N-CSR 1 fp0085082-2_ncsr.htm

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)

Andrea Anastasio

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:	9/30/2023

Date of reporting period:	9/30/2023

Item 1. Reports to Stockholders.

(a)

The Reports to Stockholders are attached herewith.

Table of Contents
Economic and Market Overview (Unaudited)	1
Portfolio Manager Report (Unaudited)	4
Portfolio of Investments
MassMutual Total Return Bond Fund	68
MassMutual Strategic Bond Fund	87
MassMutual Diversified Value Fund	118
MassMutual Fundamental Value Fund	123
MM S&P 500^® Index Fund	127
MassMutual Equity Opportunities Fund	135
MassMutual Fundamental Growth Fund	137
MassMutual Blue Chip Growth Fund	139
MassMutual Growth Opportunities Fund	142
MassMutual Mid Cap Value Fund	144
MassMutual Small Cap Value Equity Fund	150
MassMutual Small Company Value Fund	153
MassMutual Mid Cap Growth Fund	158
MassMutual Small Cap Growth Equity Fund	162
MassMutual Overseas Fund	167
MassMutual Select T. Rowe Price International Equity Fund	170
Statements of Assets and Liabilities	178
Statements of Operations	186
Statements of Changes in Net Assets	194
Financial Highlights	206
Notes to Financial Statements	237
Report of Independent Registered Public Accounting Firm	281
Trustees and Principal Officers (Unaudited)	282
Federal Tax Information (Unaudited)	287
Other Information (Unaudited)	288
Proxy Voting	288
Quarterly Reporting	288
Trustees’ Approval of Investment Advisory Contracts	288
Fund Expenses	292

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the applicable MassMutual 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.

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MassMutual Funds Annual Report – Economic and Market Overview (Unaudited)

September 30, 2023

Global markets continue to reward retirement investors

During the fiscal year ended September 30, 2023, U.S. stocks were up over 21%, in a market environment where the U.S. Federal Reserve (the “Fed”) raised interest rates by nearly 3% in an effort to combat heightened inflation by curtailing economic activity. Stocks in foreign developed markets and emerging markets also experienced significant gains during the fiscal year, aided by a weaker U.S. dollar. Global stock gains during the period were driven by a resilient consumer, surprisingly strong economic activity, strong suggestions of a generative artificial intelligence (“AI”) revolution, and investors’ improving earnings expectations. U.S. bond investors experienced slightly positive returns in the rising interest rate environment, fueled by aggressive interest rate hikes by the Fed that were aimed at reducing demand-driven inflationary pressures.

Market highlights

●	For the reporting period from October 1, 2022 through September 30, 2023, U.S. stocks were up over 21%, in a market environment where economic activity remained strong, despite the Fed continuing to raise interest rates in an effort to combat high inflation.

●	In the fourth quarter of 2022, investors experienced a stock market rally, as fears generally lessened regarding high inflation, high interest rates, high energy prices, and a global recession.

●

The first quarter of 2023 was a continuation of the prior quarter, aided by the excitement around generative AI. Investors remained generally enthusiastic, notwithstanding a relatively unexpected banking crisis in March, which resulted in the takeover of certain U.S. regional banks by U.S. regulators and the bailout of Credit Suisse Group by the Swiss government.

●	In the second quarter of 2023, global stocks exhibited strength thanks in part to a resilient U.S. economy, receding inflationary pressures, banking sector stability, and the resolution of the debt ceiling crisis.

●	The third quarter of 2023 was difficult for global stocks and bonds, as investors grew increasingly concerned over inflation, a possible U.S. government shutdown, and higher prolonged interest rates from the Fed.

●	Foreign stocks in developed markets and emerging markets also experienced strong gains in the fiscal year, aided by falling energy costs, a resilient consumer, and the weakening of the U.S. dollar.

●	U.S. bond investors experienced slightly positive returns in the rising interest rate environment, fueled by aggressive Fed interest rate hikes aimed at reducing demand-driven inflationary pressures.

Market environment

¹ The S&P 500 Index measures the performance of 500 widely held stocks in the U.S. equity market. Standard and Poor’s chooses member companies for the Index based on market size, liquidity, and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

² August 2023, University of Michigan: Consumer Sentiment (UMCSENT), retrieved from FRED, Federal Reserve Bank of St. Louis;
https://fred.stlouisfed.org/series/UMCSENT, October 5, 2023.

³August 2023, Board of Governors of the Federal Reserve System (US), Consumer Loans, All Commercial Banks [CONSUMER], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CONSUMER, October 5, 2023.

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited) (Continued)

by lower inflation, low unemployment, and positive wage growth. In MassMutual’s view, the strong economic growth may be unsustainable, as more Americans are borrowing to make ends meet, resulting in consumer loan levels at record highs, having increased by 5.8% year-over-year.³

As a result, the broad-market S&P 500 rose 21.62% for the period. The technology-heavy NASDAQ Composite Index⁴performed even better, rising 26.11% for the period. The more economically sensitive Dow Jones Industrial Average^SM5 was up 19.18% for the period. During the reporting period, small-cap stocks underperformed their larger-cap peers, while growth stocks outperformed their value brethren. The information technology and communication services sectors were each up by 35% or more for the period. The utilities sector was the weakest performer for the fiscal year, down 7.02% over the period, hurt by the sharp rise in interest rates that made the stock dividend yields less attractive. The real estate sector also ended the period in the red, declining 1.84%.

Developed international markets, as measured by the MSCI EAFE^® Index,⁶ outperformed their domestic peers, ending the fiscal year up 25.65%. Emerging-market stocks, as measured by the MSCI Emerging Markets Index,⁷ also rose sharply, ending up 11.70% for the period. Investors shifted back into developed international and emerging-market stocks during the period in response to lower-than-expected energy costs, a more resilient consumer, and stronger-than-expected economic activity.

Bond yields rose sharply during the fiscal year, with the 10-year U.S. Treasury bond yield rising from 3.83% on October 1, 2022 to close the period at 4.59%. During the period, rising yields produced falling bond prices, and bond index returns suffered. The Bloomberg U.S. Aggregate Bond Index⁸ ended the period up 0.64%. Investment-grade corporate bonds fared better. The Bloomberg U.S. Corporate Bond Index,⁹ which tracks investment-grade corporate bonds, ended the period with a 3.65% gain. The Bloomberg U.S. Corporate High-Yield Bond Index¹⁰ also ended the period higher, rising 10.28%.

⁴ The NASDAQ Composite Index measures the performance of all domestic and international based common type stocks listed on the NASDAQ Stock Market. It includes common stocks, ordinary shares, ADRs, shares of beneficial interest or limited partnership interests, and tracking stocks. The Index is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

⁵ The Dow Jones Industrial Average Index measures the performance of stocks of 30 U.S. blue-chip companies covering all industries with the exception of transportation and utilities. It is price-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

⁶ The MSCI EAFE Index measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

⁷ The MSCI Emerging Markets Index measures the performance of the large- and mid-cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

⁸ The Bloomberg U.S. Aggregate Bond Index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). It rolls up into other Bloomberg flagship indexes, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

⁹ The Bloomberg U.S. Corporate Bond Index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

¹⁰ The Bloomberg U.S. Corporate High-Yield Bond Index measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited) (Continued)

Review and maintain your strategy

At MassMutual, looking out for each other isn’t just a nice idea; it’s how we’ve done business for more than 170 years. Since 1851, we’ve had a single purpose: to help people secure their future and protect the ones they love. While the current market volatility, including the reality of market sell-offs, can test an investor’s mettle, we’d like to remind you that, as a retirement investor, 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. That’s why we continue to believe that retirement investors should create and maintain a plan that focuses on their goals, how long they have to invest, and how comfortable they are with market volatility. 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.

The information provided is the opinion of MML Investment Advisers, LLC (“MML Advisers”) 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.

Underwriter: MML Distributors, LLC (MMLD), Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. Investment advisory services are provided to the Funds by MML Advisers. MMLD and MML Advisers are subsidiaries of MassMutual.

MassMutual Total Return Bond Fund – Portfolio Manager Report (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).

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 0.35%, underperforming the 0.64% return of the Bloomberg U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ending September 30, 2023, the largest detractor from the Fund’s relative performance was its duration position, which began the period approximately 0.5 years longer than the benchmark’s before extending in a disciplined fashion alongside the continued climb in Treasury yields to finish at approximately 0.9 years long. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.) Though this increased position created a headwind in the immediate term, it was informed by the subadviser’s belief that an inverted curve and rates at current levels were not long-run equilibrium conditions, and that an eventual pivot in Federal Reserve (the “Fed”) policy and re-steepening of the yield curve would have the potential to provide significant prospective total return to the Fund.

Turning to sector allocations, the Fund’s overweight allocation to agency MBS, relative to the benchmark, modestly benefited performance, as the sector finished ahead of comparable Treasuries, though the Fund’s emphasis on lower-coupon issues detracted, as they were the worst performers in the coupon stack. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) Non-agency MBS rebounded in the latter half of the period on increased trading and renewed market optimism for the future trajectory of home prices, which rewarded the Fund’s exposure to that sector. Elsewhere in securitized holdings, the Fund’s ABS holdings contributed to relative performance, led by collateralized loan obligations (CLOs) and floating-rate student loans, as these short-duration, floating-rate profile types saw continued demand in a rising rate environment, while CMBS holdings had minimal impact.

Elsewhere, the Fund maintained an overweight allocation to corporate credit through the second quarter of 2023 before trimming alongside the tightening of corporate yield spreads (i.e., the difference in yields between comparable bonds), benefiting relative performance as the sector outpaced duration-adjusted Treasuries by over 5.20% during the reporting period. Non-cyclicals and communications – two of the Fund’s preferred industrial sectors throughout much of the period – performed well, while favorable issue selection among financials provided the largest tailwind. In particular, an emphasis on large, money center banks proved beneficial, as these credits outperformed during the first quarter’s banking crisis, while the Fund was also able to capitalize on severe pricing dislocations that arose from the volatility to add to existing, high-conviction positions at discounted prices, which benefited the Fund due to their subsequent rebound over the period.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. During the fiscal year, Fund management used derivatives to manage duration and curve positioning, with minimal impact on performance.

MassMutual Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

MetWest notes that, with no clear disruption in the labor force from higher rates (as of the close of the fiscal year) and gross domestic product (GDP) measures that have not shown a precipitous decline in growth, calls for the elusive soft landing seemed to grow louder throughout the period, despite multi-year highs in Treasury yields, prompting many in the market to exclaim that “this time will be different” and a recession will be avoided. However, it is MetWest’s view that, while some things about this cycle may be different – including excess savings from the pandemic that until recently cushioned consumers with an extra liquidity buffer – the outcome itself may not be that different. Other COVID-era anomalies included an opportunity for corporations to term out their debt at lower costs of financing, and homeowners to refinance mortgages at extremely low rates, both of which could prolong the notoriously long and variable lags with which Fed policy typically works. However, these relatively atypical aspects of the cycle do not change the ultimate outcome – a recession. Once it becomes clear to the Fed that growth is slowing, unemployment is rising, and inflation is firmly on track to a 2% level, Fund management believes that the Fed will be forced to ease. History indicates that the Fed typically eases faster than they hike, so in MetWest’s view, the gradual pace of rate cuts priced into markets isn’t likely. Instead, MetWest expects the Fed to hold rates high for too long, then ease aggressively once the slowdown is apparent.

MassMutual Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/23
U.S. Government Agency Obligations and Instrumentalities*	38.5%
U.S. Treasury Obligations	31.1%
Corporate Debt	26.0%
Non-U.S. Government Agency Obligations	17.0%
Bank Loans	1.8%
Municipal Obligations	0.6%
Sovereign Debt Obligations	0.6%
Common Stock	0.0%
Rights	0.0%
Total Long-Term Investments	115.6%
Short-Term Investments and Other Assets and Liabilities	(15.6)%
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.

MassMutual Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

The graph above illustrates a representative class of the Fund’s historical performance for the past 10 fiscal years or since inception (for Funds lacking 10-year records) in comparison to its benchmark index, as well as one or more additional indexes, if applicable. The performance of other share classes will be greater than or less than the class depicted above.

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	07/06/2010	0.35%	0.17%	1.05%
Class R5	07/06/2010	0.12%	0.06%	0.94%
Service Class	07/06/2010	0.14%	-0.03%	0.85%
Administrative Class	07/06/2010	-0.01%	-0.13%	0.75%
Class R4	07/06/2010	-0.15%	-0.27%	0.59%
Class A	04/01/2014	-0.19%	-0.36%		0.44%
Class A (sales load deducted)*	04/01/2014	-4.43%	-1.22%		-0.02%
Class R3	07/06/2010	-0.34%	-0.52%	0.35%
Bloomberg U.S. Aggregate Bond Index		0.64%	0.10%	1.13%	1.00%

* Class A (sales load deducted) returns include the 4.25% maximum sales charge.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance results in the graph and table are shown both with and without the imposition of the maximum applicable sales charge (if applicable) and reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. Investors should note that the Fund is a professionally managed mutual fund, while the index or indexes shown above are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

Performance data quoted in the graph and table represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should read the Fund’s prospectus with regard to the Fund’s investment objectives, risks, and charges and expenses in conjunction with these financial statements. 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.

MassMutual Strategic Bond Fund – Portfolio Manager Report (Unaudited)

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 60% 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 40% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned -0.03%, underperforming the 0.64% return of the Bloomberg U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Western Asset component of the Fund, interest rate positioning detracted from performance during the period. Throughout the period, the Fund component had more interest rate exposure (duration) than the benchmark, which detracted as interest rates significantly rose, with the 10-year U.S. Treasury (UST) yield rising from 3.83% to 4.59%. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.) Additionally, Western Asset’s exposures to non-U.S. developed markets negatively impacted performance, mainly due to currency positioning. Finally, the Fund component’s exposure to agency MBS, which began the period at a modest underweight allocation, relative to the benchmark, and gradually rose to an overweight allocation by the end of the period, was a net detractor from performance as spreads widened during the latter months of the period. “Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes. In terms of contributors during the period, the Fund component’s overweight to corporate credit (both investment-grade and high-yield) was the most significant contributor to performance as credit spreads (i.e., the difference in yields between nearly identical bonds with comparable maturities but different quality ratings) tightened during the reporting period. Another significant contributor to performance was the Fund component’s positioning in emerging markets, as USD-denominated emerging-market bond spreads tightened and as exposures to select currencies and local rates contributed. Finally, exposures to structured products positively contributed to performance in aggregate, mainly due to non-agency residential mortgage-backed securities (RMBS) and ABS exposures, as structured product spreads were mixed during the 12-month period. (Structured products are pre-packaged investments that ordinarily consist of assets linked to interest plus one or more derivatives. They are generally tied to an index or basket of securities, and they are designed to facilitate highly customized risk-return objectives.) Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. In aggregate, Western Asset’s use of derivatives detracted from performance during the period.

For the Brandywine Global component of the Fund, an overweight allocation to U.S. Treasuries was the key detractor for the period, as interest rates in the United States increased. Although there was not a substantive increase in rates during the period, the Fund component holding’s overweight exposure, coupled with Fund management’s general preference for longer-dated Treasuries, contributed to the underperformance. During the first quarter of 2023, the Fund component’s sizable overweight allocation to U.S. Treasuries contributed to performance as U.S. rates declined. At the same time, the Fund component’s underweight allocation to both investment-grade corporate credit and MBS marginally detracted. During the reporting period, the Fund component utilized Treasury futures to increase duration exposure. This detracted from the Brandywine Global component’s performance.

MassMutual Strategic Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Western Asset notes that global growth has downshifted, and inflation rates worldwide generally receded during the period. Tightening financial conditions in the U.S. and Europe, weaker demand for manufacturing and services across a number of countries, and deflationary pressures in China eased price pressures globally over the course of the reporting period. Fund management expects these trends, coupled with the major central banks’ advocation for a prolonged period of restrictive monetary policy during the period, to further dampen economic growth and inflation. That stated, market concerns over a “higher-for-longer” rate environment – driven by factors such as stronger-than-expected growth in the U.S., increased U.S. Treasury supply to cover a growing fiscal deficit and inflation remaining above respective central bank targets – may, in Fund management’s view, have the potential to lead to periods of heightened market volatility.

Brandywine Global believes that the outlook for the U.S. bond market is largely predicated on the future of inflation. The pandemic lockdown bust triggered a massive policy reaction that fueled a general boom in cryptocurrencies, equity markets, real estate, the economy, and inflation, among other areas. The boom then triggered a reflexive U.S. monetary policy reaction in the opposite direction. Since then, real economic growth in the U.S. has fallen back in line with pre-pandemic levels, while nominal income and spending growth rates have realigned after three years of distortion. Brandywine Global opines that inflation is the final piece in this sequence of normalization. They believe the retreat of inflation to date has been well in advance of any expected effects stemming from Federal Reserve tightening and that further inflation could lie ahead.

MassMutual Strategic Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Strategic Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/23
U.S. Government Agency Obligations and Instrumentalities*	38.5%
Corporate Debt	25.8%
U.S. Treasury Obligations	21.0%
Non-U.S. Government Agency Obligations	6.6%
Sovereign Debt Obligations	4.1%
Bank Loans	1.9%
Purchased Options	0.1%
Municipal Obligations	0.0%
Total Long-Term Investments	98.0%
Short-Term Investments and Other Assets and Liabilities	2.0%
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.

MassMutual Strategic Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	-0.04%	0.23%		1.41%
Class R5	12/31/2004	-0.03%	0.14%	1.57%
Service Class	12/31/2004	-0.15%	0.04%	1.47%
Administrative Class	12/31/2004	-0.27%	-0.06%	1.36%
Class R4	04/01/2014	-0.34%	-0.20%		0.96%
Class A	12/31/2004	-0.44%	-0.31%	1.11%
Class A (sales load deducted)*	12/31/2004	-4.67%	-1.17%	0.67%
Class R3	12/31/2004	-0.71%	-0.47%	0.95%
Class Y	02/01/2023					-6.68%
Bloomberg U.S. Aggregate Bond Index		0.64%	0.10%	1.13%	1.00%	-4.15%

* Class A (sales load deducted) returns include the 4.25% maximum sales charge.

MassMutual Diversified Value Fund – Portfolio Manager Report (Unaudited)

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 35% of the Fund’s portfolio; and Brandywine Global Investment Management, LLC (Brandywine Global), which managed approximately 65% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 14.76%, outperforming the 14.44% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

With respect to the Brandywine Global component of the Fund, share buybacks during the reporting period contributed to performance, as companies that bought back shares performed markedly better. From a sector perspective, the Fund component’s largest contribution to performance came from the technology sector from the burgeoning impacts of artificial intelligence (AI) during the period – in both semiconductors and, more recently, communications equipment. Over the course of the period, semiconductor equipment manufacturers Lam Research and Applied Materials were both added back as Fund component holdings once they stabilized from a price momentum factor. Brandywine Global also benefited from underweight allocations, relative to the benchmark, in the poorly performing real estate and utilities sectors during the period. Additionally, a steady and increasing overweight allocation to the energy sector helped at both the beginning and end of the fiscal year, mostly driven from strength in integrated oil companies such as Exxon and Chevron. During the period, higher-quality pharmaceutical companies in the health care sector were some of the Fund component holdings that weighed down performance, while lower-quality insurance and financial services companies outperformed management expectations. The financial sector was also a detractor from the Fund’s performance during the period from a combination of the impact the banking crisis had on the rest of the banking industry and from the Fund component not owning Berkshire Hathaway, which overperformed, consistent with the general performance of the insurance industry during the period.

For the T. Rowe Price segment of the Fund, stock selection in the industrial and business services sector was the leading contributor to relative performance during the period. Fund component holding General Electric is a global multi-industrial company that operates in three segments: aviation, power, and renewables. GE experienced an upward trend during the period, as it made progress toward streamlining the business and benefited from a better-than-expected recovery in the aviation industry, improvement in renewables, and a successful spinoff in the health care sector. Fund component holdings in the health care sector also boosted relative results during the period. Conversely, the communication services sector was the significant detractor from performance, owing to less-than-favorable stock selection and an underweight allocation to the market segment during the period. Fund component holdings in the information technology sector also detracted from relative results during the period. Qualcomm, a leader in wireless connectivity technology, was impacted as demand for smartphones weakened over the period. The materials sector further detracted from relative returns, due to detrimental stock choices. CF Industries, one of the largest nitrogen fertilizer producers in North America during the period, detracted due to weak fertilizer demand.

Subadviser outlook

As of the end of the fiscal year, Brandywine Global notes that fears of a recession remain, with persistently high inflation, oil prices and mortgage rates. Nevertheless, employment remains strong as of the end of the period, with robust job growth and wage growth outpacing inflation. However, while the Federal Reserve (the “Fed”) paused its interest rate hike agenda again in

MassMutual Diversified Value Fund – Portfolio Manager Report (Unaudited) (Continued)

September 2023, it announced that rates would remain higher longer than expected. Fund management believes that Brandywine Global’s focus on low and reasonable valuations with a tilt towards higher quality could continue to be beneficial if the markets continue to sell off.

T. Rowe Price observes that throughout the period, the market persisted in being narrative-driven, lurching from data point to data point, and, in Fund management’s view, did not have a strong bias one way or another over the third quarter of 2023. The so-called Magnificent Seven (a term coined recently by an investment market pundit to describe Apple, Microsoft, Nvidia, Amazon, Meta, Tesla, and Alphabet) has been driving U.S. performance over the past year. This has led to a bifurcated market, and T. Rowe Price believes that valuations in certain parts of the market seem reasonable, creating many compelling investment opportunities in the view of Fund management. T. Rowe Price also opines that, given the extremes, both valuation and dividend yield as factors appear inexpensive. Throughout recent years, the economy and market have proven resilient; however, Fund management believes an extended environment of elevated interest rates and inflation may eventually begin to take its toll.

MassMutual Diversified Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Diversified Value Fund Largest Holdings (% of Net Assets) on 9/30/23
Exxon Mobil Corp.	3.2%
JP Morgan Chase & Co.	3.0%
Elevance Health, Inc.	2.6%
QUALCOMM, Inc.	2.3%
AbbVie, Inc.	2.3%
Philip Morris International, Inc.	2.1%
Chevron Corp.	2.1%
Chubb Ltd.	2.0%
TotalEnergies SE	1.7%
Merck & Co., Inc.	1.6%
	22.9%

MassMutual Diversified Value Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	21.8%
Financial	21.7%
Energy	13.6%
Industrial	11.8%
Technology	8.9%
Communications	6.3%
Consumer, Cyclical	5.9%
Utilities	4.5%
Basic Materials	3.4%
Mutual Funds	1.2%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

MassMutual Diversified Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	14.93%	6.62%		8.00%
Class R5	10/15/2004	14.76%	6.50%	8.87%
Service Class	10/15/2004	14.60%	6.39%	8.76%
Administrative Class	10/15/2004	14.56%	6.28%	8.65%
Class R4	04/01/2014	14.35%	6.14%		7.52%
Class A	10/15/2004	14.25%	6.02%	8.37%
Class A (sales load deducted)*	10/15/2004	7.97%	4.83%	7.76%
Class R3	10/15/2004	14.07%	5.87%	8.20%
Class Y	02/01/2023					-5.15%
Russell 1000 Value Index		14.44%	6.23%	8.45%	7.58%	-3.22%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Fundamental Value Fund – Portfolio Manager Report (Unaudited)

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 September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 16.58%, outperforming the 14.44% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, within the Boston Partners component of the Fund, the primary driver of performance was stock selection within the information technology, materials, and financial sectors. In information technology, Fund component holding Dell Technologies raised its cash flow targets and, in Boston Partners’ opinion, has the potential to see more demand for servers due to artificial intelligence (AI). In materials, coatings manufacturer Axalta outperformed, as pricing improved across all its segments and valuation rebounded from depressed levels. In financials, JP Morgan added value, on many investors’ belief that they will be longer-term beneficiaries of the regional bank fallout. Sector allocation contributed positively to relative performance due to Boston Partners’ overweight allocation, relative to the benchmark, to energy and industrials, and its underweight allocation to utilities and real estate during the period. Stock selection detracted within the communication services sector, where an underweight allocation to Meta Platforms was primarily responsible for reducing relative returns, as the company outperformed within the benchmark. Not owning Netflix and Comcast during the period also hampered relative performance. From a sector allocation perspective, Boston Partners’ underweight allocation to communication services and consumer discretionary and an overweight allocation to health care reduced relative returns during the fiscal year.

Within the Barrow Hanley segment of the Fund, Fund component holdings in industrials, technology, and utilities added to relative performance during the fiscal year. Vertiv, a provider of uninterruptible power and cooling solutions for data centers, was the leading contributor to the Fund’s performance during the period, as strong demand for their products allowed for price increases and drove margin recovery. Oracle, a provider of database and cloud solutions for corporations, experienced strong demand, driven by enterprise upgrades and artificial intelligence (AI) start-ups. Less favorable stock selection in the financial sector, an underweight allocation to communication services, and an overweight allocation to health care hampered relative performance during the period. CVS Health, a health care provider of managed care and retail pharmacies, was the Fund component holding that was the largest detractor to the Fund’s performance, given headwinds from increased utilization of insurance by their customers and a lower government rating regarding one of the insurance plans they offer. Dollar General, a discount retailer, underperformed after management acknowledged continued challenges from slower sales, higher labor costs, and theft (called “shrink” in the industry) weighed on its results during the period.

MassMutual Fundamental Value Fund – Portfolio Manager Report (Unaudited)

Subadviser outlook

Boston Partners plans to continue to focus on finding investments that have not only attractive valuation characteristics and solid business fundamentals, but also improving business momentum and catalysts to help drive stock prices higher. In their opinion, the global economy could experience a slowdown over the next two years, with higher inflation and interest rates than in the recent past.

Barrow Hanley notes that, while uncertainty surrounding the markets remains elevated, they believe that the primary conditions needed for a sustained, impactful value run remain the same: rising interest rates, higher inflation, and reasonable economic growth. While Barrow Hanley’s opinion is that two out of the three remain firmly positive – higher rates and inflation versus the last decade – economic growth is less certain. In Barrow Hanley’s view, while general expectations are high for a recession in the coming year, select opportunities remain attractive across a number of sectors.

MassMutual Fundamental Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Fundamental Value Fund Largest Holdings (% of Net Assets) on 9/30/23
JP Morgan Chase & Co.	2.5%
Philip Morris International, Inc.	2.4%
Berkshire Hathaway, Inc. Class B	2.2%
UnitedHealth Group, Inc.	2.1%
Wells Fargo & Co.	2.0%
Cigna Group	1.7%
Alphabet, Inc. Class A	1.7%
Chubb Ltd.	1.7%
DuPont de Nemours, Inc.	1.5%
General Dynamics Corp.	1.4%
	19.2%

MassMutual Fundamental Value Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	24.3%
Financial	19.6%
Industrial	12.7%
Energy	11.0%
Technology	10.6%
Consumer, Cyclical	6.9%
Communications	6.9%
Basic Materials	4.1%
Utilities	3.2%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

MassMutual Fundamental Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	11/15/2010	16.77%	6.92%	8.25%
Class R5	12/31/2001	16.58%	6.81%	8.14%
Service Class	12/31/2001	16.33%	6.67%	8.02%
Administrative Class	12/31/2001	16.28%	6.58%	7.91%
Class R4	04/01/2014	16.11%	6.41%		7.07%
Class A	12/31/2001	16.01%	6.32%	7.65%
Class A (sales load deducted)*	12/31/2001	9.63%	5.12%	7.04%
Class R3	12/31/2002	15.88%	6.16%	7.49%
Class Y	02/01/2023					-2.28%
Russell 1000 Value Index		14.44%	6.23%	8.45%	7.58%	-3.22%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MM S&P 500^® Index Fund – Portfolio Manager Report (Unaudited)

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).

* 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. S&P^® , S&P 500^®, US500, The 500, iBoxx^®, iTraxx^® and CDX^® are trademarks of S&P Global, Inc. or its affiliates (“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.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Service Class shares returned 21.24%, underperforming the 21.62% return of the Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

Generally, the Fund’s underperformance versus the Index for the reporting period was mainly attributable to the impact of fees and expenses necessary for the management and operation of the Fund. The Index is not subject to fees or expenses and it is not possible to invest directly in the Index.

For the fiscal year ended September 30, 2023, U.S. large-cap equities outperformed their mid- and small-cap counterparts. Markets finished the fourth calendar quarter of 2022 higher than the prior quarter, with investor sentiment generally buoyed by easing inflationary pressures. However, most major asset classes finished calendar-year 2022 with double-digit losses.

In the first calendar quarter of 2023, equity markets posted mid-single-digit gains, despite additional U.S. central bank tightening and the second-largest bank failure in U.S. history. Throughout the first two months of the quarter, investor focus gradually drifted from a more optimistic view on the path of inflation in January to concerns of further central bank tightening (February through early March). Attention quickly pivoted to the banking sector in mid-March following the collapse of Silicon Valley Bank and Signature Bank in the U.S. as well as the rescue acquisition of Credit Suisse by Swiss competitor UBS.

Financial markets generally performed well in the second calendar quarter of 2023, with the U.S. helping to propel global equities to a mid-single-digit gain. Declining inflation and a resilient economic growth backdrop bolstered U.S. equity markets in addition to robust returns in a narrow set of mega-cap technology stocks, helped by optimism on artificial intelligence. Equities followed a choppy trajectory throughout the third calendar quarter of 2023, with July gains giving way to losses in August and September, as interest rates pushed higher.

In the U.S., the broader economic narrative continued throughout the period around resilient but slow growth and moderating inflation, with many investors and the U.S. Federal Reserve generally interpreting these dynamics as more likely to lead to higher-for-longer monetary policy.

The top-performing sectors of the Index during the fiscal year were energy and information technology, returning 24.18% and 17.75%, respectively. Real estate and utilities were the worst-performing sectors for this period, with returns of -18.12% and -17.23%, respectively.

MM S&P 500^® Index Fund – Portfolio Manager Report (Unaudited) (Continued)

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. The Fund typically uses equity futures with an aim to equitize/gain market exposure for relatively small amounts of cash in the Fund in order to minimize the uninvested cash balances and reduce the impact of any cash drag. The Fund’s use of derivatives had a negligible effect on its fiscal-year performance.

Subadviser outlook

In the context of a globally diversified multi-asset portfolio, NTI notes that, as of the end of the fiscal year, the Fund had an underweight allocation to global equities, relative to the Index, including the United States. As of the end of the fiscal year, the Fund had a modest underweight to risk in its overall positioning, reflecting what Fund management views to be underappreciated downside (though likely non-recessionary) economic risks. Specific to U.S. equities, Fund management has below consensus earnings estimates for the next two years and, while, in Fund management’s view, the forward price/earnings (P/E) of the market has come in somewhat as a result of upward pressure on yields, valuations remain above Fund management’s estimated fair value. In all, NTI’s base case contemplates relatively modest returns for the Index over the next year.

MM S&P 500^® Index Fund – Portfolio Manager Report (Unaudited) (Continued)

MM S&P 500 Index Fund Largest Holdings (% of Net Assets) on 9/30/23
Apple, Inc.	7.0%
Microsoft Corp.	6.5%
Amazon.com, Inc.	3.2%
NVIDIA Corp.	3.0%
Alphabet, Inc. Class A	2.1%
Tesla, Inc.	1.9%
Meta Platforms, Inc. Class A	1.8%
Alphabet, Inc. Class C	1.8%
Berkshire Hathaway, Inc. Class B	1.8%
Exxon Mobil Corp.	1.3%
	30.4%

MM S&P 500 Index Fund Sector Table (% of Net Assets) on 9/30/23
Technology	26.4%
Consumer, Non-cyclical	19.8%
Financial	13.7%
Communications	13.6%
Consumer, Cyclical	9.1%
Industrial	7.5%
Energy	4.8%
Utilities	2.4%
Basic Materials	2.0%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

MM S&P 500^® Index Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	12/07/2011	21.49%	9.82%	11.80%
Class R5	05/01/2001	21.40%	9.70%	11.68%
Service Class	03/01/1998	21.24%	9.54%	11.51%
Administrative Class	03/01/1998	21.04%	9.42%	11.40%
Class R4	03/01/1998	20.87%	9.26%	11.23%
Class A	04/01/2014	20.73%	9.15%		10.41%
Class A (sales load deducted)*	04/01/2014	14.09%	7.92%		9.75%
Class R3	12/31/2002	20.62%	8.99%	10.96%
S&P 500 Index		21.62%	9.92%	11.91%	11.28%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Equity Opportunities Fund – Portfolio Manager Report (Unaudited)

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 30% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 70% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 13.54%, underperforming, by a wide margin, the 21.19% return of the Russell 1000^® Index (the “benchmark”), which measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

Within the Wellington Management component of the Fund, sector allocation drove underperformance during the fiscal year ended September 30, 2023. An underweight allocation, relative to the benchmark, to information technology, Wellington Management’s lack of exposure to communication services, and an overweight allocation to consumer staples detracted most. This was partially offset by the Fund component’s lack of exposure to the utilities sector and an overweight allocation to the industrial sector. Less-than-favorable stock selection also detracted from relative performance, particularly within the industrial, information technology, and health care sectors. This was partially offset by Fund component holdings within the consumer discretionary, materials, and financial sectors. Fund component holdings that were among the top relative detractors for the period were not holding chipmaker Nvidia (information technology) and holding medical company Danaher (health care). Shares of Nvidia continued to gain over the reporting period, driven by strong data center demand on the growing need of chips for generative artificial intelligence (AI) and language learning models. The share price of Danaher fell during the reporting period, as the company lowered its 2023 sales forecast due to weakness in its biotechnology business. Fund holdings that were top relative contributors during the reporting period included premier off-price retailer TJX Companies (consumer discretionary) and Linde (materials), an industrial gas company. Shares of TJX rose as U.S. comparable store sales exceeded expectations and earnings per share were strong. Shares of Linde rose following the company’s announcement of strong second quarter results for 2023, and management raised full-year 2023 guidance.

For the T. Rowe Price segment of the Fund, sector allocation drove underperformance for the fiscal year ended September 30, 2023. The information technology sector was the top detractor for the reporting period due to stock selection. Fund component holding Qualcomm, a leader in wireless connectivity technology, was impacted as demand for smartphones weakened. Adverse stock selection and an underweight allocation to the communication services sector also hindered relative performance. Within the materials sector, unfavorable stock choices further detracted from relative results. CF Industries is the largest nitrogen fertilizer producer in North America. Over the period, CF Industries detracted due to weak fertilizer demand. The company also cut revenue and earnings estimates for the year early in 2023, which suggested significant business headwinds. Stock selection in the industrial and business services sector contributed to relative performance during the period. Fund component holding General Electric is a global multi-industrial company that operates in three segments: aviation, power, and renewables. GE experienced an upward trend during the period, as it made progress toward streamlining the business and benefited from a better-than-expected recovery in the aviation industry, improvement in renewables, and a successful spinoff in the health care sector. Fund component holdings in the health care sector also boosted relative results.

MassMutual Equity Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

In Wellington Management’s observation, in narrow markets like we have seen over the past year, a portfolio such as theirs typically suffers on a relative basis. Fields like AI do not connect as directly to stocks held by the Fund component as they might with certain technology companies that lead the market today. While it is frustrating in the near term, Fund management believes that time is still on their side in the long run.

MassMutual Equity Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Equity Opportunities Fund Largest Holdings (% of Net Assets) on 9/30/23
Chubb Ltd.	4.1%
UnitedHealth Group, Inc.	3.9%
TJX Cos., Inc.	3.8%
Northrop Grumman Corp.	3.6%
Microsoft Corp.	3.6%
Danaher Corp.	3.4%
Visa, Inc. Class A	3.3%
Marsh & McLennan Cos., Inc.	3.2%
Honeywell International, Inc.	3.1%
NIKE, Inc. Class B	3.1%
	35.1%

MassMutual Equity Opportunities Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	30.8%
Financial	21.9%
Industrial	13.1%
Consumer, Cyclical	10.6%
Technology	10.1%
Basic Materials	4.5%
Energy	2.8%
Utilities	1.9%
Communications	1.4%
Total Long-Term Investments	97.1%
Short-Term Investments and Other Assets and Liabilities	2.9%
Net Assets	100.0%

MassMutual Equity Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	11/15/2010	13.65%	8.63%	10.27%
Class R5	05/01/2000	13.54%	8.52%	10.16%
Service Class	05/01/2000	13.48%	8.42%	10.05%
Administrative Class	05/01/2000	13.37%	8.29%	9.94%
Class R4	04/01/2014	13.18%	8.14%		9.42%
Class A	05/01/2000	13.13%	8.04%	9.66%
Class A (sales load deducted)*	05/01/2000	6.90%	6.82%	9.04%
Class R3	12/31/2002	12.96%	7.87%	9.49%
Class Y	02/01/2023					-2.50%
Russell 1000 Index		21.19%	9.63%	11.63%	11.00%	5.91%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Fundamental Growth Fund – Portfolio Manager Report (Unaudited)

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 49% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 51% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 18.68%, outperforming the 17.47% return of the Russell Midcap^® Growth Index (the “benchmark”), which measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, in the Wellington Management component of the Fund, security selection drove relative outperformance, as favorable stock selection within the information technology, financial, and industrial sectors more than offset less-than-favorable stock choices in the communication services sector. Sector allocation modestly detracted from relative performance during the period, due to an overweight allocation to the health care sector. During the period, Fund component holdings MongoDB (information technology) and Hamilton Lane (financial) were the top contributors to relative performance. MongoDB, an online document management company, saw its share price increase after reporting first-quarter results that exceeded expectations. Hamilton Lane, a global investment manager, saw its share price rise after reporting fiscal first-quarter earnings that surpassed consensus estimates. Fund component holdings that were top detractors from relative returns during the reporting period included ZoomInfo Tech (information technology) and Omnicell (health care). ZoomInfo Tech. a software and data company, saw its shares fall after the company later reported disappointing second-quarter results and further reduced its full-year guidance. Shares of Omnicell (an American multinational health care technology company) declined in an environment where their revenue was down 10% year-over-year and their earnings before interest, tax, depreciation and amortization (EBITDA), a measure of a company’s operating performance, decreased by 15% year-over-year.

Within the Westfield component of the Fund, information technology was a standout relative performer for the fiscal year ended September 30, 2023. The outperformance was most pronounced within semiconductors, communications equipment, and software. Palo Alto Networks, a provider of network security solutions to enterprises and government entities, was the top contributing Fund component holding within the segment over the period. The company reported a strong first-quarter result and raised their full-year guidance, which investors viewed favorably. HubSpot, Inc., a small-to-medium-sized business Customer Relationship Management (CRM) software provider, was another Fund component holding that added to relative returns after delivering strong first-quarter results and increasing their full-year guidance. Materials also added performance during the period. Within the sector, Fund component holding Celanese Corporation, a hybrid global chemical company, was the top relative performer within the sector. The stock outperformed due to optimism around a bottom in commodity prices, coupled with a forecasted cyclical recovery in 2024. From a sector perspective, energy was the top detractor from relative results over the period, as Fund component holding Devon Energy Corporation, an Energy Exploration & Production (E&P) Company, was the largest source of relative weakness within the sector after a disappointing fourth quarter, combined with significant pressure on the overall oil sector. Communication services also detracted from relative performance during the period. Cloud-based sales and marketing information, leadership and development provider, ZoomInfo Technologies, was the top detracting Fund component holding within the sector over the period. The company underperformed after missing third-quarter billings and reducing their full-year 2022 guidance, citing a worsening macro environment.

Subadviser outlook

Wellington Management notes that, looking forward, they are enthusiastic about the opportunities they see. In Fund management’s view, the recent market sell-off presented a chance to source new names.

MassMutual Fundamental Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Looking ahead, Westfield Fund management is incrementally more cautious today than they were three months ago, as their view is that the evolving macro backdrop increasingly warrants a more balanced posture between growth and durability. Their opinion is that historical precedents suggest a low likelihood of a so-called soft landing, with the more likely outcome being a period of slowing economic growth, both in the U.S. and around the globe. As of the end of the fiscal year, disinflationary trends, once pointed to as evidence of the soft-landing scenario playing out, were being offset by rising borrowing costs, the exhaustion of surplus consumer savings, and a restrictive lending posture by U.S. banks.

MassMutual Fundamental Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Fundamental Growth Fund Largest Holdings (% of Net Assets) on 9/30/23
CDW Corp.	3.4%
ICON PLC	3.2%
MSCI, Inc.	3.1%
Gartner, Inc.	2.7%
Ceridian HCM Holding, Inc.	2.7%
Ares Management Corp. Class A	2.7%
Builders FirstSource, Inc.	2.5%
Align Technology, Inc.	2.4%
BWX Technologies, Inc.	2.4%
Lululemon Athletica, Inc.	2.1%
	27.2%

MassMutual Fundamental Growth Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	29.5%
Technology	25.7%
Industrial	16.7%
Consumer, Cyclical	9.7%
Financial	7.7%
Communications	5.9%
Energy	3.8%
Basic Materials	0.9%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MassMutual Fundamental Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	18.95%	6.03%		9.93%
Class R5	05/01/2000	18.68%	5.88%	10.45%
Service Class	05/01/2000	18.48%	5.77%	10.33%
Administrative Class	05/01/2000	18.47%	5.68%	10.23%
Class R4	04/01/2014	18.42%	5.54%		9.43%
Class A	05/01/2000	18.09%	5.42%	9.95%
Class A (sales load deducted)*	05/01/2000	11.60%	4.23%	9.33%
Class R3	12/31/2002	18.60%	5.34%	9.82%
Class Y	02/01/2023					0.85%
Russell Midcap Growth Index		17.47%	6.97%	9.94%	9.46%	1.06%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Blue Chip Growth Fund – Portfolio Manager Report (Unaudited)

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 57% of the Fund’s portfolio; and Loomis, Sayles & Company, L.P. (Loomis Sayles), which managed approximately 43% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 34.48%, outperforming, by a wide margin, the 27.72% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. The Fund also outperformed the 21.62% return of the S&P 500^® Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the T. Rowe Price component of the Fund, broadly speaking, both sector allocation and security selection drove relative outperformance during the fiscal year ended September 30, 2023. The information technology, industrials and business services, and communication services sectors contributed to relative returns during the period, while the consumer discretionary and financial sectors detracted. The information technology sector was the leading relative contributor due to favorable stock selection. Shares of Fund component holding Nvidia traded higher in a sharp move following improved visibility around future demand for advanced graphics processing units (GPUs) that are critical for the build-out of artificial intelligence (AI) infrastructure. Strong stock selection, coupled with an underweight allocation, relative to the benchmark, to the industrials and business services sector also boosted relative performance during the period. Within the communication services sector, an overweight allocation, coupled with favorable stock choices, further contributed to relative results. There, shares of Fund component holding Meta, which operates online social networking platforms, including Facebook, Messenger, WhatsApp, and Instagram, traded higher, driven by the company’s continued focus on cost discipline and a rebound in digital ad spending. Conversely, the consumer discretionary sector was the notable detractor from relative performance due to detrimental stock choices and a moderate underweight allocation. Shares of Fund component holding Amazon traded lower. The financial sector also hindered relative performance owing to weak security selection and an overweight allocation to the market segment.

Within the Loomis Sayles component of the Fund, stock selection in the information technology, communication services, industrials, consumer staples, consumer discretionary, and health care sectors contributed positively to relative performance during the fiscal year ended September 30, 2023. Nvidia and Meta were the top contributing Fund component holdings. Nvidia is a world leader in artificial intelligence (AI) computing. After shares of Nvidia were under pressure throughout most of 2022, they rebounded substantially during the period as the company reported financial results that were well above consensus expectations. Despite ongoing macroeconomic pressure on advertising spending, Meta posted three consecutive quarters of better-than-expected financial results, including accelerating revenue growth in the second half of the period, and shares responded positively to the company’s increased focus on productivity and cost management. On the downside, stock selection in the financial sector, along with allocations in the information technology and financial sectors, detracted from relative performance during the period. PayPal and Walt Disney were the Fund component holdings that were the largest detractors from performance. PayPal is a leading technology platform that enables digital payments and simplifies commerce experiences on behalf of consumers and merchants. PayPal reported fundamentally solid financial results, but shares responded negatively to a modest reduction in the company’s target for year-end operating margin expansion, as well as lower-than-expected transaction margins in its most recent quarterly report. Disney, one of the largest and most renowned vertically integrated media companies in the world, experienced share price volatility due in part to activist investor campaigns, the surprise return of Bob Iger as CEO, and continued weakness in linear networks.

MassMutual Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

T. Rowe Price notes that investors are confronting a new market regime, although their view is that its exact outlines remain to be seen. In T. Rowe Price’s view, the “new normal” regime of accommodative central bank policy, which lasted from roughly 2008 to 2019, has come to an end. In the new normal, T. Rowe Price believes that the economy got stuck in neutral, making for an era of low growth, low interest rates, and low inflation. As of the end of the fiscal year, T. Rowe Price observes that the latter two conditions no longer hold. Instead, in T. Rowe Price’s view, it seems that the regime we’re entering might be closest to the “old normal” years of 1982 to 1987. After former Federal Reserve (the “Fed”) Chair Paul Volcker slayed the inflation dragon in the early 1980s, this was a period characterized by “normal” levels of growth of inflation of about 3% each. This is one reason why T. Rowe Price believes it may not pay to be too bearish in the current environment, despite the recent rise in interest rates. While rates are high relative to the new normal, they are not high on a historical basis. The federal funds rate – which is the Fed’s overnight bank lending rate – has exceeded 5% for decades, and stock markets have still performed well. In T. Rowe Price’s view, any coming market sell-off might pose a buying opportunity for long-term investors.

The Loomis Sayles investment process is generally characterized by bottom-up, fundamental research and a long-term investment time horizon. The nature of the process typically leads to lower turnover portfolio, where sector positioning is the result of stock selection. At the end of the fiscal year, the Loomis Sayles Fund component held overweight allocations to the communication services, financials, health care, industrials, and consumer discretionary sectors – and underweight allocations to the information technology and consumer staples sectors. As of September 30, 2023, Loomis Sayles held no positions in the real estate, energy, materials, or utilities sectors.

MassMutual Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 9/30/23
Microsoft Corp.	9.7%
NVIDIA Corp.	6.8%
Amazon.com, Inc.	6.6%
Meta Platforms, Inc. Class A	6.2%
Apple, Inc.	5.8%
Visa, Inc. Class A	4.2%
Tesla, Inc.	4.2%
Alphabet, Inc. Class C	3.9%
Alphabet, Inc. Class A	3.7%
Netflix, Inc.	2.4%
	53.5%

MassMutual Blue Chip Growth Fund Sector Table (% of Net Assets) on 9/30/23
Technology	34.6%
Communications	27.6%
Consumer, Non-cyclical	16.0%
Financial	8.0%
Consumer, Cyclical	7.8%
Industrial	3.9%
Basic Materials	0.5%
Utilities	0.3%
Energy	0.2%
Total Long-Term Investments	98.9%
Short-Term Investments and Other Assets and Liabilities	1.1%
Net Assets	100.0%

MassMutual Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	34.60%	9.30%		12.50%
Class R5	06/01/2001	34.48%	9.20%	12.95%
Service Class	06/01/2001	34.34%	9.09%	12.85%
Administrative Class	06/01/2001	34.14%	8.98%	12.72%
Class R4	04/01/2014	33.92%	8.81%		11.99%
Class A	06/01/2001	33.82%	8.70%	12.45%
Class A (sales load deducted)*	06/01/2001	26.46%	7.48%	11.81%
Class R3	12/31/2002	33.59%	8.54%	12.27%
Class Y	02/01/2023					16.08%
Russell 1000 Growth Index#		27.72%	12.42%	14.48%	14.07%	15.36%
S&P 500 Index		21.62%	9.92%	11.91%	11.28%	6.38%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual Growth Opportunities Fund – Portfolio Manager Report (Unaudited)

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 48% of the Fund’s portfolio; and Jackson Square Partners, LLC (Jackson Square), which was responsible for approximately 52% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 26.88%, underperforming the 27.72% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, within the Sands Capital component of the Fund, both security selection and sector allocation were a modest drag on relative performance. Stock selection detracted from results in four of the seven sectors in which the strategy held exposure – with the effect most pronounced in the communication services and financial sectors. Fund component holdings that were the largest individual relative detractors from performance included Block, a digital financial services pioneer; Sea, a Southeast Asia internet-based provider of ecommerce and digital financial services; Atlassian, provider of collaboration and productivity-enhancing software; Microsoft, a provider of enterprise software and cloud infrastructure; and Snowflake, a global cloud-native data platform. On a relative basis, the largest individual contributors to performance were Shopify, an enabler of the next generation of retail ecommerce; Netflix, one of the largest global video streaming content producers and distributors; ServiceNow, a provider of enterprise workflow automation software; Uber Technologies, one of the world’s leading mobility technology platforms; and Lam Research, a global provider of semiconductor fabrication equipment.

For the fiscal year ended September 30, 2023, within the Jackson Square component of the Fund, from a sector perspective, health care, communication services, and materials detracted from performance, while the financial, consumer staples, and industrials sectors contributed. Fund component holdings Edwards Lifesciences Corporation and Catalent Inc. were the top detractors from returns. Edwards, a medical device company focused on structural heart repair devices and critical care monitoring equipment, underperformed as outpatient procedures came in under expectations due to macro headwinds. Catalent, a provider of contract development and manufacturing services for the biopharmaceutical industry, struggled due to underlying execution issues beyond transitory headwinds from the post-COVID digestion of vaccine demand. Uber Technologies and Boeing Company were Fund component holdings that were the top contributors to performance. During the period, Uber continued to rationalize its P&L by shedding non-core operations and eliminating certain costs, while Uber Rides continued its strong recovery, and Uber Eats gradually sought compelling unit economics. American global aerospace and defense corporation Boeing also outperformed during the period, as sentiment improved from previously poor levels due to healthy airframe orders, improving delivery cadence, and positive cash flow generation ahead of consensus expectations. Finally, during the third quarter of 2023, the Jackson Square component of the Fund received proceeds from a class action settlement from a company the Fund no longer owns. Jackson Square notes that this is a one-time event that is not likely to be repeated.

Subadviser outlook

Sands Capital observes that its segment of the Fund is exposed to what Sands Capital views as leaders and emerging leaders. In Sands Capital’s view, the Fund is potentially well positioned to benefit from a diverse set of secular growth drivers. Sands Capital believes that growth for these businesses is generally underappreciated, with fundamentals that Sands Capital believes, in many cases, have the potential to accelerate as near-term industry specific headwinds recede.

MassMutual Growth Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)

Jackson Square believes that during the relevant period, the market had been pricing in a “Goldilocks” outcome – an abrupt Federal Reserve pivot toward easing without the associated economic pain that usually precedes and forces a policy shift. In Jackson Square’s observation, in recent months, the market’s tone has shifted from “soft” or “no landing” to fearing stubborn inflation and higher-for-longer rates. In Jackson Square’s view, volatile sentiment and a still wide range of economic outcomes reinforce the value of their investment approach, particularly in light of uncertainty in the investment markets.

MassMutual Growth Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Growth Opportunities Fund Largest Holdings (% of Net Assets) on 9/30/23
Microsoft Corp.	10.8%
Amazon.com, Inc.	7.5%
NVIDIA Corp.	6.1%
ServiceNow, Inc.	5.7%
Visa, Inc. Class A	5.4%
Uber Technologies, Inc.	3.7%
Mastercard, Inc. Class A	2.9%
CME Group, Inc.	2.6%
Dexcom, Inc.	2.6%
Edwards Lifesciences Corp.	2.3%
	49.6%

MassMutual Growth Opportunities Fund Sector Table (% of Net Assets) on 9/30/23
Technology	35.4%
Communications	22.1%
Consumer, Non-cyclical	17.1%
Financial	12.0%
Industrial	6.3%
Consumer, Cyclical	3.3%
Basic Materials	1.4%
Total Long-Term Investments	97.6%
Short-Term Investments and Other Assets and Liabilities	2.4%
Net Assets	100.0%

MassMutual Growth Opportunities Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	12/07/2011	27.18%	5.05%	9.33%
Class R5	05/01/2000	26.88%	4.95%	9.22%
Service Class	05/01/2000	27.19%	4.88%	9.13%
Administrative Class	05/01/2000	26.85%	4.74%	9.00%
Class R4	04/01/2014	26.57%	4.59%		8.20%
Class A	05/01/2000	26.39%	4.46%	8.72%
Class A (sales load deducted)*	05/01/2000	19.44%	3.29%	8.11%
Class R3	12/31/2002	26.67%	4.39%	8.59%
Class Y	02/01/2023					8.04%
Russell 1000 Growth Index		27.72%	12.42%	14.48%	14.07%	15.36%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MassMutual Mid Cap Value 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 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 35% of the Fund’s portfolio; PanAgora Asset Management, Inc. (PanAgora), which oversaw approximately 29% of the Fund’s portfolio; and Thompson, Siegel & Walmsley LLC (TSW), which was responsible for approximately 36% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 10.43%, underperforming the 11.05% return of the Russell Midcap^® Value Index (the “benchmark”), which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, within the American Century component of the Fund, performance was driven in part by security selection in financials – the insurance industry in particular – which weighed on relative results. With respect to specific Fund component holdings, Truist Financial underperformed, along with many bank stocks amid the failure of two mid-cap banks in the first quarter of 2023. American Century’s security selection in consumer discretionary during the period also hindered performance. There, exposure to specialty retailer Advance Auto Parts detracted. Conversely, security selection in health care benefited relative results. An overweight, relative to the benchmark, in the health care providers and services industry, including Universal Health Services and Cencora, supported returns. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. American Century generally buys foreign-exchange forward hedge contracts in an effort to offset the inherent currency risks of holding foreign securities. Exposure to these derivatives during the period contributed to performance.

Within the TSW segment of the Fund, the primary detractor from relative performance during the period was stock selection in the consumer discretionary, telecommunications, and energy sectors. In consumer discretionary, the TSW Fund component was impacted to a large degree by what was not held in the industry, particularly in the travel and leisure and home construction sectors. Of the positions held, Advance Auto Parts, an auto parts distributor, was a significant detractor. Within telecommunications, Fund component holdings DISH Network Corp., a provider of satellite television, and Altice USA, a provider of broadband and cable television, were the primary detractors. Within energy, TSW’s underweight to more oil sensitive stocks was the primary drag on relative returns. Of positions held, Chesapeake Energy Corp., an exploration and production company, was the primary detractor. Contributing to TSW’s performance during the period were the financial, consumer staples, and real estate sectors. Within the financial sector, Fund component holding Arch Capital Group, a provider of property and casualty insurance and reinsurance, and First Citizens BancShares, a bank holding company, were the primary relative contributors. Within consumer staples, Fund component holdings Cencora, a drug distributor, and Molson Coors Beverage Co., a beverage producer, were strong contributors. In the real estate sector, the Fund component benefited from an underweight allocation, as TSW believes valuation levels generally do not properly reflect the risk of the underlying operators and properties.

For the Fund’s PanAgora component, information technology was the largest detractor for the fiscal year due to weak stock selection within the sector. The largest laggard within the sector was the Fund component’s overweight position in Keysight Technologies, a manufacturer of electronics test equipment and software that had its share price decline markedly in August 2023. On the positive side, industrials was the largest contributor to performance for the fiscal year due to strong stock selection within the sector. There, a top performer was an overweight position in Builders FirstSource, a Dallas-based manufacturer of buildings materials that advanced from strong quarterly earnings results announced in May and August of 2023.

MassMutual Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Looking ahead, American Century believes that higher-quality stocks may offer resilience. The Federal Reserve recently held interest rates steady, but gave indications that it may not lower rates as quickly as previously anticipated in 2024. With rates generally expected to stay higher for longer, coupled with potentially continuing inflation and an uncertain economic environment, Fund management remains focused on companies that they believe are of higher quality and demonstrate durable revenue streams, stable cash flows, low debt levels, and business models that should be able to withstand changes in the economic environment.

In TSW’s view, investors have generally shrugged off a myriad of macroeconomic and geopolitical headwinds as U.S. market multiples were close to all-time highs as of the end of the relevant period. TSW believes that value is the one pocket of the market that will continue to look attractive compared to history and the rest of the market. Regardless, in their view, TSW expects that sentiment will continue to be quite volatile, seemingly taking on a different posture every few months.

PanAgora does not attempt to forecast excess returns. They believe that their investment process and stock selection methodology enhance their strategy, which focuses on company fundamentals during periods of market turbulence. In their view, their preference for companies that are profitable, well managed, and competitive in their industry will allow their Fund component to have the potential to prevail in periods of extreme market stress.

MassMutual Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Mid Cap Value Fund Largest Holdings (% of Net Assets) on 9/30/23
Allstate Corp.	2.2%
Huntington Ingalls Industries, Inc.	1.4%
Willis Towers Watson PLC	1.2%
Evergy, Inc.	1.1%
Cencora, Inc.	1.1%
Reinsurance Group of America, Inc.	1.1%
Laboratory Corp. of America Holdings	1.1%
Edison International	1.0%
Dominion Energy, Inc.	0.9%
Dollar Tree, Inc.	0.9%
	12.0%

MassMutual Mid Cap Value Fund Sector Table (% of Net Assets) on 9/30/23
Financial	20.4%
Consumer, Non-cyclical	18.6%
Industrial	14.0%
Utilities	10.9%
Communications	9.2%
Consumer, Cyclical	7.6%
Energy	6.5%
Technology	5.1%
Basic Materials	4.6%
Mutual Funds	0.7%
Total Long-Term Investments	97.6%
Short-Term Investments and Other Assets and Liabilities	2.4%
Net Assets	100.0%

MassMutual Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	12/07/2011	10.52%	5.31%	7.16%
Class R5	08/29/2006	10.43%	5.20%	7.05%
Service Class	08/29/2006	10.30%	5.09%	6.94%
Administrative Class	08/29/2006	10.21%	4.99%	6.84%
Class R4	04/01/2014	10.05%	4.83%		5.89%
Class A	08/29/2006	10.00%	4.73%	6.57%
Class A (sales load deducted)*	08/29/2006	3.95%	3.55%	5.97%
Class R3	08/29/2006	9.75%	4.57%	6.41%
Class Y	02/01/2023					-8.13%
Russell Midcap Value Index		11.05%	5.18%	7.92%	6.98%	-6.98%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Small Cap Value Equity Fund – Portfolio Manager Report (Unaudited)

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 53% of the Fund’s portfolio; and Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley), which was responsible for approximately 47% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 18.00%, outperforming, by a wide margin, the 7.84% return of the Russell 2000 Value Index (the “benchmark”), which measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

In the Wellington Management segment of the Fund, sector allocation contributed to relative performance during the fiscal year ended September 30, 2023. An underweight allocation, relative to the benchmark, to the health care sector and an overweight allocation to materials contributed, although this was partially offset by underweight allocations to the industrial and energy sectors. Security selection also contributed to relative performance during the period, driven by favorable stock choices in the information technology, financial, and consumer discretionary sectors. On the other hand, less-than-favorable stock selection in the materials, health care, and communication services sectors detracted. Fund component holdings that were among the top relative contributors to performance were Tri Pointe Homes (consumer discretionary) and First Citizens (financial). Shares of Tri Pointe Homes, a U.S. homebuilder, rose during the period on the back of strong earnings over the period. First Citizens BancShares, a regional U.S. bank, performed positively, thanks largely to the acquisition of certain assets and liabilities of Silicon Valley Bridge Bank. Fund component holdings that were among the top relative detractors were Monro (consumer discretionary) and Mativ Holdings (materials). Monro, an automotive services company, saw its shares drop during the period after the company missed consensus estimates on both earnings per share (EPS) and revenue. Specialty materials manufacturer Mativ Holdings saw their share price decline during the reporting period due to missing EPS consensus estimates in three quarters, coinciding with the appointment of a new CFO in March 2023.

Within the Barrow Hanley component of the Fund, stock selection added notable value during the fiscal year, as numerous Fund component holdings outperformed. Fund component holding Super Micro Computer, a manufacturer of custom high-performance data center servers, solved a bottleneck for the burgeoning artificial intelligence (AI) ecosystem, and saw its stock rise over 400% during the period. Fund component holding Greenbrier, a manufacturer of rail cars, benefited significantly from renewed demand in rail cars. The theme of benefiting from competition leaving a market continued in the form of Fund component holding OFG Bancorp, a bank serving the island of Puerto Rico. As the island sunk into an economic malaise over the past two decades, other banks fled the island, leaving only a handful of competitors. OFG flexed their strength as the island began emerging from its depression – resulting in some of the highest profitability metrics in the country among banks. While contributing Fund component holdings far outweighed the detractors for the year, Barrow Hanley sold Fund component holding FARO Technologies, a manufacturer of 3D measuring hardware and software on the belief that their thesis was broken and due to their change in management. SunOpta Inc., a leader in natural foods and beverages, suffered from idiosyncratic underutilization in its new manufacturing plant, as new customer wins were slow to migrate production. Columbia Banking System, a Pacific Northwest bank, continued to execute well, but sold off during the fiscal year with the rest of the banking community on the heels of bank failures in the spring.

MassMutual Small Cap Value Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Wellington Management notes that, based on their three- to five-year time horizon, they believe they are able to continue to find attractively valued investment opportunities created by the inefficiencies frequently found among small- and mid-cap companies.

Barrow Hanley notes that, as a matter of policy, they do not forecast absolute returns. Instead, regardless of market conditions, they attempt to provide for maximum possible relative returns. Consistent with this objective, Barrow Hanley believes that the market’s desire for certainty and the “company of the crowd” will tend to provide a high level of individual stock-specific opportunity for longer-term, lower-risk investing. Barrow Hanley believes that there has been, and could continue to be, a disproportionate benefit available to those who seek to remain apart from the crowd and benefit from unpopular opinion.

MassMutual Small Cap Value Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Small Cap Value Equity Fund Largest Holdings (% of Net Assets) on 9/30/23
ATI, Inc.	2.1%
Gibraltar Industries, Inc.	1.9%
Texas Capital Bancshares, Inc.	1.8%
OFG Bancorp	1.8%
Enerpac Tool Group Corp.	1.7%
Greenbrier Cos., Inc.	1.6%
Ciena Corp.	1.6%
Kaiser Aluminum Corp.	1.6%
Kirby Corp.	1.5%
Triumph Financial, Inc.	1.5%
	17.1%

MassMutual Small Cap Value Equity Fund Sector Table (% of Net Assets) on 9/30/23
Financial	27.9%
Industrial	23.4%
Consumer, Cyclical	12.3%
Consumer, Non-cyclical	10.6%
Basic Materials	9.1%
Energy	4.2%
Technology	4.2%
Communications	4.1%
Utilities	1.2%
Total Long-Term Investments	97.0%
Short-Term Investments and Other Assets and Liabilities	3.0%
Net Assets	100.0%

MassMutual Small Cap Value Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	18.15%	4.40%		6.73%
Class R5	03/31/2006	18.00%	4.30%	7.48%
Service Class	03/31/2006	17.89%	4.20%	7.38%
Administrative Class	03/31/2006	17.68%	4.08%	7.26%
Class R4	04/01/2014	17.73%	3.95%		6.26%
Class A	03/31/2006	17.44%	3.82%	6.99%
Class A (sales load deducted)*	03/31/2006	10.98%	2.65%	6.39%
Class R3	04/01/2014	17.29%	3.65%		5.98%
Class Y	02/01/2023					-5.97%
Russell 2000 Value Index		7.84%	2.59%	6.19%	5.52%	-9.19%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Small Company Value Fund – Portfolio Manager Report (Unaudited)

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 September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 7.41%, underperforming the 7.84% return of the Russell 2000 Value Index (the “benchmark”), which measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted. The Fund underperformed the 8.93% return of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, with respect to the AllianceBernstein component of the Fund, security selection detracted from relative performance, while sector selection contributed. Stock selection within the financial sector detracted, whereas stock choices in communication services contributed. An underweight allocation to the energy sector, relative to the benchmark, detracted from performance, while an underweight allocation to health care contributed. With respect to specific Fund component holdings, shares of natural foods company Hain Celestial declined after reporting fiscal third-quarter 2023 results with revenue and profits below expectations. Beauty supplies retailer and distributor Sally Beauty Holdings detracted, despite beating expectations when reporting fiscal second-quarter 2023 results. Fund component holdings that contributed to performance included home builders KB Home and Taylor Morrison Home, both of which reported third-quarter 2023 quarterly results that beat expectations.

Within the American Century segment of the Fund, Fund component holdings in the energy, financial, and materials sectors hindered performance during the fiscal year. In energy, alternative energy company Enviva, which was not a benchmark constituent during the period, detracted. The Fund component’s underweight allocation to the energy sector also hampered relative returns somewhat. In the financial sector, Fund component holdings in the banking industry, which was hurt by the regional banking crisis early in 2023, also hindered results. In the financial services industry, a non-benchmark position in global electronic payment services provider Euronet Worldwide also detracted, as its shares were hurt by lackluster ATM business due to reduced travel in Europe and the U.K. In the materials sector, avoiding exposure to the metals and mining industry was detrimental to performance. Turning to the positive, allocation decisions in the health care and information technology sectors and stock selection decisions in the information technology and consumer staples sectors were primary drivers of performance during the fiscal year. In health care, an underweight resulting largely from avoidance of the biotechnology industry was the main contributor. In the information technology sector, Fund component holdings in the electronic equipment, instruments, and components industry added most to relative returns. An overweight allocation to the semiconductors and semiconductor equipment industry also proved advantageous, especially exposure to chipmaker Kulicke & Soffa Industries. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. American Century generally buys foreign-exchange forward hedge contracts in an effort to offset the inherent currency risk of holding foreign securities. There was no material effect on performance from the Fund component’s exposure to these derivatives during the fiscal year.

MassMutual Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

AllianceBernstein believes that investor concerns that the Federal Reserve will leave interest rates at higher levels for longer could push the U.S. economy into a recession. In equity markets, they observe that value and smaller-cap stocks have underperformed the market during the period, despite those companies seeing strong earnings – leaving valuation discounts between value and growth stocks at levels not seen in 25 years. AllianceBernstein believes these spreads represent the most compelling opportunity for value stocks in recent memory, and that macro conditions, such as higher rates and inflation, have the potential to benefit value over growth, given value’s more near-term profits.

At the end of the fiscal year, American Century was maintaining its largest overweight allocation to the financial sector compared to the Fund’s other then-current allocations– in particular, maintaining an overweight in banks and financial services companies (payment processors). Fund management remains positively predisposed to higher-quality banks, as many were trading at or near trough multiples on earnings estimates that were sharply reduced. The American Century fund component continued to maintain a significantly underweight allocation to the health care sector during the period, as Fund management does not believe that valuations are presenting attractive risk/reward opportunities. A significant portion of this underweight is driven by the Fund component’s lack of exposure to biotechnology, pharmaceuticals, and life sciences tools, which, as a group, typically offer few of the characteristics (strong cash flow, high returns, attractive valuations) that Fund management requires.

MassMutual Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Small Company Value Fund Largest Holdings (% of Net Assets) on 9/30/23
ChampionX Corp.	1.8%
Magnolia Oil & Gas Corp. Class A	1.6%
First BanCorp	1.5%
Cactus, Inc. Class A	1.3%
Northern Oil & Gas, Inc.	1.3%
Korn Ferry	1.3%
Fluor Corp.	1.1%
Hillman Solutions Corp.	1.1%
Dycom Industries, Inc.	1.0%
International Seaways, Inc.	1.0%
	13.0%

MassMutual Small Company Value Fund Sector Table (% of Net Assets) on 9/30/23
Financial	29.3%
Consumer, Cyclical	16.5%
Industrial	15.9%
Consumer, Non-cyclical	14.7%
Technology	8.3%
Energy	6.1%
Basic Materials	3.8%
Utilities	2.3%
Communications	2.3%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
Net Assets	100.0%

MassMutual Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	11/15/2010	7.50%	2.98%	6.05%
Class R5	12/31/2001	7.41%	2.88%	5.94%
Service Class	12/31/2001	7.24%	2.75%	5.83%
Administrative Class	12/31/2001	7.20%	2.68%	5.73%
Class R4	04/01/2014	7.00%	2.52%		4.66%
Class A	12/31/2001	6.96%	2.40%	5.45%
Class A (sales load deducted)*	12/31/2001	1.08%	1.25%	4.86%
Class R3	12/31/2002	6.79%	2.24%	5.29%
Class Y	02/01/2023					-12.41%
Russell 2000 Value Index#		7.84%	2.59%	6.19%	5.52%	-9.19%
Russell 2000 Index		8.93%	2.40%	6.65%	6.15%	-6.56%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual Mid Cap Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MassMutual Mid Cap Growth 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 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 76% of the Fund’s portfolio; and Frontier Capital Management Company, LLC (Frontier), which was responsible for approximately 24% of the Fund’s portfolio, as of September 30, 2023. In addition, T. Rowe Price Investment Management, Inc. serves as a sub-subadviser for the Fund.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 15.38%, underperforming the 17.47% return of the Russell Midcap^® Growth Index (the “benchmark”), which measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, within the T. Rowe Price component of the Fund, sector allocation hampered performance, although this was partially offset by favorable stock selection. Fund component holdings in the consumer staples sector detracted from relative results. Shares of Dollar General, a Fund component holding, fell on disappointing second- and third-quarter 2023 results and forward guidance. Within the health care sector, an overweight allocation, relative to the benchmark, and less-than-favorable stock selection weighed on relative performance. Catalent, a contract development and manufacturing organization in the drug industry, experienced delays in transferring COVID-dedicated production capacity work to non-COVID work and also experienced quality issues at major manufacturing facilities. Conversely, Fund component holdings in the communication services sector contributed to relative performance. The Trade Desk, a Fund component holding, is one of the world’s largest independent demand-side platforms. Advertisers use the company’s software platform to programmatically purchase ad inventory across different channels (display, video, in app) and devices. During the period, the company outperformed its digital advertising peers, despite tightening advertising budgets. The information technology sector also aided relative returns due to favorable stock selection, which was partially offset by an underweight position to the market segment. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. The estimated return impact from T. Rowe Price’s use of warrants during the period was negligible.

Adverse stock selection challenged the Frontier component of the Fund during the fiscal year, while sector allocation was modestly positive. Fund component holdings within the technology sector were the primary detractors from performance, followed by stock choices in the consumer discretionary and financial sectors – which were partially offset by Fund component holdings in the industrial and energy sectors. With respect to specific holdings, semiconductor supplier Wolfspeed, Inc. underperformed due to market concern about high debt levels and its inability to expand capacity. Solar inverter maker SolarEdge Technologies, Inc., a Fund component holding, stumbled amid a slowdown in the U.S. residential market and excess inventory in Europe. In the consumer discretionary sector, retailer Dollar General Corporation fell, as low-income consumers reduced spending, while execution missteps dented profitability. Fund component holding SVB Financial Group underperformed, as the bank’s efforts to strengthen its balance sheet triggered a run on its uninsured deposits, leading to its closure. In the industrial sector, less-than-truckload operator XPO, Inc. was a standout; it made significant operational improvements to increase profitability, while benefiting from a competitor’s bankruptcy. In the energy sector, oil and gas producer Permian Resources Corporation benefited from higher oil prices, improved production, and an accretive acquisition.

MassMutual Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

T. Rowe Price observes that the third quarter of 2023 brought a remarkable shift in investor sentiment, from the optimism-driven rally that started the year, and bled into July, to a more pessimistic outlook amid a challenged economic backdrop. Despite the recent pullback, Fund management still sees pockets of excess valuation and a fair amount of speculation in the market. In their view, much of the market’s performance in the first half of 2023 was driven by valuation expansion, but that reversed in the third quarter as rates rose further, weighing on long-duration assets. In T. Rowe Price’s view, there are also concerns that higher rates could surface other issues lurking in the system, and investors appear cautious that the market could continue to experience downward pressure.

In Frontier’s view, elevated lending rates and high energy prices have been dampening consumer demand. Yet, in Frontier’s observation, as of September 30, 2023, the financial data support an economic soft-landing narrative – corporate earnings revisions are bottoming, the labor market appears to be loosening, and the artificial intelligence (AI) secular growth theme remains intact. The disinflation trend outside of energy continued during the fiscal year, with August core PCE (Personal Consumption Expenditure) up just 0.1%. This was the lowest monthly increase in nearly three years, implying an annualized core inflation rate of less than 2%. Still, Frontier believes that, despite the near peak in the federal funds rate (i.e., the interest rate that banks and financial institutions charge each other for borrowing funds overnight), sustained high lending rates remain the most significant risk to economic growth and stock prices.

MassMutual Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 9/30/23
Microchip Technology, Inc.	2.7%
Hologic, Inc.	2.3%
Marvell Technology, Inc.	2.3%
Trade Desk, Inc. Class A	2.0%
Veeva Systems, Inc. Class A	1.9%
Agilent Technologies, Inc.	1.8%
Textron, Inc.	1.6%
JB Hunt Transport Services, Inc.	1.5%
Teleflex, Inc.	1.5%
KKR & Co., Inc.	1.5%
	19.1%

MassMutual Mid Cap Growth Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	29.4%
Technology	20.4%
Industrial	16.6%
Consumer, Cyclical	13.3%
Financial	6.5%
Communications	5.3%
Energy	4.7%
Basic Materials	1.2%
Total Long-Term Investments	97.4%
Short-Term Investments and Other Assets and Liabilities	2.6%
Net Assets	100.0%

MassMutual Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	11/15/2010	15.49%	6.15%	9.98%
Class R5	06/01/2000	15.38%	6.06%	9.87%
Service Class	06/01/2000	15.27%	5.95%	9.76%
Administrative Class	06/01/2000	15.19%	5.84%	9.65%
Class R4	04/01/2014	14.91%	5.67%		8.78%
Class A	06/01/2000	14.85%	5.58%	9.38%
Class A (sales load deducted)*	06/01/2000	8.54%	4.39%	8.76%
Class R3	12/31/2002	14.70%	5.41%	9.20%
Class Y	02/01/2023					-2.76%
Russell Midcap Growth Index		17.47%	6.97%	9.94%	9.46%	1.06%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited)

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 60% of the Fund’s portfolio; and Invesco Advisers, Inc. (Invesco Advisers), which was responsible for approximately 40% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 9.02%, underperforming the 9.59% return of the Russell 2000 Growth Index (the “benchmark”), which measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. The Fund outperformed the 8.93% return of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

In the Wellington Management component of the Fund, weaker stock selection within information technology hampered the Fund component’s relative performance during the period, but this was partially offset by strong security selection in the consumer staples, industrials, and communication services sectors. Underweight allocations to the energy and information technology sectors, relative to the benchmark, detracted, whereas an overweight allocation to the industrial sector, underweight stakes in the health care and financial sectors, and a lack of exposure to the utilities sector contributed. Among Fund component holdings that were the top relative detractors for the reporting period were First Interstate BancSystem (financials), R1 RCM (health care), and not holding Super Micro Computer (information technology). Shares of First Interstate BancSystem fell over the period after the bank holding company reported earnings per share and net interest income below expectations due to increased margin pressure. R1 RCM, a provider of technology-driven solutions that enhance the patient experience and financial performance of health care providers, saw its share price drop early in the period after reporting third-quarter earnings that fell short of expectations. Shares of Super Micro Computer ended the period higher after the U.S.-based IT solutions provider benefited from investor optimism surrounding artificial intelligence. Fund component holdings that were among the top relative contributors were e.l.f. Beauty (consumer staples), BellRing Brands (consumer staples), and Patrick Industries (consumer discretionary). e.l.f. Beauty’s shares rose after surpassing consensus estimates on both the top- and bottom-line metrics for four consecutive periods. Sales growth was driven by strong performance in the cosmetics and skincare segments across retail and e-commerce channels, while gross margin growth was supported by price increases and an improved product mix. Shares of BellRing Brands ended the period higher after the active nutrition food company reported first-, second-, and third-quarter 2023 revenue above expectations. The share price of Patrick Industries, a manufacturer of components and building products serving the recreational vehicle, marine, manufactured housing, and industrial markets, rose after management released strong earnings results.

With respect to the Invesco Advisers component of the Fund, less-than-favorable stock selection in the health care, industrial, and information technology sectors was offset by strong stock selection in the consumer staples, financial, and consumer discretionary sectors during the period. Fund component holdings that were underperformers for the fiscal year included Chart Industries, Shockwave Medical, and Axonics. Chart Industries, a global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases, declined after the company announced plans to acquire gas handling product and service company Howden. The share price of cardiovascular medical device company Shockwave Medical declined when the company reported mixed results at the end of 2022 that were a bit less impressive than prior quarters. Axonics, a health care company that makes medical devices to treat incontinence, underperformed due to concerns related to new competitive products and a selloff by the overall medical device group. Fund component holdings that were the top performers during the

MassMutual Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

fiscal year included e.l.f. Beauty, Lattice Semiconductor, and Kinsale Capital Group. e.l.f. Beauty, which provides cosmetic and skin-care products, reported strong quarterly results where revenues, earnings per share, and EBITDA (earnings before interest, taxes, depreciation and amortization) all exceeded expectations. Lattice Semiconductor – which designs, develops, and markets programmable logic products and related software – was one of the few semiconductor companies to beat and raise guidance during earnings season late in 2022; earlier in 2023, the company posted numbers ahead of consensus estimates. Kinsale Capital Group, an insurance company that writes commercial policies in the excess and surplus insurance market grew premiums in excess of 40% for its fiscal year ended June 30 and substantially exceeded expectations for all financial metrics.

Subadviser outlook

Wellington Management typically avoids taking top-down views of the economy and remains focused on bottom-up stock selection, looking for companies that fit their philosophy and process with capable management teams, moats, and strong balance sheets with attractive reward/risk characteristics. However, Fund management acknowledges that today, there are more divergent views on the direction of monetary policy than there were 12-18 months ago, which could signal a wider range of potential macroeconomic outcomes. As such, in Wellington Management’s view, focusing on the quality of management team execution and capital allocation abilities at the individual stock level will be even more important going forward.

In Invesco Advisers’ observation, domestic stocks generated surprisingly strong returns during the first half of 2023, primarily due to a resilient economy, progress on taming U.S. inflation, and a burst of enthusiasm about technology and mega-cap companies. Unfortunately, equities came under significant pressure in the third quarter of 2023, as Treasury yields raced to 17-year highs, despite the Federal Reserve’s progress bringing inflation back down from 9% earlier in the year to around 3.5-4% by the end of the period. In Invesco Advisers’ opinion, the spike in yields presents new risks to interest-sensitive parts of the economy, and places downward pressure on growth stock valuations. Keeping these factors in mind, Fund management remains focused on holding shares of reasonably valued companies that they believe have superior relative growth potential.

MassMutual Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 9/30/23
elf Beauty, Inc.	1.4%
Wingstop, Inc.	1.4%
Comfort Systems USA, Inc.	1.3%
Celsius Holdings, Inc.	1.3%
Clean Harbors, Inc.	1.3%
Applied Industrial Technologies, Inc.	1.2%
Fluor Corp.	1.2%
Haemonetics Corp.	1.2%
Curtiss-Wright Corp.	1.2%
Acadia Healthcare Co., Inc.	1.2%
	12.7%

MassMutual Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	23.1%
Industrial	19.1%
Technology	19.0%
Financial	11.7%
Consumer, Cyclical	11.1%
Energy	6.9%
Communications	3.4%
Basic Materials	3.0%
Utilities	1.1%
Mutual Funds	0.2%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
Net Assets	100.0%

MassMutual Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	11/15/2010	9.15%	5.20%	8.95%
Class R5	05/03/1999	9.02%	5.09%	8.83%
Service Class	05/03/1999	8.98%	5.00%	8.73%
Administrative Class	05/03/1999	8.77%	4.88%	8.61%
Class R4	04/01/2014	8.67%	4.74%		7.79%
Class A	05/03/1999	8.56%	4.62%	8.34%
Class A (sales load deducted)*	05/03/1999	2.58%	3.45%	7.73%
Class R3	12/31/2002	8.27%	4.45%	8.17%
Class Y	02/01/2023					-5.01%
Russell 2000 Growth Index#		9.59%	1.55%	6.72%	6.37%	-4.28%
Russell 2000 Index		8.93%	2.40%	6.65%	6.15%	-6.56%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual Overseas Fund – Portfolio Manager Report (Unaudited)

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 65% of the Fund’s portfolio; and Harris Associates L.P. (Harris), which oversaw approximately 35% of the Fund’s portfolio, as of September 30, 2023.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class R5 shares returned 26.54%, outperforming the 25.65% return of the MSCI EAFE Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. It is free float-adjusted market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, with respect to the MFS component of the Fund, stock selection within the materials sector aided relative returns, led by an overweight position, relative to the benchmark, in industrial and medical gas supplier Air Liquide (France). A combination of an underweight allocation to, and stock selection within, the communication services sector also helped relative performance. Security selection and an overweight allocation to the industrial sector also bolstered relative returns. There, overweight positions in diversified industrial manufacturer Rolls-Royce (United Kingdom), electrical distribution equipment manufacturer Schneider Electric (France), and electronics company Hitachi (Japan) boosted relative performance. Stock selection in both the financial and health care sectors detracted from relative performance during the period. Within the financial sector, overweight allocations to insurance company AIA Group (Hong Kong) and stock exchange Deutsche Boerse (Germany) hindered the Fund component’s relative results. Within the health care sector, overweight allocations to precision instruments and machines manufacturer Olympus (Japan), pharmaceutical and diagnostic company Roche Holding (Switzerland), and pharmaceutical company Merck KGaA (Germany) held back relative results. The combination of weak stock selection and overweight allocation to the consumer staples sector also weighed on relative performance. Within that sector, overweight positions in wine and alcoholic beverage producer Pernod Ricard (France), cosmetic products manufacturer Kose (Japan), and premium drinks distributor Diageo (United Kingdom) hindered relative performance.

For the fiscal year ended September 30, 2023, with respect to the Harris component of the Fund, companies located in Germany provided the best relative performance, due primarily to favorable stock selection. A lack of exposure to Hong Kong companies produced the next-best result, followed by favorable stock selection in companies located in Switzerland. Stock selection in France and the U.K. detracted most from the Fund component’s relative performance. Companies located in Denmark were the next-largest relative detractor, driven entirely by a less-than-benchmark allocation. From a sector perspective, the consumer discretionary sector furnished the best relative result during the period, owing to positive outcomes from both stock selection as well as a greater-than-benchmark weighting. Holdings in the industrial sector delivered the next-best relative performance, due to favorable stock selection, followed by consumer staples, which benefited from a less-than-benchmark weighting and positive stock selection. The financial sector supplied the largest negative relative result due to less-than-favorable stock selection. A lack of exposure to the energy sector during the period produced the only other negative relative result from a sector perspective.

Subadviser outlook

MFS notes that, as of September 30, 2023, the benchmark was trading at 12.7x forward earnings, a modest discount to its 20-year average of 13.5x forward earnings. At the same time, the average net margin of companies in the benchmark was 9.7%, near its peak level of 9.8% and well above the 20-year average of 6.8%. While it is possible for net margins to remain at elevated levels in the near term, MFS believes it is more likely that net margins will decline from current levels. In fact, if history is any indicator, it is possible that global growth could slow soon. In their view, MFS’s valuation discipline and avoidance of companies with significant financial leverage could prove beneficial if a recessionary environment were to occur in the near future.

MassMutual Overseas Fund – Portfolio Manager Report (Unaudited) (Continued)

Harris observes that major global markets generally finished higher for the fiscal year following a challenging 2022. European equity markets showed strength on the back of better-than-expected economic data, while Asian markets were mixed, with China equities pressured and Japanese equities reaching 30-year highs. While a resilient labor market, cooling housing market, and hopes for less-hawkish central banks have given investors reasons for optimism, the ramifications of tighter monetary policy, elevated inflation, and geopolitical uncertainty continue to offer reasons for concern, in the view of Fund management.

MassMutual Overseas Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Overseas Fund Largest Holdings (% of Net Assets) on 9/30/23
Nestle SA Registered	2.2%
Capgemini SE	2.1%
Roche Holding AG	2.0%
Air Liquide SA	1.9%
SAP SE	1.9%
Intesa Sanpaolo SpA	1.9%
Schneider Electric SE	1.8%
Bayer AG Registered	1.7%
Compass Group PLC	1.6%
Novartis AG Registered	1.6%
	18.7%

MassMutual Overseas Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	27.5%
Financial	18.1%
Consumer, Cyclical	15.3%
Industrial	14.2%
Technology	9.0%
Basic Materials	6.4%
Communications	4.3%
Energy	2.0%
Utilities	0.9%
Total Long-Term Investments	97.7%
Short-Term Investments and Other Assets and Liabilities	2.3%
Net Assets	100.0%

MassMutual Overseas Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	11/15/2010	26.64%	4.31%	4.20%
Class R5	05/01/2001	26.54%	4.20%	4.08%
Service Class	05/01/2001	26.45%	4.12%	3.99%
Administrative Class	05/01/2001	26.34%	4.01%	3.89%
Class R4	04/01/2014	26.11%	3.86%		3.46%
Class A	05/01/2001	26.07%	3.76%	3.63%
Class A (sales load deducted)*	05/01/2001	19.13%	2.59%	3.05%
Class R3	12/31/2002	25.83%	3.60%	3.45%
Class Y	02/01/2023					-4.04%
MSCI EAFE Index		25.65%	3.24%	3.82%	3.42%	-0.94%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Select T. Rowe Price International Equity Fund – Portfolio Manager Report (Unaudited)

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.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 22.72%, outperforming the 20.39% return of the MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. It is free float-adjusted market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

T. Rowe Price generally takes a core approach to investing, which typically provides exposure to both growth and value styles of investing. For the fiscal year ended September 30, 2023, an underweight to international developed growth equities contributed to relative results. Selection among the emerging markets and international developed core equity allocations detracted from relative returns during the period, as the allocations lagged their respective benchmarks. Conversely, selection in the emerging markets value and international developed value allocations lifted relative results.

During the period, the emerging markets value equity allocation outperformed, as the financial sector contributed significantly to the Fund’s relative performance owing to security selection, led by holdings in the banking industry. Favorable stock selection in the materials sector also aided relative returns. Conversely, an overweight allocation, coupled with stock selection in the real estate sector, was a notable detractor from relative performance during the period. From a regional perspective, security selection in Latin America contributed significantly to relative performance. Conversely, security selection in the Pacific Ex Japan region weighed on relative results.

The international developed equity value allocation outperformed during the period, as the industrial and business services sector contributed to relative performance, due to favorable security selection, led by holdings in the aerospace and defense industry. Stock choices and an underweight allocation in the utilities sector also aided relative results. Conversely, unfavorable security selection in the health care sector detracted from relative results, driven by holdings in the pharmaceuticals industry. Regionally, stock selection in developed Europe aided relative performance. Conversely, stock selection within and an underweight allocation to Japan weighed on relative returns.

The emerging markets equity allocation underperformed during the period. The consumer discretionary sector detracted from relative results due to unfavorable stock selection and an overweight allocation. Stock selection and an overweight allocation to the consumer staples sector also weighed on relative performance. Conversely, favorable stock selection in the materials sector contributed to relative results, led by holdings in the metals and mining industry. From a country perspective, weak stock selection in China weighed on relative returns. Conversely, an out-of-benchmark allocation to The Netherlands aided relative returns.

MassMutual Select T. Rowe Price International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

During the fiscal year, the international developed core equity allocation generated strong absolute returns, but underperformed, as security selection in the materials sector detracted from relative performance, driven by holdings in the metals and mining industry. The financial sector also weighed on relative performance due to stock selection, although an overweight allocation partially offset the impact. Conversely, stock selection and an overweight allocation to the information technology sector contributed to relative returns. Regionally, stock selection in developed Europe detracted from relative performance – and security selection in United States contributed.

The international developed growth equity allocation slightly underperformed during the period, as the industrial and business services sector detracted from relative results due to unfavorable stock selection coupled with an underweight allocation. The consumer discretionary sector also weighed on relative performance owing to stock choices and an underweight allocation. Conversely, the financial sector contributed to relative returns due to favorable stock selection, although an overweight allocation partially offset the impact. Regionally, an underweight allocation to developed Europe detracted. Conversely, favorable security selection in Pacific ex Japan contributed to relative results, although it was partially offset by an overweight allocation to the region.

Subadviser outlook

As inflation recedes, albeit slowly, T. Rowe Price believes that global central banks may be approaching a peak in the tightening cycle, which could provide a catalyst for growth. However, divergent approaches to monetary policy across regions underscore the uncertainty in the current environment. The U.S. Federal Reserve is steadfast with a higher-for-longer message as it weighs signs of moderating inflation with higher oil prices and uncertainty surrounding government funding. The European Central Bank and the Bank of England are signaling an end to rate hikes amid signs that the economy is slowing and inflation is beginning to fall. The Bank of Japan, meanwhile, continues its ultra-easy monetary policy as it considers inflation and wage growth in determining a path forward. T. Rowe Price expects volatility to remain elevated in the near term as the effects of diminished liquidity, rising energy prices, and falling earnings expectations are reflected in markets. Key risks to global markets include a deeper-than-expected decline in growth, central bank missteps, a reacceleration in inflation, a trajectory of Chinese growth, and geopolitical tensions. Fund management continues to evaluate long-term valuations and early indications of stabilization or improvement in macroeconomic conditions as they assess where there may be opportunities to add to risk assets.

MassMutual Select T. Rowe Price International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Select T. Rowe Price International Equity Fund Largest Holdings (% of Net Assets) on 9/30/23
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3%
Samsung Electronics Co. Ltd.	2.2%
AstraZeneca PLC Sponsored ADR	1.4%
Nestle SA Registered	1.3%
ASML Holding NV	1.3%
TotalEnergies SE	1.1%
Roche Holding AG	1.0%
Nippon Telegraph & Telephone Corp.	1.0%
Sanofi	1.0%
Siemens AG Registered	0.9%
	13.5%

MassMutual Select T. Rowe Price International Equity Fund Sector Table (% of Net Assets) on 9/30/23
Financial	22.5%
Consumer, Non-cyclical	21.0%
Industrial	11.9%
Technology	10.9%
Consumer, Cyclical	10.8%
Communications	8.6%
Basic Materials	5.6%
Energy	4.1%
Utilities	2.1%
Diversified	0.0%
Total Long-Term Investments	97.5%
Short-Term Investments and Other Assets and Liabilities	2.5%
Net Assets	100.0%

MassMutual Select T. Rowe Price International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

The graph above illustrates the Fund’s historical performance for the past 10 fiscal years or since inception (for Funds lacking 10-year records) in comparison to its benchmark index, as well as one or more additional indexes, if applicable.

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	22.72%	3.17%	2.25%
MSCI ACWI ex USA		20.39%	2.58%	2.22%

MassMutual Total Return Bond Fund – Portfolio of Investments

September 30, 2023

	Principal Amount		Value
BONDS & NOTES — 115.6%
BANK LOANS — 1.8%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2023 Term Loan I, 3 mo. USD Term SOFR + 3.250%
8.640% VRN 8/24/28	$	189,546	$	189,516
Airlines — 0.0%
American Airlines, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.750%
10.338% VRN 4/20/28		46,263		47,604
United Airlines, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750%
9.182% VRN 4/21/28		41,924		41,934
				89,538
Beverages — 0.1%
City Brewing Co. LLC, Closing Date Term Loan, 3 mo. USD Term SOFR + 3.500%
9.070% VRN 4/05/28		86,579		56,493
Naked Juice LLC
Term Loan, 3 mo. USD Term SOFR + 3.250%
8.740% VRN 1/24/29		389,157		368,769
2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.000%
11.490% VRN 1/24/30		68,440		55,244
				480,506
Chemicals — 0.0%
Chemours Co., 2023 USD Term Loan B, 1 mo. USD Term SOFR + 2.500%
8.816% VRN 8/18/28		260,597		257,339
Commercial Services — 0.1%
Element Materials Technology Group US Holdings, Inc.
2022 USD Delayed Draw Term Loan, 3 mo. USD Term SOFR + 4.250%
9.740% VRN 7/06/29		22,204		21,899
2022 USD Term Loan, 3 mo. USD Term SOFR + 4.250%
9.740% VRN 7/06/29		48,109		47,447
Pre-Paid Legal Services, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.500%
8.931% VRN 12/15/28		103,024		101,865

	Principal Amount		Value
Prime Security Services Borrower LLC
2021 Term Loan,
0.000% 3/14/28 ^(a)	$	50,000	$	49,000
2021 Term Loan, 1 mo. USD Term SOFR + 2.750%
8.192% VRN 9/23/26		110,260		110,060
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000%
9.664% VRN 3/04/28		229,205		197,618
Trans Union LLC, 2021 Term Loan B6, 1 mo. USD Term SOFR + 2.250%
7.681% VRN 12/01/28		215,375		215,081
TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000%
9.416% VRN 11/02/27		56,755		53,832
				796,802
Computers — 0.0%
Amentum Government Services Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 4.000%
9.431% VRN 1/29/27		68,631		67,973
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%
9.166% VRN 2/01/28		219,943		219,256
				287,229
Cosmetics & Personal Care — 0.0%
Sunshine Luxembourg VII Sarl, 2021 Term Loan B3, 3 mo. USD Term SOFR + 3.750%
9.240% VRN 10/01/26		114,256		114,003
Distribution & Wholesale — 0.0%
Patriot Container Corp., 2018 1st Lien Term Loan,
0.000% 3/20/25 ^(a)		34,602		32,792
Diversified Financial Services — 0.1%
Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6, 1 mo. USD Term SOFR + 2.500%
7.825% VRN 6/22/28		70,149		70,088
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%
9.140% VRN 4/09/27		139,870		136,228
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, 3 mo. USD Term SOFR + 2.000%
7.652% VRN 11/05/28		700,000		699,237
				905,553

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

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

	Principal Amount		Value
Electronics — 0.0%
II-VI, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 7/02/29	$	36,471	$	36,312
Entertainment — 0.1%
Churchill Downs, Inc., 2021 Incremental Term Loan B1, 1 mo. USD Term SOFR + 2.000%
7.416% VRN 3/17/28		99,490		99,304
Delta 2 (LUX) Sarl, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.316% VRN 1/15/30		14,243		14,229
PENN Entertainment, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.166% VRN 5/03/29		52,535		52,421
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.434% VRN 4/14/29		106,535		106,401
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 5/18/25		218,236		217,660
				490,015
Environmental Controls — 0.0%
Filtration Group Corp., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%
9.681% VRN 10/21/28		53,903		53,926
Food — 0.0%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%
9.181% VRN 10/01/25		17,315		16,619
H Food Holdings LLC, 2018 Term Loan B, 3 mo. USD LIBOR + 3.688%
9.269% VRN 5/23/25		31,088		27,012
Hostess Brands LLC, 2023 Term Loan B, 3 mo. USD Term SOFR + 2.500%
7.890% VRN 6/28/30		284,525		284,820
				328,451
Health Care – Products — 0.1%
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.250%
7.666% VRN 11/08/27		177,309		177,067

	Principal Amount		Value
Bausch & Lomb Corp., Term Loan, 3 mo. USD Term SOFR + 3.250%
8.755% VRN 5/10/27	$	228,369	$	221,646
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.681% VRN 10/23/28		103,425		103,084
				501,797
Health Care – Services — 0.0%
ICON Luxembourg Sarl, LUX Term Loan, 3 mo. USD Term SOFR + 2.250%
7.902% VRN 7/03/28		94,967		94,891
IQVIA, Inc., 2018 USD Term Loan B3, 3 mo. USD Term SOFR + 1.750%
7.402% VRN 6/11/25		119,723		119,980
Star Parent, Inc., 2023 Term Loan B,
0.000% 9/19/30 ^(a)		85,619		83,609
				298,480
Home Furnishing — 0.0%
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B2021 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.750%
9.084% VRN 7/31/28		97,863		96,778
Insurance — 0.1%
Acrisure LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
8.931% VRN 2/15/27		196,438		193,420
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.250%
7.681% VRN 2/19/28		437,351		434,320
Asurion LLC
2020 Term Loan B8, 3 mo. USD Term SOFR + 3.250%
8.681% VRN 12/23/26		202,207		197,658
2022 Term Loan B10, 1 mo. USD Term SOFR + 4.000%
9.416% VRN 8/19/28		131,412		127,278
				952,676
Internet — 0.1%
Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.666% VRN 12/06/27		64,255		62,809
Gen Digital Inc., 2021 Term Loan A, 1 mo. USD Term SOFR + 1.500%
6.916% VRN 9/10/27		251,653		249,295

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

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

	Principal Amount		Value
MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250%
9.566% VRN 5/03/28	$	75,265	$	72,713
Proofpoint, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250%
8.681% VRN 8/31/28		9,874		9,782
				394,599
Lodging — 0.0%
Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 4.000%
9.316% VRN 1/27/29		295,500		292,176
Hilton Domestic Operating Co., Inc., 2019 Term Loan B2, 1 mo. USD Term SOFR + 1.750%
7.170% VRN 6/22/26		32,149		32,115
				324,291
Media — 0.1%
Charter Communications Operating LLC, 2019 Term Loan B2, 3 mo. USD Term SOFR + 1.750%
7.116% VRN 2/01/27		96,241		96,085
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. USD Term SOFR + 2.500%
7.947% VRN 4/15/27		113,071		102,141
DirecTV Financing LLC, Term Loan, 1 mo. USD Term SOFR + 5.000%
10.431% VRN 8/02/27		296,003		288,931
				487,157
Packaging & Containers — 0.1%
Berry Global, Inc., 2021 Term Loan Z, 3 mo. USD Term SOFR + 1.750%
7.293% VRN 7/01/26		885,362		884,875
Pharmaceuticals — 0.4%
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD Term SOFR + 1.750%
7.180% VRN 8/01/27		604,644		592,466
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.490% VRN 10/01/27		221,023		215,289
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD Term SOFR + 2.000%
7.416% VRN 11/15/27		573,383		563,205

	Principal Amount		Value
Horizon Therapeutics USA, Inc.
2021 Term Loan B2,
0.000% 5/22/26 ^(a)	$	105,000	$	104,901
2021 Term Loan B2, 1 mo. USD Term SOFR + 1.750%
7.184% VRN 3/15/28		254,936		254,574
Jazz Financing Lux Sarl, USD Term Loan, 1 mo. USD Term SOFR + 3.500%
8.931% VRN 5/05/28		381,599		381,229
Organon & Co., USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.442% VRN 6/02/28		420,271		419,010
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD Term SOFR + 2.250%
7.902% VRN 7/03/28		23,661		23,642
Prestige Brands, Inc., 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.000%
7.431% VRN 7/03/28		218,750		218,905
				2,773,221
Private Equity - 0.0%
GTCR W Merger Sub LLC, USD Term Loan B,
0.000% 9/20/30 ^(a)		174,404		174,276
				174,276
Retail — 0.1%
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%
7.189% VRN 9/12/30		110,485		110,003
KFC Holding Co., 2021 Term Loan B, 1 mo. USD Term SOFR + 1.750%
7.195% VRN 3/15/28		100,870		100,707
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.431% VRN 8/03/28		466,688		464,405
				675,115
Semiconductors — 0.0%
Entegris, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%, 3 mo. USD Term SOFR + 2.750%
7.816% - 7.890% 7/06/29		20,462		20,456
Software — 0.2%
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.568% VRN 2/15/29		38,200		37,424

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

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

	Principal Amount		Value
CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.640% VRN 7/06/29	$	117,016	$	116,953
DTI Holdco, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.750%
10.119% VRN 4/26/29		22,849		22,184
EagleView Technology Corp., 2018 Add On Term Loan B,
0.000% 8/14/25 ^(a)		26,637		25,112
Open Text Corp.
Term Loan B, 1 mo. USD Term SOFR + 1.750%
7.166% VRN 5/30/25		63,396		63,391
2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.166% VRN 1/31/30		134,784		134,723
Oracle Corp., Term Loan A1, 1 mo. USD Term SOFR + 1.600%
6.925% VRN 8/16/27		483,855		480,831
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.000%
8.431% VRN 4/24/28		35,547		35,102
Renaissance Holding Corp., 2023 Refi Term Loan, 3 mo. USD Term SOFR + 4.750%
10.066% VRN 4/05/30		92,990		92,143
Sophia, LP, 2021 Term Loan B, 1 mo. USD Term SOFR + 3.500%
8.916% VRN 10/07/27		97,164		96,861
SS&C Technologies, Inc., 2018 Term Loan B5,
0.000% 4/16/25 ^(a)		488,276		487,992
				1,592,716
Telecommunications — 0.2%
Frontier Communications Corp., 2021 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%
9.181% VRN 10/08/27		56,982		55,232
SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. USD Term SOFR + 1.750%
7.170% VRN 4/11/25		633,839		633,186
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.431% VRN 3/09/27		837,204		681,744
				1,370,162

	Principal Amount		Value
Transportation — 0.0%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%
7.490% VRN 12/30/26	$	100,509	$	100,289

TOTAL BANK LOANS (Cost $14,810,329)				14,708,870

CORPORATE DEBT — 26.0%
Agriculture — 0.5%
BAT Capital Corp.
4.390% 8/15/37		340,000		260,171
4.540% 8/15/47		2,165,000		1,490,260
4.758% 9/06/49		86,000		60,481
5.650% 3/16/52		495,000		396,295
BAT International Finance PLC
2.250% 9/09/52 GBP ^(b) ^(c)		480,000		228,138
Imperial Brands Finance PLC
3.875% 7/26/29 ^(b)		50,000		44,020
6.125% 7/27/27 ^(b)		690,000		688,095
Reynolds American, Inc.
5.850% 8/15/45		1,160,000		960,862
				4,128,322
Airlines — 0.1%
U.S. Airways Pass-Through Trust, Series 2011-2, Class A,
7.125% 4/22/25		530,961		530,962
Auto Manufacturers — 0.0%
Allison Transmission, Inc.
3.750% 1/30/31 ^(b)		475,000		383,991
Banks — 9.5%
Bank of America Corp.
Secured Overnight Financing Rate + 0.960% 1.734% VRN 7/22/27		400,000		354,464
Secured Overnight Financing Rate + 1.370% 1.922% VRN 10/24/31		345,000		260,280
Secured Overnight Financing Rate + 1.060% 2.087% VRN 6/14/29		1,835,000		1,536,141
Secured Overnight Financing Rate + 1.220% 2.299% VRN 7/21/32		810,000		613,761
Secured Overnight Financing Rate + 1.050% 2.551% VRN 2/04/28		2,801,000		2,497,580
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32		1,175,000		902,861

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

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

	Principal Amount		Value
Secured Overnight Financing Rate + 2.150% 2.592% VRN 4/29/31	$	290,000	$	233,041
3 mo. USD Term SOFR + 1.774% 3.705% VRN 4/24/28		1,400,000		1,289,390
3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28		2,564,000		2,381,033
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29		1,670,000		1,529,763
Citigroup, Inc.
Secured Overnight Financing Rate + 0.770% 1.462% VRN 6/09/27		180,000		159,108
Secured Overnight Financing Rate + 1.167% 2.561% VRN 5/01/32		1,860,000		1,439,820
Secured Overnight Financing Rate + 2.107% 2.572% VRN 6/03/31		1,500,000		1,196,111
Secured Overnight Financing Rate + 1.422% 2.976% VRN 11/05/30		500,000		418,629
Secured Overnight Financing Rate + 1.351% 3.057% VRN 1/25/33		2,590,000		2,047,490
Global Bank Corp. 3 mo. USD LIBOR + 3.300%
5.250% VRN 4/16/29 ^(b)		200,000		181,560
Goldman Sachs Group, Inc.
Secured Overnight Financing Rate + 0.486% 0.925% VRN 10/21/24		895,000		887,931
1.217% 12/06/23		2,245,000		2,226,395
Secured Overnight Financing Rate + 0.798% 1.431% VRN 3/09/27		2,295,000		2,043,214
Secured Overnight Financing Rate + 0.818% 1.542% VRN 9/10/27		485,000		424,663
Secured Overnight Financing Rate + 0.913% 1.948% VRN 10/21/27		1,755,000		1,549,582
Secured Overnight Financing Rate + 1.090% 1.992% VRN 1/27/32		60,000		44,977
Secured Overnight Financing Rate + 1.248% 2.383% VRN 7/21/32		590,000		449,337
Secured Overnight Financing Rate + 1.264% 2.650% VRN 10/21/32		85,000		65,609
HSBC Holdings PLC
Secured Overnight Financing Rate + 1.732% 2.013% VRN 9/22/28		1,370,000		1,162,820

	Principal Amount		Value
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26	$	1,480,000	$	1,379,459
Secured Overnight Financing Rate + 1.285% 2.206% VRN 8/17/29		1,935,000		1,594,888
Secured Overnight Financing Rate + 2.650% 6.332% VRN 3/09/44		665,000		638,532
JP Morgan Chase & Co.
3 mo. USD Term SOFR + 0.580% 0.969% VRN 6/23/25		2,650,000		2,543,159
Secured Overnight Financing Rate + 0.605% 1.561% VRN 12/10/25		1,890,000		1,786,205
Secured Overnight Financing Rate + 0.885% 1.578% VRN 4/22/27		1,765,000		1,575,142
Secured Overnight Financing Rate + 1.015% 2.069% VRN 6/01/29		885,000		745,708
Secured Overnight Financing Rate + 1.180% 2.545% VRN 11/08/32		660,000		510,770
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32		60,000		47,330
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30		540,000		451,584
3 mo. USD Term SOFR + 1.382% 4.005% VRN 4/23/29		410,000		377,845
Lloyds Banking Group PLC
1 yr. CMT + 0.850% 1.627% VRN 5/11/27		1,000,000		886,929
3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28		425,000		379,623
1 yr. CMT + 3.500% 3.870% VRN 7/09/25		415,000		406,920
1 yr. CMT + 2.300% 4.976% VRN 8/11/33		995,000		882,990
Macquarie Group Ltd.
Secured Overnight Financing Rate + 1.069% 1.340% VRN 1/12/27 ^(b)		770,000		688,858
Secured Overnight Financing Rate + 1.440% 2.691% VRN 6/23/32 ^(b)		5,000		3,831
Secured Overnight Financing Rate + 1.532% 2.871% VRN 1/14/33 ^(b)		1,335,000		1,008,990
Secured Overnight Financing Rate + 2.405% 4.442% VRN 6/21/33 ^(b)		525,000		447,214

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

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

	Principal Amount		Value
Morgan Stanley
Secured Overnight Financing Rate + 0.560% 1.164% VRN 10/21/25	$	2,885,000	$	2,723,352
Secured Overnight Financing Rate + 0.879% 1.593% VRN 5/04/27		970,000		863,378
Secured Overnight Financing Rate + 1.020% 1.928% VRN 4/28/32		1,005,000		746,513
Secured Overnight Financing Rate + 1.178% 2.239% VRN 7/21/32		1,235,000		930,802
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36		980,000		711,859
Natwest Group PLC 3 mo. USD LIBOR + 1.762%
4.269% VRN 3/22/25		475,000		469,912
PNC Financial Services Group, Inc.
Secured Overnight Financing Rate + 1.933% 5.068% VRN 1/24/34		715,000		648,397
Secured Overnight Financing Rate + 1.841% 5.582% 6/12/29		395,000		383,195
Secured Overnight Financing Rate Index + 2.140% 6.037% VRN 10/28/33		1,025,000		994,734
Santander UK Group Holdings PLC
Secured Overnight Financing Rate + 0.787% 1.089% VRN 3/15/25		1,825,000		1,775,709
1 yr. CMT + 1.250% 1.532% VRN 8/21/26		295,000		267,403
Secured Overnight Financing Rate + 0.989% 1.673% VRN 6/14/27		340,000		297,397
Secured Overnight Financing Rate + 1.220% 2.469% VRN 1/11/28		285,000		248,038
3 mo. USD LIBOR + 1.570% 4.796% VRN 11/15/24		525,000		524,014
Santander UK PLC
5.000% 11/07/23 ^(b)		1,390,000		1,386,539
U.S. Bancorp
Secured Overnight Financing Rate + 1.600% 4.839% VRN 2/01/34		1,575,000		1,386,720
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34		455,000		429,133
Secured Overnight Financing Rate + 2.090% 5.850% VRN 10/21/33		715,000		676,835

	Principal Amount		Value
UBS Group AG
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 ^(b)	$	1,565,000	$	1,387,855
1 yr. CMT + 0.850% 1.494% VRN 8/10/27 ^(b)		145,000		126,565
Secured Overnight Financing Rate + 1.560% 2.593% VRN 9/11/25 ^(b)		310,000		298,369
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 ^(b)		1,990,000		1,571,800
4.282% 1/09/28 ^(b)		345,000		317,204
Secured Overnight Financing Rate + 3.340% 6.373% VRN 7/15/26 ^(b)		510,000		508,078
Secured Overnight Financing Rate + 3.920% 6.537% VRN 8/12/33 ^(b)		4,055,000		4,007,610
Secured Overnight Financing Rate + 5.020% 9.016% VRN 11/15/33 ^(b)		2,275,000		2,627,203
Wells Fargo & Co.
Secured Overnight Financing Rate + 2.100% 2.393% VRN 6/02/28		1,370,000		1,201,448
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33		3,530,000		2,853,452
Secured Overnight Financing Rate + 1.510% 3.526% VRN 3/24/28		1,800,000		1,653,072
3 mo. USD Term SOFR + 1.572% 3.584% VRN 5/22/28		1,345,000		1,231,338
Secured Overnight Financing Rate + 2.100% 4.897% VRN 7/25/33		795,000		719,475
				76,218,936
Beverages — 0.1%
Bacardi Ltd.
5.300% 5/15/48 ^(b)		275,000		237,187
Triton Water Holdings, Inc.
6.250% 4/01/29 ^(b)		450,000		367,875
				605,062
Biotechnology — 0.2%
Amgen, Inc.
5.250% 3/02/33		380,000		363,265
5.600% 3/02/43		725,000		674,020
5.750% 3/02/63		271,000		249,992
				1,287,277

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

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

	Principal Amount		Value
Chemicals — 0.3%
International Flavors & Fragrances, Inc.
2.300% 11/01/30 ^(b)	$	1,860,000	$	1,399,211
3.268% 11/15/40 ^(b)		350,000		219,139
4.375% 6/01/47		230,000		154,460
5.000% 9/26/48		430,000		320,438
SK Invictus Intermediate II Sarl
5.000% 10/30/29 ^(b)		80,000		64,114
				2,157,362
Commercial Services — 0.2%
Adtalem Global Education, Inc.
5.500% 3/01/28 ^(b)		85,000		77,849
Global Payments, Inc.
4.875% 3/17/31 EUR ^(c)		370,000		380,812
5.400% 8/15/32		365,000		342,133
5.950% 8/15/52		495,000		443,804
Upbound Group, Inc.
6.375% 2/15/29 ^(b)		85,000		75,438
WASH Multifamily Acquisition, Inc.
5.750% 4/15/26 ^(b)		85,000		79,369
				1,399,405
Computers — 0.0%
NCR Corp.
5.125% 4/15/29 ^(b)		175,000		154,185
5.250% 10/01/30 ^(b)		90,000		77,561
				231,746
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000% 10/29/28		640,000		548,786
3.300% 1/30/32		2,270,000		1,804,450
Air Lease Corp.
3.250% 3/01/25		950,000		909,264
5.850% 12/15/27		505,000		498,163
Avolon Holdings Funding Ltd.
2.528% 11/18/27 ^(b)		1,109,000		936,164
2.875% 2/15/25 ^(b)		45,000		42,484
3.950% 7/01/24 ^(b)		380,000		371,943
4.375% 5/01/26 ^(b)		815,000		765,233
Capital One Financial Corp. Secured Overnight Financing Rate + 1.790%
3.273% VRN 3/01/30		1,160,000		970,339
Discover Financial Services
3.950% 11/06/24		150,000		145,872
Park Aerospace Holdings Ltd.
5.500% 2/15/24 ^(b)		75,000		74,626
				7,067,324

	Principal Amount		Value
Electric — 2.0%
Ameren Illinois Co.
3.700% 12/01/47	$	480,000	$	349,616
Arizona Public Service Co.
5.550% 8/01/33		830,000		804,578
Baltimore Gas & Electric Co.
5.400% 6/01/53		810,000		744,369
Duke Energy Carolinas LLC
3.700% 12/01/47		738,000		526,331
Duke Energy Corp.
3.750% 9/01/46		471,000		325,553
Duke Energy Progress LLC
5.250% 3/15/33		875,000		847,760
Entergy Louisiana LLC
3.780% 4/01/25		1,250,000		1,208,680
Eversource Energy
4.600% 7/01/27		735,000		706,924
FirstEnergy Transmission LLC
2.866% 9/15/28 ^(b)		1,401,000		1,214,670
5.450% 7/15/44 ^(b)		600,000		525,399
Florida Power & Light Co.
3.990% 3/01/49		1,000,000		751,312
Metropolitan Edison Co.
4.000% 4/15/25 ^(b)		985,000		944,181
MidAmerican Energy Co.
4.400% 10/15/44		1,905,000		1,540,436
Mong Duong Finance Holdings BV
5.125% 5/07/29 ^(b)		250,000		225,878
Oncor Electric Delivery Co. LLC
4.950% 9/15/52 ^(b)		810,000		705,600
Public Service Co. of Colorado
5.250% 4/01/53		770,000		670,308
Southwestern Electric Power Co.
3.250% 11/01/51		425,000		255,249
5.300% 4/01/33		1,030,000		972,596
TenneT Holding BV
2.750% 5/17/42 EUR ^(b) ^(c)		515,000		457,623
4.500% 10/28/34 EUR ^(b) ^(c)		750,000		833,945
4.750% 10/28/42 EUR ^(b) ^(c)		185,000		205,717
Wisconsin Power & Light Co.
4.950% 4/01/33		1,535,000		1,441,495
				16,258,220
Engineering & Construction — 0.1%
Artera Services LLC
9.033% 12/04/25 ^(b)		257,000		237,082
Cellnex Finance Co. SA
2.000% 9/15/32 EUR ^(b) ^(c)		200,000		164,837
				401,919

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

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

	Principal Amount		Value
Entertainment — 0.4%
Warnermedia Holdings, Inc.
5.050% 3/15/42	$	1,760,000	$	1,361,164
5.141% 3/15/52		3,001,000		2,229,864
				3,591,028
Environmental Controls — 0.1%
Waste Pro USA, Inc.
5.500% 2/15/26 ^(b)		575,000		536,921
Food — 0.6%
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl
6.750% 3/15/34 ^(b)		1,650,000		1,605,434
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.000% 2/02/29		730,000		612,607
3.000% 5/15/32		410,000		309,297
6.500% 12/01/52		900,000		805,766
Pilgrim’s Pride Corp.
3.500% 3/01/32		500,000		386,651
5.875% 9/30/27 ^(b)		75,000		76,091
6.250% 7/01/33		720,000		676,648
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.625% 3/01/29 ^(b)		400,000		328,130
				4,800,624
Gas — 0.2%
KeySpan Gas East Corp.
5.819% 4/01/41 ^(b)		1,337,000		1,199,844
National Gas Transmission PLC
4.250% 4/05/30 EUR ^(b) ^(c)		375,000		389,880
				1,589,724
Health Care – Products — 0.0%
Embecta Corp.
5.000% 2/15/30 ^(b)		64,000		49,920
Medtronic Global Holdings SCA
3.375% 10/15/34 EUR ^(c)		300,000		293,781
				343,701
Health Care – Services — 1.5%
Aetna, Inc.
3.500% 11/15/24		500,000		486,868
Catalent Pharma Solutions, Inc.
3.500% 4/01/30 ^(b) ^(d)		380,000		312,862
Centene Corp.
2.450% 7/15/28		1,951,000		1,648,291
4.250% 12/15/27		590,000		543,927
CommonSpirit Health
3.347% 10/01/29		65,000		56,745

	Principal Amount		Value
HCA, Inc.
2.375% 7/15/31	$	230,000	$	176,039
3.500% 9/01/30		859,000		726,736
4.125% 6/15/29		1,262,000		1,142,465
5.125% 6/15/39		650,000		563,063
5.250% 4/15/25		644,000		636,034
5.250% 6/15/49		485,000		398,421
5.375% 9/01/26		590,000		579,026
5.500% 6/15/47		775,000		661,510
Humana, Inc.
3.700% 3/23/29		2,050,000		1,870,057
Kedrion SpA
6.500% 9/01/29 ^(b)		675,000		578,812
ModivCare Escrow Issuer, Inc.
5.000% 10/01/29 ^(b) ^(d)		575,000		412,562
ModivCare, Inc.
5.875% 11/15/25 ^(b)		340,000		323,190
Molina Healthcare, Inc.
3.875% 11/15/30 ^(b)		402,000		332,698
3.875% 5/15/32 ^(b)		520,000		417,032
Tenet Healthcare Corp.
6.750% 5/15/31 ^(b)		250,000		241,118
				12,107,456
Household Products & Wares — 0.0%
Central Garden & Pet Co.
5.125% 2/01/28		22,000		20,517
Insurance — 1.5%
Aon Corp./Aon Global Holdings PLC
3.900% 2/28/52		845,000		603,907
Athene Global Funding
1.985% 8/19/28 ^(b)		2,200,000		1,793,990
3.205% 3/08/27 ^(b)		445,000		398,636
Farmers Exchange Capital II 3 mo. USD LIBOR + 3.744%
6.151% VRN 11/01/53 ^(b)		350,000		324,678
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454%
5.454% VRN 10/15/54 ^(b)		3,290,000		2,800,367
Marsh & McLennan Cos., Inc.
5.750% 11/01/32		545,000		545,573
Metropolitan Life Global Funding I
5.150% 3/28/33 ^(b)		480,000		454,536
Teachers Insurance & Annuity Association of America 3 mo. USD LIBOR + 2.661%
4.375% VRN 9/15/54 ^(b)		4,000,000		3,897,006
Willis North America, Inc.
5.350% 5/15/33		1,205,000		1,124,107
				11,942,800

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

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

	Principal Amount		Value
Internet — 0.2%
Meta Platforms, Inc.
5.600% 5/15/53	$	570,000	$	539,482
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750% 4/30/27 ^(b)		75,000		66,750
Tencent Holdings Ltd.
3.680% 4/22/41 ^(b)		455,000		314,369
3.840% 4/22/51 ^(b)		455,000		290,200
3.975% 4/11/29 ^(b)		410,000		372,112
				1,582,913
Lodging — 0.1%
Hyatt Hotels Corp.
1.800% 10/01/24		930,000		892,193
Machinery – Diversified — 0.0%
OT Merger Corp.
7.875% 10/15/29 ^(b)		250,000		152,981
Media — 0.8%
Cable One, Inc.
4.000% 11/15/30 ^(b) ^(d)		1,085,000		826,553
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750% 2/15/28		500,000		450,855
4.800% 3/01/50		375,000		262,225
4.908% 7/23/25		1,105,000		1,079,753
5.250% 4/01/53 ^(d)		250,000		186,876
5.375% 4/01/38		5,000		4,089
5.375% 5/01/47		180,000		137,164
5.750% 4/01/48		1,088,000		868,725
CSC Holdings LLC
5.375% 2/01/28 ^(b)		150,000		122,117
5.750% 1/15/30 ^(b)		250,000		140,074
6.500% 2/01/29 ^(b)		1,233,000		1,021,462
7.500% 4/01/28 ^(b) ^(d)		80,000		51,944
11.250% 5/15/28 ^(b)		200,000		199,217
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375% 8/15/26 ^(b) ^(e)		656,000		13,120
Time Warner Cable LLC
5.500% 9/01/41		370,000		289,426
5.875% 11/15/40		360,000		298,279
VZ Secured Financing BV
5.000% 1/15/32 ^(b)		970,000		761,988
				6,713,867
Oil & Gas — 0.4%
Ecopetrol SA
8.875% 1/13/33		100,000		97,679

	Principal Amount		Value
KazMunayGas National Co. JSC
4.750% 4/19/27 ^(b)	$	200,000	$	187,095
Occidental Petroleum Corp.
0.000% 10/10/36		115,000		57,874
4.500% 7/15/44		400,000		281,732
Pertamina Persero PT
3.100% 8/27/30 ^(b)		675,000		562,274
Petroleos Mexicanos
6.625% 6/15/35		2,100,000		1,406,581
7.690% 1/23/50		295,000		189,501
QatarEnergy
2.250% 7/12/31 ^(b)		400,000		320,261
				3,102,997
Oil & Gas Services — 0.0%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250% 4/01/28 ^(b)		75,000		69,827
Packaging & Containers — 0.3%
Berry Global, Inc.
1.650% 1/15/27		85,000		73,059
4.875% 7/15/26 ^(b)		585,000		559,945
5.500% 4/15/28 ^(b)		310,000		299,449
Clearwater Paper Corp.
4.750% 8/15/28 ^(b)		300,000		256,422
Sealed Air Corp.
1.573% 10/15/26 ^(b)		1,200,000		1,044,622
				2,233,497
Pharmaceuticals — 0.7%
1375209 BC Ltd.
9.000% 1/30/28 ^(b)		81,000		80,066
Bayer U.S. Finance II LLC
4.375% 12/15/28 ^(b)		3,281,000		3,049,771
4.625% 6/25/38 ^(b)		1,310,000		1,075,293
4.875% 6/25/48 ^(b)		220,000		175,448
Cigna Group
3.400% 3/15/51		210,000		137,462
CVS Health Corp.
5.050% 3/25/48		960,000		797,612
Grifols SA
4.750% 10/15/28 ^(b) ^(d)		230,000		196,100
				5,511,752
Pipelines — 0.8%
Columbia Pipelines Operating Co. LLC
6.036% 11/15/33 ^(b)		965,000		941,941
Energy Transfer LP
4.950% 6/15/28		1,131,000		1,082,388
5.350% 5/15/45		370,000		303,399

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

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

	Principal Amount		Value
5.400% 10/01/47	$	1,275,000	$	1,051,555
5.950% 10/01/43		750,000		659,344
Galaxy Pipeline Assets Bidco Ltd.
2.160% 3/31/34 ^(b)		354,840		295,621
Plains All American Pipeline LP/PAA Finance Corp.
3.550% 12/15/29		228,000		195,995
Rockies Express Pipeline LLC
4.950% 7/15/29 ^(b)		1,000,000		890,693
6.875% 4/15/40 ^(b)		745,000		653,142
Southern Gas Corridor CJSC
6.875% 3/24/26 ^(b)		400,000		397,593
TransCanada PipeLines Ltd.
4.625% 3/01/34		190,000		165,508
				6,637,179
Real Estate — 0.2%
Annington Funding PLC
2.308% 10/06/32 GBP ^(b) ^(c)		220,000		191,047
3.184% 7/12/29 GBP ^(b) ^(c)		200,000		202,794
3.685% 7/12/34 GBP ^(b) ^(c)		200,000		186,263
Blackstone Property Partners Europe Holdings Sarl
1.625% 4/20/30 EUR ^(b) ^(c)		500,000		391,591
1.750% 3/12/29 EUR ^(b) ^(c)		350,000		289,783
Vonovia Finance BV
2.250% 4/07/30 EUR ^(b) ^(c)		100,000		88,999
Vonovia SE
1.500% 6/14/41 EUR ^(b) ^(c)		400,000		230,455
				1,580,932
Real Estate Investment Trusts (REITS) — 2.2%
American Assets Trust LP
3.375% 2/01/31		865,000		647,464
American Homes 4 Rent LP
3.625% 4/15/32		1,165,000		963,965
4.300% 4/15/52		375,000		271,232
American Tower Corp.
1.000% 1/15/32 EUR ^(c)		100,000		79,004
2.700% 4/15/31		195,000		154,648
5.550% 7/15/33		1,025,000		976,684
5.650% 3/15/33		700,000		672,887
CapitaLand Ascendas REIT
0.750% 6/23/28 EUR ^(b) ^(c)		445,000		379,935
Crown Castle, Inc.
3.250% 1/15/51		1,004,000		609,989
CubeSmart LP
2.000% 2/15/31		730,000		549,078
Digital Intrepid Holding BV
0.625% 7/15/31 EUR ^(b) ^(c)		1,050,000		791,477

	Principal Amount		Value
Extra Space Storage LP
2.350% 3/15/32	$	1,075,000	$	812,590
2.400% 10/15/31		1,040,000		796,191
3.900% 4/01/29		670,000		601,776
GLP Capital LP/GLP Financing II, Inc.
3.250% 1/15/32		629,000		488,160
4.000% 1/15/30		85,000		72,085
4.000% 1/15/31		380,000		316,356
5.375% 4/15/26		1,375,000		1,333,177
Healthcare Realty Holdings LP
2.000% 3/15/31		240,000		179,871
2.050% 3/15/31		106,000		76,590
2.400% 3/15/30		615,000		474,778
3.100% 2/15/30		825,000		686,930
3.625% 1/15/28		157,000		139,783
Hudson Pacific Properties LP
3.250% 1/15/30		160,000		108,871
3.950% 11/01/27		95,000		74,991
4.650% 4/01/29		1,275,000		959,878
Invitation Homes Operating Partnership LP
2.000% 8/15/31		940,000		695,638
2.700% 1/15/34		115,000		83,899
Physicians Realty LP
2.625% 11/01/31		465,000		350,221
4.300% 3/15/27		105,000		98,687
Prologis Euro Finance LLC
4.250% 1/31/43 EUR ^(c)		710,000		650,083
Realty Income Corp.
5.125% 7/06/34 EUR ^(c)		365,000		382,524
Rexford Industrial Realty LP
2.150% 9/01/31		110,000		82,022
VICI Properties LP
4.950% 2/15/30		20,000		18,299
5.125% 5/15/32		1,138,000		1,018,593
5.625% 5/15/52		173,000		143,260
VICI Properties LP/VICI Note Co., Inc.
3.750% 2/15/27 ^(b)		30,000		27,222
3.875% 2/15/29 ^(b)		430,000		371,569
4.125% 8/15/30 ^(b)		170,000		144,565
4.500% 9/01/26 ^(b)		240,000		225,469
4.500% 1/15/28 ^(b)		160,000		146,014
4.625% 6/15/25 ^(b)		65,000		62,770
5.750% 2/01/27 ^(b)		75,000		72,605
				17,791,830

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

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

	Principal Amount		Value
Retail — 0.1%
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.750% 1/15/30 ^(b) ^(d)	$	203,000	$	165,465
Michaels Cos., Inc.
5.250% 5/01/28 ^(b)		556,000		443,744
7.875% 5/01/29 ^(b)		339,000		221,315
Papa John’s International, Inc.
3.875% 9/15/29 ^(b)		233,000		192,328
				1,022,852
Savings & Loans — 0.1%
Nationwide Building Society Secured Overnight Financing Rate + 1.290%
2.972% VRN 2/16/28 ^(b)		720,000		643,938
Semiconductors — 0.1%
Broadcom, Inc.
2.600% 2/15/33 ^(b)		412,000		307,222
3.419% 4/15/33 ^(b)		420,000		335,940
				643,162
Software — 0.5%
Open Text Corp.
6.900% 12/01/27 ^(b)		125,000		125,284
Oracle Corp.
3.800% 11/15/37		200,000		152,601
3.950% 3/25/51		2,988,000		2,048,409
6.500% 4/15/38		515,000		518,853
6.900% 11/09/52		355,000		365,696
Take-Two Interactive Software, Inc.
4.000% 4/14/32		810,000		706,502
				3,917,345
Telecommunications — 1.3%
AT&T, Inc.
3.800% 12/01/57		887,000		561,937
4.500% 5/15/35		110,000		93,827
4.850% 3/01/39		366,000		309,697
5.250% 3/01/37		850,000		771,889
CommScope, Inc.
4.750% 9/01/29 ^(b)		700,000		514,881
Frontier Communications Holdings LLC
8.625% 3/15/31 ^(b)		705,000		664,158
8.750% 5/15/30 ^(b)		200,000		189,895
Intelsat Jackson Holdings SA
6.500% 3/15/30 ^(b)		1,440,000		1,277,055
Intelsat Jackson Holdings SA, Escrow
8.500% 10/15/24 ^(f) ^(g)		378,000		—
9.750% 7/15/25 ^(f) ^(g)		1,379,000		—

	Principal Amount		Value
Sprint Capital Corp.
8.750% 3/15/32	$	665,000	$	769,303
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738% 3/20/25 ^(b)		298,124		294,962
5.152% 9/20/29 ^(b)		1,813,500		1,781,667
T-Mobile USA, Inc.
2.250% 2/15/26		1,217,000		1,120,327
3.750% 4/15/27		1,270,000		1,186,713
Vodafone Group PLC
4.875% 6/19/49		770,000		614,716
				10,151,027
Water — 0.0%
Thames Water Utilities Finance PLC
4.375% 1/18/31 EUR ^(b) ^(c)		405,000		378,203

TOTAL CORPORATE DEBT (Cost $233,165,394)				208,629,792

MUNICIPAL OBLIGATIONS — 0.6%
City of New York NY, General Obligation,
3.000% 8/01/34		945,000		751,893
County of Miami-Dade FL Aviation Revenue, Revenue Bond,
2.707% 10/01/33		375,000		292,575
New York City Transitional Finance Authority Future Tax Secured Revenue
Revenue, 4.600% 5/01/31		1,195,000		1,131,532
Revenue Bond, 5.130% 2/01/35		1,033,000		989,352
Revenue Bond, 5.150% 2/01/36		1,033,000		983,448
New York State Dormitory Authority, Revenue Bond,
5.628% 3/15/39		860,000		854,964

TOTAL MUNICIPAL OBLIGATIONS (Cost $5,513,358)				5,003,764

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 17.0%
Commercial Mortgage-Backed Securities — 3.2%
BAMLL Commercial Mortgage Securities Trust
Series 2019-BPR, Class AMP, 3.287% 11/05/32 ^(b)		1,920,000		1,699,447
Series 2018-PARK, Class A, 4.227% VRN 8/10/38 ^(b) ^(h)		1,280,000		1,120,781

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

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

	Principal Amount		Value
BX Commercial Mortgage Trust
Series 2020-VIV4, Class A, 2.843% 3/09/44 ^(b)	$	2,870,000	$	2,332,008
Series 2019-XL, Class A, 1 mo. USD Term SOFR + 1.034% 6.367% FRN 10/15/36 ^(b)		1,922,900		1,917,491
Series 2022-CSMO, Class A, 1 mo. USD Term SOFR + 2.115% 7.447% FRN 6/15/27 ^(b)		1,641,000		1,642,025
BX Trust
Series 2019-OC11, Class A, 3.202% 12/09/41 ^(b)		420,000		353,367
Series 2019-OC11, Class E, 4.076% VRN 12/09/41 ^(b) ^(h)		700,000		557,880
Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% 6.912% FRN 1/15/39 ^(b)		1,057,000		1,030,570
Series 2022-PSB, Class D, 1 mo. USD Term SOFR + 4.693% 10.025% FRN 8/15/39 ^(b)		1,196,107		1,196,838
Century Plaza Towers
Series 2019-CPT, Class A, 2.865% 11/13/39 ^(b)		805,000		640,039
Series 2019-CPT, Class B, 3.097% VRN 11/13/39 ^(b) ^(h)		1,000,000		738,809
Citigroup Commercial Mortgage Trust, Series 2020-420K, Class D,
3.422% VRN 11/10/42 ^(b) ^(h)		700,000		495,466
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 1 mo. USD Term SOFR + 2.697%
8.030% FRN 5/15/36 ^(b)		3,881,344		3,824,578
DC Office Trust, Series 2019-MTC, Class A
2.965% 9/15/45 ^(b)		860,000		675,441
Hudson Yards Mortgage Trust
Series 2019-55HY, Class A, 3.041% VRN 12/10/41 ^(b) ^(h)		860,000		708,231
Series 2019-30HY, Class A, 3.228% 7/10/39 ^(b)		880,000		743,721
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2019-OSB, Class A, 3.397% 6/05/39 ^(b)		900,000		762,603
Series 2021-HTL5, Class A, 1 mo. USD Term SOFR + 1.229% 6.563% FRN 11/15/38 ^(b)		2,138,000		2,097,904
MKT Mortgage Trust, Series 2020-525M, Class A
2.694% 2/12/40 ^(b)		570,000		410,586

	Principal Amount		Value
One Bryant Park Trust, Series 2019-OBP, Class A
2.516% 9/15/54 ^(b)	$	1,085,000	$	861,986
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,
3.961% VRN 1/15/32 ^(b) ^(h)		640,000		630,249
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B,
4.144% VRN 1/05/43 ^(b) ^(h)		50,000		32,686
TTAN, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.514%
7.848% FRN 3/15/38 ^(b)		1,159,818		1,107,620
				25,580,326
Home Equity Asset-Backed Securities — 0.6%
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W2, Class M1, 1 mo. USD Term SOFR + 0.849%
6.169% FRN 10/25/35		1,486,698		1,423,579
Morgan Stanley Capital I, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694%
6.014% FRN 1/25/36		1,770,487		1,668,244
Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD Term SOFR + 0.254%
5.574% FRN 2/25/37		3,498,394		2,133,841
				5,225,664
Other Asset-Backed Securities — 5.7%
AGL CLO Ltd., Series 2021-13A, Class A1, 3 mo. USD Term SOFR + 1.422%
6.748% FRN 10/20/34 ^(b)		2,400,000		2,376,197
Aimco CLO Ltd., Series 2020-11A, Class AR, 3 mo. USD Term SOFR + 1.392%
6.700% FRN 10/17/34 ^(b)		2,075,000		2,062,299
Allegro CLO VIII Ltd., Series 2018-2A, Class A, 3 mo. USD Term SOFR + 1.362%
6.670% FRN 7/15/31 ^(b)		2,150,000		2,144,625
AMMC CLO 15 Ltd., Series 2014-15A, Class AR3, 3 mo. USD Term SOFR + 1.382%
6.690% FRN 1/15/32 ^(b)		2,000,000		1,988,766
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.184%
6.517% FRN 8/15/34 ^(b)		2,018,000		1,985,035

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

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

	Principal Amount		Value
CIFC Funding Ltd., Series 2014-5A, Class BR2, 3 mo. USD Term SOFR + 2.062%
7.370% FRN 10/17/31 ^(b)	$	1,600,000	$	1,589,152
CIM Trust, Series 2023-NR1, Class A1,
6.000% STEP 6/25/62 ^(b)		3,550,357		3,404,558
Clover CLO Ltd., Series 2019-2A, Class BR, 3 mo. USD Term SOFR + 1.862%
7.213% FRN 10/25/33 ^(b)		2,400,000		2,355,941
Countrywide Asset-Backed Certificates Trust
Series 2007-7, Class 1A, 1 mo. USD Term SOFR + 0.314% 5.634% FRN 10/25/47		2,619,069		2,370,394
Series 2004-5, Class M1, 1 mo. USD Term SOFR + 0.969% 6.289% FRN 8/25/34		112,211		111,449
Flatiron CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600%
7.182% FRN 7/19/34 ^(b)		2,400,000		2,361,209
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 3 mo. USD Term SOFR + 1.372%
6.741% FRN 10/29/29 ^(b)		1,022,330		1,021,425
GSAMP Trust, Series 2006-HE1, Class M1, 1 mo. USD Term SOFR + 0.699%
6.019% FRN 1/25/36		307,011		304,054
Magnetite VII Ltd., Series 2012-7A, Class A1R2, 3 mo. USD Term SOFR + 1.062%
6.370% FRN 1/15/28 ^(b)		949,582		945,618
Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class A2D, 1 mo. USD Term SOFR + 0.694%
6.014% FRN 2/25/36		1,250,492		1,212,920
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1
1.910% 10/20/61 ^(b)		1,646,000		1,415,546
Preston Ridge Partners Mortgage LLC
Series 2021-5, Class A1, 1.793% STEP 6/25/26 ^(b)		3,412,630		3,161,672
Series 2021-6, Class A1, 1.793% STEP 7/25/26 ^(b)		1,456,307		1,362,785
Series 2022-1, Class A1, 3.720% STEP 2/25/27 ^(b)		3,393,199		3,250,198
Series 2022-4, Class A1, 5.000% STEP 8/25/27 ^(b)		814,258		787,570

	Principal Amount		Value
Progress Residential Trust
Series 2021-SFR8, Class C, 1.931% 10/17/38 ^(b)	$	2,500,000	$	2,178,656
Series 2020-SFR3, Class F, 2.796% 10/17/27 ^(b)		860,000		786,443
Series 2021-SFR10, Class F, 4.608% 12/17/38 ^(b)		1,154,375		977,199
Rockford Tower CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.382%
6.708% FRN 4/20/34 ^(b)		2,435,000		2,406,123
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2
1.645% 9/15/45 ^(b)		1,062,000		956,316
VOLT CIII LLC, Series 2021-CF1, Class A1,
1.992% STEP 8/25/51 ^(b)		2,182,279		2,024,006
				45,540,156
Student Loans Asset-Backed Securities — 1.6%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + 0.700%
6.134% FRN 7/25/56 ^(b)		1,152,830		1,104,218
Nelnet Student Loan Trust
Series 2005-4, Class A4, 90 day USD SOFR Average + 0.442% 5.683% FRN 3/22/32		2,148,937		2,121,196
Series 2006-1, Class A6, 3 mo. USD Term SOFR + 0.712% 6.089% FRN 8/23/36 ^(b)		1,420,791		1,392,376
SLM Student Loan Trust
Series 2014-1, Class A3, 30 day USD SOFR Average + 0.714% 6.029% FRN 2/26/29		1,178,777		1,132,469
Series 2012-7, Class A3, 30 day USD SOFR Average + 0.764% 6.079% FRN 5/26/26		2,048,974		1,968,079
Series 2008-5, Class B, 90 day USD SOFR Average + 2.112% 7.166% FRN 7/25/73		3,735,000		3,628,536
Wachovia Student Loan Trust, Series 2006-1, Class A6, 90 day USD SOFR Average + 0.432%
5.486% FRN 4/25/40 ^(b)		1,427,914		1,378,932
				12,725,806
Whole Loan Collateral Collateralized Mortgage Obligations — 5.9%
Ajax Mortgage Loan Trust
Series 2019-F, 2.860% STEP 7/25/59 ^(b)		1,627,862		1,507,399
Series 2022-B, Class A1, 3.500% STEP 3/27/62 ^(b)		2,784,284		2,536,419

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

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

	Principal Amount		Value
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD Term SOFR + 0.514%
5.834% FRN 3/25/46	$	1,355,618	$	1,142,972
Bear Stearns Trust, Series 2005-4, Class 25A1,
4.305% VRN 5/25/35 ^(h)		617,501		555,323
BINOM Securitization Trust, Series 2022-RPL1, Class A1,
3.000% VRN 2/25/61 ^(b) ^(h)		2,552,310		2,252,972
CIM Trust, Series 2021-J3, Class A1,
2.500% VRN 6/25/51 ^(b) ^(h)		5,217,064		3,950,091
Citigroup Mortgage Loan Trust, Series 2006-AR2, Class 1A2,
4.107% VRN 3/25/36 ^(h)		2,129		1,967
COLT Mortgage Loan Trust, Series 2023-1, Class A1,
6.048% STEP 4/25/68 ^(b)		2,717,264		2,686,407
Credit Suisse Mortgage Trust
Series 2021-NQM6, Class A1, 1.174% VRN 7/25/66 ^(b) ^(h)		2,913,645		2,258,332
Series 2018-RPL9, Class A, 3.850% VRN 9/25/57 ^(b) ^(h)		1,476,480		1,360,707
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD Term SOFR + 0.364%
5.684% 7/25/47		2,849,268		2,225,095
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1,
5.564% VRN 11/25/35 ^(h)		1,153,416		960,523
GS Mortgage-Backed Securities Trust, Series 2022-PJ6 , Class A4,
3.000% VRN 1/25/53 ^(b) ^(h)		4,086,354		3,215,290
HarborView Mortgage Loan Trust
Series 2006-10, Class 1A1A, 1 mo. USD Term SOFR + 0.314% 5.642% FRN 11/19/36		2,584,459		1,834,956
Series 2007-6, Class 1A1A, 1 mo. USD Term SOFR + 0.314% 5.642% FRN 8/19/37		2,240,560		1,752,393
Series 2007-3, Class 2A1A, 1 mo. USD Term SOFR + 0.514% 5.842% FRN 5/19/47		2,819,687		2,503,412
HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD Term SOFR + 0.634%
5.954% FRN 1/25/36		1,613,956		1,532,171
JP Morgan Mortgage Trust
Series 2021-13, Class A3, 2.500% VRN 4/25/52 ^(b) ^(h)		3,659,194		2,761,405

	Principal Amount		Value
Series 2005-A5, Class 1A2, 4.395% VRN 8/25/35 ^(h)	$	74,329	$	70,055
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1,
3.851% VRN 4/25/34 ^(h)		456,832		394,634
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1,
1.957% VRN 10/25/61 ^(b) ^(h)		3,756,275		2,936,102
Residential Accredit Loans, Inc. Trust, Series 2006-QA7, Class 2A1, 1 mo. USD Term SOFR + 0.484%
5.804% FRN 8/25/36		479,440		389,634
Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1
6.250% 12/25/36		1,793,970		1,277,704
Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 1 mo. USD Term SOFR + 0.574%
5.894% FRN 2/25/36		1,366,495		1,071,160
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-AR12, Class 1A4, 3.946% VRN 10/25/36 ^(h)		3,689,719		3,174,540
Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.734% 6.054% FRN 1/25/45		435,965		418,824
Series 2005-7, Class 4CB, 7.000% 8/25/35		2,147,867		1,582,186
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4,
4.624% VRN 4/25/37 ^(h)		695,004		593,703
				46,946,376

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $143,698,284)				136,018,328

SOVEREIGN DEBT OBLIGATIONS — 0.6%
Brazilian Government International Bond
3.875% 6/12/30 ^(d)		730,000		635,357
Chile Government International Bond
2.550% 1/27/32 ^(d)		200,000		161,497
3.500% 1/31/34		200,000		165,126
Colombia Government International Bond
4.500% 3/15/29		200,000		173,563

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

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

	Principal Amount		Value
Dominican Republic International Bond
4.500% 1/30/30 ^(b)	$	440,000	$	372,325
Guatemala Government Bond
3.700% 10/07/33 ^(b)		300,000		229,841
Hungary Government International Bond
2.125% 9/22/31 ^(b)		250,000		184,032
5.250% 6/16/29 ^(b)		200,000		190,746
Mexico Government International Bond
2.659% 5/24/31		413,000		325,871
4.750% 4/27/32		200,000		180,070
Oman Government International Bond
6.750% 10/28/27 ^(b)		200,000		203,236
Panama Government International Bond
2.252% 9/29/32		200,000		144,552
3.160% 1/23/30		425,000		356,771
Paraguay Government International Bond
4.950% 4/28/31 ^(b)		200,000		184,436
Perusahaan Penerbit SBSN Indonesia III
2.800% 6/23/30 ^(b)		200,000		168,783
Peruvian Government International Bond
2.783% 1/23/31		250,000		204,272
2.844% 6/20/30		200,000		168,117
Poland Government International Bond
4.875% 10/04/33		200,000		186,000
5.750% 11/16/32		43,000		43,045
Romania Government International Bond
3.000% 2/14/31 ^(b)		270,000		216,967
Saudi Government International Bond
3.250% 10/22/30 ^(b)		200,000		175,000
South Africa Government International Bond
5.875% 4/20/32		200,000		170,000
				4,839,607

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $5,522,558)				4,839,607

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ⁽ⁱ⁾ — 38.5%
Collateralized Mortgage Obligations — 2.6%
Federal Home Loan Banks
5.300% 5/22/24		8,450,000		8,424,512
5.370% 5/21/24		8,300,000		8,275,868

	Principal Amount		Value
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K155, Class A3 3.750% 4/25/33	$	2,115,000	$	1,853,997
Federal National Mortgage Association REMICS
Series 2018-43, Class CT, 3.000% 6/25/48		521,682		445,556
Series 2018-55, Class PA, 3.500% 1/25/47		362,979		346,495
Series 2018-54, Class KA, 3.500% 1/25/47		349,777		333,893
Series 2018-38, Class PA, 3.500% 6/25/47		580,025		542,707
Government National Mortgage Association REMICS
Series 2018-124, Class NW, 3.500% 9/20/48		497,699		439,664
Series 2019-15, Class GT, 3.500% 2/20/49		523,579		462,018
				21,124,710
Pass-Through Securities — 35.3%
Federal Home Loan Mortgage Corp.
Pool #SD8193 2.000% 2/01/52		4,011,224		3,053,624
Pool #SD8199 2.000% 3/01/52 ^(j)		7,377,713		5,616,430
Pool #QE0312 2.000% 4/01/52		1,935,686		1,472,974
Pool #SD8147 2.500% 5/01/51		3,185,672		2,539,555
Pool #SD8189 2.500% 1/01/52		2,268,099		1,802,769
Pool #SD8194 2.500% 2/01/52		3,722,560		2,958,828
Pool #SD8200 2.500% 3/01/52		2,229,714		1,770,865
Pool #SD8205 2.500% 4/01/52		3,963,796		3,148,094
Pool #SD8212 2.500% 5/01/52		3,879,124		3,080,846
Pool #G18596 3.000% 4/01/31		210,406		197,891
Pool #G18691 3.000% 6/01/33		78,169		72,040
Pool #G08710 3.000% 6/01/46		53,663		45,445
Pool #G08715 3.000% 8/01/46		1,147,361		971,658
Pool #G08721 3.000% 9/01/46		154,491		130,639
Pool #G08726 3.000% 10/01/46		2,071,563		1,751,741
Pool #G08732 3.000% 11/01/46		1,468,783		1,242,022
Pool #G08741 3.000% 1/01/47		998,636		844,460
Pool #SD3016 3.000% 6/01/52		2,192,545		1,815,451
Pool #G18713 3.500% 11/01/33		591,338		552,410
Pool #G16756 3.500% 1/01/34		233,635		218,255
Pool #G60038 3.500% 1/01/44		509,134		453,826
Pool #G07848 3.500% 4/01/44		3,949,935		3,516,891
Pool #G07924 3.500% 1/01/45		1,075,820		949,399
Pool #G60138 3.500% 8/01/45		2,252,431		1,994,080
Pool #G08711 3.500% 6/01/46		877,784		772,165
Pool #G08716 3.500% 8/01/46		1,258,945		1,107,464

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

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

	Principal Amount		Value
Pool #G08792 3.500% 12/01/47	$	1,068,011	$	934,498
Pool #G67707 3.500% 1/01/48		1,468,545		1,297,351
Pool #G67711 4.000% 3/01/48		400,976		365,045
Pool #G67713 4.000% 6/01/48		1,055,338		959,780
Pool #G67714 4.000% 7/01/48		1,440,081		1,310,586
Pool #G67717 4.000% 11/01/48		1,286,547		1,170,858
Pool #G08843 4.500% 10/01/48		467,718		437,288
Pool #G08826 5.000% 6/01/48		152,934		147,240
Pool #G08844 5.000% 10/01/48		52,231		50,254
Federal National Mortgage Association
Pool #MA4093 2.000% 8/01/40		787,058		637,286
Pool #MA4152 2.000% 10/01/40		2,961,720		2,398,126
Pool #MA4176 2.000% 11/01/40		2,147,288		1,731,294
Pool #MA4333 2.000% 5/01/41		641,955		515,382
Pool #MA4158 2.000% 10/01/50		2,831,129		2,171,178
Pool #BT9728 2.000% 10/01/51		4,897,233		3,734,237
Pool #BQ6913 2.000% 12/01/51		4,188,722		3,193,983
Pool #CB2767 2.000% 1/01/52		4,039,716		3,081,626
Pool #CB2766 2.000% 2/01/52		2,729,305		2,083,707
Pool #FS1598 2.000% 4/01/52		4,074,505		3,101,797
Pool #BL6060 2.455% 4/01/40		1,265,000		823,917
Pool #MA4548 2.500% 2/01/52		3,746,337		2,977,726
Pool #MA4563 2.500% 3/01/52		3,842,220		3,051,537
Pool #MA3029 3.000% 6/01/32		211,080		194,924
Pool #MA1607 3.000% 10/01/33		1,619,418		1,463,616
Pool #BN7755 3.000% 9/01/49		1,676,118		1,411,414
Pool #BO2259 3.000% 10/01/49		2,907,717		2,443,058
Pool #MA3811 3.000% 10/01/49		459,982		377,492
Pool #MA4579 3.000% 4/01/52		3,737,128		3,094,381
Pool #BV8526 3.000% 5/01/52		4,338,658		3,592,455
Pool #AB4262 3.500% 1/01/32		1,093,985		1,026,658
Pool #MA1148 3.500% 8/01/42		2,153,710		1,924,184
Pool #CA0996 3.500% 1/01/48		75,388		66,107
Pool #MA3276 3.500% 2/01/48		165,933		144,935
Pool #MA3305 3.500% 3/01/48		558,896		488,172
Pool #MA3332 3.500% 4/01/48		22,395		19,561
Pool #CA3633 3.500% 6/01/49		644,905		564,909
Pool #MA2995 4.000% 5/01/47		461,440		417,926
Pool #AS9830 4.000% 6/01/47		260,206		235,587
Pool #MA3027 4.000% 6/01/47		427,094		386,686
Pool #AS9972 4.000% 7/01/47		239,564		216,898
Pool #AL9106 4.500% 2/01/46		210,498		197,648
Pool #CA1710 4.500% 5/01/48		843,317		787,617
Pool #CA1711 4.500% 5/01/48		15,010		14,019
Pool #CA2208 4.500% 8/01/48		586,639		547,709
Pool #BW9897 4.500% 10/01/52		2,100,707		1,930,153
Pool #FS4233 4.500% 12/01/52 ^(j)		1,537,084		1,412,867
Pool #CB6854 4.500% 8/01/53 ^(j)		2,598,626		2,387,809

	Principal Amount		Value
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46	$	1,338,797	$	1,149,790
Pool #MA4836 3.000% 11/20/47		946,492		811,686
Pool #MA6209 3.000% 10/20/49		403,174		332,774
Pool #MA4127 3.500% 12/20/46		910,912		809,780
Pool #MA4382 3.500% 4/20/47		154,461		137,167
Pool #MA4719 3.500% 9/20/47		1,353,859		1,201,857
Pool #MA4837 3.500% 11/20/47		184,718		163,979
Pool #MA4962 3.500% 1/20/48		460,834		408,951
Pool #MA5019 3.500% 2/20/48		634,379		562,957
Pool #MA4838 4.000% 11/20/47		387,600		354,847
Pool #MA4901 4.000% 12/20/47		318,426		291,220
Pool #MA5078 4.000% 3/20/48		258,417		236,176
Pool #MA5466 4.000% 9/20/48		179,659		164,084
Pool #MA5528 4.000% 10/20/48		719,693		657,303
Pool #MA4264 4.500% 2/20/47		195,053		184,521
Pool #MA4512 4.500% 6/20/47		1,192,234		1,127,111
Pool #MA3666 5.000% 5/20/46		26,973		26,361
Pool #MA3806 5.000% 7/20/46		176,955		172,935
Pool #MA4072 5.000% 11/20/46		35,450		34,643
Pool #MA4454 5.000% 5/20/47		636,351		618,849
Government National Mortgage Association, II TBA
2.500% 10/23/53 ^(j)		11,675,000		9,540,132
4.500% 10/23/53 ^(j)		4,000,000		3,694,656
5.000% 10/23/53 ^(j)		1,825,000		1,729,894
5.500% 10/23/53 ^(j)		6,225,000		6,041,384
Uniform Mortgage-Backed Security, TBA
2.000% 10/12/53 ^(j)		17,750,000		13,492,671
2.500% 10/13/52 ^(j)		9,225,000		7,316,933
3.000% 10/12/53 ^(j)		19,050,000		15,749,744
3.500% 10/12/53 ^(j)		13,675,000		11,758,361
4.000% 10/12/53 ^(j)		14,900,000		13,270,306
4.500% 10/13/52 ^(j)		23,525,000		21,603,476
5.000% 10/12/53 ^(j)		39,650,000		37,415,064
5.500% 10/12/53 ^(j)		28,825,000		27,861,178
				282,522,093
Whole Loans — 0.6%
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA2, Class M1B, 30 day USD SOFR Average + 2.400%
7.715% FRN 2/25/42 ^(b)		2,450,000		2,462,394

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

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

	Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%
8.815% FRN 3/25/42 ^(b)	$	2,400,000	$	2,485,476
				4,947,870

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $330,336,355)				308,594,673

U.S. TREASURY OBLIGATIONS — 31.1%
U.S. Treasury Bonds & Notes — 31.1%
U.S. Treasury Bonds
3.875% 5/15/43		2,195,000		1,907,597
4.125% 8/15/53		32,113,000		29,143,305
4.375% 8/15/43 ^(d)		46,365,000		43,251,206
U.S. Treasury Inflation-Indexed Notes
1.250% 4/15/28		4,982,282		4,736,720
1.375% 7/15/33		5,699,640		5,269,606
U.S. Treasury Notes
3.875% 8/15/33		22,421,000		21,180,886
4.375% 8/31/28		19,260,000		19,067,704
4.625% 9/15/26		29,705,000		29,559,297
4.625% 9/30/28 ^(j)		77,255,000		77,302,898
5.000% 9/30/25 ^(j)		17,765,000		17,748,727
				249,167,946

TOTAL U.S. TREASURY OBLIGATIONS (Cost $254,853,940)				249,167,946

TOTAL BONDS & NOTES (Cost $987,900,218)				926,962,980

	Number of Shares
EQUITIES — 0.0%
COMMON STOCK — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
Intelsat SA (k)		16,791		358,488

TOTAL COMMON STOCK (Cost $1,575,354)				358,488

TOTAL EQUITIES (Cost $1,575,354)				358,488

	Number of Shares		Value
RIGHTS — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
Intelsat Jackson Holdings SA (f) (g) (k)		1,757	$	—
Intelsat Jackson Holdings SA (f) (g) (k)		1,757		—
				—

TOTAL RIGHTS (Cost $0)				—

TOTAL LONG-TERM INVESTMENTS (Cost $989,475,572)				927,321,468

SHORT-TERM INVESTMENTS — 25.7%
Investment of Cash Collateral from Securities Loaned — 8.4%
State Street Navigator Securities Lending Government Money Market Portfolio (l)		66,945,374		66,945,374

	Principal Amount
Repurchase Agreement — 14.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (m)	$	114,791,726		114,791,726
U.S. Treasury Bill — 3.0%
U.S. Treasury Bills
5.380% 12/21/23 ⁽ⁿ⁾		4,605,000		4,550,625
5.458% 11/28/23 ^(d) ⁽ⁿ⁾		14,185,000		14,065,347
5.458% 11/28/23 ^(d) ⁽ⁿ⁾		5,275,000		5,230,504
				23,846,476

TOTAL SHORT-TERM INVESTMENTS (Cost $205,582,691)				205,583,576

TOTAL INVESTMENTS — 141.3% (Cost $1,195,058,263) ^(o)				1,132,905,044

Other Assets/(Liabilities) — (41.3)%				(331,120,104	)

NET ASSETS — 100.0%			$	801,784,940

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

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

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

LIBOR

London Inter-Bank Offered Rate

REMICS

Real Estate Mortgage Investment Conduits

SOFR	Secured Overnight Financing Rate

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 bank loan commitments at September 30, 2023 where the rate will be determined at time of settlement.

(b)

Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $172,899,553 or 21.56% of net assets.

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

(d)	Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $65,572,812 or 8.18% of net assets. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e)	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 September 30, 2023, these securities amounted to a value of $13,120 or 0.00% of net assets.

(f)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $0 or 0.00% of net assets.

(g)	Investment is valued using significant unobservable inputs.

(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 September 30, 2023.

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

(k)	Non-income producing security.

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

(m)	Maturity value of $114,807,031. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 0.500%, maturity dates ranging from 1/31/26 - 2/28/26, and an aggregate market value, including accrued interest, of $117,087,561.

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

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

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

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Citibank N.A.*		10/13/23		USD	867,766		GBP	676,000	$	42,930
Citibank N.A.*		10/13/23		EUR	78,000		USD	83,252		(753	)
Citibank N.A.*		10/13/23		USD	6,834,266		EUR	6,268,000		204,727
									$	246,904

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Ultra Bond		12/19/23		41	$	5,135,095		$	(268,907	)
U.S. Treasury Note 2 Year		12/29/23		1,242		252,629,258			(862,273	)
U.S. Treasury Note 5 Year		12/29/23		39		4,139,274			(30,258	)
								$	(1,161,438	)
Short
Euro-BOBL		12/07/23		4	$	(494,508	)	$	5,001
Euro-Bund		12/07/23		6		(841,204	)		25,176
Euro-BUXL 30 Year Bond		12/07/23		6		(847,230	)		71,039
U.S. Treasury Ultra 10 Year		12/19/23		19		(2,180,366	)		60,678
								$	161,894

Centrally Cleared Interest Rate Swaps

Paid by the Fund

Received by the Fund

Rate/ Reference

Frequency

Rate/ Reference

Frequency

Termination
Date

Notional
Amount

Value

Upfront
Premium
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

Fixed 3.520%

Annually

12-Month USD SOFR

Annually

12/20/53

USD

4,836,000

387,251

—

387,251

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

Currency Legend

EUR

Euro

GBP	British Pound

USD	U.S. Dollar

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

MassMutual Strategic Bond Fund — Portfolio of Investments

September 30, 2023

	Principal Amount		Value
BONDS & NOTES — 97.9%
BANK LOANS — 1.9%
Advertising — 0.0%
CMG Media Corp., 2021 Term Loan, 3 mo. USD Term SOFR + 3.500%
8.990% VRN 12/17/26	$	105,123	$	95,925
Airlines — 0.0%
United Airlines, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750%
9.182% VRN 4/21/28		64,380		64,395
Auto Parts & Equipment — 0.0%
Clarios Global LP, 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750%
9.066% VRN 5/06/30		70,000		69,782
Beverages — 0.1%
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250%
8.902% VRN 3/31/28		241,419		234,980
Building Materials — 0.1%
Emrld Borrower LP, Term Loan B, 3 mo. USD Term SOFR + 3.000%
8.316% VRN 5/31/30		150,000		149,719
Quikrete Holdings, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 3/19/29		138,942		138,863
				288,582
Commercial Services — 0.1%
API Group DE, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.500%
7.931% VRN 10/01/26		136,238		136,302
Prime Security Services Borrower LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 2.750%
8.192% VRN 9/23/26		175,009		174,692
				310,994
Computers — 0.1%
Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD Term SOFR + 5.000%
10.631% VRN 7/27/28		53,211		39,435
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%
9.166% VRN 2/01/28		320,772		319,771
				359,206

	Principal Amount		Value
Diversified Financial Services — 0.2%
Avolon TLB Borrower 1 (US) LLC, 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.250%
7.675% VRN 12/01/27	$	37,268	$	37,231
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD Term SOFR + 2.750%
8.421% VRN 10/22/26		114,774		114,514
Citadel Securities LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500%
7.931% VRN 7/29/30		20,202		20,139
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%
9.140% VRN 4/09/27		226,447		220,550
Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD Term SOFR + 3.250%
8.566% VRN 6/30/28		118,800		118,388
VFH Parent LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.418% VRN 1/13/29		108,900		107,924
				618,746
Electronics — 0.1%
II-VI, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 7/02/29		146,264		145,625
Entertainment — 0.1%
Caesars Entertainment Corp., Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.666% VRN 2/06/30		19,900		19,888
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.500%
7.931% VRN 5/29/26		248,892		248,551
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000%
8.434% VRN 4/14/29		237,000		236,704
				505,143
Health Care – Products — 0.1%
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.681% VRN 10/23/28		248,737		247,917

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Sotera Health Holdings LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 12/11/26	$	260,000	$	257,335
				505,252
Health Care – Services — 0.2%
Global Medical Response, Inc., 2020 Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.780% VRN 10/02/25		378,136		262,048
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.681% VRN 3/05/26		483,634		480,210
				742,258
Insurance — 0.1%
Acrisure LLC, 2021 First Lien Term Loan B, 1 mo. USD LIBOR + 4.250%
9.681% VRN 2/15/27		89,318		88,928
AmWINS Group, Inc.
2021 Term Loan B, 1 mo. USD Term SOFR + 2.250%
7.681% VRN 2/19/28		251,988		250,241
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 2/19/28		39,700		39,626
				378,795
Leisure Time — 0.1%
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD Term SOFR + 3.500%
8.931% VRN 8/17/28		164,515		163,967
Lodging — 0.1%
Hilton Domestic Operating Co., Inc., 2019 Term Loan B2, 1 mo. USD Term SOFR + 1.750%
7.170% VRN 6/22/26		310,000		309,681
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD Term SOFR + 2.250%
7.666% VRN 2/08/27		160,231		159,758
				469,439
Machinery – Diversified — 0.0%
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000%
7.431% VRN 7/30/29		124,677		124,504

	Principal Amount		Value
Media — 0.1%
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.500%
7.931% VRN 9/18/26	$	160,766	$	160,489
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD Term SOFR + 2.500%
7.947% VRN 1/31/28		203,954		197,862
				358,351
Private Equity -- 0.1%
GTCR W Merger Sub LLC, USD Term Loan B,
0.000% 9/20/30 ^(a)		440,000		439,679
Retail — 0.1%
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 10/19/27		440,026		436,224
Software — 0.1%
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.568% VRN 2/15/29		335,263		328,454
Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%
9.166% VRN 10/08/28		91,535		89,705
DCert Buyer, Inc., 2019 Term Loan B, 1 mo. USD Term SOFR + 4.000%
9.316% VRN 10/16/26		31,456		31,217
				449,376
Transportation — 0.1%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%
7.490% VRN 12/30/26		470,149		469,119

TOTAL BANK LOANS (Cost $7,390,511)				7,230,342

CORPORATE DEBT — 25.8%
Aerospace & Defense — 0.8%
Boeing Co.
2.196% 2/04/26		230,000		211,182
2.700% 2/01/27		90,000		81,494
2.800% 3/01/27		150,000		135,767

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
3.100% 5/01/26 ^(b)	$	80,000	$	74,697
3.200% 3/01/29		210,000		184,423
3.250% 2/01/35		360,000		276,768
3.550% 3/01/38		80,000		58,647
3.750% 2/01/50		240,000		163,050
5.150% 5/01/30		160,000		152,880
5.705% 5/01/40		110,000		101,486
5.805% 5/01/50		300,000		271,655
5.930% 5/01/60		40,000		35,917
General Dynamics Corp.
4.250% 4/01/40		20,000		16,984
4.250% 4/01/50		50,000		41,081
L3Harris Technologies, Inc.
5.054% 4/27/45		50,000		43,530
Lockheed Martin Corp.
3.900% 6/15/32		50,000		44,842
4.150% 6/15/53		260,000		205,057
4.500% 5/15/36		60,000		54,682
Northrop Grumman Corp.
2.930% 1/15/25		160,000		154,288
3.250% 1/15/28		290,000		265,954
5.250% 5/01/50		160,000		147,537
RTX Corp.
2.250% 7/01/30		110,000		88,503
3.030% 3/15/52		120,000		72,183
4.125% 11/16/28		160,000		149,193
4.500% 6/01/42		130,000		106,347
				3,138,147
Agriculture — 0.3%
Altria Group, Inc.
2.450% 2/04/32		140,000		105,613
4.400% 2/14/26		192,000		186,384
5.800% 2/14/39		160,000		148,335
5.950% 2/14/49		260,000		233,493
6.200% 2/14/59		56,000		52,194
BAT Capital Corp.
3.557% 8/15/27		45,000		41,170
4.540% 8/15/47		360,000		247,803
Philip Morris International, Inc.
2.100% 5/01/30		40,000		31,923
4.500% 3/20/42		80,000		63,846
Reynolds American, Inc.
5.850% 8/15/45		110,000		91,116
				1,201,877
Airlines — 0.5%
Delta Air Lines, Inc.
2.900% 10/28/24		180,000		172,980

	Principal Amount		Value
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.500% 10/20/25 ^(c)	$	240,002	$	233,114
4.750% 10/20/28 ^(c)		300,000		285,103
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.500% 6/20/27 ^(c)		247,500		245,223
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.000% 9/20/25 ^(c)		250,000		249,874
8.000% 9/20/25 ^(c)		240,000		239,886
United Airlines, Inc.
4.375% 4/15/26 ^(c)		80,000		73,983
4.625% 4/15/29 ^(c)		290,000		249,264
				1,749,427
Apparel — 0.1%
NIKE, Inc.
2.850% 3/27/30		170,000		147,257
3.250% 3/27/40		130,000		98,455
3.375% 3/27/50 ^(b)		40,000		28,541
				274,253
Auto Manufacturers — 1.4%
Ford Motor Co.
4.750% 1/15/43		90,000		65,695
6.100% 8/19/32 ^(b)		90,000		84,772
Ford Motor Credit Co. LLC
2.900% 2/16/28		390,000		332,093
3.625% 6/17/31		220,000		177,772
4.000% 11/13/30		200,000		167,039
4.125% 8/17/27		200,000		182,155
4.950% 5/28/27		250,000		234,663
5.125% 6/16/25		200,000		193,605
General Motors Co.
5.150% 4/01/38		40,000		33,407
5.600% 10/15/32 ^(b)		40,000		37,346
5.950% 4/01/49		110,000		93,299
6.125% 10/01/25		20,000		19,983
6.600% 4/01/36		10,000		9,718
Nissan Motor Co. Ltd.
3.522% 9/17/25 ^(c)		410,000		387,228
4.345% 9/17/27 ^(c)		300,000		273,840
Toyota Motor Credit Corp.
4.450% 5/18/26		3,070,000		3,001,859
				5,294,474
Banks — 7.1%
ABN AMRO Bank NV
4.750% 7/28/25 ^(c)		260,000		251,852

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Banco Santander SA
2.746% 5/28/25	$	400,000	$	376,711
Bank of America Corp.
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32		60,000		46,104
Secured Overnight Financing Rate + 2.150% 2.592% VRN 4/29/31		360,000		289,293
Secured Overnight Financing Rate + 1.330% 2.972% VRN 2/04/33		550,000		433,705
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28		570,000		511,318
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28		270,000		246,568
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29		760,000		696,180
3 mo. USD Term SOFR + 1.472% 3.974% VRN 2/07/30		270,000		242,486
4.000% 4/01/24		270,000		267,478
4.000% 1/22/25		140,000		136,238
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51		420,000		310,607
4.200% 8/26/24		380,000		373,347
4.250% 10/22/26		50,000		47,498
3 mo. USD Term SOFR + 1.782% 4.330% VRN 3/15/50		90,000		69,745
Secured Overnight Financing Rate + 1.580% 4.376% VRN 4/27/28		300,000		283,276
4.450% 3/03/26		50,000		48,157
5.000% 1/21/44		130,000		114,390
3 mo. USD Term SOFR + 3.967% 6.250% VRN ^(b) ^(d)		170,000		167,252
Bank of Montreal
1.850% 5/01/25		70,000		65,695
5 yr. USD Swap + 1.432% 3.803% VRN 12/15/32		90,000		78,613
Bank of New York Mellon Corp.
1.600% 4/24/25		170,000		159,324
Bank of Nova Scotia
1.300% 6/11/25		120,000		111,009
5 yr. CMT + 2.050% 4.588% VRN 5/04/37		100,000		83,345
Barclays PLC 3 mo. USD LIBOR + 3.054%
5.088% VRN 6/20/30		510,000		455,781

	Principal Amount		Value
BNP Paribas SA
Secured Overnight Financing Rate + 2.074% 2.219% VRN 6/09/26 ^(c)	$	200,000	$	186,642
5 yr. USD Swap + 1.483% 4.375% VRN 3/01/33 ^(c)		220,000		195,309
4.400% 8/14/28 ^(c)		400,000		371,836
4.625% 3/13/27 ^(c)		260,000		246,506
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 ^(c)		400,000		386,192
5 yr. CMT + 4.354% 8.500% VRN ^(c) ^(d)		200,000		195,665
Citigroup, Inc.
Secured Overnight Financing Rate + 2.107% 2.572% VRN 6/03/31		140,000		111,637
Secured Overnight Financing Rate + 1.939% 3.785% VRN 3/17/33		370,000		308,667
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30		180,000		161,655
4.125% 7/25/28		150,000		136,471
4.300% 11/20/26		510,000		483,538
Secured Overnight Financing Rate + 3.914% 4.412% VRN 3/31/31		410,000		368,823
4.450% 9/29/27		370,000		347,374
4.650% 7/30/45		181,000		145,414
4.650% 7/23/48		70,000		56,658
Secured Overnight Financing Rate + 1.887% 4.658% VRN 5/24/28		50,000		47,791
4.750% 5/18/46		40,000		31,299
Secured Overnight Financing Rate + 2.086% 4.910% VRN 5/24/33		130,000		118,288
5.300% 5/06/44		16,000		13,669
3 mo. USD Term SOFR + 4.167% 5.950% VRN ^(d)		150,000		143,121
3 mo. USD Term SOFR + 3.685% 6.300% VRN ^(d)		60,000		58,323
6.625% 6/15/32		20,000		20,192
8.125% 7/15/39		50,000		58,790
3 mo. USD Term SOFR + 4.330% 9.699% VRN ^(d)		50,000		49,905
Cooperatieve Rabobank UA 1 yr. CMT + 1.220%
3.649% VRN 4/06/28 ^(c)		300,000		275,740
Credit Agricole SA Secured Overnight Financing Rate + 1.676%
1.907% VRN 6/16/26 ^(c)		270,000		250,998

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Credit Suisse AG
5.000% 7/09/27	$	250,000	$	240,144
7.950% 1/09/25		710,000		722,554
Danske Bank AS
5.375% 1/12/24 ^(c)		240,000		239,039
Goldman Sachs Capital II 3 mo. USD Term SOFR + 1.029%
6.439% VRN ^(d)		8,000		6,537
Goldman Sachs Group, Inc.
Secured Overnight Financing Rate + 1.472% 2.908% VRN 7/21/42		80,000		51,667
Secured Overnight Financing Rate + 1.513% 3.210% VRN 4/22/42		40,000		27,116
3.500% 4/01/25		370,000		356,262
3.500% 11/16/26		200,000		186,003
Secured Overnight Financing Rate + 1.846% 3.615% VRN 3/15/28		50,000		46,134
3 mo. USD Term SOFR + 1.772% 3.691% VRN 6/05/28		350,000		322,557
3.850% 7/08/24		90,000		88,570
4.000% 3/03/24		100,000		99,146
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29		490,000		453,264
4.250% 10/21/25		160,000		154,186
4.750% 10/21/45		80,000		67,322
5.150% 5/22/45		290,000		248,506
6.250% 2/01/41		130,000		131,118
6.750% 10/01/37		80,000		81,012
HSBC Holdings PLC
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26		510,000		475,354
3.900% 5/25/26		200,000		189,232
Secured Overnight Financing Rate + 2.530% 4.762% VRN 3/29/33		200,000		170,327
Intesa Sanpaolo SpA
5.017% 6/26/24 ^(c)		900,000		878,629
5.710% 1/15/26 ^(c)		200,000		190,961
JP Morgan Chase & Co.
Secured Overnight Financing Rate + 1.850% 2.083% VRN 4/22/26		340,000		319,126
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31		300,000		243,174
Secured Overnight Financing Rate + 1.180% 2.545% VRN 11/08/32		100,000		77,389

	Principal Amount		Value
Secured Overnight Financing Rate + 2.440% 3.109% VRN 4/22/51	$	80,000	$	49,670
3 mo. USD Term SOFR + 1.207% 3.509% VRN 1/23/29		70,000		63,494
3.875% 9/10/24		300,000		293,834
3 mo. USD Term SOFR + 1.522% 4.203% VRN 7/23/29		310,000		287,295
4.250% 10/01/27		70,000		66,422
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29		700,000		653,421
4.950% 6/01/45		140,000		119,687
Lloyds Banking Group PLC
4.550% 8/16/28		370,000		344,467
Mitsubishi UFJ Financial Group, Inc. 1 yr. CMT + 1.125%
3.837% VRN 4/17/26		200,000		193,118
Morgan Stanley
Secured Overnight Financing Rate + 1.990% 2.188% VRN 4/28/26		260,000		244,242
Secured Overnight Financing Rate + 1.143% 2.699% VRN 1/22/31		10,000		8,176
Secured Overnight Financing Rate + 3.120% 3.622% VRN 4/01/31		640,000		551,343
3 mo. USD Term SOFR + 1.402% 3.772% VRN 1/24/29		350,000		319,149
3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30		10,000		9,251
National Securities Clearing Corp.
1.500% 4/23/25 ^(c)		250,000		234,598
PNC Financial Services Group, Inc.
Secured Overnight Financing Rate +1.841% 5.582% VRN 6/12/29		230,000		223,126
Secured Overnight Financing Rate + 1.322% 5.812% VRN 6/12/26		70,000		69,441
Royal Bank of Canada
1.150% 6/10/25		250,000		231,184
3.875% 5/04/32		40,000		34,866
Santander Holdings USA, Inc.
4.500% 7/17/25		50,000		48,481
Toronto-Dominion Bank
1.150% 6/12/25		280,000		259,218
Truist Financial Corp. Secured Overnight Financing Rate + 2.050%
6.047% VRN 6/08/27		130,000		128,586
U.S. Bancorp
1.450% 5/12/25		200,000		186,562

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Secured Overnight Financing Rate + .730% 2.215% VRN 1/27/28	$	30,000	$	26,466
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29		140,000		136,273
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34		50,000		47,157
UBS Group AG
Secured Overnight Financing Rate + 2.044% 2.193% VRN 6/05/26 ^(c)		480,000		446,429
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 ^(c)		350,000		276,447
Secured Overnight Financing Rate + 3.730% 4.194% VRN 4/01/31 ^(c)		250,000		218,311
4.253% 3/23/28 ^(c)		340,000		312,560
1 yr. CMT + 2.000% 6.301% VRN 9/22/34 ^(c)		410,000		400,430
5 yr. USD Swap + 4.344% 7.000% VRN ^(c) ^(d)		500,000		492,690
Wells Fargo & Co.
Secured Overnight Financing Rate + 2.000% 2.188% VRN 4/30/26		200,000		187,787
Secured Overnight Financing Rate + 2.100% 2.393% VRN 6/02/28		230,000		201,703
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30		150,000		124,868
3.000% 10/23/26		350,000		321,438
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33		300,000		242,503
4.300% 7/22/27		240,000		226,161
4.400% 6/14/46		180,000		133,211
3 mo. USD Term SOFR + 4.032% 4.478% VRN 4/04/31		210,000		190,522
4.650% 11/04/44		80,000		62,205
4.750% 12/07/46		10,000		7,805
4.900% 11/17/45		250,000		200,525
3 mo. USD Term SOFR + 4.502% 5.013% VRN 4/04/51		1,220,000		1,025,084
5.375% 11/02/43		110,000		95,370
Secured Overnight Financing Rate + 1.990% 5.557% VRN 7/25/34		160,000		151,501
Secured Overnight Financing Rate + 1.740% 5.574% VRN 7/25/29		120,000		117,071

	Principal Amount		Value
5.875% VRN ^(d) ^(e)	$	50,000	$	49,029
				27,014,981
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.650% 2/01/26		300,000		288,108
4.900% 2/01/46		50,000		43,577
Anheuser-Busch InBev Worldwide, Inc.
3.500% 6/01/30		130,000		115,662
4.000% 4/13/28		80,000		75,703
4.350% 6/01/40		30,000		25,509
4.600% 4/15/48		15,000		12,678
4.750% 1/23/29		190,000		184,217
5.550% 1/23/49		110,000		105,357
Coca-Cola Co.
2.500% 6/01/40		10,000		6,806
2.600% 6/01/50		80,000		48,914
Constellation Brands, Inc.
3.600% 5/09/24		60,000		59,124
4.350% 5/09/27		80,000		76,551
Molson Coors Beverage Co.
3.000% 7/15/26		50,000		46,468
4.200% 7/15/46		50,000		37,603
PepsiCo, Inc.
1.625% 5/01/30		170,000		136,569
				1,262,846
Biotechnology — 0.1%
Amgen, Inc.
4.663% 6/15/51		24,000		19,417
Gilead Sciences, Inc.
3.700% 4/01/24		130,000		128,577
4.500% 2/01/45		10,000		8,330
4.750% 3/01/46		40,000		34,252
				190,576
Building Materials — 0.0%
Builders FirstSource, Inc.
4.250% 2/01/32 ^(c)		20,000		16,401
Carrier Global Corp.
3.577% 4/05/50		20,000		13,497
				29,898
Chemicals — 0.3%
MEGlobal BV
4.250% 11/03/26 ^(c)		230,000		218,316
OCP SA
3.750% 6/23/31 ^(c)		260,000		204,858
5.125% 6/23/51 ^(c)		220,000		145,200

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Orbia Advance Corp. SAB de CV
2.875% 5/11/31 ^(c)	$	490,000	$	381,354
				949,728
Coal — 0.0%
Teck Resources Ltd.
6.000% 8/15/40		20,000		17,883
Commercial Services — 0.2%
ADT Security Corp.
4.125% 8/01/29 ^(b) ^(c)		10,000		8,455
Cintas Corp. No. 2
3.700% 4/01/27		160,000		151,670
DP World Ltd.
5.625% 9/25/48 ^(c)		330,000		292,050
PayPal Holdings, Inc.
1.650% 6/01/25		260,000		243,296
United Rentals North America, Inc.
3.750% 1/15/32		80,000		64,544
3.875% 11/15/27		60,000		54,312
3.875% 2/15/31		20,000		16,636
				830,963
Computers — 0.3%
Dell International LLC/EMC Corp.
3.375% 12/15/41 ^(c)		1,320,000		885,764
International Business Machines Corp.
3.000% 5/15/24		320,000		314,560
				1,200,324
Cosmetics & Personal Care — 0.1%
Haleon U.S. Capital LLC
3.375% 3/24/29		260,000		233,157
Kenvue, Inc.
4.900% 3/22/33 ^(c)		160,000		152,912
Procter & Gamble Co.
3.000% 3/25/30		100,000		88,834
				474,903
Distribution & Wholesale — 0.0%
H&E Equipment Services, Inc.
3.875% 12/15/28 ^(c)		20,000		17,078
Diversified Financial Services — 0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.450% 10/29/26		320,000		286,623
3.000% 10/29/28		160,000		137,196
3.150% 2/15/24		190,000		187,832
3.300% 1/30/32		160,000		127,186
Air Lease Corp.
3.375% 7/01/25		80,000		76,000
5.300% 2/01/28		130,000		125,598

	Principal Amount		Value
American Express Co.
3.375% 5/03/24	$	130,000	$	127,995
4.050% 5/03/29		140,000		130,299
Charles Schwab Corp.
5.875% 8/24/26		280,000		279,078
Secured Overnight Financing Rate + 2.010% 6.136% VRN 8/24/34		50,000		48,638
ILFC E-Capital Trust II
7.459% VRN 12/21/65 ^(c) ^(e)		10,000		7,517
Intercontinental Exchange, Inc.
4.600% 3/15/33		50,000		45,853
4.950% 6/15/52		20,000		17,353
KKR Group Finance Co. II LLC
5.500% 2/01/43 ^(b) ^(c)		20,000		17,386
Mastercard, Inc.
3.850% 3/26/50		50,000		38,507
Park Aerospace Holdings Ltd.
5.500% 2/15/24 ^(c)		50,000		49,751
Vanguard Group, Inc.
3.050% 8/22/50 ^(f)		450,000		256,998
Visa, Inc.
3.150% 12/14/25		100,000		95,445
4.300% 12/14/45		160,000		135,394
				2,190,649
Electric — 0.2%
American Transmission Systems, Inc.
2.650% 1/15/32 ^(c)		440,000		347,826
Consolidated Edison Co. of New York, Inc.
3.350% 4/01/30		70,000		61,452
3.950% 4/01/50		50,000		36,933
Duke Energy Ohio, Inc.
3.650% 2/01/29		210,000		192,613
Exelon Corp.
5.625% 6/15/35		40,000		38,428
Pacific Gas & Electric Co.
2.100% 8/01/27		140,000		119,710
2.500% 2/01/31		40,000		30,431
3.300% 8/01/40		50,000		32,014
3.500% 8/01/50		80,000		47,625
				907,032
Entertainment — 0.1%
Warnermedia Holdings, Inc.
3.755% 3/15/27		60,000		55,393
4.054% 3/15/29		80,000		71,277
4.279% 3/15/32		250,000		212,205
5.050% 3/15/42		20,000		15,468
5.141% 3/15/52		10,000		7,430

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
6.412% 3/15/26	$	110,000	$	109,982
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
7.125% 2/15/31 ^(c)		90,000		85,430
				557,185
Environmental Controls — 0.1%
Republic Services, Inc.
2.500% 8/15/24		230,000		223,389
Food — 0.2%
Danone SA
2.589% 11/02/23 ^(c)		310,000		309,146
Mars, Inc.
2.700% 4/01/25 ^(c)		140,000		134,108
3.200% 4/01/30 ^(c)		80,000		70,180
Mondelez International, Inc.
1.500% 5/04/25		340,000		318,082
				831,516
Forest Products & Paper — 0.1%
Suzano Austria GmbH
3.125% 1/15/32		80,000		61,440
3.750% 1/15/31		430,000		353,450
				414,890
Health Care – Products — 0.0%
Abbott Laboratories
4.750% 11/30/36		80,000		76,004
4.900% 11/30/46		100,000		91,039
Medtronic, Inc.
4.625% 3/15/45		18,000		15,787
				182,830
Health Care – Services — 0.4%
Centene Corp.
2.625% 8/01/31		10,000		7,659
3.000% 10/15/30		10,000		8,066
4.250% 12/15/27		70,000		64,534
4.625% 12/15/29		120,000		108,075
CommonSpirit Health
4.350% 11/01/42		20,000		16,061
Elevance Health, Inc.
3.350% 12/01/24		120,000		116,458
3.650% 12/01/27		90,000		83,421
4.100% 5/15/32		60,000		53,443
4.550% 5/15/52		10,000		8,091
Fresenius Medical Care U.S. Finance II, Inc.
4.750% 10/15/24 ^(c)		70,000		68,694
HCA, Inc.
3.500% 9/01/30		70,000		59,222
4.500% 2/15/27		40,000		38,184

	Principal Amount		Value
5.000% 3/15/24	$	50,000	$	49,742
5.250% 6/15/26		60,000		58,739
5.500% 6/15/47		80,000		68,285
Humana, Inc.
2.150% 2/03/32		40,000		30,226
4.500% 4/01/25		50,000		49,094
4.625% 12/01/42		70,000		57,043
4.800% 3/15/47		10,000		8,306
Tenet Healthcare Corp.
4.375% 1/15/30		10,000		8,601
UnitedHealth Group, Inc.
1.250% 1/15/26		50,000		45,557
2.300% 5/15/31		20,000		16,159
3.125% 5/15/60		30,000		18,172
3.875% 12/15/28		110,000		103,302
3.875% 8/15/59		90,000		64,024
4.000% 5/15/29		100,000		93,587
4.200% 5/15/32		70,000		63,890
4.250% 6/15/48		110,000		87,821
4.450% 12/15/48		50,000		41,246
5.800% 3/15/36		70,000		70,952
				1,566,654
Home Builders — 0.0%
Lennar Corp.
4.500% 4/30/24		100,000		99,050
4.750% 11/29/27		40,000		38,533
MDC Holdings, Inc.
6.000% 1/15/43		20,000		16,739
				154,322
Insurance — 0.2%
Berkshire Hathaway Finance Corp.
4.250% 1/15/49		160,000		131,095
Brighthouse Financial, Inc.
4.700% 6/22/47		11,000		7,640
Chubb INA Holdings, Inc.
3.350% 5/03/26		120,000		113,821
Guardian Life Global Funding
1.100% 6/23/25 ^(c)		120,000		110,192
MetLife Capital Trust IV
7.875% 12/15/67 ^(c)		200,000		206,885
New York Life Global Funding
0.950% 6/24/25 ^(c)		100,000		92,030
Principal Life Global Funding II
1.250% 6/23/25 ^(c)		110,000		101,459
Teachers Insurance & Annuity Association of America
4.900% 9/15/44 ^(c)		50,000		42,080

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
6.850% 12/16/39 ^(c)	$	22,000	$	23,136
				828,338
Internet — 0.5%
Alphabet, Inc.
1.900% 8/15/40		100,000		62,536
2.050% 8/15/50		60,000		32,758
Amazon.com, Inc.
2.100% 5/12/31		80,000		64,134
2.500% 6/03/50		60,000		35,151
3.150% 8/22/27		470,000		437,175
3.450% 4/13/29		80,000		73,871
3.600% 4/13/32		320,000		283,759
4.050% 8/22/47		100,000		80,359
4.250% 8/22/57		70,000		56,036
4.950% 12/05/44		180,000		167,768
Prosus NV
3.061% 7/13/31 ^(c)		370,000		274,709
3.832% 2/08/51 ^(c)		210,000		115,983
4.027% 8/03/50 ^(c)		310,000		177,494
				1,861,733
Investment Companies — 0.4%
Golub Capital BDC, Inc.
2.500% 8/24/26		1,570,000		1,375,955
Iron & Steel — 0.1%
ArcelorMittal SA
7.000% STEP 10/15/39		60,000		60,106
Vale Overseas Ltd.
6.875% 11/21/36		174,000		175,075
				235,181
Leisure Time — 0.1%
VOC Escrow Ltd.
5.000% 2/15/28 ^(c)		210,000		190,997
Lodging — 0.5%
Las Vegas Sands Corp.
2.900% 6/25/25		100,000		93,224
3.200% 8/08/24		790,000		764,294
Sands China Ltd.
4.300% STEP 1/08/26		280,000		261,611
5.375% STEP 8/08/25		750,000		726,522
				1,845,651
Machinery – Construction & Mining — 0.0%
Vertiv Group Corp.
4.125% 11/15/28 ^(c)		30,000		26,370
Machinery – Diversified — 0.1%
Deere & Co.
3.100% 4/15/30		60,000		52,753
3.750% 4/15/50 ^(b)		260,000		205,372

	Principal Amount		Value
Otis Worldwide Corp.
2.056% 4/05/25	$	140,000	$	132,173
				390,298
Media — 1.3%
Altice Financing SA
5.750% 8/15/29 ^(b) ^(c)		210,000		172,102
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500% 8/15/30 ^(c)		30,000		24,624
4.500% 5/01/32		840,000		659,272
4.750% 2/01/32 ^(c)		70,000		56,000
Charter Communications Operating LLC/Charter Communications Operating Capital
3.500% 3/01/42		60,000		37,078
4.200% 3/15/28		140,000		128,497
4.400% 4/01/33 ^(b)		140,000		119,075
4.800% 3/01/50		30,000		20,978
4.908% 7/23/25		270,000		263,831
5.050% 3/30/29		360,000		336,511
5.125% 7/01/49		100,000		72,897
5.375% 4/01/38		100,000		81,788
5.375% 5/01/47		20,000		15,240
5.500% 4/01/63		80,000		59,180
6.484% 10/23/45		160,000		139,703
6.834% 10/23/55		60,000		53,019
Comcast Corp.
2.800% 1/15/51		30,000		17,560
2.887% 11/01/51		260,000		153,228
3.150% 3/01/26		280,000		265,872
3.250% 11/01/39		30,000		21,916
3.300% 4/01/27		120,000		111,718
3.400% 4/01/30		180,000		158,772
3.400% 7/15/46		30,000		20,435
3.450% 2/01/50		40,000		27,045
3.750% 4/01/40		80,000		61,972
3.969% 11/01/47		80,000		59,687
3.999% 11/01/49		20,000		14,841
4.000% 8/15/47		20,000		14,937
4.000% 3/01/48		50,000		37,476
4.150% 10/15/28		180,000		170,506
4.250% 10/15/30		190,000		175,022
4.250% 1/15/33		20,000		17,989
4.950% 10/15/58		10,000		8,580
6.500% 11/15/35		41,000		43,394
CSC Holdings LLC
4.125% 12/01/30 ^(b) ^(c)		210,000		148,620
4.500% 11/15/31 ^(b) ^(c)		200,000		141,556
6.500% 2/01/29 ^(c)		250,000		207,109

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
DISH DBS Corp.
5.250% 12/01/26 ^(c)	$	120,000	$	101,982
5.750% 12/01/28 ^(c)		120,000		92,250
Fox Corp.
5.476% 1/25/39		90,000		77,781
Time Warner Cable Enterprises LLC
8.375% 7/15/33		20,000		21,501
Time Warner Cable LLC
6.550% 5/01/37		50,000		45,350
6.750% 6/15/39		120,000		109,844
7.300% 7/01/38		100,000		96,332
Virgin Media Secured Finance PLC
5.500% 5/15/29 ^(b) ^(c)		210,000		187,086
Walt Disney Co.
6.200% 12/15/34		20,000		20,779
6.650% 11/15/37		50,000		53,668
				4,924,603
Mining — 0.6%
Anglo American Capital PLC
4.750% 4/10/27 ^(c)		230,000		220,430
Barrick North America Finance LLC
5.700% 5/30/41		80,000		76,611
5.750% 5/01/43		80,000		76,974
BHP Billiton Finance USA Ltd.
5.000% 9/30/43		100,000		90,181
First Quantum Minerals Ltd.
6.875% 10/15/27 ^(c)		230,000		220,657
8.625% 6/01/31 ^(c)		200,000		199,036
Freeport-McMoRan, Inc.
4.550% 11/14/24 ^(b)		10,000		9,815
4.625% 8/01/30		120,000		108,117
5.450% 3/15/43		416,000		354,680
Glencore Funding LLC
3.875% 10/27/27 ^(c)		90,000		83,277
4.000% 3/27/27 ^(c)		270,000		253,437
4.125% 3/12/24 ^(c)		130,000		128,880
Southern Copper Corp.
5.250% 11/08/42		450,000		389,047
				2,211,142
Miscellaneous - Manufacturing — 0.1%
3M Co.
2.375% 8/26/29 ^(b)		140,000		117,045
3.050% 4/15/30 ^(b)		60,000		51,864
3.700% 4/15/50		150,000		106,937
Eaton Corp.
4.150% 11/02/42		40,000		32,533
				308,379

	Principal Amount		Value
Multi-National — 0.4%
Inter-American Development Bank
7.349% 10/06/30 INR ^(g) ^(h)	$	114,000,000	$	1,361,225
Oil & Gas — 2.5%
BP Capital Markets America, Inc.
3.000% 2/24/50		320,000		199,526
3.119% 5/04/26		270,000		255,150
3.588% 4/14/27		100,000		94,252
3.633% 4/06/30		120,000		108,051
Chevron Corp.
1.995% 5/11/27		110,000		98,577
3.078% 5/11/50		20,000		13,417
ConocoPhillips Co.
6.950% 4/15/29		75,000		81,221
Continental Resources, Inc.
2.268% 11/15/26 ^(c)		70,000		62,016
4.375% 1/15/28		130,000		120,575
5.750% 1/15/31 ^(c)		240,000		225,469
Coterra Energy, Inc.
3.900% 5/15/27		310,000		291,114
4.375% 3/15/29		220,000		203,462
Devon Energy Corp.
4.750% 5/15/42		10,000		7,945
5.000% 6/15/45		410,000		330,212
5.250% 10/15/27		32,000		31,173
5.600% 7/15/41		140,000		123,853
5.850% 12/15/25		120,000		119,390
5.875% 6/15/28		26,000		25,913
7.875% 9/30/31		330,000		362,026
Diamondback Energy, Inc.
3.250% 12/01/26		10,000		9,350
3.500% 12/01/29		160,000		141,978
6.250% 3/15/33		1,470,000		1,470,839
Ecopetrol SA
5.875% 5/28/45		770,000		507,399
EOG Resources, Inc.
3.900% 4/01/35		200,000		169,583
4.375% 4/15/30		60,000		56,560
4.950% 4/15/50		150,000		132,714
EQT Corp.
3.900% 10/01/27		280,000		258,993
6.125% STEP 2/01/25		12,000		11,959
7.000% STEP 2/01/30		50,000		51,437
Exxon Mobil Corp.
3.043% 3/01/26		130,000		123,278
3.482% 3/19/30		190,000		171,565
4.114% 3/01/46		200,000		160,549
4.327% 3/19/50		20,000		16,420

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Hess Corp.
7.300% 8/15/31	$	210,000	$	222,439
7.875% 10/01/29		110,000		119,274
KazMunayGas National Co. JSC
5.375% 4/24/30 ^(c)		200,000		181,566
Occidental Petroleum Corp.
4.400% 4/15/46		70,000		51,372
4.625% 6/15/45		80,000		57,539
6.600% 3/15/46 ^(b)		630,000		619,025
Petrobras Global Finance BV
5.999% 1/27/28 ^(b)		780,000		774,005
Petroleos Mexicanos
6.375% 1/23/45		220,000		128,436
6.625% 6/15/35		303,000		202,950
6.875% 8/04/26		160,000		147,504
Pioneer Natural Resources Co.
1.125% 1/15/26		40,000		36,150
2.150% 1/15/31		190,000		149,929
Reliance Industries Ltd.
3.625% 1/12/52 ^(c)		330,000		210,369
Shell International Finance BV
2.750% 4/06/30		160,000		137,610
2.875% 5/10/26		130,000		122,632
3.250% 4/06/50		230,000		152,719
4.000% 5/10/46		180,000		139,343
4.550% 8/12/43		70,000		59,408
Southwestern Energy Co.
4.750% 2/01/32		60,000		51,497
5.375% 3/15/30		20,000		18,221
				9,617,954
Oil & Gas Services — 0.0%
Halliburton Co.
4.850% 11/15/35		20,000		17,986
5.000% 11/15/45		110,000		93,245
Schlumberger Holdings Corp.
3.900% 5/17/28 ^(c)		31,000		28,795
				140,026
Packaging & Containers — 0.0%
Ball Corp.
3.125% 9/15/31 ^(b)		100,000		78,308
Pharmaceuticals — 1.4%
AbbVie, Inc.
2.600% 11/21/24		290,000		279,577
2.950% 11/21/26		260,000		241,283
3.200% 11/21/29		540,000		476,522
3.600% 5/14/25		130,000		125,639
3.800% 3/15/25		180,000		174,969
4.250% 11/21/49		20,000		15,833

	Principal Amount		Value
4.550% 3/15/35	$	90,000	$	81,863
4.875% 11/14/48		20,000		17,478
Becton Dickinson & Co.
3.363% 6/06/24		82,000		80,552
4.685% 12/15/44		18,000		15,129
Bristol-Myers Squibb Co.
2.900% 7/26/24		206,000		201,344
3.200% 6/15/26		204,000		193,517
3.400% 7/26/29		19,000		17,213
Cigna Group
4.125% 11/15/25		100,000		96,820
4.375% 10/15/28		160,000		151,394
4.800% 8/15/38		190,000		167,366
4.900% 12/15/48		100,000		84,272
CVS Health Corp.
1.875% 2/28/31		30,000		22,879
2.125% 9/15/31		140,000		107,065
3.750% 4/01/30		150,000		132,591
4.125% 4/01/40		120,000		93,265
4.250% 4/01/50		30,000		22,196
4.300% 3/25/28		168,000		158,997
5.050% 3/25/48		280,000		232,637
5.125% 7/20/45		100,000		84,150
CVS Pass-Through Trust
5.880% 1/10/28		49,476		48,101
6.036% 12/10/28		47,174		46,675
6.943% 1/10/30		45,361		45,411
Johnson & Johnson
3.625% 3/03/37		180,000		151,691
Merck & Co., Inc.
1.450% 6/24/30		120,000		94,017
2.750% 12/10/51		200,000		120,790
Pfizer, Inc.
1.700% 5/28/30		250,000		200,426
Teva Pharmaceutical Finance Netherlands III BV
3.150% 10/01/26		900,000		802,143
6.000% 4/15/24		213,000		211,921
7.125% 1/31/25		390,000		391,348
				5,387,074
Pipelines — 1.9%
Cameron LNG LLC
2.902% 7/15/31 ^(c)		40,000		33,079
3.302% 1/15/35 ^(c)		130,000		103,482
Cheniere Energy Partners LP
3.250% 1/31/32		170,000		135,116
Columbia Pipelines Operating Co. LLC
6.036% 11/15/33 ^(c)		260,000		253,787

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
6.544% 11/15/53 ^(c)	$	90,000	$	87,986
El Paso Natural Gas Co. LLC
8.375% 6/15/32		289,000		316,796
Energy Transfer LP
2.900% 5/15/25		170,000		161,504
3.750% 5/15/30		410,000		357,148
4.950% 6/15/28		50,000		47,851
5.250% 4/15/29		80,000		76,707
5.300% 4/01/44		20,000		16,277
5.400% 10/01/47		40,000		32,990
6.100% 2/15/42 ^(b)		140,000		126,025
6.250% 4/15/49		230,000		211,030
5 yr. CMT + 5.694% 6.500% VRN ^(d)		50,000		45,943
5 yr. CMT + 5.134% 6.750% VRN ^(d)		160,000		147,865
5 yr. CMT + 5.306% 7.125% VRN ^(d)		150,000		129,326
3 mo. USD LIBOR + 4.028% 9.654% VRN ^(d)		20,000		18,696
Enterprise Products Operating LLC
3.700% 1/31/51		260,000		183,890
4.150% 10/16/28		900,000		843,779
3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78		40,000		33,259
5.700% 2/15/42		40,000		38,264
EQM Midstream Partners LP
5.500% 7/15/28		10,000		9,385
Kinder Morgan Energy Partners LP
5.500% 3/01/44		30,000		25,523
Kinder Morgan, Inc.
4.300% 3/01/28		110,000		103,527
5.200% 3/01/48		20,000		16,362
MPLX LP
4.500% 4/15/38		70,000		56,727
4.700% 4/15/48		210,000		159,180
4.800% 2/15/29		190,000		180,265
4.875% 12/01/24		90,000		88,724
5.500% 2/15/49		60,000		50,782
ONEOK, Inc.
5.550% 11/01/26		50,000		49,674
5.800% 11/01/30		80,000		78,324
6.050% 9/01/33		170,000		167,013
6.625% 9/01/53		220,000		215,425
Southern Natural Gas Co. LLC
8.000% 3/01/32 ^(b)		148,000		162,566
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000% 12/31/30 ^(c)		10,000		8,827

	Principal Amount		Value
Targa Resources Corp.
4.200% 2/01/33	$	60,000	$	51,017
4.950% 4/15/52		40,000		30,765
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.875% 2/01/31		130,000		116,434
Tennessee Gas Pipeline Co. LLC
2.900% 3/01/30 ^(c)		160,000		133,658
Transcontinental Gas Pipe Line Co. LLC
7.850% 2/01/26		60,000		62,381
Venture Global Calcasieu Pass LLC
3.875% 11/01/33 ^(c)		80,000		62,114
Western Midstream Operating LP
3.100% STEP 2/01/25		240,000		229,618
4.050% STEP 2/01/30		850,000		742,978
5.250% STEP 2/01/50		230,000		179,178
5.500% 8/15/48		20,000		15,902
Williams Cos., Inc.
3.750% 6/15/27		90,000		83,680
7.500% 1/15/31		200,000		212,690
7.750% 6/15/31		350,000		375,322
				7,068,841
Real Estate Investment Trusts (REITS) — 0.4%
CTR Partnership LP/CareTrust Capital Corp.
3.875% 6/30/28 ^(b) ^(c)		20,000		17,101
Equinix, Inc.
2.500% 5/15/31		1,641,000		1,280,964
GLP Capital LP/GLP Financing II, Inc.
5.250% 6/01/25		10,000		9,794
5.375% 4/15/26		40,000		38,783
WEA Finance LLC/Westfield UK & Europe Finance PLC
3.750% 9/17/24 ^(c)		220,000		211,604
				1,558,246
Retail — 0.3%
Costco Wholesale Corp.
1.375% 6/20/27		190,000		166,087
1.600% 4/20/30		110,000		88,327
Home Depot, Inc.
2.700% 4/15/30		70,000		59,778
3.300% 4/15/40		120,000		89,425
3.350% 4/15/50		190,000		129,498
3.900% 12/06/28		30,000		28,322
3.900% 6/15/47		40,000		30,539
Lowe’s Cos., Inc.
4.500% 4/15/30		50,000		46,655

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
McDonald’s Corp.
3.500% 7/01/27	$	100,000	$	93,656
3.600% 7/01/30		190,000		169,623
3.625% 9/01/49		40,000		28,166
3.800% 4/01/28		110,000		103,425
4.200% 4/01/50		140,000		108,680
Walmart, Inc.
1.500% 9/22/28		80,000		67,846
1.800% 9/22/31		40,000		31,481
				1,241,508
Semiconductors — 0.4%
Broadcom, Inc.
3.137% 11/15/35 ^(c)		490,000		357,250
Intel Corp.
1.600% 8/12/28		130,000		109,915
3.050% 8/12/51		90,000		54,710
3.700% 7/29/25		40,000		38,716
4.750% 3/25/50		20,000		16,535
5.125% 2/10/30		100,000		98,128
Micron Technology, Inc.
5.875% 2/09/33		60,000		57,316
NVIDIA Corp.
2.850% 4/01/30		90,000		78,520
3.500% 4/01/40		240,000		188,957
3.500% 4/01/50		100,000		72,886
3.700% 4/01/60		170,000		124,338
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.700% 5/01/25		120,000		113,965
Texas Instruments, Inc.
1.750% 5/04/30		110,000		89,020
				1,400,256
Software — 0.2%
Microsoft Corp.
2.525% 6/01/50		133,000		80,983
2.921% 3/17/52		107,000		70,182
3.041% 3/17/62		83,000		52,549
Open Text Holdings, Inc.
4.125% 2/15/30 ^(b) ^(c)		10,000		8,366
4.125% 12/01/31 ^(b) ^(c)		10,000		7,979
Oracle Corp.
1.650% 3/25/26		240,000		217,389
2.875% 3/25/31		310,000		253,217
2.950% 4/01/30		20,000		16,830
4.650% 5/06/30		100,000		93,518
Salesforce, Inc.
3.700% 4/11/28		50,000		47,169
				848,182

	Principal Amount		Value
Telecommunications — 1.1%
AT&T, Inc.
2.250% 2/01/32	$	20,000	$	15,053
2.300% 6/01/27		250,000		221,362
2.550% 12/01/33		60,000		44,069
3.500% 9/15/53		130,000		80,320
3.550% 9/15/55		183,000		112,025
3.650% 9/15/59		60,000		36,507
3.800% 12/01/57		10,000		6,335
4.350% 6/15/45		101,000		75,577
5.350% 9/01/40		40,000		35,638
5.550% 8/15/41		40,000		35,854
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738% 9/20/29 ^(c)		82,500		81,625
T-Mobile USA, Inc.
2.250% 2/15/26		70,000		64,440
2.250% 11/15/31		70,000		53,342
2.550% 2/15/31		130,000		103,442
2.625% 2/15/29		170,000		144,020
2.875% 2/15/31		170,000		137,828
3.000% 2/15/41		60,000		39,759
3.300% 2/15/51		20,000		12,514
3.375% 4/15/29		70,000		61,568
3.500% 4/15/25		350,000		337,718
3.500% 4/15/31		380,000		321,316
3.750% 4/15/27		50,000		46,721
3.875% 4/15/30		190,000		168,335
Telefonica Emisiones SA
5.213% 3/08/47		150,000		119,470
Verizon Communications, Inc.
1.750% 1/20/31		280,000		210,996
2.550% 3/21/31		282,000		224,538
2.650% 11/20/40		120,000		75,962
2.875% 11/20/50		50,000		28,905
3.400% 3/22/41		40,000		28,358
3.850% 11/01/42		40,000		29,561
3.875% 2/08/29		130,000		119,047
4.000% 3/22/50		100,000		71,645
4.125% 8/15/46		180,000		134,462
4.329% 9/21/28		440,000		413,438
4.400% 11/01/34		270,000		234,122
4.500% 8/10/33		30,000		26,710
5.250% 3/16/37		170,000		158,602
5.500% 3/16/47 ^(b)		30,000		27,736
Vmed O2 UK Financing I PLC
4.750% 7/15/31 ^(c)		200,000		161,575
				4,300,495

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

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Transportation — 0.1%
Union Pacific Corp.
2.150% 2/05/27	$	50,000	$	45,134
2.891% 4/06/36		270,000		204,460
3.750% 7/15/25		70,000		67,796
3.750% 2/05/70		150,000		100,249
3.839% 3/20/60		120,000		84,101
				501,740

TOTAL CORPORATE DEBT (Cost $111,267,236)				98,378,327

MUNICIPAL OBLIGATIONS — 0.0%
State of California, General Obligation
5.000% 11/01/43		50,000		50,096

TOTAL MUNICIPAL OBLIGATIONS (Cost $50,011)				50,096

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.6%
Automobile Asset-Backed Securities — 0.1%
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A
1.380% 8/20/27 ^(c)		490,000		432,560
Commercial Mortgage-Backed Securities — 2.5%
Banc of America Merrill Lynch Trust, Series 2016-GG10, Class AJA,
5.818% VRN 8/10/45 ^(c) ^(e)		314,537		78,634
Bank
Series 2017-BNK4, Class XA, 1.499% VRN 5/15/50 ^(e)		3,003,273		106,838
Series 2017-BNK8, Class A3, 3.229% 11/15/50		266,500		242,071
Series 2022-BNK40, Class A4, 3.507% VRN 3/15/64 ^(e)		270,000		225,276
Benchmark Mortgage Trust
Series 2021-B29, Class XA, 1.146% VRN 9/15/54 ^(e)		2,499,331		123,260
Series 2019-B13, Class A3, 2.701% 8/15/57		290,000		245,019
BPR Trust, Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.164%
6.498% FRN 9/15/38 ^(c)		140,000		134,480
BX Commercial Mortgage Trust
Series 2021-VINO, Class A, 1 mo. USD Term SOFR + 0.767% 6.099% FRN 5/15/38 ^(c)		627,338		615,574

	Principal Amount		Value
Series 2021-21M, Class A, 1 mo. USD Term SOFR + 0.844% 6.177% FRN 10/15/36 ^(c)	$	722,661	$	707,077
Series 2023-VLT2, Class E, 1 mo. USD Term SOFR + 5.871% 11.203% FRN 6/15/40 ^(c)		490,000		487,903
BX Trust, Series 2021-LBA, Class AV, 1 mo. USD Term SOFR + 0.914%
6.248% FRN 2/15/36 ^(c)		197,702		194,118
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class A2
3.623% 5/15/52		260,000		256,114
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B,
4.175% VRN 7/10/47 ^(e)		350,000		326,607
Credit Suisse Mortgage Trust
Series 2014-USA, Class A2, 3.953% 9/15/37 ^(c)		190,000		160,108
Series 2014-USA, Class E, 4.373% 9/15/37 ^(c)		140,000		70,871
Series 2014-USA, Class F, 4.373% 9/15/37 ^(c)		2,440,000		1,027,230
Series 2022-MARK, Class A, 1 mo. USD Term SOFR + 2.695% 8.028% FRN 6/15/39 ^(c)		130,000		128,946
Series 2017-CHOP, Class G, U.S. (Fed) Prime Rate + 2.294% 10.794% FRN 7/15/32 ^(c)		750,000		690,075
Deutsche Bank Commercial Mortgage Trust, Series 2016-C3, Class A4
2.632% 8/10/49		114,163		104,238
GS Mortgage Securities Corp. Trust, Series 2018-SRP5, Class A, 1 mo. USD Term SOFR + 1.914%
7.248% FRN 9/15/31 ^(c)		1,201,684		1,023,898
JPMBB Commercial Mortgage Securities Trust
Series 2014-C19, Class XA, 0.714% VRN 4/15/47 ^(e)		762,420		166
Series 2015-C31, Class B, 4.776% VRN 8/15/48 ^(e)		160,000		141,012
Series 2013-C17, Class B, 5.032% VRN 1/15/47 ^(e)		30,000		27,107
LAQ Mortgage Trust, Series 2023-LAQ, Class A, 1 mo. USD Term SOFR + 2.091%
7.424% FRN 3/15/36 ^(c)		104,982		104,555
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AJ,
6.193% VRN 9/12/49 ^(e)		2,876		2,800

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

100

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397%
6.737% FRN 3/15/39 ^(c)	$	190,000	$	186,924
PFP Ltd., Series 2021-8, Class A, 1 mo. USD Term SOFR + 1.114%
6.447% FRN 8/09/37 ^(c)		432,493		426,276
Shops at Crystals Trust, Series 2016-CSTL, Class A
3.126% 7/05/36 ^(c)		320,000		289,265
UBS Commercial Mortgage Trust
Series 2017-C7, Class A3, 3.418% 12/15/50		193,369		176,345
Series 2017-C1, Class A4, 3.460% 6/15/50		170,000		155,198
Waterfall Commercial Mortgage Trust, Series 2015-SBC5, Class A,
4.104% VRN 9/14/49 ^(c) ^(e)		22,230		21,938
Wells Fargo Commercial Mortgage Trust
Series 2019-C52, Class XA, 1.749% VRN 8/15/52 ^(e)		5,490,455		342,762
Series 2017-C42, Class D, 2.800% VRN 12/15/50 ^(c) ^(e)		710,000		460,846
Series 2013-LC12, Class B, 4.087% VRN 7/15/46 ^(e)		104,118		86,594
WFRBS Commercial Mortgage Trust
Series 2014-C24, Class B, 4.204% VRN 11/15/47 ^(e)		190,000		164,909
Series 2014-C24, Class C, 4.290% VRN 11/15/47 ^(e)		190,000		156,047
				9,691,081
Home Equity Asset-Backed Securities — 0.4%
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD Term SOFR + 1.074%
6.394% FRN 11/25/33		1,174,612		1,156,075
GSAA Home Equity Trust, Series 2006-5, Class 2A3, 1 mo. USD Term SOFR + 0.654%
5.974% FRN 3/25/36		295,029		141,200
				1,297,275
Manufactured Housing Asset-Backed Securities — 0.1%
Conseco Finance Corp., Series 1996-4, Class M1,
7.750% VRN 6/15/27 ^(e)		311,209		308,689

	Principal Amount		Value
Other Asset-Backed Securities — 1.2%
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.184%
6.517% FRN 8/15/34 ^(c)	$	790,000	$	777,095
Credit Suisse European Mortgage Capital Ltd., Series 2019-1OTF, Class A1, 3 mo. USD LIBOR + 2.900%
8.531% FRN 8/09/24 ^(c)		925,000		900,266
Dividend Solar Loans LLC, Series 2019-1, Class A
3.670% 8/22/39 ^(c)		667,898		569,300
InStar Leasing III LLC, Series 2021-1A, Class A
2.300% 2/15/54 ^(c)		552,467		462,644
ITE Rail Fund Levered LP, Series 2021-1A, Class A
2.250% 2/28/51 ^(c)		691,153		585,851
Mosaic Solar Loan Trust, Series 2021-3A, Class B
1.920% 6/20/52 ^(c)		727,641		559,392
Structured Asset Investment Loan Trust, Series 2004-8, Class A9, 1 mo. USD Term SOFR + 1.114%
6.434% FRN 9/25/34		520,344		515,510
U.S. Small Business Administration
Series 2019-25G, Class 1, 2.690% 7/01/44		186,508		159,185
Series 2019-20D, Class 1, 2.980% 4/01/39		129,874		113,783
				4,643,026
Student Loans Asset-Backed Securities — 0.4%
College Avenue Student Loans LLC, Series 2019-A, Class A2
3.280% 12/28/48 ^(c)		219,915		198,391
Navient Private Education Refi Loan Trust
Series 2020-FA, Class A, 1.220% 7/15/69 ^(c)		269,542		239,996
Series 2020-IA, Class A1A, 1.330% 4/15/69 ^(c)		325,797		284,781
SMB Private Education Loan Trust
Series 2020-A, Class A2A, 2.230% 9/15/37 ^(c)		360,509		329,614
Series 2021-A, Class B, 2.310% 1/15/53 ^(c)		600,000		545,382
				1,598,164

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

101

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Whole Loan Collateral Collateralized Mortgage Obligations — 1.8%
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC8, Class A3, 1 mo. USD Term SOFR + 7.536%
2.216% FRN 11/25/35	$	628,165	$	95,261
BRAVO Residential Funding Trust, Series 2022-NQM3, Class A1,
5.108% VRN 7/25/62 ^(c) ^(e)		304,994		296,787
Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A4, 1 mo. USD Term SOFR + 0.464%
5.784% FRN 5/25/37		1,231,629		725,754
GS Mortgage Securities Trust, Series 2014-2R, Class 3B
6.039% 11/26/37 ^(c)		1,220,000		1,005,248
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3,
4.629% VRN 10/25/35 ^(e)		44,153		23,495
HarborView Mortgage Loan Trust, Series 2006-2, Class 1A,
5.525% VRN 2/25/36 ^(e)		27,306		9,408
HOMES Trust, Series 2023-NQM1, Class A1,
6.182% STEP 1/25/68 ^(c)		479,828		475,359
IndyMac INDX Mortgage Loan Trust, Series 2005-AR18, Class 1A1, 1 mo. USD Term SOFR + 0.734%
6.054% FRN 10/25/36		663,189		298,664
JP Morgan Mortgage Trust
Series 2018-3, Class A1, 3.500% VRN 9/25/48 ^(c) ^(e)		229,601		194,113
Series 2018-4, Class A1, 3.500% VRN 10/25/48 ^(c) ^(e)		98,807		83,634
New Residential Mortgage Loan Trust
Series 2018-RPL1, Class M2, 3.500% VRN 12/25/57 ^(c) ^(e)		730,000		576,361
Series 2017-4A, Class A1, 4.000% VRN 5/25/57 ^(c) ^(e)		197,197		181,354
OBX Trust
Series 2022-NQM6, Class A1, 4.700% STEP 7/25/62 ^(c)		488,405		465,098
Series 2023-NQM3, Class A1, 5.949% STEP 2/25/63 ^(c)		481,200		473,907
Prime Mortgage Trust, Series 2006-DR1, Class 2A2
6.000% 5/25/35 ^(c)		434,752		358,774
PRKCM Trust, Series 2023-AFC1, Class A1,
6.598% STEP 2/25/58 ^(c)		459,521		460,719

	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 1A1,
4.360% VRN 8/25/36 ^(e)	$	148,615	$	103,410
Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 4A1, 1 yr. MTA + 2.150%
6.776% FRN 3/25/46		91,189		78,651
Towd Point Mortgage Trust
Series 2017-4, Class B2, 3.579% VRN 6/25/57 ^(c) ^(e)		740,000		559,747
Series 2022-4,Class A1, 3.750% 9/25/62 ^(c)		378,731		342,682
				6,808,426
Whole Loan Collateral Planned Amortization Classes — 0.0%
Countrywide Alternative Loan Trust, Series 2006-18CB, Class A6,
6.863% FRN 7/25/36		39,537		28,117
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR3, Class A1B, 1 yr. MTA + 1.000%
5.626% FRN 2/25/46		425,252		353,487

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $28,219,245)				25,160,825

SOVEREIGN DEBT OBLIGATIONS — 4.1%
Argentina Government International Bond,
3.500% STEP 7/09/41		110,000		28,136
Brazil Notas do Tesouro Nacional Serie F
10.000% 1/01/27 BRL ^(g)		3,328,000		646,886
10.000% 1/01/33 BRL ^(g)		3,703,000		672,145
Brazilian Government International Bond
5.000% 1/27/45		810,000		598,805
5.625% 1/07/41		630,000		525,732
Colombia Government International Bond
3.250% 4/22/32		430,000		308,586
4.125% 2/22/42		440,000		265,396
Indonesia Government International Bond
5.125% 1/15/45 ^(b) ^(c)		220,000		198,406

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

102

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Indonesia Treasury Bond
6.500% 2/15/31 IDR ^(g)	$	34,028,000,000	$	2,158,703
Israel Government International Bond
2.750% 7/03/30		310,000		263,152
Kenya Government International Bond
6.300% 1/23/34 ^(c)		370,000		245,375
Mexican Bonos
7.750% 11/23/34 MXN ^(g)		17,120,000		836,996
7.750% 11/13/42 MXN ^(g)		46,165,600		2,133,008
8.000% 11/07/47 MXN ^(g)		76,980,000		3,632,449
8.500% 5/31/29 MXN ^(g)		18,880,000		1,012,689
Mexico Government International Bond
4.750% 3/08/44		730,000		559,071
Nigeria Government International Bond
7.143% 2/23/30 ^(c)		210,000		165,404
Panama Government International Bond
4.500% 4/01/56		350,000		229,920
Peruvian Government International Bond
6.550% 3/14/37		210,000		216,660
Provincia de Buenos Aires/Government Bond,
6.375% STEP 9/01/37 ^(c)		1,920,019		624,764
Russia Federal Bond - OFZ
6.900% 5/23/29 RUB ^(g)		49,028,000		160,040
7.700% 3/16/39 RUB ^(g)		43,130,000		102,797
				15,585,120

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $19,474,503)				15,585,120

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ⁽ⁱ⁾ — 38.5%
Collateralized Mortgage Obligations — 2.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series K741, Class X1, 0.653% VRN 12/25/27 ^(e)		2,985,635		57,054
Series K124, Class X1, 0.810% VRN 12/25/30 ^(e)		2,490,083		100,392
Series K094, Class X1, 1.014% VRN 6/25/29 ^(e)		991,263		39,418
Series K743, Class X1, 1.025% VRN 5/25/28 ^(e)		3,987,713		140,891
Series KC05, Class X1, 1.365% VRN 6/25/27 ^(e)		1,448,086		36,349

	Principal Amount		Value
Series K736, Class X1, 1.410% VRN 7/25/26 ^(e)	$	2,020,712	$	57,209
Series K115, Class X1, 1.427% VRN 6/25/30 ^(e)		995,756		67,693
Series K110, Class X1, 1.813% VRN 4/25/30 ^(e)		1,292,518		105,909
Series K751, Class A2, 4.412% 3/25/30		100,000		95,365
Federal Home Loan Mortgage Corp. REMICS
Series 3422, Class AI, 0.250% STEP 1/15/38		6,081		45
Series 3621, Class SB, 30 day USD SOFR Average + 6.116% 0.802% FRN 1/15/40		18,271		1,378
Series 4203, Class PS, 30 day USD SOFR Average + 6.136% 0.822% FRN 9/15/42		77,869		4,581
Series 3973, Class SA, 30 day USD SOFR Average + 6.376% 1.062% FRN 12/15/41		116,072		9,773
Series 5092, Class AP, 2.000% 4/25/41		79,358		66,469
Series 5018, Class MI, 2.000% 10/25/50		332,402		39,969
Series 5085, Class NI, 2.000% 3/25/51		594,407		67,834
Series 5140, Class NI, 2.500% 5/25/49		263,432		34,746
Series 5010, Class IK, 2.500% 9/25/50		198,303		28,916
Series 5010, Class JI, 2.500% 9/25/50		473,775		69,936
Series 5013, Class IN, 2.500% 9/25/50		240,478		37,906
Series 5040, Class IB, 2.500% 11/25/50		141,353		19,255
Series 5059, Class IB, 2.500% 1/25/51		669,887		99,026
Series 5069, Class MI, 2.500% 2/25/51		74,916		10,339
Series 4391, Class MZ, 3.000% 9/15/44		261,905		216,502
Series 4793, Class CB, 3.000% 5/15/48		179,584		153,784
Series 4793, Class CD, 3.000% 6/15/48		114,848		98,278
Series 4813, Class CJ, 3.000% 8/15/48		97,210		79,557
Series 5224, Class HL, 4.000% 4/25/52		400,000		337,555
Series R007, Class ZA, 6.000% 5/15/36		48,405		48,842

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

103

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Federal Home Loan Mortgage Corp. STRIPS
Series 353, Class S1, 30 day USD SOFR Average + 5.886% 0.572% FRN 12/15/46	$	190,628	$	13,893
Series 334, Class S7, 30 day USD SOFR Average + 5.986% 0.672% FRN 8/15/44		79,666		6,672
Federal National Mortgage Association Grantor Trust Series 2017-T1, Class A 2.898% 6/25/27		99,258		91,141
Federal National Mortgage Association Interest STRIPS
Series 409, Class C2, 3.000% 4/25/27		27,757		1,004
Series 409, Class C13, 3.500% 11/25/41		46,810		6,848
Series 409, Class C18, 4.000% 4/25/42		53,861		9,253
Series 409, Class C22, 4.500% 11/25/39		35,207		6,118
Federal National Mortgage Association REMICS
Series 2005-88, Class IP, 0.483% FRN 10/25/35 ^(e)		19,267		1,334
Series 2013-124, Class SB, 30 day USD SOFR Average + 5.836% 0.521% FRN 12/25/43		186,097		14,060
Series 2016-61, Class BS, 30 day USD SOFR Average + 5.986% 0.671% FRN 9/25/46		64,569		3,084
Series 2017-76, Class SB, 30 day USD SOFR Average + 5.986% 0.671% FRN 10/25/57		410,129		32,771
Series 2012-133, Class CS, 30 day USD SOFR Average + 6.036% 0.721% FRN 12/25/42		57,353		6,139
Series 2012-134, Class SK, 30 day USD SOFR Average + 6.036% 0.721% FRN 12/25/42		110,462		10,379
Series 2013-54, Class BS, 30 day USD SOFR Average + 6.036% 0.721% FRN 6/25/43		137,830		11,846
Series 2006-88, Class IP, 0.729% VRN 3/25/36 ^(e)		23,294		1,485
Series 2017-85, Class SC, 30 day USD SOFR Average + 6.086% 0.771% FRN 11/25/47		113,888		7,433
Series 2012-35, Class SC, 30 day USD SOFR Average + 6.386% 1.071% FRN 4/25/42		52,476		4,940

	Principal Amount		Value
Series 2011-87, Class SG, 30 day USD SOFR Average + 6.436% 1.121% FRN 4/25/40	$	34,391	$	348
Series 2011-96, Class SA, 30 day USD SOFR Average + 6.436% 1.121% FRN 10/25/41		110,917		6,675
Series 2012-74, Class SA, 30 day USD SOFR Average + 6.536% 1.221% FRN 3/25/42		26,800		1,275
Series 2006-59, Class IP, 1.299% FRN 7/25/36 ^(e)		52,397		2,678
Series 2021-65, Class JA, 2.000% 1/25/46		74,430		60,363
Series 2020-57, Class 57, 2.000% 4/25/50		201,418		166,006
Series 2020-47, Class GZ, 2.000% 7/25/50		320,130		165,619
Series 2020-97, Class AI, 2.000% 1/25/51		174,872		21,423
Series 2014-6, Class Z, 2.500% 2/25/44		254,610		206,320
Series 2020-56, Class DI, 2.500% 8/25/50		232,265		36,731
Series 2020-74, Class EI, 2.500% 10/25/50		151,118		22,175
Series 2020-89, Class DI, 2.500% 12/25/50		1,041,474		154,481
Series 2021-3, Class QI, 2.500% 2/25/51		705,589		105,946
Series 2012-118, Class VZ, 3.000% 11/25/42		131,802		113,433
Series 2011-59, Class NZ, 5.500% 7/25/41		231,294		231,241
Series 2013-9, Class CB, 5.500% 4/25/42		186,660		185,690
Series 2006-118, Class IP1, 5.644% FRN 12/25/36 ^(e)		47,060		3,580
Series 2006-118, Class IP2, 5.644% FRN 12/25/36 ^(e)		37,271		2,472
Series 2012-46, Class BA, 6.000% 5/25/42		48,108		48,153
Series 2012-28, Class B, 6.500% 6/25/39		2,413		2,421
Series 2013-9, Class BC, 6.500% 7/25/42		55,952		57,661
Series 2012-51, Class B, 7.000% 5/25/42		39,009		40,415
Federal National Mortgage Association-ACES
Series 2020-M36, Class X1, 1.540% VRN 9/25/34 ^(e)		1,141,076		86,433
Series 2019-M19, Class A2, 2.560% 9/25/29		433,385		376,944

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

104

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
FREMF Mortgage Trust Series 2019-KF58, Class B 30 day USD SOFR Average + 2.264% 7.576% 1/25/26 ^(c)	$	506,574	$	499,631
Government National Mortgage Association
Series 2012-144, Class IO, 0.325% VRN 1/16/53 ^(e)		2,045,226		13,253
Series 2012-135, Class IO, 0.340% VRN 1/16/53 ^(e)		2,237,636		36,248
Series 2014-186, Class IO, 0.372% VRN 8/16/54 ^(e)		337,798		3,565
Series 2017-41, Class IO, 0.592% VRN 7/16/58 ^(e)		509,634		14,501
Series 2021-60, Class IO, 0.826% VRN 5/16/63 ^(e)		2,262,191		133,595
Series 2022-3, Class B, 1.850% 2/16/61		200,000		94,019
Series 2023-92, Class AH, 2.000% 6/16/64		699,964		521,454
Series 2013-107, Class AD, 2.839% VRN 11/16/47 ^(e)		149,022		132,535
Series 2022-196, Class BE, 3.000% VRN 10/16/64 ^(e)		200,000		138,362
Series 2022-220, Class E, 3.000% VRN 10/16/64 ^(e)		100,000		73,469
Government National Mortgage Association REMICS
Series 2014-22, Class IA, 0.000% FRN 11/20/42 ^(e)		17,155		617
Series 2017-H20, Class IB, 0.342% VRN 10/20/67 ^(e)		52,062		1,678
Series 2016-135, Class SB, 1 mo. USD Term SOFR + 5.986% 0.655% FRN 10/16/46		97,735		10,323
Series 2016-21, Class ST, 1 mo. USD Term SOFR + 6.036% 0.711% FRN 2/20/46		53,035		4,455
Series 2017-H15, Class KI, 0.834% VRN 7/20/67 ^(e)		102,251		4,857
Series 2017-H18, Class BI, 1.184% VRN 9/20/67 ^(e)		2,584,842		108,967
Series 2010-85, Class HS, 1 mo. USD Term SOFR + 6.536% 1.211% FRN 1/20/40		2,425		11
Series 2012-H27, Class AI, 1.683% VRN 10/20/62 ^(e)		220,259		6,392
Series 2020-181, Class WI, 2.000% 12/20/50		1,254,512		133,168
Series 2021-188, Class PA, 2.000% 10/20/51		501,188		402,683
Series 2020-123, Class NI, 2.500% 8/20/50		378,374		48,234

	Principal Amount		Value
Series 2020-123, Class IL, 2.500% 8/20/50	$	144,059	$	18,265
Series 2020-127, Class IN, 2.500% 8/20/50		148,640		19,257
Series 2020-129, Class IE, 2.500% 9/20/50		153,485		19,871
Series 2020-160, Class IH, 2.500% 10/20/50		159,333		21,243
Series 2020-160, Class YI, 2.500% 10/20/50		622,100		80,579
Series 2020-160, Class VI, 2.500% 10/20/50		230,407		30,643
Series 2022-115, Class MI, 2.500% 5/20/51		236,868		24,598
Series 2022-189, Class PT, 2.500% 10/20/51		285,111		226,545
Series 2013-53, Class OI, 3.500% 4/20/43		261,670		28,121
Series 2020-47, Class MI, 3.500% 4/20/50		248,602		42,797
Series 2020-47, Class NI, 3.500% 4/20/50		69,979		12,072
Series 2014-176, Class IA, 4.000% 11/20/44		33,996		5,744
Series 2015-167, Class OI, 4.000% 4/16/45		43,432		7,626
Series 2016-84, Class IG, 4.500% 11/16/45		198,301		37,070
Series 2020-H09, Class FL, 1 mo. USD Term SOFR + 1.264% 4.849% FRN 5/20/70		371,668		368,546
Series 2020-H13, Class FC, 1 mo. USD Term SOFR + 0.564% 4.941% FRN 7/20/70		48,162		47,339
Series 2020-H13, Class FA, 1 mo. USD Term SOFR + 0.564% 5.000% FRN 7/20/70		127,046		124,750
Series 2018-H07, Class FD, 1 mo. USD Term SOFR + 0.414% 5.732% FRN 5/20/68		166,334		165,025
Series 2010-H28, Class FE, 1 mo. USD Term SOFR + 0.514% 5.832% FRN 12/20/60		54,277		53,951
Series 2011-H08, Class FG, 1 mo. USD Term SOFR + 0.594% 5.912% FRN 3/20/61		51,166		50,933
Series 2011-H09, Class AF, 1 mo. USD Term SOFR + 0.614% 5.932% FRN 3/20/61		27,650		27,532
Series 2020-H09, Class NF, 1 mo. USD Term SOFR + 1.364% 6.682% FRN 4/20/70		106,819		107,318
				8,353,696

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

105

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pass-Through Securities — 35.6%
Federal Home Loan Mortgage Corp.
Pool #RB5084 1.500% 11/01/40	$	296,956	$	231,746
Pool #RB5110 1.500% 5/01/41		660,511		513,196
Pool #RB5117 1.500% 7/01/41		506,183		393,288
Pool #RA4537 1.500% 2/01/51		83,664		60,560
Pool #SC0093 2.000% 10/01/40		289,091		234,079
Pool #SC0160 2.000% 7/01/41		240,570		193,889
Pool #SC0188 2.000% 9/01/41		82,768		66,604
Pool #RB5125 2.000% 9/01/41		837,116		670,233
Pool #RB5131 2.000% 10/01/41		169,952		136,071
Pool #SC0206 2.000% 11/01/41		169,538		136,428
Pool #RB5138 2.000% 12/01/41		173,708		139,078
Pool #SC0313 2.000% 1/01/42		747,183		595,893
Pool #RB5145 2.000% 2/01/42		266,487		212,528
Pool #QK1354 2.000% 2/01/42		88,682		70,725
Pool #SC0384 2.000% 4/01/42		388,216		311,672
Pool #RB5153 2.000% 4/01/42		91,094		72,649
Pool #SC0319 2.000% 4/01/42		92,936		74,409
Pool #QB4985 2.000% 11/01/50		74,853		57,545
Pool #RA3882 2.000% 11/01/50		312,037		239,104
Pool #QB8602 2.000% 2/01/51		74,542		57,679
Pool #QB9087 2.000% 2/01/51		357,265		275,883
Pool #QB9482 2.000% 3/01/51		74,403		57,315
Pool #QC0041 2.000% 3/01/51		75,718		58,328
Pool #QC0160 2.000% 3/01/51		64,837		50,027
Pool #QC0161 2.000% 3/01/51		77,060		59,362
Pool #QB9290 2.000% 3/01/51		247,728		191,143
Pool #SD0573 2.000% 4/01/51		142,179		110,013
Pool #QC0885 2.000% 4/01/51		81,767		63,269
Pool #QC1164 2.000% 4/01/51		71,686		55,356
Pool #SD8146 2.000% 5/01/51		1,156,055		882,598
Pool #SD2230 2.000% 8/01/51		285,440		218,902
Pool #SD0745 2.000% 11/01/51		86,733		66,814
Pool #QD2129 2.000% 11/01/51		362,524		276,432
Pool #840698 5 yr. CMT + 1.285% 2.105% FRN 3/01/47		17,680		16,073
Pool #RB5149 2.500% 3/01/42		88,949		73,549
Pool #SD7521 2.500% 7/01/50		265,657		214,433
Pool #SD7525 2.500% 10/01/50		139,278		112,422
Pool #RA3913 2.500% 11/01/50		432,121		348,664
Pool #QB5092 2.500% 11/01/50		145,273		117,216
Pool #QB5093 2.500% 11/01/50		75,453		60,739
Pool #RA4142 2.500% 12/01/50		72,501		58,499
Pool #RA4175 2.500% 12/01/50		364,562		293,356
Pool #SD8129 2.500% 2/01/51		64,760		51,666
Pool #QC0165 2.500% 3/01/51		74,964		60,462
Pool #QC5830 2.500% 8/01/51		170,744		137,155
Pool #QC7411 2.500% 9/01/51		87,708		70,317

	Principal Amount		Value
Pool #QC6551 2.500% 9/01/51	$	84,339	$	67,747
Pool #SD1751 2.500% 10/01/51		183,605		147,342
Pool #QC9443 2.500% 10/01/51		177,093		141,700
Pool #SD7548 2.500% 11/01/51		862,648		693,617
Pool #SD0777 2.500% 11/01/51		87,243		69,850
Pool #QD1850 2.500% 12/01/51		82,934		66,360
Pool #SD0849 2.500% 1/01/52		87,480		70,216
Pool #RA6562 2.500% 1/01/52		170,771		137,656
Pool #SD7552 2.500% 1/01/52		442,322		354,614
Pool #QD6079 2.500% 2/01/52		88,270		70,795
Pool #QD8675 2.500% 3/01/52		89,725		71,934
Pool #SD1749 2.500% 4/01/52		281,039		225,137
Pool #SD7554 2.500% 4/01/52		1,171,765		939,784
Pool #841077 RFUCC1 yr. Treasury + 1.619% 2.871% FRN 11/01/47		111,042		105,493
Pool #RB5166 3.000% 7/01/42		91,289		78,141
Pool #SC0340 3.000% 9/01/42		189,183		161,937
Pool #ZT1257 3.000% 1/01/46		136,066		118,659
Pool #G67701 3.000% 10/01/46		542,222		462,238
Pool #G60985 3.000% 5/01/47		1,080,198		919,506
Pool #SD7509 3.000% 11/01/49		46,174		38,882
Pool #QC9154 3.000% 10/01/51		91,281		76,395
Pool #SD0781 3.000% 11/01/51		82,218		68,193
Pool #QD7333 3.000% 2/01/52		92,268		76,759
Pool #841076 RFUCC1 yr. Treasury + 1.628% 3.005% FRN 11/01/48		417,481		389,781
Pool #841081 RFUCC1 yr. Treasury + 1.621% 3.097% FRN 2/01/50		177,112		165,746
Pool #ZS9316 3.500% 1/01/38		251,400		228,229
Pool #Q41209 3.500% 6/01/46		114,962		101,129
Pool #SD1549 3.500% 4/01/52		278,910		240,979
Pool #SD8214 3.500% 5/01/52		276,571		238,181
Pool #SD1936 3.500% 6/01/52		282,460		243,870
Pool #Q19135 4.000% 6/01/43		21,042		19,440
Pool #Q19236 4.000% 6/01/43		14,969		13,801
Pool #Q19985 4.000% 7/01/43		625,540		576,928
Pool #Q19615 4.000% 7/01/43		21,337		19,691
Pool #C09071 4.000% 2/01/45		117,414		106,893
Pool #G67713 4.000% 6/01/48		449,611		408,900
Pool #SD2866 4.000% 7/01/49		97,170		88,340
Pool #RA7185 4.000% 4/01/52		358,265		321,094
Pool #RA7186 4.000% 4/01/52		267,835		240,549
Pool #SD7560 4.000% 2/01/53		286,903		258,100
Pool #U92272 4.500% 12/01/43		2,380		2,238
Pool #SD2792 4.500% 3/01/47		93,866		89,827
Pool #Q49177 4.500% 6/01/47		47,316		44,415
Pool #SD1143 4.500% 9/01/50		82,280		76,794

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

106

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #SD0615 4.500% 1/01/51	$	86,114	$	80,265
Pool #SD1807 4.500% 7/01/52		95,418		88,184
Pool #SD8245 4.500% 9/01/52		2,781,070		2,556,321
Pool #SD8257 4.500% 10/01/52		1,964,022		1,805,302
Pool #SD3400 4.500% 10/01/52		99,359		91,454
Pool #SD2394 4.500% 11/01/52		94,736		87,080
Pool #SD1775 4.500% 11/01/52		188,831		174,397
Pool #SD2355 4.500% 12/01/52		95,122		87,435
Pool #WN2371 4.600% 2/01/30		100,000		95,064
Pool #SD1305 5.000% 7/01/52		413,978		392,314
Pool #QF5465 5.000% 12/01/52		95,193		90,077
Pool #SD2374 5.000% 1/01/53		95,558		90,423
Pool #SD2395 5.000% 1/01/53		93,023		88,009
Pool #SD2591 5.000% 3/01/53		191,298		181,227
Pool #RA8790 5.000% 4/01/53		196,558		185,657
Pool #SD3382 5.000% 6/01/53		98,941		93,485
Pool #G06875 5.500% 12/01/38		4,018		4,030
Pool #SD8268 5.500% 11/01/52		6,496,696		6,289,201
Pool #SD2245 5.500% 12/01/52		97,441		94,360
Pool #SD2138 5.500% 1/01/53		97,583		94,550
Pool #SD2723 5.500% 3/01/53		96,266		93,342
Pool #SD2511 5.500% 4/01/53		98,377		95,222
Pool #QF9985 5.500% 4/01/53		96,968		93,804
Pool #QG1295 5.500% 4/01/53		98,319		95,185
Pool #SD2762 5.500% 5/01/53		196,071		190,177
Pool #SD2756 5.500% 5/01/53		97,616		94,541
Pool #SD3171 5.500% 6/01/53		96,582		93,497
Pool #QG7311 5.500% 7/01/53		99,787		96,756
Pool #QF4924 6.000% 12/01/52		89,396		88,895
Pool #G06669 6.500% 9/01/39		7,861		8,125
Pool #G07509 6.500% 9/01/39		7,272		7,545
Pool #QF6690 6.500% 1/01/53		85,220		85,738
Pool #SD2452 6.500% 2/01/53		93,152		93,915
Pool #RA8904 6.500% 4/01/53		187,253		188,788
Pool #RA9081 6.500% 5/01/53		98,336		99,481
Pool #SD2981 6.500% 5/01/53		188,567		189,760
Pool #G07335 7.000% 3/01/39		15,992		16,910
Federal National Mortgage Association
Pool #MA4519 1.500% 1/01/42		89,099		68,893
Pool #MA4236 1.500% 1/01/51		165,705		119,944
Pool #MA4280 1.500% 3/01/51		295,262		213,723
Pool #MA4422 2.000% 9/01/41		83,577		66,915
Pool #MA4474 2.000% 11/01/41		85,618		68,549
Pool #MA4501 2.000% 12/01/41		174,099		139,391
Pool #MA4540 2.000% 2/01/42		88,298		70,420
Pool #FS4613 2.000% 5/01/42		97,350		77,943
Pool #BQ3331 2.000% 8/01/50		76,263		58,486
Pool #BQ0254 2.000% 8/01/50		65,934		50,936
Pool #CA7023 2.000% 9/01/50		146,819		112,870

	Principal Amount		Value
Pool #BQ1528 2.000% 9/01/50	$	63,073	$	48,725
Pool #CA7224 2.000% 10/01/50		146,726		112,798
Pool #CA7225 2.000% 10/01/50		73,686		56,647
Pool #BQ4926 2.000% 10/01/50		146,867		112,494
Pool #MA4208 2.000% 12/01/50		75,203		57,602
Pool #MA4237 2.000% 1/01/51		154,112		118,043
Pool #CA9220 2.000% 2/01/51		408,752		312,065
Pool #BR4052 2.000% 2/01/51		76,218		58,451
Pool #CA8779 2.000% 2/01/51		243,137		186,233
Pool #MA4255 2.000% 2/01/51		78,114		59,832
Pool #BR2641 2.000% 2/01/51		74,622		57,623
Pool #BR2643 2.000% 2/01/51		71,933		55,502
Pool #BR2644 2.000% 2/01/51		70,070		53,977
Pool #BR2664 2.000% 2/01/51		281,031		217,014
Pool #BR3500 2.000% 2/01/51		61,094		46,795
Pool #BR3256 2.000% 2/01/51		71,149		55,097
Pool #BR3257 2.000% 2/01/51		74,898		57,954
Pool #BR3286 2.000% 3/01/51		75,647		58,416
Pool #BR4722 2.000% 3/01/51		71,960		55,433
Pool #BR4753 2.000% 3/01/51		80,266		61,982
Pool #BR4756 2.000% 3/01/51		70,818		54,554
Pool #BR5487 2.000% 3/01/51		78,732		60,650
Pool #BR5587 2.000% 3/01/51		80,183		61,868
Pool #BR5633 2.000% 3/01/51		80,334		61,884
Pool #FM6343 2.000% 3/01/51		81,235		62,578
Pool #BQ9453 2.000% 3/01/51		164,307		126,776
Pool #FM6418 2.000% 3/01/51		79,810		61,730
Pool #MA4305 2.000% 4/01/51		491,084		374,921
Pool #FM9441 2.000% 4/01/51		85,065		64,944
Pool #BR7745 2.000% 4/01/51		73,356		56,646
Pool #BR7744 2.000% 4/01/51		75,859		58,674
Pool #BR8478 2.000% 4/01/51		78,937		61,055
Pool #BR8518 2.000% 4/01/51		73,690		56,904
Pool #MA4325 2.000% 5/01/51		668,172		510,121
Pool #FS4269 2.000% 10/01/51		192,879		148,581
Pool #FM9489 2.000% 11/01/51		176,948		135,424
Pool #FS0349 2.000% 1/01/52		180,214		138,318
Pool #FS1014 2.000% 2/01/52		87,270		67,063
Pool #FS1015 2.000% 2/01/52		271,109		208,335
Pool #FS1112 2.000% 3/01/52		179,955		139,019
Pool #FS4314 2.000% 3/01/52		96,260		73,941
Pool #MA2749 2.500% 9/01/36		39,104		33,849
Pool #FM3123 2.500% 3/01/38		378,350		327,506
Pool #MA4177 2.500% 11/01/40		59,279		49,349
Pool #CA9358 2.500% 3/01/41		77,459		64,799
Pool #CB0100 2.500% 4/01/41		159,879		134,047
Pool #FS0697 2.500% 2/01/42		171,946		143,627
Pool #MA4571 2.500% 3/01/42		88,244		72,966
Pool #MA4587 2.500% 4/01/42		90,304		74,669

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

107

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #FS4471 2.500% 9/01/42	$	96,796	$	80,310
Pool #BK2620 2.500% 6/01/50		61,735		49,715
Pool #MA4120 2.500% 9/01/50		55,328		44,193
Pool #BM6623 2.500% 10/01/50		91,622		69,432
Pool #CA7257 2.500% 10/01/50		74,272		59,788
Pool #FM5313 2.500% 10/01/50		80,851		64,857
Pool #FM4577 2.500% 10/01/50		192,311		154,809
Pool #FM4899 2.500% 11/01/50		156,850		126,214
Pool #BQ5876 2.500% 11/01/50		79,917		64,333
Pool #BQ8435 2.500% 12/01/50		57,758		46,476
Pool #BQ8482 2.500% 12/01/50		53,915		43,384
Pool #FM6460 2.500% 3/01/51		151,814		122,257
Pool #MA4306 2.500% 4/01/51		75,586		60,280
Pool #FS1111 2.500% 5/01/51		87,616		69,901
Pool #CB0458 2.500% 5/01/51		871,642		697,580
Pool #FM7675 2.500% 6/01/51		203,495		163,749
Pool #FM7676 2.500% 6/01/51		82,932		66,552
Pool #FM7900 2.500% 7/01/51		161,800		129,843
Pool #CB1301 2.500% 8/01/51		664,580		533,113
Pool #BT5574 2.500% 8/01/51		81,182		64,559
Pool #BT3303 2.500% 8/01/51		81,200		65,226
Pool # FS0024 2.500% 9/01/51		77,285		62,383
Pool #FM8864 2.500% 10/01/51		163,136		131,043
Pool #FM9335 2.500% 10/01/51		88,286		70,201
Pool #FM9195 2.500% 10/01/51		257,450		205,998
Pool #FS0434 2.500% 11/01/51		85,171		68,775
Pool #FS1104 2.500% 11/01/51		85,313		68,649
Pool #BU2599 2.500% 1/01/52		87,032		69,802
Pool #FS0366 2.500% 1/01/52		87,898		70,950
Pool #FS0424 2.500% 1/01/52		87,120		69,873
Pool #BV3089 2.500% 2/01/52		86,564		69,400
Pool #FS0523 2.500% 2/01/52		89,958		72,008
Pool #FS0551 2.500% 2/01/52		89,310		71,629
Pool #FS0549 2.500% 2/01/52		269,834		215,992
Pool #BU1322 2.500% 2/01/52		91,276		73,120
Pool #CB3044 2.500% 3/01/52		91,783		73,469
Pool #CB3031 2.500% 3/01/52		179,094		142,239
Pool #FS3368 2.500% 3/01/52		756,208		605,552
Pool #FS1626 2.500% 4/01/52		91,412		73,086
Pool #BF0560 2.500% 9/01/61		89,276		68,714
Pool #AM8674 2.810% 4/01/25		50,000		47,917
Pool #MA2320 3.000% 7/01/35		35,578		32,044
Pool #MA2523 3.000% 2/01/36		240,290		216,271
Pool #MA2579 3.000% 4/01/36		175,323		157,798
Pool #MA2773 3.000% 10/01/36		506,949		455,483
Pool #MA4632 3.000% 6/01/42		182,928		156,582
Pool #AQ7306 3.000% 1/01/43		23,380		20,168
Pool #AR1202 3.000% 1/01/43		31,378		26,976
Pool #AR7399 3.000% 6/01/43		17,993		15,664

	Principal Amount		Value
Pool #AS0038 3.000% 7/01/43	$	39,681	$	34,548
Pool #AU6735 3.000% 10/01/43		24,803		21,130
Pool #BC1509 3.000% 8/01/46		32,088		27,196
Pool #AS7844 3.000% 9/01/46		56,299		47,645
Pool #BC2817 3.000% 9/01/46		42,017		35,559
Pool #BD8104 3.000% 10/01/46		153,270		130,286
Pool #AL9397 3.000% 10/01/46		64,741		54,789
Pool #BM1565 3.000% 4/01/47		599,218		509,360
Pool #FM8576 3.000% 2/01/50		73,711		62,243
Pool #FM4311 3.000% 8/01/50		69,717		58,141
Pool #CA7531 3.000% 10/01/50		73,376		61,719
Pool #FM8577 3.000% 8/01/51		154,993		130,346
Pool #FS0037 3.000% 8/01/51		74,611		62,793
Pool #FM8648 3.000% 9/01/51		79,493		66,305
Pool #CB1878 3.000% 10/01/51		168,784		140,414
Pool #FM9464 3.000% 11/01/51		164,524		137,950
Pool #FS0034 3.000% 12/01/51		85,355		71,649
Pool # FS0240 3.000% 1/01/52		84,948		71,387
Pool #FS0331 3.000% 1/01/52		88,222		73,393
Pool #BU1421 3.000% 1/01/52		177,805		148,530
Pool #CB2664 3.000% 1/01/52		534,591		443,900
Pool #FS1171 3.000% 1/01/52		432,810		358,980
Pool # FS1074 3.000% 3/01/52		441,400		370,243
Pool #FS1289 3.000% 3/01/52		87,539		73,645
Pool #FS0751 3.000% 3/01/52		176,161		146,276
Pool #FS0957 3.000% 3/01/52		180,790		149,696
Pool #FS1374 3.000% 3/01/52		180,819		149,692
Pool #CB3234 3.000% 4/01/52		181,007		150,611
Pool #CB3833 3.000% 6/01/52		92,266		76,628
Pool #BL2454 3.160% 5/01/29		84,719		76,919
Pool #BS5734 3.345% 6/01/32		100,000		87,280
Pool #MA2110 3.500% 12/01/34		53,315		48,867
Pool #MA2138 3.500% 1/01/35		27,378		25,094
Pool #FM5754 3.500% 3/01/37		46,428		42,555
Pool #890827 3.500% 12/01/37		38,579		35,024
Pool #FM0068 3.500% 2/01/40		194,265		174,721
Pool #FM0071 3.500% 2/01/40		39,196		35,253
Pool #MA1177 3.500% 9/01/42		15,899		14,197
Pool #MA1213 3.500% 10/01/42		97,225		86,822
Pool #AL3026 3.500% 12/01/42		31,108		27,689
Pool #AS6541 3.500% 1/01/46		80,584		71,016
Pool #AL9546 3.500% 11/01/46		156,193		137,795
Pool #MA3210 3.500% 12/01/47		266,997		233,293
Pool #FM3773 3.500% 11/01/48		358,526		314,950
Pool #FS5059 3.500% 11/01/48		874,402		768,671
Pool #FM7100 3.500% 6/01/50		56,617		49,528
Pool #FS1240 3.500% 12/01/51		86,942		75,279
Pool #FS1237 3.500% 12/01/51		84,201		73,395
Pool #CB2680 3.500% 1/01/52		84,204		72,897

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

108

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #FS1462 3.500% 1/01/52	$	86,697	$	75,516
Pool #FS2296 3.500% 1/01/52		88,199		76,218
Pool #FS1118 3.500% 3/01/52		85,888		73,993
Pool #FS1092 3.500% 4/01/52		266,021		230,132
Pool #FS1454 3.500% 4/01/52		90,244		78,062
Pool #FS1555 3.500% 4/01/52		90,802		78,652
Pool #BV5395 3.500% 4/01/52		86,000		75,030
Pool #CB3282 3.500% 4/01/52		179,883		155,419
Pool #FS2707 3.500% 4/01/52		182,749		157,895
Pool #FS1556 3.500% 5/01/52		361,818		314,421
Pool #BV8546 3.500% 5/01/52		88,537		76,884
Pool #FS1603 3.500% 5/01/52		90,227		77,890
Pool #FS3339 3.500% 6/01/52		281,617		243,142
Pool #BS6215 3.840% 7/01/32		100,000		90,252
Pool #BS6131 3.890% 7/01/32		300,000		264,934
Pool #BS6949 3.980% 10/01/32		200,000		178,432
Pool #AK8441 4.000% 4/01/42		13,037		12,047
Pool #AO2711 4.000% 5/01/42		9,858		9,088
Pool #AO6086 4.000% 6/01/42		18,535		17,087
Pool #AP0692 4.000% 7/01/42		14,119		13,063
Pool #AP5333 4.000% 7/01/42		142,027		130,793
Pool #AP2530 4.000% 8/01/42		15,022		13,866
Pool #AP4903 4.000% 9/01/42		22,798		21,064
Pool #AP7399 4.000% 9/01/42		35,537		32,736
Pool #AP9229 4.000% 10/01/42		6,809		6,269
Pool #AP9766 4.000% 10/01/42		54,644		50,422
Pool #MA1217 4.000% 10/01/42		70,102		64,797
Pool #MA1253 4.000% 11/01/42		43,871		40,537
Pool #AQ3599 4.000% 11/01/42		15,913		14,660
Pool #AQ7003 4.000% 12/01/42		26,351		24,340
Pool #AQ4555 4.000% 12/01/42		27,461		25,301
Pool #AQ7082 4.000% 1/01/43		35,825		33,071
Pool #AL3508 4.000% 4/01/43		22,357		20,605
Pool #AQ4078 4.000% 6/01/43		20,917		19,340
Pool #AQ4080 4.000% 6/01/43		14,989		13,852
Pool #AT8394 4.000% 6/01/43		23,623		21,768
Pool #AB9683 4.000% 6/01/43		31,767		29,273
Pool #AT9637 4.000% 7/01/43		64,431		59,353
Pool #AT9653 4.000% 7/01/43		48,486		44,670
Pool #AT9657 4.000% 7/01/43		37,781		34,810
Pool #AS0070 4.000% 8/01/43		22,760		20,971
Pool #MA1547 4.000% 8/01/43		22,528		20,764
Pool #FM3049 4.000% 4/01/44		205,316		189,043
Pool #AS4347 4.000% 1/01/45		37,584		34,205
Pool #CA2472 4.000% 10/01/48		86,884		78,284
Pool #CA5371 4.000% 3/01/50		112,485		100,973
Pool #FS4645 4.000% 11/01/51		93,542		83,662
Pool #CB3320 4.000% 4/01/52		366,397		328,383
Pool #CB3384 4.000% 4/01/52		84,766		75,680

	Principal Amount		Value
Pool #MA4626 4.000% 6/01/52	$	13,843,667	$	12,351,109
Pool #FS2442 4.000% 7/01/52		187,594		168,057
Pool #BF0104 4.000% 2/01/56		74,985		67,411
Pool #BF0183 4.000% 1/01/57		41,374		36,645
Pool #BF0191 4.000% 6/01/57		71,210		63,004
Pool #BS6124 4.060% 7/01/32		100,000		89,689
Pool #MA0706 4.500% 4/01/31		8,751		8,476
Pool #MA0734 4.500% 5/01/31		30,521		29,564
Pool #MA0776 4.500% 6/01/31		10,311		9,987
Pool #MA0913 4.500% 11/01/31		7,913		7,665
Pool #MA0939 4.500% 12/01/31		7,901		7,653
Pool #MA1591 4.500% 9/01/43		42,282		40,052
Pool #MA1629 4.500% 10/01/43		37,222		34,950
Pool #MA1664 4.500% 11/01/43		17,666		16,588
Pool #MA1711 4.500% 12/01/43		39,883		37,448
Pool #AL4741 4.500% 1/01/44		15,733		14,773
Pool #AW0318 4.500% 2/01/44		45,258		42,594
Pool #890604 4.500% 10/01/44		177,366		166,982
Pool #AS4271 4.500% 1/01/45		21,466		20,277
Pool #CA2047 4.500% 7/01/48		157,676		147,558
Pool #FM1263 4.500% 7/01/49		40,505		37,741
Pool #FS3589 4.500% 1/01/50		391,880		374,971
Pool #CA5379 4.500% 3/01/50		163,364		152,434
Pool #FS4480 4.500% 3/01/50		92,418		86,921
Pool #MA4031 4.500% 5/01/50		67,645		63,056
Pool #FS0067 4.500% 9/01/51		70,715		65,784
Pool #MA4733 4.500% 9/01/52		3,992,880		3,670,200
Pool #FS2914 4.500% 9/01/52		94,130		87,111
Pool #FS3813 4.500% 11/01/52		92,253		84,884
Pool #FS3977 4.500% 11/01/52		94,511		86,873
Pool #FS3836 4.500% 1/01/53		94,240		86,624
Pool #CB5892 4.500% 3/01/53		57,704		53,041
Pool #CB6030 4.500% 4/01/53		99,070		91,126
Pool #BF0148 4.500% 4/01/56		329,377		311,311
Pool #BF0222 4.500% 9/01/57		354,195		325,930
Pool #BF0301 4.500% 8/01/58		36,367		33,408
Pool #BF0338 4.500% 1/01/59		86,834		79,634
Pool #BS8410 4.740% 6/01/30		100,000		97,031
Pool #BS9477 4.830% 9/01/28		200,000		197,189
Pool #310088 5.000% 6/01/38		17,458		17,194
Pool #FS4570 5.000% 12/01/47		187,573		184,667
Pool #CB3880 5.000% 6/01/52		89,307		84,772
Pool #BW0048 5.000% 7/01/52		87,782		83,051
Pool #MA4785 5.000% 10/01/52		1,529,401		1,446,497
Pool #MA4806 5.000% 11/01/52		7,217,727		6,824,220
Pool #FS3978 5.000% 1/01/53		95,653		90,498
Pool #FS3941 5.000% 2/01/53		97,913		92,651
Pool #FS4308 5.000% 4/01/53		95,477		90,212
Pool #FS4524 5.000% 5/01/53		96,972		91,624

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

109

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #BS9454 5.340% 9/01/28	$	100,000	$	100,646
Pool #995072 5.500% 8/01/38		9,911		9,955
Pool #FS3672 5.500% 2/01/53		194,126		188,593
Pool #FS4166 5.500% 4/01/53		96,452		93,336
Pool #CB6322 5.500% 5/01/53		96,856		93,883
Pool #FS4805 5.500% 5/01/53		99,183		96,128
Pool #CB7109 5.500% 9/01/53		399,662		386,897
Pool #CB7114 5.500% 9/01/53		699,357		676,364
Pool #BF0141 5.500% 9/01/56		367,918		364,675
Pool #481473 6.000% 2/01/29		8		8
Pool #867557 6.000% 2/01/36		1,267		1,269
Pool #FS4000 6.000% 7/01/41		91,451		92,977
Pool #FS3411 6.000% 1/01/53		91,209		90,342
Pool #FS4132 6.000% 3/01/53		95,613		94,472
Pool #FS4573 6.000% 5/01/53		193,080		191,365
Pool #CB6753 6.000% 7/01/53		293,716		291,015
Pool #AL4324 6.500% 5/01/40		48,087		49,844
Pool #CB5497 6.500% 1/01/53		92,230		93,275
Pool #BX7702 6.500% 2/01/53		91,334		92,083
Pool #AE0758 7.000% 2/01/39		25,504		26,892
Government National Mortgage Association
Pool #AB2892 3.000% 9/15/42		71,899		62,795
Pool #783669 3.000% 9/15/42		130,281		113,906
Pool #AA5649 3.000% 9/15/42		69,676		60,789
Pool #AB9108 3.000% 10/15/42		501,955		437,935
Pool #AB9109 3.000% 10/15/42		43,335		37,808
Pool #AB9207 3.000% 11/15/42		37,177		32,435
Pool #784571 3.500% 6/15/48		154,273		137,526
Pool #BS8439 3.500% 5/15/50		120,648		106,836
Pool #487588 6.000% 4/15/29		481		482
Pool #595077 6.000% 10/15/32		171		173
Pool #604706 6.000% 10/15/33		24,086		24,309
Pool #636251 6.000% 3/15/35		3,388		3,423
Pool #782034 6.000% 1/15/36		24,968		25,214
Pool #658029 6.000% 7/15/36		6,613		6,694
Government National Mortgage Association II
Pool #MA7192 2.000% 2/20/51		493,184		391,473
Pool #BS8546 2.500% 12/20/50		71,285		57,605
Pool #MA7136 2.500% 1/20/51		61,615		50,551
Pool #785565 2.500% 6/20/51		167,742		135,340
Pool #785558 2.500% 7/20/51		81,785		66,038
Pool #785568 2.500% 8/20/51		246,922		199,226
Pool #785657 2.500% 10/20/51		509,991		411,319
Pool #785663 2.500% 10/20/51		166,852		134,570
Pool #785667 2.500% 10/20/51		172,073		138,781
Pool #785762 2.500% 11/20/51		87,646		70,689
Pool #785789 2.500% 12/20/51		86,828		70,028

	Principal Amount		Value
Pool #785821 2.500% 12/20/51	$	177,193	$	142,910
Pool #785791 2.500% 12/20/51		171,004		137,812
Pool #MA8197 2.500% 8/20/52		90,498		74,049
Pool #MA8264 2.500% 9/20/52		91,991		75,271
Pool #MA8642 2.500% 2/20/53		267,560		218,886
Pool #MA4068 3.000% 11/20/46		17,990		15,450
Pool #MA7590 3.000% 9/20/51		1,010,877		859,319
Pool #MA7650 3.000% 10/20/51		162,138		137,829
Pool #MA7706 3.000% 11/20/51		670,442		569,924
Pool #CJ9477 3.000% 1/20/52		262,993		220,605
Pool #MA7828 3.000% 1/20/52		86,576		73,521
Pool #785944 3.000% 2/20/52		88,358		74,282
Pool #MA7937 3.000% 3/20/52		445,586		377,841
Pool #786150 3.000% 3/20/52		276,765		232,157
Pool #786843 3.000% 3/20/52		198,016		166,224
Pool #786095 3.000% 4/20/52		92,976		76,770
Pool #786134 3.000% 4/20/52		82,726		69,341
Pool #MA8424 3.000% 11/20/52		94,578		80,272
Pool #MA8486 3.000% 12/20/52		93,536		79,388
Pool #MA8565 3.000% 1/20/53		95,917		81,387
Pool #MA1995 3.500% 6/20/44		45,539		40,654
Pool #MA2678 3.500% 3/20/45		19,562		17,464
Pool #784106 3.500% 1/20/46		51,563		45,903
Pool #MA3597 3.500% 4/20/46		81,152		72,193
Pool #BC4732 3.500% 10/20/47		175,878		155,197
Pool #BD0384 3.500% 10/20/47		130,967		115,567
Pool #MA5465 3.500% 9/20/48		129,230		114,680
Pool #MA5594 3.500% 11/20/48		162,739		144,366
Pool #784825 3.500% 10/20/49		38,900		33,755
Pool #BM7534 3.500% 2/20/50		57,341		50,043
Pool #MA6711 3.500% 6/20/50		313,083		277,712
Pool #MA6997 3.500% 11/20/50		384,821		341,165
Pool #MA7989 3.500% 4/20/52		92,050		80,759
Pool #786216 3.500% 6/20/52		92,671		80,500
Pool #MA8487 3.500% 12/20/52		193,669		169,641
Pool #MA4511 4.000% 6/20/47		499,226		457,352
Pool #MA4720 4.000% 9/20/47		327,020		299,386
Pool #MA5078 4.000% 3/20/48		269,550		246,351
Pool #MA5763 4.000% 2/20/49		113,382		103,517
Pool #BM9734 4.000% 10/20/49		30,696		27,738
Pool #BM9743 4.000% 11/20/49		35,656		32,220
Pool #BS1728 4.000% 1/20/50		36,088		32,576
Pool #BS1742 4.000% 2/20/50		31,292		28,247
Pool #BS1757 4.000% 3/20/50		29,670		26,782
Pool #BS8420 4.000% 4/20/50		125,259		113,069
Pool #786429 4.000% 6/20/52		95,022		86,428
Pool #MA8100 4.000% 6/20/52		93,450		84,217
Pool #CK9592 4.000% 6/20/52		93,287		83,918
Pool #MA8798 4.000% 4/20/53		98,037		88,344

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

110

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #783298 4.500% 4/20/41	$	72,643	$	69,276
Pool #783368 4.500% 7/20/41		10,892		10,385
Pool #MA4654 4.500% 8/20/47		110,850		104,726
Pool #MA5138 4.500% 4/20/48		166,059		156,054
Pool #MA5193 4.500% 5/20/48		168,269		157,868
Pool #MA5265 4.500% 6/20/48		229,676		215,480
Pool #MA5331 4.500% 7/20/48		36,850		34,549
Pool #MA5711 4.500% 1/20/49		73,340		68,647
Pool #MA5764 4.500% 2/20/49		92,466		86,548
Pool #MA5818 4.500% 3/20/49		278,195		260,391
Pool #MA8046 4.500% 5/20/52		277,343		256,279
Pool #786366 4.500% 8/20/52		188,640		174,445
Pool #786335 4.500% 9/20/52		189,093		175,396
Pool #G24747 5.000% 7/20/40		45,233		44,203
Pool #MA5194 5.000% 5/20/48		19,032		18,401
Pool #MA5530 5.000% 10/20/48		77,100		74,329
Pool #MA5597 5.000% 11/20/48		38,687		37,296
Pool #MA5653 5.000% 12/20/48		46,928		45,242
Pool #MA5712 5.000% 1/20/49		206,747		198,994
Pool #MA5878 5.000% 4/20/49		19,089		18,403
Pool #MA6287 5.000% 11/20/49		16,818		16,183
Pool #MA6413 5.000% 1/20/50		37,559		36,106
Pool #786340 5.000% 9/20/52		95,289		90,971
Pool #MA8348 5.000% 10/20/52		95,243		90,384
Pool #MA8428 5.000% 11/20/52		288,138		273,438
Pool #MA8569 5.000% 1/20/53		389,847		369,958
Pool #786474 5.000% 1/20/53		192,421		183,701
Pool #MA8647 5.000% 2/20/53		4,094,670		3,883,206
Pool #MA8725 5.000% 3/20/53		4,113,306		3,902,165
Pool #786709 5.000% 5/20/53		98,239		93,572
Pool #MA8947 5.000% 6/20/53		2,206,369		2,091,562
Pool #MA8429 5.500% 11/20/52		284,984		276,949
Pool #786535 5.500% 2/20/53		97,424		95,225
Pool #MA8648 5.500% 2/20/53		1,717,791		1,668,285
Pool #MA8801 5.500% 4/20/53		5,659,134		5,494,269
Pool #MA8879 5.500% 5/20/53		4,575,000		4,441,719
Pool #MA8948 5.500% 6/20/53		1,459,571		1,417,049
Pool #MA9107 6.000% 8/20/53		2,534,161		2,513,295
Government National Mortgage Association II, TBA
2.500% 10/20/53 ^(h)		100,000		81,714
3.000% 10/20/53 ^(h)		300,000		254,234
3.500% 10/20/53 ^(h)		500,000		438,027
4.500% 10/20/53 ^(h)		200,000		184,733
5.000% 10/20/53 ^(h)		900,000		853,099
5.500% 10/20/53 ^(h)		1,100,000		1,067,554
6.000% 10/20/53 ^(h)		1,600,000		1,585,494

	Principal Amount		Value
Uniform Mortgage-Backed Security, TBA
2.000% 10/01/53 ^(h)	$	1,000,000	$	760,150
3.500% 10/01/53 ^(h)		100,000		85,984
4.000% 10/01/53 ^(h)		400,000		356,250
4.500% 10/01/52 ^(h)		300,000		275,496
5.000% 10/01/53 ^(h)		600,000		566,180
5.130% 10/01/28 ^(f) ^(h)		200,000		199,164
5.500% 10/01/53 ^(h)		800,000		773,250
6.000% 10/01/53 ^(h)		2,300,000		2,270,261
6.500% 10/01/53 ^(h)		1,100,000		1,105,258
				135,973,501
Whole Loans — 0.7%
Federal Home Loan Mortgage Corp. STACR REMIC Trust
Series 2020-DNA2, Class M2, 30 day USD SOFR Average + 1.964% 7.279% FRN 2/25/50 ^(c)		267,696		269,495
Series 2020-DNA6, Class M2, 30 day USD SOFR Average + 2.000% 7.315% FRN 12/25/50 ^(c)		573,383		577,313
Series 2020-DNA1, Class B1, 30 day USD SOFR Average + 2.414% 7.729% FRN 1/25/50 ^(c)		380,000		381,625
Series 2021-DNA6, Class B1, 30 day USD SOFR Average + 3.400% 8.715% FRN 10/25/41 ^(c)		260,000		262,766
Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750% 9.065% FRN 2/25/42 ^(c)		120,000		122,979
Series 2020-DNA3, Class B1, 30 day USD SOFR Average + 5.214% 10.529% FRN 6/25/50 ^(c)		260,367		281,825
Series 2022-DNA3, Class B1, 30 day USD SOFR Average + 5.650% 10.965% FRN 4/25/42 ^(c)		120,000		127,001
Federal National Mortgage Association Connecticut Avenue Securities
Series 2019-R07, Class 1M2, 30 day USD SOFR Average + 2.214% 7.529% FRN 10/25/39 ^(c)		12,699		12,729
Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100% 8.415% FRN 3/25/42 ^(c)		680,000		690,884
				2,726,617


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $159,451,245)				147,053,814

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

111

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS — 21.0%
U.S. Treasury Bonds & Notes — 21.0%
U.S. Treasury Bonds
2.000% 11/15/41	$	160,000	$	103,662
2.000% 2/15/50		410,000		238,712
2.250% 5/15/41		300,000		205,549
2.375% 5/15/51		730,000		462,601
2.875% 5/15/49		210,000		149,567
2.875% 5/15/52		3,760,000		2,661,319
3.000% 2/15/48		16,000		11,688
3.000% 2/15/49		800,000		584,756
3.000% 8/15/52		24,220,000		17,621,431
3.625% 5/15/53		90,000		74,482
4.000% 11/15/42		320,000		283,710
U.S. Treasury Floating Rate Notes
3 mo. Treasury money market yield + 0.169% 5.572% FRN 4/30/25		7,760,000		7,762,433
3 mo. Treasury money market yield + 0.200% 5.603% FRN 1/31/25		22,280,000		22,308,846
U.S. Treasury Inflation-Indexed Notes
1.125% 1/15/33		2,760,397		2,492,660
U.S. Treasury Notes
3.875% 8/15/33		13,510,000		12,762,757
4.125% 8/31/30		20,000		19,408
4.125% 11/15/32		12,180,000		11,747,282
4.375% 8/31/28		20,000		19,800
4.750% 7/31/25		60,000		59,600
5.000% 8/31/25		360,000		359,278
U.S. Treasury STRIPS Principal
0.000% 5/15/49 ^(b)		1,450,000		430,684
				80,360,225

TOTAL U.S. TREASURY OBLIGATIONS (Cost $86,475,478)				80,360,225

TOTAL BONDS & NOTES (Cost $412,328,229 )				373,818,749

TOTAL PURCHASED OPTIONS(#) — 0.1% (Cost $316,637)				514,270

TOTAL LONG-TERM INVESTMENTS (Cost $412,644,866)				374,333,019

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 3.4%
Investment of Cash Collateral from Securities Loaned — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (j)	$	3,601,343	$	3,601,343
Repurchase Agreement — 2.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (k)		7,618,256		7,618,256
U.S. Treasury Bill — 0.5%
U.S. Treasury Bills
5.517% 1/30/24 ^(h) ^(l)		1,850,000		1,817,314

TOTAL SHORT-TERM INVESTMENTS (Cost $13,036,913)				13,036,913

TOTAL INVESTMENTS — 101.4% (Cost $425,681,779) ^(m)				387,369,932

Other Assets/(Liabilities) — (1.4)%				(5,483,934	)

NET ASSETS — 100.0%			$	381,885,998

Abbreviation Legend

FRN	Floating Rate Note

IO	Interest Only

LIBOR

London Inter-Bank Offered Rate

REMICS

Real Estate Mortgage Investment Conduits

SOFR	Secured Overnight Financing Rate

STEP	Step Up Bond

STRIPS

Separate Trading of Registered Interest and Principal of Securities

TBA	To Be Announced

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	All or a portion of the security represents unsettled bank loan commitments at September 30, 2023 where the rate will be determined at time of settlement.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $3,789,924 or 0.99% of net assets. The Fund received $270,784 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)

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

112

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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

(e)

(f)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $456,162 or 0.12% of net assets.

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

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

(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 $7,619,272. Collateralized by U.S. Government Agency obligations with rates ranging from 0.500% - 0.625%, maturity dates ranging from 1/15/26 - 2/28/26, and an aggregate market value, including accrued interest, of $7,770,683.

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

(m)	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 MXN Call	Citigroup Global Markets, Inc.*		10/04/23		17.13		2,402,479		USD	2,402,479	$	961	$	32,145	$	(31,184	)
USD Put AUD Call	Citigroup Global Markets, Inc.*		11/02/23		0.67		1,250,000		USD	1,250,000		1,125		14,413		(13,288	)
											$	2,086	$	46,558	$	(44,472	)

(#) 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 5 Year Future		10/27/23		105.75		121		USD	12,748,484	$	47,266	$	35,186	$	12,080
U.S. Treasury Note 5 Year Future		10/27/23		106.00		60		USD	6,321,563		18,281		43,174		(24,893	)
										$	65,547	$	78,360	$	(12,813	)
Put
SOFR 1 Year Mid Curve Future		10/13/23		97.00		51		USD	12,164,775	$	202,725	$	55,507	$	147,218
SOFR 1 Year Mid Curve Future		12/15/23		95.88		45		USD	10,733,625		65,812		40,494		25,318
SOFR 1 Year Mid Curve Future		12/15/23		96.00		104		USD	24,806,600		178,100		95,718		82,382
										$	446,637	$	191,719	$	254,918
										$	512,184	$	270,079	$	242,105

OTC Options Written

Description	Counterparty	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Put
USD Put MXN Call	Bank of America N.A.*		10/10/23		17.07		3,630,000		USD	3,630,000	$	(2,904	)	$	(26,789	)	$	23,885
USD Put MXN Call	Bank of America N.A.*		11/17/23		16.76		1,180,000		USD	1,180,000		(2,360	)		(6,544	)		4,184
USD Put MXN Call	Citigroup Global Markets, Inc.*		11/17/23		16.78		1,130,000		USD	1,130,000		(2,486	)		(6,159	)		3,673
											$	(7,750	)	$	(39,492	)	$	31,742

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

113

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call
3 Month SOFR Future		9/13/24		96.88		32		USD	7,607,200	$	(10,600	)	$	(13,958	)	$	3,358
3 Month SOFR Future		9/13/24		97.00		80		USD	19,018,000		(24,000	)		(62,832	)		38,832
										$	(34,600	)	$	(76,790	)	$	42,190
Put
SOFR 1 Year Mid Curve Future		10/13/23		96.25		51		USD	12,164,775	$	(107,418	)	$	(18,419	)	$	(88,999	)
SOFR 1 Year Mid Curve Future		10/13/23		96.50		51		USD	12,164,775		(138,975	)		(27,355	)		(111,620	)
U.S. Treasury Note 5 Year Future		10/27/23		105.50		58		USD	6,110,844		(36,703	)		(24,259	)		(12,444	)
U.S. Treasury Bond Future		11/24/23		112.00		27		USD	3,072,094		(51,891	)		(13,172	)		(38,719	)
SOFR 1 Year Mid Curve Future		12/15/23		95.25		90		USD	21,467,250		(43,313	)		(35,811	)		(7,502	)
SOFR 1 Year Mid Curve Future		12/15/23		95.38		208		USD	49,613,200		(131,300	)		(86,838	)		(44,462	)
3 Month SOFR Future		6/14/24		94.50		337		USD	79,881,638		(162,181	)		(117,342	)		(44,839	)
										$	(671,781	)	$	(323,196	)	$	(348,585	)
										$	(706,381	)	$	(399,986	)	$	(306,395	)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		10/12/23		MXN	16,943,000		USD	958,314	$	12,449
Bank of America N.A.*		11/22/23		MXN	6,023,325		USD	350,000		(7,265	)
BNP Paribas SA*		10/20/23		NOK	12,358,698		EUR	1,065,595		28,540
BNP Paribas SA*		10/20/23		AUD	9,031,662		USD	6,027,242		(217,142	)
BNP Paribas SA*		10/20/23		CAD	6,131,731		USD	4,626,675		(111,169	)
BNP Paribas SA*		10/20/23		USD	3,004,866		CAD	4,041,867		28,371
BNP Paribas SA*		10/20/23		USD	1,439,895		AUD	2,245,482		(4,630	)
Citibank N.A.*		10/06/23		USD	1,423,469		MXN	24,382,601		25,062
Citibank N.A.*		10/20/23		ZAR	6,889,002		USD	366,516		(3,200	)
Citibank N.A.*		11/22/23		MXN	5,839,194		USD	339,000		(6,743	)
Goldman Sachs International*		10/06/23		MXN	14,626,000		USD	833,568		5,273
Goldman Sachs International*		10/20/23		MXN	5,546,247		USD	319,099		(1,756	)
Goldman Sachs International*		10/20/23		USD	2,077,493		IDR	31,594,508,090		33,258
Goldman Sachs International*		10/20/23		USD	558,101		MXN	9,560,635		11,066
Goldman Sachs International*		11/22/23		USD	350,000		MXN	6,024,699		7,187
Morgan Stanley & Co. LLC*		10/06/23		MXN	9,756,601		USD	567,244		(7,677	)
Morgan Stanley & Co. LLC*		10/12/23		USD	985,066		MXN	16,943,000		14,302
Morgan Stanley & Co. LLC*		10/20/23		JPY	1,009,734,792		USD	7,246,210		(471,094	)
Morgan Stanley & Co. LLC*		10/20/23		EUR	872,448		USD	963,305		(40,267	)
Morgan Stanley & Co. LLC*		10/20/23		MXN	7,186,400		USD	417,846		(6,658	)
Morgan Stanley & Co. LLC*		10/20/23		USD	1,304,059		JPY	178,545,709		106,054
Morgan Stanley & Co. LLC*		10/20/23		USD	1,721,780		CNH	12,372,265		25,904
Morgan Stanley & Co. LLC*		10/20/23		USD	2,167,862		GBP	1,683,025		114,192
									$	(465,943	)

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

114

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		12/07/23		9	$	1,110,589		$	(9,199	)
Euro-OAT		12/07/23		17		2,266,471			(52,166	)
U.S. Treasury Long Bond		12/19/23		228		27,175,379			(1,233,254	)
U.S. Treasury Ultra 10 Year		12/19/23		86		9,863,776			(269,401	)
U.S. Treasury Ultra Bond		12/19/23		196		24,834,867			(1,572,117	)
UK Long Gilt		12/27/23		14		1,603,113			5,272
U.S. Treasury Note 5 Year		12/29/23		1,932		205,383,712			(1,829,399	)
3 Month SOFR		3/18/25		18		4,316,019			(22,569	)
3 Month SOFR		3/17/26		190		45,665,594			(44,219	)
								$	(5,027,052	)
Short
Euro-Buxl 30 Year Bond		12/07/23		2	$	(278,941	)	$	20,211
Japanese 10 Year Bond		12/13/23		4		(3,911,113	)		31,027
U.S. Treasury Note 10 Year		12/19/23		780		(85,845,343	)		1,556,593
U.S. Treasury Ultra 10 Year		12/19/23		39		(4,460,660	)		109,722
U.S. Treasury Note 2 Year		12/29/23		257		(52,222,863	)		126,152
3 Month SOFR		3/19/24		208		(49,639,192	)		473,192
								$	2,316,897

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Obligation/ Index		Rate Paid by Fund				Payment Frequency				Termination Date				Notional Amount								Value				Upfront Premium Paid/ (Received)				Unrealized Appreciation (Depreciation)
CDX.NA.HY Series 41†			5.000%				Quarterly				12/20/28				USD				1,532,100			$	(11,985	)		$	(10,237	)		$	(1,748	)

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 41†

1.000%

Quarterly

12/20/28

BBB**

USD

59,641,900

708,367

794,187

(85,820

)

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

115

MassMutual Strategic Bond 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)
28 Day-MXNTIIE-Banxico		Monthly	Fixed 7.450%		Monthly		7/18/29		MXN	88,370,000	$	(467,604	)	$	37,243		$	(504,847	)
Fixed 5.410%		Maturity	Fed Funds		Maturity		1/31/24		USD	60,470,000		2,349			—			2,349
12-Month USD SOFR		Annually	Fixed 4.100%		Annually		3/10/26		USD	20,642,000		(202,605	)		249,050			(451,655	)
12-Month USD SOFR		Annually	Fixed 4.000%		Annually		2/29/28		USD	13,200,000		(186,768	)		(2,430	)		(184,338	)
12-Month USD SOFR		Annually	Fixed 4.180%		Annually		2/29/28		USD	20,240,000		(148,068	)		15,558			(163,626	)
Fixed 2.850%		Annually	12-Month USD SOFR		Annually		2/15/29		USD	3,019,000		216,448			(3,872	)		220,320
Fixed 3.270%		Annually	12-Month USD SOFR		Annually		4/30/29		USD	2,504,000		132,999			32,812			100,187
Fixed 3.850%		Annually	12-Month USD SOFR		Annually		6/30/29		USD	1,621,000		40,508			(838	)		41,346
Fixed 3.400%		Annually	12-Month USD SOFR		Annually		3/10/34		USD	4,603,000		293,080			(77,564	)		370,644
Fixed 1.520%		Annually	12-Month USD SOFR		Annually		2/15/47		USD	1,137,000		443,212			(29,927	)		473,139
Fixed 2.600%		Annually	12-Month USD SOFR		Annually		2/15/48		USD	1,787,000		416,338			145,503			270,835
Fixed 3.050%		Annually	12-Month USD SOFR		Annually		2/15/48		USD	2,381,000		392,761			94,235			298,526
Fixed 3.150%		Annually	12-Month USD SOFR		Annually		5/15/48		USD	3,760,000		563,499			(713,734	)		1,277,233
Fixed 2.500%		Annually	12-Month USD SOFR		Annually		4/21/52		USD	1,900,000		487,899			3,408			484,491
											$	1,984,048		$	(250,556	)	$	2,234,604

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)

BRL-CDI

Maturity

Fixed 10.238%

Maturity

Citigroup Global Markets, Inc.*

1/02/29

BRL

19,660,000

(113,043

)

—

(113,043

)

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

116

MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)

*	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.

††

For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings or Western Asset Management Company’s rating category, as applicable. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.

Currency Legend

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

CNH	Offshore Chinese Yuan

EUR

Euro

GBP	British Pound

IDR	Indonesian Rupiah

INR	Indian Rupee

JPY	Japanese Yen

MXN	Mexican Peso

NOK	Norwegian Krone

RUB	Russian Ruble

USD	U.S. Dollar

ZAR	South African Rand

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

117

MassMutual Diversified Value Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.1%
Basic Materials — 3.4%
Chemicals — 1.8%
CF Industries Holdings, Inc.		39,172	$	3,358,607
Dow, Inc.		13,400		690,904
Eastman Chemical Co.		2,400		184,128
LyondellBasell Industries NV Class A		6,400		606,080
Olin Corp.		2,700		134,946
				4,974,665
Forest Products & Paper — 0.7%
International Paper Co.		53,279		1,889,806
Iron & Steel — 0.8%
Cleveland-Cliffs, Inc. (a)		9,400		146,922
Commercial Metals Co.		1,000		49,410
Nucor Corp.		7,300		1,141,355
Reliance Steel & Aluminum Co.		1,500		393,345
Steel Dynamics, Inc.		5,200		557,544
United States Steel Corp.		4,500		146,160
				2,434,736
Mining — 0.1%
Newmont Corp.		7,000		258,650
				9,557,857
Communications — 6.3%
Advertising — 0.2%
Interpublic Group of Cos., Inc.		7,700		220,682
Omnicom Group, Inc.		5,300		394,744
				615,426
Internet — 0.2%
eBay, Inc.		9,900		436,491
Media — 3.2%
Charter Communications, Inc. Class A (a)		800		351,856
Comcast Corp. Class A		86,900		3,853,146
Fox Corp. Class A		8,200		255,840
News Corp. Class A		124,386		2,495,183
News Corp. Class B		34,860		727,528
Walt Disney Co. (a)		16,318		1,322,574
				9,006,127
Telecommunications — 2.7%
Cisco Systems, Inc.		81,600		4,386,816
Corning, Inc.		16,700		508,849
Juniper Networks, Inc.		6,000		166,740
Verizon Communications, Inc.		77,800		2,521,498
				7,583,903
				17,641,947

	Number of Shares		Value
Consumer, Cyclical — 5.1%
Apparel — 0.1%
Levi Strauss & Co. Class A (b)		1,800	$	24,444
Ralph Lauren Corp.		900		104,481
Skechers USA, Inc. Class A (a)		2,600		127,270
				256,195
Auto Manufacturers — 1.3%
Cummins, Inc.		2,900		662,534
Ford Motor Co.		94,700		1,176,174
General Motors Co.		28,200		929,754
PACCAR, Inc.		10,400		884,208
				3,652,670
Auto Parts & Equipment — 0.1%
BorgWarner, Inc.		4,600		185,702
Lear Corp.		1,100		147,620
				333,322
Distribution & Wholesale — 0.3%
Ferguson PLC		3,800		624,986
LKQ Corp.		7,300		361,423
				986,409
Home Builders — 0.9%
DR Horton, Inc.		8,900		956,483
Lennar Corp. Class A		6,600		740,718
NVR, Inc. (a)		40		238,532
PulteGroup, Inc.		6,600		488,730
Toll Brothers, Inc.		1,200		88,752
				2,513,215
Leisure Time — 0.1%
Brunswick Corp.		1,800		142,200
Polaris, Inc.		1,200		124,968
				267,168
Lodging — 0.5%
Boyd Gaming Corp.		2,000		121,660
Las Vegas Sands Corp.		28,646		1,313,133
				1,434,793
Retail — 1.8%
AutoNation, Inc. (a)		1,900		287,660
Best Buy Co., Inc.		4,300		298,721
Lithia Motors, Inc.		500		147,665
Lowe’s Cos., Inc.		17,800		3,699,552
Murphy USA, Inc.		400		136,692
Penske Automotive Group, Inc.		1,500		250,590
Williams-Sonoma, Inc. (b)		1,400		217,560
				5,038,440
				14,482,212

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

118

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Consumer, Non-cyclical — 21.8%
Agriculture — 3.1%
Altria Group, Inc.		34,900	$	1,467,545
Archer-Daniels-Midland Co.		13,400		1,010,628
Bunge Ltd.		1,900		205,675
Darling Ingredients, Inc. (a)		3,200		167,040
Philip Morris International, Inc.		63,749		5,901,882
				8,752,770
Beverages — 0.1%
Molson Coors Beverage Co. Class B		4,000		254,360
Biotechnology — 2.0%
Amgen, Inc.		10,500		2,821,980
Bio-Rad Laboratories, Inc. Class A (a)		500		179,225
Biogen, Inc. (a)		2,700		693,927
Gilead Sciences, Inc.		24,900		1,866,006
				5,561,138
Commercial Services — 0.7%
Avis Budget Group, Inc. (a)		700		125,783
Global Payments, Inc.		4,800		553,872
H&R Block, Inc.		700		30,142
Robert Half, Inc.		2,000		146,560
Service Corp. International		4,200		239,988
U-Haul Holding Co. (UHAL US) (a) (b)		500		27,285
U-Haul Holding Co. (UHAL/B US)		3,800		199,082
United Rentals, Inc.		1,300		577,941
				1,900,653
Cosmetics & Personal Care — 0.5%
Kenvue, Inc.		71,447		1,434,656
Food — 1.4%
Conagra Brands, Inc.		62,534		1,714,682
Ingredion, Inc.		1,400		137,760
J. M. Smucker Co.		1,900		233,529
Kellogg Co.		6,000		357,060
Kraft Heinz Co.		24,300		817,452
Kroger Co.		13,900		622,025
				3,882,508
Health Care – Products — 0.5%
Zimmer Biomet Holdings, Inc.		13,485		1,513,287
Health Care – Services — 3.9%
Centene Corp. (a)		2,700		185,976
DaVita, Inc. (a)		1,700		160,701
Elevance Health, Inc.		16,772		7,302,864
HCA Healthcare, Inc.		8,100		1,992,438
Laboratory Corp. of America Holdings		2,300		462,415
Molina Healthcare, Inc. (a)		500		163,945
Quest Diagnostics, Inc.		3,300		402,138

	Number of Shares		Value
Tenet Healthcare Corp. (a)		1,700	$	112,013
Universal Health Services, Inc. Class B		1,900		238,887
				11,021,377
Household Products & Wares — 0.5%
Kimberly-Clark Corp.		12,469		1,506,879
Pharmaceuticals — 9.1%
AbbVie, Inc.		42,568		6,345,186
Becton Dickinson & Co.		13,493		3,488,345
Cardinal Health, Inc.		5,200		451,464
Cencora, Inc.		4,900		881,853
Cigna Group		6,600		1,888,062
Henry Schein, Inc. (a)		2,700		200,475
Johnson & Johnson		20,926		3,259,225
McKesson Corp.		3,900		1,695,915
Merck & Co., Inc.		43,700		4,498,915
Sanofi ADR		31,965		1,714,603
Viatris, Inc.		126,199		1,244,322
				25,668,365
				61,495,993
Energy — 13.6%
Oil & Gas — 12.5%
APA Corp.		6,500		267,150
Chevron Corp.		34,727		5,855,667
ConocoPhillips		24,700		2,959,060
Coterra Energy, Inc.		14,100		381,405
EOG Resources, Inc.		35,382		4,485,022
Exxon Mobil Corp.		75,700		8,900,806
Marathon Oil Corp.		13,700		366,475
Marathon Petroleum Corp.		7,500		1,135,050
Occidental Petroleum Corp.		18,100		1,174,328
Phillips 66		8,300		997,245
Pioneer Natural Resources Co.		4,300		987,065
Range Resources Corp.		4,500		145,845
Southwestern Energy Co. (a)		20,500		132,225
TotalEnergies SE		72,593		4,777,154
TotalEnergies SE Sponsored ADR		26,619		1,750,465
Valero Energy Corp.		7,800		1,105,338
				35,420,300
Oil & Gas Services — 0.3%
Halliburton Co.		16,700		676,350
NOV, Inc.		3,800		79,420
				755,770
Pipelines — 0.8%
Cheniere Energy, Inc.		4,500		746,820
Kinder Morgan, Inc.		44,500		737,810
ONEOK, Inc.		7,900		501,097

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

119

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Williams Cos., Inc.		9,700	$	326,793
				2,312,520
				38,488,590
Financial — 21.7%
Banks — 10.2%
Bank of America Corp.		82,400		2,256,112
Bank of New York Mellon Corp.		16,700		712,255
Citigroup, Inc.		35,800		1,472,454
Fifth Third Bancorp		115,247		2,919,207
Goldman Sachs Group, Inc.		6,700		2,167,919
JP Morgan Chase & Co.		58,300		8,454,666
Morgan Stanley		33,600		2,744,112
Regions Financial Corp.		18,600		319,920
State Street Corp.		6,900		462,024
US Bancorp		82,304		2,720,970
Wells Fargo & Co.		107,199		4,380,151
				28,609,790
Diversified Financial Services — 2.7%
Ally Financial, Inc.		5,600		149,408
American Express Co.		14,700		2,193,093
Ameriprise Financial, Inc.		2,100		692,328
Capital One Financial Corp.		7,100		689,055
Charles Schwab Corp.		30,900		1,696,410
Discover Financial Services		5,700		493,791
LPL Financial Holdings, Inc.		1,400		332,710
Raymond James Financial, Inc.		3,900		391,677
Stifel Financial Corp.		2,000		122,880
Synchrony Financial		8,900		272,073
T. Rowe Price Group, Inc.		4,300		450,941
				7,484,366
Insurance — 7.2%
Aflac, Inc.		13,100		1,005,425
American Financial Group, Inc.		1,400		156,338
American International Group, Inc.		63,788		3,865,553
Arch Capital Group Ltd. (a)		7,600		605,796
Assurant, Inc.		1,000		143,580
Chubb Ltd.		27,109		5,643,551
Cincinnati Financial Corp.		3,100		317,099
Equitable Holdings, Inc.		85,584		2,429,730
Fidelity National Financial, Inc.		5,400		223,020
First American Financial Corp.		1,900		107,331
Globe Life, Inc.		1,800		195,714
Hartford Financial Services Group, Inc.		6,600		468,006
Loews Corp.		5,000		316,550
Markel Group, Inc. (a)		230		338,673
MetLife, Inc.		17,000		1,069,470
Old Republic International Corp.		5,900		158,946

	Number of Shares		Value
Primerica, Inc.		600	$	116,406
Principal Financial Group, Inc.		5,300		381,971
Prudential Financial, Inc.		7,500		711,675
Reinsurance Group of America, Inc.		1,300		188,747
Travelers Cos., Inc.		8,700		1,420,797
Unum Group		3,900		191,841
W. R. Berkley Corp.		5,300		336,497
				20,392,716
Private Equity — 0.1%
Carlyle Group, Inc.		6,700		202,072
Real Estate — 0.0%
Jones Lang LaSalle, Inc. (a)		900		127,062
Real Estate Investment Trusts (REITS) — 1.5%
Equity Residential		37,662		2,211,136
Weyerhaeuser Co.		67,581		2,072,033
				4,283,169
				61,099,175
Industrial — 11.8%
Aerospace & Defense — 2.7%
Boeing Co. (a)		10,848		2,079,344
General Dynamics Corp.		3,600		795,492
L3 Harris Technologies, Inc.		16,365		2,849,474
Lockheed Martin Corp.		4,700		1,922,112
				7,646,422
Building Materials — 0.7%
Builders FirstSource, Inc. (a)		2,900		361,021
Eagle Materials, Inc.		700		116,564
Fortune Brands Innovations, Inc.		2,700		167,832
Johnson Controls International PLC		12,700		675,767
Masco Corp.		6,200		331,390
Owens Corning		2,700		368,307
				2,020,881
Electronics — 0.4%
Allegion PLC		1,700		177,140
Arrow Electronics, Inc. (a)		1,800		225,432
Jabil, Inc.		3,500		444,115
Sensata Technologies Holding PLC		3,000		113,460
TD SYNNEX Corp.		1,900		189,734
				1,149,881
Engineering & Construction — 0.0%
TopBuild Corp. (a)		400		100,640
Environmental Controls — 0.1%
Pentair PLC		3,200		207,200
Hand & Machine Tools — 0.9%
Regal Rexnord Corp.		1,300		185,744
Snap-on, Inc.		1,200		306,072
Stanley Black & Decker, Inc.		25,681		2,146,418
				2,638,234

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

120

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Machinery – Construction & Mining — 1.0%
Caterpillar, Inc.		9,400	$	2,566,200
Oshkosh Corp.		1,200		114,516
				2,680,716
Machinery – Diversified — 1.0%
AGCO Corp.		1,500		177,420
Deere & Co.		5,400		2,037,852
Dover Corp.		2,600		362,726
Middleby Corp. (a)		1,000		128,000
				2,705,998
Metal Fabricate & Hardware — 0.0%
Timken Co.		1,200		88,188
Miscellaneous - Manufacturing — 1.7%
Carlisle Cos., Inc.		900		233,334
General Electric Co.		28,727		3,175,770
Parker-Hannifin Corp.		2,500		973,800
Textron, Inc.		5,600		437,584
				4,820,488
Packaging & Containers — 0.4%
Berry Global Group, Inc.		2,300		142,393
Crown Holdings, Inc.		3,300		291,984
Graphic Packaging Holding Co.		6,100		135,908
Packaging Corp. of America		2,300		353,165
Sonoco Products Co.		1,800		97,830
				1,021,280
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		800		163,664
Transportation — 2.8%
CSX Corp.		37,300		1,146,975
Expeditors International of Washington, Inc.		3,100		355,353
FedEx Corp.		5,000		1,324,600
Knight-Swift Transportation Holdings, Inc.		3,100		155,465
Norfolk Southern Corp.		13,400		2,638,862
United Parcel Service, Inc. Class B		14,600		2,275,702
				7,896,957
				33,140,549
Technology — 8.9%
Computers — 2.1%
Accenture PLC Class A		2,368		727,237
CACI International, Inc. Class A (a)		200		62,786
Cognizant Technology Solutions Corp. Class A		9,400		636,756
Dell Technologies, Inc. Class C		4,700		323,830
Hewlett Packard Enterprise Co.		31,600		548,892
HP, Inc.		31,300		804,410

	Number of Shares		Value
International Business Machines Corp.		15,800	$	2,216,740
Leidos Holdings, Inc.		2,800		258,048
NetApp, Inc.		3,900		295,932
				5,874,631
Semiconductors — 5.4%
Applied Materials, Inc.		16,700		2,312,115
KLA Corp.		2,500		1,146,650
Lam Research Corp.		2,800		1,754,956
Microchip Technology, Inc.		2,800		218,540
Micron Technology, Inc.		21,600		1,469,448
ON Semiconductor Corp. (a)		7,000		650,650
QUALCOMM, Inc.		57,937		6,434,483
Samsung Electronics Co. Ltd.		19,625		994,300
Skyworks Solutions, Inc.		3,200		315,488
				15,296,630
Software — 1.4%
Fiserv, Inc. (a)		10,100		1,140,896
Microsoft Corp.		8,728		2,755,866
				3,896,762
				25,068,023
Utilities — 4.5%
Electric — 4.5%
Alliant Energy Corp.		4,600		222,870
CenterPoint Energy, Inc.		8,200		220,170
Consolidated Edison, Inc.		6,400		547,392
Dominion Energy, Inc.		50,163		2,240,781
Duke Energy Corp.		14,800		1,306,248
Edison International		6,600		417,714
Evergy, Inc.		4,500		228,150
Exelon Corp.		23,600		891,844
OGE Energy Corp.		3,900		129,987
Pinnacle West Capital Corp.		2,400		176,832
PPL Corp.		14,800		348,688
Public Service Enterprise Group, Inc.		12,600		717,066
Sempra		12,600		857,178
Southern Co.		62,487		4,044,159
Vistra Corp.		8,500		282,030
				12,631,109
				12,631,109

TOTAL COMMON STOCK (Cost $237,791,688)				273,605,455

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

121

MassMutual Diversified Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.8%
Consumer, Cyclical — 0.8%
Auto Manufacturers — 0.8%
Dr Ing hc F Porsche AG 1.134% (c)		12,390	$	1,165,301
Volkswagen AG 25.579%		9,371		1,078,942
				2,244,243

TOTAL PREFERRED STOCK (Cost $2,885,888)				2,244,243

TOTAL EQUITIES (Cost $240,677,576)				275,849,698

MUTUAL FUNDS — 1.2%
Diversified Financial Services — 1.2%
iShares Russell 1000 Value ETF		23,200		3,522,224

TOTAL MUTUAL FUNDS (Cost $3,568,847)				3,522,224

TOTAL LONG-TERM INVESTMENTS (Cost $244,246,423)				279,371,922

SHORT-TERM INVESTMENTS — 0.9%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		109		109

	Principal Amount		Value
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (d)	$	2,627,116	$	2,627,116

TOTAL SHORT-TERM INVESTMENTS (Cost $2,627,225)				2,627,225

TOTAL INVESTMENTS — 100.0% (Cost $246,873,648) ^(e)				281,999,147

Other Assets/(Liabilities) — (0.0)%				(113,516	)

NET ASSETS — 100.0%			$	281,885,631

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 September 30, 2023, was $265,296 or 0.09% of net assets. The Fund received $271,911 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)

(d)	Maturity value of $2,627,466. Collateralized by U.S. Government Agency obligations with rates ranging from 0.500% - 0.625%, maturity dates ranging from 1/15/26 - 2/28/26, and an aggregate market value, including accrued interest, of $2,679,696.

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

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

122

MassMutual Fundamental Value Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 4.1%
Chemicals — 4.1%
Air Products & Chemicals, Inc.		18,174	$	5,150,512
Axalta Coating Systems Ltd. (a)		68,379		1,839,395
DuPont de Nemours, Inc.		89,244		6,656,710
Element Solutions, Inc.		83,192		1,631,395
International Flavors & Fragrances, Inc.		23,900		1,629,263
Olin Corp.		17,978		898,540
				17,805,815
				17,805,815
Communications — 6.9%
Advertising — 0.4%
Omnicom Group, Inc.		25,839		1,924,489
Internet — 2.8%
Alphabet, Inc. Class A (a)		57,379		7,508,616
Alphabet, Inc. Class C (a)		16,597		2,188,314
Booking Holdings, Inc. (a)		591		1,822,614
Match Group, Inc. (a)		20,433		800,463
				12,320,007
Media — 1.5%
Comcast Corp. Class A		116,170		5,150,978
Warner Bros Discovery, Inc. (a)		112,214		1,218,644
				6,369,622
Telecommunications — 2.2%
Cisco Systems, Inc.		98,491		5,294,876
T-Mobile US, Inc. (a)		29,561		4,140,018
				9,434,894
				30,049,012
Consumer, Cyclical — 6.9%
Auto Parts & Equipment — 0.7%
Aptiv PLC (a)		17,135		1,689,340
BorgWarner, Inc.		33,596		1,356,270
				3,045,610
Distribution & Wholesale — 0.7%
LKQ Corp.		22,774		1,127,541
WESCO International, Inc.		13,148		1,890,945
				3,018,486
Entertainment — 0.4%
Marriott Vacations Worldwide Corp.		8,810		886,550
SeaWorld Entertainment, Inc. (a)		22,571		1,043,909
				1,930,459
Food Services — 0.4%
Aramark		52,013		1,804,851

	Number of Shares		Value
Home Furnishing — 0.9%
SharkNinja, Inc. (a) (b)		21,001	$	973,607
Sony Group Corp. Sponsored ADR		20,783		1,712,727
Whirlpool Corp.		7,500		1,002,750
				3,689,084
Lodging — 1.1%
Las Vegas Sands Corp.		46,173		2,116,570
MGM Resorts International		29,989		1,102,396
Wynn Resorts Ltd.		18,759		1,733,519
				4,952,485
Retail — 2.7%
AutoNation, Inc. (a)		7,416		1,122,782
AutoZone, Inc. (a)		1,643		4,173,204
Lithia Motors, Inc.		4,553		1,344,637
Ulta Beauty, Inc. (a)		2,770		1,106,477
Walmart, Inc.		24,364		3,896,535
				11,643,635
				30,084,610
Consumer, Non-cyclical — 24.3%
Agriculture — 2.4%
Philip Morris International, Inc.		112,537		10,418,675
Beverages — 2.3%
Coca-Cola Europacific Partners PLC		84,428		5,275,061
Keurig Dr Pepper, Inc.		101,032		3,189,580
Molson Coors Beverage Co. Class B		24,203		1,539,069
				10,003,710
Biotechnology — 0.8%
Amgen, Inc.		9,981		2,682,493
Corteva, Inc.		16,429		840,508
				3,523,001
Commercial Services — 2.2%
FleetCor Technologies, Inc. (a)		10,077		2,573,061
Global Payments, Inc.		25,020		2,887,058
U-Haul Holding Co.		22,069		1,156,195
United Rentals, Inc.		6,824		3,033,746
				9,650,060
Cosmetics & Personal Care — 0.7%
Kenvue, Inc.		53,722		1,078,738
Procter & Gamble Co.		13,587		1,981,800
				3,060,538
Food — 0.8%
Tyson Foods, Inc. Class A		19,424		980,718
US Foods Holding Corp. (a)		59,068		2,344,999
				3,325,717
Health Care – Products — 2.6%
Avantor, Inc. (a)		208,477		4,394,695

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

123

MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
LivaNova PLC (a)		18,689	$	988,274
Medtronic PLC		59,374		4,652,547
Smith & Nephew PLC ADR Sponsored ADR		60,736		1,504,431
				11,539,947
Health Care – Services — 4.2%
Centene Corp. (a)		34,866		2,401,570
Elevance Health, Inc.		3,754		1,634,567
Humana, Inc.		4,595		2,235,560
ICON PLC (a)		11,280		2,777,700
UnitedHealth Group, Inc.		18,528		9,341,632
				18,391,029
Pharmaceuticals — 8.3%
Bristol-Myers Squibb Co.		97,942		5,684,554
Cencora, Inc.		16,023		2,883,660
Cigna Group		26,432		7,561,402
CVS Health Corp.		72,566		5,066,558
Johnson & Johnson		16,847		2,623,920
McKesson Corp.		5,518		2,399,502
Merck & Co., Inc.		54,714		5,632,806
Sanofi ADR		77,729		4,169,384
				36,021,786
				105,934,463
Energy — 11.0%
Coal — 0.5%
Peabody Energy Corp.		45,359		1,178,881
Teck Resources Ltd. Class B		28,034		1,207,985
				2,386,866
Oil & Gas — 7.3%
BP PLC Sponsored ADR		63,489		2,458,294
Canadian Natural Resources Ltd. (b)		50,293		3,252,448
Cenovus Energy, Inc.		172,274		3,586,745
ConocoPhillips		26,830		3,214,234
Hess Corp.		37,400		5,722,200
Marathon Petroleum Corp.		25,898		3,919,403
Phillips 66		45,461		5,462,139
Pioneer Natural Resources Co.		18,427		4,229,918
				31,845,381
Oil & Gas Services — 1.8%
Halliburton Co.		109,115		4,419,157
Schlumberger NV		58,245		3,395,684
				7,814,841
Pipelines — 1.4%
Enbridge, Inc.		127,755		4,240,188
Plains GP Holdings LP Class A		118,789		1,914,879
				6,155,067
				48,202,155

	Number of Shares		Value
Financial — 19.6%
Banks — 7.8%
Goldman Sachs Group, Inc.		8,256	$	2,671,394
JP Morgan Chase & Co.		74,487		10,802,105
M&T Bank Corp.		24,488		3,096,508
Morgan Stanley		47,208		3,855,477
Northern Trust Corp.		30,023		2,085,998
US Bancorp		90,289		2,984,954
Wells Fargo & Co.		208,453		8,517,390
				34,013,826
Diversified Financial Services — 2.0%
AerCap Holdings NV (a)		28,305		1,773,875
American Express Co.		18,217		2,717,794
Discover Financial Services		30,810		2,669,070
Intercontinental Exchange, Inc.		16,230		1,785,625
				8,946,364
Insurance — 7.4%
Allstate Corp.		46,841		5,218,556
American International Group, Inc.		31,535		1,911,021
Aon PLC Class A		3,862		1,252,137
Arthur J Gallagher & Co.		9,015		2,054,789
Axis Capital Holdings Ltd.		23,252		1,310,715
Berkshire Hathaway, Inc. Class B (a)		27,957		9,793,337
Chubb Ltd.		35,777		7,448,056
Progressive Corp.		11,753		1,637,193
Willis Towers Watson PLC		8,679		1,813,564
				32,439,368
Private Equity — 0.2%
Ares Management Corp. Class A		10,282		1,057,709
Real Estate — 0.4%
Howard Hughes Holdings, Inc. (a)		21,233		1,574,002
Real Estate Investment Trusts (REITS) — 1.8%
COPT Defense Properties		80,800		1,925,464
Public Storage		12,121		3,194,126
VICI Properties, Inc.		86,748		2,524,367
				7,643,957
				85,675,226
Industrial — 12.7%
Aerospace & Defense — 3.2%
General Dynamics Corp.		27,256		6,022,759
Howmet Aerospace, Inc.		47,997		2,219,861
RTX Corp.		78,369		5,640,217
				13,882,837
Building Materials — 2.2%
CRH PLC (b)		81,697		4,471,277
Knife River Corp. (a)		24,503		1,196,482
Masco Corp.		28,360		1,515,842

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

124

MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
MDU Resources Group, Inc.		61,552	$	1,205,188
Mohawk Industries, Inc. (a)		16,225		1,392,267
				9,781,056
Electronics — 0.9%
Allegion PLC		14,791		1,541,222
Fortive Corp.		31,618		2,344,791
				3,886,013
Engineering & Construction — 0.6%
AECOM		21,445		1,780,793
Jacobs Solutions, Inc.		5,797		791,290
				2,572,083
Hand & Machine Tools — 1.0%
Stanley Black & Decker, Inc.		53,517		4,472,951
Machinery – Construction & Mining — 2.1%
BWX Technologies, Inc.		33,508		2,512,430
Caterpillar, Inc.		3,834		1,046,682
Vertiv Holdings Co.		149,643		5,566,719
				9,125,831
Machinery – Diversified — 1.7%
Deere & Co.		7,337		2,768,837
Dover Corp.		9,760		1,361,618
Otis Worldwide Corp.		15,982		1,283,514
Westinghouse Air Brake Technologies Corp.		17,034		1,810,203
				7,224,172
Miscellaneous - Manufacturing — 0.5%
Eaton Corp. PLC		10,026		2,138,345
Transportation — 0.5%
JB Hunt Transport Services, Inc.		12,017		2,265,445
				55,348,733
Technology — 10.6%
Computers — 2.3%
CACI International, Inc. Class A (a)		6,280		1,971,480
Cognizant Technology Solutions Corp. Class A		55,244		3,742,229
Dell Technologies, Inc. Class C		38,810		2,674,009
Leidos Holdings, Inc.		19,735		1,818,778
				10,206,496
Semiconductors — 5.3%
Advanced Micro Devices, Inc. (a)		23,959		2,463,464
Applied Materials, Inc.		18,708		2,590,123
Broadcom, Inc.		3,836		3,186,105
Lam Research Corp.		2,086		1,307,442
Microchip Technology, Inc.		51,462		4,016,609
Micron Technology, Inc.		37,768		2,569,357
NXP Semiconductor NV		2,890		577,769
QUALCOMM, Inc.		32,512		3,610,783

	Number of Shares		Value
Skyworks Solutions, Inc.		27,400	$	2,701,366
				23,023,018
Software — 3.0%
Electronic Arts, Inc.		15,209		1,831,164
Fidelity National Information Services, Inc.		78,359		4,330,902
Oracle Corp.		41,121		4,355,536
SS&C Technologies Holdings, Inc.		29,043		1,525,919
Take-Two Interactive Software, Inc. (a)		7,078		993,680
				13,037,201
				46,266,715
Utilities — 3.2%
Electric — 3.2%
CenterPoint Energy, Inc.		97,603		2,620,640
Entergy Corp.		46,410		4,292,926
Exelon Corp.		37,700		1,424,683
FirstEnergy Corp.		49,163		1,680,391
Pinnacle West Capital Corp.		53,345		3,930,460
				13,949,100
				13,949,100

TOTAL COMMON STOCK (Cost $372,411,128)				433,315,829

TOTAL EQUITIES (Cost $372,411,128)				433,315,829

TOTAL LONG-TERM INVESTMENTS (Cost $372,411,128)				433,315,829

SHORT-TERM INVESTMENTS — 1.1%
Investment of Cash Collateral from Securities Loaned — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		552,508	$	552,508

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

125

MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)

	Principal Amount		Value
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (d)	$	4,424,112	$	4,424,112

TOTAL SHORT-TERM INVESTMENTS (Cost $4,976,620)				4,976,620

TOTAL INVESTMENTS — 100.4% (Cost $377,387,748) ^(e)				438,292,449

Other Assets/(Liabilities) — (0.4)%				(1,660,353	)

NET ASSETS — 100.0%			$	436,632,096

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 September 30, 2023, was $539,710 or 0.12% of net assets. (Note 2).

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

(d)	Maturity value of $4,424,702. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 0.500%, maturity dates ranging from 1/31/26 - 2/28/26, and an aggregate market value, including accrued interest, of $4,512,726.

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

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

126

MM S&P 500 Index Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 2.0%
Chemicals — 1.6%
Air Products & Chemicals, Inc.		14,833	$	4,203,672
Albemarle Corp.		7,926		1,347,737
Celanese Corp.		6,764		849,017
CF Industries Holdings, Inc.		13,217		1,133,226
Dow, Inc.		46,357		2,390,167
DuPont de Nemours, Inc.		30,842		2,300,505
Eastman Chemical Co.		8,062		618,517
Ecolab, Inc.		16,749		2,837,281
FMC Corp.		8,429		564,490
International Flavors & Fragrances, Inc.		17,120		1,167,070
Linde PLC		32,389		12,060,044
LyondellBasell Industries NV Class A		16,775		1,588,592
Mosaic Co.		22,443		798,971
PPG Industries, Inc.		15,800		2,050,840
Sherwin-Williams Co.		15,671		3,996,888
				37,907,017
Forest Products & Paper — 0.0%
International Paper Co.		23,331		827,551
Iron & Steel — 0.2%
Nucor Corp.		16,415		2,566,485
Steel Dynamics, Inc.		10,154		1,088,712
				3,655,197
Mining — 0.2%
Freeport-McMoRan, Inc.		95,310		3,554,110
Newmont Corp.		52,642		1,945,122
				5,499,232
				47,888,997
Communications — 13.6%
Advertising — 0.1%
Interpublic Group of Cos., Inc.		26,179		750,290
Omnicom Group, Inc.		13,503		1,005,704
				1,755,994
Internet — 10.5%
Airbnb, Inc. Class A (a)		28,200		3,869,322
Alphabet, Inc. Class A (a)		394,295		51,597,444
Alphabet, Inc. Class C (a)		335,384		44,220,380
Amazon.com, Inc. (a)		603,786		76,753,276
Booking Holdings, Inc. (a)		2,367		7,299,710
CDW Corp.		8,923		1,800,304
eBay, Inc.		36,120		1,592,531
Etsy, Inc. (a)		8,331		538,016
Expedia Group, Inc. (a)		8,977		925,259
F5, Inc. (a)		4,076		656,807

	Number of Shares		Value
Gen Digital, Inc.		38,494	$	680,574
Match Group, Inc. (a)		18,816		737,117
Meta Platforms, Inc. Class A (a)		147,728		44,349,423
Netflix, Inc. (a)		29,414		11,106,726
Palo Alto Networks, Inc. (a)		20,333		4,766,869
VeriSign, Inc. (a)		6,115		1,238,471
				252,132,229
Media — 1.2%
Charter Communications, Inc. Class A (a)		6,722		2,956,470
Comcast Corp. Class A		273,184		12,112,979
FactSet Research Systems, Inc.		2,584		1,129,880
Fox Corp. Class A		16,231		506,407
Fox Corp. Class B		9,243		266,938
News Corp. Class A		25,259		506,696
News Corp. Class B		7,340		153,186
Paramount Global Class B		34,295		442,405
Walt Disney Co. (a)		121,863		9,876,996
Warner Bros Discovery, Inc. (a)		146,562		1,591,663
				29,543,620
Telecommunications — 1.8%
Arista Networks, Inc. (a)		16,695		3,070,711
AT&T, Inc.		473,906		7,118,068
Cisco Systems, Inc.		270,572		14,545,951
Corning, Inc.		50,746		1,546,231
Juniper Networks, Inc.		21,683		602,570
Motorola Solutions, Inc.		11,143		3,033,570
T-Mobile US, Inc. (a)		34,275		4,800,214
Verizon Communications, Inc.		280,334		9,085,625
				43,802,940
				327,234,783
Consumer, Cyclical — 9.1%
Airlines — 0.2%
Alaska Air Group, Inc. (a)		8,336		309,099
American Airlines Group, Inc. (a)		44,036		564,101
Delta Air Lines, Inc.		43,360		1,604,320
Southwest Airlines Co.		40,174		1,087,510
United Airlines Holdings, Inc. (a)		22,186		938,468
				4,503,498
Apparel — 0.4%
NIKE, Inc. Class B		81,243		7,768,456
Ralph Lauren Corp.		2,696		312,978
Tapestry, Inc.		15,403		442,836
VF Corp.		22,167		391,691
				8,915,961
Auto Manufacturers — 2.4%
Cummins, Inc.		9,416		2,151,179

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

127

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

	Number of Shares		Value
Ford Motor Co.		261,128	$	3,243,210
General Motors Co.		90,895		2,996,808
PACCAR, Inc.		34,828		2,961,077
Tesla, Inc. (a)		183,504		45,916,371
				57,268,645
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		18,596		1,833,380
BorgWarner, Inc.		15,798		637,765
				2,471,145
Distribution & Wholesale — 0.3%
Copart, Inc. (a)		57,454		2,475,693
Fastenal Co.		37,971		2,074,735
LKQ Corp.		17,172		850,186
Pool Corp.		2,631		936,899
W.W. Grainger, Inc.		2,968		2,053,381
				8,390,894
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		14,592		676,339
Live Nation Entertainment, Inc. (a)		9,733		808,228
				1,484,567
Home Builders — 0.3%
DR Horton, Inc.		20,071		2,157,030
Lennar Corp. Class A		17,007		1,908,696
NVR, Inc. (a)		214		1,276,146
PulteGroup, Inc.		14,318		1,060,248
				6,402,120
Home Furnishing — 0.0%
Whirlpool Corp.		3,691		493,487
Leisure Time — 0.1%
Carnival Corp. (a)		67,851		930,916
Norwegian Cruise Line Holdings Ltd. (a) (b)		28,962		477,294
Royal Caribbean Cruises Ltd. (a)		15,453		1,423,839
				2,832,049
Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		17,259		2,591,957
Las Vegas Sands Corp.		22,235		1,019,252
Marriott International, Inc. Class A		16,558		3,254,641
MGM Resorts International		18,196		668,885
Wynn Resorts Ltd.		6,232		575,899
				8,110,634
Retail — 4.9%
AutoZone, Inc. (a)		1,199		3,045,448
Bath & Body Works, Inc.		15,338		518,424
Best Buy Co., Inc.		13,159		914,156
CarMax, Inc. (a)		10,690		756,104
Chipotle Mexican Grill, Inc. (a)		1,834		3,359,576

	Number of Shares		Value
Costco Wholesale Corp.		29,426	$	16,624,513
Darden Restaurants, Inc.		8,069		1,155,642
Dollar General Corp.		14,579		1,542,458
Dollar Tree, Inc. (a)		13,741		1,462,730
Domino’s Pizza, Inc.		2,389		904,929
Genuine Parts Co.		9,497		1,371,177
Home Depot, Inc.		66,780		20,178,245
Lowe’s Cos., Inc.		38,872		8,079,157
McDonald’s Corp.		48,380		12,745,227
O’Reilly Automotive, Inc. (a)		4,049		3,679,974
Ross Stores, Inc.		22,474		2,538,438
Starbucks Corp.		75,947		6,931,683
Target Corp.		30,694		3,393,836
TJX Cos., Inc.		76,194		6,772,123
Tractor Supply Co.		7,336		1,489,575
Ulta Beauty, Inc. (a)		3,385		1,352,138
Walgreens Boots Alliance, Inc.		48,343		1,075,148
Walmart, Inc.		94,754		15,154,007
Yum! Brands, Inc.		18,811		2,350,246
				117,394,954
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		8,794		581,635
				218,849,589
Consumer, Non-cyclical — 19.8%
Agriculture — 0.8%
Altria Group, Inc.		117,532		4,942,221
Archer-Daniels-Midland Co.		35,395		2,669,491
Bunge Ltd.		10,177		1,101,660
Philip Morris International, Inc.		103,511		9,583,048
				18,296,420
Beverages — 1.6%
Brown-Forman Corp. Class B		12,173		702,260
Coca-Cola Co.		258,404		14,465,456
Constellation Brands, Inc. Class A		10,833		2,722,658
Keurig Dr Pepper, Inc.		66,243		2,091,291
Molson Coors Beverage Co. Class B		12,774		812,299
Monster Beverage Corp. (a)		49,098		2,599,739
PepsiCo, Inc.		91,409		15,488,341
				38,882,044
Biotechnology — 1.5%
Amgen, Inc.		35,629		9,575,650
Bio-Rad Laboratories, Inc. Class A (a)		1,447		518,677
Biogen, Inc. (a)		9,651		2,480,404
Corteva, Inc.		47,311		2,420,431
Gilead Sciences, Inc.		82,578		6,188,395
Illumina, Inc. (a)		10,509		1,442,676
Incyte Corp. (a)		12,513		722,876
Moderna, Inc. (a)		21,894		2,261,431

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

128

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

	Number of Shares		Value
Regeneron Pharmaceuticals, Inc. (a)		7,073	$	5,820,796
Vertex Pharmaceuticals, Inc. (a)		17,234		5,992,951
				37,424,287
Commercial Services — 1.7%
Automatic Data Processing, Inc.		27,311		6,570,480
Cintas Corp.		5,792		2,786,010
CoStar Group, Inc. (a)		27,201		2,091,485
Equifax, Inc.		8,105		1,484,674
FleetCor Technologies, Inc. (a)		4,929		1,258,571
Gartner, Inc. (a)		5,231		1,797,424
Global Payments, Inc.		17,426		2,010,786
MarketAxess Holdings, Inc.		2,548		544,355
Moody’s Corp.		10,491		3,316,940
PayPal Holdings, Inc. (a)		72,689		4,249,399
Quanta Services, Inc.		9,614		1,798,491
Robert Half, Inc.		7,355		538,974
Rollins, Inc.		18,671		696,988
S&P Global, Inc.		21,583		7,886,644
United Rentals, Inc.		4,571		2,032,129
Verisk Analytics, Inc.		9,637		2,276,645
				41,339,995
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co.		55,183		3,924,063
Estee Lauder Cos., Inc. Class A		15,480		2,237,634
Kenvue, Inc.		114,317		2,295,485
Procter & Gamble Co.		156,590		22,840,218
				31,297,400
Food — 1.0%
Campbell Soup Co.		13,396		550,308
Conagra Brands, Inc.		32,239		883,993
General Mills, Inc.		39,112		2,502,777
Hershey Co.		9,879		1,976,590
Hormel Foods Corp.		19,615		745,959
J. M. Smucker Co.		6,634		815,385
Kellogg Co.		17,367		1,033,510
Kraft Heinz Co.		52,763		1,774,947
Kroger Co.		43,403		1,942,284
Lamb Weston Holdings, Inc.		9,835		909,344
McCormick & Co., Inc.		16,939		1,281,266
Mondelez International, Inc. Class A		90,164		6,257,382
Sysco Corp.		33,934		2,241,341
Tyson Foods, Inc. Class A		19,294		974,154
				23,889,240
Health Care – Products — 3.4%
Abbott Laboratories		115,180		11,155,183
Align Technology, Inc. (a)		4,702		1,435,615
Baxter International, Inc.		34,182		1,290,029
Bio-Techne Corp.		10,622		723,039

	Number of Shares		Value
Boston Scientific Corp. (a)		96,946	$	5,118,749
Cooper Cos., Inc.		3,303		1,050,387
Danaher Corp.		43,610		10,819,641
DENTSPLY SIRONA, Inc.		14,354		490,333
Edwards Lifesciences Corp. (a)		40,264		2,789,490
GE HealthCare Technologies, Inc. (a)		25,855		1,759,174
Hologic, Inc. (a)		16,627		1,153,914
IDEXX Laboratories, Inc. (a)		5,578		2,439,092
Insulet Corp. (a)		4,707		750,719
Intuitive Surgical, Inc. (a)		23,435		6,849,816
Medtronic PLC		88,250		6,915,270
ResMed, Inc.		9,857		1,457,555
Revvity, Inc.		8,478		938,515
STERIS PLC		6,467		1,418,989
Stryker Corp.		22,401		6,121,521
Teleflex, Inc.		3,166		621,834
Thermo Fisher Scientific, Inc.		25,619		12,967,569
Waters Corp. (a)		3,894		1,067,774
West Pharmaceutical Services, Inc.		4,916		1,844,532
Zimmer Biomet Holdings, Inc.		13,971		1,567,826
				82,746,566
Health Care – Services — 2.3%
Catalent, Inc. (a)		12,240		557,287
Centene Corp. (a)		35,713		2,459,911
Charles River Laboratories International, Inc. (a)		3,459		677,895
DaVita, Inc. (a)		3,741		353,637
Elevance Health, Inc.		15,622		6,802,131
HCA Healthcare, Inc.		13,306		3,273,010
Humana, Inc.		8,193		3,986,058
IQVIA Holdings, Inc. (a)		12,084		2,377,527
Laboratory Corp. of America Holdings		5,833		1,172,725
Molina Healthcare, Inc. (a)		3,938		1,291,231
Quest Diagnostics, Inc.		7,563		921,627
UnitedHealth Group, Inc.		61,542		31,028,861
Universal Health Services, Inc. Class B		4,238		532,844
				55,434,744
Household Products & Wares — 0.3%
Avery Dennison Corp.		5,471		999,388
Church & Dwight Co., Inc.		16,339		1,497,142
Clorox Co.		8,290		1,086,487
Kimberly-Clark Corp.		22,656		2,737,978
				6,320,995
Pharmaceuticals — 5.9%
AbbVie, Inc.		117,215		17,472,068
Becton Dickinson & Co.		19,207		4,965,586
Bristol-Myers Squibb Co.		138,560		8,042,022

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

129

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

	Number of Shares		Value
Cardinal Health, Inc.		16,813	$	1,459,705
Cencora, Inc.		10,985		1,976,970
Cigna Group		19,776		5,657,320
CVS Health Corp.		85,691		5,982,946
Dexcom, Inc. (a)		25,730		2,400,609
Eli Lilly & Co.		52,978		28,456,073
Henry Schein, Inc. (a)		8,731		648,277
Johnson & Johnson		159,971		24,915,483
McKesson Corp.		8,922		3,879,732
Merck & Co., Inc.		168,517		17,348,825
Organon & Co.		17,074		296,405
Pfizer, Inc.		374,773		12,431,220
Viatris, Inc.		81,434		802,939
Zoetis, Inc.		30,496		5,305,694
				142,041,874
				477,673,565
Energy — 4.8%
Energy – Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		9,258		1,112,349
First Solar, Inc. (a)		6,980		1,127,898
SolarEdge Technologies, Inc. (a)		3,806		492,915
				2,733,162
Oil & Gas — 3.9%
APA Corp.		20,656		848,962
Chevron Corp.		117,838		19,869,843
ConocoPhillips		79,451		9,518,230
Coterra Energy, Inc.		51,178		1,384,365
Devon Energy Corp.		43,021		2,052,102
Diamondback Energy, Inc.		11,751		1,819,995
EOG Resources, Inc.		38,941		4,936,161
EQT Corp.		24,430		991,369
Exxon Mobil Corp.		265,972		31,272,988
Hess Corp.		18,418		2,817,954
Marathon Oil Corp.		39,511		1,056,919
Marathon Petroleum Corp.		26,456		4,003,851
Occidental Petroleum Corp.		43,815		2,842,717
Phillips 66		29,444		3,537,697
Pioneer Natural Resources Co.		15,542		3,567,666
Valero Energy Corp.		23,342		3,307,795
				93,828,614
Oil & Gas Services — 0.4%
Baker Hughes Co.		67,408		2,380,850
Halliburton Co.		60,474		2,449,197
Schlumberger NV		94,932		5,534,536
				10,364,583
Pipelines — 0.4%
Kinder Morgan, Inc.		127,696		2,117,199

	Number of Shares		Value
ONEOK, Inc.		38,725	$	2,456,327
Targa Resources Corp.		15,050		1,290,086
Williams Cos., Inc.		80,242		2,703,353
				8,566,965
				115,493,324
Financial — 13.7%
Banks — 3.7%
Bank of America Corp.		458,937		12,565,695
Bank of New York Mellon Corp.		51,309		2,188,329
Citigroup, Inc.		127,564		5,246,707
Citizens Financial Group, Inc.		32,297		865,560
Comerica, Inc.		8,894		369,546
Fifth Third Bancorp		45,550		1,153,781
Goldman Sachs Group, Inc.		21,859		7,072,917
Huntington Bancshares, Inc.		97,374		1,012,690
JP Morgan Chase & Co.		193,069		27,998,866
KeyCorp.		63,649		684,863
M&T Bank Corp.		11,124		1,406,630
Morgan Stanley		84,598		6,909,119
Northern Trust Corp.		14,082		978,417
PNC Financial Services Group, Inc.		26,514		3,255,124
Regions Financial Corp.		63,175		1,086,610
State Street Corp.		20,911		1,400,200
Truist Financial Corp.		88,396		2,529,009
US Bancorp		102,911		3,402,238
Wells Fargo & Co.		242,781		9,920,032
Zions Bancorp NA		9,996		348,760
				90,395,093
Diversified Financial Services — 3.6%
American Express Co.		38,557		5,752,319
Ameriprise Financial, Inc.		6,766		2,230,615
BlackRock, Inc.		9,302		6,013,650
Capital One Financial Corp.		25,655		2,489,818
Cboe Global Markets, Inc.		7,127		1,113,309
Charles Schwab Corp.		99,387		5,456,346
CME Group, Inc.		23,946		4,794,468
Discover Financial Services		16,395		1,420,299
Franklin Resources, Inc.		19,306		474,542
Intercontinental Exchange, Inc.		38,056		4,186,921
Invesco Ltd.		30,716		445,996
Mastercard, Inc. Class A		55,267		21,880,758
Nasdaq, Inc.		22,843		1,109,941
Raymond James Financial, Inc.		12,308		1,236,092
Synchrony Financial		28,688		876,992
T. Rowe Price Group, Inc.		15,050		1,578,294
Visa, Inc. Class A		106,744		24,552,187
				85,612,547

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

130

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

	Number of Shares		Value
Insurance — 3.9%
Aflac, Inc.		35,685	$	2,738,824
Allstate Corp.		17,396		1,938,088
American International Group, Inc.		47,004		2,848,442
Aon PLC Class A		13,425		4,352,654
Arch Capital Group Ltd. (a)		24,655		1,965,250
Arthur J Gallagher & Co.		14,286		3,256,208
Assurant, Inc.		3,503		502,961
Berkshire Hathaway, Inc. Class B (a)		121,185		42,451,105
Brown & Brown, Inc.		15,900		1,110,456
Chubb Ltd.		27,213		5,665,202
Cincinnati Financial Corp.		10,541		1,078,239
Everest Group Ltd.		2,895		1,075,985
Globe Life, Inc.		5,976		649,770
Hartford Financial Services Group, Inc.		20,482		1,452,379
Loews Corp.		12,530		793,274
Marsh & McLennan Cos., Inc.		32,739		6,230,232
MetLife, Inc.		41,690		2,622,718
Principal Financial Group, Inc.		14,512		1,045,880
Progressive Corp.		38,764		5,399,825
Prudential Financial, Inc.		24,462		2,321,199
Travelers Cos., Inc.		15,100		2,465,981
W. R. Berkley Corp.		13,583		862,385
Willis Towers Watson PLC		6,872		1,435,973
				94,263,030
Private Equity — 0.2%
Blackstone, Inc.		46,999		5,035,473
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		20,561		1,518,636
Real Estate Investment Trusts (REITS) — 2.2%
Alexandria Real Estate Equities, Inc.		10,603		1,061,360
American Tower Corp.		31,152		5,122,946
AvalonBay Communities, Inc.		9,389		1,612,467
Boston Properties, Inc.		9,629		572,733
Camden Property Trust		7,194		680,409
Crown Castle, Inc.		29,143		2,682,030
Digital Realty Trust, Inc.		19,961		2,415,680
Equinix, Inc.		6,225		4,520,969
Equity Residential		23,036		1,352,444
Essex Property Trust, Inc.		4,294		910,715
Extra Space Storage, Inc.		14,024		1,705,038
Federal Realty Investment Trust		4,879		442,184
Healthpeak Properties, Inc.		36,967		678,714
Host Hotels & Resorts, Inc.		47,586		764,707
Invitation Homes, Inc.		37,634		1,192,622
Iron Mountain, Inc.		19,694		1,170,808
Kimco Realty Corp.		41,687		733,274

	Number of Shares		Value
Mid-America Apartment Communities, Inc.		7,752	$	997,295
Prologis, Inc.		61,257		6,873,648
Public Storage		10,545		2,778,818
Realty Income Corp.		46,745		2,334,445
Regency Centers Corp.		11,057		657,228
SBA Communications Corp.		7,185		1,438,221
Simon Property Group, Inc.		21,954		2,371,691
UDR, Inc.		20,539		732,626
Ventas, Inc.		27,023		1,138,479
VICI Properties, Inc.		67,240		1,956,684
Welltower, Inc.		34,235		2,804,531
Weyerhaeuser Co.		48,380		1,483,331
				53,186,097
				330,010,876
Industrial — 7.5%
Aerospace & Defense — 1.4%
Boeing Co. (a)		37,835		7,252,213
General Dynamics Corp.		15,003		3,315,213
Howmet Aerospace, Inc.		25,793		1,192,926
L3 Harris Technologies, Inc.		12,553		2,185,728
Lockheed Martin Corp.		14,854		6,074,692
Northrop Grumman Corp.		9,530		4,195,010
RTX Corp.		96,507		6,945,609
TransDigm Group, Inc. (a)		3,644		3,072,366
				34,233,757
Building Materials — 0.5%
Carrier Global Corp.		55,670		3,072,984
Johnson Controls International PLC		44,886		2,388,384
Martin Marietta Materials, Inc.		4,154		1,705,134
Masco Corp.		15,184		811,585
Mohawk Industries, Inc. (a)		3,475		298,190
Trane Technologies PLC		15,319		3,108,378
Vulcan Materials Co.		8,925		1,803,028
				13,187,683
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		15,438		2,281,119
Emerson Electric Co.		38,004		3,670,046
Generac Holdings, Inc. (a)		4,188		456,325
				6,407,490
Electronics — 1.0%
Agilent Technologies, Inc.		19,842		2,218,732
Allegion PLC		5,941		619,052
Amphenol Corp. Class A		39,950		3,355,401
Fortive Corp.		23,689		1,756,776
Garmin Ltd.		10,323		1,085,980
Honeywell International, Inc.		44,040		8,135,950
Keysight Technologies, Inc. (a)		11,811		1,562,713

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

131

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

	Number of Shares		Value
Mettler-Toledo International, Inc. (a)		1,476	$	1,635,511
TE Connectivity Ltd.		21,115		2,608,336
Trimble, Inc. (a)		16,745		901,886
				23,880,337
Engineering & Construction — 0.0%
Jacobs Solutions, Inc.		8,576		1,170,624
Environmental Controls — 0.3%
Pentair PLC		11,137		721,121
Republic Services, Inc.		13,812		1,968,348
Waste Management, Inc.		24,621		3,753,225
				6,442,694
Hand & Machine Tools — 0.1%
Snap-on, Inc.		3,575		911,839
Stanley Black & Decker, Inc.		10,351		865,137
				1,776,976
Machinery – Construction & Mining — 0.4%
Caterpillar, Inc.		33,845		9,239,685
Machinery – Diversified — 0.8%
Deere & Co.		18,148		6,848,692
Dover Corp.		9,316		1,299,675
IDEX Corp.		5,104		1,061,734
Ingersoll Rand, Inc.		27,018		1,721,587
Nordson Corp.		3,635		811,223
Otis Worldwide Corp.		27,742		2,227,960
Rockwell Automation, Inc.		7,706		2,202,914
Westinghouse Air Brake Technologies Corp.		12,002		1,275,453
Xylem, Inc.		15,860		1,443,736
				18,892,974
Miscellaneous - Manufacturing — 1.2%
3M Co.		36,691		3,435,012
A.O. Smith Corp.		8,408		556,021
Axon Enterprise, Inc. (a)		4,767		948,585
Eaton Corp. PLC		26,555		5,663,650
General Electric Co.		72,186		7,980,162
Illinois Tool Works, Inc.		18,402		4,238,165
Parker-Hannifin Corp.		8,610		3,353,767
Teledyne Technologies, Inc. (a)		3,134		1,280,490
Textron, Inc.		13,371		1,044,810
				28,500,662
Packaging & Containers — 0.2%
Amcor PLC		99,793		914,104
Ball Corp.		21,274		1,059,019
Packaging Corp. of America		6,009		922,682
Sealed Air Corp.		9,602		315,522
Westrock Co.		17,226		616,691
				3,828,018

	Number of Shares		Value
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		2,676	$	547,456
Transportation — 1.3%
C.H. Robinson Worldwide, Inc.		7,856		676,637
CSX Corp.		132,745		4,081,909
Expeditors International of Washington, Inc.		9,668		1,108,243
FedEx Corp.		15,380		4,074,470
JB Hunt Transport Services, Inc.		5,313		1,001,607
Norfolk Southern Corp.		14,991		2,952,178
Old Dominion Freight Line, Inc.		5,988		2,449,930
Union Pacific Corp.		40,426		8,231,946
United Parcel Service, Inc. Class B		47,962		7,475,837
				32,052,757
				180,161,113
Technology — 26.4%
Computers — 8.4%
Accenture PLC Class A		41,874		12,859,924
Apple, Inc.		977,237		167,312,747
Cognizant Technology Solutions Corp. Class A		34,028		2,305,057
DXC Technology Co. (a)		12,582		262,083
EPAM Systems, Inc. (a)		3,925		1,003,583
Fortinet, Inc. (a)		43,798		2,570,067
Hewlett Packard Enterprise Co.		87,523		1,520,275
HP, Inc.		58,122		1,493,735
International Business Machines Corp.		60,764		8,525,189
Leidos Holdings, Inc.		9,321		859,023
NetApp, Inc.		13,734		1,042,136
Seagate Technology Holdings PLC		13,009		857,944
Western Digital Corp. (a)		21,607		985,927
				201,597,690
Office & Business Equipment — 0.0%
Zebra Technologies Corp. Class A (a)		3,475		821,942
Semiconductors — 7.3%
Advanced Micro Devices, Inc. (a)		107,419		11,044,822
Analog Devices, Inc.		33,225		5,817,365
Applied Materials, Inc.		55,694		7,710,834
Broadcom, Inc.		27,413		22,768,690
Intel Corp.		278,192		9,889,726
KLA Corp.		9,131		4,188,024
Lam Research Corp.		8,832		5,535,633
Microchip Technology, Inc.		36,375		2,839,069
Micron Technology, Inc.		72,865		4,957,006
Monolithic Power Systems, Inc.		3,132		1,446,984
NVIDIA Corp.		164,168		71,411,438
NXP Semiconductor NV		17,267		3,452,019
ON Semiconductor Corp. (a)		28,674		2,665,248

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

132

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

	Number of Shares		Value
Qorvo, Inc. (a)		6,672	$	636,976
QUALCOMM, Inc.		74,015		8,220,106
Skyworks Solutions, Inc.		10,756		1,060,434
Teradyne, Inc.		10,475		1,052,318
Texas Instruments, Inc.		60,531		9,625,034
				174,321,726
Software — 10.7%
Activision Blizzard, Inc.		47,605		4,457,256
Adobe, Inc. (a)		30,267		15,433,143
Akamai Technologies, Inc. (a)		10,002		1,065,613
ANSYS, Inc. (a)		5,734		1,706,152
Autodesk, Inc. (a)		14,112		2,919,914
Broadridge Financial Solutions, Inc.		7,970		1,427,029
Cadence Design Systems, Inc. (a)		18,144		4,251,139
Ceridian HCM Holding, Inc. (a)		10,326		700,619
Electronic Arts, Inc.		16,229		1,953,972
Fair Isaac Corp. (a)		1,687		1,465,210
Fidelity National Information Services, Inc.		39,401		2,177,693
Fiserv, Inc. (a)		40,367		4,559,856
Intuit, Inc.		18,583		9,494,798
Jack Henry & Associates, Inc.		4,920		743,609
Microsoft Corp.		494,061		155,999,761
MSCI, Inc.		5,221		2,678,791
Oracle Corp.		104,472		11,065,674
Paychex, Inc.		21,367		2,464,256
Paycom Software, Inc.		3,251		842,887
PTC, Inc. (a)		7,749		1,097,878
Roper Technologies, Inc.		7,116		3,446,136
Salesforce, Inc. (a)		64,664		13,112,566
ServiceNow, Inc. (a)		13,528		7,561,611
Synopsys, Inc. (a)		10,137		4,652,579
Take-Two Interactive Software, Inc. (a)		10,706		1,503,015
Tyler Technologies, Inc. (a)		2,829		1,092,390
				257,873,547
				634,614,905
Utilities — 2.4%
Electric — 2.2%
AES Corp.		45,227		687,450
Alliant Energy Corp.		16,949		821,179
Ameren Corp.		17,540		1,312,518
American Electric Power Co., Inc.		34,566		2,600,055
CenterPoint Energy, Inc.		42,619		1,144,320
CMS Energy Corp.		19,242		1,021,943
Consolidated Edison, Inc.		22,956		1,963,427
Constellation Energy Corp.		21,512		2,346,529
Dominion Energy, Inc.		56,170		2,509,114

	Number of Shares		Value
DTE Energy Co.		13,764	$	1,366,490
Duke Energy Corp.		51,293		4,527,120
Edison International		25,336		1,603,515
Entergy Corp.		14,273		1,320,252
Evergy, Inc.		15,512		786,458
Eversource Energy		23,306		1,355,244
Exelon Corp.		66,254		2,503,739
FirstEnergy Corp.		33,776		1,154,464
NextEra Energy, Inc.		134,917		7,729,395
NRG Energy, Inc.		15,738		606,228
PG&E Corp. (a)		137,818		2,223,004
Pinnacle West Capital Corp.		7,501		552,674
PPL Corp.		49,782		1,172,864
Public Service Enterprise Group, Inc.		33,454		1,903,867
Sempra		42,280		2,876,308
Southern Co.		72,850		4,714,852
WEC Energy Group, Inc.		21,092		1,698,961
Xcel Energy, Inc.		36,592		2,093,794
				54,595,764
Gas — 0.1%
Atmos Energy Corp.		9,743		1,032,076
NiSource, Inc.		27,901		688,597
				1,720,673
Water — 0.1%
American Water Works Co., Inc.		13,035		1,614,124
				57,930,561

TOTAL COMMON STOCK (Cost $1,344,417,236)				2,389,857,713

TOTAL EQUITIES (Cost $1,344,417,236)				2,389,857,713

TOTAL LONG-TERM INVESTMENTS (Cost $1,344,417,236)				2,389,857,713

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

133

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (c)	$	14,467,308	$	14,467,308
U.S. Treasury Bill — 0.1%
U.S. Treasury Bills
4.978% 10/26/23 ^(d) ^(e)		25,000		24,912
5.351% 10/26/23 ^(d) ^(e)		100,000		99,648
5.364% 10/26/23 ^(d) ^(e)		40,000		39,859
5.370% 10/26/23 ^(d) ^(e)		180,000		179,366
5.375% 10/26/23 ^(d) ^(e)		35,000		34,877
5.377% 10/26/23 ^(d) ^(e)		40,000		39,859
5.378% 10/26/23 ^(d) ^(e)		10,000		9,965
5.380% 10/26/23 ^(d) ^(e)		55,000		54,806
5.385% 10/26/23 ^(d) ^(e)		90,000		89,683
5.386% 10/26/23 ^(d) ^(e)		65,000		64,771
5.387% 10/26/23 ^(d) ^(e)		25,000		24,912
5.388% 10/26/23 ^(d) ^(e)		25,000		24,912
5.389% 10/26/23 ^(d) ^(e)		50,000		49,824
5.391% 10/26/23 ^(d) ^(e)		190,000		189,331
5.395% 10/26/23 ^(d) ^(e)		75,000		74,736
5.396% 10/26/23 ^(d) ^(e)		20,000		19,929
5.401% 10/26/23 ^(d) ^(e)		30,000		29,894
5.489% 10/26/23 ^(d) ^(e)		30,000		29,894
				1,081,178

TOTAL SHORT-TERM INVESTMENTS (Cost $15,548,356)				15,548,486

TOTAL INVESTMENTS — 100.0% (Cost $1,359,965,592) ^(f)				2,405,406,199

Other Assets/(Liabilities) — 0.0%				1,018,294

NET ASSETS — 100.0%			$	2,406,424,493

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 September 30, 2023, was $485,704 or 0.02% of net assets. The Fund received $497,813 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 $14,469,237. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $14,756,686.

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

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

(f)	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		12/15/23		76	$	17,059,808	$	(622,908	)

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

134

MassMutual Equity Opportunities Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.1%
COMMON STOCK — 96.4%
Basic Materials — 4.5%
Chemicals — 4.0%
CF Industries Holdings, Inc.		69,100	$	5,924,634
Linde PLC		48,801		18,171,052
				24,095,686
Forest Products & Paper — 0.5%
International Paper Co.		84,600		3,000,762
				27,096,448
Communications — 1.4%
Media — 1.4%
News Corp. Class A		226,843		4,550,471
News Corp. Class B		62,900		1,312,723
Walt Disney Co. (a)		29,300		2,374,765
				8,237,959
				8,237,959
Consumer, Cyclical — 9.9%
Apparel — 3.1%
NIKE, Inc. Class B		194,830		18,629,645
Lodging — 0.4%
Las Vegas Sands Corp.		51,600		2,365,344
Retail — 6.4%
McDonald’s Corp.		59,865		15,770,836
TJX Cos., Inc.		255,412		22,701,018
				38,471,854
				59,466,843
Consumer, Non-cyclical — 30.8%
Agriculture — 1.0%
Philip Morris International, Inc.		62,000		5,739,960
Beverages — 4.1%
Coca-Cola Co.		124,380		6,962,793
PepsiCo, Inc.		105,503		17,876,428
				24,839,221
Cosmetics & Personal Care — 6.2%
Colgate-Palmolive Co.		244,389		17,378,502
Kenvue, Inc.		130,400		2,618,432
Procter & Gamble Co.		116,281		16,960,746
				36,957,680
Food — 0.5%
Conagra Brands, Inc.		113,100		3,101,202
Health Care – Products — 8.3%
Danaher Corp.		81,710		20,272,251
Medtronic PLC		136,926		10,729,521
Stryker Corp.		58,657		16,029,199

	Number of Shares		Value
Zimmer Biomet Holdings, Inc.		24,700	$	2,771,834
				49,802,805
Health Care – Services — 5.3%
Elevance Health, Inc.		19,470		8,477,627
UnitedHealth Group, Inc.		46,051		23,218,454
				31,696,081
Household Products & Wares — 0.5%
Kimberly-Clark Corp.		22,500		2,719,125
Pharmaceuticals — 4.9%
AbbVie, Inc.		16,500		2,459,490
Becton Dickinson & Co.		24,400		6,308,132
Johnson & Johnson		99,187		15,448,375
Sanofi ADR		57,500		3,084,300
Viatris, Inc.		187,900		1,852,694
				29,152,991
				184,009,065
Energy — 2.8%
Oil & Gas — 2.8%
EOG Resources, Inc.		38,600		4,892,936
TotalEnergies SE		131,400		8,647,087
TotalEnergies SE Sponsored ADR		48,200		3,169,632
				16,709,655
				16,709,655
Financial — 21.9%
Banks — 3.0%
Fifth Third Bancorp		207,500		5,255,975
US Bancorp		148,900		4,922,634
Wells Fargo & Co.		189,600		7,747,056
				17,925,665
Diversified Financial Services — 6.5%
American Express Co.		107,599		16,052,694
Charles Schwab Corp.		55,900		3,068,910
Visa, Inc. Class A		85,487		19,662,865
				38,784,469
Insurance — 8.8%
American International Group, Inc.		90,900		5,508,540
Chubb Ltd.		117,415		24,443,455
Equitable Holdings, Inc.		139,600		3,963,244
Marsh & McLennan Cos., Inc.		99,134		18,865,200
				52,780,439
Real Estate Investment Trusts (REITS) — 3.6%
American Tower Corp.		82,662		13,593,766
Equity Residential		68,200		4,004,022
Weyerhaeuser Co.		123,600		3,789,576
				21,387,364
				130,877,937

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

135

MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Industrial — 13.1%
Aerospace & Defense — 6.3%
Boeing Co. (a)		19,600	$	3,756,928
L3 Harris Technologies, Inc.		29,600		5,153,952
Lockheed Martin Corp.		17,292		7,071,737
Northrop Grumman Corp.		49,575		21,822,419
				37,805,036
Electronics — 3.1%
Honeywell International, Inc.		100,911		18,642,298
Hand & Machine Tools — 0.6%
Stanley Black & Decker, Inc.		46,500		3,886,470
Miscellaneous - Manufacturing — 1.0%
General Electric Co.		52,000		5,748,600
Transportation — 2.1%
Norfolk Southern Corp.		24,300		4,785,399
Union Pacific Corp.		38,400		7,819,392
				12,604,791
				78,687,195
Technology — 10.1%
Computers — 2.9%
Accenture PLC Class A		56,505		17,353,250
Semiconductors — 3.6%
QUALCOMM, Inc.		64,500		7,163,370
Samsung Electronics Co. Ltd.		34,700		1,758,074
Texas Instruments, Inc.		78,137		12,424,565
				21,346,009
Software — 3.6%
Microsoft Corp.		69,027		21,795,275
				60,494,534
Utilities — 1.9%
Electric — 1.9%
Dominion Energy, Inc.		91,000		4,064,970
Southern Co.		112,900		7,306,888
				11,371,858
				11,371,858

TOTAL COMMON STOCK (Cost $508,049,427)				576,951,494

PREFERRED STOCK — 0.7%
Consumer, Cyclical — 0.7%
Auto Manufacturers — 0.7%
Dr Ing hc F Porsche AG 1.134% (b)		21,600		2,031,517

	Number of Shares		Value
Volkswagen AG 25.579%		17,500	$	2,014,885
				4,046,402

TOTAL PREFERRED STOCK (Cost $5,607,890)				4,046,402

TOTAL EQUITIES (Cost $513,657,317)				580,997,896

TOTAL LONG-TERM INVESTMENTS (Cost $513,657,317)				580,997,896

SHORT-TERM INVESTMENTS — 2.9%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		165		165
	Principal Amount
Repurchase Agreement — 2.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (c)	$	17,422,079	$	17,422,079

TOTAL SHORT-TERM INVESTMENTS (Cost $17,422,244)				17,422,244

TOTAL INVESTMENTS — 100.0% (Cost $531,079,561) ^(d)				598,420,140

Other Assets/(Liabilities) — (0.0)%				(68,341	)

NET ASSETS — 100.0%			$	598,351,799

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)

(c)	Maturity value of $17,424,402. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $17,770,640.

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

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

136

MassMutual Fundamental Growth Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 0.9%
Chemicals — 0.9%
Celanese Corp.		1,730	$	217,150
Communications — 5.9%
Internet — 5.3%
CDW Corp.		4,265		860,506
Etsy, Inc. (a)		3,276		211,564
Palo Alto Networks, Inc. (a)		1,075		252,023
				1,324,093
Telecommunications — 0.6%
Nice Ltd. Sponsored ADR (a) (b)		900		153,000
				1,477,093
Consumer, Cyclical — 9.7%
Apparel — 0.4%
Tapestry, Inc.		3,580		102,925
Auto Parts & Equipment — 0.7%
Aptiv PLC (a)		1,780		175,490
Distribution & Wholesale — 2.3%
Copart, Inc. (a)		6,650		286,548
Watsco, Inc.		589		222,477
WESCO International, Inc.		430		61,843
				570,868
Entertainment — 0.8%
DraftKings, Inc. Class A (a)		2,399		70,627
Live Nation Entertainment, Inc. (a)		1,550		128,712
				199,339
Lodging — 0.8%
Hilton Worldwide Holdings, Inc.		1,420		213,256
Retail — 4.7%
Chipotle Mexican Grill, Inc. (a)		112		205,165
Freshpet, Inc. (a)		6,856		451,673
Lululemon Athletica, Inc. (a)		1,367		527,129
				1,183,967
				2,445,845
Consumer, Non-cyclical — 29.5%
Beverages — 1.8%
Celsius Holdings, Inc. (a)		752		129,043
Constellation Brands, Inc. Class A		1,320		331,756
				460,799
Biotechnology — 2.4%
Illumina, Inc. (a)		2,177		298,859
Legend Biotech Corp. ADR (a)		2,350		157,849
Sarepta Therapeutics, Inc. (a)		1,250		151,525
				608,233

	Number of Shares		Value
Commercial Services — 7.6%
CoStar Group, Inc. (a)		6,445	$	495,556
Gartner, Inc. (a)		2,001		687,564
Global Payments, Inc.		2,080		240,011
TransUnion		6,763		485,516
				1,908,647
Health Care – Products — 10.3%
Align Technology, Inc. (a)		1,977		603,617
Avantor, Inc. (a)		7,630		160,840
Bio-Techne Corp.		2,610		177,663
Cooper Cos., Inc.		632		200,982
Exact Sciences Corp. (a)		5,390		367,706
GE HealthCare Technologies, Inc. (a)		2,950		200,718
IDEXX Laboratories, Inc. (a)		533		233,065
Insulet Corp. (a)		1,005		160,287
Masimo Corp. (a)		810		71,021
Omnicell, Inc. (a)		2,970		133,769
Repligen Corp. (a)		1,678		266,819
				2,576,487
Health Care – Services — 5.0%
ICON PLC (a)		3,266		804,253
Molina Healthcare, Inc. (a)		1,342		440,028
				1,244,281
Pharmaceuticals — 2.4%
Ascendis Pharma AS ADR (a)		2,840		265,937
Dexcom, Inc. (a)		3,500		326,550
				592,487
				7,390,934
Energy — 3.8%
Oil & Gas — 1.4%
Devon Energy Corp.		3,890		185,553
Diamondback Energy, Inc.		1,010		156,429
				341,982
Oil & Gas Services — 0.4%
Halliburton Co.		2,810		113,805
Pipelines — 2.0%
Cheniere Energy, Inc.		2,964		491,906
				947,693
Financial — 7.7%
Diversified Financial Services — 2.9%
Hamilton Lane, Inc. Class A		5,430		491,089
LPL Financial Holdings, Inc.		970		230,521
				721,610
Insurance — 1.6%
American International Group, Inc.		3,890		235,734
Arthur J Gallagher & Co.		800		182,344
				418,078

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

137

MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Private Equity — 2.7%
Ares Management Corp. Class A		6,561	$	674,930
Real Estate Investment Trusts (REITS) — 0.5%
Essex Property Trust, Inc.		560		118,770
				1,933,388
Industrial — 16.7%
Aerospace & Defense — 2.6%
Hexcel Corp.		3,832		249,616
TransDigm Group, Inc. (a)		469		395,428
				645,044
Building Materials — 3.4%
Builders FirstSource, Inc. (a)		4,952		616,475
Vulcan Materials Co.		1,160		234,343
				850,818
Electrical Components & Equipment — 1.0%
AMETEK, Inc.		1,720		254,147
Electronics — 1.0%
Agilent Technologies, Inc.		2,225		248,800
Environmental Controls — 2.3%
Clean Harbors, Inc. (a)		2,319		388,108
Waste Connections, Inc.		1,390		186,677
				574,785
Machinery – Construction & Mining — 2.4%
BWX Technologies, Inc.		8,017		601,115
Machinery – Diversified — 1.3%
Rockwell Automation, Inc.		1,135		324,462
Miscellaneous - Manufacturing — 1.8%
Axon Enterprise, Inc. (a)		2,310		459,667
Transportation — 0.9%
JB Hunt Transport Services, Inc.		1,270		239,420
				4,198,258
Technology — 25.7%
Computers — 2.9%
Fortinet, Inc. (a)		3,410		200,099
Genpact Ltd.		5,110		184,982
NetApp, Inc.		2,000		151,760
Zscaler, Inc. (a)		1,300		202,267
				739,108
Semiconductors — 3.5%
ARM Holdings PLC ADR (a)		540		28,901
KLA Corp.		553		253,639
Marvell Technology, Inc.		2,890		156,436
Microchip Technology, Inc.		2,610		203,710
ON Semiconductor Corp. (a)		2,480		230,516
				873,202

	Number of Shares		Value
Software — 19.3%
Aspen Technology, Inc. (a)		1,921	$	392,383
Cadence Design Systems, Inc. (a)		1,343		314,665
Ceridian HCM Holding, Inc. (a)		9,958		675,650
Datadog, Inc. Class A (a)		1,870		170,338
Electronic Arts, Inc.		3,893		468,717
Fair Isaac Corp. (a)		309		268,376
HubSpot, Inc. (a)		494		243,295
MongoDB, Inc. (a)		1,325		458,265
MSCI, Inc.		1,528		783,986
Splunk, Inc. (a)		2,360		345,150
Veeva Systems, Inc. Class A (a)		2,073		421,752
ZoomInfo Technologies, Inc. (a)		17,334		284,278
				4,826,855
				6,439,165

TOTAL COMMON STOCK (Cost $23,938,335)				25,049,526

TOTAL EQUITIES (Cost $23,938,335)				25,049,526

TOTAL LONG-TERM INVESTMENTS (Cost $23,938,335)				25,049,526

TOTAL INVESTMENTS — 99.9% (Cost $23,938,335) ^(c)				25,049,526

Other Assets/(Liabilities) — 0.1%				12,798

NET ASSETS — 100.0%			$	25,062,324

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 September 30, 2023, was $149,510 or 0.60% of net assets. The Fund received $153,237 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)	See Note 6 for aggregate cost for federal tax purposes.

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

138

MassMutual Blue Chip Growth Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.6%
Basic Materials — 0.5%
Chemicals — 0.5%
Linde PLC		16,247	$	6,049,570
Sherwin-Williams Co.		20,619		5,258,876
				11,308,446
Communications — 27.6%
Internet — 25.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		110,616		9,594,832
Alphabet, Inc. Class A (a)		617,216		80,768,886
Alphabet, Inc. Class C (a)		645,666		85,131,062
Amazon.com, Inc. (a)		1,126,970		143,260,426
Booking Holdings, Inc. (a)		3,647		11,247,166
DoorDash, Inc., Class A (a)		37,526		2,982,191
Meta Platforms, Inc. Class A (a)		442,535		132,853,432
Netflix, Inc. (a)		137,633		51,970,221
Sea Ltd. ADR (a)		63,425		2,787,529
Shopify, Inc. Class A (a)		398,718		21,758,041
				542,353,786
Media — 1.9%
FactSet Research Systems, Inc.		35,143		15,366,628
Walt Disney Co. (a)		321,309		26,042,095
				41,408,723
Telecommunications — 0.6%
T-Mobile US, Inc. (a)		88,280		12,363,614
				596,126,123
Consumer, Cyclical — 7.7%
Apparel — 0.2%
NIKE, Inc. Class B		37,071		3,544,729
Auto Manufacturers — 4.2%
Tesla, Inc. (a)		363,035		90,838,618
Retail — 3.3%
Carvana Co. (a)		62,727		2,633,279
Chipotle Mexican Grill, Inc. (a)		5,895		10,798,638
Dollar General Corp.		43,319		4,583,150
Lululemon Athletica, Inc. (a)		15,213		5,866,285
Ross Stores, Inc.		62,917		7,106,475
Starbucks Corp.		188,492		17,203,665
TJX Cos., Inc.		67,651		6,012,821
Yum China Holdings, Inc.		108,115		6,024,168
Yum! Brands, Inc.		92,381		11,542,082
				71,770,563
				166,153,910

	Number of Shares		Value
Consumer, Non-cyclical — 16.0%
Beverages — 1.4%
Monster Beverage Corp. (a)		556,581	$	29,470,964
Biotechnology — 2.7%
Illumina, Inc. (a)		88,537		12,154,359
Regeneron Pharmaceuticals, Inc. (a)		26,342		21,678,412
Vertex Pharmaceuticals, Inc. (a)		70,828		24,629,729
				58,462,500
Commercial Services — 1.3%
Adyen NV Sponsored ADR (a) (b)		250,272		1,852,013
Affirm Holdings, Inc. (a) (b)		43,177		918,375
Ant Group Balance Owed 2023 (Acquired 8/14/23, Cost $1,214,643) (a) (c) (d) (e)		1,214,643		1,189,378
Block, Inc. (a)		169,892		7,519,420
Cintas Corp.		4,537		2,182,342
PayPal Holdings, Inc. (a)		153,909		8,997,520
S&P Global, Inc.		17,426		6,367,635
				29,026,683
Food — 0.2%
Mondelez International, Inc. Class A		53,100		3,685,140
Health Care – Products — 3.6%
Align Technology, Inc. (a)		4,154		1,268,299
Danaher Corp.		37,289		9,251,401
Intuitive Surgical, Inc. (a)		103,230		30,173,097
Stryker Corp.		25,767		7,041,348
Teleflex, Inc.		7,349		1,443,417
Thermo Fisher Scientific, Inc.		54,109		27,388,353
				76,565,915
Health Care – Services — 2.6%
Elevance Health, Inc.		11,568		5,036,939
Humana, Inc.		17,770		8,645,460
UnitedHealth Group, Inc.		85,448		43,082,027
				56,764,426
Pharmaceuticals — 4.2%
AstraZeneca PLC Sponsored ADR		50,095		3,392,434
Eli Lilly & Co.		70,868		38,065,329
Novartis AG Sponsored ADR		133,548		13,603,199
Novo Nordisk AS Sponsored ADR		200,790		18,259,843
Roche Holding AG Sponsored ADR		303,738		10,305,830
Zoetis, Inc.		40,135		6,982,687
				90,609,322
				344,584,950
Energy — 0.2%
Oil & Gas Services — 0.2%
Schlumberger NV		80,600		4,698,980

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

139

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

	Number of Shares		Value
Financial — 8.0%
Banks — 0.4%
Goldman Sachs Group, Inc.		9,795	$	3,169,368
Morgan Stanley		72,595		5,928,834
				9,098,202
Diversified Financial Services — 6.6%
Charles Schwab Corp.		78,220		4,294,278
Mastercard, Inc. Class A		85,082		33,684,814
SEI Investments Co.		200,394		12,069,731
Visa, Inc. Class A (b)		396,986		91,310,750
				141,359,573
Insurance — 1.0%
Chubb Ltd.		62,157		12,939,844
Marsh & McLennan Cos., Inc.		44,258		8,422,297
				21,362,141
				171,819,916
Industrial — 3.9%
Aerospace & Defense — 2.2%
Boeing Co. (a)		231,339		44,343,060
TransDigm Group, Inc. (a)		3,665		3,090,071
				47,433,131
Electronics — 0.1%
TE Connectivity Ltd.		18,214		2,249,975
Machinery – Diversified — 0.3%
Deere & Co.		16,465		6,213,562
Miscellaneous - Manufacturing — 0.3%
General Electric Co.		58,373		6,453,135
Transportation — 1.0%
Expeditors International of Washington, Inc.		133,514		15,304,710
Old Dominion Freight Line, Inc.		13,477		5,513,980
				20,818,690
				83,168,493
Technology — 34.4%
Computers — 5.9%
Apple, Inc.		726,427		124,371,567
Crowdstrike Holdings, Inc. Class A (a)		12,465		2,086,392
Fortinet, Inc. (a)		20,645		1,211,448
				127,669,407
Semiconductors — 9.3%
Advanced Micro Devices, Inc. (a)		66,144		6,800,926
ASML Holding NV		21,284		12,529,040
Lam Research Corp.		3,559		2,230,674
Marvell Technology, Inc.		57,933		3,135,913
Monolithic Power Systems, Inc.		13,654		6,308,148
NVIDIA Corp.		335,797		146,068,337
QUALCOMM, Inc.		129,261		14,355,727

	Number of Shares		Value
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		45,978	$	3,995,488
Texas Instruments, Inc.		25,624		4,074,472
				199,498,725
Software — 19.2%
Atlassian Corp. Class A (a)		22,865		4,607,526
Autodesk, Inc. (a)		134,648		27,860,018
Bill Holdings, Inc. (a)		34,671		3,764,231
Canva, Inc. (Acquired 8/16/21-12/17/21, Cost $2,302,739) (a) (c) (d) (e)		1,351		1,441,059
Confluent, Inc. Class A (a)		53,275		1,577,473
Datadog, Inc. Class A (a)		23,932		2,179,966
Fiserv, Inc. (a)		22,934		2,590,625
Gusto, Inc. (Acquired 10/04/21, Cost $765,943) (a) (c) (d) (e)		26,606		409,200
Intuit, Inc.		29,778		15,214,771
Microsoft Corp.		662,189		209,086,177
MongoDB, Inc. (a)		19,138		6,619,069
MSCI, Inc.		3,205		1,644,421
Oracle Corp.		404,821		42,878,640
Roper Technologies, Inc.		19,303		9,348,057
Salesforce, Inc. (a)		135,182		27,412,206
ServiceNow, Inc. (a)		48,640		27,187,814
Snowflake, Inc. Class A (a)		16,730		2,555,842
Synopsys, Inc. (a)		33,083		15,184,105
Veeva Systems, Inc. Class A (a)		15,912		3,237,296
Workday, Inc. Class A (a)		46,927		10,082,266
				414,880,762
				742,048,894
Utilities — 0.3%
Electric — 0.3%
Constellation Energy Corp.		56,058		6,114,807

TOTAL COMMON STOCK (Cost $1,432,480,639)				2,126,024,519

PREFERRED STOCK — 0.2%
Technology — 0.2%
Software — 0.2%
Canva, Inc., Series A (Acquired 11/04/21-12/17/21, Cost $144,893) (a) (c) (d) (e)		85		90,666
Canva, Inc., Series A-3 (Acquired 11/04/21-12/17/21, Cost $17,043) (a) (c) (d) (e)		10		10,667
Databricks, Inc., Series G (Acquired 2/01/21, Cost $815,183) (a) (c) (d) (e)		13,788		1,013,418

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

140

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

	Number of Shares		Value
Databricks, Inc., Series H (Acquired 8/31/21, Cost $2,202,319) (a) (c) (d) (e)		29,970	$	2,202,795
Gusto, Inc., Series E (Acquired 7/13/21, Cost $1,117,484) (a) (c) (d) (e)		36,765		565,446
				3,882,992

TOTAL PREFERRED STOCK (Cost $4,296,923)				3,882,992

TOTAL EQUITIES (Cost $1,436,777,562)				2,129,907,511
	Principal Amount
BONDS & NOTES — 0.1%
CORPORATE DEBT — 0.1%
Retail — 0.1%
Carvana Co.
12.000% 12/01/28 ^(f)	$	770,000		604,696
14.000% 6/01/31 ^(f)		1,367,000		1,069,951
13.000% 6/01/30 ^(f)		1,155,000		900,900
				2,575,547

TOTAL CORPORATE DEBT (Cost $3,674,750)				2,575,547

TOTAL BONDS & NOTES (Cost $3,674,750)				2,575,547

TOTAL LONG-TERM INVESTMENTS (Cost $1,440,452,312)				2,132,483,058

SHORT-TERM INVESTMENTS — 0.7%
	Number of Shares
Investment of Cash Collateral from Securities Loaned — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		56,575		56,575
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		105		105

	Principal Amount		Value
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (h)	$	14,477,696	$	14,477,696

TOTAL SHORT-TERM INVESTMENTS (Cost $14,534,376)				14,534,376

TOTAL INVESTMENTS — 99.6% (Cost $1,454,986,688) ⁽ⁱ⁾				2,147,017,434

Other Assets/(Liabilities) — 0.4%				8,866,990

NET ASSETS — 100.0%			$	2,155,884,424

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 September 30, 2023, was $2,098,294 or 0.10% of net assets. The Fund received $2,089,415 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 September 30, 2023, these securities amounted to a value of $6,922,629 or 0.32% of net assets.

(d)	Investment is valued using significant unobservable inputs.

(e)	Restricted security. Certain securities are restricted to resale. At September 30, 2023, these securities amounted to a value of $6,922,629 or 0.32% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(f)

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

(h)	Maturity value of $14,479,627. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 0.625%, maturity dates ranging from 1/15/26 - 2/28/26, and an aggregate market value, including accrued interest, of $14,767,385.

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

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

141

MassMutual Growth Opportunities Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.6%
COMMON STOCK — 97.6%
Basic Materials — 1.4%
Chemicals — 1.4%
Linde PLC		5,500	$	2,047,925
Communications — 22.1%
Internet — 22.1%
Airbnb, Inc. Class A (a)		9,097		1,248,199
Alphabet, Inc. Class A (a)		21,667		2,835,344
Amazon.com, Inc. (a)		88,737		11,280,248
DoorDash, Inc., Class A (a)		23,872		1,897,108
Match Group, Inc. (a)		32,683		1,280,357
Meta Platforms, Inc. Class A (a)		11,153		3,348,242
Netflix, Inc. (a)		6,814		2,572,966
Sea Ltd. ADR (a)		24,021		1,055,723
Shopify, Inc. Class A (a)		38,204		2,084,792
Uber Technologies, Inc. (a)		121,610		5,592,844
				33,195,823
				33,195,823
Consumer, Cyclical — 3.3%
Apparel — 1.2%
NIKE, Inc. Class B		19,565		1,870,805
Distribution & Wholesale — 1.2%
Copart, Inc. (a)		42,010		1,810,211
Retail — 0.9%
Floor & Decor Holdings, Inc. Class A (a) (b)		14,557		1,317,409
				4,998,425
Consumer, Non-cyclical — 17.1%
Biotechnology — 1.8%
Corteva, Inc.		42,657		2,182,332
Ultragenyx Pharmaceutical, Inc. (a)		15,439		550,401
				2,732,733
Commercial Services — 4.9%
Block, Inc. (a)		47,939		2,121,780
CoStar Group, Inc. (a)		35,083		2,697,532
S&P Global, Inc.		6,975		2,548,735
				7,368,047
Health Care – Products — 6.7%
10X Genomics, Inc. Class A (a)		24,120		994,950
Align Technology, Inc. (a)		3,767		1,150,140
Danaher Corp.		9,077		2,252,004
Edwards Lifesciences Corp. (a)		48,904		3,388,069
Intuitive Surgical, Inc. (a)		7,752		2,265,832
				10,050,995
Health Care – Services — 1.1%
IQVIA Holdings, Inc. (a)		7,968		1,567,704

	Number of Shares		Value
Pharmaceuticals — 2.6%
Dexcom, Inc. (a)		41,497	$	3,871,670
				25,591,149
Financial — 12.0%
Diversified Financial Services — 10.9%
CME Group, Inc.		19,497		3,903,689
Mastercard, Inc. Class A		10,957		4,337,986
Visa, Inc. Class A		34,943		8,037,239
				16,278,914
Private Equity — 1.1%
KKR & Co., Inc.		27,468		1,692,029
				17,970,943
Industrial — 6.3%
Aerospace & Defense — 2.1%
Boeing Co. (a)		16,714		3,203,739
Environmental Controls — 1.9%
Waste Management, Inc.		18,572		2,831,116
Transportation — 2.3%
Canadian Pacific Kansas City Ltd. (b)		45,107		3,356,412
				9,391,267
Technology — 35.4%
Semiconductors — 10.5%
Advanced Micro Devices, Inc. (a)		20,391		2,096,602
Entegris, Inc.		20,586		1,933,231
Lam Research Corp.		4,165		2,610,497
NVIDIA Corp.		20,928		9,103,471
				15,743,801
Software — 24.9%
Atlassian Corp. Class A (a)		14,827		2,987,789
Cloudflare, Inc. Class A (a)		20,964		1,321,570
Datadog, Inc. Class A (a)		37,156		3,384,540
Microsoft Corp.		51,203		16,167,347
ServiceNow, Inc. (a)		15,285		8,543,704
Snowflake, Inc. Class A (a)		13,466		2,057,201
Veeva Systems, Inc. Class A (a)		14,215		2,892,042
				37,354,193
				53,097,994

TOTAL COMMON STOCK (Cost $134,887,894)				146,293,526

TOTAL EQUITIES (Cost $134,887,894)				146,293,526

TOTAL LONG-TERM INVESTMENTS (Cost $134,887,894)				146,293,526

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

142

MassMutual Growth Opportunities Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 4.8%
Investment of Cash Collateral from Securities Loaned — 2.3%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		3,393,780	$	3,393,780
	Principal Amount
Repurchase Agreement — 2.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (d)	$	3,682,798		3,682,798

TOTAL SHORT-TERM INVESTMENTS (Cost $7,076,578)				7,076,578

TOTAL INVESTMENTS — 102.4% (Cost $141,964,472) ^(e)				153,370,104

Other Assets/(Liabilities) — (2.4)%				(3,560,802	)

NET ASSETS — 100.0%			$	149,809,302

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 September 30, 2023, was $3,367,524 or 2.25% of net assets. The Fund received $45,735 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 $3,683,289. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $3,756,486.

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

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

143

MassMutual Mid Cap Value Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 96.9%
COMMON STOCK — 96.7%
Basic Materials — 4.6%
Chemicals — 3.2%
Akzo Nobel NV		6,309	$	455,286
CF Industries Holdings, Inc.		6,241		535,103
Huntsman Corp.		9,884		241,170
LyondellBasell Industries NV Class A		6,293		595,947
Mosaic Co.		13,600		484,160
Olin Corp.		18,963		947,771
				3,259,437
Iron & Steel — 1.4%
Cleveland-Cliffs, Inc. (a)		2,297		35,902
Nucor Corp.		4,109		642,442
Steel Dynamics, Inc.		5,660		606,865
United States Steel Corp.		5,747		186,663
				1,471,872
				4,731,309
Communications — 9.2%
Advertising — 0.6%
Interpublic Group of Cos., Inc.		11,758		336,984
Omnicom Group, Inc.		2,611		194,467
Trade Desk, Inc. Class A (a)		771		60,254
				591,705
Internet — 3.2%
Coupang, Inc. (a)		3,389		57,613
DoorDash, Inc., Class A (a)		3,128		248,582
eBay, Inc.		13,604		599,800
Etsy, Inc. (a)		2,597		167,714
Expedia Group, Inc. (a)		1,841		189,752
F5, Inc. (a)		2,750		443,135
GoDaddy, Inc. Class A (a)		3,229		240,496
IAC, Inc. (a)		11,600		584,524
TripAdvisor, Inc. (a)		5,175		85,802
VeriSign, Inc. (a)		2,629		532,452
Zillow Group, Inc. Class C (a)		5,062		233,662
				3,383,532
Media — 4.7%
Altice USA, Inc. Class A (a)		54,083		176,851
DISH Network Corp. Class A (a) (b)		39,300		230,298
Fox Corp. Class A		15,700		489,840
Fox Corp. Class B		14,245		411,396
Liberty Broadband Corp. Class C (a)		9,400		858,408
Liberty Global PLC Class A (a)		51,900		888,528
Liberty Media Corp-Liberty SiriusXM Class C (a)		29,502		751,121
News Corp. Class A		32,700		655,962

	Number of Shares		Value
Warner Bros Discovery, Inc. (a)		42,227	$	458,585
				4,920,989
Telecommunications — 0.7%
BCE, Inc. (b)		6,553		250,155
Corning, Inc.		4,724		143,940
Juniper Networks, Inc.		10,186		283,069
				677,164
				9,573,390
Consumer, Cyclical — 7.6%
Airlines — 1.5%
Alaska Air Group, Inc. (a)		5,244		194,448
Delta Air Lines, Inc.		13,814		511,118
Southwest Airlines Co.		18,289		495,083
United Airlines Holdings, Inc. (a)		9,157		387,341
				1,587,990
Apparel — 0.1%
Deckers Outdoor Corp. (a)		231		118,755
Auto Manufacturers — 0.2%
Cummins, Inc.		971		221,835
Auto Parts & Equipment — 1.0%
Allison Transmission Holdings, Inc.		1,894		111,860
Aptiv PLC (a)		1,884		185,743
BorgWarner, Inc.		10,203		411,895
Cie Generale des Etablissements Michelin SCA		9,687		296,905
Phinia, Inc.		1,163		31,157
				1,037,560
Distribution & Wholesale — 1.3%
Bunzl PLC		10,292		365,290
Ferguson PLC		1,376		226,311
LKQ Corp.		11,600		574,316
W.W. Grainger, Inc.		179		123,839
				1,289,756
Entertainment — 0.2%
Liberty Media Corp-Liberty Live Class C (a)		4,625		148,462
Lodging — 0.6%
Hilton Worldwide Holdings, Inc.		3,919		588,555
MGM Resorts International		1,322		48,597
				637,152
Retail — 2.7%
Advance Auto Parts, Inc.		4,900		274,057
Beacon Roofing Supply, Inc. (a)		4,305		332,217
Best Buy Co., Inc.		760		52,797
Dollar Tree, Inc. (a)		9,000		958,050
MSC Industrial Direct Co., Inc. Class A		5,256		515,877

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

144

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

	Number of Shares		Value
O’Reilly Automotive, Inc. (a)		134	$	121,787
Ross Stores, Inc.		3,900		440,505
Ulta Beauty, Inc. (a)		280		111,846
Yum! Brands, Inc.		166		20,740
				2,827,876
				7,869,386
Consumer, Non-cyclical — 18.4%
Biotechnology — 1.3%
Bio-Rad Laboratories, Inc. Class A (a)		2,600		931,970
Incyte Corp. (a)		1,658		95,783
Royalty Pharma PLC Class A		11,554		313,575
				1,341,328
Commercial Services — 1.8%
ADT, Inc.		10,012		60,072
Booz Allen Hamilton Holding Corp.		325		35,513
Clarivate PLC (a) (b)		84,400		566,324
FleetCor Technologies, Inc. (a)		2,400		612,816
Gartner, Inc. (a)		189		64,942
Global Payments, Inc.		4,900		565,411
				1,905,078
Cosmetics & Personal Care — 0.2%
Kenvue, Inc.		10,196		204,736
Food — 4.1%
Conagra Brands, Inc.		30,361		832,498
General Mills, Inc.		2,837		181,539
J. M. Smucker Co.		1,490		183,136
Kellogg Co.		1,174		69,865
Koninklijke Ahold Delhaize NV		22,456		677,118
Kroger Co.		13,585		607,929
Performance Food Group Co. (a)		516		30,372
Post Holdings, Inc. (a)		8,100		694,494
Seaboard Corp.		9		33,777
Tyson Foods, Inc. Class A		9,900		499,851
US Foods Holding Corp. (a)		10,580		420,026
				4,230,605
Health Care – Products — 3.1%
Align Technology, Inc. (a)		354		108,083
Baxter International, Inc.		2,279		86,010
DENTSPLY SIRONA, Inc.		5,989		204,584
Embecta Corp.		6,349		95,552
Envista Holdings Corp. (a)		9,455		263,605
Hologic, Inc. (a)		10,535		731,129
Koninklijke Philips NV (a) (b)		28,837		575,010
Smith & Nephew PLC ADR Sponsored ADR		6,779		167,916
West Pharmaceutical Services, Inc.		112		42,024
Zimmer Biomet Holdings, Inc.		8,249		925,703
				3,199,616

	Number of Shares		Value
Health Care – Services — 3.4%
Catalent, Inc. (a)		4,700	$	213,991
Centene Corp. (a)		13,899		957,363
Fortrea Holdings, Inc. (a)		3,300		94,347
IQVIA Holdings, Inc. (a)		78		15,347
Laboratory Corp. of America Holdings		5,482		1,102,156
Quest Diagnostics, Inc.		5,129		625,020
Universal Health Services, Inc. Class B		4,125		518,636
				3,526,860
Household Products & Wares — 0.5%
Kimberly-Clark Corp.		4,721		570,533
Pharmaceuticals — 4.0%
Cardinal Health, Inc.		3,837		333,128
Cencora, Inc.		6,263		1,127,152
Elanco Animal Health, Inc. (a)		23,431		263,364
Henry Schein, Inc. (a)		10,252		761,211
Jazz Pharmaceuticals PLC (a)		4,115		532,646
Neurocrine Biosciences, Inc. (a)		1,205		135,562
Organon & Co.		17,700		307,272
Perrigo Co. PLC		20,800		664,560
Premier, Inc. Class A		4,519		97,159
				4,222,054
				19,200,810
Energy — 6.5%
Energy – Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		1,028		123,514
Oil & Gas — 3.8%
APA Corp.		1,685		69,253
Chesapeake Energy Corp. (b)		6,200		534,626
Devon Energy Corp.		1,688		80,518
Diamondback Energy, Inc.		4,160		644,301
EQT Corp.		12,561		509,725
HF Sinclair Corp.		7,022		399,762
Marathon Oil Corp.		22,541		602,972
Occidental Petroleum Corp.		4,822		312,851
Phillips 66		5,805		697,471
Range Resources Corp.		1,553		50,333
				3,901,812
Oil & Gas Services — 0.4%
Baker Hughes Co.		13,157		464,705
Pipelines — 2.2%
Enterprise Products Partners LP (c)		24,274		664,380
Kinder Morgan, Inc.		46,300		767,654
Williams Cos., Inc.		25,100		845,619
				2,277,653
				6,767,684

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

145

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

	Number of Shares		Value
Financial — 20.4%
Banks — 3.4%
Bank of New York Mellon Corp.		18,408	$	785,101
East West Bancorp, Inc.		5,307		279,732
First Citizens BancShares, Inc. Class A		194		267,739
First Hawaiian, Inc.		15,962		288,114
First Horizon Corp.		8,130		89,593
Northern Trust Corp.		11,884		825,700
Prosperity Bancshares, Inc.		2,414		131,756
Synovus Financial Corp.		3,316		92,185
Truist Financial Corp.		14,124		404,088
US Bancorp		5,462		180,574
Westamerica BanCorp		3,244		140,303
				3,484,885
Diversified Financial Services — 1.8%
Ally Financial, Inc.		17,950		478,906
Apollo Global Management, Inc.		1,591		142,808
Blue Owl Capital, Inc.		18,156		235,302
Coinbase Global, Inc. Class A (a)		753		56,535
LPL Financial Holdings, Inc.		437		103,853
Stifel Financial Corp.		4,906		301,425
Synchrony Financial		2,529		77,311
T. Rowe Price Group, Inc.		4,780		501,279
				1,897,419
Insurance — 8.6%
Aflac, Inc.		4,672		358,576
Allstate Corp.		20,527		2,286,913
Arch Capital Group Ltd. (a)		7,500		597,825
Axis Capital Holdings Ltd.		409		23,055
Fidelity National Financial, Inc.		14,200		586,460
Hanover Insurance Group, Inc.		2,774		307,859
Hartford Financial Services Group, Inc.		8,691		616,279
Loews Corp.		815		51,598
Markel Group, Inc. (a)		600		883,494
Old Republic International Corp.		13,500		363,690
Reinsurance Group of America, Inc.		7,690		1,116,511
W. R. Berkley Corp.		8,919		566,267
Willis Towers Watson PLC		5,895		1,231,819
				8,990,346
Real Estate Investment Trusts (REITS) — 6.5%
AvalonBay Communities, Inc.		3,408		585,290
Camden Property Trust		5,169		488,884
Equity Residential		9,656		566,904
Essex Property Trust, Inc.		1,904		403,819
Gaming & Leisure Properties, Inc.		10,600		482,830
Healthpeak Properties, Inc.		49,528		909,334
JBG SMITH Properties		35,543		513,952

	Number of Shares		Value
Mid-America Apartment Communities, Inc.		3,863	$	496,975
Public Storage		1,488		392,118
Realty Income Corp.		10,252		511,985
Regency Centers Corp.		7,821		464,880
Simon Property Group, Inc.		1,145		123,694
VICI Properties, Inc.		7,254		211,091
Weyerhaeuser Co.		15,548		476,702
WP Carey, Inc.		3,300		178,464
				6,806,922
Savings & Loans — 0.1%
Capitol Federal Financial, Inc.		17,778		84,801
				21,264,373
Industrial — 14.0%
Aerospace & Defense — 0.8%
General Dynamics Corp.		1,123		248,149
Howmet Aerospace, Inc.		12,176		563,140
				811,289
Building Materials — 1.4%
Builders FirstSource, Inc. (a)		6,218		774,079
Cie de Saint-Gobain SA		5,929		355,198
Louisiana-Pacific Corp.		6,100		337,147
				1,466,424
Electrical Components & Equipment — 0.6%
Acuity Brands, Inc.		150		25,547
Emerson Electric Co.		6,013		580,675
				606,222
Electronics — 2.8%
Agilent Technologies, Inc.		263		29,408
Amphenol Corp. Class A		6,919		581,127
Flex Ltd. (a)		14,700		396,606
Garmin Ltd.		693		72,903
Hubbell, Inc.		239		74,905
Jabil, Inc.		234		29,692
Keysight Technologies, Inc. (a)		3,570		472,347
nVent Electric PLC		5,824		308,614
TE Connectivity Ltd.		2,958		365,402
Vontier Corp.		18,702		578,266
				2,909,270
Engineering & Construction — 0.5%
EMCOR Group, Inc.		145		30,507
Vinci SA		4,176		462,311
				492,818
Environmental Controls — 0.7%
Republic Services, Inc.		5,122		729,936
Machinery – Construction & Mining — 0.8%
Oshkosh Corp.		8,257		787,966

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

146

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

	Number of Shares		Value
Machinery – Diversified — 0.4%
CNH Industrial NV		25,200	$	304,920
Gates Industrial Corp. PLC (a)		2,305		26,761
IMI PLC		7,319		139,202
				470,883
Miscellaneous - Manufacturing — 1.5%
Carlisle Cos., Inc.		245		63,519
Donaldson Co., Inc.		4,124		245,955
ITT, Inc.		1,464		143,340
Parker-Hannifin Corp.		1,455		566,752
Textron, Inc.		7,667		599,099
				1,618,665
Packaging & Containers — 1.8%
Amcor PLC		48,897		447,896
Graphic Packaging Holding Co.		25,600		570,368
Packaging Corp. of America		4,116		632,012
Sonoco Products Co.		4,326		235,118
				1,885,394
Shipbuilding — 1.4%
Huntington Ingalls Industries, Inc.		6,913		1,414,262
Transportation — 1.3%
FedEx Corp.		2,200		582,824
Heartland Express, Inc.		16,902		248,290
Kirby Corp. (a)		318		26,330
Norfolk Southern Corp.		2,403		473,223
Ryder System, Inc.		726		77,646
				1,408,313
				14,601,442
Technology — 5.1%
Computers — 1.8%
Amdocs Ltd.		5,581		471,539
Crowdstrike Holdings, Inc. Class A (a)		854		142,942
Genpact Ltd.		648		23,458
Hewlett Packard Enterprise Co.		16,600		288,342
HP, Inc.		12,315		316,495
NetApp, Inc.		617		46,818
Pure Storage, Inc. Class A (a)		2,934		104,509
Western Digital Corp. (a)		9,866		450,186
				1,844,289
Semiconductors — 1.1%
Cirrus Logic, Inc. (a)		2,893		213,966
IPG Photonics Corp. (a)		178		18,074
Microchip Technology, Inc.		5,427		423,577
Qorvo, Inc. (a)		2,301		219,677
Skyworks Solutions, Inc.		717		70,689
Teradyne, Inc.		2,317		232,766
				1,178,749

	Number of Shares		Value
Software — 2.2%
Datadog, Inc. Class A (a)		348	$	31,699
DocuSign, Inc. (a)		2,875		120,750
Dropbox, Inc. Class A (a)		1,382		37,632
Dynatrace, Inc. (a)		2,623		122,573
Elastic NV (a)		1,630		132,421
Electronic Arts, Inc.		6,696		806,198
Fidelity National Information Services, Inc.		5,800		320,566
HubSpot, Inc. (a)		251		123,618
Paychex, Inc.		344		39,674
Paycom Software, Inc.		93		24,112
RingCentral, Inc. Class A (a)		1,594		47,230
Smartsheet, Inc. Class A (a)		3,026		122,432
Splunk, Inc. (a)		303		44,314
Synopsys, Inc. (a)		270		123,922
Teradata Corp. (a)		341		15,352
Veeva Systems, Inc. Class A (a)		594		120,849
				2,233,342
				5,256,380
Utilities — 10.9%
Electric — 9.1%
CenterPoint Energy, Inc.		19,800		531,630
CMS Energy Corp.		4,977		264,328
Dominion Energy, Inc.		22,100		987,207
Duke Energy Corp.		5,165		455,863
Edison International		16,026		1,014,286
Entergy Corp.		5,854		541,495
Evergy, Inc.		22,434		1,137,404
Eversource Energy		13,570		789,096
Exelon Corp.		13,900		525,281
Northwestern Energy Group, Inc.		11,455		550,527
OGE Energy Corp.		26,819		893,877
PG&E Corp. (a)		38,325		618,182
Pinnacle West Capital Corp.		5,486		404,209
Vistra Corp.		16,326		541,697
WEC Energy Group, Inc.		3,597		289,738
				9,544,820
Gas — 1.8%
Atmos Energy Corp.		1,038		109,955
National Fuel Gas Co.		5,500		285,505
NiSource, Inc.		34,100		841,588
Spire, Inc.		10,733		607,273
				1,844,321
				11,389,141

TOTAL COMMON STOCK (Cost $104,481,073)				100,653,915

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

147

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

	Number of Shares		Value
PREFERRED STOCK — 0.2%
Consumer, Non-cyclical — 0.2%
Household Products & Wares — 0.2%
Henkel AG & Co. KGaA 2.753%		3,639	$	259,724

TOTAL PREFERRED STOCK (Cost $243,888)				259,724

TOTAL EQUITIES (Cost $104,724,961)				100,913,639

MUTUAL FUNDS — 0.7%
Diversified Financial Services — 0.7%
iShares Russell Mid-Cap Value ETF (b)		6,883		718,172

TOTAL MUTUAL FUNDS (Cost $761,441)				718,172

TOTAL LONG-TERM INVESTMENTS (Cost $105,486,402)				101,631,811

SHORT-TERM INVESTMENTS — 2.6%
Investment of Cash Collateral from Securities Loaned — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		156,333		156,333

	Principal Amount		Value
Repurchase Agreement — 2.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (e)	$	2,537,686	$	2,537,686

TOTAL SHORT-TERM INVESTMENTS (Cost $2,694,019)				2,694,019

TOTAL INVESTMENTS — 100.2% (Cost $108,180,421) ^(f)				104,325,830

Other Assets/(Liabilities) — (0.2)%				(223,891	)

NET ASSETS — 100.0%			$	104,101,939

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 September 30, 2023, was $2,852,413 or 2.74% of net assets. The Fund received $2,779,329 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 $2,538,024. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 0.500%, maturity dates ranging from 12/31/25 - 2/28/26, and an aggregate market value, including accrued interest, of $2,588,497.

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

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

148

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.		12/22/23		USD	722,777		EUR	679,977	$	1,142
Goldman Sachs & Co.		12/22/23		CAD	9,246		USD	6,857		(41	)
Goldman Sachs & Co.		12/22/23		USD	562,817		GBP	460,646		463
Goldman Sachs & Co.		12/22/23		USD	222,001		CAD	299,334		1,336
JP Morgan Chase Bank N.A.		12/22/23		USD	722,907		EUR	679,977		1,272
Morgan Stanley & Co. LLC		12/22/23		USD	723,052		EUR	679,977		1,416
									$	5,588

Currency Legend

CAD	Canadian Dollar

EUR

Euro

GBP	British Pound

USD	U.S. Dollar

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

149

MassMutual Small Cap Value Equity Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.0%
COMMON STOCK — 97.0%
Basic Materials — 9.1%
Chemicals — 4.6%
Axalta Coating Systems Ltd. (a)		13,262	$	356,748
Cabot Corp.		9,488		657,234
Element Solutions, Inc.		24,589		482,190
HB Fuller Co.		5,033		345,314
Mativ Holdings, Inc.		27,812		396,599
				2,238,085
Iron & Steel — 2.1%
ATI, Inc. (a)		24,715		1,017,022
Mining — 2.4%
Ferroglobe PLC (a)		82,530		429,156
Kaiser Aluminum Corp.		10,150		763,889
				1,193,045
				4,448,152
Communications — 4.1%
Internet — 1.9%
ePlus, Inc. (a)		5,162		327,890
Perficient, Inc. (a)		5,453		315,511
Shutterstock, Inc.		8,388		319,163
				962,564
Telecommunications — 2.2%
Ciena Corp. (a)		16,550		782,153
Infinera Corp. (a)		67,811		283,450
				1,065,603
				2,028,167
Consumer, Cyclical — 12.3%
Apparel — 1.4%
Kontoor Brands, Inc.		9,187		403,401
Oxford Industries, Inc.		2,821		271,183
				674,584
Auto Parts & Equipment — 5.3%
Adient PLC (a)		19,860		728,862
American Axle & Manufacturing Holdings, Inc. (a)		72,159		523,874
Gentherm, Inc. (a)		11,695		634,571
Goodyear Tire & Rubber Co. (a)		26,205		325,728
Visteon Corp. (a)		2,678		369,752
				2,582,787
Food Services — 1.0%
Aramark		13,983		485,210
Home Builders — 1.3%
Century Communities, Inc.		4,878		325,753
Tri Pointe Homes, Inc. (a)		11,869		324,617
				650,370

	Number of Shares		Value
Home Furnishing — 0.6%
Sonos, Inc. (a)		24,277	$	313,416
Lodging — 0.7%
Wyndham Hotels & Resorts, Inc.		4,901		340,816
Office Furnishings — 0.7%
Interface, Inc.		35,619		349,422
Retail — 0.6%
Five Below, Inc. (a)		1,891		304,262
Textiles — 0.7%
UniFirst Corp.		2,052		334,496
				6,035,363
Consumer, Non-cyclical — 10.6%
Agriculture — 1.3%
Darling Ingredients, Inc. (a)		11,916		622,015
Commercial Services — 4.6%
BrightView Holdings, Inc. (a)		26,861		208,173
Colliers International Group, Inc.		2,905		276,701
Huron Consulting Group, Inc. (a)		3,289		342,582
Monro, Inc.		10,106		280,644
Sterling Check Corp. (a)		30,504		384,961
TriNet Group, Inc. (a)		601		70,004
WillScot Mobile Mini Holdings Corp. (a)		16,636		691,891
				2,254,956
Food — 1.6%
Hain Celestial Group, Inc. (a)		2,630		27,273
Post Holdings, Inc. (a)		3,503		300,347
SunOpta, Inc. (a)		62,229		209,712
US Foods Holding Corp. (a)		6,181		245,386
				782,718
Health Care – Products — 1.9%
Haemonetics Corp. (a)		2,018		180,773
ICU Medical, Inc. (a)		2,665		317,162
Integra LifeSciences Holdings Corp. (a)		10,918		416,958
				914,893
Household Products & Wares — 1.2%
ACCO Brands Corp.		38,375		220,272
Spectrum Brands Holdings, Inc.		5,017		393,082
				613,354
				5,187,936
Energy — 4.2%
Oil & Gas — 2.6%
Chesapeake Energy Corp. (b)		4,050		349,231
Chord Energy Corp.		2,879		466,600
Sitio Royalties Corp. Class A		19,403		469,747
				1,285,578

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

150

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

	Number of Shares		Value
Oil & Gas Services — 1.6%
Atlas Energy Solutions, Inc. Class A		18,682	$	415,301
NOW, Inc. (a)		30,713		364,563
				779,864
				2,065,442
Financial — 27.9%
Banks — 14.0%
Cadence Bank		11,806		250,523
Columbia Banking System, Inc.		30,596		621,099
Eastern Bankshares, Inc.		17,029		213,544
First Citizens BancShares, Inc. Class A		362		499,596
First Interstate BancSystem, Inc. Class A		9,088		226,655
Hancock Whitney Corp.		7,931		293,368
International Bancshares Corp.		5,452		236,290
Live Oak Bancshares, Inc.		20,522		594,112
OFG Bancorp		28,907		863,163
Old National Bancorp		38,837		564,690
Seacoast Banking Corp. of Florida		13,781		302,631
Synovus Financial Corp.		8,079		224,596
Texas Capital Bancshares, Inc. (a)		15,005		883,794
Triumph Financial, Inc. (a)		11,695		757,719
Webster Financial Corp.		7,420		299,100
				6,830,880
Diversified Financial Services — 3.3%
Air Lease Corp.		9,776		385,272
Bread Financial Holdings, Inc.		10,808		369,634
Burford Capital Ltd.		37,482		524,748
Houlihan Lokey, Inc.		3,287		352,103
				1,631,757
Insurance — 5.3%
Assured Guaranty Ltd.		5,787		350,229
Kemper Corp.		9,998		420,216
NMI Holdings, Inc. Class A (a)		10,429		282,522
ProAssurance Corp.		21,716		410,215
Reinsurance Group of America, Inc.		3,417		496,114
SiriusPoint Ltd. (a)		31,356		318,891
White Mountains Insurance Group Ltd.		218		326,060
				2,604,247
Real Estate Investment Trusts (REITS) — 5.3%
Alexander & Baldwin, Inc.		13,811		231,058
Centerspace		4,792		288,766
Independence Realty Trust, Inc.		22,661		318,840
Kimco Realty Corp.		19,694		346,418
LXP Industrial Trust		24,468		217,765
NETSTREIT Corp.		16,280		253,642
Pebblebrook Hotel Trust (b)		23,803		323,483

	Number of Shares		Value
Phillips Edison & Co., Inc.		7,427	$	249,102
PotlatchDeltic Corp.		8,034		364,663
				2,593,737
				13,660,621
Industrial — 23.4%
Aerospace & Defense — 0.4%
Leonardo DRS, Inc. (a)		12,361		206,429
Building Materials — 5.8%
American Woodmark Corp. (a)		5,060		382,587
Apogee Enterprises, Inc.		12,423		584,875
Fortune Brands Innovations, Inc.		5,553		345,174
Gibraltar Industries, Inc. (a)		13,437		907,132
Masonite International Corp. (a)		6,825		636,226
				2,855,994
Electrical Components & Equipment — 0.8%
Belden, Inc.		4,147		400,393
Electronics — 2.8%
Brady Corp. Class A		7,472		410,362
Coherent Corp. (a)		18,756		612,196
CTS Corp.		7,907		330,038
				1,352,596
Environmental Controls — 1.2%
Clean Harbors, Inc. (a)		1,014		169,703
Enviri Corp. (a)		59,296		428,117
				597,820
Hand & Machine Tools — 2.7%
Enerpac Tool Group Corp.		30,928		817,427
Kennametal, Inc.		20,262		504,119
				1,321,546
Machinery – Diversified — 1.0%
Middleby Corp. (a)		2,687		343,936
Thermon Group Holdings, Inc. (a)		5,713		156,936
				500,872
Metal Fabricate & Hardware — 1.4%
Janus International Group, Inc. (a)		18,690		199,983
Standex International Corp.		3,200		466,208
				666,191
Miscellaneous - Manufacturing — 0.9%
Materion Corp.		4,192		427,207
Packaging & Containers — 1.5%
Sealed Air Corp.		9,180		301,655
TriMas Corp.		17,977		445,110
				746,765
Transportation — 3.2%
Air Transport Services Group, Inc. (a)		31,993		667,694
Kirby Corp. (a)		9,171		759,359

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

151

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

	Number of Shares		Value
Ryder System, Inc.		1,200	$	128,340
				1,555,393
Trucking & Leasing — 1.7%
GATX Corp.		365		39,723
Greenbrier Cos., Inc.		19,836		793,440
				833,163
				11,464,369
Technology — 4.2%
Computers — 0.7%
WNS Holdings Ltd. ADR (a)		5,059		346,339
Semiconductors — 1.8%
Diodes, Inc. (a)		9,014		710,664
Vishay Precision Group, Inc. (a)		5,737		192,648
				903,312
Software — 1.7%
ACI Worldwide, Inc. (a)		16,868		380,542
Progress Software Corp.		7,678		403,710
Veradigm, Inc. (a)		1,800		23,652
				807,904
				2,057,555
Utilities — 1.2%
Electric — 0.6%
Portland General Electric Co.		7,490		303,195
Gas — 0.6%
ONE Gas, Inc.		3,931		268,409
				571,604

TOTAL COMMON STOCK (Cost $45,449,883)				47,519,209

TOTAL EQUITIES (Cost $45,449,883)				47,519,209

TOTAL LONG-TERM INVESTMENTS (Cost $45,449,883)				47,519,209

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.9%
Repurchase Agreement — 2.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (c)	$	1,452,183	$	1,452,183

TOTAL SHORT-TERM INVESTMENTS (Cost $1,452,183)				1,452,183

TOTAL INVESTMENTS — 99.9% (Cost $46,902,066) ^(d)				48,971,392

Other Assets/(Liabilities) — 0.1%				25,938

NET ASSETS — 100.0%			$	48,997,330

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 September 30, 2023, was $672,844 or 1.37% of net assets. The Fund received $689,593 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 $1,452,377. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 0.625%, maturity dates ranging from 1/15/26 - 1/31/26, and an aggregate market value, including accrued interest, of $1,481,303.

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

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

152

MassMutual Small Company Value Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Basic Materials — 3.8%
Chemicals — 2.4%
AdvanSix, Inc.		37,290	$	1,158,973
Element Solutions, Inc.		80,780		1,584,096
HB Fuller Co.		14,270		979,065
Ingevity Corp. (a)		4,623		220,101
Minerals Technologies, Inc.		11,900		651,644
				4,593,879
Iron & Steel — 1.4%
ATI, Inc. (a)		24,940		1,026,281
Haynes International, Inc.		36,859		1,714,681
				2,740,962
				7,334,841
Communications — 2.3%
Internet — 1.0%
Criteo SA Sponsored ADR (a)		47,941		1,399,877
Entravision Communications Corp. Class A		97,149		354,594
Solo Brands, Inc. Class A (a)		40,528		206,693
				1,961,164
Media — 0.4%
Cable One, Inc.		1,276		785,557
Townsquare Media, Inc. Class A		8,035		70,065
				855,622
Telecommunications — 0.9%
A10 Networks, Inc.		95,719		1,438,657
Calix, Inc. (a)		1,579		72,381
Casa Systems, Inc. (a)		203,780		172,703
				1,683,741
				4,500,527
Consumer, Cyclical — 16.5%
Airlines — 0.5%
Alaska Air Group, Inc. (a)		28,850		1,069,758
Apparel — 0.6%
Tapestry, Inc.		39,757		1,143,014
Auto Manufacturers — 1.7%
Blue Bird Corp. (a)		75,176		1,605,008
REV Group, Inc.		106,395		1,702,320
				3,307,328
Auto Parts & Equipment — 2.3%
Dana, Inc.		95,776		1,405,034
Goodyear Tire & Rubber Co. (a)		135,000		1,678,050
Shyft Group, Inc.		96,568		1,445,623
				4,528,707

	Number of Shares		Value
Distribution & Wholesale — 0.5%
A-Mark Precious Metals, Inc.		16,079	$	471,597
OPENLANE, Inc. (a)		15,719		234,528
Titan Machinery, Inc. (a)		6,590		175,162
				881,287
Entertainment — 1.8%
Accel Entertainment, Inc. (a)		35,596		389,776
Everi Holdings, Inc. (a)		28,020		370,424
IMAX Corp. (a)		63,733		1,231,322
Six Flags Entertainment Corp. (a)		62,140		1,460,911
				3,452,433
Home Builders — 2.3%
Cavco Industries, Inc. (a)		999		265,394
KB Home		27,268		1,261,963
Skyline Champion Corp. (a)		22,157		1,411,844
Taylor Morrison Home Corp. (a)		34,524		1,471,068
				4,410,269
Home Furnishing — 0.1%
Vizio Holding Corp. Class A (a)		31,975		172,985
Leisure Time — 1.1%
Brunswick Corp.		15,859		1,252,861
Malibu Boats, Inc. Class A (a)		10,907		534,661
Planet Fitness, Inc. Class A (a)		5,152		253,375
				2,040,897
Lodging — 0.8%
Boyd Gaming Corp.		5,865		356,768
Hilton Grand Vacations, Inc. (a)		29,290		1,192,103
				1,548,871
Retail — 4.8%
Beacon Roofing Supply, Inc. (a)		11,897		918,091
Citi Trends, Inc. (a)		43,009		955,660
Dave & Buster’s Entertainment, Inc. (a)		19,002		704,404
Dine Brands Global, Inc.		26,638		1,317,249
Genesco, Inc. (a)		45,150		1,391,523
GMS, Inc. (a)		12,699		812,355
MarineMax, Inc. (a)		19,906		653,315
OneWater Marine, Inc. Class A (a) (b)		17,161		439,665
Papa John’s International, Inc.		19,440		1,326,197
Penske Automotive Group, Inc.		2,597		433,855
Red Robin Gourmet Burgers, Inc. (a) (b)		8,248		66,314
Sally Beauty Holdings, Inc. (a)		19,113		160,167
				9,178,795
				31,734,344

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

153

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

	Number of Shares		Value
Consumer, Non-cyclical — 14.7%
Agriculture — 0.1%
Turning Point Brands, Inc.		9,211	$	212,682
Commercial Services — 7.8%
ABM Industries, Inc.		41,320		1,653,213
Adtalem Global Education, Inc. (a)		41,467		1,776,861
AMN Healthcare Services, Inc. (a)		16,084		1,370,035
Barrett Business Services, Inc.		3,310		298,694
Brink’s Co.		16,048		1,165,727
Deluxe Corp.		26,733		504,986
Euronet Worldwide, Inc. (a)		9,252		734,424
EVERTEC, Inc.		38,272		1,422,953
Herc Holdings, Inc.		12,444		1,480,089
ICF International, Inc.		13,810		1,668,386
Korn Ferry		52,417		2,486,663
Loomis AB		13,174		353,756
Repay Holdings Corp. (a)		11,075		84,059
				14,999,846
Cosmetics & Personal Care — 0.6%
Edgewell Personal Care Co.		28,507		1,053,619
Food — 1.4%
Hain Celestial Group, Inc. (a)		99,894		1,035,901
Nomad Foods Ltd. (a)		112,148		1,706,892
				2,742,793
Health Care – Products — 2.0%
Embecta Corp.		22,720		341,936
Enovis Corp. (a)		7,005		369,374
Envista Holdings Corp. (a)		59,817		1,667,698
Integra LifeSciences Holdings Corp. (a)		38,220		1,459,622
				3,838,630
Health Care – Services — 2.3%
Acadia Healthcare Co., Inc. (a)		19,860		1,396,357
Fortrea Holdings, Inc. (a)		45,776		1,308,736
Pediatrix Medical Group, Inc. (a)		125,910		1,600,316
				4,305,409
Household Products & Wares — 0.5%
Spectrum Brands Holdings, Inc.		12,904		1,011,028
				28,164,007
Energy — 6.1%
Energy – Alternate Sources — 0.1%
Enviva, Inc. (b)		16,292		121,701
Oil & Gas — 4.2%
Chord Energy Corp.		2,751		445,855
Earthstone Energy, Inc. Class A (a)		19,068		385,936
HF Sinclair Corp.		28,380		1,615,673
Magnolia Oil & Gas Corp. Class A		137,784		3,156,631

	Number of Shares		Value
Northern Oil & Gas, Inc.		63,537	$	2,556,094
				8,160,189
Oil & Gas Services — 1.8%
ChampionX Corp.		97,656		3,478,507
				11,760,397
Financial — 29.3%
Banks — 15.7%
1st Source Corp.		30,248		1,273,138
Ameris Bancorp		18,575		713,094
Associated Banc-Corp.		80,949		1,385,037
Bank of Marin Bancorp		32,926		601,887
BankUnited, Inc.		54,334		1,233,382
Carter Bankshares, Inc. (a)		61,815		774,542
Columbia Banking System, Inc.		32,279		655,264
Comerica, Inc.		27,620		1,147,611
CVB Financial Corp.		34,970		579,453
First BanCorp		208,778		2,810,152
First Busey Corp.		83,834		1,611,290
First Interstate BancSystem, Inc. Class A		21,035		524,613
First Merchants Corp.		8,747		243,342
FNB Corp.		103,864		1,120,693
HarborOne Bancorp, Inc.		117,527		1,118,857
Heritage Financial Corp.		91,782		1,496,964
Home BancShares, Inc.		51,579		1,080,064
Independent Bank Group, Inc.		12,150		480,533
Nicolet Bankshares, Inc.		11,802		823,544
Old National Bancorp		97,397		1,416,152
Origin Bancorp, Inc.		7,858		226,860
Peoples Bancorp, Inc.		28,738		729,370
Popular, Inc.		2,410		151,854
Premier Financial Corp.		67,855		1,157,606
SouthState Corp.		17,408		1,172,603
Synovus Financial Corp.		16,727		465,011
Texas Capital Bancshares, Inc. (a)		27,810		1,638,009
TriCo Bancshares		39,250		1,257,178
UMB Financial Corp.		14,104		875,153
Valley National Bancorp		105,910		906,590
Webster Financial Corp.		12,266		494,442
				30,164,288
Diversified Financial Services — 0.8%
Enact Holdings, Inc.		3,388		92,255
Moelis & Co. Class A		33,219		1,499,174
				1,591,429
Insurance — 2.4%
Axis Capital Holdings Ltd.		22,068		1,243,973
Fidelis Insurance Holdings Ltd. (a)		20,219		296,815
Hanover Insurance Group, Inc.		11,940		1,325,101

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

154

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

	Number of Shares		Value
Selective Insurance Group, Inc.		16,408	$	1,692,814
				4,558,703
Investment Companies — 0.6%
Compass Diversified Holdings (b)		55,622		1,044,025
Private Equity — 0.1%
Patria Investments Ltd. Class A		16,794		244,856
Real Estate Investment Trusts (REITS) — 6.9%
Apartment Income REIT Corp.		48,650		1,493,555
Broadstone Net Lease, Inc.		95,183		1,361,117
CareTrust REIT, Inc.		14,230		291,715
Easterly Government Properties, Inc.		14,574		166,581
First Industrial Realty Trust, Inc.		31,558		1,501,845
Four Corners Property Trust, Inc.		23,420		519,690
Highwoods Properties, Inc.		20,506		422,629
Kite Realty Group Trust		22,861		489,682
National Health Investors, Inc.		5,547		284,894
National Storage Affiliates Trust		37,114		1,177,998
NETSTREIT Corp.		101,766		1,585,514
Physicians Realty Trust		135,275		1,649,002
Ryman Hospitality Properties, Inc.		3,133		260,916
STAG Industrial, Inc.		47,382		1,635,153
Summit Hotel Properties, Inc.		16,096		93,357
UMH Properties, Inc.		24,732		346,743
				13,280,391
Savings & Loans — 2.8%
Axos Financial, Inc. (a)		7,397		280,050
Berkshire Hills Bancorp, Inc.		69,707		1,397,625
Pacific Premier Bancorp, Inc.		89,824		1,954,570
Provident Financial Services, Inc.		15,312		234,121
WSFS Financial Corp.		40,565		1,480,623
				5,346,989
				56,230,681
Industrial — 15.9%
Aerospace & Defense — 0.5%
Spirit AeroSystems Holdings, Inc. Class A		54,143		873,868
Building Materials — 0.8%
Masonite International Corp. (a)		10,387		968,276
Tecnoglass, Inc.		20,067		661,408
				1,629,684
Electrical Components & Equipment — 0.9%
Belden, Inc.		18,674		1,802,975
Electronics — 2.5%
Atmus Filtration Technologies, Inc. (a)		9,890		206,207
Avnet, Inc.		25,510		1,229,327
Coherent Corp. (a)		37,653		1,228,994
TTM Technologies, Inc. (a)		138,647		1,785,773

	Number of Shares		Value
Vontier Corp.		8,663	$	267,860
				4,718,161
Engineering & Construction — 3.2%
Dycom Industries, Inc. (a)		22,187		1,974,643
Fluor Corp. (a)		60,171		2,208,276
Great Lakes Dredge & Dock Corp. (a)		209,820		1,672,265
NV5 Global, Inc. (a)		3,267		314,383
				6,169,567
Environmental Controls — 0.0%
CECO Environmental Corp. (a)		2,184		34,878
Hand & Machine Tools — 0.1%
Luxfer Holdings PLC		9,596		125,228
Machinery – Diversified — 2.6%
Cactus, Inc. Class A		51,014		2,561,413
DXP Enterprises, Inc. (a)		6,123		213,938
Esab Corp.		1,728		121,340
Gates Industrial Corp. PLC (a)		73,780		856,586
Ichor Holdings Ltd. (a)		43,024		1,332,023
				5,085,300
Metal Fabricate & Hardware — 1.7%
Hillman Solutions Corp. (a)		251,016		2,070,882
Timken Co.		17,293		1,270,863
				3,341,745
Miscellaneous - Manufacturing — 0.0%
DIRTT Environmental Solutions (a)		61,401		24,591
Packaging & Containers — 1.1%
Graphic Packaging Holding Co.		67,730		1,509,024
Karat Packaging, Inc.		3,207		73,954
Pactiv Evergreen, Inc.		53,439		434,459
				2,017,437
Transportation — 2.5%
ArcBest Corp.		15,680		1,593,872
International Seaways, Inc.		43,560		1,960,200
Star Bulk Carriers Corp.		61,966		1,194,704
				4,748,776
				30,572,210
Technology — 8.3%
Computers — 1.4%
Crane NXT Co.		18,200		1,011,374
Grid Dynamics Holdings, Inc. (a)		88,036		1,072,279
Unisys Corp. (a)		146,112		504,086
				2,587,739
Semiconductors — 4.4%
Amkor Technology, Inc.		55,968		1,264,877
Cohu, Inc. (a)		47,548		1,637,553
FormFactor, Inc. (a)		47,733		1,667,791

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

155

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

	Number of Shares		Value
Kulicke & Soffa Industries, Inc.		28,336	$	1,377,980
Magnachip Semiconductor Corp. (a)		109,530		910,194
MKS Instruments, Inc.		3,565		308,515
SMART Global Holdings, Inc. (a)		51,620		1,256,947
				8,423,857
Software — 2.5%
ACI Worldwide, Inc. (a)		63,270		1,427,371
CommVault Systems, Inc. (a)		19,877		1,343,884
Digital Turbine, Inc. (a)		24,742		149,689
Donnelley Financial Solutions, Inc. (a)		6,520		366,945
IBEX Holdings Ltd. (a)		11,300		174,585
Teradata Corp. (a)		24,451		1,100,784
Verra Mobility Corp. (a)		15,228		284,764
				4,848,022
				15,859,618
Utilities — 2.3%
Electric — 2.0%
ALLETE, Inc.		5,327		281,266
IDACORP, Inc.		20,060		1,878,619
Portland General Electric Co.		41,050		1,661,704
				3,821,589
Gas — 0.3%
Northwest Natural Holding Co.		3,313		126,424
Southwest Gas Holdings, Inc.		9,484		572,928
				699,352
				4,520,941

TOTAL COMMON STOCK (Cost $213,293,654)				190,677,566

TOTAL EQUITIES (Cost $213,293,654)				190,677,566

TOTAL LONG-TERM INVESTMENTS (Cost $213,293,654)				190,677,566

SHORT-TERM INVESTMENTS — 0.7%
Investment of Cash Collateral from Securities Loaned — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		141,761		141,761

	Principal Amount		Value
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (d)	$	1,142,813	$	1,142,813

TOTAL SHORT-TERM INVESTMENTS (Cost $1,284,574)				1,284,574

TOTAL INVESTMENTS — 99.9% (Cost $214,578,228) ^(e)				191,962,140

Other Assets/(Liabilities) — 0.1%				214,508

NET ASSETS — 100.0%			$	192,176,648

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 September 30, 2023, was $1,028,522 or 0.54% of net assets. The Fund received $913,979 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 $1,142,965. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $1,165,769.

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

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

156

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

Forward contracts

Counterparty

Settlement
Date

Currency Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

UBS AG

12/22/23

USD

288,246

SEK

3,173,485

(3,399

)

Currency Legend

SEK	Swedish Krona

USD	U.S. Dollar

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

157

MassMutual Mid Cap Growth Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.4%
COMMON STOCK — 97.1%
Basic Materials — 1.2%
Chemicals — 0.9%
Albemarle Corp.		67,325	$	11,447,943
RPM International, Inc.		253,000		23,986,930
Sherwin-Williams Co.		31,974		8,154,969
				43,589,842
Iron & Steel — 0.3%
ATI, Inc. (a)		393,197		16,180,056
				59,769,898
Communications — 5.3%
Advertising — 2.0%
Trade Desk, Inc. Class A (a)		1,301,450		101,708,317
Internet — 2.0%
Maplebear, Inc. (a)		60,191		1,787,071
Maplebear, Inc., Lockup Shares (Acquired 11/19/21, Cost $11,962,092) (a) (b) (c)		98,930		2,937,232
Match Group, Inc. (a)		381,416		14,941,972
Okta, Inc. (a)		77,736		6,336,261
Palo Alto Networks, Inc. (a)		72,696		17,042,850
Pinterest, Inc. Class A (a)		377,724		10,209,880
Spotify Technology SA (a)		301,000		46,546,640
				99,801,906
Media — 1.0%
Liberty Media Corp-Liberty Formula One Class C (a)		423,624		26,391,775
New York Times Co. Class A		231,000		9,517,200
Warner Bros Discovery, Inc. (a)		1,019,840		11,075,462
				46,984,437
Telecommunications — 0.3%
Arista Networks, Inc. (a)		74,891		13,774,702
				262,269,362
Consumer, Cyclical — 13.3%
Airlines — 0.6%
Southwest Airlines Co.		1,161,000		31,428,270
Auto Parts & Equipment — 0.2%
BorgWarner, Inc.		183,974		7,427,030
Mobileye Global, Inc. Class A (a)		74,000		3,074,700
				10,501,730
Entertainment — 0.5%
Caesars Entertainment, Inc. (a)		419,769		19,456,293
Liberty Media Corp-Liberty Live Class C (a)		19,903		638,886
Live Nation Entertainment, Inc. (a)		77,921		6,470,560
				26,565,739

	Number of Shares		Value
Leisure Time — 0.1%
Planet Fitness, Inc. Class A (a)		79,253	$	3,897,663
Lodging — 2.2%
Boyd Gaming Corp.		188,567		11,470,530
Hilton Worldwide Holdings, Inc.		416,000		62,474,880
MGM Resorts International		953,609		35,054,667
				109,000,077
Retail — 9.1%
Bath & Body Works, Inc.		766,000		25,890,800
Beacon Roofing Supply, Inc. (a)		152,320		11,754,535
Burlington Stores, Inc. (a)		376,516		50,942,615
Casey’s General Stores, Inc.		136,000		36,926,720
Chipotle Mexican Grill, Inc. (a)		12,682		23,231,268
Dollar General Corp.		73,043		7,727,949
Dollar Tree, Inc. (a)		368,000		39,173,600
Domino’s Pizza, Inc.		171,770		65,064,758
Five Below, Inc. (a)		170,000		27,353,000
Floor & Decor Holdings, Inc. Class A (a)		20,490		1,854,345
Lithia Motors, Inc.		32,806		9,688,596
Lululemon Athletica, Inc. (a)		44,000		16,966,840
O’Reilly Automotive, Inc. (a)		12,000		10,906,320
Ross Stores, Inc.		444,954		50,257,554
Tractor Supply Co.		104,343		21,186,846
Ulta Beauty, Inc. (a)		34,000		13,581,300
Yum! Brands, Inc.		326,359		40,775,294
				453,282,340
Toys, Games & Hobbies — 0.6%
Mattel, Inc. (a)		1,373,932		30,267,722
				664,943,541
Consumer, Non-cyclical — 29.3%
Beverages — 0.3%
Boston Beer Co., Inc. (a)		34,000		13,244,020
Biotechnology — 3.8%
Alnylam Pharmaceuticals, Inc. (a)		229,000		40,555,900
Apellis Pharmaceuticals, Inc. (a) (d)		185,000		7,037,400
Argenx SE ADR (a)		43,000		21,140,090
Biogen, Inc. (a)		123,000		31,612,230
BioMarin Pharmaceutical, Inc. (a)		72,139		6,382,859
CRISPR Therapeutics AG (a) (d)		169,000		7,670,910
Ionis Pharmaceuticals, Inc. (a)		635,000		28,803,600
Karuna Therapeutics, Inc. (a)		84,894		14,354,726
Roivant Sciences Ltd. (a) (d)		714,903		8,350,067
Sarepta Therapeutics, Inc. (a)		122,569		14,857,814
Seagen, Inc. (a)		37,000		7,849,550
				188,615,146

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

158

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

	Number of Shares		Value
Commercial Services — 8.2%
Block, Inc. (a)		133,554	$	5,911,100
Bright Horizons Family Solutions, Inc. (a)		386,941		31,520,214
Cintas Corp.		30,475		14,658,780
CoStar Group, Inc. (a)		490,000		37,676,100
Equifax, Inc.		315,848		57,857,036
FleetCor Technologies, Inc. (a)		181,000		46,216,540
Global Payments, Inc.		125,239		14,451,328
MarketAxess Holdings, Inc.		82,000		17,518,480
Moody’s Corp.		24,951		7,888,758
Paylocity Holding Corp. (a)		161,000		29,253,700
Quanta Services, Inc.		112,529		21,050,800
TransUnion		796,373		57,171,618
United Rentals, Inc.		71,000		31,564,470
Verisk Analytics, Inc.		144,000		34,018,560
				406,757,484
Cosmetics & Personal Care — 0.4%
Kenvue, Inc.		1,093,482		21,957,119
Food — 0.3%
TreeHouse Foods, Inc. (a)		362,000		15,775,960
Health Care – Products — 11.4%
Alcon, Inc.		604,028		46,546,398
Align Technology, Inc. (a)		39,670		12,112,044
Avantor, Inc. (a)		2,465,000		51,962,200
Bruker Corp.		752,747		46,896,138
Cooper Cos., Inc.		116,000		36,889,160
Edwards Lifesciences Corp. (a)		93,366		6,468,396
Enovis Corp. (a)		426,000		22,462,980
Exact Sciences Corp. (a)		297,408		20,289,174
GE HealthCare Technologies, Inc. (a)		53,970		3,672,119
Hologic, Inc. (a)		1,678,909		116,516,285
ICU Medical, Inc. (a) (d)		113,000		13,448,130
IDEXX Laboratories, Inc. (a)		46,931		20,521,518
Inspire Medical Systems, Inc. (a)		58,818		11,671,844
Natera, Inc. (a)		206,514		9,138,245
Quidelortho Corp. (a)		289,000		21,108,560
Steris PLC		72,310		15,866,260
Teleflex, Inc.		384,893		75,596,834
West Pharmaceutical Services, Inc.		103,000		38,646,630
				569,812,915
Health Care – Services — 2.9%
Acadia Healthcare Co., Inc. (a)		546,000		38,389,260
agilon health, Inc. (a) (d)		982,509		17,449,360
Catalent, Inc. (a)		770,977		35,102,583
Humana, Inc.		22,381		10,888,804
IQVIA Holdings, Inc. (a)		52,883		10,404,730

	Number of Shares		Value
Molina Healthcare, Inc. (a)		97,000	$	31,805,330
				144,040,067
Household Products & Wares — 1.3%
Avery Dennison Corp.		273,000		49,868,910
Reynolds Consumer Products, Inc.		554,000		14,199,020
				64,067,930
Pharmaceuticals — 0.7%
Ascendis Pharma AS ADR (a)		157,000		14,701,480
DENTSPLY SIRONA, Inc.		323,000		11,033,680
Dexcom, Inc. (a)		119,920		11,188,536
				36,923,696
				1,461,194,337
Energy — 4.7%
Energy – Alternate Sources — 0.6%
Array Technologies, Inc. (a)		633,070		14,047,823
Shoals Technologies Group, Inc. Class A (a)		590,032		10,768,084
SolarEdge Technologies, Inc. (a)		43,056		5,576,183
				30,392,090
Oil & Gas — 2.9%
Coterra Energy, Inc.		1,330,457		35,988,862
EQT Corp.		774,000		31,408,920
Permian Resources Corp. (d)		1,336,056		18,651,342
Pioneer Natural Resources Co.		164,000		37,646,200
Range Resources Corp.		136,000		4,407,760
SM Energy Co.		439,134		17,411,663
				145,514,747
Oil & Gas Services — 0.2%
TechnipFMC PLC		509,134		10,355,785
Pipelines — 1.0%
Cheniere Energy, Inc.		306,000		50,783,760
				237,046,382
Financial — 6.5%
Diversified Financial Services — 3.2%
Apollo Global Management, Inc.		374,214		33,589,449
Cboe Global Markets, Inc.		34,000		5,311,140
FTAI Aviation Ltd.		292,202		10,387,781
Intercontinental Exchange, Inc.		359,000		39,497,180
Nasdaq, Inc.		85,794		4,168,730
Raymond James Financial, Inc.		234,000		23,500,620
Tradeweb Markets, Inc. Class A		525,000		42,105,000
				158,559,900
Insurance — 1.8%
Aon PLC Class A		75,378		24,439,055
Assurant, Inc.		294,000		42,212,520
Axis Capital Holdings Ltd.		279,000		15,727,230
Kemper Corp.		96,000		4,034,880

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

159

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

	Number of Shares		Value
Markel Group, Inc. (a)		4,000	$	5,889,960
				92,303,645
Private Equity — 1.5%
KKR & Co., Inc.		1,194,994		73,611,631
				324,475,176
Industrial — 16.5%
Building Materials — 1.5%
Builders FirstSource, Inc. (a)		113,291		14,103,596
Eagle Materials, Inc.		84,386		14,051,957
Martin Marietta Materials, Inc.		107,000		43,921,360
				72,076,913
Electrical Components & Equipment — 0.5%
Littelfuse, Inc.		30,000		7,419,600
Universal Display Corp.		110,784		17,391,980
				24,811,580
Electronics — 4.7%
Agilent Technologies, Inc.		785,277		87,809,674
Amphenol Corp. Class A		477,646		40,117,488
Fortive Corp.		809,000		59,995,440
Keysight Technologies, Inc. (a)		346,000		45,779,260
				233,701,862
Engineering & Construction — 0.2%
MasTec, Inc. (a)		147,330		10,603,340
Environmental Controls — 0.4%
Waste Connections, Inc.		162,966		21,886,334
Hand & Machine Tools — 0.2%
Stanley Black & Decker, Inc.		143,367		11,982,614
Machinery – Construction & Mining — 0.6%
BWX Technologies, Inc.		379,945		28,488,276
Machinery – Diversified — 2.8%
Cognex Corp.		349,000		14,811,560
Esab Corp.		420,000		29,492,400
IDEX Corp.		113,000		23,506,260
Ingersoll Rand, Inc.		1,140,000		72,640,800
				140,451,020
Miscellaneous - Manufacturing — 1.6%
Textron, Inc.		1,012,000		79,077,680
Packaging & Containers — 1.6%
Ball Corp.		1,189,000		59,188,420
Sealed Air Corp.		683,000		22,443,380
				81,631,800
Transportation — 2.4%
JB Hunt Transport Services, Inc.		404,947		76,340,609
Knight-Swift Transportation Holdings, Inc.		245,316		12,302,597

	Number of Shares		Value
XPO, Inc. (a)		393,436	$	29,373,932
				118,017,138
				822,728,557
Technology — 20.3%
Computers — 3.1%
Cognizant Technology Solutions Corp. Class A		282,433		19,132,012
Crowdstrike Holdings, Inc. Class A (a)		336,000		56,239,680
EPAM Systems, Inc. (a)		85,030		21,741,321
Fortinet, Inc. (a)		466,000		27,344,880
KBR, Inc.		480,810		28,338,941
				152,796,834
Semiconductors — 7.3%
KLA Corp.		109,328		50,144,380
Lam Research Corp.		14,717		9,224,174
Lattice Semiconductor Corp. (a)		282,000		24,232,260
Marvell Technology, Inc.		2,094,695		113,385,840
Microchip Technology, Inc.		1,718,012		134,090,837
Monolithic Power Systems, Inc.		41,389		19,121,718
NXP Semiconductor NV		68,000		13,594,560
				363,793,769
Software — 9.9%
Atlassian Corp. Class A (a)		89,000		17,934,390
Bill Holdings, Inc. (a) (d)		305,903		33,211,889
Broadridge Financial Solutions, Inc.		186,704		33,429,351
CCC Intelligent Solutions Holdings, Inc. (a)		2,125,172		28,371,046
Clear Secure, Inc. Class A		241,000		4,588,640
Confluent, Inc. Class A (a)		148,000		4,382,280
Fair Isaac Corp. (a)		76,535		66,472,943
Guidewire Software, Inc. (a)		172,453		15,520,770
HashiCorp, Inc. Class A (a)		75,000		1,712,250
HubSpot, Inc. (a)		42,308		20,836,690
Klaviyo, Inc. Class A (a) (d)		69,225		2,388,263
MongoDB, Inc. (a)		81,693		28,254,341
MSCI, Inc.		32,687		16,771,046
Palantir Technologies, Inc. Class A (a)		397,863		6,365,808
PTC, Inc. (a)		355,656		50,389,342
Roper Technologies, Inc.		77,000		37,289,560
Synopsys, Inc. (a)		37,000		16,981,890
Twilio, Inc. Class A (a)		142,181		8,321,854
Tyler Technologies, Inc. (a)		27,000		10,425,780
Veeva Systems, Inc. Class A (a)		453,927		92,351,448
				495,999,581
				1,012,590,184

TOTAL COMMON STOCK (Cost $4,180,614,639)				4,845,017,437

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

160

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

	Number of Shares		Value
PREFERRED STOCK — 0.3%
Consumer, Cyclical — 0.0%
Auto Manufacturers — 0.0%
Nuro, Inc., Series D (Acquired 10/29/21, Cost $3,125,295) (a) (b) (c) (e)		149,925	$	929,535
Consumer, Non-cyclical — 0.1%
Commercial Services — 0.1%
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $3,678,889) (a) (b) (c) (e)		77,608		3,704,685
Health Care – Services — 0.0%
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $5,006,003) (a) (b) (c) (e)		618,025		3,306,434
				7,011,119
Industrial — 0.1%
Electrical Components & Equipment — 0.1%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $7,310,569) (a) (b) (c) (e)		177,128		3,592,156
Technology — 0.1%
Software — 0.1%
Databricks, Inc., Series H (Acquired 8/31/21, Cost $3,472,860) (a) (b) (c) (e)		47,260		3,473,610

TOTAL PREFERRED STOCK (Cost $22,593,614)				15,006,420

TOTAL EQUITIES (Cost $4,203,208,253)				4,860,023,857

TOTAL LONG-TERM INVESTMENTS (Cost $4,203,208,253)				4,860,023,857

SHORT-TERM INVESTMENTS — 2.9%
Investment of Cash Collateral from Securities Loaned — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		8,021,002		8,021,002
Mutual Fund — 0.0%
T. Rowe Price Treasury Reserve Fund		67,781		67,781

	Principal Amount		Value
Repurchase Agreement — 2.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (g)	$	136,030,636	$	136,030,636

TOTAL SHORT-TERM INVESTMENTS (Cost $144,119,419)				144,119,419

TOTAL INVESTMENTS — 100.3% (Cost $4,347,327,672) ^(h)				5,004,143,276

Other Assets/(Liabilities) — (0.3)%				(15,024,412	)

NET ASSETS — 100.0%			$	4,989,118,864

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 September 30, 2023, these securities amounted to a value of $17,943,652 or 0.36% of net assets.

(c)	Restricted security. Certain securities are restricted to resale. At September 30, 2023, these securities amounted to a value of $17,943,652 or 0.36% 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 September 30, 2023, was $62,034,952 or 1.24% of net assets. The Fund received $55,434,154 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 is valued using significant unobservable inputs.

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

(g)	Maturity value of $136,048,773. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $138,751,326.

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

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

161

MassMutual Small Cap Growth Equity Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 98.4%
COMMON STOCK — 98.4%
Basic Materials — 3.0%
Chemicals — 2.0%
Cabot Corp.		106,559	$	7,381,342
Livent Corp. (a) (b)		293,778		5,408,453
Methanex Corp.		57,324		2,582,446
				15,372,241
Iron & Steel — 1.0%
ATI, Inc. (a)		97,192		3,999,451
Carpenter Technology Corp.		22,671		1,523,718
Commercial Metals Co.		30,783		1,520,988
				7,044,157
				22,416,398
Communications — 3.4%
Internet — 2.0%
Cargurus, Inc. (a)		145,898		2,556,133
Criteo SA Sponsored ADR (a)		76,863		2,244,400
ePlus, Inc. (a)		22,077		1,402,331
Eventbrite, Inc. Class A (a)		307,853		3,035,430
Perficient, Inc. (a)		33,974		1,965,736
Squarespace, Inc. Class A (a)		61,351		1,777,338
Ziff Davis, Inc. (a)		37,767		2,405,380
				15,386,748
Media — 0.4%
New York Times Co. Class A		67,957		2,799,828
Telecommunications — 1.0%
Calix, Inc. (a)		124,644		5,713,681
Viavi Solutions, Inc. (a)		239,183		2,186,133
				7,899,814
				26,086,390
Consumer, Cyclical — 11.1%
Apparel — 1.3%
Carter’s, Inc.		26,046		1,801,081
Crocs, Inc. (a)		34,430		3,037,759
Deckers Outdoor Corp. (a)		2,225		1,143,850
On Holding AG, Class A (a)		60,556		1,684,668
Steven Madden Ltd. (b)		71,339		2,266,440
				9,933,798
Auto Parts & Equipment — 0.9%
Visteon Corp. (a)		49,591		6,847,029
Distribution & Wholesale — 1.3%
H&E Equipment Services, Inc.		92,410		3,991,188
Rush Enterprises, Inc. Class A		140,753		5,746,945
				9,738,133

	Number of Shares		Value
Entertainment — 1.4%
Cinemark Holdings, Inc. (a)		127,655	$	2,342,469
DraftKings, Inc. Class A (a)		48,070		1,415,181
Red Rock Resorts, Inc. Class A		93,732		3,843,012
TKO Group Holdings, Inc.		40,189		3,378,288
				10,978,950
Food Services — 0.2%
Sovos Brands, Inc. (a)		80,035		1,804,789
Home Builders — 1.6%
Century Communities, Inc.		30,936		2,065,906
Meritage Home Corp.		8,671		1,061,244
Skyline Champion Corp. (a)		90,038		5,737,221
Taylor Morrison Home Corp. (a)		71,326		3,039,201
				11,903,572
Leisure Time — 0.9%
Acushnet Holdings Corp.		32,853		1,742,523
YETI Holdings, Inc. (a)		110,346		5,320,884
				7,063,407
Lodging — 0.4%
Boyd Gaming Corp.		51,642		3,141,383
Retail — 3.1%
Boot Barn Holdings, Inc. (a)		23,287		1,890,672
Cava Group, Inc. (a) (b)		23,507		720,019
Denny’s Corp. (a)		34,466		291,927
Freshpet, Inc. (a)		24,737		1,629,674
Ollie’s Bargain Outlet Holdings, Inc. (a)		20,580		1,588,364
Papa John’s International, Inc. (b)		29,523		2,014,059
Patrick Industries, Inc.		19,378		1,454,513
Savers Value Village, Inc. (a)		32,045		598,280
Shake Shack, Inc. Class A (a)		25,265		1,467,139
Victoria’s Secret & Co. (a)		67,002		1,117,593
Wingstop, Inc.		57,630		10,364,179
				23,136,419
				84,547,480
Consumer, Non-cyclical — 23.1%
Beverages — 1.3%
Celsius Holdings, Inc. (a)		56,979		9,777,596
Biotechnology — 5.2%
Akero Therapeutics, Inc. (a)		37,828		1,913,340
Amicus Therapeutics, Inc. (a)		163,777		1,991,528
Apellis Pharmaceuticals, Inc. (a) (b)		44,379		1,688,177
Blueprint Medicines Corp. (a)		21,896		1,099,617
Celldex Therapeutics, Inc. (a)		15,250		419,680
Crinetics Pharmaceuticals, Inc. (a)		94,823		2,820,036
Cytokinetics, Inc. (a)		91,299		2,689,669
Halozyme Therapeutics, Inc. (a)		36,702		1,402,016

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

162

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

	Number of Shares		Value
Immatics NV (a) (b)		190,693	$	2,208,225
Immunocore Holdings PLC ADR (a)		22,190		1,151,661
ImmunoGen, Inc. (a)		68,043		1,079,842
Intellia Therapeutics, Inc. (a)		33,125		1,047,413
Intra-Cellular Therapies, Inc. (a)		85,609		4,459,373
Karuna Therapeutics, Inc. (a)		7,719		1,305,206
Kymera Therapeutics, Inc. (a)		58,141		808,160
Myriad Genetics, Inc. (a)		98,235		1,575,689
Prothena Corp. PLC (a)		16,014		772,676
PTC Therapeutics, Inc. (a)		30,784		689,870
Revolution Medicines, Inc. (a)		71,868		1,989,306
Rocket Pharmaceuticals, Inc. (a)		132,182		2,708,409
Structure Therapeutics, Inc. ADR (a) (b)		12,878		649,309
Syndax Pharmaceuticals, Inc. (a)		89,335		1,297,144
Ultragenyx Pharmaceutical, Inc. (a)		16,705		595,533
Veracyte, Inc. (a)		73,107		1,632,479
Xenon Pharmaceuticals, Inc. (a)		25,286		863,770
Zentalis Pharmaceuticals, Inc. (a)		24,978		501,059
				39,359,187
Commercial Services — 3.0%
Cross Country Healthcare, Inc. (a)		92,001		2,280,705
European Wax Center, Inc. Class A (a) (b)		92,468		1,497,982
Flywire Corp. (a)		92,351		2,945,073
H&R Block, Inc.		66,980		2,884,159
Herc Holdings, Inc.		15,423		1,834,412
ManpowerGroup, Inc.		30,525		2,238,093
Progyny, Inc. (a)		44,006		1,497,084
Remitly Global, Inc. (a)		63,836		1,609,944
TriNet Group, Inc. (a)		47,451		5,527,092
				22,314,544
Cosmetics & Personal Care — 1.4%
elf Beauty, Inc. (a)		99,408		10,917,981
Food — 0.3%
TreeHouse Foods, Inc. (a)		52,748		2,298,758
Health Care – Products — 6.4%
10X Genomics, Inc. Class A (a)		46,592		1,921,920
Axonics, Inc. (a)		68,144		3,824,241
Glaukos Corp. (a)		88,625		6,669,031
Globus Medical, Inc. Class A (a)		33,951		1,685,667
Haemonetics Corp. (a)		98,553		8,828,378
Inari Medical, Inc. (a)		43,546		2,847,908
Inspire Medical Systems, Inc. (a)		24,739		4,909,207
iRhythm Technologies, Inc. (a)		13,609		1,282,784
Lantheus Holdings, Inc. (a)		30,122		2,092,877
Merit Medical Systems, Inc. (a)		30,805		2,126,161
Omnicell, Inc. (a)		32,011		1,441,776

	Number of Shares		Value
PROCEPT BioRobotics Corp. (a)		76,928	$	2,524,008
Repligen Corp. (a)		4,379		696,305
Shockwave Medical, Inc. (a)		32,864		6,543,223
TransMedics Group, Inc. (a) (b)		24,051		1,316,792
				48,710,278
Health Care – Services — 4.0%
Acadia Healthcare Co., Inc. (a)		124,638		8,763,298
Amedisys, Inc. (a)		19,976		1,865,758
Encompass Health Corp.		52,489		3,525,161
HealthEquity, Inc. (a)		55,379		4,045,436
Medpace Holdings, Inc. (a)		22,036		5,335,577
Radnet, Inc. (a)		53,564		1,509,969
Surgery Partners, Inc. (a) (b)		190,781		5,580,344
				30,625,543
Pharmaceuticals — 1.5%
Aclaris Therapeutics, Inc. (a)		159,843		1,094,925
Ascendis Pharma AS ADR (a)		5,933		555,566
BellRing Brands, Inc. (a)		100,302		4,135,452
Merus NV (a) (b)		61,642		1,453,518
Morphic Holding, Inc. (a)		35,864		821,644
Revance Therapeutics, Inc. (a)		54,822		628,808
Vaxcyte, Inc. (a)		34,950		1,781,751
Verona Pharma PLC ADR (a) (b)		67,058		1,093,045
				11,564,709
				175,568,596
Energy — 6.9%
Energy – Alternate Sources — 0.8%
Maxeon Solar Technologies Ltd. (a) (b)		64,235		744,484
Shoals Technologies Group, Inc. Class A (a)		284,036		5,183,657
				5,928,141
Oil & Gas — 5.3%
Chord Energy Corp.		41,248		6,685,063
Gulfport Energy Corp. (a)		18,698		2,218,705
Magnolia Oil & Gas Corp. Class A		113,318		2,596,115
Matador Resources Co.		74,920		4,456,242
Northern Oil & Gas, Inc.		79,519		3,199,049
Seadrill Ltd. (a)		103,641		4,642,080
Sitio Royalties Corp. Class A		96,612		2,338,977
SM Energy Co.		64,382		2,552,746
Viper Energy Partners LP (c)		222,224		6,195,605
Weatherford International PLC (a)		57,833		5,224,055
				40,108,637
Oil & Gas Services — 0.8%
Aris Water Solutions, Inc. Class A		86,308		861,354

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

163

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

	Number of Shares		Value
TechnipFMC PLC		260,244	$	5,293,363
				6,154,717
				52,191,495
Financial — 11.7%
Banks — 2.3%
Ameris Bancorp		72,740		2,792,489
Cadence Bank		208,763		4,429,951
First Interstate BancSystem, Inc. Class A		89,076		2,221,555
Hancock Whitney Corp.		69,545		2,572,470
National Bank Holdings Corp. Class A		82,724		2,461,866
Seacoast Banking Corp. of Florida		122,593		2,692,142
				17,170,473
Diversified Financial Services — 3.8%
Air Lease Corp.		77,896		3,069,881
Evercore, Inc. Class A		28,771		3,966,946
Hamilton Lane, Inc. Class A		86,291		7,804,158
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		189,619		4,019,923
PJT Partners, Inc. Class A		61,779		4,907,724
PRA Group, Inc. (a)		117,240		2,252,180
StepStone Group, Inc. Class A		86,435		2,729,617
				28,750,429
Insurance — 2.5%
Assured Guaranty Ltd.		52,245		3,161,867
Kemper Corp.		47,174		1,982,723
Kinsale Capital Group, Inc.		17,580		7,280,406
MGIC Investment Corp.		104,995		1,752,367
Selective Insurance Group, Inc.		22,120		2,282,120
SiriusPoint Ltd. (a)		235,994		2,400,059
				18,859,542
Real Estate — 0.3%
McGrath RentCorp		23,959		2,401,650
Real Estate Investment Trusts (REITS) — 2.8%
Douglas Emmett, Inc. (b)		143,912		1,836,317
Essential Properties Realty Trust, Inc.		106,000		2,292,780
National Storage Affiliates Trust		54,435		1,727,767
Phillips Edison & Co., Inc.		161,831		5,427,812
PotlatchDeltic Corp.		54,957		2,494,498
Ryman Hospitality Properties, Inc.		41,257		3,435,883
Terreno Realty Corp.		38,945		2,212,076
Xenia Hotels & Resorts, Inc.		185,138		2,180,926
				21,608,059
				88,790,153
Industrial — 19.1%
Aerospace & Defense — 1.9%
Curtiss-Wright Corp.		45,080		8,819,000

	Number of Shares		Value
Hexcel Corp.		52,880	$	3,444,603
Leonardo DRS, Inc. (a)		129,528		2,163,118
				14,426,721
Building Materials — 2.3%
AAON, Inc.		49,815		2,832,979
AZEK Co., Inc. (a)		255,882		7,609,931
Boise Cascade Co.		24,499		2,524,377
Eagle Materials, Inc.		14,838		2,470,824
Trex Co., Inc. (a)		30,766		1,896,108
				17,334,219
Electrical Components & Equipment — 1.1%
Acuity Brands, Inc.		10,437		1,777,526
Novanta, Inc. (a)		48,851		7,007,187
				8,784,713
Electronics — 1.1%
Atkore, Inc. (a)		17,615		2,627,982
Badger Meter, Inc.		21,134		3,040,548
NEXTracker, Inc. Class A (a)		59,518		2,390,243
				8,058,773
Engineering & Construction — 3.2%
Comfort Systems USA, Inc.		57,692		9,831,294
EMCOR Group, Inc.		13,525		2,845,525
Fluor Corp. (a)		243,176		8,924,559
TopBuild Corp. (a)		10,357		2,605,821
				24,207,199
Environmental Controls — 2.0%
Casella Waste Systems, Inc. Class A (a)		78,627		5,999,240
Clean Harbors, Inc. (a)		56,858		9,515,755
				15,514,995
Hand & Machine Tools — 0.2%
Kennametal, Inc.		69,105		1,719,332
Machinery – Construction & Mining — 0.5%
Vertiv Holdings Co.		102,345		3,807,234
Machinery – Diversified — 3.8%
Albany International Corp. Class A		20,209		1,743,633
Applied Industrial Technologies, Inc.		58,679		9,072,360
Cactus, Inc. Class A		76,462		3,839,157
Esab Corp.		41,871		2,940,182
Flowserve Corp.		77,030		3,063,483
Middleby Corp. (a)		16,488		2,110,464
Zurn Elkay Water Solutions Corp. Class C		229,369		6,426,919
				29,196,198
Metal Fabricate & Hardware — 0.3%
Helios Technologies, Inc.		36,048		1,999,943

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

164

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

	Number of Shares		Value
Miscellaneous - Manufacturing — 0.3%
EnPro Industries, Inc.		18,035	$	2,185,662
Packaging & Containers — 0.3%
Graphic Packaging Holding Co.		108,482		2,416,979
Transportation — 1.8%
Kirby Corp. (a)		35,988		2,979,806
RXO, Inc. (a)		107,039		2,111,879
Ryder System, Inc.		19,900		2,128,305
Saia, Inc. (a)		15,810		6,302,657
				13,522,647
Trucking & Leasing — 0.3%
GATX Corp.		19,067		2,075,062
				145,249,677
Technology — 19.0%
Computers — 2.5%
CyberArk Software Ltd. (a)		42,193		6,909,947
Endava PLC Sponsored ADR (a)		25,848		1,482,383
Exlservice Holdings, Inc. (a)		149,166		4,182,615
KBR, Inc.		64,450		3,798,683
Rapid7, Inc. (a)		49,796		2,279,661
				18,653,289
Semiconductors — 4.7%
Allegro MicroSystems, Inc. (a)		45,036		1,438,450
Axcelis Technologies, Inc. (a)		26,578		4,333,543
Cirrus Logic, Inc. (a)		15,479		1,144,827
Diodes, Inc. (a)		19,831		1,563,476
FormFactor, Inc. (a)		68,044		2,377,457
Lattice Semiconductor Corp. (a)		54,351		4,670,382
MACOM Technology Solutions Holdings, Inc. (a)		41,780		3,408,412
MKS Instruments, Inc.		19,547		1,691,597
Nova Ltd. (a) (b)		20,960		2,356,742
Onto Innovation, Inc. (a)		18,490		2,357,845
Power Integrations, Inc.		49,565		3,782,305
Rambus, Inc. (a)		51,045		2,847,801
SiTime Corp. (a) (b)		15,369		1,755,908
Synaptics, Inc. (a)		24,772		2,215,608
				35,944,353
Software — 11.8%
Altair Engineering, Inc. Class A (a)		51,073		3,195,127
Braze, Inc. Class A (a)		69,113		3,229,650
CCC Intelligent Solutions Holdings, Inc. (a)		235,711		3,146,742
Clearwater Analytics Holdings, Inc. Class A (a)		83,601		1,616,843

	Number of Shares		Value
Confluent, Inc. Class A (a)		94,173	$	2,788,463
DoubleVerify Holdings, Inc. (a)		244,222		6,826,005
Duolingo, Inc. (a)		45,031		7,469,292
Evolent Health, Inc. Class A (a)		60,672		1,652,099
Five9, Inc. (a)		42,309		2,720,469
Gitlab, Inc. Class A (a)		74,814		3,383,089
Global-e Online Ltd. (a)		119,588		4,752,427
Guidewire Software, Inc. (a)		29,512		2,656,080
Intapp, Inc. (a)		38,185		1,279,961
Jamf Holding Corp. (a)		269,937		4,767,087
Manhattan Associates, Inc. (a)		42,104		8,322,277
Monday.com Ltd. (a)		18,840		2,999,705
New Relic, Inc. (a)		48,704		4,170,036
PowerSchool Holdings, Inc. Class A (a) (b)		181,164		4,105,176
Privia Health Group, Inc. (a)		83,666		1,924,318
RingCentral, Inc. Class A (a)		21,065		624,156
Samsara, Inc. Class A (a)		64,876		1,635,524
Sprout Social, Inc. Class A (a) (b)		133,378		6,652,895
Verra Mobility Corp. (a)		335,284		6,269,811
Workiva, Inc. (a)		32,221		3,265,276
				89,452,508
				144,050,150
Utilities — 1.1%
Electric — 0.8%
Ameresco, Inc. Class A (a) (b)		58,930		2,272,341
Atlantica Sustainable Infrastructure PLC		98,417		1,879,765
IDACORP, Inc.		16,705		1,564,423
Portland General Electric Co.		16,328		660,957
				6,377,486
Gas — 0.3%
ONE Gas, Inc.		28,458		1,943,112
				8,320,598

TOTAL COMMON STOCK (Cost $717,061,304)				747,220,937

TOTAL EQUITIES (Cost $717,061,304)				747,220,937

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

165

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

	Number of Shares		Value
MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
iShares Russell 2000 ETF (b)		6,604	$	1,167,191
iShares Russell 2000 Growth ETF (b)		1,570		351,915
				1,519,106

TOTAL MUTUAL FUNDS (Cost $1,584,597)				1,519,106

TOTAL LONG-TERM INVESTMENTS (Cost $718,645,901)				748,740,043

SHORT-TERM INVESTMENTS — 2.7%
Investment of Cash Collateral from Securities Loaned — 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		11,017,755		11,017,755
	Principal Amount
Repurchase Agreement — 1.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (e)	$	9,636,274		9,636,274

TOTAL SHORT-TERM INVESTMENTS (Cost $20,654,029)				20,654,029

TOTAL INVESTMENTS — 101.3% (Cost $739,299,930) ^(f)				769,394,072

Other Assets/(Liabilities) — (1.3)%				(9,682,425	)

NET ASSETS — 100.0%			$	759,711,647

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 September 30, 2023, was $42,467,975 or 5.59% of net assets. The Fund received $32,468,077 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 $9,637,559. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $9,829,211.

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

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

166

MassMutual Overseas Fund — Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.1%
Australia — 1.2%
Glencore PLC		490,400	$	2,804,503
Rio Tinto PLC		39,570		2,485,674
				5,290,177
Belgium — 0.9%
Anheuser-Busch InBev SA		43,500		2,395,464
KBC Group NV		28,512		1,777,650
				4,173,114
Canada — 3.2%
Canadian National Railway Co. (a)		34,954		3,786,567
Intact Financial Corp.		14,393		2,098,363
Open Text Corp.		69,790		2,449,394
Suncor Energy, Inc.		70,312		2,418,019
Toronto-Dominion Bank (a)		53,536		3,225,364
				13,977,707
China — 2.9%
Alibaba Group Holding Ltd. (b)		232,840		2,524,310
NetEase, Inc.		121,800		2,445,203
Prosus NV (b)		103,799		3,058,912
Tencent Holdings Ltd.		63,100		2,445,444
Vipshop Holdings Ltd. ADR (b)		35,443		567,442
Yum China Holdings, Inc.		31,087		1,732,168
				12,773,479
Denmark — 2.3%
Carlsberg AS Class B		17,681		2,228,002
DSV AS		6,570		1,224,854
Novo Nordisk AS		72,077		6,556,545
				10,009,401
France — 15.9%
Accor SA		78,070		2,628,627
Air Liquide SA		50,894		8,576,504
BNP Paribas SA		77,831		4,954,950
Capgemini SE		54,114		9,396,285
Cie de Saint-Gobain SA		54,338		3,255,310
Cie Generale des Etablissements Michelin SCA		64,985		1,991,777
Danone SA		36,000		1,983,453
Dassault Systemes SE		40,855		1,518,937
Edenred SE		24,300		1,518,272
Engie SA		256,829		3,938,064
EssilorLuxottica SA		25,634		4,455,896
Kering SA		7,625		3,466,797
L’Oreal SA		5,779		2,393,311
Legrand SA		29,012		2,662,626

	Number of Shares		Value
LVMH Moet Hennessy Louis Vuitton SE		8,996	$	6,786,823
Pernod Ricard SA		23,993		3,993,896
Publicis Groupe SA		25,269		1,908,231
Valeo SE		114,619		1,963,509
Worldline SA (b) (c)		101,900		2,849,360
				70,242,628
Germany — 15.1%
adidas AG		11,660		2,052,905
Allianz SE Registered		15,135		3,609,114
Bayer AG Registered		157,076		7,544,347
Bayerische Motoren Werke AG		32,085		3,268,160
Beiersdorf AG		40,997		5,293,707
Brenntag SE		24,000		1,863,723
Continental AG		51,099		3,610,255
Daimler Truck Holding AG		91,361		3,168,444
Deutsche Boerse AG		28,035		4,845,718
Fresenius Medical Care AG & Co. KGaA		75,421		3,257,509
Fresenius SE & Co. KGaA		118,500		3,693,916
Henkel AG & Co. KGaA		27,722		1,750,607
Mercedes-Benz Group AG Registered		62,973		4,386,202
Merck KGaA		27,978		4,676,268
MTU Aero Engines AG		7,941		1,442,774
SAP SE		65,377		8,486,327
Siemens AG Registered		16,665		2,389,149
thyssenkrupp AG		172,517		1,317,496
				66,656,621
Hong Kong — 2.3%
AIA Group Ltd.		600,400		4,856,675
Prudential PLC		504,766		5,435,382
				10,292,057
India — 1.6%
Axis Bank Ltd.		114,705		1,425,305
HDFC Bank Ltd.		210,488		3,853,459
Tata Consultancy Services Ltd.		40,186		1,702,914
				6,981,678
Indonesia — 0.0%
Bank Mandiri Persero Tbk PT		565,400		220,419
Ireland — 1.4%
Ryanair Holdings PLC Sponsored ADR (b)		66,097		6,425,289
Israel — 0.9%
Check Point Software Technologies Ltd. (b)		29,588		3,943,489
Italy — 2.8%
Eni SpA (a)		243,184		3,905,888

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

167

MassMutual Overseas Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
Intesa Sanpaolo SpA		3,301,724	$	8,484,759
				12,390,647
Japan — 10.3%
Daikin Industries Ltd.		25,400		3,984,885
Denso Corp.		232,000		3,723,519
Fujitsu Ltd.		17,600		2,070,759
Hitachi Ltd.		98,300		6,094,045
Hoya Corp.		19,900		2,050,766
Koito Manufacturing Co. Ltd.		95,000		1,433,000
Komatsu Ltd.		57,800		1,562,024
Kose Corp.		20,100		1,457,115
Kubota Corp.		80,300		1,187,789
Kyocera Corp.		61,700		3,129,285
Mitsubishi Electric Corp.		171,200		2,116,554
Olympus Corp.		182,300		2,361,891
Recruit Holdings Co. Ltd.		51,300		1,579,756
Seven & i Holdings Co. Ltd.		35,900		1,405,829
Shin-Etsu Chemical Co. Ltd.		55,500		1,610,854
SMC Corp.		6,000		2,685,789
Sony Group Corp.		49,800		4,073,724
Terumo Corp.		87,500		2,318,058
ZOZO, Inc. (a)		29,700		544,745
				45,390,387
Luxembourg — 0.4%
Eurofins Scientific SE		31,500		1,776,049
Netherlands — 3.2%
Akzo Nobel NV		72,111		5,203,857
EXOR NV (a)		32,000		2,836,578
ING Groep NV		341,183		4,507,105
Randstad NV		27,407		1,510,723
				14,058,263
Portugal — 0.6%
Galp Energia SGPS SA		173,807		2,574,632
Republic of Korea — 1.2%
NAVER Corp.		20,265		3,024,105
Samsung Electronics Co. Ltd.		41,192		2,086,991
				5,111,096
Singapore — 0.8%
DBS Group Holdings Ltd.		146,500		3,597,233
Spain — 1.1%
Amadeus IT Group SA		80,278		4,837,849
Sweden — 1.4%
Sandvik AB		62,300		1,142,213
SKF AB Class B		160,400		2,659,635
Volvo AB Class B		109,500		2,254,019
				6,055,867

	Number of Shares		Value
Switzerland — 7.1%
Cie Financiere Richemont SA Registered Class A		48,415	$	5,899,002
Julius Baer Group Ltd.		36,531		2,341,120
Novartis AG Registered		68,046		6,943,681
Schindler Holding AG		5,475		1,091,303
Sika AG Registered		8,627		2,186,576
Sonova Holding AG Registered		8,667		2,053,890
Swatch Group AG		5,580		1,430,663
UBS Group AG Registered		218,860		5,409,729
Zurich Insurance Group AG		9,280		4,252,443
				31,608,407
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		34,557		3,003,003
United Kingdom — 10.8%
Ashtead Group PLC		23,800		1,446,626
Bunzl PLC		2,700		95,830
CNH Industrial NV		352,397		4,269,171
Compass Group PLC		293,891		7,159,695
Diageo PLC		104,415		3,850,703
Informa PLC		118,600		1,080,726
Liberty Global PLC Class A (b)		94,300		1,614,416
Lloyds Banking Group PLC		10,686,997		5,754,579
London Stock Exchange Group PLC		36,451		3,659,202
Reckitt Benckiser Group PLC		37,557		2,654,168
RELX PLC		146,194		4,930,336
Rolls-Royce Holdings PLC (b)		1,006,446		2,697,939
Schroders PLC		590,664		2,919,378
Smiths Group PLC		44,156		870,037
Tesco PLC		729,644		2,346,069
WPP PLC		272,444		2,427,975
				47,776,850
United States — 9.0%
Experian PLC		126,040		4,117,620
Holcim AG		35,684		2,284,687
Linde PLC		11,630		4,330,430
Nestle SA Registered		84,270		9,515,885
QIAGEN NV (b)		60,717		2,457,339
Roche Holding AG		32,681		8,914,239
Schneider Electric SE		49,083		8,091,960
				39,712,160

TOTAL COMMON STOCK (Cost $392,506,502)				428,878,502

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

168

MassMutual Overseas Fund — Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.6%
Republic of Korea — 0.6%
Samsung Electronics Co. Ltd. 1.989%		63,100	$	2,547,514

TOTAL PREFERRED STOCK (Cost $3,381,065)				2,547,514

TOTAL EQUITIES (Cost $395,887,567)				431,426,016

TOTAL LONG-TERM INVESTMENTS (Cost $395,887,567)				431,426,016

SHORT-TERM INVESTMENTS — 2.6%
Investment of Cash Collateral from Securities Loaned — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		4,017,684		4,017,684
	Principal Amount
Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (e)	$	7,585,362		7,585,362

TOTAL SHORT-TERM INVESTMENTS (Cost $11,603,046)				11,603,046

TOTAL INVESTMENTS — 100.3% (Cost $407,490,613) ^(f)				443,029,062

Other Assets/(Liabilities) — (0.3)%				(1,367,392	)

NET ASSETS — 100.0%			$	441,661,670

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $10,084,266 or 2.28% of net assets. The Fund received $6,464,514 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)

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

(e)	Maturity value of $7,586,373. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $7,737,145.

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

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

Consumer, Non-cyclical	27.5	%
Financial	18.1	%
Consumer, Cyclical	15.3	%
Industrial	14.2	%
Technology	9.0	%
Basic Materials	6.4	%
Communications	4.3	%
Energy	2.0	%
Utilities	0.9	%
Total Long-Term Investments	97.7	%
Short-Term Investments and Other Assets and Liabilities	2.3	%
Net Assets	100.0	%

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

169

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

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.5%
COMMON STOCK — 96.8%
Australia — 2.1%
ANZ Group Holdings Ltd.		111,673	$	1,837,323
BHP Group Ltd.		140,381		3,980,583
BHP Group Ltd. Class DI		205,053		5,809,611
Challenger Ltd.		203,981		842,640
Downer EDI Ltd. (a)		624,868		1,650,880
IGO Ltd. (a)		533,542		4,348,416
Macquarie Group Ltd.		18,236		1,962,182
Scentre Group		1,149,001		1,827,847
South32 Ltd.		1,701,319		3,722,119
Worley Ltd.		379,627		4,255,075
				30,236,676
Austria — 0.6%
BAWAG Group AG (b)		71,512		3,285,314
Erste Group Bank AG		83,793		2,894,643
OMV AG		43,980		2,100,088
				8,280,045
Belgium — 0.2%
KBC Group NV		28,893		1,801,405
Umicore SA		65,237		1,547,047
				3,348,452
Brazil — 2.0%
B3 SA - Brasil Bolsa Balcao		772,475		1,888,714
Banco BTG Pactual SA		405,000		2,503,377
Hypera SA		107,500		794,292
Klabin SA		624,700		2,959,109
Localiza Rent a Car SA		415,865		4,844,885
MercadoLibre, Inc. (c)		3,174		4,024,251
Multiplan Empreendimentos Imobiliarios SA		622,812		3,044,333
Raia Drogasil SA		806,167		4,429,745
Suzano SA		228,327		2,465,625
WEG SA		125,316		904,241
XP, Inc. Class A		45,600		1,051,080
				28,909,652
Canada — 4.0%
Brookfield Corp. (a)		60,200		1,882,344
Canadian National Railway Co. (a)		35,200		3,813,216
Canadian Pacific Kansas City Ltd. (a)		48,224		3,588,348
Cenovus Energy, Inc.		157,111		3,271,194
Constellation Software, Inc. (a)		1,982		4,091,785
Definity Financial Corp.		124,166		3,428,106
Descartes Systems Group, Inc. (c)		21,884		1,605,848
Element Fleet Management Corp.		340,505		4,886,024
Magna International, Inc.		73,668		3,949,341
National Bank of Canada (a)		125,190		8,316,506

	Number of Shares		Value
Shopify, Inc. Class A (c)		51,109	$	2,789,018
Sun Life Financial, Inc.		112,717		5,499,544
Suncor Energy, Inc.		154,353		5,308,175
TMX Group Ltd.		243,575		5,234,643
				57,664,092
Chile — 0.4%
Antofagasta PLC		134,577		2,331,303
Banco de Chile		22,289,212		2,269,679
Banco Santander Chile Sponsored ADR		33,214		609,145
				5,210,127
China — 9.9%
Alibaba Group Holding Ltd. (c)		792,780		8,594,841
Alibaba Group Holding Ltd. Sponsored ADR (c)		122,764		10,648,549
Baidu, Inc. Class A (c)		211,150		3,559,285
Baidu, Inc. Sponsored ADR (c)		15,528		2,086,187
BeiGene Ltd. ADR (c)		9,600		1,726,752
Beijing Capital International Airport Co. Ltd. Class H (c)		1,486,000		688,561
Beijing Enterprises Holdings Ltd.		227,000		782,081
Budweiser Brewing Co. APAC Ltd. (b)		780,900		1,532,250
Chacha Food Co. Ltd. Class A		139,400		624,510
China Construction Bank Corp. Class H		4,146,000		2,336,122
China Oilfield Services Ltd. Class A		1,084,500		2,393,845
China Overseas Land & Investment Ltd.		360,000		739,678
China Pacific Insurance Group Co. Ltd. Class A		378,200		1,496,223
China Resources Gas Group Ltd.		702,500		2,043,011
China Resources Land Ltd.		210,000		827,608
Focus Media Information Technology Co. Ltd. Class A		3,773,200		3,722,873
Fosun International Ltd.		1,107,500		698,604
Fuyao Glass Industry Group Co. Ltd. Class A		910,400		4,601,568
Glodon Co. Ltd. Class A		109,660		350,684
Guangdong Investment Ltd.		1,012,000		772,032
Hangcha Group Co. Ltd. Class A ^(g)		182,700		644,208
Hongfa Technology Co. Ltd. Class A		134,620		618,307
Hundsun Technologies, Inc. Class A		9,147		40,630
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		310,700		1,129,219
JD Health International, Inc. (b) (c)		278,500		1,428,651
JD.com, Inc. Class A		25,500		370,639
Jiumaojiu International Holdings Ltd. (b)		513,000		695,547
JOYY, Inc. ADR		27,611		1,052,255

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
KE Holdings, Inc. ADR		309,803	$	4,808,143
Kweichow Moutai Co. Ltd. Class A		12,298		3,051,145
Li Auto, Inc. ADR (c)		57,568		2,052,299
Li Auto, Inc. Class A (c)		4,000		71,538
Li Ning Co. Ltd.		319,000		1,339,761
Longfor Group Holdings Ltd. (b)		472,401		834,967
NARI Technology Co. Ltd. Class A		1,496,945		4,549,730
Nongfu Spring Co. Ltd. Class H (b)		136,600		781,511
NXP Semiconductor NV		22,791		4,556,377
PDD Holdings, Inc. ADR (c)		12,957		1,270,693
Ping An Insurance Group Co. of China Ltd. Class H		146,000		826,973
Pony Testing International Group Co. Ltd. Class A		210,788		600,824
Prosus NV (PRX NA) (c)		356,004		10,491,285
Prosus NV (PRX SJ) (a) (c)		82,412		2,409,968
Sangfor Technologies, Inc. Class A (c)		500		6,392
Shandong Pharmaceutical Glass Co. Ltd. Class A		318,100		1,209,903
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		1,111,600		974,036
Shenzhen Inovance Technology Co. Ltd. Class A		387,300		3,548,394
Silergy Corp.		109,000		1,029,633
Tencent Holdings Ltd.		237,100		9,188,824
Tingyi Cayman Islands Holding Corp.		688,000		961,975
Tongcheng Travel Holdings Ltd. (c)		1,283,600		2,808,656
Trip.com Group Ltd. (c)		73,900		2,607,269
Tsingtao Brewery Co. Ltd. Class H		236,000		1,919,738
Weichai Power Co. Ltd. Class A		1,461,700		2,507,191
Wilmar International Ltd.		992,800		2,699,621
Yangzijiang Shipbuilding Holdings Ltd.		3,045,700		3,695,956
Yifeng Pharmacy Chain Co. Ltd. Class A		417,682		2,006,972
Yum China Holdings, Inc. (YUMC US)		167,100		9,310,812
Yum China Holdings, Inc. (9987 HK)		12,300		692,166
Zhongsheng Group Holdings Ltd.		992,500		2,794,012
ZWSOFT Co. Ltd. Guangzhou Class A		34,413		570,214
				142,381,698
Denmark — 0.9%
Genmab AS (c)		9,016		3,190,584
Novo Nordisk AS		55,154		5,017,130
Novo Nordisk AS Sponsored ADR		55,498		5,046,988
				13,254,702
Finland — 0.6%
Sampo Oyj Class A		155,757		6,733,714
Stora Enso Oyj Class R		165,855		2,076,160
				8,809,874

	Number of Shares		Value
France — 6.6%
Air Liquide SA		21,133	$	3,561,270
Airbus SE		34,951		4,675,830
Alstom SA		74,294		1,762,907
AXA SA		408,735		12,106,864
BNP Paribas SA		113,430		7,221,287
Capgemini SE		20,321		3,528,512
Dassault Aviation SA		28,156		5,296,006
Engie SA		564,324		8,653,010
EssilorLuxottica SA		14,260		2,478,781
Forvia SE (c)		60,348		1,245,087
Kering SA		10,707		4,868,065
L’Oreal SA		8,893		3,682,941
Legrand SA		34,391		3,156,293
LVMH Moet Hennessy Louis Vuitton SE		3,462		2,611,825
Safran SA		44,993		7,034,836
Teleperformance SE		14,593		1,823,616
Thales SA		25,804		3,620,645
TotalEnergies SE		242,695		15,971,117
Ubisoft Entertainment SA (c)		66,925		2,167,800
				95,466,692
Germany — 6.2%
BASF SE		75,671		3,434,892
Bayer AG Registered		124,809		5,994,565
Brenntag SE		20,354		1,580,592
Covestro AG (b) (c)		101,841		5,496,982
Daimler Truck Holding AG		117,068		4,059,975
Deutsche Boerse AG		13,137		2,270,669
Deutsche Post AG Registered		57,578		2,346,677
Deutsche Telekom AG Registered		449,087		9,430,574
Evotec SE (c)		181,902		3,635,443
Fresenius SE & Co. KGaA		137,587		4,288,901
Heidelberg Materials AG		21,859		1,698,063
Infineon Technologies AG		35,387		1,173,607
KION Group AG		69,473		2,676,586
Mercedes-Benz Group AG Registered		35,054		2,441,585
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		18,161		7,085,122
Puma SE		73,756		4,590,796
SAP SE		63,349		8,223,081
Schott Pharma AG & Co. KGaA (c)		31,491		1,053,418
Siemens AG Registered		95,233		13,652,917
Siemens Healthineers AG (b)		67,810		3,444,398
Zalando SE (b) (c)		41,189		919,822
				89,498,665

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
Guatemala — 0.1%
Millicom International Cellular SA SDR (a) (c)		81,974	$	1,272,571
Hong Kong — 1.6%
AIA Group Ltd.		1,611,000		13,031,486
Hong Kong & Clearing Ltd.		60,400		2,251,827
Hongkong Land Holdings Ltd.		343,400		1,223,974
Prudential PLC		524,979		5,653,038
Wharf Real Estate Investment Co. Ltd.		252,000		972,554
				23,132,879
Hungary — 0.4%
OTP Bank Nyrt		163,351		5,894,052
India — 4.7%
Ashok Leyland Ltd.		433,231		923,186
Asian Paints Ltd.		29,709		1,131,579
Axis Bank Ltd.		511,373		6,354,234
HDFC Asset Management Co. Ltd. (b)		22,509		715,605
HDFC Bank Ltd.		484,958		8,878,252
HDFC Life Insurance Co. Ltd. (b)		526,482		4,053,402
Hindalco Industries Ltd.		335,046		1,981,448
Hindustan Unilever Ltd.		27,814		824,355
ICICI Bank Ltd.		421,499		4,825,971
ICICI Bank Ltd. Sponsored ADR		94,949		2,195,221
Infosys Ltd.		155,790		2,677,168
Jio Financial Services Ltd. (c)		75,436		209,844
Kotak Mahindra Bank Ltd.		61,549		1,287,156
Larsen & Toubro Ltd.		129,850		4,727,032
Maruti Suzuki India Ltd.		6,362		811,235
NTPC Ltd.		1,830,119		5,415,772
Petronet LNG Ltd.		741,541		2,144,846
Reliance Industries Ltd.		198,396		5,561,964
Shree Cement Ltd.		6,349		1,952,533
Shriram Finance Ltd.		218,832		5,036,253
Tata Consultancy Services Ltd.		15,488		656,317
Tech Mahindra Ltd.		114,420		1,684,528
Titan Co. Ltd.		13,432		508,963
Varun Beverages Ltd.		126,334		1,444,371
Voltas Ltd.		155,409		1,607,332
				67,608,567
Indonesia — 0.7%
Bank Central Asia Tbk PT		9,346,600		5,332,410
Bank Rakyat Indonesia Persero Tbk PT		9,838,264		3,324,833
Sarana Menara Nusantara Tbk PT		23,074,900		1,434,925
Sumber Alfaria Trijaya Tbk PT		3,219,800		616,802
				10,708,970

	Number of Shares		Value
Ireland — 0.3%
AerCap Holdings NV (c)		36,576	$	2,292,218
Kerry Group PLC Class A		18,672		1,558,700
				3,850,918
Italy — 1.9%
Amplifon SpA (a)		47,611		1,409,994
Banca Mediolanum SpA		276,111		2,357,287
DiaSorin SpA		24,316		2,213,595
Enel SpA		628,455		3,856,345
Ermenegildo Zegna NV		124,276		1,729,922
Intesa Sanpaolo SpA		587,209		1,509,008
Leonardo SpA		168,425		2,427,284
Moncler SpA		41,159		2,389,096
Prysmian SpA		118,721		4,763,043
UniCredit SpA		174,624		4,178,627
				26,834,201
Japan — 13.9%
Asahi Group Holdings Ltd.		78,600		2,938,617
Asahi Kasei Corp.		221,600		1,392,929
Astellas Pharma, Inc.		509,800		7,041,564
Calbee, Inc.		78,700		1,497,356
Central Japan Railway Co.		61,500		1,495,401
Chugai Pharmaceutical Co. Ltd.		131,100		4,062,155
CyberAgent, Inc. (a)		189,000		1,018,818
Daiichi Sankyo Co. Ltd.		80,500		2,209,389
Daikin Industries Ltd.		13,100		2,055,197
Denso Corp.		176,400		2,831,158
DIC Corp.		15,400		250,128
Disco Corp.		15,400		2,828,040
Electric Power Development Co. Ltd. Class C		85,800		1,388,353
Fujitsu Ltd.		24,800		2,917,888
Hamamatsu Photonics KK		41,400		1,740,641
Hikari Tsushin, Inc.		7,600		1,157,068
Hitachi Ltd.		82,800		5,133,132
Honda Motor Co. Ltd.		103,200		1,160,406
Isetan Mitsukoshi Holdings Ltd.		84,900		983,200
Kao Corp.		62,900		2,335,648
Keyence Corp.		8,200		3,047,705
Kirin Holdings Co. Ltd.		87,300		1,224,451
MatsukiyoCocokara & Co.		110,700		1,984,603
MINEBEA MITSUMI, Inc.		62,800		1,024,341
Mitsubishi Corp.		51,500		2,453,493
Mitsubishi Electric Corp.		463,200		5,726,563
Mitsubishi Estate Co. Ltd.		176,400		2,305,942
Mitsubishi HC Capital, Inc.		206,900		1,378,062
Mitsubishi UFJ Financial Group, Inc.		940,000		7,973,023
Mitsui Fudosan Co. Ltd.		353,600		7,788,184

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
Murata Manufacturing Co. Ltd.		282,000	$	5,153,784
Nextage Co. Ltd. (a)		78,300		1,193,065
Nippon Sanso Holdings Corp.		60,500		1,433,886
Nippon Shokubai Co. Ltd.		21,400		777,218
Nippon Steel Corp. (a)		84,500		1,980,453
Nippon Telegraph & Telephone Corp.		12,137,400		14,335,454
Niterra Co. Ltd.		41,300		934,596
NTT Data Group Corp.		284,800		3,815,822
Olympus Corp.		252,200		3,267,521
Omron Corp.		23,800		1,060,113
ORIX Corp.		153,500		2,866,132
Otsuka Holdings Co. Ltd.		118,000		4,197,823
Outsourcing, Inc.		153,600		1,185,540
Panasonic Holdings Corp.		223,600		2,514,266
Persol Holdings Co. Ltd.		2,193,000		3,567,689
Recruit Holdings Co. Ltd.		120,700		3,716,892
Renesas Electronics Corp. (c)		109,200		1,675,403
Seven & i Holdings Co. Ltd.		189,800		7,432,489
Shimadzu Corp.		61,200		1,625,302
SMC Corp.		3,700		1,656,237
Sompo Holdings, Inc.		52,900		2,264,390
Sony Group Corp.		79,700		6,519,594
Stanley Electric Co. Ltd.		192,200		3,035,832
SUMCO Corp.		71,700		932,506
Sumitomo Corp.		242,900		4,845,503
Sumitomo Metal Mining Co. Ltd.		53,300		1,567,455
Sumitomo Mitsui Trust Holdings, Inc. (a)		33,300		1,250,711
Suzuki Motor Corp.		50,500		2,030,874
Taiheiyo Cement Corp.		71,300		1,263,403
Takeda Pharmaceutical Co. Ltd.		66,000		2,049,692
TechnoPro Holdings, Inc.		84,800		1,843,480
THK Co. Ltd.		51,000		931,926
Tokio Marine Holdings, Inc.		160,600		3,702,209
Tokyo Electron Ltd.		42,300		5,756,387
Tosoh Corp.		21,300		273,184
Toyota Motor Corp.		657,100		11,807,601
Welcia Holdings Co. Ltd.		39,700		686,187
Z Holdings Corp.		1,328,500		3,708,986
				200,203,060
Luxembourg — 0.3%
ArcelorMittal SA		71,683		1,792,784
Eurofins Scientific SE		35,099		1,978,969
				3,771,753
Macau — 0.3%
Galaxy Entertainment Group Ltd.		728,000		4,354,616
Malaysia — 0.2%
CIMB Group Holdings Bhd		2,765,696		3,195,820

	Number of Shares		Value
Mexico — 1.0%
Becle SAB de CV (a)		178,100	$	425,335
Fresnillo PLC		196,011		1,312,252
Gruma SAB de CV Class B		184,015		3,143,169
Grupo Aeroportuario del Pacifico SAB de CV ADR		10,106		1,661,123
Grupo Financiero Banorte SAB de CV Class O		99,512		834,068
Grupo Mexico SAB de CV Series B		832,288		3,933,280
Wal-Mart de Mexico SAB de CV		666,355		2,515,153
				13,824,380
Netherlands — 4.3%
Adyen NV (b) (c)		2,391		1,772,370
Akzo Nobel NV		124,725		9,000,721
ASML Holding NV		31,209		18,327,146
ASR Nederland NV		32,317		1,212,955
Euronext NV (b)		17,738		1,234,414
Heineken NV		103,445		9,099,804
ING Groep NV		942,607		12,452,051
Koninklijke Philips NV (a) (c)		302,897		6,036,582
Shell PLC ADR		54,791		3,527,445
				62,663,488
Norway — 0.9%
DNB Bank ASA		239,464		4,823,133
Equinor ASA		188,142		6,168,538
Storebrand ASA		281,044		2,282,896
				13,274,567
Peru — 0.0%
Credicorp Ltd.		3,497		447,511
Philippines — 0.4%
BDO Unibank, Inc.		475,844		1,193,730
Jollibee Foods Corp.		236,510		959,058
SM Investments Corp.		156,070		2,328,339
TELUS International CDA, Inc. (a) (c)		28,909		219,864
Universal Robina Corp.		270,970		569,045
				5,270,036
Poland — 0.1%
Powszechny Zaklad Ubezpieczen SA		175,163		1,657,370
Portugal — 0.7%
Banco Comercial Portugues SA Class R (c)		3,977,437		1,091,286
Galp Energia SGPS SA		405,477		6,006,399
Jeronimo Martins SGPS SA		139,138		3,122,692
				10,220,377
Republic of Korea — 3.6%
Amorepacific Corp.		5,820		524,479
CJ CheilJedang Corp.		6,073		1,378,766

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
Hyundai Motor Co.		18,731	$	2,651,659
KT Corp. Sponsored ADR (a)		154,195		1,976,780
KT Corp.		66,174		1,625,335
LG Chem Ltd.		4,498		1,653,731
Lotte Chemical Corp.		23,663		2,403,307
NAVER Corp.		27,651		4,126,303
Samsung Electronics Co. Ltd.		638,950		32,372,380
SK Hynix, Inc.		42,404		3,601,686
				52,314,426
Russia — 0.0%
Gazprom PJSC (c) (d) (e)		496,602		—
Novatek PJSC (d) (e)		73,140		—
TCS Group Holding, PLC (b) (c) (d) (e)		10,848		—
				—
Saudi Arabia — 1.1%
Al Rajhi Bank		60,682		1,098,751
Arabian Internet & Communications Services Co.		6,734		575,161
Nahdi Medical Co.		37,641		1,447,170
Saudi Awwal Bank		334,712		3,078,959
Saudi Basic Industries Corp.		145,883		3,210,537
Saudi National Bank		655,350		5,735,985
				15,146,563
Singapore — 0.8%
DBS Group Holdings Ltd.		85,900		2,109,231
Jardine Cycle & Carriage Ltd.		65,000		1,513,563
Sea Ltd. ADR (c)		39,616		1,741,123
United Overseas Bank Ltd.		312,200		6,499,142
				11,863,059
South Africa — 0.6%
Capitec Bank Holdings Ltd.		26,711		2,402,477
Clicks Group Ltd.		98,937		1,348,434
FirstRand Ltd.		694,083		2,339,186
Kumba Iron Ore Ltd.		62,059		1,490,595
Woolworths Holdings Ltd. (a)		136,875		489,291
				8,069,983
Spain — 0.8%
Amadeus IT Group SA		83,465		5,029,909
Fluidra SA		134,732		2,738,957
Iberdrola SA		319,372		3,565,921
				11,334,787
Sweden — 1.9%
Assa Abloy AB Class B		108,603		2,366,005
Autoliv, Inc. SDR		24,980		2,420,009
Boliden AB		55,023		1,566,160
Elekta AB Class B		208,671		1,414,364

	Number of Shares		Value
Essity AB Class B		178,900	$	3,855,346
Hexagon AB Class B		137,940		1,173,997
Olink Holding AB ADR (a) (c)		55,208		814,318
Sandvik AB		126,523		2,319,681
Svenska Handelsbanken AB Class A		309,181		2,748,397
Swedbank AB Class A		237,227		4,367,379
Telefonaktiebolaget LM Ericsson Class B (a)		973,391		4,727,944
				27,773,600
Switzerland — 3.6%
ABB Ltd. Registered		117,324		4,192,720
Alcon, Inc.		96,764		7,477,397
Barry Callebaut AG Registered		2,637		4,191,939
DSM-Firmenich AG		13,079		1,104,850
Julius Baer Group Ltd.		99,536		6,378,850
Lonza Group AG Registered		4,098		1,895,927
Novartis AG Registered		109,317		11,155,136
Partners Group Holding AG		3,998		4,498,751
UBS Group AG Registered		144,879		3,581,084
Zurich Insurance Group AG		15,776		7,229,153
				51,705,807
Taiwan — 3.3%
ASE Technology Holding Co. Ltd.		997,000		3,387,352
Bizlink Holding, Inc.		213,308		1,786,994
Chailease Holding Co. Ltd.		189,720		1,063,826
Hon Hai Precision Industry Co. Ltd.		1,212,000		3,907,092
Largan Precision Co. Ltd.		11,000		728,653
MediaTek, Inc.		176,000		4,020,801
Taiwan Semiconductor Manufacturing Co. Ltd.		2,012,000		32,650,921
Vanguard International Semiconductor Corp.		325,000		685,405
				48,231,044
Thailand — 0.5%
Bangkok Dusit Medical Services PCL Class F		1,482,900		1,089,394
Bangkok Dusit Medical Services PCL NVDR		926,200		679,557
Bumrungrad Hospital PCL		147,600		1,083,608
CP ALL PCL		863,000		1,433,890
Land & Houses PCL NVDR		3,611,500		773,174
SCB X PCL		744,900		2,093,428
Siam Cement PCL		78,500		648,720
				7,801,771
United Arab Emirates — 0.1%
First Abu Dhabi Bank PJSC		384,223		1,423,008
United Kingdom — 9.1%
Ashtead Group PLC		94,873		5,766,627

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
AstraZeneca PLC Sponsored ADR		298,199	$	20,194,036
Barclays PLC		1,035,378		2,005,304
BP PLC		714,959		4,616,380
Bridgepoint Group PLC (b)		755,345		1,773,209
British American Tobacco PLC		54,717		1,717,678
BT Group PLC		286,538		407,014
Bunzl PLC		54,819		1,945,671
CK Hutchison Holdings Ltd.		244,500		1,303,098
Compass Group PLC		165,858		4,040,589
DCC PLC		30,118		1,688,468
Diageo PLC		100,591		3,709,678
Dowlais Group PLC		494,221		645,967
Dr Martens PLC		235,578		405,450
Great Portland Estates PLC		345,866		1,761,460
HSBC Holdings PLC		659,391		5,165,690
Imperial Brands PLC		188,673		3,831,354
Informa PLC		221,620		2,019,481
InterContinental Hotels Group PLC		28,728		2,117,901
Investec PLC		183,152		1,067,950
Johnson Matthey PLC		76,767		1,522,410
Kingfisher PLC		1,055,364		2,860,691
Lloyds Banking Group PLC		8,430,285		4,539,417
London Stock Exchange Group PLC		40,277		4,043,282
Melrose Industries PLC		461,870		2,632,250
National Grid PLC		259,300		3,095,199
Next PLC		44,820		3,977,249
Pearson PLC		151,109		1,598,561
Persimmon PLC		96,808		1,267,388
Rightmove PLC		210,589		1,435,330
Rolls-Royce Holdings PLC (c)		2,032,949		5,449,644
Smith & Nephew PLC		310,608		3,860,744
Smiths Group PLC		94,707		1,866,080
Standard Chartered PLC		161,983		1,497,037
Taylor Wimpey PLC		1,067,180		1,517,514
Unilever PLC (ULVR LN)		252,559		12,463,317
Unilever PLC (UNA NA)		70,297		3,480,086
Vodafone Group PLC		1,168,562		1,091,192
Vodafone Group PLC Sponsored ADR		181,194		1,717,719
WPP PLC		614,257		5,474,156
				131,572,271
United States — 6.1%
Amcor PLC CDI		219,116		2,015,364
Broadcom, Inc.		6,151		5,108,898
BRP, Inc.		18,322		1,386,847
Canva, Inc. (Acquired 8/16/21-11/04/21, Cost $652,842) (c) (d) (e) (f)		383		408,531
Experian PLC		29,304		957,337
Globant SA (c)		6,491		1,284,244

	Number of Shares		Value
GSK PLC Sponsored ADR		174,486	$	6,325,118
Holcim AG		36,788		2,355,371
Las Vegas Sands Corp.		39,857		1,827,045
Linde PLC		8,896		3,328,181
Mastercard, Inc. Class A		7,106		2,813,336
Nestle SA Registered		168,057		18,977,230
Roche Holding AG		55,422		15,117,192
Samsonite International SA (b) (c)		450,000		1,539,869
Sanofi		129,404		13,885,332
Signify NV (b)		59,990		1,605,222
Stellantis NV		140,066		2,685,116
Tenaris SA		166,896		2,637,130
Waste Connections, Inc.		22,038		2,959,703
				87,217,066

TOTAL COMMON STOCK (Cost $1,357,011,260)				1,395,699,196

PREFERRED STOCK — 0.7%
Brazil — 0.1%
Banco Bradesco SA 7.049%		823,300		2,342,201
Germany — 0.6%
Dr Ing hc F Porsche AG 1.134% (b)		35,349		3,324,633
Sartorius AG 0.450%		7,926		2,689,570
Volkswagen AG 25.579%		19,327		2,225,239
				8,239,442
United States — 0.0%
Canva, Inc., Series A (Acquired 11/04/21, Cost $39,209) (c) (d) (e) (f)		23		24,533

TOTAL PREFERRED STOCK (Cost $11,083,570)				10,606,176

TOTAL EQUITIES (Cost $1,368,094,830)				1,406,305,372

WARRANTS — 0.0%
Canada — 0.0%
Constellation Software Inc. (Acquired 11/11/22, Cost $0) (a) (c) (d) (e) (f)		1,982		—

TOTAL WARRANTS (Cost $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)

	Number of Shares		Value
RIGHTS — 0.0%
Brazil — 0.0%
Localiza Rent a Car SA (c)		3,010	$	9,581
Russia — 0.0%
Moscow Exchange (MOEX RU) (c) (d) (e)		83,990		—
Moscow Exchange (MOEX RM) (c) (d) (e)		1,181,630		—
				—

TOTAL RIGHTS (Cost $2,619,126)				9,581

TOTAL LONG-TERM INVESTMENTS (Cost $1,370,713,956)				1,406,314,953

SHORT-TERM INVESTMENTS — 2.8%
Investment of Cash Collateral from Securities Loaned — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (h)		11,149,634		11,149,634
Mutual Fund — 1.9%
T. Rowe Price Government Reserve Investment Fund		27,874,808		27,874,808
	Principal Amount
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (i)	$	987,091		987,091

TOTAL SHORT-TERM INVESTMENTS (Cost $40,011,533)				40,011,533

TOTAL INVESTMENTS — 100.3% (Cost $1,410,725,489) ^(j)				1,446,326,486

Other Assets/(Liabilities) — (0.3)%				(3,933,558	)

NET ASSETS — 100.0%				1,442,392,928

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $45,331,765 or 3.14% of net assets. The Fund received $36,239,384 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)

(c)	Non-income producing security.

(d)	Investment is valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $433,064 or 0.03% of net assets.

(f)	Restricted security. Certain securities are restricted to resale. At September 30, 2023, these securities amounted to a value of $433,064 or 0.03% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

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

(i)	Maturity value of $987,223. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $1,006,841.

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

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

Financial	22.5	%
Consumer, Non-cyclical	21.0	%
Industrial	11.9	%
Technology	10.9	%
Consumer, Cyclical	10.8	%
Communications	8.6	%
Basic Materials	5.6	%
Energy	4.1	%
Utilities	2.1	%
Diversified	0.0	%
Total Long-Term Investments	97.5	%
Short-Term Investments and Other Assets and Liabilities	2.5	%
Net Assets	100.0	%

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

176

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
Deutsche Telekom AG	Goldman Sachs International*		11/17/23		21.50		82		EUR	176,300	$	(738	)	$	(2,111	)	$	1,373
Deutsche Telekom AG	Goldman Sachs International*		11/17/23		21.50		82		EUR	176,300		(738	)		(2,273	)		1,535
Julius Baer Group Ltd.	Goldman Sachs International*		11/17/23		65.00		27		CHF	175,500		(552	)		(2,690	)		2,138
Partners Group Holding AG	Goldman Sachs International*		11/17/23		1,100.00		15		CHF	1,650,000		(1,805	)		(2,902	)		1,097
											$	(3,833	)	$	(9,976	)	$	6,143

Forward contracts

Counterparty

Settlement
Date

Currency Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

State Street Bank and Trust*

10/10/23

CNY

551,255

USD

75,401

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

Currency Legend

CHF	Swiss Franc

CNY	Chinese Yuan Renminbi

EUR

Euro

USD	U.S. Dollar

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

177

MassMutual Funds – Financial Statements

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Total Return Bond Fund			MassMutual Strategic Bond Fund
Assets:
Investments, at value (Note 2) ^(a)	$	1,018,113,318		$	379,751,676
Repurchase agreements, at value (Note 2) ^(b)		114,791,726			7,618,256
Total investments ^(c)		1,132,905,044			387,369,932
Cash		377,774			—
Foreign currency, at value ^(d)		62			932,051
Receivables from:
Investments sold
Regular delivery		7,732,304			5,767,513
Delayed delivery		19,638,600			3,427,247
Cash collateral pledged for open derivatives (Note 2)		3,305,150			4,560,310
Cash collateral pledged for when-issued securities		38,000			—
Open forward contracts (Note 2)		247,657			411,658
Fund shares sold		1,492,974			248,222
Variation margin on open derivative instruments (Note 2)		112,005			3,699,546
Interest and dividends		4,809,900			3,147,366
Foreign tax reclaims		14,304			2,718
Prepaid expenses		40,186			38,639
Total assets		1,170,713,960			409,605,202
Liabilities:
Payables for:
Investments purchased
Regular delivery		4,454,134			4,006,845
Delayed delivery		296,399,343			17,378,100
Written options outstanding, at value (Note 2) ^(e)		—			714,131
Open forward contracts (Note 2)		753			877,601
Fund shares repurchased		385,140			333,758
Closed written options		—			30,805
Cash collateral held for securities on loan (Note 2)		66,945,374			3,601,343
Open swap agreements, at value (Note 2)		—			113,043
Trustees’ fees and expenses (Note 3)		142,162			49,854
Variation margin on open derivative instruments (Note 2)		13,436			—
Affiliates (Note 3):
Administration fees		120,775			180,208
Investment advisory fees		160,299			128,714
Service fees		47,912			20,279
Distribution fees		9,008			2,846
Due to custodian		—			234
Accrued expense and other liabilities		250,170			281,443
Unrealized depreciation on:
Unfunded bank loan commitments		514			—
Total liabilities		368,929,020			27,719,204
Net assets	$	801,784,940		$	381,885,998
Net assets consist of:
Paid-in capital	$	953,770,441		$	472,076,961
Accumulated earnings (loss)		(151,985,501	)		(90,190,963	)
Net assets	$	801,784,940		$	381,885,998

^(a)	Cost of investments:	$	1,080,266,537	$	418,063,523
^(b)	Cost of repurchase agreements:	$	114,791,726	$	7,618,256
^(c)	Securities on loan with market value of:	$	65,572,812	$	3,789,924
^(d)	Cost of foreign currency:	$	62	$	1,003,579
^(e)	Premiums on written options:	$	—	$	439,478

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			MassMutual Blue Chip Growth Fund

$	279,372,031	$	433,868,337	$	2,390,938,891	$	580,998,061	$	25,049,526		$	2,132,539,738
	2,627,116		4,424,112		14,467,308		17,422,079		—			14,477,696
	281,999,147		438,292,449		2,405,406,199		598,420,140		25,049,526			2,147,017,434
	3		2,196		—		—		119,220			43
	—		288,845		—		—		—			1


	5,384,423		—		—		—		175,459			13,040,971
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	129,910		69,463		2,152,125		145,500		36,141			1,084,511
	—		—		—		—		—			—
	515,319		637,735		1,615,381		831,733		4,202			264,567
	59,386		51,517		—		120,315		—			1,922,285
	43,855		39,168		38,005		35,858		38,683			36,514
	288,132,043		439,381,373		2,409,211,710		599,553,546		25,423,231			2,163,366,326



	5,731,765		1,305,065		—		—		140,205			3,373,880
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	91,993		309,676		877,701		507,020		59,452			1,950,423
	—		—		—		—		—			—
	—		552,508		—		—		—			56,575
	—		—		—		—		—			—
	117,807		157,675		412,658		108,473		13,044			249,761
	—		—		47,609		—		—			—

	49,853		54,526		355,969		69,378		29,144			194,636
	119,024		220,369		204,374		349,123		14,161			1,151,105
	21,240		18,389		407,191		34,229		7,068			109,784
	448		865		159,295		4,239		880			23,036
	—		—		—		—		—			—
	114,282		130,204		322,420		129,285		96,953			372,702

	—		—		—		—		—			—
	6,246,412		2,749,277		2,787,217		1,201,747		360,907			7,481,902
$	281,885,631	$	436,632,096	$	2,406,424,493	$	598,351,799	$	25,062,324		$	2,155,884,424

$	236,935,134	$	348,386,780	$	1,218,954,293	$	507,389,614	$	27,342,530		$	1,122,430,352
	44,950,497		88,245,316		1,187,470,200		90,962,185		(2,280,206	)		1,033,454,072
$	281,885,631	$	436,632,096	$	2,406,424,493	$	598,351,799	$	25,062,324		$	2,155,884,424

$	244,246,532	$	372,963,636	$	1,345,498,284	$	513,657,482	$	23,938,335	$	1,440,508,992
$	2,627,116	$	4,424,112	$	14,467,308	$	17,422,079	$	—	$	14,477,696
$	265,296	$	539,710	$	485,704	$	—	$	149,510	$	2,098,294
$	—	$	283,869	$	—	$	—	$	—	$	1
$	—	$	—	$	—	$	—	$	—	$	—

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

179

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Total Return Bond Fund		MassMutual Strategic Bond Fund
Class I shares:
Net assets	$	642,177,763	$	278,427,098
Shares outstanding ^(a)		78,039,275		33,254,328
Net asset value, offering price and redemption price per share	$	8.23	$	8.37
Class R5 shares:
Net assets	$	26,261,994	$	47,540,171
Shares outstanding ^(a)		3,197,240		5,675,190
Net asset value, offering price and redemption price per share	$	8.21	$	8.38
Service Class shares:
Net assets	$	48,425,039	$	9,008,115
Shares outstanding ^(a)		5,868,892		1,074,975
Net asset value, offering price and redemption price per share	$	8.25	$	8.38
Administrative Class shares:
Net assets	$	11,176,453	$	16,754,602
Shares outstanding ^(a)		1,361,777		2,005,015
Net asset value, offering price and redemption price per share	$	8.21	$	8.36
Class R4 shares:
Net assets	$	49,504,928	$	14,899,067
Shares outstanding ^(a)		5,986,776		1,795,729
Net asset value, offering price and redemption price per share	$	8.27	$	8.30
Class A shares:
Net assets	$	10,415,489	$	10,727,731
Shares outstanding ^(a)		1,277,107		1,285,026
Net asset value, and redemption price per share	$	8.16	$	8.35
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	8.52	$	8.72
Class R3 shares:
Net assets	$	13,823,274	$	4,435,933
Shares outstanding ^(a)		1,688,164		538,904
Net asset value, offering price and redemption price per share	$	8.19	$	8.23
Class Y shares: ^(b)
Net assets	$	—	$	93,281
Shares outstanding ^(a)		—		11,136
Net asset value, offering price and redemption price per share	$	—	$	8.38

(a)	Authorized unlimited number of shares with no par value.

(b)	Commenced operations on February 1, 2023.

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		MassMutual Blue Chip Growth Fund

$	174,006,044	$	313,242,444	$	985,761,336	$	416,283,246	$	2,680,064	$	1,436,141,019
	15,782,374		36,827,315		67,121,560		25,628,521		757,291		66,867,016
$	11.03	$	8.51	$	14.69	$	16.24	$	3.54	$	21.48

$	46,195,625	$	45,279,018	$	320,371,471	$	63,720,173	$	3,878,533	$	272,964,899
	4,176,715		5,267,370		21,662,029		3,896,559		1,089,278		12,774,046
$	11.06	$	8.60	$	14.79	$	16.35	$	3.56	$	21.37

$	11,362,811	$	26,120,713	$	263,471,669	$	32,091,521	$	2,453,692	$	132,291,860
	1,027,202		3,064,703		17,744,826		2,030,434		750,532		6,299,391
$	11.06	$	8.52	$	14.85	$	15.81	$	3.27	$	21.00

$	17,730,202	$	23,988,388	$	219,664,299	$	34,720,726	$	5,417,113	$	152,816,594
	1,587,100		2,775,238		15,356,112		2,251,231		1,834,309		7,478,777
$	11.17	$	8.64	$	14.30	$	15.42	$	2.95	$	20.43

$	9,561,794	$	4,038,367	$	360,407,743	$	9,151,059	$	1,473,126	$	45,783,853
	886,205		491,064		25,851,919		664,947		654,994		2,435,982
$	10.79	$	8.22	$	13.94	$	13.76	$	2.25	$	18.79

$	22,250,338	$	22,527,047	$	14,603,447	$	35,886,270	$	7,739,600	$	81,524,036
	2,018,976		2,666,704		1,061,251		2,531,046		3,290,973		4,346,877
$	11.02	$	8.45	$	13.76	$	14.18	$	2.35	$	18.75
$	11.66	$	8.94	$	14.56	$	15.01	$	2.49	$	19.84

$	683,945	$	1,338,351	$	242,144,528	$	6,401,316	$	1,319,406	$	34,246,074
	62,705		164,077		18,430,363		521,775		863,981		2,084,142
$	10.91	$	8.16	$	13.14	$	12.27	$	1.53	$	16.43

$	94,872	$	97,768	$	—	$	97,488	$	100,790	$	116,089
	8,576		11,377		—		5,963		28,329		5,432
$	11.06	$	8.59	$	—	$	16.35	$	3.56	$	21.37

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

181

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Growth Opportunities Fund		MassMutual Mid Cap Value Fund
Assets:
Investments, at value (Note 2) ^(a)	$	149,687,306	$	101,788,144
Repurchase agreements, at value (Note 2) ^(b)		3,682,798		2,537,686
Total investments ^(c)		153,370,104		104,325,830
Cash		1		81,338
Foreign currency, at value ^(d)		—		33
Receivables from:
Investments sold
Regular delivery		—		340,957
Open forward contracts (Note 2)		—		5,629
Fund shares sold		159,082		19,453
Investment adviser (Note 3)		—		—
Interest and dividends		21,565		159,113
Foreign tax reclaims		285		3,034
Prepaid expenses		39,136		44,689
Total assets		153,590,173		104,980,076
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		456,006
Delayed delivery		—		—
Written options outstanding, at value (Note 2) ^(e)		—		—
Open forward contracts (Note 2)		—		41
Fund shares repurchased		54,403		43,717
Cash collateral held for securities on loan (Note 2)		3,393,780		156,333
Trustees’ fees and expenses (Note 3)		84,801		18,449
Affiliates (Note 3):
Administration fees		41,823		33,454
Investment advisory fees		91,416		40,508
Service fees		12,458		1,236
Distribution fees		1,209		118
Accrued expense and other liabilities		100,981		128,275
Total liabilities		3,780,871		878,137
Net assets	$	149,809,302	$	104,101,939
Net assets consist of:
Paid-in capital	$	143,111,245	$	109,899,866
Accumulated earnings (loss)		6,698,057		(5,797,927	)
Net assets	$	149,809,302	$	104,101,939

^(a)	Cost of investments:	$	138,281,674	$	105,642,735
^(b)	Cost of repurchase agreements:	$	3,682,798	$	2,537,686
^(c)	Securities on loan with market value of:	$	3,367,524	$	2,852,413
^(d)	Cost of foreign currency:	$	—	$	33
^(e)	Premiums on written options:	$	—	$	—

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

182

MassMutual Small Cap Value Equity Fund		MassMutual Small Company Value Fund			MassMutual Mid Cap Growth Fund		MassMutual Small Cap Growth Equity Fund			MassMutual Overseas Fund		MassMutual Select T. Rowe Price International Equity Fund

$	47,519,209	$	190,819,327		$	4,868,112,640	$	759,757,798		$	435,443,700	$	1,445,339,395
	1,452,183		1,142,813			136,030,636		9,636,274			7,585,362		987,091
	48,971,392		191,962,140			5,004,143,276		769,394,072			443,029,062		1,446,326,486
	—		18			3,460		42			14,185		196,107
	66		—			—		15			10,433		5,243,995


	190,414		1,167,465			6,799,769		1,209,928			264,252		2,028,358
	—		—			—		—			—		71
	44,967		260,061			6,191,433		1,602,165			635,722		340,063
	—		—			—		—			—		70,032
	32,753		199,993			919,914		443,849			394,731		3,563,197
	—		—			44,411		—			3,228,869		3,449,319
	37,762		38,569			46,805		45,320			39,641		6,696
	49,277,354		193,628,246			5,018,149,068		772,695,391			447,616,895		1,461,224,324



	77,251		919,815			6,588,914		860,066			437,832		4,700,989
	—		—			—		—			—		75,473
	—		—			—		—			—		3,833
	—		3,399			—		—			—		—
	14,953		50,476			9,858,680		190,596			531,016		508,394
	—		141,761			8,021,002		11,017,755			4,017,684		11,149,634
	17,612		57,348			522,826		104,044			94,144		68,354

	28,131		38,106			293,453		65,753			62,159		42,513
	31,060		104,388			2,706,696		515,090			300,835		—
	3,870		6,547			99,889		21,620			25,883		—
	413		243			12,566		2,482			3,344		—
	106,734		129,515			926,178		206,338			482,328		2,282,206
	280,024		1,451,598			29,030,204		12,983,744			5,955,225		18,831,396
$	48,997,330	$	192,176,648		$	4,989,118,864	$	759,711,647		$	441,661,670	$	1,442,392,928

$	41,959,097	$	206,380,076		$	4,122,177,798	$	772,628,746		$	410,856,886	$	1,434,917,736
	7,038,233		(14,203,428	)		866,941,066		(12,917,099	)		30,804,784		7,475,192
$	48,997,330	$	192,176,648		$	4,989,118,864	$	759,711,647		$	441,661,670	$	1,442,392,928

$	45,449,883	$	213,435,415	$	4,211,297,036	$	729,663,656	$	399,905,251	$	1,409,738,398
$	1,452,183	$	1,142,813	$	136,030,636	$	9,636,274	$	7,585,362	$	987,091
$	672,844	$	1,028,522	$	62,034,952	$	42,467,975	$	10,084,266	$	45,331,765
$	67	$	—	$	—	$	15	$	10,502	$	5,326,121
$	—	$	—	$	—	$	—	$	—	$	9,976

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

183

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Growth Opportunities Fund		MassMutual Mid Cap Value Fund
Class I shares:
Net assets	$	76,491,140	$	100,377,744
Shares outstanding ^(a)		14,761,447		9,396,115
Net asset value, offering price and redemption price per share	$	5.18	$	10.68
Class R5 shares:
Net assets	$	21,990,989	$	882,169
Shares outstanding ^(a)		4,422,789		81,275
Net asset value, offering price and redemption price per share	$	4.97	$	10.85
Service Class shares:
Net assets	$	8,449,833	$	89,962
Shares outstanding ^(a)		1,888,124		8,369
Net asset value, offering price and redemption price per share	$	4.48	$	10.75
Administrative Class shares:
Net assets	$	25,044,972	$	937,847
Shares outstanding ^(a)		6,500,205		84,871
Net asset value, offering price and redemption price per share	$	3.85	$	11.05
Class R4 shares:
Net assets	$	794,856	$	308,033
Shares outstanding ^(a)		283,955		29,092
Net asset value, offering price and redemption price per share	$	2.80	$	10.59
Class A shares:
Net assets	$	15,077,712	$	1,233,865
Shares outstanding ^(a)		5,619,801		114,397
Net asset value, and redemption price per share	$	2.68	$	10.79
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	2.84	$	11.42
Class R3 shares:
Net assets	$	1,851,719	$	180,430
Shares outstanding ^(a)		1,204,261		17,089
Net asset value, offering price and redemption price per share	$	1.54	$	10.56
Class Y shares: ^(b)
Net assets	$	108,081	$	91,889
Shares outstanding ^(a)		21,739		8,467
Net asset value, offering price and redemption price per share	$	4.97	$	10.85

(a)	Authorized unlimited number of shares with no par value.

(b)	Commenced operations on February 1, 2023.

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

184

MassMutual Small Cap Value Equity Fund		MassMutual Small Company Value Fund		MassMutual Mid Cap Growth Fund		MassMutual Small Cap Growth Equity Fund		MassMutual Overseas Fund		MassMutual Select T. Rowe Price International Equity Fund

$	31,030,520	$	137,557,602	$	3,729,653,747	$	562,807,167	$	268,464,915	$	1,442,392,928
	3,519,657		16,536,756		199,218,798		43,123,032		33,418,530		144,200,845
$	8.82	$	8.32	$	18.72	$	13.05	$	8.03	$	10.00

$	7,612,928	$	28,982,404	$	848,343,748	$	135,631,187	$	94,523,024	$	—
	863,308		3,450,003		46,313,327		10,684,083		11,708,739		—
$	8.82	$	8.40	$	18.32	$	12.69	$	8.07	$	—

$	2,214,117	$	7,432,566	$	138,436,852	$	13,030,957	$	26,462,415	$	—
	250,000		892,870		7,933,553		1,142,144		3,304,569		—
$	8.86	$	8.32	$	17.45	$	11.41	$	8.01	$	—

$	2,402,668	$	8,981,140	$	123,684,035	$	16,286,898	$	13,549,178	$	—
	276,366		1,114,538		7,726,104		1,620,092		1,672,255		—
$	8.69	$	8.06	$	16.01	$	10.05	$	8.10	$	—

$	1,450,503	$	647,170	$	46,604,586	$	12,209,811	$	18,859,607	$	—
	174,227		87,353		3,368,932		1,546,417		2,469,514		—
$	8.33	$	7.41	$	13.83	$	7.90	$	7.64	$	—

$	3,652,887	$	8,125,208	$	84,045,788	$	15,899,959	$	14,642,223	$	—
	435,726		1,074,324		6,194,776		2,053,707		1,858,698		—
$	8.38	$	7.56	$	13.57	$	7.74	$	7.88	$	—
$	8.87	$	8.00	$	14.36	$	8.19	$	8.34	$	—

$	539,665	$	362,989	$	18,252,889	$	3,750,689	$	5,064,358	$	—
	66,524		54,987		1,597,982		665,829		654,082		—
$	8.11	$	6.60	$	11.42	$	5.63	$	7.74	$	—

$	94,042	$	87,569	$	97,219	$	94,979	$	95,950	$	—
	10,661		10,428		5,308		7,485		11,891		—
$	8.82	$	8.40	$	18.32	$	12.69	$	8.07	$	—

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

185

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual Total Return Bond Fund			MassMutual Strategic Bond Fund
Investment income (Note 2):
Dividends ^(a)	$	—		$	—
Interest ^(b)		32,934,737			19,303,105
Securities lending net income		207,718			32,468
Total investment income		33,142,455			19,335,573
Expenses (Note 3):
Investment advisory fees		2,300,480			1,681,880
Custody fees		188,573			226,281
Dividend expense on short sales		1,021			—
Audit and tax fees		55,238			71,367
Legal fees		10,162			10,806
Proxy fees		1,754			1,748
Accounting & Administration fees		109,601			195,227
Shareholder reporting fees		73,164			61,578
Trustees’ fees		61,912			32,908
Registration and filing fees		106,834			103,929
Transfer agent fees		2,989			2,980
		2,911,728			2,388,704
Administration fees:
Class R5		26,932			54,113
Service Class		99,582			36,300
Administrative Class		31,778			59,967
Class R4		106,525			36,743
Class A		33,856			36,871
Class R3		30,181			9,652
Class Y *		—			64
Distribution and Service fees:
Class R4		133,157			45,929
Class A		28,213			30,726
Class R3		75,452			24,128
Total expenses		3,477,404			2,723,197
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(87,204	)		—
Class R5 fees reimbursed by adviser		(3,659	)		—
Service Class fees reimbursed by adviser		(6,706	)		—
Administrative Class fees reimbursed by adviser		(1,565	)		—
Class R4 fees reimbursed by adviser		(6,903	)		—
Class A fees reimbursed by adviser		(1,444	)		—
Class R3 fees reimbursed by adviser		(1,928	)		—
Investment advisory fees waived		(169,172	)		(211,697	)
Net expenses:		3,198,823			2,511,500
Net investment income (loss)		29,943,632			16,824,073

*	Commenced operations on February 1, 2023.

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

186

MassMutual Diversified Value Fund		MassMutual Fundamental Value Fund		MM S&P 500 Index Fund		MassMutual Equity Opportunities Fund		MassMutual Fundamental Growth Fund			MassMutual Blue Chip Growth Fund

$	8,807,003	$	9,849,413	$	40,588,126	$	13,034,380	$	186,103		$	13,047,712
	33,221		95,271		272,495		207,543		7,382			561,958
	6,813		24,312		5,046		11,655		729			22,647
	8,847,037		9,968,996		40,865,667		13,253,578		194,214			13,632,317

	1,513,928		2,756,686		2,439,912		4,335,475		184,350			14,970,707
	59,830		65,896		203,730		64,356		50,914			117,108
	—		—		—		—		—			—
	49,670		48,722		49,367		48,885		47,964			53,050
	13,266		17,172		106,715		27,324		1,028			110,593
	1,748		1,747		1,747		1,748		1,747			1,748
	36,166		37,598		70,651		42,400		25,026			63,240
	41,898		55,425		173,753		62,152		17,167			217,009
	25,412		38,499		192,181		50,036		2,329			187,451
	104,154		106,800		110,201		108,063		102,457			110,031
	2,980		2,980		2,980		2,980		2,980			2,980
	1,849,052		3,131,525		3,351,237		4,743,419		435,962			15,833,917

	50,333		70,284		333,389		89,748		5,493			324,390
	23,540		54,957		674,652		73,033		8,421			268,025
	53,566		75,104		799,650		111,551		15,812			521,171
	19,908		8,437		913,697		15,490		2,823			102,192
	71,554		74,925		64,875		121,748		23,963			254,095
	2,347		2,626		593,430		11,835		2,568			65,642
	63		64		—		66		66			74

	24,885		10,545		913,698		19,363		3,529			127,740
	59,628		62,438		46,339		101,457		19,970			211,746
	5,868		6,564		1,186,860		29,588		6,420			164,106
	2,160,744		3,497,469		8,877,827		5,317,298		525,027			17,873,098

	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		—			—
	—		—		—		—		(14,181	)		—
	2,160,744		3,497,469		8,877,827		5,317,298		510,846			17,873,098
	6,686,293		6,471,527		31,987,840		7,936,280		(316,632	)		(4,240,781	)

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

187

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual Total Return Bond Fund			MassMutual Strategic Bond Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	(41,538,460	)	$	(28,290,632	)
Futures contracts		(8,651,796	)		(10,184,695	)
Written options		—			3,023,413
Swap agreements		(3,358,386	)		3,792,743
Foreign currency transactions		11,372			184,182
Forward contracts		(84,391	)		(1,293,843	)
Net realized gain (loss)		(53,621,661	)		(32,768,832	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		16,900,283			16,121,012
Unfunded bank loan commitments		99			—
Futures contracts		874,207			3,226,494
Written options		—			171,691
Swap agreements		4,326,911			(2,550,698	)
Translation of assets and liabilities in foreign currencies		(3,623	)		(39,645	)
Forward contracts		194,680			761,813
Net change in unrealized appreciation (depreciation)		22,292,557			17,690,667
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(31,329,104	)		(15,078,165	)
Net increase (decrease) in net assets resulting from operations	$	(1,385,472	)	$	1,745,908

^(a)	Net of foreign withholding tax of:		$	—			$	—
^(b)	Net of foreign withholding tax of:		$	—			$	33,059

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

188

MassMutual Diversified Value Fund			MassMutual Fundamental Value Fund			MM S&P 500 Index Fund		MassMutual Equity Opportunities Fund			MassMutual Fundamental Growth Fund			MassMutual Blue Chip Growth Fund


$	8,988,290		$	25,979,821		$	166,730,412	$	21,134,299		$	(1,282,588	)	$	466,259,559
	—			—			1,426,970		—			—			—
	—			—			—		—			—			—
	—			—			—		—			—			—
	11,698			(1,792	)		—		13,447			—			(139	)
	—			—			—		—			—			—
	8,999,988			25,978,029			168,157,382		21,147,746			(1,282,588	)		466,259,420

	25,640,880			37,481,652			260,750,702		47,564,553			6,575,591			275,152,099
	—			—			—		—			—			—
	—			—			1,535,984		—			—			—
	—			—			—		—			—			—
	—			—			—		—			—			—
	(5,103	)		25,535			—		(2,991	)		—			—
	—			—			—		—			—			—
	25,635,777			37,507,187			262,286,686		47,561,562			6,575,591			275,152,099
	34,635,765			63,485,216			430,444,068		68,709,308			5,293,003			741,411,519
$	41,322,058		$	69,956,743		$	462,431,908	$	76,645,588		$	4,976,371		$	737,170,738

	$	142,249			$	98,859			$	10,585			$	223,406			$	245			$	398,531
	$	—			$	—			$	—			$	—			$	—			$	—

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

189

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual Growth Opportunities Fund			MassMutual Mid Cap Value Fund
Investment income (Note 2):
Dividends ^(a)	$	950,238		$	2,499,421
Interest		73,502			37,072
Securities lending net income		3,982			5,070
Total investment income		1,027,722			2,541,563
Expenses (Note 3):
Investment advisory fees		1,558,824			778,501
Custody fees		65,645			95,931
Audit and tax fees		48,246			46,973
Legal fees		8,525			4,882
Proxy fees		1,747			1,747
Accounting & Administration fees		29,735			31,703
Shareholder reporting fees		32,469			27,742
Trustees’ fees		18,762			9,118
Registration and filing fees		103,990			104,393
Transfer agent fees		2,980			2,980
		1,870,923			1,103,970
Administration fees:
Class R5		31,341			879
Service Class		23,615			187
Administrative Class		74,947			2,890
Class R4		1,503			650
Class A		48,631			4,668
Class R3		3,370			319
Class Y *		70			62
Distribution and Service fees:
Class R4		1,878			812
Class A		40,525			3,890
Class R3		8,422			796
Total expenses		2,105,225			1,119,123
Expenses waived (Note 3):
Class I fees reimbursed by adviser		—			(410,125	)
Class R5 fees reimbursed by adviser		—			(3,358	)
Service Class fees reimbursed by adviser		—			(357	)
Administrative Class fees reimbursed by adviser		—			(3,686	)
Class R4 fees reimbursed by adviser		—			(1,242	)
Class A fees reimbursed by adviser		—			(5,959	)
Class R3 fees reimbursed by adviser		—			(606	)
Class Y fees reimbursed by adviser *		—			(235	)
Investment advisory fees waived		(43,908	)		—
Net expenses:		2,061,317			693,555
Net investment income (loss)		(1,033,595	)		1,848,008

*	Commenced operations on February 1, 2023.

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

190

MassMutual Small Cap Value Equity Fund			MassMutual Small Company Value Fund			MassMutual Mid Cap Growth Fund			MassMutual Small Cap Growth Equity Fund		MassMutual Overseas Fund			MassMutual Select T. Rowe Price International Equity Fund

$	704,620		$	3,984,112		$	35,315,481		$	6,365,695	$	11,589,419		$	40,382,706
	21,071			28,165			3,151,535			219,850		88,338			1,205,025
	1,440			25,358			392,432			88,060		62,535			343,836
	727,131			4,037,635			38,859,448			6,673,605		11,740,292			41,931,567

	407,265			1,803,056			35,937,804			5,690,379		3,758,538			—
	60,858			91,795			328,418			107,881		183,791			814,380
	46,973			47,588			51,255			49,948		87,935			96,213
	2,049			7,922			194,664			25,743		17,270			55,757
	1,748			1,747			1,747			1,747		1,748			1,748
	26,058			32,697			103,948			45,123		39,082			42,085
	26,645			40,608			1,025,186			49,874		53,516			26,031
	4,498			17,373			400,838			54,303		36,525			115,148
	103,270			105,061			139,542			122,643		106,031			26,730
	2,980			2,980			2,980			2,980		2,980			2,980
	682,344			2,150,827			38,186,382			6,150,621		4,287,416			1,181,072

	7,789			36,919			900,258			113,102		104,370			—
	4,681			15,723			320,501			35,284		61,605			—
	7,449			29,841			417,660			54,075		47,644			—
	2,745			1,386			108,658			25,163		39,274			—
	14,352			32,116			275,153			56,988		47,305			—
	1,327			762			40,599			7,501		10,115			—
	63			60			65			64		66			—

	3,431			1,733			135,822			31,454		49,092			—
	11,960			26,763			229,294			47,490		39,421			—
	3,316			1,904			101,496			18,752		25,288			—
	739,457			2,298,034			40,715,888			6,540,494		4,711,596			1,181,072

	—			(224,577	)		—			—		(340,647	)		(1,181,072	)
	—			(56,573	)		—			—		(128,068	)		—
	—			(12,126	)		—			—		(37,780	)		—
	—			(15,265	)		—			—		(19,587	)		—
	—			(1,065	)		—			—		(24,089	)		—
	—			(16,277	)		—			—		(19,453	)		—
	—			(585	)		—			—		(6,174	)		—
	—			(92	)		—			—		(79	)		—
	—			—			(1,990,475	)		—		—			—
	739,457			1,971,474			38,725,413			6,540,494		4,135,719			—
	(12,326	)		2,066,161			134,035			133,111		7,604,573			41,931,567

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

191

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual Growth Opportunities Fund		MassMutual Mid Cap Value Fund
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions	$	2,251,695	$	(1,492,962	)
Written options		—		—
Foreign currency transactions		1,749		79
Forward contracts		—		(162,602	)
Net realized gain (loss)		2,253,444		(1,655,485	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		56,388,358		10,661,043
Written options		—		—
Translation of assets and liabilities in foreign currencies		32		46
Forward contracts		—		6,091
Net change in unrealized appreciation (depreciation)		56,388,390		10,667,180
Net realized gain (loss) and change in unrealized appreciation (depreciation)		58,641,834		9,011,695
Net increase (decrease) in net assets resulting from operations	$	57,608,239	$	10,859,703

^(a)	Net of foreign withholding tax of:		$	6,955			$	17,366
^(b)	Net of net increase (decrease) in accrued foreign capital gains tax of:		$	—			$	—

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

192

MassMutual Small Cap Value Equity Fund			MassMutual Small Company Value Fund			MassMutual Mid Cap Growth Fund			MassMutual Small Cap Growth Equity Fund			MassMutual Overseas Fund			MassMutual Select T. Rowe Price International Equity Fund


$	7,135,785		$	10,102,934		$	271,761,573		$	(12,214,216	)	$	10,185,847		$	(13,330,130	)
	—			—			—			—			—			72,816
	(216	)		(473	)		(10	)		—			51,503			(194,114	)
	—			(10,045	)		—			—			—			(2,923	)
	7,135,569			10,092,416			271,761,563			(12,214,216	)		10,237,350			(13,454,351	)

	2,006,366			2,950,394			505,919,349			57,405,652			87,464,737	^(b)		262,596,440	^(b)
	—			—			—			—			—			6,143
	(26	)		—			—			1			177,631			5,432
	—			5,156			—			—			—			71
	2,006,340			2,955,550			505,919,349			57,405,653			87,642,368			262,608,086
	9,141,909			13,047,966			777,680,912			45,191,437			97,879,718			249,153,735
$	9,129,583		$	15,114,127		$	777,814,947		$	45,324,548		$	105,484,291		$	291,085,302

	$	2,751			$	16,101			$	104,624			$	5,572			$	1,504,595			$	4,921,456
	$	—			$	—			$	—			$	—			$	(60,041	)		$	(1,111,778	)

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

193

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Total Return Bond Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	29,943,632		$	14,787,998
Net realized gain (loss)		(53,621,661	)		(58,438,781	)
Net change in unrealized appreciation (depreciation)		22,292,557			(94,968,502	)
Net increase (decrease) in net assets resulting from operations		(1,385,472	)		(138,619,285	)
Distributions to shareholders (Note 2):
Class I		(15,429,719	)		(12,175,679	)
Class R5		(675,186	)		(629,319	)
Service Class		(1,235,936	)		(1,020,606	)
Administrative Class		(224,296	)		(271,077	)
Class R4		(1,150,319	)		(1,037,468	)
Class A		(248,471	)		(151,047	)
Class R3		(287,015	)		(234,819	)
Total distributions		(19,250,942	)		(15,520,015	)
Net fund share transactions (Note 5):
Class I		106,021,299			(7,978,138	)
Class R5		1,117,104			(8,311,019	)
Service Class		(88,460	)		(10,451,111	)
Administrative Class		2,302,037			(7,623,068	)
Class R4		(2,806,518	)		(14,311,651	)
Class A		(491,231	)		1,690,277
Class R3		(3,526,993	)		(999,369	)
Class Y *		—			—
Increase (decrease) in net assets from fund share transactions		102,527,238			(47,984,079	)
Total increase (decrease) in net assets		81,890,824			(202,123,379	)
Net assets
Beginning of year		719,894,116			922,017,495
End of year	$	801,784,940		$	719,894,116

*	Commenced operations on February 1, 2023.

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

194

MassMutual Strategic Bond Fund						MassMutual Diversified Value Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	16,824,073		$	11,331,404		$	6,686,293		$	6,721,797
	(32,768,832	)		(34,586,163	)		8,999,988			31,436,845
	17,690,667			(66,147,761	)		25,635,777			(63,526,572	)
	1,745,908			(89,402,520	)		41,322,058			(25,367,930	)

	(4,853,662	)		(20,295,777	)		(22,785,580	)		(28,645,872	)
	(838,593	)		(4,546,406	)		(6,151,253	)		(8,493,887	)
	(446,361	)		(2,619,511	)		(1,377,003	)		(1,877,787	)
	(266,073	)		(1,912,369	)		(2,100,599	)		(2,424,318	)
	(216,472	)		(1,635,600	)		(1,182,896	)		(1,549,573	)
	(139,883	)		(1,094,081	)		(2,807,578	)		(3,138,699	)
	(44,429	)		(396,988	)		(184,452	)		(130,528	)
	(6,805,473	)		(32,500,732	)		(36,589,361	)		(46,260,664	)

	20,882,182			(62,180,026	)		2,313,015			(15,793,942	)
	(5,260,163	)		(13,402,075	)		(2,988,990	)		(10,349,015	)
	(24,336,117	)		13,880,105			(1,044,627	)		(312,742	)
	(3,271,175	)		(23,921,417	)		737,173			(717,783	)
	(3,752,798	)		(16,414,746	)		611,139			(1,474,661	)
	(3,466,824	)		(11,353,295	)		230,889			102,357
	(806,162	)		(4,675,194	)		(721,163	)		559,826
	100,000			—			100,000			—
	(19,911,057	)		(118,066,648	)		(762,564	)		(27,985,960	)
	(24,970,622	)		(239,969,900	)		3,970,133			(99,614,554	)

	406,856,620			646,826,520			277,915,498			377,530,052
$	381,885,998		$	406,856,620		$	281,885,631		$	277,915,498

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

195

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Fundamental Value Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	6,471,527		$	7,405,653
Net realized gain (loss)		25,978,029			69,872,106
Net change in unrealized appreciation (depreciation)		37,507,187			(109,697,669	)
Net increase (decrease) in net assets resulting from operations		69,956,743			(32,419,910	)
Distributions to shareholders (Note 2):
Class I		(45,555,563	)		(42,679,244	)
Class R5		(11,547,016	)		(13,424,402	)
Service Class		(4,262,327	)		(3,658,666	)
Administrative Class		(3,755,000	)		(5,544,501	)
Class R4		(625,482	)		(1,143,867	)
Class A		(3,695,393	)		(3,738,569	)
Class R3		(187,815	)		(189,182	)
Total distributions		(69,628,596	)		(70,378,431	)
Net fund share transactions (Note 5):
Class I		36,091,743			(10,069,823	)
Class R5		(25,231,827	)		(24,357,743	)
Service Class		(175,554	)		2,258,758
Administrative Class		(485,531	)		(16,813,679	)
Class R4		99,795			(4,217,325	)
Class A		(75,333	)		(5,570,490	)
Class R3		10,350			(75,885	)
Class Y *		100,000			—
Increase (decrease) in net assets from fund share transactions		10,333,643			(58,846,187	)
Total increase (decrease) in net assets		10,661,790			(161,644,528	)
Net assets
Beginning of year		425,970,306			587,614,834
End of year	$	436,632,096		$	425,970,306

*	Commenced operations on February 1, 2023.

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

196

MM S&P 500 Index Fund						MassMutual Equity Opportunities Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	31,987,840		$	35,527,171		$	7,936,280		$	7,630,397
	168,157,382			561,388,585			21,147,746			91,666,677
	262,286,686			(998,181,882	)		47,561,562			(134,602,022	)
	462,431,908			(401,266,126	)		76,645,588			(35,304,948	)

	(233,942,780	)		(184,016,801	)		(58,808,263	)		(51,816,002	)
	(80,505,814	)		(60,703,846	)		(13,501,084	)		(19,138,493	)
	(63,714,193	)		(45,847,810	)		(5,696,040	)		(5,530,550	)
	(56,936,277	)		(43,469,722	)		(5,667,568	)		(6,343,270	)
	(89,871,911	)		(59,838,315	)		(1,162,989	)		(1,104,425	)
	(4,858,726	)		(2,886,746	)		(6,575,646	)		(6,388,911	)
	(59,191,148	)		(36,541,127	)		(895,204	)		(456,521	)
	(589,020,849	)		(433,304,367	)		(92,306,794	)		(90,778,172	)

	128,549,343			(255,288,917	)		71,987,234			(1,791,654	)
	37,572,280			(52,512,755	)		(20,056,271	)		(58,102,852	)
	32,143,952			(33,680,700	)		(1,701,202	)		(4,247,306	)
	19,738,009			(74,032,960	)		1,676,850			(9,342,480	)
	49,207,264			(41,857,468	)		3,206,516			(849,806	)
	(2,589,969	)		(1,953,696	)		(730,207	)		(6,175,857	)
	46,159,458			17,760,894			2,691,327			1,650,535
	—			—			100,000			—
	310,780,337			(441,565,602	)		57,174,247			(78,859,420	)
	184,191,396			(1,276,136,095	)		41,513,041			(204,942,540	)

	2,222,233,097			3,498,369,192			556,838,758			761,781,298
$	2,406,424,493		$	2,222,233,097		$	598,351,799		$	556,838,758

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

197

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Fundamental Growth Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(316,632	)	$	(359,454	)
Net realized gain (loss)		(1,282,588	)		(1,530,615	)
Net change in unrealized appreciation (depreciation)		6,575,591			(13,385,532	)
Net increase (decrease) in net assets resulting from operations		4,976,371			(15,275,601	)
Distributions to shareholders (Note 2):
Class I		(3,932	)		(3,135,065	)
Class R5		(591	)		(2,856,640	)
Service Class		—			(1,845,774	)
Administrative Class		—			(2,350,670	)
Class R4		—			(569,215	)
Class A		—			(4,304,968	)
Class R3		—			(735,465	)
Total distributions		(4,523	)		(15,797,797	)
Net fund share transactions (Note 5):
Class I		(471,537	)		(4,177,932	)
Class R5		(2,059,940	)		(134,116	)
Service Class		(2,670,389	)		1,394,111
Administrative Class		(46,330	)		1,212,754
Class R4		30,850			591,480
Class A		(810,272	)		2,080,096
Class R3		16,453			777,393
Class Y *		100,000			—
Increase (decrease) in net assets from fund share transactions		(5,911,165	)		1,743,786
Total increase (decrease) in net assets		(939,317	)		(29,329,612	)
Net assets
Beginning of year		26,001,641			55,331,253
End of year	$	25,062,324		$	26,001,641

*	Commenced operations on February 1, 2023.

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

198

MassMutual Blue Chip Growth Fund						MassMutual Growth Opportunities Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	(4,240,781	)	$	(8,178,629	)	$	(1,033,595	)	$	(2,313,948	)
	466,259,420			321,054,779			2,253,444			35,962,322
	275,152,099			(1,559,109,735	)		56,388,390			(256,082,573	)
	737,170,738			(1,246,233,585	)		57,608,239			(222,434,199	)

	(249,687,270	)		(505,752,573	)		(17,269,501	)		(63,212,251	)
	(51,101,376	)		(109,320,598	)		(3,938,449	)		(16,825,851	)
	(19,204,794	)		(38,828,325	)		(1,905,602	)		(7,030,586	)
	(27,375,979	)		(63,222,321	)		(3,245,273	)		(13,489,206	)
	(8,144,531	)		(25,050,959	)		(121,116	)		(871,903	)
	(13,531,519	)		(28,345,519	)		(2,752,871	)		(12,095,384	)
	(5,728,211	)		(11,466,411	)		(434,802	)		(1,142,314	)
	(374,773,680	)		(781,986,706	)		(29,667,614	)		(114,667,495	)

	(559,301,847	)		310,223,790			(88,992,726	)		41,322,162
	(109,794,045	)		(10,020,589	)		(15,949,385	)		1,550,921
	(8,691,481	)		13,091,552			(7,401,056	)		4,561,394
	(42,737,305	)		(27,500,331	)		(191,048	)		4,741,775
	(10,136,555	)		(19,969,685	)		108,608			(236,423	)
	(9,559,455	)		6,353,988			(131,616	)		3,069,711
	458,036			1,097,524			503,352			1,166,309
	100,000			—			100,000			—
	(739,662,652	)		273,276,249			(111,953,871	)		56,175,849
	(377,265,594	)		(1,754,944,042	)		(84,013,246	)		(280,925,845	)

	2,533,150,018			4,288,094,060			233,822,548			514,748,393
$	2,155,884,424		$	2,533,150,018		$	149,809,302		$	233,822,548

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

199

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Mid Cap Value Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,848,008		$	1,741,876
Net realized gain (loss)		(1,655,485	)		8,444,076
Net change in unrealized appreciation (depreciation)		10,667,180			(20,299,887	)
Net increase (decrease) in net assets resulting from operations		10,859,703			(10,113,935	)
Distributions to shareholders (Note 2):
Class I		(9,180,076	)		(26,888,446	)
Class R5		(74,164	)		(232,404	)
Service Class		(8,102	)		(134,310	)
Administrative Class		(76,592	)		(217,970	)
Class R4		(28,469	)		(64,772	)
Class A		(123,386	)		(345,700	)
Class R3		(10,875	)		(33,429	)
Total distributions		(9,501,664	)		(27,917,031	)
Net fund share transactions (Note 5):
Class I		1,479,439			19,458,604
Class R5		91,690			102,804
Service Class		288			(358,287	)
Administrative Class		89,908			17,849
Class R4		55,242			72,072
Class A		(195,378	)		333,445
Class R3		61,656			20,617
Class Y *		100,000			—
Increase (decrease) in net assets from fund share transactions		1,682,845			19,647,104
Total increase (decrease) in net assets		3,040,884			(18,383,862	)
Net assets
Beginning of year		101,061,055			119,444,917
End of year	$	104,101,939		$	101,061,055

*	Commenced operations on February 1, 2023.

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

200

MassMutual Small Cap Value Equity Fund						MassMutual Small Company Value Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	(12,326	)	$	(9,714	)	$	2,066,161		$	1,804,236
	7,135,569			9,238,406			10,092,416			25,794,786
	2,006,340			(16,694,631	)		2,955,550			(76,364,653	)
	9,129,583			(7,465,939	)		15,114,127			(48,765,631	)

	(4,748,599	)		(9,194,395	)		(18,670,911	)		(24,481,352	)
	(1,080,269	)		(2,283,497	)		(4,917,264	)		(8,756,926	)
	(351,667	)		(701,615	)		(994,131	)		(1,250,165	)
	(351,094	)		(618,052	)		(1,323,216	)		(2,095,447	)
	(203,327	)		(353,982	)		(98,749	)		(113,169	)
	(765,530	)		(1,433,744	)		(1,503,213	)		(1,983,118	)
	(103,236	)		(177,490	)		(54,513	)		(57,144	)
	(7,603,722	)		(14,762,775	)		(27,561,997	)		(38,737,321	)

	(2,072,453	)		8,892,953			13,772,556			9,672,869
	995,842			(1,280,738	)		(4,503,007	)		(12,319,821	)
	(24,404	)		97,714			698,654			1,464,061
	170,229			601,427			222,397			(1,110,615	)
	254,799			241,957			73,914			117,088
	(958,245	)		249,890			(1,688,914	)		1,183,657
	(82,815	)		210,790			63,807			114,824
	100,000			—			100,000			—
	(1,617,047	)		9,013,993			8,739,407			(877,937	)
	(91,186	)		(13,214,721	)		(3,708,463	)		(88,380,889	)

	49,088,516			62,303,237			195,885,111			284,266,000
$	48,997,330		$	49,088,516		$	192,176,648		$	195,885,111

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

201

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Mid Cap Growth Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	134,035		$	(17,109,414	)
Net realized gain (loss)		271,761,563			769,435,881
Net change in unrealized appreciation (depreciation)		505,919,349			(2,767,704,752	)
Net increase (decrease) in net assets resulting from operations		777,814,947			(2,015,378,285	)
Distributions to shareholders (Note 2):
Class I		(523,429,364	)		(1,191,184,730	)
Class R5		(116,400,253	)		(296,057,142	)
Service Class		(23,403,104	)		(60,589,689	)
Administrative Class		(21,586,357	)		(48,166,646	)
Class R4		(10,255,803	)		(26,566,357	)
Class A		(15,692,257	)		(35,773,353	)
Class R3		(4,034,311	)		(7,898,792	)
Total distributions		(714,801,449	)		(1,666,236,709	)
Net fund share transactions (Note 5):
Class I		(153,658,323	)		(5,330,556	)
Class R5		2,227,278			(202,318,073	)
Service Class		(20,297,389	)		(41,632,499	)
Administrative Class		(11,437,606	)		(7,318,752	)
Class R4		(11,256,578	)		(45,705,671	)
Class A		(1,032,339	)		(7,838,409	)
Class R3		42,365			3,117,602
Class Y *		100,000			—
Increase (decrease) in net assets from fund share transactions		(195,312,592	)		(307,026,358	)
Total increase (decrease) in net assets		(132,299,094	)		(3,988,641,352	)
Net assets
Beginning of year		5,121,417,958			9,110,059,310
End of year	$	4,989,118,864		$	5,121,417,958

*	Commenced operations on February 1, 2023.

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

202

MassMutual Small Cap Growth Equity Fund						MassMutual Overseas Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	133,111		$	(1,298,357	)	$	7,604,573		$	9,304,705
	(12,214,216	)		(21,760,546	)		10,237,350			35,867,297
	57,405,653			(172,539,431	)		87,642,368			(182,280,725	)
	45,324,548			(195,598,334	)		105,484,291			(137,108,723	)

	(167,678	)		(106,892,194	)		(23,985,748	)		(36,687,508	)
	—			(33,194,542	)		(8,940,287	)		(14,531,662	)
	—			(7,598,507	)		(3,168,050	)		(4,314,842	)
	—			(7,499,285	)		(1,354,790	)		(1,831,463	)
	—			(5,183,552	)		(1,698,415	)		(2,008,900	)
	—			(9,396,325	)		(1,262,974	)		(2,031,119	)
	—			(1,924,436	)		(411,585	)		(623,942	)
	(167,678	)		(171,688,841	)		(40,821,849	)		(62,029,436	)

	164,207,581			123,189,907			(1,139,268	)		(32,486,555	)
	39,366,592			(1,391,715	)		(6,252,929	)		(28,533,311	)
	(6,802,839	)		(3,835,779	)		(9,476,771	)		305,435
	(3,772,382	)		3,495,946			(2,430,984	)		159,356
	(656,978	)		4,261,260			176,908			2,592,594
	(4,528,897	)		3,820,832			(345,935	)		(4,725,515	)
	59,738			1,815,321			385,413			(726,116	)
	100,000			—			100,000			—
	187,972,815			131,355,772			(18,983,566	)		(63,414,112	)
	233,129,685			(235,931,403	)		45,678,876			(262,552,271	)

	526,581,962			762,513,365			395,982,794			658,535,065
$	759,711,647		$	526,581,962		$	441,661,670		$	395,982,794

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

203

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price International Equity Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	41,931,567		$	48,705,008
Net realized gain (loss)		(13,454,351	)		(12,001,294	)
Net change in unrealized appreciation (depreciation)		262,608,086			(477,073,999	)
Net increase (decrease) in net assets resulting from operations		291,085,302			(440,370,285	)
Distributions to shareholders (Note 2):
Class I		(43,014,769	)		(71,743,166	)
Total distributions		(43,014,769	)		(71,743,166	)
Net fund share transactions (Note 5):
Class I		(78,673,523	)		85,010,969
Increase (decrease) in net assets from fund share transactions		(78,673,523	)		85,010,969
Total increase (decrease) in net assets		169,397,010			(427,102,482	)
Net assets
Beginning of year		1,272,995,918			1,700,098,400
End of year	$	1,442,392,928		$	1,272,995,918

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

204

[THIS PAGE INTENTIONALLY LEFT BLANK]

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.42	$	0.34	$	(0.30	)	$	0.04		$	(0.23	)	$	—		$	(0.23	)	$	8.23		0.35	%	$	642,178		0.38	%		0.34	%		3.98	%
9/30/22		10.21		0.18		(1.78	)		(1.60	)		(0.17	)		(0.02	)		(0.19	)		8.42		(15.97	%)		553,149		0.37	%		0.34	%		1.92	%
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	%
Class R5
9/30/23	$	8.41	$	0.33	$	(0.31	)	$	0.02		$	(0.22	)	$	—		$	(0.22	)	$	8.21		0.12	%	$	26,262		0.48	%		0.44	%		3.87	%
9/30/22		10.19		0.16		(1.76	)		(1.60	)		(0.16	)		(0.02	)		(0.18	)		8.41		(15.99	%)		25,777		0.47	%		0.44	%		1.74	%
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	%
Service Class
9/30/23	$	8.44	$	0.32	$	(0.30	)	$	0.02		$	(0.21	)	$	—		$	(0.21	)	$	8.25		0.14	%	$	48,425		0.58	%		0.54	%		3.77	%
9/30/22		10.24		0.16		(1.79	)		(1.63	)		(0.15	)		(0.02	)		(0.17	)		8.44		(16.22	%)		49,614		0.57	%		0.54	%		1.67	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	465%	442%	435%	316%	217%

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.

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

206

			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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.40	$	0.31	$	(0.30	)	$	0.01		$	(0.20	)	$	—		$	(0.20	)	$	8.21		(0.01	%)	$	11,176		0.68	%		0.64	%		3.69	%
9/30/22		10.18		0.14		(1.76	)		(1.62	)		(0.14	)		(0.02	)		(0.16	)		8.40		(16.20	%)		9,165		0.67	%		0.64	%		1.44	%
9/30/21		10.77		0.13		(0.13	)		0.00	^d		(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	%
Class R4
9/30/23	$	8.46	$	0.30	$	(0.31	)	$	(0.01	)	$	(0.18	)	$	—		$	(0.18	)	$	8.27		(0.15	%)	$	49,505		0.83	%		0.79	%		3.52	%
9/30/22		10.25		0.13		(1.78	)		(1.65	)		(0.12	)		(0.02	)		(0.14	)		8.46		(16.35	%)		53,395		0.82	%		0.79	%		1.41	%
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	%
Class A
9/30/23	$	8.35	$	0.29	$	(0.30	)	$	(0.01	)	$	(0.18	)	$	—		$	(0.18	)	$	8.16		(0.19	%)	$	10,415		0.93	%		0.89	%		3.41	%
9/30/22		10.12		0.13		(1.77	)		(1.64	)		(0.11	)		(0.02	)		(0.13	)		8.35		(16.40	%)		11,149		0.92	%		0.89	%		1.42	%
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	%
Class R3
9/30/23	$	8.37	$	0.28	$	(0.30	)	$	(0.02	)	$	(0.16	)	$	—		$	(0.16	)	$	8.19		(0.34	%)	$	13,823		1.08	%		1.04	%		3.26	%
9/30/22		10.15		0.11		(1.78	)		(1.67	)		(0.09	)		(0.02	)		(0.11	)		8.37		(16.62	%)		17,646		1.07	%		1.04	%		1.20%
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	%

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

207

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.51	$	0.35	$	(0.35	)	$	0.00	^d	$	(0.14	)	$	—		$	(0.14	)	$	8.37		(0.04	%)	$	278,427		0.56	%		0.51	%		4.06	%
9/30/22		10.90		0.23		(1.97	)		(1.74	)		(0.44	)		(0.21	)		(0.65	)		8.51		(17.05	%)		261,784		0.51	%		0.46	%		2.35	%
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	%
Class R5
9/30/23	$	8.51	$	0.34	$	(0.34	)	$	0.00	^d	$	(0.13	)	$	—		$	(0.13	)	$	8.38		(0.03	%)	$	47,540		0.66	%		0.61	%		3.95	%
9/30/22		10.90		0.22		(1.98	)		(1.76	)		(0.42	)		(0.21	)		(0.63	)		8.51		(17.14	%)		53,494		0.61	%		0.56	%		2.25	%
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	%
Service Class
9/30/23	$	8.51	$	0.33	$	(0.34	)	$	(0.01	)	$	(0.12	)	$	—		$	(0.12	)	$	8.38		(0.15	%)	$	9,008		0.76	%		0.71	%		3.75	%
9/30/22		10.91		0.21		(1.98	)		(1.77	)		(0.42	)		(0.21	)		(0.63	)		8.51		(17.25	%)		33,007		0.72	%		0.67	%		2.20	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	175%	118%	120%	193%	262%

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 1, 2023 (commencement of operations) through September 30, 2023.

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.

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

208

			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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.49	$	0.33	$	(0.35	)	$	(0.02	)	$	(0.11	)	$	—		$	(0.11	)	$	8.36		(0.27	%)	$	16,755		0.86	%		0.81	%		3.75	%
9/30/22		10.85		0.20		(1.97	)		(1.77	)		(0.38	)		(0.21	)		(0.59	)		8.49		(17.29	%)		20,188		0.81	%		0.76	%		1.98	%
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	%
Class R4
9/30/23	$	8.43	$	0.31	$	(0.34	)	$	(0.03	)	$	(0.10	)	$	—		$	(0.10	)	$	8.30		(0.45	%)	$	14,899		1.01	%		0.96	%		3.59	%
9/30/22		10.78		0.18		(1.95	)		(1.77	)		(0.37	)		(0.21	)		(0.58	)		8.43		(17.40	%)		18,821		0.96	%		0.91	%		1.86	%
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	%
Class A
9/30/23	$	8.48	$	0.30	$	(0.34	)	$	(0.04	)	$	(0.09	)	$	—		$	(0.09	)	$	8.35		(0.56	%)	$	10,728		1.11	%		1.06	%		3.48	%
9/30/22		10.80		0.17		(1.96	)		(1.79	)		(0.32	)		(0.21	)		(0.53	)		8.48		(17.46	%)		14,285		1.06	%		1.01	%		1.76	%
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	%
Class R3
9/30/23	$	8.36	$	0.29	$	(0.35	)	$	(0.06	)	$	(0.07	)	$	—		$	(0.07	)	$	8.23		(0.71	%)	$	4,436		1.26	%		1.21	%		3.34	%
9/30/22		10.67		0.16		(1.94	)		(1.78	)		(0.32	)		(0.21	)		(0.53	)		8.36		(17.61	%)		5,277		1.21	%		1.16	%		1.60	%
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	%
Class Y
9/30/23^g	$	8.98	$	0.24	$	(0.84	)	$	(0.60	)	$	—		$	—		$	—		$	8.38		(6.68	%)^b	$	93		0.66	%^a		0.61	%^a		4.08	%^a

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

209

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 return^l,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
9/30/23	$	10.87	$	0.26	$	1.39		$	1.65		$	(0.26	)	$	(1.23	)	$	(1.49	)	$	11.03		14.93	%	$	174,006		0.61	%		2.31	%
9/30/22		13.48		0.25		(1.15	)		(0.90	)		(0.26	)		(1.45	)		(1.71	)		10.87		(8.47	%)		168,929		0.58	%		1.97	%
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	%
Class R5
9/30/23	$	10.90	$	0.25	$	1.39		$	1.64		$	(0.25	)	$	(1.23	)	$	(1.48	)	$	11.06		14.76	%	$	46,196		0.71	%		2.21	%
9/30/22		13.50		0.24		(1.15	)		(0.91	)		(0.24	)		(1.45	)		(1.69	)		10.90		(8.48	%)		48,259		0.68	%		1.86	%
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	%
Service Class
9/30/23	$	10.90	$	0.24	$	1.38		$	1.62		$	(0.23	)	$	(1.23	)	$	(1.46	)	$	11.06		14.60	%	$	11,363		0.81	%		2.10	%
9/30/22		13.50		0.23		(1.15	)		(0.92	)		(0.23	)		(1.45	)		(1.68	)		10.90		(8.57	%)		11,979		0.78	%		1.77	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	45%	43%	60%	52%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

210

			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 return^l,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
9/30/23	$	10.99	$	0.23	$	1.40		$	1.63		$	(0.22	)	$	(1.23	)	$	(1.45	)	$	11.17		14.56	%	$	17,730		0.91	%		2.01	%
9/30/22		13.61		0.21		(1.17	)		(0.96	)		(0.21	)		(1.45	)		(1.66	)		10.99		(8.76	%)		16,695		0.88	%		1.66	%
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	%
Class R4
9/30/23	$	10.66	$	0.21	$	1.35		$	1.56		$	(0.20	)	$	(1.23	)	$	(1.43	)	$	10.79		14.35	%	$	9,562		1.06	%		1.87	%
9/30/22		13.24		0.19		(1.12	)		(0.93	)		(0.20	)		(1.45	)		(1.65	)		10.66		(8.83	%)		8,853		1.03	%		1.51	%
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	%
Class A
9/30/23	$	10.86	$	0.20	$	1.38		$	1.58		$	(0.19	)	$	(1.23	)	$	(1.42	)	$	11.02		14.25	%	$	22,250		1.16	%		1.77	%
9/30/22		13.45		0.18		(1.15	)		(0.97	)		(0.17	)		(1.45	)		(1.62	)		10.86		(8.93	%)		21,805		1.13	%		1.42	%
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	%
Class R3
9/30/23	$	10.78	$	0.18	$	1.37		$	1.55		$	(0.19	)	$	(1.23	)	$	(1.42	)	$	10.91		14.07	%	$	684		1.31	%		1.60	%
9/30/22		13.35		0.16		(1.14	)		(0.98	)		(0.14	)		(1.45	)		(1.59	)		10.78		(9.09	%)		1,395		1.28	%		1.31	%
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	%
Class Y
9/30/23^g	$	11.66	$	0.17	$	(0.77	)^aa	$	(0.60	)	$	—		$	—		$	—		$	11.06		(5.15	%)^b	$	95		0.71	%^a		2.26	%^a

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

211

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 return^l,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
9/30/23	$	8.54	$	0.13	$	1.29		$	1.42		$	(0.13	)	$	(1.32	)	$	(1.45	)	$	8.51		16.77	%	$	313,242		0.68	%		1.49	%
9/30/22		10.48		0.14		(0.77	)		(0.63	)		(0.08	)		(1.23	)		(1.31	)		8.54		(7.69	%)		277,621		0.66	%		1.43	%
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	%
Class R5
9/30/23	$	8.62	$	0.12	$	1.30		$	1.42		$	(0.12	)	$	(1.32	)	$	(1.44	)	$	8.60		16.58	%	$	45,279		0.78	%		1.37	%
9/30/22		10.56		0.13		(0.78	)		(0.65	)		(0.06	)		(1.23	)		(1.29	)		8.62		(7.73	%)		69,771		0.76	%		1.31	%
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	%
Service Class
9/30/23	$	8.56	$	0.11	$	1.28		$	1.39		$	(0.11	)	$	(1.32	)	$	(1.43	)	$	8.52		16.33	%	$	26,121		0.88	%		1.28	%
9/30/22		10.49		0.12		(0.76	)		(0.64	)		(0.06	)		(1.23	)		(1.29	)		8.56		(7.76	%)		26,311		0.86	%		1.23	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	34%	30%	38%	54%	103%

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 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

212

			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 return^l,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
9/30/23	$	8.65	$	0.10	$	1.30		$	1.40		$	(0.09	)	$	(1.32	)	$	(1.41	)	$	8.64		16.28	%	$	23,988		0.98	%		1.18	%
9/30/22		10.59		0.11		(0.78	)		(0.67	)		(0.04	)		(1.23	)		(1.27	)		8.65		(7.94	%)		24,364		0.96	%		1.09	%
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	%
Class R4
9/30/23	$	8.28	$	0.09	$	1.24		$	1.33		$	(0.07	)	$	(1.32	)	$	(1.39	)	$	8.22		16.11	%	$	4,038		1.13	%		1.03	%
9/30/22		10.19		0.09		(0.74	)		(0.65	)		(0.03	)		(1.23	)		(1.26	)		8.28		(8.06	%)		3,937		1.11	%		0.95	%
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	%
Class A
9/30/23	$	8.49	$	0.08	$	1.27		$	1.35		$	(0.07	)	$	(1.32	)	$	(1.39	)	$	8.45		16.01	%	$	22,527		1.23	%		0.93	%
9/30/22		10.41		0.09		(0.77	)		(0.68	)		(0.01	)		(1.23	)		(1.24	)		8.49		(8.13	%)		22,657		1.21	%		0.87	%
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	%
Class R3
9/30/23	$	8.23	$	0.06	$	1.24		$	1.30		$	(0.05	)	$	(1.32	)	$	(1.37	)	$	8.16		15.88	%	$	1,338		1.38	%		0.78	%
9/30/22		10.14		0.07		(0.74	)		(0.67	)		(0.01	)		(1.23	)		(1.24	)		8.23		(8.26	%)		1,310		1.36	%		0.73	%
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	%
Class Y
9/30/23^g	$	8.79	$	0.09	$	(0.29	)^aa	$	(0.20	)	$	—		$	—		$	—		$	8.59		(2.28	%)^b	$	98		0.78	%^a		1.51	%^a

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

213

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 return^l,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
9/30/23	$	15.93	$	0.23	$	2.82		$	3.05		$	(0.28	)	$	(4.01	)	$	(4.29	)	$	14.69		21.49	%	$	985,761		0.14	%		1.54	%
9/30/22		21.46		0.27		(2.98	)		(2.71	)		(0.29	)		(2.53	)		(2.82	)		15.93		(15.56	%)		900,471		0.12	%		1.36	%
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	%
Class R5
9/30/23	$	16.00	$	0.21	$	2.85		$	3.06		$	(0.26	)	$	(4.01	)	$	(4.27	)	$	14.79		21.40	%	$	320,371		0.24	%		1.44	%
9/30/22		21.55		0.25		(3.01	)		(2.76	)		(0.26	)		(2.53	)		(2.79	)		16.00		(15.68	%)		300,070		0.22	%		1.27	%
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	%
Service Class
9/30/23	$	16.04	$	0.19	$	2.86		$	3.05		$	(0.23	)	$	(4.01	)	$	(4.24	)	$	14.85		21.24	%	$	263,472		0.39	%		1.29	%
9/30/22		21.60		0.22		(3.02	)		(2.80	)		(0.23	)		(2.53	)		(2.76	)		16.04		(15.84	%)		244,212		0.37	%		1.12	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	2%	2%	4%	6%	4%

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.

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.

214

			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 return^l,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
9/30/23	$	15.59	$	0.17	$	2.76		$	2.93		$	(0.21	)	$	(4.01	)	$	(4.22	)	$	14.30		21.04	%	$	219,664		0.49	%		1.19	%
9/30/22		21.05		0.19		(2.92	)		(2.73	)		(0.20	)		(2.53	)		(2.73	)		15.59		(15.88	%)		213,739		0.47	%		1.01	%
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	%
Class R4
9/30/23	$	15.29	$	0.15	$	2.70		$	2.85		$	(0.19	)	$	(4.01	)	$	(4.20	)	$	13.94		20.87	%	$	360,408		0.64	%		1.04	%
9/30/22		20.69		0.16		(2.87	)		(2.71	)		(0.16	)		(2.53	)		(2.69	)		15.29		(16.01	%)		333,263		0.62	%		0.87	%
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	%
Class A
9/30/23	$	15.15	$	0.13	$	2.67		$	2.80		$	(0.18	)	$	(4.01	)	$	(4.19	)	$	13.76		20.73	%	$	14,603		0.74	%		0.95	%
9/30/22		20.51		0.14		(2.83	)		(2.69	)		(0.14	)		(2.53	)		(2.67	)		15.15		(16.06	%)		18,172		0.72	%		0.77	%
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	%
Class R3
9/30/23	$	14.62	$	0.10	$	2.58		$	2.68		$	(0.15	)	$	(4.01	)	$	(4.16	)	$	13.14		20.62	%	$	242,145		0.89	%		0.78	%
9/30/22		19.92		0.11		(2.74	)		(2.63	)		(0.14	)		(2.53	)		(2.67	)		14.62		(16.25	%)		212,307		0.87	%		0.63	%
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	%

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

215

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 return^l,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
9/30/23	$	16.66	$	0.23	$	2.09		$	2.32		$	(0.25	)	$	(2.49	)	$	(2.74	)	$	16.24		13.65	%	$	416,283		0.75	%		1.36	%
9/30/22		20.17		0.23		(1.29	)		(1.06	)		(0.25	)		(2.20	)		(2.45	)		16.66		(6.98	%)		355,035		0.74	%		1.17	%
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	%
Class R5
9/30/23	$	16.75	$	0.21	$	2.11		$	2.32		$	(0.23	)	$	(2.49	)	$	(2.72	)	$	16.35		13.54	%	$	63,720		0.85	%		1.23	%
9/30/22		20.26		0.21		(1.29	)		(1.08	)		(0.23	)		(2.20	)		(2.43	)		16.75		(7.05	%)		84,471		0.83	%		1.06	%
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	%
Service Class
9/30/23	$	16.27	$	0.19	$	2.05		$	2.24		$	(0.21	)	$	(2.49	)	$	(2.70	)	$	15.81		13.48	%	$	32,092		0.95	%		1.15	%
9/30/22		19.75		0.18		(1.25	)		(1.07	)		(0.21	)		(2.20	)		(2.41	)		16.27		(7.18	%)		34,750		0.94	%		0.96	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	24%	25%	25%	41%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

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		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 return^l,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
9/30/23	$	15.92	$	0.17	$	2.01		$	2.18		$	(0.19	)	$	(2.49	)	$	(2.68	)	$	15.42		13.37	%	$	34,721		1.05	%		1.05	%
9/30/22		19.38		0.16		(1.23	)		(1.07	)		(0.19	)		(2.20	)		(2.39	)		15.92		(7.30	%)		34,104		1.04	%		0.86	%
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	%
Class R4
9/30/23	$	14.46	$	0.13	$	1.83		$	1.96		$	(0.17	)	$	(2.49	)	$	(2.66	)	$	13.76		13.18	%	$	9,151		1.21	%		0.91	%
9/30/22		17.80		0.12		(1.09	)		(0.97	)		(0.17	)		(2.20	)		(2.37	)		14.46		(7.41	%)		6,354		1.19	%		0.71	%
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	%
Class A
9/30/23	$	14.83	$	0.12	$	1.87		$	1.99		$	(0.15	)	$	(2.49	)	$	(2.64	)	$	14.18		13.05	%	$	35,886		1.30	%		0.80	%
9/30/22		18.18		0.11		(1.12	)		(1.01	)		(0.14	)		(2.20	)		(2.34	)		14.83		(7.46	%)		38,062		1.29	%		0.61	%
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	%
Class R3
9/30/23	$	13.16	$	0.08	$	1.68		$	1.76		$	(0.16	)	$	(2.49	)	$	(2.65	)	$	12.27		12.96	%	$	6,401		1.45	%		0.66	%
9/30/22		16.40		0.07		(0.98	)		(0.91	)		(0.13	)		(2.20	)		(2.33	)		13.16		(7.66	%)		4,064		1.44	%		0.49	%
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	%
Class Y
9/30/23^g	$	16.77	$	0.15	$	(0.57	)^aa	$	(0.42	)	$	—		$	—		$	—		$	16.35		(2.50	%)^b	$	97		0.86	%^a		1.33	%^a

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

217

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	2.98	$	(0.03	)	$	0.59		$	0.56		$	(0.00	)^d	$	—		$	(0.00	)^d	$	3.54		18.95	%	$	2,680		1.54	%		1.49	%		(0.81	%)
9/30/22		6.15		(0.02	)		(1.42	)		(1.44	)		—			(1.73	)		(1.73	)		2.98		(31.76	%)		2,654		1.18	%		1.18	%^k		(0.59	%)
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		0.00	^d		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	%
Class R5
9/30/23	$	3.00	$	(0.03	)	$	0.59		$	0.56		$	(0.00	)^d	$	—		$	(0.00	)^d	$	3.56		18.68	%	$	3,879		1.64	%		1.59	%		(0.90	%)
9/30/22		6.19		(0.03	)		(1.43	)		(1.46	)		—			(1.73	)		(1.73	)		3.00		(31.94	%)		4,939		1.32	%		1.31	%		(0.71	%)
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	%
Service Class
9/30/23	$	2.76	$	(0.03	)	$	0.54		$	0.51		$	—		$	—		$	—		$	3.27		18.48	%	$	2,454		1.74	%		1.69	%		(1.01	%)
9/30/22		5.84		(0.03	)		(1.32	)		(1.35	)		—			(1.73	)		(1.73	)		2.76		(31.97	%)		4,211		1.43	%		1.42	%		(0.80	%)
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	64%	67%	78%	164%	123%

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 1, 2023 (commencement of operations) through September 30, 2023.

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.

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	2.49	$	(0.03	)	$	0.49		$	0.46		$	—		$	—		$	—		$	2.95		18.47	%	$	5,417		1.84	%		1.79	%		(1.10	%)
9/30/22		5.46		(0.03	)		(1.21	)		(1.24	)		—			(1.73	)		(1.73	)		2.49		(32.21	%)		4,610		1.52	%		1.51	%		(0.90	%)
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		0.00	^d		(0.02	)^aa		(0.02	)		(0.02	)		(1.75	)		(1.77	)		7.59		3.97	%		14,315		1.12	%		1.09	%		0.01	%
Class R4
9/30/23	$	1.90	$	(0.03	)	$	0.38		$	0.35		$	—		$	—		$	—		$	2.25		18.42	%	$	1,473		1.99	%		1.94	%		(1.25	%)
9/30/22		4.59		(0.03	)		(0.93	)		(0.96	)		—			(1.73	)		(1.73	)		1.90		(32.23	%)		1,220		1.69	%		1.68	%		(1.05	%)
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	%)
Class A
9/30/23	$	1.99	$	(0.03	)	$	0.39		$	0.36		$	—		$	—		$	—		$	2.35		18.09	%	$	7,740		2.09	%		2.04	%		(1.35	%)
9/30/22		4.72		(0.03	)		(0.97	)		(1.00	)		—			(1.73	)		(1.73	)		1.99		(32.20	%)		7,267		1.77	%		1.76	%		(1.15	%)
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	%)
Class R3
9/30/23	$	1.29	$	(0.02	)	$	0.26		$	0.24		$	—		$	—		$	—		$	1.53		18.60	%	$	1,319		2.24	%		2.19	%		(1.50	%)
9/30/22		3.70		(0.02	)		(0.66	)		(0.68	)		—			(1.73	)		(1.73	)		1.29		(32.59	%)		1,101		1.94	%		1.93	%		(1.30	%)
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	%)
Class Y
9/30/23^g	$	3.53	$	(0.02	)	$	0.05		$	0.03		$	—		$	—		$	—		$	3.56		0.85	%^b	$	101		1.64	%^a		1.59	%^a		(0.87	%)^a

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

219

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 return^l,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
9/30/23	$	18.74	$	(0.02	)	$	5.76		$	5.74		$	(0.09	)	$	(2.91	)	$	(3.00	)	$	21.48		34.60	%	$	1,436,141		0.65	%		(0.09	%)
9/30/22		33.66		(0.04	)		(8.56	)		(8.60	)		—			(6.32	)		(6.32	)		18.74		(31.96	%)		1,748,402		0.64	%		(0.15	%)
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	%
Class R5
9/30/23	$	18.65	$	(0.04	)	$	5.74		$	5.70		$	(0.07	)	$	(2.91	)	$	(2.98	)	$	21.37		34.48	%	$	272,965		0.75	%		(0.19	%)
9/30/22		33.56		(0.06	)		(8.53	)		(8.59	)		—			(6.32	)		(6.32	)		18.65		(32.04	%)		333,396		0.74	%		(0.25	%)
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	%
Service Class
9/30/23	$	18.37	$	(0.06	)	$	5.65		$	5.59		$	(0.05	)	$	(2.91	)	$	(2.96	)	$	21.00		34.34	%	$	132,292		0.85	%		(0.29	%)
9/30/22		33.18		(0.09	)		(8.40	)		(8.49	)		—			(6.32	)		(6.32	)		18.37		(32.12	%)		121,094		0.84	%		(0.35	%)
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	16%	16%	20%	28%	25%

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 1, 2023 (commencement of operations) through September 30, 2023.

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.

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 return^l,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
9/30/23	$	17.95	$	(0.07	)	$	5.48		$	5.41		$	(0.02	)	$	(2.91	)	$	(2.93	)	$	20.43		34.14	%	$	152,817		0.95	%		(0.39	%)
9/30/22		32.58		(0.11	)		(8.20	)		(8.31	)		—			(6.32	)		(6.32	)		17.95		(32.16	%)		171,168		0.94	%		(0.46	%)
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	%
Class R4
9/30/23	$	16.73	$	(0.09	)	$	5.06		$	4.97		$	—		$	(2.91	)	$	(2.91	)	$	18.79		33.92	%	$	45,784		1.10	%		(0.54	%)
9/30/22		30.82		(0.14	)		(7.63	)		(7.77	)		—			(6.32	)		(6.32	)		16.73		(32.26	%)		48,674		1.08	%		(0.59	%)
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	%)
Class A
9/30/23	$	16.71	$	(0.11	)	$	5.06		$	4.95		$	—		$	(2.91	)	$	(2.91	)	$	18.75		33.82	%	$	81,524		1.20	%		(0.64	%)
9/30/22		30.82		(0.16	)		(7.63	)		(7.79	)		—			(6.32	)		(6.32	)		16.71		(32.34	%)		80,084		1.19	%		(0.70	%)
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	%)
Class R3
9/30/23	$	15.00	$	(0.12	)	$	4.46		$	4.34		$	—		$	(2.91	)	$	(2.91	)	$	16.43		33.59	%	$	34,246		1.35	%		(0.80	%)
9/30/22		28.32		(0.18	)		(6.82	)		(7.00	)		—			(6.32	)		(6.32	)		15.00		(32.41	%)		30,331		1.34	%		(0.85	%)
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	%)
Class Y
9/30/23^g	$	18.41	$	(0.03	)	$	2.99		$	2.96		$	—		$	—		$	—		$	21.37		16.08	%^b	$	116		0.76	%^a		(0.20	%)^a

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

221

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	4.56	$	(0.02	)	$	1.17		$	1.15		$	(0.03	)	$	(0.50	)	$	(0.53	)		5.18		27.18	%	$	76,491		0.85	%		0.83	%		(0.36	%)
9/30/22		11.31		(0.04	)		(4.23	)		(4.27	)		—			(2.48	)		(2.48	)		4.56		(47.25	%)		146,814		0.78	%		0.76	%		(0.53	%)
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	%)
Class R5
9/30/23	$	4.40	$	(0.02	)	$	1.11		$	1.09		$	(0.02	)	$	(0.50	)	$	(0.52	)	$	4.97		26.88	%	$	21,991		0.95	%		0.93	%		(0.46	%)
9/30/22		11.00		(0.04	)		(4.08	)		(4.12	)		—			(2.48	)		(2.48	)		4.40		(47.21	%)		33,626		0.88	%		0.86	%		(0.63	%)
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	%)
Service Class
9/30/23	$	4.00	$	(0.02	)	$	1.02		$	1.00		$	(0.02	)	$	(0.50	)	$	(0.52	)	$	4.48		27.19	%	$	8,450		1.05	%		1.03	%		(0.56	%)
9/30/22		10.27		(0.05	)		(3.74	)		(3.79	)		—			(2.48	)		(2.48	)		4.00		(47.38	%)		14,637		0.98	%		0.96	%		(0.73	%)
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	%)

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	29%	29%	26%	47%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

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,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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	3.51	$	(0.02	)	$	0.88		$	0.86		$	(0.02	)	$	(0.50	)	$	(0.52	)	$	3.85		26.85	%	$	25,045		1.16	%		1.14	%		(0.67	%)
9/30/22		9.34		(0.05	)		(3.30	)		(3.35	)		—			(2.48	)		(2.48	)		3.51		(47.40	%)		22,602		1.08	%		1.06	%		(0.83	%)
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	%)
Class R4
9/30/23	$	2.68	$	(0.02	)	$	0.65		$	0.63		$	(0.01	)	$	(0.50	)	$	(0.51	)	$	2.80		26.57	%	$	795		1.30	%		1.28	%		(0.82	%)
9/30/22		7.76		(0.05	)		(2.55	)		(2.60	)		—			(2.48	)		(2.48	)		2.68		(47.38	%)		638		1.23	%		1.21	%		(0.99	%)
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	%)
Class A
9/30/23	$	2.59	$	(0.02	)	$	0.62		$	0.60		$	(0.01	)	$	(0.50	)	$	(0.51	)	$	2.68		26.39	%	$	15,078		1.40	%		1.38	%		(0.92	%)
9/30/22		7.60		(0.05	)		(2.48	)		(2.53	)		—			(2.48	)		(2.48	)		2.59		(47.50	%)		14,095		1.33	%		1.31	%		(1.08	%)
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	%)
Class R3
9/30/23	$	1.69	$	(0.02	)	$	0.38		$	0.36		$	(0.01	)	$	(0.50	)	$	(0.51	)	$	1.54		26.67	%	$	1,852		1.55	%		1.53	%		(1.07	%)
9/30/22		5.90		(0.03	)		(1.70	)		(1.73	)		—			(2.48	)		(2.48	)		1.69		(47.66	%)		1,411		1.48	%		1.46	%		(1.23	%)
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	%)
Class Y
9/30/23^g	$	4.60	$	(0.02	)	$	0.39		$	0.37		$	—		$	—		$	—		$	4.97		8.04	%^b	$	108		0.95	%^a		0.93	%^a		(0.47	%)^a

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

223

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	10.56	$	0.19	$	0.95		$	1.14		$	(0.25	)	$	(0.77	)	$	(1.02	)	$	10.68		10.52	%	$	100,378		0.99	%		0.61	%		1.68	%
9/30/22		15.11		0.19		(1.12	)		(0.93	)		(0.16	)		(3.46	)		(3.62	)		10.56		(9.37	%)		97,584		0.93	%		0.61	%		1.47	%
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	%
Class R5
9/30/23	$	10.71	$	0.18	$	0.96		$	1.14		$	(0.23	)	$	(0.77	)	$	(1.00	)	$	10.85		10.43	%	$	882		1.09	%		0.71	%		1.58	%
9/30/22		15.28		0.18		(1.15	)		(0.97	)		(0.14	)		(3.46	)		(3.60	)		10.71		(9.51	%)		782		1.03	%		0.71	%		1.36	%
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	%
Service Class
9/30/23	$	10.60	$	0.17	$	0.95		$	1.12		$	(0.20	)	$	(0.77	)	$	(0.97	)	$	10.75		10.30	%	$	90		1.19	%		0.81	%		1.48	%
9/30/22		15.16		0.15		(1.12	)		(0.97	)		(0.13	)		(3.46	)		(3.59	)		10.60		(9.60	%)		88		1.12	%		0.81	%		1.15	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	79%	82%	134%	74%	54%

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 1, 2023 (commencement of operations) through September 30, 2023.

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.

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,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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	10.89	$	0.16	$	0.98		$	1.14		$	(0.21	)	$	(0.77	)	$	(0.98	)	$	11.05		10.21	%	$	938		1.29	%		0.91	%		1.38	%
9/30/22		15.46		0.15		(1.16	)		(1.01	)		(0.10	)		(3.46	)		(3.56	)		10.89		(9.63	%)		841		1.23	%		0.91	%		1.17	%
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	%
Class R4
9/30/23	$	10.48	$	0.14	$	0.94		$	1.08		$	(0.20	)	$	(0.77	)	$	(0.97	)	$	10.59		10.05	%	$	308		1.44	%		1.06	%		1.25	%
9/30/22		14.96		0.13		(1.12	)		(0.99	)		(0.03	)		(3.46	)		(3.49	)		10.48		(9.79	%)		255		1.38	%		1.06	%		1.04	%
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	%
Class A
9/30/23	$	10.65	$	0.12	$	0.97		$	1.09		$	(0.18	)	$	(0.77	)	$	(0.95	)	$	10.79		10.00	%	$	1,234		1.54	%		1.16	%		1.11	%
9/30/22		15.13		0.12		(1.14	)		(1.02	)		—			(3.46	)		(3.46	)		10.65		(9.87	%)		1,390		1.48	%		1.16	%		0.93	%
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	%
Class R3
9/30/23	$	10.44	$	0.11	$	0.95		$	1.06		$	(0.17	)	$	(0.77	)	$	(0.94	)	$	10.56		9.85	%	$	180		1.69	%		1.31	%		0.99	%
9/30/22		14.92		0.10		(1.12	)		(1.02	)		—			(3.46	)		(3.46	)		10.44		(10.05	%)		120		1.63	%		1.31	%		0.77	%
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	%
Class Y
9/30/23^g	$	11.81	$	0.13	$	(1.09	)^aa	$	(0.96	)	$	—		$	—		$	—		$	10.85		(8.13	%)^b	$	92		1.09	%^a		0.71	%^a		1.72	%^a

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

225

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.69	$	0.01	^bb	$	1.54		$	1.55		$	—		$	(1.42	)	$	(1.42	)	$	8.82		18.15	%	$	31,031		1.26	%		N/A			0.08	%
9/30/22		13.05		0.01	^bb		(1.25	)		(1.24	)		—			(3.12	)		(3.12	)		8.69		(13.54	%)		31,863		1.16	%		N/A			0.10	%
9/30/21		8.72		0.00	^d		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	%
Class R5
9/30/23	$	8.70	$	(0.00	)^d	$	1.54		$	1.54		$	—		$	(1.42	)	$	(1.42	)	$	8.82		18.00	%	$	7,613		1.36	%		N/A			(0.01	%)
9/30/22		13.07		(0.00	)^d		(1.25	)		(1.25	)		—			(3.12	)		(3.12	)		8.70		(13.61	%)		6,513		1.25	%		N/A			(0.02	%)
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	%
Service Class
9/30/23	$	8.74	$	(0.01	)	$	1.55		$	1.54		$	—		$	(1.42	)	$	(1.42	)	$	8.86		17.89	%	$	2,214		1.46	%		N/A			(0.12	%)
9/30/22		13.13		(0.01	)		(1.26	)		(1.27	)		—			(3.12	)		(3.12	)		8.74		(13.72	%)		2,189		1.36	%		N/A			(0.12	%)
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		0.00	^d		(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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	47%	47%	23%	77%	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.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

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.

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,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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.61	$	(0.02	)	$	1.52		$	1.50		$	—		$	(1.42	)	$	(1.42	)	$	8.69		17.68	%	$	2,403		1.56	%		N/A			(0.21	%)
9/30/22		12.99		(0.02	)		(1.24	)		(1.26	)		—			(3.12	)		(3.12	)		8.61		(13.80	%)		2,189		1.46	%		N/A			(0.21	%)
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	%
Class R4
9/30/23	$	8.31	$	(0.03	)	$	1.47		$	1.44		$	—		$	(1.42	)	$	(1.42	)	$	8.33		17.59	%	$	1,451		1.71	%		N/A			(0.36	%)
9/30/22		12.65		(0.04	)		(1.18	)		(1.22	)		—			(3.12	)		(3.12	)		8.31		(13.88	%)		1,193		1.61	%		N/A			(0.36	%)
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
Class A
9/30/23	$	8.36	$	(0.04	)	$	1.48		$	1.44		$	—		$	(1.42	)	$	(1.42	)	$	8.38		17.44	%	$	3,653		1.80	%		N/A			(0.47	%)
9/30/22		12.73		(0.05	)		(1.20	)		(1.25	)		—			(3.12	)		(3.12	)		8.36		(14.05	%)		4,521		1.71	%		N/A			(0.47	%)
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	%)
Class R3
9/30/23	$	8.14	$	(0.05	)	$	1.44		$	1.39		$	—		$	(1.42	)	$	(1.42	)	$	8.11		17.29	%	$	540		1.96	%		N/A			(0.61	%)
9/30/22		12.49		(0.06	)		(1.17	)		(1.23	)		—			(3.12	)		(3.12	)		8.14		(14.19	%)		621		1.86	%		N/A			(0.61	%)
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	%)
Class Y
9/30/23^g	$	9.38	$	(0.00	)^d	$	(0.56	)^aa	$	(0.56	)	$	—		$	—		$	—		$	8.82		(5.97	%)^b	$	94		1.36	%^a		N/A			0.05	%^a

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

227

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.86	$	0.09	$	0.63		$	0.72		$	(0.07	)	$	(1.19	)	$	(1.26	)	$	8.32		7.50	%	$	137,558		1.01	%		0.86	%		1.05	%
9/30/22		12.69		0.09		(2.16	)		(2.07	)		(0.04	)		(1.72	)		(1.76	)		8.86		(19.24	%)		132,528		0.95	%		0.86	%		0.77	%
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	%
Class R5
9/30/23	$	8.93	$	0.08	$	0.64		$	0.72		$	(0.06	)	$	(1.19	)	$	(1.25	)	$	8.40		7.41	%	$	28,982		1.11	%		0.96	%		0.94	%
9/30/22		12.78		0.07		(2.18	)		(2.11	)		(0.02	)		(1.72	)		(1.74	)		8.93		(19.35	%)		35,442		1.05	%		0.96	%		0.66	%
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	%
Service Class
9/30/23	$	8.86	$	0.08	$	0.62		$	0.70		$	(0.05	)	$	(1.19	)	$	(1.24	)	$	8.32		7.24	%	$	7,433		1.21	%		1.06	%		0.85	%
9/30/22		12.69		0.06		(2.16	)		(2.10	)		(0.01	)		(1.72	)		(1.73	)		8.86		(19.41	%)		7,189		1.15	%		1.06	%		0.58	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	44%	42%	66%	57%	146%

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 1, 2023 (commencement of operations) through September 30, 2023.

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.

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.61	$	0.06		$	0.62		$	0.68		$	(0.04	)	$	(1.19	)	$	(1.23	)	$	8.06		7.20	%	$	8,981		1.31	%		1.16	%		0.75	%
9/30/22		12.38		0.05			(2.10	)		(2.05	)		—			(1.72	)		(1.72	)		8.61		(19.50	%)		9,380		1.25	%		1.16	%		0.47	%
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	%
Class R4
9/30/23	$	8.01	$	0.05		$	0.57		$	0.62		$	(0.03	)	$	(1.19	)	$	(1.22	)	$	7.41		7.00	%	$	647		1.46	%		1.31	%		0.60	%
9/30/22		11.65		0.03			(1.95	)		(1.92	)		—			(1.72	)		(1.72	)		8.01		(19.62	%)		628		1.40	%		1.31	%		0.33	%
9/30/21		6.78		0.00	^d		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	%
Class A
9/30/23	$	8.14	$	0.04		$	0.59		$	0.63		$	(0.02	)	$	(1.19	)	$	(1.21	)	$	7.56		6.96	%	$	8,125		1.56	%		1.41	%		0.48	%
9/30/22		11.83		0.02			(1.99	)		(1.97	)		—			(1.72	)		(1.72	)		8.14		(19.76	%)		10,387		1.50	%		1.41	%		0.22	%
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	%
Class R3
9/30/23	$	7.25	$	0.02		$	0.53		$	0.55		$	(0.01	)	$	(1.19	)	$	(1.20	)	$	6.60		6.79	%	$	363		1.71	%		1.56	%		0.34	%
9/30/22		10.73		0.01			(1.77	)		(1.76	)		—			(1.72	)		(1.72	)		7.25		(19.84	%)		332		1.65	%		1.56	%		0.08	%
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		0.00	^d		(1.14	)		(1.14	)		—			(1.57	)		(1.57	)		7.86		(9.30	%)		422		1.68	%		1.68	%^k		0.04	%
Class Y
9/30/23^g	$	9.59	$	0.06		$	(1.25	)^aa	$	(1.19	)	$	—		$	—		$	—		$	8.40		(12.41	%)^b	$	88		1.11	%^a		0.96	%^a		1.02	%^a

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

229

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,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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	18.55	$	0.01		$	2.79		$	2.80		$	—		$	(2.63	)	$	(2.63	)	$	18.72		15.49	%	$	3,729,654		0.72	%		0.68	%		0.05	%
9/30/22		31.23		(0.05	)		(6.68	)		(6.73	)		—			(5.95	)		(5.95	)		18.55		(26.70	%)		3,824,988		0.71	%		0.69	%		(0.19	%)
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	%
Class R5
9/30/23	$	18.22	$	(0.01	)^bb	$	2.74		$	2.73		$	—		$	(2.63	)	$	(2.63	)	$	18.32		15.38	%	$	848,344		0.82	%		0.78	%		(0.05	%)
9/30/22		30.80		(0.07	)		(6.56	)		(6.63	)		—			(5.95	)		(5.95	)		18.22		(26.76	%)		834,945		0.81	%		0.79	%		(0.30	%)
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	%
Service Class
9/30/23	$	17.48	$	(0.03	)^bb	$	2.63		$	2.60		$	—		$	(2.63	)	$	(2.63	)	$	17.45		15.27	%	$	138,437		0.92	%		0.88	%		(0.15	%)
9/30/22		29.82		(0.09	)		(6.30	)		(6.39	)		—			(5.95	)		(5.95	)		17.48		(26.85	%)		158,487		0.91	%		0.89	%		(0.39	%)
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	%)

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	32%	22%	29%	37%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

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.

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,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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	16.24	$	(0.04	)^bb	$	2.44		$	2.40		$	—	$	(2.63	)	$	(2.63	)	$	16.01		15.19	%	$	123,684		1.02	%		0.98	%		(0.25	%)
9/30/22		28.15		(0.10	)		(5.86	)		(5.96	)		—		(5.95	)		(5.95	)		16.24		(26.93	%)		136,292		1.01	%		0.99	%		(0.49	%)
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	%)
Class R4
9/30/23	$	14.37	$	(0.06	)^bb	$	2.15		$	2.09		$	—	$	(2.63	)	$	(2.63	)	$	13.83		14.99	%	$	46,605		1.17	%		1.13	%		(0.40	%)
9/30/22		25.63		(0.13	)		(5.18	)		(5.31	)		—		(5.95	)		(5.95	)		14.37		(27.06	%)		59,611		1.16	%		1.14	%		(0.66	%)
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	%)
Class A
9/30/23	$	14.15	$	(0.07	)^bb	$	2.12		$	2.05		$	—	$	(2.63	)	$	(2.63	)	$	13.57		14.94	%	$	84,046		1.27	%		1.23	%		(0.50	%)
9/30/22		25.35		(0.14	)		(5.11	)		(5.25	)		—		(5.95	)		(5.95	)		14.15		(27.14	%)		87,758		1.26	%		1.24	%		(0.74	%)
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	%)
Class R3
9/30/23	$	12.30	$	(0.08	)^bb	$	1.83		$	1.75		$	—	$	(2.63	)	$	(2.63	)	$	11.42		14.70	%	$	18,253		1.42	%		1.38	%		(0.65	%)
9/30/22		22.84		(0.14	)		(4.45	)		(4.59	)		—		(5.95	)		(5.95	)		12.30		(27.25	%)		19,336		1.41	%		1.39	%		(0.89	%)
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	%)
Class Y
9/30/23^g	$	18.84	$	(0.00	)^d,bb	$	(0.52	)^aa	$	(0.52	)	$	—	$	—		$	—		$	18.32		(2.76	%)^b	$	97		0.82	%^a		0.79	%^a		(0.04	%^)a

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

231

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 return^l,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
9/30/23	$	11.96	$	0.01		$	1.08		$	1.09		$	(0.00	)^d	$	—		$	(0.00	)^d	$	13.05		9.15	%	$	562,807		0.86	%		0.07	%
9/30/22		20.88		(0.02	)		(4.41	)		(4.43	)		—			(4.49	)		(4.49	)		11.96		(26.63	%)		368,199		0.87	%		(0.12	%)
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	%)
Class R5
9/30/23	$	11.64	$	(0.00	)^d,bb	$	1.05		$	1.05		$	—		$	—		$	—		$	12.69		9.02	%	$	135,631		0.96	%		(0.02	%)
9/30/22		20.47		(0.04	)		(4.30	)		(4.34	)		—			(4.49	)		(4.49	)		11.64		(26.73	%)		88,121		0.97	%		(0.24	%)
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	%)
Service Class
9/30/23	$	10.47	$	(0.01	)^bb	$	0.95		$	0.94		$	—		$	—		$	—		$	11.41		8.98	%	$	13,031		1.06	%		(0.13	%)
9/30/22		18.89		(0.05	)		(3.88	)		(3.93	)		—			(4.49	)		(4.49	)		10.47		(26.82	%)		17,932		1.06	%		(0.34	%)
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	%)

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	64%	75%	81%	79%	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.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

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.

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			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 return^l,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
9/30/23	$	9.24	$	(0.02	)^bb	$	0.83		$	0.81		$	—		$	—		$	—		$	10.05		8.77	%	$	16,287		1.17	%		(0.23	%)
9/30/22		17.21		(0.05	)		(3.43	)		(3.48	)		—			(4.49	)		(4.49	)		9.24		(26.83	%)		18,393		1.17	%		(0.43	%)
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	%)
Class R4
9/30/23	$	7.27	$	(0.03	)^bb	$	0.66		$	0.63		$	—		$	—		$	—		$	7.90		8.67	%	$	12,210		1.32	%		(0.38	%)
9/30/22		14.53		(0.05	)		(2.72	)		(2.77	)		—			(4.49	)		(4.49	)		7.27		(26.91	%)		11,840		1.32	%		(0.58	%)
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	%)
Class A
9/30/23	$	7.13	$	(0.04	)^bb	$	0.65		$	0.61		$	—		$	—		$	—		$	7.74		8.56	%	$	15,900		1.42	%		(0.48	%)
9/30/22		14.36		(0.06	)		(2.68	)		(2.74	)		—			(4.49	)		(4.49	)		7.13		(27.06	%)		18,688		1.42	%		(0.69	%)
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	%)
Class R3
9/30/23	$	5.20	$	(0.04	)^bb	$	0.47		$	0.43		$	—		$	—		$	—		$	5.63		8.27	%	$	3,751		1.56	%		(0.63	%)
9/30/22		11.72		(0.06	)		(1.97	)		(2.03	)		—			(4.49	)		(4.49	)		5.20		(27.10	%)		3,408		1.57	%		(0.83	%)
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	%)
Class Y
9/30/23^g	$	13.36	$	(0.00	)^d,bb	$	(0.67	)^aa	$	(0.67	)	$	—		$	—		$	—		$	12.69		(5.01	%)^b	$	95		0.97	%^a		(0.00	)^a,e

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

233

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	6.94	$	0.14	$	1.69		$	1.83		$	(0.17	)	$	(0.57	)	$	(0.74	)	$	8.03		26.64	%	$	268,465		0.91	%		0.79	%		1.71	%
9/30/22		10.17		0.16		(2.40	)		(2.24	)		(0.15	)		(0.84	)		(0.99	)		6.94		(24.66	%)		232,441		0.91	%		0.79	%		1.75	%
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	%
Class R5
9/30/23	$	6.97	$	0.14	$	1.69		$	1.83		$	(0.16	)	$	(0.57	)	$	(0.73	)	$	8.07		26.54	%	$	94,523		1.01	%		0.89	%		1.64	%
9/30/22		10.21		0.15		(2.42	)		(2.27	)		(0.13	)		(0.84	)		(0.97	)		6.97		(24.74	%)		86,220		1.00	%		0.89	%		1.64	%
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	%
Service Class
9/30/23	$	6.92	$	0.11	$	1.70		$	1.81		$	(0.15	)	$	(0.57	)	$	(0.72	)	$	8.01		26.45	%	$	26,462		1.11	%		0.99	%		1.31	%
9/30/22		10.14		0.14		(2.40	)		(2.26	)		(0.12	)		(0.84	)		(0.96	)		6.92		(24.79	%)		30,651		1.10	%		0.99	%		1.61	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	16%	17%	27%	34%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	6.99	$	0.12		$	1.70		$	1.82		$	(0.14	)	$	(0.57	)	$	(0.71	)	$	8.10		26.34	%	$	13,549		1.21	%		1.09	%		1.44	%
9/30/22		10.24		0.13			(2.43	)		(2.30	)		(0.11	)		(0.84	)		(0.95	)		6.99		(24.93	%)		13,633		1.20	%		1.09	%		1.47	%
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	%
Class R4
9/30/23	$	6.63	$	0.10		$	1.61		$	1.71		$	(0.13	)	$	(0.57	)	$	(0.70	)	$	7.64		26.11	%	$	18,860		1.36	%		1.24	%		1.27	%
9/30/22		9.75		0.11			(2.29	)		(2.18	)		(0.10	)		(0.84	)		(0.94	)		6.63		(24.94	%)		16,144		1.35	%		1.24	%		1.34	%
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	%
Class A
9/30/23	$	6.81	$	0.10		$	1.66		$	1.76		$	(0.12	)	$	(0.57	)	$	(0.69	)	$	7.88		26.07	%	$	14,642		1.46	%		1.34	%		1.21	%
9/30/22		9.98		0.11			(2.36	)		(2.25	)		(0.08	)		(0.84	)		(0.92	)		6.81		(25.07	%)		12,858		1.45	%		1.34	%		1.22	%
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	%
Class R3
9/30/23	$	6.70	$	0.08		$	1.64		$	1.72		$	(0.11	)	$	(0.57	)	$	(0.68	)	$	7.74		25.83	%	$	5,064		1.61	%		1.49	%		1.01	%
9/30/22		9.85		0.10			(2.34	)		(2.24	)		(0.07	)		(0.84	)		(0.91	)		6.70		(25.23	%)		4,036		1.61	%		1.49	%		1.16	%
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	%
Class Y
9/30/23^g	$	8.41	$	0.13		$	(0.47	)^aa	$	(0.34	)	$	—		$	—		$	—		$	8.07		(4.04	%)^b	$	96		1.01	%^a		0.89	%^a		2.40	%^a

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

235

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.39	$	0.28	$	1.61		$	1.89		$	(0.28	)	$	(0.00	)^d	$	(0.28	)	$	10.00		22.72	%	$	1,442,393		0.08	%		0.00	%		2.82	%
9/30/22		11.71		0.32		(3.16	)		(2.84	)		(0.32	)		(0.16	)		(0.48	)		8.39		(25.28	%)		1,272,996		0.08	%		0.00	%		3.03	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	24%	32%	28%	30%	26%

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.

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

236

Notes to Financial Statements

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 Trust consists of 53 series, including the following 16 series listed below (each individually referred to as a “Fund” or collectively as the “Funds”):

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

MassMutual Strategic Bond Fund (“Strategic Bond Fund”)

MassMutual Diversified Value Fund (“Diversified Value Fund”)

MassMutual Fundamental Value Fund (“Fundamental Value Fund”)

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

MassMutual Equity Opportunities Fund (“Equity Opportunities Fund”)

MassMutual Fundamental Growth Fund (“Fundamental Growth Fund”)

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

MassMutual Growth Opportunities Fund (“Growth Opportunities Fund”)

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

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

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

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

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

MassMutual Overseas Fund (“Overseas Fund”)

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

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; instead, MML Investment Advisers, LLC (“MML Advisers”) will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.

237

Notes to Financial Statements (Continued)

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds 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.

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

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

238

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

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

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)

239

Notes to Financial Statements (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 Growth Fund and the Small Cap Value Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of September 30, 2023. 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 September 30, 2023, for the remaining Funds’ investments:

	Level 1			Level 2			Level 3			Total
Total Return Bond Fund
Asset Investments
Bank Loans	$	—		$	14,708,870		$	—		$	14,708,870
Corporate Debt		—			208,629,792			—	+		208,629,792
Municipal Obligations		—			5,003,764			—			5,003,764
Non-U.S. Government Agency Obligations		—			136,018,328			—			136,018,328
Sovereign Debt Obligations		—			4,839,607			—			4,839,607
U.S. Government Agency Obligations and Instrumentalities		—			308,594,673			—			308,594,673
U.S. Treasury Obligations		—			249,167,946			—			249,167,946
Common Stock		358,488			—			—			358,488
Rights		—			—			—	+		—
Short-Term Investments		66,945,374			138,638,202			—			205,583,576
Total Investments	$	67,303,862		$	1,065,601,182		$	—		$	1,132,905,044
Liability Investments
Unfunded Bank Loan Commitments**	$	—		$	(514	)		—		$	(514	)
Asset Derivatives
Forward Contracts	$	—		$	247,657		$	—		$	247,657
Futures Contracts		161,894			—			—			161,894
Swap Agreements		—			387,251			—			387,251
Total	$	161,894		$	634,908		$	—		$	796,802
Liability Derivatives
Forward Contracts	$	—		$	(753	)	$	—		$	(753	)
Futures Contracts		(1,161,438	)		—			—			(1,161,438	)
Total	$	(1,161,438	)	$	(753	)	$	—		$	(1,162,191	)

240

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3		Total
Strategic Bond Fund
Asset Investments
Bank Loans	$	—		$	7,230,342		$	—	$	7,230,342
Corporate Debt		—			98,378,327			—		98,378,327
Municipal Obligations		—			50,096			—		50,096
Non-U.S. Government Agency Obligations		—			25,160,825			—		25,160,825
Sovereign Debt Obligations		—			15,585,120			—		15,585,120
U.S. Government Agency Obligations and Instrumentalities		—			147,053,814			—		147,053,814
U.S. Treasury Obligations		—			80,360,225			—		80,360,225
Purchased Options		512,184			2,086			—		514,270
Short-Term Investments		3,601,343			9,435,570			—		13,036,913
Total Investments	$	4,113,527		$	383,256,405		$	—	$	387,369,932
Asset Derivatives
Forward Contracts	$	—		$	411,658		$	—	$	411,658
Futures Contracts		2,322,169			—			—		2,322,169
Swap Agreements		—			3,697,460			—		3,697,460
Total	$	2,322,169		$	4,109,118		$	—	$	6,431,287
Liability Derivatives
Forward Contracts	$	—		$	(877,601	)	$	—	$	(877,601	)
Futures Contracts		(5,032,324	)		—			—		(5,032,324	)
Swap Agreements		—			(1,130,073	)		—		(1,130,073	)
Written Options		(706,381	)		(7,750	)		—		(714,131	)
Total	$	(5,738,705	)	$	(2,015,424	)	$	—	$	(7,754,129	)

Diversified Value Fund
Asset Investments
Common Stock	$	267,834,001		$	5,771,454	*	$	—	$	273,605,455
Preferred Stock		—			2,244,243	*		—		2,244,243
Mutual Funds		3,522,224			—			—		3,522,224
Short-Term Investments		109			2,627,116			—		2,627,225
Total Investments	$	271,356,334		$	10,642,813		$	—	$	281,999,147

Fundamental Value Fund
Asset Investments
Common Stock	$	433,315,829		$	—		$	—	$	433,315,829
Short-Term Investments		552,508			4,424,112			—		4,976,620
Total Investments	$	433,868,337		$	4,424,112		$	—	$	438,292,449

S&P 500 Index Fund
Asset Investments
Common Stock	$	2,389,857,713		$	—		$	—	$	2,389,857,713
Short-Term Investments		—			15,548,486			—		15,548,486
Total Investments	$	2,389,857,713		$	15,548,486		$	—	$	2,405,406,199
Liability Derivatives
Futures Contracts	$	(622,908	)	$	—		$	—	$	(622,908	)

Equity Opportunities Fund
Asset Investments
Common Stock	$	566,546,333		$	10,405,161	*	$	—	$	576,951,494
Preferred Stock		—			4,046,402	*		—		4,046,402
Short-Term Investments		165			17,422,079			—		17,422,244
Total Investments	$	566,546,498		$	31,873,642		$	—	$	598,420,140

241

Notes to Financial Statements (Continued)

	Level 1		Level 2			Level 3		Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	2,121,132,869	$	1,852,013		$	3,039,637	$	2,126,024,519
Preferred Stock		—		—			3,882,992		3,882,992
Corporate Debt		—		2,575,547			—		2,575,547
Short-Term Investments		56,680		14,477,696			—		14,534,376
Total Investments	$	2,121,189,549	$	18,905,256		$	6,922,629	$	2,147,017,434

Growth Opportunities Fund
Asset Investments
Common Stock	$	146,293,526	$	—		$	—	$	146,293,526
Short-Term Investments		3,393,780		3,682,798			—		7,076,578
Total Investments	$	149,687,306	$	3,682,798		$	—	$	153,370,104

Mid Cap Value Fund
Asset Investments
Common Stock	$	97,902,605	$	2,751,310	*	$	—	$	100,653,915
Preferred Stock		—		259,724	*		—		259,724
Mutual Funds		718,172		—			—		718,172
Short-Term Investments		156,333		2,537,686			—		2,694,019
Total Investments	$	98,777,110	$	5,548,720		$	—	$	104,325,830
Asset Derivatives
Forward Contracts	$	—	$	5,629		$	—	$	5,629
Liability Derivatives
Forward Contracts	$	—	$	(41	)	$	—	$	(41	)

Small Company Value Fund
Asset Investments
Common Stock	$	190,299,219	$	378,347	*	$	—	$	190,677,566
Short-Term Investments		141,761		1,142,813			—		1,284,574
Total Investments	$	190,440,980	$	1,521,160		$	—	$	191,962,140
Liability Derivatives
Forward Contracts	$	—	$	(3,399	)	$	—	$	(3,399	)

Mid Cap Growth Fund
Asset Investments
Common Stock	$	4,842,080,205	$	2,937,232		$	—	$	4,845,017,437
Preferred Stock		—		—			15,006,420		15,006,420
Short-Term Investments		8,088,783		136,030,636			—		144,119,419
Total Investments	$	4,850,168,988	$	138,967,868		$	15,006,420	$	5,004,143,276

Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	747,220,937	$	—		$	—	$	747,220,937
Mutual Funds		1,519,106		—			—		1,519,106
Short-Term Investments		11,017,755		9,636,274			—		20,654,029
Total Investments	$	759,757,798	$	9,636,274		$	—	$	769,394,072

242

Notes to Financial Statements (Continued)

	Level 1		Level 2		Level 3		Total
Overseas Fund
Asset Investments
Common Stock*
Australia	$	—	$	5,290,177	$	—	$	5,290,177
Belgium		—		4,173,114		—		4,173,114
Canada		13,977,707		—		—		13,977,707
China		2,299,610		10,473,869		—		12,773,479
Denmark		—		10,009,401		—		10,009,401
France		—		70,242,628		—		70,242,628
Germany		—		66,656,621		—		66,656,621
Hong Kong		—		10,292,057		—		10,292,057
India		—		6,981,678		—		6,981,678
Indonesia		—		220,419		—		220,419
Ireland		6,425,289		—		—		6,425,289
Israel		3,943,489		—		—		3,943,489
Italy		—		12,390,647		—		12,390,647
Japan		—		45,390,387		—		45,390,387
Luxembourg		—		1,776,049		—		1,776,049
Netherlands		—		14,058,263		—		14,058,263
Portugal		—		2,574,632		—		2,574,632
Republic of Korea		—		5,111,096		—		5,111,096
Singapore		—		3,597,233		—		3,597,233
Spain		—		4,837,849		—		4,837,849
Sweden		—		6,055,867		—		6,055,867
Switzerland		—		31,608,407		—		31,608,407
Taiwan		3,003,003		—		—		3,003,003
United Kingdom		1,614,416		46,162,434		—		47,776,850
United States		4,330,430		35,381,730		—		39,712,160
Preferred Stock*
Republic of Korea		—		2,547,514		—		2,547,514
Short-Term Investments		4,017,684		7,585,362		—		11,603,046
Total Investments	$	39,611,628	$	403,417,434	$	—	$	443,029,062

MM Select T. Rowe Price International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	30,236,676	$	—	$	30,236,676
Austria		—		8,280,045		—		8,280,045
Belgium		—		3,348,452		—		3,348,452
Brazil		28,909,652		—		—		28,909,652
Canada		57,664,092		—		—		57,664,092
Chile		2,878,824		2,331,303		—		5,210,127
China		37,512,067		104,869,631		—		142,381,698
Denmark		5,046,988		8,207,714		—		13,254,702
Finland		—		8,809,874		—		8,809,874
France		—		95,466,692		—		95,466,692
Germany		1,053,418		88,445,247		—		89,498,665
Guatemala		—		1,272,571		—		1,272,571
Hong Kong		—		23,132,879		—		23,132,879
Hungary		—		5,894,052		—		5,894,052
India		2,405,065		65,203,502		—		67,608,567
Indonesia		—		10,708,970		—		10,708,970
Ireland		2,292,218		1,558,700		—		3,850,918

243

Notes to Financial Statements (Continued)

	Level 1		Level 2			Level 3			Total
MM Select T. Rowe Price International Equity Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Italy	$	1,729,922	$	25,104,279		$	—		$	26,834,201
Japan		—		200,203,060			—			200,203,060
Luxembourg		—		3,771,753			—			3,771,753
Macau		—		4,354,616			—			4,354,616
Malaysia		—		3,195,820			—			3,195,820
Mexico		12,512,128		1,312,252			—			13,824,380
Netherlands		3,527,445		59,136,043			—			62,663,488
Norway		—		13,274,567			—			13,274,567
Peru		447,511		—			—			447,511
Philippines		219,864		5,050,172			—			5,270,036
Poland		—		1,657,370			—			1,657,370
Portugal		—		10,220,377			—			10,220,377
Republic of Korea		1,976,780		50,337,646			—			52,314,426
Russia		—		—			—	+		—
Saudi Arabia		—		15,146,563			—			15,146,563
Singapore		1,741,123		10,121,936			—			11,863,059
South Africa		—		8,069,983			—			8,069,983
Spain		—		11,334,787			—			11,334,787
Sweden		814,318		26,959,282			—			27,773,600
Switzerland		—		51,705,807			—			51,705,807
Taiwan		—		48,231,044			—			48,231,044
Thailand		2,523,284		5,278,487			—			7,801,771
United Arab Emirates		—		1,423,008			—			1,423,008
United Kingdom		21,911,755		109,660,516			—			131,572,271
United States		21,705,191		65,103,344			408,531			87,217,066
Preferred Stock*
Brazil		2,342,201		—			—			2,342,201
Germany		—		8,239,442			—			8,239,442
United States		—		—			24,533			24,533
Warrants		—		—			—	+		—
Rights		9,581		—			—	+		9,581
Short-Term Investments		39,024,442		987,091			—			40,011,533
Total Investments	$	248,247,869	$	1,197,645,553		$	433,064		$	1,446,326,486
Asset Derivatives
Forward Contracts	$	—	$	71		$	—		$	71
Liability Derivatives
Written Options	$	—	$	(3,833	)	$	—		$	(3,833	)

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

**	Unfunded bank loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+	Represents a security at $0 value as of September 30, 2023.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, cash collateral pledged for open derivatives, and cash collateral pledged for when-issued securities, as well as any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and cash collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of September 30, 2023.

The Funds had no Level 3 transfers during the year ended September 30, 2023.

244

Notes to Financial Statements (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At September 30, 2023, and during the year 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
Forward Contracts*	$	—		$	—	$	247,657		$	—		$	247,657
Futures Contracts^^		—			—		—			161,894			161,894
Swap Agreements^^^,^^^		—			—		—			387,251			387,251
Total Value	$	—		$	—	$	247,657		$	549,145		$	796,802
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(753	)	$	—		$	(753	)
Futures Contracts^^		—			—		—			(1,161,438	)		(1,161,438	)
Total Value	$	—		$	—	$	(753	)	$	(1,161,438	)	$	(1,162,191	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	—	$	(84,391	)	$	—		$	(84,391	)
Futures Contracts		—			—		—			(8,651,796	)		(8,651,796	)
Swap Agreements		—			—		—			(3,358,386	)		(3,358,386	)
Total Realized Gain (Loss)	$	—		$	—	$	(84,391	)	$	(12,010,182	)	$	(12,094,573	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—	$	194,680		$	—		$	194,680
Futures Contracts		—			—		—			874,207			874,207
Swap Agreements		—			—		—			4,326,911			4,326,911
Total Change in Appreciation (Depreciation)	$	—		$	—	$	194,680		$	5,201,118		$	5,395,798

Strategic Bond Fund
Asset Derivatives
Purchased Options*	$	—		$	—	$	2,086		$	—		$	2,086
Purchased Options*^,^^^		—			—		—			512,184			512,184
Forward Contracts*		—			—		411,658			—			411,658
Futures Contracts^^		—			—		—			2,322,169			2,322,169
Swap Agreements^^^,^^^		708,367			—		—			2,989,093			3,697,460
Total Value	$	708,367		$	—	$	413,744		$	5,823,446		$	6,945,557
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(877,601	)	$	—		$	(877,601	)
Futures Contracts^^		—			—		—			(5,032,324	)		(5,032,324	)
Swap Agreements^		—			—		—			(113,043	)		(113,043	)
Swap Agreements^^^,^^^		(11,985	)		—		—			(1,005,045	)		(1,017,030	)
Written Options^		—			—		(7,750	)		—			(7,750	)
Written Options^^,^^^		—			—		—			(706,381	)		(706,381	)
Total Value	$	(11,985	)	$	—	$	(885,351	)	$	(6,856,793	)	$	(7,754,129	)

245

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Strategic Bond Fund (Continued)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	(158,101	)	$	(2,286,933	)	$	(2,445,034	)
Forward Contracts		—		—			(1,293,843	)		—			(1,293,843	)
Futures Contracts		—		—			—			(10,184,695	)		(10,184,695	)
Swap Agreements		1,511,119		—			—			2,281,624			3,792,743
Written Options		—		—			510,786			2,512,627			3,023,413
Total Realized Gain (Loss)	$	1,511,119	$	—		$	(941,158	)	$	(7,677,377	)	$	(7,107,416	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—		$	16,247		$	393,222		$	409,469
Forward Contracts		—		—			761,813			—			761,813
Futures Contracts		—		—			—			3,226,494			3,226,494
Swap Agreements		81,171		—			—			(2,631,869	)		(2,550,698	)
Written Options		—		—			43,727			127,964			171,691
Total Change in Appreciation (Depreciation)	$	81,171	$	—		$	821,787		$	1,115,811		$	2,018,769

S&P 500 Index Fund
Liability Derivatives
Futures Contracts^^	$	—	$	(622,908	)	$	—		$	—		$	(622,908	)
Realized Gain (Loss)#
Futures Contracts	$	—	$	1,426,970		$	—		$	—		$	1,426,970
Change in Appreciation (Depreciation)##
Futures Contracts	$	—	$	1,535,984		$	—		$	—		$	1,535,984

Mid Cap Value Fund
Asset Derivatives
Forward Contracts*^,^^^	$	—	$	—		$	5,629		$	—		$	5,629
Liability Derivatives
Forward Contracts^^,^^^	$	—	$	—		$	(41	)	$	—		$	(41	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	—		$	(162,602	)	$	—		$	(162,602	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	6,091		$	—		$	6,091

Small Company Value Fund
Liability Derivatives
Forward Contracts^^,^^^	$	—	$	—		$	(3,399	)	$	—		$	(3,399	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	—		$	(10,045	)	$	—		$	(10,045	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	5,156		$	—		$	5,156

246

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk		Total
MM Select T. Rowe Price International Equity Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	71		$	—	$	71
Liability Derivatives
Written Options^	$	—	$	(3,833	)	$	—		$	—	$	(3,833	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	—		$	(2,923	)	$	—	$	(2,923	)
Written Options		—		72,816			—			—		72,816
Total Realized Gain (Loss)	$	—	$	72,816		$	(2,923	)	$	—	$	69,893
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	71		$	—	$	71
Written Options		—		6,143			—			—		6,143
Total Change in Appreciation (Depreciation)	$	—	$	6,143		$	71		$	—	$	6,214

*	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, open swap agreements, 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 year ended September 30, 2023, the average number of contracts, notional amounts, or shares/units outstanding for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Total Return Bond Fund		1,133	$	4,387,546	$	45,501,833		—		—
Strategic Bond Fund		3,821		30,832,870		230,107,508		943,592		1,915,949
S&P 500 Index Fund		89		—		—		—		—
Mid Cap Value Fund		—		3,398,309		—		—		—
Small Company Value Fund		—		432,694		—		—		—
MM Select T. Rowe Price International Equity Fund		—		40,338		—		—		147

†

As applicable, 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 year ended September 30, 2023.

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

247

Notes to Financial Statements (Continued)

derivatives exposure as of September 30, 2023. 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 September 30, 2023.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Total Return Bond Fund
Citibank N.A.	$	247,657	$	(753	)	$	—	$	246,904

Strategic Bond Fund
Bank of America N.A.	$	12,449	$	(12,449	)	$	—	$	—
BNP Paribas SA		56,911		(56,911	)		—		—
Citibank N.A.		25,062		(9,943	)		—		15,119
Citigroup Global Markets, Inc.		2,086		(2,086	)		—		—
Goldman Sachs International		56,784		(1,756	)		—		55,028
Morgan Stanley & Co. LLC		260,452		(260,452	)		—		—
	$	413,744	$	(343,597	)	$	—	$	70,147

MM Select T. Rowe Price International Equity Fund
State Street Bank and Trust Co.	$	71	$	—		$	—	$	71

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 September 30, 2023.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Total Return Bond Fund
Citibank N.A.	$	(753	)	$	753	$	—	$	—

Strategic Bond Fund
Bank of America N.A.	$	(12,529	)	$	12,449	$	—	$	(80	)
BNP Paribas SA		(332,941	)		56,911		—		(276,030	)
Citibank N.A.		(9,943	)		9,943		—		—
Citigroup Global Markets, Inc.		(115,529	)		2,086		—		(113,443	)
Goldman Sachs International		(1,756	)		1,756		—		—
Morgan Stanley & Co. LLC		(525,696	)		260,452		—		(265,244	)
	$	(998,394	)	$	343,597	$	—	$	(654,797	)

MM Select T. Rowe Price International Equity Fund
Goldman Sachs International	$	(3,833	)	$	—	$	—	$	(3,833	)

*	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.

248

Notes to Financial Statements (Continued)

***	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 year ended September 30, 2023, 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. 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 (depreciation) 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.

249

Notes to Financial Statements (Continued)

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.

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.

250

Notes to Financial Statements (Continued)

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.

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.

251

Notes to Financial Statements (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 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 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.

252

Notes to Financial Statements (Continued)

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 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

253

Notes to Financial Statements (Continued)

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 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.

254

Notes to Financial Statements (Continued)

The Total Return Bond Fund entered into certain bank loan agreements which are unfunded (“commitments”). The Total Return Bond Fund is obligated to fund these commitments at the borrower’s discretion. At September 30, 2023, the Total Return Bond Fund had sufficient cash and/or securities to cover these commitments.

Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities. Any change in the unrealized appreciation (depreciation) is shown in the Statement of Operations. At September 30, 2023, the Total Return Bond Fund had the following commitments:

		Borrower				Par				Commitment Amount				Value				Unrealized Appreciation (Depreciation)
Total Return Bond Fund	Matlv Holdings, Inc., Delayed Draw Term Loan A					$	102,765			$	100,196			$	99,682			$	(514	)

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund’s Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

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.

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 by MML Advisers. A 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, a 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.

255

Notes to Financial Statements (Continued)

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 September 30, 2023, 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.

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 year ended September 30, 2023, is reflected as securities lending income on the Statement of Operations.

256

Notes to Financial Statements (Continued)

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.

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.

Foreign Securities

Each of the Overseas Fund and MM Select T. Rowe Price International Equity Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

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 U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.

257

Notes to Financial Statements (Continued)

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. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

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 investment 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 investment 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 0.35% on any excess over $200 million	Brandywine Global Investment Management, LLC; Western Asset Management Company, LLC; and Western Asset Management Company Limited
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
	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.;

258

Notes to Financial Statements (Continued)

Fund	Investment Advisory Fee	Investment Subadviser(s)
	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.
Mid Cap Growth Fund^,*	0.67% on the first $2 billion; and	Frontier Capital Management Company, LLC;
	0.62% 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
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.

*	T. Rowe Price Investment Management, Inc. serves as a sub-subadviser of the Fund.

**	Prior to July 1, 2023, the investment advisory fee was 0.72% on the first $2 billion; and 0.67% on any excess over $2 billion.

***	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.

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 R4			Class A			Class R3			Class Y
Total Return Bond Fund**		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Strategic Bond Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Diversified Value Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Fundamental Value Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
S&P 500 Index Fund		None		0.10	%		0.25	%		0.35	%		0.25	%		0.35	%		0.25	%		N/A
Equity Opportunities Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Fundamental Growth Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Blue Chip Growth Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Growth Opportunities Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Mid Cap Value Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Small Cap Value Equity Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Small Company Value Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Mid Cap Growth Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Small Cap Growth Equity Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
Overseas Fund*		None		0.10	%		0.20	%		0.30	%		0.20	%		0.30	%		0.20	%		0.10	%
MM Select T. Rowe Price International Equity Fund		None		N/A			N/A			N/A			N/A			N/A			N/A			N/A

*	Effective February 1, 2023, Class Y was added to the Fund.

**	Class Y is not currently available for purchase.

259

Notes to Financial Statements (Continued)

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 R4 shares and Class A 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.

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 R4			Class A			Class R3			Class Y
Mid Cap Value Fund^,*		0.61	%		0.71	%		0.81	%		0.91	%		1.06	%		1.16	%		1.31	%		0.71	%
Small Company Value Fund^,*		0.86	%		0.96	%		1.06	%		1.16	%		1.31	%		1.41	%		1.56	%		0.96	%
Overseas Fund^,*		0.79	%		0.89	%		0.99	%		1.09	%		1.24	%		1.34	%		1.49	%		0.89	%
MM Select T. Rowe Price International Equity Fund*		0.00	%		N/A			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, 2024.

**	Effective February 1, 2023, Class Y was added to the Fund.

Effective July 1, 2023, 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 R4				Class A				Class R3				Class Y
Total Return Bond Fund^,*			0.33	%			0.43	%			0.53	%			0.63	%			0.78	%			0.88	%			1.03	%			0.43	%

#	Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.

*	Class Y is currently not available for purchase.

**	Expense caps in effect through January 31, 2025.

Prior to July 1, 2023, MML Advisers waived 0.03% of the investment advisory fees of the Total Return Bond Fund.

MML Advisers has agreed to waive 0.05% of the investment advisory fees of the Strategic Bond Fund through January 31, 2024.

MML Advisers has agreed to waive 0.05% of the investment advisory fees of the Fundamental Growth Fund through January 31, 2024.

MML Advisers has agreed to waive 0.02% of the investment advisory fees of the Growth Opportunities Fund through January 31, 2024.

260

Notes to Financial Statements (Continued)

Prior to July 1, 2023, MML Advisers waived 0.05% of the investment advisory fees of the Mid Cap Growth Fund.

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 year ended September 30, 2023, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Diversified Value Fund	$	3,620
Fundamental Value Fund		292
Equity Opportunities Fund		236
Fundamental Growth Fund		527
Blue Chip Growth Fund		31,330
Growth Opportunities Fund		3,711
Mid Cap Value Fund		1,529
Small Cap Value Equity Fund		484
Small Company Value Fund		1,786
Mid Cap Growth Fund		90,355
Small Cap Growth Equity Fund		19,755

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.

The following table shows beneficial ownership of Funds’ shares by related parties at September 30, 2023:

	Total % Ownership by Related Party
Total Return Bond Fund		87.2	%
Strategic Bond Fund		93.2	%
Diversified Value Fund		92.9	%
Fundamental Value Fund		95.6	%
S&P 500 Index Fund		94.1	%
Equity Opportunities Fund		83.9	%
Fundamental Growth Fund		93.4	%
Blue Chip Growth Fund		93.4	%
Growth Opportunities Fund		89.1	%
Mid Cap Value Fund		96.6	%

261

Notes to Financial Statements (Continued)

	Total % Ownership by Related Party
Small Cap Value Equity Fund		96.7	%
Small Company Value Fund		93.6	%
Mid Cap Growth Fund		73.6	%
Small Cap Growth Equity Fund		78.9	%
Overseas Fund		93.9	%
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 year ended September 30, 2023, 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	$	4,019,713,604	$	134,506,063	$	3,914,545,863	$	130,742,392
Strategic Bond Fund		676,565,232		49,748,279		658,499,669		84,386,600
Diversified Value Fund		—		135,368,703		—		166,026,382
Fundamental Value Fund		—		151,434,784		—		196,918,856
S&P 500 Index Fund		—		42,890,010		—		306,149,005
Equity Opportunities Fund		—		144,953,044		—		179,928,208
Fundamental Growth Fund		—		17,670,944		—		23,627,543
Blue Chip Growth Fund		—		381,573,645		—		1,513,865,830
Growth Opportunities Fund		—		61,945,567		—		202,049,481
Mid Cap Value Fund		—		85,817,045		—		91,844,351
Small Cap Value Equity Fund		—		24,507,147		—		33,744,726
Small Company Value Fund		—		92,890,374		—		107,225,566
Mid Cap Growth Fund		—		1,646,818,538		—		2,464,529,035
Small Cap Growth Equity Fund		—		641,939,251		—		440,977,844
Overseas Fund		—		71,250,057		—		122,046,185
MM Select T. Rowe Price International Equity Fund		—		350,540,648		—		427,573,590

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)
Fundamental Growth Fund	$	—	$	28,428	$	5,671
Blue Chip Growth Fund		4,527,161		—		—
Mid Cap Value Fund		7,767		5,755		1,499
Mid Cap Growth Fund		—		3,333,285		(6,396,662	)
Small Cap Growth Equity Fund		232,817		184,407		(265,560	)
Overseas Fund		51,673.00		—		—

262

Notes to Financial Statements (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Total Return Bond Fund Class I
Sold		31,396,943		$	268,030,245			19,268,431		$	180,631,888
Issued as reinvestment of dividends		1,804,645			15,429,719			1,213,926			12,175,679
Redeemed		(20,831,896	)		(177,438,665	)		(21,180,830	)		(200,785,705	)
Net increase (decrease)		12,369,692		$	106,021,299			(698,473	)	$	(7,978,138	)
Total Return Bond Fund Class R5
Sold		445,758		$	3,790,810			378,114		$	3,440,340
Issued as reinvestment of dividends		78,969			675,186			62,806			629,319
Redeemed		(393,430	)		(3,348,892	)		(1,286,666	)		(12,380,678	)
Net increase (decrease)		131,297		$	1,117,104			(845,746	)	$	(8,311,019	)
Total Return Bond Fund Service Class
Sold		1,206,446		$	10,302,317			609,708		$	5,754,384
Issued as reinvestment of dividends		143,881			1,235,936			101,251			1,020,606
Redeemed		(1,356,880	)		(11,626,713	)		(1,764,330	)		(17,226,101	)
Net increase (decrease)		(6,553	)	$	(88,460	)		(1,053,371	)	$	(10,451,111	)
Total Return Bond Fund Administrative Class
Sold		479,558		$	4,074,592			486,547		$	4,764,503
Issued as reinvestment of dividends		26,233			224,296			27,027			271,077
Redeemed		(235,514	)		(1,996,851	)		(1,321,362	)		(12,658,648	)
Net increase (decrease)		270,277		$	2,302,037			(807,788	)	$	(7,623,068	)
Total Return Bond Fund Class R4
Sold		950,388		$	8,158,675			687,484		$	6,518,995
Issued as reinvestment of dividends		133,293			1,150,319			102,618			1,037,468
Redeemed		(1,409,319	)		(12,115,512	)		(2,280,633	)		(21,868,114	)
Net increase (decrease)		(325,638	)	$	(2,806,518	)		(1,490,531	)	$	(14,311,651	)
Total Return Bond Fund Class A
Sold		280,862		$	2,374,288			371,616		$	3,438,059
Issued as reinvestment of dividends		29,164			248,471			15,120			151,047
Redeemed		(367,955	)		(3,113,990	)		(203,610	)		(1,898,829	)
Net increase (decrease)		(57,929	)	$	(491,231	)		183,126		$	1,690,277
Total Return Bond Fund Class R3
Sold		300,264		$	2,544,867			521,332		$	4,807,515
Issued as reinvestment of dividends		33,530			287,015			23,412			234,819
Redeemed		(752,978	)		(6,358,875	)		(643,656	)		(6,041,703	)
Net increase (decrease)		(419,184	)	$	(3,526,993	)		(98,912	)	$	(999,369	)
Strategic Bond Fund Class I
Sold		11,719,233		$	101,442,527			8,671,159		$	83,748,590
Issued as reinvestment of dividends		550,698			4,851,653			1,975,931			20,292,814
Redeemed		(9,787,487	)		(85,411,998	)		(16,636,543	)		(166,221,430	)
Net increase (decrease)		2,482,444		$	20,882,182			(5,989,453	)	$	(62,180,026	)
Strategic Bond Fund Class R5
Sold		927,670		$	8,073,527			750,285		$	7,330,910
Issued as reinvestment of dividends		95,079			838,593			442,257			4,546,406
Redeemed		(1,633,021	)		(14,172,283	)		(2,525,557	)		(25,279,391	)
Net increase (decrease)		(610,272	)	$	(5,260,163	)		(1,333,015	)	$	(13,402,075	)

263

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Strategic Bond Fund Service Class
Sold		540,566		$	4,768,917			1,963,475		$	21,120,432
Issued as reinvestment of dividends		50,608			446,361			254,816			2,619,511
Redeemed		(3,396,461	)		(29,551,395	)		(999,065	)		(9,859,838	)
Net increase (decrease)		(2,805,287	)	$	(24,336,117	)		1,219,226		$	13,880,105
Strategic Bond Fund Administrative Class
Sold		442,288		$	3,848,127			300,891		$	2,938,333
Issued as reinvestment of dividends		30,201			266,073			186,209			1,912,369
Redeemed		(845,966	)		(7,385,375	)		(2,794,950	)		(28,772,119	)
Net increase (decrease)		(373,477	)	$	(3,271,175	)		(2,307,850	)	$	(23,921,417	)
Strategic Bond Fund Class R4
Sold		277,653		$	2,403,977			296,853		$	2,867,133
Issued as reinvestment of dividends		24,711			216,472			160,353			1,635,600
Redeemed		(740,562	)		(6,373,247	)		(2,078,364	)		(20,917,479	)
Net increase (decrease)		(438,198	)	$	(3,752,798	)		(1,621,158	)	$	(16,414,746	)
Strategic Bond Fund Class A
Sold		252,778		$	2,194,207			140,027		$	1,346,776
Issued as reinvestment of dividends		15,857			139,861			106,519			1,093,950
Redeemed		(669,153	)		(5,800,892	)		(1,344,105	)		(13,794,021	)
Net increase (decrease)		(400,518	)	$	(3,466,824	)		(1,097,559	)	$	(11,353,295	)
Strategic Bond Fund Class R3
Sold		97,990		$	842,041			168,015		$	1,599,808
Issued as reinvestment of dividends		5,107			44,429			39,151			396,988
Redeemed		(195,512	)		(1,692,632	)		(656,488	)		(6,671,990	)
Net increase (decrease)		(92,415	)	$	(806,162	)		(449,322	)	$	(4,675,194	)
Strategic Bond Fund Class Y^(a)
Sold		11,136		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		11,136		$	100,000
Diversified Value Fund Class I
Sold		2,142,450		$	24,173,352			3,280,888		$	42,214,632
Issued as reinvestment of dividends		2,025,385			22,785,580			2,269,879			28,645,872
Redeemed		(3,928,114	)		(44,645,917	)		(7,093,566	)		(86,654,446	)
Net increase (decrease)		239,721		$	2,313,015			(1,542,799	)	$	(15,793,942	)
Diversified Value Fund Class R5
Sold		324,071		$	3,681,454			529,104		$	6,772,798
Issued as reinvestment of dividends		544,841			6,151,253			670,394			8,493,887
Redeemed		(1,120,433	)		(12,821,697	)		(1,973,294	)		(25,615,700	)
Net increase (decrease)		(251,521	)	$	(2,988,990	)		(773,796	)	$	(10,349,015	)
Diversified Value Fund Service Class
Sold		148,947		$	1,675,747			119,767		$	1,525,851
Issued as reinvestment of dividends		121,859			1,377,003			148,207			1,877,787
Redeemed		(343,098	)		(4,097,377	)		(291,952	)		(3,716,380	)
Net increase (decrease)		(72,292	)	$	(1,044,627	)		(23,978	)	$	(312,742	)
Diversified Value Fund Administrative Class
Sold		274,824		$	3,133,208			197,859		$	2,566,448
Issued as reinvestment of dividends		183,940			2,100,599			189,400			2,424,318
Redeemed		(390,476	)		(4,496,634	)		(437,980	)		(5,708,549	)
Net increase (decrease)		68,288		$	737,173			(50,721	)	$	(717,783	)

264

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Diversified Value Fund Class R4
Sold		106,318		$	1,172,261			102,763		$	1,297,321
Issued as reinvestment of dividends		107,049			1,182,896			123,743			1,536,882
Redeemed		(157,901	)		(1,744,018	)		(348,040	)		(4,308,864	)
Net increase (decrease)		55,466		$	611,139			(121,534	)	$	(1,474,661	)
Diversified Value Fund Class A
Sold		268,938		$	3,061,368			157,190		$	2,007,522
Issued as reinvestment of dividends		248,386			2,804,278			247,566			3,136,659
Redeemed		(506,396	)		(5,634,757	)		(391,831	)		(5,041,824	)
Net increase (decrease)		10,928		$	230,889			12,925		$	102,357
Diversified Value Fund Class R3
Sold		29,702		$	331,377			61,871		$	732,416
Issued as reinvestment of dividends		16,484			184,452			10,368			130,528
Redeemed		(112,951	)		(1,236,992	)		(23,859	)		(303,118	)
Net increase (decrease)		(66,765	)	$	(721,163	)		48,380		$	559,826
Diversified Value Fund Class Y^(a)
Sold		8,576		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		8,576		$	100,000
Fundamental Value Fund Class I
Sold		5,542,244		$	48,327,700			4,154,703		$	41,232,959
Issued as reinvestment of dividends		5,403,981			45,555,563			4,341,734			42,679,244
Redeemed		(6,614,224	)		(57,791,520	)		(9,716,082	)		(93,982,026	)
Net increase (decrease)		4,332,001		$	36,091,743			(1,219,645	)	$	(10,069,823	)
Fundamental Value Fund Class R5
Sold		465,150		$	4,052,210			598,274		$	6,029,023
Issued as reinvestment of dividends		1,353,695			11,547,016			1,353,266			13,424,402
Redeemed		(4,649,036	)		(40,831,053	)		(4,483,140	)		(43,811,168	)
Net increase (decrease)		(2,830,191	)	$	(25,231,827	)		(2,531,600	)	$	(24,357,743	)
Fundamental Value Fund Service Class
Sold		421,934		$	3,595,253			660,330		$	6,723,705
Issued as reinvestment of dividends		503,761			4,261,821			371,015			3,658,211
Redeemed		(936,102	)		(8,032,628	)		(810,851	)		(8,123,158	)
Net increase (decrease)		(10,407	)	$	(175,554	)		220,494		$	2,258,758
Fundamental Value Fund Administrative Class
Sold		200,276		$	1,753,683			197,766		$	2,026,958
Issued as reinvestment of dividends		437,136			3,755,000			555,561			5,544,501
Redeemed		(678,422	)		(5,994,214	)		(2,451,430	)		(24,385,138	)
Net increase (decrease)		(41,010	)	$	(485,531	)		(1,698,103	)	$	(16,813,679	)
Fundamental Value Fund Class R4
Sold		39,107		$	318,782			227,033		$	2,098,750
Issued as reinvestment of dividends		76,465			625,482			119,651			1,143,866
Redeemed		(99,860	)		(844,469	)		(787,028	)		(7,459,941	)
Net increase (decrease)		15,712		$	99,795			(440,344	)	$	(4,217,325	)
Fundamental Value Fund Class A
Sold		423,285		$	3,575,616			276,458		$	2,756,626
Issued as reinvestment of dividends		438,672			3,689,229			380,538			3,733,076
Redeemed		(865,143	)		(7,340,178	)		(1,199,674	)		(12,060,192	)
Net increase (decrease)		(3,186	)	$	(75,333	)		(542,678	)	$	(5,570,490	)

265

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Fundamental Value Fund Class R3
Sold		21,005		$	172,763			36,870		$	351,938
Issued as reinvestment of dividends		23,101			187,815			19,872			189,182
Redeemed		(39,232	)		(350,228	)		(62,987	)		(617,005	)
Net increase (decrease)		4,874		$	10,350			(6,245	)	$	(75,885	)
Fundamental Value Fund Class Y^(a)
Sold		11,377		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		11,377		$	100,000
S&P 500 Index Fund Class I
Sold		12,478,154		$	185,475,355			12,415,578		$	241,988,303
Issued as reinvestment of dividends		17,302,648			233,931,800			8,976,077			184,009,587
Redeemed		(19,200,021	)		(290,857,812	)		(34,517,227	)		(681,286,807	)
Net increase (decrease)		10,580,781		$	128,549,343			(13,125,572	)	$	(255,288,917	)
S&P 500 Index Fund Class R5
Sold		3,136,156		$	46,470,780			2,177,188		$	43,135,931
Issued as reinvestment of dividends		5,906,516			80,505,814			2,943,930			60,703,846
Redeemed		(6,129,735	)		(89,404,314	)		(8,254,438	)		(156,352,532	)
Net increase (decrease)		2,912,937		$	37,572,280			(3,133,320	)	$	(52,512,755	)
S&P 500 Index Fund Service Class
Sold		2,278,889		$	33,854,544			1,764,830		$	35,213,022
Issued as reinvestment of dividends		4,650,671			63,714,193			2,214,870			45,847,810
Redeemed		(4,405,527	)		(65,424,785	)		(5,944,281	)		(114,741,532	)
Net increase (decrease)		2,524,033		$	32,143,952			(1,964,581	)	$	(33,680,700	)
S&P 500 Index Fund Administrative Class
Sold		2,462,458		$	35,068,729			1,481,165		$	28,550,360
Issued as reinvestment of dividends		4,310,089			56,936,277			2,159,450			43,469,722
Redeemed		(5,124,441	)		(72,266,997	)		(7,419,879	)		(146,053,042	)
Net increase (decrease)		1,648,106		$	19,738,009			(3,779,264	)	$	(74,032,960	)
S&P 500 Index Fund Class R4
Sold		3,949,870		$	55,158,376			2,805,251		$	52,122,826
Issued as reinvestment of dividends		6,972,126			89,870,702			3,028,215			59,837,538
Redeemed		(6,865,399	)		(95,821,814	)		(7,958,794	)		(153,817,832	)
Net increase (decrease)		4,056,597		$	49,207,264			(2,125,328	)	$	(41,857,468	)
S&P 500 Index Fund Class A
Sold		399,021		$	5,703,395			420,533		$	7,396,269
Issued as reinvestment of dividends		381,675			4,858,726			147,358			2,886,746
Redeemed		(919,185	)		(13,152,090	)		(618,869	)		(12,236,711	)
Net increase (decrease)		(138,489	)	$	(2,589,969	)		(50,978	)	$	(1,953,696	)
S&P 500 Index Fund Class R3
Sold		4,810,060		$	63,359,662			2,786,022		$	50,256,371
Issued as reinvestment of dividends		4,863,693			59,191,148			1,929,310			36,541,127
Redeemed		(5,762,326	)		(76,391,352	)		(3,837,904	)		(69,036,604	)
Net increase (decrease)		3,911,427		$	46,159,458			877,428		$	17,760,894
Equity Opportunities Fund Class I
Sold		4,917,765		$	83,149,741			2,195,204		$	42,163,425
Issued as reinvestment of dividends		3,564,137			58,808,263			2,666,804			51,816,002
Redeemed		(4,169,365	)		(69,970,770	)		(5,006,569	)		(95,771,081	)
Net increase (decrease)		4,312,537		$	71,987,234			(144,561	)	$	(1,791,654	)

266

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Equity Opportunities Fund Class R5
Sold		512,298		$	8,599,665			1,027,695		$	19,913,069
Issued as reinvestment of dividends		811,851			13,501,084			978,951			19,138,493
Redeemed		(2,472,057	)		(42,157,020	)		(5,111,865	)		(97,154,414	)
Net increase (decrease)		(1,147,908	)	$	(20,056,271	)		(3,105,219	)	$	(58,102,852	)
Equity Opportunities Fund Service Class
Sold		206,165		$	3,343,744			147,025		$	2,787,131
Issued as reinvestment of dividends		354,231			5,696,040			290,928			5,530,550
Redeemed		(666,344	)		(10,740,986	)		(681,168	)		(12,564,987	)
Net increase (decrease)		(105,948	)	$	(1,701,202	)		(243,215	)	$	(4,247,306	)
Equity Opportunities Fund Administrative Class
Sold		188,589		$	3,015,968			130,689		$	2,377,512
Issued as reinvestment of dividends		360,762			5,667,568			340,670			6,343,270
Redeemed		(439,657	)		(7,006,686	)		(998,655	)		(18,063,262	)
Net increase (decrease)		109,694		$	1,676,850			(527,296	)	$	(9,342,480	)
Equity Opportunities Fund Class R4
Sold		227,456		$	3,253,871			69,873		$	1,187,174
Issued as reinvestment of dividends		82,893			1,162,989			65,235			1,104,425
Redeemed		(84,779	)		(1,210,344	)		(185,953	)		(3,141,405	)
Net increase (decrease)		225,570		$	3,206,516			(50,845	)	$	(849,806	)
Equity Opportunities Fund Class A
Sold		221,326		$	3,222,452			111,063		$	1,913,973
Issued as reinvestment of dividends		453,903			6,567,973			367,584			6,384,936
Redeemed		(711,550	)		(10,520,632	)		(832,793	)		(14,474,766	)
Net increase (decrease)		(36,321	)	$	(730,207	)		(354,146	)	$	(6,175,857	)
Equity Opportunities Fund Class R3
Sold		302,951		$	3,859,769			162,725		$	2,434,201
Issued as reinvestment of dividends		71,445			895,204			29,567			456,521
Redeemed		(161,311	)		(2,063,646	)		(82,307	)		(1,240,187	)
Net increase (decrease)		213,085		$	2,691,327			109,985		$	1,650,535
Equity Opportunities Fund Class Y^(a)
Sold		5,963		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		5,963		$	100,000
Fundamental Growth Fund Class I
Sold		171,202		$	615,278			759,136		$	3,067,412
Issued as reinvestment of dividends		1,195			3,932			741,150			3,135,065
Redeemed		(305,904	)		(1,090,747	)		(2,786,328	)		(10,380,409	)
Net increase (decrease)		(133,507	)	$	(471,537	)		(1,286,042	)	$	(4,177,932	)
Fundamental Growth Fund Class R5
Sold		178,497		$	606,165			114,385		$	480,384
Issued as reinvestment of dividends		179			591			669,002			2,856,640
Redeemed		(737,442	)		(2,666,696	)		(881,784	)		(3,471,140	)
Net increase (decrease)		(558,766	)	$	(2,059,940	)		(98,397	)	$	(134,116	)
Fundamental Growth Fund Service Class
Sold		116,063		$	363,593			142,141		$	531,470
Issued as reinvestment of dividends		—			—			457,949			1,799,739
Redeemed		(892,710	)		(3,033,982	)		(209,547	)		(937,098	)
Net increase (decrease)		(776,647	)	$	(2,670,389	)		390,543		$	1,394,111

267

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Fundamental Growth Fund Administrative Class
Sold		84,327		$	244,482			103,196		$	343,927
Issued as reinvestment of dividends		—			—			662,161			2,350,670
Redeemed		(100,700	)		(290,812	)		(386,854	)		(1,481,843	)
Net increase (decrease)		(16,373	)	$	(46,330	)		378,503		$	1,212,754
Fundamental Growth Fund Class R4
Sold		128,679		$	296,180			151,138		$	336,164
Issued as reinvestment of dividends		—			—			199,206			539,848
Redeemed		(115,864	)		(265,330	)		(78,108	)		(284,532	)
Net increase (decrease)		12,815		$	30,850			272,236		$	591,480
Fundamental Growth Fund Class A
Sold		220,921		$	503,238			212,935		$	564,827
Issued as reinvestment of dividends		—			—			1,515,834			4,304,968
Redeemed		(584,649	)		(1,313,510	)		(868,878	)		(2,789,699	)
Net increase (decrease)		(363,728	)	$	(810,272	)		859,891		$	2,080,096
Fundamental Growth Fund Class R3
Sold		140,703		$	205,871			298,513		$	505,343
Issued as reinvestment of dividends		—			—			397,548			735,465
Redeemed		(128,280	)		(189,418	)		(267,063	)		(463,415	)
Net increase (decrease)		12,423		$	16,453			428,998		$	777,393
Fundamental Growth Fund Class Y^(a)
Sold		28,329		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		28,329		$	100,000
Blue Chip Growth Fund Class I
Sold		12,335,869		$	246,892,566			9,673,480		$	241,938,987
Issued as reinvestment of dividends		14,464,485			249,657,008			17,779,562			505,650,751
Redeemed		(53,228,387	)		(1,055,851,421	)		(17,057,755	)		(437,365,948	)
Net increase (decrease)		(26,428,033	)	$	(559,301,847	)		10,395,287		$	310,223,790
Blue Chip Growth Fund Class R5
Sold		2,087,437		$	41,282,871			1,236,217		$	30,016,798
Issued as reinvestment of dividends		2,972,739			51,101,376			3,858,828			109,320,598
Redeemed		(10,159,633	)		(202,178,292	)		(5,586,636	)		(149,357,985	)
Net increase (decrease)		(5,099,457	)	$	(109,794,045	)		(491,591	)	$	(10,020,589	)
Blue Chip Growth Fund Service Class
Sold		692,377		$	13,488,838			772,920		$	17,294,659
Issued as reinvestment of dividends		1,135,706			19,204,794			1,390,201			38,828,325
Redeemed		(2,119,040	)		(41,385,113	)		(1,829,132	)		(43,031,432	)
Net increase (decrease)		(290,957	)	$	(8,691,481	)		333,989		$	13,091,552
Blue Chip Growth Fund Administrative Class
Sold		887,439		$	16,734,356			569,232		$	12,944,622
Issued as reinvestment of dividends		1,663,182			27,375,979			2,315,836			63,222,321
Redeemed		(4,608,439	)		(86,847,640	)		(4,007,587	)		(103,667,274	)
Net increase (decrease)		(2,057,818	)	$	(42,737,305	)		(1,122,519	)	$	(27,500,331	)
Blue Chip Growth Fund Class R4
Sold		381,608		$	6,740,479			410,114		$	9,072,831
Issued as reinvestment of dividends		537,238			8,144,531			983,162			25,050,959
Redeemed		(1,392,720	)		(25,021,565	)		(2,660,512	)		(54,093,475	)
Net increase (decrease)		(473,874	)	$	(10,136,555	)		(1,267,236	)	$	(19,969,685	)

268

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Blue Chip Growth Fund Class A
Sold		578,814		$	10,135,279			423,196		$	8,776,808
Issued as reinvestment of dividends		891,614			13,499,036			1,109,963			28,270,753
Redeemed		(1,915,602	)		(33,193,770	)		(1,357,136	)		(30,693,573	)
Net increase (decrease)		(445,174	)	$	(9,559,455	)		176,023		$	6,353,988
Blue Chip Growth Fund Class R3
Sold		648,920		$	10,243,044			286,428		$	5,575,165
Issued as reinvestment of dividends		431,341			5,728,211			501,154			11,466,411
Redeemed		(1,018,773	)		(15,513,219	)		(731,417	)		(15,944,052	)
Net increase (decrease)		61,488		$	458,036			56,165		$	1,097,524
Blue Chip Growth Fund Class Y^(a)
Sold		5,432		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		5,432		$	100,000
Growth Opportunities Fund Class I
Sold		3,899,967		$	18,449,361			6,817,009		$	44,270,684
Issued as reinvestment of dividends		3,898,307			17,269,501			7,852,454			63,212,251
Redeemed		(25,200,995	)		(124,711,588	)		(9,466,676	)		(66,160,773	)
Net increase (decrease)		(17,402,721	)	$	(88,992,726	)		5,202,787		$	41,322,162
Growth Opportunities Fund Class R5
Sold		1,260,587		$	5,874,078			931,257		$	5,867,268
Issued as reinvestment of dividends		926,694			3,938,449			2,168,280			16,825,851
Redeemed		(5,411,818	)		(25,761,912	)		(2,968,007	)		(21,142,198	)
Net increase (decrease)		(3,224,537	)	$	(15,949,385	)		131,530		$	1,550,921
Growth Opportunities Fund Service Class
Sold		231,111		$	969,848			618,173		$	4,088,158
Issued as reinvestment of dividends		497,546			1,905,602			994,425			7,030,586
Redeemed		(2,495,578	)		(10,276,506	)		(959,196	)		(6,557,350	)
Net increase (decrease)		(1,766,921	)	$	(7,401,056	)		653,402		$	4,561,394
Growth Opportunities Fund Administrative Class
Sold		719,260		$	2,583,877			1,065,357		$	5,048,692
Issued as reinvestment of dividends		983,415			3,245,273			2,172,175			13,489,206
Redeemed		(1,634,502	)		(6,020,198	)		(2,368,525	)		(13,796,123	)
Net increase (decrease)		68,173		$	(191,048	)		869,007		$	4,741,775
Growth Opportunities Fund Class R4
Sold		9,072		$	24,846			29,591		$	127,103
Issued as reinvestment of dividends		50,465			121,116			183,946			871,903
Redeemed		(13,728	)		(37,354	)		(325,831	)		(1,235,429	)
Net increase (decrease)		45,809		$	108,608			(112,294	)	$	(236,423	)
Growth Opportunities Fund Class A
Sold		697,104		$	1,736,741			396,938		$	1,438,351
Issued as reinvestment of dividends		1,195,809			2,750,360			2,635,032			12,094,799
Redeemed		(1,712,717	)		(4,618,717	)		(2,707,665	)		(10,463,439	)
Net increase (decrease)		180,196		$	(131,616	)		324,305		$	3,069,711
Growth Opportunities Fund Class R3
Sold		100,812		$	151,669			128,656		$	301,790
Issued as reinvestment of dividends		329,396			434,802			380,771			1,142,314
Redeemed		(59,570	)		(83,119	)		(133,099	)		(277,795	)
Net increase (decrease)		370,638		$	503,352			376,328		$	1,166,309

269

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Growth Opportunities Fund Class Y^(a)
Sold		21,739		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		21,739		$	100,000
Mid Cap Value Fund Class I
Sold		1,418,584		$	15,741,638			1,257,943		$	15,822,348
Issued as reinvestment of dividends		835,312			9,180,076			2,209,404			26,888,446
Redeemed		(2,098,037	)		(23,442,275	)		(1,823,408	)		(23,252,190	)
Net increase (decrease)		155,859		$	1,479,439			1,643,939		$	19,458,604
Mid Cap Value Fund Class R5
Sold		12,772		$	143,923			31,538		$	403,759
Issued as reinvestment of dividends		6,634			74,164			18,803			232,404
Redeemed		(11,159	)		(126,397	)		(42,869	)		(533,359	)
Net increase (decrease)		8,247		$	91,690			7,472		$	102,804
Mid Cap Value Fund Service Class
Sold		—		$	—			504		$	6,628
Issued as reinvestment of dividends		27			300			8,620			105,510
Redeemed		(1	)		(12	)		(38,303	)		(470,425	)
Net increase (decrease)		26		$	288			(29,179	)	$	(358,287	)
Mid Cap Value Fund Administrative Class
Sold		10,276		$	120,686			11,380		$	145,965
Issued as reinvestment of dividends		6,000			68,402			14,968			188,296
Redeemed		(8,647	)		(99,180	)		(21,782	)		(316,412	)
Net increase (decrease)		7,629		$	89,908			4,566		$	17,849
Mid Cap Value Fund Class R4
Sold		7,150		$	81,287			7,390		$	90,949
Issued as reinvestment of dividends		1,336			14,620			1,257			15,233
Redeemed		(3,759	)		(40,665	)		(2,759	)		(34,110	)
Net increase (decrease)		4,727		$	55,242			5,888		$	72,072
Mid Cap Value Fund Class A
Sold		31,684		$	348,792			25,694		$	318,289
Issued as reinvestment of dividends		11,066			123,386			28,037			345,700
Redeemed		(58,872	)		(667,556	)		(25,277	)		(330,544	)
Net increase (decrease)		(16,122	)	$	(195,378	)		28,454		$	333,445
Mid Cap Value Fund Class R3
Sold		5,155		$	56,494			1,287		$	15,692
Issued as reinvestment of dividends		995			10,875			2,760			33,429
Redeemed		(521	)		(5,713	)		(2,251	)		(28,504	)
Net increase (decrease)		5,629		$	61,656			1,796		$	20,617
Mid Cap Value Fund Class Y^(a)
Sold		8,467		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		8,467		$	100,000
Small Cap Value Equity Fund Class I
Sold		952,200		$	8,574,288			1,167,883		$	12,820,652
Issued as reinvestment of dividends		548,337			4,748,599			879,846			9,194,395
Redeemed		(1,648,159	)		(15,395,340	)		(1,217,492	)		(13,122,094	)
Net increase (decrease)		(147,622	)	$	(2,072,453	)		830,237		$	8,892,953

270

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Small Cap Value Equity Fund Class R5
Sold		118,321		$	1,083,617			120,937		$	1,244,751
Issued as reinvestment of dividends		124,599			1,080,269			218,099			2,283,497
Redeemed		(128,396	)		(1,168,044	)		(433,913	)		(4,808,986	)
Net increase (decrease)		114,524		$	995,842			(94,877	)	$	(1,280,738	)
Small Cap Value Equity Fund Service Class
Sold		18,593		$	170,421			28,655		$	318,523
Issued as reinvestment of dividends		40,329			351,667			66,630			701,615
Redeemed		(59,491	)		(546,492	)		(84,191	)		(922,424	)
Net increase (decrease)		(569	)	$	(24,404	)		11,094		$	97,714
Small Cap Value Equity Fund Administrative Class
Sold		27,797		$	243,436			21,006		$	225,176
Issued as reinvestment of dividends		41,016			351,094			59,543			618,051
Redeemed		(46,720	)		(424,301	)		(22,610	)		(241,800	)
Net increase (decrease)		22,093		$	170,229			57,939		$	601,427
Small Cap Value Equity Fund Class R4
Sold		59,427		$	504,069			23,940		$	233,301
Issued as reinvestment of dividends		24,766			203,327			35,292			353,982
Redeemed		(53,658	)		(452,597	)		(33,450	)		(345,326	)
Net increase (decrease)		30,535		$	254,799			25,782		$	241,957
Small Cap Value Equity Fund Class A
Sold		48,080		$	415,539			46,544		$	461,230
Issued as reinvestment of dividends		92,455			765,530			141,955			1,433,744
Redeemed		(245,416	)		(2,139,314	)		(148,716	)		(1,645,084	)
Net increase (decrease)		(104,881	)	$	(958,245	)		39,783		$	249,890
Small Cap Value Equity Fund Class R3
Sold		11,775		$	98,344			22,511		$	225,025
Issued as reinvestment of dividends		12,872			103,236			18,019			177,490
Redeemed		(34,368	)		(284,395	)		(19,924	)		(191,725	)
Net increase (decrease)		(9,721	)	$	(82,815	)		20,606		$	210,790
Small Cap Value Equity Fund Class Y^(a)
Sold		10,661		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,661		$	100,000
Small Company Value Fund Class I
Sold		2,070,907		$	18,448,371			2,118,392		$	24,273,570
Issued as reinvestment of dividends		2,136,260			18,670,911			2,185,835			24,481,352
Redeemed		(2,636,407	)		(23,346,726	)		(3,510,738	)		(39,082,053	)
Net increase (decrease)		1,570,760		$	13,772,556			793,489		$	9,672,869
Small Company Value Fund Class R5
Sold		516,912		$	4,588,985			588,489		$	6,674,727
Issued as reinvestment of dividends		556,882			4,917,264			774,949			8,756,926
Redeemed		(1,592,618	)		(14,009,256	)		(2,546,690	)		(27,751,474	)
Net increase (decrease)		(518,824	)	$	(4,503,007	)		(1,183,252	)	$	(12,319,821	)
Small Company Value Fund Service Class
Sold		100,284		$	878,242			146,974		$	1,680,344
Issued as reinvestment of dividends		113,485			994,131			111,423			1,250,165
Redeemed		(132,449	)		(1,173,719	)		(135,183	)		(1,466,448	)
Net increase (decrease)		81,320		$	698,654			123,214		$	1,464,061

271

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Small Company Value Fund Administrative Class
Sold		98,348		$	849,313			98,759		$	1,121,612
Issued as reinvestment of dividends		155,856			1,323,216			192,067			2,095,447
Redeemed		(229,419	)		(1,950,132	)		(401,496	)		(4,327,674	)
Net increase (decrease)		24,785		$	222,397			(110,670	)	$	(1,110,615	)
Small Company Value Fund Class R4
Sold		9,739		$	80,761			7,196		$	73,173
Issued as reinvestment of dividends		11,500			89,815			9,904			100,625
Redeemed		(12,271	)		(96,662	)		(5,716	)		(56,710	)
Net increase (decrease)		8,968		$	73,914			11,384		$	117,088
Small Company Value Fund Class A
Sold		130,239		$	1,038,772			198,112		$	2,088,446
Issued as reinvestment of dividends		188,368			1,503,179			191,789			1,983,094
Redeemed		(519,570	)		(4,230,865	)		(283,124	)		(2,887,883	)
Net increase (decrease)		(200,963	)	$	(1,688,914	)		106,777		$	1,183,657
Small Company Value Fund Class R3
Sold		16,206		$	113,430			16,157		$	149,603
Issued as reinvestment of dividends		7,821			54,513			6,198			57,144
Redeemed		(14,768	)		(104,136	)		(10,084	)		(91,923	)
Net increase (decrease)		9,259		$	63,807			12,271		$	114,824
Small Company Value Fund Class Y^(a)
Sold		10,428		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,428		$	100,000
Mid Cap Growth Fund Class I
Sold		19,221,695		$	365,581,351			20,610,345		$	476,359,783
Issued as reinvestment of dividends		28,392,668			517,314,416			46,250,992			1,175,700,217
Redeemed		(54,604,810	)		(1,036,554,090	)		(69,265,310	)		(1,657,390,556	)
Net increase (decrease)		(6,990,447	)	$	(153,658,323	)		(2,403,973	)	$	(5,330,556	)
Mid Cap Growth Fund Class R5
Sold		7,019,960		$	129,852,988			8,992,426		$	210,964,292
Issued as reinvestment of dividends		6,524,678			116,400,253			11,851,698			296,055,421
Redeemed		(13,067,105	)		(244,025,963	)		(29,181,230	)		(709,337,786	)
Net increase (decrease)		477,533		$	2,227,278			(8,337,106	)	$	(202,318,073	)
Mid Cap Growth Fund Service Class
Sold		644,256		$	11,400,379			714,735		$	16,317,851
Issued as reinvestment of dividends		1,375,844			23,403,104			2,525,623			60,589,689
Redeemed		(3,153,990	)		(55,100,872	)		(5,095,676	)		(118,540,039	)
Net increase (decrease)		(1,133,890	)	$	(20,297,389	)		(1,855,318	)	$	(41,632,499	)
Mid Cap Growth Fund Administrative Class
Sold		646,971		$	10,580,475			441,681		$	8,788,650
Issued as reinvestment of dividends		1,381,969			21,586,357			2,158,971			48,166,646
Redeemed		(2,693,701	)		(43,604,438	)		(2,971,122	)		(64,274,048	)
Net increase (decrease)		(664,761	)	$	(11,437,606	)		(370,470	)	$	(7,318,752	)
Mid Cap Growth Fund Class R4
Sold		509,061		$	7,253,390			615,731		$	11,433,813
Issued as reinvestment of dividends		759,127			10,255,803			1,343,771			26,566,357
Redeemed		(2,046,115	)		(28,765,771	)		(3,875,215	)		(83,705,841	)
Net increase (decrease)		(777,927	)	$	(11,256,578	)		(1,915,713	)	$	(45,705,671	)

272

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Mid Cap Growth Fund Class A
Sold		465,381		$	6,453,547			229,031		$	4,280,448
Issued as reinvestment of dividends		1,183,049			15,687,234			1,836,269			35,770,513
Redeemed		(1,653,597	)		(23,173,120	)		(2,458,058	)		(47,889,370	)
Net increase (decrease)		(5,167	)	$	(1,032,339	)		(392,758	)	$	(7,838,409	)
Mid Cap Growth Fund Class R3
Sold		284,125		$	3,322,381			268,929		$	4,468,724
Issued as reinvestment of dividends		360,851			4,034,311			466,005			7,898,792
Redeemed		(618,680	)		(7,314,327	)		(552,097	)		(9,249,914	)
Net increase (decrease)		26,296		$	42,365			182,837		$	3,117,602
Mid Cap Growth Fund Class Y^(a)
Sold		5,308		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		5,308		$	100,000
Small Cap Growth Equity Fund Class I
Sold		21,031,799		$	279,296,217			8,410,974		$	128,433,942
Issued as reinvestment of dividends		12,859			167,678			6,689,062			106,891,206
Redeemed		(8,708,184	)		(115,256,314	)		(7,633,386	)		(112,135,241	)
Net increase (decrease)		12,336,474		$	164,207,581			7,466,650		$	123,189,907
Small Cap Growth Equity Fund Class R5
Sold		5,785,930		$	73,979,356			1,375,497		$	18,571,896
Issued as reinvestment of dividends		—			—			2,133,325			33,194,542
Redeemed		(2,672,652	)		(34,612,764	)		(3,555,151	)		(53,158,153	)
Net increase (decrease)		3,113,278		$	39,366,592			(46,329	)	$	(1,391,715	)
Small Cap Growth Equity Fund Service Class
Sold		167,854		$	1,917,437			157,740		$	2,016,421
Issued as reinvestment of dividends		—			—			542,363			7,598,507
Redeemed		(737,840	)		(8,720,276	)		(907,393	)		(13,450,707	)
Net increase (decrease)		(569,986	)	$	(6,802,839	)		(207,290	)	$	(3,835,779	)
Small Cap Growth Equity Fund Administrative Class
Sold		176,895		$	1,802,213			146,697		$	1,698,408
Issued as reinvestment of dividends		—			—			606,248			7,499,285
Redeemed		(547,998	)		(5,574,595	)		(487,977	)		(5,701,747	)
Net increase (decrease)		(371,103	)	$	(3,772,382	)		264,968		$	3,495,946
Small Cap Growth Equity Fund Class R4
Sold		119,755		$	951,809			269,555		$	2,345,814
Issued as reinvestment of dividends		—			—			532,192			5,183,552
Redeemed		(203,016	)		(1,608,787	)		(350,548	)		(3,268,106	)
Net increase (decrease)		(83,261	)	$	(656,978	)		451,199		$	4,261,260
Small Cap Growth Equity Fund Class A
Sold		181,915		$	1,434,913			135,438		$	1,176,763
Issued as reinvestment of dividends		—			—			976,336			9,343,532
Redeemed		(748,666	)		(5,963,810	)		(695,452	)		(6,699,463	)
Net increase (decrease)		(566,751	)	$	(4,528,897	)		416,322		$	3,820,832
Small Cap Growth Equity Fund Class R3
Sold		120,044		$	691,065			103,693		$	748,306
Issued as reinvestment of dividends		—			—			275,707			1,924,436
Redeemed		(110,047	)		(631,327	)		(134,122	)		(857,421	)
Net increase (decrease)		9,997		$	59,738			245,278		$	1,815,321

273

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund Class Y^(a)
Sold		7,485		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		7,485		$	100,000
Overseas Fund Class I
Sold		10,590,617		$	88,007,366			9,543,684		$	84,880,892
Issued as reinvestment of dividends		3,088,244			23,964,770			3,877,276			36,679,034
Redeemed		(13,759,255	)		(113,111,404	)		(17,598,167	)		(154,046,481	)
Net increase (decrease)		(80,394	)	$	(1,139,268	)		(4,177,207	)	$	(32,486,555	)
Overseas Fund Class R5
Sold		2,366,827		$	19,724,416			2,624,329		$	22,012,321
Issued as reinvestment of dividends		1,146,191			8,940,287			1,528,040			14,531,662
Redeemed		(4,175,171	)		(34,917,632	)		(7,259,037	)		(65,077,294	)
Net increase (decrease)		(662,153	)	$	(6,252,929	)		(3,106,668	)	$	(28,533,311	)
Overseas Fund Service Class
Sold		347,487		$	2,850,089			661,295		$	6,299,812
Issued as reinvestment of dividends		408,781			3,168,050			456,597			4,314,842
Redeemed		(1,882,900	)		(15,494,910	)		(1,168,642	)		(10,309,219	)
Net increase (decrease)		(1,126,632	)	$	(9,476,771	)		(50,750	)	$	305,435
Overseas Fund Administrative Class
Sold		181,471		$	1,499,144			155,540		$	1,373,856
Issued as reinvestment of dividends		172,805			1,354,790			191,576			1,831,463
Redeemed		(631,738	)		(5,284,918	)		(324,641	)		(3,045,963	)
Net increase (decrease)		(277,462	)	$	(2,430,984	)		22,475		$	159,356
Overseas Fund Class R4
Sold		352,300		$	2,771,489			494,669		$	4,073,590
Issued as reinvestment of dividends		229,516			1,698,415			221,488			2,008,900
Redeemed		(549,074	)		(4,292,996	)		(419,701	)		(3,489,896	)
Net increase (decrease)		32,742		$	176,908			296,456		$	2,592,594
Overseas Fund Class A
Sold		323,087		$	2,617,106			223,843		$	1,944,155
Issued as reinvestment of dividends		165,300			1,262,897			217,687			2,031,016
Redeemed		(517,715	)		(4,225,938	)		(980,502	)		(8,700,686	)
Net increase (decrease)		(29,328	)	$	(345,935	)		(538,972	)	$	(4,725,515	)
Overseas Fund Class R3
Sold		196,938		$	1,588,222			104,735		$	893,761
Issued as reinvestment of dividends		54,732			411,585			67,894			623,942
Redeemed		(199,774	)		(1,614,394	)		(278,087	)		(2,243,819	)
Net increase (decrease)		51,896		$	385,413			(105,458	)	$	(726,116	)
Overseas Fund Class Y^(a)
Sold		11,891		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		11,891		$	100,000

274

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price International Equity Fund Class I
Sold		13,857,948		$	137,528,587			28,306,280		$	303,954,011
Issued as reinvestment of dividends		4,443,672			43,014,747			6,457,531			71,743,166
Redeemed		(25,868,703	)		(259,216,857	)		(28,231,952	)		(290,686,208	)
Net increase (decrease)		(7,567,083	)	$	(78,673,523	)		6,531,859		$	85,010,969

(a)

Commenced operations on February 1, 2023.

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 year ended September 30, 2023:

	Front-End Sales Charges Retained by Distributor
Diversified Value Fund	$	1,863
Equity Opportunities Fund		1,132
Blue Chip Growth Fund		858
Growth Opportunities Fund		282

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 year ended September 30, 2023, 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 September 30, 2023, 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	$	1,196,168,114	$	2,244,497	$	(65,872,957	)	$	(63,628,460	)
Strategic Bond Fund		423,015,225		1,157,531		(38,021,949	)		(36,864,418	)
Diversified Value Fund		249,420,210		41,317,248		(8,738,311	)		32,578,937
Fundamental Value Fund		382,571,178		73,021,782		(17,300,511	)		55,721,271
S&P 500 Index Fund		1,386,212,009		1,098,402,347		(79,831,065	)		1,018,571,282
Equity Opportunities Fund		532,477,103		86,896,844		(20,953,807	)		65,943,037
Fundamental Growth Fund		25,286,463		1,343,917		(1,580,854	)		(236,937	)
Blue Chip Growth Fund		1,526,378,567		720,557,406		(99,918,539	)		620,638,867
Growth Opportunities Fund		144,127,574		23,211,657		(13,969,127	)		9,242,530
Mid Cap Value Fund		110,072,208		5,671,482		(11,417,860	)		(5,746,378	)
Small Cap Value Equity Fund		48,478,176		4,829,971		(4,336,755	)		493,216
Small Company Value Fund		217,021,580		11,243,177		(36,306,015	)		(25,062,838	)

275

Notes to Financial Statements (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Mid Cap Growth Fund	$	4,415,696,651	$	864,340,227	$	(275,893,602	)	$	588,446,625
Small Cap Growth Equity Fund		751,511,171		76,158,436		(58,275,535	)		17,882,901
Overseas Fund		424,462,648		45,277,576		(26,711,162	)		18,566,414
MM Select T. Rowe Price International Equity Fund		1,453,166,681		121,315,557		(128,155,752	)		(6,840,195	)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2023, the following Fund(s) had accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Total Return Bond Fund	$	59,465,563	$	53,879,185
Strategic Bond Fund		9,140,010		55,934,037
Fundamental Growth Fund		1,236,149		796,652
Mid Cap Value Fund		457,707		—
Small Cap Growth Equity Fund		30,600,245		—
MM Select T. Rowe Price International Equity Fund		13,676,205		9,010,918

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2023, post-October capital losses:

		Post-October Loss
Growth Opportunities Fund		$	1,602,880

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2023, late year ordinary losses:

	Amount
Blue Chip Growth Fund	$	3,184,740
Growth Opportunities Fund		863,458
Mid Cap Growth Fund		1,564,873
Small Cap Growth Equity Fund		116,927

276

Notes to Financial Statements (Continued)

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, 2023, was as follows:

	Ordinary Income		Long Term Capital Gain
Total Return Bond Fund	$	19,250,942	$	—
Strategic Bond Fund		6,805,473		—
Diversified Value Fund		6,078,475		30,510,886
Fundamental Value Fund		6,504,986		63,123,610
S&P 500 Index Fund		33,601,664		555,419,185
Equity Opportunities Fund		7,830,170		84,476,624
Fundamental Growth Fund		4,523		—
Blue Chip Growth Fund		—		374,773,680
Growth Opportunities Fund		1,337,862		28,329,752
Mid Cap Value Fund		4,285,441		5,216,223
Small Cap Value Equity Fund		703,074		6,900,648
Small Company Value Fund		4,440,706		23,121,291
Mid Cap Growth Fund		—		714,801,449
Small Cap Growth Equity Fund		167,678		—
Overseas Fund		8,986,988		31,834,861
MM Select T. Rowe Price International Equity Fund		42,581,221		433,548

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, 2022, was as follows:

	Ordinary Income		Long Term Capital Gain
Total Return Bond Fund	$	15,520,015	$	—
Strategic Bond Fund		24,543,559		7,957,173
Diversified Value Fund		19,350,206		26,910,458
Fundamental Value Fund		9,848,859		60,529,572
S&P 500 Index Fund		42,035,877		391,268,490
Equity Opportunities Fund		13,075,519		77,702,653
Fundamental Growth Fund		9,232,807		6,564,990
Blue Chip Growth Fund		37,765,672		744,221,034
Growth Opportunities Fund		9,742,882		104,924,613
Mid Cap Value Fund		17,733,220		10,183,811
Small Cap Value Equity Fund		3,627,991		11,134,784
Small Company Value Fund		16,833,062		21,904,259
Mid Cap Growth Fund		203,027,887		1,463,208,822
Small Cap Growth Equity Fund		42,925,417		128,763,424
Overseas Fund		14,112,279		47,917,157
MM Select T. Rowe Price International Equity Fund		54,455,017		17,288,149

277

Notes to Financial Statements (Continued)

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2023:

	Amount
Overseas Fund	$	1,237,866
MM Select T. Rowe Price International Equity Fund		3,895,091

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, 2023, 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, 2023, 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	$	25,116,777	$	(113,344,748	)	$	(120,186	)	$	(63,637,344	)	$	(151,985,501	)
Strategic Bond Fund		12,074,709		(65,074,047	)		(38,161	)		(37,153,464	)		(90,190,963	)
Diversified Value Fund		4,669,467		7,813,013			(109,473	)		32,577,490			44,950,497
Fundamental Value Fund		6,274,913		26,368,320			(123,942	)		55,726,025			88,245,316
S&P 500 Index Fund		21,950,036		147,291,991			(343,109	)		1,018,571,282			1,187,470,200
Equity Opportunities Fund		5,692,381		19,422,185			(90,778	)		65,938,397			90,962,185
Fundamental Growth Fund		—		(2,032,801	)		(10,468	)		(236,937	)		(2,280,206	)
Blue Chip Growth Fund		—		412,997,677			(182,472	)		620,638,867			1,033,454,072
Growth Opportunities Fund		—		(2,466,338	)		(78,093	)		9,242,488			6,698,057
Mid Cap Value Fund		416,072		(457,707	)		(15,317	)		(5,740,975	)		(5,797,927	)
Small Cap Value Equity Fund		946,963		5,614,142			(16,087	)		493,215			7,038,233
Small Company Value Fund		3,103,092		7,807,840			(51,521	)		(25,062,839	)		(14,203,428	)
Mid Cap Growth Fund		—		278,869,623			(375,182	)		588,446,625			866,941,066
Small Cap Growth Equity Fund		—		(30,717,172	)		(82,828	)		17,882,901			(12,917,099	)
Overseas Fund		7,593,368		5,020,078			(80,830	)		18,272,168			30,804,784
MM Select T. Rowe Price International Equity Fund		38,687,705		(22,687,123	)		(26,105	)		(8,499,285	)		7,475,192

278

Notes to Financial Statements (Continued)

During the year ended September 30, 2023, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Total Return Bond Fund	$	17,452		$	310,575		$	(328,027	)
Strategic Bond Fund		5,541			230,540			(236,081	)
Diversified Value Fund		15,896			102,770			(118,666	)
Fundamental Value Fund		1			164,498			(164,499	)
S&P 500 Index Fund		63,252			412,369			(475,621	)
Equity Opportunities Fund		13,182			(13,448	)		266
Fundamental Growth Fund		(570,091	)		7,735			562,356
Blue Chip Growth Fund		(5,375,317	)		(9,333,583	)		14,708,900
Growth Opportunities Fund		(345,775	)		(2,630,602	)		2,976,377
Mid Cap Value Fund		41,314			344,962			(386,276	)
Small Cap Value Equity Fund		7,918			(14,112	)		6,194
Small Company Value Fund		7,481			137,311			(144,792	)
Mid Cap Growth Fund		(2,689,409	)		(4,966,733	)		7,656,142
Small Cap Growth Equity Fund		(972,184	)		349,792			622,392
Overseas Fund		11,737			(23,783	)		12,046
MM Select T. Rowe Price International Equity Fund		3,791			(938,319	)		934,528

The Funds did not have any unrecognized tax benefits at September 30, 2023, nor were there any increases or decreases in unrecognized tax benefits for the year 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 year ended September 30, 2023, 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. 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 June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the impact of applying this update.

279

Notes to Financial Statements (Continued)

In December 2022, FASB issued Accounting Standards Update 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). ASU 2022-06 is an update of ASU 2020-04, which responded to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to 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 may 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 factors, and the effects of other infectious illness outbreaks, epidemics, or pandemics, 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, other countries, and certain international organizations. 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. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) 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.

280

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MassMutual Select Funds and Shareholders of MassMutual Total Return Bond Fund, MassMutual Strategic Bond Fund, MassMutual Diversified Value Fund, MassMutual Fundamental Value Fund, MM S&P 500^® Index Fund, MassMutual Equity Opportunities Fund, MassMutual Fundamental Growth Fund, MassMutual Blue Chip Growth Fund, MassMutual Growth Opportunities Fund, MassMutual Mid Cap Value Fund, MassMutual Small Cap Value Equity Fund, MassMutual Small Company Value Fund, MassMutual Mid Cap Growth Fund, MassMutual Small Cap Growth Equity Fund, MassMutual Overseas Fund, and MassMutual Select T. Rowe Price International Equity Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds, including the portfolios of investments as of September 30, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds, as of September 30, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
November 21, 2023

We have served as the auditor of one or more MassMutual investment companies since 1995.

281

Trustees and Principal Officers (Unaudited)

The following table lists the Trust’s Trustees and Principal Officers; their address and year of birth; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during at least the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statement of Additional Information includes additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing the MassMutual Funds, c/o Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001, Attention: Investment Management Solutions.

Independent Trustees

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Year of birth: 1948	Trustee	Since 2003	Retired.	110	Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company).
Nabil N. El-Hage Year of birth: 1958	Trustee	Since 2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC).	110	Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company).
Maria D. Furman Year of birth: 1954	Trustee	Since 2012	Retired.	110	Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).
R. Bradford Malt Year of birth: 1954	Trustee	Since 2022	Chairman (2004-2019), Management Committee (1993-2019), Partner (1987-2019), Associate (1979-1987), Ropes & Gray LLP (counsel to the Trust and MML Advisers).	110	Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

282

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Year of birth: 1951	Trustee	Since 2012	Retired.	110	Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).
Cynthia R. Plouché Year of birth: 1957	Trustee	Since 2022	Retired; Assessor (2014-2018), Moraine Township (property assessment).	110	Trustee (since 2014), Northern Trust Funds (open-end investment companies); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).
Jason J. Price Year of birth: 1973	Trustee	Since 2022	Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization).	110	Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).
Susan B. Sweeney Year of birth: 1952	Chairperson Trustee	Since 2022 Since 2009	Retired.	112^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

283

Trustees and Principal Officers (Unaudited) (Continued)

Interested Trustees

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Paul LaPiana^^
Year of birth: 1969

Trustee

President

Since

2023

2021-2023

Head of Brand, Product, and Affiliated Distribution (since 2023), Head of MassMutual U.S. Product (2019-2023), Head of Field Management (2016-2019), MassMutual.

110

Director (since 2023), President (2021-2023), MML Advisers; Trustee (since 2023), President (2021-2023), MassMutual Premier Funds (open-end investment company); Trustee (since 2023), President (2021-2023), MassMutual Advantage Funds (open-end investment company); Trustee (since 2023), President (2021-2023), MML Series Investment Fund (open-end investment company); Trustee (since 2023), President (2021-2023), MML Series Investment Fund II (open-end investment company).

Clifford M. Noreen^^^
Year of birth: 1957

Trustee

Since

2021

Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing Director (2016-2018), MassMutual.

112^

Chairman (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), President (2005-2009), Vice President (1993-2005), Barings Corporate Investors (closed-end investment company); Chairman and Trustee (since 2009), President (2005-2009), Vice President (1993-2005), President (2005-2009), Vice President (1993-2005), Barings Participation Investors (closed-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company).

284

Trustees and Principal Officers (Unaudited) (Continued)

Principal Officers

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Andrea Anastasio Year of birth: 1974	President Vice President	Since 2023 2021-2023	President (since 2023), Vice President (2021-2023), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; President (since 2023), Vice President (2021-2023), MassMutual Premier Funds (open-end investment company); President (since 2023), Vice President (2021-2023), MassMutual Advantage Funds (open-end investment company); President (since 2023), Vice President (2021-2023), MML Series Investment Fund (open-end investment company); President (since 2023), Vice President (2021-2023), MML Series Investment Fund II (open-end investment company).	110
Andrew M. Goldberg Year of birth: 1966	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company).	110
Renee Hitchcock Year of birth: 1970	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company).	110
Jill Nareau Robert Year of birth: 1972	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company).	110

285

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office# and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Officer

Douglas Steele

Year of birth: 1975

Vice President

Since

2016

of Manager Research (2021), Head of Investment Management (2017-2021), MassMutual; Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company).

110

Philip S. Wellman

Year of birth: 1964

Vice President and Chief Compliance Officer

Since

2007

Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds & RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company).

110

*	The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111-0001.

Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified, and any such Chairperson may not serve more than two consecutive terms. The Chairperson shall hold office at the pleasure of the Trustees.

^	Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^	Mr. LaPiana is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^	Mr. Noreen is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each officer shall hold office at the pleasure of the Trustees.

286

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended September 30, 2023, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
Diversified Value Fund		100.00	%
Fundamental Value Fund		100.00	%
S&P 500 Index Fund		100.00	%
Equity Opportunities Fund		100.00	%
Growth Opportunities Fund		90.93	%
Mid Cap Value Fund		55.95	%
Small Cap Value Equity Fund		75.09	%
Small Company Value Fund		71.15	%
Overseas Fund		0.21	%
MM Select T. Rowe Price International Equity Fund		0.50	%

For the year ended September 30, 2023, the following Fund(s) earned the following foreign sources of income:

	Amount
Overseas Fund	$	8,657,207
MM Select T. Rowe Price International Equity Fund		43,632,311

Under Section 854(b)(2) of the Code, the Fund(s) hereby designate the maximum amounts as qualified dividends for purposes of the maximum rate under Section 1(h)(11) of the Code for the year ended September 30, 2023.

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

287

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 https://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 https://www.massmutual.com/funds.

Trustees’ Approval of Investment Advisory Contracts

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor (the “Third-Party”). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund’s net advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against funds in its “category” and a benchmark index). In connection with the Committee’s review, MML Advisers provided commentary and analysis regarding

288

Other Information (Unaudited) (Continued)

each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any performance periods are to periods ended December 31, 2022, except as otherwise noted. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that the total net expense ratios for the Total Return Bond Fund, Strategic Bond Fund, S&P 500 Index Fund, Blue Chip Growth Fund, Equity Opportunities Fund, Growth Opportunities Fund, Mid Cap Value Fund, Small Company Value Fund, Mid Cap Growth Fund, Small Cap Growth Equity Fund, Overseas Fund, and MM Select T. Rowe Price International Equity Fund were within the top forty percent of their peer groups. The Diversified Value Fund and Fundamental Value Fund had total net expense ratios below the 50^th comparative percentile of their peer groups. All of the foregoing Funds had net advisory fees at or below the medians of their peer groups, except the Fundamental Value Fund, Equity Opportunities Fund, Growth Opportunities Fund, and Small Company Value Fund. As to the Fundamental Value Fund, Growth Opportunities Fund, and Small Company Value Fund, the Committee considered MML Advisers’ statement that their net advisory fees were within a relatively small number of basis points of their peer group medians. As to the Equity Opportunities Fund, the Committee considered MML Advisers’ statements that, although the Fund’s net advisory fee was at the 75^th comparative percentile, the Fund’s net total expense ratio was at the 34^th comparative percentile, and the Fund had achieved investment performance in the 1^st comparative percentile compared to its performance category for the one-year period.

As to the Fundamental Growth Fund and Small Cap Value Equity Fund, the Committee considered MML Advisers’ statement that the position of each Fund’s total net expense ratio at the 90^th comparative percentile of its respective peer group is principally a consequence of the Fund’s small size relative to the peer group. The Committee considered that the Fundamental Growth Fund’s net advisory fee was at the 10^th comparative percentile of its peer group, fourteen basis points below the peer group median. As to the Small Cap Value Equity Fund, the Committee considered MML Advisers’ statement that the Fund’s net advisory fee, at the 60^th comparative percentile of its peer group, is within three basis points of the peer group median.

The Committee determined on the basis of these factors that the levels of the Funds’ net advisory fees, in light of the total net expenses of the Funds generally, were consistent with the continuation of the Contracts.

The Committee considered that the Diversified Value Fund, S&P 500 Index Fund, Equity Opportunities Fund, Fundamental Value Fund, Small Cap Value Equity Fund, Small Company Value Fund, Small Cap Growth Equity Fund, and Overseas Fund had achieved three-year investment performance above the medians of their performance categories, or within the top sixty percent of their performance categories.

As to the Fundamental Growth Fund, Mid Cap Value Fund, Mid Cap Growth Fund, and MM Select T. Rowe Price International Equity Fund, the Committee considered that, although each of the Funds had experienced three-year performance less favorable than the top sixty percent of its performance category, each Fund’s relative performance had improved for the one-year period so as to be within the top sixty percent. In this regard, the Committee considered, among other things, MML Advisers’ statements that the Mid Cap Value Fund had experienced a subadviser change in 2021 which led to improved performance.

As to the Total Return Bond Fund the Committee considered MML Advisers’ statement that the Fund performed at the 61^stcomparative percentile of its performance category over the three-year period but that the Fund was competitive within its performance category, within 0.15% of the category median. The Committee considered MML Advisers’ statement that it views the Fund’s disciplined and risk-restrained strategy as favorable to producing competitive returns with lower than peer tracking error.

As to the Strategic Bond Fund the Committee considered that the Fund’s three-year performance was at the 87^th comparative percentile of its performance category. The Committee noted, however, that the Fund had been restructured to a multi-manager subadvisory arrangement in 2021 and the addition of the new subadviser, Brandywine Global Investment Management, LLC, had resulted in improved performance. The Committee also considered MML Advisers’ statement that the underperformance over the three-year period is primarily attributed to a relatively long duration approach employed by the Fund’s other subadviser, Western Asset Management Company, LLC, in 2022 as interest rates rose.

289

Other Information (Unaudited) (Continued)

As to the Growth Opportunities Fund, the Committee noted that the Fund was at the 93^rd comparative percentile of its performance category over the three-year period. The Committee considered MML Advisers’ statement that the underperformance was a result of weak stock selection, as well as the adverse effect of slowing growth and rising interest rates on a high-growth strategy. The Committee noted that the Fund is currently under heightened review in light of short- and long-term performance and qualitative concerns about business viability.

As to the Blue Chip Growth Fund, the Committee noted that the Fund had experienced performance for the one- and three-year periods in the 69^th and 82^nd comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statements that the Fund’s longer-term performance is competitive, although the Fund’s sector allocations in recent periods have adversely affected the Fund’s performance. The Committee considered that MML Advisers has placed the Fund on heightened review in light of recent underperformance, although MML Advisers has conviction in both of the subadvisers managing the Fund.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds’ performance, for the various periods presented, and the level of ongoing review of various underperforming Funds, were generally consistent with the continuation of the Contracts.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.”

Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee 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 Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers generally appear well suited to the Funds, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

Also at their meeting in June 2023, the Trustees, including 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 Blue Chip Growth Fund (the “June Amended Subadvisory Agreement”) intended to lower the fees payable under the agreement.

290

Other Information (Unaudited) (Continued)

In arriving at their decision, the Trustees discussed the fees payable to T. Rowe Price by MML Advisers under the June Amended Subadvisory Agreement 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 June Amended Subadvisory Agreement is not excessive and the subadvisory fee amount under the June Amended Subadvisory Agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the June Amended Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. 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 June Amended Subadvisory Agreement became effective on July 1, 2023.

291

Other Information (Unaudited) (Continued)

Fund Expenses September 30, 2023

Expense Examples:

The following information is in regards to expenses for the six months ended September 30, 2023:

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 investment 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 September 30, 2023.

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	0.34%	$952.50	$1.66	$1,023.40	$1.72
Class R5	1,000	0.44%	951.30	2.15	1,022.90	2.23
Service Class	1,000	0.54%	950.50	2.64	1,022.40	2.74
Administrative Class	1,000	0.64%	951.30	3.13	1,021.90	3.24
Class R4	1,000	0.79%	949.50	3.86	1,021.10	4.00
Class A	1,000	0.89%	949.90	4.35	1,020.60	4.51
Class R3	1,000	1.04%	949.00	5.08	1,019.90	5.27

292

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*
Strategic Bond Fund
Class I	$1,000	0.54%	$943.60	$2.63	$1,022.40	$2.74
Class R5	1,000	0.64%	943.70	3.12	1,021.90	3.24
Service Class	1,000	0.77%	942.60	3.75	1,021.20	3.90
Administrative Class	1,000	0.84%	943.60	4.09	1,020.90	4.26
Class R4	1,000	0.99%	942.10	4.82	1,020.10	5.01
Class A	1,000	1.09%	941.40	5.30	1,019.60	5.52
Class R3	1,000	1.24%	940.60	6.03	1,018.90	6.28
Class Y	1,000	0.61%	943.70	2.97	1,022.00	3.09
Diversified Value Fund
Class I	1,000	0.62%	1,006.40	3.12	1,022.00	3.14
Class R5	1,000	0.72%	1,005.50	3.62	1,021.50	3.65
Service Class	1,000	0.81%	1,004.50	4.07	1,021.00	4.10
Administrative Class	1,000	0.91%	1,004.50	4.57	1,020.50	4.61
Class R4	1,000	1.07%	1,003.70	5.37	1,019.70	5.42
Class A	1,000	1.17%	1,003.60	5.88	1,019.20	5.92
Class R3	1,000	1.32%	1,002.80	6.63	1,018.50	6.68
Class Y	1,000	0.71%	1,005.50	3.57	1,021.50	3.60
Fundamental Value Fund
Class I	1,000	0.69%	1,039.10	3.53	1,021.60	3.50
Class R5	1,000	0.78%	1,038.60	3.99	1,021.20	3.95
Service Class	1,000	0.89%	1,037.80	4.55	1,020.60	4.51
Administrative Class	1,000	0.99%	1,037.20	5.06	1,020.10	5.01
Class R4	1,000	1.14%	1,036.60	5.82	1,019.40	5.77
Class A	1,000	1.24%	1,036.80	6.33	1,018.90	6.28
Class R3	1,000	1.39%	1,035.50	7.09	1,018.10	7.03
Class Y	1,000	0.78%	1,037.40	3.98	1,021.20	3.95
S&P 500 Index Fund
Class I	1,000	0.14%	1,051.50	0.72	1,024.40	0.71
Class R5	1,000	0.24%	1,050.40	1.23	1,023.90	1.22
Service Class	1,000	0.39%	1,050.20	2.00	1,023.10	1.98
Administrative Class	1,000	0.49%	1,049.20	2.52	1,022.60	2.48
Class R4	1,000	0.64%	1,048.10	3.29	1,021.90	3.24
Class A	1,000	0.74%	1,048.00	3.80	1,021.40	3.75
Class R3	1,000	0.89%	1,047.00	4.57	1,020.60	4.51
Equity Opportunities Fund
Class I	1,000	0.76%	995.70	3.80	1,021.30	3.85
Class R5	1,000	0.86%	995.10	4.30	1,020.80	4.36
Service Class	1,000	0.96%	995.00	4.80	1,020.30	4.86
Administrative Class	1,000	1.06%	994.20	5.30	1,019.80	5.37
Class R4	1,000	1.21%	993.50	6.05	1,019.00	6.12
Class A	1,000	1.31%	993.00	6.54	1,018.50	6.63
Class R3	1,000	1.45%	992.70	7.24	1,017.80	7.33
Class Y	1,000	0.87%	995.70	4.35	1,020.70	4.41

293

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*
Fundamental Growth Fund
Class I	$1,000	1.49%	$1,023.10	$7.56	$1,017.60	$7.54
Class R5	1,000	1.59%	1,023.00	8.06	1,017.10	8.04
Service Class	1,000	1.69%	1,021.90	8.57	1,016.60	8.54
Administrative Class	1,000	1.79%	1,020.80	9.07	1,016.10	9.05
Class R4	1,000	1.94%	1,022.70	9.84	1,015.30	9.80
Class A	1,000	2.04%	1,021.70	10.34	1,014.80	10.30
Class R3	1,000	2.19%	1,020.00	11.09	1,014.10	11.06
Class Y	1,000	1.59%	1,023.00	8.06	1,017.10	8.04
Blue Chip Growth Fund
Class I	1,000	0.65%	1,113.00	3.44	1,021.80	3.29
Class R5	1,000	0.75%	1,112.40	3.97	1,021.30	3.80
Service Class	1,000	0.85%	1,111.70	4.50	1,020.80	4.31
Administrative Class	1,000	0.95%	1,110.90	5.03	1,020.30	4.81
Class R4	1,000	1.10%	1,109.90	5.82	1,019.60	5.57
Class A	1,000	1.20%	1,109.50	6.35	1,019.10	6.07
Class R3	1,000	1.35%	1,108.60	7.14	1,018.30	6.83
Class Y	1,000	0.76%	1,111.90	4.02	1,021.30	3.85
Growth Opportunities Fund
Class I	1,000	0.87%	1,070.20	4.52	1,020.70	4.41
Class R5	1,000	0.98%	1,068.80	5.08	1,020.20	4.96
Service Class	1,000	1.07%	1,071.80	5.56	1,019.70	5.42
Administrative Class	1,000	1.16%	1,069.40	6.02	1,019.30	5.87
Class R4	1,000	1.31%	1,068.70	6.79	1,018.50	6.63
Class A	1,000	1.41%	1,067.70	7.31	1,018.00	7.13
Class R3	1,000	1.56%	1,069.40	8.09	1,017.20	7.89
Class Y	1,000	0.94%	1,071.10	4.88	1,020.40	4.76
Mid Cap Value Fund
Class I	1,000	0.61%	982.50	3.03	1,022.00	3.09
Class R5	1,000	0.71%	981.90	3.53	1,021.50	3.60
Service Class	1,000	0.81%	981.70	4.02	1,021.00	4.10
Administrative Class	1,000	0.91%	981.30	4.52	1,020.50	4.61
Class R4	1,000	1.06%	980.60	5.26	1,019.80	5.37
Class A	1,000	1.16%	980.90	5.76	1,019.30	5.87
Class R3	1,000	1.31%	979.60	6.50	1,018.50	6.63
Class Y	1,000	0.71%	981.90	3.53	1,021.50	3.60
Small Cap Value Equity Fund
Class I	1,000	1.28%	1,015.00	6.47	1,018.70	6.48
Class R5	1,000	1.38%	1,013.80	6.97	1,018.10	6.98
Service Class	1,000	1.48%	1,013.70	7.47	1,017.60	7.49
Administrative Class	1,000	1.58%	1,011.60	7.97	1,017.10	7.99
Class R4	1,000	1.73%	1,012.20	8.73	1,016.40	8.74
Class A	1,000	1.83%	1,010.90	9.23	1,015.90	9.25
Class R3	1,000	1.98%	1,010.00	9.98	1,015.10	10.00
Class Y	1,000	1.37%	1,013.80	6.92	1,018.20	6.93

294

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*
Small Company Value Fund
Class I	$1,000	0.86%	$970.80	$4.25	$1,020.80	$4.36
Class R5	1,000	0.96%	970.00	4.74	1,020.30	4.86
Service Class	1,000	1.06%	968.60	5.23	1,019.80	5.37
Administrative Class	1,000	1.16%	968.80	5.73	1,019.30	5.87
Class R4	1,000	1.31%	968.60	6.46	1,018.50	6.63
Class A	1,000	1.41%	966.80	6.95	1,018.00	7.13
Class R3	1,000	1.56%	966.30	7.69	1,017.20	7.89
Class Y	1,000	0.96%	970.00	4.74	1,020.30	4.86
Mid Cap Growth Fund
Class I	1,000	0.69%	998.40	3.46	1,021.60	3.50
Class R5	1,000	0.79%	998.40	3.96	1,021.10	4.00
Service Class	1,000	0.89%	997.70	4.46	1,020.60	4.51
Administrative Class	1,000	0.99%	997.50	4.96	1,020.10	5.01
Class R4	1,000	1.14%	996.40	5.71	1,019.40	5.77
Class A	1,000	1.24%	996.30	6.21	1,018.90	6.28
Class R3	1,000	1.39%	994.80	6.95	1,018.10	7.03
Class Y	1,000	0.79%	998.40	3.96	1,021.10	4.00
Small Cap Growth Equity Fund
Class I	1,000	0.86%	997.70	4.31	1,020.80	4.36
Class R5	1,000	0.96%	996.90	4.81	1,020.30	4.86
Service Class	1,000	1.06%	996.50	5.31	1,019.80	5.37
Administrative Class	1,000	1.16%	996.00	5.80	1,019.30	5.87
Class R4	1,000	1.31%	996.20	6.56	1,018.50	6.63
Class A	1,000	1.41%	994.90	7.05	1,018.00	7.13
Class R3	1,000	1.56%	992.90	7.79	1,017.20	7.89
Class Y	1,000	0.97%	997.60	4.86	1,020.20	4.91
Overseas Fund
Class I	1,000	0.79%	959.40	3.88	1,021.10	4.00
Class R5	1,000	0.89%	959.60	4.37	1,020.60	4.51
Service Class	1,000	0.99%	959.30	4.86	1,020.10	5.01
Administrative Class	1,000	1.09%	958.60	5.35	1,019.60	5.52
Class R4	1,000	1.24%	958.60	6.09	1,018.90	6.28
Class A	1,000	1.34%	957.50	6.58	1,018.40	6.78
Class R3	1,000	1.49%	956.70	7.31	1,017.60	7.54
Class Y	1,000	0.89%	959.60	4.37	1,020.60	4.51
MM Select T. Rowe Price International Equity Fund
Class I	1,000	0.00%	985.20	0.00	1,025.10	0.00

*	Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2023, multiplied by the average account value over the period, multiplied by 183 days in the period, divided by 365 days in the year, unless stated otherwise.

295

Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

MM202410-307190

Table of Contents
Economic and Market Overview (Unaudited)	1
Portfolio Manager Report (Unaudited)	4
Portfolio of Investments
MassMutual 20/80 Allocation Fund	47
MassMutual 40/60 Allocation Fund	48
MassMutual 60/40 Allocation Fund	49
MassMutual 80/20 Allocation Fund	50
MassMutual RetireSMART^SM by JPMorgan In Retirement Fund	51
MassMutual RetireSMART^SM by JPMorgan 2020 Fund	52
MassMutual RetireSMART^SM by JPMorgan 2025 Fund	53
MassMutual RetireSMART^SM by JPMorgan 2030 Fund	54
MassMutual RetireSMART^SM by JPMorgan 2035 Fund	55
MassMutual RetireSMART^SM by JPMorgan 2040 Fund	56
MassMutual RetireSMART^SM by JPMorgan 2045 Fund	57
MassMutual RetireSMART^SM by JPMorgan 2050 Fund	58
MassMutual RetireSMART^SM by JPMorgan 2055 Fund	59
MassMutual RetireSMART^SM by JPMorgan 2060 Fund	60
MassMutual RetireSMART^SM by JPMorgan 2065 Fund	61
MassMutual Select T. Rowe Price Retirement Balanced Fund	62
MassMutual Select T. Rowe Price Retirement 2005 Fund	63
MassMutual Select T. Rowe Price Retirement 2010 Fund	64
MassMutual Select T. Rowe Price Retirement 2015 Fund	65
MassMutual Select T. Rowe Price Retirement 2020 Fund	66
MassMutual Select T. Rowe Price Retirement 2025 Fund	67
MassMutual Select T. Rowe Price Retirement 2030 Fund	68
MassMutual Select T. Rowe Price Retirement 2035 Fund	69
MassMutual Select T. Rowe Price Retirement 2040 Fund	70
MassMutual Select T. Rowe Price Retirement 2045 Fund	71
MassMutual Select T. Rowe Price Retirement 2050 Fund	72
MassMutual Select T. Rowe Price Retirement 2055 Fund	73
MassMutual Select T. Rowe Price Retirement 2060 Fund	74
MassMutual Select T. Rowe Price Retirement 2065 Fund	75
Statements of Assets and Liabilities	76
Statements of Operations	92
Statements of Changes in Net Assets	100
Financial Highlights	118
Notes to Financial Statements	161
Report of Independent Registered Public Accounting Firm	217
Trustees and Principal Officers (Unaudited)	219
Federal Tax Information (Unaudited)	224
Other Information (Unaudited)
Proxy Voting	226
Quarterly Reporting	226
Trustees’ Approval of Investment Advisory Contracts	226
Fund Expenses	229

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited)

September 30, 2023

Global markets continue to reward retirement investors

Market highlights

●	For the reporting period from October 1, 2022 through September 30, 2023, U.S. stocks were up over 21%, in a market environment where economic activity remained strong, despite the Fed continuing to raise interest rates in an effort to combat high inflation.

●	In the fourth quarter of 2022, investors experienced a stock market rally, as fears generally lessened regarding high inflation, high interest rates, high energy prices, and a global recession.

●

●	In the second quarter of 2023, global stocks exhibited strength thanks in part to a resilient U.S. economy, receding inflationary pressures, banking sector stability, and the resolution of the debt ceiling crisis.

●	The third quarter of 2023 was difficult for global stocks and bonds, as investors grew increasingly concerned over inflation, a possible U.S. government shutdown, and higher prolonged interest rates from the Fed.

●	Foreign stocks in developed markets and emerging markets also experienced strong gains in the fiscal year, aided by falling energy costs, a resilient consumer, and the weakening of the U.S. dollar.

●	U.S. bond investors experienced slightly positive returns in the rising interest rate environment, fueled by aggressive Fed interest rate hikes aimed at reducing demand-driven inflationary pressures.

Market environment

For the fiscal year beginning on October 1, 2022, global stock investors experienced significant gains. During this period, U.S. stock prices rose sharply in response, with the S&P 500 Index^® (“S&P 500”)¹ entering bull market territory after rising more than 20% from its previous highs. Investors breathed a sigh of relief as the possibility of a recession lessened in the face of robust economic activity and falling inflation during the period. Consumer sentiment rose sharply, up 19.4% in the period,² aided by lower inflation, low unemployment, and positive wage growth. In MassMutual’s view, the strong economic growth may be unsustainable, as more Americans are borrowing to make ends meet, resulting in consumer loan levels at record highs, having increased by 5.8% year-over-year.³

¹The S&P 500 Index measures the performance of 500 widely held stocks in the U.S. equity market. Standard and Poor’s chooses member companies for the Index based on market size, liquidity, and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. The Index is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

² August 2023, University of Michigan: Consumer Sentiment (UMCSENT), retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/UMCSENT, October 5, 2023.

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited) (Continued)

As a result, the broad-market S&P 500 rose 21.62% for the period. The technology-heavy NASDAQ Composite Index⁴ performed even better, rising 26.11% for the period. The more economically sensitive Dow Jones Industrial Average^SM5 was up 19.18% for the period. During the reporting period, small-cap stocks underperformed their larger-cap peers, while growth stocks outperformed their value brethren. The information technology and communication services sectors were each up by 35% or more for the period. The utilities sector was the weakest performer for the fiscal year, down 7.02% over the period, hurt by the sharp rise in interest rates that made the stock dividend yields less attractive. The real estate sector also ended the period in the red, declining 1.84%.

⁵The Dow Jones Industrial Average Index measures the performance of stocks of 30 U.S. blue-chip companies covering all industries with the exception of transportation and utilities. It is price-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

⁶The MSCI EAFE Index measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

⁹The Bloomberg U.S. Corporate Bond Index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

¹⁰The Bloomberg U.S. Corporate High-Yield Bond Index measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited) (Continued)

Review and maintain your strategy

MassMutual Target Allocation Funds – Portfolio Manager Report (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 the MM 20/80 Allocation Fund, MM 40/60 Allocation Fund, MM 60/40 Allocation Fund, and MM 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. The Funds are advised by MML Investment Advisers, LLC (MML Advisers). Underlying Funds will include a combination of MassMutual Funds advised by MML Advisers, 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.

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.

How did each Fund perform during the 12 months ended September 30, 2023?

The return of each Fund’s Class R5 shares is shown below in comparison to the Lipper Balanced Fund Index, an unmanaged, equally weighted index of the 30 largest mutual funds within the Lipper Balanced Category; the Bloomberg U.S. Aggregate Bond Index, which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS); and the S&P 500^® Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

	Fund’s Class R5 Shares Return	Lipper Balanced Fund Index Return	Bloomberg U.S. Aggregate Bond Index Return	S&P 500 Index Return
MM 20/80 Allocation Fund	4.66%	11.23%	0.64%*	21.62%
MM 40/60 Allocation Fund	8.10%	11.23%	0.64%	21.62%*
MM 60/40 Allocation Fund	11.82%	11.23%	0.64%	21.62%*
MM 80/20 Allocation Fund	15.58%	11.23%	0.64%	21.62%*

*	Benchmark return

For the year ended September 30, 2023, all of the Funds in the MM Target Allocation Series outperformed the Bloomberg U.S. Aggregate Bond Index. The MM 20/80 Allocation Fund and MM 40/60 Allocation Fund underperformed the Lipper Balanced Fund Index, whereas the other two Funds outperformed. Finally, all of the Funds underperformed the S&P 500 Index.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

MassMutual Target Allocation Funds – Portfolio Manager Report (Unaudited) (Continued)

Investment adviser discussion of factors that contributed to the Funds’ performance

For the fiscal year ending September 30, 2023, global stock investors experienced significant gains. U.S. stock prices rose sharply in the period in response, with the S&P 500 Index entering bull market territory after rising more than 20% from its previous highs. Investors breathed a sigh of relief as the possibility of a recession lessened in the face of robust economic activity and falling inflation. U.S. bond investors experienced slightly positive returns in the rising interest rate environment, fueled by aggressive interest rate hikes by the U.S. Federal Reserve that were aimed at reducing demand-driven inflationary pressures. As a result, each Fund’s particular allocation to equities versus fixed income was a large performance driver. Allocations within markets also made a difference to the Funds’ returns during the period, as international developed-market equities outperformed U.S. equities, developed-market equities outperformed emerging-market equities, and U.S. large-cap equities outperformed U.S. small-cap equities. U.S. growth equities outperformed U.S. value equities, and shorter-duration bonds outperformed longer-duration bonds. Duration is a measure of a fixed income investments sensitivity to interest rates. The longer the duration, the greater the price impact on a Fund when interest rates rise or fall.

Throughout the fiscal year, the Funds maintained a neutral position relative to overall risk, which had little impact on performance. Each Fund’s underweight allocation to commodities and its allocation to international bonds contributed, while positions in long-duration bonds and U.S. small- and mid-cap equities detracted from results. An underweight position in emerging-market equities contributed to each Fund’s performance.

Those Series Funds with higher equity allocations – such as the MM 80/20 Allocation and MM 60/40 Allocation Funds – outperformed their counterparts with higher fixed income allocations, such as the MM 40/60 Allocation and MM 20/80 Allocation Funds.

Manager selection of Underlying Funds detracted from overall performance in the 12-month period ending September 30, 2023. Weak performance by the MassMutual Equity Opportunities, MassMutual International Equity, MassMutual Total Return Bond, and MassMutual Strategic Bond Funds were significant drivers of underperformance. On the other hand, strong performance by the MassMutual Fundamental Value, MM Equity Asset, MassMutual Blue Chip Growth, and MassMutual Overseas Funds contributed to returns. There were no changes to the Underlying Funds during the fiscal year.

Investment adviser outlook

After the strong stock market rally for the fiscal year ending September 30, 2023, MML Advisers views the stock markets as extended and valuations high, relative to market history. While MML Advisers believes that the prospects of positive economic and corporate earnings growth forecasts support a bull case, Fund management needs more clarity on inflation persistency, labor costs, the economic impact of monetary policy tightening, a possible government shutdown, and the health of the banking system for the Funds’ allocations to equities to increase. Against this backdrop, Fund management believes that diversification across global assets could be a sensible approach to a potentially bumpy ride in the coming fiscal year. Looking ahead, Fund management will closely monitor how trends unfold as they manage the positioning of each Fund within the Series.

MassMutual Target Allocation Funds – Portfolio Manager Report (Unaudited) (Continued)

MassMutual 20/80 Allocation Fund Asset Allocation (% of Net Assets) on 9/30/23
Fixed Income Funds	79.6%
Equity Funds	20.4%
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 9/30/23
Fixed Income Funds	59.7%
Equity Funds	40.4%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual 60/40 Allocation Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	60.4%
Fixed Income Funds	39.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual 80/20 Allocation Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	80.5%
Fixed Income Funds	19.6%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART^SM by JPMorgan (target-date) Funds – Portfolio Manager Report (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 11 Funds – each of which has a “fund of funds” structure.

The 11 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, MM RetireSMART by JPMorgan 2060 Fund, and MM RetireSMART by JPMorgan 2065.

●	MM RetireSMART by JPMorgan In Retirement Fund seeks current income and some capital appreciation.

●

MM RetireSMART by JPMorgan 2020/2025/2030/2035/2040/2045/2050/2055/2060/2065 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 retired on or plan to retire around the year specified in the Fund’s name (the target retirement year) and plan to or 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 2020/2025/2030/2035/2040/2045/2050/2055/2060/2065 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

MassMutual RetireSMART^SM by JPMorgan (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

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.

How did each Fund perform during the 12 months ended September 30, 2023?*

The return of a representative class of each Fund is shown below in comparison to the return of each Fund’s respective S&P Target Date Index. For the year ended September 30, 2023, with the exception of MM RetireSMART by JPMorgan In Retirement Fund, each of the Funds underperformed its respective S&P Target Date Index.

	Fund’s Service Class Shares Return	S&P Target Date Index** Return
MM RetireSMART by JPMorgan In Retirement Fund	7.70%	7.38%
MM RetireSMART by JPMorgan 2020 Fund	7.79%	9.96%
MM RetireSMART by JPMorgan 2025 Fund	9.89%	10.97%
MM RetireSMART by JPMorgan 2030 Fund	11.95%	12.96%
MM RetireSMART by JPMorgan 2035 Fund	14.33%	15.18%
MM RetireSMART by JPMorgan 2040 Fund	16.38%	17.06%
MM RetireSMART by JPMorgan 2045 Fund	17.67%	18.32%
MM RetireSMART by JPMorgan 2050 Fund	18.04%	18.84%
MM RetireSMART by JPMorgan 2055 Fund	18.06%	18.97%

	Fund’s Class I Shares Return	S&P Target Date Index** Return
MM RetireSMART by JPMorgan 2060 Fund	18.13%	19.09%
MM RetireSMART by JPMorgan 2065 Fund	- 0.70%*	1.14%*

*	For the MM RetireSMART by JPMorgan 2065 Fund, performance shown for both the Fund and its benchmark is from the Fund’s inception date of February 1, 2023 through September 30, 2023.

The S&P Target Date Index for each Fund in the Series is as follows: MM RetireSMART by JPMorgan In Retirement Fund: S&P Target Date Retirement Income Index; MM RetireSMART by JPMorgan 2020 Fund: S&P Target Date 2020 Index; MM RetireSMART by JPMorgan 2025 Fund: S&P Target Date 2025 Index; MM RetireSMART by JPMorgan 2030 Fund: S&P Target Date 2030 Index; MM RetireSMART by JPMorgan 2035 Fund: S&P Target Date 2035 Index; MM RetireSMART by JPMorgan 2040 Fund: S&P Target Date 2040 Index; MM RetireSMART by JPMorgan 2045 Fund: S&P Target Date 2045 Index; MM RetireSMART by JPMorgan 2050 Fund: S&P Target Date 2050 Index; MM RetireSMART by JPMorgan 2055 Fund: S&P Target Date 2055 Index; MM RetireSMART by JPMorgan 2060 Fund: S&P Target Date 2060 Index; and MM RetireSMART by JPMorgan 2065 Fund: S&P Target Date 2065+ Index.

S&P Target Date^® Index Series:

The S&P Target Date Index Series consists of 13 multi-asset class indexes: the S&P Target Date Retirement Income Index and 12 date-specific indexes, corresponding to a specific target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Discussion of factors that contributed to the Funds’ performance

At the end of calendar year 2022, the Funds held a diversified underweight to risk assets, driven by surging inflation, heightened geopolitical risk, and aggressive monetary tightening. The Fund management team expressed the underweights by reducing the Funds’ exposure to U.S. large-cap, international equities, and U.S. high yield. Markets ended calendar year 2022 with many major asset classes across equities and fixed income in positive territory after three consecutive quarters of negative returns.

MassMutual RetireSMART^SMby JPMorgan (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

Entering calendar year 2023, the Funds continued to hold a diversified underweight to risk assets, due to heightened market volatility from geopolitical tensions and the path of interest rates. At this time, the global economy was grappling with the general easing of COVID-era restrictions and higher inflation than in recent history. In the U.S., corporate earnings and consumer spending held up better than expected during the first quarter of 2023. Outside the U.S., international developed equities outperformed U.S. large-cap equities over the quarter as the eurozone economies continued to prove more resilient than expected.

Fund management began the second quarter of 2023 with a cautious outlook and continued with the Funds’ underweight to risk assets, which was supported, in Fund management’s view, by stresses in the banking sector and an increased probability of recession. At this time, Fund management believed that growth risks appeared to be the greatest in the U.S. In Fund management’s observation, in Europe, lower energy prices and fiscal tailwinds suggested some resilience and a reopened Chinese economy was expected to benefit from pent-up demand and excess savings. However, the second quarter surprised, with resilient growth in the U.S., containment of regional bank stresses, and an 8% rally in the S&P 500^® Index, as the artificial intelligence theme took hold. Across the world, growth and policy differences began to emerge, as Europe navigated a mild technical recession with minor effects on financial markets and Chinese growth generally disappointed.

The Funds began the third quarter with moderately underweight allocations to risk assets, with a cautious outlook supported by Fund management’s expectation of sub-trend growth. With a potentially lower risk of recession over the next two to three quarters, Fund management still observed an inverted yield curve, tight credit conditions, and a risk of inflation reacceleration, keeping risk of an economic contraction within the realm of possibilities. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.) Consequently, Fund management maintained the Funds’ underweight allocations across risk assets during the third quarter of 2023.

The strategic asset allocation (glide path) added value during the fiscal year. Relative to the S&P Target Date Indexes, having more U.S. large-cap equity proved additive. In fixed income, diversification into credit also added value, as U.S. high yield and emerging-market debt outperformed core bonds. On the other hand, holding more U.S. small-cap and emerging-market equity detracted value.

Active asset allocation detracted over the past fiscal year. As Fund management assessed the path of rates, risk of recession, and probability of sub-trend growth, the team maintained a risk-off positioning over the past fiscal year via a diversified underweight to risk assets. This positioning detracted, as risk assets delivered positive returns over the fiscal year, despite the general uncertainty and muted outlook.

Outlook

Through September 30, 2023, markets remained resilient, with, in Fund management’s observation, better-than-expected economic growth and corporate profits, and milder negative repercussions from credit tightening resulting in strong gains in U.S. equity markets. Recent economic data has demonstrated the strength of the U.S. consumer and labor markets. Fund management expects central banks to hold off on further tightening at this time. Heading into fiscal year 2024, although Fund management’s probability forecast for recession has decreased, they do not foresee any significant changes to Fund positioning. They will continue to monitor the impact from higher energy prices, depleted pandemic savings, and the lagged effects of monetary policy. As long-term multi-asset investors, Fund management generally prefers to maintain their measured underweight to risk assets, given their expectation of ongoing uncertainty.

MassMutual RetireSMART^SM by JPMorgan (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

MassMutual RetireSMART by JPMorgan In Retirement Fund Asset Allocation (% of Net Assets) on 9/30/23
Fixed Income Funds	63.9%
Equity Funds	36.3%
Total Long-Term Investments	100.2%
Other Assets & Liabilities	(0.2)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2020 Fund Asset Allocation (% of Net Assets) on 9/30/23
Fixed Income Funds	63.9%
Equity Funds	36.3%
Total Long-Term Investments	100.2%
Other Assets & Liabilities	(0.2)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2025 Fund Asset Allocation (% of Net Assets) on 9/30/23
Fixed Income Funds	55.0%
Equity Funds	45.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2030 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	58.1%
Fixed Income Funds	42.0%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2035 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	70.7%
Fixed Income Funds	29.4%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2040 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	80.7%
Fixed Income Funds	19.4%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2045 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	88.6%
Fixed Income Funds	11.5%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2050 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	91.4%
Fixed Income Funds	8.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART^SM by JPMorgan (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

MassMutual RetireSMART by JPMorgan 2055 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	91.4%
Fixed Income Funds	8.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2060 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	91.6%
Fixed Income Funds	8.7%
Total Long-Term Investments	100.3%
Other Assets & Liabilities	(0.3)%
Net Assets	100.0%

MassMutual RetireSMART by JPMorgan 2065 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	95.5%
Fixed Income Funds	9.1%
Total Long-Term Investments	104.6%
Other Assets & Liabilities	(4.6)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement Balanced Fund – Portfolio Manager Report (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” that 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). 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 are strategic and 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.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 8.67%, outperforming the 7.38% return of the S&P Target Date Retirement Income Index (the “benchmark”), which provides varying levels of exposure to equities and fixed income.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the Fund’s total allocation to equities, bonds, and cash, was a key contributor to the Fund’s relative results. The Fund had more equity exposure relative to the benchmark, and outperformed in a market environment where equities outpaced bonds and cash. Conversely, the Fund’s structural composition was a detractor from relative results, due in part to its larger relative allocation to domestic equities, which trailed international equities for the reporting period.

Security selection within the underlying allocation to the dynamic global bond strategy weighed on relative performance for the reporting period. The U.S. large-cap value allocation also trailed its style-specific benchmark, which weighed on results. Conversely, the U.S. mid-cap value allocation outpaced its benchmark and added value for the period.

Subadviser outlook

T. Rowe Price notes that global markets generally declined during the third quarter of 2023, despite a few pockets of positive returns. Economic growth was mixed across regions as inflationary pressures and central bank policies began to diverge. During the reporting period, in T. Rowe Price’s view, the U.S. and Japanese economies proved more resilient, although there has been some evidence of cooling in the U.S. Conversely, as of the end of the reporting period, European and Chinese economies were showing signs of weakness in Fund management’s view. Growth in China has been hampered by the decelerating pace of economic activity and continued housing market stress.

Fund management believes that, as inflation recedes, albeit slowly, global central banks may be approaching a peak in the tightening cycle, which could provide a catalyst for growth. However, divergent approaches to monetary policy across regions underscore the uncertainty in the current environment. As of the end of the reporting period, the U.S. Federal Reserve was steadfast with a higher-for-longer message as it weighed signs of moderating inflation with higher oil prices and uncertainty surrounding government funding. As of the end of the reporting period, the European Central Bank and the Bank of England were signaling an end to rate hikes amid signs that the economy was slowing and inflation was beginning to fall. The Bank of Japan, meanwhile, continued its ultra-easy monetary policy as it considered inflation and wage growth in determining a path forward. Fund management expects volatility to remain elevated in the near term as the effects of diminished liquidity, rising energy prices, and falling earnings expectations are reflected in markets. In T. Rowe Price’s opinion, key risks to global markets include a deeper-than-expected decline in growth, central bank missteps, a reacceleration in inflation, a trajectory of Chinese growth, and geopolitical tensions. T. Rowe Price continues to evaluate long-term valuations and early indications of stabilization or improvement in macroeconomic conditions as they assess where there may be opportunities to add to risk assets.

MassMutual Select T. Rowe Price Retirement Balanced Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Select T. Rowe Price Retirement Balanced Fund Asset Allocation (% of Net Assets) on 9/30/23
Fixed Income Funds	60.6%
Equity Funds	39.4%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement (target-date) Funds – Portfolio Manager Report (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 13 Funds – each of which has a “fund of funds” structure. The 13 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, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 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.

How did each Fund perform during the 12 months ended September 30, 2023?*

The return of each Fund’s Class I shares is shown below in comparison to the return of each Fund’s respective S&P Target Date Index. For the year ended September 30, 2023, with the exception of the MM Select T. Rowe Price Retirement 2060 Fund and MM Select T. Rowe Price Retirement 2065 Fund, each of the Funds outperformed its respective S&P Target Date Index.

	Fund’s Class I Shares Return	S&P Target Date Index** Return
MM Select T. Rowe Price Retirement 2005 Fund	9.22%	7.38%
MM Select T. Rowe Price Retirement 2010 Fund	9.77%	8.30%
MM Select T. Rowe Price Retirement 2015 Fund	10.31%	8.81%
MM Select T. Rowe Price Retirement 2020 Fund	11.03%	9.96%
MM Select T. Rowe Price Retirement 2025 Fund	12.13%	10.97%
MM Select T. Rowe Price Retirement 2030 Fund	13.89%	12.96%
MM Select T. Rowe Price Retirement 2035 Fund	15.94%	15.18%
MM Select T. Rowe Price Retirement 2040 Fund	17.73%	17.06%
MM Select T. Rowe Price Retirement 2045 Fund	18.67%	18.32%
MM Select T. Rowe Price Retirement 2050 Fund	19.09%	18.84%
MM Select T. Rowe Price Retirement 2055 Fund	19.10%	18.97%
MM Select T. Rowe Price Retirement 2060 Fund	19.03%	19.09%
MM Select T. Rowe Price Retirement 2065 Fund	0.90%*	1.14%*

*	For MM Select T. Rowe Price Retirement 2065 Fund, performance shown for both the Fund and its benchmark is from the Fund’s inception date of February 1, 2023 through September 30, 2023.

The S&P Target Date Index for each Fund in the Series is as follows: MM Select T. Rowe Price Retirement 2005 Fund: S&P Target Date Retirement Income Index; MM Select T. Rowe Price Retirement 2010 Fund: S&P Target Date 2010 Index; MM Select T. Rowe Price Retirement 2015 Fund: S&P Target Date 2015 Index; MM Select T. Rowe Price Retirement 2020 Fund: S&P Target Date 2020 Index; MM Select T. Rowe Price Retirement 2025 Fund: S&P Target Date 2025 Index; MM Select T. Rowe Price Retirement 2030 Fund: S&P Target Date 2030 Index; MM Select T. Rowe Price Retirement 2035 Fund: S&P Target Date 2035 Index; MM Select T.

MassMutual Select T. Rowe Price Retirement (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

Rowe Price Retirement 2040 Fund: S&P Target Date 2040 Index; MM Select T. Rowe Price Retirement 2045 Fund: S&P Target Date 2045 Index; MM Select T. Rowe Price Retirement 2050 Fund: S&P Target Date 2050 Index; MM Select T. Rowe Price Retirement 2055 Fund: S&P Target Date 2055 Index; MM Select T. Rowe Price Retirement 2060 Fund: S&P Target Date 2060 Index; and MM Select T. Rowe Price Retirement 2065 Fund: S&P Target Date 2065+ Index.

S&P Target Date^® Index Series:

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Funds’ performance

For the fiscal year ended September 30, 2023, glide path effect, defined as total allocation to equities, bonds, and cash, was a key contributor to relative results across most of the Funds. The Series held more equity exposure relative to the S&P Target Date Indexes and outperformed in a market environment where equities outpaced bonds and cash.

Conversely, with respect to the longer-dated Funds, the Funds’ structural composition was a detractor from relative results. This impact was due in part to such Funds’ larger relative allocation to domestic equities, which trailed international equities for the reporting period.

Security selection within the underlying allocation to the dynamic global bond strategy weighed on relative performance, particularly among those Funds structured for investors in or near retirement. The U.S. large-cap value allocation also trailed its style-specific benchmark, which generally weighed on results for the Funds. Conversely, the U.S. mid-cap value allocation outpaced its benchmark and generally added value for the Funds for the period.

Subadviser outlook

MassMutual Select T. Rowe Price Retirement (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Select T. Rowe Price Retirement 2005 Fund Asset Allocation (% of Net Assets) on 9/30/23
Fixed Income Funds	58.1%
Equity Funds	41.9%
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 9/30/23
Fixed Income Funds	54.5%
Equity Funds	45.5%
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 9/30/23
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 9/30/23
Equity Funds	51.8%
Fixed Income Funds	48.2%
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 9/30/23
Equity Funds	57.8%
Fixed Income Funds	42.2%
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 9/30/23
Equity Funds	68.4%
Fixed Income Funds	31.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2035 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	79.6%
Fixed Income Funds	20.4%
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 9/30/23
Equity Funds	89.0%
Fixed Income Funds	11.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement (target-date) Funds – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Select T. Rowe Price Retirement 2045 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	94.9%
Fixed Income Funds	5.1%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2050 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	96.6%
Fixed Income Funds	3.5%
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 9/30/23
Equity Funds	97.1%
Fixed Income Funds	2.9%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2060 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	97.1%
Fixed Income Funds	2.9%
Total Long-Term Investments	100.0%
Other Assets & Liabilities	(0.0)%
Net Assets	100.0%

MassMutual Select T. Rowe Price Retirement 2065 Fund Asset Allocation (% of Net Assets) on 9/30/23
Equity Funds	96.7%
Fixed Income Funds	2.8%
Total Long-Term Investments	99.5%
Other Assets & Liabilities	0.5%
Net Assets	100.0%

MassMutual 20/80 Allocation Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - CLASS R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	4.70%	1.89%		2.64%
Class R5	06/20/2011	4.66%	1.79%	2.79%
Service Class	06/20/2011	4.49%	1.68%	2.69%
Administrative Class	06/20/2011	4.35%	1.58%	2.60%
Class R4	04/01/2014	4.32%	1.43%		2.18%
Class A	06/20/2011	4.05%	1.31%	2.32%
Class A (sales load deducted)*	06/20/2011	-1.67%	0.17%	1.75%
Class R3	04/01/2014	3.90%	1.17%		1.92%
Class Y	02/01/2023					-4.04%
Bloomberg U.S. Aggregate Bond Index#		0.64%	0.10%	1.13%	1.00%	-4.15%
S&P 500 Index		21.62%	9.92%	11.91%	11.28%	6.38%
Lipper Balanced Fund Index		11.23%	4.88%	6.08%	6.02%	2.91%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual 40/60 Allocation Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - CLASS R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	8.25%	3.35%		4.22%
Class R5	06/20/2011	8.10%	3.27%	4.52%
Service Class	06/20/2011	7.95%	3.15%	4.41%
Administrative Class	06/20/2011	7.94%	3.07%	4.32%
Class R4	04/01/2014	7.66%	2.91%		3.75%
Class A	06/20/2011	7.63%	2.79%	4.05%
Class A (sales load deducted)*	06/20/2011	1.71%	1.63%	3.46%
Class R3	04/01/2014	7.56%	2.64%		3.50%
Class Y	02/01/2023					-2.96%
S&P 500 Index#		21.62%	9.92%	11.91%	11.28%	6.38%
Bloomberg U.S. Aggregate Bond Index		0.64%	0.10%	1.13%	1.00%	-4.15%
Lipper Balanced Fund Index		11.23%	4.88%	6.08%	6.02%	2.91%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual 60/40 Allocation Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - CLASS R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	11.99%	4.86%		5.66%
Class R5	06/20/2011	11.82%	4.74%	6.06%
Service Class	06/20/2011	11.68%	4.62%	5.96%
Administrative Class	06/20/2011	11.54%	4.55%	5.87%
Class R4	04/01/2014	11.35%	4.38%		5.19%
Class A	06/20/2011	11.27%	4.28%	5.59%
Class A (sales load deducted)*	06/20/2011	5.15%	3.10%	5.00%
Class R3	04/01/2014	11.17%	4.12%		4.93%
Class Y	02/01/2023					-1.84%
S&P 500 Index#		21.62%	9.92%	11.91%	11.28%	6.38%
Bloomberg U.S. Aggregate Bond Index		0.64%	0.10%	1.13%	1.00%	-4.15%
Lipper Balanced Fund Index		11.23%	4.88%	6.08%	6.02%	2.91%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual 80/20 Allocation Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - CLASS R5

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014	Since Inception 02/01/2023
Class I	04/01/2014	15.65%	5.78%		6.45%
Class R5	06/20/2011	15.58%	5.69%	6.91%
Service Class	06/20/2011	15.50%	5.56%	6.80%
Administrative Class	06/20/2011	15.33%	5.45%	6.69%
Class R4	04/01/2014	15.06%	5.28%		5.96%
Class A	06/20/2011	14.99%	5.19%	6.43%
Class A (sales load deducted)*	06/20/2011	8.67%	4.01%	5.83%
Class R3	04/01/2014	14.92%	5.04%		5.71%
Class Y	02/01/2023					-0.77%
S&P 500 Index#		21.62%	9.92%	11.91%	11.28%	6.38%
Bloomberg U.S. Aggregate Bond Index		0.64%	0.10%	1.13%	1.00%	-4.15%
Lipper Balanced Fund Index		11.23%	4.88%	6.08%	6.02%	2.91%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

# Benchmark

MassMutual RetireSMART^SM by JPMorgan In Retirement Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - SERVICE CLASS

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	8.01%	2.68%		3.11%
Class R5	04/01/2014	7.86%	2.59%		3.00%
Service Class	12/31/2003	7.70%	2.48%	3.15%
Administrative Class	12/31/2003	7.72%	2.38%	3.06%
Class R4	04/01/2014	7.45%	2.21%		2.65%
Class A	12/31/2003	7.42%	2.11%	2.78%
Class A (sales load deducted)*	12/31/2003	1.51%	0.96%	2.20%
Class R3	12/31/2003	7.20%	1.96%	2.63%
S&P Target Date Retirement Income Index		7.38%	2.59%	3.48%	3.29%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2020 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	7.96%	2.77%		3.85%
Class R5	04/01/2014	7.95%	2.69%		3.75%
Service Class	12/31/2003	7.79%	2.57%	4.13%
Administrative Class	12/31/2003	7.65%	2.46%	4.02%
Class R4	04/01/2014	7.52%	2.33%		3.39%
Class A	12/31/2003	7.49%	2.21%	3.76%
Class A (sales load deducted)*	12/31/2003	1.58%	1.06%	3.18%
Class R3	12/31/2003	7.27%	2.07%	3.60%
S&P Target Date 2020 Index		9.96%	3.44%	4.95%	4.59%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2025 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	10.11%	3.57%		4.62%
Class R5	04/01/2014	10.07%	3.48%		4.53%
Service Class	04/01/2010	9.89%	3.36%	4.93%
Administrative Class	04/01/2010	9.76%	3.27%	4.83%
Class R4	04/01/2014	9.64%	3.11%		4.15%
Class A	04/01/2010	9.42%	3.00%	4.56%
Class A (sales load deducted)*	04/01/2010	3.40%	1.84%	3.97%
Class R3	04/01/2014	9.24%	2.83%		3.89%
S&P Target Date 2025 Index		10.97%	4.02%	5.56%	5.17%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2030 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	12.20%	4.17%		5.15%
Class R5	04/01/2014	12.04%	4.04%		5.02%
Service Class	12/31/2003	11.95%	3.95%	5.47%
Administrative Class	12/31/2003	11.82%	3.84%	5.35%
Class R4	04/01/2014	11.67%	3.68%		4.66%
Class A	12/31/2003	11.57%	3.59%	5.09%
Class A (sales load deducted)*	12/31/2003	5.43%	2.42%	4.49%
Class R3	12/31/2003	11.44%	3.42%	4.93%
S&P Target Date 2030 Index		12.96%	4.51%	6.14%	5.72%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2035 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	14.51%	4.73%		5.59%
Class R5	04/01/2014	14.50%	4.64%		5.49%
Service Class	04/01/2010	14.33%	4.54%	5.92%
Administrative Class	04/01/2010	14.27%	4.43%	5.82%
Class R4	04/01/2014	14.03%	4.28%		5.13%
Class A	04/01/2010	13.95%	4.18%	5.55%
Class A (sales load deducted)*	04/01/2010	7.68%	3.01%	4.95%
Class R3	04/01/2014	13.73%	4.00%		4.85%
S&P Target Date 2035 Index		15.18%	5.07%	6.72%	6.28%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2040 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	16.58%	5.30%		5.95%
Class R5	04/01/2014	16.46%	5.20%		5.86%
Service Class	12/31/2003	16.38%	5.10%	6.27%
Administrative Class	12/31/2003	16.32%	5.00%	6.17%
Class R4	04/01/2014	16.17%	4.84%		5.49%
Class A	12/31/2003	15.94%	4.73%	5.89%
Class A (sales load deducted)*	12/31/2003	9.56%	3.55%	5.30%
Class R3	12/31/2003	15.74%	4.56%	5.72%
S&P Target Date 2040 Index		17.06%	5.53%	7.15%	6.70%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2045 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	17.83%	5.79%		6.28%
Class R5	04/01/2014	17.73%	5.69%		6.18%
Service Class	04/01/2010	17.67%	5.57%	6.62%
Administrative Class	04/01/2010	17.65%	5.48%	6.52%
Class R4	04/01/2014	17.45%	5.33%		5.80%
Class A	04/01/2010	17.24%	5.22%	6.25%
Class A (sales load deducted)*	04/01/2010	10.79%	4.04%	5.65%
Class R3	04/01/2014	17.17%	5.06%		5.55%
S&P Target Date 2045 Index		18.32%	5.81%	7.41%	6.96%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2050 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	18.10%	5.79%		6.41%
Class R5	04/01/2014	18.01%	5.70%		6.31%
Service Class	12/17/2007	18.04%	5.62%	6.77%
Administrative Class	12/17/2007	17.72%	5.47%	6.64%
Class R4	04/01/2014	17.71%	5.33%		5.95%
Class A	12/17/2007	17.59%	5.25%	6.40%
Class A (sales load deducted)*	12/17/2007	11.12%	4.07%	5.80%
Class R3	12/17/2007	17.30%	5.06%	6.21%
S&P Target Date 2050 Index		18.84%	5.93%	7.60%	7.12%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2055 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Service Class

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 04/01/2014
Class I	04/01/2014	18.12%	5.82%		6.45%
Class R5	04/01/2014	18.12%	5.73%		6.34%
Service Class	09/17/2013	18.06%	5.63%	6.81%
Administrative Class	09/17/2013	17.96%	5.52%	6.70%
Class R4	04/01/2014	17.65%	5.36%		5.98%
Class A	09/17/2013	17.52%	5.26%	6.43%
Class A (sales load deducted)*	09/17/2013	11.06%	4.07%	5.83%
Class R3	04/01/2014	17.45%	5.10%		5.72%
S&P Target Date 2055 Index		18.97%	5.98%	7.68%	7.19%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2060 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 11/23/2015
Class I	11/23/2015	18.13%	5.80%	7.49%
Class R5	11/23/2015	18.11%	5.69%	7.38%
Service Class	11/23/2015	17.99%	5.59%	7.28%
Administrative Class	11/23/2015	17.92%	5.48%	7.17%
Class R4	11/23/2015	17.60%	5.32%	7.01%
Class A	11/23/2015	17.50%	5.19%	6.89%
Class A (sales load deducted)*	11/23/2015	11.04%	4.01%	6.12%
Class R3	11/23/2015	17.38%	5.09%	6.75%
S&P Target Date 2060 Index		19.09%	6.00%	7.92%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual RetireSMART^SM by JPMorgan 2065 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	Since Inception 02/01/2023
Class I	02/01/2023	-0.70%
Class R5	02/01/2023	-0.70%
Service Class	02/01/2023	-0.80%
Administrative Class	02/01/2023	-0.80%
Class R4	02/01/2023	-0.90%
Class A	02/01/2023	-1.00%
Class A (sales load deducted)*	02/01/2023	-6.45%
Class R3	02/01/2023	-1.10%
S&P Target Date 2065+ Index		1.14%

* Class A (sales load deducted) returns include the 5.50% maximum sales charge.

MassMutual Select T. Rowe Price Retirement Balanced Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	8.67%	3.71%	3.56%
Class M5	02/16/2018	8.57%	3.57%	3.42%
Class M4	02/16/2018	8.21%	3.30%	3.15%
Class M3	02/16/2018	7.99%	3.04%	2.89%
S&P Target Date Retirement Income Index		7.38%	2.59%	2.65%

MassMutual Select T. Rowe Price Retirement 2005 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	9.22%	3.61%	3.43%
Class M5	02/16/2018	9.04%	3.45%	3.27%
Class M4	02/16/2018	8.72%	3.19%	3.02%
Class M3	02/16/2018	8.50%	2.94%	2.75%
S&P Target Date Retirement Income Index		7.38%	2.59%	2.65%

MassMutual Select T. Rowe Price Retirement 2010 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	9.77%	3.88%	3.68%
Class M5	02/16/2018	9.60%	3.72%	3.53%
Class M4	02/16/2018	9.43%	3.47%	3.28%
Class M3	02/16/2018	9.11%	3.19%	3.02%
S&P Target Date 2010 Index		8.30%	3.09%	3.14%

MassMutual Select T. Rowe Price Retirement 2015 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	10.31%	4.16%	3.95%
Class M5	02/16/2018	10.08%	4.00%	3.78%
Class M4	02/16/2018	9.87%	3.75%	3.53%
Class M3	02/16/2018	9.53%	3.47%	3.27%
S&P Target Date 2015 Index		8.81%	3.32%	3.40%

MassMutual Select T. Rowe Price Retirement 2020 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	11.03%	4.46%	4.24%
Class M5	02/16/2018	10.86%	4.31%	4.08%
Class M4	02/16/2018	10.45%	4.03%	3.81%
Class M3	02/16/2018	10.25%	3.77%	3.55%
S&P Target Date 2020 Index		9.96%	3.44%	3.53%

MassMutual Select T. Rowe Price Retirement 2025 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	12.13%	4.90%	4.63%
Class M5	02/16/2018	11.99%	4.74%	4.48%
Class M4	02/16/2018	11.68%	4.47%	4.21%
Class M3	02/16/2018	11.42%	4.22%	3.95%
S&P Target Date 2025 Index		10.97%	4.02%	4.09%

MassMutual Select T. Rowe Price Retirement 2030 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	13.89%	5.32%	5.00%
Class M5	02/16/2018	13.75%	5.15%	4.84%
Class M4	02/16/2018	13.49%	4.89%	4.59%
Class M3	02/16/2018	13.19%	4.63%	4.32%
S&P Target Date 2030 Index		12.96%	4.51%	4.59%

MassMutual Select T. Rowe Price Retirement 2035 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	15.94%	5.77%	5.41%
Class M5	02/16/2018	15.77%	5.59%	5.24%
Class M4	02/16/2018	15.42%	5.34%	4.98%
Class M3	02/16/2018	15.14%	5.06%	4.71%
S&P Target Date 2035 Index		15.18%	5.07%	5.13%

MassMutual Select T. Rowe Price Retirement 2040 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	17.73%	6.19%	5.78%
Class M5	02/16/2018	17.52%	6.01%	5.62%
Class M4	02/16/2018	17.24%	5.74%	5.35%
Class M3	02/16/2018	16.91%	5.49%	5.09%
S&P Target Date 2040 Index		17.06%	5.53%	5.57%

MassMutual Select T. Rowe Price Retirement 2045 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	18.67%	6.49%	6.06%
Class M5	02/16/2018	18.50%	6.32%	5.89%
Class M4	02/16/2018	18.17%	6.04%	5.61%
Class M3	02/16/2018	17.87%	5.78%	5.36%
S&P Target Date 2045 Index		18.32%	5.81%	5.82%

MassMutual Select T. Rowe Price Retirement 2050 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	19.09%	6.53%	6.10%
Class M5	02/16/2018	18.87%	6.36%	5.92%
Class M4	02/16/2018	18.60%	6.09%	5.66%
Class M3	02/16/2018	18.26%	5.82%	5.40%
S&P Target Date 2050 Index		18.84%	5.93%	5.94%

MassMutual Select T. Rowe Price Retirement 2055 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	19.10%	6.51%	6.08%
Class M5	02/16/2018	18.86%	6.34%	5.90%
Class M4	02/16/2018	18.55%	6.06%	5.63%
Class M3	02/16/2018	18.26%	5.79%	5.37%
S&P Target Date 2055 Index		18.97%	5.98%	5.98%

MassMutual Select T. Rowe Price Retirement 2060 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/16/2018
Class I	02/16/2018	19.03%	6.50%	6.07%
Class M5	02/16/2018	18.84%	6.32%	5.90%
Class M4	02/16/2018	18.53%	6.06%	5.63%
Class M3	02/16/2018	18.31%	5.80%	5.37%
S&P Target Date 2060 Index		19.09%	6.00%	6.01%

MassMutual Select T. Rowe Price Retirement 2065 Fund – Portfolio Manager Report (Unaudited)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	Since Inception 02/01/2023
Class I	02/01/2023	0.90%
Class M5	02/01/2023	0.80%
Class M4	02/01/2023	0.60%
Class M3	02/01/2023	0.40%
S&P Target Date 2065+ Index		1.14%

MassMutual 20/80 Allocation Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 20.4%
DFA Commodity Strategy Portfolio		191,104	$	890,544
Invesco Real Estate Fund, Class R6		40,953		615,927
MassMutual Blue Chip Growth Fund, Class I (a)		142,172		3,053,846
MassMutual Diversified Value Fund, Class I (a)		188,233		2,076,214
MassMutual Equity Opportunities Fund, Class I (a)		275,631		4,476,255
MassMutual Fundamental Value Fund, Class I (a)		223,819		1,904,701
MassMutual Growth Opportunities Fund, Class I (a)		156,647		811,430
MassMutual International Equity Fund, Class I (a)		154,808		1,229,179
MassMutual Mid Cap Growth Fund, Class I (a)		52,497		982,752
MassMutual Mid Cap Value Fund, Class I (a)		92,034		982,919
MassMutual Overseas Fund, Class I (a)		300,888		2,416,131
MassMutual Small Cap Growth Equity Fund, Class I (a)		19,997		260,960
MassMutual Small Cap Value Equity Fund, Class I (a)		60,120		530,262
MassMutual Strategic Emerging Markets Fund, Class I (a)		50,432		472,039
MM Equity Asset Fund, Class I (a)		1,105,191		8,200,515
Vanguard Developed Markets Index Fund, Admiral Shares		178,436		2,505,241
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		15,246		499,473
Vanguard Mid-Cap Index Fund, Admiral Shares		5,054		1,303,599
Vanguard Small-Cap Index Fund, Admiral Shares		5,803		525,602
				33,737,589
Fixed Income Funds — 79.6%
Invesco International Bond Fund, Class R6		1,589,097		6,626,535
MassMutual Core Bond Fund, Class I (a)		3,128,523		27,656,139
MassMutual Global Floating Rate Fund, Class I (a)		24,020		211,620
MassMutual High Yield Fund, Class I (a)		63,334		476,901
MassMutual Inflation-Protected and Income Fund, Class I (a)		146,856		1,343,732
MassMutual Short-Duration Bond Fund, Class I (a)		1,264,264		10,973,814

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		3,875,788	$	32,440,345
MassMutual Total Return Bond Fund, Class I (a)		4,659,595		38,348,466
Vanguard Long-Term Treasury Index Fund, Admiral Shares		140,631		2,614,335
Vanguard Total Bond Market Index Fund, Institutional Shares		1,207,637		11,086,112
				131,777,999

TOTAL MUTUAL FUNDS (Cost $188,452,811)				165,515,588

TOTAL LONG-TERM INVESTMENTS (Cost $188,452,811)				165,515,588

TOTAL INVESTMENTS — 100.0% (Cost $188,452,811) ^(b)				165,515,588

Other Assets/(Liabilities) — (0.0)%				(74,040	)

NET ASSETS — 100.0%			$	165,441,548

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.

MassMutual 40/60 Allocation Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 40.4%
DFA Commodity Strategy Portfolio		197,841	$	921,938
Invesco Real Estate Fund, Class R6		82,795		1,245,232
MassMutual Blue Chip Growth Fund, Class I (a)		285,067		6,123,243
MassMutual Diversified Value Fund, Class I (a)		384,896		4,245,406
MassMutual Equity Opportunities Fund, Class I (a)		560,900		9,109,021
MassMutual Fundamental Value Fund, Class I (a)		447,171		3,805,422
MassMutual Growth Opportunities Fund, Class I (a)		312,196		1,617,177
MassMutual International Equity Fund, Class I (a)		309,480		2,457,275
MassMutual Mid Cap Growth Fund, Class I (a)		105,981		1,983,972
MassMutual Mid Cap Value Fund, Class I (a)		186,977		1,996,911
MassMutual Overseas Fund, Class I (a)		594,864		4,776,758
MassMutual Small Cap Growth Equity Fund, Class I (a)		40,449		527,857
MassMutual Small Cap Value Equity Fund, Class I (a)		121,389		1,070,655
MassMutual Strategic Emerging Markets Fund, Class I (a)		99,882		934,896
MM Equity Asset Fund, Class I (a)		2,221,190		16,481,227
Vanguard Developed Markets Index Fund, Institutional Shares		368,604		5,182,574
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		31,540		1,033,246
Vanguard Mid-Cap Index Fund, Admiral Shares		10,455		2,696,356
Vanguard Small-Cap Index Fund, Admiral Shares		12,003		1,087,126
				67,296,292
Fixed Income Funds — 59.7%
Invesco International Bond Fund, Class R6		1,214,661		5,065,138
MassMutual Core Bond Fund, Class I (a)		2,348,573		20,761,384
MassMutual Global Floating Rate Fund, Class I (a)		18,596		163,830
MassMutual High Yield Fund, Class I (a)		48,411		364,538
MassMutual Inflation-Protected and Income Fund, Class I (a)		112,246		1,027,047
MassMutual Short-Duration Bond Fund, Class I (a)		959,386		8,327,473

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		2,908,217	$	24,341,780
MassMutual Total Return Bond Fund, Class I (a)		3,496,647		28,777,402
Vanguard Long-Term Treasury Index Fund, Admiral Shares		120,001		2,230,820
Vanguard Total Bond Market Index Fund, Institutional Shares		932,509		8,560,431
				99,619,843

TOTAL MUTUAL FUNDS (Cost $190,622,201)				166,916,135

TOTAL LONG-TERM INVESTMENTS (Cost $190,622,201)				166,916,135

TOTAL INVESTMENTS — 100.1% (Cost $190,622,201) ^(b)				166,916,135

Other Assets/(Liabilities) — (0.1)%				(185,569	)

NET ASSETS — 100.0%			$	166,730,566

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.

MassMutual 60/40 Allocation Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 60.4%
DFA Commodity Strategy Portfolio		189,436	$	882,772
Invesco Real Estate Fund, Class R6		115,345		1,734,785
MassMutual Blue Chip Growth Fund, Class I (a)		398,752		8,565,189
MassMutual Diversified Value Fund, Class I (a)		534,595		5,896,583
MassMutual Equity Opportunities Fund, Class I (a)		784,750		12,744,345
MassMutual Fundamental Value Fund, Class I (a)		626,771		5,333,820
MassMutual Growth Opportunities Fund, Class I (a)		436,665		2,261,922
MassMutual International Equity Fund, Class I (a)		423,234		3,360,476
MassMutual Mid Cap Growth Fund, Class I (a)		147,790		2,766,629
MassMutual Mid Cap Value Fund, Class I (a)		260,164		2,778,555
MassMutual Overseas Fund, Class I (a)		817,133		6,561,577
MassMutual Small Cap Growth Equity Fund, Class I (a)		56,269		734,313
MassMutual Small Cap Value Equity Fund, Class I (a)		169,027		1,490,816
MassMutual Strategic Emerging Markets Fund, Class I (a)		137,234		1,284,512
MM Equity Asset Fund, Class I (a)		3,107,344		23,056,496
Vanguard Developed Markets Index Fund, Institutional Shares		529,568		7,445,723
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		45,334		1,485,142
Vanguard Mid-Cap Index Fund, Admiral Shares		15,022		3,874,216
Vanguard Small-Cap Index Fund, Admiral Shares		17,248		1,562,134
				93,820,005
Fixed Income Funds — 39.7%
Invesco International Bond Fund, Class R6		755,743		3,151,449
MassMutual Core Bond Fund, Class I (a)		1,442,419		12,750,986
MassMutual Global Floating Rate Fund, Class I (a)		11,828		104,207
MassMutual High Yield Fund, Class I (a)		29,746		223,991
MassMutual Inflation-Protected and Income Fund, Class I (a)		68,942		630,822
MassMutual Short-Duration Bond Fund, Class I (a)		592,999		5,147,232

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		1,786,839	$	14,955,844
MassMutual Total Return Bond Fund, Class I (a)		2,148,706		17,683,853
Vanguard Long-Term Treasury Index Fund, Admiral Shares		88,133		1,638,391
Vanguard Total Bond Market Index Fund, Institutional Shares		590,153		5,417,604
				61,704,379

TOTAL MUTUAL FUNDS (Cost $172,063,487)				155,524,384

TOTAL LONG-TERM INVESTMENTS (Cost $172,063,487)				155,524,384

TOTAL INVESTMENTS — 100.1% (Cost $172,063,487) ^(b)				155,524,384

Other Assets/(Liabilities) — (0.1)%				(151,349	)

NET ASSETS — 100.0%			$	155,373,035

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.

MassMutual 80/20 Allocation Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 80.5%
DFA Commodity Strategy Portfolio		144,609	$	673,880
Invesco Real Estate Fund, Class R6		116,430		1,751,100
MassMutual Blue Chip Growth Fund, Class I (a)		405,036		8,700,173
MassMutual Diversified Value Fund, Class I (a)		540,888		5,965,995
MassMutual Equity Opportunities Fund, Class I (a)		799,359		12,981,582
MassMutual Fundamental Value Fund, Class I (a)		635,504		5,408,142
MassMutual Growth Opportunities Fund, Class I (a)		439,638		2,277,324
MassMutual International Equity Fund, Class I (a)		426,483		3,386,275
MassMutual Mid Cap Growth Fund, Class I (a)		149,562		2,799,801
MassMutual Mid Cap Value Fund, Class I (a)		263,266		2,811,685
MassMutual Overseas Fund, Class I (a)		829,966		6,664,631
MassMutual Small Cap Growth Equity Fund, Class I (a)		57,077		744,860
MassMutual Small Cap Value Equity Fund, Class I (a)		171,428		1,511,995
MassMutual Strategic Emerging Markets Fund, Class I (a)		139,446		1,305,213
MM Equity Asset Fund, Class I (a)		3,157,642		23,429,702
Vanguard Developed Markets Index Fund, Institutional Shares		540,028		7,592,791
Vanguard Emerging Markets Stock Index Fund, Admiral Shares		46,218		1,514,100
Vanguard Mid-Cap Index Fund, Admiral Shares		15,313		3,949,398
Vanguard Small-Cap Index Fund, Admiral Shares		17,585		1,592,678
				95,061,325
Fixed Income Funds — 19.6%
Invesco International Bond Fund, Class R6		286,933		1,196,511
MassMutual Core Bond Fund, Class I (a)		531,190		4,695,723
MassMutual Global Floating Rate Fund, Class I (a)		7,729		68,092
MassMutual High Yield Fund, Class I (a)		8,270		62,276
MassMutual Inflation-Protected and Income Fund, Class I (a)		26,327		240,890
MassMutual Short-Duration Bond Fund, Class I (a)		220,980		1,918,105

	Number of Shares		Value
MassMutual Strategic Bond Fund, Class I (a)		660,029	$	5,524,442
MassMutual Total Return Bond Fund, Class I (a)		793,224		6,528,234
Vanguard Long-Term Treasury Index Fund, Admiral Shares		49,441		919,112
Vanguard Total Bond Market Index Fund, Admiral Shares		219,223		2,012,469
				23,165,854

TOTAL MUTUAL FUNDS (Cost $127,059,847)				118,227,179

TOTAL LONG-TERM INVESTMENTS (Cost $127,059,847)				118,227,179

TOTAL INVESTMENTS — 100.1% (Cost $127,059,847) ^(b)				118,227,179

Other Assets/(Liabilities) — (0.1)%				(112,997	)

NET ASSETS — 100.0%			$	118,114,182

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.

MassMutual RetireSMART^SM by JPMorgan In Retirement Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.2%
Equity Funds — 36.3%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		32,855	$	490,861
JPMorgan Large Cap Value Fund, Class R6		52,343		936,409
MassMutual Blue Chip Growth Fund, Class I (a)		62,491		1,342,314
MassMutual Diversified Value Fund, Class I (a)		73,657		812,439
MassMutual Equity Opportunities Fund, Class I (a)		132,016		2,143,933
MassMutual Fundamental Value Fund, Class I (a)		128,103		1,090,159
MassMutual Growth Opportunities Fund, Class I (a)		77,357		400,707
MassMutual International Equity Fund, Class I (a)		183,089		1,453,727
MassMutual Mid Cap Growth Fund, Class I (a)		37,516		702,309
MassMutual Mid Cap Value Fund, Class I (a)		65,835		703,122
MassMutual Overseas Fund, Class I (a)		312,468		2,509,122
MassMutual Small Cap Growth Equity Fund, Class I (a)		39,879		520,426
MassMutual Small Cap Value Equity Fund, Class I (a)		77,903		687,101
MassMutual Strategic Emerging Markets Fund, Class I (a)		95,556		894,402
MM Equity Asset Fund, Class I (a)		909,425		6,747,932
Vanguard Developed Markets Index Fund, Admiral Shares		242,521		3,404,993
Vanguard Mid-Cap Index Fund, Admiral Shares		2,393		617,136
Vanguard Real Estate Index Fund, Admiral Shares		5,314		569,880
Vanguard Small-Cap Index Fund, Admiral Shares		5,843		529,188
				26,556,160
Fixed Income Funds — 63.9%
JPMorgan Emerging Markets Debt Fund, Class R6		6,463		36,773
JPMorgan U.S. Government Money Market Fund, Class IM		6,267,569		6,267,569
MassMutual Core Bond Fund, Class I (a)		1,894,201		16,744,735
MassMutual Global Floating Rate Fund, Class I (a)		4,464		39,330
MassMutual High Yield Fund, Class I (a)		722,747		5,442,283

	Number of Shares		Value
MassMutual Inflation-Protected and Income Fund, Class I (a)		301,831	$	2,761,755
MassMutual Strategic Bond Fund, Class I (a)		662,702		5,546,815
MassMutual Total Return Bond Fund, Class I (a)		679,347		5,591,028
Vanguard Total Bond Market Index Fund, Institutional Shares		465,180		4,270,355
				46,700,643

TOTAL MUTUAL FUNDS (Cost $80,185,350)				73,256,803

TOTAL LONG-TERM INVESTMENTS (Cost $80,185,350)				73,256,803

TOTAL INVESTMENTS — 100.2% (Cost $80,185,350) ^(b)				73,256,803

Other Assets/(Liabilities) — (0.2)%				(169,305	)

NET ASSETS — 100.0%			$	73,087,498

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.

MassMutual RetireSMART^SM by JPMorgan 2020 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.2%
Equity Funds — 36.3%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		54,042	$	807,385
JPMorgan Large Cap Value Fund, Class R6		86,283		1,543,611
MassMutual Blue Chip Growth Fund, Class I (a)		102,597		2,203,773
MassMutual Diversified Value Fund, Class I (a)		121,414		1,339,200
MassMutual Equity Opportunities Fund, Class I (a)		217,622		3,534,181
MassMutual Fundamental Value Fund, Class I (a)		210,484		1,791,223
MassMutual Growth Opportunities Fund, Class I (a)		126,313		654,303
MassMutual International Equity Fund, Class I (a)		300,715		2,387,674
MassMutual Mid Cap Growth Fund, Class I (a)		61,397		1,149,347
MassMutual Mid Cap Value Fund, Class I (a)		108,526		1,159,054
MassMutual Overseas Fund, Class I (a)		516,602		4,148,314
MassMutual Small Cap Growth Equity Fund, Class I (a)		65,128		849,918
MassMutual Small Cap Value Equity Fund, Class I (a)		127,526		1,124,782
MassMutual Strategic Emerging Markets Fund, Class I (a)		156,525		1,465,075
MM Equity Asset Fund, Class I (a)		1,493,681		11,083,111
Vanguard Developed Markets Index Fund, Institutional Shares		396,402		5,573,410
Vanguard Mid-Cap Index Fund, Admiral Shares		3,915		1,009,795
Vanguard Real Estate Index Fund, Admiral Shares		8,693		932,287
Vanguard Small-Cap Index Fund, Admiral Shares		9,564		866,222
				43,622,665
Fixed Income Funds — 63.9%
JPMorgan Emerging Markets Debt Fund, Class R6		10,615		60,400
JPMorgan U.S. Government Money Market Fund, Class IM		10,341,180		10,341,180
MassMutual Core Bond Fund, Class I (a)		3,112,831		27,517,428
MassMutual Global Floating Rate Fund, Class I (a)		7,300		64,315
MassMutual High Yield Fund, Class I (a)		1,181,954		8,900,114

	Number of Shares		Value
MassMutual Inflation-Protected and Income Fund, Class I (a)		496,234	$	4,540,545
MassMutual Strategic Bond Fund, Class I (a)		1,089,037		9,115,239
MassMutual Total Return Bond Fund, Class I (a)		1,116,320		9,187,311
Vanguard Total Bond Market Index Fund, Institutional Shares		760,691		6,983,143
				76,709,675

TOTAL MUTUAL FUNDS (Cost $129,726,039)				120,332,340

TOTAL LONG-TERM INVESTMENTS (Cost $129,726,039)				120,332,340

TOTAL INVESTMENTS — 100.2% (Cost $129,726,039) ^(b)				120,332,340

Other Assets/(Liabilities) — (0.2)%				(213,528	)

NET ASSETS — 100.0%			$	120,118,812

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.

MassMutual RetireSMART^SM by JPMorgan 2025 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 45.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		114,795	$	1,715,036
JPMorgan Large Cap Value Fund, Class R6		120,710		2,159,504
MassMutual Blue Chip Growth Fund, Class I (a)		142,642		3,063,957
MassMutual Diversified Value Fund, Class I (a)		169,613		1,870,832
MassMutual Equity Opportunities Fund, Class I (a)		304,213		4,940,412
MassMutual Fundamental Value Fund, Class I (a)		292,340		2,487,817
MassMutual Growth Opportunities Fund, Class I (a)		177,075		917,247
MassMutual International Equity Fund, Class I (a)		411,061		3,263,824
MassMutual Mid Cap Growth Fund, Class I (a)		84,164		1,575,546
MassMutual Mid Cap Value Fund, Class I (a)		148,306		1,583,908
MassMutual Overseas Fund, Class I (a)		697,105		5,597,752
MassMutual Small Cap Growth Equity Fund, Class I (a)		89,651		1,169,942
MassMutual Small Cap Value Equity Fund, Class I (a)		176,085		1,553,066
MassMutual Strategic Emerging Markets Fund, Class I (a)		337,129		3,155,523
MM Equity Asset Fund, Class I (a)		2,075,416		15,399,588
Vanguard Developed Markets Index Fund, Institutional Shares		530,543		7,459,439
Vanguard Mid-Cap Index Fund, Admiral Shares		5,302		1,367,530
Vanguard Real Estate Index Fund, Admiral Shares		11,693		1,254,046
Vanguard Small-Cap Index Fund, Admiral Shares		12,961		1,173,833
				61,708,802
Fixed Income Funds — 55.0%
JPMorgan Emerging Markets Debt Fund, Class R6		11,768		66,961
JPMorgan U.S. Government Money Market Fund, Class IM		8,078,201		8,078,201
MassMutual Core Bond Fund, Class I (a)		3,179,684		28,108,403
MassMutual Global Floating Rate Fund, Class I (a)		8,011		70,577
MassMutual High Yield Fund, Class I (a)		1,306,939		9,841,249

	Number of Shares		Value
MassMutual Inflation-Protected and Income Fund, Class I (a)		365,898	$	3,347,969
MassMutual Strategic Bond Fund, Class I (a)		1,113,638		9,321,153
MassMutual Total Return Bond Fund, Class I (a)		1,141,540		9,394,873
Vanguard Total Bond Market Index Fund, Institutional Shares		773,445		7,100,222
				75,329,608

TOTAL MUTUAL FUNDS (Cost $150,877,459)				137,038,410

TOTAL LONG-TERM INVESTMENTS (Cost $150,877,459)				137,038,410

TOTAL INVESTMENTS — 100.1% (Cost $150,877,459) ^(b)				137,038,410

Other Assets/(Liabilities) — (0.1)%				(151,757	)

NET ASSETS — 100.0%			$	136,886,653

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.

MassMutual RetireSMART^SM by JPMorgan 2030 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 58.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		297,257	$	4,441,020
JPMorgan Large Cap Value Fund, Class R6		291,663		5,217,847
MassMutual Blue Chip Growth Fund, Class I (a)		347,132		7,456,399
MassMutual Diversified Value Fund, Class I (a)		408,352		4,504,118
MassMutual Equity Opportunities Fund, Class I (a)		735,515		11,944,770
MassMutual Fundamental Value Fund, Class I (a)		710,837		6,049,224
MassMutual Growth Opportunities Fund, Class I (a)		428,759		2,220,974
MassMutual International Equity Fund, Class I (a)		992,927		7,883,841
MassMutual Mid Cap Growth Fund, Class I (a)		201,925		3,780,030
MassMutual Mid Cap Value Fund, Class I (a)		354,417		3,785,176
MassMutual Overseas Fund, Class I (a)		1,706,612		13,704,097
MassMutual Small Cap Growth Equity Fund, Class I (a)		214,643		2,801,096
MassMutual Small Cap Value Equity Fund, Class I (a)		421,421		3,716,932
MassMutual Strategic Emerging Markets Fund, Class I (a)		873,368		8,174,729
MM Equity Asset Fund, Class I (a)		5,048,518		37,460,001
Vanguard Developed Markets Index Fund, Institutional Shares		1,270,420		17,862,105
Vanguard Mid-Cap Index Fund, Admiral Shares		12,586		3,246,005
Vanguard Real Estate Index Fund, Admiral Shares		27,737		2,974,781
Vanguard Small-Cap Index Fund, Admiral Shares		30,842		2,793,399
				150,016,544
Fixed Income Funds — 42.0%
JPMorgan Emerging Markets Debt Fund, Class R6		22,585		128,509
JPMorgan U.S. Government Money Market Fund, Class IM		9,070,340		9,070,340
MassMutual Core Bond Fund, Class I (a)		5,019,355		44,371,095
MassMutual High Yield Fund, Class I (a)		1,828,809		13,770,930

	Number of Shares		Value
MassMutual Inflation-Protected and Income Fund, Class I (a)		56,683	$	518,653
MassMutual Strategic Bond Fund, Class I (a)		1,757,936		14,713,925
MassMutual Total Return Bond Fund, Class I (a)		1,801,856		14,829,272
Vanguard Total Bond Market Index Fund, Institutional Shares		1,205,942		11,070,544
				108,473,268

TOTAL MUTUAL FUNDS (Cost $276,476,919)				258,489,812

TOTAL LONG-TERM INVESTMENTS (Cost $276,476,919)				258,489,812

TOTAL INVESTMENTS — 100.1% (Cost $276,476,919) ^(b)				258,489,812

Other Assets/(Liabilities) — (0.1)%				(341,995	)

NET ASSETS — 100.0%			$	258,147,817

Abbreviation Legend

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.

MassMutual RetireSMART^SM by JPMorgan 2035 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 70.7%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		395,338	$	5,906,347
JPMorgan Large Cap Value Fund, Class R6		204,158		3,652,385
MassMutual Blue Chip Growth Fund, Class I (a)		368,626		7,918,096
MassMutual Diversified Value Fund, Class I (a)		286,457		3,159,623
MassMutual Equity Opportunities Fund, Class I (a)		321,230		5,216,770
MassMutual Fundamental Value Fund, Class I (a)		441,119		3,753,921
MassMutual Growth Opportunities Fund, Class I (a)		500,542		2,592,809
MassMutual International Equity Fund, Class I (a)		877,571		6,967,912
MassMutual Mid Cap Growth Fund, Class I (a)		141,309		2,645,311
MassMutual Mid Cap Value Fund, Class I (a)		248,010		2,648,751
MassMutual Overseas Fund, Class I (a)		1,393,809		11,192,288
MassMutual Small Cap Growth Equity Fund, Class I (a)		150,084		1,958,597
MassMutual Small Cap Value Equity Fund, Class I (a)		294,867		2,600,730
MassMutual Strategic Emerging Markets Fund, Class I (a)		335,138		3,136,889
MM Equity Asset Fund, Class I (a)		3,576,322		26,536,306
Vanguard Developed Markets Index Fund, Institutional Shares		696,518		9,793,037
Vanguard Mid-Cap Index Fund, Admiral Shares		8,808		2,271,723
Vanguard Real Estate Index Fund, Admiral Shares		19,416		2,082,382
Vanguard Small-Cap Index Fund, Admiral Shares		21,498		1,947,081
				105,980,958
Fixed Income Funds — 29.4%
JPMorgan Emerging Markets Debt Fund, Class R6		13,009		74,022
JPMorgan U.S. Government Money Market Fund, Class IM		4,654,924		4,654,924
MassMutual Core Bond Fund, Class I (a)		875,181		7,736,596
MassMutual High Yield Fund, Class I (a)		626,457		4,717,223
MassMutual Strategic Bond Fund, Class I (a)		1,492,813		12,494,842

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		1,529,549	$	12,588,184
Vanguard Total Bond Market Index Fund, Admiral Shares		208,616		1,915,094
				44,180,885

TOTAL MUTUAL FUNDS (Cost $163,671,533)				150,161,843

TOTAL LONG-TERM INVESTMENTS (Cost $163,671,533)				150,161,843

TOTAL INVESTMENTS — 100.1% (Cost $163,671,533) ^(b)				150,161,843

Other Assets/(Liabilities) — (0.1)%				(165,701	)

NET ASSETS — 100.0%			$	149,996,142

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.

MassMutual RetireSMART^SM by JPMorgan 2040 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 80.7%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		564,440	$	8,432,734
JPMorgan Large Cap Value Fund, Class R6		300,321		5,372,743
MassMutual Blue Chip Growth Fund, Class I (a)		536,163		11,516,783
MassMutual Diversified Value Fund, Class I (a)		420,806		4,641,489
MassMutual Equity Opportunities Fund, Class I (a)		472,813		7,678,489
MassMutual Fundamental Value Fund, Class I (a)		641,189		5,456,522
MassMutual Growth Opportunities Fund, Class I (a)		735,134		3,807,992
MassMutual International Equity Fund, Class I (a)		1,313,767		10,431,308
MassMutual Mid Cap Growth Fund, Class I (a)		208,620		3,905,371
MassMutual Mid Cap Value Fund, Class I (a)		366,179		3,910,792
MassMutual Overseas Fund, Class I (a)		2,059,452		16,537,402
MassMutual Small Cap Growth Equity Fund, Class I (a)		220,397		2,876,186
MassMutual Small Cap Value Equity Fund, Class I (a)		433,148		3,820,361
MassMutual Strategic Emerging Markets Fund, Class I (a)		478,445		4,478,246
MM Equity Asset Fund, Class I (a)		5,200,328		38,586,433
Vanguard Developed Markets Index Fund, Institutional Shares		1,052,067		14,792,056
Vanguard Mid-Cap Index Fund, Admiral Shares		13,071		3,371,146
Vanguard Real Estate Index Fund, Admiral Shares		29,080		3,118,793
Vanguard Small-Cap Index Fund, Admiral Shares		31,825		2,882,403
				155,617,249
Fixed Income Funds — 19.4%
JPMorgan Emerging Markets Debt Fund, Class R6		170,258		968,766
JPMorgan U.S. Government Money Market Fund, Class IM		5,017,270		5,017,270
MassMutual Core Bond Fund, Class I (a)		589,432		5,210,581
MassMutual High Yield Fund, Class I (a)		746,229		5,619,103
MassMutual Strategic Bond Fund, Class I (a)		1,149,470		9,621,061

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		1,178,231	$	9,696,840
Vanguard Total Bond Market Index Fund, Admiral Shares		142,243		1,305,788
				37,439,409

TOTAL MUTUAL FUNDS (Cost $202,939,678)				193,056,658

TOTAL LONG-TERM INVESTMENTS (Cost $202,939,678)				193,056,658

TOTAL INVESTMENTS — 100.1% (Cost $202,939,678) ^(b)				193,056,658

Other Assets/(Liabilities) — (0.1)%				(237,265	)

NET ASSETS — 100.0%			$	192,819,393

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.

MassMutual RetireSMART^SM by JPMorgan 2045 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 88.6%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		375,510	$	5,610,121
JPMorgan Large Cap Value Fund, Class R6		191,556		3,426,933
MassMutual Blue Chip Growth Fund, Class I (a)		343,377		7,375,728
MassMutual Diversified Value Fund, Class I (a)		269,269		2,970,034
MassMutual Equity Opportunities Fund, Class I (a)		301,587		4,897,773
MassMutual Fundamental Value Fund, Class I (a)		410,473		3,493,125
MassMutual Growth Opportunities Fund, Class I (a)		470,514		2,437,261
MassMutual International Equity Fund, Class I (a)		836,646		6,642,972
MassMutual Mid Cap Growth Fund, Class I (a)		133,511		2,499,323
MassMutual Mid Cap Value Fund, Class I (a)		234,322		2,502,560
MassMutual Overseas Fund, Class I (a)		1,313,053		10,543,813
MassMutual Small Cap Growth Equity Fund, Class I (a)		141,068		1,840,932
MassMutual Small Cap Value Equity Fund, Class I (a)		276,446		2,438,254
MassMutual Strategic Emerging Markets Fund, Class I (a)		318,084		2,977,264
MM Equity Asset Fund, Class I (a)		3,327,982		24,693,628
Vanguard Developed Markets Index Fund, Institutional Shares		662,955		9,321,142
Vanguard Mid-Cap Index Fund, Admiral Shares		8,319		2,145,461
Vanguard Real Estate Index Fund, Admiral Shares		18,574		1,992,050
Vanguard Small-Cap Index Fund, Admiral Shares		20,181		1,827,806
				99,636,180
Fixed Income Funds — 11.5%
JPMorgan Emerging Markets Debt Fund, Class R6		73,493		418,177
JPMorgan U.S. Government Money Market Fund, Class IM		2,921,005		2,921,005
MassMutual Core Bond Fund, Class I (a)		182,757		1,615,573
MassMutual High Yield Fund, Class I (a)		214,228		1,613,140
MassMutual Strategic Bond Fund, Class I (a)		356,532		2,984,176

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		365,595	$	3,008,847
Vanguard Total Bond Market Index Fund, Admiral Shares		43,778		401,880
				12,962,798

TOTAL MUTUAL FUNDS (Cost $121,025,604)				112,598,978

TOTAL LONG-TERM INVESTMENTS (Cost $121,025,604)				112,598,978

TOTAL INVESTMENTS — 100.1% (Cost $121,025,604) ^(b)				112,598,978

Other Assets/(Liabilities) — (0.1)%				(139,063	)

NET ASSETS — 100.0%			$	112,459,915

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.

MassMutual RetireSMART^SM by JPMorgan 2050 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 91.4%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		488,070	$	7,291,761
JPMorgan Large Cap Value Fund, Class R6		247,786		4,432,893
MassMutual Blue Chip Growth Fund, Class I (a)		444,703		9,552,222
MassMutual Diversified Value Fund, Class I (a)		347,565		3,833,643
MassMutual Equity Opportunities Fund, Class I (a)		390,112		6,335,414
MassMutual Fundamental Value Fund, Class I (a)		532,402		4,530,744
MassMutual Growth Opportunities Fund, Class I (a)		608,416		3,151,592
MassMutual International Equity Fund, Class I (a)		1,081,696		8,588,669
MassMutual Mid Cap Growth Fund, Class I (a)		173,138		3,241,142
MassMutual Mid Cap Value Fund, Class I (a)		303,905		3,245,708
MassMutual Overseas Fund, Class I (a)		1,702,703		13,672,704
MassMutual Small Cap Growth Equity Fund, Class I (a)		183,055		2,388,863
MassMutual Small Cap Value Equity Fund, Class I (a)		359,478		3,170,597
MassMutual Strategic Emerging Markets Fund, Class I (a)		416,048		3,894,206
MM Equity Asset Fund, Class I (a)		4,312,918		32,001,848
Vanguard Developed Markets Index Fund, Institutional Shares		860,823		12,103,172
Vanguard Mid-Cap Index Fund, Admiral Shares		10,792		2,783,306
Vanguard Real Estate Index Fund, Admiral Shares		24,086		2,583,210
Vanguard Small-Cap Index Fund, Admiral Shares		26,294		2,381,421
				129,183,115
Fixed Income Funds — 8.7%
JPMorgan Emerging Markets Debt Fund, Class R6		87,419		497,413
JPMorgan U.S. Government Money Market Fund, Class IM		3,666,437		3,666,437
MassMutual Core Bond Fund, Class I (a)		156,868		1,386,717
MassMutual High Yield Fund, Class I (a)		164,415		1,238,041
MassMutual Strategic Bond Fund, Class I (a)		306,198		2,562,873

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		313,854	$	2,583,020
Vanguard Total Bond Market Index Fund, Admiral Shares		37,399		343,328
				12,277,829

TOTAL MUTUAL FUNDS (Cost $145,518,640)				141,460,944

TOTAL LONG-TERM INVESTMENTS (Cost $145,518,640)				141,460,944

TOTAL INVESTMENTS — 100.1% (Cost $145,518,640) ^(b)				141,460,944

Other Assets/(Liabilities) — (0.1)%				(193,026	)

NET ASSETS — 100.0%			$	141,267,918

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.

MassMutual RetireSMART^SM by JPMorgan 2055 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 91.4%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		216,717	$	3,237,755
JPMorgan Large Cap Value Fund, Class R6		109,231		1,954,140
MassMutual Blue Chip Growth Fund, Class I (a)		196,495		4,220,707
MassMutual Diversified Value Fund, Class I (a)		153,212		1,689,926
MassMutual Equity Opportunities Fund, Class I (a)		172,268		2,797,637
MassMutual Fundamental Value Fund, Class I (a)		235,093		2,000,637
MassMutual Growth Opportunities Fund, Class I (a)		268,081		1,388,659
MassMutual International Equity Fund, Class I (a)		477,793		3,793,675
MassMutual Mid Cap Growth Fund, Class I (a)		76,476		1,431,634
MassMutual Mid Cap Value Fund, Class I (a)		133,981		1,430,918
MassMutual Overseas Fund, Class I (a)		751,814		6,037,063
MassMutual Small Cap Growth Equity Fund, Class I (a)		81,016		1,057,255
MassMutual Small Cap Value Equity Fund, Class I (a)		158,359		1,396,726
MassMutual Strategic Emerging Markets Fund, Class I (a)		184,550		1,727,388
MM Equity Asset Fund, Class I (a)		1,905,072		14,135,637
Vanguard Developed Markets Index Fund, Institutional Shares		376,854		5,298,573
Vanguard Mid-Cap Index Fund, Admiral Shares		4,727		1,219,179
Vanguard Real Estate Index Fund, Admiral Shares		10,555		1,132,026
Vanguard Small-Cap Index Fund, Admiral Shares		11,508		1,042,246
				56,991,781
Fixed Income Funds — 8.7%
JPMorgan Emerging Markets Debt Fund, Class R6		38,662		219,988
JPMorgan U.S. Government Money Market Fund, Class IM		1,615,316		1,615,316
MassMutual Core Bond Fund, Class I (a)		69,235		612,033
MassMutual High Yield Fund, Class I (a)		72,583		546,549
MassMutual Strategic Bond Fund, Class I (a)		135,161		1,131,300

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		138,533	$	1,140,129
Vanguard Total Bond Market Index Fund, Admiral Shares		16,404		150,592
				5,415,907

TOTAL MUTUAL FUNDS (Cost $66,370,269)				62,407,688

TOTAL LONG-TERM INVESTMENTS (Cost $66,370,269)				62,407,688

TOTAL INVESTMENTS — 100.1% (Cost $66,370,269) ^(b)				62,407,688

Other Assets/(Liabilities) — (0.1)%				(91,574	)

NET ASSETS — 100.0%			$	62,316,114

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.

MassMutual RetireSMART^SM by JPMorgan 2060 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.3%
Equity Funds — 91.6%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		77,307	$	1,154,960
JPMorgan Large Cap Value Fund, Class R6		38,902		695,957
MassMutual Blue Chip Growth Fund, Class I (a)		70,012		1,503,849
MassMutual Diversified Value Fund, Class I (a)		54,560		601,793
MassMutual Equity Opportunities Fund, Class I (a)		61,246		994,641
MassMutual Fundamental Value Fund, Class I (a)		83,768		712,865
MassMutual Growth Opportunities Fund, Class I (a)		95,551		494,952
MassMutual International Equity Fund, Class I (a)		170,698		1,355,339
MassMutual Mid Cap Growth Fund, Class I (a)		27,189		508,981
MassMutual Mid Cap Value Fund, Class I (a)		47,719		509,642
MassMutual Overseas Fund, Class I (a)		268,867		2,159,001
MassMutual Small Cap Growth Equity Fund, Class I (a)		28,790		375,706
MassMutual Small Cap Value Equity Fund, Class I (a)		56,303		496,594
MassMutual Strategic Emerging Markets Fund, Class I (a)		66,032		618,062
MM Equity Asset Fund, Class I (a)		678,800		5,036,699
Vanguard Developed Markets Index Fund, Admiral Shares		132,473		1,859,923
Vanguard Mid-Cap Index Fund, Admiral Shares		1,660		428,004
Vanguard Real Estate Index Fund, Admiral Shares		3,705		397,410
Vanguard Small-Cap Index Fund, Admiral Shares		4,040		365,888
				20,270,266
Fixed Income Funds — 8.7%
JPMorgan Emerging Markets Debt Fund, Class R6		13,750		78,237
JPMorgan U.S. Government Money Market Fund, Class IM		573,862		573,862
MassMutual Core Bond Fund, Class I (a)		24,658		217,976
MassMutual High Yield Fund, Class I (a)		25,782		194,139
MassMutual Strategic Bond Fund, Class I (a)		48,142		402,953

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		49,341	$	406,076
Vanguard Total Bond Market Index Fund, Admiral Shares		5,759		52,867
				1,926,110

TOTAL MUTUAL FUNDS (Cost $23,019,744)				22,196,376

TOTAL LONG-TERM INVESTMENTS (Cost $23,019,744)				22,196,376

TOTAL INVESTMENTS — 100.3% (Cost $23,019,744) ^(b)				22,196,376

Other Assets/(Liabilities) — (0.3)%				(72,794	)

NET ASSETS — 100.0%			$	22,123,582

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.

MassMutual RetireSMART^SM by JPMorgan 2065 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 104.6%
Equity Funds — 95.5%
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6		3,591	$	53,653
JPMorgan Large Cap Value Fund, Class R6		1,830		32,746
MassMutual Blue Chip Growth Fund, Class I (a)		3,247		69,745
MassMutual Diversified Value Fund, Class I (a)		2,567		28,316
MassMutual Equity Opportunities Fund, Class I (a)		2,882		46,796
MassMutual Fundamental Value Fund, Class I (a)		3,885		33,064
MassMutual Growth Opportunities Fund, Class I (a)		4,484		23,227
MassMutual International Equity Fund, Class I (a)		7,998		63,501
MassMutual Mid Cap Growth Fund, Class I (a)		1,277		23,901
MassMutual Mid Cap Value Fund, Class I (a)		2,241		23,932
MassMutual Overseas Fund, Class I (a)		12,363		99,275
MassMutual Small Cap Growth Equity Fund, Class I (a)		1,350		17,621
MassMutual Small Cap Value Equity Fund, Class I (a)		2,649		23,362
MassMutual Strategic Emerging Markets Fund, Class I (a)		3,044		28,491
MM Equity Asset Fund, Class I (a)		31,482		233,596
Vanguard Developed Markets Index Fund, Admiral Shares		6,351		89,166
Vanguard Mid-Cap Index Fund, Admiral Shares		80		20,519
Vanguard Real Estate Index Fund, Admiral Shares		178		19,052
Vanguard Small-Cap Index Fund, Admiral Shares		194		17,541
				947,504
Fixed Income Funds — 9.1%
JPMorgan Emerging Markets Debt Fund, Class R6		644		3,666
JPMorgan U.S. Government Money Market Fund, Class IM		27,074		27,074
MassMutual Core Bond Fund, Class I (a)		1,144		10,112
MassMutual High Yield Fund, Class I (a)		1,214		9,143
MassMutual Strategic Bond Fund, Class I (a)		2,233		18,688

	Number of Shares		Value
MassMutual Total Return Bond Fund, Class I (a)		2,289	$	18,836
Vanguard Total Bond Market Index Fund, Admiral Shares		276		2,533
				90,052
				1,037,556

TOTAL MUTUAL FUNDS (Cost $1,049,751)				1,037,556

TOTAL LONG-TERM INVESTMENTS (Cost $1,049,751)				1,037,556

TOTAL INVESTMENTS — 104.6% (Cost $1,049,751) ^(b)				1,037,556

Other Assets/(Liabilities) — (4.6)%				(45,462	)

NET ASSETS — 100.0%			$	992,094

Abbreviation Legend

ADR	American Depositary Receipt

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 39.4%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		1,829,575	$	18,295,745
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		2,205,909		26,978,273
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		398,945		4,264,718
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		814,826		9,443,837
MM S&P 500 Index Fund, Class I (a)		418,260		6,144,234
T. Rowe Price Hedged Equity Fund, Class I		540,925		5,306,474
				70,433,281
Fixed Income Funds — 60.6%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		4,549,905		37,536,714
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		1,020,184		7,416,739
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		3,898,434		35,436,769
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		1,229,914		5,915,888
State Street Institutional U.S. Government Money Market Fund		5,233,615		5,233,615

	Number of Shares		Value
T. Rowe Price Dynamic Credit Fund, Class I		1,118	$	10,005
T. Rowe Price Dynamic Global Bond Fund, Class I		882,429		6,944,713
T. Rowe Price Institutional Floating Rate Fund		302,894		2,841,148
T. Rowe Price Institutional High Yield Fund		908,013		6,773,776
				108,109,367

TOTAL MUTUAL FUNDS (Cost $203,038,078)				178,542,648

TOTAL LONG-TERM INVESTMENTS (Cost $203,038,078)				178,542,648

TOTAL INVESTMENTS — 100.0% (Cost $203,038,078) ^(b)				178,542,648

Other Assets/(Liabilities) — (0.0)%				(50,504	)

NET ASSETS — 100.0%			$	178,492,144

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 41.9%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		188,733	$	1,887,331
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		229,171		2,802,756
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		41,746		446,266
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		84,587		980,368
MM S&P 500 Index Fund, Class I (a)		46,470		682,638
T. Rowe Price Hedged Equity Fund, Class I		57,456		563,648
				7,363,007
Fixed Income Funds — 58.1%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		449,494		3,708,324
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		95,510		694,361
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		333,088		3,027,774
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		123,193		592,558
State Street Institutional U.S. Government Money Market Fund		568,546		568,546

	Number of Shares		Value
T. Rowe Price Dynamic Credit Fund, Class I		112	$	1,001
T. Rowe Price Dynamic Global Bond Fund, Class I		87,199		686,260
T. Rowe Price Institutional Floating Rate Fund		29,945		280,888
T. Rowe Price Institutional High Yield Fund		88,589		660,873
				10,220,585

TOTAL MUTUAL FUNDS (Cost $19,279,999)				17,583,592

TOTAL LONG-TERM INVESTMENTS (Cost $19,279,999)				17,583,592

TOTAL INVESTMENTS — 100.0% (Cost $19,279,999) ^(b)				17,583,592

Other Assets/(Liabilities) — 0.0%				7,659

NET ASSETS — 100.0%			$	17,591,251

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 45.5%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		1,135,210	$	11,352,096
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		1,379,622		16,872,778
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		250,776		2,680,794
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		510,469		5,916,333
MM S&P 500 Index Fund, Class I (a)		264,678		3,888,123
T. Rowe Price Hedged Equity Fund, Class I		341,913		3,354,163
				44,064,287
Fixed Income Funds — 54.5%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		2,369,804		19,550,886
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		502,375		3,652,268
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		1,609,621		14,631,456
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		683,415		3,287,226

	Number of Shares		Value
State Street Institutional U.S. Government Money Market Fund		3,150,726	$	3,150,726
T. Rowe Price Dynamic Credit Fund, Class I		559		5,002
T. Rowe Price Dynamic Global Bond Fund, Class I		459,408		3,615,544
T. Rowe Price Institutional Floating Rate Fund		155,602		1,459,547
T. Rowe Price Institutional High Yield Fund		462,601		3,451,000
				52,803,655

TOTAL MUTUAL FUNDS (Cost $109,613,890)				96,867,942

TOTAL LONG-TERM INVESTMENTS (Cost $109,613,890)				96,867,942

TOTAL INVESTMENTS — 100.0% (Cost $109,613,890) ^(b)				96,867,942

Other Assets/(Liabilities) — (0.0)%				(23,029	)

NET ASSETS — 100.0%			$	96,844,913

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 48.5%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		1,316,434	$	13,164,343
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		1,608,953		19,677,500
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		293,009		3,132,264
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		594,948		6,895,445
MM S&P 500 Index Fund, Class I (a)		294,160		4,321,206
T. Rowe Price Hedged Equity Fund, Class I		399,136		3,915,522
				51,106,280
Fixed Income Funds — 51.5%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		2,510,411		20,710,894
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		515,090		3,744,705
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		1,512,176		13,745,684
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		752,487		3,619,461

	Number of Shares		Value
State Street Institutional U.S. Government Money Market Fund		3,478,433	$	3,478,433
T. Rowe Price Dynamic Credit Fund, Class I		559		5,003
T. Rowe Price Dynamic Global Bond Fund, Class I		487,955		3,840,205
T. Rowe Price Institutional Floating Rate Fund		163,479		1,533,429
T. Rowe Price Institutional High Yield Fund		485,899		3,624,808
				54,302,622

TOTAL MUTUAL FUNDS (Cost $119,389,042)				105,408,902

TOTAL LONG-TERM INVESTMENTS (Cost $119,389,042)				105,408,902

TOTAL INVESTMENTS — 100.0% (Cost $119,389,042) ^(b)				105,408,902

Other Assets/(Liabilities) — (0.0)%				(19,948	)

NET ASSETS — 100.0%			$	105,388,954

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 51.8%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		6,607,855	$	66,078,552
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		8,041,548		98,348,136
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		1,457,385		15,579,442
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		2,988,535		34,637,123
MM S&P 500 Index Fund, Class I (a)		1,379,602		20,266,356
T. Rowe Price Hedged Equity Fund, Class I		1,984,847		19,471,351
				254,380,960
Fixed Income Funds — 48.2%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		11,257,697		92,876,004
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		2,259,537		16,426,833
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		5,954,594		54,127,258
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		3,438,461		16,538,995

	Number of Shares		Value
State Street Institutional U.S. Government Money Market Fund		16,573,441	$	16,573,441
T. Rowe Price Dynamic Credit Fund, Class I		1,118		10,005
T. Rowe Price Dynamic Global Bond Fund, Class I		2,180,863		17,163,395
T. Rowe Price Institutional Floating Rate Fund		718,961		6,743,851
T. Rowe Price Institutional High Yield Fund		2,148,142		16,025,140
				236,484,922

TOTAL MUTUAL FUNDS (Cost $550,265,250)				490,865,882

TOTAL LONG-TERM INVESTMENTS (Cost $550,265,250)				490,865,882

TOTAL INVESTMENTS — 100.0% (Cost $550,265,250) ^(b)				490,865,882

Other Assets/(Liabilities) — (0.0)%				(219,542	)

NET ASSETS — 100.0%			$	490,646,340

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 57.8%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		7,911,956	$	79,119,563
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		9,678,274		118,365,296
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		1,736,560		18,563,822
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		3,538,606		41,012,446
MM S&P 500 Index Fund, Class I (a)		1,715,509		25,200,831
T. Rowe Price Hedged Equity Fund, Class I		1,910,756		18,744,512
				301,006,470
Fixed Income Funds — 42.2%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		10,925,955		90,139,128
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		1,928,806		14,022,423
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		4,554,955		41,404,545
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		3,726,582		17,924,861

	Number of Shares		Value
State Street Institutional U.S. Government Money Market Fund		18,856,038	$	18,856,038
T. Rowe Price Dynamic Credit Fund, Class I		1,677		15,007
T. Rowe Price Dynamic Global Bond Fund, Class I		2,098,859		16,518,021
T. Rowe Price Institutional Floating Rate Fund		639,370		5,997,292
T. Rowe Price Institutional High Yield Fund		1,957,064		14,599,701
				219,477,016

TOTAL MUTUAL FUNDS (Cost $587,134,979)				520,483,486

TOTAL LONG-TERM INVESTMENTS (Cost $587,134,979)				520,483,486

TOTAL INVESTMENTS — 100.0% (Cost $587,134,979) ^(b)				520,483,486

Other Assets/(Liabilities) — (0.0)%				(215,030	)

NET ASSETS — 100.0%			$	520,268,456

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 68.4%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		23,915,675	$	239,156,747
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		29,472,268		360,445,832
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		5,090,365		54,416,004
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		10,687,665		123,870,032
MM S&P 500 Index Fund, Class I (a)		5,367,584		78,849,807
T. Rowe Price Hedged Equity Fund, Class I		2,342,158		22,976,570
				879,714,992
Fixed Income Funds — 31.7%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		22,206,710		183,205,354
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		3,154,271		22,931,547
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		4,353,817		39,576,194
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		9,342,069		44,935,350
State Street Institutional U.S. Government Money Market Fund		46,827,701		46,827,701
T. Rowe Price Dynamic Credit Fund, Class I		1,677		15,007

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		4,168,023	$	32,802,341
T. Rowe Price Institutional Floating Rate Fund		1,117,769		10,484,670
T. Rowe Price Institutional High Yield Fund		3,460,511		25,815,409
				406,593,573

TOTAL MUTUAL FUNDS (Cost $1,405,486,717)				1,286,308,565

TOTAL LONG-TERM INVESTMENTS (Cost $1,405,486,717)				1,286,308,565

TOTAL INVESTMENTS — 100.1% (Cost $1,405,486,717) ^(b)				1,286,308,565

Other Assets/(Liabilities) — (0.1)%				(642,846	)

NET ASSETS — 100.0%			$	1,285,665,719

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 79.6%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		15,747,797	$	157,477,969
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		19,480,281		238,243,834
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		3,293,300		35,205,373
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		6,852,156		79,416,492
MM S&P 500 Index Fund, Class I (a)		3,851,790		56,582,801
				566,926,469
Fixed Income Funds — 20.4%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		8,497,859		70,107,340
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		899,468		6,539,133
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		5,938		53,975
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		4,429,537		21,306,073
State Street Institutional U.S. Government Money Market Fund		23,259,404		23,259,404
T. Rowe Price Dynamic Global Bond Fund, Class I		1,559,119		12,270,267
T. Rowe Price Institutional Floating Rate Fund		352,677		3,308,108

	Number of Shares		Value
T. Rowe Price Institutional High Yield Fund		1,124,640	$	8,389,816
				145,234,116

TOTAL MUTUAL FUNDS (Cost $776,204,782)				712,160,585

TOTAL LONG-TERM INVESTMENTS (Cost $776,204,782)				712,160,585

TOTAL INVESTMENTS — 100.0% (Cost $776,204,782) ^(b)				712,160,585

Other Assets/(Liabilities) — (0.0)%				(332,834	)

NET ASSETS — 100.0%			$	711,827,751

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 89.0%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		30,126,486	$	301,264,860
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		37,264,272		455,742,042
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		6,289,762		67,237,552
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		13,024,686		150,956,115
MM S&P 500 Index Fund, Class I (a)		7,232,572		106,246,482
				1,081,447,051
Fixed Income Funds — 11.1%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		6,981,892		57,600,607
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)		368,311		2,677,619
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		26,617		241,948
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		4,186,138		20,135,326
State Street Institutional U.S. Government Money Market Fund		36,476,935		36,476,936

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		1,234,266	$	9,713,672
T. Rowe Price Institutional Floating Rate Fund		211,383		1,982,773
T. Rowe Price Institutional High Yield Fund		779,536		5,815,339
				134,644,220

TOTAL MUTUAL FUNDS (Cost $1,290,475,999)				1,216,091,271

TOTAL LONG-TERM INVESTMENTS (Cost $1,290,475,999)				1,216,091,271

TOTAL INVESTMENTS — 100.1% (Cost $1,290,475,999) ^(b)				1,216,091,271

Other Assets/(Liabilities) — (0.1)%				(638,304	)

NET ASSETS — 100.0%			$	1,215,452,967

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 94.9%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		15,485,752	$	154,857,521
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		19,171,788		234,470,963
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		3,243,860		34,676,861
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		6,642,153		76,982,554
MM S&P 500 Index Fund, Class I (a)		3,773,065		55,426,326
				556,414,225
Fixed Income Funds — 5.1%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		1,144,473		9,441,903
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		7,470		67,902
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		975,387		4,691,613
State Street Institutional U.S. Government Money Market Fund		14,442,555		14,442,555

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		195,361	$	1,537,490
				30,181,463

TOTAL MUTUAL FUNDS (Cost $628,773,294)				586,595,688

TOTAL LONG-TERM INVESTMENTS (Cost $628,773,294)				586,595,688

TOTAL INVESTMENTS — 100.0% (Cost $628,773,294) ^(b)				586,595,688

Other Assets/(Liabilities) — (0.0)%				(282,169	)

NET ASSETS — 100.0%			$	586,313,519

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 96.6%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		23,441,773	$	234,417,731
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		29,036,624		355,117,912
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		4,904,474		52,428,824
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		10,039,444		116,357,160
MM S&P 500 Index Fund, Class I (a)		5,691,939		83,614,579
				841,936,206
Fixed Income Funds — 3.5%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		629,267		5,191,456
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		11,669		106,072
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		508,089		2,443,907
State Street Institutional U.S. Government Money Market Fund		21,374,472		21,374,472

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		115,086	$	905,730
				30,021,637

TOTAL MUTUAL FUNDS (Cost $921,635,026)				871,957,843

TOTAL LONG-TERM INVESTMENTS (Cost $921,635,026)				871,957,843

TOTAL INVESTMENTS — 100.1% (Cost $921,635,026) ^(b)				871,957,843

Other Assets/(Liabilities) — (0.1)%				(468,969	)

NET ASSETS — 100.0%			$	871,488,874

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 97.1%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		10,508,998	$	105,089,985
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		12,980,811		158,755,321
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		2,199,200		23,509,445
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		4,541,405		52,634,879
MM S&P 500 Index Fund, Class I (a)		2,550,939		37,473,299
				377,462,929
Fixed Income Funds — 2.9%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		263,217		2,171,541
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		2,508		22,798
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		204,405		983,187
State Street Institutional U.S. Government Money Market Fund		7,599,478		7,599,478

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		53,062	$	417,595
				11,194,599

TOTAL MUTUAL FUNDS (Cost $416,896,217)				388,657,528

TOTAL LONG-TERM INVESTMENTS (Cost $416,896,217)				388,657,528

TOTAL INVESTMENTS — 100.0% (Cost $416,896,217) ^(b)				388,657,528

Other Assets/(Liabilities) — (0.0)%				(183,560	)

NET ASSETS — 100.0%			$	388,473,968

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.

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

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 100.0%
Equity Funds — 97.1%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		5,924,200	$	59,242,002
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		7,324,811		89,582,438
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		1,240,948		13,265,736
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		2,560,402		29,675,062
MM S&P 500 Index Fund, Class I (a)		1,438,241		21,127,766
				212,893,004
Fixed Income Funds — 2.9%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		156,241		1,288,986
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)		1,207		10,970
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		114,756		551,974
State Street Institutional U.S. Government Money Market Fund		4,232,693		4,232,692

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		28,642	$	225,409
				6,310,031

TOTAL MUTUAL FUNDS (Cost $235,465,595)				219,203,035

TOTAL LONG-TERM INVESTMENTS (Cost $235,465,595)				219,203,035

TOTAL INVESTMENTS — 100.0% (Cost $235,465,595) ^(b)				219,203,035

Other Assets/(Liabilities) — (0.0)%				(101,882	)

NET ASSETS — 100.0%			$	219,101,153

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.

MassMutual Select T. Rowe Price Retirement 2065 Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
MUTUAL FUNDS — 99.5%
Equity Funds — 96.7%
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)		32,692	$	326,921
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)		40,315		493,049
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)		6,842		73,145
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)		14,020		162,488
MM S&P 500 Index Fund, Class I (a)		7,909		116,188
				1,171,791
Fixed Income Funds — 2.8%
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)		832		6,865
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)		645		3,103
State Street Institutional U.S. Government Money Market Fund		22,833		22,833

	Number of Shares		Value
T. Rowe Price Dynamic Global Bond Fund, Class I		164	$	1,292
				34,093

TOTAL MUTUAL FUNDS (Cost $1,203,520)				1,205,884

TOTAL LONG-TERM INVESTMENTS (Cost $1,203,520)				1,205,884

TOTAL INVESTMENTS — 99.5% (Cost $1,203,520) ^(b)				1,205,884

Other Assets/(Liabilities) — 0.5%				6,420

NET ASSETS — 100.0%			$	1,212,304

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.

MassMutual Funds – Financial Statements

Statements of Assets and Liabilities

September 30, 2023

	MassMutual 20/80 Allocation Fund			MassMutual 40/60 Allocation Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) ^(a)	$	26,667,368		$	28,022,861
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		138,848,220			138,893,274
Total investments		165,515,588			166,916,135
Receivables from:
Investments sold
Regular delivery		726,673			—
Fund shares sold		129,789			410,384
Investment adviser (Note 3)		14,364			10,824
Dividends		115,287			95,560
Prepaid expenses		37,007			36,996
Total assets		166,538,708			167,469,899
Liabilities:
Payables for:
Investments purchased
Regular delivery		115,287			482,474
Fund shares repurchased		814,366			17,452
Trustees’ fees and expenses (Note 3)		24,195			38,269
Affiliates (Note 3):
Administration fees		68,612			68,752
Service fees		12,117			60,231
Distribution fees		2,266			9,281
Accrued expense and other liabilities		60,317			62,874
Total liabilities		1,097,160			739,333
Net assets	$	165,441,548		$	166,730,566
Net assets consist of:
Paid-in capital	$	195,771,532		$	196,250,778
Accumulated earnings (loss)		(30,329,984	)		(29,520,212	)
Net assets	$	165,441,548		$	166,730,566

^(a)	Cost of investments - unaffiliated issuers:		$	29,490,578			$	30,452,203
^(b)	Cost of investments - affiliated issuers:		$	158,962,233			$	160,169,998

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

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			MassMutual RetireSMART by JPMorgan 2030 Fund

$	27,192,216		$	21,202,039		$	17,123,164		$	28,117,433		$	30,374,772		$	56,804,550
	128,332,168			97,025,140			56,133,639			92,214,907			106,663,638			201,685,262
	155,524,384			118,227,179			73,256,803			120,332,340			137,038,410			258,489,812


	1,569			—			338,297			—			—			17,956
	83,210			90,551			42,388			85,082			97,727			154,511
	11,809			10,181			12,505			9,239			12,103			6,417
	69,000			36,556			70,657			115,853			110,821			147,289
	36,996			36,996			31,770			32,067			33,197			31,798
	155,726,968			118,401,463			73,752,420			120,574,581			137,292,258			258,847,783



	69,000			100,720			70,657			170,463			112,481			147,289
	78,916			20,897			374,201			21,195			73,253			190,899
	31,554			12,710			34,662			60,145			17,414			61,796

	67,974			57,554			50,455			55,541			56,702			77,521
	38,533			31,404			21,643			42,515			45,164			81,177
	6,638			9,311			9,216			20,584			25,821			47,718
	61,318			54,685			104,088			85,326			74,770			93,566
	353,933			287,281			664,922			455,769			405,605			699,966
$	155,373,035		$	118,114,182		$	73,087,498		$	120,118,812		$	136,886,653		$	258,147,817

$	179,487,443		$	134,634,224		$	84,937,624		$	144,337,161		$	161,126,750		$	307,605,687
	(24,114,408	)		(16,520,042	)		(11,850,126	)		(24,218,349	)		(24,240,097	)		(49,457,870	)
$	155,373,035		$	118,114,182		$	73,087,498		$	120,118,812		$	136,886,653		$	258,147,817

	$	28,946,598			$	21,126,475			$	18,073,256			$	29,719,239			$	32,097,050			$	59,129,631
	$	143,116,889			$	105,933,372			$	62,112,094			$	100,006,800			$	118,780,409			$	217,347,288

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual 20/80 Allocation Fund		MassMutual 40/60 Allocation Fund
Class I shares:
Net assets	$	13,553,095	$	29,787,333
Shares outstanding ^(a)		1,624,850		3,640,628
Net asset value, offering price and redemption price per share	$	8.34	$	8.18
Class R5 shares:
Net assets	$	2,671,843	$	6,005,383
Shares outstanding ^(a)		320,797		733,088
Net asset value, offering price and redemption price per share	$	8.33	$	8.19
Service Class shares:
Net assets	$	111,915,805	$	13,314,589
Shares outstanding ^(a)		13,448,095		1,616,022
Net asset value, offering price and redemption price per share	$	8.32	$	8.24
Administrative Class shares:
Net assets	$	18,560,487	$	25,913,943
Shares outstanding ^(a)		2,222,449		3,146,411
Net asset value, offering price and redemption price per share	$	8.35	$	8.24
Class R4 shares:
Net assets	$	3,054,342	$	38,455,767
Shares outstanding ^(a)		359,491		4,729,114
Net asset value, offering price and redemption price per share	$	8.50	$	8.13
Class A shares:
Net assets	$	12,091,245	$	38,942,482
Shares outstanding ^(a)		1,440,339		4,712,166
Net asset value, and redemption price per share	$	8.39	$	8.26
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	8.88	$	8.74
Class R3 shares:
Net assets	$	3,498,712	$	14,213,979
Shares outstanding ^(a)		425,428		1,755,356
Net asset value, offering price and redemption price per share	$	8.22	$	8.10
Class Y shares: ^(b)
Net assets	$	96,019	$	97,090
Shares outstanding ^(a)		11,534		11,848
Net asset value, offering price and redemption price per share	$	8.32	$	8.19

(a)	Authorized unlimited number of shares with no par value.

(b)	Commenced operations on February 1, 2023.

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

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		MassMutual RetireSMART by JPMorgan 2030 Fund

$	28,686,747	$	35,416,942	$	10,261,853	$	28,578,994	$	37,616,942	$	52,324,014
	3,578,536		3,956,820		1,090,742		2,795,121		3,812,360		5,156,349
$	8.02	$	8.95	$	9.41	$	10.22	$	9.87	$	10.15

$	8,483,192	$	3,415,742	$	937,797	$	2,419,100	$	1,612,047	$	12,064,587
	1,057,570		380,866		99,344		237,217		161,256		1,196,653
$	8.02	$	8.97	$	9.44	$	10.20	$	10.00	$	10.08

$	21,713,955	$	15,609,208	$	6,496,875	$	6,117,916	$	3,335,432	$	14,860,162
	2,692,666		1,739,029		687,143		594,532		336,992		1,459,888
$	8.06	$	8.98	$	9.45	$	10.29	$	9.90	$	10.18

$	38,328,831	$	17,003,760	$	22,591,234	$	18,037,750	$	25,262,306	$	55,691,079
	4,750,276		1,893,679		2,390,682		1,760,601		2,568,471		5,495,930
$	8.07	$	8.98	$	9.45	$	10.25	$	9.84	$	10.13

$	8,017,376	$	12,591,985	$	9,043,050	$	15,447,664	$	20,629,980	$	23,490,818
	1,004,390		1,430,323		976,050		1,550,979		2,138,775		2,367,509
$	7.98	$	8.80	$	9.26	$	9.96	$	9.65	$	9.92

$	39,816,503	$	20,218,470	$	10,036,770	$	17,732,914	$	9,214,307	$	26,081,855
	4,909,640		2,253,729		1,064,150		1,740,886		936,296		2,590,600
$	8.11	$	8.97	$	9.43	$	10.19	$	9.84	$	10.07
$	8.58	$	9.49	$	9.98	$	10.78	$	10.41	$	10.66

$	10,228,248	$	13,758,850	$	13,719,919	$	31,784,474	$	39,215,639	$	73,635,302
	1,288,408		1,574,552		1,495,917		3,264,295		4,079,439		7,598,908
$	7.94	$	8.74	$	9.17	$	9.74	$	9.61	$	9.69

$	98,183	$	99,225	$	—	$	—	$	—	$	—
	12,240		11,062		—		—		—		—
$	8.02	$	8.97	$	—	$	—	$	—	$	—

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual RetireSMART by JPMorgan 2035 Fund			MassMutual RetireSMART by JPMorgan 2040 Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) ^(a)	$	32,296,995		$	45,261,699
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		117,864,848			147,794,959
Total investments		150,161,843			193,056,658
Receivables from:
Investments sold
Regular delivery		—			131,139
Fund shares sold		285,438			186,956
Investment adviser (Note 3)		7,373			8,088
Dividends		51,997			56,961
Prepaid expenses		33,197			31,894
Total assets		150,539,848			193,471,696
Liabilities:
Payables for:
Investments purchased
Regular delivery		311,748			56,961
Fund shares repurchased		7,197			324,979
Trustees’ fees and expenses (Note 3)		19,675			39,082
Affiliates (Note 3):
Administration fees		57,626			67,767
Service fees		49,845			55,310
Distribution fees		30,536			32,539
Accrued expense and other liabilities		67,079			75,665
Total liabilities		543,706			652,303
Net assets	$	149,996,142		$	192,819,393
Net assets consist of:
Paid-in capital	$	171,225,550		$	219,200,724
Accumulated earnings (loss)		(21,229,408	)		(26,381,331	)
Net assets	$	149,996,142		$	192,819,393

^(a)	Cost of investments - unaffiliated issuers:		$	33,391,372			$	46,014,745
^(b)	Cost of investments - affiliated issuers:		$	130,280,161			$	156,924,933

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

MassMutual RetireSMART by JPMorgan 2045 Fund			MassMutual RetireSMART by JPMorgan 2050 Fund			MassMutual RetireSMART by JPMorgan 2055 Fund			MassMutual RetireSMART by JPMorgan 2060 Fund			MassMutual RetireSMART by JPMorgan 2065 Fund

$	28,064,575		$	36,082,941		$	15,869,815		$	5,607,108		$	265,950
	84,534,403			105,378,003			46,537,873			16,589,268			771,606
	112,598,978			141,460,944			62,407,688			22,196,376			1,037,556


	—			215,073			17,002			—			11
	114,065			147,349			104,673			20,580			—
	12,085			12,722			14,376			13,119			13,316
	22,808			23,669			10,430			3,680			530
	33,197			30,285			39,180			12,840			5,698
	112,781,133			141,890,042			62,593,349			22,246,595			1,057,111



	37,478			23,669			10,430			12,967			175
	93,874			387,552			116,670			6,378			—
	12,344			21,881			3,779			1,196			541

	53,736			60,442			46,366			38,957			15,586
	38,638			39,623			22,112			2,431			195
	23,150			22,303			15,644			1,194			65
	61,998			66,654			62,234			59,890			48,455
	321,218			622,124			277,235			123,013			65,017
$	112,459,915		$	141,267,918		$	62,316,114		$	22,123,582		$	992,094

$	126,113,153		$	158,301,310		$	69,860,288		$	24,778,881		$	1,000,000
	(13,653,238	)		(17,033,392	)		(7,544,174	)		(2,655,299	)		(7,906	)
$	112,459,915		$	141,267,918		$	62,316,114		$	22,123,582		$	992,094

	$	28,933,075			$	37,386,971			$	16,389,869			$	5,694,734			$	282,473
	$	92,092,529			$	108,131,669			$	49,980,400			$	17,325,010			$	767,278

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual RetireSMART by JPMorgan 2035 Fund		MassMutual RetireSMART by JPMorgan 2040 Fund
Class I shares:
Net assets	$	42,776,722	$	44,441,279
Shares outstanding ^(a)		4,204,572		4,310,423
Net asset value, offering price and redemption price per share	$	10.17	$	10.31
Class R5 shares:
Net assets	$	2,059,108	$	1,807,255
Shares outstanding ^(a)		201,915		175,493
Net asset value, offering price and redemption price per share	$	10.20	$	10.30
Service Class shares:
Net assets	$	5,864,097	$	11,176,923
Shares outstanding ^(a)		566,081		1,077,660
Net asset value, offering price and redemption price per share	$	10.36	$	10.37
Administrative Class shares:
Net assets	$	23,070,109	$	51,249,222
Shares outstanding ^(a)		2,242,471		4,981,722
Net asset value, offering price and redemption price per share	$	10.29	$	10.29
Class R4 shares:
Net assets	$	21,531,179	$	18,129,382
Shares outstanding ^(a)		2,135,899		1,804,153
Net asset value, offering price and redemption price per share	$	10.08	$	10.05
Class A shares:
Net assets	$	8,102,847	$	16,603,451
Shares outstanding ^(a)		791,536		1,624,408
Net asset value, and redemption price per share	$	10.24	$	10.22
Offering price per share (100/[100-maximum sales charge] of net asset value)	$	10.84	$	10.81
Class R3 shares:
Net assets	$	46,592,080	$	49,411,881
Shares outstanding ^(a)		4,647,971		5,050,612
Net asset value, offering price and redemption price per share	$	10.02	$	9.78

(a)	Authorized unlimited number of shares with no par value.

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

MassMutual RetireSMART by JPMorgan 2045 Fund		MassMutual RetireSMART by JPMorgan 2050 Fund		MassMutual RetireSMART by JPMorgan 2055 Fund		MassMutual RetireSMART by JPMorgan 2060 Fund		MassMutual RetireSMART by JPMorgan 2065 Fund

$	28,366,822	$	29,533,101	$	13,859,768	$	13,353,622	$	397,440
	2,794,169		3,891,191		1,569,019		1,523,574		40,000
$	10.15	$	7.59	$	8.83	$	8.76	$	9.94

$	886,159	$	1,941,984	$	452,342	$	217,685	$	99,297
	87,242		256,557		51,132		24,832		10,000
$	10.16	$	7.57	$	8.85	$	8.77	$	9.93

$	2,873,385	$	5,117,251	$	2,975,995	$	1,731,791	$	99,227
	282,674		669,344		335,233		198,642		10,000
$	10.17	$	7.65	$	8.88	$	8.72	$	9.92

$	21,722,853	$	44,279,862	$	10,945,906	$	3,057,568	$	99,163
	2,153,704		5,839,689		1,245,723		352,277		10,000
$	10.09	$	7.58	$	8.79	$	8.68	$	9.92

$	16,859,140	$	16,541,307	$	8,474,320	$	1,505,724	$	99,065
	1,710,208		2,221,594		971,933		173,602		10,000
$	9.86	$	7.45	$	8.72	$	8.67	$	9.91

$	6,792,594	$	9,909,871	$	1,583,353	$	430,127	$	99,000
	676,536		1,313,344		176,854		49,412		10,000
$	10.04	$	7.55	$	8.95	$	8.70	$	9.90
$	10.62	$	7.99	$	9.47	$	9.21	$	10.48

$	34,958,962	$	33,944,542	$	24,024,430	$	1,827,065	$	98,902
	3,564,624		4,617,010		2,777,798		211,770		10,000
$	9.81	$	7.35	$	8.65	$	8.63	$	9.89

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	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)	$	27,109,731		$	2,761,216
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		151,432,917			14,822,376
Total investments		178,542,648			17,583,592
Receivables from:
Investments sold
Regular delivery		—			—
Fund shares sold		720,883			7,163
Investment adviser (Note 3)		—			7,228
Dividends		101,995			11,114
Total assets		179,365,526			17,609,097
Liabilities:
Payables for:
Investments purchased
Regular delivery		290,200			13,067
Fund shares repurchased		527,179			1,517
Affiliates (Note 3):
Investment advisory fees		47,286			—
Service fees		6,614			2,271
Distribution fees		2,103			991
Total liabilities		873,382			17,846
Net assets	$	178,492,144		$	17,591,251
Net assets consist of:
Paid-in capital	$	202,328,264		$	21,668,286
Accumulated earnings (loss)		(23,836,120	)		(4,077,035	)
Net assets	$	178,492,144		$	17,591,251

^(a)	Cost of investments - unaffiliated issuers:		$	29,564,510			$	2,966,116
^(b)	Cost of investments - affiliated issuers:		$	173,473,568			$	16,313,883

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

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			MassMutual Select T. Rowe Price Retirement 2035 Fund

$	15,035,982		$	16,397,400		$	75,987,183		$	74,730,571		$	138,921,698		$	47,227,595
	81,831,960			89,011,502			414,878,699			445,752,915			1,147,386,867			664,932,990
	96,867,942			105,408,902			490,865,882			520,483,486			1,286,308,565			712,160,585


	37,734			—			—			1,107,689			997,671			593,201
	14,965			36,637			185,139			347,087			746,759			594,290
	—			—			—			—			—			—
	56,173			59,802			271,836			266,931			533,452			212,254
	96,976,814			105,505,341			491,322,857			522,205,193			1,288,586,447			713,560,330



	56,173			82,951			319,286			266,931			533,452			212,254
	47,963			8,654			128,412			1,445,154			1,726,195			1,175,797

	14,298			19,318			146,051			155,132			462,873			246,879
	9,827			4,406			62,680			51,959			151,235			73,865
	3,640			1,058			20,088			17,561			46,973			23,784
	131,901			116,387			676,517			1,936,737			2,920,728			1,732,579
$	96,844,913		$	105,388,954		$	490,646,340		$	520,268,456		$	1,285,665,719		$	711,827,751

$	112,968,772		$	121,135,742		$	554,893,188		$	581,724,097		$	1,359,041,851		$	742,164,995
	(16,123,859	)		(15,746,788	)		(64,246,848	)		(61,455,641	)		(73,376,132	)		(30,337,244	)
$	96,844,913		$	105,388,954		$	490,646,340		$	520,268,456		$	1,285,665,719		$	711,827,751

	$	16,306,586			$	17,779,509			$	82,354,966			$	80,498,581			$	148,769,235			$	50,122,462
	$	93,307,304			$	101,609,533			$	467,910,284			$	506,636,398			$	1,256,717,482			$	726,082,320

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Select T. Rowe Price Retirement Balanced Fund		MassMutual Select T. Rowe Price Retirement 2005 Fund
Class I shares:
Net assets	$	25,078,630	$	8,383,147
Shares outstanding ^(a)		1,880,272		676,339
Net asset value, offering price and redemption price per share	$	13.34	$	12.39
Class M5 shares:
Net assets	$	142,090,373	$	6,074,926
Shares outstanding ^(a)		10,638,435		491,327
Net asset value, offering price and redemption price per share	$	13.36	$	12.36
Class M4 shares:
Net assets	$	8,242,645	$	1,638,641
Shares outstanding ^(a)		615,491		132,328
Net asset value, offering price and redemption price per share	$	13.39	$	12.38
Class M3 shares:
Net assets	$	3,080,496	$	1,494,537
Shares outstanding ^(a)		230,595		121,667
Net asset value, offering price and redemption price per share	$	13.36	$	12.28

(a)	Authorized unlimited number of shares with no par value.

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

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		MassMutual Select T. Rowe Price Retirement 2035 Fund

$	62,669,005	$	62,426,170	$	267,432,738	$	372,729,842	$	715,824,974	$	500,827,324
	4,875,754		4,719,733		20,606,398		27,325,821		50,466,482		33,413,951
$	12.85	$	13.23	$	12.98	$	13.64	$	14.18	$	14.99

$	19,654,476	$	36,067,227	$	129,253,905	$	72,070,233	$	344,590,088	$	102,266,497
	1,530,494		2,731,341		9,960,878		5,285,374		24,298,847		6,827,674
$	12.84	$	13.20	$	12.98	$	13.64	$	14.18	$	14.98

$	9,195,379	$	5,310,753	$	63,296,718	$	49,267,794	$	154,576,175	$	72,708,709
	714,050		399,681		4,874,605		3,614,227		10,903,727		4,860,156
$	12.88	$	13.29	$	12.98	$	13.63	$	14.18	$	14.96

$	5,326,053	$	1,584,804	$	30,662,979	$	26,200,587	$	70,674,482	$	36,025,221
	414,823		118,159		2,361,845		1,925,468		4,986,933		2,410,530
$	12.84	$	13.41	$	12.98	$	13.61	$	14.17	$	14.94

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Select T. Rowe Price Retirement 2040 Fund			MassMutual Select T. Rowe Price Retirement 2045 Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) ^(a)	$	53,988,720		$	15,980,045
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		1,162,102,551			570,615,643
Total investments		1,216,091,271			586,595,688
Receivables from:
Fund shares sold		744,363			575,317
Investment adviser (Note 3)		—			—
Dividends		230,303			62,352
Total assets		1,217,065,937			587,233,357
Liabilities:
Payables for:
Investments purchased
Regular delivery		253,757			521,907
Fund shares repurchased		703,555			105,679
Affiliates (Note 3):
Investment advisory fees		475,372			216,734
Service fees		137,098			56,711
Distribution fees		43,188			18,807
Total liabilities		1,612,970			919,838
Net assets	$	1,215,452,967		$	586,313,519
Net assets consist of:
Paid-in capital	$	1,230,075,765		$	595,293,809
Accumulated earnings (loss)		(14,622,798	)		(8,980,290	)
Net assets	$	1,215,452,967		$	586,313,519

^(a)	Cost of investments - unaffiliated issuers:		$	56,069,990			$	16,248,527
^(b)	Cost of investments - affiliated issuers:		$	1,234,406,009			$	612,524,767

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

MassMutual Select T. Rowe Price Retirement 2050 Fund			MassMutual Select T. Rowe Price Retirement 2055 Fund			MassMutual Select T. Rowe Price Retirement 2060 Fund			MassMutual Select T. Rowe Price Retirement 2065 Fund

$	22,280,202		$	8,017,073		$	4,458,101		$	24,125
	849,677,641			380,640,455			214,744,934			1,181,759
	871,957,843			388,657,528			219,203,035			1,205,884

	683,480			564,470			527,202			10,326
	—			—			—			6,606
	87,474			29,445			16,515			99
	872,728,797			389,251,443			219,746,752			1,222,915



	275,038			210,806			301,433			10,407
	482,610			375,309			236,483			—

	360,645			143,335			79,537			—
	89,407			34,732			21,607			138
	32,223			13,293			6,539			66
	1,239,923			777,475			645,599			10,611
$	871,488,874		$	388,473,968		$	219,101,153		$	1,212,304

$	873,497,674		$	394,632,390		$	225,740,290		$	1,211,141
	(2,008,800	)		(6,158,422	)		(6,639,137	)		1,163
$	871,488,874		$	388,473,968		$	219,101,153		$	1,212,304

	$	22,468,546			$	8,100,724			$	4,494,707			$	24,187
	$	899,166,480			$	408,795,493			$	230,970,888			$	1,179,333

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

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MassMutual Select T. Rowe Price Retirement 2040 Fund		MassMutual Select T. Rowe Price Retirement 2045 Fund
Class I shares:
Net assets	$	682,257,137	$	437,106,133
Shares outstanding ^(a)		45,126,810		27,802,206
Net asset value, offering price and redemption price per share	$	15.12	$	15.72
Class M5 shares:
Net assets	$	328,458,812	$	65,612,086
Shares outstanding ^(a)		21,726,301		4,171,497
Net asset value, offering price and redemption price per share	$	15.12	$	15.73
Class M4 shares:
Net assets	$	140,163,329	$	54,914,191
Shares outstanding ^(a)		9,282,492		3,496,679
Net asset value, offering price and redemption price per share	$	15.10	$	15.70
Class M3 shares:
Net assets	$	64,573,689	$	28,681,109
Shares outstanding ^(a)		4,281,972		1,828,307
Net asset value, offering price and redemption price per share	$	15.08	$	15.69

(a)	Authorized unlimited number of shares with no par value.

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

MassMutual Select T. Rowe Price Retirement 2050 Fund		MassMutual Select T. Rowe Price Retirement 2055 Fund		MassMutual Select T. Rowe Price Retirement 2060 Fund		MassMutual Select T. Rowe Price Retirement 2065 Fund

$	482,693,856	$	303,344,066	$	134,822,047	$	893,709
	30,764,300		18,950,297		8,244,949		88,568
$	15.69	$	16.01	$	16.35	$	10.09

$	253,639,884	$	32,156,542	$	50,743,513	$	104,923
	16,167,839		2,004,594		3,111,463		10,411
$	15.69	$	16.04	$	16.31	$	10.08

$	85,675,221	$	32,460,068	$	23,131,622	$	113,225
	5,457,981		2,029,002		1,423,237		11,254
$	15.70	$	16.00	$	16.25	$	10.06

$	49,479,913	$	20,513,292	$	10,403,971	$	100,447
	3,166,489		1,288,758		642,243		10,000
$	15.63	$	15.92	$	16.20	$	10.04

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

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual 20/80 Allocation Fund			MassMutual 40/60 Allocation Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	860,359		$	910,313
Dividends - affiliated issuers (Note 7)		3,653,686			3,337,852
Total investment income		4,514,045			4,248,165
Expenses (Note 3):
Custody fees		10,126			9,526
Audit and tax fees		39,987			39,987
Legal fees		5,588			5,861
Proxy fees		1,747			1,747
Accounting & Administration fees		43,487			43,487
Shareholder reporting fees		15,848			16,175
Trustees’ fees		13,488			14,410
Registration and filing fees		103,024			103,594
Transfer agent fees		2,980			2,980
		236,275			237,767
Administration fees:
Class R5		2,661			5,943
Service Class		224,932			27,735
Administrative Class		58,349			86,749
Class R4		6,039			73,963
Class A		42,409			138,126
Class R3		7,887			29,941
Class Y *		65			65
Distribution and Service fees:
Class R4		7,548			92,454
Class A		35,340			115,104
Class R3		19,718			74,854
Total expenses		641,223			882,701
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(13,415	)		(22,741	)
Class R5 fees reimbursed by adviser		(2,652	)		(4,389	)
Service Class fees reimbursed by adviser		(112,032	)		(10,255	)
Administrative Class fees reimbursed by adviser		(19,377	)		(21,374	)
Class R4 fees reimbursed by adviser		(3,012	)		(27,314	)
Class A fees reimbursed by adviser		(14,108	)		(34,048	)
Class R3 fees reimbursed by adviser		(3,937	)		(11,075	)
Class Y fees reimbursed by adviser *		(63	)		(47	)
Net expenses:		472,627			751,458
Net investment income (loss)		4,041,418			3,496,707
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		(159,186	)		33,316
Investment transactions - affiliated issuers (Note 7)		(6,731,480	)		(6,160,573	)
Realized gain distributions - affiliated issuers (Note 7)		3,415,420			7,032,828
Net realized gain (loss)		(3,475,246	)		905,571
Net change in unrealized appreciation (depreciation) on:
Investment transactions- unaffiliated issuers		316,258			961,077
Investment transactions - affiliated issuers (Note 7)		6,282,710			8,154,342
Net change in unrealized appreciation (depreciation)		6,598,968			9,115,419
Net realized gain (loss) and change in unrealized appreciation (depreciation)		3,123,722			10,020,990
Net increase (decrease) in net assets resulting from operations	$	7,165,140		$	13,517,697

*	Commenced operations on February 1, 2023.

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

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			MassMutual RetireSMART by JPMorgan 2030 Fund

$	842,717		$	652,998		$	786,249		$	1,506,323		$	1,224,016		$	2,629,919
	2,690,944			1,628,355			1,718,553			3,322,357			2,920,166			5,605,630
	3,533,661			2,281,353			2,504,802			4,828,680			4,144,182			8,235,549

	8,733			8,100			12,605			12,120			11,615			11,822
	41,177			41,177			39,987			39,939			41,177			39,987
	5,482			4,104			2,753			5,475			5,145			11,600
	1,747			1,747			1,748			1,747			1,747			1,747
	43,487			43,486			38,840			38,840			38,843			38,840
	16,054			19,708			51,425			19,378			16,026			21,463
	13,374			9,802			7,000			13,525			11,645			26,603
	102,927			102,917			101,909			103,140			101,752			102,391
	2,980			2,980			2,980			2,980			2,980			2,980
	235,961			234,021			259,247			237,144			230,930			257,433

	8,806			3,506			3,590			21,406			1,440			67,185
	44,770			30,058			13,017			17,916			7,692			31,767
	125,251			57,453			70,275			61,055			79,526			167,409
	17,450			26,311			19,284			32,837			42,816			49,981
	134,441			66,021			31,410			58,967			27,971			83,836
	20,104			29,566			31,214			69,130			81,970			151,058
	66			66			—			—			—			—

	21,813			32,888			24,104			41,046			53,520			62,476
	112,035			55,017			26,176			49,139			23,309			69,863
	50,260			73,916			78,034			172,824			204,926			377,644
	770,957			608,823			556,351			761,464			754,100			1,318,652

	(24,970	)		(36,188	)		(35,127	)		(40,354	)		(64,591	)		(23,186	)
	(7,126	)		(3,422	)		(9,042	)		(23,450	)		(2,096	)		(25,757	)
	(18,118	)		(14,696	)		(16,384	)		(9,871	)		(5,661	)		(6,206	)
	(33,760	)		(18,670	)		(58,922	)		(22,427	)		(38,815	)		(21,625	)
	(7,056	)		(12,821	)		(24,251	)		(18,091	)		(31,375	)		(9,701	)
	(36,275	)		(21,433	)		(26,336	)		(21,670	)		(13,635	)		(10,859	)
	(8,131	)		(14,404	)		(39,263	)		(38,110	)		(60,017	)		(29,366	)
	(51	)		(64	)		—			—			—			—
	635,470			487,125			347,026			587,491			537,910			1,191,952
	2,898,191			1,794,228			2,157,776			4,241,189			3,606,272			7,043,597


	(254,102	)		(104,659	)		(21,484	)		(162,378	)		(79,710	)		(311,357	)
	(7,497,904	)		(6,462,093	)		(5,709,283	)		(14,793,887	)		(10,148,588	)		(28,996,330	)
	9,939,291			9,241,105			2,341,321			4,560,405			5,225,675			14,903,747
	2,187,285			2,674,353			(3,389,446	)		(10,395,860	)		(5,002,623	)		(14,403,940	)

	1,579,060			1,780,593			836,297			1,903,514			2,115,531			6,592,369
	11,717,818			11,367,694			6,907,696			17,717,226			13,283,760			40,498,372
	13,296,878			13,148,287			7,743,993			19,620,740			15,399,291			47,090,741
	15,484,163			15,822,640			4,354,547			9,224,880			10,396,668			32,686,801
$	18,382,354		$	17,616,868		$	6,512,323		$	13,466,069		$	14,002,940		$	39,730,398

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

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual RetireSMART by JPMorgan 2035 Fund			MassMutual RetireSMART by JPMorgan 2040 Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	1,205,925		$	2,097,872
Dividends - affiliated issuers (Note 7)		2,001,261			2,905,493
Total investment income		3,207,186			5,003,365
Expenses (Note 3):
Custody fees		11,878			11,947
Audit and tax fees		39,987			39,987
Legal fees		5,330			8,689
Proxy fees		1,747			1,747
Accounting & Administration fees		38,831			38,825
Shareholder reporting fees		15,619			17,909
Trustees’ fees		11,709			19,721
Registration and filing fees		101,753			102,520
Transfer agent fees		2,980			2,980
		229,834			244,325
Administration fees:
Class R5		2,084			46,587
Service Class		12,708			25,724
Administrative Class		69,790			153,967
Class R4		41,606			35,584
Class A		23,940			50,334
Class R3		93,621			99,564
Distribution and Service fees:
Class R4		52,007			44,480
Class A		19,950			41,945
Class R3		234,052			248,910
Total expenses		779,592			991,420
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(46,154	)		(29,909	)
Class R5 fees reimbursed by adviser		(2,094	)		(27,514	)
Service Class fees reimbursed by adviser		(6,389	)		(7,729	)
Administrative Class fees reimbursed by adviser		(23,252	)		(30,715	)
Class R4 fees reimbursed by adviser		(20,686	)		(10,658	)
Class A fees reimbursed by adviser		(7,958	)		(10,061	)
Class R3 fees reimbursed by adviser		(46,687	)		(29,828	)
Net expenses:		626,372			845,006
Net investment income (loss)		2,580,814			4,158,359
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		612,462			268,503
Investment transactions - affiliated issuers (Note 7)		(8,609,103	)		(21,280,261	)
Realized gain distributions - affiliated issuers (Note 7)		8,235,014			15,264,148
Net realized gain (loss)		238,373			(5,747,610	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		2,372,759			6,085,038
Investment transactions - affiliated issuers (Note 7)		14,531,209			34,912,509
Net change in unrealized appreciation (depreciation)		16,903,968			40,997,547
Net realized gain (loss) and change in unrealized appreciation (depreciation)		17,142,341			35,249,937
Net increase (decrease) in net assets resulting from operations	$	19,723,155		$	39,408,296

+	Commenced operations on February 1, 2023.

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

MassMutual RetireSMART by JPMorgan 2045 Fund			MassMutual RetireSMART by JPMorgan 2050 Fund			MassMutual RetireSMART by JPMorgan 2055 Fund			MassMutual RetireSMART by JPMorgan 2060 Fund			MassMutual RetireSMART by JPMorgan 2065 Fund+

$	1,009,417		$	1,591,066		$	548,424		$	182,839		$	4,577
	1,117,456			1,713,260			579,237			195,449			382
	2,126,873			3,304,326			1,127,661			378,288			4,959

	11,175			10,635			12,868			14,277			11,336
	39,987			39,987			41,177			41,177			40,300
	3,973			6,371			2,132			715			52
	1,747			1,748			1,747			1,748			721
	38,830			38,831			38,831			38,831			28,487
	18,389			22,492			25,269			21,457			9,210
	8,750			13,998			4,729			1,603			566
	101,742			101,356			101,036			104,551			11,960
	2,980			2,980			2,980			2,980			2,000
	227,573			238,398			230,769			227,339			104,632

	908			41,933			536			203			67
	6,479			10,442			6,108			3,284			133
	62,464			125,941			31,862			7,647			200
	33,164			30,862			15,321			2,502			133
	20,631			29,428			4,351			1,193			200
	70,535			66,823			46,904			3,347			133

	41,455			38,578			19,152			3,128			165
	17,192			24,523			3,626			994			165
	176,338			167,058			117,260			8,368			330
	656,739			773,986			475,889			258,005			106,158

	(54,063	)		(34,655	)		(54,049	)		(142,009	)		(41,883	)
	(1,642	)		(47,032	)		(2,034	)		(2,249	)		(10,469	)
	(5,884	)		(5,980	)		(11,564	)		(18,160	)		(10,466	)
	(37,456	)		(48,011	)		(40,164	)		(28,187	)		(10,461	)
	(29,848	)		(17,654	)		(28,878	)		(13,833	)		(10,455	)
	(12,393	)		(11,226	)		(5,465	)		(4,401	)		(10,452	)
	(63,567	)		(38,237	)		(88,615	)		(18,500	)		(10,446	)
	451,886			571,191			245,120			30,666			1,526
	1,674,987			2,733,135			882,541			347,622			3,433


	661,530			1,465,404			317,448			(13,693	)		(1,421	)
	(7,195,424	)		(17,804,900	)		(4,438,830	)		(1,845,540	)		2,277
	7,340,419			11,927,892			4,028,708			1,358,706			—
	806,525			(4,411,604	)		(92,674	)		(500,527	)		856

	2,095,564			3,411,225			1,092,252			458,615			(16,523	)
	13,166,699			29,052,334			7,480,797			2,775,293			4,328
	15,262,263			32,463,559			8,573,049			3,233,908			(12,195	)
	16,068,788			28,051,955			8,480,375			2,733,381			(11,339	)
$	17,743,775		$	30,785,090		$	9,362,916		$	3,081,003		$	(7,906	)

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

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual Select T. Rowe Price Retirement Balanced Fund			MassMutual Select T. Rowe Price Retirement 2005 Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	2,042,722		$	283,907
Dividends - affiliated issuers (Note 7)		6,748,888			972,427
Total investment income		8,791,610			1,256,334
Expenses (Note 3):
Investment advisory fees:
Class I		88,726			53,057
Class M5		749,191			35,103
Class M4		40,875			11,467
Class M3		19,201			8,718
Distribution and Service fees:
Class M4		18,715			5,021
Class M3		17,582			7,634
Total expenses		934,290			121,000
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(25,398	)		(17,496	)
Class M5 fees reimbursed by adviser		(155,604	)		(8,511	)
Class M4 fees reimbursed by adviser		(8,498	)		(2,776	)
Class M3 fees reimbursed by adviser		(3,986	)		(2,113	)
Net expenses:		740,804			90,104
Net investment income (loss)		8,050,806			1,166,230
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		(154,427	)		(180,269	)
Investment transactions - affiliated issuers (Note 7)		(2,025,550	)		(2,613,324	)
Realized gain distributions - affiliated issuers (Note 7)		4,785,233			788,516
Net realized gain (loss)		2,605,256			(2,005,077	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(1,213,919	)		(10,550	)
Investment transactions - affiliated issuers (Note 7)		3,822,398			2,976,219
Net change in unrealized appreciation (depreciation)		2,608,479			2,965,669
Net realized gain (loss) and change in unrealized appreciation (depreciation)		5,213,735			960,592
Net increase (decrease) in net assets resulting from operations	$	13,264,541		$	2,126,822

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

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			MassMutual Select T. Rowe Price Retirement 2035 Fund

$	1,214,206		$	1,297,298		$	5,734,970		$	5,407,408		$	10,024,352		$	3,713,923
	3,823,119			4,000,836			17,319,879			15,783,464			29,182,885			13,052,714
	5,037,325			5,298,134			23,054,849			21,190,872			39,207,237			16,766,637


	273,380			284,724			1,294,390			1,881,565			3,716,361			2,683,085
	119,635			229,195			846,493			522,446			2,342,308			746,539
	57,802			29,564			423,666			352,542			1,088,113			540,857
	42,207			11,657			206,487			187,031			514,564			264,539

	25,308			12,726			173,274			137,239			400,943			190,485
	36,958			10,030			168,882			145,598			379,146			186,330
	555,290			577,896			3,113,192			3,226,421			8,441,435			4,611,835

	(88,710	)		(82,825	)		(402,496	)		(571,538	)		(1,107,538	)		(811,585	)
	(28,631	)		(49,468	)		(184,810	)		(113,713	)		(474,762	)		(157,159	)
	(13,829	)		(6,371	)		(92,478	)		(76,565	)		(220,436	)		(113,777	)
	(10,112	)		(2,517	)		(45,102	)		(40,641	)		(104,321	)		(55,661	)
	414,008			436,715			2,388,306			2,423,964			6,534,378			3,473,653
	4,623,317			4,861,419			20,666,543			18,766,908			32,672,859			13,292,984


	(220,171	)		(234,092	)		(849,693	)		(796,934	)		(795,262	)		(317,232	)
	(4,500,756	)		(3,825,415	)		(13,036,824	)		(8,837,961	)		1,305,206			1,942,522
	3,531,066			4,125,312			20,234,285			23,951,388			64,495,674			40,082,456
	(1,189,861	)		65,805			6,347,768			14,316,493			65,005,618			41,707,746

	(599,246	)		(649,292	)		(3,106,889	)		(2,953,009	)		(5,995,412	)		(1,902,387	)
	6,923,393			6,903,763			30,234,364			32,089,564			68,352,531			43,758,729
	6,324,147			6,254,471			27,127,475			29,136,555			62,357,119			41,856,342
	5,134,286			6,320,276			33,475,243			43,453,048			127,362,737			83,564,088
$	9,757,603		$	11,181,695		$	54,141,786		$	62,219,956		$	160,035,596		$	96,857,072

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

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MassMutual Select T. Rowe Price Retirement 2040 Fund			MassMutual Select T. Rowe Price Retirement 2045 Fund
Investment income (Note 2):
Dividends - unaffiliated issuers	$	3,491,754		$	886,962
Dividends - affiliated issuers (Note 7)		19,663,360			8,711,027
Total investment income		23,155,114			9,597,989
Expenses (Note 3):
Investment advisory fees:
Class I		3,761,781			2,453,261
Class M5		2,401,358			527,439
Class M4		1,036,277			429,085
Class M3		513,003			218,283
Distribution and Service fees:
Class M4		352,700			142,217
Class M3		349,158			144,696
Total expenses		8,414,277			3,914,981
Expenses waived (Note 3):
Class I fees reimbursed by adviser		(1,126,422	)		(729,894	)
Class M5 fees reimbursed by adviser		(506,918	)		(104,793	)
Class M4 fees reimbursed by adviser		(218,700	)		(85,210	)
Class M3 fees reimbursed by adviser		(108,314	)		(43,345	)
Net expenses:		6,453,923			2,951,739
Net investment income (loss)		16,701,191			6,646,250
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		(377,536	)		(13,525	)
Investment transactions - affiliated issuers (Note 7)		(1,345,126	)		1,887,971
Realized gain distributions - affiliated issuers (Note 7)		75,553,833			37,825,462
Net realized gain (loss)		73,831,171			39,699,908
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(1,304,567	)		(291,605	)
Investment transactions - affiliated issuers (Note 7)		90,505,108			42,751,899
Net change in unrealized appreciation (depreciation)		89,200,541			42,460,294
Net realized gain (loss) and change in unrealized appreciation (depreciation)		163,031,712			82,160,202
Net increase (decrease) in net assets resulting from operations	$	179,732,903		$	88,806,452

+	Commenced operations on February 1, 2023.

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

MassMutual Select T. Rowe Price Retirement 2050 Fund			MassMutual Select T. Rowe Price Retirement 2055 Fund			MassMutual Select T. Rowe Price Retirement 2060 Fund			MassMutual Select T. Rowe Price Retirement 2065 Fund+

$	1,119,666		$	410,944		$	203,392		$	747
	12,536,306			5,297,713			2,489,947			—
	13,655,972			5,708,657			2,693,339			747


	2,738,138			1,667,989			651,280			3,048
	1,895,359			262,859			339,628			510
	639,809			240,845			160,115			531
	379,253			159,447			67,479			510

	209,636			78,807			52,392			173
	248,526			104,348			44,160			331
	6,110,721			2,514,295			1,315,054			5,103

	(795,149	)		(458,118	)		(178,781	)		(773	)
	(367,739	)		(47,727	)		(61,620	)		(83	)
	(124,112	)		(43,713	)		(29,043	)		(87	)
	(73,578	)		(28,939	)		(12,239	)		(83	)
	4,750,143			1,935,798			1,033,371			4,077
	8,905,829			3,772,859			1,659,968			(3,330	)


	(8,877	)		(4,630	)		(3,097	)		(1	)
	(61,857	)		1,411,462			(485,045	)		2,130
	56,704,380			24,151,155			11,340,891			—
	56,633,646			25,557,987			10,852,749			2,129

	(202,754	)		(88,713	)		(39,437	)		(62	)
	67,952,970			27,375,290			13,494,744			2,426
	67,750,216			27,286,577			13,455,307			2,364
	124,383,862			52,844,564			24,308,056			4,493
$	133,289,691		$	56,617,423		$	25,968,024		$	1,163

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

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual 20/80 Allocation Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,041,418		$	5,550,389
Net realized gain (loss)		(3,475,246	)		5,427,556
Net change in unrealized appreciation (depreciation)		6,598,968			(41,235,179	)
Net increase (decrease) in net assets resulting from operations		7,165,140			(30,257,234	)
Distributions to shareholders (Note 2):
Class I		(640,649	)		(1,238,827	)
Class R5		(122,530	)		(600,769	)
Service Class		(5,093,925	)		(8,033,664	)
Administrative Class		(859,307	)		(1,380,292	)
Class R4		(129,313	)		(245,146	)
Class A		(654,843	)		(1,138,922	)
Class R3		(179,061	)		(352,697	)
Total distributions		(7,679,628	)		(12,990,317	)
Net fund share transactions (Note 5):
Class I		438,679			(2,103,974	)
Class R5		191,406			(2,305,651	)
Service Class		9,334,644			6,779,177
Administrative Class		407,902			(3,903,293	)
Class R4		(3,431	)		(345,473	)
Class A		(2,157,734	)		(1,622,237	)
Class R3		(631,671	)		(318,660	)
Class Y *		100,000			—
Increase (decrease) in net assets from fund share transactions		7,679,795			(3,820,111	)
Total increase (decrease) in net assets		7,165,307			(47,067,662	)
Net assets
Beginning of year		158,276,241			205,343,903
End of year	$	165,441,548		$	158,276,241

*	Commenced operations on February 1, 2023.

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

100

MassMutual 40/60 Allocation Fund						MassMutual 60/40 Allocation Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	3,496,707		$	4,981,216		$	2,898,191		$	3,831,174
	905,571			11,179,987			2,187,285			20,015,080
	9,115,419			(51,619,335	)		13,296,878			(55,295,077	)
	13,517,697			(35,458,132	)		18,382,354			(31,448,823	)

	(2,055,129	)		(4,148,911	)		(3,260,867	)		(3,794,867	)
	(384,889	)		(1,032,740	)		(890,196	)		(3,219,903	)
	(908,402	)		(1,343,448	)		(2,285,237	)		(3,146,970	)
	(1,884,705	)		(3,071,255	)		(4,179,251	)		(6,382,082	)
	(2,276,436	)		(2,964,646	)		(910,830	)		(1,207,371	)
	(2,957,749	)		(4,443,631	)		(4,529,555	)		(6,723,767	)
	(910,614	)		(1,638,358	)		(946,735	)		(1,497,170	)
	(11,377,924	)		(18,642,989	)		(17,002,671	)		(25,972,130	)

	(1,080,864	)		(6,098,250	)		33,924			8,957,790
	447,762			(936,236	)		99,093			(7,481,634	)
	333,047			(155,878	)		1,240,429			3,069,423
	(2,711,385	)		(7,212,434	)		89,595			(9,391,568	)
	6,196,484			8,541,664			(65,310	)		128,550
	(7,029,015	)		(2,901,611	)		(5,116,021	)		2,953,733
	(1,322,516	)		13,071,702			556,616			(1,229,515	)
	100,000			—			100,000			—
	(5,066,487	)		4,308,957			(3,061,674	)		(2,993,221	)
	(2,926,714	)		(49,792,164	)		(1,681,991	)		(60,414,174	)

	169,657,280			219,449,444			157,055,026			217,469,200
$	166,730,566		$	169,657,280		$	155,373,035		$	157,055,026

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

101

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual 80/20 Allocation Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,794,228		$	2,393,927
Net realized gain (loss)		2,674,353			16,123,048
Net change in unrealized appreciation (depreciation)		13,148,287			(43,426,587	)
Net increase (decrease) in net assets resulting from operations		17,616,868			(24,909,612	)
Distributions to shareholders (Note 2):
Class I		(4,562,908	)		(4,471,193	)
Class R5		(408,930	)		(1,041,225	)
Service Class		(1,853,287	)		(1,807,424	)
Administrative Class		(2,312,351	)		(2,483,791	)
Class R4		(1,569,151	)		(1,513,090	)
Class A		(2,636,182	)		(3,033,006	)
Class R3		(1,725,856	)		(1,933,462	)
Total distributions		(15,068,665	)		(16,283,191	)
Net fund share transactions (Note 5):
Class I		1,474,374			6,133,707
Class R5		37,262			(2,472,773	)
Service Class		2,432,893			1,534,430
Administrative Class		(742,714	)		75,659
Class R4		282,942			1,838,245
Class A		(1,034,187	)		(4,488,481	)
Class R3		(739,445	)		169,252
Class Y *		100,000			—
Increase (decrease) in net assets from fund share transactions		1,811,125			2,790,039
Total increase (decrease) in net assets		4,359,328			(38,402,764	)
Net assets
Beginning of year		113,754,854			152,157,618
End of year	$	118,114,182		$	113,754,854

*	Commenced operations on February 1, 2023.

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

102

MassMutual RetireSMART by JPMorgan In Retirement Fund						MassMutual RetireSMART by JPMorgan 2020 Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	2,157,776		$	2,748,049		$	4,241,189		$	6,070,225
	(3,389,446	)		3,361,952			(10,395,860	)		9,904,182
	7,743,993			(22,928,403	)		19,620,740			(49,550,980	)
	6,512,323			(16,818,402	)		13,466,069			(33,576,573	)

	(1,099,052	)		(2,168,614	)		(2,144,021	)		(5,427,736	)
	(290,743	)		(583,890	)		(1,325,660	)		(3,589,231	)
	(456,318	)		(1,226,005	)		(495,387	)		(2,853,464	)
	(1,675,268	)		(3,703,959	)		(1,083,859	)		(3,361,305	)
	(679,791	)		(1,429,001	)		(855,596	)		(2,185,392	)
	(710,788	)		(1,511,593	)		(1,004,151	)		(2,911,317	)
	(1,087,614	)		(2,558,247	)		(1,783,972	)		(5,025,570	)
	(5,999,574	)		(13,181,309	)		(8,692,646	)		(25,354,015	)

	(3,987,798	)		1,483,711			(10,013,826	)		(594,904	)
	(2,990,492	)		(1,426,083	)		(22,749,685	)		(6,616,765	)
	507,783			(1,786,063	)		(3,188,093	)		(15,164,374	)
	(232,890	)		(1,422,162	)		(2,454,642	)		(15,337,082	)
	(508,719	)		965,450			(564,250	)		(2,784,252	)
	(318,879	)		(783,912	)		(3,260,026	)		(4,218,129	)
	(2,930,062	)		(743,759	)		(4,015,566	)		(2,272,463	)
	—			—			—			—
	(10,461,057	)		(3,712,818	)		(46,246,088	)		(46,987,969	)
	(9,948,308	)		(33,712,529	)		(41,472,665	)		(105,918,557	)

	83,035,806			116,748,335			161,591,477			267,510,034
$	73,087,498		$	83,035,806		$	120,118,812		$	161,591,477

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

103

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual RetireSMART by JPMorgan 2025 Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,606,272		$	4,798,414
Net realized gain (loss)		(5,002,623	)		12,172,970
Net change in unrealized appreciation (depreciation)		15,399,291			(48,604,539	)
Net increase (decrease) in net assets resulting from operations		14,002,940			(31,633,155	)
Distributions to shareholders (Note 2):
Class I		(3,937,604	)		(6,727,045	)
Class R5		(98,090	)		(170,263	)
Service Class		(336,885	)		(1,005,276	)
Administrative Class		(2,132,964	)		(4,048,008	)
Class R4		(1,753,245	)		(3,159,331	)
Class A		(720,734	)		(1,319,721	)
Class R3		(3,216,163	)		(6,859,146	)
Total distributions		(12,195,685	)		(23,288,790	)
Net fund share transactions (Note 5):
Class I		(7,076,444	)		3,796,983
Class R5		414,108			229,396
Service Class		(531,505	)		(3,127,399	)
Administrative Class		599,372			(872,659	)
Class R4		(877,821	)		(452,825	)
Class A		462,651			(1,813,979	)
Class R3		33,304			(5,089,454	)
Increase (decrease) in net assets from fund share transactions		(6,976,335	)		(7,329,937	)
Total increase (decrease) in net assets		(5,169,080	)		(62,251,882	)
Net assets
Beginning of year		142,055,733			204,307,615
End of year	$	136,886,653		$	142,055,733

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

104

MassMutual RetireSMART by JPMorgan 2030 Fund						MassMutual RetireSMART by JPMorgan 2035 Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	7,043,597		$	9,668,808		$	2,580,814		$	3,736,703
	(14,403,940	)		35,888,132			238,373			19,417,047
	47,090,741			(115,975,315	)		16,903,968			(55,513,581	)
	39,730,398			(70,418,375	)		19,723,155			(32,359,831	)

	(5,853,234	)		(7,590,627	)		(5,178,655	)		(7,493,815	)
	(7,159,635	)		(9,879,698	)		(195,833	)		(507,462	)
	(1,579,399	)		(4,887,084	)		(741,028	)		(1,116,572	)
	(5,062,806	)		(8,294,775	)		(2,373,994	)		(4,300,099	)
	(2,277,426	)		(3,261,072	)		(2,007,206	)		(3,138,533	)
	(2,540,100	)		(3,907,101	)		(780,364	)		(1,587,976	)
	(7,093,523	)		(9,912,512	)		(4,776,856	)		(7,197,154	)
	(31,566,123	)		(47,732,869	)		(16,053,936	)		(25,341,611	)

	(5,711,276	)		11,540,005			582,745			4,176,558
	(60,344,212	)		14,286,906			(690,325	)		251,733
	(1,162,543	)		(21,407,161	)		(612,401	)		689,935
	5,928,872			(8,251,960	)		2,065,930			(3,135,451	)
	359,036			(2,558,212	)		2,011,043			2,298,212
	(837,712	)		(962,124	)		498,775			(3,140,448	)
	2,609,245			8,851,699			4,178,319			4,710,453
	(59,158,590	)		1,499,153			8,034,086			5,850,992
	(50,994,315	)		(116,652,091	)		11,703,305			(51,850,450	)

	309,142,132			425,794,223			138,292,837			190,143,287
$	258,147,817		$	309,142,132		$	149,996,142		$	138,292,837

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

105

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual RetireSMART by JPMorgan 2040 Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,158,359		$	5,852,550
Net realized gain (loss)		(5,747,610	)		35,051,771
Net change in unrealized appreciation (depreciation)		40,997,547			(95,021,125	)
Net increase (decrease) in net assets resulting from operations		39,408,296			(54,116,804	)
Distributions to shareholders (Note 2):
Class I		(5,809,434	)		(7,184,429	)
Class R5		(5,781,138	)		(7,743,505	)
Service Class		(1,452,117	)		(3,883,802	)
Administrative Class		(5,323,215	)		(8,831,913	)
Class R4		(1,861,099	)		(2,703,434	)
Class A		(1,725,507	)		(3,004,403	)
Class R3		(5,372,313	)		(7,294,397	)
Total distributions		(27,324,823	)		(40,645,883	)
Net fund share transactions (Note 5):
Class I		(3,754,110	)		12,439,829
Class R5		(50,721,292	)		4,018,713
Service Class		(1,074,270	)		(9,323,196	)
Administrative Class		5,466,218			(1,620,308	)
Class R4		1,829,745			710,885
Class A		648,830			(3,716,959	)
Class R3		4,428,951			8,645,354
Increase (decrease) in net assets from fund share transactions		(43,175,928	)		11,154,318
Total increase (decrease) in net assets		(31,092,455	)		(83,608,369	)
Net assets
Beginning of year		223,911,848			307,520,217
End of year	$	192,819,393		$	223,911,848

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

106

MassMutual RetireSMART by JPMorgan 2045 Fund						MassMutual RetireSMART by JPMorgan 2050 Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	1,674,987		$	2,215,433		$	2,733,135		$	3,608,607
	806,525			18,050,854			(4,411,604	)		25,288,510
	15,262,263			(44,492,326	)		32,463,559			(67,325,361	)
	17,743,775			(24,226,039	)		30,785,090			(38,428,244	)

	(3,977,946	)		(5,197,007	)		(3,397,106	)		(4,001,187	)
	(97,499	)		(233,390	)		(5,256,874	)		(6,771,126	)
	(480,213	)		(750,930	)		(572,869	)		(1,792,181	)
	(2,574,934	)		(4,119,090	)		(4,402,189	)		(6,326,202	)
	(1,993,731	)		(3,070,820	)		(1,583,369	)		(2,086,826	)
	(884,534	)		(1,394,259	)		(1,023,608	)		(1,613,009	)
	(4,445,492	)		(6,234,573	)		(3,540,081	)		(4,577,472	)
	(14,454,349	)		(21,000,069	)		(19,776,096	)		(27,168,003	)

	1,010,206			7,715,151			1,633,520			10,073,048
	(394,840	)		387,622			(44,539,013	)		7,904,319
	(472,982	)		35,405			382,304			(5,029,138	)
	3,779,250			(1,062,181	)		7,678,270			3,181,675
	279,345			3,364,801			3,465,302			1,281,405
	349,111			(2,516,569	)		873,537			(2,365,207	)
	3,546,056			4,216,865			3,923,430			5,682,779
	8,096,146			12,141,094			(26,582,650	)		20,728,881
	11,385,572			(33,085,014	)		(15,573,656	)		(44,867,366	)

	101,074,343			134,159,357			156,841,574			201,708,940
$	112,459,915		$	101,074,343		$	141,267,918		$	156,841,574

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

107

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual RetireSMART by JPMorgan 2055 Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	882,541		$	1,091,325
Net realized gain (loss)		(92,674	)		8,659,477
Net change in unrealized appreciation (depreciation)		8,573,049			(22,550,793	)
Net increase (decrease) in net assets resulting from operations		9,362,916			(12,799,991	)
Distributions to shareholders (Note 2):
Class I		(1,843,278	)		(2,006,510	)
Class R5		(57,279	)		(140,902	)
Service Class		(399,805	)		(427,079	)
Administrative Class		(1,271,770	)		(1,486,503	)
Class R4		(863,273	)		(978,197	)
Class A		(162,677	)		(278,324	)
Class R3		(2,780,779	)		(3,173,283	)
Total distributions		(7,378,861	)		(8,490,798	)
Net fund share transactions (Note 5):
Class I		500,980			3,926,497
Class R5		(490,728	)		(330,743	)
Service Class		215,309			439,012
Administrative Class		1,756,990			1,567,180
Class R4		2,278,425			588,767
Class A		267,963			(4,415,857	)
Class R3		3,182,548			4,398,521
Increase (decrease) in net assets from fund share transactions		7,711,487			6,173,377
Total increase (decrease) in net assets		9,695,542			(15,117,412	)
Net assets
Beginning of year		52,620,572			67,737,984
End of year	$	62,316,114		$	52,620,572

+	Fund commenced operations on February 1, 2023.

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

108

MassMutual RetireSMART by JPMorgan 2060 Fund						MassMutual RetireSMART by JPMorgan 2065 Fund+
Year Ended September 30, 2023			Year Ended September 30, 2022			Period Ended September 30, 2023


$	347,622		$	448,209		$	3,433
	(500,527	)		2,799,082			856
	3,233,908			(7,360,029	)		(12,195	)
	3,081,003			(4,112,738	)		(7,906	)

	(1,693,451	)		(1,805,036	)		—
	(25,192	)		(29,013	)		—
	(187,087	)		(294,339	)		—
	(283,229	)		(264,001	)		—
	(134,231	)		(126,810	)		—
	(48,042	)		(59,676	)		—
	(182,699	)		(163,129	)		—
	(2,553,931	)		(2,742,004	)		—

	1,528,231			1,165,849			400,000
	15,274			(1,094,424	)		100,000
	461,066			(175,190	)		100,000
	1,216,992			300,268			100,000
	550,165			243,735			100,000
	92,466			(150,516	)		100,000
	433,624			304,892			100,000
	4,297,818			594,614			1,000,000
	4,824,890			(6,260,128	)		992,094

	17,298,692			23,558,820			—
$	22,123,582		$	17,298,692		$	992,094

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

109

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement Balanced Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	8,050,806		$	4,950,647
Net realized gain (loss)		2,605,256			9,178,349
Net change in unrealized appreciation (depreciation)		2,608,479			(43,066,429	)
Net increase (decrease) in net assets resulting from operations		13,264,541			(28,937,433	)
Distributions to shareholders (Note 2):
Class I		(2,083,792	)		(2,585,460	)
Class M5		(12,897,182	)		(14,662,986	)
Class M4		(703,701	)		(981,001	)
Class M3		(303,774	)		(532,352	)
Total distributions		(15,988,449	)		(18,761,799	)
Net fund share transactions (Note 5):
Class I		5,250,089			1,445,857
Class M5		17,794,329			11,700,499
Class M4		1,042,416			(4,323,266	)
Class M3		(1,001,852	)		(776,293	)
Increase (decrease) in net assets from fund share transactions		23,084,982			8,046,797
Total increase (decrease) in net assets		20,361,074			(39,652,435	)
Net assets
Beginning of year		158,131,070			197,783,505
End of year	$	178,492,144		$	158,131,070

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

110

MassMutual Select T. Rowe Price Retirement 2005 Fund						MassMutual Select T. Rowe Price Retirement 2010 Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	1,166,230		$	739,183		$	4,623,317		$	3,418,483
	(2,005,077	)		1,391,096			(1,189,861	)		8,498,920
	2,965,669			(6,704,616	)		6,324,147			(33,381,727	)
	2,126,822			(4,574,337	)		9,757,603			(21,464,324	)

	(1,407,669	)		(2,750,646	)		(7,409,599	)		(8,034,238	)
	(523,707	)		(1,254,316	)		(2,418,095	)		(4,122,512	)
	(152,332	)		(435,381	)		(1,078,821	)		(2,002,161	)
	(119,775	)		(252,072	)		(883,160	)		(1,406,657	)
	(2,203,483	)		(4,692,415	)		(11,789,675	)		(15,565,568	)

	(6,703,971	)		3,300,787			703,963			7,923,247
	399,753			249,065			(654,133	)		(3,276,299	)
	(447,569	)		(176,218	)		(1,232,675	)		(11,183,029	)
	40,459			372,464			(3,203,112	)		(1,981,825	)
	(6,711,328	)		3,746,098			(4,385,957	)		(8,517,906	)
	(6,787,989	)		(5,520,654	)		(6,418,029	)		(45,547,798	)

	24,379,240			29,899,894			103,262,942			148,810,740
$	17,591,251		$	24,379,240		$	96,844,913		$	103,262,942

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

111

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2015 Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,861,419		$	3,499,411
Net realized gain (loss)		65,805			10,774,424
Net change in unrealized appreciation (depreciation)		6,254,471			(38,590,069	)
Net increase (decrease) in net assets resulting from operations		11,181,695			(24,316,234	)
Distributions to shareholders (Note 2):
Class I		(7,786,710	)		(7,318,355	)
Class M5		(4,703,572	)		(6,292,593	)
Class M4		(527,680	)		(911,386	)
Class M3		(177,093	)		(672,724	)
Total distributions		(13,195,055	)		(15,195,058	)
Net fund share transactions (Note 5):
Class I		(1,790,758	)		7,283,459
Class M5		(2,431,236	)		(9,817,010	)
Class M4		295,917			(4,509,670	)
Class M3		(2,903,043	)		(784,711	)
Increase (decrease) in net assets from fund share transactions		(6,829,120	)		(7,827,932	)
Total increase (decrease) in net assets		(8,842,480	)		(47,339,224	)
Net assets
Beginning of year		114,231,434			161,570,658
End of year	$	105,388,954		$	114,231,434

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

112

MassMutual Select T. Rowe Price Retirement 2020 Fund						MassMutual Select T. Rowe Price Retirement 2025 Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	20,666,543		$	15,881,874		$	18,766,908		$	13,322,494
	6,347,768			60,739,809			14,316,493			62,953,320
	27,127,475			(188,805,167	)		29,136,555			(199,100,601	)
	54,141,786			(112,183,484	)		62,219,956			(122,824,787	)

	(37,135,320	)		(34,844,854	)		(49,501,853	)		(39,896,413	)
	(18,245,174	)		(34,353,981	)		(11,472,649	)		(20,726,297	)
	(8,827,372	)		(12,573,464	)		(6,910,733	)		(9,222,674	)
	(4,310,980	)		(5,847,991	)		(3,539,461	)		(5,178,774	)
	(68,518,846	)		(87,620,290	)		(71,424,696	)		(75,024,158	)

	7,624,061			53,228,140			22,499,739			95,751,574
	(4,197,957	)		(78,657,276	)		(10,176,713	)		(67,154,610	)
	(5,771,562	)		(39,379,155	)		(1,540,099	)		(23,823,246	)
	(4,489,193	)		(5,415,025	)		(8,881,509	)		(1,689,685	)
	(6,834,651	)		(70,223,316	)		1,901,418			3,084,033
	(21,211,711	)		(270,027,090	)		(7,303,322	)		(194,764,912	)

	511,858,051			781,885,141			527,571,778			722,336,690
$	490,646,340		$	511,858,051		$	520,268,456		$	527,571,778

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

113

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2030 Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	32,672,859		$	24,419,312
Net realized gain (loss)		65,005,618			158,881,626
Net change in unrealized appreciation (depreciation)		62,357,119			(480,141,300	)
Net increase (decrease) in net assets resulting from operations		160,035,596			(296,840,362	)
Distributions to shareholders (Note 2):
Class I		(89,308,577	)		(57,773,560	)
Class M5		(43,648,928	)		(64,993,323	)
Class M4		(19,583,770	)		(22,804,375	)
Class M3		(9,130,988	)		(10,071,168	)
Total distributions		(161,672,263	)		(155,642,426	)
Net fund share transactions (Note 5):
Class I		90,347,761			245,256,169
Class M5		21,786,312			(169,919,501	)
Class M4		11,156,855			(79,993,542	)
Class M3		(9,115,282	)		(3,403,119	)
Increase (decrease) in net assets from fund share transactions		114,175,646			(8,059,993	)
Total increase (decrease) in net assets		112,538,979			(460,542,781	)
Net assets
Beginning of year		1,173,126,740			1,633,669,521
End of year	$	1,285,665,719		$	1,173,126,740

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

114

MassMutual Select T. Rowe Price Retirement 2035 Fund						MassMutual Select T. Rowe Price Retirement 2040 Fund
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	13,292,984		$	10,038,522		$	16,701,191		$	15,444,739
	41,707,746			83,234,210			73,831,171			169,636,273
	41,856,342			(255,898,025	)		89,200,541			(476,809,768	)
	96,857,072			(162,625,293	)		179,732,903			(291,728,756	)

	(53,962,632	)		(32,763,576	)		(82,791,145	)		(36,056,081	)
	(12,699,918	)		(20,742,335	)		(42,625,996	)		(53,396,718	)
	(8,298,444	)		(9,244,410	)		(17,706,685	)		(16,502,684	)
	(4,034,514	)		(3,608,202	)		(8,989,189	)		(6,931,706	)
	(78,995,508	)		(66,358,523	)		(152,113,015	)		(112,887,189	)

	76,892,181			171,342,119			125,586,124			296,917,672
	1,202,780			(81,585,427	)		25,407,133			(159,456,975	)
	3,230,681			(21,868,048	)		12,866,874			(64,617,604	)
	(1,144,824	)		4,198,299			(3,281,773	)		117,669
	80,180,818			72,086,943			160,578,358			72,960,762
	98,042,382			(156,896,873	)		188,198,246			(331,655,183	)

	613,785,369			770,682,242			1,027,254,721			1,358,909,904
$	711,827,751		$	613,785,369		$	1,215,452,967		$	1,027,254,721

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

115

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Retirement 2045 Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	6,646,250		$	6,117,222
Net realized gain (loss)		39,699,908			71,989,508
Net change in unrealized appreciation (depreciation)		42,460,294			(213,940,049	)
Net increase (decrease) in net assets resulting from operations		88,806,452			(135,833,319	)
Distributions to shareholders (Note 2):
Class I		(45,395,168	)		(21,166,192	)
Class M5		(8,635,706	)		(16,777,545	)
Class M4		(6,096,550	)		(7,420,678	)
Class M3		(3,138,892	)		(2,571,996	)
Total distributions		(63,266,316	)		(47,936,411	)
Net fund share transactions (Note 5):
Class I		85,722,051			190,273,471
Class M5		(3,408,536	)		(90,582,508	)
Class M4		3,230,834			(14,537,787	)
Class M3		(205,919	)		2,860,943
Increase (decrease) in net assets from fund share transactions		85,338,430			88,014,119
Total increase (decrease) in net assets		110,878,566			(95,755,611	)
Net assets
Beginning of year		475,434,953			571,190,564
End of year	$	586,313,519		$	475,434,953

+	Fund commenced operations on February 1, 2023.

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

116

MassMutual Select T. Rowe Price Retirement 2050 Fund						MassMutual Select T. Rowe Price Retirement 2055 Fund						MassMutual Select T. Rowe Price Retirement 2060 Fund						MassMutual Select T. Rowe Price Retirement 2065 Fund+
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022			Period Ended September 30, 2023


$	8,905,829		$	9,265,441		$	3,772,859		$	3,383,364		$	1,659,968		$	1,192,084		$	(3,330	)
	56,633,646			114,470,349			25,557,987			40,732,829			10,852,749			14,813,682			2,129
	67,750,216			(328,897,584	)		27,286,577			(126,715,974	)		13,455,307			(49,833,271	)		2,364
	133,289,691			(205,161,794	)		56,617,423			(82,599,781	)		25,968,024			(33,827,505	)		1,163

	(53,739,968	)		(20,743,294	)		(26,744,224	)		(9,025,508	)		(7,603,946	)		(4,688,197	)		—
	(30,227,423	)		(31,856,014	)		(3,855,725	)		(11,205,031	)		(3,403,805	)		(2,856,276	)		—
	(9,646,526	)		(10,328,244	)		(3,046,858	)		(3,746,457	)		(1,568,194	)		(1,576,504	)		—
	(5,858,975	)		(4,275,899	)		(2,007,743	)		(1,509,059	)		(631,426	)		(472,782	)		—
	(99,472,892	)		(67,203,451	)		(35,654,550	)		(25,486,055	)		(13,207,371	)		(9,593,759	)		—

	101,076,749			217,391,343			72,437,242			163,059,428			57,435,659			36,639,255			893,798
	21,733,795			(93,244,315	)		(2,901,634	)		(81,677,025	)		10,771,305			15,997,233			104,176
	11,150,964			(47,277,199	)		3,354,863			(7,108,746	)		4,565,748			4,230,614			113,167
	2,611,285			885,289			(178,746	)		4,716,926			3,145,051			2,524,638			100,000
	136,572,793			77,755,118			72,711,725			78,990,583			75,917,763			59,391,740			1,211,141
	170,389,592			(194,610,127	)		93,674,598			(29,095,253	)		88,678,416			15,970,476			1,212,304

	701,099,282			895,709,409			294,799,370			323,894,623			130,422,737			114,452,261			—
$	871,488,874		$	701,099,282		$	388,473,968		$	294,799,370		$	219,101,153		$	130,422,737		$	1,212,304

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

117

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			Total distributions			Net asset value, end of the period		Total return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.37	$	0.22	$	0.17		$	0.39		$	(0.25	)	$	(0.17	)	$	(0.42	)	$	8.34		4.70	%	$	13,553		0.14	%		0.04	%		2.62	%
9/30/22		10.60		0.32		(1.84	)		(1.52	)		(0.33	)		(0.38	)		(0.71	)		8.37		(15.46	%)		13,143		0.12	%		0.04	%		3.35	%
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	%
Class R5
9/30/23	$	8.35	$	0.22	$	0.17		$	0.39		$	(0.24	)	$	(0.17	)	$	(0.41	)	$	8.33		4.66	%	$	2,672		0.24	%		0.14	%		2.53	%
9/30/22		10.59		0.45		(1.99	)		(1.54	)		(0.32	)		(0.38	)		(0.70	)		8.35		(15.64	%)		2,488		0.22	%		0.14	%		4.59	%
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	%
Service Class
9/30/23	$	8.35	$	0.20	$	0.17		$	0.37		$	(0.23	)	$	(0.17	)	$	(0.40	)	$	8.32		4.49	%	$	111,916		0.34	%		0.24	%		2.40	%
9/30/22		10.58		0.28		(1.82	)		(1.54	)		(0.31	)		(0.38	)		(0.69	)		8.35		(15.66	%)		103,035		0.32	%		0.24	%		2.95	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	27%	27%	26%	33%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

118

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.38	$	0.20	$	0.16		$	0.36		$	(0.22	)	$	(0.17	)	$	(0.39	)	$	8.35		4.35	%	$	18,560		0.44	%		0.34	%		2.30	%
9/30/22		10.60		0.28		(1.84	)		(1.56	)		(0.28	)		(0.38	)		(0.66	)		8.38		(15.72	%)		18,215		0.42	%		0.34	%		2.88	%
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	%
Class R4
9/30/23	$	8.51	$	0.19	$	0.18		$	0.37		$	(0.21	)	$	(0.17	)	$	(0.38	)	$	8.50		4.32	%	$	3,054		0.59	%		0.49	%		2.22	%
9/30/22		10.76		0.27		(1.87	)		(1.60	)		(0.27	)		(0.38	)		(0.65	)		8.51		(15.92	%)		3,066		0.57	%		0.49	%		2.80	%
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	%
Class A
9/30/23	$	8.42	$	0.20	$	0.14		$	0.34		$	(0.20	)	$	(0.17	)	$	(0.37	)	$	8.39		4.05	%	$	12,091		0.69	%		0.59	%		2.31	%
9/30/22		10.65		0.26		(1.84	)		(1.58	)		(0.27	)		(0.38	)		(0.65	)		8.42		(15.90	%)		14,202		0.67	%		0.59	%		2.69	%
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	%
Class R3
9/30/23	$	8.25	$	0.18	$	0.14		$	0.32		$	(0.18	)	$	(0.17	)	$	(0.35	)	$	8.22		3.90	%	$	3,499		0.84	%		0.74	%		2.19	%
9/30/22		10.45		0.24		(1.81	)		(1.57	)		(0.25	)		(0.38	)		(0.63	)		8.25		(16.05	%)		4,126		0.82	%		0.74	%		2.49	%
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	%
Class Y
9/30/23^g	$	8.67	$	0.02	$	(0.37	)^aa	$	(0.35	)	$	—		$	—		$	—		$	8.32		(4.04	%)^b	$	96		0.24	%^a		0.14	%^a		0.33	%^a

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

119

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.11	$	0.19	$	0.46		$	0.65		$	(0.21	)	$	(0.37	)	$	(0.58	)	$	8.18		8.25	%	$	29,787		0.13	%		0.06	%		2.30	%
9/30/22		10.57		0.27		(1.85	)		(1.58	)		(0.33	)		(0.55	)		(0.88	)		8.11		(16.39	%)		30,477		0.11	%		0.06	%		2.83	%
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	%
Class R5
9/30/23	$	8.12	$	0.18	$	0.46		$	0.64		$	(0.20	)	$	(0.37	)	$	(0.57	)	$	8.19		8.10	%	$	6,005		0.23	%		0.16	%		2.17	%
9/30/22		10.57		0.34		(1.92	)		(1.58	)		(0.32	)		(0.55	)		(0.87	)		8.12		(16.37	%)		5,503		0.21	%		0.16	%		3.59	%
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	%
Service Class
9/30/23	$	8.17	$	0.18	$	0.46		$	0.64		$	(0.20	)	$	(0.37	)	$	(0.57	)	$	8.24		7.95	%	$	13,315		0.33	%		0.26	%		2.12	%
9/30/22		10.62		0.23		(1.82	)		(1.59	)		(0.31	)		(0.55	)		(0.86	)		8.17		(16.40	%)		12,834		0.31	%		0.26	%		2.43	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	27%	32%	24%	52%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

120

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.16	$	0.17	$	0.46		$	0.63		$	(0.18	)	$	(0.37	)	$	(0.55	)	$	8.24		7.94	%	$	25,914		0.43	%		0.36	%		2.06	%
9/30/22		10.61		0.22		(1.83	)		(1.61	)		(0.29	)		(0.55	)		(0.84	)		8.16		(16.55	%)		28,220		0.41	%		0.36	%		2.30	%
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	%
Class R4
9/30/23	$	8.07	$	0.15	$	0.46		$	0.61		$	(0.18	)	$	(0.37	)	$	(0.55	)	$	8.13		7.66	%	$	38,456		0.58	%		0.51	%		1.80	%
9/30/22		10.51		0.20		(1.80	)		(1.60	)		(0.29	)		(0.55	)		(0.84	)		8.07		(16.65	%)		32,058		0.56	%		0.51	%		2.14	%
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	%
Class A
9/30/23	$	8.18	$	0.16	$	0.45		$	0.61		$	(0.16	)	$	(0.37	)	$	(0.53	)	$	8.26		7.63	%	$	38,942		0.68	%		0.61	%		1.87	%
9/30/22		10.64		0.20		(1.84	)		(1.64	)		(0.27	)		(0.55	)		(0.82	)		8.18		(16.82	%)		45,256		0.66	%		0.61	%		2.10	%
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	%
Class R3
9/30/23	$	8.03	$	0.14	$	0.45		$	0.59		$	(0.15	)	$	(0.37	)	$	(0.52	)	$	8.10		7.43	%	$	14,214		0.83	%		0.76	%		1.64	%
9/30/22		10.50		0.21		(1.83	)		(1.62	)		(0.30	)		(0.55	)		(0.85	)		8.03		(16.91	%)		15,309		0.81	%		0.76	%		2.25	%
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	%
Class Y
9/30/23^g	$	8.44	$	0.01	$	(0.26	)^aa	$	(0.25	)	$	—		$	—		$	—		$	8.19		(2.96	%)^b	$	97		0.23	%^a		0.16	%^a		0.12	%^a

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

121

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.02	$	0.17	$	0.75		$	0.92		$	(0.20	)	$	(0.72	)	$	(0.92	)	$	8.02		11.99	%	$	28,687		0.14	%		0.06	%		2.06	%
9/30/22		10.96		0.19		(1.73	)		(1.54	)		(0.38	)		(1.02	)		(1.40	)		8.02		(16.45	%)		28,473		0.12	%		0.06	%		2.05	%
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	%
Class R5
9/30/23	$	8.03	$	0.16	$	0.73		$	0.89		$	(0.18	)	$	(0.72	)	$	(0.90	)	$	8.02		11.68	%	$	8,483		0.24	%		0.16	%		1.90	%
9/30/22		10.96		0.32		(1.86	)		(1.54	)		(0.37	)		(1.02	)		(1.39	)		8.03		(16.42	%)		8,300		0.21	%		0.16	%		3.24	%
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	%
Service Class
9/30/23	$	8.07	$	0.15	$	0.74		$	0.89		$	(0.18	)	$	(0.72	)	$	(0.90	)	$	8.06		11.54	%	$	21,714		0.34	%		0.26	%		1.84	%
9/30/22		11.01		0.19		(1.75	)		(1.56	)		(0.36	)		(1.02	)		(1.38	)		8.07		(16.55	%)		20,361		0.32	%		0.26	%		2.00	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	35%	26%	28%	58%	44%

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% per share.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

122

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.07	$	0.14		$	0.75		$	0.89		$	(0.17	)	$	(0.72	)	$	(0.89	)	$	8.07		11.54	%	$	38,329		0.44	%		0.36	%		1.72	%
9/30/22		11.00		0.19			(1.76	)		(1.57	)		(0.34	)		(1.02	)		(1.36	)		8.07		(16.62	%)		37,871		0.41	%		0.36	%		1.98	%
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	%
Class R4
9/30/23	$	7.99	$	0.13		$	0.74		$	0.87		$	(0.16	)	$	(0.72	)	$	(0.88	)	$	7.98		11.35	%	$	8,017		0.59	%		0.51	%		1.62	%
9/30/22		10.91		0.16			(1.74	)		(1.58	)		(0.32	)		(1.02	)		(1.34	)		7.99		(16.78	%)		8,037		0.56	%		0.51	%		1.72	%
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	%
Class A
9/30/23	$	8.10	$	0.13		$	0.74		$	0.87		$	(0.14	)	$	(0.72	)	$	(0.86	)	$	8.11		11.27	%	$	39,817		0.69	%		0.61	%		1.55	%
9/30/22		11.04		0.16			(1.76	)		(1.60	)		(0.32	)		(1.02	)		(1.34	)		8.10		(16.84	%)		44,420		0.66	%		0.61	%		1.69	%
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	%
Class R3
9/30/23	$	7.94	$	0.10		$	0.75		$	0.85		$	(0.13	)	$	(0.72	)	$	(0.85	)	$	7.94		11.17	%	$	10,228		0.84	%		0.76	%		1.26	%
9/30/22		10.84		0.15			(1.74	)		(1.59	)		(0.29	)		(1.02	)		(1.31	)		7.94		(17.00	%)		9,592		0.81	%		0.76	%		1.53	%
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	%
Class Y
9/30/23^g	$	8.17	$	0.00	^d	$	(0.15	)^aa	$	(0.15	)	$	—		$	—		$	—		$	8.02		(1.84	%)^b	$	98		0.24	%^a		0.16	%^a		0.00	%^a,e

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

123

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.86	$	0.16	$	1.14		$	1.30		$	(0.20	)	$	(1.01	)	$	(1.21	)	$	8.95		15.65	%	$	35,417		0.19	%		0.09	%		1.74	%
9/30/22		12.13		0.20		(2.08	)		(1.88	)		(0.41	)		(0.98	)		(1.39	)		8.86		(17.85	%)		33,246		0.16	%		0.09	%		1.91	%
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	%
Class R5
9/30/23	$	8.87	$	0.14	$	1.16		$	1.30		$	(0.19	)	$	(1.01	)	$	(1.20	)	$	8.97		15.58	%	$	3,416		0.29	%		0.19	%		1.57	%
9/30/22		12.14		0.32		(2.21	)		(1.89	)		(0.40	)		(0.98	)		(1.38	)		8.87		(17.91	%)		3,301		0.25	%		0.19	%		2.90	%
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	%
Service Class
9/30/23	$	8.88	$	0.14	$	1.15		$	1.29		$	(0.18	)	$	(1.01	)	$	(1.19	)	$	8.98		15.50	%	$	15,609		0.39	%		0.29	%		1.50	%
9/30/22		12.16		0.20		(2.11	)		(1.91	)		(0.39	)		(0.98	)		(1.37	)		8.88		(18.04	%)		12,945		0.35	%		0.29	%		1.85	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	39%	28%	29%	62%	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

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.

124

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.88	$	0.13		$	1.15		$	1.28		$	(0.17	)	$	(1.01	)	$	(1.18	)	$	8.98		15.33	%	$	17,004		0.49	%		0.39	%		1.46	%
9/30/22		12.15		0.18			(2.10	)		(1.92	)		(0.37	)		(0.98	)		(1.35	)		8.88		(18.10	%)		17,296		0.45	%		0.39	%		1.69	%
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	%
Class R4
9/30/23	$	8.73	$	0.11		$	1.13			1.24		$	(0.16	)	$	(1.01	)	$	(1.17	)	$	8.80		15.06	%	$	12,592		0.64	%		0.54	%		1.28	%
9/30/22		11.96		0.16			(2.05	)		(1.89	)		(0.36	)		(0.98	)		(1.34	)		8.73		(18.17	%)		12,041		0.60	%		0.54	%		1.48	%
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	%
Class A
9/30/23	$	8.87	$	0.11		$	1.14		$	1.25		$	(0.14	)	$	(1.01	)	$	(1.15	)	$	8.97		14.99	%	$	20,218		0.74	%		0.64	%		1.23	%
9/30/22		12.13		0.17			(2.11	)		(1.94	)		(0.34	)		(0.98	)		(1.32	)		8.87		(18.30	%)		20,773		0.70	%		0.64	%		1.61	%
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	%
Class R3
9/30/23	$	8.67	$	0.09		$	1.12		$	1.21		$	(0.13	)	$	(1.01	)	$	(1.14	)	$	8.74		14.79	%	$	13,759		0.89	%		0.79	%		1.02	%
9/30/22		11.88		0.13			(2.04	)		(1.91	)		(0.32	)		(0.98	)		(1.30	)		8.67		(18.38	%)		14,153		0.85	%		0.79	%		1.27	%
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	%
Class Y
9/30/23^g	$	9.04	$	(0.01	)^bb	$	(0.06	)^aa	$	(0.07	)	$	—		$	—		$	—		$	8.97		(0.77	%)^b	$	99		0.29	%^a		0.19	%^a		(0.09	%)^a

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

125

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	9.41	$	0.29	$	0.45		$	0.74		$	(0.49	)	$	(0.25	)	$	(0.74	)	$	9.41		8.01	%	$	10,262		0.31	%		0.06	%		3.03	%
9/30/22		12.78		0.33		(2.12	)		(1.79	)		(0.42	)		(1.16	)		(1.58	)		9.41		(16.12	%)		14,100		0.22	%		0.06	%		2.97	%
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	%
Class R5
9/30/23	$	9.44	$	0.29	$	0.44		$	0.73		$	(0.48	)	$	(0.25	)	$	(0.73	)	$	9.44		7.86	%	$	938		0.41	%		0.16	%		3.04	%
9/30/22		12.81		0.32		(2.12	)		(1.80	)		(0.41	)		(1.16	)		(1.57	)		9.44		(16.20	%)		3,826		0.32	%		0.16	%		2.91	%
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	%
Service Class
9/30/23	$	9.45	$	0.26	$	0.46		$	0.72		$	(0.47	)	$	(0.25	)	$	(0.72	)	$	9.45		7.70	%	$	6,497		0.51	%		0.26	%		2.67	%
9/30/22		12.82		0.35		(2.16	)		(1.81	)		(0.40	)		(1.16	)		(1.56	)		9.45		(16.26	%)		5,973		0.42	%		0.26	%		3.10	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	28%	58%	28%	74%	39%

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.

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.

126

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	9.44	$	0.25	$	0.47		$	0.72		$	(0.46	)	$	(0.25	)	$	(0.71	)	$	9.45		7.72	%	$	22,591		0.61	%		0.36	%		2.63	%
9/30/22		12.82		0.31		(2.15	)		(1.84	)		(0.38	)		(1.16	)		(1.54	)		9.44		(16.45	%)		22,751		0.52	%		0.36	%		2.82	%
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	%
Class R4
9/30/23	$	9.27	$	0.23	$	0.45		$	0.68		$	(0.44	)	$	(0.25	)	$	(0.69	)	$	9.26		7.45	%	$	9,043		0.76	%		0.51	%		2.45	%
9/30/22		12.60		0.27		(2.08	)		(1.81	)		(0.36	)		(1.16	)		(1.52	)		9.27		(16.47	%)		9,504		0.67	%		0.51	%		2.48	%
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	%
Class A
9/30/23	$	9.42	$	0.23	$	0.46		$	0.69		$	(0.43	)	$	(0.25	)	$	(0.68	)	$	9.43		7.42	%	$	10,037		0.86	%		0.61	%		2.36	%
9/30/22		12.65		0.29		(2.15	)		(1.86	)		(0.21	)		(1.16	)		(1.37	)		9.42		(16.64	%)		10,307		0.77	%		0.61	%		2.59	%
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	%
Class R3
9/30/23	$	9.18	$	0.21	$	0.44		$	0.65		$	(0.41	)	$	(0.25	)	$	(0.66	)	$	9.17		7.20	%	$	13,720		1.01	%		0.76	%		2.25	%
9/30/22		12.48		0.26		(2.08	)		(1.82	)		(0.32	)		(1.16	)		(1.48	)		9.18		(16.67	%)		16,575		0.92	%		0.76	%		2.36	%
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	%

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

127

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			Total distributions			Net asset value, end of the period		Total return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	10.02	$	0.31	$	0.47		$	0.78		$	(0.30	)	$	(0.28	)	$	(0.58	)	$	10.22		7.96	%	$	28,579		0.15	%		0.04	%		3.04	%
9/30/22		13.37		0.35		(2.25	)		(1.90	)		(0.44	)		(1.01	)		(1.45	)		10.02		(16.09	%)		37,478		0.11	%		0.04	%		3.03	%
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	%
Class R5
9/30/23	$	9.99	$	0.32	$	0.46		$	0.78		$	(0.29	)	$	(0.28	)	$	(0.57	)	$	10.20		7.95	%	$	2,419		0.25	%		0.14	%		3.11	%
9/30/22		13.34		0.35		(2.26	)		(1.91	)		(0.43	)		(1.01	)		(1.44	)		9.99		(16.24	%)		23,950		0.21	%		0.14	%		2.98	%
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	%
Service Class
9/30/23	$	10.07	$	0.30	$	0.47		$	0.77		$	(0.27	)	$	(0.28	)	$	(0.55	)	$	10.29		7.79	%	$	6,118		0.35	%		0.24	%		2.84	%
9/30/22		13.43		0.46		(2.40	)		(1.94	)		(0.41	)		(1.01	)		(1.42	)		10.07		(16.29	%)		9,053		0.31	%		0.24	%		3.81	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	31%	52%	30%	69%	46%

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.

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.

128

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	10.03	$	0.28	$	0.48		$	0.76		$	(0.26	)	$	(0.28	)	$	(0.54	)	$	10.25		7.76	%	$	18,038		0.45	%		0.34	%		2.68	%
9/30/22		13.38		0.33		(2.28	)		(1.95	)		(0.39	)		(1.01	)		(1.40	)		10.03		(16.43	%)		19,966		0.41	%		0.34	%		2.82	%
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	%
Class R4
9/30/23	$	9.77	$	0.25	$	0.47		$	0.72		$	(0.25	)	$	(0.28	)	$	(0.53	)	$	9.96		7.52	%	$	15,448		0.60	%		0.49	%		2.46	%
9/30/22		13.06		0.30		(2.21	)		(1.91	)		(0.37	)		(1.01	)		(1.38	)		9.77		(16.51	%)		15,666		0.56	%		0.49	%		2.63	%
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	%
Class A
9/30/23	$	9.97	$	0.25	$	0.48		$	0.73		$	(0.23	)	$	(0.28	)	$	(0.51	)	$	10.19		7.49	%	$	17,733		0.70	%		0.59	%		2.44	%
9/30/22		13.24		0.31		(2.27	)		(1.96	)		(0.30	)		(1.01	)		(1.31	)		9.97		(16.60	%)		20,470		0.66	%		0.59	%		2.62	%
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	%
Class R3
9/30/23	$	9.56	$	0.22	$	0.46		$	0.68		$	(0.22	)	$	(0.28	)	$	(0.50	)	$	9.74		7.27	%	$	31,784		0.85	%		0.74	%		2.26	%
9/30/22		12.81		0.27		(2.16	)		(1.89	)		(0.35	)		(1.01	)		(1.36	)		9.56		(16.70	%)		35,009		0.81	%		0.74	%		2.43	%
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	%

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

129

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	9.80	$	0.29	$	0.67		$	0.96		$	(0.30	)	$	(0.59	)	$	(0.89	)	$	9.87		10.11	%	$	37,617		0.16	%		0.01	%		2.90	%
9/30/22		13.47		0.34		(2.35	)		(2.01	)		(0.46	)		(1.20	)		(1.66	)		9.80		(17.29	%)		44,023		0.13	%		0.01	%		2.91	%
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	%
Class R5
9/30/23	$	9.91	$	0.23	$	0.73		$	0.96		$	(0.28	)	$	(0.59	)	$	(0.87	)	$	10.00		10.07	%	$	1,612		0.26	%		0.11	%		2.27	%
9/30/22		13.61		0.33		(2.39	)		(2.06	)		(0.44	)		(1.20	)		(1.64	)		9.91		(17.42	%)		1,186		0.23	%		0.11	%		2.81	%
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	%
Service Class
9/30/23	$	9.82	$	0.27	$	0.67		$	0.94		$	(0.27	)	$	(0.59	)	$	(0.86	)	$	9.90		9.89	%	$	3,335		0.36	%		0.21	%		2.73	%
9/30/22		13.49		0.42		(2.46	)		(2.04	)		(0.43	)		(1.20	)		(1.63	)		9.82		(17.48	%)		3,811		0.32	%		0.21	%		3.50	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	29%	54%	35%	73%	47%

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.

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.

130

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	9.77	$	0.24	$	0.68		$	0.92		$	(0.26	)	$	(0.59	)	$	(0.85	)	$	9.84		9.76	%	$	25,262		0.46	%		0.31	%		2.44	%
9/30/22		13.42		0.32		(2.36	)		(2.04	)		(0.41	)		(1.20	)		(1.61	)		9.77		(17.50	%)		24,363		0.43	%		0.31	%		2.73	%
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	%
Class R4
9/30/23	$	9.59	$	0.23	$	0.66		$	0.89		$	(0.24	)	$	(0.59	)	$	(0.83	)	$	9.65		9.64	%	$	20,630		0.61	%		0.46	%		2.33	%
9/30/22		13.20		0.28		(2.30	)		(2.02	)		(0.39	)		(1.20	)		(1.59	)		9.59		(17.65	%)		21,218		0.58	%		0.46	%		2.47	%
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	%
Class A
9/30/23	$	9.77	$	0.22	$	0.67		$	0.89		$	(0.23	)	$	(0.59	)	$	(0.82	)	$	9.84		9.42	%	$	9,214		0.71	%		0.56	%		2.18	%
9/30/22		13.25		0.29		(2.37	)		(2.08	)		(0.20	)		(1.20	)		(1.40	)		9.77		(17.74	%)		8,655		0.68	%		0.56	%		2.48	%
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	%
Class R3
9/30/23	$	9.56	$	0.20	$	0.66		$	0.86		$	(0.22	)	$	(0.59	)	$	(0.81	)	$	9.61		9.24	%	$	39,216		0.86	%		0.71	%		2.06	%
9/30/22		13.16		0.29		(2.33	)		(2.04	)		(0.36	)		(1.20	)		(1.56	)		9.56		(17.85	%)		38,799		0.83	%		0.71	%		2.49	%
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	%

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

131

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	10.02	$	0.26	$	0.91		$	1.17		$	(0.28	)	$	(0.76	)	$	(1.04	)	$	10.15		12.20	%	$	52,324		0.08	%		0.04	%		2.47	%
9/30/22		13.80		0.32		(2.49	)		(2.17	)		(0.45	)		(1.16	)		(1.61	)		10.02		(18.08	%)		56,717		0.07	%		0.04	%		2.68	%
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	%
Class R5
9/30/23	$	9.96	$	0.26	$	0.89		$	1.15		$	(0.27	)	$	(0.76	)	$	(1.03	)	$	10.08		12.04	%	$	12,065		0.18	%		0.14	%		2.56	%
9/30/22		13.73		0.32		(2.50	)		(2.18	)		(0.43	)		(1.16	)		(1.59	)		9.96		(18.18	%)		68,661		0.17	%		0.14	%		2.69	%
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	%
Service Class
9/30/23	$	10.04	$	0.24	$	0.91		$	1.15		$	(0.25	)	$	(0.76	)	$	(1.01	)	$	10.18		11.95	%	$	14,860		0.28	%		0.24	%		2.37	%
9/30/22		13.82		0.43		(2.63	)		(2.20	)		(0.42	)		(1.16	)		(1.58	)		10.04		(18.23	%)		15,661		0.27	%		0.24	%		3.46	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	33%	58%	32%	70%	39%

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.

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.

132

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	10.00	$	0.21	$	0.93		$	1.14		$	(0.25	)	$	(0.76	)	$	(1.01	)	$	10.13		11.82	%	$	55,691		0.38	%		0.34	%		2.08	%
9/30/22		13.77		0.32		(2.53	)		(2.21	)		(0.40	)		(1.16	)		(1.56	)		10.00		(18.33	%)		48,874		0.37	%		0.34	%		2.63	%
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	%
Class R4
9/30/23	$	9.81	$	0.19	$	0.91		$	1.10		$	(0.23	)	$	(0.76	)	$	(0.99	)	$	9.92		11.67	%	$	23,491		0.53	%		0.49	%		1.92	%
9/30/22		13.53		0.27		(2.46	)		(2.19	)		(0.37	)		(1.16	)		(1.53	)		9.81		(18.47	%)		22,702		0.52	%		0.49	%		2.27	%
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	%
Class A
9/30/23	$	9.94	$	0.19	$	0.92		$	1.11		$	(0.22	)	$	(0.76	)	$	(0.98	)	$	10.07		11.57	%	$	26,082		0.63	%		0.59	%		1.87	%
9/30/22		13.64		0.27		(2.50	)		(2.23	)		(0.31	)		(1.16	)		(1.47	)		9.94		(18.55	%)		26,417		0.62	%		0.59	%		2.27	%
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	%
Class R3
9/30/23	$	9.60	$	0.17	$	0.89		$	1.06		$	(0.21	)	$	(0.76	)	$	(0.97	)	$	9.69		11.44	%	$	73,635		0.78	%		0.74	%		1.74	%
9/30/22		13.28		0.24		(2.41	)		(2.17	)		(0.35	)		(1.16	)		(1.51	)		9.60		(18.67	%)		70,110		0.77	%		0.74	%		2.05	%
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		0.00	^d		0.25			(0.31	)		(1.35	)		(1.66	)		12.09		3.92	%		103,094		0.76	%		0.74	%		2.08	%

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

133

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	9.99	$	0.22	$	1.15		$	1.37		$	(0.24	)	$	(0.95	)	$	(1.19	)	$	10.17		14.51	%	$	42,777		0.15	%		0.05	%		2.12	%
9/30/22		14.28		0.31		(2.58	)		(2.27	)		(0.50	)		(1.52	)		(2.02	)		9.99		(18.91	%)		41,191		0.13	%		0.05	%		2.56	%
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	%
Class R5
9/30/23	$	10.00	$	0.18	$	1.19		$	1.37		$	(0.22	)	$	(0.95	)	$	(1.17	)	$	10.20		14.50	%	$	2,059		0.25	%		0.15	%		1.71	%
9/30/22		14.30		0.30		(2.59	)		(2.29	)		(0.49	)		(1.52	)		(2.01	)		10.00		(19.03	%)		2,624		0.23	%		0.15	%		2.46	%
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	%
Service Class
9/30/23	$	10.15	$	0.22	$	1.16		$	1.38		$	(0.22	)	$	(0.95	)	$	(1.17	)	$	10.36		14.33	%	$	5,864		0.35	%		0.25	%		2.06	%
9/30/22		14.47		0.30		(2.63	)		(2.33	)		(0.47	)		(1.52	)		(1.99	)		10.15		(19.06	%)		6,293		0.33	%		0.25	%		2.42	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	37%	63%	34%	92%	50%

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.

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 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.

134

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	10.08	$	0.18	$	1.18		$	1.36		$	(0.20	)	$	(0.95	)	$	(1.15	)	$	10.29		14.27	%	$	23,070		0.45	%		0.35	%		1.71	%
9/30/22		14.39		0.29		(2.62	)		(2.33	)		(0.46	)		(1.52	)		(1.98	)		10.08		(19.17	%)		20,432		0.43	%		0.35	%		2.35	%
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	%
Class R4
9/30/23	$	9.90	$	0.15	$	1.17		$	1.32		$	(0.19	)	$	(0.95	)	$	(1.14	)	$	10.08		14.03	%	$	21,531		0.60	%		0.50	%		1.45	%
9/30/22		14.16		0.25		(2.56	)		(2.31	)		(0.43	)		(1.52	)		(1.95	)		9.90		(19.29	%)		18,897		0.58	%		0.50	%		2.02	%
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	%
Class A
9/30/23	$	10.03	$	0.15	$	1.18		$	1.33		$	(0.17	)	$	(0.95	)	$	(1.12	)	$	10.24		13.95	%	$	8,103		0.70	%		0.60	%		1.43	%
9/30/22		14.21		0.27		(2.62	)		(2.35	)		(0.31	)		(1.52	)		(1.83	)		10.03		(19.34	%)		7,392		0.68	%		0.60	%		2.16	%
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	%
Class R3
9/30/23	$	9.85	$	0.14	$	1.15		$	1.29		$	(0.17	)	$	(0.95	)	$	(1.12	)	$	10.02		13.73	%	$	46,592		0.85	%		0.75	%		1.34	%
9/30/22		14.10		0.22		(2.55	)		(2.33	)		(0.40	)		(1.52	)		(1.92	)		9.85		(19.50	%)		41,463		0.83	%		0.75	%		1.85	%
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	%

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

135

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	9.98	$	0.21	$	1.35		$	1.56		$	(0.23	)	$	(1.00	)	$	(1.23	)	$	10.31		16.58	%	$	44,441		0.10	%		0.04	%		2.06	%
9/30/22		14.28		0.27		(2.60	)		(2.33	)		(0.49	)		(1.48	)		(1.97	)		9.98		(19.31	%)		46,252		0.09	%		0.04	%		2.25	%
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	%
Class R5
9/30/23	$	9.97	$	0.22	$	1.33		$	1.55		$	(0.22	)	$	(1.00	)	$	(1.22	)	$	10.30		16.46	%	$	1,807		0.20	%		0.14	%		2.09	%
9/30/22		14.26		0.27		(2.60	)		(2.33	)		(0.48	)		(1.48	)		(1.96	)		9.97		(19.36	%)		47,871		0.19	%		0.14	%		2.19	%
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	%
Service Class
9/30/23	$	10.02	$	0.19	$	1.36		$	1.55		$	(0.20	)	$	(1.00	)	$	(1.20	)	$	10.37		16.38	%	$	11,177		0.30	%		0.24	%		1.85	%
9/30/22		14.33		0.34		(2.71	)		(2.37	)		(0.46	)		(1.48	)		(1.94	)		10.02		(19.49	%)		11,683		0.29	%		0.24	%		2.72	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	32%	61%	33%	89%	40%

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.

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.

136

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	9.95	$	0.17	$	1.36		$	1.53		$	(0.19	)	$	(1.00	)	$	(1.19	)	$	10.29		16.32	%	$	51,249		0.40	%		0.34	%		1.59	%
9/30/22		14.24		0.27		(2.63	)		(2.36	)		(0.45	)		(1.48	)		(1.93	)		9.95		(19.56	%)		43,754		0.39	%		0.34	%		2.22	%
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	%
Class R4
9/30/23	$	9.74	$	0.15	$	1.34		$	1.49		$	(0.18	)	$	(1.00	)	$	(1.18	)	$	10.05		16.17	%	$	18,129		0.55	%		0.49	%		1.44	%
9/30/22		13.97		0.23		(2.56	)		(2.33	)		(0.42	)		(1.48	)		(1.90	)		9.74		(19.70	%)		15,650		0.54	%		0.49	%		1.87	%
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	%
Class A
9/30/23	$	9.89	$	0.14	$	1.35		$	1.49		$	(0.16	)	$	(1.00	)	$	(1.16	)	$	10.22		15.94	%	$	16,603		0.65	%		0.59	%		1.36	%
9/30/22		14.10		0.24		(2.62	)		(2.38	)		(0.35	)		(1.48	)		(1.83	)		9.89		(19.73	%)		15,262		0.64	%		0.59	%		1.93	%
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	%
Class R3
9/30/23	$	9.52	$	0.12	$	1.30		$	1.42		$	(0.16	)	$	(1.00	)	$	(1.16	)	$	9.78		15.74	%	$	49,412		0.80	%		0.74	%		1.24	%
9/30/22		13.70		0.19		(2.50	)		(2.31	)		(0.39	)		(1.48	)		(1.87	)		9.52		(19.88	%)		43,439		0.79	%		0.74	%		1.64	%
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	%

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

137

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	9.97	$	0.20	$	1.46		$	1.66		$	(0.22	)	$	(1.26	)	$	(1.48	)	$	10.15		17.83	%	$	28,367		0.20	%		0.02	%		1.91	%
9/30/22		14.76		0.27		(2.59	)		(2.32	)		(0.53	)		(1.94	)		(2.47	)		9.97		(19.49	%)		26,481		0.18	%		0.02	%		2.15	%
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	%
Class R5
9/30/23	$	9.97	$	0.15	$	1.50		$	1.65		$	(0.20	)	$	(1.26	)	$	(1.46	)	$	10.16		17.73	%	$	886		0.30	%		0.12	%		1.46	%
9/30/22		14.76		0.25		(2.59	)		(2.34	)		(0.51	)		(1.94	)		(2.45	)		9.97		(19.57	%)		1,199		0.28	%		0.12	%		2.01	%
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	%
Service Class
9/30/23	$	9.97	$	0.20	$	1.46		$	1.66		$	(0.20	)	$	(1.26	)	$	(1.46	)	$	10.17		17.78	%	$	2,873		0.40	%		0.22	%		1.97	%
9/30/22		14.77		0.29		(2.66	)		(2.37	)		(0.49	)		(1.94	)		(2.43	)		9.97		(19.74	%)		3,251		0.38	%		0.22	%		2.32	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	41%	63%	34%	95%	46%

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.

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.

138

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	9.90	$	0.15	$	1.48		$	1.63		$	(0.18	)	$	(1.26	)	$	(1.44	)	$	10.09		17.65	%	$	21,723		0.50	%		0.32	%		1.51	%
9/30/22		14.67		0.25		(2.60	)		(2.35	)		(0.48	)		(1.94	)		(2.42	)		9.90		(19.76	%)		17,419		0.48	%		0.32	%		1.99	%
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	%
Class R4
9/30/23	$	9.70	$	0.13	$	1.45		$	1.58		$	(0.16	)	$	(1.26	)	$	(1.42	)	$	9.86		17.45	%	$	16,859		0.65	%		0.47	%		1.30	%
9/30/22		14.42		0.20		(2.53	)		(2.33	)		(0.45	)		(1.94	)		(2.39	)		9.70		(19.92	%)		15,864		0.63	%		0.47	%		1.67	%
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	%
Class A
9/30/23	$	9.86	$	0.14	$	1.45		$	1.59		$	(0.15	)	$	(1.26	)	$	(1.41	)	$	10.04		17.24	%	$	6,793		0.75	%		0.57	%		1.35	%
9/30/22		14.50		0.20		(2.58	)		(2.38	)		(0.32	)		(1.94	)		(2.26	)		9.86		(19.94	%)		6,267		0.73	%		0.57	%		1.60	%
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	%
Class R3
9/30/23	$	9.66	$	0.11	$	1.44		$	1.55		$	(0.14	)	$	(1.26	)	$	(1.40	)	$	9.81		17.17	%	$	34,959		0.90	%		0.72	%		1.15	%
9/30/22		14.36		0.18		(2.53	)		(2.35	)		(0.41	)		(1.94	)		(2.35	)		9.66		(20.09	%)		30,594		0.88	%		0.72	%		1.50	%
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	%

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

139

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	7.28	$	0.14	$	1.10		$	1.24		$	(0.16	)	$	(0.77	)	$	(0.93	)	$	7.59		18.10	%	$	29,533		0.13	%		0.02	%		1.83	%
9/30/22		10.46		0.19		(1.91	)		(1.72	)		(0.36	)		(1.10	)		(1.46	)		7.28		(19.60	%)		26,439		0.12	%		0.02	%		2.08	%
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	%
Class R5
9/30/23	$	7.26	$	0.15	$	1.08		$	1.23		$	(0.15	)	$	(0.77	)	$	(0.92	)	$	7.57		18.01	%	$	1,942		0.23	%		0.12	%		1.93	%
9/30/22		10.44		0.18		(1.91	)		(1.73	)		(0.35	)		(1.10	)		(1.45	)		7.26		(19.73	%)		41,662		0.22	%		0.12	%		2.04	%
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	%
Service Class
9/30/23	$	7.31	$	0.13	$	1.11		$	1.24		$	(0.13	)	$	(0.77	)	$	(0.90	)	$	7.65		18.04	%	$	5,117		0.33	%		0.22	%		1.64	%
9/30/22		10.50		0.22		(1.97	)		(1.75	)		(0.34	)		(1.10	)		(1.44	)		7.31		(19.78	%)		4,478		0.32	%		0.22	%		2.39	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	51%	60%	36%	92%	40%

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.

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.

140

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	7.27	$	0.11	$	1.10		$	1.21		$	(0.13	)	$	(0.77	)	$	(0.90	)	$	7.58		17.72	%	$	44,280		0.43	%		0.32	%		1.46	%
9/30/22		10.45		0.18		(1.93	)		(1.75	)		(0.33	)		(1.10	)		(1.43	)		7.27		(19.88	%)		34,706		0.42	%		0.32	%		1.95	%
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	%
Class R4
9/30/23	$	7.15	$	0.09	$	1.10		$	1.19		$	(0.12	)	$	(0.77	)	$	(0.89	)	$	7.45		17.71	%	$	16,541		0.58	%		0.47	%		1.26	%
9/30/22		10.29		0.15		(1.88	)		(1.73	)		(0.31	)		(1.10	)		(1.41	)		7.15		(19.97	%)		12,419		0.57	%		0.47	%		1.72	%
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	%
Class A
9/30/23	$	7.23	$	0.09	$	1.11		$	1.20		$	(0.11	)	$	(0.77	)	$	(0.88	)	$	7.55		17.59	%	$	9,910		0.68	%		0.57	%		1.23	%
9/30/22		10.35		0.15		(1.91	)		(1.76	)		(0.26	)		(1.10	)		(1.36	)		7.23		(20.08	%)		8,582		0.67	%		0.57	%		1.67	%
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	%
Class R3
9/30/23	$	7.07	$	0.08	$	1.07		$	1.15		$	(0.10	)	$	(0.77	)	$	(0.87	)	$	7.35		17.30	%	$	33,945		0.83	%		0.72	%		1.08	%
9/30/22		10.20		0.13		(1.87	)		(1.74	)		(0.29	)		(1.10	)		(1.39	)		7.07		(20.23	%)		28,557		0.82	%		0.72	%		1.47	%
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		0.00	^d		(0.21	)		(1.15	)		(1.36	)		8.60		2.44	%		34,061		0.84	%		0.72	%		1.86	%

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

141

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.59	$	0.17	$	1.29		$	1.46		$	(0.19	)	$	(1.03	)	$	(1.22	)	$	8.83		18.12	%	$	13,860		0.38	%		0.00	%		1.92	%
9/30/22		12.33		0.23		(2.26	)		(2.03	)		(0.44	)		(1.27	)		(1.71	)		8.59		(19.58	%)		12,871		0.34	%		0.00	%		2.15	%
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	%
Class R5
9/30/23	$	8.59	$	0.14	$	1.32		$	1.46		$	(0.17	)	$	(1.03	)	$	(1.20	)	$	8.85		18.12	%	$	452		0.48	%		0.10	%		1.52	%
9/30/22		12.33		0.21		(2.26	)		(2.05	)		(0.42	)		(1.27	)		(1.69	)		8.59		(19.69	%)		877		0.44	%		0.10	%		1.97	%
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	%
Service Class
9/30/23	$	8.62	$	0.16	$	1.30		$	1.46		$	(0.17	)	$	(1.03	)	$	(1.20	)	$	8.88		18.06	%	$	2,976		0.58	%		0.20	%		1.78	%
9/30/22		12.38		0.23		(2.31	)		(2.08	)		(0.41	)		(1.27	)		(1.68	)		8.62		(19.85	%)		2,666		0.54	%		0.20	%		2.12	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	40%	64%	38%	89%	50%

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.

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.

142

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.54	$	0.14	$	1.30		$	1.44		$	(0.16	)	$	(1.03	)	$	(1.19	)		8.79		17.96	%	$	10,946		0.68	%		0.30	%		1.53	%
9/30/22		12.28		0.20		(2.27	)		(2.07	)		(0.40	)		(1.27	)		(1.67	)		8.54		(19.92	%)		8,852		0.64	%		0.30	%		1.87	%
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	%
Class R4
9/30/23	$	8.49	$	0.11	$	1.30		$	1.41		$	(0.15	)	$	(1.03	)	$	(1.18	)	$	8.72		17.65	%	$	8,474		0.83	%		0.45	%		1.27	%
9/30/22		12.20		0.19		(2.25	)		(2.06	)		(0.38	)		(1.27	)		(1.65	)		8.49		(19.98	%)		5,976		0.79	%		0.45	%		1.76	%
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	%
Class A
9/30/23	$	8.67	$	0.11	$	1.32		$	1.43		$	(0.12	)	$	(1.03	)	$	(1.15	)	$	8.95		17.52	%	$	1,583		0.93	%		0.55	%		1.23	%
9/30/22		12.23		0.14		(2.26	)		(2.12	)		(0.17	)		(1.27	)		(1.44	)		8.67		(19.98	%)		1,265		0.89	%		0.55	%		1.27	%
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	%
Class R3
9/30/23	$	8.42	$	0.10	$	1.28		$	1.38		$	(0.12	)	$	(1.03	)	$	(1.15	)	$	8.65		17.45	%	$	24,024		1.08	%		0.70	%		1.14	%
9/30/22		12.12		0.15		(2.23	)		(2.08	)		(0.35	)		(1.27	)		(1.62	)		8.42		(20.23	%)		20,114		1.04	%		0.70	%		1.46	%
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	%

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

143

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.54	$	0.17	$	1.28		$	1.45		$	(0.19	)	$	(1.04	)	$	(1.23	)	$	8.76		18.13	%	$	13,354		1.11	%		0.00	%		1.93	%
9/30/22		12.03		0.24		(2.27	)		(2.03	)		(0.41	)		(1.05	)		(1.46	)		8.54		(19.60	%)		11,505		0.95	%		0.00	%		2.31	%
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	%
Class R5
9/30/23	$	8.54	$	0.15	$	1.30		$	1.45		$	(0.18	)	$	(1.04	)	$	(1.22	)	$	8.77		18.11	%	$	218		1.21	%		0.10	%		1.73	%
9/30/22		12.00		0.22		(2.26	)		(2.04	)		(0.37	)		(1.05	)		(1.42	)		8.54		(19.72	%)		194		1.05	%		0.10	%		2.05	%
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	%
Service Class
9/30/23	$	8.49	$	0.13	$	1.30		$	1.43		$	(0.16	)	$	(1.04	)	$	(1.20	)	$	8.72		17.99	%	$	1,732		1.31	%		0.20	%		1.51	%
9/30/22		11.97		0.21		(2.24	)		(2.03	)		(0.40	)		(1.05	)		(1.45	)		8.49		(19.75	%)		1,215		1.15	%		0.20	%		1.97	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	33%	78%	38%	77%	51%

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.

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.

144

			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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Administrative Class
9/30/23	$	8.46	$	0.12	$	1.30		$	1.42		$	(0.16	)	$	(1.04	)	$	(1.20	)	$	8.68		17.92	%	$	3,058		1.41	%		0.30	%		1.37	%
9/30/22		11.95		0.19		(2.25	)		(2.06	)		(0.38	)		(1.05	)		(1.43	)		8.46		(19.96	%)		1,788		1.25	%		0.30	%		1.81	%
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	%
Class R4
9/30/23	$	8.46	$	0.11	$	1.29		$	1.40		$	(0.15	)	$	(1.04	)	$	(1.19	)	$	8.67		17.60	%	$	1,506		1.56	%		0.45	%		1.20	%
9/30/22		11.94		0.18		(2.25	)		(2.07	)		(0.36	)		(1.05	)		(1.41	)		8.46		(20.02	%)		923		1.40	%		0.45	%		1.74	%
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	%
Class A
9/30/23	$	8.48	$	0.11	$	1.28		$	1.39		$	(0.13	)	$	(1.04	)	$	(1.17	)	$	8.70		17.50	%	$	430		1.66	%		0.55	%		1.29	%
9/30/22		11.89		0.20		(2.28	)		(2.08	)		(0.28	)		(1.05	)		(1.33	)		8.48		(20.10	%)		329		1.50	%		0.55	%		1.86	%
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	%
Class R3
9/30/23	$	8.42	$	0.09	$	1.28		$	1.37		$	(0.12	)	$	(1.04	)	$	(1.16	)	$	8.63		17.38	%	$	1,827		1.81	%		0.70	%		0.98	%
9/30/22		11.87		0.14		(2.22	)		(2.08	)		(0.32	)		(1.05	)		(1.37	)		8.42		(20.18	%)		1,343		1.65	%		0.70	%		1.34	%
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	%

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

145

MassMutual RetireSMART^SM by JPMorgan 2065 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
return^l,m

Net
assets,
end of
the
period
(000’s)

Ratio of
expenses
to average
daily net
assets
before
expense
waivers^w

Ratio of
expenses
to average
daily net
assets
after
expense
waivers^j

Net
investment
income
(loss) to
average
daily net
assets

Class I

9/30/23^g

$ 10.00

$ 0.05

$ (0.11)

$ (0.06)

$ —

$ 9.94

(0.60%)^b

$ 397

13.70%^a

0.00%^a

0.75%^a

Class R5

9/30/23^g

$ 10.00

$ 0.04

$ (0.11)

$ (0.07)

$ —

$ 9.93

(0.70%)^b

$ 99

13.80%^a

0.10%^a

0.65%^a

Service Class

9/30/23^g

$ 10.00

$ 0.04

$ (0.12)

$ (0.08)

$ —

$ 9.92

(0.80%)^b

$ 99

13.90%^a

0.20%^a

0.54%^a

Administrative Class

9/30/23^g

$ 10.00

$ 0.03

$ (0.11)

$ (0.08)

$ —

$ 9.92

(0.80%)^b

$ 99

14.00%^a

0.30%^a

0.45%^a

Class R4

9/30/23^g

$ 10.00

$ 0.02

$ (0.11)

$ (0.09)

$ —

$ 9.91

(0.90%)^b

$ 99

14.15%^a

0.45%^a

0.30%^a

Class A

9/30/23^g

$ 10.00

$ 0.01

$ (0.11)

$ (0.10)

$ —

$ 9.90

(1.00%)^b

$ 99

14.25%^a

0.55% ^a

0.20%^a

Class R3

9/30/23^g

$ 10.00

$ 0.00^d

$ (0.11)

$ —

$ 9.89

(1.10%)^b

$ 99

14.40%^a

0.70%^a

0.05%^a

	Period ended September 30, 2023^b
Portfolio turnover rate	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

146

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 return^l,m			Net assets, end of the period (000’s)		Ratio of expenses to average daily net assets before expense waivers^w			Ratio of expenses to average daily net assets after expense waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	13.62	$	0.65	$	0.48		$	1.13		$	(0.67	)	$	(0.74	)	$	(1.41	)	$	13.34		8.67	%	$	25,079		0.40	%		0.28	%		4.77	%
9/30/22		17.72		0.46		(2.83	)		(2.37	)		(0.65	)		(1.08	)		(1.73	)		13.62		(14.93	%)		20,187		0.40	%		0.27	%		2.90	%
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	%
Class M5
9/30/23	$	13.63	$	0.64	$	0.48		$	1.12		$	(0.65	)	$	(0.74	)	$	(1.39	)	$	13.36		8.57	%	$	142,090		0.55	%		0.43	%		4.72	%
9/30/22		17.73		0.42		(2.83	)		(2.41	)		(0.61	)		(1.08	)		(1.69	)		13.63		(15.09	%)		126,517		0.55	%		0.42	%		2.66	%
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	%
Class M4
9/30/23	$	13.65	$	0.63	$	0.45		$	1.08		$	(0.60	)	$	(0.74	)	$	(1.34	)	$	13.39		8.21	%	$	8,243		0.80	%		0.68	%		4.67	%
9/30/22		17.66		0.40		(2.85	)		(2.45	)		(0.48	)		(1.08	)		(1.56	)		13.65		(15.28	%)		7,314		0.80	%		0.67	%		2.50	%
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	%
Class M3
9/30/23	$	13.57	$	0.58	$	0.47		$	1.05		$	(0.52	)	$	(0.74	)	$	(1.26	)	$	13.36		7.99	%	$	3,080		1.05	%		0.93	%		4.28	%
9/30/22		17.65		0.33		(2.81	)		(2.48	)		(0.52	)		(1.08	)		(1.60	)		13.57		(15.55	%)		4,113		1.05	%		0.92	%		2.11	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	19%	34%	38%	50%	19%

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.

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.

147

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 12.45	$ 0.74	$ 0.36	$ 1.10	$ (0.59)	$ (0.57)	$ (1.16)	$ 12.39	9.22%	$ 8,383	0.42%	0.28%	5.95%
9/30/22	17.52	0.39	(2.66)	(2.27)	(0.62)	(2.18)	(2.80)	12.45	(15.62%)	15,173	0.42%	0.28%	2.65%
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%
Class M5
9/30/23	$ 12.42	$ 0.57	$ 0.51	$ 1.08	$ (0.57)	$ (0.57)	$ (1.14)	$ 12.36	9.04%	$ 6,075	0.57%	0.43%	4.52%
9/30/22	17.48	0.41	(2.69)	(2.28)	(0.60)	(2.18)	(2.78)	12.42	(15.73%)	5,681	0.57%	0.43%	2.79%
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%
Class M4
9/30/23	$ 12.42	$ 0.50	$ 0.55	$ 1.05	$ (0.52)	$ (0.57)	$ (1.09)	$ 12.38	8.72%	$ 1,639	0.82%	0.68%	3.99%
9/30/22	17.46	0.36	(2.68)	(2.32)	(0.54)	(2.18)	(2.72)	12.42	(15.93%)	2,073	0.82%	0.68%	2.46%
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%
Class M3
9/30/23	$ 12.34	$ 0.48	$ 0.53	$ 1.01	$ (0.50)	$ (0.57)	$ (1.07)	$ 12.28	8.50%	$ 1,495	1.07%	0.93%	3.86%
9/30/22	17.39	0.29	(2.64)	(2.35)	(0.52)	(2.18)	(2.70)	12.34	(16.17%)	1,453	1.07%	0.93%	2.01%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	37%	37%	54%	59%	41%

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.

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.

148

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 13.23	$ 0.59	$ 0.63	$ 1.22	$ (0.59)	$ (1.01)	$ (1.60)	$ 12.85	9.77%	$ 62,669	0.42%	0.28%	4.51%
9/30/22	17.63	0.39	(2.90)	(2.51)	(0.62)	(1.27)	(1.89)	13.23	(16.02%)	63,308	0.42%	0.28%	2.51%
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%
Class M5
9/30/23	$ 13.21	$ 0.59	$ 0.61	$ 1.20	$ (0.56)	$ (1.01)	$ (1.57)	$ 12.84	9.60%	$ 19,654	0.57%	0.43%	4.52%
9/30/22	17.61	0.47	(2.99)	(2.52)	(0.61)	(1.27)	(1.88)	13.21	(16.10%)	20,741	0.57%	0.43%	2.98%
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%
Class M4
9/30/23	$ 13.20	$ 0.55	$ 0.63	$ 1.18	$ (0.49)	$ (1.01)	$ (1.50)	$ 12.88	9.43%	$ 9,195	0.82%	0.68%	4.16%
9/30/22	17.56	0.38	(2.96)	(2.58)	(0.51)	(1.27)	(1.78)	13.20	(16.40%)	10,567	0.82%	0.68%	2.45%
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%
Class M3
9/30/23	$ 13.18	$ 0.57	$ 0.58	$ 1.15	$ (0.48)	$ (1.01)	$ (1.49)	$ 12.84	9.11%	$ 5,326	1.07%	0.93%	4.39%
9/30/22	17.56	0.35	(2.95)	(2.60)	(0.51)	(1.27)	(1.78)	13.18	(16.57%)	8,647	1.07%	0.93%	2.28%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	26%	34%	33%	53%	27%

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.

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.

149

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 13.57	$ 0.59	$ 0.73	$ 1.32	$ (0.55)	$ (1.11)	$ (1.66)	$ 13.23	10.31%	$ 62,426	0.43%	0.31%	4.37%
9/30/22	17.97	0.36	(2.99)	(2.63)	(0.62)	(1.15)	(1.77)	13.57	(16.38%)	65,438	0.44%	0.30%	2.29%
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%
Class M5
9/30/23	$ 13.54	$ 0.58	$ 0.71	$ 1.29	$ (0.52)	$ (1.11)	$ (1.63)	$ 13.20	10.08%	$ 36,067	0.58%	0.46%	4.32%
9/30/22	17.94	0.42	(3.07)	(2.65)	(0.60)	(1.15)	(1.75)	13.54	(16.50%)	39,275	0.59%	0.45%	2.64%
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%
Class M4
9/30/23	$ 13.56	$ 0.51	$ 0.76	$ 1.27	$ (0.43)	$ (1.11)	$ (1.54)	$ 13.29	9.87%	$ 5,311	0.83%	0.71%	3.79%
9/30/22	17.92	0.35	(3.04)	(2.69)	(0.52)	(1.15)	(1.67)	13.56	(16.68%)	5,066	0.84%	0.70%	2.21%
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%
Class M3
9/30/23	$ 13.49	$ 0.51	$ 0.72	$ 1.23	$ (0.20)	$ (1.11)	$ (1.31)	$ 13.41	9.53%	$ 1,585	1.08%	0.96%	3.78%
9/30/22	17.87	0.32	(3.04)	(2.72)	(0.51)	(1.15)	(1.66)	13.49	(16.89%)	4,452	1.09%	0.95%	2.01%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	27%	35%	35%	57%	32%

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.

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.

150

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 13.48	$ 0.53	$ 0.86	$ 1.39	$ (0.54)	$ (1.35)	$ (1.89)	$ 12.98	11.03%	$ 267,433	0.46%	0.32%	4.05%
9/30/22	18.31	0.34	(3.04)	(2.70)	(0.64)	(1.49)	(2.13)	13.48	(16.84%)	267,728	0.47%	0.31%	2.16%
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%
Class M5
9/30/23	$ 13.46	$ 0.53	$ 0.84	$ 1.37	$ (0.50)	$ (1.35)	$ (1.85)	$ 12.98	10.86%	$ 129,254	0.61%	0.48%	4.02%
9/30/22	18.29	0.47	(3.19)	(2.72)	(0.62)	(1.49)	(2.11)	13.46	(16.98%)	137,211	0.62%	0.47%	2.89%
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%
Class M4
9/30/23	$ 13.46	$ 0.48	$ 0.84	$ 1.32	$ (0.45)	$ (1.35)	$ (1.80)	$ 12.98	10.45%	$ 63,297	0.86%	0.73%	3.69%
9/30/22	18.24	0.33	(3.09)	(2.76)	(0.53)	(1.49)	(2.02)	13.46	(17.15%)	70,876	0.87%	0.72%	2.07%
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%
Class M3
9/30/23	$ 13.45	$ 0.46	$ 0.84	$ 1.30	$ (0.42)	$ (1.35)	$ (1.77)	$ 12.98	10.25%	$ 30,663	1.11%	0.98%	3.50%
9/30/22	18.24	0.30	(3.10)	(2.80)	(0.50)	(1.49)	(1.99)	13.45	(17.37%)	36,043	1.12%	0.97%	1.86%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	26%	35%	35%	53%	19%

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.

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.

151

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 14.02	$ 0.48	$ 1.11	$ 1.59	$ (0.49)	$ (1.48)	$ (1.97)	$ 13.64	12.13%	$ 372,730	0.49%	0.34%	3.46%
9/30/22	19.04	0.31	(3.31)	(3.00)	(0.66)	(1.36)	(2.02)	14.02	(17.83%)	356,557	0.50%	0.34%	1.88%
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%
Class M5
9/30/23	$ 13.99	$ 0.51	$ 1.07	$ 1.58	$ (0.45)	$ (1.48)	$ (1.93)	$ 13.64	11.99%	$ 72,070	0.64%	0.50%	3.70%
9/30/22	19.01	0.45	(3.48)	(3.03)	(0.63)	(1.36)	(1.99)	13.99	(17.99%)	83,947	0.65%	0.50%	2.63%
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%
Class M4
9/30/23	$ 13.97	$ 0.43	$ 1.11	$ 1.54	$ (0.40)	$ (1.48)	$ (1.88)	$ 13.63	11.68%	$ 49,268	0.89%	0.75%	3.13%
9/30/22	18.96	0.30	(3.36)	(3.06)	(0.57)	(1.36)	(1.93)	13.97	(18.16%)	51,635	0.90%	0.75%	1.81%
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%
Class M3
9/30/23	$ 13.92	$ 0.39	$ 1.11	$ 1.50	$ (0.33)	$ (1.48)	$ (1.81)	$ 13.61	11.42%	$ 26,201	1.14%	1.00%	2.84%
9/30/22	18.90	0.26	(3.36)	(3.10)	(0.52)	(1.36)	(1.88)	13.92	(18.37%)	35,432	1.15%	1.00%	1.57%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	29%	38%	40%	42%	14%

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.

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.

152

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 14.37	$ 0.38	$ 1.48	$ 1.86	$ (0.40)	$ (1.65)	$ (2.05)	$ 14.18	13.89%	$ 715,825	0.53%	0.37%	2.64%
9/30/22	19.67	0.25	(3.65)	(3.40)	(0.69)	(1.21)	(1.90)	14.37	(19.32%)	627,370	0.53%	0.37%	1.44%
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%
Class M5
9/30/23	$ 14.34	$ 0.38	$ 1.46	$ 1.84	$ (0.35)	$ (1.65)	$ (2.00)	$ 14.18	13.75%	$ 344,590	0.68%	0.54%	2.61%
9/30/22	19.65	0.37	(3.81)	(3.44)	(0.66)	(1.21)	(1.87)	14.34	(19.51%)	322,959	0.69%	0.54%	2.09%
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%
Class M4
9/30/23	$ 14.32	$ 0.32	$ 1.49	$ 1.81	$ (0.30)	$ (1.65)	$ (1.95)	$ 14.18	13.49%	$ 154,576	0.93%	0.79%	2.24%
9/30/22	19.58	0.24	(3.71)	(3.47)	(0.58)	(1.21)	(1.79)	14.32	(19.66%)	143,393	0.94%	0.79%	1.41%
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%
Class M3
9/30/23	$ 14.31	$ 0.29	$ 1.48	$ 1.77	$ (0.26)	$ (1.65)	$ (1.91)	$ 14.17	13.19%	$ 70,674	1.18%	1.04%	2.00%
9/30/22	19.59	0.21	(3.73)	(3.52)	(0.55)	(1.21)	(1.76)	14.31	(19.91%)	79,404	1.19%	1.04%	1.19%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	23%	34%	27%	34%	12%

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.

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.

153

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 14.72	$ 0.30	$ 1.89	$ 2.19	$ (0.31)	$ (1.61)	$ (1.92)	$ 14.99	15.94%	$ 500,827	0.56%	0.39%	1.97%
9/30/22	20.26	0.22	(4.01)	(3.79)	(0.75)	(1.00)	(1.75)	14.72	(20.63%)	412,008	0.57%	0.39%	1.24%
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%
Class M5
9/30/23	$ 14.68	$ 0.30	$ 1.87	$ 2.17	$ (0.26)	$ (1.61)	$ (1.87)	$ 14.98	15.77%	$ 102,266	0.71%	0.56%	2.02%
9/30/22	20.22	0.36	(4.17)	(3.81)	(0.73)	(1.00)	(1.73)	14.68	(20.78%)	98,488	0.72%	0.56%	1.98%
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%
Class M4
9/30/23	$ 14.65	$ 0.24	$ 1.88	$ 2.12	$ (0.20)	$ (1.61)	$ (1.81)	$ 14.96	15.42%	$ 72,709	0.96%	0.81%	1.59%
9/30/22	20.16	0.20	(4.04)	(3.84)	(0.67)	(1.00)	(1.67)	14.65	(20.92%)	67,260	0.97%	0.81%	1.10%
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%
Class M3
9/30/23	$ 14.65	$ 0.20	$ 1.89	$ 2.09	$ (0.19)	$ (1.61)	$ (1.80)	$ 14.94	15.14%	$ 36,025	1.21%	1.06%	1.35%
9/30/22	20.13	0.15	(4.05)	(3.90)	(0.58)	(1.00)	(1.58)	14.65	(21.16%)	36,030	1.22%	1.06%	0.86%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	20%	27%	21%	27%	12%

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.

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.

154

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 14.94	$ 0.23	$ 2.21	$ 2.44	$ (0.25)	$ (2.01)	$ (2.26)	$ 15.12	17.73%	$ 682,257	0.58%	0.41%	1.50%
9/30/22	20.77	0.17	(4.26)	(4.09)	(0.83)	(0.91)	(1.74)	14.94	(21.66%)	542,666	0.59%	0.41%	0.95%
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%
Class M5
9/30/23	$ 14.91	$ 0.22	$ 2.19	$ 2.41	$ (0.19)	$ (2.01)	$ (2.20)	$ 15.12	17.52%	$ 328,459	0.73%	0.58%	1.47%
9/30/22	20.74	0.32	(4.44)	(4.12)	(0.80)	(0.91)	(1.71)	14.91	(21.80%)	295,087	0.74%	0.58%	1.69%
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%
Class M4
9/30/23	$ 14.87	$ 0.17	$ 2.21	$ 2.38	$ (0.14)	$ (2.01)	$ (2.15)	$ 15.10	17.24%	$ 140,163	0.98%	0.83%	1.13%
9/30/22	20.66	0.18	(4.35)	(4.17)	(0.71)	(0.91)	(1.62)	14.87	(22.03%)	123,661	0.99%	0.83%	0.96%
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%
Class M3
9/30/23	$ 14.88	$ 0.14	$ 2.19	$ 2.33	$ (0.12)	$ (2.01)	$ (2.13)	$ 15.08	16.91%	$ 64,574	1.23%	1.08%	0.93%
9/30/22	20.67	0.14	(4.35)	(4.21)	(0.67)	(0.91)	(1.58)	14.88	(22.18%)	65,842	1.24%	1.08%	0.78%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	15%	29%	18%	22%	10%

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.

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.

155

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 15.11	$ 0.20	$ 2.42	$ 2.62	$ (0.22)	$ (1.79)	$ (2.01)	$ 15.72	18.67%	$ 437,106	0.60%	0.42%	1.25%
9/30/22	21.07	0.16	(4.37)	(4.21)	(0.85)	(0.90)	(1.75)	15.11	(21.99%)	333,390	0.61%	0.42%	0.88%
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%
Class M5
9/30/23	$ 15.07	$ 0.20	$ 2.40	$ 2.60	$ (0.15)	$ (1.79)	$ (1.94)	$ 15.73	18.50%	$ 65,612	0.75%	0.60%	1.30%
9/30/22	21.02	0.36	(4.59)	(4.23)	(0.82)	(0.90)	(1.72)	15.07	(22.11%)	65,768	0.76%	0.60%	1.88%
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%
Class M4
9/30/23	$ 15.01	$ 0.14	$ 2.41	$ 2.55	$ (0.07)	$ (1.79)	$ (1.86)	$ 15.70	18.17%	$ 54,914	1.00%	0.85%	0.87%
9/30/22	20.96	0.15	(4.42)	(4.27)	(0.78)	(0.90)	(1.68)	15.01	(22.35%)	48,715	1.01%	0.85%	0.82%
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%
Class M3
9/30/23	$ 15.05	$ 0.10	$ 2.42	$ 2.52	$ (0.09)	$ (1.79)	$ (1.88)	$ 15.69	17.87%	$ 28,681	1.25%	1.10%	0.63%
9/30/22	20.95	0.11	(4.44)	(4.33)	(0.67)	(0.90)	(1.57)	15.05	(22.50%)	27,562	1.26%	1.10%	0.57%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	15%	23%	18%	22%	10%

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.

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.

156

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 15.20	$ 0.18	$ 2.50	$ 2.68	$ (0.22)	$ (1.97)	$ (2.19)	$ 15.69	19.09%	$ 482,694	0.61%	0.43%	1.16%
9/30/22	21.08	0.16	(4.46)	(4.30)	(0.86)	(0.72)	(1.58)	15.20	(22.18%)	364,457	0.61%	0.43%	0.86%
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%
Class M5
9/30/23	$ 15.17	$ 0.18	$ 2.47	$ 2.65	$ (0.16)	$ (1.97)	$ (2.13)	$ 15.69	18.87%	$ 253,640	0.76%	0.61%	1.12%
9/30/22	21.04	0.28	(4.60)	(4.32)	(0.83)	(0.72)	(1.55)	15.17	(22.30%)	221,155	0.76%	0.61%	1.46%
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%
Class M4
9/30/23	$ 15.12	$ 0.12	$ 2.49	$ 2.61	$ (0.06)	$ (1.97)	$ (2.03)	$ 15.70	18.60%	$ 85,675	1.01%	0.86%	0.77%
9/30/22	20.96	0.16	(4.52)	(4.36)	(0.76)	(0.72)	(1.48)	15.12	(22.51%)	70,887	1.01%	0.86%	0.87%
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%
Class M3
9/30/23	$ 15.12	$ 0.09	$ 2.47	$ 2.56	$ (0.08)	$ (1.97)	$ (2.05)	$ 15.63	18.26%	$ 49,480	1.26%	1.11%	0.55%
9/30/22	20.95	0.13	(4.52)	(4.39)	(0.72)	(0.72)	(1.44)	15.12	(22.64%)	44,600	1.26%	1.11%	0.67%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	12%	27%	15%	22%	10%

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.

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.

157

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 15.13	$ 0.18	$ 2.52	$ 2.70	$ (0.28)	$ (1.54)	$ (1.82)	$ 16.01	19.10%	$ 303,344	0.61%	0.45%	1.11%
9/30/22	21.03	0.11	(4.39)	(4.28)	(0.85)	(0.77)	(1.62)	15.13	(22.22%)	215,507	0.61%	0.44%	0.60%
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%
Class M5
9/30/23	$ 15.09	$ 0.19	$ 2.48	$ 2.67	$ (0.18)	$ (1.54)	$ (1.72)	$ 16.04	18.86%	$ 32,157	0.76%	0.63%	1.22%
9/30/22	20.98	0.43	(4.72)	(4.29)	(0.83)	(0.77)	(1.60)	15.09	(22.33%)	32,887	0.76%	0.62%	2.19%
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%
Class M4
9/30/23	$ 15.04	$ 0.12	$ 2.51	$ 2.63	$ (0.13)	$ (1.54)	$ (1.67)	$ 16.00	18.55%	$ 32,460	1.01%	0.88%	0.78%
9/30/22	20.92	0.14	(4.47)	(4.33)	(0.78)	(0.77)	(1.55)	15.04	(22.52%)	27,142	1.01%	0.87%	0.77%
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%
Class M3
9/30/23	$ 15.03	$ 0.08	$ 2.50	$ 2.58	$ (0.15)	$ (1.54)	$ (1.69)	$ 15.92	18.26%	$ 20,513	1.26%	1.13%	0.50%
9/30/22	20.87	0.09	(4.47)	(4.38)	(0.69)	(0.77)	(1.46)	15.03	(22.72%)	19,264	1.26%	1.12%	0.49%
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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	13%	22%	17%	24%	9%

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.

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.

158

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 return^l,m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^w	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class I
9/30/23	$ 15.09	$ 0.15	$ 2.57	$ 2.72	$ (0.22)	$ (1.24)	$ (1.46)	$ 16.35	19.03%	$ 134,822	0.61%	0.45%	0.95%
9/30/22	21.00	0.19	(4.45)	(4.26)	(0.85)	(0.80)	(1.65)	15.09	(22.19%)	70,208	0.61%	0.44%	1.05%
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%
Class M5
9/30/23	$ 15.04	$ 0.17	$ 2.52	$ 2.69	$ (0.18)	$ (1.24)	$ (1.42)	$ 16.31	18.84%	$ 50,744	0.76%	0.63%	1.06%
9/30/22	20.95	0.17	(4.46)	(4.29)	(0.82)	(0.80)	(1.62)	15.04	(22.34%)	36,564	0.76%	0.62%	0.94%
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%
Class M4
9/30/23	$ 14.97	$ 0.12	$ 2.52	$ 2.64	$ (0.12)	$ (1.24)	$ (1.36)	$ 16.25	18.53%	$ 23,132	1.01%	0.88%	0.72%
9/30/22	20.87	0.13	(4.45)	(4.32)	(0.78)	(0.80)	(1.58)	14.97	(22.54%)	17,032	1.01%	0.87%	0.69%
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%
Class M3
9/30/23	$ 14.95	$ 0.06	$ 2.54	$ 2.60	$ (0.11)	$ (1.24)	$ (1.35)	$ 16.20	18.31%	$ 10,404	1.26%	1.13%	0.38%
9/30/22	20.80	0.08	(4.45)	(4.37)	(0.68)	(0.80)	(1.48)	14.95	(22.76%)	6,619	1.26%	1.12%	0.44%
9/30/21	16.61	0.00^d	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%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	13%	23%	19%	31%	16%

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.

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.

159

MassMutual Select T. Rowe Price Retirement 2065 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
return^l,m

Net
assets,
end of
the
period
(000’s)

Ratio of
expenses
to average
daily net
assets
before
expense
waivers^w

Ratio of
expenses
to average
daily net
assets
after
expense
waivers^j

Net
investment
income
(loss) to
average
daily net
assets

Class I

9/30/23^g

$ 10.00

$ (0.02)

$ 0.11

$ 0.09

$ —

$ 10.09

0.90%^b

$ 894

0.62%^a

0.46%^a

(0.35%)^a

Class M5

9/30/23^g

$ 10.00

$ (0.04)

$ 0.12

$ 0.08

$ —

$ 10.08

0.80%^b

$ 105

0.76%^a

0.64%^a

(0.53%)^a

Class M4

9/30/23^g

$ 10.00

$ (0.05)

$ 0.11

$ 0.06

$ —

$ 10.06

0.60%^b

$ 113

1.02%^a

0.89%^a

(0.79%)^a

Class M3

9/30/23^g

$ 10.00

$ (0.07)

$ 0.11

$ 0.04

$ —

$ 10.04

0.40%^b

$ 100

1.26%^a

1.14%^a

(1.03%)^a

	Period ended September 30, 2023^b
Portfolio turnover rate	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.

g	For the period February 1, 2023 (commencement of operations) through September 30, 2023.

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.

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.

160

Notes to Financial Statements

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 Trust consists of 53 series, including the following 29 series listed below (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 RetireSMART^SM by JPMorgan 2065 Fund (“MM RetireSMART by JPMorgan 2065 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”)

MassMutual Select T. Rowe Price Retirement 2065 Fund (“MM Select T. Rowe Price Retirement 2065 Fund”)

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

The MM RetireSMART by JPMorgan In Retirement Fund, MM RetireSMART by JPMorgan 2020 Fund, MM RetireSMART by JPMorgan 2025 Fund, MM RetireSMART by JPMorgan 2030 Fund, MM RetireSMART by JPMorgan 2035 Fund, MM RetireSMART by JPMorgan 2040 Fund, MM RetireSMART by JPMorgan 2045 Fund, MM RetireSMART by JPMorgan 2050 Fund, MM RetireSMART by JPMorgan 2055 Fund, MM RetireSMART by JPMorgan 2060 Fund, and MM RetireSMART by

161

Notes to Financial Statements (Continued)

JPMorgan 2065 Fund (the “MM RetireSMART by JPMorgan Funds”) invest their investable assets in shares of MassMutual Funds, J.P. Morgan Funds advised by J.P. Morgan Investment Management Inc. (“J.P. Morgan”) or its affiliates, and non-affiliated mutual funds (together, the “MM RetireSMART by JPMorgan Underlying Funds”).

The MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 Fund (the “MM Select T. Rowe Price Retirement Funds”) invest their investable assets 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

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; instead, MML Advisers will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that 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.

162

Notes to Financial Statements (Continued)

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.

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 September 30, 2023. 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 year ended September 30, 2023.

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 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.

163

Notes to Financial Statements (Continued)

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, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

Federal Income Tax

Dividends and Distributions to Shareholders

3.	Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadviser

With respect to the MM Target Allocation Funds and MM RetireSMART by JPMorgan Funds, MML Advisers does not receive investment 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 investment advisory fees based on each share class of each Fund’s average daily net assets. The all-inclusive investment 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. The difference in all-inclusive investment advisory fees among the classes, if any, is a result of their separate arrangements for administrative and shareholder services. It is not the result of any difference in investment advisory or custodial fees or other expenses related to the management of an MM Select T. Rowe Price Retirement Fund’s assets, which do not vary by class.

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);

164

Notes to Financial Statements (Continued)

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%

165

Notes to Financial Statements (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 investment advisory fees.

Administration Fees

	Class I	Class R5	Service Class	Administrative Class	Class R4	Class A	Class R3	Class Y	Class M5	Class M4	Class M3
20/80 Allocation Fund*	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	0.10%	N/A	N/A	N/A
40/60 Allocation Fund*	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	0.10%	N/A	N/A	N/A
60/40 Allocation Fund*	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	0.10%	N/A	N/A	N/A
80/20 Allocation Fund*	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	0.10%	N/A	N/A	N/A
MM RetireSMART by JPMorgan In Retirement Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2020 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2025 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2030 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2035 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2040 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2045 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2050 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2055 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2060 Fund	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A
MM RetireSMART by JPMorgan 2065 Fund⁺	None	0.10%	0.20%	0.30%	0.20%	0.30%	0.20%	N/A	N/A	N/A	N/A

166

Notes to Financial Statements (Continued)

	Class I	Class R5	Service Class	Administrative Class	Class R4	Class A	Class R3	Class Y	Class M5	Class M4	Class M3
MM Select T. Rowe Price Retirement Balanced Fund**	None	N/A	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	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2010 Fund**	None	N/A	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	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	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	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	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	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	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	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	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	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	N/A	0.15%	0.15%	0.15%
MM Select T. Rowe Price Retirement 2065 Fund**^,+	None	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.15%	0.15%	0.15%

*	Effective February 1, 2023, Class Y was added to the Fund.

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 investment 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.

+	Commenced operations on February 1, 2023.

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 R4 shares, Class A 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

167

Notes to Financial Statements (Continued)

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 R4	Class A	Class R3	Class Y
20/80 Allocation Fund^,*	0.04%	0.14%	0.24%	0.34%	0.49%	0.59%	0.74%	0.14%
40/60 Allocation Fund^,*	0.06%	0.16%	0.26%	0.36%	0.51%	0.61%	0.76%	0.16%
60/40 Allocation Fund^,*	0.06%	0.16%	0.26%	0.36%	0.51%	0.61%	0.76%	0.16%
80/20 Allocation Fund^,*	0.09%	0.19%	0.29%	0.39%	0.54%	0.64%	0.79%	0.19%
MM RetireSMART by JPMorgan In Retirement Fund*	0.06%	0.16%	0.26%	0.36%	0.51%	0.61%	0.76%	N/A
MM RetireSMART by JPMorgan 2020 Fund*	0.04%	0.14%	0.24%	0.34%	0.49%	0.59%	0.74%	N/A
MM RetireSMART by JPMorgan 2025 Fund*	0.01%	0.11%	0.21%	0.31%	0.46%	0.56%	0.71%	N/A
MM RetireSMART by JPMorgan 2030 Fund*	0.04%	0.14%	0.24%	0.34%	0.49%	0.59%	0.74%	N/A
MM RetireSMART by JPMorgan 2035 Fund*	0.05%	0.15%	0.25%	0.35%	0.50%	0.60%	0.75%	N/A
MM RetireSMART by JPMorgan 2040 Fund*	0.04%	0.14%	0.24%	0.34%	0.49%	0.59%	0.74%	N/A
MM RetireSMART by JPMorgan 2045 Fund*	0.02%	0.12%	0.22%	0.32%	0.47%	0.57%	0.72%	N/A
MM RetireSMART by JPMorgan 2050 Fund*	0.02%	0.12%	0.22%	0.32%	0.47%	0.57%	0.72%	N/A
MM RetireSMART by JPMorgan 2055 Fund*	0.00%	0.10%	0.20%	0.30%	0.45%	0.55%	0.70%	N/A
MM RetireSMART by JPMorgan 2060 Fund*	0.00%	0.10%	0.20%	0.30%	0.45%	0.55%	0.70%	N/A
MM RetireSMART by JPMorgan 2065 Fund*^,+	0.00%	0.10%	0.20%	0.30%	0.45%	0.55%	0.70%	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, 2024.

**	Effective February 1, 2023, Class Y was added to the Fund.

+	Commenced operations on February 1, 2023.

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%
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%

168

Notes to Financial Statements (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%
MM Select T. Rowe Price Retirement 2065 Fund*^,+	0.46%	0.64%	0.89%	1.14%

*	Expense caps in effect through January 31, 2024.

+	Commenced operations on February 1, 2023.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

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 September 30, 2023:

	Total % Ownership by Related Party
20/80 Allocation Fund	90.3%
40/60 Allocation Fund	97.0%
60/40 Allocation Fund	96.9%
80/20 Allocation Fund	95.5%
MM RetireSMART by JPMorgan In Retirement Fund	89.9%
MM RetireSMART by JPMorgan 2020 Fund	97.8%
MM RetireSMART by JPMorgan 2025 Fund	98.8%
MM RetireSMART by JPMorgan 2030 Fund	93.4%
MM RetireSMART by JPMorgan 2035 Fund	99.4%
MM RetireSMART by JPMorgan 2040 Fund	97.7%
MM RetireSMART by JPMorgan 2045 Fund	99.6%
MM RetireSMART by JPMorgan 2050 Fund	99.2%
MM RetireSMART by JPMorgan 2055 Fund	99.4%
MM RetireSMART by JPMorgan 2060 Fund	93.2%
MM RetireSMART by JPMorgan 2065 Fund	100.0%
MM Select T. Rowe Price Retirement Balanced Fund	94.7%
MM Select T. Rowe Price Retirement 2005 Fund	96.8%
MM Select T. Rowe Price Retirement 2010 Fund	99.3%
MM Select T. Rowe Price Retirement 2015 Fund	96.5%
MM Select T. Rowe Price Retirement 2020 Fund	92.2%
MM Select T. Rowe Price Retirement 2025 Fund	92.3%
MM Select T. Rowe Price Retirement 2030 Fund	94.1%
MM Select T. Rowe Price Retirement 2035 Fund	93.2%
MM Select T. Rowe Price Retirement 2040 Fund	94.2%
MM Select T. Rowe Price Retirement 2045 Fund	91.7%

169

Notes to Financial Statements (Continued)

	Total % Ownership by Related Party
MM Select T. Rowe Price Retirement 2050 Fund	93.0%
MM Select T. Rowe Price Retirement 2055 Fund	93.8%
MM Select T. Rowe Price Retirement 2060 Fund	96.5%
MM Select T. Rowe Price Retirement 2065 Fund	97.5%

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds for the year ended September 30, 2023, 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	$	—	$	53,730,247	$	—	$	46,269,602
40/60 Allocation Fund		—		47,876,858		—		53,790,087
60/40 Allocation Fund		—		57,833,610		—		65,059,132
80/20 Allocation Fund		—		49,066,112		—		51,278,707
MM RetireSMART by JPMorgan In Retirement Fund		—		23,016,922		—		34,947,119
MM RetireSMART by JPMorgan 2020 Fund		—		48,205,238		—		94,344,706
MM RetireSMART by JPMorgan 2025 Fund		—		42,173,273		—		52,506,437
MM RetireSMART by JPMorgan 2030 Fund		—		106,834,018		—		175,575,254
MM RetireSMART by JPMorgan 2035 Fund		—		58,748,381		—		55,934,023
MM RetireSMART by JPMorgan 2040 Fund		—		78,529,308		—		129,575,839
MM RetireSMART by JPMorgan 2045 Fund		—		49,470,675		—		46,796,059
MM RetireSMART by JPMorgan 2050 Fund		—		90,862,656		—		122,507,237
MM RetireSMART by JPMorgan 2055 Fund		—		29,846,153		—		24,575,486
MM RetireSMART by JPMorgan 2060 Fund		—		10,160,409		—		6,686,663
MM RetireSMART by JPMorgan 2065 Fund		—		1,349,442		—		300,546
MM Select T. Rowe Price Retirement Balanced Fund		—		52,191,793		—		32,263,013
MM Select T. Rowe Price Retirement 2005 Fund		—		8,152,614		—		15,122,200
MM Select T. Rowe Price Retirement 2010 Fund		—		26,771,275		—		34,808,623
MM Select T. Rowe Price Retirement 2015 Fund		—		30,099,380		—		41,153,110
MM Select T. Rowe Price Retirement 2020 Fund		—		135,997,825		—		170,484,550
MM Select T. Rowe Price Retirement 2025 Fund		—		160,588,944		—		187,426,751
MM Select T. Rowe Price Retirement 2030 Fund		—		343,481,774		—		293,803,453
MM Select T. Rowe Price Retirement 2035 Fund		—		197,189,571		—		142,613,047
MM Select T. Rowe Price Retirement 2040 Fund		—		275,850,229		—		175,084,998
MM Select T. Rowe Price Retirement 2045 Fund		—		152,274,952		—		85,707,774
MM Select T. Rowe Price Retirement 2050 Fund		—		198,857,503		—		96,091,859
MM Select T. Rowe Price Retirement 2055 Fund		—		111,332,137		—		46,328,347
MM Select T. Rowe Price Retirement 2060 Fund		—		98,403,256		—		22,659,466
MM Select T. Rowe Price Retirement 2065 Fund		—		1,277,177		—		75,785

170

Notes to Financial Statements (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
20/80 Allocation Fund Class I
Sold		452,367		$	3,855,812			423,951		$	4,033,587
Issued as reinvestment of dividends		76,909			640,649			124,256			1,238,827
Redeemed		(475,006	)		(4,057,782	)		(768,339	)		(7,376,388	)
Net increase (decrease)		54,270		$	438,679			(220,132	)	$	(2,103,974	)
20/80 Allocation Fund Class R5
Sold		32,444		$	276,650			322,000		$	3,418,809
Issued as reinvestment of dividends		14,709			122,530			60,379			600,769
Redeemed		(24,313	)		(207,774	)		(661,324	)		(6,325,229	)
Net increase (decrease)		22,840		$	191,406			(278,945	)	$	(2,305,651	)
20/80 Allocation Fund Service Class
Sold		1,763,065		$	15,046,825			1,337,448		$	12,737,043
Issued as reinvestment of dividends		611,516			5,093,925			806,593			8,033,664
Redeemed		(1,267,305	)		(10,806,106	)		(1,480,152	)		(13,991,530	)
Net increase (decrease)		1,107,276		$	9,334,644			663,889		$	6,779,177
20/80 Allocation Fund Administrative Class
Sold		362,791		$	3,107,528			256,571		$	2,459,877
Issued as reinvestment of dividends		102,788			859,307			138,029			1,380,292
Redeemed		(417,688	)		(3,558,933	)		(761,541	)		(7,743,462	)
Net increase (decrease)		47,891		$	407,902			(366,941	)	$	(3,903,293	)
20/80 Allocation Fund Class R4
Sold		69,865		$	607,727			66,574		$	642,276
Issued as reinvestment of dividends		15,178			129,313			24,105			245,146
Redeemed		(85,844	)		(740,471	)		(125,883	)		(1,232,895	)
Net increase (decrease)		(801	)	$	(3,431	)		(35,204	)	$	(345,473	)
20/80 Allocation Fund Class A
Sold		262,572		$	2,251,465			177,692		$	1,720,692
Issued as reinvestment of dividends		77,772			654,843			113,100			1,138,922
Redeemed		(587,477	)		(5,064,042	)		(459,164	)		(4,481,851	)
Net increase (decrease)		(247,133	)	$	(2,157,734	)		(168,372	)	$	(1,622,237	)
20/80 Allocation Fund Class R3
Sold		85,332		$	717,392			344,254		$	3,277,658
Issued as reinvestment of dividends		21,678			179,061			35,734			352,697
Redeemed		(182,000	)		(1,528,124	)		(427,407	)		(3,949,015	)
Net increase (decrease)		(74,990	)	$	(631,671	)		(47,419	)	$	(318,660	)
20/80 Allocation Fund Class Y^(a)
Sold		11,534		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		11,534		$	100,000
40/60 Allocation Fund Class I
Sold		496,576		$	4,152,672			1,388,047		$	13,549,712
Issued as reinvestment of dividends		257,213			2,055,129			420,782			4,148,911
Redeemed		(869,053	)		(7,288,665	)		(2,543,747	)		(23,796,873	)
Net increase (decrease)		(115,264	)	$	(1,080,864	)		(734,918	)	$	(6,098,250	)

171

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
40/60 Allocation Fund Class R5
Sold		65,426		$	546,608			538,833		$	5,647,066
Issued as reinvestment of dividends		48,051			384,889			104,528			1,032,740
Redeemed		(57,963	)		(483,735	)		(777,160	)		(7,616,042	)
Net increase (decrease)		55,514		$	447,762			(133,799	)	$	(936,236	)
40/60 Allocation Fund Service Class
Sold		176,754		$	1,476,517			193,014		$	1,845,937
Issued as reinvestment of dividends		112,705			908,402			135,156			1,343,448
Redeemed		(245,127	)		(2,051,872	)		(353,931	)		(3,345,263	)
Net increase (decrease)		44,332		$	333,047			(25,761	)	$	(155,878	)
40/60 Allocation Fund Administrative Class
Sold		282,528		$	2,369,944			193,470		$	1,843,868
Issued as reinvestment of dividends		233,834			1,884,705			308,979			3,071,255
Redeemed		(828,151	)		(6,966,034	)		(1,227,855	)		(12,127,557	)
Net increase (decrease)		(311,789	)	$	(2,711,385	)		(725,406	)	$	(7,212,434	)
40/60 Allocation Fund Class R4
Sold		882,678		$	7,342,407			1,655,895		$	15,864,204
Issued as reinvestment of dividends		285,626			2,276,436			301,285			2,964,646
Redeemed		(413,160	)		(3,422,359	)		(1,102,485	)		(10,287,186	)
Net increase (decrease)		755,144		$	6,196,484			854,695		$	8,541,664
40/60 Allocation Fund Class A
Sold		608,380		$	5,127,018			380,461		$	3,580,805
Issued as reinvestment of dividends		364,704			2,957,749			444,808			4,443,631
Redeemed		(1,790,080	)		(15,113,782	)		(1,105,489	)		(10,926,047	)
Net increase (decrease)		(816,996	)	$	(7,029,015	)		(280,220	)	$	(2,901,611	)
40/60 Allocation Fund Class R3
Sold		293,202		$	2,432,324			1,872,290		$	19,355,867
Issued as reinvestment of dividends		114,543			910,614			167,009			1,638,358
Redeemed		(559,999	)		(4,665,454	)		(841,536	)		(7,922,523	)
Net increase (decrease)		(152,254	)	$	(1,322,516	)		1,197,763		$	13,071,702
40/60 Allocation Fund Class Y^(a)
Sold		11,848		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		11,848		$	100,000
60/40 Allocation Fund Class I
Sold		337,186		$	2,752,974			1,234,145		$	12,093,525
Issued as reinvestment of dividends		425,146			3,260,867			383,320			3,794,867
Redeemed		(732,034	)		(5,979,917	)		(707,895	)		(6,930,602	)
Net increase (decrease)		30,298		$	33,924			909,570		$	8,957,790
60/40 Allocation Fund Class R5
Sold		66,843		$	547,405			644,350		$	7,118,216
Issued as reinvestment of dividends		115,911			890,196			324,915			3,219,903
Redeemed		(159,432	)		(1,338,508	)		(1,814,154	)		(17,819,753	)
Net increase (decrease)		23,322		$	99,093			(844,889	)	$	(7,481,634	)

172

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
60/40 Allocation Fund Service Class
Sold		270,828		$	2,215,617			305,096		$	2,990,863
Issued as reinvestment of dividends		296,015			2,285,237			315,644			3,146,970
Redeemed		(398,706	)		(3,260,425	)		(333,038	)		(3,068,410	)
Net increase (decrease)		168,137		$	1,240,429			287,702		$	3,069,423
60/40 Allocation Fund Administrative Class
Sold		516,345		$	4,207,937			404,343		$	3,819,249
Issued as reinvestment of dividends		540,653			4,179,251			639,487			6,382,082
Redeemed		(1,000,481	)		(8,297,593	)		(1,907,803	)		(19,592,899	)
Net increase (decrease)		56,517		$	89,595			(863,973	)	$	(9,391,568	)
60/40 Allocation Fund Class R4
Sold		181,923		$	1,510,369			205,498		$	1,953,469
Issued as reinvestment of dividends		118,907			910,830			122,080			1,207,371
Redeemed		(302,376	)		(2,486,509	)		(305,696	)		(3,032,290	)
Net increase (decrease)		(1,546	)	$	(65,310	)		21,882		$	128,550
60/40 Allocation Fund Class A
Sold		562,603		$	4,659,028			332,144		$	3,196,807
Issued as reinvestment of dividends		581,458			4,529,555			669,698			6,723,767
Redeemed		(1,718,034	)		(14,304,604	)		(698,211	)		(6,966,841	)
Net increase (decrease)		(573,973	)	$	(5,116,021	)		303,631		$	2,953,733
60/40 Allocation Fund Class R3
Sold		203,719		$	1,641,990			148,165		$	1,379,297
Issued as reinvestment of dividends		124,081			946,735			151,843			1,497,170
Redeemed		(246,880	)		(2,032,109	)		(406,930	)		(4,105,982	)
Net increase (decrease)		80,920		$	556,616			(106,922	)	$	(1,229,515	)
60/40 Allocation Fund Class Y^(a)
Sold		12,240		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		12,240		$	100,000
80/20 Allocation Fund Class I
Sold		429,477		$	3,907,201			876,254		$	9,538,289
Issued as reinvestment of dividends		546,456			4,562,908			400,286			4,471,193
Redeemed		(770,579	)		(6,995,735	)		(739,056	)		(7,875,775	)
Net increase (decrease)		205,354		$	1,474,374			537,484		$	6,133,707
80/20 Allocation Fund Class R5
Sold		52,250		$	472,712			308,793		$	3,597,966
Issued as reinvestment of dividends		48,857			408,930			93,050			1,041,225
Redeemed		(92,167	)		(844,380	)		(642,285	)		(7,111,964	)
Net increase (decrease)		8,940		$	37,262			(240,442	)	$	(2,472,773	)
80/20 Allocation Fund Service Class
Sold		592,233		$	5,396,021			443,848		$	4,823,322
Issued as reinvestment of dividends		221,156			1,853,287			161,233			1,807,424
Redeemed		(531,542	)		(4,816,415	)		(461,582	)		(5,096,316	)
Net increase (decrease)		281,847		$	2,432,893			143,499		$	1,534,430
80/20 Allocation Fund Administrative Class
Sold		283,119		$	2,574,319			368,149		$	4,124,673
Issued as reinvestment of dividends		275,608			2,312,351			221,372			2,483,791
Redeemed		(612,220	)		(5,629,384	)		(588,613	)		(6,532,805	)
Net increase (decrease)		(53,493	)	$	(742,714	)		908		$	75,659

173

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
80/20 Allocation Fund Class R4
Sold		190,695		$	1,709,526			424,491		$	4,200,012
Issued as reinvestment of dividends		190,431			1,569,151			137,055			1,513,090
Redeemed		(330,121	)		(2,995,735	)		(365,828	)		(3,874,857	)
Net increase (decrease)		51,005		$	282,942			195,718		$	1,838,245
80/20 Allocation Fund Class A
Sold		317,831		$	2,856,412			276,585		$	2,783,968
Issued as reinvestment of dividends		313,831			2,636,182			270,081			3,033,006
Redeemed		(719,589	)		(6,526,781	)		(911,845	)		(10,305,455	)
Net increase (decrease)		(87,927	)	$	(1,034,187	)		(365,179	)	$	(4,488,481	)
80/20 Allocation Fund Class R3
Sold		153,339		$	1,353,581			145,996		$	1,522,676
Issued as reinvestment of dividends		210,727			1,725,856			176,089			1,933,462
Redeemed		(422,767	)		(3,818,882	)		(298,674	)		(3,286,886	)
Net increase (decrease)		(58,701	)	$	(739,445	)		23,411		$	169,252
80/20 Allocation Fund Class Y^(a)
Sold		11,062		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		11,062		$	100,000
MM RetireSMART by JPMorgan In Retirement Fund Class I
Sold		151,244		$	1,441,422			326,376		$	3,627,768
Issued as reinvestment of dividends		119,722			1,099,052			190,731			2,168,614
Redeemed		(678,859	)		(6,528,272	)		(389,315	)		(4,312,671	)
Net increase (decrease)		(407,893	)	$	(3,987,798	)		127,792		$	1,483,711
MM RetireSMART by JPMorgan In Retirement Fund Class R5
Sold		26,744		$	257,662			25,753		$	275,531
Issued as reinvestment of dividends		30,844			284,383			49,925			570,147
Redeemed		(363,648	)		(3,532,537	)		(183,020	)		(2,271,761	)
Net increase (decrease)		(306,060	)	$	(2,990,492	)		(107,342	)	$	(1,426,083	)
MM RetireSMART by JPMorgan In Retirement Fund Service Class
Sold		71,617		$	691,120			104,816		$	1,133,320
Issued as reinvestment of dividends		49,385			456,318			107,168			1,226,005
Redeemed		(66,171	)		(639,655	)		(385,402	)		(4,145,388	)
Net increase (decrease)		54,831		$	507,783			(173,418	)	$	(1,786,063	)
MM RetireSMART by JPMorgan In Retirement Fund Administrative Class
Sold		216,765		$	2,085,103			183,237		$	1,970,479
Issued as reinvestment of dividends		181,306			1,675,268			323,773			3,703,959
Redeemed		(416,605	)		(3,993,261	)		(628,407	)		(7,096,600	)
Net increase (decrease)		(18,534	)	$	(232,890	)		(121,397	)	$	(1,422,162	)
MM RetireSMART by JPMorgan In Retirement Fund Class R4
Sold		95,956		$	904,549			751,231		$	8,053,513
Issued as reinvestment of dividends		74,949			679,791			127,135			1,429,001
Redeemed		(220,243	)		(2,093,059	)		(801,273	)		(8,517,064	)
Net increase (decrease)		(49,338	)	$	(508,719	)		77,093		$	965,450

174

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan In Retirement Fund Class A
Sold		38,567		$	371,371			52,812		$	569,104
Issued as reinvestment of dividends		76,923			710,766			131,835			1,508,190
Redeemed		(145,302	)		(1,401,016	)		(252,796	)		(2,861,206	)
Net increase (decrease)		(29,812	)	$	(318,879	)		(68,149	)	$	(783,912	)
MM RetireSMART by JPMorgan In Retirement Fund Class R3
Sold		250,800		$	2,349,075			364,136		$	3,762,568
Issued as reinvestment of dividends		120,846			1,087,614			229,439			2,558,247
Redeemed		(681,943	)		(6,366,751	)		(649,003	)		(7,064,574	)
Net increase (decrease)		(310,297	)	$	(2,930,062	)		(55,428	)	$	(743,759	)
MM RetireSMART by JPMorgan 2020 Fund Class I
Sold		360,281		$	3,728,737			666,104		$	7,748,692
Issued as reinvestment of dividends		215,047			2,144,021			448,203			5,427,736
Redeemed		(1,521,212	)		(15,886,584	)		(1,197,840	)		(13,771,332	)
Net increase (decrease)		(945,884	)	$	(10,013,826	)		(83,533	)	$	(594,904	)
MM RetireSMART by JPMorgan 2020 Fund Class R5
Sold		189,520		$	1,959,295			276,373		$	3,239,613
Issued as reinvestment of dividends		133,098			1,325,660			296,876			3,589,231
Redeemed		(2,481,992	)		(26,034,640	)		(1,108,675	)		(13,445,609	)
Net increase (decrease)		(2,159,374	)	$	(22,749,685	)		(535,426	)	$	(6,616,765	)
MM RetireSMART by JPMorgan 2020 Fund Service Class
Sold		69,036		$	721,967			135,551		$	1,604,963
Issued as reinvestment of dividends		49,292			495,387			234,082			2,853,464
Redeemed		(422,877	)		(4,405,447	)		(1,647,808	)		(19,622,801	)
Net increase (decrease)		(304,549	)	$	(3,188,093	)		(1,278,175	)	$	(15,164,374	)
MM RetireSMART by JPMorgan 2020 Fund Administrative Class
Sold		206,478		$	2,142,158			230,012		$	2,678,038
Issued as reinvestment of dividends		108,170			1,083,859			276,651			3,361,305
Redeemed		(544,231	)		(5,680,659	)		(1,722,111	)		(21,376,425	)
Net increase (decrease)		(229,583	)	$	(2,454,642	)		(1,215,448	)	$	(15,337,082	)
MM RetireSMART by JPMorgan 2020 Fund Class R4
Sold		185,002		$	1,870,877			223,131		$	2,570,365
Issued as reinvestment of dividends		87,753			855,596			184,421			2,185,392
Redeemed		(325,369	)		(3,290,723	)		(620,282	)		(7,540,009	)
Net increase (decrease)		(52,614	)	$	(564,250	)		(212,730	)	$	(2,784,252	)
MM RetireSMART by JPMorgan 2020 Fund Class A
Sold		67,270		$	695,967			85,568		$	989,774
Issued as reinvestment of dividends		100,616			1,004,151			240,406			2,911,317
Redeemed		(479,505	)		(4,960,144	)		(679,637	)		(8,119,220	)
Net increase (decrease)		(311,619	)	$	(3,260,026	)		(353,663	)	$	(4,218,129	)
MM RetireSMART by JPMorgan 2020 Fund Class R3
Sold		513,133		$	5,066,711			644,883		$	7,055,806
Issued as reinvestment of dividends		186,803			1,783,972			432,493			5,025,570
Redeemed		(1,098,429	)		(10,866,249	)		(1,282,920	)		(14,353,839	)
Net increase (decrease)		(398,493	)	$	(4,015,566	)		(205,544	)	$	(2,272,463	)

175

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2025 Fund Class I
Sold		545,452		$	5,454,016			680,009		$	7,840,753
Issued as reinvestment of dividends		412,747			3,937,604			556,875			6,727,045
Redeemed		(1,638,628	)		(16,468,064	)		(928,540	)		(10,770,815	)
Net increase (decrease)		(680,429	)	$	(7,076,444	)		308,344		$	3,796,983
MM RetireSMART by JPMorgan 2025 Fund Class R5
Sold		43,901		$	442,263			22,491		$	256,692
Issued as reinvestment of dividends		10,144			98,090			13,922			170,263
Redeemed		(12,477	)		(126,245	)		(17,844	)		(197,559	)
Net increase (decrease)		41,568		$	414,108			18,569		$	229,396
MM RetireSMART by JPMorgan 2025 Fund Service Class
Sold		50,152		$	504,938			121,698		$	1,423,126
Issued as reinvestment of dividends		35,165			336,885			82,875			1,005,276
Redeemed		(136,380	)		(1,373,328	)		(473,798	)		(5,555,801	)
Net increase (decrease)		(51,063	)	$	(531,505	)		(269,225	)	$	(3,127,399	)
MM RetireSMART by JPMorgan 2025 Fund Administrative Class
Sold		234,542		$	2,341,232			385,967		$	4,532,380
Issued as reinvestment of dividends		223,816			2,132,964			335,378			4,048,008
Redeemed		(384,658	)		(3,874,824	)		(817,664	)		(9,453,047	)
Net increase (decrease)		73,700		$	599,372			(96,319	)	$	(872,659	)
MM RetireSMART by JPMorgan 2025 Fund Class R4
Sold		279,440		$	2,744,384			286,564		$	3,239,691
Issued as reinvestment of dividends		187,313			1,753,245			266,161			3,159,331
Redeemed		(540,398	)		(5,375,450	)		(569,428	)		(6,851,847	)
Net increase (decrease)		(73,645	)	$	(877,821	)		(16,703	)	$	(452,825	)
MM RetireSMART by JPMorgan 2025 Fund Class A
Sold		96,375		$	964,519			193,654		$	2,221,071
Issued as reinvestment of dividends		75,470			720,734			109,158			1,319,721
Redeemed		(121,812	)		(1,222,602	)		(458,106	)		(5,354,771	)
Net increase (decrease)		50,033		$	462,651			(155,294	)	$	(1,813,979	)
MM RetireSMART by JPMorgan 2025 Fund Class R3
Sold		650,898		$	6,353,714			500,081		$	5,772,128
Issued as reinvestment of dividends		344,343			3,216,163			578,831			6,859,146
Redeemed		(975,848	)		(9,536,573	)		(1,554,963	)		(17,720,728	)
Net increase (decrease)		19,393		$	33,304			(476,051	)	$	(5,089,454	)
MM RetireSMART by JPMorgan 2030 Fund Class I
Sold		858,880		$	8,858,744			1,203,134		$	14,332,736
Issued as reinvestment of dividends		602,805			5,853,234			605,796			7,590,627
Redeemed		(1,966,798	)		(20,423,254	)		(859,968	)		(10,383,358	)
Net increase (decrease)		(505,113	)	$	(5,711,276	)		948,962		$	11,540,005
MM RetireSMART by JPMorgan 2030 Fund Class R5
Sold		745,582		$	7,646,668			1,281,379		$	16,763,225
Issued as reinvestment of dividends		741,931			7,159,635			792,277			9,879,698
Redeemed		(7,184,748	)		(75,150,515	)		(1,000,087	)		(12,356,017	)
Net increase (decrease)		(5,697,235	)	$	(60,344,212	)		1,073,569		$	14,286,906

176

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2030 Fund Service Class
Sold		325,084		$	3,358,405			416,104		$	4,909,520
Issued as reinvestment of dividends		161,990			1,579,399			388,790			4,887,084
Redeemed		(587,475	)		(6,100,347	)		(2,538,103	)		(31,203,765	)
Net increase (decrease)		(100,401	)	$	(1,162,543	)		(1,733,209	)	$	(21,407,161	)
MM RetireSMART by JPMorgan 2030 Fund Administrative Class
Sold		762,362		$	7,833,147			593,909		$	7,077,979
Issued as reinvestment of dividends		520,865			5,062,806			661,465			8,294,775
Redeemed		(674,543	)		(6,967,081	)		(1,955,644	)		(23,624,714	)
Net increase (decrease)		608,684		$	5,928,872			(700,270	)	$	(8,251,960	)
MM RetireSMART by JPMorgan 2030 Fund Class R4
Sold		351,901		$	3,552,073			364,708		$	4,261,776
Issued as reinvestment of dividends		238,974			2,277,426			264,697			3,261,072
Redeemed		(537,258	)		(5,470,463	)		(799,032	)		(10,081,060	)
Net increase (decrease)		53,617		$	359,036			(169,627	)	$	(2,558,212	)
MM RetireSMART by JPMorgan 2030 Fund Class A
Sold		276,475		$	2,830,166			372,786		$	4,382,292
Issued as reinvestment of dividends		262,678			2,540,100			313,069			3,907,101
Redeemed		(606,828	)		(6,207,978	)		(776,370	)		(9,251,517	)
Net increase (decrease)		(67,675	)	$	(837,712	)		(90,515	)	$	(962,124	)
MM RetireSMART by JPMorgan 2030 Fund Class R3
Sold		1,187,680		$	11,751,878			1,065,678		$	12,199,652
Issued as reinvestment of dividends		761,108			7,093,523			820,572			9,912,512
Redeemed		(1,650,801	)		(16,236,156	)		(1,157,250	)		(13,260,465	)
Net increase (decrease)		297,987		$	2,609,245			729,000		$	8,851,699
MM RetireSMART by JPMorgan 2035 Fund Class I
Sold		765,827		$	8,012,310			706,972		$	8,595,786
Issued as reinvestment of dividends		540,569			5,178,655			590,064			7,493,815
Redeemed		(1,224,815	)		(12,608,220	)		(946,853	)		(11,913,043	)
Net increase (decrease)		81,581		$	582,745			350,183		$	4,176,558
MM RetireSMART by JPMorgan 2035 Fund Class R5
Sold		30,290		$	313,606			31,149		$	376,615
Issued as reinvestment of dividends		19,481			187,215			38,740			492,774
Redeemed		(110,178	)		(1,191,146	)		(54,922	)		(617,656	)
Net increase (decrease)		(60,407	)	$	(690,325	)		14,967		$	251,733
MM RetireSMART by JPMorgan 2035 Fund Service Class
Sold		80,003		$	838,548			96,635		$	1,182,111
Issued as reinvestment of dividends		75,847			741,028			86,422			1,116,572
Redeemed		(209,825	)		(2,191,977	)		(124,554	)		(1,608,748	)
Net increase (decrease)		(53,975	)	$	(612,401	)		58,503		$	689,935
MM RetireSMART by JPMorgan 2035 Fund Administrative Class
Sold		345,661		$	3,604,588			511,058		$	6,316,851
Issued as reinvestment of dividends		244,490			2,373,994			334,899			4,300,099
Redeemed		(373,931	)		(3,912,652	)		(1,105,064	)		(13,752,401	)
Net increase (decrease)		216,220		$	2,065,930			(259,107	)	$	(3,135,451	)

177

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2035 Fund Class R4
Sold		420,308		$	4,294,912			295,268		$	3,449,835
Issued as reinvestment of dividends		210,620			2,007,206			248,498			3,138,533
Redeemed		(403,726	)		(4,291,075	)		(336,147	)		(4,290,156	)
Net increase (decrease)		227,202		$	2,011,043			207,619		$	2,298,212
MM RetireSMART by JPMorgan 2035 Fund Class A
Sold		142,988		$	1,487,895			98,528		$	1,191,771
Issued as reinvestment of dividends		80,616			780,364			124,061			1,587,976
Redeemed		(169,086	)		(1,769,484	)		(466,347	)		(5,920,195	)
Net increase (decrease)		54,518		$	498,775			(243,758	)	$	(3,140,448	)
MM RetireSMART by JPMorgan 2035 Fund Class R3
Sold		763,924		$	7,780,653			630,921		$	7,485,737
Issued as reinvestment of dividends		503,357			4,776,856			571,656			7,197,154
Redeemed		(827,706	)		(8,379,190	)		(800,783	)		(9,972,438	)
Net increase (decrease)		439,575		$	4,178,319			401,794		$	4,710,453
MM RetireSMART by JPMorgan 2040 Fund Class I
Sold		952,450		$	10,009,286			1,075,427		$	12,911,956
Issued as reinvestment of dividends		605,149			5,809,434			561,722			7,184,429
Redeemed		(1,883,556	)		(19,572,830	)		(622,851	)		(7,656,556	)
Net increase (decrease)		(325,957	)	$	(3,754,110	)		1,014,298		$	12,439,829
MM RetireSMART by JPMorgan 2040 Fund Class R5
Sold		672,493		$	6,949,221			558,573		$	6,714,498
Issued as reinvestment of dividends		602,202			5,781,138			605,434			7,743,505
Redeemed		(5,902,095	)		(63,451,651	)		(770,478	)		(10,439,290	)
Net increase (decrease)		(4,627,400	)	$	(50,721,292	)		393,529		$	4,018,713
MM RetireSMART by JPMorgan 2040 Fund Service Class
Sold		216,877		$	2,272,375			521,544		$	6,514,305
Issued as reinvestment of dividends		150,167			1,452,117			302,006			3,883,802
Redeemed		(455,386	)		(4,798,762	)		(1,597,050	)		(19,721,303	)
Net increase (decrease)		(88,342	)	$	(1,074,270	)		(773,500	)	$	(9,323,196	)
MM RetireSMART by JPMorgan 2040 Fund Administrative Class
Sold		702,987		$	7,257,874			805,936		$	9,988,039
Issued as reinvestment of dividends		554,502			5,323,215			690,533			8,831,913
Redeemed		(672,814	)		(7,114,871	)		(1,687,925	)		(20,440,260	)
Net increase (decrease)		584,675		$	5,466,218			(191,456	)	$	(1,620,308	)
MM RetireSMART by JPMorgan 2040 Fund Class R4
Sold		262,757		$	2,664,465			227,577		$	2,706,756
Issued as reinvestment of dividends		198,200			1,861,099			215,585			2,703,434
Redeemed		(262,927	)		(2,695,819	)		(371,938	)		(4,699,305	)
Net increase (decrease)		198,030		$	1,829,745			71,224		$	710,885
MM RetireSMART by JPMorgan 2040 Fund Class A
Sold		296,114		$	3,068,982			225,774		$	2,727,256
Issued as reinvestment of dividends		180,492			1,725,507			236,010			3,004,403
Redeemed		(395,853	)		(4,145,659	)		(742,122	)		(9,448,618	)
Net increase (decrease)		80,753		$	648,830			(280,338	)	$	(3,716,959	)

178

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2040 Fund Class R3
Sold		895,851		$	8,859,195			912,147		$	10,629,034
Issued as reinvestment of dividends		586,497			5,372,313			594,490			7,294,397
Redeemed		(996,384	)		(9,802,557	)		(783,064	)		(9,278,077	)
Net increase (decrease)		485,964		$	4,428,951			723,573		$	8,645,354
MM RetireSMART by JPMorgan 2045 Fund Class I
Sold		519,519		$	5,340,138			592,449		$	7,567,213
Issued as reinvestment of dividends		424,088			3,977,946			404,436			5,197,007
Redeemed		(806,852	)		(8,307,878	)		(392,045	)		(5,049,069	)
Net increase (decrease)		136,755		$	1,010,206			604,840		$	7,715,151
MM RetireSMART by JPMorgan 2045 Fund Class R5
Sold		30,928		$	320,153			21,658		$	276,808
Issued as reinvestment of dividends		9,265			86,994			16,774			215,718
Redeemed		(73,234	)		(801,987	)		(8,061	)		(104,904	)
Net increase (decrease)		(33,041	)	$	(394,840	)		30,371		$	387,622
MM RetireSMART by JPMorgan 2045 Fund Service Class
Sold		82,611		$	848,937			78,611		$	937,620
Issued as reinvestment of dividends		51,032			480,213			58,302			750,930
Redeemed		(176,883	)		(1,802,132	)		(125,387	)		(1,653,145	)
Net increase (decrease)		(43,240	)	$	(472,982	)		11,526		$	35,405
MM RetireSMART by JPMorgan 2045 Fund Administrative Class
Sold		410,139		$	4,206,026			436,888		$	5,335,791
Issued as reinvestment of dividends		275,689			2,574,934			321,804			4,119,090
Redeemed		(290,981	)		(3,001,710	)		(824,739	)		(10,517,062	)
Net increase (decrease)		394,847		$	3,779,250			(66,047	)	$	(1,062,181	)
MM RetireSMART by JPMorgan 2045 Fund Class R4
Sold		323,696		$	3,243,640			255,261		$	3,074,716
Issued as reinvestment of dividends		218,133			1,993,731			244,492			3,070,820
Redeemed		(466,452	)		(4,958,026	)		(209,554	)		(2,780,735	)
Net increase (decrease)		75,377		$	279,345			290,199		$	3,364,801
MM RetireSMART by JPMorgan 2045 Fund Class A
Sold		80,383		$	817,065			124,962		$	1,514,932
Issued as reinvestment of dividends		94,907			884,534			109,182			1,394,259
Redeemed		(134,507	)		(1,352,488	)		(406,878	)		(5,425,760	)
Net increase (decrease)		40,783		$	349,111			(172,734	)	$	(2,516,569	)
MM RetireSMART by JPMorgan 2045 Fund Class R3
Sold		717,463		$	7,101,515			533,627		$	6,223,059
Issued as reinvestment of dividends		487,979			4,445,492			497,572			6,234,573
Redeemed		(806,946	)		(8,000,951	)		(650,613	)		(8,240,767	)
Net increase (decrease)		398,496		$	3,546,056			380,586		$	4,216,865
MM RetireSMART by JPMorgan 2050 Fund Class I
Sold		877,317		$	6,715,190			1,231,698		$	11,292,625
Issued as reinvestment of dividends		485,301			3,397,106			425,658			4,001,187
Redeemed		(1,105,234	)		(8,478,776	)		(574,106	)		(5,220,764	)
Net increase (decrease)		257,384		$	1,633,520			1,083,250		$	10,073,048

179

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2050 Fund Class R5
Sold		1,172,064		$	8,874,259			858,393		$	7,586,241
Issued as reinvestment of dividends		752,056			5,256,874			721,868			6,771,126
Redeemed		(7,406,846	)		(58,670,146	)		(682,322	)		(6,453,048	)
Net increase (decrease)		(5,482,726	)	$	(44,539,013	)		897,939		$	7,904,319
MM RetireSMART by JPMorgan 2050 Fund Service Class
Sold		156,114		$	1,199,737			455,042		$	4,161,020
Issued as reinvestment of dividends		81,143			572,869			189,649			1,792,181
Redeemed		(180,319	)		(1,390,302	)		(1,229,167	)		(10,982,339	)
Net increase (decrease)		56,938		$	382,304			(584,476	)	$	(5,029,138	)
MM RetireSMART by JPMorgan 2050 Fund Administrative Class
Sold		1,149,613		$	8,716,123			946,201		$	8,542,156
Issued as reinvestment of dividends		627,987			4,402,189			672,285			6,326,202
Redeemed		(713,825	)		(5,440,042	)		(1,299,460	)		(11,686,683	)
Net increase (decrease)		1,063,775		$	7,678,270			319,026		$	3,181,675
MM RetireSMART by JPMorgan 2050 Fund Class R4
Sold		448,629		$	3,332,151			303,105		$	2,667,840
Issued as reinvestment of dividends		229,807			1,583,369			225,116			2,086,826
Redeemed		(193,660	)		(1,450,218	)		(371,598	)		(3,473,261	)
Net increase (decrease)		484,776		$	3,465,302			156,623		$	1,281,405
MM RetireSMART by JPMorgan 2050 Fund Class A
Sold		303,098		$	2,308,286			225,995		$	2,031,725
Issued as reinvestment of dividends		146,439			1,023,608			171,963			1,613,009
Redeemed		(323,223	)		(2,458,357	)		(637,062	)		(6,009,941	)
Net increase (decrease)		126,314		$	873,537			(239,104	)	$	(2,365,207	)
MM RetireSMART by JPMorgan 2050 Fund Class R3
Sold		1,132,034		$	8,357,730			1,009,350		$	8,760,808
Issued as reinvestment of dividends		519,073			3,540,081			498,635			4,577,472
Redeemed		(1,073,525	)		(7,974,381	)		(837,554	)		(7,655,501	)
Net increase (decrease)		577,582		$	3,923,430			670,431		$	5,682,779
MM RetireSMART by JPMorgan 2055 Fund Class I
Sold		452,983		$	4,041,302			403,186		$	4,250,814
Issued as reinvestment of dividends		226,169			1,843,278			180,930			2,006,510
Redeemed		(609,043	)		(5,383,600	)		(220,175	)		(2,330,827	)
Net increase (decrease)		70,109		$	500,980			363,941		$	3,926,497
MM RetireSMART by JPMorgan 2055 Fund Class R5
Sold		13,427		$	119,902			20,162		$	215,789
Issued as reinvestment of dividends		4,309			35,163			9,869			109,550
Redeemed		(68,704	)		(645,793	)		(51,453	)		(656,082	)
Net increase (decrease)		(50,968	)	$	(490,728	)		(21,422	)	$	(330,743	)
MM RetireSMART by JPMorgan 2055 Fund Service Class
Sold		131,297		$	1,181,733			88,583		$	939,606
Issued as reinvestment of dividends		37,826			310,173			26,957			300,838
Redeemed		(142,995	)		(1,276,597	)		(69,870	)		(801,432	)
Net increase (decrease)		26,128		$	215,309			45,670		$	439,012

180

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2055 Fund Administrative Class
Sold		301,257		$	2,674,757			322,959		$	3,346,192
Issued as reinvestment of dividends		156,622			1,271,770			134,404			1,486,503
Redeemed		(248,163	)		(2,189,537	)		(313,419	)		(3,265,515	)
Net increase (decrease)		209,716		$	1,756,990			143,944		$	1,567,180
MM RetireSMART by JPMorgan 2055 Fund Class R4
Sold		258,402		$	2,284,239			170,486		$	1,769,505
Issued as reinvestment of dividends		106,973			863,273			88,927			978,197
Redeemed		(97,574	)		(869,087	)		(196,555	)		(2,158,935	)
Net increase (decrease)		267,801		$	2,278,425			62,858		$	588,767
MM RetireSMART by JPMorgan 2055 Fund Class A
Sold		56,908		$	516,889			83,704		$	922,581
Issued as reinvestment of dividends		19,623			162,677			24,762			278,324
Redeemed		(45,610	)		(411,603	)		(477,313	)		(5,616,762	)
Net increase (decrease)		30,921		$	267,963			(368,847	)	$	(4,415,857	)
MM RetireSMART by JPMorgan 2055 Fund Class R3
Sold		679,227		$	5,924,022			548,413		$	5,661,983
Issued as reinvestment of dividends		346,731			2,780,779			290,062			3,173,283
Redeemed		(636,068	)		(5,522,253	)		(421,357	)		(4,436,745	)
Net increase (decrease)		389,890		$	3,182,548			417,118		$	4,398,521
MM RetireSMART by JPMorgan 2060 Fund Class I
Sold		303,382		$	2,688,948			180,852		$	1,860,657
Issued as reinvestment of dividends		64,870			524,148			37,118			409,416
Redeemed		(192,020	)		(1,684,865	)		(101,256	)		(1,104,224	)
Net increase (decrease)		176,232		$	1,528,231			116,714		$	1,165,849
MM RetireSMART by JPMorgan 2060 Fund Class R5
Sold		6,396		$	56,308			3,642		$	37,494
Issued as reinvestment of dividends		277			2,240			207			2,290
Redeemed		(4,600	)		(43,274	)		(93,773	)		(1,134,208	)
Net increase (decrease)		2,073		$	15,274			(89,924	)	$	(1,094,424	)
MM RetireSMART by JPMorgan 2060 Fund Service Class
Sold		70,778		$	621,441			181,904		$	1,899,588
Issued as reinvestment of dividends		20,429			164,453			24,323			267,065
Redeemed		(35,731	)		(324,828	)		(234,100	)		(2,341,843	)
Net increase (decrease)		55,476		$	461,066			(27,873	)	$	(175,190	)
MM RetireSMART by JPMorgan 2060 Fund Administrative Class
Sold		146,691		$	1,286,543			123,649		$	1,284,482
Issued as reinvestment of dividends		33,799			271,070			22,762			249,474
Redeemed		(39,481	)		(340,621	)		(120,113	)		(1,233,688	)
Net increase (decrease)		141,009		$	1,216,992			26,298		$	300,268
MM RetireSMART by JPMorgan 2060 Fund Class R4
Sold		63,311		$	554,443			39,226		$	398,864
Issued as reinvestment of dividends		15,218			122,204			10,262			112,476
Redeemed		(14,095	)		(126,482	)		(25,718	)		(267,605	)
Net increase (decrease)		64,434		$	550,165			23,770		$	243,735

181

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM RetireSMART by JPMorgan 2060 Fund Class A
Sold		13,085		$	115,930			13,231		$	138,834
Issued as reinvestment of dividends		3,214			25,902			3,152			34,668
Redeemed		(5,708	)		(49,366	)		(29,102	)		(324,018	)
Net increase (decrease)		10,591		$	92,466			(12,719	)	$	(150,516	)
MM RetireSMART by JPMorgan 2060 Fund Class R3
Sold		84,378		$	730,763			53,991		$	551,892
Issued as reinvestment of dividends		21,364			170,911			13,655			149,244
Redeemed		(53,561	)		(468,050	)		(35,288	)		(396,244	)
Net increase (decrease)		52,181		$	433,624			32,358		$	304,892
MM RetireSMART by JPMorgan 2065 Fund Class I^(a)
Sold		40,000		$	400,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		40,000		$	400,000
MM RetireSMART by JPMorgan 2065 Fund Class R5^(a)
Sold		10,000		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,000		$	100,000
MM RetireSMART by JPMorgan 2065 Fund Service Class^(a)
Sold		10,000		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,000		$	100,000
MM RetireSMART by JPMorgan 2065 Fund Administrative Class^(a)
Sold		10,000		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,000		$	100,000
MM RetireSMART by JPMorgan 2065 Fund Class R4^(a)
Sold		10,000		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,000		$	100,000
MM RetireSMART by JPMorgan 2065 Fund Class A^(a)
Sold		10,000		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,000		$	100,000
MM RetireSMART by JPMorgan 2065 Fund Class R3^(a)
Sold		10,000		$	100,000
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,000		$	100,000

182

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement Balanced Fund Class I
Sold		505,787		$	6,812,521			305,970		$	5,129,030
Issued as reinvestment of dividends		161,911			2,083,792			159,695			2,585,460
Redeemed		(269,915	)		(3,646,224	)		(403,719	)		(6,268,633	)
Net increase (decrease)		397,783		$	5,250,089			61,946		$	1,445,857
MM Select T. Rowe Price Retirement Balanced Fund Class M5
Sold		1,161,414		$	15,748,957			939,621		$	15,021,860
Issued as reinvestment of dividends		999,007			12,897,182			903,450			14,662,986
Redeemed		(801,885	)		(10,851,810	)		(1,149,916	)		(17,984,347	)
Net increase (decrease)		1,358,536		$	17,794,329			693,155		$	11,700,499
MM Select T. Rowe Price Retirement Balanced Fund Class M4
Sold		181,603		$	2,461,384			65,162		$	1,048,778
Issued as reinvestment of dividends		54,256			703,701			60,258			981,001
Redeemed		(156,272	)		(2,122,669	)		(387,506	)		(6,353,045	)
Net increase (decrease)		79,587		$	1,042,416			(262,086	)	$	(4,323,266	)
MM Select T. Rowe Price Retirement Balanced Fund Class M3
Sold		63,919		$	884,678			441,659		$	6,880,981
Issued as reinvestment of dividends		23,439			303,774			32,800			532,352
Redeemed		(159,835	)		(2,190,304	)		(526,393	)		(8,189,626	)
Net increase (decrease)		(72,477	)	$	(1,001,852	)		(51,934	)	$	(776,293	)
MM Select T. Rowe Price Retirement 2005 Fund Class I
Sold		231,209		$	2,876,881			233,822		$	3,354,818
Issued as reinvestment of dividends		117,994			1,407,669			184,236			2,750,646
Redeemed		(891,234	)		(10,988,521	)		(193,687	)		(2,804,677	)
Net increase (decrease)		(542,031	)	$	(6,703,971	)		224,371		$	3,300,787
MM Select T. Rowe Price Retirement 2005 Fund Class M5
Sold		58,199		$	729,095			86,908		$	1,386,710
Issued as reinvestment of dividends		43,972			523,707			84,126			1,254,316
Redeemed		(68,133	)		(853,049	)		(158,881	)		(2,391,961	)
Net increase (decrease)		34,038		$	399,753			12,153		$	249,065
MM Select T. Rowe Price Retirement 2005 Fund Class M4
Sold		42,900		$	533,697			31,602		$	497,323
Issued as reinvestment of dividends		12,737			152,332			29,162			435,381
Redeemed		(90,266	)		(1,133,598	)		(71,163	)		(1,108,922	)
Net increase (decrease)		(34,629	)	$	(447,569	)		(10,399	)	$	(176,218	)
MM Select T. Rowe Price Retirement 2005 Fund Class M3
Sold		39,442		$	489,700			14,692		$	214,246
Issued as reinvestment of dividends		9,480			112,625			15,742			234,087
Redeemed		(44,949	)		(561,866	)		(4,908	)		(75,869	)
Net increase (decrease)		3,973		$	40,459			25,526		$	372,464
MM Select T. Rowe Price Retirement 2010 Fund Class I
Sold		562,530		$	7,332,742			1,143,144		$	17,306,645
Issued as reinvestment of dividends		600,941			7,409,599			503,398			8,034,238
Redeemed		(1,073,463	)		(14,038,378	)		(1,156,618	)		(17,417,636	)
Net increase (decrease)		90,008		$	703,963			489,924		$	7,923,247

183

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2010 Fund Class M5
Sold		112,410		$	1,492,397			534,947		$	9,126,725
Issued as reinvestment of dividends		196,115			2,418,095			258,465			4,122,512
Redeemed		(348,703	)		(4,564,625	)		(1,076,399	)		(16,525,536	)
Net increase (decrease)		(40,178	)	$	(654,133	)		(282,987	)	$	(3,276,299	)
MM Select T. Rowe Price Retirement 2010 Fund Class M4
Sold		51,223		$	669,860			116,771		$	1,933,606
Issued as reinvestment of dividends		87,072			1,078,821			125,292			2,002,161
Redeemed		(224,498	)		(2,981,356	)		(953,754	)		(15,118,796	)
Net increase (decrease)		(86,203	)	$	(1,232,675	)		(711,691	)	$	(11,183,029	)
MM Select T. Rowe Price Retirement 2010 Fund Class M3
Sold		53,468		$	687,924			46,966		$	730,513
Issued as reinvestment of dividends		71,338			883,160			87,971			1,406,657
Redeemed		(365,957	)		(4,774,196	)		(269,373	)		(4,118,995	)
Net increase (decrease)		(241,151	)	$	(3,203,112	)		(134,436	)	$	(1,981,825	)
MM Select T. Rowe Price Retirement 2015 Fund Class I
Sold		469,462		$	6,259,803			1,408,416		$	21,902,134
Issued as reinvestment of dividends		615,550			7,786,710			444,615			7,318,355
Redeemed		(1,188,673	)		(15,837,271	)		(1,401,511	)		(21,937,030	)
Net increase (decrease)		(103,661	)	$	(1,790,758	)		451,520		$	7,283,459
MM Select T. Rowe Price Retirement 2015 Fund Class M5
Sold		141,115		$	1,894,833			240,413		$	3,934,063
Issued as reinvestment of dividends		371,824			4,703,572			382,761			6,292,593
Redeemed		(683,003	)		(9,029,641	)		(1,298,852	)		(20,043,666	)
Net increase (decrease)		(170,064	)	$	(2,431,236	)		(675,678	)	$	(9,817,010	)
MM Select T. Rowe Price Retirement 2015 Fund Class M4
Sold		139,200		$	1,889,196			198,709		$	3,285,817
Issued as reinvestment of dividends		41,387			527,680			55,236			911,386
Redeemed		(154,578	)		(2,120,959	)		(541,783	)		(8,706,873	)
Net increase (decrease)		26,009		$	295,917			(287,838	)	$	(4,509,670	)
MM Select T. Rowe Price Retirement 2015 Fund Class M3
Sold		34,671		$	475,730			63,261		$	1,058,577
Issued as reinvestment of dividends		13,728			177,093			40,920			672,724
Redeemed		(260,410	)		(3,555,866	)		(165,128	)		(2,516,012	)
Net increase (decrease)		(212,011	)	$	(2,903,043	)		(60,947	)	$	(784,711	)
MM Select T. Rowe Price Retirement 2020 Fund Class I
Sold		2,418,675		$	31,827,016			7,537,641		$	118,800,632
Issued as reinvestment of dividends		3,002,047			37,135,320			2,115,656			34,844,854
Redeemed		(4,668,583	)		(61,338,275	)		(6,399,516	)		(100,417,346	)
Net increase (decrease)		752,139		$	7,624,061			3,253,781		$	53,228,140
MM Select T. Rowe Price Retirement 2020 Fund Class M5
Sold		916,841		$	12,079,578			2,073,917		$	36,474,873
Issued as reinvestment of dividends		1,473,762			18,245,174			2,087,119			34,353,981
Redeemed		(2,621,205	)		(34,522,709	)		(9,427,089	)		(149,486,130	)
Net increase (decrease)		(230,602	)	$	(4,197,957	)		(5,266,053	)	$	(78,657,276	)

184

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2020 Fund Class M4
Sold		478,866		$	6,338,125			1,015,694		$	16,572,201
Issued as reinvestment of dividends		710,739			8,827,372			762,490			12,573,464
Redeemed		(1,581,879	)		(20,937,059	)		(4,180,320	)		(68,524,820	)
Net increase (decrease)		(392,274	)	$	(5,771,562	)		(2,402,136	)	$	(39,379,155	)
MM Select T. Rowe Price Retirement 2020 Fund Class M3
Sold		313,260		$	4,150,312			385,892		$	6,387,993
Issued as reinvestment of dividends		346,542			4,310,980			354,209			5,847,991
Redeemed		(977,173	)		(12,950,485	)		(1,097,789	)		(17,651,009	)
Net increase (decrease)		(317,371	)	$	(4,489,193	)		(357,688	)	$	(5,415,025	)
MM Select T. Rowe Price Retirement 2025 Fund Class I
Sold		4,713,072		$	65,038,893			8,539,331		$	140,810,463
Issued as reinvestment of dividends		3,831,413			49,501,853			2,295,536			39,896,413
Redeemed		(6,653,875	)		(92,041,007	)		(5,208,866	)		(84,955,302	)
Net increase (decrease)		1,890,610		$	22,499,739			5,626,001		$	95,751,574
MM Select T. Rowe Price Retirement 2025 Fund Class M5
Sold		604,709		$	8,410,969			1,563,591		$	27,503,087
Issued as reinvestment of dividends		887,289			11,472,649			1,193,224			20,726,297
Redeemed		(2,207,424	)		(30,060,331	)		(7,032,570	)		(115,383,994	)
Net increase (decrease)		(715,426	)	$	(10,176,713	)		(4,275,755	)	$	(67,154,610	)
MM Select T. Rowe Price Retirement 2025 Fund Class M4
Sold		546,721		$	7,604,857			1,489,503		$	26,528,455
Issued as reinvestment of dividends		533,647			6,910,733			530,954			9,222,674
Redeemed		(1,162,169	)		(16,055,689	)		(3,531,937	)		(59,574,375	)
Net increase (decrease)		(81,801	)	$	(1,540,099	)		(1,511,480	)	$	(23,823,246	)
MM Select T. Rowe Price Retirement 2025 Fund Class M3
Sold		574,782		$	8,138,927			556,793		$	9,492,429
Issued as reinvestment of dividends		273,317			3,539,461			298,488			5,178,774
Redeemed		(1,467,832	)		(20,559,897	)		(1,011,720	)		(16,360,888	)
Net increase (decrease)		(619,733	)	$	(8,881,509	)		(156,439	)	$	(1,689,685	)
MM Select T. Rowe Price Retirement 2030 Fund Class I
Sold		7,301,738		$	104,755,783			17,006,579		$	292,539,511
Issued as reinvestment of dividends		6,714,931			89,308,577			3,174,371			57,773,560
Redeemed		(7,220,272	)		(103,716,599	)		(6,119,019	)		(105,056,902	)
Net increase (decrease)		6,796,397		$	90,347,761			14,061,931		$	245,256,169
MM Select T. Rowe Price Retirement 2030 Fund Class M5
Sold		2,426,007		$	34,811,920			4,535,657		$	84,779,466
Issued as reinvestment of dividends		3,279,409			43,648,928			3,573,025			64,993,323
Redeemed		(3,929,224	)		(56,674,536	)		(18,516,774	)		(319,692,290	)
Net increase (decrease)		1,776,192		$	21,786,312			(10,408,092	)	$	(169,919,501	)
MM Select T. Rowe Price Retirement 2030 Fund Class M4
Sold		1,910,498		$	27,340,902			2,073,734		$	37,649,230
Issued as reinvestment of dividends		1,468,049			19,583,770			1,252,988			22,804,376
Redeemed		(2,489,734	)		(35,767,817	)		(8,189,081	)		(140,447,148	)
Net increase (decrease)		888,813		$	11,156,855			(4,862,359	)	$	(79,993,542	)

185

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2030 Fund Class M3
Sold		1,014,744		$	14,530,375			966,388		$	17,088,642
Issued as reinvestment of dividends		683,457			9,130,988			552,753			10,071,168
Redeemed		(2,259,475	)		(32,776,645	)		(1,734,460	)		(30,562,929	)
Net increase (decrease)		(561,274	)	$	(9,115,282	)		(215,319	)	$	(3,403,119	)
MM Select T. Rowe Price Retirement 2035 Fund Class I
Sold		6,031,864		$	90,927,046			11,256,790		$	198,143,268
Issued as reinvestment of dividends		3,884,999			53,962,632			1,726,216			32,763,576
Redeemed		(4,493,516	)		(67,997,497	)		(3,378,692	)		(59,564,725	)
Net increase (decrease)		5,423,347		$	76,892,181			9,604,314		$	171,342,119
MM Select T. Rowe Price Retirement 2035 Fund Class M5
Sold		1,098,802		$	16,520,203			1,713,564		$	32,461,820
Issued as reinvestment of dividends		913,663			12,699,918			1,094,005			20,742,335
Redeemed		(1,893,076	)		(28,017,341	)		(7,630,090	)		(134,789,582	)
Net increase (decrease)		119,389		$	1,202,780			(4,822,521	)	$	(81,585,427	)
MM Select T. Rowe Price Retirement 2035 Fund Class M4
Sold		930,948		$	13,973,217			1,974,053		$	36,677,551
Issued as reinvestment of dividends		596,581			8,298,444			487,832			9,244,410
Redeemed		(1,259,541	)		(19,040,980	)		(3,822,459	)		(67,790,009	)
Net increase (decrease)		267,988		$	3,230,681			(1,360,574	)	$	(21,868,048	)
MM Select T. Rowe Price Retirement 2035 Fund Class M3
Sold		950,655		$	14,539,519			576,007		$	10,520,197
Issued as reinvestment of dividends		289,836			4,034,514			190,005			3,608,202
Redeemed		(1,288,940	)		(19,718,857	)		(543,110	)		(9,930,100	)
Net increase (decrease)		(48,449	)	$	(1,144,824	)		222,902		$	4,198,299
MM Select T. Rowe Price Retirement 2040 Fund Class I
Sold		7,428,675		$	112,988,570			17,842,756		$	323,377,353
Issued as reinvestment of dividends		5,973,387			82,791,145			1,844,301			36,056,081
Redeemed		(4,591,508	)		(70,193,591	)		(3,433,976	)		(62,515,762	)
Net increase (decrease)		8,810,554		$	125,586,124			16,253,081		$	296,917,672
MM Select T. Rowe Price Retirement 2040 Fund Class M5
Sold		2,365,571		$	35,917,231			4,171,443		$	82,602,986
Issued as reinvestment of dividends		3,071,037			42,625,996			2,732,688			53,396,718
Redeemed		(3,499,675	)		(53,136,094	)		(16,150,828	)		(295,456,679	)
Net increase (decrease)		1,936,933		$	25,407,133			(9,246,697	)	$	(159,456,975	)
MM Select T. Rowe Price Retirement 2040 Fund Class M4
Sold		1,400,788		$	21,114,770			2,395,284		$	45,742,603
Issued as reinvestment of dividends		1,274,779			17,706,685			844,992			16,502,684
Redeemed		(1,706,466	)		(25,954,581	)		(6,988,390	)		(126,862,891	)
Net increase (decrease)		969,101		$	12,866,874			(3,748,114	)	$	(64,617,604	)
MM Select T. Rowe Price Retirement 2040 Fund Class M3
Sold		914,702		$	13,859,663			855,996		$	15,886,397
Issued as reinvestment of dividends		646,704			8,989,189			354,201			6,931,706
Redeemed		(1,704,228	)		(26,130,625	)		(1,186,981	)		(22,700,434	)
Net increase (decrease)		(142,822	)	$	(3,281,773	)		23,216		$	117,669

186

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2045 Fund Class I
Sold		5,649,061		$	88,907,867			11,288,128		$	205,849,243
Issued as reinvestment of dividends		3,170,054			45,395,168			1,064,698			21,166,192
Redeemed		(3,082,078	)		(48,580,984	)		(2,017,855	)		(36,741,964	)
Net increase (decrease)		5,737,037		$	85,722,051			10,334,971		$	190,273,471
MM Select T. Rowe Price Retirement 2045 Fund Class M5
Sold		858,880		$	13,520,915			1,343,450		$	25,847,325
Issued as reinvestment of dividends		601,791			8,635,706			844,791			16,777,545
Redeemed		(1,652,662	)		(25,565,157	)		(7,258,926	)		(133,207,378	)
Net increase (decrease)		(191,991	)	$	(3,408,536	)		(5,070,685	)	$	(90,582,508	)
MM Select T. Rowe Price Retirement 2045 Fund Class M4
Sold		751,555		$	11,756,180			1,940,581		$	38,287,849
Issued as reinvestment of dividends		424,551			6,096,550			374,404			7,420,678
Redeemed		(924,196	)		(14,621,896	)		(3,391,168	)		(60,246,314	)
Net increase (decrease)		251,910		$	3,230,834			(1,076,183	)	$	(14,537,787	)
MM Select T. Rowe Price Retirement 2045 Fund Class M3
Sold		900,574		$	14,569,861			422,286		$	7,951,088
Issued as reinvestment of dividends		218,434			3,138,892			129,246			2,571,996
Redeemed		(1,122,543	)		(17,914,672	)		(397,067	)		(7,662,141	)
Net increase (decrease)		(3,535	)	$	(205,919	)		154,465		$	2,860,943
MM Select T. Rowe Price Retirement 2050 Fund Class I
Sold		6,288,586		$	98,471,889			12,533,874		$	231,236,518
Issued as reinvestment of dividends		3,768,581			53,739,968			1,034,578			20,743,294
Redeemed		(3,263,511	)		(51,135,108	)		(1,853,714	)		(34,588,469	)
Net increase (decrease)		6,793,656		$	101,076,749			11,714,738		$	217,391,343
MM Select T. Rowe Price Retirement 2050 Fund Class M5
Sold		2,454,842		$	38,449,460			3,013,172		$	59,185,787
Issued as reinvestment of dividends		2,116,766			30,227,423			1,590,415			31,856,014
Redeemed		(2,979,842	)		(46,943,088	)		(9,794,915	)		(184,286,116	)
Net increase (decrease)		1,591,766		$	21,733,795			(5,191,328	)	$	(93,244,315	)
MM Select T. Rowe Price Retirement 2050 Fund Class M4
Sold		1,217,155		$	19,084,236			2,415,289		$	47,389,056
Issued as reinvestment of dividends		673,640			9,646,526			516,154			10,328,244
Redeemed		(1,119,692	)		(17,579,798	)		(5,909,371	)		(104,994,499	)
Net increase (decrease)		771,103		$	11,150,964			(2,977,928	)	$	(47,277,199	)
MM Select T. Rowe Price Retirement 2050 Fund Class M3
Sold		762,601		$	11,919,661			579,263		$	11,001,966
Issued as reinvestment of dividends		410,292			5,858,975			213,368			4,275,899
Redeemed		(956,596	)		(15,167,351	)		(749,277	)		(14,392,576	)
Net increase (decrease)		216,297		$	2,611,285			43,354		$	885,289
MM Select T. Rowe Price Retirement 2055 Fund Class I
Sold		4,860,253		$	77,484,277			9,407,027		$	172,120,699
Issued as reinvestment of dividends		1,838,091			26,744,224			451,953			9,025,508
Redeemed		(1,989,922	)		(31,791,259	)		(978,561	)		(18,086,779	)
Net increase (decrease)		4,708,422		$	72,437,242			8,880,419		$	163,059,428

187

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
MM Select T. Rowe Price Retirement 2055 Fund Class M5
Sold		608,477		$	9,685,112			1,111,691		$	21,879,145
Issued as reinvestment of dividends		264,091			3,855,725			561,937			11,205,031
Redeemed		(1,046,657	)		(16,442,471	)		(6,200,220	)		(114,761,201	)
Net increase (decrease)		(174,089	)	$	(2,901,634	)		(4,526,592	)	$	(81,677,025	)
MM Select T. Rowe Price Retirement 2055 Fund Class M4
Sold		558,603		$	8,914,832			1,404,133		$	27,210,498
Issued as reinvestment of dividends		208,832			3,046,858			188,075			3,746,457
Redeemed		(543,295	)		(8,606,827	)		(2,131,753	)		(38,065,701	)
Net increase (decrease)		224,140		$	3,354,863			(539,545	)	$	(7,108,746	)
MM Select T. Rowe Price Retirement 2055 Fund Class M3
Sold		466,033		$	7,381,133			364,367		$	6,750,865
Issued as reinvestment of dividends		138,084			2,007,743			75,680			1,509,059
Redeemed		(597,233	)		(9,567,622	)		(184,672	)		(3,542,998	)
Net increase (decrease)		6,884		$	(178,746	)		255,375		$	4,716,926
MM Select T. Rowe Price Retirement 2060 Fund Class I
Sold		4,231,434		$	68,599,409			2,425,971		$	43,805,340
Issued as reinvestment of dividends		511,706			7,603,946			235,469			4,688,197
Redeemed		(1,151,844	)		(18,767,696	)		(645,198	)		(11,854,282	)
Net increase (decrease)		3,591,296		$	57,435,659			2,016,242		$	36,639,255
MM Select T. Rowe Price Retirement 2060 Fund Class M5
Sold		1,394,253		$	22,578,788			1,076,260		$	20,001,196
Issued as reinvestment of dividends		229,367			3,403,805			143,748			2,856,276
Redeemed		(943,832	)		(15,211,288	)		(366,788	)		(6,860,239	)
Net increase (decrease)		679,788		$	10,771,305			853,220		$	15,997,233
MM Select T. Rowe Price Retirement 2060 Fund Class M4
Sold		713,086		$	11,477,905			1,055,966		$	19,445,369
Issued as reinvestment of dividends		105,816			1,568,194			79,541			1,576,504
Redeemed		(533,488	)		(8,480,351	)		(941,124	)		(16,791,259	)
Net increase (decrease)		285,414		$	4,565,748			194,383		$	4,230,614
MM Select T. Rowe Price Retirement 2060 Fund Class M3
Sold		296,403		$	4,774,632			209,526		$	3,852,887
Issued as reinvestment of dividends		42,664			631,426			23,830			472,782
Redeemed		(139,418	)		(2,261,007	)		(94,635	)		(1,801,031	)
Net increase (decrease)		199,649		$	3,145,051			138,721		$	2,524,638
MM Select T. Rowe Price Retirement 2065 Fund Class I^(a)
Sold		88,645		$	894,602
Issued as reinvestment of dividends		—			—
Redeemed		(77	)		(804	)
Net increase (decrease)		88,568		$	893,798
MM Select T. Rowe Price Retirement 2065 Fund Class M5^(a)
Sold		10,411		$	104,176
Issued as reinvestment of dividends		—			—
Redeemed		—			—
Net increase (decrease)		10,411		$	104,176

188

Notes to Financial Statements (Continued)

	Year Ended September 30, 2023				Year Ended September 30, 2022
	Shares		Amount		Shares	Amount
MM Select T. Rowe Price Retirement 2065 Fund Class M4^(a)
Sold		11,254	$	113,167
Issued as reinvestment of dividends		—		—
Redeemed		—		—
Net increase (decrease)		11,254	$	113,167
MM Select T. Rowe Price Retirement 2065 Fund Class M3^(a)
Sold		10,000	$	100,000
Issued as reinvestment of dividends		—		—
Redeemed		—		—
Net increase (decrease)		10,000	$	100,000

(a)

Commenced operations on February 1, 2023.

	Front-End Sales Charges Retained by Distributor
MM RetireSMART by JPMorgan 2030 Fund	$	1,645
MM RetireSMART by JPMorgan 2040 Fund		26

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

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
20/80 Allocation Fund	$	195,527,300	$	391,349	$	(30,403,061	)	$	(30,011,712	)
40/60 Allocation Fund		199,992,025		821,751		(33,897,641	)		(33,075,890	)
60/40 Allocation Fund		183,481,560		687,683		(28,644,859	)		(27,957,176	)
80/20 Allocation Fund		138,220,893		1,192,611		(21,186,325	)		(19,993,714	)
MM RetireSMART by JPMorgan In Retirement Fund		86,369,096		116,242		(13,228,535	)		(13,112,293	)
MM RetireSMART by JPMorgan 2020 Fund		141,771,520		256,964		(21,696,144	)		(21,439,180	)
MM RetireSMART by JPMorgan 2025 Fund		161,970,601		313,866		(25,246,057	)		(24,932,191	)
MM RetireSMART by JPMorgan 2030 Fund		302,727,352		941,750		(45,179,290	)		(44,237,540	)

189

Notes to Financial Statements (Continued)

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
MM RetireSMART by JPMorgan 2035 Fund	$	177,350,402	$	448,795	$	(27,637,354	)	$	(27,188,559	)
MM RetireSMART by JPMorgan 2040 Fund		220,208,187		1,177,185		(28,328,714	)		(27,151,529	)
MM RetireSMART by JPMorgan 2045 Fund		132,320,817		389,247		(20,111,086	)		(19,721,839	)
MM RetireSMART by JPMorgan 2050 Fund		161,332,464		954,046		(20,825,566	)		(19,871,520	)
MM RetireSMART by JPMorgan 2055 Fund		73,247,828		193,086		(11,033,226	)		(10,840,140	)
MM RetireSMART by JPMorgan 2060 Fund		26,145,566		105,718		(4,054,908	)		(3,949,190	)
MM RetireSMART by JPMorgan 2065 Fund		1,050,736		23,788		(36,968	)		(13,180	)
MM Select T. Rowe Price Retirement Balanced Fund		207,459,850		65,814		(28,983,016	)		(28,917,202	)
MM Select T. Rowe Price Retirement 2005 Fund		20,635,615		—		(3,052,023	)		(3,052,023	)
MM Select T. Rowe Price Retirement 2010 Fund		114,075,004		122,309		(17,329,371	)		(17,207,062	)
MM Select T. Rowe Price Retirement 2015 Fund		123,564,793		—		(18,155,891	)		(18,155,891	)
MM Select T. Rowe Price Retirement 2020 Fund		570,087,875		877,326		(80,099,319	)		(79,221,993	)
MM Select T. Rowe Price Retirement 2025 Fund		605,710,564		—		(85,227,078	)		(85,227,078	)
MM Select T. Rowe Price Retirement 2030 Fund		1,438,478,959		2,505,110		(154,675,504	)		(152,170,394	)
MM Select T. Rowe Price Retirement 2035 Fund		790,949,387		—		(78,788,802	)		(78,788,802	)
MM Select T. Rowe Price Retirement 2040 Fund		1,307,491,196		323,048		(91,722,973	)		(91,399,925	)
MM Select T. Rowe Price Retirement 2045 Fund		636,137,282		—		(49,541,594	)		(49,541,594	)
MM Select T. Rowe Price Retirement 2050 Fund		930,158,114		—		(58,200,271	)		(58,200,271	)
MM Select T. Rowe Price Retirement 2055 Fund		420,780,293		—		(32,122,765	)		(32,122,765	)
MM Select T. Rowe Price Retirement 2060 Fund		237,647,609		—		(18,444,574	)		(18,444,574	)
MM Select T. Rowe Price Retirement 2065 Fund		1,203,901		28,904		(26,921	)		1,983

At September 30, 2023, the following Fund(s) had accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
20/80 Allocation Fund	$	102,242	$	978,768
MM RetireSMART by JPMorgan In Retirement Fund		113,059		733,102
MM RetireSMART by JPMorgan 2020 Fund		174,287		4,626,107
MM RetireSMART by JPMorgan 2025 Fund		267,396		194,566
MM RetireSMART by JPMorgan 2030 Fund		350,945		6,678,359
MM RetireSMART by JPMorgan 2040 Fund		—		406,180
MM Select T. Rowe Price Retirement 2005 Fund		—		1,070,116

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2023, late year ordinary losses:

	Amount
MM Select T. Rowe Price Retirement 2035 Fund	$	675,223
MM Select T. Rowe Price Retirement 2040 Fund		2,831,974
MM Select T. Rowe Price Retirement 2045 Fund		1,658,540
MM Select T. Rowe Price Retirement 2050 Fund		2,807,903
MM Select T. Rowe Price Retirement 2055 Fund		1,195,198
MM Select T. Rowe Price Retirement 2060 Fund		664,756
MM Select T. Rowe Price Retirement 2065 Fund		820

190

Notes to Financial Statements (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, 2023, was as follows:

	Ordinary Income		Long Term Capital Gain
20/80 Allocation Fund	$	4,344,346	$	3,335,282
40/60 Allocation Fund		3,634,893		7,743,031
60/40 Allocation Fund		3,075,162		13,927,509
80/20 Allocation Fund		2,154,761		12,913,904
MM RetireSMART by JPMorgan In Retirement Fund		3,746,798		2,252,776
MM RetireSMART by JPMorgan 2020 Fund		3,896,107		4,796,539
MM RetireSMART by JPMorgan 2025 Fund		3,389,981		8,805,704
MM RetireSMART by JPMorgan 2030 Fund		6,938,808		24,627,315
MM RetireSMART by JPMorgan 2035 Fund		2,421,617		13,632,319
MM RetireSMART by JPMorgan 2040 Fund		3,819,922		23,504,901
MM RetireSMART by JPMorgan 2045 Fund		1,457,764		12,996,585
MM RetireSMART by JPMorgan 2050 Fund		2,478,603		17,297,493
MM RetireSMART by JPMorgan 2055 Fund		769,184		6,609,677
MM RetireSMART by JPMorgan 2060 Fund		310,977		2,242,954
MM Select T. Rowe Price Retirement Balanced Fund		7,487,790		8,500,659
MM Select T. Rowe Price Retirement 2005 Fund		1,123,028		1,080,455
MM Select T. Rowe Price Retirement 2010 Fund		4,246,622		7,543,053
MM Select T. Rowe Price Retirement 2015 Fund		4,238,562		8,956,493
MM Select T. Rowe Price Retirement 2020 Fund		18,687,551		49,831,295
MM Select T. Rowe Price Retirement 2025 Fund		17,150,302		54,274,394
MM Select T. Rowe Price Retirement 2030 Fund		29,043,039		132,629,224
MM Select T. Rowe Price Retirement 2035 Fund		11,883,822		67,111,686
MM Select T. Rowe Price Retirement 2040 Fund		14,631,398		137,481,617
MM Select T. Rowe Price Retirement 2045 Fund		6,112,407		57,153,909
MM Select T. Rowe Price Retirement 2050 Fund		8,144,008		91,328,884
MM Select T. Rowe Price Retirement 2055 Fund		4,970,034		30,684,516
MM Select T. Rowe Price Retirement 2060 Fund		1,765,440		11,441,931

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, 2022, was as follows:

	Ordinary Income		Long Term Capital Gain
20/80 Allocation Fund	$	5,773,608	$	7,216,709
40/60 Allocation Fund		6,696,300		11,946,689
60/40 Allocation Fund		8,155,101		17,817,029
80/20 Allocation Fund		4,486,636		11,796,555
MM RetireSMART by JPMorgan In Retirement Fund		3,851,393		9,329,916
MM RetireSMART by JPMorgan 2020 Fund		9,288,244		16,065,771
MM RetireSMART by JPMorgan 2025 Fund		7,124,617		16,164,173
MM RetireSMART by JPMorgan 2030 Fund		13,540,089		34,192,780
MM RetireSMART by JPMorgan 2035 Fund		6,080,813		19,260,798
MM RetireSMART by JPMorgan 2040 Fund		9,354,902		31,290,981

191

Notes to Financial Statements (Continued)

	Ordinary Income		Long Term Capital Gain
MM RetireSMART by JPMorgan 2045 Fund	$	4,166,318	$	16,833,751
MM RetireSMART by JPMorgan 2050 Fund		6,883,238		20,284,765
MM RetireSMART by JPMorgan 2055 Fund		2,039,207		6,451,591
MM RetireSMART by JPMorgan 2060 Fund		783,889		1,958,115
MM Select T. Rowe Price Retirement Balanced Fund		7,115,125		11,646,674
MM Select T. Rowe Price Retirement 2005 Fund		1,357,592		3,334,823
MM Select T. Rowe Price Retirement 2010 Fund		5,310,387		10,255,181
MM Select T. Rowe Price Retirement 2015 Fund		5,206,666		9,988,392
MM Select T. Rowe Price Retirement 2020 Fund		25,271,795		62,348,495
MM Select T. Rowe Price Retirement 2025 Fund		23,345,921		51,678,237
MM Select T. Rowe Price Retirement 2030 Fund		54,756,932		100,885,494
MM Select T. Rowe Price Retirement 2035 Fund		27,736,963		38,621,560
MM Select T. Rowe Price Retirement 2040 Fund		52,502,131		60,385,058
MM Select T. Rowe Price Retirement 2045 Fund		22,858,059		25,078,352
MM Select T. Rowe Price Retirement 2050 Fund		35,715,171		31,488,280
MM Select T. Rowe Price Retirement 2055 Fund		11,815,181		13,670,874
MM Select T. Rowe Price Retirement 2060 Fund		4,846,160		4,747,599

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2023:

	Amount
20/80 Allocation Fund	$	17,850
40/60 Allocation Fund		30,599
60/40 Allocation Fund		28,859
80/20 Allocation Fund		44,510
MM RetireSMART by JPMorgan In Retirement Fund		23,499
MM RetireSMART by JPMorgan 2020 Fund		45,892
MM RetireSMART by JPMorgan 2025 Fund		58,582
MM RetireSMART by JPMorgan 2030 Fund		170,130
MM RetireSMART by JPMorgan 2035 Fund		99,282
MM RetireSMART by JPMorgan 2040 Fund		185,166
MM RetireSMART by JPMorgan 2045 Fund		89,294
MM RetireSMART by JPMorgan 2050 Fund		145,460
MM RetireSMART by JPMorgan 2055 Fund		49,063
MM RetireSMART by JPMorgan 2060 Fund		16,196
MM Select T. Rowe Price Retirement Balanced Fund		51,978
MM Select T. Rowe Price Retirement 2005 Fund		8,619
MM Select T. Rowe Price Retirement 2010 Fund		38,903
MM Select T. Rowe Price Retirement 2015 Fund		45,909
MM Select T. Rowe Price Retirement 2020 Fund		452,060
MM Select T. Rowe Price Retirement 2025 Fund		264,314
MM Select T. Rowe Price Retirement 2030 Fund		714,355
MM Select T. Rowe Price Retirement 2035 Fund		442,945
MM Select T. Rowe Price Retirement 2040 Fund		831,056
MM Select T. Rowe Price Retirement 2045 Fund		412,941
MM Select T. Rowe Price Retirement 2050 Fund		619,008
MM Select T. Rowe Price Retirement 2055 Fund		260,628
MM Select T. Rowe Price Retirement 2060 Fund		122,673

192

Notes to Financial Statements (Continued)

At September 30, 2023, 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	$	782,171	$	(1,081,010	)	$	(19,433	)	$	(30,011,712	)	$	(30,329,984	)
40/60 Allocation Fund		596,146		2,992,877			(33,345	)		(33,075,890	)		(29,520,212	)
60/40 Allocation Fund		271,484		3,598,177			(26,893	)		(27,957,176	)		(24,114,408	)
80/20 Allocation Fund		100,969		3,381,894			(9,191	)		(19,993,714	)		(16,520,042	)
MM RetireSMART by JPMorgan In Retirement Fund		2,140,724		(846,161	)		(32,396	)		(13,112,293	)		(11,850,126	)
MM RetireSMART by JPMorgan 2020 Fund		2,076,941		(4,800,394	)		(55,716	)		(21,439,180	)		(24,218,349	)
MM RetireSMART by JPMorgan 2025 Fund		1,167,419		(461,962	)		(13,363	)		(24,932,191	)		(24,240,097	)
MM RetireSMART by JPMorgan 2030 Fund		1,861,792		(7,029,304	)		(52,818	)		(44,237,540	)		(49,457,870	)
MM RetireSMART by JPMorgan 2035 Fund		1,070,951		4,903,557			(15,357	)		(27,188,559	)		(21,229,408	)
MM RetireSMART by JPMorgan 2040 Fund		1,208,656		(406,180	)		(32,278	)		(27,151,529	)		(26,381,331	)
MM RetireSMART by JPMorgan 2045 Fund		1,015,627		5,062,085			(9,111	)		(19,721,839	)		(13,653,238	)
MM RetireSMART by JPMorgan 2050 Fund		1,587,713		1,267,231			(16,816	)		(19,871,520	)		(17,033,392	)
MM RetireSMART by JPMorgan 2055 Fund		529,713		2,768,280			(2,027	)		(10,840,140	)		(7,544,174	)
MM RetireSMART by JPMorgan 2060 Fund		123,395		1,171,090			(594	)		(3,949,190	)		(2,655,299	)
MM RetireSMART by JPMorgan 2065 Fund		5,274		—			—			(13,180	)		(7,906	)
MM Select T. Rowe Price Retirement Balanced Fund		514,049		4,567,033			—			(28,917,202	)		(23,836,120	)
MM Select T. Rowe Price Retirement 2005 Fund		45,104		(1,070,116	)		—			(3,052,023	)		(4,077,035	)
MM Select T. Rowe Price Retirement 2010 Fund		349,922		733,281			—			(17,207,062	)		(16,123,859	)
MM Select T. Rowe Price Retirement 2015 Fund		594,530		1,814,573			—			(18,155,891	)		(15,746,788	)
MM Select T. Rowe Price Retirement 2020 Fund		1,513,988		13,461,157			—			(79,221,993	)		(64,246,848	)
MM Select T. Rowe Price Retirement 2025 Fund		1,189,103		22,582,334			—			(85,227,078	)		(61,455,641	)
MM Select T. Rowe Price Retirement 2030 Fund		280,073		78,514,189			—			(152,170,394	)		(73,376,132	)
MM Select T. Rowe Price Retirement 2035 Fund		—		49,126,781			(675,223	)		(78,788,802	)		(30,337,244	)
MM Select T. Rowe Price Retirement 2040 Fund		—		79,609,101			(2,831,974	)		(91,399,925	)		(14,622,798	)
MM Select T. Rowe Price Retirement 2045 Fund		—		42,219,844			(1,658,540	)		(49,541,594	)		(8,980,290	)
MM Select T. Rowe Price Retirement 2050 Fund		1		58,999,373			(2,807,903	)		(58,200,271	)		(2,008,800	)
MM Select T. Rowe Price Retirement 2055 Fund		—		27,159,541			(1,195,198	)		(32,122,765	)		(6,158,422	)
MM Select T. Rowe Price Retirement 2060 Fund		—		12,470,193			(664,756	)		(18,444,574	)		(6,639,137	)
MM Select T. Rowe Price Retirement 2065 Fund		—		—			(820	)		1,983			1,163

193

Notes to Financial Statements (Continued)

During the year ended September 30, 2023, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital		Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
20/80 Allocation Fund	$	2,822	$	187,441		$	(190,263	)
40/60 Allocation Fund		4,843		103,660			(108,503	)
60/40 Allocation Fund		3,905		33,568			(37,473	)
80/20 Allocation Fund		1,336		28,001			(29,337	)
MM RetireSMART by JPMorgan In Retirement Fund		4,704		12,535			(17,239	)
MM RetireSMART by JPMorgan 2020 Fund		8,090		24,514			(32,604	)
MM RetireSMART by JPMorgan 2025 Fund		1,940		30,951			(32,891	)
MM RetireSMART by JPMorgan 2030 Fund		7,670		93,866			(101,536	)
MM RetireSMART by JPMorgan 2035 Fund		2,082		45,669			(47,751	)
MM RetireSMART by JPMorgan 2040 Fund		44,327		84,651			(128,978	)
MM RetireSMART by JPMorgan 2045 Fund		1,235		41,753			(42,988	)
MM RetireSMART by JPMorgan 2050 Fund		59,511		66,694			(126,205	)
MM RetireSMART by JPMorgan 2055 Fund		6,492		21,757			(28,249	)
MM RetireSMART by JPMorgan 2060 Fund		86		7,537			(7,623	)
MM RetireSMART by JPMorgan 2065 Fund		—		—			—
MM Select T. Rowe Price Retirement Balanced Fund		—		164,341			(164,341	)
MM Select T. Rowe Price Retirement 2005 Fund		—		36,512			(36,512	)
MM Select T. Rowe Price Retirement 2010 Fund		—		99,955			(99,955	)
MM Select T. Rowe Price Retirement 2015 Fund		—		106,896			(106,896	)
MM Select T. Rowe Price Retirement 2020 Fund		—		465,004			(465,004	)
MM Select T. Rowe Price Retirement 2025 Fund		—		427,503			(427,503	)
MM Select T. Rowe Price Retirement 2030 Fund		—		764,299			(764,299	)
MM Select T. Rowe Price Retirement 2035 Fund		—		253,648			(253,648	)
MM Select T. Rowe Price Retirement 2040 Fund		—		167,132			(167,132	)
MM Select T. Rowe Price Retirement 2045 Fund		—		13,659			(13,659	)
MM Select T. Rowe Price Retirement 2050 Fund		—		(5,060	)		5,060
MM Select T. Rowe Price Retirement 2055 Fund		—		(1,977	)		1,977
MM Select T. Rowe Price Retirement 2060 Fund		—		(1,183	)		1,183
MM Select T. Rowe Price Retirement 2065 Fund		—		(2,510	)		2,510

The Funds did not have any unrecognized tax benefits at September 30, 2023, nor were there any increases or decreases in unrecognized tax benefits for the year 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 year ended September 30, 2023, 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, or the returns filed to date for Funds in existence less than three 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.

194

Notes to Financial Statements (Continued)

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended September 30, 2023, was as follows:

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
20/80 Allocation Fund
MassMutual Blue Chip Growth Fund, Class I	$	3,106,536	$	929,087	$	(1,472,313	)	$	905,892		$	(415,356	)	$	3,053,846		142,172	$	15,401	$	487,784
MassMutual Core Bond Fund, Class I		25,870,850		6,029,399		(3,431,109	)		(185,336	)		(627,665	)		27,656,139		3,128,523		1,014,819		—
MassMutual Diversified Value Fund, Class I		2,350,436		525,400		(899,591	)		(29,294	)		129,263			2,076,214		188,233		46,334		220,208
MassMutual Equity Opportunities Fund, Class I		4,390,370		1,152,743		(945,381	)		(113,473	)		(8,004	)		4,476,255		275,631		66,439		662,870
MassMutual Fundamental Value Fund, Class I		2,746,981		661,697		(1,634,027	)		(196,985	)		327,035			1,904,701		223,819		28,206		292,832
MassMutual Global Floating Rate Fund, Class I		502,000		23,515		(327,714	)		39,771			(25,952	)		211,620		24,020		22,824		—
MassMutual Growth Opportunities Fund, Class I		717,241		163,791		(185,847	)		239,867			(123,622	)		811,430		156,647		4,598		79,610
MassMutual High Yield Fund, Class I		1,433,505		76,263		(1,058,449	)		107,257			(81,675	)		476,901		63,334		38,515		—
MassMutual Inflation-Protected and Income Fund, Class I		1,643,259		207,068		(473,776	)		62,384			(95,203	)		1,343,732		146,856		64,240		—
MassMutual International Equity Fund, Class I		502,848		913,005		(230,216	)		76,545			(33,003	)		1,229,179		154,808		7,119		26,434
MassMutual Mid Cap Growth Fund, Class I		1,024,044		255,716		(314,631	)		5,923			11,700			982,752		52,497		—		146,486
MassMutual Mid Cap Value Fund, Class I		1,089,407		242,128		(372,628	)		(57,095	)		81,107			982,919		92,034		25,508		80,622
MassMutual Overseas Fund, Class I		2,870,205		856,282		(1,804,624	)		620,042			(125,774	)		2,416,131		300,888		70,180		236,783
MassMutual Short-Duration Bond Fund, Class I		28,057,391		1,726,842		(18,691,173	)		2,947,530			(3,066,776	)		10,973,814		1,264,264		586,337		—
MassMutual Small Cap Growth Equity Fund, Class I		176,193		108,808		(38,334	)		18,492			(4,199	)		260,960		19,997		65		—
MassMutual Small Cap Value Equity Fund, Class I		717,500		202,464		(413,832	)		118,574			(94,444	)		530,262		60,120		—		118,023
MassMutual Strategic Bond Fund, Class I		21,293,795		15,887,243		(4,294,457	)		510,824			(957,060	)		32,440,345		3,875,788		538,980		—
MassMutual Strategic Emerging Markets Fund, Class I		734,534		112,210		(503,962	)		333,800			(204,543	)		472,039		50,432		3,226		—
MassMutual Total Return Bond Fund, Class I		34,792,943		9,643,269		(5,140,083	)		113,642			(1,061,305	)		38,348,466		4,659,595		1,006,533		—
MM Equity Asset Fund, Class I		6,301,846		4,007,393		(2,517,070	)		764,350			(356,004	)		8,200,515		1,105,191		114,362		1,063,768
	$	140,321,884	$	43,724,323	$	(44,749,217	)	$	6,282,710		$	(6,731,480	)	$	138,848,220			$	3,653,686	$	3,415,420
40/60 Allocation Fund
MassMutual Blue Chip Growth Fund, Class I	$	5,990,319	$	1,564,206	$	(2,472,408	)	$	1,279,930		$	(238,804	)	$	6,123,243		285,067	$	28,980	$	917,834
MassMutual Core Bond Fund, Class I		19,983,148		5,323,438		(3,926,695	)		323,314			(941,821	)		20,761,384		2,348,573		769,298		—
MassMutual Diversified Value Fund, Class I		4,628,956		945,548		(1,435,407	)		(30,584	)		136,893			4,245,406		384,896		109,555		520,681
MassMutual Equity Opportunities Fund, Class I		7,445,347		3,097,437		(1,126,065	)		(219,591	)		(88,107	)		9,109,021		560,900		123,209		1,229,253

195

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
40/60 Allocation Fund (Continued)
MassMutual Fundamental Value Fund, Class I	$	5,855,407	$	1,300,001	$	(3,514,912	)	$	(460,857	)	$	625,783		$	3,805,422		447,171	$	66,376	$	689,096
MassMutual Global Floating Rate Fund, Class I		843,680		24,851		(724,570	)		76,096			(56,227	)		163,830		18,596		24,852		—
MassMutual Growth Opportunities Fund, Class I		1,394,572		424,878		(438,126	)		456,356			(220,503	)		1,617,177		312,196		8,708		150,798
MassMutual High Yield Fund, Class I		2,047,623		54,229		(1,812,893	)		199,610			(124,031	)		364,538		48,411		43,002		—
MassMutual Inflation-Protected and Income Fund, Class I		905,701		296,384		(155,789	)		9,053			(28,302	)		1,027,047		112,246		34,336		—
MassMutual International Equity Fund, Class I		1,950,143		892,596		(605,214	)		338,190			(118,440	)		2,457,275		309,480		26,400		98,026
MassMutual Mid Cap Growth Fund, Class I		1,623,178		657,684		(321,977	)		2,297			22,790			1,983,972		105,981		—		226,888
MassMutual Mid Cap Value Fund, Class I		2,591,176		424,226		(1,083,230	)		(35,203	)		99,942			1,996,911		186,977		59,580		188,312
MassMutual Overseas Fund, Class I		4,404,672		1,746,357		(2,111,106	)		817,168			(80,333	)		4,776,758		594,864		104,098		351,218
MassMutual Short-Duration Bond Fund, Class I		19,346,403		838,039		(11,815,689	)		1,795,535			(1,836,815	)		8,327,473		959,386		458,645		—
MassMutual Small Cap Growth Equity Fund, Class I		386,287		205,685		(95,578	)		41,957			(10,494	)		527,857		40,449		137		—
MassMutual Small Cap Value Equity Fund, Class I		1,844,744		413,811		(1,232,183	)		316,424			(272,141	)		1,070,655		121,389		—		299,634
MassMutual Strategic Bond Fund, Class I		17,355,061		12,336,012		(4,825,966	)		691,597			(1,214,924	)		24,341,780		2,908,217		403,898		—
MassMutual Strategic Emerging Markets Fund, Class I		1,097,501		186,246		(518,512	)		333,016			(163,355	)		934,896		99,882		4,718		—
MassMutual Total Return Bond Fund, Class I		30,593,366		4,574,987		(5,750,249	)		648,689			(1,289,391	)		28,777,402		3,496,647		818,228		—
MM Equity Asset Fund, Class I		16,886,259		5,672,338		(7,286,422	)		1,571,345			(362,293	)		16,481,227		2,221,190		253,832		2,361,088
	$	147,173,543	$	40,978,953	$	(51,252,991	)	$	8,154,342		$	(6,160,573	)	$	138,893,274			$	3,337,852	$	7,032,828
60/40 Allocation Fund
MassMutual Blue Chip Growth Fund, Class I	$	8,210,320	$	2,473,028	$	(3,637,999	)	$	2,396,477		$	(876,637	)	$	8,565,189		398,752	$	39,126	$	1,239,101
MassMutual Core Bond Fund, Class I		12,195,555		3,695,951		(2,764,313	)		270,588			(646,795	)		12,750,986		1,442,419		459,782		—
MassMutual Diversified Value Fund, Class I		6,650,039		1,372,030		(2,289,866	)		(65,640	)		230,020			5,896,583		534,595		155,730		740,138
MassMutual Equity Opportunities Fund, Class I		10,720,004		4,430,840		(1,922,496	)		(332,284	)		(151,719	)		12,744,345		784,750		182,898		1,824,786
MassMutual Fundamental Value Fund, Class I		7,978,415		1,602,582		(4,574,170	)		(298,916	)		625,909			5,333,820		626,771		76,622		795,458
MassMutual Global Floating Rate Fund, Class I		2,251,981		34,231		(2,212,640	)		218,666			(188,031	)		104,207		11,828		34,231		—
MassMutual Growth Opportunities Fund, Class I		1,781,631		804,055		(656,416	)		689,291			(356,639	)		2,261,922		436,665		10,927		189,230
MassMutual High Yield Fund, Class I		3,950,346		66,991		(3,930,333	)		639,213			(502,226	)		223,991		29,746		54,727		—
MassMutual Inflation-Protected and Income Fund, Class I		423,661		340,432		(123,638	)		11,644			(21,277	)		630,822		68,942		15,533		—

196

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
60/40 Allocation Fund (Continued)
MassMutual International Equity Fund, Class I	$	1,949,169	$	2,188,385	$	(965,380	)	$	507,406		$	(319,104	)	$	3,360,476		423,234	$	25,316	$	93,997
MassMutual Mid Cap Growth Fund, Class I		2,560,631		686,322		(529,781	)		161,953			(112,496	)		2,766,629		147,790		—		354,471
MassMutual Mid Cap Value Fund, Class I		4,008,413		646,443		(2,006,368	)		162,894			(32,827	)		2,778,555		260,164		91,601		289,523
MassMutual Overseas Fund, Class I		4,424,617		4,035,044		(2,621,029	)		717,384			5,561			6,561,577		817,133		102,632		346,272
MassMutual Short-Duration Bond Fund, Class I		10,710,938		617,219		(6,193,262	)		1,012,722			(1,000,385	)		5,147,232		592,999		281,818		—
MassMutual Small Cap Growth Equity Fund, Class I		834,643		53,636		(236,828	)		110,980			(28,118	)		734,313		56,269		295		—
MassMutual Small Cap Value Equity Fund, Class I		2,257,501		530,192		(1,363,104	)		354,299			(288,072	)		1,490,816		169,027		—		363,069
MassMutual Strategic Bond Fund, Class I		8,175,411		10,538,348		(3,413,902	)		597,349			(941,362	)		14,955,844		1,786,839		264,911		—
MassMutual Strategic Emerging Markets Fund, Class I		269,666		1,502,439		(457,206	)		67,922			(98,309	)		1,284,512		137,234		1,015		—
MassMutual Total Return Bond Fund, Class I		16,283,943		5,911,343		(4,067,919	)		482,148			(925,662	)		17,683,853		2,148,706		495,659		—
MM Equity Asset Fund, Class I		30,160,787		9,234,847		(18,483,125	)		4,013,722			(1,869,735	)		23,056,496		3,107,344		398,121		3,703,246
	$	135,797,671	$	50,764,358	$	(62,449,775	)	$	11,717,818		$	(7,497,904	)	$	128,332,168			$	2,690,944	$	9,939,291
80/20 Allocation Fund
MassMutual Blue Chip Growth Fund, Class I	$	7,383,551	$	4,242,029	$	(4,457,893	)	$	3,116,524		$	(1,584,038	)	$	8,700,173		405,036	$	40,259	$	1,275,056
MassMutual Core Bond Fund, Class I		3,930,195		2,761,563		(1,863,333	)		362,349			(495,051	)		4,695,723		531,190		149,251		—
MassMutual Diversified Value Fund, Class I		4,964,284		1,947,666		(1,006,323	)		2,354			58,014			5,965,995		540,888		116,933		555,746
MassMutual Equity Opportunities Fund, Class I		7,853,104		7,822,676		(1,913,345	)		(607,823	)		(173,030	)		12,981,582		799,359		175,138		1,747,361
MassMutual Fundamental Value Fund, Class I		6,390,439		1,783,456		(2,934,291	)		(297,798	)		466,336			5,408,142		635,504		73,907		767,273
MassMutual Global Floating Rate Fund, Class I		1,772,935		27,959		(1,758,496	)		172,872			(147,178	)		68,092		7,729		27,731		—
MassMutual Growth Opportunities Fund, Class I		1,547,978		1,094,139		(683,029	)		675,407			(357,171	)		2,277,324		439,638		9,572		165,765
MassMutual High Yield Fund, Class I		3,912,539		55,059		(4,043,146	)		694,947			(557,123	)		62,276		8,270		46,818		—
MassMutual Inflation-Protected and Income Fund, Class I		136,977		159,820		(52,558	)		7,504			(10,853	)		240,890		26,327		4,966		—
MassMutual International Equity Fund, Class I		1,373,095		2,954,750		(1,092,627	)		330,873			(179,816	)		3,386,275		426,483		39,746		147,580
MassMutual Mid Cap Growth Fund, Class I		2,916,472		635,450		(810,632	)		243,598			(185,087	)		2,799,801		149,562		—		407,811
MassMutual Mid Cap Value Fund, Class I		3,558,971		675,468		(1,518,704	)		197,416			(101,466	)		2,811,685		263,266		81,749		258,380
MassMutual Overseas Fund, Class I		6,070,597		2,218,103		(2,663,837	)		951,824			87,944			6,664,631		829,966		143,178		483,068
MassMutual Short-Duration Bond Fund, Class I		5,392,597		333,882		(3,815,307	)		577,837			(570,904	)		1,918,105		220,980		119,684		—

197

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
80/20 Allocation Fund (Continued)
MassMutual Small Cap Growth Equity Fund, Class I	$	926,270	$	75,688	$	(352,002	)	$	141,881		$	(46,977	)	$	744,860		57,077	$	331	$	—
MassMutual Small Cap Value Equity Fund, Class I		2,604,724		490,143		(1,784,410	)		417,774			(216,236	)		1,511,995		171,428		—		283,061
MassMutual Strategic Bond Fund, Class I		2,790,199		4,301,503		(1,406,215	)		256,093			(417,138	)		5,524,442		660,029		62,161		—
MassMutual Strategic Emerging Markets Fund, Class I		2,004,445		352,233		(1,400,761	)		889,868			(540,572	)		1,305,213		139,446		8,575		—
MassMutual Total Return Bond Fund, Class I		6,037,165		3,368,888		(2,712,395	)		391,213			(556,637	)		6,528,234		793,224		189,712		—
MM Equity Asset Fund, Class I		24,123,131		7,994,769		(10,596,069	)		2,842,981			(935,110	)		23,429,702		3,157,642		338,644		3,150,004
	$	95,689,668	$	43,295,244	$	(46,865,373	)	$	11,367,694		$	(6,462,093	)	$	97,025,140			$	1,628,355	$	9,241,105
MM RetireSMART by JPMorgan In Retirement Fund
MassMutual Blue Chip Growth Fund, Class I	$	1,485,007	$	426,519	$	(818,995	)	$	611,133		$	(361,350	)	$	1,342,314		62,491	$	7,374	$	233,557
MassMutual Core Bond Fund, Class I		16,252,626		5,992,589		(5,034,415	)		879,605			(1,345,670	)		16,744,735		1,894,201		636,232		—
MassMutual Diversified Value Fund, Class I		896,307		199,218		(307,109	)		65,334			(41,311	)		812,439		73,657		19,026		90,425
MassMutual Equity Opportunities Fund, Class I		2,380,089		534,235		(734,478	)		(14,152	)		(21,761	)		2,143,933		132,016		33,051		329,751
MassMutual Fundamental Value Fund, Class I		1,201,178		391,195		(518,017	)		99,705			(83,902	)		1,090,159		128,103		15,891		164,976
MassMutual Global Floating Rate Fund, Class I		178,107		5,669		(146,851	)		15,678			(13,273	)		39,330		4,464		5,670		—
MassMutual Growth Opportunities Fund, Class I		446,639		90,263		(203,154	)		182,997			(116,038	)		400,707		77,357		2,893		50,083
MassMutual High Yield Fund, Class I		4,361,340		2,206,454		(1,261,471	)		324,781			(188,821	)		5,442,283		722,747		316,588		—
MassMutual Inflation-Protected and Income Fund, Class I		6,218,155		804,745		(4,210,691	)		724,522			(774,976	)		2,761,755		301,831		237,850		—
MassMutual International Equity Fund, Class I		1,486,972		490,214		(691,878	)		316,880			(148,461	)		1,453,727		183,089		18,622		69,148
MassMutual Mid Cap Growth Fund, Class I		699,012		238,638		(244,585	)		119,018			(109,774	)		702,309		37,516		—		94,958
MassMutual Mid Cap Value Fund, Class I		697,253		251,719		(252,720	)		15,203			(8,333	)		703,122		65,835		14,745		46,604
MassMutual Overseas Fund, Class I		2,587,988		1,224,951		(1,716,039	)		779,006			(366,784	)		2,509,122		312,468		56,158		189,470
MassMutual Small Cap Growth Equity Fund, Class I		504,671		163,709		(192,183	)		128,115			(83,886	)		520,426		39,879		170		—
MassMutual Small Cap Value Equity Fund, Class I		664,053		308,383		(306,136	)		128,053			(107,252	)		687,101		77,903		—		95,209
MassMutual Strategic Bond Fund, Class I		5,493,275		1,907,968		(1,768,796	)		432,704			(518,336	)		5,546,815		662,702		93,491		—
MassMutual Strategic Emerging Markets Fund, Class I		1,513,967		136,104		(1,005,327	)		417,879			(168,221	)		894,402		95,556		6,329		—
MassMutual Total Return Bond Fund, Class I		5,487,106		1,997,859		(1,769,885	)		327,206			(451,258	)		5,591,028		679,347		149,414		—
MM Equity Asset Fund, Class I		7,422,572		1,804,919		(3,033,712	)		1,354,029			(799,876	)		6,747,932		909,425		105,049		977,140
	$	59,976,317	$	19,175,351	$	(24,216,442	)	$	6,907,696		$	(5,709,283	)	$	56,133,639			$	1,718,553	$	2,341,321

198

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2020 Fund
MassMutual Blue Chip Growth Fund, Class I	$	2,886,943	$	938,402	$	(2,119,719	)	$	1,282,782		$	(784,635	)	$	2,203,773		102,597	$	14,340	$	454,179
MassMutual Core Bond Fund, Class I		31,634,913		13,203,530		(16,535,268	)		3,315,003			(4,100,750	)		27,517,428		3,112,831		1,242,565		—
MassMutual Diversified Value Fund, Class I		1,747,134		339,930		(804,592	)		170,496			(113,768	)		1,339,200		121,414		37,114		176,393
MassMutual Equity Opportunities Fund, Class I		4,639,628		896,981		(1,961,182	)		(82,593	)		41,347			3,534,181		217,622		64,791		646,427
MassMutual Fundamental Value Fund, Class I		2,335,332		859,554		(1,442,839	)		287,042			(247,866	)		1,791,223		210,484		30,901		320,804
MassMutual Global Floating Rate Fund, Class I		344,517		10,878		(295,728	)		29,178			(24,530	)		64,315		7,300		10,877		—
MassMutual Growth Opportunities Fund, Class I		870,646		155,164		(511,535	)		414,816			(274,788	)		654,303		126,313		5,630		97,501
MassMutual High Yield Fund, Class I		8,489,836		3,745,540		(3,629,811	)		822,389			(527,840	)		8,900,114		1,181,954		586,972		—
MassMutual Inflation-Protected and Income Fund, Class I		12,102,642		1,556,546		(9,037,246	)		1,518,714			(1,600,111	)		4,540,545		496,234		464,572		—
MassMutual International Equity Fund, Class I		2,907,114		1,128,047		(2,005,549	)		692,852			(334,790	)		2,387,674		300,715		36,404		135,167
MassMutual Mid Cap Growth Fund, Class I		1,362,569		438,626		(684,407	)		262,193			(229,634	)		1,149,347		61,397		—		185,201
MassMutual Mid Cap Value Fund, Class I		1,359,160		439,285		(665,056	)		29,771			(4,106	)		1,159,054		108,526		28,762		90,907
MassMutual Overseas Fund, Class I		5,029,025		3,248,773		(4,998,198	)		1,537,260			(668,546	)		4,148,314		516,602		109,176		368,347
MassMutual Small Cap Growth Equity Fund, Class I		983,753		286,389		(517,590	)		292,592			(195,226	)		849,918		65,128		331		—
MassMutual Small Cap Value Equity Fund, Class I		1,294,436		569,123		(797,065	)		308,412			(250,124	)		1,124,782		127,526		—		185,375
MassMutual Strategic Bond Fund, Class I		10,692,160		4,137,378		(5,624,146	)		1,403,422			(1,493,575	)		9,115,239		1,089,037		182,157		—
MassMutual Strategic Emerging Markets Fund, Class I		2,960,581		355,671		(2,368,788	)		1,038,949			(521,338	)		1,465,075		156,525		12,377		—
MassMutual Total Return Bond Fund, Class I		10,680,131		4,318,162		(5,625,733	)		1,076,092			(1,261,341	)		9,187,311		1,116,320		291,115		—
MM Equity Asset Fund, Class I		14,430,574		4,168,061		(8,631,114	)		3,317,856			(2,202,266	)		11,083,111		1,493,681		204,273		1,900,104
	$	116,751,094	$	40,796,040	$	(68,255,566	)	$	17,717,226		$	(14,793,887	)	$	92,214,907			$	3,322,357	$	4,560,405

199

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2025 Fund
MassMutual Blue Chip Growth Fund, Class I	$	3,277,716	$	1,114,330	$	(1,869,657	)	$	1,490,916		$	(949,348	)	$	3,063,957		142,642	$	16,479	$	521,898
MassMutual Core Bond Fund, Class I		26,697,133		9,520,751		(7,331,302	)		1,118,807			(1,896,986	)		28,108,403		3,179,684		1,056,000		—
MassMutual Diversified Value Fund, Class I		1,993,229		424,873		(606,185	)		101,901			(42,986	)		1,870,832		169,613		42,663		202,763
MassMutual Equity Opportunities Fund, Class I		5,287,700		1,102,934		(1,369,335	)		(264,788	)		183,901			4,940,412		304,213		74,036		738,662
MassMutual Fundamental Value Fund, Class I		2,652,861		923,291		(1,124,473	)		214,984			(178,846	)		2,487,817		292,340		35,527		368,826
MassMutual Global Floating Rate Fund, Class I		290,558		9,884		(233,842	)		25,152			(21,175	)		70,577		8,011		9,589		—
MassMutual Growth Opportunities Fund, Class I		991,507		188,929		(412,156	)		472,657			(323,690	)		917,247		177,075		6,460		111,864
MassMutual High Yield Fund, Class I		7,285,532		4,034,265		(1,705,630	)		471,958			(244,876	)		9,841,249		1,306,939		609,507		—
MassMutual Inflation-Protected and Income Fund, Class I		5,532,456		2,343,564		(4,489,520	)		733,845			(772,376	)		3,347,969		365,898		213,988		—
MassMutual International Equity Fund, Class I		3,280,272		787,542		(1,180,497	)		700,977			(324,470	)		3,263,824		411,061		41,465		153,962
MassMutual Mid Cap Growth Fund, Class I		1,519,645		409,926		(377,687	)		94,073			(70,411	)		1,575,546		84,164		—		208,119
MassMutual Mid Cap Value Fund, Class I		1,515,798		419,126		(370,873	)		3,630			16,227			1,583,908		148,306		32,316		102,139
MassMutual Overseas Fund, Class I		5,689,596		2,536,168		(3,542,695	)		1,796,596			(881,913	)		5,597,752		697,105		125,522		423,501
MassMutual Small Cap Growth Equity Fund, Class I		1,090,195		286,235		(305,394	)		288,668			(189,762	)		1,169,942		89,651		370		—
MassMutual Small Cap Value Equity Fund, Class I		1,437,432		595,876		(529,933	)		260,712			(211,021	)		1,553,066		176,085		—		207,368
MassMutual Strategic Bond Fund, Class I		9,013,330		3,040,638		(2,588,857	)		592,998			(736,956	)		9,321,153		1,113,638		154,991		—
MassMutual Strategic Emerging Markets Fund, Class I		4,378,314		324,570		(2,255,617	)		1,837,910			(1,129,654	)		3,155,523		337,129		18,476		—
MassMutual Total Return Bond Fund, Class I		9,003,189		3,189,836		(2,590,047	)		419,680			(627,785	)		9,394,873		1,141,540		247,708		—
MM Equity Asset Fund, Class I		16,407,076		4,644,771		(6,828,882	)		2,923,084			(1,746,461	)		15,399,588		2,075,416		235,069		2,186,573
	$	107,343,539	$	35,897,509	$	(39,712,582	)	$	13,283,760		$	(10,148,588	)	$	106,663,638			$	2,920,166	$	5,225,675

200

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2030 Fund
MassMutual Blue Chip Growth Fund, Class I	$	9,126,647	$	3,382,159	$	(6,709,736	)	$	4,363,160		$	(2,705,831	)	$	7,456,399		347,132	$	47,075	$	1,490,935
MassMutual Core Bond Fund, Class I		47,977,718		20,037,084		(22,329,597	)		4,285,048			(5,599,158	)		44,371,095		5,019,355		1,953,300		—
MassMutual Diversified Value Fund, Class I		5,499,928		1,288,003		(2,463,650	)		265,001			(85,164	)		4,504,118		408,352		121,637		578,101
MassMutual Equity Opportunities Fund, Class I		14,593,512		3,349,967		(5,831,806	)		(446,968	)		280,065			11,944,770		735,515		211,118		2,106,325
MassMutual Fundamental Value Fund, Class I		7,379,233		2,721,967		(4,180,419	)		592,461			(464,018	)		6,049,224		710,837		101,424		1,052,949
MassMutual Growth Opportunities Fund, Class I		2,735,934		640,040		(1,621,443	)		1,506,168			(1,039,725	)		2,220,974		428,759		18,411		318,830
MassMutual High Yield Fund, Class I		13,564,456		5,301,726		(5,586,746	)		1,315,110			(823,616	)		13,770,930		1,828,809		1,036,772		—
MassMutual Inflation-Protected and Income Fund, Class I		1,857,071		2,429,395		(3,796,419	)		179,228			(150,622	)		518,653		56,683		73,869		—
MassMutual International Equity Fund, Class I		9,129,380		3,396,181		(5,771,920	)		2,525,759			(1,395,559	)		7,883,841		992,927		119,515		443,765
MassMutual Mid Cap Growth Fund, Class I		4,116,982		1,342,277		(1,788,100	)		403,697			(294,826	)		3,780,030		201,925		—		582,394
MassMutual Mid Cap Value Fund, Class I		4,106,542		1,436,857		(1,837,008	)		(70,739	)		149,524			3,785,176		354,417		90,455		285,899
MassMutual Overseas Fund, Class I		15,970,176		8,706,239		(13,770,245	)		5,746,472			(2,948,545	)		13,704,097		1,706,612		360,221		1,215,349
MassMutual Small Cap Growth Equity Fund, Class I		2,973,963		919,160		(1,398,732	)		951,444			(644,739	)		2,801,096		214,643		1,042		—
MassMutual Small Cap Value Equity Fund, Class I		3,923,985		1,728,137		(2,122,476	)		701,575			(514,289	)		3,716,932		421,421		—		584,899
MassMutual Strategic Bond Fund, Class I		16,198,443		6,512,187		(7,831,060	)		1,923,682			(2,089,327	)		14,713,925		1,757,936		286,739		—
MassMutual Strategic Emerging Markets Fund, Class I		12,459,089		2,175,069		(8,662,265	)		5,418,221			(3,215,385	)		8,174,729		873,368		54,454		—
MassMutual Total Return Bond Fund, Class I		16,180,252		6,746,133		(7,787,180	)		1,438,750			(1,748,683	)		14,829,272		1,801,856		458,298		—
MM Equity Asset Fund, Class I		45,660,666		14,130,741		(26,025,277	)		9,400,303			(5,706,432	)		37,460,001		5,048,518		671,300		6,244,301
	$	233,453,977	$	86,243,322	$	(129,514,079	)	$	40,498,372		$	(28,996,330	)	$	201,685,262			$	5,605,630	$	14,903,747

201

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2035 Fund
MassMutual Blue Chip Growth Fund, Class I	$	7,354,394	$	3,074,559	$	(3,815,574	)	$	3,291,387		$	(1,986,670	)	$	7,918,096		368,626	$	38,308	$	1,213,254
MassMutual Core Bond Fund, Class I		6,150,261		3,191,659		(1,390,107	)		113,252			(328,469	)		7,736,596		875,181		251,707		—
MassMutual Diversified Value Fund, Class I		2,962,450		896,067		(768,545	)		(3,073	)		72,724			3,159,623		286,457		65,177		309,767
MassMutual Equity Opportunities Fund, Class I		4,909,785		1,373,607		(960,756	)		(153,828	)		47,962			5,216,770		321,230		70,660		704,985
MassMutual Fundamental Value Fund, Class I		3,469,640		1,500,232		(1,247,635	)		179,540			(147,856	)		3,753,921		441,119		48,165		500,032
MassMutual Growth Opportunities Fund, Class I		2,459,150		615,122		(868,234	)		1,172,031			(785,260	)		2,592,809		500,542		16,468		285,188
MassMutual High Yield Fund, Class I		3,721,095		1,537,318		(665,114	)		231,894			(107,970	)		4,717,223		626,457		292,189		—
MassMutual International Equity Fund, Class I		6,168,761		1,770,105		(1,643,910	)		1,039,617			(366,661	)		6,967,912		877,571		80,211		297,825
MassMutual Mid Cap Growth Fund, Class I		2,209,417		862,129		(450,605	)		59,390			(35,020	)		2,645,311		141,309		—		311,009
MassMutual Mid Cap Value Fund, Class I		2,203,818		941,322		(504,452	)		(50,043	)		58,106			2,648,751		248,010		48,291		152,633
MassMutual Overseas Fund, Class I		9,814,244		4,979,627		(5,130,081	)		2,684,910			(1,156,412	)		11,192,288		1,393,809		225,913		762,208
MassMutual Small Cap Growth Equity Fund, Class I		1,592,613		585,676		(356,646	)		331,201			(194,247	)		1,958,597		150,084		555		—
MassMutual Small Cap Value Equity Fund, Class I		2,098,930		1,073,986		(629,118	)		166,866			(109,934	)		2,600,730		294,867		—		311,246
MassMutual Strategic Bond Fund, Class I		10,473,078		4,707,209		(2,461,359	)		378,838			(602,924	)		12,494,842		1,492,813		186,102		—
MassMutual Strategic Emerging Markets Fund, Class I		3,665,464		675,179		(1,777,491	)		1,435,273			(861,536	)		3,136,889		335,138		15,970		—
MassMutual Total Return Bond Fund, Class I		10,457,290		4,852,360		(2,432,898	)		192,930			(481,498	)		12,588,184		1,529,549		297,437		—
MM Equity Asset Fund, Class I		24,523,070		8,659,025		(8,483,375	)		3,461,024			(1,623,438	)		26,536,306		3,576,322		364,108		3,386,867
	$	104,233,460	$	41,295,182	$	(33,585,900	)	$	14,531,209		$	(8,609,103	)	$	117,864,848			$	2,001,261	$	8,235,014

202

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2040 Fund
MassMutual Blue Chip Growth Fund, Class I	$	13,494,495	$	5,394,885	$	(9,952,626	)	$	6,644,064		$	(4,064,035	)	$	11,516,783		536,163	$	70,692	$	2,238,911
MassMutual Core Bond Fund, Class I		5,345,450		2,646,537		(2,627,428	)		395,586			(549,564	)		5,210,581		589,432		220,220		—
MassMutual Diversified Value Fund, Class I		5,421,859		1,611,442		(2,562,411	)		128,889			41,710			4,641,489		420,806		120,639		573,360
MassMutual Equity Opportunities Fund, Class I		8,994,559		2,602,972		(3,805,515	)		(140,735	)		27,208			7,678,489		472,813		131,609		1,313,070
MassMutual Fundamental Value Fund, Class I		6,365,970		2,557,518		(3,572,814	)		537,892			(432,044	)		5,456,522		641,189		88,890		922,823
MassMutual Growth Opportunities Fund, Class I		4,498,440		1,183,999		(2,674,728	)		2,651,498			(1,851,217	)		3,807,992		735,134		30,459		527,491
MassMutual High Yield Fund, Class I		4,639,696		3,164,332		(2,340,624	)		514,761			(359,062	)		5,619,103		746,229		403,530		—
MassMutual International Equity Fund, Class I		11,610,500		4,190,428		(6,791,154	)		2,878,427			(1,456,893	)		10,431,308		1,313,767		152,801		567,356
MassMutual Mid Cap Growth Fund , Class I		4,006,555		1,696,330		(1,904,838	)		524,409			(417,085	)		3,905,371		208,620		—		570,036
MassMutual Mid Cap Value Fund, Class I		3,996,370		1,816,540		(1,963,745	)		(62,437	)		124,064			3,910,792		366,179		88,537		279,836
MassMutual Overseas Fund, Class I		18,540,308		10,291,551		(15,575,057	)		6,137,070			(2,856,470	)		16,537,402		2,059,452		427,520		1,442,410
MassMutual Small Cap Growth Equity Fund, Class I		2,898,074		1,112,546		(1,431,636	)		950,447			(653,245	)		2,876,186		220,397		1,021		—
MassMutual Small Cap Value Equity Fund, Class I		3,827,579		1,944,911		(2,131,097	)		621,350			(442,382	)		3,820,361		433,148		—		573,801
MassMutual Strategic Bond Fund, Class I		10,057,701		4,783,804		(5,103,944	)		783,334			(899,834	)		9,621,061		1,149,470		180,192		—
MassMutual Strategic Emerging Markets Fund, Class I		6,625,655		1,502,537		(4,816,125	)		2,983,019			(1,816,840	)		4,478,246		478,445		29,159		—
MassMutual Total Return Bond Fund, Class I		10,037,981		4,952,851		(5,090,176	)		598,636			(802,452	)		9,696,840		1,178,231		287,769		—
MM Equity Asset Fund, Class I		45,031,049		15,083,203		(25,421,998	)		8,766,299			(4,872,120	)		38,586,433		5,200,328		672,455		6,255,054
	$	165,392,241	$	66,536,386	$	(97,765,916	)	$	34,912,509		$	(21,280,261	)	$	147,794,959			$	2,905,493	$	15,264,148

203

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2045 Fund
MassMutual Blue Chip Growth Fund, Class I	$	6,631,222	$	2,799,443	$	(3,278,973	)	$	2,923,217		$	(1,699,181	)	$	7,375,728		343,377	$	34,055	$	1,078,548
MassMutual Core Bond Fund, Class I		1,207,475		755,306		(303,492	)		(7,629	)		(36,087	)		1,615,573		182,757		48,737		—
MassMutual Diversified Value Fund, Class I		2,667,336		795,603		(560,526	)		(6,154	)		73,775			2,970,034		269,269		58,017		275,735
MassMutual Equity Opportunities Fund, Class I		4,428,636		3,927,640		(3,379,499	)		184,579			(263,583	)		4,897,773		301,587		63,019		628,742
MassMutual Fundamental Value Fund, Class I		3,130,881		1,383,031		(1,062,572	)		181,627			(139,842	)		3,493,125		410,473		42,793		444,261
MassMutual Growth Opportunities Fund, Class I		2,217,950		553,151		(690,742	)		1,033,716			(676,814	)		2,437,261		470,514		14,702		254,604
MassMutual High Yield Fund, Class I		1,057,534		724,011		(200,670	)		68,120			(35,855	)		1,613,140		214,228		93,360		—
MassMutual International Equity Fund, Class I		5,723,596		1,645,072		(1,356,915	)		912,830			(281,611	)		6,642,972		836,646		73,322		272,247
MassMutual Mid Cap Growth Fund, Class I		1,975,366		840,075		(340,086	)		78,077			(54,109	)		2,499,323		133,511		—		275,046
MassMutual Mid Cap Value Fund, Class I		1,970,321		900,277		(372,573	)		(50,796	)		55,331			2,502,560		234,322		42,671		134,871
MassMutual Overseas Fund, Class I		9,106,041		4,632,821		(4,631,906	)		2,509,561			(1,072,704	)		10,543,813		1,313,053		205,256		692,512
MassMutual Small Cap Growth Equity Fund, Class I		1,428,886		536,329		(245,030	)		242,520			(121,773	)		1,840,932		141,068		492		—
MassMutual Small Cap Value Equity Fund, Class I		1,881,282		975,293		(470,094	)		74,488			(22,715	)		2,438,254		276,446		—		275,668
MassMutual Strategic Bond Fund, Class I		2,271,070		1,374,969		(604,155	)		(3,376	)		(54,332	)		2,984,176		356,532		39,883		—
MassMutual Strategic Emerging Markets Fund, Class I		3,280,714		643,640		(1,455,756	)		1,156,408			(647,742	)		2,977,264		318,084		14,023		—
MassMutual Total Return Bond Fund, Class I		2,268,531		1,414,661		(604,858	)		(10,692	)		(58,795	)		3,008,847		365,595		63,728		—
MM Equity Asset Fund, Class I		22,107,022		10,427,224		(9,561,434	)		3,880,203			(2,159,387	)		24,693,628		3,327,982		323,398		3,008,185
	$	73,353,863	$	34,328,546	$	(29,119,281	)	$	13,166,699		$	(7,195,424	)	$	84,534,403			$	1,117,456	$	7,340,419

204

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation		Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2050 Fund
MassMutual Blue Chip Growth Fund, Class I	$	10,463,758	$	4,961,656	$	(8,047,412	)	$	5,296,372	$	(3,122,152	)	$	9,552,222		444,703	$	55,300	$	1,751,418
MassMutual Core Bond Fund, Class I		1,518,434		653,305		(744,275	)		52,696		(93,443	)		1,386,717		156,868		63,078		—
MassMutual Diversified Value Fund, Class I		4,198,553		1,555,931		(2,058,702	)		247,581		(109,720	)		3,833,643		347,565		94,207		447,734
MassMutual Equity Opportunities Fund, Class I		6,971,114		7,526,385		(8,096,404	)		630,819		(696,500	)		6,335,414		390,112		102,076		1,018,418
MassMutual Fundamental Value Fund, Class I		4,940,290		2,358,833		(2,868,887	)		469,013		(368,505	)		4,530,744		532,402		69,585		722,400
MassMutual Growth Opportunities Fund, Class I		3,491,057		1,174,312		(2,180,393	)		2,131,142		(1,464,526	)		3,151,592		608,416		23,841		412,880
MassMutual High Yield Fund, Class I		1,341,512		411,680		(567,591	)		167,963		(115,523	)		1,238,041		164,415		98,101		—
MassMutual International Equity Fund, Class I		9,014,221		4,384,085		(5,907,918	)		2,352,211		(1,253,930	)		8,588,669		1,081,696		119,848		444,998
MassMutual Mid Cap Growth Fund, Class I		3,118,475		1,663,735		(1,637,649	)		513,707		(417,126	)		3,241,142		173,138		—		448,363
MassMutual Mid Cap Value Fund, Class I		3,110,575		1,782,857		(1,694,956	)		33,270		13,962			3,245,708		303,905		69,643		220,118
MassMutual Overseas Fund, Class I		14,396,937		9,584,172		(12,881,369	)		4,948,520		(2,375,556	)		13,672,704		1,702,703		334,524		1,128,650
MassMutual Small Cap Growth Equity Fund, Class I		2,249,143		1,162,929		(1,258,891	)		761,217		(525,535	)		2,388,863		183,055		801		—
MassMutual Small Cap Value Equity Fund, Class I		2,961,344		1,872,005		(1,817,923	)		521,164		(365,993	)		3,170,597		359,478		—		448,638
MassMutual Strategic Bond Fund, Class I		2,857,625		1,174,658		(1,442,712	)		109,576		(136,274	)		2,562,873		306,198		51,631		—
MassMutual Strategic Emerging Markets Fund, Class I		5,191,926		1,776,347		(3,988,680	)		2,354,957		(1,440,344	)		3,894,206		416,048		23,014		—
MassMutual Total Return Bond Fund, Class I		2,854,432		1,221,512		(1,439,516	)		94,211		(147,619	)		2,583,020		313,854		82,522		—
MM Equity Asset Fund, Class I		34,856,582		19,476,220		(25,512,753	)		8,367,915		(5,186,116	)		32,001,848		4,312,918		525,089		4,884,275
	$	113,535,978	$	62,740,622	$	(82,146,031	)	$	29,052,334	$	(17,804,900	)	$	105,378,003			$	1,713,260	$	11,927,892

205

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2055 Fund
MassMutual Blue Chip Growth Fund, Class I	$	3,511,680	$	1,728,434	$	(1,675,183	)	$	1,564,498		$	(908,722	)	$	4,220,707		196,495	$	18,703	$	592,359
MassMutual Core Bond Fund, Class I		509,578		228,933		(109,481	)		(3,491	)		(13,506	)		612,033		69,235		21,307		—
MassMutual Diversified Value Fund, Class I		1,408,068		551,550		(294,989	)		31,219			(5,922	)		1,689,926		153,212		31,647		150,407
MassMutual Equity Opportunities Fund, Class I		2,337,900		2,494,738		(1,974,894	)		150,729			(210,836	)		2,797,637		172,268		34,303		342,239
MassMutual Fundamental Value Fund, Class I		1,657,994		846,853		(516,061	)		95,351			(83,500	)		2,000,637		235,093		23,539		244,375
MassMutual Growth Opportunities Fund, Class I		1,170,851		394,598		(365,921	)		545,396			(356,265	)		1,388,659		268,081		8,025		138,966
MassMutual High Yield Fund, Class I		450,188		155,196		(74,599	)		31,375			(15,611	)		546,549		72,583		33,768		—
MassMutual International Equity Fund, Class I		3,021,617		1,257,087		(803,364	)		520,904			(202,569	)		3,793,675		477,793		40,460		150,233
MassMutual Mid Cap Growth Fund, Class I		1,045,907		572,940		(191,525	)		34,222			(29,910	)		1,431,634		76,476		—		151,164
MassMutual Mid Cap Value Fund, Class I		1,043,240		604,464		(209,466	)		(23,944	)		16,624			1,430,918		133,981		23,483		74,222
MassMutual Overseas Fund, Class I		4,829,382		2,792,498		(2,320,595	)		1,361,104			(625,326	)		6,037,063		751,814		113,027		381,338
MassMutual Small Cap Growth Equity Fund, Class I		754,402		387,353		(144,731	)		141,891			(81,660	)		1,057,255		81,016		270		—
MassMutual Small Cap Value Equity Fund, Class I		993,233		645,193		(259,187	)		67,179			(49,692	)		1,396,726		158,359		—		151,286
MassMutual Strategic Bond Fund, Class I		959,010		402,353		(209,808	)		(723	)		(19,532	)		1,131,300		135,161		17,428		—
MassMutual Strategic Emerging Markets Fund, Class I		1,742,565		510,248		(788,354	)		678,836			(415,907	)		1,727,388		184,550		7,810		—
MassMutual Total Return Bond Fund, Class I		957,939		423,764		(215,230	)		(4,757	)		(21,587	)		1,140,129		138,533		27,855		—
MM Equity Asset Fund, Class I		11,697,963		6,710,362		(5,148,787	)		2,291,008			(1,414,909	)		14,135,637		1,905,072		177,612		1,652,119
	$	38,091,517	$	20,706,564	$	(15,302,175	)	$	7,480,797		$	(4,438,830	)	$	46,537,873			$	579,237	$	4,028,708

206

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2060 Fund
MassMutual Blue Chip Growth Fund, Class I	$	1,155,979	$	713,536	$	(577,171	)	$	549,122		$	(337,617	)	$	1,503,849		70,012	$	6,301	$	199,530
MassMutual Core Bond Fund, Class I		167,798		93,960		(37,720	)		(1,340	)		(4,722	)		217,976		24,658		7,164		—
MassMutual Diversified Value Fund, Class I		463,844		245,912		(114,217	)		28,269			(22,015	)		601,793		54,560		10,692		50,814
MassMutual Equity Opportunities Fund, Class I		770,138		932,936		(683,101	)		77,006			(102,338	)		994,641		61,246		11,591		115,646
MassMutual Fundamental Value Fund, Class I		545,772		341,373		(175,849	)		39,879			(38,310	)		712,865		83,768		7,935		82,379
MassMutual High Yield Fund, Class I		148,240		68,986		(28,173	)		11,187			(6,101	)		194,139		25,782		11,379		—
MassMutual Mid Cap Growth Fund , Class I		344,527		241,751		(76,558	)		36,127			(36,866	)		508,981		27,189		—		50,904
MassMutual Overseas Fund, Class I		1,589,770		1,085,902		(739,597	)		444,735			(221,809	)		2,159,001		268,867		38,335		129,339
MassMutual Small Cap Growth Equity Fund, Class I		248,512		166,285		(57,954	)		57,666			(38,803	)		375,706		28,790		91		—
MassMutual Small Cap Value Equity Fund, Class I		327,174		265,838		(100,195	)		52,215			(48,438	)		496,594		56,303		—		50,968
MassMutual Strategic Bond Fund, Class I		315,792		168,000		(72,990	)		(1,038	)		(6,811	)		402,953		48,142		5,865		—
MassMutual Strategic Emerging Markets Fund, Class I		572,787		244,560		(281,815	)		225,546			(143,016	)		618,062		66,032		2,626		—
MassMutual Growth Opportunities Fund, Class I		385,683		191,465		(142,704	)		180,164			(119,656	)		494,952		95,551		2,703		46,816
MassMutual International Equity Fund, Class I		995,368		553,237		(290,687	)		180,361			(82,940	)		1,355,339		170,698		13,661		50,725
MassMutual Mid Cap Value Fund, Class I		343,647		250,467		(80,188	)		(140	)		(4,144	)		509,642		47,719		7,886		24,928
MassMutual Total Return Bond Fund, Class I		315,439		174,332		(73,947	)		(2,260	)		(7,488	)		406,076		49,341		9,376		—
MM Equity Asset Fund, Class I		3,850,731		2,700,317		(1,787,677	)		897,794			(624,466	)		5,036,699		678,800		59,844		556,657
	$	12,541,201	$	8,438,857	$	(5,320,543	)	$	2,775,293		$	(1,845,540	)	$	16,589,268			$	195,449	$	1,358,706

207

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM RetireSMART by JPMorgan 2065 Fund
MassMutual Blue Chip Growth Fund, Class I	$	—	$	80,976	$	(22,095	)	$	9,043		$	1,821		$	69,745		3,247	$	—	$	—
MassMutual Core Bond Fund, Class I		—		11,329		(725	)		(475	)		(17	)		10,112		1,144		—		—
MassMutual Diversified Value Fund, Class I		—		34,191		(4,553	)		(1,271	)		(51	)		28,316		2,567		—		—
MassMutual Equity Opportunities Fund, Class I		—		118,279		(70,317	)		(754	)		(412	)		46,796		2,882		—		—
MassMutual Fundamental Value Fund, Class I		—		39,585		(5,962	)		(508	)		(51	)		33,064		3,885		—		—
MassMutual Growth Opportunities Fund, Class I		—		27,156		(5,812	)		1,551			332			23,227		4,484		—		—
MassMutual High Yield Fund, Class I		—		10,076		(715	)		(209	)		(9	)		9,143		1,214		382		—
MassMutual International Equity Fund, Class I		—		83,954		(17,687	)		(2,641	)		(125	)		63,501		7,998		—		—
MassMutual Mid Cap Growth Fund, Class I		—		25,875		(1,331	)		(648	)		5			23,901		1,277		—		—
MassMutual Mid Cap Value Fund, Class I		—		27,027		(1,185	)		(1,848	)		(62	)		23,932		2,241		—		—
MassMutual Overseas Fund, Class I		—		133,645		(29,801	)		(4,422	)		(147	)		99,275		12,363		—		—
MassMutual Small Cap Growth Equity Fund, Class I		—		19,398		(907	)		(855	)		(15	)		17,621		1,350		—		—
MassMutual Small Cap Value Equity Fund, Class I		—		26,153		(1,512	)		(1,226	)		(53	)		23,362		2,649		—		—
MassMutual Strategic Bond Fund, Class I		—		21,401		(1,417	)		(1,267	)		(29	)		18,688		2,233		—		—
MassMutual Strategic Emerging Markets Fund, Class I		—		49,105		(17,948	)		(2,263	)		(403	)		28,491		3,044		—		—
MassMutual Total Return Bond Fund, Class I		—		21,409		(1,470	)		(1,074	)		(29	)		18,836		2,289		—		—
MM Equity Asset Fund, Class I		—		280,330		(61,451	)		13,195			1,522			233,596		31,482		—		—
	$	—	$	1,009,889	$	(244,888	)	$	4,328		$	2,277		$	771,606			$	382	$	—

208

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement Balanced Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	33,880,728	$	7,816,491	$	(2,576,902	)	$	(1,004,289	)	$	(579,314	)	$	37,536,714		4,549,905	$	2,108,112	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		6,308,894		1,223,359		(532,875	)		635,839			(218,478	)		7,416,739		1,020,184		415,575		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		16,815,662		2,768,068		(4,561,547	)		3,066,729			206,833			18,295,745		1,829,575		547,832		5,578
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		24,353,536		6,599,766		(6,657,775	)		3,128,033			(445,287	)		26,978,273		2,205,909		208,890		2,529,515
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		32,495,550		7,869,993		(2,450,003	)		(2,247,684	)		(231,087	)		35,436,769		3,898,434		3,074,603		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		2,714,833		1,756,386		(242,028	)		24,028			11,499			4,264,718		398,945		87,439		146,125
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		8,515,421		1,811,293		(1,361,765	)		458,545			20,343			9,443,837		814,826		74,439		610,056
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		4,811,303		2,320,663		(426,179	)		(535,988	)		(253,911	)		5,915,888		1,229,914		127,365		—
MM S&P 500 Index Fund, Class I		6,527,362		2,343,097		(2,487,262	)		297,185			(536,148	)		6,144,234		418,260		104,633		1,493,959
	$	136,423,289	$	34,509,116	$	(21,296,336	)	$	3,822,398		$	(2,025,550	)	$	151,432,917			$	6,748,888	$	4,785,233
MM Select T. Rowe Price Retirement 2005 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	5,201,816	$	1,289,017	$	(2,587,531	)	$	415,406		$	(610,384	)	$	3,708,324		449,494	$	322,895	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		946,977		211,665		(527,581	)		212,126			(148,826	)		694,361		95,510		61,963		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		2,783,353		507,450		(1,943,815	)		455,223			85,120			1,887,331		188,733		90,842		925
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		4,080,715		1,151,130		(2,754,209	)		1,415,002			(1,089,882	)		2,802,756		229,171		34,448		417,137
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		4,233,959		1,202,551		(2,098,646	)		(11,052	)		(299,038	)		3,027,774		333,088		397,612		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		457,498		243,476		(267,343	)		11,477			1,158			446,266		41,746		14,827		24,779
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		1,452,168		316,656		(858,640	)		111,470			(41,286	)		980,368		84,587		12,263		100,500
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		772,825		350,397		(448,257	)		91,910			(174,317	)		592,558		123,193		20,405		—
MM S&P 500 Index Fund, Class I		1,087,971		486,924		(831,045	)		274,657			(335,869	)		682,638		46,470		17,172		245,175
	$	21,017,282	$	5,759,266	$	(12,317,067	)	$	2,976,219		$	(2,613,324	)	$	14,822,376			$	972,427	$	788,516

209

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2010 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	21,316,665	$	3,421,754	$	(4,283,915	)	$	63,997		$	(967,615	)	$	19,550,886		2,369,804	$	1,290,676	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		3,826,371		429,703		(860,827	)		506,014			(248,993	)		3,652,268		502,375		243,573		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		12,786,049		1,081,607		(5,020,447	)		2,296,561			208,326			11,352,096		1,135,210		410,024		4,175
MassMutual Select T. Rowe Price Large Cap Blend Fund Class I		18,828,760		3,636,418		(7,506,742	)		4,191,993			(2,277,651	)		16,872,778		1,379,622		154,566		1,871,701
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		15,744,144		3,238,103		(3,198,749	)		(818,863	)		(333,179	)		14,631,456		1,609,621		1,442,344		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		2,097,283		1,033,284		(500,975	)		(49,780	)		100,982			2,680,794		250,776		66,343		110,870
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		6,621,101		802,765		(1,891,296	)		297,701			86,062			5,916,333		510,469		55,179		452,209
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		3,312,288		1,210,054		(778,820	)		(81,822	)		(374,474	)		3,287,226		683,415		83,925		—
MM S&P 500 Index Fund, Class I		4,983,657		1,696,878		(2,615,790	)		517,592			(694,214	)		3,888,123		264,678		76,489		1,092,111
	$	89,516,318	$	16,550,566	$	(26,657,561	)	$	6,923,393		$	(4,500,756	)	$	81,831,960			$	3,823,119	$	3,531,066
MM Select T. Rowe Price Retirement 2015 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	22,770,341	$	3,916,152	$	(4,992,829	)	$	222,964		$	(1,205,734	)	$	20,710,894		2,510,411	$	1,380,169	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		4,027,616		445,525		(990,564	)		582,482			(320,354	)		3,744,705		515,090		254,410		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		15,192,313		1,259,266		(6,221,482	)		2,760,356			173,890			13,164,343		1,316,434		483,866		4,927
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		22,235,508		4,241,581		(8,959,944	)		3,005,607			(845,252	)		19,677,500		1,608,953		181,743		2,200,794
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		15,107,415		3,052,417		(3,312,816	)		(765,787	)		(335,545	)		13,745,684		1,512,176		1,377,127		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		2,478,619		1,224,250		(632,006	)		(65,673	)		127,074			3,132,264		293,009		78,431		131,071
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		7,955,434		1,033,459		(2,553,387	)		443,405			16,534			6,895,445		594,948		65,148		533,915
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		3,672,806		1,362,369		(915,379	)		(58,239	)		(442,096	)		3,619,461		752,487		92,072		—
MM S&P 500 Index Fund, Class I		5,709,460		1,983,380		(3,156,350	)		778,648			(993,932	)		4,321,206		294,160		87,870		1,254,605
	$	99,149,512	$	18,518,399	$	(31,734,757	)	$	6,903,763		$	(3,825,415	)	$	89,011,502			$	4,000,836	$	4,125,312

210

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2020 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	99,661,860	$	14,692,247	$	(17,185,798	)	$	(412,676	)	$	(3,879,629	)	$	92,876,004		11,257,697	$	6,080,570	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		17,053,450		1,589,196		(3,352,883	)		2,177,450			(1,040,380	)		16,426,833		2,259,537		1,099,115		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		74,325,793		4,780,497		(27,573,403	)		12,908,146			1,637,519			66,078,552		6,607,855		2,382,276		24,256
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		106,019,636		18,193,261		(36,579,601	)		11,628,187			(913,347	)		98,348,136		8,041,548		893,057		10,814,354
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		57,329,199		11,145,203		(10,096,721	)		(2,920,697	)		(1,329,726	)		54,127,258		5,954,594		5,318,290		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		12,013,357		5,756,603		(2,459,823	)		93,989			175,316			15,579,442		1,457,385		375,531		627,581
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		38,231,353		4,196,572		(10,053,128	)		2,041,720			220,606			34,637,123		2,988,535		322,354		2,641,796
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		16,548,103		5,617,035		(3,321,750	)		(616,760	)		(1,687,633	)		16,538,995		3,438,461		419,612		—
MM S&P 500 Index Fund, Class I		28,069,532		11,387,582		(18,306,213	)		5,335,005			(6,219,550	)		20,266,356		1,379,602		429,074		6,126,298
	$	449,252,283	$	77,358,196	$	(128,929,320	)	$	30,234,364		$	(13,036,824	)	$	414,878,699			$	17,319,879	$	20,234,285
MM Select T. Rowe Price Retirement 2025 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	91,350,803	$	18,977,960	$	(16,110,136	)	$	(414,174	)	$	(3,665,325	)	$	90,139,128		10,925,955	$	5,585,225	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		14,352,134		1,620,209		(2,902,049	)		1,862,433			(910,304	)		14,022,423		1,928,806		927,012		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		86,069,408		7,401,054		(31,343,350	)		15,094,125			1,898,326			79,119,563		7,911,956		2,785,775		28,364
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		125,951,849		23,487,740		(43,854,929	)		9,862,923			2,917,713			118,365,296		9,678,274		1,064,938		12,895,727
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		38,618,648		12,954,324		(7,279,929	)		(1,824,201	)		(1,064,297	)		41,404,545		4,554,955		3,632,760		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		14,246,400		6,885,403		(2,907,152	)		127,845			211,326			18,563,822		1,736,560		449,679		751,497
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		45,468,612		5,989,007		(13,234,100	)		2,624,972			163,955			41,012,446		3,538,606		381,240		3,124,386
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		18,075,564		5,949,144		(3,573,536	)		(649,106	)		(1,877,205	)		17,924,861		3,726,582		455,964		—
MM S&P 500 Index Fund, Class I		33,239,405		13,709,973		(20,641,144	)		5,404,747			(6,512,150	)		25,200,831		1,715,509		500,871		7,151,414
	$	467,372,823	$	96,974,814	$	(141,846,325	)	$	32,089,564		$	(8,837,961	)	$	445,752,915			$	15,783,464	$	23,951,388

211

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2030 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	166,937,807	$	38,930,881	$	(14,918,841	)	$	(5,302,450	)	$	(2,442,043	)	$	183,205,354		22,206,710	$	10,358,837	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		21,239,488		2,529,517		(2,262,003	)		2,103,721			(679,176	)		22,931,547		3,154,271		1,394,373		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		228,925,991		19,114,590		(53,549,902	)		40,804,246			3,861,822			239,156,747		23,915,675		7,529,049		76,658
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		336,034,396		63,463,657		(73,707,603	)		24,150,952			10,504,430			360,445,832		29,472,268		2,875,140		34,816,114
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		24,665,077		19,682,278		(2,926,194	)		(1,381,989	)		(462,978	)		39,576,194		4,353,817		2,394,420		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		38,091,163		19,630,315		(3,965,387	)		451,023			208,890			54,416,004		5,090,365		1,212,283		2,025,947
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		119,146,811		16,913,009		(18,991,691	)		4,728,186			2,073,717			123,870,032		10,687,665		1,039,385		8,518,101
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		41,394,630		13,891,658		(4,169,580	)		(1,320,472	)		(4,860,886	)		44,935,350		9,342,069		1,044,556		—
MM S&P 500 Index Fund, Class I		87,996,174		33,952,717		(40,319,828	)		4,119,314			(6,898,570	)		78,849,807		5,367,584		1,334,842		19,058,854
	$	1,064,431,537	$	228,108,622	$	(214,811,029	)	$	68,352,531		$	1,305,206		$	1,147,386,867			$	29,182,885	$	64,495,674
MM Select T. Rowe Price Retirement 2035 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	56,717,237	$	21,901,291	$	(5,672,089	)	$	(1,894,870	)	$	(944,229	)	$	70,107,340		8,497,859	$	3,558,838	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		5,795,993		1,053,192		(694,470	)		591,461			(207,043	)		6,539,133		899,468		385,118		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		141,006,016		18,976,952		(29,787,460	)		24,878,686			2,403,775			157,477,969		15,747,797		4,668,485		47,533
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		204,201,090		50,272,068		(37,737,746	)		15,954,339			5,554,083			238,243,834		19,480,281		1,763,207		21,351,314
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund Class I		326,326		5,055		(275,000	)		8,139			(10,545	)		53,975		5,938		5,055		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		23,111,135		14,390,442		(2,611,319	)		87,278			227,837			35,205,373		3,293,300		743,465		1,242,467
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		72,626,897		13,241,836		(10,554,187	)		2,610,388			1,491,558			79,416,492		6,852,156		635,713		5,209,884
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		16,651,820		9,445,560		(1,921,565	)		(282,396	)		(2,587,346	)		21,306,073		4,429,537		436,181		—
MM S&P 500 Index Fund, Class I		50,912,772		27,289,464		(19,439,571	)		1,805,704			(3,985,568	)		56,582,801		3,851,790		856,652		12,231,258
	$	571,349,286	$	156,575,860	$	(108,693,407	)	$	43,758,729		$	1,942,522		$	664,932,990			$	13,052,714	$	40,082,456

212

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2040 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	44,496,064	$	18,402,806	$	(3,056,785	)	$	(1,683,207	)	$	(558,271	)	$	57,600,607		6,981,892	$	2,792,660	$	—
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I		2,356,952		434,061		(272,220	)		252,451			(93,625	)		2,677,619		368,311		156,735		—
MassMutual Select T. Rowe Price International Equity Fund, Class I		260,966,760		30,065,914		(40,403,230	)		50,410,575			224,841			301,264,860		30,126,486		8,759,039		89,182
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		381,959,678		81,832,621		(47,807,806	)		34,550,299			5,207,250			455,742,042		37,264,272		3,296,138		39,914,137
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		535,724		22,659		(299,999	)		(2,511	)		(13,925	)		241,948		26,617		22,660		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		43,255,420		26,798,501		(3,373,122	)		368,806			187,947			67,237,552		6,289,762		1,392,727		2,327,503
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		136,305,591		20,364,896		(13,059,840	)		6,794,276			551,192			150,956,115		13,024,686		1,194,213		9,786,973
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		15,397,932		8,664,017		(1,245,287	)		(934,120	)		(1,747,216	)		20,135,326		4,186,138		407,776		—
MM S&P 500 Index Fund, Class I		96,157,761		40,019,984		(25,576,483	)		748,539			(5,103,319	)		106,246,482		7,232,572		1,641,412		23,436,038
	$	981,431,882	$	226,605,459	$	(135,094,772	)	$	90,505,108		$	(1,345,126	)	$	1,162,102,551			$	19,663,360	$	75,553,833
MM Select T. Rowe Price Retirement 2045 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	8,041,326	$	2,515,331	$	(717,911	)	$	(226,394	)	$	(170,449	)	$	9,441,903		1,144,473	$	512,003	$	—
MassMutual Select T. Rowe Price International Equity Fund, Class I		127,230,715		23,403,539		(20,423,062	)		23,676,307			970,022			154,857,521		15,485,752		4,352,254		44,313
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		184,511,397		55,370,339		(25,224,166	)		16,205,808			3,607,585			234,470,963		19,171,788		1,624,076		19,666,526
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		240,606		6,359		(175,000	)		4,771			(8,834	)		67,902		7,470		6,359		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		21,052,785		15,823,263		(2,379,305	)		(12,181	)		192,299			34,676,861		3,243,860		688,397		1,150,439
MassMutual Select T. Rowe Price Small And Mid Cap Blend Fund, Class I		67,462,988		14,741,983		(8,784,034	)		3,225,345			336,272			76,982,554		6,642,153		593,579		4,864,579
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		3,106,295		2,575,922		(379,422	)		(180,406	)		(430,776	)		4,691,613		975,387		86,927		—
MM S&P 500 Index Fun, Class I		47,459,123		23,310,502		(12,793,800	)		58,649			(2,608,148	)		55,426,326		3,773,065		847,432		12,099,605
	$	459,105,235	$	137,747,238	$	(70,876,700	)	$	42,751,899		$	1,887,971		$	570,615,643			$	8,711,027	$	37,825,462

213

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2050 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	5,157,848	$	1,308,153	$	(1,037,912	)	$	4,100		$	(240,733	)	$	5,191,456		629,267	$	327,733	$	—
MassMutual Select T. Rowe Price International Equity Fund, Class I		191,194,494		29,206,843		(22,980,670	)		36,618,196			378,868			234,417,731		23,441,773		6,524,122		66,427
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		276,260,366		76,588,341		(27,295,697	)		26,844,302			2,720,600			355,117,912		29,036,624		2,438,078		29,523,573
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		377,475		9,934		(275,000	)		7,693			(14,030	)		106,072		11,669		9,934		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		31,486,565		23,000,365		(2,349,770	)		140,926			150,738			52,428,824		4,904,474		1,028,844		1,719,385
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		100,447,523		19,949,722		(9,308,486	)		4,908,703			359,698			116,357,160		10,039,444		888,863		7,284,532
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		1,876,296		1,063,468		(151,268	)		(264,441	)		(80,148	)		2,443,907		508,089		50,313		—
MM S&P 500 Index Fund, Class I		71,757,681		30,024,792		(14,524,535	)		(306,509	)		(3,336,850	)		83,614,579		5,691,939		1,268,419		18,110,463
	$	678,558,248	$	181,151,618	$	(77,923,338	)	$	67,952,970		$	(61,857	)	$	849,677,641			$	12,536,306	$	56,704,380
MM Select T. Rowe Price Retirement 2055 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	2,128,967	$	481,926	$	(341,120	)	$	(21,215	)	$	(77,017	)	$	2,171,541		263,217	$	135,510	$	—
MassMutual Select T. Rowe Price International Equity Fund, Class I		80,373,659		19,506,951		(10,286,251	)		14,789,474			706,152			105,089,985		10,508,998		2,746,926		27,968
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		116,859,191		42,780,544		(13,754,404	)		10,698,797			2,171,193			158,755,321		12,980,811		1,033,868		12,519,492
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		146,626		2,135		(125,000	)		4,798			(5,761	)		22,798		2,508		2,135		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		13,327,629		11,323,995		(1,216,135	)		(30,779	)		104,735			23,509,445		2,199,200		436,307		729,150
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		42,633,047		12,230,529		(4,488,802	)		1,958,241			301,864			52,634,879		4,541,405		375,258		3,075,363
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		797,710		397,261		(73,306	)		(99,760	)		(38,718	)		983,187		204,405		21,470		—
MM S&P 500 Index Fund, Class I		30,325,790		15,830,498		(7,007,737	)		75,734			(1,750,986	)		37,473,299		2,550,939		546,239		7,799,182
	$	286,592,619	$	102,553,839	$	(37,292,755	)	$	27,375,290		$	1,411,462		$	380,640,455			$	5,297,713	$	24,151,155

214

Notes to Financial Statements (Continued)

	Beginning Value as of 9/30/22		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 9/30/23		Number of Shares Held as of 9/30/23		Dividend Income		Realized Gains Distributions
MM Select T. Rowe Price Retirement 2060 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	917,837	$	494,043	$	(71,766	)	$	(34,817	)	$	(16,311	)	$	1,288,986		156,241	$	61,759	$	—
MassMutual Select T. Rowe Price International Equity Fund, Class I		35,431,987		22,112,417		(5,104,419	)		6,626,078			175,939			59,242,002		5,924,200		1,292,933		13,164
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		51,832,191		38,395,444		(6,959,453	)		5,836,396			477,860			89,582,438		7,324,811		485,863		5,883,490
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I		60,468		1,027		(50,000	)		1,674			(2,199	)		10,970		1,207		1,028		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		5,907,018		8,068,693		(618,306	)		(188,499	)		96,830			13,265,736		1,240,948		205,942		344,168
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		18,827,080		12,109,876		(2,142,383	)		919,164			(38,675	)		29,675,062		2,560,402		176,539		1,446,798
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		357,552		305,744		(37,031	)		(61,865	)		(12,426	)		551,974		114,756		10,015		—
MM S&P 500 Index Fund, Class I		13,419,519		11,873,825		(3,396,128	)		396,613			(1,166,063	)		21,127,766		1,438,241		255,868		3,653,271
	$	126,753,652	$	93,361,069	$	(18,379,486	)	$	13,494,744		$	(485,045	)	$	214,744,934			$	2,489,947	$	11,340,891
MM Select T. Rowe Price Retirement 2065 Fund
MassMutual Select T. Rowe Price Bond Asset Fund, Class I	$	—	$	7,216	$	(152	)	$	(198	)	$	(1	)	$	6,865		832	$	—	$	—
MassMutual Select T. Rowe Price International Equity Fund, Class I		—		348,076		(9,193	)		(11,926	)		(36	)		326,921		32,692		—		—
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I		—		493,185		(26,952	)		25,477			1,339			493,049		40,315		—		—
MassMutual Select T. Rowe Price Real Assets Fund, Class I		—		80,729		(1,373	)		(6,114	)		(97	)		73,145		6,842		—		—
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I		—		174,302		(3,608	)		(8,108	)		(98	)		162,488		14,020		—		—
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I		—		3,701		(80	)		(513	)		(5	)		3,103		645		—		—
MM S&P 500 Index Fund, Class I		—		125,952		(14,600	)		3,808			1,028			116,188		7,909		—		—
	$	—	$	1,233,161	$	(55,958	)	$	2,426		$	2,130		$	1,181,759			$	—	$	—

8.	Indemnifications

215

Notes to Financial Statements (Continued)

9.	Coronavirus (COVID-19) Pandemic

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 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, other countries, and certain international organizations. 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. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) 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.

216

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MassMutual Select Funds and Shareholders of MassMutual 20/80 Allocation Fund, MassMutual 40/60 Allocation Fund, MassMutual 60/40 Allocation Fund, MassMutual 80/20 Allocation Fund, MassMutual RetireSMART^SM by JPMorgan In Retirement Fund, MassMutual RetireSMART^SM by JPMorgan 2020 Fund, MassMutual RetireSMART^SM by JPMorgan 2025 Fund, MassMutual RetireSMART^SM by JPMorgan 2030 Fund, MassMutual RetireSMART^SM by JPMorgan 2035 Fund, MassMutual RetireSMART^SM by JPMorgan 2040 Fund, MassMutual RetireSMART^SM by JPMorgan 2045 Fund, MassMutual RetireSMART^SM by JPMorgan 2050 Fund, MassMutual RetireSMART^SM by JPMorgan 2055 Fund, MassMutual RetireSMART^SM by JPMorgan 2060 Fund, MassMutual RetireSMART^SM by JPMorgan 2065 Fund, MassMutual Select T. Rowe Price Retirement Balanced Fund, MassMutual Select T. Rowe Price Retirement 2005 Fund, 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, MassMutual Select T. Rowe Price Retirement 2035 Fund, MassMutual Select T. Rowe Price Retirement 2040 Fund, 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, and MassMutual Select T. Rowe Price Retirement 2065 Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds, including the portfolios of investments, as of September 30, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights each of the five years in the period then ended (except for the MassMutual RetireSMART^SM by JPMorgan 2065 Fund and the MassMutual Select T. Rowe Price Retirement 2065 Fund which statements of operations, changes in net assets and financial highlights are for the period February 1, 2023 (commencement of operations) to September 30, 2023), and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (except for the MassMutual RetireSMART^SM by JPMorgan 2065 Fund and the MassMutual Select T. Rowe Price Retirement 2065 Fund which statements of operations, changes in net assets and financial highlights are for the period February 1, 2023 (commencement of operations) to September 30, 2023), in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

217

Report of Independent Registered Public Accounting Firm (Continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 21, 2023

We have served as the auditor of one or more MassMutual investment companies since 1995.

218

Trustees and Principal Officers (Unaudited)

Independent Trustees

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Year of birth: 1948	Trustee	Since 2003	Retired.	110	Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company).
Nabil N. El-Hage Year of birth: 1958	Trustee	Since 2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC).	110	Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company).
Maria D. Furman Year of birth: 1954	Trustee	Since 2012	Retired.	110	Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).
R. Bradford Malt Year of birth: 1954	Trustee	Since 2022	Chairman (2004-2019), Management Committee (1993-2019), Partner (1987-2019), Associate (1979-1987), Ropes & Gray LLP (counsel to the Trust and MML Advisers).	110	Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

219

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Year of birth: 1951	Trustee	Since 2012	Retired.	110	Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).
Cynthia R. Plouché Year of birth: 1957	Trustee	Since 2022	Retired; Assessor (2014-2018), Moraine Township (property assessment).	110	Trustee (since 2014), Northern Trust Funds (open- end investment companies); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).
Jason J. Price Year of birth: 1973	Trustee	Since 2022	Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization).	110	Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).
Susan B. Sweeney Year of birth: 1952	Chairperson Trustee	Since 2022 Since 2009	Retired.	112^	Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

220

Trustees and Principal Officers (Unaudited) (Continued)

Interested Trustees

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Paul LaPiana^^

Year of birth: 1969

Trustee

President

Since

2023

2021-
2023

Head of Brand, Product, and Affiliated Distribution (since 2023), Head of MassMutual U.S. Product (2019-2023), Head of Field Management (2016-2019), MassMutual.

110

Clifford M. Noreen^^^
Year of birth: 1957

Trustee

Since

2021

Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing Director (2016-2018), MassMutual.

112^

221

Trustees and Principal Officers (Unaudited) (Continued)

Principal Officers

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Andrea Anastasio Year of birth: 1974	President Vice President	Since 2023 2021- 2023	President (since 2023), Vice President (2021-2023), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; President (since 2023), Vice President (2021-2023), MassMutual Premier Funds (open-end investment company); President (since 2023), Vice President (2021-2023), MassMutual Advantage Funds (open-end investment company); President (since 2023), Vice President (2021-2023), MML Series Investment Fund (open-end investment company); President (since 2023), Vice President (2021-2023), MML Series Investment Fund II (open-end investment company).	110
Andrew M. Goldberg Year of birth: 1966	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company).	110
Renee Hitchcock Year of birth: 1970	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company).	110
Jill Nareau Robert Year of birth: 1972	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company).	110
Douglas Steele Year of birth: 1975	Vice President	Since 2016	Head of Product Management (since 2021), Vice President (since 2017), Head of Manager Research (2021), Head of Investment Management (2017-2021), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), MassMutual; Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company).	110

222

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office# and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Officer

Philip S. Wellman

Year of birth: 1964

Vice President and Chief Compliance Officer

Since

2007

110

*	The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111-0001.

^	Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^	Mr. LaPiana is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^	Mr. Noreen is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

223

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended September 30, 2023, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
20/80 Allocation Fund		7.16	%
40/60 Allocation Fund		40.75	%
60/40 Allocation Fund		17.57	%
80/20 Allocation Fund		30.84	%
MM RetireSMART by JPMorgan In Retirement Fund		7.44	%
MM RetireSMART by JPMorgan 2020 Fund		8.59	%
MM RetireSMART by JPMorgan 2025 Fund		12.18	%
MM RetireSMART by JPMorgan 2030 Fund		17.32	%
MM RetireSMART by JPMorgan 2035 Fund		20.56	%
MM RetireSMART by JPMorgan 2040 Fund		26.39	%
MM RetireSMART by JPMorgan 2045 Fund		25.02	%
MM RetireSMART by JPMorgan 2050 Fund		24.90	%
MM RetireSMART by JPMorgan 2055 Fund		25.83	%
MM RetireSMART by JPMorgan 2060 Fund		27.33	%
MM Select T. Rowe Price Retirement Balanced Fund		4.58	%
MM Select T. Rowe Price Retirement 2005 Fund		5.23	%
MM Select T. Rowe Price Retirement 2010 Fund		5.87	%
MM Select T. Rowe Price Retirement 2015 Fund		6.52	%
MM Select T. Rowe Price Retirement 2020 Fund		7.34	%
MM Select T. Rowe Price Retirement 2025 Fund		9.63	%
MM Select T. Rowe Price Retirement 2030 Fund		16.07	%
MM Select T. Rowe Price Retirement 2035 Fund		24.28	%
MM Select T. Rowe Price Retirement 2040 Fund		36.46	%
MM Select T. Rowe Price Retirement 2045 Fund		43.23	%
MM Select T. Rowe Price Retirement 2050 Fund		48.25	%
MM Select T. Rowe Price Retirement 2055 Fund		34.41	%
MM Select T. Rowe Price Retirement 2060 Fund		44.77	%

For the year ended September 30, 2023, the following Fund(s) earned the following foreign sources of income:

	Amount
20/80 Allocation Fund	$	114,563
40/60 Allocation Fund		267,698
60/40 Allocation Fund		198,024
80/20 Allocation Fund		210,511
MM RetireSMART by JPMorgan In Retirement Fund		144,003
MM RetireSMART by JPMorgan 2020 Fund		286,709
MM RetireSMART by JPMorgan 2025 Fund		347,782
MM RetireSMART by JPMorgan 2030 Fund		986,940
MM RetireSMART by JPMorgan 2035 Fund		597,256
MM RetireSMART by JPMorgan 2040 Fund		1,124,628
MM RetireSMART by JPMorgan 2045 Fund		542,681
MM RetireSMART by JPMorgan 2050 Fund		914,010
MM RetireSMART by JPMorgan 2055 Fund		295,825
MM RetireSMART by JPMorgan 2060 Fund		108,188

224

Federal Tax Information (Unaudited) (Continued)

	Amount
MM Select T. Rowe Price Retirement Balanced Fund	$	548,615
MM Select T. Rowe Price Retirement 2005 Fund		92,233
MM Select T. Rowe Price Retirement 2010 Fund		411,578
MM Select T. Rowe Price Retirement 2015 Fund		485,599
MM Select T. Rowe Price Retirement 2020 Fund		4,675,908
MM Select T. Rowe Price Retirement 2025 Fund		2,698,490
MM Select T. Rowe Price Retirement 2030 Fund		6,867,785
MM Select T. Rowe Price Retirement 2035 Fund		4,064,284
MM Select T. Rowe Price Retirement 2040 Fund		6,991,596
MM Select T. Rowe Price Retirement 2045 Fund		3,358,250
MM Select T. Rowe Price Retirement 2050 Fund		4,767,024
MM Select T. Rowe Price Retirement 2055 Fund		2,032,548
MM Select T. Rowe Price Retirement 2060 Fund		896,349

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

225

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, or will be, available, without charge, upon request, on the MassMutual website at https://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

Trustees’ Approval of Investment Advisory Contracts

At their meetings in May and June 2023, the Contract Committee (the “Committee”) and the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, J.P. Morgan, or T. Rowe Price (the “Independent Trustees”), re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the 20/80 Allocation Fund, 40/60 Allocation Fund, 60/40 Allocation Fund, 80/20 Allocation Fund, MM RetireSMART by JPMorgan In Retirement Fund, MM RetireSMART by JPMorgan 2020 Fund, MM RetireSMART by JPMorgan 2025 Fund, MM RetireSMART by JPMorgan 2030 Fund, MM RetireSMART by JPMorgan 2035 Fund, MM RetireSMART by JPMorgan 2040 Fund, MM RetireSMART by JPMorgan 2045 Fund, MM RetireSMART by JPMorgan 2050 Fund, MM RetireSMART by JPMorgan 2055 Fund, MM RetireSMART by JPMorgan 2060 Fund, 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, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers, J.P. Morgan, and T. Rowe Price provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about each of J.P. Morgan and T. Rowe Price and its personnel with responsibility for providing services to the Funds, as applicable, and

226

Other Information (Unaudited) (Continued)

the fees payable to J.P. Morgan and T. Rowe Price by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding (i) Fund expenses, including, among other things, both the Fund’s net advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against funds in its “category” and a benchmark index). In connection with the Committee’s review, MML Advisers provided commentary and analysis regarding each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

The Committee considered that the total net expense ratios for all but one of the Funds were at or within the top fifty percent of their peer groups, and in more than half of those cases in the top forty percent. All of the Funds with total net expense ratios at or below the 60th comparative percentile of their peer groups had net advisory fees at or below the medians of their peer groups, or at or within the top three comparative quintiles of their peer groups, except the MM Select T. Rowe Price Retirement 2015, 2035, 2040, 2045, 2050, 2055, and 2060 Funds. As to the MM Select T. Rowe Price Retirement Funds specifically, the Committee considered MML Advisers’ statement that the fees of those Funds, which are funds of funds, are structured, so that only those Funds, and not any of the MassMutual Select T. Rowe Price underlying funds in which they invest, pay advisory fees, resulting in relatively high net advisory fees at the fund of funds level, and that each of those Funds had a total net expense ratio in the 1st comparative percentile.

As to the MM RetireSMART by JPMorgan 2020 Fund, the Committee considered MML Advisers’ statements that, although the Fund’s total net expense ratio is at the 67th comparative percentile of its peer group, the Fund’s net advisory fee is at the 1st comparative percentile of its peer group.

The Committee considered that the majority of Funds achieved three-year investment performance at or above the medians of their performance categories, or within the top sixty percent of their performance categories, except those Funds referred to below.

As to the MM RetireSMART by JPMorgan 2020, 2030, 2035, 2040, 2050, 2055, and 2060 Funds, the Committee considered that, although each of the Funds had experienced three-year performance less favorable than the top sixty percent of its performance category, each Fund’s relative performance had improved for the one-year period so as to be within the top sixty percent. In this regard, the Committee considered, among other things, MML Advisers’ statements that it considers the Funds’ subadviser, J.P. Morgan, to be a premier provider of asset allocation services, and that recent periods of underperformance had resulted from certain asset allocation decisions by J.P. Morgan.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds’ performance, for the various periods presented, were generally consistent with the continuation of the Contracts.

227

Other Information (Unaudited) (Continued)

benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of J.P. Morgan and T. Rowe Price generally appear well suited to the Funds, as applicable, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

228

Other Information (Unaudited) (Continued)

Fund Expenses September 30, 2023

Expense Examples:

The following information is in regards to expenses for the six months ended September 30, 2023:

Actual Expenses:

Hypothetical Example for Comparison Purposes:

	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%	$973.20	$0.20	$1,024.90	$0.20
Class R5	1,000	0.14%	973.10	0.69	1,024.40	0.71
Service Class	1,000	0.24%	972.00	1.19	1,023.90	1.22
Administrative Class	1,000	0.34%	972.10	1.68	1,023.40	1.72
Class R4	1,000	0.49%	971.40	2.42	1,022.60	2.48
Class A	1,000	0.59%	969.90	2.91	1,022.10	2.99
Class R3	1,000	0.74%	969.30	3.65	1,021.40	3.75
Class Y	1,000	0.14%	972.00	0.69	1,024.40	0.71

229

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*
40/60 Allocation Fund
Class I	$1,000	0.06%	$984.40	$0.30	$1,024.80	$0.30
Class R5	1,000	0.16%	984.40	0.80	1,024.30	0.81
Service Class	1,000	0.26%	983.30	1.29	1,023.80	1.32
Administrative Class	1,000	0.36%	983.30	1.79	1,023.30	1.83
Class R4	1,000	0.51%	981.90	2.53	1,022.50	2.59
Class A	1,000	0.61%	982.20	3.03	1,022.00	3.09
Class R3	1,000	0.76%	981.80	3.78	1,021.30	3.85
Class Y	1,000	0.16%	983.20	0.80	1,024.30	0.81
60/40 Allocation Fund
Class I	1,000	0.06%	997.50	0.30	1,024.80	0.30
Class R5	1,000	0.16%	996.30	0.80	1,024.30	0.81
Service Class	1,000	0.26%	995.10	1.30	1,023.80	1.32
Administrative Class	1,000	0.36%	995.10	1.80	1,023.30	1.83
Class R4	1,000	0.51%	993.80	2.55	1,022.50	2.59
Class A	1,000	0.61%	993.90	3.05	1,022.00	3.09
Class R3	1,000	0.76%	993.70	3.80	1,021.30	3.85
Class Y	1,000	0.16%	996.30	0.80	1,024.30	0.81
80/20 Allocation Fund
Class I	1,000	0.09%	1,007.90	0.45	1,024.60	0.46
Class R5	1,000	0.19%	1,007.90	0.96	1,024.10	0.96
Service Class	1,000	0.29%	1,007.90	1.46	1,023.60	1.47
Administrative Class	1,000	0.39%	1,006.70	1.96	1,023.10	1.98
Class R4	1,000	0.54%	1,005.70	2.72	1,022.40	2.74
Class A	1,000	0.64%	1,005.60	3.22	1,021.90	3.24
Class R3	1,000	0.79%	1,004.60	3.97	1,021.10	4.00
Class Y	1,000	0.19%	1,007.90	0.96	1,024.10	0.96
MM RetireSMART by JPMorgan In Retirement Fund
Class I	1,000	0.06%	989.50	0.30	1,024.80	0.30
Class R5	1,000	0.16%	988.50	0.80	1,024.30	0.81
Service Class	1,000	0.26%	987.50	1.30	1,023.80	1.32
Administrative Class	1,000	0.36%	987.50	1.79	1,023.30	1.83
Class R4	1,000	0.51%	986.20	2.54	1,022.50	2.59
Class A	1,000	0.61%	986.40	3.04	1,022.00	3.09
Class R3	1,000	0.76%	985.00	3.78	1,021.30	3.85
MM RetireSMART by JPMorgan 2020 Fund
Class I	1,000	0.04%	988.40	0.20	1,024.90	0.20
Class R5	1,000	0.14%	988.40	0.70	1,024.40	0.71
Service Class	1,000	0.24%	987.50	1.20	1,023.90	1.22
Administrative Class	1,000	0.34%	986.50	1.69	1,023.40	1.72
Class R4	1,000	0.49%	986.10	2.44	1,022.60	2.48
Class A	1,000	0.59%	986.40	2.94	1,022.10	2.99
Class R3	1,000	0.74%	985.80	3.68	1,021.40	3.75
MM RetireSMART by JPMorgan 2025 Fund
Class I	1,000	0.01%	991.00	0.05	1,025.00	0.05
Class R5	1,000	0.11%	991.10	0.55	1,024.50	0.56
Service Class	1,000	0.21%	990.00	1.05	1,024.00	1.07
Administrative Class	1,000	0.31%	989.90	1.55	1,023.50	1.57
Class R4	1,000	0.46%	988.70	2.29	1,022.80	2.33
Class A	1,000	0.56%	988.00	2.79	1,022.30	2.84
Class R3	1,000	0.71%	986.70	3.54	1,021.50	3.60

230

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 2030 Fund
Class I	$1,000	0.04%	$994.10	$0.20	$1,024.90	$0.20
Class R5	1,000	0.14%	993.10	0.70	1,024.40	0.71
Service Class	1,000	0.24%	993.20	1.20	1,023.90	1.22
Administrative Class	1,000	0.34%	992.20	1.70	1,023.40	1.72
Class R4	1,000	0.49%	992.00	2.45	1,022.60	2.48
Class A	1,000	0.59%	991.10	2.94	1,022.10	2.99
Class R3	1,000	0.74%	990.80	3.69	1,021.40	3.75
MM RetireSMART by JPMorgan 2035 Fund
Class I	1,000	0.05%	999.00	0.25	1,024.80	0.25
Class R5	1,000	0.15%	999.00	0.75	1,024.30	0.76
Service Class	1,000	0.25%	999.00	1.25	1,023.80	1.27
Administrative Class	1,000	0.35%	998.10	1.75	1,023.30	1.78
Class R4	1,000	0.50%	997.00	2.50	1,022.60	2.54
Class A	1,000	0.60%	997.10	3.00	1,022.10	3.04
Class R3	1,000	0.75%	996.00	3.75	1,021.30	3.80
MM RetireSMART by JPMorgan 2040 Fund
Class I	1,000	0.04%	1,004.90	0.20	1,024.90	0.20
Class R5	1,000	0.14%	1,004.90	0.70	1,024.40	0.71
Service Class	1,000	0.24%	1,003.90	1.21	1,023.90	1.22
Administrative Class	1,000	0.34%	1,003.90	1.71	1,023.40	1.72
Class R4	1,000	0.49%	1,003.00	2.46	1,022.60	2.48
Class A	1,000	0.59%	1,002.00	2.96	1,022.10	2.99
Class R3	1,000	0.74%	1,001.00	3.71	1,021.40	3.75
MM RetireSMART by JPMorgan 2045 Fund
Class I	1,000	0.02%	1,008.90	0.10	1,025.00	0.10
Class R5	1,000	0.12%	1,008.90	0.60	1,024.50	0.61
Service Class	1,000	0.22%	1,007.90	1.11	1,024.00	1.12
Administrative Class	1,000	0.32%	1,008.00	1.61	1,023.50	1.62
Class R4	1,000	0.47%	1,007.20	2.36	1,022.70	2.38
Class A	1,000	0.57%	1,006.00	2.87	1,022.20	2.89
Class R3	1,000	0.72%	1,006.20	3.62	1,021.50	3.65
MM RetireSMART by JPMorgan 2050 Fund
Class I	1,000	0.02%	1,010.70	0.10	1,025.00	0.10
Class R5	1,000	0.12%	1,009.30	0.60	1,024.50	0.61
Service Class	1,000	0.22%	1,009.20	1.11	1,024.00	1.12
Administrative Class	1,000	0.32%	1,008.00	1.61	1,023.50	1.62
Class R4	1,000	0.47%	1,008.10	2.37	1,022.70	2.38
Class A	1,000	0.57%	1,008.00	2.87	1,022.20	2.89
Class R3	1,000	0.72%	1,006.80	3.62	1,021.50	3.65
MM RetireSMART by JPMorgan 2055 Fund
Class I	1,000	0.00%	1,010.30	0.00	1,025.10
Class R5	1,000	0.10%	1,010.30	0.50	1,024.60	0.51
Service Class	1,000	0.20%	1,010.20	1.01	1,024.10	1.01
Administrative Class	1,000	0.30%	1,009.20	1.51	1,023.60	1.52
Class R4	1,000	0.45%	1,008.10	2.27	1,022.80	2.28
Class A	1,000	0.55%	1,006.70	2.77	1,022.30	2.79
Class R3	1,000	0.70%	1,007.00	3.52	1,021.60	3.55

231

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 2060 Fund
Class I	$1,000	0.00%	$1,009.20	$0.00	$1,025.10	$0.00
Class R5	1,000	0.10%	1,010.40	0.50	1,024.60	0.51
Service Class	1,000	0.20%	1,009.30	1.01	1,024.10	1.01
Administrative Class	1,000	0.30%	1,009.30	1.51	1,023.60	1.52
Class R4	1,000	0.45%	1,008.10	2.27	1,022.80	2.28
Class A	1,000	0.55%	1,006.90	2.77	1,022.30	2.79
Class R3	1,000	0.70%	1,007.00	3.52	1,021.60	3.55
MM RetireSMART by JPMorgan 2065 Fund
Class I	1,000	0.00%	1,009.10	0.00	1,025.10	0.00
Class R5	1,000	0.10%	1,009.10	0.50	1,024.60	0.51
Service Class	1,000	0.20%	1,008.10	1.01	1,024.10	1.01
Administrative Class	1,000	0.30%	1,008.10	1.51	1,023.60	1.52
Class R4	1,000	0.45%	1,007.10	2.26	1,022.80	2.28
Class A	1,000	0.55%	1,006.10	2.77	1,022.30	2.79
Class R3	1,000	0.70%	1,006.10	3.52	1,021.60	3.55
MM Select T. Rowe Price Retirement Balanced Fund
Class I	1,000	0.28%	999.30	1.40	1,023.70	1.42
Class M5	1,000	0.43%	998.50	2.15	1,022.90	2.18
Class M4	1,000	0.68%	997.00	3.40	1,021.70	3.45
Class M3	1,000	0.93%	995.50	4.65	1,020.40	4.71
MM Select T. Rowe Price Retirement 2005 Fund
Class I	1,000	0.28%	1,000.00	1.40	1,023.70	1.42
Class M5	1,000	0.43%	999.20	2.16	1,022.90	2.18
Class M4	1,000	0.69%	997.60	3.46	1,021.60	3.50
Class M3	1,000	0.93%	996.80	4.66	1,020.40	4.71
MM Select T. Rowe Price Retirement 2010 Fund
Class I	1,000	0.29%	1,001.60	1.46	1,023.60	1.47
Class M5	1,000	0.44%	1,000.80	2.21	1,022.90	2.23
Class M4	1,000	0.69%	1,000.00	3.46	1,021.60	3.50
Class M3	1,000	0.94%	998.40	4.71	1,020.40	4.76
MM Select T. Rowe Price Retirement 2015 Fund
Class I	1,000	0.31%	1,003.00	1.56	1,023.50	1.57
Class M5	1,000	0.46%	1,001.50	2.31	1,022.80	2.33
Class M4	1,000	0.71%	1,000.80	3.56	1,021.50	3.60
Class M3	1,000	0.96%	999.30	4.81	1,020.30	4.86
MM Select T. Rowe Price Retirement 2020 Fund
Class I	1,000	0.32%	1,004.60	1.61	1,023.50	1.62
Class M5	1,000	0.48%	1,003.90	2.41	1,022.70	2.43
Class M4	1,000	0.73%	1,001.50	3.66	1,021.40	3.70
Class M3	1,000	0.98%	1,000.80	4.92	1,020.20	4.96
MM Select T. Rowe Price Retirement 2025 Fund
Class I	1,000	0.34%	1,007.40	1.71	1,023.40	1.72
Class M5	1,000	0.50%	1,006.60	2.52	1,022.60	2.54
Class M4	1,000	0.75%	1,005.20	3.77	1,021.30	3.80
Class M3	1,000	1.00%	1,003.70	5.02	1,020.10	5.06

232

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 2030 Fund
Class I	$1,000	0.37%	$1,010.70	$1.86	$1,023.20	$1.88
Class M5	1,000	0.54%	1,010.00	2.72	1,022.40	2.74
Class M4	1,000	0.79%	1,009.30	3.98	1,021.10	4.00
Class M3	1,000	1.04%	1,007.80	5.23	1,019.90	5.27
MM Select T. Rowe Price Retirement 2035 Fund
Class I	1,000	0.39%	1,016.30	1.97	1,023.10	1.98
Class M5	1,000	0.56%	1,015.60	2.83	1,022.30	2.84
Class M4	1,000	0.81%	1,014.20	4.09	1,021.00	4.10
Class M3	1,000	1.06%	1,012.90	5.35	1,019.80	5.37
MM Select T. Rowe Price Retirement 2040 Fund
Class I	1,000	0.41%	1,022.30	2.08	1,023.00	2.08
Class M5	1,000	0.58%	1,021.60	2.94	1,022.20	2.94
Class M4	1,000	0.83%	1,020.30	4.20	1,020.90	4.20
Class M3	1,000	1.08%	1,018.90	5.47	1,019.70	5.47
MM Select T. Rowe Price Retirement 2045 Fund
Class I	1,000	0.43%	1,025.40	2.18	1,022.90	2.18
Class M5	1,000	0.61%	1,024.80	3.10	1,022.00	3.09
Class M4	1,000	0.86%	1,022.80	4.36	1,020.80	4.36
Class M3	1,000	1.11%	1,022.10	5.63	1,019.50	5.62
MM Select T. Rowe Price Retirement 2050 Fund
Class I	1,000	0.44%	1,026.80	2.24	1,022.90	2.23
Class M5	1,000	0.62%	1,026.20	3.15	1,022.00	3.14
Class M4	1,000	0.87%	1,024.80	4.42	1,020.70	4.41
Class M3	1,000	1.12%	1,023.60	5.68	1,019.50	5.67
MM Select T. Rowe Price Retirement 2055 Fund
Class I	1,000	0.45%	1,026.90	2.29	1,022.80	2.28
Class M5	1,000	0.63%	1,025.60	3.20	1,021.90	3.19
Class M4	1,000	0.88%	1,025.00	4.47	1,020.70	4.46
Class M3	1,000	1.13%	1,023.80	5.73	1,019.40	5.72
MM Select T. Rowe Price Retirement 2060 Fund
Class I	1,000	0.45%	1,027.00	2.29	1,022.80	2.28
Class M5	1,000	0.63%	1,025.80	3.20	1,021.90	3.19
Class M4	1,000	0.88%	1,024.60	4.47	1,020.70	4.46
Class M3	1,000	1.13%	1,023.40	5.73	1,019.40	5.72
MM Select T. Rowe Price Retirement 2065 Fund
Class I	1,000	0.46%	1,026.40	2.34	1,022.80	2.33
Class M5	1,000	0.64%	1,026.50	3.25	1,021.90	3.24
Class M4	1,000	0.89%	1,024.40	4.52	1,020.60	4.51
Class M3	1,000	1.14%	1,023.40	5.78	1,019.40	5.77

*	Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2023, multiplied by the average account value over the period, multiplied by 183 days in the period, divided by 365 days in the year, unless stated otherwise.

233

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

MM202410-307188

Table of Contents
Economic and Market Overview (Unaudited)	1
Portfolio Manager Report (Unaudited)	4
Portfolio of Investments
MM Equity Asset Fund	28
MassMutual Select T. Rowe Price Bond Asset Fund	32
MassMutual Select T. Rowe Price Emerging Markets Bond Fund	64
MassMutual Select T. Rowe Price Large Cap Blend Fund	72
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund	79
MassMutual Select T. Rowe Price Real Assets Fund	83
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund	89
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund	103
Statements of Assets and Liabilities	106
Statements of Operations	110
Statements of Changes in Net Assets	112
Financial Highlights	116
Notes to Financial Statements	124
Report of Independent Registered Public Accounting Firm	154
Trustees and Principal Officers (Unaudited)	155
Federal Tax Information (Unaudited)	160
Other Information (Unaudited)
Proxy Voting	161
Quarterly Reporting	161
Trustees’ Approval of Investment Advisory Contracts	161
Fund Expenses	164

[THIS PAGE INTENTIONALLY LEFT BLANK]

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited)

September 30, 2023

Global markets continue to reward retirement investors

Market highlights

●	For the reporting period from October 1, 2022 through September 30, 2023, U.S. stocks were up over 21%, in a market environment where economic activity remained strong, despite the Fed continuing to raise interest rates in an effort to combat high inflation.

●	In the fourth quarter of 2022, investors experienced a stock market rally, as fears generally lessened regarding high inflation, high interest rates, high energy prices, and a global recession.

●

●	In the second quarter of 2023, global stocks exhibited strength thanks in part to a resilient U.S. economy, receding inflationary pressures, banking sector stability, and the resolution of the debt ceiling crisis.

●	The third quarter of 2023 was difficult for global stocks and bonds, as investors grew increasingly concerned over inflation, a possible U.S. government shutdown, and higher prolonged interest rates from the Fed.

●	Foreign stocks in developed markets and emerging markets also experienced strong gains in the fiscal year, aided by falling energy costs, a resilient consumer, and the weakening of the U.S. dollar.

●	U.S. bond investors experienced slightly positive returns in the rising interest rate environment, fueled by aggressive Fed interest rate hikes aimed at reducing demand-driven inflationary pressures.

Market environment

¹ The S&P 500 Index measures the performance of 500 widely held stocks in the U.S. equity market. Standard and Poor’s chooses member companies for the Index based on market size, liquidity, and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. The Index is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

² August 2023, University of Michigan: Consumer Sentiment (UMCSENT), retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/UMCSENT, October 5, 2023.

³ August 2023, Board of Governors of the Federal Reserve System (US), Consumer Loans, All Commercial Banks [CONSUMER], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CONSUMER, October 5, 2023.

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited) (Continued)

As a result, the broad-market S&P 500 rose 21.62% for the period. The technology-heavy NASDAQ Composite Index⁴ performed even better, rising 26.11% for the period. The more economically sensitive Dow Jones Industrial Average^SM5 was up 19.18% for the period. During the reporting period, small-cap stocks underperformed their larger-cap peers, while growth stocks outperformed their value brethren. The information technology and communication services sectors were each up by 35% or more for the period. The utilities sector was the weakest performer for the fiscal year, down 7.02% over the period, hurt by the sharp rise in interest rates that made the stock dividend yields less attractive. The real estate sector also ended the period in the red, declining 1.84%.

Review and maintain your strategy

MassMutual Funds Annual Report – Economic and Market Overview (Unaudited) (Continued)

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.

MM Equity Asset Fund – Portfolio Manager Report (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. S&P^® , S&P 500^®, US500, The 500, iBoxx^®, iTraxx^® and CDX^® are trademarks of S&P Global, Inc. or its affiliates (“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.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 22.81%, outperforming the 21.62% return of the S&P 500 Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the Fund outperformed its benchmark. During the reporting period, stock selection in the media, retail, and telecommunications sectors contributed most to performance, while stock choices in the technology, industrial cyclical, and health services & systems sectors hurt results the most.

On the positive side, the Fund’s underweight allocations, relative to the benchmark, to Walt Disney (DIS), an American multinational mass media and entertainment conglomerate and Pfizer (PFE), a multinational pharmaceutical and biotechnology corporation; and an overweight allocation to Mastercard (MA), a company that offers a range of payment transaction processing and other related-payment services, were the top individual contributors during the period. The Fund’s underweight in Walt Disney was the Fund’s largest contributor to performance over the reporting period. During the reporting period, CEO Robert Iger worked to improve the productivity and efficiency of the organization. While Disney’s Direct-to-Consumer business saw subscriber losses in the U.S. during the period, it experienced modest growth internationally.

On the negative side, an overweight position in Texas Instruments (TXN), a company that designs and manufactures semiconductors and various integrated circuits; and an underweight position in Nvidia (NVDA), an American multinational technology company; were the top individual detractors from performance during the period. The Fund’s overweight in Texas Instruments was one of our largest detractors over the reporting period. As of the end of the reporting period, as the new CEO Haviv Ilan began to meet with investors, Texas Instruments guided more conservatively than peers.

Subadviser outlook

J.P. Morgan continues to focus on fundamentals of the economy and company earnings. As of the end of the reporting period, J.P. Morgan analysts’ estimates for S&P 500 Index earnings project -1% for calendar year 2023 and +12% for calendar year 2024. While subject to revision, in J.P. Morgan’s view this forecast includes J.P. Morgan’s best analysis of earnings expectations. While J.P. Morgan believes that the short-term impacts of the pandemic have now abated, J.P. Morgan expects that structural limits on labor supply growth and other uncertainties, like concerns around recession, will be integral to investor sentiment moving forward.

MM Equity Asset Fund – Portfolio Manager Report (Unaudited) (Continued)

While, in J.P. Morgan’s view, the economy teeters on the edge of recession, J.P. Morgan remains balanced and continues to monitor incremental risks that could represent headwinds for U.S. equities. Through the volatility, Fund management continues to focus on high-conviction stocks and to endeavor to take advantage of market dislocations in their search for compelling stock selection opportunities.

MM Equity Asset Fund Largest Holdings (% of Net Assets) on 9/30/23
Apple, Inc.	6.9%
Microsoft Corp.	6.9%
Amazon.com, Inc.	3.6%
NVIDIA Corp.	3.2%
Meta Platforms, Inc. Class A	2.2%
Alphabet, Inc. Class A	2.1%
Alphabet, Inc. Class C	1.8%
Tesla, Inc.	1.7%
UnitedHealth Group, Inc.	1.7%
Mastercard, Inc. Class A	1.6%
	31.7%

MM Equity Asset Fund Sector Table (% of Net Assets) on 9/30/23
Technology	26.5%
Consumer, Non-cyclical	18.6%
Financial	14.1%
Communications	13.3%
Consumer, Cyclical	8.5%
Industrial	7.9%
Energy	4.7%
Utilities	2.3%
Basic Materials	2.3%
Total Long-Term Investments	98.2%
Short-Term Investments and Other Assets and Liabilities	1.8%
Net Assets	100.0%

MM Equity Asset Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 09/15/2016
Class I	09/15/2016	22.81%	10.90%	11.94%
S&P 500 Index		21.62%	9.92%	12.48%

MassMutual Select T. Rowe Price Bond Asset Fund – Portfolio Manager Report (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, each of T. Rowe Price International Ltd and T. Rowe Price Hong Kong Limited serves as a sub-subadviser for the Fund.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 1.75%, outperforming the 0.64% return of the Bloomberg U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.)

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the U.S. dollar-hedged international bond allocation of the Fund outperformed, whereas the U.S. core bond allocation underperformed.

Within the U.S. dollar-hedged international bond allocation, an underweight duration posture in several regions, such as the U.K., Canada, and the eurozone, helped drive outperformance, as global sovereign yields climbed higher over the period with major central banks maintaining hawkish monetary policy to curb inflation. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.)

Within the Fund’s core bond allocation, interest rate management was the largest detractor from relative performance during the period. Positioning for a steepening of the curve in the second quarter of 2023 weighed on results, as easing concerns about the banking system and expectations for additional U.S. Federal Reserve (the “Fed”) rate hikes led to further curve inversions; however, a short average duration position was beneficial as interest rates increased during the reporting period. (The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.) Security selection in credit sectors also detracted, largely due to positions in agency mortgage-backed securities. The Fund’s to-be-announced (TBA) securities, which are typically relatively attractive due to their higher-liquidity profile, underperformed mortgage bonds as interest rate volatility remained high. On the positive side, asset allocation was the largest contributor to relative performance during the period. An underweight to Treasuries, combined with allocations to high yield bonds, bank loans, and collateralized loan obligations (CLOs), added value amid generally declining near-term recession concerns and improving risk sentiment. Those sectors also benefited from their yield premium versus benchmark sectors.

MassMutual Select T. Rowe Price Bond Asset Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

T. Rowe Price believes that, as inflation recedes, albeit slowly, global central banks may be approaching a peak in the tightening cycle, which could provide a catalyst for growth. However, divergent approaches to monetary policy across regions underscore the uncertainty in the current environment. As of the end of the reporting period, the Fed was steadfast with a higher-for-longer message as it weighed signs of moderating inflation with higher oil prices and uncertainty surrounding government funding. As of the end of the reporting period, the European Central Bank and the Bank of England were signaling an end to rate hikes amid signs that the economy was slowing and inflation was beginning to fall. The Bank of Japan, meanwhile, continued its ultra-easy monetary policy as it considered inflation and wage growth in determining a path forward. Fund management expects volatility to remain elevated in the near term as the effects of diminished liquidity, rising energy prices, and falling earnings expectations are reflected in markets. In T. Rowe Price’s opinion, key risks to global markets include a deeper-than-expected decline in growth, central bank missteps, a reacceleration in inflation, a trajectory of Chinese growth, and geopolitical tensions. T. Rowe Price continues to evaluate long-term valuations and early indications of stabilization or improvement in macroeconomic conditions as they assess where there may be opportunities to add to risk assets.

MassMutual Select T. Rowe Price Bond Asset Fund Portfolio Characteristics (% of Net Assets) on 9/30/23
U.S. Treasury Obligations	24.2%
Corporate Debt	23.5%
U.S. Government Agency Obligations and Instrumentalities*	22.8%
Sovereign Debt Obligations	17.6%
Non-U.S. Government Agency Obligations	6.2%
Bank Loans	0.9%
Municipal Obligations	0.1%
Total Long-Term Investments	95.3%
Short-Term Investments and Other Assets and Liabilities	4.7%
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.

MassMutual Select T. Rowe Price Bond Asset Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	1.75%	0.22%	0.09%
Bloomberg U.S. Aggregate Bond Index		0.64%	0.10%	0.13%

MassMutual Select T. Rowe Price Emerging Markets Bond Fund – Portfolio Manager Report (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). Effective July 1, 2023, T. Rowe Price International and T. Rowe Price Hong Kong were added as sub-subadvisers of the Fund.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 13.45%, outperforming the 8.57% return of the Bloomberg Emerging Markets Hard Currency (USD) Aggregate Index* (the “benchmark”), which measures the performance of USD, EUR, and GBP-denominated debt from sovereign, quasi-sovereign, and corporate Emerging Markets issuers. Country eligibility and classification as Emerging Markets is rules-based and reviewed annually using the World Bank income group and International Monetary Fund country classifications. The Fund outperformed the 10.01% return of the J.P. Morgan Emerging Markets Bond Index Global Diversified, which measures the performance of fixed rate, U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, including Brady bonds, loans, and Eurobonds. The J.P. Morgan Emerging Markets Bond Index Global Diversified limits the weights of those index countries with larger debt stocks by only including a specified portion of a country’s eligible amounts of debt outstanding.

* Effective February 1, 2023, the Bloomberg Emerging Markets Hard Currency (USD) Aggregate Index became the Fund’s primary performance benchmark index rather than the J.P. Morgan Emerging Markets Bond Index Global Diversified because the Bloomberg Emerging Markets Hard Currency (USD) Aggregate Index is an appropriate broad-based securities market index and is well aligned with the Fund’s investment strategy. The Fund will retain the J.P. Morgan Emerging Markets Bond Index Global Diversified as its supplemental benchmark for performance comparisons.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the Fund’s significant underweight allocation to China, relative to the benchmark, drove outperformance, as concerns prevailed over the decelerating pace of China’s economic activity and continued housing market stress. The Fund’s positioning in Mexico also contributed to relative performance due to security selection, largely driven by holdings in Mexico City Airport Trust and Petroleos Mexicanos. At the end of the reporting period, following a recent rally, Fund management eliminated Mexico City Airport Trust from the Fund’s portfolio. The Fund’s out-of-benchmark holdings in Venezuela also contributed to relative results, as that country benefited from discussions of potential U.S. sanctions relief during the period.

On the downside, an underweight allocation to Argentina detracted from the Fund’s relative performance, as that country benefited from a broad-based rally as investors were seeking higher-yielding credits over the period. Argentina also unlocked funds from the $44 billion International Monetary Fund (IMF) program and received a loan from Qatar during the period. Also weighing on relative results was the Fund’s underweight allocation to Ukraine, as Ukrainian credit rallied during the period. Investors grew more optimistic during the period as foreign aid bolstered currency reserves, an IMF review in June 2023 allowed Ukraine to withdraw funds for budget support, and the IMF upgraded its growth forecast.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. The Fund held credit default swaps, interest rate futures, and currency forwards during the period. The use of currency forwards and futures had a somewhat negative effect on the Fund’s performance during the reporting period; there was a negligible return impact during the fiscal year from the use of swaps.

MassMutual Select T. Rowe Price Emerging Markets Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

In T. Rowe Price’s view, emerging-market debt continues to offer a substantial yield premium over many fixed income assets and broadly sound fundamentals, making the asset class compelling on a risk-adjusted basis. Despite the temporary resolution of the U.S. government funding and a resilient U.S. economy as of the end of the period, Fund management remains cautious in the near term due to exogenous risks, including lingering inflation, slower global growth, and tighter financial conditions in developed markets. Fund management will continue to monitor election activity across a number of countries over the next fiscal year, as T. Rowe Price believes that several will carry important implications for macroeconomic sustainability.

MassMutual Select T. Rowe Price Emerging Markets Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/23
Sovereign Debt Obligations	69.6%
Corporate Debt	27.4%
Total Long-Term Investments	97.0%
Short-Term Investments and Other Assets and Liabilities	3.0%
Net Assets	100.0%

MassMutual Select T. Rowe Price Emerging Markets Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	13.45%	-0.37%	-0.98%
Bloomberg Emerging Markets Hard Currency (USD) Aggregate Index#		8.57%	-0.37%	-0.69%
J.P. Morgan Emerging Markets Bond Index Global Diversified		10.01%	-0.35%	-0.41%

#	Benchmark

MassMutual Select T. Rowe Price Large Cap Blend Fund – Portfolio Manager Report (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).

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 21.41%, outperforming the 21.19% return of the Russell 1000^® Index (the “benchmark”), which measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the Fund’s large-cap growth allocation outperformed the Russell 1000 Growth Index. The health care sector was a notable contributor to relative returns due to security selection, which was partially offset by an overweight allocation, relative to the benchmark, to the market segment. An underweight allocation to the consumer staples sector also aided relative results. The industrials and business services sector further aided relative performance due to favorable security selection and an underweight allocation to the sector. Conversely, the consumer discretionary sector was a notable detractor from relative performance due to an overweight allocation to the market segment and unfavorable stock choices within the sector. An overweight allocation to the financial sector further hindered relative returns, which was partially offset by favorable stock choices there.

The Fund’s large-cap core allocation delivered robust gains during the period, but trailed the S&P 500^® Index. Unfavorable stock selection within, and an overweight allocation to the consumer staples sector weighed on relative results. The communication services sector also had a negative result, owing to stock choices and an underweight allocation to the market segment. The information technology sector further weighed on relative performance due to security selection, driven by holdings in the software industry. Conversely, with respect to the consumer discretionary sector, security selection, coupled with an underweight allocation, contributed to relative performance. An underweight allocation to the real estate sector also aided relative returns.

The Fund’s large-cap value allocation slightly underperformed the Russell 1000 Value Index for the period. The communication services sector was a notable detractor from relative performance due to stock selection and an underweight allocation to the market segment. Stock choices within the materials sector also weighed on relative returns, driven by holdings in the chemicals industry. Stock picks and an overweight allocation to the consumer staples sector further hurt relative returns. Conversely, the information technology sector was a significant contributor to the Fund’s relative performance, owing to stock selection, led by holdings in the semiconductors and semiconductor equipment industry. The health care sector also contributed, due to favorable security selection, although this was partially offset by an overweight allocation to the market segment.

Subadviser outlook

T. Rowe Price believes that, as inflation recedes, albeit slowly, global central banks may be approaching a peak in the tightening cycle, which could provide a catalyst for growth. However, divergent approaches to monetary policy across regions underscore the uncertainty in the current environment. As of the end of the reporting period, the U.S. Federal Reserve was steadfast with a higher-for-longer message as it weighed signs of moderating inflation with higher oil prices and uncertainty surrounding government funding. As of the end of the reporting period, the European Central Bank and the Bank of England were signaling an end to rate hikes amid signs that the economy was slowing and inflation was beginning to fall. The Bank of Japan, meanwhile, continued its ultra-easy monetary policy as it considered inflation and wage growth in determining a path forward. Fund management expects volatility to remain elevated in the near term as the effects of diminished liquidity, rising energy prices, and falling earnings expectations are reflected in markets. In T. Rowe Price’s opinion, key risks to global markets include a deeper-than-expected decline in growth, central bank missteps, a reacceleration in inflation, a trajectory of Chinese growth, and geopolitical tensions. T. Rowe Price continues to evaluate long-term valuations and early indications of stabilization or improvement in macroeconomic conditions as they assess where there may be opportunities to add to risk assets.

MassMutual Select T. Rowe Price Large Cap Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Select T. Rowe Price Large Cap Blend Fund Largest Holdings (% of Net Assets) on 9/30/23
Microsoft Corp.	6.8%
Apple, Inc.	5.0%
Amazon.com, Inc.	3.9%
NVIDIA Corp.	3.2%
Alphabet, Inc. Class A	2.6%
Alphabet, Inc. Class C	2.0%
Visa, Inc. Class A	1.7%
UnitedHealth Group, Inc.	1.6%
Meta Platforms, Inc. Class A	1.5%
Eli Lilly & Co.	1.4%
	29.7%

MassMutual Select T. Rowe Price Large Cap Blend Fund Sector Table (% of Net Assets) on 9/30/23
Technology	26.1%
Consumer, Non-cyclical	21.4%
Financial	14.8%
Communications	13.6%
Industrial	8.2%
Consumer, Cyclical	5.9%
Energy	5.7%
Basic Materials	1.8%
Utilities	1.7%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
Net Assets	100.0%

MassMutual Select T. Rowe Price Large Cap Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	21.41%	9.03%	9.57%
Russell 1000 Index		21.19%	9.63%	10.36%

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). In addition, each of T. Rowe Price International Ltd and T. Rowe Price Hong Kong Limited serves as a sub-subadviser for the Fund.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 1.86%, underperforming the 2.84% return of the Bloomberg U.S. 1-5 Year Treasury TIPS Index (the “benchmark”), which measures the performance of inflation-protected securities with maturities of 1-5 years issued by the U.S. Treasury. It is a subset of the Global Inflation-Linked Index (Series-L), with a 38.5% market value weight in the Index (as of December 31, 2010), but is not eligible for other nominal Treasury or Aggregate Indexes.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, interest rate management detracted from the Fund’s relative performance. In early March 2023, the Fund had a relatively short overall duration profile based on Fund management’s view that strong economic data would lead to continued tightening from the Federal Reserve (the “Fed”). (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.) This positioning worked against the Fund, though, as several prominent bank failures led to a rapid and unexpected drop in yields. Meanwhile, in the second quarter of 2023, a modestly long duration posture detracted, after policymakers communicated expectations for additional hikes in 2023 amid resilient growth and labor data, leading to higher interest rates and further flattening of the yield curve. The yield curve is a graph showing the term structure of interest rates by plotting the yields of all bonds of comparable quality with maturities ranging from the shortest – typically one month – to the longest – typically 30 years – available. The resulting curve shows whether short-term interest rates are higher or lower than long-term rates.

The Fund’s exposure to inflation breakeven spreads (which represent the yield differential between nominal Treasuries and Treasury inflation-protected securities (“TIPS”)) via inflation-linked derivatives also weighed on results during the period. The Fund’s allocation to agency mortgage-backed securities also hampered performance, although this was partially offset by a positive contribution from an out-of-benchmark position in nominal Treasuries that the Fund held in early 2023. (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.)

Security selection within the TIPS sector was a modest contributor to performance, as the Fund benefited from underweighting very short-term securities late in the reporting period, as they were more exposed to falling Consumer Price Index (“CPI”) data than securities of longer durations.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. During the reporting period, the Fund held credit default swaps, interest rate futures, and interest rate future options, generating gross exposure of approximately 20.4%. During the reporting period, the estimated return impact from employing currency forwards and options was negligible, the use of futures had a slightly negative impact on performance, and the use of swaps contributed to performance.

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Although the economy has been surprisingly resilient, T. Rowe Price believes that a recession could be likely in the first half of 2024, as an expected downturn in corporate profits could lead to job cuts and rising unemployment. In addition, as of the end of the period, Fund management was seeing consumers facing a number of headwinds, including higher oil prices, a resumption of student loan payments, and slowing fiscal stimulus.

Although short-term breakeven rates (i.e., the difference between TIPS and Treasury issues with the same maturity) received some support recently from rising commodity prices as of the end of the period, Fund management believes inflation expectations will come down in the coming months as the economy cools. Because Fund management believes that breakeven rates are unlikely to expand significantly, they expect to express their deflationary expectations in the Fund’s portfolio through their positioning on the nominal Treasury curve as well as in the U.S. dollar relative to other currencies in the course of the next reporting period.

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund Portfolio Characteristics (% of Net Assets) on 9/30/23
U.S. Treasury Obligations	98.8%
Municipal Obligations	0.4%
Corporate Debt	0.3%
U.S. Government Agency Obligations and Instrumentalities*	0.1%
Non-U.S. Government Agency Obligations	0.1%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
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.

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	1.86%	2.62%	2.48%
Bloomberg U.S. 1-5 Year Treasury TIPS Index		2.84%	2.67%	2.56%

MassMutual Select T. Rowe Price Real Assets Fund – Portfolio Manager Report (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.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 11.61%, underperforming, by a wide margin, the 20.80% return of the MSCI All Country World Index (ACWI) (the “benchmark”), which measures the performance of the large- and mid-cap segments of all country markets. It is free float-adjusted market-capitalization weighted.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, security selection drove the Fund’s underperformance. Most notably, selection within the Fund’s allocation to commodities – which included exposure to natural resources, precious metals, and global metals and mining – detracted from relative performance. The Fund’s underlying natural resources portfolio was the largest driver of its underperformance for the fiscal year, as the Fund’s portfolio trailed its style-specific benchmark. Performance was also held back by multi-asset overlays, which the Fund employed in an effort to efficiently implement desired positions.

Conversely, selection within the Fund’s allocation to real estate during the period, which included exposure to global and U.S. real estate investment trusts, aided relative results.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. During the period, the Fund held currency forwards, index futures, equity total return swaps, rights, equity options, interest rate futures, and interest rate swaps during the period, for a gross exposure of 11.6%. The return impact from employing currency forwards, options, and swaps was slightly negative; the use of futures was slightly positive for performance; and the use of rights had a negligible effect on performance during the fiscal year.

Subadviser outlook

T. Rowe Price believes that, as inflation recedes, albeit slowly, global central banks may be approaching a peak in the tightening cycle, which could provide a catalyst for growth. However, divergent approaches to monetary policy across regions underscore the uncertainty in the current environment. As of the end of the reporting period, the U.S. Federal Reserve was steadfast with a higher-for-longer message as it weighed signs of moderating inflation with higher oil prices and uncertainty surrounding government funding. As of the end of the reporting period, the European Central Bank and the Bank of England were signaling an end to rate hikes amid signs that the economy was slowing and inflation was beginning to fall. The Bank of Japan, meanwhile, continued its ultra-easy monetary policy as it considered inflation and wage growth in determining a path forward. Fund management expects volatility to remain elevated in the near term as the effects of diminished liquidity, rising energy prices, and falling earnings expectations are reflected in markets. In T. Rowe Price’s opinion, key risks to global markets include a deeper-than-expected decline in growth, central bank missteps, a reacceleration in inflation, a trajectory of Chinese growth, and geopolitical tensions. T. Rowe Price continues to evaluate long-term valuations and early indications of stabilization or improvement in macroeconomic conditions as they assess where there may be opportunities to add to risk assets.

MassMutual Select T. Rowe Price Real Assets Fund – Portfolio Manager Report (Unaudited) (Continued)

MassMutual Select T. Rowe Price Real Assets Fund Largest Holdings (% of Net Assets) on 9/30/23
BHP Group Ltd.	3.7%
Prologis, Inc.	3.0%
Equinix, Inc.	2.7%
Freeport-McMoRan, Inc.	1.8%
Public Storage	1.7%
Welltower, Inc.	1.7%
Franco-Nevada Corp.	1.6%
Simon Property Group, Inc.	1.6%
Equity LifeStyle Properties, Inc.	1.5%
Nucor Corp.	1.4%
	20.7%

MassMutual Select T. Rowe Price Real Assets Fund Sector Table (% of Net Assets) on 9/30/23
Financial	36.2%
Basic Materials	33.0%
Energy	18.8%
Industrial	3.9%
Consumer, Cyclical	1.4%
Mutual Funds	1.0%
Utilities	0.9%
Consumer, Non-cyclical	0.7%
Technology	0.4%
Communications	0.1%
Total Long-Term Investments	96.4%
Short-Term Investments and Other Assets and Liabilities	3.6%
Net Assets	100.0%

MassMutual Select T. Rowe Price Real Assets Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	11.61%	4.99%	5.42%
MSCI ACWI		20.80%	6.46%	6.39%

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund – Portfolio Manager Report (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). In addition, T. Rowe Price Investment Management, Inc. serves as a sub-subadviser for the Fund.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned 13.50%, outperforming the 11.28% return of the Russell 2500 Index (the “benchmark”), which measures the performance of the small- to mid-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 2500 of the smallest securities based on the combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the Fund’s allocations to small-cap growth and mid-cap value stocks outperformed their benchmarks, while small-cap core, small-cap value, and mid-cap growth stocks underperformed their benchmarks.

The small-cap growth allocation outperformed the Russell 2000 Growth Index for the period. The industrial and business services sector significantly contributed to relative results due to an overweight allocation to the sector, relative to the benchmark. Stock selection within the sector also contributed. The health care sector also aided relative returns due to favorable stock choices and an average underweight allocation. Conversely, underweight exposure to the energy and consumer staples sector detracted from relative performance.

The mid-cap value allocation posted positive returns and outperformed the Russell Midcap Value Index for the period. The energy sector contributed to relative returns due to favorable stock selection, led by holdings in the energy equipment and services industry. Conversely, unfavorable stock selection and underweight allocations to the consumer discretionary and industrial and business services sectors detracted from the Fund’s relative returns.

The small-cap core stock allocation posted positive results, but underperformed the Russell 2000 Index for the period. The energy sector was a significant detractor from relative returns due to an underweight allocation and unfavorable stock selection. The financial sector also weighed on relative returns due to security selection, driven by holdings in banks. Conversely, the industrial and business services sector was a notable contributor to relative performance, owing to favorable stock selection, driven by holdings in the machinery industry. Health care further aided relative results due to favorable stock selection within the sector.

The small-cap value allocation underperformed the Russell 2000 Value Index for the period. The consumer discretionary sector was a notable detractor from relative performance due to unfavorable security selection, driven by holdings in the specialty retail industry. Stock selection in the financial sector also weighed on relative performance, although this was partially offset by an underweight allocation to the market segment. Conversely, the health care sector was a significant contributor to relative returns, owing to stock selection, led by holdings in the biotechnology industry.

The mid-cap growth allocation delivered positive returns, but underperformed the Russell Midcap Growth Index for the period. An overweight to the health care sector detracted from relative results. The consumer discretionary sector also had a negative impact on relative performance due to security selection and an underweight allocation. Conversely, the communication services sector contributed to relative returns due to stock selection, led by holdings in the entertainment industry. The information technology sector further aided relative results due to stock choices, although this was partially offset by an underweight allocation to the market segment.

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

T. Rowe Price believes that, as inflation recedes, albeit slowly, global central banks may be approaching a peak in the tightening cycle, which could provide a catalyst for growth. However, divergent approaches to monetary policy across regions underscore the uncertainty in the current environment. As of the end of the reporting period, the U.S. Federal Reserve was steadfast with a higher-for-longer message as it weighed signs of moderating inflation with higher oil prices and uncertainty surrounding government funding. As of the end of the reporting period, the European Central Bank and the Bank of England were signaling an end to rate hikes amid signs that the economy was slowing and inflation was beginning to fall. The Bank of Japan, meanwhile, continued its ultra-easy monetary policy as it considered inflation and wage growth in determining a path forward. Fund management expects volatility to remain elevated in the near term as the effects of diminished liquidity, rising energy prices, and falling earnings expectations are reflected in markets. In T. Rowe Price’s opinion, key risks to global markets include a deeper-than-expected decline in growth, central bank missteps, a reacceleration in inflation, a trajectory of Chinese growth, and geopolitical tensions. T. Rowe Price continues to evaluate long-term valuations and early indications of stabilization or improvement in macroeconomic conditions as they assess where there may be opportunities to add to risk assets.

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund Largest Holdings (% of Net Assets) on 9/30/23
Ingersoll Rand, Inc.	1.1%
Marvell Technology, Inc.	1.0%
Textron, Inc.	1.0%
JB Hunt Transport Services, Inc.	0.9%
TechnipFMC PLC	0.9%
Microchip Technology, Inc.	0.9%
Veeva Systems, Inc. Class A	0.8%
Western Digital Corp.	0.8%
FleetCor Technologies, Inc.	0.8%
Hologic, Inc.	0.7%
	8.9%

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund Sector Table (% of Net Assets) on 9/30/23
Consumer, Non-cyclical	24.9%
Industrial	17.0%
Financial	15.3%
Technology	15.3%
Consumer, Cyclical	10.9%
Energy	5.6%
Communications	3.4%
Utilities	2.9%
Basic Materials	2.0%
Total Long-Term Investments	97.3%
Short-Term Investments and Other Assets and Liabilities	2.7%
Net Assets	100.0%

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	13.50%	6.74%	8.56%
Russell 2500 Index		11.28%	4.55%	6.16%

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.

How did the Fund perform during the 12 months ended September 30, 2023?

The Fund’s Class I shares returned -9.99%, underperforming the -9.09% return of the Bloomberg U.S. Long Treasury Bond Index (the “benchmark”), which measures the performance of public obligations of the U.S. Treasury with maturities of 10 years and greater, including securities that roll up to the U.S. Aggregate, U.S. Universal, and Global Aggregate Indexes.

For a discussion on the economic and market environment during the 12-month period ended September 30, 2023, please see the Economic and Market Overview, beginning on page 1.

Subadviser discussion of factors that contributed to the Fund’s performance

For the fiscal year ended September 30, 2023, the Fund produced a negative absolute return and underperformed its benchmark, as interest earned from purchasing various Treasury notes (i.e., Treasury yields) from the U.S. government rose sharply in response to sticky inflation, resilient growth and labor data, and continued monetary tightening by the Federal Reserve (the “Fed”).

Fund management’s efforts to manage changing interest rates were a primary driver of the Fund’s underperformance for the reporting period. The bulk of underperformance came in March 2023, when the Fund was positioned to benefit from rising interest rates against the backdrop of surprisingly strong economic data and expectations for a reflationary environment in the U.S. However, a string of high-profile bank failures pressured rates, as investors turned more risk averse, which weighed on the relative performance of the Fund.

On average during the period, the Fund’s portfolio was invested in bonds with longer maturities when compared with the benchmark, which weighed on relative performance as U.S. Treasury yields climbed. The Fed remained committed to monetary policy (i.e., high rates) that combat inflation for most of the period and hiked policy rates six times during the Fund’s fiscal year. Notably, the Fed did choose to hold rates steady in June and September 2023.

During the second quarter of 2023, Fund management favored assets that had modestly longer time until maturity. These positions, which were put in place based on Fund management’s belief that May 2023 would be the last hike in the Fed’s tightening cycle, detracted after policymakers signaled the potential for two additional hikes in 2023 amid resilient growth and labor data.

On the positive side, security selection within U.S. Treasuries contributed, where Fund management’s preference for more-commonly traded, liquid Treasury securities added value. Some allocations in the Fund during the period were not in the benchmark portfolio. These off-benchmark allocations to other government guaranteed sectors like Treasury Inflation-Protected Securities (TIPS) and GNMA mortgage-backed securities (MBS) had little net impact over the reporting period.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. The Fund held interest rate futures and interest rate future options during the period, for a gross exposure of 11.9%. The Fund’s use of futures and options had a negative effect on performance during the fiscal year.

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

T. Rowe Price observed that the Fed continued to raise its policy interest rate through the first three quarters of 2023, pausing twice to evaluate data. In T. Rowe Price’s observation, communications following both rate pauses were generally seen by the market as prioritizing the fight against inflation instead of the fight against unemployment, suggesting that the Fed may keep rates higher for longer, and thereby causing the market to generally push back the expected timing of potential rate cuts. Details within the economic data, such as slowing fiscal stimulus and the resumption of student loan payments, lead Fund management to believe a policy-driven recession over the next 12 months is likely. During the September 2023 Federal Open Market Committee meeting, the Fed emphasized the importance of keeping rates “higher for longer.”

T. Rowe Price continues to believe U.S. government debt remains an important tool for asset allocators and a top diversifier for riskier assets, especially with yields at or near their highest levels in the post-global financial crisis era, as of the end of the period. Fund management expects Treasuries to ultimately resume their typical, inverse relationship with risk assets as the global economy likely slows further.

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund Portfolio Characteristics (% of Net Assets) on 9/30/23
U.S. Treasury Obligations	98.9%
U.S. Government Agency Obligations and Instrumentalities*	0.2%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
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.

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - Class I

Average Annual Total Returns (for the periods ended 09/30/2023)
	Inception Date of Class	1 Year	5 Years	Since Inception 02/09/2018
Class I	02/09/2018	-9.99%	-3.34%	-2.91%
Bloomberg U.S. Long Treasury Bond Index		-9.09%	-2.78%	-2.42%

MM Equity Asset Fund – Portfolio of Investments

September 30, 2023

	Number of Shares		Value
EQUITIES — 98.2%
COMMON STOCK — 98.2%
Basic Materials — 2.3%
Chemicals — 2.0%
Air Products & Chemicals, Inc.		3,035	$	860,119
Dow, Inc.		21,885		1,128,391
Eastman Chemical Co.		8,892		682,194
Linde PLC (LIN US)		5,236		1,949,624
LyondellBasell Industries NV Class A		6,149		582,310
PPG Industries, Inc.		4,207		546,069
				5,748,707
Iron & Steel — 0.2%
Nucor Corp.		2,817		440,438
Mining — 0.1%
Freeport-McMoRan, Inc.		10,715		399,563
				6,588,708
Communications — 13.3%
Internet — 11.4%
Alphabet, Inc. Class A (a)		45,845		5,999,277
Alphabet, Inc. Class C (a)		38,109		5,024,672
Amazon.com, Inc. (a)		80,944		10,289,601
Booking Holdings, Inc. (a)		656		2,023,071
Expedia Group, Inc. (a)		9,017		929,382
Meta Platforms, Inc. Class A (a)		20,528		6,162,711
Netflix, Inc. (a)		3,385		1,278,176
Uber Technologies, Inc. (a)		12,438		572,023
				32,278,913
Media — 1.4%
Charter Communications, Inc. Class A (a)		3,079		1,354,206
Comcast Corp. Class A		54,859		2,432,448
Warner Bros Discovery, Inc. (a)		13,342		144,894
				3,931,548
Telecommunications — 0.5%
Corning, Inc.		9,739		296,747
Motorola Solutions, Inc.		1,798		489,488
T-Mobile US, Inc. (a)		3,976		556,839
				1,343,074
				37,553,535
Consumer, Cyclical — 8.5%
Airlines — 0.2%
Delta Air Lines, Inc.		15,421		570,577
Apparel — 0.4%
NIKE, Inc. Class B		12,228		1,169,241
Auto Manufacturers — 1.7%
Tesla, Inc. (a)		19,396		4,853,267

	Number of Shares		Value
Auto Parts & Equipment — 0.2%
Aptiv PLC (a)		6,176	$	608,892
Distribution & Wholesale — 0.1%
LKQ Corp.		4,737		234,529
Home Builders — 0.2%
Lennar Corp. Class A		2,392		268,454
Toll Brothers, Inc.		4,660		344,654
				613,108
Home Furnishing — 0.1%
Whirlpool Corp.		1,143		152,819
Leisure Time — 0.1%
Royal Caribbean Cruises Ltd. (a)		1,614		148,714
Lodging — 0.3%
Marriott International, Inc. Class A		5,032		989,090
Retail — 5.2%
AutoNation, Inc. (a)		3,298		499,317
AutoZone, Inc. (a)		618		1,569,714
Best Buy Co., Inc.		11,179		776,605
Burlington Stores, Inc. (a)		2,649		358,410
Chipotle Mexican Grill, Inc. (a)		794		1,454,473
Costco Wholesale Corp.		4,716		2,664,351
Domino’s Pizza, Inc.		615		232,956
Lowe’s Cos., Inc.		13,412		2,787,550
O’Reilly Automotive, Inc. (a)		418		379,904
TJX Cos., Inc.		11,540		1,025,675
Walmart, Inc.		11,695		1,870,381
Yum! Brands, Inc.		8,113		1,013,638
				14,632,974
				23,973,211
Consumer, Non-cyclical — 18.6%
Agriculture — 0.4%
Altria Group, Inc.		8,175		343,759
Philip Morris International, Inc.		8,486		785,634
				1,129,393
Beverages — 2.2%
Coca-Cola Co.		61,498		3,442,658
Constellation Brands, Inc. Class A		2,162		543,376
Monster Beverage Corp. (a)		9,001		476,603
PepsiCo, Inc.		10,753		1,821,988
				6,284,625
Biotechnology — 1.7%
Biogen, Inc. (a)		3,333		856,615
BioMarin Pharmaceutical, Inc. (a)		2,989		264,467
Regeneron Pharmaceuticals, Inc. (a)		2,125		1,748,790
Sarepta Therapeutics, Inc. (a)		2,406		291,655
Vertex Pharmaceuticals, Inc. (a)		4,922		1,711,576
				4,873,103

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

MM Equity Asset Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Commercial Services — 0.9%
Cintas Corp.		956	$	459,846
FleetCor Technologies, Inc. (a)		4,253		1,085,961
S&P Global, Inc.		2,903		1,060,785
				2,606,592
Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co.		2,289		162,771
Kenvue, Inc.		38,473		772,538
Procter & Gamble Co.		11,899		1,735,588
				2,670,897
Food — 0.7%
Mondelez International, Inc. Class A		27,784		1,928,209
Health Care – Products — 3.5%
Abbott Laboratories		16,786		1,625,724
Baxter International, Inc.		15,441		582,743
Boston Scientific Corp. (a)		24,223		1,278,974
Danaher Corp.		7,645		1,896,725
Intuitive Surgical, Inc. (a)		3,625		1,059,551
Medtronic PLC		10,943		857,494
ResMed, Inc.		1,062		157,038
Stryker Corp.		2,685		733,730
Thermo Fisher Scientific, Inc.		3,476		1,759,447
				9,951,426
Health Care – Services — 2.7%
Centene Corp. (a)		11,996		826,285
Elevance Health, Inc.		2,892		1,259,235
Humana, Inc.		1,575		766,269
Town Health International Medical Group Ltd.		62,000		2,534
UnitedHealth Group, Inc.		9,365		4,721,739
				7,576,062
Household Products & Wares — 0.3%
Church & Dwight Co., Inc.		7,894		723,327
Pharmaceuticals — 5.3%
AbbVie, Inc.		24,201		3,607,401
Becton Dickinson & Co.		2,181		563,854
Bristol-Myers Squibb Co.		39,718		2,305,233
CVS Health Corp.		5,752		401,605
Dexcom, Inc. (a)		2,978		277,847
Eli Lilly & Co.		5,747		3,086,886
Johnson & Johnson		16,552		2,577,974
McKesson Corp.		1,280		556,608
Merck & Co., Inc.		13,156		1,354,410
Neurocrine Biosciences, Inc. (a)		1,649		185,512
				14,917,330
				52,660,964

	Number of Shares		Value
Energy — 4.7%
Oil & Gas — 4.5%
Chevron Corp.		8,634	$	1,455,865
ConocoPhillips		24,290		2,909,942
Diamondback Energy, Inc.		11,027		1,707,862
EOG Resources, Inc.		16,118		2,043,118
Exxon Mobil Corp.		34,414		4,046,398
Marathon Oil Corp.		22,511		602,169
				12,765,354
Oil & Gas Services — 0.2%
Baker Hughes Co.		11,160		394,171
				13,159,525
Financial — 14.1%
Banks — 3.9%
Bank of America Corp.		109,880		3,008,515
Citigroup, Inc.		25,676		1,056,054
Fifth Third Bancorp		26,181		663,165
Morgan Stanley		15,925		1,300,595
State Street Corp.		3,442		230,476
Truist Financial Corp.		43,164		1,234,922
U.S. Bancorp		40,689		1,345,178
Wells Fargo & Co.		57,121		2,333,964
				11,172,869
Diversified Financial Services — 4.4%
American Express Co.		2,854		425,788
Charles Schwab Corp.		11,521		632,503
CME Group, Inc.		9,476		1,897,285
Intercontinental Exchange, Inc.		9,989		1,098,990
Mastercard, Inc. Class A		11,401		4,513,770
Raymond James Financial, Inc.		6,334		636,123
Visa, Inc. Class A		14,097		3,242,451
				12,446,910
Insurance — 3.5%
Aflac, Inc.		9,366		718,841
Berkshire Hathaway, Inc. Class B (a)		11,839		4,147,202
Chubb Ltd.		3,894		810,653
Globe Life, Inc.		7,512		816,780
Progressive Corp.		13,788		1,920,668
Travelers Cos., Inc.		9,437		1,541,156
				9,955,300
Private Equity — 0.1%
Blackstone, Inc.		2,275		243,743
Real Estate Investment Trusts (REITS) — 2.2%
Digital Realty Trust, Inc.		6,701		810,955
Equity LifeStyle Properties, Inc.		7,724		492,096
Prologis, Inc.		16,442		1,844,957
SBA Communications Corp.		4,292		859,130

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

MM Equity Asset Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Sun Communities, Inc.		4,921	$	582,351
UDR, Inc.		15,217		542,790
Ventas, Inc.		22,794		960,311
				6,092,590
				39,911,412
Industrial — 7.9%
Aerospace & Defense — 0.9%
Howmet Aerospace, Inc.		15,650		723,812
RTX Corp.		24,540		1,766,144
				2,489,956
Building Materials — 1.0%
Masco Corp.		11,947		638,567
Trane Technologies PLC		10,268		2,083,480
				2,722,047
Electronics — 1.2%
Honeywell International, Inc.		15,884		2,934,410
Keysight Technologies, Inc. (a)		2,550		337,391
				3,271,801
Machinery – Diversified — 1.6%
Deere & Co.		6,619		2,497,878
Dover Corp.		4,642		647,605
Otis Worldwide Corp.		16,773		1,347,040
				4,492,523
Miscellaneous - Manufacturing — 1.4%
Eaton Corp. PLC		8,609		1,836,127
Parker-Hannifin Corp.		2,501		974,190
Textron, Inc.		15,199		1,187,650
				3,997,967
Transportation — 1.8%
CSX Corp.		18,330		563,648
FedEx Corp.		3,475		920,597
Norfolk Southern Corp.		3,431		675,667
Union Pacific Corp.		3,688		750,987
United Parcel Service, Inc. Class B		15,007		2,339,141
				5,250,040
				22,224,334
Technology — 26.5%
Computers — 8.6%
Accenture PLC Class A		6,490		1,993,144
Apple, Inc.		114,721		19,641,382
Cognizant Technology Solutions Corp. Class A		17,416		1,179,760
Leidos Holdings, Inc.		6,632		611,205
Seagate Technology Holdings PLC		14,485		955,286
				24,380,777

	Number of Shares		Value
Semiconductors — 7.8%
Advanced Micro Devices, Inc. (a)		21,280	$	2,188,010
Analog Devices, Inc.		12,970		2,270,917
Lam Research Corp.		3,785		2,372,324
NVIDIA Corp.		20,615		8,967,319
NXP Semiconductor NV		12,226		2,444,222
Qorvo, Inc. (a)		5,316		507,519
Teradyne, Inc.		6,732		676,297
Texas Instruments, Inc.		17,234		2,740,378
				22,166,986
Software — 10.1%
Adobe, Inc. (a)		6,160		3,140,984
Cadence Design Systems, Inc. (a)		2,359		552,714
DocuSign, Inc. (a)		2,085		87,570
Intuit, Inc.		3,742		1,911,937
Microsoft Corp.		62,022		19,583,447
Oracle Corp.		12,226		1,294,978
Salesforce, Inc. (a)		4,831		979,630
ServiceNow, Inc. (a)		1,751		978,739
				28,529,999
				75,077,762
Utilities — 2.3%
Electric — 2.3%
Ameren Corp.		2,474		185,129
CenterPoint Energy, Inc.		22,851		613,549
CMS Energy Corp.		5,485		291,308
Constellation Energy Corp.		3,745		408,505
Dominion Energy, Inc.		9,541		426,197
NextEra Energy, Inc.		33,127		1,897,846
PG&E Corp. (a)		76,891		1,240,252
Public Service Enterprise Group, Inc.		27,184		1,547,041
				6,609,827

TOTAL COMMON STOCK (Cost $230,136,453)				277,759,278

TOTAL EQUITIES (Cost $230,136,453)				277,759,278

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

MM Equity Asset Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
RIGHTS — 0.0%
Consumer, Non-cyclical — 0.0%
Biotechnology — 0.0%
Tobira Therapeutics Inc., CVR (a) (b) (c)		505	$	—

TOTAL RIGHTS (Cost $30)				—

TOTAL LONG-TERM INVESTMENTS (Cost $230,136,483)				277,759,278

	Principal Amount
SHORT-TERM INVESTMENTS — 1.7%
Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (d)	$	4,878,721		4,878,721

TOTAL SHORT-TERM INVESTMENTS (Cost $4,878,721)				4,878,721

TOTAL INVESTMENTS — 99.9% (Cost $235,015,204) ^(e)				282,637,999

Other Assets/(Liabilities) — 0.1%				338,516

NET ASSETS — 100.0%			$	282,976,515

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)	Investment is 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 September 30, 2023, these securities amounted to a value of $0 or 0.00% of net assets.

(d)	Maturity value of $4,879,371. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $4,976,341.

(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
S&P 500 E Mini Index		12/15/23		22	$	4,939,514	$	(181,464	)

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

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

September 30, 2023

	Principal Amount		Value
BONDS & NOTES — 95.3%
BANK LOANS — 0.9%
Advertising — 0.1%
Lamar Media Corp., 2020 Term Loan B, 1 mo. USD Term SOFR + 1.500%
6.918% VRN 2/05/27	$	305,000	$	300,730
Aerospace & Defense — 0.0%
TransDigm, Inc., 2022 Term Loan H, 3 mo. USD Term SOFR + 3.250%
8.640% VRN 2/22/27		118,297		118,361
Airlines — 0.0%
American Airlines, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.750%
10.338% VRN 4/20/28		80,750		83,092
Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 5.250%
10.798% VRN 6/21/27		77,368		80,278
				163,370
Cosmetics & Personal Care — 0.0%
Sunshine Luxembourg VII Sarl, 2021 Term Loan B3, 3 mo. USD Term SOFR + 3.750%
9.240% VRN 10/01/26		113,249		112,997
Diversified Financial Services — 0.1%
Citadel Securities LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500%
7.818% VRN 7/29/30		354,113		353,008
Entertainment — 0.1%
Formula One Holdings Ltd., Term Loan B, 1 mo. USD Term SOFR + 3.000%
8.316% VRN 1/15/30		240,000		239,760
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 2.750%
8.369% VRN 4/29/26		266,046		265,623
				505,383
Environmental Controls — 0.1%
Filtration Group Corp., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%
9.681% VRN 10/21/28		393,315		393,480

	Principal Amount		Value
Health Care – Products — 0.0%
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.681% VRN 10/23/28	$	124,684	$	124,272
Insurance — 0.2%
Acrisure LLC, 2022 Incremental Term Loan, 3 mo. USD Term SOFR + 5.750%
11.121% VRN 2/15/27		69,475		69,649
Asurion LLC
2023 Term Loan B11, 1 mo. USD Term SOFR + 4.250%
9.666% VRN 8/19/28		169,757		164,665
2021 2nd Lien Term Loan B3, 1 mo. USD Term SOFR + 5.250%
10.568% VRN 1/31/28		25,000		22,451
2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250%
10.681% VRN 1/20/29		255,000		225,537
Hub International Ltd.
2022 Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.365% VRN 11/10/29		24,813		24,829
2023 Term Loan B, 3 mo. USD Term SOFR + 4.250%
9.584% VRN 6/20/30		403,021		403,694
				910,825
Internet — 0.0%
Gen Digital, Inc., 2021 Term Loan A, 1 mo. USD Term SOFR + 1.500%
6.916% VRN 9/10/27		125,125		123,953
Machinery – Construction & Mining — 0.0%
Brookfield WEC Holdings, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 2.750%
8.181% VRN 8/01/25		90,377		90,272
Packaging & Containers — 0.0%
Charter NEX US, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%
9.181% VRN 12/01/27		205,795		203,737
Pharmaceuticals — 0.0%
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%
9.490% VRN 10/01/27		139,208		135,597

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

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

	Principal Amount		Value
PetVet Care Centers LLC, 2021 Term Loan B3, 1 mo. USD Term SOFR + 3.500%
8.916% VRN 2/14/25	$	103,729	$	103,158
				238,755
Private Equity — 0.0%
GTCR W Merger Sub LLC, USD Term Loan B,
0.000% 9/20/30 ^(a)		90,000		89,934
Retail — 0.0%
WOOF Holdings, Inc., 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.750%
9.397% VRN 12/21/27		75,615		59,660
Software — 0.3%
Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.500%
9.890% VRN 9/18/26		479,816		480,800
Ascend Learning LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.500%
8.916% VRN 12/11/28		97,125		92,466
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%
8.568% VRN 2/15/29		96,602		94,640
Epicor Software Corp., 2020 Term Loan, 1 mo. USD Term SOFR + 3.250%
8.681% VRN 7/30/27		99,135		98,917
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.000%
8.431% VRN 4/24/28		85,806		84,733
Ultimate Software Group, Inc.
2021 Term Loan, 3 mo. USD Term SOFR + 3.250%
8.618% VRN 5/04/26		613,459		611,226
2021 2nd Lien Term Loan, 3 mo. USD Term SOFR + 5.250%
10.618% VRN 5/03/27		140,000		139,650
				1,602,432

TOTAL BANK LOANS (Cost $5,444,980)				5,391,169

	Principal Amount		Value
CORPORATE DEBT — 23.5%
Advertising — 0.0%
Lamar Media Corp.
4.875% 1/15/29	$	80,000	$	72,400
Aerospace & Defense — 0.2%
Boeing Co.
5.040% 5/01/27		630,000		615,107
5.805% 5/01/50		335,000		303,348
TransDigm, Inc.
6.750% 8/15/28 ^(b)		85,000		83,682
6.875% 12/15/30 ^(b)		50,000		49,027
				1,051,164
Agriculture — 0.2%
BAT Capital Corp.
7.079% 8/02/43		215,000		206,233
7.081% 8/02/53		335,000		316,460
BAT International Finance PLC
1.668% 3/25/26		90,000		81,087
Darling Ingredients, Inc.
6.000% 6/15/30 ^(b)		55,000		52,070
Philip Morris International, Inc.
5.125% 2/15/30		280,000		268,532
Reynolds American, Inc.
4.450% 6/12/25		53,000		51,513
				975,895
Airlines — 0.0%
American Airlines, Inc.
11.750% 7/15/25 ^(b)		50,000		53,750
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500% 4/20/26 ^(b)		96,250		94,004
5.750% 4/20/29 ^(b)		70,000		65,103
				212,857
Apparel — 0.1%
VF Corp.
4.125% 3/07/26 EUR ^(c)		112,000		116,665
4.250% 3/07/29 EUR ^(c)		115,000		117,462
Wolverine World Wide, Inc.
4.000% 8/15/29 ^(b) ^(d)		90,000		66,713
				300,840
Auto Manufacturers — 0.6%
American Honda Finance Corp.
0.750% 11/25/26 GBP ^(c)		130,000		137,487
1.950% 10/18/24 EUR ^(c)		200,000		207,063
Daimler Truck Finance North America LLC
5.125% 1/19/28 ^(b) ^(d)		150,000		146,254

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

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

	Principal Amount		Value
Ford Motor Co.
6.100% 8/19/32 ^(d)	$	105,000	$	98,901
9.625% 4/22/30		85,000		97,108
Ford Motor Credit Co. LLC
4.867% 8/03/27 EUR ^(c)		171,000		178,197
4.950% 5/28/27		265,000		248,743
7.350% 11/04/27		200,000		203,933
General Motors Financial Co., Inc.
0.850% 2/26/26 EUR ^(b) ^(c)		150,000		145,718
Hyundai Capital America
5.500% 3/30/26 ^(b)		135,000		133,229
Nissan Motor Acceptance Co. LLC
1.850% 9/16/26 ^(b)		160,000		139,202
6.950% 9/15/26 ^(b)		75,000		75,550
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 6 mo. USD LIBOR + 5.625%
10.931% FRN 10/15/26 ^(b)		28,000		28,070
Volkswagen Group of America Finance LLC
3.200% 9/26/26 ^(b)		1,320,000		1,222,661
Volkswagen Leasing GmbH
1.500% 6/19/26 EUR ^(b) ^(c)		145,000		142,093
1.625% 8/15/25 EUR ^(b) ^(c)		150,000		151,371
				3,355,580
Auto Parts & Equipment — 0.1%
Clarios Global LP/Clarios US Finance Co.
6.750% 5/15/28 ^(b)		123,000		120,079
Dana Financing Luxembourg Sarl
8.500% 7/15/31 EUR ^(b) ^(c)		100,000		106,938
Goodyear Tire & Rubber Co.
5.000% 7/15/29 ^(d)		140,000		120,585
ZF North America Capital, Inc.
6.875% 4/14/28 ^(b)		150,000		146,771
7.125% 4/14/30 ^(b)		150,000		146,967
				641,340
Banks — 7.6%
ABN AMRO Bank NV
2.500% 11/29/23 EUR ^(b) ^(c)		114,000		120,191
AIB Group PLC Secured Overnight Financing Rate + 2.330%
6.608% VRN 9/13/29 ^(b)		200,000		199,168
Banca Transilvania SA 1 yr. EURIBOR ICE Swap + 5.580%
8.875% VRN 4/27/27 EUR ^(b) ^(c)		760,000		831,312
Banco Bilbao Vizcaya Argentaria SA
3.375% 9/20/27 EUR ^(b) ^(c)		200,000		204,759

	Principal Amount		Value
5 yr. EURIBOR ICE Swap + 2.800% 5.750% VRN 9/15/33 EUR ^(b) ^(c)	$	100,000	$	104,775
1 yr. CMT + 2.300% 5.862% VRN 9/14/26		200,000		197,885
Banco Comercial Portugues SA
3 mo. EUR EURIBOR + 1.550% 1.125% VRN 2/12/27 EUR ^(b) ^(c)		200,000		189,628
3 mo. EUR EURIBOR + 2.000% 1.750% VRN 4/07/28 EUR ^(b) ^(c)		100,000		92,242
Banco de Credito del Peru SA 5 yr. CMT + 3.000%
3.125% VRN 7/01/30 ^(b)		200,000		183,596
Banco de Sabadell SA
1 yr. EURIBOR ICE Swap + 1.150% 0.875% VRN 6/16/28 EUR ^(b) ^(c)		200,000		180,046
1 yr. EUR Swap + 2.250% 5.125% VRN 11/10/28 EUR ^(b) ^(c)		100,000		106,441
Banco Santander SA
1.125% 1/17/25 EUR ^(b) ^(c)		200,000		203,086
2.746% 5/28/25		1,200,000		1,130,132
6.921% 8/08/33		200,000		191,097
Bank Hapoalim BM 5 yr. CMT + 2.155%
3.255% VRN 1/21/32 ^(b)		200,000		170,498
Bank of America Corp.
Secured Overnight Financing Rate + 0.960% 1.734% VRN 7/22/27		585,000		518,403
Secured Overnight Financing Rate + 1.530% 1.898% VRN 7/23/31		1,145,000		870,035
Secured Overnight Financing Rate + 1.220% 2.299% VRN 7/21/32		425,000		322,035
2.375% 6/19/24 EUR ^(b) ^(c)		150,000		156,578
2.375% 6/19/24 EUR ^(b) ^(c)		150,000		156,578
3 mo. USD Term SOFR + 1.252% 2.496% VRN 2/13/31		1,735,000		1,390,496
Secured Overnight Financing Rate + 2.150% 2.592% VRN 4/29/31		585,000		470,101
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28		55,000		49,338
3 mo. USD Term SOFR + 1.322% 3.559% VRN 4/23/27		465,000		436,252
4.250% 10/22/26		302,000		286,888
Secured Overnight Financing Rate + 1.570% 5.819% VRN 9/15/29		1,555,000		1,535,916

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

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

	Principal Amount		Value
Bank of Ireland Group PLC 1 yr. CMT + 2.650%
6.253% VRN 9/16/26 ^(b)	$	355,000	$	352,775
Banque Federative du Credit Mutuel SA
1.250% 5/26/27 EUR ^(b) ^(c)		100,000		95,380
1.375% 7/16/28 EUR ^(b) ^(c)		100,000		93,317
5.125% 1/13/33 EUR ^(b) ^(c)		100,000		102,842
Barclays PLC
1 yr. EUR Swap + 1.260% 0.577% VRN 8/09/29 EUR ^(b) ^(c)		215,000		184,367
1 yr. EURIBOR ICE Swap + 0.850% 0.877% VRN 1/28/28 EUR ^(b) ^(c)		100,000		93,327
1 yr. CMT + 2.650% 5.501% VRN 8/09/28		225,000		216,197
Secured Overnight Financing Rate + 2.980% 6.224% VRN 5/09/34		305,000		288,923
1 yr. U.K. Government Bond + 2.800% 6.369% VRN 1/31/31 GBP ^(b) ^(c)		125,000		149,147
Secured Overnight Financing Rate + 2.620% 6.692% VRN 9/13/34		675,000		658,990
BBVA Bancomer SA 5 yr. CMT + 2.650%
5.125% VRN 1/18/33 ^(b)		300,000		258,295
BNP Paribas SA 3 mo. EUR EURIBOR + 1.800%
2.125% VRN 1/23/27 EUR ^(b) ^(c)		200,000		199,675
BPCE SA
0.250% 1/14/31 EUR ^(b) ^(c)		200,000		159,239
0.375% 10/05/23 EUR ^(b) ^(c)		100,000		105,701
3.500% 1/25/28 EUR ^(b) ^(c)		100,000		102,785
CaixaBank SA
1.125% 5/17/24 EUR ^(b) ^(c)		100,000		103,732
1.750% 10/24/23 EUR ^(b) ^(c)		100,000		105,566
3.750% 9/07/29 EUR ^(b) ^(c)		200,000		205,562
Secured Overnight Financing Rate + 2.700% 6.208% VRN 1/18/29 ^(b)		500,000		489,178
5 yr. EUR Swap + 3.550% 6.250% VRN 2/23/33 EUR ^(b) ^(c)		100,000		105,915
Secured Overnight Financing Rate + 2.080% 6.684% VRN 9/13/27 ^(b)		420,000		419,815
Secured Overnight Financing Rate + 2.770% 6.840% VRN 9/13/34 ^(b)		500,000		489,740
Citigroup, Inc.
0.750% 10/26/23 EUR ^(b) ^(c)		110,000		116,050

	Principal Amount		Value
Secured Overnight Financing Rate + 1.167% 2.561% VRN 5/01/32	$	300,000	$	232,229
Secured Overnight Financing Rate + 1.280% 3.070% VRN 2/24/28		570,000		517,047
Secured Overnight Financing Rate + 2.842% 3.106% VRN 4/08/26		240,000		229,036
Secured Overnight Financing Rate + 1.546% 5.610% VRN 9/29/26		565,000		559,255
Secured Overnight Financing Rate + 2.661% 6.174% VRN 5/25/34		360,000		344,024
Cooperatieve Rabobank UA
4.625% 5/23/29 GBP ^(b) ^(c)		150,000		166,186
Credit Agricole SA
0.875% 1/14/32 EUR ^(b) ^(c)		200,000		159,663
1.000% 9/16/24 EUR ^(b) ^(c)		200,000		205,325
Danske Bank AS
1 yr. EURIBOR ICE Swap + 0.880% 0.750% VRN 6/09/29 EUR ^(b) ^(c)		100,000		88,287
1 yr. EUR Swap + 0.850% 1.375% VRN 2/17/27 EUR ^(b) ^(c)		110,000		107,715
5 yr. EUR Swap + 1.700% 1.375% VRN 2/12/30 EUR ^(b) ^(c)		100,000		99,915
3 mo. USD LIBOR + 1.591% 3.244% VRN 12/20/25 ^(b)		1,040,000		995,979
1 yr. CMT + 1.450% 3.773% VRN 3/28/25 ^(b)		355,000		349,717
DNB Bank ASA
0.050% 11/14/23 EUR ^(b) ^(c)		109,000		114,703
Fifth Third Bancorp
2.375% 1/28/25		90,000		85,451
2.550% 5/05/27		50,000		43,938
3.950% 3/14/28		155,000		141,221
Secured Overnight Financing Rate Index + 2.127% 4.772% VRN 7/28/30		140,000		127,092
Secured Overnight Financing Rate + 2.340% 6.339% VRN 7/27/29		235,000		232,149
Goldman Sachs Group, Inc.
1.375% 5/15/24 EUR ^(b) ^(c)		40,000		41,575
Secured Overnight Financing Rate + 0.818% 1.542% VRN 9/10/27		605,000		529,735
1.625% 7/27/26 EUR ^(b) ^(c)		140,000		138,875
Secured Overnight Financing Rate + 1.248% 2.383% VRN 7/21/32		510,000		388,410
3.500% 11/16/26		385,000		358,055

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

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

	Principal Amount		Value
Secured Overnight Financing Rate + 1.846% 3.615% VRN 3/15/28	$	550,000	$	507,471
1 yr. U.K. Government Bond + 1.950% 3.625% VRN 10/29/29 GBP ^(b) ^(c)		85,000		92,523
Secured Overnight Financing Rate + 1.725% 4.482% VRN 8/23/28		520,000		492,186
HSBC Holdings PLC
3 mo. EUR EURIBOR + 1.290% 4.752% VRN 3/10/28 EUR ^(b) ^(c)		280,000		296,137
Secured Overnight Financing Rate + 2.110% 4.755% VRN 6/09/28		770,000		728,527
Secured Overnight Financing Rate + 2.610% 5.210% VRN 8/11/28		440,000		423,618
Secured Overnight Financing Rate + 2.390% 6.254% VRN 3/09/34		705,000		689,031
Huntington National Bank Secured Overnight Financing Rate + 1.215%
5.699% VRN 11/18/25		250,000		244,353
ING Groep NV
3 mo. EUR EURIBOR + 0.850% 1.250% VRN 2/16/27 EUR ^(b) ^(c)		200,000		195,793
6.114% 9/11/34		575,000		558,389
Intesa Sanpaolo SpA
1.000% 7/04/24 EUR ^(b) ^(c)		300,000		309,518
1.750% 7/04/29 EUR ^(b) ^(c)		100,000		89,383
6.625% 6/20/33 ^(b)		365,000		343,001
JP Morgan Chase & Co.
Secured Overnight Financing Rate + 0.885% 1.578% VRN 4/22/27		465,000		414,981
3 mo. USD Term SOFR + 1.105% 1.764% VRN 11/19/31		955,000		718,314
Secured Overnight Financing Rate + 1.890% 2.182% VRN 6/01/28		675,000		591,441
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31		165,000		133,746
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30		265,000		221,611
3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31		1,060,000		870,922
KBC Group NV
0.750% 10/18/23 EUR ^(b) ^(c)		100,000		105,573
1 yr. CMT + 2.100% 5.796% VRN 1/19/29 ^(b)		620,000		605,601

	Principal Amount		Value
1 yr. CMT + 2.050% 6.324% VRN 9/21/34 ^(b)	$	495,000	$	480,276
Kreditanstalt fuer Wiederaufbau
4.700% 6/02/37 CAD ^(c)		65,000		46,275
4.700% 6/02/37 CAD ^(c)		75,000		53,394
Landsbankinn HF
0.375% 5/23/25 EUR ^(b) ^(c)		265,000		258,956
Morgan Stanley
3 mo. EUR EURIBOR + 0.698% 0.406% VRN 10/29/27 EUR ^(c)		100,000		93,608
3 mo. EUR EURIBOR + 0.867% 0.495% VRN 10/26/29 EUR ^(c)		260,000		224,742
Secured Overnight Financing Rate + 0.858% 1.512% VRN 7/20/27		630,000		556,662
Secured Overnight Financing Rate + 0.879% 1.593% VRN 5/04/27		670,000		596,354
Secured Overnight Financing Rate + 1.730% 5.123% VRN 2/01/29		880,000		847,454
3 mo. EUR EURIBOR + 1.954% 5.148% VRN 1/25/34 EUR ^(c)		100,000		108,315
National Australia Bank Ltd.
0.625% 11/10/23 EUR ^(b) ^(c)		56,000		58,991
Nationale-Nederlanden Bank NV
0.375% 2/26/25 EUR ^(b) ^(c)		100,000		100,123
NatWest Group PLC
3 mo. EUR EURIBOR + 0.949% 0.780% VRN 2/26/30 EUR ^(b) ^(c)		180,000		153,006
5 yr. EUR Swap + 1.270% 1.043% VRN 9/14/32 EUR ^(b) ^(c)		135,000		118,263
NongHyup Bank
4.875% 7/03/28 ^(b)		310,000		300,902
OTP Bank Nyrt 3 mo. EUR EURIBOR + 4.523%
7.350% VRN 3/04/26 EUR ^(b) ^(c)		140,000		150,380
PNC Financial Services Group, Inc.
2.550% 1/22/30		145,000		117,666
Secured Overnight Financing Rate Index + 2.140% 6.037% VRN 10/28/33		460,000		446,417
QNB Finance Ltd.
2.750% 2/12/27 ^(b)		200,000		182,720
Santander Holdings USA, Inc.
Secured Overnight Financing Rate + 1.249% 2.490% VRN 1/06/28		170,000		147,607
Secured Overnight Financing Rate + 2.356% 6.499% VRN 3/09/29		100,000		97,526

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

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

	Principal Amount		Value
Santander UK Group Holdings PLC
1 yr. EUR Swap + 0.800% 0.603% VRN 9/13/29 EUR ^(b) ^(c)	$	275,000	$	234,248
1 yr. CMT + 1.250% 1.532% VRN 8/21/26		1,465,000		1,327,952
1 yr. GBP SONIA Linked ICE Swap + 1.250% 2.421% VRN 1/17/29 GBP ^(b) ^(c)		100,000		102,688
Shinhan Bank Co. Ltd.
4.500% 4/12/28 ^(b)		330,000		316,442
Standard Chartered PLC
1 yr. CMT + 1.000% 1.456% VRN 1/14/27 ^(b)		295,000		263,358
5 yr. EUR Swap + 2.800% 2.500% VRN 9/09/30 EUR ^(b) ^(c)		180,000		179,574
3 mo. USD LIBOR + 1.209% 2.819% VRN 1/30/26 ^(b)		200,000		190,246
1 yr. CMT + 1.650% 3.971% VRN 3/30/26 ^(b)		285,000		274,353
Truist Financial Corp. Secured Overnight Financing Rate + 1.368%
4.123% VRN 6/06/28		222,000		206,028
UBS Group AG
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 ^(b)		340,000		301,515
1 yr. GBP Swap + 1.230% 2.125% VRN 9/12/25 GBP ^(b) ^(c)		250,000		291,705
1 yr. EUR Swap + 1.950% 2.875% VRN 4/02/32 EUR ^(b) ^(c)		185,000		168,304
3.750% 3/26/25		890,000		856,010
1 yr. CMT + 2.200% 5.959% VRN 1/12/34 ^(b)		445,000		426,846
1 yr. CMT + 2.000% 6.301% VRN 9/22/34 ^(b)		325,000		317,414
UniCredit SpA 5 yr. EURIBOR ICE Swap + 4.739%
4.875% VRN 2/20/29 EUR ^(b) ^(c)		200,000		210,393
Wells Fargo & Co.
Secured Overnight Financing Rate + 2.100% 2.393% VRN 6/02/28		1,105,000		969,051
3 mo. USD Term SOFR + 1.262% 2.572% VRN 2/11/31		1,225,000		990,187
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30		2,145,000		1,785,617
Secured Overnight Financing Rate + 2.530% 3.068% VRN 4/30/41		335,000		225,071
4.300% 7/22/27		290,000		273,278
				45,331,612

	Principal Amount		Value
Beverages — 0.2%
Anheuser-Busch InBev SA
1.650% 3/28/31 EUR ^(b) ^(c)	$	165,000	$	149,340
Anheuser-Busch InBev Worldwide, Inc.
4.500% 6/01/50		655,000		547,402
5.550% 1/23/49		400,000		383,117
Carlsberg Breweries AS
0.875% 7/01/29 EUR ^(b) ^(c)		140,000		123,694
				1,203,553
Biotechnology — 0.0%
CSL Finance PLC
4.050% 4/27/29 ^(b)		260,000		242,522
Building Materials — 0.0%
Emerald Debt Merger Sub LLC
6.625% 12/15/30 ^(b)		125,000		120,335
Victoria PLC
3.625% 8/24/26 EUR ^(b) ^(c)		100,000		82,994
				203,329
Chemicals — 0.3%
Braskem Netherlands Finance BV
4.500% 1/31/30 ^(b)		300,000		244,508
Celanese US Holdings LLC
6.050% 3/15/25		63,000		62,774
6.350% 11/15/28		640,000		631,956
MEGlobal BV
2.625% 4/28/28 ^(b)		200,000		172,615
Methanex Corp.
5.125% 10/15/27		65,000		59,961
Westlake Corp.
1.625% 7/17/29 EUR ^(c)		475,000		418,133
				1,589,947
Commercial Services — 0.2%
Albion Financing 1 Sarl/Aggreko Holdings, Inc.
5.250% 10/15/26 EUR ^(b) ^(c)		100,000		99,910
Autostrade per l’Italia SpA
2.000% 12/04/28 EUR ^(b) ^(c)		165,000		152,602
2.000% 1/15/30 EUR ^(b) ^(c)		155,000		136,743
Equifax, Inc.
5.100% 12/15/27		305,000		296,177
Holding d’Infrastructures de Transport SASU
1.475% 1/18/31 EUR ^(b) ^(c)		200,000		168,464
IPD 3 BV
8.000% 6/15/28 EUR ^(b) ^(c)		100,000		106,592
Loxam SAS
6.375% 5/15/28 EUR ^(b) ^(c)		100,000		103,478

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

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

	Principal Amount		Value
Transurban Finance Co. Pty. Ltd.
3.000% 4/08/30 EUR ^(b) ^(c)	$	300,000	$	291,902
Verisure Holding AB
3.875% 7/15/26 EUR ^(b) ^(c)		100,000		99,382
				1,455,250
Computers — 0.0%
Booz Allen Hamilton, Inc.
5.950% 8/04/33		190,000		185,364
Distribution & Wholesale — 0.0%
Ritchie Bros Holdings, Inc.
6.750% 3/15/28 ^(b)		20,000		19,954
7.750% 3/15/31 ^(b) ^(d)		15,000		15,225
				35,179
Diversified Financial Services — 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.450% 10/29/26		525,000		470,240
3.300% 1/30/32		720,000		572,337
4.450% 4/03/26		270,000		259,213
4.875% 1/16/24		540,000		537,836
Ally Financial, Inc.
4.750% 6/09/27 ^(d)		1,065,000		981,736
CA Auto Bank SPA
0.500% 9/13/24 EUR ^(b) ^(c)		160,000		163,067
Capital One Financial Corp.
1.650% 6/12/29 EUR ^(c)		300,000		259,443
Secured Overnight Financing Rate + 1.790% 3.273% VRN 3/01/30		265,000		221,672
3.650% 5/11/27		510,000		466,241
3.750% 3/09/27		115,000		105,259
Secured Overnight Financing Rate + 2.160% 4.985% VRN 7/24/26		525,000		509,383
Secured Overnight Financing Rate + 2.600% 5.247% VRN 7/26/30		140,000		129,782
Secured Overnight Financing Rate + 2.600% 5.817% VRN 2/01/34		445,000		401,034
Encore Capital Group, Inc.
5.375% 2/15/26 GBP ^(b) ^(c)		140,000		156,614
Intercontinental Exchange, Inc.
2.650% 9/15/40		130,000		84,939
4.350% 6/15/29		465,000		437,253
Iqera Group SAS
4.250% 9/30/24 EUR ^(b) ^(c)		100,000		102,684
Jerrold Finco PLC
5.250% 1/15/27 GBP ^(b) ^(c)		100,000		107,948

	Principal Amount		Value
Kane Bidco Ltd.
5.000% 2/15/27 EUR ^(b) ^(c)	$	225,000	$	224,041
LeasePlan Corp. NV 5 yr. EURIBOR ICE Swap + 7.556%
7.375% VRN EUR ^(b) ^(c) ^(e)		200,000		209,075
LSEGA Financing PLC
2.000% 4/06/28 ^(b)		1,520,000		1,290,919
2.500% 4/06/31 ^(b)		435,000		349,462
3.200% 4/06/41 ^(b)		200,000		139,132
Nasdaq, Inc.
6.100% 6/28/63		120,000		111,598
Navient Corp.
9.375% 7/25/30		115,000		113,419
OneMain Finance Corp.
7.125% 3/15/26 ^(d)		55,000		53,866
9.000% 1/15/29		125,000		124,596
				8,582,789
Electric — 2.0%
Abu Dhabi National Energy Co. PJSC
4.375% 1/24/29 ^(b)		400,000		382,048
Baltimore Gas & Electric Co.
5.400% 6/01/53		200,000		183,795
Duke Energy Corp.
5.000% 8/15/52		1,080,000		897,767
6.100% 9/15/53		615,000		596,437
Duke Energy Indiana LLC
5.400% 4/01/53		365,000		333,821
E.ON International Finance BV
6.250% 6/03/30 GBP ^(b) ^(c)		305,000		379,650
Edison International
4.950% 4/15/25		30,000		29,400
EDP - Energias de Portugal SA
2.875% 6/01/26 EUR ^(b) ^(c)		200,000		204,517
EDP Finance BV
6.300% 10/11/27 ^(b)		200,000		202,652
Electricite de France SA
6.125% 6/02/34 GBP ^(b) ^(c)		200,000		235,492
Enel Finance America LLC
7.100% 10/14/27 ^(b)		200,000		206,894
Enel Finance International NV
5.625% 8/14/24 GBP ^(b) ^(c)		150,000		182,376
6.800% 10/14/25 ^(b)		200,000		202,328
Exelon Corp.
5.600% 3/15/53		325,000		295,635
Georgia Power Co.
4.950% 5/17/33		450,000		421,802
Indiana Michigan Power Co.
5.625% 4/01/53		35,000		33,013

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

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

	Principal Amount		Value
Interchile SA
4.500% 6/30/56 ^(b)	$	280,000	$	210,375
Israel Electric Corp. Ltd.
7.875% 12/15/26 ^(b)		250,000		259,430
MidAmerican Energy Co.
5.850% 9/15/54		175,000		172,528
NextEra Energy Capital Holdings, Inc.
2.440% 1/15/32		435,000		336,519
3.000% 1/15/52		425,000		250,635
5.000% 7/15/32		125,000		116,816
5.250% 2/28/53		175,000		151,530
5.749% 9/01/25		295,000		294,172
NRG Energy, Inc.
4.450% 6/15/29 ^(b)		170,000		147,431
Orsted AS
4.875% 1/12/32 GBP ^(b) ^(c)		150,000		168,853
Pacific Gas & Electric Co.
2.100% 8/01/27		540,000		461,737
2.500% 2/01/31		465,000		353,763
4.550% 7/01/30		510,000		450,819
6.700% 4/01/53		145,000		136,178
Palomino Funding Trust I
7.233% 5/17/28 ^(b)		290,000		291,032
RTE Reseau de Transport d’Electricite SADIR
0.750% 1/12/34 EUR ^(b) ^(c)		200,000		155,898
Sempra
3.700% 4/01/29		145,000		130,640
Southern California Edison Co.
4.700% 6/01/27		340,000		329,875
5.700% 3/01/53		220,000		202,126
Southern Co.
5.200% 6/15/33		665,000		628,566
5.700% 3/15/34 ^(d)		320,000		313,390
State Grid Overseas Investment BVI Ltd.
1.375% 5/02/25 EUR ^(b) ^(c)		100,000		100,612
Talen Energy Supply LLC
8.625% 6/01/30 ^(b)		40,000		41,004
TenneT Holding BV
2.000% 6/05/34 EUR ^(b) ^(c)		330,000		299,887
Vistra Corp. 5 yr. CMT + 6.930%
8.000% VRN ^(b) ^(e)		355,000		338,014
Vistra Operations Co. LLC
5.125% 5/13/25 ^(b)		485,000		472,595
6.950% 10/15/33 ^(b)		190,000		186,359
7.750% 10/15/31 ^(b)		215,000		211,784
				12,000,195

	Principal Amount		Value
Electronics — 0.1%
Sensata Technologies BV
5.875% 9/01/30 ^(b)	$	345,000	$	321,410
Engineering & Construction — 0.2%
ABB Finance BV
3.375% 1/16/31 EUR ^(b) ^(c)		115,000		116,845
Avinor AS
0.750% 10/01/30 EUR ^(b) ^(c)		140,000		118,780
Cellnex Telecom SA
1.750% 10/23/30 EUR ^(b) ^(c)		300,000		257,302
Heathrow Funding Ltd.
2.750% 10/13/31 GBP ^(b) ^(c)		225,000		229,915
Sydney Airport Finance Co. Pty. Ltd.
4.375% 5/03/33 EUR ^(b) ^(c)		220,000		227,135
				949,977
Entertainment — 0.3%
Banijay Entertainment SASU
7.000% 5/01/29 EUR ^(b) ^(c)		100,000		104,794
Caesars Entertainment, Inc.
7.000% 2/15/30 ^(b)		110,000		107,037
Churchill Downs, Inc.
6.750% 5/01/31 ^(b)		35,000		33,075
Cirsa Finance International Sarl
7.875% 7/31/28 EUR ^(b) ^(c)		120,000		127,488
Inter Media & Communication SpA
6.750% 2/09/27 EUR ^(b) ^(c)		145,000		146,663
International Game Technology PLC
3.500% 6/15/26 EUR ^(b) ^(c)		100,000		100,736
3.500% 6/15/26 EUR ^(b) ^(c)		100,000		100,736
Lottomatica SpA 3 mo. EUR EURIBOR + 4.125%
7.928% VRN 6/01/28 EUR ^(b) ^(c)		100,000		106,544
Motion Finco Sarl
7.375% 6/15/30 EUR ^(b) ^(c)		170,000		176,294
Warnermedia Holdings, Inc.
3.755% 3/15/27		705,000		650,868
				1,654,235
Food — 0.2%
Bellis Acquisition Co. PLC
3.250% 2/16/26 GBP ^(b) ^(c)		100,000		105,936
Chobani LLC/Chobani Finance Corp., Inc.
4.625% 11/15/28 ^(b)		105,000		92,608
Mars, Inc.
4.750% 4/20/33 ^(b)		440,000		416,471
Mondelez International Holdings Netherlands BV
0.250% 9/09/29 EUR ^(c)		198,000		168,889

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

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

	Principal Amount		Value
Mondelez International, Inc.
0.250% 3/17/28 EUR ^(c)	$	237,000	$	213,445
Tesco Corporate Treasury Services PLC
0.875% 5/29/26 EUR ^(b) ^(c)		150,000		145,410
1.875% 11/02/28 GBP ^(b) ^(c)		150,000		151,213
				1,293,972
Gas — 0.1%
APA Infrastructure Ltd.
3.500% 3/22/30 GBP ^(b) ^(c)		150,000		153,938
Boston Gas Co.
6.119% 7/20/53 ^(b)		155,000		146,330
NiSource, Inc.
5.250% 3/30/28		85,000		83,303
Snam SpA
0.875% 10/25/26 EUR ^(b) ^(c)		185,000		177,652
				561,223
Health Care – Products — 0.2%
Avantor Funding, Inc.
4.625% 7/15/28 ^(b)		105,000		95,726
Becton Dickinson Euro Finance Sarl
1.213% 2/12/36 EUR ^(c)		100,000		72,705
Medtronic Global Holdings SCA
0.375% 10/15/28 EUR ^(c)		100,000		88,955
Revvity, Inc.
1.900% 9/15/28		410,000		340,303
2.250% 9/15/31		220,000		167,206
3.300% 9/15/29		125,000		108,462
Thermo Fisher Scientific, Inc.
0.875% 10/01/31 EUR ^(c)		140,000		116,521
2.375% 4/15/32 EUR ^(c)		100,000		93,059
				1,082,937
Health Care – Services — 1.2%
Centene Corp.
2.450% 7/15/28		230,000		194,314
2.625% 8/01/31		315,000		241,259
3.375% 2/15/30		515,000		429,547
4.625% 12/15/29		875,000		788,051
Charles River Laboratories International, Inc.
4.000% 3/15/31 ^(b)		110,000		93,087
Elevance Health, Inc.
5.125% 2/15/53		220,000		194,229
Fresenius Medical Care AG & Co. KGaA
0.250% 11/29/23 EUR ^(b) ^(c)		72,000		75,647
Fresenius SE & Co. KGaA
5.000% 11/28/29 EUR ^(b) ^(c)		100,000		106,732

	Principal Amount		Value
HCA, Inc.
3.125% 3/15/27	$	235,000	$	213,518
3.375% 3/15/29		90,000		78,855
3.500% 9/01/30		499,000		422,167
5.375% 9/01/26		170,000		166,838
5.875% 2/15/26		160,000		159,113
Humana, Inc.
4.875% 4/01/30		550,000		520,265
5.500% 3/15/53		740,000		672,444
IQVIA, Inc.
6.500% 5/15/30 ^(b)		200,000		195,754
Molina Healthcare, Inc.
4.375% 6/15/28 ^(b)		75,000		67,204
Sutter Health
5.164% 8/15/33		140,000		134,388
5.547% 8/15/53		125,000		119,850
UnitedHealth Group, Inc.
4.500% 4/15/33		420,000		388,631
5.050% 4/15/53		1,040,000		930,450
5.875% 2/15/53		735,000		737,615
				6,929,958
Insurance — 1.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.750% 4/15/28 ^(b)		295,000		284,691
Allianz SE 10 yr. EURIBOR ICE Swap + 3.200%
3.375% VRN EUR ^(b) ^(c) ^(e)		400,000		412,539
AmWINS Group, Inc.
4.875% 6/30/29 ^(b)		140,000		122,672
Aon Corp.
2.800% 5/15/30		145,000		120,669
Athene Global Funding
0.832% 1/08/27 EUR ^(b) ^(c)		165,000		152,656
Berkshire Hathaway Finance Corp.
1.500% 3/18/30 EUR ^(c)		167,000		151,240
2.500% 1/15/51		610,000		352,798
2.850% 10/15/50		185,000		115,101
3.850% 3/15/52		195,000		145,453
CNO Financial Group, Inc.
5.250% 5/30/25		217,000		212,651
Corebridge Financial, Inc.
3.900% 4/05/32		145,000		122,017
Credit Agricole Assurances SA 5 yr. EURIBOR ICE Swap + 2.650%
2.625% VRN 1/29/48 EUR ^(b) ^(c)		200,000		185,067
Equitable Holdings, Inc.
4.350% 4/20/28		1,150,000		1,070,654

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

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

	Principal Amount		Value
Hannover Rueck SE
3 mo. EUR EURIBOR + 2.380% 1.125% VRN 10/09/39 EUR ^(b) ^(c)	$	200,000	$	166,210
3 mo. EUR EURIBOR + 3.000% 1.750% VRN 10/08/40 EUR ^(b) ^(c)		300,000		249,859
HUB International Ltd.
7.250% 6/15/30 ^(b)		285,000		284,478
Jackson Financial, Inc.
5.170% 6/08/27 ^(d)		400,000		385,577
Jones Deslauriers Insurance Management, Inc.
8.500% 3/15/30 ^(b)		140,000		141,028
Legal & General Group PLC 5 yr. U.K. Government Bond + 4.580%
5.375% VRN 10/27/45 GBP ^(b) ^(c)		185,000		219,138
Marsh & McLennan Cos., Inc.
2.250% 11/15/30		185,000		148,041
5.700% 9/15/53 ^(d)		530,000		511,761
Metropolitan Life Global Funding I
5.000% 1/10/30 GBP ^(b) ^(c)		100,000		117,954
5.150% 3/28/33 ^(b)		240,000		227,268
				5,899,522
Internet — 0.2%
Gen Digital, Inc.
7.125% 9/30/30 ^(b) ^(d)		32,000		31,524
Match Group Holdings II LLC
5.000% 12/15/27 ^(b)		128,000		118,057
MercadoLibre, Inc.
3.125% 1/14/31		200,000		157,378
Meta Platforms, Inc.
5.600% 5/15/53		665,000		629,395
Netflix, Inc.
3.875% 11/15/29 EUR ^(b) ^(c)		125,000		128,072
4.625% 5/15/29 EUR ^(c)		100,000		106,602
Tencent Holdings Ltd.
3.240% 6/03/50 ^(b)		350,000		201,374
United Group BV
4.625% 8/15/28 EUR ^(b) ^(c)		100,000		89,866
				1,462,268
Investment Companies — 0.0%
MDGH GMTN RSC Ltd.
4.375% 11/22/33 ^(b)		200,000		182,250
Iron & Steel — 0.0%
ABJA Investment Co. Pte. Ltd.
5.950% 7/31/24 ^(b)		200,000		199,316
Leisure Time — 0.2%
Carnival Corp.
7.000% 8/15/29 ^(b)		95,000		93,673
10.500% 6/01/30 ^(b)		245,000		252,318

	Principal Amount		Value
Deuce Finco PLC
5.500% 6/15/27 GBP ^(b) ^(c)	$	100,000	$	106,984
Harley-Davidson Financial Services, Inc.
5.125% 4/05/26 EUR ^(b) ^(c)		210,000		224,421
Life Time, Inc.
5.750% 1/15/26 ^(b)		125,000		121,123
Royal Caribbean Cruises Ltd.
11.625% 8/15/27 ^(b)		40,000		43,396
8.250% 1/15/29 ^(b)		200,000		207,492
				1,049,407
Lodging — 0.1%
Las Vegas Sands Corp.
3.500% 8/18/26		210,000		191,108
Marriott International, Inc.
4.900% 4/15/29		100,000		95,345
5.000% 10/15/27		335,000		326,466
				612,919
Machinery – Diversified — 0.0%
Highland Holdings Sarl
0.318% 12/15/26 EUR ^(c)		122,000		114,687
TK Elevator Midco GmbH
4.375% 7/15/27 EUR ^(b) ^(c)		100,000		95,650
				210,337
Media — 0.4%
Altice Financing SA
4.250% 8/15/29 EUR ^(b) ^(c)		100,000		87,752
5.000% 1/15/28 ^(b)		260,000		222,010
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250% 2/01/31 ^(b)		130,000		103,485
6.375% 9/01/29 ^(b)		75,000		69,935
7.375% 3/01/31 ^(b)		25,000		24,146
Charter Communications Operating LLC/Charter Communications Operating Capital
5.250% 4/01/53		285,000		213,038
5.750% 4/01/48		230,000		183,646
6.484% 10/23/45		105,000		91,680
Comcast Corp.
3.250% 11/01/39		295,000		215,506
DISH DBS Corp.
5.750% 12/01/28 ^(b)		65,000		49,969
DISH Network Corp.
11.750% 11/15/27 ^(b)		85,000		85,635
RCS & RDS SA
3.250% 2/05/28 EUR ^(b) ^(c)		200,000		173,918
Sirius XM Radio, Inc.
4.000% 7/15/28 ^(b)		180,000		153,642

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

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

	Principal Amount		Value
5.000% 8/01/27 ^(b)	$	11,000	$	10,047
Univision Communications, Inc.
7.375% 6/30/30 ^(b) ^(d)		65,000		59,403
8.000% 8/15/28 ^(b) ^(d)		55,000		53,323
VZ Secured Financing BV
3.500% 1/15/32 EUR ^(b) ^(c)		100,000		81,125
Walt Disney Co.
3.600% 1/13/51		255,000		176,870
Ziggo BV
2.875% 1/15/30 EUR ^(b) ^(c)		100,000		85,510
				2,140,640
Mining — 0.1%
Anglo American Capital PLC
3.375% 3/11/29 GBP ^(b) ^(c)		140,000		148,875
BHP Billiton Finance USA Ltd.
5.500% 9/08/53		125,000		119,579
Hudbay Minerals, Inc.
6.125% 4/01/29 ^(b)		60,000		55,515
				323,969
Oil & Gas — 0.5%
BP Capital Markets PLC
2.213% 9/25/26 EUR ^(b) ^(c)		160,000		160,922
Chesapeake Energy Corp.
6.750% 4/15/29 ^(b) ^(d)		75,000		73,395
Diamondback Energy, Inc.
6.250% 3/15/53		220,000		209,877
Occidental Petroleum Corp.
6.200% 3/15/40		315,000		300,260
6.450% 9/15/36		80,000		78,555
6.625% 9/01/30		510,000		516,757
8.500% 7/15/27		115,000		123,144
8.875% 7/15/30		680,000		764,531
Petroleos Mexicanos
4.750% 2/26/29 EUR ^(b) ^(c)		365,000		291,159
Pioneer Natural Resources Co.
5.100% 3/29/26		145,000		143,136
Saudi Arabian Oil Co.
4.250% 4/16/39 ^(b)		200,000		162,490
				2,824,226
Packaging & Containers — 0.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.000% 9/01/29 EUR ^(b) ^(c)		180,000		144,171
Ball Corp.
6.875% 3/15/28		140,000		140,847
Graphic Packaging International LLC
2.625% 2/01/29 EUR ^(b) ^(c)		100,000		91,713

	Principal Amount		Value
Sealed Air Corp.
5.000% 4/15/29 ^(b)	$	75,000	$	67,434
Sealed Air Corp./Sealed Air Corp. US
6.125% 2/01/28 ^(b)		20,000		19,370
				463,535
Pharmaceuticals — 1.2%
AbbVie, Inc.
2.625% 11/15/28 EUR ^(c)		225,000		223,370
4.050% 11/21/39		270,000		220,893
4.250% 11/21/49		325,000		257,290
4.700% 5/14/45		530,000		451,492
4.875% 11/14/48		980,000		856,409
Bayer Capital Corp. BV
1.250% 11/13/23 EUR ^(b) ^(c)		56,000		58,999
Becton Dickinson & Co.
2.823% 5/20/30		510,000		429,371
3.020% 5/24/25 GBP ^(c)		150,000		175,632
CVS Health Corp.
3.250% 8/15/29		135,000		118,115
5.050% 3/25/48		823,000		683,786
5.625% 2/21/53		430,000		386,482
5.875% 6/01/53		230,000		212,691
Gruenenthal GmbH
6.750% 5/15/30 EUR ^(b) ^(c)		100,000		107,047
Merck & Co., Inc.
5.000% 5/17/53		285,000		259,197
Pfizer Investment Enterprises Pte. Ltd.
4.750% 5/19/33		280,000		264,678
5.300% 5/19/53		275,000		255,517
5.340% 5/19/63		440,000		401,959
Sanofi
2.500% 11/14/23 EUR ^(b) ^(c)		100,000		105,520
Teva Pharmaceutical Finance Netherlands III BV
7.875% 9/15/29		200,000		202,613
Upjohn Finance BV
1.908% 6/23/32 EUR ^(b) ^(c)		145,000		117,924
Utah Acquisition Sub, Inc.
3.125% 11/22/28 EUR ^(b) ^(c)		155,000		150,441
3.950% 6/15/26		1,030,000		964,847
5.250% 6/15/46		45,000		33,230
Viatris, Inc.
3.850% 6/22/40		401,000		261,166
4.000% 6/22/50		215,000		129,975
				7,328,644
Pipelines — 0.9%
Boardwalk Pipelines LP
3.400% 2/15/31		890,000		739,066

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

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

	Principal Amount		Value
Cheniere Corpus Christi Holdings LLC
5.125% 6/30/27	$	140,000	$	136,045
Columbia Pipelines Holding Co. LLC
6.042% 8/15/28 ^(b)		295,000		293,505
Energy Transfer LP
2.900% 5/15/25		185,000		175,755
Enterprise Products Operating LLC
3.200% 2/15/52		260,000		166,004
Kinetik Holdings LP
5.875% 6/15/30 ^(b) ^(d)		90,000		84,375
NuStar Logistics LP
5.750% 10/01/25		80,000		77,800
ONEOK, Inc.
5.800% 11/01/30		170,000		166,439
6.050% 9/01/33		250,000		245,608
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
7.500% 10/01/25 ^(b) ^(d)		110,000		109,699
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.000% 1/15/32		125,000		105,185
4.875% 2/01/31		25,000		22,391
5.500% 3/01/30		150,000		140,387
6.875% 1/15/29		213,000		213,204
Transcanada Trust 3 mo. CAD CDOR + 3.080%
4.650% VRN 5/18/77 CAD ^(c)		650,000		417,986
Transcontinental Gas Pipe Line Co. LLC
4.600% 3/15/48		110,000		87,133
Venture Global Calcasieu Pass LLC
3.875% 8/15/29 ^(b)		55,000		46,281
3.875% 11/01/33 ^(b)		80,000		62,114
4.125% 8/15/31 ^(b)		65,000		53,340
6.250% 1/15/30 ^(b)		115,000		109,695
Venture Global LNG, Inc.
8.125% 6/01/28 ^(b)		205,000		202,979
8.375% 6/01/31 ^(b)		550,000		540,684
Williams Cos., Inc.
3.750% 6/15/27		1,170,000		1,087,843
				5,283,518
Private Equity — 0.1%
GTCR W-2 Merger Sub LLC
7.500% 1/15/31 ^(b) ^(f)		400,000		400,560
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV
8.500% 1/15/31 GBP ^(b) ^(c) ^(f)		100,000		124,603
				525,163

	Principal Amount		Value
Real Estate — 0.2%
Akelius Residential Property AB
1.750% 2/07/25 EUR ^(b) ^(c)	$	170,000	$	170,790
Blackstone Property Partners Europe Holdings Sarl
1.750% 3/12/29 EUR ^(b) ^(c)		280,000		231,826
CBRE Services, Inc.
5.950% 8/15/34		420,000		396,149
Howard Hughes Corp.
5.375% 8/01/28 ^(b)		40,000		35,243
Logicor Financing Sarl
1.500% 7/13/26 EUR ^(b) ^(c)		167,000		158,064
Vonovia Finance BV
2.250% 12/15/23 EUR ^(b) ^(c)		100,000		105,246
				1,097,318
Real Estate Investment Trusts (REITS) — 1.2%
Brixmor Operating Partnership LP
4.050% 7/01/30		301,000		262,774
4.125% 6/15/26		2,000,000		1,883,450
4.125% 5/15/29		160,000		142,515
Crown Castle, Inc.
2.250% 1/15/31		715,000		554,888
Essex Portfolio LP
4.000% 3/01/29		760,000		690,333
GLP Capital LP/GLP Financing II, Inc.
3.350% 9/01/24		125,000		121,434
Healthcare Realty Holdings LP
2.050% 3/15/31		230,000		166,186
3.625% 1/15/28		850,000		756,786
Inmobiliaria Colonial Socimi SA
1.625% 11/28/25 EUR ^(b) ^(c)		200,000		200,192
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.
5.750% 2/01/27		55,000		52,937
Prologis LP
2.250% 6/30/29 GBP ^(c)		150,000		151,475
Public Storage Operating Co.
5.350% 8/01/53		95,000		86,742
Realty Income Corp.
3.950% 8/15/27		330,000		309,410
Regency Centers LP
3.600% 2/01/27		305,000		285,126
4.125% 3/15/28		815,000		754,182
SBA Tower Trust
1.840% 4/15/27 ^(b)		635,000		544,003
2.593% 10/15/56 ^(b)		515,000		393,105
				7,355,538

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

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

	Principal Amount		Value
Retail — 0.2%
Bath & Body Works, Inc.
6.625% 10/01/30 ^(b)	$	90,000	$	84,376
Lowe’s Cos., Inc.
4.250% 4/01/52		265,000		195,487
5.625% 4/15/53		195,000		177,239
5.750% 7/01/53		150,000		139,924
Next Group PLC
3.625% 5/18/28 GBP ^(b) ^(c)		250,000		275,706
Ross Stores, Inc.
1.875% 4/15/31		535,000		408,175
Yum! Brands, Inc.
5.375% 4/01/32		140,000		128,005
				1,408,912
Savings & Loans — 0.0%
Nationwide Building Society
3 mo. EUR EURIBOR + 0.930% 1.500% VRN 3/08/26 EUR ^(b) ^(c)		140,000		141,421
5 yr. EUR Swap + 1.500% 2.000% VRN 7/25/29 EUR ^(b) ^(c)		150,000		153,556
				294,977
Semiconductors — 0.0%
Micron Technology, Inc.
6.750% 11/01/29		210,000		213,369
Software — 0.2%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.000% 6/15/29 ^(b)		115,000		114,574
Central Parent, Inc./CDK Global, Inc.
7.250% 6/15/29 ^(b)		74,000		71,744
Fiserv, Inc.
1.625% 7/01/30 EUR ^(c)		100,000		88,573
3.000% 7/01/31 GBP ^(c)		250,000		250,313
4.500% 5/24/31 EUR ^(c)		200,000		209,325
Intuit, Inc.
5.500% 9/15/53		245,000		235,060
				969,589
Telecommunications — 1.4%
Altice France SA
3.375% 1/15/28 EUR ^(b) ^(c)		135,000		105,501
America Movil SAB de CV
5.750% 6/28/30 GBP ^(c)		190,000		232,872
AT&T, Inc.
3.500% 9/15/53		1,345,000		831,007
3.950% 4/30/31 EUR ^(c)		350,000		355,748
Chorus Ltd.
3.625% 9/07/29 EUR ^(c)		215,000		218,808

	Principal Amount		Value
CK Hutchison Group Telecom Finance SA
0.375% 10/17/23 EUR ^(b) ^(c)	$	109,000	$	115,061
Lorca Telecom Bondco SA
4.000% 9/18/27 EUR ^(b) ^(c)		235,000		230,573
NBN Co. Ltd.
4.125% 3/15/29 EUR ^(b) ^(c)		355,000		371,618
Orange SA
3.250% 1/15/32 GBP ^(b) ^(c)		200,000		207,813
PLT VII Finance Sarl
4.625% 1/05/26 EUR ^(b) ^(c)		100,000		102,157
Rogers Communications, Inc.
3.200% 3/15/27		185,000		169,211
3.800% 3/15/32		295,000		245,153
4.350% 5/01/49		40,000		28,496
4.550% 3/15/52		1,805,000		1,316,604
Sprint Capital Corp.
6.875% 11/15/28		670,000		691,773
8.750% 3/15/32		345,000		399,112
T-Mobile USA, Inc.
5.750% 1/15/54		855,000		787,903
6.000% 6/15/54		355,000		338,394
TDC Net AS
5.618% 2/06/30 EUR ^(b) ^(c)		370,000		380,844
Tele2 AB
0.750% 3/23/31 EUR ^(b) ^(c)		230,000		187,639
Verizon Communications, Inc.
2.550% 3/21/31		249,000		198,262
2.625% 12/01/31 EUR ^(c)		235,000		220,262
Vmed O2 UK Financing I PLC
4.500% 7/15/31 GBP ^(b) ^(c)		155,000		147,753
4.500% 7/15/31 GBP ^(b) ^(c)		150,000		142,986
Xiaomi Best Time International Ltd., Convertible,
0.000% 12/17/27 ^(b)		200,000		170,899
				8,196,449
Toys, Games & Hobbies — 0.1%
Hasbro, Inc.
3.550% 11/19/26		91,000		84,767
Mattel, Inc.
5.875% 12/15/27 ^(b)		430,000		417,993
				502,760
Transportation — 0.1%
Brambles Finance PLC
4.250% 3/22/31 EUR ^(b) ^(c)		180,000		187,784
Deutsche Post AG
2.750% 10/09/23 EUR ^(b) ^(c)		62,000		65,510

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

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

	Principal Amount		Value
InPost SA
2.250% 7/15/27 EUR ^(b) ^(c)	$	100,000	$	91,481
				344,775
Water — 0.1%
Severn Trent Utilities Finance PLC
4.625% 11/30/34 GBP ^(b) ^(c)		160,000		173,346
Veolia Environnement SA
0.314% 10/04/23 EUR ^(b) ^(c)		100,000		105,710
1.940% 1/07/30 EUR ^(b) ^(c)		200,000		186,821
				465,877

TOTAL CORPORATE DEBT (Cost $154,619,847)				139,588,806

MUNICIPAL OBLIGATIONS — 0.1%
Commonwealth of Puerto Rico, General Obligation
0.000% 11/01/43		698,226		362,205

TOTAL MUNICIPAL OBLIGATIONS (Cost $386,329)				362,205

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.2%
Automobile Asset-Backed Securities — 1.4%
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class D, 1.490% 9/18/26		275,000		256,279
Series 2023-1, Class C, 5.800% 12/18/28		400,000		391,716
CarMax Auto Owner Trust, Series 2022-1, Class D
2.470% 7/17/28		280,000		251,515
Exeter Automobile Receivables Trust
Series 2021-2A, Class D, 1.400% 4/15/27		235,000		218,869
Series 2022-1A, Class D, 3.020% 6/15/28		995,000		929,730
Series 2022-2A, Class C, 3.850% 7/17/28		820,000		799,196
Series 2022-3A, Class C, 5.300% 9/15/27		520,000		510,900
Series 2023-1A, Class D, 6.690% 6/15/29		85,000		83,487
Ford Credit Auto Lease Trust, Series 2023-A, Class C
5.540% 12/15/26		850,000		821,907
Ford Credit Auto Owner Trust
Series 2023-1, Class A, 4.850% 8/15/35 ^(b)		895,000		869,816

	Principal Amount		Value
Series 2022-C, Class C, 5.220% 3/15/30	$	200,000	$	192,747
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class C
1.310% 10/15/25 ^(b)		290,000		289,455
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B
1.833% 12/15/31 ^(b)		70,443		68,085
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D
1.570% 1/15/27 ^(b)		735,000		674,647
Santander Drive Auto Receivables Trust
Series 2021-4, Class D, 1.670% 10/15/27		310,000		288,914
Series 2022-6, Class B, 4.720% 6/15/27		850,000		837,047
Santander Retail Auto Lease Trust, Series 2021-A, Class D
1.380% 3/22/27 ^(b)		715,000		695,924
				8,180,234
Commercial Mortgage-Backed Securities — 1.3%
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1 mo. USD Term SOFR + 1.297%
6.630% FRN 9/15/32 ^(b)		235,000		233,458
Aventura Mall Trust, Series 2018-AVM, Class A,
4.249% VRN 7/05/40 ^(b) ^(g)		380,000		341,648
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD Term SOFR + 2.274%
7.607% FRN 11/15/34 ^(b)		245,000		99,195
BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 1 mo. USD Term SOFR + 3.141%
8.473% FRN 6/15/27 ^(b)		465,000		464,710
BX Trust, Series 2021-ARIA, Class B, 1 mo. USD Term SOFR + 1.411%
6.744% FRN 10/15/36 ^(b)		475,000		459,411
Cantor Commercial Real Estate Lending, Series 2019-CF2, Class B
3.267% 11/15/52		295,000		229,729
Citigroup Commercial Mortgage Trust
Series 2013-375P, Class D, 3.635% VRN 5/10/35 ^(b) ^(g)		315,000		279,526
Series 2013-375P, Class C, 3.635% VRN 5/10/35 ^(b) ^(g)		390,000		345,839

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

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

	Principal Amount		Value
COMM Mortgage Trust, Series 2015-LC23, Class AM,
4.158% VRN 10/10/48 ^(g)	$	1,650,000	$	1,501,777
Credit Suisse Mortgage Trust
Series 2020-NET, Class A, 2.257% 8/15/37 ^(b)		296,060		264,846
Series 2020-NET, Class C, 3.526% 8/15/37 ^(b)		480,000		422,429
DC Office Trust, Series 2019-MTC, Class D,
3.174% VRN 9/15/45 ^(b) ^(g)		520,000		312,314
Great Wolf Trust
Series 2019-WOLF, Class A, 1 mo. USD Term SOFR + 1.148% 6.481% FRN 12/15/36 ^(b)		710,000		706,450
Series 2019-WOLF, Class C, 1 mo. USD Term SOFR + 1.747% 7.080% FRN 12/15/36 ^(b)		435,000		429,834
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX
4.248% 7/05/33 ^(b)		115,000		103,289
VNDO Trust, Series 2016-350P, Class D,
4.033% VRN 1/10/35 ^(b) ^(g)		215,000		186,416
Wells Fargo Commercial Mortgage Trust
Series 2017-C39, Class B, 4.025% 9/15/50		1,010,000		865,454
Series 2021-SAVE, Class C, 1 mo. USD Term SOFR + 1.914% 7.248% FRN 2/15/40 ^(b)		324,000		293,481
				7,539,806
Other Asset-Backed Securities — 2.3%
522 Funding CLO Ltd., Series 2019-5A, Class BR, 3 mo. USD Term SOFR + 1.850%
7.158% FRN 4/15/35 ^(b)		465,000		450,870
AGL CLO 17 Ltd., Series 2022-17A, Class A, 3 mo. USD Term SOFR + 1.330%
6.664% FRN 1/21/35 ^(b)		630,000		621,616
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C
2.370% 4/20/28 ^(b)		175,000		160,568
Applebee’s Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2
7.824% 3/05/53 ^(b)		270,000		264,500

	Principal Amount		Value
Carlyle US CLO Ltd., Series 2019-4A, Class A11R, 3 mo. USD Term SOFR + 1.320%
6.628% FRN 4/15/35 ^(b)	$	865,000	$	855,822
CIFC Funding Ltd.
Series 2021-3A, Class A, 3 mo. USD Term SOFR + 1.402% 6.710% FRN 7/15/36 ^(b)		585,000		580,948
Series 2020-1A, Class A1R, 3 mo. USD Term SOFR + 1.412% 6.720% FRN 7/15/36 ^(b)		925,000		919,287
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2
4.940% 1/25/52 CAD ^(b)		275,000		181,950
Driven Brands Funding LLC
Series 2020-2A, Class A2, 3.237% 1/20/51 ^(b)		550,875		469,610
Series 2020-1A, Class A2, 3.786% 7/20/50 ^(b)		266,750		234,120
Dryden 86 CLO Ltd., Series 2020-86A, Class A1R, 3 mo. USD Term SOFR + 1.362%
6.670% FRN 7/17/34 ^(b)		600,000		595,568
Elara HGV Timeshare Issuer LLC
Series 2023-A, Class A, 6.159% 2/25/38 ^(b) ^(f)		355,000		354,982
Series 2023-A, Class B, 6.530% 2/25/38 ^(b) ^(f)		180,000		179,990
Hardee’s Funding LLC
Series 2021-1A, Class A2, 2.865% 6/20/51 ^(b)		293,250		230,170
Series 2018-1A, Class AII, 4.959% 6/20/48 ^(b)		308,750		291,010
HPEFS Equipment Trust
Series 2022-1A, Class C, 1.960% 5/21/29 ^(b)		129,000		123,453
Series 2022-1A, Class D, 2.400% 11/20/29 ^(b)		350,000		324,249
Series 2022-3A, Class C, 6.130% 8/20/29 ^(b)		615,000		612,933
Series 2023-2A, Class B, 6.250% 1/21/31 ^(b)		100,000		100,098
Series 2023-2A, Class C, 6.480% 1/21/31 ^(b)		140,000		140,294
Series 2023-2A, Class D, 6.970% 7/21/31 ^(b)		100,000		100,173
HPS Loan Management Ltd.
Series 2021-16A, Class A1, 3 mo. USD Term SOFR + 1.402% 6.747% FRN 1/23/35 ^(b)		290,000		286,483
Series 11A-17, Class BR, 3 mo. USD Term SOFR + 1.812% 7.182% FRN 5/06/30 ^(b)		265,000		261,549

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

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

	Principal Amount		Value
Kubota Credit Owner Trust, Series 2023-1A, Class A4
5.070% 2/15/29 ^(b)	$	110,000	$	108,348
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 3 mo. USD Term SOFR + 1.290%
6.598% FRN 10/15/32 ^(b)		465,000		461,205
MVW Owner Trust, Series 2023-1A, Class A
4.930% 10/20/40 ^(b)		559,384		542,689
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class AR, 3 mo. USD Term SOFR + 1.252%
6.572% FRN 1/20/32 ^(b)		1,445,000		1,438,688
Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class A, 3 mo. USD Term SOFR + 1.392%
6.700% FRN 7/17/35 ^(b)		685,000		680,558
Octane Receivables Trust
Series 2023-1A, Class A, 5.870% 5/21/29 ^(b)		120,663		120,381
Series 2023-3A, Class B, 6.480% 7/20/29 ^(b)		150,000		150,358
Series 2023-3A, Class C, 6.740% 8/20/29 ^(b)		100,000		100,066
Series 2023-3A, Class D, 7.580% 9/20/29 ^(b)		100,000		99,703
OZLM VII Ltd., Series 2014-7RA, Class A1R, 3 mo. USD Term SOFR + 1.272%
6.580% FRN 7/17/29 ^(b)		129,233		128,836
Palmer Square CLO Ltd., Series 2022-1A, Class A, 3 mo. USD Term SOFR + 1.320%
6.646% FRN 4/20/35 ^(b)		480,000		475,287
Progress Residential Trust, Series 2023-SFR2, Class A
4.500% 10/17/28 ^(b) ^(f)		475,000		446,605
Symphony CLO XXXI Ltd., Series 2022-31A, Class B, 3 mo. USD Term SOFR + 1.850%
7.196% FRN 4/22/35 ^(b)		410,000		397,353
Verizon Master Trust, Series 2023-1, Class C
4.980% 1/22/29		250,000		238,767
Wellfleet CLO Ltd., Series 2017-2A, Class A1R, 3 mo. USD Term SOFR + 1.322%
6.648% FRN 10/20/29 ^(b)		292,798		292,516
				14,021,603

	Principal Amount		Value
Student Loans Asset-Backed Securities — 0.2%
Navient Private Education Refi Loan Trust, Series 2020-CA, Class B
2.830% 11/15/68 ^(b)	$	470,000	$	374,742
SMB Private Education Loan Trust
Series 2020-BA, Class A1A, 1.290% 7/15/53 ^(b)		158,503		140,304
Series 2021-A, Class B, 2.310% 1/15/53 ^(b)		570,000		518,113
Series 2018-A, Class A2A, 3.500% 2/15/36 ^(b)		498,188		478,120
				1,511,279
Whole Loan Collateral Collateralized Mortgage Obligations — 1.0%
Angel Oak Mortgage Trust
Series 2022-1, Class A1, 2.881% STEP 12/25/66 ^(b)		294,216		251,288
Series 2020-5, Class M1, 2.970% VRN 5/25/65 ^(b) ^(g)		275,000		222,219
Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A20,
2.500% VRN 10/25/51 ^(b) ^(g)		409,533		300,862
BINOM Securitization Trust, Series 2021-INV1, Class A1,
2.034% VRN 6/25/56 ^(b) ^(g)		270,019		224,146
CIM Trust, Series 2021-INV1, Class A29,
2.500% VRN 7/01/51 ^(b) ^(g)		577,645		423,644
Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B,
3.000% VRN 11/27/51 ^(b) ^(g)		212,943		164,490
COLT Mortgage Loan Trust, Series 2020-3, Class A1,
1.506% VRN 4/27/65 ^(b) ^(g)		162		150
Flagstar Mortgage Trust
Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 ^(b) ^(g)		14,092		13,172
Series 2020-1INV, Class A11, 1 mo. USD Term SOFR + 0.964% 6.000% FRN 3/25/50 ^(b)		82,043		77,124
Galton Funding Mortgage Trust, Series 2018-1, Class A23,
3.500% VRN 11/25/57 ^(b) ^(g)		18,546		15,901
GCAT Trust, Series 2023-INV1, Class A1,
6.000% VRN 8/25/53 ^(b) ^(g)		846,920		829,519
GS Mortgage-Backed Securities Trust
Series 2021-GR1, Class A4, 2.500% VRN 11/25/51 ^(b) ^(g)		435,260		319,763
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 ^(b) ^(g)		446,891		328,308

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

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

	Principal Amount		Value
Series 2020-INV1, Class A14, 2.924% VRN 10/25/50 ^(b) ^(g)	$	232,553	$	186,851
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1,
1.073% VRN 9/25/56 ^(b) ^(g)		197,862		150,000
JP Morgan Mortgage Trust
Series 2020-LTV1, Class B1, 3.273% VRN 6/25/50 ^(b) ^(g)		351,110		273,292
Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 ^(b) ^(g)		89,874		76,961
Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 ^(b) ^(g)		104,399		89,399
Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 ^(b) ^(g)		9,321		8,796
Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 ^(b) ^(g)		21,805		20,607
Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 ^(b) ^(g)		92,413		78,511
Series 2020-5, Class B2, 3.578% VRN 12/25/50 ^(b) ^(g)		329,998		263,923
Series 2020-INV1, Class A11, 1 mo. USD Term SOFR + 0.944% 6.000% FRN 8/25/50 ^(b)		58,528		54,793
OBX Trust
Series 2020-EXP1, Class 1A8, 3.500% VRN 2/25/60 ^(b) ^(g)		243,935		203,862
Series 2019-INV2, Class A25, 4.000% VRN 5/27/49 ^(b) ^(g)		99,286		88,120
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 ^(b) ^(g)		38,091		33,803
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 ^(b) ^(g)		47,350		42,980
Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 ^(b) ^(g)		63,190		55,762
Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 ^(b) ^(g)		21,509		18,997
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 ^(b) ^(g)		7,456		7,123
SG Residential Mortgage Trust, Series 2019-3, Class A1,
2.703% VRN 9/25/59 ^(b) ^(g)		10,370		9,972
Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1 mo. USD Term SOFR + 1.114%
6.434% FRN 10/25/59 ^(b)		99,006		99,189
Verus Securitization Trust
Series 2021-5, Class A2, 1.218% VRN 9/25/66 ^(b) ^(g)		266,446		208,785
Series 2022-1, Class A1, 2.724% STEP 1/25/67 ^(b)		712,400		615,924

	Principal Amount		Value
Series 2020-INV1, Class A3, 3.889% VRN 3/25/60 ^(b) ^(g)	$	100,000	$	94,042
				5,852,278

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $40,356,725)				37,105,200

SOVEREIGN DEBT OBLIGATIONS — 17.6%
Albania Government International Bond
3.500% 10/09/25 EUR ^(b) ^(c)		160,000		162,563
3.500% 6/16/27 EUR ^(b) ^(c)		105,000		103,267
3.500% 11/23/31 EUR ^(b) ^(c)		290,000		251,040
5.900% 6/09/28 EUR ^(b) ^(c)		410,000		421,552
Australia Government International Bond
3.000% 3/21/47 AUD ^(b) ^(c)		738,000		351,603
4.500% 4/21/33 AUD ^(b) ^(c)		3,362,000		2,166,161
Austria Government Bond
0.750% 3/20/51 EUR ^(b) ^(c)		1,074,000		576,277
Brazil Notas do Tesouro Nacional Serie B
6.000% 5/15/25 BRL ^(c) ^(h)		270,000		223,472
6.000% 8/15/30 BRL ^(c)		720,000		612,206
Brazil Notas do Tesouro Nacional Serie F
10.000% 1/01/27 BRL ^(c)		2,855,000		554,946
10.000% 1/01/31 BRL ^(c) ^(h)		2,781,000		514,688
Bulgaria Government International Bond
4.500% 1/27/33 EUR ^(b) ^(c)		230,000		234,487
4.500% 1/27/33 EUR ^(b) ^(c)		485,000		494,462
Bundesrepublik Deutschland Bundesanleihe
0.000% 2/15/30 EUR ^(b) ^(c)		2,717,000		2,423,569
0.000% 8/15/52 EUR ^(b) ^(c)		763,210		347,756
Canadian Government International Bond
1.250% 3/01/27 CAD ^(c)		1,512,000		1,001,154
3.500% 3/01/28 CAD ^(c)		1,085,000		772,756
4.000% 12/01/31 CAD ^(c)		1,769,544		1,468,360
5.000% 6/01/37 CAD ^(c)		950,000		769,421
Chile Government International Bond
4.125% 7/05/34 EUR ^(c)		170,000		170,297
China Development Bank
3.480% 1/08/29 CNY ^(c)		13,000,000		1,842,289
China Government Bond
2.670% 5/25/33 CNY ^(c)		40,000,000		5,458,999
3.320% 4/15/52 CNY ^(c)		10,000,000		1,432,750
4.000% 6/24/69 CNY ^(c)		1,000,000		166,322

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

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

	Principal Amount		Value
Colombia TES
6.000% 4/28/28 COP ^(c)	$	1,597,700,000	$	322,966
7.000% 3/26/31 COP ^(c)		2,550,000,000		489,629
13.250% 2/09/33 COP ^(c)		50,100,000		13,265
Cyprus Government International Bond
0.950% 1/20/32 EUR ^(b) ^(c)		610,000		506,993
2.750% 2/26/34 EUR ^(b) ^(c)		93,000		84,398
2.750% 5/03/49 EUR ^(b) ^(c)		99,000		76,418
Czech Republic Government Bond
1.950% 7/30/37 CZK ^(c)		7,880,000		244,463
2.750% 7/23/29 CZK ^(c)		11,530,000		448,726
Czech Republic Government International Bond
1.500% 4/24/40 CZK ^(c)		10,300,000		277,942
Deutsche Bundesrepublik Inflation-Linked Bond
0.100% 4/15/26 EUR ^(b) ^(c)		2,414,683		2,502,120
0.500% 4/15/30 EUR ^(b) ^(c)		2,267,287		2,405,191
French Republic Government Bond OAT
1.250% 5/25/36 EUR ^(b) ^(c)		1,713,000		1,386,758
3.000% 5/25/33 EUR ^(b) ^(c)		530,000		543,064
Hellenic Republic Government Bond
0.750% 6/18/31 EUR ^(b) ^(c)		585,000		481,627
Hungary Government International Bond
2.250% 4/20/33 HUF ^(c)		563,980,000		1,027,008
5.000% 2/22/27 EUR ^(b) ^(c)		247,000		262,138
Iceland Government International Bond
0.000% 4/15/28 EUR ^(b) ^(c)		346,000		305,437
India Government International Bond
7.260% 8/22/32 INR ^(c)		94,100,000		1,128,922
Indonesia Government International Bond
3.750% 6/14/28 EUR ^(b) ^(c)		1,280,000		1,323,156
Indonesia Treasury Bond
6.375% 8/15/28 IDR ^(c)		11,696,000,000		751,374
6.375% 4/15/32 IDR ^(c)		8,575,000,000		540,766
6.500% 2/15/31 IDR ^(c)		1,586,000,000		100,614
Ireland Government International Bond
1.500% 5/15/50 EUR ^(b) ^(c)		73,000		48,599
2.000% 2/18/45 EUR ^(b) ^(c)		157,000		124,694
Israel Government International Bond
1.500% 1/18/27 EUR ^(b) ^(c)		530,000		518,124
1.750% 8/31/25 ILS ^(c)		4,274,000		1,064,781
3.750% 3/31/47 ILS ^(c) ^(h)		5,116,497		1,221,638
5.500% 1/31/42 ILS ^(c)		3,138,000		962,183

	Principal Amount		Value
Italy Buoni Poliennali Del Tesoro
1.300% 5/15/28 EUR ^(b) ^(c)	$	945,123	$	969,654
2.800% 3/01/67 EUR ^(b) ^(c)		1,022,000		665,702
4.400% 5/01/33 EUR ^(b) ^(c)		3,203,000		3,323,149
Ivory Coast Government International Bond
5.875% 10/17/31 EUR ^(b) ^(c)		245,000		213,645
Japan Government CPI-Linked Bond
0.005% 3/10/32 JPY ^(c)		117,899,040		830,753
Japan Government Forty Year Bond
1.300% 3/20/63 JPY ^(c)		291,700,000		1,696,463
Japan Government Ten Year Bond
0.400% 3/20/25 JPY ^(c)		336,200,000		2,263,073
Japan Government Thirty Year Bond
0.700% 12/20/51 JPY ^(c)		20,300,000		107,151
1.000% 3/20/52 JPY ^(c)		329,400,000		1,882,125
1.300% 6/20/52 JPY ^(c)		221,250,000		1,362,988
1.400% 9/20/52 JPY ^(c)		254,550,000		1,606,540
1.700% 9/20/44 JPY ^(c)		245,550,000		1,707,135
Japanese Government CPI-Linked Bond
0.005% 3/10/31 JPY ^(c)		196,990,824		1,399,921
0.100% 3/10/24 JPY ^(c)		112,718,400		768,226
0.100% 9/10/24 JPY ^(c)		296,638,800		2,031,650
0.100% 3/10/25 JPY ^(c)		266,525,200		1,836,998
Latvia Government International Bond
0.375% 10/07/26 EUR ^(b) ^(c)		2,114,000		2,007,090
Lithuania Government International Bond
3.875% 6/14/33 EUR ^(b) ^(c)		815,000		837,863
Malaysia Government International Bond
4.065% 6/15/50 MYR ^(c)		2,120,000		421,722
4.642% 11/07/33 MYR ^(c)		1,255,000		281,650
4.736% 3/15/46 MYR ^(c)		5,640,000		1,254,180
4.921% 7/06/48 MYR ^(c)		6,150,000		1,392,389
4.935% 9/30/43 MYR ^(c)		325,000		74,136
Mexican Bonos
7.500% 5/26/33 MXN ^(c)		23,866,000		1,162,974
8.500% 5/31/29 MXN ^(c)		4,567,000		244,966
8.500% 11/18/38 MXN ^(c)		18,900,000		955,514
New South Wales Treasury Corp.
4.000% 5/20/26 AUD ^(b) ^(c)		860,000		548,339
4.000% 5/20/26 AUD ^(b) ^(c)		680,000		433,571
New Zealand Government International Bond
3.500% 4/14/33 NZD ^(b) ^(c)		2,211,000		1,146,637
North Macedonia Government International Bond
6.960% 3/13/27 EUR ^(b) ^(c)		150,000		161,328

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

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

	Principal Amount		Value
Norway Government International Bond
3.000% 3/14/24 NOK ^(b) ^(c)	$	2,700,000	$	250,864
Peru Government Bond
5.400% 8/12/34 PEN ^(c)		2,280,000		513,551
Philippines Government International Bond
0.250% 4/28/25 EUR ^(c)		125,000		123,204
Province of Ontario
3.500% 6/02/43 CAD ^(c)		62,000		37,379
3.500% 6/02/43 CAD ^(c)		76,000		45,819
Romania Government International Bond
2.125% 3/07/28 EUR ^(b) ^(c)		430,000		393,858
2.875% 10/28/24 EUR ^(b) ^(c)		100,000		103,772
2.875% 5/26/28 EUR ^(b) ^(c)		410,000		387,243
4.750% 10/11/34 RON ^(c)		5,975,000		1,053,586
Senegal Government International Bond
1.000% 9/23/28 EUR ^(b) ^(c)		850,000		698,584
1.500% 6/26/29 EUR ^(b) ^(c)		282,000		229,064
1.650% 3/03/33 EUR ^(b) ^(c)		435,000		299,718
5.375% 6/08/37 EUR ^(b) ^(c)		255,000		172,220
Singapore Government International Bond
0.500% 11/01/25 SGD ^(c)		1,350,000		924,617
1.625% 7/01/31 SGD ^(c)		1,248,000		802,938
2.375% 6/01/25 SGD ^(c)		480,000		343,301
2.875% 7/01/29 SGD ^(c)		4,270,000		3,039,290
Slovenia Government International Bond
0.000% 2/12/31 EUR ^(b) ^(c)		155,000		125,429
1.500% 3/25/35 EUR ^(b) ^(c)		243,000		197,370
2.250% 3/03/32 EUR ^(b) ^(c)		170,000		161,042
3.125% 8/07/45 EUR ^(b) ^(c)		581,000		528,440
South Africa Government International Bond
7.000% 2/28/31 ZAR ^(c)		24,785,000		1,027,071
10.500% 12/21/26 ZAR ^(c)		12,923,000		702,093
Spain Government International Bond
0.000% 1/31/28 EUR ^(c)		1,726,000		1,573,814
Sweden Government International Bond
2.250% 6/01/32 SEK ^(b) ^(c)		33,150,000		2,876,426
Thailand Government International Bond
2.000% 12/17/31 THB ^(c)		84,934,000		2,145,133
3.450% 6/17/43 THB ^(c)		18,950,000		503,838
3.650% 6/20/31 THB ^(c)		32,753,000		933,032

	Principal Amount		Value
UK Gilts
0.625% 6/07/25 GBP ^(b) ^(c)	$	1,393,000	$	1,590,708
0.625% 10/22/50 GBP ^(b) ^(c)		578,000		260,321
1.500% 7/22/26 GBP ^(b) ^(c)		1,279,000		1,441,909
1.625% 10/22/28 GBP ^(b) ^(c)		3,200,000		3,440,261
4.250% 12/07/46 GBP ^(b) ^(c)		1,079,000		1,200,281
UK Inflation-Linked Gilts
0.125% 3/22/26 GBP ^(b) ^(c)		865,238		1,040,581
				104,437,680

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $119,253,282)				104,437,680

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ⁽ⁱ⁾ — 22.8%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 4977, Class IO 4.500% 5/25/50		233,585		44,358
Government National Mortgage Association REMICS Series 2022-63, Class LM 3.500% 10/20/50		260,000		200,291
				244,649
Pass-Through Securities — 22.6%
Federal Home Loan Mortgage Corp.
Pool #SB0869 1.500% 2/01/36		195,526		163,395
Pool #RC1756 1.500% 2/01/36		776,626		649,000
Pool #SB8147 1.500% 4/01/37		314,450		261,792
Pool #QN7552 2.000% 8/01/36		289,200		247,934
Pool #RB5148 2.000% 3/01/42		825,450		658,313
Pool #RA3046 2.000% 7/01/50		25,677		19,772
Pool #SD8128 2.000% 2/01/51		1,543,178		1,182,009
Pool #SD8140 2.000% 4/01/51		323,669		247,107
Pool #RA5258 2.000% 5/01/51		815,468		622,575
Pool #SD8146 2.000% 5/01/51		503,710		384,561
Pool #QC2565 2.000% 6/01/51		30,586		23,351
Pool #RA6505 2.000% 12/01/51		1,405,500		1,073,917
Pool #QD9658 2.000% 2/01/52		33,268		25,305
Pool #SD8199 2.000% 3/01/52		1,329,648		1,012,221
Pool #SD1217 2.000% 3/01/52		232,118		178,373
Pool #SD8204 2.000% 4/01/52		215,288		163,892
Pool #SD3580 2.000% 4/01/52		263,178		202,405
Pool #RA7324 2.000% 5/01/52		141,244		108,407
Pool #RB5149 2.500% 3/01/42		640,432		529,553
Pool #SD8089 2.500% 7/01/50		141,908		113,392
Pool #SD8099 2.500% 10/01/50		149,345		119,288
Pool #SD7535 2.500% 2/01/51		1,204,901		971,819
Pool #QC1292 2.500% 5/01/51		19,311		15,334

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

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

	Principal Amount		Value
Pool #QC3425 2.500% 6/01/51	$	214,540	$	170,357
Pool #QC2902 2.500% 6/01/51		36,129		29,106
Pool #SD8161 2.500% 8/01/51		1,849,187		1,473,558
Pool #QC5575 2.500% 8/01/51		76,149		60,431
Pool #RA6623 2.500% 1/01/52		1,052,834		842,753
Pool #SD8200 2.500% 3/01/52		657,854		522,475
Pool #SD8212 2.500% 5/01/52		2,693,730		2,139,392
Pool #ZS7930 3.000% 1/01/33		354,511		326,712
Pool #RB5162 3.000% 6/01/42		113,469		97,127
Pool #RB5166 3.000% 7/01/42		63,902		54,699
Pool #RB5173 3.000% 8/01/42		54,856		46,784
Pool #SD1497 3.000% 4/01/43		291,885		255,175
Pool #ZS4693 3.000% 12/01/46		67,268		56,802
Pool #G08756 3.000% 4/01/47		28,445		24,000
Pool #SD0080 3.000% 9/01/49		127,004		107,383
Pool #SD7531 3.000% 12/01/50		151,677		127,439
Pool #RA6348 3.000% 11/01/51		421,488		350,248
Pool #SD1183 3.000% 1/01/52		250,000		208,526
Pool #SD8220 3.000% 6/01/52		629,431		521,175
Pool #SD7555 3.000% 8/01/52		876,548		734,419
Pool #SB0015 3.500% 6/01/33		126,906		118,454
Pool #U90690 3.500% 6/01/42		45,374		40,572
Pool #U99051 3.500% 6/01/43		45,302		40,503
Pool #ZM3532 3.500% 6/01/47		173,572		151,662
Pool #ZT0179 3.500% 11/01/47		275,299		242,182
Pool #RA1202 3.500% 8/01/49		104,624		91,491
Pool #SD0212 3.500% 12/01/49		144,296		126,093
Pool #SD1361 3.500% 2/01/50		777,328		684,793
Pool #SD0617 3.500% 11/01/50		99,221		86,580
Pool #SB8171 4.000% 6/01/37		60,609		57,258
Pool #SB0727 4.000% 8/01/37		214,613		203,082
Pool #RA1906 4.000% 12/01/49		186,007		168,307
Pool #SD8039 4.000% 1/01/50		224,845		202,395
Pool #SD1035 4.000% 5/01/52		215,563		192,456
Pool #SD0422 4.500% 7/01/45		110,824		106,267
Pool #RA2607 4.500% 5/01/50		46,933		43,661
Pool #ZS3941 5.000% 12/01/41		33,735		33,226
Pool #QF0658 5.000% 8/01/52		755,677		715,541
Pool #QF1305 5.000% 10/01/52		69,105		65,337
Pool #SD3041 5.000% 5/01/53		112,207		105,914
Federal National Mortgage Association
Pool #MA4581 1.500% 4/01/37		644,621		536,875
Pool #MA4601 1.500% 5/01/37		537,894		447,819
Pool #FS2037 1.500% 5/01/37		756,430		629,759
Pool #MA4519 1.500% 1/01/42		567,562		438,849
Pool #BP3454 2.000% 5/01/36		782,800		672,326
Pool #BT6754 2.000% 9/01/36		407,548		348,758
Pool #FM8732 2.000% 9/01/36		313,419		270,558
Pool #MA4582 2.000% 4/01/37		270,139		231,424

	Principal Amount		Value
Pool #MA4602 2.000% 5/01/37	$	1,376,083	$	1,178,871
Pool #MA4570 2.000% 3/01/42		208,515		166,295
Pool #MA4586 2.000% 4/01/42		969,700		773,355
Pool #FS2763 2.000% 8/01/42		46,496		37,081
Pool #FS5191 2.000% 8/01/42		54,019		43,081
Pool #CA6587 2.000% 8/01/50		110,226		84,876
Pool #MA4158 2.000% 10/01/50		263,277		201,906
Pool #MA4208 2.000% 12/01/50		2,351,500		1,801,148
Pool #MA4237 2.000% 1/01/51		2,831,804		2,169,041
Pool #MA4255 2.000% 2/01/51		1,649,537		1,263,475
Pool #MA4281 2.000% 3/01/51		1,792,848		1,368,763
Pool #MA4305 2.000% 4/01/51 ^(f)		1,665,593		1,271,609
Pool #MA4325 2.000% 5/01/51		3,299,076		2,518,704
Pool #CB2357 2.000% 12/01/51		1,155,296		882,742
Pool #CB2766 2.000% 2/01/52		352,072		268,792
Pool #CB2848 2.000% 2/01/52		569,608		434,871
Pool #FS0733 2.000% 2/01/52		506,501		388,750
Pool #MA4547 2.000% 2/01/52		1,279,630		974,144
Pool #FS1618 2.000% 3/01/52		260,757		200,136
Pool #MA4562 2.000% 3/01/52		3,168,198		2,411,853
Pool #MA4577 2.000% 4/01/52		610,505		464,568
Pool #FS1571 2.000% 4/01/52		24,937		18,976
Pool #MA4622 2.000% 6/01/52		682,482		519,340
Pool #BM3859 2.500% 8/01/31		83,136		76,048
Pool #BC9043 2.500% 11/01/31		247,317		225,921
Pool #BM1890 2.500% 1/01/32		58,326		53,597
Pool #FS4477 2.500% 5/01/37		1,518,462		1,344,193
Pool #MA4628 2.500% 6/01/37		476,767		419,815
Pool #MA4665 2.500% 7/01/37		393,350		346,240
Pool #CB4726 2.500% 9/01/37		124,359		109,698
Pool #FS4054 2.500% 2/01/38		48,020		42,284
Pool #CA7026 2.500% 9/01/50		1,335,393		1,078,738
Pool #MA4326 2.500% 5/01/51		885,171		705,641
Pool #CB0414 2.500% 5/01/51		83,285		66,393
Pool #MA4356 2.500% 6/01/51 ^(f)		835,667		666,178
Pool #BT1265 2.500% 6/01/51		327,679		260,195
Pool #BT0163 2.500% 6/01/51		48,388		38,982
Pool #MA4379 2.500% 7/01/51 ^(f)		129,333		103,062
Pool #CB1280 2.500% 8/01/51		63,572		50,658
Pool #CB1331 2.500% 8/01/51		709,633		565,484
Pool #CB1783 2.500% 10/01/51		1,436,172		1,149,152
Pool #CB1866 2.500% 10/01/51		1,095,910		876,892
Pool #CB2635 2.500% 1/01/52		1,186,947		943,430
Pool #CB2538 2.500% 1/01/52		1,037,344		830,354
Pool #CB2638 2.500% 1/01/52		1,214,537		971,431
Pool #MA4512 2.500% 1/01/52		29,925		23,786
Pool #CB2804 2.500% 2/01/52		714,284		571,757
Pool #FS2573 2.500% 3/01/52		82,082		65,921
Pool #FS4283 2.500% 3/01/52		58,507		46,622

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

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

	Principal Amount		Value
Pool #MA4578 2.500% 4/01/52	$	1,668,005	$	1,324,749
Pool #FS2477 2.500% 5/01/52		888,806		711,178
Pool #AS7056 3.000% 4/01/31		186,969		175,698
Pool #BM5111 3.000% 11/01/33		89,618		82,674
Pool #CA4885 3.000% 12/01/34		331,022		302,479
Pool #BO7256 3.000% 1/01/35		172,768		157,601
Pool #FM2547 3.000% 2/01/35		104,164		95,182
Pool #FM8540 3.000% 11/01/35		183,571		169,808
Pool #AL9412 3.000% 11/01/36		197,991		177,891
Pool #CA5597 3.000% 4/01/40		800,440		695,916
Pool #MA4632 3.000% 6/01/42		29,268		25,053
Pool #MA4695 3.000% 7/01/42		171,072		145,899
Pool #BM4221 3.000% 1/01/43		117,165		102,136
Pool #BM5468 3.000% 2/01/43		175,789		153,266
Pool #AB9248 3.000% 5/01/43		45,205		39,443
Pool #AU1629 3.000% 7/01/43		12,790		11,136
Pool #AS0406 3.000% 9/01/43		71,490		62,119
Pool #BM5469 3.000% 3/01/44		325,341		283,423
Pool #BM3380 3.000% 6/01/46		294,267		251,059
Pool #MA2670 3.000% 7/01/46		103,003		87,106
Pool #BD8462 3.000% 11/01/46		1,137,936		964,093
Pool #MA2806 3.000% 11/01/46		195,735		165,282
Pool #AS8295 3.000% 11/01/46		256,677		218,266
Pool #BM1418 3.000% 4/01/47		1,296,790		1,098,678
Pool #FM1000 3.000% 4/01/47		163,191		137,801
Pool #MA2956 3.000% 4/01/47		128,906		108,608
Pool #BM4744 3.000% 6/01/47		112,156		95,372
Pool #FM1572 3.000% 9/01/48		231,914		195,832
Pool #FM5499 3.000% 2/01/49		152,762		128,995
Pool #FM1445 3.000% 8/01/49		109,379		92,481
Pool #CA4108 3.000% 9/01/49		708,328		597,571
Pool #FM2870 3.000% 3/01/50		198,929		167,389
Pool #CA5540 3.000% 4/01/50		13,153		11,043
Pool #CA6314 3.000% 7/01/50		183,555		152,043
Pool #BQ1348 3.000% 8/01/50		120,124		100,178
Pool #CA6738 3.000% 8/01/50		217,232		181,160
Pool #BQ5052 3.000% 9/01/50		6,762		5,650
Pool #FM7072 3.000% 4/01/51		637,647		534,555
Pool #CB2432 3.000% 12/01/51		28,297		23,408
Pool #FS3569 3.000% 2/01/52		391,829		324,500
Pool #FM3462 3.500% 12/01/33		278,188		260,836
Pool #AS4449 3.500% 2/01/35		93,300		85,517
Pool #FM3340 3.500% 5/01/35		8,150		7,642
Pool #FM8137 3.500% 9/01/35		86,838		81,693
Pool #MA1283 3.500% 12/01/42		38,085		33,974
Pool #MA1373 3.500% 3/01/43		57,668		51,400
Pool #MA1437 3.500% 5/01/43		53,914		48,021
Pool #MA1546 3.500% 8/01/43		130,307		116,042
Pool #AL6167 3.500% 1/01/44		518,855		462,542

	Principal Amount		Value
Pool #AS5182 3.500% 6/01/45	$	335,112	$	294,800
Pool #BC1747 3.500% 1/01/46		858,856		755,005
Pool #BM5785 3.500% 9/01/46		88,938		78,239
Pool #FS1400 3.500% 7/01/47		22,953		20,496
Pool #BM4582 3.500% 8/01/47		99,555		87,517
Pool #BM3122 3.500% 10/01/47		1,001,988		881,455
Pool #MA3210 3.500% 12/01/47		31,756		27,748
Pool #CA0858 3.500% 12/01/47		45,441		39,705
Pool #MA3238 3.500% 1/01/48		194,500		169,948
Pool #BH9277 3.500% 2/01/48		344,186		300,631
Pool #FM1001 3.500% 11/01/48		41,381		36,158
Pool #FM8196 3.500% 12/01/48		687,638		600,837
Pool #FM3972 3.500% 7/01/50		236,623		205,294
Pool #FM8086 3.500% 7/01/51		111,410		96,032
Pool #MA4514 3.500% 1/01/52		478,701		412,116
Pool #BV3533 3.500% 2/01/52		39,464		33,949
Pool #FS1694 4.000% 7/01/35		115,401		110,282
Pool #FS1883 4.000% 6/01/37		127,776		120,830
Pool #BF0198 4.000% 11/01/40		93,009		87,385
Pool #MA0639 4.000% 2/01/41		302,596		280,222
Pool #BM3385 4.000% 6/01/45		499,714		454,621
Pool #FS1042 4.000% 9/01/45		487,495		451,074
Pool #FM2673 4.000% 10/01/45		742,340		686,226
Pool #FS2119 4.000% 3/01/46		86,170		79,704
Pool #AL8387 4.000% 3/01/46		531,612		483,309
Pool #MA3088 4.000% 8/01/47		28,673		25,960
Pool #MA3121 4.000% 9/01/47		262,288		237,472
Pool #MA3467 4.000% 9/01/48		3,651		3,299
Pool #BM5147 4.000% 10/01/48		22,546		20,561
Pool #BM5527 4.000% 10/01/48		89,109		80,789
Pool #FM3664 4.000% 3/01/49		347,309		313,581
Pool #CA3503 4.000% 5/01/49		47,886		43,191
Pool #CA4571 4.000% 11/01/49		76,780		69,186
Pool #CA4823 4.000% 12/01/49		98,235		88,488
Pool #FS1792 4.000% 5/01/52		209,006		186,733
Pool #CB4379 4.000% 8/01/52		206,235		183,983
Pool #MA4700 4.000% 8/01/52		56,401		50,316
Pool #MA4732 4.000% 9/01/52		266,696		237,922
Pool #AL0065 4.500% 4/01/41		174,074		166,758
Pool #AI1888 4.500% 5/01/41		192,667		184,542
Pool #AL0160 4.500% 5/01/41		249,854		239,387
Pool #AL6536 4.500% 3/01/45		262,767		247,136
Pool #BM4185 4.500% 9/01/46		143,508		134,792
Pool #FM2899 4.500% 11/01/46		320,162		306,810
Pool #FM5708 4.500% 5/01/47		158,084		151,400
Pool #BM3148 4.500% 11/01/47		130,739		122,758
Pool #BM4343 4.500% 5/01/48		130,652		122,635
Pool #CA2207 4.500% 8/01/48		28,200		26,329
Pool #CA5186 4.500% 1/01/50		24,815		23,101

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

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

	Principal Amount		Value
Pool #CA5696 4.500% 5/01/50	$	68,852	$	63,478
Pool #FS4297 4.500% 2/01/51		221,851		207,059
Pool #MA4656 4.500% 7/01/52		77,274		71,054
Pool #MA4701 4.500% 8/01/52		573,305		527,153
Pool #MA4805 4.500% 11/01/52		204,076		187,520
Pool #AD6438 5.000% 6/01/40		44,296		43,629
Pool #FM8543 5.000% 11/01/44		185,291		182,279
Pool #AL9893 5.000% 2/01/45		239,251		232,338
Pool #FM4212 5.000% 12/01/47		373,610		367,987
Pool #FS1510 5.000% 10/01/48		281,905		277,699
Pool #FS2620 5.000% 8/01/52		44,639		42,261
Pool #BW7752 5.000% 10/01/52		98,748		93,364
Pool #BY4131 5.000% 7/01/53		154,892		146,193
Pool #BM3279 5.500% 5/01/44		571,841		572,310
Pool #MA4941 5.500% 3/01/53		260,003		251,455
Pool #BM4971 6.000% 7/01/41		169,363		172,519
Pool #MA4876 6.000% 12/01/52		608,131		600,828
Pool #FS3820 6.000% 1/01/53		742,960		740,538
Pool #CB5702 6.000% 2/01/53		803,904		801,284
Pool #CB7120 6.000% 9/01/53		257,794		255,020
Government National Mortgage Association Pool #AA5821 3.000% 11/15/42		37,273		32,508
Government National Mortgage Association II
Pool #MA7736 1.500% 12/20/36		67,135		55,914
Pool #MA7796 1.500% 1/20/37		86,097		71,706
Pool #MA7851 1.500% 2/20/37		166,957		138,737
Pool #MA8015 1.500% 5/20/37		143,818		119,509
Pool #MA7254 2.000% 3/20/51		495,640		393,345
Pool #MA7471 2.000% 7/20/51		2,403,221		1,906,849
Pool #MA7533 2.000% 8/20/51		2,403,153		1,904,542
Pool #MA7826 2.000% 1/20/52		758,743		599,895
Pool #MA7935 2.000% 3/20/52		1,275,137		1,008,178
Pool #MA6819 2.500% 8/20/50		300,905		247,294
Pool #MA7472 2.500% 7/20/51		901,245		737,717
Pool #MA7589 2.500% 9/20/51		365,547		298,877
Pool #MA7649 2.500% 10/20/51		2,338,198		1,912,479
Pool #MA7705 2.500% 11/20/51		590,133		482,410
Pool #MA7767 2.500% 12/20/51		1,252,097		1,023,148
Pool #MA7936 2.500% 3/20/52		1,386,762		1,133,188
Pool #MA2600 3.000% 2/20/45		73,219		63,043
Pool #MA2891 3.000% 6/20/45		594,775		511,922
Pool #MA3662 3.000% 5/20/46		94,800		81,446
Pool #MA3802 3.000% 7/20/46		45,231		38,860
Pool #MA3873 3.000% 8/20/46		262,767		225,753
Pool #MA4003 3.000% 10/20/46		448,496		385,178
Pool #MA4195 3.000% 1/20/47		319,220		274,154
Pool #MA6144 3.000% 9/20/49		12,393		10,229

	Principal Amount		Value
Pool #MA6209 3.000% 10/20/49	$	77,890	$	64,289
Pool #MA6399 3.000% 1/20/50		39,013		32,200
Pool #MA6531 3.000% 3/20/50		129,455		106,850
Pool #MA6589 3.000% 4/20/50		57,892		47,784
Pool #MA6757 3.000% 7/20/50		101,560		83,635
Pool #MA7473 3.000% 7/20/51		1,769,150		1,503,907
Pool #MA7650 3.000% 10/20/51		1,307,421		1,111,404
Pool #MA8098 3.000% 6/20/52		985,728		835,246
Pool #MA0318 3.500% 8/20/42		148,614		133,951
Pool #MA0852 3.500% 3/20/43		105,681		95,108
Pool #783802 3.500% 4/20/43		168,083		150,870
Pool #MA1012 3.500% 5/20/43		316,367		284,658
Pool #MA1090 3.500% 6/20/43		125,173		112,581
Pool #785587 3.500% 12/20/44		213,371		191,692
Pool #AL1773 3.500% 1/20/45		158,418		140,632
Pool #MA3173 3.500% 10/20/45		204,551		182,289
Pool #MA3310 3.500% 12/20/45		67,306		59,918
Pool #MA3597 3.500% 4/20/46		99,033		88,100
Pool #MA3663 3.500% 5/20/46		77,248		68,720
Pool #MA3736 3.500% 6/20/46		207,536		184,625
Pool #MA3803 3.500% 7/20/46		14,929		13,281
Pool #MA3937 3.500% 9/20/46		99,327		88,362
Pool #786092 3.500% 1/20/47		139,223		124,070
Pool #MA4382 3.500% 4/20/47		17,957		15,947
Pool # 784346 3.500% 7/20/47		23,183		20,594
Pool #MA4586 3.500% 7/20/47		33,963		30,150
Pool #BC1919 3.500% 9/20/47		46,216		40,782
Pool #MA4719 3.500% 9/20/47		11,921		10,583
Pool#784793 3.500% 12/20/47		6,139		5,432
Pool #MA4900 3.500% 12/20/47		163,192		144,819
Pool #MA784472 3.500% 2/20/48		269,843		239,126
Pool #785087 3.500% 2/20/48		543,466		483,468
Pool #785327 3.500% 10/20/49		61,307		54,233
Pool #MA8149 3.500% 7/20/52		192,028		168,444
Pool #MA3245 4.000% 11/20/45		145,714		134,084
Pool #MA4511 4.000% 6/20/47		89,205		81,723
Pool #MA4720 4.000% 9/20/47		314,695		288,102
Pool #MA4838 4.000% 11/20/47		78,733		72,080
Pool #MA6934 4.000% 10/20/50		752,048		681,565
Pool #MA8346 4.000% 10/20/52		1,574,185		1,418,165
Pool #MA5234 4.500% 11/20/41		126,313		120,416
Pool #MA2894 4.500% 6/20/45		135,302		128,165
Pool #MA2963 4.500% 7/20/45		50,926		48,240
Pool #MA3312 4.500% 12/20/45		2,451		2,321
Pool #MA4588 4.500% 7/20/47		236,416		223,355
Pool #MA4654 4.500% 8/20/47		37,135		35,083
Pool #MA5079 4.500% 3/20/48		55,985		52,769
Pool #MA5265 4.500% 6/20/48		193		181
Pool #MA5399 4.500% 8/20/48		47,179		44,234

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

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

	Principal Amount		Value
Pool #MA5711 4.500% 1/20/49	$	76,187	$	71,311
Pool #786255 4.500% 9/20/49		66,654		62,368
Pool #MA8347 4.500% 10/20/52		1,239,766		1,146,380
Pool #MA4781 5.000% 10/20/47		255,535		248,427
Pool #MA5194 5.000% 5/20/48		52,338		50,604
Pool #BF2644 5.000% 5/20/48		4,584		4,402
Pool #BF2878 5.000% 6/20/48		15,498		14,883
Pool #MA5266 5.000% 6/20/48		370,748		357,886
Pool #MA5988 5.000% 6/20/49		155,589		149,997
Pool #MA6042 5.000% 7/20/49		209,810		202,400
Pool #MA5081 5.500% 3/20/48		39,531		39,467
Pool #MA5140 5.500% 4/20/48		31,294		31,243
Pool #MA5195 5.500% 5/20/48		93,181		92,941
Pool #MA5469 5.500% 9/20/48		359		357
Pool #MA5531 5.500% 10/20/48		8,392		8,292
Pool #MA5598 5.500% 11/20/48		42,047		41,545
Pool #MA5654 5.500% 12/20/48		115,410		113,670
Pool #MA5713 5.500% 1/20/49		29,103		28,600
Pool #MA5820 5.500% 3/20/49		30,869		30,500
Pool #MA9109 7.000% 8/20/53		258,728		263,842
Pool #MA9174 7.000% 9/20/53		76,283		77,791
Government National Mortgage Association II, TBA
2.000% 10/20/53 ^(f)		395,000		312,371
2.500% 10/20/53 ^(f)		280,000		228,800
5.000% 10/20/53 ^(f)		510,000		483,423
5.500% 10/20/53 ^(f)		3,170,000		3,076,496
6.000% 10/20/53 ^(f)		685,000		678,790
6.500% 10/20/53 ^(f)		825,000		829,998
Uniform Mortgage-Backed Security, TBA
2.000% 10/01/38 ^(f)		1,810,000		1,550,124
2.000% 10/01/53 ^(f)		2,660,000		2,022,000
2.500% 10/01/52 ^(f)		2,085,000		1,653,746
3.000% 10/01/53 ^(f)		3,280,000		2,711,767
3.500% 10/01/53 ^(f)		2,720,000		2,338,775
4.000% 10/01/53 ^(f)		2,160,000		1,923,749
4.500% 10/01/52 ^(f)		1,695,000		1,556,552
5.000% 10/01/53 ^(f)		2,085,000		1,967,476
5.500% 10/01/53 ^(f)		1,715,000		1,657,656
6.500% 10/01/53 ^(f)		1,500,000		1,507,170
				134,091,248
Whole Loans — 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, REMICS, Series 2021-DNA2, Class M2, 30 day USD SOFR Average + 2.300%
7.615% FRN 8/25/33 ^(b)		239,198		241,134

	Principal Amount		Value
Federal National Mortgage Association Connecticut Avenue Securities
Series 2021-R03, Class 1M2, 30 day USD SOFR Average + 1.650% 6.965% FRN 12/25/41 ^(b)	$	345,000	$	338,162
Series 2017-C06, Class 1M2B, 30 day USD SOFR Average + 2.764% 8.079% FRN 2/25/30		240,646		243,573
				822,869

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $149,233,584)				135,158,766

U.S. TREASURY OBLIGATIONS — 24.2%
U.S. Treasury Bonds & Notes — 24.2%
U.S. Treasury Bonds
3.000% 8/15/52		8,900,000		6,475,257
3.375% 8/15/42		11,400,000		9,229,118
3.625% 2/15/53		7,890,000		6,516,143
3.875% 2/15/43		3,020,000		2,625,717
4.000% 11/15/42 ^(j)		8,030,000		7,119,355
4.000% 11/15/52		5,015,000		4,442,085
U.S. Treasury Notes
0.625% 12/31/27		12,950,000		10,950,190
0.625% 8/15/30		15,620,000		11,986,301
1.500% 1/31/27		27,045,000		24,349,427
2.250% 1/31/24		10,880,000		10,767,698
3.125% 8/31/27		2,660,000		2,510,558
3.875% 1/15/26		12,245,000		11,954,162
3.875% 11/30/27		1,100,000		1,066,362
3.875% 11/30/29		3,420,000		3,278,113
4.000% 12/15/25		8,290,000		8,117,099
4.000% 2/15/26		5,220,000		5,109,094
4.125% 9/30/27		5,655,000		5,537,017
4.125% 10/31/27		1,400,000		1,370,269
4.125% 8/31/30		6,045,000		5,866,108
4.125% 11/15/32		4,445,000		4,287,083
				143,557,156

TOTAL U.S. TREASURY OBLIGATIONS (Cost $152,320,968)				143,557,156

TOTAL BONDS & NOTES (Cost $621,615,715)				565,600,982

TOTAL LONG-TERM INVESTMENTS (Cost $621,615,715)				565,600,982

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

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

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 8.1%
Investment of Cash Collateral from Securities Loaned — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (k)		1,956,365	$	1,956,365
Mutual Fund — 6.1%
T. Rowe Price Government Reserve Investment Fund		36,156,435		36,156,435
	Principal Amount
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (l)	$	2,937,284		2,937,284
Sovereign Debt Obligations — 0.8%
Japan Treasury Discount Bills 0.000% 11/20/23 JPY (c) (m)		619,000,000		4,143,238
Sri Lanka Treasury Bills
18.216% 12/08/23 LKR ^(c) ^(m)		21,000,000		62,960
19.052% 12/01/23 LKR ^(c) ^(m)		13,000,000		39,109
19.052% 12/15/23 LKR ^(c) ^(m)		42,000,000		125,479
21.810% 4/05/24 LKR ^(c) ^(m)		60,000,000		171,710
23.243% 10/06/23 LKR ^(c) ^(m)		43,000,000		132,384
U.S. Treasury Bill — 0.4%
U.S. Treasury Bills
5.398% 10/19/23 ^(m)		2,400,000		2,394,005

TOTAL SHORT-TERM INVESTMENTS (Cost $48,228,676)				48,118,969

TOTAL INVESTMENTS — 103.4% (Cost $669,844,391) ⁽ⁿ⁾				613,719,951

Other Assets/(Liabilities) — (3.4)%				(20,141,240	)

NET ASSETS — 100.0%			$	593,578,711

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

LIBOR

London InterBank Offered Rate

REMICS

Real Estate Mortgage Investment Conduits

SOFR	Secured Overnight Financing Rate

SONIA

Sterling Overnight Index Average

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 bank loan commitments at September 30, 2023 where the rate will be determined at time of settlement.

(b)

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

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $2,156,168 or 0.36% of net assets. The Fund received $244,997 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)	Security is perpetual and has no stated maturity date.

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

(g)

(h)	Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At September 30, 2023, these securities amounted to a value of $1,959,798 or 0.33% of net assets.

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

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

(l)	Maturity value of $2,937,676. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/26, and an aggregate market value, including accrued interest, of $2,996,059.

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

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

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

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		10/06/23		IDR	10,586,845,000		USD	705,361	$	(20,352	)
Bank of America N.A.*		10/13/23		CZK	21,098,357		USD	954,160		(40,122	)
Bank of America N.A.*		10/13/23		USD	601,336		ZAR	11,454,250		(3,118	)
Bank of America N.A.*		10/13/23		USD	360,398		RON	1,625,000		15,076
Bank of America N.A.*		10/19/23		ILS	2,043,535		USD	540,112		(3,948	)
Bank of America N.A.*		10/20/23		JPY	94,484,000		USD	684,897		(50,929	)
Bank of America N.A.*		10/20/23		USD	1,290,837		NZD	2,076,570		46,243
Bank of America N.A.*		10/20/23		USD	433,565		CAD	587,000		1,288
Bank of America N.A.*		10/20/23		CHF	696,000		USD	760,932		798
Bank of America N.A.*		11/17/23		USD	2,133,011		PLN	8,990,000		77,644
Bank of America N.A.*		11/24/23		USD	3,740,226		GBP	2,937,769		154,810
Bank of America N.A.*		11/24/23		USD	2,233,366		EUR	2,075,000		34,776
Bank of America N.A.*		11/24/23		USD	1,084,395		SEK	11,965,000		(13,095	)
Bank of America N.A.*		12/08/23		USD	1,203,820		MYR	5,559,120		14,317
Barclays Bank PLC*		10/06/23		KRW	1,016,941,000		USD	778,949		(25,244	)
Barclays Bank PLC*		10/06/23		USD	1,173,288		KRW	1,563,641,000		14,398
Barclays Bank PLC*		10/20/23		AUD	93,104		USD	60,392		(498	)
Barclays Bank PLC*		11/17/23		USD	840,846		PLN	3,616,000		14,127
Barclays Bank PLC*		11/24/23		EUR	229,706		USD	251,102		(7,714	)
Barclays Bank PLC*		11/24/23		GBP	730,000		USD	886,859		4,074
Barclays Bank PLC*		11/24/23		USD	349,292		GBP	285,230		1,181
Barclays Bank PLC*		12/08/23		USD	546,998		INR	45,398,643		1,909
Barclays Bank PLC*		12/15/23		USD	1,186,581		ZAR	22,699,175		(4,597	)
Barclays Bank PLC*		1/17/24		KRW	1,563,641,000		USD	1,180,311		(14,062	)
BNP Paribas SA*		10/06/23		USD	107,781		TWD	3,341,000		4,245
BNP Paribas SA*		10/06/23		KRW	540,636,000		USD	409,171		(8,479	)
BNP Paribas SA*		10/13/23		USD	114,865		MXN	2,008,000		(165	)
BNP Paribas SA*		10/13/23		HUF	116,276,000		USD	329,466		(14,372	)
BNP Paribas SA*		10/13/23		USD	501,200		RON	2,214,000		30,712
BNP Paribas SA*		10/20/23		USD	19,098,387		JPY	2,597,661,740		1,668,601
BNP Paribas SA*		11/10/23		CLP	154,155,500		USD	179,251		(6,261	)
BNP Paribas SA*		11/10/23		USD	236,159		CLP	206,568,370		4,353
BNP Paribas SA*		11/17/23		USD	342,735		PLN	1,415,000		19,227
BNP Paribas SA*		11/24/23		USD	22,481,978		EUR	20,546,628		711,559
BNP Paribas SA*		11/24/23		GBP	1,038,369		USD	1,271,090		(3,807	)
BNP Paribas SA*		11/24/23		USD	3,860,332		GBP	3,024,831		168,661
BNP Paribas SA*		12/04/23		USD	399,478		BRL	1,972,342		10,202
BNP Paribas SA*		12/07/23		USD	187,562		COP	792,357,278		(3,398	)
BNP Paribas SA*		12/08/23		USD	376,085		MYR	1,755,000		562
BNP Paribas SA*		12/08/23		MYR	615,000		USD	131,878		(285	)
Citibank N.A.*		10/06/23		USD	1,473,378		IDR	22,125,713,377		41,760
Citibank N.A.*		10/06/23		TWD	26,963,192		USD	835,472		107
Citibank N.A.*		10/13/23		RON	1,972,266		USD	437,846		(18,727	)
Citibank N.A.*		10/13/23		USD	918,631		CZK	20,406,000		34,586
Citibank N.A.*		10/13/23		MXN	3,343,000		USD	192,055		(547	)
Citibank N.A.*		10/19/23		USD	5,535,613		ILS	20,465,162		166,153
Citibank N.A.*		10/19/23		ILS	2,180,733		USD	573,471		(1,310	)

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

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.*		10/20/23		JPY	61,774,000		USD	436,494	$	(22,003	)
Citibank N.A.*		10/20/23		USD	454,843		JPY	64,158,769		24,350
Citibank N.A.*		10/20/23		USD	5,909,742		AUD	8,931,748		163,918
Citibank N.A.*		11/10/23		USD	118,782		CLP	101,742,630		4,609
Citibank N.A.*		11/24/23		SEK	1,198,000		USD	109,815		72
Citibank N.A.*		11/24/23		EUR	1,083,000		USD	1,158,954		(11,448	)
Citibank N.A.*		11/24/23		GBP	1,840,000		USD	2,257,404		(11,766	)
Citibank N.A.*		11/24/23		USD	222,139		GBP	182,000		16
Citibank N.A.*		12/07/23		USD	188,836		COP	800,360,887		(4,054	)
Citibank N.A.*		12/15/23		USD	62,905		CNH	455,000		387
Citibank N.A.*		1/17/24		USD	1,120,878		KRW	1,486,195,000		12,392
Citibank N.A.*		1/17/24		USD	840,472		TWD	26,963,192		(5,997	)
Deutsche Bank AG*		10/06/23		USD	606,573		TWD	18,797,691		24,040
Deutsche Bank AG*		10/13/23		CZK	14,933,675		USD	684,246		(37,278	)
Deutsche Bank AG*		10/13/23		HUF	336,923,387		USD	954,998		(41,977	)
Deutsche Bank AG*		10/13/23		USD	860,185		CZK	18,994,000		37,312
Deutsche Bank AG*		10/20/23		NZD	1,880,000		USD	1,137,381		(10,601	)
Deutsche Bank AG*		11/24/23		USD	219,035		EUR	203,515		3,399
Deutsche Bank AG*		11/24/23		SEK	11,965,000		USD	1,088,618		8,872
Deutsche Bank AG*		12/08/23		USD	1,601,789		THB	55,695,849		63,435
Deutsche Bank AG*		1/17/24		USD	1,108,572		KRW	1,481,995,000		3,219
Goldman Sachs International*		10/06/23		USD	1,291,599		IDR	19,320,547,546		41,486
Goldman Sachs International*		10/06/23		USD	1,067,608		TWD	33,115,596		41,368
Goldman Sachs International*		10/06/23		KRW	1,023,005,000		USD	772,809		(14,610	)
Goldman Sachs International*		10/06/23		TWD	23,106,808		USD	716,807		(736	)
Goldman Sachs International*		10/06/23		IDR	14,906,194,547		USD	968,714		(4,227	)
Goldman Sachs International*		10/20/23		USD	411,554		JPY	56,252,000		34,115
Goldman Sachs International*		10/20/23		USD	539,994		AUD	842,500		(1,990	)
Goldman Sachs International*		10/20/23		JPY	7,995,949		USD	54,144		(493	)
Goldman Sachs International*		11/24/23		USD	3,746,007		GBP	2,937,769		160,592
Goldman Sachs International*		12/04/23		USD	399,098		BRL	1,972,342		9,822
Goldman Sachs International*		12/08/23		USD	389,679		THB	13,501,124		16,769
Goldman Sachs International*		12/08/23		USD	360,373		INR	30,129,000		(1,377	)
Goldman Sachs International*		12/15/23		USD	1,399,719		CNH	10,102,329		11,639
Goldman Sachs International*		1/17/24		USD	720,919		TWD	23,106,808		(4,485	)
Goldman Sachs International*		1/17/24		USD	236,769		IDR	3,680,969,493		(1,338	)
HSBC Bank USA*		10/06/23		USD	560,510		TWD	17,351,713		22,787
HSBC Bank USA*		10/06/23		IDR	4,553,268,816		USD	294,938		(325	)
HSBC Bank USA*		10/13/23		HUF	67,940,714		USD	189,661		(5,550	)
HSBC Bank USA*		10/20/23		JPY	101,718,000		USD	683,570		(1,063	)
HSBC Bank USA*		11/24/23		EUR	1,022,583		USD	1,103,019		(19,530	)
HSBC Bank USA*		11/24/23		USD	14,687,026		EUR	13,392,873		496,452
HSBC Bank USA*		11/24/23		USD	2,145,617		GBP	1,715,000		52,536
HSBC Bank USA*		12/08/23		USD	3,957,756		MYR	18,333,407		34,899
HSBC Bank USA*		12/15/23		USD	2,797,773		CNH	20,204,960		21,573
HSBC Bank USA*		1/17/24		USD	232,852		IDR	3,603,383,135		(236	)
JP Morgan Chase Bank N.A.*		10/06/23		IDR	5,477,676,306		USD	358,341		(3,914	)
JP Morgan Chase Bank N.A.*		10/13/23		CZK	952,600		USD	43,988		(2,719	)
JP Morgan Chase Bank N.A.*		10/19/23		ILS	1,361,580		USD	357,737		(498	)

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

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

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank N.A.*		10/20/23		CAD	1,253,399		USD	952,344	$	(29,321	)
JP Morgan Chase Bank N.A.*		10/20/23		USD	293,514		NOK	2,939,186		18,608
JP Morgan Chase Bank N.A.*		10/20/23		USD	721,371		JPY	104,489,000		20,271
JP Morgan Chase Bank N.A.*		10/20/23		AUD	107,000		USD	69,118		(285	)
JP Morgan Chase Bank N.A.*		11/24/23		GBP	721,624		USD	915,677		(34,969	)
JP Morgan Chase Bank N.A.*		11/24/23		USD	1,117,079		EUR	1,040,000		15,134
JP Morgan Chase Bank N.A.*		11/24/23		EUR	1,098,801		USD	1,164,827		(580	)
Morgan Stanley & Co. LLC*		10/06/23		IDR	2,385,658,506		USD	156,332		(1,971	)
Morgan Stanley & Co. LLC*		10/06/23		TWD	22,536,000		USD	705,131		(6,749	)
Morgan Stanley & Co. LLC*		10/13/23		USD	307,900		MXN	5,344,525		1,733
Morgan Stanley & Co. LLC*		11/10/23		CLP	154,155,500		USD	179,159		(6,169	)
Morgan Stanley & Co. LLC*		11/24/23		USD	3,054,331		SEK	32,952,441		31,766
Morgan Stanley & Co. LLC*		11/24/23		USD	1,074,684		GBP	855,000		31,194
Morgan Stanley & Co. LLC*		11/24/23		EUR	72,000		USD	76,245		44
Morgan Stanley & Co. LLC*		11/24/23		USD	250,155		EUR	235,235		909
Morgan Stanley & Co. LLC*		12/15/23		USD	4,229,657		CNH	30,633,321		20,579
Morgan Stanley & Co. LLC*		12/15/23		CNH	553,000		USD	76,005		(22	)
Morgan Stanley & Co. LLC*		1/17/24		USD	280,338		PEN	1,070,750		(871	)
Royal Bank of Canada*		10/13/23		USD	328,429		MXN	5,725,990		409
Royal Bank of Canada*		10/20/23		CAD	4,814,433		USD	3,659,549		(114,122	)
Royal Bank of Canada*		10/20/23		USD	1,586,068		JPY	229,205,285		48,147
Royal Bank of Canada*		10/20/23		USD	2,271,089		CAD	3,037,248		34,410
State Street Bank and Trust*		10/13/23		USD	1,006,076		MXN	17,559,436		166
State Street Bank and Trust*		10/20/23		AUD	1,231,000		USD	797,559		(5,652	)
State Street Bank and Trust*		10/20/23		USD	6,907,110		CAD	9,099,427		206,145
State Street Bank and Trust*		10/20/23		USD	436,699		JPY	60,463,977		30,997
State Street Bank and Trust*		10/20/23		CAD	1,082,000		USD	803,146		(6,344	)
State Street Bank and Trust*		11/24/23		USD	21,926,880		EUR	20,011,116		723,869
State Street Bank and Trust*		11/24/23		EUR	1,371,311		USD	1,474,088		(21,100	)
State Street Bank and Trust*		11/24/23		USD	591,878		GBP	479,031		7,242
State Street Bank and Trust*		12/15/23		USD	4,057,067		SGD	5,511,409		11,981
UBS AG*		10/06/23		USD	799,042		KRW	1,016,941,000		45,338
UBS AG*		10/06/23		IDR	3,536,617,748		USD	227,904		928
UBS AG*		10/13/23		HUF	45,273,248		USD	126,493		(3,808	)
UBS AG*		10/13/23		USD	759,271		MXN	13,042,000		12,147
UBS AG*		10/13/23		USD	314,551		HUF	113,383,000		7,297
UBS AG*		10/13/23		USD	171,621		CZK	3,928,000		1,449
UBS AG*		10/13/23		USD	736,473		RON	3,426,000		8,428
UBS AG*		10/19/23		ILS	1,836,922		USD	484,812		(2,857	)
UBS AG*		10/20/23		USD	1,853,371		JPY	262,245,501		93,756
UBS AG*		10/20/23		USD	1,600,552		CHF	1,390,000		79,281
UBS AG*		10/20/23		USD	1,111,373		NZD	1,880,000		(15,407	)
UBS AG*		11/17/23		USD	2,151,753		PLN	8,879,900		121,558
UBS AG*		11/17/23		PLN	13,913,000		USD	3,172,778		8,126
UBS AG*		11/24/23		EUR	305,219		USD	323,142		256
UBS AG*		11/24/23		USD	3,776,795		GBP	2,960,585		163,532
UBS AG*		11/24/23		USD	913,943		EUR	854,515		8,531
UBS AG*		12/07/23		USD	383,121		COP	1,608,725,383		(4,586	)

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

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

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
UBS AG*		12/08/23		USD	1,945,279		THB	67,374,746	$	84,347
UBS AG*		12/08/23		THB	5,521,000		USD	152,083		410
UBS AG*		1/17/24		USD	227,556		IDR	3,536,617,748		(1,214	)
UBS AG*		1/17/24		USD	210,308		PEN	803,063		(598	)
									$	5,664,546

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
Euro-BOBL		12/07/23		257	$	31,661,675		$	(210,864	)
Euro-Schatz		12/07/23		3		332,403			599
Australia 3 Year Bond		12/15/23		10		680,416			(3,124	)
Korea 10 Year Bond		12/19/23		51		4,112,297			(34,262	)
U.S. Treasury Note 10 Year		12/19/23		9		972,857			(294	)
U.S. Treasury Ultra 10 Year		12/19/23		16		1,783,280			1,720
U.S. Treasury Note 5 Year		12/29/23		646		68,484,101			(421,945	)
								$	(668,170	)
Short
Euro-Bund		12/07/23		10	$	(1,370,817	)	$	10,770
Euro-Buxl 30 Year Bond		12/07/23		50		(6,682,022	)		213,766
Japanese 10 Year Bond		12/13/23		3		(2,929,193	)		19,129
Australia 10 Year Bond		12/15/23		11		(811,996	)		20,074
Canada 10 Year Bond		12/18/23		6		(521,692	)		13,111
Korea 3 Year Bond		12/19/23		34		(2,597,681	)		1,194
U.S. Treasury Ultra Bond		12/19/23		66		(8,205,581	)		372,206
UK Long Gilt		12/27/23		4		(462,364	)		2,826
U.S. Treasury Note 2 Year		12/29/23		335		(68,223,010	)		314,846
								$	967,922

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)
Lanxess AG		1.000%		Quarterly		12/20/28		EUR	220,000	$	12,436		$	9,765		$	2,671
Bombardier, Inc.		5.000%		Quarterly		6/20/28		USD	390,000		(11,396	)		(15,794	)		4,398
										$	1,040		$	(6,029	)	$	7,069

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

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

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)
Republic of Indonesia		1.000%		Quarterly	Deutsche Bank AG*		6/20/28		USD	589,000	$	(3,409	)	$	(5,451	)	$	2,042
CMBX.NA.AAA Series 15†		0.5000%		Monthly	Morgan Stanley & Co. LLC*		11/18/64		USD	4,189,000		129,943			111,752			18,191
CMBX.NA.AAA Series 15†		0.5000%		Monthly	Morgan Stanley & Co. LLC*		11/18/64		USD	4,900,000		151,999			131,103			20,896
											$	278,533		$	237,404		$	41,129

Centrally Cleared Credit Default Swaps - Sell Protection††

Reference Obligation/ Index	Rate Received by Fund		Payment Frequency	Termination Date		Credit Rating		Notional Amount			Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation (Depreciation)
Cellnex Telecom SA		5.000%	Quarterly		12/20/28		BBB-**		EUR	220,000	$	34,391		$	33,780		$	611
CDX.NA.HY Series 40†		5.000%	Quarterly		6/20/28		Not Rated		USD	930,000		15,811			5,232			10,579
Republic of Mexico		1.000%	Quarterly		12/20/28		BBB-**		USD	2,686,000		(32,088	)		(27,864	)		(4,224	)
CDX.NA.IG Series 41†		1.000%	Quarterly		12/20/28		BBB**		USD	11,123,000		135,477			126,437			9,040
											$	153,591		$	137,585		$	16,006

OTC Credit Default Swaps-Sell Protection††

Reference Obligation/ Index	Rate Received by Fund		Payment Frequency		Counterparty	Credit Rating		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)			Unrealized Appreciation (Depreciation)
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BBB-**		12/20/24		USD	151,000	$	1,356		$	(4,578	)	$	5,934
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BBB-**		12/20/24		USD	303,000		2,722			(9,187	)		11,909
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BBB-**		12/20/24		USD	152,000		1,365			(10,490	)		11,855
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BBB-**		12/20/29		USD	225,000		(551	)		(11,045	)		10,494
Republic of Greece		1.000%		Quarterly	Bank of America N.A.*		BBB-**		12/20/29		USD	225,000		(551	)		(11,239	)		10,688
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BBB-**		6/20/24		USD	135,000		790			(8,192	)		8,982
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BBB-**		6/20/24		USD	67,500		395			(3,879	)		4,274
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BBB-**		6/20/24		USD	67,500		395			(3,879	)		4,274
Republic of Greece		1.000%		Quarterly	Barclays Bank PLC*		BBB-**		12/20/24		USD	450,000		4,042			(2,504	)		6,546

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

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

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	Citibank N.A.*		BBB-**		6/20/25		USD	150,000	$	1,628	$	(9,034	)	$	10,662
Republic of Greece		1.000%		Quarterly	Citibank N.A.*		BBB-**		6/20/25		USD	75,000		814		(4,350	)		5,164
Republic of Greece		1.000%		Quarterly	Citibank N.A.*		BBB-**		12/20/25		USD	300,000		3,805		(281	)		4,086
Republic of Indonesia		1.000%		Quarterly	JP Morgan Chase Bank N.A.*		BBB**		6/20/28		USD	735,000		4,254		(6,768	)		11,022
Barclays Bank PLC		1.000%		Quarterly	JP Morgan Chase Bank N.A.*		A+**		6/20/24		EUR	100,000		346		1,278			(932	)
Republic of Greece		1.000%		Quarterly	Morgan Stanley & Co. LLC*		BBB-**		12/20/24		USD	134,000		1,204		(993	)		2,197
Republic of Greece		1.000%		Quarterly	Morgan Stanley & Co. LLC*		BBB-**		6/20/25		USD	94,000		1,020		(4,498	)		5,518
													$	23,034	$	(89,639	)	$	112,673

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 2.562%		Quarterly		5/15/28		CNY	1,009,000	$	1,221		$	—	$	1,221
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.579%		Quarterly		5/15/28		CNY	4,373,000		5,737			—		5,737
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.568%		Quarterly		5/16/28		CNY	3,429,000		4,254			—		4,254
3-Month CNREPOFIX=CFXS-Reuters		Quarterly	Fixed 2.476%		Quarterly		6/01/28		CNY	20,850,000		12,614			—		12,614
6-Month EURIBOR		Semi-Annually	Fixed -0.144%		Annually		10/20/25		EUR	690,000		(55,720	)		—		(55,720	)
6-Month EURIBOR		Semi-Annually	Fixed -0.090%		Annually		11/04/25		EUR	1,030,000		(83,181	)		—		(83,181	)
6-Month EURIBOR		Semi-Annually	Fixed 3.366%		Annually		9/21/28		EUR	9,100,000		(15,893	)		—		(15,893	)
6-Month EURIBOR		Semi-Annually	Fixed 2.638%		Annually		12/16/29		EUR	1,275,000		(54,313	)		—		(54,313	)
6-Month EURIBOR		Semi-Annually	Fixed 0.830%		Annually		3/02/32		EUR	800,000		(155,694	)		—		(155,694	)
6-Month EURIBOR		Semi-Annually	Fixed 1.222%		Annually		4/04/32		EUR	1,350,000		(225,137	)		—		(225,137	)

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

MassMutual Select T. Rowe Price Bond Asset 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)
6-Month EURIBOR		Semi-Annually	Fixed 1.627%		Annually		4/21/32		EUR	946,000	$	(128,524	)	$	—	$	(128,524	)
6-Month EURIBOR		Semi-Annually	Fixed 1.640%		Annually		5/02/32		EUR	950,000		(128,401	)		—		(128,401	)
6-Month EURIBOR		Semi-Annually	Fixed 2.796%		Annually		11/17/32		EUR	82,000		(3,902	)		—		(3,902	)
6-Month EURIBOR		Semi-Annually	Fixed 2.803%		Annually		11/18/32		EUR	140,000		(6,582	)		—		(6,582	)
6-Month EURIBOR		Semi-Annually	Fixed 2.735%		Annually		11/21/32		EUR	131,000		(6,903	)		—		(6,903	)
6-Month EURIBOR		Semi-Annually	Fixed 2.730%		Annually		11/23/32		EUR	2,400,000		(127,512	)		—		(127,512	)
6-Month EURIBOR		Semi-Annually	Fixed 2.717%		Annually		11/24/32		EUR	200,000		(10,847	)		—		(10,847	)
6-Month EURIBOR		Semi-Annually	Fixed 2.683%		Annually		11/30/32		EUR	126,000		(7,195	)		—		(7,195	)
6-Month EURIBOR		Semi-Annually	Fixed 2.698%		Annually		11/30/32		EUR	54,000		(3,019	)		—		(3,019	)
Fixed 2.953%		Annually	6-Month EURIBOR		Semi-Annually		9/21/53		EUR	1,950,000		53,942			—		53,942
GBP-SONIA-COMPOUND		Annually	Fixed 3.955%		Annually		1/25/25		GBP	5,277,000		(115,390	)		—		(115,390	)
Fixed 0.418%		Annually	JPY-TONAR		Annually		8/10/28		JPY	1,575,000,000		71,086			—		71,086
28 Day-MXN-TIIE		Monthly	Fixed 5.499%		Monthly		5/04/27		MXN	15,000,000		(113,488	)		—		(113,488	)
Fixed 3.090%		Annually	6-Month WIBOR		Semi-Annually		2/20/28		PLN	1,070,000		14,122			—		14,122
Fixed 2.850%		Annually	6-Month WIBOR		Semi-Annually		4/06/28		PLN	100,000		1,511			—		1,511
Fixed 2.920%		Annually	6-Month WIBOR		Semi-Annually		5/07/28		PLN	200,000		2,984			—		2,984
Fixed 3.030%		Annually	6-Month WIBOR		Semi-Annually		5/18/28		PLN	300,000		4,229			—		4,229
Fixed 5.010%		Annually	6-Month WIBOR		Semi-Annually		6/30/28		PLN	4,150,000		(17,406	)		—		(17,406	)
Fixed 5.010%		Annually	6-Month WIBOR		Semi-Annually		6/30/28		PLN	4,150,000		(17,406	)		—		(17,406	)
Fixed 1.715%		Annually	6-Month WIBOR		Semi-Annually		9/24/29		PLN	1,700,000		57,953			—		57,953
Fixed 1.780%		Annually	6-Month WIBOR		Semi-Annually		10/22/29		PLN	823,529		27,911			—		27,911
Fixed 1.775%		Annually	6-Month WIBOR		Semi-Annually		10/22/29		PLN	1,176,471		39,942			—		39,942
											$	(979,007	)	$	—	$	(979,007	)

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

MassMutual Select T. Rowe Price Bond Asset 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)

1-week CNREPOFIX =CFXS-Reuters

Quarterly

Fixed 2.650%

Quarterly

Citibank N.A.*

5/15/30

CNY

3,331,000

5,171

—

5,171

1-week CNREPOFIX =CFXS-Reuters

Quarterly

Fixed 2.650%

Quarterly

Citibank N.A.*

5/16/30

CNY

3,299,000

5,103

—

5,103

10,274

—

10,274

*	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

CHF	Swiss Franc

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

LKR	Sri Lankan Rupee

MXN	Mexican Peso

MYR	Malaysian Ringgit

NOK	Norwegian Krone

NZD	New Zealand Dollar

PEN	Peruvian New Sol

PLN	Polish Zloty

RON	New Romanian Leu

SEK	Swedish Krona

SGD	Singapore Dollar

THB

Thai Baht

TWD	Taiwan Dollar

USD	U.S. Dollar

ZAR	South African Rand

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

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

September 30, 2023

	Principal Amount		Value
BONDS & NOTES — 97.0%
CORPORATE DEBT — 27.4%
Brazil — 1.9%
Braskem Netherlands Finance BV
7.250% 2/13/33 ^(a)	$	200,000	$	184,274
8.500% 1/12/31 ^(a) ^(b)		200,000		198,190
Cosan Overseas Ltd.
8.250% ^(a) ^(c)		100,000		99,750
Globo Comunicacao e Participacoes SA
4.875% 1/22/30 ^(a)		850,000		706,020
5.500% 1/14/32 ^(a)		200,000		164,267
MercadoLibre, Inc., Convertible,
2.000% 8/15/28		45,000		130,748
				1,483,249
Chile — 3.0%
AES Andes SA 5 yr. USD Swap + 4.644%
7.125% VRN 3/26/79 ^(a)		650,000		613,220
Agrosuper SA
4.600% 1/20/32 ^(a)		200,000		159,944
Banco Santander Chile
3.177% 10/26/31 ^(a)		375,000		310,960
Celulosa Arauco y Constitucion SA
4.200% 1/29/30 ^(a)		200,000		171,431
5.150% 1/29/50 ^(a)		250,000		192,991
Corp. Nacional del Cobre de Chile
3.150% 1/14/30 ^(a)		200,000		168,801
5.125% 2/02/33 ^(a)		200,000		184,038
Empresa de los Ferrocarriles del Estado
3.068% 8/18/50 ^(a)		450,000		257,228
Empresa de Transporte de Pasajeros Metro SA
3.693% 9/13/61 ^(a)		200,000		121,106
4.700% 5/07/50 ^(a)		200,000		155,251
				2,334,970
China — 0.2%
Lenovo Group Ltd.
3.421% 11/02/30 ^(a)		200,000		163,097
Colombia — 1.4%
Banco Davivienda SA 10 yr. CMT + 5.097%
6.650% VRN ^(a) ^(c)		400,000		269,000
Banco de Bogota SA
6.250% 5/12/26 ^(a)		250,000		238,437
Bancolombia SA 5 yr. CMT + 2.944%
4.625% VRN 12/18/29		200,000		172,192

	Principal Amount		Value
Ecopetrol SA
4.625% 11/02/31	$	355,000	$	271,034
6.875% 4/29/30		50,000		45,653
8.875% 1/13/33		100,000		97,679
				1,093,995
Ghana — 0.2%
Kosmos Energy Ltd.
7.125% 4/04/26 ^(a)		200,000		188,260
India — 0.7%
Greenko Power II Ltd.
4.300% 12/13/28 ^(a)		241,150		206,155
Reliance Industries Ltd.
2.875% 1/12/32 ^(a)		400,000		319,170
				525,325
Indonesia — 1.4%
Bank Negara Indonesia Persero Tbk PT
3.750% 3/30/26 ^(a)		213,000		196,702
Minejesa Capital BV
5.625% 8/10/37 ^(a)		500,000		381,430
Pertamina Persero PT
5.625% 5/20/43 ^(a)		200,000		174,965
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.000% 6/30/50 ^(a)		200,000		129,350
6.150% 5/21/48 ^(a)		200,000		177,074
				1,059,521
Israel — 0.8%
ICL Group Ltd.
6.375% 5/31/38 ^(a)		150,000		146,126
ICL Group Ltd.
6.375% 5/31/38 ^(a)		200,000		194,834
Leviathan Bond Ltd.
6.125% 6/30/25 ^(a)		300,000		291,540
				632,500
Jamaica — 0.2%
TransJamaican Highway Ltd.
5.750% 10/10/36 ^(a)		139,285		114,675
Kazakhstan — 0.4%
KazMunayGas National Co. JSC
3.500% 4/14/33 ^(a)		200,000		149,260
6.375% 10/24/48 ^(a)		230,000		187,129
				336,389
Kuwait — 0.3%
MEGlobal Canada ULC
5.875% 5/18/30 ^(a)		200,000		198,000

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

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

	Principal Amount		Value
Mexico — 6.0%
Banco Mercantil del Norte SA 10 yr. CMT + 7.760%
8.375% VRN ^(a) ^(c)	$	200,000	$	189,256
BBVA Bancomer SA
5 yr. CMT + 2.650% 5.125% VRN 1/18/33 ^(a)		375,000		322,869
5 yr. CMT + 4.308% 5.875% VRN 9/13/34 ^(a)		200,000		175,045
5 yr. CMT + 4.661% 8.450% VRN 6/29/38		425,000		418,905
Cemex SAB de CV
5.450% 11/19/29 ^(a) ^(b)		200,000		189,463
Cometa Energia SA de CV
6.375% 4/24/35 ^(a)		164,200		152,915
Industrias Penoles SAB de CV
4.750% 8/06/50 ^(a)		200,000		149,887
Infraestructura Energetica Nova SAPI de CV
4.875% 1/14/48 ^(a)		300,000		217,490
Petroleos Mexicanos
4.500% 1/23/26		500,000		446,668
5.950% 1/28/31		175,000		125,256
6.500% 3/13/27		850,000		749,470
6.500% 6/02/41		1,210,000		727,931
6.840% 1/23/30		55,000		42,966
8.750% 6/02/29		655,000		580,487
10.000% 2/07/33 ^(a)		260,000		231,449
				4,720,057
Oman — 0.6%
Lamar Funding Ltd.
3.958% 5/07/25 ^(a)		500,000		476,000
Panama — 0.7%
Aeropuerto Internacional de Tocumen SA
4.000% 8/11/41 ^(a)		200,000		155,526
Banco General SA 10 yr. CMT + 3.665%
5.250% VRN ^(a) ^(c)		200,000		176,030
Banco Nacional de Panama
2.500% 8/11/30 ^(a)		310,000		240,292
				571,848
Paraguay — 0.2%
Telefonica Celular del Paraguay SA
5.875% 4/15/27 ^(a)		200,000		182,010
Peru — 0.3%
Consorcio Transmantaro SA
4.700% 4/16/34 ^(a)		200,000		178,206

	Principal Amount		Value
Lima Metro Line 2 Finance Ltd.
5.875% 7/05/34 ^(a)	$	90,323	$	86,909
				265,115
Philippines — 1.2%
Globe Telecom, Inc.
3.000% 7/23/35 ^(a)		400,000		286,255
International Container Terminal Services, Inc.
4.750% 6/17/30 ^(a)		400,000		374,920
Manila Water Co., Inc.
4.375% 7/30/30 ^(a)		300,000		269,250
				930,425
Qatar — 1.0%
Ooredoo International Finance Ltd.
2.625% 4/08/31 ^(a)		260,000		216,411
QatarEnergy
2.250% 7/12/31 ^(a)		300,000		240,195
3.125% 7/12/41 ^(a)		450,000		310,529
				767,135
Republic of Korea — 0.3%
POSCO
5.750% 1/17/28 ^(a) ^(b)		200,000		198,795
Romania — 0.4%
Banca Transilvania SA 1 yr. EURIBOR ICE Swap + 5.580%
8.875% VRN 4/27/27 EUR ^(a) ^(e)		280,000		306,273
Saudi Arabia — 1.5%
Gaci First Investment Co.
5.125% 2/14/53 ^(a)		450,000		364,824
Saudi Arabian Oil Co.
3.500% 4/16/29 ^(a)		200,000		180,123
4.250% 4/16/39 ^(a)		800,000		649,961
				1,194,908
Slovenia — 0.4%
Nova Kreditna Banka Maribor dd 3 mo. EUR EURIBOR + 3.496%
7.375% VRN 6/29/26 EUR ^(a) ^(e)		300,000		323,434
South Africa — 0.2%
Transnet SOC Ltd.
8.250% 2/06/28 ^(a)		200,000		191,448
Tanzania, United Republic Of — 0.3%
HTA Group Ltd.
7.000% 12/18/25 ^(a)		200,000		192,272
Thailand — 1.1%
Bangkok Bank PCL
5 yr. CMT + 2.150% 3.466% VRN 9/23/36 ^(a)		200,000		155,058

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

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

	Principal Amount		Value
5 yr. CMT + 1.900% 3.733% VRN 9/25/34 ^(a)	$	375,000	$	312,754
Thaioil Treasury Center Co. Ltd.
3.500% 10/17/49 ^(a)		425,000		243,941
3.500% 10/17/49 ^(a)		200,000		114,796
				826,549
United Arab Emirates — 0.9%
DP World Crescent Ltd.
3.875% 7/18/29 ^(a)		300,000		272,131
Emirates NBD Bank PJSC 6 yr. CMT + 3.656%
6.125% VRN ^(a) ^(c)		200,000		196,933
Ruwais Power Co. PJSC
6.000% 8/31/36 ^(a)		200,000		198,436
				667,500
United States — 0.9%
Hyundai Capital America
5.600% 3/30/28 ^(a)		175,000		171,193
International Bank for Reconstruction & Development
0.000% 3/31/27		275,000		245,460
LCPR Senior Secured Financing DAC
5.125% 7/15/29 ^(a)		400,000		321,758
				738,411
Venezuela — 0.9%
Petroleos de Venezuela SA
5.375% 4/12/27 ^(a) ^(f)		900,000		47,250
6.000% 5/16/24 ^(a) ^(f)		2,400,000		126,000
6.000% 11/15/26 ^(a) ^(f)		1,750,000		91,875
8.500% 10/27/20 ^(a) ^(f)		250,000		122,500
9.000% 11/17/21 ^(a) ^(f)		4,990,000		261,975
9.750% 5/17/35 ^(a) ^(f)		150,000		7,875
12.750% 2/17/22 ^(a) ^(f)		1,500,000		78,750
				736,225

TOTAL CORPORATE DEBT (Cost $27,037,095)				21,418,386

SOVEREIGN DEBT OBLIGATIONS — 69.6%
Albania — 1.7%
Albania Government International Bond
3.500% 6/16/27 EUR ^(a) ^(e)		190,000		186,864
3.500% 11/23/31 EUR ^(a) ^(e)		600,000		519,393
3.500% 11/23/31 EUR ^(a) ^(e)		590,000		510,737
5.900% 6/09/28 EUR ^(e)		130,000		133,663
				1,350,657

	Principal Amount		Value
Angola — 2.9%
Angolan Government International Bond
8.000% 11/26/29 ^(a)	$	800,000	$	657,349
8.250% 5/09/28 ^(a)		1,125,000		972,625
9.125% 11/26/49 ^(a)		300,000		214,500
9.500% 11/12/25 ^(a)		400,000		391,000
				2,235,474
Argentina — 1.2%
Argentina Government International Bond
0.000% 12/15/35		845,000		20,533
0.750% STEP 7/09/30 ^(f)		396,224		112,659
3.625% STEP 7/09/35		1,224,923		302,134
4.250% STEP 1/09/38 ^(f)		1,677,891		491,420
				926,746
Bahamas — 0.7%
Bahamas Government International Bond
6.000% 11/21/28 ^(a)		675,000		555,346
Bahrain — 2.3%
Bahrain Government International Bond
5.625% 5/18/34 ^(a)		700,000		598,153
6.750% 9/20/29 ^(a)		350,000		343,686
7.000% 10/12/28 ^(a)		675,000		683,327
7.500% 9/20/47 ^(a)		200,000		177,000
				1,802,166
Barbados — 0.1%
Barbados Government International Bond
6.500% 10/01/29 ^(a)		75,000		69,285
Bermuda — 0.5%
Bermuda Government International Bond
5.000% 7/15/32 ^(a)		400,000		372,693
Brazil — 1.1%
Brazil Notas do Tesouro Nacional Serie F
10.000% 1/01/29 BRL ^(e) ^(f)		650,000		122,805
10.000% 1/01/31 BRL ^(e) ^(f)		3,100,000		573,726
Brazilian Government International Bond
5.000% 1/27/45		240,000		177,424
				873,955
Bulgaria — 0.4%
Bulgaria Government International Bond
4.500% 1/27/33 EUR ^(a) ^(e)		310,000		316,048

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

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

	Principal Amount		Value
Chile — 0.6%
Chile Government International Bond
3.500% 1/31/34	$	200,000	$	165,126
4.000% 1/31/52		200,000		145,576
4.950% 1/05/36		200,000		183,430
				494,132
China — 1.6%
China Government Bond
2.620% 6/25/30 CNY ^(e)		9,000,000		1,225,780
Colombia — 3.0%
Colombia Government International Bond
3.000% 1/30/30		600,000		459,815
3.125% 4/15/31		400,000		295,542
4.125% 5/15/51		725,000		403,373
4.500% 1/28/26		200,000		191,233
5.000% 6/15/45		350,000		229,022
5.625% 2/26/44		400,000		285,671
Colombia TES
7.000% 3/26/31 COP ^(e)		2,573,300,000		494,103
				2,358,759
Costa Rica — 0.2%
Costa Rica Government International Bond
5.625% 4/30/43 ^(a)		200,000		165,444
Dominican Republic — 4.1%
Dominican Republic International Bond
4.500% 1/30/30 ^(a)		355,000		300,399
4.875% 9/23/32 ^(a)		925,000		750,253
4.875% 9/23/32 ^(a)		500,000		405,542
5.500% 2/22/29 ^(a)		165,000		150,796
5.875% 1/30/60 ^(a)		1,175,000		839,339
6.500% 2/15/48 ^(a)		300,000		242,087
6.850% 1/27/45 ^(a)		475,000		403,237
7.050% 2/03/31 ^(a)		150,000		144,792
				3,236,445
Ecuador — 1.3%
Ecuador Government International Bond
0.000% 7/31/30 ^(a)		165,446		48,962
2.500% STEP 7/31/40 ^(a)		408,900		133,227
3.500% STEP 7/31/35 ^(a)		828,550		306,474
3.500% STEP 7/31/35 ^(a)		50,000		18,494
6.000% STEP 7/31/30 ^(a)		927,100		471,338
				978,495

	Principal Amount		Value
Egypt — 1.6%
Egypt Government International Bond
5.875% 2/16/31 ^(a)	$	200,000	$	110,087
7.500% 1/31/27 ^(a)		270,000		194,079
7.600% 3/01/29 ^(a)		275,000		176,358
7.625% 5/29/32 ^(a)		275,000		158,125
8.500% 1/31/47 ^(a)		640,000		339,955
8.500% 1/31/47 ^(a)		550,000		292,149
				1,270,753
El Salvador — 0.9%
El Salvador Government International Bond
5.875% 1/30/25 ^(a)		590,000		534,006
6.375% 1/18/27 ^(a)		125,000		101,647
7.650% 6/15/35 ^(a)		45,000		31,695
				667,348
Ghana — 0.2%
Ghana Government International Bond
10.750% 10/14/30 ^(a)		200,000		133,796
Guatemala — 1.7%
Guatemala Government Bond
4.875% 2/13/28 ^(a)		400,000		370,829
5.250% 8/10/29 ^(a)		200,000		184,060
5.375% 4/24/32 ^(a)		200,000		182,565
6.600% 6/13/36		400,000		383,468
7.050% 10/04/32 ^(a) ^(g)		200,000		200,700
				1,321,622
India — 2.0%
Export-Import Bank of India
2.250% 1/13/31 ^(a)		205,000		159,019
2.250% 1/13/31 ^(a)		200,000		155,140
3.250% 1/15/30 ^(a)		1,500,000		1,278,689
				1,592,848
Indonesia — 5.3%
Indonesia Government International Bond
3.500% 1/11/28		404,000		374,150
4.550% 1/11/28		200,000		193,623
4.625% 4/15/43 ^(a)		1,400,000		1,201,248
Indonesia Treasury Bond
6.125% 5/15/28 IDR ^(e)		8,304,000,000		529,414
Perusahaan Penerbit SBSN Indonesia III
3.800% 6/23/50 ^(a)		200,000		143,198
4.450% 2/20/29 ^(a)		386,000		368,588
4.550% 3/29/26 ^(a)		1,350,000		1,320,779
				4,131,000

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

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

	Principal Amount		Value
Ivory Coast — 2.8%
Ivory Coast Government International Bond
4.875% 1/30/32 EUR ^(a) ^(e)	$	250,000	$	200,878
6.125% 6/15/33 ^(a)		1,925,000		1,593,014
6.625% 3/22/48 EUR ^(a) ^(e)		525,000		380,757
				2,174,649
Jamaica — 0.8%
Jamaica Government International Bond
6.750% 4/28/28		200,000		202,935
8.000% 3/15/39		175,000		199,459
8.000% 3/15/39		170,000		193,760
				596,154
Jordan — 2.2%
Jordan Government International Bond
5.850% 7/07/30 ^(a)		1,200,000		1,063,759
7.500% 1/13/29 ^(a)		400,000		390,149
7.750% 1/15/28 ^(a)		240,000		238,999
				1,692,907
Kenya — 0.8%
Kenya Government International Bond
7.250% 2/28/28 ^(a)		800,000		642,390
Mexico — 1.1%
Mexican Bonos
7.750% 5/29/31 MXN ^(e)		9,700,000		489,996
Mexico Government International Bond
6.350% 2/09/35		380,000		371,483
				861,479
Morocco — 2.1%
Morocco Government International Bond
3.000% 12/15/32 ^(a)		600,000		456,000
3.000% 12/15/32 ^(a)		425,000		323,000
4.000% 12/15/50 ^(a)		1,000,000		617,500
6.500% 9/08/33 ^(a)		240,000		235,200
				1,631,700
Nigeria — 0.8%
Nigeria Government International Bond
7.875% 2/16/32 ^(a)		750,000		589,387
Oman — 3.5%
Oman Government International Bond
4.750% 6/15/26 ^(a)		350,000		339,063
4.750% 6/15/26 ^(a)		600,000		581,250
5.375% 3/08/27 ^(a)		200,000		194,660
5.625% 1/17/28 ^(a)		200,000		194,700

	Principal Amount		Value
6.500% 3/08/47 ^(a)	$	390,000	$	347,685
6.750% 10/28/27 ^(a)		200,000		203,236
6.750% 10/28/27 ^(a)		400,000		406,472
6.750% 1/17/48 ^(a)		300,000		275,270
7.000% 1/25/51 ^(a)		200,000		188,146
				2,730,482
Pakistan — 0.3%
Pakistan Government International Bond
7.875% 3/31/36 ^(a)		562,000		263,297
Panama — 2.7%
Panama Government International Bond
2.252% 9/29/32 ^(b)		1,050,000		758,897
4.500% 1/19/63		360,000		232,287
6.400% 2/14/35		1,150,000		1,113,236
				2,104,420
Paraguay — 1.5%
Paraguay Government International Bond
4.950% 4/28/31 ^(a)		400,000		369,637
5.400% 3/30/50 ^(a)		200,000		157,575
5.400% 3/30/50 ^(a)		600,000		472,724
5.850% 8/21/33 ^(a)		200,000		189,104
				1,189,040
Peru — 1.0%
Peruvian Government International Bond
2.780% 12/01/60		670,000		355,679
3.300% 3/11/41		300,000		207,151
3.550% 3/10/51		130,000		85,402
6.150% 8/12/32 PEN ^(a) ^(e)		530,000		130,161
				778,393
Philippines — 0.9%
Philippines Government International Bond
2.650% 12/10/45		900,000		541,946
4.625% 7/17/28		200,000		193,817
				735,763
Poland — 0.4%
Poland Government International Bond
3.875% 2/14/33 EUR ^(a) ^(e)		230,000		234,932
5.500% 4/04/53		120,000		108,456
				343,388
Qatar — 1.3%
Qatar Government International Bond
4.400% 4/16/50 ^(a)		200,000		162,916
4.400% 4/16/50 ^(a)		200,000		162,916

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

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

	Principal Amount		Value
4.817% 3/14/49 ^(a)	$	800,000	$	693,496
				1,019,328
Republic of Korea — 0.5%
Export-Import Bank of Korea
5.000% 1/11/28		200,000		197,606
5.125% 1/11/33		200,000		195,955
				393,561
Romania — 1.6%
Romania Government International Bond
2.625% 12/02/40 EUR ^(a) ^(e)		50,000		30,995
2.875% 4/13/42 EUR ^(a) ^(e)		125,000		77,543
3.000% 2/14/31 ^(a)		174,000		139,823
3.000% 2/14/31 ^(a)		300,000		241,074
4.000% 2/14/51 ^(a)		160,000		101,776
4.000% 2/14/51 ^(a)		722,000		459,264
5.500% 9/18/28 EUR ^(a) ^(e)		210,000		219,878
				1,270,353
Saudi Arabia — 1.0%
Saudi Government International Bond
2.750% 2/03/32 ^(a)		200,000		165,860
3.750% 1/21/55 ^(a)		400,000		265,252
5.000% 4/17/49 ^(a)		400,000		334,072
				765,184
Senegal — 2.3%
Senegal Government International Bond
4.750% 3/13/28 EUR ^(a) ^(e)		300,000		269,789
6.250% 5/23/33 ^(a)		200,000		160,064
6.250% 5/23/33 ^(a)		1,750,000		1,400,560
				1,830,413
Serbia — 1.3%
Senegal Government International Bond
2.125% 12/01/30 ^(a)		1,100,000		806,403
6.250% 5/26/28 ^(a)		240,000		235,200
				1,041,603
South Africa — 1.7%
South Africa Government International Bond
5.650% 9/27/47		210,000		139,270
5.875% 4/20/32		425,000		361,250
6.250% 3/08/41		400,000		307,000
7.300% 4/20/52		360,000		284,940
8.000% 1/31/30 ZAR ^(e)		5,835,000		268,856
				1,361,316

	Principal Amount		Value
Sri Lanka — 1.4%
Sri Lanka Government International Bond
6.125% 6/03/25 ^(a)	$	200,000	$	96,038
6.125% 6/03/25 ^(a)		500,000		240,096
6.825% 7/18/26 ^(a)		200,000		95,233
6.850% 11/03/25 ^(a)		1,400,000		666,920
				1,098,287
Suriname — 0.7%
Suriname Government International Bond
9.250% 10/26/26 ^(a)		631,000		537,927
Turkey — 2.8%
Turkey Government International Bond
4.250% 4/14/26		200,000		182,840
4.875% 10/09/26		400,000		366,344
4.875% 4/16/43		450,000		284,463
6.000% 1/14/41		350,000		257,887
8.600% 9/24/27		275,000		278,394
9.375% 3/14/29		325,000		332,780
9.375% 1/19/33		230,000		233,963
9.875% 1/15/28		200,000		210,474
				2,147,145
Uruguay — 0.5%
Uruguay Government International Bond
5.750% 10/28/34		355,000		361,310
Venezuela — 0.2%
Venezuela Government International Bond
7.750% 10/13/19 ^(a) ^(f)		1,000,000		65,000
9.250% 9/15/27 ^(f)		300,000		29,250
11.750% 10/21/26 ^(a) ^(f)		300,000		29,250
12.750% 8/23/22 ^(a) ^(f)		255,000		24,862
				148,362

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $65,080,716)				54,387,030

TOTAL BONDS & NOTES (Cost $92,117,811)				75,805,416

TOTAL LONG-TERM INVESTMENTS (Cost $92,117,811)				75,805,416

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

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

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 2.0%
Investment of Cash Collateral from Securities Loaned — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (h)		592,850	$	592,850
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,917		1,917
	Principal Amount
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600% 10/02/23 ⁽ⁱ⁾	$	902,002		902,002

TOTAL SHORT-TERM INVESTMENTS (Cost $1,496,769)				1,496,769

TOTAL INVESTMENTS — 99.0% (Cost $93,614,580) ^(j)				77,302,185

Other Assets/(Liabilities) — 1.0%				819,116

NET ASSETS — 100.0%			$	78,121,301

Abbreviation Legend

STEP	Step Up Bond

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $1,176,430 or 1.51% of net assets. The Fund received $611,125 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 perpetual and has no stated maturity date.

(d)

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

(f)	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 September 30, 2023, these securities amounted to a value of $2,185,197 or 2.80% of net assets.

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

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

(i)	Maturity value of $902,122. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $920,088.

(j)	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.*		10/13/23		USD	287,441		ZAR	5,475,175	$	(1,491	)
Barclays Bank PLC*		10/13/23		USD	100,898		MXN	1,759,256		117
BNP Paribas SA*		11/24/23		USD	2,850,747		EUR	2,605,544		90,012
BNP Paribas SA*		12/04/23		USD	274,717		BRL	1,356,361		7,016
BNP Paribas SA*		12/07/23		USD	171,549		COP	724,709,643		(3,108	)
Citibank N.A.*		10/06/23		USD	51,304		IDR	770,437,805		1,454
Citibank N.A.*		12/07/23		USD	172,714		COP	732,029,943		(3,707	)
Goldman Sachs International*		10/06/23		USD	44,975		IDR	672,759,336		1,445
Goldman Sachs International*		10/06/23		IDR	490,932,372		USD	31,626		139
Goldman Sachs International*		10/13/23		USD	188,222		MXN	3,283,863		102
Goldman Sachs International*		12/04/23		USD	274,456		BRL	1,356,361		6,755
Goldman Sachs International*		12/07/23		COP	661,357,625		USD	157,753		1,636
Goldman Sachs International*		12/15/23		USD	209,014		CNH	1,508,537		1,738
Goldman Sachs International*		1/17/24		USD	31,578		IDR	490,932,372		(179	)

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

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

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
HSBC Bank USA*		10/06/23		IDR	480,584,647		USD	31,096	$	—
HSBC Bank USA*		10/13/23		ZAR	233,400		USD	12,458		(141	)
HSBC Bank USA*		11/24/23		USD	1,109,204		EUR	1,015,184		33,553
HSBC Bank USA*		12/15/23		USD	417,780		CNH	3,017,120		3,222
HSBC Bank USA*		1/17/24		USD	31,056		IDR	480,584,647		(31	)
Morgan Stanley & Co. LLC*		10/13/23		USD	215,483		MXN	3,753,162		478
Morgan Stanley & Co. LLC*		12/15/23		USD	631,596		CNH	4,574,343		3,073
UBS AG*		10/06/23		USD	131,980		PEN	481,000		5,004
UBS AG*		10/06/23		IDR	471,680,122		USD	30,395		123
UBS AG*		10/06/23		PEN	481,000		USD	126,746		230
UBS AG*		12/07/23		USD	350,412		COP	1,471,380,185		(4,195	)
UBS AG*		1/17/24		USD	30,350		IDR	471,680,122		(161	)
UBS AG*		1/17/24		USD	126,118		PEN	481,000		(206	)
									$	142,878

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Ultra Bond		12/19/23		22	$	2,809,030		$	(197,905	)

Short
U.S. Treasury Note 10 Year		12/19/23		8	$	(879,364	)	$	14,864

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

Currency Legend

BRL	Brazilian Real

CNH	Offshore Chinese Yuan

CNY	Chinese Yuan Renminbi

COP	Colombian Peso

EUR

Euro

IDR	Indonesian Rupiah

MXN	Mexican Peso

PEN	Peruvian New Sol

USD	U.S. Dollar

ZAR	South African Rand

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

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

September 30, 2023

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 98.6%
Basic Materials — 1.8%
Chemicals — 1.1%
CF Industries Holdings, Inc.		1,774	$	152,103
FMC Corp.		565		37,838
Linde PLC (LIN US)		50,513		18,808,516
Nutrien Ltd.		76,077		4,698,516
RPM International, Inc.		720		68,263
Sherwin-Williams Co.		789		201,234
				23,966,470
Iron & Steel — 0.0%
Steel Dynamics, Inc.		397		42,566
Mining — 0.7%
Franco-Nevada Corp.		18,248		2,435,925
Freeport-McMoRan, Inc.		145,989		5,443,930
Newmont Corp.		1,083		40,017
Southern Copper Corp.		68,545		5,160,753
Wheaton Precious Metals Corp.		80,060		3,246,433
				16,327,058
				40,336,094
Communications — 13.6%
Advertising — 0.2%
Trade Desk, Inc. Class A (a)		47,230		3,691,025
Internet — 12.4%
Airbnb, Inc. Class A (a)		600		82,326
Alphabet, Inc. Class A (a)		425,955		55,740,471
Alphabet, Inc. Class C (a)		328,958		43,373,112
Amazon.com, Inc. (a)		671,377		85,345,444
Booking Holdings, Inc. (a)		5,302		16,351,103
Coupang, Inc. (a)		268,779		4,569,243
Gen Digital, Inc.		9,571		169,215
Maplebear, Inc. (a)		11,206		332,706
Maplebear, Inc., Lockup Shares (Acquired 2/26/21, Cost $1,190,377) (a) (b) (c)		21,673		643,471
Match Group, Inc. (a)		73,038		2,861,264
Meta Platforms, Inc. Class A (a)		111,617		33,508,540
Netflix, Inc. (a)		29,307		11,066,323
Palo Alto Networks, Inc. (a)		516		120,971
Pinterest, Inc. Class A (a)		189,709		5,127,834
Shopify, Inc. Class A (a)		74,257		4,052,205
Spotify Technology SA (a)		40,885		6,322,457
				269,666,685
Media — 0.0%
Charter Communications, Inc. Class A (a)		389		171,090
Comcast Corp. Class A		8,705		385,980

	Number of Shares		Value
Walt Disney Co. (a)		2,925	$	237,071
				794,141
Telecommunications — 1.0%
Arista Networks, Inc. (a)		785		144,385
Cisco Systems, Inc.		4,336		233,103
T-Mobile US, Inc. (a)		152,589		21,370,089
Verizon Communications, Inc.		4,811		155,925
				21,903,502
				296,055,353
Consumer, Cyclical — 5.8%
Airlines — 0.0%
Alaska Air Group, Inc. (a)		441		16,352
Southwest Airlines Co.		3,056		82,726
United Airlines Holdings, Inc. (a)		1,066		45,092
				144,170
Apparel — 0.0%
NIKE, Inc. Class B		3,926		375,404
Auto Manufacturers — 2.1%
Cummins, Inc.		55,057		12,578,322
Ferrari NV		18,797		5,555,265
General Motors Co.		52,472		1,730,002
PACCAR, Inc.		1,364		115,967
Rivian Automotive, Inc. Class A (a) (d)		487,741		11,842,352
Tesla, Inc. (a)		56,913		14,240,771
				46,062,679
Auto Parts & Equipment — 0.0%
Aptiv PLC (a)		1,420		139,997
Aurora Innovation, Inc. (a)		319,054		749,777
Magna International, Inc.		503		26,966
				916,740
Distribution & Wholesale — 0.0%
Copart, Inc. (a)		3,786		163,139
Home Builders — 0.0%
NVR, Inc. (a)		39		232,569
Leisure Time — 0.1%
Norwegian Cruise Line Holdings Ltd. (a) (d)		75,597		1,245,838
Royal Caribbean Cruises Ltd. (a)		1,754		161,614
				1,407,452
Lodging — 0.5%
Hilton Worldwide Holdings, Inc.		37,077		5,568,224
Las Vegas Sands Corp.		89,608		4,107,631
Marriott International, Inc. Class A		519		102,015
Wynn Resorts Ltd.		1,140		105,347
				9,883,217

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

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

	Number of Shares		Value
Retail — 3.1%
AutoZone, Inc. (a)		2,400	$	6,095,976
Bath & Body Works, Inc.		34,765		1,175,057
Burlington Stores, Inc. (a)		588		79,556
Chipotle Mexican Grill, Inc. (a)		3,455		6,328,973
Costco Wholesale Corp.		1,244		702,810
Dollar General Corp.		909		96,172
Dollar Tree, Inc. (a)		262		27,890
Floor & Decor Holdings, Inc. Class A (a)		21,182		1,916,971
Home Depot, Inc.		15,167		4,582,861
Lowe’s Cos., Inc.		1,025		213,036
Lululemon Athletica, Inc. (a)		5,442		2,098,490
McDonald’s Corp.		41,207		10,855,572
O’Reilly Automotive, Inc. (a)		4,256		3,868,108
Ross Stores, Inc.		49,882		5,634,172
Starbucks Corp.		2,809		256,377
Target Corp.		30,028		3,320,196
TJX Cos., Inc.		2,597		230,821
Ulta Beauty, Inc. (a)		19,558		7,812,443
Walmart, Inc.		81,688		13,064,362
				68,359,843
				127,545,213
Consumer, Non-cyclical — 21.3%
Agriculture — 0.7%
Altria Group, Inc.		2,589		108,867
Darling Ingredients, Inc. (a)		655		34,191
Philip Morris International, Inc.		172,731		15,991,436
				16,134,494
Beverages — 1.1%
Coca-Cola Co.		181,363		10,152,701
Constellation Brands, Inc. Class A		25,301		6,358,900
Keurig Dr Pepper, Inc.		7,116		224,652
Monster Beverage Corp. (a)		3,064		162,239
PepsiCo, Inc.		41,722		7,069,376
				23,967,868
Biotechnology — 1.8%
Amgen, Inc.		47,345		12,724,442
Argenx SE ADR (a)		11,093		5,453,652
Biogen, Inc. (a)		333		85,584
Gilead Sciences, Inc.		692		51,858
Legend Biotech Corp. ADR (a)		33,145		2,226,350
Moderna, Inc. (a)		350		36,152
Regeneron Pharmaceuticals, Inc. (a)		9,492		7,811,536
Vertex Pharmaceuticals, Inc. (a)		29,734		10,339,701
				38,729,275

	Number of Shares		Value
Commercial Services — 1.0%
Ant Group Balance Owed 2023 (Acquired 8/14/23, Cost $423,859) (a) (b) (c) (e)		423,859	$	415,043
Booz Allen Hamilton Holding Corp.		36,108		3,945,521
Cintas Corp.		5,136		2,470,467
CoStar Group, Inc. (a)		1,006		77,351
Equifax, Inc.		267		48,909
FleetCor Technologies, Inc. (a)		15,690		4,006,285
Global Payments, Inc.		3,188		367,863
Moody’s Corp.		606		191,599
S&P Global, Inc.		743		271,500
Service Corp. International		52,551		3,002,764
TransUnion		53,337		3,829,063
United Rentals, Inc.		80		35,566
Verisk Analytics, Inc.		12,779		3,018,911
WillScot Mobile Mini Holdings Corp. (a)		481		20,005
				21,700,847
Cosmetics & Personal Care — 2.2%
Colgate-Palmolive Co.		125,417		8,918,403
elf Beauty, Inc. (a)		422		46,348
Estee Lauder Cos., Inc. Class A		20,182		2,917,308
Kenvue, Inc.		603,050		12,109,244
Procter & Gamble Co.		159,146		23,213,036
				47,204,339
Food — 1.5%
General Mills, Inc.		37,003		2,367,822
Hershey Co.		24,015		4,804,921
Kraft Heinz Co.		142,084		4,779,706
Mondelez International, Inc. Class A		279,768		19,415,899
Sysco Corp.		1,477		97,556
Tyson Foods, Inc. Class A		981		49,531
				31,515,435
Health Care – Products — 3.0%
Abbott Laboratories		2,845		275,538
Avantor, Inc. (a)		145,648		3,070,260
Baxter International, Inc.		4,400		166,056
Boston Scientific Corp. (a)		3,738		197,366
Danaher Corp.		51,341		12,737,702
Edwards Lifesciences Corp. (a)		2,386		165,302
GE HealthCare Technologies, Inc. (a)		102,222		6,955,185
Hologic, Inc. (a)		2,000		138,800
Intuitive Surgical, Inc. (a)		35,309		10,320,468
Medtronic PLC		66,878		5,240,560
STERIS PLC		13,331		2,925,088
Stryker Corp.		9,829		2,685,971
Teleflex, Inc.		672		131,988

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

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

	Number of Shares		Value
Thermo Fisher Scientific, Inc.		41,174	$	20,841,044
West Pharmaceutical Services, Inc.		158		59,283
Zimmer Biomet Holdings, Inc.		1,393		156,322
				66,066,933
Health Care – Services — 4.5%
Charles River Laboratories International, Inc. (a)		81		15,874
Elevance Health, Inc.		68,552		29,848,912
HCA Healthcare, Inc.		26,619		6,547,742
Humana, Inc.		29,865		14,529,920
ICON PLC (a)		307		75,599
IQVIA Holdings, Inc. (a)		261		51,352
Molina Healthcare, Inc. (a)		14,229		4,665,547
Quest Diagnostics, Inc.		29,646		3,612,661
Tenet Healthcare Corp. (a)		51,597		3,399,726
UnitedHealth Group, Inc.		70,183		35,385,567
				98,132,900
Household Products & Wares — 0.0%
Avery Dennison Corp.		585		106,862
Pharmaceuticals — 5.5%
AbbVie, Inc.		5,278		786,739
AstraZeneca PLC Sponsored ADR		127,047		8,603,623
Becton Dickinson & Co.		29,660		7,668,000
Bristol-Myers Squibb Co.		1,957		113,584
Cencora, Inc.		114,268		20,564,812
Cigna Group		29,487		8,435,346
CVS Health Corp.		1,000		69,820
DENTSPLY SIRONA, Inc.		1,720		58,755
Dexcom, Inc. (a)		1,787		166,727
Eli Lilly & Co.		58,563		31,455,944
Johnson & Johnson		65,330		10,175,148
McKesson Corp.		8,094		3,519,676
Merck & Co., Inc.		152,974		15,748,673
Novo Nordisk AS Sponsored ADR		2,396		217,892
Pfizer, Inc.		228,073		7,565,181
Viatris, Inc.		20,652		203,629
Zoetis, Inc.		21,332		3,711,341
				119,064,890
				462,623,843
Energy — 5.7%
Energy – Alternate Sources — 0.0%
First Solar, Inc. (a)		209		33,772
Oil & Gas — 3.2%
Chesapeake Energy Corp. (d)		343		29,577
Chevron Corp.		104,798		17,671,039
ConocoPhillips		84,604		10,135,559
Devon Energy Corp.		29,059		1,386,114
Diamondback Energy, Inc.		15,436		2,390,728

	Number of Shares		Value
EOG Resources, Inc.		2,391	$	303,083
EQT Corp.		380,013		15,420,928
Exxon Mobil Corp.		115,050		13,527,579
Hess Corp.		1,461		223,533
Marathon Petroleum Corp.		1,939		293,448
Pioneer Natural Resources Co.		453		103,986
Range Resources Corp.		271,678		8,805,084
Suncor Energy, Inc. (d)		2,017		69,345
Valero Energy Corp.		744		105,432
				70,465,435
Oil & Gas Services — 1.9%
Halliburton Co.		397,229		16,087,774
NOV, Inc.		75,992		1,588,233
Schlumberger NV		388,852		22,670,072
				40,346,079
Pipelines — 0.6%
Kinder Morgan, Inc.		355,986		5,902,248
Williams Cos., Inc.		197,123		6,641,074
				12,543,322
				123,388,608
Financial — 14.8%
Banks — 3.8%
Bank of America Corp.		628,627		17,211,807
Bank of New York Mellon Corp.		4,764		203,185
Citigroup, Inc.		5,017		206,349
East West Bancorp, Inc.		25,718		1,355,596
Fifth Third Bancorp		7,103		179,919
Goldman Sachs Group, Inc.		35,037		11,336,922
Huntington Bancshares, Inc.		11,689		121,566
JP Morgan Chase & Co.		212,764		30,855,035
Morgan Stanley		4,458		364,085
PNC Financial Services Group, Inc.		55,739		6,843,077
Regions Financial Corp.		845		14,534
Truist Financial Corp.		1,437		41,112
U.S. Bancorp		36,885		1,219,418
Wells Fargo & Co.		303,378		12,396,025
Western Alliance Bancorp		869		39,948
				82,388,578
Diversified Financial Services — 4.1%
American Express Co.		58,774		8,768,493
Apollo Global Management, Inc.		2,097		188,227
BlackRock, Inc.		165		106,671
Capital One Financial Corp.		248		24,068
Cboe Global Markets, Inc.		21,484		3,356,016
Charles Schwab Corp.		133,557		7,332,279
CME Group, Inc.		21,254		4,255,476
Discover Financial Services		470		40,716

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

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

	Number of Shares		Value
Intercontinental Exchange, Inc.		2,368	$	260,527
LPL Financial Holdings, Inc.		22,277		5,294,129
Mastercard, Inc. Class A		54,087		21,413,584
Tradeweb Markets, Inc. Class A		682		54,697
Visa, Inc. Class A		164,978		37,946,590
				89,041,473
Insurance — 5.5%
Allstate Corp.		88,348		9,842,851
American International Group, Inc.		7,694		466,256
Berkshire Hathaway, Inc. Class B (a)		85,184		29,839,955
Chubb Ltd.		102,138		21,263,089
Corebridge Financial, Inc.		179,286		3,540,899
Equitable Holdings, Inc.		6,663		189,163
Hartford Financial Services Group, Inc.		98,351		6,974,069
Marsh & McLennan Cos., Inc.		1,153		219,416
MetLife, Inc.		326,197		20,521,053
Progressive Corp.		130,704		18,207,067
RenaissanceRe Holdings Ltd.		1,158		229,191
Travelers Cos., Inc.		51,564		8,420,917
				119,713,926
Private Equity — 0.0%
Ares Management Corp. Class A		1,174		120,769
Real Estate — 0.0%
CBRE Group, Inc. Class A (a)		800		59,088
Real Estate Investment Trusts (REITS) — 1.4%
American Homes 4 Rent Class A		1,428		48,109
American Tower Corp.		1,290		212,141
AvalonBay Communities, Inc.		627		107,681
Crown Castle, Inc.		400		36,812
Equinix, Inc.		338		245,476
Equity LifeStyle Properties, Inc.		115,672		7,369,463
Essex Property Trust, Inc.		590		125,133
Extra Space Storage, Inc.		19,724		2,398,044
Prologis, Inc.		43,953		4,931,966
Public Storage		40,618		10,703,655
Rexford Industrial Realty, Inc.		2,959		146,027
SBA Communications Corp.		192		38,433
Simon Property Group, Inc.		847		91,501
Sun Communities, Inc.		228		26,982
Welltower, Inc.		2,072		169,738
Weyerhaeuser Co.		156,168		4,788,111
				31,439,272
				322,763,106
Industrial — 7.9%
Aerospace & Defense — 1.2%
Airbus SE		30,996		4,146,720
Boeing Co. (a)		3,225		618,168

	Number of Shares		Value
General Dynamics Corp.		53,481	$	11,817,697
Howmet Aerospace, Inc.		1,999		92,454
L3 Harris Technologies, Inc.		38,134		6,639,892
Northrop Grumman Corp.		7,478		3,291,741
RTX Corp.		2,738		197,054
TransDigm Group, Inc. (a)		280		236,076
				27,039,802
Building Materials — 0.6%
Carrier Global Corp.		168,869		9,321,569
Johnson Controls International PLC		1,924		102,376
Martin Marietta Materials, Inc.		5,396		2,214,950
Trane Technologies PLC		320		64,931
Vulcan Materials Co.		634		128,081
West Fraser Timber Co. Ltd. (WFG US) (d)		1,393		101,048
				11,932,955
Electrical Components & Equipment — 0.6%
AMETEK, Inc.		81,748		12,079,085
Emerson Electric Co.		553		53,403
				12,132,488
Electronics — 0.9%
Agilent Technologies, Inc.		23,255		2,600,374
Amphenol Corp. Class A		63,719		5,351,759
Honeywell International, Inc.		29,718		5,490,103
Hubbell, Inc.		5,454		1,709,338
TE Connectivity Ltd.		39,929		4,932,430
Trimble, Inc. (a)		821		44,219
				20,128,223
Environmental Controls — 0.0%
Republic Services, Inc.		701		99,900
Veralto Corp. (a)		1,579		133,520
Waste Connections, Inc.		1,481		198,898
				432,318
Hand & Machine Tools — 0.0%
Stanley Black & Decker, Inc.		3,478		290,691
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		12,646		3,452,358
Machinery – Diversified — 1.1%
Deere & Co.		5,643		2,129,555
Dover Corp.		11,852		1,653,473
IDEX Corp.		39,471		8,210,757
Ingersoll Rand, Inc.		3,293		209,830
Otis Worldwide Corp.		1,630		130,905
Rockwell Automation, Inc.		289		82,617
Westinghouse Air Brake Technologies Corp.		112,870		11,994,695
				24,411,832

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

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

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.4%
3M Co.		993	$	92,965
General Electric Co.		142,431		15,745,747
Siemens AG Registered		34,614		4,962,377
Teledyne Technologies, Inc. (a)		24,472		9,998,770
				30,799,859
Packaging & Containers — 0.0%
Ball Corp.		2,324		115,689
Packaging Corp. of America		328		50,364
Westrock Co.		1,824		65,299
				231,352
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		294		60,146
Transportation — 1.9%
Canadian National Railway Co. (d)		992		107,463
Canadian Pacific Kansas City Ltd. (d)		674		50,152
CSX Corp.		593,026		18,235,550
FedEx Corp.		836		221,473
JB Hunt Transport Services, Inc.		745		140,447
Norfolk Southern Corp.		22,944		4,518,362
Old Dominion Freight Line, Inc.		18,895		7,730,700
Saia, Inc. (a)		374		149,095
Union Pacific Corp.		48,150		9,804,785
				40,958,027
				171,870,051
Technology — 26.0%
Commercial Services — 0.0%
Celonis SE (Acquired 6/17/21, Cost $435,243) (a) (b) (c) (e)		1,177		262,565
Computers — 5.5%
Accenture PLC Class A		33,984		10,436,826
Apple, Inc.		630,856		108,008,856
Fortinet, Inc. (a)		2,813		165,067
Pure Storage, Inc. Class A (a)		4,748		169,124
Western Digital Corp. (a)		2,783		126,988
Zscaler, Inc. (a)		791		123,072
				119,029,933
Office & Business Equipment — 0.0%
Zebra Technologies Corp. Class A (a)		249		58,896
Semiconductors — 8.5%
Advanced Micro Devices, Inc. (a)		51,816		5,327,721
Analog Devices, Inc.		50,764		8,888,269
Applied Materials, Inc.		96,406		13,347,411
ASML Holding NV		16,486		9,704,649
Broadcom, Inc.		4,884		4,056,553
Entegris, Inc.		1,074		100,859
KLA Corp.		12,589		5,774,071
Lam Research Corp.		22,878		14,339,244

	Number of Shares		Value
Lattice Semiconductor Corp. (a)		748	$	64,275
Marvell Technology, Inc.		51,427		2,783,743
Micron Technology, Inc.		215,659		14,671,282
Monolithic Power Systems, Inc.		202		93,324
NVIDIA Corp.		162,129		70,524,494
NXP Semiconductor NV		85,153		17,023,788
ON Semiconductor Corp. (a)		4,468		415,300
QUALCOMM, Inc.		46,182		5,128,973
Texas Instruments, Inc.		77,404		12,308,010
				184,551,966
Software — 12.0%
Activision Blizzard, Inc.		2,435		227,989
Adobe, Inc. (a)		19,937		10,165,876
Atlassian Corp. Class A (a)		10,078		2,030,818
Bill Holdings, Inc. (a)		200		21,714
Broadridge Financial Solutions, Inc.		19,776		3,540,893
Cadence Design Systems, Inc. (a)		17,647		4,134,692
Canva, Inc. (Acquired 12/17/21-12/22/21, Cost $872,531) (a) (b) (c) (e)		512		546,130
Ceridian HCM Holding, Inc. (a)		33,644		2,282,745
Descartes Systems Group, Inc. (a)		1,308		95,981
DocuSign, Inc. (a)		7,638		320,796
Dynatrace, Inc. (a)		98,042		4,581,503
Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,322,065) (a) (b) (c) (e)		3,487		2,408,297
Fair Isaac Corp. (a)		109		94,670
Fiserv, Inc. (a)		241,296		27,256,796
Intuit, Inc.		30,651		15,660,822
Klaviyo, Inc. Class A (a)		10,738		370,461
Microsoft Corp.		470,594		148,590,056
MongoDB, Inc. (a)		4,847		1,676,383
MSCI, Inc.		96		49,256
Roper Technologies, Inc.		19,801		9,589,228
Salesforce, Inc. (a)		61,653		12,501,995
Samsara, Inc. Class A (a)		716		18,050
ServiceNow, Inc. (a)		22,166		12,389,907
Snowflake, Inc. Class A (a)		13,535		2,067,742
Stripe, Inc., Class B (Acquired 12/17/19, Cost $295,694) (a) (b) (c) (e)		18,846		412,916
Synopsys, Inc. (a)		806		369,930
Zoom Video Communications, Inc. Class A (a)		439		30,704
				261,436,350
				565,339,710

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

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

	Number of Shares		Value
Utilities — 1.7%
Electric — 1.7%
Ameren Corp.		16,912	$	1,265,525
CMS Energy Corp.		2,960		157,206
Constellation Energy Corp.		129,924		14,172,110
Dominion Energy, Inc.		8,999		401,985
DTE Energy Co.		702		69,695
Evergy, Inc.		47,870		2,427,009
FirstEnergy Corp.		60,676		2,073,906
NextEra Energy, Inc.		140,726		8,062,192
NRG Energy, Inc.		55,342		2,131,774
PG&E Corp. (a)		17,734		286,049
Southern Co.		82,450		5,336,164
Xcel Energy, Inc.		620		35,476
				36,419,091

TOTAL COMMON STOCK (Cost $1,981,220,983)				2,146,341,069

PREFERRED STOCK — 0.6%
Consumer, Cyclical — 0.1%
Auto Manufacturers — 0.1%
Dr Ing hc F Porsche AG 1.134% (f)		31,186		2,933,096
Nuro, Inc., Series C, (Acquired 10/30/20-3/02/21, Cost $1,236,023)
^(a) ^(b) ^(c) ^(e)		94,681		587,022
Nuro, Inc., Series D, (Acquired 10/29/21, Cost $487,977)
^(a) ^(b) ^(c) ^(e)		23,409		145,136
Waymo LLC., Series A-2, (Acquired 5/08/20, Cost $748,934)
^(a) ^(b) ^(c) ^(e)		8,722		394,322
				4,059,576
Consumer, Non-cyclical — 0.1%
Commercial Services — 0.1%
Redwood Materials, Inc., Series C, (Acquired 5/28/21, Cost $1,059,705)
^(a) ^(b) ^(c) ^(e)		22,355		1,067,135
Redwood Materials, Inc., Series D, (Acquired 6/17/22, Cost $50,373)
^(a) ^(b) ^(c) ^(e)		1,241		59,241
				1,126,376
Industrial — 0.3%
Electrical Components & Equipment — 0.0%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $760,988) (a) (b) (c) (e)		18,438		373,922

	Number of Shares		Value
Electronics — 0.3%
GM Cruise Holdings, LLC, Class F (Acquired 5/07/19, Cost $921,625) (a) (b) (c) (e)		50,500	$	915,060
GM Cruise Holdings, LLC, Class G (Acquired 1/21/21, Cost $979,851) (a) (b) (c) (e)		37,186		673,810
Sartorius AG 0.450%		13,233		4,490,422
				6,079,292
				6,453,214
Technology — 0.1%
Software — 0.1%
Canva, Inc., Series A (Acquired 12/17/21, Cost $49,421) (a) (b) (c) (e)		29		30,933
Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $13,633) (a) (b) (c) (e)		8		8,533
Celonis SE, Series D (Acquired 6/17/21-10/04/22, Cost $1,306,468) (a) (b) (c) (e)		3,533		788,142
Formagrid, Inc., Series F (Acquired 12/08/21, Cost $1,130,824) (a) (b) (c) (e)		6,038		396,153
Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (a) (b) (c) (e)		18,286		658,479
				1,882,240

TOTAL PREFERRED STOCK (Cost $17,407,705)				13,521,406

TOTAL EQUITIES (Cost $1,998,628,688)				2,159,862,475

TOTAL LONG-TERM INVESTMENTS (Cost $1,998,628,688)				2,159,862,475

SHORT-TERM INVESTMENTS — 0.8%
Investment of Cash Collateral from Securities Loaned — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio ^(g)		331,608		331,608
Mutual Fund — 0.7%
T. Rowe Price Government Reserve Investment Fund		14,199,621		14,199,621

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

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

	Principal Amount		Value
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 ^(h)	$	1,085,047	$	1,085,047

TOTAL SHORT-TERM INVESTMENTS (Cost $15,616,276)				15,616,276

TOTAL INVESTMENTS — 100.0% (Cost $2,014,244,964) ⁽ⁱ⁾				2,175,478,751

Other Assets/(Liabilities) — 0.0%				339,307

NET ASSETS — 100.0%			$	2,175,818,058

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 September 30, 2023, these securities amounted to a value of $10,786,310 or 0.50% of net assets.

(c)	Restricted security. Certain securities are restricted to resale. At September 30, 2023, these securities amounted to a value of $10,786,310 or 0.50% 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 September 30, 2023, was $11,843,615 or 0.54% of net assets. The Fund received $11,806,143 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 is valued using significant unobservable inputs.

(f)

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

(h)	Maturity value of $1,085,192. Collateralized by U.S. Government Agency obligations with a rate of 0.625% maturity date of 1/15/26, and an aggregate market value, including accrued interest, of $1,106,861.

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

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

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

September 30, 2023

	Principal Amount		Value
BONDS & NOTES — 99.7%
CORPORATE DEBT — 0.3%
Health Care – Services — 0.3%
Health Care Service Corp. A Mutual Legal Reserve Co.
1.500% 6/01/25 ^(a)	$	545,000	$	504,335

TOTAL CORPORATE DEBT (Cost $519,947)				504,335

MUNICIPAL OBLIGATIONS — 0.4%
California State University, Revenue Bond
0.563% 11/01/24		125,000		118,550
City & County of Denver Co. Airport System Revenue
Revenue Bond, 0.877% 11/15/23		20,000		19,889
Revenue Bond, 1.115% 11/15/24		30,000		28,561
City of Atlanta GA Water & Wastewater Revenue
Revenue Bond, 0.407% 11/01/23		15,000		14,940
Revenue Bond, 0.616% 11/01/24		15,000		14,233
Dallas Area Rapid Transit
Revenue Bond, 0.541% 12/01/23		10,000		9,921
Revenue Bond, 0.761% 12/01/24		10,000		9,480
State of Illinois, General Obligation
2.840% 10/01/23		485,000		485,000
Tobacco Settlement Finance Authority, Revenue Bond
1.497% 6/01/24		65,000		63,153
				763,727

TOTAL MUNICIPAL OBLIGATIONS (Cost $775,000)				763,727

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.1%
Other Asset-Backed Securities — 0.0%
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A
3.280% 9/26/33 ^(a)		31,251		29,248
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class A
2.340% 8/20/36 ^(a)		25,088		24,411
				53,659
Whole Loan Collateral Collateralized Mortgage Obligations — 0.1%
OBX Trust, Series 2020-EXP1, Class 2A1, 1 mo. USD Term SOFR + 0.864%
6.184% FRN 2/25/60 ^(a)		17,155		15,992

	Principal Amount		Value
Sequoia Mortgage Trust
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 ^(a) ^(b)	$	10,417	$	9,245
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 ^(a) ^(b)		28,322		25,708
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 ^(a) ^(b)		7,743		6,839
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 ^(a) ^(b)		2,364		2,258
				60,042

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $122,517)				113,701

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(c) — 0.1%
Collateralized Mortgage Obligations — 0.0%
Government National Mortgage Association REMICS Series 2019-65, Class B 3.500% 5/20/49		46,379		41,193
Whole Loans — 0.1%
Federal National Mortgage Association Connecticut Avenue Securities
Series 2018-C03, Class 1EB2, 30 day USD SOFR Average + 0.964% 6.279% FRN 10/25/30		135,997		136,035
Series 2018-C03, Class 1ED2, 30 day USD SOFR Average + 0.964% 6.279% FRN 10/25/30		7,671		7,649
Series 2017-C05, Class 1ED3, 30 day USD SOFR Average + 1.314% 6.629% FRN 1/25/30		4,851		4,851
Series 2017-C06, Class 1M2B, 30 day USD SOFR Average + 2.764% 8.079% FRN 2/25/30		94,870		96,024
				244,559

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $293,105)				285,752

U.S. TREASURY OBLIGATIONS — 98.8%
U.S. Treasury Bonds & Notes — 98.8%
U.S. Treasury Inflation-Indexed Notes
0.125% 10/15/24		18,826,026		18,250,583
0.125% 4/15/25		32,961,790		31,443,316
0.125% 10/15/25		18,128,812		17,177,757
0.125% 4/15/26		13,168,493		12,302,253
0.125% 7/15/26		11,103,851		10,378,088

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

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

	Principal Amount		Value
0.125% 10/15/26	$	15,208,310	$	14,141,946
0.125% 4/15/27		18,696,458		17,162,034
0.375% 1/15/27		11,593,686		10,783,600
0.625% 1/15/26		8,966,358		8,523,644
1.250% 4/15/28		42,349,296		40,262,022
1.625% 10/15/27 ^(d)		20,274,069		19,682,874
				200,108,117

TOTAL U.S. TREASURY OBLIGATIONS (Cost $208,268,759)				200,108,117

TOTAL BONDS & NOTES (Cost $209,979,328)				201,775,632

TOTAL LONG-TERM INVESTMENTS (Cost $209,979,328)				201,775,632
	Number of Shares
SHORT-TERM INVESTMENTS — 0.2%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		816	$	816
	Principal Amount
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (e)	$	383,212		383,212

TOTAL SHORT-TERM INVESTMENTS (Cost $384,028)				384,028

TOTAL INVESTMENTS — 99.9% (Cost $210,363,356) ^(f)				202,159,660

Other Assets/(Liabilities) — 0.1%				293,014

NET ASSETS — 100.0%			$	202,452,674

Abbreviation Legend

FRN	Floating Rate Note

REMICS

Real Estate Mortgage Investment Conduits

SOFR	Secured Overnight Financing Rate

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)

(c)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

(e)	Maturity value of $383,263. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $390,929.

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

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

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		10/20/23		JPY	56,030,000		USD	401,829	$	(25,879	)
Bank of America N.A.*		10/20/23		AUD	1,520,000		USD	990,979		(13,158	)
Bank of America N.A.*		11/24/23		EUR	450,000		USD	493,763		(16,961	)
Bank of America N.A.*		11/24/23		GBP	385,000		USD	489,515		(19,639	)
Bank of America N.A.*		11/24/23		USD	485,989		GBP	385,000		16,114
Bank of America N.A.*		11/24/23		USD	509,851		EUR	475,000		6,559
BNP Paribas SA*		10/20/23		USD	196,090		CAD	260,000		4,622
Citibank N.A.*		10/20/23		USD	217,319		JPY	29,720,000		17,904
Citibank N.A.*		10/20/23		USD	732,572		AUD	1,137,500		815
Deutsche Bank AG*		10/20/23		USD	490,445		CAD	660,000		4,410
Goldman Sachs International*		10/20/23		CAD	650,000		USD	484,921		(6,250	)
Goldman Sachs International*		10/20/23		USD	488,080		AUD	730,000		18,469
HSBC Bank USA*		10/20/23		AUD	365,000		USD	239,315		(4,509	)
HSBC Bank USA*		10/20/23		USD	188,181		JPY	26,310,000		11,646
JP Morgan Chase Bank N.A.*		10/20/23		CAD	920,000		USD	686,116		(8,613	)
Morgan Stanley & Co. LLC*		10/20/23		USD	996,416		CAD	1,340,000		9,618
Morgan Stanley & Co. LLC*		10/20/23		CAD	690,000		USD	514,918		(6,791	)
UBS AG*		10/20/23		AUD	365,000		USD	239,171		(4,366	)
UBS AG*		10/20/23		USD	245,861		AUD	382,500		(202	)
UBS AG*		11/24/23		USD	488,348		EUR	450,000		11,545
									$	(4,666	)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
U.S. Treasury Note 5 Year		12/29/23		193	$	20,408,331		$	(73,972	)

Short
U.S. Treasury Ultra Bond		12/19/23		42	$	(5,135,708	)	$	150,833

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

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond 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)
Fixed 2.960%		Maturity	U.S. Consumer Price Index		Maturity		8/02/24		USD	1,376,000	$	90,557		$	—	$	90,557
Fixed 2.953%		Maturity	U.S. Consumer Price Index		Maturity		8/03/24		USD	3,133,000		206,012			—		206,012
Fixed 3.113%		Maturity	U.S. Consumer Price Index		Maturity		8/22/24		USD	1,370,000		(3,477	)		—		(3,477	)
Fixed 3.129%		Maturity	U.S. Consumer Price Index		Maturity		8/22/24		USD	1,370,000		(3,922	)		—		(3,922	)
											$	289,170		$	—	$	289,170

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

Currency Legend

AUD	Australian Dollar

CAD	Canadian Dollar

EUR

Euro

GBP	British Pound

JPY	Japanese Yen

USD	U.S. Dollar

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

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

September 30, 2023

	Number of Shares		Value
EQUITIES — 95.3%
COMMON STOCK — 94.8%
Australia — 9.8%
Bellevue Gold Ltd. (a) (b)		661,289	$	584,929
BHP Group Ltd.		426,211		12,085,455
BlueScope Steel Ltd.		34,031		425,001
Capricorn Metals Ltd. (a) (b)		217,610		572,292
Emerald Resources NL (a) (b)		1,036,858		1,797,525
Glencore PLC		638,401		3,650,892
Goodman Group (a)		117,893		1,633,198
IGO Ltd. (a)		42,324		344,944
Newcrest Mining Ltd.		119,855		1,898,483
Northern Star Resources Ltd.		436,766		2,923,802
Red 5 Ltd. (a) (b)		1,407,822		237,306
Rio Tinto Ltd.		21,686		1,593,450
Rio Tinto PLC		50,687		3,184,012
Scentre Group		552,210		878,464
				31,809,753
Austria — 0.4%
OMV AG		21,050		1,005,158
voestalpine AG		15,359		416,560
				1,421,718
Belgium — 0.5%
Shurgard Self Storage Ltd.		20,627		817,044
Warehouses De Pauw CVA		27,140		668,971
				1,486,015
Bosnia and Herzegowina — 0.2%
Adriatic Metals PLC CDI (b)		239,596		559,957
Brazil — 2.0%
ERO Copper Corp. (a) (b)		133,125		2,295,445
Minerva SA		358,640		577,215
Suzano SA		70,679		763,238
Wheaton Precious Metals Corp.		68,773		2,790,920
				6,426,818
Burkina Faso — 0.5%
Endeavour Mining PLC (a)		77,093		1,510,926
Canada — 10.2%
Agnico Eagle Mines Ltd. (AEM CN)		33,434		1,519,269
Agnico Eagle Mines Ltd. (AEM US)		17,465		793,784
Alamos Gold, Inc. Class A (AGI CN)		84,783		956,286
Alamos Gold, Inc. Class A (AGI US)		49,284		556,416
Barrick Gold Corp.		72,819		1,059,517
Calibre Mining Corp. (b)		327,867		313,806
Cameco Corp.		66,114		2,620,759
Canadian Apartment Properties REIT		25,795		856,130
Canadian National Railway Co.		6,722		727,951
Canadian Natural Resources Ltd.		21,609		1,397,485

	Number of Shares		Value
Canadian Pacific Kansas City Ltd. (a)		9,999	$	744,026
Filo Corp. (b)		23,733		354,532
Franco-Nevada Corp.		39,595		5,286,038
Granite Real Estate Investment Trust		14,059		746,087
HudBay Minerals, Inc.		77,284		376,373
Ivanhoe Mines Ltd. Class A (a) (b)		285,419		2,445,998
K92 Mining, Inc. (b)		121,257		515,114
Karora Resources, Inc. (b)		256,527		723,356
Kinross Gold Corp.		59,111		269,546
Lundin Gold, Inc.		43,009		482,891
Nutrien Ltd.		18,054		1,115,015
Orla Mining Ltd. (b)		177,054		625,702
Osisko Mining, Inc. (b)		212,267		384,448
Skeena Resources Ltd. (b)		56,752		259,474
StorageVault Canada, Inc. (a)		107,197		356,731
Suncor Energy, Inc.		57,755		1,986,185
Teck Resources Ltd. Class B		61,056		2,630,903
Tourmaline Oil Corp.		8,569		431,210
Wesdome Gold Mines Ltd. (b)		229,297		1,196,919
West Fraser Timber Co. Ltd. (WFG CN)		9,752		708,003
Whitecap Resources, Inc. (a)		94,063		794,333
				33,234,287
Chile — 0.3%
Antofagasta PLC		29,685		514,239
Sociedad Quimica y Minera de Chile SA Sponsored ADR		8,795		524,798
				1,039,037
China — 0.2%
H World Group Ltd. (b)		98,900		390,053
Zijin Mining Group Co. Ltd. Class H		88,000		133,837
				523,890
France — 1.4%
Gecina SA		8,568		872,544
TotalEnergies SE		56,742		3,734,041
				4,606,585
Germany — 0.5%
Covestro AG (b) (c)		10,185		549,747
LEG Immobilien SE (b)		14,398		994,579
				1,544,326
Ghana — 0.3%
Kosmos Energy Ltd. (b)		138,652		1,134,173
Hong Kong — 0.7%
Kerry Properties Ltd.		165,000		280,572
Sun Hung Kai Properties Ltd.		113,000		1,201,892
Wharf Real Estate Investment Co. Ltd.		218,000		841,337
				2,323,801

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

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

	Number of Shares		Value
India — 0.2%
Hindalco Industries Ltd.		32,883	$	194,468
Nexus Select Trust (b)		234,934		351,308
				545,776
Japan — 2.7%
ARE Holdings, Inc. (a)		6,900		87,553
Hoshino Resorts REIT, Inc.		96		420,672
Industrial & Infrastructure Fund Investment Corp.		487		450,245
Invincible Investment Corp.		2,157		891,790
Katitas Co. Ltd. (a)		37,900		551,722
Kyoritsu Maintenance Co. Ltd.		5,900		245,555
Mitsui Fudosan Co. Ltd.		93,400		2,057,173
Mitsui Fudosan Logistics Park, Inc.		297		935,711
Nippon Steel Corp. (a)		90,600		2,123,421
Tokyo Tatemono Co. Ltd.		41,600		575,278
Tokyu REIT, Inc.		257		313,949
				8,653,069
Luxembourg — 0.3%
ArcelorMittal SA		43,183		1,080,002
Mexico — 1.0%
Grupo Mexico SAB de CV Series B		229,646		1,085,276
Industrias Penoles SAB de CV (a) (b)		38,783		456,494
Southern Copper Corp.		21,727		1,635,826
				3,177,596
Netherlands — 1.0%
Akzo Nobel NV		5,625		405,926
Shell PLC		92,133		2,925,224
				3,331,150
Norway — 1.1%
Equinor ASA		54,562		1,788,903
Norsk Hydro ASA		216,430		1,358,436
Seadrill Ltd. (b)		12,018		538,286
				3,685,625
Portugal — 0.3%
Galp Energia SGPS SA		71,412		1,057,838
Republic of Korea — 0.1%
Korea Zinc Co. Ltd.		1,120		418,488
Russia — 0.0%
Alrosa PJSC (b) (d) (e)		688,100		—
MMC Norlisk Nickel PJSC (b) (d) (e)		2,654		—
Polyus PJSC (b) (d) (e)		2,282		—
				—
Singapore — 0.4%
CapitaLand Integrated Commercial Trust		780,400		1,053,273

	Number of Shares		Value
Mapletree Industrial Trust		198,200	$	327,399
				1,380,672
South Africa — 2.0%
Anglo American Platinum Ltd.		22,563		841,210
Anglo American PLC		117,591		3,255,664
Impala Platinum Holdings Ltd. (a)		188,521		980,402
Northam Platinum Holdings Ltd.		102,562		622,808
Sibanye Stillwater Ltd. (a)		605,408		931,379
				6,631,463
Spain — 0.1%
Cellnex Telecom SA (c)		10,516		365,656
Sweden — 1.0%
Boliden AB		50,063		1,424,980
Sandvik AB		71,088		1,303,332
SSAB AB Class A		68,679		386,301
				3,114,613
United Kingdom — 2.6%
Big Yellow Group PLC		35,009		399,301
BP PLC Sponsored ADR		73,290		2,837,789
Central Asia Metals PLC		175,521		402,798
Derwent London PLC		17,221		402,474
InterContinental Hotels Group PLC		8,861		653,255
Persimmon PLC		36,675		480,141
Segro PLC		93,801		818,255
TechnipFMC PLC		90,320		1,837,109
UNITE Group PLC		58,095		632,975
				8,464,097
United States — 53.3%
Acadia Realty Trust		112,240		1,610,644
Alexandria Real Estate Equities, Inc.		13,169		1,318,217
Allegiant Travel Co.		1,960		150,646
Ameren Corp.		4,031		301,640
American Homes 4 Rent Class A		93,473		3,149,105
American Tower Corp.		23,972		3,942,195
Apple Hospitality REIT, Inc.		106,199		1,629,093
AvalonBay Communities, Inc.		23,619		4,056,327
Baker Hughes Co.		30,167		1,065,498
Ball Corp.		9,001		448,070
Cactus, Inc. Class A		8,608		432,208
Camden Property Trust		14,361		1,358,263
CBRE Group, Inc. Class A (b)		5,723		422,701
CF Industries Holdings, Inc.		13,201		1,131,854
ChampionX Corp.		22,013		784,103
Chesapeake Energy Corp. (a)		15,369		1,325,269
Chevron Corp.		13,603		2,293,738
Commercial Metals Co.		7,811		385,942
ConocoPhillips		30,132		3,609,814
Crown Castle, Inc.		13,971		1,285,751

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

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

	Number of Shares		Value
CSX Corp.		22,663	$	696,887
CubeSmart		62,557		2,385,298
Darling Ingredients, Inc. (b)		23,442		1,223,672
Delta Air Lines, Inc.		8,459		312,983
Devon Energy Corp.		5,549		264,687
Diamondback Energy, Inc.		14,832		2,297,180
Dominion Energy, Inc.		7,152		319,480
Douglas Emmett, Inc.		49,830		635,831
EastGroup Properties, Inc.		12,921		2,151,734
EOG Resources, Inc.		17,299		2,192,821
EQT Corp.		44,809		1,818,349
Equinix, Inc.		11,889		8,634,505
Equitrans Midstream Corp.		55,715		522,050
Equity LifeStyle Properties, Inc.		78,454		4,998,304
Equity Residential		66,316		3,893,412
Essex Property Trust, Inc.		15,882		3,368,413
Expro Group Holdings NV (b)		17,455		405,480
Extra Space Storage, Inc.		11,361		1,381,270
Exxon Mobil Corp.		30,868		3,629,459
Federal Realty Investment Trust		2,335		211,621
FirstEnergy Corp.		9,968		340,706
Freeport-McMoRan, Inc.		155,339		5,792,591
Gaming & Leisure Properties, Inc.		32,458		1,478,462
Halliburton Co.		33,535		1,358,167
Healthcare Realty Trust, Inc.		71,623		1,093,683
Hess Corp.		19,745		3,020,985
Hilton Worldwide Holdings, Inc.		8,711		1,308,218
Host Hotels & Resorts, Inc.		45,433		730,108
Hubbell, Inc.		2,070		648,759
Ivanhoe Electric, Inc. (b)		89,600		1,066,240
Kilroy Realty Corp.		34,672		1,095,982
Kimco Realty Corp.		36,424		640,698
Linde PLC (LIN US)		5,435		2,023,722
Magnolia Oil & Gas Corp. Class A		18,582		425,714
Marathon Petroleum Corp.		7,798		1,180,149
Marriott International, Inc. Class A		2,625		515,970
NAC Kazatomprom JSC GDR		21,198		934,862
Newmont Corp.		86,126		3,182,356
NextEra Energy, Inc.		15,161		868,574
NGEx Minerals Ltd. (a) (b)		45,210		187,064
Noble Corp. PLC		18,304		927,098
Norfolk Southern Corp.		5,289		1,041,563
Nucor Corp.		29,265		4,575,583
Packaging Corp. of America		4,325		664,104
Pebblebrook Hotel Trust (a)		36,887		501,294
PG&E Corp. (b)		25,267		407,557
Pioneer Natural Resources Co.		6,921		1,588,716
PotlatchDeltic Corp.		2,814		127,727
Prologis, Inc.		87,342		9,800,646

	Number of Shares		Value
Public Storage		20,543	$	5,413,491
Quanta Services, Inc.		2,536		474,410
Range Resources Corp.		58,773		1,904,833
Rayonier, Inc.		29,725		845,974
Regency Centers Corp.		71,934		4,275,757
Reliance Steel & Aluminum Co.		11,060		2,900,264
Rexford Industrial Realty, Inc.		63,850		3,150,997
Royal Gold, Inc.		3,229		343,340
RPM International, Inc.		4,926		467,034
SBA Communications Corp.		11,745		2,350,997
Schlumberger NV		45,565		2,656,439
Schneider Electric SE		2,717		447,932
Sherwin-Williams Co.		1,937		494,032
Shoals Technologies Group, Inc. Class A (b)		21,463		391,700
Simon Property Group, Inc.		47,221		5,101,285
SL Green Realty Corp. (a)		8,149		303,958
Snowline Gold Corp. (b)		41,259		154,313
Southern Co.		8,873		574,261
Southwest Airlines Co.		5,810		157,277
Southwestern Energy Co. (b)		137,656		887,881
Steel Dynamics, Inc.		29,265		3,137,793
Sun Communities, Inc.		4,049		479,159
Tenaris SA ADR		18,974		599,578
Terreno Realty Corp.		49,811		2,829,265
Union Pacific Corp.		3,159		643,267
United Airlines Holdings, Inc. (b)		6,575		278,123
Valero Energy Corp.		7,646		1,083,515
Ventas, Inc.		60,419		2,545,452
Vulcan Materials Co.		2,129		430,101
Warrior Met Coal, Inc.		7,500		383,100
Welltower, Inc.		65,719		5,383,700
Weyerhaeuser Co.		52,552		1,611,244
Williams Cos., Inc.		36,320		1,223,621
				173,495,905
Vietnam — 0.6%
Hoa Phat Group JSC (b)		1,850,800		2,002,717
Zambia — 1.1%
First Quantum Minerals Ltd.		158,253		3,738,884

TOTAL COMMON STOCK (Cost $328,719,639)				308,764,837

PREFERRED STOCK — 0.5%
United States — 0.5%
Jetti Holdings, Inc., Series C, (Acquired 5/24/21-6/30/21, Cost $130,426)
^(b) ^(d) ^(e) ^(f)		2,253		299,406

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

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

	Number of Shares		Value
KoBold Metals, Inc., Series B-1, (Acquired 1/10/22, Cost $670,800)
^(b) ^(d) ^(e) ^(f)		24,472	$	1,046,944
Lilac Solutions, Inc., Series B, (Acquired 9/08/21, Cost $329,342)
^(b) ^(d) ^(e) ^(f)		25,087		327,887
				1,674,237

TOTAL PREFERRED STOCK (Cost $1,130,568)				1,674,237

TOTAL EQUITIES (Cost $329,850,207)				310,439,074

MUTUAL FUNDS — 1.1%
United States — 1.1%
iShares U.S. Home Construction ETF (a)		4,148		325,577
SPDR S&P Homebuilders ETF (a)		16,869		1,291,659
SPDR S&P Oil & Gas Exploration & Production ETF (a)		6,166		912,013
VanEck Oil Services ETF (a)		2,574		888,133
				3,417,382

TOTAL MUTUAL FUNDS (Cost $3,036,078)				3,417,382

TOTAL LONG-TERM INVESTMENTS (Cost $332,886,285)				313,856,456

SHORT-TERM INVESTMENTS — 6.0%
Investment of Cash Collateral from Securities Loaned — 2.8%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		9,235,614		9,235,614
Mutual Fund — 2.4%
T. Rowe Price Government Reserve Investment Fund		7,734,773		7,734,773

	Principal Amount		Value
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (h)	$	874,473	$	874,473
U.S. Treasury Bill — 0.5%
U.S. Treasury Bills
5.317% 11/09/23 ⁽ⁱ⁾ ^(j)		1,612,000		1,602,990

TOTAL SHORT-TERM INVESTMENTS (Cost $19,447,919)				19,447,850

TOTAL INVESTMENTS — 102.4% (Cost $352,334,204) ^(k)				333,304,306

Other Assets/(Liabilities) — (2.4)%				(7,696,622	)

NET ASSETS — 100.0%			$	325,607,684

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

GDR	Global Depositary Receipt

REIT	Real Estate Investment Trust

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $18,409,008 or 5.65% of net assets. The Fund received $9,979,761 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)

(d)	Investment is valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At September 30, 2023, these securities amounted to a value of $1,674,237 or 0.51% of net assets.

(f)	Restricted security. Certain securities are restricted to resale. At September 30, 2023, these securities amounted to a value of $1,674,237 or 0.51% 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).

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

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

Notes to Portfolio of Investments (Continued)

(h)	Maturity value of $874,590. Collateralized by U.S. Government Agency obligations with a rate of 0.500%, maturity date of 2/28/26, and an aggregate market value, including accrued interest, of $892,010.

(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	36.2	%
Basic Materials	33.0	%
Energy	18.8	%
Industrial	3.9	%
Consumer, Cyclical	1.4	%
Mutual Funds	1.0	%
Utilities	0.9	%
Consumer, Non-cyclical	0.7	%
Technology	0.4	%
Communications	0.1	%
Total Long-Term Investments	96.4	%
Short-Term Investments and Other Assets and Liabilities	3.6	%
Net Assets	100.0	%

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		10/13/23		USD	1,270,569		PLN	5,486,000	$	15,106
Bank of America N.A.*		10/13/23		PLN	5,486,000		USD	1,257,572		(2,108	)
Barclays Bank PLC*		10/13/23		GBP	1,358,000		USD	1,697,065		(40,072	)
Barclays Bank PLC*		10/13/23		IDR	10,311,876,000		USD	670,778		(3,567	)
Citibank N.A.*		10/13/23		JPY	383,782,799		USD	2,628,855		(56,624	)
Deutsche Bank AG*		10/13/23		CAD	1,912,000		USD	1,408,282		(389	)
Deutsche Bank AG*		10/13/23		NOK	14,259,430		USD	1,338,491		(5,043	)
HSBC Bank USA*		10/03/23		USD	2,460,618		BRL	12,137,000		46,039
HSBC Bank USA*		10/03/23		BRL	12,137,000		USD	2,423,716		(9,137	)
HSBC Bank USA*		10/13/23		INR	112,077,921		USD	1,351,150		(2,019	)
Morgan Stanley & Co. LLC*		10/03/23		USD	2,423,716		BRL	12,137,000		9,137
Morgan Stanley & Co. LLC*		10/03/23		BRL	12,137,000		USD	2,468,626		(54,048	)
UBS AG*		10/13/23		AUD	904,307		USD	582,399		(794	)
UBS AG*		10/13/23		CHF	1,202,809		USD	1,354,441		(39,023	)
									$	(142,542	)

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

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation (Depreciation)
Long
Topix Index		12/07/23		7	$	1,103,137		$	(14,774	)
Nasdaq 100 E Mini Index		12/15/23		8		2,485,134			(106,494	)
Xae Energy		12/15/23		13		1,252,581			(10,431	)
Xap Consumer Staples		12/15/23		23		1,674,251			(66,321	)
SPI 200 Index		12/21/23		12		1,394,703			(27,920	)
								$	(225,940	)
Short
E-Mini S&P 500 Real Estate Index		12/15/23		25	$	(1,069,159	)	$	18,221
U.S. Treasury Note 10 Year		12/19/23		13		(1,428,966	)		24,153
U.S. Treasury Ultra Bond		12/19/23		4		(509,725	)		34,975
								$	77,349

Centrally Cleared Interest Rate Swaps

Paid by the Fund

Received by the Fund

Rate/ Reference

Frequency

Rate/ Reference

Frequency

Termination
Date

Notional
Amount

Value

Upfront
Premium
Paid/
(Received)

Unrealized
Appreciation
(Depreciation)

12-Month USD SOFR

Annually

Fixed 5.306%

Annually

7/14/24

USD

4,853,000

(8,251

)

—

(8,251

)

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

Currency Legend

AUD	Australian Dollar

BRL	Brazilian Real

CAD	Canadian Dollar

CHF	Swiss Franc

GBP	British Pound

IDR	Indonesian Rupiah

INR	Indian Rupee

JPY	Japanese Yen

NOK	Norwegian Krone

PLN	Polish Zloty

USD	U.S. Dollar

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

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

September 30, 2023

	Number of Shares		Value
EQUITIES — 97.3%
COMMON STOCK — 95.9%
Basic Materials — 2.0%
Chemicals — 0.8%
Element Solutions, Inc.		112,997	$	2,215,871
FMC Corp.		6,946		465,174
Hawkins, Inc.		4,841		284,893
HB Fuller Co.		4,922		337,698
Orion SA		21,692		461,606
Quaker Chemical Corp.		6,749		1,079,840
RPM International, Inc.		13,100		1,242,011
				6,087,093
Iron & Steel — 0.3%
Carpenter Technology Corp.		6,886		462,809
Haynes International, Inc.		10,383		483,017
Reliance Steel & Aluminum Co.		3,662		960,286
				1,906,112
Mining — 0.9%
Cameco Corp.		41,246		1,634,991
Compass Minerals International, Inc.		6,700		187,265
Constellium SE (a)		109,139		1,986,330
ERO Copper Corp. (a) (b)		16,123		278,005
Franco-Nevada Corp.		11,184		1,493,094
Freeport-McMoRan, Inc.		22,251		829,740
Royal Gold, Inc.		1,247		132,594
				6,542,019
				14,535,224
Communications — 3.3%
Advertising — 0.6%
Advantage Solutions, Inc. (a)		71,050		201,782
Boston Omaha Corp. Class A (a)		7,421		121,630
Trade Desk, Inc. Class A (a)		52,100		4,071,615
				4,395,027
Internet — 0.7%
Farfetch Ltd. Class A (a) (b)		64,280		134,345
Figs, Inc. Class A (a)		60,627		357,699
Maplebear, Inc. (a)		3,878		115,138
Maplebear, Inc., Lockup Shares (Acquired 11/19/21, Cost $407,180) (a) (c) (d)		3,368		99,996
Match Group, Inc. (a)		20,035		784,871
Open Lending Corp. Class A (a)		92,524		677,276
Opendoor Technologies, Inc. (a)		69,878		184,478
Rover Group, Inc., Earnout Shares 16.00 (Acquired 8/02/21, Cost $0) (a) (c) (d) (e)		15,883		679
Spotify Technology SA (a)		16,000		2,474,240
				4,828,722

	Number of Shares		Value
Media — 1.3%
DISH Network Corp. Class A (a) (b)		43,189	$	253,087
Liberty Media Corp-Liberty Formula One Class C (a)		22,058		1,374,213
New York Times Co. Class A		32,923		1,356,427
News Corp. Class A		191,279		3,837,057
News Corp. Class B		19,141		399,473
Nexstar Media Group, Inc. Class A		680		97,492
Paramount Global Class B		54,863		707,733
Saga Communications, Inc. Class A		1,560		33,478
Scholastic Corp.		30,051		1,146,145
				9,205,105
Telecommunications — 0.7%
Arista Networks, Inc. (a)		6,036		1,110,201
Corning, Inc.		98,081		2,988,528
Credo Technology Group Holding Ltd. (a)		21,986		335,286
DigitalBridge Group, Inc.		16,131		283,583
ESC GCI Liberty Inc (a) (c) (e)		29,586		—
Frontier Communications Parent, Inc. (a)		8,027		125,623
Infinera Corp. (a) (b)		21,088		88,148
Viavi Solutions, Inc. (a)		40,821		373,104
				5,304,473
				23,733,327
Consumer, Cyclical — 10.9%
Airlines — 0.6%
Allegiant Travel Co.		9,777		751,460
Southwest Airlines Co.		138,998		3,762,676
Sun Country Airlines Holdings, Inc. (a)		13,319		197,654
				4,711,790
Apparel — 0.5%
Oxford Industries, Inc.		1,172		112,664
Ralph Lauren Corp.		20,366		2,364,289
Skechers USA, Inc. Class A (a)		10,506		514,269
Steven Madden Ltd.		16,680		529,924
				3,521,146
Auto Manufacturers — 0.6%
Blue Bird Corp. (a)		9,563		204,170
General Motors Co.		70,329		2,318,747
PACCAR, Inc.		13,986		1,189,090
Rivian Automotive, Inc. Class A (a) (b)		31,105		755,229
				4,467,236
Auto Parts & Equipment — 0.2%
Dorman Products, Inc. (a)		7,158		542,290
Mobileye Global, Inc. Class A (a)		3,216		133,625

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

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

	Number of Shares		Value
Shyft Group, Inc.		9,604	$	143,772
Visteon Corp. (a)		2,148		296,574
				1,116,261
Distribution & Wholesale — 0.8%
Pool Corp.		328		116,801
Rush Enterprises, Inc. Class A		21,153		863,677
SiteOne Landscape Supply, Inc. (a)		24,479		4,001,092
VSE Corp.		11,082		558,976
				5,540,546
Entertainment — 0.4%
Caesars Entertainment, Inc. (a)		10,534		488,251
Liberty Media Corp-Liberty Live Class C (a)		14,434		463,331
Madison Square Garden Entertainment Corp. (a)		17,757		584,383
Marriott Vacations Worldwide Corp.		4,186		421,237
Red Rock Resorts, Inc. Class A		9,201		377,241
SeaWorld Entertainment, Inc. (a)		995		46,019
Sphere Entertainment Co (a)		14,396		534,955
				2,915,417
Food Services — 0.2%
Compass Group PLC		61,910		1,508,235
Home Builders — 0.5%
Cavco Industries, Inc. (a)		1,085		288,241
Installed Building Products, Inc.		2,300		287,247
LCI Industries		3,834		450,188
Meritage Home Corp.		8,973		1,098,206
NVR, Inc. (a)		97		578,440
Skyline Champion Corp. (a)		10,696		681,549
				3,383,871
Housewares — 0.1%
Scotts Miracle-Gro Co.		19,116		987,915
Leisure Time — 0.0%
Peloton Interactive, Inc. Class A (a) (b)		22,814		115,211
Rad Power Bikes, Inc., Class A (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (e)		14,321		5,585
				120,796
Lodging — 0.8%
Hilton Worldwide Holdings, Inc.		22,100		3,318,978
MGM Resorts International		50,011		1,838,404
Wyndham Hotels & Resorts, Inc.		10,523		731,770
				5,889,152
Retail — 6.2%
Academy Sports & Outdoors, Inc.		4,031		190,545
Advance Auto Parts, Inc.		22,638		1,266,143
Asbury Automotive Group, Inc. (a)		1,917		441,044
Bath & Body Works, Inc.		95,519		3,228,542

	Number of Shares		Value
Beacon Roofing Supply, Inc. (a)		25,232	$	1,947,153
Best Buy Co., Inc.		19,014		1,320,903
BJ’s Restaurants, Inc. (a)		24,684		579,087
Burlington Stores, Inc. (a)		34,410		4,655,673
Caleres, Inc.		30,557		878,819
Casey’s General Stores, Inc.		7,200		1,954,944
Cava Group, Inc. (a) (b)		19,338		592,323
Chipotle Mexican Grill, Inc. (a)		420		769,369
Chuy’s Holdings, Inc. (a)		12,392		440,907
Dollar General Corp.		16,070		1,700,206
Dollar Tree, Inc. (a)		19,277		2,052,037
Domino’s Pizza, Inc.		7,752		2,936,380
Dutch Bros, Inc. Class A (a) (b)		27,148		631,191
Five Below, Inc. (a)		24,548		3,949,773
Floor & Decor Holdings, Inc. Class A (a)		23,002		2,081,681
Framebridge Future Contingency Payments (acquired 5/19/20-11/10/20, Cost $10,553) (a) (c) (d) (e)		10,553		4,749
Group 1 Automotive, Inc.		1,841		494,695
Jack in the Box, Inc.		3,900		269,334
Kohl’s Corp.		18,502		387,802
Lululemon Athletica, Inc. (a)		2,300		886,903
Moncler SpA		2,803		162,702
O’Reilly Automotive, Inc. (a)		600		545,316
Ollie’s Bargain Outlet Holdings, Inc. (a)		18,327		1,414,478
Papa John’s International, Inc.		26,822		1,829,797
Petco Health & Wellness Co., Inc. (a) (b)		36,301		148,471
RH (a)		1,324		350,013
Ross Stores, Inc.		17,800		2,010,510
Savers Value Village, Inc. (a)		10,016		186,999
Tractor Supply Co.		3,064		622,145
Ulta Beauty, Inc. (a)		1,800		719,010
Warby Parker, Inc. Class A (a)		38,622		508,266
Wingstop, Inc.		5,795		1,042,173
Yum! Brands, Inc.		17,676		2,208,439
				45,408,522
Textiles — 0.0%
UniFirst Corp.		1,821		296,841
				79,867,728
Consumer, Non-cyclical — 24.4%
Agriculture — 0.2%
Bunge Ltd.		11,099		1,201,467
Farmer’s Business Network, Inc. (acquired 7/31/20, Cost $48,230) (a) (c) (d) (e)		1,459		7,616

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

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

	Number of Shares		Value
Pax Labs, Inc., Class A (Acquired 4/18/19, Cost $218,578) (a) (c) (d) (e)		58,048	$	23,219
				1,232,302
Beverages — 0.9%
Boston Beer Co., Inc. Class A (a)		4,948		1,927,394
Coca-Cola Consolidated, Inc.		1,409		896,575
Constellation Brands, Inc. Class A		10,338		2,598,250
Monster Beverage Corp. (a)		17,596		931,708
				6,353,927
Biotechnology — 4.6%
ACADIA Pharmaceuticals, Inc. (a)		6,664		138,878
Akero Therapeutics, Inc. (a)		7,302		369,335
Allakos, Inc. (a)		10,089		22,902
Alnylam Pharmaceuticals, Inc. (a)		17,995		3,186,914
Alpine Immune Sciences, Inc. (a)		3,381		38,712
Apellis Pharmaceuticals, Inc. (a)		36,309		1,381,194
Arcellx, Inc. (a)		7,329		262,965
Argenx SE ADR (a)		8,740		4,296,846
Avid Bioservices, Inc. (a)		28,873		272,561
Avidity Biosciences, Inc. (a)		13,069		83,380
BeiGene Ltd. ADR (a)		1,065		191,562
Biogen, Inc. (a)		6,400		1,644,864
Black Diamond Therapeutics, Inc. (a)		17,181		49,309
Blueprint Medicines Corp. (a)		24,542		1,232,499
Bridgebio Pharma, Inc. (a)		7,322		193,081
C4 Therapeutics, Inc. (a)		6,196		11,525
Cerevel Therapeutics Holdings, Inc. (a) (b)		22,428		489,603
Certara, Inc. (a)		24,395		354,703
Crinetics Pharmaceuticals, Inc. (a)		17,195		511,379
CRISPR Therapeutics AG (a) (b)		16,181		734,456
CureVac NV (a) (b)		5,242		35,803
Cymabay Therapeutics, Inc. (a)		2,799		41,733
Cytokinetics, Inc. (a)		12,478		367,602
Day One Biopharmaceuticals, Inc. (a)		4,857		59,595
Denali Therapeutics, Inc. (a)		9,991		206,114
Disc Medicine, Inc. (a) (b)		995		46,745
Entrada Therapeutics, Inc. (a)		7,443		117,599
EyePoint Pharmaceuticals, Inc. (a) (b)		2,636		21,062
Generation Bio Co. (a)		41,483		157,221
Guardant Health, Inc. (a)		10,438		309,382
HilleVax, Inc. (a)		9,886		132,967
Icosavax, Inc. (a)		32,037		248,287
Ideaya Biosciences, Inc. (a)		6,871		185,380
IGM Biosciences, Inc. (a)		6,399		53,432
Immatics NV (a)		17,907		207,363
Immunocore Holdings PLC ADR (a)		1,030		53,457
ImmunoGen, Inc. (a)		2,542		40,342

	Number of Shares		Value
Immunovant, Inc. (a)		686	$	26,336
Insmed, Inc. (a)		74,714		1,886,529
Intellia Therapeutics, Inc. (a)		3,531		111,650
Ionis Pharmaceuticals, Inc. (a)		61,047		2,769,092
Karuna Therapeutics, Inc. (a)		13,119		2,218,292
Keros Therapeutics, Inc. (a)		3,128		99,721
Kymera Therapeutics, Inc. (a)		22,518		313,000
Legend Biotech Corp. ADR (a)		1,470		98,740
MacroGenics, Inc. (a)		39,685		184,932
Mirati Therapeutics, Inc. (a)		1,706		74,313
Monte Rosa Therapeutics, Inc. (a) (b)		7,013		33,592
MoonLake Immunotherapeutics (a)		10,748		612,636
MorphoSys AG ADR (a)		51,780		347,962
NeoGenomics, Inc. (a)		40,174		494,140
Nkarta, Inc. (a) (b)		32,940		45,787
Nurix Therapeutics, Inc. (a)		5,116		40,212
Nuvalent, Inc., Class A (a)		1,032		47,441
Olink Holding AB ADR (a) (b)		19,273		284,277
Pliant Therapeutics, Inc. (a)		6,169		106,970
Prime Medicine, Inc. (a) (b)		4,440		42,358
Prothena Corp. PLC (a)		13,369		645,054
RAPT Therapeutics, Inc. (a)		14,930		248,137
RayzeBio, Inc. (a)		1,581		35,098
Relay Therapeutics, Inc. (a)		27,600		232,116
Replimune Group, Inc. (a)		14,943		255,675
Revolution Medicines, Inc. (a)		6,645		183,934
Rocket Pharmaceuticals, Inc. (a)		3,333		68,293
Roivant Sciences Ltd. (a)		37,553		438,619
Sana Biotechnology, Inc. (a) (b)		7,859		30,414
Sarepta Therapeutics, Inc. (a)		6,486		786,233
Scholar Rock Holding Corp. (a) (b)		12,827		91,072
Seagen, Inc. (a)		2,100		445,515
Senti Biosciences, Inc. (a)		5,711		2,425
SpringWorks Therapeutics, Inc. (a)		1,578		36,483
Structure Therapeutics, Inc. ADR (a) (b)		12,982		654,552
Syndax Pharmaceuticals, Inc. (a)		7,327		106,388
Tenaya Therapeutics, Inc. (a)		8,468		21,593
Ultragenyx Pharmaceutical, Inc. (a)		3,646		129,980
Ventyx Biosciences, Inc. (a)		14,069		488,616
Verve Therapeutics, Inc. (a)		13,871		183,929
Xencor, Inc. (a)		30,205		608,631
Zai Lab Ltd. ADR (a) (b)		3,399		82,630
Zentalis Pharmaceuticals, Inc. (a)		17,059		342,204
				33,706,323
Commercial Services — 5.9%
Altus Group Ltd. (b)		9,269		320,875
ASGN, Inc. (a)		2,494		203,710
Ashtead Group PLC		19,962		1,213,342

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

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

	Number of Shares		Value
Booz Allen Hamilton Holding Corp.		20,859	$	2,279,263
Bright Horizons Family Solutions, Inc. (a)		43,855		3,572,428
Clarivate PLC (a) (b)		48,482		325,314
Colliers International Group, Inc.		4,200		400,050
CoStar Group, Inc. (a)		26,053		2,003,215
Equifax, Inc.		13,600		2,491,248
FleetCor Technologies, Inc. (a)		22,134		5,651,696
FTI Consulting, Inc. (a)		2,371		423,010
Global Payments, Inc.		24,491		2,826,016
Green Dot Corp. Class A (a)		28,325		394,567
Herc Holdings, Inc.		3,140		373,472
Legalzoom.com Inc. (a)		24,063		263,249
MarketAxess Holdings, Inc.		4,275		913,311
Monro, Inc.		33,214		922,353
Morningstar, Inc.		5,858		1,372,178
Multiplan Corp. (a) (b)		204,378		343,355
Paylocity Holding Corp. (a)		24,970		4,537,049
PROG Holdings, Inc. (a)		15,380		510,770
Rent the Runway, Inc. Class A (a) (b)		33,301		22,665
Rentokil Initial PLC		173,905		1,289,198
SEACOR Marine Holdings, Inc. (a)		43,784		607,722
Strategic Education, Inc.		21,951		1,651,813
Toast, Inc., Class A (a) (b)		54,432		1,019,511
Transcat, Inc. (a)		1,123		110,020
TransUnion		28,500		2,046,015
United Rentals, Inc.		3,800		1,689,366
Verisk Analytics, Inc.		7,500		1,771,800
WillScot Mobile Mini Holdings Corp. (a)		33,386		1,388,524
				42,937,105
Cosmetics & Personal Care — 0.4%
elf Beauty, Inc. (a)		2,976		326,854
Kenvue, Inc.		127,103		2,552,228
				2,879,082
Food — 1.7%
Cava Group Inc., Lockup Shares (Acquired 6/23/20-3/26/21, Cost $844,453) (a) (c) (d)		76,275		2,336,303
Flowers Foods, Inc.		98,218		2,178,475
Nomad Foods Ltd. (a)		42,104		640,823
Post Holdings, Inc. (a)		14,737		1,263,551
Simply Good Foods Co. (a)		20,691		714,253
Sysco Corp.		26,901		1,776,811
TreeHouse Foods, Inc. (a)		26,878		1,171,343
Tyson Foods, Inc. Class A		43,464		2,194,498
Utz Brands, Inc.		32,745		439,765
				12,715,822

	Number of Shares		Value
Health Care – Products — 5.6%
10X Genomics, Inc. Class A (a)		7,600	$	313,500
Adaptive Biotechnologies Corp. (a)		7,194		39,207
Alcon, Inc.		22,200		1,710,732
Atrion Corp.		803		331,776
Avanos Medical, Inc. (a)		11,938		241,386
Avantor, Inc. (a)		130,400		2,748,832
Baxter International, Inc.		59,041		2,228,207
Bio-Techne Corp.		8,454		575,464
Bruker Corp.		53,349		3,323,643
Cooper Cos., Inc.		6,100		1,939,861
Embecta Corp.		4,207		63,315
Enovis Corp. (a)		23,133		1,219,803
Exact Sciences Corp. (a)		10,500		716,310
Gyroscope Therapeutics, Milestone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (c) (d) (e)		31,900		15,631
Gyroscope Therapeutics, Milestone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (e)		21,260		5,740
Gyroscope Therapeutics, Milestone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (e)		21,260		5,528
Haemonetics Corp. (a)		5,900		528,522
Hologic, Inc. (a)		76,700		5,322,980
ICU Medical, Inc. (a)		10,593		1,260,673
Koninklijke Philips NV (a) (b)		60,094		1,197,643
Lantheus Holdings, Inc. (a)		7,002		486,499
Masimo Corp. (a)		6,600		578,688
Neogen Corp. (a)		32,809		608,279
Novocure Ltd. (a)		1,802		29,102
Pacific Biosciences of California, Inc. (a)		51,131		426,944
Penumbra, Inc. (a)		595		143,936
PROCEPT BioRobotics Corp. (a)		24,526		804,698
Quidelortho Corp. (a)		31,080		2,270,083
Repligen Corp. (a)		11,171		1,776,301
RxSight, Inc. (a)		2,530		70,562
Sartorius Stedim Biotech		1,055		251,065
Shockwave Medical, Inc. (a)		949		188,946
Teleflex, Inc.		23,320		4,580,281
Utah Medical Products, Inc.		2,710		233,060
West Pharmaceutical Services, Inc.		9,505		3,566,371
Zimmer Biomet Holdings, Inc.		11,522		1,292,999
				41,096,567
Health Care – Services — 3.1%
Acadia Healthcare Co., Inc. (a)		29,200		2,053,052
Agiliti, Inc. (a)		16,789		108,961
agilon health, Inc. (a) (b)		77,957		1,384,516

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

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

	Number of Shares		Value
Catalent, Inc. (a)		87,705	$	3,993,209
Centene Corp. (a)		18,767		1,292,671
Charles River Laboratories International, Inc. (a)		11,144		2,184,001
dentalcorp Holdings Ltd. (a) (b)		18,724		81,334
Ensign Group, Inc.		8,270		768,531
Eurofins Scientific SE		7,950		448,241
Ginkgo Bioworks, Inc., Earnout Shares 15.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)		874		411
Ginkgo Bioworks, Inc., Earnout Shares 17.50 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)		874		363
Ginkgo Bioworks, Inc., Earnout Shares 20.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)		874		324
Innovage Holding Corp. (a)		41,043		245,847
Molina Healthcare, Inc. (a)		12,607		4,133,709
Pennant Group, Inc. (a)		28,482		317,005
Select Medical Holdings Corp.		191,742		4,845,320
Sotera Health Co. (a)		24,087		360,823
US Physical Therapy, Inc.		5,029		461,310
				22,679,628
Household Products & Wares — 0.5%
Avery Dennison Corp.		14,500		2,648,715
Reynolds Consumer Products, Inc.		28,100		720,203
				3,368,918
Pharmaceuticals — 1.5%
Agios Pharmaceuticals, Inc. (a)		8,534		211,216
Arvinas, Inc. (a)		4,730		92,897
Ascendis Pharma AS ADR (a)		23,194		2,171,886
BellRing Brands, Inc. (a)		33,839		1,395,182
Capsule, Corp. (Acquired 4/07/21, Cost $72,342) (a) (c) (d) (e)		4,992		14,634
Cardinal Health, Inc.		13,741		1,192,994
Centessa Pharmaceuticals PLC ADR (a)		3,637		23,531
DENTSPLY SIRONA, Inc.		58,543		1,999,829
Elanco Animal Health, Inc. (a)		105,808		1,189,282
Immuneering Corp. Class A (a)		5,460		41,933
Leap Therapeutics Holdback Shares (Acquired 2/09/23, Cost $5,223) (a) (c) (d)		400		497
Longboard Pharmaceuticals, Inc. (a)		3,060		17,014
Morphic Holding, Inc. (a)		7,642		175,078
Neurocrine Biosciences, Inc. (a)		1,127		126,788
Option Care Health, Inc. (a)		7,881		254,950
Repare Therapeutics, Inc. (a)		13,913		168,069

	Number of Shares		Value
Vaxcyte, Inc. (a)		11,749	$	598,964
Viatris, Inc.		130,542		1,287,144
				10,961,888
				177,931,562
Energy — 5.6%
Coal — 0.1%
Alpha Metallurgical Resources, Inc.		599		155,578
CONSOL Energy, Inc.		2,811		294,902
				450,480
Energy – Alternate Sources — 0.1%
NextEra Energy Partners LP		10,244		304,247
REX American Resources Corp. (a)		4,238		172,571
Shoals Technologies Group, Inc. Class A (a)		17,800		324,850
				801,668
Oil & Gas — 2.5%
Advantage Energy Ltd. (a)		51,592		352,113
Coterra Energy, Inc.		40,400		1,092,820
Devon Energy Corp.		12,312		587,282
Diamondback Energy, Inc.		8,711		1,349,160
EQT Corp.		40,800		1,655,664
Hess Corp.		6,492		993,276
Kimbell Royalty Partners LP		17,287		276,592
Magnolia Oil & Gas Corp. Class A		66,110		1,514,580
Matador Resources Co.		31,745		1,888,193
Noble Corp. PLC		6,893		349,130
Patterson-UTI Energy, Inc.		47,657		659,573
Permian Resources Corp.		15,212		212,360
Pioneer Natural Resources Co.		8,466		1,943,370
Range Resources Corp.		67,481		2,187,059
Southwestern Energy Co. (a)		226,675		1,462,054
Suncor Energy, Inc. (b)		56,384		1,938,482
Weatherford International PLC (a)		1,482		133,869
				18,595,577
Oil & Gas Services — 2.5%
Aris Water Solutions, Inc. Class A		9,676		96,567
Baker Hughes Co.		43,662		1,542,142
ChampionX Corp.		47,173		1,680,302
Enerflex Ltd.		88,326		507,228
Expro Group Holdings NV (a)		109,361		2,540,456
Liberty Energy, Inc.		66,764		1,236,469
NOV, Inc.		13,800		288,420
Ranger Energy Services, Inc.		20,471		290,279
TechnipFMC PLC		311,743		6,340,853
Tidewater, Inc. (a)		48,869		3,473,120
				17,995,836

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

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

	Number of Shares		Value
Pipelines — 0.4%
Cheniere Energy, Inc.		16,100	$	2,671,956
DT Midstream, Inc. (a)		8,200		433,944
				3,105,900
				40,949,461
Financial — 15.2%
Banks — 4.8%
BankUnited, Inc.		54,235		1,231,134
Blue Foundry Bancorp (a)		20,556		172,054
Cadence Bank		23,228		492,898
Cathay General Bancorp		7,227		251,210
Coastal Financial Corp. (a)		6,370		273,337
Columbia Banking System, Inc.		63,143		1,281,803
CRB Group, Inc. (Acquired 4/14/22, Cost $73,283) (a) (c) (d) (e)		697		53,920
CrossFirst Bankshares, Inc. (a)		41,562		419,361
Dime Community Bancshares, Inc.		15,459		308,562
Dogwood State Bank, (Non-Voting) (Acquired 5/06/19, Cost $53,690) (a) (c) (d) (e)		5,369		107,380
Dogwood State Bank, (Voting) (Acquired 5/06/19, Cost $26,370) (a) (c) (d) (e)		2,637		52,740
East West Bancorp, Inc.		27,774		1,463,968
Eastern Bankshares, Inc.		95,434		1,196,742
Equity Bancshares, Inc. Class A		9,517		229,074
Farmers & Merchants Bank of Long Beach/Long Beach CA (b)		31		150,598
FB Financial Corp.		31,767		900,912
Fifth Third Bancorp		120,795		3,059,737
First Bancshares, Inc.		23,018		620,795
Five Star Bancorp		9,617		192,917
HarborOne Bancorp, Inc.		38,747		368,871
Heritage Commerce Corp.		38,877		329,288
Home BancShares, Inc.		59,256		1,240,821
Independent Bank Corp.		1,644		80,704
Independent Bank Group, Inc.		9,504		375,883
John Marshall Bancorp, Inc.		11,949		213,290
Kearny Financial Corp.		48,462		335,842
Live Oak Bancshares, Inc.		45,059		1,304,458
Metropolitan Bank Holding Corp. (a) (b)		6,799		246,668
National Bank Holdings Corp. Class A		22,710		675,850
Origin Bancorp, Inc.		27,630		797,678
Pinnacle Financial Partners, Inc.		27,326		1,831,935
Ponce Financial Group, Inc. (a)		21,067		164,744
Popular, Inc.		58,987		3,716,771
Preferred Bank		10,861		676,097
Provident Bancorp, Inc. (a)		13,162		127,540
Sandy Spring Bancorp, Inc.		17,986		385,440

	Number of Shares		Value
Southern First Bancshares, Inc. (a)		5,100	$	137,394
SouthState Corp.		26,663		1,796,020
Texas Capital Bancshares, Inc. (a)		20,696		1,218,994
Towne Bank		28,270		648,231
Veritex Holdings, Inc.		30,113		540,528
Walker & Dunlop, Inc.		7,880		585,011
Webster Financial Corp.		59,800		2,410,538
Western Alliance Bancorp		50,004		2,298,684
				34,966,422
Diversified Financial Services — 2.7%
Apollo Global Management, Inc.		24,255		2,177,129
Assetmark Financial Holdings, Inc. (a)		14,034		351,973
Cboe Global Markets, Inc.		8,578		1,339,969
Columbia Financial, Inc. (a)		12,050		189,306
Encore Capital Group, Inc. (a)		8,436		402,903
Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (a) (c) (d) (e)		8,339		20,097
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)		35,013		742,276
Houlihan Lokey, Inc.		9,716		1,040,778
Intercontinental Exchange, Inc.		19,300		2,123,386
NerdWallet, Inc. Class A Class A (a)		15,050		133,795
OneMain Holdings, Inc.		36,910		1,479,722
OTC Markets Group, Inc. Class A		4,941		263,849
PennyMac Financial Services, Inc.		34,492		2,297,167
PRA Group, Inc. (a)		24,978		479,827
Radian Group, Inc.		43,870		1,101,576
Raymond James Financial, Inc.		12,250		1,230,268
Stash Financial, Inc. (Acquired 1/06/21-1/26/21, Cost $15,690) (a) (c) (d) (e)		487		5,547
StepStone Group, Inc. Class A		24,461		772,478
TMX Group Ltd.		20,550		441,638
Tradeweb Markets, Inc. Class A		28,100		2,253,620
Virtus Investment Partners, Inc.		3,090		624,149
Voya Financial, Inc.		4,172		277,229
				19,748,682
Insurance — 2.9%
Allstate Corp.		11,923		1,328,341
Assurant, Inc.		31,889		4,578,623
Axis Capital Holdings Ltd.		32,873		1,853,051
BRP Group, Inc. Class A (a)		4,689		108,925
Corebridge Financial, Inc.		55,584		1,097,784
Essent Group Ltd.		3,136		148,301
First American Financial Corp.		15,279		863,111
Hanover Insurance Group, Inc.		10,617		1,178,275
Jackson Financial, Inc. Class A		33,425		1,277,503
James River Group Holdings Ltd.		26,453		406,054

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

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

	Number of Shares		Value
Kemper Corp.		51,151	$	2,149,877
Markel Group, Inc. (a)		250		368,123
Palomar Holdings, Inc. (a)		1,673		84,905
ProAssurance Corp.		28,484		538,063
RenaissanceRe Holdings Ltd.		9,858		1,951,095
Ryan Specialty Holdings, Inc. (a) (b)		14,255		689,942
Selective Insurance Group, Inc.		19,470		2,008,720
Skyward Specialty Insurance Group, Inc. (a)		4,226		115,623
White Mountains Insurance Group Ltd.		312		466,655
				21,212,971
Private Equity — 0.4%
KKR & Co., Inc.		46,000		2,833,600
P10, Inc. Class A		29,684		345,819
				3,179,419
Real Estate — 0.7%
FirstService Corp.		16,370		2,382,490
McGrath RentCorp		5,738		575,177
St. Joe Co.		17,455		948,330
Tricon Residential, Inc.		135,934		1,005,912
				4,911,909
Real Estate Investment Trusts (REITS) — 3.4%
Apartment Investment & Management Co. Class A (a)		171,751		1,167,907
Apple Hospitality REIT, Inc.		44,799		687,217
Centerspace		1,118		67,371
Community Healthcare Trust, Inc.		7,332		217,760
CubeSmart		39,060		1,489,358
Digital Realty Trust, Inc.		7,977		965,376
Douglas Emmett, Inc.		27,423		349,917
EastGroup Properties, Inc.		14,439		2,404,527
Equity Residential		28,180		1,654,448
Essential Properties Realty Trust, Inc.		29,287		633,478
Flagship Communities REIT		8,813		132,195
Independence Realty Trust, Inc.		62,980		886,129
NETSTREIT Corp.		35,947		560,054
NexPoint Residential Trust, Inc.		7,526		242,187
Pebblebrook Hotel Trust (b)		45,883		623,550
PennyMac Mortgage Investment Trust		43,392		538,061
Phillips Edison & Co., Inc.		3,559		119,369
PotlatchDeltic Corp.		13,067		593,111
Rayonier, Inc.		48,183		1,371,288
Regency Centers Corp.		26,925		1,600,422
Rexford Industrial Realty, Inc.		59,309		2,926,899
Safehold, Inc.		18,044		321,183
Saul Centers, Inc.		15,394		542,946
Simon Property Group, Inc.		4,451		480,841

	Number of Shares		Value
Sun Communities, Inc.		1,446	$	171,120
Terreno Realty Corp.		29,334		1,666,171
UMH Properties, Inc.		22,173		310,865
Vornado Realty Trust		46,875		1,063,125
Weyerhaeuser Co.		39,839		1,221,464
				25,008,339
Savings & Loans — 0.3%
Capitol Federal Financial, Inc.		49,446		235,857
FS Bancorp, Inc.		7,917		233,552
Pacific Premier Bancorp, Inc.		28,809		626,884
WSFS Financial Corp.		18,559		677,403
				1,773,696
				110,801,438
Industrial — 16.8%
Aerospace & Defense — 0.9%
Bombardier, Inc. Class B (a) (b)		5,200		181,316
Bombas LLC. (Acquired 2/12/21, Cost $183,470) (a) (c) (d) (e)		41,514		120,391
L3 Harris Technologies, Inc.		10,432		1,816,420
Moog, Inc. Class A		3,159		356,841
Rolls-Royce Holdings PLC (a)		831,553		2,229,110
Spirit AeroSystems Holdings, Inc. Class A		98,788		1,594,438
				6,298,516
Building Materials — 1.4%
Armstrong World Industries, Inc.		8,250		594,000
Martin Marietta Materials, Inc.		5,731		2,352,461
SPX Technologies, Inc. (a)		16,132		1,313,145
Summit Materials, Inc. Class A (a)		48,139		1,499,048
Trane Technologies PLC		6,093		1,236,331
UFP Industries, Inc.		13,678		1,400,627
Vulcan Materials Co.		5,979		1,207,878
West Fraser Timber Co. Ltd. (WFG CN)		5,502		399,449
West Fraser Timber Co. Ltd. (WFG US) (b)		697		50,560
				10,053,499
Electrical Components & Equipment — 0.5%
Belden, Inc.		4,809		464,309
Insteel Industries, Inc.		2,021		65,602
Littelfuse, Inc.		9,066		2,242,203
Novanta, Inc. (a)		5,739		823,202
				3,595,316
Electronics — 2.7%
Agilent Technologies, Inc.		35,700		3,991,974
Amphenol Corp. Class A		19,300		1,621,007
Atmus Filtration Technologies, Inc. (a)		2,139		44,598
Brady Corp. Class A		14,027		770,363

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

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

	Number of Shares		Value
CTS Corp.		12,857	$	536,651
ESCO Technologies, Inc.		11,393		1,189,885
Fortive Corp.		42,400		3,144,384
Hubbell, Inc.		5,443		1,705,891
Keysight Technologies, Inc. (a)		18,400		2,434,504
Knowles Corp. (a)		17,832		264,092
Mirion Technologies, Inc. (a)		139,604		1,042,842
Napco Security Technologies, Inc.		11,873		264,174
TE Connectivity Ltd.		11,609		1,434,060
Vishay Intertechnology, Inc.		10,523		260,128
Vontier Corp.		39,220		1,212,682
				19,917,235
Environmental Controls — 0.3%
Casella Waste Systems, Inc. Class A (a)		10,472		799,013
Stericycle, Inc. (a)		9,807		438,471
Tetra Tech, Inc.		4,922		748,292
Waste Connections, Inc.		4,900		658,070
				2,643,846
Hand & Machine Tools — 0.8%
Cadre Holdings, Inc.		7,823		208,483
Enerpac Tool Group Corp.		26,888		710,650
MSA Safety, Inc.		3,640		573,846
Stanley Black & Decker, Inc.		49,376		4,126,846
				5,619,825
Machinery – Construction & Mining — 0.1%
BWX Technologies, Inc.		12,500		937,250
Machinery – Diversified — 3.6%
Alamo Group, Inc.		2,834		489,885
ATS Corp. (a)		3,188		135,873
Cactus, Inc. Class A		16,764		841,720
Cognex Corp.		17,800		755,432
Crane Co.		5,974		530,730
CSW Industrials, Inc.		8,345		1,462,378
Esab Corp.		61,404		4,311,789
Graco, Inc.		8,525		621,302
Hydrofarm Holdings Group, Inc. (a)		6,021		7,346
IDEX Corp.		16,498		3,431,914
Ingersoll Rand, Inc.		130,078		8,288,570
Marel HF		27,870		80,792
Middleby Corp. (a)		12,057		1,543,296
Mueller Water Products, Inc. Class A		44,381		562,751
Thermon Group Holdings, Inc. (a)		21,652		594,780
Toro Co.		20,145		1,674,050
Zurn Elkay Water Solutions Corp. Class C		40,355		1,130,747
				26,463,355

	Number of Shares		Value
Metal Fabricate & Hardware — 0.8%
AZZ, Inc.		17,349	$	790,768
Helios Technologies, Inc.		22,026		1,222,003
RBC Bearings, Inc. (a)		12,756		2,986,562
Strattec Security Corp. (a)		3,764		86,948
Valmont Industries, Inc.		2,000		480,420
Xometry, Inc. Class A (a)		8,290		140,764
				5,707,465
Miscellaneous - Manufacturing — 2.0%
Alstom SA		50,488		1,198,019
EnPro Industries, Inc.		3,800		460,522
Federal Signal Corp.		17,549		1,048,202
John Bean Technologies Corp.		8,691		913,772
Myers Industries, Inc.		19,983		358,295
Teledyne Technologies, Inc. (a)		9,288		3,794,891
Textron, Inc.		90,778		7,093,393
				14,867,094
Packaging & Containers — 1.3%
Ball Corp.		98,097		4,883,269
Clearwater Paper Corp. (a)		15,050		545,562
Sealed Air Corp.		35,500		1,166,530
Westrock Co.		76,670		2,744,786
				9,340,147
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		7,248		1,482,796
Transportation — 2.2%
International Seaways, Inc.		3,371		151,695
JB Hunt Transport Services, Inc.		34,980		6,594,430
Landstar System, Inc.		8,453		1,495,674
Matson, Inc.		2,822		250,368
Norfolk Southern Corp.		10,147		1,998,249
Old Dominion Freight Line, Inc.		5,665		2,317,778
Saia, Inc. (a)		7,527		3,000,638
				15,808,832
				122,735,176
Technology — 14.8%
Commercial Services — 0.0%
Socure, Inc. (Acquired 12/22/21, Cost $62,185) (a) (c) (d) (e)		3,870		21,246
Computers — 2.7%
Apiture, Inc. (Acquired 7/01/20-6/30/22, Cost $97,636) (a) (c) (d) (e)		6,130		102,923
Coalition, Inc. (Acquired 9/13/21, Cost $4,230) (a) (c) (d) (e)		256		4,321
Conduent, Inc. (a)		77,483		269,641
Crowdstrike Holdings, Inc. Class A (a)		17,762		2,973,004
Endava PLC Sponsored ADR (a)		27,133		1,556,077

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

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

	Number of Shares		Value
Fortinet, Inc. (a)		24,100	$	1,414,188
Globant SA (a)		14,541		2,876,937
PAR Technology Corp. (a) (b)		30,861		1,189,383
Parsons Corp. (a)		29,037		1,578,161
Pure Storage, Inc. Class A (a)		41,194		1,467,330
Western Digital Corp. (a)		127,812		5,832,062
Zscaler, Inc. (a)		216		33,607
				19,297,634
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a)		3,938		931,455
Semiconductors — 4.1%
Diodes, Inc. (a)		2,998		236,362
Entegris, Inc.		33,120		3,110,299
KLA Corp.		4,459		2,045,165
Lattice Semiconductor Corp. (a)		35,124		3,018,205
MACOM Technology Solutions Holdings, Inc. (a)		17,522		1,429,445
Marvell Technology, Inc.		136,236		7,374,455
Microchip Technology, Inc.		80,100		6,251,805
MKS Instruments, Inc.		39,968		3,458,831
Monolithic Power Systems, Inc.		1,142		527,604
NXP Semiconductor NV		3,600		719,712
Onto Innovation, Inc. (a)		13,416		1,710,808
SiTime Corp. (a)		2,100		239,925
				30,122,616
Software — 7.9%
Agilysys, Inc. (a)		7,358		486,805
Alignment Healthcare, Inc. (a)		88,184		611,997
Amplitude, Inc. Class A Class A (a)		40,844		472,565
Atlassian Corp. Class A (a)		14,123		2,845,926
Bill Holdings, Inc. (a)		34,359		3,730,357
Braze, Inc. Class A (a)		4,000		186,920
Broadridge Financial Solutions, Inc.		9,823		1,758,808
CCC Intelligent Solutions Holdings, Inc. (a)		114,686		1,531,058
Ceridian HCM Holding, Inc. (a)		44,051		2,988,860
Checkr, Inc. (Acquired 6/29/18-12/02/19, Cost $116,452) (a) (c) (d) (e)		15,444		83,398
Clear Secure, Inc. Class A		46,846		891,948
Confluent, Inc. Class A (a)		15,746		466,239
Databricks, Inc. (Acquired 7/24/20-8/28/20, Cost $24,732) (a) (c) (d) (e)		1,545		113,558
Datadog, Inc. Class A (a)		18,238		1,661,299
Descartes Systems Group, Inc. (a)		30,157		2,212,921
DoubleVerify Holdings, Inc. (a)		38,767		1,083,538
Duolingo, Inc. (a)		5,711		947,284
Dynatrace, Inc. (a)		4,592		214,584

	Number of Shares		Value
Envestnet, Inc. (a)		12,100	$	532,763
Fair Isaac Corp. (a)		2,400		2,084,472
Five9, Inc. (a)		12,798		822,911
Gusto, Inc. (Acquired 8/18/20-11/09/20, Cost $204,799) (a) (c) (d) (e)		15,332		235,806
HashiCorp, Inc. Class A (a)		4,100		93,603
HubSpot, Inc. (a)		5,010		2,467,425
Intapp, Inc. (a)		2,900		97,208
Klaviyo, Inc. Class A (a)		3,655		126,098
Manhattan Associates, Inc. (a)		2,989		590,806
Monday.com Ltd. (a)		9,200		1,464,824
MongoDB, Inc. (a)		7,002		2,421,712
nCino, Inc. (a)		8,148		259,106
Oddity Tech Ltd. Class A Class C (a) (b)		4,175		118,361
Outset Medical, Inc. (a) (b)		22,338		243,037
Paycor HCM, Inc. (a)		44,850		1,023,926
Phreesia, Inc. (a)		10,749		200,791
Privia Health Group, Inc. (a)		34,239		787,497
Procore Technologies, Inc. (a)		32,821		2,143,868
PTC, Inc. (a)		18,748		2,656,217
Roper Technologies, Inc.		9,186		4,448,596
Samsara, Inc. Class A (a)		32,275		813,653
ServiceTitan, Inc. (Acquired 11/09/18-5/04/21, Cost $28,780) (a) (c) (d) (e)		618		45,058
SS&C Technologies Holdings, Inc.		30,380		1,596,165
Synopsys, Inc. (a)		1,931		886,271
Tanium, Inc., Class B (Acquired 9/24/20, Cost $30,277) (a) (c) (d) (e)		2,657		11,717
Themis Solutions, Inc. (Acquired 4/14/21, Cost $108,219) (a) (c) (d) (e)		4,820		94,327
Tyler Technologies, Inc. (a)		1,400		540,596
Veeva Systems, Inc. Class A (a)		29,143		5,929,143
Verra Mobility Corp. (a)		48,906		914,542
Vimeo, Inc. (a)		83,922		297,084
Workiva, Inc. (a)		11,028		1,117,578
				57,353,226
				107,726,177
Utilities — 2.9%
Electric — 2.3%
Ameren Corp.		30,444		2,278,124
CenterPoint Energy, Inc.		54,289		1,457,659
Constellation Energy Corp.		17,424		1,900,610
Evergy, Inc.		32,321		1,638,675
FirstEnergy Corp.		95,700		3,271,026
IDACORP, Inc.		20,829		1,950,636

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

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

	Number of Shares		Value
MGE Energy, Inc.		18,292	$	1,253,185
Northwestern Energy Group, Inc.		11,033		530,246
PG&E Corp. (a)		123,775		1,996,491
PNM Resources, Inc.		11,672		520,688
				16,797,340
Gas — 0.4%
Chesapeake Utilities Corp.		11,125		1,087,469
ONE Gas, Inc.		14,576		995,249
Southwest Gas Holdings, Inc.		14,482		874,858
				2,957,576
Water — 0.2%
Artesian Resources Corp. Class A		5,554		233,213
California Water Service Group		19,169		906,885
Middlesex Water Co.		1,924		127,465
				1,267,563
				21,022,479

TOTAL COMMON STOCK (Cost $659,508,816)				699,302,572

PREFERRED STOCK — 1.4%
Communications — 0.1%
Internet — 0.1%
1661, Inc., Series F (Acquired 5/28/21, Cost $288,836) (a) (c) (d) (e)		49,629		54,592
Evolve Vacation Rental Network, Inc., Series 8 (Acquired 3/29/18-6/15/18, Cost $44,816) (a) (c) (d) (e)		5,266		78,779
Evolve Vacation Rental Network, Inc., Series 9 (Acquired 5/29/20, Cost $20,111) (a) (c) (d) (e)		3,470		51,911
Minted, Inc., Series E (Acquired 10/30/18, Cost $113,257) (a) (c) (d) (e)		8,410		94,108
SecurityScorecard, Inc., Series E (Acquired 3/05/21, Cost $262,495) (a) (c) (d) (e)		51,969		265,042
				544,432
Consumer, Cyclical — 0.0%
Auto Manufacturers — 0.0%
Nuro, Inc., Series C, (Acquired 10/30/20-3/02/21, Cost $282,254)
^(a) ^(c) ^(d) ^(e)		21,621		134,050
Nuro, Inc., Series D, (Acquired 10/29/21, Cost $252,025)
^(a) ^(c) ^(d) ^(e)		12,090		74,958
				209,008

	Number of Shares		Value
Leisure Time — 0.0%
Rad Power Bikes, Inc., Series C, (Acquired 1/22/21, Cost $69,082)
^(a) ^(c) ^(d) ^(e)		14,321	$	5,585
Rad Power Bikes, Inc., Series D, (Acquired 9/16/21, Cost $107,722)
^(a) ^(c) ^(d) ^(e)		11,240		4,384
				9,969
Retail — 0.0%
OfferUp, Inc., Series F, (Acquired 7/01/20, Cost $9,217)
^(a) ^(c) ^(d) ^(e)		4,025		2,777
				221,754
Consumer, Non-cyclical — 0.5%
Agriculture — 0.0%
Farmer’s Business Network, Inc., Series E, (Acquired 2/11/19, Cost $191,081)
^(a) ^(c) ^(d) ^(e)		8,198		42,794
Farmer’s Business Network, Inc., Series F, (Acquired 7/31/20, Cost $172,258)
^(a) ^(c) ^(d) ^(e)		3,752		19,585
				62,379
Biotechnology — 0.2%
Genesis Therapeutics, Inc., Series A, (Acquired 11/24/20, Cost $25,262)
^(a) ^(c) ^(d) ^(e)		4,946		25,262
Inscripta, Inc., Series E, (Acquired 3/30/21, Cost $148,812)
^(a) ^(c) ^(d) ^(e)		16,853		49,042
Insitro, Inc., Series B, (Acquired 5/21/20, Cost $34,456)
^(a) ^(c) ^(d) ^(e)		5,530		101,150
Insitro, Inc., Series C, (Acquired 4/07/21, Cost $62,208)
^(a) ^(c) ^(d) ^(e)		3,401		62,208
Kardium, Inc., Series D-5, (Acquired 11/29/18, Cost $29,906)
^(a) ^(c) ^(d) ^(e)		30,866		31,355
Kardium, Inc., Series D-6, (Acquired 1/08/21, Cost $145,349)
^(a) ^(c) ^(d) ^(e)		143,083		145,349
Laronde, Inc., Series B, (Acquired 7/28/21, Cost $109,340)
^(a) ^(c) ^(d) ^(e)		3,905		16,401
National Resilience, Inc., Series B, (Acquired 10/23/20, Cost $263,720)
^(a) ^(c) ^(d) ^(e)		19,306		1,172,453

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

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

	Number of Shares		Value
National Resilience, Inc., Series C, (Acquired 6/09/21, Cost $315,045)
^(a) ^(c) ^(d) ^(e)		7,094	$	430,819
Tessera Therapeutics, Inc., Series C, (Acquired 2/25/22, Cost $34,499)
^(a) ^(c) ^(d) ^(e)		1,687		34,499
Treeline Biosciences, Inc., Series A, (Acquired 4/09/21, Cost $40,640)
^(a) ^(c) ^(d) ^(e)		5,192		40,640
				2,109,178
Commercial Services — 0.1%
Honor Technology, Inc., Series D, (Acquired 10/16/20, Cost $225,290)
^(a) ^(c) ^(d) ^(e)		93,556		109,461
Honor Technology, Inc., Series E, (Acquired 9/29/21, Cost $116,646)
^(a) ^(c) ^(d) ^(e)		36,897		43,169
Redwood Materials, Inc., Series C, (Acquired 5/28/21, Cost $214,074)
^(a) ^(c) ^(d) ^(e)		4,516		215,575
				368,205
Health Care – Products — 0.1%
Cleerly, Inc. Series C, (Acquired 7/08/22, Cost $200,211)
^(a) ^(c) ^(d) ^(e)		16,995		152,445
Ring Therapeutics, Inc., Series B, (Acquired 4/12/21, Cost $50,885)
^(a) ^(c) ^(d) ^(e)		5,531		50,885
Tempus Labs, Inc., Series D, (Acquired 3/16/18, Cost $21,326)
^(a) ^(c) ^(d) ^(e)		2,275		89,590
Tempus Labs, Inc., Series E, (Acquired 8/23/18, Cost $29,149)
^(a) ^(c) ^(d) ^(e)		1,741		72,112
Tempus Labs, Inc., Series F, (Acquired 4/30/19, Cost $17,059)
^(a) ^(c) ^(d) ^(e)		689		29,420
Tempus Labs, Inc., Series G, (Acquired 2/06/20, Cost $19,176)
^(a) ^(c) ^(d) ^(e)		500		22,100
Tempus Labs, Inc., Series G-2, (Acquired 11/19/20, Cost $26,075)
^(a) ^(c) ^(d) ^(e)		455		16,407
				432,959

	Number of Shares		Value
Health Care – Services — 0.1%
Caris Life Sciences, Inc., Series C, (Acquired 8/14/20, Cost $125,312)
^(a) ^(c) ^(d) ^(e)		45,403	$	242,906
Caris Life Sciences, Inc., Series D, (Acquired 5/11/21, Cost $378,132)
^(a) ^(c) ^(d) ^(e)		46,683		249,754
				492,660
Pharmaceuticals — 0.0%
Capsule, Corp., Series 1 D, (Acquired 4/07/21, Cost $72,328)
^(a) ^(c) ^(d) ^(e)		4,991		14,631
Haul Hub, Inc., Series B, (Acquired 2/14/20-3/03/21, Cost $108,854)
^(a) ^(c) ^(d) ^(e)		7,466		90,264
Haul Hub, Inc., Series C, (Acquired 4/14/22, Cost $43,061)
^(a) ^(c) ^(d) ^(e)		2,282		27,589
				132,484
				3,597,865
Financial — 0.1%
Banks — 0.0%
CRB Group, Inc., Series D, (Acquired 1/28/22, Cost $255,280)
^(a) ^(c) ^(d) ^(e)		2,428		187,830
Diversified Financial Services — 0.1%
Color Health, Inc., Series D, (Acquired 12/17/20, Cost $43,490)
^(a) ^(c) ^(d) ^(e)		1,155		22,303
Color Health, Inc., Series D-1, (Acquired 1/13/20, Cost $56,632)
^(a) ^(c) ^(d) ^(e)		2,655		38,285
Color Health, Inc., Series E (Acquired 10/26/21, Cost $15,095)
^(a) ^(c) ^(d) ^(e)		151		5,740
Convoy, Inc., Series C, (Acquired 9/14/18, Cost $127,740)
^(a) ^(c) ^(d) ^(e)		17,990		51,272
Convoy, Inc., Series D, (Acquired 10/30/19, Cost $417,858)
^(a) ^(c) ^(d) ^(e)		30,861		123,135
Convoy, Inc., Series E, (Acquired 9/30/21, Cost $72,706)
^(a) ^(c) ^(d) ^(e)		4,407		19,876
Stash Financial, Inc., Series F, (Acquired 4/24/20, Cost $126,801)
^(a) ^(c) ^(d) ^(e)		5,060		57,633

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

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

	Number of Shares		Value
Stash Financial, Inc., Series G, (Acquired 1/26/21, Cost $174,908)
^(a) ^(c) ^(d) ^(e)		4,667	$	53,157
				371,401
Insurance — 0.0%
Go Maps, Inc., Series B-1, (Acquired 5/15/19-7/29/20, Cost $9,665)
^(a) ^(c) ^(d) ^(e)		755		—
				559,231
Industrial — 0.2%
Aerospace & Defense — 0.0%
ABL Space Systems Company, Series B (Acquired 3/24/21, Cost $328,985) (a) (c) (d) (e)		7,305		234,564
Electrical Components & Equipment — 0.1%
CelLink, Inc., Series D (Acquired 1/20/22, Cost $223,836) (a) (c) (d) (e)		10,749		52,885
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $505,509) (a) (c) (d) (e)		12,248		248,389
				301,274
Electronics — 0.1%
Sartorius AG 0.450%		2,583		876,503
				1,412,341
Technology — 0.5%
Computers — 0.0%
Coalition, Inc., Series E (Acquired 9/07/21, Cost $253,711) (a) (c) (d) (e)		15,355		259,192
Mesosphere, Inc., Series D (Acquired 5/04/18, Cost $72,584) (a) (c) (d) (e)		6,566		4,071
				263,263
Software — 0.5%
Checkr, Inc., Series C (Acquired 4/10/18, Cost $106,628) (a) (c) (d) (e)		23,433		126,538
Checkr, Inc., Series D (Acquired 9/06/19, Cost $308,786) (a) (c) (d) (e)		30,627		165,386
Databricks, Inc., Series F (Acquired 10/22/19, Cost $104,923) (a) (c) (d) (e)		7,329		538,682
Databricks, Inc., Series G (Acquired 2/01/21, Cost $50,195) (a) (c) (d) (e)		849		62,402
Databricks, Inc., Series H (Acquired 8/31/21, Cost $114,856) (a) (c) (d) (e)		1,563		114,881

	Number of Shares		Value
DTX Company, Series A-1 (Acquired 2/04/22, Cost $31,212) (a) (c) (d) (e)		17,154	$	4,803
Eikon Therapeutics, Inc., Series B (Acquired 12/03/21, Cost $89,186) (a) (c) (d) (e)		5,042		108,398
Epirus, Inc., Series C-2 (Acquired 1/28/21, Cost $324,592) (a) (c) (d) (e)		58,131		292,399
Flexe, Inc., Series C (Acquired 11/18/20, Cost $134,849) (a) (c) (d) (e)		11,083		111,717
Flexe, Inc., Series D (Acquired 4/07/22, Cost $73,849) (a) (c) (d) (e)		3,621		36,500
Gusto, Inc., Series B (Acquired 8/18/20, Cost $49,238) (a) (c) (d) (e)		3,644		56,045
Gusto, Inc., Series B-2 (Acquired 8/18/20, Cost $91,936) (a) (c) (d) (e)		6,804		104,646
Gusto, Inc., Series C (Acquired 7/16/18, Cost $84,209) (a) (c) (d) (e)		11,076		170,349
Gusto, Inc., Series D (Acquired 7/16/19, Cost $187,638) (a) (c) (d) (e)		14,095		216,781
JetClosing, Inc., Series A (Acquired 5/25/18, Cost $22,781) (a) (c) (d) (e)		11,678		—
JetClosing, Inc., Series B-1 (Acquired 7/13/20-2/25/21, Cost $36,276) (a) (c) (d) (e)		27,130		—
JetClosing, Inc., Series B-2 (Acquired 2/06/20, Cost $5,769) (a) (c) (d) (e)		5,185		—
KoBold Metals, Inc., Series B-1 (Acquired 1/10/22, Cost $244,807) (a) (c) (d) (e)		8,931		382,080
Seismic Software, Inc., Series E (Acquired 12/13/18, Cost $117,981) (a) (c) (d) (e)		18,715		134,561
Seismic Software, Inc., Series F (Acquired 9/25/20, Cost $18,592) (a) (c) (d) (e)		2,115		15,207
ServiceTitan, Inc., Series A-1 (Acquired 11/09/18, Cost $263) (a) (c) (d) (e)		10		729
ServiceTitan, Inc., Series D (Acquired 11/09/18, Cost $124,743) (a) (c) (d) (e)		4,744		345,885
ServiceTitan, Inc., Series E (Acquired 4/23/20, Cost $7,435) (a) (c) (d) (e)		220		16,040

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

100

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

	Number of Shares		Value
WARRANTS — 0.0%
Communications — 0.0%
Advertising — 0.0%
Advantage Solutions, Inc., Expires 10/28/25, Strike 11.5 (a)		3,668	$	788
Consumer, Non-cyclical — 0.0%
Pharmaceuticals — 0.0%
EQRx, Inc. (a)		1,166		47
Financial — 0.0%
Banks — 0.0%
Dogwood State Bank (Acquired 5/06/19, Cost $0) (a) (c) (d) (e)		800		8,328
Diversified Financial Services — 0.0%
Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (c) (d) (e)		1,432		229
Insurance — 0.0%
Hagerty, Inc. (Acquired 8/18/21, Cost $4,451) (a) (c) (d) (e)		3,040		3,222
				11,779

TOTAL WARRANTS (Cost $11,320)				12,614

TOTAL LONG-TERM INVESTMENTS (Cost $670,594,964)				709,422,022

SHORT-TERM INVESTMENTS — 3.6%
Investment of Cash Collateral from Securities Loaned — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		5,887,149		5,887,149
Mutual Fund — 2.7%
T. Rowe Price Government Reserve Investment Fund		19,628,509		19,628,509

	Number of Shares		Value
ServiceTitan, Inc., Series F (Acquired 3/25/21, Cost $25,650) (a) (c) (d) (e)		239	$	17,425
Socure, Inc., Series A (Acquired 12/22/21, Cost $75,555) (a) (c) (d) (e)		4,702		25,814
Socure, Inc., Series A-1 (Acquired 12/22/21, Cost $62,025) (a) (c) (d) (e)		3,860		21,191
Socure, Inc., Series B (Acquired 12/22/21, Cost $1,109) (a) (c) (d) (e)		69		379
Socure, Inc. Series E (Acquired 10/27/21, Cost $143,750) (a) (c) (d) (e)		8,946		49,114
Themis Solutions, Inc., Series AA (Acquired 4/14/21, Cost $24,473) (a) (c) (d) (e)		1,090		21,331
Themis Solutions, Inc., Series AB (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (e)		120		2,348
Themis Solutions, Inc., Series B (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (e)		120		2,348
Themis Solutions, Inc., Series E (Acquired 4/14/21, Cost $309,164) (a) (c) (d) (e)		13,770		269,479
				3,413,458
				3,676,721

TOTAL PREFERRED STOCK (Cost $10,983,098)				10,012,344

TOTAL EQUITIES (Cost $670,491,914)				709,314,916

	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Diversified Financial Services — 0.0%
PRA Group, Inc.
5.000% 10/01/29 ^(b) ^(f)	$	18,000		13,671
7.375% 9/01/25 ^(f)		83,000		80,821
				94,492

TOTAL CORPORATE DEBT (Cost $91,730)				94,492

TOTAL BONDS & NOTES (Cost $91,730)				94,492

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

101

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

	Principal Amount		Value
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (h)	$	972,931	$	972,931

TOTAL SHORT-TERM INVESTMENTS (Cost $26,488,589)				26,488,589

TOTAL INVESTMENTS — 100.9% (Cost $697,083,553) ⁽ⁱ⁾				735,910,611

Other Assets/(Liabilities) — (0.9)%				(6,755,140	)

NET ASSETS — 100.0%			$	729,155,471

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 September 30, 2023, was $14,912,386 or 2.05% of net assets. The Fund received $9,451,269 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 September 30, 2023, these securities amounted to a value of $12,741,324 or 1.75% of net assets.

(d)	Restricted security. Certain securities are restricted to resale. At September 30, 2023, these securities amounted to a value of $12,741,324 or 1.75% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e)	Investment is valued using significant unobservable inputs.

(f)

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

(h)	Maturity value of $973,061. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/26, and an aggregate market value, including accrued interest, of $992,438.

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

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

102

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

September 30, 2023

	Principal Amount		Value
BONDS & NOTES — 99.1%
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES ^(a) — 0.2%
Collateralized Mortgage Obligations — 0.1%
Government National Mortgage Association REMICS Series 2020-7, Class KE 2.500% 1/20/50	$	154,344	$	128,424
Pass-Through Securities — 0.1%
Government National Mortgage Association II
Pool #MA4484 3.000% 6/20/32		109,517		100,005
Pool #MA6381 3.000% 1/20/35		58,949		53,535
Pool #MA6630 3.000% 5/20/35		26,955		24,479
				178,019

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $359,497)				306,443

U.S. TREASURY OBLIGATIONS — 98.9%
U.S. Treasury Bonds & Notes — 98.9%
U.S. Treasury Bonds
1.125% 5/15/40		2,790,000		1,598,648
1.125% 8/15/40		5,170,000		2,933,078
1.250% 5/15/50		1,880,700		885,262
1.375% 11/15/40		6,110,000		3,607,319
1.375% 8/15/50		4,585,000		2,232,462
1.625% 11/15/50 ^(b)		3,580,000		1,872,775
1.750% 8/15/41		6,940,000		4,315,177
1.875% 2/15/41		7,480,000		4,817,743
1.875% 2/15/51		5,115,000		2,861,143
1.875% 11/15/51		4,775,000		2,656,780
2.000% 11/15/41		10,070,000		6,524,205
2.000% 2/15/50		3,535,000		2,058,166
2.000% 8/15/51		3,700,000		2,132,677
2.250% 5/15/41		7,690,000		5,268,913
2.250% 8/15/49		2,550,000		1,584,660
2.250% 2/15/52		11,895,000		7,286,285
2.375% 2/15/42		4,495,000		3,102,090
2.375% 11/15/49		2,220,000		1,418,149
2.375% 5/15/51		2,440,000		1,546,226
2.875% 5/15/49		2,480,000		1,766,317
2.875% 5/15/52		3,985,000		2,820,573
3.000% 2/15/49		2,480,000		1,812,745
3.000% 8/15/52		5,555,000		4,041,579
3.250% 5/15/42		1,945,000		1,548,757
3.375% 8/15/42		5,560,000		4,501,219
3.625% 2/15/53		6,779,300		5,598,846

	Principal Amount		Value
3.625% 5/15/53	$	12,095,000	$	10,009,598
3.875% 2/15/43		21,045,000		18,297,422
3.875% 5/15/43		8,910,000		7,743,367
4.000% 11/15/42		7,395,000		6,556,367
4.000% 11/15/52		3,159,500		2,798,558
4.125% 8/15/53		10,209,100		9,264,999
4.375% 8/15/43 ^(c)		6,225,000		5,806,940
				141,269,045

TOTAL U.S. TREASURY OBLIGATIONS (Cost $190,403,846)				141,269,045

TOTAL BONDS & NOTES (Cost $190,763,343)				141,575,488

TOTAL LONG-TERM INVESTMENTS (Cost $190,763,343)				141,575,488
	Number of Shares
SHORT-TERM INVESTMENTS — 4.3%
Investment of Cash Collateral from Securities Loaned — 4.2%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		5,968,219		5,968,219
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		7,843		7,843
	Principal Amount
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 9/29/23, 1.600%, due 10/02/23 (e)	$	211,229		211,229

TOTAL SHORT-TERM INVESTMENTS (Cost $6,187,291)				6,187,291

TOTAL INVESTMENTS — 103.4% (Cost $196,950,634) ^(f)				147,762,779

Other Assets/(Liabilities) — (3.4)%				(4,912,706	)

NET ASSETS — 100.0%			$	142,850,073

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

103

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

Abbreviation Legend

REMICS

Real Estate Mortgage Investment Conduits

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

(c)	Denotes all or a portion of security on loan. The total value of securities on loan as of September 30, 2023, was $5,846,172 or 4.09% of net assets. (Note 2).

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

(e)	Maturity value of $211,257. Collateralized by U.S. Government Agency obligations with a rate of 0.625%, maturity date of 1/15/26, and an aggregate market value, including accrued interest, of $215,492.

(f)	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 Note 5 Year		12/29/23		136	$	14,383,474		$	(54,599	)

Short
U.S. Treasury Ultra Bond		12/19/23		23	$	(2,745,377	)	$	15,564

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

104

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MassMutual Funds – Financial Statements

Statements of Assets and Liabilities
September 30, 2023

	MM Equity Asset Fund		MassMutual Select T. Rowe Price Bond Asset Fund
Assets:
Investments, at value (Note 2) ^(a)	$	277,759,278	$	610,782,667
Repurchase agreements, at value (Note 2) ^(b)		4,878,721		2,937,284
Total investments ^(c)		282,637,999		613,719,951
Cash		—		31,976
Foreign currency, at value ^(d)		—		491,600
Receivables from:
Investments sold
Regular delivery		—		2,446,012
Delayed delivery		—		2,046,242
Cash collateral pledged for open derivatives (Note 2)		268,000		—
Open forward contracts (Note 2)		—		6,370,416
Fund shares sold		169,431		68,879
Investment adviser (Note 3)		—		53,308
Variation margin on open derivative instruments (Note 2)		—		204,817
Interest and dividends		229,734		4,401,645
Foreign tax reclaims		136,341		44,025
Open swap agreements, at value (Note 2)		—		316,352
Total assets		283,441,505		630,195,223
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		1,114,841
Delayed delivery		—		30,794,575
Cash collateral held for open derivatives (Note 2)		—		1,130,000
Open forward contracts (Note 2)		—		705,870
Interest and dividends		—		6,539
Fund shares repurchased		217,670		413,044
Cash collateral held for securities on loan (Note 2)		—		1,956,365
Open swap agreements, at value (Note 2)		—		4,511
Trustees’ fees and expenses (Note 3)		40,058		30,796
Variation margin on open derivative instruments (Note 2)		13,161		—
Affiliates (Note 3):
Administration fees		20,768		115,174
Investment advisory fees		43,074		—
Accrued expense and other liabilities		130,259		344,797
Total liabilities		464,990		36,616,512
Net assets	$	282,976,515	$	593,578,711
Net assets consist of:
Paid-in capital	$	201,927,891	$	726,472,198
Accumulated earnings (loss)		81,048,624		(132,893,487	)
Net assets	$	282,976,515	$	593,578,711

^(a)	Cost of investments:	$	230,136,483	$	666,907,107
^(b)	Cost of repurchase agreements:	$	4,878,721	$	2,937,284
^(c)	Securities on loan with market value of:	$	—	$	2,156,168
^(d)	Cost of foreign currency:	$	—	$	494,368

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

106

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

$	76,400,183		$	2,174,393,704	$	201,776,448		$	332,429,833		$	734,937,680	$	147,551,550
	902,002			1,085,047		383,212			874,473			972,931		211,229
	77,302,185			2,175,478,751		202,159,660			333,304,306			735,910,611		147,762,779
	—			4,199		—			89,689			3,161		—
	1,245			171		567			524,704			50,042		—


	121,015			5,358,462		—			260,113			1,309,019		—
	—			—		—			—			—		2,913,148
	147,483			—		—			—			—		—
	156,097			—		101,702			70,282			—		—
	10,355			499,892		46,420			78,786			168,657		14,829
	25,312			101,281		12,690			79,444			45,109		20,787
	6,616			—		14,404			608			—		12,645
	1,378,537			1,286,109		499,312			1,150,133			433,797		1,261,056
	—			62,329		—			33,792			34,603		—
	—			—		—			—			—		—
	79,148,845			2,182,791,194		202,834,755			335,591,857			737,954,999		151,985,244



	—			5,429,811		—			150,087			2,347,572		—
	200,000			—		—			—			—		2,944,826
	—			—		—			—			—		—
	13,219			—		106,368			212,824			—		—
	—			—		—			—			—		—
	63,629			747,587		129,582			117,886			252,089		95,052
	592,850			331,608		—			9,235,614			5,887,149		5,968,219
	—			—		—			—			—		—
	4,490			93,046		9,332			9,507			35,431		7,138
	—			—		2,286			41,647			—		—

	27,493			51,497		17,265			17,712			21,821		11,911
	—			—		—			—			—		—
	125,863			319,587		117,248			198,896			255,466		108,025
	1,027,544			6,973,136		382,081			9,984,173			8,799,528		9,135,171
$	78,121,301		$	2,175,818,058	$	202,452,674		$	325,607,684		$	729,155,471	$	142,850,073

$	105,548,309		$	2,008,044,954	$	226,506,459		$	341,610,914		$	667,690,116	$	215,032,753
	(27,427,008	)		167,773,104		(24,053,785	)		(16,003,230	)		61,465,355		(72,182,680	)
$	78,121,301		$	2,175,818,058	$	202,452,674		$	325,607,684		$	729,155,471	$	142,850,073

$	92,712,578	$	2,013,159,917	$	209,980,144	$	351,459,731	$	696,110,622	$	196,739,405
$	902,002	$	1,085,047	$	383,212	$	874,473	$	972,931	$	211,229
$	1,176,430	$	11,843,615	$	—	$	18,409,008	$	14,912,386	$	5,846,172
$	1,251	$	173	$	578	$	528,944	$	50,529	$	—

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

107

MassMutual Funds – Financial Statements (Continued)

Statements of Assets and Liabilities
September 30, 2023

	MM Equity Asset Fund		MassMutual Select T. Rowe Price Bond Asset Fund
Class I shares:
Net assets	$	282,976,515	$	593,578,711
Shares outstanding ^(a)		38,151,310		71,943,758
Net asset value, offering price and redemption price per share	$	7.42	$	8.25

(a)	Authorized unlimited number of shares with no par value.

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

108

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

$	78,121,301	$	2,175,818,058	$	202,452,674	$	325,607,684	$	729,155,471	$	142,850,073
	10,743,553		177,914,647		22,272,095		30,447,170		62,893,903		29,715,077
$	7.27	$	12.23	$	9.09	$	10.69	$	11.59	$	4.81

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

109

MassMutual Funds – Financial Statements (Continued)

Statements of Operations
For the Year Ended September 30, 2023

	MM Equity Asset Fund		MassMutual Select T. Rowe Price Bond Asset Fund
Investment income (Note 2):
Dividends ^(a)	$	4,959,183	$	—
Interest ^(b)		48,737		20,945,113
Securities lending net income		1,363		32,919
Total investment income		5,009,283		20,978,032
Expenses (Note 3):
Investment advisory fees		585,712		—
Custody fees		106,438		292,948
Audit and tax fees		56,849		74,524
Legal fees		14,416		24,663
Proxy fees		1,748		1,748
Accounting & Administration fees		19,628		118,020
Shareholder reporting fees		96,524		49,857
Trustees’ fees		26,370		43,764
Registration and filing fees		21		35
Transfer agent fees		2,980		2,980
Total expenses		910,686		608,539
Expenses waived (Note 3):
Class I fees reimbursed by adviser		—		(608,539	)
Net expenses:		910,686		—
Net investment income (loss)		4,098,597		20,978,032
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		34,108,569		(33,833,215	)
Futures contracts		177,681		(5,306,902	)
Written options		—		62,717
Swap agreements		—		(777,707	)
Foreign currency transactions		10,140		474,418
Forward contracts		—		(2,561,541	)
Net realized gain (loss)		34,296,390		(41,942,230	)
Net change in unrealized appreciation (depreciation) on:
Investment transactions		31,211,199		28,477,769	*
Futures contracts		242,502		2,726,966
Swap agreements		—		492,806
Translation of assets and liabilities in foreign currencies		10,680		223,773
Forward contracts		—		(1,955,743	)
Net change in unrealized appreciation (depreciation)		31,464,381		29,965,571
Net realized gain (loss) and change in unrealized appreciation (depreciation)		65,760,771		(11,976,659	)
Net increase (decrease) in net assets resulting from operations	$	69,859,368	$	9,001,373

^(a)	Net of foreign withholding tax of:	$	8,904	$	—
^(b)	Net of foreign withholding tax of:	$	—	$	13,862
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	(1,529	)

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

110

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

$	—		$	28,007,378		$	—		$	7,386,125		$	8,127,432		$	—
	5,873,767			1,188,065			7,465,120			439,448			1,290,224			4,648,765
	4,567			95,855			11,867			67,337			91,449			20,930
	5,878,334			29,291,298			7,476,987			7,892,910			9,509,105			4,669,695

	—			—			—			—			—			—
	68,120			244,276			65,291			184,112			233,591			53,755
	69,280			55,723			55,955			62,423			50,983			54,574
	3,027			93,410			8,716			5,635			32,203			5,935
	1,748			1,748			1,748			1,748			1,748			1,748
	31,480			54,005			18,516			20,565			23,030			16,239
	23,336			91,875			30,101			26,604			46,147			26,419
	6,280			166,345			14,836			20,232			56,863			11,739
	—			—			—			—			—			9
	2,980			2,980			2,980			2,979			2,980			2,980
	206,251			710,362			198,143			324,298			447,545			173,398

	(206,251	)		(710,362	)		(198,143	)		(324,298	)		(447,545	)		(173,398	)
	—			—			—			—			—			—
	5,878,334			29,291,298			7,476,987			7,892,910			9,509,105			4,669,695


	(6,205,861	)		17,410,537			(8,240,900	)		(226,899	)		22,353,871			(14,555,832	)
	(396,161	)		—			(1,394,710	)		1,297,213			—			(1,613,242	)
	—			—			(80,913	)		—			—			(158,748	)
	(1,853	)		—			3,209,726			(581,918	)		—			—
	7,586			44,126			40			(50,848	)		(2,015	)		—
	(295,934	)		—			(26,796	)		(638,536	)		—			—
	(6,892,223	)		17,454,663			(6,533,553	)		(200,988	)		22,351,856			(16,327,822	)

	11,293,664	*		358,010,570			5,944,763			13,145,405	*		58,222,505			(4,792,868	)
	(257,505	)		—			(300,814	)		(267,272	)		—			133,368
	4,062			—			(3,024,005	)		266,488			—			—
	12,290			(20,125	)		3,250			(54	)		5,301			—
	(13,227	)		—			8,266			51,330			—			—
	11,039,284			357,990,445			2,631,460			13,195,897			58,227,806			(4,659,500	)
	4,147,061			375,445,108			(3,902,093	)		12,994,909			80,579,662			(20,987,322	)
$	10,025,395		$	404,736,406		$	3,574,894		$	20,887,819		$	90,088,767		$	(16,317,627	)

$	—		$	142,477	$	—	$	344,430		$	53,224	$	—
$	3,774		$	—	$	—	$	—		$	—	$	—
$	(1,108	)	$	—	$	—	$	(7,730	)	$	—	$	—

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

111

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MM Equity Asset Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,098,597		$	4,586,586
Net realized gain (loss)		34,296,390			43,286,587
Net change in unrealized appreciation (depreciation)		31,464,381			(97,241,742	)
Net increase (decrease) in net assets resulting from operations		69,859,368			(49,368,569	)
Distributions to shareholders (Note 2):
Class I		(45,772,541	)		(81,089,970	)
Total distributions		(45,772,541	)		(81,089,970	)
Net fund share transactions (Note 5):
Class I		(44,384,621	)		35,923,057
Increase (decrease) in net assets from fund share transactions		(44,384,621	)		35,923,057
Total increase (decrease) in net assets		(20,297,794	)		(94,535,482	)
Net assets
Beginning of year		303,274,309			397,809,791
End of year	$	282,976,515		$	303,274,309

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

112

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
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	20,978,032		$	15,245,753		$	5,878,334		$	4,894,856		$	29,291,298		$	25,135,661
	(41,942,230	)		(29,819,262	)		(6,892,223	)		(6,364,698	)		17,454,663			187,695,455
	29,965,571			(90,135,324	)		11,039,284			(25,272,279	)		357,990,445			(755,270,742	)
	9,001,373			(104,708,833	)		10,025,395			(26,742,121	)		404,736,406			(542,439,626	)

	(34,514,988	)		(25,803,449	)		(4,937,874	)		(5,878,302	)		(210,457,886	)		(407,155,724	)
	(34,514,988	)		(25,803,449	)		(4,937,874	)		(5,878,302	)		(210,457,886	)		(407,155,724	)

	60,601,578			(125,107,682	)		(2,859,044	)		1,336,110			127,679,067			493,829,914
	60,601,578			(125,107,682	)		(2,859,044	)		1,336,110			127,679,067			493,829,914
	35,087,963			(255,619,964	)		2,228,477			(31,284,313	)		321,957,587			(455,765,436	)

	558,490,748			814,110,712			75,892,824			107,177,137			1,853,860,471			2,309,625,907
$	593,578,711		$	558,490,748		$	78,121,301		$	75,892,824		$	2,175,818,058		$	1,853,860,471

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

113

MassMutual Funds – Financial Statements (Continued)

Statements of Changes in Net Assets

	MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
	Year Ended September 30, 2023			Year Ended September 30, 2022
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	7,476,987		$	15,836,991
Net realized gain (loss)		(6,533,553	)		(9,686,739	)
Net change in unrealized appreciation (depreciation)		2,631,460			(16,445,298	)
Net increase (decrease) in net assets resulting from operations		3,574,894			(10,295,046	)
Distributions to shareholders (Note 2):
Class I		(17,684,326	)		(18,493,933	)
Total distributions		(17,684,326	)		(18,493,933	)
Net fund share transactions (Note 5):
Class I		26,665,068			(54,174,044	)
Increase (decrease) in net assets from fund share transactions		26,665,068			(54,174,044	)
Total increase (decrease) in net assets		12,555,636			(82,963,023	)
Net assets
Beginning of year		189,897,038			272,860,061
End of year	$	202,452,674		$	189,897,038

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

114

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
Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2023			Year Ended September 30, 2022


$	7,892,910		$	7,817,955		$	9,509,105		$	8,597,894		$	4,669,695		$	2,919,573
	(200,988	)		8,209,276			22,351,856			52,148,746			(16,327,822	)		(2,780,390	)
	13,195,897			(51,130,281	)		58,227,806			(250,133,271	)		(4,659,500	)		(41,812,054	)
	20,887,819			(35,103,050	)		90,088,767			(189,386,631	)		(16,317,627	)		(41,672,871	)

	(18,111,194	)		(14,576,042	)		(53,463,266	)		(120,935,066	)		(3,256,582	)		(1,934,574	)
	(18,111,194	)		(14,576,042	)		(53,463,266	)		(120,935,066	)		(3,256,582	)		(1,934,574	)

	112,491,659			97,651,890			26,590,565			65,387,523			35,715,533			61,065,313
	112,491,659			97,651,890			26,590,565			65,387,523			35,715,533			61,065,313
	115,268,284			47,972,798			63,216,066			(244,934,174	)		16,141,324			17,457,868

	210,339,400			162,366,602			665,939,405			910,873,579			126,708,749			109,250,881
$	325,607,684		$	210,339,400		$	729,155,471		$	665,939,405		$	142,850,073		$	126,708,749

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

115

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	7.00	$	0.09	$	1.39		$	1.48		$	(0.10	)	$	(0.96	)	$	(1.06	)	$	7.42		22.81	%	$	282,977		0.28	%		N/A			1.26	%
9/30/22		10.12		0.10		(1.05	)		(0.95	)		(0.13	)		(2.04	)		(2.17	)		7.00		(14.16	%)		303,274		0.23	%		N/A			1.20	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	27%	39%	29%	60%	49%

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.

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.

116

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	8.63	$	0.31	$	(0.15	)	$	0.16		$	(0.54	)	$	—		$	(0.54	)	$	8.25		1.75	%	$	593,579		0.11	%		0.00	%		3.70	%
9/30/22		10.43		0.21		(1.67	)		(1.46	)		(0.31	)		(0.03	)		(0.34	)		8.63		(14.50	%)		558,491		0.08	%		0.00	%		2.19	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	265%	290%	255%	157%	287%

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.

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

117

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	6.81	$	0.53	$	0.38		$	0.91		$	(0.45	)	$	—	$	(0.45	)	$	7.27		13.45	%	$	78,121		0.25	%		0.00	%		7.27	%
9/30/22		9.73		0.44		(2.82	)		(2.38	)		(0.54	)		—		(0.54	)		6.81		(25.84	%)		75,893		0.19	%		0.00	%		5.29	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	28%	37%	49%	56%	39%

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.

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

118

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	11.23	$	0.16	$	2.11		$	2.27		$	(0.10	)	$	(1.17	)	$	(1.27	)	$	12.23		21.41	%	$	2,175,818		0.03	%		0.00	%		1.37	%
9/30/22		17.43		0.16		(3.36	)		(3.20	)		(0.15	)		(2.85	)		(3.00	)		11.23		(22.96	%)		1,853,860		0.02	%		0.00	%		1.13	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	73%	121%	65%	90%	67%

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.

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

119

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	9.85	$	0.36	$	(0.18	)	$	0.18		$	(0.94	)	$	—		$	(0.94	)	$	9.09		1.86	%	$	202,453		0.10	%		0.00	%		3.88	%
9/30/22		11.02		0.63		(1.13	)		(0.50	)		(0.53	)		(0.14	)		(0.67	)		9.85		(4.82	%)		189,897		0.07	%		0.00	%		5.97	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	153%	176%	193%	156%	135%

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.

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

120

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	10.34	$	0.34	$	0.90		$	1.24		$	(0.33	)	$	(0.56	)	$	(0.89	)	$	10.69		11.61	%	$	325,608		0.13	%		0.00	%		3.09	%
9/30/22		12.85		0.49		(1.86	)		(1.37	)		(0.36	)		(0.78	)		(1.14	)		10.34		(12.24	%)		210,339		0.09	%		0.00	%		3.93	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	61%	43%	57%	32%	40%

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.

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

121

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	11.01	$	0.15	$	1.32		$	1.47		$	(0.10	)	$	(0.79	)	$	(0.89	)	$	11.59		13.50	%	$	729,155		0.06	%		0.00	%		1.29	%
9/30/22		16.20		0.14		(3.18	)		(3.04	)		(0.16	)		(1.99	)		(2.15	)		11.01		(21.64	%)		665,939		0.03	%		0.00	%		1.04	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	39%	34%	28%	41%	33%

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.

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

122

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 return^l,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 waivers^j			Net investment income (loss) to average daily net assets
Class I
9/30/23	$	5.47	$	0.18	$	(0.71	)	$	(0.53	)	$	(0.13	)	$	—		$	(0.13	)	$	4.81		(9.99	%)	$	142,850		0.12	%		0.00	%		3.29	%
9/30/22		7.62		0.15		(2.17	)		(2.02	)		(0.13	)		—			(0.13	)		5.47		(26.97	%)		126,709		0.11	%		0.00	%		2.29	%
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	%

	Year ended September 30
	2023	2022	2021	2020	2019
Portfolio turnover rate	123%	102%	116%	206%	155%

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.

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

123

Notes to Financial Statements

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 Trust consists of 53 series, including the following eight series listed below (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

Investment Valuation

124

Notes to Financial Statements (Continued)

125

Notes to Financial Statements (Continued)

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)

126

Notes to Financial Statements (Continued)

The following is the aggregate value by input level, as of September 30, 2023, for the Funds’ investments:

	Level 1			Level 2			Level 3			Total
Equity Asset Fund
Asset Investments
Common Stock	$	277,756,744		$	2,534	*	$	—		$	277,759,278
Rights		—			—			—	⁺		—
Short-Term Investments		—			4,878,721			—			4,878,721
Total Investments	$	277,756,744		$	4,881,255		$	—		$	282,637,999
Liability Derivatives
Futures Contracts	$	(181,464	)	$	—		$	—		$	(181,464	)

MM Select T. Rowe Price Bond Asset Fund
Asset Investments
Bank Loans	$	—		$	5,391,169		$	—		$	5,391,169
Corporate Debt		—			139,588,806			—			139,588,806
Municipal Obligations		—			362,205			—			362,205
Non-U.S. Government Agency Obligations		—			37,105,200			—			37,105,200
Sovereign Debt Obligations		—			104,437,680			—			104,437,680
U.S. Government Agency Obligations and Instrumentalities		—			135,158,766			—			135,158,766
U.S. Treasury Obligations		—			143,557,156			—			143,557,156
Short-Term Investments		38,112,800			10,006,169			—			48,118,969
Total Investments	$	38,112,800		$	575,607,151		$	—		$	613,719,951
Asset Derivatives
Forward Contracts	$	—		$	6,370,416		$	—		$	6,370,416
Futures Contracts		970,241			—			—			970,241
Swap Agreements		—			811,973			—			811,973
Total	$	970,241		$	7,182,389		$	—		$	8,152,630
Liability Derivatives
Forward Contracts	$	—		$	(705,870	)	$	—		$	(705,870	)
Futures Contracts		(670,489	)		—			—			(670,489	)
Swap Agreements		—			(1,324,508	)		—			(1,324,508	)
Total	$	(670,489	)	$	(2,030,378	)	$	—		$	(2,700,867	)

MM Select T. Rowe Price Emerging Markets Bond Fund
Asset Investments
Corporate Debt	$	—		$	21,418,386		$	—		$	21,418,386
Sovereign Debt Obligations		—			54,387,030			—			54,387,030
Short-Term Investments		594,767			902,002			—			1,496,769
Total Investments	$	594,767		$	76,707,418		$	—		$	77,302,185
Asset Derivatives
Forward Contracts	$	—		$	156,097		$	—		$	156,097
Futures Contracts		14,864			—			—			14,864
Total	$	14,864		$	156,097		$	—		$	170,961
Liability Derivatives
Forward Contracts	$	—		$	(13,219	)	$	—		$	(13,219	)
Futures Contracts		(197,905	)		—			—			(197,905	)
Total	$	(197,905	)	$	(13,219	)	$	—		$	(211,124	)

127

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3		Total
MM Select T. Rowe Price Large Cap Blend Fund
Asset Investments
Common Stock	$	2,132,543,550		$	9,752,568	*	$	4,044,951	$	2,146,341,069
Preferred Stock		—			7,423,518	*		6,097,888		13,521,406
Short-Term Investments		14,531,229			1,085,047			—		15,616,276
Total Investments	$	2,147,074,779		$	18,261,133		$	10,142,839	$	2,175,478,751

MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Asset Investments
Corporate Debt	$	—		$	504,335		$	—	$	504,335
Municipal Obligations		—			763,727			—		763,727
Non-U.S. Government Agency Obligations		—			113,701			—		113,701
U.S. Government Agency Obligations and Instrumentalities		—			285,752			—		285,752
U.S. Treasury Obligations		—			200,108,117			—		200,108,117
Short-Term Investments		816			383,212			—		384,028
Total Investments	$	816		$	202,158,844		$	—	$	202,159,660
Asset Derivatives
Forward Contracts	$	—		$	101,702		$	—	$	101,702
Futures Contracts		150,833			—			—		150,833
Swap Agreements		—			296,569			—		296,569
Total	$	150,833		$	398,271		$	—	$	549,104
Liability Derivatives
Forward Contracts	$	—		$	(106,368	)	$	—	$	(106,368	)
Futures Contracts		(73,972	)		—			—		(73,972	)
Swap Agreements		—			(7,399	)		—		(7,399	)
Total	$	(73,972	)	$	(113,767	)	$	—	$	(187,739	)

MM Select T. Rowe Price Real Assets Fund
Asset Investments
Common Stock*
Australia	$	—		$	31,809,753		$	—	$	31,809,753
Austria		—			1,421,718			—		1,421,718
Belgium		—			1,486,015			—		1,486,015
Bosnia and Herzegowina		—			559,957			—		559,957
Brazil		6,426,818			—			—		6,426,818
Burkina Faso		1,510,926			—			—		1,510,926
Canada		33,234,287			—			—		33,234,287
Chile		524,798			514,239			—		1,039,037
China		—			523,890			—		523,890
France		—			4,606,585			—		4,606,585
Germany		—			1,544,326			—		1,544,326
Ghana		1,134,173			—			—		1,134,173
Hong Kong		—			2,323,801			—		2,323,801
India		—			545,776			—		545,776
Japan		—			8,653,069			—		8,653,069
Luxembourg		—			1,080,002			—		1,080,002
Mexico		3,177,596			—			—		3,177,596
Netherlands		—			3,331,150			—		3,331,150
Norway		538,286			3,147,339			—		3,685,625
Portugal		—			1,057,838			—		1,057,838
Republic of Korea		—			418,488			—		418,488

128

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3			Total
MM Select T. Rowe Price Real Assets Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Russia	$	—		$	—		$	—	⁺	$	—
Singapore		—			1,380,672			—			1,380,672
South Africa		—			6,631,463			—			6,631,463
Spain		—			365,656			—			365,656
Sweden		—			3,114,613			—			3,114,613
United Kingdom		4,674,898			3,789,199			—			8,464,097
United States		172,113,111			1,382,794			—			173,495,905
Vietnam		2,002,717			—			—			2,002,717
Zambia		3,738,884			—			—			3,738,884
Preferred Stock
United States		—			—			1,674,237			1,674,237
Mutual Funds		3,417,382			—			—			3,417,382
Short-Term Investments		16,970,387			2,477,463			—			19,447,850
Total Investments	$	249,464,263		$	82,165,806		$	1,674,237		$	333,304,306
Asset Derivatives
Forward Contracts	$	—		$	70,282		$	—		$	70,282
Futures Contracts		77,349			—			—			77,349
Total	$	77,349		$	70,282		$	—		$	147,631
Liability Derivatives
Forward Contracts	$	—		$	(212,824	)	$	—		$	(212,824	)
Futures Contracts		(225,940	)		—			—			(225,940	)
Swap Agreements		—			(8,251	)		—			(8,251	)
Total	$	(225,940	)	$	(221,075	)	$	—		$	(447,015	)

MM Select T. Rowe Price Small and Mid Cap Blend Fund
Asset Investments
Common Stock	$	685,866,672		$	12,278,992	*	$	1,156,908		$	699,302,572
Preferred Stock		—			876,503	*		9,135,841			10,012,344
Corporate Debt		—			94,492			—			94,492
Warrants		835			—			11,779			12,614
Short-Term Investments		25,515,658			972,931			—			26,488,589
Total Investments	$	711,383,165		$	14,222,918		$	10,304,528		$	735,910,611

MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Asset Investments
U.S. Government Agency Obligations and Instrumentalities	$	—		$	306,443		$	—		$	306,443
U.S. Treasury Obligations		—			141,269,045			—			141,269,045
Short-Term Investments		5,976,062			211,229			—			6,187,291
Total Investments	$	5,976,062		$	141,786,717		$	—		$	147,762,779
Asset Derivatives
Futures Contracts	$	15,564		$	—		$	—		$	15,564
Liability Derivatives
Futures Contracts	$	(54,599	)	$	—		$	—		$	(54,599	)

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

+	Represents a security at $0 value as of September 30, 2023.

129

Notes to Financial Statements (Continued)

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and cash collateral pledged for open derivatives, as well as any applicable liabilities for investments purchased on a delayed delivery basis, cash collateral held for open derivatives, and cash collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of September 30, 2023.

The Funds had no Level 3 transfers during the year ended September 30, 2023.

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 9/30/22		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 9/30/23		Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 9/30/23
MM Select T. Rowe Price Small and Mid Cap Blend Fund
Common Stock	$	1,767,594	$	—	$	302,652		$	(610,275	)	$	376,370	$	(679,433	)	$	—	$	—	$	1,156,908	$	(372,801	)
Preferred Stock		15,270,575		—		(1,660	)		(4,493,169	)		336,048		(1,975,953	)		—		—		9,135,841		(2,979,614	)
Warrants		7,487		—		—			(159	)		4,451		—			—		—		11,779		(159	)
Rights		28,892		—		28,870			(28,892	)		—		(28,870	)		—		—		—		—
	$	17,074,548	$	—	$	329,862		$	(5,132,495	)	$	716,869	$	(2,684,256	)	$	—	$	—	$	10,304,528	$	(3,352,574	)

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 designee. Valuations are reviewed by the valuation designee 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.

130

Notes to Financial Statements (Continued)

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	Range of Unobservable Inputs Utilized ^(a)			Weighted Average of Unobservable Inputs Based on Fair Value
MM Select T. Rowe Price Small and Mid Cap Blend Fund
Common Stock	$	1,156,908
			Market approach	Transaction price		$2.93 - $105.14	$38.81
				EV / Sales		1.7x - 9.8x	5.88x
				EV / GP		3.3x - 13.1x	8.68x

Preferred Stock	$	9,135,841	Market approach	Transaction price		$1.02 - $105.14	$51.05
				EV/ Sales		1x - 10.9x	5.78x
				EV/ GP		1.6x - 16.6x	8.77x
				Fully Diluted		20% - 65%	50.08%
				Discount		70%	—

Warrants	$	11,779	Black-Scholes option pricing model	Risk-free rate		2.5% - 4.6%	3.78%
				Volatility		28.6% - 39.1%	34.88%
				Years to Expiration		0.6 - 5	1.4
Total	$	10,304,528

(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

Abbreviation Legend

EV/ GP - financial ratio of comparable public companies’ enterprise value to gross profit; measures the value of a comparable company in terms of its gross profit for a given year

EV/ Sales - financial ratio of comparable public companies’ enterprise value to sales; measures the value of a comparable company in terms of its sales for a given year

Derivative Instruments

At September 30, 2023, and during the year 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
Liability Derivatives
Futures Contracts^^	$	—	$	(181,464	)	$	—	$	—	$	(181,464	)
Realized Gain (Loss)#
Futures Contracts	$	—	$	165,039		$	—	$	12,642	$	177,681
Change in Appreciation (Depreciation)##
Futures Contracts	$	—	$	242,502		$	—	$	—	$	242,502

131

Notes to Financial Statements (Continued)

	Credit Risk			Equity Risk		Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
MM Select T. Rowe Price Bond Asset Fund
Asset Derivatives
Forward Contracts*	$	—		$	—	$	6,370,416		$	—		$	6,370,416
Futures Contracts^^		—			—		—			970,241			970,241
Swap Agreements*		306,078			—		—			10,274			316,352
Swap Agreements^^^,^^^		198,115			—		—			297,506			495,621
Total Value	$	504,193		$	—	$	6,370,416		$	1,278,021		$	8,152,630
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(705,870	)	$	—		$	(705,870	)
Futures Contracts^^		—			—		—			(670,489	)		(670,489	)
Swap Agreements^		(4,511	)		—		—			—			(4,511	)
Swap Agreements^^^,^^^		(43,484	)		—		—			(1,276,513	)		(1,319,997	)
Total Value	$	(47,995	)	$	—	$	(705,870	)	$	(1,947,002	)	$	(2,700,867	)
Realized Gain (Loss)#
Purchased Options	$	—		$	—	$	(390,570	)	$	(75,851	)	$	(466,421	)
Forward Contracts		—			—		(2,561,541	)		—			(2,561,541	)
Futures Contracts		—			—		—			(5,306,902	)		(5,306,902	)
Swap Agreements		(158,150	)		—		—			(619,557	)		(777,707	)
Written Options		—			—		20,095			42,622			62,717
Total Realized Gain (Loss)	$	(158,150	)	$	—	$	(2,932,016	)	$	(5,959,688	)	$	(9,049,854	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—	$	(1,955,743	)	$	—		$	(1,955,743	)
Futures Contracts		—			—		—			2,726,966			2,726,966
Swap Agreements		133,363			—		—			359,443			492,806
Total Change in Appreciation (Depreciation)	$	133,363		$	—	$	(1,955,743	)	$	3,086,409		$	1,264,029

MM Select T. Rowe Price Emerging Markets Bond Fund
Asset Derivatives
Forward Contracts*	$	—		$	—	$	156,097		$	—		$	156,097
Futures Contracts^^		—			—		—			14,864			14,864
Total Value	$	—		$	—	$	156,097		$	14,864		$	170,961
Liability Derivatives
Forward Contracts^	$	—		$	—	$	(13,219	)	$	—		$	(13,219	)
Futures Contracts^^		—			—		—			(197,905	)		(197,905	)
Total Value	$	—		$	—	$	(13,219	)	$	(197,905	)	$	(211,124	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	—	$	(295,934	)	$	—		$	(295,934	)
Futures Contracts		—			—		—			(396,161	)		(396,161	)
Swap Agreements		(1,853	)		—		—			—			(1,853	)
Total Realized Gain (Loss)	$	(1,853	)	$	—	$	(295,934	)	$	(396,161	)	$	(693,948	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	—	$	(13,227	)	$	—		$	(13,227	)
Futures Contracts		—			—		—			(257,505	)		(257,505	)
Swap Agreements		4,062			—		—			—			4,062
Total Change in Appreciation (Depreciation)	$	4,062		$	—	$	(13,227	)	$	(257,505	)	$	(266,670	)

132

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	101,702		$	—		$	101,702
Futures Contracts^^		—		—			—			150,833			150,833
Swap Agreements^^^,^^^		—		—			—			296,569			296,569
Total Value	$	—	$	—		$	101,702		$	447,402		$	549,104
Liability Derivatives
Forward Contracts^	$	—	$	—		$	(106,368	)	$	—		$	(106,368	)
Futures Contracts^^		—		—			—			(73,972	)		(73,972	)
Swap Agreements^^^,^^^		—		—			—			(7,399	)		(7,399	)
Total Value	$	—	$	—		$	(106,368	)	$	(81,371	)	$	(187,739	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	—		$	(20,912	)	$	(20,912	)
Forward Contracts		—		—			(26,796	)		—			(26,796	)
Futures Contracts		—		—			—			(1,394,710	)		(1,394,710	)
Swap Agreements		2,462		—			—			3,207,264			3,209,726
Written Options		—		—			—			(80,913	)		(80,913	)
Total Realized Gain (Loss)	$	2,462	$	—		$	(26,796	)	$	1,710,729		$	1,686,395
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—		$	—		$	10,818		$	10,818
Forward Contracts		—		—			8,266			—			8,266
Futures Contracts		—		—			—			(300,814	)		(300,814	)
Swap Agreements		—		—			—			(3,024,005	)		(3,024,005	)
Total Change in Appreciation (Depreciation)	$	—	$	—		$	8,266		$	(3,314,001	)	$	(3,305,735	)

MM Select T. Rowe Price Real Assets Fund
Asset Derivatives
Forward Contracts*	$	—	$	—		$	70,282		$	—		$	70,282
Futures Contracts^^		—		18,221			—			59,128			77,349
Total Value	$	—	$	18,221		$	70,282		$	59,128		$	147,631
Liability Derivatives
Forward Contracts^	$	—	$	—		$	(212,824	)	$	—		$	(212,824	)
Futures Contracts^^		—		(225,940	)		—			—			(225,940	)
Swap Agreements^^^,^^^		—		—			—			(8,251	)		(8,251	)
Total Value	$	—	$	(225,940	)	$	(212,824	)	$	(8,251	)	$	(447,015	)
Realized Gain (Loss)#
Purchased Options	$	—	$	(339,928	)	$	—		$	—		$	(339,928	)
Forward Contracts		—		—			(638,536	)		—			(638,536	)
Futures Contracts		—		964,294			—			332,919			1,297,213
Swap Agreements		—		(591,017	)		—			9,099			(581,918	)
Total Realized Gain (Loss)	$	—	$	33,349		$	(638,536	)	$	342,018		$	(263,169	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	—		$	51,330		$	—		$	51,330
Futures Contracts		—		(198,895	)		—			(68,377	)		(267,272	)
Swap Agreements		—		274,739			—			(8,251	)		266,488
Total Change in Appreciation (Depreciation)	$	—	$	75,844		$	51,330		$	(76,628	)	$	50,546

133

Notes to Financial Statements (Continued)

	Credit Risk		Equity Risk		Foreign Exchange Risk		Interest/ Inflation Rate Risk			Total
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Asset Derivatives
Futures Contracts^^	$	—	$	—	$	—	$	15,564		$	15,564
Liability Derivatives
Futures Contracts^^	$	—	$	—	$	—	$	(54,599	)	$	(54,599	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—	$	—	$	(14,442	)	$	(14,442	)
Futures Contracts		—		—		—		(1,613,242	)		(1,613,242	)
Written Options		—		—		—		(158,748	)		(158,748	)
Total Realized Gain (Loss)	$	—	$	—	$	—	$	(1,786,432	)	$	(1,786,432	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—	$	—	$	7,296		$	7,296
Futures Contracts		—		—		—		133,368			133,368
Total Change in Appreciation (Depreciation)	$	—	$	—	$	—	$	140,664		$	140,664

*	Statements of Assets and Liabilities location: Receivables from: open forward contracts or open swap agreements, at value, as applicable.

^	Statements of Assets and Liabilities location: Payables for: open forward contracts or open swap agreements, at value, as applicable.

^^^

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, or swap agreements, as applicable.

For the year ended September 30, 2023, the average number of contracts, notional amounts, or shares/units outstanding for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units †
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Equity Asset Fund		19	$	—	$	—		—		—
MM Select T. Rowe Price Bond Asset Fund		1,092		223,010,621		803,030,667		13,546,182		4,432,500
MM Select T. Rowe Price Emerging Markets Bond Fund		74		6,791,089		225,000		—		—
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		191		7,585,198		24,052,667		44		107
MM Select T. Rowe Price Real Assets Fund		177		18,881,047		3,959,909		1,779		—
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		129		—		—		34		81

†

134

Notes to Financial Statements (Continued)

illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of September 30, 2023. 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.

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.	$	350,395	$	(132,666	)	$	(217,729	)	$	—
Barclays Bank PLC		41,311		(41,311	)		—			—
BNP Paribas SA		2,618,122		(36,767	)		(2,581,355	)		—
Citibank N.A.		464,871		(75,852	)		(270,000	)		119,019
Deutsche Bank AG		140,277		(93,265	)		—			47,012
Goldman Sachs International		315,791		(29,256	)		(286,535	)		—
HSBC Bank USA		628,247		(26,704	)		(601,543	)		—
JP Morgan Chase Bank N.A.		58,613		(58,613	)		—			—
Morgan Stanley & Co. LLC		370,391		(15,782	)		(354,609	)		—
Royal Bank of Canada		82,966		(82,966	)		—			—
State Street Bank and Trust		980,400		(33,096	)		—			947,304
UBS AG		635,384		(28,470	)		(552,013	)		54,901
	$	6,686,768	$	(654,748	)	$	(4,863,784	)	$	1,168,236

T. Rowe Price Emerging Markets Bond Fund
Barclays Bank PLC	$	117	$	—		$	—		$	117
BNP Paribas SA		97,028		(3,108	)		—			93,920
Citibank N.A.		1,454		(1,454	)		—			—
Goldman Sachs International		11,815		(179	)		—			11,636
HSBC Bank USA		36,775		(172	)		—			36,603
Morgan Stanley & Co. LLC		3,551		—			—			3,551
UBS AG		5,357		(4,562	)		—			795
	$	156,097	$	(9,475	)	$	—		$	146,622

MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Bank of America N.A.	$	22,673	$	(22,673	)	$	—		$	—
BNP Paribas SA		4,622		—			—			4,622
Citibank N.A.		18,719		—			—			18,719
Deutsche Bank AG		4,410		—			—			4,410
Goldman Sachs International		18,469		(6,250	)		—			12,219
HSBC Bank USA		11,646		(4,509	)		—			7,137
Morgan Stanley & Co. LLC		9,618		(6,791	)		—			2,827
UBS AG		11,545		(4,568	)		—			6,977
	$	101,702	$	(44,791	)	$	—		$	56,911

MM Select T. Rowe Price Real Assets Fund
Bank of America N.A.	$	15,106	$	(2,108	)	$	—		$	12,998
HSBC Bank USA		46,039		(11,156	)		—			34,883
Morgan Stanley & Co. LLC		9,137		(9,137	)		—			—
	$	70,282	$	(22,401	)	$	—		$	47,881

135

Notes to Financial Statements (Continued)

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.	$	(132,666	)	$	132,666	$	—	$	—
Barclays Bank PLC		(52,115	)		41,311		—		(10,804	)
BNP Paribas SA		(36,767	)		36,767		—		—
Citibank N.A.		(75,852	)		75,852		—		—
Deutsche Bank AG		(93,265	)		93,265		—		—
Goldman Sachs International		(29,256	)		29,256		—		—
HSBC Bank USA		(26,704	)		26,704		—		—
JP Morgan Chase Bank N.A.		(72,286	)		58,613		—		(13,673	)
Morgan Stanley & Co. LLC		(15,782	)		15,782		—		—
Royal Bank of Canada		(114,122	)		82,966		—		(31,156	)
State Street Bank and Trust		(33,096	)		33,096		—		—
UBS AG		(28,470	)		28,470		—		—
	$	(710,381	)	$	654,748	$	—	$	(55,633	)

T. Rowe Price Emerging Markets Bond Fund
Bank of America N.A.	$	(1,491	)	$	—	$	—	$	(1,491	)
BNP Paribas SA		(3,108	)		3,108		—		—
Citibank N.A.		(3,707	)		1,454		—		(2,253	)
Goldman Sachs International		(179	)		179		—		—
HSBC Bank USA		(172	)		172		—		—
UBS AG		(4,562	)		4,562		—		—
	$	(13,219	)	$	9,475	$	—	$	(3,744	)

MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Bank of America N.A.	$	(75,637	)	$	22,673	$	—	$	(52,964	)
Goldman Sachs International		(6,250	)		6,250		—		—
HSBC Bank USA		(4,509	)		4,509		—		—
JP Morgan Chase Bank N.A.		(8,613	)		—		—		(8,613	)
Morgan Stanley & Co. LLC		(6,791	)		6,791		—		—
UBS AG		(4,568	)		4,568		—		—
	$	(106,368	)	$	44,791	$	—	$	(61,577	)

MM Select T. Rowe Price Real Assets Fund
Bank of America N.A.	$	(2,108	)	$	2,108	$	—	$	—
Barclays Bank PLC		(43,639	)		—		—		(43,639	)
Citibank N.A.		(56,624	)		—		—		(56,624	)
Deutsche Bank AG		(5,432	)		—		—		(5,432	)
HSBC Bank USA		(11,156	)		11,156		—		—
Morgan Stanley & Co. LLC		(54,048	)		9,137		—		(44,911	)
UBS AG		(39,817	)		—		—		(39,817	)
	$	(212,824	)	$	22,401	$	—	$	(190,423	)

*	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.

136

Notes to Financial Statements (Continued)

***	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.

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended September 30, 2023, are discussed below.

Foreign Currency Exchange Transactions

A Fund’s current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

137

Notes to Financial Statements (Continued)

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.

Swap Agreements

138

Notes to Financial Statements (Continued)

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.

Total Return Swaps. A 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. A 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. A 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 a 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. A 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).

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 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 a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

139

Notes to Financial Statements (Continued)

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.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

140

Notes to Financial Statements (Continued)

141

Notes to Financial Statements (Continued)

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

Bank Loans

142

Notes to Financial Statements (Continued)

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.

At September 30, 2023, the Funds had no unfunded bank loan commitments.

Repurchase Agreements

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

143

Notes to Financial Statements (Continued)

Dollar Roll Transactions

Securities Lending

144

Notes to Financial Statements (Continued)

Accounting for Investment Transactions

Foreign Currency Translation

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, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

Federal Income Tax

Dividends and Distributions to Shareholders

145

Notes to Financial Statements (Continued)

3.	Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

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.

****T. Rowe Price Hong Kong Limited 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 investment advisory fees.

146

Notes to Financial Statements (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) through January 31, 2024, 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

		Rebated Commissions
Equity Asset Fund		$	3,338

Deferred Compensation

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.

147

Notes to Financial Statements (Continued)

The following table shows beneficial ownership of Funds’ shares by related parties at September 30, 2023:

	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 year ended September 30, 2023, 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	$	—	$	86,503,312	$	—	$	172,272,241
MM Select T. Rowe Price Bond Asset Fund		1,265,194,801		188,662,451		1,196,675,960		229,545,741
MM Select T. Rowe Price Emerging Markets Bond Fund		—		21,246,057		—		23,061,551
MM Select T. Rowe Price Large Cap Blend Fund		—		1,541,794,862		—		1,535,943,598
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		302,797,252		4,526,991		262,360,988		25,295,760
MM Select T. Rowe Price Real Assets Fund		—		253,368,863		—		149,775,243
MM Select T. Rowe Price Small and Mid Cap Blend Fund		—		277,651,028		—		277,970,853
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		206,047,542		—		171,021,375		—

	Purchases		Sales		Realized Gains/(Losses)
MM Select T. Rowe Price Large Cap Blend Fund	$	—	$	7,177,129	$	3,311,048
MM Select T. Rowe Price Small and Mid Cap Blend Fund		225,453		381,798		(201,488	)

148

Notes to Financial Statements (Continued)

5.	Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended September 30, 2023						Year Ended September 30, 2022
	Shares			Amount			Shares			Amount
Equity Asset Fund Class I
Sold		9,717,513		$	69,221,978			12,826,056		$	108,281,336
Issued as reinvestment of dividends		6,811,390			45,772,541			9,040,131			81,089,970
Redeemed		(21,728,926	)		(159,379,140	)		(17,806,773	)		(153,448,249	)
Net increase (decrease)		(5,200,023	)	$	(44,384,621	)		4,059,414		$	35,923,057
MM Select T. Rowe Price Bond Asset Fund Class I
Sold		11,844,443		$	99,640,280			6,595,443		$	64,637,377
Issued as reinvestment of dividends		4,099,167			34,514,988			2,547,231			25,803,449
Redeemed		(8,725,147	)		(73,553,690	)		(22,469,805	)		(215,548,508	)
Net increase (decrease)		7,218,463		$	60,601,578			(13,327,131	)	$	(125,107,682	)
MM Select T. Rowe Price Emerging Markets Bond Fund Class I
Sold		630,727		$	4,598,556			2,286,899		$	18,445,413
Issued as reinvestment of dividends		683,916			4,937,874			650,255			5,878,302
Redeemed		(1,717,621	)		(12,395,474	)		(2,809,835	)		(22,987,605	)
Net increase (decrease)		(402,978	)	$	(2,859,044	)		127,319		$	1,336,110
MM Select T. Rowe Price Large Cap Blend Fund Class I
Sold		22,013,692		$	256,048,211			38,140,999		$	536,673,778
Issued as reinvestment of dividends		19,045,963			210,457,886			26,559,408			407,155,724
Redeemed		(28,160,886	)		(338,827,030	)		(32,177,412	)		(449,999,588	)
Net increase (decrease)		12,898,769		$	127,679,067			32,522,995		$	493,829,914
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund Class I
Sold		4,551,493		$	41,543,801			8,152,291		$	88,123,958
Issued as reinvestment of dividends		1,951,912			17,684,326			1,778,263			18,493,933
Redeemed		(3,508,591	)		(32,563,059	)		(15,414,432	)		(160,791,935	)
Net increase (decrease)		2,994,814		$	26,665,068			(5,483,878	)	$	(54,174,044	)
MM Select T. Rowe Price Real Assets Fund Class I
Sold		10,615,425		$	117,904,513			8,825,504		$	111,462,520
Issued as reinvestment of dividends		1,619,964			18,111,194			1,155,912			14,576,042
Redeemed		(2,120,879	)		(23,524,048	)		(2,286,948	)		(28,386,672	)
Net increase (decrease)		10,114,510		$	112,491,659			7,694,468		$	97,651,890
MM Select T. Rowe Price Small and Mid Cap Blend Fund Class I
Sold		6,008,005		$	70,412,645			8,963,149		$	120,798,855
Issued as reinvestment of dividends		4,698,002			53,463,266			8,589,138			120,935,066
Redeemed		(8,274,777	)		(97,285,346	)		(13,303,227	)		(176,346,398	)
Net increase (decrease)		2,431,230		$	26,590,565			4,249,060		$	65,387,523
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund Class I
Sold		9,224,298		$	49,900,413			13,442,628		$	92,251,410
Issued as reinvestment of dividends		577,408			3,256,582			248,980			1,934,574
Redeemed		(3,263,069	)		(17,441,462	)		(4,852,378	)		(33,120,671	)
Net increase (decrease)		6,538,637		$	35,715,533			8,839,230		$	61,065,313

149

Notes to Financial Statements (Continued)

6.	Federal Income Tax Information

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Equity Asset Fund	$	237,522,888	$	54,151,381	$	(9,217,735	)	$	44,933,646
MM Select T. Rowe Price Bond Asset Fund		676,697,489		577,517		(58,382,613	)		(57,805,096	)
MM Select T. Rowe Price Emerging Markets Bond Fund		93,968,356		1,107,065		(17,813,399	)		(16,706,334	)
MM Select T. Rowe Price Large Cap Blend Fund		2,046,902,800		190,200,075		(61,624,124	)		128,575,951
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		212,317,453		123		(9,796,551	)		(9,796,428	)
MM Select T. Rowe Price Real Assets Fund		356,871,401		11,915,611		(35,782,090	)		(23,866,479	)
MM Select T. Rowe Price Small and Mid Cap Blend Fund		705,524,832		97,508,195		(67,122,416	)		30,385,779
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		198,223,553		—		(50,499,809	)		(50,499,809	)

At September 30, 2023, the following Fund(s) had accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
MM Select T. Rowe Price Bond Asset Fund	$	32,937,432	$	49,303,334
MM Select T. Rowe Price Emerging Markets Bond Fund		3,342,945		10,943,860
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		7,167,343		13,043,201
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		5,332,833		20,748,479

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, 2023, was as follows:

	Ordinary Income		Long Term Capital Gain
Equity Asset Fund	$	4,443,157	$	41,329,384
MM Select T. Rowe Price Bond Asset Fund		34,514,988		—
MM Select T. Rowe Price Emerging Markets Bond Fund		4,937,874		—
MM Select T. Rowe Price Large Cap Blend Fund		16,054,012		194,403,874
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		17,684,326		—
MM Select T. Rowe Price Real Assets Fund		6,780,212		11,330,982
MM Select T. Rowe Price Small and Mid Cap Blend Fund		5,814,176		47,649,090
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		3,256,582		—

150

Notes to Financial Statements (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, 2022, was as follows:

	Ordinary Income		Long Term Capital Gain
Equity Asset Fund	$	15,272,413	$	65,817,557
MM Select T. Rowe Price Bond Asset Fund		24,045,723		1,757,726
MM Select T. Rowe Price Emerging Markets Bond Fund		5,878,302		—
MM Select T. Rowe Price Large Cap Blend Fund		140,955,247		266,200,477
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		15,969,168		2,524,765
MM Select T. Rowe Price Real Assets Fund		6,076,480		8,499,562
MM Select T. Rowe Price Small and Mid Cap Blend Fund		25,974,162		94,960,904
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		1,934,574		—

At September 30, 2023, 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	$	3,635,109	$	32,521,794		$	(31,046	)	$	44,922,767		$	81,048,624
MM Select T. Rowe Price Bond Asset Fund		7,135,159		(82,240,766	)		(14,806	)		(57,773,074	)		(132,893,487	)
MM Select T. Rowe Price Emerging Markets Bond Fund		3,560,864		(14,286,805	)		(2,221	)		(16,698,846	)		(27,427,008	)
MM Select T. Rowe Price Large Cap Blend Fund		29,201,466		10,027,514			(30,034	)		128,574,158			167,773,104
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		5,952,184		(20,210,544	)		(3,891	)		(9,791,534	)		(24,053,785	)
MM Select T. Rowe Price Real Assets Fund		5,796,213		2,131,002			(2,038	)		(23,928,407	)		(16,003,230	)
MM Select T. Rowe Price Small and Mid Cap Blend Fund		8,701,976		22,393,644			(14,281	)		30,384,016			61,465,355
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		4,401,434		(26,081,312	)		(2,993	)		(50,499,809	)		(72,182,680	)

151

Notes to Financial Statements (Continued)

During the year ended September 30, 2023, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments		Undistributed Net Investment Income (Loss)
Equity Asset Fund	$	4,508		$	33,663	$	(38,171	)
MM Select T. Rowe Price Bond Asset Fund		(11,833	)		9,891,276		(9,879,443	)
MM Select T. Rowe Price Emerging Markets Bond Fund		323			1,112,848		(1,113,171	)
MM Select T. Rowe Price Large Cap Blend Fund		4,361			89,385		(93,746	)
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund		565			153,213		(153,778	)
MM Select T. Rowe Price Real Assets Fund		11,580			1,047,703		(1,059,283	)
MM Select T. Rowe Price Small and Mid Cap Blend Fund		50,054			196,138		(246,192	)
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund		434			47,078		(47,512	)

7.	Indemnifications

8.	New Accounting Pronouncements

152

Notes to Financial Statements (Continued)

discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

9.	Coronavirus (COVID-19) Pandemic

10.

Russia-Ukraine War

153

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MassMutual Select Funds and Shareholders of MM Equity Asset Fund, 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, 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, and MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
November 21, 2023

We have served as the auditor of one or more MassMutual investment companies since 1995.

154

Trustees and Principal Officers (Unaudited)

Independent Trustees

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Year of birth: 1948	Trustee	Since 2003	Retired.	110	Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2003), MML Series Investment Fund (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company).
Nabil N. El-Hage Year of birth: 1958	Trustee	Since 2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC).	110	Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company).
Maria D. Furman Year of birth: 1954	Trustee	Since 2012	Retired.	110	Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).
R. Bradford Malt Year of birth: 1954	Trustee	Since 2022	Chairman (2004-2019), Management Committee (1993-2019), Partner (1987-2019), Associate (1979-1987), Ropes & Gray LLP (counsel to the Trust and MML Advisers).	110	Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

155

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
C. Ann Merrifield Year of birth: 1951	Trustee	Since 2012	Retired.	110	Director (since 2020), Lead Director (2020-2022), Chairperson (since 2020) of the Nominating and Governance Committee, Member (since 2020) and Chairperson (2020-2022) of the Compensation Committee, and Member (2020-2022) of the Audit Committee, Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Chairperson (since 2017), Lead Director (2015-2017), Member (since 2014) and Chairperson (since 2015) of the Nominating and Governance Committee, Member (since 2019) of the Compensation Committee, and Member (2014-2019) of the Audit Committee, InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company); Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company).
Cynthia R. Plouché Year of birth: 1957	Trustee	Since 2022	Retired; Assessor (2014-2018), Moraine Township (property assessment).	110	Trustee (since 2014), Northern Trust Funds (open-end investment companies); Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).
Jason J. Price Year of birth: 1973	Trustee	Since 2022	Co-Founder and Chairman of the Board (2017-2021), NXTHVN (arts organization).	110	Trustee (since 2022), MassMutual Premier Funds (open-end investment company); Trustee (since 2022), MassMutual Advantage Funds (open-end investment company); Trustee (since 2022), MML Series Investment Fund (open-end investment company); Trustee (since 2022), MML Series Investment Fund II (open-end investment company).

156

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Susan B. Sweeney

Year of birth: 1952

Chairperson

Trustee

Since

2022

Since
2009

Retired.

112^

Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Chairperson (since 2022), Trustee (since 2012), MassMutual Premier Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2021), MassMutual Advantage Funds (open-end investment company); Chairperson (since 2022), Trustee (since 2009), MML Series Investment Fund (open-end investment company); Chairperson (since 2022), Trustee (since 2012), MML Series Investment Fund II (open-end investment company).

Interested Trustees

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Paul LaPiana^^
Year of birth: 1969

Trustee

President

Since

2023

2021-

2023

Head of Brand, Product, and Affiliated Distribution (since 2023), Head of MassMutual U.S. Product (2019-2023), Head of Field Management (2016-2019), MassMutual.

110

Clifford M. Noreen^^^

Year of birth: 1957

Trustee

Since

2021

Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer and Managing Director (2016-2018), MassMutual.

112^

157

Trustees and Principal Officers (Unaudited) (Continued)

Principal Officers

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Andrea Anastasio Year of birth: 1974	President Vice President	Since 2023 2021- 2023	President (since 2023), Vice President (2021-2023), MML Advisers; Head of Investment Management Solutions (since 2021), MassMutual; Head of Investment Strategy and Research, North America (2019-2021), Head of Investment Product Management (2016-2019), State Street Global Advisors; President (since 2023), Vice President (2021-2023), MassMutual Premier Funds (open-end investment company); President (since 2023), Vice President (2021-2023), MassMutual Advantage Funds (open-end investment company); President (since 2023), Vice President (2021-2023), MML Series Investment Fund (open-end investment company); President (since 2023), Vice President (2021-2023), MML Series Investment Fund II (open-end investment company).	110
Andrew M. Goldberg Year of birth: 1966	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MML Series Investment Fund (open-end investment company); Vice President, Secretary (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company).	110
Renee Hitchcock Year of birth: 1970	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2021), MassMutual Advantage Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company).	110
Jill Nareau Robert Year of birth: 1972	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company); Vice President and Assistant Secretary (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MML Series Investment Fund (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company).	110

158

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office# and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Officer

Douglas Steele

Year of birth: 1975

Vice President

Since

2016

Head of Product Management (since 2021), Vice President (since 2017), Head of Manager Research (2021), Head of Investment Management (2017-2021), MML Advisers; Head of Product Management (since 2021), Head of Manager Research (2021), Head of Investment Management (2017-2021), MassMutual; Vice President (since 2016), MassMutual Premier Funds (open-end investment company); Vice President (since 2021), MassMutual Advantage Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company).

110

Philip S. Wellman

Year of birth: 1964

Vice President and Chief Compliance Officer

Since

2007

110

*	The address of each Trustee and Principal Officer is the same as that for the Trust; 1295 State Street, Springfield, Massachusetts 01111-0001.

^	Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^	Mr. LaPiana is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^	Mr. Noreen is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

159

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended September 30, 2023, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
Equity Asset Fund		97.43	%
MM Select T. Rowe Price Bond Asset Fund		0.04	%
MM Select T. Rowe Price Large Cap Blend Fund		81.87	%
MM Select T. Rowe Price Real Assets Fund		21.35	%
MM Select T. Rowe Price Small and Mid Cap Blend Fund		77.49	%

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

160

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.

Quarterly Reporting

Trustees’ Approval of Investment Advisory Contracts

161

Other Information (Unaudited) (Continued)

The Committee considered that the total net expense ratios for all of the Funds were in the 1st comparative percentile of their peer groups, and that each Fund had net advisory fees in the first comparative percentile of their peer groups, except for the Equity Asset Fund which had a net advisory fee in the top comparative decile of its peer group. The Committee determined on the basis of these factors that the levels of the Funds’ net advisory fees, in light of the total net expenses of the Funds generally, were consistent with the continuation of the Contracts.

As to each Fund other than the MM Select T. Rowe Price Real Assets Fund, the Committee considered that each of the Funds had achieved three-year investment performance at or above the medians of their performance categories, or within the top sixty percent of their performance categories.

As to the MM Select T. Rowe Price Real Assets Fund, the Committee noted MML Advisers’ view that the Fund’s underperformance over the three-year period was due to a differentiated product design as compared to its performance category peers, with a broad exposure across different categories of real assets, including an overweight to real estate, and an underweight to energy and materials, which contributed substantially to the Fund’s underperformance to peer funds. The Committee noted MML Advisers’ statement that the subadviser to the MassMutual Select T. Rowe Price Retirement Funds, for which the Fund serves as an underlying fund, considers the Fund’s broad diversification among categories to be a desirable characteristic.

The Committee determined on the basis of these factors and on other factors and information considered by the Committee that the Funds’ performance, for the various periods presented, were generally consistent with the continuation of the Contracts.

162

Other Information (Unaudited) (Continued)

proposed in respect of the underperformance of a Fund are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

Also at their meeting in June 2023, the Trustees, including the Independent Trustees, reviewed and approved a proposal to make a change to the existing subadvisory agreement with T. Rowe Price Associates, Inc. (“T. Rowe Price”) for the MM Select T. Rowe Price Emerging Markets Bond Fund (the “Fund” and the “Subadvisory Agreement Amendment”) 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 their meeting in March 2023, the Trustees, including the Independent Trustees, had previously approved (i) an amendment to the subadvisory agreement between T. Rowe Price and T. Rowe Price Hong Kong Limited (“T. Rowe Price Hong Kong”) in order to add T. Rowe Price Hong Kong as a sub-subadviser to the Fund (the “Hong Kong Sub-Subadvisory Agreement Amendment”), and (ii) an amendment to the subadvisory agreement between T. Rowe Price and T. Rowe Price International Ltd (“T. Rowe Price International”) in order to add T. Rowe Price International as a sub-subadviser to the Fund (the “International Sub-Subadvisory Agreement Amendment”). The Trustees considered, among other things, that the Hong Kong Sub-Subadvisory Agreement Amendment and International Sub-Subadvisory Agreement Amendment would each 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 Subadvisory Agreement Amendment, Hong Kong Sub-Subadvisory Agreement Amendment, and International Sub-Subadvisory Agreement Amendment 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 Subadvisory Agreement Amendment, Hong Kong Sub-Subadvisory Agreement Amendment, and International Sub-Subadvisory Agreement Amendment discussed above, the Independent Trustees met separately at each meeting 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 Subadvisory Agreement Amendment, Hong Kong Sub-Subadvisory Agreement Amendment, and International Sub-Subadvisory Agreement Amendment each became effective on July 1, 2023.

163

Other Information (Unaudited) (Continued)

Fund Expenses September 30, 2023

Expense Examples:

The following information is in regards to expenses for the six months ended September 30, 2023:

As a shareholder of the Funds, you incur ongoing costs, including investment 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 September 30, 2023.

Actual Expenses:

Hypothetical Example for Comparison Purposes:

	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	0.28%	$1,063.00	$1.45	$1,023.70	$1.42
MM Select T. Rowe Price Bond Asset Fund
Class I	1,000	0.00%	971.70	0.00	1,025.10	0.00
MM Select T. Rowe Price Emerging Markets Bond Fund
Class I	1,000	0.00%	1,002.80	0.00	1,025.10	0.00
MM Select T. Rowe Price Large Cap Blend Fund
Class I	1,000	0.00%	1,072.80	0.00	1,025.10	0.00
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
Class I	1,000	0.00%	989.10	0.00	1,025.10	0.00
MM Select T. Rowe Price Real Assets Fund
Class I	1,000	0.00%	955.30	0.00	1,025.10	0.00

164

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%	$1,009.60	$0.00	$1,025.10	$0.00
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund
Class I	1,000	0.00%	860.50	0.00	1,025.10	0.00

*	Expenses are calculated using the annualized expense ratio for the six months ended September 30, 2023, multiplied by the average account value over the period, multiplied by 183 days in the period, divided by 365 days in the year, unless stated otherwise.

165

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

MM202410-307191

(b)

Not applicable to this filing.

Item 2. Code of Ethics.

As of September 30, 2023, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended September 30, 2023, there were no reportable amendments to any provision of the Code of Ethics and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Nabil N. El-Hage, a member of the Audit Committee, is an audit committee financial expert as defined by the Securities and Exchange Commission (the “SEC”). Mr. El-Hage is “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a)

AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended 2023 and 2022 were $1,673,256 and $1,801,058, respectively.

(b)

AUDIT-RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2023 and 2022. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2023 and 2022.

(c)

TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the fiscal years ended 2023 and 2022 were $0 and $104,206, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2023 and 2022.

(d)

ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2023 and 2022. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2023 and 2022.

(e)

(1) AUDIT COMMITTEE PRE-APPROVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2023 and 2022 were pre-approved by the committee.

(2) Not applicable.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2023 and 2022 were $692,517 and $1,321,868, respectively.

Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

(h)

The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant's adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP's independence.

(i)

Not applicable.

(j)

Not applicable.

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 attached.

(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/Andrea Anastasio
	Andrea Anastasio, President and Principal Executive Officer

Date	11/21/2023

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/Andrea Anastasio
	Andrea Anastasio, President and Principal Executive Officer

Date	11/21/2023

By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer

Date	11/21/2023