)		(96	)
Freeport-McMoRan, Inc.		5/20/22		55.00		9		USD	49,500		(1,377	)		(1,213	)		(164	)
Microsoft Corp.		5/20/22		320.00		5		USD	160,000		(3,550	)		(1,860	)		(1,690	)
NVIDIA Corp.		5/20/22		280.00		1		USD	28,000		(1,648	)		(448	)		(1,200	)
Pioneer Natural Resources Co.		5/20/22		270.00		4		USD	108,000		(3,000	)		(2,636	)		(364	)
Servicenow, Inc.		5/20/22		600.00		2		USD	120,000		(4,160	)		(2,556	)		(1,604	)
Servicenow, Inc.		5/20/22		620.00		2		USD	124,000		(3,140	)		(3,596	)		456
Tesla, Inc.		5/20/22		1,350.00		1		USD	135,000		(2,200	)		(2,831	)		631

The accompanying notes are an integral part of the consolidated financial statements.

18

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call (Continued)
EQT Corp.		6/17/22		28.00		26		USD	72,800	$	(20,826	)	$	(5,142	)	$	(15,684	)
NXP Semiconductors NV		6/17/22		210.00		2		USD	42,000		(930	)		(1,106	)		176
Valero Energy Corp.		6/17/22		105.00		9		USD	94,500		(5,040	)		(2,680	)		(2,360	)
										$	(79,640	)	$	(52,471	)	$	(27,169	)
Put
Air Products And Chemicals, Inc.		4/14/22		230.00		2		USD	46,000	$	(136	)	$	(436	)	$	300
Autodesk, Inc.		4/14/22		195.00		2		USD	39,000		(156	)		(1,510	)		1,354
Autodesk, Inc.		4/14/22		210.00		2		USD	42,000		(730	)		(970	)		240
Boston Scientific Corp.		4/14/22		37.00		12		USD	44,400		(58	)		(513	)		455
BP PLC		4/14/22		27.00		28		USD	75,600		(420	)		(862	)		442
Coinbase Global, Inc.		4/14/22		140.00		2		USD	28,000		(70	)		(1,619	)		1,549
Comcast Corp.		4/14/22		42.50		17		USD	72,250		(119	)		(1,746	)		1,627
Home Depot, Inc.		4/14/22		300.00		1		USD	30,000		(660	)		(613	)		(47	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		4/14/22		116.00		29		USD	336,400		(319	)		(1,878	)		1,559
iShares iBoxx $ Investment Grade Corporate Bond ETF		4/14/22		119.00		15		USD	178,500		(570	)		(1,437	)		867
JP Morgan Chase & Co.		4/14/22		125.00		3		USD	37,500		(174	)		(968	)		794
KraneShares CSI China Internet ETF		4/14/22		29.00		22		USD	63,800		(3,388	)		(1,602	)		(1,786	)
Meta Platforms, Inc. Class A		4/14/22		250.00		1		USD	25,000		(2,697	)		(813	)		(1,884	)
Salesforce.com, Inc.		4/14/22		220.00		3		USD	66,000		(2,580	)		(2,663	)		83
Starbucks Corp.		4/14/22		80.00		4		USD	32,000		(44	)		(348	)		304
Wells Fargo & Co.		4/14/22		45.00		8		USD	36,000		(352	)		(1,046	)		694
Alibaba Group Holding Ltd.		5/20/22		75.00		7		USD	52,500		(728	)		(2,595	)		1,867
Aptiv PLC		5/20/22		135.00		3		USD	40,500		(4,980	)		(2,125	)		(2,855	)
Bath& Body Works, Inc.		5/20/22		50.00		15		USD	75,000		(6,885	)		(3,732	)		(3,153	)
Home Depot, Inc.		5/20/22		290.00		1		USD	29,000		(877	)		(402	)		(475	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		5/20/22		113.00		29		USD	327,700		(957	)		(1,762	)		805
Micron Technology, Inc.		5/20/22		65.00		10		USD	65,000		(1,020	)		(2,188	)		1,168
Nice Ltd.		5/20/22		220.00		2		USD	44,000		(2,020	)		(735	)		(1,285	)
Starbucks Corp.		5/20/22		80.00		4		USD	32,000		(424	)		(643	)		219
Albemarle Corp.		6/17/22		180.00		2		USD	36,000		(830	)		(1,262	)		432
Autodesk, Inc.		6/17/22		180.00		3		USD	54,000		(1,260	)		(3,293	)		2,033
BP PLC		6/17/22		27.00		28		USD	75,600		(2,688	)		(2,010	)		(678	)
Charter Communications, Inc.		6/17/22		470.00		1		USD	47,000		(690	)		(1,128	)		438
General Motors Co.		6/17/22		35.00		16		USD	56,000		(992	)		(1,237	)		245
Masco Corp.		6/17/22		50.00		7		USD	35,000		(1,610	)		(738	)		(872	)
										$	(38,434	)	$	(42,874	)	$	4,440
										$	(118,074	)	$	(95,345	)	$	(22,729	)

The accompanying notes are an integral part of the consolidated financial statements.

19

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		5/19/22		MXN	31,097,000		USD	1,501,579	$	49,504
Bank of America N.A.*		5/19/22		CHF	2,447,137		USD	2,650,557		2,197
Bank of America N.A.*		6/06/22		USD	464,394		JPY	54,650,000		14,817
Bank of America N.A.*		6/16/22		AUD	111,302		USD	81,969		1,421
Bank of America N.A.*		6/16/22		GBP	130,399		EUR	154,819		(491	)
Bank of America N.A.*		6/16/22		CAD	197,445		USD	154,422		3,485
Bank of America N.A.*		6/16/22		USD	277,137		SEK	2,686,905		(9,145	)
Barclays Bank PLC*		5/12/22		CHF	1,218,519		USD	1,319,450		1,036
Barclays Bank PLC*		5/19/22		EUR	3,299,690		JPY	423,115,025		176,845
Barclays Bank PLC*		5/19/22		USD	5,560,566		JPY	637,102,640		322,198
Barclays Bank PLC*		6/16/22		EUR	1,650,373		USD	1,811,606		19,142
Barclays Bank PLC*		6/16/22		USD	66,148		CHF	61,350		(447	)
BNP Paribas SA*		4/07/22		CNH	14,947,300		USD	2,353,364		(1,472	)
BNP Paribas SA*		5/11/22		USD	590,648		IDR	8,550,281,460		(3,785	)
BNP Paribas SA*		5/12/22		USD	2,339,698		JPY	268,121,380		135,607
BNP Paribas SA*		5/19/22		HKD	36,799,070		USD	4,713,282		(13,160	)
BNP Paribas SA*		5/19/22		USD	5,406,203		HKD	42,162,085		21,096
BNP Paribas SA*		6/16/22		JPY	69,654,529		USD	590,120		(16,881	)
Citibank N.A.*		4/07/22		CNH	801,135		USD	125,637		418
Citibank N.A.*		5/11/22		IDR	9,796,381,143		USD	682,394		(1,330	)
Citibank N.A.*		5/12/22		CHF	1,535,832		USD	1,664,907		(555	)
Citibank N.A.*		5/19/22		KRW	3,034,575,181		USD	2,530,394		(28,441	)
Citibank N.A.*		5/19/22		USD	2,186,034		KRW	2,648,577,220		2,329
Citibank N.A.*		6/02/22		PLN	177,533		USD	41,322		688
Citibank N.A.*		6/15/22		BRL	736,557		USD	142,044		9,534
Citibank N.A.*		6/16/22		CHF	61,350		USD	66,441		154
Citibank N.A.*		6/16/22		USD	334,554		INR	25,923,206		(4,950	)
Deutsche Bank AG*		4/07/22		USD	2,671,098		CNH	17,125,693		(23,555	)
Deutsche Bank AG*		5/12/22		GBP	494,600		USD	668,855		(19,265	)
Deutsche Bank AG*		5/12/22		AUD	1,397,658		USD	1,001,961		44,443
Deutsche Bank AG*		5/12/22		EUR	1,155,139		USD	1,308,820		(29,396	)
Deutsche Bank AG*		5/12/22		JPY	152,786,841		USD	1,322,553		(66,569	)
Deutsche Bank AG*		5/19/22		JPY	497,146,965		EUR	3,780,585		(100,932	)
Deutsche Bank AG*		5/19/22		JPY	578,776,478		USD	5,012,908		(254,108	)
Deutsche Bank AG*		5/19/22		EUR	11,490,687		USD	13,108,617		(377,934	)
Deutsche Bank AG*		5/19/22		USD	169,976		EUR	152,889		588
Deutsche Bank AG*		6/02/22		USD	170,024		BRL	897,810		(15,429	)
Deutsche Bank AG*		6/06/22		USD	4,355,511		JPY	500,000,000		242,268
Deutsche Bank AG*		6/16/22		JPY	175,681,979		USD	1,523,430		(77,613	)
Deutsche Bank AG*		6/16/22		EUR	193,018		USD	211,138		2,976
Goldman Sachs International*		5/12/22		AUD	919,265		USD	655,657		32,582
Goldman Sachs International*		5/12/22		USD	2,603,953		AUD	3,628,970		(112,998	)
Goldman Sachs International*		5/19/22		CNH	7,963,650		USD	1,250,057		(288	)
Goldman Sachs International*		5/19/22		USD	4,586,766		AUD	6,391,530		(199,121	)
HSBC Bank PLC*		5/12/22		JPY	154,409,976		USD	1,329,960		(60,633	)
HSBC Bank PLC*		5/12/22		GBP	971,312		USD	1,312,198		(36,512	)
HSBC Bank PLC*		5/19/22		AUD	7,323,015		USD	5,238,289		245,081

The accompanying notes are an integral part of the consolidated financial statements.

20

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments(Continued)

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
HSBC Bank PLC*		5/19/22		USD	1,432,222		CNH	9,124,253	$	315
HSBC Bank PLC*		5/19/22		USD	9,375,105		EUR	8,371,180		100,565
HSBC Bank PLC*		6/15/22		BRL	823		USD	159		10
HSBC Bank PLC*		6/16/22		NZD	63,113		USD	43,007		680
HSBC Bank PLC*		6/16/22		CAD	72		USD	56		2
JP Morgan Chase Bank N.A.*		4/07/22		EUR	3,000,000		USD	3,391,724		(72,705	)
JP Morgan Chase Bank N.A.*		5/19/22		CAD	4,248,938		USD	3,332,815		65,418
JP Morgan Chase Bank N.A.*		5/19/22		NOK	25,095,695		CHF	2,597,334		33,749
JP Morgan Chase Bank N.A.*		5/19/22		GBP	727,850		USD	984,533		(28,622	)
JP Morgan Chase Bank N.A.*		5/19/22		CHF	2,266,950		NOK	22,318,428		(76,567	)
JP Morgan Chase Bank N.A.*		5/19/22		NOK	12,161,530		USD	1,344,343		36,455
JP Morgan Chase Bank N.A.*		5/19/22		USD	1,565,833		NOK	13,933,921		(16,199	)
JP Morgan Chase Bank N.A.*		5/19/22		USD	2,322,765		CHF	2,135,860		7,443
JP Morgan Chase Bank N.A.*		5/19/22		USD	1,303,560		MXN	27,141,460		(50,225	)
JP Morgan Chase Bank N.A.*		5/20/22		CHF	66,483		USD	71,998		74
JP Morgan Chase Bank N.A.*		6/02/22		DKK	389,331		USD	58,345		(326	)
JP Morgan Chase Bank N.A.*		6/16/22		AUD	191,604		USD	139,477		4,076
JP Morgan Chase Bank N.A.*		6/16/22		NZD	6,503		USD	4,431		70
JP Morgan Chase Bank N.A.*		6/16/22		JPY	188,773,580		USD	1,587,278		(33,720	)
JP Morgan Chase Bank N.A.*		6/16/22		EUR	303,206		USD	334,860		1,484
JP Morgan Chase Bank N.A.*		6/16/22		USD	3,223		SEK	32,118		(199	)
Morgan Stanley & Co. LLC*		4/07/22		USD	2,928,378		EUR	2,618,400		31,538
Morgan Stanley & Co. LLC*		5/12/22		AUD	1,840,921		USD	1,322,357		55,911
Morgan Stanley & Co. LLC*		5/12/22		USD	1,128,834		EUR	1,008,210		12,147
Morgan Stanley & Co. LLC*		5/19/22		JPY	151,176,129		USD	1,308,089		(65,093	)
Morgan Stanley & Co. LLC*		5/19/22		USD	2,891,462		CAD	3,708,470		(74,513	)
Morgan Stanley & Co. LLC*		6/16/22		EUR	3,355		USD	3,684		38
Morgan Stanley & Co. LLC*		6/16/22		GBP	172,025		USD	224,257		1,658
State Street Bank and Trust Co.*		5/12/22		USD	1,713,439		GBP	1,279,450		33,055
State Street Bank and Trust Co.*		5/19/22		USD	850,719		GBP	635,270		16,397
UBS AG*		5/12/22		CHF	1,541,975		USD	1,664,750		6,259
UBS AG*		5/12/22		USD	4,076,336		CHF	3,749,830		12,717
UBS AG*		5/19/22		USD	2,164,999		EUR	1,899,512		60,503
									$	(64,206	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
SGX NIFTY 50		4/28/22		4	$	139,036	$	1,256
Euro-BTP		6/08/22		3		479,319		(20,303	)
Euro-Bund		6/08/22		4		737,474		(35,404	)
Australia Treasury Bond 10 Year		6/15/22		13		1,280,386		(47,442	)
S&P TSE 60 Index		6/16/22		1		204,524		6,187
DAX Index		6/17/22		1		383,443		15,720
E-mini Russell 2000 Index		6/17/22		8		775,015		51,545

The accompanying notes are an integral part of the consolidated financial statements.

21

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long (Continued)
FTSE 100 Index		6/17/22		5	$	464,121		$	27,578
Mini MSCI Emerging Market Index		6/17/22		2		103,387			9,163
U.S. Treasury Long Bond		6/21/22		2		309,216			(9,091	)
U.S. Treasury Note 10 Year		6/21/22		19		2,391,298			(56,673	)
U.S. Treasury Ultra Bond		6/21/22		6		1,071,353			(8,603	)
U.S. Treasury Note 2 Year		6/30/22		47		10,067,004			(106,676	)
U.S. Treasury Note 5 Year		6/30/22		13		1,518,195			(27,257	)
								$	(200,000	)
Short
Euro-Buxl 30 Year Bond		6/08/22		2	$	(429,268	)	$	17,301
Euro Stoxx 50 Index		6/17/22		5		(201,814	)		(9,646	)
Nasdaq 100 E Mini Index		6/17/22		2		(521,692	)		(73,058	)
S&P 500 E Mini Index		6/17/22		6		(1,292,504	)		(66,721	)
U.S. Treasury Note Ultra 10 Year		6/21/22		59		(8,224,966	)		232,310
UK Long Gilt		6/28/22		2		(321,710	)		3,203
								$	103,389

OTC Credit Default Swaps-Buy Protection

Reference Obligation/Index	Rate Paid by Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount		Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
Bombardier, Inc.		5.000	%	Quarterly	Barclays Bank PLC*	6/20/23	USD	995	$	(24	)	$	144	$	(168	)

Centrally Cleared Credit Default Swap - 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)
iTraxx Europe Crossover Series 36†		5.000	%	Quarterly	12/20/26	Caa1	EUR	1,649,568	$	143,531	$	165,164	$	(21,633	)

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 Received (Paid)/ Received

Unrealized Appreciation (Depreciation)

Universal Health Services, Inc.

62

Maturity

1Day-SOFR+8 bp

USD 7,926

Maturity

BNP Paribas SA*

6/10/22

$

(1,060

)

$

—

$

(1,060

)

Sherwin Williams

29

Maturity

1Day-SOFR+8 bp

USD 7,491

Maturity

BNP Paribas SA*

9/02/22

252

—

252

PPG Industries, Inc.

58

Maturity

1Day-SOFR+225 bp

USD 7,404

Maturity

BNP Paribas SA*

9/02/22

(198

)

—

(198

)

The accompanying notes are an integral part of the consolidated financial statements.

22

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

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 Received (Paid)/ Received		Unrealized Appreciation (Depreciation)
Sherwin Williams		35		Maturity	1Day-SOFR+10 bp			USD 8,280		Maturity		BNP Paribas SA*		9/02/22	$	(456	)	$	—	$	(456	)
PPG Industries, Inc.		69		Maturity	1Day-SOFR+12 bp			USD 8,261		Maturity		BNP Paribas SA*		9/02/22		(783	)		—		(783	)
Treehouse Foods, Inc.		30		Maturity	1Day-SOFR+25 bp			USD 985		Maturity		Citibank N.A.*		9/09/22		17			—		17
Treehouse Foods, Inc.		92		Maturity	1Day-SOFR+25 bp			USD 3,019		Maturity		Citibank N.A.*		9/09/22		51			—		51
Treehouse Foods, Inc.		5		Maturity	1Day-SOFR+25 bp			USD 167		Maturity		Citibank N.A.*		9/09/22		6			—		6
Treehouse Foods, Inc.		70		Maturity	1Day-SOFR+25 bp			USD 2,304		Maturity		Citibank N.A.*		9/09/22		46			—		46
Treehouse Foods, Inc.		19		Maturity	1Day-SOFR+25 bp			USD 630		Maturity		Citibank N.A.*		9/09/22		16			—		16
Treehouse Foods, Inc.		36		Maturity	1Day-SOFR+25 bp			USD 1,193		Maturity		Citibank N.A.*		9/09/22		31			—		31
															$	(2,078	)	$	—	$	(2,078	)

OTC Total Return Swaps

Reference Entity		Counterparty	Termination Date		Notional Amount				Net Value of Reference Entities			Unrealized Appreciation/ (Depreciation)			Gross Notional Amount Asset %
Equity Securities Short (a)	Citigroup Global Markets, Inc.*			01/26/2022-02/24/2023		USD	(281,222	)	$	(282,781	)	$	(1,559	)		0.3	%
Equity Securities Short (b)	JP Morgan Chase Bank N.A.*			02/08/2023		USD	(323,473	)		(356,257	)		(32,784	)		0.4	%
									$	(639,038	)	$	(34,343	)

* Contracts are subject to a master netting agreement or similar agreement.

(a) The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specific benchmark, plus or minus a spread in a range of 17.5 to 150 basis points. Net payments are exchanged monthly. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

1 month USD LIBOR

1 week USD LIBOR

(b) The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specific benchmark, plus or minus a spread in a range of 17 to 150 basis points. Net payments are exchanged monthly. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in the variable rate of interest:

1 month USD LIBOR

Federal Funds 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 creditworthiness of the underlying issuer. As the credit rating declines, the likelihood of payment by the fund increases. 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.

The accompanying notes are an integral part of the consolidated financial statements.

23

MassMutual Select BlackRock Global Allocation Fund – Consolidated Portfolio of Investments (Continued)

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNH Offshore Chinese Yuan

CNY Chinese Yuan Renminbi

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

NZD New Zealand Dollar

PLN Polish Zloty

SEK Swedish Krona

USD U.S. Dollar

The accompanying notes are an integral part of the consolidated financial statements.

24

MassMutual Select BlackRock Global Allocation Fund – Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities
March 31, 2022 (Unaudited)

Assets:
Investments, at value (Note 2) (a)	$	61,381,909
Repurchase agreements, at value (Note 2) (b)		13,771,391
Other short-term investments, at value (Note 2) (c)		4,556,813
Total investments (d)		79,710,113
Cash		10,334
Receivables from:
Investments sold
Regular delivery		4,787,362
Open forward contracts (Note 2)		1,808,973
Fund shares sold		6,450
Investment adviser (Note 3)		80,745
Collateral pledged for equities sold short		1,018,951
Variation margin on open derivative instruments (Note 2)		723,515
Interest and dividends		362,950
Open swap agreements, at value (Note 2)		419
Prepaid expenses		64,790
Total assets		88,574,602
Liabilities:
Payables for:
Investments purchased
Regular delivery		615,458
Collateral held for open derivative instruments (Note 2)		319,000
Written options outstanding, at value (Note 2) (e)		150,797
Open forward contracts (Note 2)		1,873,179
Foreign currency overdraft		1,006,859
Securities sold short, at value (Note 2) (f)		94,702
Interest and dividends		9,747
Fund shares repurchased		293,563
Premium on purchased options		4,930
Collateral held for securities on loan (Note 2) (g)		2,126,333
Open swap agreements, at value (Note 2)		36,864
Trustees’ fees and expenses (Note 3)		83,679
Affiliates (Note 3):
Administration fees		77,087
Investment advisory fees		65,201
Service fees		11,261
Distribution fees		6,694
Accrued expense and other liabilities		1,232,799
Total liabilities		8,008,153
Net assets	$	80,566,449
Net assets consist of:
Paid-in capital	$	96,814,751
Accumulated Gain (Loss)		(16,248,302	)
Net assets	$	80,566,449

(a)	Cost of investments:	$	65,947,635
(b)	Cost of repurchase agreements:	$	13,771,391
(c)	Cost of other short-term investments:	$	4,817,631
(d)	Securities on loan with market value of:	$	2,872,872
(e)	Premiums on written options:	$	152,738
(f)	Proceeds from securities sold short:	$	92,238
(g)	Non-cash collateral is not included.

The accompanying notes are an integral part of the consolidated financial statements.

25

MassMutual Select BlackRock Global Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statement of Assets and Liabilities
March 31, 2022 (Unaudited)

Class I shares:
Net assets	$	50,338,109
Shares outstanding (a)		5,107,066
Net asset value, offering price and redemption price per share	$	9.86
Class R5 shares:
Net assets	$	1,686,706
Shares outstanding (a)		167,207
Net asset value, offering price and redemption price per share	$	10.09
Service Class shares:
Net assets	$	4,846,242
Shares outstanding (a)		491,971
Net asset value, offering price and redemption price per share	$	9.85
Administrative Class shares:
Net assets	$	5,922,252
Shares outstanding (a)		574,247
Net asset value, offering price and redemption price per share	$	10.31
Class A shares:
Net assets	$	2,065,520
Shares outstanding (a)		209,818
Net asset value, and redemption price per share		9.84
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.41
Class R4 shares:
Net assets	$	5,026,008
Shares outstanding (a)		518,037
Net asset value, offering price and redemption price per share	$	9.70
Class R3 shares:
Net assets	$	10,681,612
Shares outstanding (a)		1,108,432
Net asset value, offering price and redemption price per share	$	9.64

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the consolidated financial statements.

26

MassMutual Select BlackRock Global Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statement of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

Investment income (Note 2):
Dividends (a)	$	2,327,727
Interest (b)		1,550,398
Securities lending net income		42,082
Non cash income		897,748
Total investment income		4,817,955
Expenses (Note 3):
Investment advisory fees		2,274,145
Custody fees		301,713
Dividend expense on short sales		14,630
Audit fees		82,119
Legal fees		16,208
Proxy fees		527
Accounting & Administration fees		49,161
Shareholder reporting fees		19,344
Trustees’ fees		11,916
Registration and filing fees		48,820
Transfer agent fees		1,469
		2,820,052
Administration fees:
Class R5		1,304
Service Class		5,081
Administrative Class		10,346
Class A		3,414
Class R4		5,364
Class R3		11,063
Distribution and Service fees:
Class A		2,845
Class R4		6,706
Class R3		27,659
Total expenses		2,893,834
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(445,247	)
Class R5 fees reimbursed by adviser		(3,804	)
Service Class fees reimbursed by adviser		(9,295	)
Administrative Class fees reimbursed by adviser		(11,961	)
Class A fees reimbursed by adviser		(4,099	)
Class R4 fees reimbursed by adviser		(9,737	)
Class R3 fees reimbursed by adviser		(20,397	)
Net expenses:		2,389,294
Net investment income (loss)		2,428,661

The accompanying notes are an integral part of the consolidated financial statements.

27

MassMutual Select BlackRock Global Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statement of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	63,007,721
Futures contracts		(4,449,278	)
Written options		98,623
Equities sold short		(258,104	)
Swap agreements		5,582,819
Foreign currency transactions		383,065
Forward contracts		(2,643,767	)
Net realized gain (loss)		61,721,079
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(93,466,000	)*
Futures contracts		(1,199,017	)
Written options		(291,609	)
Equities sold short		164,020
Swap agreements		(1,957,116	)
Translation of assets and liabilities in foreign currencies		4,581
Forward contracts		556,674
Net change in unrealized appreciation (depreciation)		(96,188,467	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(34,467,388	)
Net increase (decrease) in net assets resulting from operations	$	(32,038,727	)

(a)	Net of foreign withholding tax of:	$	635,889
(b)	Net of foreign withholding tax of:	$	49,640
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	110,735

The accompanying notes are an integral part of the consolidated financial statements.

28

MassMutual Select BlackRock Global Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Statements of Changes in Net Assets

	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,428,661		$	6,270,698
Net realized gain (loss)		61,721,079			72,969,451
Net change in unrealized appreciation (depreciation)		(96,188,467	)		16,104,985
Net increase (decrease) in net assets resulting from operations		(32,038,727	)		95,345,134
Distributions to shareholders (Note 2):
Class I		(137,368,169	)		(38,661,602	)
Class R5		(376,127	)		(219,485	)
Service Class		(1,090,986	)		(291,578	)
Administrative Class		(1,333,682	)		(463,737	)
Class A		(464,949	)		(152,252	)
Class R4		(1,168,141	)		(304,216	)
Class R3		(2,386,775	)		(671,917	)
Total distributions		(144,188,829	)		(40,764,787	)
Net fund share transactions (Note 5):
Class I		(442,638,077	)		32,731,882
Class R5		(1,629,940	)		(329,134	)
Service Class		1,031,595			440,029
Administrative Class		(360,432	)		(381,729	)
Class A		204,662			(190,672	)
Class R4		1,119,768			(495,105	)
Class R3		2,595,986			(978,479	)
Increase (decrease) in net assets from fund share transactions		(439,676,438	)		30,796,792
Total increase (decrease) in net assets		(615,903,994	)		85,377,139
Net assets
Beginning of period		696,470,443			611,093,304
End of period	$	80,566,449		$	696,470,443

The accompanying notes are an integral part of the consolidated financial statements.

29

MassMutual Select BlackRock Global Allocation Fund – Consolidated Financial Statements (Continued)

Consolidated Financial Highlights (For a share outstanding throughout each period)

			Income (loss) from investment operations								Less distributions to shareholders																Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including short sale dividend and loan expense)y			Ratio of expenses to average daily net assets after expense waivers (including short sale dividend and loan expense)j,y			Ratio of expenses to average daily net assets after expense waivers (excluding short sale dividend and loan expense)j			Net investment income (loss) to average daily net assets (including short sale dividend and loan expense)
Class I
3/31/22r	$	13.11	$	0.05	$	(0.63	)	$	(0.58	)	$	(0.09	)	$	(2.58	)	$	(2.67	)	$	9.86		(5.19	%)b	$	50,338		0.96	%a		0.80	%a		0.79	%a		0.86	%a
9/30/21		12.09		0.12		1.72			1.84			(0.16	)		(0.66	)		(0.82	)		13.11		15.67	%		660,695		0.94	%		0.80	%		0.79	%		0.93	%
9/30/20		11.00		0.12		1.37			1.49			(0.13	)		(0.27	)		(0.40	)		12.09		13.78	%		576,459		0.96	%		0.80	%		0.79	%		1.05	%
9/30/19		11.18		0.17		0.11			0.28			(0.12	)		(0.34	)		(0.46	)		11.00		2.99	%		539,538		0.93	%		0.80	%		0.79	%		1.61	%
9/30/18		11.17		0.17		0.12			0.29			(0.25	)		(0.03	)		(0.28	)		11.18		2.61	%		537,404		0.97	%		0.79	%		0.79	%z		1.51	%
9/30/17		10.16		0.14		0.97			1.11			(0.10	)		—			(0.10	)		11.17		10.99	%		545,487		1.00	%		0.81	%		0.79	%		1.33	%
Class R5
3/31/22r	$	13.32	$	0.06	$	(0.64	)	$	(0.58	)	$	(0.07	)	$	(2.58	)	$	(2.65	)	$	10.09		(5.22	%)b	$	1,687		1.19	%a		0.89	%a		0.89	%a,z		0.95	%a
9/30/21		12.27		0.11		1.74			1.85			(0.14	)		(0.66	)		(0.80	)		13.32		15.52	%		3,753		1.04	%		0.90	%		0.89	%		0.82	%
9/30/20		11.16		0.10		1.39			1.49			(0.11	)		(0.27	)		(0.38	)		12.27		13.63	%		3,751		1.07	%		0.89	%		0.88	%		0.91	%
9/30/19		11.33		0.16		0.12			0.28			(0.11	)		(0.34	)		(0.45	)		11.16		2.89	%		4,637		1.03	%		0.90	%		0.89	%		1.50	%
9/30/18		11.31		0.16		0.13			0.29			(0.24	)		(0.03	)		(0.27	)		11.33		2.57	%		6,466		1.06	%		0.89	%		0.89	%z		1.41	%
9/30/17		10.29		0.13		0.98			1.11			(0.09	)		—			(0.09	)		11.31		10.83	%		7,554		1.10	%		0.91	%		0.89	%		1.23	%
Service Class
3/31/22r	$	13.08	$	0.04	$	(0.62	)	$	(0.58	)	$	(0.07	)	$	(2.58	)	$	(2.65	)	$	9.85		(5.31	%)b	$	4,846		1.36	%a		0.99	%a		0.99	%a,z		0.66	%a
9/30/21		12.07		0.10		1.71			1.81			(0.14	)		(0.66	)		(0.80	)		13.08		15.40	%		5,171		1.14	%		1.00	%		0.99	%		0.73	%
9/30/20		10.98		0.10		1.36			1.46			(0.10	)		(0.27	)		(0.37	)		12.07		13.58	%		4,335		1.17	%		1.00	%		0.99	%		0.86	%
9/30/19		11.16		0.15		0.11			0.26			(0.10	)		(0.34	)		(0.44	)		10.98		2.74	%		3,965		1.13	%		1.00	%		0.99	%		1.40	%
9/30/18		11.14		0.13		0.15			0.28			(0.23	)		(0.03	)		(0.26	)		11.16		2.50	%		4,587		1.16	%		0.99	%		0.99	%z		1.20	%
9/30/17		10.14		0.12		0.95			1.07			(0.07	)		—			(0.07	)		11.14		10.66	%		11,011		1.20	%		1.01	%		0.99	%		1.12	%
Administrative Class
3/31/22r	$	13.56	$	0.04	$	(0.66	)	$	(0.62	)	$	(0.05	)	$	(2.58	)	$	(2.63	)	$	10.31		(5.36	%)b	$	5,922		1.44	%a		1.09	%a		1.09	%a,z		0.58	%a
9/30/21		12.48		0.08		1.78			1.86			(0.12	)		(0.66	)		(0.78	)		13.56		15.33	%		7,932		1.24	%		1.10	%		1.09	%		0.62	%
9/30/20		11.34		0.09		1.41			1.50			(0.09	)		(0.27	)		(0.36	)		12.48		13.45	%		7,654		1.27	%		1.10	%		1.09	%		0.75	%
9/30/19		11.50		0.14		0.13			0.27			(0.09	)		(0.34	)		(0.43	)		11.34		2.71	%		7,466		1.23	%		1.10	%		1.09	%		1.31	%
9/30/18		11.48		0.14		0.13			0.27			(0.22	)		(0.03	)		(0.25	)		11.50		2.32	%		8,687		1.26	%		1.09	%		1.09	%z		1.19	%
9/30/17		10.44		0.11		0.99			1.10			(0.06	)		—			(0.06	)		11.48		10.59	%		9,916		1.30	%		1.11	%		1.09	%		1.03	%

		Year ended September 30
	Six months ended March 31,2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	68%	132%	197%	174%	145%	153%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited

y Short sale dividend and loan expense incurred as a result of entering into short sales is included in the Fund’s net expenses in the Consolidated Statement of Operations.

z Amount of short sale dividend and loan expense had no impact on the ratio of expenses to average daily net assets.

The accompanying notes are an integral part of the consolidated financial statements.

30

			Income (loss) from investment operations								Less distributions to shareholders																Ratios / Supplemental Data
	Net asset value, beginning of the period		Net investment income (loss)c,j		Net realized and unrealized gain (loss) on investments			Total income (loss) from investment operations			From net investment income			From net realized gains			Total distributions			Net asset value, end of the period		Total returnl,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers (including short sale dividend and loan expense)y			Ratio of expenses to average daily net assets after expense waivers (including short sale dividend and loan expense)j,y			Ratio of expenses to average daily net assets after expense waivers (excluding short sale dividend and loan expense)j			Net investment income (loss) to average daily net assets (including short sale dividend and loan expense)
Class A
3/31/22r	$	13.04	$	0.02	$	(0.63	)	$	(0.61	)	$	(0.01	)	$	(2.58	)	$	(2.59	)	$	9.84		(5.53	%)b	$	2,066		1.70	%a		1.34	%a		1.34	%a,z		0.31	%a
9/30/21		12.03		0.05		1.71			1.76			(0.09	)		(0.66	)		(0.75	)		13.04		15.05	%		2,442		1.49	%		1.35	%		1.34	%		0.38	%
9/30/20		10.94		0.06		1.36			1.42			(0.06	)		(0.27	)		(0.33	)		12.03		13.22	%		2,423		1.52	%		1.35	%		1.34	%		0.50	%
9/30/19		11.10		0.11		0.12			0.23			(0.05	)		(0.34	)		(0.39	)		10.94		2.42	%		2,523		1.49	%		1.35	%		1.34	%		1.04	%
9/30/18		11.08		0.11		0.11			0.22			(0.17	)		(0.03	)		(0.20	)		11.10		2.00	%		3,836		1.52	%		1.34	%		1.34	%z		0.96	%
9/30/17		10.07		0.08		0.97			1.05			(0.04	)		—			(0.04	)		11.08		10.42	%		3,873		1.55	%		1.36	%		1.34	%		0.77	%
Class R4
3/31/22r	$	12.91	$	0.02	$	(0.62	)	$	(0.60	)	$	(0.03	)	$	(2.58	)	$	(2.61	)	$	9.70		(5.48	%)b	$	5,026		1.61	%a		1.24	%a		1.24	%a,z		0.40	%a
9/30/21		11.90		0.06		1.70			1.76			(0.09	)		(0.66	)		(0.75	)		12.91		15.22	%		5,377		1.39	%		1.25	%		1.24	%		0.48	%
9/30/20		10.83		0.07		1.34			1.41			(0.07	)		(0.27	)		(0.34	)		11.90		13.22	%		5,391		1.41	%		1.25	%		1.24	%		0.60	%
9/30/19		11.00		0.12		0.12			0.24			(0.07	)		(0.34	)		(0.41	)		10.83		2.57	%		7,021		1.39	%		1.25	%		1.24	%		1.17	%
9/30/18		11.00		0.12		0.11			0.23			(0.20	)		(0.03	)		(0.23	)		11.00		2.10	%		9,324		1.41	%		1.24	%		1.24	%z		1.05	%
9/30/17		10.01		0.08		0.97			1.05			(0.06	)		—			(0.06	)		11.00		10.53	%		10,527		1.45	%		1.26	%		1.24	%		0.82	%
Class R3
3/31/22r	$	12.82	$	0.01	$	(0.61	)	$	(0.60	)	$	—		$	(2.58	)	$	(2.58	)	$	9.64		(5.54	%)b	$	10,682		1.86	%a		1.49	%a		1.49	%a,z		0.16	%a
9/30/21		11.84		0.03		1.68			1.71			(0.07	)		(0.66	)		(0.73	)		12.82		14.86	%		11,101		1.64	%		1.50	%		1.49	%		0.22	%
9/30/20		10.78		0.04		1.34			1.38			(0.05	)		(0.27	)		(0.32	)		11.84		12.99	%		11,080		1.67	%		1.50	%		1.49	%		0.35	%
9/30/19		10.95		0.10		0.11			0.21			(0.04	)		(0.34	)		(0.38	)		10.78		2.31	%		10,533		1.63	%		1.50	%		1.49	%		0.92	%
9/30/18		10.95		0.09		0.12			0.21			(0.18	)		(0.03	)		(0.21	)		10.95		1.88	%		14,074		1.67	%		1.49	%		1.49	%z		0.82	%
9/30/17		9.98		0.07		0.95			1.02			(0.05	)		—			(0.05	)		10.95		10.23	%		14,001		1.70	%		1.51	%		1.49	%		0.64	%

The accompanying notes are an integral part of the consolidated financial statements.

31

Notes to Consolidated Financial Statements (Unaudited)

1. The Fund

MassMutual Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The MassMutual Select BlackRock Global Allocation Fund (the “Fund”) is a series of the Trust.

Each share class of the Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Fund’s Prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Fund in the preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the consolidated financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates.

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

Basis of Consolidation

The accompanying consolidated financial statements for the Fund include the accounts of MassMutual Select Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related investments consistent with the Fund’s investment objectives and policies as stated in its Prospectus and Statement of Additional Information. The Subsidiary allows the Fund to hold these commodity-related investments and still satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions have been eliminated. As of March 31, 2022, the Fund’s net assets were $80,566,449, of which $312,570 or 0.39%, represents the Subsidiary’s net assets.

Investment Valuation

The net asset value of the 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. The 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 and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, the Fund’s net asset value generally is not calculated and the Fund does not anticipate accepting buy or sell orders. However, the value of the Fund’s assets may still be affected on such days to the extent that the Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities

32

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or 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) are stated at fair valuations determined in good faith by the Fund’s Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Fund’s Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Fund’s Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Fund to a significant extent. The value determined for an investment using the Fund’s fair value procedures 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 Fund may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Fund does not price its shares. As a result, the values of the Fund’s portfolio securities may change on days when the prices of the Fund’s shares are not calculated. The prices of the Fund’s shares will reflect any such changes when the prices of the Fund’s shares are next calculated, which is the next business day. The Fund 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 Fund values its 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 Fund’s 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 Fund calculates its 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.

1 The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Fund’s pricing procedures in general.

33

Notes to Consolidated Financial Statements (Unaudited) (Continued)

For 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, as described below, the fair valuation approaches used by third party service providers and/or the Fund’s subadviser utilizes one or a combination of, but not limited to, the following inputs:

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

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

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing 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 the Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date the Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

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 Fund can access at the measurement date

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

34

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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

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

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

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

The following is the aggregate value by input level, as of March 31, 2022, for the Fund’s investments:

	Level 1		Level 2		Level 3			Total
Asset Investments
Common Stock*
Australia	$	—	$	206,044	$	—	+	$	206,044
Belgium		—		11,097		—			11,097
Bermuda		—		4,852		—			4,852
Brazil		40,551		—		—			40,551
Canada		1,199,726		—		—			1,199,726
Cayman Islands		410,654		644,787		—			1,055,441
Chile		19,260		—		—			19,260
China		—		792,903		—			792,903
Denmark		—		242,957		—			242,957
Finland		—		5,846		—			5,846
France		—		1,475,065		—			1,475,065
Germany		—		2,173,820		—			2,173,820
Hong Kong		—		261,532		—			261,532
India		—		14,107		—			14,107
Indonesia		—		7,978		—			7,978
Ireland		100,300		14,287		—			114,587
Israel		262,212		—		—			262,212
Italy		—		236,562		—			236,562
Japan		—		887,547		—			887,547
Luxembourg		—		31,335		—			31,335
Mexico		4,357		—		—			4,357
Netherlands		176,455		1,305,453		—			1,481,908
Norway		—		58,071		—			58,071
Poland		—		4,273		—			4,273
Portugal		—		6,229		—			6,229
Republic of Korea		301,583		403,034		—			704,617
Saudi Arabia		—		1,217		—			1,217
Singapore		—		17,789		—			17,789
South Africa		—		11,123		—			11,123
Spain		—		339,257		—			339,257
Sweden		—		441,521		—			441,521

35

Notes to Consolidated Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3		Total
Asset Investments (Continued)
Common Stock* (Continued)
Switzerland	$	321,995		$	343,404		$	—	$	665,399
Taiwan		—			543,043			—		543,043
Thailand		4,677			—			—		4,677
Turkey		—			928			—		928
United Kingdom		232,024			2,169,842			—		2,401,866
United States		31,142,719			15,299			161,673		31,319,691
Preferred Stock*
Brazil		20,722			—			—		20,722
Germany		—			38,033			—		38,033
United Kingdom		61,821			—			—		61,821
United States		340,554			—			200,404		540,958
Bank Loans		—			241,775			—		241,775
Corporate Debt		—			306,240			506,060		812,300
Non-U.S. Government Agency Obligations		—			58,597			—		58,597
Sovereign Debt Obligations		—			1,312,129			—		1,312,129
U.S. Treasury Obligations		—			1,043,316			—		1,043,316
Mutual Funds		10,009,367			—			—		10,009,367
Purchased Options		107,074			61,925			—		168,999
Warrants		23,150			842			—		23,992
Rights		—			512			—		512
Short-Term Investments		—			18,328,204			—		18,328,204
Total Investments	$	44,779,201		$	34,062,775		$	868,137	$	79,710,113
Liability Investments
Equities Sold Short	$	(94,702	)	$	—		$	—	$	(94,702	)
Asset Derivatives
Forward Contracts	$	—		$	1,808,973		$	—	$	1,808,973
Futures Contracts		364,263			—			—		364,263
Swap Agreements		—			143,950			—		143,950
Total	$	364,263		$	1,952,923		$	—	$	2,317,186
Liability Derivatives
Forward Contracts	$	—		$	(1,873,179	)	$	—	$	(1,873,179	)
Futures Contracts		(460,874	)		—			—		(460,874	)
Swap Agreements		—			(36,864	)		—		(36,864	)
Written Options		(117,998	)		(32,799	)		—		(150,797	)
Total	$	(578,872	)	$	(1,942,842	)	$	—	$	(2,521,714	)

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their respective foreign markets, as applicable.

+ Represents a security at $0 value as of March 31, 2022.

The assets and liabilities shown in the Consolidated Statement of Assets and Liabilities related to: collateral pledged for equities sold short, collateral held for open derivative instruments, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for the Fund as of March 31, 2022.

36

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 9/30/21		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		(Sales)			Transfers into Level 3		Transfers (out) of Level 3			Balance as of 3/31/22		Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 3/31/22
Common Stock	$	588,904	$	—	$	(622,094	)	$	(327,448	)	$	522,311	$	—		$	—	$	—		$	161,673	$	(401,384	)
Preferred Stock		2,623,367		—		1,172,768			(1,616,891	)		—		(1,978,840	)		—		—			200,404		(404,111	)
Bank Loans		59,400		—		—			—			—		—			—		(59,400	)		—		—
Corporate Debt		2,338,126		—		—			(1,877,296	)		45,230		—			—		—			506,060		(1,877,296	)
	$	5,609,797	$	—	$	550,674		$	(3,821,635	)	$	567,541	$	(1,978,840	)	$	—	$	(59,400	)	$	868,137	$	(2,682,791	)

The Fund may fair value certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market for such investments, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed by members of the Valuation Committee utilizing available market information to determine if the carrying value of these investments should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the the Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

The table excludes securities which were classified as level 3 based upon a broker quote.

Security Description	Fair Value		Valuation Technique(s)	Unobservable Input Description	Amount or Range/ Weighting of Unobservable Input		Impact to Valuation from an Increase in Input (a)
Common Stock - $161,673
Grand Rounds, Inc.	$	155,105	Market approach	Transaction price	$	0.78	Increase
Lookout, Inc.		6,568	Market approach	Transaction price	$	1.77	Increase
Quintis		—	Worthless	Worthless	$	0.00	N/A
Preferred Stock - $200,404
Lookout, Inc., Series F	$	200,404	Market approach	Transaction price	$	3.64	Increase
Fixed Income - $506,060
Bio City Development Co. B.V.	$	70,000	Market approach	Transaction price	$	5.00	Increase
Quintis (Australia) Pty Limited First Lien Note		321,048	Market approach	Transaction price	$	27.30	Increase
Quintis (Australia) Pty Limited Second Lien Note		115,012	Market approach	Transaction price	$	10.50	Increase
Total	$	868,137

37

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. The Fund may not be able to close out a derivative transaction at a favorable time or price.

At March 31, 2022, and during the period then ended, the Fund had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest Rate Risk			Total
Asset Derivatives
Forward Contracts*	$	—		$	—		$	1,808,973		$	—		$	1,808,973
Futures Contracts^^		—			111,449			—			252,814			364,263
Swap Agreements*		—			419			—			—			419
Swap Agreements^^,^^^		143,531			—			—			—			143,531
Purchased Options*,^^^		—			107,528			—			—			107,528
Purchased Options*		—			61,445			26			—			61,471
Total Value	$	143,531		$	280,841		$	1,808,999		$	252,814		$	2,486,185
Liability Derivatives
Forward Contracts^	$	—		$	—		$	(1,873,179	)	$	—		$	(1,873,179	)
Futures Contracts^^		—			(149,425	)		—			(311,449	)		(460,874	)
Swap Agreements^		(24	)		(36,840	)		—			—			(36,864	)
Written Options^,^^^		—			(118,074	)		—			—			(118,074	)
Written Options^		—			(32,697	)		(26	)		—			(32,723	)
Total Value	$	(24	)	$	(337,036	)	$	(1,873,205	)	$	(311,449	)	$	(2,521,714	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	—		$	(2,643,767	)	$	—		$	(2,643,767	)
Futures Contracts		—			(718,601	)		—			(3,730,677	)		(4,449,278	)
Swap Agreements		(58,695	)		790,423			—			4,851,091			5,582,819
Purchased Options		—			(2,230,078	)		125,476			(590,506	)		(2,695,108	)
Written Options		—			286,428			(92,831	)		(94,974	)		98,623
Total Realized Gain (Loss)	$	(58,695	)	$	(1,871,828	)	$	(2,611,122	)	$	434,934		$	(4,106,711	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—		$	556,674		$	—		$	556,674
Futures Contracts		—			(1,929,265	)		—			730,248			(1,199,017	)
Swap Agreements		(169,478	)		(203,755	)		—			(1,583,883	)		(1,957,116	)
Purchased Options		583			1,251,665			(79,319	)		331,165			1,504,094
Written Options		(405	)		(198,584	)		28,080			(120,700	)		(291,609	)
Total Change in Appreciation (Depreciation)	$	(169,300	)	$	(1,079,939	)	$	505,435		$	(643,170	)	$	(1,386,974	)

* Consolidated Statement of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements, at value, as applicable.

^ Consolidated Statement of Assets and Liabilities location: Payables for: open forward contracts, open swap agreements, at value, or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in the Fund’s Consolidated Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Consolidated Statement of Assets and Liabilities.

^^^ Represents centrally cleared swaps or exchange-traded purchased and written options, which are not subject to a master netting agreement or similar agreement.

38

Notes to Consolidated Financial Statements (Unaudited) (Continued)

# Consolidated Statement of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, futures contracts, written options, swap agreements, or forward contracts, as applicable.

## Consolidated Statement of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, futures contracts, written options, swap agreements, or forward contracts, as applicable.

For the period ended March 31, 2022, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

Number of Contracts, Notional Amounts, or Shares/Units†
Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
	1,388	$	183,958,179	$	460,860,103		13,682,024	$	25,569,113		11,187,537	$	53,770,041

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased swaptions and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2022.

The Consolidated Portfolio of Investments included in the Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on the Fund’s derivatives exposure as of March 31, 2022. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund as of March 31, 2022.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
Bank of America N.A.	$	71,424	$	(9,636	)	$	(61,788	)	$	—
Barclays Bank PLC		519,221		(471	)		—			518,750
BNP Paribas SA		156,959		(37,817	)		—			119,142
Citibank N.A.		38,518		(37,540	)		(978	)		—
Credit Suisse International		8,368		(7,972	)		—			396
Deutsche Bank AG		290,275		(290,275	)		—			—
Goldman Sachs International		32,813		(32,813	)		—			—
HSBC Bank PLC		346,653		(97,145	)		—			249,508
JP Morgan Chase Bank N.A.		149,227		(149,227	)		—			—
Morgan Stanley & Co. LLC		119,579		(119,579	)		—			—
Nomura Securities International, Inc.		8,895		(1,253	)		(7,642	)		—
State Street Bank and Trust Co.		49,452					—			49,452
UBS AG		79,479								79,479
	$	1,870,863	$	(783,728	)	$	(70,408	)	$	1,016,727

39

Notes to Consolidated Financial Statements (Unaudited) (Continued)

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund as of March 31, 2022.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Bank of America N.A.	$	(9,636	)	$	9,636	$	—	$	—
Barclays Bank PLC		(471	)		471		—		—
BNP Paribas SA		(37,817	)		37,817		—		—
Citibank N.A.		(37,540	)		37,540		—		—
Citigroup Global Markets, Inc.		(1,559	)		—		—		(1,559	)
Credit Suisse International		(7,972	)		7,972		—		—
Deutsche Bank AG		(964,801	)		290,275		—		(674,526	)
Goldman Sachs International		(315,921	)		32,813		—		(283,108	)
HSBC Bank PLC		(97,145	)		97,145		—		—
JP Morgan Chase Bank N.A.		(314,589	)		149,227		—		(165,362	)
Morgan Stanley & Co. LLC		(154,062	)		119,579		—		(34,483	)
Nomura Securities International, Inc.		(1,253	)		1,253		—		—
	$	(1,942,766	)	$	783,728	$	—	$	(1,159,038	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Consolidated Statement of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Consolidated Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund during the period ended March 31, 2022, are discussed below.

Foreign Currency Exchange Transactions

The Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

The Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and the Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. The Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If the Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. For example, futures contracts are exchange-traded and typically have minimal exposure to counterparty risk and forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. The Fund may enter into foreign currency exchange transactions in order to hedge against

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce the Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever the Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If the Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that the Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Fund as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

The Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

The Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts and related options.

Futures Contracts. The Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. The Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for the Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When the Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

Options on Futures Contracts. If the Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If the Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When the Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Total Return Swaps. The Fund also may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. The Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. The Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of the Fund’s bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. The Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions). The Fund may also enter into contracts for difference, which are similar to total return swaps.

Credit Default Swaps. The Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When the Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference

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entity. If the Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When the Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When the Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever the Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and the Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. The Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. The Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, the Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on the Fund’s Consolidated Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by the Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Fund’s Consolidated Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on the Fund’s Consolidated Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, the Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by the Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Consolidated Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Consolidated Statement of Operations upon termination or maturity of the swap agreement.

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Fund are recorded in the accompanying Consolidated Statement of Operations as realized gains and losses, respectively.

The Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

The Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. The Fund may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio of debt securities or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

Writing put and call options. The Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When the Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security the Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security the Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. The Fund may not be able to close out a call option that it has previously written. The Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. The Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. The Fund may not be able to close out a put option that it has previously written.

When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. The Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. The Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. The Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. The Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

When the Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by the Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by the Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

OTC Options. OTC options purchased or sold by the Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between the Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result the Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. The Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When the Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Bank Loans

The Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. The Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund. The Fund may also invest in loans through novations, assignments, and participation interests. In a novation, the Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When the Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If the Fund acquires a

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, the Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, the Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At March 31, 2022, the Fund had no unfunded loan commitments.

Short Sales

A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale on a security, it must borrow the security sold short and deliver it to a broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon the conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss, which could be unlimited, in cases where the Fund is unable for whatever reason to close out its short position; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely impacted by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

Repurchase Agreements

The Fund may enter into repurchase agreements with certain banks and broker-dealers whereby the Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. The Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to the Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

The Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, the Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although the Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in the Fund’s portfolio and increase the volatility of the Fund. If the Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Securities Lending

The Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Fund’s securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between the Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by the Fund to approved borrowers (each, a “Borrower”).

The 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 the Fund and any additional collateral is delivered to the Fund the next business day. The Fund bears the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Fund 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 Fund in the event of default by a Borrower with respect to a loan. The Fund receives compensation for lending its securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2022, the Fund’s 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.

The Fund employs the Agent to implement its securities lending program and the Agent receives a fee from the Fund for its services. In addition, the Fund may be required to pay a rebate to the Borrower. Accordingly, the Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Fund in securities lending transactions during the period ended March 31, 2022, is reflected as securities lending income on the Consolidated Statement of Operations.

Accounting for Investment Transactions

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

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Notes to Consolidated Financial Statements (Unaudited) (Continued)

The Fund does 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 Fund and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Fund, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of the Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

Foreign Securities

The Fund invests a significant amount of its assets 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, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of the Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

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

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of the Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

3. Advisory Fee and Other Transactions

Investment Advisory Fee and Investment Subadviser

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to the Fund. Under an investment advisory agreement between MML Advisers and the Trust on behalf of the Fund, MML Advisers is responsible for providing investment management services for

48

Notes to Consolidated Financial Statements (Unaudited) (Continued)

the Fund. In return for these services, MML Advisers receives an advisory fee, based upon the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rate of 0.78% on the first $750 million; and 0.73% on any excess over $750 million.

MML Advisers has also entered into an investment subadvisory agreement with the unaffiliated investment subadviser, BlackRock Investment Management, LLC (“BlackRock”). MML Advisers pays a subadvisory fee to this subadviser based upon the average daily net assets of the Fund.

The Fund’s subadvisory fee is paid monthly by MML Advisers out of the advisory fee previously disclosed above.

BlackRock provides investment advisory services to the Subsidiary pursuant to an investment advisory agreement. The Subsidiary pays an advisory fee to BlackRock based upon the Subsidiary’s average daily net assets. The rate of this fee is equal to the subadvisory fee rate that MML Advisers pays BlackRock in respect to the Fund. The amount of the fee payable by MML Advisers to BlackRock in respect to the Fund for any period is reduced by the amount of the advisory fee payable by the Subsidiary to BlackRock for that period. Under the Fund’s investment advisory agreement, the amount of the advisory fee payable by the Fund to MML Advisers in respect to any period is also reduced by the amount of the advisory fee payable by the Subsidiary to BlackRock in respect to that period.

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of the Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Fund, at the following annual rates:

Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%

The Subsidiary also pays certain other expenses, including administrative, accounting services, custodian, and transfer agent fees. In respect to certain (but not all) of these fees, the Fund has entered into offsetting arrangements with its service providers which result in a reduction of certain of the Fund’s expenses with respect to those assets held by the Subsidiary. Certain of these reductions are reflected within expenses waived on the Consolidated Statement of Operations.

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares and Class R4 shares of the Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of the Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to the Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

49

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2023, based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
0.79%	0.89%	0.99%	1.09%	1.34%	1.24%	1.49%

# Acquired Fund Fees and Expenses are borne indirectly by the Fund through investments in other pooled investment vehicles.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Consolidated Statement of Operations.

Rebated Brokerage Commissions

The Fund has entered into agreements with certain brokers whereby the brokers will rebate to the Fund, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Fund and are included with realized gain or loss on investment transactions presented in the Consolidated Statement of Operations. For the period ended March 31, 2022, there were no brokerage commissions rebated under these agreements.

Deferred Compensation

Trustees of the Fund who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Fund’s books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Consolidated Statement of Assets and Liabilities.

Other

Certain officers and trustees of the Fund may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Fund.

The beneficial ownership of the Fund’s shares by related parties at March 31, 2022, was 93.5%.

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2022, were as follows:

Purchases				Sales
Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities			Other Long-Term Securities
$	74,174,420	$	222,801,535	$	(94,699,689	)	$	(712,595,604	)

The Fund may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Fund comply with Rule 17a-7 under the 1940 Act. The Fund did not have any cross trade activity during the period.

50

Notes to Consolidated Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for the Fund were as follows:

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Class I
Sold		2,300,718		$	27,791,327			4,901,766		$	63,499,901
Issued as reinvestment of dividends		12,605,928			137,368,169			3,143,220			38,661,602
Redeemed		(60,209,568	)		(607,797,573	)		(5,325,275	)		(69,429,621	)
Net increase (decrease)		(45,302,922	)	$	(442,638,077	)		2,719,711		$	32,731,882
Class R5
Sold		15,832		$	200,781			27,904		$	369,924
Issued as reinvestment of dividends		33,835			376,127			17,545			219,485
Redeemed		(164,134	)		(2,206,848	)		(69,509	)		(918,543	)
Net increase (decrease)		(114,467	)	$	(1,629,940	)		(24,060	)	$	(329,134	)
Service Class
Sold		19,806		$	239,317			66,144		$	851,630
Issued as reinvestment of dividends		100,315			1,090,986			23,725			291,578
Redeemed		(23,386	)		(298,708	)		(53,846	)		(703,179	)
Net increase (decrease)		96,735		$	1,031,595			36,023		$	440,029
Administrative Class
Sold		34,218		$	451,076			64,464		$	873,193
Issued as reinvestment of dividends		117,292			1,333,682			36,372			463,737
Redeemed		(162,451	)		(2,145,190	)		(129,085	)		(1,718,659	)
Net increase (decrease)		(10,941	)	$	(360,432	)		(28,249	)	$	(381,729	)
Class A
Sold		4,821		$	56,303			19,410		$	251,799
Issued as reinvestment of dividends		42,828			464,949			12,388			152,252
Redeemed		(25,076	)		(316,590	)		(45,925	)		(594,723	)
Net increase (decrease)		22,573		$	204,662			(14,127	)	$	(190,672	)
Class R4
Sold		31,626		$	364,358			89,008		$	1,141,223
Issued as reinvestment of dividends		109,181			1,168,141			25,038			304,216
Redeemed		(39,316	)		(412,731	)		(150,359	)		(1,940,544	)
Net increase (decrease)		101,491		$	1,119,768			(36,313	)	$	(495,105	)
Class R3
Sold		76,315		$	904,350			228,897		$	2,861,297
Issued as reinvestment of dividends		224,163			2,386,775			55,576			671,917
Redeemed		(58,084	)		(695,139	)		(354,345	)		(4,511,693	)
Net increase (decrease)		242,394		$	2,595,986			(69,872	)	$	(978,479	)

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended March 31, 2022, no amounts have been retained by the Distributor.

51

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2022, no amounts have been retained by the Distributor.

With respect to Class A, the Distributor may pay an up-front concession or commission to financial intermediaries through which sales are made as described in the Fund’s Prospectus.

6. Federal Income Tax Information

At March 31, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund, as computed on a federal income tax basis, were as follows:

Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
$	84,536,657	$	3,193,854	$	(8,020,398	)	$	(4,826,544	)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the consolidated financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2021, was as follows:

Ordinary Income		Long Term Capital Gain
$	24,311,878	$	16,452,909

Capital accounts within the consolidated financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2021, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2021, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences			Unrealized Appreciation (Depreciation)		Total
$	47,240,037	$	29,612,916	$	(68,527	)	$	83,194,828	$	159,979,254

52

Notes to Consolidated Financial Statements (Unaudited) (Continued)

The Fund did not have any unrecognized tax benefits at March 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Consolidated Statement of Operations. During the period ended March 31, 2022, the Fund did not incur any such interest or penalties. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests.

7. Indemnifications

Under the Fund’s organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Fund, and shareholders are indemnified against personal liability for obligations of the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.

9. Coronavirus (COVID-19) Pandemic

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

10. Upcoming Fund Liquidation

The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the Fund will be dissolved. Effective on or about June 24, 2022 (the “Termination Date”), shareholders of the various classes of shares of the Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

11. Subsequent Events

In preparation of these consolidated financial statements, management has evaluated the events and transactions subsequent to March 31, 2022, through the date when the consolidated financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Fund’s consolidated financial statements other than those disclosed below.

Effective April 4, 2022 the Subsidiary was liquidated.

53

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that the Fund’s investment adviser and subadviser use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Fund makes the complete schedule of portfolio holdings from its filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that the fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Fund has established and maintains a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 22, 2022, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2021 through December 31, 2021. In the report, the Committee concluded that the Program proved to be adequately designed to address the Fund’s liquidity risks and operated effectively.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

54

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2022

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2022:

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2022.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Class I	$1,000	0.80%	$948.10	$3.89	$1,020.90	$4.03
Class R5	1,000	0.88%	947.80	4.27	1,020.50	4.43
Service Class	1,000	0.98%	946.90	4.76	1,020.00	4.94
Administrative Class	1,000	1.08%	946.40	5.24	1,019.50	5.44
Class A	1,000	1.33%	944.70	6.45	1,018.30	6.69
Class R4	1,000	1.23%	945.20	5.97	1,018.80	6.19
Class R3	1,000	1.48%	944.60	7.18	1,017.60	7.44

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2022, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 365 days in the year, unless stated otherwise.

55

Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

^©2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001.
All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC MM202305-
301317

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MassMutual 20/80 Allocation Fund	12
MassMutual 40/60 Allocation Fund	13
MassMutual 60/40 Allocation Fund	14
MassMutual 80/20 Allocation Fund	15
MassMutual RetireSMARTSM by JPMorgan In Retirement Fund	16
MassMutual RetireSMARTSM by JPMorgan 2020 Fund	17
MassMutual RetireSMARTSM by JPMorgan 2025 Fund	18
MassMutual RetireSMARTSM by JPMorgan 2030 Fund	19
MassMutual RetireSMARTSM by JPMorgan 2035 Fund	20
MassMutual RetireSMARTSM by JPMorgan 2040 Fund	21
MassMutual RetireSMARTSM by JPMorgan 2045 Fund	22
MassMutual RetireSMARTSM by JPMorgan 2050 Fund	23
MassMutual RetireSMARTSM by JPMorgan 2055 Fund	24
MassMutual RetireSMARTSM by JPMorgan 2060 Fund	25
MassMutual Select T. Rowe Price Retirement Balanced Fund	26
MassMutual Select T. Rowe Price Retirement 2005 Fund	27
MassMutual Select T. Rowe Price Retirement 2010 Fund	28
MassMutual Select T. Rowe Price Retirement 2015 Fund	29
MassMutual Select T. Rowe Price Retirement 2020 Fund	30
MassMutual Select T. Rowe Price Retirement 2025 Fund	31
MassMutual Select T. Rowe Price Retirement 2030 Fund	32
MassMutual Select T. Rowe Price Retirement 2035 Fund	33
MassMutual Select T. Rowe Price Retirement 2040 Fund	34
MassMutual Select T. Rowe Price Retirement 2045 Fund	35
MassMutual Select T. Rowe Price Retirement 2050 Fund	36
MassMutual Select T. Rowe Price Retirement 2055 Fund	37
MassMutual Select T. Rowe Price Retirement 2060 Fund	38
Statements of Assets and Liabilities (Unaudited)	40
Statements of Operations (Unaudited)	56
Statements of Changes in Net Assets	64
Financial Highlights	82
Notes to Financial Statements (Unaudited)	123
Other Information (Unaudited)
Proxy Voting	172
Quarterly Reporting	172
Liquidity Risk Management Program	172
Fund Expenses	173

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and MassMutual Select T. Rowe Price Retirement Funds, each a Series of the MassMutual Select Funds. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and MassMutual Select T. Rowe Price Retirement Funds – President’s Letter to Shareholders (Unaudited)

To Our
Shareholders

Paul LaPiana

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

March 31, 2022

Welcome to the MassMutual MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and MassMutual Select T. Rowe Price Retirement Funds Semiannual Report, covering the six months ending March 31, 2022.

Market Highlights

● For the reporting period from October 1, 2021 through March 31, 2022, U.S. stocks were up nearly 6%, despite rising inflationary pressures, the Russian-Ukraine war, and the Federal Reserve Board (the “Fed”) taking the first steps in rolling back years of accommodative monetary policy.

● In the fourth quarter of 2021, expectations for strong economic and earnings growth in 2022 bolstered by the possibility for a $2 trillion economic stimulus and social spending plan, allowed investors to look past skyrocketing Omicron variant COVID-19 cases and heightened inflationary pressures.

● During the first quarter of 2022 investors in both stocks and bonds were challenged by the unexpected invasion of Ukraine by Russia, a stalled economic stimulus plan, and the Fed raising interest rates for the first time since 2018.

● Foreign stocks in both developed markets and emerging markets experienced losses in the reporting period, hindered by the unexpected economic impact of the Russian-Ukraine war and the strengthening of the U.S. dollar.

● U.S. bond investors experienced negative returns as the rollback of accommodative monetary policy drove yields higher and concerns over increased default risk due to the Russian-Ukraine war drove valuations lower.

Market Commentary

For the six months beginning on October 1, 2021, global stock investors experienced mixed returns. U.S. stocks rose in the period, despite the Russian-Ukraine war, buoyed by rising expectations for strong economic growth with COVID-19 appearing to have peaked and strong corporate earnings growth and balance sheets.

The broad market S&P 500^® Index* delivered a gain of 5.92% for the period, while the technology-heavy NASDAQ Composite^® Index declined, losing 1.25% for the period. The more economically sensitive Dow Jones Industrial Average was up 3.44% for the period. During this period small-cap stocks significantly underperformed their larger cap peers while value stocks significantly outperformed their growth peers.

The continued economic recovery, Fed interest rate hike in March, and the unexpected invasion of Ukraine by Russia affected sectors differently. The energy, materials, and utilities sectors fared the best for this period as investors anticipated these sectors would benefit the most from higher commodity prices. The communication services and consumer discretionary sectors lagged other sectors, hurt by rising interest rates and rising inflationary pressures. West Texas Intermediate (WTI) crude oil prices ended the period at $100.28 per barrel, up 32% for the period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

1

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and MassMutual Select T. Rowe Price Retirement Funds – President’s Letter to Shareholders (Unaudited) (Continued)

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 3.38% for the six-month period, negatively impacted by the Russian-Ukraine war and a stronger U.S. dollar. European stocks fared better than Japanese stocks, in part due to the Japanese economy’s great sensitivity to energy prices. Emerging-market stock markets, as measured in the MSCI Emerging Markets^® Index, were also down, falling 8.20% for the period, with food and energy inflation affecting emerging market economies to a greater degree.

The Fed has begun to unwind years of accommodative monetary policy now that the labor market has recovered and inflation pressures are higher. The economic shock of the Russian-Ukraine war and the resulting rise in commodity prices may force the Fed to raise interest rates faster than planned which increases the risk of a policy mistake that leads to a recession. The proposed tax hike in the President’s budget proposal adds to the risk of a recession.

Investors entered the period in the midst of rising inflationary pressures and expectations that the Fed would start rolling back years of accommodative monetary policy. In this environment bond yields rose, with the 10-year U.S. Treasury bond reaching 2.32% by the end of March. The Bloomberg U.S. Aggregate Bond Index ended the period down 5.92%, as bond prices are negatively impacted by rising yields. Investment-grade bond prices fared worse as concerns of defaults increased. The Bloomberg U.S. Corporate Bond Index, which tracks the performance of investment-grade corporate bonds, ended the period down 7.48%. Below investment grade bonds as represented by the Bloomberg U.S. Corporate High Yield Index performed better, ending the period down 4.16%, aided by generally shorter maturities and investor demand for bonds in the energy sector as the sharp rise in oil prices lessened the risk of default.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Paul LaPiana
President
MassMutual Select Funds
MML Investment Advisers, LLC

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual.

The information provided is the opinion of MML Advisers as of 4/1/2022 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

MM202305-301322

2

MassMutual Target Allocation Funds – Portfolio Summaries (Unaudited)

What are the investment approaches of the Funds that constitute the MassMutual Target Allocation Series, and who is the Series’ investment adviser?

The MassMutual (“MM”) Target Allocation Series (the “Series”) comprises four Funds – each of which has a “fund of funds” structure. The four Funds are MM 20/80 Allocation Fund, formerly known as MM Select 20/80 Allocation Fund; MM 40/60 Allocation Fund, formerly known as MM Select 40/60 Allocation Fund; MM 60/40 Allocation Fund, formerly known as MM Select 60/40 Allocation Fund; and MM 80/20 Allocation Fund, formerly known as MM Select 80/20 Allocation Fund. All Funds in the Series seek to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Funds’ stated asset allocation.

Each Fund seeks to achieve its investment objective by investing in a combination of U.S. domestic and international mutual funds (“Underlying Funds”) using an asset allocation strategy. Underlying Funds will include a combination of MassMutual Funds (advised by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual)), and may also include other, non-affiliated mutual funds. The Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. Underlying Funds may also invest some or all of their assets in commodities or commodities-related investments. The Series’ investment adviser is MML Advisers.

Each Fund’s assets are allocated among its Underlying Funds according to an asset allocation strategy, as follows:

● MM 20/80 Allocation Fund: The Fund typically invests approximately 20% of its assets in equity and similar funds and approximately 80% in fixed income funds, including money market funds.

● MM 40/60 Allocation Fund: The Fund typically invests approximately 40% of its assets in equity and similar funds and approximately 60% in fixed income funds, including money market funds.

● MM 60/40 Allocation Fund: The Fund typically invests approximately 60% of its assets in equity and similar funds and approximately 40% in fixed income funds, including money market funds.

● MM 80/20 Allocation Fund: The Fund typically invests approximately 80% of its assets in equity and similar funds and approximately 20% in fixed income funds, including money market funds.

3

MassMutual Target Allocation Funds – Portfolio Summaries (Unaudited) (Continued)

MassMutual 20/80 Allocation Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	76.4%
Equity Funds	23.6%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	0.0%
Net Assets	100.0%

MassMutual 40/60 Allocation Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	57.0%
Equity Funds	43.0%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual 60/40 Allocation Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	64.3%
Fixed Income Funds	35.7%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual 80/20 Allocation Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	79.6%
Fixed Income Funds	20.4%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

4

MassMutual RetireSMART^SM by JPMorgan (target date) Funds – Portfolio Summaries (Unaudited)

What are the investment approaches of the Funds that constitute the MassMutual RetireSMART^SM by JPMorgan (target date) Series, and who are the Series’ investment adviser and subadviser?

The MassMutual (“MM”) RetireSMART by JPMorgan (target date) Series (the “Series”) comprises 10 Funds – each of which has a “fund of funds” structure.

The 10 Funds are MM RetireSMART by JPMorgan In Retirement Fund, MM RetireSMART by JPMorgan 2020 Fund, MM RetireSMART by JPMorgan 2025 Fund, MM RetireSMART by JPMorgan 2030 Fund, MM RetireSMART by JPMorgan 2035 Fund, MM RetireSMART by JPMorgan 2040 Fund, MM RetireSMART by JPMorgan 2045 Fund, MM RetireSMART by JPMorgan 2050 Fund, MM RetireSMART by JPMorgan 2055 Fund, and MM RetireSMART by JPMorgan 2060 Fund.

● MM RetireSMART by JPMorgan In Retirement Fund seeks current income and some capital appreciation.

● MM RetireSMART by JPMorgan 2020/2025/2030/2035/2040/2045/2050/2055/2060 Funds each seeks total return through the Fund’s asset allocation, which is designed to become more conservative over time. As each Fund approaches and passes the target retirement date, the Fund’s objective will shift to seeking current income and some capital appreciation.

Each Fund seeks to achieve its investment objective by investing in a combination of U.S. domestic and international mutual funds (“Underlying Funds”) using an asset allocation strategy designed for investors who plan to retire around the year specified in the Fund’s name (the target retirement year) and then withdraw their investment in the Fund over time throughout retirement (or designed for investors who are retired or expect to retire soon for the MM RetireSMART by JPMorgan In Retirement Fund). Each Fund is advised by MML Investment Advisers, LLC (MML Advisers) and subadvised by J.P. Morgan Investment Management Inc. (J.P. Morgan). J.P. Morgan has responsibility for determining each Fund’s strategic asset allocation (its “glide path” for each Fund with a target retirement year in its name) and tactical asset allocation (adjusting the Fund’s specific exposures in response to changes in market conditions). MML Advisers has overall responsibility for each Fund and for implementing those allocations through the selection of, and allocations to, Underlying Funds.

Each Fund with a specified target retirement year in its name seeks to help investors save for retirement and then, after reaching the target retirement year, withdraw a portion of their investment in the Fund each year until 35 years after the target retirement year, the target maturity year. Each Fund assumes a person will be at or around age 65 at the target retirement year.

Underlying Funds will include a combination of MassMutual Funds advised by MML Advisers and J.P. Morgan Funds advised by J.P. Morgan or its affiliates, and may also include other, non-affiliated mutual funds. Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. Underlying Funds may also invest some or all of their assets in commodities or commodities-related investments.

The Funds will typically invest 80% or more of their assets in mutual funds advised by MML Advisers, J.P. Morgan, or affiliates of J.P. Morgan, including typically a 15% to 35% allocation to mutual funds advised or subadvised by J.P. Morgan or its affiliates. Non-affiliated Underlying Funds in which the Funds may invest are typically passively managed funds that seek to track the performance of a particular market index, which may be broad-based or relate to a particular sector, market, region, or industry.

Each Fund’s assets are allocated to the Underlying Funds according to an asset allocation strategy, as follows:

● MM RetireSMART by JPMorgan In Retirement Fund: The Fund’s assets are allocated among Underlying Funds according to an asset allocation strategy that emphasizes fixed income and money market funds, but also includes smaller allocations to equity and certain other funds.

● MM RetireSMART by JPMorgan 2020/2025/2030/2035/2040/2045/2050/2055/2060 Funds: Each Fund’s asset allocation strategy is designed with two main goals in mind: promoting asset accumulation prior to retirement, during the Fund’s “Savings Phase,” and supporting investors withdrawing their investments in the Fund throughout retirement, during the Fund’s “Spending Phase.” As a result, the Fund’s asset allocation strategy will change over time, generally becoming more conservative as it approaches the target retirement year and then remaining relatively stable afterwards. The asset allocation strategy during the Savings Phase will generally start with a greater emphasis on equity investments and gradually shift to more emphasis on fixed income investments. During the Spending Phase, a Fund will generally have a greater emphasis on fixed income investments.

5

MassMutual RetireSMART^SM by JPMorgan (target date) Funds – Portfolio Summaries (Unaudited) (Continued)

MassMutual RetireSMART by JPMorgan In Retirement Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	64.2%
Equity Funds	35.9%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2020 Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	64.1%
Equity Funds	35.9%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2025 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	50.2%
Fixed Income Funds	49.8%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2030 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	62.7%
Fixed Income Funds	37.3%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2035 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	74.5%
Fixed Income Funds	25.5%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2040 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	83.3%
Fixed Income Funds	16.7%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2045 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	91.4%
Fixed Income Funds	8.6%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2050 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	91.8%
Fixed Income Funds	8.2%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

6

MassMutual RetireSMART^SM by JPMorgan (target date) Funds – Portfolio Summaries (Unaudited) (Continued)

MassMutual RetireSMART by JPMorgan 2055 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	91.8%
Fixed Income Funds	8.2%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2060 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	91.7%
Fixed Income Funds	8.2%
Total Long-Term Investments	99.9%
Other Assets & Liabilities	0.1%
Net Assets	100.0%

7

MassMutual Select T. Rowe Price Retirement Balanced Fund – Portfolio Summaries (Unaudited)

What is the investment approach of the MassMutual Select T. Rowe Price Retirement Balanced Fund, and who is the Fund’s subadviser?

The Fund seeks the highest total return over time consistent with an emphasis on both capital growth and income. The Fund is a “fund of funds” and pursues its objective by investing in a diversified portfolio of other stock and bond series of both the MassMutual Funds and T. Rowe Price Funds that represent various asset classes and sectors (“Underlying Funds”). The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price). The Underlying Funds in which the Fund invests are predominantly either advised or subadvised by T. Rowe Price. The Fund is intended for retired investors who seek income and relative stability from bonds along with some capital appreciation potential from stocks. The Fund’s “neutral allocations,” which are what T. Rowe Price considers broadly appropriate for investors during their retirement years, are 40% stock funds and 60% bond funds. The allocations are referred to as “neutral allocations” because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook.

MassMutual Select T. Rowe Price Retirement Balanced Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	61.3%
Equity Funds	38.7%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

8

MassMutual Select T. Rowe Price Retirement (target date) Funds – Portfolio Summaries (Unaudited)

What are the investment approaches of the Funds that constitute the MassMutual Select T. Rowe Price Retirement (target date) Series, and who is the Series’ subadviser?

The MassMutual (“MM”) Select T. Rowe Price (target date) Series (the “Series”) comprises 12 Funds – each of which has a “fund of funds” structure. The 12 Funds are MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, and MM Select T. Rowe Price Retirement 2060 Fund. All Funds in the Series seek the highest total return over time consistent with an emphasis on both capital growth and income. Each Fund pursues its investment objective by investing in a diversified portfolio of other stock and bond series of both the MassMutual Funds and T. Rowe Price Funds that represent various asset classes and sectors (“Underlying Funds”). Each Fund’s allocation among Underlying Funds will change over time in relation to its target retirement date. Each Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price). The Underlying Funds in which each Fund invests are predominantly either advised or subadvised by T. Rowe Price.

Each Fund is managed based on the specific retirement year (e.g., target date 2005) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the Fund would have retired or would plan to retire and likely stopped or would stop making new investments in the Fund. Each Fund is primarily designed for an investor who retired or anticipates retiring at or about the target date and who plans to withdraw the value of the account in the Fund gradually after retirement.

Each Fund’s assets are allocated to the Underlying Funds according to an asset allocation strategy that becomes increasingly conservative over time, reaching approximately 55% allocation to stocks at the target date and continuing to decline until approximately 30 years after its target date, when its allocation to stocks and bonds will remain unchanged.

During the second quarter of 2020, each Fund began to shift its asset allocation strategy so that the overall allocation to stocks at 30 years past retirement will increase from 20% to 30%. The transition may take up to two years from the start of the transition to fully implement.

9

MassMutual Select T. Rowe Price Retirement (target date) Funds – Portfolio Summaries (Unaudited) (Continued)

MassMutual Select T. Rowe Price Retirement 2005 Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	57.7%
Equity Funds	42.3%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	0.0%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2010 Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	54.4%
Equity Funds	45.6%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2015 Fund Asset Allocation (% of Net Assets) on 3/31/22
Fixed Income Funds	51.5%
Equity Funds	48.5%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2020 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	52.1%
Fixed Income Funds	47.9%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2025 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	59.9%
Fixed Income Funds	40.1%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2030 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	71.3%
Fixed Income Funds	28.7%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2035 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	81.6%
Fixed Income Funds	18.4%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2040 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	90.6%
Fixed Income Funds	9.5%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

10

MassMutual Select T. Rowe Price Retirement (target date) Funds – Portfolio Summaries (Unaudited) (Continued)

MassMutual Select T. Rowe Price Retirement 2045 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	95.0%
Fixed Income Funds	5.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2050 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	96.4%
Fixed Income Funds	3.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2055 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	96.8%
Fixed Income Funds	3.3%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2060 Fund Asset Allocation (% of Net Assets) on 3/31/22
Equity Funds	96.9%
Fixed Income Funds	3.2%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

11

MassMutual 20/80 Allocation Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 23.6%
DFA Commodity Strategy Portfolio		312,753	$	1,813,967
Invesco Real Estate Fund, Class R6		23,416		527,558
MassMutual Blue Chip Growth Fund, Class I (a)		176,064		4,556,543
MassMutual Diversified Value Fund, Class I (a)		223,365		2,892,582
MassMutual Equity Opportunities Fund, Class I (a)		218,835		4,280,419
MassMutual Fundamental Value Fund, Class I (a)		336,227		3,399,251
MassMutual Growth Opportunities Fund, Class I (a)		163,288		1,123,419
MassMutual International Equity Fund, Class I (a)		80,019		696,962
MassMutual Mid Cap Growth Fund, Class I (a)		56,759		1,324,181
MassMutual Mid Cap Value Fund, Class I (a)		191,811		2,424,492
MassMutual Overseas Fund, Class I (a)		441,520		3,916,281
MassMutual Small Cap Growth Equity Fund, Class I (a)		15,615		233,607
MassMutual Small Cap Value Equity Fund, Class I (a)		85,006		899,358
MassMutual Strategic Emerging Markets Fund, Class I (a)		94,782		978,149
MM Equity Asset Fund, Class I (a)		1,209,409		10,570,236
Vanguard Developed Markets Index Fund, Admiral Shares		154,112		2,376,411
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		11,724		449,365
Vanguard Mid-Cap Index Fund, Admiral Shares		4,730		1,393,395
Vanguard Small-Cap Index Fund, Admiral Shares		7,845		799,278
				44,655,454
Fixed Income Funds — 76.4%
Invesco International Bond Fund, Class R6		1,323,759		6,327,569
MassMutual Core Bond Fund, Class I (a)		3,036,105		30,998,631
MassMutual Global Floating Rate Fund, Class I (a)		167,659		1,554,200
MassMutual Global Floating Rate Fund, Class Y (a)		385		3,563
MassMutual High Yield Fund, Class I (a)		143,289		1,212,225
MassMutual Inflation-Protected and Income Fund, Class I (a)		390,505		4,108,111

	Number of Shares		Value
MassMutual Short-Duration Bond Fund, Class I (a)		4,092,368	$	37,813,479
MassMutual Strategic Bond Fund, Class I (a)		2,341,795		22,481,232
MassMutual Total Return Bond Fund, Class I (a)		3,451,427		32,443,416
Vanguard Long-Term Treasury Index Fund, Admiral Shares		10,851		291,574
Vanguard Total Bond Market Index Fund, Institutional Shares		694,399		7,263,412
				144,497,412
TOTAL MUTUAL FUNDS (Cost $198,278,623)				189,152,866
TOTAL LONG-TERM INVESTMENTS (Cost $198,278,623)				189,152,866
TOTAL INVESTMENTS — 100.0% (Cost $198,278,623) (b)				189,152,866
Other Assets/(Liabilities) — 0.0%				89,652
NET ASSETS — 100.0%			$	189,242,518

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

12

MassMutual 40/60 Allocation Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 43.0%
DFA Commodity Strategy Portfolio		270,731	$	1,570,240
Invesco Real Estate Fund, Class R6		46,451		1,046,541
MassMutual Blue Chip Growth Fund, Class I (a)		371,495		9,614,282
MassMutual Diversified Value Fund, Class I (a)		485,213		6,283,507
MassMutual Equity Opportunities Fund, Class I (a)		528,482		10,337,115
MassMutual Fundamental Value Fund, Class I (a)		761,022		7,693,935
MassMutual Growth Opportunities Fund, Class I (a)		358,578		2,467,016
MassMutual International Equity Fund, Class I (a)		227,573		1,982,160
MassMutual Mid Cap Growth Fund, Class I (a)		102,558		2,392,684
MassMutual Mid Cap Value Fund, Class I (a)		357,996		4,525,070
MassMutual Overseas Fund, Class I (a)		789,443		7,002,362
MassMutual Small Cap Growth Equity Fund, Class I (a)		39,217		586,682
MassMutual Small Cap Value Equity Fund, Class I (a)		231,504		2,449,311
MassMutual Strategic Emerging Markets Fund, Class I (a)		162,963		1,681,775
MM Equity Asset Fund, Class I (a)		3,000,408		26,223,567
Vanguard Developed Markets Index Fund, Institutional Shares		386,960		5,974,658
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		24,301		931,454
Vanguard Mid-Cap Index Fund, Admiral Shares		10,503		3,094,207
Vanguard Small-Cap Index Fund, Admiral Shares		18,099		1,843,900
				97,700,466
Fixed Income Funds — 57.0%
Invesco International Bond Fund, Class R6		1,192,920		5,702,160
MassMutual Core Bond Fund, Class I (a)		2,615,331		26,702,534
MassMutual Global Floating Rate Fund, Class I (a)		228,949		2,122,354
MassMutual High Yield Fund, Class I (a)		176,068		1,489,539
MassMutual Inflation-Protected and Income Fund, Class I (a)		271,566		2,856,876
MassMutual Short-Duration Bond Fund, Class I (a)		2,889,894		26,702,620

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		2,410,986	$	23,145,467
MassMutual Total Return Bond Fund, Class I (a)		3,498,299		32,884,009
Vanguard Long-Term Treasury Index Fund, Admiral Shares		11,620		312,239
Vanguard Total Bond Market Index Fund, Institutional Shares		731,196		7,648,312
				129,566,110
TOTAL MUTUAL FUNDS (Cost $233,960,978)				227,266,576
TOTAL LONG-TERM INVESTMENTS (Cost $233,960,978)				227,266,576
TOTAL INVESTMENTS — 100.0% (Cost $233,960,978) (b)				227,266,576
Other Assets/(Liabilities) — (0.0)%				(63,707	)
NET ASSETS — 100.0%			$	227,202,869

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

13

MassMutual 60/40 Allocation Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 64.3%
DFA Commodity Strategy Portfolio		221,575	$	1,285,137
Invesco Real Estate Fund, Class R6		48,808		1,099,652
MassMutual Blue Chip Growth Fund, Class I (a)		435,415		11,268,534
MassMutual Diversified Value Fund, Class I (a)		656,190		8,497,662
MassMutual Equity Opportunities Fund, Class I (a)		705,401		13,797,650
MassMutual Fundamental Value Fund, Class I (a)		998,686		10,096,715
MassMutual Growth Opportunities Fund, Class I (a)		425,889		2,930,115
MassMutual International Equity Fund, Class I (a)		315,723		2,749,944
MassMutual Mid Cap Growth Fund, Class I (a)		148,844		3,472,525
MassMutual Mid Cap Value Fund, Class I (a)		397,067		5,018,925
MassMutual Overseas Fund, Class I (a)		728,659		6,463,207
MassMutual Small Cap Growth Equity Fund, Class I (a)		74,846		1,119,698
MassMutual Small Cap Value Equity Fund, Class I (a)		378,117		4,000,483
MassMutual Strategic Emerging Markets Fund, Class I (a)		47,927		494,603
MM Equity Asset Fund, Class I (a)		4,879,682		42,648,420
Vanguard Developed Markets Index Fund, Institutional Shares		483,970		7,472,496
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		41,365		1,585,517
Vanguard Mid-Cap Index Fund, Institutional Shares		71,882		4,678,082
Vanguard Small-Cap Index Fund, Admiral Shares		12,776		1,301,632
				129,980,997
Fixed Income Funds — 35.7%
Invesco International Bond Fund, Class R6		776,975		3,713,941
MassMutual Core Bond Fund, Class I (a)		1,478,371		15,094,163
MassMutual Global Floating Rate Fund, Class I (a)		390,986		3,624,443
MassMutual High Yield Fund, Class I (a)		439,126		3,715,006
MassMutual Inflation-Protected and Income Fund, Class I (a)		120,220		1,264,717
MassMutual Short-Duration Bond Fund, Class I (a)		1,321,839		12,213,795

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		972,805	$	9,338,931
MassMutual Total Return Bond Fund, Class I (a)		1,906,772		17,923,661
Vanguard Long-Term Treasury Index Fund, Admiral Shares		12,750		342,588
Vanguard Total Bond Market Index Fund, Institutional Shares		472,375		4,941,047
				72,172,292
TOTAL MUTUAL FUNDS (Cost $201,512,931)				202,153,289
TOTAL LONG-TERM INVESTMENTS (Cost $201,512,931)				202,153,289
TOTAL INVESTMENTS — 100.0% (Cost $201,512,931) (b)				202,153,289
Other Assets/(Liabilities) — (0.0)%				(52,046	)
NET ASSETS — 100.0%			$	202,101,243

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

14

MassMutual 80/20 Allocation Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 79.6%
DFA Commodity Strategy Portfolio		142,736	$	827,871
Invesco Real Estate Fund, Class R6		54,603		1,230,208
MassMutual Blue Chip Growth Fund, Class I (a)		410,890		10,633,827
MassMutual Diversified Value Fund, Class I (a)		475,718		6,160,552
MassMutual Equity Opportunities Fund, Class I (a)		494,847		9,679,199
MassMutual Fundamental Value Fund, Class I (a)		772,319		7,808,149
MassMutual Growth Opportunities Fund, Class I (a)		358,653		2,467,531
MassMutual International Equity Fund, Class I (a)		218,240		1,900,871
MassMutual Mid Cap Growth Fund, Class I (a)		162,355		3,787,739
MassMutual Mid Cap Value Fund, Class I (a)		345,561		4,367,886
MassMutual Overseas Fund, Class I (a)		921,505		8,173,746
MassMutual Small Cap Growth Equity Fund, Class I (a)		80,005		1,196,882
MassMutual Small Cap Value Equity Fund, Class I (a)		306,227		3,239,886
MassMutual Strategic Emerging Markets Fund, Class I (a)		253,109		2,612,088
MM Equity Asset Fund, Class I (a)		3,805,838		33,263,021
Vanguard Developed Markets Index Fund, Institutional Shares		487,590		7,528,396
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		45,924		1,760,285
Vanguard Mid-Cap Index Fund, Admiral Shares		17,336		5,107,133
Vanguard Small-Cap Index Fund, Admiral Shares		25,241		2,571,511
				114,316,781
Fixed Income Funds — 20.4%
Invesco International Bond Fund, Class R6		538,998		2,576,411
MassMutual Core Bond Fund, Class I (a)		460,322		4,699,892
MassMutual Global Floating Rate Fund, Class I (a)		313,879		2,909,659
MassMutual High Yield Fund, Class I (a)		376,544		3,185,563
MassMutual Inflation-Protected and Income Fund, Class I (a)		33,276		350,062
MassMutual Short-Duration Bond Fund, Class I (a)		632,255		5,842,034

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		353,164	$	3,390,370
MassMutual Total Return Bond Fund, Class I (a)		550,804		5,177,559
Vanguard Long-Term Treasury Index Fund, Admiral Shares		6,102		163,967
Vanguard Total Bond Market Index Fund, Admiral Shares		97,944		1,024,499
				29,320,016
TOTAL MUTUAL FUNDS (Cost $141,145,455)				143,636,797
TOTAL LONG-TERM INVESTMENTS (Cost $141,145,455)				143,636,797
TOTAL INVESTMENTS — 100.0% (Cost $141,145,455) (b)				143,636,797
Other Assets/(Liabilities) — (0.0)%				(25,892	)
NET ASSETS — 100.0%			$	143,610,905

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

15

MassMutual RetireSMART^SM by JPMorgan In Retirement Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 35.9%
JPMorgan International Research Enhanced Equity Fund, Class R6		124,076	$	2,376,049
JPMorgan Realty Income Fund, Class R6		62,255		1,030,949
MassMutual Blue Chip Growth Fund, Class I (a)		80,142		2,074,080
MassMutual Diversified Value Fund, Class I (a)		164,204		2,126,435
MassMutual Equity Opportunities Fund, Class I (a)		161,020		3,149,552
MassMutual Fundamental Value Fund, Class I (a)		192,651		1,947,699
MassMutual Growth Opportunities Fund, Class I (a)		93,105		640,563
MassMutual International Equity Fund, Class I (a)		161,331		1,405,194
MassMutual Mid Cap Growth Fund, Class I (a)		36,666		855,428
MassMutual Mid Cap Value Fund, Class I (a)		65,402		826,686
MassMutual Overseas Fund, Class I (a)		433,097		3,841,567
MassMutual Small Cap Growth Equity Fund, Class I (a)		35,885		536,843
MassMutual Small Cap Value Equity Fund, Class I (a)		64,647		683,964
MassMutual Strategic Emerging Markets Fund, Class I (a)		220,125		2,271,694
MM Equity Asset Fund, Class I (a)		1,146,023		10,016,240
Vanguard Developed Markets Index Fund, Admiral Shares		114,800		1,770,211
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		29,062		1,113,931
Vanguard Mid-Cap Index Fund, Admiral Shares		2,329		686,125
Vanguard Real Estate Index Fund, Admiral Shares		6,314		969,984
Vanguard Small-Cap Index Fund, Admiral Shares		4,899		499,120
				38,822,314
Fixed Income Funds — 64.2%
JPMorgan Emerging Markets Debt Fund, Class R6		286,754		1,964,268
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		287,736		1,973,871
JPMorgan U.S. Government Money Market Fund, Class IM		5,313,108		5,313,108
MassMutual Core Bond Fund, Class I (a)		2,186,221		22,321,321

	Number of Shares		Value
MassMutual Global Floating Rate Fund, Class I (a)		126,045	$	1,168,436
MassMutual High Yield Fund, Class I (a)		1,037,585		8,777,971
MassMutual Inflation-Protected and Income Fund, Class I (a)		738,856		7,772,763
MassMutual Strategic Bond Fund, Class I (a)		788,141		7,566,156
MassMutual Total Return Bond Fund, Class I (a)		797,341		7,495,010
Vanguard Total Bond Market Index Fund, Institutional Shares		499,653		5,226,372
				69,579,276
TOTAL MUTUAL FUNDS (Cost $113,060,532)				108,401,590
TOTAL LONG-TERM INVESTMENTS (Cost $113,060,532)				108,401,590
TOTAL INVESTMENTS — 100.1% (Cost $113,060,532) (b)				108,401,590
Other Assets/(Liabilities) — (0.1)%				(62,742	)
NET ASSETS — 100.0%			$	108,338,848

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

16

MassMutual RetireSMART^SM by JPMorgan 2020 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 35.9%
JPMorgan International Research Enhanced Equity Fund, Class R6		239,105	$	4,578,861
JPMorgan Realty Income Fund, Class R6		122,588		2,030,058
MassMutual Blue Chip Growth Fund, Class I (a)		156,851		4,059,292
MassMutual Diversified Value Fund, Class I (a)		322,451		4,175,742
MassMutual Equity Opportunities Fund, Class I (a)		316,357		6,187,948
MassMutual Fundamental Value Fund, Class I (a)		376,079		3,802,159
MassMutual Growth Opportunities Fund, Class I (a)		184,560		1,269,771
MassMutual International Equity Fund, Class I (a)		314,749		2,741,467
MassMutual Mid Cap Growth Fund, Class I (a)		72,425		1,689,664
MassMutual Mid Cap Value Fund, Class I (a)		128,811		1,628,172
MassMutual Overseas Fund, Class I (a)		834,938		7,405,900
MassMutual Small Cap Growth Equity Fund, Class I (a)		71,022		1,062,485
MassMutual Small Cap Value Equity Fund, Class I (a)		127,444		1,348,353
MassMutual Strategic Emerging Markets Fund, Class I (a)		428,831		4,425,535
MM Equity Asset Fund, Class I (a)		2,239,045		19,569,256
Vanguard Developed Markets Index Fund, Institutional Shares		240,581		3,714,570
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		60,988		2,337,661
Vanguard Mid-Cap Index Fund, Admiral Shares		4,889		1,440,229
Vanguard Real Estate Index Fund, Admiral Shares		13,249		2,035,293
Vanguard Small-Cap Index Fund, Admiral Shares		10,281		1,047,428
				76,549,844
Fixed Income Funds — 64.1%
JPMorgan Emerging Markets Debt Fund, Class R6		564,449		3,866,477
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		566,476		3,886,028
JPMorgan U.S. Government Money Market Fund, Class IM		10,430,143		10,430,143
MassMutual Core Bond Fund, Class I (a)		4,252,272		43,415,699

	Number of Shares		Value
MassMutual Global Floating Rate Fund, Class I (a)		264,459	$	2,451,532
MassMutual High Yield Fund, Class I (a)		2,032,663		17,196,327
MassMutual Inflation-Protected and Income Fund, Class I (a)		1,442,951		15,179,843
MassMutual Strategic Bond Fund, Class I (a)		1,533,417		14,720,799
MassMutual Total Return Bond Fund, Class I (a)		1,550,735		14,576,911
Vanguard Total Bond Market Index Fund, Institutional Shares		1,048,339		10,965,622
				136,689,381
TOTAL MUTUAL FUNDS (Cost $222,283,429)				213,239,225
TOTAL LONG-TERM INVESTMENTS (Cost $222,283,429)				213,239,225
TOTAL INVESTMENTS — 100.0% (Cost $222,283,429) (b)				213,239,225
Other Assets/(Liabilities) — (0.0)%				(85,149	)
NET ASSETS — 100.0%			$	213,154,076

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

17

MassMutual RetireSMART^SM by JPMorgan 2025 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 50.2%
JPMorgan International Research Enhanced Equity Fund, Class R6		296,897	$	5,685,577
JPMorgan Realty Income Fund, Class R6		144,624		2,394,976
MassMutual Blue Chip Growth Fund, Class I (a)		179,538		4,646,435
MassMutual Diversified Value Fund, Class I (a)		366,251		4,742,954
MassMutual Equity Opportunities Fund, Class I (a)		360,369		7,048,826
MassMutual Fundamental Value Fund, Class I (a)		429,406		4,341,290
MassMutual Growth Opportunities Fund, Class I (a)		210,565		1,448,689
MassMutual International Equity Fund, Class I (a)		388,371		3,382,710
MassMutual Mid Cap Growth Fund, Class I (a)		84,767		1,977,609
MassMutual Mid Cap Value Fund, Class I (a)		150,484		1,902,123
MassMutual Overseas Fund, Class I (a)		1,036,737		9,195,855
MassMutual Small Cap Growth Equity Fund, Class I (a)		81,786		1,223,520
MassMutual Small Cap Value Equity Fund, Class I (a)		146,372		1,548,611
MassMutual Strategic Emerging Markets Fund, Class I (a)		532,206		5,492,365
MM Equity Asset Fund, Class I (a)		2,558,397		22,360,388
Vanguard Developed Markets Index Fund, Institutional Shares		300,074		4,633,144
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		76,579		2,935,291
Vanguard Mid-Cap Index Fund, Admiral Shares		5,774		1,700,886
Vanguard Real Estate Index Fund, Admiral Shares		15,796		2,426,565
Vanguard Small-Cap Index Fund, Admiral Shares		11,958		1,218,251
				90,306,065
Fixed Income Funds — 49.8%
JPMorgan Emerging Markets Debt Fund, Class R6		402,547		2,757,444
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		404,065		2,771,883
JPMorgan U.S. Government Money Market Fund, Class IM		581,232		581,232
MassMutual Core Bond Fund, Class I (a)		3,324,386		33,941,985

	Number of Shares		Value
MassMutual Global Floating Rate Fund, Class I (a)		189,076	$	1,752,734
MassMutual Global Floating Rate Fund, Class Y (a)		463		4,283
MassMutual High Yield Fund, Class I (a)		1,268,322		10,730,001
MassMutual Inflation-Protected and Income Fund, Class I (a)		527,575		5,550,087
MassMutual Strategic Bond Fund, Class I (a)		1,197,805		11,498,926
MassMutual Total Return Bond Fund, Class I (a)		1,211,271		11,385,947
Vanguard Total Bond Market Index Fund, Institutional Shares		823,795		8,616,893
				89,591,415
TOTAL MUTUAL FUNDS (Cost $186,890,667)				179,897,480
TOTAL LONG-TERM INVESTMENTS (Cost $186,890,667)				179,897,480
TOTAL INVESTMENTS — 100.0% (Cost $186,890,667) (b)				179,897,480
Other Assets/(Liabilities) — (0.0)%				(47,242	)
NET ASSETS — 100.0%			$	179,850,238

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

18

MassMutual RetireSMART^SM by JPMorgan 2030 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 62.7%
JPMorgan International Research Enhanced Equity Fund, Class R6		811,391	$	15,538,128
JPMorgan Realty Income Fund, Class R6		387,990		6,425,117
MassMutual Blue Chip Growth Fund, Class I (a)		478,431		12,381,802
MassMutual Diversified Value Fund, Class I (a)		967,191		12,525,127
MassMutual Equity Opportunities Fund, Class I (a)		948,688		18,556,341
MassMutual Fundamental Value Fund, Class I (a)		1,144,763		11,573,553
MassMutual Growth Opportunities Fund, Class I (a)		556,883		3,831,355
MassMutual International Equity Fund, Class I (a)		1,064,462		9,271,468
MassMutual Mid Cap Growth Fund, Class I (a)		226,612		5,286,863
MassMutual Mid Cap Value Fund, Class I (a)		401,254		5,071,847
MassMutual Overseas Fund, Class I (a)		2,885,459		25,594,024
MassMutual Small Cap Growth Equity Fund, Class I (a)		218,835		3,273,768
MassMutual Small Cap Value Equity Fund, Class I (a)		392,612		4,153,833
MassMutual Strategic Emerging Markets Fund, Class I (a)		1,470,873		15,179,405
MM Equity Asset Fund, Class I (a)		6,816,403		59,575,364
Vanguard Developed Markets Index Fund, Institutional Shares		819,184		12,648,201
Vanguard Emerging Markets Stock Index Fund, Institutional Shares		277,817		8,098,355
Vanguard Mid-Cap Index Fund, Admiral Shares		15,388		4,533,038
Vanguard Real Estate Index Fund, Institutional Shares		273,361		6,500,517
Vanguard Small-Cap Index Fund, Admiral Shares		31,877		3,247,587
				243,265,693
Fixed Income Funds — 37.3%
JPMorgan Emerging Markets Debt Fund, Class R6		720,200		4,933,371
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		722,762		4,958,150
MassMutual Core Bond Fund, Class I (a)		5,857,491		59,804,979
MassMutual High Yield Fund, Class I (a)		2,239,356		18,944,952

	Number of Shares		Value
MassMutual Inflation-Protected and Income Fund, Class I (a)		69,125	$	727,198
MassMutual Strategic Bond Fund, Class I (a)		2,110,890		20,264,541
MassMutual Total Return Bond Fund, Class I (a)		2,135,429		20,073,030
Vanguard Total Bond Market Index Fund, Institutional Shares		1,438,391		15,045,570
				144,751,791
TOTAL MUTUAL FUNDS (Cost $393,132,903)				388,017,484
TOTAL LONG-TERM INVESTMENTS (Cost $393,132,903)				388,017,484
TOTAL INVESTMENTS — 100.0% (Cost $393,132,903) (b)				388,017,484
Other Assets/(Liabilities) — (0.0)%				(186,382	)
NET ASSETS — 100.0%			$	387,831,102

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

19

MassMutual RetireSMART^SM by JPMorgan 2035 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 74.5%
JPMorgan International Research Enhanced Equity Fund, Class R6		349,029	$	6,683,908
JPMorgan Realty Income Fund, Class R6		198,260		3,283,181
MassMutual Blue Chip Growth Fund, Class I (a)		365,521		9,459,673
MassMutual Diversified Value Fund, Class I (a)		447,275		5,792,216
MassMutual Equity Opportunities Fund, Class I (a)		301,787		5,902,957
MassMutual Fundamental Value Fund, Class I (a)		582,116		5,885,190
MassMutual Growth Opportunities Fund, Class I (a)		472,152		3,248,409
MassMutual International Equity Fund, Class I (a)		732,504		6,380,112
MassMutual Mid Cap Growth Fund, Class I (a)		115,988		2,705,994
MassMutual Mid Cap Value Fund, Class I (a)		205,655		2,599,477
MassMutual Overseas Fund, Class I (a)		1,830,338		16,235,098
MassMutual Small Cap Growth Equity Fund, Class I (a)		111,692		1,670,909
MassMutual Small Cap Value Equity Fund, Class I (a)		199,852		2,114,430
MassMutual Strategic Emerging Markets Fund, Class I (a)		412,628		4,258,316
MM Equity Asset Fund, Class I (a)		3,469,850		30,326,489
Vanguard Developed Markets Index Fund, Admiral Shares		218,291		3,366,042
Vanguard Emerging Markets Stock Index Fund, Institutional Shares		275,892		8,042,257
Vanguard Mid-Cap Index Fund, Admiral Shares		8,054		2,372,596
Vanguard Real Estate Index Fund, Admiral Shares		22,110		3,396,590
Vanguard Small-Cap Index Fund, Admiral Shares		16,685		1,699,845
				125,423,689
Fixed Income Funds — 25.5%
JPMorgan Emerging Markets Debt Fund, Class R6		216,160		1,480,693
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		216,944		1,488,238
MassMutual Core Bond Fund, Class I (a)		673,059		6,871,933
MassMutual High Yield Fund, Class I (a)		651,141		5,508,652

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		1,350,773	$	12,967,419
MassMutual Total Return Bond Fund, Class I (a)		1,366,822		12,848,128
Vanguard Total Bond Market Index Fund, Admiral Shares		169,037		1,768,129
				42,933,192
TOTAL MUTUAL FUNDS (Cost $169,958,649)				168,356,881
TOTAL LONG-TERM INVESTMENTS (Cost $169,958,649)				168,356,881
TOTAL INVESTMENTS — 100.0% (Cost $169,958,649) (b)				168,356,881
Other Assets/(Liabilities) — (0.0)%				(70,902	)
NET ASSETS — 100.0%			$	168,285,979

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

20

MassMutual RetireSMART^SM by JPMorgan 2040 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 83.3%
JPMorgan International Research Enhanced Equity Fund, Class R6		591,691	$	11,330,880
JPMorgan Realty Income Fund, Class R6		379,480		6,284,185
MassMutual Blue Chip Growth Fund, Class I (a)		687,818		17,800,724
MassMutual Diversified Value Fund, Class I (a)		844,549		10,936,908
MassMutual Equity Opportunities Fund, Class I (a)		568,040		11,110,871
MassMutual Fundamental Value Fund, Class I (a)		1,097,400		11,094,715
MassMutual Growth Opportunities Fund, Class I (a)		886,764		6,100,938
MassMutual International Equity Fund, Class I (a)		1,404,610		12,234,151
MassMutual Mid Cap Growth Fund, Class I (a)		220,175		5,136,672
MassMutual Mid Cap Value Fund, Class I (a)		390,617		4,937,402
MassMutual Overseas Fund, Class I (a)		3,681,596		32,655,752
MassMutual Small Cap Growth Equity Fund, Class I (a)		212,913		3,185,179
MassMutual Small Cap Value Equity Fund, Class I (a)		379,916		4,019,513
MassMutual Strategic Emerging Markets Fund, Class I (a)		792,848		8,182,196
MM Equity Asset Fund, Class I (a)		6,529,380		57,066,785
Vanguard Developed Markets Index Fund, Institutional Shares		408,406		6,305,785
Vanguard Emerging Markets Stock Index Fund, Institutional Shares		518,369		15,110,460
Vanguard Mid-Cap Index Fund, Admiral Shares		15,007		4,420,892
Vanguard Real Estate Index Fund, Admiral Shares		41,511		6,376,980
Vanguard Small-Cap Index Fund, Admiral Shares		31,142		3,172,762
				237,463,750
Fixed Income Funds — 16.7%
JPMorgan Emerging Markets Debt Fund, Class R6		260,664		1,785,549
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		261,566		1,794,340
MassMutual Core Bond Fund, Class I (a)		725,455		7,406,892
MassMutual High Yield Fund, Class I (a)		824,950		6,979,077

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		1,454,614	$	13,964,296
MassMutual Total Return Bond Fund, Class I (a)		1,473,329		13,849,297
Vanguard Total Bond Market Index Fund, Admiral Shares		178,174		1,863,703
				47,643,154
TOTAL MUTUAL FUNDS (Cost $284,416,340)				285,106,904
TOTAL LONG-TERM INVESTMENTS (Cost $284,416,340)				285,106,904
TOTAL INVESTMENTS — 100.0% (Cost $284,416,340) (b)				285,106,904
Other Assets/(Liabilities) — (0.0)%				(127,801	)
NET ASSETS — 100.0%			$	284,979,103

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

21

MassMutual RetireSMART^SM by JPMorgan 2045 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 91.4%
JPMorgan International Research Enhanced Equity Fund, Class R6		249,153	$	4,771,280
JPMorgan Realty Income Fund, Class R6		176,748		2,926,952
MassMutual Blue Chip Growth Fund, Class I (a)		320,410		8,292,219
MassMutual Diversified Value Fund, Class I (a)		392,538		5,083,365
MassMutual Equity Opportunities Fund, Class I (a)		264,835		5,180,173
MassMutual Fundamental Value Fund, Class I (a)		509,807		5,154,148
MassMutual Growth Opportunities Fund, Class I (a)		414,962		2,854,936
MassMutual International Equity Fund, Class I (a)		659,232		5,741,907
MassMutual Mid Cap Growth Fund, Class I (a)		103,157		2,406,657
MassMutual Mid Cap Value Fund, Class I (a)		182,854		2,311,271
MassMutual Overseas Fund, Class I (a)		1,783,699		15,821,413
MassMutual Small Cap Growth Equity Fund, Class I (a)		99,247		1,484,741
MassMutual Small Cap Value Equity Fund, Class I (a)		177,252		1,875,328
MassMutual Strategic Emerging Markets Fund, Class I (a)		372,857		3,847,881
MM Equity Asset Fund, Class I (a)		3,043,768		26,602,531
Vanguard Developed Markets Index Fund, Admiral Shares		196,663		3,032,548
Vanguard Emerging Markets Stock Index Fund, Institutional Shares		249,674		7,277,986
Vanguard Mid-Cap Index Fund, Admiral Shares		7,179		2,114,719
Vanguard Real Estate Index Fund, Admiral Shares		19,736		3,031,895
Vanguard Small-Cap Index Fund, Admiral Shares		14,838		1,511,727
				111,323,677
Fixed Income Funds — 8.6%
JPMorgan Emerging Markets Debt Fund, Class R6		66,520		455,664
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		66,749		457,899
MassMutual Core Bond Fund, Class I (a)		151,174		1,543,491
MassMutual High Yield Fund, Class I (a)		226,573		1,916,804

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		302,324	$	2,902,306
MassMutual Total Return Bond Fund, Class I (a)		307,307		2,888,687
Vanguard Total Bond Market Index Fund, Admiral Shares		37,882		396,243
				10,561,094
TOTAL MUTUAL FUNDS (Cost $121,110,815)				121,884,771
TOTAL LONG-TERM INVESTMENTS (Cost $121,110,815)				121,884,771
TOTAL INVESTMENTS — 100.0% (Cost $121,110,815) (b)				121,884,771
Other Assets/(Liabilities) — (0.0)%				(55,561	)
NET ASSETS — 100.0%			$	121,829,210

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

22

MassMutual RetireSMART^SM by JPMorgan 2050 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 91.8%
JPMorgan International Research Enhanced Equity Fund, Class R6		406,645	$	7,787,247
JPMorgan Realty Income Fund, Class R6		287,371		4,758,860
MassMutual Blue Chip Growth Fund, Class I (a)		520,976		13,482,860
MassMutual Diversified Value Fund, Class I (a)		639,044		8,275,622
MassMutual Equity Opportunities Fund, Class I (a)		431,680		8,443,654
MassMutual Fundamental Value Fund, Class I (a)		830,405		8,395,399
MassMutual Growth Opportunities Fund, Class I (a)		673,852		4,636,104
MassMutual International Equity Fund, Class I (a)		1,081,720		9,421,777
MassMutual Mid Cap Growth Fund, Class I (a)		167,895		3,916,986
MassMutual Mid Cap Value Fund, Class I (a)		298,106		3,768,059
MassMutual Overseas Fund, Class I (a)		2,925,654		25,950,554
MassMutual Small Cap Growth Equity Fund, Class I (a)		161,532		2,416,524
MassMutual Small Cap Value Equity Fund, Class I (a)		289,065		3,058,304
MassMutual Strategic Emerging Markets Fund, Class I (a)		611,544		6,311,132
MM Equity Asset Fund, Class I (a)		4,951,587		43,276,873
Vanguard Developed Markets Index Fund, Admiral Shares		309,166		4,767,335
Vanguard Emerging Markets Stock Index Fund, Institutional Shares		392,684		11,446,732
Vanguard Mid-Cap Index Fund, Admiral Shares		11,286		3,324,655
Vanguard Real Estate Index Fund, Admiral Shares		30,965		4,756,802
Vanguard Small-Cap Index Fund, Admiral Shares		23,328		2,376,700
				180,572,179
Fixed Income Funds — 8.2%
JPMorgan Emerging Markets Debt Fund, Class R6		103,791		710,969
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		104,121		714,268
MassMutual Core Bond Fund, Class I (a)		231,471		2,363,321
MassMutual High Yield Fund, Class I (a)		352,382		2,981,152

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		462,617	$	4,441,126
MassMutual Total Return Bond Fund, Class I (a)		470,361		4,421,397
Vanguard Total Bond Market Index Fund, Admiral Shares		56,044		586,225
				16,218,458
TOTAL MUTUAL FUNDS (Cost $195,014,121)				196,790,637
TOTAL LONG-TERM INVESTMENTS (Cost $195,014,121)				196,790,637
TOTAL INVESTMENTS — 100.0% (Cost $195,014,121) (b)				196,790,637
Other Assets/(Liabilities) — (0.0)%				(70,804	)
NET ASSETS — 100.0%			$	196,719,833

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

23

MassMutual RetireSMART^SM by JPMorgan 2055 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 91.8%
JPMorgan International Research Enhanced Equity Fund, Class R6		132,145	$	2,530,569
JPMorgan Realty Income Fund, Class R6		93,147		1,542,506
MassMutual Blue Chip Growth Fund, Class I (a)		169,318		4,381,946
MassMutual Diversified Value Fund, Class I (a)		207,160		2,682,724
MassMutual Equity Opportunities Fund, Class I (a)		139,657		2,731,697
MassMutual Fundamental Value Fund, Class I (a)		269,938		2,729,078
MassMutual Growth Opportunities Fund, Class I (a)		218,114		1,500,622
MassMutual International Equity Fund, Class I (a)		350,318		3,051,272
MassMutual Mid Cap Growth Fund, Class I (a)		54,427		1,269,793
MassMutual Mid-Cap Value Fund, Class I (a)		96,625		1,221,338
MassMutual Overseas Fund, Class I (a)		950,507		8,430,994
MassMutual Small Cap Growth Equity Fund, Class I (a)		52,443		784,552
MassMutual Small Cap Value Equity Fund, Class I (a)		93,683		991,165
MassMutual Strategic Emerging Markets Fund, Class I (a)		198,041		2,043,782
MM Equity Asset Fund, Class I (a)		1,609,495		14,066,986
Vanguard Developed Markets Index Fund, Admiral Shares		100,426		1,548,563
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		96,996		3,717,851
Vanguard Mid-Cap Index Fund, Admiral Shares		3,666		1,079,950
Vanguard Real Estate Index Fund, Admiral Shares		10,059		1,545,256
Vanguard Small-Cap Index Fund, Admiral Shares		7,578		772,013
				58,622,657
Fixed Income Funds — 8.2%
JPMorgan Emerging Markets Debt Fund, Class R6		33,578		230,012
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		33,685		231,079
MassMutual Core Bond Fund, Class I (a)		75,295		768,757
MassMutual High Yield Fund, Class I (a)		114,240		966,471

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		150,488	$	1,444,685
MassMutual Total Return Bond Fund, Class I (a)		153,001		1,438,207
Vanguard Total Bond Market Index Fund, Admiral Shares		18,207		190,448
				5,269,659
TOTAL MUTUAL FUNDS (Cost $63,888,832)				63,892,316
TOTAL LONG-TERM INVESTMENTS (Cost $63,888,832)				63,892,316
TOTAL INVESTMENTS — 100.0% (Cost $63,888,832) (b)				63,892,316
Other Assets/(Liabilities) — (0.0)%				(15,604	)
NET ASSETS — 100.0%			$	63,876,712

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

24

MassMutual RetireSMART^SM by JPMorgan 2060 Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 99.9%
Equity Funds — 91.7%
JPMorgan International Research Enhanced Equity Fund, Class R6		45,285	$	867,199
JPMorgan Realty Income Fund, Class R6		31,860		527,608
MassMutual Blue Chip Growth Fund, Class I (a)		57,961		1,500,019
MassMutual Diversified Value Fund, Class I (a)		70,996		919,400
MassMutual Equity Opportunities Fund, Class I (a)		47,796		934,880
MassMutual Fundamental Value Fund, Class I (a)		92,402		934,185
MassMutual Growth Opportunities Fund, Class I (a)		74,711		514,011
MassMutual International Equity Fund, Class I (a)		119,890		1,044,242
MassMutual Mid Cap Growth Fund, Class I (a)		18,644		434,962
MassMutual Mid Cap Value Fund, Class I (a)		33,103		418,428
MassMutual Overseas Fund, Class I (a)		325,881		2,890,566
MassMutual Small Cap Growth Equity Fund, Class I (a)		17,966		268,773
MassMutual Small Cap Value Equity Fund, Class I (a)		32,130		339,933
MassMutual Strategic Emerging Markets Fund, Class I (a)		68,055		702,329
MM Equity Asset Fund, Class I (a)		551,142		4,816,980
Vanguard Developed Markets Index Fund, Admiral Shares		34,181		527,077
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		33,010		1,265,275
Vanguard Mid-Cap Index Fund, Admiral Shares		1,248		367,607
Vanguard Real Estate Index Fund, Admiral Shares		3,426		526,225
Vanguard Small-Cap Index Fund, Admiral Shares		2,579		262,759
				20,062,458
Fixed Income Funds — 8.2%
JPMorgan Emerging Markets Debt Fund, Class R6		11,520		78,914
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		11,557		79,281
MassMutual Core Bond Fund, Class I (a)		25,729		262,695
MassMutual High Yield Fund, Class I (a)		39,106		330,833

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		51,411	$	493,545
MassMutual Total Return Bond Fund, Class I (a)		52,255		491,194
Vanguard Total Bond Market Index Fund, Admiral Shares		6,203		64,884
				1,801,346
TOTAL MUTUAL FUNDS (Cost $22,138,261)				21,863,804
TOTAL LONG-TERM INVESTMENTS (Cost $22,138,261)				21,863,804
TOTAL INVESTMENTS — 99.9% (Cost $22,138,261) (b)				21,863,804
Other Assets/(Liabilities) — 0.1%				16,553
NET ASSETS — 100.0%			$	21,880,357

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

25

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 38.7%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		2,025,716	$	21,391,559
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		2,000,796		28,691,418
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		188,110		2,537,603
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		850,843		11,520,418
MM S&P 500 Index Fund, Class I (a)		606,169		12,111,259
				76,252,257
Fixed Income Funds — 61.3%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		4,500,267		43,202,559
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		922,783		7,640,641
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		3,968,132		41,387,622
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		658,862		4,565,913
State Street Institutional U.S. Government Money Market Fund		3,590,742		3,590,742
T. Rowe Price Dynamic Global Bond Fund, Class I		847,785		8,291,339

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		502,534	$	4,839,399
T. Rowe Price Institutional High Yield Fund		840,770		7,012,024
				120,530,239
TOTAL MUTUAL FUNDS (Cost $200,618,587)				196,782,496
TOTAL LONG-TERM INVESTMENTS (Cost $200,618,587)				196,782,496
TOTAL INVESTMENTS — 100.0% (Cost $200,618,587) (b)				196,782,496
Other Assets/(Liabilities) — (0.0)%				(9,834	)
NET ASSETS — 100.0%			$	196,772,662

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

26

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 42.3%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		319,140	$	3,370,119
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		326,902		4,687,776
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		29,898		403,325
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		133,247		1,804,158
MM S&P 500 Index Fund, Class I (a)		94,526		1,888,630
				12,154,008
Fixed Income Funds — 57.7%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		661,891		6,354,153
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		142,458		1,179,549
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		493,697		5,149,259
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		99,120		686,899
State Street Institutional U.S. Government Money Market Fund		277,278		277,278
T. Rowe Price Dynamic Global Bond Fund, Class I		124,030		1,213,009

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		73,667	$	709,416
T. Rowe Price Institutional High Yield Fund		123,302		1,028,336
				16,597,899
TOTAL MUTUAL FUNDS (Cost $29,632,273)				28,751,907
TOTAL LONG-TERM INVESTMENTS (Cost $29,632,273)				28,751,907
TOTAL INVESTMENTS — 100.0% (Cost $29,632,273) (b)				28,751,907
Other Assets/(Liabilities) — 0.0%				2,732
NET ASSETS — 100.0%			$	28,754,639

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

27

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 45.6%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		1,689,442	$	17,840,510
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		1,686,628		24,186,241
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		157,820		2,128,988
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		731,045		9,898,351
MM S&P 500 Index Fund, Class I (a)		496,535		9,920,778
				63,974,868
Fixed Income Funds — 54.4%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		3,105,625		29,814,001
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		627,865		5,198,722
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		2,122,787		22,140,673
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		493,092		3,417,130
State Street Institutional U.S. Government Money Market Fund		2,204,783		2,204,783
T. Rowe Price Dynamic Global Bond Fund, Class I		576,681		5,639,941

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		341,172	$	3,285,490
T. Rowe Price Institutional High Yield Fund		568,625		4,742,332
				76,443,072
TOTAL MUTUAL FUNDS (Cost $142,035,754)				140,417,940
TOTAL LONG-TERM INVESTMENTS (Cost $142,035,754)				140,417,940
TOTAL INVESTMENTS — 100.0% (Cost $142,035,754) (b)				140,417,940
Other Assets/(Liabilities) — (0.0)%				(17,676	)
NET ASSETS — 100.0%			$	140,400,264

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

28

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 48.5%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		1,951,241	$	20,605,100
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		1,904,535		27,311,025
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		180,795		2,438,929
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		827,654		11,206,433
MM S&P 500 Index Fund, Class I (a)		570,146		11,391,516
				72,953,003
Fixed Income Funds — 51.5%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		3,217,745		30,890,352
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		630,215		5,218,177
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		1,976,893		20,618,996
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		535,510		3,711,087
State Street Institutional U.S. Government Money Market Fund		2,908,392		2,908,392
T. Rowe Price Dynamic Global Bond Fund, Class I		599,979		5,867,798

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		352,581	$	3,395,355
T. Rowe Price Institutional High Yield Fund		587,272		4,897,850
				77,508,007
TOTAL MUTUAL FUNDS (Cost $150,615,257)				150,461,010
TOTAL LONG-TERM INVESTMENTS (Cost $150,615,257)				150,461,010
TOTAL INVESTMENTS — 100.0% (Cost $150,615,257) (b)				150,461,010
Other Assets/(Liabilities) — (0.0)%				(9,506	)
NET ASSETS — 100.0%			$	150,451,504

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

29

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 52.1%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		10,119,460	$	106,861,495
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		9,447,680		135,479,735
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		941,847		12,705,510
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		4,016,631		54,385,183
MM S&P 500 Index Fund, Class I (a)		3,065,301		61,244,723
				370,676,646
Fixed Income Funds — 47.9%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		14,313,939		137,413,815
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		2,748,774		22,759,846
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		7,872,416		82,109,301
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		2,554,018		17,699,347
State Street Institutional U.S. Government Money Market Fund		17,760,257		17,760,257
T. Rowe Price Dynamic Global Bond Fund, Class I		2,696,825		26,374,951

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		1,578,289	$	15,198,922
T. Rowe Price Institutional High Yield Fund		2,580,705		21,523,081
				340,839,520
TOTAL MUTUAL FUNDS (Cost $701,015,006)				711,516,166
TOTAL LONG-TERM INVESTMENTS (Cost $701,015,006)				711,516,166
TOTAL INVESTMENTS — 100.0% (Cost $701,015,006) (b)				711,516,166
Other Assets/(Liabilities) — (0.0)%				(150,948	)
NET ASSETS — 100.0%			$	711,365,218

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

30

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 59.9%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		11,271,576	$	119,027,841
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		10,551,740		151,311,950
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		1,046,361		14,115,411
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		4,639,678		62,821,245
MM S&P 500 Index Fund, Class I (a)		3,327,093		66,475,327
				413,751,774
Fixed Income Funds — 40.1%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		12,313,077		118,205,544
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		2,115,453		17,515,949
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		4,903,591		51,144,450
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		2,713,796		18,806,604
State Street Institutional U.S. Government Money Market Fund		19,029,802		19,029,802
T. Rowe Price Dynamic Global Bond Fund, Class I		2,312,045		22,611,799

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		1,308,246	$	12,598,408
T. Rowe Price Institutional High Yield Fund		2,000,272		16,682,270
				276,594,826
TOTAL MUTUAL FUNDS (Cost $680,230,617)				690,346,600
TOTAL LONG-TERM INVESTMENTS (Cost $680,230,617)				690,346,600
TOTAL INVESTMENTS — 100.0% (Cost $680,230,617) (b)				690,346,600
Other Assets/(Liabilities) — (0.0)%				(170,645	)
NET ASSETS — 100.0%			$	690,175,955

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

31

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 71.3%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		30,724,958	$	324,455,555
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		29,446,631		422,264,694
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		2,797,339		37,736,103
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		12,455,088		168,641,897
MM S&P 500 Index Fund, Class I (a)		8,597,458		171,777,207
				1,124,875,456
Fixed Income Funds — 28.7%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		21,948,290		210,703,580
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		3,020,929		25,013,293
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		4,003,424		41,755,713
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		6,606,168		45,780,747
State Street Institutional U.S. Government Money Market Fund		44,662,891		44,662,891
T. Rowe Price Dynamic Global Bond Fund, Class I		4,072,904		39,833,000

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		2,185,656	$	21,047,869
T. Rowe Price Institutional High Yield Fund		2,920,893		24,360,246
				453,157,339
TOTAL MUTUAL FUNDS (Cost $1,492,476,018)				1,578,032,795
TOTAL LONG-TERM INVESTMENTS (Cost $1,492,476,018)				1,578,032,795
TOTAL INVESTMENTS — 100.0% (Cost $1,492,476,018) (b)				1,578,032,795
Other Assets/(Liabilities) — (0.0)%				(597,787	)
NET ASSETS — 100.0%			$	1,577,435,008

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

32

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 81.6%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		16,892,215	$	178,381,787
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		17,624,370		252,733,459
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		1,555,176		20,979,326
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		6,896,634		93,380,422
MM S&P 500 Index Fund, Class I (a)		3,951,025		78,941,483
				624,416,477
Fixed Income Funds — 18.4%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		6,925,212		66,482,038
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		788,776		6,531,064
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		713,171		7,438,377
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		2,635,697		18,265,378
State Street Institutional U.S. Government Money Market Fund		16,803,578		16,803,578
T. Rowe Price Dynamic Global Bond Fund, Class I		1,303,695		12,750,133

	Number of Shares		Value
T. Rowe Price Institutional Floating Rate Fund		666,238	$	6,415,872
T. Rowe Price Institutional High Yield Fund		744,814		6,211,749
				140,898,189
TOTAL MUTUAL FUNDS (Cost $724,658,581)				765,314,666
TOTAL LONG-TERM INVESTMENTS (Cost $724,658,581)				765,314,666
TOTAL INVESTMENTS — 100.0% (Cost $724,658,581) (b)				765,314,666
Other Assets/(Liabilities) — (0.0)%				(325,672	)
NET ASSETS — 100.0%			$	764,988,994

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

33

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 90.6%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		33,239,553	$	351,009,679
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		36,435,241		522,481,351
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		3,042,453		41,042,688
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		13,531,238		183,212,960
MM S&P 500 Index Fund, Class I (a)		6,415,021		128,172,126
				1,225,918,804
Fixed Income Funds — 9.5%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		5,927,789		56,906,770
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		327,039		2,707,887
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		1,267,761		13,222,744
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		2,671,209		18,511,475
State Street Institutional U.S. Government Money Market Fund		18,329,098		18,329,098

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		1,173,421	$	11,476,061
T. Rowe Price Institutional High Yield Fund		859,266		7,166,280
				128,320,315
TOTAL MUTUAL FUNDS (Cost $1,244,621,733)				1,354,239,119
TOTAL LONG-TERM INVESTMENTS (Cost $1,244,621,733)				1,354,239,119
TOTAL INVESTMENTS — 100.1% (Cost $1,244,621,733) (b)				1,354,239,119
Other Assets/(Liabilities) — (0.1)%				(722,935	)
NET ASSETS — 100.0%			$	1,353,516,184

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

34

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 95.0%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		15,139,691	$	159,875,140
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		16,719,123		239,752,223
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		1,389,563		18,745,204
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		6,302,244		85,332,390
MM S&P 500 Index Fund, Class I (a)		3,030,248		60,544,349
				564,249,306
Fixed Income Funds — 5.1%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		1,027,824		9,867,111
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		555,839		5,797,402
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		523,882		3,630,502
State Street Institutional U.S. Government Money Market Fund		9,062,507		9,062,507

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		194,428	$	1,901,508
				30,259,030
TOTAL MUTUAL FUNDS (Cost $555,082,950)				594,508,336
TOTAL LONG-TERM INVESTMENTS (Cost $555,082,950)				594,508,336
TOTAL INVESTMENTS — 100.1% (Cost $555,082,950) (b)				594,508,336
Other Assets/(Liabilities) — (0.1)%				(331,339	)
NET ASSETS — 100.0%			$	594,176,997

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

35

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 96.4%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		23,894,570	$	252,326,663
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		26,318,704		377,410,217
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		2,184,864		29,473,820
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		9,925,728		134,394,363
MM S&P 500 Index Fund, Class I (a)		4,771,269		95,329,962
				888,935,025
Fixed Income Funds — 3.7%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		942,359		9,046,642
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		863,607		9,007,423
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		395,130		2,738,248
State Street Institutional U.S. Government Money Market Fund		11,370,907		11,370,907

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		172,415	$	1,686,215
				33,849,435
TOTAL MUTUAL FUNDS (Cost $848,188,130)				922,784,460
TOTAL LONG-TERM INVESTMENTS (Cost $848,188,130)				922,784,460
TOTAL INVESTMENTS — 100.1% (Cost $848,188,130) (b)				922,784,460
Other Assets/(Liabilities) — (0.1)%				(558,666	)
NET ASSETS — 100.0%			$	922,225,794

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

36

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 96.8%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		9,140,351	$	96,522,112
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		10,096,209		144,779,642
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		841,688		11,354,365
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		3,803,170		51,494,917
MM S&P 500 Index Fund, Class I (a)		1,824,261		36,448,744
				340,599,780
Fixed Income Funds — 3.3%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		357,523		3,432,224
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		330,556		3,447,693
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		151,016		1,046,542
State Street Institutional U.S. Government Money Market Fund		2,841,647		2,841,647

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		63,730	$	623,278
				11,391,384
TOTAL MUTUAL FUNDS (Cost $332,027,215)				351,991,164
TOTAL LONG-TERM INVESTMENTS (Cost $332,027,215)				351,991,164
TOTAL INVESTMENTS — 100.1% (Cost $332,027,215) (b)				351,991,164
Other Assets/(Liabilities) — (0.1)%				(199,323	)
NET ASSETS — 100.0%			$	351,791,841

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

37

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 96.9%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		3,505,805	$	37,021,299
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		3,875,827		55,579,357
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		322,918		4,356,159
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		1,454,055		19,687,906
MM S&P 500 Index Fund, Class I (a)		701,597		14,017,910
				130,662,631
Fixed Income Funds — 3.2%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		127,392		1,222,967
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		125,924		1,313,391
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		61,561		426,616
State Street Institutional U.S. Government Money Market Fund		1,138,264		1,138,264

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		24,581	$	240,400
				4,341,638
TOTAL MUTUAL FUNDS (Cost $134,092,619)				135,004,269
TOTAL LONG-TERM INVESTMENTS (Cost $134,092,619)				135,004,269
TOTAL INVESTMENTS — 100.1% (Cost $134,092,619) (b)				135,004,269
Other Assets/(Liabilities) — (0.1)%				(74,551	)
NET ASSETS — 100.0%			$	134,929,718

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

38

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual 20/80 Allocation Fund			MassMutual 40/60 Allocation Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) (a)	$	21,242,529		$	28,123,711
Investments, at value - affiliated issuers (Note 2 & 7) (b)		167,910,337			199,142,865
Total investments		189,152,866			227,266,576
Receivables from:
Investments sold
Regular delivery		294,939			158,650
Fund shares sold		11,141			84,016
Investment adviser (Note 3)		12,049			7,380
Dividends		144,610			115,811
Prepaid expenses		53,701			53,703
Total assets		189,669,306			227,686,136
Liabilities:
Payables for:
Investments purchased
Regular delivery		18,972			19,987
Fund shares repurchased		268,539			241,119
Trustees’ fees and expenses (Note 3)		20,655			34,673
Affiliates (Note 3):
Administration fees		51,929			56,018
Service fees		17,056			69,974
Distribution fees		3,706			12,168
Accrued expense and other liabilities		45,931			49,328
Total liabilities		426,788			483,267
Net assets	$	189,242,518		$	227,202,869
Net assets consist of:
Paid-in capital	$	197,172,961		$	230,002,799
Accumulated Gain (Loss)		(7,930,443	)		(2,799,930	)
Net assets	$	189,242,518		$	227,202,869

(a)	Cost of investments - unaffiliated issuers:	$	20,935,840	$	26,736,844
(b)	Cost of investments - affiliated issuers:	$	177,342,783	$	207,224,134

The accompanying notes are an integral part of the financial statements.

40

MassMutual 60/40 Allocation Fund		MassMutual 80/20 Allocation Fund		MassMutual RetireSMART by JPMorgan In Retirement Fund		MassMutual RetireSMART by JPMorgan 2020 Fund			MassMutual RetireSMART by JPMorgan 2025 Fund
$	26,420,092	$	22,790,281	$	22,923,988	$	46,332,370		$	35,722,142
	175,733,197		120,846,516		85,477,602		166,906,855			144,175,338
	202,153,289		143,636,797		108,401,590		213,239,225			179,897,480
	—		—		1,289,425		4,635,600			2,974,227
	67,715		52,837		34,845		65,896			105,673
	8,301		7,369		12,912		11,892			16,247
	82,425		47,752		62,945		131,646			85,736
	53,700		53,700		64,023		65,668			67,238
	202,365,430		143,798,455		109,865,740		218,149,927			183,146,601
	23,684		36,302		12,897		27,093			21,055
	55,791		18,434		1,323,546		4,699,958			3,062,452
	28,197		10,034		33,775		58,024			15,238
	55,304		40,327		39,128		50,102			45,218
	47,635		36,289		28,692		57,688			57,082
	7,625		10,936		12,879		28,068			33,350
	45,951		35,228		75,975		74,918			61,968
	264,187		187,550		1,526,892		4,995,851			3,296,363
$	202,101,243	$	143,610,905	$	108,338,848	$	213,154,076		$	179,850,238
$	196,532,387	$	137,441,849	$	107,088,834	$	214,843,670		$	179,121,117
	5,568,856		6,169,056		1,250,014		(1,689,594	)		729,121
$	202,101,243	$	143,610,905	$	108,338,848	$	213,154,076		$	179,850,238

$	24,114,156	$	19,723,065	$	22,994,281	$	46,172,878	$	34,766,134
$	177,398,775	$	121,422,390	$	90,066,251	$	176,110,551	$	152,124,533

The accompanying notes are an integral part of the financial statements.

41

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual 20/80 Allocation Fund		MassMutual 40/60 Allocation Fund
Class I shares:
Net assets	$	14,118,734	$	50,420,916
Shares outstanding (a)		1,485,956		5,335,626
Net asset value, offering price and redemption price per share	$	9.50	$	9.45
Class R5 shares:
Net assets	$	7,868,259	$	7,328,212
Shares outstanding (a)		829,302		774,462
Net asset value, offering price and redemption price per share	$	9.49	$	9.46
Service Class shares:
Net assets	$	118,453,001	$	16,101,845
Shares outstanding (a)		12,482,985		1,691,686
Net asset value, offering price and redemption price per share	$	9.49	$	9.52
Administrative Class shares:
Net assets	$	21,242,345	$	36,839,081
Shares outstanding (a)		2,230,216		3,870,947
Net asset value, offering price and redemption price per share	$	9.52	$	9.52
Class A shares:
Net assets	$	17,006,800	$	53,818,372
Shares outstanding (a)		1,774,800		5,631,091
Net asset value, and redemption price per share	$	9.58	$	9.56
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.14	$	10.12
Class R4 shares:
Net assets	$	3,542,197	$	40,748,338
Shares outstanding (a)		365,747		4,328,230
Net asset value, offering price and redemption price per share	$	9.68	$	9.41
Class R3 shares:
Net assets	$	7,011,182	$	21,946,105
Shares outstanding (a)		746,322		2,340,037
Net asset value, offering price and redemption price per share	$	9.39	$	9.38

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

42

MassMutual 60/40 Allocation Fund		MassMutual 80/20 Allocation Fund		MassMutual RetireSMART by JPMorgan In Retirement Fund		MassMutual RetireSMART by JPMorgan 2020 Fund		MassMutual RetireSMART by JPMorgan 2025 Fund
$	32,152,162	$	41,122,562	$	16,656,753	$	49,311,858	$	52,906,797
	3,357,380		3,806,816		1,529,725		4,253,435		4,579,324
$	9.58	$	10.80	$	10.89	$	11.59	$	11.55
$	19,445,144	$	7,124,963	$	4,481,813	$	30,920,126	$	1,363,575
	2,028,837		658,541		410,153		2,672,308		116,628
$	9.58	$	10.82	$	10.93	$	11.57	$	11.69
$	25,710,684	$	14,993,695	$	8,669,401	$	16,397,356	$	6,215,964
	2,668,387		1,383,248		792,185		1,405,618		536,280
$	9.64	$	10.84	$	10.94	$	11.67	$	11.59
$	48,763,087	$	22,296,504	$	26,958,219	$	27,979,144	$	30,953,963
	5,056,575		2,056,285		2,462,943		2,406,429		2,684,149
$	9.64	$	10.84	$	10.95	$	11.63	$	11.53
$	53,842,131	$	27,234,987	$	12,127,839	$	25,121,502	$	10,964,918
	5,553,986		2,511,879		1,109,172		2,170,617		949,672
$	9.69	$	10.84	$	10.93	$	11.57	$	11.55
$	10.25	$	11.47	$	11.57	$	12.24	$	12.22
$	10,021,897	$	13,228,210	$	18,298,168	$	19,710,370	$	26,376,117
	1,048,598		1,240,397		1,702,323		1,739,472		2,327,283
$	9.56	$	10.66	$	10.75	$	11.33	$	11.33
$	12,166,138	$	17,609,984	$	21,146,655	$	43,713,720	$	51,068,904
	1,278,743		1,661,423		1,984,162		3,938,029		4,516,415
$	9.51	$	10.60	$	10.66	$	11.10	$	11.31

The accompanying notes are an integral part of the financial statements.

43

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual RetireSMART by JPMorgan 2030 Fund		MassMutual RetireSMART by JPMorgan 2035 Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) (a)	$	81,928,034	$	33,581,479
Investments, at value - affiliated issuers (Note 2 & 7) (b)		306,089,450		134,775,402
Total investments		388,017,484		168,356,881
Receivables from:
Investments sold
Regular delivery		5,921,982		9,880,244
Fund shares sold		214,891		52,816
Investment adviser (Note 3)		7,229		10,856
Dividends		142,487		38,355
Prepaid expenses		63,314		67,306
Total assets		394,367,387		178,406,458
Liabilities:
Payables for:
Investments purchased
Regular delivery		36,239		4,122
Fund shares repurchased		6,134,155		9,919,271
Trustees’ fees and expenses (Note 3)		55,742		15,986
Affiliates (Note 3):
Administration fees		75,643		43,802
Service fees		93,079		52,494
Distribution fees		52,961		31,232
Accrued expense and other liabilities		88,466		53,572
Total liabilities		6,536,285		10,120,479
Net assets	$	387,831,102	$	168,285,979
Net assets consist of:
Paid-in capital	$	382,512,997	$	162,666,849
Accumulated Gain (Loss)		5,318,105		5,619,130
Net assets	$	387,831,102	$	168,285,979

(a)	Cost of investments - unaffiliated issuers:	$	76,637,353	$	30,384,353
(b)	Cost of investments - affiliated issuers:	$	316,495,550	$	139,574,296

The accompanying notes are an integral part of the financial statements.

44

MassMutual RetireSMART by JPMorgan 2040 Fund		MassMutual RetireSMART by JPMorgan 2045 Fund		MassMutual RetireSMART by JPMorgan 2050 Fund		MassMutual RetireSMART by JPMorgan 2055 Fund		MassMutual RetireSMART by JPMorgan 2060 Fund
$	58,445,536	$	25,976,913	$	41,229,793	$	13,388,247	$	4,566,829
	226,661,368		95,907,858		155,560,844		50,504,069		17,296,975
	285,106,904		121,884,771		196,790,637		63,892,316		21,863,804
	6,266,182		6,389,896		3,115,316		957,232		173,436
	140,761		48,603		88,160		124,924		39,226
	10,401		15,877		15,146		17,748		17,228
	52,132		16,714		25,849		8,368		2,784
	64,561		67,285		62,059		60,408		51,836
	291,640,941		128,423,146		200,097,167		65,060,996		22,148,314
	4,080		687		1,020		331		113
	6,404,963		6,437,638		3,202,139		1,081,722		212,262
	34,210		9,611		17,188		2,444		708
	60,385		37,978		47,484		28,810		21,182
	59,057		40,173		37,738		21,064		1,915
	32,595		23,050		20,487		15,056		903
	66,548		44,799		51,278		34,857		30,874
	6,661,838		6,593,936		3,377,334		1,184,284		267,957
$	284,979,103	$	121,829,210	$	196,719,833	$	63,876,712	$	21,880,357
$	270,576,495	$	114,293,940	$	186,099,201	$	60,601,764	$	20,858,928
	14,402,608		7,535,270		10,620,632		3,274,948		1,021,429
$	284,979,103	$	121,829,210	$	196,719,833	$	63,876,712	$	21,880,357

$	52,509,307	$	22,861,940	$	36,508,318	$	11,891,205	$	4,117,908
$	231,907,033	$	98,248,875	$	158,505,803	$	51,997,627	$	18,020,353

The accompanying notes are an integral part of the financial statements.

45

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual RetireSMART by JPMorgan 2030 Fund		MassMutual RetireSMART by JPMorgan 2035 Fund
Class I shares:
Net assets	$	66,214,333	$	48,995,075
Shares outstanding (a)		5,517,225		4,021,562
Net asset value, offering price and redemption price per share	$	12.00	$	12.18
Class R5 shares:
Net assets	$	83,047,321	$	3,380,881
Shares outstanding (a)		6,956,799		277,011
Net asset value, offering price and redemption price per share	$	11.94	$	12.20
Service Class shares:
Net assets	$	27,067,367	$	7,397,890
Shares outstanding (a)		2,248,840		597,117
Net asset value, offering price and redemption price per share	$	12.04	$	12.39
Administrative Class shares:
Net assets	$	64,602,259	$	27,086,291
Shares outstanding (a)		5,384,442		2,199,382
Net asset value, offering price and redemption price per share	$	12.00	$	12.32
Class A shares:
Net assets	$	32,257,096	$	9,098,124
Shares outstanding (a)		2,702,086		741,814
Net asset value, and redemption price per share	$	11.94	$	12.26
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	12.63	$	12.97
Class R4 shares:
Net assets	$	28,284,738	$	22,243,026
Shares outstanding (a)		2,401,049		1,838,171
Net asset value, offering price and redemption price per share	$	11.78	$	12.10
Class R3 shares:
Net assets	$	86,357,988	$	50,084,692
Shares outstanding (a)		7,480,353		4,153,910
Net asset value, offering price and redemption price per share	$	11.54	$	12.06

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

46

MassMutual RetireSMART by JPMorgan 2040 Fund		MassMutual RetireSMART by JPMorgan 2045 Fund		MassMutual RetireSMART by JPMorgan 2050 Fund		MassMutual RetireSMART by JPMorgan 2055 Fund		MassMutual RetireSMART by JPMorgan 2060 Fund
$	55,231,805	$	31,481,182	$	31,770,556	$	14,767,920	$	13,540,396
	4,489,552		2,540,360		3,505,977		1,381,145		1,273,285
$	12.30	$	12.39	$	9.06	$	10.69	$	10.63
$	57,560,680	$	1,391,532	$	50,193,316	$	1,024,255	$	224,229
	4,680,625		112,227		5,548,912		95,722		21,078
$	12.30	$	12.40	$	9.05	$	10.70	$	10.64
$	21,490,124	$	3,572,786	$	10,851,465	$	3,045,846	$	2,608,447
	1,737,601		287,760		1,191,118		283,340		246,583
$	12.37	$	12.42	$	9.11	$	10.75	$	10.58
$	57,629,493	$	21,580,290	$	43,072,893	$	11,071,625	$	2,529,728
	4,689,406		1,749,596		4,751,711		1,038,975		239,584
$	12.29	$	12.33	$	9.06	$	10.66	$	10.56
$	19,778,262	$	7,575,458	$	10,882,101	$	1,890,612	$	364,941
	1,617,663		616,265		1,205,189		174,672		34,457
$	12.23	$	12.29	$	9.03	$	10.82	$	10.59
$	12.94	$	13.01	$	9.56	$	11.45	$	11.21
$	19,655,072	$	18,756,185	$	15,290,852	$	6,834,983	$	1,120,752
	1,631,970		1,550,790		1,713,094		645,267		106,149
$	12.04	$	12.09	$	8.93	$	10.59	$	10.56
$	53,633,667	$	37,471,777	$	34,658,650	$	25,241,471	$	1,491,864
	4,554,045		3,107,323		3,922,551		2,397,904		141,803
$	11.78	$	12.06	$	8.84	$	10.53	$	10.52

The accompanying notes are an integral part of the financial statements.

47

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Select T. Rowe Price Retirement Balanced Fund		MassMutual Select T. Rowe Price Retirement 2005 Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) (a)	$	23,733,504	$	3,228,039
Investments, at value - affiliated issuers (Note 2 & 7) (b)		173,048,992		25,523,868
Total investments		196,782,496		28,751,907
Receivables from:
Investments sold
Regular delivery		277,788		35,000
Fund shares sold		22,210		14,570
Investment adviser (Note 3)		19,522		3,495
Dividends		63,714		9,454
Total assets		197,165,730		28,814,426
Liabilities:
Payables for:
Investments purchased
Regular delivery		275,000		46,105
Fund shares repurchased		23,828		3,428
Affiliates (Note 3):
Investment advisory fees		80,199		6,659
Service fees		10,331		2,614
Distribution fees		3,710		981
Total liabilities		393,068		59,787
Net assets	$	196,772,662	$	28,754,639
Net assets consist of:
Paid-in capital	$	193,287,219	$	28,877,392
Accumulated Gain (Loss)		3,485,443		(122,753	)
Net assets	$	196,772,662	$	28,754,639

(a)	Cost of investments - unaffiliated issuers:	$	23,995,985	$	3,273,567
(b)	Cost of investments - affiliated issuers:	$	176,622,602	$	26,358,706

The accompanying notes are an integral part of the financial statements.

48

MassMutual Select T. Rowe Price Retirement 2010 Fund		MassMutual Select T. Rowe Price Retirement 2015 Fund		MassMutual Select T. Rowe Price Retirement 2020 Fund		MassMutual Select T. Rowe Price Retirement 2025 Fund		MassMutual Select T. Rowe Price Retirement 2030 Fund
$	15,872,546	$	17,069,395	$	80,857,211	$	70,922,279	$	129,904,006
	124,545,394		133,391,615		630,658,955		619,424,321		1,448,128,789
	140,417,940		150,461,010		711,516,166		690,346,600		1,578,032,795
	305,856		237,186		1,000,000		1,100,000		2,590,000
	16,170		7,951		151,152		349,489		303,916
	16,990		17,937		92,937		94,776		214,236
	44,054		45,532		203,712		164,699		264,110
	140,801,010		150,769,616		712,963,967		692,055,564		1,581,405,057
	175,000		200,000		1,111,732		1,363,189		2,686,842
	146,126		44,171		34,767		81,870		196,944
	52,527		59,324		322,262		318,048		806,739
	19,354		10,376		98,844		85,734		216,540
	7,739		4,241		31,144		30,768		62,984
	400,746		318,112		1,598,749		1,879,609		3,970,049
$	140,400,264	$	150,451,504	$	711,365,218	$	690,175,955	$	1,577,435,008
$	136,342,655	$	143,353,895	$	665,889,598	$	635,812,980	$	1,391,367,429
	4,057,609		7,097,609		45,475,620		54,362,975		186,067,579
$	140,400,264	$	150,451,504	$	711,365,218	$	690,175,955	$	1,577,435,008

$	15,957,583	$	17,155,471	$	81,342,875	$	71,409,157	$	130,562,987
$	126,078,171	$	133,459,786	$	619,672,131	$	608,821,460	$	1,361,913,031

The accompanying notes are an integral part of the financial statements.

49

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Select T. Rowe Price Retirement Balanced Fund		MassMutual Select T. Rowe Price Retirement 2005 Fund
Class I shares:
Net assets	$	26,099,365	$	17,955,186
Shares outstanding (a)		1,665,874		1,245,332
Net asset value, offering price and redemption price per share	$	15.67	$	14.42
Class M5 shares:
Net assets	$	148,996,519	$	6,680,105
Shares outstanding (a)		9,491,760		464,108
Net asset value, offering price and redemption price per share	$	15.70	$	14.39
Class M4 shares:
Net assets	$	10,488,054	$	2,531,373
Shares outstanding (a)		666,590		175,743
Net asset value, offering price and redemption price per share	$	15.73	$	14.40
Class M3 shares:
Net assets	$	11,188,724	$	1,587,975
Shares outstanding (a)		714,102		110,757
Net asset value, offering price and redemption price per share	$	15.67	$	14.34

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

50

MassMutual Select T. Rowe Price Retirement 2010 Fund		MassMutual Select T. Rowe Price Retirement 2015 Fund		MassMutual Select T. Rowe Price Retirement 2020 Fund		MassMutual Select T. Rowe Price Retirement 2025 Fund		MassMutual Select T. Rowe Price Retirement 2030 Fund
$	79,150,638	$	81,554,985	$	346,537,634	$	431,551,307	$	745,974,873
	5,140,730		5,141,207		21,859,359		25,868,984		42,851,992
$	15.40	$	15.86	$	15.85	$	16.68	$	17.41
$	31,337,236	$	52,198,753	$	209,634,406	$	119,895,543	$	482,633,323
	2,037,320		3,295,516		13,234,769		7,196,022		27,753,657
$	15.38	$	15.84	$	15.84	$	16.66	$	17.39
$	18,227,729	$	9,778,759	$	106,422,439	$	87,677,756	$	246,603,015
	1,183,659		615,695		6,712,899		5,263,102		14,183,461
$	15.40	$	15.88	$	15.85	$	16.66	$	17.39
$	11,684,661	$	6,919,007	$	48,770,739	$	51,051,349	$	102,223,797
	759,078		437,389		3,073,551		3,071,337		5,874,755
$	15.39	$	15.82	$	15.87	$	16.62	$	17.40

The accompanying notes are an integral part of the financial statements.

51

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Select T. Rowe Price Retirement 2035 Fund		MassMutual Select T. Rowe Price Retirement 2040 Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) (a)	$	42,181,332	$	36,971,439
Investments, at value - affiliated issuers (Note 2 & 7) (b)		723,133,334		1,317,267,680
Total investments		765,314,666		1,354,239,119
Receivables from:
Investments sold
Regular delivery		1,250,000		150,000
Fund shares sold		387,539		458,712
Investment adviser (Note 3)		109,379		191,670
Dividends		75,670		55,760
Total assets		767,137,254		1,355,095,261
Liabilities:
Payables for:
Investments purchased
Regular delivery		1,369,317		514,431
Fund shares repurchased		263,388		85,771
Affiliates (Note 3):
Investment advisory fees		389,876		745,432
Service fees		98,053		182,728
Distribution fees		27,626		50,715
Total liabilities		2,148,260		1,579,077
Net assets	$	764,988,994	$	1,353,516,184
Net assets consist of:
Paid-in capital	$	669,450,305	$	1,138,152,507
Accumulated Gain (Loss)		95,538,689		215,363,677
Net assets	$	764,988,994	$	1,353,516,184

(a)	Cost of investments - unaffiliated issuers:	$	42,253,594	$	36,923,248
(b)	Cost of investments - affiliated issuers:	$	682,404,987	$	1,207,698,485

The accompanying notes are an integral part of the financial statements.

52

MassMutual Select T. Rowe Price Retirement 2045 Fund		MassMutual Select T. Rowe Price Retirement 2050 Fund		MassMutual Select T. Rowe Price Retirement 2055 Fund		MassMutual Select T. Rowe Price Retirement 2060 Fund
$	10,964,015	$	13,057,122	$	3,464,925	$	1,378,664
	583,544,321		909,727,338		348,526,239		133,625,605
	594,508,336		922,784,460		351,991,164		135,004,269
	—		500,000		200,000		75,000
	447,920		566,472		272,482		273,110
	84,324		122,338		45,534		16,785
	4,426		4,347		1,480		573
	595,045,006		923,977,617		352,510,660		135,369,737
	267,387		993,593		436,155		331,260
	176,823		67,140		34,173		16,078
	319,757		524,294		187,288		70,737
	83,299		131,546		47,802		17,803
	20,743		35,250		13,401		4,141
	868,009		1,751,823		718,819		440,019
$	594,176,997	$	922,225,794	$	351,791,841	$	134,929,718
$	507,962,203	$	775,353,294	$	305,042,787	$	123,849,381
	86,214,794		146,872,500		46,749,054		11,080,337
$	594,176,997	$	922,225,794	$	351,791,841	$	134,929,718

$	10,932,287	$	13,026,918	$	3,464,861	$	1,381,332
$	544,150,663	$	835,161,212	$	328,562,354	$	132,711,287

The accompanying notes are an integral part of the financial statements.

53

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MassMutual Select T. Rowe Price Retirement 2035 Fund		MassMutual Select T. Rowe Price Retirement 2040 Fund
Class I shares:
Net assets	$	473,768,105	$	638,786,745
Shares outstanding (a)		26,144,221		34,292,764
Net asset value, offering price and redemption price per share	$	18.12	$	18.63
Class M5 shares:
Net assets	$	132,170,625	$	416,400,559
Shares outstanding (a)		7,306,446		22,382,696
Net asset value, offering price and redemption price per share	$	18.09	$	18.60
Class M4 shares:
Net assets	$	115,086,599	$	215,159,835
Shares outstanding (a)		6,369,362		11,579,430
Net asset value, offering price and redemption price per share	$	18.07	$	18.58
Class M3 shares:
Net assets	$	43,963,665	$	83,169,045
Shares outstanding (a)		2,429,023		4,468,615
Net asset value, offering price and redemption price per share	$	18.10	$	18.61

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

54

MassMutual Select T. Rowe Price Retirement 2045 Fund		MassMutual Select T. Rowe Price Retirement 2050 Fund		MassMutual Select T. Rowe Price Retirement 2055 Fund		MassMutual Select T. Rowe Price Retirement 2060 Fund
$	371,434,257	$	402,845,913	$	230,652,689	$	65,371,411
	19,618,641		21,102,411		12,129,118		3,447,472
$	18.93	$	19.09	$	19.02	$	18.96
$	86,072,630	$	302,348,203	$	40,420,191	$	39,176,132
	4,553,119		15,856,699		2,128,865		2,071,035
$	18.90	$	19.07	$	18.99	$	18.92
$	102,485,822	$	159,223,585	$	58,353,976	$	23,268,999
	5,435,397		8,366,577		3,080,736		1,234,074
$	18.86	$	19.03	$	18.94	$	18.86
$	34,184,288	$	57,808,093	$	22,364,985	$	7,113,176
	1,806,966		3,035,120		1,180,186		377,154
$	18.92	$	19.05	$	18.95	$	18.86

The accompanying notes are an integral part of the financial statements.

55

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual 20/80 Allocation Fund			MassMutual 40/60 Allocation Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	972,230		$	967,505
Dividends - affiliated issuers (Note 7)		4,172,224			4,043,318
Total investment income		5,144,454			5,010,823
Expenses (Note 3):
Custody fees		5,256			5,065
Audit fees		20,460			20,462
Legal fees		2,434			2,689
Proxy fees		527			527
Accounting & Administration fees		16,665			16,668
Shareholder reporting fees		13,952			15,027
Trustees’ fees		4,008			4,695
Registration and filing fees		49,763			49,762
Transfer agent fees		1,469			1,471
		114,534			116,366
Administration fees:
Class R5		4,041			4,778
Service Class		122,758			16,612
Administrative Class		34,773			59,318
Class A		28,024			87,380
Class R4		3,960			36,489
Class R3		5,833			16,786
Distribution and Service fees:
Class A		23,354			72,817
Class R4		4,950			45,611
Class R3		14,584			41,966
Total expenses		356,811			498,123
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(6,802	)		(10,733	)
Class R5 fees reimbursed by adviser		(2,997	)		(1,973	)
Service Class fees reimbursed by adviser		(45,457	)		(3,476	)
Administrative Class fees reimbursed by adviser		(8,561	)		(8,269	)
Class A fees reimbursed by adviser		(6,902	)		(12,161	)
Class R4 fees reimbursed by adviser		(1,463	)		(7,652	)
Class R3 fees reimbursed by adviser		(2,172	)		(3,560	)
Net expenses:		282,457			450,299
Net investment income (loss)		4,861,997			4,560,524
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		42,383			35,454
Investment transactions - affiliated issuers (Note 7)		462,376			282,985
Realized gain distributions - affiliated issuers (Note 7)		7,082,986			14,010,369
Net realized gain (loss)		7,587,745			14,328,808
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(1,622,578	)		(1,769,549	)
Investment transactions - affiliated issuers (Note 7)		(19,202,167	)		(23,722,703	)
Net change in unrealized appreciation (depreciation)		(20,824,745	)		(25,492,252	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(13,237,000	)		(11,163,444	)
Net increase (decrease) in net assets resulting from operations	$	(8,375,003	)	$	(6,602,920	)

The accompanying notes are an integral part of the financial statements.

56

MassMutual 60/40 Allocation Fund			MassMutual 80/20 Allocation Fund			MassMutual RetireSMART by JPMorgan In Retirement Fund			MassMutual RetireSMART by JPMorgan 2020 Fund			MassMutual RetireSMART by JPMorgan 2025 Fund
$	861,803		$	621,003		$	444,266		$	964,473		$	986,835
	3,021,611			1,811,479			2,191,483			4,775,153			3,518,225
	3,883,414			2,432,482			2,635,749			5,739,626			4,505,060
	4,823			5,187			7,373			6,637			6,822
	20,254			20,248			20,453			20,565			20,255
	2,637			1,794			1,795			3,571			2,926
	527			527			527			527			527
	16,669			16,666			15,434			16,786			16,780
	14,245			10,953			17,322			20,469			16,640
	4,412			2,788			3,282			6,411			4,413
	49,763			49,762			49,157			49,697			49,489
	1,468			1,469			1,469			1,469			1,469
	114,798			109,394			116,812			126,132			119,321
	11,265			3,894			2,412			17,022			697
	25,548			16,017			9,703			23,308			7,818
	80,440			34,268			45,951			51,084			51,185
	84,432			44,798			20,891			44,467			19,491
	10,259			13,840			12,130			21,018			26,727
	12,964			18,460			21,716			47,151			56,910
	70,360			37,332			17,409			37,056			16,243
	12,824			17,300			15,163			26,272			33,409
	32,408			46,150			54,290			117,877			142,274
	455,298			341,453			316,477			511,387			474,075
	(7,598	)		(11,531	)		(13,093	)		(16,277	)		(30,846	)
	(5,385	)		(2,180	)		(3,643	)		(11,200	)		(785	)
	(6,150	)		(4,521	)		(7,376	)		(7,573	)		(4,383	)
	(12,806	)		(6,463	)		(23,309	)		(11,133	)		(19,210	)
	(13,522	)		(8,357	)		(10,643	)		(9,777	)		(7,305	)
	(2,460	)		(3,907	)		(9,244	)		(6,911	)		(15,043	)
	(3,099	)		(5,204	)		(16,519	)		(15,570	)		(32,013	)
	404,278			299,290			232,650			432,946			364,490
	3,479,136			2,133,192			2,403,099			5,306,680			4,140,570
	46,221			35,685			512,379			1,980,772			1,636,784
	1,817,792			1,400,871			1,627,069			4,743,609			3,688,236
	19,085,809			15,710,895			5,162,041			11,267,199			12,035,174
	20,949,822			17,147,451			7,301,489			17,991,580			17,360,194
	(1,470,894	)		(1,014,297	)		(1,794,186	)		(4,639,814	)		(3,988,986	)
	(23,347,844	)		(17,939,993	)		(11,120,619	)		(24,940,931	)		(22,370,400	)
	(24,818,738	)		(18,954,290	)		(12,914,805	)		(29,580,745	)		(26,359,386	)
	(3,868,916	)		(1,806,839	)		(5,613,316	)		(11,589,165	)		(8,999,192	)
$	(389,780	)	$	326,353		$	(3,210,217	)	$	(6,282,485	)	$	(4,858,622	)

The accompanying notes are an integral part of the financial statements.

57

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual RetireSMART by JPMorgan 2030 Fund			MassMutual RetireSMART by JPMorgan 2035 Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	2,270,107		$	993,371
Dividends - affiliated issuers (Note 7)		6,773,108			2,664,407
Total investment income		9,043,215			3,657,778
Expenses (Note 3):
Custody fees		6,541			6,474
Audit fees		20,482			20,459
Legal fees		5,444			2,504
Proxy fees		527			527
Accounting & Administration fees		16,912			16,836
Shareholder reporting fees		24,541			14,381
Trustees’ fees		9,026			3,560
Registration and filing fees		49,331			49,089
Transfer agent fees		1,471			1,469
		134,275			115,299
Administration fees:
Class R5		41,637			1,804
Service Class		36,800			7,851
Administrative Class		110,422			48,138
Class A		55,890			19,607
Class R4		30,010			23,118
Class R3		87,574			52,730
Distribution and Service fees:
Class A		46,574			16,339
Class R4		37,512			28,898
Class R3		218,936			131,824
Total expenses		799,630			445,608
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(8,104	)		(19,534	)
Class R5 fees reimbursed by adviser		(10,385	)		(1,353	)
Service Class fees reimbursed by adviser		(4,554	)		(2,944	)
Administrative Class fees reimbursed by adviser		(9,197	)		(12,029	)
Class A fees reimbursed by adviser		(4,635	)		(4,891	)
Class R4 fees reimbursed by adviser		(3,740	)		(8,652	)
Class R3 fees reimbursed by adviser		(10,947	)		(19,729	)
Net expenses:		748,068			376,476
Net investment income (loss)		8,295,147			3,281,302
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		2,247,366			1,309,499
Investment transactions - affiliated issuers (Note 7)		7,001,561			4,030,186
Realized gain distributions - affiliated issuers (Note 7)		30,983,017			16,236,548
Net realized gain (loss)		40,231,944			21,576,233
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(6,808,224	)		(2,951,751	)
Investment transactions - affiliated issuers (Note 7)		(49,204,662	)		(23,749,940	)
Net change in unrealized appreciation (depreciation)		(56,012,886	)		(26,701,691	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(15,780,942	)		(5,125,458	)
Net increase (decrease) in net assets resulting from operations	$	(7,485,795	)	$	(1,844,156	)

The accompanying notes are an integral part of the financial statements.

58

MassMutual RetireSMART by JPMorgan 2040 Fund			MassMutual RetireSMART by JPMorgan 2045 Fund			MassMutual RetireSMART by JPMorgan 2050 Fund			MassMutual RetireSMART by JPMorgan 2055 Fund			MassMutual RetireSMART by JPMorgan 2060 Fund
$	1,702,922		$	762,843		$	1,179,206		$	376,488		$	133,883
	3,810,630			1,395,793			2,168,042			684,825			247,960
	5,513,552			2,158,636			3,347,248			1,061,313			381,843
	6,467			6,996			7,045			7,335			7,968
	20,469			20,453			20,459			20,240			20,236
	3,806			1,752			2,431			824			260
	527			527			527			527			527
	16,922			16,837			16,888			16,834			16,835
	18,326			11,687			13,597			8,811			7,640
	6,207			2,500			3,515			1,236			389
	49,562			49,088			48,985			49,202			44,304
	1,471			1,469			1,467			1,468			1,469
	123,757			111,309			114,914			106,477			99,628
	28,929			691			25,078			576			134
	25,492			4,246			11,931			3,172			2,372
	98,611			38,827			70,948			16,896			3,471
	36,494			15,243			20,282			5,867			870
	20,668			19,193			15,788			7,447			1,091
	54,050			38,712			34,335			24,506			1,505
	30,411			12,702			16,902			4,889			725
	25,834			23,992			19,735			9,309			1,364
	135,124			96,780			85,837			61,264			3,762
	579,370			361,695			415,750			240,403			114,922
	(11,169	)		(23,773	)		(13,639	)		(23,564	)		(63,504	)
	(12,218	)		(1,037	)		(23,506	)		(1,836	)		(1,193	)
	(5,329	)		(3,158	)		(5,575	)		(5,090	)		(10,537	)
	(13,916	)		(19,373	)		(22,180	)		(18,202	)		(10,269	)
	(5,136	)		(7,556	)		(6,323	)		(6,169	)		(2,586	)
	(4,371	)		(14,359	)		(7,403	)		(12,015	)		(4,841	)
	(11,447	)		(28,924	)		(16,084	)		(39,599	)		(6,686	)
	515,784			263,515			321,040			133,928			15,306
	4,997,768			1,895,121			3,026,208			927,385			366,537
	1,774,963			944,302			1,148,240			405,983			169,133
	6,045,680			3,607,827			3,498,920			1,885,589			663,720
	29,337,864			13,832,891			21,529,485			6,789,416			2,468,796
	37,158,507			18,385,020			26,176,645			9,080,988			3,301,649
	(4,287,025	)		(1,948,308	)		(2,748,724	)		(914,654	)		(332,814	)
	(39,162,969	)		(18,081,173	)		(26,278,866	)		(9,097,025	)		(3,244,396	)
	(43,449,994	)		(20,029,481	)		(29,027,590	)		(10,011,679	)		(3,577,210	)
	(6,291,487	)		(1,644,461	)		(2,850,945	)		(930,691	)		(275,561	)
$	(1,293,719	)	$	250,660		$	175,263		$	(3,306	)	$	90,976

The accompanying notes are an integral part of the financial statements.

59

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Select T. Rowe Price Retirement Balanced Fund			MassMutual Select T. Rowe Price Retirement 2005 Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	372,036		$	57,206
Dividends - affiliated issuers (Note 7)		4,944,424			724,361
Total investment income		5,316,460			781,567
Expenses (Note 3):
Investment advisory fees:
Class I		51,546			36,774
Class M5		416,846			22,028
Class M4		31,901			7,783
Class M3		16,727			4,593
Distribution and Service fees:
Class M4		14,607			3,408
Class M3		15,318			4,022
Total expenses		546,945			78,608
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(16,525	)		(12,743	)
Class M5 fees reimbursed by adviser		(96,896	)		(5,625	)
Class M4 fees reimbursed by adviser		(7,425	)		(1,988	)
Class M3 fees reimbursed by adviser		(3,892	)		(1,173	)
Net expenses:		422,207			57,079
Net investment income (loss)		4,894,253			724,488
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		8,390			11,803
Investment transactions - affiliated issuers (Note 7)		2,213,035			164,852
Realized gain distributions - unaffiliated issuers		99,750			15,419
Realized gain distributions - affiliated issuers (Note 7)		8,243,405			1,309,628
Net realized gain (loss)		10,564,580			1,501,702
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(561,328	)		(95,781	)
Investment transactions - affiliated issuers (Note 7)		(19,237,283	)		(2,827,125	)
Net change in unrealized appreciation (depreciation)		(19,798,611	)		(2,922,906	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(9,234,031	)		(1,421,204	)
Net increase (decrease) in net assets resulting from operations	$	(4,339,778	)	$	(696,716	)

The accompanying notes are an integral part of the financial statements.

60

MassMutual Select T. Rowe Price Retirement 2010 Fund			MassMutual Select T. Rowe Price Retirement 2015 Fund			MassMutual Select T. Rowe Price Retirement 2020 Fund			MassMutual Select T. Rowe Price Retirement 2025 Fund			MassMutual Select T. Rowe Price Retirement 2030 Fund
$	263,345		$	269,593		$	1,210,685		$	953,011		$	1,525,675
	3,430,272			3,512,146			16,564,115			14,335,875			28,971,191
	3,693,617			3,781,739			17,774,800			15,288,886			30,496,866
	159,775			169,142			727,443			976,304			1,680,092
	105,774			184,658			867,047			606,007			2,233,005
	56,233			30,103			356,218			297,799			870,824
	38,006			20,947			164,829			167,359			373,894
	24,620			12,755			143,868			114,187			316,894
	33,280			17,752			133,141			128,343			272,120
	417,688			435,357			2,392,546			2,289,999			5,746,829
	(54,540	)		(54,578	)		(246,525	)		(323,798	)		(538,631	)
	(26,619	)		(44,411	)		(208,359	)		(145,214	)		(493,882	)
	(14,139	)		(7,239	)		(85,607	)		(71,433	)		(192,684	)
	(9,560	)		(5,040	)		(39,631	)		(40,150	)		(82,739	)
	312,830			324,089			1,812,424			1,709,404			4,438,893
	3,380,787			3,457,650			15,962,376			13,579,482			26,057,973
	23,024			31,599			(55,077	)		35,412			(95,220	)
	2,067,317			3,538,069			17,041,815			18,263,469			25,614,950
	70,467			73,795			338,540			278,036			491,796
	7,072,923			7,923,395			41,651,434			44,829,260			121,946,435
	9,233,731			11,566,858			58,976,712			63,406,177			147,957,961
	(411,628	)		(434,523	)		(1,755,180	)		(1,413,958	)		(2,017,147	)
	(15,517,818	)		(18,075,182	)		(90,021,984	)		(91,782,612	)		(211,032,105	)
	(15,929,446	)		(18,509,705	)		(91,777,164	)		(93,196,570	)		(213,049,252	)
	(6,695,715	)		(6,942,847	)		(32,800,452	)		(29,790,393	)		(65,091,291	)
$	(3,314,928	)	$	(3,485,197	)	$	(16,838,076	)	$	(16,210,911	)	$	(39,033,318	)

The accompanying notes are an integral part of the financial statements.

61

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MassMutual Select T. Rowe Price Retirement 2035 Fund			MassMutual Select T. Rowe Price Retirement 2040 Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	438,298		$	620,372
Dividends - affiliated issuers (Note 7)		12,852,218			21,959,483
Total investment income		13,290,516			22,579,855
Expenses (Note 3):
Investment advisory fees:
Class I		1,121,649			1,379,821
Class M5		805,473			2,256,258
Class M4		410,126			799,883
Class M3		163,381			325,832
Distribution and Service fees:
Class M4		143,001			269,866
Class M3		113,934			219,860
Total expenses		2,757,564			5,251,520
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(356,456	)		(424,422	)
Class M5 fees reimbursed by adviser		(179,765	)		(492,350	)
Class M4 fees reimbursed by adviser		(91,590	)		(174,566	)
Class M3 fees reimbursed by adviser		(36,484	)		(71,124	)
Net expenses:		2,093,269			4,089,058
Net investment income (loss)		11,197,247			18,490,797
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		42,140			2,326
Investment transactions - affiliated issuers (Note 7)		12,561,240			20,444,207
Realized gain distributions - unaffiliated issuers		153,313			(150,491	)
Realized gain distributions - affiliated issuers (Note 7)		66,499,665			130,697,881
Net realized gain (loss)		79,256,358			150,993,923
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(600,807	)		(514,395	)
Investment transactions - affiliated issuers (Note 7)		(108,740,594	)		(203,092,718	)
Net change in unrealized appreciation (depreciation)		(109,341,401	)		(203,607,113	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(30,085,043	)		(52,613,190	)
Net increase (decrease) in net assets resulting from operations	$	(18,887,796	)	$	(34,122,393	)

The accompanying notes are an integral part of the financial statements.

62

MassMutual Select T. Rowe Price Retirement 2045 Fund			MassMutual Select T. Rowe Price Retirement 2050 Fund			MassMutual Select T. Rowe Price Retirement 2055 Fund			MassMutual Select T. Rowe Price Retirement 2060 Fund
$	25,339		$	31,613		$	11,243		$	4,399
	9,196,667			14,343,717			5,297,035			1,940,475
	9,222,006			14,375,330			5,308,278			1,944,874
	838,700			914,325			420,704			186,537
	706,381			1,572,049			497,111			141,906
	363,650			578,621			200,148			79,514
	132,190			230,545			83,917			25,897
	119,937			189,588			65,493			26,019
	87,197			151,078			54,920			16,948
	2,248,055			3,636,206			1,322,293			476,821
	(253,728	)		(265,530	)		(115,718	)		(51,334	)
	(143,341	)		(304,802	)		(90,299	)		(25,812	)
	(73,831	)		(112,210	)		(36,371	)		(14,462	)
	(26,837	)		(44,712	)		(15,249	)		(4,710	)
	1,750,318			2,908,952			1,064,656			380,503
	7,471,688			11,466,378			4,243,622			1,564,371
	57,173			82,804			32,627			7,524
	8,253,877			10,213,251			4,081,937			1,770,326
	25,808			36,644			13,185			5,003
	58,970,118			92,611,083			34,125,956			12,509,152
	67,306,976			102,943,782			38,253,705			14,292,005
	(79,595	)		(141,523	)		(52,546	)		(15,037	)
	(89,797,168	)		(136,732,332	)		(51,174,213	)		(19,188,717	)
	(89,876,763	)		(136,873,855	)		(51,226,759	)		(19,203,754	)
	(22,569,787	)		(33,930,073	)		(12,973,054	)		(4,911,749	)
$	(15,098,099	)	$	(22,463,695	)	$	(8,729,432	)	$	(3,347,378	)

The accompanying notes are an integral part of the financial statements.

63

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual 20/80 Allocation Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,861,997		$	4,853,510
Net realized gain (loss)		7,587,745			12,231,136
Net change in unrealized appreciation (depreciation)		(20,824,745	)		(568,220	)
Net increase (decrease) in net assets resulting from operations		(8,375,003	)		16,516,426
Distributions to shareholders (Note 2):
Class I		(1,238,827	)		(1,021,241	)
Class R5		(600,769	)		(374,459	)
Service Class		(8,033,664	)		(6,084,666	)
Administrative Class		(1,380,292	)		(1,730,543	)
Class A		(1,138,922	)		(1,019,820	)
Class R4		(245,146	)		(166,392	)
Class R3		(352,697	)		(350,793	)
Total distributions		(12,990,317	)		(10,747,914	)
Net fund share transactions (Note 5):
Class I		(2,893,026	)		640,552
Class R5		2,726,861			10,857
Service Class		8,109,408			5,939,309
Administrative Class		(3,429,611	)		(8,031,556	)
Class A		(846,319	)		(2,836,256	)
Class R4		(302,179	)		(2,723,094	)
Class R3		1,898,801			(1,397,985	)
Increase (decrease) in net assets from fund share transactions		5,263,935			(8,398,173	)
Total increase (decrease) in net assets		(16,101,385	)		(2,629,661	)
Net assets
Beginning of period		205,343,903			207,973,564
End of period	$	189,242,518		$	205,343,903

The accompanying notes are an integral part of the financial statements.

64

MassMutual 40/60 Allocation Fund						MassMutual 60/40 Allocation Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	4,560,524		$	4,354,969		$	3,479,136		$	3,278,539
	14,328,808			17,886,148			20,949,822			22,260,237
	(25,492,252	)		6,944,147			(24,818,738	)		14,518,027
	(6,602,920	)		29,185,264			(389,780	)		40,056,803
	(4,148,911	)		(2,350,248	)		(3,794,867	)		(1,097,223	)
	(1,032,740	)		(542,748	)		(3,219,903	)		(691,355	)
	(1,343,448	)		(932,924	)		(3,146,970	)		(1,000,979	)
	(3,071,255	)		(2,544,613	)		(6,382,082	)		(2,459,971	)
	(4,443,631	)		(3,312,929	)		(6,723,767	)		(2,120,316	)
	(2,964,646	)		(1,469,659	)		(1,207,371	)		(353,565	)
	(1,638,358	)		(432,892	)		(1,497,170	)		(540,657	)
	(18,642,989	)		(11,586,013	)		(25,972,130	)		(8,264,066	)
	8,651,254			7,292,276			7,332,516			3,482,192
	(69,012	)		(1,499,097	)		2,066,219			2,615,974
	903,785			(2,067,919	)		4,350,413			(4,198,629	)
	(3,592,500	)		(12,663,811	)		(6,263,006	)		(8,045,715	)
	(2,008,463	)		(12,990,498	)		3,579,214			(10,730,727	)
	12,056,595			798,555			505,028			(1,056,129	)
	17,057,675			(1,984,417	)		(576,431	)		(3,691,482	)
	32,999,334			(23,114,911	)		10,993,953			(21,624,516	)
	7,753,425			(5,515,660	)		(15,367,957	)		10,168,221
	219,449,444			224,965,104			217,469,200			207,300,979
$	227,202,869		$	219,449,444		$	202,101,243		$	217,469,200

The accompanying notes are an integral part of the financial statements.

65

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual 80/20 Allocation Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,133,192		$	1,722,728
Net realized gain (loss)		17,147,451			13,817,211
Net change in unrealized appreciation (depreciation)		(18,954,290	)		15,323,675
Net increase (decrease) in net assets resulting from operations		326,353			30,863,614
Distributions to shareholders (Note 2):
Class I		(4,471,193	)		(1,893,092	)
Class R5		(1,041,225	)		(336,870	)
Service Class		(1,807,424	)		(567,307	)
Administrative Class		(2,483,791	)		(1,097,631	)
Class A		(3,033,006	)		(1,301,110	)
Class R4		(1,513,090	)		(587,085	)
Class R3		(1,933,462	)		(913,691	)
Total distributions		(16,283,191	)		(6,696,786	)
Net fund share transactions (Note 5):
Class I		6,660,126			1,992,320
Class R5		620,502			249,411
Service Class		793,314			2,812,159
Administrative Class		1,084,104			(3,618,048	)
Class A		(2,721,615	)		(3,601,539	)
Class R4		560,016			(1,578,998	)
Class R3		413,678			(2,021,783	)
Increase (decrease) in net assets from fund share transactions		7,410,125			(5,766,478	)
Total increase (decrease) in net assets		(8,546,713	)		18,400,350
Net assets
Beginning of period		152,157,618			133,757,268
End of period	$	143,610,905		$	152,157,618

The accompanying notes are an integral part of the financial statements.

66

MassMutual RetireSMART by JPMorgan In Retirement Fund						MassMutual RetireSMART by JPMorgan 2020 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	2,403,099		$	3,910,486		$	5,306,680		$	7,231,280
	7,301,489			19,360,760			17,991,580			32,904,933
	(12,914,805	)		(985,861	)		(29,580,745	)		2,530,103
	(3,210,217	)		22,285,385			(6,282,485	)		42,666,316
	(2,168,614	)		(1,281,353	)		(5,427,736	)		(2,564,369	)
	(583,890	)		(337,121	)		(3,589,231	)		(2,435,234	)
	(1,226,005	)		(998,395	)		(2,853,464	)		(1,803,008	)
	(3,703,959	)		(1,758,950	)		(3,361,305	)		(2,359,066	)
	(1,511,593	)		(4,185,695	)		(2,911,317	)		(4,612,594	)
	(1,429,001	)		(776,122	)		(2,185,392	)		(1,462,041	)
	(2,558,247	)		(1,581,636	)		(5,025,570	)		(2,920,677	)
	(13,181,309	)		(10,919,272	)		(25,354,015	)		(18,156,989	)
	1,794,484			(3,324,278	)		4,937,447			3,910,094
	(1,373,850	)		435,730			(3,669,886	)		(7,984,930	)
	(171,417	)		(7,121,702	)		(9,591,795	)		(8,369,506	)
	(870,438	)		(595,186	)		(10,847,131	)		(7,158,402	)
	(634,622	)		(64,029,196	)		(2,944,846	)		(62,556,049	)
	8,105,276			(3,246,708	)		(1,256,289	)		(7,645,267	)
	1,132,606			(7,370,747	)		653,042			(11,559,220	)
	7,982,039			(85,252,087	)		(22,719,458	)		(101,363,280	)
	(8,409,487	)		(73,885,974	)		(54,355,958	)		(76,853,953	)
	116,748,335			190,634,309			267,510,034			344,363,987
$	108,338,848		$	116,748,335		$	213,154,076		$	267,510,034

The accompanying notes are an integral part of the financial statements.

67

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual RetireSMART by JPMorgan 2025 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,140,570		$	5,264,263
Net realized gain (loss)		17,360,194			32,017,363
Net change in unrealized appreciation (depreciation)		(26,359,386	)		6,087,986
Net increase (decrease) in net assets resulting from operations		(4,858,622	)		43,369,612
Distributions to shareholders (Note 2):
Class I		(6,727,045	)		(3,213,506	)
Class R5		(170,263	)		(33,951	)
Service Class		(1,005,276	)		(561,635	)
Administrative Class		(4,048,008	)		(2,465,327	)
Class A		(1,319,721	)		(4,502,094	)
Class R4		(3,159,331	)		(1,910,226	)
Class R3		(6,859,146	)		(3,819,675	)
Total distributions		(23,288,790	)		(16,506,414	)
Net fund share transactions (Note 5):
Class I		4,525,639			1,684,826
Class R5		193,619			819,887
Service Class		(1,542,124	)		(2,100,359	)
Administrative Class		1,113,167			(8,795,084	)
Class A		(1,169,836	)		(62,530,974	)
Class R4		783,379			(3,749,374	)
Class R3		(213,809	)		(12,799,337	)
Increase (decrease) in net assets from fund share transactions		3,690,035			(87,470,415	)
Total increase (decrease) in net assets		(24,457,377	)		(60,607,217	)
Net assets
Beginning of period		204,307,615			264,914,832
End of period	$	179,850,238		$	204,307,615

The accompanying notes are an integral part of the financial statements.

68

MassMutual RetireSMART by JPMorgan 2030 Fund						MassMutual RetireSMART by JPMorgan 2035 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	8,295,147		$	8,231,055		$	3,281,302		$	2,788,974
	40,231,944			50,277,386			21,576,233			26,891,204
	(56,012,886	)		29,694,014			(26,701,691	)		16,592,101
	(7,485,795	)		88,202,455			(1,844,156	)		46,272,279
	(7,590,627	)		(2,771,252	)		(7,493,815	)		(2,098,478	)
	(9,879,698	)		(3,683,540	)		(507,462	)		(115,358	)
	(4,887,084	)		(2,484,660	)		(1,116,572	)		(375,163	)
	(8,294,775	)		(3,495,256	)		(4,300,099	)		(1,243,039	)
	(3,907,101	)		(4,508,898	)		(1,587,976	)		(1,894,666	)
	(3,261,072	)		(1,617,889	)		(3,138,533	)		(1,043,751	)
	(9,912,512	)		(4,084,867	)		(7,197,154	)		(2,182,956	)
	(47,732,869	)		(22,646,362	)		(25,341,611	)		(8,953,411	)
	9,785,388			6,664,481			2,977,187			3,346,152
	14,994,124			(2,990,481	)		405,507			787,383
	(13,610,423	)		(11,081,271	)		428,731			(1,656,107	)
	(2,641,592	)		(3,876,626	)		(1,172,275	)		(1,214,423	)
	(520,760	)		(68,752,181	)		(3,096,821	)		(36,356,681	)
	(1,581,473	)		(6,053,147	)		1,527,609			(4,455,903	)
	10,830,279			(13,903,673	)		4,258,521			(10,743,198	)
	17,255,543			(99,992,898	)		5,328,459			(50,292,777	)
	(37,963,121	)		(34,436,805	)		(21,857,308	)		(12,973,909	)
	425,794,223			460,231,028			190,143,287			203,117,196
$	387,831,102		$	425,794,223		$	168,285,979		$	190,143,287

The accompanying notes are an integral part of the financial statements.

69

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual RetireSMART by JPMorgan 2040 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,997,768		$	3,764,293
Net realized gain (loss)		37,158,507			37,862,229
Net change in unrealized appreciation (depreciation)		(43,449,994	)		32,747,288
Net increase (decrease) in net assets resulting from operations		(1,293,719	)		74,373,810
Distributions to shareholders (Note 2):
Class I		(7,184,429	)		(883,182	)
Class R5		(7,743,505	)		(1,113,580	)
Service Class		(3,883,802	)		(525,453	)
Administrative Class		(8,831,913	)		(1,007,829	)
Class A		(3,004,403	)		(900,085	)
Class R4		(2,703,434	)		(398,076	)
Class R3		(7,294,397	)		(875,634	)
Total distributions		(40,645,883	)		(5,703,839	)
Net fund share transactions (Note 5):
Class I		10,759,319			3,870,335
Class R5		2,675,824			86,549
Service Class		(2,724,233	)		(3,077,408	)
Administrative Class		1,735,688			295,247
Class A		(2,761,271	)		(36,179,265	)
Class R4		1,000,268			(8,693,510	)
Class R3		8,712,893			(13,335,325	)
Increase (decrease) in net assets from fund share transactions		19,398,488			(57,033,377	)
Total increase (decrease) in net assets		(22,541,114	)		11,636,594
Net assets
Beginning of period		307,520,217			295,883,623
End of period	$	284,979,103		$	307,520,217

The accompanying notes are an integral part of the financial statements.

70

MassMutual RetireSMART by JPMorgan 2045 Fund						MassMutual RetireSMART by JPMorgan 2050 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	1,895,121		$	1,421,719		$	3,026,208		$	2,105,122
	18,385,020			20,969,325			26,176,645			23,782,150
	(20,029,481	)		15,567,728			(29,027,590	)		23,878,457
	250,660			37,958,772			175,263			49,765,729
	(5,197,007	)		(1,026,207	)		(4,001,187	)		(439,469	)
	(233,390	)		(43,936	)		(6,771,126	)		(1,003,491	)
	(750,930	)		(167,829	)		(1,792,181	)		(233,370	)
	(4,119,090	)		(832,689	)		(6,326,202	)		(693,031	)
	(1,394,259	)		(1,232,845	)		(1,613,009	)		(519,288	)
	(3,070,820	)		(795,600	)		(2,086,826	)		(279,871	)
	(6,234,573	)		(1,619,261	)		(4,577,472	)		(546,001	)
	(21,000,069	)		(5,718,367	)		(27,168,003	)		(3,714,521	)
	6,322,763			3,379,864			9,000,982			3,190,555
	297,802			168,831			6,386,415			(2,908,732	)
	(389,683	)		(723,264	)		(115,798	)		(137,559	)
	(1,170,819	)		2,121,410			2,994,079			3,017,064
	(2,759,750	)		(23,562,563	)		(2,257,767	)		(19,246,407	)
	2,438,899			(3,160,347	)		1,119,851			(2,853,407	)
	3,680,050			(11,948,690	)		4,875,871			(6,081,271	)
	8,419,262			(33,724,759	)		22,003,633			(25,019,757	)
	(12,330,147	)		(1,484,354	)		(4,989,107	)		21,031,451
	134,159,357			135,643,711			201,708,940			180,677,489
$	121,829,210		$	134,159,357		$	196,719,833		$	201,708,940

The accompanying notes are an integral part of the financial statements.

71

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual RetireSMART by JPMorgan 2055 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	927,385		$	643,885
Net realized gain (loss)		9,080,988			8,513,792
Net change in unrealized appreciation (depreciation)		(10,011,679	)		7,891,642
Net increase (decrease) in net assets resulting from operations		(3,306	)		17,049,319
Distributions to shareholders (Note 2):
Class I		(2,006,510	)		(578,530	)
Class R5		(140,902	)		(41,165	)
Service Class		(427,079	)		(143,426	)
Administrative Class		(1,486,503	)		(443,948	)
Class A		(278,324	)		(613,895	)
Class R4		(978,197	)		(417,683	)
Class R3		(3,173,283	)		(1,317,852	)
Class M5		—			—
Class M4		—			—
Class M3		—			—
Total distributions		(8,490,798	)		(3,556,499	)
Net fund share transactions (Note 5):
Class I		2,753,814			2,423,753
Class R5		(391,005	)		682,992
Service Class		190,355			209,875
Administrative Class		1,610,435			1,697,156
Class A		(4,170,136	)		(6,251,387	)
Class R4		38,759			(608,359	)
Class R3		4,600,610			(5,132,943	)
Class M5		—			—
Class M4		—			—
Class M3		—			—
Increase (decrease) in net assets from fund share transactions		4,632,832			(6,978,913	)
Total increase (decrease) in net assets		(3,861,272	)		6,513,907
Net assets
Beginning of period		67,737,984			61,224,077
End of period	$	63,876,712		$	67,737,984

The accompanying notes are an integral part of the financial statements.

72

MassMutual RetireSMART by JPMorgan 2060 Fund						MassMutual Select T. Rowe Price Retirement Balanced Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	366,537		$	253,947		$	4,894,253		$	2,493,205
	3,301,649			2,246,314			10,564,580			13,616,655
	(3,577,210	)		2,564,704			(19,798,611	)		8,169,359
	90,976			5,064,965			(4,339,778	)		24,279,219
	(1,805,036	)		(679,980	)		(2,585,460	)		(825,060	)
	(29,013	)		(55,034	)		—			—
	(294,339	)		(79,066	)		—			—
	(264,001	)		(70,351	)		—			—
	(59,676	)		(85,769	)		—			—
	(126,810	)		(49,037	)		—			—
	(163,129	)		(109,042	)		—			—
	—			—			(14,662,986	)		(5,404,774	)
	—			—			(981,001	)		(780,868	)
	—			—			(532,352	)		(202,562	)
	(2,742,004	)		(1,128,279	)		(18,761,799	)		(7,213,264	)
	450,330			1,688,197			4,122,672			4,724,907
	(1,110,367	)		397,580			—			—
	864,112			312,652			—			—
	585,954			643,251			—			—
	(192,075	)		(885,058	)		—			—
	232,481			84,937			—			—
	142,130			(741,244	)		—			—
	—			—			14,833,823			13,444,076
	—			—			(2,401,923	)		(7,425,851	)
	—			—			5,536,162			(354,901	)
	972,565			1,500,315			22,090,734			10,388,231
	(1,678,463	)		5,437,001			(1,010,843	)		27,454,186
	23,558,820			18,121,819			197,783,505			170,329,319
$	21,880,357		$	23,558,820		$	196,772,662		$	197,783,505

The accompanying notes are an integral part of the financial statements.

73

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2005 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	724,488		$	523,707
Net realized gain (loss)		1,501,702			3,810,753
Net change in unrealized appreciation (depreciation)		(2,922,906	)		19,058
Net increase (decrease) in net assets resulting from operations		(696,716	)		4,353,518
Distributions to shareholders (Note 2):
Class I		(2,750,646	)		(1,057,591	)
Class M5		(1,254,316	)		(390,897	)
Class M4		(435,381	)		(141,796	)
Class M3		(252,072	)		(55,596	)
Total distributions		(4,692,415	)		(1,645,880	)
Net fund share transactions (Note 5):
Class I		3,683,949			(3,940,725	)
Class M5		340,495			(1,350,703	)
Class M4		(60,207	)		(643,232	)
Class M3		279,639			268,454
Increase (decrease) in net assets from fund share transactions		4,243,876			(5,666,206	)
Total increase (decrease) in net assets		(1,145,255	)		(2,958,568	)
Net assets
Beginning of period		29,899,894			32,858,462
End of period	$	28,754,639		$	29,899,894

The accompanying notes are an integral part of the financial statements.

74

MassMutual Select T. Rowe Price Retirement 2010 Fund						MassMutual Select T. Rowe Price Retirement 2015 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	3,380,787		$	2,149,729		$	3,457,650		$	1,994,474
	9,233,731			12,144,895			11,566,858			11,252,183
	(15,929,446	)		6,664,737			(18,509,705	)		9,859,173
	(3,314,928	)		20,959,361			(3,485,197	)		23,105,830
	(8,034,238	)		(3,326,410	)		(7,318,355	)		(3,224,766	)
	(4,122,512	)		(1,167,166	)		(6,292,593	)		(2,462,179	)
	(2,002,161	)		(1,260,759	)		(911,386	)		(510,957	)
	(1,406,657	)		(526,947	)		(672,724	)		(285,443	)
	(15,565,568	)		(6,281,282	)		(15,195,058	)		(6,483,345	)
	13,104,117			(3,974,695	)		11,865,232			5,060,245
	3,701,380			687,672			(4,135,092	)		3,921,071
	(5,861,932	)		(6,556,405	)		(951,253	)		(2,387,102	)
	(473,545	)		(2,013,476	)		782,214			(985,897	)
	10,470,020			(11,856,904	)		7,561,101			5,608,317
	(8,410,476	)		2,821,175			(11,119,154	)		22,230,802
	148,810,740			145,989,565			161,570,658			139,339,856
$	140,400,264		$	148,810,740		$	150,451,504		$	161,570,658

The accompanying notes are an integral part of the financial statements.

75

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2020 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	15,962,376		$	8,885,449
Net realized gain (loss)		58,976,712			68,350,257
Net change in unrealized appreciation (depreciation)		(91,777,164	)		51,903,112
Net increase (decrease) in net assets resulting from operations		(16,838,076	)		129,138,818
Distributions to shareholders (Note 2):
Class I		(34,844,854	)		(12,360,165	)
Class M5		(34,353,981	)		(10,865,930	)
Class M4		(12,573,464	)		(6,678,707	)
Class M3		(5,847,991	)		(2,294,268	)
Total distributions		(87,620,290	)		(32,199,070	)
Net fund share transactions (Note 5):
Class I		83,466,987			2,723,752
Class M5		(31,633,265	)		(8,789,345	)
Class M4		(18,391,641	)		(37,955,502	)
Class M3		496,362			(18,352,574	)
Increase (decrease) in net assets from fund share transactions		33,938,443			(62,373,669	)
Total increase (decrease) in net assets		(70,519,923	)		34,566,079
Net assets
Beginning of period		781,885,141			747,319,062
End of period	$	711,365,218		$	781,885,141

The accompanying notes are an integral part of the financial statements.

76

MassMutual Select T. Rowe Price Retirement 2025 Fund						MassMutual Select T. Rowe Price Retirement 2030 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	13,579,482		$	6,612,046		$	26,057,973		$	11,531,579
	63,406,177			56,088,076			147,957,961			112,428,148
	(93,196,570	)		59,024,566			(213,049,252	)		181,743,340
	(16,210,911	)		121,724,688			(39,033,318	)		305,703,067
	(39,896,413	)		(12,461,008	)		(57,773,560	)		(15,761,035	)
	(20,726,297	)		(6,426,451	)		(64,993,323	)		(16,203,011	)
	(9,222,674	)		(3,433,898	)		(22,804,375	)		(9,523,116	)
	(5,178,774	)		(1,990,274	)		(10,071,168	)		(3,085,222	)
	(75,024,158	)		(24,311,631	)		(155,642,426	)		(44,572,384	)
	101,902,366			43,287,653			232,748,124			62,113,425
	(49,516,540	)		11,256,355			(80,473,445	)		57,784,752
	229,631			(5,003,142	)		(15,655,827	)		(58,359,309	)
	6,458,877			(12,633,520	)		1,822,379			(33,002,711	)
	59,074,334			36,907,346			138,441,231			28,536,157
	(32,160,735	)		134,320,403			(56,234,513	)		289,666,840
	722,336,690			588,016,287			1,633,669,521			1,344,002,681
$	690,175,955		$	722,336,690		$	1,577,435,008		$	1,633,669,521

The accompanying notes are an integral part of the financial statements.

77

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2035 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	11,197,247		$	4,148,036
Net realized gain (loss)		79,256,358			42,634,045
Net change in unrealized appreciation (depreciation)		(109,341,401	)		99,978,517
Net increase (decrease) in net assets resulting from operations		(18,887,796	)		146,760,598
Distributions to shareholders (Note 2):
Class I		(32,763,576	)		(8,473,120	)
Class M5		(20,742,335	)		(5,490,596	)
Class M4		(9,244,410	)		(2,391,669	)
Class M3		(3,608,202	)		(1,372,936	)
Total distributions		(66,358,523	)		(17,728,321	)
Net fund share transactions (Note 5):
Class I		140,861,583			61,811,417
Class M5		(72,364,159	)		17,600,348
Class M4		7,253,798			27,195,717
Class M3		3,801,849			(26,034,441	)
Increase (decrease) in net assets from fund share transactions		79,553,071			80,573,041
Total increase (decrease) in net assets		(5,693,248	)		209,605,318
Net assets
Beginning of period		770,682,242			561,076,924
End of period	$	764,988,994		$	770,682,242

The accompanying notes are an integral part of the financial statements.

78

MassMutual Select T. Rowe Price Retirement 2040 Fund						MassMutual Select T. Rowe Price Retirement 2045 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	18,490,797		$	5,637,091		$	7,471,688		$	1,893,224
	150,993,923			69,096,997			67,306,976			28,073,508
	(203,607,113	)		213,921,745			(89,876,763	)		89,318,652
	(34,122,393	)		288,655,833			(15,098,099	)		119,285,384
	(36,056,081	)		(9,279,529	)		(21,166,192	)		(4,711,717	)
	(53,396,718	)		(11,348,863	)		(16,777,545	)		(3,915,508	)
	(16,502,684	)		(6,713,026	)		(7,420,678	)		(1,690,198	)
	(6,931,706	)		(1,914,156	)		(2,571,996	)		(814,412	)
	(112,887,189	)		(29,255,574	)		(47,936,411	)		(11,131,835	)
	263,427,081			38,354,894			148,669,764			48,406,423
	(111,088,293	)		89,308,820			(87,667,451	)		19,957,383
	(11,736,905	)		(53,092,819	)		22,549,492			14,363,561
	1,013,979			(29,142,186	)		2,469,138			(22,159,855	)
	141,615,862			45,428,709			86,020,943			60,567,512
	(5,393,720	)		304,828,968			22,986,433			168,721,061
	1,358,909,904			1,054,080,936			571,190,564			402,469,503
$	1,353,516,184		$	1,358,909,904		$	594,176,997		$	571,190,564

The accompanying notes are an integral part of the financial statements.

79

MassMutual Target Allocation Funds, MassMutual RetireSMART^SM by JPMorgan Funds, and
MassMutual Select T. Rowe Price Retirement Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2050 Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	11,466,378		$	2,600,288
Net realized gain (loss)		102,943,782			37,523,451
Net change in unrealized appreciation (depreciation)		(136,873,855	)		149,233,866
Net increase (decrease) in net assets resulting from operations		(22,463,695	)		189,357,605
Distributions to shareholders (Note 2):
Class I		(20,743,294	)		(5,153,642	)
Class M5		(31,856,014	)		(7,799,608	)
Class M4		(10,328,244	)		(4,085,747	)
Class M3		(4,275,899	)		(1,220,747	)
Total distributions		(67,203,451	)		(18,259,744	)
Net fund share transactions (Note 5):
Class I		168,582,715			50,555,390
Class M5		(68,215,257	)		59,353,995
Class M4		13,316,092			(21,630,882	)
Class M3		2,499,981			(11,460,628	)
Increase (decrease) in net assets from fund share transactions		116,183,531			76,817,875
Total increase (decrease) in net assets		26,516,385			247,915,736
Net assets
Beginning of period		895,709,409			647,793,673
End of period	$	922,225,794		$	895,709,409

The accompanying notes are an integral part of the financial statements.

80

MassMutual Select T. Rowe Price Retirement 2055 Fund						MassMutual Select T. Rowe Price Retirement 2060 Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	4,243,622		$	930,049		$	1,564,371		$	240,505
	38,253,705			14,304,856			14,292,005			5,236,544
	(51,226,759	)		50,214,000			(19,203,754	)		14,212,964
	(8,729,432	)		65,448,905			(3,347,378	)		19,690,013
	(9,025,508	)		(2,253,961	)		(4,688,197	)		(924,535	)
	(11,205,031	)		(2,902,228	)		(2,856,276	)		(471,099	)
	(3,746,457	)		(931,634	)		(1,576,504	)		(386,399	)
	(1,509,059	)		(521,858	)		(472,782	)		(168,503	)
	(25,486,055	)		(6,609,681	)		(9,593,759	)		(1,950,536	)
	127,044,888			25,438,797			16,180,928			19,809,591
	(82,591,364	)		20,833,986			9,950,891			13,312,034
	14,624,308			8,304,445			5,843,224			1,889,455
	3,034,873			(6,861,974	)		1,443,551			(1,095,127	)
	62,112,705			47,715,254			33,418,594			33,915,953
	27,897,218			106,554,478			20,477,457			51,655,430
	323,894,623			217,340,145			114,452,261			62,796,831
$	351,791,841		$	323,894,623		$	134,929,718		$	114,452,261

The accompanying notes are an integral part of the financial statements.

81

MassMutual 20/80 Allocation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders						Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Tax return of capital	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.60	$ 0.26	$ (0.65)	$ (0.39)	$ (0.33)	$ (0.38)	$ —	$ (0.71)	$ 9.50	(4.05%)b	$ 14,119	0.11%a	0.04%a	5.05%a
9/30/21	10.34	0.28	0.56	0.84	(0.38)	(0.20)	—	(0.58)	10.60	8.35%	18,990	0.12%	0.03%	2.67%
9/30/20	10.15	0.25	0.45	0.70	(0.31)	(0.20)	—	(0.51)	10.34	7.09%	17,848	0.11%	0.02%	2.49%
9/30/19	10.02	0.27	0.37	0.64	(0.32)	(0.19)	—	(0.51)	10.15	6.95%	12,197	0.12%	0.02%	2.78%
9/30/18	10.04	0.23	0.04	0.27	(0.29)	—	—	(0.29)	10.02	2.71%	8,431	0.12%	0.02%	2.27%
9/30/17	9.72	0.09	0.46	0.55	(0.22)	—	(0.01)	(0.23)	10.04	5.86%	6,399	0.12%	0.03%	0.88%
Class R5
3/31/22r	$ 10.59	$ 0.28	$ (0.68)	$ (0.40)	$ (0.32)	$ (0.38)	$ —	$ (0.70)	$ 9.49	(4.12%)b	$ 7,868	0.21%a	0.14%a	5.52%a
9/30/21	10.32	0.27	0.57	0.84	(0.37)	(0.20)	—	(0.57)	10.59	8.37%	6,108	0.22%	0.13%	2.62%
9/30/20	10.14	0.28	0.40	0.68	(0.30)	(0.20)	—	(0.50)	10.32	6.89%	5,946	0.21%	0.12%	2.85%
9/30/19	10.01	0.29	0.34	0.63	(0.31)	(0.19)	—	(0.50)	10.14	6.83%	6,919	0.22%	0.12%	2.96%
9/30/18	10.02	0.34	(0.07)	0.27	(0.28)	—	—	(0.28)	10.01	2.72%	7,023	0.22%	0.13%	3.45%
9/30/17	9.70	0.17	0.37	0.54	(0.21)	—	(0.01)	(0.22)	10.02	5.77%	11,556	0.22%	0.13%	1.76%
Service Class
3/31/22r	$ 10.58	$ 0.25	$ (0.65)	$ (0.40)	$ (0.31)	$ (0.38)	$ —	$ (0.69)	$ 9.49	(4.15%)b	$ 118,453	0.31%a	0.24%a	4.86%a
9/30/21	10.32	0.24	0.59	0.83	(0.37)	(0.20)	—	(0.57)	10.58	8.21%	123,549	0.32%	0.23%	2.27%
9/30/20	10.13	0.05	0.63	0.68	(0.29)	(0.20)	—	(0.49)	10.32	6.90%	114,464	0.31%	0.22%	0.51%
9/30/19	10.01	0.27	0.34	0.61	(0.30)	(0.19)	—	(0.49)	10.13	6.62%	9,225	0.32%	0.22%	2.74%
9/30/18	10.02	0.23	0.03	0.26	(0.27)	—	—	(0.27)	10.01	2.61%	7,882	0.32%	0.22%	2.27%
9/30/17	9.69	0.17	0.37	0.54	(0.20)	—	(0.01)	(0.21)	10.02	5.72%	7,138	0.32%	0.23%	1.80%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	11%	26%	33%	39%	62%	39%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

82

		Income (loss) from investment operations			Less distributions to shareholders						Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Tax return of capital	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.60	$ 0.24	$ (0.66)	$ (0.42)	$ (0.28)	$ (0.38)	$ —	$ (0.66)	$ 9.52	(4.26%)b	$ 21,242	0.41%a	0.34%a	4.73%a
9/30/21	10.33	0.25	0.57	0.82	(0.35)	(0.20)	—	(0.55)	10.60	8.11%	26,944	0.42%	0.33%	2.40%
9/30/20	10.14	0.22	0.44	0.66	(0.27)	(0.20)	—	(0.47)	10.33	6.72%	34,036	0.41%	0.32%	2.17%
9/30/19	10.01	0.28	0.33	0.61	(0.29)	(0.19)	—	(0.48)	10.14	6.57%	32,206	0.42%	0.32%	2.87%
9/30/18	10.02	0.27	(0.02)	0.25	(0.26)	—	—	(0.26)	10.01	2.50%	39,271	0.42%	0.33%	2.72%
9/30/17	9.70	0.16	0.36	0.52	(0.19)	—	(0.01)	(0.20)	10.02	5.53%	52,556	0.42%	0.33%	1.64%
Class A
3/31/22r	$ 10.65	$ 0.23	$ (0.65)	$ (0.42)	$ (0.27)	$ (0.38)	$ —	$ (0.65)	$ 9.58	(4.31%)b	$ 17,007	0.66%a	0.59%a	4.54%a
9/30/21	10.38	0.22	0.57	0.79	(0.32)	(0.20)	—	(0.52)	10.65	7.76%	19,773	0.67%	0.58%	2.08%
9/30/20	10.19	0.23	0.41	0.64	(0.25)	(0.20)	—	(0.45)	10.38	6.45%	22,073	0.66%	0.57%	2.30%
9/30/19	10.05	0.25	0.34	0.59	(0.26)	(0.19)	—	(0.45)	10.19	6.34%	25,898	0.67%	0.57%	2.59%
9/30/18	10.05	0.23	0.00d	0.23	(0.23)	—	—	(0.23)	10.05	2.30%	27,681	0.67%	0.58%	2.25%
9/30/17	9.68	0.15	0.35	0.50	(0.12)	—	(0.01)	(0.13)	10.05	5.29%	32,580	0.67%	0.58%	1.50%
Class R4
3/31/22r	$ 10.76	$ 0.24	$ (0.67)	$ (0.43)	$ (0.27)	$ (0.38)	$ —	$ (0.65)	$ 9.68	(4.36%)b	$ 3,542	0.56%a	0.49%a	4.69%a
9/30/21	10.21	0.26	0.55	0.81	(0.06)	(0.20)	—	(0.26)	10.76	8.00%	4,254	0.57%	0.48%	2.46%
9/30/20	10.04	0.39	0.25	0.64	(0.27)	(0.20)	—	(0.47)	10.21	6.51%	6,643	0.56%	0.47%	3.94%
9/30/19	9.92	0.24	0.35	0.59	(0.28)	(0.19)	—	(0.47)	10.04	6.42%	124,050	0.57%	0.47%	2.47%
9/30/18	9.94	0.22	0.01	0.23	(0.25)	—	—	(0.25)	9.92	2.31%	106,763	0.57%	0.48%	2.24%
9/30/17	9.64	0.13	0.38	0.51	(0.20)	—	(0.01)	(0.21)	9.94	5.41%	98,559	0.57%	0.48%	1.37%
Class R3
3/31/22r	$ 10.45	$ 0.22	$ (0.65)	$ (0.43)	$ (0.25)	$ (0.38)	$ —	$ (0.63)	$ 9.39	(4.44%)b	$ 7,011	0.81%a	0.74%a	4.34%a
9/30/21	10.20	0.21	0.56	0.77	(0.32)	(0.20)	—	(0.52)	10.45	7.64%	5,725	0.82%	0.73%	2.06%
9/30/20	10.01	0.21	0.41	0.62	(0.23)	(0.20)	—	(0.43)	10.20	6.32%	6,964	0.81%	0.72%	2.11%
9/30/19	9.89	0.22	0.34	0.56	(0.25)	(0.19)	—	(0.44)	10.01	6.15%	7,102	0.82%	0.72%	2.30%
9/30/18	9.91	0.20	0.01	0.21	(0.23)	—	—	(0.23)	9.89	2.10%	7,635	0.82%	0.73%	2.03%
9/30/17	9.61	0.10	0.38	0.48	(0.17)	—	(0.01)	(0.18)	9.91	5.13%	7,538	0.82%	0.73%	1.00%

The accompanying notes are an integral part of the financial statements.

83

MassMutual 40/60 Allocation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.57	$ 0.21	$ (0.45)	$ (0.24)	$ (0.33)	$ (0.55)	$ (0.88)	$ 9.45	(2.58%)b	$ 50,421	0.10%a	0.06%a	4.11%a
9/30/21	9.80	0.22	1.11	1.33	(0.33)	(0.23)	(0.56)	10.57	13.89%	47,449	0.11%	0.05%	2.09%
9/30/20	9.93	0.18	0.71	0.89	(0.24)	(0.78)	(1.02)	9.80	9.29%	36,725	0.10%	0.04%	1.94%
9/30/19	10.58	0.21	0.13	0.34	(0.31)	(0.68)	(0.99)	9.93	4.69%	28,843	0.10%	0.04%	2.13%
9/30/18	10.31	0.16	0.47	0.63	(0.34)	(0.02)	(0.36)	10.58	6.21%	12,666	0.09%	0.05%	1.50%
9/30/17	9.53	0.04	0.96	1.00	(0.22)	—	(0.22)	10.31	10.72%	7,078	0.08%	0.07%	0.40%
Class R5
3/31/22r	$ 10.57	$ 0.28	$ (0.52)	$ (0.24)	$ (0.32)	$ (0.55)	$ (0.87)	$ 9.46	(2.57%)b	$ 7,328	0.20%a	0.16%a	5.41%a
9/30/21	9.81	0.23	1.08	1.31	(0.32)	(0.23)	(0.55)	10.57	13.66%	8,580	0.21%	0.15%	2.23%
9/30/20	9.94	0.22	0.65	0.87	(0.22)	(0.78)	(1.00)	9.81	9.12%	9,331	0.20%	0.14%	2.34%
9/30/19	10.57	0.28	0.06	0.34	(0.29)	(0.68)	(0.97)	9.94	4.76%	9,972	0.20%	0.14%	2.88%
9/30/18	10.31	0.29	0.32	0.61	(0.33)	(0.02)	(0.35)	10.57	6.01%	25,611	0.19%	0.15%	2.78%
9/30/17	9.53	0.15	0.84	0.99	(0.21)	—	(0.21)	10.31	10.62%	41,947	0.18%	0.16%	1.52%
Service Class
3/31/22r	$ 10.62	$ 0.20	$ (0.44)	$ (0.24)	$ (0.31)	$ (0.55)	$ (0.86)	$ 9.52	(2.59%)b	$ 16,102	0.30%a	0.26%a	4.03%a
9/30/21	9.85	0.21	1.10	1.31	(0.31)	(0.23)	(0.54)	10.62	13.62%	16,971	0.31%	0.25%	2.06%
9/30/20	9.98	0.13	0.73	0.86	(0.21)	(0.78)	(0.99)	9.85	8.98%	17,683	0.30%	0.24%	1.37%
9/30/19	10.62	0.23	0.10	0.33	(0.29)	(0.68)	(0.97)	9.98	4.53%	11,427	0.30%	0.24%	2.35%
9/30/18	10.35	0.10	0.51	0.61	(0.32)	(0.02)	(0.34)	10.62	5.97%	11,330	0.29%	0.25%	0.96%
9/30/17	9.55	0.17	0.82	0.99	(0.19)	—	(0.19)	10.35	10.53%	4,509	0.28%	0.26%	1.77%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	10%	24%	52%	43%	52%	30%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

84

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.61	$ 0.19	$ (0.44)	$ (0.25)	$ (0.29)	$ (0.55)	$ (0.84)	$ 9.52	(2.64%)b	$ 36,839	0.40%a	0.36%a	3.83%a
9/30/21	9.84	0.21	1.09	1.30	(0.30)	(0.23)	(0.53)	10.61	13.46%	44,399	0.41%	0.35%	2.02%
9/30/20	9.96	0.19	0.67	0.86	(0.20)	(0.78)	(0.98)	9.84	8.94%	53,133	0.40%	0.34%	1.98%
9/30/19	10.59	0.23	0.09	0.32	(0.27)	(0.68)	(0.95)	9.96	4.50%	70,893	0.40%	0.34%	2.40%
9/30/18	10.32	0.23	0.37	0.60	(0.31)	(0.02)	(0.33)	10.59	5.86%	87,160	0.39%	0.35%	2.18%
9/30/17	9.54	0.12	0.85	0.97	(0.19)	—	(0.19)	10.32	10.36%	98,641	0.38%	0.36%	1.26%
Class A
3/31/22r	$ 10.64	$ 0.19	$ (0.45)	$ (0.26)	$ (0.27)	$ (0.55)	$ (0.82)	$ 9.56	(2.78%)b	$ 53,818	0.65%a	0.61%a	3.72%a
9/30/21	9.86	0.18	1.10	1.28	(0.27)	(0.23)	(0.50)	10.64	13.26%	61,814	0.66%	0.60%	1.73%
9/30/20	9.99	0.16	0.67	0.83	(0.18)	(0.78)	(0.96)	9.86	8.56%	69,682	0.65%	0.59%	1.67%
9/30/19	10.61	0.21	0.09	0.30	(0.24)	(0.68)	(0.92)	9.99	4.24%	81,959	0.65%	0.59%	2.13%
9/30/18	10.34	0.20	0.37	0.57	(0.28)	(0.02)	(0.30)	10.61	5.56%	91,459	0.64%	0.60%	1.90%
9/30/17	9.54	0.11	0.85	0.96	(0.16)	—	(0.16)	10.34	10.22%	115,392	0.63%	0.61%	1.18%
Class R4
3/31/22r	$ 10.51	$ 0.19	$ (0.45)	$ (0.26)	$ (0.29)	$ (0.55)	$ (0.84)	$ 9.41	(2.81%)b	$ 40,748	0.55%a	0.51%a	3.85%a
9/30/21	9.75	0.17	1.10	1.27	(0.28)	(0.23)	(0.51)	10.51	13.27%	32,786	0.56%	0.50%	1.65%
9/30/20	9.88	0.18	0.67	0.85	(0.20)	(0.78)	(0.98)	9.75	8.87%	29,626	0.55%	0.49%	1.96%
9/30/19	10.53	0.19	0.10	0.29	(0.26)	(0.68)	(0.94)	9.88	4.19%	40,232	0.55%	0.49%	2.02%
9/30/18	10.26	0.18	0.41	0.59	(0.30)	(0.02)	(0.32)	10.53	5.80%	34,455	0.54%	0.50%	1.69%
9/30/17	9.50	0.10	0.85	0.95	(0.19)	—	(0.19)	10.26	10.25%	28,109	0.53%	0.51%	1.06%
Class R3
3/31/22r	$ 10.50	$ 0.22	$ (0.49)	$ (0.27)	$ (0.30)	$ (0.55)	$ (0.85)	$ 9.38	(2.94%)b	$ 21,946	0.80%a	0.76%a	4.42%a
9/30/21	9.74	0.17	1.08	1.25	(0.26)	(0.23)	(0.49)	10.50	13.07%	7,450	0.81%	0.75%	1.69%
9/30/20	9.86	0.14	0.68	0.82	(0.16)	(0.78)	(0.94)	9.74	8.56%	8,785	0.80%	0.74%	1.46%
9/30/19	10.50	0.18	0.09	0.27	(0.23)	(0.68)	(0.91)	9.86	3.95%	9,050	0.80%	0.74%	1.90%
9/30/18	10.24	0.18	0.37	0.55	(0.27)	(0.02)	(0.29)	10.50	5.46%	11,230	0.79%	0.75%	1.73%
9/30/17	9.47	0.07	0.86	0.93	(0.16)	—	(0.16)	10.24	10.04%	12,819	0.78%	0.76%	0.72%

The accompanying notes are an integral part of the financial statements.

85

MassMutual 60/40 Allocation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.96	$ 0.18	$ (0.16)	$ 0.02	$ (0.38)	$ (1.02)	$ (1.40)	$ 9.58	(0.20%)b	$ 32,152	0.11%a	0.06%a	3.45%a
9/30/21	9.50	0.19	1.70	1.89	(0.28)	(0.15)	(0.43)	10.96	20.32%	28,917	0.11%	0.05%	1.81%
9/30/20	9.90	0.16	0.71	0.87	(0.21)	(1.06)	(1.27)	9.50	9.14%	21,696	0.11%	0.04%	1.73%
9/30/19	11.21	0.21	(0.12)aa	0.09	(0.32)	(1.08)	(1.40)	9.90	3.17%	15,679	0.11%	0.04%	2.19%
9/30/18	10.77	0.20	0.75	0.95	(0.40)	(0.11)	(0.51)	11.21	9.07%	8,011	0.10%	0.06%	1.84%
9/30/17	9.55	0.02	1.41	1.43	(0.21)	—	(0.21)	10.77	15.26%	10,236	0.10%	0.09%	0.24%
Class R5
3/31/22r	$ 10.96	$ 0.21	$ (0.20)	$ 0.01	$ (0.37)	$ (1.02)	$ (1.39)	$ 9.58	(0.29%)b	$ 19,445	0.21%a	0.16%a	4.00%a
9/30/21	9.50	0.16	1.72	1.88	(0.27)	(0.15)	(0.42)	10.96	20.21%	20,602	0.21%	0.15%	1.56%
9/30/20	9.91	0.18	0.67	0.85	(0.20)	(1.06)	(1.26)	9.50	8.93%	15,435	0.21%	0.14%	1.92%
9/30/19	11.21	0.22	(0.14)aa	0.08	(0.30)	(1.08)	(1.38)	9.91	3.12%	12,028	0.21%	0.14%	2.21%
9/30/18	10.77	0.29	0.65	0.94	(0.39)	(0.11)	(0.50)	11.21	8.96%	13,583	0.20%	0.16%	2.60%
9/30/17	9.55	0.12	1.30	1.42	(0.20)	—	(0.20)	10.77	15.16%	21,697	0.20%	0.17%	1.24%
Service Class
3/31/22r	$ 11.01	$ 0.18	$ (0.17)	$ 0.01	$ (0.36)	$ (1.02)	$ (1.38)	$ 9.64	(0.42%)b	$ 25,711	0.31%a	0.26%a	3.39%a
9/30/21	9.54	0.17	1.71	1.88	(0.26)	(0.15)	(0.41)	11.01	20.15%	24,617	0.31%	0.25%	1.60%
9/30/20	9.93	0.07	0.79	0.86	(0.19)	(1.06)	(1.25)	9.54	8.94%	25,087	0.31%	0.24%	0.76%
9/30/19	11.24	0.20	(0.14)aa	0.06	(0.29)	(1.08)	(1.37)	9.93	2.90%	9,014	0.31%	0.24%	2.03%
9/30/18	10.80	0.11	0.82	0.93	(0.38)	(0.11)	(0.49)	11.24	8.81%	8,522	0.30%	0.25%	1.01%
9/30/17	9.55	0.13	1.29	1.42	(0.17)	—	(0.17)	10.80	15.13%	4,209	0.30%	0.27%	1.29%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	13%	28%	58%	44%	55%	33%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

86

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 11.00	$ 0.17	$ (0.17)	$ (0.00)d	$ (0.34)	$ (1.02)	$ (1.36)	$ 9.64	(0.40%)b	$ 48,763	0.41%a	0.36%a	3.22%a
9/30/21	9.53	0.16	1.71	1.87	(0.25)	(0.15)	(0.40)	11.00	20.00%	61,143	0.41%	0.35%	1.53%
9/30/20	9.92	0.16	0.68	0.84	(0.17)	(1.06)	(1.23)	9.53	8.78%	59,725	0.41%	0.34%	1.71%
9/30/19	11.22	0.21	(0.15)aa	0.06	(0.28)	(1.08)	(1.36)	9.92	2.88%	81,829	0.41%	0.34%	2.11%
9/30/18	10.79	0.19	0.72	0.91	(0.37)	(0.11)	(0.48)	11.22	8.62%	93,858	0.40%	0.36%	1.75%
9/30/17	9.55	0.10	1.32	1.42	(0.18)	—	(0.18)	10.79	15.08%	96,560	0.40%	0.37%	1.00%
Class A
3/31/22r	$ 11.04	$ 0.16	$ (0.17)	$ (0.01)	$ (0.32)	$ (1.02)	$ (1.34)	$ 9.69	(0.51%)b	$ 53,842	0.66%a	0.61%a	3.04%a
9/30/21	9.57	0.14	1.70	1.84	(0.22)	(0.15)	(0.37)	11.04	19.60%	57,203	0.66%	0.60%	1.31%
9/30/20	9.96	0.13	0.69	0.82	(0.15)	(1.06)	(1.21)	9.57	8.51%	59,454	0.66%	0.59%	1.43%
9/30/19	11.24	0.19	(0.14)aa	0.05	(0.25)	(1.08)	(1.33)	9.96	2.67%	65,910	0.66%	0.59%	1.90%
9/30/18	10.80	0.17	0.72	0.89	(0.34)	(0.11)	(0.45)	11.24	8.42%	77,780	0.65%	0.61%	1.54%
9/30/17	9.56	0.09	1.30	1.39	(0.15)	—	(0.15)	10.80	14.73%	92,645	0.65%	0.62%	0.86%
Class R4
3/31/22r	$ 10.91	$ 0.16	$ (0.17)	$ (0.01)	$ (0.32)	$ (1.02)	$ (1.34)	$ 9.56	(0.43%)b	$ 10,022	0.56%a	0.51%a	3.02%a
9/30/21	9.43	0.13	1.71	1.84	(0.21)	(0.15)	(0.36)	10.91	19.83%	10,735	0.56%	0.50%	1.26%
9/30/20	9.84	0.20	0.62	0.82	(0.17)	(1.06)	(1.23)	9.43	8.59%	10,218	0.56%	0.49%	2.13%
9/30/19	11.14	0.18	(0.13)aa	0.05	(0.27)	(1.08)	(1.35)	9.84	2.75%	27,212	0.56%	0.49%	1.87%
9/30/18	10.72	0.16	0.73	0.89	(0.36)	(0.11)	(0.47)	11.14	8.47%	24,118	0.55%	0.51%	1.46%
9/30/17	9.51	0.08	1.31	1.39	(0.18)	—	(0.18)	10.72	14.90%	22,154	0.55%	0.52%	0.79%
Class R3
3/31/22r	$ 10.84	$ 0.14	$ (0.16)	$ (0.02)	$ (0.29)	$ (1.02)	$ (1.31)	$ 9.51	(0.59%)b	$ 12,166	0.81%a	0.76%a	2.77%a
9/30/21	9.40	0.12	1.68	1.80	(0.21)	(0.15)	(0.36)	10.84	19.50%	14,252	0.81%	0.75%	1.13%
9/30/20	9.80	0.11	0.68	0.79	(0.13)	(1.06)	(1.19)	9.40	8.33%	15,686	0.81%	0.74%	1.16%
9/30/19	11.10	0.16	(0.13)aa	0.03	(0.25)	(1.08)	(1.33)	9.80	2.45%	16,144	0.81%	0.74%	1.66%
9/30/18	10.69	0.13	0.73	0.86	(0.34)	(0.11)	(0.45)	11.10	8.21%	16,492	0.80%	0.76%	1.16%
9/30/17	9.49	0.05	1.31	1.36	(0.16)	—	(0.16)	10.69	14.54%	13,615	0.80%	0.77%	0.51%

The accompanying notes are an integral part of the financial statements.

87

MassMutual 80/20 Allocation Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 12.13	$ 0.18	$ (0.12)	$ 0.06	$ (0.41)	$ (0.98)	$ (1.39)	$ 10.80	0.14%b	$ 41,123	0.15%a	0.09%a	3.07%a
9/30/21	10.28	0.18	2.24	2.42	(0.23)	(0.34)	(0.57)	12.13	24.09%	38,991	0.16%	0.08%	1.51%
9/30/20	10.59	0.16	0.86	1.02	(0.19)	(1.14)	(1.33)	10.28	9.81%	30,942	0.18%	0.07%	1.58%
9/30/19	12.25	0.21	(0.27)	(0.06)	(0.34)	(1.26)	(1.60)	10.59	2.28%	23,314	0.20%	0.07%	2.06%
9/30/18	11.62	0.16	1.01	1.17	(0.43)	(0.11)	(0.54)	12.25	10.36%	17,151	0.21%	0.08%	1.34%
9/30/17	10.08	0.01	1.71	1.72	(0.18)	—	(0.18)	11.62	17.35%	7,411	0.22%	0.12%	0.06%
Class R5
3/31/22r	$ 12.14	$ 0.21	$ (0.15)	$ 0.06	$ (0.40)	$ (0.98)	$ (1.38)	$ 10.82	0.14%b	$ 7,125	0.25%a	0.19%a	3.67%a
9/30/21	10.29	0.15	2.26	2.41	(0.22)	(0.34)	(0.56)	12.14	23.96%	7,435	0.26%	0.18%	1.32%
9/30/20	10.60	0.15	0.86	1.01	(0.18)	(1.14)	(1.32)	10.29	9.71%	6,025	0.28%	0.17%	1.54%
9/30/19	12.25	0.19	(0.25)	(0.06)	(0.33)	(1.26)	(1.59)	10.60	2.21%	5,024	0.30%	0.17%	1.83%
9/30/18	11.62	0.23	0.93	1.16	(0.42)	(0.11)	(0.53)	12.25	10.26%	5,780	0.31%	0.19%	1.96%
9/30/17	10.08	0.09	1.62	1.71	(0.17)	—	(0.17)	11.62	17.23%	6,432	0.33%	0.21%	0.83%
Service Class
3/31/22r	$ 12.16	$ 0.18	$ (0.13)	$ 0.05	$ (0.39)	$ (0.98)	$ (1.37)	$ 10.84	0.05%b	$ 14,994	0.35%a	0.29%a	3.02%a
9/30/21	10.31	0.13	2.27	2.40	(0.21)	(0.34)	(0.55)	12.16	23.83%	15,973	0.36%	0.28%	1.13%
9/30/20	10.61	0.05	0.95	1.00	(0.16)	(1.14)	(1.30)	10.31	9.64%	11,041	0.38%	0.27%	0.51%
9/30/19	12.27	0.19	(0.27)	(0.08)	(0.32)	(1.26)	(1.58)	10.61	2.01%	3,115	0.40%	0.27%	1.84%
9/30/18	11.63	0.11	1.05	1.16	(0.41)	(0.11)	(0.52)	12.27	10.22%	2,834	0.41%	0.28%	0.94%
9/30/17	10.09	0.10	1.60	1.70	(0.16)	—	(0.16)	11.63	17.09%	1,604	0.43%	0.30%	0.90%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	15%	29%	62%	38%	64%	39%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

88

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 12.15	$ 0.16	$ (0.12)	$ 0.04	$ (0.37)	$ (0.98)	$ (1.35)	$ 10.84	(0.02%)b	$ 22,297	0.45%a	0.39%a	2.81%a
9/30/21	10.29	0.14	2.25	2.39	(0.19)	(0.34)	(0.53)	12.15	23.77%	23,648	0.46%	0.38%	1.23%
9/30/20	10.59	0.14	0.84	0.98	(0.14)	(1.14)	(1.28)	10.29	9.49%	23,105	0.48%	0.37%	1.38%
9/30/19	12.25	0.20	(0.30)	(0.10)	(0.30)	(1.26)	(1.56)	10.59	1.88%	31,091	0.50%	0.37%	1.91%
9/30/18	11.62	0.18	0.96	1.14	(0.40)	(0.11)	(0.51)	12.25	10.05%	36,154	0.51%	0.39%	1.50%
9/30/17	10.07	0.07	1.63	1.70	(0.15)	—	(0.15)	11.62	17.08%	32,761	0.53%	0.40%	0.66%
Class A
3/31/22r	$ 12.13	$ 0.16	$ (0.13)	$ 0.03	$ (0.34)	$ (0.98)	$ (1.32)	$ 10.84	(0.15%)b	$ 27,235	0.70%a	0.64%a	2.66%a
9/30/21	10.27	0.10	2.26	2.36	(0.16)	(0.34)	(0.50)	12.13	23.49%	32,829	0.71%	0.63%	0.88%
9/30/20	10.58	0.11	0.85	0.96	(0.13)	(1.14)	(1.27)	10.27	9.19%	31,252	0.73%	0.62%	1.11%
9/30/19	12.22	0.18	(0.29)	(0.11)	(0.27)	(1.26)	(1.53)	10.58	1.66%	30,795	0.75%	0.62%	1.69%
9/30/18	11.59	0.17	0.94	1.11	(0.37)	(0.11)	(0.48)	12.22	9.77%	34,466	0.75%	0.64%	1.46%
9/30/17	10.05	0.06	1.60	1.66	(0.12)	—	(0.12)	11.59	16.71%	44,394	0.78%	0.65%	0.56%
Class R4
3/31/22r	$ 11.96	$ 0.15	$ (0.11)	$ 0.04	$ (0.36)	$ (0.98)	$ (1.34)	$ 10.66	(0.07%)b	$ 13,228	0.60%a	0.54%a	2.68%a
9/30/21	10.14	0.11	2.22	2.33	(0.17)	(0.34)	(0.51)	11.96	23.47%	14,161	0.61%	0.53%	0.98%
9/30/20	10.46	0.15	0.81	0.96	(0.14)	(1.14)	(1.28)	10.14	9.37%	13,465	0.63%	0.52%	1.51%
9/30/19	12.12	0.18	(0.29)	(0.11)	(0.29)	(1.26)	(1.55)	10.46	1.73%	17,701	0.65%	0.52%	1.71%
9/30/18	11.51	0.15	0.96	1.11	(0.39)	(0.11)	(0.50)	12.12	9.86%	16,469	0.66%	0.54%	1.26%
9/30/17	10.00	0.04	1.63	1.67	(0.16)	—	(0.16)	11.51	16.89%	15,136	0.68%	0.56%	0.37%
Class R3
3/31/22r	$ 11.88	$ 0.14	$ (0.12)	$ 0.02	$ (0.32)	$ (0.98)	$ (1.30)	$ 10.60	(0.21%)b	$ 17,610	0.85%a	0.79%a	2.38%a
9/30/21	10.08	0.10	2.20	2.30	(0.16)	(0.34)	(0.50)	11.88	23.30%	19,120	0.86%	0.78%	0.86%
9/30/20	10.44	0.10	0.82	0.92	(0.14)	(1.14)	(1.28)	10.08	8.98%	17,928	0.88%	0.77%	1.08%
9/30/19	12.08	0.14	(0.26)	(0.12)	(0.26)	(1.26)	(1.52)	10.44	1.58%	9,013	0.90%	0.77%	1.36%
9/30/18	11.47	0.12	0.96	1.08	(0.36)	(0.11)	(0.47)	12.08	9.63%	8,381	0.91%	0.79%	1.04%
9/30/17	9.97	0.02	1.61	1.63	(0.13)	—	(0.13)	11.47	16.53%	7,927	0.93%	0.81%	0.19%

The accompanying notes are an integral part of the financial statements.

89

MassMutual RetireSMART^SM by JPMorgan In Retirement Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 12.78	$ 0.28	$ (0.59)	$ (0.31)	$ (0.42)	$ (1.16)	$ (1.58)	$ 10.89	(2.93%)b	$ 16,657	0.21%a	0.06%a	4.71%a
9/30/21	12.02	0.34	1.16	1.50	(0.44)	(0.30)	(0.74)	12.78	12.84%	17,522	0.14%	0.06%	2.69%
9/30/20	11.78	0.29	0.33	0.62	(0.28)	(0.10)	(0.38)	12.02	5.27%	19,693	0.12%	0.06%	2.52%
9/30/19	11.69	0.12	0.52	0.64	(0.40)	(0.15)	(0.55)	11.78	6.08%	16,125	0.22%	0.06%	1.08%
9/30/18	11.55	0.32	0.05	0.37	(0.23)	—	(0.23)	11.69	3.22%	2,436	0.30%	0.07%	2.77%
9/30/17	11.13	0.22	0.47	0.69	(0.27)	—	(0.27)	11.55	6.43%	2,603	0.26%	0.08%	1.95%
Class R5
3/31/22r	$ 12.81	$ 0.27	$ (0.58)	$ (0.31)	$ (0.41)	$ (1.16)	$ (1.57)	$ 10.93	(2.97%)b	$ 4,482	0.31%a	0.16%a	4.57%a
9/30/21	12.05	0.27	1.22	1.49	(0.43)	(0.30)	(0.73)	12.81	12.68%	6,568	0.24%	0.16%	2.14%
9/30/20	11.80	0.37	0.25	0.62	(0.27)	(0.10)	(0.37)	12.05	5.26%	5,758	0.22%	0.16%	3.16%
9/30/19	11.69	0.12	0.51	0.63	(0.37)	(0.15)	(0.52)	11.80	6.02%	8,776	0.32%	0.16%	1.01%
9/30/18	11.56	0.31	0.04	0.35	(0.22)	—	(0.22)	11.69	3.02%	1,270	0.39%	0.17%	2.66%
9/30/17	11.14	0.17	0.51	0.68	(0.26)	—	(0.26)	11.56	6.32%	4,574	0.37%	0.18%	1.49%
Service Class
3/31/22r	$ 12.82	$ 0.28	$ (0.60)	$ (0.32)	$ (0.40)	$ (1.16)	$ (1.56)	$ 10.94	(3.06%)b	$ 8,669	0.41%a	0.26%a	4.72%a
9/30/21	12.06	0.40	1.08	1.48	(0.42)	(0.30)	(0.72)	12.82	12.58%	10,332	0.34%	0.26%	3.18%
9/30/20	11.81	0.28	0.32	0.60	(0.25)	(0.10)	(0.35)	12.06	5.13%	16,755	0.32%	0.26%	2.39%
9/30/19	11.71	0.28	0.34	0.62	(0.37)	(0.15)	(0.52)	11.81	5.89%	15,324	0.42%	0.26%	2.44%
9/30/18	11.57	0.28	0.06	0.34	(0.20)	—	(0.20)	11.71	3.00%	12,630	0.50%	0.27%	2.40%
9/30/17	11.15	0.19	0.48	0.67	(0.25)	—	(0.25)	11.57	6.20%	14,194	0.47%	0.28%	1.67%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	24%	28%	74%	39%	80%	47%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

90

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 12.82	$ 0.27	$ (0.60)	$ (0.33)	$ (0.38)	$ (1.16)	$ (1.54)	$ 10.95	(3.08%)b	$ 26,958	0.51%a	0.36%a	4.44%a
9/30/21	12.05	0.25	1.22	1.47	(0.40)	(0.30)	(0.70)	12.82	12.54%	32,436	0.44%	0.36%	1.99%
9/30/20	11.81	0.31	0.27	0.58	(0.24)	(0.10)	(0.34)	12.05	4.95%	30,972	0.42%	0.36%	2.69%
9/30/19	11.71	0.23	0.38	0.61	(0.36)	(0.15)	(0.51)	11.81	5.79%	39,483	0.52%	0.36%	1.97%
9/30/18	11.56	0.27	0.07	0.34	(0.19)	—	(0.19)	11.71	2.97%	22,101	0.60%	0.37%	2.35%
9/30/17	11.14	0.18	0.48	0.66	(0.24)	—	(0.24)	11.56	6.08%	23,318	0.57%	0.38%	1.58%
Class A
3/31/22r	$ 12.65	$ 0.25	$ (0.60)	$ (0.35)	$ (0.21)	$ (1.16)	$ (1.37)	$ 10.93	(3.28%)b	$ 12,128	0.76%a	0.61%a	4.22%a
9/30/21	11.91	0.30	1.12	1.42	(0.38)	(0.30)	(0.68)	12.65	12.20%	14,697	0.69%	0.61%	2.45%
9/30/20	11.68	0.23	0.32	0.55	(0.22)	(0.10)	(0.32)	11.91	4.74%	74,154	0.67%	0.61%	2.02%
9/30/19	11.61	0.17	0.40	0.57	(0.35)	(0.15)	(0.50)	11.68	5.47%	63,336	0.77%	0.61%	1.53%
9/30/18	11.47	0.26	0.04	0.30	(0.16)	—	(0.16)	11.61	2.67%	20,199	0.84%	0.62%	2.29%
9/30/17	11.05	0.14	0.49	0.63	(0.21)	—	(0.21)	11.47	5.88%	20,529	0.82%	0.63%	1.27%
Class R4
3/31/22r	$ 12.60	$ 0.24	$ (0.57)	$ (0.33)	$ (0.36)	$ (1.16)	$ (1.52)	$ 10.75	(3.13%)b	$ 18,298	0.66%a	0.51%a	4.17%a
9/30/21	11.86	0.26	1.16	1.42	(0.38)	(0.30)	(0.68)	12.60	12.27%	11,952	0.59%	0.51%	2.08%
9/30/20	11.62	0.34	0.23	0.57	(0.23)	(0.10)	(0.33)	11.86	4.90%	14,384	0.57%	0.51%	2.93%
9/30/19	11.53	0.06	0.52	0.58	(0.34)	(0.15)	(0.49)	11.62	5.55%	24,032	0.67%	0.51%	0.52%
9/30/18	11.39	0.25	0.06	0.31	(0.17)	—	(0.17)	11.53	2.75%	4,368	0.75%	0.52%	2.22%
9/30/17	10.98	0.18	0.46	0.64	(0.23)	—	(0.23)	11.39	5.99%	4,906	0.71%	0.53%	1.68%
Class R3
3/31/22r	$ 12.48	$ 0.23	$ (0.57)	$ (0.34)	$ (0.32)	$ (1.16)	$ (1.48)	$ 10.66	(3.24%)b	$ 21,147	0.91%a	0.76%a	3.98%a
9/30/21	11.76	0.24	1.13	1.37	(0.35)	(0.30)	(0.65)	12.48	11.95%	23,241	0.84%	0.76%	1.94%
9/30/20	11.52	0.25	0.28	0.53	(0.19)	(0.10)	(0.29)	11.76	4.62%	28,918	0.82%	0.76%	2.23%
9/30/19	11.43	0.10	0.45	0.55	(0.31)	(0.15)	(0.46)	11.52	5.35%	37,510	0.92%	0.76%	0.88%
9/30/18	11.30	0.22	0.06	0.28	(0.15)	—	(0.15)	11.43	2.45%	13,161	1.00%	0.77%	1.92%
9/30/17	10.90	0.13	0.48	0.61	(0.21)	—	(0.21)	11.30	5.73%	13,260	0.97%	0.78%	1.15%

The accompanying notes are an integral part of the financial statements.

91

MassMutual RetireSMART^SM by JPMorgan 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders						Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Tax return of capital	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 13.37	$ 0.30	$ (0.63)	$ (0.33)	$ (0.44)	$ (1.01)	$ —	$ (1.45)	$ 11.59	(2.95%)b	$ 49,312	0.11%a	0.04%a	4.78%a
9/30/21	12.46	0.30	1.31	1.61	(0.45)	(0.25)	—	(0.70)	13.37	13.31%	51,145	0.09%	0.04%	2.25%
9/30/20	12.53	0.31	0.39	0.70	(0.36)	(0.41)	—	(0.77)	12.46	5.74%	43,646	0.07%	0.04%	2.58%
9/30/19	13.32	0.36	0.20	0.56	(0.39)	(0.96)	—	(1.35)	12.53	5.63%	35,602	0.08%	0.04%	2.95%
9/30/18	13.01	0.32	0.42	0.74	(0.42)	(0.01)	—	(0.43)	13.32	5.77%	19,424	0.06%	0.05%	2.41%
9/30/17	12.01	0.16	1.11	1.27	(0.24)	—	(0.03)	(0.27)	13.01	10.85%	20,595	0.06%	0.05%	1.30%
Class R5
3/31/22r	$ 13.34	$ 0.29	$ (0.62)	$ (0.33)	$ (0.43)	$ (1.01)	$ —	$ (1.44)	$ 11.57	(2.99%)b	$ 30,920	0.21%a	0.14%a	4.57%a
9/30/21	12.43	0.32	1.28	1.60	(0.44)	(0.25)	—	(0.69)	13.34	13.22%	39,112	0.19%	0.14%	2.47%
9/30/20	12.51	0.35	0.33	0.68	(0.35)	(0.41)	—	(0.76)	12.43	5.57%	44,058	0.17%	0.14%	2.91%
9/30/19	13.30	0.30	0.25	0.55	(0.38)	(0.96)	—	(1.34)	12.51	5.56%	60,303	0.18%	0.14%	2.45%
9/30/18	12.99	0.32	0.41	0.73	(0.41)	(0.01)	—	(0.42)	13.30	5.69%	13,848	0.16%	0.15%	2.48%
9/30/17	12.00	0.15	1.10	1.25	(0.23)	—	(0.03)	(0.26)	12.99	10.66%	26,146	0.16%	0.15%	1.22%
Service Class
3/31/22r	$ 13.43	$ 0.34	$ (0.68)	$ (0.34)	$ (0.41)	$ (1.01)	$ —	$ (1.42)	$ 11.67	(3.07%)b	$ 16,397	0.30%a	0.24%a	5.27%a
9/30/21	12.51	0.32	1.28	1.60	(0.43)	(0.25)	—	(0.68)	13.43	13.11%	29,244	0.29%	0.24%	2.40%
9/30/20	12.58	0.28	0.40	0.68	(0.34)	(0.41)	—	(0.75)	12.51	5.49%	35,285	0.27%	0.24%	2.33%
9/30/19	13.34	0.40	0.14	0.54	(0.34)	(0.96)	—	(1.30)	12.58	5.42%	31,848	0.28%	0.24%	3.22%
9/30/18	13.03	0.28	0.43	0.71	(0.39)	(0.01)	—	(0.40)	13.34	5.50%	83,925	0.26%	0.25%	2.14%
9/30/17	12.02	0.18	1.08	1.26	(0.22)	—	(0.03)	(0.25)	13.03	10.66%	117,952	0.26%	0.25%	1.44%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	22%	30%	69%	46%	62%	33%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

92

		Income (loss) from investment operations			Less distributions to shareholders						Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Tax return of capital	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 13.38	$ 0.26	$ (0.61)	$ (0.35)	$ (0.39)	$ (1.01)	$ —	$ (1.40)	$ 11.63	(3.10%)b	$ 27,979	0.41%a	0.34%a	4.18%a
9/30/21	12.46	0.28	1.30	1.58	(0.41)	(0.25)	—	(0.66)	13.38	13.02%	42,876	0.39%	0.34%	2.17%
9/30/20	12.53	0.35	0.31	0.66	(0.32)	(0.41)	—	(0.73)	12.46	5.40%	46,758	0.37%	0.34%	2.84%
9/30/19	13.30	0.34	0.19	0.53	(0.34)	(0.96)	—	(1.30)	12.53	5.38%	74,837	0.38%	0.34%	2.79%
9/30/18	12.99	0.29	0.40	0.69	(0.37)	(0.01)	—	(0.38)	13.30	5.43%	86,230	0.36%	0.35%	2.24%
9/30/17	11.99	0.16	1.07	1.23	(0.20)	—	(0.03)	(0.23)	12.99	10.50%	103,799	0.36%	0.35%	1.28%
Class A
3/31/22r	$ 13.24	$ 0.26	$ (0.62)	$ (0.36)	$ (0.30)	$ (1.01)	$ —	$ (1.31)	$ 11.57	(3.22%)b	$ 25,122	0.66%a	0.59%a	4.18%a
9/30/21	12.35	0.30	1.23	1.53	(0.39)	(0.25)	—	(0.64)	13.24	12.69%	31,861	0.64%	0.59%	2.35%
9/30/20	12.44	0.24	0.38	0.62	(0.30)	(0.41)	—	(0.71)	12.35	5.10%	88,011	0.62%	0.59%	2.04%
9/30/19	13.22	0.27	0.22	0.49	(0.31)	(0.96)	—	(1.27)	12.44	5.05%	73,800	0.63%	0.59%	2.19%
9/30/18	12.91	0.23	0.43	0.66	(0.34)	(0.01)	—	(0.35)	13.22	5.15%	76,268	0.61%	0.60%	1.72%
9/30/17	11.91	0.14	1.06	1.20	(0.18)	—	(0.02)	(0.20)	12.91	10.27%	67,000	0.61%	0.60%	1.17%
Class R4
3/31/22r	$ 13.06	$ 0.26	$ (0.61)	$ (0.35)	$ (0.37)	$ (1.01)	$ —	$ (1.38)	$ 11.33	(3.17%)b	$ 19,710	0.56%a	0.49%a	4.23%a
9/30/21	12.17	0.26	1.27	1.53	(0.39)	(0.25)	—	(0.64)	13.06	12.89%	23,718	0.54%	0.49%	2.05%
9/30/20	12.26	0.36	0.27	0.63	(0.31)	(0.41)	—	(0.72)	12.17	5.23%	29,367	0.52%	0.49%	2.98%
9/30/19	13.04	0.31	0.19	0.50	(0.32)	(0.96)	—	(1.28)	12.26	5.21%	50,600	0.53%	0.49%	2.60%
9/30/18	12.76	0.24	0.41	0.65	(0.36)	(0.01)	—	(0.37)	13.04	5.18%	57,866	0.51%	0.50%	1.90%
9/30/17	11.78	0.13	1.07	1.20	(0.20)	—	(0.02)	(0.22)	12.76	10.41%	60,476	0.51%	0.50%	1.07%
Class R3
3/31/22r	$ 12.81	$ 0.24	$ (0.59)	$ (0.35)	$ (0.35)	$ (1.01)	$ —	$ (1.36)	$ 11.10	(3.28%)b	$ 43,714	0.81%a	0.74%a	4.07%a
9/30/21	11.96	0.23	1.24	1.47	(0.37)	(0.25)	—	(0.62)	12.81	12.57%	49,554	0.79%	0.74%	1.85%
9/30/20	12.05	0.25	0.34	0.59	(0.27)	(0.41)	—	(0.68)	11.96	4.97%	57,238	0.77%	0.74%	2.14%
9/30/19	12.84	0.28	0.18	0.46	(0.29)	(0.96)	—	(1.25)	12.05	4.93%	66,638	0.78%	0.74%	2.37%
9/30/18	12.56	0.22	0.40	0.62	(0.33)	(0.01)	—	(0.34)	12.84	4.98%	77,690	0.76%	0.75%	1.71%
9/30/17	11.61	0.10	1.04	1.14	(0.17)	—	(0.02)	(0.19)	12.56	10.01%	84,681	0.76%	0.75%	0.84%

The accompanying notes are an integral part of the financial statements.

93

MassMutual RetireSMART^SM by JPMorgan 2025 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 13.47	$ 0.29	$ (0.55)	$ (0.26)	$ (0.46)	$ (1.20)	$ (1.66)	$ 11.55	(2.53%)b	$ 52,907	0.12%a	0.01%a	4.60%a
9/30/21	12.23	0.28	1.77	2.05	(0.43)	(0.38)	(0.81)	13.47	17.23%	56,362	0.10%	0.01%	2.16%
9/30/20	12.50	0.31	0.42	0.73	(0.32)	(0.68)	(1.00)	12.23	6.02%	49,478	0.09%	0.01%	2.59%
9/30/19	13.49	0.33	0.15	0.48	(0.40)	(1.07)	(1.47)	12.50	5.30%	40,806	0.10%	0.01%	2.74%
9/30/18	13.29	0.30	0.63	0.93	(0.49)	(0.24)	(0.73)	13.49	7.15%	21,942	0.09%	0.03%	2.28%
9/30/17	12.07	0.15	1.39	1.54	(0.26)	(0.06)	(0.32)	13.29	13.03%	23,079	0.10%	0.04%	1.22%
Class R5
3/31/22r	$ 13.61	$ 0.29	$ (0.57)	$ (0.28)	$ (0.44)	$ (1.20)	$ (1.64)	$ 11.69	(2.59%)b	$ 1,364	0.22%a	0.11%a	4.55%a
9/30/21	12.35	0.16	1.90	2.06	(0.42)	(0.38)	(0.80)	13.61	17.13%	1,376	0.20%	0.11%	1.21%
9/30/20	12.62	0.28	0.44	0.72	(0.31)	(0.68)	(0.99)	12.35	5.87%	468	0.19%	0.11%	2.32%
9/30/19	13.51	0.07	0.42	0.49	(0.31)	(1.07)	(1.38)	12.62	5.26%	527	0.20%	0.11%	0.61%
9/30/18	13.29	0.23	0.70	0.93	(0.47)	(0.24)	(0.71)	13.51	7.16%	44	0.19%	0.12%	1.72%
9/30/17	12.05	0.21	1.32	1.53	(0.23)	(0.06)	(0.29)	13.29	12.97%	355	0.20%	0.14%	1.66%
Service Class
3/31/22r	$ 13.49	$ 0.32	$ (0.59)	$ (0.27)	$ (0.43)	$ (1.20)	$ (1.63)	$ 11.59	(2.60%)b	$ 6,216	0.32%a	0.21%a	4.99%a
9/30/21	12.25	0.27	1.76	2.03	(0.41)	(0.38)	(0.79)	13.49	16.97%	8,867	0.30%	0.21%	2.04%
9/30/20	12.52	0.28	0.42	0.70	(0.29)	(0.68)	(0.97)	12.25	5.76%	9,970	0.29%	0.21%	2.37%
9/30/19	13.49	0.39	0.08	0.47	(0.37)	(1.07)	(1.44)	12.52	5.14%	9,278	0.30%	0.21%	3.23%
9/30/18	13.29	0.27	0.63	0.90	(0.46)	(0.24)	(0.70)	13.49	6.94%	19,582	0.29%	0.23%	2.00%
9/30/17	12.06	0.16	1.36	1.52	(0.23)	(0.06)	(0.29)	13.29	12.86%	21,854	0.30%	0.24%	1.31%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	24%	35%	73%	47%	67%	42%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

94

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 13.42	$ 0.27	$ (0.55)	$ (0.28)	$ (0.41)	$ (1.20)	$ (1.61)	$ 11.53	(2.64%)b	$ 30,954	0.42%a	0.31%a	4.25%a
9/30/21	12.19	0.28	1.72	2.00	(0.39)	(0.38)	(0.77)	13.42	16.86%	34,778	0.40%	0.31%	2.12%
9/30/20	12.47	0.27	0.42	0.69	(0.29)	(0.68)	(0.97)	12.19	5.64%	39,673	0.39%	0.31%	2.30%
9/30/19	13.44	0.32	0.14	0.46	(0.36)	(1.07)	(1.43)	12.47	5.07%	43,407	0.40%	0.31%	2.61%
9/30/18	13.25	0.26	0.62	0.88	(0.45)	(0.24)	(0.69)	13.44	6.79%	47,433	0.39%	0.33%	1.94%
9/30/17	12.03	0.15	1.35	1.50	(0.22)	(0.06)	(0.28)	13.25	12.78%	46,256	0.40%	0.34%	1.17%
Class A
3/31/22r	$ 13.25	$ 0.24	$ (0.54)	$ (0.30)	$ (0.20)	$ (1.20)	$ (1.40)	$ 11.55	(2.84%)b	$ 10,965	0.67%a	0.56%a	3.87%a
9/30/21	12.05	0.30	1.65	1.95	(0.37)	(0.38)	(0.75)	13.25	16.60%	13,796	0.65%	0.56%	2.33%
9/30/20	12.34	0.22	0.44	0.66	(0.27)	(0.68)	(0.95)	12.05	5.46%	69,042	0.64%	0.56%	1.89%
9/30/19	13.32	0.21	0.21	0.42	(0.33)	(1.07)	(1.40)	12.34	4.74%	53,785	0.65%	0.56%	1.71%
9/30/18	13.13	0.20	0.63	0.83	(0.40)	(0.24)	(0.64)	13.32	6.50%	40,219	0.64%	0.58%	1.54%
9/30/17	11.92	0.14	1.32	1.46	(0.19)	(0.06)	(0.25)	13.13	12.53%	33,364	0.65%	0.59%	1.11%
Class R4
3/31/22r	$ 13.20	$ 0.25	$ (0.53)	$ (0.28)	$ (0.39)	$ (1.20)	$ (1.59)	$ 11.33	(2.71%)b	$ 26,376	0.57%a	0.46%a	4.07%a
9/30/21	12.00	0.25	1.70	1.95	(0.37)	(0.38)	(0.75)	13.20	16.65%	29,432	0.55%	0.46%	1.90%
9/30/20	12.29	0.36	0.30	0.66	(0.27)	(0.68)	(0.95)	12.00	5.49%	30,218	0.54%	0.46%	3.02%
9/30/19	13.27	0.30	0.13	0.43	(0.34)	(1.07)	(1.41)	12.29	4.88%	58,761	0.55%	0.46%	2.50%
9/30/18	13.09	0.22	0.63	0.85	(0.43)	(0.24)	(0.67)	13.27	6.66%	66,329	0.54%	0.48%	1.70%
9/30/17	11.89	0.12	1.35	1.47	(0.21)	(0.06)	(0.27)	13.09	12.59%	60,658	0.55%	0.49%	0.99%
Class R3
3/31/22r	$ 13.16	$ 0.25	$ (0.54)	$ (0.29)	$ (0.36)	$ (1.20)	$ (1.56)	$ 11.31	(2.81%)b	$ 51,069	0.82%a	0.71%a	3.98%a
9/30/21	11.97	0.21	1.70	1.91	(0.34)	(0.38)	(0.72)	13.16	16.35%	59,696	0.80%	0.71%	1.63%
9/30/20	12.25	0.24	0.39	0.63	(0.23)	(0.68)	(0.91)	11.97	5.27%	66,066	0.79%	0.71%	2.02%
9/30/19	13.23	0.26	0.14	0.40	(0.31)	(1.07)	(1.38)	12.25	4.59%	78,974	0.80%	0.71%	2.18%
9/30/18	13.04	0.20	0.63	0.83	(0.40)	(0.24)	(0.64)	13.23	6.47%	87,865	0.79%	0.73%	1.52%
9/30/17	11.85	0.09	1.34	1.43	(0.18)	(0.06)	(0.24)	13.04	12.32%	88,305	0.80%	0.74%	0.76%

The accompanying notes are an integral part of the financial statements.

95

MassMutual RetireSMART^SM by JPMorgan 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 13.80	$ 0.28	$ (0.47)	$ (0.19)	$ (0.45)	$ (1.16)	$ (1.61)	$ 12.00	(1.89%)b	$ 66,214	0.06%a	0.04%a	4.29%a
9/30/21	12.05	0.25	2.14	2.39	(0.36)	(0.28)	(0.64)	13.80	20.27%	65,036	0.06%	0.04%	1.88%
9/30/20	12.51	0.28	0.45	0.73	(0.30)	(0.89)	(1.19)	12.05	5.91%	50,325	0.06%	0.04%	2.41%
9/30/19	13.91	0.32	0.03	0.35	(0.40)	(1.35)	(1.75)	12.51	4.77%	42,529	0.06%	0.04%	2.64%
9/30/18	13.38	0.29	0.78	1.07	(0.49)	(0.05)	(0.54)	13.91	8.11%	20,448	0.05%	0.04%	2.09%
9/30/17	11.93	0.15	1.56	1.71	(0.26)	—	(0.26)	13.38	14.60%	17,732	0.05%	0.05%k	1.23%
Class R5
3/31/22r	$ 13.73	$ 0.28	$ (0.48)	$ (0.20)	$ (0.43)	$ (1.16)	$ (1.59)	$ 11.94	(1.92%)b	$ 83,047	0.16%a	0.14%a	4.27%a
9/30/21	11.99	0.25	2.11	2.36	(0.34)	(0.28)	(0.62)	13.73	20.17%	79,905	0.16%	0.14%	1.90%
9/30/20	12.45	0.29	0.43	0.72	(0.29)	(0.89)	(1.18)	11.99	5.84%	72,808	0.16%	0.14%	2.50%
9/30/19	13.87	0.25	0.08	0.33	(0.40)	(1.35)	(1.75)	12.45	4.56%	88,078	0.16%	0.14%	2.03%
9/30/18	13.35	0.31	0.74	1.05	(0.48)	(0.05)	(0.53)	13.87	7.96%	11,359	0.15%	0.14%	2.26%
9/30/17	11.91	0.14	1.55	1.69	(0.25)	—	(0.25)	13.35	14.44%	35,101	0.15%	0.15%k	1.11%
Service Class
3/31/22r	$ 13.82	$ 0.32	$ (0.52)	$ (0.20)	$ (0.42)	$ (1.16)	$ (1.58)	$ 12.04	(1.95%)b	$ 27,067	0.26%a	0.24%a	4.82%a
9/30/21	12.06	0.27	2.10	2.37	(0.33)	(0.28)	(0.61)	13.82	20.11%	45,510	0.26%	0.24%	2.03%
9/30/20	12.52	0.24	0.47	0.71	(0.28)	(0.89)	(1.17)	12.06	5.67%	50,072	0.26%	0.24%	2.00%
9/30/19	13.90	0.36	(0.03)aa	0.33	(0.36)	(1.35)	(1.71)	12.52	4.48%	44,334	0.26%	0.24%	2.88%
9/30/18	13.37	0.25	0.79	1.04	(0.46)	(0.05)	(0.51)	13.90	7.88%	115,828	0.25%	0.24%	1.87%
9/30/17	11.92	0.16	1.52	1.68	(0.23)	—	(0.23)	13.37	14.36%	144,766	0.25%	0.25%k	1.28%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	23%	32%	70%	39%	63%	35%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

96

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 13.77	$ 0.26	$ (0.47)	$ (0.21)	$ (0.40)	$ (1.16)	$ (1.56)	$ 12.00	(1.99%)b	$ 64,602	0.36%a	0.34%a	3.95%a
9/30/21	12.03	0.22	2.12	2.34	(0.32)	(0.28)	(0.60)	13.77	19.86%	76,955	0.36%	0.34%	1.68%
9/30/20	12.48	0.28	0.42	0.70	(0.26)	(0.89)	(1.15)	12.03	5.66%	70,563	0.36%	0.34%	2.33%
9/30/19	13.88	0.28	0.03	0.31	(0.36)	(1.35)	(1.71)	12.48	4.38%	106,439	0.36%	0.34%	2.33%
9/30/18	13.35	0.24	0.78	1.02	(0.44)	(0.05)	(0.49)	13.88	7.78%	104,308	0.35%	0.34%	1.79%
9/30/17	11.91	0.14	1.52	1.66	(0.22)	—	(0.22)	13.35	14.17%	103,870	0.35%	0.35%k	1.15%
Class A
3/31/22r	$ 13.64	$ 0.23	$ (0.46)	$ (0.23)	$ (0.31)	$ (1.16)	$ (1.47)	$ 11.94	(2.16%)b	$ 32,257	0.61%a	0.59%a	3.61%a
9/30/21	11.92	0.25	2.05	2.30	(0.30)	(0.28)	(0.58)	13.64	19.67%	37,483	0.61%	0.59%	1.88%
9/30/20	12.39	0.19	0.47	0.66	(0.24)	(0.89)	(1.13)	11.92	5.34%	92,603	0.61%	0.59%	1.66%
9/30/19	13.78	0.23	0.05	0.28	(0.32)	(1.35)	(1.67)	12.39	4.13%	73,893	0.61%	0.59%	1.92%
9/30/18	13.25	0.20	0.78	0.98	(0.40)	(0.05)	(0.45)	13.78	7.52%	75,440	0.60%	0.59%	1.44%
9/30/17	11.82	0.12	1.50	1.62	(0.19)	—	(0.19)	13.25	13.92%	68,917	0.60%	0.60%k	1.01%
Class R4
3/31/22r	$ 13.53	$ 0.23	$ (0.45)	$ (0.22)	$ (0.37)	$ (1.16)	$ (1.53)	$ 11.78	(2.10%)b	$ 28,285	0.51%a	0.49%a	3.66%a
9/30/21	11.82	0.20	2.08	2.28	(0.29)	(0.28)	(0.57)	13.53	19.74%	33,601	0.51%	0.49%	1.55%
9/30/20	12.29	0.29	0.38	0.67	(0.25)	(0.89)	(1.14)	11.82	5.42%	34,745	0.51%	0.49%	2.50%
9/30/19	13.69	0.27	0.02	0.29	(0.34)	(1.35)	(1.69)	12.29	4.23%	57,900	0.51%	0.49%	2.22%
9/30/18	13.18	0.21	0.78	0.99	(0.43)	(0.05)	(0.48)	13.69	7.62%	68,964	0.50%	0.49%	1.57%
9/30/17	11.76	0.12	1.51	1.63	(0.21)	—	(0.21)	13.18	14.09%	64,718	0.50%	0.50%k	0.94%
Class R3
3/31/22r	$ 13.28	$ 0.22	$ (0.45)	$ (0.23)	$ (0.35)	$ (1.16)	$ (1.51)	$ 11.54	(2.23%)b	$ 86,358	0.77%a	0.74%a	3.55%a
9/30/21	11.62	0.18	2.03	2.21	(0.27)	(0.28)	(0.55)	13.28	19.41%	87,304	0.76%	0.74%	1.38%
9/30/20	12.09	0.20	0.43	0.63	(0.21)	(0.89)	(1.10)	11.62	5.21%	89,115	0.76%	0.74%	1.78%
9/30/19	13.50	0.25	0.00d	0.25	(0.31)	(1.35)	(1.66)	12.09	3.92%	103,094	0.76%	0.74%	2.08%
9/30/18	13.00	0.18	0.77	0.95	(0.40)	(0.05)	(0.45)	13.50	7.38%	118,905	0.75%	0.74%	1.35%
9/30/17	11.61	0.09	1.48	1.57	(0.18)	—	(0.18)	13.00	13.75%	111,137	0.75%	0.75%k	0.72%

The accompanying notes are an integral part of the financial statements.

97

MassMutual RetireSMART^SM by JPMorgan 2035 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 14.28	$ 0.27	$ (0.35)	$ (0.08)	$ (0.50)	$ (1.52)	$ (2.02)	$ 12.18	(1.13%)b	$ 48,995	0.12%a	0.05%a	3.98%a
9/30/21	12.07	0.21	2.59	2.80	(0.31)	(0.28)	(0.59)	14.28	23.66%	53,885	0.12%	0.05%	1.54%
9/30/20	12.73	0.26	0.48	0.74	(0.30)	(1.10)	(1.40)	12.07	5.75%	42,470	0.12%	0.05%	2.23%
9/30/19	14.18	0.32	(0.09)aa	0.23	(0.41)	(1.27)	(1.68)	12.73	3.77%	33,309	0.12%	0.05%	2.56%
9/30/18	13.77	0.25	0.93	1.18	(0.51)	(0.26)	(0.77)	14.18	8.81%	21,586	0.11%	0.07%	1.83%
9/30/17	12.26	0.15	1.69	1.84	(0.24)	(0.09)	(0.33)	13.77	15.44%	15,744	0.13%	0.09%	1.16%
Class R5
3/31/22r	$ 14.30	$ 0.26	$ (0.35)	$ (0.09)	$ (0.49)	$ (1.52)	$ (2.01)	$ 12.20	(1.22%)b	$ 3,381	0.22%a	0.15%a	3.83%a
9/30/21	12.09	0.18	2.61	2.79	(0.30)	(0.28)	(0.58)	14.30	23.52%	3,537	0.22%	0.15%	1.30%
9/30/20	12.75	0.23	0.50	0.73	(0.29)	(1.10)	(1.39)	12.09	5.67%	2,270	0.22%	0.15%	1.91%
9/30/19	14.16	0.05	0.17	0.22	(0.36)	(1.27)	(1.63)	12.75	3.68%	1,801	0.22%	0.15%	0.41%
9/30/18	13.75	0.43	0.73	1.16	(0.49)	(0.26)	(0.75)	14.16	8.68%	132	0.21%	0.18%	3.09%
9/30/17	12.24	0.19	1.63	1.82	(0.22)	(0.09)	(0.31)	13.75	15.31%	1,045	0.23%	0.18%	1.53%
Service Class
3/31/22r	$ 14.47	$ 0.26	$ (0.35)	$ (0.09)	$ (0.47)	$ (1.52)	$ (1.99)	$ 12.39	(1.19%)b	$ 7,398	0.32%a	0.25%a	3.89%a
9/30/21	12.23	0.20	2.60	2.80	(0.28)	(0.28)	(0.56)	14.47	23.36%	8,127	0.32%	0.25%	1.43%
9/30/20	12.87	0.23	0.50	0.73	(0.27)	(1.10)	(1.37)	12.23	5.60%	8,234	0.32%	0.25%	1.89%
9/30/19	14.30	0.33	(0.12)aa	0.21	(0.37)	(1.27)	(1.64)	12.87	3.55%	8,093	0.32%	0.25%	2.62%
9/30/18	13.88	0.25	0.91	1.16	(0.48)	(0.26)	(0.74)	14.30	8.59%	12,908	0.31%	0.27%	1.78%
9/30/17	12.36	0.15	1.68	1.83	(0.22)	(0.09)	(0.31)	13.88	15.15%	17,717	0.33%	0.29%	1.14%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	27%	34%	92%	50%	62%	41%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized (loss) and net change in unrealized appreciation (depreciation) on investments due to the timing of the commencement of operations of the share class in relation to fluctuating market values of the investments of the Fund.

The accompanying notes are an integral part of the financial statements.

98

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 14.39	$ 0.24	$ (0.33)	$ (0.09)	$ (0.46)	$ (1.52)	$ (1.98)	$ 12.32	(1.29%)b	$ 27,086	0.42%a	0.35%a	3.53%a
9/30/21	12.16	0.17	2.61	2.78	(0.27)	(0.28)	(0.55)	14.39	23.29%	32,891	0.42%	0.35%	1.24%
9/30/20	12.81	0.22	0.49	0.71	(0.26)	(1.10)	(1.36)	12.16	5.46%	28,848	0.42%	0.35%	1.83%
9/30/19	14.25	0.29	(0.09)aa	0.20	(0.37)	(1.27)	(1.64)	12.81	3.44%	32,361	0.42%	0.35%	2.31%
9/30/18	13.83	0.23	0.92	1.15	(0.47)	(0.26)	(0.73)	14.25	8.53%	33,416	0.41%	0.37%	1.63%
9/30/17	12.32	0.12	1.69	1.81	(0.21)	(0.09)	(0.30)	13.83	15.04%	30,323	0.43%	0.39%	0.97%
Class A
3/31/22r	$ 14.21	$ 0.21	$ (0.33)	$ (0.12)	$ (0.31)	$ (1.52)	$ (1.83)	$ 12.26	(1.41%)b	$ 9,098	0.67%a	0.60%a	3.16%a
9/30/21	12.03	0.19	2.52	2.71	(0.25)	(0.28)	(0.53)	14.21	22.92%	13,939	0.67%	0.60%	1.42%
9/30/20	12.69	0.17	0.51	0.68	(0.24)	(1.10)	(1.34)	12.03	5.26%	42,080	0.67%	0.60%	1.48%
9/30/19	14.12	0.22	(0.05)aa	0.17	(0.33)	(1.27)	(1.60)	12.69	3.21%	34,479	0.67%	0.60%	1.74%
9/30/18	13.70	0.17	0.93	1.10	(0.42)	(0.26)	(0.68)	14.12	8.23%	33,548	0.66%	0.62%	1.25%
9/30/17	12.21	0.11	1.65	1.76	(0.18)	(0.09)	(0.27)	13.70	14.73%	26,817	0.68%	0.64%	0.88%
Class R4
3/31/22r	$ 14.16	$ 0.23	$ (0.34)	$ (0.11)	$ (0.43)	$ (1.52)	$ (1.95)	$ 12.10	(1.35%)b	$ 22,243	0.57%a	0.50%a	3.42%a
9/30/21	11.97	0.17	2.54	2.71	(0.24)	(0.28)	(0.52)	14.16	23.08%	24,087	0.57%	0.50%	1.22%
9/30/20	12.63	0.30	0.38	0.68	(0.24)	(1.10)	(1.34)	11.97	5.30%	24,244	0.57%	0.50%	2.47%
9/30/19	14.06	0.27	(0.09)aa	0.18	(0.34)	(1.27)	(1.61)	12.63	3.37%	49,044	0.57%	0.50%	2.17%
9/30/18	13.67	0.19	0.91	1.10	(0.45)	(0.26)	(0.71)	14.06	8.28%	56,342	0.56%	0.52%	1.40%
9/30/17	12.18	0.10	1.67	1.77	(0.19)	(0.09)	(0.28)	13.67	14.92%	48,392	0.58%	0.54%	0.80%
Class R3
3/31/22r	$ 14.10	$ 0.21	$ (0.33)	$ (0.12)	$ (0.40)	$ (1.52)	$ (1.92)	$ 12.06	(1.44%)b	$ 50,085	0.82%a	0.75%a	3.23%a
9/30/21	11.93	0.14	2.53	2.67	(0.22)	(0.28)	(0.50)	14.10	22.76%	53,677	0.82%	0.75%	1.02%
9/30/20	12.58	0.18	0.48	0.66	(0.21)	(1.10)	(1.31)	11.93	5.12%	54,970	0.82%	0.75%	1.51%
9/30/19	14.02	0.24	(0.10)aa	0.14	(0.31)	(1.27)	(1.58)	12.58	2.99%	61,925	0.82%	0.75%	1.95%
9/30/18	13.62	0.17	0.90	1.07	(0.41)	(0.26)	(0.67)	14.02	8.08%	69,914	0.81%	0.77%	1.26%
9/30/17	12.15	0.07	1.66	1.73	(0.17)	(0.09)	(0.26)	13.62	14.55%	64,790	0.83%	0.79%	0.58%

The accompanying notes are an integral part of the financial statements.

99

MassMutual RetireSMART^SM by JPMorgan 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 14.28	$ 0.24	$ (0.25)	$ (0.01)	$ (0.49)	$ (1.48)	$ (1.97)	$ 12.30	(0.55%)b	$ 55,232	0.08%a	0.04%a	3.60%a
9/30/21	11.54	0.19	2.81	3.00	(0.26)	—	(0.26)	14.28	26.26%	51,708	0.08%	0.04%	1.36%
9/30/20	12.19	0.23	0.47	0.70	(0.27)	(1.08)	(1.35)	11.54	5.59%	38,583	0.09%	0.04%	2.06%
9/30/19	13.81	0.28	(0.16)aa	0.12	(0.39)	(1.35)	(1.74)	12.19	3.22%	28,872	0.09%	0.04%	2.32%
9/30/18	13.23	0.27	0.92	1.19	(0.49)	(0.12)	(0.61)	13.81	9.19%	12,676	0.08%	0.05%	2.00%
9/30/17	11.65	0.12	1.69	1.81	(0.23)	—	(0.23)	13.23	15.80%	10,771	0.08%	0.07%	0.99%
Class R5
3/31/22r	$ 14.26	$ 0.23	$ (0.23)	$ (0.00)d	$ (0.48)	$ (1.48)	$ (1.96)	$ 12.30	(0.52%)b	$ 57,561	0.18%a	0.14%a	3.47%a
9/30/21	11.53	0.18	2.80	2.98	(0.25)	—	(0.25)	14.26	26.08%	62,894	0.18%	0.14%	1.35%
9/30/20	12.18	0.24	0.45	0.69	(0.26)	(1.08)	(1.34)	11.53	5.51%	51,048	0.19%	0.14%	2.15%
9/30/19	13.80	0.22	(0.11)aa	0.11	(0.38)	(1.35)	(1.73)	12.18	3.14%	63,062	0.19%	0.14%	1.84%
9/30/18	13.22	0.26	0.92	1.18	(0.48)	(0.12)	(0.60)	13.80	9.10%	10,301	0.18%	0.15%	1.94%
9/30/17	11.65	0.10	1.69	1.79	(0.22)	—	(0.22)	13.22	15.61%	20,737	0.18%	0.17%	0.78%
Service Class
3/31/22r	$ 14.33	$ 0.27	$ (0.29)	$ (0.02)	$ (0.46)	$ (1.48)	$ (1.94)	$ 12.37	(0.60%)b	$ 21,490	0.28%a	0.24%a	3.92%a
9/30/21	11.58	0.18	2.81	2.99	(0.24)	—	(0.24)	14.33	26.04%	27,788	0.28%	0.24%	1.31%
9/30/20	12.23	0.19	0.48	0.67	(0.24)	(1.08)	(1.32)	11.58	5.32%	25,091	0.29%	0.24%	1.67%
9/30/19	13.81	0.34	(0.23)aa	0.11	(0.34)	(1.35)	(1.69)	12.23	3.08%	22,042	0.29%	0.24%	2.77%
9/30/18	13.23	0.23	0.93	1.16	(0.46)	(0.12)	(0.58)	13.81	8.95%	68,297	0.28%	0.25%	1.71%
9/30/17	11.66	0.14	1.63	1.77	(0.20)	—	(0.20)	13.23	15.45%	81,099	0.28%	0.27%	1.16%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	23%	33%	89%	40%	59%	37%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

100

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 14.24	$ 0.22	$ (0.24)	$ (0.02)	$ (0.45)	$ (1.48)	$ (1.93)	$ 12.29	(0.64%)b	$ 57,629	0.38%a	0.34%a	3.33%a
9/30/21	11.51	0.15	2.81	2.96	(0.23)	—	(0.23)	14.24	25.89%	65,351	0.38%	0.34%	1.08%
9/30/20	12.17	0.23	0.42	0.65	(0.23)	(1.08)	(1.31)	11.51	5.18%	52,611	0.39%	0.34%	1.99%
9/30/19	13.77	0.26	(0.16)aa	0.10	(0.35)	(1.35)	(1.70)	12.17	2.99%	75,729	0.39%	0.34%	2.20%
9/30/18	13.19	0.22	0.92	1.14	(0.44)	(0.12)	(0.56)	13.77	8.86%	73,290	0.38%	0.35%	1.66%
9/30/17	11.62	0.12	1.64	1.76	(0.19)	—	(0.19)	13.19	15.39%	73,514	0.38%	0.37%	0.98%
Class A
3/31/22r	$ 14.10	$ 0.19	$ (0.23)	$ (0.04)	$ (0.35)	$ (1.48)	$ (1.83)	$ 12.23	(0.74%)b	$ 19,778	0.63%a	0.59%a	2.91%a
9/30/21	11.41	0.15	2.74	2.89	(0.20)	—	(0.20)	14.10	25.54%	25,723	0.63%	0.59%	1.13%
9/30/20	12.07	0.15	0.48	0.63	(0.21)	(1.08)	(1.29)	11.41	5.03%	49,795	0.64%	0.59%	1.34%
9/30/19	13.66	0.20	(0.14)aa	0.06	(0.30)	(1.35)	(1.65)	12.07	2.68%	42,006	0.64%	0.59%	1.71%
9/30/18	13.09	0.18	0.92	1.10	(0.41)	(0.12)	(0.53)	13.66	8.54%	44,233	0.63%	0.60%	1.34%
9/30/17	11.53	0.11	1.61	1.72	(0.16)	—	(0.16)	13.09	15.16%	41,159	0.63%	0.62%	0.88%
Class R4
3/31/22r	$ 13.97	$ 0.20	$ (0.23)	$ (0.03)	$ (0.42)	$ (1.48)	$ (1.90)	$ 12.04	(0.74%)b	$ 19,655	0.53%a	0.49%a	3.06%a
9/30/21	11.29	0.14	2.74	2.88	(0.20)	—	(0.20)	13.97	25.69%	21,449	0.53%	0.49%	1.07%
9/30/20	11.96	0.24	0.38	0.62	(0.21)	(1.08)	(1.29)	11.29	5.04%	24,740	0.54%	0.49%	2.15%
9/30/19	13.56	0.24	(0.16)aa	0.08	(0.33)	(1.35)	(1.68)	11.96	2.84%	43,641	0.54%	0.49%	2.05%
9/30/18	13.01	0.19	0.91	1.10	(0.43)	(0.12)	(0.55)	13.56	8.63%	46,980	0.53%	0.50%	1.40%
9/30/17	11.47	0.10	1.62	1.72	(0.18)	—	(0.18)	13.01	15.23%	41,195	0.53%	0.52%	0.79%
Class R3
3/31/22r	$ 13.70	$ 0.19	$ (0.24)	$ (0.05)	$ (0.39)	$ (1.48)	$ (1.87)	$ 11.78	(0.87%)b	$ 53,634	0.78%a	0.74%a	2.89%a
9/30/21	11.09	0.11	2.68	2.79	(0.18)	—	(0.18)	13.70	25.36%	52,607	0.78%	0.74%	0.85%
9/30/20	11.75	0.15	0.45	0.60	(0.18)	(1.08)	(1.26)	11.09	4.92%	54,015	0.79%	0.74%	1.34%
9/30/19	13.36	0.21	(0.18)aa	0.03	(0.29)	(1.35)	(1.64)	11.75	2.48%	59,312	0.79%	0.74%	1.85%
9/30/18	12.82	0.16	0.90	1.06	(0.40)	(0.12)	(0.52)	13.36	8.44%	64,385	0.78%	0.75%	1.19%
9/30/17	11.31	0.06	1.61	1.67	(0.16)	—	(0.16)	12.82	14.95%	59,300	0.78%	0.77%	0.51%

The accompanying notes are an integral part of the financial statements.

101

MassMutual RetireSMART^SM by JPMorgan 2045 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 14.76	$ 0.23	$ (0.13)	$ 0.10	$ (0.53)	$ (1.94)	$ (2.47)	$ 12.39	0.05%b	$ 31,481	0.17%a	0.02%a	3.31%a
9/30/21	11.96	0.17	3.18	3.35	(0.24)	(0.31)	(0.55)	14.76	28.57%	30,290	0.16%	0.02%	1.24%
9/30/20	12.75	0.24	0.48	0.72	(0.29)	(1.22)	(1.51)	11.96	5.41%	21,522	0.18%	0.02%	2.04%
9/30/19	14.41	0.29	(0.18)aa	0.11	(0.39)	(1.38)	(1.77)	12.75	3.08%	19,099	0.18%	0.02%	2.32%
9/30/18	13.88	0.21	1.06	1.27	(0.51)	(0.23)	(0.74)	14.41	9.38%	9,650	0.18%	0.03%	1.51%
9/30/17	12.32	0.13	1.80	1.93	(0.23)	(0.14)	(0.37)	13.88	16.07%	6,210	0.21%	0.06%	0.98%
Class R5
3/31/22r	$ 14.76	$ 0.22	$ (0.13)	$ 0.09	$ (0.51)	$ (1.94)	$ (2.45)	$ 12.40	0.03%b	$ 1,392	0.27%a	0.12%a	3.18%a
9/30/21	11.96	0.17	3.17	3.34	(0.23)	(0.31)	(0.54)	14.76	28.46%	1,327	0.26%	0.12%	1.17%
9/30/20	12.76	0.20	0.50	0.70	(0.28)	(1.22)	(1.50)	11.96	5.25%	935	0.28%	0.12%	1.70%
9/30/19	14.41	0.12	(0.02)aa	0.10	(0.37)	(1.38)	(1.75)	12.76	3.02%	750	0.28%	0.12%	0.92%
9/30/18	13.88	0.33	0.92	1.25	(0.49)	(0.23)	(0.72)	14.41	9.24%	147	0.28%	0.14%	2.33%
9/30/17	12.31	0.17	1.74	1.91	(0.20)	(0.14)	(0.34)	13.88	15.92%	219	0.31%	0.15%	1.34%
Service Class
3/31/22r	$ 14.77	$ 0.24	$ (0.16)	$ 0.08	$ (0.49)	$ (1.94)	$ (2.43)	$ 12.42	(0.01%)b	$ 3,573	0.37%a	0.22%a	3.53%a
9/30/21	11.97	0.16	3.17	3.33	(0.22)	(0.31)	(0.53)	14.77	28.30%	4,642	0.36%	0.22%	1.14%
9/30/20	12.75	0.20	0.48	0.68	(0.24)	(1.22)	(1.46)	11.97	5.15%	4,391	0.38%	0.22%	1.69%
9/30/19	14.39	0.32	(0.23)aa	0.09	(0.35)	(1.38)	(1.73)	12.75	2.92%	3,874	0.38%	0.22%	2.58%
9/30/18	13.86	0.23	1.01	1.24	(0.48)	(0.23)	(0.71)	14.39	9.19%	9,964	0.38%	0.24%	1.66%
9/30/17	12.31	0.14	1.75	1.89	(0.20)	(0.14)	(0.34)	13.86	15.77%	10,572	0.41%	0.25%	1.08%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	27%	34%	95%	46%	58%	39%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

102

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 14.67	$ 0.20	$ (0.12)	$ 0.08	$ (0.48)	$ (1.94)	$ (2.42)	$ 12.33	(0.07%)b	$ 21,580	0.47%a	0.32%a	2.94%a
9/30/21	11.90	0.12	3.17	3.29	(0.21)	(0.31)	(0.52)	14.67	28.11%	26,780	0.46%	0.32%	0.87%
9/30/20	12.69	0.19	0.49	0.68	(0.25)	(1.22)	(1.47)	11.90	5.12%	19,671	0.48%	0.32%	1.59%
9/30/19	14.35	0.26	(0.19)aa	0.07	(0.35)	(1.38)	(1.73)	12.69	2.72%	21,597	0.48%	0.32%	2.12%
9/30/18	13.82	0.22	1.01	1.23	(0.47)	(0.23)	(0.70)	14.35	9.12%	18,549	0.48%	0.34%	1.54%
9/30/17	12.28	0.11	1.76	1.87	(0.19)	(0.14)	(0.33)	13.82	15.64%	16,509	0.51%	0.36%	0.86%
Class A
3/31/22r	$ 14.50	$ 0.16	$ (0.11)	$ 0.05	$ (0.32)	$ (1.94)	$ (2.26)	$ 12.29	(0.21%)b	$ 7,575	0.72%a	0.57%a	2.40%a
9/30/21	11.77	0.14	3.09	3.23	(0.19)	(0.31)	(0.50)	14.50	27.88%	11,723	0.71%	0.57%	1.04%
9/30/20	12.58	0.14	0.49	0.63	(0.22)	(1.22)	(1.44)	11.77	4.79%	28,190	0.73%	0.57%	1.18%
9/30/19	14.22	0.20	(0.15)aa	0.05	(0.31)	(1.38)	(1.69)	12.58	2.54%	19,901	0.73%	0.57%	1.61%
9/30/18	13.70	0.18	0.99	1.17	(0.42)	(0.23)	(0.65)	14.22	8.77%	19,675	0.74%	0.59%	1.25%
9/30/17	12.17	0.10	1.73	1.83	(0.16)	(0.14)	(0.30)	13.70	15.43%	16,011	0.76%	0.60%	0.82%
Class R4
3/31/22r	$ 14.42	$ 0.19	$ (0.13)	$ 0.06	$ (0.45)	$ (1.94)	$ (2.39)	$ 12.09	(0.19%)b	$ 18,756	0.62%a	0.47%a	2.79%a
9/30/21	11.70	0.12	3.10	3.22	(0.19)	(0.31)	(0.50)	14.42	27.98%	19,388	0.61%	0.47%	0.90%
9/30/20	12.51	0.24	0.40	0.64	(0.23)	(1.22)	(1.45)	11.70	4.89%	18,225	0.63%	0.47%	2.04%
9/30/19	14.15	0.24	(0.18)aa	0.06	(0.32)	(1.38)	(1.70)	12.51	2.68%	29,963	0.63%	0.47%	1.93%
9/30/18	13.65	0.20	0.98	1.18	(0.45)	(0.23)	(0.68)	14.15	8.86%	30,899	0.63%	0.49%	1.42%
9/30/17	12.13	0.09	1.75	1.84	(0.18)	(0.14)	(0.32)	13.65	15.52%	27,976	0.66%	0.51%	0.71%
Class R3
3/31/22r	$ 14.36	$ 0.17	$ (0.12)	$ 0.05	$ (0.41)	$ (1.94)	$ (2.35)	$ 12.06	(0.24%)b	$ 37,472	0.87%a	0.72%a	2.60%a
9/30/21	11.66	0.10	3.06	3.16	(0.15)	(0.31)	(0.46)	14.36	27.59%	40,009	0.86%	0.72%	0.72%
9/30/20	12.47	0.14	0.47	0.61	(0.20)	(1.22)	(1.42)	11.66	4.62%	42,710	0.88%	0.72%	1.25%
9/30/19	14.11	0.22	(0.19)aa	0.03	(0.29)	(1.38)	(1.67)	12.47	2.41%	46,767	0.88%	0.72%	1.82%
9/30/18	13.61	0.16	0.99	1.15	(0.42)	(0.23)	(0.65)	14.11	8.62%	49,481	0.88%	0.74%	1.19%
9/30/17	12.10	0.06	1.74	1.80	(0.15)	(0.14)	(0.29)	13.61	15.25%	44,618	0.91%	0.76%	0.48%

The accompanying notes are an integral part of the financial statements.

103

MassMutual RetireSMART^SM by JPMorgan 2050 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.46	$ 0.16	$ (0.10)	$ 0.06	$ (0.36)	$ (1.10)	$ (1.46)	$ 9.06	0.05%b	$ 31,771	0.11%a	0.02%a	3.32%a
9/30/21	8.31	0.12	2.23	2.35	(0.17)	(0.03)	(0.20)	10.46	28.53%	26,674	0.12%	0.02%	1.21%
9/30/20	8.80	0.16	0.33	0.49	(0.19)	(0.79)	(0.98)	8.31	5.29%	18,528	0.13%	0.02%	2.02%
9/30/19	10.18	0.20	(0.15)aa	0.05	(0.28)	(1.15)	(1.43)	8.80	3.10%	15,050	0.14%	0.02%	2.27%
9/30/18	9.77	0.18	0.77	0.95	(0.36)	(0.18)	(0.54)	10.18	10.02%	5,973	0.14%	0.04%	1.82%
9/30/17	8.52	0.09	1.33	1.42	(0.15)	(0.02)	(0.17)	9.77	17.03%	3,775	0.15%	0.06%	0.96%
Class R5
3/31/22r	$ 10.44	$ 0.16	$ (0.10)	$ 0.06	$ (0.35)	$ (1.10)	$ (1.45)	$ 9.05	0.07%b	$ 50,193	0.21%a	0.12%a	3.17%a
9/30/21	8.29	0.13	2.21	2.34	(0.16)	(0.03)	(0.19)	10.44	28.49%	50,534	0.22%	0.12%	1.31%
9/30/20	8.78	0.16	0.32	0.48	(0.18)	(0.79)	(0.97)	8.29	5.20%	42,985	0.23%	0.12%	1.93%
9/30/19	10.16	0.17	(0.13)aa	0.04	(0.27)	(1.15)	(1.42)	8.78	3.03%	45,022	0.24%	0.12%	1.94%
9/30/18	9.76	0.18	0.75	0.93	(0.35)	(0.18)	(0.53)	10.16	9.83%	5,701	0.24%	0.14%	1.78%
9/30/17	8.51	0.06	1.35	1.41	(0.14)	(0.02)	(0.16)	9.76	16.95%	14,378	0.25%	0.16%	0.72%
Service Class
3/31/22r	$ 10.50	$ 0.17	$ (0.12)	$ 0.05	$ (0.34)	$ (1.10)	$ (1.44)	$ 9.11	(0.03%)b	$ 10,851	0.31%a	0.22%a	3.48%a
9/30/21	8.34	0.12	2.23	2.35	(0.16)	(0.03)	(0.19)	10.50	28.34%	12,565	0.32%	0.22%	1.19%
9/30/20	8.82	0.13	0.34	0.47	(0.16)	(0.79)	(0.95)	8.34	5.13%	10,119	0.33%	0.22%	1.59%
9/30/19	10.17	0.24	(0.20)aa	0.04	(0.24)	(1.15)	(1.39)	8.82	2.92%	8,399	0.34%	0.22%	2.73%
9/30/18	9.76	0.15	0.78	0.93	(0.34)	(0.18)	(0.52)	10.17	9.81%	41,405	0.34%	0.24%	1.55%
9/30/17	8.51	0.08	1.32	1.40	(0.13)	(0.02)	(0.15)	9.76	16.81%	40,188	0.35%	0.26%	0.94%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	21%	36%	92%	40%	65%	43%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

104

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 10.45	$ 0.15	$ (0.11)	$ 0.04	$ (0.33)	$ (1.10)	$ (1.43)	$ 9.06	(0.15%)b	$ 43,073	0.41%a	0.32%a	2.98%a
9/30/21	8.30	0.09	2.23	2.32	(0.14)	(0.03)	(0.17)	10.45	28.20%	46,558	0.42%	0.32%	0.91%
9/30/20	8.79	0.16	0.30	0.46	(0.16)	(0.79)	(0.95)	8.30	4.98%	34,367	0.43%	0.32%	1.97%
9/30/19	10.16	0.18	(0.15)aa	0.03	(0.25)	(1.15)	(1.40)	8.79	2.84%	52,850	0.44%	0.32%	2.06%
9/30/18	9.75	0.15	0.77	0.92	(0.33)	(0.18)	(0.51)	10.16	9.72%	44,569	0.44%	0.34%	1.47%
9/30/17	8.51	0.07	1.32	1.39	(0.13)	(0.02)	(0.15)	9.75	16.60%	37,139	0.45%	0.36%	0.76%
Class A
3/31/22r	$ 10.35	$ 0.12	$ (0.08)	$ 0.04	$ (0.26)	$ (1.10)	$ (1.36)	$ 9.03	(0.18%)b	$ 10,882	0.66%a	0.57%a	2.50%a
9/30/21	8.23	0.10	2.18	2.28	(0.13)	(0.03)	(0.16)	10.35	27.87%	14,761	0.67%	0.57%	1.00%
9/30/20	8.72	0.10	0.34	0.44	(0.14)	(0.79)	(0.93)	8.23	4.81%	26,813	0.68%	0.57%	1.22%
9/30/19	10.08	0.15	(0.14)aa	0.01	(0.22)	(1.15)	(1.37)	8.72	2.54%	21,195	0.69%	0.57%	1.70%
9/30/18	9.68	0.12	0.76	0.88	(0.30)	(0.18)	(0.48)	10.08	9.34%	20,721	0.69%	0.59%	1.25%
9/30/17	8.44	0.06	1.31	1.37	(0.11)	(0.02)	(0.13)	9.68	16.48%	19,612	0.70%	0.61%	0.62%
Class R4
3/31/22r	$ 10.29	$ 0.14	$ (0.09)	$ 0.05	$ (0.31)	$ (1.10)	$ (1.41)	$ 8.93	(0.05%)b	$ 15,291	0.56%a	0.47%a	2.79%a
9/30/21	8.18	0.08	2.19	2.27	(0.13)	(0.03)	(0.16)	10.29	27.93%	16,268	0.57%	0.47%	0.86%
9/30/20	8.68	0.16	0.28	0.44	(0.15)	(0.79)	(0.94)	8.18	4.78%	15,258	0.58%	0.47%	1.93%
9/30/19	10.05	0.16	(0.15)aa	0.01	(0.23)	(1.15)	(1.38)	8.68	2.66%	23,206	0.59%	0.47%	1.91%
9/30/18	9.65	0.13	0.77	0.90	(0.32)	(0.18)	(0.50)	10.05	9.56%	22,706	0.59%	0.49%	1.37%
9/30/17	8.42	0.06	1.31	1.37	(0.12)	(0.02)	(0.14)	9.65	16.52%	20,958	0.60%	0.51%	0.70%
Class R3
3/31/22r	$ 10.20	$ 0.12	$ (0.09)	$ 0.03	$ (0.29)	$ (1.10)	$ (1.39)	$ 8.84	(0.26%)b	$ 34,659	0.81%a	0.72%a	2.59%a
9/30/21	8.11	0.07	2.16	2.23	(0.11)	(0.03)	(0.14)	10.20	27.70%	34,349	0.82%	0.72%	0.71%
9/30/20	8.60	0.10	0.32	0.42	(0.12)	(0.79)	(0.91)	8.11	4.59%	32,608	0.83%	0.72%	1.23%
9/30/19	9.96	0.16	(0.16)aa	0.00d	(0.21)	(1.15)	(1.36)	8.60	2.44%	34,061	0.84%	0.72%	1.86%
9/30/18	9.57	0.11	0.76	0.87	(0.30)	(0.18)	(0.48)	9.96	9.28%	39,324	0.84%	0.74%	1.13%
9/30/17	8.36	0.03	1.30	1.33	(0.10)	(0.02)	(0.12)	9.57	16.20%	35,264	0.85%	0.76%	0.38%

The accompanying notes are an integral part of the financial statements.

105

MassMutual RetireSMART^SM by JPMorgan 2055 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 12.33	$ 0.19	$ (0.12)	$ 0.07	$ (0.44)	$ (1.27)	$ (1.71)	$ 10.69	0.08%b	$ 14,768	0.32%a	0.00%a	3.34%a
9/30/21	10.15	0.14	2.67	2.81	(0.21)	(0.42)	(0.63)	12.33	28.46%	13,996	0.33%	0.00%	1.20%
9/30/20	10.73	0.21	0.40	0.61	(0.23)	(0.96)	(1.19)	10.15	5.43%	9,429	0.39%	0.00%	2.09%
9/30/19	12.04	0.24	(0.13)aa	0.11	(0.33)	(1.09)	(1.42)	10.73	3.15%	7,761	0.41%	0.00%	2.31%
9/30/18	11.71	0.19	0.94	1.13	(0.44)	(0.36)	(0.80)	12.04	9.97%	3,804	0.49%	0.02%	1.61%
9/30/17	10.30	0.10	1.62	1.72	(0.17)	(0.14)	(0.31)	11.71	17.23%	2,188	0.65%	0.04%	0.93%
Class R5
3/31/22r	$ 12.33	$ 0.17	$ (0.11)	$ 0.06	$ (0.42)	$ (1.27)	$ (1.69)	$ 10.70	0.03%b	$ 1,024	0.42%a	0.10%a	2.90%a
9/30/21	10.15	0.10	2.70	2.80	(0.20)	(0.42)	(0.62)	12.33	28.35%	1,523	0.43%	0.10%	0.79%
9/30/20	10.73	0.17	0.43	0.60	(0.22)	(0.96)	(1.18)	10.15	5.34%	643	0.49%	0.10%	1.72%
9/30/19	12.04	0.17	(0.08)aa	0.09	(0.31)	(1.09)	(1.40)	10.73	3.02%	534	0.51%	0.10%	1.61%
9/30/18	11.71	0.15	0.96	1.11	(0.42)	(0.36)	(0.78)	12.04	9.84%	231	0.59%	0.11%	1.24%
9/30/17	10.29	0.13	1.59	1.72	(0.16)	(0.14)	(0.30)	11.71	17.14%	139	0.77%	0.13%	1.19%
Service Class
3/31/22r	$ 12.38	$ 0.19	$ (0.14)	$ 0.05	$ (0.41)	$ (1.27)	$ (1.68)	$ 10.75	(0.05%)b	$ 3,046	0.52%a	0.20%a	3.32%a
9/30/21	10.18	0.13	2.68	2.81	(0.19)	(0.42)	(0.61)	12.38	28.34%	3,260	0.53%	0.20%	1.11%
9/30/20	10.75	0.18	0.40	0.58	(0.19)	(0.96)	(1.15)	10.18	5.15%	2,498	0.59%	0.20%	1.77%
9/30/19	12.05	0.28	(0.19)aa	0.09	(0.30)	(1.09)	(1.39)	10.75	2.99%	2,291	0.61%	0.20%	2.63%
9/30/18	11.72	0.18	0.93	1.11	(0.42)	(0.36)	(0.78)	12.05	9.78%	5,512	0.69%	0.22%	1.55%
9/30/17	10.32	0.10	1.60	1.70	(0.16)	(0.14)	(0.30)	11.72	16.92%	4,159	0.86%	0.23%	0.88%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	26%	38%	89%	50%	62%	47%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

106

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 12.28	$ 0.17	$ (0.12)	$ 0.05	$ (0.40)	$ (1.27)	$ (1.67)	$ 10.66	(0.04%)b	$ 11,072	0.62%a	0.30%a	2.96%a
9/30/21	10.11	0.10	2.67	2.77	(0.18)	(0.42)	(0.60)	12.28	28.13%	10,954	0.63%	0.30%	0.85%
9/30/20	10.69	0.16	0.42	0.58	(0.20)	(0.96)	(1.16)	10.11	5.13%	7,482	0.69%	0.30%	1.61%
9/30/19	12.00	0.21	(0.14)aa	0.07	(0.29)	(1.09)	(1.38)	10.69	2.79%	8,364	0.71%	0.30%	1.98%
9/30/18	11.67	0.18	0.92	1.10	(0.41)	(0.36)	(0.77)	12.00	9.73%	6,286	0.79%	0.32%	1.52%
9/30/17	10.28	0.08	1.60	1.68	(0.15)	(0.14)	(0.29)	11.67	16.83%	5,022	0.95%	0.34%	0.71%
Class A
3/31/22r	$ 12.23	$ 0.09	$ (0.06)	$ 0.03	$ (0.17)	$ (1.27)	$ (1.44)	$ 10.82	(0.14%)b	$ 1,891	0.87%a	0.55%a	1.49%a
9/30/21	10.08	0.11	2.62	2.73	(0.16)	(0.42)	(0.58)	12.23	27.80%	6,298	0.88%	0.55%	0.96%
9/30/20	10.67	0.13	0.42	0.55	(0.18)	(0.96)	(1.14)	10.08	4.83%	10,137	0.94%	0.55%	1.29%
9/30/19	11.97	0.16	(0.11)aa	0.05	(0.26)	(1.09)	(1.35)	10.67	2.55%	7,587	0.96%	0.55%	1.57%
9/30/18	11.64	0.12	0.94	1.06	(0.37)	(0.36)	(0.73)	11.97	9.41%	7,070	1.04%	0.57%	1.02%
9/30/17	10.25	0.08	1.58	1.66	(0.13)	(0.14)	(0.27)	11.64	16.58%	4,975	1.22%	0.58%	0.77%
Class R4
3/31/22r	$ 12.20	$ 0.16	$ (0.12)	$ 0.04	$ (0.38)	$ (1.27)	$ (1.65)	$ 10.59	(0.18%)b	$ 6,835	0.77%a	0.45%a	2.82%a
9/30/21	10.04	0.11	2.63	2.74	(0.16)	(0.42)	(0.58)	12.20	28.02%	7,822	0.78%	0.45%	0.92%
9/30/20	10.64	0.22	0.33	0.55	(0.19)	(0.96)	(1.15)	10.04	4.85%	6,887	0.84%	0.45%	2.20%
9/30/19	11.94	0.21	(0.14)aa	0.07	(0.28)	(1.09)	(1.37)	10.64	2.75%	12,251	0.86%	0.45%	2.02%
9/30/18	11.62	0.14	0.93	1.07	(0.39)	(0.36)	(0.75)	11.94	9.50%	11,111	0.94%	0.47%	1.19%
9/30/17	10.24	0.06	1.60	1.66	(0.14)	(0.14)	(0.28)	11.62	16.66%	7,998	1.10%	0.49%	0.54%
Class R3
3/31/22r	$ 12.12	$ 0.15	$ (0.12)	$ 0.03	$ (0.35)	$ (1.27)	$ (1.62)	$ 10.53	(0.24%)b	$ 25,241	1.02%a	0.70%a	2.56%a
9/30/21	9.99	0.09	2.60	2.69	(0.14)	(0.42)	(0.56)	12.12	27.60%	23,885	1.03%	0.70%	0.76%
9/30/20	10.58	0.11	0.42	0.53	(0.16)	(0.96)	(1.12)	9.99	4.69%	24,149	1.09%	0.70%	1.17%
9/30/19	11.88	0.19	(0.15)aa	0.04	(0.25)	(1.09)	(1.34)	10.58	2.44%	22,185	1.11%	0.70%	1.79%
9/30/18	11.57	0.13	0.90	1.03	(0.36)	(0.36)	(0.72)	11.88	9.22%	21,236	1.19%	0.72%	1.10%
9/30/17	10.20	0.04	1.59	1.63	(0.12)	(0.14)	(0.26)	11.57	16.41%	16,657	1.36%	0.73%	0.41%

The accompanying notes are an integral part of the financial statements.

107

MassMutual RetireSMART^SM by JPMorgan 2060 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 12.03	$ 0.20	$ (0.14)	$ 0.06	$ (0.41)	$ (1.05)	$ (1.46)	$ 10.63	0.07%b	$ 13,540	0.89%a	0.00%a	3.48%a
9/30/21	9.91	0.15	2.59	2.74	(0.20)	(0.42)	(0.62)	12.03	28.43%	14,808	1.07%	0.00%	1.29%
9/30/20	10.53	0.20	0.39	0.59	(0.23)	(0.98)	(1.21)	9.91	5.39%	10,758	1.32%	0.00%	2.06%
9/30/19	11.92	0.28	(0.19)	0.09	(0.32)	(1.16)	(1.48)	10.53	3.15%	10,904	1.57%	0.00%	2.70%
9/30/18	11.40	0.22	0.89	1.11	(0.39)	(0.20)	(0.59)	11.92	10.03%	11,994	1.68%	0.02%	1.90%
9/30/17	10.17	0.12	1.54	1.66	(0.18)	(0.25)	(0.43)	11.40	17.02%	11,238	2.19%	0.04%	1.13%
Class R5
3/31/22r	$ 12.00	$ 0.17	$ (0.11)	$ 0.06	$ (0.37)	$ (1.05)	$ (1.42)	$ 10.64	0.03%b	$ 224	0.99%a	0.10%a	2.98%a
9/30/21	9.89	0.13	2.59	2.72	(0.19)	(0.42)	(0.61)	12.00	28.27%	1,352	1.17%	0.10%	1.12%
9/30/20	10.51	0.25	0.33	0.58	(0.22)	(0.98)	(1.20)	9.89	5.33%	764	1.42%	0.10%	2.51%
9/30/19	11.91	0.10	(0.03)	0.07	(0.31)	(1.16)	(1.47)	10.51	2.96%	1,257	1.67%	0.10%	1.01%
9/30/18	11.39	0.13	0.97	1.10	(0.38)	(0.20)	(0.58)	11.91	9.94%	319	1.78%	0.11%	1.09%
9/30/17	10.16	0.10	1.55	1.65	(0.17)	(0.25)	(0.42)	11.39	16.92%	143	2.27%	0.14%	0.92%
Service Class
3/31/22r	$ 11.97	$ 0.18	$ (0.12)	$ 0.06	$ (0.40)	$ (1.05)	$ (1.45)	$ 10.58	0.01%b	$ 2,608	1.09%a	0.20%a	3.23%a
9/30/21	9.87	0.12	2.58	2.70	(0.18)	(0.42)	(0.60)	11.97	28.15%	2,047	1.27%	0.21%	1.03%
9/30/20	10.49	0.12	0.45	0.57	(0.21)	(0.98)	(1.19)	9.87	5.23%	1,453	1.52%	0.20%	1.20%
9/30/19	11.90	0.32	(0.27)	0.05	(0.30)	(1.16)	(1.46)	10.49	2.79%	529	1.77%	0.20%	3.10%
9/30/18	11.38	0.12	0.98	1.10	(0.38)	(0.20)	(0.58)	11.90	9.88%	668	1.88%	0.21%	1.01%
9/30/17	10.16	0.08	1.56	1.64	(0.17)	(0.25)	(0.42)	11.38	16.76%	275	2.36%	0.24%	0.77%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	29%	38%	77%	51%	58%	29%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

108

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Administrative Class
3/31/22r	$ 11.95	$ 0.16	$ (0.12)	$ 0.04	$ (0.38)	$ (1.05)	$ (1.43)	$ 10.56	(0.09%)b	$ 2,530	1.19%a	0.30%a	2.88%a
9/30/21	9.85	0.09	2.60	2.69	(0.17)	(0.42)	(0.59)	11.95	28.08%	2,210	1.37%	0.33%	0.79%
9/30/20	10.48	0.12	0.43	0.55	(0.20)	(0.98)	(1.18)	9.85	5.07%	1,304	1.62%	0.30%	1.29%
9/30/19	11.87	0.20	(0.15)	0.05	(0.28)	(1.16)	(1.44)	10.48	2.81%	665	1.87%	0.30%	1.97%
9/30/18	11.36	0.17	0.91	1.08	(0.37)	(0.20)	(0.57)	11.87	9.71%	448	1.98%	0.32%	1.47%
9/30/17	10.15	0.04	1.59	1.63	(0.17)	(0.25)	(0.42)	11.36	16.67%	349	2.41%	0.34%	0.34%
Class A
3/31/22r	$ 11.89	$ 0.15	$ (0.12)	$ 0.03	$ (0.28)	$ (1.05)	$ (1.33)	$ 10.59	(0.22%)b	$ 365	1.44%a	0.55%	2.57%a
9/30/21	9.83	0.12	2.52	2.64	(0.16)	(0.42)	(0.58)	11.89	27.59%	613	1.62%	0.59%	1.04%
9/30/20	10.46	0.07	0.46	0.53	(0.18)	(0.98)	(1.16)	9.83	4.89%	1,190	1.87%	0.55%	0.74%
9/30/19	11.86	0.19	(0.17)	0.02	(0.26)	(1.16)	(1.42)	10.46	2.50%	437	2.12%	0.55%	1.84%
9/30/18	11.35	0.10	0.95	1.05	(0.34)	(0.20)	(0.54)	11.86	9.47%	304	2.23%	0.56%	0.89%
9/30/17	10.13	0.06	1.54	1.60	(0.13)	(0.25)	(0.38)	11.35	16.40%	155	2.73%	0.59%	0.53%
Class R4
3/31/22r	$ 11.94	$ 0.16	$ (0.13)	$ 0.03	$ (0.36)	$ (1.05)	$ (1.41)	$ 10.56	(0.16%)b	$ 1,121	1.34%a	0.45%a	2.83%a
9/30/21	9.85	0.11	2.57	2.68	(0.17)	(0.42)	(0.59)	11.94	27.90%	1,019	1.52%	0.45%	0.92%
9/30/20	10.47	0.12	0.42	0.54	(0.18)	(0.98)	(1.16)	9.85	4.97%	769	1.77%	0.45%	1.26%
9/30/19	11.87	0.14	(0.11)	0.03	(0.27)	(1.16)	(1.43)	10.47	2.60%	374	2.02%	0.45%	1.36%
9/30/18	11.36	0.14	0.92	1.06	(0.35)	(0.20)	(0.55)	11.87	9.58%	255	2.13%	0.47%	1.24%
9/30/17	10.14	0.06	1.55	1.61	(0.14)	(0.25)	(0.39)	11.36	16.47%	162	2.62%	0.49%	0.55%
Class R3
3/31/22r	$ 11.87	$ 0.14	$ (0.12)	$ 0.02	$ (0.32)	$ (1.05)	$ (1.37)	$ 10.52	(0.28%)b	$ 1,492	1.59%a	0.70%a	2.45%a
9/30/21	9.80	0.12	2.51	2.63	(0.14)	(0.42)	(0.56)	11.87	27.53%	1,510	1.77%	0.70%	1.03%
9/30/20	10.41	0.08	0.43	0.51	(0.14)	(0.98)	(1.12)	9.80	4.66%	1,885	2.02%	0.70%	0.89%
9/30/19	11.80	0.14	(0.12)	0.02	(0.25)	(1.16)	(1.41)	10.41	2.49%	1,096	2.27%	0.70%	1.38%
9/30/18	11.32	0.08	0.94	1.02	(0.34)	(0.20)	(0.54)	11.80	9.20%	800	2.38%	0.72%	0.73%
9/30/17	10.12	0.02	1.57	1.59	(0.14)	(0.25)	(0.39)	11.32	16.25%	322	2.83%	0.74%	0.15%

The accompanying notes are an integral part of the financial statements.

109

MassMutual Select T. Rowe Price Retirement Balanced Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 17.72	$ 0.44	$ (0.76)	$ (0.32)	$ (0.65)	$ (1.08)	$ (1.73)	$ 15.67	(2.13%)b	$ 26,099	0.40%a	0.27%a	5.24%a
9/30/21	16.19	0.25	2.00	2.25	(0.36)	(0.36)	(0.72)	17.72	14.19%	25,173	0.40%	0.27%	1.42%
9/30/20	15.46	0.31	0.91	1.22	(0.38)	(0.11)	(0.49)	16.19	8.01%	18,598	0.19%	0.06%	2.03%
9/30/19	15.22	0.29	0.44	0.73	(0.36)	(0.13)	(0.49)	15.46	5.24%	14,363	0.27%	0.01%	1.94%
9/30/18g	15.00	0.02	0.20	0.22	—	—	—	15.22	1.47%b	5,429	0.41%a	0.00%a	0.25%a
Class M5
3/31/22r	$ 17.73	$ 0.42	$ (0.76)	$ (0.34)	$ (0.61)	$ (1.08)	$ (1.69)	$ 15.70	(2.20%)b	$ 148,997	0.55%a	0.42%a	5.00%a
9/30/21	16.20	0.23	2.00	2.23	(0.34)	(0.36)	(0.70)	17.73	14.02%	152,253	0.55%	0.42%	1.30%
9/30/20	15.48	0.34	0.85	1.19	(0.36)	(0.11)	(0.47)	16.20	7.85%	126,059	0.33%	0.20%	2.17%
9/30/19	15.21	0.08	0.64	0.72	(0.32)	(0.13)	(0.45)	15.48	5.11%	118,872	0.42%	0.16%	0.53%
9/30/18g	15.00	0.01	0.20	0.21	—	—	—	15.21	1.40%b	9,189	0.56%a	0.15%a	0.09%a
Class M4
3/31/22r	$ 17.66	$ 0.38	$ (0.75)	$ (0.37)	$ (0.48)	$ (1.08)	$ (1.56)	$ 15.73	(2.37%)b	$ 10,488	0.80%a	0.67%a	4.47%a
9/30/21	16.13	0.22	1.97	2.19	(0.30)	(0.36)	(0.66)	17.66	13.80%	14,092	0.80%	0.67%	1.27%
9/30/20	15.42	0.30	0.84	1.14	(0.32)	(0.11)	(0.43)	16.13	7.52%	19,598	0.58%	0.45%	1.94%
9/30/19	15.18	0.27	0.41	0.68	(0.31)	(0.13)	(0.44)	15.42	4.85%	17,961	0.67%	0.40%	1.79%
9/30/18g	15.00	(0.02)	0.20	0.18	—	—	—	15.18	1.20%b	14,251	0.81%a	0.40%a	(0.16%)a
Class M3
3/31/22r	$ 17.65	$ 0.36	$ (0.74)	$ (0.38)	$ (0.52)	$ (1.08)	$ (1.60)	$ 15.67	(2.48%)b	$ 11,189	1.05%a	0.92%a	4.28%a
9/30/21	16.11	0.13	2.01	2.14	(0.24)	(0.36)	(0.60)	17.65	13.47%	6,265	1.05%	0.92%	0.74%
9/30/20	15.39	0.28	0.82	1.10	(0.27)	(0.11)	(0.38)	16.11	7.27%	6,073	0.83%	0.70%	1.79%
9/30/19	15.16	0.25	0.39	0.64	(0.28)	(0.13)	(0.41)	15.39	4.61%	7,417	0.92%	0.66%	1.68%
9/30/18g	15.00	(0.04)	0.20	0.16	—	—	—	15.16	1.07%b	6,340	1.06%a	0.65%a	(0.41%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	12%	38%	50%	19%	60%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

110

MassMutual Select T. Rowe Price Retirement 2005 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 17.52	$ 0.39	$ (0.69)	$ (0.30)	$ (0.62)	$ (2.18)	$ (2.80)	$ 14.42	(2.27%)b	$ 17,955	0.42%a	0.28%a	4.97%a
9/30/21	16.24	0.30	1.84	2.14	(0.38)	(0.48)	(0.86)	17.52	13.48%	17,418	0.42%	0.28%	1.74%
9/30/20	15.74	0.34	0.85	1.19	(0.43)	(0.26)	(0.69)	16.24	7.74%	19,736	0.62%	0.06%	2.21%
9/30/19	15.19	0.21	0.66	0.87	(0.29)	(0.03)	(0.32)	15.74	5.96%	13,386	0.87%	0.02%	1.40%
9/30/18g	15.00	0.04	0.15	0.19	—	—	—	15.19	1.27%b	4,932	2.26%a	0.00%a	0.38%a
Class M5
3/31/22r	$ 17.48	$ 0.39	$ (0.70)	$ (0.31)	$ (0.60)	$ (2.18)	$ (2.78)	$ 14.39	(2.37%)b	$ 6,680	0.57%a	0.43%a	4.94%a
9/30/21	16.20	0.24	1.87	2.11	(0.35)	(0.48)	(0.83)	17.48	13.33%	7,783	0.57%	0.43%	1.39%
9/30/20	15.71	0.41	0.75	1.16	(0.41)	(0.26)	(0.67)	16.20	7.55%	8,440	0.77%	0.20%	2.63%
9/30/19	15.17	0.34	0.50	0.84	(0.27)	(0.03)	(0.30)	15.71	5.80%	8,422	1.03%	0.16%	2.26%
9/30/18g	15.00	0.02	0.15	0.17	—	—	—	15.17	1.13%b	7,754	2.41%a	0.15%a	0.21%a
Class M4
3/31/22r	$ 17.46	$ 0.37	$ (0.71)	$ (0.34)	$ (0.54)	$ (2.18)	$ (2.72)	$ 14.40	(2.52%)b	$ 2,531	0.82%a	0.68%a	4.71%a
9/30/21	16.17	0.21	1.86	2.07	(0.30)	(0.48)	(0.78)	17.46	13.07%	3,096	0.82%	0.68%	1.22%
9/30/20	15.69	0.36	0.76	1.12	(0.38)	(0.26)	(0.64)	16.17	7.29%	3,455	1.02%	0.45%	2.30%
9/30/19	15.15	0.25	0.56	0.81	(0.24)	(0.03)	(0.27)	15.69	5.53%	3,138	1.28%	0.41%	1.64%
9/30/18g	15.00	(0.00)d	0.15	0.15	—	—	—	15.15	1.00%b	2,059	2.66%a	0.40%a	(0.05%)a
Class M3
3/31/22r	$ 17.39	$ 0.34	$ (0.69)	$ (0.35)	$ (0.52)	$ (2.18)	$ (2.70)	$ 14.34	(2.58%)b	$ 1,588	1.07%a	0.93%a	4.36%a
9/30/21	16.11	0.12	1.90	2.02	(0.26)	(0.48)	(0.74)	17.39	12.77%	1,603	1.07%	0.93%	0.72%
9/30/20	15.64	0.32	0.76	1.08	(0.35)	(0.26)	(0.61)	16.11	7.01%	1,227	1.27%	0.69%	2.07%
9/30/19	15.12	0.22	0.55	0.77	(0.22)	(0.03)	(0.25)	15.64	5.28%	1,539	1.53%	0.66%	1.45%
9/30/18g	15.00	(0.03)	0.15	0.12	—	—	—	15.12	0.80%b	895	2.91%a	0.65%a	(0.30%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	19%	54%	59%	41%	39%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

111

MassMutual Select T. Rowe Price Retirement 2010 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 17.63	$ 0.40$	$ (0.73)	$ (0.33)	$ (0.62)	$ (1.28)	$ (1.90)	$ 15.40	(2.24%)b	$ 79,151	0.42%a	0.28%a	4.87%a
9/30/21	16.05	0.27	2.05	2.32	(0.37)	(0.37)	(0.74)	17.63	14.74%	75,734	0.42%	0.28%	1.55%
9/30/20	15.66	0.37	0.85	1.22	(0.43)	(0.40)	(0.83)	16.05	8.02%	72,187	0.20%	0.05%	2.40%
9/30/19	15.20	0.34	0.50	0.84	(0.37)	(0.01)	(0.38)	15.66	5.84%	65,842	0.16%	0.01%	2.26%
9/30/18g	15.00	0.02	0.18	0.20	—	—	—	15.20	1.33%b	19,842	0.26%a	0.00%a	0.33%a
Class M5
3/31/22r	$ 17.61	$ 0.41	$ (0.75)	$ (0.34)	$ (0.61)	$ (1.28)	$ (1.89)	$ 15.38	(2.32%)b	$ 31,337	0.57%a	0.43%a	5.01%a
9/30/21	16.03	0.21	2.08	2.29	(0.34)	(0.37)	(0.71)	17.61	14.57%	32,649	0.57%	0.43%	1.20%
9/30/20	15.65	0.39	0.80	1.19	(0.41)	(0.40)	(0.81)	16.03	7.81%	28,892	0.34%	0.20%	2.53%
9/30/19	15.19	0.36	0.46	0.82	(0.35)	(0.01)	(0.36)	15.65	5.70%	30,690	0.31%	0.16%	2.43%
9/30/18g	15.00	0.01	0.18	0.19	—	—	—	15.19	1.27%b	32,952	0.41%a	0.15%a	0.16%a
Class M4
3/31/22r	$ 17.56	$ 0.37	$ (0.74)	$ (0.37)	$ (0.51)	$ (1.28)	$ (1.79)	$ 15.40	(2.47%)b	$ 18,228	0.82%a	0.68%a	4.52%a
9/30/21	15.99	0.23	2.02	2.25	(0.31)	(0.37)	(0.68)	17.56	14.35%	26,545	0.82%	0.68%	1.37%
9/30/20	15.61	0.33	0.82	1.15	(0.37)	(0.40)	(0.77)	15.99	7.56%	30,398	0.60%	0.45%	2.16%
9/30/19	15.17	0.31	0.46	0.77	(0.32)	(0.01)	(0.33)	15.61	5.37%	23,473	0.56%	0.41%	2.06%
9/30/18g	15.00	(0.01)	0.18	0.17	—	—	—	15.17	1.13%b	20,459	0.66%a	0.40%a	(0.08%)a
Class M3
3/31/22r	$ 17.56	$ 0.37	$ (0.75)	$ (0.38)	$ (0.51)	$ (1.28)	$ (1.79)	$ 15.39	(2.58%)b	$ 11,685	1.07%a	0.93%a	4.49%a
9/30/21	15.99	0.15	2.04	2.19	(0.25)	(0.37)	(0.62)	17.56	13.97%	13,883	1.07%	0.93%	0.90%
9/30/20	15.59	0.25	0.87	1.12	(0.32)	(0.40)	(0.72)	15.99	7.34%	14,512	0.85%	0.70%	1.62%
9/30/19	15.14	0.26	0.48	0.74	(0.28)	(0.01)	(0.29)	15.59	5.15%	13,737	0.81%	0.66%	1.74%
9/30/18g	15.00	(0.04)	0.18	0.14	—	—	—	15.14	0.93%b	15,085	0.91%a	0.65%a	(0.33%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	14%	33%	53%	27%	14%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

112

MassMutual Select T. Rowe Price Retirement 2015 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 17.97	$ 0.39	$ (0.73)	$ (0.34)	$ (0.62)	$ (1.15)	$ (1.77)	$ 15.86	(2.26%)b	$ 81,555	0.44%a	0.30%a	4.58%a
9/30/21	16.17	0.24	2.32	2.56	(0.35)	(0.41)	(0.76)	17.97	16.19%	78,555	0.44%	0.32%	1.35%
9/30/20	15.64	0.35	0.93	1.28	(0.41)	(0.34)	(0.75)	16.17	8.40%	65,346	0.20%	0.06%	2.29%
9/30/19	15.21	0.30	0.49	0.79	(0.34)	(0.02)	(0.36)	15.64	5.52%	56,389	0.17%	0.01%	1.99%
9/30/18g	15.00	0.02	0.19	0.21	—	—	—	15.21	1.40%b	27,304	0.34%a	0.00%a	0.29%a
Class M5
3/31/22r	$ 17.94	$ 0.40	$ (0.75)	$ (0.35)	$ (0.60)	$ (1.15)	$ (1.75)	$ 15.84	(2.31%)b	$ 52,199	0.59%a	0.45%a	4.72%a
9/30/21	16.14	0.21	2.32	2.53	(0.32)	(0.41)	(0.73)	17.94	16.05%	64,169	0.59%	0.47%	1.21%
9/30/20	15.62	0.36	0.89	1.25	(0.39)	(0.34)	(0.73)	16.14	8.19%	53,926	0.35%	0.21%	2.30%
9/30/19	15.19	0.32	0.46	0.78	(0.33)	(0.02)	(0.35)	15.62	5.44%	52,284	0.32%	0.16%	2.14%
9/30/18g	15.00	0.01	0.18	0.19	—	—	—	15.19	1.27%b	53,386	0.49%a	0.15%a	0.14%a
Class M4
3/31/22r	$ 17.92	$ 0.36	$ (0.73)	$ (0.37)	$ (0.52)	$ (1.15)	$ (1.67)	$ 15.88	(2.43%)b	$ 9,779	0.84%a	0.70%a	4.27%a
9/30/21	16.12	0.19	2.30	2.49	(0.28)	(0.41)	(0.69)	17.92	15.74%	11,856	0.84%	0.72%	1.07%
9/30/20	15.60	0.31	0.89	1.20	(0.34)	(0.34)	(0.68)	16.12	7.89%	12,857	0.60%	0.46%	2.03%
9/30/19	15.17	0.23	0.51	0.74	(0.29)	(0.02)	(0.31)	15.60	5.15%	13,738	0.57%	0.41%	1.52%
9/30/18g	15.00	(0.01)	0.18	0.17	—	—	—	15.17	1.13%b	11,781	0.74%a	0.40%a	(0.12%)a
Class M3
3/31/22r	$ 17.87	$ 0.35	$ (0.74)	$ (0.39)	$ (0.51)	$ (1.15)	$ (1.66)	$ 15.82	(2.53%)b	$ 6,919	1.09%a	0.95%a	4.16%a
9/30/21	16.08	0.13	2.31	2.44	(0.24)	(0.41)	(0.65)	17.87	15.46%	6,990	1.09%	0.97%	0.76%
9/30/20	15.56	0.30	0.87	1.17	(0.31)	(0.34)	(0.65)	16.08	7.65%	7,211	0.85%	0.70%	1.96%
9/30/19	15.15	0.28	0.41	0.69	(0.26)	(0.02)	(0.28)	15.56	4.84%	8,621	0.82%	0.66%	1.89%
9/30/18g	15.00	(0.04)	0.19	0.15	—	—	—	15.15	1.00%b	7,694	0.99%a	0.65%a	(0.37%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	16%	35%	57%	32%	19%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

113

MassMutual Select T. Rowe Price Retirement 2020 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 18.31	$ 0.36	$ (0.69)	$ (0.33)	$ (0.64)	$ (1.49)	$ (2.13)	$ 15.85	(2.22%)b	$ 346,538	0.47%a	0.31%a	4.18%a
9/30/21	16.22	0.22	2.62	2.84	(0.34)	(0.41)	(0.75)	18.31	17.87%	303,954	0.47%	0.35%	1.25%
9/30/20	15.63	0.33	0.99	1.32	(0.39)	(0.34)	(0.73)	16.22	8.63%	265,328	0.12%	0.07%	2.11%
9/30/19	15.23	0.27	0.47	0.74	(0.33)	(0.01)	(0.34)	15.63	5.20%	219,375	0.05%	0.02%	1.81%
9/30/18g	15.00	0.02	0.21	0.23	—	—	—	15.23	1.53%b	110,027	0.05%a	0.00%a	0.25%a
Class M5
3/31/22r	$ 18.29	$ 0.38	$ (0.72)	$ (0.34)	$ (0.62)	$ (1.49)	$ (2.11)	$ 15.84	(2.30%)b	$ 209,634	0.62%a	0.47%a	4.46%a
9/30/21	16.20	0.19	2.62	2.81	(0.31)	(0.41)	(0.72)	18.29	17.71%	282,667	0.62%	0.50%	1.05%
9/30/20	15.61	0.34	0.96	1.30	(0.37)	(0.34)	(0.71)	16.20	8.49%	257,134	0.26%	0.21%	2.17%
9/30/19	15.21	0.29	0.43	0.72	(0.31)	(0.01)	(0.32)	15.61	5.07%	251,317	0.20%	0.17%	1.93%
9/30/18g	15.00	0.01	0.20	0.21	—	—	—	15.21	1.40%b	243,194	0.20%a	0.15%a	0.09%a
Class M4
3/31/22r	$ 18.24	$ 0.33	$ (0.70)	$ (0.37)	$ (0.53)	$ (1.49)	$ (2.02)	$ 15.85	(2.44%)b	$ 106,422	0.87%a	0.72%a	3.90%a
9/30/21	16.17	0.19	2.57	2.76	(0.28)	(0.41)	(0.69)	18.24	17.38%	139,862	0.87%	0.75%	1.08%
9/30/20	15.58	0.30	0.96	1.26	(0.33)	(0.34)	(0.67)	16.17	8.24%	159,246	0.51%	0.46%	1.92%
9/30/19	15.19	0.26	0.42	0.68	(0.28)	(0.01)	(0.29)	15.58	4.79%	147,162	0.45%	0.42%	1.77%
9/30/18g	15.00	(0.01)	0.20	0.19	—	—	—	15.19	1.27%b	136,540	0.45%a	0.40%a	(0.16%)a
Class M3
3/31/22r	$ 18.24	$ 0.32	$ (0.70)	$ (0.38)	$ (0.50)	$ (1.49)	$ (1.99)	$ 15.87	(2.50%)b	$ 48,771	1.12%a	0.97%a	3.71%a
9/30/21	16.16	0.12	2.58	2.70	(0.21)	(0.41)	(0.62)	18.24	17.02%	55,402	1.12%	1.00%	0.66%
9/30/20	15.56	0.25	0.97	1.22	(0.28)	(0.34)	(0.62)	16.16	8.01%	65,611	0.76%	0.71%	1.65%
9/30/19	15.17	0.21	0.43	0.64	(0.24)	(0.01)	(0.25)	15.56	4.49%	74,882	0.70%	0.67%	1.39%
9/30/18g	15.00	(0.04)	0.21	0.17	—	—	—	15.17	1.13%b	76,167	0.70%a	0.65%a	(0.41%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	19%	35%	53%	19%	11%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

114

MassMutual Select T. Rowe Price Retirement 2025 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 19.04	$ 0.34	$ (0.68)	$ (0.34)	$ (0.66)	$ (1.36)	$ (2.02)	$ 16.68	(2.24%)b	$ 431,551	0.50%a	0.34%a	3.79%a
9/30/21	16.46	0.20	3.07	3.27	(0.33)	(0.36)	(0.69)	19.04	20.22%	377,165	0.51%	0.39%	1.06%
9/30/20	15.62	0.29	1.15	1.44	(0.36)	(0.24)	(0.60)	16.46	9.35%	284,762	0.14%	0.08%	1.89%
9/30/19	15.23	0.22	0.47	0.69	(0.29)	(0.01)	(0.30)	15.62	4.91%	202,728	0.06%	0.02%	1.43%
9/30/18g	15.00	0.02	0.21	0.23	—	—	—	15.23	1.53%b	81,689	0.09%a	0.00%a	0.20%a
Class M5
3/31/22r	$ 19.01	$ 0.36	$ (0.72)	$ (0.36)	$ (0.63)	$ (1.36)	$ (1.99)	$ 16.66	(2.34%)b	$ 119,896	0.65%a	0.50%a	4.04%a
9/30/21	16.43	0.17	3.07	3.24	(0.30)	(0.36)	(0.66)	19.01	20.08%	195,342	0.66%	0.54%	0.93%
9/30/20	15.60	0.32	1.09	1.41	(0.34)	(0.24)	(0.58)	16.43	9.15%	158,255	0.27%	0.22%	2.07%
9/30/19	15.22	0.26	0.41	0.67	(0.28)	(0.01)	(0.29)	15.60	4.72%	154,071	0.21%	0.16%	1.73%
9/30/18g	15.00	0.00d	0.22	0.22	—	—	—	15.22	1.47%b	147,045	0.24%a	0.15%a	0.05%a
Class M4
3/31/22r	$ 18.96	$ 0.31	$ (0.68)	$ (0.37)	$ (0.57)	$ (1.36)	$ (1.93)	$ 16.66	(2.41%)b	$ 87,678	0.90%a	0.75%a	3.51%a
9/30/21	16.40	0.14	3.04	3.18	(0.26)	(0.36)	(0.62)	18.96	19.73%	98,755	0.91%	0.79%	0.76%
9/30/20	15.58	0.26	1.11	1.37	(0.31)	(0.24)	(0.55)	16.40	8.85%	89,755	0.53%	0.48%	1.69%
9/30/19	15.20	0.20	0.44	0.64	(0.25)	(0.01)	(0.26)	15.58	4.48%	81,705	0.46%	0.41%	1.33%
9/30/18g	15.00	(0.02)	0.22	0.20	—	—	—	15.20	1.33%b	61,589	0.49%a	0.40%a	(0.20%)a
Class M3
3/31/22r	$ 18.90	$ 0.30	$ (0.70)	$ (0.40)	$ (0.52)	$ (1.36)	$ (1.88)	$ 16.62	(2.53%)b	$ 51,051	1.15%a	1.00%a	3.33%a
9/30/21	16.35	0.10	3.02	3.12	(0.21)	(0.36)	(0.57)	18.90	19.41%	51,074	1.16%	1.04%	0.57%
9/30/20	15.53	0.25	1.08	1.33	(0.27)	(0.24)	(0.51)	16.35	8.62%	55,244	0.77%	0.72%	1.59%
9/30/19	15.17	0.16	0.44	0.60	(0.23)	(0.01)	(0.24)	15.53	4.23%	64,120	0.71%	0.66%	1.10%
9/30/18g	15.00	(0.04)	0.21	0.17	—	—	—	15.17	1.13%b	44,333	0.74%a	0.65%a	(0.45%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	16%	40%	42%	14%	10%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

115

MassMutual Select T. Rowe Price Retirement 2030 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 19.67	$ 0.30	$ (0.66)	$ (0.36)	$ (0.69)	$ (1.21)	$ (1.90)	$ 17.41	(2.25%)b	$ 745,975	0.54%a	0.36%a	3.18%a
9/30/21	16.54	0.17	3.54	3.71	(0.31)	(0.27)	(0.58)	19.67	22.79%	582,489	0.54%	0.43%	0.88%
9/30/20	15.60	0.27	1.23	1.50	(0.34)	(0.22)	(0.56)	16.54	9.78%	432,292	0.13%	0.09%	1.74%
9/30/19	15.23	0.20	0.45	0.65	(0.28)	(0.00)d	(0.28)	15.60	4.61%	329,602	0.04%	0.01%	1.37%
9/30/18g	15.00	0.01	0.22	0.23	—	—	—	15.23	1.53%b	148,473	0.04%a	0.00%a	0.16%a
Class M5
3/31/22r	$ 19.65	$ 0.32	$ (0.71)	$ (0.39)	$ (0.66)	$ (1.21)	$ (1.87)	$ 17.39	(2.39%)b	$ 482,633	0.69%a	0.54%a	3.36%a
9/30/21	16.52	0.13	3.55	3.68	(0.28)	(0.27)	(0.55)	19.65	22.65%	646,934	0.69%	0.58%	0.67%
9/30/20	15.58	0.28	1.20	1.48	(0.32)	(0.22)	(0.54)	16.52	9.65%	489,123	0.27%	0.23%	1.77%
9/30/19	15.22	0.23	0.39	0.62	(0.26)	(0.00)d	(0.26)	15.58	4.41%	434,061	0.19%	0.16%	1.53%
9/30/18g	15.00	0.00d	0.22	0.22	—	—	—	15.22	1.47%b	409,120	0.19%a	0.15%a	0.00%a
Class M4
3/31/22r	$ 19.58	$ 0.27	$ (0.67)	$ (0.40)	$ (0.58)	$ (1.21)	$ (1.79)	$ 17.39	(2.44%)b	$ 246,603	0.94%a	0.78%a	2.88%a
9/30/21	16.48	0.14	3.48	3.62	(0.25)	(0.27)	(0.52)	19.58	22.29%	291,355	0.94%	0.83%	0.73%
9/30/20	15.55	0.23	1.20	1.43	(0.28)	(0.22)	(0.50)	16.48	9.34%	298,652	0.52%	0.48%	1.51%
9/30/19	15.20	0.20	0.39	0.59	(0.24)	(0.00)d	(0.24)	15.55	4.16%	247,113	0.44%	0.41%	1.34%
9/30/18g	15.00	(0.02)	0.22	0.20	—	—	—	15.20	1.33%b	193,313	0.44%a	0.40%a	(0.25%)a
Class M3
3/31/22r	$ 19.59	$ 0.26	$ (0.69)	$ (0.43)	$ (0.55)	$ (1.21)	$ (1.76)	$ 17.40	(2.62%)b	$ 102,224	1.19%a	1.03%a	2.81%a
9/30/21	16.46	0.06	3.52	3.58	(0.18)	(0.27)	(0.45)	19.59	22.06%	112,891	1.19%	1.08%	0.34%
9/30/20	15.53	0.20	1.19	1.39	(0.24)	(0.22)	(0.46)	16.46	9.06%	123,936	0.77%	0.73%	1.30%
9/30/19	15.17	0.15	0.41	0.56	(0.20)	(0.00)d	(0.20)	15.53	3.93%	131,017	0.69%	0.66%	1.01%
9/30/18g	15.00	(0.05)	0.22	0.17	—	—	—	15.17	1.13%b	123,963	0.69%a	0.65%a	(0.50%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	13%	27%	34%	12%	7%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

116

MassMutual Select T. Rowe Price Retirement 2035 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 20.26	$ 0.28	$ (0.67)	$ (0.39)	$ (0.75)	$ (1.00)	$ (1.75)	$ 18.12	(2.30%)b	$ 473,768	0.57%a	0.39%a	2.88%a
9/30/21	16.64	0.14	4.02	4.16	(0.28)	(0.26)	(0.54)	20.26	25.35%	372,474	0.57%	0.44%	0.71%
9/30/20	15.58	0.25	1.30	1.55	(0.32)	(0.17)	(0.49)	16.64	10.08%	250,301	0.15%	0.09%	1.59%
9/30/19	15.24	0.17	0.42	0.59	(0.25)	(0.00)d	(0.25)	15.58	4.23%	172,985	0.07%	0.02%	1.15%
9/30/18g	15.00	0.01	0.23	0.24	—	—	—	15.24	1.60%b	70,756	0.10%a	0.00%a	0.12%a
Class M5
3/31/22r	$ 20.22	$ 0.30	$ (0.70)	$ (0.40)	$ (0.73)	$ (1.00)	$ (1.73)	$ 18.09	(2.38%)b	$ 132,171	0.72%a	0.56%a	3.12%a
9/30/21	16.62	0.12	3.99	4.11	(0.25)	(0.26)	(0.51)	20.22	25.09%	233,159	0.72%	0.61%	0.62%
9/30/20	15.56	0.26	1.27	1.53	(0.30)	(0.17)	(0.47)	16.62	9.95%	176,646	0.29%	0.23%	1.68%
9/30/19	15.23	0.20	0.37	0.57	(0.24)	(0.00)d	(0.24)	15.56	4.05%	155,562	0.22%	0.16%	1.31%
9/30/18g	15.00	(0.00)d	0.23	0.23	—	—	—	15.23	1.53%b	136,793	0.25%a	0.15%a	(0.03%)a
Class M4
3/31/22r	$ 20.16	$ 0.25	$ (0.67)	$ (0.42)	$ (0.67)	$ (1.00)	$ (1.67)	$ 18.07	(2.46%)b	$ 115,087	0.97%a	0.81%a	2.55%a
9/30/21	16.58	0.06	4.00	4.06	(0.22)	(0.26)	(0.48)	20.16	24.81%	120,031	0.97%	0.86%	0.30%
9/30/20	15.53	0.22	1.27	1.49	(0.27)	(0.17)	(0.44)	16.58	9.66%	75,337	0.55%	0.49%	1.38%
9/30/19	15.20	0.16	0.38	0.54	(0.21)	(0.00)d	(0.21)	15.53	3.81%	65,583	0.47%	0.41%	1.05%
9/30/18g	15.00	(0.03)	0.23	0.20	—	—	—	15.20	1.33%b	54,036	0.50%a	0.40%a	(0.28%)a
Class M3
3/31/22r	$ 20.13	$ 0.23	$ (0.68)	$ (0.45)	$ (0.58)	$ (1.00)	$ (1.58)	$ 18.10	(2.59%)b	$ 43,964	1.22%a	1.06%a	2.36%a
9/30/21	16.55	0.05	3.95	4.00	(0.16)	(0.26)	(0.42)	20.13	24.44%	45,019	1.22%	1.12%	0.25%
9/30/20	15.50	0.19	1.25	1.44	(0.22)	(0.17)	(0.39)	16.55	9.39%	58,793	0.79%	0.73%	1.19%
9/30/19	15.18	0.12	0.39	0.51	(0.19)	(0.00)d	(0.19)	15.50	3.57%	57,490	0.72%	0.66%	0.80%
9/30/18g	15.00	(0.05)	0.23	0.18	—	—	—	15.18	1.20%b	50,119	0.75%a	0.65%a	(0.53%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	13%	21%	27%	12%	9%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

117

MassMutual Select T. Rowe Price Retirement 2040 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 20.77	$ 0.26	$ (0.66)	$ (0.40)	$ (0.83)	$ (0.91)	$ (1.74)	$ 18.63	(2.32%)b	$ 638,787	0.59%a	0.41%a	2.62%a
9/30/21	16.73	0.12	4.41	4.53	(0.25)	(0.24)	(0.49)	20.77	27.48%	416,707	0.59%	0.47%	0.63%
9/30/20	15.56	0.23	1.38	1.61	(0.31)	(0.13)	(0.44)	16.73	10.45%	300,976	0.14%	0.09%	1.49%
9/30/19	15.24	0.16	0.40	0.56	(0.24)	(0.00)d	(0.24)	15.56	3.97%	223,242	0.04%	0.02%	1.05%
9/30/18g	15.00	0.01	0.23	0.24	—	—	—	15.24	1.60%b	99,534	0.05%a	0.00%a	0.08%a
Class M5
3/31/22r	$ 20.74	$ 0.29	$ (0.72)	$ (0.43)	$ (0.80)	$ (0.91)	$ (1.71)	$ 18.60	(2.44%)b	$ 416,401	0.74%a	0.58%a	2.90%a
9/30/21	16.71	0.07	4.43	4.50	(0.23)	(0.24)	(0.47)	20.74	27.28%	602,095	0.74%	0.64%	0.36%
9/30/20	15.54	0.23	1.36	1.59	(0.29)	(0.13)	(0.42)	16.71	10.32%	405,437	0.29%	0.25%	1.47%
9/30/19	15.23	0.18	0.35	0.53	(0.22)	(0.00)d	(0.22)	15.54	3.77%	337,741	0.19%	0.16%	1.20%
9/30/18g	15.00	(0.01)	0.24	0.23	—	—	—	15.23	1.53%b	316,521	0.20%a	0.15%a	(0.07%)a
Class M4
3/31/22r	$ 20.66	$ 0.23	$ (0.69)	$ (0.46)	$ (0.71)	$ (0.91)	$ (1.62)	$ 18.58	(2.57%)b	$ 215,160	0.99%a	0.83%a	2.35%a
9/30/21	16.66	0.09	4.35	4.44	(0.20)	(0.24)	(0.44)	20.66	26.97%	249,137	0.99%	0.89%	0.48%
9/30/20	15.50	0.19	1.35	1.54	(0.25)	(0.13)	(0.38)	16.66	10.03%	249,598	0.54%	0.50%	1.22%
9/30/19	15.21	0.15	0.34	0.49	(0.20)	(0.00)d	(0.20)	15.50	3.48%	189,684	0.44%	0.42%	1.00%
9/30/18g	15.00	(0.03)	0.24	0.21	—	—	—	15.21	1.40%b	132,361	0.45%a	0.40%a	(0.32%)a
Class M3
3/31/22r	$ 20.67	$ 0.23	$ (0.71)	$ (0.48)	$ (0.67)	$ (0.91)	$ (1.58)	$ 18.61	(2.67%)b	$ 83,169	1.24%a	1.08%a	2.30%a
9/30/21	16.65	0.01	4.38	4.39	(0.13)	(0.24)	(0.37)	20.67	26.62%	90,972	1.24%	1.15%	0.04%
9/30/20	15.49	0.15	1.35	1.50	(0.21)	(0.13)	(0.34)	16.65	9.76%	98,070	0.78%	0.74%	0.96%
9/30/19	15.18	0.09	0.38	0.47	(0.16)	(0.00)d	(0.16)	15.49	3.30%	94,948	0.69%	0.66%	0.64%
9/30/18g	15.00	(0.05)	0.23	0.18	—	—	—	15.18	1.20%b	86,806	0.70%a	0.65%a	(0.57%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	11%	18%	22%	10%	6%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

118

MassMutual Select T. Rowe Price Retirement 2045 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 21.07	$ 0.25	$ (0.64)	$ (0.39)	$ (0.85)	$ (0.90)	$ (1.75)	$ 18.93	(2.27%)b	$ 371,434	0.61%a	0.42%a	2.48%a
9/30/21	16.76	0.10	4.69	4.79	(0.24)	(0.24)	(0.48)	21.07	28.97%	247,138	0.61%	0.47%	0.50%
9/30/20	15.54	0.22	1.41	1.63	(0.29)	(0.12)	(0.41)	16.76	10.60%	154,476	0.18%	0.10%	1.39%
9/30/19	15.25	0.14	0.38	0.52	(0.23)	(0.00)d	(0.23)	15.54	3.71%	111,981	0.08%	0.01%	0.91%
9/30/18g	15.00	0.01	0.24	0.25	—	—	—	15.25	1.67%b	41,249	0.12%a	0.00%a	0.06%a
Class M5
3/31/22r	$ 21.02	$ 0.29	$ (0.69)	$ (0.40)	$ (0.82)	$ (0.90)	$ (1.72)	$ 18.90	(2.32%)b	$ 86,073	0.76%a	0.60%a	2.84%a
9/30/21	16.74	0.07	4.66	4.73	(0.21)	(0.24)	(0.45)	21.02	28.65%	198,343	0.76%	0.67%	0.37%
9/30/20	15.53	0.22	1.38	1.60	(0.27)	(0.12)	(0.39)	16.74	10.40%	141,319	0.31%	0.25%	1.40%
9/30/19	15.23	0.16	0.35	0.51	(0.21)	(0.00)d	(0.21)	15.53	3.64%	119,760	0.23%	0.15%	1.08%
9/30/18g	15.00	(0.01)	0.24	0.23	—	—	—	15.23	1.53%b	106,428	0.27%a	0.15%a	(0.09%)a
Class M4
3/31/22r	$ 20.96	$ 0.22	$ (0.64)	$ (0.42)	$ (0.78)	$ (0.90)	$ (1.68)	$ 18.86	(2.43%)b	$ 102,486	1.01%a	0.85%a	2.19%a
9/30/21	16.70	0.03	4.65	4.68	(0.18)	(0.24)	(0.42)	20.96	28.38%	90,570	1.01%	0.92%	0.16%
9/30/20	15.50	0.18	1.38	1.56	(0.24)	(0.12)	(0.36)	16.70	10.12%	60,056	0.56%	0.50%	1.15%
9/30/19	15.21	0.12	0.35	0.47	(0.18)	(0.00)d	(0.18)	15.50	3.35%	53,040	0.48%	0.40%	0.78%
9/30/18g	15.00	(0.03)	0.24	0.21	—	—	—	15.21	1.40%b	39,913	0.52%a	0.40%a	(0.34%)a
Class M3
3/31/22r	$ 20.95	$ 0.20	$ (0.66)	$ (0.46)	$ (0.67)	$ (0.90)	$ (1.57)	$ 18.92	(2.57%)b	$ 34,184	1.26%a	1.10%a	2.00%a
9/30/21	16.67	0.01	4.61	4.62	(0.10)	(0.24)	(0.34)	20.95	28.02%	35,140	1.26%	1.17%	0.03%
9/30/20	15.47	0.14	1.38	1.52	(0.20)	(0.12)	(0.32)	16.67	9.86%	46,619	0.81%	0.74%	0.92%
9/30/19	15.19	0.08	0.36	0.44	(0.16)	(0.00)d	(0.16)	15.47	3.08%	44,515	0.73%	0.65%	0.55%
9/30/18g	15.00	(0.05)	0.24	0.19	—	—	—	15.19	1.27%b	35,501	0.77%a	0.65%a	(0.59%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	11%	18%	22%	10%	8%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

119

MassMutual Select T. Rowe Price Retirement 2050 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 21.08	$ 0.25	$ (0.66)	$ (0.41)	$ (0.86)	$ (0.72)	$ (1.58)	$ 19.09	(2.26%)b	$ 402,846	0.61%a	0.43%a	2.48%a
9/30/21	16.78	0.10	4.70	4.80	(0.24)	(0.26)	(0.50)	21.08	29.03%	258,313	0.61%	0.48%	0.49%
9/30/20	15.55	0.22	1.41	1.63	(0.29)	(0.11)	(0.40)	16.78	10.57%	161,863	0.16%	0.10%	1.39%
9/30/19	15.25	0.13	0.40	0.53	(0.23)	(0.00)d	(0.23)	15.55	3.75%	121,897	0.06%	0.01%	0.90%
9/30/18g	15.00	0.00d	0.25	0.25	—	—	—	15.25	1.67%b	46,555	0.08%a	0.00%a	0.06%a
Class M5
3/31/22r	$ 21.04	$ 0.27	$ (0.69)	$ (0.42)	$ (0.83)	$ (0.72)	$ (1.55)	$ 19.07	(2.33%)b	$ 302,348	0.76%a	0.62%a	2.67%a
9/30/21	16.76	0.05	4.71	4.76	(0.22)	(0.26)	(0.48)	21.04	28.76%	415,859	0.76%	0.67%	0.27%
9/30/20	15.53	0.21	1.40	1.61	(0.27)	(0.11)	(0.38)	16.76	10.44%	280,003	0.30%	0.25%	1.34%
9/30/19	15.23	0.16	0.35	0.51	(0.21)	(0.00)d	(0.21)	15.53	3.62%	223,250	0.21%	0.15%	1.11%
9/30/18g	15.00	(0.01)	0.24	0.23	—	—	—	15.23	1.53%b	199,760	0.23%a	0.15%a	(0.09%)a
Class M4
3/31/22r	$ 20.96	$ 0.22	$ (0.67)	$ (0.45)	$ (0.76)	$ (0.72)	$ (1.48)	$ 19.03	(2.48%)b	$ 159,224	1.01%a	0.87%a	2.16%a
9/30/21	16.71	0.06	4.64	4.70	(0.19)	(0.26)	(0.45)	20.96	28.47%	160,626	1.01%	0.92%	0.32%
9/30/20	15.49	0.17	1.39	1.56	(0.23)	(0.11)	(0.34)	16.71	10.16%	147,994	0.55%	0.50%	1.09%
9/30/19	15.21	0.14	0.33	0.47	(0.19)	(0.00)d	(0.19)	15.49	3.33%	106,909	0.46%	0.41%	0.93%
9/30/18g	15.00	(0.03)	0.24	0.21	—	—	—	15.21	1.40%b	76,013	0.48%a	0.40%a	(0.34%)a
Class M3
3/31/22r	$ 20.95	$ 0.22	$ (0.68)	$ (0.46)	$ (0.72)	$ (0.72)	$ (1.44)	$ 19.05	(2.53%)b	$ 57,808	1.26%a	1.12%a	2.13%a
9/30/21	16.69	(0.01)	4.65	4.64	(0.12)	(0.26)	(0.38)	20.95	28.09%	60,911	1.26%	1.17%	(0.07%)
9/30/20	15.47	0.13	1.39	1.52	(0.19)	(0.11)	(0.30)	16.69	9.91%	57,934	0.80%	0.74%	0.84%
9/30/19	15.19	0.08	0.35	0.43	(0.15)	(0.00)d	(0.15)	15.47	3.03%	53,218	0.71%	0.65%	0.54%
9/30/18g	15.00	(0.05)	0.24	0.19	—	—	—	15.19	1.27%b	44,079	0.73%a	0.65%a	(0.59%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	10%	15%	22%	10%	5%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

120

MassMutual Select T. Rowe Price Retirement 2055 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 21.03	$ 0.23	$ (0.62)	$ (0.39)	$ (0.85)	$ (0.77)	$ (1.62)	$ 19.02	(2.22%)b	$ 230,653	0.61%a	0.45%a	2.26%a
9/30/21	16.75	0.10	4.70	4.80	(0.24)	(0.28)	(0.52)	21.03	29.06%	112,730	0.61%	0.48%	0.48%
9/30/20	15.54	0.21	1.41	1.62	(0.29)	(0.12)	(0.41)	16.75	10.55%	67,777	0.22%	0.10%	1.32%
9/30/19	15.25	0.13	0.39	0.52	(0.23)	(0.00)d	(0.23)	15.54	3.70%	46,245	0.15%	0.01%	0.85%
9/30/18g	15.00	0.00d	0.25	0.25	—	—	—	15.25	1.67%b	16,170	0.24%a	0.00%a	0.06%a
Class M5
3/31/22r	$ 20.98	$ 0.30	$ (0.69)	$ (0.39)	$ (0.83)	$ (0.77)	$ (1.60)	$ 18.99	(2.25%)b	$ 40,420	0.76%a	0.63%a	2.93%a
9/30/21	16.73	0.07	4.67	4.74	(0.21)	(0.28)	(0.49)	20.98	28.76%	140,685	0.76%	0.67%	0.34%
9/30/20	15.52	0.21	1.39	1.60	(0.27)	(0.12)	(0.39)	16.73	10.43%	94,767	0.36%	0.24%	1.34%
9/30/19	15.23	0.16	0.34	0.50	(0.21)	(0.00)d	(0.21)	15.52	3.57%	75,163	0.30%	0.15%	1.06%
9/30/18g	15.00	(0.01)	0.24	0.23	—	—	—	15.23	1.53%b	59,887	0.39%a	0.15%a	(0.09%)a
Class M4
3/31/22r	$ 20.92	$ 0.22	$ (0.65)	$ (0.43)	$ (0.78)	$ (0.77)	$ (1.55)	$ 18.94	(2.43%)b	$ 58,354	1.01%a	0.88%a	2.17%a
9/30/21	16.69	0.02	4.67	4.69	(0.18)	(0.28)	(0.46)	20.92	28.46%	49,056	1.01%	0.92%	0.11%
9/30/20	15.50	0.17	1.38	1.55	(0.24)	(0.12)	(0.36)	16.69	10.07%	32,270	0.61%	0.50%	1.07%
9/30/19	15.21	0.11	0.36	0.47	(0.18)	(0.00)d	(0.18)	15.50	3.34%	25,459	0.55%	0.40%	0.71%
9/30/18g	15.00	(0.03)	0.24	0.21	—	—	—	15.21	1.40%b	18,047	0.64%a	0.40%a	(0.34%)a
Class M3
3/31/22r	$ 20.87	$ 0.20	$ (0.66)	$ (0.46)	$ (0.69)	$ (0.77)	$ (1.46)	$ 18.95	(2.56%)b	$ 22,365	1.26%a	1.13%a	1.98%a
9/30/21	16.64	(0.01)	4.64	4.63	(0.12)	(0.28)	(0.40)	20.87	28.16%	21,424	1.26%	1.18%	(0.03%)
9/30/20	15.46	0.13	1.37	1.50	(0.20)	(0.12)	(0.32)	16.64	9.79%	22,526	0.86%	0.74%	0.86%
9/30/19	15.19	0.08	0.35	0.43	(0.16)	(0.00)d	(0.16)	15.46	3.05%	19,819	0.80%	0.65%	0.51%
9/30/18g	15.00	(0.05)	0.24	0.19	—	—	—	15.19	1.27%b	13,616	0.89%a	0.65%a	(0.59%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	11%	17%	24%	9%	9%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

121

MassMutual Select T. Rowe Price Retirement 2060 Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversw	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 21.00	$ 0.27	$ (0.66)	$ (0.39)	$ (0.85)	$ (0.80)	$ (1.65)	$ 18.96	(2.23%)b	$ 65,371	0.61%a	0.45%a	2.64%a
9/30/21	16.73	0.08	4.71	4.79	(0.24)	(0.28)	(0.52)	21.00	29.03%	55,382	0.61%	0.48%	0.41%
9/30/20	15.51	0.17	1.46	1.63	(0.29)	(0.12)	(0.41)	16.73	10.58%	27,484	0.49%	0.12%	1.10%
9/30/19	15.25	0.12	0.39	0.51	(0.23)	(0.02)	(0.25)	15.51	3.67%	14,159	0.85%	0.01%	0.79%
9/30/18g	15.00	0.00d	0.25	0.25	—	—	—	15.25	1.67%b	3,616	2.35%a	0.00%a	0.06%a
Class M5
3/31/22r	$ 20.95	$ 0.25	$ (0.66)	$ (0.41)	$ (0.82)	$ (0.80)	$ (1.62)	$ 18.92	(2.30%)b	$ 39,176	0.76%a	0.63%a	2.48%a
9/30/21	16.70	0.03	4.72	4.75	(0.22)	(0.28)	(0.50)	20.95	28.82%	33,062	0.76%	0.67%	0.13%
9/30/20	15.49	0.17	1.43	1.60	(0.27)	(0.12)	(0.39)	16.70	10.41%	15,067	0.64%	0.27%	1.07%
9/30/19	15.24	0.12	0.36	0.48	(0.21)	(0.02)	(0.23)	15.49	3.50%	7,791	1.00%	0.15%	0.78%
9/30/18g	15.00	(0.01)	0.25	0.24	—	—	—	15.24	1.60%b	3,032	2.50%a	0.15%a	(0.09%)a
Class M4
3/31/22r	$ 20.87	$ 0.22	$ (0.65)	$ (0.43)	$ (0.78)	$ (0.80)	$ (1.58)	$ 18.86	(2.41%)b	$ 23,269	1.01%a	0.88%a	2.24%a
9/30/21	16.65	0.04	4.64	4.68	(0.18)	(0.28)	(0.46)	20.87	28.44%	19,688	1.01%	0.92%	0.19%
9/30/20	15.46	0.15	1.40	1.55	(0.24)	(0.12)	(0.36)	16.65	10.10%	14,447	0.88%	0.52%	0.96%
9/30/19	15.21	0.10	0.36	0.46	(0.19)	(0.02)	(0.21)	15.46	3.34%	8,489	1.25%	0.40%	0.68%
9/30/18g	15.00	(0.02)	0.23	0.21	—	—	—	15.21	1.40%b	3,919	2.75%a	0.40%a	(0.34%)a
Class M3
3/31/22r	$ 20.80	$ 0.20	$ (0.66)	$ (0.46)	$ (0.68)	$ (0.80)	$ (1.48)	$ 18.86	(2.56%)	$ 7,113	1.26%a	1.13%a	1.98%a
9/30/21	16.61	0.00d	4.62	4.62	(0.15)	(0.28)	(0.43)	20.80	28.14%	6,320	1.26%	1.18%	0.03%
9/30/20	15.42	0.09	1.42	1.51	(0.20)	(0.12)	(0.32)	16.61	9.87%	5,798	1.13%	0.77%	0.61%
9/30/19	15.19	0.07	0.35	0.42	(0.17)	(0.02)	(0.19)	15.42	3.03%	3,420	1.50%	0.65%	0.49%
9/30/18g	15.00	(0.04)	0.23	0.19	—	—	—	15.19	1.27%b	2,126	3.00%a	0.65%a	(0.59%)a

	Six months ended	Year ended September 30			Period ended
	March 31, 2022b,r	2021	2020	2019	September 30, 2018b
Portfolio turnover rate	11%	19%	31%	16%	36%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 16, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

The accompanying notes are an integral part of the financial statements.

122

Notes to Financial Statements (Unaudited)

1. The Funds

MassMutual Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are 27 series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

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 RetireSMART^SM by JPMorgan In Retirement Fund (“MM RetireSMART by JPMorgan In Retirement Fund”)
MassMutual RetireSMART^SM by JPMorgan 2020 Fund (“MM RetireSMART by JPMorgan 2020 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2025 Fund (“MM RetireSMART by JPMorgan 2025 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2030 Fund (“MM RetireSMART by JPMorgan 2030 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2035 Fund (“MM RetireSMART by JPMorgan 2035 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2040 Fund (“MM RetireSMART by JPMorgan 2040 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2045 Fund (“MM RetireSMART by JPMorgan 2045 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2050 Fund (“MM RetireSMART by JPMorgan 2050 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2055 Fund (“MM RetireSMART by JPMorgan 2055 Fund”)
MassMutual RetireSMART^SM by JPMorgan 2060 Fund (“MM RetireSMART by JPMorgan 2060 Fund”)
MassMutual Select T. Rowe Price Retirement Balanced Fund (“MM Select T. Rowe Price Retirement Balanced Fund”)
MassMutual Select T. Rowe Price Retirement 2005 Fund (“MM Select T. Rowe Price Retirement 2005 Fund”)
MassMutual Select T. Rowe Price Retirement 2010 Fund (“MM Select T. Rowe Price Retirement 2010 Fund”)
MassMutual Select T. Rowe Price Retirement 2015 Fund (“MM Select T. Rowe Price Retirement 2015 Fund”)
MassMutual Select T. Rowe Price Retirement 2020 Fund (“MM Select T. Rowe Price Retirement 2020 Fund”)
MassMutual Select T. Rowe Price Retirement 2025 Fund (“MM Select T. Rowe Price Retirement 2025 Fund”)
MassMutual Select T. Rowe Price Retirement 2030 Fund (“MM Select T. Rowe Price Retirement 2030 Fund”)
MassMutual Select T. Rowe Price Retirement 2035 Fund (“MM Select T. Rowe Price Retirement 2035 Fund”)
MassMutual Select T. Rowe Price Retirement 2040 Fund (“MM Select T. Rowe Price Retirement 2040 Fund”)
MassMutual Select T. Rowe Price Retirement 2045 Fund (“MM Select T. Rowe Price Retirement 2045 Fund”)
MassMutual Select T. Rowe Price Retirement 2050 Fund (“MM Select T. Rowe Price Retirement 2050 Fund”)
MassMutual Select T. Rowe Price Retirement 2055 Fund (“MM Select T. Rowe Price Retirement 2055 Fund”)
MassMutual Select T. Rowe Price Retirement 2060 Fund (“MM Select T. Rowe Price Retirement 2060 Fund”)

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

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

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

123

Notes to Financial Statements (Unaudited) (Continued)

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

The financial statements included herein are those of the MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and MM Select T. Rowe Price Retirement Funds. The financial statements of the applicable Underlying Funds are presented separately and can be obtained from the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov or by calling MML Advisers at 1-888-309-3539.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board 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 and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. 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 an Underlying Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each Fund 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.

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 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 SEC’s EDGAR database on its website at http://www.sec.gov.

124

Notes to Financial Statements (Unaudited) (Continued)

Various inputs may be used to determine the value of the Funds’ investments. The Funds categorize the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as summarized below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

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

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

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

Each Fund characterized all investments at Level 1, as of March 31, 2022. For each Fund, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Funds had no Level 3 transfers during the period ended March 31, 2022.

Accounting for Investment Transactions

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

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

In addition, each Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and each Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each Fund will vary.

Foreign Securities

Certain Underlying Funds may 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, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely 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, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

125

Notes to Financial Statements (Unaudited) (Continued)

Federal Income Tax

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

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadviser

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund.

With respect to the MM Target Allocation Funds and MM RetireSMART by JP Morgan Funds, MML Advisers does not receive advisory fees in return for these services.

With respect to the MM Select T. Rowe Price Retirement Funds, in return for these services, MML Advisers receives all-inclusive advisory fees based on each share class of each Fund’s average daily net assets. The all-inclusive advisory fees are computed and accrued daily and payable monthly, and include investment management services and ordinary, recurring operating expenses, but do not cover interest; expenses related to borrowings, securities lending, leverage, taxes, and brokerage; short sale dividend and loan expense; acquired fund fees and expenses; payments pursuant to a Rule 12b-1 plan or similar plan; non-recurring or unusual expenses; and extraordinary legal and other expenses.

126

Notes to Financial Statements (Unaudited) (Continued)

The applicable all-inclusive fee rate for each class of an MM Select T. Rowe Price Retirement Fund with a specified target retirement year in its name (“Annual Fee Rate”) shall be determined on each June 1 by calculating the “Years to Target Date” by subtracting the calendar year in which such June 1 falls (e.g., 2030) from the target year in the name of the Fund (e.g., 2060); and (ii) identifying the Annual Fee Rate shown in the table below next to the Years to Target Date so determined. The applicable Annual Fee Rate determined as of any June 1 shall be in effect from, and including, that June 1 through, and including, the following May 31.

	Annual Fee Rate (%)
Years to Target Date	Class I	Class M5	Class M4	Class M3
All Prior Years	0.614%	0.764%	0.764%	0.764%
31	0.613%	0.763%	0.763%	0.763%
30	0.613%	0.763%	0.763%	0.763%
29	0.613%	0.763%	0.763%	0.763%
28	0.613%	0.763%	0.763%	0.763%
27	0.613%	0.763%	0.763%	0.763%
26	0.613%	0.763%	0.763%	0.763%
25	0.610%	0.760%	0.760%	0.760%
24	0.608%	0.758%	0.758%	0.758%
23	0.605%	0.755%	0.755%	0.755%
22	0.603%	0.753%	0.753%	0.753%
21	0.599%	0.749%	0.749%	0.749%
20	0.595%	0.745%	0.745%	0.745%
19	0.591%	0.741%	0.741%	0.741%
18	0.586%	0.736%	0.736%	0.736%
17	0.582%	0.732%	0.732%	0.732%
16	0.578%	0.728%	0.728%	0.728%
15	0.573%	0.723%	0.723%	0.723%
14	0.567%	0.717%	0.717%	0.717%
13	0.562%	0.712%	0.712%	0.712%
12	0.556%	0.706%	0.706%	0.706%
11	0.551%	0.701%	0.701%	0.701%
10	0.544%	0.694%	0.694%	0.694%
9	0.537%	0.687%	0.687%	0.687%
8	0.531%	0.681%	0.681%	0.681%
7	0.524%	0.674%	0.674%	0.674%
6	0.517%	0.667%	0.667%	0.667%
5	0.510%	0.660%	0.660%	0.660%
4	0.502%	0.652%	0.652%	0.652%
3	0.495%	0.645%	0.645%	0.645%
2	0.487%	0.637%	0.637%	0.637%
1	0.480%	0.630%	0.630%	0.630%
0	0.474%	0.624%	0.624%	0.624%
(1)	0.469%	0.619%	0.619%	0.619%
(2)	0.463%	0.613%	0.613%	0.613%
(3)	0.458%	0.608%	0.608%	0.608%
(4)	0.452%	0.602%	0.602%	0.602%
(5)	0.446%	0.596%	0.596%	0.596%
(6)	0.440%	0.590%	0.590%	0.590%
(7)	0.433%	0.583%	0.583%	0.583%
(8)	0.427%	0.577%	0.577%	0.577%
Thereafter	0.421%	0.571%	0.571%	0.571%

127

Notes to Financial Statements (Unaudited) (Continued)

The all-inclusive fee rate for each class of the MM Select T. Rowe Price Retirement Balanced Fund is as shown below.

	Annual Fee Rate (%)
	Class I			Class M5			Class M4			Class M3
MM Select T. Rowe Price Retirement Balanced Fund		0.396	%		0.546	%		0.546	%		0.546	%

MML Advisers has also entered into an investment subadvisory agreement with the unaffiliated investment subadviser, J.P. Morgan, for each of the MM RetireSMART by JPMorgan Funds, and with the unaffiliated investment subadviser, T. Rowe Price Associates, Inc. (“T. Rowe Price”), for each of the MM Select T. Rowe Price Retirement Funds.

MML Advisers pays a subadvisory fee to T. Rowe Price based upon the aggregate net assets under management which includes the average daily net assets of the specified Fund which it manages. The Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees.

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3	Class M5	Class M4	Class M3
20/80 Allocation Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
40/60 Allocation Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
60/40 Allocation Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
80/20 Allocation Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan In Retirement Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2020 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2025 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2030 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2035 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2040 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2045 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2050 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2055 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2060 Fund	None	0.10%	0.20%	0.30%	0.30%	0.20%	0.20%	N/A	N/A	N/A
MM Select T. Rowe Price Retirement Balanced Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2005 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%

128

Notes to Financial Statements (Unaudited) (Continued)

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3	Class M5	Class M4	Class M3
MM Select T. Rowe Price Retirement 2010 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2015 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2020 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2025 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2030 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2035 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2040 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2045 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2050 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2055 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2060 Fund*	None	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%

* Pursuant to the Fund’s investment advisory agreement, MML Advisers has agreed to pay all of the fees payable by the Fund under the Administrative and Shareholder Services Agreement. As a component of the all-inclusive advisory fees that it receives, MML Advisers receives administrative services fees from the Fund, which are equal to the fees payable under the Administrative and Shareholder Services Agreement.

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as a distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class A shares, Class R4 shares, and Class M4 shares of each applicable Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares and Class M3 shares of each applicable Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund’s shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
20/80 Allocation Fund*	0.04%	0.14%	0.24%	0.34%	0.59%	0.49%	0.74%
40/60 Allocation Fund*	0.06%	0.16%	0.26%	0.36%	0.61%	0.51%	0.76%
60/40 Allocation Fund*	0.06%	0.16%	0.26%	0.36%	0.61%	0.51%	0.76%
80/20 Allocation Fund*	0.09%	0.19%	0.29%	0.39%	0.64%	0.54%	0.79%
MM RetireSMART by JPMorgan In Retirement Fund*	0.06%	0.16%	0.26%	0.36%	0.61%	0.51%	0.76%

129

Notes to Financial Statements (Unaudited) (Continued)

	Class I	Class R5	Service Class	Administrative Class	Class A	Class R4	Class R3
MM RetireSMART by JPMorgan 2020 Fund*	0.04%	0.14%	0.24%	0.34%	0.59%	0.49%	0.74%
MM RetireSMART by JPMorgan 2025 Fund*	0.01%	0.11%	0.21%	0.31%	0.56%	0.46%	0.71%
MM RetireSMART by JPMorgan 2030 Fund*	0.04%	0.14%	0.24%	0.34%	0.59%	0.49%	0.74%
MM RetireSMART by JPMorgan 2035 Fund*	0.05%	0.15%	0.25%	0.35%	0.60%	0.50%	0.75%
MM RetireSMART by JPMorgan 2040 Fund*	0.04%	0.14%	0.24%	0.34%	0.59%	0.49%	0.74%
MM RetireSMART by JPMorgan 2045 Fund*	0.02%	0.12%	0.22%	0.32%	0.57%	0.47%	0.72%
MM RetireSMART by JPMorgan 2050 Fund*	0.02%	0.12%	0.22%	0.32%	0.57%	0.47%	0.72%
MM RetireSMART by JPMorgan 2055 Fund*	0.00%	0.10%	0.20%	0.30%	0.55%	0.45%	0.70%
MM RetireSMART by JPMorgan 2060 Fund*	0.00%	0.10%	0.20%	0.30%	0.55%	0.45%	0.70%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

* Expense caps in effect through January 31, 2023.

Effective February 1, 2022, MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class I	Class M5	Class M4	Class M3
MM Select T. Rowe Price Retirement Balanced Fund*	0.34%	0.49%	0.74%	0.99%

* Expense caps in effect through January 31, 2023.

Prior to August 1, 2021, MML Advisers agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class I	Class M5	Class M4	Class M3
MM Select T. Rowe Price Retirement Balanced Fund	0.33%	0.48%	0.73%	0.98%

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable), based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

	Class I	Class M5	Class M4	Class M3
MM Select T. Rowe Price Retirement 2005 Fund*	0.34%	0.49%	0.74%	0.99%
MM Select T. Rowe Price Retirement 2010 Fund*	0.34%	0.49%	0.74%	0.99%
MM Select T. Rowe Price Retirement 2015 Fund*	0.36%	0.51%	0.76%	1.01%
MM Select T. Rowe Price Retirement 2020 Fund*	0.37%	0.53%	0.78%	1.03%
MM Select T. Rowe Price Retirement 2025 Fund*	0.39%	0.55%	0.80%	1.05%
MM Select T. Rowe Price Retirement 2030 Fund*	0.41%	0.58%	0.83%	1.08%
MM Select T. Rowe Price Retirement 2035 Fund*	0.42%	0.59%	0.84%	1.09%
MM Select T. Rowe Price Retirement 2040 Fund*	0.43%	0.60%	0.85%	1.10%
MM Select T. Rowe Price Retirement 2045 Fund*	0.44%	0.62%	0.87%	1.12%

130

Notes to Financial Statements (Unaudited) (Continued)

	Class I	Class M5	Class M4	Class M3
MM Select T. Rowe Price Retirement 2050 Fund*	0.45%	0.63%	0.88%	1.13%
MM Select T. Rowe Price Retirement 2055 Fund*	0.46%	0.64%	0.89%	1.14%
MM Select T. Rowe Price Retirement 2060 Fund*	0.46%	0.64%	0.89%	1.14%

* Expense caps in effect through January 31, 2023.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds’ shares by related parties at March 31, 2022:

	Total % Ownership by Related Party
20/80 Allocation Fund	94.5%
40/60 Allocation Fund	96.4%
60/40 Allocation Fund	92.8%
80/20 Allocation Fund	94.5%
MM RetireSMART by JPMorgan In Retirement Fund	91.1%
MM RetireSMART by JPMorgan 2020 Fund	98.4%
MM RetireSMART by JPMorgan 2025 Fund	99.2%
MM RetireSMART by JPMorgan 2030 Fund	95.3%
MM RetireSMART by JPMorgan 2035 Fund	99.6%
MM RetireSMART by JPMorgan 2040 Fund	98.7%
MM RetireSMART by JPMorgan 2045 Fund	99.8%
MM RetireSMART by JPMorgan 2050 Fund	99.2%
MM RetireSMART by JPMorgan 2055 Fund	98.0%
MM RetireSMART by JPMorgan 2060 Fund	91.4%
MM Select T. Rowe Price Retirement Balanced Fund	96.8%
MM Select T. Rowe Price Retirement 2005 Fund	96.6%
MM Select T. Rowe Price Retirement 2010 Fund	98.7%
MM Select T. Rowe Price Retirement 2015 Fund	95.8%
MM Select T. Rowe Price Retirement 2020 Fund	94.1%
MM Select T. Rowe Price Retirement 2025 Fund	94.6%
MM Select T. Rowe Price Retirement 2030 Fund	96.1%
MM Select T. Rowe Price Retirement 2035 Fund	95.0%
MM Select T. Rowe Price Retirement 2040 Fund	96.0%
MM Select T. Rowe Price Retirement 2045 Fund	93.4%
MM Select T. Rowe Price Retirement 2050 Fund	96.5%
MM Select T. Rowe Price Retirement 2055 Fund	96.2%
MM Select T. Rowe Price Retirement 2060 Fund	95.6%

131

Notes to Financial Statements (Unaudited) (Continued)

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds for the period ended March 31, 2022, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long- Term Securities		Long-Term U.S. Government Securities		Other Long- Term Securities
20/80 Allocation Fund	$	—	$	25,906,308	$	—	$	21,845,695
40/60 Allocation Fund		—		55,197,770		—		22,383,821
60/40 Allocation Fund		—		35,114,299		—		27,637,692
80/20 Allocation Fund		—		31,408,303		—		22,519,977
MM RetireSMART by JPMorgan In Retirement Fund		—		28,883,596		—		26,621,878
MM RetireSMART by JPMorgan 2020 Fund		—		52,401,548		—		84,070,232
MM RetireSMART by JPMorgan 2025 Fund		—		46,423,463		—		49,966,289
MM RetireSMART by JPMorgan 2030 Fund		—		102,251,615		—		93,613,866
MM RetireSMART by JPMorgan 2035 Fund		—		49,731,288		—		50,310,766
MM RetireSMART by JPMorgan 2040 Fund		—		82,591,457		—		69,602,716
MM RetireSMART by JPMorgan 2045 Fund		—		38,504,141		—		35,423,269
MM RetireSMART by JPMorgan 2050 Fund		—		61,854,808		—		42,529,307
MM RetireSMART by JPMorgan 2055 Fund		—		20,955,967		—		17,139,111
MM RetireSMART by JPMorgan 2060 Fund		—		7,612,604		—		6,590,650
MM Select T. Rowe Price Retirement Balanced Fund		—		40,010,407		—		23,511,881
MM Select T. Rowe Price Retirement 2005 Fund		—		7,267,920		—		5,676,594
MM Select T. Rowe Price Retirement 2010 Fund		—		26,492,272		—		21,118,392
MM Select T. Rowe Price Retirement 2015 Fund		—		28,928,488		—		25,158,215
MM Select T. Rowe Price Retirement 2020 Fund		—		147,080,430		—		143,085,773
MM Select T. Rowe Price Retirement 2025 Fund		—		156,637,729		—		114,100,971
MM Select T. Rowe Price Retirement 2030 Fund		—		336,056,649		—		205,140,870
MM Select T. Rowe Price Retirement 2035 Fund		—		189,536,407		—		98,598,418
MM Select T. Rowe Price Retirement 2040 Fund		—		334,146,846		—		156,528,219
MM Select T. Rowe Price Retirement 2045 Fund		—		168,621,131		—		64,082,602
MM Select T. Rowe Price Retirement 2050 Fund		—		249,617,962		—		96,562,970
MM Select T. Rowe Price Retirement 2055 Fund		—		112,685,984		—		37,680,581
MM Select T. Rowe Price Retirement 2060 Fund		—		52,206,919		—		14,294,067

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
20/80 Allocation Fund Class I
Sold		177,159		$	1,783,166			615,986		$	6,449,363
Issued as reinvestment of dividends		124,256			1,238,827			99,828			1,021,241
Redeemed		(606,171	)		(5,915,019	)		(651,575	)		(6,830,052	)
Net increase (decrease)		(304,756	)	$	(2,893,026	)		64,239		$	640,552

132

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
20/80 Allocation Fund Class R5
Sold		311,276		$	3,322,832			126,991		$	1,317,054
Issued as reinvestment of dividends		60,379			600,769			36,640			374,459
Redeemed		(119,255	)		(1,196,740	)		(162,700	)		(1,680,656	)
Net increase (decrease)		252,400		$	2,726,861			931		$	10,857
20/80 Allocation Fund Service Class
Sold		698,942		$	7,056,918			1,559,590		$	16,274,460
Issued as reinvestment of dividends		806,593			8,033,664			595,369			6,084,666
Redeemed		(699,480	)		(6,981,174	)		(1,568,488	)		(16,419,817	)
Net increase (decrease)		806,055		$	8,109,408			586,471		$	5,939,309
20/80 Allocation Fund Administrative Class
Sold		151,877		$	1,525,791			439,757		$	4,609,186
Issued as reinvestment of dividends		138,029			1,380,292			168,833			1,730,543
Redeemed		(601,189	)		(6,335,694	)		(1,360,972	)		(14,371,285	)
Net increase (decrease)		(311,283	)	$	(3,429,611	)		(752,382	)	$	(8,031,556	)
20/80 Allocation Fund Class A
Sold		91,169		$	940,494			417,925		$	4,408,912
Issued as reinvestment of dividends		113,100			1,138,922			98,820			1,019,820
Redeemed		(285,313	)		(2,925,735	)		(787,909	)		(8,264,988	)
Net increase (decrease)		(81,044	)	$	(846,319	)		(271,164	)	$	(2,836,256	)
20/80 Allocation Fund Class R4
Sold		31,487		$	320,431			57,700		$	611,704
Issued as reinvestment of dividends		24,105			245,146			15,984			166,392
Redeemed		(85,341	)		(867,756	)		(328,611	)		(3,501,190	)
Net increase (decrease)		(29,749	)	$	(302,179	)		(254,927	)	$	(2,723,094	)
20/80 Allocation Fund Class R3
Sold		268,848		$	2,603,770			78,669		$	817,184
Issued as reinvestment of dividends		35,734			352,697			34,595			350,793
Redeemed		(106,097	)		(1,057,666	)		(248,227	)		(2,565,962	)
Net increase (decrease)		198,485		$	1,898,801			(134,963	)	$	(1,397,985	)
40/60 Allocation Fund Class I
Sold		1,084,986		$	10,907,941			1,774,313		$	17,979,487
Issued as reinvestment of dividends		420,782			4,148,911			236,206			2,350,248
Redeemed		(660,952	)		(6,405,598	)		(1,267,232	)		(13,037,459	)
Net increase (decrease)		844,816		$	8,651,254			743,287		$	7,292,276
40/60 Allocation Fund Class R5
Sold		479,264		$	5,132,746			151,980		$	1,552,334
Issued as reinvestment of dividends		104,528			1,032,740			54,493			542,748
Redeemed		(620,703	)		(6,234,498	)		(346,473	)		(3,594,179	)
Net increase (decrease)		(36,911	)	$	(69,012	)		(140,000	)	$	(1,499,097	)
40/60 Allocation Fund Service Class
Sold		143,655		$	1,409,115			220,392		$	2,281,990
Issued as reinvestment of dividends		135,156			1,343,448			93,106			932,924
Redeemed		(184,576	)		(1,848,778	)		(510,566	)		(5,282,833	)
Net increase (decrease)		94,235		$	903,785			(197,068	)	$	(2,067,919	)

133

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
40/60 Allocation Fund Administrative Class
Sold		111,803		$	1,122,677			346,012		$	3,577,044
Issued as reinvestment of dividends		308,979			3,071,255			254,207			2,544,613
Redeemed		(733,441	)		(7,786,432	)		(1,817,227	)		(18,785,468	)
Net increase (decrease)		(312,659	)	$	(3,592,500	)		(1,217,008	)	$	(12,663,811	)
40/60 Allocation Fund Class A
Sold		157,189		$	1,587,308			489,022		$	5,085,574
Issued as reinvestment of dividends		444,808			4,443,631			329,317			3,312,929
Redeemed		(780,288	)		(8,039,402	)		(2,073,497	)		(21,389,001	)
Net increase (decrease)		(178,291	)	$	(2,008,463	)		(1,255,158	)	$	(12,990,498	)
40/60 Allocation Fund Class R4
Sold		1,123,196		$	11,207,621			564,138		$	5,824,766
Issued as reinvestment of dividends		301,285			2,964,646			148,002			1,469,659
Redeemed		(215,526	)		(2,115,672	)		(632,927	)		(6,495,870	)
Net increase (decrease)		1,208,955		$	12,056,595			79,213		$	798,555
40/60 Allocation Fund Class R3
Sold		1,770,369		$	18,468,193			112,053		$	1,145,520
Issued as reinvestment of dividends		167,009			1,638,358			43,594			432,892
Redeemed		(307,188	)		(3,048,876	)		(347,982	)		(3,562,829	)
Net increase (decrease)		1,630,190		$	17,057,675			(192,335	)	$	(1,984,417	)
60/40 Allocation Fund Class I
Sold		857,808		$	8,817,068			1,324,400		$	13,802,997
Issued as reinvestment of dividends		383,320			3,794,867			109,832			1,097,223
Redeemed		(522,416	)		(5,279,419	)		(1,079,496	)		(11,418,028	)
Net increase (decrease)		718,712		$	7,332,516			354,736		$	3,482,192
60/40 Allocation Fund Class R5
Sold		622,671		$	6,926,241			375,184		$	3,957,691
Issued as reinvestment of dividends		324,915			3,219,903			69,135			691,355
Redeemed		(797,886	)		(8,079,925	)		(189,198	)		(2,033,072	)
Net increase (decrease)		149,700		$	2,066,219			255,121		$	2,615,974
60/40 Allocation Fund Service Class
Sold		220,090		$	2,238,484			304,693		$	3,166,826
Issued as reinvestment of dividends		315,644			3,146,970			99,600			1,000,979
Redeemed		(104,174	)		(1,035,041	)		(796,540	)		(8,366,434	)
Net increase (decrease)		431,560		$	4,350,413			(392,247	)	$	(4,198,629	)
60/40 Allocation Fund Administrative Class
Sold		170,960		$	1,752,259			800,325		$	8,316,287
Issued as reinvestment of dividends		639,487			6,382,082			244,773			2,459,971
Redeemed		(1,311,604	)		(14,397,347	)		(1,751,607	)		(18,821,973	)
Net increase (decrease)		(501,157	)	$	(6,263,006	)		(706,509	)	$	(8,045,715	)
60/40 Allocation Fund Class A
Sold		169,249		$	1,741,480			389,012		$	4,151,546
Issued as reinvestment of dividends		669,698			6,723,767			209,725			2,120,316
Redeemed		(464,943	)		(4,886,033	)		(1,632,730	)		(17,002,589	)
Net increase (decrease)		374,004		$	3,579,214			(1,033,993	)	$	(10,730,727	)

134

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
60/40 Allocation Fund Class R4
Sold		129,390		$	1,287,498			200,230		$	2,104,590
Issued as reinvestment of dividends		122,080			1,207,371			35,427			353,565
Redeemed		(186,926	)		(1,989,841	)		(334,841	)		(3,514,284	)
Net increase (decrease)		64,544		$	505,028			(99,184	)	$	(1,056,129	)
60/40 Allocation Fund Class R3
Sold		63,125		$	649,656			204,509		$	2,113,598
Issued as reinvestment of dividends		151,843			1,497,170			54,392			540,657
Redeemed		(250,635	)		(2,723,257	)		(612,561	)		(6,345,737	)
Net increase (decrease)		(35,667	)	$	(576,431	)		(353,660	)	$	(3,691,482	)
80/20 Allocation Fund Class I
Sold		527,299		$	6,061,144			1,133,608		$	12,697,745
Issued as reinvestment of dividends		400,286			4,471,193			173,201			1,893,092
Redeemed		(334,751	)		(3,872,211	)		(1,102,794	)		(12,598,517	)
Net increase (decrease)		592,834		$	6,660,126			204,015		$	1,992,320
80/20 Allocation Fund Class R5
Sold		260,141		$	3,102,918			187,092		$	2,161,751
Issued as reinvestment of dividends		93,050			1,041,225			30,792			336,870
Redeemed		(307,018	)		(3,523,641	)		(191,092	)		(2,249,210	)
Net increase (decrease)		46,173		$	620,502			26,792		$	249,411
80/20 Allocation Fund Service Class
Sold		258,735		$	2,993,833			543,749		$	6,294,363
Issued as reinvestment of dividends		161,233			1,807,424			51,714			567,307
Redeemed		(350,403	)		(4,007,943	)		(353,074	)		(4,049,511	)
Net increase (decrease)		69,565		$	793,314			242,389		$	2,812,159
80/20 Allocation Fund Administrative Class
Sold		230,907		$	2,761,181			381,941		$	4,543,880
Issued as reinvestment of dividends		221,372			2,483,791			100,058			1,097,631
Redeemed		(342,258	)		(4,160,868	)		(780,438	)		(9,259,559	)
Net increase (decrease)		110,021		$	1,084,104			(298,439	)	$	(3,618,048	)
80/20 Allocation Fund Class A
Sold		86,252		$	996,348			307,327		$	3,623,235
Issued as reinvestment of dividends		270,081			3,033,006			118,606			1,301,110
Redeemed		(551,289	)		(6,750,969	)		(761,299	)		(8,525,884	)
Net increase (decrease)		(194,956	)	$	(2,721,615	)		(335,366	)	$	(3,601,539	)
80/20 Allocation Fund Class R4
Sold		115,005		$	1,265,724			175,865		$	2,032,505
Issued as reinvestment of dividends		137,055			1,513,090			54,309			587,085
Redeemed		(195,263	)		(2,218,798	)		(374,989	)		(4,198,588	)
Net increase (decrease)		56,797		$	560,016			(144,815	)	$	(1,578,998	)
80/20 Allocation Fund Class R3
Sold		87,385		$	956,524			199,256		$	2,264,624
Issued as reinvestment of dividends		176,089			1,933,462			84,916			913,691
Redeemed		(211,893	)		(2,476,308	)		(452,535	)		(5,200,098	)
Net increase (decrease)		51,581		$	413,678			(168,363	)	$	(2,021,783	)

135

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan In Retirement Fund Class I
Sold		239,436		$	2,742,483			285,890		$	3,556,472
Issued as reinvestment of dividends		190,731			2,168,614			105,722			1,281,353
Redeemed		(271,285	)		(3,116,613	)		(658,698	)		(8,162,103	)
Net increase (decrease)		158,882		$	1,794,484			(267,086	)	$	(3,324,278	)
MM RetireSMART by JPMorgan In Retirement Fund Class R5
Sold		10,527		$	122,466			99,622		$	1,242,945
Issued as reinvestment of dividends		49,925			570,147			27,747			337,121
Redeemed		(163,045	)		(2,066,463	)		(92,620	)		(1,144,336	)
Net increase (decrease)		(102,593	)	$	(1,373,850	)		34,749		$	435,730
MM RetireSMART by JPMorgan In Retirement Fund Service Class
Sold		47,675		$	552,779			89,204		$	1,120,546
Issued as reinvestment of dividends		107,168			1,226,005			82,037			998,395
Redeemed		(168,388	)		(1,950,201	)		(755,069	)		(9,240,643	)
Net increase (decrease)		(13,545	)	$	(171,417	)		(583,828	)	$	(7,121,702	)
MM RetireSMART by JPMorgan In Retirement Fund Administrative Class
Sold		62,071		$	742,263			297,386		$	3,672,887
Issued as reinvestment of dividends		323,773			3,703,959			144,413			1,758,950
Redeemed		(453,514	)		(5,316,660	)		(480,666	)		(6,027,023	)
Net increase (decrease)		(67,670	)	$	(870,438	)		(38,867	)	$	(595,186	)
MM RetireSMART by JPMorgan In Retirement Fund Class A
Sold		23,190		$	264,200			509,268		$	6,265,641
Issued as reinvestment of dividends		131,836			1,508,190			346,594			4,176,453
Redeemed		(207,965	)		(2,407,012	)		(5,917,774	)		(74,471,290	)
Net increase (decrease)		(52,939	)	$	(634,622	)		(5,061,912	)	$	(64,029,196	)
MM RetireSMART by JPMorgan In Retirement Fund Class R4
Sold		698,672		$	7,531,954			71,878		$	888,601
Issued as reinvestment of dividends		127,135			1,429,001			64,731			776,122
Redeemed		(71,779	)		(855,679	)		(401,228	)		(4,911,431	)
Net increase (decrease)		754,028		$	8,105,276			(264,619	)	$	(3,246,708	)
MM RetireSMART by JPMorgan In Retirement Fund Class R3
Sold		166,850		$	1,842,863			261,713		$	3,207,151
Issued as reinvestment of dividends		229,439			2,558,247			132,911			1,581,636
Redeemed		(273,769	)		(3,268,504	)		(992,850	)		(12,159,534	)
Net increase (decrease)		122,520		$	1,132,606			(598,226	)	$	(7,370,747	)
MM RetireSMART by JPMorgan 2020 Fund Class I
Sold		469,698		$	5,612,156			1,144,273		$	14,769,325
Issued as reinvestment of dividends		448,203			5,427,735			202,557			2,564,369
Redeemed		(489,004	)		(6,102,444	)		(1,026,214	)		(13,423,600	)
Net increase (decrease)		428,897		$	4,937,447			320,616		$	3,910,094

136

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2020 Fund Class R5
Sold		182,333		$	2,225,645			494,973		$	6,414,846
Issued as reinvestment of dividends		296,876			3,589,231			192,661			2,435,234
Redeemed		(738,918	)		(9,484,762	)		(1,301,102	)		(16,835,010	)
Net increase (decrease)		(259,709	)	$	(3,669,886	)		(613,468	)	$	(7,984,930	)
MM RetireSMART by JPMorgan 2020 Fund Service Class
Sold		71,583		$	901,516			242,063		$	3,190,490
Issued as reinvestment of dividends		234,082			2,853,464			141,523			1,803,008
Redeemed		(1,077,303	)		(13,346,775	)		(1,027,042	)		(13,363,004	)
Net increase (decrease)		(771,638	)	$	(9,591,795	)		(643,456	)	$	(8,369,506	)
MM RetireSMART by JPMorgan 2020 Fund Administrative Class
Sold		125,895		$	1,551,422			415,118		$	5,407,164
Issued as reinvestment of dividends		276,651			3,361,305			185,753			2,359,066
Redeemed		(1,201,749	)		(15,759,858	)		(1,149,396	)		(14,924,632	)
Net increase (decrease)		(799,203	)	$	(10,847,131	)		(548,525	)	$	(7,158,402	)
MM RetireSMART by JPMorgan 2020 Fund Class A
Sold		46,348		$	564,858			537,618		$	6,869,712
Issued as reinvestment of dividends		240,406			2,911,317			366,079			4,612,594
Redeemed		(522,305	)		(6,421,021	)		(5,621,623	)		(74,038,355	)
Net increase (decrease)		(235,551	)	$	(2,944,846	)		(4,717,926	)	$	(62,556,049	)
MM RetireSMART by JPMorgan 2020 Fund Class R4
Sold		157,013		$	1,872,072			229,725		$	2,904,104
Issued as reinvestment of dividends		184,421			2,185,392			117,812			1,462,041
Redeemed		(418,285	)		(5,313,753	)		(943,885	)		(12,011,412	)
Net increase (decrease)		(76,851	)	$	(1,256,289	)		(596,348	)	$	(7,645,267	)
MM RetireSMART by JPMorgan 2020 Fund Class R3
Sold		301,928		$	3,562,594			343,043		$	4,321,845
Issued as reinvestment of dividends		432,493			5,025,570			239,400			2,920,677
Redeemed		(664,724	)		(7,935,122	)		(1,499,699	)		(18,801,742	)
Net increase (decrease)		69,697		$	653,042			(917,256	)	$	(11,559,220	)
MM RetireSMART by JPMorgan 2025 Fund Class I
Sold		235,840		$	2,919,314			863,739		$	11,356,222
Issued as reinvestment of dividends		556,875			6,727,045			255,852			3,213,506
Redeemed		(397,836	)		(5,120,720	)		(979,583	)		(12,884,902	)
Net increase (decrease)		394,879		$	4,525,639			140,008		$	1,684,826
MM RetireSMART by JPMorgan 2025 Fund Class R5
Sold		7,893		$	100,032			63,844		$	829,287
Issued as reinvestment of dividends		13,922			170,263			2,673			33,951
Redeemed		(6,306	)		(76,676	)		(3,263	)		(43,351	)
Net increase (decrease)		15,509		$	193,619			63,254		$	819,887
MM RetireSMART by JPMorgan 2025 Fund Service Class
Sold		56,110		$	704,958			61,564		$	807,346
Issued as reinvestment of dividends		82,875			1,005,276			44,574			561,635
Redeemed		(259,985	)		(3,252,358	)		(262,634	)		(3,469,340	)
Net increase (decrease)		(121,000	)	$	(1,542,124	)		(156,496	)	$	(2,100,359	)

137

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2025 Fund Administrative Class
Sold		177,193		$	2,265,966			430,375		$	5,542,338
Issued as reinvestment of dividends		335,378			4,048,008			196,440			2,465,327
Redeemed		(419,512	)		(5,200,807	)		(1,289,318	)		(16,802,749	)
Net increase (decrease)		93,059		$	1,113,167			(662,503	)	$	(8,795,084	)
MM RetireSMART by JPMorgan 2025 Fund Class A
Sold		108,626		$	1,312,290			766,755		$	9,748,190
Issued as reinvestment of dividends		109,158			1,319,721			362,780			4,502,094
Redeemed		(309,669	)		(3,801,847	)		(5,816,794	)		(76,781,258	)
Net increase (decrease)		(91,885	)	$	(1,169,836	)		(4,687,259	)	$	(62,530,974	)
MM RetireSMART by JPMorgan 2025 Fund Class R4
Sold		165,918		$	1,972,740			446,282		$	5,747,965
Issued as reinvestment of dividends		266,161			3,159,331			154,549			1,910,226
Redeemed		(333,919	)		(4,348,692	)		(889,691	)		(11,407,565	)
Net increase (decrease)		98,160		$	783,379			(288,860	)	$	(3,749,374	)
MM RetireSMART by JPMorgan 2025 Fund Class R3
Sold		275,455		$	3,401,415			560,258		$	7,201,658
Issued as reinvestment of dividends		578,831			6,859,146			309,536			3,819,675
Redeemed		(873,968	)		(10,474,370	)		(1,854,093	)		(23,820,670	)
Net increase (decrease)		(19,682	)	$	(213,809	)		(984,299	)	$	(12,799,337	)
MM RetireSMART by JPMorgan 2030 Fund Class I
Sold		737,756		$	9,096,207			1,549,695		$	20,256,456
Issued as reinvestment of dividends		605,796			7,590,627			217,866			2,771,252
Redeemed		(538,827	)		(6,901,446	)		(1,231,880	)		(16,363,227	)
Net increase (decrease)		804,725		$	9,785,388			535,681		$	6,664,481
MM RetireSMART by JPMorgan 2030 Fund Class R5
Sold		966,532		$	13,334,653			809,595		$	10,828,705
Issued as reinvestment of dividends		792,277			9,879,698			290,959			3,683,540
Redeemed		(622,329	)		(8,220,227	)		(1,353,355	)		(17,502,726	)
Net increase (decrease)		1,136,480		$	14,994,124			(252,801	)	$	(2,990,481	)
MM RetireSMART by JPMorgan 2030 Fund Service Class
Sold		159,635		$	2,114,473			529,922		$	7,049,742
Issued as reinvestment of dividends		388,790			4,887,084			194,875			2,484,660
Redeemed		(1,593,083	)		(20,611,980	)		(1,581,653	)		(20,615,673	)
Net increase (decrease)		(1,044,658	)	$	(13,610,423	)		(856,856	)	$	(11,081,271	)
MM RetireSMART by JPMorgan 2030 Fund Administrative Class
Sold		284,713		$	3,706,760			837,105		$	11,009,820
Issued as reinvestment of dividends		661,465			8,294,775			274,784			3,495,256
Redeemed		(1,149,252	)		(14,643,127	)		(1,391,908	)		(18,381,702	)
Net increase (decrease)		(203,074	)	$	(2,641,592	)		(280,019	)	$	(3,876,626	)
MM RetireSMART by JPMorgan 2030 Fund Class A
Sold		172,867		$	2,167,552			738,006		$	9,420,283
Issued as reinvestment of dividends		313,069			3,907,101			357,282			4,508,898
Redeemed		(532,640	)		(6,595,413	)		(6,114,598	)		(82,681,362	)
Net increase (decrease)		(46,704	)	$	(520,760	)		(5,019,310	)	$	(68,752,181	)

138

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2030 Fund Class R4
Sold		168,792		$	2,119,539			352,659		$	4,601,570
Issued as reinvestment of dividends		264,697			3,261,072			129,328			1,617,889
Redeemed		(515,959	)		(6,962,084	)		(938,033	)		(12,272,606	)
Net increase (decrease)		(82,470	)	$	(1,581,473	)		(456,046	)	$	(6,053,147	)
MM RetireSMART by JPMorgan 2030 Fund Class R3
Sold		521,810		$	6,451,177			653,877		$	8,513,868
Issued as reinvestment of dividends		820,572			9,912,512			331,833			4,084,867
Redeemed		(433,950	)		(5,533,410	)		(2,082,719	)		(26,502,408	)
Net increase (decrease)		908,432		$	10,830,279			(1,097,009	)	$	(13,903,673	)
MM RetireSMART by JPMorgan 2035 Fund Class I
Sold		323,019		$	4,267,842			703,560		$	9,562,168
Issued as reinvestment of dividends		590,064			7,493,815			161,546			2,098,478
Redeemed		(664,329	)		(8,784,470	)		(610,058	)		(8,314,494	)
Net increase (decrease)		248,754		$	2,977,187			255,048		$	3,346,152
MM RetireSMART by JPMorgan 2035 Fund Class R5
Sold		14,433		$	191,852			56,642		$	750,936
Issued as reinvestment of dividends		38,740			492,774			8,543			111,139
Redeemed		(23,517	)		(279,119	)		(5,612	)		(74,692	)
Net increase (decrease)		29,656		$	405,507			59,573		$	787,383
MM RetireSMART by JPMorgan 2035 Fund Service Class
Sold		56,019		$	723,938			70,952		$	976,059
Issued as reinvestment of dividends		86,422			1,116,572			28,465			375,163
Redeemed		(106,877	)		(1,411,779	)		(211,228	)		(3,007,329	)
Net increase (decrease)		35,564		$	428,731			(111,811	)	$	(1,656,107	)
MM RetireSMART by JPMorgan 2035 Fund Administrative Class
Sold		359,031		$	4,618,340			615,738		$	8,406,883
Issued as reinvestment of dividends		334,899			4,300,099			94,744			1,243,039
Redeemed		(779,906	)		(10,090,714	)		(796,934	)		(10,864,345	)
Net increase (decrease)		(85,976	)	$	(1,172,275	)		(86,452	)	$	(1,214,423	)
MM RetireSMART by JPMorgan 2035 Fund Class A
Sold		43,541		$	575,347			576,840		$	7,489,927
Issued as reinvestment of dividends		124,061			1,587,976			145,968			1,894,666
Redeemed		(406,564	)		(5,260,144	)		(3,241,003	)		(45,741,274	)
Net increase (decrease)		(238,962	)	$	(3,096,821	)		(2,518,195	)	$	(36,356,681	)
MM RetireSMART by JPMorgan 2035 Fund Class R4
Sold		110,142		$	1,418,450			293,320		$	3,998,036
Issued as reinvestment of dividends		248,498			3,138,533			80,786			1,043,751
Redeemed		(221,547	)		(3,029,374	)		(698,757	)		(9,497,690	)
Net increase (decrease)		137,093		$	1,527,609			(324,651	)	$	(4,455,903	)
MM RetireSMART by JPMorgan 2035 Fund Class R3
Sold		281,231		$	3,662,838			472,713		$	6,381,523
Issued as reinvestment of dividends		571,656			7,197,154			169,353			2,182,956
Redeemed		(505,579	)		(6,601,471	)		(1,444,042	)		(19,307,677	)
Net increase (decrease)		347,308		$	4,258,521			(801,976	)	$	(10,743,198	)

139

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2040 Fund Class I
Sold		684,579		$	8,524,991			880,821		$	12,009,397
Issued as reinvestment of dividends		561,722			7,184,429			68,783			883,182
Redeemed		(378,831	)		(4,950,101	)		(671,888	)		(9,022,244	)
Net increase (decrease)		867,470		$	10,759,319			277,716		$	3,870,335
MM RetireSMART by JPMorgan 2040 Fund Class R5
Sold		265,334		$	3,463,031			744,446		$	10,190,324
Issued as reinvestment of dividends		605,434			7,743,505			86,727			1,113,580
Redeemed		(599,507	)		(8,530,712	)		(850,104	)		(11,217,355	)
Net increase (decrease)		271,261		$	2,675,824			(18,931	)	$	86,549
MM RetireSMART by JPMorgan 2040 Fund Service Class
Sold		297,224		$	4,012,584			390,578		$	5,328,872
Issued as reinvestment of dividends		302,006			3,883,802			40,701			525,453
Redeemed		(801,131	)		(10,620,619	)		(658,350	)		(8,931,733	)
Net increase (decrease)		(201,901	)	$	(2,724,233	)		(227,071	)	$	(3,077,408	)
MM RetireSMART by JPMorgan 2040 Fund Administrative Class
Sold		444,403		$	5,979,303			835,431		$	11,198,935
Issued as reinvestment of dividends		690,533			8,831,913			78,492			1,007,829
Redeemed		(1,034,033	)		(13,075,528	)		(895,395	)		(11,911,517	)
Net increase (decrease)		100,903		$	1,735,688			18,528		$	295,247
MM RetireSMART by JPMorgan 2040 Fund Class A
Sold		105,383		$	1,379,111			597,044		$	7,565,347
Issued as reinvestment of dividends		236,010			3,004,403			70,650			900,085
Redeemed		(547,723	)		(7,144,785	)		(3,209,113	)		(44,644,697	)
Net increase (decrease)		(206,330	)	$	(2,761,271	)		(2,541,419	)	$	(36,179,265	)
MM RetireSMART by JPMorgan 2040 Fund Class R4
Sold		103,405		$	1,329,121			215,837		$	2,861,206
Issued as reinvestment of dividends		215,585			2,703,434			31,543			398,076
Redeemed		(221,919	)		(3,032,287	)		(903,189	)		(11,952,792	)
Net increase (decrease)		97,071		$	1,000,268			(655,809	)	$	(8,693,510	)
MM RetireSMART by JPMorgan 2040 Fund Class R3
Sold		478,526		$	6,063,889			493,967		$	6,414,595
Issued as reinvestment of dividends		594,490			7,294,397			70,673			875,634
Redeemed		(360,046	)		(4,645,393	)		(1,596,340	)		(20,625,554	)
Net increase (decrease)		712,970		$	8,712,893			(1,031,700	)	$	(13,335,325	)
MM RetireSMART by JPMorgan 2045 Fund Class I
Sold		320,614		$	4,457,606			525,252		$	7,283,265
Issued as reinvestment of dividends		404,436			5,197,007			78,039			1,026,207
Redeemed		(237,264	)		(3,331,850	)		(350,179	)		(4,929,608	)
Net increase (decrease)		487,786		$	6,322,763			253,112		$	3,379,864
MM RetireSMART by JPMorgan 2045 Fund Class R5
Sold		11,932		$	168,601			28,352		$	390,936
Issued as reinvestment of dividends		16,774			215,718			3,044			40,056
Redeemed		(6,391	)		(86,517	)		(19,682	)		(262,161	)
Net increase (decrease)		22,315		$	297,802			11,714		$	168,831

140

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2045 Fund Service Class
Sold		23,911		$	331,459			46,531		$	663,690
Issued as reinvestment of dividends		58,302			750,930			12,734			167,829
Redeemed		(108,841	)		(1,472,072	)		(111,768	)		(1,554,783	)
Net increase (decrease)		(26,628	)	$	(389,683	)		(52,503	)	$	(723,264	)
MM RetireSMART by JPMorgan 2045 Fund Administrative Class
Sold		230,493		$	3,048,589			651,275		$	8,846,530
Issued as reinvestment of dividends		321,804			4,119,090			63,564			832,689
Redeemed		(627,605	)		(8,338,498	)		(543,064	)		(7,557,809	)
Net increase (decrease)		(75,308	)	$	(1,170,819	)		171,775		$	2,121,410
MM RetireSMART by JPMorgan 2045 Fund Class A
Sold		54,771		$	722,837			453,468		$	5,894,716
Issued as reinvestment of dividends		109,182			1,394,259			95,054			1,232,845
Redeemed		(356,175	)		(4,876,846	)		(2,135,096	)		(30,690,124	)
Net increase (decrease)		(192,222	)	$	(2,759,750	)		(1,586,574	)	$	(23,562,563	)
MM RetireSMART by JPMorgan 2045 Fund Class R4
Sold		115,295		$	1,533,794			333,371		$	4,599,616
Issued as reinvestment of dividends		244,492			3,070,820			61,722			795,600
Redeemed		(153,629	)		(2,165,715	)		(607,999	)		(8,555,563	)
Net increase (decrease)		206,158		$	2,438,899			(212,906	)	$	(3,160,347	)
MM RetireSMART by JPMorgan 2045 Fund Class R3
Sold		257,535		$	3,235,252			357,666		$	4,891,336
Issued as reinvestment of dividends		497,572			6,234,573			125,817			1,619,261
Redeemed		(433,326	)		(5,789,775	)		(1,361,566	)		(18,459,287	)
Net increase (decrease)		321,781		$	3,680,050			(878,083	)	$	(11,948,690	)
MM RetireSMART by JPMorgan 2050 Fund Class I
Sold		870,930		$	8,314,277			727,345		$	7,255,731
Issued as reinvestment of dividends		425,658			4,001,187			47,153			439,469
Redeemed		(341,168	)		(3,314,482	)		(454,192	)		(4,504,645	)
Net increase (decrease)		955,420		$	9,000,982			320,306		$	3,190,555
MM RetireSMART by JPMorgan 2050 Fund Class R5
Sold		412,607		$	3,998,999			1,076,622		$	10,688,801
Issued as reinvestment of dividends		721,868			6,771,126			107,786			1,003,491
Redeemed		(426,907	)		(4,383,710	)		(1,525,906	)		(14,601,024	)
Net increase (decrease)		707,568		$	6,386,415			(341,498	)	$	(2,908,732	)
MM RetireSMART by JPMorgan 2050 Fund Service Class
Sold		255,843		$	2,538,208			404,635		$	3,962,019
Issued as reinvestment of dividends		189,649			1,792,181			24,906			233,370
Redeemed		(451,256	)		(4,446,187	)		(445,648	)		(4,332,948	)
Net increase (decrease)		(5,764	)	$	(115,798	)		(16,107	)	$	(137,559	)
MM RetireSMART by JPMorgan 2050 Fund Administrative Class
Sold		468,309		$	4,607,843			1,083,935		$	10,593,161
Issued as reinvestment of dividends		672,285			6,326,202			74,280			693,031
Redeemed		(845,771	)		(7,939,966	)		(842,002	)		(8,269,128	)
Net increase (decrease)		294,823		$	2,994,079			316,213		$	3,017,064

141

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2050 Fund Class A
Sold		109,988		$	1,082,602			502,567		$	4,703,972
Issued as reinvestment of dividends		171,963			1,613,009			56,079			519,288
Redeemed		(502,896	)		(4,953,378	)		(2,391,017	)		(24,469,667	)
Net increase (decrease)		(220,945	)	$	(2,257,767	)		(1,832,371	)	$	(19,246,407	)
MM RetireSMART by JPMorgan 2050 Fund Class R4
Sold		153,914		$	1,471,622			344,634		$	3,369,310
Issued as reinvestment of dividends		225,116			2,086,826			30,421			279,871
Redeemed		(246,131	)		(2,438,597	)		(659,614	)		(6,502,588	)
Net increase (decrease)		132,899		$	1,119,851			(284,559	)	$	(2,853,407	)
MM RetireSMART by JPMorgan 2050 Fund Class R3
Sold		556,836		$	5,175,431			551,292		$	5,375,087
Issued as reinvestment of dividends		498,635			4,577,472			59,803			546,001
Redeemed		(501,917	)		(4,877,032	)		(1,262,865	)		(12,002,359	)
Net increase (decrease)		553,554		$	4,875,871			(651,770	)	$	(6,081,271	)
MM RetireSMART by JPMorgan 2055 Fund Class I
Sold		172,844		$	1,984,046			404,976		$	4,843,286
Issued as reinvestment of dividends		180,930			2,006,510			52,641			578,530
Redeemed		(107,598	)		(1,236,742	)		(251,863	)		(2,998,063	)
Net increase (decrease)		246,176		$	2,753,814			205,754		$	2,423,753
MM RetireSMART by JPMorgan 2055 Fund Class R5
Sold		10,920		$	126,880			64,369		$	736,277
Issued as reinvestment of dividends		9,869			109,550			2,696			29,652
Redeemed		(48,589	)		(627,435	)		(6,858	)		(82,937	)
Net increase (decrease)		(27,800	)	$	(391,005	)		60,207		$	682,992
MM RetireSMART by JPMorgan 2055 Fund Service Class
Sold		48,773		$	554,266			49,235		$	589,535
Issued as reinvestment of dividends		26,957			300,838			8,839			97,676
Redeemed		(55,825	)		(664,749	)		(39,916	)		(477,336	)
Net increase (decrease)		19,905		$	190,355			18,158		$	209,875
MM RetireSMART by JPMorgan 2055 Fund Administrative Class
Sold		140,256		$	1,590,908			449,762		$	5,104,756
Issued as reinvestment of dividends		134,404			1,486,503			40,469			443,948
Redeemed		(127,748	)		(1,466,976	)		(338,394	)		(3,851,548	)
Net increase (decrease)		146,912		$	1,610,435			151,837		$	1,697,156
MM RetireSMART by JPMorgan 2055 Fund Class A
Sold		48,145		$	575,079			255,117		$	2,896,529
Issued as reinvestment of dividends		24,762			278,324			56,063			613,895
Redeemed		(413,015	)		(5,023,539	)		(801,732	)		(9,761,811	)
Net increase (decrease)		(340,108	)	$	(4,170,136	)		(490,552	)	$	(6,251,387	)
MM RetireSMART by JPMorgan 2055 Fund Class R4
Sold		71,394		$	825,211			212,365		$	2,471,970
Issued as reinvestment of dividends		88,927			978,197			38,284			417,683
Redeemed		(156,328	)		(1,764,649	)		(295,071	)		(3,498,012	)
Net increase (decrease)		3,993		$	38,759			(44,422	)	$	(608,359	)

142

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2055 Fund Class R3
Sold		295,640		$	3,262,426			323,607		$	3,767,844
Issued as reinvestment of dividends		290,062			3,173,283			121,349			1,317,852
Redeemed		(158,588	)		(1,835,099	)		(891,831	)		(10,218,639	)
Net increase (decrease)		427,114		$	4,600,610			(446,875	)	$	(5,132,943	)
MM RetireSMART by JPMorgan 2060 Fund Class I
Sold		73,533		$	827,293			179,662		$	2,088,609
Issued as reinvestment of dividends		37,118			409,416			8,069			86,576
Redeemed		(67,994	)		(786,379	)		(42,237	)		(486,988	)
Net increase (decrease)		42,657		$	450,330			145,494		$	1,688,197
MM RetireSMART by JPMorgan 2060 Fund Class R5
Sold		1,304		$	15,281			59,539		$	684,498
Issued as reinvestment of dividends		207			2,290			4,064			43,480
Redeemed		(93,116	)		(1,127,938	)		(28,218	)		(330,398	)
Net increase (decrease)		(91,605	)	$	(1,110,367	)		35,385		$	397,580
MM RetireSMART by JPMorgan 2060 Fund Service Class
Sold		81,785		$	939,436			66,564		$	768,465
Issued as reinvestment of dividends		24,323			267,065			6,326			67,620
Redeemed		(30,564	)		(342,389	)		(48,979	)		(523,433	)
Net increase (decrease)		75,544		$	864,112			23,911		$	312,652
MM RetireSMART by JPMorgan 2060 Fund Administrative Class
Sold		60,204		$	677,843			103,851		$	1,212,381
Issued as reinvestment of dividends		22,762			249,474			6,022			64,312
Redeemed		(28,352	)		(341,363	)		(57,188	)		(633,442	)
Net increase (decrease)		54,614		$	585,954			52,685		$	643,251
MM RetireSMART by JPMorgan 2060 Fund Class A
Sold		8,691		$	95,610			51,334		$	555,115
Issued as reinvestment of dividends		3,152			34,668			7,016			74,723
Redeemed		(28,926	)		(322,353	)		(127,851	)		(1,514,896	)
Net increase (decrease)		(17,083	)	$	(192,075	)		(69,501	)	$	(885,058	)
MM RetireSMART by JPMorgan 2060 Fund Class R4
Sold		13,078		$	148,143			33,390		$	379,265
Issued as reinvestment of dividends		10,262			112,476			4,032			43,062
Redeemed		(2,589	)		(28,138	)		(30,080	)		(337,390	)
Net increase (decrease)		20,751		$	232,481			7,342		$	84,937
MM RetireSMART by JPMorgan 2060 Fund Class R3
Sold		25,276		$	281,439			30,374		$	348,769
Issued as reinvestment of dividends		13,655			149,244			9,711			103,328
Redeemed		(24,359	)		(288,553	)		(105,113	)		(1,193,341	)
Net increase (decrease)		14,572		$	142,130			(65,028	)	$	(741,244	)
MM Select T. Rowe Price Retirement Balanced Fund Class I
Sold		235,643		$	4,096,757			464,519		$	8,092,154
Issued as reinvestment of dividends		159,695			2,585,460			49,672			825,060
Redeemed		(150,007	)		(2,559,545	)		(242,666	)		(4,192,307	)
Net increase (decrease)		245,331		$	4,122,672			271,525		$	4,724,907

143

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement Balanced Fund Class M5
Sold		502,154		$	8,563,069			1,365,518		$	23,265,930
Issued as reinvestment of dividends		903,450			14,662,986			324,806			5,404,774
Redeemed		(500,588	)		(8,392,232	)		(887,330	)		(15,226,628	)
Net increase (decrease)		905,016		$	14,833,823			802,994		$	13,444,076
MM Select T. Rowe Price Retirement Balanced Fund Class M4
Sold		39,883		$	676,966			119,741		$	2,040,070
Issued as reinvestment of dividends		60,258			981,001			47,012			780,868
Redeemed		(231,541	)		(4,059,890	)		(583,425	)		(10,246,789	)
Net increase (decrease)		(131,400	)	$	(2,401,923	)		(416,672	)	$	(7,425,851	)
MM Select T. Rowe Price Retirement Balanced Fund Class M3
Sold		417,376		$	6,526,307			90,024		$	1,551,047
Issued as reinvestment of dividends		32,800			532,352			12,181			202,562
Redeemed		(91,080	)		(1,522,497	)		(124,296	)		(2,108,510	)
Net increase (decrease)		359,096		$	5,536,162			(22,091	)	$	(354,901	)
MM Select T. Rowe Price Retirement 2005 Fund Class I
Sold		150,828		$	2,248,057			338,862		$	5,732,743
Issued as reinvestment of dividends		184,236			2,750,646			64,096			1,057,591
Redeemed		(83,731	)		(1,314,754	)		(624,550	)		(10,731,059	)
Net increase (decrease)		251,333		$	3,683,949			(221,592	)	$	(3,940,725	)
MM Select T. Rowe Price Retirement 2005 Fund Class M5
Sold		69,207		$	1,147,706			264,139		$	4,508,274
Issued as reinvestment of dividends		84,126			1,254,316			23,719			390,897
Redeemed		(134,361	)		(2,061,527	)		(363,714	)		(6,249,874	)
Net increase (decrease)		18,972		$	340,495			(75,856	)	$	(1,350,703	)
MM Select T. Rowe Price Retirement 2005 Fund Class M4
Sold		19,770		$	337,573			69,605		$	1,191,175
Issued as reinvestment of dividends		29,162			435,381			8,599			141,796
Redeemed		(50,545	)		(833,161	)		(114,533	)		(1,976,203	)
Net increase (decrease)		(1,613	)	$	(60,207	)		(36,329	)	$	(643,232	)
MM Select T. Rowe Price Retirement 2005 Fund Class M3
Sold		5,508		$	91,688			52,916		$	909,683
Issued as reinvestment of dividends		15,742			234,087			3,079			50,687
Redeemed		(2,661	)		(46,136	)		(40,002	)		(691,916	)
Net increase (decrease)		18,589		$	279,639			15,993		$	268,454
MM Select T. Rowe Price Retirement 2010 Fund Class I
Sold		738,917		$	11,527,429			790,104		$	13,509,877
Issued as reinvestment of dividends		503,398			8,034,238			201,357			3,326,410
Redeemed		(397,407	)		(6,457,550	)		(1,194,114	)		(20,810,982	)
Net increase (decrease)		844,908		$	13,104,117			(202,653	)	$	(3,974,695	)
MM Select T. Rowe Price Retirement 2010 Fund Class M5
Sold		499,939		$	8,623,743			605,052		$	10,129,993
Issued as reinvestment of dividends		258,465			4,122,512			70,652			1,167,166
Redeemed		(574,743	)		(9,044,875	)		(624,441	)		(10,609,487	)
Net increase (decrease)		183,661		$	3,701,380			51,263		$	687,672

144

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2010 Fund Class M4
Sold		93,181		$	1,596,072			139,338		$	2,385,404
Issued as reinvestment of dividends		125,292			2,002,161			76,410			1,260,759
Redeemed		(546,758	)		(9,460,165	)		(604,431	)		(10,202,568	)
Net increase (decrease)		(328,285	)	$	(5,861,932	)		(388,683	)	$	(6,556,405	)
MM Select T. Rowe Price Retirement 2010 Fund Class M3
Sold		28,691		$	468,464			86,201		$	1,468,587
Issued as reinvestment of dividends		87,971			1,406,657			31,859			526,947
Redeemed		(147,994	)		(2,348,666	)		(235,465	)		(4,009,010	)
Net increase (decrease)		(31,332	)	$	(473,545	)		(117,405	)	$	(2,013,476	)
MM Select T. Rowe Price Retirement 2015 Fund Class I
Sold		827,497		$	13,197,406			1,439,929		$	24,674,475
Issued as reinvestment of dividends		444,615			7,318,355			192,638			3,224,766
Redeemed		(502,779	)		(8,650,529	)		(1,303,125	)		(22,838,996	)
Net increase (decrease)		769,333		$	11,865,232			329,442		$	5,060,245
MM Select T. Rowe Price Retirement 2015 Fund Class M5
Sold		152,180		$	2,649,011			432,279		$	7,469,217
Issued as reinvestment of dividends		382,761			6,292,593			147,172			2,462,179
Redeemed		(816,508	)		(13,076,696	)		(343,439	)		(6,010,325	)
Net increase (decrease)		(281,567	)	$	(4,135,092	)		236,012		$	3,921,071
MM Select T. Rowe Price Retirement 2015 Fund Class M4
Sold		150,161		$	2,569,348			102,467		$	1,789,487
Issued as reinvestment of dividends		55,236			911,386			30,505			510,957
Redeemed		(251,212	)		(4,431,987	)		(268,944	)		(4,687,546	)
Net increase (decrease)		(45,815	)	$	(951,253	)		(135,972	)	$	(2,387,102	)
MM Select T. Rowe Price Retirement 2015 Fund Class M3
Sold		47,788		$	832,519			122,810		$	2,105,488
Issued as reinvestment of dividends		40,920			672,724			17,052			285,443
Redeemed		(42,436	)		(723,029	)		(197,141	)		(3,376,828	)
Net increase (decrease)		46,272		$	782,214			(57,279	)	$	(985,897	)
MM Select T. Rowe Price Retirement 2020 Fund Class I
Sold		6,048,965		$	96,858,209			4,104,039		$	71,590,126
Issued as reinvestment of dividends		2,115,656			34,844,854			728,783			12,360,165
Redeemed		(2,905,740	)		(48,236,076	)		(4,585,926	)		(81,226,539	)
Net increase (decrease)		5,258,881		$	83,466,987			246,896		$	2,723,752
MM Select T. Rowe Price Retirement 2020 Fund Class M5
Sold		1,730,354		$	31,414,872			3,066,608		$	52,991,805
Issued as reinvestment of dividends		2,087,119			34,353,981			640,680			10,865,930
Redeemed		(6,040,237	)		(97,402,118	)		(4,118,856	)		(72,647,080	)
Net increase (decrease)		(2,222,764	)	$	(31,633,265	)		(411,568	)	$	(8,789,345	)
MM Select T. Rowe Price Retirement 2020 Fund Class M4
Sold		624,178		$	10,872,289			1,201,362		$	21,180,014
Issued as reinvestment of dividends		762,490			12,573,464			394,024			6,678,707
Redeemed		(2,342,784	)		(41,837,394	)		(3,774,885	)		(65,814,223	)
Net increase (decrease)		(956,116	)	$	(18,391,641	)		(2,179,499	)	$	(37,955,502	)

145

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2020 Fund Class M3
Sold		264,849		$	4,609,348			802,491		$	13,839,761
Issued as reinvestment of dividends		354,209			5,847,991			135,036			2,294,268
Redeemed		(582,411	)		(9,960,977	)		(1,961,788	)		(34,486,603	)
Net increase (decrease)		36,647		$	496,362			(1,024,261	)	$	(18,352,574	)
MM Select T. Rowe Price Retirement 2025 Fund Class I
Sold		5,864,235		$	99,158,463			7,073,901		$	127,891,009
Issued as reinvestment of dividends		2,295,536			39,896,413			712,872			12,461,008
Redeemed		(2,099,997	)		(37,152,510	)		(5,281,785	)		(97,064,364	)
Net increase (decrease)		6,059,774		$	101,902,366			2,504,988		$	43,287,653
MM Select T. Rowe Price Retirement 2025 Fund Class M5
Sold		1,024,333		$	19,174,449			2,163,008		$	39,540,510
Issued as reinvestment of dividends		1,193,224			20,726,297			367,856			6,426,451
Redeemed		(5,298,090	)		(89,417,286	)		(1,885,963	)		(34,710,606	)
Net increase (decrease)		(3,080,533	)	$	(49,516,540	)		644,901		$	11,256,355
MM Select T. Rowe Price Retirement 2025 Fund Class M4
Sold		1,193,453		$	21,957,572			1,395,092		$	25,464,651
Issued as reinvestment of dividends		530,954			9,222,674			196,560			3,433,898
Redeemed		(1,668,813	)		(30,950,615	)		(1,857,569	)		(33,901,691	)
Net increase (decrease)		55,594		$	229,631			(265,917	)	$	(5,003,142	)
MM Select T. Rowe Price Retirement 2025 Fund Class M3
Sold		411,103		$	7,279,615			1,110,932		$	19,886,024
Issued as reinvestment of dividends		298,488			5,178,774			114,056			1,990,274
Redeemed		(339,894	)		(5,999,512	)		(1,902,958	)		(34,509,818	)
Net increase (decrease)		369,697		$	6,458,877			(677,970	)	$	(12,633,520	)
MM Select T. Rowe Price Retirement 2030 Fund Class I
Sold		13,572,169		$	238,048,540			7,281,570		$	135,233,928
Issued as reinvestment of dividends		3,174,371			57,773,560			881,983			15,761,035
Redeemed		(3,502,702	)		(63,073,976	)		(4,693,823	)		(88,881,538	)
Net increase (decrease)		13,243,838		$	232,748,124			3,469,730		$	62,113,425
MM Select T. Rowe Price Retirement 2030 Fund Class M5
Sold		3,763,819		$	72,643,665			6,781,304		$	123,964,061
Issued as reinvestment of dividends		3,573,025			64,993,323			906,716			16,203,011
Redeemed		(12,513,934	)		(218,110,433	)		(4,370,000	)		(82,382,320	)
Net increase (decrease)		(5,177,090	)	$	(80,473,445	)		3,318,020		$	57,784,752
MM Select T. Rowe Price Retirement 2030 Fund Class M4
Sold		1,530,022		$	29,084,590			2,608,926		$	49,133,927
Issued as reinvestment of dividends		1,252,988			22,804,375			533,508			9,523,116
Redeemed		(3,476,822	)		(67,544,792	)		(6,390,327	)		(117,016,352	)
Net increase (decrease)		(693,812	)	$	(15,655,827	)		(3,247,893	)	$	(58,359,309	)
MM Select T. Rowe Price Retirement 2030 Fund Class M3
Sold		598,912		$	11,261,195			1,077,433		$	19,661,188
Issued as reinvestment of dividends		552,753			10,071,168			172,455			3,085,222
Redeemed		(1,040,436	)		(19,509,984	)		(3,015,357	)		(55,749,121	)
Net increase (decrease)		111,229		$	1,822,379			(1,765,469	)	$	(33,002,711	)

146

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2035 Fund Class I
Sold		7,515,108		$	136,403,710			5,514,941		$	104,574,394
Issued as reinvestment of dividends		1,726,216			32,763,576			465,300			8,473,120
Redeemed		(1,483,393	)		(28,305,703	)		(2,634,738	)		(51,236,097	)
Net increase (decrease)		7,757,931		$	140,861,583			3,345,503		$	61,811,417
MM Select T. Rowe Price Retirement 2035 Fund Class M5
Sold		1,204,933		$	24,158,897			1,902,709		$	37,039,466
Issued as reinvestment of dividends		1,094,005			20,742,335			301,681			5,490,596
Redeemed		(6,523,298	)		(117,265,391	)		(1,303,922	)		(24,929,714	)
Net increase (decrease)		(4,224,360	)	$	(72,364,159	)		900,468		$	17,600,348
MM Select T. Rowe Price Retirement 2035 Fund Class M4
Sold		1,356,050		$	26,524,700			2,258,492		$	43,817,075
Issued as reinvestment of dividends		487,831			9,244,410			131,483			2,391,669
Redeemed		(1,427,261	)		(28,515,312	)		(980,018	)		(19,013,027	)
Net increase (decrease)		416,620		$	7,253,798			1,409,957		$	27,195,717
MM Select T. Rowe Price Retirement 2035 Fund Class M3
Sold		363,943		$	7,070,653			638,967		$	11,825,316
Issued as reinvestment of dividends		190,006			3,608,202			75,478			1,372,936
Redeemed		(361,003	)		(6,877,006	)		(2,031,739	)		(39,232,693	)
Net increase (decrease)		192,946		$	3,801,849			(1,317,294	)	$	(26,034,441	)
MM Select T. Rowe Price Retirement 2040 Fund Class I
Sold		13,971,538		$	258,441,941			4,927,804		$	95,246,646
Issued as reinvestment of dividends		1,844,301			36,056,081			501,325			9,279,529
Redeemed		(1,586,250	)		(31,070,941	)		(3,359,159	)		(66,171,281	)
Net increase (decrease)		14,229,589		$	263,427,081			2,069,970		$	38,354,894
MM Select T. Rowe Price Retirement 2040 Fund Class M5
Sold		3,360,942		$	69,114,847			6,572,217		$	124,438,168
Issued as reinvestment of dividends		2,732,688			53,396,718			613,121			11,348,863
Redeemed		(12,746,999	)		(233,599,858	)		(2,416,172	)		(46,478,211	)
Net increase (decrease)		(6,653,369	)	$	(111,088,293	)		4,769,166		$	89,308,820
MM Select T. Rowe Price Retirement 2040 Fund Class M4
Sold		1,710,092		$	34,171,144			2,075,384		$	40,928,370
Issued as reinvestment of dividends		844,992			16,502,684			363,456			6,713,026
Redeemed		(3,037,159	)		(62,410,733	)		(5,360,898	)		(100,734,215	)
Net increase (decrease)		(482,075	)	$	(11,736,905	)		(2,922,058	)	$	(53,092,819	)
MM Select T. Rowe Price Retirement 2040 Fund Class M3
Sold		555,071		$	10,896,651			908,834		$	17,290,393
Issued as reinvestment of dividends		354,201			6,931,706			103,356			1,914,156
Redeemed		(842,235	)		(16,814,378	)		(2,502,386	)		(48,346,735	)
Net increase (decrease)		67,037		$	1,013,979			(1,490,196	)	$	(29,142,186	)
MM Select T. Rowe Price Retirement 2045 Fund Class I
Sold		7,677,831		$	144,460,680			3,867,260		$	76,044,553
Issued as reinvestment of dividends		1,064,698			21,166,192			252,233			4,711,717
Redeemed		(854,086	)		(16,957,108	)		(1,604,391	)		(32,349,847	)
Net increase (decrease)		7,888,443		$	148,669,764			2,515,102		$	48,406,423

147

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2045 Fund Class M5
Sold		833,849		$	17,308,370			1,461,159		$	29,441,322
Issued as reinvestment of dividends		844,791			16,777,545			209,722			3,915,508
Redeemed		(6,559,694	)		(121,753,366	)		(679,177	)		(13,399,447	)
Net increase (decrease)		(4,881,054	)	$	(87,667,451	)		991,704		$	19,957,383
MM Select T. Rowe Price Retirement 2045 Fund Class M4
Sold		1,538,570		$	31,484,449			1,528,719		$	30,317,779
Issued as reinvestment of dividends		374,404			7,420,678			90,627			1,690,198
Redeemed		(798,529	)		(16,355,635	)		(893,982	)		(17,644,416	)
Net increase (decrease)		1,114,445		$	22,549,492			725,364		$	14,363,561
MM Select T. Rowe Price Retirement 2045 Fund Class M3
Sold		251,612		$	5,042,699			524,290		$	10,038,412
Issued as reinvestment of dividends		129,246			2,571,996			43,621			814,412
Redeemed		(251,269	)		(5,145,557	)		(1,687,466	)		(33,012,679	)
Net increase (decrease)		129,589		$	2,469,138			(1,119,555	)	$	(22,159,855	)
MM Select T. Rowe Price Retirement 2050 Fund Class I
Sold		8,770,295		$	166,978,858			3,708,242		$	72,939,736
Issued as reinvestment of dividends		1,034,578			20,743,294			276,039			5,153,642
Redeemed		(958,368	)		(19,139,437	)		(1,375,033	)		(27,537,988	)
Net increase (decrease)		8,846,505		$	168,582,715			2,609,248		$	50,555,390
MM Select T. Rowe Price Retirement 2050 Fund Class M5
Sold		2,159,455		$	44,745,659			4,626,361		$	89,309,701
Issued as reinvestment of dividends		1,590,415			31,856,014			417,762			7,799,608
Redeemed		(7,660,572	)		(144,816,930	)		(1,986,442	)		(37,755,314	)
Net increase (decrease)		(3,910,702	)	$	(68,215,257	)		3,057,681		$	59,353,995
MM Select T. Rowe Price Retirement 2050 Fund Class M4
Sold		1,835,807		$	37,464,012			1,783,070		$	35,187,896
Issued as reinvestment of dividends		516,154			10,328,244			219,310			4,085,747
Redeemed		(1,650,190	)		(34,476,164	)		(3,195,050	)		(60,904,525	)
Net increase (decrease)		701,771		$	13,316,092			(1,192,670	)	$	(21,630,882	)
MM Select T. Rowe Price Retirement 2050 Fund Class M3
Sold		351,238		$	7,148,365			820,918		$	15,631,320
Issued as reinvestment of dividends		213,368			4,275,899			65,421			1,220,747
Redeemed		(436,324	)		(8,924,283	)		(1,450,967	)		(28,312,695	)
Net increase (decrease)		128,282		$	2,499,981			(564,628	)	$	(11,460,628	)
MM Select T. Rowe Price Retirement 2055 Fund Class I
Sold		6,753,503		$	126,912,372			1,970,847		$	38,801,235
Issued as reinvestment of dividends		451,953			9,025,508			120,986			2,253,961
Redeemed		(437,794	)		(8,892,992	)		(776,180	)		(15,616,399	)
Net increase (decrease)		6,767,662		$	127,044,888			1,315,653		$	25,438,797
MM Select T. Rowe Price Retirement 2055 Fund Class M5
Sold		789,956		$	16,474,250			1,494,776		$	29,803,216
Issued as reinvestment of dividends		561,937			11,205,031			155,950			2,902,228
Redeemed		(5,928,303	)		(110,270,645	)		(610,625	)		(11,871,458	)
Net increase (decrease)		(4,576,410	)	$	(82,591,364	)		1,040,101		$	20,833,986

148

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2055 Fund Class M4
Sold		992,123		$	20,251,012			845,856		$	16,904,947
Issued as reinvestment of dividends		188,075			3,746,457			50,088			931,634
Redeemed		(443,869	)		(9,373,161	)		(484,615	)		(9,532,136	)
Net increase (decrease)		736,329		$	14,624,308			411,329		$	8,304,445
MM Select T. Rowe Price Retirement 2055 Fund Class M3
Sold		192,681		$	3,848,656			442,031		$	8,218,717
Issued as reinvestment of dividends		75,680			1,509,059			28,072			521,858
Redeemed		(114,674	)		(2,322,842	)		(797,050	)		(15,602,549	)
Net increase (decrease)		153,687		$	3,034,873			(326,947	)	$	(6,861,974	)
MM Select T. Rowe Price Retirement 2060 Fund Class I
Sold		844,731		$	16,945,667			1,493,589		$	29,764,354
Issued as reinvestment of dividends		235,469			4,688,197			49,706			924,535
Redeemed		(270,139	)		(5,452,936	)		(548,443	)		(10,879,298	)
Net increase (decrease)		810,061		$	16,180,928			994,852		$	19,809,591
MM Select T. Rowe Price Retirement 2060 Fund Class M5
Sold		564,067		$	11,410,294			898,238		$	17,720,639
Issued as reinvestment of dividends		143,748			2,856,276			25,355			471,099
Redeemed		(215,235	)		(4,315,679	)		(247,150	)		(4,879,704	)
Net increase (decrease)		492,580		$	9,950,891			676,443		$	13,312,034
MM Select T. Rowe Price Retirement 2060 Fund Class M4
Sold		477,960		$	9,769,609			575,616		$	11,433,668
Issued as reinvestment of dividends		79,541			1,576,504			20,830			386,399
Redeemed		(266,867	)		(5,502,889	)		(520,718	)		(9,930,612	)
Net increase (decrease)		290,634		$	5,843,224			75,728		$	1,889,455
MM Select T. Rowe Price Retirement 2060 Fund Class M3
Sold		100,389		$	2,012,758			198,040		$	3,731,566
Issued as reinvestment of dividends		23,830			472,782			9,098			168,503
Redeemed		(50,938	)		(1,041,989	)		(252,373	)		(4,995,196	)
Net increase (decrease)		73,281		$	1,443,551			(45,235	)	$	(1,095,127	)

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained $13 for the MM RetireSMART by JPMorgan 2040 Fund during the period ended March 31, 2022.

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2022, no amounts have been retained by the Distributor.

With respect to Class A shares, the Distributor may pay an up-front concession to financial intermediaries through which sales are made as described in the Funds’ Prospectus.

149

Notes to Financial Statements (Unaudited) (Continued)

6. Federal Income Tax Information

At March 31, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
20/80 Allocation Fund	$	198,278,623	$	3,828,082	$	(12,953,839	)	$	(9,125,757	)
40/60 Allocation Fund		233,960,978		7,049,174		(13,743,576	)		(6,694,402	)
60/40 Allocation Fund		201,512,931		9,609,741		(8,969,383	)		640,358
80/20 Allocation Fund		141,145,455		7,314,165		(4,822,823	)		2,491,342
MM RetireSMART by JPMorgan In Retirement Fund		113,060,532		1,757,573		(6,416,515	)		(4,658,942	)
MM RetireSMART by JPMorgan 2020 Fund		222,283,429		4,073,837		(13,118,041	)		(9,044,204	)
MM RetireSMART by JPMorgan 2025 Fund		186,890,667		4,772,755		(11,765,942	)		(6,993,187	)
MM RetireSMART by JPMorgan 2030 Fund		393,132,903		15,834,006		(20,949,425	)		(5,115,419	)
MM RetireSMART by JPMorgan 2035 Fund		169,958,649		6,405,260		(8,007,028	)		(1,601,768	)
MM RetireSMART by JPMorgan 2040 Fund		284,416,340		11,787,609		(11,097,045	)		690,564
MM RetireSMART by JPMorgan 2045 Fund		121,110,815		5,244,907		(4,470,951	)		773,956
MM RetireSMART by JPMorgan 2050 Fund		195,014,121		8,229,506		(6,452,991	)		1,776,515
MM RetireSMART by JPMorgan 2055 Fund		63,888,832		2,525,949		(2,522,465	)		3,484
MM RetireSMART by JPMorgan 2060 Fund		22,138,261		763,703		(1,038,160	)		(274,457	)
MM Select T. Rowe Price Retirement Balanced Fund		200,618,587		3,329,073		(7,165,164	)		(3,836,091	)
MM Select T. Rowe Price Retirement 2005 Fund		29,632,273		316,563		(1,196,929	)		(880,366	)
MM Select T. Rowe Price Retirement 2010 Fund		142,035,754		3,580,096		(5,197,910	)		(1,617,814	)
MM Select T. Rowe Price Retirement 2015 Fund		150,615,257		4,065,097		(4,219,344	)		(154,247	)
MM Select T. Rowe Price Retirement 2020 Fund		701,015,006		29,986,659		(19,485,499	)		10,501,160
MM Select T. Rowe Price Retirement 2025 Fund		680,230,617		28,359,738		(18,243,755	)		10,115,983
MM Select T. Rowe Price Retirement 2030 Fund		1,492,476,018		117,589,664		(32,032,887	)		85,556,777
MM Select T. Rowe Price Retirement 2035 Fund		724,658,581		51,528,382		(10,872,297	)		40,656,085
MM Select T. Rowe Price Retirement 2040 Fund		1,244,621,733		121,218,422		(11,601,036	)		109,617,386
MM Select T. Rowe Price Retirement 2045 Fund		555,082,950		41,556,162		(2,130,776	)		39,425,386
MM Select T. Rowe Price Retirement 2050 Fund		848,188,130		76,238,065		(1,641,735	)		74,596,330
MM Select T. Rowe Price Retirement 2055 Fund		332,027,215		20,533,310		(569,361	)		19,963,949
MM Select T. Rowe Price Retirement 2060 Fund		134,092,619		1,168,787		(257,137	)		911,650

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2021, for federal income tax purposes, there were no unused capital losses.

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

150

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2021, was as follows:

	Ordinary Income		Long Term Capital Gain
20/80 Allocation Fund	$	6,912,673	$	3,835,241
40/60 Allocation Fund		6,528,736		5,057,277
60/40 Allocation Fund		5,152,629		3,111,437
80/20 Allocation Fund		2,329,878		4,366,908
MM RetireSMART by JPMorgan In Retirement Fund		6,142,449		4,776,823
MM RetireSMART by JPMorgan 2020 Fund		11,260,302		6,896,687
MM RetireSMART by JPMorgan 2025 Fund		8,314,627		8,191,787
MM RetireSMART by JPMorgan 2030 Fund		11,888,107		10,758,255
MM RetireSMART by JPMorgan 2035 Fund		4,345,039		4,608,372
MM RetireSMART by JPMorgan 2040 Fund		5,383,008		320,831
MM RetireSMART by JPMorgan 2045 Fund		2,178,218		3,540,149
MM RetireSMART by JPMorgan 2050 Fund		3,156,541		557,980
MM RetireSMART by JPMorgan 2055 Fund		985,575		2,570,924
MM RetireSMART by JPMorgan 2060 Fund		348,416		779,863
MM Select T. Rowe Price Retirement Balanced Fund		3,760,652		3,452,612
MM Select T. Rowe Price Retirement 2005 Fund		804,782		841,098
MM Select T. Rowe Price Retirement 2010 Fund		3,131,794		3,149,488
MM Select T. Rowe Price Retirement 2015 Fund		2,982,450		3,500,895
MM Select T. Rowe Price Retirement 2020 Fund		13,720,482		18,478,588
MM Select T. Rowe Price Retirement 2025 Fund		9,784,845		14,526,786
MM Select T. Rowe Price Retirement 2030 Fund		17,254,192		27,318,192
MM Select T. Rowe Price Retirement 2035 Fund		6,229,193		11,499,128
MM Select T. Rowe Price Retirement 2040 Fund		8,110,897		21,144,677
MM Select T. Rowe Price Retirement 2045 Fund		2,687,176		8,444,659
MM Select T. Rowe Price Retirement 2050 Fund		3,928,942		14,330,802
MM Select T. Rowe Price Retirement 2055 Fund		1,378,034		5,231,647
MM Select T. Rowe Price Retirement 2060 Fund		422,073		1,528,463

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2021:

	Amount
20/80 Allocation Fund	$	22,450
40/60 Allocation Fund		51,242
60/40 Allocation Fund		59,308
80/20 Allocation Fund		61,564
MM RetireSMART by JPMorgan In Retirement Fund		76,572
MM RetireSMART by JPMorgan 2020 Fund		150,102
MM RetireSMART by JPMorgan 2025 Fund		161,438
MM RetireSMART by JPMorgan 2030 Fund		349,841
MM RetireSMART by JPMorgan 2035 Fund		178,393
MM RetireSMART by JPMorgan 2040 Fund		291,978
MM RetireSMART by JPMorgan 2045 Fund		146,588
MM RetireSMART by JPMorgan 2050 Fund		195,581
MM RetireSMART by JPMorgan 2055 Fund		65,895
MM RetireSMART by JPMorgan 2060 Fund		19,612
MM Select T. Rowe Price Retirement Balanced Fund		53,737
MM Select T. Rowe Price Retirement 2005 Fund		10,071

151

Notes to Financial Statements (Unaudited) (Continued)

	Amount
MM Select T. Rowe Price Retirement 2010 Fund	$	50,070
MM Select T. Rowe Price Retirement 2015 Fund		54,791
MM Select T. Rowe Price Retirement 2020 Fund		319,003
MM Select T. Rowe Price Retirement 2025 Fund		308,475
MM Select T. Rowe Price Retirement 2030 Fund		762,527
MM Select T. Rowe Price Retirement 2035 Fund		360,047
MM Select T. Rowe Price Retirement 2040 Fund		712,862
MM Select T. Rowe Price Retirement 2045 Fund		296,589
MM Select T. Rowe Price Retirement 2050 Fund		466,991
MM Select T. Rowe Price Retirement 2055 Fund		162,304
MM Select T. Rowe Price Retirement 2060 Fund		47,681

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2021, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences			Unrealized Appreciation (Depreciation)		Total
20/80 Allocation Fund	$	156,143	$	7,090,134	$	(23,059	)	$	6,211,659	$	13,434,877
40/60 Allocation Fund		175,577		11,698,488		(39,793	)		10,611,707		22,445,979
60/40 Allocation Fund		1,682,698		17,607,220		(32,043	)		12,672,891		31,930,766
80/20 Allocation Fund		—		11,655,620		(10,799	)		10,481,073		22,125,894
MM RetireSMART by JPMorgan In Retirement Fund		3,829,080		9,074,749		(38,875	)		4,776,586		17,641,540
MM RetireSMART by JPMorgan 2020 Fund		2,752,058		15,218,255		(66,775	)		12,043,368		29,946,906
MM RetireSMART by JPMorgan 2025 Fund		1,382,489		15,783,252		(15,752	)		11,726,544		28,876,533
MM RetireSMART by JPMorgan 2030 Fund		1,381,380		33,718,222		(62,927	)		25,500,094		60,536,769
MM RetireSMART by JPMorgan 2035 Fund		389,071		19,031,089		(14,321	)		13,399,058		32,804,897
MM RetireSMART by JPMorgan 2040 Fund		—		30,588,809		(38,363	)		25,791,764		56,342,210
MM RetireSMART by JPMorgan 2045 Fund		171,873		16,761,758		(8,458	)		11,359,506		28,284,679
MM RetireSMART by JPMorgan 2050 Fund		627,947		19,807,406		(30,740	)		17,208,759		37,613,372
MM RetireSMART by JPMorgan 2055 Fund		83,623		6,381,118		(2,318	)		5,306,629		11,769,052
MM RetireSMART by JPMorgan 2060 Fund		56,428		1,819,939		(671	)		1,796,761		3,672,457
MM Select T. Rowe Price Retirement Balanced Fund		368,785		11,353,021		—			14,865,214		26,587,020
MM Select T. Rowe Price Retirement 2005 Fund		346,248		3,260,350		—			1,659,780		5,266,378
MM Select T. Rowe Price Retirement 2010 Fund		364,790		10,114,323		—			12,458,992		22,938,105
MM Select T. Rowe Price Retirement 2015 Fund		—		9,630,524		—			16,147,340		25,777,864
MM Select T. Rowe Price Retirement 2020 Fund		—		60,290,390		—			89,643,596		149,933,986
MM Select T. Rowe Price Retirement 2025 Fund		—		50,299,342		—			95,298,702		145,598,044
MM Select T. Rowe Price Retirement 2030 Fund		—		98,526,975		—			282,216,348		380,743,323
MM Select T. Rowe Price Retirement 2035 Fund		—		37,115,933		—			143,669,075		180,785,008
MM Select T. Rowe Price Retirement 2040 Fund		—		58,170,994		—			304,202,265		362,373,259
MM Select T. Rowe Price Retirement 2045 Fund		—		23,527,848		—			125,721,456		149,249,304
MM Select T. Rowe Price Retirement 2050 Fund		—		30,352,031		—			206,187,615		236,539,646

152

Notes to Financial Statements (Unaudited) (Continued)

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)		Other Temporary Differences		Unrealized Appreciation (Depreciation)		Total
MM Select T. Rowe Price Retirement 2055 Fund	$	—	$	11,570,652	$	—	$	69,393,889	$	80,964,541
MM Select T. Rowe Price Retirement 2060 Fund		—		4,318,461		—		19,703,013		24,021,474

The Funds did not have any unrecognized tax benefits at March 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended March 31, 2022, was as follows:

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
20/80 Allocation Fund
Barings Global Floating Rate Fund, Class Y*	$	1,559,442	$	11,859	$	(1,545,740	)	$	(25,561	)	$	—		$	—		—	$	10,474	$	—
MassMutual Blue Chip Growth Fund, Class I		3,483,144		2,377,261		(457,903	)		(892,946	)		46,987			4,556,543		176,064		—		647,438
MassMutual Core Bond Fund, Class I		34,993,204		3,274,804		(3,804,023	)		(3,559,257	)		93,903			30,998,631		3,036,105		809,727		526,742
MassMutual Diversified Value Fund, Class I		2,709,426		441,354		(159,864	)		(135,787	)		37,453			2,892,582		223,365		51,803		292,242
MassMutual Equity Opportunities Fund, Class I		3,997,912		691,059		(288,956	)		(140,966	)		21,370			4,280,419		218,835		50,516		439,769
MassMutual Fundamental Value Fund, Class I		3,237,834		538,724		(274,591	)		(107,752	)		5,036			3,399,251		336,227		23,736		377,169
MassMutual Global Floating Rate Fund, Class I		—		1,555,877		1			(1,678	)		—			1,554,200		167,659		4,998		—
MassMutual Global Floating Rate Fund, Class Y		—		12,690		(9,606	)		(12	)		491			3,563		385		12,700		—
MassMutual Growth Opportunities Fund, Class I		1,450,735		359,590		(75,150	)		(606,341	)		(5,415	)		1,123,419		163,288		—		318,405
MassMutual High Yield Fund, Class I		1,290,445		133,579		(88,107	)		(120,814	)		(2,878	)		1,212,225		143,289		90,849		—
MassMutual Inflation-Protected and Income Fund, Class I		6,106,746		625,827		(2,122,466	)		(608,295	)		106,299			4,108,111		390,505		106,528		326,055
MassMutual International Equity Fund, Class I		767,125		181,093		(146,184	)		(44,780	)		(60,292	)		696,962		80,019		15,837		78,549
MassMutual Mid Cap Growth Fund, Class I		1,472,740		323,459		(78,156	)		(397,590	)		3,728			1,324,181		56,759		—		280,626
MassMutual Mid-Cap Value Fund, Class I		2,267,697		584,967		(78,155	)		(361,397	)		11,380			2,424,492		191,811		23,255		518,879

153

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
20/80 Allocation Fund (Continued)
MassMutual Overseas Fund, Class I	$	2,736,115	$	1,994,747	$	(446,859	)	$	(434,247	)	$	66,525		$	3,916,281		441,520	$	38,658	$	224,021
MassMutual Short-Duration Bond Fund, Class I		40,778,792		2,201,338		(1,646,691	)		(3,380,113	)		(139,847	)		37,813,479		4,092,368		1,155,965		—
MassMutual Small Cap Growth Equity Fund, Class I		265,439		69,480		(23,004	)		(79,748	)		1,440			233,607		15,615		—		56,937
MassMutual Small Cap Value Equity Fund, Class I		873,974		233,692		(46,007	)		(161,810	)		(491	)		899,358		85,006		—		208,607
MassMutual Strategic Bond Fund, Class I		25,626,277		3,114,400		(3,174,403	)		(3,131,503	)		46,461			22,481,232		2,341,795		1,017,428		479,459
MassMutual Strategic Emerging Markets Fund, Class I		1,263,154		222,814		(98,572	)		(402,163	)		(7,084	)		978,149		94,782		16,964		154,657
MassMutual Total Return Bond Fund, Class I		37,143,911		2,950,474		(4,744,165	)		(3,019,687	)		112,883			32,443,416		3,451,427		613,046		72,910
MM Equity Asset Fund, Class I		10,432,793		2,822,430		(1,219,694	)		(1,589,720	)		124,427			10,570,236		1,209,409		129,740		2,080,521
	$	182,456,905	$	24,721,518	$	(20,528,295	)	$	(19,202,167	)	$	462,376		$	167,910,337			$	4,172,224	$	7,082,986
40/60 Allocation Fund
Barings Global Floating Rate Fund, Class Y*	$	2,129,513	$	16,194	$	(2,109,642	)	$	(36,065	)	$	—		$	—		—	$	14,303	$	—
MassMutual Blue Chip Growth Fund, Class I		8,376,584		4,391,509		(912,222	)		(2,348,816	)		107,227			9,614,282		371,495		—		1,668,598
MassMutual Core Bond Fund, Class I		26,555,894		5,824,467		(2,826,317	)		(2,784,015	)		(67,495	)		26,702,534		2,615,331		662,371		430,884
MassMutual Diversified Value Fund, Class I		5,397,509		1,476,265		(354,869	)		(318,279	)		82,881			6,283,507		485,213		109,498		617,731
MassMutual Equity Opportunities Fund, Class I		8,630,146		2,739,282		(695,479	)		(497,397	)		160,563			10,337,115		528,482		118,122		1,028,315
MassMutual Fundamental Value Fund, Class I		6,732,322		1,760,933		(547,034	)		(251,514	)		(772	)		7,693,935		761,022		51,964		825,706
MassMutual Global Floating Rate Fund, Class I		—		2,124,645		—			(2,291	)		—			2,122,354		228,949		6,825		—
MassMutual Global Floating Rate Fund, Class Y		—		12,447		(14,277	)		—			1,830			—		—		17,329		—
MassMutual Growth Opportunities Fund, Class I		2,944,392		986,276		(152,255	)		(1,274,254	)		(37,143	)		2,467,016		358,578		—		676,784
MassMutual High Yield Fund, Class I		1,466,621		238,004		(66,954	)		(147,815	)		(317	)		1,489,539		176,068		108,452		—
MassMutual Inflation-Protected and Income Fund, Class I		3,832,941		833,895		(1,467,817	)		(344,762	)		2,619			2,856,876		271,566		71,125		217,695
MassMutual International Equity Fund, Class I		1,683,708		892,794		(306,418	)		(187,825	)		(100,099	)		1,982,160		227,573		40,664		201,679
MassMutual Mid Cap Growth Fund, Class I		2,439,138		814,303		(158,346	)		(716,948	)		14,537			2,392,684		102,558		—		492,432
MassMutual Mid Cap Value Fund, Class I		4,019,697		1,317,876		(158,346	)		(689,757	)		35,600			4,525,070		357,996		42,723		953,282
MassMutual Overseas Fund, Class I		5,388,214		3,370,760		(912,983	)		(981,226	)		137,597			7,002,362		789,443		85,215		493,814
MassMutual Short-Duration Bond Fund, Class I		26,476,282		4,132,717		(1,485,131	)		(2,352,594	)		(68,654	)		26,702,620		2,889,894		799,560		—
MassMutual Small Cap Growth Equity Fund, Class I		597,449		230,228		(48,212	)		(196,268	)		3,485			586,682		39,217		—		136,481

154

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
40/60 Allocation Fund (Continued)
MassMutual Small Cap Value Equity Fund, Class I	$	2,242,617	$	738,653	$	(90,814	)	$	(441,034	)	$	(111	)	$	2,449,311		231,504	$	—	$	553,977
MassMutual Strategic Bond Fund, Class I		23,119,765		5,395,149		(2,354,824	)		(2,874,028	)		(140,595	)		23,145,467		2,410,986		987,740		465,469
MassMutual Strategic Emerging Markets Fund, Class I		1,944,067		623,172		(201,393	)		(672,848	)		(11,223	)		1,681,775		162,963		27,981		255,103
MassMutual Total Return Bond Fund, Class I		33,433,186		6,183,468		(3,897,810	)		(2,658,808	)		(176,027	)		32,884,009		3,498,299		592,515		70,468
MM Equity Asset Fund, Class I		23,108,280		9,152,214		(2,429,850	)		(3,946,159	)		339,082			26,223,567		3,000,408		306,931		4,921,951
	$	190,518,325	$	53,255,251	$	(21,190,993	)	$	(23,722,703	)	$	282,985		$	199,142,865			$	4,043,318	$	14,010,369
60/40 Allocation Fund
Barings Global Floating Rate Fund, Class Y*	$	3,636,669	$	27,655	$	(3,607,223	)	$	(57,101	)	$	—		$	—		—	$	24,425	$	—
MassMutual Blue Chip Growth Fund, Class I		11,813,796		3,902,077		(1,703,952	)		(3,122,196	)		378,809			11,268,534		435,415		—		2,110,494
MassMutual Core Bond Fund, Class I		17,508,095		1,424,789		(2,163,805	)		(1,613,545	)		(61,371	)		15,094,163		1,478,371		388,855		252,957
MassMutual Diversified Value Fund, Class I		8,517,510		1,075,800		(822,346	)		(391,217	)		117,915			8,497,662		656,190		154,829		873,467
MassMutual Equity Opportunities Fund , Class I		14,092,888		1,725,757		(1,665,053	)		(744,027	)		388,085			13,797,650		705,401		167,055		1,454,297
MassMutual Fundamental Value Fund, Class I		9,805,210		1,593,714		(1,021,544	)		(334,882	)		54,217			10,096,715		998,686		69,812		1,109,288
MassMutual Global Floating Rate Fund, Class I		—		3,628,355		1			(3,913	)		—			3,624,443		390,986		11,656		—
MassMutual Global Floating Rate Fund, Class Y		—		21,257		(19,894	)		—			(1,363	)		—		—		29,593		—
MassMutual Growth Opportunities Fund, Class I		3,995,702		877,557		(329,336	)		(1,623,721	)		9,913			2,930,115		425,889		—		842,115
MassMutual High Yield Fund, Class I		3,883,987		263,698		(59,910	)		(373,428	)		659			3,715,006		439,126		273,167		—
MassMutual Inflation-Protected and Income Fund, Class I		1,990,383		156,766		(731,074	)		(158,974	)		7,616			1,264,717		120,220		32,646		99,924
MassMutual International Equity Fund, Class I		3,231,405		427,243		(505,862	)		(241,484	)		(161,358	)		2,749,944		315,723		61,387		304,457
MassMutual Mid Cap Growth Fund, Class I		4,047,813		783,091		(325,050	)		(1,098,876	)		65,547			3,472,525		148,844		—		741,268
MassMutual Mid-Cap Value Fund, Class I		4,894,347		1,174,156		(325,051	)		(803,630	)		79,103			5,018,925		397,067		48,571		1,083,761
MassMutual Overseas Fund, Class I		6,369,737		2,112,496		(1,249,259	)		(947,695	)		177,928			6,463,207		728,659		84,368		488,905
MassMutual Short-Duration Bond Fund, Class I		14,351,051		442,926		(1,415,624	)		(1,105,630	)		(58,928	)		12,213,795		1,321,839		386,192		—
MassMutual Small Cap Growth Equity Fund, Class I		1,299,312		288,396		(97,450	)		(389,383	)		18,823			1,119,698		74,846		—		270,294
MassMutual Small Cap Value Equity Fund, Class I		3,948,706		959,882		(193,802	)		(737,937	)		23,634			4,000,483		378,117		—		923,880
MassMutual Strategic Bond Fund, Class I		11,149,866		1,269,633		(1,804,352	)		(1,176,761	)		(99,455	)		9,338,931		972,805		419,185		197,539
MassMutual Strategic Emerging Markets Fund, Class I		775,023		178,088		(240,547	)		(233,777	)		15,816			494,603		47,927		9,243		84,271

155

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
60/40 Allocation Fund (Continued)
MassMutual Total Return Bond Fund, Class I	$	21,917,982	$	1,303,349	$	(3,623,258	)	$	(1,501,426	)	$	(172,986	)	$	17,923,661		1,906,772	$	348,817	$	41,485
MM Equity Asset Fund, Class I		42,281,088		10,562,879		(4,542,494	)		(6,688,241	)		1,035,188			42,648,420		4,879,682		511,810		8,207,407
	$	189,510,570	$	34,199,564	$	(26,446,885	)	$	(23,347,844	)	$	1,817,792		$	175,733,197			$	3,021,611	$	19,085,809
80/20 Allocation Fund
Barings Global Floating Rate Fund, Class Y*	$	2,919,474	$	22,201	$	(2,895,513	)	$	(46,162	)	$	—		$	—		—	$	19,571	$	—
MassMutual Blue Chip Growth Fund, Class I		10,463,108		4,178,307		(1,560,752	)		(2,795,698	)		348,862			10,633,827		410,890		—		1,888,811
MassMutual Core Bond Fund, Class I		5,553,330		699,681		(1,033,796	)		(493,046	)		(26,277	)		4,699,892		460,322		122,946		79,978
MassMutual Diversified Value Fund, Class I		6,101,531		959,699		(697,034	)		(376,871	)		173,227			6,160,552		475,718		111,719		630,262
MassMutual Equity Opportunities Fund, Class I		9,751,065		1,529,310		(1,352,957	)		(503,168	)		254,949			9,679,199		494,847		116,455		1,013,808
MassMutual Fundamental Value Fund, Class I		7,582,006		1,388,939		(937,220	)		(275,517	)		49,941			7,808,149		772,319		54,166		860,687
MassMutual Global Floating Rate Fund, Class I		—		2,912,800		—			(3,141	)		—			2,909,659		313,879		9,357		—
MassMutual Global Floating Rate Fund, Class Y		—		17,064		(16,291	)		—			(773	)		—		—		23,757		—
MassMutual Growth Opportunities Fund, Class I		3,282,271		811,888		(291,880	)		(1,298,456	)		(36,292	)		2,467,531		358,653		—		699,260
MassMutual High Yield Fund, Class I		3,302,143		228,451		(26,583	)		(318,633	)		185			3,185,563		376,544		233,357		—
MassMutual Inflation-Protected and Income Fund, Class I		625,407		76,079		(304,066	)		(50,388	)		3,030			350,062		33,276		10,315		31,573
MassMutual International Equity Fund, Class I		2,297,789		470,625		(586,774	)		(76,022	)		(204,747	)		1,900,871		218,240		43,353		215,015
MassMutual Mid Cap Growth Fund, Class I		4,294,852		909,599		(301,728	)		(1,199,394	)		84,410			3,787,739		162,355		—		799,735
MassMutual Mid-Cap Value Fund, Class I		4,208,767		1,081,347		(288,931	)		(701,422	)		68,125			4,367,886		345,561		42,220		942,062
MassMutual Overseas Fund, Class I		7,760,610		2,958,141		(1,587,656	)		(1,153,442	)		196,093			8,173,746		921,505		104,469		605,382
MassMutual Short-Duration Bond Fund, Class I		6,637,743		360,285		(609,827	)		(529,163	)		(17,004	)		5,842,034		632,255		180,642		—
MassMutual Small Cap Growth Equity Fund, Class I		1,356,496		319,253		(87,736	)		(410,017	)		18,886			1,196,882		80,005		—		284,996
MassMutual Small Cap Value Equity Fund, Class I		3,175,407		813,738		(171,907	)		(585,458	)		8,106			3,239,886		306,227		—		745,223
MassMutual Strategic Bond Fund, Class I		4,073,596		640,613		(864,248	)		(413,547	)		(46,044	)		3,390,370		353,164		153,152		72,173
MassMutual Strategic Emerging Markets Fund, Class I		3,424,859		619,713		(350,013	)		(1,072,312	)		(10,159	)		2,612,088		253,109		44,949		409,797
MassMutual Total Return Bond Fund, Class I		8,822,195		738,555		(3,708,687	)		(379,435	)		(295,069	)		5,177,559		550,804		140,992		16,768
MM Equity Asset Fund, Class I		32,928,612		8,917,722		(4,156,034	)		(5,258,701	)		831,422			33,263,021		3,805,838		400,059		6,415,365
	$	128,561,261	$	30,654,010	$	(21,829,633	)		(17,939,993	)	$	1,400,871		$	120,846,516			$	1,811,479	$	15,710,895

156

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan In Retirement Fund
Barings Global Floating Rate Fund, Class Y*	$	1,464,503	$	11,087	$	(1,420,762	)	$	(55,143	)	$	315		$	—		—	$	11,087	$	—
MassMutual Blue Chip Growth Fund, Class I		1,778,027		1,003,654		(306,797	)		(505,900	)		105,096			2,074,080		80,142		—		312,217
MassMutual Core Bond Fund, Class I		22,877,013		5,689,290		(4,162,616	)		(1,998,288	)		(84,078	)		22,321,321		2,186,221		492,849		320,607
MassMutual Diversified Value Fund, Class I		1,931,872		591,803		(327,286	)		(186,640	)		116,686			2,126,435		164,204		36,135		203,854
MassMutual Equity Opportunities Fund, Class I		2,816,597		887,417		(480,553	)		(223,744	)		149,835			3,149,552		161,020		34,532		300,622
MassMutual Fundamental Value Fund, Class I		1,761,881		578,849		(340,169	)		(177,139	)		124,277			1,947,699		192,651		12,550		199,424
MassMutual Global Floating Rate Fund, Class I		—		1,328,558		(156,978	)		(1,261	)		(1,883	)		1,168,436		126,045		4,032		—
MassMutual Global Floating Rate Fund, Class Y		—		8,331		(41,340	)		—			33,009			—		—		11,390		—
MassMutual Growth Opportunities Fund, Class I		538,449		395,761		(74,625	)		(227,148	)		8,126			640,563		93,105		—		112,760
MassMutual High Yield Fund, Class I		12,606,632		1,576,866		(4,314,569	)		(1,349,353	)		258,395			8,777,971		1,037,585		794,645		—
MassMutual Inflation-Protected and Income Fund, Class I		8,797,706		1,362,270		(1,704,652	)		(736,166	)		53,605			7,772,763		738,856		144,241		441,485
MassMutual International Equity Fund, Class I		1,838,547		522,045		(700,987	)		(221,867	)		(32,544	)		1,405,194		161,331		37,634		186,650
MassMutual Mid Cap Growth Fund, Class I		806,815		387,844		(149,511	)		(245,337	)		55,617			855,428		36,666		—		137,299
MassMutual Mid-Cap Value Fund, Class I		798,961		276,990		(138,416	)		(151,782	)		40,933			826,686		65,402		7,544		168,335
MassMutual Overseas Fund, Class I		4,911,840		1,377,857		(1,810,486	)		(931,581	)		293,937			3,841,567		433,097		67,656		392,058
MassMutual Small Cap Growth Equity Fund, Class I		459,540		421,875		(163,216	)		(155,199	)		(26,157	)		536,843		35,885		—		119,781
MassMutual Small Cap Value Equity Fund, Class I		611,330		476,419		(250,805	)		(196,124	)		43,144			683,964		64,647		—		178,892
MassMutual Strategic Bond Fund, Class I		7,695,134		2,115,988		(1,393,234	)		(831,121	)		(20,611	)		7,566,156		788,141		284,660		134,145
MassMutual Strategic Emerging Markets Fund, Class I		2,478,194		972,880		(426,491	)		(770,471	)		17,582			2,271,694		220,125		30,363		276,810
MassMutual Total Return Bond Fund, Class I		7,695,134		1,736,435		(1,381,521	)		(521,921	)		(33,117	)		7,495,010		797,341		118,460		14,089
MM Equity Asset Fund, Class I		8,830,242		3,963,985		(1,668,455	)		(1,634,434	)		524,902			10,016,240		1,146,023		103,705		1,663,013
	$	90,698,417	$	25,686,204	$	(21,413,469	)	$	(11,120,619	)	$	1,627,069		$	85,477,602			$	2,191,483	$	5,162,041
MM RetireSMART by JPMorgan 2020 Fund
Barings Global Floating Rate Fund, Class Y*	$	3,366,161	$	24,979	$	(3,311,648	)	$	(83,170	)	$	3,678		$	—		—	$	24,980	$	—
MassMutual Blue Chip Growth Fund, Class I		4,067,993		2,052,469		(1,205,095	)		(1,244,237	)		388,162			4,059,292		156,851		—		680,539
MassMutual Core Bond Fund, Class I		52,339,321		10,473,201		(14,955,271	)		(4,213,710	)		(227,842	)		43,415,699		4,252,272		1,072,994		698,001
MassMutual Diversified Value Fund, Class I		4,426,230		921,903		(1,032,932	)		(548,324	)		408,865			4,175,742		322,451		79,015		445,764

157

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2020 Fund (Continued)
MassMutual Equity Opportunities Fund, Class I	$	6,453,314	$	1,393,188	$	(1,512,278	)	$	(306,756	)	$	160,480		$	6,187,948		316,357	$	75,675	$	658,791
MassMutual Fundamental Value Fund, Class I		4,030,871		1,114,929		(1,239,861	)		(563,917	)		460,137			3,802,159		376,079		27,347		434,533
MassMutual Global Floating Rate Fund, Class I		—		2,797,739		(339,488	)		(2,647	)		(4,072	)		2,451,532		264,459		8,478		—
MassMutual Global Floating Rate Fund, Class Y		—		17,991		(50,893	)		—			32,902			—		—		24,434		—
MassMutual Growth Opportunities Fund, Class I		1,233,777		767,654		(259,674	)		(535,139	)		63,153			1,269,771		184,560		—		246,815
MassMutual High Yield Fund, Class I		28,885,751		2,216,744		(11,556,906	)		(2,482,482	)		133,220			17,196,327		2,032,663		1,730,142		—
MassMutual Inflation-Protected and Income Fund, Class I		20,158,305		1,924,313		(5,462,410	)		(1,775,127	)		334,762			15,179,843		1,442,951		315,306		965,072
MassMutual International Equity Fund, Class I		4,210,086		960,778		(1,890,697	)		(349,098	)		(189,602	)		2,741,467		314,749		82,358		408,466
MassMutual Mid Cap Growth Fund, Class I		1,848,585		713,015		(467,951	)		(524,949	)		120,964			1,689,664		72,425		—		300,348
MassMutual Mid-Cap Value Fund, Class I		1,830,512		472,161		(436,223	)		(390,194	)		151,916			1,628,172		128,811		16,498		368,104
MassMutual Overseas Fund, Class I		11,230,700		2,912,314		(5,400,917	)		(2,315,668	)		979,471			7,405,900		834,938		147,507		854,787
MassMutual Small Cap Growth Equity Fund, Class I		1,052,879		846,074		(449,955	)		(367,385	)		(19,128	)		1,062,485		71,022		—		262,120
MassMutual Small Cap Value Equity Fund, Class I		1,400,643		936,281		(663,731	)		(455,676	)		130,836			1,348,353		127,444		—		391,289
MassMutual Strategic Bond Fund, Class I		17,605,362		3,959,245		(5,019,167	)		(1,693,558	)		(131,083	)		14,720,799		1,533,417		619,976		292,162
MassMutual Strategic Emerging Markets Fund, Class I		5,674,990		1,675,946		(1,306,937	)		(1,795,473	)		177,009			4,425,535		428,831		66,479		606,086
MassMutual Total Return Bond Fund, Class I		17,605,362		3,161,851		(5,013,257	)		(1,072,357	)		(104,688	)		14,576,911		1,550,735		257,996		30,684
MM Equity Asset Fund, Class I		20,202,269		7,988,405		(6,274,823	)		(4,221,064	)		1,874,469			19,569,256		2,239,045		225,968		3,623,638
	$	207,623,111	$	47,331,180	$	(67,850,114	)	$	(24,940,931	)	$	4,743,609		$	166,906,855			$	4,775,153	$	11,267,199
MM RetireSMART by JPMorgan 2025 Fund
Barings Global Floating Rate Fund, Class Y*	$	2,057,828	$	28,022	$	(2,026,349	)	$	(59,501	)	$	—		$	—		—	$	15,687	$	—
MassMutual Blue Chip Growth Fund, Class I		4,554,999		2,086,557		(948,735	)		(1,316,856	)		270,470			4,646,435		179,538		—		801,532
MassMutual Core Bond Fund, Class I		36,738,296		8,223,871		(7,623,198	)		(3,273,362	)		(123,622	)		33,941,985		3,324,386		808,233		525,770
MassMutual Diversified Value Fund, Class I		4,944,685		943,815		(958,313	)		(551,116	)		363,883			4,742,954		366,251		93,050		524,944
MassMutual Equity Opportunities Fund, Class I		7,204,736		1,309,388		(1,252,246	)		(298,721	)		85,669			7,048,826		360,369		89,131		775,932
MassMutual Fundamental Value Fund, Class I		4,513,424		982,942		(1,010,300	)		(521,947	)		377,171			4,341,290		429,406		32,220		511,978
MassMutual Global Floating Rate Fund, Class I		—		1,866,164		(110,216	)		(1,892	)		(1,322	)		1,752,734		189,076		5,829		—
MassMutual Global Floating Rate Fund, Class Y		—		16,139		(40,681	)		(14	)		28,839			4,283		463		16,151		—

158

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2025 Fund (Continued)
MassMutual Growth Opportunities Fund, Class I	$	1,377,094	$	836,794	$	(195,417	)	$	(603,473	)	$	33,691		$	1,448,689		210,565	$	—	$	290,017
MassMutual High Yield Fund, Class I		16,722,405		1,482,972		(6,028,946	)		(1,698,883	)		252,453			10,730,001		1,268,322		1,054,388		—
MassMutual Inflation-Protected and Income Fund, Class I		6,155,961		849,377		(966,265	)		(519,005	)		30,019			5,550,087		527,575		103,733		317,499
MassMutual International Equity Fund, Class I		4,686,905		1,086,663		(1,736,680	)		(414,577	)		(239,601	)		3,382,710		388,371		96,616		479,179
MassMutual Mid Cap Growth Fund, Class I		2,097,235		770,499		(375,800	)		(568,222	)		53,897			1,977,609		84,767		—		366,906
MassMutual Mid-Cap Value Fund, Class I		2,077,797		537,982		(409,311	)		(429,170	)		124,825			1,902,123		150,484		20,097		448,413
MassMutual Overseas Fund, Class I		12,525,152		3,043,512		(4,727,705	)		(2,460,621	)		815,517			9,195,855		1,036,737		173,614		1,006,069
MassMutual Small Cap Growth Equity Fund, Class I		1,192,746		853,986		(390,278	)		(411,939	)		(20,995	)		1,223,520		81,786		—		291,542
MassMutual Small Cap Value Equity Fund, Class I		1,582,634		927,784		(599,963	)		(477,676	)		115,832			1,548,611		146,372		—		433,635
MassMutual Strategic Bond Fund, Class I		12,365,444		3,081,436		(2,555,132	)		(1,317,970	)		(74,852	)		11,498,926		1,197,805		466,984		220,064
MassMutual Strategic Emerging Markets Fund, Class I		6,471,157		2,093,134		(1,037,665	)		(2,144,394	)		110,133			5,492,365		532,206		81,586		743,818
MassMutual Total Return Bond Fund, Class I		12,365,444		2,459,546		(2,535,883	)		(800,171	)		(102,989	)		11,385,947		1,211,271		194,332		23,112
MM Equity Asset Fund, Class I		22,626,948		7,702,930		(5,057,818	)		(4,500,890	)		1,589,218			22,360,388		2,558,397		266,574		4,274,764
	$	162,260,890	$	41,183,513	$	(40,586,901	)	$	(22,370,400	)	$	3,688,236		$	144,175,338			$	3,518,225	$	12,035,174
MM RetireSMART by JPMorgan 2030 Fund
MassMutual Blue Chip Growth Fund, Class I	$	11,833,758	$	5,395,460	$	(2,052,666	)	$	(3,249,767	)	$	455,017		$	12,381,802		478,431	$	—	$	2,152,778
MassMutual Core Bond Fund, Class I		61,141,813		15,795,083		(11,387,905	)		(5,487,495	)		(256,517	)		59,804,979		5,857,491		1,380,773		898,217
MassMutual Diversified Value Fund, Class I		12,861,927		2,561,488		(2,388,420	)		(795,637	)		285,769			12,525,127		967,191		248,812		1,403,668
MassMutual Equity Opportunities Fund, Class I		18,756,945		3,692,956		(3,312,240	)		(843,580	)		262,260			18,556,341		948,688		237,642		2,068,800
MassMutual Fundamental Value Fund, Class I		11,724,657		2,649,482		(2,404,873	)		(1,293,540	)		897,827			11,573,553		1,144,763		86,509		1,374,612
MassMutual Growth Opportunities Fund, Class I		3,591,139		2,197,326		(449,817	)		(1,556,303	)		49,010			3,831,355		556,883		—		775,048
MassMutual High Yield Fund, Class I		29,983,563		2,774,167		(11,202,624	)		(2,938,586	)		328,432			18,944,952		2,239,356		1,915,323		—
MassMutual International Equity Fund, Class I		12,179,451		2,909,395		(4,091,590	)		(1,130,153	)		(595,635	)		9,271,468		1,064,462		258,435		1,281,748
MassMutual Mid Cap Growth Fund, Class I		5,485,186		2,057,228		(872,046	)		(1,623,562	)		240,057			5,286,863		226,612		—		992,270
MassMutual Mid-Cap Value Fund, Class I		5,434,357		1,475,844		(1,008,140	)		(893,182	)		62,968			5,071,847		401,254		54,487		1,215,772
MassMutual Overseas Fund, Class I		35,777,659		9,195,426		(14,495,016	)		(8,369,898	)		3,485,853			25,594,024		2,885,459		521,867		3,024,157
MassMutual Premier Inflation-Protected and Income Fund, Class I		—		745,260		(13,127	)		(4,848	)		(87	)		727,198		69,125		—		—

159

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2030 Fund (Continued)
MassMutual Small Cap Growth Equity Fund, Class I	$	3,126,114	$	2,059,310	$	(812,751	)	$	(1,154,569	)	$	55,664		$	3,273,768		218,835	$	—	$	755,469
MassMutual Small Cap Value Equity Fund, Class I		4,158,561		2,224,741		(1,302,637	)		(1,193,786	)		266,954			4,153,833		392,612		—		1,128,220
MassMutual Strategic Bond Fund, Class I		20,588,259		5,846,893		(3,812,500	)		(2,226,373	)		(131,738	)		20,264,541		2,110,890		798,882		376,470
MassMutual Strategic Emerging Markets Fund, Class I		16,990,386		6,099,235		(2,425,927	)		(5,484,509	)		220			15,179,405		1,470,873		223,253		2,035,382
MassMutual Total Return Bond Fund, Class I		20,588,259		4,789,753		(3,780,837	)		(1,444,866	)		(79,279	)		20,073,030		2,135,429		332,431		39,536
MM Equity Asset Fund, Class I		58,860,073		20,055,610		(11,501,097	)		(9,514,008	)		1,674,786			59,575,364		6,816,403		714,694		11,460,870
	$	333,082,107	$	92,524,657	$	(77,314,213	)	$	(49,204,662	)	$	7,001,561		$	306,089,450			$	6,773,108	$	30,983,017
MM RetireSMART by JPMorgan 2035 Fund
MassMutual Blue Chip Growth Fund, Class I	$	9,659,995	$	4,251,404	$	(2,275,311	)	$	(2,504,585	)	$	328,170		$	9,459,673		365,521	$	—	$	1,691,458
MassMutual Core Bond Fund, Class I		6,254,943		2,714,734		(1,483,524	)		(568,871	)		(45,349	)		6,871,933		673,059		148,560		96,640
MassMutual Diversified Value Fund, Class I		6,369,167		1,095,273		(1,442,684	)		(404,339	)		174,799			5,792,216		447,275		118,198		666,814
MassMutual Equity Opportunities Fund, Class I		6,383,644		1,100,453		(1,406,322	)		(288,450	)		113,632			5,902,957		301,787		77,586		675,425
MassMutual Fundamental Value Fund, Class I		6,377,513		1,312,529		(1,612,017	)		(675,404	)		482,569			5,885,190		582,116		45,349		720,588
MassMutual Growth Opportunities Fund, Class I		3,261,242		1,886,312		(585,846	)		(1,320,550	)		7,251			3,248,409		472,152		—		675,169
MassMutual High Yield Fund, Class I		10,349,549		839,048		(4,811,776	)		(977,978	)		109,809			5,508,652		651,141		632,169		—
MassMutual International Equity Fund, Class I		8,922,230		1,741,899		(3,098,070	)		(580,826	)		(605,121	)		6,380,112		732,504		179,010		887,828
MassMutual Mid Cap Growth Fund, Class I		2,937,680		1,053,307		(551,927	)		(843,359	)		110,293			2,705,994		115,988		—		524,093
MassMutual Mid-Cap Value Fund, Class I		2,910,387		793,542		(666,747	)		(465,267	)		27,562			2,599,477		205,655		28,784		642,292
MassMutual Overseas Fund, Class I		23,599,269		4,633,395		(9,092,948	)		(5,172,328	)		2,267,710			16,235,098		1,830,338		320,844		1,859,252
MassMutual Small Cap Growth Equity Fund, Class I		1,676,740		1,025,912		(470,607	)		(562,820	)		1,684			1,670,909		111,692		—		387,240
MassMutual Small Cap Value Equity Fund, Class I		2,219,180		1,091,470		(724,482	)		(616,328	)		144,590			2,114,430		199,852		—		578,777
MassMutual Strategic Bond Fund, Class I		11,737,204		5,402,255		(2,771,593	)		(1,261,754	)		(138,693	)		12,967,419		1,350,773		477,482		225,011
MassMutual Strategic Emerging Markets Fund, Class I		4,894,612		1,829,109		(920,369	)		(1,600,945	)		55,909			4,258,316		412,628		63,028		574,623
MassMutual Total Return Bond Fund, Class I		11,737,204		4,793,653		(2,773,937	)		(737,592	)		(171,200	)		12,848,128		1,366,822		198,759		23,639
MM Equity Asset Fund, Class I		31,981,431		10,584,162		(8,237,131	)		(5,168,544	)		1,166,571			30,326,489		3,469,850		374,638		6,007,699
	$	151,271,990	$	46,148,457	$	(42,925,291	)	$	(23,749,940	)	$	4,030,186		$	134,775,402			$	2,664,407	$	16,236,548
MM RetireSMART by JPMorgan 2040 Fund
MassMutual Blue Chip Growth Fund, Class I	$	17,425,443	$	7,471,656	$	(3,131,872	)	$	(4,560,664	)	$	596,161		$	17,800,724		687,818	$	—	$	3,076,706
MassMutual Core Bond Fund, Class I		5,249,146		3,700,262		(1,025,452	)		(484,246	)		(32,818	)		7,406,892		725,455		125,474		81,623

160

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2040 Fund (Continued)
MassMutual Diversified Value Fund, Class I	$	11,469,626	$	1,965,529	$	(2,077,859	)	$	(760,403	)	$	340,015		$	10,936,908		844,549	$	214,149	$	1,208,120
MassMutual Equity Opportunities Fund, Class I		11,495,330		1,950,216		(2,011,093	)		(521,158	)		197,576			11,110,871		568,040		140,565		1,223,687
MassMutual Fundamental Value Fund, Class I		11,509,078		2,310,649		(2,367,834	)		(715,492	)		358,314			11,094,715		1,097,400		82,437		1,309,921
MassMutual Growth Opportunities Fund, Class I		5,865,429		3,356,165		(732,290	)		(2,450,704	)		62,338			6,100,938		886,764		—		1,224,927
MassMutual High Yield Fund, Class I		14,868,449		1,102,086		(7,748,742	)		(1,391,719	)		149,003			6,979,077		824,950		896,131		—
MassMutual International Equity Fund, Class I		16,092,842		3,193,413		(4,872,178	)		(666,209	)		(1,513,717	)		12,234,151		1,404,610		326,239		1,618,029
MassMutual Mid Cap Growth Fund , Class I		5,358,896		1,867,942		(736,548	)		(1,583,100	)		229,482			5,136,672		220,175		—		964,810
MassMutual Mid-Cap Value Fund, Class I		5,308,874		1,455,164		(1,017,524	)		(935,947	)		126,835			4,937,402		390,617		52,992		1,182,414
MassMutual Overseas Fund, Class I		44,061,217		8,476,618		(14,323,940	)		(8,870,214	)		3,312,071			32,655,752		3,681,596		604,264		3,501,646
MassMutual Small Cap Growth Equity Fund, Class I		3,046,551		1,826,189		(675,622	)		(1,064,011	)		52,072			3,185,179		212,913		—		701,472
MassMutual Small Cap Value Equity Fund, Class I		4,059,060		1,906,675		(1,096,003	)		(1,089,143	)		238,924			4,019,513		379,916		—		1,049,147
MassMutual Strategic Bond Fund, Class I		9,821,574		7,244,071		(1,925,606	)		(1,079,371	)		(96,372	)		13,964,296		1,454,614		403,250		190,030
MassMutual Strategic Emerging Markets Fund, Class I		8,893,437		3,388,347		(1,238,830	)		(2,861,822	)		1,064			8,182,196		792,848		115,723		1,055,039
MassMutual Total Return Bond Fund, Class I		9,821,574		6,726,642		(1,931,717	)		(647,662	)		(119,540	)		13,849,297		1,473,329		167,795		19,956
MM Equity Asset Fund, Class I		57,699,866		18,367,957		(11,664,206	)		(9,481,104	)		2,144,272			57,066,785		6,529,380		681,611		10,930,337
	$	242,046,392	$	76,309,581	$	(58,577,316	)	$	(39,162,969	)	$	6,045,680		$	226,661,368			$	3,810,630	$	29,337,864
MM RetireSMART by JPMorgan 2045 Fund
MassMutual Blue Chip Growth Fund, Class I	$	8,413,227	$	3,526,582	$	(1,758,597	)	$	(2,189,721	)	$	300,728		$	8,292,219		320,410	$	—	$	1,460,037
MassMutual Core Bond Fund, Class I		230,403		1,479,652		(147,850	)		(6,728	)		(11,986	)		1,543,491		151,174		5,462		3,553
MassMutual Diversified Value Fund, Class I		5,541,471		1,016,433		(1,281,182	)		(380,726	)		187,369			5,083,365		392,538		101,724		573,874
MassMutual Equity Opportunities Fund, Class I		5,553,847		981,414		(1,207,379	)		(257,375	)		109,666			5,180,173		264,835		66,788		581,430
MassMutual Fundamental Value Fund, Class I		5,556,346		1,212,897		(1,451,993	)		(531,400	)		368,298			5,154,148		509,807		39,155		622,166
MassMutual Growth Opportunities Fund, Class I		2,833,639		1,632,630		(471,978	)		(1,164,185	)		24,830			2,854,936		414,962		—		579,955
MassMutual High Yield Fund, Class I		5,345,441		384,579		(3,383,630	)		(438,875	)		9,289			1,916,804		226,573		306,140		—
MassMutual International Equity Fund, Class I		7,757,333		1,645,048		(2,626,374	)		(505,872	)		(528,228	)		5,741,907		659,232		154,678		767,149
MassMutual Mid Cap Growth Fund, Class I		2,596,536		914,196		(458,114	)		(755,310	)		109,349			2,406,657		103,157		—		458,684
MassMutual Mid-Cap Value Fund, Class I		2,572,320		731,959		(610,753	)		(436,189	)		53,934			2,311,271		182,854		25,208		562,461
MassMutual Overseas Fund, Class I		21,784,728		4,457,121		(7,736,215	)		(4,472,292	)		1,788,071			15,821,413		1,783,699		292,927		1,697,478

161

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2045 Fund (Continued)
MassMutual Small Cap Growth Equity Fund, Class I	$	1,479,761	$	855,436	$	(374,026	)	$	(490,567	)	$	14,137		$	1,484,741		99,247	$	—	$	329,987
MassMutual Small Cap Value Equity Fund, Class I		1,960,909		908,267		(596,705	)		(529,393	)		132,250			1,875,328		177,252		—		492,231
MassMutual Strategic Bond Fund, Class I		431,294		2,788,733		(277,445	)		(7,666	)		(32,610	)		2,902,306		302,324		17,521		8,257
MassMutual Strategic Emerging Markets Fund, Class I		4,307,963		1,703,659		(798,567	)		(1,401,871	)		36,697			3,847,881		372,857		55,104		502,374
MassMutual Total Return Bond Fund, Class I		431,294		2,766,395		(277,719	)		(9,405	)		(21,878	)		2,888,687		307,307		7,291		867
MM Equity Asset Fund, Class I		27,849,409		8,718,070		(6,529,261	)		(4,503,598	)		1,067,911			26,602,531		3,043,768		323,795		5,192,388
	$	104,645,921	$	35,723,071	$	(29,987,788	)	$	(18,081,173	)	$	3,607,827		$	95,907,858			$	1,395,793	$	13,832,891
MM RetireSMART by JPMorgan 2050 Fund
MassMutual Blue Chip Growth Fund, Class I	$	12,650,523	$	5,653,410	$	(1,874,100	)	$	(3,325,721	)	$	378,748		$	13,482,860		520,976	$	—	$	2,270,086
MassMutual Core Bond Fund, Class I		346,744		2,160,318		(113,359	)		(24,483	)		(5,899	)		2,363,321		231,471		8,385		5,454
MassMutual Diversified Value Fund, Class I		8,325,684		1,670,284		(1,403,640	)		(532,273	)		215,567			8,275,622		639,044		158,353		893,344
MassMutual Equity Opportunities Fund, Class I		8,344,378		1,707,520		(1,360,851	)		(377,425	)		130,032			8,443,654		431,680		104,125		906,463
MassMutual Fundamental Value Fund, Class I		8,355,026		1,966,936		(1,659,038	)		(513,088	)		245,563			8,395,399		830,405		60,849		966,878
MassMutual Growth Opportunities Fund, Class I		4,257,864		2,619,839		(465,025	)		(1,818,598	)		42,024			4,636,104		673,852		—		906,332
MassMutual High Yield Fund, Class I		8,031,944		651,097		(5,036,715	)		(695,439	)		30,265			2,981,152		352,382		472,426		—
MassMutual International Equity Fund, Class I		11,655,581		2,680,536		(3,297,819	)		(544,331	)		(1,072,190	)		9,421,777		1,081,720		240,575		1,193,166
MassMutual Mid Cap Growth Fund, Class I		3,901,346		1,487,666		(459,925	)		(1,155,991	)		143,890			3,916,986		167,895		—		716,008
MassMutual Mid-Cap Value Fund, Class I		3,864,766		1,201,734		(696,196	)		(676,466	)		74,221			3,768,059		298,106		39,319		877,319
MassMutual Overseas Fund, Class I		32,756,086		7,276,967		(9,851,112	)		(5,970,707	)		1,739,320			25,950,554		2,925,654		457,033		2,648,458
MassMutual Small Cap Growth Equity Fund, Class I		2,223,382		1,351,204		(412,893	)		(781,720	)		36,551			2,416,524		161,532		—		515,403
MassMutual Small Cap Value Equity Fund, Class I		2,946,276		1,441,017		(704,376	)		(790,350	)		165,737			3,058,304		289,065		—		768,200
MassMutual Strategic Bond Fund, Class I		649,075		4,068,339		(212,741	)		(40,712	)		(22,835	)		4,441,126		462,617		26,974		12,711
MassMutual Strategic Emerging Markets Fund, Class I		6,473,052		2,741,574		(774,010	)		(2,108,280	)		(21,204	)		6,311,132		611,544		85,756		781,835
MassMutual Total Return Bond Fund, Class I		649,075		4,033,862		(213,172	)		(32,374	)		(15,994	)		4,421,397		470,361		11,224		1,335
MM Equity Asset Fund, Class I		41,876,518		14,065,511		(7,209,372	)		(6,890,908	)		1,435,124			43,276,873		4,951,587		503,023		8,066,493
	$	157,307,320	$	56,777,814	$	(35,744,344	)		(26,278,866	)	$	3,498,920		$	155,560,844			$	2,168,042	$	21,529,485
MM RetireSMART by JPMorgan 2055 Fund
MassMutual Blue Chip Growth Fund, Class I	$	4,249,517	$	1,890,298	$	(820,975	)	$	(1,102,090	)	$	165,196		$	4,381,946		169,318	$	—	$	718,705
MassMutual Core Bond Fund, Class I		116,441		707,280		(45,148	)		(7,459	)		(2,357	)		768,757		75,295		2,696		1,754

162

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2055 Fund (Continued)
MassMutual Diversified Value Fund, Class I	$	2,796,332	$	557,821	$	(574,595	)	$	(175,970	)	$	79,136		$	2,682,724		207,160	$	49,842	$	281,180
MassMutual Equity Opportunities Fund, Class I		2,802,504		564,870		(562,056	)		(128,610	)		54,989			2,731,697		139,657		32,735		284,980
MassMutual Fundamental Value Fund, Class I		2,806,542		682,458		(676,822	)		(246,092	)		162,992			2,729,078		269,938		19,276		306,299
MassMutual Growth Opportunities Fund, Class I		1,429,901		859,406		(222,223	)		(596,822	)		30,360			1,500,622		218,114		—		283,571
MassMutual High Yield Fund, Class I		2,697,370		222,069		(1,738,167	)		(224,405	)		9,604			966,471		114,240		150,993		—
MassMutual International Equity Fund, Class I		3,914,425		952,358		(1,299,273	)		(248,697	)		(267,541	)		3,051,272		350,318		74,870		371,329
MassMutual Mid Cap Growth Fund, Class I		1,310,220		499,436		(219,178	)		(365,345	)		44,660			1,269,793		54,427		—		224,949
MassMutual Mid-Cap Value Fund, Class I		1,297,971		401,745		(290,366	)		(213,620	)		25,609			1,221,338		96,625		12,349		275,534
MassMutual Overseas Fund, Class I		11,003,866		2,646,041		(3,855,635	)		(2,264,473	)		901,195			8,430,994		950,507		143,491		831,513
MassMutual Small Cap Growth Equity Fund, Class I		746,702		454,671		(180,666	)		(251,354	)		15,199			784,552		52,443		—		161,723
MassMutual Small Cap Value Equity Fund, Class I		989,492		486,580		(288,724	)		(265,986	)		69,803			991,165		93,683		—		241,379
MassMutual Strategic Bond Fund, Class I		217,968		1,331,963		(84,696	)		(12,319	)		(8,231	)		1,444,685		150,488		8,704		4,102
MassMutual Strategic Emerging Markets Fund, Class I		2,173,847		937,175		(387,290	)		(724,206	)		44,256			2,043,782		198,041		26,691		243,335
MassMutual Total Return Bond Fund, Class I		217,968		1,320,793		(84,868	)		(10,213	)		(5,472	)		1,438,207		153,001		3,623		431
MM Select Equity Asset Fund, Class I		14,066,851		4,737,164		(3,043,856	)		(2,259,364	)		566,191			14,066,986		1,609,495		159,555		2,558,632
	$	52,837,917	$	19,252,128	$	(14,374,538	)	$	(9,097,025	)	$	1,885,589		$	50,504,069			$	684,825	$	6,789,416
MM RetireSMART by JPMorgan 2060 Fund
MassMutual Blue Chip Growth Fund, Class I	$	1,477,247	$	666,591	$	(314,599	)	$	(396,705	)	$	67,485		$	1,500,019		57,961	$	—	$	261,113
MassMutual Core Bond Fund, Class I		40,456		238,267		(12,644	)		(2,941	)		(443	)		262,695		25,729		969		630
MassMutual Diversified Value Fund, Class I		973,075		215,746		(231,078	)		(68,446	)		30,103			919,400		70,996		18,084		102,025
MassMutual Equity Opportunities Fund, Class I		975,255		215,625		(227,371	)		(49,041	)		20,412			934,880		47,796		11,868		103,322
MassMutual Fundamental Value Fund, Class I		975,582		248,405		(257,117	)		(91,787	)		59,102			934,185		92,402		6,995		111,159
MassMutual High Yield Fund, Class I		938,982		89,263		(622,900	)		(79,503	)		4,991			330,833		39,106		53,426		—
MassMutual Mid Cap Growth Fund , Class I		455,955		180,086		(88,604	)		(131,891	)		19,416			434,962		18,644		—		81,661
MassMutual Overseas Fund, Class I		3,822,904		1,016,394		(1,466,059	)		(805,181	)		322,508			2,890,566		325,881		52,640		305,042
MassMutual Small Cap Growth Equity Fund, Class I		259,843		164,104		(71,888	)		(87,882	)		4,596			268,773		17,966		—		58,794
MassMutual Small Cap Value Equity Fund, Class I		344,327		179,561		(112,340	)		(94,852	)		23,237			339,933		32,130		—		87,598

163

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2060 Fund (Continued)
MassMutual Strategic Bond Fund, Class I	$	75,731	$	448,802	$	(23,737	)	$	(5,053	)	$	(2,198	)	$	493,545		51,411	$	3,126	$	1,473
MassMutual Strategic Emerging Markets Fund, Class I		756,085		350,963		(165,479	)		(260,919	)		21,679			702,329		68,055		9,794		89,288
MassMutual Growth Opportunities Fund, Class I		497,623		305,380		(92,484	)		(210,455	)		13,947			514,011		74,711		—		103,301
MassMutual International Equity Fund, Class I		1,361,435		381,829		(514,184	)		(63,475	)		(121,363	)		1,044,242		119,890		27,467		136,227
MassMutual Mid-Cap Value Fund, Class I		451,678		152,133		(116,093	)		(78,436	)		9,146			418,428		33,103		4,483		100,019
MassMutual Total Return Bond Fund, Class I		75,731		444,847		(23,789	)		(4,118	)		(1,477	)		491,194		52,255		1,300		155
MM Equity Asset Fund, Class I		4,889,843		1,693,024		(1,144,755	)		(813,711	)		192,579			4,816,980		551,142		57,808		926,989
	$	18,371,752	$	6,991,020	$	(5,485,121	)	$	(3,244,396	)	$	663,720		$	17,296,975			$	247,960	$	2,468,796
MM Select T. Rowe Price Retirement Balanced Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	44,120,683	$	5,406,110	$	(2,720,059	)	$	(3,555,043	)	$	(49,132	)	$	43,202,559		4,500,267	$	1,330,497	$	113,380
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		8,105,476		1,273,733		(503,528	)		(1,181,397	)		(53,643	)		7,640,641		922,783		449,071		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		22,137,853		3,107,750		(1,609,935	)		(2,485,989	)		241,880			21,391,559		2,025,716		602,712		306,554
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		24,107,539		10,927,842		(1,638,786	)		(5,094,285	)		389,108			28,691,418		2,000,796		217,769		4,100,029
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		40,496,798		5,817,896		(2,766,637	)		(2,306,894	)		146,459			41,387,622		3,968,132		1,935,255		529,404
MassMutual Select T. Rowe Price Real Assets Fund, Class I		2,159,709		385,070		(128,381	)		95,008			26,197			2,537,603		188,110		60,238		131,103
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		12,063,959		2,417,989		(980,744	)		(2,224,938	)		244,152			11,520,418		850,843		119,250		1,454,413
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		2,571,128		2,562,386		(223,557	)		(186,397	)		(157,647	)		4,565,913		658,862		48,324		—
MM S&P 500 Index Fund, Class I		14,579,963		2,763,784		(4,360,801	)		(2,297,348	)		1,425,661			12,111,259		606,169		181,308		1,608,522
	$	170,343,108	$	34,662,560	$	(14,932,428	)		(19,237,283	)	$	2,213,035		$	173,048,992			$	4,944,424	$	8,243,405
MM Select T. Rowe Price Retirement 2005 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	7,051,411	$	901,495	$	(1,043,799	)	$	(509,986	)	$	(44,968	)	$	6,354,153		661,891	$	206,193	$	17,571
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		1,329,741		197,432		(145,110	)		(186,218	)		(16,296	)		1,179,549		142,458		73,293		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		3,441,794		732,346		(444,373	)		(408,623	)		48,975			3,370,119		319,140		95,612		48,631
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		3,846,427		2,107,200		(517,684	)		(834,601	)		86,434			4,687,776		326,902		34,853		656,199

164

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2005 Fund (Continued)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I	$	5,174,412	$	873,082	$	(621,369	)	$	(297,156	)	$	20,290		$	5,149,259		493,697	$	248,809	$	68,063
MassMutual Select T. Rowe Price Real Assets Fund, Class I		327,019		98,078		(39,818	)		9,677			8,369			403,325		29,898		9,124		19,858
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		1,903,008		434,192		(212,761	)		(354,234	)		33,953			1,804,158		133,247		19,113		233,108
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		418,385		395,579		(72,457	)		(26,433	)		(28,175	)		686,899		99,120		7,359		—
MM S&P 500 Index Fund, Class I		2,317,988		521,915		(787,992	)		(219,551	)		56,270			1,888,630		94,526		30,005		266,198
	$	25,810,185	$	6,261,319	$	(3,885,363	)	$	(2,827,125	)	$	164,852		$	25,523,868			$	724,361	$	1,309,628
MM Select T. Rowe Price Retirement 2010 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	32,524,950	$	2,487,889	$	(2,610,318	)	$	(2,624,657	)	$	36,138		$	29,814,001		3,105,625	$	958,384	$	81,670
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		5,982,738		586,874		(469,096	)		(867,411	)		(34,383	)		5,198,722		627,865		326,421		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		19,239,674		2,262,979		(1,731,489	)		(2,228,334	)		297,681			17,840,510		1,689,442		518,906		263,929
MassMutual Select T. Rowe Price Large Cap Blend Fund Class I		21,441,836		8,814,330		(1,968,369	)		(4,494,216	)		392,660			24,186,241		1,686,628		191,270		3,601,103
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		22,796,923		2,431,906		(1,892,389	)		(1,297,462	)		101,695			22,140,673		2,122,787		1,080,309		295,526
MassMutual Select T. Rowe Price Real Assets Fund, Class I		1,802,988		377,300		(151,561	)		69,682			30,579			2,128,988		157,820		49,815		108,420
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		10,666,083		1,840,572		(851,070	)		(1,955,105	)		197,871			9,898,351		731,045		105,774		1,290,062
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		2,183,646		1,754,891		(250,217	)		(87,830	)		(183,360	)		3,417,130		493,092		37,957		—
MM S&P 500 Index Fund, Class I		12,858,398		2,114,586		(4,248,157	)		(2,032,485	)		1,228,436			9,920,778		496,535		161,436		1,432,213
	$	129,497,236	$	22,671,327	$	(14,172,666	)	$	(15,517,818	)	$	2,067,317		$	124,545,394			$	3,430,272	$	7,072,923
MM Select T. Rowe Price Retirement 2015 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	33,500,301	$	2,990,810	$	(2,942,750	)	$	(2,768,628	)	$	110,619		$	30,890,352		3,217,745	$	978,503	$	83,384
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		5,975,617		646,892		(522,115	)		(870,143	)		(12,074	)		5,218,177		630,215		319,136		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		22,585,742		2,526,777		(2,291,806	)		(2,754,024	)		538,411			20,605,100		1,951,241		596,111		303,197
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		24,972,217		9,391,191		(2,382,010	)		(5,400,942	)		730,569			27,311,025		1,904,535		216,931		4,084,242

165

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2015 Fund (Continued)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I	$	21,096,655	$	2,506,244	$	(1,873,651	)	$	(1,254,208	)	$	143,956		$	20,618,996		1,976,893	$	999,042	$	273,295
MassMutual Select T. Rowe Price Real Assets Fund, Class I		2,141,866		365,713		(187,091	)		71,853			46,588			2,438,929		180,795		58,039		126,319
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		12,457,609		2,099,647		(1,391,469	)		(2,445,287	)		485,933			11,206,433		827,654		118,980		1,451,117
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Fund, Class I		2,637,531		1,650,082		(287,172	)		(104,992	)		(184,362	)		3,711,087		535,510		44,848		—
MM S&P 500 Index Fund, Class I		14,947,394		2,412,822		(5,098,318	)		(2,548,811	)		1,678,429			11,391,516		570,146		180,556		1,601,841
	$	140,314,932	$	24,590,178	$	(16,976,382	)	$	(18,075,182	)	$	3,538,069		$	133,391,615			$	3,512,146	$	7,923,395
MM Select T. Rowe Price Retirement 2020 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	157,176,305	$	12,230,468	$	(19,729,770	)	$	(12,510,866	)	$	247,678		$	137,413,815		14,313,939	$	4,589,278	$	391,080
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		26,347,495		3,272,366		(2,900,140	)		(3,676,472	)		(283,403	)		22,759,846		2,748,774		1,441,672		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		118,204,237		14,832,579		(14,280,709	)		(14,231,626	)		2,337,014			106,861,495		10,119,460		3,199,238		1,627,211
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		135,946,305		41,208,149		(16,276,501	)		(31,024,879	)		5,626,661			135,479,735		9,447,680		1,177,139		22,162,427
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		83,562,636		12,600,471		(9,513,015	)		(5,044,390	)		503,599			82,109,301		7,872,416		4,085,396		1,117,591
MassMutual Select T. Rowe Price Real Assets Fund, Class I		11,830,221		1,448,084		(1,214,122	)		379,413			261,914			12,705,510		941,847		324,495		706,244
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		61,545,915		11,870,411		(9,453,187	)		(11,963,408	)		2,385,452			54,385,183		4,016,631		588,465		7,177,089
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Fund, Class I		11,874,604		9,130,561		(1,845,039	)		(165,967	)		(1,294,812	)		17,699,347		2,554,018		203,739		—
MM S&P 500 Index Fund, Class I		78,334,271		16,367,297		(28,930,768	)		(11,783,789	)		7,257,712			61,244,723		3,065,301		954,693		8,469,792
	$	684,821,989	$	122,960,386	$	(104,143,251	)	$	(90,021,984	)	$	17,041,815		$	630,658,955			$	16,564,115	$	41,651,434
MM Select T. Rowe Price Retirement 2025 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	127,144,924	$	11,864,795	$	(10,587,494	)	$	(10,520,914	)	$	304,233		$	118,205,544		12,313,077	$	3,776,029	$	321,779
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		19,290,365		2,742,936		(1,555,857	)		(2,882,177	)		(79,318	)		17,515,949		2,115,453		1,074,128		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		127,109,159		17,898,297		(12,776,305	)		(15,473,902	)		2,270,592			119,027,841		11,271,576		3,506,421		1,783,451
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		146,926,049		45,293,683		(13,021,138	)		(32,403,116	)		4,516,472			151,311,950		10,551,740		1,289,150		24,271,291

166

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2025 Fund (Continued)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I	$	46,133,605	$	11,794,715	$	(4,049,017	)	$	(2,887,791	)	$	152,938		$	51,144,450		4,903,591	$	2,444,375	$	668,677
MassMutual Select T. Rowe Price Real Assets Fund, Class I		12,596,497		1,762,538		(942,608	)		508,106			190,878			14,115,411		1,046,361		350,826		763,553
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		67,883,784		14,082,216		(8,284,967	)		(13,646,546	)		2,786,758			62,821,245		4,639,678		661,863		8,072,265
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		12,790,157		8,933,550		(1,374,069	)		(633,123	)		(909,911	)		18,806,604		2,713,796		224,461		—
MM S&P 500 Index Fund, Class I		82,226,480		17,340,239		(28,279,070	)		(13,843,149	)		9,030,827			66,475,327		3,327,093		1,008,622		8,948,244
	$	642,101,020	$	131,712,969	$	(80,870,525	)	$	(91,782,612	)	$	18,263,469		$	619,424,321			$	14,335,875	$	44,829,260
MM Select T. Rowe Price Retirement 2030 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	220,015,462	$	21,251,545	$	(12,571,773	)	$	(18,101,961	)	$	110,307		$	210,703,580		21,948,290	$	6,587,420	$	561,355
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		27,678,942		3,267,750		(1,630,299	)		(4,090,474	)		(212,626	)		25,013,293		3,020,929		1,552,176		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		342,929,604		43,575,685		(26,258,164	)		(37,401,020	)		1,609,450			324,455,555		30,724,958		9,460,392		4,811,787
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		422,668,355		117,598,485		(37,555,571	)		(92,775,266	)		12,328,691			422,264,694		29,446,631		3,727,318		70,175,578
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		36,127,574		10,006,371		(2,350,768	)		(2,025,882	)		(1,582	)		41,755,713		4,003,424		1,858,850		508,502
MassMutual Select T. Rowe Price Real Assets Fund, Class I		32,691,410		5,062,418		(1,831,123	)		1,427,090			386,308			37,736,103		2,797,339		917,084		1,995,983
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		177,144,249		35,320,418		(14,246,235	)		(33,512,800	)		3,936,265			168,641,897		12,455,088		1,777,034		21,673,211
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Fund, Class I		33,075,470		19,048,211		(2,522,277	)		(2,523,932	)		(1,296,725	)		45,780,747		6,606,168		586,336		—
MM S&P 500 Index Fund, Class I		193,813,107		38,288,204		(47,051,106	)		(22,027,860	)		8,754,862			171,777,207		8,597,458		2,504,581		22,220,019
	$	1,486,144,173	$	293,419,087	$	(146,017,316	)	$	(211,032,105	)	$	25,614,950		$	1,448,128,789			$	28,971,191	$	121,946,435
MM Select T. Rowe Price Retirement 2035 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	68,896,960	$	6,615,703	$	(3,368,801	)	$	(5,695,138	)	$	33,314		$	66,482,038		6,925,212	$	2,078,288	$	177,104
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		7,138,412		846,678		(346,616	)		(1,085,107	)		(22,303	)		6,531,064		788,776		398,569		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		181,999,418		27,462,270		(11,878,335	)		(20,295,155	)		1,093,588			178,381,787		16,892,215		5,071,453		2,579,465
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		248,230,801		73,317,896		(21,326,922	)		(54,741,377	)		7,253,061			252,733,459		17,624,370		2,199,719		41,414,921

167

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2035 Fund (Continued)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund Class I	$	6,367,710	$	8,144,732	$	(6,655,421	)	$	(573,585	)	$	154,941		$	7,438,377		713,171	$	352,751	$	96,498
MassMutual Select T. Rowe Price Real Assets Fund, Class I		17,268,800		3,587,695		(840,603	)		784,810			178,624			20,979,326		1,555,176		487,809		1,061,688
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		95,573,546		20,777,850		(6,821,506	)		(17,762,476	)		1,613,008			93,380,422		6,896,634		966,633		11,789,327
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		13,274,357		7,379,247		(845,542	)		(1,135,162	)		(407,522	)		18,265,378		2,635,697		239,633		—
MM S&P 500 Index Fund, Class I		82,560,915		19,944,786		(17,991,344	)		(8,237,404	)		2,664,529			78,941,483		3,951,025		1,057,363		9,380,662
	$	721,310,919	$	168,076,857	$	(70,075,090	)	$	(108,740,594	)	$	12,561,240		$	723,133,334			$	12,852,218	$	66,499,665
MM Select T. Rowe Price Retirement 2040 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	70,468,132	$	5,116,506	$	(13,444,039	)	$	(5,428,264	)	$	194,435		$	56,906,770		5,927,789	$	2,024,048	$	172,482
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		4,379,347		409,331		(1,360,399	)		(494,970	)		(225,422	)		2,707,887		327,039		243,837		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		347,320,194		58,992,010		(17,863,666	)		(38,738,212	)		1,299,353			351,009,679		33,239,553		9,780,335		4,974,518
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		515,989,799		143,521,559		(38,605,109	)		(111,570,507	)		13,145,609			522,481,351		36,435,241		4,566,616		85,977,356
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		11,111,660		14,336,695		(11,484,539	)		(1,027,346	)		286,274			13,222,744		1,267,761		624,538		170,847
MassMutual Select T. Rowe Price Real Assets Fund, Class I		32,833,279		7,552,609		(1,198,417	)		1,598,625			256,592			41,042,688		3,042,453		927,528		2,018,714
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		185,600,886		38,253,706		(9,307,043	)		(34,156,231	)		2,821,642			183,212,960		13,531,238		1,871,076		22,820,173
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Fund, Class I		14,751,557		5,973,707		(664,497	)		(1,171,578	)		(377,714	)		18,511,475		2,671,209		279,914		—
MM S&P 500 Index Fund, Class I		126,333,730		31,112,455		(20,213,262	)		(12,104,235	)		3,043,438			128,172,126		6,415,021		1,641,591		14,563,791
	$	1,308,788,584	$	305,268,578	$	(114,140,971	)	$	(203,092,718	)	$	20,444,207		$	1,317,267,680			$	21,959,483	$	130,697,881
MM Select T. Rowe Price Retirement 2045 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	17,805,199	$	1,324,040	$	(8,276,237	)	$	(1,094,079	)	$	108,188		$	9,867,111		1,027,824	$	400,489	$	34,128
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		399,663		145		(398,477	)		(3,353	)		2,022			—		—		—		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		153,325,766		30,424,445		(6,931,821	)		(17,404,994	)		461,744			159,875,140		15,139,691		4,378,553		2,227,039
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		227,377,125		73,792,608		(16,513,792	)		(50,468,481	)		5,564,763			239,752,223		16,719,123		2,055,859		38,706,422

168

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2045 Fund (Continued)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I	$	—	$	6,253,938	$	(124,079	)	$	(324,667	)	$	(7,790	)	$	5,797,402		555,839	$	267,317	$	73,126
MassMutual Select T. Rowe Price Real Assets Fund, Class I		14,542,969		3,905,983		(531,697	)		714,272			113,677			18,745,204		1,389,563		419,120		912,192
MassMutual Select T. Rowe Price Small And Mid Cap Blend Fund, Class I		85,010,543		19,884,694		(4,776,493	)		(16,159,685	)		1,373,331			85,332,390		6,302,244		873,319		10,651,252
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Fund, Class I		4,926,821		458,290		(1,411,870	)		574,393			(917,132	)		3,630,502		523,882		84,456		—
MM S&P 500 Index Fun, Class I		54,852,004		18,164,627		(8,396,782	)		(5,630,574	)		1,555,074			60,544,349		3,030,248		717,554		6,365,959
	$	558,240,090	$	154,208,770	$	(47,361,248	)	$	(89,797,168	)	$	8,253,877		$	583,544,321			$	9,196,667	$	58,970,118
MM Select T. Rowe Price Retirement 2050 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	23,875,712	$	1,400,062	$	(14,989,644	)	$	(1,142,902	)	$	(96,586	)	$	9,046,642		942,359	$	565,276	$	48,171
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		411,281		56		(409,923	)		(2,797	)		1,383			—		—		—		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		243,090,454		44,479,017		(8,763,946	)		(27,095,704	)		616,842			252,326,663		23,894,570		6,863,647		3,491,019
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		360,982,294		108,873,519		(22,461,188	)		(77,641,504	)		7,657,096			377,410,217		26,318,704		3,230,363		60,819,238
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		—		9,696,688		(171,489	)		(506,407	)		(11,369	)		9,007,423		863,607		415,402		113,636
MassMutual Select T. Rowe Price Real Assets Fund, Class I		22,963,725		5,858,614		(669,071	)		1,175,552			145,000			29,473,820		2,184,864		654,589		1,424,675
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		134,660,513		28,881,090		(6,049,027	)		(24,803,347	)		1,705,134			134,394,363		9,925,728		1,373,344		16,749,702
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		7,157,283		450,666		(4,572,199	)		2,218,757			(2,516,259	)		2,738,248		395,130		117,908		—
MM S&P 500 Index Fund, Class I		86,697,540		26,632,445		(11,778,053	)		(8,933,980	)		2,712,010			95,329,962		4,771,269		1,123,188		9,964,642
	$	879,838,802	$	226,272,157	$	(69,864,540	)	$	(136,732,332	)	$	10,213,251		$	909,727,338			$	14,343,717	$	92,611,083
MM Select T. Rowe Price Retirement 2055 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	8,683,916	$	736,781	$	(5,531,163	)	$	(320,864	)	$	(136,446	)	$	3,432,224		357,523	$	206,980	$	17,638
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		109,482		83		(109,164	)		(1,026	)		625			—		—		—		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		87,891,211		21,981,188		(3,407,437	)		(10,226,019	)		283,169			96,522,112		9,140,351		2,542,187		1,293,019
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		130,622,596		48,813,696		(8,682,541	)		(29,092,159	)		3,118,050			144,779,642		10,096,209		1,190,610		22,416,063

169

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 9/30/21		Purchases		Sales			Change in Unrealized Appreciation/ (Depreciation)			Net Realized Gain (Loss)			Value as of 3/31/22		Number of Shares Held as of 3/31/22		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2055 Fund (Continued)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I	$	—	$	3,691,404	$	(52,523	)	$	(188,121	)	$	(3,067	)	$	3,447,693		330,556	$	153,642	$	42,030
MassMutual Select T. Rowe Price Real Assets Fund, Class I		8,312,395		2,818,591		(265,023	)		429,204			59,198			11,354,365		841,688		241,817		526,299
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		48,999,792		13,663,694		(2,607,809	)		(9,358,824	)		798,064			51,494,917		3,803,170		505,727		6,167,993
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		2,690,482		258,780		(1,779,319	)		773,021			(896,422	)		1,046,542		151,016		43,197		—
MM S&P 500 Index Fund, Class I		31,297,328		11,802,742		(4,320,667	)		(3,189,425	)		858,766			36,448,744		1,824,261		412,875		3,662,914
	$	318,607,202	$	103,766,959	$	(26,755,646	)	$	(51,174,213	)	$	4,081,937		$	348,526,239			$	5,297,035	$	34,125,956
MM Select T. Rowe Price Retirement 2060 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	2,822,848	$	397,691	$	(1,830,681	)	$	(93,719	)	$	(73,172	)	$	1,222,967		127,392	$	75,857	$	6,464
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		68,372		63		(68,201	)		(509	)		275			—		—		—		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		31,125,517		10,898,992		(1,322,478	)		(3,906,940	)		226,208			37,021,299		3,505,805		931,321		473,692
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		46,239,600		22,515,105		(3,558,698	)		(10,721,259	)		1,104,609			55,579,357		3,875,827		437,439		8,235,818
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		—		1,403,245		(20,367	)		(68,277	)		(1,210	)		1,313,391		125,924		55,789		15,262
MassMutual Select T. Rowe Price Real Assets Fund, Class I		2,929,894		1,358,377		(111,063	)		154,912			24,039			4,356,159		322,918		88,310		192,202
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		17,150,646		6,413,293		(742,742	)		(3,346,998	)		213,707			19,687,906		1,454,055		183,747		2,241,029
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		898,120		148,735		(573,051	)		215,876			(263,064	)		426,616		61,561		16,443		—
MM S&P 500 Index Fund, Class I		11,077,476		5,575,463		(1,752,160	)		(1,421,803	)		538,934			14,017,910		701,597		151,569		1,344,685
	$	112,312,473	$	48,710,964	$	(9,979,441	)	$	(19,188,717	)	$	1,770,326		$	133,625,605			$	1,940,475	$	12,509,152

* Fund advised by Barings LLC.

8. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

170

Notes to Financial Statements (Unaudited) (Continued)

9. Coronavirus (COVID-19) Pandemic

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

10. Russian-Ukraine War

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

171

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser uses to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 22, 2022, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2021 through December 31, 2021. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

172

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2022

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2022:

As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemptions; and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2022.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
20/80 Allocation Fund
Class I	$1,000	0.04%	$959.50	$0.20	$1,024.70	$0.20
Class R5	1,000	0.14%	958.80	0.68	1,024.20	0.71
Service Class	1,000	0.24%	958.50	1.17	1,023.70	1.21
Administrative Class	1,000	0.34%	957.40	1.66	1,023.20	1.72
Class A	1,000	0.59%	956.90	2.88	1,022.00	2.97
Class R4	1,000	0.49%	956.40	2.39	1,022.50	2.47
Class R3	1,000	0.74%	955.60	3.61	1,021.20	3.73
40/60 Allocation Fund
Class I	1,000	0.06%	974.20	0.30	1,024.60	0.30
Class R5	1,000	0.16%	974.30	0.79	1,024.10	0.81
Service Class	1,000	0.26%	974.10	1.28	1,023.60	1.31
Administrative Class	1,000	0.36%	973.60	1.77	1,023.10	1.82
Class A	1,000	0.61%	972.20	3.00	1,021.90	3.07
Class R4	1,000	0.51%	971.90	2.51	1,022.40	2.57
Class R3	1,000	0.76%	970.60	3.73	1,021.10	3.83

173

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
60/40 Allocation Fund
Class I	$1,000	0.06%	$998.00	$0.30	$1,024.60	$0.30
Class R5	1,000	0.16%	997.10	0.80	1,024.10	0.81
Service Class	1,000	0.26%	995.80	1.29	1,023.60	1.31
Administrative Class	1,000	0.36%	996.00	1.79	1,023.10	1.82
Class A	1,000	0.61%	994.90	3.03	1,021.90	3.07
Class R4	1,000	0.51%	995.70	2.54	1,022.40	2.57
Class R3	1,000	0.76%	994.10	3.78	1,021.10	3.83
80/20 Allocation Fund
Class I	1,000	0.09%	1,001.40	0.45	1,024.50	0.45
Class R5	1,000	0.19%	1,001.40	0.95	1,024.00	0.96
Service Class	1,000	0.29%	1,000.50	1.45	1,023.50	1.46
Administrative Class	1,000	0.39%	999.80	1.94	1,023.00	1.97
Class A	1,000	0.64%	998.50	3.19	1,021.70	3.23
Class R4	1,000	0.54%	999.30	2.69	1,022.20	2.72
Class R3	1,000	0.79%	997.90	3.94	1,021.00	3.98
MM RetireSMART by JPMorgan In Retirement Fund
Class I	1,000	0.06%	970.70	0.29	1,024.60	0.30
Class R5	1,000	0.16%	970.30	0.79	1,024.10	0.81
Service Class	1,000	0.26%	969.40	1.28	1,023.60	1.31
Administrative Class	1,000	0.36%	969.20	1.77	1,023.10	1.82
Class A	1,000	0.61%	967.20	2.99	1,021.90	3.07
Class R4	1,000	0.51%	968.70	2.50	1,022.40	2.57
Class R3	1,000	0.76%	967.60	3.73	1,021.10	3.83
MM RetireSMART by JPMorgan 2020 Fund
Class I	1,000	0.04%	970.50	0.20	1,024.70	0.20
Class R5	1,000	0.14%	970.10	0.69	1,024.20	0.71
Service Class	1,000	0.24%	969.30	1.18	1,023.70	1.21
Administrative Class	1,000	0.34%	969.00	1.67	1,023.20	1.72
Class A	1,000	0.59%	967.80	2.89	1,022.00	2.97
Class R4	1,000	0.49%	968.30	2.40	1,022.50	2.47
Class R3	1,000	0.74%	967.20	3.63	1,021.20	3.73
MM RetireSMART by JPMorgan 2025 Fund
Class I	1,000	0.01%	974.70	0.05	1,024.90	0.05
Class R5	1,000	0.11%	974.10	0.54	1,024.40	0.56
Service Class	1,000	0.21%	974.00	1.03	1,023.90	1.06
Administrative Class	1,000	0.31%	973.60	1.53	1,023.40	1.56
Class A	1,000	0.56%	971.60	2.75	1,022.10	2.82
Class R4	1,000	0.46%	972.90	2.26	1,022.60	2.32
Class R3	1,000	0.71%	971.90	3.49	1,021.40	3.58
MM RetireSMART by JPMorgan 2030 Fund
Class I	1,000	0.04%	981.10	0.20	1,024.70	0.20
Class R5	1,000	0.14%	980.80	0.69	1,024.20	0.71
Service Class	1,000	0.24%	980.50	1.19	1,023.70	1.21
Administrative Class	1,000	0.34%	980.10	1.68	1,023.20	1.72
Class A	1,000	0.59%	978.40	2.91	1,022.00	2.97
Class R4	1,000	0.49%	979.00	2.42	1,022.50	2.47
Class R3	1,000	0.74%	977.70	3.65	1,021.20	3.73

174

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
MM RetireSMART by JPMorgan 2035 Fund
Class I	$1,000	0.05%	$988.70	$0.25	$1,024.70	$0.25
Class R5	1,000	0.15%	987.80	0.74	1,024.20	0.76
Service Class	1,000	0.25%	988.10	1.24	1,023.70	1.26
Administrative Class	1,000	0.35%	987.10	1.73	1,023.20	1.77
Class A	1,000	0.60%	985.90	2.97	1,021.90	3.02
Class R4	1,000	0.50%	986.50	2.48	1,022.40	2.52
Class R3	1,000	0.75%	985.60	3.71	1,021.20	3.78
MM RetireSMART by JPMorgan 2040 Fund
Class I	1,000	0.04%	994.50	0.20	1,024.70	0.20
Class R5	1,000	0.14%	994.80	0.70	1,024.20	0.71
Service Class	1,000	0.24%	994.00	1.19	1,023.70	1.21
Administrative Class	1,000	0.34%	993.60	1.69	1,023.20	1.72
Class A	1,000	0.59%	992.60	2.93	1,022.00	2.97
Class R4	1,000	0.49%	992.60	2.43	1,022.50	2.47
Class R3	1,000	0.74%	991.30	3.67	1,021.20	3.73
MM RetireSMART by JPMorgan 2045 Fund
Class I	1,000	0.02%	1,000.50	0.10	1,024.80	0.10
Class R5	1,000	0.12%	1,000.30	0.60	1,024.30	0.61
Service Class	1,000	0.22%	999.90	1.10	1,023.80	1.11
Administrative Class	1,000	0.32%	999.30	1.60	1,023.30	1.61
Class A	1,000	0.57%	997.90	2.84	1,022.10	2.87
Class R4	1,000	0.47%	998.10	2.34	1,022.60	2.37
Class R3	1,000	0.72%	997.60	3.59	1,021.30	3.63
MM RetireSMART by JPMorgan 2050 Fund
Class I	1,000	0.02%	1,000.50	0.10	1,024.80	0.10
Class R5	1,000	0.12%	1,000.70	0.60	1,024.30	0.61
Service Class	1,000	0.22%	999.70	1.10	1,023.80	1.11
Administrative Class	1,000	0.32%	998.50	1.59	1,023.30	1.61
Class A	1,000	0.57%	998.20	2.84	1,022.10	2.87
Class R4	1,000	0.47%	999.50	2.34	1,022.60	2.37
Class R3	1,000	0.72%	997.40	3.59	1,021.30	3.63
MM RetireSMART by JPMorgan 2055 Fund
Class I	1,000	0.00%	1,000.80	0.00	1,024.90	0.00
Class R5	1,000	0.10%	1,000.30	0.50	1,024.40	0.50
Service Class	1,000	0.20%	999.50	1.00	1,023.90	1.01
Administrative Class	1,000	0.30%	999.60	1.50	1,023.40	1.51
Class A	1,000	0.55%	998.60	2.74	1,022.20	2.77
Class R4	1,000	0.45%	998.20	2.24	1,022.70	2.27
Class R3	1,000	0.70%	997.60	3.49	1,021.40	3.53
MM RetireSMART by JPMorgan 2060 Fund
Class I	1,000	0.00%	1,000.70	0.00	1,024.90	0.00
Class R5	1,000	0.10%	1,000.30	0.50	1,024.40	0.50
Service Class	1,000	0.20%	1,000.10	1.00	1,023.90	1.01
Administrative Class	1,000	0.30%	999.10	1.50	1,023.40	1.51
Class A	1,000	0.55%	997.80	2.74	1,022.20	2.77
Class R4	1,000	0.45%	998.40	2.24	1,022.70	2.27
Class R3	1,000	0.70%	997.20	3.49	1,021.40	3.53

175

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
MM Select T. Rowe Price Retirement Balanced Fund
Class I	$1,000	0.27%	$978.70	$1.33	$1,023.60	$1.36
Class M5	1,000	0.42%	978.00	2.07	1,022.80	2.12
Class M4	1,000	0.67%	976.30	3.30	1,021.60	3.38
Class M3	1,000	0.92%	975.20	4.53	1,020.30	4.63
MM Select T. Rowe Price Retirement 2005 Fund
Class I	1,000	0.28%	977.30	1.38	1,023.50	1.41
Class M5	1,000	0.43%	976.30	2.12	1,022.80	2.17
Class M4	1,000	0.68%	974.80	3.35	1,021.50	3.43
Class M3	1,000	0.93%	974.20	4.58	1,020.30	4.68
MM Select T. Rowe Price Retirement 2010 Fund
Class I	1,000	0.28%	977.60	1.38	1,023.50	1.41
Class M5	1,000	0.43%	976.80	2.12	1,022.80	2.17
Class M4	1,000	0.68%	975.30	3.35	1,021.50	3.43
Class M3	1,000	0.93%	974.20	4.58	1,020.30	4.68
MM Select T. Rowe Price Retirement 2015 Fund
Class I	1,000	0.30%	977.40	1.48	1,023.40	1.51
Class M5	1,000	0.45%	976.90	2.22	1,022.70	2.27
Class M4	1,000	0.70%	975.70	3.45	1,021.40	3.53
Class M3	1,000	0.95%	974.70	4.68	1,020.20	4.78
MM Select T. Rowe Price Retirement 2020 Fund
Class I	1,000	0.31%	977.80	1.53	1,023.40	1.56
Class M5	1,000	0.47%	977.00	2.32	1,022.60	2.37
Class M4	1,000	0.72%	975.60	3.55	1,021.30	3.63
Class M3	1,000	0.97%	975.00	4.78	1,020.10	4.89
MM Select T. Rowe Price Retirement 2025 Fund
Class I	1,000	0.34%	977.60	1.68	1,023.20	1.72
Class M5	1,000	0.50%	976.60	2.46	1,022.40	2.52
Class M4	1,000	0.75%	975.90	3.69	1,021.20	3.78
Class M3	1,000	1.00%	974.70	4.92	1,019.90	5.04
MM Select T. Rowe Price Retirement 2030 Fund
Class I	1,000	0.36%	977.50	1.77	1,023.10	1.82
Class M5	1,000	0.54%	976.10	2.66	1,022.20	2.72
Class M4	1,000	0.78%	975.60	3.84	1,021.00	3.93
Class M3	1,000	1.04%	973.80	5.07	1,019.70	5.19
MM Select T. Rowe Price Retirement 2035 Fund
Class I	1,000	0.39%	977.00	1.92	1,023.00	1.97
Class M5	1,000	0.56%	976.20	2.76	1,022.10	2.82
Class M4	1,000	0.81%	975.40	3.99	1,020.90	4.08
Class M3	1,000	1.06%	974.10	5.22	1,019.60	5.34
MM Select T. Rowe Price Retirement 2040 Fund
Class I	1,000	0.41%	976.80	2.02	1,022.90	2.07
Class M5	1,000	0.58%	975.60	2.86	1,022.00	2.92
Class M4	1,000	0.83%	974.30	4.09	1,020.80	4.18
Class M3	1,000	1.08%	973.30	5.31	1,019.50	5.44
MM Select T. Rowe Price Retirement 2045 Fund
Class I	1,000	0.42%	977.30	2.07	1,022.80	2.12
Class M5	1,000	0.60%	976.80	2.96	1,021.90	3.02
Class M4	1,000	0.85%	975.70	4.19	1,020.70	4.28
Class M3	1,000	1.10%	974.30	5.41	1,019.40	5.54

176

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
MM Select T. Rowe Price Retirement 2050 Fund
Class I	$1,000	0.43%	$977.40	$2.17	$1,022.70	$2.22
Class M5	1,000	0.62%	976.70	3.06	1,021.80	3.13
Class M4	1,000	0.87%	975.20	4.28	1,020.60	4.38
Class M3	1,000	1.12%	974.70	5.51	1,019.30	5.64
MM Select T. Rowe Price Retirement 2055 Fund
Class I	1,000	0.45%	977.80	2.22	1,022.70	2.27
Class M5	1,000	0.63%	977.50	3.11	1,021.80	3.18
Class M4	1,000	0.88%	975.70	4.33	1,020.50	4.43
Class M3	1,000	1.13%	974.40	5.56	1,019.30	5.69
MM Select T. Rowe Price Retirement 2060 Fund
Class I	1,000	0.45%	977.70	2.22	1,022.70	2.27
Class M5	1,000	0.63%	977.00	3.11	1,021.80	3.18
Class M4	1,000	0.88%	975.90	4.34	1,020.50	4.43
Class M3	1,000	1.13%	974.40	5.56	1,019.30	5.69

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2022, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 365 days in the year, unless stated otherwise.

177

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC MM202305-
301320

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MM Equity Asset Fund	11
MassMutual Select T. Rowe Price Bond Asset Fund	16
MassMutual Select T. Rowe Price Emerging Markets Bond Fund	50
MassMutual Select T. Rowe Price Large Cap Blend Fund	58
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund	65
MassMutual Select T. Rowe Price Real Assets Fund	72
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund	77
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund	91
Statements of Assets and Liabilities(Unaudited)	94
Statements of Operations (Unaudited)	98
Statements of Changes in Net Assets	100
Financial Highlights	104
Notes to Financial Statements (Unaudited)	112
Other Information (Unaudited)
Proxy Voting	142
Liquidity Risk Management Program	142
Trustees’ Approval of Investment Advisory Contracts	142
Fund Expenses	144

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MM Equity Asset Fund and MassMutual Select T. Rowe Price Funds, each a Series of the MassMutual Select Funds. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

[THIS PAGE INTENTIONALLY LEFT BLANK]

MM Equity Asset Fund and the MassMutual Select T. Rowe Price Funds – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Paul LaPiana

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

March 31, 2022

Welcome to the MM Equity Asset Fund and the MassMutual Select T. Rowe Price Funds Semiannual Report, covering the six months ending March 31, 2022.

Market Highlights

● For the reporting period from October 1, 2021 through March 31, 2022, U.S. stocks were up nearly 6%, despite rising inflationary pressures, the Russian-Ukraine war, and the Federal Reserve Board (the “Fed”) taking the first steps in rolling back years of accommodative monetary policy.

● In the fourth quarter of 2021, expectations for strong economic and earnings growth in 2022 bolstered by the possibility for a $2 trillion economic stimulus and social spending plan, allowed investors to look past skyrocketing Omicron variant COVID-19 cases and heightened inflationary pressures.

● During the first quarter of 2022 investors in both stocks and bonds were challenged by the unexpected invasion of Ukraine by Russia, a stalled economic stimulus plan, and the Fed raising interest rates for the first time since 2018.

● Foreign stocks in both developed and emerging markets experienced losses in the reporting period, hindered by the unexpected economic impact of the Russian-Ukraine war and the strengthening of the U.S. dollar.

● U.S. bond investors experienced negative returns as the rollback of accommodative monetary policy drove yields higher and concerns over increased default risk due to the Russian-Ukraine war drove valuations lower.

Market Commentary

For the six months beginning on October 1, 2021, global stock investors experienced mixed returns. U.S. stocks rose in the period, despite the Russian-Ukraine war, buoyed by rising expectations for strong economic growth with COVID-19 appearing to have peaked and strong corporate earnings growth and balance sheets.

The broad market S&P 500^® Index* delivered a gain of 5.92% for the period, while the technology-heavy NASDAQ Composite^® Index declined, losing 1.25% for the period. The more economically sensitive Dow Jones Industrial Average was up 3.44% for the period. During this period small-cap stocks significantly underperformed their larger cap peers while value stocks significantly outperformed their growth peers.

The continued economic recovery, Fed interest rate hike in March, and the unexpected invasion of Ukraine by Russia affected sectors differently. The energy, materials, and utilities sectors fared the best for this period as investors anticipated these sectors would benefit the most from higher commodity prices. The communication services and consumer discretionary sectors lagged other sectors, hurt by rising interest rates and rising inflationary pressures. West Texas Intermediate (WTI) crude oil prices ended the period at $100.28 per barrel, up 32% for the period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

(Continued)

1

MM Equity Asset Fund and the MassMutual Select T. Rowe Price Funds – President’s Letter to Shareholders (Unaudited) (Continued)

Developed international stock markets, as measured by the MSCI EAFE^® Index, trailed their domestic peers, falling 3.38% for the six-month period, negatively impacted by the Russian-Ukraine war and a stronger U.S. dollar. European stocks fared better than Japanese stocks, in part due to the Japanese economy’s great sensitivity to energy prices. Emerging-market stock markets, as measured in the MSCI Emerging Markets^® Index, were also down, falling 8.20% for the period, with food and energy inflation affecting emerging market economies to a greater degree.

The Fed has begun to unwind years of accommodative monetary policy now that the labor market has recovered and inflation pressures are higher. The economic shock of the Russian-Ukraine war and the resulting rise in commodity prices may force the Fed to raise interest rates faster than planned which increases the risk of a policy mistake that leads to a recession. The proposed tax hike in the President’s budget proposal adds to the risk of a recession.

Investors entered the period in the midst of rising inflationary pressures and expectations that the Fed would start rolling back years of accommodative monetary policy. In this environment bond yields rose, with the 10-year U.S. Treasury bond reaching 2.32% by the end of March. The Bloomberg U.S. Aggregate Bond Index ended the period down 5.92%, as bond prices are negatively impacted by rising yields. Investment-grade bond prices fared worse as concerns of defaults increased. The Bloomberg U.S. Corporate Bond Index, which tracks the performance of investment-grade corporate bonds, ended the period down 7.48%. Below investment grade bonds as represented by the Bloomberg U.S. Corporate High Yield Index performed better, ending the period down 4.16%, aided by generally shorter maturities and investor demand for bonds in the energy sector as the sharp rise in oil prices lessened the risk of default.

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Paul LaPiana
President
MassMutual Select Funds
MML Investment Advisers, LLC

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual.

The information provided is the opinion of MML Advisers as of 4/1/2022 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

    MM202305-301322

2

MM Equity Asset Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MM Equity Asset Fund, and who is the Fund’s subadviser?

The Fund seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index (S&P 500^® Index*). Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is J.P. Morgan Investment Management Inc. (J.P. Morgan).

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

MM Equity Asset Fund Largest Holdings (% of Net Assets) on 3/31/22
Apple, Inc.	7.1%
Microsoft Corp.	6.9%
Amazon.com, Inc.	4.1%
Alphabet, Inc. Class A	2.8%
Tesla, Inc.	2.2%
Alphabet, Inc. Class C	2.1%
Berkshire Hathaway, Inc. Class B	1.6%
NVIDIA Corp.	1.6%
UnitedHealth Group, Inc.	1.5%
Meta Platforms, Inc. Class A	1.4%
	31.3%

MM Equity Asset Fund Sector Table (% of Net Assets) on 3/31/22
Technology	24.4%
Consumer, Non-cyclical	20.1%
Financial	15.2%
Communications	14.0%
Consumer, Cyclical	9.0%
Industrial	7.5%
Energy	3.8%
Utilities	2.8%
Basic Materials	2.1%
Mutual Funds	0.0%
Total Long-Term Investments	98.9%
Short-Term Investments and Other Assets and Liabilities	1.1%
Net Assets	100.0%

3

MassMutual Select T. Rowe Price Bond Asset Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price Bond Asset Fund, and who is the Fund’s subadviser?

The Fund seeks a regular level of income consistent with the preservation of capital over time. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. The Fund’s investments may include, but are not limited to, obligations issued by U.S. and foreign governments and their agencies, bonds issued by U.S. and foreign corporations, U.S. and non-U.S. dollar denominated foreign securities (including securities of emerging market issuers), mortgage- and asset-backed securities, Treasury inflation protected securities, and bank loans (which represent interests in amounts loaned to companies by banks and other lenders). The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price). In addition, T. Rowe Price International Ltd. serves as a sub-subadviser for the Fund.

MassMutual Select T. Rowe Price Bond Asset Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
Corporate Debt	27.6%
U.S. Treasury Obligations	18.7%
U.S. Government Agency Obligations and Instrumentalities*	17.0%
Sovereign Debt Obligations	16.0%
Non-U.S. Government Agency Obligations	10.6%
Bank Loans	2.8%
Mutual Funds	2.4%
Municipal Obligations	0.1%
Preferred Stock	0.0%
Purchased Options	0.0%
Total Long-Term Investments	95.2%
Short-Term Investments and Other Assets and Liabilities	4.8%
Net Assets	100.0%

* 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.

4

MassMutual Select T. Rowe Price Emerging Markets Bond Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price Emerging Markets Bond Fund, and who is the Fund’s subadviser?

The Fund seeks to provide high income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities of emerging market governments or companies located in emerging market countries (including so-called “frontier markets”). The Fund relies on a classification by either J.P. Morgan or the International Monetary Fund to determine which countries are considered emerging markets. The Fund normally will invest in at least three countries. The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price).

MassMutual Select T. Rowe Price Emerging Markets Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
Sovereign Debt Obligations	63.3%
Corporate Debt	33.3%
Mutual Funds	3.9%
Total Long-Term Investments	100.5%
Short-Term Investments and Other Assets and Liabilities	(0.5)%
Net Assets	100.0%

5

MassMutual Select T. Rowe Price Large Cap Blend Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price Large Cap Blend Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation through investments in common stock. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of large cap companies. The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price).

MassMutual Select T. Rowe Price Large Cap Blend Fund Largest Holdings (% of Net Assets) on 3/31/22
Microsoft Corp.	6.1%
Amazon.com, Inc.	4.9%
Alphabet, Inc. Class C	4.1%
Apple, Inc.	3.3%
Alphabet, Inc. Class A	1.9%
AbbVie, Inc.	1.7%
AstraZeneca PLC Sponsored ADR	1.6%
American International Group, Inc.	1.5%
Bank of America Corp.	1.5%
General Electric Co.	1.5%
	28.1%

MassMutual Select T. Rowe Price Large Cap Blend Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	23.4%
Technology	20.5%
Communications	16.3%
Financial	12.9%
Consumer, Cyclical	8.4%
Industrial	7.6%
Utilities	6.4%
Basic Materials	1.6%
Energy	1.6%
Mutual Funds	0.0%
Total Long-Term Investments	98.7%
Short-Term Investments and Other Assets and Liabilities	1.3%
Net Assets	100.0%

MassMutual Select T. Rowe Price Large Cap Blend Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
Common Stock	98.2%
Preferred Stock	0.5%
Diversified Financial Services	0.0%
Total Long-Term Investments	98.7%
Short-Term Investments and Other Assets and Liabilities	1.3%
Net Assets	100.0%

6

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, and who is the Fund’s subadviser?

The Fund seeks a level of income that is consistent with the current rate of inflation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. The Fund invests in a diversified portfolio of short- and intermediate-term investment-grade bonds. The Fund’s investments may include inflation-linked securities, including Treasury Inflation Protected Securities, as well as corporate, government, mortgage-backed, and asset-backed securities. The Fund may also invest in money market securities, bank obligations, collateralized mortgage obligations, and foreign securities. The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price).

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
U.S. Treasury Obligations	92.9%
Non-U.S. Government Agency Obligations	4.7%
Mutual Funds	4.4%
U.S. Government Agency Obligations and Instrumentalities*	1.5%
Municipal Obligations	0.3%
Corporate Debt	0.1%
Total Long-Term Investments	103.9%
Short-Term Investments and Other Assets and Liabilities	(3.9)%
Net Assets	100.0%

* 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.

7

MassMutual Select T. Rowe Price Real Assets Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price Real Assets Fund, and who is the Fund’s subadviser?

The Fund seeks to provide long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in “real assets” and securities of companies that derive at least 50% of their profits or revenues from, or commit at least 50% of assets to, real assets and activities related to real assets. The Fund’s subadviser currently defines real assets broadly and considers them to include any assets that have physical properties, such as energy and natural resources, real estate, basic materials, equipment, utilities and infrastructure, and commodities. The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price). In addition, T. Rowe Price Japan, Inc. serves as a sub-subadviser for the Fund.

MassMutual Select T. Rowe Price Real Assets Fund Largest Holdings (% of Net Assets) on 3/31/22
BHP Group Ltd.	4.1%
Prologis, Inc.	2.8%
Boliden AB	2.1%
Public Storage	2.0%
Equinix, Inc.	1.9%
Welltower, Inc.	1.8%
Wesdome Gold Mines Ltd.	1.7%
Camden Property Trust	1.5%
AvalonBay Communities, Inc.	1.4%
Equity Residential	1.4%
	20.7%

MassMutual Select T. Rowe Price Real Assets Fund Sector Table (% of Net Assets) on 3/31/22
Financial	35.5%
Basic Materials	29.9%
Industrial	13.0%
Energy	10.1%
Mutual Funds	5.2%
Consumer, Cyclical	2.5%
Utilities	2.4%
Consumer, Non-cyclical	1.2%
Technology	0.7%
Diversified	0.1%
Total Long-Term Investments	100.6%
Short-Term Investments and Other Assets and Liabilities	(0.6)%
Net Assets	100.0%

8

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in common stocks of small and mid cap companies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small and mid cap companies. The Fund’s subadviser and sub-subadviser currently consider small and mid cap companies to include companies with market capitalizations at the time of purchase that are within the market capitalization range of companies included in either the Russell 2000^® Index or the Russell Midcap^® Index. The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price). Effective March 7, 2022, T. Rowe Price Investment Management, Inc. was added as sub-subadviser for the Fund.

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund Largest Holdings (% of Net Assets) on 3/31/22
Textron, Inc.	1.3%
Hologic, Inc.	0.9%
FirstEnergy Corp.	0.8%
Veeva Systems, Inc. Class A	0.8%
Catalent, Inc.	0.8%
Cardinal Health, Inc.	0.7%
Bunge Ltd.	0.7%
Ingersoll Rand, Inc.	0.7%
Loews Corp.	0.7%
News Corp. Class A	0.7%
	8.1%

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund Sector Table (% of Net Assets) on 3/31/22
Consumer, Non-cyclical	26.6%
Financial	18.7%
Industrial	13.2%
Technology	11.8%
Consumer, Cyclical	8.8%
Energy	4.9%
Communications	4.6%
Basic Materials	4.3%
Utilities	3.6%
Mutual Funds	1.2%
Diversified	0.2%
Total Long-Term Investments	97.9%
Short-Term Investments and Other Assets and Liabilities	2.1%
Net Assets	100.0%

9

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, and who is the Fund’s subadviser?

The Fund seeks a high level of income consistent with capital preservation. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities that are held in its benchmark index, the Bloomberg U.S. Long Treasury Bond Index*, and at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Government. The Fund is subadvised by T. Rowe Price Associates, Inc. (T. Rowe Price).

* “Bloomberg^®” and Bloomberg U.S. Long Treasury Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by MassMutual. Bloomberg is not affiliated with MassMutual, and Bloomberg does not approve, endorse, review, or recommend the Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund Portfolio Characteristics (% of Net Assets) on 3/31/22
U.S. Treasury Obligations	96.7%
U.S. Government Agency Obligations and Instrumentalities*	2.5%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
Net Assets	100.0%

* 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.

10

MM Equity Asset Fund – Portfolio of Investments

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Basic Materials — 2.1%
Chemicals — 1.8%
Air Products & Chemicals, Inc.		2,359	$	589,538
Celanese Corp.		3,558		508,331
DuPont de Nemours, Inc.		9,945		731,753
Eastman Chemical Co.		11,551		1,294,405
Linde PLC		8,763		2,799,165
PPG Industries, Inc.		10,143		1,329,443
				7,252,635
Iron & Steel — 0.1%
Nucor Corp.		3,047		452,937
Mining — 0.2%
Ferroglobe Representation & Warranty Insurance Trust (a) (b) (c)		3,141		—
Freeport-McMoRan, Inc.		12,612		627,321
				627,321
				8,332,893
Communications — 14.0%
Advertising — 0.0%
The Interpublic Group of Cos., Inc.		4,143		146,869
Internet — 11.7%
Alphabet, Inc. Class A (c)		3,976		11,058,648
Alphabet, Inc. Class C (c)		3,025		8,448,795
Amazon.com, Inc. (c)		5,022		16,371,469
Booking Holdings, Inc. (c)		662		1,554,674
Expedia Group, Inc. (c)		5,402		1,057,009
Lyft, Inc. Class A (c)		10,961		420,902
Meta Platforms, Inc. Class A (c)		24,874		5,530,983
Netflix, Inc. (c)		5,215		1,953,487
Shopify, Inc. Class A (c)		537		362,990
Uber Technologies, Inc. (c)		3,279		116,995
				46,875,952
Media — 1.4%
Charter Communications, Inc. Class A (c)		3,981		2,171,715
Comcast Corp. Class A		55,218		2,585,307
Fox Corp. Class A		2,383		94,009
The Walt Disney Co. (c)		5,057		693,618
				5,544,649
Telecommunications — 0.9%
Motorola Solutions, Inc.		1,462		354,096
T-Mobile US, Inc. (c)		14,927		1,915,881
Verizon Communications, Inc.		24,435		1,244,719
				3,514,696
				56,082,166

	Number of Shares		Value
Consumer, Cyclical — 9.0%
Airlines — 0.2%
Southwest Airlines Co. (c)		15,578	$	713,472
Apparel — 0.7%
NIKE, Inc. Class B		19,326		2,600,507
Auto Manufacturers — 2.4%
General Motors Co. (c)		16,489		721,229
Rivian Automotive, Inc. Class A (c)		3,267		164,134
Tesla, Inc. (c)		8,191		8,826,621
				9,711,984
Auto Parts & Equipment — 0.2%
Aptiv PLC (c)		2,833		339,139
Magna International, Inc.		9,191		591,073
				930,212
Home Builders — 0.5%
D.R. Horton, Inc.		1,420		105,804
Lennar Corp. Class A		16,743		1,359,029
PulteGroup, Inc.		1,703		71,356
Toll Brothers, Inc.		8,174		384,342
				1,920,531
Leisure Time — 0.0%
Royal Caribbean Cruises Ltd. (c)		2,226		186,494
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (c)		7,728		1,172,647
Retail — 4.7%
AutoNation, Inc. (c)		2,326		231,623
AutoZone, Inc. (c)		375		766,717
Best Buy Co., Inc.		15,181		1,379,953
Burlington Stores, Inc. (c)		1,810		329,728
Chipotle Mexican Grill, Inc. (c)		299		473,027
Costco Wholesale Corp.		2,758		1,588,194
Dollar General Corp.		1,541		343,073
The Home Depot, Inc.		7,395		2,213,545
Lowe’s Cos., Inc.		17,895		3,618,190
McDonald’s Corp.		15,170		3,751,238
O’Reilly Automotive, Inc. (c)		3,553		2,433,663
The TJX Cos., Inc.		18,982		1,149,930
Yum! Brands, Inc.		3,133		371,354
				18,650,235
				35,886,082
Consumer, Non-cyclical — 20.1%
Agriculture — 0.8%
Altria Group, Inc.		28,602		1,494,455
Philip Morris International, Inc.		16,165		1,518,540
				3,012,995
Beverages — 1.6%
The Coca-Cola Co.		74,375		4,611,250

The accompanying notes are an integral part of the financial statements.

11

MM Equity Asset Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Constellation Brands, Inc. Class A		5,945	$	1,369,252
PepsiCo, Inc.		2,888		483,394
				6,463,896
Biotechnology — 1.4%
Biogen, Inc. (c)		3,253		685,082
BioMarin Pharmaceutical, Inc. (c)		2,428		187,199
Illumina, Inc. (c)		1,483		518,160
Moderna, Inc. (c)		1,548		266,658
Regeneron Pharmaceuticals, Inc. (c)		2,817		1,967,449
Vertex Pharmaceuticals, Inc. (c)		7,413		1,934,571
				5,559,119
Commercial Services — 1.7%
Affirm Holdings, Inc. (c) (d)		4,649		215,156
Automatic Data Processing, Inc.		6,707		1,526,111
Booz Allen Hamilton Holding Corp.		5,629		494,451
Cintas Corp.		1,069		454,742
FleetCor Technologies, Inc. (c)		4,716		1,174,567
S&P Global, Inc.		7,640		3,133,775
				6,998,802
Cosmetics & Personal Care — 1.5%
The Estee Lauder Cos., Inc. Class A		4,011		1,092,275
The Procter & Gamble Co.		31,957		4,883,030
				5,975,305
Food — 0.5%
Mondelez International, Inc. Class A		31,647		1,986,799
Health Care – Products — 4.1%
Abbott Laboratories		20,395		2,413,952
ABIOMED, Inc. (c)		455		150,714
Baxter International, Inc.		17,791		1,379,514
Boston Scientific Corp. (c)		35,752		1,583,456
Danaher Corp.		4,825		1,415,317
Intuitive Surgical, Inc. (c)		4,191		1,264,341
Medtronic PLC		18,960		2,103,612
Thermo Fisher Scientific, Inc.		7,771		4,589,941
Zimmer Biomet Holdings, Inc.		11,285		1,443,352
				16,344,199
Health Care – Services — 2.9%
Anthem, Inc.		5,853		2,875,111
Centene Corp. (c)		22,159		1,865,566
Humana, Inc.		1,835		798,537
Town Health International Medical Group Ltd. (c)		62,000		2,845
UnitedHealth Group, Inc.		11,990		6,114,540
				11,656,599
Household Products & Wares — 0.4%
Avery Dennison Corp.		3,431		596,891

	Number of Shares		Value
Kimberly-Clark Corp.		9,146	$	1,126,421
				1,723,312
Pharmaceuticals — 5.2%
AbbVie, Inc.		32,462		5,262,415
Bristol-Myers Squibb Co.		54,993		4,016,139
DexCom, Inc. (c)		955		488,578
Eli Lilly & Co.		12,924		3,701,046
Johnson & Johnson		20,502		3,633,569
McKesson Corp.		2,923		894,818
Merck & Co., Inc.		14,743		1,209,663
Neurocrine Biosciences, Inc. (c)		2,491		233,531
Pfizer, Inc.		29,228		1,513,134
				20,952,893
				80,673,919
Energy — 3.8%
Oil & Gas — 3.5%
Chevron Corp.		21,048		3,427,246
ConocoPhillips		42,377		4,237,700
Coterra Energy, Inc.		7,930		213,872
Diamondback Energy, Inc.		15,866		2,174,911
EOG Resources, Inc.		12,993		1,549,155
Phillips 66		3,205		276,880
Pioneer Natural Resources Co.		9,003		2,251,020
Untrade Brightoil		52,000		9,958
				14,140,742
Oil & Gas Services — 0.1%
Baker Hughes Co.		9,952		362,353
Pipelines — 0.2%
Cheniere Energy, Inc.		4,875		675,919
The Williams Cos., Inc.		5,633		188,198
				864,117
				15,367,212
Financial — 15.2%
Banks — 4.9%
Bank of America Corp.		64,208		2,646,654
Citigroup, Inc.		29,059		1,551,751
Fifth Third Bancorp		22,737		978,600
The Goldman Sachs Group, Inc.		4,573		1,509,547
Morgan Stanley		19,012		1,661,649
Regions Financial Corp.		46,836		1,042,569
State Street Corp.		25,936		2,259,544
SVB Financial Group (c)		1,024		572,877
Truist Financial Corp.		24,362		1,381,325
US Bancorp		49,225		2,616,309
Wells Fargo & Co.		75,375		3,652,673
				19,873,498

The accompanying notes are an integral part of the financial statements.

12

MM Equity Asset Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Diversified Financial Services — 3.9%
American Express Co.		6,425	$	1,201,475
Capital One Financial Corp.		8,678		1,139,335
Intercontinental Exchange, Inc.		9,571		1,264,520
Mastercard, Inc. Class A		15,047		5,377,497
T. Rowe Price Group, Inc.		10,862		1,642,226
Visa, Inc. Class A		22,039		4,887,589
				15,512,642
Insurance — 3.8%
Arthur J Gallagher & Co.		7,346		1,282,612
Berkshire Hathaway, Inc. Class B (c)		18,043		6,367,555
Chubb Ltd.		5,397		1,154,418
The Hartford Financial Services Group, Inc.		24,540		1,762,217
The Progressive Corp.		25,463		2,902,527
Prudential Financial, Inc.		7,806		922,435
The Travelers Cos., Inc.		2,538		463,769
Voya Financial, Inc. (d)		5,093		337,921
				15,193,454
Real Estate Investment Trusts (REITS) — 2.6%
Camden Property Trust		7,227		1,201,127
Equinix, Inc.		1,564		1,159,894
Equity LifeStyle Properties, Inc.		9,651		738,108
Host Hotels & Resorts, Inc.		19,912		386,890
Kimco Realty Corp.		26,945		665,542
Prologis, Inc.		18,800		3,035,824
SBA Communications Corp.		2,069		711,943
Sun Communities, Inc.		5,593		980,397
UDR, Inc.		2,990		171,536
Ventas, Inc.		20,680		1,277,197
				10,328,458
				60,908,052
Industrial — 7.5%
Aerospace & Defense — 0.8%
Northrop Grumman Corp.		2,134		954,367
Raytheon Technologies Corp.		22,769		2,255,725
				3,210,092
Building Materials — 0.4%
Martin Marietta Materials, Inc.		1,856		714,356
Masco Corp.		14,630		746,130
				1,460,486
Electronics — 0.4%
Honeywell International, Inc.		7,048		1,371,400
Hand & Machine Tools — 0.4%
Stanley Black & Decker, Inc.		12,206		1,706,277
Machinery – Diversified — 1.8%
Deere & Co.		9,502		3,947,701

	Number of Shares		Value
Dover Corp.		5,113	$	802,230
Ingersoll Rand, Inc.		11,450		576,507
Otis Worldwide Corp.		23,396		1,800,322
				7,126,760
Miscellaneous - Manufacturing — 1.6%
Eaton Corp. PLC		14,653		2,223,739
Parker-Hannifin Corp.		4,772		1,354,103
Textron, Inc.		11,042		821,304
Trane Technologies PLC		13,869		2,117,796
				6,516,942
Transportation — 2.1%
FedEx Corp.		5,531		1,279,818
Norfolk Southern Corp.		7,743		2,208,459
Union Pacific Corp.		6,030		1,647,456
United Parcel Service, Inc. Class B		15,956		3,421,924
				8,557,657
				29,949,614
Technology — 24.4%
Computers — 9.2%
Accenture PLC Class A		11,205		3,778,662
Apple, Inc.		161,999		28,286,646
Fortinet, Inc. (c)		1,449		495,181
International Business Machines Corp.		8,563		1,113,361
Leidos Holdings, Inc.		11,853		1,280,361
Seagate Technology Holdings PLC		19,774		1,777,683
				36,731,894
Semiconductors — 6.4%
Advanced Micro Devices, Inc. (c)		25,373		2,774,284
Analog Devices, Inc.		15,554		2,569,210
Applied Materials, Inc.		10,707		1,411,183
KLA Corp.		1,538		563,000
Lam Research Corp.		4,974		2,674,072
Microchip Technology, Inc.		12,782		960,439
Micron Technology, Inc.		11,392		887,323
NVIDIA Corp.		23,079		6,297,336
NXP Semiconductor NV		11,404		2,110,652
QUALCOMM, Inc.		7,233		1,105,347
Texas Instruments, Inc.		24,371		4,471,591
				25,824,437
Software — 8.8%
Ceridian HCM Holding, Inc. (c)		1,843		125,988
Intuit, Inc.		6,237		2,998,999
Microsoft Corp.		89,157		27,487,995
Oracle Corp.		16,908		1,398,799
salesforce.com, Inc. (c)		6,092		1,293,453
Workday, Inc. Class A (c)		5,946		1,423,829

The accompanying notes are an integral part of the financial statements.

13

MM Equity Asset Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
ZoomInfo Technologies, Inc. (c)		9,978	$	596,086
				35,325,149
				97,881,480
Utilities — 2.8%
Electric — 2.8%
Ameren Corp.		7,018		658,008
CenterPoint Energy, Inc.		59,245		1,815,267
DTE Energy Co.		5,702		753,861
Edison International		11,779		825,708
Evergy, Inc.		8,310		567,905
Exelon Corp.		42,064		2,003,508
FirstEnergy Corp.		27,889		1,278,990
NextEra Energy, Inc.		37,913		3,211,610
				11,114,857
TOTAL COMMON STOCK (Cost $279,605,889)				396,196,275
TOTAL EQUITIES (Cost $279,605,889)				396,196,275
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Biotechnology — 0.0%
Tobira Therapeutics Inc., CVR (a) (b) (c)		505		3,843
TOTAL RIGHTS (Cost $30)				3,843
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (e)		1,512		1,512
TOTAL MUTUAL FUNDS (Cost $1,512)				1,512
TOTAL LONG-TERM INVESTMENTS (Cost $279,607,431)				396,201,630

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.8%
Repurchase Agreement — 2.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/2022, 0.000%, due 4/01/22 (f)	$	11,252,871	$	11,252,871
TOTAL SHORT-TERM INVESTMENTS (Cost $11,252,871)				11,252,871
TOTAL INVESTMENTS — 101.7% (Cost $290,860,302) (g)				407,454,501
Other Assets/(Liabilities) — (1.7)%				(6,847,507	)
NET ASSETS — 100.0%			$	400,606,994

Abbreviation Legend

CVR Contingent Value Rights

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Investment was valued using significant unobservable inputs.

(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $3,843 or 0.00% of net assets.

(c) Non-income producing security.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $80,670 or 0.02% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $82,424 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e) Represents investment of security lending cash collateral. (Note 2).

(f) Maturity value of $11,252,871. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $11,477,972.

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

The accompanying notes are an integral part of the financial statements.

14

MM Equity Asset Fund – Portfolio of Investments (Continued)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		6/17/22		42	$	9,450,023	$	64,552

The accompanying notes are an integral part of the financial statements.

15

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.0%
PREFERRED STOCK — 0.0%
Energy — 0.0%
Pipelines — 0.0%
Targa Resources Corp.
9.500% (a)		235	$	320,803
TOTAL PREFERRED STOCK (Cost $252,693)				320,803
TOTAL EQUITIES (Cost $252,693)				320,803
	Principal Amount
BONDS & NOTES — 92.8%
BANK LOANS — 2.8%
Advertising — 0.1%
Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. USD LIBOR + 3.500%
3.799% VRN 8/21/26	$	301,891		296,456
Lamar Media Corp., 2020 Term Loan B, 1 mo. USD LIBOR + 1.500%
1.968% VRN 2/05/27		305,000		302,713
				599,169
Aerospace & Defense — 0.1%
Dynasty Acquisition Co., Inc.
2020 Term Loan B1, 3 mo. USD LIBOR + 3.500%
4.506% VRN 4/06/26		105,739		103,711
2020 CAD Term Loan B2, 3 mo. USD LIBOR + 3.500%
4.506% VRN 4/06/26		56,849		55,759
TransDigm, Inc., 2020 Term Loan G, 1 mo. USD LIBOR + 2.250%
2.707% VRN 8/22/24		179,880		177,071
				336,541
Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. USD LIBOR + 4.750%
5.500% VRN 4/20/28		440,000		445,087
Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 5.250%
6.250% VRN 6/21/27		425,000		440,406

	Principal Amount		Value
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%
4.500% VRN 4/21/28	$	173,688	$	171,372
				1,056,865
Auto Parts & Equipment — 0.0%
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%
3.707% VRN 4/30/26		278,229		274,404
Commercial Services — 0.0%
CoreLogic, Inc., Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 6/02/28		329,175		324,856
Computers — 0.0%
Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750%
4.500% VRN 2/01/28		291,634		289,172
Cosmetics & Personal Care — 0.1%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750%
4.756% VRN 10/01/26		435,600		432,333
Electric — 0.0%
Pike Corporation, 2021 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000%
3.210% VRN 1/21/28		181,301		179,557
Entertainment — 0.3%
Churchill Downs, Inc., 2021 Incremental Term Loan B1, 1 mo. USD LIBOR + 2.000%
2.457% VRN 3/17/28		590,538		581,189
Delta 2 (LUX) S.A.R.L., 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500%
3.500% VRN 2/01/24		605,000		601,600
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.000%
3.500% VRN 8/25/28		179,100		176,727
UFC Holdings LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 2.750%
3.500% VRN 4/29/26		507,128		501,423
				1,860,939
Environmental Controls — 0.1%
Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%
3.457% VRN 3/29/25		471,276		463,863

The accompanying notes are an integral part of the financial statements.

16

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

	Principal Amount		Value
GFL Environmental, Inc., 2020 Term Loan, 3 mo. USD LIBOR + 3.000%
3.500% VRN 5/30/25	$	277,272	$	275,885
Madison IAQ LLC, Term Loan, 6 mo. USD LIBOR + 3.250%
4.524% VRN 6/21/28		174,125		171,369
				911,117
Health Care – Products — 0.1%
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%
2.750% VRN 11/08/27		288,550		285,921
ICU Medical, Inc., Term Loan B, 2 mo. SOFR + 2.500%
3.000% VRN 1/08/29		65,000		64,675
Maravai Intermediate Holdings, LLC, 2022 Term Loan B, 3 mo. SOFR + 3.000%
3.500% VRN 10/19/27		291,782		290,323
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%
3.750% VRN 10/23/28		130,000		128,635
				769,554
Health Care – Services — 0.2%
ADMI Corp.
2021 Term Loan B2, 1 mo. USD LIBOR + 3.375%
3.875% VRN 12/23/27		262,350		257,473
2021 Incremental Term Loan B3, 1 mo. USD LIBOR + 3.500%
4.000% VRN 12/23/27		184,075		181,621
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, 1 mo. USD LIBOR + 2.000%
2.500% VRN 2/22/28		104,474		104,213
HCA, Inc., 2021 Term Loan B14, 1 mo. USD LIBOR + 1.750%
2.207% VRN 6/30/28		44,663		44,625
ICON Luxembourg S.A.R.L.
LUX Term Loan, 3 mo. USD LIBOR + 2.250%
3.256% VRN 7/03/28		185,121		184,080
US Term Loan, 3 mo. USD LIBOR + 2.250%
3.256% VRN 7/03/28		46,123		45,864
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. USD LIBOR + 3.750%
4.197% VRN 11/16/25		209,589		208,126

	Principal Amount		Value
Surgery Center Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%
4.500% VRN 8/31/26	$	296,981	$	294,346
U.S. Renal Care, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 5.000%
5.250% VRN 6/26/26		118,785		108,540
				1,428,888
Insurance — 0.3%
Alliant Holdings Intermediate LLC
2018 Term Loan B, 1 mo. USD LIBOR + 3.250%
3.707% VRN 5/09/25		225,753		223,012
2021 Term Loan B4, 1 mo. USD LIBOR + 3.500%
4.000% VRN 11/06/27		213,925		212,291
Asurion LLC
2018 Term Loan B7, 1 mo. USD LIBOR + 3.000%
3.457% VRN 11/03/24		321,950		317,465
2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%
3.707% VRN 12/23/26		548,049		535,488
2021 2nd Lien Term Loan B3, 1 mo. USD LIBOR + 5.250%
5.707% VRN 1/31/28		74,697		73,128
2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250%
5.707% VRN 1/20/29		545,000		532,056
Hub International Ltd., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250%
4.000% VRN 4/25/25		437,970		434,786
				2,328,226
Internet — 0.0%
Eagle Broadband Investments LLC, Term Loan, 3 mo. USD LIBOR + 3.000%
4.063% VRN 11/12/27		49,750		49,053
Lodging — 0.1%
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%
3.207% VRN 12/23/24		192,120		190,919
2020 Term Loan B1, 1 mo. USD LIBOR + 3.500%
3.957% VRN 7/21/25		296,122		294,790
				485,709

The accompanying notes are an integral part of the financial statements.

17

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

	Principal Amount		Value
Machinery – Construction & Mining — 0.0%
Brookfield WEC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 2.750%
3.250% VRN 8/01/25	$	237,000	$	232,483
Machinery – Diversified — 0.1%
Vertical US Newco Inc, Term Loan B, 6 mo. USD LIBOR + 3.500%
4.000% VRN 7/30/27		729,158		721,414
Media — 0.1%
The E.W. Scripps Co., 2020 Term Loan B3, 1 mo. USD LIBOR + 3.000%
3.750% VRN 1/07/28		141,738		140,608
Mission Broadcasting, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.500%
2.731% VRN 6/02/28		174,125		171,804
Univision Communications, Inc., 2022 Term Loan B, 1 mo. USD LIBOR + 3.250%
4.000% VRN 1/31/29		250,000		247,082
				559,494
Packaging & Containers — 0.1%
Charter NEX US, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750%
4.500% VRN 12/01/27		715,544		711,072
Pharmaceuticals — 0.1%
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%
5.006% VRN 10/01/27		287,093		286,375
PetVet Care Centers, LLC, 2021 Term Loan B3, 1 mo. USD LIBOR + 3.500%
4.250% VRN 2/14/25		292,050		290,225
				576,600
Pipelines — 0.1%
Buckeye Partners, L.P., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
2.707% VRN 11/01/26		377,336		374,212
Retail — 0.2%
IRB Holding Corp, 2022 Term Loan B, 2 mo. SOFR + 3.000%
3.750% VRN 12/15/27		417,035		414,253
KFC Holding Co., 2021 Term Loan B, 1 mo. USD LIBOR + 1.750%
2.218% VRN 3/15/28		725,136		717,732

	Principal Amount		Value
WOOF Holdings, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750%
4.678% VRN 12/21/27	$	277,200	$	274,775
				1,406,760
Semiconductors — 0.0%
Entegris, Inc., 2022 Term Loan B,
0.000% 3/02/29 (b)		255,000		254,151
Software — 0.5%
Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.000%
4.006% VRN 9/19/24		872,227		865,467
Ascend Learning LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 12/11/28		315,000		311,141
AthenaHealth, Inc.
2022 Delayed Draw Term Loan, 3 mo. SOFR + 3.500%
4.000% VRN 2/15/29 (c)		41,304		40,798
2022 Term Loan B, 1 mo. SOFR + 3.500%
4.000% VRN 2/15/29		243,696		240,710
Camelot U.S. Acquisition 1 Co.
Term Loan B, 1 mo. USD LIBOR + 3.000%
3.457% VRN 10/30/26		102,638		101,398
2020 Incremental Term Loan B, 1 mo. USD LIBOR + 3.000%
4.000% VRN 10/30/26		108,625		107,471
CCC Intelligent Solutions, Inc., Term Loan B, 3 mo. USD LIBOR + 2.250%
3.256% VRN 9/21/28		184,538		182,508
Epicor Software Corp., 2020 Term Loan, 1 mo. USD LIBOR + 3.250%
4.000% VRN 7/30/27		296,662		293,960
Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%
4.250% VRN 7/01/24		24,744		24,585
Polaris Newco LLC, USD Term Loan B, 1 mo. USD LIBOR + 4.000%
4.500% VRN 6/02/28		204,087		202,404
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%
3.750% VRN 4/24/28		452,725		447,021

The accompanying notes are an integral part of the financial statements.

18

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

	Principal Amount		Value
The Ultimate Software Group, Inc.
2021 Term Loan, 3 mo. USD LIBOR + 3.250%
3.750% VRN 5/04/26	$	921,488	$	913,112
2021 2nd Lien Term Loan, 3 mo. USD LIBOR + 5.250%
5.750% VRN 5/03/27		95,000		94,124
				3,824,699
Telecommunications — 0.0%
Intelsat Jackson Holdings S.A., 2017 Term Loan B3, 1 mo. Prime + 4.750%
8.250% VRN 11/27/23		585		575
Iridium Satellite LLC, 2021 Term Loan B2, 1 mo. USD LIBOR + 2.500%
3.250% VRN 11/04/26		201,480		199,622
				200,197
TOTAL BANK LOANS (Cost $20,344,657)				20,187,465
CORPORATE DEBT — 27.6%
Agriculture — 0.3%
BAT Capital Corp.
3.557% 8/15/27		770,000		750,587
BAT International Finance PLC
1.668% 3/25/26		205,000		188,343
3.950% 6/15/25 (d)		786,000		782,265
Bunge Finance Europe BV
1.850% 6/16/23 EUR (e)		220,000		245,458
Reynolds American, Inc.
4.450% 6/12/25		395,000		403,751
				2,370,404
Airlines — 0.1%
American Airlines, Inc. /AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 (d)		115,000		115,874
5.750% 4/20/29 (d)		105,000		104,606
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 (d)		525,000		547,313
United Airlines Pass Through Trust
2.900% 11/01/29		148,813		135,181
2.700% 11/01/33		93,558		85,737
				988,711

	Principal Amount		Value
Apparel — 0.0%
Wolverine World Wide, Inc.
4.000% 8/15/29 (d) (f)	$	160,000	$	142,000
Auto Manufacturers — 1.3%
American Honda Finance Corp.
0.750% 11/25/26 GBP (e)		130,000		158,379
1.950% 10/18/24 EUR (e)		200,000		226,972
BMW Finance NV
0.010% 3/24/23 EUR (d) (e)		117,000		129,516
0.010% 4/14/23 EUR (d) (e)		84,000		92,986
0.500% 11/22/22 EUR (d) (e)		105,000		116,773
1.250% 9/05/22 EUR (d) (e)		92,000		102,451
Daimler Finance North America LLC
2.450% 3/02/31 (d) (f)		255,000		232,293
Ford Motor Co.
9.000% 4/22/25		90,000		103,245
9.625% 4/22/30		145,000		188,834
Ford Motor Credit Co. LLC
4.950% 5/28/27		265,000		269,778
General Motors Financial Co., Inc.
0.850% 2/26/26 EUR (d) (e)		350,000		369,378
0.955% 9/07/23 EUR (d) (e)		110,000		122,096
4.000% 10/06/26		620,000		622,703
4.350% 4/09/25		750,000		763,576
5.100% 1/17/24		435,000		450,005
Hyundai Capital America
1.800% 10/15/25 (d)		300,000		280,563
2.100% 9/15/28 (d)		470,000		414,996
Mercedes-Benz International Finance BV
0.625% 2/27/23 EUR (d) (e)		112,000		124,694
0.750% 5/11/23 EUR (d) (e)		80,000		89,139
2.375% 9/12/22 EUR (d) (e)		72,000		80,589
RCI Banque SA
0.250% 3/08/23 EUR (d) (e)		55,000		60,690
0.750% 9/26/22 EUR (d) (e)		71,000		78,672
0.750% 4/10/23 EUR (d) (e)		68,000		75,227
Stellantis NV
2.375% 4/14/23 EUR (d) (e)		53,000		59,822
Toyota Motor Credit Corp.
0.750% 7/21/22 EUR (d) (e)		104,000		115,324
2.375% 2/01/23 EUR (d) (e)		81,000		91,396
Volkswagen Bank GmbH
0.750% 6/15/23 EUR (d) (e)		80,000		88,771
2.500% 7/31/26 EUR (d) (e)		700,000		792,356
Volkswagen Financial Services AG
0.875% 4/12/23 EUR (d) (e)		72,000		80,000
2.500% 4/06/23 EUR (d) (e)		67,000		75,711

The accompanying notes are an integral part of the financial statements.

19

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

	Principal Amount		Value
Volkswagen Group of America Finance LLC
3.200% 9/26/26 (d) (f)	$	1,320,000	$	1,297,767
3.350% 5/13/25 (d)		500,000		499,002
Volkswagen International Finance NV
0.875% 1/16/23 EUR (d) (e)		120,000		133,514
1.875% 3/30/27 EUR (d) (e)		200,000		221,655
Volkswagen Leasing GmbH
1.500% 6/19/26 EUR (d) (e)		145,000		158,611
1.625% 8/15/25 EUR (d) (e)		150,000		165,664
2.375% 9/06/22 EUR (d) (e)		100,000		111,753
				9,044,901
Auto Parts & Equipment — 0.1%
Aptiv PLC
3.100% 12/01/51		105,000		83,425
Continental AG
0.010% 9/12/23 EUR (d) (e)		45,000		49,418
The Goodyear Tire & Rubber Co.
5.000% 7/15/29 (d) (f)		260,000		242,891
Tenneco, Inc.
7.875% 1/15/29 (d)		220,000		231,356
5.125% 4/15/29 (d)		79,000		78,508
				685,598
Banks — 8.3%
ABN AMRO Bank NV
2.500% 11/29/23 EUR (d) (e)		114,000		131,183
AIB Group PLC
2.250% 7/03/25 EUR (d) (e)		300,000		339,907
Arion Banki HF
1.000% 3/20/23 EUR (d) (e)		150,000		166,665
Banco Bilbao Vizcaya Argentaria SA
0.375% 10/02/24 EUR (d) (e)		200,000		218,624
0.750% 9/11/22 EUR (d) (e)		100,000		111,112
Banco Comercial Portugues SA 5 year EUR Swap + 4.267%
4.500% VRN 12/07/27 EUR (d) (e)		100,000		109,519
Banco de Bogota SA
6.250% 5/12/26 (d)		250,000		255,625
Banco de Credito del Peru SA
5 year CMT + 3.000% 3.125% VRN 7/01/30 (d)		240,000		225,840
5 year CMT + 3.000% 3.125% VRN 7/01/30 (d) (f)		135,000		127,035
Banco de Sabadell SA
0.875% 3/05/23 EUR (d) (e)		300,000		333,775
1. mo. EUAMDB ICE Swap + 1.150% 0.875% VRN 6/16/28 EUR (d) (e)		200,000		199,074

	Principal Amount		Value
Banco Santander SA
1.125% 1/17/25 EUR (d) (e)	$	300,000	$	332,438
1.375% 12/14/22 EUR (d) (e)		100,000		111,801
1 year CMT + .900% 1.722% VRN 9/14/27		800,000		723,556
2.746% 5/28/25		1,200,000		1,170,724
3.490% 5/28/30		200,000		193,595
1 year CMT + 2.000% 4.175% VRN 3/24/28		200,000		201,318
Bangkok Bank PCL
5 year CMT + 1.900% 3.733% VRN 9/25/34 (d)		450,000		419,508
4.450% 9/19/28 (d)		330,000		346,452
Bank Hapoalim BM 5 year CMT + 2.155%
3.255% VRN 1/21/32 (d)		200,000		184,000
Bank of America Corp.
0.750% 7/26/23 EUR (d) (e)		110,000		122,539
1.625% 9/14/22 EUR (d) (e)		111,000		123,828
SOFR + .960% 1.734% VRN 7/22/27		585,000		544,007
SOFR + 1.530% 1.898% VRN 7/23/31		1,240,000		1,083,005
SOFR + 1.220% 2.299% VRN 7/21/32		935,000		832,288
2.375% 6/19/24 EUR (d) (e)		150,000		171,684
2.375% 6/19/24 EUR (d) (e)		150,000		171,684
3 mo. USD LIBOR + .990% 2.496% VRN 2/13/31		1,735,000		1,594,964
SOFR + 2.150% 2.592% VRN 4/29/31		585,000		539,772
SOFR + 1.330% 2.972% VRN 2/04/33		845,000		792,901
3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28		55,000		54,536
3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27		495,000		497,018
3.950% 4/21/25		1,365,000		1,389,479
4.250% 10/22/26		700,000		721,463
Banque Federative du Credit Mutuel SA
0.750% 6/15/23 EUR (d) (e)		100,000		111,529
Barclays PLC
1 year CMT + 1.050% 2.279% VRN 11/24/27		295,000		274,261
SOFR + 2.714% 2.852% VRN 5/07/26		670,000		651,496
3 mo. USD LIBOR + 1.610% 3.932% VRN 5/07/25		475,000		479,228

The accompanying notes are an integral part of the financial statements.

20

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

	Principal Amount		Value
BBVA Bancomer SA 5 year CMT + 2.650%
5.125% VRN 1/18/33 (d)	$	300,000	$	285,195
BNP Paribas SA
SOFR + 1.004% 1.323% VRN 1/13/27 (d)		890,000		811,366
3 mo. EURIBOR + 1.800% 2.125% VRN 1/23/27 EUR (d) (e)		300,000		338,619
SOFR + 1.218% 2.159% VRN 9/15/29 (d)		345,000		307,529
SOFR + 1.228% 2.591% VRN 1/20/28 (d)		680,000		640,882
2.875% 10/24/22 EUR (d) (e)		96,000		108,072
2.875% 9/26/23 EUR (d) (e)		153,000		176,139
4.500% 3/21/23 EUR (d) (e)		157,000		181,328
BPCE SA
0.375% 10/05/23 EUR (d) (e)		100,000		110,924
4.625% 7/18/23 EUR (d) (e)		100,000		116,256
CaixaBank SA
1.125% 1/12/23 EUR (d) (e)		100,000		111,594
1.125% 5/17/24 EUR (d) (e)		100,000		111,097
1.750% 10/24/23 EUR (d) (e)		100,000		112,793
5 year EUR Swap + 2.350% 2.750% VRN 7/14/28 EUR (d) (e)		200,000		224,742
Citigroup, Inc.
0.750% 10/26/23 EUR (d) (e)		110,000		122,374
SOFR + 1.167% 2.561% VRN 5/01/32		300,000		270,570
SOFR + 1.351% 3.057% VRN 1/25/33		575,000		538,898
SOFR + 1.280% 3.070% VRN 2/24/28		570,000		556,422
SOFR + 2.842% 3.106% VRN 4/08/26		475,000		471,488
Commerzbank AG
0.500% 8/28/23 EUR (d) (e)		142,000		157,528
1.500% 9/21/22 EUR (e)		18,000		20,067
Cooperatieve Rabobank UA
0.750% 8/29/23 EUR (d) (e)		100,000		111,764
2.375% 5/22/23 EUR (d) (e)		130,000		147,831
3.875% 7/25/23 EUR (d) (e)		118,000		136,968
4.125% 9/14/22 EUR (d) (e)		115,000		129,481
4.625% 5/23/29 GBP (d) (e)		150,000		212,594
Credit Agricole SA
0.875% 1/14/32 EUR (d) (e)		200,000		200,765
1.000% 9/16/24 EUR (d) (e)		200,000		223,206
Credit Suisse AG
1.000% 6/07/23 EUR (d) (e)		111,000		123,948

	Principal Amount		Value
Credit Suisse Group AG
1 mo. BPSW + 1.230% 2.125% VRN 9/12/25 GBP (d) (e)	$	250,000	$	319,387
SOFR + 3.730% 4.194% VRN 4/01/31 (d)		480,000		473,228
Danske Bank A/S
0.250% 11/28/22 EUR (d) (e)		109,000		120,937
0.875% 5/22/23 EUR (d) (e)		110,000		122,466
5 year EUR Swap + 1.700% 1.375% VRN 2/12/30 EUR (d) (e)		200,000		216,062
3 mo. USD LIBOR + 1.591% 3.244% VRN 12/20/25 (d)		1,040,000		1,025,706
1 year CMT + 1.450% 3.773% VRN 3/28/25 (d) (g)		355,000		356,079
3.875% 9/12/23 (d)		5,000		5,049
5.375% 1/12/24 (d)		200,000		206,340
Deutsche Bank AG
1.125% 8/30/23 EUR (d) (e)		114,000		127,807
2.375% 1/11/23 EUR (d) (e)		100,000		112,750
Discover Bank
4.650% 9/13/28		405,000		421,158
DNB Bank ASA
0.050% 11/14/23 EUR (d) (e)		109,000		119,905
DNB Boligkreditt AS
1.875% 11/21/22 EUR (d) (e)		100,000		112,138
The Goldman Sachs Group, Inc.
1.375% 7/26/22 EUR (d) (e)		118,000		131,179
1.375% 5/15/24 EUR (d) (e)		40,000		44,687
SOFR + .818% 1.542% VRN 9/10/27		605,000		553,691
1.625% 7/27/26 EUR (d) (e)		140,000		155,214
2.000% 7/27/23 EUR (d) (e)		130,000		147,039
SOFR + 1.248% 2.383% VRN 7/21/32		510,000		451,775
SOFR + 1.281% 2.615% VRN 4/22/32		1,550,000		1,408,937
SOFR + 1.264% 2.650% VRN 10/21/32		520,000		472,744
SOFR + 1.410% 3.102% VRN 2/24/33		685,000		645,749
3.250% 2/01/23 EUR (d) (e)		134,000		152,235
3.500% 11/16/26		745,000		747,969
SOFR + 1.846% 3.615% VRN 3/15/28		550,000		548,964
Heta Asset Resolution AG
2.375% 12/13/22 EUR (d) (e)		1,100,000		1,237,789
HSBC Continental Europe SA
0.600% 3/20/23 EUR (d) (e)		100,000		111,293
HSBC Holdings PLC
SOFR + 1.538% 1.645% VRN 4/18/26		940,000		885,514

The accompanying notes are an integral part of the financial statements.

21

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

	Principal Amount		Value
SOFR + 1.929% 2.099% VRN 6/04/26	$	610,000	$	580,780
SOFR + 1.430% 2.999% VRN 3/10/26		560,000		549,654
ING Groep NV
1.000% 9/20/23 EUR (d) (e)		100,000		111,884
SOFR + 1.005% 1.726% VRN 4/01/27		260,000		240,107
3.869% 3/28/26		235,000		236,250
Intesa Sanpaolo SpA
1.000% 7/04/24 EUR (d) (e)		300,000		332,365
2.125% 8/30/23 EUR (d) (e)		114,000		129,267
JP Morgan Chase & Co.
1.500% 10/26/22 EUR (d) (e)		111,000		124,013
SOFR + .885% 1.578% VRN 4/22/27		630,000		587,512
3. mo. TSFR + 1.105% 1.764% VRN 11/19/31		955,000		823,495
SOFR + 1.890% 2.182% VRN 6/01/28		675,000		634,248
SOFR + 1.510% 2.739% VRN 10/15/30		445,000		420,541
2.750% 2/01/23 EUR (d) (e)		114,000		129,186
SOFR + 1.170% 2.947% VRN 2/24/28 (f)		570,000		557,070
SOFR + 2.515% 2.956% VRN 5/13/31		2,320,000		2,171,097
SOFR + 1.260% 2.963% VRN 1/25/33		390,000		367,730
KBC Group NV
0.750% 10/18/23 EUR (d) (e)		100,000		111,355
Kookmin Bank
2.500% 11/04/30 (d)		200,000		177,883
Kreditanstalt fuer Wiederaufbau
4.700% 6/02/37 CAD (e)		65,000		59,863
4.700% 6/02/37 CAD (e)		75,000		69,073
Landsbankinn HF
0.375% 5/23/25 EUR (d) (e)		265,000		280,086
1.000% 5/30/23 EUR (d) (e)		100,000		110,703
Lloyds Bank Corporate Markets PLC
0.250% 10/04/22 EUR (d) (e)		100,000		110,887
Morgan Stanley
3 mo. EURIBOR + .698% 0.406% VRN 10/29/27 EUR (e)		100,000		104,739
3 mo. EURIBOR + .753% 0.637% VRN 7/26/24 EUR (e)		100,000		110,988
1.000% 12/02/22 EUR (e)		110,000		122,660
SOFR + .858% 1.512% VRN 7/20/27		730,000		671,919
SOFR + .879% 1.593% VRN 5/04/27		670,000		623,279

	Principal Amount		Value
1.875% 3/30/23 EUR (e)	$	113,000	$	127,344
SOFR + 1.020% 1.928% VRN 4/28/32		215,000		185,860
SOFR + 1.178% 2.239% VRN 7/21/32		460,000		408,914
SOFR + 1.290% 2.943% VRN 1/21/33		245,000		229,781
SOFR + 1.485% 3.217% VRN 4/22/42		165,000		151,938
National Australia Bank Ltd.
0.625% 11/10/23 EUR (d) (e)		56,000		62,236
2.750% 8/08/22 EUR (d) (e)		92,000		102,876
The Nationale-Nederlanden Bank NV
0.375% 2/26/25 EUR (d) (e)		100,000		108,519
Natwest Group PLC
2.500% 3/22/23 EUR (d) (e)		114,000		129,204
Nordea Bank Abp
1.000% 2/22/23 EUR (d) (e)		111,000		123,979
QNB Finance Ltd.
2.750% 2/12/27 (d)		800,000		778,555
Santander Holdings SOFR + 1.249%
2.490% VRN 1/06/28		365,000		341,038
Santander UK Group Holdings PLC
1.125% 9/08/23 EUR (d) (e)		111,000		123,983
1 year CMT + 1.250% 1.532% VRN 8/21/26		1,465,000		1,348,388
Shinhan Bank Co. Ltd.
3.875% 3/24/26 (d)		200,000		201,889
4.000% 4/23/29 (d)		500,000		505,050
Societe Generale SA
4.250% 7/13/22 EUR (d) (e)		100,000		112,010
Standard Chartered PLC
1 year CMT + 1.000% 1.456% VRN 1/14/27 (d) (f)		295,000		268,187
5 year EUR Swap + 2.800% 2.500% VRN 9/09/30 EUR (d) (e)		300,000		331,260
3 mo. USD LIBOR + 1.209% 2.819% VRN 1/30/26 (d)		200,000		194,706
1 year CMT + 1.650% 3.971% VRN 3/30/26 (d)		285,000		284,466
1 year CMT + 3.850% 4.644% VRN 4/01/31 (d)		2,030,000		2,093,397
The Toronto-Dominion Bank
0.625% 7/20/23 EUR (d) (e)		110,000		122,420
UBS Group AG
1 year CMT + 1.080% 1.364% VRN 1/30/27 (d)		235,000		216,153
1 year CMT + 1.100% 2.746% VRN 2/11/33 (d)		905,000		822,482
UniCredit SpA
2.000% 3/04/23 EUR (d) (e)		313,000		351,949

The accompanying notes are an integral part of the financial statements.

22

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

	Principal Amount		Value
5 mo. EURIBOR ICE Swap + 4.739%, 4.875% VRN 2/20/29 EUR (d) (e)	$	200,000	$	229,276
Wells Fargo & Co.
1.500% 9/12/22 EUR (d) (e)		111,000		123,770
2.250% 5/02/23 EUR (d) (e)		114,000		129,095
SOFR + 2.100% 2.393% VRN 6/02/28		1,105,000		1,046,528
SOFR + 1.262% 2.572% VRN 2/11/31		1,225,000		1,136,592
2.625% 8/16/22 EUR (d) (e)		113,000		126,349
SOFR + 1.432% 2.879% VRN 10/30/30		2,145,000		2,038,940
SOFR + 2.530% 3.068% VRN 4/30/41		335,000		300,503
4.300% 7/22/27		290,000		301,065
				60,259,000
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc.
4.439% 10/06/48		215,000		224,948
4.500% 6/01/50		1,205,000		1,286,801
				1,511,749
Building Materials — 0.3%
Boral Finance Pty Ltd.
3.000% 11/01/22 (d)		170,000		170,058
3.750% 5/01/28 (d)		1,060,000		1,036,491
Cemex SAB de CV
3.875% 7/11/31 (d)		400,000		365,004
Cie de Saint-Gobain
1.750% 4/03/23 EUR (d) (e)		100,000		112,151
CRH Finance UK PLC
4.125% 12/02/29 GBP (d) (e)		150,000		212,811
HeidelbergCement Finance Luxembourg SA
0.500% 8/09/22 EUR (d) (e)		64,000		70,821
Holcim Finance Luxembourg SA
1.375% 5/26/23 EUR (d) (e)		111,000		123,990
Johnson Controls International PLC
1.000% 9/15/23 EUR (e)		111,000		123,766
				2,215,092
Chemicals — 0.3%
BASF SE
0.101% 6/05/23 EUR (d) (e)		100,000		110,529
Braskem Netherlands Finance BV
4.500% 1/31/30 (d)		300,000		290,337
Eastman Chemical Co.
1.500% 5/26/23 EUR (e)		111,000		123,745

	Principal Amount		Value
Equate Petrochemical BV
2.625% 4/28/28 (d)	$	400,000	$	370,500
4.250% 11/03/26 (d)		500,000		506,250
Evonik Industries AG
1.000% 1/23/23 EUR (d) (e)		84,000		93,427
LANXESS AG
2.625% 11/21/22 EUR (d) (e)		60,000		67,501
Methanex Corp.
5.125% 10/15/27		170,000		171,055
Westlake Corp.
1.625% 7/17/29 EUR (e)		675,000		719,650
				2,452,994
Commercial Services — 0.3%
Abertis Infraestructuras SA
3.000% 3/27/31 EUR (d) (e)		100,000		117,774
Adani Ports & Special Economic Zone Ltd.
4.200% 8/04/27 (d)		250,000		243,823
Holding d’Infrastructures de Transport SASU
0.625% 3/27/23 EUR (d) (e)		100,000		111,023
Transurban Finance Co.
2.450% 3/16/31 (d)		920,000		815,865
3.375% 3/22/27 (d)		560,000		556,618
Verisure Holding AB
3.875% 7/15/26 EUR (d) (e)		100,000		107,859
				1,952,962
Computers — 0.0%
Apple, Inc.
2.400% 8/20/50		130,000		107,188
Capgemini SE
2.500% 7/01/23 EUR (d) (e)		100,000		113,238
International Business Machines Corp.
0.375% 1/31/23 EUR (e)		109,000		121,020
				341,446
Diversified Financial Services — 1.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.450% 10/29/26		525,000		485,484
3.000% 10/29/28		265,000		243,788
3.500% 1/15/25 (f)		150,000		147,152
4.450% 4/03/26		270,000		272,678
4.875% 1/16/24		540,000		547,715
6.500% 7/15/25		150,000		159,004
Avolon Holdings Funding Ltd.
2.528% 11/18/27 (d)		531,000		469,848
3.950% 7/01/24 (d)		125,000		124,698
4.250% 4/15/26 (d)		150,000		148,100

The accompanying notes are an integral part of the financial statements.

23

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

	Principal Amount		Value
4.375% 5/01/26 (d)	$	270,000	$	266,682
Capital One Financial Corp.
1.650% 6/12/29 EUR (e)		300,000		317,272
SOFR + 1.790% 3.273% VRN 3/01/30		265,000		256,069
3.650% 5/11/27		510,000		511,390
3.750% 3/09/27		115,000		116,073
Discover Financial Services
4.100% 2/09/27		510,000		520,726
Encore Capital Group, Inc.
5.375% 2/15/26 GBP (d) (e)		140,000		182,532
FCA Bank SpA/Ireland
0.500% 9/18/23 EUR (d) (e)		109,000		120,581
0.500% 9/13/24 EUR (d) (e)		160,000		174,937
0.625% 11/24/22 EUR (d) (e)		109,000		121,057
Intercontinental Exchange, Inc.
2.650% 9/15/40		130,000		111,058
Iqera Group SAS
4.250% 9/30/24 EUR (d) (e)		100,000		108,778
LeasePlan Corp. NV
0.125% 9/13/23 EUR (e)		108,000		118,519
0.750% 10/03/22 EUR (d) (e)		109,000		121,112
5 mo. EURIBOR ICE Swap + 7.556%, 7.375% VRN EUR (a) (d) (e)		200,000		234,259
LSEGA Financing PLC
2.000% 4/06/28 (d)		1,225,000		1,117,698
2.500% 4/06/31 (d)		435,000		402,483
3.200% 4/06/41 (d)		200,000		180,146
Navient Corp.
6.750% 6/15/26		155,000		158,100
Visa, Inc.
2.000% 8/15/50		605,000		468,527
				8,206,466
Electric — 1.1%
Ausgrid Finance Pty Ltd.
3.850% 5/01/23 (d)		585,000		588,984
4.350% 8/01/28 (d)		260,000		265,425
DPL, Inc.
4.125% 7/01/25		105,000		104,282
E.ON International Finance BV
0.750% 11/30/22 EUR (d) (e)		79,000		87,684
E.ON SE
0.010% 9/29/22 EUR (d) (e)		53,000		58,658
0.010% 10/24/22 EUR (d) (e)		85,000		94,050
0.375% 4/20/23 EUR (d) (e)		104,000		115,366
Edison International
4.950% 4/15/25		30,000		30,739

	Principal Amount		Value
EDP - Energias de Portugal SA
2.875% 6/01/26 EUR (d) (e)	$	200,000	$	233,945
Enel Finance International NV
4.875% 4/17/23 EUR (d) (e)		120,000		139,600
5.000% 9/14/22 EUR (d) (e)		135,000		152,756
5.250% 9/29/23 EUR (e)		26,000		30,910
5.625% 8/14/24 GBP (d) (e)		150,000		211,600
Engie SA
0.375% 2/28/23 EUR (d) (e)		100,000		110,897
3.000% 2/01/23 EUR (d) (e)		84,000		95,370
Minejesa Capital BV
5.625% 8/10/37 (d)		300,000		273,189
NextEra Energy Capital Holdings, Inc.
2.440% 1/15/32		595,000		544,169
3.000% 1/15/52		550,000		468,479
NRG Energy, Inc.
4.450% 6/15/29 (d)		230,000		230,252
OmGrid Funding Ltd.
5.196% 5/16/27 (d)		425,000		419,734
Pacific Gas and Electric Co.
2.100% 8/01/27		540,000		485,998
2.500% 2/01/31		465,000		400,884
4.550% 7/01/30		510,000		506,088
Sempra Energy
3.700% 4/01/29		145,000		145,812
State Grid Overseas Investment BVI Ltd.
1.375% 5/02/25 EUR (d) (e)		100,000		110,326
TNB Global Ventures Capital Bhd
3.244% 10/19/26 (d)		380,000		375,888
Vistra Operations Co. LLC
3.550% 7/15/24 (d)		1,285,000		1,273,872
4.375% 5/01/29 (d)		250,000		236,250
				7,791,207
Electrical Components & Equipment — 0.0%
Schneider Electric SE
1.500% 9/08/23 EUR (d) (e)		100,000		112,363
Electronics — 0.1%
Arrow Electronics, Inc.
4.000% 4/01/25		375,000		380,993
Engineering & Construction — 0.1%
Cellnex Telecom SA
1.750% 10/23/30 EUR (d) (e)		200,000		193,222
Infrastrutture Wireless Italiane SpA
1.625% 10/21/28 EUR (d) (e)		155,000		160,371
				353,593

The accompanying notes are an integral part of the financial statements.

24

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

	Principal Amount		Value
Entertainment — 0.1%
Cirsa Finance International Sarl
6.250% 12/20/23 EUR (d) (e)	$	84,917	$	94,218
International Game Technology PLC
3.500% 6/15/26 EUR (d) (e)		100,000		111,194
3.500% 6/15/26 EUR (d) (e)		100,000		111,194
Magallanes, Inc.
3.755% 3/15/27 (d)		340,000		339,355
4.054% 3/15/29 (d)		255,000		256,454
				912,415
Environmental Controls — 0.0%
Madison IAQ LLC
4.125% 6/30/28 (d)		155,000		142,988
Food — 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC
3.250% 3/15/26 (d)		60,000		56,682
4.875% 2/15/30 (d)		60,000		58,350
Bellis Acquisition Co. PLC
3.250% 2/16/26 GBP (d) (e)		100,000		121,205
Carrefour SA
1.750% 7/15/22 EUR (d) (e)		110,000		121,785
Chobani LLC / Chobani Finance Corp., Inc.
4.625% 11/15/28 (d)		240,000		221,400
Danone SA
0.424% 11/03/22 EUR (d) (e)		100,000		110,863
Iceland Bondco PLC
4.625% 3/15/25 GBP (d) (e)		150,000		175,865
Mondelez International Holdings Netherlands BV
0.250% 9/09/29 EUR (d) (e)		198,000		198,826
Nestle Finance International Ltd.
0.750% 5/16/23 EUR (d) (e)		39,000		43,461
Tesco Corporate Treasury Services PLC
0.875% 5/29/26 EUR (d) (e)		150,000		160,750
				1,269,187
Forest Products & Paper — 0.2%
Celulosa Arauco y Constitucion SA
4.200% 1/29/30 (d)		1,500,000		1,503,765
Gas — 0.1%
APT Pipelines Ltd.
4.250% 7/15/27 (d)		885,000		909,010
Hand & Machine Tools — 0.0%
Humana, Inc.
3.700% 3/23/29		170,000		170,689

	Principal Amount		Value
Health Care – Products — 0.3%
Abbott Ireland Financing DAC
0.875% 9/27/23 EUR (d) (e)	$	111,000	$	123,900
Baxter International, Inc.
2.272% 12/01/28 (d)		345,000		320,244
Becton Dickinson Euro Finance Sarl
0.334% 8/13/28 EUR (e)		100,000		101,256
0.632% 6/04/23 EUR (e)		109,000		121,087
1.213% 2/12/36 EUR (e)		100,000		97,245
Medtronic Global Holdings SCA
0.375% 3/07/23 EUR (e)		160,000		177,701
0.375% 10/15/28 EUR (e)		100,000		103,840
Mozart Debt Merger Sub
3.875% 4/01/29 (d)		285,000		263,269
PerkinElmer, Inc.
1.900% 9/15/28		410,000		371,196
2.250% 9/15/31		220,000		194,479
3.300% 9/15/29		195,000		189,686
Thermo Fisher Scientific, Inc.
0.875% 10/01/31 EUR (e)		140,000		142,886
2.375% 4/15/32 EUR (e)		100,000		116,474
				2,323,263
Health Care – Services — 0.6%
Centene Corp.
2.450% 7/15/28		230,000		210,151
2.500% 3/01/31		485,000		429,225
2.625% 8/01/31		315,000		280,350
3.375% 2/15/30		515,000		484,100
4.250% 12/15/27		570,000		572,137
4.625% 12/15/29		875,000		885,500
Fresenius Medical Care AG & Co. KGaA
0.250% 11/29/23 EUR (d) (e)		72,000		79,157
Hca, Inc.
3.125% 3/15/27 (d)		235,000		229,958
3.375% 3/15/29 (d)		90,000		87,674
Humana, Inc.
4.875% 4/01/30		645,000		695,794
UnitedHealth Group, Inc.
2.000% 5/15/30		190,000		175,146
				4,129,192
Holding Company – Diversified — 0.0%
CK Hutchison Finance 16 Ltd.
1.250% 4/06/23 EUR (d) (e)		111,000		124,120
Insurance — 0.7%
AIA Group Ltd.
3.900% 4/06/28 (d)		640,000		652,602

The accompanying notes are an integral part of the financial statements.

25

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

	Principal Amount		Value
Allianz SE 10 mo. EURIBOR ICE Swap + 3.200%
3.375% VRN EUR (a) (d) (e)	$	400,000	$	458,028
Berkshire Hathaway Finance Corp.
2.375% 6/19/39 GBP (e)		300,000		364,526
2.500% 1/15/51		175,000		141,132
Berkshire Hathaway Financial Co.
1.500% 3/18/30 EUR (e)		167,000		183,886
Berkshire Hathaway, Inc.
0.750% 3/16/23 EUR (e)		160,000		178,057
CNO Financial Group, Inc.
5.250% 5/30/25		217,000		225,352
CNP Assurances
1.875% 10/20/22 EUR (d) (e)		100,000		111,597
Equitable Holdings, Inc.
4.350% 4/20/28		1,150,000		1,176,613
Hannover Rueck SE 3 mo. EURIBOR + 3.000%
1.750% VRN 10/08/40 EUR (d) (e)		300,000		307,335
Legal & General Group PLC 5 Year UK Gilt + 4.580%
5.375% VRN 10/27/45 GBP (d) (e)		185,000		258,710
Marsh & McLennan Cos., Inc.
2.250% 11/15/30		185,000		168,898
MGIC Investment Corp.
5.250% 8/15/28		95,000		93,851
Trinity Acquisition PLC
4.400% 3/15/26		545,000		563,651
XLIT Ltd. 3 mo. EURIBOR + 2.900%
3.250% VRN 6/29/47 EUR (e)		100,000		113,610
				4,997,848
Internet — 0.2%
Alphabet, Inc.
2.050% 8/15/50		625,000		492,703
Booking Holdings, Inc.
2.150% 11/25/22 EUR (e)		100,000		111,605
MercadoLibre, Inc.
3.125% 1/14/31		200,000		174,270
Netflix, Inc.
4.625% 5/15/29 EUR (e)		200,000		249,504
United Group BV
4.625% 8/15/28 EUR (d) (e)		100,000		103,369
				1,131,451
Investment Companies — 0.1%
Criteria Caixa SA
1.500% 5/10/23 EUR (d) (e)		100,000		112,074

	Principal Amount		Value
JAB Holdings BV
2.000% 5/18/28 EUR (d) (e)	$	300,000	$	328,208
				440,282
Iron & Steel — 0.0%
ABJA Investment Co. Pte Ltd.
5.450% 1/24/28 (d)		200,000		206,253
Leisure Time — 0.1%
Carnival Corp.
4.000% 8/01/28 (d)		185,000		172,050
Deuce Finco Plc
5.500% 6/15/27 GBP (d) (e)		100,000		125,459
Royal Caribbean Cruises Ltd.
10.875% 6/01/23 (d)		155,000		164,932
				462,441
Lodging — 0.0%
Las Vegas Sands Corp.
3.500% 8/18/26		210,000		198,096
Machinery – Diversified — 0.1%
Highland Holdings Sarl
0.318% 12/15/26 EUR (e)		122,000		127,120
TK Elevator Midco GmbH
4.375% 7/15/27 EUR (d) (e)		100,000		109,131
TK Elevator US Newco, Inc.
5.250% 7/15/27 (d)		285,000		282,928
				519,179
Media — 0.7%
Altice Financing SA
4.250% 8/15/29 EUR (d) (e)		100,000		98,506
Bertelsmann SE & Co. KGaA
2.625% 8/02/22 EUR (d) (e)		100,000		111,625
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% 2/01/31 (d)		235,000		213,263
5.375% 6/01/29 (d)		80,000		80,000
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250% 1/15/29		355,000		319,909
2.800% 4/01/31		1,060,000		955,502
4.200% 3/15/28		485,000		490,530
4.800% 3/01/50		145,000		137,670
5.125% 7/01/49		215,000		213,435
5.750% 4/01/48		45,000		47,820
6.484% 10/23/45		105,000		119,639
Comcast Corp.
2.887% 11/01/51 (d)		1,440,000		1,213,234
3.250% 11/01/39		835,000		792,204

The accompanying notes are an integral part of the financial statements.

26

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

	Principal Amount		Value
DISH DBS Corp.
5.750% 12/01/28 (d)	$	180,000	$	170,325
Sirius XM Radio, Inc.
4.000% 7/15/28 (d)		155,000		147,250
TDF Infrastructure SASU
2.875% 10/19/22 EUR (d) (e)		100,000		111,535
Ziggo BV
2.875% 1/15/30 EUR (d) (e) (f)		100,000		100,945
				5,323,392
Mining — 0.0%
Arconic Corp.
6.125% 2/15/28 (d)		165,000		165,555
Hudbay Minerals, Inc.
6.125% 4/01/29 (d) (f)		145,000		149,350
				314,905
Miscellaneous - Manufacturing — 0.1%
Siemens Financieringsmaatschappij NV
0.010% 2/20/23 EUR (d) (e)		100,000		110,743
0.375% 9/06/23 EUR (d) (e)		107,000		118,752
1.700% 3/11/28 (d)		250,000		230,567
				460,062
Oil & Gas — 1.2%
Aker BP ASA
2.875% 1/15/26 (d)		180,000		175,189
BP Capital Markets PLC
1.109% 2/16/23 EUR (d) (e)		150,000		167,600
2.213% 9/25/26 EUR (d) (e)		160,000		184,954
Continental Resources, Inc.
5.750% 1/15/31 (d)		160,000		175,008
Diamondback Energy, Inc.
3.250% 12/01/26		545,000		544,955
Ecopetrol SA
4.625% 11/02/31		300,000		272,505
Eni SpA
3.250% 7/10/23 EUR (d) (e)		117,000		134,263
4.750% 9/12/28 (d)		875,000		915,226
EQT Corp.
5.000% 1/15/29		130,000		134,204
7.500% STEP 2/01/30		85,000		98,425
Leviathan Bond Ltd.
6.500% 6/30/27 (d)		300,000		306,950
Occidental Petroleum Corp.
8.500% 7/15/27		225,000		266,337
8.875% 7/15/30		225,000		288,000
OMV AG
0.010% 6/16/23 EUR (d) (e)		71,000		78,369

	Principal Amount		Value
Petroleos Mexicanos
5.125% 3/15/23 EUR (d) (e)	$	850,000	$	959,495
PTTEP Treasury Center Co. Ltd.
2.587% 6/10/27 (d)		570,000		545,906
Reliance Industries Ltd.
3.667% 11/30/27 (d)		600,000		596,766
Thaioil Treasury Center Co. Ltd.
4.625% 11/20/28 (d)		330,000		334,768
TotalEnergies Capital International SA
2.125% 3/15/23 EUR (d) (e)		100,000		113,048
Wintershall Dea Finance BV
0.452% 9/25/23 EUR (d) (e)		100,000		107,671
Woodside Finance Ltd.
3.700% 9/15/26 (d)		2,000,000		2,007,773
				8,407,412
Packaging & Containers — 0.1%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.000% 9/01/29 EUR (d) (e)		180,000		177,401
Graphic Packaging International LLC
2.625% 2/01/29 EUR (d) (e)		100,000		103,605
Trivium Packaging Finance BV
3.750% 8/15/26 EUR (d) (e)		100,000		108,203
				389,209
Pharmaceuticals — 1.6%
AbbVie, Inc.
2.950% 11/21/26		410,000		407,298
3.200% 11/21/29		340,000		335,718
4.050% 11/21/39		270,000		276,836
4.250% 11/21/49		325,000		337,338
4.700% 5/14/45		530,000		575,157
4.875% 11/14/48		1,210,000		1,366,874
Astrazeneca Finance LLC
1.750% 5/28/28		445,000		410,807
Bausch Health Cos., Inc.
4.875% 6/01/28 (d)		40,000		38,300
Bayer Capital Corp. BV
0.625% 12/15/22 EUR (d) (e)		100,000		110,999
1.250% 11/13/23 EUR (d) (e)		56,000		62,706
Becton Dickinson and Co.
1.957% 2/11/31		645,000		569,877
2.823% 5/20/30		1,610,000		1,532,030
3.020% 5/24/25 GBP (e)		150,000		199,215
3.700% 6/06/27		899,000		913,389
3.794% 5/20/50 (f)		390,000		377,688
4.669% 6/06/47		460,000		500,800

The accompanying notes are an integral part of the financial statements.

27

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

	Principal Amount		Value
Cardinal Health, Inc.
4.368% 6/15/47	$	440,000	$	437,454
4.500% 11/15/44		95,000		93,826
4.900% 9/15/45		105,000		108,531
Cigna Corp.
3.400% 3/01/27		325,000		328,339
CVS Health Corp.
5.050% 3/25/48		1,075,000		1,219,921
Eli Lilly & Co.
2.250% 5/15/50		180,000		145,895
GlaxoSmithKline Capital PLC
0.125% 5/12/23 EUR (d) (e)		100,000		110,757
Merck Financial Services GmbH
1.375% 9/01/22 EUR (d) (e)		48,000		53,237
Roche Finance Europe BV
0.500% 2/27/23 EUR (d) (e)		92,000		102,284
Sanofi
0.500% 3/21/23 EUR (d) (e)		100,000		111,152
2.500% 11/14/23 EUR (d) (e)		100,000		114,227
Takeda Pharmaceutical Co. Ltd.
2.250% 11/21/26 EUR (d) (e)		270,000		309,916
Teva Pharmaceutical Finance Netherlands BV
6.000% 1/31/25 EUR (e)		100,000		115,603
Teva Pharmaceutical Finance Netherlands III BV
7.125% 1/31/25		200,000		210,388
				11,476,562
Pipelines — 1.8%
Boardwalk Pipelines LP
3.400% 2/15/31		990,000		936,409
4.950% 12/15/24		1,415,000		1,462,273
Cameron LNG LLC
3.302% 1/15/35 (d)		200,000		187,755
Cheniere Corpus Christi Holdings LLC
3.700% 11/15/29		465,000		463,605
5.125% 6/30/27		140,000		149,436
5.875% 3/31/25		760,000		802,857
7.000% 6/30/24		290,000		308,764
Cheniere Energy Partners LP
3.250% 1/31/32 (d)		95,000		86,450
Cheniere Energy, Inc.
4.625% 10/15/28		305,000		307,290
DCP Midstream Operating LP
6.750% 9/15/37 (d)		160,000		187,600
Energy Transfer LP
2.900% 5/15/25		185,000		181,167
4.500% 4/15/24		105,000		107,509
5.000% 5/15/50		90,000		91,021

	Principal Amount		Value
5.500% 6/01/27	$	355,000	$	381,378
5.875% 1/15/24		600,000		625,435
6.000% 6/15/48		780,000		864,246
6.250% 4/15/49		105,000		120,431
Gray Oak Pipeline LLC
2.000% 9/15/23 (d)		55,000		54,213
2.600% 10/15/25 (d)		170,000		163,233
3.450% 10/15/27 (d)		70,000		67,470
NuStar Logistics LP
5.750% 10/01/25		200,000		203,750
Sabine Pass Liquefaction LLC
4.500% 5/15/30		95,000		99,360
5.000% 3/15/27		290,000		307,226
5.875% 6/30/26		1,715,000		1,856,089
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
7.500% 10/01/25 (d)		195,000		205,337
Targa Resources Corp. Co.
4.950% 4/15/52 (g)		210,000		213,843
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.000% 1/15/32		125,000		120,111
4.875% 2/01/31		25,000		25,250
6.875% 1/15/29		185,000		198,294
Transcanada Trust 3 mo. CDOR + 3.080%
4.650% VRN 5/18/77 CAD (e)		650,000		499,955
Transcontinental Gas Pipe Line Co. LLC
4.000% 3/15/28		125,000		127,960
4.600% 3/15/48		110,000		117,413
Venture Global Calcasieu Pass LLC
3.875% 8/15/29 (d)		55,000		53,395
3.875% 11/01/33 (d)		180,000		171,963
4.125% 8/15/31 (d)		65,000		63,775
The Williams Cos., Inc.
3.750% 6/15/27		1,170,000		1,184,521
				12,996,784
Real Estate — 0.3%
Akelius Residential Property AB
1.750% 2/07/25 EUR (d) (e)		170,000		189,463
Blackstone Property Partners Europe Holdings SARL
0.500% 9/12/23 EUR (d) (e)		100,000		109,952
1.750% 3/12/29 EUR (d) (e)		280,000		289,502
Country Garden Holdings Co. Ltd.
5.125% 1/17/25 (d)		250,000		192,500
Dar Al-Arkan Sukuk Co. Ltd.
6.750% 2/15/25 (d)		300,000		300,606

The accompanying notes are an integral part of the financial statements.

28

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

	Principal Amount		Value
EMG SUKUK Ltd.
4.564% 6/18/24 (d)	$	200,000	$	202,000
Howard Hughes Corp.
4.125% 2/01/29 (d)		250,000		234,565
5.375% 8/01/28 (d)		45,000		45,179
Samhallsbyggnadsbolaget i Norden AB
1.000% 8/12/27 EUR (d) (e)		260,000		250,962
Sun Hung Kai Properties Capital Market Ltd.
2.875% 1/21/30 (d)		600,000		575,100
Vonovia Finance BV
2.250% 12/15/23 EUR (d) (e)		100,000		113,752
				2,503,581
Real Estate Investment Trusts (REITS) — 2.2%
American Campus Communities Operating Partnership LP
2.850% 2/01/30		810,000		759,609
3.300% 7/15/26		405,000		403,247
3.625% 11/15/27		1,045,000		1,037,660
American Tower Corp.
0.875% 5/21/29 EUR (e)		150,000		151,675
Boston Properties LP
2.900% 3/15/30		785,000		742,972
Brixmor Operating Partnership LP
4.050% 7/01/30		485,000		486,679
4.125% 6/15/26		2,000,000		2,039,368
4.125% 5/15/29		160,000		164,129
Crown Castle International Corp.
2.250% 1/15/31		1,830,000		1,613,335
2.900% 3/15/27		135,000		130,708
3.800% 2/15/28		665,000		665,134
Digital Dutch Finco BV
0.125% 10/15/22 EUR (d) (e)		108,000		119,584
Essex Portfolio LP
1.650% 1/15/31		380,000		323,718
4.000% 3/01/29		760,000		783,738
Extra Space Storage LP
2.350% 3/15/32		775,000		680,254
GLP Capital LP/GLP Financing II, Inc.
3.350% 9/01/24		125,000		124,229
Healthcare Realty Trust, Inc.
2.050% 3/15/31 (f)		230,000		200,106
3.625% 1/15/28		850,000		843,287
Highwoods Realty LP
3.050% 2/15/30		675,000		641,375
4.125% 3/15/28		405,000		411,190
Inmobiliaria Colonial Socimi SA
1.625% 11/28/25 EUR (d) (e)		200,000		222,967

	Principal Amount		Value
Klepierre SA
1.000% 4/17/23 EUR (d) (e)	$	100,000	$	111,330
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.
5.750% 2/01/27		55,000		58,094
Prologis LP
2.250% 6/30/29 GBP (e)		150,000		190,080
Realty Income Corp.
3.950% 8/15/27		650,000		668,724
Regency Centers LP
3.600% 2/01/27		305,000		308,771
4.125% 3/15/28		815,000		841,777
SBA Tower Trust
1.840% 4/15/27 (d)		635,000		580,727
2.593% 10/15/31 (d)		515,000		469,082
Scentre Group Trust 1 / Scentre Group Trust 2
1.375% 3/22/23 EUR (d) (e)		111,000		123,882
				15,897,431
Retail — 0.6%
Bath & Body Works, Inc.
6.625% 10/01/30 (d)		210,000		220,826
The Home Depot, Inc.
2.375% 3/15/51		351,000		281,258
JMH Co Ltd.
2.500% 4/09/31 (d)		599,000		540,805
Lowe S Cos., Inc.
3.350% 4/01/27		45,000		45,307
3.750% 4/01/32		200,000		202,319
Next Group PLC
3.625% 5/18/28 GBP (d) (e)		250,000		335,033
PetSmart, Inc. / PetSmart Finance Corp.
4.750% 2/15/28 (d)		255,000		246,993
QVC, Inc.
4.375% 3/15/23		1,750,000		1,755,967
Ross Stores, Inc.
1.875% 4/15/31		495,000		430,424
Yum Brands, Inc.
5.375% 4/01/32 (g)		250,000		250,320
				4,309,252
Savings & Loans — 0.1%
Nationwide Building Society
3 mo. EURIBOR + .930% 1.500% VRN 3/08/26 EUR (d) (e)		140,000		155,083
5 year EUR Swap + 1.500% 2.000% VRN 7/25/29 EUR (d) (e)		150,000		167,029

The accompanying notes are an integral part of the financial statements.

29

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

	Principal Amount		Value
SOFR + 1.290% 2.972% VRN 2/16/28 (d)	$	400,000	$	381,177
				703,289
Semiconductors — 0.4%
Asml Holding NV
0.625% 7/07/22 EUR (d) (e)		100,000		110,696
1.625% 5/28/27 EUR (d) (e)		100,000		113,522
Infineon Technologies AG
1.125% 6/24/26 EUR (d) (e)		400,000		441,813
Micron Technology, Inc.
4.185% 2/15/27		277,000		284,250
4.975% 2/06/26		435,000		455,606
NXP BV / NXP Funding LLC
5.350% 3/01/26 (d)		1,115,000		1,184,187
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.700% 5/01/25 (d)		45,000		43,707
3.150% 5/01/27 (d)		95,000		92,317
				2,726,098
Software — 0.2%
Fidelity National Information Services, Inc.
0.125% 12/03/22 EUR (e)		109,000		120,695
0.750% 5/21/23 EUR (e)		110,000		122,316
Fiserv, Inc.
3.000% 7/01/31 GBP (e)		250,000		323,059
Oracle Corp.
2.300% 3/25/28		355,000		324,831
SAP SE
1.125% 2/20/23 EUR (d) (e)		106,000		118,267
Workday, Inc.
3.500% 4/01/27 (g)		90,000		90,178
3.700% 4/01/29 (g)		110,000		110,134
				1,209,480
Telecommunications — 1.9%
Altice France SA
3.375% 1/15/28 EUR (d) (e)		135,000		135,171
5.500% 1/15/28 (d)		290,000		268,917
America Movil SAB de CV
5.750% 6/28/30 GBP (e)		140,000		221,484
AT&T, Inc.
1.650% 2/01/28		415,000		378,806
2.300% 6/01/27		450,000		428,668
2.500% 3/15/23 EUR (e)		113,000		127,186
2.750% 6/01/31		205,000		192,252
4.300% 2/15/30		275,000		290,593
C&W Senior Financing DAC
6.875% 9/15/27 (d)		200,000		198,500

	Principal Amount		Value
Chorus Ltd.
1.125% 10/18/23 EUR (d) (e)	$	100,000	$	111,546
CK Hutchison Group Telecom Finance SA
0.375% 10/17/23 EUR (d) (e)		109,000		119,858
Deutsche Telekom International Finance BV
0.625% 4/03/23 EUR (d) (e)		112,000		124,648
4.250% 7/13/22 EUR (d) (e)		80,000		89,597
HKT Capital No 4 Ltd.
3.000% 7/14/26 (d)		800,000		785,306
NBN Co., Ltd.
2.625% 5/05/31 (d)		480,000		436,035
NTT Finance Corp.
1.591% 4/03/28 (d)		765,000		691,822
Ooredoo International Finance Co.
2.625% 4/08/31 (d)		225,000		210,914
Orange SA
0.750% 9/11/23 EUR (d) (e)		100,000		111,472
0.875% 2/03/27 EUR (d) (e)		200,000		218,310
PLT VII Finance Sarl
4.625% 1/05/26 EUR (d) (e)		100,000		109,071
Rogers Communications, Inc.
3.200% 3/15/27 (d)		380,000		375,041
3.800% 3/15/32 (d)		295,000		292,255
4.550% 3/15/52 (d)		145,000		144,853
Sprint Capital Corp.
6.875% 11/15/28		155,000		179,805
T-Mobile USA, Inc.
3.750% 4/15/27		2,560,000		2,577,451
Tele2 AB
0.750% 3/23/31 EUR (d) (e)		130,000		127,942
Telefonica Emisiones SA
2.242% 5/27/22 EUR (d) (e)		200,000		221,970
3.987% 1/23/23 EUR (d) (e)		100,000		114,339
Telstra Corp. Ltd.
3.500% 9/21/22 EUR (d) (e)		114,000		128,242
Verizon Communications, Inc.
1.300% 5/18/33 EUR (e)		190,000		198,461
2.100% 3/22/28		365,000		340,823
2.650% 11/20/40		530,000		451,311
2.987% 10/30/56		910,000		748,522
4.329% 9/21/28		520,000		549,547
4.750% 11/01/41		165,000		181,504
Vmed O2 UK Financing I PLC
4.500% 7/15/31 GBP (d) (e)		155,000		186,868
4.500% 7/15/31 GBP (d) (e)		150,000		180,840
Vodafone Group PLC
1.750% 8/25/23 EUR (d) (e)		113,000		127,804

The accompanying notes are an integral part of the financial statements.

30

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

	Principal Amount		Value
4.875% 6/19/49	$	700,000	$	761,349
5.250% 5/30/48		848,000		949,213
				14,088,296
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.
3.550% 11/19/26		245,000		243,766
Transportation — 0.1%
Canadian Pacific Railway Co.
3.100% 12/02/51		370,000		326,936
Deutsche Post AG
2.750% 10/09/23 EUR (d) (e)		62,000		71,235
InPost SA
2.250% 7/15/27 EUR (d) (e)		100,000		101,301
				499,472
Water — 0.0%
Veolia Environnement SA
0.314% 10/04/23 EUR (d) (e)		100,000		110,670
TOTAL CORPORATE DEBT (Cost $210,359,920)				199,909,319
MUNICIPAL OBLIGATIONS — 0.1%
Commonwealth of Puerto Rico
General Obligation, 0.000% 7/01/24		11,430		10,430
General Obligation, 0.000% 7/01/33		28,594		16,513
General Obligation, 0.010% 11/01/43		417,080		224,181
General Obligation, 4.000% 7/01/33		22,219		21,691
General Obligation, 4.000% 7/01/35		19,972		19,273
General Obligation, 4.000% 7/01/37		17,141		16,458
General Obligation, 4.000% 7/01/41		23,306		22,132
General Obligation, 4.000% 7/01/46		24,238		22,800
General Obligation, 5.250% 7/01/23		24,816		25,418
General Obligation, 5.375% 7/01/25		24,746		26,108
General Obligation, 5.625% 7/01/27		24,522		26,775
General Obligation, 5.625% 7/01/29		24,124		26,903
General Obligation, 5.750% 7/01/31		23,432		26,689
TOTAL MUNICIPAL OBLIGATIONS (Cost $503,065)				485,371
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 10.6%
Auto Floor Plan Asset-Backed Securities — 0.1%
Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class B
1.320% 9/15/27		410,000		395,238

	Principal Amount		Value
Automobile Asset-Backed Securities — 0.8%
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D
1.490% 9/18/26	$	275,000	$	262,619
CarMax Auto Owner Trust, Series 2022-1, Class D
2.470% 7/17/28		280,000		268,644
Exeter Automobile Receivables Trust
Series 2021-2A, Class D, 1.400% 4/15/27		235,000		223,399
Series 2022-1A, Class D, 3.020% 6/15/28		995,000		971,628
GM Financial Automobile Leasing Trust, Series 2020-3, Class C
1.110% 10/21/24		305,000		301,928
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class C
1.310% 10/15/25 (d)		290,000		281,766
Navistar Financial Dealer Note Master Trust, Series 2020-1, Class C, 1 mo. USD LIBOR + 2.150%
2.607% FRN 7/25/25 (d)		270,000		270,965
Santander Bank NA - SBCLN, Series 2021-1A, Class B
1.833% 12/15/31 (d)		215,330		211,446
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D
1.570% 1/15/27 (d)		735,000		694,383
Santander Drive Auto Receivables Trust, Series 2021-4, Class D
1.670% 10/15/27		310,000		292,901
Santander Retail Auto Lease Trust
Series 2021-A, Class D, 1.380% 3/22/27 (d)		715,000		683,328
Series 2019-B, Class D, 3.310% 6/20/24 (d)		715,000		717,827
World Omni Auto Receivables Trust, Series 2018-B, Class B
3.170% 1/15/25		200,000		200,653
				5,381,487
Commercial Mortgage-Backed Securities — 2.8%
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1 mo. USD LIBOR + 1.250%
1.647% FRN 9/15/32 (d)		235,000		230,899
Aventura Mall Trust, Series 2018-AVM, Class A,
4.112% VRN 7/05/40 (d) (h)		380,000		387,935

The accompanying notes are an integral part of the financial statements.

31

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

	Principal Amount		Value
Barclays Commercial Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD LIBOR + 2.160%
2.557% FRN 11/15/34 (d)	$	245,000	$	238,297
Benchmark Mortgage Trust, Series 2018-B1, Class AM,
3.878% VRN 1/15/51 (h)		290,000		292,431
BX Commercial Mortgage Trust, Series 2021-21M, Class C, 1 mo. USD LIBOR + 1.177%
1.574% FRN 10/15/36 (d)		340,000		326,506
BX Trust
Series 2021-LGCY, Class C, 1 mo. USD LIBOR + 1.004% 1.401% FRN 10/15/23 (d)		385,000		367,434
Series 2021-ARIA, Class B, 1 mo. USD LIBOR + 1.297% 1.694% FRN 10/15/36 (d)		475,000		465,360
Bxsc Commercial Mortgage Trust
2.342% 3/15/35		920,000		912,235
Series 2022, Class C, 2.641% 3/15/35		170,000		168,512
Cantor Commercial Real Estate Lending, Series 2019-CF2, Class B
3.267% 11/15/52		295,000		283,116
Citigroup Commercial Mortgage Trust
Series 2013-375P, Class D, 3.518% VRN 5/10/35 (d) (h)		315,000		309,009
Series 2013-375P, Class C, 3.518% VRN 5/10/35 (d) (h)		390,000		385,239
Series 2017-C4, Class AS, 3.764% 10/12/50		520,000		514,614
Cold Storage Trust, Series 2020-ICE5, Class C, 1 mo. USD LIBOR + 1.650%
2.047% FRN 11/15/37 (d)		285,067		281,148
Commercial Mortgage Pass-Through Certificates, Series 2015-CR26, Class B,
4.478% VRN 10/10/48 (h)		627,000		633,321
Commercial Mortgage Trust, Series 2015-LC23, Class AM,
4.158% VRN 10/10/48 (h)		1,650,000		1,646,560
Credit Suisse Mortgage Trust
Series 2020-NET, Class A, 2.257% 8/15/37 (d)		298,544		283,054
Series 2020-NET, Class C, 3.526% 8/15/37 (d)		480,000		460,797
CSAIL Commercial Mortgage Trust, Series 2019-C17, Class AS
3.278% 9/15/52		285,000		273,794

	Principal Amount		Value
DC Office Trust, Series 2019-MTC, Class D,
3.072% VRN 9/15/45 (d) (h)	$	520,000	$	452,215
Great Wolf Trust
Series 2019-WOLF, Class A, 1 mo. USD LIBOR + 1.034% 1.431% FRN 12/15/36 (d)		710,000		700,687
Series 2019-WOLF, Class C, 1 mo. USD LIBOR + 1.633% 2.030% FRN 12/15/36 (d)		435,000		426,304
Series 2019-WOLF, Class D, 1 mo. USD LIBOR + 1.933% 2.330% FRN 12/15/36 (d)		820,000		799,509
GS Mortgage Securities Trust
Series 2019-GSA1, Class B, 3.511% 11/10/52		870,000		839,800
Series 2015-GC28, Class AS, 3.759% 2/10/48		400,000		394,869
Hilton Orlando Trust, Series 2018-ORL, Class B, 1 mo. USD LIBOR + 1.200%
1.597% FRN 12/15/34 (d)		715,000		703,383
Independence Plaza Trust, Series 2018-INDP, Class A
3.763% 7/10/35 (d)		845,000		839,733
InTown Hotel Portfolio Trust, Series 2018-STAY, Class C, 1 mo. USD LIBOR + 1.650%
2.047% FRN 1/15/33 (d)		500,000		496,898
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX
4.248% 7/05/33 (d)		115,000		116,139
Manhattan West Mortgage Trust, Series 2020-1MW, Class D,
2.335% VRN 9/10/39 (d) (h)		290,000		257,479
Morgan Stanley Capital I Trust, Series 2018-H4, Class A4
4.310% 12/15/51		1,015,000		1,059,930
SMRT, Series 2022-MINI, Class C, 1 mo.TSFR + 1.550%
1.852% FRN 1/15/39 (d)		580,000		569,849
VNDO Trust,
3.903% VRN 1/10/35 (d) (h)		750,000		721,640
Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class C, 1 mo. USD LIBOR + 1.800% 2.197% FRN 2/15/40 (d)		368,154		359,976
Series 2019-JWDR, Class A, 2.501% VRN 9/15/31 (d) (h)		710,000		671,384
Series 2014-LC18, Class AS, 3.808% 12/15/47		1,695,000		1,670,472

The accompanying notes are an integral part of the financial statements.

32

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

	Principal Amount		Value
Series 2017-C39, Class B, 4.025% 9/15/50	$	1,010,000	$	1,007,918
				20,548,446
Other Asset-Backed Securities — 3.3%
522 Funding CLO 2019-5 Ltd.
Series 2019-5A, Class AR, 3 mo.TSFR + 1.330% 1.552% FRN 4/15/35 (d)		825,000		823,050
Series 2019-5A, Class BR, 3 mo.TSFR + 1.850% 2.072% FRN 4/15/35 (d)		465,000		462,739
AGL CLO 17 Ltd., Series 2022-17A, Class A, 3 mo.TSFR3 + 1.330%
1.574% FRN 1/21/35 (d)		630,000		627,808
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C
2.370% 4/20/28 (d)		175,000		168,773
Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I
4.194% 6/05/49 (d)		1,386,000		1,390,683
Bayview Mortgage Fund IV Trust, Series 2017-RT3, Class A,
3.500% VRN 1/28/58 (d) (h)		325,265		316,461
Benefit Street Partners CLO Ltd., Series 2020-20A, Class AR, 3 mo. USD LIBOR + 1.170%
1.411% FRN 7/15/34 (d)		470,000		466,098
Carlyle U.S. CLO Ltd., Series 2019-4A, Class A11R, 3 mo.TSFR + 1.320%
1.553% FRN 4/15/35 (d)		865,000		861,966
CBAM Ltd., Series 2019-9A, Class A, 3 mo. USD LIBOR + 1.280%
1.521% FRN 2/12/30 (d)		1,230,000		1,225,911
Cedar Funding VIII Clo Ltd., Series 2017-8A, Class A1R, 3 mo. USD LIBOR + 1.150%
1.391% FRN 10/17/34 (d)		490,000		486,841
CIFC Funding Ltd.
Series 2021-3A, Class A, 3 mo. USD LIBOR + 1.140% 1.381% FRN 7/15/36 (d)		585,000		581,661
Series 2020-3A, Class A1R, 3 mo. USD LIBOR + 1.130% 1.384% FRN 10/20/34 (d)		610,000		604,093
Series 2020-1A, Class A1R, 3 mo. USD LIBOR + 1.150% 1.391% FRN 7/15/36 (d)		925,000		919,234

	Principal Amount		Value
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2
4.940% 1/25/52 CAD (d)	$	275,000	$	212,461
DB Master Finance LLC, Series 2021-1A, Class A2I
2.045% 11/20/51 (d)		793,013		734,904
Driven Brands Funding LLC
Series 2020-2A, Class A2, 3.237% 1/20/51 (d)		559,350		525,113
Series 2020-1A, Class A2, 3.786% 7/20/50 (d)		270,875		257,632
Dryden 86 CLO Ltd., Series 2020-86A, Class A1R, 3 mo. USD LIBOR + 1.100%
1.341% FRN 7/17/34 (d)		600,000		595,937
Hardee’s Funding LLC
Series 2021-1A, Class A2, 2.865% 6/20/51 (d)		297,750		271,593
Series 2018-1A, Class AII, 4.959% 6/20/48 (d)		313,625		316,088
Hilton Grand Vacations Trust, Series 2020-AA, Class A
2.740% 2/25/39 (d)		231,187		225,696
HPEFS Equipment Trust
Series 2022-1A, Class C, 1.960% 5/21/29 (d)		330,000		318,922
Series 2022-1A, Class D, 2.400% 11/20/29 (d)		350,000		335,072
HPS Loan Management, Series 11A-17, Class BR, 3 mo. USD LIBOR + 1.550%
1.865% FRN 5/06/30 (d)		265,000		260,899
Jack in the Box Funding LLC, Series 2022-1A, Class A2I
3.445% 2/26/52 (d)		1,190,000		1,138,188
Kings Park CLO Ltd., Series 2021-1A, Class A, 3 mo. USD LIBOR + 1.130%
1.478% FRN 1/21/35 (d)		610,000		605,200
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 3 mo.TSFR + 1.290%
1.449% FRN 10/15/32 (d)		465,000		463,380
Morgan Stanley Eaton Vance CLO, Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.650%
1.783% FRN 10/20/34 (d)		440,000		434,332
MVW LLC, Series 2020-1A, Class C
4.210% 10/20/37 (d)		164,033		164,866

The accompanying notes are an integral part of the financial statements.

33

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

	Principal Amount		Value
Neuberger Berman Loan Advisers CLO Ltd.
Series 2019-32A, Class AR, 3 mo. USD LIBOR + .990% 1.238% FRN 1/20/32 (d)	$	1,445,000	$	1,436,281
Series 2021-43A, Class A, 3 mo. USD LIBOR + 1.130% 1.371% FRN 7/17/35 (d)		685,000		680,752
Octagon Investment Partners Ltd., Series 2016-1A, Class AR, 3 mo. USD LIBOR + 1.180%
1.439% FRN 1/24/33 (d)		1,300,000		1,287,234
OZLM Ltd., Series 2014-7RA, Class A1R, 3 mo. USD LIBOR + 1.010%
1.251% FRN 7/17/29 (d)		312,733		311,496
Palmer Square CLO Ltd., Series 2022-1A, Class A, 3 mo.TSFR + 1.320%
1.786% FRN 4/20/35 (d)		480,000		478,330
Peace Park CLO Ltd., Series 2021-1A, Class A, 3 mo. USD LIBOR + 1.130%
1.384% FRN 10/20/34 (d)		1,225,000		1,211,742
Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I
3.251% 12/05/51 (d)		635,000		608,668
Regatta XIX Funding Ltd., Series 2022-1A, Class B, 3 mo. TSFR + 1.850%
2.929% FRN 4/20/35 (d) (i) (j)		420,000		420,000
Sierra Receivables Funding LLC, Series 2020-2A, Class C
3.510% 7/20/37 (d)		186,181		184,687
Symphony CLO Ltd., Series 2021-26A, Class AR, 3 mo. USD LIBOR + 1.080%
1.334% FRN 4/20/33 (d)		425,000		423,586
Symphony CLO XXXI Ltd., Series 2022-31A, Class B, 3 mo.TSFR + 1.850%
2.217% FRN 4/22/35 (d)		410,000		408,006
Wellfleet CLO Ltd., Series 2017-2A, Class A1R, 3 mo. USD LIBOR + 1.060%
1.314% FRN 10/20/29 (d)		621,014		619,128
				23,865,511
Student Loans Asset-Backed Securities — 0.8%
Navient Private Education Refi Loan Trust
Series 2020-HA, Class A, 1.310% 1/15/69 (d)		207,761		201,239
Series 2020-DA, Class A, 1.690% 5/15/69 (d)		188,227		182,937

	Principal Amount		Value
Series 2022-A, Class A, 2.230% 7/15/70 (d)	$	1,065,000	$	1,032,090
Series 2019-FA, Class A2, 2.600% 8/15/68 (d)		393,862		389,121
Series 2020-CA, Class B, 2.830% 11/15/68 (d)		470,000		429,014
Nelnet Student Loan Trust, Series 2020-1A, Class A, 1 mo. USD LIBOR + .740%
1.197% FRN 3/26/68 (d)		233,346		232,961
SMB Private Education Loan Trust
Series 2021-A, Class APT1, 1.070% 1/15/53 (d)		541,283		505,611
Series 2020-BA, Class A1A, 1.290% 7/15/53 (d)		232,160		221,356
Series 2020-PTB, Class A2A, 1.600% 9/15/54 (d)		457,953		439,482
Series 2021-A, Class B, 2.310% 1/15/53 (d)		570,000		537,794
Series 2016-B, Class A2A, 2.430% 2/17/32 (d)		454,948		448,474
Series 2018-A, Class A2A, 3.500% 2/15/36 (d)		836,391		838,235
Series 2018-C, Class A2A, 3.630% 11/15/35 (d)		609,259		609,285
				6,067,599
Whole Loan Collateral Collateralized Mortgage Obligations — 2.1%
Angel Oak Mortgage Trust
Series 2021-4, Class A3, 1.446% VRN 1/20/65 (d) (h)		348,793		329,057
Series 2020-6, Class A3, 1.775% VRN 5/25/65 (d) (h)		319,093		312,241
Series 2020-5, Class A3, 2.041% VRN 5/25/65 (d) (h)		100,165		98,443
Series 2022-1, Class A1, 2.881% STEP 12/25/66 (d)		340,758		332,146
Series 2020-5, Class M1, 2.970% VRN 5/25/65 (d) (h)		275,000		270,079
Series 2019-1, Class A2, 4.022% VRN 11/25/48 (d) (h)		22,840		22,844
Bayview MSR Opportunity Master Fund Trust, Series 2022-2, Class A5,
2.500% VRN 12/25/51 (d) (h)		580,469		556,321
BINOM Securitization Trust, Series 2021-INV1, Class A1,
2.034% VRN 6/25/56 (d) (h)		347,805		331,298
CIM Trust
Series 2020-INV1, Class A2, 2.500% VRN 4/25/50 (d) (h)		498,358		477,545
Series 2021-INV1, Class A29, 2.500% VRN 7/01/51 (d) (h)		641,171		587,699

The accompanying notes are an integral part of the financial statements.

34

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

	Principal Amount		Value
Citigroup Mortgage Loan Trust 2022-INV1, Series 2022-INV1, Class A4B,
3.000% VRN 11/27/51 (d) (h)	$	241,017	$	228,204
COLT Mortgage Loan Trust, Series 2020-3, Class A1,
1.506% VRN 4/27/65 (d) (h)		67,168		66,849
Ellington Financial Mortgage Trust
Series 2021-2, Class A2, 1.085% VRN 6/25/66 (d) (h)		380,500		357,375
Series 2021-3, Class A1, 1.241% VRN 9/25/66 (d) (h)		380,584		347,778
Series 2019-2, Class A1, 2.739% VRN 11/25/59 (d) (h)		204,330		203,450
Series 2020-1, Class A3, 3.999% VRN 5/25/65 (d) (h)		430,000		426,801
Flagstar Mortgage Trust
Series 2020-1INV, Class A11, 1 mo. USD LIBOR + .850% 1.307% FRN 3/25/50 (d)		102,182		101,863
Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 (d) (h)		26,907		26,916
Galton Funding Mortgage Trust
Series 2020-H1, Class A1, 2.310% VRN 1/25/60 (d) (h)		48,074		46,915
Series 2019-H1, Class A3, 2.964% VRN 10/25/59 (d) (h)		484,990		483,930
Series 2018-1, Class A23, 3.500% VRN 11/25/57 (d) (h)		30,142		29,939
GCAT Trust, Series 2021-NQM4, Class A3,
1.556% VRN 8/25/66 (d) (h)		225,986		204,187
GMRF Mortgage Acquisition Co., Series 2019-1, Class A22,
4.000% VRN 2/25/59 (d) (h)		20,066		20,114
GS Mortgage-Backed Securities Trust
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (d) (h)		501,694		460,167
Series 2020-INV1, Class A14, 2.959% VRN 10/25/50 (d) (h)		287,156		280,439
Homeward Opportunities Fund I Trust, Series 2020-2, Class A1,
1.657% VRN 5/25/65 (d) (h)		99,788		98,942
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1,
1.073% VRN 9/25/56 (d) (h)		256,582		238,838
JP Morgan Mortgage Trust
Series 2020-INV1, Class A11, 1 mo. USD LIBOR + .830% 1.017% FRN 8/25/50 (d)		80,098		79,965
Series 2020-LTV1, Class B1, 3.302% VRN 6/25/50 (d) (h)		362,083		359,667

	Principal Amount		Value
Series 2019-INV2, Class A3, 3.500% VRN 2/25/50 (d) (h)	$	65,008	$	64,790
Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 (d) (h)		143,050		142,807
Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 (d) (h)		51,096		51,217
Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 (d) (h)		126,471		124,721
Series 2020-5, Class B2, 3.616% VRN 12/25/50 (d) (h)		342,411		331,749
MFA Trust, Series 2021-NQM2, Class A1,
1.029% VRN 11/25/64 (d) (h)		263,231		249,599
Mill City Mortgage Loan Trust, Series 2018-1, Class A1,
3.250% VRN 5/25/62 (d) (h)		210,699		209,320
New Residential Mortgage Loan Trust
Series 2020-NQM1, Class A1, 2.464% VRN 1/26/60 (d) (h)		157,539		156,753
Series 2021-INV2, Class A2, 2.500% VRN 9/25/51 (d) (h)		741,854		685,548
Series 2019-NQM5, Class A1, 2.710% VRN 11/25/59 (d) (h)		302,010		299,876
OBX Trust
Series 2021-NQM3, Class A1, 1.054% VRN 7/25/61 (d) (h)		365,962		344,340
Series 2020-EXP1, Class 1A8, 3.500% VRN 2/25/60 (d) (h)		310,259		308,920
Series 2019-INV2, Class A25, 4.000% VRN 5/27/49 (d) (h)		143,766		143,558
Onslow Bay Financial LLC
Series 2020-EXP1, Class 2A1, 1 mo. USD LIBOR + .750% 1.207% FRN 2/25/60 (d)		195,393		194,813
Series 2020-EXP2, Class A8, 3.000% VRN 5/25/60 (d) (h)		360,069		353,767
Series 2020-INV1, Class A5, 3.500% VRN 12/25/49 (d) (h)		171,098		170,101
Series 2019-EXP3, Class 1A8, 3.500% VRN 10/25/59 (d) (h)		91,557		91,073
Series 2019-EXP2, Class 1A3, 4.000% VRN 6/25/59 (d) (h)		108,994		109,410
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (d) (h)		80,238		80,228
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (d) (h)		99,744		99,874
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (d) (h)		26,820		26,877
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (d) (h)		29,711		29,707

The accompanying notes are an integral part of the financial statements.

35

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

	Principal Amount		Value
SG Capital Partners
3.166% 3/27/62	$	685,000	$	674,437
SG Residential Mortgage Trust, Series 2019-3, Class A1,
2.703% VRN 9/25/59 (d) (h)		30,277		30,082
Towd Point Mortgage Trust, Series 2018-3, Class A1,
3.750% VRN 5/25/58 (d) (h)		354,671		355,279
TRK Trust, Series 2021-INV1, Class A1,
1.153% VRN 7/25/56 (d) (h)		366,356		343,193
Verus Securitization Trust
Series 2021-5, Class A2, 1.218% VRN 9/25/66 (d) (h)		353,117		326,375
Series 2019-4, Class A1, 2.642% STEP 11/25/59 (d)		183,451		182,976
Series 2019-3, Class A3, 3.040% STEP 7/25/59 (d)		149,944		149,636
Series 2019-INV2, Class A2, 3.117% VRN 7/25/59 (d) (h)		340,950		338,719
Series 2020-INV1, Class A3, 3.889% VRN 3/25/60 (d) (h)		100,000		98,312
Verus Securitization Trust 2022-1, Series 2022-1, Class A1,
2.724% STEP 1/25/67 (d)		816,796		796,356
Vista Point Securitization Trust
Series 2020-1, Class A1, 1.763% VRN 3/25/65 (d) (h)		105,624		105,168
Series 2020-2, Class M1, 3.401% VRN 4/25/65 (d) (h)		350,000		332,582
				15,382,175
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.7%
Bayview MSR Opportunity Master Fund Trust
Series 2021-2, Class A20, 2.500% VRN 6/25/51 (d) (h)		1,021,297		936,760
Series 2021-4, Class A20, 2.500% VRN 10/25/51 (d) (h)		460,945		422,791
CIM Trust, Series 2019-INV3, Class A15,
3.500% VRN 8/25/49 (d) (h)		81,451		80,448
GS Mortgage-Backed Securities Trust, Series 2021-GR1, Class A4,
2.500% VRN 11/25/51 (d) (h)		487,117		447,405
Hundred Acre Wood Trust
2.500% VRN 7/25/51 (d) (h)		918,658		843,192
Series 2021-INV2, Class A27, 2.500% VRN 10/25/51 (d) (h)		292,547		268,514
JP Morgan Mortgage Trust
Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 (d) (h)		123,147		122,286

	Principal Amount		Value
Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 (d) (h)	$	21,842	$	21,886
MFA Trust, Series 2021-AEI2, Class A15,
2.500% VRN 10/25/51 (d) (h)		591,441		542,855
OBX Trust, Series 2020-EXP3, Class 1A8,
3.000% VRN 1/25/60 (d) (h)		320,170		315,701
Oceanview Mortgage Trust, Series 2022-1, Class A19,
3.000% VRN 12/25/51 (d) (h)		845,683		795,966
Sequoia Mortgage Trust
Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 (d) (h)		107,045		106,780
Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 (d) (h)		27,770		27,887
				4,932,471
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $78,952,633)				76,572,927
SOVEREIGN DEBT OBLIGATIONS — 16.0%
1Malaysia Development Berhad Global Investments Ltd.
4.400% 3/09/23 (d)		1,000,000		977,522
Albania Government International Bond
3.500% 10/09/25 EUR (d) (e)		115,000		126,220
3.500% 10/09/25 EUR (d) (e)		160,000		175,611
3.500% 6/16/27 EUR (d) (e)		105,000		112,467
3.500% 11/23/31 EUR (d) (e)		490,000		470,598
Australia Government International Bond
3.000% 3/21/47 AUD (d) (e)		1,607,000		1,150,817
Bonos de la Tesoreria de la Republica en pesos
4.700% 9/01/30 CLP (d) (e)		2,490,000,000		2,872,887
5.000% 10/01/28 CLP (d) (e)		385,000,000		468,731
Bonos Tesoreria Pesos
4.500% 3/01/26 CLP (e)		445,000,000		527,263
Brazil Notas do Tesouro Nacional Serie B
6.000% 5/15/25 BRL (e)		950,000		807,002
Canadian Government Real Return Bond
4.000% 12/01/31 CAD (e)		4,277,552		4,692,244
Croatia Government International Bond
1.125% 6/19/29 EUR (d) (e)		465,000		480,764
1.125% 3/04/33 EUR (d) (e)		184,000		180,447

The accompanying notes are an integral part of the financial statements.

36

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

	Principal Amount		Value
3.875% 5/30/22 EUR (d) (e)	$	400,000	$	444,580
Cyprus Government International Bond
0.010% 2/09/26 EUR (d) (e)		245,000		257,496
0.950% 1/20/32 EUR (d) (e)		610,000		605,872
1.250% 1/21/40 EUR (d) (e)		45,000		42,418
1.500% 4/16/27 EUR (d) (e)		70,000		77,339
2.375% 9/25/28 EUR (d) (e)		1,177,000		1,368,648
2.750% 2/26/34 EUR (d) (e)		93,000		108,289
2.750% 5/03/49 EUR (d) (e)		114,000		134,322
3.750% 7/26/23 EUR (d) (e)		100,000		115,546
3.750% 7/26/23 EUR (d) (e)		120,000		138,655
3.875% 5/06/22 EUR (d) (e)		220,000		244,127
4.250% 11/04/25 EUR (d) (e)		460,000		566,429
4.250% 11/04/25 EUR (d) (e)		10,000		12,314
Czech Republic Government Bond
2.400% 9/17/25 CZK (d) (e)		22,450,000		948,708
2.750% 7/23/29 CZK (e)		29,250,000		1,234,079
Czech Republic International Bond
3.875% 5/24/22 EUR (d) (e)		460,000		511,572
Deutsche Bundesrepublik Inflation Linked Bond
0.100% 4/15/26 EUR (d) (e)		1,539,764		1,917,779
0.500% 4/15/30 EUR (d) (e)		3,623,808		4,960,663
France Government Bond OAT
1.250% 5/25/36 EUR (d) (e)		1,969,000		2,208,570
French Republic Government Bond OAT
0.750% 5/25/52 EUR (d) (e)		3,387,000		3,150,891
Hellenic Republic Government Bond
0.750% 6/18/31 EUR (d) (e)		585,000		549,263
Hungary Government Bond
2.250% 4/20/33 HUF (e)		1,474,120,000		3,126,769
4.750% 11/24/32 HUF (e)		53,110,000		143,818
Iceland Government International Bond
0.010% 4/15/28 EUR (d) (e)		346,000		351,535
Indonesia Government International Bond
3.750% 6/14/28 EUR (d) (e)		1,280,000		1,531,036
Ireland Government International Bond
0.200% 10/18/30 EUR (d) (e)		897,000		936,862
1.350% 3/18/31 EUR (d) (e)		1,413,000		1,630,965
1.500% 5/15/50 EUR (d) (e)		73,000		81,796
2.000% 2/18/45 EUR (d) (e)		191,000		238,823
Israel Government International Bond
1.500% 1/18/27 EUR (d) (e)		530,000		596,397
1.750% 8/31/25 ILS (e)		4,274,000		1,360,914
5.500% 1/31/42 ILS (e)		4,481,000		2,004,521

	Principal Amount		Value
Italy Buoni Poliennali Del Tesoro
0.650% 5/15/26 EUR (d) (e)	$	1,527,706	$	1,861,630
2.800% 3/01/67 EUR (d) (e)		1,146,000		1,279,578
Ivory Coast Government International Bond
4.875% 1/30/32 EUR (d) (e)		105,000		102,120
4.875% 1/30/32 EUR (d) (e)		270,000		262,594
Japan Government CPI Linked Bond
0.005% 3/10/31 JPY (e)		575,747,088		5,008,347
0.100% 3/10/24 JPY (e)		166,581,200		1,407,333
0.100% 9/10/24 JPY (e)		282,000,200		2,398,183
0.100% 3/10/25 JPY (e)		298,613,700		2,547,071
0.200% 3/10/30 JPY (e)		83,465,886		742,239
Japan Government Thirty Year Bond
1.700% 9/20/44 JPY (e)		298,550,000		2,932,505
2.200% 9/20/39 JPY (e)		275,600,000		2,864,121
2.500% 9/20/37 JPY (e)		427,550,000		4,560,252
Japan Government Twenty Year Bond
0.600% 6/20/37 JPY (e)		337,100,000		2,818,221
0.700% 3/20/37 JPY (e)		149,900,000		1,273,608
1.200% 12/20/34 JPY (e)		126,050,000		1,144,224
Korea National Oil Corp.
1.625% 10/05/30 (d)		440,000		381,458
Latvia Government International Bond
0.375% 10/07/26 EUR (d) (e)		2,114,000		2,261,906
Malaysia Government Bond
3.844% 4/15/33 MYR (e)		590,000		136,304
4.065% 6/15/50 MYR (e)		3,701,000		811,381
4.642% 11/07/33 MYR (e)		3,255,000		804,522
4.736% 3/15/46 MYR (e)		5,640,000		1,368,563
4.921% 7/06/48 MYR (e)		6,645,000		1,662,394
4.935% 9/30/43 MYR (e)		325,000		81,237
Mexican Bonos
8.500% 5/31/29 MXN (e)		4,567,000		231,087
Morocco Government International Bond
1.375% 3/30/26 EUR (d) (e)		160,000		170,141
National Highways Authority of India
7.300% 5/18/22 INR (d) (e)		100,000,000		1,319,265
New South Wales Treasury Corp.
4.000% 5/20/26 AUD (d) (e)		860,000		674,522
4.000% 5/20/26 AUD (d) (e)		680,000		533,343
North Macedonia Government International Bond
1.625% 3/10/28 EUR (d) (e)		400,000		384,572
Norway Government Bond
3.000% 3/14/24 NOK (d) (e)		2,700,000		311,357

The accompanying notes are an integral part of the financial statements.

37

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

	Principal Amount		Value
Philippine Government International Bond
0.250% 4/28/25 EUR (e)	$	125,000	$	132,778
Portugal Obrigacoes do Tesouro OT
4.100% 2/15/45 EUR (d) (e)		217,000		345,657
Province of Ontario Canada
3.500% 6/02/43 CAD (e)		62,000		51,137
3.500% 6/02/43 CAD (e)		140,000		115,471
Republic of South Africa Government Bond
7.000% 2/28/31 ZAR (e)		7,094,000		404,595
8.000% 1/31/30 ZAR (e)		30,812,000		1,924,735
Romanian Government International Bond
1.375% 12/02/29 EUR (d) (e)		110,000		103,746
2.000% 1/28/32 EUR (d) (e)		110,000		100,982
2.000% 1/28/32 EUR (d) (e)		380,000		348,848
2.124% 7/16/31 EUR (d) (e)		642,000		606,374
2.125% 3/07/28 EUR (d) (e)		430,000		447,536
2.875% 10/28/24 EUR (d) (e)		100,000		114,083
2.875% 5/26/28 EUR (d) (e)		560,000		608,614
2.875% 3/11/29 EUR (d) (e)		96,000		103,481
3.624% 5/26/30 EUR (d) (e)		670,000		724,006
Senegal Government International Bond
4.750% 3/13/28 EUR (d) (e)		100,000		107,306
Serbia Government Bond
1.000% 9/23/28 EUR (d) (e)		850,000		791,837
1.500% 6/26/29 EUR (d) (e)		450,000		421,657
1.650% 3/03/33 EUR (d) (e)		435,000		376,265
2.050% 9/23/36 EUR (d) (e)		430,000		365,518
2.050% 9/23/36 EUR (d) (e)		200,000		170,009
Serbia Treasury Bonds
4.500% 8/20/32 RSD (e)		75,180,000		627,204
Singapore Government Bond
1.875% 10/01/51 SGD (e)		250,000		156,342
2.875% 7/01/29 SGD (e)		990,000		756,150
3.125% 9/01/22 SGD (e)		1,130,000		839,847
Slovenia Government Bond
0.010% 2/12/31 EUR (d) (e)		155,000		152,017
1.500% 3/25/35 EUR (d) (e)		398,000		429,016
1.750% 11/03/40 EUR (d) (e)		450,000		500,654
3.125% 8/07/45 EUR (d) (e)		652,000		921,770
Thailand Government International Bond
1.600% 12/17/29 THB (e)		4,400,000		125,901
2.000% 12/17/31 THB (e)		63,900,000		1,861,444
3.650% 6/20/31 THB (e)		22,344,000		745,325

	Principal Amount		Value
United Kingdom Gilt
0.625% 6/07/25 GBP (d) (e)	$	1,530,000	$	1,963,858
0.625% 10/22/50 GBP (d) (e)		732,000		719,489
4.250% 6/07/32 GBP (d) (e)		3,450,000		5,646,487
4.250% 12/07/46 GBP (d) (e)		1,119,000		2,177,885
4.750% 12/07/30 GBP (d) (e)		1,784,000		2,960,626
				115,926,297
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $127,623,460)				115,926,297
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES(K) — 17.0%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. Series 2022-HQA1, Class M1A 2.150% 3/25/42		370,000		370,937
Federal Home Loan Mortgage Corp. REMICS Series 4977, Class IO 4.500% 5/25/50		295,652		53,213
				424,150
Pass-Through Securities — 15.7%
Federal Home Loan Mortgage Corp.
Pool #RB5148 2.000% 3/01/42		916,783		861,281
Pool #RA6505 2.000% 12/01/51		1,548,835		1,440,550
Pool #RB5149 2.500% 3/01/42		717,459		693,774
Pool #QC1292 2.500% 5/01/51		20,808		19,924
Pool #QC3425 2.500% 6/01/51		277,822		265,938
Pool #QC2902 2.500% 6/01/51		45,016		43,385
Pool #QC3551 2.500% 7/01/51		23,651		22,639
Pool #QC5137 2.500% 8/01/51		66,362		63,523
Pool #QC5575 2.500% 8/01/51		83,671		80,092
Pool #RA6623 2.500% 1/01/52		1,166,038		1,115,701
Pool #SB0222 3.000% 11/01/34		196,476		199,064
Pool #ZS4693 3.000% 12/01/46		80,192		79,557
Pool #G08756 3.000% 4/01/47		33,920		33,676
Pool #SD0080 3.000% 9/01/49		156,914		156,162
Pool #SD7531 3.000% 12/01/50		181,775		179,370
Pool #SB0015 3.500% 6/01/33		178,634		183,057
Pool #U90690 3.500% 6/01/42		56,902		58,382
Pool #U99051 3.500% 6/01/43		55,389		56,743
Pool #ZT0179 3.500% 11/01/47		832,690		847,007
Pool #RA1202 3.500% 8/01/49		131,004		132,131
Pool #SD0212 3.500% 12/01/49		181,099		182,600
Pool #SD0617 3.500% 11/01/50		125,386		126,425
Pool #RA1906 4.000% 12/01/49		465,221		477,846
Pool #SD8039 4.000% 1/01/50		296,252		302,718
Pool #SD0422 4.500% 7/01/45		138,949		146,750

The accompanying notes are an integral part of the financial statements.

38

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

	Principal Amount		Value
Pool #RA2607 4.500% 5/01/50	$	66,237	$	69,056
Pool #ZS3941 5.000% 12/01/41		44,035		47,281
Federal National Mortgage Association
Pool #MA4586 2.000% 4/01/42 (g)		1,070,000		1,005,223
Pool #MA4158 2.000% 10/01/50 (g)		295,022		275,410
Pool #CB2357 2.000% 12/01/51		2,088,663		1,942,636
Pool #BM3859 2.500% 8/01/31		107,929		107,392
Pool #BC9043 2.500% 11/01/31		341,519		339,604
Pool #BM1890 2.500% 1/01/32		82,036		81,704
Pool #BT1265 2.500% 6/01/51		609,983		583,889
Pool #BT0163 2.500% 6/01/51		62,836		60,561
Pool #BT1288 2.500% 7/01/51		513,102		491,152
Pool #CB1331 2.500% 8/01/51		796,480		762,159
Pool #FM8320 2.500% 8/01/51		88,313		84,535
Pool #CB1783 2.500% 10/01/51		2,161,782		2,068,460
Pool #CB1866 2.500% 10/01/51		1,695,027		1,621,855
Pool #CB2635 2.500% 1/01/52 (g)		1,540,002		1,472,078
Pool #CB2538 2.500% 1/01/52		1,254,581		1,200,422
Pool #AS7056 3.000% 4/01/31		267,732		270,840
Pool #BM5111 3.000% 11/01/33		123,146		124,575
Pool #CA4885 3.000% 12/01/34		453,228		459,338
Pool #BO7256 3.000% 1/01/35		221,463		224,033
Pool #FM2547 3.000% 2/01/35		385,304		390,498
Pool #FM8540 3.000% 11/01/35		252,174		255,101
Pool #AL9412 3.000% 11/01/36		247,657		248,560
Pool #CA5597 3.000% 4/01/40		887,567		886,920
Pool #BM4221 3.000% 1/01/43		136,922		136,737
Pool #BM5468 3.000% 2/01/43		213,760		213,471
Pool #AB9248 3.000% 5/01/43		55,659		55,583
Pool #AU1629 3.000% 7/01/43		15,204		15,169
Pool #AS0406 3.000% 9/01/43		83,733		83,829
Pool #BM5469 3.000% 3/01/44		388,352		387,826
Pool #BM3380 3.000% 6/01/46		339,031		338,042
Pool #MA2670 3.000% 7/01/46		125,626		124,749
Pool #FM5500 3.000% 9/01/46		441,209		440,611
Pool #MA2806 3.000% 11/01/46		233,474		231,771
Pool #AS8295 3.000% 11/01/46		303,687		303,750
Pool #BD8462 3.000% 11/01/46		1,341,938		1,332,992
Pool #FM1000 3.000% 4/01/47		194,510		193,092
Pool #MA2956 3.000% 4/01/47		152,225		151,020
Pool #BM1418 3.000% 4/01/47		1,521,355		1,511,212
Pool #BM4744 3.000% 6/01/47		134,695		134,723
Pool #FM1572 3.000% 9/01/48		272,591		270,603
Pool #FM5499 3.000% 2/01/49		181,092		179,771
Pool #FM1445 3.000% 8/01/49		134,587		133,942
Pool #CA4108 3.000% 9/01/49		864,553		855,466
Pool #CA4794 3.000% 12/01/49		353,205		347,760
Pool #CA5337 3.000% 3/01/50		678,916		668,024

	Principal Amount		Value
Pool #CA5540 3.000% 4/01/50	$	15,739	$	15,526
Pool #CA6314 3.000% 7/01/50		218,554		215,048
Pool #BQ1348 3.000% 8/01/50		143,786		141,361
Pool #CA6738 3.000% 8/01/50		276,361		271,841
Pool #BQ5052 3.000% 9/01/50		23,595		23,190
Pool #CA7755 3.000% 10/01/50		508,653		500,175
Pool #FM7072 3.000% 4/01/51		752,425		741,765
Pool #FM3462 3.500% 12/01/33		394,409		404,729
Pool #AS4449 3.500% 2/01/35		129,247		131,701
Pool #FM3340 3.500% 5/01/35		12,763		13,051
Pool #FM8137 3.500% 9/01/35		135,486		139,073
Pool #MA1283 3.500% 12/01/42		47,033		48,220
Pool #MA1373 3.500% 3/01/43		72,764		74,487
Pool #MA1437 3.500% 5/01/43		68,621		70,246
Pool #MA1546 3.500% 8/01/43		164,156		168,043
Pool #AL6167 3.500% 1/01/44		650,252		665,650
Pool #AS5182 3.500% 6/01/45		400,439		407,793
Pool #BC1747 3.500% 1/01/46		1,036,363		1,053,778
Pool #BM5785 3.500% 9/01/46		105,989		107,936
Pool #BM4582 3.500% 8/01/47		122,191		124,282
Pool #BM3122 3.500% 10/01/47		1,724,511		1,751,333
Pool #MA3210 3.500% 12/01/47		38,828		39,347
Pool #CA0858 3.500% 12/01/47		57,537		58,270
Pool #BH9277 3.500% 2/01/48		424,773		429,123
Pool #CA1189 3.500% 2/01/48		174,553		176,340
Pool #FM1001 3.500% 11/01/48		51,824		52,517
Pool #FM8196 3.500% 12/01/48		840,462		852,484
Pool #FM3972 3.500% 7/01/50		286,473		288,041
Pool #FM8086 3.500% 7/01/51		133,436		134,020
Pool #MA4514 3.500% 1/01/52 (g)		880,428		883,464
Pool #BF0198 4.000% 11/01/40		118,594		123,211
Pool #MA0639 4.000% 2/01/41		377,183		390,521
Pool #AL2745 4.000% 3/01/42		584,863		605,372
Pool #BM3385 4.000% 6/01/45		637,347		662,958
Pool #FM2673 4.000% 10/01/45		940,838		974,027
Pool #AL8387 4.000% 3/01/46		909,327		945,583
Pool #MA3088 4.000% 8/01/47		36,655		37,796
Pool #MA3149 4.000% 10/01/47		462,631		476,450
Pool #MA3467 4.000% 9/01/48		4,755		4,860
Pool #BM5147 4.000% 10/01/48		28,655		29,798
Pool #BM5527 4.000% 10/01/48		116,044		120,163
Pool #FM3664 4.000% 3/01/49		961,792		985,187
Pool #CA3503 4.000% 5/01/49		67,868		69,434
Pool #CA4571 4.000% 11/01/49		101,866		104,121
Pool #CA4823 4.000% 12/01/49		136,268		139,242
Pool #AL0065 4.500% 4/01/41		211,217		225,009
Pool #AI1888 4.500% 5/01/41		234,455		249,763
Pool #AL0160 4.500% 5/01/41		311,774		329,710
Pool #AL6536 4.500% 3/01/45		333,089		353,589

The accompanying notes are an integral part of the financial statements.

39

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

	Principal Amount		Value
Pool #BM4185 4.500% 9/01/46	$	178,266	$	189,026
Pool #FM2899 4.500% 11/01/46		399,722		422,451
Pool #FM5708 4.500% 5/01/47		200,853		213,968
Pool #BM3148 4.500% 11/01/47		165,738		175,068
Pool #BM4343 4.500% 5/01/48		354,005		375,240
Pool #CA2204 4.500% 8/01/48		54,797		57,112
Pool #CA2207 4.500% 8/01/48		38,478		40,104
Pool #FM7311 4.500% 3/01/49		502,186		522,932
Pool #CA5186 4.500% 1/01/50		33,629		35,026
Pool #CA5696 4.500% 5/01/50		108,794		113,012
Pool #AD6438 5.000% 6/01/40		54,655		58,682
Pool #AL9893 5.000% 2/01/45		302,489		328,542
Pool #FM4212 5.000% 12/01/47		497,025		529,893
Pool #BM3279 5.500% 5/01/44		1,192,805		1,291,051
Pool #BM4971 6.000% 7/01/41		217,228		240,934
Government National Mortgage Association Pool #AA5821 3.000% 11/15/42		45,766		46,236
Government National Mortgage Association II
Pool #MA7533 2.000% 8/20/51		2,820,548		2,687,986
Pool #MA6819 2.500% 8/20/50		371,633		361,713
Pool #MA7534 2.500% 8/20/51 (g)		391,632		380,751
Pool #MA7649 2.500% 10/20/51		2,694,198		2,618,288
Pool #MA7767 2.500% 12/20/51		1,969,662		1,914,166
Pool #MA2600 3.000% 2/20/45		91,945		92,521
Pool #MA2825 3.000% 5/20/45		181,701		182,613
Pool #MA2891 3.000% 6/20/45		1,006,912		1,011,963
Pool #MA3662 3.000% 5/20/46		120,570		120,798
Pool #MA3802 3.000% 7/20/46		57,639		57,676
Pool #MA3873 3.000% 8/20/46		331,734		331,947
Pool #MA4195 3.000% 1/20/47		403,261		403,016
Pool #MA6144 3.000% 9/20/49		16,212		15,878
Pool #MA6209 3.000% 10/20/49		96,786		94,671
Pool #MA6399 3.000% 1/20/50		47,987		46,938
Pool #MA6531 3.000% 3/20/50		164,428		160,834
Pool #MA6589 3.000% 4/20/50		75,654		74,001
Pool #MA6757 3.000% 7/20/50		134,187		131,044
Pool #MA7473 3.000% 7/20/51		1,225,972		1,214,595
Pool #MA7650 3.000% 10/20/51		331,508		328,405
Pool #MA0318 3.500% 8/20/42		182,828		187,536
Pool #MA1012 3.500% 5/20/43		387,242		397,213
Pool #MA1090 3.500% 6/20/43		154,222		158,193
Pool #AL1773 3.500% 1/20/45		196,751		201,755
Pool #MA3310 3.500% 12/20/45		85,063		87,014
Pool #MA3597 3.500% 4/20/46		126,594		129,458
Pool #MA3663 3.500% 5/20/46		98,783		101,018
Pool #MA3736 3.500% 6/20/46		266,306		272,081
Pool #MA3803 3.500% 7/20/46		19,123		19,538

	Principal Amount		Value
Pool #MA3937 3.500% 9/20/46	$	127,488	$	130,252
Pool #MA4004 3.500% 10/20/46		485,959		495,738
Pool #MA4382 3.500% 4/20/47		23,098		23,563
Pool #MA4586 3.500% 7/20/47		44,079		44,883
Pool #MA4719 3.500% 9/20/47		15,522		15,805
Pool #MA4900 3.500% 12/20/47		211,081		214,472
Pool #784474 3.500% 2/20/48		184,869		188,590
Pool #MA784472 3.500% 2/20/48		331,530		338,202
Pool #785087 3.500% 2/20/48		694,603		709,666
Pool #784504 3.500% 2/20/48		137,991		140,768
Pool #784891 3.500% 4/20/48		801,278		819,156
Pool #MA3245 4.000% 11/20/45		185,353		192,220
Pool #MA4511 4.000% 6/20/47		116,852		120,633
Pool #MA4720 4.000% 9/20/47		419,552		432,735
Pool #MA4838 4.000% 11/20/47		103,983		107,121
Pool #MA6934 4.000% 10/20/50		1,227,380		1,254,249
Pool #MA2894 4.500% 6/20/45		173,140		184,374
Pool #MA2963 4.500% 7/20/45		65,145		69,331
Pool #MA3312 4.500% 12/20/45		3,079		3,277
Pool #MA4588 4.500% 7/20/47		327,521		345,089
Pool #MA4654 4.500% 8/20/47		49,447		52,100
Pool #MA4781 5.000% 10/20/47		334,092		355,837
Pool #MA5194 5.000% 5/20/48		73,939		77,388
Pool #BF2644 5.000% 5/20/48		4,711		4,972
Pool #BF2878 5.000% 6/20/48		15,941		16,824
Pool #MA5266 5.000% 6/20/48		514,481		537,557
Pool #MA5988 5.000% 6/20/49		181,670		189,137
Pool #MA5081 5.500% 3/20/48		60,542		65,610
Pool #MA5140 5.500% 4/20/48		42,590		45,316
Pool #MA5195 5.500% 5/20/48		139,129		147,557
Pool #MA5469 5.500% 9/20/48		515		544
Pool #MA5531 5.500% 10/20/48		12,178		12,863
Pool #MA5598 5.500% 11/20/48		57,468		60,698
Pool #MA5654 5.500% 12/20/48		174,611		184,424
Pool #MA5713 5.500% 1/20/49		43,144		45,569
Pool #MA5820 5.500% 3/20/49		44,442		46,912
Government National Mortgage Association II TBA
2.000% 8/01/51 (g)		1,475,000		1,403,209
3.000% 8/01/51 (g)		1,235,000		1,221,396
3.500% 10/01/51 (g)		2,385,000		2,400,279
4.500% 4/21/52 (g)		410,000		424,254
Uniform Mortgage Backed Securities TBA
1.500% 11/01/36 (g)		1,680,000		1,593,638
2.000% 9/01/51 (g)		16,940,000		15,731,702
2.500% 10/01/36 (g)		2,210,000		2,183,929
2.500% 10/01/51 (g)		9,505,000		9,075,790
3.000% 11/01/51 (g)		2,110,000		2,065,657

The accompanying notes are an integral part of the financial statements.

40

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

	Principal Amount		Value
3.500% 12/01/51 (g)	$	895,000	$	897,168
4.000% 11/01/48 (g)		1,245,000		1,270,970
4.500% 3/01/48 (g)		1,710,000		1,774,125
				113,899,784
Whole Loans — 1.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-HQA1, Class M1, 30 day SOFR + .700% 0.799% FRN 8/25/33 (d)		99,192		98,931
Series 2021-HQA3, Class M1, 30 day SOFR + .850% 0.949% FRN 9/25/41 (d)		560,000		545,857
Series 2018-HQA1, Class M2AS, 1 mo. USD LIBOR + 1.100% 1.557% FRN 9/25/30		302,957		301,615
Series 2021-DNA5, Class M2, 30 day SOFR + 1.650% 1.749% FRN 1/25/34 (d)		285,000		280,654
Series 2019, Class M2, 1 mo. USD LIBOR + 1.400% 1.857% FRN 2/25/49 (d)		348,806		347,093
Series 2022-DNA1, Class M1B, 30 day SOFR + 1.850% 1.949% FRN 1/25/42 (d)		535,000		504,711
Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 2.399% FRN 8/25/33 (d)		260,000		256,283
Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400% 2.499% FRN 2/25/42 (d)		1,325,000		1,303,107
Series 2017-HQA3, Class M2, 1 mo. USD LIBOR + 2.350% 2.807% FRN 4/25/30		556,405		563,602
Series 2020-DNA5, Class M2, 30 day SOFR + 2.800% 2.899% FRN 10/25/50 (d)		372,229		373,586
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2022-R01, Class 1M1, 30 day SOFR + 1.000% 1.099% FRN 12/25/41 (d)		110,884		109,880
Series 2022-R02, Class 2M1, 30 day SOFR + 1.200% 1.299% FRN 1/25/42 (d)		1,286,933		1,274,726
Series 2018-C01, Class 1ED2, 1 mo. USD LIBOR + .850% 1.307% FRN 7/25/30		488,621		485,715

	Principal Amount		Value
Series 2017-C04, Class 2ED2, 1 mo. USD LIBOR + 1.100% 1.557% FRN 11/25/29	$	674,345	$	667,270
Series 2021-R03, Class 1M2, 30 day SOFR + 1.650% 1.749% FRN 12/25/41 (d)		345,000		326,894
Series 2017-C02, Class 2ED3, 1 mo. USD LIBOR + 1.350% 1.807% FRN 9/25/29		44,046		43,731
Series 2022-R03, Class 1M1, 2.150% 3/25/42		310,000		310,480
Series 2017-C06, Class 1M2B, 1 mo. USD LIBOR + 2.650% 3.107% FRN 2/25/30		520,000		523,381
				8,317,516
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $126,468,916)				122,641,450
U.S. TREASURY OBLIGATIONS — 18.7%
U.S. Treasury Bonds & Notes — 18.7%
U.S. Treasury Bond
1.875% 11/15/51		5,900,000		5,174,619
2.000% 11/15/41		11,405,000		10,335,652
2.000% 8/15/51		6,090,000		5,493,666
2.250% 2/15/52		5,300,000		5,079,721
U.S. Treasury Note
0.125% 1/15/24 (l)		15,795,000		15,206,636
0.125% 2/15/24		2,320,000		2,229,280
0.250% 3/15/24		7,210,000		6,930,587
0.250% 5/15/24		4,805,000		4,596,121
0.250% 6/15/24		13,985,000		13,346,978
0.375% 7/15/24 (f)		800,000		764,167
0.625% 10/15/24		6,405,000		6,119,391
1.000% 12/15/24		8,465,000		8,142,741
1.125% 1/15/25		11,130,000		10,729,569
1.250% 12/31/26		13,325,000		12,605,726
1.500% 1/31/27		11,345,000		10,857,787
1.750% 3/15/25		2,110,000		2,067,471
1.875% 2/28/27 (f)		16,160,000		15,751,000
				135,431,112
TOTAL U.S. TREASURY OBLIGATIONS (Cost $142,007,767)				135,431,112
TOTAL BONDS & NOTES (Cost $706,260,418)				671,153,941

The accompanying notes are an integral part of the financial statements.

41

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

	Number of Shares		Value
MUTUAL FUNDS — 2.4%
Diversified Financial Services — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio (m)		17,061,268	$	17,061,268
TOTAL MUTUAL FUNDS (Cost $17,061,268)				17,061,268
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $119,158)				22,543
TOTAL LONG-TERM INVESTMENTS (Cost $723,693,537)				688,558,555
		Principal Amount
SHORT-TERM INVESTMENTS — 12.2%
Commercial Paper — 0.6%
Amcor Fin (USA), Inc.	$	680,000		679,663
Canadian Natural Resources Ltd.		1,000,000		999,300
Nutrien Ltd.		800,000		799,511
Syngenta Wilmington, Inc.		800,000		799,698
Transcanada Pipelines Ltd.		800,000		799,522
				4,077,694
		Number of Shares
Mutual Fund — 11.3%
T. Rowe Price Government Reserve Investment Fund		81,647,085		81,647,085

	Principal Amount		Value
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (n)	$	1,455,680	$	1,455,680
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill
0.101%5/19/22(o)		900,000		899,706
TOTAL SHORT-TERM INVESTMENTS (Cost $88,080,099)				88,080,165
TOTAL INVESTMENTS — 107.4% (Cost $811,773,636) (p)				776,638,720
Less Unfunded Loan Commitments — (0.01)%				(41,243	)
NET INVESTMENTS — 107.3% (Cost $811,732,393)				776,597,477
Other Assets/(Liabilities) — (7.3)%				(53,155,333	)
NET ASSETS — 100.0%			$	723,442,144

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

REMICS Real Estate Mortgage Investment Conduits

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is perpetual and has no stated maturity date.

(b) All or a portion of the security represents unsettled loan commitments at March 31, 2022 where the rate will be determined at time of settlement.

(c) Unfunded or partially unfunded loan commitments.

(d) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $213,544,878 or 29.52% of net assets.

(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(f) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $19,531,118 or 2.70% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,916,353 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

The accompanying notes are an integral part of the financial statements.

42

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

Notes to Portfolio of Investments (continued)

(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(h) 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 March 31, 2022.

(i) Investment was valued using significant unobservable inputs.

(j) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $420,000 or 0.06% of net assets.

(k) 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.

(l) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(m) Represents investment of security lending cash collateral. (Note 2).

(n) Maturity value of $1,455,680. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,484,910.

(o) The rate shown represents yield-to-maturity.

(p) See Note 6 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)
Put
USD Put EUR Call	Citibank N.A.*		5/09/22		1.13		7,325,000		USD	7,325,000	$	22,532	$	53,709	$	(31,177	)
USD Put EUR Call	UBS AG*		4/01/22		1.16		11,000,000		USD	11,000,000		11		65,450		(65,439	)
											$	22,543	$	119,159	$	(96,616	)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		4/08/22		USD	766,642		INR	57,296,923	$	10,753
Bank of America N.A.*		4/14/22		USD	1,159,167		CZK	24,876,590		33,090
Bank of America N.A.*		4/22/22		AUD	2,375,000		USD	1,729,097		48,486
Bank of America N.A.*		4/22/22		USD	1,692,589		AUD	2,375,000		(84,994	)
Bank of America N.A.*		5/13/22		PLN	3,467,560		USD	877,059		(54,883	)
Bank of America N.A.*		5/20/22		SEK	18,380,000		USD	1,954,774		1,972
Bank of America N.A.*		5/20/22		USD	2,555,098		EUR	2,300,000		6,793
Barclays Bank PLC*		4/08/22		TWD	7,073,118		USD	245,722		1,144
Barclays Bank PLC*		4/08/22		USD	508,054		TWD	13,973,000		20,368
Barclays Bank PLC*		4/08/22		USD	57,721		IDR	832,418,885		(227	)
Barclays Bank PLC*		7/08/22		USD	246,966		TWD	7,073,118		(204	)
BNP Paribas SA*		4/08/22		USD	1,199,515		CLP	1,039,091,282		(120,287	)
BNP Paribas SA*		4/08/22		CLP	442,420,225		USD	558,936		3,004
BNP Paribas SA*		4/14/22		USD	26,460		CZK	572,640		539
BNP Paribas SA*		4/14/22		USD	8,663		CNH	55,390		(49	)
BNP Paribas SA*		4/22/22		AUD	1,456,000		USD	1,055,695		34,057
BNP Paribas SA*		4/22/22		USD	253,868		JPY	29,271,377		13,349
BNP Paribas SA*		5/13/22		PLN	7,010,000		USD	1,752,610		(90,504	)
BNP Paribas SA*		5/20/22		EUR	1,899,559		USD	2,110,884		(6,251	)
BNP Paribas SA*		5/20/22		USD	211,455		EUR	189,199		1,830
BNP Paribas SA*		6/10/22		USD	472,413		CLP	387,227,810		(14,225	)
BNP Paribas SA*		6/10/22		CLP	612,801,931		USD	769,024		1,098
BNP Paribas SA*		6/10/22		MYR	451,000		USD	107,126		(39	)
BNP Paribas SA*		6/17/22		USD	109,385		SGD	148,524		(197	)
BNP Paribas SA*		7/08/22		USD	550,829		CLP	442,420,225		(2,541	)

The accompanying notes are an integral part of the financial statements.

43

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

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Citibank N.A.*		4/13/22		MXN	57,355,009		USD	2,744,190	$	134,940
Citibank N.A.*		4/13/22		USD	167,519		MXN	3,346,000		(445	)
Citibank N.A.*		4/14/22		USD	441,531		RSD	46,140,000		7,630
Citibank N.A.*		4/14/22		RSD	46,140,000		USD	435,691		(1,791	)
Citibank N.A.*		4/21/22		USD	1,115,311		ILS	3,587,950		(9,338	)
Citibank N.A.*		4/22/22		JPY	113,955,000		USD	999,314		(62,961	)
Citibank N.A.*		4/22/22		USD	2,859,056		JPY	327,441,000		168,517
Citibank N.A.*		4/22/22		USD	1,862,395		AUD	2,583,000		(70,867	)
Citibank N.A.*		4/22/22		AUD	160,000		USD	120,181		(428	)
Citibank N.A.*		4/22/22		CAD	193,000		USD	154,512		(145	)
Citibank N.A.*		4/29/22		EUR	1,094,000		USD	1,214,008		(2,883	)
Citibank N.A.*		5/13/22		PLN	3,754,000		USD	951,693		(61,601	)
Citibank N.A.*		5/13/22		USD	446,882		RSD	46,140,575		13,352
Citibank N.A.*		5/20/22		EUR	9,867,939		USD	10,947,554		(14,282	)
Citibank N.A.*		5/20/22		USD	1,978,567		SEK	18,380,000		21,821
Citibank N.A.*		5/20/22		GBP	73,000		USD	96,098		(225	)
Citibank N.A.*		5/20/22		USD	4,453,925		GBP	3,361,000		39,820
Citibank N.A.*		6/02/22		BRL	1,073,002		USD	207,681		13,960
Citibank N.A.*		6/10/22		USD	978,875		COP	3,773,890,000		(12,336	)
Citibank N.A.*		7/15/22		USD	1,892,519		ZAR	29,062,532		(71,083	)
Citibank N.A.*		7/15/22		USD	206,315		RSD	22,154,963		(1,531	)
Deutsche Bank AG*		4/08/22		TWD	8,137,890		USD	284,343		(314	)
Deutsche Bank AG*		4/08/22		USD	259,371		TWD	7,126,230		10,651
Deutsche Bank AG*		4/08/22		USD	766,258		INR	57,296,923		10,369
Deutsche Bank AG*		4/22/22		USD	132,354		JPY	15,177,849		7,640
Deutsche Bank AG*		5/20/22		USD	91,600		EUR	83,584		(1,008	)
Deutsche Bank AG*		6/10/22		USD	3,619,122		MYR	15,169,190		17,295
Deutsche Bank AG*		7/08/22		USD	285,971		TWD	8,137,890		1,593
Goldman Sachs International*		4/08/22		IDR	14,213,265,510		USD	989,299		151
Goldman Sachs International*		4/08/22		CLP	84,624,000		USD	104,390		3,095
Goldman Sachs International*		4/08/22		INR	37,449,269		USD	494,510		(461	)
Goldman Sachs International*		4/14/22		USD	77,120		CNH	492,600		(355	)
Goldman Sachs International*		4/22/22		JPY	287,235,000		USD	2,504,951		(144,779	)
Goldman Sachs International*		4/22/22		USD	2,498,017		JPY	287,235,000		137,845
Goldman Sachs International*		5/20/22		USD	77,598		EUR	70,654		(684	)
Goldman Sachs International*		6/02/22		USD	929,362		BRL	4,881,599		(78,990	)
Goldman Sachs International*		6/10/22		USD	2,857,165		THB	94,412,172		15,425
Goldman Sachs International*		6/10/22		THB	3,586,000		USD	107,688		248
Goldman Sachs International*		7/08/22		USD	489,642		INR	37,449,269		324
HSBC Bank USA*		4/08/22		CLP	31,365,865		USD	39,653		186
HSBC Bank USA*		4/14/22		USD	24,271		CNH	155,475		(182	)
HSBC Bank USA*		4/22/22		USD	44,282		CAD	55,998		(507	)
HSBC Bank USA*		6/10/22		USD	83,279		MYR	350,294		104
JP Morgan Chase Bank N.A.*		5/20/22		EUR	178,967		USD	195,908		2,380
Morgan Stanley & Co. LLC*		4/08/22		TWD	12,734,992		USD	443,033		1,444
Morgan Stanley & Co. LLC*		4/08/22		USD	249,028		TWD	6,846,770		10,062
Morgan Stanley & Co. LLC*		4/14/22		HUF	16,486,575		USD	51,456		(1,878	)
Morgan Stanley & Co. LLC*		4/14/22		USD	23,148		CNH	148,297		(176	)

The accompanying notes are an integral part of the financial statements.

44

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

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Morgan Stanley & Co. LLC*		4/22/22		USD	9,194,507		JPY	1,051,440,800	$	554,958
Morgan Stanley & Co. LLC*		5/20/22		EUR	610,652		USD	675,363		1,215
Morgan Stanley & Co. LLC*		5/20/22		USD	1,790,475		EUR	1,571,628		49,175
Morgan Stanley & Co. LLC*		6/10/22		CLP	31,087,915		USD	39,281		(212	)
Morgan Stanley & Co. LLC*		7/08/22		USD	445,388		TWD	12,734,992		364
Royal Bank of Canada*		4/22/22		USD	44,261		AUD	61,102		(1,471	)
Royal Bank of Canada*		4/22/22		USD	2,903,170		CAD	3,705,500		(60,595	)
Royal Bank of Canada*		5/20/22		USD	272,613		EUR	244,796		1,389
State Street Bank and Trust*		4/14/22		CZK	21,763,239		USD	993,846		(8,700	)
State Street Bank and Trust*		4/14/22		USD	60,477		CNY	386,532		(434	)
State Street Bank and Trust*		4/21/22		ILS	358,000		USD	112,930		(714	)
State Street Bank and Trust*		4/21/22		USD	2,416,057		ILS	7,635,516		22,692
State Street Bank and Trust*		4/22/22		JPY	253,861,853		USD	2,061,140		24,809
State Street Bank and Trust*		4/22/22		USD	334,603		NOK	2,939,186		825
State Street Bank and Trust*		4/22/22		USD	18,899,572		JPY	2,159,766,698		1,153,055
State Street Bank and Trust*		4/22/22		USD	5,768,956		CAD	7,228,863		(12,893	)
State Street Bank and Trust*		5/20/22		EUR	6,304,132		USD	6,958,424		26,295
State Street Bank and Trust*		5/20/22		USD	16,320,099		GBP	12,174,205		331,342
State Street Bank and Trust*		5/20/22		USD	43,045,894		EUR	37,794,961		1,170,632
State Street Bank and Trust*		6/17/22		SGD	2,706,000		USD	1,992,856		3,644
State Street Bank and Trust*		6/17/22		USD	1,873,268		CNY	12,030,000		(15,576	)
State Street Bank and Trust*		6/17/22		USD	1,716,315		SGD	2,343,186		(12,498	)
UBS AG*		4/08/22		IDR	5,696,912,818		USD	396,942		(354	)
UBS AG*		4/08/22		RUB	50,205,925		USD	552,223		64,197
UBS AG*		4/08/22		USD	1,500,464		CLP	1,288,999,708		(136,759	)
UBS AG*		4/08/22		USD	777,854		RUB	60,613,151		33,656
UBS AG*		4/08/22		USD	1,330,329		IDR	19,077,759,443		2,240
UBS AG*		4/13/22		MXN	4,630,117		USD	215,808		16,616
UBS AG*		4/14/22		CZK	7,346,000		USD	331,573		955
UBS AG*		4/14/22		USD	99,443		CNH	635,706		(540	)
UBS AG*		4/14/22		USD	424,949		CZK	9,187,814		9,049
UBS AG*		4/21/22		ILS	218,955		USD	68,528		104
UBS AG*		4/22/22		JPY	127,763,000		USD	1,120,357		(70,545	)
UBS AG*		4/22/22		CAD	2,670,000		USD	2,121,142		14,400
UBS AG*		4/22/22		USD	372,987		JPY	42,377,918		24,773
UBS AG*		4/22/22		USD	1,155,543		CAD	1,455,390		(8,520	)
UBS AG*		4/22/22		USD	4,396,852		AUD	6,023,149		(111,210	)
UBS AG*		5/13/22		PLN	817,000		USD	205,825		(12,110	)
UBS AG*		5/20/22		GBP	631,793		USD	838,588		(8,835	)
UBS AG*		5/20/22		EUR	3,443,000		USD	3,795,453		19,249
UBS AG*		5/20/22		USD	60,253,045		EUR	52,899,329		1,642,764
UBS AG*		6/10/22		USD	476,160		CLP	387,227,810		(10,478	)
UBS AG*		7/08/22		IDR	13,250,827,252		USD	920,612		(1,784	)
UBS AG*		7/15/22		ZAR	22,340,000		USD	1,466,084		43,311
									$	4,619,165

The accompanying notes are an integral part of the financial statements.

45

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Euro-BTP		6/08/22		5	$	798,473		$	(33,446	)
Euro-Bund		6/08/22		28		5,024,953			(110,461	)
Australia 3 Year Bond		6/15/22		102		8,522,833			(135,438	)
Canada 10 Year Bond		6/21/22		13		1,420,560			(62,899	)
Korea 10 Year Bond		6/21/22		29		2,860,663			(61,274	)
Korea 3 Year Bond		6/21/22		37		3,275,996			(33,135	)
U.S. Treasury Long Bond		6/21/22		60		8,957,328			46,422
U.S. Treasury Note 10 Year		6/21/22		125		16,078,058			(718,684	)
U.S. Treasury Ultra 10 Year		6/21/22		416		58,077,211			(1,722,211	)
U.S. Treasury Ultra Bond		6/21/22		253		46,554,477			(1,741,852	)
UK Long Gilt		6/28/22		15		2,406,210			(17,404	)
								$	(4,590,382	)
Short
Euro-BOBL		6/08/22		14	$	(2,008,874	)	$	13,155
Euro-Schatz		6/08/22		199		(24,514,715	)		137,102
U.S. Treasury Note 2 Year		6/30/22		242		(52,063,871	)		778,777
U.S. Treasury Note 5 Year		6/30/22		812		(95,588,834	)		2,462,584
								$	3,391,618

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/Index	Rate Paid by Fund		Payment Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation (Depreciation)
iTraxx Europe Crossover Series 35†		5.000%		Quarterly		6/20/2026		EUR	815,000	$	(72,985	)	$	(113,479	)	$	40,494
CDX.NA.HY. Series 38†		5.000%		Quarterly		6/20/2027		USD	1,575,000		(86,797	)		(76,033	)		(10,764	)
										$	(159,782	)	$	(189,512	)	$	29,730

Centrally Cleared Credit Default Swaps - Sell Protection††

Reference Obligation/ Index	Rate Received by Fund		Payment Frequency	Termination Date		Credit Rating		Notional Amount			Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation (Depreciation)
Republic of Chile		1.000%	Quarterly		6/20/27		A1**		USD	2,610,000	$	38,333		$	31,713		$	6,620
Republic of Mexico		1.000%	Quarterly		6/20/27		Baa1**		USD	6,650,000		(1,814	)		(27,153	)		25,339
											$	36,519		$	4,560		$	31,959

The accompanying notes are an integral part of the financial statements.

46

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

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.*		BB**		6/20/22		USD	260,000	$	447		$	(7,203	)	$	7,650
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BB**		12/20/24		USD	152,000		1,033			(10,490	)		11,523
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BB**		12/20/24		USD	151,000		1,026			(4,578	)		5,604
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BB**		12/20/24		USD	303,000		2,059			(9,187	)		11,246
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BB**		12/20/29		USD	225,000		(10,515	)		(11,045	)		530
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BB**		12/20/29		USD	225,000		(10,515	)		(11,239	)		724
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BB**		12/20/24		USD	450,000		3,058			(2,504	)		5,562
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BB**		6/20/24		USD	135,000		1,176			(8,192	)		9,368
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BB**		6/20/24		USD	67,500		588			(3,879	)		4,467
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BB**		6/20/24		USD	67,500		588			(3,879	)		4,467
Republic of Greece		1.000%		Quarterly	Citibank N.A.*		BB**		6/20/25		USD	150,000		741			(9,034	)		9,775
Republic of Greece		1.000%		Quarterly	Citibank N.A.*		BB**		6/20/25		USD	75,000		370			(4,350	)		4,720
Republic of Greece		1.000%		Quarterly	Citibank N.A.*		BB**		12/20/25		USD	300,000		254			(281	)		535
Barclays Bank PLC		1.000%		Quarterly	JP Morgan Chase Bank N.A.*		A+**		6/20/24		EUR	100,000		1,530			1,279			251
Republic of Indonesia		1.000%		Quarterly	JP Morgan Chase Bank N.A.*		NR**		6/20/27		USD	3,960,000		29,648			9,463			20,185
Republic of Greece		1.000%		Quarterly	Morgan Stanley & Co. LLC*		BB**		12/20/24		USD	134,000		911			(993	)		1,904
Republic of Greece		1.000%		Quarterly	Morgan Stanley & Co. LLC*		BB**		6/20/25		USD	94,000		464			(4,498	)		4,962
													$	22,863		$	(80,610	)	$	103,473

The accompanying notes are an integral part of the financial statements.

47

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.558%		Quarterly		7/17/25		CNY	30,000,000	$	30,291		$	—	$	30,291
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.600%		Quarterly		8/06/25		CNY	7,500,000		9,158			—		9,158
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.855%		Quarterly		11/24/25		CNY	26,575,000		430,985			—		430,985
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.605%		Quarterly		1/15/26		CNY	58,525,000		450,735			—		450,735
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.780%		Quarterly		6/28/26		CNY	9,775,000		140,688			—		140,688
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.560%		Quarterly		7/28/26		CNY	2,800,000		16,214			—		16,214
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.255%		Quarterly		1/26/27		CNY	28,350,000		(38,674	)		—		(38,674	)
6-Month EURIBOR		Semi-Annually	Fixed -0.001%		Annually		10/20/25		EUR	1,090,000		(43,119	)		—		(43,119	)
6-Month EURIBOR		Semi-Annually	Fixed -0.001%		Annually		11/04/25		EUR	1,030,000		(39,188	)		—		(39,188	)
6-Month EURIBOR		Semi-Annually	Fixed -0.057%		Annually		5/19/28		EUR	1,060,000		(76,515	)		—		(76,515	)
6-Month EURIBOR		Semi-Annually	Fixed -0.101%		Annually		6/01/28		EUR	500,000		(37,829	)		—		(37,829	)
6-Month EURIBOR		Semi-Annually	Fixed -0.100%		Annually		6/03/28		EUR	365,000		(27,614	)		—		(27,614	)
6-Month EURIBOR		Semi-Annually	Fixed -0.079%		Annually		6/29/28		EUR	384,000		(28,876	)		—		(28,876	)
6-Month EURIBOR		Semi-Annually	Fixed 0.830%		Annually		3/02/32		EUR	4,700,000		(173,446	)		—		(173,446	)
6-Month EURIBOR		Semi-Annually	Fixed 1.222%		Annually		4/04/32		EUR	1,350,000		4,678			—		4,678
28 Day-MXN-TIIE-Banxico		Monthly	Fixed 5.499%		Monthly		5/04/27		MXN	15,000,000		(90,954	)		—		(90,954	)
Fixed 3.090%		Annually	6-Month WIBOR		Semi-Annually		2/20/28		PLN	1,070,000		23,804			—		23,804
Fixed 2.850%		Annually	6-Month WIBOR		Semi-Annually		4/06/28		PLN	100,000		2,623			—		2,623
Fixed 2.920%		Annually	6-Month WIBOR		Semi-Annually		5/07/28		PLN	200,000		5,027			—		5,027
Fixed 3.030%		Annually	6-Month WIBOR		Semi-Annually		5/18/28		PLN	300,000		7,115			—		7,115
Fixed 1.715%		Annually	6-Month WIBOR		Semi-Annually		9/24/29		PLN	1,700,000		78,216			—		78,216
Fixed 1.780%		Annually	6-Month WIBOR		Semi-Annually		10/22/29		PLN	823,529		37,157			—		37,157
Fixed 1.775%		Annually	6-Month WIBOR		Semi-Annually		10/22/29		PLN	1,176,471		53,168			—		53,168
											$	733,644		$	—	$	733,644

The accompanying notes are an integral part of the financial statements.

48

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

* Contracts are subject to a master netting agreement or similar agreement.

** Rating represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody’s Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent changes.

† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.

†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. 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

CLP Chilean Peso

CNH Offshore Chinese Yuan

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Koruna

EUR Euro

GBP British Pound

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

PLN Polish Zloty

RSD Serbian dinar

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TWD Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

The accompanying notes are an integral part of the financial statements.

49

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

March 31, 2022 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 96.6%
CORPORATE DEBT — 33.3%
Bermuda — 0.3%
Ooredoo International Finance Co.
2.625% 4/08/31 (a)	$	260,000	$	243,723
Brazil — 0.4%
Globo Comunicacao e Participacoes SA
4.875% 1/22/30 (a)		450,000		397,689
British Virgin Islands — 0.6%
State Grid Overseas Investment BVI Ltd.
3.500% 5/04/27 (a)		200,000		201,626
4.375% 5/22/43 (a)		300,000		326,786
				528,412
Canada — 0.2%
MEGlobal Canada ULC
5.875% 5/18/30 (a)		200,000		221,562
Cayman Islands — 3.2%
AAC Technologies Holdings, Inc.
2.625% 6/02/26 (a)		230,000		206,369
Cosan Overseas Ltd.
8.250% (a) (b)		100,000		100,126
Country Garden Holdings Co. Ltd.
3.300% 1/12/31 (a)		200,000		139,042
8.000% 1/27/24 (a)		200,000		171,240
CSN Inova Ventures
6.750% 1/28/28 (a)		200,000		207,250
Health & Happiness H&H International Holdings Ltd.
5.625% 10/24/24 (a)		200,000		177,960
Huazhu Group Ltd., Convertible,
3.000% 5/01/26		129,000		137,127
Kaisa Group Holdings Ltd.
11.950% 10/22/22 (a)		280,000		55,300
KSA Sukuk Ltd.
2.969% 10/29/29 (a)		310,000		308,893
Lamar Funding Ltd.
3.958% 5/07/25 (a)		500,000		489,166
Lima Metro Line 2 Finance Ltd.
5.875% 7/05/34 (a)		98,735		105,646
Sea Ltd., Convertible,
0.250% 9/15/26		305,000		243,421
Shimao Group Holdings Ltd.
3.450% 1/11/31 (a)		325,000		79,625
5.200% 1/30/25 (a)		200,000		54,500
Tencent Holdings Ltd.
3.840% 4/22/51 (a)		275,000		238,362

	Principal Amount		Value
Times China Holdings Ltd.
6.750% 7/08/25 (a)	$	300,000	$	120,075
Tingyi Cayman Islands Holding Corp.
1.625% 9/24/25 (a)		205,000		189,703
				3,023,805
Chile — 2.3%
AES Andes SA 5 year USD Swap + 4.644%
7.125% VRN 3/26/79 (a) (c)		450,000		451,692
Banco Santander Chile
3.177% 10/26/31 (a)		375,000		358,294
Celulosa Arauco y Constitucion SA
5.150% 1/29/50 (a)		250,000		247,190
Corp. Nacional del Cobre de Chile
3.150% 1/14/30 (a)		200,000		192,055
Empresa De Los Ferrocarr
3.068% 8/18/50 (a) (c)		450,000		334,125
Empresa de Transporte de Pasajeros Metro SA
3.693% 9/13/61 (a)		200,000		162,752
4.700% 5/07/50 (a)		200,000		201,924
VTR Comunicaciones SpA
4.375% 4/15/29 (a)		250,000		228,440
				2,176,472
Colombia — 1.0%
Banco Davivienda SA 10 year CMT + 5.097%
6.650% VRN (a) (b)		200,000		184,002
Banco de Bogota SA
6.250% 5/12/26 (a)		250,000		255,625
Ecopetrol SA
4.625% 11/02/31		110,000		99,918
5.875% 5/28/45		500,000		438,125
				977,670
Hong Kong — 0.2%
Lenovo Group Ltd.
3.421% 11/02/30 (a)		200,000		184,991
India — 1.3%
Adani International Container Terminal Pvt Ltd.
3.000% 2/16/31 (a)		528,000		471,472
Adani Ports & Special Economic Zone Ltd.
4.200% 8/04/27 (a)		200,000		195,059
4.375% 7/03/29 (a)		200,000		191,010
Bharti Airtel Ltd.
3.250% 6/03/31 (a)		400,000		369,738
				1,227,279

The accompanying notes are an integral part of the financial statements.

50

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

	Principal Amount		Value
Indonesia — 1.5%
Bank Negara Indonesia Persero Tbk PT
3.750% 3/30/26 (a)	$	413,000	$	392,600
Pertamina Persero PT
5.625% 5/20/43 (a)		400,000		424,632
6.000% 5/03/42 (a)		200,000		222,061
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.000% 6/30/50 (a)		200,000		177,844
6.150% 5/21/48 (a)		200,000		222,990
				1,440,127
Ireland — 0.4%
LCPR Senior Secured Financing DAC
5.125% 7/15/29 (a)		400,000		381,878
Israel — 1.0%
ICL Group Ltd.
6.375% 5/31/38 (a)		200,000		216,898
Israel Chemicals Ltd.
6.375% 5/31/38 (a)		150,000		162,674
Israel Electric Corp. Ltd.
4.250% 8/14/28 (a)		250,000		251,250
Leviathan Bond Ltd.
6.125% 6/30/25 (a)		300,000		304,409
				935,231
Jamaica — 0.1%
TransJamaican Highway Ltd.
5.750% 10/10/36 (a)		145,963		138,300
Kazakhstan — 0.8%
KazMunayGas National Co. JSC
3.500% 4/14/33 (a)		400,000		332,128
5.750% 4/19/47 (a)		200,000		176,796
6.375% 10/24/48 (a)		230,000		216,683
				725,607
Mauritius — 0.2%
HTA Group Ltd/Mauritius
7.000% 12/18/25 (a)		200,000		197,760
Mexico — 9.6%
Axtel SAB de CV
6.375% 11/14/24 (a)		200,000		204,000
Banco Mercantil Del Norte SA
5 year CMT + 4.967% 6.750% VRN (a) (b)		200,000		196,500
10 year CMT + 7.760% 8.375% VRN (a) (b)		200,000		208,752
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
5.375% 4/17/25 (a)		285,000		295,355

	Principal Amount		Value
BBVA Bancomer SA 5 year CMT + 2.650%
5.125% VRN 1/18/33 (a)	$	600,000	$	570,390
Cemex SAB de CV
5.450% 11/19/29 (a)		200,000		202,252
Cometa Energia SA de CV
6.375% 4/24/35 (a)		359,600		363,592
Controladora Mabe SA de CV
5.600% 10/23/28 (a) (c)		250,000		266,275
Industrias Penoles SAB de CV
4.750% 8/06/50 (a)		200,000		182,502
Infraestructura Energetica Nova SAB de CV
4.875% 1/14/48 (a)		300,000		260,910
Mexico City Airport Trust
5.500% 7/31/47 (a)		1,892,000		1,662,614
Petroleos Mexicanos
4.500% 1/23/26		500,000		489,250
6.500% 3/13/27		1,100,000		1,117,050
6.500% 6/02/41		3,585,000		2,972,682
				8,992,124
Netherlands — 0.5%
Minejesa Capital BV
5.625% 8/10/37 (a)		300,000		273,189
Petrobras Global Finance BV
5.500% 6/10/51		185,000		158,749
				431,938
Oman — 0.2%
Bank Muscat SAOG
4.750% 3/17/26 (a)		200,000		201,496
Panama — 0.7%
Aeropuerto Internacional de Tocumen SA
4.000% 8/11/41 (a)		200,000		182,039
Banco General SA 10 year CMT + 3.665%
5.250% VRN (a) (b)		200,000		196,502
Banco Nacional de Panama
2.500% 8/11/30 (a)		310,000		273,770
				652,311
Paraguay — 0.2%
Telfon Celuar Del Paragu SA
5.875% 4/15/27 (a)		200,000		202,500
Peru — 0.2%
Consorcio Transmantaro SA
4.700% 4/16/34 (a)		200,000		200,520

The accompanying notes are an integral part of the financial statements.

51

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

	Principal Amount		Value
Philippines — 1.1%
Globe Telecom, Inc.
3.000% 7/23/35 (a)	$	400,000	$	317,846
International Container Terminal Services, Inc.
4.750% 6/17/30 (a)		400,000		398,680
Manila Water Co., Inc.
4.375% 7/30/30 (a)		300,000		284,730
				1,001,256
Qatar — 0.7%
Qatar Energy
2.250% 7/12/31 (a)		270,000		248,438
3.125% 7/12/41 (a)		450,000		409,433
				657,871
Saudi Arabia — 1.5%
Saudi Arabian Oil Co.
3.500% 4/16/29 (a)		550,000		553,429
4.250% 4/16/39 (a)		800,000		818,971
				1,372,400
Sri Lanka — 0.2%
SriLankan Airlines Ltd.
7.000% 6/25/24 (a)		300,000		140,775
Thailand — 1.2%
Bangkok Bank PCL 5 year CMT + 1.900%
3.733% VRN 9/25/34 (a)		375,000		349,590
Bangkok Bank PCL/Hong Kong 5 year CMT + 2.150%
3.466% VRN 9/23/36 (a)		200,000		180,031
Thaioil Treasury Center Co. Ltd.
3.500% 10/17/49 (a)		200,000		148,706
3.500% 10/17/49 (a)		600,000		446,118
				1,124,445
United Arab Emirates — 2.0%
Abu Dhabi Ports Co. PJSC
2.500% 5/06/31 (a)		400,000		369,185
Acwa Power Management And Investments One Ltd.
5.950% 12/15/39 (a)		299,430		318,288
Emirates NBD Bank PJSC 6 year CMT + 3.656%
6.125% VRN (a) (b)		200,000		200,665
Oztel Holdings SPC Ltd.
6.625% 4/24/28 (a)		450,000		471,155
Ruwais Power Co. PJSC
6.000% 8/31/36 (a)		400,000		487,000
				1,846,293

	Principal Amount		Value
United States — 0.8%
Citgo Holding, Inc.
9.250% 8/01/24 (a) (c)	$	165,000	$	166,650
Kosmos Energy Ltd.
7.125% 4/04/26 (a)		200,000		195,500
MercadoLibre, Inc., Convertible
2.000% 8/15/28		65,000		179,562
Periama Holdings LLC/DE
5.950% 4/19/26 (a)		200,000		203,260
				744,972
Venezuela — 0.9%
Petroleos de Venezuela SA
5.375% 4/12/27 (a) (d)		900,000		59,625
6.000% 5/16/24 (a) (d)		2,400,000		159,000
6.000% 11/15/26 (a) (d)		1,750,000		122,500
8.500% 10/27/20 (a) (d)		250,000		40,000
9.000% 11/17/21 (a) (d)		4,990,000		349,300
9.750% 5/17/35 (a) (d)		150,000		9,375
12.750% 2/17/22 (a) (d)		1,500,000		105,000
				844,800
TOTAL CORPORATE DEBT (Cost $36,399,147)				31,214,207
SOVEREIGN DEBT OBLIGATIONS — 63.3%
Albania — 0.9%
Albania Government International Bond
3.500% 6/16/27 EUR (a) (e)		350,000		374,890
3.500% 11/23/31 EUR (a) (e)		500,000		480,202
				855,092
Angola — 2.0%
Angolan Government International Bond
8.000% 11/26/29 (a)		200,000		200,724
8.250% 5/09/28 (a)		725,000		737,687
9.125% 11/26/49 (a)		300,000		291,438
9.500% 11/12/25 (a)		600,000		656,064
				1,885,913
Argentina — 1.2%
Argentine Republic Government International Bond
0.500% STEP 7/09/30		571,224		190,794
1.000% 12/15/35		845,000		4,225
1.125% STEP 7/09/35		1,374,923		417,509
2.000% STEP 1/09/38		1,477,891		551,697
				1,164,225

The accompanying notes are an integral part of the financial statements.

52

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

	Principal Amount		Value
Bahamas — 1.1%
Bahamas Government International Bond
6.000% 11/21/28 (a)	$	1,075,000	$	831,792
8.950% 10/15/32 (a)		300,000		239,853
				1,071,645
Bahrain — 3.0%
Bahrain Government International Bond
5.625% 5/18/34 (a)		1,100,000		1,037,234
5.625% 5/18/34 (a)		200,000		188,588
7.000% 10/12/28 (a)		1,325,000		1,434,482
7.500% 9/20/47 (a)		200,000		195,496
				2,855,800
Barbados — 0.3%
Barbados Government International Bond
6.500% 10/01/29 (a)		300,000		287,478
Benin — 0.5%
Benin Government International Bond
4.875% 1/19/32 EUR (a) (e)		440,000		423,618
Bermuda — 0.2%
Bermuda Government International Bond
3.375% 8/20/50 (a)		251,000		220,328
Brazil — 1.4%
Brazilian Government International Bond
3.875% 6/12/30		700,000		645,015
5.000% 1/27/45		740,000		659,310
				1,304,325
Chile — 0.9%
Bonos de la Tesoreria de la Republica en pesos
4.700% 9/01/30 CLP (a) (e)		285,000,000		320,324
5.800% 6/01/24 CLP (a) (e)		100,000,000		126,364
Chile Government International Bond
3.500% 1/31/34		200,000		197,282
4.000% 1/31/52		200,000		197,692
				841,662
Colombia — 1.8%
Colombia Government International Bond
3.000% 1/30/30 (c)		500,000		430,610
3.125% 4/15/31		400,000		338,700
4.125% 5/15/51 (c)		525,000		397,094
4.500% 1/28/26		200,000		199,774

	Principal Amount		Value
5.625% 2/26/44	$	400,000	$	363,224
				1,729,402
Costa Rica — 0.2%
Costa Rica Government International Bond
5.625% 4/30/43 (a)		200,000		174,002
Dominican Republic — 3.8%
Dominican Republic International Bond
4.500% 1/30/30 (a)		505,000		463,342
4.875% 9/23/32 (a)		875,000		791,884
4.875% 9/23/32 (a)		300,000		271,503
5.500% 2/22/29 (a)		165,000		163,517
5.875% 1/30/60 (a) (c)		500,000		427,755
6.500% 2/15/48 (a)		300,000		285,003
6.850% 1/27/45 (a)		1,150,000		1,135,636
				3,538,640
Ecuador — 2.1%
Ecuador Government International Bond
0.000% 7/31/30 (a)		165,446		91,824
0.500% STEP 7/31/40 (a)		408,900		233,077
1.000% STEP 7/31/35 (a)		1,358,550		888,505
1.000% STEP 7/31/35 (a)		50,000		32,701
5.000% STEP 7/31/30 (a)		877,100		732,387
				1,978,494
Egypt — 3.0%
Egypt Government International Bond
5.875% 2/16/31 (a) (c)		200,000		167,537
5.875% 2/16/31 (a)		200,000		167,536
6.588% 2/21/28 (a)		700,000		648,914
7.600% 3/01/29 (a)		675,000		640,251
8.500% 1/31/47 (a)		550,000		467,929
8.500% 1/31/47 (a)		840,000		714,655
				2,806,822
El Salvador — 0.9%
El Salvador Government International Bond
5.875% 1/30/25 (a)		1,240,000		686,588
7.650% 6/15/35 (a)		200,000		93,620
7.650% 6/15/35 (a)		100,000		46,810
				827,018
Ghana — 0.4%
Ghana Government International Bond
8.125% 1/18/26 (a)		400,000		338,040
8.125% 1/18/26 (a)		100,000		84,510
				422,550

The accompanying notes are an integral part of the financial statements.

53

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

	Principal Amount		Value
Guatemala — 0.7%
Guatemala Government Bond
4.875% 2/13/28 (a)	$	400,000	$	408,800
5.375% 4/24/32 (a)		200,000		208,540
				617,340
Hungary — 0.6%
Hungary Government International Bond
2.125% 9/22/31 (a)		655,000		591,979
India — 1.7%
Export Import Bank of India
2.250% 1/13/31 (a)		205,000		175,698
3.250% 1/15/30 (a)		1,500,000		1,416,256
				1,591,954
Indonesia — 5.5%
Indonesia Government International Bond
4.625% 4/15/43 (a)		1,200,000		1,252,080
Perusahaan Penerbit SBSN Indonesia
3.800% 6/23/50 (a)		200,000		195,038
4.450% 2/20/29 (a) (c)		1,050,000		1,138,200
4.550% 3/29/26 (a)		2,025,000		2,144,515
Perusahaan Penerbit SBSN Indonesia III
2.800% 6/23/30 (a)		450,000		439,425
				5,169,258
Ivory Coast — 1.9%
Ivory Coast Government International Bond
6.125% 6/15/33 (a)		1,400,000		1,353,072
6.625% 3/22/48 EUR (a) (e)		425,000		409,545
				1,762,617
Jamaica — 1.2%
Jamaica Government International Bond
6.750% 4/28/28		200,000		220,000
8.000% 3/15/39		175,000		225,752
8.000% 3/15/39		500,000		645,005
				1,090,757
Jordan — 1.2%
Jordan Government International Bond
5.850% 7/07/30 (a)		1,200,000		1,116,672
Lebanon — 0.2%
Lebanon Government International Bond
6.000% 1/27/23 (a) (d)		1,640,000		188,600

	Principal Amount		Value
Mongolia — 0.4%
Mongolia Government International Bond
4.450% 7/07/31 (a)	$	400,000	$	359,594
Morocco — 2.3%
Morocco Government International Bond
2.375% 12/15/27 (a)		525,000		479,042
3.000% 12/15/32 (a)		400,000		346,000
3.000% 12/15/32 (a)		425,000		367,625
4.000% 12/15/50 (a)		1,175,000		939,647
				2,132,314
Oman — 3.8%
Oman Government International Bond
4.750% 6/15/26 (a)		550,000		551,760
4.750% 6/15/26 (a)		600,000		601,920
5.375% 3/08/27 (a)		200,000		205,255
6.500% 3/08/47 (a)		390,000		381,737
6.750% 10/28/27 (a)		400,000		434,917
6.750% 10/28/27 (a)		600,000		652,375
6.750% 1/17/48 (a)		300,000		299,286
7.000% 1/25/51 (a)		400,000		409,004
				3,536,254
Pakistan — 0.4%
Pakistan Government International Bond
7.875% 3/31/36 (a)		562,000		387,078
Panama — 0.4%
Panama Government International Bond
4.500% 1/19/63		360,000		345,884
Paraguay — 1.3%
Paraguay Government International Bond
4.950% 4/28/31 (a)		400,000		418,004
5.400% 3/30/50 (a)		200,000		202,000
5.400% 3/30/50 (a)		600,000		606,000
				1,226,004
Peru — 1.0%
Peruvian Government International Bond
2.780% 12/01/60		670,000		522,888
3.300% 3/11/41		300,000		272,349
3.550% 3/10/51		130,000		120,972
				916,209

The accompanying notes are an integral part of the financial statements.

54

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

	Principal Amount		Value
Philippines — 0.8%
Philippine Government International Bond
2.650% 12/10/45	$	900,000	$	739,849
Qatar — 2.0%
Qatar Government International Bond
4.400% 4/16/50 (a)		200,000		224,775
4.400% 4/16/50 (a)		200,000		224,776
4.817% 3/14/49 (a)		1,200,000		1,421,832
				1,871,383
Romania — 2.3%
Romanian Government International Bond
2.124% 7/16/31 EUR (a) (e)		100,000		94,451
2.125% 3/07/28 EUR (a) (e)		100,000		104,078
2.875% 4/13/42 EUR (a) (e)		125,000		105,786
3.000% 2/14/31 (a) (c)		174,000		160,641
3.000% 2/14/31 (a)		500,000		461,612
3.375% 1/28/50 EUR (a) (e)		550,000		486,202
4.000% 2/14/51 (a)		160,000		138,144
4.000% 2/14/51 (a)		722,000		623,375
				2,174,289
Saudi Arabia — 1.4%
Saudi Government International Bond
2.750% 2/03/32 (a)		500,000		485,850
3.750% 1/21/55 (a)		400,000		384,522
5.000% 4/17/49 (a)		400,000		455,033
				1,325,405
Senegal — 1.3%
Senegal Government International Bond
4.750% 3/13/28 EUR (a) (e)		300,000		321,919
6.250% 5/23/33 (a)		200,000		188,588
6.250% 5/23/33 (a)		750,000		707,205
				1,217,712
Serbia — 1.2%
Serbia International Bond
2.125% 12/01/30 (a)		200,000		166,540
2.125% 12/01/30 (a)		1,100,000		915,970
				1,082,510
South Africa — 0.4%
Republic of South Africa Government International Bond
6.250% 3/08/41		400,000		397,528
Sri Lanka — 0.9%
Sri Lanka Government International Bond
6.125% 6/03/25 (a)		200,000		99,000

	Principal Amount		Value
6.125% 6/03/25 (a)	$	500,000	$	247,500
6.825% 7/18/26 (a)		200,000		96,170
6.850% 11/03/25 (a)		900,000		437,733
				880,403
Suriname — 0.6%
Suriname Government International Bond
9.250% 10/26/26 (a)		631,000		517,420
Trinidad And Tobago — 0.5%
Trinidad & Tobago Government International Bond
4.500% 6/26/30 (a)		510,000		494,700
Turkey — 1.7%
Republic of Turkey
8.600% 9/24/27		275,000		281,820
Turkey Government International Bond
4.250% 4/14/26		400,000		359,584
4.875% 10/09/26		400,000		360,144
4.875% 4/16/43		450,000		318,780
6.000% 1/14/41		350,000		273,350
				1,593,678
Ukraine — 0.7%
Ukraine Government International Bond
0.000% FRN 5/31/40 (a) (f)		115,000		35,226
7.750% 9/01/25 (a)		800,000		343,040
8.994% 2/01/24 (a)		300,000		133,071
9.750% 11/01/28 (a)		400,000		169,208
				680,545
United Arab Emirates — 0.3%
Abu Dhabi Government International Bond
3.125% 4/16/30 (a)		250,000		255,275
Uzbekistan — 1.2%
Republic of Uzbekistan International Bond
3.900% 10/19/31 (a)		298,000		263,372
3.900% 10/19/31 (a)		250,000		220,950
5.375% 2/20/29 (a)		400,000		400,000
5.375% 2/20/29 (a)		200,000		200,000
				1,084,322
Venezuela — 0.2%
Venezuela Government International Bond
7.750% 10/13/19 (a) (d)		1,000,000		82,000
9.250% 9/15/27 (d)		300,000		24,600
11.750% 10/21/26 (a) (d)		300,000		24,600

The accompanying notes are an integral part of the financial statements.

55

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

	Principal Amount		Value
12.750% 8/23/22 (a) (d)	$	255,000	$	20,910
				152,110
Vietnam — 0.9%
Vietnam Government International Bond
4.800% 11/19/24 (a)		850,000		879,761
Zambia — 0.6%
Zambia Government International Bond
5.375% 9/20/22 (a) (d)		825,000		565,934
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $66,160,528)				59,332,352
TOTAL BONDS & NOTES (Cost $102,559,675)				90,546,559
	Number of Shares
MUTUAL FUNDS — 3.9%
Diversified Financial Services — 3.9%
United States — 3.9%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		3,620,535		3,620,535
TOTAL MUTUAL FUNDS (Cost $3,620,535)				3,620,535
TOTAL LONG-TERM INVESTMENTS (Cost $106,180,210)				94,167,094
SHORT-TERM INVESTMENTS — 1.8%
Mutual Fund — 0.5%
T. Rowe Price Government Reserve Investment Fund		503,412		503,412

	Principal Amount		Value
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000% due 4/01/22 (h)	$	1,072,657	$	1,072,657
U.S. Treasury Bill — 0.2%
U.S. Treasury Bill
0.124% 6/16/22 (i) (j)		100,000		99,913
0.294% 6/16/22 (i)		70,000		69,939
				169,852
TOTAL SHORT-TERM INVESTMENTS (Cost $1,746,001)				1,745,921
TOTAL INVESTMENTS — 102.3% (Cost $107,926,211) (k)				95,913,015
Other Assets/(Liabilities) — (2.3)%				(2,153,602	)
NET ASSETS — 100.0%			$	93,759,413

Abbreviation Legend

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $75,009,244 or 80.00% of net assets.

(b) Security is perpetual and has no stated maturity date.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $3,706,026 or 3.95% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $162,577 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(d) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2022, these securities amounted to a value of $1,751,444 or 1.87% of net assets.

(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2022.

The accompanying notes are an integral part of the financial statements.

56

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

Notes to Portfolio of Investments (Continued)

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $1,072,657. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,094,188.

(i) The rate shown represents yield-to-maturity.

(j) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(k) See Note 6 for aggregate cost for federal tax purposes.

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		5/20/22		USD	110,267		EUR	96,544	$	3,300
BNP Paribas SA*		6/10/22		USD	78,684		CLP	64,496,000		(2,370	)
Citibank N.A.*		5/20/22		EUR	28,156		USD	30,998		198
Citibank N.A.*		5/20/22		USD	180,838		EUR	161,791		1,581
HSBC Bank USA*		5/20/22		EUR	84,000		USD	94,632		(1,563	)
HSBC Bank USA*		5/20/22		USD	236,718		EUR	213,660		(8	)
Morgan Stanley & Co. LLC*		5/20/22		USD	1,203,258		EUR	1,059,444		29,437
UBS AG*		5/20/22		USD	1,292,545		EUR	1,136,171		33,714
UBS AG*		6/10/22		USD	79,308		CLP	64,496,000		(1,746	)
									$	62,543

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		6/21/22		14	$	2,579,371		$	(99,621	)
Short
U.S. Treasury Note 10 Year		6/21/22		108	$	(13,571,651	)	$	301,151

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

CLP Chilean Peso

EUR Euro

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

57

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.2%
Basic Materials — 1.6%
Chemicals — 1.4%
Air Products & Chemicals, Inc.		1,748	$	436,843
Albemarle Corp.		448		99,075
CF Industries Holdings, Inc.		1,006		103,678
FMC Corp.		1,010		132,886
International Flavors & Fragrances, Inc.		91,701		12,043,092
Linde PLC		45,155		14,423,862
Nutrien Ltd.		45,215		4,701,908
RPM International, Inc.		1,960		159,622
The Sherwin-Williams Co.		5,000		1,248,100
				33,349,066
Forest Products & Paper — 0.0%
International Paper Co.		2,859		131,943
West Fraser Timber Co. Ltd.		423		34,868
				166,811
Mining — 0.2%
BHP Group Ltd. Sponsored ADR		51,662		3,990,889
				37,506,766
Communications — 16.3%
Advertising — 0.2%
The Trade Desk, Inc. Class A (a)		68,000		4,709,000
Internet — 15.3%
Airbnb, Inc. Class A (a)		4,007		688,242
Alphabet, Inc. Class A (a)		15,885		44,181,745
Alphabet, Inc. Class C (a)		35,460		99,039,425
Amazon.com, Inc. (a)		36,145		117,830,893
Booking Holdings, Inc. (a)		6,885		16,169,078
Coupang, Inc. (a)		142,720		2,523,290
DoorDash, Inc., Class A (a)		52,819		6,189,859
Expedia Group, Inc. (a)		31,703		6,203,326
Match Group, Inc. (a)		58,041		6,311,378
Meta Platforms, Inc. Class A (a)		116,848		25,982,321
Netflix, Inc. (a)		32,720		12,256,585
NortonLifeLock, Inc.		12,693		336,618
Opendoor Technologies, Inc. (a) (b)		3,995		34,557
Sea Ltd. ADR (a)		71,867		8,608,948
Snap, Inc. Class A (a)		323,448		11,640,894
Spotify Technology SA (a)		43,911		6,631,439
VeriSign, Inc. (a)		6,673		1,484,476
				366,113,074
Media — 0.3%
Charter Communications, Inc. Class A (a)		8,132		4,436,169

	Number of Shares		Value
Comcast Corp. Class A		11,742	$	549,760
Liberty Broadband Corp. Class C (a)		1,027		138,974
The Walt Disney Co. (a)		16,675		2,287,143
				7,412,046
Telecommunications — 0.5%
AT&T, Inc.		6,540		154,540
Cisco Systems, Inc.		12,464		694,993
Corning, Inc.		35,893		1,324,811
Motorola Solutions, Inc.		33,434		8,097,715
T-Mobile US, Inc. (a)		6,676		856,864
Verizon Communications, Inc.		5,760		293,414
				11,422,337
				389,656,457
Consumer, Cyclical — 8.2%
Airlines — 0.0%
Southwest Airlines Co. (a)		4,790		219,382
United Airlines Holdings, Inc. (a)		2,483		115,112
				334,494
Apparel — 0.0%
NIKE, Inc. Class B		5,752		773,989
Auto Manufacturers — 2.7%
Cummins, Inc.		2,171		445,294
Ferrari NV		30,895		6,737,891
General Motors Co. (a)		1,988		86,955
PACCAR, Inc.		5,305		467,211
Rivian Automotive, Inc. Class A (a)		62,073		3,118,547
Rivian Automotive, Inc., Lockup Shares (Acquired 12/23/19 - 1/19/21, Cost $9,376,340) (c) (d)		581,398		27,748,964
Tesla, Inc. (a)		24,231		26,111,326
				64,716,188
Auto Parts & Equipment — 0.0%
Aptiv PLC (a)		359		42,976
Aurora Innovation, Inc., Lockup Shares (Acquired 3/01/19, Cost $439,191) (c) (d)		103,180		547,937
Magna International, Inc.		2,331		149,907
				740,820
Distribution & Wholesale — 0.0%
Fastenal Co.		9,829		583,843
Home Builders — 0.0%
NVR, Inc. (a)		91		406,521
Leisure Time — 0.2%
Peloton Interactive, Inc. Class A (a)		129,956		3,433,437
Lodging — 0.5%
Hilton Worldwide Holdings, Inc. (a)		1,990		301,963
Las Vegas Sands Corp. (a)		116,504		4,528,510

The accompanying notes are an integral part of the financial statements.

58

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

	Number of Shares		Value
Marriott International, Inc. Class A (a)		1,865	$	327,774
MGM Resorts International		4,486		188,143
Wynn Resorts Ltd. (a)		64,402		5,135,415
				10,481,805
Retail — 4.8%
AutoZone, Inc. (a)		125		255,573
Burlington Stores, Inc. (a)		982		178,891
Carvana Co. (a) (b)		12,023		1,434,224
Chipotle Mexican Grill, Inc. (a)		6,211		9,825,988
Costco Wholesale Corp.		5,220		3,005,937
Dollar General Corp.		49,889		11,106,788
Dollar Tree, Inc. (a)		1,367		218,925
Domino’s Pizza, Inc.		2,015		820,125
The Home Depot, Inc.		7,730		2,313,821
Lowe’s Cos., Inc.		2,091		422,779
Lululemon Athletica, Inc. (a)		24,461		8,933,891
McDonald’s Corp.		41,419		10,242,090
O’Reilly Automotive, Inc. (a)		2,653		1,817,199
Ross Stores, Inc.		138,756		12,551,868
Starbucks Corp.		5,534		503,428
The TJX Cos., Inc.		3,417		207,002
Tractor Supply Co.		4,957		1,156,815
Ulta Beauty, Inc. (a)		414		164,863
Walmart, Inc.		188,533		28,076,334
Yum! Brands, Inc.		167,548		19,859,465
				113,096,006
				194,567,103
Consumer, Non-cyclical — 23.4%
Agriculture — 0.5%
Altria Group, Inc.		6,988		365,123
Darling Ingredients, Inc. (a)		70,969		5,704,488
Philip Morris International, Inc.		61,605		5,787,174
				11,856,785
Beverages — 1.7%
The Coca-Cola Co.		318,830		19,767,460
Constellation Brands, Inc. Class A		5,528		1,273,209
Keurig Dr Pepper, Inc.		520,752		19,736,501
Monster Beverage Corp. (a)		4,260		340,374
PepsiCo, Inc.		4,909		821,668
				41,939,212
Biotechnology — 0.2%
Amgen, Inc.		2,250		544,095
Argenx SE ADR (a)		8,497		2,679,189
Biogen, Inc. (a)		280		58,968
Corteva, Inc.		3,206		184,281
Illumina, Inc. (a)		280		97,832
Moderna, Inc. (a)		946		162,958

	Number of Shares		Value
Regeneron Pharmaceuticals, Inc. (a)		293	$	204,637
Vertex Pharmaceuticals, Inc. (a)		1,128		294,374
				4,226,334
Commercial Services — 1.2%
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $1,171,890) (c) (d) (e)		307,471		876,292
Block, Inc. (a)		14,548		1,972,709
Block, Inc. (a)		35,571		4,692,276
Cintas Corp.		5,232		2,225,640
FleetCor Technologies, Inc. (a)		2,249		560,136
Global Payments, Inc.		38,875		5,319,655
MarketAxess Holdings, Inc.		4,731		1,609,486
PayPal Holdings, Inc. (a)		14,527		1,680,048
Quanta Services, Inc.		1,767		232,555
Toast, Inc., Class A (a)		4,335		94,200
TransUnion		56,231		5,810,912
United Rentals, Inc. (a)		120		42,625
Verisk Analytics, Inc.		16,490		3,539,249
				28,655,783
Cosmetics & Personal Care — 0.8%
The Estee Lauder Cos., Inc. Class A		1,280		348,570
The Procter & Gamble Co.		94,264		14,403,539
Unilever PLC		121,634		5,506,337
				20,258,446
Food — 0.7%
Conagra Brands, Inc.		2,904		97,487
The Hershey Co.		5,349		1,158,754
Mondelez International, Inc. Class A		215,514		13,529,969
Mowi ASA (b)		594		15,987
Sysco Corp.		10,992		897,497
				15,699,694
Health Care – Products — 5.4%
Abbott Laboratories		47,401		5,610,382
Align Technology, Inc. (a)		12,395		5,404,220
Avantor, Inc. (a)		125,806		4,254,759
The Cooper Cos., Inc.		314		131,123
Danaher Corp.		97,065		28,472,077
Hologic, Inc. (a)		2,808		215,711
Insulet Corp. (a)		8,600		2,290,954
Intuitive Surgical, Inc. (a)		47,064		14,198,268
Medtronic PLC		77,448		8,592,856
PerkinElmer, Inc.		55,027		9,600,010
ResMed, Inc.		4,222		1,023,877
Steris PLC		27,560		6,663,181
Stryker Corp.		41,143		10,999,581
Teleflex, Inc.		171		60,676
Thermo Fisher Scientific, Inc.		48,194		28,465,786

The accompanying notes are an integral part of the financial statements.

59

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

	Number of Shares		Value
Waters Corp. (a)		4,505	$	1,398,307
West Pharmaceutical Services, Inc.		1,947		799,652
				128,181,420
Health Care – Services — 5.0%
Anthem, Inc.		57,790		28,387,604
Centene Corp. (a)		218,716		18,413,700
HCA Healthcare, Inc.		108,616		27,221,342
Humana, Inc.		13,067		5,686,367
Laboratory Corp. of America Holdings (a)		26,511		6,989,890
Molina Healthcare, Inc. (a)		653		217,834
UnitedHealth Group, Inc.		65,934		33,624,362
				120,541,099
Household Products & Wares — 0.0%
Avery Dennison Corp.		600		104,382
Kimberly-Clark Corp.		907		111,706
				216,088
Pharmaceuticals — 7.9%
AbbVie, Inc.		245,896		39,862,201
AstraZeneca PLC		53,102		7,041,918
AstraZeneca PLC Sponsored ADR		561,238		37,232,529
Becton Dickinson and Co.		119,397		31,759,602
Bristol-Myers Squibb Co.		178,456		13,032,642
Cigna Corp.		46,252		11,082,442
CVS Health Corp.		3,165		320,330
DexCom, Inc. (a)		730		373,468
Elanco Animal Health, Inc. (a)		165,911		4,328,618
Eli Lilly & Co.		42,290		12,110,587
Johnson & Johnson		113,663		20,144,493
McKesson Corp.		262		80,206
Merck & Co., Inc.		1,714		140,634
Pfizer, Inc.		9,418		487,570
Roche Holding AG Sponsored ADR		8,152		402,790
Roche Holding AG		18,788		7,430,190
Sanofi Sponsored ADR		6,623		340,025
Zoetis, Inc.		7,751		1,461,761
				187,632,006
				559,206,867
Energy — 1.6%
Oil & Gas — 1.0%
Chevron Corp.		70,199		11,430,503
ConocoPhillips		80,328		8,032,800
Devon Energy Corp.		54,388		3,215,962
EOG Resources, Inc.		3,186		379,867
Exxon Mobil Corp.		7,190		593,822
Marathon Petroleum Corp.		3,024		258,552
Pioneer Natural Resources Co.		792		198,024

	Number of Shares		Value
TotalEnergies SE Sponsored ADR		9,387	$	474,419
				24,583,949
Oil & Gas Services — 0.4%
Baker Hughes Co.		226,186		8,235,432
Halliburton Co.		12,780		483,979
				8,719,411
Pipelines — 0.2%
TC Energy Corp.		70,684		3,987,991
				37,291,351
Financial — 12.8%
Banks — 3.8%
Bank of America Corp.		875,462		36,086,544
The Bank of New York Mellon Corp.		28,426		1,410,782
Citigroup, Inc.		11,349		606,037
Citizens Financial Group, Inc.		1,513		68,584
Fifth Third Bancorp		11,488		494,443
The Goldman Sachs Group, Inc.		2,105		694,861
Huntington Bancshares, Inc.		29,498		431,261
JP Morgan Chase & Co.		202,579		27,615,569
Morgan Stanley		70,914		6,197,884
The PNC Financial Services Group, Inc.		799		147,376
Signature Bank		895		262,674
State Street Corp.		166,174		14,477,079
SVB Financial Group (a)		434		242,801
Wells Fargo & Co.		31,991		1,550,284
				90,286,179
Diversified Financial Services — 3.1%
Apollo Global Management, Inc.		1,400		86,786
Capital One Financial Corp.		4,979		653,693
Cboe Global Markets, Inc.		1,079		123,459
The Charles Schwab Corp.		268,902		22,671,127
CME Group, Inc.		37,693		8,965,657
Intercontinental Exchange, Inc.		3,707		489,769
Maplebear, Inc. (Non-Voting) (Acquired 8/07/20, Cost $14,781) (c) (d) (e)		319		30,624
Maplebear, Inc. (Voting) (Acquired 8/07/20, Cost $282,637) (c) (d) (e)		6,100		585,600
Mastercard, Inc. Class A		44,486		15,898,407
SoFi Technologies, Inc. (a) (b)		182,924		1,728,632
Tradeweb Markets, Inc. Class A		12,077		1,061,206
Visa, Inc. Class A		95,736		21,231,373
				73,526,333
Insurance — 4.4%
American International Group, Inc.		577,211		36,231,534
Assurant, Inc.		1,570		285,473
Berkshire Hathaway, Inc. Class B (a)		5,498		1,940,299

The accompanying notes are an integral part of the financial statements.

60

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

	Number of Shares		Value
Chubb Ltd.		152,492	$	32,618,039
Equitable Holdings, Inc.		14,243		440,251
The Hartford Financial Services Group, Inc.		197,152		14,157,485
Marsh & McLennan Cos., Inc.		1,840		313,573
MetLife, Inc.		5,108		358,990
RenaissanceRe Holdings Ltd.		2,277		360,927
The Travelers Cos., Inc.		100,346		18,336,225
Voya Financial, Inc.		3,490		231,562
				105,274,358
Private Equity — 0.0%
KKR & Co., Inc.		3,499		204,586
Real Estate Investment Trusts (REITS) — 1.5%
Alexandria Real Estate Equities, Inc.		8,569		1,724,511
American Tower Corp.		1,050		263,781
AvalonBay Communities, Inc.		587		145,793
Camden Property Trust		300		49,860
Equinix, Inc.		9,347		6,931,922
Equity LifeStyle Properties, Inc.		24,302		1,858,617
Equity Residential		520		46,758
Essex Property Trust, Inc.		708		244,600
Extra Space Storage, Inc.		421		86,558
Prologis, Inc.		151,393		24,446,942
Public Storage		911		355,545
Rexford Industrial Realty, Inc.		934		69,667
SBA Communications Corp.		1,497		515,118
Simon Property Group, Inc.		627		82,488
Sun Communities, Inc.		312		54,690
Welltower, Inc.		3,858		370,908
Weyerhaeuser Co.		615		23,309
				37,271,067
				306,562,523
Industrial — 7.6%
Aerospace & Defense — 1.2%
Airbus SE (a)		52,210		6,310,807
The Boeing Co. (a)		2,902		555,733
L3 Harris Technologies, Inc.		47,270		11,745,177
Raytheon Technologies Corp.		411		40,718
Teledyne Technologies, Inc. (a)		21,845		10,324,602
TransDigm Group, Inc. (a)		122		79,488
				29,056,525
Building Materials — 0.1%
Martin Marietta Materials, Inc.		7,597		2,924,009
Vulcan Materials Co.		894		164,228
				3,088,237
Electrical Components & Equipment — 0.3%
Generac Holdings, Inc. (a)		21,130		6,281,104

	Number of Shares		Value
Electronics — 0.5%
Agilent Technologies, Inc.		3,160	$	418,163
Amphenol Corp. Class A		97		7,309
Fortive Corp.		3,608		219,835
Honeywell International, Inc.		42,535		8,276,460
Hubbell, Inc.		11,566		2,125,484
Mettler-Toledo International, Inc. (a)		620		851,378
TE Connectivity Ltd.		8,381		1,097,743
Trimble, Inc. (a)		69		4,978
				13,001,350
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		14,670		2,021,673
Environmental Controls — 0.4%
Republic Services, Inc.		60,695		8,042,087
Waste Connections, Inc.		2,644		369,367
				8,411,454
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		22,214		4,949,723
Machinery – Diversified — 0.1%
Deere & Co.		1,300		540,098
Dover Corp.		3,446		540,678
IDEX Corp.		3,800		728,574
Ingersoll Rand, Inc.		7,040		354,464
Otis Worldwide Corp.		3,138		241,469
				2,405,283
Miscellaneous - Manufacturing — 1.9%
Eaton Corp. PLC		5,397		819,049
General Electric Co.		389,308		35,621,682
Parker-Hannifin Corp.		3,774		1,070,910
Siemens AG Registered		43,526		6,031,058
Textron, Inc.		4,810		357,768
Trane Technologies PLC		2,775		423,743
				44,324,210
Packaging & Containers — 0.2%
Ball Corp.		3,126		281,340
Packaging Corp. of America		11,329		1,768,570
Sealed Air Corp.		4,807		321,877
WestRock Co.		42,944		2,019,656
				4,391,443
Transportation — 2.6%
Canadian Pacific Railway Ltd.		2,295		189,429
CSX Corp.		627,132		23,486,093
FedEx Corp.		31,620		7,316,552
Norfolk Southern Corp.		41,505		11,838,056
Old Dominion Freight Line, Inc.		1,700		507,756
Saia, Inc. (a)		252		61,443
Union Pacific Corp.		13,244		3,618,393

The accompanying notes are an integral part of the financial statements.

61

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

	Number of Shares		Value
United Parcel Service, Inc. Class B		71,425	$	15,317,806
				62,335,528
				180,266,530
Technology — 20.4%
Computers — 4.0%
Accenture PLC Class A		27,913		9,413,101
Apple, Inc.		448,195		78,259,329
Cognizant Technology Solutions Corp. Class A		90,360		8,102,581
Fortinet, Inc. (a)		366		125,077
Leidos Holdings, Inc.		630		68,052
Pure Storage, Inc. Class A (a)		6,412		226,408
				96,194,548
Semiconductors — 4.4%
Advanced Micro Devices, Inc. (a)		184,932		20,220,465
Applied Materials, Inc.		12,519		1,650,004
ASML Holding NV		29,282		19,558,326
Broadcom, Inc.		1,792		1,128,387
KLA Corp.		8,680		3,177,401
Micron Technology, Inc.		10,323		804,058
NVIDIA Corp.		105,031		28,658,759
QUALCOMM, Inc.		133,325		20,374,726
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		21,461		2,237,524
Texas Instruments, Inc.		28,779		5,280,371
Wolfspeed, Inc. (a)		10,299		1,172,644
				104,262,665
Software — 12.0%
Activision Blizzard, Inc.		1,700		136,187
Akamai Technologies, Inc. (a)		10,400		1,241,656
Atlassian Corp. PLC Class A (a)		22,000		6,464,260
Bill.com Holdings, Inc. (a)		12,278		2,784,528
Black Knight, Inc. (a)		89,748		5,204,486
Broadridge Financial Solutions, Inc.		10,235		1,593,692
Cadence Design Systems, Inc. (a)		8,110		1,333,771
Canva, Inc. (Acquired 12/17/21-12/22/21, Cost $872,531) (c) (d) (e)		512		698,880
Celonis SE (Acquired 6/17/21, Cost $435,243) (c) (d) (e)		1,177		435,243
Ceridian HCM Holding, Inc. (a)		29,604		2,023,729
Citrix Systems, Inc.		983		99,185
Datadog, Inc. Class A (a)		30,643		4,641,495
Electronic Arts, Inc.		1,548		195,837
Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,419,150) (c) (d) (e)		3,660		3,153,822
Fidelity National Information Services, Inc.		4,839		485,932
Fiserv, Inc. (a)		178,007		18,049,910

	Number of Shares		Value
HashiCorp, Inc. Class A (a) (b)		8,791	$	474,714
Intuit, Inc.		44,115		21,212,257
Microsoft Corp.		472,601		145,707,614
MongoDB, Inc. (a)		14,446		6,408,101
Paychex, Inc.		9,033		1,232,733
ROBLOX Corp. Class A (a)		69,124		3,196,294
Roper Technologies, Inc.		16,418		7,753,072
salesforce.com, Inc. (a)		95,248		20,223,055
SentinelOne Inc. Class A (a)		106,748		4,135,418
ServiceNow, Inc. (a)		24,812		13,817,555
Snowflake, Inc. Class A (a)		16,351		3,746,505
Stripe, Inc., Class B (Acquired 12/17/19, Cost $295,694) (c) (d) (e)		18,846		774,005
Synopsys, Inc. (a)		12,065		4,020,903
Twilio, Inc. Class A (a)		11,900		1,961,239
UiPath, Inc. Class A (a)		69,542		1,501,412
Workday, Inc. Class A (a)		4,518		1,081,880
Zoom Video Communications, Inc. Class A (a)		16,716		1,959,617
				287,748,987
				488,206,200
Utilities — 6.3%
Electric — 6.0%
Ameren Corp.		5,398		506,116
American Electric Power Co., Inc.		131,628		13,132,525
CMS Energy Corp.		40,240		2,814,386
Dominion Energy, Inc.		189,006		16,059,840
DTE Energy Co.		45,836		6,059,978
NextEra Energy, Inc.		185,046		15,675,247
PG&E Corp. (a)		534,611		6,383,255
Sempra Energy		187,044		31,445,837
The Southern Co.		445,877		32,330,541
WEC Energy Group, Inc.		13,543		1,351,727
Xcel Energy, Inc.		247,798		17,883,582
				143,643,034
Gas — 0.3%
NiSource, Inc.		237,281		7,545,536
				151,188,570
TOTAL COMMON STOCK (Cost $2,040,869,820)				2,344,452,367
PREFERRED STOCK — 0.5%
Consumer, Cyclical — 0.2%
Auto Manufacturers — 0.1%
Nuro, Inc., Series C (Acquired 10/30/20-3/21/21, Cost $1,236,023) (c) (d) (e)		94,681		1,973,694

The accompanying notes are an integral part of the financial statements.

62

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

	Number of Shares		Value
Nuro, Inc., Series D (Acquired 10/29/21, Cost $487,977) (c) (d) (e)		23,409	$	487,977
Waymo LLC, Series A-2 (Acquired 5/08/20, Cost $748,934) (c) (d) (e)		8,722		799,999
				3,261,670
Auto Parts & Equipment — 0.1%
GM Cruise Holdings, LLC, Class F (Acquired 5/07/19, Cost $921,625) (c) (d) (e)		50,500		1,330,675
GM Cruise Holdings, LLC, Class G (Acquired 1/21/21, Cost $979,851) (c) (d) (e)		37,186		979,851
				2,310,526
Consumer, Non-cyclical — 0.0%
Commercial Services — 0.0%
Redwood Materials, Inc., Series C, (Acquired 5/28/21, Cost $1,059,705) (c) (d) (e)		22,355		1,165,813
Financial — 0.1%
Investment Companies — 0.1%
Maplebear, Inc., Series A (Acquired 11/18/20, Cost $53,081) (c) (d) (e)		870		83,520
Maplebear, Inc., Series G (Acquired 7/02/20, Cost $599,129) (c) (d) (e)		12,458		1,195,968
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $240,750) (c) (d) (e)		1,926		184,896
				1,464,384
				1,464,384
Industrial — 0.0%
Electrical Components & Equipment — 0.0%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $760,988) (c) (d) (e)		18,438		574,712
Technology — 0.1%
Software — 0.1%
Canva, Inc., Series A (Acquired 12/17/21, Cost $49,421) (c) (d) (e)		29		39,585
Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $13,633) (c) (d) (e)		8		10,920
Celonis SE, Series D (Acquired 6/17/21, Cost $1,135,255) (c) (d) (e)		3,070		1,135,255
Formagrid, Inc., Series F (Acquired 12/08/21, Cost $1,130,824) (c) (d) (e)		6,038		1,130,824
Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (c) (d) (e)		18,286		1,037,365
				3,353,949
				3,353,949

	Number of Shares		Value
Utilities — 0.1%
Electric — 0.1%
The AES Corp. Convertible 6.875% (b)		13,043	$	1,290,344
TOTAL PREFERRED STOCK (Cost $11,820,003)				13,421,398
TOTAL EQUITIES (Cost $2,052,689,823)				2,357,873,765
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		489,190		489,190
TOTAL MUTUAL FUNDS (Cost $489,190)				489,190
TOTAL LONG-TERM INVESTMENTS (Cost $2,053,179,013)				2,358,362,955
SHORT-TERM INVESTMENTS — 0.9%
Mutual Fund — 0.9%
T. Rowe Price Government Reserve Investment Fund		20,619,998		20,619,998
TOTAL SHORT-TERM INVESTMENTS (Cost $20,619,998)				20,619,998
TOTAL INVESTMENTS — 99.6% (Cost $2,073,799,011) (g)				2,378,982,953
Other Assets/(Liabilities) — 0.4%				8,412,328
NET ASSETS — 100.0%			$	2,387,395,281

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

63

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

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 March 31, 2022, was $3,806,629 or 0.16% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,414,825 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $46,982,421 or 1.97% of net assets.

(d) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $46,982,421 or 1.97% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) Investment was valued using significant unobservable inputs.

(f) Represents investment of security lending cash collateral. (Note 2).

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

The accompanying notes are an integral part of the financial statements.

64

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

March 31, 2022 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 99.5%
CORPORATE DEBT — 0.1%
Trucking & Leasing — 0.1%
DAE Funding LLC
1.550% 8/01/24 (a)	$	200,000	$	189,063
TOTAL CORPORATE DEBT (Cost $198,854)				189,063
MUNICIPAL OBLIGATIONS — 0.3%
California State University, Revenue Bond,
0.563% 11/01/24		125,000		118,018
City & County of Denver Co. Airport System Revenue
Revenue Bond, 0.877% 11/15/23		20,000		19,479
Revenue Bond, 1.115% 11/15/24		30,000		28,638
City of Atlanta GA Water & Wastewater Revenue
Revenue Bond, 0.271% 11/01/22		15,000		14,906
Revenue Bond, 0.407% 11/01/23		15,000		14,568
Revenue Bond, 0.616% 11/01/24		15,000		14,246
Dallas Area Rapid Transit
Revenue Bond, 0.397% 12/01/22		15,000		14,904
Revenue Bond, 0.541% 12/01/23		10,000		9,722
Revenue Bond, 0.761% 12/01/24		10,000		9,526
New York Transportation Development Corp., Revenue Bond,
1.610% 12/01/22		15,000		14,965
State of Illinois, General Obligation,
2.840% 10/01/23		485,000		484,073
Tobacco Settlement Finance Authority
Revenue Bond, 0.947% 6/01/22		30,000		29,992
Revenue Bond, 1.193% 6/01/23		50,000		49,212
Revenue Bond, 1.497% 6/01/24		65,000		62,539
TOTAL MUNICIPAL OBLIGATIONS (Cost $900,000)				884,788
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.7%
Automobile Asset-Backed Securities — 0.4%
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C
1.060% 8/18/26		120,000		115,319
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A
2.970% 3/20/24 (a)		310,000		311,376

	Principal Amount		Value
Santander Drive Auto Receivables Trust, Series 2020-4, Class C
1.010% 1/15/26	$	195,000	$	192,711
Santander Retail Auto Lease Trust
Series 2022-A, Class B, 1.610% 1/20/26 (a)		180,000		173,738
Series 2019-C, Class C, 2.390% 11/20/23 (a)		230,000		230,309
Series 2019-B, Class C, 2.770% 8/21/23 (a)		170,000		170,252
				1,193,705
Commercial Mortgage-Backed Securities — 0.4%
BX Commercial Mortgage Trust, Series 2019-IMC, Class C, 1 mo. USD LIBOR + 1.600%
1.997% FRN 4/15/34 (a)		210,000		205,802
Commercial Mortgage Pass-Through Certificates
Series 2014-UBS4, Class AM, 3.968% 8/10/47		250,000		250,300
Series 2014-UBS2, Class AM, 4.199% 3/10/47		100,000		100,592
Extended Stay America Trust, Series 2021-ESH, Class B, 1 mo. USD LIBOR + 1.380%
1.777% FRN 7/15/38 (a)		258,410		254,860
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class C
3.750% 12/10/36 (a)		295,000		288,002
New Orleans Hotel Trust, Series 2019-HNLA, Class C, 1 mo. USD LIBOR + 1.589%
1.986% FRN 4/15/32 (a)		100,000		97,517
				1,197,073
Other Asset-Backed Securities — 0.7%
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A
3.280% 9/26/33 (a)		47,365		46,908
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A
2.730% 4/25/28 (a)		245,933		244,428
HPEFS Equipment Trust, Series 2021-2A, Class C
0.880% 9/20/28 (a)		360,000		346,433
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class AR, 3 mo. USD LIBOR + 1.070%
1.311% FRN 7/15/33 (a)		475,000		471,852
Magnetite XXV Ltd., Series 2020-25A, Class A, 3 mo. USD LIBOR + 1.200%
1.458% FRN 1/25/32 (a)		250,000		248,756

The accompanying notes are an integral part of the financial statements.

65

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

	Principal Amount		Value
MVW Owner Trust, Series 2018-1A, Class A
3.450% 1/21/36 (a)	$	74,210	$	74,718
OZLM VIII Ltd., Series 2014-8A, Class A1R3, 3 mo. USD LIBOR + .980%
1.221% FRN 10/17/29 (a)		774,981		772,184
Sierra Receivables Funding LLC, Series 2019-3A, Class A
2.340% 8/20/36 (a)		53,052		52,608
				2,257,887
Student Loans Asset-Backed Securities — 0.4%
Navient Private Education Refi Loan Trust
Series 2021-EA, Class A, 0.970% 12/16/69 (a)		190,560		178,199
Series 2019-GA, Class A, 2.400% 10/15/68 (a)		139,347		138,362
Nelnet Student Loan Trust, Series 2021-CA, Class AFX
1.320% 4/20/62 (a)		610,319		581,073
SMB Private Education Loan Trust
Series 2016-B, Class A2A, 2.430% 2/17/32 (a)		127,711		125,893
Series 2017-B, Class A2A, 2.820% 10/15/35 (a)		223,703		221,077
Series 2017-A, Class A2A, 2.880% 9/15/34 (a)		76,968		76,725
				1,321,329
Whole Loan Collateral Collateralized Mortgage Obligations — 2.8%
Angel Oak Mortgage Trust, Series 2019-2, Class A1,
3.628% VRN 3/25/49 (a) (b)		16,678		16,631
Bayview MSR Opportunity Master Fund Trust, Series 2021-2, Class A5,
2.500% VRN 6/25/51 (a) (b)		383,886		367,676
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1,
2.720% VRN 7/25/49 (a) (b)		43,608		43,485
COLT Mortgage Loan Trust, Series 2021-6, Class A1,
1.907% VRN 12/25/66 (a) (b)		621,900		581,890
Credit Suisse Mortgage Trust, Series 2021-RPL6, Class A1,
2.000% VRN 10/25/60 (a) (b)		333,759		321,351
Ellington Financial Mortgage Trust, Series 2019-2, Class A1,
2.739% VRN 11/25/59 (a) (b)		107,237		106,775
Flagstar Mortgage Trust, Series 2021-5INV, Class A5,
2.500% VRN 7/25/51 (a) (b)		404,608		387,775

	Principal Amount		Value
FWD Securitization Trust, Series 2020-INV1, Class A3,
2.440% VRN 1/25/50 (a) (b)	$	77,303	$	75,951
Galton Funding Mortgage Trust
Series 2020-H1, Class A3, 2.617% VRN 1/25/60 (a) (b)		154,702		151,192
Series 2018-1, Class A33, 3.500% VRN 11/25/57 (a) (b)		70,021		69,549
Series 2018-2, Class A31, 4.500% VRN 10/25/58 (a) (b)		31,481		31,683
GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A8,
2.500% VRN 11/25/51 (a) (b)		684,251		655,357
Series 2022-GR1, Class A5,
2.500% VRN 6/25/52 (a) (b)		746,684		715,621
JP Morgan Mortgage Trust, Series 2019-INV2, Class A3,
3.500% VRN 2/25/50 (a) (b)		24,044		23,963
Metlife Securitization Trust, Series 2018-1A, Class A,
3.750% VRN 3/25/57 (a) (b)		100,455		100,502
New Residential Mortgage Loan Trust
Series 2020-NQM1, Class A1, 2.464% VRN 1/26/60 (a) (b)		64,183		63,862
Series 2019-NQM5, Class A3, 3.065% VRN 11/25/59 (a) (b)		56,264		55,902
NYMT Loan Trust, Series 2022-CP1, Class A1
2.042% 7/25/61 (a)		360,880		350,140
Oceanview Mortgage Trust, Series 2022-1, Class A5,
2.500% VRN 12/25/51 (a) (b)		356,211		342,237
Onslow Bay Financial LLC
Series 2020-EXP1, Class 2A1, 1 mo. USD LIBOR + .750% 1.207% FRN 2/25/60 (a)		25,807		25,730
Series 2019-EXP3, Class 2A1, 1 mo. USD LIBOR + .900% 1.357% FRN 10/25/59 (a)		49,776		49,725
Series 2019-EXP3, Class 2A2, 1 mo. USD LIBOR + 1.100% 1.557% FRN 10/25/59 (a)		27,951		27,951
Series 2022-NQM1, Class A1, 2.305% VRN 11/25/61 (a) (b)		300,281		291,010
Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 (a) (b)		38,143		37,921
Series 2020-EXP1, Class 1A9, 3.500% VRN 2/25/60 (a) (b)		71,464		70,937
Series 2019-EXP1, Class 1A3, 4.000% VRN 1/25/59 (a) (b)		71,894		72,030
Series 2019-EXP2, Class 1A3, 4.000% VRN 6/25/59 (a) (b)		94,733		95,095

The accompanying notes are an integral part of the financial statements.

66

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

	Principal Amount		Value
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (a) (b)	$	21,944	$	21,941
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (a) (b)		59,662		59,739
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (a) (b)		9,997		10,047
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (a) (b)		8,504		8,522
Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (a) (b)		5,693		5,692
SG Residential Mortgage Trust
Series 2021-1, Class A1, 1.160% VRN 7/25/61 (a) (b)		459,752		435,119
Series 2019-3, Class A3, 3.082% VRN 9/25/59 (a) (b)		68,459		67,887
Starwood Mortgage Residential Trust
Series 2021-3, Class A1, 1.127% VRN 6/25/56 (a) (b)		440,800		418,265
Series 2020-1, Class A3, 2.562% VRN 2/25/50 (a) (b)		120,236		118,950
Series 2019-INV1, Class A1, 2.610% VRN 9/27/49 (a) (b)		25,860		25,683
Towd Point Mortgage Trust
Series 2017-6, Class A1, 2.750% VRN 10/25/57 (a) (b)		90,017		88,852
Series 2018-2, Class A1, 3.250% VRN 3/25/58 (a) (b)		104,271		103,818
Series 2018-5, Class A1A, 3.250% VRN 7/25/58 (a) (b)		70,543		70,492
Series 2018-3, Class A1, 3.750% VRN 5/25/58 (a) (b)		54,066		54,158
Verus Securitization Trust
Series 2021-3, Class A1, 1.046% VRN 6/25/66 (a) (b)		413,020		389,876
Series 2021-8, Class A2, 2.286% VRN 11/25/66 (a) (b)		166,188		157,697
Series 2020-1, Class A1, 2.417% STEP 1/25/60 (a)		75,035		74,594
Series 2020-1, Class A3, 2.724% STEP 1/25/60 (a)		175,137		173,370
Series 2019-4, Class A3, 3.000% STEP 11/25/59 (a)		265,521		264,657
Series 2019-3, Class A3, 3.040% STEP 7/25/59 (a)		165,380		165,040
Series 2019-INV3, Class A3, 3.100% VRN 11/25/59 (a) (b)		308,176		303,298

	Principal Amount		Value
Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3,
2.500% VRN 12/25/50 (a) (b)	$	307,613	$	294,239
				8,443,877
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $14,864,891)				14,413,871
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 1.5%
Collateralized Mortgage Obligations — 0.0%
Government National Mortgage Association Series 2019-65, Class B 3.500% 5/20/49		64,555		65,081
Whole Loans — 1.5%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2021-HQA2, Class M1, 30 day SOFR + .700% 0.799% FRN 12/25/33 (a)		355,779		352,739
Series 2022-DNA1, Class M1A, 30 day SOFR + 1.000% 1.099% FRN 1/25/42 (a)		645,000		636,190
Series 2018-DNA3, Class M2AS, 1 mo. USD LIBOR + .900% 1.357% FRN 9/25/48 (a)		117,911		117,134
Series 2022-DNA2, Class M1A, 30 day SOFR + 1.300% 1.399% FRN 2/25/42 (a)		608,786		605,547
Series 2018-DNA2, Class M2AS, 1 mo. USD LIBOR + .950% 1.407% FRN 12/25/30 (a)		79,033		78,564
Federal National Mortgage Association Connecticut Avenue Securities Trust
Series 2022-R01, Class 1M1, 30 day SOFR + 1.000% 1.099% FRN 12/25/41 (a)		421,360		417,543
Series 2022-R02, Class 2M1, 30 day SOFR + 1.200% 1.299% FRN 1/25/42 (a)		552,870		547,626
Series 2018-C01, Class 1ED2, 1 mo. USD LIBOR + .850% 1.307% FRN 7/25/30		202,865		201,658
Series 2018-C03, Class 1EB2, 1 mo. USD LIBOR + .850% 1.307% FRN 10/25/30		440,000		437,555
Series 2018-C03, Class 1ED2, 1 mo. USD LIBOR + .850% 1.307% FRN 10/25/30		287,942		286,393

The accompanying notes are an integral part of the financial statements.

67

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

	Principal Amount		Value
Series 2017-C04, Class 2ED2, 1 mo. USD LIBOR + 1.100% 1.557% FRN 11/25/29	$	333,660	$	330,160
Series 2017-C05, Class 1ED3, 1 mo. USD LIBOR + 1.200% 1.657% FRN 1/25/30		158,647		158,484
Series 2017-C02, Class 2ED3, 1 mo. USD LIBOR + 1.350% 1.807% FRN 9/25/29		25,042		24,862
Series 2017-C06, Class 1M2B, 1 mo. USD LIBOR + 2.650% 3.107% FRN 2/25/30		205,000		206,333
				4,400,788
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $4,504,741)				4,465,869
U.S. TREASURY OBLIGATIONS — 92.9%
U.S. Treasury Bonds & Notes — 92.9%
U.S. Treasury Bond
2.250% 2/15/52		3,800,000		3,642,064
U.S. Treasury Inflation Index
0.125% 7/15/24		1,006,443		1,057,177
0.125% 10/15/24		18,257,060		19,127,479
0.125% 4/15/25		33,317,609		34,874,817
0.125% 10/15/25		20,510,445		21,532,760
0.125% 4/15/26		8,139,557		8,523,802
0.125% 7/15/26		225,433		237,401
0.125% 10/15/26		40,530,234		42,652,530
0.125% 1/15/32 (d)		15,117,130		16,174,935
0.250% 1/15/25		12,677,884		13,316,730
0.375% 7/15/23		28,630,666		30,068,910
0.375% 7/15/25		5,914,348		6,266,321
0.375% 1/15/27		3,502,376		3,718,949
0.500% 4/15/24		14,687,428		15,447,330
0.625% 4/15/23		12,665,876		13,206,155
0.625% 1/15/24 (e)		25,853,581		27,213,419
0.625% 1/15/26		24,164,485		25,808,333
				282,869,112
TOTAL U.S. TREASURY OBLIGATIONS (Cost $283,034,757)				282,869,112
TOTAL BONDS & NOTES (Cost $303,503,243)				302,822,703

	Number of Shares		Value
MUTUAL FUNDS — 4.4%
Diversified Financial Services — 4.4%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		13,565,767	$	13,565,767
TOTAL MUTUAL FUNDS (Cost $13,565,767)				13,565,767
TOTAL LONG-TERM INVESTMENTS (Cost $317,069,010)				316,388,470
SHORT-TERM INVESTMENTS — 0.4%
Mutual Fund — 0.1%
T. Rowe Price Government Reserve Investment Fund		154,486		154,487
	Principal Amount
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (g)	$	1,022,591		1,022,591
TOTAL SHORT-TERM INVESTMENTS (Cost $1,177,078)				1,177,078
TOTAL INVESTMENTS — 104.3% (Cost $318,246,088) (h)				317,565,548
Other Assets/(Liabilities) — (4.3)%				(12,948,138	)
NET ASSETS — 100.0%			$	304,617,410

Abbreviation Legend

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

The accompanying notes are an integral part of the financial statements.

68

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $16,699,355 or 5.48% of net assets.

(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2022.

(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2022, was $13,288,153 or 4.36% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(f) Represents investment of security lending cash collateral. (Note 2).

(g) Maturity value of $1,022,591. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,043,142.

(h) See Note 6 for aggregate cost for federal tax purposes.

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		4/22/22		USD	297,803		NZD	455,000	$	(17,455	)
Citibank N.A.*		4/22/22		AUD	1,050,000		USD	754,490		31,389
Goldman Sachs International*		4/22/22		CAD	955,000		USD	752,319		11,517
Goldman Sachs International*		4/22/22		USD	1,495,175		CAD	1,900,000		(24,499	)
HSBC Bank USA*		4/22/22		CAD	945,000		USD	756,131		(293	)
HSBC Bank USA*		4/22/22		NZD	2,250,000		USD	1,514,873		44,096
HSBC Bank USA*		4/22/22		USD	1,191,570		NZD	1,795,000		(52,141	)
UBS AG*		4/22/22		USD	741,834		AUD	1,050,000		(44,044	)
									$	(51,430	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 5 Year		6/30/22		188	$	21,993,832		$	(432,582	)
Short
U.S. Treasury Note 10 Year		6/21/22		142	$	(17,389,373	)	$	(58,877	)
U.S. Treasury Ultra 10 Year		6/21/22		43		(5,790,180	)		(34,976	)
U.S. Treasury Note 2 Year		6/30/22		137		(29,181,242	)		147,945
								$	54,092

The accompanying notes are an integral part of the financial statements.

69

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

OTC Interest Rate Swaps

Paid by the Fund

Received by the Fund

Rate/ Reference

Frequency

Rate/ Reference

Frequency

Counterparty

Termination Date

Notional Amount

Value

Upfront Premium Paid/ (Received)

Unrealized Appreciation (Depreciation)

Fixed 1.60%

Maturity

U.S. Consumer Price Index

Maturity

Bank of America N.A.*

2/21/23

USD

3,638,000

$

352,469

$

—

$

352,469

Fixed 1.66%

Maturity

U.S. Consumer Price Index

Maturity

Barclays Bank PLC*

7/08/22

USD

1,250,000

101,500

—

101,500

Fixed 1.74%

Maturity

U.S. Consumer Price Index

Maturity

Barclays Bank PLC*

12/16/22

USD

2,800,000

257,130

—

257,130

Fixed 1.42%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

10/07/22

USD

3,420,000

333,956

—

333,956

Fixed 1.44%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

10/08/22

USD

1,710,000

166,434

—

166,434

Fixed 1.43%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

10/08/22

USD

1,710,000

166,487

—

166,487

Fixed 1.59%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

2/18/23

USD

1,311,000

126,892

—

126,892

Fixed 1.60%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

2/18/23

USD

1,789,000

172,966

—

172,966

Fixed 1.59%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

2/20/23

USD

2,867,000

278,332

—

278,332

Fixed 1.49%

Maturity

U.S. Consumer Price Index

Maturity

Citibank N.A.*

2/26/23

USD

2,061,000

207,227

—

207,227

Fixed 1.61%

Maturity

U.S. Consumer Price Index

Maturity

Goldman Sachs International*

2/21/23

USD

2,993,000

289,522

—

289,522

Fixed 1.57%

Maturity

U.S. Consumer Price Index

Maturity

HSBC Bank USA*

2/25/23

USD

2,241,000

219,856

—

219,856

Fixed 3.14%

Maturity

U.S. Consumer Price Index

Maturity

JP Morgan Chase Bank N.A.*

8/03/23

USD

4,650,000

257,992

—

257,992

Fixed 2.30%

Maturity

U.S. Consumer Price Index

Maturity

JP Morgan Chase Bank N.A.*

2/22/24

USD

5,500,000

534,320

—

534,320

Fixec 2.96%

Maturity

U.S. Consumer Price Index

Maturity

JP Morgan Chase Bank N.A.*

8/02/24

USD

5,501,000

346,266

—

346,266

Fixed 2.95%

Maturity

U.S. Consumer Price Index

Maturity

JP Morgan Chase Bank N.A.*

8/03/24

USD

3,133,000

197,124

—

197,124

The accompanying notes are an integral part of the financial statements.

70

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

Paid by the Fund

Received by the Fund

Rate/ Reference

Frequency

Rate/ Reference

Frequency

Counterparty

Termination Date

Notional Amount

Value

Upfront Premium Paid/ (Received)

Unrealized Appreciation (Depreciation)

Fixed 2.94%

Maturity

U.S. Consumer Price Index

Maturity

JP Morgan Chase Bank N.A.*

8/03/24

USD

2,200,000

$

139,581

$

—

$

139,581

Fixed 2.29%

Maturity

U.S. Consumer Price Index

Maturity

UBS AG*

6/05/23

USD

1,700,000

132,884

—

132,884

$

4,280,938

$

—

$

4,280,938

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

AUD Australian Dollar

CAD Canadian Dollar

NZD New Zealand Dollar

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

71

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 95.4%
COMMON STOCK — 94.2%
Australia — 10.0%
ALS Ltd.		157,675	$	1,560,655
BHP Group Ltd.		60,568		2,322,182
BHP Group Ltd.		209,999		8,179,451
Goodman Group		37,274		633,090
IGO Ltd.		91,182		953,430
Northern Star Resources Ltd.		196,477		1,557,169
OZ Minerals Ltd.		41,989		831,819
Perseus Mining Ltd.		1,064,736		1,544,252
Rio Tinto Ltd.		13,065		1,157,342
Scentre Group		232,936		527,522
Tietto Minerals Ltd. (a) (b)		1,031,817		397,852
Tietto Minerals, Ltd. (b) (c)		192,608		74,226
				19,738,990
Austria — 0.1%
Mayr Melnhof Karton AG		1,577		280,737
Bermuda — 0.3%
Hongkong Land Holdings Ltd.		123,500		602,452
Brazil — 0.5%
Vale SA		52,864		1,061,488
Canada — 6.7%
Canadian Apartment Properties		7,193		308,686
Canadian National Railway Co.		3,201		429,395
Canadian Natural Resources Ltd.		9,041		559,824
Canadian Pacific Railway Ltd.		5,429		448,110
Enbridge, Inc.		5,645		260,178
Enerflex Ltd.		27,500		176,199
ERO Copper Corp. (b)		17,647		258,462
Franco-Nevada Corp.		7,674		1,221,186
K92 Mining, Inc. (b)		150,372		1,099,388
Karora Resources, Inc. (b)		134,738		685,465
Magna International, Inc.		1,824		117,301
Nutrien Ltd.		8,991		934,974
Rhyolite Resources Ltd., PIPE Shares (b) (c)		214,075		97,606
Summit Industrial Income REIT		49,448		870,971
TC Energy Corp.		7,770		438,383
Victoria Gold Corp. (b)		108,631		1,381,621
Wesdome Gold Mines Ltd. (b)		264,139		3,315,075
West Fraser Timber Co. Ltd.		2,423		199,360
Wheaton Precious Metals Corp.		9,247		439,735
				13,241,919
Cayman Islands — 0.3%
Bluescape Opportunities Acquisition Corp. (b)		11,882		118,939

	Number of Shares		Value
China Resources Mixc Lifestyle Services Ltd. (d)		57,000	$	280,390
Huazhu Group Ltd. ADR		6,865		226,476
				625,805
Chile — 0.6%
Sociedad Quimica y Minera de Chile SA Sponsored ADR		12,763		1,092,513
Denmark — 0.4%
Bakkafrost P/F		6,461		434,059
ROCKWOOL International A/S Class B		1,029		339,869
				773,928
Finland — 1.1%
Kojamo OYJ (a)		19,706		472,873
Metso Outotec OYJ		129,567		1,093,045
Stora Enso OYJ Class R		15,816		309,461
UPM-Kymmene OYJ (a)		11,993		391,339
				2,266,718
France — 2.5%
Air Liquide SA		3,204		560,505
Constellium SE (b)		34,964		629,352
Gecina SA		1,748		219,941
Legrand SA		3,536		336,157
Safran SA		1,040		122,231
Schneider Electric SE		2,984		498,198
TotalEnergies SE (a)		44,521		2,258,939
Verallia SA (d)		15,901		376,918
				5,002,241
Germany — 0.5%
Infineon Technologies AG		3,355		114,618
Vonovia SE		18,869		882,262
				996,880
Hong Kong — 0.3%
Sun Hung Kai Properties Ltd.		43,500		518,179
Ireland — 0.7%
Linde PLC		4,044		1,291,775
Italy — 0.1%
Enel SpA		39,066		260,885
Japan — 2.3%
Bridgestone Corp.		3,300		127,715
Daiwa Office Investment Corp.		69		428,362
Heiwa Real Estate Co. Ltd. (a)		4,300		139,341
Industrial & Infrastructure Fund Investment Corp.		259		392,197
Kyoritsu Maintenance Co. Ltd. (a)		11,500		433,030
Mitsui Fudosan Co. Ltd.		42,800		915,705
Mitsui Fudosan Logistics Park, Inc.		83		391,525
Nippon Steel Corp.		48,100		852,699

The accompanying notes are an integral part of the financial statements.

72

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

	Number of Shares		Value
Recruit Holdings Co. Ltd.		2,900	$	126,954
Shin-Etsu Chemical Co. Ltd.		1,900		289,532
Tokyo Tatemono Co. Ltd.		23,200		347,454
				4,444,514
Kazakhstan — 0.2%
NAC Kazatomprom JSC		15,286		483,844
Luxembourg — 0.2%
Ardagh Metal Packaging SA (b)		13,055		106,137
Shurgard Self Storage SA		5,206		323,251
				429,388
Mexico — 0.7%
Grupo Mexico SAB de CV Series B		220,762		1,318,024
Netherlands — 0.5%
Akzo Nobel NV		7,857		675,043
Koninklijke DSM NV		1,375		245,739
				920,782
Norway — 1.3%
Aker BP ASA (a)		10,673		397,689
Equinor ASA		46,641		1,750,117
Norsk Hydro ASA		50,913		496,106
				2,643,912
Portugal — 0.6%
Galp Energia SGPS SA		95,642		1,210,340
Russia — 0.0%
Alrosa PJSC (c) (e)		688,100		—
MMC Norilsk Nickel PJSC (c) (e)		2,654		—
Polyus PJSC (c) (e)		2,282		—
				—
Singapore — 0.6%
CapitaLand Mall Trust		198,000		327,901
Daiwa House Logistics Trust (b)		339,500		211,447
Digital Core REIT Management Pte Ltd. (b)		507,500		562,095
				1,101,443
South Africa — 0.3%
Impala Platinum Holdings Ltd. (a)		8,324		128,075
Sibanye Stillwater Ltd. (a)		127,391		517,444
				645,519
Spain — 0.5%
Cellnex Telecom SA (d)		8,259		395,871
Iberdrola SA		24,998		272,087
Inmobiliaria Colonial SA		28,258		256,707
				924,665
Sweden — 5.6%
Alfa Laval AB		12,666		435,567
Boliden AB		80,646		4,089,625

	Number of Shares		Value
Epiroc AB Class A		91,336	$	1,954,468
Epiroc AB Class B		24,495		440,921
Fabege AB (a)		34,725		512,182
Granges AB		63,008		618,490
Hexpol AB		21,240		206,973
Lundin Energy AB (a)		14,567		617,561
Sandvik AB		90,407		1,919,377
Svenska Cellulosa AB Class B (a)		15,198		295,095
				11,090,259
Switzerland — 0.1%
Sika AG Registered		796		262,248
United Kingdom — 3.7%
Anglo American PLC		7,558		394,412
Antofagasta PLC		11,586		252,995
Big Yellow Group PLC		11,563		232,700
Derwent London PLC		13,056		548,767
Great Portland Estates PLC		48,197		449,369
InterContinental Hotels Group PLC		5,942		402,374
Mondi PLC		23,919		463,699
Rio Tinto PLC		24,985		1,981,958
TechnipFMC PLC (b)		40,617		314,782
The UNITE Group PLC		23,191		351,358
The Weir Group PLC		74,060		1,582,720
Whitbread PLC (b)		8,808		327,772
				7,302,906
United States — 53.5%
3M Co.		801		119,253
Acadia Realty Trust		53,900		1,168,013
AGCO Corp.		2,237		326,670
Air Products & Chemicals, Inc.		2,901		724,989
Alamo Group, Inc.		1,233		177,293
Alaska Air Group, Inc. (b)		5,623		326,190
Albemarle Corp.		8,657		1,914,496
Alexandria Real Estate Equities, Inc.		10,248		2,062,410
Allegiant Travel Co. (b)		1,937		314,549
Ameren Corp.		3,616		339,036
American Campus Communities, Inc.		27,839		1,558,149
Apartment Income REIT Corp.		14,440		771,962
Apple Hospitality REIT, Inc.		86,145		1,548,026
AvalonBay Communities, Inc.		11,382		2,826,947
Avery Dennison Corp.		1,912		332,631
Ball Corp.		4,510		405,900
BWX Technologies, Inc.		1,513		81,490
Cactus, Inc. Class A		9,891		561,215
Camden Property Trust		18,408		3,059,410
Caterpillar, Inc.		10,593		2,360,332
CF Industries Holdings, Inc.		3,814		393,071
ChampionX Corp. (b)		16,527		404,581

The accompanying notes are an integral part of the financial statements.

73

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

	Number of Shares		Value
Chart Industries, Inc. (b)		1,690	$	290,291
Chevron Corp.		12,028		1,958,519
CMS Energy Corp.		4,943		345,713
ConocoPhillips		26,534		2,653,400
Copart, Inc. (b)		1,131		141,907
CoStar Group, Inc. (b)		1,647		109,707
CSX Corp.		11,714		438,689
CubeSmart		42,092		2,190,047
Darling Ingredients, Inc. (b)		7,617		612,254
Deere & Co.		1,321		548,823
Delta Air Lines, Inc. (b)		8,015		317,154
Devon Energy Corp.		22,626		1,337,875
Dominion Energy, Inc.		4,378		371,999
Douglas Emmett, Inc.		43,437		1,451,665
EastGroup Properties, Inc.		4,528		920,452
Element Solutions, Inc.		18,068		395,689
Entegris, Inc.		2,378		312,136
EOG Resources, Inc.		14,726		1,755,781
Equinix, Inc.		4,965		3,682,143
Equity LifeStyle Properties, Inc.		36,461		2,788,537
Equity Residential		31,017		2,789,049
Essex Property Trust, Inc.		7,962		2,750,712
Federal Realty Investment Trust		4,539		554,076
FMC Corp.		2,905		382,211
Frontier Group Holdings, Inc. (b)		20,114		227,892
Halliburton Co.		11,509		435,846
Healthcare Realty Trust, Inc.		16,831		462,516
Healthcare Trust of America, Inc. Class A		20,268		635,199
Hess Corp.		8,744		935,958
Hilton Worldwide Holdings, Inc. (b)		2,195		333,069
Host Hotels & Resorts, Inc.		34,996		679,972
The Howard Hughes Corp. (b)		7,957		824,425
Hubbell, Inc.		2,672		491,033
IDACORP, Inc.		1,622		187,114
International Flavors & Fragrances, Inc.		2,641		346,843
International Paper Co.		13,791		636,455
JetBlue Airways Corp. (b)		19,689		294,351
Kilroy Realty Corp.		14,585		1,114,586
Kimco Realty Corp.		52,209		1,289,562
Knight-Swift Transportation Holdings, Inc.		2,953		149,008
Leidos Holdings, Inc.		1,295		139,886
Lockheed Martin Corp.		372		164,201
Magnolia Oil & Gas Corp. Class A		24,530		580,135
Marriott International, Inc. Class A (b)		3,240		569,430
Martin Marietta Materials, Inc.		3,413		1,313,630
NextEra Energy, Inc.		6,346		537,570

	Number of Shares		Value
Norfolk Southern Corp.		2,975	$	848,530
Northrop Grumman Corp.		415		185,596
Nucor Corp.		11,349		1,687,029
Old Dominion Freight Line, Inc.		584		174,429
Packaging Corp. of America		6,716		1,048,435
Pebblebrook Hotel Trust		48,393		1,184,661
Pioneer Natural Resources Co.		5,808		1,452,174
Prologis, Inc.		34,494		5,570,091
PS Business Parks, Inc.		6,212		1,044,113
Public Storage		10,136		3,955,878
Quaker Chemical Corp.		507		87,615
Quanta Services, Inc.		3,063		403,121
Rayonier, Inc.		3,228		132,735
Regency Centers Corp.		18,632		1,329,207
Reliance Steel & Aluminum Co.		14,972		2,745,116
Rexford Industrial Realty, Inc.		25,782		1,923,079
Rockwell Automation, Inc.		530		148,416
Roper Technologies, Inc.		252		119,002
Royal Gold, Inc.		1,536		217,006
RPM International, Inc.		7,682		625,622
Sanderson Farms, Inc.		1,298		243,362
SBA Communications Corp.		2,160		743,256
Sempra Energy		4,111		691,141
The Sherwin-Williams Co.		4,281		1,068,623
Shoals Technologies Group, Inc. Class A (b)		25,954		442,256
Simon Property Group, Inc.		10,140		1,334,018
SL Green Realty Corp. (a)		8,928		724,775
Southern Copper Corp.		12,035		913,456
Southwest Airlines Co. (b)		6,408		293,486
Steel Dynamics, Inc.		25,536		2,130,468
Sun Country Airlines Holdings, Inc. (b)		9,179		240,306
Terreno Realty Corp.		19,592		1,450,788
Union Pacific Corp.		3,446		941,482
United Airlines Holdings, Inc. (b)		6,589		305,466
Ventas, Inc.		5,271		325,537
Verisk Analytics, Inc.		880		188,874
Vornado Realty Trust		5,512		249,804
Vulcan Materials Co.		6,615		1,215,175
Welltower, Inc.		37,028		3,559,872
WestRock Co.		7,402		348,116
Xcel Energy, Inc.		5,057		364,964
				105,881,203
TOTAL COMMON STOCK (Cost $153,040,096)				186,413,557

The accompanying notes are an integral part of the financial statements.

74

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

	Number of Shares		Value
PREFERRED STOCK — 1.2%
United States — 1.2%
Jetti Holdings, Inc., Series C, (Acquired 5/24/21-6/30/21, Cost $130,426)
(b) (c) (e) (f)		2,253	$	130,426
KoBold Metals, Inc., Series B-1, (Acquired 10/01/22, Cost $670,800)
(b) (c) (e) (f)		24,472		670,800
Lilac Solutions, Inc., Series B, (Acquired 9/08/21,Cost $329,342)
(b) (c) (e) (f)		25,087		329,342
NextEra Energy, Inc. Convertible
5.279%		13,621		710,335
Southern Co. Convertible 6.75%, The
6.750%		10,864		593,283
				2,434,186
TOTAL PREFERRED STOCK (Cost $2,257,695)				2,434,186
TOTAL EQUITIES (Cost $155,297,791)				188,847,743
MUTUAL FUNDS — 5.2%
United States — 5.2%
iShares MSCI Global Metals & Mining Producers ETF		18,522		948,697
SPDR S&P Homebuilders ETF (a)		30,208		1,909,145
SPDR S&P Oil & Gas Exploration & Production ETF		7,336		987,059
State Street Navigator Securities Lending Government Money Market Portfolio (g)		4,705,632		4,705,632
VanEck Gold Miners ETF		30,228		1,159,244
VanEck Oil Services ETF (a)		2,219		626,978
				10,336,755
TOTAL MUTUAL FUNDS (Cost $9,721,947)				10,336,755
TOTAL LONG-TERM INVESTMENTS (Cost $165,019,738)				199,184,498
SHORT-TERM INVESTMENTS — 0.8%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100		100

	Principal Amount		Value
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (h)	$	436,809	$	436,809
U.S. Treasury Bill — 0.6%
U.S. Treasury Bill
0.169% 6/23/22 (i) (j)		390,000		389,578
0.416% 6/23/22 (i) (j)		350,000		349,621
0.417% 6/23/22 (i) (j)		150,000		149,838
0.462% 6/23/22 (i) (j)		300,000		299,675
				1,188,712
TOTAL SHORT-TERM INVESTMENTS (Cost $1,625,971)				1,625,621
TOTAL INVESTMENTS — 101.4% (Cost $166,645,709) (k)				200,810,119
Other Assets/(Liabilities) — (1.4)%				(2,816,683	)
NET ASSETS — 100.0%			$	197,993,436

Abbreviation Legend

ADR American Depositary Receipt

ETF Exchange-Traded Fund

PIPE Private Investment in Public Equity

REIT Real Estate Investment Trust

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 March 31, 2022, was $9,384,969 or 4.74% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $5,125,745 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Non-income producing security.

(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $1,302,400 or 0.66% of net assets.

(d) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $1,053,179 or 0.53% of net assets.

(e) Investment was valued using significant unobservable inputs.

The accompanying notes are an integral part of the financial statements.

75

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

Notes to Portfolio of Investments (Continued)

(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $1,130,568 or 0.57% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $436,809. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $445,649.

(i) The rate shown represents yield-to-maturity.

(j) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(k) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Financial	35.5	%
Basic Materials	29.9	%
Industrial	13.0	%
Energy	10.1	%
Mutual Funds	5.2	%
Consumer, Cyclical	2.5	%
Utilities	2.4	%
Consumer, Non-cyclical	1.2	%
Technology	0.7	%
Diversified	0.1	%
Total Long-Term Investments	100.6	%
Short-Term Investments and Other Assets and Liabilities	(0.6	)%
Net Assets	100.0	%

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
BNP Paribas SA*		4/29/22		USD	563,054		INR	43,166,500	$	(5,165	)
BNP Paribas SA*		5/03/22		BRL	2,716,800		USD	563,289		2,779
Deutsche Bank AG*		4/14/22		ZAR	17,260,000		USD	1,184,642		(4,951	)
UBS AG*		4/14/22		CAD	2,275,000		USD	1,776,142		43,552
UBS AG*		4/14/22		ZAR	26,734,000		USD	1,763,573		63,650
									$	99,865

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
Russell 2000 E Mini Index		6/17/22		23	$	2,283,493		$	92,867
Xae Energy		6/17/22		114		8,840,512			246,428
								$	339,295
Short
Nasdaq 100 E Mini Index		6/17/22		31	$	(8,287,321	)	$	(931,304	)
U.S. Treasury Note 10 Year		6/21/22		26		(3,300,779	)		106,029
U.S. Treasury Ultra Bond		6/21/22		4		(738,799	)		30,299
								$	(794,976	)

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

BRL Brazilian Real

CAD Canadian Dollar

INR Indian Rupee

USD U.S. Dollar

ZAR South African Rand

The accompanying notes are an integral part of the financial statements.

76

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

March 31, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.7%
COMMON STOCK — 94.7%
Basic Materials — 4.3%
Chemicals — 1.0%
AgroFresh Solutions, Inc. (a)		66,618	$	126,574
American Vanguard Corp.		11,529		234,269
Element Solutions, Inc.		102,064		2,235,202
Hawkins, Inc.		9,418		432,285
Minerals Technologies, Inc.		11,653		770,846
Oil-Dri Corp. of America		941		26,960
Orion Engineered Carbons SA		40,100		640,397
PPG Industries, Inc.		5,751		753,784
Quaker Chemical Corp.		6,610		1,142,274
RPM International, Inc.		17,500		1,425,200
Westlake Corp.		11,901		1,468,583
				9,256,374
Forest Products & Paper — 0.1%
Clearwater Paper Corp. (a)		17,265		483,938
West Fraser Timber Co. Ltd.		7,312		601,618
				1,085,556
Iron & Steel — 0.2%
Carpenter Technology Corp.		18,338		769,829
Reliance Steel & Aluminum Co.		3,857		707,181
				1,477,010
Mining — 3.0%
AngloGold Ashanti Ltd. Sponsored ADR		105,403		2,496,997
Cameco Corp.		188,520		5,485,932
Centerra Gold, Inc.		27,022		265,648
Cia de Minas Buenaventura SA Sponsored ADR (a) (b)		202,328		2,037,443
Constellium SE (a)		107,664		1,937,952
ERO Copper Corp. (a)		12,916		189,171
Franco-Nevada Corp.		36,628		5,828,720
Freeport-McMoRan, Inc.		72,834		3,622,763
Fresnillo PLC		240,115		2,323,145
Gold Fields Ltd. Sponsored ADR (b)		113,497		1,754,664
NAC Kazatomprom JSC		1		32
NAC Kazatomprom JSC GDR		17,599		561,408
				26,503,875
				38,322,815
Communications — 4.5%
Advertising — 0.3%
Advantage Solutions, Inc. (a) (b)		67,743		432,200
Boston Omaha Corp. Class A (a)		21,428		543,629
The Trade Desk, Inc. Class A (a)		20,600		1,426,550
				2,402,379

	Number of Shares		Value
Internet — 1.5%
Bumble, Inc. Class A (a)		10,723	$	310,752
Deliveroo PLC Class A (a) (c)		72,267		106,478
DoorDash, Inc., Class A (a)		3,800		445,322
Etsy, Inc. (a)		6,200		770,536
Farfetch Ltd. Class A (a)		39,207		592,810
Figs, Inc. Class A (a)		66,723		1,435,879
IAC/InterActiveCorp (a)		6,300		631,764
Match Group, Inc. (a)		6,900		750,306
Nextdoor Holdings, Inc. (a)		8,013		47,998
Okta, Inc. (a)		28,012		4,228,691
Open Lending Corp. Class A (a)		41,819		790,797
Opendoor Technologies, Inc. (a) (b)		44,126		381,690
Poshmark, Inc. Class A (a)		3,410		43,171
The RealReal, Inc. (a) (b)		29,935		217,328
Rover Group, Inc., Earnout Shares 16.00 (Acquired 8/02/21, Cost $0) (a) (d) (e) (f)		15,883		644
Spotify Technology SA (a)		9,200		1,389,384
Upwork, Inc. (a)		28,962		673,077
Vimeo, Inc. (a)		36,760		436,709
				13,253,336
Media — 2.4%
Cable One, Inc.		2,680		3,924,163
DISH Network Corp. Class A (a)		51,423		1,627,538
Fox Corp. Class A		39,142		1,544,152
Liberty Broadband Corp. Class C (a)		1,260		170,503
Liberty Media Corp-Liberty Formula One Class C (a)		30,300		2,116,152
News Corp. Class A		263,829		5,843,813
Paramount Global Class B		89,411		3,380,630
Saga Communications, Inc. Class A		5,561		127,069
Scholastic Corp.		53,529		2,156,148
				20,890,168
Telecommunications — 0.3%
Corning, Inc.		37,500		1,384,125
Harmonic, Inc. (a)		135,474		1,258,553
Infinera Corp. (a)		7,522		65,216
Telephone & Data Systems, Inc.		12,819		242,023
				2,949,917
				39,495,800
Consumer, Cyclical — 8.7%
Airlines — 0.4%
Allegiant Travel Co. (a)		1,156		187,723
Southwest Airlines Co. (a)		58,139		2,662,766
Sun Country Airlines Holdings, Inc. (a)		14,791		387,228
				3,237,717

The accompanying notes are an integral part of the financial statements.

77

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

	Number of Shares		Value
Apparel — 0.7%
Capri Holdings Ltd. (a)		13,850	$	711,752
Deckers Outdoor Corp. (a)		2,500		684,425
On Holding AG, Class A (a)		38,073		960,963
Ralph Lauren Corp.		21,055		2,388,479
Skechers U.S.A., Inc. Class A (a)		15,900		648,084
Steven Madden Ltd.		16,124		623,031
				6,016,734
Auto Manufacturers — 0.9%
Blue Bird Corp. (a)		14,598		274,734
PACCAR, Inc.		38,059		3,351,856
Rivian Automotive, Inc. Class A (a)		4,199		210,958
Rivian Automotive, Inc., Lockup Shares (Acquired 12/23/19 - 1/19/21, Cost $1,242,527) (a) (e) (f)		79,743		3,805,974
				7,643,522
Auto Parts & Equipment — 0.2%
Aptiv PLC (a)		3,500		418,985
Aurora Innovation, Inc., Lockup Shares (Acquired 3/01/19, Cost $32,154) (a) (e) (f)		7,554		40,116
Dorman Products, Inc. (a)		6,583		625,583
Gentherm, Inc. (a)		6,574		480,165
Visteon Corp. (a)		4,088		446,123
				2,010,972
Distribution & Wholesale — 0.4%
Pool Corp.		353		149,266
SiteOne Landscape Supply, Inc. (a)		15,783		2,551,953
ThredUp, Inc. (a) (b)		11,100		85,470
Univar Solutions, Inc. (a)		26,210		842,390
				3,629,079
Entertainment — 0.6%
Cinemark Holdings, Inc. (a)		16,881		291,704
DraftKings, Inc. Class A (a) (b)		27,300		531,531
Genius Sports Ltd. (a)		15,822		72,781
Madison Square Garden Entertainment Corp. (a)		8,391		699,054
Madison Square Garden Sports Corp. (a)		3,629		650,897
Marriott Vacations Worldwide Corp.		6,201		977,898
Red Rock Resorts, Inc. Class A		4,336		210,556
Vail Resorts, Inc.		8,400		2,186,268
				5,620,689
Food Services — 0.1%
Compass Group PLC		54,652		1,177,809
Home Builders — 0.4%
Cavco Industries, Inc. (a)		5,408		1,302,517
Horizon Global Corp. (a)		39,691		226,635

	Number of Shares		Value
LCI Industries		3,806	$	395,101
Meritage Home Corp. (a)		10,561		836,748
Skyline Champion Corp. (a)		12,258		672,719
				3,433,720
Housewares — 0.1%
The Scotts Miracle-Gro Co.		11,067		1,360,798
Leisure Time — 0.1%
Peloton Interactive, Inc. Class A (a)		14,225		375,825
Rad Power Bikes, Inc., Class A (Acquired 1/22/21, Cost $69,082) (a) (d) (e) (f)		14,321		137,250
				513,075
Lodging — 0.6%
Hilton Worldwide Holdings, Inc. (a)		20,600		3,125,844
MGM Resorts International		45,300		1,899,882
				5,025,726
Retail — 4.2%
Bath & Body Works, Inc.		18,500		884,300
Beacon Roofing Supply, Inc. (a)		20,497		1,215,062
BJ’s Restaurants, Inc. (a)		24,678		698,387
Burlington Stores, Inc. (a)		29,721		5,414,275
Casey’s General Stores, Inc.		13,500		2,675,295
Chipotle Mexican Grill, Inc. (a)		1,520		2,404,686
Chuy’s Holdings, Inc. (a)		13,295		358,965
Denny’s Corp. (a)		19,637		281,005
Dollar General Corp.		13,800		3,072,294
Dollar Tree, Inc. (a)		14,600		2,338,190
Domino’s Pizza, Inc.		3,750		1,526,288
Dutch Bros, Inc., Class A (a) (b)		5,781		319,516
Fiesta Restaurant Group, Inc. (a)		29,583		221,133
Five Below, Inc. (a)		7,377		1,168,295
Framebridge Future Contingency Payments (Acquired 5/19/20-11/10/20, Cost $27,511) (a) (d) (e) (f)		10,553		3,170
Hibbett, Inc.		3,793		168,182
LL Flooring Holdings, Inc. (a)		28,149		394,649
Lululemon Athletica, Inc. (a)		1,300		474,799
O’Reilly Automotive, Inc. (a)		2,900		1,986,384
Olaplex Holdings, Inc. (a)		11,957		186,888
Ollie’s Bargain Outlet Holdings, Inc. (a)		19,843		852,455
Papa John’s International, Inc.		21,139		2,225,514
Petco Health & Wellness Co., Inc. (a) (b)		29,112		569,722
Red Robin Gourmet Burgers, Inc. (a)		14,111		237,911
RH (a)		1,880		613,049
Ross Stores, Inc.		9,600		868,416
Rush Enterprises, Inc. Class A		13,667		695,787

The accompanying notes are an integral part of the financial statements.

78

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

	Number of Shares		Value
Ruth’s Hospitality Group, Inc.		13,750	$	314,600
Sweetgreen, Inc. Class A (a) (b)		34,782		1,112,676
Warby Parker, Inc. Class A (a)		61,480		2,078,639
Wingstop, Inc.		9,789		1,148,739
Winmark Corp.		3,151		693,220
				37,202,491
Textiles — 0.0%
Bombas LLC. (Acquired 2/12/21, Cost $183,470) (a) (d) (e) (f)		41,514		330,830
				77,203,162
Consumer, Non-cyclical — 25.8%
Agriculture — 0.7%
Bunge Ltd.		55,302		6,128,013
Pax Labs, Inc., Class A (Acquired 4/18/19, Cost $218,578) (a) (d) (e) (f)		58,048		47,599
				6,175,612
Beverages — 0.6%
The Boston Beer Co., Inc. Class A (a)		6,195		2,406,572
Carlsberg A/S Class B		15,488		1,890,997
Coca-Cola Consolidated, Inc.		2,070		1,028,479
				5,326,048
Biotechnology — 4.0%
Abcam PLC (a)		40,964		740,076
Abcam PLC Sponsored ADR (a)		8,490		155,282
ACADIA Pharmaceuticals, Inc. (a)		17,561		425,327
ADC Therapeutics SA (a)		4,782		70,248
Akero Therapeutics, Inc. (a)		1,507		21,384
Allogene Therapeutics, Inc. (a)		6,464		58,887
Alnylam Pharmaceuticals, Inc. (a)		15,950		2,604,475
Annexon, Inc. (a)		2,663		7,270
Apellis Pharmaceuticals, Inc. (a)		28,296		1,437,720
Arcutis Biotherapeutics, Inc. (a)		1,908		36,748
Argenx SE ADR (a)		12,589		3,969,438
Avidity Biosciences, Inc. (a) (b)		31,564		582,987
BeiGene Ltd. ADR (a)		759		143,147
Bicycle Therapeutics PLC (a)		1,168		51,252
BioMarin Pharmaceutical, Inc. (a)		10,300		794,130
Blueprint Medicines Corp. (a)		14,862		949,385
C4 Therapeutics, Inc. (a)		11,509		279,208
Cerevel Therapeutics Holdings, Inc. (a)		20,386		713,714
Certara, Inc. (a)		9,880		212,222
Corteva, Inc.		76,536		4,399,289
CRISPR Therapeutics AG (a) (b)		2,277		142,927
Day One Biopharmaceuticals, Inc. (a) (b)		3,093		30,683
Denali Therapeutics, Inc. (a)		9,693		311,824

	Number of Shares		Value
DICE Therapeutics, Inc. (a)		3,855	$	73,746
Entrada Therapeutics, Inc. (a)		4,812		45,185
Exelixis, Inc. (a)		32,813		743,871
Exscientia PLC (a)		1,673		24,091
Fate Therapeutics, Inc. (a)		15,013		582,054
Generation Bio Co., (a)		24,766		181,782
Global Blood Therapeutics, Inc. (a)		13,268		459,604
Icosavax, Inc. (a)		13,081		92,090
Ideaya Biosciences, Inc. (a)		4,901		54,842
IGM Biosciences, Inc. (a)		6,025		161,048
Imago Biosciences, Inc. (a)		4,298		82,822
Incyte Corp. (a)		11,135		884,342
Insmed, Inc. (a)		53,753		1,263,195
Ionis Pharmaceuticals, Inc. (a)		40,961		1,517,195
Iovance Biotherapeutics, Inc. (a)		8,586		142,957
IVERIC bio, Inc. (a)		5,965		100,391
Karuna Therapeutics, Inc. (a)		5,660		717,631
Kronos Bio, Inc. (a)		818		5,914
Kymera Therapeutics, Inc. (a)		13,182		557,862
MeiraGTx Holdings PLC (a)		6,593		91,313
Mirati Therapeutics, Inc. (a)		2,666		219,199
Monte Rosa Therapeutics, Inc. (a) (b)		16,977		238,018
Nkarta, Inc. (a) (b)		15,771		179,474
Nurix Therapeutics, Inc. (a)		16,177		226,640
Olink Holding AB (a) (b)		19,646		346,948
Pardes Biosciences, Inc. (a)		4,736		34,194
Prothena Corp. PLC (a)		25,073		916,920
PTC Therapeutics, Inc. (a)		3,410		127,227
Radius Health, Inc. (a)		10,167		89,775
RAPT Therapeutics, Inc. (a)		11,530		253,545
Relay Therapeutics, Inc. (a)		13,374		400,284
Replimune Group, Inc. (a)		20,094		341,196
Revolution Medicines, Inc. (a)		3,057		77,984
Rocket Pharmaceuticals, Inc. (a)		10,779		170,955
Sage Therapeutics, Inc. (a)		2,636		87,252
Sana Biotechnology, Inc. (a) (b)		3,022		24,962
Scholar Rock Holding Corp. (a)		18,172		234,237
Seagen, Inc. (a)		11,294		1,626,901
Seer, Inc. (a) (b)		12,179		185,608
Tenaya Therapeutics, Inc. (a) (b)		10,551		124,291
Turning Point Therapeutics, Inc. (a)		14,650		393,353
Twist Bioscience Corp. (a)		2,330		115,055
Ultragenyx Pharmaceutical, Inc. (a)		27,426		1,991,676
Xencor, Inc. (a)		20,939		558,653
Zai Lab Ltd. ADR (a)		2,721		119,670
Zentalis Pharmaceuticals, Inc. (a)		13,260		611,816
				35,615,391

The accompanying notes are an integral part of the financial statements.

79

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

	Number of Shares		Value
Commercial Services — 5.3%
ABM Industries, Inc.		7,914	$	364,361
Altus Group Ltd.		3,300		133,304
American Public Education, Inc. (a)		15,821		336,038
ASGN, Inc. (a)		2,303		268,783
Booz Allen Hamilton Holding Corp.		49,023		4,306,180
Bright Horizons Family Solutions, Inc. (a)		24,606		3,264,970
The Brink’s Co.		5,684		386,512
Cintas Corp.		1,315		559,388
Clarivate PLC (a) (b)		124,289		2,083,084
CoStar Group, Inc. (a)		54,830		3,652,226
Equifax, Inc.		8,200		1,944,220
Euronet Worldwide, Inc. (a)		4,991		649,579
FleetCor Technologies, Inc. (a)		11,700		2,914,002
FTI Consulting, Inc. (a)		1,997		313,968
Green Dot Corp. Class A (a)		12,959		356,113
Herc Holdings, Inc.		972		162,411
Huron Consulting Group, Inc. (a)		9,570		438,402
I3 Verticals, Inc. Class A (a)		13,235		368,727
Legalzoom.com Inc. (a)		25,669		362,960
MarketAxess Holdings, Inc.		6,616		2,250,763
Monro, Inc.		24,025		1,065,268
Multiplan Corp. (a) (b)		151,367		708,398
Paylocity Holding Corp. (a)		20,889		4,298,329
Payoneer Global, Inc. (a)		91,855		409,673
PROG Holdings, Inc. (a)		36,141		1,039,777
Rent the Runway, Inc. Class A (a)		12,575		86,642
Rent the Runway, Inc., Lockup Shares (Acquired 3/21/19 - 4/30/20, Cost $108,185) (a) (e) (f)		5,781		37,840
Rentokil Initial PLC		273,454		1,883,444
Repay Holdings Corp. (a)		11,645		171,997
SEACOR Marine Holdings Inc. (a)		49,309		397,924
Shift4 Payments, Inc. Class A (a)		7,200		445,896
Strategic Education, Inc.		31,474		2,089,244
Terminix Global Holdings, Inc. (a)		41,200		1,879,956
Toast, Inc., Class A (a)		140,383		3,050,523
TransUnion		28,700		2,965,858
Verisk Analytics, Inc.		8,300		1,781,429
				47,428,189
Food — 2.0%
Cal-Maine Foods, Inc.		9,333		515,368
Campbell Soup Co.		66,266		2,953,476
Flowers Foods, Inc.		209,441		5,384,728
Grocery Outlet Holding Corp. (a)		9,999		327,767
The Kraft Heinz Co.		8,644		340,487
Nomad Foods Ltd. (a)		61,246		1,382,935
Post Holdings, Inc. (a)		14,252		987,093

	Number of Shares		Value
The Simply Good Foods Co. (a)		14,899	$	565,417
Sysco Corp.		43,163		3,524,259
TreeHouse Foods, Inc. (a)		30,029		968,736
Utz Brands, Inc. (b)		47,597		703,484
				17,653,750
Food — 0.0%
Sweetgreen, Inc., Lockup Shares (Acquired 2/27/18- 9/13/19, Cost $103,201) (a) (e) (f)		7,919		240,662
Health Care – Products — 7.0%
Adaptive Biotechnologies Corp. (a)		34,541		479,429
Alcon, Inc. (b)		21,800		1,729,394
AtriCure, Inc. (a)		7,750		508,942
Atrion Corp.		1,023		729,399
Avantor, Inc. (a)		98,200		3,321,124
Baxter International, Inc.		27,979		2,169,492
Bruker Corp.		67,093		4,314,080
The Cooper Cos., Inc.		8,400		3,507,756
Cvrx, Inc. (a)		4,148		24,846
Dentsply Sirona, Inc.		64,807		3,189,801
Exact Sciences Corp. (a)		29,936		2,093,125
Hanger, Inc. (a)		24,336		446,079
Hologic, Inc. (a)		108,334		8,322,218
ICU Medical, Inc. (a)		9,686		2,156,491
IDEXX Laboratories, Inc. (a)		2,415		1,321,150
Inari Medical, Inc. (a)		6,897		625,144
Koninklijke Philips NV		103,680		3,171,881
Lantheus Holdings, Inc. (a)		8,752		484,073
Nevro Corp. (a)		9,537		689,811
Novocure Ltd. (a) (b)		1,645		136,288
NuVasive, Inc. (a)		5,254		297,902
Ortho Clinical Diagnostics Holdings PLC Class H (a)		63,476		1,184,462
Pacific Biosciences of California, Inc. (a)		13,765		125,261
Penumbra, Inc. (a)		1,612		358,074
PROCEPT BioRobotics Corp. (a)		16,190		566,488
Quanterix Corp. (a)		2,219		64,773
Quidel Corp. (a)		20,445		2,299,245
Rapid Micro Biosystems, Inc., Class A (a) (b)		16,139		109,584
Repligen Corp. (a)		8,796		1,654,440
Sartorius Stedim Biotech		933		382,388
Shockwave Medical, Inc. (a)		3,980		825,293
Teleflex, Inc.		14,840		5,265,677
Utah Medical Products, Inc.		3,032		272,455
West Pharmaceutical Services, Inc.		14,043		5,767,600
Zimmer Biomet Holdings, Inc.		23,403		2,993,244

The accompanying notes are an integral part of the financial statements.

80

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

	Number of Shares		Value
Zimvie, Inc. (a)		5,628	$	128,543
				61,715,952
Health Care – Services — 3.0%
Acadia Healthcare Co., Inc. (a)		35,500		2,326,315
Accolade, Inc. (a)		5,108		89,697
Agiliti, Inc. (a)		22,788		480,827
agilon health, Inc. (a)		9,361		237,301
Amedisys, Inc. (a)		2,197		378,521
Catalent, Inc. (a)		61,464		6,816,358
Centene Corp. (a)		24,404		2,054,573
dentalcorp Holdings Ltd. (a) (b)		18,974		230,544
The Ensign Group, Inc.		8,915		802,439
Eurofins Scientific SE		9,187		910,733
Flame Biosciences, Inc. (Acquired 9/28/20, Cost $28,106) (a) (d) (e) (f)		9,173		60,083
Fresenius SE & Co. KGaA		40,919		1,505,662
Innovage Holding Corp. (a)		40,658		261,024
ModivCare, Inc. (a)		3,955		456,368
Molina Healthcare, Inc. (a)		10,029		3,345,574
The Pennant Group, Inc. (a)		23,740		442,276
Select Medical Holdings Corp.		210,959		5,060,906
Surgery Partners, Inc. (a)		8,218		452,401
U.S. Physical Therapy, Inc.		4,813		478,653
				26,390,255
Household Products & Wares — 0.6%
Avery Dennison Corp.		13,000		2,261,610
Kimberly-Clark Corp.		14,237		1,753,429
Reynolds Consumer Products, Inc.		40,977		1,202,265
				5,217,304
Pharmaceuticals — 2.6%
Agios Pharmaceuticals, Inc. (a)		8,659		252,063
Alector, Inc. (a)		2,433		34,670
Alkermes PLC (a)		106,590		2,804,383
Arvinas, Inc. (a)		9,607		646,551
Ascendis Pharma A/S ADR (a)		10,988		1,289,552
BellRing Brands, Inc. (a)		33,937		783,266
Cardinal Health, Inc.		113,125		6,414,187
Centessa Pharmaceuticals PLC (a)		3,637		32,624
Covetrus, Inc. (a)		21,439		359,961
Elanco Animal Health, Inc. (a)		39,500		1,030,555
Galapagos NV (a)		14,402		893,646
Gyroscope Therapeutics, Milesone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (d) (e) (f)		31,900		11,076
Gyroscope Therapeutics, Milesone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (d) (e) (f)		21,260		3,076

	Number of Shares		Value
Gyroscope Therapeutics, Milesone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (d) (e) (f)		21,260	$	2,564
Immuneering Corp. Class A (a)		7,576		49,017
Intellia Therapeutics, Inc. (a)		5,245		381,154
Longboard Pharmaceuticals, Inc. (a)		3,061		15,887
Lyell Immunopharma, Inc. (a) (b)		7,678		38,774
Morphic Holding, Inc. (a)		2,272		91,221
Neurocrine Biosciences, Inc. (a)		11,330		1,062,187
Option Care Health, Inc. (a)		54,343		1,552,036
Patterson Cos., Inc.		118,149		3,824,483
Perrigo Co. PLC		28,200		1,083,726
Reata Pharmaceuticals, Inc. Class A (a) (b)		3,007		98,509
Repare Therapeutics, Inc. (a)		12,961		184,565
				22,939,733
				228,702,896
Diversified — 0.2%
Holding Companies-Diversified — 0.0%
Dynamics Special Purpose Corp., Founders Shares (Acquired 12/22/21, Cost $0) (a) (e) (f)		607		5,395
Dynamics Special Purpose Corp., Restricted Shares (Acquired 5/26/21, Cost $54,620) (a) (e) (f)		5,462		51,240
				56,635
Holding Company – Diversified — 0.2%
Big Sky Growth Partners, Inc. (a)		32,563		319,443
Bluescape Opportunities Acquisition Corp. (a)		30,711		307,417
Conyers Park III Acquisition Corp. (a)		31,244		309,315
KKR Acquisition Holdings I Corp. (a)		24,852		246,035
Post Holdings Partnering Corp. (a)		21,493		212,781
Professional Holding Corp. Class A (a)		14,210		320,577
Revolution Healthcare Acquisition Corp. (a)		8,585		84,906
				1,800,474
				1,857,109
Energy — 4.9%
Energy – Alternate Sources — 0.3%
Array Technologies, Inc. (a)		16,163		182,157
NextEra Energy Partners LP		14,160		1,180,377
REX American Resources Corp. (a)		3,078		306,569
Shoals Technologies Group, Inc. Class A (a)		45,230		770,719
				2,439,822
Oil & Gas — 2.7%
Advantage Energy Ltd. (a)		101,578		707,711
APA Corp.		51,494		2,128,247

The accompanying notes are an integral part of the financial statements.

81

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

	Number of Shares		Value
ARC Resources Ltd.		92,396	$	1,237,219
Canadian Natural Resources Ltd.		51,578		3,196,804
Devon Energy Corp.		51,236		3,029,585
Diamondback Energy, Inc.		9,828		1,347,222
EQT Corp.		64,635		2,224,090
Imperial Oil Ltd.		116,959		5,651,459
Kimbell Royalty Partners LP		15,985		259,916
Magnolia Oil & Gas Corp. Class A (b)		103,674		2,451,890
Matador Resources Co.		26,226		1,389,454
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $33,220) (a) (d) (e) (f)		11		65,452
Venture Global LNG, Inc., Series C (Acquired 3/08/18, Cost $27,180) (a) (d) (e) (f)		9		53,552
				23,742,601
Oil & Gas Services — 1.7%
Aris Water Solution, Inc. Class A		19,131		348,184
ChampionX Corp. (a)		38,115		933,055
Enerflex Ltd.		63,649		407,814
Expro Group Holdings NV (a)		142,863		2,540,104
Halliburton Co.		5,053		191,357
Liberty Oilfield Services, Inc. Class A (a)		74,085		1,097,940
NexTier Oilfield Solutions, Inc. (a)		92,413		853,896
Nov, Inc.		125,211		2,455,388
Ranger Energy Services, Inc. (a)		33,206		340,362
TechnipFMC PLC (a)		541,467		4,196,369
Tidewater, Inc. (a)		75,369		1,638,522
				15,002,991
Pipelines — 0.2%
Equitrans Midstream Corp.		224,752		1,896,907
				43,082,321
Financial — 18.5%
Banks — 6.4%
BankUnited, Inc.		52,246		2,296,734
Blue Foundry Bancorp (a)		18,719		253,643
Burke & Herbert Bank & Trust Co.		98		218,540
Cadence Bank		15,800		462,308
Coastal Financial Corp. (a)		4,775		218,456
Columbia Banking System, Inc.		22,515		726,559
CrossFirst Bankshares, Inc. (a)		32,234		508,008
Dime Community Bancshares, Inc.		14,540		502,648
Dogwood State Bank (Non-Voting) (Acquired 5/06/19, Cost $53,690) (a) (d) (e) (f)		5,369		70,495
Dogwood State Bank. (Voting) (Acquired 5/06/19, Cost $26,370) (a) (d) (e) (f)		2,637		34,624

	Number of Shares		Value
East West Bancorp, Inc.		16,121	$	1,273,881
Eastern Bankshares, Inc.		20,684		445,533
Equity Bancshares, Inc. Class A		9,959		321,775
Farmers & Merchants Bank of Long Beach/Long Beach CA (b)		31		254,200
FB Financial Corp.		31,967		1,419,974
Fifth Third Bancorp		120,288		5,177,196
The First Bancshares, Inc.		19,900		669,834
Five Star Bancorp		6,316		178,743
Glacier Bancorp, Inc.		13,055		656,405
HarborOne Bancorp, Inc.		44,393		622,390
Heritage Commerce Corp.		36,181		407,036
Home BancShares, Inc.		72,403		1,636,308
Independent Bank Corp.		12,631		1,031,826
Independent Bank Group, Inc.		11,044		785,891
John Marshall Bancorp, Inc. (a)		12,810		280,539
Kearny Financial Corp.		49,939		643,214
Live Oak Bancshares, Inc.		39,304		2,000,181
Metropolitan Bank Holding Corp. (a)		2,256		229,593
National Bank Holdings Corp. Class A		20,382		820,987
Northern Trust Corp.		30,923		3,600,983
Origin Bancorp, Inc.		21,728		918,877
P10, Inc. (a)		19,765		239,552
PCSB Financial Corp.		13,101		250,360
Pinnacle Financial Partners, Inc.		23,409		2,155,501
Ponce Financial Group, Inc. (a)		21,067		218,676
Popular, Inc.		41,019		3,352,893
Preferred Bank		9,158		678,516
Provident Bancorp, Inc.		14,894		241,581
Sandy Spring Bancorp, Inc.		20,072		901,634
Signature Bank		2,970		871,665
Southern First Bancshares, Inc. (a)		4,113		209,105
SouthState Corp.		23,613		1,926,585
State Street Corp.		66,024		5,752,011
SVB Financial Group (a)		992		554,974
Texas Capital Bancshares, Inc. (a)		10,419		597,113
Towne Bank		28,447		851,703
Veritex Holdings, Inc.		12,932		493,615
Walker & Dunlop, Inc.		5,407		699,774
Webster Financial Corp.		46,369		2,602,228
Westamerica Bancorp.		36,016		2,178,968
Western Alliance Bancorp		35,347		2,927,439
				56,371,274
Diversified Financial Services — 1.8%
Air Lease Corp.		19,658		877,730
Apiture, Inc. (Acquired 7/01/20, Cost $87,167) (a) (d) (e) (f)		5,500		118,855
Assetmark Financial Holdings, Inc. (a)		19,227		427,801
Cboe Global Markets, Inc.		20,914		2,392,980

The accompanying notes are an integral part of the financial statements.

82

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

	Number of Shares		Value
Columbia Financial, Inc. (a)		10,725	$	230,695
Encore Capital Group, Inc. (a)		7,127		447,077
Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (a) (d) (e) (f)		8,339		33,356
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		24,546		1,164,217
Houlihan Lokey, Inc.		10,552		926,465
Lazard Ltd. Class A		32,269		1,113,280
NerdWallet, Inc. (a)		4,917		58,955
Nerdwallet, Inc., Class A Lockup Shares (Acquired 3/18/20, Cost $120,540) (a) (e) (f)		8,610		98,072
OTC Markets Group, Inc. Class A (b)		5,600		347,200
PennyMac Financial Services, Inc.		29,218		1,554,397
PRA Group, Inc. (a)		16,820		758,246
Raymond James Financial, Inc.		6,950		763,874
SoFi Technologies, Inc. (a) (b)		27,293		257,919
Stash Financial, Inc. (Acquired 1/06/21-1/26/21, Cost $15,690) (a) (d) (e) (f)		487		28,377
StepStone Group, Inc. Class A		34,055		1,125,858
TMX Group Ltd.		3,000		308,555
Tradeweb Markets, Inc. Class A		29,300		2,574,591
Virtus Investment Partners, Inc.		3,338		801,087
				16,409,587
Insurance — 4.1%
Assurant, Inc.		20,740		3,771,154
Axis Capital Holdings Ltd.		40,927		2,474,856
Brighthouse Financial, Inc. (a)		32,161		1,661,437
Brown & Brown, Inc.		53,974		3,900,701
BRP Group, Inc. Class A (a)		41,617		1,116,584
CNA Financial Corp.		61,556		2,992,853
Essent Group Ltd.		14,129		582,256
Hagerty, Inc. (a)		9,209		99,365
The Hanover Insurance Group, Inc.		5,561		831,481
Jackson Financial, Inc., Class A		31,837		1,408,150
James River Group Holdings Ltd.		24,494		605,982
Kemper Corp.		52,034		2,942,002
Loews Corp.		90,964		5,896,286
Marsh & McLennan Cos., Inc.		8,021		1,366,939
Palomar Holdings, Inc. (a)		8,280		529,837
ProAssurance Corp.		22,201		596,763
Radian Group, Inc.		43,142		958,184
RenaissanceRe Holdings Ltd.		18,302		2,901,050
Ryan Specialty Group Holdings, Inc. Class A (a)		11,449		444,107
Selective Insurance Group, Inc.		18,209		1,627,156
				36,707,143

	Number of Shares		Value
Investment Companies — 0.3%
Groupe Bruxelles Lambert SA		24,125	$	2,501,878
Private Equity — 0.3%
KKR & Co., Inc.		45,000		2,631,150
Real Estate — 0.8%
eXp World Holdings, Inc. (b)		13,325		282,090
FirstService Corp.		21,770		3,154,038
IQHQ, Inc. (Acquired 10/30/19-8/21/20, Cost $204,242) (a) (f)		13,062		256,538
McGrath RentCorp		6,993		594,265
The St. Joe Co.		31,681		1,876,783
Tricon Residential, Inc.		46,763		742,596
				6,906,310
Real Estate Investment Trusts (REITS) — 4.4%
American Campus Communities, Inc.		26,616		1,489,697
Apartment Income REIT Corp.		5,623		300,605
Apartment Investment and Management Co. Class A (a)		197,387		1,444,873
Apple Hospitality REIT, Inc.		38,480		691,486
Cedar Realty Trust, Inc.		3,828		105,806
Community Healthcare Trust, Inc.		6,622		279,515
CubeSmart		28,420		1,478,693
Digitalbridge Group, Inc. (a)		103,600		745,920
EastGroup Properties, Inc.		14,682		2,984,557
Equity Commonwealth (a)		118,812		3,351,686
Equity Residential		22,218		1,997,842
Essential Properties Realty Trust, Inc.		24,590		622,127
First Industrial Realty Trust, Inc.		7,506		464,696
Flagship Communities		5,389		106,433
JBG SMITH Properties		31,771		928,349
NexPoint Residential Trust, Inc.		2,173		196,244
Omega Healthcare Investors, Inc.		8,593		267,758
Pebblebrook Hotel Trust		29,316		717,656
PennyMac Mortgage Investment Trust		30,500		515,145
PotlatchDeltic Corp.		13,931		734,582
PS Business Parks, Inc.		12,607		2,118,984
Rayonier, Inc.		97,948		4,027,622
Regency Centers Corp.		36,003		2,568,454
Rexford Industrial Realty, Inc.		14,381		1,072,679
Safehold, Inc.		12,360		685,362
Saul Centers, Inc.		15,798		832,555
Terreno Realty Corp.		26,359		1,951,884
UMH Properties, Inc.		6,004		147,638
Vornado Realty Trust		23,323		1,056,998
Washington Real Estate Investment Trust		35,717		910,783
Weyerhaeuser Co.		117,718		4,461,512
				39,258,141

The accompanying notes are an integral part of the financial statements.

83

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

	Number of Shares		Value
Savings & Loans — 0.4%
Capitol Federal Financial, Inc.		81,982	$	891,964
FS Bancorp, Inc.		7,052		218,612
Pacific Premier Bancorp, Inc.		31,539		1,114,904
WSFS Financial Corp.		23,785		1,108,857
				3,334,337
				164,119,820
Industrial — 13.0%
Aerospace & Defense — 0.9%
Kratos Defense & Security Solutions, Inc. (a)		19,131		391,803
Rolls-Royce Holdings PLC (a)		1,836,627		2,414,793
Teledyne Technologies, Inc. (a)		6,897		3,259,729
Triumph Group, Inc. (a)		63,363		1,601,817
				7,668,142
Building Materials — 1.5%
Gibraltar Industries, Inc. (a)		10,937		469,744
JELD-WEN Holding, Inc. (a)		19,331		392,033
Lennox International, Inc.		2,248		579,669
Martin Marietta Materials, Inc.		5,131		1,974,871
Mohawk Industries, Inc. (a)		13,737		1,706,135
SPX Corp. (a)		23,343		1,153,378
Summit Materials, Inc. Class A (a)		95,778		2,974,865
Trex Co., Inc. (a)		19,222		1,255,773
UFP Industries, Inc.		14,326		1,105,394
Vulcan Materials Co.		8,673		1,593,230
				13,205,092
Electrical Components & Equipment — 0.6%
Belden, Inc.		23,281		1,289,768
Insteel Industries, Inc.		10,162		375,892
Littelfuse, Inc.		9,209		2,296,817
Novanta, Inc. (a)		9,270		1,319,028
				5,281,505
Electronics — 1.7%
Agilent Technologies, Inc.		30,500		4,036,065
Amphenol Corp. Class A		19,000		1,431,650
Brady Corp. Class A		14,152		654,813
CTS Corp.		17,950		634,353
Fortive Corp.		32,200		1,961,946
Keysight Technologies, Inc. (a)		17,900		2,827,663
National Instruments Corp.		99,836		4,052,343
				15,598,833
Environmental Controls — 0.5%
Stericycle, Inc. (a)		21,487		1,266,014
Tetra Tech, Inc.		4,782		788,743
Waste Connections, Inc.		20,683		2,889,415
				4,944,172

	Number of Shares		Value
Hand & Machine Tools — 0.4%
Cadre Holdings, Inc.		5,290	$	129,922
Enerpac Tool Group Corp.		47,466		1,039,031
MSA Safety, Inc.		6,712		890,682
Regal Rexnord Corp.		8,583		1,276,979
				3,336,614
Machinery – Construction & Mining — 0.2%
BWX Technologies, Inc.		28,600		1,540,396
Machinery – Diversified — 2.2%
AGCO Corp.		5,063		739,350
Alamo Group, Inc.		3,178		456,965
Cactus, Inc. Class A		25,215		1,430,699
Chart Industries, Inc. (a)		1,142		196,161
CIRCOR International, Inc. (a)		21,597		574,912
Cognex Corp.		13,700		1,056,955
Colfax Corp. (a)		61,599		2,451,024
CSW Industrials, Inc.		8,551		1,005,512
Graco, Inc.		10,186		710,168
Hydrofarm Holdings Group, Inc. (a)		1,646		24,937
IDEX Corp.		8,900		1,706,397
Ingersoll Rand, Inc.		117,343		5,908,220
Marel HF		27,870		163,866
Mueller Water Products, Inc. Class A		38,518		497,653
Ranpak Holdings Corp. (a)		6,772		138,352
Thermon Group Holdings, Inc. (a)		26,055		422,091
The Toro Co.		14,631		1,250,804
Zurn Water Solutions Corp.		21,706		768,393
				19,502,459
Metal Fabricate & Hardware — 0.7%
AZZ, Inc.		16,093		776,326
Helios Technologies, Inc.		18,270		1,466,167
RBC Bearings, Inc. (a)		7,584		1,470,386
Strattec Security Corp. (a)		4,332		161,454
The Timken Co.		6,392		387,994
Valmont Industries, Inc.		2,551		608,669
Xometry, Inc. Class A (a)		30,257		1,111,945
				5,982,941
Miscellaneous - Manufacturing — 1.7%
ESCO Technologies, Inc.		16,158		1,129,767
Federal Signal Corp.		14,043		473,951
Haynes International, Inc.		9,808		417,821
John Bean Technologies Corp.		9,385		1,111,841
Myers Industries, Inc.		28,503		615,665
Textron, Inc.		158,878		11,817,346
				15,566,391
Packaging & Containers — 0.9%
Ardagh Metal Packaging SA (a)		28,939		235,274
Ball Corp.		60,448		5,440,320

The accompanying notes are an integral part of the financial statements.

84

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

	Number of Shares		Value
Sealed Air Corp.		36,600	$	2,450,736
				8,126,330
Transportation — 1.7%
C.H. Robinson Worldwide, Inc.		12,671		1,364,794
International Seaways, Inc.		16,109		290,606
J.B. Hunt Transport Services, Inc.		24,752		4,969,954
Knight-Swift Transportation Holdings, Inc.		9,440		476,342
Landstar System, Inc.		8,542		1,288,390
Matson, Inc.		6,832		824,076
Old Dominion Freight Line, Inc.		14,873		4,442,268
Saia, Inc. (a)		4,115		1,003,319
US Xpress Enterprises, Inc. Class A (a)		14,799		57,420
				14,717,169
				115,470,044
Technology — 11.2%
Computers — 1.1%
Coalition, Inc. (Acquired 9/13/21, Cost $4,230) (a) (d) (e) (f)		256		4,230
Crowdstrike Holdings, Inc. Class A (a)		6,100		1,385,188
Endava PLC Sponsored ADR (a)		16,085		2,139,788
Fortinet, Inc. (a)		10,900		3,724,966
Globant SA (a)		1,386		363,229
Integral Ad Science Holding Corp. (a)		9,430		130,134
Leidos Holdings, Inc.		7,700		831,754
PAR Technology Corp. (a) (b)		19,433		783,927
Parsons Corp. (a)		17,939		694,239
Thoughtworks Holding, Inc. (a)		6,586		137,055
				10,194,510
Semiconductors — 2.9%
Applied Materials, Inc.		6,243		822,827
Entegris, Inc.		32,905		4,319,110
KLA Corp.		9,200		3,367,752
Lattice Semiconductor Corp. (a)		40,859		2,490,356
Marvell Technology, Inc.		70,100		5,026,871
MaxLinear, Inc. (a)		12,332		719,572
Microchip Technology, Inc.		77,600		5,830,864
Onto Innovation, Inc. (a)		4,758		413,423
Semtech Corp. (a)		7,775		539,119
Skyworks Solutions, Inc.		11,800		1,572,704
Wolfspeed, Inc. (a)		3,300		375,738
				25,478,336
Software — 7.2%
Alignment Healthcare, Inc. (a)		54,183		608,475
Amplitude, Inc. (a) (b)		10,700		197,201
Atlassian Corp. PLC Class A (a)		19,201		5,641,830
Bill.com Holdings, Inc. (a)		13,456		3,051,686

	Number of Shares		Value
Black Knight, Inc. (a)		25,600	$	1,484,544
Blackline, Inc. (a)		1,100		80,542
Braze, Inc. (a)		536		22,228
Broadridge Financial Solutions, Inc.		4,200		653,982
CCC Intelligent Solutions Holdings, Inc. (a)		56,783		626,884
Ceridian HCM Holding, Inc. (a)		68,149		4,658,666
Checkr, Inc. (Acquired 6/29/18-12/02/19, Cost $116,452) (a) (d) (e) (f)		5,148		249,112
Clear Secure Inc. Class A (a) (b)		44,838		1,205,245
Clearwater Analytics Holdings, Inc. Class A (a)		13,520		283,920
Confluent, Inc. Class A (a)		3,224		132,184
Coupa Software, Inc. (a)		11,718		1,190,900
Databricks, Inc. (Acquired 7/24/20, Cost $16,140) (a) (d) (e) (f)		515		85,428
Datadog, Inc. Class A (a)		22,829		3,457,909
Definitive Healthcare Corp. (a)		3,177		78,313
The Descartes Systems Group, Inc. (a)		34,617		2,536,041
DocuSign, Inc. (a)		17,840		1,911,021
DoubleVerify Holdings, Inc. (a)		18,836		474,102
Doximity, Inc. Class A (a)		26,277		1,368,769
Duck Creek Technologies, Inc. (a)		15,754		348,478
Duolingo, Inc. (a)		476		45,272
Five9, Inc. (a)		2,257		249,173
ForgeRock, Inc. (a)		3,004		65,848
Ginkgo Bioworks, Inc., Earnout Shares 15.00 (Acquired 9/17/21, Cost $0) (a) (d) (e) (f)		874		1,787
Ginkgo Bioworks, Inc., Earnout Shares 17.50 (Acquired 9/17/21, Cost $0) (a) (d) (e) (f)		874		1,668
Ginkgo Bioworks, Inc., Earnout Shares 20.00 (Acquired 9/17/21, Cost $0) (a) (d) (e) (f)		874		1,565
Gusto, Inc. (Acquired 8/18/20-11/09/20, Cost $204,799) (a) (d) (e) (f)		15,332		440,831
HashiCorp, Inc. Class A (a) (b)		1,394		75,276
HashiCorp, Inc., Lockup Shares (Acquired 3/13/20-6/25/20, Cost $106,316) (a) (e) (f)		3,854		197,710
HubSpot, Inc. (a)		7,677		3,646,114
Manhattan Associates, Inc. (a)		3,700		513,227
ManTech International Corp. Class A		1,015		87,483
Megaport Ltd. (a) (b)		42,318		432,087
Monday.com Ltd. (a) (b)		3,994		631,332
MSCI, Inc.		2,425		1,219,484
nCino, Inc. (a)		37,631		1,542,118
Outset Medical, Inc. (a)		9,365		425,171

The accompanying notes are an integral part of the financial statements.

85

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

	Number of Shares		Value
Paycom Software, Inc. (a)		1,390	$	481,468
Paycor HCM, Inc. (a)		21,566		627,786
Phreesia, Inc. (a)		27,380		721,737
Playtika Holding Corp. (a)		20,890		403,804
Privia Health Group, Inc. (a)		10,215		273,047
Procore Technologies, Inc. (a)		14,288		828,133
PTC, Inc. (a)		12,000		1,292,640
Roper Technologies, Inc.		11,262		5,318,254
SentinelOne Inc. Class A (a)		6,667		258,280
ServiceTitan, Inc. (Acquired 12/23/19 - 1/19/21, Cost $1,242,527) (a) (d) (e) (f)		637		62,694
Socure, Inc. (Acquired 12/22/21, Cost $62,185) (a) (d) (e) (f)		3,870		62,185
Sophia Genetics SA (a) (b)		6,168		47,679
SS&C Technologies Holdings, Inc		15,263		1,145,030
Synopsys, Inc. (a)		2,900		966,483
Tanium, Inc., Class B (Acquired 9/24/20, Cost $30,277) (a) (d) (e) (f)		2,657		24,498
Themis Solutions, Inc. (Acquired 4/14/21, Cost $108,219) (a) (d) (e) (f)		4,820		116,210
Twilio, Inc. Class A (a)		11,257		1,855,266
Veeva Systems, Inc. Class A (a)		33,412		7,098,714
Workiva, Inc. (a)		7,293		860,574
Xero Ltd. (a)		22,976		1,740,241
				64,108,329
				99,781,175
Utilities — 3.6%
Electric — 2.4%
Ameresco, Inc. Class A (a)		2,781		221,090
CenterPoint Energy, Inc.		79,039		2,421,755
FirstEnergy Corp.		158,963		7,290,043
IDACORP, Inc.		18,698		2,157,001
MGE Energy, Inc.		14,873		1,186,717
NorthWestern Corp. (b)		14,661		886,844
PG&E Corp. (a)		458,496		5,474,442
PNM Resources, Inc.		12,497		595,732
Portland General Electric Co.		10,976		605,326
Vistra Corp.		30,141		700,778
				21,539,728
Gas — 1.0%
Atmos Energy Corp.		2,271		271,362
Chesapeake Utilities Corp.		14,208		1,957,294
National Fuel Gas Co.		40,327		2,770,465
ONE Gas, Inc.		21,162		1,867,335
RGC Resources, Inc.		7,280		155,646
Southwest Gas Holdings, Inc.		21,180		1,658,182
				8,680,284

	Number of Shares		Value
Water — 0.2%
Artesian Resources Corp. Class A		822	$	39,908
California Water Service Group		15,180		899,871
Middlesex Water Co.		2,543		267,447
SJW Group		11,574		805,319
				2,012,545
				32,232,557
TOTAL COMMON STOCK (Cost $682,147,232)				840,267,699
PREFERRED STOCK — 2.0%
Communications — 0.1%
Internet — 0.1%
1661, Inc., Series F (Acquired 5/28/21, Cost $288,836) (a) (d) (e) (f)		49,629		288,836
Evolve Vacation Rental Network, Inc., Series 8 (Acquired 3/29/18, Cost $44,816) (a) (d) (e) (f)		5,266		101,986
Evolve Vacation Rental Network, Inc., Series 9 (Acquired 5/29/20, Cost $20,111) (a) (d) (e) (f)		3,470		67,203
Minted, Inc., Series E (Acquired 10/30/18, Cost $113,257) (a) (d) (e) (f)		8,410		124,552
SecurityScorecard, Inc., Series E (Acquired 1/19/21 - 11/18/21, Cost $2,867,931) (a) (d) (e) (f)		17,323		305,924
				888,501
Consumer, Cyclical — 0.1%
Auto Manufacturers — 0.1%
Nuro, Inc., Series C, (Acquired 10/30/20-3/02/21, Cost $282,254) (a) (d) (e) (f)		21,621		450,705
Nuro, Inc., Series D, (Acquired 10/29/21, Cost $252,025) (a) (d) (e) (f)		12,090		252,025
				702,730
Leisure Time — 0.0%
Rad Power Bikes, Inc., Series C, (Acquired 1/22/21, Cost $69,082) (a) (d) (e) (f)		14,321		137,250
Rad Power Bikes, Inc., Series D, (Acquired 9/16/21, Cost $107,722) (a) (d) (e) (f)		11,240		107,722
				244,972
Retail — 0.0%
OfferUp, Inc., Series F, (Acquired 7/01/20, Cost $9,217) (a) (d) (e) (f)		4,025		3,985

The accompanying notes are an integral part of the financial statements.

86

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

	Number of Shares		Value
Consumer, Non-cyclical — 0.8%
Agriculture — 0.1%
Farmer’s Business Network, Inc., Series E, (Acquired 2/11/19, Cost $191,081) (a) (d) (e) (f)		8,198	$	509,570
Farmer’s Business Network, Inc., Series F, (Acquired 7/31/20, Cost $48,329) (a) (d) (e) (f)		5,211		323,904
				833,474
Biotechnology — 0.3%
Genesis Therapeutics, Inc., Series A, (Acquired 11/24/20, Cost $25,262) (a) (d) (e) (f)		4,946		25,262
Inscripta, Inc., Series E, (Acquired 3/30/21, Cost $148,812) (a) (d) (e) (f)		16,853		148,812
Insitro, Inc., Series B, (Acquired 5/21/20, Cost $34,456) (a) (d) (e) (f)		5,530		101,150
Insitro, Inc., Series C, (Acquired 4/07/21, Cost $62,208) (a) (d) (e) (f)		3,401		62,208
Kardium, Inc., Series D-5, (Acquired 11/29/18, Cost $29,906) (a) (d) (e) (f)		30,866		31,355
Kardium, Inc., Series D-6, (Acquired 1/08/21, Cost $145,349) (a) (d) (e) (f)		143,083		145,349
Laronde, Inc., Series B, (Acquired 7/28/21, Cost $109,340) (a) (d) (e) (f)		3,905		109,340
National Resilience, Inc., Series B, (Acquired 10/23/20, Cost $263,720) (a) (d) (e) (f)		19,306		1,172,453
National Resilience, Inc., Series C, (Acquired 6/09/21, Cost $315,045) (a) (d) (e) (f)		7,094		430,819
Tessera Therapeutics, Inc., Series C, (Acquired 2/25/22, Cost $34,499) (a) (d) (e) (f)		1,687		34,499
Treeline Biosciences, Inc., Series A, (Acquired 4/09/21, Cost $40,640) (a) (d) (e) (f)		5,192		40,640
				2,301,887
Commercial Services — 0.1%
Honor Technology, Inc., Series D, (Acquired 10/16/20, Cost $225,290) (a) (d) (e) (f)		93,556		295,768
Honor Technology, Inc., Series E, (Acquired 9/29/21, Cost $116,646) (a) (d) (e) (f)		36,897		116,646

	Number of Shares		Value
Redwood Materials, Inc., Series C, (Acquired 5/28/21, Cost $214,074) (a) (d) (e) (f)		4,516	$	235,509
				647,923
Food — 0.2%
Cava Group, Inc., Series E, (Acquired 6/23/20-3/26/21, Cost $475,884) (a) (d) (e) (f)		18,159		1,061,575
Cava Group, Inc., Series F, (Acquired 3/26/21, Cost $512,596) (a) (d) (e) (f)		13,622		796,342
				1,857,917
Health Care – Products — 0.0%
Prime Medicine, Inc., Series B, (Acquired 4/19/21, Cost $40,943) (a) (d) (e) (f)		9,347		40,943
Ring Therapeutics, Inc., Series B, (Acquired 4/12/21, Cost $50,885) (a) (d) (e) (f)		5,531		50,885
Tempus Labs, Inc., Series D, (Acquired 3/16/18, Cost $21,326) (a) (d) (e) (f)		2,275		128,333
Tempus Labs, Inc., Series E, (Acquired 8/23/18, Cost $29,149) (a) (d) (e) (f)		1,741		100,699
Tempus Labs, Inc., Series F, (Acquired 4/30/19, Cost $17,059) (a) (d) (e) (f)		689		40,362
Tempus Labs, Inc., Series G, (Acquired 2/06/20, Cost $19,176) (a) (d) (e) (f)		500		29,630
Tempus Labs, Inc., Series G-2, (Acquired 2/27/18- 9/13/19, Cost $103,201) (a) (d) (e) (f)		455		26,931
				417,783
Health Care – Services — 0.1%
Caris Life Sciences, Inc., Series C, (Acquired 8/14/20, Cost $71,520) (a) (d) (e) (f)		45,403		367,764
Caris Life Sciences, Inc., Series D, (Acquired 5/11/21, Cost $378,132) (a) (d) (e) (f)		46,683		378,132
				745,896
Pharmaceuticals — 0.0%
Capsule Corporation, Series D, (Acquired 4/07/21, Cost $144,670) (a) (d) (e) (f)		9,983		144,670
Haul Hub, Inc., Series B, (Acquired 2/14/20-3/03/21, Cost $108,854) (a) (d) (e) (f)		7,466		108,854
				253,524
				7,058,404

The accompanying notes are an integral part of the financial statements.

87

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

	Number of Shares		Value
Financial — 0.2%
Banks — 0.0%
CRB Group, Inc., Series D, (Acquired 1/28/22, Cost $255,280) (a) (d) (e) (f)		2,428	$	255,280
Diversified Financial Services — 0.2%
Color Health, Inc., Series D, (Acquired 12/17/20, Cost $43,490) (a) (d) (e) (f)		1,155		115,464
Color Health, Inc., Series D-1, (Acquired 1/13/20, Cost $56,632) (a) (d) (e) (f)		2,655		265,418
Color Health Inc., Series E, (Acquired 10/26/21, Cost $15,095) (a) (d) (e) (f)		151		15,095
Convoy, Inc., Series C, (Acquired 9/14/18, Cost $127,740) (a) (d) (e) (f)		17,990		296,797
Convoy, Inc., Series D, (Acquired 10/30/19, Cost $417,858) (a) (d) (e) (f)		30,861		509,142
Convoy, Inc., Series E, (Acquired 9/30/21, Cost $72,706) (a) (d) (e) (f)		4,407		72,706
Stash Financial, Inc., Series F, (Acquired 4/24/20, Cost $126,801) (a) (d) (e) (f)		5,060		294,846
Stash Financial, Inc., Series G, (Acquired 1/26/21, Cost $174,908) (a) (d) (e) (f)		4,667		271,946
				1,841,414
Insurance — 0.0%
Go Maps, Inc., Series B-1, (Acquired 5/15/19, Cost $1,626) (a) (d) (e) (f)		755		7,565
Investment Companies — 0.0%
Maplebear, Inc., Series E, (Acquired 11/19/21-12/01/21, Cost $348,680) (a) (d) (e) (f)		2,900		278,400
Maplebear, Inc., Series I, (Acquired 2/26/21, Cost $58,500) (a) (d) (e) (f)		468		44,928
				323,328
				2,427,587
Industrial — 0.2%
Aerospace & Defense — 0.0%
ABL Space Systems Company, Series B (Acquired 3/24/21, Cost $328,985) (a) (d) (e) (f)		7,305		496,712

	Number of Shares		Value
Electrical Components & Equipment — 0.1%
CellLink, Inc., Series D (Acquired 1/20/22, Cost $223,836) (a) (d) (e) (f)		10,749	$	223,836
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $505,509) (a) (d) (e) (f)		12,248		381,770
				605,606
Electronics — 0.1%
Sartorius AG 0.130%		1,480		657,282
				1,759,600
Technology — 0.6%
Computers — 0.0%
Coalition, Inc., Series E (Acquired 9/07/21, Cost $253,711) (a) (d) (e) (f)		15,355		253,711
Mesosphere, Inc., Series D (Acquired 5/04/18, Cost $72,584) (a) (d) (e) (f)		6,566		9,849
				263,560
Software — 0.6%
Checkr, Inc., Series C (Acquired 4/10/18, Cost $106,628) (a) (d) (e) (f)		7,811		377,974
Checkr, Inc., Series D (Acquired 9/06/19, Cost $308,786) (a) (d) (e) (f)		10,209		494,014
Databricks, Inc., Series F (Acquired 10/22/19, Cost $104,923) (a) (d) (e) (f)		2,443		405,245
Databricks, Inc., Series G (Acquired 2/01/21, Cost $128,414) (a) (d) (e) (f)		724		120,097
Databricks, Inc., Series H (Acquired 8/31/21, Cost $121,028) (a) (d) (e) (f)		549		91,068
DTX Company, Series A-1 (Acquired 4/02/22, Cost $31,212) (a) (d) (e) (f)		17,154		31,212
Eikon Therapeutics, Inc., Series B (Acquired 3/12/21, Cost $89,186) (a) (d) (e) (f)		5,042		89,186
Epirus, Inc., Series C-2 (Acquired 1/28/21, Cost $324,592) (a) (d) (e) (f)		58,131		324,592
Flexe, Inc., Series C (Acquired 11/18/20, Cost $134,849) (a) (d) (e) (f)		11,083		226,033
Gusto, Inc., Series B (Acquired 8/18/20, Cost $20,633) (a) (d) (e) (f)		3,644		110,761

The accompanying notes are an integral part of the financial statements.

88

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

	Number of Shares		Value
Gusto, Inc., Series B-2 (Acquired 8/18/20, Cost $11,553) (a) (d) (e) (f)		6,804	$	206,810
Gusto, Inc., Series C (Acquired 7/16/18, Cost $84,209) (a) (d) (e) (f)		11,076		336,659
Gusto, Inc., Series D (Acquired 7/16/19, Cost $187,638) (a) (d) (e) (f)		14,095		428,422
JetClosing, Inc., Series A (Acquired 5/25/18, Cost $22,781) (a) (d) (e) (f)		11,678		7,707
JetClosing, Inc., Series B-1 (Acquired 7/13/20-2/25/21, Cost $36,276) (a) (d) (e) (f)		27,130		16,007
JetClosing, Inc., Series B-2 (Acquired 2/06/20, Cost $5,769) (a) (d) (e) (f)		5,185		3,059
KoBold Metals, Inc., Series B-1 (Acquired 10/01/22, Cost $244,807) (a) (d) (e) (f)		8,931		244,807
Seismic Software, Inc., Series E (Acquired 12/23/19 - 7/10/20, Cost $1,280,667}) (a) (d) (e) (f)		18,715		233,376
Seismic Software, Inc., Series F Acquired 12/23/19 - 1/19/21, Cost $9,376,340 (a) (d) (e) (f)		2,115		26,374
ServiceTitan, Inc., Series A-1 (Acquired 11/09/18, Cost $263) (a) (d) (e) (f)		10		984
ServiceTitan, Inc., Series D (Acquired 11/09/18, Cost $124,743) (a) (d) (e) (f)		4,744		466,904
ServiceTitan, Inc., Series E (Acquired 4/23/20, Cost $7,435) (a) (d) (e) (f)		220		21,652
ServiceTitan, Inc., Series F (Acquired 3/25/21, Cost $25,650) (a) (d) (e) (f)		239		23,522
Socure, Inc., Series A (Acquired 12/22/21, Cost $75,555) (a) (d) (e) (f)		4,702		75,555
Socure, Inc., Series A-1 (Acquired 12/22/21, Cost $62,025) (a) (d) (e) (f)		3,860		62,025
Socure, Inc., Series B (Acquired 12/22/21, Cost $1,109) (a) (d) (e) (f)		69		1,109
Socure, Inc., Series E (Acquired 10/27/21, Cost $143,750) (a) (d) (e) (f)		8,946		143,750
Themis Solutions, Inc., Series AA (Acquired 4/14/21, Cost $24,473) (a) (d) (e) (f)		1,090		26,280

	Number of Shares		Value
Themis Solutions, Inc., Series AB (Acquired 4/14/21, Cost $2,694) (a) (d) (e) (f)		120	$	2,893
Themis Solutions, Inc., Series B (Acquired 4/14/21, Cost $2,694) (a) (d) (e) (f)		120		2,893
Themis Solutions, Inc., Series E (Acquired 4/14/21, Cost $309,164) (a) (d) (e) (f)		13,770		331,995
				4,932,965
				5,196,525
TOTAL PREFERRED STOCK (Cost $11,853,373)				18,282,304
TOTAL EQUITIES (Cost $694,000,605)				858,550,003
	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Oil & Gas Services — 0.0%
Weatherford International Ltd.
11.000% 12/01/24 (c)	$	73,000		75,555
TOTAL CORPORATE DEBT (Cost $52,943)				75,555
TOTAL BONDS & NOTES (Cost $52,943)				75,555
	Number of Shares
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Pharmaceuticals — 0.0%
Progenic Pharmaceuticals, Inc., CVR (a) (d) (e)		25,104		21,213
TOTAL RIGHTS (Cost $0)				21,213
WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Commercial Services — 0.0%
Advantage Solutions, Inc., Expires 10/28/25 (a)		7,777		7,310
Pharmaceuticals — 0.0%
EQRx, Inc. (a)		1,166		945
				8,255

The accompanying notes are an integral part of the financial statements.

89

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

	Number of Shares		Value
Financial — 0.0%
Banks — 0.0%
Dogwood State Bank (Acquired 5/06/19, Cost $0) (a) (d) (e) (f)		800	$	3,856
Diversified Financial Services — 0.0%
Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (d) (e) (f)		1,432		1,031
Insurance — 0.0%
Hagerty Group, LLC. (Acquired 8/18/21, Cost $4,451) (a) (e) (f)		3,040		8,482
				13,369
TOTAL WARRANTS (Cost $16,761)				21,624
MUTUAL FUNDS — 1.2%
Diversified Financial Services — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		10,450,388		10,450,388
TOTAL MUTUAL FUNDS (Cost $10,450,388)				10,450,388
TOTAL LONG-TERM INVESTMENTS (Cost $704,520,697)				869,118,783
SHORT-TERM INVESTMENTS — 3.1%
Mutual Fund — 3.0%
T. Rowe Price Government Reserve Investment Fund		26,369,613		26,369,613
	Principal Amount
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (h)	$	1,002,732		1,002,732
TOTAL SHORT-TERM INVESTMENTS (Cost $27,372,345)				27,372,345
TOTAL INVESTMENTS — 101.0% (Cost $731,893,042) (i)				896,491,128
Other Assets/(Liabilities) — (1.0)%				(8,839,333	)
NET ASSETS — 100.0%			$	887,651,795

Abbreviation Legend

ADR American Depositary Receipt

GDR Global 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 March 31, 2022, was $17,255,128 or 1.94% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $7,325,125 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $182,033 or 0.02% of net assets.

(d) Investment was valued using significant unobservable inputs.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2022, these securities amounted to a value of $24,187,824 or 2.72% of net assets.

(f) Restricted security. Certain securities are restricted as to resale. At March 31, 2022, these securities amounted to a value of $24,423,149 or 2.75% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $1,002,732. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 4/15/24, and an aggregate market value, including accrued interest, of $1,022,794.

(i) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

90

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

March 31, 2022 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 99.2%
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (a) — 2.5%
Collateralized Mortgage Obligations — 0.8%
Government National Mortgage Association
Series 2016-121, Class JF, 1 mo. USD LIBOR + .400% 0.849% FRN 9/20/46	$	207,667	$	208,651
Series 2019-78, Class FB, 1 mo. USD LIBOR + .400% 0.849% FRN 6/20/49		114,787		114,953
Series 2019-112, Class GF, 1 mo. USD LIBOR + .430% 0.879% FRN 9/20/49		105,800		105,951
Series 2019-103, Class CF, 1 mo. USD LIBOR + .450% 0.899% FRN 8/20/49		208,791		209,550
Series 2019-111, Class FB, 1 mo. USD LIBOR + .450% 0.899% FRN 9/20/49		81,303		81,808
Series 2019-125, Class DF, 1 mo. USD LIBOR + .450% 0.899% FRN 10/20/49		170,160		170,866
Series 2020-7, Class KE, 2.500% 1/20/50		201,046		193,995
				1,085,774
Pass-Through Securities — 1.7%
Government National Mortgage Association II
Pool #MA7534 2.500% 8/20/51 (b)		100,296		97,509
Pool #MA7767 2.500% 12/20/51		562,761		546,904
Pool #MA4484 3.000% 6/20/32		162,663		164,297
Pool #MA6381 3.000% 1/20/35		82,494		83,452
Pool #MA6630 3.000% 5/20/35		36,806		37,233
Pool #MA6209 3.000% 10/20/49		20,557		20,107
Pool #MA6399 3.000% 1/20/50		45,955		44,951
Pool #MA6464 3.000% 2/20/50		110,509		108,093
Pool #MA6531 3.000% 3/20/50		68,013		66,527
Pool #MA7650 3.000% 10/20/51		221,005		218,937
Pool #BQ0937 3.500% 9/20/49		77,485		78,718
Pool #BQ7205 3.500% 10/20/49		42,447		43,302
Pool #BS3713 3.500% 1/20/50		146,517		148,847
Pool #BS3771 3.500% 2/20/50		107,969		109,466
Pool #MA4588 4.500% 7/20/47		134,167		141,364
Pool #MA4781 5.000% 10/20/47		58,746		62,570
Pool #MA4840 5.000% 11/20/47		48,264		51,406
Pool #MA5653 5.000% 12/20/48		153,394		159,831
Pool #MA5820 5.500% 3/20/49		20,570		21,713

	Principal Amount		Value
Government National Mortgage Association II TBA (b) 2.500% 4/21/52	$	185,000	$	179,522
				2,384,749
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $3,572,667)				3,470,523
U.S. TREASURY OBLIGATIONS — 96.7%
U.S. Treasury Bonds & Notes — 96.7%
U.S. Treasury Bond
1.125% 5/15/40		3,490,000		2,753,036
1.125% 8/15/40		6,270,000		4,921,953
1.250% 5/15/50		3,770,000		2,819,253
1.375% 11/15/40		6,110,000		5,004,947
1.375% 8/15/50		7,400,000		5,709,949
1.625% 11/15/50		3,580,000		2,941,207
1.750% 8/15/41		6,940,000		6,023,390
1.875% 2/15/41		7,480,000		6,668,429
1.875% 2/15/51		6,875,000		6,012,264
1.875% 11/15/51		6,760,000		5,928,885
2.000% 11/15/41		7,760,000		7,032,412
2.000% 2/15/50		4,050,000		3,651,386
2.000% 8/15/51		3,700,000		3,337,695
2.250% 5/15/41		7,690,000		7,271,732
2.250% 8/15/46		2,505,000		2,347,491
2.250% 8/15/49		2,550,000		2,427,164
2.250% 2/15/52		9,910,000		9,498,121
2.375% 2/15/42		16,485,000		15,910,597
2.375% 11/15/49		2,220,000		2,173,597
2.375% 5/15/51		2,440,000		2,393,634
2.500% 2/15/46		1,700,000		1,667,768
2.500% 5/15/46		3,925,000		3,852,865
2.875% 11/15/46		1,700,000		1,791,349
2.875% 5/15/49		2,480,000		2,668,992
3.000% 11/15/45		850,000		908,317
3.000% 2/15/47		1,560,000		1,682,179
3.000% 5/15/47		1,200,000		1,296,700
3.000% 8/15/48		2,330,000		2,545,937
3.000% 2/15/49		2,480,000		2,728,783
3.125% 5/15/48 (c)		4,125,000		4,609,532
3.375% 11/15/48		2,330,000		2,731,210

The accompanying notes are an integral part of the financial statements.

91

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

	Principal Amount		Value
U.S. Treasury Note
1.875% 2/15/32	$	3,625,000	$	3,480,565
TOTAL U.S. TREASURY OBLIGATIONS (Cost $147,823,584)				134,791,339
TOTAL BONDS & NOTES (Cost $151,396,251)				138,261,862
TOTAL LONG-TERM INVESTMENTS (Cost $151,396,251)				138,261,862
	Number of Shares
SHORT-TERM INVESTMENTS — 0.3%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		64		64

	Principal Amount		Value
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/22, 0.000%, due 4/01/22 (d)	$	381,930	$	381,930
TOTAL SHORT-TERM INVESTMENTS (Cost $381,994)				381,994
TOTAL INVESTMENTS — 99.5% (Cost $151,778,245) (e)				138,643,856
Other Assets/(Liabilities) — 0.5%				665,253
NET ASSETS — 100.0%			$	139,309,109

Abbreviation Legend

FRN Floating Rate Note

TBA To Be Announced

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

(b) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(c) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(d) Maturity value of $381,930. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 9/15/24, and an aggregate market value, including accrued interest, of $389,648.

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Long Bond		6/21/22		26	$	4,019,440		$	(117,815	)
U.S. Treasury Ultra 10 Year		6/21/22		13		1,767,670			(6,576	)
								$	(124,391	)
Short
U.S. Treasury Note 2 Year		6/30/22		62	$	(13,223,987	)	$	84,831
U.S. Treasury Note 5 Year		6/30/22		68		(7,929,837	)		131,087
								$	215,918

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

92

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MM Equity Asset Fund and MassMutual Select T. Rowe Price Funds – Financial Statements

Statements of Assets and LiabilitiesMarch 31, 2022 (Unaudited)

	MM Equity Asset Fund		MassMutual Select T. Rowe Price Bond Asset Fund
Assets:
Investments, at value (Note 2) (a)	$	396,201,630	$	688,517,312
Repurchase agreements, at value (Note 2) (b)		11,252,871		1,455,680
Other short-term investments, at value (Note 2) (c)		—		86,624,485
Total investments (d)		407,454,501		776,597,477
Cash		—		74,592
Foreign currency, at value (e)		—		427,052
Receivables from:
Investments sold
Regular delivery		279,235		1,065,547
Delayed delivery		—		6,854,663
Collateral pledged for futures contracts (Note 2)		622,000		—
Open forward contracts (Note 2)		—		6,007,044
Fund shares sold		16,097		118,609
Closed swap agreements, at value		—		—
Investment adviser (Note 3)		—		44,812
Variation margin on open derivative instruments (Note 2)		—		1,982,405
Interest and dividends		388,639		2,910,278
Interest tax reclaim		—		33,692
Foreign taxes withheld		306,662		—
Open swap agreements, at value (Note 2)		—		43,893
Total assets		409,067,134		796,160,064
Liabilities:
Payables for:
Investments purchased
Regular delivery		309,406		705,711
Delayed delivery		—		51,377,441
Collateral held for open swap agreements (Note 2)		—		1,862,690
Open forward contracts (Note 2)		—		1,387,879
Interest and dividends		—		1,289
Fund shares repurchased		7,795,268		36,214
Collateral held for securities on loan (Note 2) (f)		1,512		17,061,268
Open swap agreements, at value (Note 2)		—		21,030
Trustees’ fees and expenses (Note 3)		33,725		19,512
Variation margin on open derivative instruments (Note 2)		165,306		—
Affiliates (Note 3):
Administration fees		6,457		59,562
Investment advisory fees		58,911		—
Due to custodian		—		—
Accrued expense and other liabilities		89,555		185,324
Total liabilities		8,460,140		72,717,920
Net assets	$	400,606,994	$	723,442,144
Net assets consist of:
Paid-in capital	$	265,038,159	$	764,053,519
Accumulated Gain (Loss)		135,568,835		(40,611,375	)
Net assets	$	400,606,994	$	723,442,144

(a)	Cost of investments:	$	279,607,431	$	723,652,294
(b)	Cost of repurchase agreements:	$	11,252,871	$	1,455,680
(c)	Cost of other short-term investments:	$	—	$	86,624,419
(d)	Securities on loan with market value of:	$	80,670	$	19,531,118
(e)	Cost of foreign currency:	$	—	$	430,482
(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

94

MassMutual Select T. Rowe Price Emerging Markets Bond Fund			MassMutual Select T. Rowe Price Large Cap Blend Fund		MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		MassMutual Select T. Rowe Price Real Assets Fund		MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund		MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund
$	94,167,094		$	2,358,362,955	$	316,388,470	$	199,184,498	$	869,118,783	$	138,261,862
	1,072,657			—		1,022,591		436,809		1,002,732		381,930
	673,264			20,619,998		154,487		1,188,812		26,369,613		64
	95,913,015			2,378,982,953		317,565,548		200,810,119		896,491,128		138,643,856
	27,200			998,675		1,649		—		—		—
	555			95,230		553		81,521		15,497		—
	1,133,843			13,673,781		1,131,284		4,069,177		1,930,354		—
	—			—		—		—		—		99,741
	—			—		—		—		—		—
	68,230			—		87,002		109,981		—		—
	15,276			796,504		55,492		52,697		281,309		6,799,518
	—			—		100,445		—		—		—
	14,598			37,122		14,708		18,745		26,915		9,879
	—			—		—		—		—		1,803
	1,261,614			1,769,593		294,450		840,239		679,558		709,748
	—			—		—		—		—		—
	—			54,160		—		26,984		50,915		—
	—			—		4,280,938		—		—		—
	98,434,331			2,396,408,018		323,532,069		206,009,463		899,475,676		146,264,545
	947,260			8,267,629		1,295,383		2,994,527		1,135,326		5,834,364
	—			—		—		—		—		278,561
	—			—		3,767,410		—		—		—
	5,687			—		138,432		10,116		—		—
	—			—		—		—		—		—
	6,533			29,857		26,392		2,143		11,448		778,863
	3,620,535			489,190		13,565,767		4,705,632		10,450,388		—
	—			—		—		—		—		—
	2,897			42,088		5,385		2,756		19,721		3,498
	9,544			—		49,022		33,976		—		—
	15,017			23,426		11,613		9,958		11,812		7,182
	—			—		—		—		—		—
	—			—		—		179,982		22,070		—
	67,445			160,547		55,255		76,937		173,116		52,968
	4,674,918			9,012,737		18,914,659		8,016,027		11,823,881		6,955,436
$	93,759,413		$	2,387,395,281	$	304,617,410	$	197,993,436	$	887,651,795	$	139,309,109
$	109,896,336		$	1,908,198,567	$	301,996,992	$	157,930,855	$	705,924,672	$	159,974,895
	(16,136,923	)		479,196,714		2,620,418		40,062,581		181,727,123		(20,665,786	)
$	93,759,413		$	2,387,395,281	$	304,617,410	$	197,993,436	$	887,651,795	$	139,309,109

$	106,180,210	$	2,053,179,013	$	317,069,010	$	165,019,738	$	704,520,697	$	151,396,251
$	1,072,657	$	—	$	1,022,591	$	436,809	$	1,002,732	$	381,930
$	673,344	$	20,619,998	$	154,487	$	1,189,162	$	26,369,613	$	64
$	3,706,026	$	3,806,629	$	13,288,153	$	9,384,969	$	17,255,128	$	—
$	552	$	95,484	$	563	$	81,682	$	15,508	$	—

The accompanying notes are an integral part of the financial statements.

95

MM Equity Asset Fund and MassMutual Select T. Rowe Price Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
March 31, 2022 (Unaudited)

	MM Equity Asset Fund		MassMutual Select T. Rowe Price Bond Asset Fund
Class I shares:
Net assets	$	400,606,994	$	723,442,144
Shares outstanding (a)		45,810,427		75,368,933
Net asset value, offering price and redemption price per share	$	8.74	$	9.60

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

96

MassMutual Select T. Rowe Price Emerging Markets Bond Fund		MassMutual Select T. Rowe Price Large Cap Blend Fund		MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		MassMutual Select T. Rowe Price Real Assets Fund		MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund		MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund
$	93,759,413	$	2,387,395,281	$	304,617,410	$	197,993,436	$	887,651,795	$	139,309,109
	11,324,291		166,434,386		29,197,799		14,678,831		65,567,256		20,099,061
$	8.28	$	14.34	$	10.43	$	13.49	$	13.54	$	6.93

The accompanying notes are an integral part of the financial statements.

97

MM Equity Asset Fund and MassMutual Select T. Rowe Price Funds – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)

	MM Equity Asset Fund			MassMutual Select T. Rowe Price Bond Asset Fund
Investment income (Note 2):
Dividends (a)	$	2,687,220		$	19,266
Interest (b)		—			5,170,606
Securities lending net income		168			5,061
Total investment income		2,687,388			5,194,933
Expenses (Note 3):
Investment advisory fees		362,133			—
Custody fees		23,232			131,000
Audit fees		25,572			33,680
Legal fees		4,362			8,168
Proxy fees		527			527
Accounting & Administration fees		5,540			61,204
Shareholder reporting fees		32,364			16,266
Trustees’ fees		8,006			13,893
Registration and filing fees		1			2
Transfer agent fees		1,469			1,469
Total expenses		463,206			266,209
Expenses waived (Note 3):
Class I fees reimbursed by adviser		—			(266,209	)
Net expenses:		463,206			—
Net investment income (loss)		2,224,182			5,194,933
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		23,653,057			(5,658,384	)
Futures contracts		(100,412	)		(2,976,359	)
Written options		—			25,630
Swap agreements		—			485,269
Foreign currency transactions		159			(56,137	)
Forward contracts		—			5,148,748
Net realized gain (loss)		23,552,804			(3,031,233	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		3,194,471			(41,382,145	)*
Futures contracts		269,100			(561,399	)
Written options		—			(16,420	)
Swap agreements		—			27,294
Translation of assets and liabilities in foreign currencies		(6,596	)		6,508
Forward contracts		—			1,819,976
Net change in unrealized appreciation (depreciation)		3,456,975			(40,106,186	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		27,009,779			(43,137,419	)
Net increase (decrease) in net assets resulting from operations	$	29,233,961		$	(37,942,486	)

(a)	Net of foreign withholding tax of:	$	3,470	$	—
(b)	Net of foreign withholding tax of:	$	—	$	6,845
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	13,801

The accompanying notes are an integral part of the financial statements.

98

MassMutual Select T. Rowe Price Emerging Markets Bond Fund			MassMutual Select T. Rowe Price Large Cap Blend Fund			MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund			MassMutual Select T. Rowe Price Real Assets Fund			MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund			MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund
$	—		$	12,091,443		$	—		$	2,482,475		$	4,775,213		$	—
	2,640,873			6,512			5,326,031			958			18,031			1,115,458
	2,072			13,525			2,434			16,295			81,578			1,130
	2,642,945			12,111,480			5,328,465			2,499,728			4,874,822			1,116,588
	—			—			—			—			—			—
	28,389			96,137			26,004			52,338			107,530			17,542
	32,540			24,548			26,338			26,391			23,389			26,272
	1,098			23,048			2,634			2,933			9,448			989
	527			527			527			527			527			527
	15,728			20,729			12,690			10,679			11,230			7,944
	9,975			21,288			9,406			7,115			13,947			9,636
	1,901			39,255			4,502			2,662			15,941			1,839
	—			—			—			—			—			—
	1,469			1,469			1,470			1,469			1,471			1,469
	91,627			227,001			83,571			104,114			183,483			66,218
	(91,627	)		(227,001	)		(83,571	)		(104,114	)		(183,483	)		(66,218	)
	—			—			—			—			—			—
	2,642,945			12,111,480			5,328,465			2,499,728			4,874,822			1,116,588
	(3,224,272	)		204,474,763			(616,174	)		4,673,193			28,757,057			(149,068	)
	(151,613	)		—			(15,825	)		1,370,188			—			(387,367	)
	—			—			(65,743	)		—			—			(23,247	)
	(43,385	)		—			473,343			—			—			—
	(6,305	)		2,352			(22	)		12,947			(1,269	)		—
	52,860			—			(28,951	)		(93,449	)		—			—
	(3,372,715	)		204,477,115			(253,372	)		5,962,879			28,755,788			(559,682	)
	(9,975,802	)		(253,329,491	)		(4,508,487	)		15,663,109			(66,131,791	)		(10,365,494	)
	289,165			—			(363,075	)		(512,896	)		—			78,206
	—			—			—			—			—			(238	)
	13,782			—			2,099,742			—			—			—
	477			(961	)		(5	)		19,694			(255	)		—
	37,310			—			(34,108	)		99,865			—			—
	(9,635,068	)		(253,330,452	)		(2,805,933	)		15,269,772			(66,132,046	)		(10,287,526	)
	(13,007,783	)		(48,853,337	)		(3,059,305	)		21,232,651			(37,376,258	)		(10,847,208	)
$	(10,364,838	)	$	(36,741,857	)	$	2,269,160		$	23,732,379		$	(32,501,436	)	$	(9,730,620	)

$	—	$	49,346	$	—	$	72,064	$	50,756	$	—
$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of the financial statements.

99

MM Equity Asset Fund and MassMutual Select T. Rowe Price Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MM Equity Asset Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	2,224,182		$	5,254,652
Net realized gain (loss)		23,552,804			77,516,537
Net change in unrealized appreciation (depreciation)		3,456,975			37,925,439
Net increase (decrease) in net assets resulting from operations		29,233,961			120,696,628
Distributions to shareholders (Note 2):
Class I		(81,089,970	)		(54,878,368	)
Total distributions		(81,089,970	)		(54,878,368	)
Net fund share transactions (Note 5):
Class I		54,653,212			(91,092,057	)
Increase (decrease) in net assets from fund share transactions		54,653,212			(91,092,057	)
Total increase (decrease) in net assets		2,797,203			(25,273,797	)
Net assets
Beginning of period		397,809,791			423,083,588
End of period	$	400,606,994		$	397,809,791

The accompanying notes are an integral part of the financial statements.

100

MassMutual Select T. Rowe Price Bond Asset Fund						MassMutual Select T. Rowe Price Emerging Markets Bond Fund						MassMutual Select T. Rowe Price Large Cap Blend Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	5,194,933		$	14,975,352		$	2,642,945		$	5,802,001		$	12,111,480		$	21,242,490
	(3,031,233	)		8,477,749			(3,372,715	)		2,344,031			204,477,115			373,384,641
	(40,106,186	)		(14,093,209	)		(9,635,068	)		792,592			(253,330,452	)		229,911,478
	(37,942,486	)		9,359,892			(10,364,838	)		8,938,624			(36,741,857	)		624,538,609
	(25,803,449	)		(25,814,917	)		(5,878,302	)		(6,332,004	)		(407,155,724	)		(15,903,325	)
	(25,803,449	)		(25,814,917	)		(5,878,302	)		(6,332,004	)		(407,155,724	)		(15,903,325	)
	(26,922,633	)		79,650,846			2,825,416			(5,408,000	)		521,666,955			(71,726,009	)
	(26,922,633	)		79,650,846			2,825,416			(5,408,000	)		521,666,955			(71,726,009	)
	(90,668,568	)		63,195,821			(13,417,724	)		(2,801,380	)		77,769,374			536,909,275
	814,110,712			750,914,891			107,177,137			109,978,517			2,309,625,907			1,772,716,632
$	723,442,144		$	814,110,712		$	93,759,413		$	107,177,137		$	2,387,395,281		$	2,309,625,907

The accompanying notes are an integral part of the financial statements.

101

MM Equity Asset Fund and MassMutual Select T. Rowe Price Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	5,328,465		$	9,637,353
Net realized gain (loss)		(253,372	)		4,801,312
Net change in unrealized appreciation (depreciation)		(2,805,933	)		1,851,147
Net increase (decrease) in net assets resulting from operations		2,269,160			16,289,812
Distributions to shareholders (Note 2):
Class I		(18,493,933	)		(6,011,297	)
Total distributions		(18,493,933	)		(6,011,297	)
Net fund share transactions (Note 5):
Class I		47,982,122			76,140,858
Increase (decrease) in net assets from fund share transactions		47,982,122			76,140,858
Total increase (decrease) in net assets		31,757,349			86,419,373
Net assets
Beginning of period		272,860,061			186,440,688
End of period	$	304,617,410		$	272,860,061

The accompanying notes are an integral part of the financial statements.

102

MassMutual Select T. Rowe Price Real Assets Fund						MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund						MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
$	2,499,728		$	4,380,467		$	4,874,822		$	8,851,693		$	1,116,588		$	1,650,103
	5,962,879			13,887,744			28,755,788			111,677,372			(559,682	)		(1,861,894	)
	15,269,772			17,574,384			(66,132,046	)		159,208,298			(10,287,526	)		(9,138,987	)
	23,732,379			35,842,595			(32,501,436	)		279,737,363			(9,730,620	)		(9,350,778	)
	(14,576,042	)		(2,480,008	)		(120,935,066	)		(46,818,583	)		(1,934,574	)		(33,769,639	)
	(14,576,042	)		(2,480,008	)		(120,935,066	)		(46,818,583	)		(1,934,574	)		(33,769,639	)
	26,470,497			29,418,630			130,214,718			(69,363,053	)		41,723,422			84,963,305
	26,470,497			29,418,630			130,214,718			(69,363,053	)		41,723,422			84,963,305
	35,626,834			62,781,217			(23,221,784	)		163,555,727			30,058,228			41,842,888
	162,366,602			99,585,385			910,873,579			747,317,852			109,250,881			67,407,993
$	197,993,436		$	162,366,602		$	887,651,795		$	910,873,579		$	139,309,109		$	109,250,881

The accompanying notes are an integral part of the financial statements.

103

MM Equity Asset Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.12	$ 0.05	$ 0.74	$ 0.79	$ (0.13)	$ (2.04)	$ (2.17)	$ 8.74	7.18%b	$ 400,607	0.23%a	N/A	1.11%a
9/30/21	8.79	0.11	2.38	2.49	(0.14)	(1.02)	(1.16)	10.12	30.90%	397,810	0.22%	N/A	1.20%
9/30/20	7.90	0.12	1.25	1.37	(0.11)	(0.37)	(0.48)	8.79	17.91%	423,084	0.24%	N/A	1.48%
9/30/19	12.36	0.12	(0.49)aa	(0.37)	(0.50)	(3.59)	(4.09)	7.90	3.10%	489,569	0.24%	0.21%	1.48%
9/30/18	11.85	0.24	0.99	1.23	(0.26)	(0.46)	(0.72)	12.36	10.73%	497,747	0.26%	0.25%	1.99%
9/30/17	10.17	0.24	1.50	1.74	(0.06)	(0.00)d	(0.06)	11.85	17.18%	1,088,316	0.28%	0.25%	2.18%

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	15%	29%	60%	49%	37%	31%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

104

MassMutual Select T. Rowe Price Bond Asset Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 10.43	$ 0.07	$ (0.56)	$ (0.49)	$ (0.31)	$ (0.03)	$ (0.34)	$ 9.60	(4.88%)b	$ 723,442	0.07%a	0.00%a	1.34%a
9/30/21	10.65	0.20	(0.07)	0.13	(0.16)	(0.19)	(0.35)	10.43	1.26%	814,111	0.07%	0.00%	1.89%
9/30/20	10.59	0.24	0.18	0.42	(0.31)	(0.05)	(0.36)	10.65	4.15%	750,915	0.45%	0.33%	2.32%
9/30/19	9.94	0.29	0.69	0.98	(0.33)	—	(0.33)	10.59	10.21%	670,362	0.56%	0.40%	2.90%
9/30/18g	10.00	0.18	(0.24)	(0.06)	—	—	—	9.94	(0.60%)b	512,086	0.51%a	0.43%a	2.78%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	160%	255%	157%	287%	170%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

105

MassMutual Select T. Rowe Price Emerging Markets Bond Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 9.73	$ 0.24	$ (1.15)	$ (0.91)	$ (0.54)	$ —	$ (0.54)	$ 8.28	(9.84%)b	$ 93,759	0.18%a	0.00%a	5.23%a
9/30/21	9.50	0.51	0.31	0.82	(0.59)	—	(0.59)	9.73	8.74%	107,177	0.17%	0.00%	5.29%
9/30/20	9.91	0.50	(0.41)	0.09	(0.50)	—	(0.50)	9.50	0.88%	109,979	0.76%	0.58%	5.29%
9/30/19	9.64	0.53	0.06	0.59	(0.32)	—	(0.32)	9.91	6.35%	110,630	0.92%	0.70%	5.45%
9/30/18g	10.00	0.33	(0.69)	(0.36)	—	—	—	9.64	(3.60%)b	75,004	1.01%a	0.70%a	5.30%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	18%	49%	56%	39%	37%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

106

MassMutual Select T. Rowe Price Large Cap Blend Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 17.43	$ 0.08	$ (0.17)	$ (0.09)	$ (0.15)	$ (2.85)	$ (3.00)	$ 14.34	(1.62%)b	$ 2,387,395	0.02%a	0.00%a	1.02%a
9/30/21	13.00	0.16	4.39	4.55	(0.12)	—	(0.12)	17.43	35.17%	2,309,626	0.02%	0.00%	0.97%
9/30/20	11.36	0.11	1.65	1.76	(0.12)	—	(0.12)	13.00	15.60%	1,772,717	0.51%	0.44%	0.91%
9/30/19	10.87	0.12	0.45	0.57	(0.08)	—	(0.08)	11.36	5.39%	1,280,663	0.65%	0.56%	1.09%
9/30/18g	10.00	0.07	0.80	0.87	—	—	—	10.87	8.70%b	923,050	0.64%a	0.58%a	1.11%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	60%	65%	90%	67%	64%q

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Portfolio turnover excludes securities received from subscriptions in-kind. Securities received from subscriptions in-kind had no impact on portfolio turnover

r Unaudited.

The accompanying notes are an integral part of the financial statements.

107

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 11.02	$ 0.20	$ (0.12)	$ 0.08	$ (0.53)	$ (0.14)	$ (0.67)	$ 10.43	0.78%b	$ 304,617	0.06%a	0.00%a	3.74%a
9/30/21	10.64	0.42	0.30	0.72	(0.19)	(0.15)	(0.34)	11.02	6.96%	272,860	0.07%	0.00%	3.93%
9/30/20	10.27	0.15	0.41	0.56	(0.19)	(0.00)d	(0.19)	10.64	5.58%	186,441	0.37%	0.13%	1.48%
9/30/19	10.09	0.25	0.14	0.39	(0.21)	—	(0.21)	10.27	3.95%	199,074	0.44%	0.16%	2.50%
9/30/18g	10.00	0.22	(0.13)	0.09	—	—	—	10.09	0.90%b	116,512	0.46%a	0.30%a	3.36%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	78%	193%	156%	135%	66%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

108

MassMutual Select T. Rowe Price Real Assets Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 12.85	$ 0.19	$ 1.59	$ 1.78	$ (0.36)	$ (0.78)	$ (1.14)	$ 13.49	14.50%b	$ 197,993	0.12%a	0.00%a	2.83%a
9/30/21	9.83	0.37	2.89	3.26	(0.24)	—	(0.24)	12.85	33.66%	162,367	0.13%	0.00%	3.04%
9/30/20	10.49	0.23	(0.60)	(0.37)	(0.29)	—	(0.29)	9.83	(3.77%)	99,585	0.69%	0.50%	2.33%
9/30/19	10.56	0.27	(0.16)	0.11	(0.18)	—	(0.18)	10.49	1.26%	82,224	0.86%	0.61%	2.60%
9/30/18g	10.00	0.19	0.37	0.56	—	—	—	10.56	5.60%b	61,160	1.00%a	0.61%a	2.86%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	16%	57%	32%	40%	13%q

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Portfolio turnover excludes securities received from subscriptions in-kind. Securities received from subscriptions in-kind had no impact on portfolio turnover.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

109

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 16.20	$ 0.08	$ (0.59)	$ (0.51)	$ (0.16)	$ (1.99)	$ (2.15)	$ 13.54	(3.63%)b	$ 887,652	0.04%a	0.00%a	1.08%a
9/30/21	12.41	0.15	4.43	4.58	(0.10)	(0.69)	(0.79)	16.20	37.99%	910,874	0.04%	0.00%	0.97%
9/30/20	11.44	0.07	1.18	1.25	(0.07)	(0.21)	(0.28)	12.41	10.97%	747,318	0.61%	0.53%	0.58%
9/30/19	11.47	0.07	0.09	0.16	(0.04)	(0.15)	(0.19)	11.44	1.72%	632,662	0.76%	0.65%	0.59%
9/30/18g	10.00	0.03	1.44	1.47	—	—	—	11.47	14.70%b	473,030	0.75%a	0.65%a	0.40%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	14%	28%	41%	33%	22%q

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Portfolio turnover excludes securities received from subscriptions in-kind. Securities received from subscriptions in-kind had no impact onportfolio turnover.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

110

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnl,m	Net assets, end of the period (000)’s	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class I
3/31/22r	$ 7.62	$ 0.08	$ (0.64)	$ (0.56)	$ (0.13)	$ —	$ (0.13)	$ 6.93	(7.48%)b	$ 139,309	0.11%a	0.00%a	2.03%a
9/30/21	13.07	0.14	(1.17)	(1.03)	(0.16)	(4.26)	(4.42)	7.62	(10.55%)	109,251	0.15%	0.00%	1.69%
9/30/20	12.25	0.25	1.45	1.70	(0.31)	(0.57)	(0.88)	13.07	15.26%	67,408	0.42%	0.13%	2.07%
9/30/19	10.03	0.30	2.12	2.42	(0.20)	—	(0.20)	12.25	24.53%	153,801	0.43%	0.16%	2.74%
9/30/18g	10.00	0.18	(0.15)	0.03	—	—	—	10.03	0.30%b	113,795	0.46%a	0.30%a	2.72%a

		Year ended September 30
	Six months ended March 31, 2022b,r	2021	2020	2019	Period ended September 30, 2018b
Portfolio turnover rate	70%	116%	206%	155%	37%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

g For the period February 9, 2018 (commencement of operations) through September 30, 2018.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

111

Notes to Financial Statements (Unaudited)

1. The Funds

MassMutual Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The following are eight series of the Trust (each individually referred to as a “Fund” or collectively as the “Funds”):

MM Equity Asset Fund (“Equity Asset Fund”)
MassMutual Select T. Rowe Price Bond Asset Fund (“MM Select T. Rowe Price Bond Asset Fund”)
MassMutual Select T. Rowe Price Emerging Markets Bond Fund (“MM Select T. Rowe Price Emerging Markets Bond Fund”)
MassMutual Select T. Rowe Price Large Cap Blend Fund (“MM Select T. Rowe Price Large Cap Blend Fund”)
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund (“MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund”)
MassMutual Select T. Rowe Price Real Assets Fund (“MM Select T. Rowe Price Real Assets Fund”)
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund (“MM Select T. Rowe Price Small and Mid Cap Blend Fund”)
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund (“MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund”)

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

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 and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which

112

Notes to Financial Statements (Unaudited) (Continued)

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.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or 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) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For 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, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

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

1 The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.]

113

Notes to Financial Statements (Unaudited) (Continued)

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

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing 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.

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

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

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

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

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

114

Notes to Financial Statements (Unaudited) (Continued)

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

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

The following is the aggregate value by input level, as of March 31, 2022, for the Funds’ investments:

	Level 1			Level 2			Level 3			Total
Equity Asset Fund
Asset Investments
Common Stock	$	396,183,472		$	12,803	*	$	—	+,**	$	396,196,275
Rights		—			—			3,843	**		3,843
Mutual Funds		1,512			—			—			1,512
Short-Term Investments		—			11,252,871			—			11,252,871
Total Investments	$	396,184,984		$	11,265,674		$	3,843		$	407,454,501
Asset Derivatives
Futures Contracts	$	64,552		$	—		$	—		$	64,552
MM Select T. Rowe Price Bond Asset Fund
Asset Investments
Preferred Stock	$	—		$	320,803		$	—		$	320,803
Bank Loans (Less Unfunded Loan Commitments)		—			20,146,667			—			20,146,667
Corporate Debt		—			199,909,319			—			199,909,319
Municipal Obligations		—			485,371			—			485,371
Non-U.S. Government Agency Obligations		—			76,152,927			420,000	**		76,572,927
Sovereign Debt Obligations		—			115,926,297			—			115,926,297
U.S. Government Agency Obligations and Instrumentalities		—			122,641,450			—			122,641,450
U.S. Treasury Obligations		—			135,431,112			—			135,431,112
Mutual Funds		17,061,268			—			—			17,061,268
Purchased Options		—			22,543			—			22,543
Short-Term Investments		81,647,085			6,433,080			—			88,080,165
Unfunded Loan Commitments***		—			(445	)		—			(445	)
Total Investments	$	98,708,353		$	677,469,124		$	420,000		$	776,597,477
Asset Derivatives
Forward Contracts	$	—		$	6,007,044		$	—		$	6,007,044
Futures Contracts		3,438,040			—			—			3,438,040
Swap Agreements		—			1,372,085			—			1,372,085
Total	$	3,438,040		$	7,379,129		$	—		$	10,817,169
Liability Derivatives
Forward Contracts	$	—		$	(1,387,879	)	$	—		$	(1,387,879	)
Futures Contracts		(4,636,804	)		—			—			(4,636,804	)
Swap Agreements		—			(738,841	)		—			(738,841	)
Total	$	(4,636,804	)	$	(2,126,720	)	$	—		$	(6,763,524	)

115

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
MM Select T. Rowe Price Emerging Markets Bond Fund
Asset Investments
Corporate Debt	$	—		$	31,214,207		$	—		$	31,214,207
Sovereign Debt Obligations		—			59,332,352			—			59,332,352
Mutual Funds		3,620,535			—			—			3,620,535
Short-Term Investments		503,412			1,242,509			—			1,745,921
Total Investments	$	4,123,947		$	91,789,068		$	—		$	95,913,015
Asset Derivatives
Forward Contracts	$	—		$	68,230		$	—		$	68,230
Futures Contracts		301,151			—			—			301,151
Total	$	301,151		$	68,230		$	—		$	369,381
Liability Derivatives
Forward Contracts	$	—		$	(5,687	)	$	—		$	(5,687	)
Futures Contracts		(99,621	)		—			—			(99,621	)
Total	$	(99,621	)	$	(5,687	)	$	—		$	(105,308	)
MM Select T. Rowe Price Large Cap Blend Fund
Asset Investments
Common Stock	$	2,272,588,414		$	65,309,487	*	$	6,554,466	**	$	2,344,452,367
Preferred Stock		1,290,344			—			12,131,054	**		13,421,398
Mutual Funds		489,190			—			—			489,190
Short-Term Investments		20,619,998			—			—			20,619,998
Total Investments	$	2,294,987,946		$	65,309,487		$	18,685,520		$	2,378,982,953
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Asset Investments
Corporate Debt	$	—		$	189,063		$	—		$	189,063
Municipal Obligations		—			884,788			—			884,788
Non-U.S. Government Agency Obligations		—			14,413,871			—			14,413,871
U.S. Government Agency Obligations and Instrumentalities		—			4,465,869			—			4,465,869
U.S. Treasury Obligations		—			282,869,112			—			282,869,112
Mutual Funds		13,565,767			—			—			13,565,767
Short-Term Investments		154,487			1,022,591			—			1,177,078
Total Investments	$	13,720,254		$	303,845,294		$	—		$	317,565,548
Asset Derivatives
Forward Contracts	$	—		$	87,002		$	—		$	87,002
Futures Contracts		147,945			—			—			147,945
Swap Agreements		—			4,280,938			—			4,280,938
Total	$	147,945		$	4,367,940		$	—		$	4,515,885
Liability Derivatives
Forward Contracts	$	—		$	(138,432	)	$	—		$	(138,432	)
Futures Contracts		(526,435	)		—			—			(526,435	)
Total	$	(526,435	)	$	(138,432	)	$	—		$	(664,867	)
MM Select T. Rowe Price Real Assets Fund
Asset Investments
Common Stock *
Australia	$	—		$	19,738,990		$	—		$	19,738,990
Austria		—			280,737			—			280,737
Bermuda		—			602,452			—			602,452

116

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
MM Select T. Rowe Price Real Assets Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Brazil	$	1,061,488		$	—		$	—		$	1,061,488
Canada		13,144,313			97,606			—			13,241,919
Cayman Islands		345,415			280,390			—			625,805
Chile		1,092,513			—			—			1,092,513
Denmark		—			773,928			—			773,928
Finland		—			2,266,718			—			2,266,718
France		629,352			4,372,889			—			5,002,241
Germany		—			996,880			—			996,880
Hong Kong		—			518,179			—			518,179
Ireland		1,291,775			—			—			1,291,775
Italy		—			260,885			—			260,885
Japan		—			4,444,514			—			4,444,514
Kazakhstan		—			483,844			—			483,844
Luxembourg		106,137			323,251			—			429,388
Mexico		1,318,024			—			—			1,318,024
Netherlands		—			920,782			—			920,782
Norway		—			2,643,912			—			2,643,912
Portugal		—			1,210,340			—			1,210,340
Russia		—			—			—	+,**		—
Singapore		—			1,101,443			—			1,101,443
South Africa		—			645,519			—			645,519
Spain		—			924,665			—			924,665
Sweden		—			11,090,259			—			11,090,259
Switzerland		—			262,248			—			262,248
United Kingdom		314,782			6,988,124			—			7,302,906
United States		105,881,203			—			—			105,881,203
Preferred Stock
United States		1,303,618			—			1,130,568	**		2,434,186
Mutual Funds		10,336,755			—			—			10,336,755
Short-Term Investments		100			1,625,521			—			1,625,621
Total Investments	$	136,825,475		$	62,854,076		$	1,130,568		$	200,810,119
Asset Derivatives
Futures Contracts	$	475,623		$	—		$	—		$	475,623
Forward Contracts		—			109,981			—			109,981
Total	$	475,623		$	109,981		$	—		$	585,604
Liability Derivatives
Futures Contracts	$	(931,304	)	$	—		$	—		$	(931,304	)
Forward Contracts		—			(10,116	)		—			(10,116	)
Total	$	(931,304	)	$	(10,116	)	$	—		$	(941,420	)
MM Select T. Rowe Price Small and Mid Cap Blend Fund
Asset Investments
Common Stock	$	810,616,046		$	27,600,442	*	$	2,051,211		$	840,267,699
Preferred Stock		—			657,282	*		17,625,022			18,282,304
Corporate Debt		—			75,555			—			75,555
Rights		—			—			21,213			21,213
Warrants		8,255			8,482			4,887			21,624
Mutual Funds		10,450,388			—			—			10,450,388
Short-Term Investments		26,369,613			1,002,732			—			27,372,345
Total Investments	$	847,444,302		$	29,344,493		$	19,702,333		$	896,491,128

117

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2		Level 3		Total
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Asset Investments
U.S. Government Agency Obligations and Instrumentalities	$	—		$	3,470,523	$	—	$	3,470,523
U.S. Treasury Obligations		—			134,791,339		—		134,791,339
Short-Term Investments		64			381,930		—		381,994
Total Investments	$	64		$	138,643,792	$	—	$	138,643,856
Asset Derivatives
Futures Contracts	$	215,918		$	—	$	—	$	215,918
Liability Derivatives
Futures Contracts	$	(124,391	)	$	—	$	—	$	(124,391	)

* 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.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at March 31, 2022 in relation to net assets were not significant.

*** Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+ Represents a security at $0 value as of March 31, 2022.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and collateral pledged for open futures contracts as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, collateral held for open swap agreements, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2022.

The Funds, with the exception of the MM Select T. Rowe Price Real Assets Fund and MM Select T. Rowe Price Small and Mid Cap Blend Fund, had no Level 3 transfers during the period ended March 31, 2022. The MM Select T. Rowe Price Small and Mid Cap Blend Fund had Level 3 transfers during the period ended March 31, 2022; however, none of the transfers individually or collectively had a material impact on the MM Select T. Rowe Price Small and Mid Cap Blend Fund.

The following table shows the Level 3 transfers for the MM Select T. Rowe Price Real Assets Fund for the period ended March 31, 2022.

	Transfers In *		Transfers Out *
	Level 3 - Significant Unobservable Inputs		Level 2 - Other Significant Observable Inputs
MM Select T. Rowe Price Real Assets Fund	$	2,457,770	$	(2,457,770	)

* Level 3 transfers occurred as inputs were less observable.

118

Notes to Financial Statements (Unaudited) (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs
	Investments in Securities
	Balance as of 9/30/21		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		(Sales)			Transfers into Level 3		Transfers (out) of Level 3			Balance as of 3/31/22		Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 3/31/22
MM Select T. Rowe Price Small and Mid Cap Blend Fund
Common Stock	$	2,687,443	$	—		—	$	(266,243	)	$	136,605	$	(306,430	)	$	22,412	$	(222,576	)	$	2,051,211	$	(158,202	)
Preferred Stock		20,626,567		—		126,696		(3,304,313	)		2,101,649		(1,925,577	)		—		—			17,625,022		1,152,432
Warrants		3,176		—		—		1,711			—		—			—		—			4,887		1,711
Rights		1,218		—		—		19,995			—		—			—		—			21,213		19,995
	$	23,318,404	$	—	$	126,696	$	(3,548,850	)	$	2,238,254	$	(2,232,007	)	$	22,412	$	(222,576	)	$	19,702,333	$	1,015,936

The MM Select T. Rowe Price Small and Mid Cap Blend Fund may fair value certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market for such investments, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed by members of the Valuation Committee utilizing available market information to determine if the carrying value of these investments should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the MM Select T. Rowe Price Small and Mid Cap Blend Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

The table excludes securities which were classified as level 3 based upon a broker quote.

Security Description	Fair Value			Valuation Technique(s)		Unobservable Input Description	Amount or Range/ Weighting of Unobservable Input			Impact to Valuation from an Increase in Input (a)
Select T. Rowe Price Small and Mid Cap Blend Fund
Common Stock - $2,051,211	$	2,051,211
			Market approach		Transaction price		$	6.55 - $28.7523			Increase
					EV/2021 Sales			3.6 - 18.2 / 12.5% - 50%			Increase
			Market comparable		EV/2022 Sales			6.8 - 16.8 / 10% -15%			Increase
					EV/2023 Sales			5.8 - 10.5 / 10% - 12.5%			Increase
					EV/2021 GP			7.1 - 24.5 / 12.5% - 50%			Increase
					EV/2022 GP			11.3 - 23.5 / 10% - 15%			Increase
					EV/2023 GP			9.5 - 14.3 / 10% - 12.5%			Increase
					Transaction price		$	4.00 / 40% - 80%			Increase
					EV/2023 EBITDA			10.5 / 50	%		Increase

119

Notes to Financial Statements (Unaudited) (Continued)

Security Description	Fair Value			Valuation Technique(s)		Unobservable Input Description	Amount or Range/ Weighting of Unobservable Input			Impact to Valuation from an Increase in Input (a)
Select T. Rowe Price Small and Mid Cap Blend Fund (Continued)
Common Stock - $2,051,211 (Continued)
					Proj EV/2025 EBITDA			12.5 / 50	%		Increase
					Price/2022 TBV			1.5 / 30	%		Increase
					Price/2023 TBV			1.4 / 30	%		Increase
					Discount rate			.007028 - .5703			Decrease
			Market approach		PV of remaining future contingent payments less discount for timing and probability		$	0.3004			Increase
Preferred Stock - $17,625,022	$	17,625,022	Market approach		Transaction price		$	1.01584 - $105.14			Increase
					Transaction price +/- capital structure adjustment		$	56.41 - $59.26			Increase
			Market comparable		EV/2021 Sales			2.3 - 18.2 / 12.5% - 50%			Increase
					EV/2022 Sales			2.1 - 16.8 / 10% - 50%			Increase
					EV/2023 Sales			4.1 - 11.6 / 10% - 15%			Increase
					EV/2024 Sales			3.5 - 6.2 / 15% - 30%			Increase
					EV/2026 Sales			4.7 / 70	%		Increase
					EV/2021 GP			4.5 - 24.5 / 12.5 - 50	%		Increase
					EV/2022 GP			4.2 - 23.5 / 10% - 25%			Increase
					EV/2023 GP			9.3 - 14.3 / 10% - 12.5%			Increase
					EV/2022 EBITDA			95.2 / 12.5	%		Increase
					EV/2023 EBITDA			43.9 / 12.5	%		Increase
					EV/2024 EBITDA			21 - 21.5 /12.5% - 15%			Increase
					EV/2025 EBITDA			12.7 / 12.5	%		Increase
					Transaction price			25% - 80%			Increase
					Secondary Transaction price			25	%		Increase
					Conversion Factor			0.011269193			Decrease
					Probability of zero outcome			10	%
					Proj EV/2030 EBITDA			4.3 / 30	%		Increase
Warrants - $4,887
	$	4,887	Black-Scholes option pricing model		Risk-free rate Volatility Discount for lack of marketability			2.5 41.1% - 45.6 10	% % %		Decrease
Rights - $21,213
Progenic Pharmaceuticals Inc.	$	21,213	Market approach		PV of future payments		$	0.8450			Increase
Total	$	19,702,333

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of the reporting date. A decrease in the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the reporting date.

Abbreviation Legend

EV/(year) GP - financial ratio of comparable public companies’ total market capitalization to gross profit; measures the value of a comparable company in terms of its gross profit for a given year
EV/(year) Sales - financial ratio of comparable public companies’ total market capitalization to sales; measures the value of a comparable company in terms of its sales for a given year
EV/(year) EBITDA - financial ratio of comparable public companies’ total market capitalization to earnings; measures the value of a comparable company in terms of its expected earnings for a given year

120

Notes to Financial Statements (Unaudited) (Continued)

Price/(year) TBV - financial ratio of comparable public companies’ price to total book value; measures the value of a comparable company in terms of its expected earnings for a given year
PV - present value; current value of a future stream of cash flows assuming a specified rate of return

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At March 31, 2022, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Credit Risk			Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Equity Asset Fund
Asset Derivatives
Futures Contracts^^	$	—		$	64,552		$	—		$	—		$	64,552
Realized Gain (Loss)#
Futures Contracts	$	—		$	(100,412	)	$	—		$	—		$	(100,412	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	—		$	269,100		$	—		$	—		$	269,100
MM Select T. Rowe Price Bond Asset Fund
Asset Derivatives
Purchased Options*	$	—		$	—		$	22,543		$	—		$	22,543
Forward Contracts*		—			—			6,007,044			—			6,007,044
Futures Contracts^^		—			—			—			3,438,040			3,438,040
Swap Agreements^^,^^^		38,333			—			—			1,289,859			1,328,192
Swap Agreements*		43,893			—			—			—			43,893
Total Value	$	82,226		$	—		$	6,029,587		$	4,727,899		$	10,839,712
Liability Derivatives
Forward Contracts^	$	—		$	—		$	(1,387,879	)	$	—		$	(1,387,879	)
Futures Contracts^^		—			—			—			(4,636,804	)		(4,636,804	)
Swap Agreements^^,^^^		(161,596	)		—			—			(556,215	)		(717,811	)
Swap Agreements*		(21,030	)		—			—			—			(21,030	)
Total Value	$	(182,626	)	$	—		$	(1,387,879	)	$	(5,193,019	)	$	(6,763,524	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—		$	126,981		$	(85,314	)	$	41,667
Forward Contracts		—			—			5,148,748			—			5,148,748
Futures Contracts		—			—			—			(2,976,359	)		(2,976,359	)
Swap Agreements		(174,995	)		—			—			660,264			485,269
Written Options		—			—			25,630			—			25,630
Total Realized Gain (Loss)	$	(174,995	)	$	—		$	5,301,359		$	(2,401,409	)	$	2,724,955
Change in Appreciation (Depreciation)##
Purchased Options	$	—		$	—		$	(65,290	)	$	—		$	(65,290	)
Forward Contracts		—			—			1,819,976			—			1,819,976
Futures Contracts		—			—			—			(561,399	)		(561,399	)
Swap Agreements		104,857			—			—			(77,563	)		27,294
Written Options		—			—			(16,420	)		—			(16,420	)
Total Change in Appreciation (Depreciation)	$	104,857		$	—		$	1,738,266		$	(638,962	)	$	1,204,161

121

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
MM Select T. Rowe Price Emerging Markets Bond Fund
Asset Derivatives
Forward Contracts*	$	—		$	—	$	68,230		$	—		$	68,230
Futures Contracts^^		—			—		—			301,151			301,151
Total Value	$	—		$	—	$	68,230		$	301,151		$	369,381
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(5,687	)	$	—		$	(5,687	)
Futures Contracts^^		—			—		—			(99,621	)		(99,621	)
Total Value	$	—		$	—	$	(5,687	)	$	(99,621	)	$	(105,308	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	—	$	52,860		$	—		$	52,860
Futures Contracts		—			—		—			(151,613	)		(151,613	)
Swap Agreements		(43,385	)		—		—			—			(43,385	)
Total Realized Gain (Loss)	$	(43,385	)	$	—	$	52,860		$	(151,613	)	$	(142,138	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—	$	37,310		$	—		$	37,310
Futures Contracts		—			—		—			289,165			289,165
Swap Agreements		13,782			—		—			—			13,782
Total Change in Appreciation (Depreciation)	$	13,782		$	—	$	37,310		$	289,165		$	340,257
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Asset Derivatives
Forward Contracts*	$	—		$	—	$	87,002		$	—		$	87,002
Futures Contracts^^		—			—		—			147,945			147,945
Swap Agreements*		—			—		—			4,280,938			4,280,938
Total Value	$	—		$	—	$	87,002		$	4,428,883		$	4,515,885
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(138,432	)	$	—		$	(138,432	)
Futures Contracts^^		—			—		—			(526,435	)		(526,435	)
Total Value	$	—		$	—	$	(138,432	)	$	(526,435	)	$	(664,867	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—	$	—		$	23,779		$	23,779
Forward Contracts		—			—		(28,951	)		—			(28,951	)
Futures Contracts		—			—		—			(15,825	)		(15,825	)
Swap Agreements		2,272			—		—			471,071			473,343
Written Options		—			—		—			(65,743	)		(65,743	)
Total Realized Gain (Loss)	$	2,272		$	—	$	(28,951	)	$	413,282		$	386,603
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—	$	(34,108	)	$	—		$	(34,108	)
Futures Contracts		—			—		—			(363,075	)		(363,075	)
Swap Agreements		385			—		—			2,099,357			2,099,742
Total Change in Appreciation (Depreciation)	$	385		$	—	$	(34,108	)	$	1,736,282		$	1,702,559

122

Notes to Financial Statements (Unaudited) (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
MM Select T. Rowe Price Real Assets Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	109,981		$	—		$	109,981
Futures Contracts^^		—		339,295			—			136,328			475,623
Total Value	$	—	$	339,295		$	109,981		$	136,328		$	585,604
Liability Derivatives
Forward Contracts^	$	—	$	—		$	(10,116	)	$	—		$	(10,116	)
Futures Contracts^^		—		(931,304	)		—			—			(931,304	)
Total Value	$	—	$	(931,304	)	$	(10,116	)	$	—		$	(941,420	)
Realized Gain (Loss)#
Purchased Options	$	—	$	(28,792	)	$	—		$	—		$	(28,792	)
Forward Contracts		—		—			(93,449	)		—			(93,449	)
Futures Contracts		—		1,213,581			—			156,607			1,370,188
Total Realized Gain (Loss)	$	—	$	1,184,789		$	(93,449	)	$	156,607		$	1,247,947
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	99,865		$	—		$	99,865
Futures Contracts		—		(598,649	)		—			85,753			(512,896	)
Total Change in Appreciation (Depreciation)	$	—	$	(598,649	)	$	99,865		$	85,753		$	(413,031	)
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Asset Derivatives
Futures Contracts^^	$	—	$	—		$	—		$	215,918		$	215,918
Liability Derivatives
Futures Contracts^^	$	—	$	—		$	—		$	(124,391	)	$	(124,391	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	—		$	8,655		$	8,655
Futures Contracts		—		—			—			(387,367	)		(387,367	)
Written Options		—		—			—			(23,247	)		(23,247	)
Total Realized Gain (Loss)	$	—	$	—		$	—		$	(401,959	)	$	(401,959	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	—	$	—		$	—		$	78,206		$	78,206
Written Options		—		—			—			(238	)		(238	)
Total Change in Appreciation (Depreciation)	$	—	$	—		$	—		$	77,968		$	77,968

* Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Payables for: open forward contracts and open swap agreements, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents centrally cleared swaps, which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

123

Notes to Financial Statements (Unaudited) (Continued)

For the period ended March 31, 2022, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units †
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Equity Asset Fund		23	$	—	$	—	$	—	$	—
MM Select T. Rowe Price Bond Asset Fund		1,692		232,702,817		399,663,579		14,821,296		3,950,000
MM Select T. Rowe Price Emerging Markets Bond Fund		77		2,371,641		850,000		—		—
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		461		9,239,602		53,279,833		94		139
MM Select T. Rowe Price Real Assets Fund		101		5,558,105		—		8		—
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		399		—		—		38		54

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2022.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of March 31, 2022. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2022.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
MM Select T. Rowe Price Bond Asset Fund
Bank of America N.A.	$	105,659	$	(105,659	)	$	—		$	—
Barclays Bank PLC		26,922		(431	)		—			26,491
BNP Paribas SA		53,877		(53,877	)		—			—
Citibank N.A.		423,937		(309,916	)		—			114,021
Deutsche Bank AG		47,548		(1,322	)		—			46,226
Goldman Sachs International		157,088		(157,088	)		—			—
HSBC Bank USA		290		(290	)		—			—
JP Morgan Chase Bank N.A.		33,558		—			—			33,558
Morgan Stanley & Co. LLC		618,593		(2,266	)		(616,327	)		—
Royal Bank of Canada		1,389		(1,389	)		—			—
State Street Bank and Trust		2,733,294		(50,815	)		—			2,682,479
UBS AG		1,871,325		(361,135	)		(1,090,000	)		420,190
	$	6,073,480	$	(1,044,188	)	$	(1,706,327	)	$	3,322,965

124

Notes to Financial Statements (Unaudited) (Continued)

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***			Net Amount*
T. Rowe Price Emerging Markets Bond Fund
Bank of America N.A.	$	3,300	$	—		$	—		$	3,300
Citibank N.A.		1,779		—			—			1,779
Morgan Stanley & Co. LLC		29,437		—			—			29,437
UBS AG		33,714		(1,746	)		—			31,968
	$	68,230	$	(1,746	)	$	—		$	66,484
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Bank of America N.A.	$	352,469	$	(17,455	)	$	(335,014	)	$	—
Barclays Bank PLC		358,630		—			(235,030	)		123,600
Citibank N.A.		1,483,683		—			(1,360,000	)		123,683
Goldman Sachs International		301,039		(24,499	)		(276,540	)		—
HSBC Bank USA		263,952		(52,434	)		—			211,518
JP Morgan Chase Bank N.A.		1,475,283		—			(1,475,283	)		—
UBS AG		132,884		(44,044	)		—			88,840
	$	4,367,940	$	(138,432	)	$	(3,681,867	)	$	547,641
MM Select T. Rowe Price Real Assets Fund
BNP Paribas SA	$	2,779	$	(2,779	)	$	—		$	—
UBS AG		107,202		—			—			107,202
	$	109,981	$	(2,779	)	$	—		$	107,202

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2022.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
MM Select T. Rowe Price Bond Asset Fund
Bank of America N.A.	$	(160,907	)	$	105,659	$	—	$	(55,248	)
Barclays Bank PLC		(431	)		431		—		—
BNP Paribas SA		(234,093	)		53,877		180,216		—
Citibank N.A.		(309,916	)		309,916		—		—
Deutsche Bank AG		(1,322	)		1,322		—		—
Goldman Sachs International		(225,269	)		157,088		68,181		—
HSBC Bank USA		(689	)		290		—		(399	)
Morgan Stanley & Co. LLC		(2,266	)		2,266		—		—
Royal Bank of Canada		(62,066	)		1,389		—		(60,677	)
State Street Bank and Trust		(50,815	)		50,815		—		—
UBS AG		(361,135	)		361,135		—		—
	$	(1,408,909	)	$	1,044,188	$	248,397	$	(116,324	)

125

Notes to Financial Statements (Unaudited) (Continued)

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
T. Rowe Price Emerging Markets Bond Fund
BNP Paribas SA	$	(2,370	)	$	—	$	—	$	(2,370	)
HSBC Bank USA		(1,571	)		—		—		(1,571	)
UBS AG		(1,746	)		1,746		—		—
	$	(5,687	)	$	1,746	$	—	$	(3,941	)
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Bank of America N.A.	$	(17,455	)	$	17,455	$	—	$	—
Goldman Sachs International		(24,499	)		24,499		—		—
HSBC Bank USA		(52,434	)		52,434		—		—
UBS AG		(44,044	)		44,044		—		—
	$	(138,432	)	$	138,432	$	—	$	—
MM Select T. Rowe Price Real Assets Fund
BNP Paribas SA	$	(5,165	)	$	2,779	$	—	$	(2,386	)
Deutsche Bank AG		(4,951	)		—		—		(4,951	)
	$	(10,116	)	$	2,779	$	—	$	(7,337	)

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2022, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may also buy and sell options on currencies .When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. For example, futures contracts are exchange-traded and typically have minimal exposure to counterparty risk and forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform

126

Notes to Financial Statements (Unaudited) (Continued)

its obligations. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. and related options.

Futures Contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

127

Notes to Financial Statements (Unaudited) (Continued)

Options on Futures Contracts. If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a “buyer” or “seller” of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a “reference entity”). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a “credit event” occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund’s portfolio through the Fund’s indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a “synthetic” long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit

128

Notes to Financial Statements (Unaudited) (Continued)

protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns

129

Notes to Financial Statements (Unaudited) (Continued)

may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In

130

Notes to Financial Statements (Unaudited) (Continued)

order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income

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in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

The MM Select T. Rowe Price Bond Asset Fund entered into certain loan agreements which are unfunded. The MM Select T. Rowe Price Bond Asset Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the MM Select T. Rowe Price Bond Asset Fund’s Portfolio of Investments. At March 31, 2022, the MM Select T. Rowe Price Bond Asset Fund had sufficient cash and/or securities to cover these commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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Notes to Financial Statements (Unaudited) (Continued)

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2022, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan, and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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.

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Notes to Financial Statements (Unaudited) (Continued)

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2022, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Foreign Securities

The MM Select T. Rowe Price Real Assets Fund invests a significant amount of its assets in foreign securities and the MM Select T. Rowe Price Emerging Markets Bond Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely 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, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

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

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Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

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

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser shown in the following table.

Fund	Investment Advisory Fee	Investment Subadviser(s)
Equity Asset Fund	0.18%	J.P. Morgan Investment Management Inc.
MM Select T. Rowe Price Bond Asset Fund*	0.00%	T. Rowe Price Associates, Inc.
MM Select T. Rowe Price Emerging Markets Bond Fund	0.00%	T. Rowe Price Associates, Inc.
MM Select T. Rowe Price Large Cap Blend Fund	0.00%	T. Rowe Price Associates, Inc.
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund	0.00%	T. Rowe Price Associates, Inc.
MM Select T. Rowe Price Real Assets Fund**	0.00%	T. Rowe Price Associates, Inc.
MM Select T. Rowe Price Small and Mid Cap Blend Fund***	0.00%	T. Rowe Price Associates, Inc.
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund	0.00%	T. Rowe Price Associates, Inc.

* T. Rowe Price International Ltd serves as a sub-subadviser of the Fund.

** T. Rowe Price Japan, Inc. serves as a sub-subadviser of the Fund.

*** T. Rowe Price Investment Management, Inc. serves as a sub-subadviser of the Fund

MML Advisers pays any subadvisory fees to the subadvisers based upon the average daily net assets of the Fund. The Funds’ subadvisory fees, if applicable, are paid monthly by MML Advisers out of the advisory fees.

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Notes to Financial Statements (Unaudited) (Continued)

Expense Caps and Waivers

MML Advisers agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2023, based upon the average daily net assets of the Funds, as follows:

	Class I
MM Select T. Rowe Price Bond Asset Fund	0.00%
MM Select T. Rowe Price Emerging Markets Bond Fund	0.00%
MM Select T. Rowe Price Large Cap Blend Fund	0.00%
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund	0.00%
MM Select T. Rowe Price Real Assets Fund	0.00%
MM Select T. Rowe Price Small and Mid Cap Blend Fund	0.00%
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund	0.00%

# Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended March 31, 2022, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Equity Asset Fund	$ 1,755

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

136

Notes to Financial Statements (Unaudited) (Continued)

The following table shows beneficial ownership of Funds’ shares by related parties at March 31, 2022:

	Total % Ownership by Related Party
Equity Asset Fund	100.0%
MM Select T. Rowe Price Bond Asset Fund	100.0%
MM Select T. Rowe Price Emerging Markets Bond Fund	100.0%
MM Select T. Rowe Price Large Cap Blend Fund	100.0%
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund	100.0%
MM Select T. Rowe Price Real Assets Fund	100.0%
MM Select T. Rowe Price Small and Mid Cap Blend Fund	100.0%
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund	100.0%

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2022, were as follows:

	Purchases				Sales
	Long- Term U.S. Government Securities		Other Long-Term Securities		Long- Term U.S. Government Securities		Other Long-Term Securities
Equity Asset Fund	$	—	$	60,128,524	$	—	$	80,506,660
MM Select T. Rowe Price Bond Asset Fund		1,089,271,607		90,749,386		1,102,241,035		126,680,828
MM Select T. Rowe Price Emerging Markets Bond Fund		198,100		17,914,909		—		17,783,381
MM Select T. Rowe Price Large Cap Blend Fund		—		1,527,057,607		—		1,407,916,989
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		253,894,208		4,611,440		200,556,564		19,573,424
MM Select T. Rowe Price Real Assets Fund		—		47,764,126		—		27,995,244
MM Select T. Rowe Price Small and Mid Cap Blend Fund		—		139,573,055		—		125,818,269
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		124,353,910		—		84,212,447		—

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases		Sales		Realized Gains/Losses
MM Select T. Rowe Price Small and Mid Cap Blend Fund	$	846,500	$	415,617	$	133,912

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Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended March 31, 2022						Year Ended September 30, 2021
	Shares			Amount			Shares			Amount
Equity Asset Fund Class I
Sold		5,271,328		$	48,242,091			8,481,878		$	81,273,129
Issued as reinvestment of dividends		9,040,130			81,089,970			6,517,621			54,878,368
Redeemed		(7,792,950	)		(74,678,849	)		(23,818,829	)		(227,243,554	)
Net increase (decrease)		6,518,508		$	54,653,212			(8,819,330	)	$	(91,092,057	)
MM Select T. Rowe Price Bond Asset Fund Class I
Sold		4,656,758		$	46,920,446			18,070,859		$	189,555,100
Issued as reinvestment of dividends		2,547,231			25,803,449			2,470,327			25,814,917
Redeemed		(9,887,482	)		(99,646,528	)		(12,964,512	)		(135,719,171	)
Net increase (decrease)		(2,683,493	)	$	(26,922,633	)		7,576,674		$	79,650,846
MM Select T. Rowe Price Emerging Markets Bond Fund Class I
Sold		826,674		$	7,366,039			2,059,531		$	19,927,162
Issued as reinvestment of dividends		650,255			5,878,302			658,213			6,332,004
Redeemed		(1,171,850	)		(10,418,925	)		(3,276,208	)		(31,667,166	)
Net increase (decrease)		305,079		$	2,825,416			(558,464	)	$	(5,408,000	)
MM Select T. Rowe Price Large Cap Blend Fund Class I
Sold		19,054,424		$	299,019,539			20,764,352		$	325,534,587
Issued as reinvestment of dividends		26,559,408			407,155,724			1,103,631			15,903,325
Redeemed		(11,672,329	)		(184,508,308	)		(25,710,532	)		(413,163,921	)
Net increase (decrease)		33,941,503		$	521,666,955			(3,842,549	)	$	(71,726,009	)
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund Class I
Sold		6,500,366		$	71,063,453			13,823,027		$	147,572,333
Issued as reinvestment of dividends		1,778,263			18,493,933			575,795			6,011,297
Redeemed		(3,841,989	)		(41,575,264	)		(7,155,431	)		(77,442,772	)
Net increase (decrease)		4,436,640		$	47,982,122			7,243,391		$	76,140,858
MM Select T. Rowe Price Real Assets Fund Class I
Sold		1,499,840		$	20,005,033			3,625,804		$	43,104,715
Issued as reinvestment of dividends		1,155,911			14,576,042			227,733			2,480,008
Redeemed		(615,112	)		(8,110,578	)		(1,346,757	)		(16,166,093	)
Net increase (decrease)		2,040,639		$	26,470,497			2,506,780		$	29,418,630
MM Select T. Rowe Price Small and Mid Cap Blend Fund Class I
Sold		5,182,991		$	75,004,706			7,958,789		$	117,789,409
Issued as reinvestment of dividends		8,589,138			120,935,066			3,395,111			46,818,583
Redeemed		(4,418,486	)		(65,725,054	)		(15,343,600	)		(233,971,045	)
Net increase (decrease)		9,353,643		$	130,214,718			(3,989,700	)	$	(69,363,053	)
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund Class I
Sold		7,699,618		$	56,210,113			7,053,603		$	67,462,524
Issued as reinvestment of dividends		248,980			1,934,574			4,083,390			33,769,639
Redeemed		(2,186,747	)		(16,421,265	)		(1,957,953	)		(16,268,858	)
Net increase (decrease)		5,761,851		$	41,723,422			9,179,040		$	84,963,305

138

Notes to Financial Statements (Unaudited) (Continued)

6. Federal Income Tax Information

At March 31, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Equity Asset Fund	$	290,860,302	$	120,473,608	$	(3,879,409	)	$	116,594,199
MM Select T. Rowe Price Bond Asset Fund		811,732,393		4,563,994		(39,698,910	)		(35,134,916	)
MM Select T. Rowe Price Emerging Markets Bond Fund		107,926,211		1,045,112		(13,058,308	)		(12,013,196	)
MM Select T. Rowe Price Large Cap Blend Fund		2,073,799,011		371,653,916		(66,469,974	)		305,183,942
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		318,246,088		4,084,316		(4,764,856	)		(680,540	)
MM Select T. Rowe Price Real Assets Fund		166,645,709		40,294,044		(6,129,634	)		34,164,410
MM Select T. Rowe Price Small and Mid Cap Blend Fund		731,893,042		207,045,984		(42,447,898	)		164,598,086
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		151,778,245		1,411,637		(14,546,026	)		(13,134,389	)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2021, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
MM Select T. Rowe Price Emerging Markets Bond Fund	$	—	$	1,389,102
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		1,112,745		2,754,580

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

139

Notes to Financial Statements (Unaudited) (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2021, was as follows:

	Ordinary Income		Long Term Capital Gain
Equity Asset Fund	$	6,441,250	$	48,437,118
MM Select T. Rowe Price Bond Asset Fund		15,115,881		10,699,036
MM Select T. Rowe Price Emerging Markets Bond Fund		6,332,004		—
MM Select T. Rowe Price Large Cap Blend Fund		15,903,325		—
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		4,626,676		1,384,621
MM Select T. Rowe Price Real Assets Fund		2,480,008		—
MM Select T. Rowe Price Small and Mid Cap Blend Fund		15,289,172		31,529,411
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		13,043,146		20,726,493

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2021, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)			Total
Equity Asset Fund	$	14,020,792	$	64,542,943		$	(36,661	)	$	108,897,770		$	187,424,844
MM Select T. Rowe Price Bond Asset Fund		18,144,655		721,885			(16,411	)		4,284,431			23,134,560
MM Select T. Rowe Price Emerging Markets Bond Fund		4,454,933		(1,389,102	)		(2,488	)		(2,957,126	)		106,217
MM Select T. Rowe Price Large Cap Blend Fund		131,847,189		241,542,315			(31,605	)		549,736,396			923,094,295
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		12,750,380		2,396,644			(4,132	)		3,702,299			18,845,191
MM Select T. Rowe Price Real Assets Fund		5,065,148		8,235,598			(2,049	)		17,607,547			30,906,244
MM Select T. Rowe Price Small and Mid Cap Blend Fund		23,333,976		89,370,580			(15,502	)		222,474,571			335,163,625
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		1,934,574		(3,867,325	)		(3,348	)		(7,064,493	)		(9,000,592	)

The Funds did not have any unrecognized tax benefits at March 31, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

140

Notes to Financial Statements (Unaudited) (Continued)

7. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

8. New Accounting Pronouncements

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.

9. Coronavirus (COVID-19) Pandemic

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

10. Russia-Ukraine War

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

141

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadviser use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program alsoincludes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 22, 2022, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2021 through December 31, 2021. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in December 2021, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), reviewed and approved a proposal to make changes to the existing subadvisory agreement with T. Rowe Price Associates, Inc. (“T. Rowe Price”) for the MM Select T. Rowe Price Small and Mid Cap Blend Fund (the “Fund” and the “Amended Subadvisory Agreement”) intended to permit T. Rowe Price to delegate to its advisory affiliates. The Trustees considered, among other things, that any such delegation by T. Rowe Price would be subject to the consent of MML Advisers and the Board. At the same time, the Trustees, including the Independent Trustees, approved a subadvisory agreement between T. Rowe Price and T. Rowe Price Investment Management, Inc. (the “New Sub-Subadvisory Agreement”) for the Fund. The Trustees considered, among other things, that the New Sub-Subadvisory Agreement would not result in any changes in the fees payable by the Fund or MML Advisers and that the services provided would continue to be subject to the supervision of T. Rowe Price. The Trustees concluded that the Amended Subadvisory Agreement and New Sub-Subadvisory Agreement are in the best interests of the Fund and its shareholders. In their deliberations, the Trustees were advised by independent counsel.

142

Other Information (Unaudited) (Continued)

Prior to the votes being taken to approve the Amended Subadvisory Agreement and New Sub-Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The Amended Subadvisory Agreement and New Sub-Subadvisory Agreement became effective on March 7, 2022.

143

Other Information (Unaudited) (Continued)

Fund Expenses March 31, 2022

Expense Examples:

The following information is in regards to expenses for the six months ended March 31, 2022:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended March 31, 2022.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Equity Asset Fund
Class I	$1,000	0.23%	$1,071.80	$1.19	$1,023.80	$1.16
MM Select T. Rowe Price Bond Asset Fund
Class I	1,000	0.00%	951.20	0.00	1,024.90	0.00
MM Select T. Rowe Price Emerging Markets Bond Fund
Class I	1,000	0.00%	901.60	0.00	1,024.90	0.00
MM Select T. Rowe Price Large Cap Blend Fund
Class I	1,000	0.00%	983.80	0.00	1,024.90	0.00
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Class I	1,000	0.00%	1,007.80	0.00	1,024.90	0.00
MM Select T. Rowe Price Real Assets Fund
Class I	1,000	0.00%	1,145.00	0.00	1,024.90	0.00

144

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
MM Select T. Rowe Price Small and Mid Cap Blend Fund
Class I	$1,000	0.00%	$963.70	$0.00	$1,024.90	$0.00
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Class I	1,000	0.00%	925.20	0.00	1,024.90	0.00

* Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2022, multiplied by the average account value over the period, multiplied by 182 days in the period, divided by 365 days in the year, unless stated otherwise.

145

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

^©2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001.
All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC MM202305-
301325

(b) Not applicable to this filing.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b) Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	MassMutual Select Funds
By (Signature and Title)	/s/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer
Date	5/23/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer
Date	5/23/2022
By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer
Date	5/23/2022

EX-99.CERT

EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Paul LaPiana, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	5/23/2022	/s/ Paul LaPiana
		Paul LaPiana
		President and Principal Executive Officer

EX-99.CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	5/23/2022	/s/ Renee Hitchcock
		Renée Hitchcock
		Treasurer and Principal Financial Officer

EX-99.906 CERT

EX-99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds (the "Trust") on Form N-CSR for the period ending March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:	5/23/2022	/s/ Paul LaPiana
		Paul LaPiana
		President and Principal Executive Officer

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

EX-99.906.CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds (the "Trust") on Form N-CSR for the period ending March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:	5/23/2022	/s/ Renee Hitchcock
		Renée Hitchcock
		Treasurer and Principal Financial Officer

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.