NPORT-EX 2 fp0086577-53_nportex.htm

 

MassMutual Total Return Bond Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 113.4%          
           
BANK LOANS — 1.7%          
Aerospace & Defense — 0.0%          
TransDigm, Inc., 2023 Term Loan I, 3 mo. USD Term SOFR + 3.250%          
8.598% VRN 8/24/28  $189,070   $189,779 
Airlines — 0.0%          
American Airlines, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.750%          
10.427% VRN 4/20/28   43,828    44,965 
United Airlines, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.220% VRN 4/21/28   41,817    41,909 
         86,874 
Beverages — 0.1%          
City Brewing Co. LLC, Closing Date Term Loan, 1 mo. USD Term SOFR + 3.500%          
9.164% VRN 4/05/28 (a)   127,080    99,653 
Naked Juice LLC          
Term Loan, 3 mo. USD Term SOFR + 3.250%          
8.698% VRN 1/24/29   388,171    374,542 
2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.000%          
11.448% VRN 1/24/30   68,440    54,752 
         528,947 
Chemicals — 0.0%          
Chemours Co., 2023 USD Term Loan B, 1 mo. USD Term SOFR + 2.500%          
8.856% VRN 8/18/28   259,945    259,166 
Mativ Holdings, Inc., Delayed Draw Term Loan A, 1 mo. USD Term SOFR + 2.500%          
7.956% VRN 5/06/27   44,880    43,758 
         302,924 
Commercial Services — 0.1%          
Element Materials Technology Group US Holdings, Inc.          
2022 USD Delayed Draw Term Loan, 3 mo. USD Term SOFR + 4.250%          
9.698% VRN 7/06/29   22,148    21,899 
2022 USD Term Loan, 3 mo. USD Term SOFR + 4.250%          
9.698% VRN 7/06/29   47,987    47,447 
Pre-Paid Legal Services, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.220% VRN 12/15/28   102,762    101,863 
Prime Security Services Borrower LLC, 2023 Term Loan A, 1 mo. USD Term SOFR + 2.250%          
7.691% VRN 3/14/28   48,734    48,287 
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000%          
9.625% VRN 3/04/28   228,617    200,122 
Trans Union LLC, 2021 Term Loan B6, 1 mo. USD Term SOFR + 2.250%          
7.606% VRN 12/01/28   185,529    186,017 

 

 

 

 

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

 

   Principal
Amount		   Value 
TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000%          
9.456% VRN 11/02/27  $56,609   $54,572 
         660,207 
Computers — 0.0%          
Amentum Government Services Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 4.000%          
9.470% VRN 1/29/27   68,453    68,389 
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.206% VRN 2/01/28   219,366    219,641 
         288,030 
Cosmetics & Personal Care — 0.0%          
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD Term SOFR + 3.500%          
8.948% VRN 10/01/26   148,874    149,512 
Distribution & Wholesale — 0.0%          
Patriot Container Corp., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.106% VRN 3/20/25   34,464    32,950 
Diversified Financial Services — 0.1%          
Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6, 1 mo. USD Term SOFR + 2.000%          
7.358% VRN 6/22/28   70,149    70,257 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%          
9.098% VRN 4/09/27   139,509    137,998 
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, 3 mo. USD Term SOFR + 2.000%          
7.610% VRN 11/05/28   700,000    701,750 
         910,005 
Electronics — 0.0%          
II-VI, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.220% VRN 7/02/29   35,374    35,433 
Entertainment — 0.1%          
Churchill Downs, Inc., 2021 Incremental Term Loan B1, 1 mo. USD Term SOFR + 2.000%          
7.456% VRN 3/17/28   99,235    99,111 
PENN Entertainment, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.206% VRN 5/03/29   52,402    52,461 
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000%          
8.465% VRN 4/14/29   106,265    106,431 
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 2.750%          
8.220% VRN 5/18/25   217,506    217,914 
         475,917 

 

 

 

 

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

 

   Principal
Amount		   Value 
Environmental Controls — 0.0%          
Filtration Group Corp., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%          
9.720% VRN 10/21/28  $53,768   $53,947 
Food — 0.0%          
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.220% VRN 10/01/25   17,269    16,521 
H Food Holdings LLC, 2018 Term Loan B, 3 mo. USD Term SOFR + 3.688%          
9.269% VRN 5/23/25   31,006    24,688 
         41,209 
Health Care – Products — 0.1%          
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.250%          
7.706% VRN 11/08/27   160,005    160,227 
Bausch & Lomb Corp., Term Loan, 3 mo. USD Term SOFR + 3.250%          
8.710% VRN 5/10/27   227,791    224,803 
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 10/23/28   103,163    103,581 
         488,611 
Health Care – Services — 0.0%          
ICON Luxembourg SARL, LUX Term Loan, 3 mo. USD Term SOFR + 2.250%          
7.860% VRN 7/03/28   88,186    88,434 
Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000%          
9.348% VRN 9/27/30   85,619    84,513 
         172,947 
Home Furnishing — 0.0%          
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.093% VRN 7/31/28   97,616    97,561 
Insurance — 0.1%          
Acrisure LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 3.500%          
9.150% VRN 2/15/27   195,929    195,265 
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.250%          
7.720% VRN 2/19/28   436,227    436,345 
Asurion LLC          
2020 Term Loan B8, 1 mo. USD Term SOFR + 3.250%          
8.720% VRN 12/23/26   201,687    201,016 
2022 Term Loan B10, 1 mo. USD Term SOFR + 4.000%          
9.456% VRN 8/19/28   131,080    130,363 
         962,989 
Internet — 0.1%          
Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.706% VRN 12/06/27   64,255    62,737 
Buzz Finco LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.206% VRN 1/29/27   62,094    62,172 
Gen Digital, Inc., 2021 Term Loan A, 1 mo. USD Term SOFR + 1.500%          
6.956% VRN 9/10/27   248,384    247,299 

 

 

 

 

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%          
9.606% VRN 5/03/28  $44,260   $43,442 
Proofpoint, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.250%          
8.720% VRN 8/31/28   9,849    9,839 
         425,489 
Lodging — 0.0%          
Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 4.000%          
9.356% VRN 1/27/29   294,750    294,688 
Media — 0.1%          
Charter Communications Operating LLC, 2019 Term Loan B2, 3 mo. USD Term SOFR + 1.750%          
7.133% VRN 2/01/27   95,990    95,930 
CSC Holdings LLC, 2019 Term Loan B5, 1 mo. USD LIBOR + 2.500%          
7.976% VRN 4/15/27   112,779    106,599 
DirecTV Financing LLC, Term Loan, 3 mo. USD Term SOFR + 5.000%          
10.650% VRN 8/02/27   287,881    287,559 
         490,088 
Packaging & Containers — 0.1%          
Berry Global, Inc., 2023 Term Loan AA, 1 mo. USD Term SOFR + 1.750%          
7.222% VRN 7/01/29   573,093    573,420 
Pharmaceuticals — 0.3%          
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD Term SOFR + 1.750%          
7.193% VRN 8/01/27   602,965    598,696 
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%          
9.448% VRN 10/01/27   220,455    213,841 
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 3 mo. USD Term SOFR + 2.000%          
7.538% VRN 11/15/27   571,893    571,179 
Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD Term SOFR + 3.500%          
8.970% VRN 5/05/28   380,515    382,258 
Organon & Co., USD Term Loan, 1 mo. USD Term SOFR + 3.000%          
8.472% VRN 6/02/28   420,271    420,535 
PRA Health Sciences, Inc., US Term Loan, 3 mo. USD Term SOFR + 2.250%          
7.860% VRN 7/03/28   21,972    22,033 
Prestige Brands, Inc., 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.000%          
7.470% VRN 7/03/28   167,045    167,493 
         2,376,035 
Private Equity — 0.0%          
GTCR W Merger Sub LLC, USD Term Loan B,          
0.000% 9/20/30 (a)   166,159    166,783 
Retail — 0.1%          
1011778 BC Unlimited Liability Co., 2023 Term Loan B5, 1 mo. USD Term SOFR + 2.250%          
7.606% VRN 9/20/30   110,485    110,446 
KFC Holding Co., 2021 Term Loan B, 1 mo. USD Term SOFR + 1.750%          
7.223% VRN 3/15/28   100,611    100,611 

 

 

 

 

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

 

   Principal
Amount		   Value 
Whatabrands LLC, 2021 Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 8/03/28  $465,500   $465,709 
         676,766 
Semiconductors — 0.0%          
Entegris, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500%          
7.856% VRN 7/06/29   16,670    16,725 
Software — 0.2%          
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.606% VRN 2/15/29   38,103    37,893 
Central Parent, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 4.000%          
9.348% VRN 7/06/29   89,879    90,236 
DTI Holdco, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.750%          
10.133% VRN 4/26/29   22,791    22,490 
EagleView Technology Corp., 2018 Add On Term Loan B, 3 mo. USD Term SOFR + 3.500%          
9.111% VRN 8/14/25 (a)   169,785    165,257 
Open Text Corp.          
Term Loan B, 1 mo. USD Term SOFR + 1.750%          
7.206% VRN 5/30/25   63,396    63,462 
2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.206% VRN 1/31/30   131,603    131,818 
Oracle Corp., Term Loan A1, 1 mo. USD Term SOFR + 1.600%          
7.043% VRN 8/16/27   483,855    481,435 
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 4/24/28   35,456    35,133 
Renaissance Holding Corp., 2023 Refi Term Loan, 1 mo. USD Term SOFR + 4.750%          
10.106% VRN 4/05/30   92,757    92,976 
Sophia LP, 2021 Term Loan B, 1 mo. USD Term SOFR + 3.500%          
8.956% VRN 10/07/27   96,917    97,008 
SS&C Technologies, Inc., 2018 Term Loan B5, 1 mo. USD Term SOFR + 1.750%          
7.220% VRN 4/16/25   486,895    487,333 
         1,705,041 
Telecommunications — 0.2%          
Frontier Communications Corp., 2021 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.220% VRN 10/08/27   156,579    155,601 
SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. USD Term SOFR + 1.750%          
7.210% VRN 4/11/25   632,167    632,673 
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 3/09/27   837,204    716,663 
         1,504,937 
Transportation — 0.0%          
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%          
7.448% VRN 12/30/26   100,249    100,403 
           
TOTAL BANK LOANS
(Cost $13,791,921)		        13,808,217 
           

 

 

 

 

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

 

   Principal
Amount		   Value 
CORPORATE DEBT — 22.8%          
Agriculture — 0.5%          
BAT Capital Corp.          
4.390% 8/15/37  $340,000   $284,692 
4.540% 8/15/47   2,165,000    1,662,133 
4.758% 9/06/49   86,000    68,163 
5.650% 3/16/52   495,000    446,808 
BAT International Finance PLC          
2.250% 9/09/52 GBP (b) (c)   480,000    273,293 
Imperial Brands Finance PLC          
3.875% 7/26/29 (b)   50,000    46,647 
6.125% 7/27/27 (b)   690,000    708,512 
Reynolds American, Inc.          
5.850% 8/15/45   1,160,000    1,085,826 
         4,576,074 
Auto Manufacturers — 0.1%          
Allison Transmission, Inc.          
3.750% 1/30/31 (b)   475,000    419,686 
Banks — 7.8%          
Bank of America Corp.          
Secured Overnight Financing Rate + 0.960% 1.734% VRN 7/22/27   400,000    366,460 
Secured Overnight Financing Rate + 1.370% 1.922% VRN 10/24/31   120,000    97,422 
Secured Overnight Financing Rate + 1.060% 2.087% VRN 6/14/29   1,360,000    1,198,593 
Secured Overnight Financing Rate + 1.220% 2.299% VRN 7/21/32   265,000    216,382 
Secured Overnight Financing Rate + 1.050% 2.551% VRN 2/04/28   2,311,000    2,140,761 
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32   325,000    269,448 
Secured Overnight Financing Rate + 2.150% 2.592% VRN 4/29/31   290,000    249,919 
3 mo. USD Term SOFR + 1.774% 3.705% VRN 4/24/28   1,400,000    1,336,866 
3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28   2,564,000    2,463,445 
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29   1,670,000    1,595,039 
Citigroup, Inc.          
Secured Overnight Financing Rate + 0.770% 1.462% VRN 6/09/27   180,000    164,725 
Secured Overnight Financing Rate + 1.167% 2.561% VRN 5/01/32   655,000    546,485 
Secured Overnight Financing Rate + 2.107% 2.572% VRN 6/03/31   740,000    632,121 
Secured Overnight Financing Rate + 1.422% 2.976% VRN 11/05/30   500,000    445,197 
Secured Overnight Financing Rate + 1.351% 3.057% VRN 1/25/33   2,060,000    1,757,554 
Goldman Sachs Group, Inc.          
Secured Overnight Financing Rate + 0.798% 1.431% VRN 3/09/27   2,295,000    2,116,191 
Secured Overnight Financing Rate + 0.818% 1.542% VRN 9/10/27   485,000    439,903 
Secured Overnight Financing Rate + 0.913% 1.948% VRN 10/21/27   1,550,000    1,417,972 
Secured Overnight Financing Rate + 1.248% 2.383% VRN 7/21/32   590,000    484,760 
Secured Overnight Financing Rate + 1.264% 2.650% VRN 10/21/32   85,000    70,832 
Secured Overnight Financing Rate + 0.486% 5.861% FRN 10/21/24   895,000    893,872 
HSBC Holdings PLC          
Secured Overnight Financing Rate + 1.732% 2.013% VRN 9/22/28   1,370,000    1,219,649 
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26   1,480,000    1,408,926 
Secured Overnight Financing Rate + 1.285% 2.206% VRN 8/17/29   1,935,000    1,689,111 
Secured Overnight Financing Rate + 2.650% 6.332% VRN 3/09/44   435,000    468,800 
JP Morgan Chase & Co.          
3 mo. USD Term SOFR + 0.580% 0.969% VRN 6/23/25   2,650,000    2,588,036 
Secured Overnight Financing Rate + 0.605% 1.561% VRN 12/10/25   1,890,000    1,819,691 
Secured Overnight Financing Rate + 0.885% 1.578% VRN 4/22/27   1,765,000    1,628,784 
Secured Overnight Financing Rate + 1.015% 2.069% VRN 6/01/29   885,000    784,686 
Secured Overnight Financing Rate + 1.180% 2.545% VRN 11/08/32   660,000    550,690 
3 mo. USD Term SOFR + 1.250% 2.580% VRN 4/22/32   565,000    477,897 

 

 

 

 

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

 

   Principal
Amount		   Value 
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30  $540,000   $480,127 
3 mo. USD Term SOFR + 1.382% 4.005% VRN 4/23/29   410,000    394,479 
Lloyds Banking Group PLC          
1 yr. CMT + 0.850% 1.627% VRN 5/11/27   1,000,000    916,250 
3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28   425,000    399,310 
1 yr. CMT + 3.500% 3.870% VRN 7/09/25   415,000    411,063 
Morgan Stanley          
Secured Overnight Financing Rate + 0.560% 1.164% VRN 10/21/25   2,885,000    2,776,497 
Secured Overnight Financing Rate + 0.879% 1.593% VRN 5/04/27   910,000    838,463 
Secured Overnight Financing Rate + 1.178% 2.239% VRN 7/21/32   1,020,000    832,567 
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36   980,000    776,736 
NatWest Group PLC 3 mo. USD LIBOR + 1.762%          
4.269% VRN 3/22/25   475,000    473,315 
PNC Financial Services Group, Inc.          
Secured Overnight Financing Rate + 1.933% 5.068% VRN 1/24/34   715,000    699,599 
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29   395,000    403,426 
Secured Overnight Financing Rate Index + 2.140% 6.037% VRN 10/28/33   1,025,000    1,070,929 
Secured Overnight Financing Rate + 2.284% 6.875% VRN 10/20/34   715,000    793,748 
Santander UK Group Holdings PLC          
Secured Overnight Financing Rate + 0.787% 1.089% VRN 3/15/25   1,825,000    1,804,921 
1 yr. CMT + 1.250% 1.532% VRN 8/21/26   295,000    275,094 
Secured Overnight Financing Rate + 0.989% 1.673% VRN 6/14/27   340,000    309,083 
Secured Overnight Financing Rate + 1.220% 2.469% VRN 1/11/28   285,000    259,715 
UBS Group AG          
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 (b)   565,000    517,103 
1 yr. CMT + 0.850% 1.494% VRN 8/10/27 (b)   145,000    131,014 
Secured Overnight Financing Rate + 1.560% 2.593% VRN 9/11/25 (b)   310,000    303,268 
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 (b)   1,990,000    1,694,816 
Secured Overnight Financing Rate + 3.340% 6.373% VRN 7/15/26 (b)   510,000    515,666 
Secured Overnight Financing Rate + 3.920% 6.537% VRN 8/12/33 (b)   3,025,000    3,228,149 
Secured Overnight Financing Rate + 5.020% 9.016% VRN 11/15/33 (b)   2,275,000    2,796,511 
US Bancorp          
Secured Overnight Financing Rate + 1.600% 4.839% VRN 2/01/34   1,575,000    1,508,604 
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34   455,000    469,344 
Secured Overnight Financing Rate + 2.090% 5.850% VRN 10/21/33   715,000    736,618 
Wells Fargo & Co.          
Secured Overnight Financing Rate + 2.100% 2.393% VRN 6/02/28   1,370,000    1,254,817 
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33   3,115,000    2,720,692 
Secured Overnight Financing Rate + 1.510% 3.526% VRN 3/24/28   1,800,000    1,717,233 
Secured Overnight Financing Rate + 2.100% 4.897% VRN 7/25/33   795,000    774,469 
Secured Overnight Financing Rate + 1.740% 5.574% VRN 7/25/29   1,075,000    1,097,648 
         64,921,491 
Beverages — 0.1%          
Bacardi Ltd.          
5.300% 5/15/48 (b)   275,000    263,043 
Triton Water Holdings, Inc.          
6.250% 4/01/29 (b)   665,000    579,381 
         842,424 
Chemicals — 0.3%          
Axalta Coating Systems Dutch Holding B BV          
7.250% 2/15/31 (b)   225,000    235,965 
International Flavors & Fragrances, Inc.          
1.832% 10/15/27 (b)   85,000    74,484 
2.300% 11/01/30 (b)   1,860,000    1,537,990 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.268% 11/15/40 (b)  $350,000   $250,446 
4.375% 6/01/47   230,000    176,455 
5.000% 9/26/48   430,000    364,961 
SK Invictus Intermediate II SARL          
5.000% 10/30/29 (b)   80,000    69,400 
         2,709,701 
Commercial Services — 0.1%          
Adtalem Global Education, Inc.          
5.500% 3/01/28 (b)   85,000    81,762 
Global Payments, Inc.          
4.875% 3/17/31 EUR (c)   370,000    428,216 
5.950% 8/15/52   495,000    504,384 
Upbound Group, Inc.          
6.375% 2/15/29 (b)   85,000    79,773 
WASH Multifamily Acquisition, Inc.          
5.750% 4/15/26 (b)   60,000    57,744 
         1,151,879 
Computers — 0.0%          
NCR Voyix Corp.          
5.125% 4/15/29 (b)   175,000    166,355 
5.250% 10/01/30 (b)   15,000    13,776 
         180,131 
Diversified Financial Services — 1.0%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
3.000% 10/29/28   640,000    584,313 
3.300% 1/30/32   2,270,000    1,975,648 
Air Lease Corp.          
3.250% 3/01/25   950,000    925,088 
5.850% 12/15/27   505,000    518,054 
Avolon Holdings Funding Ltd.          
2.528% 11/18/27 (b)   1,109,000    982,397 
2.875% 2/15/25 (b)   45,000    43,404 
3.950% 7/01/24 (b)   380,000    374,892 
4.375% 5/01/26 (b)   815,000    788,589 
Capital One Financial Corp. Secured Overnight Financing Rate + 1.790%          
3.273% VRN 3/01/30   1,160,000    1,035,999 
Discover Financial Services          
3.950% 11/06/24   150,000    147,449 
GGAM Finance Ltd.          
8.000% 2/15/27 (b)   675,000    691,902 
Park Aerospace Holdings Ltd.          
5.500% 2/15/24 (b)   75,000    74,860 
         8,142,595 
Electric — 1.9%          
Baltimore Gas & Electric Co.          
5.400% 6/01/53   395,000    407,577 
Duke Energy Carolinas LLC          
3.700% 12/01/47   738,000    578,640 
Duke Energy Corp.          
3.750% 9/01/46   471,000    362,902 
Duke Energy Florida LLC          
5.875% 11/15/33   195,000    210,200 

 

 

 

 

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

 

   Principal
Amount		   Value 
Duke Energy Progress LLC          
5.250% 3/15/33  $875,000   $901,838 
Entergy Louisiana LLC          
3.780% 4/01/25   1,250,000    1,227,440 
Eversource Energy          
4.600% 7/01/27   735,000    729,024 
5.950% 2/01/29   835,000    874,457 
FirstEnergy Transmission LLC          
2.866% 9/15/28 (b)   1,401,000    1,270,253 
5.450% 7/15/44 (b)   600,000    579,627 
Metropolitan Edison Co.          
4.000% 4/15/25 (b)   985,000    961,200 
MidAmerican Energy Co.          
4.400% 10/15/44   1,905,000    1,702,800 
Mong Duong Finance Holdings BV          
5.125% 5/07/29 (b)   230,573    213,563 
Public Service Co. of Colorado          
5.250% 4/01/53   770,000    766,449 
Southwestern Electric Power Co.          
3.250% 11/01/51   425,000    286,384 
5.300% 4/01/33   1,400,000    1,400,028 
TenneT Holding BV          
2.750% 5/17/42 EUR (b) (c)   515,000    525,053 
4.500% 10/28/34 EUR (b) (c)   750,000    917,270 
4.750% 10/28/42 EUR (b) (c)   185,000    234,851 
Wisconsin Power & Light Co.          
4.950% 4/01/33   1,535,000    1,538,774 
         15,688,330 
Engineering & Construction — 0.0%          
Artera Services LLC          
9.033% 12/04/25 (b)   257,000    243,125 
Entertainment — 0.5%          
Warnermedia Holdings, Inc.          
5.050% 3/15/42   1,760,000    1,551,582 
5.141% 3/15/52   3,001,000    2,575,926 
         4,127,508 
Environmental Controls — 0.1%          
Waste Pro USA, Inc.          
5.500% 2/15/26 (b)   515,000    495,687 
Food — 0.6%          
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL          
6.750% 3/15/34 (b)   1,650,000    1,738,489 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.          
3.000% 2/02/29   730,000    642,104 
3.000% 5/15/32   410,000    333,806 
6.500% 12/01/52   900,000    904,949 
Pilgrim's Pride Corp.          
3.500% 3/01/32 (b)   500,000    422,710 
6.250% 7/01/33   720,000    740,825 

 

 

 

 

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

 

   Principal
Amount		   Value 
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed          
4.625% 3/01/29 (b)  $400,000   $346,072 
         5,128,955 
Gas — 0.3%          
East Ohio Gas Co.          
2.000% 6/15/30 (b)   995,000    827,037 
KeySpan Gas East Corp.          
5.819% 4/01/41 (b)   1,337,000    1,296,581 
National Gas Transmission PLC          
4.250% 4/05/30 EUR (b) (c)   375,000    429,459 
         2,553,077 
Health Care – Products — 0.1%          
Embecta Corp.          
5.000% 2/15/30 (b)   64,000    54,287 
Medtronic Global Holdings SCA          
3.375% 10/15/34 EUR (c)   300,000    334,003 
Sartorius Finance BV          
4.500% 9/14/32 EUR (b) (c)   300,000    344,962 
         733,252 
Health Care – Services — 1.2%          
Aetna, Inc.          
3.500% 11/15/24   500,000    491,615 
Catalent Pharma Solutions, Inc.          
3.500% 4/01/30 (b) (d)   380,000    330,577 
Centene Corp.          
2.450% 7/15/28   1,951,000    1,737,560 
4.250% 12/15/27   590,000    568,496 
CommonSpirit Health          
3.347% 10/01/29   65,000    59,349 
HCA, Inc.          
4.125% 6/15/29   397,000    379,579 
5.125% 6/15/39   650,000    619,390 
5.250% 4/15/25   644,000    643,252 
5.250% 6/15/49   485,000    450,839 
5.375% 9/01/26   590,000    592,709 
5.500% 6/15/47   270,000    259,934 
Humana, Inc.          
3.700% 3/23/29   1,025,000    984,622 
IQVIA, Inc.          
6.250% 2/01/29 (b)   1,480,000    1,545,041 
Kedrion SpA          
6.500% 9/01/29 (b)   675,000    614,250 
ModivCare Escrow Issuer, Inc.          
5.000% 10/01/29 (b)   575,000    469,970 
         9,747,183 
Household Products & Wares — 0.0%          
Central Garden & Pet Co.          
5.125% 2/01/28   22,000    21,375 

 

 

 

 

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

 

   Principal
Amount		   Value 
Spectrum Brands, Inc.          
3.875% 3/15/31 (b)  $185,000   $168,350 
         189,725 
Insurance — 1.3%          
Athene Global Funding          
1.985% 8/19/28 (b)   2,200,000    1,898,948 
3.205% 3/08/27 (b)   445,000    408,350 
Farmers Exchange Capital II 3 mo. USD LIBOR + 3.744%          
6.151% VRN 11/01/53 (b)   350,000    344,853 
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454%          
5.454% VRN 10/15/54 (b)   3,290,000    2,763,600 
Metropolitan Life Global Funding I          
5.150% 3/28/33 (b)   480,000    488,333 
Teachers Insurance & Annuity Association of America 3 mo. USD LIBOR + 2.661%          
4.375% VRN 9/15/54 (b)   4,000,000    3,906,175 
Willis North America, Inc.          
5.350% 5/15/33   965,000    974,583 
         10,784,842 
Internet — 0.1%          
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.          
4.750% 4/30/27 (b)   140,000    133,700 
Tencent Holdings Ltd.          
3.680% 4/22/41 (b)   455,000    357,720 
3.975% 4/11/29 (b)   410,000    390,031 
         881,451 
Lodging — 0.1%          
Hyatt Hotels Corp.          
1.800% 10/01/24   930,000    902,324 
Machinery – Diversified — 0.0%          
OT Merger Corp.          
7.875% 10/15/29 (b)   250,000    149,750 
Media — 0.9%          
Cable One, Inc.          
4.000% 11/15/30 (b) (d)   1,085,000    878,457 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.750% 2/15/28   500,000    472,024 
4.800% 3/01/50   375,000    290,277 
4.908% 7/23/25   1,105,000    1,094,495 
5.250% 4/01/53 (d)   250,000    209,386 
5.375% 4/01/38   5,000    4,509 
5.375% 5/01/47   180,000    152,968 
5.750% 4/01/48   1,088,000    965,577 
CSC Holdings LLC          
5.375% 2/01/28 (b)   150,000    132,500 
5.750% 1/15/30 (b)   250,000    155,625 
6.500% 2/01/29 (b)   1,233,000    1,088,246 
7.500% 4/01/28 (b) (d)   80,000    59,847 
11.250% 5/15/28 (b)   200,000    206,072 
Time Warner Cable LLC          
5.500% 9/01/41   370,000    320,081 
5.875% 11/15/40   360,000    325,871 

 

 

 

 

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

 

   Principal
Amount		   Value 
VZ Secured Financing BV          
5.000% 1/15/32 (b)  $970,000   $828,110 
         7,184,045 
Oil & Gas — 0.2%          
Ecopetrol SA          
8.875% 1/13/33   100,000    108,648 
KazMunayGas National Co. JSC          
4.750% 4/19/27 (b)   200,000    194,300 
Occidental Petroleum Corp.          
0.000% 10/10/36   115,000    61,237 
4.500% 7/15/44   400,000    311,000 
Pertamina Persero PT          
3.100% 8/27/30 (b)   675,000    605,152 
Petroleos Mexicanos          
6.625% 6/15/35   700,000    536,863 
         1,817,200 
Packaging & Containers — 0.4%          
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.          
5.250% 8/15/27 (b)   900,000    699,178 
Berry Global, Inc.          
1.650% 1/15/27   85,000    76,528 
4.875% 7/15/26 (b)   585,000    574,883 
5.500% 4/15/28 (b)   310,000    313,397 
Clearwater Paper Corp.          
4.750% 8/15/28 (b)   300,000    278,101 
Sealed Air Corp.          
1.573% 10/15/26 (b)   1,200,000    1,080,514 
         3,022,601 
Pharmaceuticals — 0.6%          
1375209 BC Ltd.          
9.000% 1/30/28 (b) (d)   516,000    503,152 
Bayer US Finance II LLC          
4.375% 12/15/28 (b)   3,281,000    3,117,738 
4.625% 6/25/38 (b)   1,310,000    1,131,755 
4.875% 6/25/48 (b)   220,000    185,540 
CVS Health Corp.          
5.050% 3/25/48   475,000    444,271 
Grifols SA          
4.750% 10/15/28 (b) (d)   5,000    4,534 
         5,386,990 
Pipelines — 0.6%          
Columbia Pipelines Operating Co. LLC          
6.036% 11/15/33 (b)   65,000    68,073 
Energy Transfer LP          
4.950% 6/15/28   1,131,000    1,126,575 
5.350% 5/15/45   370,000    343,633 
5.950% 10/01/43   750,000    738,220 
Galaxy Pipeline Assets Bidco Ltd.          
2.160% 3/31/34 (b)   339,776    294,620 
Rockies Express Pipeline LLC          
6.875% 4/15/40 (b)   745,000    728,839 

 

 

 

 

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

 

   Principal
Amount		   Value 
Southern Gas Corridor CJSC          
6.875% 3/24/26 (b)  $400,000   $406,000 
TransCanada PipeLines Ltd.          
4.625% 3/01/34   1,035,000    979,852 
5.850% 3/15/36   50,000    51,240 
Venture Global Calcasieu Pass LLC          
6.250% 1/15/30 (b)   259,000    257,599 
Venture Global LNG, Inc.          
9.500% 2/01/29 (b)   391,000    413,743 
         5,408,394 
Real Estate — 0.2%          
Annington Funding PLC          
2.308% 10/06/32 GBP (b) (c)   220,000    218,085 
3.184% 7/12/29 GBP (b) (c)   200,000    227,799 
3.685% 7/12/34 GBP (b) (c)   200,000    214,399 
Blackstone Property Partners Europe Holdings SARL          
1.625% 4/20/30 EUR (b) (c)   500,000    441,155 
1.750% 3/12/29 EUR (b) (c)   350,000    324,683 
Vonovia Finance BV          
2.250% 4/07/30 EUR (b) (c)   100,000    99,155 
Vonovia SE          
1.500% 6/14/41 EUR (b) (c)   400,000    286,320 
         1,811,596 
Real Estate Investment Trusts (REITS) — 2.3%          
American Assets Trust LP          
3.375% 2/01/31   865,000    705,321 
American Homes 4 Rent LP          
3.625% 4/15/32   1,142,000    1,022,755 
4.300% 4/15/52   350,000    281,851 
American Tower Corp.          
1.000% 1/15/32 EUR (c)   100,000    90,282 
2.300% 9/15/31   1,050,000    868,168 
2.700% 4/15/31   195,000    167,448 
CapitaLand Ascendas REIT          
0.750% 6/23/28 EUR (b) (c)   445,000    417,569 
Crown Castle, Inc.          
2.100% 4/01/31   1,777,000    1,447,290 
CubeSmart LP          
2.000% 2/15/31   730,000    595,415 
Digital Intrepid Holding BV          
0.625% 7/15/31 EUR (b) (c)   1,050,000    908,667 
Extra Space Storage LP          
2.350% 3/15/32   35,000    28,529 
2.400% 10/15/31   1,040,000    857,965 
3.900% 4/01/29   670,000    633,589 
GLP Capital LP/GLP Financing II, Inc.          
3.250% 1/15/32   629,000    531,035 
4.000% 1/15/30   115,000    104,935 
4.000% 1/15/31   380,000    342,241 
5.375% 4/15/26   1,375,000    1,366,499 
6.750% 12/01/33   175,000    188,795 
Healthcare Realty Holdings LP          
2.000% 3/15/31   150,000    120,054 
2.050% 3/15/31   106,000    82,041 
2.400% 3/15/30   615,000    504,994 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.100% 2/15/30  $825,000   $721,214 
3.625% 1/15/28   157,000    144,697 
Hudson Pacific Properties LP          
3.250% 1/15/30   160,000    117,508 
3.950% 11/01/27   150,000    125,567 
4.650% 4/01/29 (d)   1,370,000    1,111,296 
Invitation Homes Operating Partnership LP          
2.000% 8/15/31   1,084,000    862,605 
4.150% 4/15/32   125,000    114,864 
5.500% 8/15/33   95,000    95,115 
LXP Industrial Trust          
6.750% 11/15/28   230,000    241,660 
Physicians Realty LP          
2.625% 11/01/31   465,000    382,567 
4.300% 3/15/27   105,000    102,133 
Prologis Euro Finance LLC          
4.250% 1/31/43 EUR (c)   710,000    788,445 
Realty Income Corp.          
5.125% 7/06/34 EUR (c)   465,000    566,524 
Rexford Industrial Realty LP          
2.150% 9/01/31   110,000    88,044 
VICI Properties LP          
4.950% 2/15/30   140,000    135,845 
5.125% 5/15/32   1,168,000    1,138,571 
5.625% 5/15/52   73,000    69,993 
VICI Properties LP/VICI Note Co., Inc.          
3.750% 2/15/27 (b)   30,000    28,319 
3.875% 2/15/29 (b)   430,000    395,011 
4.125% 8/15/30 (b)   50,000    45,546 
4.500% 9/01/26 (b)   240,000    232,302 
4.500% 1/15/28 (b)   160,000    152,619 
4.625% 6/15/25 (b)   65,000    63,846 
5.750% 2/01/27 (b)   10,000    10,030 
         18,999,764 
Retail — 0.1%          
Ferrellgas LP/Ferrellgas Finance Corp.          
5.875% 4/01/29 (b)   100,000    94,466 
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.          
6.750% 1/15/30 (b) (d)   448,000    393,345 
Michaels Cos., Inc.          
5.250% 5/01/28 (b)   556,000    439,565 
7.875% 5/01/29 (b)   339,000    213,431 
Raising Cane's Restaurants LLC          
9.375% 5/01/29 (b)   130,000    138,734 
         1,279,541 
Savings & Loans — 0.1%          
Nationwide Building Society Secured Overnight Financing Rate + 1.290%          
2.972% VRN 2/16/28 (b)   720,000    669,573 
Software — 0.5%          
Open Text Corp.          
6.900% 12/01/27 (b)   125,000    129,956 
Oracle Corp.          
3.800% 11/15/37   200,000    169,956 
3.950% 3/25/51   2,988,000    2,339,799 

 

 

 

 

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

 

   Principal
Amount		   Value 
6.500% 4/15/38  $515,000   $568,468 
Take-Two Interactive Software, Inc.          
4.000% 4/14/32   810,000    769,167 
         3,977,346 
Telecommunications — 0.7%          
AT&T, Inc.          
4.850% 3/01/39   366,000    350,204 
CommScope, Inc.          
4.750% 9/01/29 (b)   700,000    469,984 
Frontier Communications Holdings LLC          
8.625% 3/15/31 (b)   905,000    922,740 
Intelsat Jackson Holdings SA          
6.500% 3/15/30 (b)   420,000    400,093 
Sprint Capital Corp.          
8.750% 3/15/32   665,000    820,785 
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC          
4.738% 9/20/29 (b)   248,437    246,284 
5.152% 9/20/29 (b)   1,712,750    1,705,088 
T-Mobile USA, Inc.          
3.750% 4/15/27   1,270,000    1,231,807 
         6,146,985 
Water — 0.1%          
Thames Water Utilities Finance PLC          
4.375% 1/18/31 EUR (b) (c)   405,000    421,530 
           
TOTAL CORPORATE DEBT
(Cost $197,862,322)		        190,694,755 
           
MUNICIPAL OBLIGATIONS — 0.6%          
City of New York NY, General Obligation          
3.000% 8/01/34   945,000    808,394 
County of Miami-Dade FL Aviation Revenue, Revenue Bond          
2.707% 10/01/33   375,000    310,812 
New York City Transitional Finance Authority Future Tax Secured Revenue          
Revenue, 4.600% 5/01/31   1,195,000    1,193,409 
Revenue Bond, 5.130% 2/01/35   1,033,000    1,052,296 
Revenue Bond, 5.150% 2/01/36   1,033,000    1,049,064 
New York State Dormitory Authority, Revenue Bond          
5.628% 3/15/39   860,000    890,481 
         5,304,456 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $5,511,403)		        5,304,456 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 16.0%          
Commercial Mortgage-Backed Securities — 3.0%          
BAMLL Commercial Mortgage Securities Trust          
Series 2019-BPR, Class AMP, 3.287% 11/05/32 (b)   1,920,000    1,749,990 
Series 2018-PARK, Class A, 4.091% VRN 8/10/38 (b) (e)   1,280,000    1,177,009 
BX Commercial Mortgage Trust          
Series 2020-VIV4, Class A, 2.843% 3/09/44 (b)   2,870,000    2,459,704 
Series 2019-XL, Class A, 1 mo. USD Term SOFR + 1.034% 6.396% FRN 10/15/36 (b)   1,040,558    1,037,957 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2022-CSMO, Class A, 1 mo. USD Term SOFR + 2.115% 7.477% FRN 6/15/27 (b)  $1,641,000   $1,642,026 
BX Trust          
Series 2019-OC11, Class A, 3.202% 12/09/41 (b)   420,000    371,553 
Series 2019-OC11, Class E, 3.944% VRN 12/09/41 (b) (e)   700,000    586,805 
Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% 6.942% FRN 1/15/39 (b)   1,057,000    1,026,602 
Series 2022-PSB, Class D, 1 mo. USD Term SOFR + 4.693% 10.055% FRN 8/15/39 (b)   1,186,930    1,183,592 
Century Plaza Towers          
Series 2019-CPT, Class A, 2.865% 11/13/39 (b)   805,000    679,749 
Series 2019-CPT, Class B, 2.997% VRN 11/13/39 (b) (e)   1,000,000    777,660 
Citigroup Commercial Mortgage Trust, Series 2020-420K, Class D,          
3.312% VRN 11/10/42 (b) (e)   700,000    548,432 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 1 mo. USD Term SOFR + 2.697%          
8.059% FRN 5/15/36 (b)   3,881,344    3,842,736 
DC Office Trust, Series 2019-MTC, Class A          
2.965% 9/15/45 (b)   860,000    706,638 
Hudson Yards Mortgage Trust          
Series 2019-55HY, Class A, 2.943% VRN 12/10/41 (b) (e)   860,000    745,488 
Series 2019-30HY, Class A, 3.228% 7/10/39 (b)   880,000    780,045 
JP Morgan Chase Commercial Mortgage Securities Trust          
Series 2019-OSB, Class A, 3.397% 6/05/39 (b)   900,000    811,312 
Series 2021-HTL5, Class A, 1 mo. USD Term SOFR + 1.229% 6.592% FRN 11/15/38 (b)   2,138,000    2,100,574 
MKT Mortgage Trust, Series 2020-525M, Class A          
2.694% 2/12/40 (b)   570,000    429,680 
One Bryant Park Trust, Series 2019-OBP, Class A          
2.516% 9/15/54 (b)   1,085,000    915,923 
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B,          
4.144% VRN 1/05/43 (b) (e)   50,000    35,164 
TTAN, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.514%          
7.877% FRN 3/15/38 (b)   1,158,264    1,111,921 
         24,720,560 
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%          
6.205% FRN 10/25/35   1,311,769    1,271,759 
Morgan Stanley Capital I, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694%          
6.050% FRN 1/25/36   1,686,900    1,587,972 
Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD Term SOFR + 0.254%          
5.610% FRN 2/25/37   3,453,429    2,124,436 
         4,984,167 
Other Asset-Backed Securities — 5.2%          
AIMCO CLO 11 Ltd., Series 2020-11A, Class AR, 3 mo. USD Term SOFR + 1.392%          
6.794% FRN 10/17/34 (b)   2,075,000    2,073,481 
Allegro CLO VIII Ltd., Series 2018-2A, Class A, 3 mo. USD Term SOFR + 1.362%          
6.756% FRN 7/15/31 (b)   2,046,156    2,046,092 

 

 

 

 

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

 

   Principal
Amount		   Value 
AMMC CLO 15 Ltd., Series 2014-15A, Class AR3, 3 mo. USD Term SOFR + 1.382%          
6.776% FRN 1/15/32 (b)  $2,000,000   $1,996,872 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.184%          
6.546% FRN 8/15/34 (b)   2,018,000    1,996,790 
CIFC Funding Ltd., Series 2014-5A, Class BR2, 3 mo. USD Term SOFR + 2.062%          
7.464% FRN 10/17/31 (b)   1,600,000    1,599,448 
CIM Trust, Series 2023-NR1, Class A1,          
6.000% STEP 6/25/62 (b)   3,334,906    3,235,216 
Clover CLO Ltd., Series 2019-2A, Class BR, 3 mo. USD Term SOFR + 1.862%          
7.240% FRN 10/25/33 (b)   2,400,000    2,381,134 
Countrywide Asset-Backed Certificates Trust          
Series 2007-7, Class 1A, 1 mo. USD Term SOFR + 0.314% 5.670% FRN 10/25/47   2,590,606    2,407,635 
Series 2004-5, Class M1, 1 mo. USD Term SOFR + 0.969% 6.325% FRN 8/25/34   99,035    98,979 
CRSO Trust          
7.121% 7/12/40   2,780,000    2,894,254 
Flatiron CLO 21 Ltd., Series 2021-1A, Class B, 3 mo. USD Term SOFR + 1.862%          
7.258% FRN 7/19/34 (b)   2,400,000    2,385,732 
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 3 mo. USD Term SOFR + 1.372%          
6.762% FRN 10/29/29 (b)   742,116    742,165 
GSAMP Trust, Series 2006-HE1, Class M1, 1 mo. USD Term SOFR + 0.699%          
6.055% FRN 1/25/36   106,087    105,714 
Magnetite VII Ltd., Series 2012-7A, Class A1R2, 3 mo. USD Term SOFR + 1.062%          
6.456% FRN 1/15/28 (b)   803,532    801,564 
Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class A2D, 1 mo. USD Term SOFR + 0.694%          
6.050% FRN 2/25/36   1,157,355    1,135,962 
Preston Ridge Partners Mortgage LLC          
Series 2021-5, Class A1, 1.793% STEP 6/25/26 (b)   3,299,565    3,115,605 
Series 2021-6, Class A1, 1.793% STEP 7/25/26 (b)   1,351,966    1,285,941 
Series 2022-1, Class A1, 3.720% STEP 2/25/27 (b)   3,268,238    3,150,211 
Series 2022-4, Class A1, 5.000% STEP 8/25/27 (b)   791,540    782,519 
Progress Residential Trust          
Series 2021-SFR8, Class C, 1.931% 10/17/38 (b)   2,500,000    2,232,253 
Series 2020-SFR3, Class F, 2.796% 10/17/27 (b)   860,000    801,277 
Series 2021-SFR10, Class F, 4.608% 12/17/38 (b)   1,151,726    978,074 
Rockford Tower CLO Ltd., Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.382%          
6.797% FRN 4/20/34 (b)   2,435,000    2,427,612 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2          
1.645% 9/15/45 (b)   1,062,000    980,296 
VOLT CIII LLC, Series 2021-CF1, Class A1,          
1.992% STEP 8/25/51 (b)   2,099,702    1,974,070 
         43,628,896 
Student Loans Asset-Backed Securities — 1.5%          
Access Group, Inc., Series 2015-1, Class A, 30 day USD SOFR Average + 0.814%          
6.152% FRN 7/25/56 (b)   1,106,642    1,059,608 

 

 

 

 

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

 

   Principal
Amount		   Value 
Nelnet Student Loan Trust          
Series 2005-4, Class A4, 90 day USD SOFR Average + 0.442% 5.794% FRN 3/22/32  $2,024,086   $1,924,276 
Series 2006-1, Class A6, 3 mo. USD Term SOFR + 0.712% 6.090% FRN 8/23/36 (b)   1,331,213    1,303,699 
SLM Student Loan Trust          
Series 2014-1, Class A3, 30 day USD SOFR Average + 0.714% 6.052% FRN 2/26/29   1,128,857    1,080,096 
Series 2012-7, Class A3, 30 day USD SOFR Average + 0.764% 6.102% FRN 5/26/26   1,952,828    1,878,398 
Series 2008-5, Class B, 90 day USD SOFR Average + 2.112% 7.446% FRN 7/25/73   3,735,000    3,667,313 
Wachovia Student Loan Trust, Series 2006-1, Class A6, 90 day USD SOFR Average + 0.432%          
5.766% FRN 4/25/40 (b)   1,362,990    1,315,743 
         12,229,133 
Whole Loan Collateral Collateralized Mortgage Obligations — 5.7%          
Ajax Mortgage Loan Trust          
Series 2019-F, 2.860% STEP 7/25/59 (b)   1,539,290    1,462,564 
Series 2022-B, Class A1, 3.500% STEP 3/27/62 (b)   2,684,295    2,506,394 
American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD Term SOFR + 0.514%          
5.870% FRN 3/25/46   1,327,152    1,136,979 
Bear Stearns ALT-A Trust, Series 2005-4, Class 25A1,          
4.306% VRN 5/25/35 (e)   608,499    559,010 
BINOM Securitization Trust, Series 2022-RPL1, Class A1,          
3.000% VRN 2/25/61 (b) (e)   2,466,998    2,244,117 
CIM Trust, Series 2021-J3, Class A1,          
2.500% VRN 6/25/51 (b) (e)   5,125,278    4,189,114 
Citigroup Mortgage Loan Trust, Series 2006-AR2, Class 1A2,          
4.412% VRN 3/25/36 (e)   1,966    1,849 
COLT Mortgage Loan Trust, Series 2023-1, Class A1,          
6.048% STEP 4/25/68 (b)   2,590,412    2,593,563 
Credit Suisse Mortgage Trust          
Series 2021-NQM6, Class A1, 1.174% VRN 7/25/66 (b) (e)   2,840,400    2,246,943 
Series 2018-RPL9, Class A, 3.850% VRN 9/25/57 (b) (e)   1,437,048    1,366,241 
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD Term SOFR + 0.364%          
5.720% FRN 7/25/47   2,818,238    2,395,817 
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1,          
6.217% VRN 11/25/35 (e)   1,099,659    937,262 
GS Mortgage-Backed Securities Trust, Series 2022-PJ6 , Class A4,          
3.000% VRN 1/25/53 (b) (e)   4,006,796    3,413,915 
HarborView Mortgage Loan Trust          
Series 2007-6, Class 1A1A, 1 mo. USD Term SOFR + 0.314% 5.670% FRN 8/19/37   2,210,906    1,810,241 
Series 2006-10, Class 1A1A, 1 mo. USD Term SOFR + 0.514% 5.846% FRN 11/19/36   2,522,860    1,871,468 
Series 2007-3, Class 2A1A, 1 mo. USD Term SOFR + 0.514% 5.870% FRN 5/19/37   2,787,645    2,540,583 
HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD Term SOFR + 0.634%          
5.990% FRN 1/25/36   1,509,183    1,441,346 
JP Morgan Mortgage Trust          
Series 2021-13, Class A3, 2.500% VRN 4/25/52 (b) (e)   3,614,700    2,958,971 
Series 2005-A5, Class 1A2, 4.386% VRN 8/25/35 (e)   73,403    70,471 

 

 

 

 

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

 

   Principal
Amount		   Value 
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1,          
3.844% VRN 4/25/34 (e)  $451,147   $399,435 
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1,          
1.957% VRN 10/25/61 (b) (e)   3,655,565    2,984,088 
Residential Accredit Loans, Inc. Trust, Series 2006-QA7, Class 2A1, 1 mo. USD Term SOFR + 0.484%          
5.840% FRN 8/25/36   471,605    397,746 
Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1          
6.250% 12/25/36   1,801,335    1,253,353 
Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 1 mo. USD Term SOFR + 0.574%          
5.930% FRN 2/25/36   1,325,932    1,083,696 
Washington Mutual Mortgage Pass-Through Certificates Trust          
Series 2006-AR12, Class 1A4, 4.490% VRN 10/25/36 (e)   3,659,097    3,283,116 
Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.734% 6.090% FRN 1/25/45   428,789    418,144 
Series 2005-7, Class 4CB, 7.000% 8/25/35   2,106,954    1,628,945 
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4,          
4.675% VRN 4/25/37 (e)   654,661    571,289 
         47,766,660 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $137,582,052)		        133,329,416 
           
SOVEREIGN DEBT OBLIGATIONS — 0.5%          
Brazilian Government International Bond          
3.875% 6/12/30   730,000    668,046 
Chile Government International Bond          
3.500% 1/31/34 (d)   200,000    178,157 
Colombia Government International Bond          
3.125% 4/15/31   200,000    162,628 
Dominican Republic International Bond          
4.500% 1/30/30 (b)   440,000    404,800 
Guatemala Government Bond          
3.700% 10/07/33 (b)   300,000    249,750 
Hungary Government International Bond          
2.125% 9/22/31 (b)   250,000    201,320 
5.250% 6/16/29 (b)   200,000    200,909 
Mexico Government International Bond          
2.659% 5/24/31   413,000    349,121 
4.750% 4/27/32   200,000    192,469 
Oman Government International Bond          
6.750% 10/28/27 (b)   200,000    211,000 
Panama Government International Bond          
2.252% 9/29/32   200,000    145,620 
3.160% 1/23/30   425,000    361,356 
Paraguay Government International Bond          
4.950% 4/28/31 (b)   200,000    195,200 
Perusahaan Penerbit SBSN Indonesia III          
2.800% 6/23/30 (b)   200,000    180,500 
Peruvian Government International Bond          
2.783% 1/23/31   250,000    217,266 
Poland Government International Bond          
4.875% 10/04/33   200,000    202,180 
Romania Government International Bond          
3.000% 2/14/31 (b)   270,000    228,931 

 

 

 

 

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

 

   Principal
Amount		   Value 
South Africa Government International Bond          
5.875% 4/20/32  $200,000   $189,424 
         4,538,677 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $4,892,493)		        4,538,677 
           
U.S. Government Agency Obligations and Instrumentalities (f) — 40.5%          
Collateralized Mortgage Obligations — 2.5%          
Federal Home Loan Banks          
5.300% 5/22/24   8,450,000    8,441,830 
5.370% 5/21/24   8,300,000    8,292,538 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series K155, Class A3 3.750% 4/25/33		   2,115,000    1,986,163 
Federal National Mortgage Association REMICS          
Series 2018-43, Class CT, 3.000% 6/25/48   506,126    451,433 
Series 2018-55, Class PA, 3.500% 1/25/47   338,479    328,855 
Series 2018-54, Class KA, 3.500% 1/25/47   326,165    316,891 
Series 2018-38, Class PA, 3.500% 6/25/47   554,277    531,984 
Government National Mortgage Association REMICS          
Series 2018-124, Class NW, 3.500% 9/20/48   476,778    438,576 
Series 2019-15, Class GT, 3.500% 2/20/49   510,164    467,191 
         21,255,461 
Pass-Through Securities — 37.7%          
Federal Home Loan Mortgage Corp.          
Pool #SD8193 2.000% 2/01/52   3,961,283    3,239,702 
Pool #SD8199 2.000% 3/01/52   7,287,244    5,959,812 
Pool #QE0312 2.000% 4/01/52   1,911,588    1,563,377 
Pool #SD8147 2.500% 5/01/51   3,135,919    2,683,506 
Pool #SD8189 2.500% 1/01/52   2,232,533    1,902,427 
Pool #SD8194 2.500% 2/01/52   3,670,234    3,127,546 
Pool #SD8200 2.500% 3/01/52   2,196,939    1,872,095 
Pool #SD8205 2.500% 4/01/52   3,913,477    3,333,600 
Pool #SD8212 2.500% 5/01/52   3,832,672    3,264,768 
Pool #G18596 3.000% 4/01/31   200,380    192,410 
Pool #G18691 3.000% 6/01/33   75,531    72,364 
Pool #G08710 3.000% 6/01/46   52,523    47,610 
Pool #G08715 3.000% 8/01/46   1,125,152    1,019,897 
Pool #G08721 3.000% 9/01/46   151,248    137,099 
Pool #G08726 3.000% 10/01/46   2,029,781    1,839,900 
Pool #G08732 3.000% 11/01/46   1,440,771    1,305,990 
Pool #G08741 3.000% 1/01/47   977,214    885,187 
Pool #SD3016 3.000% 6/01/52   2,158,165    1,911,128 
Pool #G18713 3.500% 11/01/33   560,536    543,568 
Pool #G16756 3.500% 1/01/34   224,279    217,910 
Pool #G60038 3.500% 1/01/44   496,923    469,806 
Pool #G07848 3.500% 4/01/44   3,839,292    3,627,074 
Pool #G07924 3.500% 1/01/45   1,051,062    988,263 
Pool #G60138 3.500% 8/01/45   2,194,556    2,076,465 
Pool #G08711 3.500% 6/01/46   857,230    801,725 
Pool #G08716 3.500% 8/01/46   1,230,898    1,151,199 
Pool #G08792 3.500% 12/01/47   1,046,312    977,257 
Pool #G67707 3.500% 1/01/48   1,432,522    1,353,199 
Pool #G67711 4.000% 3/01/48   391,889    378,887 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #G67713 4.000% 6/01/48  $1,027,797   $993,055 
Pool #G67714 4.000% 7/01/48   1,402,983    1,355,997 
Pool #G67717 4.000% 11/01/48   1,255,976    1,213,914 
Pool #G08843 4.500% 10/01/48   452,797    447,142 
Pool #G08826 5.000% 6/01/48   152,071    153,203 
Pool #G08844 5.000% 10/01/48   51,391    51,710 
Federal National Mortgage Association          
Pool #MA4093 2.000% 8/01/40   771,349    664,347 
Pool #MA4176 2.000% 11/01/40   2,040,779    1,757,681 
Pool #MA4333 2.000% 5/01/41   629,893    541,530 
Pool #MA4158 2.000% 10/01/50   2,788,720    2,293,804 
Pool #BT9728 2.000% 10/01/51   4,866,360    3,979,912 
Pool #BQ6913 2.000% 12/01/51   4,130,123    3,377,787 
Pool #CB2767 2.000% 1/01/52   3,987,657    3,271,241 
Pool #CB2766 2.000% 2/01/52   2,685,328    2,203,725 
Pool #FS1598 2.000% 4/01/52   4,028,779    3,294,904 
Pool #MA4577 2.000% 4/01/52 (g)   7,975,862    6,522,993 
Pool #BL6060 2.455% 4/01/40   1,265,000    942,626 
Pool #MA4548 2.500% 2/01/52   3,692,835    3,146,805 
Pool #MA4563 2.500% 3/01/52   3,786,079    3,226,263 
Pool #MA3029 3.000% 6/01/32   201,503    193,280 
Pool #MA1607 3.000% 10/01/33   1,562,279    1,485,243 
Pool #BN7755 3.000% 9/01/49   1,635,581    1,471,107 
Pool #MA3811 3.000% 10/01/49   456,975    403,881 
Pool #BO2259 3.000% 10/01/49   2,851,368    2,559,288 
Pool #MA4579 3.000% 4/01/52   3,685,665    3,267,811 
Pool #BV8526 3.000% 5/01/52   4,314,021    3,820,212 
Pool #AB4262 3.500% 1/01/32   1,056,549    1,027,270 
Pool #MA1148 3.500% 8/01/42   2,106,826    1,979,788 
Pool #CA0996 3.500% 1/01/48   73,718    69,049 
Pool #MA3276 3.500% 2/01/48   162,195    151,263 
Pool #MA3305 3.500% 3/01/48   547,582    510,676 
Pool #MA3332 3.500% 4/01/48   21,944    20,465 
Pool #CA3633 3.500% 6/01/49   629,720    588,262 
Pool #MA2995 4.000% 5/01/47   450,398    433,406 
Pool #AS9830 4.000% 6/01/47   256,932    247,239 
Pool #MA3027 4.000% 6/01/47   417,676    401,919 
Pool #AS9972 4.000% 7/01/47   233,674    224,859 
Pool #AL9106 4.500% 2/01/46   203,050    201,995 
Pool #CA1710 4.500% 5/01/48   807,278    796,779 
Pool #CA1711 4.500% 5/01/48   14,592    14,402 
Pool #CA2208 4.500% 8/01/48   573,546    565,728 
Pool #BW9897 4.500% 10/01/52   2,059,947    1,998,619 
Pool #FS4233 4.500% 12/01/52   1,509,146    1,464,405 
Pool #CB6854 4.500% 8/01/53   2,586,814    2,509,316 
Pool #BY0545 5.000% 5/01/53   1,595,910    1,579,832 
Government National Mortgage Association II          
Pool #MA4126 3.000% 12/20/46   1,307,154    1,200,896 
Pool #MA4836 3.000% 11/20/47   921,613    845,256 
Pool #MA6209 3.000% 10/20/49   396,845    350,448 
Pool #MA4127 3.500% 12/20/46   887,241    837,194 
Pool #MA4382 3.500% 4/20/47   150,744    142,193 
Pool #MA4719 3.500% 9/20/47   1,320,468    1,245,158 
Pool #MA4837 3.500% 11/20/47   180,038    169,658 
Pool #MA4962 3.500% 1/20/48   449,517    423,599 
Pool #MA5019 3.500% 2/20/48   618,257    582,609 
Pool #MA4838 4.000% 11/20/47   376,249    365,333 
Pool #MA4901 4.000% 12/20/47   311,253    301,834 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #MA5078 4.000% 3/20/48  $251,547   $243,698 
Pool #MA5466 4.000% 9/20/48   174,980    169,193 
Pool #MA5528 4.000% 10/20/48   701,368    678,170 
Pool #MA4264 4.500% 2/20/47   190,577    190,010 
Pool #MA4512 4.500% 6/20/47   1,170,876    1,166,661 
Pool #MA3666 5.000% 5/20/46   26,449    26,914 
Pool #MA3806 5.000% 7/20/46   171,473    174,430 
Pool #MA4072 5.000% 11/20/46   34,616    35,177 
Pool #MA4454 5.000% 5/20/47   622,922    633,519 
Government National Mortgage Association II, TBA          
2.500% 1/20/54 (g)   11,675,000    10,226,936 
4.500% 1/20/54 (g)   12,775,000    12,471,827 
5.000% 1/20/54 (g)   11,125,000    11,057,448 
5.500% 1/20/54 (g)   6,225,000    6,263,618 
Uniform Mortgage-Backed Security, TBA          
2.000% 1/01/54 (g)   17,850,000    14,595,442 
2.500% 1/01/54 (g)   13,325,000    11,349,153 
3.000% 1/01/54 (g)   19,050,000    16,862,226 
3.500% 1/01/54 (g)   13,675,000    12,553,223 
4.000% 1/01/54 (g)   37,525,000    35,513,878 
4.500% 1/01/54 (g)   33,375,000    32,378,950 
5.000% 1/01/54 (g)   15,525,000    15,369,742 
5.500% 1/01/54 (g)   11,875,000    11,933,453 
         314,726,350 
Whole Loans — 0.3%          
Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%          
8.837% FRN 3/25/42 (b)   2,400,000    2,508,875 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $342,136,886)		        338,490,686 
           
U.S. TREASURY OBLIGATIONS — 31.3%          
U.S. Treasury Bonds & Notes — 31.3%          
U.S. Treasury Bonds          
4.375% 8/15/43   29,605,000    30,271,115 
4.750% 11/15/43 (d)   21,150,000    22,726,515 
4.750% 11/15/53   29,299,000    32,943,063 
U.S. Treasury Notes          
3.750% 12/31/28   25,100,000    24,985,569 
4.250% 12/31/25   340,000    339,934 
4.375% 12/15/26   38,115,000    38,496,150 
4.375% 11/30/28   32,170,000    32,924,846 
4.500% 11/15/33   31,845,000    33,447,202 
4.875% 11/30/25   60,000    60,629 
4.875% 10/31/28   43,780,000    45,706,386 
         261,901,409 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $252,563,652)		        261,901,409 
           
TOTAL BONDS & NOTES
(Cost $954,340,729)		        948,067,616 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
EQUITIES — 0.1%          
           
COMMON STOCK — 0.1%          
Communications — 0.1%          
Telecommunications — 0.1%          
Intelsat SA (h)   16,791   $477,502 
           
TOTAL COMMON STOCK
(Cost $1,575,355)		        477,502 
           
TOTAL EQUITIES
(Cost $1,575,355)		        477,502 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $955,916,084)		        948,545,118 
           
           
SHORT-TERM INVESTMENTS — 13.2%          
Investment of Cash Collateral from Securities Loaned — 1.7%          
State Street Navigator Securities Lending Government Money Market Portfolio (i)   13,775,725    13,775,725 
           
   Principal
Amount		    
Repurchase Agreement — 4.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (j)  $35,084,826   35,084,826 
U.S. Treasury Bill — 7.3%          
U.S. Treasury Bills          
5.374% 4/16/24 (k)   6,695,000    6,593,215 
5.380% 4/16/24 (k)   11,790,000    11,610,755 
5.385% 4/23/24 (k)   9,190,000    9,040,969 
5.401% 4/02/24 (k)   14,655,000    14,461,349 
5.429% 5/16/24 (k)   5,780,000    5,668,861 
5.516% 4/11/24 (k)   14,205,000    14,000,350 
         61,375,499 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $110,218,637)		        110,236,050 
           
TOTAL INVESTMENTS — 126.7%
(Cost $1,066,134,721) (l)		        1,058,781,168 
           
Other Assets/(Liabilities) — (26.7)%        (222,909,753) 
           
NET ASSETS — 100.0%       $835,871,415 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
LIBOR London InterBank 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 December 31, 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 December 31, 2023, the aggregate market value of these securities amounted to $162,120,128 or 19.40% of net assets.
(c) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $13,492,472 or 1.61% of net assets. (Note 2).
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023.
(f) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(g) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(h) Non-income producing security.
(i) Represents investment of security lending cash collateral. (Note 2).
(j) Maturity value of $35,091,063. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $35,786,595.
(k) The rate shown represents yield-to-maturity.
(l) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/12/24  USD  106,362   EUR  99,000   $(2,967) 
Citibank N.A.  1/12/24  EUR  159,000   USD  170,488   5,101 
Citibank N.A.  1/12/24  USD  7,289,132   EUR  6,874,000    (302,060) 
Citibank N.A.  1/12/24  USD  912,457   GBP  746,000    (38,479) 
Goldman Sachs International  1/12/24  USD  212,211   EUR  198,000    (6,447)
                    $(344,852)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation
(Depreciation)		 
Long               
U.S. Treasury Ultra Bond  3/19/24   40   $4,861,358  $482,392 
U.S. Treasury Note 2 Year  3/28/24   1,174    239,377,598   2,365,511 
U.S. Treasury Note 5 Year  3/28/24   130    13,870,195    270,352 
                $3,118,255 
Short               
Euro-BOBL  3/07/24   16   $(2,091,656)  $(15,211) 
Euro-Bund  3/07/24   28    (4,136,731)   (104,822) 
Euro-Buxl 30 Year Bond  3/07/24   6    (866,373)   (72,338) 
U.S. Treasury Ultra 10 Year  3/19/24   19    (2,144,960)    (97,337) 
                $(289,708) 

 

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   $(179,282)   $—   $(179,282) 

 

Currency Legend

EUR Euro
GBP British Pound
USD U.S. Dollar

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 96.6%          
           
BANK LOANS — 1.6%          
Airlines — 0.0%          
United Airlines, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.220% VRN 4/21/28  $64,216   $64,358 
Auto Parts & Equipment — 0.0%          
Clarios Global LP, 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.106% VRN 5/06/30   69,825    69,912 
Beverages — 0.1%          
Triton Water Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250%          
8.860% VRN 3/31/28   240,187    237,665 
Building Materials — 0.1%          
Emrld Borrower LP, Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.356% VRN 5/31/30   149,625    150,056 
Quikrete Holdings, Inc., 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.220% VRN 3/19/29   138,589    138,936 
         288,992 
Commercial Services — 0.0%          
APi Group DE, Inc., 2023 Term Loan, 1 mo. USD Term SOFR + 2.250%          
7.720% VRN 10/01/26   89,014    89,062 
Computers — 0.1%          
Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750%          
9.206% VRN 2/01/28   319,931    320,331 
Diversified Financial Services — 0.2%          
Avolon TLB Borrower 1 (US) LLC, 2021 Term Loan B5, 1 mo. USD Term SOFR + 2.250%          
7.708% VRN 12/01/27   37,173    37,184 
Castlelake Aviation Ltd., Term Loan B, 3 mo. USD Term SOFR + 2.750%          
8.396% VRN 10/22/26   114,481    114,593 
Citadel Securities LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500%          
7.970% VRN 7/29/30   20,102    20,127 
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750%          
9.098% VRN 4/09/27   225,862    223,416 
Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD Term SOFR + 3.250%          
8.606% VRN 6/30/28   118,500    118,598 
VFH Parent LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.456% VRN 1/13/29   105,539    105,618 
         619,536 

 

 

 

 

MassMutual Strategic 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%          
8.220% VRN 7/02/29  $141,864   $142,101 
Entertainment — 0.2%          
Caesars Entertainment Corp., Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.706% VRN 2/06/30   19,850    19,878 
Flutter Entertainment PLC, Term Loan B, 3 mo. USD Term SOFR + 2.250%          
7.698% VRN 11/25/30   280,000    280,232 
PCI Gaming Authority, Term Loan, 1 mo. USD Term SOFR + 2.500%          
7.970% VRN 5/29/26   248,892    249,547 
Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD Term SOFR + 3.000%          
8.465% VRN 4/14/29   236,400    236,769 
         786,426 
Health Care – Products — 0.1%          
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 10/23/28   248,106    249,113 
Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 2.750%          
8.395% VRN 12/11/26   260,000    259,566 
         508,679 
Health Care – Services — 0.1%          
Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.720% VRN 3/05/26   482,378    481,688 
Insurance — 0.1%          
Acrisure LLC, 2021 First Lien Term Loan B, 3 mo. USD LIBOR + 4.250%          
9.900% VRN 2/15/27   89,318    89,430 
AmWINS Group, Inc.          
2021 Term Loan B, 1 mo. USD Term SOFR + 2.250%          
7.720% VRN 2/19/28   251,340    251,408 
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.220% VRN 2/19/28   39,600    39,668 
         380,506 
Leisure Time — 0.1%          
Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD Term SOFR + 3.500%          
8.970% VRN 8/17/28   164,095    164,095 
Lodging — 0.0%          
Station Casinos LLC, 2020 Term Loan B, 1 mo. USD Term SOFR + 2.250%          
7.706% VRN 2/08/27   159,811    159,981 
Machinery – Diversified — 0.0%          
Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.000%          
7.470% VRN 7/30/29   122,292    122,377 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Media — 0.1%          
Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.500%          
7.970% VRN 9/18/26  $160,766   $160,753 
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD Term SOFR + 2.500%          
7.976% VRN 1/31/28   203,954    202,906 
         363,659 
Private Equity — 0.1%          
GTCR W Merger Sub LLC, USD Term Loan B,          
0.000% 9/20/30 (a)   380,000    381,425 
Retail — 0.1%          
Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 2.750%          
8.220% VRN 10/19/27   430,226    429,344 
Software — 0.1%          
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.606% VRN 2/15/29   333,570    331,735 
Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.206% VRN 10/08/28   91,303    90,276 
DCert Buyer, Inc., 2019 Term Loan B, 1 mo. USD Term SOFR + 4.000%          
9.356% VRN 10/16/26   31,374    31,047 
         453,058 
Transportation — 0.1%          
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD Term SOFR + 2.000%          
7.448% VRN 12/30/26   468,931    469,653 
           
TOTAL BANK LOANS
(Cost $6,512,624)		        6,532,848 
           

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
CORPORATE DEBT — 24.9%          
Aerospace & Defense — 0.9%          
Boeing Co.          
2.196% 2/04/26  $230,000   $217,324 
2.700% 2/01/27   90,000    84,860 
2.800% 3/01/27   150,000    141,121 
3.100% 5/01/26   80,000    76,883 
3.200% 3/01/29   210,000    196,391 
3.250% 2/01/35   360,000    303,612 
3.550% 3/01/38   80,000    65,171 
3.750% 2/01/50   240,000    186,243 
5.150% 5/01/30   160,000    162,882 
5.705% 5/01/40   110,000    113,733 
5.805% 5/01/50   300,000    310,665 
5.930% 5/01/60   40,000    41,420 
General Dynamics Corp.          
4.250% 4/01/40   20,000    18,663 
4.250% 4/01/50   50,000    46,376 
L3Harris Technologies, Inc.          
5.054% 4/27/45   50,000    49,288 
Lockheed Martin Corp.          
3.900% 6/15/32   50,000    48,218 
4.150% 6/15/53  260,000   232,395 
4.500% 5/15/36   60,000    59,361 
Northrop Grumman Corp.          
2.930% 1/15/25   160,000    156,332 
3.250% 1/15/28   290,000    277,118 
5.250% 5/01/50   160,000    164,689 
RTX Corp.          
2.250% 7/01/30   110,000    95,033 
3.030% 3/15/52   120,000    82,805 
4.125% 11/16/28   160,000    156,316 
4.500% 6/01/42   130,000    118,055 
6.000% 3/15/31   120,000    127,835 
         3,532,789 
Agriculture — 0.4%          
Altria Group, Inc.          
2.450% 2/04/32   140,000    114,166 
5.800% 2/14/39   160,000    162,975 
5.950% 2/14/49   260,000    264,814 
6.200% 2/14/59   56,000    59,145 
6.875% 11/01/33   270,000    297,187 
BAT Capital Corp.          
3.557% 8/15/27   45,000    42,944 
4.540% 8/15/47   360,000    276,382 
Philip Morris International, Inc.          
2.100% 5/01/30   40,000    34,313 
4.500% 3/20/42   80,000    71,711 
Reynolds American, Inc.          
5.850% 8/15/45   110,000    102,966 
         1,426,603 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Airlines — 0.4%          
American Airlines, Inc.          
8.500% 5/15/29 (b)  $100,000   $105,600 
Delta Air Lines, Inc.          
2.900% 10/28/24   180,000    175,198 
Delta Air Lines, Inc./SkyMiles IP Ltd.          
4.500% 10/20/25 (b)   213,333    210,092 
4.750% 10/20/28 (b)   300,000    295,047 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.          
6.500% 6/20/27 (b)   231,000    231,656 
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.          
8.000% 9/20/25 (b)   240,000    172,600 
8.000% 9/20/25 (b)   250,000    179,792 
United Airlines, Inc.          
4.375% 4/15/26 (b)   80,000    77,952 
4.625% 4/15/29 (b)   290,000    271,218 
         1,719,155 
Apparel — 0.1%          
NIKE, Inc.          
2.850% 3/27/30   170,000    156,299 
3.250% 3/27/40   130,000    109,189 
3.375% 3/27/50 (c)   20,000    16,335 
         281,823 
Auto Manufacturers — 1.4%          
Ford Motor Co.          
4.750% 1/15/43   90,000    74,293 
6.100% 8/19/32 (c)   90,000    90,723 
Ford Motor Credit Co. LLC          
2.900% 2/16/28   390,000    350,132 
3.625% 6/17/31   220,000    189,673 
4.000% 11/13/30   200,000    179,458 
4.125% 8/17/27   200,000    189,337 
4.950% 5/28/27   250,000    243,887 
5.125% 6/16/25   200,000    197,375 
General Motors Co.          
5.150% 4/01/38   40,000    37,866 
5.600% 10/15/32 (c)   40,000    40,898 
5.950% 4/01/49 (c)   110,000    107,627 
6.125% 10/01/25   20,000    20,269 
6.600% 4/01/36   10,000    10,703 
Nissan Motor Co. Ltd.          
3.522% 9/17/25 (b)   410,000    394,683 
4.345% 9/17/27 (b)   300,000    286,974 
Toyota Motor Credit Corp.          
4.450% 5/18/26   3,070,000    3,064,966 
         5,478,864 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Banks — 7.1%          
ABN AMRO Bank NV          
4.750% 7/28/25 (b)  $260,000   $254,764 
Banco Santander SA          
2.746% 5/28/25   400,000    385,923 
Bank of America Corp.          
Secured Overnight Financing Rate + 1.210% 2.572% VRN 10/20/32   60,000    49,744 
Secured Overnight Financing Rate + 2.150% 2.592% VRN 4/29/31   360,000    310,244 
Secured Overnight Financing Rate + 1.330% 2.972% VRN 2/04/33   550,000    467,951 
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28   570,000    536,899 
3 mo. USD Term SOFR + 1.632% 3.593% VRN 7/21/28   270,000    256,094 
3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29   760,000    725,886 
3 mo. USD Term SOFR + 1.472% 3.974% VRN 2/07/30   270,000    255,554 
4.000% 4/01/24   270,000    268,952 
4.000% 1/22/25   140,000    138,114 
3 mo. USD Term SOFR + 3.412% 4.083% VRN 3/20/51   420,000    353,399 
4.200% 8/26/24   380,000    376,435 
4.250% 10/22/26   50,000    49,091 
3 mo. USD Term SOFR + 1.782% 4.330% VRN 3/15/50   90,000    79,216 
Secured Overnight Financing Rate + 1.580% 4.376% VRN 4/27/28   300,000    293,190 
4.450% 3/03/26   50,000    49,449 
5.000% 1/21/44   130,000    127,481 
3 mo. USD Term SOFR + 3.967% 6.250% VRN (d)   170,000    168,434 
Bank of Montreal          
1.850% 5/01/25   70,000    67,113 
5 yr. USD Swap + 1.432% 3.803% VRN 12/15/32   90,000    82,793 
Bank of New York Mellon Corp.          
1.600% 4/24/25   170,000    163,154 
Bank of Nova Scotia          
1.300% 6/11/25   120,000    113,705 
5 yr. CMT + 2.050% 4.588% VRN 5/04/37   100,000    89,447 
Barclays PLC 3 mo. USD LIBOR + 3.054%          
5.088% VRN 6/20/30   510,000    493,768 
BNP Paribas SA          
Secured Overnight Financing Rate + 2.074% 2.219% VRN 6/09/26 (b)   200,000   190,909 
5 yr. USD Swap + 1.483% 4.375% VRN 3/01/33 (b)   220,000    205,917 
4.400% 8/14/28 (b)   400,000    389,581 
4.625% 3/13/27 (b)   260,000    254,617 
1 yr. CMT + 1.450% 5.125% VRN 1/13/29 (b)   400,000    402,804 
Secured Overnight Financing Rate + 1.866% 5.894% VRN 12/05/34 (b)   200,000    208,933 
5 yr. CMT + 4.354% 8.500% VRN (b) (d)   200,000    209,445 
Citigroup, Inc.          
Secured Overnight Financing Rate + 2.107% 2.572% VRN 6/03/31   140,000    119,590 
Secured Overnight Financing Rate + 1.939% 3.785% VRN 3/17/33   370,000    332,758 
3 mo. USD Term SOFR + 1.600% 3.980% VRN 3/20/30   180,000    170,806 
4.125% 7/25/28   150,000    144,039 
4.300% 11/20/26   510,000    499,796 
Secured Overnight Financing Rate + 3.914% 4.412% VRN 3/31/31   410,000    392,143 
4.450% 9/29/27   370,000    361,493 
4.650% 7/30/45   181,000    164,388 
4.650% 7/23/48   70,000    64,470 
Secured Overnight Financing Rate + 1.887% 4.658% VRN 5/24/28   50,000    49,601 
4.750% 5/18/46   40,000    35,773 
Secured Overnight Financing Rate + 2.086% 4.910% VRN 5/24/33   130,000    127,278 
5.300% 5/06/44   16,000    15,352 
3 mo. USD Term SOFR + 4.167% 5.950% VRN (d)   150,000    146,821 
3 mo. USD Term SOFR + 3.685% 6.300% VRN (c) (d)   60,000    59,162 
6.625% 6/15/32   20,000    21,765 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
8.125% 7/15/39  $50,000   $64,379 
Cooperatieve Rabobank UA 1 yr. CMT + 1.220%          
3.649% VRN 4/06/28 (b)   300,000    285,918 
Credit Agricole SA Secured Overnight Financing Rate + 1.676%          
1.907% VRN 6/16/26 (b)   270,000    256,117 
Credit Suisse AG          
5.000% 7/09/27   250,000    250,053 
7.950% 1/09/25   710,000    725,635 
Danske Bank AS          
5.375% 1/12/24 (b)   240,000    239,945 
Goldman Sachs Capital II 3 mo. USD Term SOFR + 1.029%          
6.406% VRN (d)   8,000    6,658 
Goldman Sachs Group, Inc.          
Secured Overnight Financing Rate + 1.472% 2.908% VRN 7/21/42   80,000    58,358 
Secured Overnight Financing Rate + 1.513% 3.210% VRN 4/22/42   40,000    30,630 
3.500% 4/01/25   370,000    361,585 
3.500% 11/16/26   200,000    192,578 
Secured Overnight Financing Rate + 1.846% 3.615% VRN 3/15/28   50,000    47,957 
3 mo. USD Term SOFR + 1.772% 3.691% VRN 6/05/28   350,000    334,403 
3.850% 7/08/24   90,000    89,188 
4.000% 3/03/24   100,000    99,708 
3 mo. USD Term SOFR + 1.563% 4.223% VRN 5/01/29   490,000    473,990 
4.250% 10/21/25   160,000    157,047 
4.750% 10/21/45   80,000    75,801 
5.150% 5/22/45   290,000    280,348 
6.250% 2/01/41   130,000    144,989 
6.750% 10/01/37   80,000    88,059 
HSBC Holdings PLC          
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26   510,000    485,508 
3.900% 5/25/26   200,000    194,688 
Secured Overnight Financing Rate + 2.530% 4.762% VRN 3/29/33   200,000    186,289 
Intesa Sanpaolo SpA          
5.017% 6/26/24 (b)   900,000    890,649 
5.710% 1/15/26 (b)   200,000    198,998 
JP Morgan Chase & Co.          
Secured Overnight Financing Rate + 1.850% 2.083% VRN 4/22/26   340,000    325,669 
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31   300,000    259,421 
Secured Overnight Financing Rate + 1.180% 2.545% VRN 11/08/32   100,000    83,438 
Secured Overnight Financing Rate + 2.440% 3.109% VRN 4/22/51   80,000    57,484 
3 mo. USD Term SOFR + 1.207% 3.509% VRN 1/23/29   70,000    66,330 
3.875% 9/10/24   300,000    296,657 
3 mo. USD Term SOFR + 1.522% 4.203% VRN 7/23/29   310,000    301,233 
4.250% 10/01/27   70,000    69,236 
3 mo. USD Term SOFR + 1.592% 4.452% VRN 12/05/29   700,000    685,993 
4.950% 6/01/45   140,000    133,840 
Lloyds Banking Group PLC          
4.550% 8/16/28   370,000    363,871 
Mitsubishi UFJ Financial Group, Inc. 1 yr. CMT + 1.125%          
3.837% VRN 4/17/26   200,000    196,121 
Morgan Stanley          
Secured Overnight Financing Rate + 1.990% 2.188% VRN 4/28/26   260,000    249,770 
Secured Overnight Financing Rate + 1.143% 2.699% VRN 1/22/31   10,000    8,742 
Secured Overnight Financing Rate + 3.120% 3.622% VRN 4/01/31   640,000    589,585 
3 mo. USD Term SOFR + 1.402% 3.772% VRN 1/24/29   350,000    333,789 
3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30   10,000    9,740 
National Securities Clearing Corp.          
1.500% 4/23/25 (b)   250,000    239,608 
PNC Financial Services Group, Inc.          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29  $200,000   $204,266 
Secured Overnight Financing Rate + 1.322% 5.812% VRN 6/12/26   70,000    70,420 
Royal Bank of Canada          
1.150% 6/10/25   250,000    236,919 
3.875% 5/04/32   40,000    37,745 
Santander Holdings USA, Inc.          
4.500% 7/17/25   50,000    49,420 
Toronto-Dominion Bank          
1.150% 6/12/25   280,000    265,039 
Truist Financial Corp. Secured Overnight Financing Rate + 2.050%          
6.047% VRN 6/08/27   130,000    132,290 
UBS Group AG          
Secured Overnight Financing Rate + 2.044% 2.193% VRN 6/05/26 (b)   480,000    456,472 
Secured Overnight Financing Rate + 1.730% 3.091% VRN 5/14/32 (b)   350,000    298,083 
Secured Overnight Financing Rate + 3.730% 4.194% VRN 4/01/31 (b)   250,000    232,761 
4.253% 3/23/28 (b)   340,000    328,122 
1 yr. CMT + 2.000% 6.301% VRN 9/22/34 (b)   410,000    434,035 
5 yr. USD Swap + 4.344% 7.000% VRN (b) (c) (d)   500,000    499,846 
5 yr. CMT + 4.745% 9.250% VRN (b) (d)   200,000    215,755 
US Bancorp          
1.450% 5/12/25   200,000    190,341 
Secured Overnight Financing Rate + 0.730% 2.215% VRN 1/27/28   30,000    27,569 
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29   140,000    143,830 
Secured Overnight Financing Rate + 2.260% 5.836% VRN 6/12/34   50,000    51,576 
Wells Fargo & Co.          
Secured Overnight Financing Rate + 2.000% 2.188% VRN 4/30/26   200,000    191,673 
Secured Overnight Financing Rate + 2.100% 2.393% VRN 6/02/28   230,000    210,663 
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30   150,000    133,344 
3.000% 10/23/26   350,000    332,281 
Secured Overnight Financing Rate + 1.500% 3.350% VRN 3/02/33   300,000    262,025 
4.300% 7/22/27   240,000    234,900 
4.400% 6/14/46   180,000    151,186 
3 mo. USD Term SOFR + 4.032% 4.478% VRN 4/04/31   210,000    202,870 
4.650% 11/04/44   80,000    70,241 
4.750% 12/07/46   10,000    8,807 
4.900% 11/17/45   250,000    227,223 
3 mo. USD Term SOFR + 4.502% 5.013% VRN 4/04/51   1,220,000    1,160,448 
5.375% 11/02/43   110,000    107,107 
Secured Overnight Financing Rate + 1.990% 5.557% VRN 7/25/34   160,000    162,897 
Secured Overnight Financing Rate + 1.740% 5.574% VRN 7/25/29   120,000    122,528 
5.875% VRN (d) (e)   50,000    49,479 
         28,716,407 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Beverages — 0.3%          
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.          
3.650% 2/01/26  $90,000   $88,363 
4.900% 2/01/46   50,000    49,012 
Anheuser-Busch InBev Worldwide, Inc.          
3.500% 6/01/30   130,000    123,680 
4.000% 4/13/28   80,000    79,017 
4.350% 6/01/40   30,000    28,037 
4.600% 4/15/48   3,000    2,839 
4.750% 1/23/29   190,000    192,953 
5.550% 1/23/49   110,000    118,207 
Coca-Cola Co.          
2.500% 6/01/40   10,000    7,561 
Constellation Brands, Inc.          
3.600% 5/09/24   60,000    59,553 
4.350% 5/09/27   80,000    79,312 
Molson Coors Beverage Co.          
3.000% 7/15/26   50,000    47,887 
4.200% 7/15/46   50,000    42,606 
PepsiCo, Inc.          
1.625% 5/01/30   170,000    144,815 
         1,063,842 
Biotechnology — 0.1%          
Amgen, Inc.          
4.663% 6/15/51   24,000    21,815 
Gilead Sciences, Inc.          
3.700% 4/01/24   130,000    129,376 
4.500% 2/01/45   10,000    9,249 
4.750% 3/01/46   40,000    38,115 
         198,555 
Building Materials — 0.0%          
Builders FirstSource, Inc.          
4.250% 2/01/32 (b)   20,000    18,039 
Carrier Global Corp.          
3.577% 4/05/50   20,000    15,645 
         33,684 
Chemicals — 0.3%          
MEGlobal BV          
4.250% 11/03/26 (b)   230,000    221,952 
OCP SA          
3.750% 6/23/31 (b)   260,000    223,340 
5.125% 6/23/51 (b)   220,000    166,399 
Orbia Advance Corp. SAB de CV          
2.875% 5/11/31 (b)   490,000    405,473 
         1,017,164 
Coal — 0.0%          
Teck Resources Ltd.          
6.000% 8/15/40   20,000    20,290 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Commercial Services — 0.2%          
ADT Security Corp.          
4.125% 8/01/29 (b)  $10,000   $9,202 
Cintas Corp. No. 2          
3.700% 4/01/27   160,000    156,613 
DP World Ltd.          
5.625% 9/25/48 (b)   330,000    315,790 
United Rentals North America, Inc.          
3.750% 1/15/32   80,000    70,784 
3.875% 11/15/27   60,000    57,252 
3.875% 2/15/31   20,000    18,172 
         627,813 
Computers — 0.2%          
Dell International LLC/EMC Corp.          
3.375% 12/15/41   1,320,000    995,307 
Cosmetics & Personal Care — 0.1%          
Haleon US Capital LLC          
3.375% 3/24/29   260,000    245,895 
Kenvue, Inc.          
4.900% 3/22/33   160,000    164,926 
Procter & Gamble Co.          
3.000% 3/25/30   100,000    93,644 
         504,465 
Distribution & Wholesale — 0.0%          
H&E Equipment Services, Inc.          
3.875% 12/15/28 (b)   20,000    18,186 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Diversified Financial Services — 0.6%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.450% 10/29/26  $320,000   $296,295 
3.000% 10/29/28   160,000    146,078 
3.150% 2/15/24   190,000    189,247 
3.300% 1/30/32   160,000    139,253 
Air Lease Corp.          
3.375% 7/01/25   80,000    77,432 
5.300% 2/01/28 (c)   130,000    131,432 
American Express Co.          
3.375% 5/03/24   130,000    129,003 
4.050% 5/03/29   140,000    138,568 
Charles Schwab Corp.          
5.875% 8/24/26   280,000    287,181 
Secured Overnight Financing Rate + 2.010% 6.136% VRN 8/24/34   50,000    52,704 
ILFC E-Capital Trust II 3 mo. USD Term SOFR + 2.062%          
7.436% VRN 12/21/65 (b)   10,000    7,739 
Intercontinental Exchange, Inc.          
4.600% 3/15/33   50,000    49,711 
4.950% 6/15/52   20,000    19,923 
KKR Group Finance Co. II LLC          
5.500% 2/01/43 (b) (c)   20,000    19,125 
Mastercard, Inc.          
3.850% 3/26/50   50,000    43,610 
Park Aerospace Holdings Ltd.          
5.500% 2/15/24 (b)   50,000    49,907 
Vanguard Group, Inc.          
3.050% 8/22/50   450,000    294,647 
Visa, Inc.          
4.300% 12/14/45   160,000    149,068 
         2,220,923 
Electric — 0.2%          
American Transmission Systems, Inc.          
2.650% 1/15/32 (b)   440,000    372,257 
Consolidated Edison Co. of New York, Inc.          
3.350% 4/01/30   70,000    65,268 
3.950% 4/01/50   50,000    41,725 
Duke Energy Ohio, Inc.          
3.650% 2/01/29   210,000    202,128 
Exelon Corp.          
5.625% 6/15/35   40,000    40,707 
Pacific Gas & Electric Co.          
2.100% 8/01/27   140,000    126,173 
2.500% 2/01/31   40,000    32,996 
3.300% 8/01/40   50,000    36,588 
3.500% 8/01/50   80,000    55,230 
         973,072 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Entertainment — 0.1%          
Warnermedia Holdings, Inc.          
3.755% 3/15/27  $60,000   $57,491 
4.054% 3/15/29   80,000    75,903 
4.279% 3/15/32   200,000    183,041 
5.050% 3/15/42   20,000    17,632 
5.141% 3/15/52   10,000    8,583 
6.412% 3/15/26   110,000    110,075 
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.          
7.125% 2/15/31 (b)   90,000    93,728 
         546,453 
Food — 0.1%          
Mars, Inc.          
3.200% 4/01/30 (b)   80,000    73,867 
Mondelez International, Inc.          
1.500% 5/04/25   340,000    324,096 
         397,963 
Forest Products & Paper — 0.1%          
Suzano Austria GmbH          
3.125% 1/15/32   60,000    49,788 
3.750% 1/15/31   430,000    377,127 
         426,915 
Health Care – Products — 0.0%          
Abbott Laboratories          
4.750% 11/30/36   80,000    81,942 
Medtronic, Inc.          
4.625% 3/15/45   18,000    17,490 
         99,432 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Health Care – Services — 0.4%          
Centene Corp.          
2.625% 8/01/31  $10,000   $8,297 
3.000% 10/15/30   10,000    8,660 
4.250% 12/15/27   70,000    67,449 
4.625% 12/15/29   120,000    115,047 
CommonSpirit Health          
4.350% 11/01/42   20,000    17,250 
Elevance Health, Inc.          
3.350% 12/01/24   120,000    117,759 
3.650% 12/01/27   90,000    87,299 
4.100% 5/15/32   60,000    57,299 
4.550% 5/15/52   10,000    9,123 
Fresenius Medical Care U.S. Finance II, Inc.          
4.750% 10/15/24 (b)   70,000    69,084 
HCA, Inc.          
3.500% 9/01/30   70,000    63,457 
4.500% 2/15/27   40,000    39,529 
5.000% 3/15/24   50,000    49,909 
5.250% 6/15/26   60,000    60,293 
5.500% 6/15/47   80,000    77,018 
Humana, Inc.          
2.150% 2/03/32   40,000    32,892 
4.500% 4/01/25   50,000    49,584 
4.625% 12/01/42   70,000    63,794 
4.800% 3/15/47   10,000    9,296 
Tenet Healthcare Corp.          
4.375% 1/15/30 (c)   10,000    9,267 
UnitedHealth Group, Inc.          
1.250% 1/15/26   50,000    46,816 
2.300% 5/15/31   20,000    17,330 
3.125% 5/15/60   30,000    21,316 
3.875% 12/15/28   110,000    107,668 
3.875% 8/15/59   90,000    73,268 
4.000% 5/15/29   100,000    98,530 
4.200% 5/15/32   70,000    68,497 
4.250% 6/15/48   110,000    98,275 
4.450% 12/15/48   50,000    45,759 
5.800% 3/15/36   70,000    76,478 
         1,666,243 
Home Builders — 0.0%          
Lennar Corp.          
4.500% 4/30/24   100,000    99,473 
4.750% 11/29/27   40,000    39,908 
MDC Holdings, Inc.          
6.000% 1/15/43   20,000    18,592 
         157,973 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Insurance — 0.2%          
Berkshire Hathaway Finance Corp.          
4.250% 1/15/49  $160,000   $149,093 
Brighthouse Financial, Inc.          
4.700% 6/22/47   11,000    8,743 
Chubb INA Holdings, Inc.          
3.350% 5/03/26   120,000    116,742 
Guardian Life Global Funding          
1.100% 6/23/25 (b)   120,000    113,236 
MetLife Capital Trust IV          
7.875% 12/15/67 (b)   200,000    214,815 
New York Life Global Funding          
0.950% 6/24/25 (b)   100,000    94,423 
Principal Life Global Funding II          
1.250% 6/23/25 (b)   110,000    104,108 
Teachers Insurance & Annuity Association of America          
4.900% 9/15/44 (b)   50,000    47,193 
6.850% 12/16/39 (b)   22,000    25,347 
         873,700 
Internet — 0.5%          
Alphabet, Inc.          
1.900% 8/15/40   100,000    69,312 
Amazon.com, Inc.          
2.100% 5/12/31   80,000    68,985 
2.500% 6/03/50   60,000    39,913 
3.150% 8/22/27   470,000    451,090 
3.450% 4/13/29   80,000    77,480 
3.600% 4/13/32   320,000    304,822 
4.250% 8/22/57   70,000    64,336 
4.950% 12/05/44   180,000    185,081 
Prosus NV          
3.061% 7/13/31 (b)   370,000    298,858 
3.832% 2/08/51 (b)   210,000    131,894 
4.027% 8/03/50 (b)   310,000    203,388 
         1,895,159 
Investment Companies — 0.4%          
Golub Capital BDC, Inc.          
2.500% 8/24/26   1,570,000    1,422,902 
Iron & Steel — 0.1%          
ArcelorMittal SA          
7.000% STEP 10/15/39   60,000    64,903 
Vale Overseas Ltd.          
6.875% 11/21/36   174,000    189,875 
         254,778 
Leisure Time — 0.1%          
VOC Escrow Ltd.          
5.000% 2/15/28 (b)   210,000    201,142 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Lodging — 0.5%          
Las Vegas Sands Corp.          
2.900% 6/25/25  $100,000   $96,097 
3.200% 8/08/24   790,000    774,664 
Sands China Ltd.          
4.300% STEP 1/08/26   280,000    268,871 
5.375% STEP 8/08/25   750,000    739,623 
         1,879,255 
Machinery – Construction & Mining — 0.0%          
Vertiv Group Corp.          
4.125% 11/15/28 (b)   30,000    28,147 
Machinery – Diversified — 0.1%          
Deere & Co.          
3.100% 4/15/30   60,000    55,662 
3.750% 4/15/50   90,000    78,684 
Otis Worldwide Corp.          
2.056% 4/05/25   140,000    134,584 
         268,930 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Media — 1.3%          
Altice Financing SA          
5.750% 8/15/29 (b)  $210,000   $186,356 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.500% 8/15/30 (b)   30,000    27,045 
4.500% 5/01/32   840,000    719,430 
4.750% 2/01/32 (b)   70,000    61,737 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.500% 3/01/42   60,000    41,735 
4.200% 3/15/28   140,000    134,474 
4.400% 4/01/33 (c)   140,000    129,204 
4.800% 3/01/50   30,000    23,222 
4.908% 7/23/25   270,000    267,433 
5.050% 3/30/29   360,000    356,183 
5.125% 7/01/49   100,000    81,215 
5.375% 4/01/38   100,000    90,177 
5.375% 5/01/47   20,000    16,996 
5.500% 4/01/63   80,000    66,758 
6.484% 10/23/45   160,000    157,218 
6.834% 10/23/55   60,000    59,899 
Comcast Corp.          
2.800% 1/15/51   30,000    19,992 
2.887% 11/01/51   260,000    175,877 
3.150% 3/01/26   280,000    271,814 
3.250% 11/01/39   30,000    24,300 
3.300% 4/01/27   120,000    115,699 
3.400% 4/01/30   180,000    168,481 
3.400% 7/15/46   30,000    23,238 
3.450% 2/01/50   40,000    30,702 
3.750% 4/01/40   80,000    68,815 
3.969% 11/01/47   80,000    67,133 
3.999% 11/01/49   20,000    16,690 
4.000% 8/15/47   20,000    16,847 
4.000% 3/01/48   50,000    41,957 
4.150% 10/15/28   180,000    177,493 
4.250% 10/15/30   190,000    187,261 
4.250% 1/15/33   20,000    19,432 
4.950% 10/15/58   10,000    9,793 
6.500% 11/15/35   41,000    46,619 
CSC Holdings LLC          
4.125% 12/01/30 (b)   210,000    159,758 
4.500% 11/15/31 (b)   200,000    151,215 
6.500% 2/01/29 (b) (c)   250,000    220,650 
DISH DBS Corp.          
5.250% 12/01/26 (b)   120,000    102,810 
5.750% 12/01/28 (b)   120,000    95,712 
Fox Corp.          
5.476% 1/25/39   90,000    87,505 
6.500% 10/13/33   120,000    129,894 
Time Warner Cable Enterprises LLC          
8.375% 7/15/33   20,000    23,158 
Time Warner Cable LLC          
6.550% 5/01/37   50,000    49,263 
6.750% 6/15/39   120,000    119,019 
7.300% 7/01/38   100,000    103,118 
Virgin Media Secured Finance PLC          
5.500% 5/15/29 (b)   210,000    202,911 
Walt Disney Co.          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
6.200% 12/15/34  $20,000   $22,616 
6.650% 11/15/37   50,000    58,726 
         5,427,580 
Mining — 0.6%          
Anglo American Capital PLC          
4.750% 4/10/27 (b)   230,000    226,961 
Barrick North America Finance LLC          
5.700% 5/30/41   80,000    84,330 
5.750% 5/01/43   80,000    85,579 
BHP Billiton Finance USA Ltd.          
5.000% 9/30/43   100,000    100,750 
First Quantum Minerals Ltd.          
6.875% 10/15/27 (b)   230,000    195,464 
8.625% 6/01/31 (b)   200,000    169,500 
Freeport-McMoRan, Inc.          
4.550% 11/14/24   10,000    9,892 
4.625% 8/01/30   120,000    117,266 
5.450% 3/15/43   416,000    404,702 
Glencore Funding LLC          
3.875% 10/27/27 (b)   90,000    86,507 
4.000% 3/27/27 (b)   270,000    262,190 
4.125% 3/12/24 (b)   130,000    129,525 
Southern Copper Corp.          
5.250% 11/08/42   450,000    435,821 
         2,308,487 
Miscellaneous - Manufacturing — 0.1%          
3M Co.          
2.375% 8/26/29   140,000    123,897 
3.050% 4/15/30   60,000    54,079 
3.700% 4/15/50   150,000    118,562 
Eaton Corp.          
4.150% 11/02/42   40,000    36,654 
         333,192 
Multi-National — 0.3%          
Inter-American Development Bank          
7.350% 10/06/30 INR (f)   114,000,000    1,400,379 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Oil & Gas — 2.3%          
BP Capital Markets America, Inc.          
3.000% 2/24/50  $320,000   $226,322 
3.588% 4/14/27   100,000    96,949 
3.633% 4/06/30   120,000    114,912 
Chevron Corp.          
1.995% 5/11/27   110,000    102,086 
3.078% 5/11/50   20,000    15,097 
ConocoPhillips Co.          
6.950% 4/15/29   75,000    83,549 
Continental Resources, Inc.          
2.268% 11/15/26 (b)   70,000    64,407 
4.375% 1/15/28   130,000    125,869 
5.750% 1/15/31 (b)   240,000    238,910 
Coterra Energy, Inc.          
3.900% 5/15/27   310,000    299,922 
4.375% 3/15/29   220,000    213,477 
Devon Energy Corp.          
4.750% 5/15/42   10,000    8,736 
5.000% 6/15/45   410,000    361,939 
5.250% 10/15/27   32,000    32,174 
5.600% 7/15/41   140,000    135,307 
5.850% 12/15/25   120,000    121,295 
5.875% 6/15/28   26,000    26,267 
7.875% 9/30/31   330,000    384,156 
Diamondback Energy, Inc.          
3.250% 12/01/26   10,000    9,685 
3.500% 12/01/29   160,000    148,595 
6.250% 3/15/33 (c)   1,470,000    1,570,728 
Ecopetrol SA          
5.875% 5/28/45   770,000    608,188 
EOG Resources, Inc.          
3.900% 4/01/35   200,000    184,019 
4.375% 4/15/30   60,000    59,757 
4.950% 4/15/50   150,000    147,347 
EQT Corp.          
3.900% 10/01/27   280,000    267,861 
6.125% STEP 2/01/25   12,000    12,053 
7.000% STEP 2/01/30   50,000    53,662 
Exxon Mobil Corp.          
3.482% 3/19/30   190,000    180,626 
4.114% 3/01/46   200,000    178,262 
4.327% 3/19/50   20,000    18,194 
KazMunayGas National Co. JSC          
5.375% 4/24/30 (b)   200,000    198,101 
Occidental Petroleum Corp.          
4.400% 4/15/46   70,000    56,987 
4.625% 6/15/45   80,000    62,965 
6.600% 3/15/46   660,000    714,608 
Petrobras Global Finance BV          
5.999% 1/27/28   780,000    793,009 
Petroleos Mexicanos          
6.375% 1/23/45   220,000    143,347 
6.625% 6/15/35   303,000    232,385 
6.875% 8/04/26  160,000   155,363 
Pioneer Natural Resources Co.          
1.125% 1/15/26   40,000    37,129 
2.150% 1/15/31   190,000    161,414 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Reliance Industries Ltd.          
3.625% 1/12/52 (b)  $330,000   $241,757 
Shell International Finance BV          
2.750% 4/06/30   160,000    146,148 
3.250% 4/06/50   230,000    172,786 
4.000% 5/10/46   180,000    156,199 
4.550% 8/12/43   70,000    66,118 
Southwestern Energy Co.          
4.750% 2/01/32   60,000    55,513 
5.375% 3/15/30   20,000    19,529 
         9,503,709 
Oil & Gas Services — 0.0%          
Halliburton Co.          
4.850% 11/15/35   20,000    19,684 
5.000% 11/15/45   110,000    106,754 
Schlumberger Holdings Corp.          
3.900% 5/17/28 (b)   31,000    30,096 
         156,534 
Packaging & Containers — 0.0%          
Ball Corp.          
3.125% 9/15/31   100,000    86,219 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pharmaceuticals — 1.3%          
AbbVie, Inc.          
2.600% 11/21/24  $290,000   $283,301 
2.950% 11/21/26   260,000    249,313 
3.200% 11/21/29   540,000    504,786 
3.600% 5/14/25   130,000    127,646 
3.800% 3/15/25   180,000    177,544 
4.250% 11/21/49   20,000    17,823 
4.550% 3/15/35   90,000    88,259 
4.875% 11/14/48   20,000    19,497 
Becton Dickinson & Co.          
3.363% 6/06/24   82,000    81,208 
4.685% 12/15/44   18,000    16,820 
Bristol-Myers Squibb Co.          
2.900% 7/26/24   206,000    203,215 
3.400% 7/26/29   19,000    18,021 
Cigna Group          
4.125% 11/15/25   100,000    98,734 
4.375% 10/15/28   160,000    158,711 
4.800% 8/15/38   190,000    183,703 
4.900% 12/15/48   100,000    95,074 
CVS Health Corp.          
1.875% 2/28/31   30,000    24,689 
2.125% 9/15/31   140,000    115,903 
3.750% 4/01/30   150,000    141,105 
4.125% 4/01/40   120,000    103,041 
4.250% 4/01/50   30,000    25,056 
4.300% 3/25/28   168,000    165,152 
5.050% 3/25/48   280,000    261,886 
5.125% 7/20/45  100,000   94,608 
CVS Pass-Through Trust          
5.880% 1/10/28   46,941    46,463 
6.036% 12/10/28   45,195    45,652 
6.943% 1/10/30   43,919    44,867 
Johnson & Johnson          
3.625% 3/03/37   180,000    165,580 
Merck & Co., Inc.          
1.450% 6/24/30   120,000    100,282 
2.750% 12/10/51   200,000    137,472 
Pfizer, Inc.          
1.700% 5/28/30   250,000    212,879 
Teva Pharmaceutical Finance Netherlands III BV          
3.150% 10/01/26   900,000    833,310 
6.000% 4/15/24   213,000    212,280 
7.125% 1/31/25   390,000    393,460 
         5,447,340 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pipelines — 1.8%          
Cameron LNG LLC          
2.902% 7/15/31 (b)  $40,000   $35,091 
3.302% 1/15/35 (b)   130,000    110,691 
Cheniere Energy Partners LP          
3.250% 1/31/32   170,000    144,845 
Columbia Pipelines Operating Co. LLC          
6.036% 11/15/33 (b)   260,000    272,290 
6.544% 11/15/53 (b)   60,000    66,061 
El Paso Natural Gas Co. LLC          
8.375% 6/15/32   289,000    336,747 
Energy Transfer LP          
2.900% 5/15/25   170,000    164,721 
3.750% 5/15/30   410,000    380,737 
4.950% 6/15/28   50,000    49,804 
5.250% 4/15/29   80,000    80,598 
5.300% 4/01/44   20,000    18,402 
5.400% 10/01/47   40,000    37,271 
6.100% 2/15/42   140,000    140,344 
6.250% 4/15/49   230,000    237,844 
5 yr. CMT + 5.694% 6.500% VRN (d)   50,000    47,514 
5 yr. CMT + 5.134% 6.750% VRN (d)   160,000    152,615 
5 yr. CMT + 5.306% 7.125% VRN (d)   150,000    138,222 
3 mo. USD LIBOR + 4.028% 9.669% VRN (c) (d)   20,000    19,206 
Enterprise Products Operating LLC          
3.700% 1/31/51   260,000    206,868 
4.150% 10/16/28   900,000    888,588 
3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78   40,000    35,850 
5.700% 2/15/42   40,000    42,091 
EQM Midstream Partners LP          
5.500% 7/15/28 (c)   10,000    9,908 
Kinder Morgan Energy Partners LP          
5.500% 3/01/44   30,000    28,373 
Kinder Morgan, Inc.          
4.300% 3/01/28   110,000    108,458 
5.200% 3/01/48   20,000    18,254 
MPLX LP          
4.500% 4/15/38   70,000    62,291 
4.700% 4/15/48   210,000    180,980 
4.800% 2/15/29   190,000    188,644 
4.875% 12/01/24  90,000   89,487 
5.500% 2/15/49   40,000    38,684 
ONEOK, Inc.          
5.550% 11/01/26   50,000    50,880 
5.800% 11/01/30   80,000    83,172 
6.050% 9/01/33   140,000    148,332 
6.625% 9/01/53   220,000    246,210 
Southern Natural Gas Co. LLC          
8.000% 3/01/32 (c)   148,000    172,786 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.          
6.000% 12/31/30 (b)   10,000    9,295 
Targa Resources Corp.          
4.200% 2/01/33   60,000    55,166 
4.950% 4/15/52   40,000    35,092 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.875% 2/01/31   130,000    126,283 
Tennessee Gas Pipeline Co. LLC          
2.900% 3/01/30 (b)   160,000    140,922 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Transcontinental Gas Pipe Line Co. LLC          
7.850% 2/01/26  $60,000   $62,827 
Venture Global Calcasieu Pass LLC          
3.875% 11/01/33 (b)   80,000    67,796 
Western Midstream Operating LP          
3.100% STEP 2/01/25   240,000    233,559 
4.050% STEP 2/01/30   850,000    794,869 
5.250% STEP 2/01/50   230,000    206,209 
5.500% 8/15/48   20,000    17,836 
Williams Cos., Inc.          
3.750% 6/15/27   90,000    86,746 
7.500% 1/15/31   200,000    226,138 
7.750% 6/15/31   350,000    391,860 
         7,487,457 
Real Estate Investment Trusts (REITS) — 0.4%          
CTR Partnership LP/CareTrust Capital Corp.          
3.875% 6/30/28 (b)   20,000    18,257 
Equinix, Inc.          
2.500% 5/15/31   1,641,000    1,392,920 
GLP Capital LP/GLP Financing II, Inc.          
5.250% 6/01/25   10,000    9,965 
5.375% 4/15/26   40,000    39,753 
WEA Finance LLC/Westfield UK & Europe Finance PLC          
3.750% 9/17/24 (b)   220,000    216,003 
         1,676,898 
Retail — 0.3%          
Costco Wholesale Corp.          
1.375% 6/20/27   190,000    172,392 
1.600% 4/20/30   110,000    94,228 
Home Depot, Inc.          
2.700% 4/15/30   70,000    63,932 
3.300% 4/15/40   120,000    99,129 
3.350% 4/15/50   190,000    147,677 
3.900% 12/06/28   30,000    29,550 
3.900% 6/15/47   40,000    34,400 
Lowe's Cos., Inc.          
4.500% 4/15/30   50,000    49,710 
McDonald's Corp.          
3.500% 7/01/27  100,000   97,133 
3.600% 7/01/30   190,000    180,224 
3.625% 9/01/49   40,000    32,059 
3.800% 4/01/28   110,000    107,260 
4.200% 4/01/50   140,000    123,819 
Walmart, Inc.          
1.500% 9/22/28   80,000    71,466 
1.800% 9/22/31   40,000    33,894 
         1,336,873 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Semiconductors — 0.2%          
Broadcom, Inc.          
3.137% 11/15/35 (b)  $340,000   $279,134 
Intel Corp.          
1.600% 8/12/28   130,000    115,001 
3.050% 8/12/51   90,000    63,375 
4.750% 3/25/50   20,000    18,896 
5.125% 2/10/30   100,000    103,708 
Micron Technology, Inc.          
5.875% 2/09/33   60,000    62,363 
NVIDIA Corp.          
3.700% 4/01/60   170,000    142,364 
NXP BV/NXP Funding LLC/NXP USA, Inc.          
2.700% 5/01/25   120,000    115,660 
Texas Instruments, Inc.          
1.750% 5/04/30   110,000    94,852 
         995,353 
Software — 0.2%          
Microsoft Corp.          
2.921% 3/17/52   27,000    19,927 
Open Text Holdings, Inc.          
4.125% 2/15/30 (b) (c)   10,000    9,051 
4.125% 12/01/31 (b) (c)   10,000    8,839 
Oracle Corp.          
1.650% 3/25/26   240,000    223,890 
2.875% 3/25/31   280,000    248,039 
2.950% 4/01/30   20,000    18,051 
4.650% 5/06/30   100,000    99,607 
Salesforce, Inc.          
3.700% 4/11/28   50,000    48,992 
         676,396 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Telecommunications — 1.1%          
AT&T, Inc.          
2.250% 2/01/32  $20,000   $16,539 
2.300% 6/01/27   250,000    232,048 
2.550% 12/01/33   60,000    48,901 
3.500% 9/15/53   130,000    94,342 
3.550% 9/15/55   183,000    131,573 
3.650% 9/15/59   60,000    43,001 
3.800% 12/01/57   10,000    7,433 
4.350% 6/15/45   101,000    87,194 
5.350% 9/01/40   40,000    39,476 
5.550% 8/15/41   40,000    40,416 
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC          
4.738% 9/20/29 (b)  68,750   68,155 
T-Mobile USA, Inc.          
2.250% 2/15/26   70,000    66,331 
2.250% 11/15/31   70,000    58,282 
2.550% 2/15/31   130,000    111,971 
2.625% 2/15/29   170,000    153,047 
2.875% 2/15/31   170,000    149,792 
3.000% 2/15/41   60,000    44,901 
3.300% 2/15/51   20,000    14,449 
3.375% 4/15/29   70,000    65,037 
3.500% 4/15/25   350,000    342,602 
3.500% 4/15/31   380,000    347,392 
3.750% 4/15/27   50,000    48,496 
3.875% 4/15/30   190,000    180,177 
Telefonica Emisiones SA          
5.213% 3/08/47   150,000    138,983 
Verizon Communications, Inc.          
1.750% 1/20/31   280,000    230,294 
2.550% 3/21/31   282,000    243,154 
2.650% 11/20/40   120,000    86,462 
3.400% 3/22/41   40,000    31,842 
3.850% 11/01/42   40,000    33,481 
3.875% 2/08/29   130,000    126,033 
4.000% 3/22/50   100,000    83,103 
4.329% 9/21/28   440,000    435,273 
4.400% 11/01/34   270,000    259,763 
4.500% 8/10/33   30,000    29,264 
5.250% 3/16/37   170,000    176,904 
5.500% 3/16/47   30,000    31,271 
Vmed O2 UK Financing I PLC          
4.750% 7/15/31 (b)   200,000    178,521 
         4,475,903 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Transportation — 0.1%          
Union Pacific Corp.          
2.150% 2/05/27  $50,000   $46,658 
2.891% 4/06/36   270,000    227,901 
3.750% 2/05/70   150,000    115,659 
3.839% 3/20/60   120,000    97,889 
         488,107 
           
TOTAL CORPORATE DEBT
(Cost $107,341,974)		        100,748,361 
           
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.5%          
Automobile Asset-Backed Securities — 0.1%          
Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A          
1.380% 8/20/27 (b)   490,000    444,090 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Commercial Mortgage-Backed Securities — 2.6%          
Bank          
Series 2017-BNK4, Class XA, 1.336% VRN 5/15/50 (e)  $2,989,855   $99,241 
Series 2017-BNK8, Class A3, 3.229% 11/15/50   266,465    250,043 
Series 2022-BNK40, Class A4, 3.394% VRN 3/15/64 (e)   270,000    240,221 
Bank of America Merrill Lynch Trust, Series 2016-GG10, Class AJA,          
5.630% VRN 8/10/45 (b) (e)   314,280   70,713 
Benchmark Mortgage Trust          
Series 2021-B29, Class XA, 1.033% VRN 9/15/54 (e)   2,495,877    121,286 
Series 2019-B13, Class A3, 2.701% 8/15/57   290,000    261,813 
BPR Trust, Series 2021-TY, Class A, 1 mo. USD Term SOFR + 1.164%          
6.527% FRN 9/15/38 (b)   140,000    135,536 
BX Commercial Mortgage Trust          
Series 2021-VINO, Class A, 1 mo. USD Term SOFR + 0.767% 6.129% FRN 5/15/38 (b)   627,338    617,141 
Series 2021-21M, Class A, 1 mo. USD Term SOFR + 0.844% 6.207% FRN 10/15/36 (b)   654,667    641,990 
Series 2023-XL3, Class A, 1 mo. USD Term SOFR + 1.761% 7.121% FRN 12/09/40 (b)   240,000    240,075 
Series 2023-VLT2, Class E, 1 mo. USD Term SOFR + 5.871% 11.233% FRN 6/15/40 (b)   490,000    489,074 
BX Trust, Series 2021-LBA, Class AV, 1 mo. USD Term SOFR + 0.914%          
6.277% FRN 2/15/36 (b)   197,702    194,242 
Cantor Commercial Real Estate Lending, Series 2019-CF1, Class A2          
3.623% 5/15/52   260,000    246,366 
CD Mortgage Trust, Series 2017-CD3, Class A4          
3.631% 2/10/50   130,000    120,895 
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B,          
4.175% VRN 7/10/47 (e)   350,000    334,534 
Credit Suisse Mortgage Trust          
Series 2014-USA, Class A2, 3.953% 9/15/37 (b)   190,000    166,047 
Series 2014-USA, Class E, 4.373% 9/15/37 (b)   140,000    67,540 
Series 2014-USA, Class F, 4.373% 9/15/37 (b)   2,440,000    982,389 
Series 2022-MARK, Class A, 1 mo. USD Term SOFR + 2.695% 8.057% FRN 6/15/39 (b)   130,000    129,686 
Series 2017-CHOP, Class G, U.S. (Fed) Prime Rate + 2.294% 10.794% FRN 7/15/32 (b)   750,000    662,264 
DBJPM Mortgage Trust, Series 2016-C3, Class A4          
2.632% 8/10/49   113,500    106,595 
DTP Commercial Mortgage Trust, Series 2023-STE2, Class A,          
6.038% VRN 1/15/41 (b) (e)   240,000    236,276 
FS Commercial Mortgage Trust, Series 2023-4SZN, Class B,          
7.544% VRN 11/10/39 (b) (e)   440,000    455,593 
GS Mortgage Securities Corp. Trust, Series 2018-SRP5, Class A, 1 mo. USD Term SOFR + 1.914%          
7.277% FRN 9/15/31 (b)   1,201,684    860,687 
JPMBB Commercial Mortgage Securities Trust          
Series 2014-C19, Class XA, 0.559% VRN 4/15/47 (e)   393,213    116 
Series 2015-C31, Class B, 4.622% VRN 8/15/48 (e)   160,000    133,640 
LAQ Mortgage Trust, Series 2023-LAQ, Class A, 1 mo. USD Term SOFR + 2.091%          
7.453% FRN 3/15/36 (b)   85,807    85,191 
ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AJ,          
6.193% VRN 9/12/49 (e)   2,860    2,786 
MSWF Commercial Mortgage Trust, Series 2023-2, Class A5,          
6.014% VRN 12/15/56 (e)   280,000    302,283 
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD Term SOFR + 1.397%          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
6.767% FRN 3/15/39 (b)  $190,000   $184,380 
NJ Trust, Series 2023-GSP, Class A,          
6.697% VRN 1/06/29 (b) (e)   220,000    225,655 
PFP Ltd., Series 2021-8, Class A, 1 mo. USD Term SOFR + 1.114%          
6.477% FRN 8/09/37 (b)   221,441    220,158 
Shops at Crystals Trust, Series 2016-CSTL, Class A          
3.126% 7/05/36 (b)   320,000   300,009 
UBS Commercial Mortgage Trust          
Series 2017-C7, Class A3, 3.418% 12/15/50   164,729    155,682 
Series 2017-C1, Class A4, 3.460% 6/15/50   170,000    159,941 
Wells Fargo Commercial Mortgage Trust          
Series 2019-C52, Class XA, 1.602% VRN 8/15/52 (e)   5,472,878    331,374 
Series 2017-C42, Class D, 2.800% VRN 12/15/50 (b) (e)   710,000    494,224 
WFRBS Commercial Mortgage Trust          
Series 2014-C24, Class B, 4.204% VRN 11/15/47 (e)   190,000    168,632 
Series 2014-C24, Class C, 4.290% VRN 11/15/47 (e)   190,000    157,807 
         10,652,125 
Home Equity Asset-Backed Securities — 0.3%          
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD Term SOFR + 1.074%          
6.430% FRN 11/25/33   1,153,623    1,153,267 
GSAA Home Equity Trust, Series 2006-5, Class 2A3, 1 mo. USD Term SOFR + 0.654%          
6.010% FRN 3/25/36   290,090    142,150 
         1,295,417 
Manufactured Housing Asset-Backed Securities — 0.1%          
Conseco Finance Corp., Series 1996-4, Class M1,          
7.750% VRN 6/15/27 (e)   278,105    278,472 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Other Asset-Backed Securities — 2.2%          
AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 3 mo. USD Term SOFR + 2.000%          
7.416% FRN 4/20/36 (b)  $220,000   $220,760 
AMMC CLO 23 Ltd., Series 2020-23A, Class A1R, 3 mo. USD Term SOFR + 1.302%          
6.704% FRN 10/17/31 (b)   175,000    174,995 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD Term SOFR + 1.184%          
6.546% FRN 8/15/34 (b)   790,000    781,697 
ARES Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, 3 mo. USD Term SOFR + 1.750%          
7.097% FRN 10/15/36 (b)   490,000    490,263 
Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1, 3 mo. USD Term SOFR + 1.800%          
7.178% FRN 10/20/36 (b)   220,000    219,826 
Cayuga Park CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.382%          
6.784% FRN 7/17/34 (b)   220,000    219,848 
Credit Suisse European Mortgage Capital Ltd., Series 2019-1OTF, Class A1, 3 mo. USD LIBOR + 2.900%          
8.552% FRN 8/09/24 (b)   920,000    902,350 
Dividend Solar Loans LLC, Series 2019-1, Class A          
3.670% 8/22/39 (b)   644,488    568,620 
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 3 mo. USD Term SOFR + 1.282%          
6.676% FRN 4/15/31 (b)   260,939    260,718 
Empower CLO Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.200%          
7.540% FRN 7/15/36 (b)   290,000    291,962 
HPS Loan Management Ltd., Series 15A-19, Class A1R, 3 mo. USD Term SOFR + 1.320%          
6.732% FRN 1/22/35 (b)   250,000   249,788 
InStar Leasing III LLC, Series 2021-1A, Class A          
2.300% 2/15/54 (b)   546,632    477,374 
ITE Rail Fund Levered LP, Series 2021-1A, Class A          
2.250% 2/28/51 (b)   683,644    599,487 
Mosaic Solar Loan Trust, Series 2021-3A, Class B          
1.920% 6/20/52 (b)   708,137    536,440 
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422%          
6.816% FRN 7/15/34 (b)   250,000    249,501 
Neuberger Berman Loan Advisers CLO Ltd., Series 2018-29A, Class A1, 3 mo. USD Term SOFR + 1.392%          
6.788% FRN 10/19/31 (b)   260,000    260,011 
Octagon 66 Ltd., Series 2022-1A, Class A1R, 3 mo. USD Term SOFR + 1.750%          
7.140% FRN 11/16/36 (b)   400,000    398,690 
Rad CLO Ltd., Series 2023-22A, Class A1, 3 mo. USD Term SOFR + 1.830%          
7.202% FRN 1/20/37 (b)   430,000    431,106 
Storm King Park CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 2.050%          
7.444% FRN 10/15/35 (b)   250,000    251,003 
Structured Asset Investment Loan Trust, Series 2004-8, Class A9, 1 mo. USD Term SOFR + 1.114%          
6.470% FRN 9/25/34   450,657    454,354 
Symphony CLO Ltd., Series 2023-40A, Class A1, 3 mo. USD Term SOFR + 1.640%          

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
6.984% FRN 1/14/34 (b)  $410,000   $410,059 
U.S. Small Business Administration          
Series 2019-25G, Class 1, 2.690% 7/01/44   186,508    163,758 
Series 2019-20D, Class 1, 2.980% 4/01/39   121,771    109,291 
Venture 41 CLO Ltd., Series 2021-41A, Class A1N, 3 mo. USD Term SOFR + 1.592%          
7.007% FRN 1/20/34 (b)   250,000    249,991 
Whitebox CLO II Ltd., Series 2020-2A, Class A1R, 3 mo. USD Term SOFR + 1.482%          
6.880% FRN 10/24/34 (b)   150,000    149,945 
         9,121,837 
Student Loans Asset-Backed Securities — 0.4%          
College Avenue Student Loans LLC, Series 2019-A, Class A2          
3.280% 12/28/48 (b)   210,579    192,789 
Navient Private Education Refi Loan Trust          
Series 2020-FA, Class A, 1.220% 7/15/69 (b)   253,247    229,855 
Series 2020-IA, Class A1A, 1.330% 4/15/69 (b)   308,494    277,450 
SMB Private Education Loan Trust          
Series 2020-A, Class A2A, 2.230% 9/15/37 (b)   337,656    314,245 
Series 2021-A, Class B, 2.310% 1/15/53 (b)   593,400    548,248 
         1,562,587 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Whole Loan Collateral Collateralized Mortgage Obligations — 1.7%          
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC8, Class A3, 1 mo. USD Term SOFR + 7.536%          
2.180% FRN 11/25/35  $627,893   $118,267 
BRAVO Residential Funding Trust, Series 2022-NQM3, Class A1,          
5.108% VRN 7/25/62 (b) (e)   296,175    295,109 
Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A4, 1 mo. USD Term SOFR + 0.464%          
5.820% FRN 5/25/37   1,220,910   673,923 
GSMSC Resecuritization Trust, Series 2014-2R, Class 3B          
0.702% 11/26/37 (b)   1,060,878    934,320 
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3,          
4.629% VRN 10/25/35 (e)   43,873    23,563 
HOMES Trust, Series 2023-NQM1, Class A1,          
6.182% STEP 1/25/68 (b)   469,123    470,774 
IndyMac INDX Mortgage Loan Trust, Series 2005-AR18, Class 1A1, 1 mo. USD Term SOFR + 0.734%          
6.090% FRN 10/25/36   656,512    297,129 
JP Morgan Mortgage Trust          
Series 2018-3, Class A1, 3.500% VRN 9/25/48 (b) (e)   223,099    198,259 
Series 2018-4, Class A1, 3.500% VRN 10/25/48 (b) (e)   97,544    86,723 
New Residential Mortgage Loan Trust          
Series 2018-RPL1, Class M2, 3.500% VRN 12/25/57 (b) (e)   730,000    610,006 
Series 2017-4A, Class A1, 4.000% VRN 5/25/57 (b) (e)   189,734    180,302 
OBX Trust          
Series 2022-NQM6, Class A1, 4.700% STEP 7/25/62 (b)   472,939    464,956 
Series 2023-NQM3, Class A1, 5.949% STEP 2/25/63 (b)   460,467    460,965 
Prime Mortgage Trust, Series 2006-DR1, Class 2A2          
6.000% 5/25/35 (b)   422,217    357,697 
PRKCM Trust, Series 2023-AFC1, Class A1,          
6.598% STEP 2/25/58 (b)   436,075    444,721 
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 1A1,          
4.924% VRN 8/25/36 (e)   143,963    100,398 
Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 4A1, 1 yr. MTA + 2.150%          
7.162% FRN 3/25/46   86,344    76,211 
Towd Point Mortgage Trust          
Series 2017-4, Class B2, 3.635% VRN 6/25/57 (b) (e)   740,000    602,187 
Series 2022-4,Class A1, 3.750% 9/25/62 (b)   367,991    342,646 
         6,738,156 
Whole Loan Collateral Planned Amortization Classes — 0.0%          
Countrywide Alternative Loan Trust, Series 2006-18CB, Class A6          
6.718% FRN 7/25/36   39,079    35,470 
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%          
6.012% FRN 2/25/46   423,408    362,905 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $33,241,172)		        30,491,059 
           
SOVEREIGN DEBT OBLIGATIONS — 3.5%          
Argentina Government International Bond,          
3.500% STEP 7/09/41   110,000    37,390 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Brazil Notas do Tesouro Nacional Serie F          
10.000% 1/01/27 BRL (f)  $3,328,000   $654,231 
10.000% 1/01/33 BRL (f)   3,703,000    713,407 
Colombia Government International Bond          
3.250% 4/22/32   430,000    341,282 
4.125% 2/22/42   440,000    313,696 
Indonesia Government International Bond          
5.125% 1/15/45 (b) (c)  220,000   226,807 
Indonesia Treasury Bond          
6.500% 2/15/31 IDR (f)   18,414,000,000    1,189,370 
Israel Government International Bond          
2.750% 7/03/30   310,000    273,575 
Kenya Government International Bond          
6.300% 1/23/34 (b)   370,000    295,933 
Mexican Bonos          
7.750% 11/23/34 MXN (f)   17,120,000    920,665 
7.750% 11/13/42 MXN (f)   46,165,600    2,391,362 
8.000% 11/07/47 MXN (f)   76,980,000    4,050,641 
8.500% 5/31/29 MXN (f)   18,880,000    1,087,571 
Mexico Government International Bond          
4.750% 3/08/44   730,000    626,725 
Nigeria Government International Bond          
7.143% 2/23/30 (b)   210,000    188,920 
Peruvian Government International Bond          
6.550% 3/14/37   210,000    233,625 
Provincia de Buenos Aires/Government Bond          
6.375% STEP 9/01/37 (b)   1,920,019    732,901 
         14,278,101 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $15,344,684)		        14,278,101 
           

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
U.S. Government Agency Obligations and Instrumentalities (g) — 37.8%          
Collateralized Mortgage Obligations — 2.2%          
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates          
Series KG06, Class X1, 0.532% VRN 10/25/31 (e)  $3,096,439   $100,451 
Series K741, Class X1, 0.567% VRN 12/25/27 (e)   2,982,444    56,017 
Series K124, Class X1, 0.719% VRN 12/25/30 (e)   2,687,713    106,703 
Series K094, Class X1, 0.878% VRN 6/25/29 (e)   989,974    38,803 
Series K743, Class X1, 0.922% VRN 5/25/28 (e)   3,982,066    135,068 
Series KC05, Class X1, 1.225% VRN 6/25/27 (e)   1,444,231    33,158 
Series K736, Class X1, 1.283% VRN 7/25/26 (e)   2,013,454    51,290 
Series K115, Class X1, 1.324% VRN 6/25/30 (e)   1,094,095    73,565 
Series K110, Class X1, 1.696% VRN 4/25/30 (e)   1,291,293    104,329 
Federal Home Loan Mortgage Corp. REMICS          
Series 3422, Class AI, 0.250% STEP 1/15/38   6,032    44 
Series 3621, Class SB, 30 day USD SOFR Average + 6.116% 0.777% FRN 1/15/40   17,491    1,774 
Series 4203, Class PS, 30 day USD SOFR Average + 6.136% 0.797% FRN 9/15/42   76,685    6,032 
Series 3973, Class SA, 30 day USD SOFR Average + 6.376% 1.037% FRN 12/15/41   111,758    12,309 
Series 5092, Class AP, 2.000% 4/25/41   78,025    68,344 
Series 5018, Class MI, 2.000% 10/25/50   326,305    42,388 
Series 5085, Class NI, 2.000% 3/25/51   587,651    68,172 
Series 5140, Class NI, 2.500% 5/25/49   260,861    37,040 
Series 5010, Class IK, 2.500% 9/25/50   197,037    29,252 
Series 5010, Class JI, 2.500% 9/25/50   467,164    75,574 
Series 5013, Class IN, 2.500% 9/25/50   238,823    38,775 
Series 5040, Class IB, 2.500% 11/25/50   138,563    19,568 
Series 5059, Class IB, 2.500% 1/25/51   740,082    120,945 
Series 5274, Class IO, 2.500% 1/25/51  652,444   105,939 
Series 5069, Class MI, 2.500% 2/25/51   73,318    10,290 
Series 4391, Class MZ, 3.000% 9/15/44   263,874    232,192 
Series 4793, Class CB, 3.000% 5/15/48   174,546    156,186 
Series 4793, Class CD, 3.000% 6/15/48   112,451    100,540 
Series 4813, Class CJ, 3.000% 8/15/48   96,625    83,624 
Series 5224, Class HL, 4.000% 4/25/52   400,000    367,909 
Series R007, Class ZA, 6.000% 5/15/36   46,554    48,340 
Federal Home Loan Mortgage Corp. STRIPS          
Series 353, Class S1, 30 day USD SOFR Average + 5.886% 0.547% FRN 12/15/46   186,821    17,906 
Series 334, Class S7, 30 day USD SOFR Average + 5.986% 0.647% FRN 8/15/44   76,633    8,131 
Federal National Mortgage Association Grantor Trust
        
Series 2017-T1, Class A 2.898% 6/25/27   99,131    93,481 
Federal National Mortgage Association Interest STRIPS          
Series 409, Class C2, 3.000% 4/25/27   24,648    828 
Series 409, Class C13, 3.500% 11/25/41   45,579    6,695 
Series 409, Class C18, 4.000% 4/25/42   52,553    8,956 
Series 409, Class C22, 4.500% 11/25/39   34,144    5,918 
Federal National Mortgage Association REMICS          
Series 2013-124, Class SB, 30 day USD SOFR Average + 5.836% 0.498% FRN 12/25/43   181,614    16,529 
Series 2016-61, Class BS, 30 day USD SOFR Average + 5.986% 0.648% FRN 9/25/46   61,791    4,122 
Series 2017-76, Class SB, 30 day USD SOFR Average + 5.986% 0.648% FRN 10/25/57   400,651    44,241 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2012-133, Class CS, 30 day USD SOFR Average + 6.036% 0.698% FRN 12/25/42  $56,620   $7,876 
Series 2012-134, Class SK, 30 day USD SOFR Average + 6.036% 0.698% FRN 12/25/42   108,078    13,300 
Series 2013-54, Class BS, 30 day USD SOFR Average + 6.036% 0.698% FRN 6/25/43   135,019    15,175 
Series 2017-85, Class SC, 30 day USD SOFR Average + 6.086% 0.748% FRN 11/25/47   110,248    10,311 
Series 2012-35, Class SC, 30 day USD SOFR Average + 6.386% 1.048% FRN 4/25/42   50,459    6,155 
Series 2011-87, Class SG, 30 day USD SOFR Average + 6.436% 1.098% FRN 4/25/40   29,826    380 
Series 2011-96, Class SA, 30 day USD SOFR Average + 6.436% 1.098% FRN 10/25/41   105,547    8,455 
Series 2005-88, Class IP, 1.177% FRN 10/25/35 (e)   17,950    777 
Series 2012-74, Class SA, 30 day USD SOFR Average + 6.536% 1.198% FRN 3/25/42   25,244    1,600 
Series 2006-88, Class IP, 1.373% VRN 3/25/36 (e)   23,083    1,517 
Series 2021-65, Class JA, 2.000% 1/25/46   72,911    61,781 
Series 2020-57, Class 57, 2.000% 4/25/50   196,678    168,780 
Series 2020-47, Class GZ, 2.000% 7/25/50   321,734    191,548 
Series 2023-2, Class CI, 2.000% 10/25/50   942,854    113,965 
Series 2020-97, Class AI, 2.000% 1/25/51   172,758    21,803 
Series 2006-59, Class IP, 2.002% FRN 7/25/36 (e)   49,596    3,049 
Series 2014-6, Class Z, 2.500% 2/25/44   256,205    218,429 
Series 2020-56, Class DI, 2.500% 8/25/50   227,579    36,695 
Series 2020-74, Class EI, 2.500% 10/25/50   147,533    22,302 
Series 2020-89, Class DI, 2.500% 12/25/50   1,028,727    155,186 
Series 2021-3, Class QI, 2.500% 2/25/51   768,024    116,074 
Series 2012-118, Class VZ, 3.000% 11/25/42   129,045    116,481 
Series 2011-59, Class NZ, 5.500% 7/25/41   223,772    231,103 
Series 2013-9, Class CB, 5.500% 4/25/42  179,339   182,867 
Series 2006-118, Class IP1, 5.503% FRN 12/25/36 (e)   46,723    4,123 
Series 2006-118, Class IP2, 5.503% FRN 12/25/36 (e)   35,769    1,593 
Series 2012-46, Class BA, 6.000% 5/25/42   46,018    47,468 
Series 2012-28, Class B, 6.500% 6/25/39   2,170    2,205 
Series 2013-9, Class BC, 6.500% 7/25/42   53,558    56,819 
Series 2012-51, Class B, 7.000% 5/25/42   37,424    40,360 
Federal National Mortgage Association-ACES          
Series 2020-M36, Class X1, 1.449% VRN 9/25/34 (e)   1,138,837    85,485 
Series 2019-M19, Class A2, 2.560% 9/25/29   433,070    392,157 
FREMF Mortgage Trust         
Series 2019-KF58, Class B 30 day USD SOFR Average + 2.264% 7.595% 1/25/26 (b)   506,574    500,301 
Government National Mortgage Association          
Series 2012-144, Class IO, 0.325% VRN 1/16/53 (e)   2,025,766    13,256 
Series 2012-135, Class IO, 0.337% VRN 1/16/53 (e)   2,202,238    36,128 
Series 2014-186, Class IO, 0.372% VRN 8/16/54 (e)   334,224    3,452 
Series 2017-41, Class IO, 0.585% VRN 7/16/58 (e)   491,815    13,885 
Series 2021-60, Class IO, 0.826% VRN 5/16/63 (e)   2,250,574    136,415 
Series 2022-3, Class B, 1.850% 2/16/61   200,000    107,864 
Series 2023-92, Class AH, 2.000% 6/16/64   699,928    555,205 
Series 2013-107, Class AD, 2.836% VRN 11/16/47 (e)   146,913    134,228 
Series 2022-220, Class E, 3.000% VRN 10/16/64 (e)   100,000    76,655 
Series 2022-196, Class BE, 3.000% VRN 10/16/64 (e)   200,000    141,533 
Government National Mortgage Association REMICS          
Series 2014-22, Class IA, 0.000% FRN 11/20/42 (e)   16,280    416 
Series 2017-H18, Class BI, 0.049% VRN 9/20/67 (e)   2,530,048    108,294 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Series 2017-H20, Class IB, 0.254% VRN 10/20/67 (e)  $51,370   $1,762 
Series 2016-135, Class SB, 1 mo. USD Term SOFR + 5.986% 0.627% FRN 10/16/46   96,210    13,164 
Series 2016-21, Class ST, 1 mo. USD Term SOFR + 6.036% 0.678% FRN 2/20/46   51,995    5,833 
Series 2017-H15, Class KI, 0.838% VRN 7/20/67 (e)   102,486    4,919 
Series 2010-85, Class HS, 1 mo. USD Term SOFR + 6.536% 1.178% FRN 1/20/40   1,767    8 
Series 2012-H27, Class AI, 1.719% VRN 10/20/62 (e)   191,267    6,062 
Series 2020-181, Class WI, 2.000% 12/20/50   1,227,063    131,393 
Series 2021-188, Class PA, 2.000% 10/20/51   491,277    412,924 
Series 2020-127, Class IN, 2.500% 8/20/50   144,557    18,950 
Series 2020-123, Class NI, 2.500% 8/20/50   369,531    48,815 
Series 2020-123, Class IL, 2.500% 8/20/50   139,916    18,244 
Series 2020-129, Class IE, 2.500% 9/20/50   150,667    19,644 
Series 2020-160, Class IH, 2.500% 10/20/50   156,619    21,157 
Series 2020-160, Class YI, 2.500% 10/20/50   611,047    81,939 
Series 2020-160, Class VI, 2.500% 10/20/50   226,444    30,651 
Series 2022-115, Class MI, 2.500% 5/20/51   228,917    23,929 
Series 2022-189, Class PT, 2.500% 10/20/51   280,028    234,546 
Series 2013-53, Class OI, 3.500% 4/20/43   241,218    26,591 
Series 2020-47, Class MI, 3.500% 4/20/50   242,617    41,325 
Series 2020-47, Class NI, 3.500% 4/20/50   68,779    11,888 
Series 2014-176, Class IA, 4.000% 11/20/44   33,168    5,635 
Series 2015-167, Class OI, 4.000% 4/16/45   42,158    7,445 
Series 2016-84, Class IG, 4.500% 11/16/45   192,543    36,339 
Series 2018-H07, Class FD, 1 mo. USD Term SOFR + 0.414% 5.737% FRN 5/20/68   142,652    141,322 
Series 2010-H28, Class FE, 1 mo. USD Term SOFR + 0.514% 5.837% FRN 12/20/60   47,560    47,219 
Series 2020-H13, Class FA, 1 mo. USD Term SOFR + 0.564% 5.887% FRN 7/20/70   124,846   122,412 
Series 2020-H13, Class FC, 1 mo. USD Term SOFR + 0.564% 5.887% FRN 7/20/70   47,262    46,366 
Series 2011-H08, Class FG, 1 mo. USD Term SOFR + 0.594% 5.917% FRN 3/20/61   46,239    45,996 
Series 2011-H09, Class AF, 1 mo. USD Term SOFR + 0.614% 5.937% FRN 3/20/61   21,740    21,614 
Series 2020-H09, Class FL, 1 mo. USD Term SOFR + 1.264% 6.587% FRN 5/20/70   369,687    366,844 
Series 2020-H09, Class NF, 1 mo. USD Term SOFR + 1.364% 6.687% FRN 4/20/70   102,389    102,661 
         8,792,476 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pass-Through Securities — 34.9%          
Federal Home Loan Mortgage Corp.          
Pool #RB5084 1.500% 11/01/40  $292,441   $242,408 
Pool #RB5110 1.500% 5/01/41   648,275    534,325 
Pool #RB5117 1.500% 7/01/41   495,830    406,816 
Pool #RA4537 1.500% 2/01/51   82,634    64,804 
Pool #SC0093 2.000% 10/01/40   281,521    242,468 
Pool #SC0160 2.000% 7/01/41   234,568    201,662 
Pool #SC0188 2.000% 9/01/41   81,028    69,509 
Pool #RB5125 2.000% 9/01/41   820,791    703,852 
Pool #RB5131 2.000% 10/01/41   166,858    142,773 
Pool #SC0206 2.000% 11/01/41   166,337    142,691 
Pool #RB5138 2.000% 12/01/41   170,063    145,143 
Pool #RB0714 2.000% 12/01/41   85,677    73,149 
Pool #SC0313 2.000% 1/01/42   731,710    624,490 
Pool #QK1354 2.000% 2/01/42   86,952    74,211 
Pool #RB5145 2.000% 2/01/42   261,416    223,110 
Pool #RB5153 2.000% 4/01/42   88,860    75,673 
Pool #SC0319 2.000% 4/01/42   91,208    78,043 
Pool #SC0384 2.000% 4/01/42   381,209    327,732 
Pool #QB4985 2.000% 11/01/50   73,355    60,566 
Pool #RA3882 2.000% 11/01/50   306,965    253,111 
Pool #QB8602 2.000% 2/01/51   72,290    60,251 
Pool #QB9087 2.000% 2/01/51   349,839    291,142 
Pool #QB9482 2.000% 3/01/51   73,342    60,669 
Pool #QC0041 2.000% 3/01/51   73,813    61,059 
Pool #QC0160 2.000% 3/01/51   64,327    53,393 
Pool #QC0161 2.000% 3/01/51   76,542    63,317 
Pool #QB9290 2.000% 3/01/51   240,893    200,174 
Pool #SD0573 2.000% 4/01/51   137,310    114,315 
Pool #QC0885 2.000% 4/01/51   78,422    65,289 
Pool #QC1164 2.000% 4/01/51   70,529    58,629 
Pool #SD8146 2.000% 5/01/51   1,139,058    934,773 
Pool #SD2230 2.000% 8/01/51   281,446    231,498 
Pool #SD0745 2.000% 11/01/51   85,948    71,258 
Pool #840698 5 yr. CMT + 1.285% 2.115% FRN 3/01/47   17,483    16,463 
Pool #RB5149 2.500% 3/01/42   87,272    77,081 
Pool #SD7521 2.500% 7/01/50   260,354    225,966 
Pool #SD7525 2.500% 10/01/50   136,056    118,085 
Pool #RA3913 2.500% 11/01/50   423,582    367,370 
Pool #QB5092 2.500% 11/01/50   141,960    123,121 
Pool #QB5093 2.500% 11/01/50   73,771    63,866 
Pool #RA4142 2.500% 12/01/50   70,833    61,433 
Pool #RA4175 2.500% 12/01/50   359,178    310,054 
Pool #QC0165 2.500% 3/01/51  71,841   62,352 
Pool #QC5830 2.500% 8/01/51   167,008    144,219 
Pool #SD2991 2.500% 9/01/51   94,337    81,671 
Pool #QC6551 2.500% 9/01/51   83,708    72,233 
Pool #QC7411 2.500% 9/01/51   86,401    74,530 
Pool #QC9443 2.500% 10/01/51   175,971    150,969 
Pool #SD1751 2.500% 10/01/51   179,849    155,252 
Pool #SD7548 2.500% 11/01/51   845,891    731,257 
Pool #SD0777 2.500% 11/01/51   85,647    73,615 
Pool #QD1850 2.500% 12/01/51   81,494    69,674 
Pool #SD0849 2.500% 1/01/52   85,116    73,409 
Pool #RA6562 2.500% 1/01/52   166,527    144,194 
Pool #SD7552 2.500% 1/01/52   434,101    374,188 
Pool #QD6079 2.500% 2/01/52   87,416    75,392 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #QD8675 2.500% 3/01/52  $88,528   $76,323 
Pool #SD7554 2.500% 4/01/52   1,148,433    990,467 
Pool #SD1749 2.500% 4/01/52   276,623    237,795 
Pool #841077 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.619% 2.871% FRN 11/01/47   109,053    105,449 
Pool #RB5166 3.000% 7/01/42   89,936    81,876 
Pool #SC0340 3.000% 9/01/42   185,063    168,477 
Pool #ZT1257 3.000% 1/01/46   132,358    121,718 
Pool #G67701 3.000% 10/01/46   528,812    481,987 
Pool #G60985 3.000% 5/01/47   1,056,428    961,894 
Pool #SD7509 3.000% 11/01/49   45,148    40,607 
Pool #QC9154 3.000% 10/01/51   89,117    79,919 
Pool #SD0781 3.000% 11/01/51   80,189    71,310 
Pool #QD7333 3.000% 2/01/52   90,890    80,927 
Pool #RA6954 3.000% 3/01/52   88,889    79,062 
Pool #QE0399 3.000% 4/01/52   179,978    160,079 
Pool #841076 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.628% 3.006% FRN 11/01/48   409,207    388,126 
Pool #841081 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.621% 3.096% FRN 2/01/50   173,439    165,600 
Pool #ZS9316 3.500% 1/01/38   244,224    233,488 
Pool #Q41209 3.500% 6/01/46   112,895    106,150 
Pool #SD1549 3.500% 4/01/52   272,630    250,612 
Pool #SD8214 3.500% 5/01/52   39    36 
Pool #SD1936 3.500% 6/01/52   278,005    255,445 
Pool #Q19135 4.000% 6/01/43   20,794    20,118 
Pool #Q19236 4.000% 6/01/43   14,825    14,329 
Pool #Q19615 4.000% 7/01/43   20,874    20,183 
Pool #Q19985 4.000% 7/01/43   619,274    598,587 
Pool #C09071 4.000% 2/01/45   113,734    109,712 
Pool #G67713 4.000% 6/01/48   437,878    423,077 
Pool #SD2866 4.000% 7/01/49   94,302    90,214 
Pool #RA7185 4.000% 4/01/52   351,295    334,749 
Pool #RA7186 4.000% 4/01/52   263,770    252,171 
Pool #SD7560 4.000% 2/01/53   281,867    269,625 
Pool #U92272 4.500% 12/01/43   2,302    2,262 
Pool #SD2792 4.500% 3/01/47   91,840    91,673 
Pool #Q49177 4.500% 6/01/47   —    — 
Pool #SD1143 4.500% 9/01/50   79,828    78,715 
Pool #SD0615 4.500% 1/01/51   83,437    82,299 
Pool #SD1807 4.500% 7/01/52   92,822    90,571 
Pool #SD8245 4.500% 9/01/52   2,746,812    2,666,452 
Pool #SD8257 4.500% 10/01/52   1,934,676    1,877,320 
Pool #SD2394 4.500% 11/01/52   93,507    90,829 
Pool #SD1775 4.500% 11/01/52  185,988   181,346 
Pool #SD2355 4.500% 12/01/52   93,692    90,973 
Pool #SD1305 5.000% 7/01/52   406,697    404,169 
Pool #QF5465 5.000% 12/01/52   93,579    92,854 
Pool #SD2374 5.000% 1/01/53   93,104    92,383 
Pool #SD2591 5.000% 3/01/53   188,238    187,539 
Pool #RA8790 5.000% 4/01/53   194,877    192,935 
Pool #RA8694 5.000% 4/01/53   191,605    191,432 
Pool #SD3722 5.000% 5/01/53   96,727    96,458 
Pool #G06875 5.500% 12/01/38   3,854    3,972 
Pool #SD8268 5.500% 11/01/52   6,380,518    6,424,799 
Pool #SD2245 5.500% 12/01/52   95,664    96,358 
Pool #SD2138 5.500% 1/01/53   97,089    98,066 
Pool #SD2723 5.500% 3/01/53   94,625    95,400 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #QF9985 5.500% 4/01/53  $95,825   $96,395 
Pool #QG1295 5.500% 4/01/53   98,004    98,607 
Pool #SD2763 5.500% 4/01/53   94,936    95,417 
Pool #SD2511 5.500% 4/01/53   94,790    95,388 
Pool #SD2756 5.500% 5/01/53   94,283    95,099 
Pool #SD2762 5.500% 5/01/53   192,074    193,947 
Pool #SD3171 5.500% 6/01/53   95,004    95,574 
Pool #QG7311 5.500% 7/01/53   98,114    99,132 
Pool #RA9437 5.500% 7/01/53   98,227    98,848 
Pool #SD3475 5.500% 8/01/53   192,412    193,567 
Pool #QG8471 5.500% 8/01/53   95,185    95,697 
Pool #SD4365 5.500% 9/01/53   99,397    100,087 
Pool #QF4924 6.000% 12/01/52   85,309    87,674 
Pool #SD3432 6.000% 7/01/53   95,827    98,187 
Pool #SD3642 6.000% 9/01/53   194,724    200,796 
Pool #SD3737 6.000% 9/01/53   99,229    101,021 
Pool #G07509 6.500% 9/01/39   7,089    7,506 
Pool #G06669 6.500% 9/01/39   7,545    7,947 
Pool #QF6690 6.500% 1/01/53   84,543    86,805 
Pool #SD2452 6.500% 2/01/53   90,861    93,582 
Pool #RA8904 6.500% 4/01/53   184,889    190,368 
Pool #RA9081 6.500% 5/01/53   95,163    98,608 
Pool #SD2981 6.500% 5/01/53   182,296    187,270 
Pool #G07335 7.000% 3/01/39   15,371    16,489 
Federal National Mortgage Association          
Pool #MA4519 1.500% 1/01/42   87,306    71,305 
Pool #MA4236 1.500% 1/01/51   163,474    127,843 
Pool #MA4280 1.500% 3/01/51   291,297    227,623 
Pool #MA4422 2.000% 9/01/41   81,828    70,170 
Pool #MA4474 2.000% 11/01/41   83,864    71,759 
Pool #MA4501 2.000% 12/01/41   170,700    145,686 
Pool #MA4540 2.000% 2/01/42   86,562    73,878 
Pool #FS4613 2.000% 5/01/42   95,524    81,915 
Pool #FS5191 2.000% 8/01/42   193,357    165,023 
Pool #BQ3331 2.000% 8/01/50   75,628    62,206 
Pool #BQ0254 2.000% 8/01/50   64,488    53,728 
Pool #BQ1528 2.000% 9/01/50   62,580    52,139 
Pool #CA7023 2.000% 9/01/50   145,165    119,674 
Pool #BQ4926 2.000% 10/01/50   144,175    118,588 
Pool #CA7224 2.000% 10/01/50   144,604    119,212 
Pool #CA7225 2.000% 10/01/50   72,127    59,462 
Pool #MA4208 2.000% 12/01/50   74,100    60,949 
Pool #MA4237 2.000% 1/01/51   607,273    498,931 
Pool #BR4052 2.000% 2/01/51   74,463    61,387 
Pool #MA4255 2.000% 2/01/51  77,003   63,265 
Pool #BR2641 2.000% 2/01/51   73,229    60,942 
Pool #BR2643 2.000% 2/01/51   68,059    56,555 
Pool #BR2644 2.000% 2/01/51   68,167    56,410 
Pool #BR2664 2.000% 2/01/51   275,696    229,439 
Pool #BR3500 2.000% 2/01/51   60,707    49,877 
Pool #BR3256 2.000% 2/01/51   69,620    58,069 
Pool #BR3257 2.000% 2/01/51   72,231    60,202 
Pool #BR3286 2.000% 3/01/51   73,997    61,581 
Pool #FM6418 2.000% 3/01/51   79,182    65,946 
Pool #BR4722 2.000% 3/01/51   70,996    58,729 
Pool #BR4753 2.000% 3/01/51   79,135    65,783 
Pool #BR4756 2.000% 3/01/51   70,274    58,132 
Pool #BR5487 2.000% 3/01/51   78,173    64,666 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #BR5587 2.000% 3/01/51  $79,591   $66,063 
Pool #BR5633 2.000% 3/01/51   78,756    65,148 
Pool #FM6343 2.000% 3/01/51   80,335    66,455 
Pool #BQ9453 2.000% 3/01/51   157,075    130,524 
Pool #BR9750 2.000% 4/01/51   165,088    135,480 
Pool #MA4305 2.000% 4/01/51   484,085    397,266 
Pool #BR7745 2.000% 4/01/51   72,264    60,072 
Pool #BR7744 2.000% 4/01/51   72,290    60,139 
Pool #BR8478 2.000% 4/01/51   78,373    65,199 
Pool #FM9441 2.000% 4/01/51   83,400    68,521 
Pool #BR8518 2.000% 4/01/51   73,201    60,851 
Pool #MA4325 2.000% 5/01/51   658,708    540,572 
Pool #FS4269 2.000% 10/01/51   190,318    157,494 
Pool #FM9489 2.000% 11/01/51   174,818    143,465 
Pool #FS0349 2.000% 1/01/52   176,178    145,352 
Pool #FS1014 2.000% 2/01/52   86,241    71,420 
Pool #FS1015 2.000% 2/01/52   267,001    220,618 
Pool #FS4314 2.000% 3/01/52   94,791    78,205 
Pool #FS1112 2.000% 3/01/52   175,472    145,811 
Pool #MA2749 2.500% 9/01/36   37,830    34,690 
Pool #FM3123 2.500% 3/01/38   368,843    338,222 
Pool #MA4177 2.500% 11/01/40   58,046    51,776 
Pool #CA9358 2.500% 3/01/41   75,491    67,053 
Pool #CB0100 2.500% 4/01/41   157,176    139,756 
Pool #FS0697 2.500% 2/01/42   168,132    149,182 
Pool #MA4571 2.500% 3/01/42   86,423    76,332 
Pool #MA4587 2.500% 4/01/42   88,636    77,982 
Pool #FS4471 2.500% 9/01/42   94,689    83,869 
Pool #BK2620 2.500% 6/01/50   60,531    52,309 
Pool #MA4120 2.500% 9/01/50   54,459    46,705 
Pool #BM6623 2.500% 10/01/50   91,069    74,629 
Pool #CA7257 2.500% 10/01/50   72,340    62,627 
Pool #FM5313 2.500% 10/01/50   79,177    68,076 
Pool #FM4577 2.500% 10/01/50   190,906    164,916 
Pool #FM4899 2.500% 11/01/50   154,207    133,406 
Pool #BQ5876 2.500% 11/01/50   78,007    67,533 
Pool #BQ8435 2.500% 12/01/50   55,241    47,790 
Pool #BQ8482 2.500% 12/01/50   52,602    45,507 
Pool #FM6460 2.500% 3/01/51   147,554    127,788 
Pool #CB0458 2.500% 5/01/51   389,279    334,213 
Pool #FM7675 2.500% 6/01/51   197,969    171,326 
Pool #FM7676 2.500% 6/01/51   81,358    70,231 
Pool #FM7900 2.500% 7/01/51   158,694    136,989 
Pool #BT5574 2.500% 8/01/51   80,229    68,414 
Pool #CB1301 2.500% 8/01/51  650,811   559,970 
Pool #BT3303 2.500% 8/01/51   80,647    69,642 
Pool #FS0024 2.500% 9/01/51   75,560    65,533 
Pool #FM8864 2.500% 10/01/51   160,043    138,104 
Pool #FM9195 2.500% 10/01/51   251,279    215,577 
Pool #FS0434 2.500% 11/01/51   83,013    72,048 
Pool #FS1104 2.500% 11/01/51   83,675    72,414 
Pool #BU2599 2.500% 1/01/52   85,121    73,413 
Pool #FS0366 2.500% 1/01/52   85,938    74,533 
Pool #FS0424 2.500% 1/01/52   85,815    73,985 
Pool #BU1322 2.500% 2/01/52   90,731    77,656 
Pool #BV3089 2.500% 2/01/52   85,216    73,468 
Pool #FS0523 2.500% 2/01/52   88,940    76,540 
Pool #FS0551 2.500% 2/01/52   87,817    75,710 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #FS0549 2.500% 2/01/52  $265,883   $228,397 
Pool #CB3044 2.500% 3/01/52   89,995    77,448 
Pool #FS3368 2.500% 3/01/52   742,518    638,413 
Pool #FS1626 2.500% 4/01/52   89,465    76,823 
Pool #FS5876 2.500% 5/01/52   98,131    84,280 
Pool #BF0560 2.500% 9/01/61   87,958    72,767 
Pool #AM8674 2.810% 4/01/25   50,000    48,657 
Pool #MA2320 3.000% 7/01/35   34,458    32,716 
Pool #MA2523 3.000% 2/01/36   233,626    221,595 
Pool #MA2579 3.000% 4/01/36   168,774    160,083 
Pool #MA2773 3.000% 10/01/36   489,124    463,324 
Pool #MA4632 3.000% 6/01/42   180,157    164,010 
Pool #AQ7306 3.000% 1/01/43   23,143    20,806 
Pool #AR1202 3.000% 1/01/43   30,844    27,648 
Pool #AR7399 3.000% 6/01/43   17,641    16,203 
Pool #AS0038 3.000% 7/01/43   38,913    35,743 
Pool #AU6735 3.000% 10/01/43   24,303    22,312 
Pool #BC1509 3.000% 8/01/46   31,207    28,293 
Pool #AS7844 3.000% 9/01/46   55,583    50,393 
Pool #BC2817 3.000% 9/01/46   41,284    37,429 
Pool #BD8104 3.000% 10/01/46   150,896    137,231 
Pool #AL9397 3.000% 10/01/46   63,221    57,318 
Pool #BM1565 3.000% 4/01/47   581,742    529,060 
Pool #FM8576 3.000% 2/01/50   72,328    65,439 
Pool #FM4311 3.000% 8/01/50   67,796    60,692 
Pool #CA7531 3.000% 10/01/50   72,000    64,929 
Pool #FM8577 3.000% 8/01/51   151,229    136,328 
Pool #FS0037 3.000% 8/01/51   72,831    65,701 
Pool #FM8648 3.000% 9/01/51   77,525    69,233 
Pool #CB1878 3.000% 10/01/51   164,222    146,245 
Pool #FM9464 3.000% 11/01/51   161,937    145,425 
Pool #FS0034 3.000% 12/01/51   83,785    75,425 
Pool #BU1421 3.000% 1/01/52   175,777    157,332 
Pool #CB2664 3.000% 1/01/52   522,979    465,567 
Pool #FS1171 3.000% 1/01/52   424,060    377,109 
Pool #FS0240 3.000% 1/01/52   82,735    74,505 
Pool #FS0331 3.000% 1/01/52   86,816    77,367 
Pool #FS1374 3.000% 3/01/52   26,797    23,713 
Pool #FS0751 3.000% 3/01/52   173,450    154,274 
Pool #FS1074 3.000% 3/01/52   431,998    388,556 
Pool #FS1289 3.000% 3/01/52   85,158    76,768 
Pool #CB3234 3.000% 4/01/52   178,322    158,885 
Pool #CB3833 3.000% 6/01/52   91,144    81,096 
Pool #BS5734 3.345% 6/01/32   100,000    92,360 
Pool #MA2110 3.500% 12/01/34  51,164   49,107 
Pool #MA2138 3.500% 1/01/35   26,330    25,271 
Pool #FM5754 3.500% 3/01/37   45,042    43,230 
Pool #890827 3.500% 12/01/37   37,148    35,514 
Pool #FM0068 3.500% 2/01/40   186,908    178,166 
Pool #FM0071 3.500% 2/01/40   37,603    35,785 
Pool #MA1177 3.500% 9/01/42   15,485    14,546 
Pool #MA1213 3.500% 10/01/42   95,449    89,664 
Pool #AL3026 3.500% 12/01/42   30,081    28,401 
Pool #AS6541 3.500% 1/01/46   78,486    73,760 
Pool #AL9546 3.500% 11/01/46   150,839    141,757 
Pool #MA3210 3.500% 12/01/47   261,085    243,570 
Pool #FS5059 3.500% 11/01/48   855,481    800,496 
Pool #FM3773 3.500% 11/01/48   350,038    327,212 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #FM7100 3.500% 6/01/50  $55,144   $51,462 
Pool #FS1240 3.500% 12/01/51   84,025    77,547 
Pool #FS1237 3.500% 12/01/51   82,269    76,550 
Pool #FS2296 3.500% 1/01/52   86,108    79,369 
Pool #CB2680 3.500% 1/01/52   83,808    77,406 
Pool #FS1462 3.500% 1/01/52   85,319    79,388 
Pool #CB3282 3.500% 4/01/52   176,303    161,997 
Pool #FS2707 3.500% 4/01/52   181,117    166,490 
Pool #BV5395 3.500% 4/01/52   83,356    77,529 
Pool #FS1092 3.500% 4/01/52   261,333    240,957 
Pool #FS1454 3.500% 4/01/52   87,950    81,099 
Pool #FS1555 3.500% 4/01/52   89,123    82,281 
Pool #FS1603 3.500% 5/01/52   88,720    81,700 
Pool #BV8546 3.500% 5/01/52   86,352    80,154 
Pool #FS1556 3.500% 5/01/52   355,078    329,842 
Pool #FS3339 3.500% 6/01/52   276,847    254,381 
Pool #BS6215 3.840% 7/01/32   100,000    95,364 
Pool #BS6131 3.890% 7/01/32   300,000    280,169 
Pool #BS6949 3.980% 10/01/32   200,000    188,725 
Pool #AK8441 4.000% 4/01/42   12,893    12,475 
Pool #AO2711 4.000% 5/01/42   9,770    9,437 
Pool #AO6086 4.000% 6/01/42   18,369    17,743 
Pool #AP0692 4.000% 7/01/42   13,918    13,478 
Pool #AP5333 4.000% 7/01/42   140,805    135,928 
Pool #AP2530 4.000% 8/01/42   14,851    14,355 
Pool #AP4903 4.000% 9/01/42   22,562    21,829 
Pool #AP7399 4.000% 9/01/42   35,226    34,012 
Pool #AP9229 4.000% 10/01/42   6,751    6,516 
Pool #AP9766 4.000% 10/01/42   53,809    51,577 
Pool #MA1217 4.000% 10/01/42   68,584    65,811 
Pool #AQ3599 4.000% 11/01/42   15,773    15,230 
Pool #MA1253 4.000% 11/01/42   42,952    41,202 
Pool #AQ7003 4.000% 12/01/42   26,054    25,194 
Pool #AQ4555 4.000% 12/01/42   27,007    26,083 
Pool #AQ7082 4.000% 1/01/43   34,184    33,043 
Pool #AL3508 4.000% 4/01/43   22,092    21,336 
Pool #AQ4078 4.000% 6/01/43   20,636    19,972 
Pool #AQ4080 4.000% 6/01/43   14,782    14,304 
Pool #AT8394 4.000% 6/01/43   23,093    22,300 
Pool #AB9683 4.000% 6/01/43   30,918    29,861 
Pool #AT9637 4.000% 7/01/43   62,233    60,088 
Pool #AT9653 4.000% 7/01/43   47,099    45,479 
Pool #AT9657 4.000% 7/01/43   36,660    35,397 
Pool #AS0070 4.000% 8/01/43   21,949    21,018 
Pool #MA1547 4.000% 8/01/43  21,936   21,010 
Pool #FM3049 4.000% 4/01/44   200,460    193,516 
Pool #AS4347 4.000% 1/01/45   36,464    35,259 
Pool #CA2472 4.000% 10/01/48   85,382    81,841 
Pool #CB3320 4.000% 4/01/52   143,553    136,791 
Pool #MA4626 4.000% 6/01/52   13,640,632    12,916,094 
Pool #FS6158 4.000% 7/01/52   295,985    280,634 
Pool #BF0104 4.000% 2/01/56   72,495    67,346 
Pool #BF0183 4.000% 1/01/57   40,801    37,890 
Pool #BF0191 4.000% 6/01/57   70,762    66,545 
Pool #BS6124 4.060% 7/01/32   100,000    94,811 
Pool #MA0706 4.500% 4/01/31   8,253    8,272 
Pool #MA0734 4.500% 5/01/31   29,085    29,152 
Pool #MA0776 4.500% 6/01/31   9,779    9,801 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA0913 4.500% 11/01/31  $7,426   $7,436 
Pool #MA0939 4.500% 12/01/31   7,540    7,550 
Pool #MA1591 4.500% 9/01/43   41,755    40,943 
Pool #MA1629 4.500% 10/01/43   35,203    34,518 
Pool #MA1664 4.500% 11/01/43   17,247    16,913 
Pool #MA1711 4.500% 12/01/43   38,595    37,854 
Pool #AL4741 4.500% 1/01/44   15,382    15,087 
Pool #890604 4.500% 10/01/44   173,282    172,923 
Pool #AS4271 4.500% 1/01/45   21,220    21,209 
Pool #CA2047 4.500% 7/01/48   155,019    153,536 
Pool #FM1263 4.500% 7/01/49   39,608    39,043 
Pool #FS3589 4.500% 1/01/50   381,933    381,230 
Pool #FS4480 4.500% 3/01/50   89,895    89,737 
Pool #CA5379 4.500% 3/01/50   161,767    159,524 
Pool #MA4031 4.500% 5/01/50   66,891    65,797 
Pool #FS0067 4.500% 9/01/51   69,687    68,481 
Pool #FS2914 4.500% 9/01/52   92,124    89,976 
Pool #MA4733 4.500% 9/01/52   3,939,800    3,824,538 
Pool #FS3813 4.500% 11/01/52   88,237    85,656 
Pool #FS3977 4.500% 11/01/52   93,312    90,604 
Pool #FS3836 4.500% 1/01/53   93,157    90,490 
Pool #CB5892 4.500% 3/01/53   57,353    55,688 
Pool #CB6030 4.500% 4/01/53   38,942    37,763 
Pool #BF0148 4.500% 4/01/56   327,390    316,421 
Pool #BF0222 4.500% 9/01/57   347,699    337,744 
Pool #BF0301 4.500% 8/01/58   35,068    34,009 
Pool #BF0338 4.500% 1/01/59   85,319    82,743 
Pool #310088 5.000% 6/01/38   17,086    17,390 
Pool #FS4570 5.000% 12/01/47   180,757    183,907 
Pool #CB3880 5.000% 6/01/52   86,689    86,692 
Pool #BW0048 5.000% 7/01/52   84,267    83,863 
Pool #CB4103 5.000% 7/01/52   177,041    178,707 
Pool #BW9916 5.000% 10/01/52   93,646    92,778 
Pool #MA4785 5.000% 10/01/52   1,500,286    1,487,210 
Pool #FS3249 5.000% 11/01/52   91,533    90,793 
Pool #MA4806 5.000% 11/01/52   7,098,122    7,036,259 
Pool #FS3941 5.000% 2/01/53   95,741    94,999 
Pool #FS5155 5.000% 7/01/53   189,721    191,032 
Pool #BS9454 5.340% 9/01/28   100,000    103,623 
Pool #BS9960 5.360% 12/01/33   200,000    212,133 
Pool #995072 5.500% 8/01/38   9,696    10,042 
Pool #CB5108 5.500% 11/01/52   187,825    189,187 
Pool #FS3672 5.500% 2/01/53   193,040    195,948 
Pool #BY0903 5.500% 4/01/53   95,645    96,219 
Pool #FS4166 5.500% 4/01/53  95,100   95,641 
Pool #CB6322 5.500% 5/01/53   95,751    96,446 
Pool #FS4805 5.500% 5/01/53   98,694    99,872 
Pool #FS4979 5.500% 5/01/53   95,803    96,348 
Pool #FS5437 5.500% 6/01/53   294,891    296,477 
Pool #FS5647 5.500% 7/01/53   96,832    97,791 
Pool #FS6451 5.500% 8/01/53   199,578    201,150 
Pool #CB7114 5.500% 9/01/53   489,447    492,079 
Pool #BF0141 5.500% 9/01/56   359,842    368,074 
Pool #481473 6.000% 2/01/29   8    8 
Pool #867557 6.000% 2/01/36   1,008    1,024 
Pool #FS4000 6.000% 7/01/41   88,382    91,851 
Pool #CB5316 6.000% 12/01/52   88,894    90,555 
Pool #FS3411 6.000% 1/01/53   88,929    90,674 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #FS4132 6.000% 3/01/53  $94,029   $95,667 
Pool #FS4573 6.000% 5/01/53   189,668    193,864 
Pool #CB6540 6.000% 6/01/53   288,980    296,185 
Pool #CB6753 6.000% 7/01/53   288,378    294,847 
Pool #FS5306 6.000% 7/01/53   95,568    98,876 
Pool #AL4324 6.500% 5/01/40   46,586    49,294 
Pool #CB5497 6.500% 1/01/53   90,290    93,501 
Pool #BX7702 6.500% 2/01/53   90,986    93,711 
Pool #AE0758 7.000% 2/01/39   24,467    26,168 
Government National Mortgage Association          
Pool #AB2892 3.000% 9/15/42   71,044    65,365 
Pool #AA5649 3.000% 9/15/42   67,298    61,873 
Pool #783669 3.000% 9/15/42   127,525    117,389 
Pool #AB9108 3.000% 10/15/42   489,360    449,799 
Pool #AB9109 3.000% 10/15/42   42,111    38,707 
Pool #AB9207 3.000% 11/15/42   36,241    33,319 
Pool #784571 3.500% 6/15/48   150,005    141,895 
Pool #BS8439 3.500% 5/15/50   120,002    112,652 
Pool #487588 6.000% 4/15/29   463    472 
Pool #595077 6.000% 10/15/32   166    171 
Pool #604706 6.000% 10/15/33   23,540    24,381 
Pool #636251 6.000% 3/15/35   3,329    3,458 
Pool #782034 6.000% 1/15/36   23,887    24,809 
Pool #658029 6.000% 7/15/36   6,511    6,790 
Government National Mortgage Association II          
Pool #MA7135 2.000% 1/20/51   349,824    296,218 
Pool #MA7192 2.000% 2/20/51   341,344    289,037 
Pool #786726 2.000% 3/20/51   286,828    236,736 
Pool #BS8546 2.500% 12/20/50   70,217    60,728 
Pool #MA7136 2.500% 1/20/51   60,292    52,969 
Pool #785565 2.500% 6/20/51   163,855    141,867 
Pool #785558 2.500% 7/20/51   80,044    69,453 
Pool #785568 2.500% 8/20/51   241,708    209,046 
Pool #785657 2.500% 10/20/51   502,037    434,196 
Pool #785663 2.500% 10/20/51   165,051    142,747 
Pool #785667 2.500% 10/20/51   167,794    145,119 
Pool #785762 2.500% 11/20/51   86,054    74,399 
Pool #785789 2.500% 12/20/51   84,018    72,638 
Pool #785821 2.500% 12/20/51   174,253    150,651 
Pool #785791 2.500% 12/20/51   167,687    144,870 
Pool #MA4068 3.000% 11/20/46   17,537    16,111 
Pool #MA7590 3.000% 9/20/51   988,595    897,497 
Pool #MA7650 3.000% 10/20/51   158,362    143,522 
Pool #MA7706 3.000% 11/20/51   172,482    156,588 
Pool #CJ9477 3.000% 1/20/52  254,283   228,606 
Pool #785944 3.000% 2/20/52   86,790    78,162 
Pool #786150 3.000% 3/20/52   270,630    243,303 
Pool #786843 3.000% 3/20/52   193,062    173,688 
Pool #786095 3.000% 4/20/52   90,088    79,724 
Pool #786134 3.000% 4/20/52   81,881    73,485 
Pool #MA1995 3.500% 6/20/44   44,456    42,143 
Pool #MA2678 3.500% 3/20/45   19,126    18,125 
Pool #784106 3.500% 1/20/46   50,322    47,610 
Pool #MA3597 3.500% 4/20/46   79,208    74,913 
Pool #BC4732 3.500% 10/20/47   174,564    163,244 
Pool #BD0384 3.500% 10/20/47   127,442    119,178 
Pool #MA5465 3.500% 9/20/48   126,180    118,905 
Pool #MA5594 3.500% 11/20/48   158,378    149,048 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #784825 3.500% 10/20/49  $38,679   $35,543 
Pool #BM7534 3.500% 2/20/50   55,711    51,558 
Pool #MA6711 3.500% 6/20/50   304,618    286,150 
Pool #MA6997 3.500% 11/20/50   373,989    351,199 
Pool #786216 3.500% 6/20/52   91,305    83,843 
Pool #MA4511 4.000% 6/20/47   485,687    471,596 
Pool #MA4720 4.000% 9/20/47   318,374    309,138 
Pool #MA5078 4.000% 3/20/48   262,384    254,198 
Pool #MA5763 4.000% 2/20/49   110,114    106,334 
Pool #BM9734 4.000% 10/20/49   29,060    27,817 
Pool #BM9743 4.000% 11/20/49   34,328    32,860 
Pool #BS1728 4.000% 1/20/50   35,894    34,359 
Pool #BS1742 4.000% 2/20/50   31,130    29,799 
Pool #BS1757 4.000% 3/20/50   29,520    28,230 
Pool #BS8420 4.000% 4/20/50   120,829    115,549 
Pool #CK9592 4.000% 6/20/52   90,460    86,140 
Pool #786429 4.000% 6/20/52   93,660    89,860 
Pool #783298 4.500% 4/20/41   70,922    70,752 
Pool #783368 4.500% 7/20/41   10,621    10,598 
Pool #MA4654 4.500% 8/20/47   107,831    107,308 
Pool #MA5138 4.500% 4/20/48   161,710    160,066 
Pool #MA5193 4.500% 5/20/48   163,835    161,914 
Pool #MA5265 4.500% 6/20/48   223,241    220,344 
Pool #MA5331 4.500% 7/20/48   35,770    35,283 
Pool #MA5711 4.500% 1/20/49   71,495    70,455 
Pool #MA5764 4.500% 2/20/49   89,592    88,262 
Pool #MA5818 4.500% 3/20/49   268,665    264,760 
Pool #786366 4.500% 8/20/52   186,747    182,573 
Pool #786335 4.500% 9/20/52   185,138    181,000 
Pool #004747 5.000% 7/20/40   44,103    44,812 
Pool #MA5194 5.000% 5/20/48   18,476    18,612 
Pool #MA5530 5.000% 10/20/48   74,781    75,095 
Pool #MA5597 5.000% 11/20/48   37,257    37,413 
Pool #MA5653 5.000% 12/20/48   45,579    45,756 
Pool #MA5712 5.000% 1/20/49   200,697    201,477 
Pool #MA5878 5.000% 4/20/49   18,276    18,352 
Pool #MA6287 5.000% 11/20/49   16,300    16,419 
Pool #MA6413 5.000% 1/20/50   36,002    36,221 
Pool #786340 5.000% 9/20/52   94,201    94,420 
Pool #MA8348 5.000% 10/20/52   93,510    92,996 
Pool #MA8428 5.000% 11/20/52   283,607    282,051 
Pool #MA8490 5.000% 12/20/52   284,729    283,077 
Pool #786474 5.000% 1/20/53   188,635    189,250 
Pool #MA8647 5.000% 2/20/53   4,033,938    4,011,798 
Pool #MA8725 5.000% 3/20/53  4,060,989   4,042,507 
Pool #786709 5.000% 5/20/53   97,309    97,535 
Pool #MA8947 5.000% 6/20/53   2,190,302    2,176,911 
Pool #787058 5.000% 8/20/53   393,415    392,854 
Pool #MA8429 5.500% 11/20/52   280,089    282,043 
Pool #MA8648 5.500% 2/20/53   1,686,303    1,698,593 
Pool #786535 5.500% 2/20/53   96,262    97,625 
Pool #MA8726 5.500% 3/20/53   288,997    290,923 
Pool #MA8801 5.500% 4/20/53   5,882,793    5,921,991 
Pool #MA8879 5.500% 5/20/53   4,531,850    4,559,214 
Pool #MA8948 5.500% 6/20/53   1,448,076    1,456,820 
Pool #786831 5.500% 7/20/53   98,867    100,267 
Pool #786835 5.500% 8/20/53   199,072    201,643 
Pool #786916 5.500% 8/20/53   498,248    504,681 

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
Pool #MA9171 5.500% 9/20/53  $3,588,944   $3,610,614 
Pool #MA9241 5.500% 10/20/53   3,717,009    3,739,453 
Pool #MA9107 6.000% 8/20/53   2,516,116    2,558,072 
Pool #786928 6.500% 9/20/53 (h)   99,114    104,466 
Government National Mortgage Association II, TBA          
2.000% 1/20/54 (h)   400,000    338,765 
2.500% 1/20/54 (h)   500,000    437,984 
3.000% 1/20/54 (h)   400,000    362,387 
3.500% 1/20/54 (h)   400,000    372,575 
4.000% 1/20/54 (h)   200,000    191,066 
5.000% 1/20/54 (h)   800,000    795,142 
5.500% 1/20/54 (h)   400,000    402,481 
6.000% 1/20/54 (h)   100,000    101,635 
6.500% 3/20/54 (h)   100,000    102,058 
Uniform Mortgage-Backed Security, TBA          
2.000% 1/01/54 (h)   200,000    163,534 
3.000% 1/01/54 (h)   100,000    88,516 
4.000% 1/01/54 (h)   100,000    94,641 
4.500% 1/01/54 (h)   100,000    97,016 
5.000% 1/01/54 (h)   900,000    891,000 
         141,744,838 
Whole Loans — 0.7%          
Federal Home Loan Mortgage Corp. STACR REMICS Trust          
Series 2020-DNA6, Class M2, 30 day USD SOFR Average + 2.000% 7.337% FRN 12/25/50 (b)   542,210    549,620 
Series 2023-DNA2, Class M1A, 30 day USD SOFR Average + 2.100% 7.437% FRN 4/25/43 (b)   248,290    252,008 
Series 2021-DNA6, Class B1, 30 day USD SOFR Average + 3.400% 8.737% FRN 10/25/41 (b)   260,000    265,024 
Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750% 9.087% FRN 2/25/42 (b)   120,000    123,878 
Series 2020-DNA3, Class B1, 30 day USD SOFR Average + 5.214% 10.552% FRN 6/25/50 (b)   250,003    274,014 
Series 2022-DNA3, Class B1, 30 day USD SOFR Average + 5.650% 10.987% FRN 4/25/42 (b)   120,000    127,363 
Federal National Mortgage Association Connecticut Avenue Securities          
Series 2019-R07, Class 1M2, 30 day USD SOFR Average + 2.214% 7.552% FRN 10/25/39 (b)   2,317    2,320 
Series 2023-R08, Class 1M2, 30 day USD SOFR Average + 2.500% 7.837% FRN 10/25/43 (b)   200,000    204,409 
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.287% FRN 6/25/42 (b)   243,385    250,687 
Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100% 8.437% FRN 3/25/42 (b)  680,000   699,743 
         2,749,066 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $157,804,497)		        153,286,380 
           

 

 

 

 

MassMutual Strategic Bond Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
U.S. TREASURY OBLIGATIONS — 21.3%          
U.S. Treasury Bonds & Notes — 21.3%          
U.S. Treasury Bonds          
2.000% 11/15/41  $160,000   $115,950 
2.000% 2/15/50   410,000    270,324 
2.375% 5/15/51   730,000    522,292 
2.875% 5/15/49   210,000    167,278 
2.875% 5/15/52   3,760,000    3,000,137 
3.000% 2/15/48   16,000    13,059 
3.000% 2/15/49   800,000    652,500 
3.000% 8/15/52   24,220,000    19,849,695 
3.625% 2/15/44   20,000    18,347 
3.625% 5/15/53   190,000    176,106 
4.000% 11/15/42   320,000    311,581 
4.125% 8/15/53   520,000    526,908 
4.375% 8/15/43   170,000    173,825 
4.750% 11/15/43 (c)   1,600,000    1,719,264 
4.750% 11/15/53   2,250,000    2,529,844 
U.S. Treasury Floating Rate Notes          
3 mo. Treasury money market yield + 0.169% 5.500% FRN 4/30/25   12,160,000    12,148,303 
3 mo. Treasury money market yield + 0.200% 5.531% FRN 1/31/25   4,640,000    4,638,699 
U.S. Treasury Inflation-Indexed Notes          
1.125% 1/15/33   2,478,960    2,344,843 
U.S. Treasury Notes          
3.875% 8/15/33   27,410,000    27,388,587 
4.125% 8/31/30   20,000    20,259 
4.125% 11/15/32   7,260,000    7,382,512 
4.375% 8/31/28   20,000    20,430 
4.375% 11/30/30   1,580,000    1,625,425 
4.500% 11/15/33   130,000    136,541 
4.750% 7/31/25   60,000    60,274 
U.S. Treasury STRIPS Principal          
0.000% 5/15/49   1,450,000    510,548 
         86,323,531 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $87,007,204)		        86,323,531 
           
TOTAL BONDS & NOTES
(Cost $407,252,155)		        391,660,280 
           
TOTAL PURCHASED
OPTIONS (#) — 0.0%
(Cost $177,279)		        102,827 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $407,429,434)		        391,763,107 
           
           
SHORT-TERM INVESTMENTS — 3.0%          
Investment of Cash Collateral from Securities Loaned — 1.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (i)   4,693,315   4,693,315 
           
    

Principal

Amount

      
Repurchase Agreement — 1.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (j)  $7,440,501   7,440,501 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,133,816)		        12,133,816 
           
TOTAL INVESTMENTS — 99.6%
(Cost $419,563,250) (k)		        403,896,923 
           
Other Assets/(Liabilities) — 0.4%        1,620,065 
           
NET ASSETS — 100.0%       $405,516,988 

 

Abbreviation Legend

CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
FRN Floating Rate Note
IBOR InterBank Offered Rate
LIBOR London InterBank Offered Rate
MTA Monthly Treasury Average Index
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 December 31, 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 December 31, 2023, the aggregate market value of these securities amounted to $44,979,824 or 11.09% of net assets.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $4,831,096 or 1.19% of net assets. The Fund received $238,862 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) Security is perpetual and has no stated maturity date.
(e) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023.
(f) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(g) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(h) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(i) Represents investment of security lending cash collateral. (Note 2).
(j) Maturity value of $7,441,824. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $7,589,405.
(k) See Note 3 for aggregate cost for federal tax purposes.

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation (Depreciation) 
Call       
USD Call EUR Put  BNP Paribas S.A.   2/22/24    1.06    1,730,000   USD   1,730,000   $1,588   $4,774   $(3,186)
USD Call CAD Put  BNP Paribas S.A.   3/21/24    1.37    1,710,000   USD   1,710,000    2,565    4,035    (1,470)
USD Call EUR Put  Citigroup Global Markets, Inc   2/06/24    1.06    923,873   USD   923,873    277    6,194    (5,917)
USD Call CHF Put  Goldman Sachs & Co.   3/15/24    0.85    1,299,972   USD   1,299,972    7,171    7,389    (218)
USD Call EUR Put  JP Morgan Chase Bank N.A.   2/02/24    1.06    1,048,934   USD   1,048,934    237    13,778    (13,541) 
                             $11,838   $36,170   $(24,332)

 

(#) Exchange-Traded Options Purchased
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount		  Value  

Premiums

Paid

(Received)

  

Unrealized

Appreciation

(Depreciation)

 
Put       
U.S. Treasury Note 10 Year Future  1/26/24   111.50    52   USD   5,870,313   $19,500   $30,965   $(11,465)
U.S. Treasury Note 5 Year Future  1/26/24   107.75    51   USD   5,547,445    12,352    22,034    (9,682)
3 Month SOFR Future  3/15/24   94.50    97   USD   23,041,138    1,212    18,391    (17,179)
3 Month SOFR Future  4/12/24   94.75    47   USD   11,219,488    2,350    6,874    (4,524)
3 Month SOFR Future  12/13/24   96.00    57   USD   13,718,475    55,575    62,845    (7,270) 
                        $90,989   $141,109   $(50,120)

 

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  Morgan Stanley & Co. LLC   2/22/24    16.80    1,054,256   USD   1,054,256   $(10,045)   $(7,837)   $(2,208) 

 

Exchange-Traded Options Written
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount		  Value  

Premiums

Paid

(Received)

  

Unrealized

Appreciation

(Depreciation)

 
Call       
U.S. Treasury Note 10 Year Future  1/26/24   114.00    20   USD   2,257,813   $(9,688)   $(9,028)   $(660)
U.S. Treasury Note 10 Year Future  1/26/24   115.00    52   USD   5,870,313    (13,813)    (19,411)    5,598
U.S. Treasury Note 5 Year Future  1/26/24   110.25    51   USD   5,547,445    (9,961)    (13,459)    3,498
3 Month SOFR Future  9/13/24   96.88    32   USD   7,672,400    (13,000)    (13,958)    958
3 Month SOFR Future  9/13/24   97.00    80   USD   19,181,000    (28,500)    (62,832)    34,332
3 Month SOFR Future  12/13/24   97.13    57   USD   13,718,475    (35,269)    (30,943)    (4,326) 
                        $(110,231)   $(149,631)   $39,400
Put       
U.S. Treasury Note 10 Year Future  1/26/24   110.00    52   USD   5,870,313   $(5,688)   $(11,286)   $5,598
U.S. Treasury Note 5 Year Future  1/26/24   106.75    51   USD   5,547,445    (3,586)    (8,310)    4,724
U.S. Treasury Note 10 Year Future  2/23/24   108.00    84   USD   9,482,813    (10,500)    (40,792)    30,292
3 Month SOFR Future  6/14/24   94.50    155   USD   37,000,438    (8,719)    (53,925)    45,206
3 Month SOFR Future  12/13/24   95.50    57   USD   13,718,475    (28,500)    (33,380)    4,880 
                        $(56,993)   $(147,693)   $90,700
                        $(167,224)   $(297,324)   $130,100

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold 

Unrealized

Appreciation

(Depreciation)

 
Bank of America N.A.  1/19/24  CAD  2,089,864   USD  1,534,138   $43,450 
BNP Paribas SA  1/19/24  AUD  6,786,180   USD  4,318,502    308,326 
BNP Paribas SA  1/19/24  EUR  872,448   USD  924,971    38,769 
BNP Paribas SA  1/19/24  IDR  4,476,400,100   USD  281,671    9,017 
BNP Paribas SA  1/19/24  USD  2,057,037   GBP  1,683,025    (88,418) 
Citibank N.A.  1/19/24  MXN  3,172,012   USD  173,311    13,015 
Citibank N.A.  1/19/24  IDR  10,919,267,185   USD  705,869    3,205 
Citibank N.A.  1/19/24  USD  1,703,864   CNH  12,372,265    (34,336) 
Citibank N.A.  1/19/24  USD  2,008,551   IDR  31,594,508,090    (43,130) 
Goldman Sachs International  1/19/24  ZAR  6,889,002   USD  358,336    17,767 
Goldman Sachs International  1/19/24  USD  363,251   ZAR  6,889,002    (12,851) 
Morgan Stanley & Co. LLC  1/19/24  NOK  12,358,698   EUR  1,067,222    38,010 
Morgan Stanley & Co. LLC  1/19/24  JPY  831,189,083   USD  5,641,832    266,103 
Morgan Stanley & Co. LLC  1/19/24  MXN  15,153,820   USD  867,469    22,677
                    $581,604

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net
Unrealized
Appreciation
(Depreciation)		 
Long               
Euro-BOBL  3/07/24   10   $1,299,142  $17,650 
Euro-OAT  3/07/24   17    2,395,833   72,235 
U.S. Treasury Long Bond  3/19/24   227    26,241,883   2,118,930 
U.S. Treasury Ultra 10 Year  3/19/24   86    9,722,872   426,472 
U.S. Treasury Ultra Bond  3/19/24   163    19,827,171   1,948,610 
UK Long Gilt  3/26/24   16    1,976,029   117,456 
U.S. Treasury Note 5 Year  3/28/24   1,433    152,730,450   3,141,887 
3 Month SOFR  3/18/25   82    19,616,069   119,281 
3 Month SOFR  3/17/26   190    45,665,594    378,531 
                $8,341,052 
Short               
Euro-Bund  3/07/24   21   $(3,091,419)  $(89,746) 
Euro-Buxl 30 Year Bond  3/07/24   2    (288,835)   (24,069) 
Japanese 10 Year Bond  3/13/24   4    (4,124,233)   (37,753) 
3 Month SOFR  3/19/24   157    (37,417,932)   270,751 
U.S. Treasury Note 10 Year  3/19/24   443    (48,509,913)   (1,500,634) 
U.S. Treasury Ultra 10 Year  3/19/24   9    (1,017,844)   (44,297) 
U.S. Treasury Note 2 Year  3/28/24   244    (49,718,859)   (524,172) 
3 Month SOFR  6/18/24   18    (4,255,806)    (19,869) 
                $(1,969,789) 

 

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   1,516,779   $(88,469)   $(10,135)   $(78,334) 

 

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   54,471,900   $1,058,552   $719,454   $339,098 

 

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   $(242,412)   $37,242   $(279,654)
Fixed 5.410%  Maturity   FedFunds    Maturity    1/31/24   USD   60,470,000    (3,254)    —    (3,254)
12-Month USD SOFR  Annually   Fixed 4.100%    Annually    3/10/26   USD   20,642,000    105,498    249,051    (143,553)
12-Month USD SOFR  Annually   Fixed 3.950%    Annually    5/31/28   USD   1,763,000    32,113    4,925    27,188
Fixed 3.400%  Annually   12-Month USD SOFR    Annually    3/10/34   USD   4,603,000    2,670    (77,564)    80,234
Fixed 1.520%  Annually   12-Month USD SOFR    Annually    2/15/47   USD   1,137,000    341,664    (29,927)    371,591
Fixed 3.050%  Annually   12-Month USD SOFR    Annually    2/15/48   USD   2,381,000    134,404    94,235    40,169
Fixed 2.600%  Annually   12-Month USD SOFR    Annually    2/15/48   USD   1,787,000    232,064    145,503    86,561
Fixed 3.150%  Annually   12-Month USD SOFR    Annually    5/15/48   USD   5,670,000    225,589    (534,524)    760,113
                             $828,336   $(111,059)   $939,395

 

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   $17,081  $—   $17,081

 

* 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
USD U.S. Dollar
ZAR South African Rand

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.2%          
           
COMMON STOCK — 97.6%          
Basic Materials — 3.1%          
Chemicals — 1.6%          
CF Industries Holdings, Inc.   40,172   $3,193,674 
Dow, Inc.   13,100    718,404 
Eastman Chemical Co.   2,300    206,586 
LyondellBasell Industries NV Class A   6,300    599,004 
Olin Corp.   2,600    140,270 
         4,857,938 
Forest Products & Paper — 0.6%          
International Paper Co.   47,725    1,725,259 
Iron & Steel — 0.9%          
Cleveland-Cliffs, Inc. (a)   9,200    187,864 
Commercial Metals Co.   1,000    50,040 
Nucor Corp.   7,100    1,235,684 
Reliance Steel & Aluminum Co.   1,400    391,552 
Steel Dynamics, Inc.   5,000    590,500 
U.S. Steel Corp.   4,400    214,060 
         2,669,700 
         9,252,897 
Communications — 6.7%          
Advertising — 0.2%          
Interpublic Group of Cos., Inc.   7,500    244,800 
Omnicom Group, Inc.   5,100    441,201 
         686,001 
Internet — 0.2%          
eBay, Inc.   9,700    423,114 
Gen Digital, Inc.   7,400    168,868 
Robinhood Markets, Inc. Class A (a)   7,600    96,824 
         688,806 
Media — 3.3%          
Charter Communications, Inc. Class A (a)   1,700    660,756 
Comcast Corp. Class A   84,700    3,714,095 
Fox Corp. Class A   8,000    237,360 
News Corp. Class A   125,192    3,073,464 
News Corp. Class B   33,118    851,795 
Walt Disney Co.   15,718    1,419,178 
         9,956,648 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Telecommunications — 3.0%          
AT&T, Inc.   74,100   $1,243,398 
Cisco Systems, Inc.   79,600    4,021,392 
Corning, Inc.   16,400    499,380 
Juniper Networks, Inc.   5,800    170,984 
Verizon Communications, Inc.   75,900    2,861,430 
         8,796,584 
         20,128,039 
Consumer, Cyclical — 5.4%          
Airlines — 0.1%          
Delta Air Lines, Inc.   7,400    297,702 
Apparel — 0.1%          
Levi Strauss & Co. Class A (b)   1,800    29,772 
Ralph Lauren Corp.   900    129,780 
Skechers USA, Inc. Class A (a)   2,500    155,850 
         315,402 
Auto Manufacturers — 1.3%          
Cummins, Inc.   2,800    670,796 
Ford Motor Co.   92,600    1,128,794 
General Motors Co.   27,600    991,392 
PACCAR, Inc.   10,100    986,265 
         3,777,247 
Auto Parts & Equipment — 0.1%          
Lear Corp.   1,100    155,331 
Distribution & Wholesale — 0.2%          
Ferguson PLC   3,700    714,359 
Home Builders — 1.1%          
DR Horton, Inc.   8,600    1,307,028 
Lennar Corp. Class A   6,500    968,760 
NVR, Inc. (a)   40    280,018 
PulteGroup, Inc.   6,300    650,286 
Toll Brothers, Inc.   1,100    113,069 
         3,319,161 
Leisure Time — 0.1%          
Brunswick Corp.   1,800    174,150 
Lodging — 0.6%          
Boyd Gaming Corp.   2,000    125,220 
Las Vegas Sands Corp.   33,183    1,632,935 
         1,758,155 
Retail — 1.8%          
AutoNation, Inc. (a)   1,900    285,342 
Best Buy Co., Inc.   4,300    336,604 
BJ's Wholesale Club Holdings, Inc. (a)   1,400    93,324 
Dick's Sporting Goods, Inc.   700    102,865 
Lithia Motors, Inc.   500    164,640 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Lowe's Cos., Inc.   17,400   $3,872,370 
Murphy USA, Inc.   400    142,624 
Penske Automotive Group, Inc.   1,400    224,714 
Williams-Sonoma, Inc.   1,300    262,314 
         5,484,797 
Toys, Games & Hobbies — 0.0%          
Mattel, Inc. (a)   3,700    69,856 
         16,066,160 
Consumer, Non-cyclical — 22.7%          
Agriculture — 2.6%          
Altria Group, Inc.   34,100    1,375,594 
Archer-Daniels-Midland Co.   13,100    946,082 
Bunge Global SA   1,900    191,805 
Philip Morris International, Inc.   56,477    5,313,356 
         7,826,837 
Beverages — 0.1%          
Coca-Cola Consolidated, Inc.   100    92,840 
Molson Coors Beverage Co. Class B   3,900    238,719 
         331,559 
Biotechnology — 1.9%          
Amgen, Inc.   10,300    2,966,606 
Biogen, Inc. (a)   2,700    698,679 
Gilead Sciences, Inc.   24,300    1,968,543 
         5,633,828 
Commercial Services — 0.8%          
Avis Budget Group, Inc.   700    124,082 
Global Payments, Inc.   4,800    609,600 
H&R Block, Inc.   1,500    72,555 
Robert Half, Inc.   1,900    167,048 
Service Corp. International   4,100    280,645 
U-Haul Holding Co. (UHAL US) (a) (b)   400    28,720 
U-Haul Holding Co. (UHAL/B US)   3,700    260,628 
United Rentals, Inc.   1,300    745,446 
         2,288,724 
Cosmetics & Personal Care — 0.5%          
Kenvue, Inc.   68,215    1,468,669 
Food — 1.3%          
Conagra Brands, Inc.   62,534    1,792,224 
Ingredion, Inc.   1,300    141,089 
Kraft Heinz Co.   23,700    876,426 
Kroger Co.   13,600    621,656 
Sysco Corp.   5,800    424,154 
         3,855,549 
Health Care – Products — 1.1%          
Medtronic PLC   15,400    1,268,652 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Zimmer Biomet Holdings, Inc.   17,635   $2,146,180 
         3,414,832 
Health Care – Services — 4.0%          
Centene Corp. (a)   6,100    452,681 
DaVita, Inc. (a)   1,700    178,092 
Elevance Health, Inc.   16,414    7,740,186 
HCA Healthcare, Inc.   7,900    2,138,372 
Laboratory Corp. of America Holdings   2,300    522,767 
Molina Healthcare, Inc. (a)   700    252,917 
Quest Diagnostics, Inc.   3,300    455,004 
Tenet Healthcare Corp. (a)   1,600    120,912 
Universal Health Services, Inc. Class B   1,800    274,392 
         12,135,323 
Household Products & Wares — 0.6%          
Kimberly-Clark Corp.   15,069    1,831,034 
Pharmaceuticals — 9.8%          
AbbVie, Inc.   39,802    6,168,116 
Becton Dickinson & Co.   13,138    3,203,439 
Cardinal Health, Inc.   5,100    514,080 
Cencora, Inc.   4,900    1,006,362 
Cigna Group   6,400    1,916,480 
CVS Health Corp.   14,900    1,176,504 
Henry Schein, Inc. (a)   2,600    196,846 
Johnson & Johnson   36,126    5,662,389 
McKesson Corp.   3,900    1,805,622 
Merck & Co., Inc.   42,700    4,655,154 
Sanofi SA ADR   33,940    1,687,836 
Viatris, Inc.   127,699    1,382,980 
         29,375,808 
         68,162,163 
Energy — 11.5%          
Oil & Gas — 10.6%          
Antero Resources Corp. (a)   3,200    72,576 
APA Corp.   6,300    226,044 
Chevron Corp.   33,927    5,060,551 
Chord Energy Corp.   500    83,115 
ConocoPhillips   33,670    3,908,077 
Coterra Energy, Inc.   13,700    349,624 
EOG Resources, Inc.   30,626    3,704,215 
Exxon Mobil Corp.   73,800    7,378,524 
Marathon Oil Corp.   13,400    323,744 
Marathon Petroleum Corp.   7,200    1,068,192 
Murphy Oil Corp.   1,600    68,256 
Occidental Petroleum Corp.   17,500    1,044,925 
Phillips 66   8,100    1,078,434 
Range Resources Corp.   4,400    133,936 
Southwestern Energy Co. (a)   20,000    131,000 
TotalEnergies SE   69,904    4,748,471 
TotalEnergies SE Sponsored ADR (b)   19,390    1,306,498 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Valero Energy Corp.   7,500   $975,000 
         31,661,182 
Oil & Gas Services — 0.2%          
Halliburton Co.   16,400    592,860 
Nov, Inc.   4,600    93,288 
         686,148 
Pipelines — 0.7%          
Cheniere Energy, Inc.   4,400    751,124 
Kinder Morgan, Inc.   43,600    769,104 
New Fortress Energy, Inc.   2,400    90,552 
Williams Cos., Inc.   14,100    491,103 
         2,101,883 
         34,449,213 
Financial — 24.0%          
Banks — 11.9%          
Bank of America Corp.   91,100    3,067,337 
Bank of New York Mellon Corp.   16,400    853,620 
Citigroup, Inc.   34,900    1,795,256 
Citizens Financial Group, Inc.   5,400    178,956 
Cullen/Frost Bankers, Inc.   700    75,943 
Fifth Third Bancorp   111,113    3,832,287 
Goldman Sachs Group, Inc.   6,500    2,507,505 
Huntington Bancshares, Inc.   16,800    213,696 
JP Morgan Chase & Co.   56,900    9,678,690 
KeyCorp.   10,800    155,520 
M&T Bank Corp.   1,900    260,452 
Morgan Stanley   32,800    3,058,600 
Northern Trust Corp.   2,400    202,512 
PNC Financial Services Group, Inc.   4,600    712,310 
State Street Corp.   6,600    511,236 
US Bancorp   77,215    3,341,865 
Webster Financial Corp.   2,100    106,596 
Wells Fargo & Co.   101,036    4,972,992 
         35,525,373 
Diversified Financial Services — 3.1%          
Ally Financial, Inc.   5,500    192,060 
American Express Co.   14,300    2,678,962 
Ameriprise Financial, Inc.   2,100    797,643 
Capital One Financial Corp.   6,900    904,728 
Charles Schwab Corp.   35,137    2,417,426 
Discover Financial Services   5,500    618,200 
LPL Financial Holdings, Inc.   1,400    318,668 
Raymond James Financial, Inc.   3,800    423,700 
SEI Investments Co.   1,200    76,260 
Stifel Financial Corp.   1,900    131,385 
Synchrony Financial   8,500    324,615 
T. Rowe Price Group, Inc.   4,200    452,298 
         9,335,945 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Insurance — 7.3%          
Aflac, Inc.   13,000   $1,072,500 
American Financial Group, Inc.   1,400    166,446 
American International Group, Inc.   63,358    4,292,505 
Arch Capital Group Ltd. (a)   7,400    549,598 
Assurant, Inc.   1,000    168,490 
Chubb Ltd.   26,461    5,980,186 
Cincinnati Financial Corp.   3,100    320,726 
Equitable Holdings, Inc.   74,768    2,489,774 
Fidelity National Financial, Inc.   5,300    270,406 
First American Financial Corp.   1,900    122,436 
Globe Life, Inc.   1,700    206,924 
Hartford Financial Services Group, Inc.   6,500    522,470 
Loews Corp.   5,000    347,950 
Markel Group, Inc. (a)   230    326,577 
MetLife, Inc.   16,700    1,104,371 
Old Republic International Corp.   5,700    167,580 
Primerica, Inc.   600    123,456 
Principal Financial Group, Inc.   5,100    401,217 
Prudential Financial, Inc.   7,200    746,712 
Reinsurance Group of America, Inc.   1,200    194,136 
Travelers Cos., Inc.   8,400    1,600,116 
Unum Group   3,900    176,358 
W. R. Berkley Corp.   5,100    360,672 
Willis Towers Watson PLC   1,200    289,440 
         22,001,046 
Private Equity — 0.1%          
Carlyle Group, Inc.   6,500    264,485 
Real Estate — 0.0%          
Jones Lang LaSalle, Inc. (a)   500    94,435 
Real Estate Investment Trusts (REITS) — 1.6%          
Equity Residential   38,055    2,327,444 
Weyerhaeuser Co.   69,689    2,423,086 
         4,750,530 
         71,971,814 
Industrial — 11.4%          
Aerospace & Defense — 3.0%          
Boeing Co. (a)   11,048    2,879,772 
L3 Harris Technologies, Inc.   18,543    3,905,526 
Lockheed Martin Corp.   4,600    2,084,904 
         8,870,202 
Building Materials — 0.8%          
Builders FirstSource, Inc. (a)   2,900    484,126 
Eagle Materials, Inc.   700    141,988 
Fortune Brands Innovations, Inc.   2,600    197,964 
Johnson Controls International PLC   12,400    714,736 
Masco Corp.   6,100    408,578 
Owens Corning   2,600    385,398 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
UFP Industries, Inc.   700   $87,885 
         2,420,675 
Electronics — 0.4%          
Allegion PLC   1,600    202,704 
Arrow Electronics, Inc. (a)   1,800    220,050 
Jabil, Inc.   3,500    445,900 
TD SYNNEX Corp.   1,800    193,698 
         1,062,352 
Engineering & Construction — 0.0%          
TopBuild Corp. (a)   400    149,704 
Environmental Controls — 0.1%          
Pentair PLC   3,200    232,672 
Hand & Machine Tools — 1.0%          
Regal Rexnord Corp.   800    118,416 
Snap-on, Inc.   1,100    317,724 
Stanley Black & Decker, Inc.   26,981    2,646,836 
         3,082,976 
Machinery – Construction & Mining — 0.9%          
Caterpillar, Inc.   9,200    2,720,164 
Oshkosh Corp.   1,200    130,092 
         2,850,256 
Machinery – Diversified — 1.0%          
AGCO Corp.   1,400    169,974 
Deere & Co.   5,400    2,159,298 
Dover Corp.   2,600    399,906 
Middleby Corp. (a)   1,000    147,170 
         2,876,348 
Metal Fabricate & Hardware — 0.0%          
Timken Co.   1,100    88,165 
Miscellaneous - Manufacturing — 1.8%          
Carlisle Cos., Inc.   900    281,187 
General Electric Co.   27,607    3,523,482 
Parker-Hannifin Corp.   2,500    1,151,750 
Textron, Inc.   5,400    434,268 
         5,390,687 
Packaging & Containers — 0.3%          
Berry Global Group, Inc.   2,300    154,997 
Crown Holdings, Inc.   3,300    303,897 
Graphic Packaging Holding Co.   5,900    145,435 
Packaging Corp. of America   2,200    358,402 
Sonoco Products Co.   1,700    94,979 
         1,057,710 
Shipbuilding — 0.1%          
Huntington Ingalls Industries, Inc.   800    207,712 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Transportation — 2.0%          
CSX Corp.   36,400   $1,261,988 
FedEx Corp.   5,000    1,264,850 
Knight-Swift Transportation Holdings, Inc.   3,100    178,715 
Norfolk Southern Corp.   13,700    3,238,406 
         5,943,959 
         34,233,418 
Technology — 8.8%          
Computers — 2.0%          
CACI International, Inc. Class A (a)   300    97,158 
Cognizant Technology Solutions Corp. Class A   9,100    687,323 
Dell Technologies, Inc. Class C   4,700    359,550 
Hewlett Packard Enterprise Co.   30,800    522,984 
HP, Inc.   30,500    917,745 
International Business Machines Corp.   15,600    2,551,380 
Leidos Holdings, Inc.   2,700    292,248 
NetApp, Inc.   3,900    343,824 
Science Applications International Corp.   500    62,160 
         5,834,372 
Semiconductors — 5.3%          
Applied Materials, Inc.   16,400    2,657,948 
Microchip Technology, Inc.   6,200    559,116 
Micron Technology, Inc.   21,100    1,800,674 
ON Semiconductor Corp. (a)   6,800    568,004 
QUALCOMM, Inc.   57,170    8,268,497 
Samsung Electronics Co. Ltd.   27,845    1,693,531 
Skyworks Solutions, Inc.   3,200    359,744 
         15,907,514 
Software — 1.5%          
Fiserv, Inc. (a)   9,900    1,315,116 
Microsoft Corp.   8,170    3,072,247 
Twilio, Inc. Class A (a)   2,100    159,327 
         4,546,690 
         26,288,576 
Utilities — 4.0%          
Electric — 4.0%          
Alliant Energy Corp.   4,600    235,980 
CenterPoint Energy, Inc.   8,000    228,560 
Consolidated Edison, Inc.   6,200    564,014 
Dominion Energy, Inc.   50,644    2,380,268 
Duke Energy Corp.   14,500    1,407,080 
Edison International   6,500    464,685 
OGE Energy Corp.   3,800    132,734 
Pinnacle West Capital Corp.   2,300    165,232 
PPL Corp.   14,300    387,530 
Public Service Enterprise Group, Inc.   12,300    752,145 
Sempra   12,100    904,233 
Southern Co.   59,940    4,202,993 

 

 

 

 

MassMutual Diversified Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Vistra Corp.   8,200   $315,864 
         12,141,318 
           
TOTAL COMMON STOCK
(Cost $235,995,790)		        292,693,598 
           
PREFERRED STOCK — 0.6%          
Consumer, Cyclical — 0.6%          
Auto Manufacturers — 0.6%          
Dr Ing hc F Porsche AG 1.262% (c)   12,216    1,077,282 
Volkswagen AG 7.837%   6,846    845,051 
         1,922,333 
           
TOTAL PREFERRED STOCK
(Cost $2,256,858)		        1,922,333 
           
TOTAL EQUITIES
(Cost $238,252,648)		        294,615,931 
           
           
MUTUAL FUNDS — 0.8%          
Diversified Financial Services — 0.8%          
iShares Russell 1000 Value ETF   14,630    2,417,607 
           
TOTAL MUTUAL FUNDS
(Cost $2,363,927)		        2,417,607 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $240,616,575)		        297,033,538 
           
           
SHORT-TERM INVESTMENTS — 0.9%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   214,569    214,569 
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   111    111 
           
   Principal
Amount		    
Repurchase Agreement — 0.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (e)  $2,332,474    2,332,474 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,547,154)		        2,547,154 
           
TOTAL INVESTMENTS — 99.9%
(Cost $243,163,729) (f)		        299,580,692 
           
Other Assets/(Liabilities) — 0.1%        203,779 
           
NET ASSETS — 100.0%       $299,784,471 

 

Abbreviation Legend

ADR American Depositary Receipt
ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,344,321 or 0.45% of net assets. The Fund received $1,164,239 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $1,077,282 or 0.36% of net assets.
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $2,332,889. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $2,379,211.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.0%          
           
COMMON STOCK — 99.0%          
Basic Materials — 3.8%          
Chemicals — 3.8%          
Air Products & Chemicals, Inc.   18,783   $5,142,785 
Axalta Coating Systems Ltd. (a)   61,057    2,074,106 
DuPont de Nemours, Inc.   61,201    4,708,193 
Element Solutions, Inc.   74,284    1,718,932 
International Flavors & Fragrances, Inc.   24,500    1,983,765 
Olin Corp.   16,243    876,310 
         16,504,091 
Communications — 5.6%          
Advertising — 0.5%          
Omnicom Group, Inc.   23,345    2,019,576 
Internet — 2.4%          
Alphabet, Inc. Class A (a)   47,892    6,690,034 
Alphabet, Inc. Class C (a)   14,819    2,088,442 
Booking Holdings, Inc. (a)   534    1,894,215 
         10,672,691 
Media — 1.4%          
Comcast Corp. Class A   107,406    4,709,753 
Warner Bros Discovery, Inc. (a)   118,511    1,348,655 
         6,058,408 
Telecommunications — 1.3%          
Nice Ltd. Sponsored ADR (a) (b)   4,709    939,493 
T-Mobile US, Inc.   28,804    4,618,145 
         5,557,638 
         24,308,313 
Consumer, Cyclical — 5.7%          
Auto Parts & Equipment — 0.5%          
Aptiv PLC (a)   15,299    1,372,626 
BorgWarner, Inc.   18,264    654,765 
         2,027,391 
Distribution & Wholesale — 0.6%          
LKQ Corp.   13,664    653,003 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
WESCO International, Inc.   11,879   $2,065,520 
         2,718,523 
Entertainment — 0.1%          
SeaWorld Entertainment, Inc. (a)   8,758    462,685 
Food Services — 0.4%          
Aramark   59,847    1,681,701 
Home Furnishing — 0.4%          
SharkNinja, Inc.   24,040    1,230,127 
Whirlpool Corp.   4,907    597,525 
         1,827,652 
Lodging — 1.3%          
Las Vegas Sands Corp.   41,228    2,028,830 
MGM Resorts International   39,944    1,784,698 
Wynn Resorts Ltd.   19,078    1,738,196 
         5,551,724 
Retail — 2.4%          
AutoNation, Inc. (a)   6,621    994,342 
AutoZone, Inc. (a)   1,338    3,459,546 
Lithia Motors, Inc.   4,067    1,339,182 
Ulta Beauty, Inc. (a)   2,503    1,226,445 
Walmart, Inc.   22,013    3,470,349 
         10,489,864 
         24,759,540 
Consumer, Non-cyclical — 25.3%          
Agriculture — 2.3%          
Philip Morris International, Inc.   105,454    9,921,112 
Beverages — 2.4%          
Coca-Cola Europacific Partners PLC   76,680    5,117,623 
Keurig Dr Pepper, Inc.   121,591    4,051,412 
Molson Coors Beverage Co. Class B   22,745    1,392,222 
         10,561,257 
Biotechnology — 0.6%          
Amgen, Inc.   9,017    2,597,076 
Commercial Services — 2.9%          
FleetCor Technologies, Inc. (a)   9,104    2,572,881 
Global Payments, Inc.   22,606    2,870,962 
U-Haul Holding Co.   20,552    1,447,683 
United Rentals, Inc.   6,166    3,535,708 
Vestis Corp.   53,093    1,122,386 
WillScot Mobile Mini Holdings Corp. (a)   25,560    1,137,420 
         12,687,040 
Cosmetics & Personal Care — 0.9%          
Kenvue, Inc.   90,985    1,958,907 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Procter & Gamble Co.   12,768   $1,871,023 
         3,829,930 
Food — 1.2%          
Kraft Heinz Co.   34,510    1,276,180 
Tyson Foods, Inc. Class A   26,037    1,399,489 
U.S. Foods Holding Corp. (a)   53,369    2,423,486 
         5,099,155 
Health Care – Products — 3.4%          
Abbott Laboratories   28,383    3,124,117 
Avantor, Inc. (a)   175,877    4,015,272 
LivaNova PLC (a)   16,687    863,385 
Medtronic PLC   54,471    4,487,321 
Smith & Nephew PLC Sponsored ADR (b)   82,466    2,249,673 
         14,739,768 
Health Care – Services — 4.5%          
Centene Corp. (a)   35,102    2,604,919 
Elevance Health, Inc.   3,354    1,581,612 
Humana, Inc.   9,346    4,278,692 
ICON PLC (a)   10,192    2,885,050 
UnitedHealth Group, Inc.   15,449    8,133,435 
         19,483,708 
Pharmaceuticals — 7.1%          
Bristol-Myers Squibb Co.   79,574    4,082,942 
Cencora, Inc.   14,478    2,973,492 
Cigna Group   17,618    5,275,710 
CVS Health Corp.   51,183    4,041,410 
Johnson & Johnson   16,900    2,648,906 
McKesson Corp.   4,986    2,308,418 
Merck & Co., Inc.   50,673    5,524,371 
Sanofi SA ADR   79,280    3,942,594 
         30,797,843 
         109,716,889 
Energy — 10.0%          
Coal — 0.5%          
Peabody Energy Corp.   40,982    996,682 
Teck Resources Ltd. Class B   34,304    1,450,030 
         2,446,712 
Oil & Gas — 6.6%          
BP PLC Sponsored ADR   57,363    2,030,650 
Canadian Natural Resources Ltd.   39,192    2,567,860 
Cenovus Energy, Inc.   155,653    2,591,623 
ConocoPhillips   27,494    3,191,229 
Hess Corp.   37,726    5,438,580 
Marathon Petroleum Corp.   20,715    3,073,277 
Phillips 66   57,043    7,594,705 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Pioneer Natural Resources Co.   9,066   $2,038,762 
         28,526,686 
Oil & Gas Services — 1.3%          
Halliburton Co.   89,026    3,218,290 
Schlumberger NV   46,233    2,405,965 
         5,624,255 
Pipelines — 1.6%          
Enbridge, Inc.   115,594    4,163,696 
Plains GP Holdings LP Class A   176,389    2,813,405 
         6,977,101 
         43,574,754 
Financial — 20.6%          
Banks — 8.4%          
Goldman Sachs Group, Inc.   6,259    2,414,534 
Huntington Bancshares, Inc.   86,900    1,105,368 
JP Morgan Chase & Co.   70,095    11,923,159 
M&T Bank Corp.   22,511    3,085,808 
Morgan Stanley   54,071    5,042,121 
Northern Trust Corp.   18,173    1,533,438 
US Bancorp   63,945    2,767,540 
Wells Fargo & Co.   175,076    8,617,241 
         36,489,209 
Diversified Financial Services — 3.3%          
AerCap Holdings NV (a)   25,273    1,878,289 
American Express Co.   19,541    3,660,811 
Ares Management Corp. Class A   7,942    944,463 
Charles Schwab Corp.   28,826    1,983,229 
Discover Financial Services   34,364    3,862,514 
Intercontinental Exchange, Inc.   16,478    2,116,269 
         14,445,575 
Insurance — 6.4%          
Allstate Corp.   32,738    4,582,665 
American International Group, Inc.   28,157    1,907,637 
Aon PLC Class A   3,490    1,015,660 
Arthur J Gallagher & Co.   6,781    1,524,911 
Axis Capital Holdings Ltd.   20,761    1,149,536 
Berkshire Hathaway, Inc. Class B (a)   25,210    8,991,399 
Chubb Ltd.   29,302    6,622,252 
Willis Towers Watson PLC   7,749    1,869,059 
         27,663,119 
Real Estate — 0.3%          
Howard Hughes Holdings, Inc. (a)   14,955    1,279,400 
Real Estate Investment Trusts (REITS) — 2.2%          
COPT Defense Properties   41,203    1,056,033 
CubeSmart   28,930    1,340,905 
Public Storage   14,559    4,440,495 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
VICI Properties, Inc.   77,459   $2,469,393 
         9,306,826 
         89,184,129 
Industrial — 13.2%          
Aerospace & Defense — 3.7%          
Boeing Co. (a)   11,132    2,901,667 
General Dynamics Corp.   25,070    6,509,927 
Howmet Aerospace, Inc.   43,366    2,346,968 
RTX Corp.   53,294    4,484,157 
         16,242,719 
Building Materials — 2.8%          
Builders FirstSource, Inc. (a)   4,581    764,752 
CRH PLC   78,682    5,441,647 
Knife River Corp. (a)   27,742    1,835,965 
Masco Corp.   29,570    1,980,599 
MDU Resources Group, Inc.   54,962    1,088,248 
Mohawk Industries, Inc. (a)   9,234    955,719 
         12,066,930 
Electrical Components & Equipment — 0.5%          
Eaton Corp. PLC   9,058    2,181,348 
Electronics — 0.8%          
Allegion PLC   11,948    1,513,692 
Fortive Corp.   28,567    2,103,389 
         3,617,081 
Engineering & Construction — 0.8%          
AECOM   19,148    1,769,850 
Jacobs Solutions, Inc.   13,597    1,764,890 
         3,534,740 
Hand & Machine Tools — 0.6%          
Stanley Black & Decker, Inc.   27,592    2,706,775 
Machinery – Construction & Mining — 2.0%          
BWX Technologies, Inc.   29,919    2,295,685 
Caterpillar, Inc.   3,463    1,023,905 
Vertiv Holdings Co. Class A   109,868    5,276,960 
         8,596,550 
Machinery – Diversified — 1.5%          
Deere & Co.   5,386    2,153,700 
Dover Corp.   8,818    1,356,296 
Otis Worldwide Corp.   9,725    870,096 
Westinghouse Air Brake Technologies Corp.   15,390    1,952,991 
         6,333,083 
Transportation — 0.5%          
JB Hunt Transport Services, Inc.   10,730    2,143,210 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
        $57,422,436 
Technology — 11.6%          
Computers — 2.4%          
CACI International, Inc. Class A (a)   5,610  

 

 

1,816,855 
Cognizant Technology Solutions Corp. Class A   49,640    3,749,309 
Dell Technologies, Inc. Class C   35,065    2,682,472 
Leidos Holdings, Inc.   17,830    1,929,919 
         10,178,555 
Semiconductors — 5.7%          
Advanced Micro Devices, Inc. (a)   19,457    2,868,156 
Applied Materials, Inc.   16,903    2,739,469 
Broadcom, Inc.   3,427    3,825,389 
Lam Research Corp.   1,887    1,478,012 
Microchip Technology, Inc.   48,718    4,393,389 
Micron Technology, Inc.   34,124    2,912,142 
NXP Semiconductors NV   2,610    599,465 
QUALCOMM, Inc.   21,346    3,087,272 
Skyworks Solutions, Inc.   24,961    2,806,116 
         24,709,410 
Software — 3.5%          
Electronic Arts, Inc.   13,579    1,857,743 
Fidelity National Information Services, Inc.   81,554    4,898,949 
Oracle Corp.   63,653    6,710,936 
SS&C Technologies Holdings, Inc.   16,364    1,000,004 
Take-Two Interactive Software, Inc. (a)   5,438    875,246 
         15,342,878 
         50,230,843 
Utilities — 3.2%          
Electric — 3.2%          
CenterPoint Energy, Inc.   87,572    2,501,932 
Entergy Corp.   47,784    4,835,263 
Exelon Corp.   39,973    1,435,031 
FirstEnergy Corp.   44,420    1,628,437 
Pinnacle West Capital Corp.   50,411    3,621,526 
         14,022,189 
           
TOTAL COMMON STOCK
(Cost $343,588,132)		        429,723,184 
           
TOTAL EQUITIES
(Cost $343,588,132)		        429,723,184 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $343,588,132)		        429,723,184 

 

 

 

 

MassMutual Fundamental Value Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
SHORT-TERM INVESTMENTS — 2.2%          
           
Investment of Cash Collateral from Securities Loaned — 0.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   2,027,172   $2,027,172 
           
   Principal
Amount		    
Repurchase Agreement — 1.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $7,673,615   7,673,615 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,700,787)		        9,700,787 
           
TOTAL INVESTMENTS — 101.2%
(Cost $353,288,919) (e)		        439,423,971 
           
Other Assets/(Liabilities) — (1.2)%        (5,364,978) 
           
NET ASSETS — 100.0%       $434,058,993 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $2,912,838 or 0.67% of net assets. The Fund received $969,055 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $7,674,979. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 4.875%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $7,827,213.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MM S&P 500 Index Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 100.2%          
           
COMMON STOCK — 100.2%          
Basic Materials — 2.0%          
Chemicals — 1.5%          
Air Products & Chemicals, Inc.   14,774   $4,045,121 
Albemarle Corp. (a)   7,731    1,116,975 
Celanese Corp.   6,587    1,023,422 
CF Industries Holdings, Inc.   12,906    1,026,027 
Dow, Inc.   46,325    2,540,463 
DuPont de Nemours, Inc.   28,285    2,175,965 
Eastman Chemical Co.   8,062    724,129 
Ecolab, Inc.   16,853    3,342,793 
FMC Corp.   8,429    531,448 
International Flavors & Fragrances, Inc.   16,793    1,359,729 
Linde PLC (LIN US)   32,128    13,195,291 
LyondellBasell Industries NV Class A   16,863    1,603,334 
Mosaic Co.   21,423    765,444 
PPG Industries, Inc.   15,682    2,345,243 
Sherwin-Williams Co.   15,610    4,868,759 
         40,664,143 
Forest Products & Paper — 0.0%          
International Paper Co.   23,331    843,416 
Iron & Steel — 0.2%          
Nucor Corp.   16,276    2,832,675 
Steel Dynamics, Inc.   10,076    1,189,975 
         4,022,650 
Mining — 0.3%          
Freeport-McMoRan, Inc.   95,289    4,056,453 
Newmont Corp. (NEM US)   76,357    3,160,416 
         7,216,869 
         52,747,078 
Communications — 14.1%          
Advertising — 0.1%          
Interpublic Group of Cos., Inc.   25,774    841,264 
Omnicom Group, Inc.   13,183    1,140,461 
         1,981,725 
Internet — 11.1%          
Airbnb, Inc. Class A (b)   28,825    3,924,236 
Alphabet, Inc. Class A (b)   392,349    54,807,232 
Alphabet, Inc. Class C (b)   330,453    46,570,741 

 

 

 

 

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

 

   Number of
Shares		   Value 
Amazon.com, Inc. (b)   603,094   $91,634,102 
Booking Holdings, Inc. (b)   2,315    8,211,814 
CDW Corp.   8,836    2,008,600 
eBay, Inc.   34,143    1,489,318 
Etsy, Inc. (b)   7,869    637,782 
Expedia Group, Inc. (b)   8,824    1,339,395 
F5, Inc. (b)   4,007    717,173 
Gen Digital, Inc.   36,833    840,529 
Match Group, Inc. (b)   17,852    651,598 
Meta Platforms, Inc. Class A (b)   147,220    52,109,991 
Netflix, Inc. (b)   29,024    14,131,205 
Palo Alto Networks, Inc. (b)   20,614    6,078,656 
Uber Technologies, Inc. (b)   136,470    8,402,458 
VeriSign, Inc. (b)   5,874    1,209,809 
         294,764,639 
Media — 1.1%          
Charter Communications, Inc. Class A (b)   6,649    2,584,333 
Comcast Corp. Class A   265,997    11,663,968 
FactSet Research Systems, Inc.   2,517    1,200,735 
Fox Corp. Class A   15,882    471,219 
Fox Corp. Class B   8,322    230,103 
News Corp. Class A   25,259    620,108 
News Corp. Class B   7,340    188,785 
Paramount Global Class B   32,178    475,913 
Walt Disney Co.   121,224    10,945,315 
Warner Bros Discovery, Inc. (b)   148,770    1,693,003 
         30,073,482 
Telecommunications — 1.8%          
Arista Networks, Inc. (b)   16,670    3,925,952 
AT&T, Inc.   474,677    7,965,080 
Cisco Systems, Inc.   268,268    13,552,899 
Corning, Inc.   51,532    1,569,150 
Juniper Networks, Inc.   21,683    639,215 
Motorola Solutions, Inc.   11,004    3,445,242 
T-Mobile US, Inc.   33,642    5,393,822 
Verizon Communications, Inc.   279,290    10,529,233 
         47,020,593 
         373,840,439 
Consumer, Cyclical — 9.1%          
Airlines — 0.2%          
American Airlines Group, Inc. (b)   44,036    605,055 
Delta Air Lines, Inc.   42,952    1,727,959 
Southwest Airlines Co.   38,938    1,124,529 
United Airlines Holdings, Inc. (b)   21,578    890,308 
         4,347,851 
Apparel — 0.4%          
NIKE, Inc. Class B   81,068    8,801,553 
Ralph Lauren Corp.   2,696    388,763 
Tapestry, Inc.   15,403    566,984 

 

 

 

 

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

 

   Number of
Shares		   Value 
VF Corp.   22,167   $416,740 
         10,174,040 
Auto Manufacturers — 2.2%          
Cummins, Inc.   9,382    2,247,646 
Ford Motor Co.   260,874    3,180,054 
General Motors Co.   91,014    3,269,223 
PACCAR, Inc.   34,729    3,391,287 
Tesla, Inc. (b)   183,426    45,577,692 
         57,665,902 
Auto Parts & Equipment — 0.1%          
Aptiv PLC (b)   18,555    1,664,755 
BorgWarner, Inc.   15,798    566,358 
         2,231,113 
Distribution & Wholesale — 0.4%          
Copart, Inc. (b)   58,219    2,852,731 
Fastenal Co.   37,867    2,452,645 
LKQ Corp.   17,916    856,206 
Pool Corp.   2,528    1,007,939 
W.W. Grainger, Inc.   2,920    2,419,775 
         9,589,296 
Entertainment — 0.1%          
Caesars Entertainment, Inc. (b)   14,016    657,070 
Live Nation Entertainment, Inc. (b)   9,453    884,801 
         1,541,871 
Home Builders — 0.3%          
DR Horton, Inc.   20,005    3,040,360 
Lennar Corp. Class A   16,512    2,460,949 
NVR, Inc. (b)   211    1,477,095 
PulteGroup, Inc.   14,470    1,493,593 
         8,471,997 
Home Furnishing — 0.0%          
Whirlpool Corp.   3,691    449,453 
Leisure Time — 0.1%          
Carnival Corp. (b)   66,448    1,231,946 
Norwegian Cruise Line Holdings Ltd. (a) (b)   28,962    580,398 
Royal Caribbean Cruises Ltd. (b)   15,526    2,010,462 
         3,822,806 
Lodging — 0.3%          
Hilton Worldwide Holdings, Inc.   17,012    3,097,715 
Las Vegas Sands Corp.   24,736    1,217,259 
Marriott International, Inc. Class A   16,375    3,692,726 
MGM Resorts International   18,093    808,395 
Wynn Resorts Ltd.   6,189    563,880 
         9,379,975 

 

 

 

 

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

 

   Number of
Shares		   Value 
Retail — 5.0%          
AutoZone, Inc. (b)   1,167   $3,017,407 
Bath & Body Works, Inc.   15,338    661,988 
Best Buy Co., Inc.   12,993    1,017,092 
CarMax, Inc. (b)   10,311    791,266 
Chipotle Mexican Grill, Inc. (b)   1,820    4,162,267 
Costco Wholesale Corp.   29,389    19,399,091 
Darden Restaurants, Inc.   7,867    1,292,548 
Dollar General Corp.   14,689    1,996,970 
Dollar Tree, Inc. (b)   13,816    1,962,563 
Domino's Pizza, Inc.   2,299    947,717 
Genuine Parts Co.   9,430    1,306,055 
Home Depot, Inc.   66,290    22,972,799 
Lowe's Cos., Inc.   38,213    8,504,303 
Lululemon Athletica, Inc. (b)   7,627    3,899,609 
McDonald's Corp.   48,121    14,268,358 
O'Reilly Automotive, Inc. (b)   3,916    3,720,513 
Ross Stores, Inc.   22,585    3,125,538 
Starbucks Corp.   75,762    7,273,910 
Target Corp.   30,699    4,372,152 
TJX Cos., Inc.   75,678    7,099,353 
Tractor Supply Co.   7,156    1,538,755 
Ulta Beauty, Inc. (b)   3,256    1,595,407 
Walgreens Boots Alliance, Inc.   48,343    1,262,236 
Walmart, Inc.   94,630    14,918,419 
Yum! Brands, Inc.   18,459    2,411,853 
         133,518,169 
Toys, Games & Hobbies — 0.0%          
Hasbro, Inc.   8,794    449,022 
         241,641,495 
Consumer, Non-cyclical — 19.0%          
Agriculture — 0.7%          
Altria Group, Inc.   117,229    4,729,018 
Archer-Daniels-Midland Co.   35,434    2,559,043 
Bunge Global SA   9,589    968,010 
Philip Morris International, Inc.   102,936    9,684,219 
         17,940,290 
Beverages — 1.5%          
Brown-Forman Corp. Class B   12,173    695,078 
Coca-Cola Co.   258,059    15,207,417 
Constellation Brands, Inc. Class A   10,739    2,596,153 
Keurig Dr Pepper, Inc.   67,153    2,237,538 
Molson Coors Beverage Co. Class B   12,355    756,250 
Monster Beverage Corp. (b)   48,895    2,816,841 
PepsiCo, Inc.   91,074    15,468,008 
         39,777,285 
Biotechnology — 1.5%          
Amgen, Inc.   35,443    10,208,293 
Bio-Rad Laboratories, Inc. Class A (b)   1,426    460,441 
Biogen, Inc. (b)   9,598    2,483,674 

 

 

 

 

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

 

   Number of
Shares		   Value 
Corteva, Inc.   47,017   $2,253,054 
Gilead Sciences, Inc.   82,775    6,705,603 
Illumina, Inc. (b)   10,574    1,472,324 
Incyte Corp. (b)   12,513    785,691 
Moderna, Inc. (b)   22,135    2,201,326 
Regeneron Pharmaceuticals, Inc. (b)   7,100    6,235,859 
Vertex Pharmaceuticals, Inc. (b)   17,083    6,950,902 
         39,757,167 
Commercial Services — 1.8%          
Automatic Data Processing, Inc.   27,351    6,371,962 
Cintas Corp.   5,749    3,464,692 
CoStar Group, Inc. (b)   27,022    2,361,453 
Equifax, Inc.   8,246    2,039,153 
FleetCor Technologies, Inc. (b)   4,762    1,345,789 
Gartner, Inc. (b)   5,170    2,332,239 
Global Payments, Inc.   17,311    2,198,497 
MarketAxess Holdings, Inc.   2,548    746,182 
Moody's Corp.   10,427    4,072,369 
PayPal Holdings, Inc. (b)   71,288    4,377,796 
Quanta Services, Inc.   9,590    2,069,522 
Robert Half, Inc.   7,000    615,440 
Rollins, Inc.   18,671    815,363 
S&P Global, Inc.   21,498    9,470,299 
United Rentals, Inc.   4,495    2,577,523 
Verisk Analytics, Inc.   9,633    2,300,938 
         47,159,217 
Cosmetics & Personal Care — 1.2%          
Colgate-Palmolive Co.   54,470    4,341,804 
Estee Lauder Cos., Inc. Class A   15,441    2,258,246 
Kenvue, Inc.   114,249    2,459,781 
Procter & Gamble Co.   156,186    22,887,496 
         31,947,327 
Food — 0.9%          
Campbell Soup Co.   13,396    579,109 
Conagra Brands, Inc.   31,088    890,982 
General Mills, Inc.   38,664    2,518,573 
Hershey Co.   10,013    1,866,824 
Hormel Foods Corp.   19,615    629,838 
J. M. Smucker Co.   6,902    872,275 
Kellanova   17,156    959,192 
Kraft Heinz Co.   53,175    1,966,411 
Kroger Co.   44,104    2,015,994 
Lamb Weston Holdings, Inc.   9,594    1,037,015 
McCormick & Co., Inc.   16,771    1,147,472 
Mondelez International, Inc. Class A   89,977    6,517,034 
Sysco Corp.   33,193    2,427,404 
Tyson Foods, Inc. Class A   18,665    1,003,244 
         24,431,367 
Health Care – Products — 3.5%          
Abbott Laboratories   115,030    12,661,352 
Agilent Technologies, Inc.   19,273    2,679,525 
Align Technology, Inc. (b)   4,785    1,311,090 

 

 

 

 

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

 

   Number of
Shares		   Value 
Baxter International, Inc.   33,894   $1,310,342 
Bio-Techne Corp.   10,622    819,594 
Boston Scientific Corp. (b)   96,785    5,595,141 
Cooper Cos., Inc.   3,303    1,249,987 
Danaher Corp.   43,656    10,099,379 
DENTSPLY SIRONA, Inc.   14,354    510,859 
Edwards Lifesciences Corp. (b)   40,193    3,064,716 
GE HealthCare Technologies, Inc. (b)   26,216    2,027,021 
Hologic, Inc. (b)   16,468    1,176,639 
IDEXX Laboratories, Inc. (b)   5,494    3,049,445 
Insulet Corp. (b)   4,580    993,768 
Intuitive Surgical, Inc. (b)   23,362    7,881,404 
Medtronic PLC   88,448    7,286,346 
ResMed, Inc.   9,673    1,663,949 
Revvity, Inc.   8,370    914,925 
Steris PLC   6,489    1,426,607 
Stryker Corp.   22,462    6,726,471 
Teleflex, Inc.   3,166    789,410 
Thermo Fisher Scientific, Inc.   25,657    13,618,479 
Waters Corp. (b)   3,861    1,271,157 
West Pharmaceutical Services, Inc.   4,891    1,722,219 
Zimmer Biomet Holdings, Inc.   13,967    1,699,784 
         91,549,609 
Health Care – Services — 2.2%          
Catalent, Inc. (b)   12,240    549,943 
Centene Corp. (b)   35,390    2,626,292 
Charles River Laboratories International, Inc. (b)   3,459    817,708 
DaVita, Inc. (b)   3,511    367,812 
Elevance Health, Inc.   15,606    7,359,165 
HCA Healthcare, Inc.   13,098    3,545,367 
Humana, Inc.   8,164    3,737,561 
IQVIA Holdings, Inc. (b)   12,149    2,811,036 
Laboratory Corp. of America Holdings   5,547    1,260,778 
Molina Healthcare, Inc. (b)   3,852    1,391,766 
Quest Diagnostics, Inc.   7,563    1,042,786 
UnitedHealth Group, Inc.   61,372    32,310,517 
Universal Health Services, Inc. Class B   3,991    608,388 
         58,429,119 
Household Products & Wares — 0.2%          
Avery Dennison Corp.   5,291    1,069,629 
Church & Dwight Co., Inc.   16,496    1,559,862 
Clorox Co.   8,290    1,182,071 
Kimberly-Clark Corp.   22,359    2,716,842 
         6,528,404 
Pharmaceuticals — 5.5%          
AbbVie, Inc.   117,049    18,139,084 
Becton Dickinson & Co.   19,304    4,706,894 
Bristol-Myers Squibb Co.   134,588    6,905,710 
Cardinal Health, Inc.   16,345    1,647,576 
Cencora, Inc.   10,968    2,252,608 
Cigna Group   19,390    5,806,335 
CVS Health Corp.   85,353    6,739,473 
Dexcom, Inc. (b)   25,545    3,169,879 

 

 

 

 

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

 

   Number of
Shares		   Value 
Eli Lilly & Co.   52,898   $30,835,302 
Henry Schein, Inc. (b)   8,731    661,024 
Johnson & Johnson   159,742    25,037,961 
McKesson Corp.   8,836    4,090,891 
Merck & Co., Inc.   167,927    18,307,402 
Pfizer, Inc.   373,840    10,762,854 
Viatris, Inc.   78,534    850,523 
Zoetis, Inc.   30,416    6,003,206 
         145,916,722 
         503,436,507 
Energy — 4.0%          
Energy – Alternate Sources — 0.1%          
Enphase Energy, Inc. (b)   8,988    1,187,674 
First Solar, Inc. (b)   7,187    1,238,176 
         2,425,850 
Oil & Gas — 3.2%          
APA Corp.   20,656    741,137 
Chevron Corp.   116,367    17,357,302 
ConocoPhillips   78,823    9,148,986 
Coterra Energy, Inc.   49,985    1,275,617 
Devon Energy Corp.   42,255    1,914,152 
Diamondback Energy, Inc.   11,783    1,827,308 
EOG Resources, Inc.   38,750    4,686,812 
EQT Corp.   27,265    1,054,065 
Exxon Mobil Corp.   265,656    26,560,287 
Hess Corp.   18,342    2,644,183 
Marathon Oil Corp.   38,596    932,479 
Marathon Petroleum Corp.   25,229    3,742,974 
Occidental Petroleum Corp.   43,851    2,618,343 
Phillips 66   29,214    3,889,552 
Pioneer Natural Resources Co.   15,434    3,470,798 
Valero Energy Corp.   22,586    2,936,180 
         84,800,175 
Oil & Gas Services — 0.4%          
Baker Hughes Co.   66,914    2,287,120 
Halliburton Co.   59,312    2,144,129 
Schlumberger NV   94,593    4,922,620 
         9,353,869 
Pipelines — 0.3%          
Kinder Morgan, Inc.   129,121    2,277,694 
ONEOK, Inc.   38,504    2,703,751 
Targa Resources Corp.   14,754    1,281,680 
Williams Cos., Inc.   80,820    2,814,961 
         9,078,086 
         105,657,980 

 

 

 

 

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

 

   Number of
Shares		   Value 
Financial — 14.1%          
Banks — 4.1%          
Bank of America Corp.   456,827   $15,381,365 
Bank of New York Mellon Corp.   50,846    2,646,534 
Citigroup, Inc.   126,907    6,528,096 
Citizens Financial Group, Inc.   30,994    1,027,141 
Comerica, Inc.   8,894    496,374 
Fifth Third Bancorp   44,731    1,542,772 
Goldman Sachs Group, Inc.   21,629    8,343,819 
Huntington Bancshares, Inc.   95,264    1,211,758 
JP Morgan Chase & Co.   191,815    32,627,732 
KeyCorp.   60,949    877,666 
M&T Bank Corp.   10,934    1,498,833 
Morgan Stanley   83,757    7,810,340 
Northern Trust Corp.   13,945    1,176,679 
PNC Financial Services Group, Inc.   26,374    4,084,014 
Regions Financial Corp.   61,192    1,185,901 
State Street Corp.   20,345    1,575,924 
Truist Financial Corp.   88,095    3,252,467 
US Bancorp   103,150    4,464,332 
Wells Fargo & Co.   241,018    11,862,906 
Zions Bancorp NA   9,996    438,525 
         108,033,178 
Diversified Financial Services — 3.7%          
American Express Co.   38,178    7,152,267 
Ameriprise Financial, Inc.   6,717    2,551,318 
BlackRock, Inc.   9,293    7,544,057 
Capital One Financial Corp.   25,226    3,307,633 
Cboe Global Markets, Inc.   6,989    1,247,956 
Charles Schwab Corp.   98,814    6,798,403 
CME Group, Inc.   23,909    5,035,235 
Discover Financial Services   16,656    1,872,134 
Franklin Resources, Inc.   18,364    547,064 
Intercontinental Exchange, Inc.   38,076    4,890,101 
Invesco Ltd.   30,716    547,973 
Mastercard, Inc. Class A   54,922    23,424,782 
Nasdaq, Inc.   22,647    1,316,697 
Raymond James Financial, Inc.   12,616    1,406,684 
Synchrony Financial   27,735    1,059,200 
T. Rowe Price Group, Inc.   14,639    1,576,474 
Visa, Inc. Class A   105,676    27,512,747 
         97,790,725 
Insurance — 3.7%          
Aflac, Inc.   35,298    2,912,085 
Allstate Corp.   17,344    2,427,813 
American International Group, Inc.   46,484    3,149,291 
Aon PLC Class A   13,278    3,864,164 
Arch Capital Group Ltd. (b)   24,801    1,841,970 
Arthur J Gallagher & Co.   14,324    3,221,181 
Assurant, Inc.   3,503    590,220 
Berkshire Hathaway, Inc. Class B (b)   120,717    43,054,925 
Brown & Brown, Inc.   15,716    1,117,565 
Chubb Ltd.   27,063    6,116,238 
Cincinnati Financial Corp.   10,541    1,090,572 

 

 

 

 

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

 

   Number of
Shares		   Value 
Everest Group Ltd.   2,844   $1,005,581 
Globe Life, Inc.   5,676    690,883 
Hartford Financial Services Group, Inc.   19,998    1,607,439 
Loews Corp.   12,023    836,681 
Marsh & McLennan Cos., Inc.   32,700    6,195,669 
MetLife, Inc.   41,154    2,721,514 
Principal Financial Group, Inc.   14,448    1,136,624 
Progressive Corp.   38,809    6,181,497 
Prudential Financial, Inc.   23,770    2,465,187 
Travelers Cos., Inc.   15,080    2,872,589 
W. R. Berkley Corp.   13,583    960,590 
Willis Towers Watson PLC   6,828    1,646,914 
         97,707,192 
Private Equity — 0.2%          
Blackstone, Inc.   47,032    6,157,429 
Real Estate — 0.1%          
CBRE Group, Inc. Class A (b)   20,102    1,871,295 
Real Estate Investment Trusts (REITS) — 2.3%          
Alexandria Real Estate Equities, Inc.   10,367    1,314,225 
American Tower Corp.   30,885    6,667,454 
AvalonBay Communities, Inc.   9,492    1,777,092 
Boston Properties, Inc.   9,629    675,667 
Camden Property Trust   7,194    714,292 
Crown Castle, Inc.   28,789    3,316,205 
Digital Realty Trust, Inc.   20,092    2,703,981 
Equinix, Inc.   6,228    5,015,969 
Equity Residential   23,060    1,410,350 
Essex Property Trust, Inc.   4,294    1,064,654 
Extra Space Storage, Inc.   13,985    2,242,215 
Federal Realty Investment Trust   4,879    502,781 
Healthpeak Properties, Inc.   35,295    698,841 
Host Hotels & Resorts, Inc.   47,586    926,500 
Invitation Homes, Inc.   37,659    1,284,549 
Iron Mountain, Inc.   19,316    1,351,734 
Kimco Realty Corp.   44,103    939,835 
Mid-America Apartment Communities, Inc.   7,764    1,043,948 
Prologis, Inc.   61,180    8,155,294 
Public Storage   10,502    3,203,110 
Realty Income Corp.   47,679    2,737,728 
Regency Centers Corp.   11,057    740,819 
SBA Communications Corp.   7,165    1,817,689 
Simon Property Group, Inc.   21,635    3,086,016 
UDR, Inc.   20,539    786,438 
Ventas, Inc.   27,023    1,346,826 
VICI Properties, Inc.   68,022    2,168,541 
Welltower, Inc.   36,771    3,315,641 
Weyerhaeuser Co.   48,756    1,695,246 
         62,703,640 
         374,263,459 
Industrial — 7.7%          
Aerospace & Defense — 1.5%          
Boeing Co. (b)   37,716    9,831,053 

 

 

 

 

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

 

   Number of
Shares		   Value 
General Dynamics Corp.   15,066   $3,912,188 
Howmet Aerospace, Inc.   25,848    1,398,894 
L3 Harris Technologies, Inc.   12,540    2,641,175 
Lockheed Martin Corp.   14,683    6,654,923 
Northrop Grumman Corp.   9,411    4,405,665 
RTX Corp.   95,358    8,023,422 
TransDigm Group, Inc.   3,674    3,716,618 
         40,583,938 
Building Materials — 0.6%          
Builders FirstSource, Inc. (b)   8,229    1,373,749 
Carrier Global Corp.   55,610    3,194,794 
Johnson Controls International PLC   45,107    2,599,967 
Martin Marietta Materials, Inc.   4,126    2,058,503 
Masco Corp.   14,795    990,969 
Mohawk Industries, Inc. (b)   3,475    359,663 
Trane Technologies PLC   15,178    3,701,914 
Vulcan Materials Co.   8,871    2,013,806 
         16,293,365 
Electrical Components & Equipment — 0.5%          
AMETEK, Inc.   15,271    2,518,035 
Eaton Corp. PLC   26,444    6,368,244 
Emerson Electric Co.   37,699    3,669,244 
Generac Holdings, Inc. (b)   3,983    514,763 
         13,070,286 
Electronics — 1.0%          
Allegion PLC   5,684    720,106 
Amphenol Corp. Class A   39,756    3,941,012 
Fortive Corp.   23,519    1,731,704 
Garmin Ltd.   10,223    1,314,064 
Honeywell International, Inc.   43,704    9,165,166 
Hubbell, Inc.   3,574    1,175,596 
Jabil, Inc.   8,484    1,080,862 
Keysight Technologies, Inc. (b)   11,879    1,889,830 
Mettler-Toledo International, Inc. (b)   1,444    1,751,514 
TE Connectivity Ltd.   20,703    2,908,772 
Trimble, Inc. (b)   16,225    863,170 
         26,541,796 
Engineering & Construction — 0.0%          
Jacobs Solutions, Inc.   8,305    1,077,989 
Environmental Controls — 0.3%          
Pentair PLC   10,766    782,796 
Republic Services, Inc.   13,507    2,227,440 
Veralto Corp.   14,724    1,211,196 
Waste Management, Inc.   24,353    4,361,622 
         8,583,054 
Hand & Machine Tools — 0.1%          
Snap-on, Inc.   3,486    1,006,896 

 

 

 

 

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

 

   Number of
Shares		   Value 
Stanley Black & Decker, Inc.   10,351   $1,015,433 
         2,022,329 
Machinery – Construction & Mining — 0.4%          
Caterpillar, Inc.   33,797    9,992,759 
Machinery – Diversified — 0.8%          
Deere & Co.   17,771    7,106,090 
Dover Corp.   9,279    1,427,203 
IDEX Corp.   4,983    1,081,859 
Ingersoll Rand, Inc.   26,682    2,063,586 
Nordson Corp.   3,635    960,222 
Otis Worldwide Corp.   27,296    2,442,173 
Rockwell Automation, Inc.   7,560    2,347,229 
Westinghouse Air Brake Technologies Corp.   12,002    1,523,054 
Xylem, Inc.   15,857    1,813,406 
         20,764,822 
Miscellaneous - Manufacturing — 1.0%          
3M Co.   36,693    4,011,279 
A.O. Smith Corp.   8,093    667,187 
Axon Enterprise, Inc. (b)   4,616    1,192,451 
General Electric Co.   72,159    9,209,653 
Illinois Tool Works, Inc.   18,209    4,769,665 
Parker-Hannifin Corp.   8,498    3,915,029 
Teledyne Technologies, Inc. (b)   3,087    1,377,697 
Textron, Inc.   13,048    1,049,320 
         26,192,281 
Packaging & Containers — 0.2%          
Amcor PLC   96,404    929,335 
Ball Corp.   20,599    1,184,854 
Packaging Corp. of America   5,854    953,675 
Westrock Co.   17,226    715,224 
         3,783,088 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.   2,676    694,797 
Transportation — 1.3%          
C.H. Robinson Worldwide, Inc.   7,856    678,680 
CSX Corp.   131,210    4,549,051 
Expeditors International of Washington, Inc.   9,659    1,228,625 
FedEx Corp.   15,296    3,869,429 
JB Hunt Transport Services, Inc.   5,369    1,072,404 
Norfolk Southern Corp.   15,028    3,552,318 
Old Dominion Freight Line, Inc.   5,928    2,402,796 
Union Pacific Corp.   40,382    9,918,627 
United Parcel Service, Inc. Class B   47,852    7,523,770 
         34,795,700 
         204,396,204 

 

 

 

 

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

 

   Number of
Shares		   Value 
Technology — 27.8%          
Computers — 8.5%          
Accenture PLC Class A   41,602   $14,598,558 
Apple, Inc.   969,653    186,687,292 
Cognizant Technology Solutions Corp. Class A   33,483    2,528,971 
EPAM Systems, Inc. (b)   3,869    1,150,408 
Fortinet, Inc. (b)   42,250    2,472,892 
Hewlett Packard Enterprise Co.   85,419    1,450,415 
HP, Inc.   57,295    1,724,007 
International Business Machines Corp.   60,518    9,897,719 
Leidos Holdings, Inc.   9,280    1,004,467 
NetApp, Inc.   13,812    1,217,666 
Seagate Technology Holdings PLC   13,009    1,110,578 
Western Digital Corp. (b)   21,607    1,131,559 
         224,974,532 
Office & Business Equipment — 0.0%          
Zebra Technologies Corp. Class A (b)   3,475    949,822 
Semiconductors — 8.0%          
Advanced Micro Devices, Inc. (b)   107,105    15,788,348 
Analog Devices, Inc.   33,049    6,562,210 
Applied Materials, Inc.   55,548    9,002,664 
Broadcom, Inc.   29,116    32,500,735 
Intel Corp.   279,589    14,049,347 
KLA Corp.   9,036    5,252,627 
Lam Research Corp.   8,750    6,853,525 
Microchip Technology, Inc.   35,729    3,222,041 
Micron Technology, Inc.   72,744    6,207,973 
Monolithic Power Systems, Inc.   3,167    1,997,680 
NVIDIA Corp.   163,833    81,133,378 
NXP Semiconductors NV   17,087    3,924,542 
ON Semiconductor Corp. (b)   28,543    2,384,197 
Qorvo, Inc. (b)   6,314    711,020 
QUALCOMM, Inc.   73,766    10,668,777 
Skyworks Solutions, Inc.   10,508    1,181,309 
Teradyne, Inc.   10,094    1,095,401 
Texas Instruments, Inc.   60,146    10,252,487 
         212,788,261 
Software — 11.3%          
Adobe, Inc. (b)   30,189    18,010,757 
Akamai Technologies, Inc. (b)   9,939    1,176,281 
ANSYS, Inc. (b)   5,782    2,098,172 
Autodesk, Inc. (b)   14,141    3,443,051 
Broadridge Financial Solutions, Inc.   7,713    1,586,950 
Cadence Design Systems, Inc. (b)   18,090    4,927,173 
Ceridian HCM Holding, Inc. (b)   10,326    693,081 
Electronic Arts, Inc.   16,174    2,212,765 
Fair Isaac Corp. (b)   1,649    1,919,453 
Fidelity National Information Services, Inc.   39,557    2,376,189 
Fiserv, Inc. (b)   39,744    5,279,593 
Intuit, Inc.   18,602    11,626,808 
Jack Henry & Associates, Inc.   4,920    803,977 
Microsoft Corp.   492,936    185,363,653 
MSCI, Inc.   5,245    2,966,834 

 

 

 

 

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

 

   Number of
Shares		   Value 
Oracle Corp.   105,401   $11,112,427 
Paychex, Inc.   21,208    2,526,085 
Paycom Software, Inc.   3,199    661,297 
PTC, Inc. (b)   7,835    1,370,812 
Roper Technologies, Inc.   7,113    3,877,794 
Salesforce, Inc. (b)   64,491    16,970,162 
ServiceNow, Inc. (b)   13,595    9,604,732 
Synopsys, Inc. (b)   10,087    5,193,897 
Take-Two Interactive Software, Inc. (b)   10,469    1,684,986 
Tyler Technologies, Inc. (b)   2,829    1,182,861 
         298,669,790 
         737,382,405 
Utilities — 2.4%          
Electric — 2.2%          
AES Corp.   43,854    844,190 
Alliant Energy Corp.   16,949    869,484 
Ameren Corp.   17,440    1,261,610 
American Electric Power Co., Inc.   34,811    2,827,349 
CenterPoint Energy, Inc.   41,752    1,192,855 
CMS Energy Corp.   19,307    1,121,158 
Consolidated Edison, Inc.   22,919    2,084,941 
Constellation Energy Corp.   21,335    2,493,848 
Dominion Energy, Inc.   55,625    2,614,375 
DTE Energy Co.   13,721    1,512,878 
Duke Energy Corp.   51,028    4,951,757 
Edison International   25,456    1,819,849 
Entergy Corp.   14,026    1,419,291 
Evergy, Inc.   15,025    784,305 
Eversource Energy   23,147    1,428,633 
Exelon Corp.   66,017    2,370,010 
FirstEnergy Corp.   34,226    1,254,725 
NextEra Energy, Inc.   136,013    8,261,430 
NRG Energy, Inc.   14,981    774,518 
PG&E Corp.   141,905    2,558,547 
Pinnacle West Capital Corp.   7,501    538,872 
PPL Corp.   48,834    1,323,401 
Public Service Enterprise Group, Inc.   32,849    2,008,716 
Sempra   41,495    3,100,921 
Southern Co.   72,117    5,056,844 
WEC Energy Group, Inc.   20,985    1,766,307 
Xcel Energy, Inc.   36,549    2,262,749 
         58,503,563 
Gas — 0.1%          
Atmos Energy Corp.   9,919    1,149,612 
NiSource, Inc.   26,946    715,416 
         1,865,028 
Water — 0.1%          
American Water Works Co., Inc.   13,004    1,716,398 

 

 

 

 

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

 

   Number of
Shares		   Value 
        $62,084,989 
           
TOTAL COMMON STOCK
(Cost $1,375,379,127)		        2,655,450,556 
           
TOTAL EQUITIES
(Cost $1,375,379,127)		        2,655,450,556 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,375,379,127)		        2,655,450,556 
           
SHORT-TERM INVESTMENTS — 0.2%          
           
   Principal
Amount		    
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (c)  $5,402,390   5,402,390 
U.S. Treasury Bill — 0.0%          
U.S. Treasury Bills          
5.327% 4/11/24 (d) (e)   55,000    54,207 
5.335% 4/11/24 (d) (e)   55,000    54,207 
5.341% 4/11/24 (d) (e)   15,000    14,784 
5.344% 4/11/24 (d) (e)   10,000    9,856 
5.348% 4/11/24 (d) (e)   40,000    39,424 
5.352% 4/11/24 (d) (e)   70,000    68,991 
5.359% 4/11/24 (d) (e)   35,000    34,496 
5.376% 4/11/24 (d) (e)   50,000    49,280 
5.389% 4/11/24 (d) (e)   20,000    19,712 
5.397% 4/11/24 (d) (e)   10,000    9,856 
5.437% 4/11/24 (d) (e)   20,000    19,712 
5.517% 4/11/24 (d) (e)   25,000    24,640 
5.524% 4/11/24 (d) (e)   30,000    29,568 
5.524% 4/11/24 (d) (e)   25,000    24,640 
5.570% 4/11/24 (d) (e)   5,000    4,928 
         458,301 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,860,454)		        5,860,691 
           
TOTAL INVESTMENTS — 100.4%
(Cost $1,381,239,581) (f)		        2,661,311,247 
           
Other Assets/(Liabilities) — (0.4)%        (11,338,066) 
           
NET ASSETS — 100.0%       $2,649,973,181 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $814,498 or 0.03% of net assets. The Fund received $835,555 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Non-income producing security.
(c) Maturity value of $5,403,350. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $5,510,509.
(d) The rate shown represents yield-to-maturity.
(e) All or a portion of this security is pledged/held as collateral for open derivatives.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation
(Depreciation)		 
Long               
S&P 500 E Mini Index  3/15/24   38   $9,023,241  $134,759 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.6%          
           
COMMON STOCK — 98.1%          
Basic Materials — 4.3%          
Chemicals — 3.9%          
CF Industries Holdings, Inc.   68,500   $5,445,750 
Linde PLC (LIN US)   47,236    19,400,297 
         24,846,047 
Forest Products & Paper — 0.4%          
International Paper Co.   74,300    2,685,945 
         27,531,992 
Communications — 1.5%          
Media — 1.5%          
News Corp. Class A   226,843    5,568,996 
News Corp. Class B   58,800    1,512,336 
Walt Disney Co.   28,300    2,555,207 
         9,636,539 
         9,636,539 
Consumer, Cyclical — 10.1%          
Apparel — 3.2%          
NIKE, Inc. Class B   188,583    20,474,456 
Lodging — 0.5%          
Las Vegas Sands Corp.   62,000    3,051,020 
Retail — 6.4%          
McDonald's Corp.   57,945    17,181,272 
TJX Cos., Inc.   247,222    23,191,896 
         40,373,168 
         63,898,644 
Consumer, Non-cyclical — 29.8%          
Agriculture — 0.7%          
Philip Morris International, Inc.   50,100    4,713,408 
Beverages — 3.9%          
Coca-Cola Co.   120,391    7,094,641 
PepsiCo, Inc.   102,120    17,344,061 
         24,438,702 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Cosmetics & Personal Care — 6.0%          
Colgate-Palmolive Co.   236,553   $18,855,640 
Kenvue, Inc.   123,900    2,667,567 
Procter & Gamble Co.   112,552    16,493,370 
         38,016,577 
Food — 0.5%          
Conagra Brands, Inc.   113,100    3,241,446 
Health Care – Products — 8.6%          
Danaher Corp.   97,625    22,584,568 
Medtronic PLC   132,535    10,918,233 
Stryker Corp.   56,776    17,002,141 
Zimmer Biomet Holdings, Inc.   31,600    3,845,720 
         54,350,662 
Health Care – Services — 5.2%          
Elevance Health, Inc.   19,380    9,138,833 
UnitedHealth Group, Inc.   44,574    23,466,874 
         32,605,707 
Household Products & Wares — 0.5%          
Kimberly-Clark Corp.   28,100    3,414,431 
Pharmaceuticals — 4.4%          
AbbVie, Inc.   13,100    2,030,107 
Becton Dickinson & Co.   23,800    5,803,154 
Johnson & Johnson   95,126    14,910,049 
Sanofi SA ADR   60,800    3,023,584 
Viatris, Inc.   191,400    2,072,862 
         27,839,756 
         188,620,689 
Energy — 2.6%          
Oil & Gas — 2.6%          
ConocoPhillips   17,400    2,019,618 
EOG Resources, Inc.   30,700    3,713,165 
TotalEnergies SE   125,600    8,531,814 
TotalEnergies SE Sponsored ADR (a)   35,200    2,371,776 
         16,636,373 
         16,636,373 
Financial — 23.3%          
Banks — 3.5%          
Fifth Third Bancorp   200,700    6,922,143 
US Bancorp   139,400    6,033,232 
Wells Fargo & Co.   181,300    8,923,586 
         21,878,961 
Diversified Financial Services — 7.2%          
American Express Co.   104,148    19,511,086 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Charles Schwab Corp.   63,700   $4,382,560 
Visa, Inc. Class A   82,746    21,542,921 
         45,436,567 
Insurance — 8.5%          
American International Group, Inc.   92,300    6,253,325 
Chubb Ltd.   113,924    25,746,824 
Equitable Holdings, Inc.   120,700    4,019,310 
Marsh & McLennan Cos., Inc.   95,955    18,180,594 
         54,200,053 
Real Estate Investment Trusts (REITS) — 4.1%          
American Tower Corp.   80,011    17,272,775 
Equity Residential   68,200    4,171,112 
Weyerhaeuser Co.   125,500    4,363,635 
         25,807,522 
         147,323,103 
Industrial — 13.9%          
Aerospace & Defense — 6.5%          
Boeing Co. (b)   19,900    5,187,134 
L3 Harris Technologies, Inc.   29,600    6,234,352 
Lockheed Martin Corp.   16,737    7,585,877 
Northrop Grumman Corp.   47,985    22,463,698 
         41,471,061 
Electronics — 3.2%          
Honeywell International, Inc.   97,676    20,483,634 
Hand & Machine Tools — 0.8%          
Stanley Black & Decker, Inc.   48,700    4,777,470 
Miscellaneous - Manufacturing — 1.0%          
General Electric Co.   50,000    6,381,500 
Transportation — 2.4%          
Norfolk Southern Corp.   24,700    5,838,586 
Union Pacific Corp.   37,169    9,129,450 
         14,968,036 
         88,081,701 
Technology — 10.7%          
Computers — 2.8%          
Accenture PLC Class A   50,434    17,697,795 
Semiconductors — 4.0%          
QUALCOMM, Inc.   64,200    9,285,246 
Samsung Electronics Co. Ltd.   52,000    3,162,636 
Texas Instruments, Inc.   75,631    12,892,060 
         25,339,942 

 

 

 

 

MassMutual Equity Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Software — 3.9%          
Microsoft Corp.   66,321   $24,939,349 
         67,977,086 
Utilities — 1.9%          
Electric — 1.9%          
Dominion Energy, Inc.   91,800    4,314,600 
Southern Co.   108,700    7,622,044 
         11,936,644 
           
TOTAL COMMON STOCK
(Cost $498,755,481)		        621,642,771 
           
PREFERRED STOCK — 0.5%          
Consumer, Cyclical — 0.5%          
Auto Manufacturers — 0.5%          
Dr Ing hc F Porsche AG 1.262% (c)   21,800    1,922,458 
Volkswagen AG 7.837%   12,300    1,518,277 
         3,440,735 
           
TOTAL PREFERRED STOCK
(Cost $4,320,755)		        3,440,735 
           
TOTAL EQUITIES
(Cost $503,076,236)		        625,083,506 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $503,076,236)		        625,083,506 
           
           
SHORT-TERM INVESTMENTS — 2.8%          
Investment of Cash Collateral from Securities Loaned — 0.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (d)   368,156    368,156 
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   167    167 
           
   Principal
Amount		    
Repurchase Agreement — 2.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (e)  $17,249,920   17,249,920 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,618,243)		        17,618,243 
           
TOTAL INVESTMENTS — 101.4%
(Cost $520,694,479) (f)		        642,701,749 
           
Other Assets/(Liabilities) — (1.4)%        (8,899,466) 
           
NET ASSETS — 100.0%       $633,802,283 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $2,334,491 or 0.37% of net assets. The Fund received $2,026,336 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Non-income producing security.
(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $1,922,458 or 0.30% of net assets.
(d) Represents investment of security lending cash collateral. (Note 2).
(e) Maturity value of $17,252,987. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $17,595,072.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 101.5%          
           
COMMON STOCK — 101.5%          
Basic Materials — 0.7%          
Chemicals — 0.7%          
Celanese Corp.   1,210   $187,998 
Communications — 5.4%          
Internet — 4.8%          
CDW Corp.   4,538    1,031,578 
Palo Alto Networks, Inc. (a)   785    231,481 
         1,263,059 
Telecommunications — 0.6%          
Nice Ltd. Sponsored ADR (a) (b)   850    169,583 
         1,432,642 
Consumer, Cyclical — 12.2%          
Apparel — 0.5%          
Tapestry, Inc.   3,390    124,786 
Auto Parts & Equipment — 0.6%          
Aptiv PLC (a)   1,680    150,730 
Distribution & Wholesale — 2.0%          
Copart, Inc. (a)   6,280    307,720 
Watsco, Inc.   556    238,229 
         545,949 
Entertainment — 2.3%          
DraftKings, Inc. Class A (a)   13,238    466,639 
Live Nation Entertainment, Inc. (a)   1,450    135,720 
         602,359 
Lodging — 0.9%          
Hilton Worldwide Holdings, Inc.   1,340    244,001 
Retail — 5.9%          
Chipotle Mexican Grill, Inc. (a)   94    214,974 
Freshpet, Inc. (a)   4,093    355,109 
Lululemon Athletica, Inc. (a)   289    147,763 
Ross Stores, Inc.   6,152    851,375 
         1,569,221 
         3,237,046 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Consumer, Non-cyclical — 30.6%          
Beverages — 2.1%          
Celsius Holdings, Inc. (a) (b)   4,503   $245,504 
Constellation Brands, Inc. Class A   1,240    299,770 
         545,274 
Biotechnology — 1.8%          
Alnylam Pharmaceuticals, Inc. (a)   1,621    310,276 
Legend Biotech Corp. ADR (a)   2,960    178,103 
         488,379 
Commercial Services — 7.4%          
CoStar Group, Inc. (a)   6,792    593,553 
Gartner, Inc. (a)   1,594    719,069 
Global Payments, Inc.   1,970    250,190 
TransUnion   5,759    395,701 
         1,958,513 
Cosmetics & Personal Care — 0.8%          
elf Beauty, Inc. (a)   1,492    215,355 
Health Care – Products — 11.3%          
Align Technology, Inc. (a)   1,855    508,270 
Avantor, Inc. (a)   9,540    217,798 
Cooper Cos., Inc.   598    226,307 
Exact Sciences Corp. (a)   4,693    347,188 
GE HealthCare Technologies, Inc. (a)   2,780    214,950 
IDEXX Laboratories, Inc. (a)   551    305,833 
Inspire Medical Systems, Inc. (a) (b)   1,686    342,983 
Insulet Corp. (a)   1,135    246,272 
Masimo Corp. (a) (b)   1,100    128,931 
Repligen Corp. (a)   2,475    445,005 
         2,983,537 
Health Care – Services — 4.4%          
ICON PLC (a)   2,775    785,519 
Molina Healthcare, Inc. (a)   1,084    391,660 
         1,177,179 
Pharmaceuticals — 2.8%          
Ascendis Pharma AS ADR (a)   2,680    337,546 
Dexcom, Inc. (a)   3,300    409,497 
         747,043 
         8,115,280 
Energy — 3.7%          
Energy – Alternate Sources — 0.5%          
Enphase Energy, Inc. (a)   1,080    142,711 
Oil & Gas — 1.2%          
Devon Energy Corp.   3,670    166,251 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Diamondback Energy, Inc.   950   $147,326 
         313,577 
Oil & Gas Services — 0.5%          
Halliburton Co.   3,350    121,102 
Pipelines — 1.5%          
Cheniere Energy, Inc.   2,360    402,876 
         980,266 
Financial — 6.5%          
Diversified Financial Services — 3.0%          
Ameriprise Financial, Inc.   346    131,421 
Ares Management Corp. Class A   5,608    666,904 
         798,325 
Insurance — 1.6%          
American International Group, Inc.   3,670    248,642 
Arthur J Gallagher & Co.   760    170,909 
         419,551 
Real Estate Investment Trusts (REITS) — 1.9%          
SBA Communications Corp.   1,949    494,442 
         1,712,318 
Industrial — 16.1%          
Aerospace & Defense — 2.9%          
Hexcel Corp.   4,481    330,474 
TransDigm Group, Inc.   447    452,185 
         782,659 
Building Materials — 3.6%          
Builders FirstSource, Inc. (a)   4,216    703,819 
Vulcan Materials Co.   1,100    249,711 
         953,530 
Electrical Components & Equipment — 0.9%          
AMETEK, Inc.   1,430    235,793 
Environmental Controls — 2.4%          
Clean Harbors, Inc. (a)   2,523    440,289 
Waste Connections, Inc.   1,310    195,543 
         635,832 
Machinery – Construction & Mining — 2.1%          
BWX Technologies, Inc.   7,228    554,604 
Machinery – Diversified — 1.3%          
Rockwell Automation, Inc.   1,070    332,214 
Miscellaneous - Manufacturing — 2.0%          
Axon Enterprise, Inc. (a)   2,107    544,301 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Transportation — 0.9%          
JB Hunt Transport Services, Inc.   1,200   $239,688 
         4,278,621 
Technology — 26.3%          
Computers — 2.3%          
Genpact Ltd.   4,840    167,997 
Western Digital Corp. (a)   3,190    167,060 
Zscaler, Inc. (a)   1,230    272,519 
         607,576 
Office & Business Equipment — 0.5%          
Zebra Technologies Corp. Class A (a)   490    133,932 
Semiconductors — 4.0%          
KLA Corp.   576    334,829 
Marvell Technology, Inc.   3,200    192,992 
Microchip Technology, Inc.   1,730    156,011 
MKS Instruments, Inc.   1,360    139,903 
Silicon Laboratories, Inc. (a)   1,807    239,012 
         1,062,747 
Software — 19.5%          
Aspen Technology, Inc. (a)   1,937    426,431 
Ceridian HCM Holding, Inc. (a)   7,854    527,160 
Datadog, Inc. Class A (a)   1,760    213,629 
Fair Isaac Corp. (a)   262    304,971 
HubSpot, Inc. (a)   1,301    755,282 
MongoDB, Inc. (a)   1,305    533,549 
MSCI, Inc.   1,452    821,324 
Procore Technologies, Inc. (a)   3,010    208,352 
PTC, Inc. (a)   2,629    459,970 
Take-Two Interactive Software, Inc. (a)   1,642    264,280 
Veeva Systems, Inc. Class A (a)   1,820    350,386 
ZoomInfo Technologies, Inc. (a)   17,498    323,538 
         5,188,872 
         6,993,127 
           
TOTAL COMMON STOCK
(Cost $22,722,190)		        26,937,298 
           
TOTAL EQUITIES
(Cost $22,722,190)		        26,937,298 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $22,722,190)		        26,937,298 
           
           
SHORT-TERM INVESTMENTS — 0.7%          
           
   Principal
Amount		    
Repurchase Agreement — 0.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (c)  $190,424   190,424 

 

 

 

 

MassMutual Fundamental Growth Fund —  Portfolio of Investments (Continued)

 

   Principal
Amount		   Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $190,424)		       $190,424 
           
TOTAL INVESTMENTS — 102.2%
(Cost $22,912,614) (d)		        27,127,722 
           
Other Assets/(Liabilities) — (2.2)%        (586,396) 
           
NET ASSETS — 100.0%       $26,541,326 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $757,843 or 2.86% of net assets. The Fund received $773,970 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Maturity value of $190,458. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $194,267.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Blue Chip Growth Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.8%          
           
COMMON STOCK — 98.6%          
Basic Materials — 0.5%          
Chemicals — 0.5%          
Linde PLC   14,822   $6,087,543 
Sherwin-Williams Co.   19,741    6,157,218 
         12,244,761 
Communications — 27.9%          
Internet — 25.4%          
Alibaba Group Holding Ltd. Sponsored ADR   108,008    8,371,700 
Alphabet, Inc. Class A (a)   594,565    83,054,785 
Alphabet, Inc. Class C (a)   608,660    85,778,454 
Amazon.com, Inc. (a)   1,075,284    163,378,651 
Booking Holdings, Inc. (a)   3,494    12,393,987 
DoorDash, Inc., Class A (a)   35,304    3,491,213 
Meta Platforms, Inc. Class A (a)   408,943    144,749,464 
Netflix, Inc. (a)   132,354    64,440,515 
Sea Ltd. ADR (a)   57,698    2,336,769 
Shopify, Inc. Class A (a)   383,700    29,890,230 
         597,885,768 
Media — 1.9%          
FactSet Research Systems, Inc.   34,359    16,390,961 
Walt Disney Co.   316,488    28,575,701 
         44,966,662 
Telecommunications — 0.6%          
T-Mobile US, Inc.   82,966    13,301,939 
         656,154,369 
Consumer, Cyclical — 7.2%          
Apparel — 0.1%          
NIKE, Inc. Class B   35,040    3,804,293 
Auto Manufacturers — 3.7%          
Tesla, Inc. (a)   347,207    86,273,995 
Retail — 3.4%          
Carvana Co. (a) (b)   68,527    3,627,819 
Chipotle Mexican Grill, Inc. (a)   5,443    12,447,923 
Dollar General Corp.   61,673    8,384,444 
Lululemon Athletica, Inc. (a)   13,451    6,877,362 
Ross Stores, Inc.   61,251    8,476,526 

 

 

 

 

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

 

   Number of
Shares		   Value 
Starbucks Corp.   184,081   $17,673,617 
TJX Cos., Inc.   61,920    5,808,715 
Yum China Holdings, Inc. (YUMC US)   105,595    4,480,396 
Yum! Brands, Inc.   90,245    11,791,412 
         79,568,214 
         169,646,502 
Consumer, Non-cyclical — 15.8%          
Beverages — 1.3%          
Monster Beverage Corp. (a)   543,611    31,317,430 
Biotechnology — 2.7%          
Illumina, Inc. (a)   96,897    13,491,938 
Regeneron Pharmaceuticals, Inc. (a)   25,728    22,596,645 
Vertex Pharmaceuticals, Inc. (a)   69,178    28,147,837 
         64,236,420 
Commercial Services — 1.5%          
Adyen NV ADR (a) (b)   237,942    3,064,693 
Ant Group Balance Owed 2023 (Acquired 8/14/23, Cost $423,859) (a) (c) (d) (e)   1,214,643    1,189,378 
Block, Inc. (a)   165,775    12,822,696 
Cintas Corp.   4,131    2,489,589 
PayPal Holdings, Inc. (a)   150,367    9,234,038 
S&P Global, Inc.   16,166    7,121,446 
         35,921,840 
Cosmetics & Personal Care — 0.3%          
Colgate-Palmolive Co.   39,270    3,130,212 
Procter & Gamble Co.   20,479    3,000,992 
         6,131,204 
Food — 0.2%          
Mondelez International, Inc. Class A   50,150    3,632,365 
Health Care – Products — 3.4%          
Align Technology, Inc. (a)   3,154    864,196 
Danaher Corp.   35,624    8,241,256 
Intuitive Surgical, Inc. (a)   97,440    32,872,358 
Stryker Corp.   25,059    7,504,168 
Teleflex, Inc.   7,349    1,832,400 
Thermo Fisher Scientific, Inc.   56,187    29,823,498 
         81,137,876 
Health Care – Services — 2.4%          
Elevance Health, Inc.   11,767    5,548,847 
Humana, Inc.   17,278    7,910,041 
UnitedHealth Group, Inc.   80,358    42,306,076 
         55,764,964 
Pharmaceuticals — 4.0%          
AstraZeneca PLC Sponsored ADR   46,386    3,124,097 
Eli Lilly & Co.   66,414    38,714,049 

 

 

 

 

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

 

   Number of
Shares		   Value 
Novartis AG Sponsored ADR   130,411   $13,167,599 
Novo Nordisk AS Sponsored ADR   196,039    20,280,234 
Roche Holding AG Sponsored ADR (b)   296,660    10,747,992 
Sandoz Group AG ADR (a) (b)   26,082    834,885 
Zoetis, Inc.   38,988    7,695,061 
         94,563,917 
         372,706,016 
Energy — 0.2%          
Oil & Gas Services — 0.2%          
Schlumberger NV   80,877    4,208,839 
Financial — 7.7%          
Banks — 0.4%          
Goldman Sachs Group, Inc.   9,223    3,557,957 
Morgan Stanley   66,261    6,178,838 
         9,736,795 
Diversified Financial Services — 6.4%          
Charles Schwab Corp.   72,844    5,011,667 
Mastercard, Inc. Class A   80,027    34,132,316 
SEI Investments Co.   195,723    12,438,197 
Visa, Inc. Class A (b)   381,413    99,300,874 
         150,883,054 
Insurance — 0.9%          
Chubb Ltd.   59,426    13,430,276 
Marsh & McLennan Cos., Inc.   41,901    7,938,983 
         21,369,259 
         181,989,108 
Industrial — 4.3%          
Aerospace & Defense — 2.7%          
Boeing Co. (a)   225,947    58,895,345 
TransDigm Group, Inc.   3,391    3,430,336 
         62,325,681 
Electronics — 0.1%          
TE Connectivity Ltd.   16,370    2,299,985 
Environmental Controls — 0.0%          
Veralto Corp.   12,429    1,022,409 
Machinery – Diversified — 0.3%          
Deere & Co.   16,081    6,430,309 
Miscellaneous - Manufacturing — 0.3%          
General Electric Co.   53,741    6,858,964 
Transportation — 0.9%          
Expeditors International of Washington, Inc.   130,402    16,587,134 

 

 

 

 

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

 

   Number of
Shares		   Value 
Old Dominion Freight Line, Inc.   12,308   $4,988,802 
         21,575,936 
         100,513,284 
Technology — 34.7%          
Computers — 5.8%          
Apple, Inc.   687,480    132,360,525 
Crowdstrike Holdings, Inc. Class A (a)   11,448    2,922,903 
Fortinet, Inc. (a)   16,745    980,085 
         136,263,513 
Semiconductors — 9.3%          
Advanced Micro Devices, Inc. (a)   61,404    9,051,564 
ASML Holding NV (b)   19,861    15,033,188 
Lam Research Corp.   2,664    2,086,605 
Monolithic Power Systems, Inc.   12,551    7,916,920 
NVIDIA Corp.   320,879    158,905,698 
QUALCOMM, Inc.   126,232    18,256,934 
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   43,281    4,501,224 
Texas Instruments, Inc.   17,524    2,987,141 
         218,739,274 
Software — 19.6%          
Atlassian Corp. Class A (a)   20,487    4,873,038 
Autodesk, Inc. (a)   131,510    32,020,055 
Bill Holdings, Inc. (a)   34,671    2,828,807 
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)   66,175    1,548,495 
Datadog, Inc. Class A (a)   22,090    2,681,284 
Fiserv, Inc. (a)   21,365    2,838,127 
Gusto, Inc. (Acquired 10/04/21, Cost $765,943) (a) (c) (d) (e)   26,606    409,200 
Intuit, Inc.   24,824    15,515,745 
Microsoft Corp.   628,969    236,517,503 
MongoDB, Inc. (a)   18,631    7,617,284 
MSCI, Inc.   2,525    1,428,266 
Oracle Corp.   395,389    41,685,862 
Roper Technologies, Inc.   17,743    9,672,951 
Salesforce, Inc. (a)   132,032    34,742,901 
ServiceNow, Inc. (a)   45,266    31,979,976 
Snowflake, Inc. Class A (a)   14,931    2,971,269 
Synopsys, Inc. (a)   30,756    15,836,572 
Veeva Systems, Inc. Class A (a)   14,663    2,822,921 
Workday, Inc. Class A (a)   45,821    12,649,345 
         462,080,660 
         817,083,447 
Utilities — 0.3%          
Electric — 0.3%          
Constellation Energy Corp.   56,938    6,655,482 
           
TOTAL COMMON STOCK
(Cost $1,404,377,765)		        2,321,201,808 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
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 
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 $4,296,922)		        3,882,992 
           
TOTAL EQUITIES
(Cost $1,408,674,687)		        2,325,084,800 
           
           
   Principal
Amount		    
BONDS & NOTES — 0.1%          
CORPORATE DEBT — 0.1%          
Retail — 0.1%          
Carvana Co.          
12.000% 12/01/28 (f)  $770,000    653,495 
13.000% 6/01/30 (f)   1,155,000    971,453 
14.000% 6/01/31 (f)   1,367,000    1,167,645 
         2,792,593 
           
TOTAL CORPORATE DEBT
(Cost $3,645,200)		        2,792,593 
           
TOTAL BONDS & NOTES
(Cost $3,645,200)		        2,792,593 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,412,319,887)		        2,327,877,393 
           
           
SHORT-TERM INVESTMENTS — 0.9%          
           
   Number of
Shares		    
Investment of Cash Collateral from Securities Loaned — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   881,934    881,934 
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   107    107 
           
   Principal
Amount		    
Repurchase Agreement — 0.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (h)  $20,405,990   20,405,990 

 

 

 

 

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

 

   Principal
Amount		   Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,288,031)		       $21,288,031 
           
TOTAL INVESTMENTS — 99.8%
(Cost $1,433,607,918) (i)		        2,349,165,424 
           
Other Assets/(Liabilities) — 0.2%        4,815,204 
           
NET ASSETS — 100.0%       $2,353,980,628 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $9,966,642 or 0.42% of net assets. The Fund received $9,303,586 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $6,922,629 or 0.29% of net assets.
(d) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $6,922,629 or 0.29% 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) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $2,792,593 or 0.12% of net assets.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $20,409,618. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $20,814,217.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Growth Opportunities Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 102.0%          
           
COMMON STOCK — 102.0%          
Basic Materials — 1.3%          
Chemicals — 1.3%          
Linde PLC   4,457   $1,830,534 
Communications — 23.8%          
Internet — 23.8%          
Airbnb, Inc. Class A (a)   7,731    1,052,498 
Alphabet, Inc. Class A (a)   22,673    3,167,191 
Amazon.com, Inc. (a)   74,943    11,386,839 
DoorDash, Inc., Class A (a)   16,454    1,627,136 
Match Group, Inc. (a)   27,775    1,013,788 
Meta Platforms, Inc. Class A (a)   10,146    3,591,278 
Netflix, Inc. (a)   4,203    2,046,357 
Okta, Inc. (a)   17,792    1,610,710 
Sea Ltd. ADR (a)   20,417    826,889 
Shopify, Inc. Class A (a)   32,472    2,529,569 
Uber Technologies, Inc. (a)   81,858    5,039,997 
         33,892,252 
Consumer, Cyclical — 3.4%          
Apparel — 1.2%          
NIKE, Inc. Class B   15,877    1,723,766 
Distribution & Wholesale — 1.2%          
Copart, Inc. (a)   34,057    1,668,793 
Retail — 1.0%          
Floor & Decor Holdings, Inc. Class A (a)   12,373    1,380,332 
         4,772,891 
Consumer, Non-cyclical — 19.1%          
Biotechnology — 1.9%          
Corteva, Inc.   34,582    1,657,170 
Ultragenyx Pharmaceutical, Inc. (a)   23,249    1,111,767 
         2,768,937 
Commercial Services — 5.1%          
Block, Inc. (a)   40,746    3,151,703 
CoStar Group, Inc. (a)   18,265    1,596,178 
S&P Global, Inc.   5,667    2,496,427 
         7,244,308 

 

 

 

 

MassMutual Growth Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Health Care – Products — 6.8%          
10X Genomics, Inc. Class A (a)   20,501   $1,147,236 
Align Technology, Inc. (a)   3,202    877,348 
Danaher Corp.   7,361    1,702,893 
Edwards Lifesciences Corp. (a)   50,371    3,840,789 
Intuitive Surgical, Inc. (a)   6,278    2,117,946 
         9,686,212 
Health Care – Services — 1.1%          
IQVIA Holdings, Inc. (a)   6,449    1,492,170 
Pharmaceuticals — 4.2%          
Dexcom, Inc. (a)   39,355    4,883,562 
Eli Lilly & Co.   1,846    1,076,070 
         5,959,632 
         27,151,259 
Financial — 12.1%          
Banks — 1.3%          
NU Holdings Ltd. Class A (a)   213,841    1,781,295 
Diversified Financial Services — 9.5%          
CME Group, Inc.   15,775    3,322,215 
Mastercard, Inc. Class A   8,799    3,752,862 
Visa, Inc. Class A   24,883    6,478,289 
         13,553,366 
Private Equity — 1.3%          
KKR & Co., Inc.   22,254    1,843,744 
         17,178,405 
Industrial — 6.1%          
Aerospace & Defense — 2.2%          
Boeing Co. (a)   12,135    3,163,109 
Environmental Controls — 1.9%          
Waste Management, Inc.   15,065    2,698,141 
Transportation — 2.0%          
Canadian Pacific Kansas City Ltd. (b)   36,561    2,890,513 
         8,751,763 
Technology — 36.2%          
Semiconductors — 10.1%          
Advanced Micro Devices, Inc. (a)   16,515    2,434,476 
Entegris, Inc.   17,497    2,096,490 
Lam Research Corp.   2,995    2,345,864 
NVIDIA Corp.   15,177    7,515,954 
         14,392,784 
Software — 26.1%          
Atlassian Corp. Class A (a)   11,284    2,684,012 

 

 

 

 

MassMutual Growth Opportunities Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Cloudflare, Inc. Class A (a)   17,819   $1,483,610 
Datadog, Inc. Class A (a)   33,500    4,066,230 
Microsoft Corp.   39,959    15,026,183 
ServiceNow, Inc. (a)   11,533    8,147,949 
Snowflake, Inc. Class A (a)   17,392    3,461,008 
Veeva Systems, Inc. Class A (a)   11,534    2,220,526 
         37,089,518 
         51,482,302 
           
TOTAL COMMON STOCK
(Cost $113,868,136)		        145,059,406 
           
TOTAL EQUITIES
(Cost $113,868,136)		        145,059,406 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $113,868,136)		        145,059,406 
           
           
SHORT-TERM INVESTMENTS — 2.8%          
Investment of Cash Collateral from Securities Loaned — 2.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   2,922,746    2,922,746 
           
   Principal
Amount		    
Repurchase Agreement — 0.8%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $1,123,127   1,123,127 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,045,873)		        4,045,873 
           
TOTAL INVESTMENTS — 104.8%
(Cost $117,914,009) (e)		        149,105,279 
           
Other Assets/(Liabilities) — (4.8)%        (6,857,644) 
           
NET ASSETS — 100.0%       $142,247,635 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $2,861,577 or 2.01% of net assets. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $1,123,326. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,145,728.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Mid Cap Value Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.0%          
           
COMMON STOCK — 96.7%          
Basic Materials — 4.0%          
Chemicals — 3.0%          
Akzo Nobel NV   4,894   $404,369 
CF Industries Holdings, Inc.   5,453    433,514 
Huntsman Corp.   8,245    207,197 
LyondellBasell Industries NV Class A   5,174    491,944 
Mosaic Co.   11,000    393,030 
Olin Corp.   16,146    871,077 
         2,801,131 
Iron & Steel — 1.0%          
Cleveland-Cliffs, Inc. (a)   2,297    46,905 
Nucor Corp.   3,464    602,874 
Steel Dynamics, Inc.   2,782    328,554 
         978,333 
         3,779,464 
Communications — 8.9%          
Advertising — 0.6%          
Interpublic Group of Cos., Inc.   11,543    376,764 
Omnicom Group, Inc.   2,522    218,178 
         594,942 
Internet — 3.0%          
Coupang, Inc. (a)   6,226    100,799 
DoorDash, Inc., Class A (a)   2,733    270,266 
eBay, Inc.   11,636    507,562 
Etsy, Inc. (a)   2,269    183,903 
Expedia Group, Inc. (a)   1,609    244,230 
F5, Inc. (a)   2,303    412,191 
IAC, Inc. (a)   10,600    555,228 
TripAdvisor, Inc. (a)   4,522    97,359 
VeriSign, Inc. (a)   2,179    448,787 
         2,820,325 
Media — 4.6%          
Altice USA, Inc. Class A (a)   50,383    163,745 
DISH Network Corp. Class A (a)   30,900    178,293 
Fox Corp. Class A   13,800    409,446 
Fox Corp. Class B   12,800    353,920 
Liberty Broadband Corp. Class C (a)   9,200    741,428 
Liberty Global Ltd. Class A (a)   44,000    781,880 
Liberty Media Corp-Liberty SiriusXM Class C (a)   24,402    702,289 

 

 

 

 

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

 

   Number of
Shares		   Value 
News Corp. Class A   24,700   $606,385 
Warner Bros Discovery, Inc. (a)   29,227    332,603 
         4,269,989 
Telecommunications — 0.7%          
BCE, Inc. (b)   6,846    269,541 
Corning, Inc.   3,631    110,564 
Juniper Networks, Inc.   8,879    261,753 
         641,858 
         8,327,114 
Consumer, Cyclical — 8.6%          
Airlines — 0.9%          
Delta Air Lines, Inc.   6,077    244,477 
Southwest Airlines Co.   16,109    465,228 
United Airlines Holdings, Inc. (a)   4,249    175,314 
         885,019 
Apparel — 0.2%          
Crocs, Inc. (a)   644    60,156 
Deckers Outdoor Corp. (a)   151    100,933 
Skechers USA, Inc. Class A (a)   594    37,030 
         198,119 
Auto Manufacturers — 1.1%          
Cummins, Inc.   3,067    734,761 
PACCAR, Inc.   3,136    306,230 
         1,040,991 
Auto Parts & Equipment — 1.0%          
Allison Transmission Holdings, Inc.   1,655    96,238 
Aptiv PLC (a)   2,798    251,037 
BorgWarner, Inc.   9,454    338,926 
Cie Generale des Etablissements Michelin SCA Class A   5,703    204,926 
Phinia, Inc.   1,163    35,227 
         926,354 
Distribution & Wholesale — 1.2%          
Bunzl PLC   9,752    395,844 
LKQ Corp.   12,000    573,480 
W.W. Grainger, Inc.   131    108,558 
         1,077,882 
Home Builders — 0.6%          
DR Horton, Inc.   1,783    270,980 
Lennar Corp. Class A   1,885    280,941 
         551,921 
Leisure Time — 0.0%          
YETI Holdings, Inc. (a)   600    31,068 

 

 

 

 

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

 

   Number of
Shares		   Value 
Lodging — 0.9%          
Hilton Worldwide Holdings, Inc.   2,992   $544,813 
MGM Resorts International   6,691    298,954 
         843,767 
Retail — 2.7%          
Advance Auto Parts, Inc.   3,900    238,017 
Beacon Roofing Supply, Inc. (a)   3,839    334,070 
Best Buy Co., Inc.   664    51,978 
Dollar General Corp.   1,800    244,710 
Dollar Tree, Inc. (a)   7,114    1,010,544 
MSC Industrial Direct Co., Inc. Class A   2,740    277,452 
Ross Stores, Inc.   1,585    219,348 
Ulta Beauty, Inc. (a)   217    106,328 
         2,482,447 
         8,037,568 
Consumer, Non-cyclical — 18.7%          
Beverages — 0.1%          
Heineken NV   1,304    132,676 
Biotechnology — 1.3%          
Bio-Rad Laboratories, Inc. Class A (a)   2,595    837,899 
Incyte Corp. (a)   1,449    90,983 
Royalty Pharma PLC Class A   10,095    283,569 
         1,212,451 
Commercial Services — 2.0%          
Clarivate PLC (a) (b)   62,900    582,454 
Euronet Worldwide, Inc. (a)   890    90,326 
FleetCor Technologies, Inc. (a)   2,100    593,481 
Global Payments, Inc.   3,900    495,300 
Grand Canyon Education, Inc. (a)   82    10,827 
Shift4 Payments, Inc. Class A (a)   1,265    94,040 
         1,866,428 
Cosmetics & Personal Care — 0.2%          
Kenvue, Inc.   7,282    156,781 
Food — 4.0%          
Conagra Brands, Inc.   26,615    762,786 
General Mills, Inc.   5,155    335,797 
Kellanova   1,026    57,364 
Koninklijke Ahold Delhaize NV   20,444    586,998 
Kroger Co.   4,998    228,458 
Performance Food Group Co. (a)   516    35,681 
Post Holdings, Inc. (a)   6,500    572,390 
Seaboard Corp.   9    32,131 
Tyson Foods, Inc. Class A   10,800    580,500 
U.S. Foods Holding Corp. (a)   11,141    505,913 
         3,698,018 

 

 

 

 

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

 

   Number of
Shares		   Value 
Health Care – Products — 2.9%          
Agilent Technologies, Inc.   263   $36,565 
Align Technology, Inc. (a)   501    137,274 
Baxter International, Inc.   1,991    76,972 
Envista Holdings Corp. (a)   9,272    223,084 
Hologic, Inc. (a)   10,227    730,719 
Koninklijke Philips NV (a) (b)   21,437    500,125 
West Pharmaceutical Services, Inc.   98    34,508 
Zimmer Biomet Holdings, Inc.   8,285    1,008,285 
         2,747,532 
Health Care – Services — 3.4%          
Catalent, Inc. (a)   5,900    265,087 
Centene Corp. (a)   10,821    803,027 
Laboratory Corp. of America Holdings   4,247    965,301 
Quest Diagnostics, Inc.   4,522    623,493 
Universal Health Services, Inc. Class B   3,712    565,857 
         3,222,765 
Household Products & Wares — 0.6%          
Kimberly-Clark Corp.   4,769    579,481 
Pharmaceuticals — 4.2%          
Becton Dickinson & Co.   747    182,141 
Cardinal Health, Inc.   3,739    376,891 
Cencora, Inc.   2,491    511,602 
DENTSPLY SIRONA, Inc.   5,952    211,832 
Elanco Animal Health, Inc. (a)   20,472    305,033 
Henry Schein, Inc. (a)   9,685    733,251 
Jazz Pharmaceuticals PLC (a)   3,735    459,405 
Neurocrine Biosciences, Inc. (a)   918    120,956 
Organon & Co.   21,800    314,356 
Perrigo Co. PLC   20,600    662,908 
Premier, Inc. Class A   3,948    88,277 
         3,966,652 
         17,582,784 
Energy — 6.1%          
Energy – Alternate Sources — 0.2%          
Enphase Energy, Inc. (a)   898    118,662 
Oil & Gas — 3.1%          
Chesapeake Energy Corp. (b)   5,300    407,782 
Diamondback Energy, Inc.   3,801    589,459 
EQT Corp.   12,564    485,724 
HF Sinclair Corp.   6,522    362,428 
Marathon Oil Corp.   18,424    445,124 
Noble Corp. PLC   3,500    168,560 
Occidental Petroleum Corp.   5,628    336,048 
Southwestern Energy Co. (a)   19,653    128,727 
         2,923,852 
Oil & Gas Services — 0.8%          
Baker Hughes Co.   21,637    739,552 

 

 

 

 

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

 

   Number of
Shares		   Value 
Pipelines — 2.0%          
Cheniere Energy, Inc.   311   $53,091 
Enterprise Products Partners LP (c)   23,200    611,320 
Kinder Morgan, Inc.   38,800    684,432 
Williams Cos., Inc.   15,800    550,314 
         1,899,157 
         5,681,223 
Financial — 19.9%          
Banks — 4.1%          
Bank of New York Mellon Corp.   13,474    701,322 
Commerce Bancshares, Inc.   3,598    192,169 
East West Bancorp, Inc.   4,637    333,632 
First Citizens BancShares, Inc. Class A   194    275,280 
First Hawaiian, Inc.   7,956    181,874 
First Horizon Corp.   13,928    197,221 
Northern Trust Corp.   8,343    703,982 
Prosperity Bancshares, Inc.   2,065    139,863 
Synovus Financial Corp.   7,557    284,521 
Truist Financial Corp.   10,795    398,551 
US Bancorp   3,290    142,391 
Westamerica BanCorp   2,746    154,902 
Zions Bancorp NA   2,968    130,206 
         3,835,914 
Diversified Financial Services — 2.4%          
Ally Financial, Inc.   15,080    526,593 
Apollo Global Management, Inc.   1,168    108,846 
Blue Owl Capital, Inc.   1,978    29,472 
Coinbase Global, Inc. Class A (a)   658    114,439 
Discover Financial Services   1,114    125,214 
LPL Financial Holdings, Inc.   464    105,616 
Stifel Financial Corp.   4,287    296,446 
Synchrony Financial   2,210    84,400 
T. Rowe Price Group, Inc.   4,046    435,714 
Tradeweb Markets, Inc. Class A   761    69,160 
XP, Inc. Class A   11,374    296,520 
         2,192,420 
Insurance — 7.2%          
Aflac, Inc.   2,227    183,727 
Allstate Corp.   13,270    1,857,535 
Arch Capital Group Ltd. (a)   5,300    393,631 
Axis Capital Holdings Ltd.   409    22,646 
Fidelity National Financial, Inc.   12,100    617,342 
Hanover Insurance Group, Inc.   1,953    237,133 
Hartford Financial Services Group, Inc.   7,102    570,859 
Markel Group, Inc. (a)   500    709,950 
Old Republic International Corp.   8,700    255,780 
Reinsurance Group of America, Inc.   5,534    895,291 
Willis Towers Watson PLC   4,288    1,034,266 
         6,778,160 

 

 

 

 

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

 

   Number of
Shares		   Value 
Real Estate Investment Trusts (REITS) — 6.2%          
AvalonBay Communities, Inc.   2,771   $518,787 
Camden Property Trust   622    61,758 
EPR Properties   278    13,469 
Equity Residential   903    55,228 
Essex Property Trust, Inc.   1,612    399,679 
Gaming & Leisure Properties, Inc.   9,100    449,085 
Healthpeak Properties, Inc.   34,918    691,376 
Host Hotels & Resorts, Inc.   8,393    163,412 
JBG SMITH Properties   18,143    308,612 
Mid-America Apartment Communities, Inc.   3,375    453,803 
Public Storage   1,271    387,655 
Realty Income Corp.   9,050    519,651 
Regency Centers Corp.   6,115    409,705 
Simon Property Group, Inc.   3,946    562,857 
UDR, Inc.   2,187    83,740 
VICI Properties, Inc.   6,700    213,596 
Weyerhaeuser Co.   12,258    426,211 
WP Carey, Inc.   1,846    119,639 
         5,838,263 
         18,644,757 
Industrial — 13.7%          
Aerospace & Defense — 0.7%          
Curtiss-Wright Corp.   145    32,305 
General Dynamics Corp.   637    165,410 
Howmet Aerospace, Inc.   9,354    506,238 
         703,953 
Building Materials — 1.9%          
AZEK Co., Inc. (a)   2,241    85,718 
Builders FirstSource, Inc. (a)   1,700    283,798 
Cie de Saint-Gobain SA   4,033    298,225 
Johnson Controls International PLC   3,907    225,200 
Louisiana-Pacific Corp.   4,300    304,569 
Trane Technologies PLC   2,362    576,092 
         1,773,602 
Electrical Components & Equipment — 0.6%          
Emerson Electric Co.   5,546    539,792 
Electronics — 2.6%          
Amphenol Corp. Class A   5,677    562,761 
Flex Ltd. (a)   8,800    268,048 
Garmin Ltd.   1,467    188,568 
Hubbell, Inc.   209    68,746 
Keysight Technologies, Inc. (a)   3,119    496,202 
TE Connectivity Ltd.   2,573    361,507 
Vontier Corp.   15,702    542,504 
         2,488,336 
Engineering & Construction — 0.4%          
EMCOR Group, Inc.   145    31,237 

 

 

 

 

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

 

   Number of
Shares		   Value 
Vinci SA   2,964   $372,258 
         403,495 
Environmental Controls — 0.8%          
Republic Services, Inc.   4,413    727,748 
Machinery – Construction & Mining — 0.4%          
Oshkosh Corp.   3,085    334,445 
Machinery – Diversified — 0.5%          
CNH Industrial NV   25,200    306,936 
Crane Co.   244    28,826 
Gates Industrial Corp. PLC (a)   2,305    30,933 
IMI PLC   5,970    127,795 
         494,490 
Miscellaneous - Manufacturing — 1.5%          
Carlisle Cos., Inc.   214    66,860 
Donaldson Co., Inc.   3,454    225,719 
ITT, Inc.   1,279    152,610 
Parker-Hannifin Corp.   1,438    662,487 
Textron, Inc.   3,610    290,316 
         1,397,992 
Packaging & Containers — 1.6%          
Amcor PLC   44,821    432,075 
Graphic Packaging Holding Co.   19,900    490,535 
Packaging Corp. of America   2,176    354,492 
Sonoco Products Co.   3,807    212,697 
         1,489,799 
Shipbuilding — 1.4%          
Huntington Ingalls Industries, Inc.   4,932    1,280,544 
Transportation — 1.3%          
FedEx Corp.   1,200    303,564 
Heartland Express, Inc.   13,434    191,569 
Kirby Corp. (a)   318    24,957 
Norfolk Southern Corp.   2,511    593,550 
Ryder System, Inc.   634    72,948 
         1,186,588 
         12,820,784 
Technology — 4.8%          
Computers — 1.4%          
Amdocs Ltd.   4,643    408,073 
Crowdstrike Holdings, Inc. Class A (a)   543    138,639 
Genpact Ltd.   648    22,492 
Hewlett Packard Enterprise Co.   19,300    327,714 
HP, Inc.   10,426    313,719 
Pure Storage, Inc. Class A (a)   2,564    91,432 
         1,302,069 

 

 

 

 

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

 

   Number of
Shares		   Value 
Semiconductors — 0.7%          
Cirrus Logic, Inc. (a)   2,528   $210,304 
IPG Photonics Corp. (a)   178    19,320 
Qorvo, Inc. (a)   2,010    226,346 
Skyworks Solutions, Inc.   626    70,375 
Teradyne, Inc.   1,428    154,967 
         681,312 
Software — 2.7%          
Datadog, Inc. Class A (a)   437    53,043 
DocuSign, Inc. (a)   2,512    149,338 
Doximity, Inc. Class A (a)   2,487    69,736 
Dropbox, Inc. Class A (a)   1,382    40,741 
Dynatrace, Inc. (a)   2,134    116,709 
Elastic NV (a)   1,273    143,467 
Electronic Arts, Inc.   5,037    689,112 
Fidelity National Information Services, Inc.   5,800    348,406 
HubSpot, Inc. (a)   219    127,138 
MSCI, Inc.   893    505,126 
Paycom Software, Inc.   93    19,225 
Smartsheet, Inc. Class A (a)   2,644    126,436 
Veeva Systems, Inc. Class A (a)   489    94,142 
         2,482,619 
         4,466,000 
Utilities — 12.0%          
Electric — 9.9%          
CenterPoint Energy, Inc.   16,700    477,119 
CMS Energy Corp.   4,909    285,066 
Dominion Energy, Inc.   21,000    987,000 
Duke Energy Corp.   4,761    462,007 
Edison International   14,098    1,007,866 
Entergy Corp.   4,952    501,093 
Evergy, Inc.   22,656    1,182,643 
Eversource Energy   12,920    797,422 
Exelon Corp.   17,100    613,890 
Northwestern Energy Group, Inc.   10,123    515,160 
OGE Energy Corp.   23,219    811,040 
PG&E Corp.   31,178    562,139 
Pinnacle West Capital Corp.   3,568    256,325 
Vistra Corp.   13,626    524,874 
WEC Energy Group, Inc.   3,237    272,458 
         9,256,102 
Gas — 2.1%          
Atmos Energy Corp.   663    76,842 
National Fuel Gas Co.   8,700    436,479 
NiSource, Inc.   31,000    823,050 
ONE Gas, Inc.   2,618    166,819 

 

 

 

 

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

 

   Number of
Shares		   Value 
Spire, Inc.   8,390   $523,032 
         2,026,222 
         11,282,324 
           
TOTAL COMMON STOCK
(Cost $85,785,937)		        90,622,018 
           
PREFERRED STOCK — 0.3%          
Consumer, Non-cyclical — 0.3%          
Household Products & Wares — 0.3%          
Henkel AG & Co. KGaA 2.542%   3,199    257,302 
           
TOTAL PREFERRED STOCK
(Cost $217,046)		        257,302 
           
TOTAL EQUITIES
(Cost $86,002,983)		        90,879,320 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $86,002,983)		        90,879,320 
           
           
SHORT-TERM INVESTMENTS — 3.0%          
           
   Principal
Amount		    
Repurchase Agreement — 3.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $2,833,902   2,833,902 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,833,902)		        2,833,902 
           
TOTAL INVESTMENTS — 100.0%
(Cost $88,836,885) (e)		        93,713,222 
           
Other Assets/(Liabilities) — 0.0%        37,018 
           
NET ASSETS — 100.0%       $93,750,240 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,496,406 or 1.60% of net assets. The Fund received $1,539,238 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Security is a Master Limited Partnership.
(d) Maturity value of $2,834,406. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 4.875%, maturity date of 11/30/25 , and an aggregate market value, including accrued interest, of $2,890,696.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  3/28/24  USD  673,485   EUR  613,683   $(6,300) 
Goldman Sachs & Co.  3/28/24  USD  225,514   CAD  301,598    (2,363) 
Goldman Sachs & Co.  3/28/24  USD  451,664   GBP  356,317    (2,701) 
JP Morgan Chase Bank N.A.  3/28/24  USD  624,723   EUR  569,240    (5,831) 
Morgan Stanley & Co. LLC  3/28/24  USD  624,723   EUR  569,240    (5,831)
                    $(23,026)

 

Currency Legend

CAD Canadian Dollar
EUR Euro
GBP British Pound
USD U.S. Dollar

 

 

 

MassMutual Small Cap Value Equity Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.2%          
           
COMMON STOCK — 97.2%          
Basic Materials — 8.4%          
Chemicals — 4.8%          
Axalta Coating Systems Ltd. (a)   12,838   $436,107 
Cabot Corp.   9,072    757,512 
Element Solutions, Inc.   23,801    550,755 
HB Fuller Co.   4,467    363,658 
Mativ Holdings, Inc.   28,542    436,978 
         2,545,010 
Iron & Steel — 1.4%          
ATI, Inc. (a)   16,032    728,975 
Mining — 2.2%          
Ferroglobe PLC (a)   78,900    513,639 
Kaiser Aluminum Corp.   9,704    690,828 
         1,204,467 
         4,478,452 
Communications — 4.5%          
Internet — 2.2%          
ePlus, Inc. (a)   5,445    434,729 
Perficient, Inc. (a)   5,293    348,385 
Shutterstock, Inc.   8,145    393,241 
         1,176,355 
Telecommunications — 2.3%          
Ciena Corp. (a)   15,822    712,148 
Infinera Corp. (a)   107,844    512,259 
         1,224,407 
         2,400,762 
Consumer, Cyclical — 13.1%          
Apparel — 1.5%          
Kontoor Brands, Inc.   8,323    519,522 
Oxford Industries, Inc.   2,968    296,800 
         816,322 
Auto Parts & Equipment — 4.9%          
Adient PLC (a)   18,986    690,331 
American Axle & Manufacturing Holdings, Inc. (a)   68,984    607,749 
Gentherm, Inc. (a)   11,180    585,385 

 

 

 

 

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

 

   Number of
Shares		   Value 
Goodyear Tire & Rubber Co. (a)   25,366   $363,241 
Visteon Corp. (a)   2,732    341,227 
         2,587,933 
Food Services — 0.7%          
Aramark   13,571    381,345 
Home Builders — 1.4%          
Century Communities, Inc.   3,863    352,074 
Tri Pointe Homes, Inc. (a)   11,017    390,002 
         742,076 
Home Furnishing — 0.8%          
Sonos, Inc. (a)   25,775    441,783 
Lodging — 0.7%          
Wyndham Hotels & Resorts, Inc.   4,744    381,465 
Office Furnishings — 0.8%          
Interface, Inc.   33,965    428,638 
Retail — 1.9%          
Boot Barn Holdings, Inc. (a)   1,653    126,884 
Dave & Buster's Entertainment, Inc. (a)   9,478    510,390 
Five Below, Inc. (a)   1,616    344,467 
         981,741 
Textiles — 0.4%          
UniFirst Corp.   1,030    188,397 
         6,949,700 
Consumer, Non-cyclical — 12.7%          
Agriculture — 1.5%          
Darling Ingredients, Inc. (a)   16,032    799,035 
Commercial Services — 5.1%          
BrightView Holdings, Inc. (a)   13,469    113,409 
Colliers International Group, Inc. (b)   3,073    388,796 
Huron Consulting Group, Inc. (a)   2,635    270,878 
Monro, Inc.   9,964    292,344 
Sterling Check Corp. (a)   29,630    412,450 
Vestis Corp.   23,517    497,149 
WillScot Mobile Mini Holdings Corp. (a)   16,032    713,424 
         2,688,450 
Food — 3.1%          
Hain Celestial Group, Inc. (a)   66,875    732,281 
Post Holdings, Inc. (a)   3,440    302,926 
SunOpta, Inc. (a)   59,491    325,416 
U.S. Foods Holding Corp. (a)   6,554    297,617 
         1,658,240 
Health Care – Products — 1.8%          
Haemonetics Corp. (a)   2,649    226,516 
ICU Medical, Inc. (a)   2,758    275,083 

 

 

 

 

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

 

   Number of
Shares		   Value 
Integra LifeSciences Holdings Corp. (a)   10,909   $475,087 
         976,686 
Household Products & Wares — 1.2%          
ACCO Brands Corp.   37,146    225,848 
Spectrum Brands Holdings, Inc.   4,856    387,363 
         613,211 
         6,735,622 
Energy — 4.3%          
Oil & Gas — 2.3%          
Chesapeake Energy Corp. (b)   3,921    301,682 
Chord Energy Corp.   2,787    463,283 
Sitio Royalties Corp. Class A   19,580    460,326 
         1,225,291 
Oil & Gas Services — 2.0%          
Atlas Energy Solutions, Inc.   31,644    544,910 
NOW, Inc. (a)   43,585    493,382 
         1,038,292 
         2,263,583 
Financial — 26.8%          
Banks — 13.8%          
Cadence Bank   10,923    323,212 
Columbia Banking System, Inc.   30,378    810,485 
Eastern Bankshares, Inc.   16,589    235,564 
First Citizens BancShares, Inc. Class A   308    437,043 
First Interstate BancSystem, Inc. Class A   3,906    120,109 
Hancock Whitney Corp.   7,677    373,025 
International Bancshares Corp.   4,862    264,104 
Live Oak Bancshares, Inc.   19,618    892,619 
OFG Bancorp   27,635    1,035,760 
Seacoast Banking Corp. of Florida   13,339    379,628 
Synovus Financial Corp.   7,820    294,423 
Texas Capital Bancshares, Inc. (a)   14,345    927,117 
Triumph Financial, Inc. (a)   11,181    896,493 
Webster Financial Corp.   7,183    364,609 
         7,354,191 
Diversified Financial Services — 3.1%          
Air Lease Corp.   9,463    396,878 
Bread Financial Holdings, Inc.   11,040    363,658 
Burford Capital Ltd.   35,863    559,463 
Houlihan Lokey, Inc.   2,794    335,028 
         1,655,027 
Insurance — 4.6%          
Assured Guaranty Ltd.   4,600    344,218 
Kemper Corp.   9,687    471,466 
NMI Holdings, Inc. Class A (a)   10,114    300,183 

 

 

 

 

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

 

   Number of
Shares		   Value 
ProAssurance Corp.   20,705   $285,522 
Reinsurance Group of America, Inc.   2,652    429,041 
SiriusPoint Ltd. (a)   26,885    311,866 
White Mountains Insurance Group Ltd.   201    302,507 
         2,444,803 
Real Estate Investment Trusts (REITS) — 5.3%          
Alexander & Baldwin, Inc.   13,369    254,278 
Centerspace   4,638    269,932 
Independence Realty Trust, Inc.   21,935    335,605 
Kimco Realty Corp.   19,083    406,659 
LXP Industrial Trust   23,684    234,945 
NETSTREIT Corp.   15,808    282,173 
Pebblebrook Hotel Trust   23,041    368,195 
Phillips Edison & Co., Inc.   7,189    262,255 
PotlatchDeltic Corp.   7,777    381,851 
         2,795,893 
         14,249,914 
Industrial — 21.9%          
Aerospace & Defense — 0.1%          
Leonardo DRS, Inc. (a)   3,596    72,064 
Building Materials — 4.1%          
American Woodmark Corp. (a)   4,810    446,608 
Fortune Brands Innovations, Inc.   5,392    410,547 
Gibraltar Industries, Inc. (a)   9,914    783,008 
Masonite International Corp. (a)   6,750    571,455 
         2,211,618 
Electrical Components & Equipment — 0.9%          
Belden, Inc.   4,712    364,002 
Generac Holdings, Inc. (a)   1,142    147,592 
         511,594 
Electronics — 3.3%          
Brady Corp. Class A   7,233    424,505 
Coherent Corp. (a)   22,994    1,000,929 
CTS Corp.   7,675    335,704 
         1,761,138 
Environmental Controls — 1.1%          
Enviri Corp. (a)   64,512    580,608 
Hand & Machine Tools — 2.7%          
Enerpac Tool Group Corp.   29,534    918,212 
Kennametal, Inc.   19,408    500,532 
         1,418,744 
Machinery – Diversified — 0.9%          
Middleby Corp. (a)   2,732    402,068 

 

 

 

 

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

 

   Number of
Shares		   Value 
Thermon Group Holdings, Inc. (a)   2,322   $75,628 
         477,696 
Metal Fabricate & Hardware — 1.4%          
Janus International Group, Inc. (a)   19,770    257,998 
Standex International Corp.   2,954    467,855 
         725,853 
Miscellaneous - Manufacturing — 1.0%          
Materion Corp.   4,008    521,561 
Packaging & Containers — 1.5%          
Sealed Air Corp.   8,887    324,553 
TriMas Corp.   18,410    466,326 
         790,879 
Transportation — 3.3%          
Air Transport Services Group, Inc. (a)   30,800    542,388 
Kirby Corp. (a)   8,861    695,411 
Knight-Swift Transportation Holdings, Inc.   2,950    170,068 
Ryder System, Inc.   2,866    329,762 
         1,737,629 
Trucking & Leasing — 1.6%          
Greenbrier Cos., Inc.   18,985    838,757 
         11,648,141 
Technology — 4.4%          
Computers — 0.7%          
WNS Holdings Ltd. ADR (a)   6,201    391,903 
Semiconductors — 1.6%          
Diodes, Inc. (a)   10,290    828,551 
Software — 2.1%          
ACI Worldwide, Inc. (a)   16,328    499,637 
Progress Software Corp.   7,447    404,372 
Veradigm, Inc. (a)   19,129    200,663 
         1,104,672 
         2,325,126 
Utilities — 1.1%          
Electric — 0.6%          
Portland General Electric Co.   7,257    314,519 
Gas — 0.5%          
ONE Gas, Inc.   4,028    256,664 

 

 

 

 

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

 

   Number of
Shares		   Value 
        $571,183 
           
TOTAL COMMON STOCK
(Cost $45,217,031)		        51,622,483 
           
TOTAL EQUITIES
(Cost $45,217,031)		        51,622,483 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $45,217,031)		        51,622,483 
           
SHORT-TERM INVESTMENTS — 3.5%          
           
Investment of Cash Collateral from Securities Loaned — 0.6%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   310,200   310,200 
           
   Principal
Amount		    
Repurchase Agreement — 2.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $1,516,970   1,516,970 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,827,170)		        1,827,170 
           
TOTAL INVESTMENTS — 100.7%
(Cost $47,044,201) (e)		        53,449,653 
           
Other Assets/(Liabilities) — (0.7)%        (353,841) 
           
NET ASSETS — 100.0%       $53,095,812 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $602,953 or 1.14% of net assets. The Fund received $307,043 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $1,517,240. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,547,355.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

 

MassMutual Small Company Value Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.6%          
           
COMMON STOCK — 99.6%          
Basic Materials — 3.8%          
Chemicals — 2.1%          
AdvanSix, Inc.   53,454   $1,601,482 
Element Solutions, Inc.   69,848    1,616,282 
Ingevity Corp. (a)   5,593    264,101 
Minerals Technologies, Inc.   9,867    703,616 
         4,185,481 
Iron & Steel — 1.7%          
ATI, Inc. (a)   30,447    1,384,425 
Haynes International, Inc.   34,514    1,969,024 
         3,353,449 
         7,538,930 
Communications — 3.9%          
Internet — 0.9%          
Criteo SA Sponsored ADR (a)   45,127    1,142,616 
Entravision Communications Corp. Class A   89,292    372,348 
Solo Brands, Inc. Class A (a)   38,585    237,683 
         1,752,647 
Media — 1.3%          
Cable One, Inc.   1,602    891,657 
Nexstar Media Group, Inc.   10,783    1,690,235 
Townsquare Media, Inc. Class A   7,385    77,986 
         2,659,878 
Telecommunications — 1.7%          
Calix, Inc. (a)   40,666    1,776,698 
Casa Systems, Inc. (a)   108,400    57,452 
Harmonic, Inc. (a)   122,158    1,592,940 
         3,427,090 
         7,839,615 
Consumer, Cyclical — 15.8%          
Airlines — 0.7%          
Alaska Air Group, Inc. (a)   34,141    1,333,889 
Apparel — 0.7%          
Tapestry, Inc.   37,267    1,371,798 

 

 

 

 

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

 

   Number of
Shares		   Value 
Auto Manufacturers — 1.7%          
Blue Bird Corp. (a)   67,484   $1,819,369 
REV Group, Inc.   90,397    1,642,513 
         3,461,882 
Auto Parts & Equipment — 2.3%          
Dana, Inc.   114,743    1,676,395 
Goodyear Tire & Rubber Co. (a)   121,979    1,746,740 
Shyft Group, Inc.   89,760    1,096,867 
         4,520,002 
Distribution & Wholesale — 0.4%          
A-Mark Precious Metals, Inc. (b)   15,551    470,418 
OPENLANE, Inc. (a)   7,372    109,179 
Titan Machinery, Inc. (a)   8,052    232,542 
         812,139 
Entertainment — 0.6%          
Accel Entertainment, Inc. (a)   31,010    318,473 
Everi Holdings, Inc. (a)   37,098    418,095 
Six Flags Entertainment Corp. (a)   21,530    539,972 
         1,276,540 
Home Builders — 3.2%          
Cavco Industries, Inc. (a)   912    316,118 
KB Home   23,189    1,448,385 
Skyline Champion Corp. (a)   17,078    1,268,212 
Taylor Morrison Home Corp. (a)   29,656    1,582,148 
Winnebago Industries, Inc.   24,281    1,769,599 
         6,384,462 
Home Furnishing — 0.1%          
Vizio Holding Corp. Class A (a)   29,389    226,295 
Leisure Time — 1.0%          
Brunswick Corp.   13,992    1,353,726 
Malibu Boats, Inc. Class A (a)   10,178    557,958 
Planet Fitness, Inc. Class A (a)   914    66,722 
         1,978,406 
Lodging — 0.2%          
Boyd Gaming Corp.   5,871    367,583 
Retail — 4.9%          
Beacon Roofing Supply, Inc. (a)   10,786    938,598 
Citi Trends, Inc. (a)   37,723    1,066,806 
Dave & Buster's Entertainment, Inc. (a)   12,724    685,187 
Dine Brands Global, Inc.   22,495    1,116,877 
Genesco, Inc. (a)   50,040    1,761,908 
GMS, Inc. (a)   13,173    1,085,850 
MarineMax, Inc. (a)   18,107    704,362 
OneWater Marine, Inc. Class A (a)   15,152    511,986 
Papa John's International, Inc.   18,211    1,388,225 
Penske Automotive Group, Inc.   2,729    438,032 

 

 

 

 

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

 

   Number of
Shares		   Value 
Red Robin Gourmet Burgers, Inc. (a)   8,248   $102,853 
         9,800,684 
         31,533,680 
Consumer, Non-cyclical — 13.0%          
Agriculture — 0.1%          
Turning Point Brands, Inc.   8,419    221,588 
Commercial Services — 6.8%          
ABM Industries, Inc.   38,369    1,720,082 
Adtalem Global Education, Inc. (a)   7,270    428,567 
AMN Healthcare Services, Inc. (a)   18,605    1,393,143 
Barrett Business Services, Inc.   1,609    186,322 
Brink's Co.   13,273    1,167,360 
Deluxe Corp.   25,008    536,422 
Euronet Worldwide, Inc. (a)   9,272    941,015 
EVERTEC, Inc.   35,252    1,443,217 
Herc Holdings, Inc.   12,444    1,852,787 
ICF International, Inc.   6,154    825,190 
Korn Ferry   41,981    2,491,572 
Loomis AB   12,799    341,002 
Repay Holdings Corp. (a)   15,703    134,104 
         13,460,783 
Cosmetics & Personal Care — 0.5%          
Edgewell Personal Care Co.   26,778    980,878 
Food — 1.3%          
Hain Celestial Group, Inc. (a)   93,301    1,021,646 
Nomad Foods Ltd. (a)   96,061    1,628,234 
         2,649,880 
Health Care – Products — 1.9%          
Embecta Corp.   23,155    438,324 
Enovis Corp. (a)   9,679    542,218 
Envista Holdings Corp. (a)   51,016    1,227,445 
Integra LifeSciences Holdings Corp. (a)   35,884    1,562,748 
         3,770,735 
Health Care – Services — 1.9%          
Acadia Healthcare Co., Inc. (a)   15,279    1,188,095 
Fortrea Holdings, Inc. (a)   41,426    1,445,767 
Pediatrix Medical Group, Inc. (a)   129,230    1,201,839 
         3,835,701 
Household Products & Wares — 0.5%          
Spectrum Brands Holdings, Inc.   12,964    1,034,138 
         25,953,703 
Energy — 6.1%          
Oil & Gas — 4.8%          
Chord Energy Corp.   4,942    821,509 

 

 

 

 

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

 

   Number of
Shares		   Value 
HF Sinclair Corp.   21,152   $1,175,417 
Mach Natural Resources LP (a)   13,251    218,509 
Magnolia Oil & Gas Corp. Class A   134,763    2,869,104 
Matador Resources Co.   30,167    1,715,295 
Northern Oil & Gas, Inc.   66,659    2,471,049 
Permian Resources Corp.   28,543    388,185 
         9,659,068 
Oil & Gas Services — 1.3%          
ChampionX Corp.   90,616    2,646,893 
         12,305,961 
Financial — 29.8%          
Banks — 17.2%          
1st Source Corp.   25,778    1,416,501 
Ameris Bancorp   16,445    872,407 
Associated Banc-Corp.   64,595    1,381,687 
Bank of Marin Bancorp   32,926    725,031 
BankUnited, Inc.   44,198    1,433,341 
Carter Bankshares, Inc. (a)   61,815    925,371 
Columbia Banking System, Inc.   34,894    930,972 
Comerica, Inc.   31,150    1,738,481 
CVB Financial Corp.   37,781    762,798 
First BanCorp   153,548    2,525,865 
First Busey Corp.   72,326    1,795,131 
First Interstate BancSystem, Inc. Class A   19,839    610,049 
First Merchants Corp.   7,986    296,121 
FNB Corp.   99,397    1,368,697 
HarborOne Bancorp, Inc.   109,015    1,306,000 
Heritage Financial Corp.   78,592    1,681,083 
Home BancShares, Inc.   44,635    1,130,605 
Nicolet Bankshares, Inc.   10,952    881,417 
Old National Bancorp   91,141    1,539,371 
Origin Bancorp, Inc.   3,197    113,717 
Peoples Bancorp, Inc.   26,658    899,974 
Popular, Inc.   3,869    317,529 
Premier Financial Corp.   61,921    1,492,296 
SouthState Corp.   14,629    1,235,419 
Texas Capital Bancshares, Inc. (a)   30,210    1,952,472 
TriCo Bancshares   36,902    1,585,679 
UMB Financial Corp.   9,730    812,941 
Valley National Bancorp   94,553    1,026,846 
Walker & Dunlop, Inc.   6,370    707,134 
Webster Financial Corp.   17,527    889,671 
         34,354,606 
Diversified Financial Services — 0.8%          
Enact Holdings, Inc.   3,103    89,645 
Moelis & Co. Class A   28,206    1,583,203 
         1,672,848 
Insurance — 1.2%          
Axis Capital Holdings Ltd.   21,035    1,164,708 
Fidelis Insurance Holdings Ltd. (a)   21,087    267,172 
Hamilton Insurance Group Ltd. Class B (a)   13,037    194,903 

 

 

 

 

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

 

   Number of
Shares		   Value 
Hanover Insurance Group, Inc.   6,789   $824,321 
         2,451,104 
Investment Companies — 0.6%          
Compass Diversified Holdings   48,890    1,097,581 
Private Equity — 0.1%          
Patria Investments Ltd. Class A   15,436    239,412 
Real Estate Investment Trusts (REITS) — 6.8%          
Acadia Realty Trust   43,574    740,322 
Apartment Income REIT Corp.   45,223    1,570,595 
Broadstone Net Lease, Inc.   86,215    1,484,622 
CareTrust REIT, Inc.   29,893    669,005 
First Industrial Realty Trust, Inc.   28,838    1,518,898 
Kite Realty Group Trust   5,322    121,661 
National Storage Affiliates Trust   31,158    1,292,122 
NETSTREIT Corp.   72,545    1,294,928 
Ryman Hospitality Properties, Inc.   21,677    2,385,771 
STAG Industrial, Inc.   33,467    1,313,914 
Terreno Realty Corp.   12,452    780,367 
UMH Properties, Inc.   25,036    383,552 
         13,555,757 
Savings & Loans — 3.1%          
Axos Financial, Inc. (a)   2,263    123,560 
Berkshire Hills Bancorp, Inc.   59,243    1,471,004 
Pacific Premier Bancorp, Inc.   88,150    2,566,046 
Provident Financial Services, Inc.   14,074    253,754 
WSFS Financial Corp.   40,660    1,867,514 
         6,281,878 
         59,653,186 
Industrial — 17.1%          
Aerospace & Defense — 0.8%          
Spirit AeroSystems Holdings, Inc. Class A (a)   50,570    1,607,115 
Building Materials — 0.4%          
Tecnoglass, Inc.   18,020    823,694 
Electrical Components & Equipment — 1.7%          
Belden, Inc.   19,107    1,476,016 
Encore Wire Corp.   8,907    1,902,535 
         3,378,551 
Electronics — 2.1%          
Atmus Filtration Technologies, Inc. (a)   9,913    232,856 
Avnet, Inc.   22,734    1,145,794 
Coherent Corp. (a)   27,717    1,206,521 
TTM Technologies, Inc. (a)   84,301    1,332,799 
Vontier Corp.   6,341    219,081 
         4,137,051 

 

 

 

 

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

 

   Number of
Shares		   Value 
Engineering & Construction — 3.7%          
Dycom Industries, Inc. (a)   18,149   $2,088,768 
Fluor Corp. (a)   39,391    1,542,946 
Great Lakes Dredge & Dock Corp. (a)   195,153    1,498,775 
MasTec, Inc. (a)   24,581    1,861,273 
NV5 Global, Inc. (a)   3,062    340,250 
         7,332,012 
Hand & Machine Tools — 0.0%          
Luxfer Holdings PLC   5,382    48,115 
Machinery – Diversified — 2.7%          
Cactus, Inc. Class A   50,187    2,278,490 
DXP Enterprises, Inc. (a)   6,003    202,301 
Gates Industrial Corp. PLC (a)   110,277    1,479,917 
Ichor Holdings Ltd. (a)   40,808    1,372,373 
         5,333,081 
Metal Fabricate & Hardware — 1.9%          
Hillman Solutions Corp. (a)   262,042    2,413,407 
Timken Co.   16,758    1,343,154 
         3,756,561 
Miscellaneous - Manufacturing — 0.0%          
DIRTT Environmental Solutions (a) (b)   61,401    21,306 
Packaging & Containers — 1.7%          
Graphic Packaging Holding Co.   64,551    1,591,182 
Karat Packaging, Inc.   2,581    64,138 
Pactiv Evergreen, Inc.   41,440    568,142 
Silgan Holdings, Inc.   28,592    1,293,788 
         3,517,250 
Transportation — 2.1%          
ArcBest Corp.   14,781    1,776,824 
International Seaways, Inc.   26,838    1,220,592 
Star Bulk Carriers Corp.   59,432    1,263,525 
         4,260,941 
         34,215,677 
Technology — 7.9%          
Computers — 0.9%          
Grid Dynamics Holdings, Inc. (a)   108,876    1,451,317 
Science Applications International Corp.   2,572    319,751 
         1,771,068 
Semiconductors — 5.0%          
Amkor Technology, Inc.   55,629    1,850,777 
Cohu, Inc. (a)   44,924    1,589,860 
FormFactor, Inc. (a)   23,756    990,863 
Kulicke & Soffa Industries, Inc.   18,052    987,805 
Magnachip Semiconductor Corp. (a)   102,067    765,503 

 

 

 

 

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

 

   Number of
Shares		   Value 
MKS Instruments, Inc.   1,849   $190,207 
SMART Global Holdings, Inc. (a)   89,587    1,695,882 
Synaptics, Inc. (a)   16,364    1,866,805 
         9,937,702 
Software — 2.0%          
ACI Worldwide, Inc. (a)   48,669    1,489,271 
CommVault Systems, Inc. (a)   11,082    884,898 
Donnelley Financial Solutions, Inc. (a)   964    60,125 
IBEX Holdings Ltd. (a)   10,386    197,438 
Teradata Corp. (a)   25,798    1,122,471 
Verra Mobility Corp. (a)   12,978    298,883 
         4,053,086 
         15,761,856 
Utilities — 2.2%          
Electric — 1.9%          
ALLETE, Inc.   4,921    300,968 
IDACORP, Inc.   18,256    1,794,930 
Portland General Electric Co.   37,353    1,618,879 
         3,714,777 
Gas — 0.3%          
Northwest Natural Holding Co.   2,772    107,942 
Southwest Gas Holdings, Inc.   8,534    540,629 
         648,571 
         4,363,348 
           
TOTAL COMMON STOCK
(Cost $194,001,376)		        199,165,956 
           
TOTAL EQUITIES
(Cost $194,001,376)		        199,165,956 
           
           
RIGHTS — 0.0%          
Industrial — 0.0%          
Miscellaneous - Manufacturing — 0.0%          
DIRTT Environmental Solutions (a)   61,401    1,228 
           
TOTAL RIGHTS
(Cost $21,173)		        1,228 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $194,022,549)		        199,167,184 
           
           
SHORT-TERM INVESTMENTS — 1.2%          
Investment of Cash Collateral from Securities Loaned — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   502,448    502,448 

 

 

 

 

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

 

   Principal
Amount		   Value 
Repurchase Agreement — 1.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $1,960,227   $1,960,227 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,462,675)		        2,462,675 
           
TOTAL INVESTMENTS — 100.8%
(Cost $196,485,224) (e)		        201,629,859 
           
Other Assets/(Liabilities) — (0.8)%        (1,604,246) 
           
NET ASSETS — 100.0%       $200,025,613 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $473,943 or 0.24% of net assets. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $1,960,576. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,999,499.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
UBS AG  3/28/24  SEK  141,429   USD  14,154   $(85) 
UBS AG  3/28/24  USD  308,033   SEK  3,128,844    (3,216)
                    $(3,301)

 

Currency Legend

SEK Swedish Krona
USD U.S. Dollar

 

 

 

 

MassMutual Mid Cap Growth Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.1%          
           
COMMON STOCK — 97.8%          
Basic Materials — 0.8%          
Chemicals — 0.4%          
Albemarle Corp. (a)   18,823   $2,719,547 
RPM International, Inc.   178,200    19,892,466 
         22,612,013 
Iron & Steel — 0.4%          
ATI, Inc. (b)   442,196    20,106,652 
         42,718,665 
Communications — 4.8%          
Advertising — 1.6%          
Trade Desk, Inc. Class A (b)   1,207,406    86,884,936 
Internet — 2.0%          
Maplebear, Inc., Lockup Shares (Acquired 11/19/21, Cost $11,962,092) (b) (c) (d)   98,930    2,321,887 
Match Group, Inc. (b)   381,416    13,921,684 
Palo Alto Networks, Inc. (b)   49,970    14,735,154 
Pinterest, Inc. Class A (b)   443,588    16,430,499 
Spotify Technology SA (b)   297,500    55,903,225 
         103,312,449 
Media — 0.9%          
Liberty Media Corp-Liberty Formula One Class C (b)   423,624    26,743,383 
New York Times Co. Class A   380,200    18,625,998 
         45,369,381 
Telecommunications — 0.3%          
Arista Networks, Inc. (b)   76,660    18,054,197 
         253,620,963 
Consumer, Cyclical — 14.3%          
Airlines — 0.4%          
Southwest Airlines Co.   672,500    19,421,800 
Apparel — 0.2%          
Birkenstock Holding PLC (a) (b)   193,558    9,432,081 
Auto Parts & Equipment — 0.2%          
BorgWarner, Inc.   205,348    7,361,726 

 

 

 

 

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

 

   Number of
Shares		   Value 
Mobileye Global, Inc. Class A (a) (b)   122,400   $5,302,368 
         12,664,094 
Entertainment — 0.6%          
Caesars Entertainment, Inc. (b)   628,971    29,486,161 
Leisure Time — 0.1%          
Planet Fitness, Inc. Class A (b)   76,802    5,606,546 
Lodging — 2.0%          
Boyd Gaming Corp.   182,734    11,440,976 
Hilton Worldwide Holdings, Inc.   416,000    75,749,440 
MGM Resorts International   470,709    21,031,278 
         108,221,694 
Retail — 10.4%          
Bath & Body Works, Inc.   766,000    33,060,560 
Beacon Roofing Supply, Inc. (b)   213,132    18,546,747 
Burlington Stores, Inc. (b)   342,151    66,541,526 
Casey's General Stores, Inc.   117,800    32,364,372 
Chipotle Mexican Grill, Inc. (b)   14,336    32,785,859 
Dollar General Corp.   175,050    23,798,047 
Dollar Tree, Inc. (b)   321,100    45,612,255 
Domino's Pizza, Inc.   194,016    79,979,216 
Five Below, Inc. (b)   170,000    36,237,200 
Lithia Motors, Inc.   31,791    10,468,140 
Lululemon Athletica, Inc. (b)   40,300    20,604,987 
O'Reilly Automotive, Inc. (b)   5,500    5,225,440 
Ross Stores, Inc.   470,767    65,149,445 
Tractor Supply Co.   73,452    15,794,384 
Ulta Beauty, Inc. (b)   48,900    23,960,511 
Yum! Brands, Inc.   342,459    44,745,693 
         554,874,382 
Toys, Games & Hobbies — 0.4%          
Mattel, Inc. (b)   990,321    18,697,260 
         758,404,018 
Consumer, Non-cyclical — 31.0%          
Beverages — 0.2%          
Boston Beer Co., Inc. Class A (b)   34,000    11,750,060 
Biotechnology — 3.7%          
Alnylam Pharmaceuticals, Inc. (b)   226,600    43,373,506 
Apellis Pharmaceuticals, Inc. (a) (b)   185,000    11,074,100 
Argenx SE ADR (b)   57,200    21,760,596 
Biogen, Inc. (b)   120,400    31,155,908 
BioMarin Pharmaceutical, Inc. (b)   69,907    6,740,433 
CRISPR Therapeutics AG (a) (b)   156,900    9,821,940 
Ionis Pharmaceuticals, Inc. (b)   635,000    32,124,650 
Karuna Therapeutics, Inc. (a) (b)   88,000    27,852,880 
Sarepta Therapeutics, Inc. (b)   122,569    11,819,329 
         195,723,342 

 

 

 

 

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

 

   Number of
Shares		   Value 
Commercial Services — 7.7%          
Bright Horizons Family Solutions, Inc. (a) (b)   277,226   $26,125,778 
Cintas Corp.   16,631    10,022,838 
CoStar Group, Inc. (b)   521,051    45,534,647 
Equifax, Inc.   296,805    73,396,908 
FleetCor Technologies, Inc. (b)   121,200    34,252,332 
Gartner, Inc. (b)   17,105    7,716,237 
Global Payments, Inc.   126,931    16,120,237 
MarketAxess Holdings, Inc.   82,000    24,013,700 
Moody's Corp.   18,711    7,307,768 
Paylocity Holding Corp. (b)   203,200    33,497,520 
Quanta Services, Inc.   125,561    27,096,064 
TransUnion   557,636    38,315,170 
United Rentals, Inc.   71,000    40,712,820 
Verisk Analytics, Inc.   97,200    23,217,192 
         407,329,211 
Cosmetics & Personal Care — 0.3%          
Kenvue, Inc.   605,882    13,044,639 
Food — 0.3%          
TreeHouse Foods, Inc. (b)   362,000    15,004,900 
Health Care – Products — 13.7%          
Agilent Technologies, Inc.   822,864    114,402,782 
Alcon, Inc. (a)   598,491    46,754,117 
Align Technology, Inc. (b)   30,415    8,333,710 
Avantor, Inc. (b)   2,714,700    61,976,601 
Bruker Corp.   737,047    54,158,214 
Cooper Cos., Inc.   113,700    43,028,628 
Enovis Corp. (b)   426,000    23,864,520 
Exact Sciences Corp. (b)   311,949    23,077,987 
GE HealthCare Technologies, Inc. (b)   60,089    4,646,081 
Hologic, Inc. (b)   1,656,021    118,322,700 
IDEXX Laboratories, Inc. (b)   45,298    25,142,655 
Inspire Medical Systems, Inc. (a) (b)   132,453    26,944,914 
Natera, Inc. (b)   226,788    14,206,000 
Quidelortho Corp. (b)   369,500    27,232,150 
Steris PLC   76,867    16,899,210 
Teleflex, Inc.   372,083    92,775,175 
West Pharmaceutical Services, Inc.   76,300    26,866,756 
         728,632,200 
Health Care – Services — 2.6%          
Acadia Healthcare Co., Inc. (b)   560,900    43,615,584 
agilon health, Inc. (a) (b)   618,609    7,763,543 
Catalent, Inc. (b)   623,177    27,999,343 
Humana, Inc.   30,105    13,782,370 
IQVIA Holdings, Inc. (b)   51,248    11,857,762 
Molina Healthcare, Inc. (b)   97,000    35,047,070 
         140,065,672 
Household Products & Wares — 1.3%          
Avery Dennison Corp.   269,300    54,441,688 

 

 

 

 

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

 

   Number of
Shares		   Value 
Reynolds Consumer Products, Inc.   532,500   $14,292,300 
         68,733,988 
Pharmaceuticals — 1.2%          
Ascendis Pharma AS ADR (b)   157,000    19,774,150 
DENTSPLY SIRONA, Inc.   494,930    17,614,559 
Dexcom, Inc. (b)   219,566    27,245,945 
         64,634,654 
         1,644,918,666 
Energy — 4.4%          
Energy – Alternate Sources — 0.4%          
Array Technologies, Inc. (b)   787,761    13,234,385 
Shoals Technologies Group, Inc. Class A (b)   353,000    5,485,620 
         18,720,005 
Oil & Gas — 2.5%          
Chesapeake Energy Corp. (a)   134,500    10,348,430 
Coterra Energy, Inc.   1,290,307    32,928,635 
EQT Corp.   873,200    33,757,912 
Permian Resources Corp.   1,182,829    16,086,474 
Pioneer Natural Resources Co.   26,900    6,049,272 
Range Resources Corp.   470,300    14,315,932 
SM Energy Co.   425,550    16,477,296 
Weatherford International PLC (b)   47,100    4,607,793 
         134,571,744 
Oil & Gas Services — 0.5%          
TechnipFMC PLC   1,410,834    28,414,197 
Pipelines — 1.0%          
Cheniere Energy, Inc.   314,400    53,671,224 
         235,377,170 
Financial — 6.8%          
Diversified Financial Services — 3.4%          
Apollo Global Management, Inc.   362,639    33,794,328 
Cboe Global Markets, Inc.   34,000    6,071,040 
FTAI Aviation Ltd.   381,808    17,715,891 
Intercontinental Exchange, Inc.   359,000    46,106,370 
Nasdaq, Inc.   92,455    5,375,334 
Raymond James Financial, Inc.   234,000    26,091,000 
Tradeweb Markets, Inc. Class A   490,100    44,540,288 
         179,694,251 
Insurance — 1.5%          
Aon PLC Class A   39,596    11,523,228 
Assurant, Inc.   265,800    44,784,642 
Axis Capital Holdings Ltd.   203,800    11,284,406 
Markel Group, Inc. (b)   10,100    14,340,990 
         81,933,266 

 

 

 

 

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

 

   Number of
Shares		   Value 
Private Equity — 1.8%          
Carlyle Group, Inc.   166,779   $6,786,237 
KKR & Co., Inc.   1,044,482    86,535,334 
         93,321,571 
Real Estate Investment Trusts (REITS) — 0.1%          
First Industrial Realty Trust, Inc.   152,032    8,007,526 
         362,956,614 
Industrial — 15.4%          
Aerospace & Defense — 0.3%          
Howmet Aerospace, Inc.   82,000    4,437,840 
L3 Harris Technologies, Inc.   58,650    12,352,863 
         16,790,703 
Building Materials — 1.9%          
Builders FirstSource, Inc. (b)   163,138    27,234,257 
Eagle Materials, Inc.   92,412    18,744,850 
Martin Marietta Materials, Inc.   107,000    53,383,370 
         99,362,477 
Electrical Components & Equipment — 0.1%          
Littelfuse, Inc.   30,000    8,026,800 
Electronics — 3.2%          
Amphenol Corp. Class A   469,287    46,520,420 
Fortive Corp.   592,400    43,618,412 
Keysight Technologies, Inc. (b)   346,000    55,045,140 
Mettler-Toledo International, Inc. (b)   21,611    26,213,279 
         171,397,251 
Engineering & Construction — 0.1%          
MasTec, Inc. (b)   69,468    5,260,117 
Environmental Controls — 0.8%          
Veralto Corp.   271,800    22,358,268 
Waste Connections, Inc.   123,464    18,429,471 
         40,787,739 
Hand & Machine Tools — 0.1%          
Stanley Black & Decker, Inc.   63,528    6,232,097 
Machinery – Construction & Mining — 0.7%          
BWX Technologies, Inc.   454,722    34,890,819 
Machinery – Diversified — 2.8%          
Cognex Corp.   324,400    13,540,456 
Esab Corp.   420,000    36,380,400 
IDEX Corp.   113,000    24,533,430 
Ingersoll Rand, Inc.   941,600    72,823,344 
         147,277,630 

 

 

 

 

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

 

   Number of
Shares		   Value 
Miscellaneous - Manufacturing — 1.3%          
Textron, Inc.   889,900   $71,565,758 
Packaging & Containers — 1.8%          
Ball Corp.   1,204,300    69,271,336 
Sealed Air Corp.   683,000    24,943,160 
         94,214,496 
Transportation — 2.3%          
JB Hunt Transport Services, Inc.   398,578    79,611,970 
Knight-Swift Transportation Holdings, Inc.   151,525    8,735,416 
XPO, Inc. (b)   364,315    31,910,351 
         120,257,737 
         816,063,624 
Technology — 20.3%          
Computers — 3.9%          
Cognizant Technology Solutions Corp. Class A   273,697    20,672,334 
Crowdstrike Holdings, Inc. Class A (b)   416,169    106,256,269 
EPAM Systems, Inc. (b)   82,399    24,500,519 
Fortinet, Inc. (b)   369,900    21,650,247 
KBR, Inc.   556,554    30,838,657 
Pure Storage, Inc. Class A (b)   134,500    4,796,270 
         208,714,296 
Semiconductors — 7.5%          
KLA Corp.   68,576    39,863,229 
Lam Research Corp.   10,898    8,535,967 
Lattice Semiconductor Corp. (b)   611,000    42,152,890 
Marvell Technology, Inc.   2,067,349    124,681,818 
Microchip Technology, Inc.   1,499,975    135,267,746 
Monolithic Power Systems, Inc.   44,338    27,967,524 
NXP Semiconductors NV   91,700    21,061,656 
         399,530,830 
Software — 8.9%          
Atlassian Corp. Class A (b)   89,000    21,169,540 
Bill Holdings, Inc. (b)   108,762    8,873,891 
Broadridge Financial Solutions, Inc.   173,900    35,779,925 
CCC Intelligent Solutions Holdings, Inc. (b)   2,375,801    27,060,373 
Clear Secure, Inc. Class A   241,000    4,976,650 
Fair Isaac Corp. (b)   60,570    70,504,086 
Guidewire Software, Inc. (b)   184,132    20,077,753 
HubSpot, Inc. (b)   29,770    17,282,676 
MongoDB, Inc. (b)   80,156    32,771,780 
MSCI, Inc.   27,377    15,485,800 
Palantir Technologies, Inc. Class A (b)   147,457    2,531,837 
PTC, Inc. (b)   347,856    60,860,886 
Roper Technologies, Inc.   56,000    30,529,520 
Twilio, Inc. Class A (b)   89,540    6,793,400 
Tyler Technologies, Inc. (b)   72,700    30,397,324 

 

 

 

 

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

 

   Number of
Shares		   Value 
Veeva Systems, Inc. Class A (b)   453,086   $87,228,117 
         472,323,558 
         1,080,568,684 
           
TOTAL COMMON STOCK
(Cost $4,011,211,538)		        5,194,628,404 
           
PREFERRED STOCK — 0.3%          
Consumer, Cyclical — 0.0%          
Auto Manufacturers — 0.0%          
Nuro, Inc., Series D (Acquired 10/29/21, Cost $3,125,295) (b) (c) (d) (e)   149,925    613,193 
Consumer, Non-cyclical — 0.1%          
Commercial Services — 0.1%          
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $3,678,889) (b) (c) (d) (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) (b) (c) (d) (e)   618,025    2,249,611 
         5,954,296 
Industrial — 0.1%          
Electrical Components & Equipment — 0.1%          
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $7,310,569) (b) (c) (d) (e)   177,128    3,592,156 
Technology — 0.1%          
Software — 0.1%          
Databricks, Inc., Series H (Acquired 8/31/21, Cost $3,472,860) (b) (c) (d) (e)   47,260    3,473,610 
           
TOTAL PREFERRED STOCK
(Cost $22,593,615)		        13,633,255 
           
TOTAL EQUITIES
(Cost $4,033,805,153)		        5,208,261,659 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $4,033,805,153)		        5,208,261,659 
           
           
SHORT-TERM INVESTMENTS — 2.3%          
Investment of Cash Collateral from Securities Loaned — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   10,848,740    10,848,740 
Mutual Fund — 0.0%          
T. Rowe Price Treasury Reserve Fund   68,706    68,706 
           
   Principal
Amount		    
Repurchase Agreement — 2.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g)  $113,443,087   113,443,087 

 

 

 

 

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

 

   Principal
Amount		   Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $124,360,533)		       $124,360,533 
           
TOTAL INVESTMENTS — 100.4%
(Cost $4,158,165,686) (h)		        5,332,622,192 
           
Other Assets/(Liabilities) — (0.4)%        (19,611,109) 
           
NET ASSETS — 100.0%       $5,313,011,083 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $118,996,986 or 2.24% of net assets. The Fund received $110,716,341 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Non-income producing security.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $15,955,142 or 0.30% of net assets.
(d) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $15,955,142 or 0.30% 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) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $113,463,254. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 4.875%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $115,712,057.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Small Cap Growth Equity Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.7%          
           
COMMON STOCK — 98.7%          
Basic Materials — 3.1%          
Chemicals — 2.1%          
Cabot Corp.   106,234   $8,870,539 
Element Solutions, Inc.   73,650    1,704,261 
Livent Corp. (a) (b)   242,721    4,364,124 
Methanex Corp.   62,648    2,967,009 
         17,905,933 
Iron & Steel — 1.0%          
ATI, Inc. (a)   91,716    4,170,327 
Carpenter Technology Corp.   55,059    3,898,177 
         8,068,504 
         25,974,437 
Communications — 3.7%          
Internet — 2.1%          
Cargurus, Inc. (a)   165,631    4,001,645 
Criteo SA Sponsored ADR (a)   76,863    1,946,171 
ePlus, Inc. (a)   22,077    1,762,628 
Eventbrite, Inc. Class A (a)   307,853    2,573,651 
Perficient, Inc. (a)   36,609    2,409,604 
Squarespace, Inc. Class A (a)   68,696    2,267,655 
Ziff Davis, Inc. (a)   37,767    2,537,565 
         17,498,919 
Media — 0.4%          
New York Times Co. Class A   63,314    3,101,753 
Telecommunications — 1.2%          
Calix, Inc. (a)   139,537    6,096,371 
Credo Technology Group Holding Ltd. (a)   87,743    1,708,356 
Viavi Solutions, Inc. (a)   239,183    2,408,573 
         10,213,300 
         30,813,972 
Consumer, Cyclical — 10.8%          
Apparel — 0.9%          
Carter's, Inc.   26,046    1,950,585 
Crocs, Inc. (a)   26,552    2,480,222 

 

 

 

 

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

 

   Number of
Shares		   Value 
Steven Madden Ltd. (b)   71,339   $2,996,238 
         7,427,045 
Auto Parts & Equipment — 0.3%          
Visteon Corp. (a)   18,169    2,269,308 
Distribution & Wholesale — 1.4%          
H&E Equipment Services, Inc.   82,404    4,311,377 
Rush Enterprises, Inc. Class A   140,460    7,065,138 
         11,376,515 
Entertainment — 1.2%          
Cinemark Holdings, Inc. (a)   140,725    1,982,815 
Red Rock Resorts, Inc. Class A   90,287    4,815,006 
TKO Group Holdings, Inc.   40,189    3,278,619 
         10,076,440 
Food Services — 0.2%          
Sovos Brands, Inc. (a) (b)   80,035    1,763,171 
Home Builders — 1.9%          
Century Communities, Inc.   28,439    2,591,930 
Meritage Home Corp.   19,179    3,340,982 
Skyline Champion Corp. (a)   89,777    6,666,840 
Taylor Morrison Home Corp. (a)   69,762    3,721,803 
         16,321,555 
Leisure Time — 0.8%          
Acushnet Holdings Corp.   32,853    2,075,324 
YETI Holdings, Inc. (a)   97,406    5,043,683 
         7,119,007 
Lodging — 0.4%          
Boyd Gaming Corp.   51,397    3,217,966 
Retail — 3.7%          
Boot Barn Holdings, Inc. (a)   46,331    3,556,368 
Cava Group, Inc. (a)   24,213    1,040,675 
Freshpet, Inc. (a)   28,230    2,449,235 
Ollie's Bargain Outlet Holdings, Inc. (a)   33,369    2,532,373 
Papa John's International, Inc.   32,534    2,480,067 
Patrick Industries, Inc.   14,458    1,450,860 
Shake Shack, Inc. Class A (a)   28,201    2,090,258 
Texas Roadhouse, Inc.   27,028    3,303,632 
Wingstop, Inc.   47,466    12,178,826 
         31,082,294 
         90,653,301 
Consumer, Non-cyclical — 23.2%          
Beverages — 0.9%          
Celsius Holdings, Inc. (a) (b)   142,144    7,749,691 

 

 

 

 

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

 

   Number of
Shares		   Value 
Biotechnology — 6.5%          
Akero Therapeutics, Inc. (a)   49,642   $1,159,141 
Amicus Therapeutics, Inc. (a)   163,777    2,323,996 
Apellis Pharmaceuticals, Inc. (a) (b)   44,379    2,656,527 
Blueprint Medicines Corp. (a)   31,240    2,881,578 
Celldex Therapeutics, Inc. (a)   47,238    1,873,459 
Crinetics Pharmaceuticals, Inc. (a)   84,531    3,007,613 
Cytokinetics, Inc. (a)   85,548    7,142,402 
Halozyme Therapeutics, Inc. (a)   40,967    1,514,140 
Immatics NV (a)   190,693    2,007,997 
Immunocore Holdings PLC ADR (a) (b)   22,190    1,516,021 
ImmunoGen, Inc. (a)   37,900    1,123,735 
Intellia Therapeutics, Inc. (a)   25,513    777,891 
Intra-Cellular Therapies, Inc. (a)   80,529    5,767,487 
Karuna Therapeutics, Inc. (a) (b)   6,162    1,950,335 
Kymera Therapeutics, Inc. (a) (b)   58,141    1,480,270 
Myriad Genetics, Inc. (a)   116,379    2,227,494 
Prothena Corp. PLC (a)   16,014    581,949 
PTC Therapeutics, Inc. (a)   30,784    848,407 
Revolution Medicines, Inc. (a)   81,893    2,348,691 
Rocket Pharmaceuticals, Inc. (a)   132,182    3,961,494 
Structure Therapeutics, Inc. ADR (a)   38,743    1,579,165 
Syndax Pharmaceuticals, Inc. (a)   66,836    1,444,326 
Ultragenyx Pharmaceutical, Inc. (a)   18,646    891,652 
Veracyte, Inc. (a)   73,107    2,011,173 
Xenon Pharmaceuticals, Inc. (a)   25,286    1,164,673 
         54,241,616 
Commercial Services — 2.7%          
Cross Country Healthcare, Inc. (a) (b)   92,001    2,082,903 
European Wax Center, Inc. Class A (a)   92,468    1,256,640 
Flywire Corp. (a)   103,082    2,386,348 
H&R Block, Inc.   66,662    3,224,441 
Herc Holdings, Inc.   15,423    2,296,331 
ManpowerGroup, Inc.   30,525    2,425,822 
Progyny, Inc. (a)   49,119    1,826,244 
Remitly Global, Inc. (a)   47,517    922,780 
TriNet Group, Inc. (a)   47,295    5,624,794 
WW International, Inc. (a)   60,985    533,619 
         22,579,922 
Cosmetics & Personal Care — 1.6%          
elf Beauty, Inc. (a)   95,313    13,757,478 
Food — 0.3%          
TreeHouse Foods, Inc. (a)   52,748    2,186,405 
Health Care – Products — 5.8%          
10X Genomics, Inc. Class A (a)   52,006    2,910,256 
Axonics, Inc. (a)   76,061    4,733,276 
Glaukos Corp. (a)   83,853    6,665,475 
Globus Medical, Inc. Class A (a)   35,826    1,909,168 
Haemonetics Corp. (a)   101,505    8,679,693 
Inari Medical, Inc. (a)   43,339    2,813,568 
Inspire Medical Systems, Inc. (a) (b)   14,957    3,042,702 
Integer Holdings Corp. (a)   8,839    875,768 
Lantheus Holdings, Inc. (a)   32,664    2,025,168 

 

 

 

 

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

 

   Number of
Shares		   Value 
Merit Medical Systems, Inc. (a)   34,384   $2,611,809 
PROCEPT BioRobotics Corp. (a)   114,787    4,810,723 
Repligen Corp. (a)   11,211    2,015,738 
Shockwave Medical, Inc. (a)   20,867    3,976,415 
TransMedics Group, Inc. (a)   18,568    1,465,572 
         48,535,331 
Health Care – Services — 4.1%          
Acadia Healthcare Co., Inc. (a)   131,701    10,241,070 
Encompass Health Corp.   58,588    3,908,991 
HealthEquity, Inc. (a)   62,071    4,115,307 
Medpace Holdings, Inc. (a)   24,597    7,539,719 
Radnet, Inc. (a)   59,788    2,078,829 
Surgery Partners, Inc. (a) (b)   205,266    6,566,459 
         34,450,375 
Pharmaceuticals — 1.3%          
Ascendis Pharma AS ADR (a)   5,933    747,261 
BellRing Brands, Inc. (a)   83,434    4,624,747 
Merus NV (a) (b)   32,112    883,080 
Morphic Holding, Inc. (a)   35,864    1,035,752 
Revance Therapeutics, Inc. (a)   29,434    258,725 
Vaxcyte, Inc. (a)   34,950    2,194,860 
Verona Pharma PLC ADR (a) (b)   67,058    1,333,113 
         11,077,538 
         194,578,356 
Energy — 5.4%          
Energy – Alternate Sources — 0.6%          
Maxeon Solar Technologies Ltd. (a) (b)   64,235    460,565 
Shoals Technologies Group, Inc. Class A (a)   323,055    5,020,274 
         5,480,839 
Oil & Gas — 4.3%          
Chord Energy Corp.   37,587    6,248,087 
Gulfport Energy Corp. (a)   19,958    2,658,406 
Magnolia Oil & Gas Corp. Class A   113,318    2,412,540 
Matador Resources Co.   55,243    3,141,117 
Northern Oil & Gas, Inc.   88,758    3,290,259 
Seadrill Ltd. (a)   103,641    4,900,147 
Sitio Royalties Corp. Class A (b)   105,359    2,476,990 
Viper Energy, Inc. (a)   226,163    7,096,995 
Weatherford International PLC (a)   37,092    3,628,710 
         35,853,251 
Oil & Gas Services — 0.5%          
Aris Water Solutions, Inc. Class A   86,308    724,124 
TechnipFMC PLC   168,505    3,393,691 
         4,117,815 
         45,451,905 

 

 

 

 

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

 

   Number of
Shares		   Value 
Financial — 13.0%          
Banks — 2.8%          
Ameris Bancorp   59,636   $3,163,690 
Cadence Bank   199,822    5,912,733 
First Interstate BancSystem, Inc. Class A   97,409    2,995,327 
Hancock Whitney Corp.   64,297    3,124,191 
National Bank Holdings Corp. Class A   82,724    3,076,505 
Seacoast Banking Corp. of Florida   109,530    3,117,224 
UMB Financial Corp.   29,498    2,464,558 
         23,854,228 
Diversified Financial Services — 4.3%          
Air Lease Corp.   77,896    3,266,958 
Cohen & Steers, Inc.   11,249    851,887 
Evercore, Inc. Class A   32,114    5,493,100 
Hamilton Lane, Inc. Class A   79,269    8,992,275 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)   189,120    5,215,930 
Mr Cooper Group, Inc. (a)   24,562    1,599,477 
PJT Partners, Inc. Class A   51,530    5,249,361 
PRA Group, Inc. (a)   117,240    3,071,688 
StepStone Group, Inc. Class A   77,219    2,457,881 
         36,198,557 
Insurance — 2.3%          
Assured Guaranty Ltd.   44,038    3,295,364 
Essent Group Ltd.   34,276    1,807,716 
Kemper Corp.   50,098    2,438,270 
Kinsale Capital Group, Inc.   13,593    4,552,432 
MGIC Investment Corp.   94,704    1,826,840 
Selective Insurance Group, Inc.   24,329    2,420,249 
SiriusPoint Ltd. (a)   235,994    2,737,530 
         19,078,401 
Real Estate — 0.4%          
McGrath RentCorp   23,959    2,865,976 
Real Estate Investment Trusts (REITS) — 3.2%          
Douglas Emmett, Inc.   143,912    2,086,724 
Essential Properties Realty Trust, Inc.   106,000    2,709,360 
National Storage Affiliates Trust   61,069    2,532,531 
Phillips Edison & Co., Inc.   161,383    5,887,252 
PotlatchDeltic Corp.   54,957    2,698,389 
Ryman Hospitality Properties, Inc.   41,061    4,519,174 
Terreno Realty Corp.   65,305    4,092,664 
Xenia Hotels & Resorts, Inc.   185,138    2,521,579 
         27,047,673 
         109,044,835 
Industrial — 19.6%          
Aerospace & Defense — 2.2%          
AAR Corp. (a)   23,869    1,489,426 
Curtiss-Wright Corp.   47,967    10,686,568 
Hexcel Corp.   59,024    4,353,020 

 

 

 

 

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

 

   Number of
Shares		   Value 
Leonardo DRS, Inc. (a)   105,732   $2,118,869 
         18,647,883 
Building Materials — 2.8%          
AAON, Inc.   46,475    3,433,108 
AZEK Co., Inc. (a)   267,752    10,241,514 
Boise Cascade Co.   22,844    2,955,100 
Eagle Materials, Inc.   14,587    2,958,827 
Modine Manufacturing Co. (a)   37,377    2,231,407 
Trex Co., Inc. (a)   20,074    1,661,926 
         23,481,882 
Electrical Components & Equipment — 1.3%          
Acuity Brands, Inc.   10,437    2,137,811 
Novanta, Inc. (a)   41,778    7,035,833 
Universal Display Corp.   7,585    1,450,707 
         10,624,351 
Electronics — 0.9%          
Badger Meter, Inc.   18,199    2,809,380 
Celestica, Inc. (a)   95,189    2,787,134 
NEXTracker, Inc. Class A (a) (b)   48,252    2,260,606 
         7,857,120 
Engineering & Construction — 3.4%          
Comfort Systems USA, Inc.   54,392    11,186,803 
EMCOR Group, Inc.   15,096    3,252,131 
Fluor Corp. (a)   242,483    9,498,059 
TopBuild Corp. (a)   12,726    4,762,833 
         28,699,826 
Environmental Controls — 1.7%          
Casella Waste Systems, Inc. Class A (a)   83,687    7,151,891 
Clean Harbors, Inc. (a)   42,503    7,417,198 
         14,569,089 
Hand & Machine Tools — 0.2%          
Kennametal, Inc. (b)   69,105    1,782,218 
Machinery – Construction & Mining — 0.3%          
Vertiv Holdings Co. Class A   52,153    2,504,909 
Machinery – Diversified — 3.7%          
Albany International Corp. Class A   20,209    1,984,928 
Applied Industrial Technologies, Inc.   60,896    10,516,130 
Cactus, Inc. Class A   76,099    3,454,895 
Esab Corp.   38,416    3,327,594 
Flowserve Corp.   77,030    3,175,177 
Middleby Corp. (a)   16,488    2,426,539 
Zurn Elkay Water Solutions Corp. Class C (b)   215,096    6,325,973 
         31,211,236 

 

 

 

 

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

 

   Number of
Shares		   Value 
Metal Fabricate & Hardware — 0.3%          
Helios Technologies, Inc.   50,948   $2,310,492 
Miscellaneous - Manufacturing — 0.4%          
EnPro Industries, Inc.   18,035    2,826,806 
Packaging & Containers — 0.3%          
Graphic Packaging Holding Co.   108,482    2,674,081 
Transportation — 1.8%          
Kirby Corp. (a)   35,988    2,824,338 
RXO, Inc. (a)   107,039    2,489,727 
Ryder System, Inc.   22,604    2,600,816 
Saia, Inc. (a)   16,854    7,385,760 
         15,300,641 
Trucking & Leasing — 0.3%          
GATX Corp.   19,067    2,292,235 
         164,782,769 
Technology — 19.2%          
Computers — 3.4%          
Crane NXT Co.   25,778    1,465,995 
CyberArk Software Ltd. (a)   40,754    8,927,164 
Endava PLC Sponsored ADR (a)   55,826    4,346,054 
Exlservice Holdings, Inc. (a)   148,458    4,579,929 
Parsons Corp. (a)   59,973    3,760,907 
Rapid7, Inc. (a)   40,479    2,311,351 
Varonis Systems, Inc. (a)   70,890    3,209,899 
         28,601,299 
Semiconductors — 4.5%          
Allegro MicroSystems, Inc. (a)   72,271    2,187,643 
Cirrus Logic, Inc. (a)   15,479    1,287,698 
FormFactor, Inc. (a)   59,257    2,471,609 
Lattice Semiconductor Corp. (a)   49,771    3,433,701 
MACOM Technology Solutions Holdings, Inc. (a)   51,554    4,791,944 
MKS Instruments, Inc.   19,547    2,010,800 
Onto Innovation, Inc. (a)   25,297    3,867,911 
Power Integrations, Inc.   28,726    2,358,692 
Rambus, Inc. (a)   59,448    4,057,326 
Silicon Laboratories, Inc. (a)   26,061    3,447,089 
SiTime Corp. (a) (b)   15,369    1,876,248 
Synaptics, Inc. (a)   53,899    6,148,798 
         37,939,459 
Software — 11.3%          
Altair Engineering, Inc. Class A (a)   55,081    4,635,066 
Braze, Inc. Class A (a)   77,143    4,098,608 
Clearwater Analytics Holdings, Inc. Class A (a)   100,601    2,015,038 
DoubleVerify Holdings, Inc. (a)   271,748    9,994,891 
Duolingo, Inc. (a)   47,908    10,867,930 
Evolent Health, Inc. Class A (a) (b)   117,225    3,871,942 
Five9, Inc. (a)   42,108    3,313,478 
Freshworks, Inc. Class A (a)   69,219    1,625,954 

 

 

 

 

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

 

   Number of
Shares		   Value 
Gitlab, Inc. Class A (a)   91,178   $5,740,567 
Global-e Online Ltd. (a)   61,049    2,419,372 
Guidewire Software, Inc. (a)   37,216    4,058,033 
Informatica, Inc. Class A (a)   57,377    1,628,933 
Intapp, Inc. (a)   38,185    1,451,794 
Jamf Holding Corp. (a)   279,211    5,042,551 
JFrog Ltd. (a)   72,014    2,492,404 
Manhattan Associates, Inc. (a)   11,832    2,547,666 
PowerSchool Holdings, Inc. Class A (a) (b)   180,304    4,247,962 
Privia Health Group, Inc. (a)   93,387    2,150,703 
RingCentral, Inc. Class A (a)   21,065    715,157 
Sprout Social, Inc. Class A (a) (b)   162,615    9,991,066 
SPS Commerce, Inc. (a)   17,835    3,457,136 
Verra Mobility Corp. (a)   276,422    6,365,999 
Workiva, Inc. (a)   24,314    2,468,600 
         95,200,850 
         161,741,608 
Utilities — 0.7%          
Electric — 0.5%          
Ameresco, Inc. Class A (a) (b)   58,930    1,866,313 
IDACORP, Inc.   23,050    2,266,276 
         4,132,589 
Gas — 0.2%          
ONE Gas, Inc.   30,001    1,911,664 
         6,044,253 
           
TOTAL COMMON STOCK
(Cost $711,182,051)		        829,085,436 
           
TOTAL EQUITIES
(Cost $711,182,051)		        829,085,436 
           
           
MUTUAL FUNDS — 0.7%          
Diversified Financial Services — 0.7%          
iShares Russell 2000 ETF (b)   27,866    5,592,985 
iShares Russell 2000 Growth ETF   3,158    796,511 
         6,389,496 
           
TOTAL MUTUAL FUNDS
(Cost $5,393,847)		        6,389,496 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $716,575,898)		        835,474,932 
           
           
SHORT-TERM INVESTMENTS — 1.4%          
Investment of Cash Collateral from Securities Loaned — 0.5%          
State Street Navigator Securities Lending Government Money Market Portfolio (c)   3,904,167    3,904,167 

 

 

 

 

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

 

   Principal
Amount		   Value 
Repurchase Agreement — 0.9%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $7,324,894   $7,324,894 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,229,061)		        11,229,061 
           
TOTAL INVESTMENTS — 100.8%
(Cost $727,804,959) (e)		        846,703,993 
           
Other Assets/(Liabilities) — (0.8)%        (6,884,249) 
           
NET ASSETS — 100.0%       $839,819,744 

 

Abbreviation Legend

ADR American Depositary Receipt
ETF Exchange-Traded Fund

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $53,651,665 or 6.39% of net assets. The Fund received $50,960,275 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Represents investment of security lending cash collateral. (Note 2).
(d) Maturity value of $7,326,197. Collateralized by U.S. Government Agency obligations with rates ranging from 0.375% - 4.875%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $7,471,526.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.4%          
           
COMMON STOCK — 96.8%          
Australia — 1.1%          
Glencore PLC   438,600   $2,631,266 
Rio Tinto PLC   39,484    2,932,399 
         5,563,665 
Belgium — 1.2%          
Anheuser-Busch InBev SA   35,100    2,267,683 
KBC Group NV   28,450    1,845,975 
Liberty Global Ltd. Class A (a)   94,300    1,675,711 
         5,789,369 
Canada — 3.2%          
Canadian National Railway Co.   34,879    4,381,849 
Intact Financial Corp.   14,362    2,209,605 
Open Text Corp.   69,190    2,907,959 
Suncor Energy, Inc.   78,562    2,516,853 
Toronto-Dominion Bank   53,420    3,451,810 
         15,468,076 
China — 2.3%          
Alibaba Group Holding Ltd.   226,040    2,184,508 
NetEase, Inc.   101,500    1,883,781 
Prosus NV (PRX NA)   116,399    3,470,682 
Tencent Holdings Ltd.   70,300    2,655,987 
Yum China Holdings, Inc. (YUMC US)   31,020    1,316,178 
         11,511,136 
Denmark — 2.3%          
Carlsberg AS Class B   20,050    2,513,059 
DSV AS   11,255    1,979,885 
Novo Nordisk AS Class B   65,631    6,788,532 
         11,281,476 
France — 15.7%          
Accor SA   78,070    2,986,112 
Air Liquide SA   50,785    9,879,274 
BNP Paribas SA   71,631    4,963,093 
Capgemini SE   49,485    10,351,938 
Cie de Saint-Gobain SA   56,771    4,198,005 
Cie Generale des Etablissements Michelin SCA Class A   69,519    2,498,025 
Danone SA   31,600    2,049,617 
Dassault Systemes SE   40,767    1,995,733 
Edenred SE   34,400    2,065,486 
Engie SA   256,274    4,506,361 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
EssilorLuxottica SA   25,578   $5,141,070 
Kering SA   9,755    4,329,084 
L'Oreal SA   3,428    1,704,421 
Legrand SA   28,949    3,015,331 
LVMH Moet Hennessy Louis Vuitton SE   8,977    7,281,471 
Pernod Ricard SA   23,942    4,233,666 
Publicis Groupe SA   19,469    1,810,512 
Valeo SE   127,319    1,968,568 
Worldline SA (a) (b)   120,300    2,089,380 
         77,067,147 
Germany — 14.6%          
adidas AG   10,285    2,091,342 
Allianz SE Registered   12,585    3,361,459 
Bayer AG Registered   159,486    5,920,727 
Bayerische Motoren Werke AG   33,585    3,735,452 
Beiersdorf AG   40,909    6,129,377 
Brenntag SE   24,000    2,203,286 
Continental AG   49,999    4,252,433 
Daimler Truck Holding AG   91,361    3,430,839 
Deutsche Boerse AG   27,974    5,759,469 
Fresenius Medical Care AG   98,421    4,115,628 
Fresenius SE & Co. KGaA   122,100    3,789,829 
Henkel AG & Co. KGaA   24,622    1,766,163 
Mercedes-Benz Group AG Registered   66,873    4,618,519 
Merck KGaA   31,681    5,039,108 
MTU Aero Engines AG   7,923    1,707,664 
SAP SE   60,873    9,363,817 
Siemens AG Registered   15,325    2,874,511 
thyssenkrupp AG   172,517    1,203,773 
         71,363,396 
Hong Kong — 2.5%          
AIA Group Ltd.   634,000    5,506,547 
Prudential PLC   587,818    6,617,149 
         12,123,696 
India — 1.5%          
Axis Bank Ltd.   90,105    1,189,464 
HDFC Bank Ltd.   210,033    4,307,204 
Tata Consultancy Services Ltd.   40,100    1,829,025 
         7,325,693 
Indonesia — 0.0%          
Bank Mandiri Persero Tbk. PT   565,400    221,790 
Ireland — 1.9%          
AIB Group PLC   328,174    1,404,249 
Ryanair Holdings PLC Sponsored ADR (a)   57,916    7,723,678 
         9,127,927 
Israel — 0.6%          
Check Point Software Technologies Ltd. (a)   18,901    2,887,884 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Italy — 2.6%          
Eni SpA   242,658   $4,118,772 
Intesa Sanpaolo SpA   2,892,596    8,443,836 
         12,562,608 
Japan — 10.7%          
Daikin Industries Ltd.   25,400    4,125,969 
Denso Corp.   231,400    3,470,755 
Fujitsu Ltd.   15,700    2,370,162 
Hitachi Ltd.   98,100    7,089,825 
Hoya Corp.   18,600    2,313,266 
Koito Manufacturing Co. Ltd.   11,900    184,880 
Komatsu Ltd.   59,300    1,544,884 
Kose Corp.   24,200    1,808,843 
Kubota Corp.   80,100    1,202,047 
Kyocera Corp.   246,800    3,587,381 
Mitsubishi Electric Corp.   217,700    3,073,180 
Olympus Corp.   202,500    2,922,391 
Recruit Holdings Co. Ltd.   40,600    1,733,348 
Seven & i Holdings Co. Ltd.   67,700    2,681,263 
Shin-Etsu Chemical Co. Ltd.   55,400    2,314,957 
SMC Corp.   6,000    3,208,623 
Sony Group Corp.   49,700    4,709,308 
Terumo Corp.   87,300    2,848,731 
ZOZO, Inc.   61,700    1,386,349 
         52,576,162 
Luxembourg — 0.5%          
Eurofins Scientific SE   39,000    2,551,697 
Netherlands — 3.1%          
Akzo Nobel NV   74,811    6,181,306 
EXOR NV   27,800    2,786,972 
ING Groep NV Series N   310,124    4,642,617 
Randstad NV   22,217    1,392,532 
         15,003,427 
Portugal — 0.5%          
Galp Energia SGPS SA   154,043    2,265,985 
Republic of Korea — 1.3%          
NAVER Corp. (a)   18,670    3,231,232 
Samsung Electronics Co. Ltd.   52,342    3,183,436 
         6,414,668 
Singapore — 0.7%          
DBS Group Holdings Ltd.   146,200    3,693,706 
Spain — 1.2%          
Amadeus IT Group SA   79,777    5,721,610 
Sweden — 1.3%          
Sandvik AB   68,900    1,491,256 
SKF AB Class B   136,100    2,718,970 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Volvo AB Class B   91,500   $2,378,630 
         6,588,856 
Switzerland — 7.4%          
Cie Financiere Richemont SA Registered   54,749    7,551,711 
Julius Baer Group Ltd.   35,498    1,994,636 
Novartis AG Registered   64,641    6,526,771 
Schindler Holding AG   5,475    1,370,192 
Sika AG Registered   8,608    2,812,527 
Sonova Holding AG Registered   8,648    2,827,967 
The Swatch Group AG   7,085    1,931,793 
UBS Group AG Registered   201,059    6,244,645 
Zurich Insurance Group AG   9,260    4,841,202 
         36,101,444 
Taiwan — 0.7%          
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR   34,482    3,586,128 
United Kingdom — 10.8%          
Ashtead Group PLC   30,200    2,092,573 
Bunzl PLC   8,600    349,083 
CNH Industrial NV   490,497    6,009,191 
Compass Group PLC   291,941    7,977,263 
Diageo PLC   104,189    3,783,540 
Informa PLC   108,100    1,073,193 
Lloyds Banking Group PLC   9,673,597    5,857,594 
London Stock Exchange Group PLC   36,372    4,299,671 
Reckitt Benckiser Group PLC   26,400    1,821,329 
RELX PLC   145,877    5,785,524 
Rolls-Royce Holdings PLC (a)   1,004,270    3,824,660 
Schroders PLC   621,664    3,393,324 
Smiths Group PLC   44,156    990,819 
Tesco PLC   728,066    2,693,159 
WPP PLC   305,344    2,902,606 
         52,853,529 
United States — 9.1%          
Experian PLC   143,995    5,868,051 
Holcim AG   24,484    1,922,673 
Linde PLC (LIN US)   11,605    4,766,289 
Nestle SA Registered   84,088    9,732,124 
QIAGEN NV (a)   64,309    2,797,978 
Roche Holding AG   32,836    9,516,928 
Schneider Electric SE   48,976    9,861,324 
         44,465,367 
           
TOTAL COMMON STOCK
(Cost $393,346,866)		        474,116,442 
           
PREFERRED STOCK — 0.6%          
Republic of Korea — 0.6%          
Samsung Electronics Co. Ltd. 2.312%          
   60,200    2,902,954 

 

 

 

 

MassMutual Overseas Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
TOTAL PREFERRED STOCK
(Cost $3,195,160)		       $2,902,954 
           
TOTAL EQUITIES
(Cost $396,542,026)		        477,019,396 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $396,542,026)		        477,019,396 
           
SHORT-TERM INVESTMENTS — 2.1%          
           
   Principal
Amount		    
Repurchase Agreement — 2.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (c)  $10,268,804   10,268,804 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,268,804)		        10,268,804 
           
TOTAL INVESTMENTS — 99.5%
(Cost $406,810,830) (d)		        487,288,200 
           
Other Assets/(Liabilities) — 0.5%        2,602,815 
           
NET ASSETS — 100.0%       $489,891,015 

 

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) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $2,089,380 or 0.43% of net assets.
(c) Maturity value of $10,270,630. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $10,474,340.
(d) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.9%          
           
COMMON STOCK — 97.2%          
Australia — 2.1%          
ANZ Group Holdings Ltd.   111,673   $1,967,420 
BHP Group Ltd. Class DI   199,893    6,839,531 
BHP Group Ltd.   139,737    4,790,261 
Challenger Ltd.   170,735    753,716 
Downer EDI Ltd.   622,182    1,858,110 
IGO Ltd. (a)   249,626    1,531,412 
Macquarie Group Ltd.   18,236    2,272,703 
Pilbara Minerals Ltd. (a)   819,344    2,195,764 
Scentre Group   1,254,420    2,544,148 
South32 Ltd.   1,798,701    4,086,993 
Worley Ltd.   356,414    4,228,366 
         33,068,424 
Austria — 0.6%          
BAWAG Group AG (b)   70,818    3,761,314 
Erste Group Bank AG   74,007    3,002,703 
OMV AG   49,319    2,168,060 
         8,932,077 
Belgium — 0.2%          
KBC Group NV   28,694    1,861,807 
Umicore SA   65,237    1,792,939 
         3,654,746 
Brazil — 2.1%          
B3 SA - Brasil Bolsa Balcao   757,975    2,254,112 
Banco BTG Pactual SA   401,000    3,085,437 
Embraer SA (c)   367,200    1,697,425 
Hypera SA   101,900    736,445 
Klabin SA   629,100    2,875,432 
Localiza Rent a Car SA   261,626    3,411,350 
MercadoLibre, Inc. (c)   3,046    4,786,911 
Multiplan Empreendimentos Imobiliarios SA   627,069    3,641,806 
Raia Drogasil SA   753,867    4,550,222 
Suzano SA   181,127    2,059,653 
Vale SA Sponsored ADR   55,340    877,692 
WEG SA   118,616    921,669 
XP, Inc. Class A   45,600    1,188,792 
         32,086,946 
Canada — 4.2%          
Brookfield Corp.   65,300    2,619,294 

 

 

 

 

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

 

   Number of
Shares		   Value 
Canadian National Railway Co.   37,814   $4,750,573 
Canadian Pacific Kansas City Ltd. (a)   51,438    4,066,688 
Cenovus Energy, Inc.   181,611    3,026,279 
Constellation Software, Inc.   1,942    4,814,908 
Definity Financial Corp.   123,266    3,492,250 
Descartes Systems Group, Inc. (c)   21,884    1,839,569 
Element Fleet Management Corp. (a)   432,275    7,033,583 
Magna International, Inc.   71,276    4,210,986 
National Bank of Canada (a)   124,326    9,476,568 
Shopify, Inc. Class A (c)   43,109    3,358,191 
Sun Life Financial, Inc.   109,766    5,692,706 
Suncor Energy, Inc.   163,566    5,240,086 
TMX Group Ltd.   224,775    5,436,805 
         65,058,486 
Chile — 0.3%          
Antofagasta PLC   125,936    2,693,968 
Banco de Chile   23,653,173    2,778,478 
         5,472,446 
China — 8.9%          
Alibaba Group Holding Ltd.   755,680    7,303,082 
Alibaba Group Holding Ltd. Sponsored ADR   124,813    9,674,256 
Baidu, Inc. Class A (c)   245,950    3,655,138 
Baidu, Inc. Sponsored ADR (c)   15,528    1,849,230 
BeiGene Ltd. ADR (c)   11,985    2,161,615 
Beijing Enterprises Holdings Ltd.   227,000    789,127 
Budweiser Brewing Co. APAC Ltd. (b)   686,200    1,281,114 
Chacha Food Co. Ltd. Class A   139,400    683,448 
China Construction Bank Corp. Class H   4,186,000    2,504,357 
China Oilfield Services Ltd. Class A   1,176,900    2,428,829 
China Overseas Land & Investment Ltd.   348,500    617,482 
China Pacific Insurance Group Co. Ltd. Class A   436,600    1,460,787 
China Resources Gas Group Ltd.   716,000    2,343,905 
China Resources Land Ltd.   438,000    1,580,243 
Focus Media Information Technology Co. Ltd. Class A   2,326,400    2,080,371 
Fosun International Ltd.   1,144,500    671,814 
Fuyao Glass Industry Group Co. Ltd. Class A   943,200    4,970,755 
Hangcha Group Co. Ltd. Class A   206,100    726,128 
Hongfa Technology Co. Ltd. Class A   133,520    519,913 
JD Health International, Inc. (b) (c)   264,450    1,319,510 
Jiumaojiu International Holdings Ltd. (b)   553,000    431,016 
JOYY, Inc. ADR   28,195    1,119,341 
KE Holdings, Inc. ADR   397,111    6,437,169 
Kweichow Moutai Co. Ltd. Class A   12,298    2,987,252 
Li Auto, Inc. ADR (a) (c)   60,030    2,246,923 
Longfor Group Holdings Ltd. (b)   67,901    108,906 
NARI Technology Co. Ltd. Class A   1,496,945    4,721,928 
Nongfu Spring Co. Ltd. Class H (b)   132,600    763,981 
NXP Semiconductor NV   21,929    5,036,653 
PDD Holdings, Inc. ADR (c)   26,043    3,810,351 
Ping An Insurance Group Co. of China Ltd. Class H   146,000    660,424 
Prosus NV (PRX NA)   367,710    10,964,051 
Prosus NV (PRX SJ) (a)   91,858    2,816,492 
Shandong Pharmaceutical Glass Co. Ltd. Class A   318,100    1,147,615 
Shandong Weigao Group Medical Polymer Co. Ltd. Class H   821,600    800,939 
Shenzhen Inovance Technology Co. Ltd. Class A   325,200    2,892,446 

 

 

 

 

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

 

   Number of
Shares		   Value 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A   19,800   $812,521 
Silergy Corp.   231,000    3,760,072 
Tencent Holdings Ltd.   191,900    7,250,127 
Tingyi Cayman Islands Holding Corp.   746,000    915,300 
Tongcheng Travel Holdings Ltd. (b) (c)   1,431,600    2,659,419 
Trip.com Group Ltd. (c)   88,000    3,165,448 
Tsingtao Brewery Co. Ltd. Class H   298,000    1,995,794 
Weichai Power Co. Ltd. Class A   1,465,500    2,827,307 
Wilmar International Ltd.   961,700    2,595,145 
Yangzijiang Shipbuilding Holdings Ltd.   3,056,500    3,446,393 
Yifeng Pharmacy Chain Co. Ltd. Class A   403,282    2,274,883 
Yum China Holdings, Inc. (9987 HK)   12,000    512,326 
Yum China Holdings, Inc. (YUMC US)   151,297    6,419,532 
Zhejiang Dingli Machinery Co. Ltd. Class A   24,700    178,089 
Zhongsheng Group Holdings Ltd.   863,500    2,082,691 
ZTO Express Cayman, Inc. ADR   29,535    628,505 
ZWSOFT Co. Ltd. Guangzhou Class A   41,180    577,221 
         137,667,364 
Denmark — 1.1%          
Coloplast AS Class B   9,061    1,035,929 
Genmab AS (c)   12,879    4,102,365 
Novo Nordisk AS Class B   57,419    5,939,125 
Novo Nordisk AS Sponsored ADR   59,937    6,200,482 
         17,277,901 
Finland — 0.6%          
Mandatum OYJ (c)   151,627    682,548 
Sampo OYJ Class A   155,030    6,784,614 
Stora Enso OYJ Class R   165,855    2,294,243 
         9,761,405 
France — 6.8%          
Air Liquide SA   21,133    4,111,031 
Airbus SE   34,933    5,392,198 
Alstom SA   81,948    1,103,499 
AXA SA   408,227    13,325,700 
BNP Paribas SA   113,433    7,859,426 
Capgemini SE   16,950    3,545,829 
Cie de Saint-Gobain SA   36,410    2,692,385 
Dassault Aviation SA   26,689    5,281,074 
Engie SA   554,532    9,750,976 
EssilorLuxottica SA   13,541    2,721,684 
Forvia SE (c)   65,034    1,477,574 
Kering SA   6,247    2,772,300 
L'Oreal SA   8,893    4,421,649 
Legrand SA   34,391    3,582,170 
LVMH Moet Hennessy Louis Vuitton SE   5,613    4,552,846 
Safran SA   44,622    7,871,514 
Sartorius Stedim Biotech   8,959    2,379,526 
Teleperformance SE   9,606    1,404,042 
Thales SA   22,944    3,393,323 
TotalEnergies SE   244,727    16,623,928 
Ubisoft Entertainment SA (c)   67,172    1,719,183 
         105,981,857 

 

 

 

 

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

 

   Number of
Shares		   Value 
Germany — 6.3%          
BASF SE   75,912   $4,087,721 
Bayer AG Registered   124,809    4,633,384 
Brenntag SE   18,232    1,673,763 
Covestro AG (b) (c)   102,430    5,957,781 
Daimler Truck Holding AG   116,384    4,370,516 
Deutsche Boerse AG   12,925    2,661,083 
Deutsche Post AG Registered   62,488    3,095,390 
Deutsche Telekom AG Registered   423,355    10,166,564 
Evotec SE (c)   180,252    4,234,283 
Fresenius SE & Co. KGaA   133,646    4,148,202 
Heidelberg Materials AG   21,821    1,949,667 
Infineon Technologies AG   28,973    1,208,423 
KION Group AG   66,558    2,842,299 
Mercedes-Benz Group AG Registered   35,169    2,428,913 
Merck KGaA   8,467    1,346,742 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered   16,923    7,007,751 
Puma SE   70,220    3,912,731 
SAP SE   64,114    9,862,365 
Schott Pharma AG & Co. KGaA (c)   39,494    1,465,150 
Siemens AG Registered   94,367    17,700,426 
Siemens Healthineers AG (b)   67,810    3,940,486 
         98,693,640 
Guatemala — 0.1%          
Millicom International Cellular SA SDR (c)   82,454    1,477,685 
Hong Kong — 1.6%          
AIA Group Ltd.   1,674,400    14,542,844 
Hong Kong Exchanges & Clearing Ltd.   66,300    2,268,466 
Hongkong Land Holdings Ltd.   340,500    1,182,979 
Prudential PLC   504,537    5,679,643 
Wharf Real Estate Investment Co. Ltd.   262,000    891,194 
         24,565,126 
Hungary — 0.4%          
OTP Bank Nyrt   126,617    5,766,749 
India — 4.5%          
Ashok Leyland Ltd.   458,958    998,336 
Asian Paints Ltd.   28,093    1,145,251 
Axis Bank Ltd.   497,056    6,561,571 
HDFC Asset Management Co. Ltd. (b)   21,587    830,857 
HDFC Bank Ltd.   485,406    9,954,352 
HDFC Life Insurance Co. Ltd. (b)   507,898    3,941,363 
Hindalco Industries Ltd.   335,046    2,468,120 
Hindustan Unilever Ltd.   26,337    841,159 
ICICI Bank Ltd.   424,399    5,084,706 
ICICI Bank Ltd. Sponsored ADR   94,949    2,263,584 
Infosys Ltd.   146,959    2,720,135 
Jio Financial Services Ltd. (c)   75,436    210,897 
Kotak Mahindra Bank Ltd.   80,556    1,841,823 
Larsen & Toubro Ltd.   125,107    5,286,695 
Maruti Suzuki India Ltd.   5,465    676,055 
NTPC Ltd.   1,645,186    6,124,972 
Petronet LNG Ltd.   454,384    1,215,642 
Reliance Industries Ltd.   199,268    6,188,882 

 

 

 

 

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

 

   Number of
Shares		   Value 
Shree Cement Ltd.   6,621   $2,291,083 
Shriram Finance Ltd.   126,587    3,121,119 
Tata Consultancy Services Ltd.   20,715    944,844 
Tech Mahindra Ltd.   114,420    1,747,297 
Titan Co. Ltd.   13,026    576,595 
Varun Beverages Ltd.   116,916    1,737,189 
Voltas Ltd.   127,355    1,495,097 
         70,267,624 
Indonesia — 0.8%          
Bank Central Asia Tbk. PT   9,013,600    5,497,663 
Bank Mandiri Persero Tbk. PT   1,675,100    657,094 
Bank Rakyat Indonesia Persero Tbk. PT   10,338,364    3,832,871 
Sarana Menara Nusantara Tbk. PT   22,251,500    1,429,691 
Sumber Alfaria Trijaya Tbk. PT   3,531,500    671,736 
         12,089,055 
Ireland — 0.2%          
AerCap Holdings NV (c)   36,576    2,718,328 
Italy — 1.9%          
Amplifon SpA   11,390    395,281 
Banca Mediolanum SpA   251,779    2,372,626 
DiaSorin SpA   26,094    2,690,925 
Enel SpA   628,555    4,678,444 
Ermenegildo Zegna NV   120,889    1,398,686 
Intesa Sanpaolo SpA   587,209    1,714,134 
Leonardo SpA   169,360    2,794,126 
Moncler SpA   41,159    2,538,129 
Prysmian SpA   121,375    5,533,665 
UniCredit SpA   174,712    4,739,539 
         28,855,555 
Japan — 13.9%          
Asahi Group Holdings Ltd.   78,600    2,925,542 
Asahi Kasei Corp.   221,600    1,639,757 
Astellas Pharma, Inc.   526,400    6,311,571 
Calbee, Inc.   106,300    2,136,013 
Central Japan Railway Co.   61,500    1,559,357 
Chugai Pharmaceutical Co. Ltd.   120,000    4,549,929 
CyberAgent, Inc.   189,000    1,182,968 
Daiichi Sankyo Co. Ltd.   108,600    3,006,519 
Daikin Industries Ltd.   12,800    2,079,228 
Denso Corp.   199,900    2,998,288 
Disco Corp.   15,000    3,691,157 
Electric Power Development Co. Ltd. Class C   105,100    1,717,751 
Fujitsu Ltd.   22,300    3,366,536 
Hamamatsu Photonics KK   41,400    1,696,976 
Hikari Tsushin, Inc.   9,200    1,521,227 
Hitachi Ltd.   79,800    5,767,258 
Honda Motor Co. Ltd.   103,200    1,066,775 
Isetan Mitsukoshi Holdings Ltd.   87,200    946,653 
Kao Corp.   62,400    2,564,283 
Keyence Corp.   8,000    3,506,747 
Kirin Holdings Co. Ltd. (a)   87,300    1,278,173 
LY Corp.   1,203,400    4,254,789 

 

 

 

 

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

 

   Number of
Shares		   Value 
MatsukiyoCocokara & Co.   111,200   $1,965,435 
MINEBEA MITSUMI, Inc.   62,200    1,272,525 
Mitsubishi Corp.   154,500    2,460,803 
Mitsubishi Electric Corp.   452,600    6,389,166 
Mitsubishi Estate Co. Ltd.   190,200    2,612,845 
Mitsubishi HC Capital, Inc.   206,900    1,387,411 
Mitsubishi UFJ Financial Group, Inc.   939,800    8,087,634 
Mitsui Fudosan Co. Ltd.   347,500    8,493,511 
Murata Manufacturing Co. Ltd.   276,100    5,830,935 
Nextage Co. Ltd. (a)   91,200    1,670,166 
Nippon Sanso Holdings Corp.   60,800    1,621,358 
Nippon Steel Corp. (a)   84,300    1,926,298 
Nippon Telegraph & Telephone Corp.   11,886,900    14,512,623 
Niterra Co. Ltd.   41,900    994,341 
NTT Data Group Corp.   284,800    4,022,123 
Olympus Corp.   249,600    3,602,117 
Omron Corp.   23,800    1,105,116 
ORIX Corp.   153,500    2,876,096 
Otsuka Holdings Co. Ltd.   82,300    3,080,284 
Outsourcing, Inc. (a) (c)   71,700    881,459 
Panasonic Holdings Corp.   232,700    2,281,618 
Persol Holdings Co. Ltd.   2,517,400    4,306,462 
Recruit Holdings Co. Ltd.   148,900    6,357,033 
Renesas Electronics Corp. (c)   109,200    1,959,813 
Seven & i Holdings Co. Ltd.   186,400    7,382,383 
Shimadzu Corp.   41,500    1,156,426 
SMC Corp.   3,700    1,978,651 
Sompo Holdings, Inc.   52,300    2,553,819 
Sony Group Corp.   79,400    7,523,521 
Stanley Electric Co. Ltd.   191,600    3,585,512 
SUMCO Corp. (a)   98,700    1,474,440 
Sumitomo Corp.   237,700    5,184,812 
Sumitomo Metal Mining Co. Ltd.   53,200    1,596,217 
Sumitomo Mitsui Trust Holdings, Inc.   66,600    1,277,232 
Suzuki Motor Corp.   47,500    2,044,624 
Taiheiyo Cement Corp.   70,400    1,447,709 
Takeda Pharmaceutical Co. Ltd.   65,100    1,868,849 
TechnoPro Holdings, Inc.   78,700    2,062,842 
THK Co. Ltd. (a)   51,000    996,616 
Tokio Marine Holdings, Inc.   155,500    3,882,119 
Tokyo Electron Ltd.   39,300    6,985,599 
Tosoh Corp.   21,300    271,465 
Toyota Motor Corp.   656,000    12,042,047 
Welcia Holdings Co. Ltd.   39,700    693,476 
         215,473,028 
Luxembourg — 0.2%          
ArcelorMittal SA   79,585    2,256,980 
Eurofins Scientific SE   4,637    303,390 
         2,560,370 
Macau — 0.3%          
Galaxy Entertainment Group Ltd.   770,000    4,303,721 
Malaysia — 0.3%          
CIMB Group Holdings Bhd.   3,213,096    4,089,234 

 

 

 

 

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

 

   Number of
Shares		   Value 
Mexico — 0.9%          
Becle SAB de CV (a)   130,300   $255,137 
Fresnillo PLC   196,011    1,480,594 
Gruma SAB de CV Class B   163,725    2,996,145 
Grupo Aeroportuario del Pacifico SAB de CV ADR (a)   8,551    1,498,306 
Grupo Financiero Banorte SAB de CV Class O   96,912    976,482 
Grupo Mexico SAB de CV Series B   862,988    4,796,467 
Wal-Mart de Mexico SAB de CV   628,655    2,642,935 
         14,646,066 
Netherlands — 4.8%          
Adyen NV (b) (c)   2,347    3,025,556 
Akzo Nobel NV   103,520    8,553,405 
ASML Holding NV   31,020    23,420,508 
ASR Nederland NV   36,616    1,731,415 
Euronext NV (b)   17,820    1,547,347 
Heineken NV   109,260    11,116,673 
ING Groep NV Series N   928,758    13,903,689 
Koninklijke Philips NV (c)   302,956    7,075,283 
Shell PLC ADR   59,291    3,901,348 
         74,275,224 
Norway — 0.9%          
DNB Bank ASA   251,064    5,333,774 
Equinor ASA   188,437    5,969,611 
Storebrand ASA   281,044    2,489,075 
         13,792,460 
Peru — 0.0%          
Credicorp Ltd.   4,639    695,525 
Philippines — 0.3%          
BDO Unibank, Inc.   461,454    1,086,308 
Jollibee Foods Corp.   222,320    1,008,799 
SM Investments Corp.   158,260    2,491,438 
Universal Robina Corp.   104,980    224,101 
         4,810,646 
Poland — 0.1%          
Powszechny Zaklad Ubezpieczen SA   194,354    2,334,574 
Portugal — 0.7%          
Banco Comercial Portugues SA Class R (c)   4,043,426    1,224,962 
Galp Energia SGPS SA   413,546    6,083,296 
Jeronimo Martins SGPS SA   137,869    3,505,521 
         10,813,779 
Republic of Korea — 4.0%          
CJ CheilJedang Corp.   6,436    1,617,045 
HL Mando Co. Ltd.   16,262    495,015 
Hyundai Motor Co.   18,369    2,894,506 
KT Corp. (c)   66,174    1,764,467 
KT Corp. Sponsored ADR (c)   155,074    2,084,195 
LG Chem Ltd.   10,212    3,933,423 
Lotte Chemical Corp.   21,798    2,587,637 

 

 

 

 

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

 

   Number of
Shares		   Value 
NAVER Corp. (c)   24,455   $4,232,447 
Samsung Electronics Co. Ltd.   633,905    38,554,048 
SK Hynix, Inc.   43,677    4,768,881 
         62,931,664 
Russia — 0.0%          
Gazprom PJSC (c) (d) (e)   496,602    — 
Novatek PJSC (d) (e)   73,140    — 
TCS Group Holding, PLC GDR (b) (c) (d) (e)   10,848    — 
         — 
Saudi Arabia — 1.1%          
Al Rajhi Bank   62,361    1,445,899 
Arabian Internet & Communications Services Co.   4,391    405,275 
Nahdi Medical Co.   20,581    751,911 
Saudi Awwal Bank   327,528    3,281,505 
Saudi Basic Industries Corp.   151,624    3,367,687 
Saudi National Bank   770,606    7,944,375 
         17,196,652 
Singapore — 0.8%          
DBS Group Holdings Ltd.   85,900    2,170,242 
Jardine Cycle & Carriage Ltd.   60,800    1,367,003 
Sea Ltd. ADR (c)   44,572    1,805,166 
United Overseas Bank Ltd.   312,200    6,719,302 
         12,061,713 
South Africa — 0.8%          
Bid Corp. Ltd.   30,943    722,033 
Capitec Bank Holdings Ltd.   28,968    3,200,225 
Clicks Group Ltd.   93,444    1,664,627 
FirstRand Ltd.   734,642    2,948,960 
Foschini Group Ltd.   172,930    1,048,384 
Kumba Iron Ore Ltd.   61,920    2,082,446 
Woolworths Holdings Ltd.   181,789    717,982 
         12,384,657 
Spain — 0.7%          
Amadeus IT Group SA   83,471    5,986,544 
Fluidra SA   73,153    1,525,374 
Iberdrola SA   319,612    4,179,921 
         11,691,839 
Sweden — 2.1%          
Assa Abloy AB Class B   114,161    3,288,911 
Autoliv, Inc. SDR   24,980    2,737,454 
Boliden AB   55,183    1,721,599 
Elekta AB Class B   193,590    1,580,378 
Essity AB Class B   178,065    4,412,670 
Hexagon AB Class B   191,482    2,306,994 
Sandvik AB   126,523    2,738,436 
Svenska Handelsbanken AB Class A   309,181    3,355,763 
Swedbank AB Class A   203,637    4,114,422 

 

 

 

 

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

 

   Number of
Shares		   Value 
Telefonaktiebolaget LM Ericsson Class B   943,399   $5,961,860 
         32,218,487 
Switzerland — 3.5%          
ABB Ltd. Registered   117,324    5,213,772 
Alcon, Inc.   93,748    7,343,896 
Barry Callebaut AG Registered   1,047    1,769,452 
Cie Financiere Richemont SA Registered   7,131    983,603 
DSM-Firmenich AG   12,935    1,316,995 
Julius Baer Group Ltd.   115,640    6,497,823 
Novartis AG Registered   107,434    10,847,559 
Partners Group Holding AG   2,773    4,009,135 
Sandoz Group AG (c)   72,195    2,328,881 
Sonova Holding AG Registered   1,805    590,250 
UBS Group AG Registered   144,986    4,503,086 
Zurich Insurance Group AG   15,785    8,252,525 
         53,656,977 
Taiwan — 3.7%          
ASE Technology Holding Co. Ltd.   962,000    4,218,895 
Bizlink Holding, Inc.   213,308    1,852,492 
Chailease Holding Co. Ltd.   183,720    1,152,974 
Hon Hai Precision Industry Co. Ltd.   1,175,000    3,996,542 
Largan Precision Co. Ltd.   11,000    1,025,966 
MediaTek, Inc.   187,000    6,158,970 
Taiwan Semiconductor Manufacturing Co. Ltd.   2,006,000    38,606,439 
         57,012,278 
Thailand — 0.4%          
Bangkok Dusit Medical Services PCL Class F   1,039,800    845,366 
Bangkok Dusit Medical Services PCL NVDR   877,900    713,740 
Bumrungrad Hospital PCL   163,700    1,064,011 
CP ALL PCL   863,000    1,415,894 
SCB X PCL   744,900    2,311,488 
Siam Cement PCL Registered   67,500    604,508 
         6,955,007 
United Arab Emirates — 0.1%          
First Abu Dhabi Bank PJSC   407,318    1,549,106 
United Kingdom — 9.0%          
Ashtead Group PLC   84,930    5,884,840 
AstraZeneca PLC Sponsored ADR   315,191    21,228,114 
Barclays PLC   1,028,632    2,003,545 
BP PLC   755,926    4,467,158 
Bridgepoint Group PLC (b)   760,323    2,693,554 
British American Tobacco PLC   54,576    1,592,651 
BT Group PLC   1,301,977    2,045,165 
Bunzl PLC   54,819    2,225,160 
CK Hutchison Holdings Ltd.   288,500    1,552,812 
Compass Group PLC   165,858    4,532,056 
DCC PLC   30,118    2,210,033 
Diageo PLC   96,971    3,521,424 
Dowlais Group PLC   494,221    671,059 
Dr Martens PLC   36,494    41,145 
Great Portland Estates PLC   350,507    1,872,834 

 

 

 

 

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

 

   Number of
Shares		   Value 
Hiscox Ltd.   52,956   $710,301 
HSBC Holdings PLC   659,106    5,323,657 
Imperial Brands PLC   187,083    4,299,136 
Informa PLC   220,127    2,185,373 
Investec PLC   185,662    1,253,370 
Johnson Matthey PLC   76,767    1,659,427 
Kingfisher PLC   1,055,364    3,266,183 
Lloyds Banking Group PLC   8,378,801    5,073,564 
London Stock Exchange Group PLC   32,062    3,790,170 
Melrose Industries PLC   439,562    3,175,849 
National Grid PLC   259,300    3,501,155 
Next PLC   44,877    4,632,687 
Pearson PLC   149,466    1,835,281 
Persimmon PLC   96,808    1,707,451 
Rolls-Royce Holdings PLC (c)   1,859,720    7,082,555 
Smith & Nephew PLC   319,594    4,375,065 
Smiths Group PLC   94,205    2,113,871 
Standard Chartered PLC   161,983    1,370,208 
Taylor Wimpey PLC   1,036,387    1,937,417 
Unilever PLC (ULVR LN)   279,769    13,536,318 
Unilever PLC (UNA NA)   55,899    2,706,669 
Vodafone Group PLC Sponsored ADR   181,194    1,576,388 
WPP PLC   625,732    5,948,221 
         139,601,866 
United States — 5.9%          
Amcor PLC CDI   219,968    2,126,350 
Broadcom, Inc.   5,726    6,391,647 
BRP, Inc.   18,731    1,340,382 
Canva, Inc. (Acquired 8/16/21-11/04/21, Cost $652,842) (c) (d) (e) (f)   383    408,531 
Experian PLC   58,225    2,372,772 
Globant SA (c)   5,558    1,322,693 
GSK PLC Sponsored ADR   174,496    6,466,822 
Holcim AG   33,196    2,606,807 
Las Vegas Sands Corp.   53,018    2,609,016 
Linde PLC   6,663    2,711,818 
Mastercard, Inc. Class A   6,937    2,958,700 
Nestle SA Registered   166,868    19,312,864 
Roche Holding AG   47,371    13,729,638 
Samsonite International SA (b) (c)   428,400    1,409,842 
Sanofi SA   134,512    13,335,708 
Signify NV (b)   60,301    2,020,066 
Stellantis NV   140,488    3,293,405 
Tenaris SA   170,661    2,967,344 
Waste Connections, Inc.   24,580    3,669,057 
         91,053,462 
           
TOTAL COMMON STOCK
(Cost $1,328,579,409)		        1,509,503,749 
           
PREFERRED STOCK — 0.7%          
Brazil — 0.2%          
Banco Bradesco SA 9.929%          
   744,100    2,590,972 

 

 

 

 

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

 

   Number of
Shares		   Value 
Germany — 0.5%          
Dr Ing hc F Porsche AG 1.262%          
(b)   27,038   $2,384,376 
Sartorius AG 0.434%          
   7,760    2,855,060 
Volkswagen AG 7.837%          
   18,910    2,334,197 
         7,573,633 
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 $10,117,431)		        10,189,138 
           
TOTAL EQUITIES
(Cost $1,338,696,840)		        1,519,692,887 
           
           
WARRANTS — 0.0%          
Canada — 0.0%          
Constellation Software Inc. (a) (c) (d) (e)   1,982    — 
           
TOTAL WARRANTS
(Cost $0)		        — 
           
           
RIGHTS — 0.0%          
Brazil — 0.0%          
Localiza Rent a Car SA (c)   938    3,862 
Russia — 0.0%          
Moscow Exchange MICEX-Rates PJSC (MOEX RM) (c) (d) (e)   1,181,630    — 
Moscow Exchange MICEX-Rates PJSC (MOEX RU) (c) (d) (e)   83,990    — 
         — 
           
TOTAL RIGHTS
(Cost $2,619,126)		        3,862 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,341,315,966)		        1,519,696,749 
           
           
SHORT-TERM INVESTMENTS — 2.1%          
Investment of Cash Collateral from Securities Loaned — 0.3%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   5,216,401    5,216,401 
Mutual Fund — 1.8%          
T. Rowe Price Government Reserve Investment Fund   28,148,069    28,148,069 
           
   Principal
Amount		    
Repurchase Agreement — 0.0%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (h)  $598,890   598,890 

 

 

 

 

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

 

   Principal
Amount		   Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $33,963,360)		       $33,963,360 
           
TOTAL INVESTMENTS — 100.0%
(Cost $1,375,279,326) (i)		        1,553,660,109 
           
Other Assets/(Liabilities) — (0.0)%        (51,237) 
           
NET ASSETS — 100.0%       $1,553,608,872 

 

Abbreviation Legend

ADR American Depositary Receipt
GDR Global Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $25,579,481 or 1.65% of net assets. The Fund received $21,602,061 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $38,076,488 or 2.45% of net assets.
(c) Non-income producing security.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $433,064 or 0.03% of net assets.
(e) Investment is valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted to resale. At December 31, 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) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $598,996. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $610,937.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

OTC Options Written
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation (Depreciation) 
Call       
PARTNERS GROUP HOLDING AG  Goldman Sachs International   1/19/24    1,200.00    15   CHF   1,800,000   $(7,246)   $(2,092)   $(5,154)
Adyen NV  JP Morgan Chase Bank N.A.   1/19/24    1,200.00    15   EUR   1,800,000    (2,899)    (5,402)    2,503
Adyen NV  JP Morgan Chase Bank N.A.   1/19/24    1,300.00    14   EUR   1,820,000    (356)    (2,748)    2,392
Daimler Truck Holding AG  Morgan Stanley & Co. LLC   1/19/24    34.00    53   EUR   180,200    —    (1,144)    1,144
AKZO NOBEL NV  Morgan Stanley & Co. LLC   1/19/24    74.00    24   EUR   177,600    (4,885)    (3,059)    (1,826)
CAPGEMINI SE  Morgan Stanley & Co. LLC   1/19/24    200.00    9   EUR   180,000    (436)    (2,419)    1,983
CAPGEMINI SE  Morgan Stanley & Co. LLC   1/19/24    205.00    8   EUR   164,000    (113)    (1,166)    1,053
Daimler Truck Holding AG  Morgan Stanley & Co. LLC   2/16/24    35.00    50   EUR   175,000    (3,506)    (3,733)    227
AKZO NOBEL NV  Morgan Stanley & Co. LLC   2/16/24    76.00    24   EUR   182,400    (5,342)    (5,140)    (202) 
                             $(24,783)   $(26,903)   $2,120

 

Currency Legend

CHF Swiss Franc
EUR Euro

 

 

 

 

MassMutual 20/80 Allocation Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 20.8%          
DFA Commodity Strategy Portfolio   182,129   $792,260 
Invesco Real Estate Fund, Class R6   44,119    759,721 
MassMutual Blue Chip Growth Fund, Class I (a)   167,723    3,330,971 
MassMutual Diversified Value Fund, Class I (a)   191,633    2,194,199 
MassMutual Equity Opportunities Fund, Class I (a)   284,565    4,880,296 
MassMutual Fundamental Value Fund, Class I (a)   233,555    1,971,206 
MassMutual Growth Opportunities Fund, Class I (a)   154,266    950,282 
MassMutual International Equity Fund, Class I (a)   158,216    1,329,014 
MassMutual Mid Cap Growth Fund, Class I (a)   54,559    1,080,275 
MassMutual Mid Cap Value Fund, Class I (a)   92,795    1,069,004 
MassMutual Overseas Fund, Class I (a)   310,910    2,695,591 
MassMutual Small Cap Growth Equity Fund, Class I (a)   20,143    294,894 
MassMutual Small Cap Value Equity Fund, Class I (a)   69,293    586,216 
MassMutual Strategic Emerging Markets Fund, Class I (a)   51,360    514,118 
MM Equity Asset Fund, Class I (a)   1,215,978    8,815,841 
Vanguard Developed Markets Index Fund, Admiral Shares   182,414    2,809,181 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   15,594    532,848 
Vanguard Mid-Cap Index Fund, Admiral Shares   5,145    1,482,012 
Vanguard Small-Cap Index Fund, Admiral Shares   5,916    604,570 
         36,692,499 
Fixed Income Funds — 79.2%          
Invesco International Bond Fund, Class R6   1,580,368    7,016,833 
MassMutual Core Bond Fund, Class I (a)   3,212,164    29,070,082 
MassMutual Global Floating Rate Fund, Class I (a)   23,051    203,079 
MassMutual High Yield Fund, Class I (a)   61,475    485,040 
MassMutual Inflation-Protected and Income Fund, Class I (a)   73,690    686,787 
MassMutual Short-Duration Bond Fund, Class I (a)   1,195,928    10,619,844 
MassMutual Strategic Bond Fund, Class I (a)   4,061,005    35,411,962 
MassMutual Total Return Bond Fund, Class I (a)   4,801,575    40,861,399 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   155,031    3,215,344 
Vanguard Total Bond Market Index Fund, Institutional Shares   1,211,700    11,765,604 
         139,335,974 
           
TOTAL MUTUAL FUNDS
(Cost $191,066,450)		        176,028,473 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $191,066,450)		        176,028,473 
           
TOTAL INVESTMENTS — 100.0%
(Cost $191,066,450) (b)		        176,028,473 
           
Other Assets/(Liabilities) — (0.0)%        (10,409) 
           
NET ASSETS — 100.0%       $176,018,064 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

 

MassMutual 40/60 Allocation Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 41.1%          
DFA Commodity Strategy Portfolio   184,297   $801,693 
Invesco Real Estate Fund, Class R6   88,591    1,525,530 
MassMutual Blue Chip Growth Fund, Class I (a)   339,433    6,741,131 
MassMutual Diversified Value Fund, Class I (a)   386,627    4,426,876 
MassMutual Equity Opportunities Fund, Class I (a)   573,918    9,842,693 
MassMutual Fundamental Value Fund, Class I (a)   470,483    3,970,877 
MassMutual Growth Opportunities Fund, Class I (a)   305,988    1,884,883 
MassMutual International Equity Fund, Class I (a)   317,500    2,667,001 
MassMutual Mid Cap Growth Fund, Class I (a)   109,543    2,168,947 
MassMutual Mid Cap Value Fund, Class I (a)   186,795    2,151,883 
MassMutual Overseas Fund, Class I (a)   630,014    5,462,221 
MassMutual Small Cap Growth Equity Fund, Class I (a)   40,544    593,565 
MassMutual Small Cap Value Equity Fund, Class I (a)   139,166    1,177,341 
MassMutual Strategic Emerging Markets Fund, Class I (a)   104,166    1,042,700 
MM Equity Asset Fund, Class I (a)   2,465,746    17,876,657 
Vanguard Developed Markets Index Fund, Institutional Shares   368,709    5,689,180 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   31,544    1,077,860 
Vanguard Mid-Cap Index Fund, Admiral Shares   10,404    2,997,004 
Vanguard Small-Cap Index Fund, Admiral Shares   11,965    1,222,682 
         73,320,724 
Fixed Income Funds — 59.0%          
Invesco International Bond Fund, Class R6   1,196,373    5,311,894 
MassMutual Core Bond Fund, Class I (a)   2,421,533    21,914,875 
MassMutual Global Floating Rate Fund, Class I (a)   17,445    153,691 
MassMutual High Yield Fund, Class I (a)   46,442    366,429 
MassMutual Inflation-Protected and Income Fund, Class I (a)   55,974    521,681 
MassMutual Short-Duration Bond Fund, Class I (a)   900,898    7,999,977 
MassMutual Strategic Bond Fund, Class I (a)   3,062,998    26,709,344 
MassMutual Total Return Bond Fund, Class I (a)   3,621,474    30,818,742 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   128,814    2,671,594 
Vanguard Total Bond Market Index Fund, Institutional Shares   913,548    8,870,548 
         105,338,775 
           
TOTAL MUTUAL FUNDS
(Cost $194,286,083)		        178,659,499 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $194,286,083)		        178,659,499 
           
TOTAL INVESTMENTS — 100.1%
(Cost $194,286,083) (b)		        178,659,499 
           
Other Assets/(Liabilities) — (0.1)%        (118,718) 
           
NET ASSETS — 100.0%       $178,540,781 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

 

MassMutual 60/40 Allocation Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 61.1%          
DFA Commodity Strategy Portfolio   172,036   $748,358 
Invesco Real Estate Fund, Class R6   123,317    2,123,515 
MassMutual Blue Chip Growth Fund, Class I (a)   467,723    9,288,980 
MassMutual Diversified Value Fund, Class I (a)   535,584    6,132,440 
MassMutual Equity Opportunities Fund, Class I (a)   794,897    13,632,481 
MassMutual Fundamental Value Fund, Class I (a)   648,562    5,473,860 
MassMutual Growth Opportunities Fund, Class I (a)   426,489    2,627,175 
MassMutual International Equity Fund, Class I (a)   439,207    3,689,337 
MassMutual Mid Cap Growth Fund, Class I (a)   152,798    3,025,397 
MassMutual Mid Cap Value Fund, Class I (a)   258,797    2,981,337 
MassMutual Overseas Fund, Class I (a)   859,789    7,454,366 
MassMutual Small Cap Growth Equity Fund, Class I (a)   56,250    823,504 
MassMutual Small Cap Value Equity Fund, Class I (a)   193,045    1,633,158 
MassMutual Strategic Emerging Markets Fund, Class I (a)   142,077    1,422,188 
MM Equity Asset Fund, Class I (a)   3,396,673    24,625,882 
Vanguard Developed Markets Index Fund, Institutional Shares   516,596    7,971,083 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   44,216    1,510,853 
Vanguard Mid-Cap Index Fund, Admiral Shares   14,576    4,199,034 
Vanguard Small-Cap Index Fund, Admiral Shares   16,766    1,713,285 
         101,076,233 
Fixed Income Funds — 39.0%          
Invesco International Bond Fund, Class R6   736,214    3,268,790 
MassMutual Core Bond Fund, Class I (a)   1,470,703    13,309,863 
MassMutual Global Floating Rate Fund, Class I (a)   10,820    95,323 
MassMutual High Yield Fund, Class I (a)   28,450    224,471 
MassMutual Inflation-Protected and Income Fund, Class I (a)   35,195    328,022 
MassMutual Short-Duration Bond Fund, Class I (a)   554,824    4,926,834 
MassMutual Strategic Bond Fund, Class I (a)   1,859,011    16,210,572 
MassMutual Total Return Bond Fund, Class I (a)   2,197,285    18,698,895 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   94,455    1,958,998 
Vanguard Total Bond Market Index Fund, Institutional Shares   563,004    5,466,770 
         64,488,538 
           
TOTAL MUTUAL FUNDS
(Cost $174,641,099)		        165,564,771 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $174,641,099)		        165,564,771 
           
TOTAL INVESTMENTS — 100.1%
(Cost $174,641,099) (b)		        165,564,771 
           
Other Assets/(Liabilities) — (0.1)%        (83,750) 
           
NET ASSETS — 100.0%       $165,481,021 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual 80/20 Allocation Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 80.9%          
DFA Commodity Strategy Portfolio   130,544   $567,866 
Invesco Real Estate Fund, Class R6   124,510    2,144,060 
MassMutual Blue Chip Growth Fund, Class I (a)   472,610    9,386,040 
MassMutual Diversified Value Fund, Class I (a)   544,872    6,238,784 
MassMutual Equity Opportunities Fund, Class I (a)   808,561    13,866,828 
MassMutual Fundamental Value Fund, Class I (a)   655,231    5,530,146 
MassMutual Growth Opportunities Fund, Class I (a)   430,121    2,649,545 
MassMutual International Equity Fund, Class I (a)   445,175    3,739,470 
MassMutual Mid Cap Growth Fund, Class I (a)   154,380    3,056,727 
MassMutual Mid Cap Value Fund, Class I (a)   262,692    3,026,215 
MassMutual Overseas Fund, Class I (a)   870,921    7,550,886 
MassMutual Small Cap Growth Equity Fund, Class I (a)   56,834    832,055 
MassMutual Small Cap Value Equity Fund, Class I (a)   195,112    1,650,650 
MassMutual Strategic Emerging Markets Fund, Class I (a)   144,201    1,443,455 
MM Equity Asset Fund, Class I (a)   3,435,864    24,910,013 
Vanguard Developed Markets Index Fund, Institutional Shares   523,303    8,074,573 
Vanguard Emerging Markets Stock Index Fund, Admiral Shares   44,780    1,530,133 
Vanguard Mid-Cap Index Fund, Admiral Shares   14,764    4,252,974 
Vanguard Small-Cap Index Fund, Admiral Shares   16,981    1,735,316 
         102,185,736 
Fixed Income Funds — 19.1%          
Invesco International Bond Fund, Class R6   281,163    1,248,365 
MassMutual Core Bond Fund, Class I (a)   541,829    4,903,549 
MassMutual Global Floating Rate Fund, Class I (a)   7,027    61,907 
MassMutual High Yield Fund, Class I (a)   7,961    62,810 
MassMutual Inflation-Protected and Income Fund, Class I (a)   13,226    123,266 
MassMutual Short-Duration Bond Fund, Class I (a)   208,166    1,848,518 
MassMutual Strategic Bond Fund, Class I (a)   684,681    5,970,419 
MassMutual Total Return Bond Fund, Class I (a)   810,352    6,896,100 
Vanguard Long-Term Treasury Index Fund, Admiral Shares   52,240    1,083,452 
Vanguard Total Bond Market Index Fund, Admiral Shares   207,304    2,012,919 
         24,211,305 
           
TOTAL MUTUAL FUNDS
(Cost $129,953,701)		        126,397,041 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $129,953,701)		        126,397,041 
           
TOTAL INVESTMENTS — 100.0%
(Cost $129,953,701) (b)		        126,397,041 
           
Other Assets/(Liabilities) — (0.0)%        (47,243) 
           
NET ASSETS — 100.0%       $126,349,798 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan In Retirement Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 38.2%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   32,892   $510,158 
JPMorgan Large Cap Value Fund, Class R6   54,517    1,030,918 
MassMutual Blue Chip Growth Fund, Class I (a)   74,006    1,469,757 
MassMutual Diversified Value Fund, Class I (a)   75,620    865,845 
MassMutual Equity Opportunities Fund, Class I (a)   131,944    2,262,835 
MassMutual Fundamental Value Fund, Class I (a)   134,860    1,138,217 
MassMutual Growth Opportunities Fund, Class I (a)   75,859    467,294 
MassMutual International Equity Fund, Class I (a)   184,651    1,551,069 
MassMutual Mid Cap Growth Fund, Class I (a)   40,392    799,761 
MassMutual Mid Cap Value Fund, Class I (a)   66,353    764,389 
MassMutual Overseas Fund, Class I (a)   317,825    2,755,542 
MassMutual Small Cap Growth Equity Fund, Class I (a)   40,897    598,732 
MassMutual Small Cap Value Equity Fund, Class I (a)   93,400    790,163 
MassMutual Strategic Emerging Markets Fund, Class I (a)   93,049    931,420 
MM Equity Asset Fund, Class I (a)   996,534    7,224,872 
Vanguard Developed Markets Index Fund, Admiral Shares   243,304    3,746,883 
Vanguard Mid-Cap Index Fund, Admiral Shares   2,431    700,372 
Vanguard Real Estate Index Fund, Admiral Shares   5,545    693,937 
Vanguard Small-Cap Index Fund, Admiral Shares   6,017    614,836 
         28,917,000 
Fixed Income Funds — 61.9%          
JPMorgan Emerging Markets Debt Fund, Class R6   6,272    38,574 
JPMorgan U.S. Government Money Market Fund, Class IM   5,824,141    5,824,141 
MassMutual Core Bond Fund, Class I (a)   1,869,302    16,917,188 
MassMutual Global Floating Rate Fund, Class I (a)   4,217    37,155 
MassMutual High Yield Fund, Class I (a)   691,077    5,452,594 
MassMutual Inflation-Protected and Income Fund, Class I (a)   295,265    2,751,872 
MassMutual Strategic Bond Fund, Class I (a)   666,360    5,810,660 
MassMutual Total Return Bond Fund, Class I (a)   672,750    5,725,102 
Vanguard Total Bond Market Index Fund, Institutional Shares   451,089    4,380,074 
         46,937,360 
           
TOTAL MUTUAL FUNDS
(Cost $79,363,464)		        75,854,360 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $79,363,464)		        75,854,360 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
TOTAL INVESTMENTS — 100.1%
(Cost $79,363,464) (b)		       $75,854,360 
           
Other Assets/(Liabilities) — (0.1)%        (99,461) 
           
NET ASSETS — 100.0%       $75,754,899 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2020 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 38.2%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   52,477   $813,922 
JPMorgan Large Cap Value Fund, Class R6   87,617    1,656,842 
MassMutual Blue Chip Growth Fund, Class I (a)   116,583    2,315,346 
MassMutual Diversified Value Fund, Class I (a)   121,778    1,394,359 
MassMutual Equity Opportunities Fund, Class I (a)   212,158    3,638,512 
MassMutual Fundamental Value Fund, Class I (a)   212,014    1,789,397 
MassMutual Growth Opportunities Fund, Class I (a)   122,245    753,028 
MassMutual International Equity Fund, Class I (a)   294,529    2,474,040 
MassMutual Mid Cap Growth Fund, Class I (a)   65,041    1,287,806 
MassMutual Mid Cap Value Fund, Class I (a)   106,863    1,231,063 
MassMutual Overseas Fund, Class I (a)   485,097    4,205,787 
MassMutual Small Cap Growth Equity Fund, Class I (a)   65,821    963,618 
MassMutual Small Cap Value Equity Fund, Class I (a)   150,267    1,271,255 
MassMutual Strategic Emerging Markets Fund, Class I (a)   149,048    1,491,968 
MM Equity Asset Fund, Class I (a)   1,568,487    11,371,527 
Vanguard Developed Markets Index Fund, Institutional Shares   399,189    6,159,483 
Vanguard Mid-Cap Index Fund, Admiral Shares   3,995    1,150,758 
Vanguard Real Estate Index Fund, Admiral Shares   9,111    1,140,184 
Vanguard Small-Cap Index Fund, Admiral Shares   9,886    1,010,215 
         46,119,110 
Fixed Income Funds — 61.9%          
JPMorgan Emerging Markets Debt Fund, Class R6   10,097    62,096 
JPMorgan U.S. Government Money Market Fund, Class IM   9,420,930    9,420,930 
MassMutual Core Bond Fund, Class I (a)   2,947,480    26,674,697 
MassMutual Global Floating Rate Fund, Class I (a)   6,929    61,048 
MassMutual High Yield Fund, Class I (a)   1,112,777    8,779,812 
MassMutual Inflation-Protected and Income Fund, Class I (a)   473,943    4,417,147 
MassMutual Strategic Bond Fund, Class I (a)   1,051,068    9,165,315 
MassMutual Total Return Bond Fund, Class I (a)   1,060,936    9,028,565 
Vanguard Total Bond Market Index Fund, Institutional Shares   741,167    7,196,728 
         74,806,338 
           
TOTAL MUTUAL FUNDS
(Cost $124,303,246)		        120,925,448 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $124,303,246)		        120,925,448 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
TOTAL INVESTMENTS — 100.1%
(Cost $124,303,246) (b)		       $120,925,448 
           
Other Assets/(Liabilities) — (0.1)%        (135,939) 
           
NET ASSETS — 100.0%       $120,789,509 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2025 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 46.9%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   114,401   $1,774,358 
JPMorgan Large Cap Value Fund, Class R6   123,205    2,329,815 
MassMutual Blue Chip Growth Fund, Class I (a)   166,795    3,312,546 
MassMutual Diversified Value Fund, Class I (a)   171,048    1,958,499 
MassMutual Equity Opportunities Fund, Class I (a)   299,417    5,135,009 
MassMutual Fundamental Value Fund, Class I (a)   303,878    2,564,729 
MassMutual Growth Opportunities Fund, Class I (a)   170,787    1,052,047 
MassMutual International Equity Fund, Class I (a)   405,307    3,404,575 
MassMutual Mid Cap Growth Fund, Class I (a)   88,939    1,760,986 
MassMutual Mid Cap Value Fund, Class I (a)   146,143    1,683,570 
MassMutual Overseas Fund, Class I (a)   694,687    6,022,938 
MassMutual Small Cap Growth Equity Fund, Class I (a)   90,384    1,323,221 
MassMutual Small Cap Value Equity Fund, Class I (a)   207,123    1,752,264 
MassMutual Strategic Emerging Markets Fund, Class I (a)   323,368    3,236,918 
MM Equity Asset Fund, Class I (a)   2,245,511    16,279,958 
Vanguard Developed Markets Index Fund, Institutional Shares   529,167    8,165,041 
Vanguard Mid-Cap Index Fund, Admiral Shares   5,356    1,542,900 
Vanguard Real Estate Index Fund, Admiral Shares   12,130    1,518,082 
Vanguard Small-Cap Index Fund, Admiral Shares   13,269    1,355,963 
         66,173,419 
Fixed Income Funds — 53.2%          
JPMorgan Emerging Markets Debt Fund, Class R6   11,212    68,952 
JPMorgan U.S. Government Money Market Fund, Class IM   7,345,333    7,345,333 
MassMutual Core Bond Fund, Class I (a)   3,096,370    28,022,147 
MassMutual Global Floating Rate Fund, Class I (a)   7,523    66,279 
MassMutual High Yield Fund, Class I (a)   1,233,956    9,735,911 
MassMutual Inflation-Protected and Income Fund, Class I (a)   355,428    3,312,588 
MassMutual Strategic Bond Fund, Class I (a)   1,104,679    9,632,797 
MassMutual Total Return Bond Fund, Class I (a)   1,115,375    9,491,840 
Vanguard Total Bond Market Index Fund, Institutional Shares   745,625    7,240,024 
         74,915,871 
           
TOTAL MUTUAL FUNDS
(Cost $147,573,091)		        141,089,290 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $147,573,091)		        141,089,290 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
TOTAL INVESTMENTS — 100.1%
(Cost $147,573,091) (b)		       $141,089,290 
           
Other Assets/(Liabilities) — (0.1)%        (83,755) 
           
NET ASSETS — 100.0%       $141,005,535 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2030 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 59.8%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   297,866   $4,619,905 
JPMorgan Large Cap Value Fund, Class R6   301,811    5,707,243 
MassMutual Blue Chip Growth Fund, Class I (a)   412,896    8,200,121 
MassMutual Diversified Value Fund, Class I (a)   419,192    4,799,749 
MassMutual Equity Opportunities Fund, Class I (a)   730,940    12,535,630 
MassMutual Fundamental Value Fund, Class I (a)   751,551    6,343,092 
MassMutual Growth Opportunities Fund, Class I (a)   419,722    2,585,488 
MassMutual International Equity Fund, Class I (a)   983,679    8,262,907 
MassMutual Mid Cap Growth Fund, Class I (a)   217,245    4,301,458 
MassMutual Mid Cap Value Fund, Class I (a)   357,099    4,113,776 
MassMutual Overseas Fund, Class I (a)   1,740,110    15,086,754 
MassMutual Small Cap Growth Equity Fund, Class I (a)   219,567    3,214,465 
MassMutual Small Cap Value Equity Fund, Class I (a)   504,413    4,267,334 
MassMutual Strategic Emerging Markets Fund, Class I (a)   851,785    8,526,367 
MM Equity Asset Fund, Class I (a)   5,556,131    40,281,950 
Vanguard Developed Markets Index Fund, Institutional Shares   1,290,742    19,916,154 
Vanguard Mid-Cap Index Fund, Admiral Shares   12,956    3,732,323 
Vanguard Real Estate Index Fund, Admiral Shares   29,328    3,670,456 
Vanguard Small-Cap Index Fund, Admiral Shares   32,161    3,286,546 
         163,451,718 
Fixed Income Funds — 40.3%          
JPMorgan Emerging Markets Debt Fund, Class R6   22,029    135,478 
JPMorgan U.S. Government Money Market Fund, Class IM   8,370,861    8,370,861 
MassMutual Core Bond Fund, Class I (a)   4,981,792    45,085,221 
MassMutual High Yield Fund, Class I (a)   1,744,070    13,760,709 
MassMutual Inflation-Protected and Income Fund, Class I (a)   56,305    524,761 
MassMutual Strategic Bond Fund, Class I (a)   1,776,861    15,494,228 
MassMutual Total Return Bond Fund, Class I (a)   1,794,330    15,269,749 
Vanguard Total Bond Market Index Fund, Institutional Shares   1,185,804    11,514,153 
         110,155,160 
           
TOTAL MUTUAL FUNDS
(Cost $279,128,912)		        273,606,878 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $279,128,912)		        273,606,878 
           
TOTAL INVESTMENTS — 100.1%
(Cost $279,128,912) (b)		        273,606,878 
           
Other Assets/(Liabilities) — (0.1)%        (256,914) 
           
NET ASSETS — 100.0%       $273,349,964 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2035 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 72.0%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   401,307   $6,224,276 
JPMorgan Large Cap Value Fund, Class R6   212,714    4,022,414 
MassMutual Blue Chip Growth Fund, Class I (a)   442,157    8,781,239 
MassMutual Diversified Value Fund, Class I (a)   294,901    3,376,615 
MassMutual Equity Opportunities Fund, Class I (a)   323,286    5,544,357 
MassMutual Fundamental Value Fund, Class I (a)   471,125    3,976,292 
MassMutual Growth Opportunities Fund, Class I (a)   494,110    3,043,718 
MassMutual International Equity Fund, Class I (a)   890,897    7,483,532 
MassMutual Mid Cap Growth Fund, Class I (a)   152,919    3,027,802 
MassMutual Mid Cap Value Fund, Class I (a)   251,371    2,895,799 
MassMutual Overseas Fund, Class I (a)   1,446,632    12,542,297 
MassMutual Small Cap Growth Equity Fund, Class I (a)   154,507    2,261,977 
MassMutual Small Cap Value Equity Fund, Class I (a)   355,219    3,005,152 
MassMutual Strategic Emerging Markets Fund, Class I (a)   327,359    3,276,867 
MM Equity Asset Fund, Class I (a)   3,972,204    28,798,475 
Vanguard Developed Markets Index Fund, Institutional Shares   702,524    10,839,951 
Vanguard Mid-Cap Index Fund, Admiral Shares   8,997    2,591,889 
Vanguard Real Estate Index Fund, Admiral Shares   20,369    2,549,169 
Vanguard Small-Cap Index Fund, Admiral Shares   22,258    2,274,519 
         116,516,340 
Fixed Income Funds — 28.1%          
JPMorgan Emerging Markets Debt Fund, Class R6   12,713    78,185 
JPMorgan U.S. Government Money Market Fund, Class IM   4,342,902    4,342,902 
MassMutual Core Bond Fund, Class I (a)   876,914    7,936,070 
MassMutual High Yield Fund, Class I (a)   605,501    4,777,402 
MassMutual Strategic Bond Fund, Class I (a)   1,522,649    13,277,503 
MassMutual Total Return Bond Fund, Class I (a)   1,537,372    13,083,036 
Vanguard Total Bond Market Index Fund, Admiral Shares   203,366    1,974,685 
         45,469,783 
           
TOTAL MUTUAL FUNDS
(Cost $167,972,074)		        161,986,123 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $167,972,074)		        161,986,123 
           
TOTAL INVESTMENTS — 100.1%
(Cost $167,972,074) (b)		        161,986,123 
           
Other Assets/(Liabilities) — (0.1)%        (101,235) 
           
NET ASSETS — 100.0%       $161,884,888 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2040 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 81.8%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   553,573   $8,585,921 
JPMorgan Large Cap Value Fund, Class R6   304,785    5,763,479 
MassMutual Blue Chip Growth Fund, Class I (a)   622,827    12,369,342 
MassMutual Diversified Value Fund, Class I (a)   420,339    4,812,877 
MassMutual Equity Opportunities Fund, Class I (a)   460,783    7,902,436 
MassMutual Fundamental Value Fund, Class I (a)   661,454    5,582,676 
MassMutual Growth Opportunities Fund, Class I (a)   703,626    4,334,337 
MassMutual International Equity Fund, Class I (a)   1,284,395    10,788,914 
MassMutual Mid Cap Growth Fund, Class I (a)   218,555    4,327,391 
MassMutual Mid Cap Value Fund, Class I (a)   359,077    4,136,567 
MassMutual Overseas Fund, Class I (a)   2,050,935    17,781,606 
MassMutual Small Cap Growth Equity Fund, Class I (a)   220,283    3,224,949 
MassMutual Small Cap Value Equity Fund, Class I (a)   504,635    4,269,215 
MassMutual Strategic Emerging Markets Fund, Class I (a)   451,473    4,519,244 
MM Equity Asset Fund, Class I (a)   5,587,139    40,506,759 
Vanguard Developed Markets Index Fund, Institutional Shares   1,051,997    16,232,311 
Vanguard Mid-Cap Index Fund, Admiral Shares   13,243    3,814,934 
Vanguard Real Estate Index Fund, Admiral Shares   30,268    3,788,100 
Vanguard Small-Cap Index Fund, Admiral Shares   32,659    3,337,442 
         166,078,500 
Fixed Income Funds — 18.3%          
JPMorgan Emerging Markets Debt Fund, Class R6   161,237    991,605 
JPMorgan U.S. Government Money Market Fund, Class IM   4,532,102    4,532,102 
MassMutual Core Bond Fund, Class I (a)   571,345    5,170,671 
MassMutual High Yield Fund, Class I (a)   699,216    5,516,818 
MassMutual Strategic Bond Fund, Class I (a)   1,134,988    9,897,092 
MassMutual Total Return Bond Fund, Class I (a)   1,145,960    9,752,121 
Vanguard Total Bond Market Index Fund, Admiral Shares   137,678    1,336,849 
         37,197,258 
           
TOTAL MUTUAL FUNDS
(Cost $203,531,034)		        203,275,758 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $203,531,034)		        203,275,758 
           
TOTAL INVESTMENTS — 100.1%
(Cost $203,531,034) (b)		        203,275,758 
           
Other Assets/(Liabilities) — (0.1)%        (153,964) 
           
NET ASSETS — 100.0%       $203,121,794 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2045 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 89.3%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   385,070   $5,972,429 
JPMorgan Large Cap Value Fund, Class R6   199,632    3,775,047 
MassMutual Blue Chip Growth Fund, Class I (a)   417,489    8,291,341 
MassMutual Diversified Value Fund, Class I (a)   277,327    3,175,392 
MassMutual Equity Opportunities Fund, Class I (a)   301,850    5,176,724 
MassMutual Fundamental Value Fund, Class I (a)   444,447    3,751,129 
MassMutual Growth Opportunities Fund, Class I (a)   464,172    2,859,299 
MassMutual International Equity Fund, Class I (a)   849,945    7,139,538 
MassMutual Mid Cap Growth Fund, Class I (a)   144,396    2,859,042 
MassMutual Mid Cap Value Fund, Class I (a)   237,447    2,735,384 
MassMutual Overseas Fund, Class I (a)   1,386,789    12,023,459 
MassMutual Small Cap Growth Equity Fund, Class I (a)   146,224    2,140,718 
MassMutual Small Cap Value Equity Fund, Class I (a)   332,825    2,815,703 
MassMutual Strategic Emerging Markets Fund, Class I (a)   315,715    3,160,312 
MM Equity Asset Fund, Class I (a)   3,747,091    27,166,411 
Vanguard Developed Markets Index Fund, Institutional Shares   665,527    10,269,087 
Vanguard Mid-Cap Index Fund, Admiral Shares   8,457    2,436,214 
Vanguard Real Estate Index Fund, Admiral Shares   19,394    2,427,136 
Vanguard Small-Cap Index Fund, Admiral Shares   20,796    2,125,163 
         110,299,528 
Fixed Income Funds — 10.8%          
JPMorgan Emerging Markets Debt Fund, Class R6   71,848    441,867 
JPMorgan U.S. Government Money Market Fund, Class IM   2,720,126    2,720,126 
MassMutual Core Bond Fund, Class I (a)   185,522    1,678,974 
MassMutual High Yield Fund, Class I (a)   206,514    1,629,399 
MassMutual Strategic Bond Fund, Class I (a)   368,329    3,211,826 
MassMutual Total Return Bond Fund, Class I (a)   372,267    3,167,996 
Vanguard Total Bond Market Index Fund, Admiral Shares   42,475    412,436 
         13,262,624 
           
TOTAL MUTUAL FUNDS
(Cost $126,310,821)		        123,562,152 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $126,310,821)		        123,562,152 
           
TOTAL INVESTMENTS — 100.1%
(Cost $126,310,821) (b)		        123,562,152 
           
Other Assets/(Liabilities) — (0.1)%        (77,596) 
           
NET ASSETS — 100.0%       $123,484,556 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2050 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.1%          
           
Equity Funds — 92.1%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   473,713   $7,347,294 
JPMorgan Large Cap Value Fund, Class R6   249,881    4,725,253 
MassMutual Blue Chip Growth Fund, Class I (a)   517,905    10,285,590 
MassMutual Diversified Value Fund, Class I (a)   346,185    3,963,819 
MassMutual Equity Opportunities Fund, Class I (a)   377,740    6,478,240 
MassMutual Fundamental Value Fund, Class I (a)   550,426    4,645,594 
MassMutual Growth Opportunities Fund, Class I (a)   576,614    3,551,940 
MassMutual International Equity Fund, Class I (a)   1,050,307    8,822,583 
MassMutual Mid Cap Growth Fund, Class I (a)   180,391    3,571,749 
MassMutual Mid Cap Value Fund, Class I (a)   297,152    3,423,196 
MassMutual Overseas Fund, Class I (a)   1,702,528    14,760,918 
MassMutual Small Cap Growth Equity Fund, Class I (a)   181,479    2,656,845 
MassMutual Small Cap Value Equity Fund, Class I (a)   414,200    3,504,129 
MassMutual Strategic Emerging Markets Fund, Class I (a)   386,334    3,867,203 
MM Equity Asset Fund, Class I (a)   4,644,908    33,675,581 
Vanguard Developed Markets Index Fund, Institutional Shares   870,974    13,439,125 
Vanguard Mid-Cap Index Fund, Admiral Shares   11,065    3,187,481 
Vanguard Real Estate Index Fund, Admiral Shares   25,373    3,175,374 
Vanguard Small-Cap Index Fund, Admiral Shares   27,303    2,790,071 
         137,871,985 
Fixed Income Funds — 8.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   82,190    505,469 
JPMorgan U.S. Government Money Market Fund, Class IM   3,304,574    3,304,574 
MassMutual Core Bond Fund, Class I (a)   152,444    1,379,617 
MassMutual High Yield Fund, Class I (a)   152,436    1,202,720 
MassMutual Strategic Bond Fund, Class I (a)   303,091    2,642,957 
MassMutual Total Return Bond Fund, Class I (a)   306,036    2,604,365 
Vanguard Total Bond Market Index Fund, Admiral Shares   36,638    355,758 
         11,995,460 
           
TOTAL MUTUAL FUNDS
(Cost $147,158,168)		        149,867,445 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $147,158,168)		        149,867,445 
           
TOTAL INVESTMENTS — 100.1%
(Cost $147,158,168) (b)		        149,867,445 
           
Other Assets/(Liabilities) — (0.1)%        (114,195) 
           
NET ASSETS — 100.0%       $149,753,250 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2055 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 92.0%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   224,384   $3,480,190 
JPMorgan Large Cap Value Fund, Class R6   115,874    2,191,178 
MassMutual Blue Chip Growth Fund, Class I (a)   238,874    4,744,035 
MassMutual Diversified Value Fund, Class I (a)   160,930    1,842,649 
MassMutual Equity Opportunities Fund, Class I (a)   174,700    2,996,112 
MassMutual Fundamental Value Fund, Class I (a)   254,563    2,148,509 
MassMutual Growth Opportunities Fund, Class I (a)   268,671    1,655,015 
MassMutual International Equity Fund, Class I (a)   494,938    4,157,477 
MassMutual Mid Cap Growth Fund, Class I (a)   83,920    1,661,611 
MassMutual Mid Cap Value Fund, Class I (a)   138,083    1,590,715 
MassMutual Overseas Fund, Class I (a)   792,349    6,869,666 
MassMutual Small Cap Growth Equity Fund, Class I (a)   84,512    1,237,258 
MassMutual Small Cap Value Equity Fund, Class I (a)   193,401    1,636,176 
MassMutual Strategic Emerging Markets Fund, Class I (a)   183,070    1,832,529 
MM Equity Asset Fund, Class I (a)   2,144,980    15,551,102 
Vanguard Developed Markets Index Fund, Institutional Shares   380,579    5,872,331 
Vanguard Mid-Cap Index Fund, Admiral Shares   4,835    1,392,705 
Vanguard Real Estate Index Fund, Admiral Shares   11,086    1,387,436 
Vanguard Small-Cap Index Fund, Admiral Shares   11,929    1,219,072 
         63,465,766 
Fixed Income Funds — 8.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   38,294    235,507 
JPMorgan U.S. Government Money Market Fund, Class IM   1,524,687    1,524,687 
MassMutual Core Bond Fund, Class I (a)   70,405    637,165 
MassMutual High Yield Fund, Class I (a)   71,159    561,443 
MassMutual Strategic Bond Fund, Class I (a)   139,859    1,219,573 
MassMutual Total Return Bond Fund, Class I (a)   141,299    1,202,456 
Vanguard Total Bond Market Index Fund, Admiral Shares   16,010    155,453 
         5,536,284 
           
TOTAL MUTUAL FUNDS
(Cost $69,781,748)		        69,002,050 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $69,781,748)		        69,002,050 
           
TOTAL INVESTMENTS — 100.0%
(Cost $69,781,748) (b)		        69,002,050 
           
Other Assets/(Liabilities) — (0.0)%        (33,820) 
           
NET ASSETS — 100.0%       $68,968,230 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2060 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 99.8%          
           
Equity Funds — 91.8%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   80,030   $1,241,272 
JPMorgan Large Cap Value Fund, Class R6   41,150    778,153 
MassMutual Blue Chip Growth Fund, Class I (a)   86,254    1,713,008 
MassMutual Diversified Value Fund, Class I (a)   57,099    653,779 
MassMutual Equity Opportunities Fund, Class I (a)   62,007    1,063,425 
MassMutual Fundamental Value Fund, Class I (a)   91,914    775,750 
MassMutual Growth Opportunities Fund, Class I (a)   95,828    590,297 
MassMutual International Equity Fund, Class I (a)   174,530    1,466,053 
MassMutual Mid Cap Growth Fund, Class I (a)   29,926    592,536 
MassMutual Mid Cap Value Fund, Class I (a)   48,994    564,410 
MassMutual Overseas Fund, Class I (a)   284,963    2,470,630 
MassMutual Small Cap Growth Equity Fund, Class I (a)   30,318    443,854 
MassMutual Small Cap Value Equity Fund, Class I (a)   68,810    582,134 
MassMutual Strategic Emerging Markets Fund, Class I (a)   66,596    666,628 
MM Equity Asset Fund, Class I (a)   774,510    5,615,199 
Vanguard Developed Markets Index Fund, Admiral Shares   138,403    2,131,406 
Vanguard Mid-Cap Index Fund, Admiral Shares   1,756    505,818 
Vanguard Real Estate Index Fund, Admiral Shares   4,026    503,888 
Vanguard Small-Cap Index Fund, Admiral Shares   4,333    442,750 
         22,800,990 
Fixed Income Funds — 8.0%          
JPMorgan Emerging Markets Debt Fund, Class R6   13,726    84,418 
JPMorgan U.S. Government Money Market Fund, Class IM   541,638    541,638 
MassMutual Core Bond Fund, Class I (a)   25,436    230,199 
MassMutual High Yield Fund, Class I (a)   25,265    199,338 
MassMutual Strategic Bond Fund, Class I (a)   50,545    440,748 
MassMutual Total Return Bond Fund, Class I (a)   51,051    434,447 
Vanguard Total Bond Market Index Fund, Admiral Shares   5,814    56,450 
         1,987,238 
           
TOTAL MUTUAL FUNDS
(Cost $24,518,248)		        24,788,228 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $24,518,248)		        24,788,228 
           
TOTAL INVESTMENTS — 99.8%
(Cost $24,518,248) (b)		        24,788,228 
           
Other Assets/(Liabilities) — 0.2%        39,110 
           
NET ASSETS — 100.0%       $24,827,338 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual RetireSMARTsm by JPMorgan 2065 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 88.9%          
           
Equity Funds — 81.8%          
JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6   2,903   $45,030 
JPMorgan Large Cap Value Fund, Class R6   1,576    29,802 
MassMutual Blue Chip Growth Fund, Class I (a)   3,215    63,854 
MassMutual Diversified Value Fund, Class I (a)   2,184    25,004 
MassMutual Equity Opportunities Fund, Class I (a)   2,379    40,803 
MassMutual Fundamental Value Fund, Class I (a)   3,417    28,842 
MassMutual Growth Opportunities Fund, Class I (a)   3,650    22,482 
MassMutual International Equity Fund, Class I (a)   6,430    54,010 
MassMutual Mid Cap Growth Fund, Class I (a)   1,140    22,579 
MassMutual Mid Cap Value Fund, Class I (a)   1,873    21,582 
MassMutual Overseas Fund, Class I (a)   10,136    87,877 
MassMutual Small Cap Growth Equity Fund, Class I (a)   1,150    16,837 
MassMutual Small Cap Value Equity Fund, Class I (a)   2,618    22,148 
MassMutual Strategic Emerging Markets Fund, Class I (a)   2,374    23,764 
MM Equity Asset Fund, Class I (a)   28,835    209,052 
Vanguard Developed Markets Index Fund, Admiral Shares   6,128    94,379 
Vanguard Mid-Cap Index Fund, Admiral Shares   78    22,389 
Vanguard Real Estate Index Fund, Admiral Shares   178    22,306 
Vanguard Small-Cap Index Fund, Admiral Shares   192    19,599 
         872,339 
Fixed Income Funds — 7.1%          
JPMorgan Emerging Markets Debt Fund, Class R6   523    3,214 
JPMorgan U.S. Government Money Market Fund, Class IM   20,970    20,970 
MassMutual Core Bond Fund, Class I (a)   953    8,621 
MassMutual High Yield Fund, Class I (a)   974    7,685 
MassMutual Strategic Bond Fund, Class I (a)   1,895    16,528 
MassMutual Total Return Bond Fund, Class I (a)   1,913    16,280 
Vanguard Total Bond Market Index Fund, Admiral Shares   257    2,500 
         75,798 
           
TOTAL MUTUAL FUNDS
(Cost $924,104)		        948,137 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $924,104)		        948,137 
           
TOTAL INVESTMENTS — 88.9%
(Cost $924,104) (b)		        948,137 
           
Other Assets/(Liabilities) — 11.1%        118,388 
           
NET ASSETS — 100.0%       $1,066,525 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MM Equity Asset Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 99.1%          
           
COMMON STOCK — 99.1%          
Basic Materials — 2.3%          
Chemicals — 2.1%          
Air Products & Chemicals, Inc.   2,946   $806,615 
Dow, Inc.   25,615    1,404,726 
Eastman Chemical Co.   8,630    775,147 
Linde PLC (LIN US)   5,227    2,146,781 
LyondellBasell Industries NV Class A   7,422    705,684 
PPG Industries, Inc.   4,083    610,613 
         6,449,566 
Iron & Steel — 0.2%          
Nucor Corp.   2,734    475,825 
         6,925,391 
Communications — 13.6%          
Internet — 11.8%          
Alphabet, Inc. Class A (a)   44,499    6,216,065 
Alphabet, Inc. Class C (a)   31,223    4,400,257 
Amazon.com, Inc. (a)   79,970    12,150,642 
Booking Holdings, Inc. (a)   610    2,163,804 
Expedia Group, Inc. (a)   8,284    1,257,428 
Meta Platforms, Inc. Class A (a)   20,014    7,084,156 
Netflix, Inc. (a)   2,977    1,449,442 
Uber Technologies, Inc. (a)   18,267    1,124,699 
         35,846,493 
Media — 1.4%          
Charter Communications, Inc. Class A (a)   2,990    1,162,153 
Comcast Corp. Class A   57,850    2,536,723 
Liberty Media Corp.-Liberty SiriusXM Class A (a)   5,399    155,167 
Warner Bros Discovery, Inc. (a)   20,849    237,262 
         4,091,305 
Telecommunications — 0.4%          
Corning, Inc.   9,452    287,813 
Motorola Solutions, Inc.   1,716    537,263 
T-Mobile US, Inc.   3,155    505,841 
         1,330,917 
         41,268,715 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Consumer, Cyclical — 8.6%          
Airlines — 0.1%          
Delta Air Lines, Inc.   10,857   $436,777 
Auto Manufacturers — 1.6%          
Tesla, Inc. (a)   18,828    4,678,381 
Auto Parts & Equipment — 0.2%          
Aptiv PLC (a)   6,664    597,894 
BorgWarner, Inc.   1,703    61,053 
         658,947 
Distribution & Wholesale — 0.1%          
LKQ Corp.   5,233    250,085 
Home Builders — 0.3%          
Lennar Corp. Class A   2,827    421,336 
Toll Brothers, Inc.   3,543    364,185 
         785,521 
Leisure Time — 0.3%          
Royal Caribbean Cruises Ltd. (a)   7,137    924,170 
Lodging — 0.3%          
Marriott International, Inc. Class A   3,913    882,421 
Retail — 5.7%          
AutoNation, Inc. (a)   3,201    480,726 
AutoZone, Inc. (a)   645    1,667,718 
Best Buy Co., Inc.   12,031    941,787 
Burlington Stores, Inc. (a)   3,241    630,310 
Chipotle Mexican Grill, Inc. (a)   772    1,765,533 
Costco Wholesale Corp.   4,432    2,925,475 
Dollar Tree, Inc. (a)   2,746    390,069 
Lowe's Cos., Inc.   13,156    2,927,868 
O'Reilly Automotive, Inc. (a)   411    390,483 
Target Corp.   9,596    1,366,662 
TJX Cos., Inc.   10,096    947,106 
Walmart, Inc.   10,174    1,603,931 
Yum! Brands, Inc.   9,933    1,297,846 
         17,335,514 
         25,951,816 
Consumer, Non-cyclical — 17.8%          
Agriculture — 0.4%          
Altria Group, Inc.   7,934    320,058 
Philip Morris International, Inc.   8,237    774,937 
         1,094,995 
Beverages — 2.0%          
Coca-Cola Co.   47,294    2,787,036 
Constellation Brands, Inc. Class A   1,062    256,739 
Monster Beverage Corp. (a)   6,581    379,131 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
PepsiCo, Inc.   15,473   $2,627,934 
         6,050,840 
Biotechnology — 1.7%          
Biogen, Inc. (a)   3,662    947,616 
BioMarin Pharmaceutical, Inc. (a)   2,901    279,714 
Regeneron Pharmaceuticals, Inc. (a)   2,098    1,842,652 
Sarepta Therapeutics, Inc. (a)   1,117    107,712 
Vertex Pharmaceuticals, Inc. (a)   4,632    1,884,715 
         5,062,409 
Commercial Services — 1.1%          
Block, Inc. (a)   1,987    153,694 
Cintas Corp.   524    315,794 
FleetCor Technologies, Inc. (a)   4,128    1,166,614 
S&P Global, Inc.   2,679    1,180,153 
United Rentals, Inc.   956    548,190 
         3,364,445 
Cosmetics & Personal Care — 0.8%          
Kenvue, Inc.   37,581    809,119 
Procter & Gamble Co.   11,000    1,611,940 
         2,421,059 
Food — 0.7%          
Mondelez International, Inc. Class A   30,908    2,238,666 
Health Care – Products — 3.4%          
Baxter International, Inc.   11,713    452,825 
Boston Scientific Corp. (a)   37,311    2,156,949 
Danaher Corp.   8,224    1,902,540 
Intuitive Surgical, Inc. (a)   1,821    614,332 
Medtronic PLC   19,802    1,631,289 
Stryker Corp.   4,715    1,411,954 
Thermo Fisher Scientific, Inc.   3,869    2,053,626 
         10,223,515 
Health Care – Services — 2.5%          
Centene Corp. (a)   12,053    894,453 
Elevance Health, Inc.   2,808    1,324,140 
Humana, Inc.   1,529    699,992 
Town Health International Medical Group Ltd.   62,000    2,577 
UnitedHealth Group, Inc.   9,033    4,755,604 
         7,676,766 
Household Products & Wares — 0.3%          
Church & Dwight Co., Inc.   8,667    819,552 
Pharmaceuticals — 4.9%          
AbbVie, Inc.   23,674    3,668,760 
Becton Dickinson & Co.   2,117    516,188 
Bristol-Myers Squibb Co.   41,915    2,150,658 
CVS Health Corp.   5,583    440,834 
Dexcom, Inc. (a)   2,891    358,744 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Eli Lilly & Co.   5,474   $3,190,904 
Johnson & Johnson   14,792    2,318,498 
McKesson Corp.   987    456,961 
Merck & Co., Inc.   14,691    1,601,613 
Neurocrine Biosciences, Inc. (a)   1,601    210,948 
         14,914,108 
         53,866,355 
Energy — 3.9%          
Oil & Gas — 3.8%          
Chevron Corp.   8,380    1,249,961 
ConocoPhillips   17,626    2,045,850 
Diamondback Energy, Inc.   8,000    1,240,640 
EOG Resources, Inc.   16,877    2,041,273 
Exxon Mobil Corp.   46,385    4,637,572 
Marathon Oil Corp.   8,581    207,317 
         11,422,613 
Oil & Gas Services — 0.1%          
Baker Hughes Co.   10,833    370,272 
         11,792,885 
Financial — 14.4%          
Banks — 4.3%          
Bank of America Corp.   104,421    3,515,855 
Fifth Third Bancorp   26,139    901,534 
Goldman Sachs Group, Inc.   2,882    1,111,789 
Morgan Stanley   18,333    1,709,553 
Truist Financial Corp.   43,511    1,606,426 
US Bancorp   38,989    1,687,444 
Wells Fargo & Co.   50,142    2,467,989 
         13,000,590 
Diversified Financial Services — 4.2%          
American Express Co.   1,330    249,162 
Charles Schwab Corp.   18,819    1,294,747 
CME Group, Inc.   5,405    1,138,293 
Intercontinental Exchange, Inc.   12,669    1,627,080 
Mastercard, Inc. Class A   11,161    4,760,278 
Visa, Inc. Class A   14,274    3,716,236 
         12,785,796 
Insurance — 3.5%          
Aflac, Inc.   9,092    750,090 
Berkshire Hathaway, Inc. Class B (a)   11,237    4,007,788 
Chubb Ltd.   4,301    972,026 
Globe Life, Inc.   5,959    725,330 
MetLife, Inc.   9,936    657,068 
Progressive Corp.   11,368    1,810,695 
Travelers Cos., Inc.   9,321    1,775,557 
         10,698,554 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Private Equity — 0.1%          
Blackstone, Inc.   2,206   $288,810 
Real Estate Investment Trusts (REITS) — 2.3%          
Digital Realty Trust, Inc.   8,060    1,084,715 
Equity LifeStyle Properties, Inc.   7,497    528,838 
Prologis, Inc.   17,280    2,303,424 
SBA Communications Corp.   4,166    1,056,873 
Sun Communities, Inc.   2,662    355,776 
UDR, Inc.   6,841    261,942 
Ventas, Inc.   20,905    1,041,905 
Welltower, Inc.   4,002    360,860 
         6,994,333 
         43,768,083 
Industrial — 7.9%          
Aerospace & Defense — 1.0%          
Howmet Aerospace, Inc.   18,265    988,502 
RTX Corp.   23,820    2,004,215 
         2,992,717 
Building Materials — 1.0%          
Masco Corp.   11,596    776,700 
Trane Technologies PLC   9,083    2,215,344 
         2,992,044 
Electrical Components & Equipment — 0.7%          
Eaton Corp. PLC   8,104    1,951,605 
Electronics — 1.3%          
Honeywell International, Inc.   15,418    3,233,309 
Keysight Technologies, Inc. (a)   5,014    797,677 
         4,030,986 
Machinery – Diversified — 1.7%          
Deere & Co.   6,426    2,569,565 
Dover Corp.   4,506    693,068 
Ingersoll Rand, Inc.   3,185    246,328 
Otis Worldwide Corp.   17,658    1,579,861 
         5,088,822 
Miscellaneous - Manufacturing — 0.4%          
Textron, Inc.   14,753    1,186,436 
Transportation — 1.8%          
CSX Corp.   17,791    616,814 
FedEx Corp.   3,494    883,877 
Norfolk Southern Corp.   3,330    787,145 
Union Pacific Corp.   3,580    879,320 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
United Parcel Service, Inc. Class B   15,122   $2,377,632 
         5,544,788 
         23,787,398 
Technology — 28.2%          
Computers — 8.8%          
Accenture PLC Class A   7,170    2,516,025 
Apple, Inc.   107,960    20,785,539 
Cognizant Technology Solutions Corp. Class A   18,128    1,369,208 
Leidos Holdings, Inc.   6,437    696,741 
Seagate Technology Holdings PLC   14,661    1,251,609 
         26,619,122 
Semiconductors — 8.7%          
Advanced Micro Devices, Inc. (a)   18,087    2,666,205 
Analog Devices, Inc.   11,817    2,346,384 
Broadcom, Inc.   1,306    1,457,822 
Lam Research Corp.   3,674    2,877,697 
NVIDIA Corp.   20,627    10,214,903 
NXP Semiconductors NV   11,938    2,741,920 
Qorvo, Inc. (a)   4,219    475,102 
Teradyne, Inc.   6,535    709,178 
Texas Instruments, Inc.   17,088    2,912,820 
         26,402,031 
Software — 10.7%          
Adobe, Inc. (a)   5,556    3,314,709 
Cadence Design Systems, Inc. (a)   2,070    563,806 
Fiserv, Inc. (a)   3,317    440,630 
Intuit, Inc.   3,688    2,305,111 
Microsoft Corp.   60,658    22,809,834 
Oracle Corp.   9,030    952,033 
ServiceNow, Inc. (a)   2,890    2,041,756 
         32,427,879 
         85,449,032 
Utilities — 2.4%          
Electric — 2.4%          
Constellation Energy Corp.   3,342    390,646 
DTE Energy Co.   1,358    149,733 
NextEra Energy, Inc.   29,709    1,804,525 
PG&E Corp.   95,528    1,722,370 
Public Service Enterprise Group, Inc.   18,637    1,139,652 

 

 

 

 

MM Equity Asset Fund —  Portfolio of Investments (Continued)

 

   Number of
Shares		   Value 
Southern Co.   27,934   $1,958,732 
         7,165,658 
           
TOTAL COMMON STOCK
(Cost $226,278,452)		        299,975,333 
           
TOTAL EQUITIES
(Cost $226,278,452)		        299,975,333 
           
           
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 $226,278,482)		        299,975,333 
           
           
SHORT-TERM INVESTMENTS — 0.7%          
           
   Principal
Amount		    
Repurchase Agreement — 0.7%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d)  $2,246,162   2,246,162 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,246,162)		        2,246,162 
           
TOTAL INVESTMENTS — 99.8%
(Cost $228,524,644) (e)		        302,221,495 
           
Other Assets/(Liabilities) — 0.2%        655,177 
           
NET ASSETS — 100.0%       $302,876,672 

 

Abbreviation Legend

CVR Contingent Value Rights

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $0 or 0.00% of net assets.
(c) Investment is valued using significant unobservable inputs.
(d) Maturity value of $2,246,561. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $2,291,085.
(e) See Note 3 for aggregate cost for federal tax purposes.

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net
Unrealized
Appreciation
(Depreciation)		 
Long               
S&P 500 E Mini Index  3/15/24   8   $1,889,465   $38,535 

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 93.4%          
           
BANK LOANS — 1.0%          
Advertising — 0.1%          
Lamar Media Corp., 2020 Term Loan B, 1 mo. USD Term SOFR + 1.500%          
6.956% VRN 2/05/27  $305,000   $303,603 
Aerospace & Defense — 0.0%          
TransDigm, Inc., 2022 Term Loan H, 3 mo. USD Term SOFR + 3.250%          
8.598% VRN 2/22/27   117,999    118,409 
Airlines — 0.0%          
American Airlines, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.750%          
10.427% VRN 4/20/28   76,500    78,485 
Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 5.250%          
10.770% VRN 6/21/27   72,211    74,583 
         153,068 
Building Materials — 0.0%          
Summit Materials LLC, 2023 Incremental Term Loan B,          
0.000% 11/30/28 (a)   155,000    155,485 
Cosmetics & Personal Care — 0.0%          
Sunshine Luxembourg VII SARL, 2021 USD Term Loan B3, 3 mo. USD Term SOFR + 3.500%          
8.948% VRN 10/01/26   112,958    113,443 
Diversified Financial Services — 0.1%          
Citadel Securities LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500%          
7.970% VRN 7/29/30   423,076    423,605 
Entertainment — 0.1%          
Delta 2 (LUX) SARL, 2022 Term Loan B, 3 mo. USD Term SOFR + 2.250%          
7.598% VRN 1/15/30   240,000    240,451 
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 2.750%          
8.399% VRN 4/29/26   265,293    265,993 
         506,444 
Environmental Controls — 0.1%          
Filtration Group Corp., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250%          
9.720% VRN 10/21/28   392,327    393,633 
Health Care – Products — 0.0%          
Medline Borrower LP, USD Term Loan B, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 10/23/28   214,139    215,008 
Insurance — 0.2%          
Asurion LLC          

 

 

 

 

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

 

   Principal
Amount		   Value 
2023 Term Loan B11, 1 mo. USD Term SOFR + 4.250%          
9.706% VRN 8/19/28  $169,331   $168,515 
2021 2nd Lien Term Loan B3, 1 mo. USD Term SOFR + 5.250%          
10.720% VRN 1/31/28   25,000    23,771 
2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250%          
10.720% VRN 1/20/29   255,000    239,779 
Hub International Ltd.          
2022 Term Loan B, 3 mo. USD Term SOFR + 4.000%          
9.369% VRN 11/10/29   24,750    24,828 
2023 Term Loan B, 3 mo. USD Term SOFR + 4.250%          
9.662% VRN 6/20/30   402,014    403,529 
         860,422 
Internet — 0.0%          
Gen Digital, Inc., 2021 Term Loan A, 1 mo. USD Term SOFR + 1.500%          
6.956% VRN 9/10/27   123,500    122,960 
Lodging — 0.1%          
Hilton Domestic Operating Company, Inc.          
2023 Term Loan B3, 1 mo. USD Term SOFR + 1.750%          
7.207% VRN 6/21/28   220,000    220,321 
2023 Term Loan B4, 1 mo. USD Term SOFR + 2.000%          
7.455% VRN 11/08/30   220,000    220,669 
         440,990 
Machinery – Construction & Mining — 0.0%          
Brookfield WEC Holdings, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 2.750%          
8.220% VRN 8/01/25   90,145    90,318 
Packaging & Containers — 0.0%          
Charter NEX US, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.750%          
9.220% VRN 12/01/27   205,268    205,974 
Pharmaceuticals — 0.0%          
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000%          
9.448% VRN 10/01/27   138,850    134,684 
Private Equity — 0.0%          
GTCR W Merger Sub LLC, USD Term Loan B,          
0.000% 9/20/30 (a)   220,000    220,825 
Retail — 0.0%          
WOOF Holdings, Inc., 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.750%          
9.360% VRN 12/21/27   25,615    20,647 
Software — 0.3%          
Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.500%          
9.848% VRN 9/18/26   478,611    480,296 
Ascend Learning LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.500%          
8.956% VRN 12/11/28   96,878    95,075 
Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.250%          
8.606% VRN 2/15/29   96,357    95,828 
Epicor Software Corp., 2020 Term Loan, 1 mo. USD Term SOFR + 3.250%          
8.720% VRN 7/30/27   98,879    99,135 

 

 

 

 

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

 

   Principal
Amount		   Value 
RealPage, Inc., 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.000%          
8.470% VRN 4/24/28  $85,587   $84,806 
Ultimate Software Group, Inc.          
2021 Term Loan, 3 mo. USD Term SOFR + 3.250%          
8.764% VRN 5/04/26   611,898    612,895 
2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.250%          
10.764% VRN 5/03/27   140,000    140,025 
         1,608,060 
           
TOTAL BANK LOANS
(Cost $6,085,727)		        6,087,578 
           
CORPORATE DEBT — 24.7%          
Advertising — 0.0%          
Interpublic Group of Cos., Inc.          
4.650% 10/01/28   215,000    212,817 
Lamar Media Corp.          
4.875% 1/15/29   80,000    77,225 
         290,042 
Aerospace & Defense — 0.3%          
Boeing Co.          
3.250% 2/01/28   100,000    94,878 
5.040% 5/01/27   630,000    635,499 
5.805% 5/01/50   335,000    346,910 
TransDigm, Inc.          
6.750% 8/15/28 (b)   85,000    86,962 
6.875% 12/15/30 (b)   246,000    253,380 
7.125% 12/01/31 (b)   220,000    230,541 
         1,648,170 
Agriculture — 0.2%          
BAT Capital Corp.          
2.259% 3/25/28   155,000    138,692 
7.079% 8/02/43   215,000    228,295 
7.081% 8/02/53   335,000    358,134 
BAT International Finance PLC          
1.668% 3/25/26   90,000    83,597 
Darling Ingredients, Inc.          
6.000% 6/15/30 (b)   55,000    55,041 
Philip Morris International, Inc.          
5.125% 2/15/30   280,000    284,569 
Reynolds American, Inc.          
4.450% 6/12/25   53,000    52,381 
         1,200,709 
Airlines — 0.0%          
American Airlines, Inc./AAdvantage Loyalty IP Ltd.          
5.500% 4/20/26 (b)   87,500    86,869 
Apparel — 0.1%          
VF Corp.          
4.125% 3/07/26 EUR (c)   112,000    122,236 
4.250% 3/07/29 EUR (c)   115,000    121,747 
2.950% 4/23/30   180,000    150,139 

 

 

 

 

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

 

   Principal
Amount		   Value 
Wolverine World Wide, Inc.          
4.000% 8/15/29 (b) (d)  $90,000   $70,650 
         464,772 
Auto Manufacturers — 0.8%          
American Honda Finance Corp.          
0.750% 11/25/26 GBP (c)   130,000    149,689 
1.950% 10/18/24 EUR (c)   200,000    217,464 
5.650% 11/15/28   390,000    408,165 
Daimler Truck Finance North America LLC          
5.125% 1/19/28 (b)   150,000    150,881 
Ford Motor Co.          
9.625% 4/22/30   85,000    100,144 
Ford Motor Credit Co. LLC          
4.867% 8/03/27 EUR (c)   171,000    193,953 
4.950% 5/28/27   265,000    258,520 
5.125% 2/20/29 EUR (c)   110,000    126,980 
6.798% 11/07/28   200,000    209,273 
7.122% 11/07/33   200,000    215,487 
7.350% 11/04/27   200,000    210,910 
General Motors Financial Co., Inc.          
0.850% 2/26/26 EUR (b) (c)   150,000    157,120 
4.000% 10/06/26   95,000    92,423 
5.800% 6/23/28   90,000    92,481 
Hyundai Capital America          
5.500% 3/30/26 (b)   135,000    135,701 
6.500% 1/16/29 (b)   100,000    105,569 
Nissan Motor Acceptance Co. LLC          
1.850% 9/16/26 (b)   160,000    143,858 
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 6 mo. USD LIBOR + 5.625%          
11.493% FRN 10/15/26 (b)   145,000    144,566 
Volkswagen Financial Services AG          
0.375% 2/12/30 EUR (b) (c)   270,000    246,052 
Volkswagen Group of America Finance LLC          
3.200% 9/26/26 (b)   1,320,000    1,253,023 
Volkswagen Leasing GmbH          
1.500% 6/19/26 EUR (b) (c)   145,000    153,102 
1.625% 8/15/25 EUR (b) (c)   150,000    160,723 
         4,926,084 
Auto Parts & Equipment — 0.1%          
Clarios Global LP/Clarios US Finance Co.          
6.750% 5/15/28 (b)   123,000    125,487 
Dana Financing Luxembourg SARL          
8.500% 7/15/31 EUR (b) (c)   100,000    120,580 
Goodyear Tire & Rubber Co.          
5.000% 7/15/29 (d)   140,000    132,276 
ZF North America Capital, Inc.          
6.875% 4/14/28 (b)   150,000    155,440 
7.125% 4/14/30 (b)   150,000    159,869 
         693,652 
Banks — 7.5%          
AIB Group PLC Secured Overnight Financing Rate + 2.330%          
6.608% VRN 9/13/29 (b)   200,000    210,690 

 

 

 

 

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

 

   Principal
Amount		   Value 
Banca Transilvania SA 1 yr. EURIBOR ICE Swap + 5.580%          
8.875% VRN 4/27/27 EUR (b) (c)  $300,000   $348,181 
Banco Bilbao Vizcaya Argentaria SA          
3.375% 9/20/27 EUR (b) (c)   200,000    222,701 
5 yr. EURIBOR ICE Swap + 2.800% 5.750% VRN 9/15/33 EUR (b) (c)   100,000    115,988 
Banco Comercial Portugues SA          
3 mo. EURIBOR + 1.550% 1.125% VRN 2/12/27 EUR (b) (c)   200,000    208,552 
3 mo. EURIBOR + 2.000% 1.750% VRN 4/07/28 EUR (b) (c)   100,000    103,012 
Banco de Credito del Peru SA 5 yr. CMT + 3.000%          
3.125% VRN 7/01/30 (b)   200,000    190,185 
Banco de Sabadell SA          
1 yr. EURIBOR ICE Swap + 1.150% 0.875% VRN 6/16/28 EUR (b) (c)   200,000    199,133 
1 yr. EUR Swap + 2.250% 5.125% VRN 11/10/28 EUR (b) (c)   100,000    116,023 
Banco Santander SA          
1.125% 1/17/25 EUR (b) (c)   200,000    214,750 
2.746% 5/28/25   1,200,000    1,157,768 
6.921% 8/08/33   200,000    213,133 
Bank Hapoalim BM 5 yr. CMT + 2.155%          
3.255% VRN 1/21/32 (b)   200,000    172,952 
Bank of America Corp.          
Secured Overnight Financing Rate + 1.530% 1.898% VRN 7/23/31   1,145,000    936,682 
Secured Overnight Financing Rate + 1.220% 2.299% VRN 7/21/32   425,000    347,028 
2.375% 6/19/24 EUR (b) (c)   150,000    164,313 
2.375% 6/19/24 EUR (b) (c)   150,000    164,313 
3 mo. USD Term SOFR + 1.252% 2.496% VRN 2/13/31   1,735,000    1,489,873 
Secured Overnight Financing Rate + 2.150% 2.592% VRN 4/29/31   585,000    504,147 
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28   55,000    51,806 
3 mo. USD Term SOFR + 1.322% 3.559% VRN 4/23/27   465,000    447,538 
4.250% 10/22/26   302,000    296,508 
Secured Overnight Financing Rate + 1.570% 5.819% VRN 9/15/29   1,402,000    1,447,248 
Bank of Montreal          
5.717% 9/25/28   90,000    93,269 
Bank of New York Mellon Corp.          
Secured Overnight Financing Rate + 1.598% 6.317% VRN 10/25/29   445,000    472,675 
Secured Overnight Financing Rate + 1.845% 6.474% VRN 10/25/34   510,000    564,919 
Banque Federative du Credit Mutuel SA          
1.250% 5/26/27 EUR (b) (c)   100,000    103,468 
1.375% 7/16/28 EUR (b) (c)   100,000    102,534 
5.125% 1/13/33 EUR (b) (c)   100,000    118,088 
Barclays PLC          
1 yr. EUR Swap + 1.260% 0.577% VRN 8/09/29 EUR (b) (c)   215,000    204,177 
1 yr. EURIBOR ICE Swap + 0.850% 0.877% VRN 1/28/28 EUR (b) (c)   100,000    101,312 
1 yr. CMT + 1.050% 2.279% VRN 11/24/27   232,000    213,164 
Secured Overnight Financing Rate + 2.714% 2.852% VRN 5/07/26   211,000    203,436 
1 yr. CMT + 2.300% 5.304% VRN 8/09/26   202,000    201,163 
1 yr. CMT + 2.650% 5.501% VRN 8/09/28   225,000    226,042 
1 yr. U.K. Government Bond + 2.800% 6.369% VRN 1/31/31 GBP (b) (c)   125,000    165,191 
Secured Overnight Financing Rate + 2.620% 6.692% VRN 9/13/34   675,000    721,575 
5 yr. SOFR Swap Rate + 5.775% 9.625% VRN (e)   360,000    373,950 
BBVA Bancomer SA 5 yr. CMT + 2.650%          
5.125% VRN 1/18/33 (b)   300,000    271,793 
BNP Paribas SA 3 mo. EURIBOR + 1.800%          
2.125% VRN 1/23/27 EUR (b) (c)   200,000    214,408 
BPCE SA          
0.250% 1/14/31 EUR (b) (c)   200,000    177,557 
3.500% 1/25/28 EUR (b) (c)   100,000    111,571 
CaixaBank SA          
1.125% 5/17/24 EUR (b) (c)   100,000    109,214 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.750% 9/07/29 EUR (b) (c)  $200,000   $226,334 
Secured Overnight Financing Rate + 2.700% 6.208% VRN 1/18/29 (b)   500,000    509,936 
5 yr. EUR Swap + 3.550% 6.250% VRN 2/23/33 EUR (b) (c)   100,000    116,436 
Secured Overnight Financing Rate + 2.080% 6.684% VRN 9/13/27 (b)   420,000    430,532 
Secured Overnight Financing Rate + 2.770% 6.840% VRN 9/13/34 (b)   245,000    258,699 
Citigroup, Inc.          
Secured Overnight Financing Rate + 1.167% 2.561% VRN 5/01/32   300,000    250,298 
Secured Overnight Financing Rate + 1.280% 3.070% VRN 2/24/28   570,000    537,098 
Secured Overnight Financing Rate + 2.842% 3.106% VRN 4/08/26   240,000    233,258 
4.450% 9/29/27   140,000    136,781 
Secured Overnight Financing Rate + 1.887% 4.658% VRN 5/24/28   135,000    133,923 
Secured Overnight Financing Rate + 1.546% 5.610% VRN 9/29/26   565,000    569,116 
Secured Overnight Financing Rate + 2.661% 6.174% VRN 5/25/34   360,000    372,519 
Cooperatieve Rabobank UA          
4.625% 5/23/29 GBP (b) (c)   150,000    185,238 
Credit Agricole SA          
0.875% 1/14/32 EUR (b) (c)   200,000    181,294 
1.000% 9/16/24 EUR (b) (c)   200,000    216,417 
Danske Bank AS          
1 yr. EURIBOR ICE Swap + 0.880% 0.750% VRN 6/09/29 EUR (b) (c)   100,000    97,708 
1 yr. EUR Swap + 0.850% 1.375% VRN 2/17/27 EUR (b) (c)   110,000    115,649 
5 yr. EUR Swap + 1.700% 1.375% VRN 2/12/30 EUR (b) (c)   100,000    106,401 
3 mo. USD LIBOR + 1.591% 3.244% VRN 12/20/25 (b)   1,040,000    1,012,918 
1 yr. CMT + 1.450% 3.773% VRN 3/28/25 (b)   355,000    353,151 
Deutsche Bank AG Secured Overnight Financing Rate + 2.581%          
3.961% VRN 11/26/25   320,000    314,751 
Fifth Third Bancorp          
2.375% 1/28/25   90,000    87,018 
2.550% 5/05/27   50,000    46,119 
3.950% 3/14/28   155,000    148,562 
Secured Overnight Financing Rate + 2.340% 6.339% VRN 7/27/29   235,000    244,677 
Goldman Sachs Group, Inc.          
1.375% 5/15/24 EUR (b) (c)   40,000    43,729 
Secured Overnight Financing Rate + 0.818% 1.542% VRN 9/10/27   605,000    548,745 
1.625% 7/27/26 EUR (b) (c)   140,000    148,517 
Secured Overnight Financing Rate + 1.248% 2.383% VRN 7/21/32   510,000    419,029 
3.500% 11/16/26   385,000    370,714 
Secured Overnight Financing Rate + 1.846% 3.615% VRN 3/15/28   550,000    527,525 
1 yr. U.K. Government Bond + 1.950% 3.625% VRN 10/29/29 GBP (b) (c)   85,000    102,445 
3 mo. USD Term SOFR + 1.772% 3.691% VRN 6/05/28   190,000    181,533 
Secured Overnight Financing Rate + 1.725% 4.482% VRN 8/23/28   520,000    510,820 
HSBC Holdings PLC          
Secured Overnight Financing Rate + 1.929% 2.099% VRN 6/04/26   320,000    304,633 
3 mo. EURIBOR + 1.290% 4.752% VRN 3/10/28 EUR (b) (c)   280,000    320,526 
Secured Overnight Financing Rate + 2.110% 4.755% VRN 6/09/28   770,000    758,723 
Secured Overnight Financing Rate + 2.610% 5.210% VRN 8/11/28   440,000    439,613 
Secured Overnight Financing Rate + 3.020% 7.399% VRN 11/13/34   285,000    312,636 
Huntington National Bank Secured Overnight Financing Rate + 1.215%          
5.699% VRN 11/18/25   250,000    246,875 
ING Groep NV          
3 mo. EURIBOR + 0.850% 1.250% VRN 2/16/27 EUR (b) (c)   200,000    209,907 
Secured Overnight Financing Rate + 2.090% 6.114% VRN 9/11/34   575,000    603,041 
Intesa Sanpaolo SpA          
1.000% 7/04/24 EUR (b) (c)   300,000    326,156 
1.750% 7/04/29 EUR (b) (c)   100,000    100,533 
7.200% 11/28/33 (b)   565,000    602,298 
JP Morgan Chase & Co.          
Secured Overnight Financing Rate + 0.885% 1.578% VRN 4/22/27   465,000    429,113 

 

 

 

 

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

 

   Principal
Amount		   Value 
3 mo. USD Term SOFR + 1.105% 1.764% VRN 11/19/31  $955,000   $773,981 
Secured Overnight Financing Rate + 1.890% 2.182% VRN 6/01/28   675,000    617,393 
Secured Overnight Financing Rate + 2.040% 2.522% VRN 4/22/31   165,000    142,682 
3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30   265,000    235,618 
3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31   1,060,000    931,500 
JPMorgan Chase & Co.          
3 mo. USD Term SOFR + 1.507% 3.960% VRN 1/29/27   140,000    136,756 
Secured Overnight Financing Rate + 1.810% 6.254% VRN 10/23/34   380,000    411,915 
KBC Group NV 1 yr. CMT + 2.100%          
5.796% VRN 1/19/29 (b)   620,000    630,460 
Kreditanstalt fuer Wiederaufbau          
4.700% 6/02/37 CAD (c)   65,000    51,853 
4.700% 6/02/37 CAD (c)   75,000    59,830 
Landsbankinn Hf.          
0.375% 5/23/25 EUR (b) (c)   265,000    274,332 
Morgan Stanley          
3 mo. EURIBOR + 0.698% 0.406% VRN 10/29/27 EUR (c)   100,000    101,326 
3 mo. EURIBOR + 0.867% 0.495% VRN 10/26/29 EUR (c)   260,000    247,659 
Secured Overnight Financing Rate + 0.858% 1.512% VRN 7/20/27   630,000    575,446 
Secured Overnight Financing Rate + 1.730% 5.123% VRN 2/01/29   880,000    884,002 
3 mo. EURIBOR + 1.954% 5.148% VRN 1/25/34 EUR (c)   100,000    121,178 
Nationale-Nederlanden Bank NV          
0.375% 2/26/25 EUR (b) (c)   100,000    106,320 
NatWest Group PLC          
3 mo. EURIBOR + 0.949% 0.780% VRN 2/26/30 EUR (b) (c)   180,000    171,093 
5 yr. EUR Swap + 1.270% 1.043% VRN 9/14/32 EUR (b) (c)   135,000    131,583 
NongHyup Bank          
4.875% 7/03/28 (b)   310,000    311,792 
OTP Bank Nyrt 3 mo. EURIBOR + 4.523%          
7.350% VRN 3/04/26 EUR (b) (c)   140,000    158,633 
PNC Financial Services Group, Inc.          
2.550% 1/22/30   145,000    126,842 
Secured Overnight Financing Rate Index + 1.730% 6.615% VRN 10/20/27   95,000    98,546 
QNB Finance Ltd.          
2.750% 2/12/27 (b)   200,000    186,526 
Santander UK Group Holdings PLC          
1 yr. EUR Swap + 0.800% 0.603% VRN 9/13/29 EUR (b) (c)   275,000    260,995 
1 yr. CMT + 1.250% 1.532% VRN 8/21/26   1,465,000    1,366,145 
1 yr. GBP SONIA Linked ICE Swap + 1.250% 2.421% VRN 1/17/29 GBP (b) (c)   100,000    113,813 
Shinhan Bank Co. Ltd.          
4.500% 4/12/28 (b)   330,000    326,901 
Standard Chartered PLC          
1 yr. CMT + 1.000% 1.456% VRN 1/14/27 (b)   295,000    270,132 
5 yr. EUR Swap + 2.800% 2.500% VRN 9/09/30 EUR (b) (c)   180,000    192,221 
3 mo. USD LIBOR + 1.209% 2.819% VRN 1/30/26 (b)   200,000    193,366 
1 yr. CMT + 1.650% 3.971% VRN 3/30/26 (b)   550,000    536,244 
Toronto-Dominion Bank          
5.523% 7/17/28   95,000    97,806 
UBS Group AG          
Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 (b)   340,000    311,177 
1 yr. GBP Swap + 1.230% 2.125% VRN 9/12/25 GBP (b) (c)   250,000    310,040 
1 yr. EUR Swap + 1.950% 2.875% VRN 4/02/32 EUR (b) (c)   185,000    190,688 
3.750% 3/26/25   890,000    871,886 
1 yr. CMT + 2.200% 5.959% VRN 1/12/34 (b)   445,000    460,187 
1 yr. CMT + 2.000% 6.301% VRN 9/22/34 (b)   325,000    344,053 
5 yr. CMT + 4.745% 9.250% VRN (b) (e)   200,000    215,755 

 

 

 

 

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

 

   Principal
Amount		   Value 
UniCredit SpA 5 yr. EURIBOR ICE Swap + 4.739%          
4.875% VRN 2/20/29 EUR (b) (c)  $200,000   $220,530 
Wells Fargo & Co.          
Secured Overnight Financing Rate + 2.100% 2.393% VRN 6/02/28   1,105,000    1,012,097 
3 mo. USD Term SOFR + 1.262% 2.572% VRN 2/11/31   1,225,000    1,058,547 
3 mo. USD Term SOFR + 1.432% 2.879% VRN 10/30/30   2,145,000    1,906,824 
3 mo. USD Term SOFR + 1.432% 3.196% VRN 6/17/27   140,000    133,834 
4.300% 7/22/27   290,000    283,838 
         46,628,319 
Beverages — 0.1%          
Anheuser-Busch InBev SA          
1.650% 3/28/31 EUR (b) (c)   165,000    167,064 
Anheuser-Busch InBev Worldwide, Inc.          
5.550% 1/23/49   400,000    429,844 
Carlsberg Breweries AS          
0.875% 7/01/29 EUR (b) (c)   140,000    137,290 
         734,198 
Building Materials — 0.1%          
Carrier Global Corp.          
2.493% 2/15/27   100,000    94,025 
5.800% 11/30/25 (b)   130,000    131,729 
Emerald Debt Merger Sub LLC          
6.625% 12/15/30 (b)   125,000    127,671 
Summit Materials LLC/Summit Materials Finance Corp.          
7.250% 1/15/31 (b)   40,000    42,148 
         395,573 
Chemicals — 0.2%          
Axalta Coating Systems Dutch Holding B BV          
7.250% 2/15/31 (b)   225,000    235,965 
Braskem Netherlands Finance BV          
4.500% 1/31/30 (b)   300,000    232,849 
Celanese US Holdings LLC          
6.050% 3/15/25   63,000    63,386 
6.165% 7/15/27   95,000    97,409 
MEGlobal BV          
2.625% 4/28/28 (b)   200,000    179,730 
Methanex Corp.          
5.125% 10/15/27   65,000    63,498 
Westlake Corp.          
1.625% 7/17/29 EUR (c)   475,000    469,404 
         1,342,241 
Commercial Services — 0.3%          
Albion Financing 1 SARL/Aggreko Holdings, Inc.          
5.250% 10/15/26 EUR (b) (c)   100,000    110,119 
Autostrade per l'Italia SpA          
2.000% 12/04/28 EUR (b) (c)   165,000    167,185 
2.000% 1/15/30 EUR (b) (c)   155,000    151,585 
Equifax, Inc.          
5.100% 12/15/27   42,000    42,382 
GTCR W-2 Merger Sub LLC          
7.500% 1/15/31 (b)   400,000    422,689 

 

 

 

 

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

 

   Principal
Amount		   Value 
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV          
8.500% 1/15/31 GBP (b) (c)  $100,000   $137,662 
Holding d'Infrastructures de Transport SASU          
1.475% 1/18/31 EUR (b) (c)   200,000    189,106 
IPD 3 BV          
8.000% 6/15/28 EUR (b) (c)   100,000    117,669 
Loxam SAS          
6.375% 5/15/28 EUR (b) (c)   100,000    114,800 
Transurban Finance Co. Pty. Ltd.          
3.000% 4/08/30 EUR (b) (c)   300,000    323,979 
Verisure Holding AB          
3.875% 7/15/26 EUR (b) (c)   100,000    108,198 
         1,885,374 
Computers — 0.0%          
Booz Allen Hamilton, Inc.          
5.950% 8/04/33   190,000    200,715 
Distribution & Wholesale — 0.0%          
Ritchie Bros Holdings, Inc.          
6.750% 3/15/28 (b)   20,000    20,591 
7.750% 3/15/31 (b)   15,000    15,992 
         36,583 
Diversified Financial Services — 1.3%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust          
2.450% 10/29/26   525,000    486,109 
3.300% 1/30/32   720,000    626,637 
4.450% 4/03/26   270,000    265,117 
4.875% 1/16/24   540,000    539,655 
Ally Financial, Inc.          
4.750% 6/09/27 (d)   179,000    172,728 
CA Auto Bank SPA          
0.500% 9/13/24 EUR (b) (c)   160,000    172,346 
Capital One Financial Corp.          
1.650% 6/12/29 EUR (c)   300,000    291,252 
Secured Overnight Financing Rate + 1.790% 3.273% VRN 3/01/30   265,000    236,672 
3.650% 5/11/27   610,000    581,619 
3.750% 3/09/27   210,000    200,510 
Secured Overnight Financing Rate + 2.160% 4.985% VRN 7/24/26   525,000    518,935 
Secured Overnight Financing Rate + 2.600% 5.247% VRN 7/26/30   140,000    137,554 
Encore Capital Group, Inc.          
5.375% 2/15/26 GBP (b) (c)   140,000    169,521 
Intercontinental Exchange, Inc.          
2.650% 9/15/40   130,000    96,751 
4.350% 6/15/29   465,000    463,494 
Iqera Group SAS          
4.250% 9/30/24 EUR (b) (c)   100,000    107,536 
Jerrold Finco PLC          
5.250% 1/15/27 GBP (b) (c)   100,000    118,383 
Kane Bidco Ltd.          
5.000% 2/15/27 EUR (b) (c)   225,000    237,273 
LeasePlan Corp. NV 5 yr. EURIBOR ICE Swap + 7.556%          
7.375% VRN EUR (b) (c) (e)   200,000    221,439 
LSEGA Financing PLC          
2.000% 4/06/28 (b)   1,520,000    1,360,122 
2.500% 4/06/31 (b)   435,000    372,400 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.200% 4/06/41 (b)  $200,000   $154,775 
Navient Corp.          
9.375% 7/25/30   160,000    167,628 
11.500% 3/15/31   85,000    93,110 
OneMain Finance Corp.          
9.000% 1/15/29   300,000    317,169 
         8,108,735 
Electric — 1.9%          
AES Corp.          
5.450% 6/01/28   95,000    96,568 
American Electric Power Co., Inc.          
5.200% 1/15/29   325,000    329,377 
Baltimore Gas & Electric Co.          
5.400% 6/01/53   200,000    206,368 
DTE Energy Co.          
4.875% 6/01/28   90,000    90,780 
Duke Energy Corp.          
5.000% 8/15/52   525,000    490,074 
6.100% 9/15/53   615,000    666,067 
E.ON International Finance BV          
6.250% 6/03/30 GBP (b) (c)   305,000    421,160 
Edison International          
4.950% 4/15/25   30,000    29,789 
EDP - Energias de Portugal SA          
2.875% 6/01/26 EUR (b) (c)   200,000    218,896 
EDP Finance BV          
6.300% 10/11/27 (b)   200,000    209,583 
Electricite de France SA          
6.125% 6/02/34 GBP (b) (c)   200,000    271,330 
Enel Finance America LLC          
7.100% 10/14/27 (b)   200,000    213,422 
Enel Finance International NV          
5.625% 8/14/24 GBP (b) (c)   150,000    190,855 
6.800% 10/14/25 (b)   200,000    205,028 
Exelon Corp.          
5.150% 3/15/28   90,000    91,479 
5.600% 3/15/53   325,000    330,211 
Georgia Power Co.          
4.950% 5/17/33   450,000    453,630 
Indiana Michigan Power Co.          
5.625% 4/01/53   35,000    36,718 
Interchile SA          
4.500% 6/30/56 (b)   280,000    230,580 
MidAmerican Energy Co.          
5.850% 9/15/54   175,000    193,603 
NextEra Energy Capital Holdings, Inc.          
2.440% 1/15/32   435,000    364,508 
5.250% 2/28/53   175,000    171,881 
5.749% 9/01/25   295,000    297,791 
NRG Energy, Inc.          
4.450% 6/15/29 (b)   170,000    160,403 
Orsted AS          
4.875% 1/12/32 GBP (b) (c)   150,000    189,666 
Pacific Gas & Electric Co.          
2.100% 8/01/27   383,000    345,172 
2.500% 2/01/31   465,000    383,574 
4.550% 7/01/30   510,000    485,713 

 

 

 

 

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

 

   Principal
Amount		   Value 
6.700% 4/01/53  $145,000   $157,325 
6.950% 3/15/34   265,000    291,079 
Palomino Funding Trust I          
7.233% 5/17/28 (b)   290,000    305,415 
Public Service Enterprise Group, Inc.          
5.875% 10/15/28   95,000    99,543 
RTE Reseau de Transport d'Electricite SADIR          
0.750% 1/12/34 EUR (b) (c)   200,000    176,980 
Sempra          
3.400% 2/01/28   95,000    90,536 
3.700% 4/01/29   145,000    138,143 
Southern California Edison Co.          
4.700% 6/01/27   340,000    341,996 
5.700% 3/01/53   220,000    231,558 
Southern Co.          
5.200% 6/15/33   665,000    678,339 
5.700% 3/15/34   320,000    336,487 
State Grid Overseas Investment BVI Ltd.          
1.375% 5/02/25 EUR (b) (c)   100,000    106,750 
Talen Energy Supply LLC          
8.625% 6/01/30 (b)   125,000    132,817 
TenneT Holding BV          
2.000% 6/05/34 EUR (b) (c)   330,000    330,154 
Vistra Corp. 5 yr. CMT + 6.930%          
8.000% VRN (b) (e)   355,000    353,452 
Vistra Operations Co. LLC          
5.125% 5/13/25 (b)   485,000    480,283 
6.950% 10/15/33 (b)   190,000    199,963 
7.750% 10/15/31 (b)   215,000    223,297 
         12,048,343 
Electronics — 0.1%          
Sensata Technologies BV          
5.875% 9/01/30 (b)   345,000    342,763 
Engineering & Construction — 0.2%          
ABB Finance BV          
3.375% 1/16/31 EUR (b) (c)   115,000    130,077 
Avinor AS          
0.750% 10/01/30 EUR (b) (c)   140,000    132,097 
Cellnex Telecom SA          
1.750% 10/23/30 EUR (b) (c)   300,000    289,942 
Heathrow Funding Ltd.          
2.750% 10/13/31 GBP (b) (c)   225,000    259,561 
Sydney Airport Finance Co. Pty. Ltd.          
4.375% 5/03/33 EUR (b) (c)   220,000    255,668 
         1,067,345 
Entertainment — 0.3%          
Banijay Entertainment SASU          
7.000% 5/01/29 EUR (b) (c)   100,000    116,191 
Caesars Entertainment, Inc.          
7.000% 2/15/30 (b)   155,000    158,943 
Churchill Downs, Inc.          
6.750% 5/01/31 (b)   130,000    131,941 
Cirsa Finance International SARL          
7.875% 7/31/28 EUR (b) (c)   120,000    138,104 

 

 

 

 

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

 

   Principal
Amount		   Value 
Inter Media & Communication SpA          
6.750% 2/09/27 EUR (b) (c)  $145,000   $153,776 
International Game Technology PLC          
3.500% 6/15/26 EUR (b) (c)   100,000    109,511 
3.500% 6/15/26 EUR (b) (c)   100,000    109,511 
Lottomatica SpA 3 mo. EURIBOR + 4.125%          
8.100% FRN 6/01/28 EUR (b) (c)   100,000    111,372 
Motion Finco SARL          
7.375% 6/15/30 EUR (b) (c)   170,000    191,441 
Warnermedia Holdings, Inc.          
3.755% 3/15/27   705,000    675,517 
         1,896,307 
Food — 0.3%          
Bellis Acquisition Co. PLC          
3.250% 2/16/26 GBP (b) (c)   100,000    118,022 
Bimbo Bakeries USA, Inc.          
6.050% 1/15/29 (b)   225,000    236,653 
6.400% 1/15/34 (b)   200,000    221,946 
Chobani LLC/Chobani Finance Corp., Inc.          
4.625% 11/15/28 (b)   105,000    98,155 
Mars, Inc.          
4.750% 4/20/33 (b)   440,000    443,908 
Mondelez International Holdings Netherlands BV          
0.250% 9/09/29 EUR (b) (c)   198,000    188,247 
Mondelez International, Inc.          
0.250% 3/17/28 EUR (c)   237,000    233,821 
Tesco Corporate Treasury Services PLC          
0.875% 5/29/26 EUR (b) (c)   150,000    156,757 
1.875% 11/02/28 GBP (b) (c)   150,000    168,398 
         1,865,907 
Gas — 0.1%          
APA Infrastructure Ltd.          
3.500% 3/22/30 GBP (b) (c)   150,000    174,070 
Boston Gas Co.          
6.119% 7/20/53 (b)   155,000    161,598 
NiSource, Inc.          
3.490% 5/15/27   100,000    96,275 
5.250% 3/30/28   85,000    86,668 
Snam SpA          
0.875% 10/25/26 EUR (b) (c)   185,000    192,365 
         710,976 
Health Care – Products — 0.2%          
Avantor Funding, Inc.          
4.625% 7/15/28 (b)   105,000    101,481 
Becton Dickinson Euro Finance SARL          
1.213% 2/12/36 EUR (c)   100,000    85,429 
Medtronic Global Holdings SCA          
0.375% 10/15/28 EUR (c)   100,000    98,099 
Revvity, Inc.          
1.900% 9/15/28   410,000    354,834 
2.250% 9/15/31   220,000    180,388 
3.300% 9/15/29   125,000    113,501 

 

 

 

 

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

 

   Principal
Amount		   Value 
Sartorius Finance BV          
4.500% 9/14/32 EUR (b) (c)  $200,000   $229,974 
Thermo Fisher Scientific, Inc.          
0.875% 10/01/31 EUR (c)   140,000    131,868 
2.375% 4/15/32 EUR (c)   100,000    104,738 
         1,400,312 
Health Care – Services — 1.2%          
Centene Corp.          
2.450% 7/15/28   230,000    204,838 
2.625% 8/01/31   315,000    261,363 
3.375% 2/15/30   515,000    462,074 
4.250% 12/15/27   95,000    91,538 
4.625% 12/15/29   875,000    838,886 
Charles River Laboratories International, Inc.          
4.000% 3/15/31 (b)   110,000    99,372 
Elevance Health, Inc.          
5.125% 2/15/53   220,000    220,283 
Fresenius SE & Co. KGaA          
5.000% 11/28/29 EUR (b) (c)   100,000    117,795 
HCA, Inc.          
3.125% 3/15/27   235,000    222,765 
3.375% 3/15/29   90,000    83,040 
3.500% 9/01/30   499,000    452,357 
4.500% 2/15/27   90,000    88,939 
5.375% 9/01/26   170,000    170,780 
5.875% 2/15/26   160,000    161,361 
Humana, Inc.          
4.875% 4/01/30   550,000    557,295 
5.950% 3/15/34   260,000    278,278 
IQVIA, Inc.          
6.250% 2/01/29 (b)   290,000    302,745 
6.500% 5/15/30 (b)   200,000    205,022 
Molina Healthcare, Inc.          
4.375% 6/15/28 (b)   75,000    70,933 
Sutter Health          
5.164% 8/15/33   140,000    141,852 
UnitedHealth Group, Inc.          
4.500% 4/15/33   420,000    417,332 
5.050% 4/15/53   1,040,000    1,050,582 
5.875% 2/15/53   735,000    832,449 
         7,331,879 
Healthcare-Products — 0.0%          
Thermo Fisher Scientific, Inc.          
5.200% 1/31/34   210,000    219,851 
Insurance — 1.0%          
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer          
6.750% 4/15/28 (b)   295,000    301,794 
7.000% 1/15/31 (b)   25,000    26,372 
Allianz SE 10 yr. EURIBOR ICE Swap + 3.200%          
3.375% VRN EUR (b) (c) (e)   400,000    436,505 
AmWINS Group, Inc.          
4.875% 6/30/29 (b)   140,000    127,853 
Aon Corp.          
2.800% 5/15/30   145,000    128,564 

 

 

 

 

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

 

   Principal
Amount		   Value 
Athene Global Funding          
0.832% 1/08/27 EUR (b) (c)  $165,000   $167,878 
Berkshire Hathaway Finance Corp.          
1.500% 3/18/30 EUR (c)   167,000    167,207 
CNO Financial Group, Inc.          
5.250% 5/30/25   217,000    215,485 
Corebridge Financial, Inc.          
3.650% 4/05/27   95,000    91,362 
3.900% 4/05/32   145,000    131,075 
Credit Agricole Assurances SA 5 yr. EURIBOR ICE Swap + 2.650%          
2.625% VRN 1/29/48 EUR (b) (c)   200,000    204,780 
Equitable Financial Life Global Funding          
1.000% 1/09/26 (b)   450,000    411,645 
Equitable Holdings, Inc.          
4.350% 4/20/28   1,150,000    1,110,337 
Hannover Rueck SE          
3 mo. EURIBOR + 2.380% 1.125% VRN 10/09/39 EUR (b) (c)   200,000    187,586 
3 mo. EURIBOR + 3.000% 1.750% VRN 10/08/40 EUR (b) (c)   300,000    285,137 
HUB International Ltd.          
7.250% 6/15/30 (b) (d)   285,000    301,026 
Jackson Financial, Inc.          
5.170% 6/08/27 (d)   400,000    399,235 
Jones Deslauriers Insurance Management, Inc.          
8.500% 3/15/30 (b)   217,000    227,878 
Legal & General Group PLC 5 yr. U.K. Government Bond + 4.580%          
5.375% VRN 10/27/45 GBP (b) (c)   185,000    234,229 
Marsh & McLennan Cos., Inc.          
2.250% 11/15/30   185,000    159,240 
5.700% 9/15/53   530,000    575,952 
Metropolitan Life Global Funding I          
5.000% 1/10/30 GBP (b) (c)   100,000    131,148 
5.150% 3/28/33 (b)   240,000    244,166 
         6,266,454 
Internet — 0.3%          
Gen Digital, Inc.          
7.125% 9/30/30 (b) (d)   32,000    33,434 
Match Group Holdings II LLC          
5.000% 12/15/27 (b)   128,000    124,987 
MercadoLibre, Inc.          
3.125% 1/14/31   200,000    171,293 
Meta Platforms, Inc.          
5.600% 5/15/53   665,000    720,750 
Netflix, Inc.          
3.875% 11/15/29 EUR (b) (c)   125,000    142,564 
4.625% 5/15/29 EUR (c)   100,000    117,789 
Tencent Holdings Ltd.          
3.240% 6/03/50 (b)   350,000    233,222 
United Group BV          
4.625% 8/15/28 EUR (b) (c)   100,000    104,323 
         1,648,362 
Iron & Steel — 0.0%          
ABJA Investment Co. Pte. Ltd.          
5.950% 7/31/24 (b)   200,000    199,400 

 

 

 

 

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

 

   Principal
Amount		   Value 
Leisure Time — 0.2%          
Carnival Corp.          
7.000% 8/15/29 (b) (d)  $140,000   $146,177 
10.500% 6/01/30 (b) (d)   245,000    267,981 
Deuce Finco PLC          
5.500% 6/15/27 GBP (b) (c)   100,000    118,581 
Harley-Davidson Financial Services, Inc.          
5.125% 4/05/26 EUR (b) (c)   210,000    239,139 
Life Time, Inc.          
5.750% 1/15/26 (b) (d)   125,000    124,101 
Royal Caribbean Cruises Ltd.          
11.625% 8/15/27 (b)   40,000    43,527 
8.250% 1/15/29 (b)   200,000    212,539 
         1,152,045 
Lodging — 0.1%          
Las Vegas Sands Corp.          
3.500% 8/18/26   210,000    200,180 
Marriott International, Inc.          
5.000% 10/15/27   322,000    325,800 
         525,980 
Machinery – Diversified — 0.0%          
Highland Holdings SARL          
0.318% 12/15/26 EUR (c)   122,000    124,132 
TK Elevator Midco GmbH          
4.375% 7/15/27 EUR (b) (c)   100,000    106,730 
         230,862 
Media — 0.5%          
Altice Financing SA          
4.250% 8/15/29 EUR (b) (c)   100,000    97,755 
5.000% 1/15/28 (b)   260,000    235,680 
CCO Holdings LLC/CCO Holdings Capital Corp.          
4.250% 2/01/31 (b)   130,000    113,611 
6.375% 9/01/29 (b) (d)   75,000    73,962 
7.375% 3/01/31 (b)   70,000    71,845 
Charter Communications Operating LLC/Charter Communications Operating Capital          
3.750% 2/15/28   150,000    141,607 
5.750% 4/01/48   230,000    204,120 
6.484% 10/23/45   105,000    103,174 
6.650% 2/01/34   555,000    585,238 
Comcast Corp.          
3.250% 11/01/39   295,000    238,950 
DISH DBS Corp.          
5.750% 12/01/28 (b)   65,000    51,844 
DISH Network Corp.          
11.750% 11/15/27 (b)   130,000    135,701 
RCS & RDS SA          
3.250% 2/05/28 EUR (b) (c)   200,000    196,508 
Sirius XM Radio, Inc.          
4.000% 7/15/28 (b)   180,000    166,472 
5.000% 8/01/27 (b)   116,000    112,055 
Univision Communications, Inc.          
7.375% 6/30/30 (b) (d)   65,000    64,814 
8.000% 8/15/28 (b)   55,000    56,739 

 

 

 

 

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

 

   Principal
Amount		   Value 
VZ Secured Financing BV          
3.500% 1/15/32 EUR (b) (c)  $100,000   $97,216 
Walt Disney Co.          
3.600% 1/13/51   255,000    204,965 
Ziggo BV          
2.875% 1/15/30 EUR (b) (c)   100,000    98,074 
         3,050,330 
Mining — 0.1%          
Anglo American Capital PLC          
3.375% 3/11/29 GBP (b) (c)   140,000    164,449 
Freeport-McMoRan, Inc.          
4.375% 8/01/28   94,000    90,243 
5.000% 9/01/27   4,000    3,950 
5.450% 3/15/43   270,000    262,667 
Hudbay Minerals, Inc.          
6.125% 4/01/29 (b)   60,000    58,828 
         580,137 
Oil & Gas — 0.6%          
BP Capital Markets PLC          
2.213% 9/25/26 EUR (b) (c)   160,000    172,726 
Chesapeake Energy Corp.          
6.750% 4/15/29 (b)   120,000    121,116 
Diamondback Energy, Inc.          
6.250% 3/15/53   220,000    234,522 
Hilcorp Energy I LP/Hilcorp Finance Co.          
8.375% 11/01/33 (b)   239,000    253,206 
Marathon Oil Corp.          
4.400% 7/15/27 (d)   95,000    92,653 
Occidental Petroleum Corp.          
6.200% 3/15/40   315,000    325,238 
6.375% 9/01/28 (d)   130,000    136,607 
6.450% 9/15/36   80,000    84,640 
6.625% 9/01/30   510,000    542,390 
8.500% 7/15/27   115,000    125,439 
8.875% 7/15/30   680,000    795,739 
Ovintiv, Inc.          
5.650% 5/15/28   95,000    96,932 
Petroleos Mexicanos          
4.750% 2/26/29 EUR (b) (c)   365,000    331,182 
4.875% 2/21/28 EUR (b) (c)   460,000    441,679 
Pioneer Natural Resources Co.          
5.100% 3/29/26   145,000    146,057 
Saudi Arabian Oil Co.          
4.250% 4/16/39 (b)   200,000    178,710 
         4,078,836 
Packaging & Containers — 0.1%          
Ball Corp.          
6.875% 3/15/28   140,000    145,446 
Graphic Packaging International LLC          
2.625% 2/01/29 EUR (b) (c)   100,000    101,669 
Sealed Air Corp./Sealed Air Corp. US          
6.125% 2/01/28 (b)   65,000    65,560 

 

 

 

 

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

 

   Principal
Amount		   Value 
7.250% 2/15/31 (b) (d)  $25,000   $26,507 
         339,182 
Pharmaceuticals — 1.3%          
AbbVie, Inc.          
2.625% 11/15/28 EUR (c)   225,000    244,141 
4.050% 11/21/39   270,000    243,796 
4.250% 11/21/49   325,000    289,625 
4.700% 5/14/45   530,000    504,338 
4.875% 11/14/48   980,000    955,354 
Bayer US Finance II LLC          
4.250% 12/15/25 (b)   225,000    219,254 
6.125% 11/21/26 (b)   200,000    203,336 
Becton Dickinson & Co.          
2.823% 5/20/30   510,000    455,821 
3.020% 5/24/25 GBP (c)   150,000    185,843 
CVS Health Corp.          
3.250% 8/15/29   135,000    125,799 
4.300% 3/25/28   100,000    98,305 
5.050% 3/25/48   823,000    769,758 
5.625% 2/21/53   430,000    435,851 
5.875% 6/01/53   230,000    241,917 
Gruenenthal GmbH          
6.750% 5/15/30 EUR (b) (c)   100,000    116,881 
Mylan, Inc.          
4.550% 4/15/28 (d)   95,000    92,177 
Pfizer Investment Enterprises Pte. Ltd.          
4.750% 5/19/33   280,000    280,628 
5.300% 5/19/53   275,000    280,743 
5.340% 5/19/63   440,000    444,224 
Teva Pharmaceutical Finance Netherlands III BV          
7.875% 9/15/29   200,000    215,552 
8.125% 9/15/31   200,000    218,116 
Upjohn Finance BV          
1.908% 6/23/32 EUR (b) (c)   145,000    134,535 
Utah Acquisition Sub, Inc.          
3.125% 11/22/28 EUR (b) (c)   155,000    166,458 
3.950% 6/15/26   1,125,000    1,087,193 
5.250% 6/15/46   45,000    37,472 
Viatris, Inc.          
3.850% 6/22/40   401,000    298,257 
4.000% 6/22/50   215,000    151,235 
         8,496,609 
Pipelines — 1.2%          
Boardwalk Pipelines LP          
3.400% 2/15/31   890,000    795,307 
Cheniere Corpus Christi Holdings LLC          
5.125% 6/30/27   235,000    236,141 
Cheniere Energy, Inc.          
4.625% 10/15/28   95,000    92,732 
Columbia Pipelines Holding Co. LLC          
6.042% 8/15/28 (b)   295,000    304,471 
Enbridge, Inc.          
4.250% 12/01/26   90,000    88,788 
6.200% 11/15/30   145,000    155,153 
6.700% 11/15/53 (d)   230,000    267,497 

 

 

 

 

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

 

   Principal
Amount		   Value 
Energy Transfer LP          
2.900% 5/15/25  $185,000   $179,255 
6.400% 12/01/30   225,000    240,570 
6.550% 12/01/33   150,000    162,795 
Kinetik Holdings LP          
5.875% 6/15/30 (b)   90,000    88,295 
6.625% 12/15/28 (b)   276,000    281,192 
MPLX LP          
4.125% 3/01/27   95,000    92,994 
NuStar Logistics LP          
5.750% 10/01/25   80,000    79,495 
ONEOK, Inc.          
5.650% 11/01/28   90,000    93,168 
5.800% 11/01/30   170,000    176,740 
6.050% 9/01/33   250,000    264,879 
Sabine Pass Liquefaction LLC          
4.200% 3/15/28   100,000    97,890 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.          
4.000% 1/15/32   125,000    114,141 
4.875% 2/01/31   25,000    24,285 
5.000% 1/15/28   90,000    88,884 
5.500% 3/01/30   150,000    149,973 
6.875% 1/15/29   213,000    219,967 
Transcanada Trust 3 mo. CAD CDOR + 3.080%          
4.650% VRN 5/18/77 CAD (c)   650,000    447,875 
Venture Global Calcasieu Pass LLC          
3.875% 8/15/29 (b)   55,000    49,901 
3.875% 11/01/33 (b)   80,000    67,796 
4.125% 8/15/31 (b)   65,000    57,265 
6.250% 1/15/30 (b)   160,000    159,134 
Venture Global LNG, Inc.          
8.375% 6/01/31 (b)   415,000    414,785 
9.500% 2/01/29 (b)   435,000    460,303 
Western Midstream Operating LP          
4.500% 3/01/28   95,000    91,878 
Williams Cos., Inc.          
3.750% 6/15/27   1,265,000    1,219,257 
         7,262,806 
Real Estate — 0.1%          
Blackstone Property Partners Europe Holdings SARL          
1.750% 3/12/29 EUR (b) (c)   280,000    259,746 
CBRE Services, Inc.          
5.950% 8/15/34   420,000    441,236 
Howard Hughes Corp.          
5.375% 8/01/28 (b)   140,000    134,558 
Logicor Financing SARL          
1.500% 7/13/26 EUR (b) (c)   167,000    172,504 
         1,008,044 
Real Estate Investment Trusts (REITS) — 1.4%          
American Tower Corp.          
5.250% 7/15/28   95,000    96,490 
Brixmor Operating Partnership LP          
4.050% 7/01/30   301,000    281,270 
4.125% 6/15/26   2,000,000    1,936,755 
4.125% 5/15/29   160,000    152,264 

 

 

 

 

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

 

   Principal
Amount		   Value 
Crown Castle, Inc.          
2.250% 1/15/31  $715,000   $592,062 
2.500% 7/15/31   430,000    358,501 
3.800% 2/15/28   95,000    90,242 
5.600% 6/01/29   350,000    357,878 
5.800% 3/01/34   230,000    238,050 
Essex Portfolio LP          
4.000% 3/01/29   760,000    725,348 
GLP Capital LP/GLP Financing II, Inc.          
3.350% 9/01/24   125,000    123,358 
HAT Holdings I LLC/HAT Holdings II LLC          
8.000% 6/15/27 (b)   177,000    184,318 
Healthcare Realty Holdings LP          
2.050% 3/15/31   230,000    178,014 
3.625% 1/15/28   850,000    783,391 
Inmobiliaria Colonial Socimi SA          
1.625% 11/28/25 EUR (b) (c)   200,000    213,389 
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.          
5.750% 2/01/27   55,000    54,931 
Prologis LP          
2.250% 6/30/29 GBP (c)   150,000    170,834 
Public Storage Operating Co.          
5.350% 8/01/53   95,000    99,184 
Regency Centers LP          
3.600% 2/01/27   305,000    293,248 
4.125% 3/15/28   815,000    781,534 
SBA Tower Trust          
1.840% 4/15/27 (b)   635,000    562,012 
2.593% 10/15/56 (b)   515,000    414,205 
         8,687,278 
Retail — 0.4%          
Bath & Body Works, Inc.          
6.625% 10/01/30 (b) (d)   90,000    91,985 
Dollar General Corp.          
3.875% 4/15/27   100,000    96,903 
5.450% 7/05/33 (d)   470,000    478,374 
Lowe's Cos., Inc.          
4.250% 4/01/52   265,000    224,348 
5.625% 4/15/53   195,000    204,443 
5.750% 7/01/53 (d)   150,000    158,916 
Next Group PLC          
3.625% 5/18/28 GBP (b) (c)   250,000    303,255 
O'Reilly Automotive, Inc.          
5.750% 11/20/26   135,000    138,234 
Ross Stores, Inc.          
1.875% 4/15/31   535,000    440,204 
Yum! Brands, Inc.          
5.375% 4/01/32 (d)   140,000    137,550 
         2,274,212 
Savings & Loans — 0.1%          
Nationwide Building Society          
3 mo. EURIBOR + 0.930% 1.500% VRN 3/08/26 EUR (b) (c)   140,000    150,360 

 

 

 

 

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

 

   Principal
Amount		   Value 
5 yr. EUR Swap + 1.500% 2.000% VRN 7/25/29 EUR (b) (c)  $150,000   $162,331 
         312,691 
Semiconductors — 0.1%          
Broadcom Corp./Broadcom Cayman Finance Ltd.          
3.875% 1/15/27   95,000    92,711 
Broadcom, Inc.          
2.600% 2/15/33 (b)   330,000    271,870 
3.419% 4/15/33 (b)   112,000    98,370 
Micron Technology, Inc.          
4.185% 2/15/27   140,000    137,316 
6.750% 11/01/29   210,000    226,923 
         827,190 
Software — 0.2%          
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.          
8.000% 6/15/29 (b)   115,000    120,032 
Central Parent, Inc./CDK Global, Inc.          
7.250% 6/15/29 (b)   74,000    75,470 
Fiserv, Inc.          
1.625% 7/01/30 EUR (c)   100,000    99,739 
3.000% 7/01/31 GBP (c)   250,000    285,563 
4.200% 10/01/28 (d)   95,000    92,843 
4.500% 5/24/31 EUR (c)   200,000    233,901 
Intuit, Inc.          
5.500% 9/15/53   245,000    267,934 
Oracle Corp.          
4.900% 2/06/33   450,000    447,953 
         1,623,435 
Telecommunications — 1.4%          
Altice France SA          
3.375% 1/15/28 EUR (b) (c)   135,000    117,430 
America Movil SAB de CV          
5.750% 6/28/30 GBP (c)   190,000    259,334 
AT&T, Inc.          
3.500% 9/15/53   670,000    486,224 
3.950% 4/30/31 EUR (c)   350,000    400,790 
Chorus Ltd.          
3.625% 9/07/29 EUR (c)   215,000    241,097 
Lorca Telecom Bondco SA          
4.000% 9/18/27 EUR (b) (c)   235,000    252,940 
NBN Co. Ltd.          
4.125% 3/15/29 EUR (b) (c)   355,000    408,182 
Orange SA          
3.250% 1/15/32 GBP (b) (c)   200,000    236,924 
PLT VII Finance SARL          
4.625% 1/05/26 EUR (b) (c)   100,000    109,567 
Rogers Communications, Inc.          
3.200% 3/15/27   280,000    267,261 
3.800% 3/15/32   295,000    271,466 
4.350% 5/01/49   40,000    33,860 
4.550% 3/15/52   1,805,000    1,574,114 
Sprint Capital Corp.          
6.875% 11/15/28   670,000    725,966 
8.750% 3/15/32   345,000    425,821 

 

 

 

 

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

 

   Principal
Amount		   Value 
T-Mobile USA, Inc.          
5.750% 1/15/54  $855,000   $904,666 
6.000% 6/15/54   355,000    389,314 
TDC Net AS          
5.618% 2/06/30 EUR (b) (c)   370,000    420,705 
Tele2 AB          
0.750% 3/23/31 EUR (b) (c)   230,000    212,602 
Verizon Communications, Inc.          
2.625% 12/01/31 EUR (c)   235,000    248,228 
Vmed O2 UK Financing I PLC          
4.500% 7/15/31 GBP (b) (c)   155,000    170,383 
4.500% 7/15/31 GBP (b) (c)   150,000    164,886 
Xiaomi Best Time International Ltd., Convertible,          
0.000% 12/17/27 (b)   200,000    177,904 
         8,499,664 
Toys, Games & Hobbies — 0.1%          
Hasbro, Inc.          
3.550% 11/19/26   82,000    77,754 
Mattel, Inc.          
5.875% 12/15/27 (b)   430,000    429,431 
         507,185 
Transportation — 0.1%          
Brambles Finance PLC          
4.250% 3/22/31 EUR (b) (c)   180,000    209,497 
InPost SA          
2.250% 7/15/27 EUR (b) (c)   100,000    102,225 
         311,722 
Water — 0.1%          
Severn Trent Utilities Finance PLC          
4.625% 11/30/34 GBP (b) (c)   160,000    199,108 
Veolia Environnement SA          
1.940% 1/07/30 EUR (b) (c)   200,000    206,450 
         405,558 
           
TOTAL CORPORATE DEBT
(Cost $157,236,076)		        153,813,701 
           
MUNICIPAL OBLIGATIONS — 0.1%          
Commonwealth of Puerto Rico, General Obligation          
11/01/43(f)   653,665    356,247 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $362,486)		        356,247 
           
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    259,154 
Series 2023-1, Class C, 5.800% 12/18/28   400,000    403,937 
CarMax Auto Owner Trust, Series 2022-1, Class D          
2.470% 7/17/28   280,000    257,910 
Exeter Automobile Receivables Trust          
Series 2021-2A, Class D, 1.400% 4/15/27   235,000    221,665 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2022-1A, Class D, 3.020% 6/15/28  $995,000   $938,145 
Series 2022-2A, Class C, 3.850% 7/17/28   820,000    802,147 
Series 2022-3A, Class C, 5.300% 9/15/27   520,000    514,746 
Series 2023-1A, Class D, 6.690% 6/15/29   85,000    85,804 
Ford Credit Auto Lease Trust, Series 2023-A, Class C          
5.540% 12/15/26   850,000    845,396 
Ford Credit Auto Owner Trust          
Series 2023-1, Class A, 4.850% 8/15/35 (b)   895,000    899,330 
Series 2022-C, Class C, 5.220% 3/15/30   200,000    196,423 
Santander Bank Auto Credit-Linked Notes          
Series 2021-1A, Class B, 1.833% 12/15/31 (b)   53,866    52,453 
Series 2023-B, Class B, 5.640% 12/15/33 (b)   250,000    250,240 
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D          
1.570% 1/15/27 (b)   735,000    687,236 
Santander Drive Auto Receivables Trust          
Series 2021-4, Class D, 1.670% 10/15/27   310,000    292,999 
Series 2022-6, Class B, 4.720% 6/15/27   850,000    838,047 
Santander Retail Auto Lease Trust, Series 2021-A, Class D          
1.380% 3/22/27 (b)   715,000    704,446 
US Bank NA, Series 2023-1, Class B          
6.789% 8/25/32 (b)   250,000    250,612 
         8,500,690 
Commercial Mortgage-Backed Securities — 1.3%          
Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1 mo. USD Term SOFR + 1.297%          
6.659% FRN 9/15/32 (b)   235,000    232,356 
Aventura Mall Trust, Series 2018-AVM, Class A,          
4.112% VRN 7/05/40 (b) (f)   380,000    352,880 
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD Term SOFR + 2.274%          
7.637% FRN 11/15/34 (b)   245,000    115,352 
BX Commercial Mortgage Trust, Series 2022-CSMO, Class B, 1 mo. USD Term SOFR + 3.141%          
8.503% FRN 6/15/27 (b)   465,000    465,290 
BX Trust, Series 2021-ARIA, Class B, 1 mo. USD Term SOFR + 1.411%          
6.774% FRN 10/15/36 (b)   475,000    459,558 
Cantor Commercial Real Estate Lending, Series 2019-CF2, Class B          
3.267% 11/15/52   295,000    245,616 
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class C,          
3.518% VRN 5/10/35 (b) (f)   390,000    355,110 
COMM Mortgage Trust, Series 2015-LC23, Class AM,          
4.158% VRN 10/10/48 (f)   1,650,000    1,538,307 
Credit Suisse Mortgage Trust          
Series 2020-NET, Class A, 2.257% 8/15/37 (b)   292,236    269,922 
Series 2020-NET, Class C, 3.526% 8/15/37 (b)   480,000    433,170 
DC Office Trust, Series 2019-MTC, Class D,          
3.072% VRN 9/15/45 (b) (f)   520,000    329,942 
Great Wolf Trust          
Series 2019-WOLF, Class A, 1 mo. USD Term SOFR + 1.148% 6.711% FRN 12/15/36 (b)   710,000    707,337 
Series 2019-WOLF, Class C, 1 mo. USD Term SOFR + 1.747% 7.310% FRN 12/15/36 (b)   435,000    431,465 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX          
4.248% 7/05/33 (b)   115,000    101,737 

 

 

 

 

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

 

   Principal
Amount		   Value 
SCG Mortgage Trust, Series 2023-NASH, Class A, 1 mo. USD Term SOFR + 2.390%          
7.752% FRN 12/15/40 (b)  $640,000   $639,604 
VNDO Trust, Series 2016-350P, Class D,          
3.903% VRN 1/10/35 (b) (f)   215,000    193,703 
Wells Fargo Commercial Mortgage Trust          
Series 2017-C39, Class B, 4.025% 9/15/50   1,010,000    905,524 
Series 2021-SAVE, Class C, 1 mo. USD Term SOFR + 1.914% 7.277% FRN 2/15/40 (b)   324,000    298,368 
         8,075,241 
Other Asset-Backed Securities — 2.4%          
522 Funding CLO Ltd., Series 2019-5A, Class BR, 3 mo. USD Term SOFR + 1.850%          
7.244% FRN 4/15/35 (b)   465,000    458,520 
AGL CLO 17 Ltd., Series 2022-17A, Class A, 3 mo. USD Term SOFR + 1.330%          
6.742% FRN 1/21/35 (b)   630,000    628,245 
Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C          
2.370% 4/20/28 (b)   175,000    163,589 
Applebee's Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2          
7.824% 3/05/53 (b)   270,000    276,786 
Carlyle US CLO Ltd., Series 2019-4A, Class A11R, 3 mo. USD Term SOFR + 1.320%          
6.714% FRN 4/15/35 (b)   865,000    863,531 
CIFC Funding Ltd.          
Series 2021-3A, Class A, 3 mo. USD Term SOFR + 1.402% 6.796% FRN 7/15/36 (b)   585,000    584,799 
Series 2020-1A, Class A1R, 3 mo. USD Term SOFR + 1.412% 6.806% FRN 7/15/36 (b)   925,000    924,961 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2          
4.940% 1/25/52 CAD (b) (c)   275,000    193,373 
Dell Equipment Finance Trust, Series 2023-3, Class C          
6.170% 4/23/29 (b)   125,000    127,030 
Driven Brands Funding LLC          
Series 2020-2A, Class A2, 3.237% 1/20/51 (b)   549,463    486,080 
Series 2020-1A, Class A2, 3.786% 7/20/50 (b)   266,063    242,201 
Dryden 86 CLO Ltd., Series 2020-86A, Class A1R, 3 mo. USD Term SOFR + 1.362%          
6.764% FRN 7/17/34 (b)   600,000    598,982 
Elara HGV Timeshare Issuer LLC          
Series 2023-A, Class A, 6.160% 2/25/38 (b)   329,578    336,685 
Series 2023-A, Class B, 6.530% 2/25/38 (b)   167,110    170,366 
Hardee's Funding LLC          
Series 2021-1A, Class A2, 2.865% 6/20/51 (b)   292,500    239,999 
Series 2018-1A, Class AII, 4.959% 6/20/48 (b)   412,163    394,556 
HPEFS Equipment Trust          
Series 2022-1A, Class C, 1.960% 5/21/29 (b)   129,000    125,184 
Series 2022-1A, Class D, 2.400% 11/20/29 (b)   350,000    330,703 
Series 2022-3A, Class C, 6.130% 8/20/29 (b)   615,000    618,010 
Series 2023-2A, Class B, 6.250% 1/21/31 (b)   100,000    101,470 
Series 2023-2A, Class C, 6.480% 1/21/31 (b)   140,000    142,338 
Series 2023-2A, Class D, 6.970% 7/21/31 (b)   100,000    102,105 
HPS Loan Management Ltd.          
Series 2021-16A, Class A1, 3 mo. USD Term SOFR + 1.402% 6.814% FRN 1/23/35 (b)   290,000    289,566 
Series 11A-17, Class BR, 3 mo. USD Term SOFR + 1.812% 7.204% FRN 5/06/30 (b)   265,000    263,000 

 

 

 

 

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   $109,506 
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 3 mo. USD Term SOFR + 1.290%          
6.684% FRN 10/15/32 (b)   465,000    464,763 
MidOcean Credit CLO XI Ltd., Series 2022-11A, Class A1R, 3 mo. USD Term SOFR + 1.730%          
7.096% FRN 10/18/33 (b)   455,000    454,973 
MVW LLC          
Series 2023-2A, Class A, 6.180% 11/20/40 (b)   585,767    597,837 
Series 2023-2A, Class B, 6.330% 11/20/40 (b)   127,983    130,562 
MVW Owner Trust, Series 2023-1A, Class A          
4.930% 10/20/40 (b)   519,211    513,641 
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class AR, 3 mo. USD Term SOFR + 1.252%          
6.648% FRN 1/20/32 (b)   995,000    994,222 
Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class A, 3 mo. USD Term SOFR + 1.392%          
6.794% FRN 7/17/35 (b)   685,000    684,985 
Octane Receivables Trust          
Series 2023-1A, Class A, 5.870% 5/21/29 (b)   104,887    104,756 
Series 2023-3A, Class B, 6.480% 7/20/29 (b)   150,000    152,651 
Series 2023-3A, Class C, 6.740% 8/20/29 (b)   100,000    101,744 
Series 2023-3A, Class D, 7.580% 9/20/29 (b)   100,000    102,225 
OZLM VII Ltd., Series 2014-7RA, Class A1R, 3 mo. USD Term SOFR + 1.272%          
6.674% FRN 7/17/29 (b)   114,662    114,503 
Palmer Square CLO Ltd., Series 2020-3A, Class A1R2, 3 mo. USD Term SOFR + 1.650%          
7.025% FRN 11/15/36 (b)   430,000    430,000 
Progress Residential Trust          
Series 2020-SFR3, Class B, 1.495% 10/17/27 (b)   100,000    92,955 
Series 2023-SFR2, Class A, 4.500% 10/17/28 (b)   475,000    458,984 
SCF Equipment Leasing LLC, Series 2023-1A, Class A2          
6.560% 1/22/30 (b)   255,000    256,656 
Symphony CLO XXXI Ltd., Series 2022-31A, Class B, 3 mo. USD Term SOFR + 1.850%          
7.262% FRN 4/22/35 (b)   410,000    405,647 
Verizon Master Trust, Series 2023-1, Class C          
4.980% 1/22/29   250,000    243,751 
Wellfleet CLO Ltd., Series 2017-2A, Class A1R, 3 mo. USD Term SOFR + 1.322%          
6.737% FRN 10/20/29 (b)   224,508    224,380 
         15,300,820 
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    389,080 
SMB Private Education Loan Trust          
Series 2020-BA, Class A1A, 1.290% 7/15/53 (b)   148,415    134,698 
Series 2021-A, Class B, 2.310% 1/15/53 (b)   563,730    520,836 
Series 2018-A, Class A2A, 3.500% 2/15/36 (b)   442,939    430,166 
         1,474,780 
Whole Loan Collateral Collateralized Mortgage Obligations — 0.7%          
Angel Oak Mortgage Trust          
Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b)   287,710    256,767 

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2020-5, Class M1, 2.970% VRN 5/25/65 (b) (f)  $275,000   $223,893 
BINOM Securitization Trust, Series 2021-INV1, Class A1,          
2.034% VRN 6/25/56 (b) (f)   260,733    223,171 
CIM Trust, Series 2021-INV1, Class A29,          
2.500% VRN 7/01/51 (b) (f)   569,252    453,178 
Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B,          
3.000% VRN 11/27/51 (b) (f)   209,204    173,803 
Flagstar Mortgage Trust          
Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 (b) (f)   13,774    13,190 
Series 2020-1INV, Class A11, 1 mo. USD Term SOFR + 0.964% 6.000% FRN 3/25/50 (b)   80,342    74,573 
Galton Funding Mortgage Trust, Series 2018-1, Class A23,          
3.500% VRN 11/25/57 (b) (f)   18,225    16,358 
GS Mortgage-Backed Securities Trust, Series 2020-INV1, Class A14,          
2.925% VRN 10/25/50 (b) (f)   229,086    196,530 
Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1,          
1.073% VRN 9/25/56 (b) (f)   190,140    150,368 
JP Morgan Mortgage Trust          
Series 2020-LTV1, Class B1, 3.245% VRN 6/25/50 (b) (f)   349,266    290,109 
Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 (b) (f)   99,256    88,088 
Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 (b) (f)   16,305    15,793 
Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 (b) (f)   88,145    78,541 
Series 2020-5, Class B2, 3.573% VRN 12/25/50 (b) (f)   327,835    279,514 
Series 2020-INV1, Class A11, 1 mo. USD Term SOFR + 0.944% 6.000% FRN 8/25/50 (b)   55,825    52,359 
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class A2,          
7.530% STEP 9/25/68 (b)   162,341    165,482 
OBX Trust          
Series 2020-EXP1, Class 1A8, 3.500% VRN 2/25/60 (b) (f)   236,700    208,777 
Series 2019-INV2, Class A25, 4.000% VRN 5/27/49 (b) (f)   97,442    89,342 
Series 2023-NQM9, Class A2, 7.513% STEP 10/25/63 (b)   98,944    101,068 
Sequoia Mortgage Trust          
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (b) (f)   37,719    34,647 
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (b) (f)   46,889    44,096 
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (b) (f)   7,408    7,154 
SG Residential Mortgage Trust, Series 2019-3, Class A1,          
2.703% VRN 9/25/59 (b) (f)   8,154    7,919 
Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1 mo. USD Term SOFR + 1.114%          
6.470% FRN 10/25/59 (b)   93,068    93,571 
Verus Securitization Trust          
Series 2021-5, Class A2, 1.218% VRN 9/25/66 (b) (f)   259,462    212,062 
Series 2022-1, Class A1, 2.724% STEP 1/25/67 (b)   696,983    625,559 
Series 2020-INV1, Class A3, 3.889% VRN 3/25/60 (b) (f)   100,000    96,174 
         4,272,086 
Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.2%          
Bayview MSR Opportunity Master Fund Trust, Series 2021-4, Class A20,          
2.500% VRN 10/25/51 (b) (f)   402,507    320,434 
GS Mortgage-Backed Securities Trust          
Series 2021-GR1, Class A4, 2.500% VRN 11/25/51 (b) (f)   428,046    341,300 
Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (b) (f)   440,586    351,298 
JP Morgan Mortgage Trust          
Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 (b) (f)   85,447    75,403 
Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 (b) (f)   6,970    6,743 
Sequoia Mortgage Trust          

 

 

 

 

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

 

   Principal
Amount		   Value 
Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 (b) (f)  $59,653   $55,081 
Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 (b) (f)   20,255    18,732 
         1,168,991 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $41,165,537)		        38,792,608 
           
SOVEREIGN DEBT OBLIGATIONS — 16.6%          
Albania Government International Bond          
3.500% 6/16/27 EUR (b) (c)   105,000    111,797 
3.500% 11/23/31 EUR (b) (c)   290,000    279,814 
5.900% 6/09/28 EUR (b) (c)   410,000    461,672 
Australia Government International Bond          
3.000% 3/21/47 AUD (b) (c)   738,000    405,860 
4.500% 4/21/33 AUD (b) (c)   3,271,000    2,323,393 
Austria Government Bond          
0.750% 3/20/51 AUD (b) (c)   1,040,000    697,602 
Brazil Notas do Tesouro Nacional Serie B          
6.000% 8/15/30 BRL (c)   720,000    660,518 
Brazil Notas do Tesouro Nacional Serie F          
10.000% 1/01/27 BRL (c)   2,855,000    561,247 
10.000% 1/01/31 BRL (c) (g)   2,855,000    551,613 
Bulgaria Government International Bond          
4.375% 5/13/31 EUR (b) (c)   787,000    912,249 
4.500% 1/27/33 EUR (b) (c)   485,000    561,517 
4.500% 1/27/33 EUR (b) (c)   230,000    266,287 
4.875% 5/13/36 EUR (b) (c)   878,000    1,037,292 
Bundesobligation          
10/09/26 EUR (b) (c)   2,080,000    2,166,251 
Bundesrepublik Deutschland Bundesanleihe          
0.000% 2/15/30 EUR (b) (c)   2,585,000    2,546,435 
0.000% 8/15/52 EUR (b) (c)   634,210    373,041 
4.750% 7/04/40 EUR (b) (c)   491,000    725,092 
Canada Government Real Return Bond          
4.000% 12/01/31 CAD (c)   1,775,376    1,605,375 
Canadian Government International Bond          
5.000% 6/01/37 CAD (c)   950,000    863,120 
Chile Government International Bond          
4.125% 7/05/34 EUR (c)   170,000    191,387 
China Development Bank          
3.480% 1/08/29 CNY (c)   9,000,000    1,322,532 
China Government Bond          
2.670% 5/25/33 CNY (c)   34,000,000    4,818,137 
3.320% 4/15/52 CNY (c)   10,000,000    1,517,092 
4.000% 6/24/69 CNY (c)   1,000,000    178,666 
Colombia TES          
6.000% 4/28/28 COP (c)   1,597,700,000    363,295 
7.000% 3/26/31 COP (c)   2,550,000,000    567,377 
13.250% 2/09/33 COP (c)   2,377,700,000    728,449 
Cyprus Government International Bond          
0.950% 1/20/32 EUR (b) (c)   610,000    577,516 
2.750% 2/26/34 EUR (b) (c)   93,000    96,392 
2.750% 5/03/49 EUR (b) (c)   99,000    90,587 
Czech Republic Government International Bond          
1.500% 4/24/40 CZK (c)   5,960,000    190,747 
French Republic Government Bond OAT          
1.250% 5/25/36 EUR (b) (c)   1,713,000    1,599,960 
3.000% 5/25/33 EUR (b) (c)   445,000    511,014 

 

 

 

 

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

 

   Principal
Amount		   Value 
Hellenic Republic Government Bond          
0.750% 6/18/31 EUR (b) (c)  $585,000   $548,346 
Hungary Government International Bond          
2.250% 4/20/33 HUF (c)   924,330,000    2,012,718 
5.000% 2/22/27 EUR (b) (c)   247,000    283,956 
Iceland Government International Bond          
0.000% 4/15/28 EUR (b) (c)   346,000    332,397 
India Government International Bond          
7.260% 8/22/32 INR (c)   94,100,000    1,129,274 
Indonesia Government International Bond          
3.750% 6/14/28 IDR (b) (c)   1,280,000    1,421,396 
Indonesia Treasury Bond          
5.500% 4/15/26 IDR (c)   12,480,000,000    794,150 
6.375% 8/15/28 IDR (c)   11,696,000,000    757,031 
6.375% 4/15/32 IDR (c)   8,575,000,000    550,277 
6.500% 2/15/31 IDR (c)   1,586,000,000    102,441 
7.000% 2/15/33 IDR (c)   18,983,000,000    1,275,623 
Ireland Government International Bond          
1.500% 5/15/50 EUR (b) (c)   73,000    60,457 
2.000% 2/18/45 EUR (b) (c)   157,000    149,436 
Israel Government International Bond          
1.500% 1/18/27 EUR (b) (c)   530,000    541,659 
5.500% 1/31/42 ILS (c)   506,000    158,719 
Italy Buoni Poliennali Del Tesoro          
1.300% 5/15/28 EUR (b) (c)   954,151    1,052,688 
2.800% 3/01/67 EUR (b) (c)   961,000    778,518 
4.400% 5/01/33 EUR (b) (c)   3,482,000    4,095,718 
Ivory Coast Government International Bond          
5.875% 10/17/31 EUR (b) (c)   245,000    241,852 
Japan Government CPI-Linked Bond          
0.005% 3/10/32 JPY (c)   118,864,480    903,707 
Japan Government Forty Year Bond          
1.300% 3/20/63 JPY (c)   278,300,000    1,712,690 
Japan Government Ten Year Bond          
0.400% 3/20/25 JPY (c)   336,200,000    2,396,486 
Japan Government Thirty Year Bond          
0.700% 12/20/51 JPY (c)   20,300,000    113,902 
1.000% 3/20/52 JPY (c)   297,750,000    1,807,490 
1.300% 6/20/52 JPY (c)   221,250,000    1,446,410 
1.400% 9/20/52 JPY (c)   285,200,000    1,907,846 
1.700% 9/20/44 JPY (c)   319,100,000    2,372,158 
Japanese Government CPI-Linked Bond          
0.005% 3/10/31 JPY (c)   198,603,045    1,508,538 
0.100% 3/10/24 JPY (c)   113,637,300    811,983 
0.100% 9/10/24 JPY (c)   299,124,600    2,153,273 
0.100% 3/10/25 JPY (c)   268,754,500    1,952,759 
Latvia Government International Bond          
0.375% 10/07/26 EUR (b) (c)   2,114,000    2,165,254 
3.875% 5/22/29 EUR (b) (c)   350,000    398,457 
Lithuania Government International Bond          
3.875% 6/14/33 EUR (b) (c)   815,000    939,838 
Magyar Export-Import Bank Zrt          
6.000% 5/16/29 EUR (b) (c)   120,000    140,262 
Malaysia Government International Bond          
3.900% 11/30/26 MYR (c)   680,000    149,575 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.906% 7/15/26 MYR (c)  $4,710,000   $1,035,524 
4.065% 6/15/50 MYR (c)   2,120,000    452,623 
4.642% 11/07/33 MYR (c)   1,255,000    293,129 
4.736% 3/15/46 MYR (c)   5,640,000    1,315,444 
4.921% 7/06/48 MYR (c)   5,755,000    1,383,003 
4.935% 9/30/43 MYR (c)   325,000    77,202 
Mexican Bonos          
7.500% 5/26/33 MXN (c)   13,072,000    697,171 
8.500% 5/31/29 MXN (c)   4,567,000    263,079 
8.500% 11/18/38 MXN (c)   18,900,000    1,061,376 
New South Wales Treasury Corp.          
4.000% 5/20/26 AUD (b) (c)   860,000    587,331 
4.000% 5/20/26 AUD (b) (c)   680,000    464,401 
New Zealand Government International Bond          
2.750% 5/15/51 NZD (c)   585,000    263,802 
3.500% 4/14/33 NZD (b) (c)   2,211,000    1,309,700 
North Macedonia Government International Bond          
6.960% 3/13/27 EUR (b) (c)   150,000    172,684 
Norway Government International Bond          
3.000% 3/14/24 NOK (b) (c)   2,700,000    264,821 
Peru Government Bond          
5.400% 8/12/34 PEN (c)   5,000,000    1,220,551 
Philippines Government International Bond          
0.250% 4/28/25 EUR (c)   125,000    131,443 
Poland Government International Bond          
6.000% 10/25/33 PLN (c)   2,030,000    546,986 
Province of Ontario          
3.500% 6/02/43 CAD (c)   62,000    43,413 
3.500% 6/02/43 CAD (c)   76,000    53,216 
Senegal Government International Bond          
1.000% 9/23/28 EUR (b) (c)   850,000    789,945 
1.500% 6/26/29 EUR (b) (c)   282,000    262,282 
1.650% 3/03/33 EUR (b) (c)   435,000    354,052 
5.375% 6/08/37 EUR (b) (c)   255,000    207,612 
Singapore Government International Bond          
0.500% 11/01/25 SGD (c)   1,350,000    972,818 
1.625% 7/01/31 SGD (c)   1,248,000    875,184 
2.375% 6/01/25 SGD (c)   480,000    358,213 
2.875% 7/01/29 SGD (c)   960,000    732,502 
Slovenia Government International Bond          
0.000% 2/12/31 EUR (b) (c)   155,000    140,036 
1.500% 3/25/35 EUR (b) (c)   243,000    225,982 
2.250% 3/03/32 EUR (b) (c)   170,000    179,287 
3.125% 8/07/45 EUR (b) (c)   581,000    632,795 
Spain Government International Bond          
0.000% 1/31/28 EUR (c)   1,726,000    1,720,750 
Sri Lanka Government Bond          
11.000% 6/01/26 LKR (c)   27,000,000    78,748 
11.400% 1/15/27 LKR (c)   31,000,000    90,301 
11.500% 8/01/26 LKR (c)   28,000,000    82,345 
20.000% 9/15/27 LKR (c)   19,000,000    68,873 
Sweden Bonds Inflation-Linked          
0.125% 6/01/32 SEK (b) (c)   5,630,000    711,425 
Sweden Government International Bond          
2.250% 6/01/32 SEK (b) (c)   26,835,000    2,712,270 
Thailand Government International Bond          
2.000% 12/17/31 THB (c)   47,894,000    1,338,483 
3.450% 6/17/43 THB (c)   18,950,000    580,671 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.650% 6/20/31 THB (c)  $32,753,000   $1,024,025 
UK Gilts          
0.625% 6/07/25 GBP (b) (c)   1,393,000    1,690,987 
0.625% 10/22/50 GBP (b) (c)   1,898,000    1,067,147 
1.500% 7/22/26 GBP (b) (c)   1,279,000    1,549,910 
1.625% 10/22/28 GBP (b) (c)   858,000    1,012,457 
4.250% 12/07/46 GBP (b) (c)   1,699,000    2,200,497 
UK Inflation-Linked Gilts          
0.125% 3/22/26 GPB (b) (c)   873,524    1,108,641 
         103,435,747 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $107,582,588)		        103,435,747 
           
U.S. Government Agency Obligations and Instrumentalities (h) — 20.0%          
Collateralized Mortgage Obligations — 0.0%          
Federal Home Loan Mortgage Corp. REMICS
Series 4977, Class IO 4.500% 5/25/50		   225,842    42,857 
Government National Mortgage Association REMICS
Series 2022-63, Class LM 3.500% 10/20/50		   260,000    216,135 
         258,992 
Pass-Through Securities — 19.9%          
Federal Home Loan Mortgage Corp.          
Pool #SB0869 1.500% 2/01/36   190,229    166,703 
Pool #RC1756 1.500% 2/01/36   221,313    193,944 
Pool #SB8147 1.500% 4/01/37   307,908    267,905 
Pool #QN7552 2.000% 8/01/36   280,680    251,772 
Pool #RB5148 2.000% 3/01/42   590,166    503,687 
Pool #RA3046 2.000% 7/01/50   25,491    21,078 
Pool #SD8128 2.000% 2/01/51   1,521,590    1,250,126 
Pool #SD8140 2.000% 4/01/51   319,135    261,899 
Pool #RA5258 2.000% 5/01/51   801,975    658,144 
Pool #SD8146 2.000% 5/01/51   496,304    407,294 
Pool #QC2565 2.000% 6/01/51   30,320    24,882 
Pool #RA6505 2.000% 12/01/51   1,392,314    1,142,608 
Pool #QD9658 2.000% 2/01/52   33,080    27,033 
Pool #SD8199 2.000% 3/01/52   1,313,343    1,074,107 
Pool #SD1217 2.000% 3/01/52   228,447    188,761 
Pool #SD3580 2.000% 4/01/52   259,167    214,306 
Pool #SD8204 2.000% 4/01/52   212,809    174,044 
Pool #RA7324 2.000% 5/01/52   140,350    115,924 
Pool #RB5149 2.500% 3/01/42   628,355    554,983 
Pool #SD8089 2.500% 7/01/50   139,427    119,660 
Pool #SD8099 2.500% 10/01/50   146,767    125,869 
Pool #SD7535 2.500% 2/01/51   303,414    262,960 
Pool #QC3425 2.500% 6/01/51   213,121    181,509 
Pool #QC2902 2.500% 6/01/51   35,630    30,879 
Pool #SD8161 2.500% 8/01/51   871,551    744,180 
Pool #QC5575 2.500% 8/01/51   75,305    64,111 
Pool #RA6623 2.500% 1/01/52   1,037,578    891,942 
Pool #SD8200 2.500% 3/01/52   648,184    552,342 
Pool #SD8212 2.500% 5/01/52   2,661,473    2,267,111 
Pool #RB5162 3.000% 6/01/42   111,733    101,719 
Pool #RB5166 3.000% 7/01/42   62,955    57,313 
Pool #RB5173 3.000% 8/01/42   54,302    49,435 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #SD1497 3.000% 4/01/43  $285,947   $263,372 
Pool #ZS4693 3.000% 12/01/46   65,985    59,700 
Pool #G08756 3.000% 4/01/47   27,851    25,228 
Pool #SD0080 3.000% 9/01/49   123,722    112,054 
Pool #SD7531 3.000% 12/01/50   148,475    133,428 
Pool #RA6348 3.000% 11/01/51   415,879    370,224 
Pool #SD1183 3.000% 1/01/52   247,807    221,300 
Pool #SD8220 3.000% 6/01/52   622,664    551,390 
Pool #SD7555 3.000% 8/01/52   858,375    770,313 
Pool #SB0015 3.500% 6/01/33   120,886    117,028 
Pool #U90690 3.500% 6/01/42   44,216    41,592 
Pool #U99051 3.500% 6/01/43   43,883    41,267 
Pool #ZM3532 3.500% 6/01/47   167,596    156,405 
Pool #ZT0179 3.500% 11/01/47   272,889    255,690 
Pool #RA1202 3.500% 8/01/49   102,616    95,764 
Pool #SD0212 3.500% 12/01/49   139,127    129,750 
Pool #SD1361 3.500% 2/01/50   754,645    708,500 
Pool #SD0617 3.500% 11/01/50   96,598    90,027 
Pool #SB8171 4.000% 6/01/37   58,980    57,864 
Pool #SB0727 4.000% 8/01/37   208,200    204,781 
Pool #RA1906 4.000% 12/01/49   181,274    174,521 
Pool #SD8039 4.000% 1/01/50   218,830    209,720 
Pool #SD1035 4.000% 5/01/52   211,503    200,087 
Pool #SD0422 4.500% 7/01/45   107,623    107,457 
Pool #RA2607 4.500% 5/01/50   46,702    45,821 
Pool #SD8266 4.500% 11/01/52   428,855    416,141 
Pool #ZS3941 5.000% 12/01/41   32,986    33,643 
Pool #QF0658 5.000% 8/01/52   753,031    747,880 
Pool #QF1305 5.000% 10/01/52   68,855    68,255 
Pool #SD3041 5.000% 5/01/53   110,091    108,994 
Pool #SD3630 5.500% 8/01/53   1,077,911    1,083,708 
Federal National Mortgage Association          
Pool #MA4581 1.500% 4/01/37   629,173    547,431 
Pool #MA4601 1.500% 5/01/37   526,964    458,501 
Pool #FS2037 1.500% 5/01/37   215,864    187,819 
Pool #MA4519 1.500% 1/01/42   556,141    454,214 
Pool #BP3454 2.000% 5/01/36   458,757    412,368 
Pool #BT6754 2.000% 9/01/36   398,330    356,683 
Pool #FM8732 2.000% 9/01/36   301,861    273,036 
Pool #MA4567 2.000% 3/01/37   1,465,007    1,311,832 
Pool #MA4582 2.000% 4/01/37   262,818    235,339 
Pool #MA4602 2.000% 5/01/37   1,343,614    1,203,132 
Pool #MA4570 2.000% 3/01/42   204,787    174,779 
Pool #MA4586 2.000% 4/01/42   949,790    810,614 
Pool #FS5191 2.000% 8/01/42   53,082    45,304 
Pool #FS2763 2.000% 8/01/42   45,688    38,993 
Pool #CA6587 2.000% 8/01/50   108,910    90,058 
Pool #MA4158 2.000% 10/01/50   259,333    213,309 
Pool #MA4208 2.000% 12/01/50   2,316,999    1,905,799 
Pool #MA4237 2.000% 1/01/51   941,274    773,343 
Pool #MA4255 2.000% 2/01/51   1,626,076    1,335,970 
Pool #MA4281 2.000% 3/01/51   1,766,825    1,451,609 
Pool #MA4305 2.000% 4/01/51   1,641,855    1,347,395 
Pool #MA4325 2.000% 5/01/51   3,252,350    2,669,055 
Pool #CB2357 2.000% 12/01/51   1,136,591    932,748 
Pool #CB2766 2.000% 2/01/52   346,399    284,274 
Pool #CB2848 2.000% 2/01/52   562,889    461,937 
Pool #FS0733 2.000% 2/01/52   501,190    414,123 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #MA4547 2.000% 2/01/52  $1,264,677   $1,033,910 
Pool #FS1618 2.000% 3/01/52   256,106    211,535 
Pool #MA4562 2.000% 3/01/52   3,128,671    2,558,758 
Pool #MA4577 2.000% 4/01/52   603,848    493,852 
Pool #FS1571 2.000% 4/01/52   24,691    20,193 
Pool #MA4622 2.000% 6/01/52   675,161    551,964 
Pool #BM3859 2.500% 8/01/31   79,894    75,401 
Pool #BC9043 2.500% 11/01/31   233,921    220,565 
Pool #BM1890 2.500% 1/01/32   55,305    52,325 
Pool #FS4477 2.500% 5/01/37   1,473,288    1,362,846 
Pool #MA4628 2.500% 6/01/37   465,585    429,083 
Pool #MA4665 2.500% 7/01/37   385,029    354,843 
Pool #CB4726 2.500% 9/01/37   121,839    112,363 
Pool #FS4054 2.500% 2/01/38   46,877    43,202 
Pool #CA7026 2.500% 9/01/50   1,311,974    1,139,918 
Pool #CB0414 2.500% 5/01/51   81,805    70,003 
Pool #MA4326 2.500% 5/01/51   870,306    744,749 
Pool #MA4356 2.500% 6/01/51   822,660    703,976 
Pool #BT1265 2.500% 6/01/51   317,268    270,208 
Pool #BT0163 2.500% 6/01/51   47,666    41,310 
Pool #MA4379 2.500% 7/01/51   127,171    108,705 
Pool #CB1280 2.500% 8/01/51   62,067    52,996 
Pool #CB1331 2.500% 8/01/51   695,625    593,964 
Pool #CB1783 2.500% 10/01/51   1,408,822    1,208,655 
Pool #CB1866 2.500% 10/01/51   1,073,565    921,032 
Pool #MA4512 2.500% 1/01/52   29,486    25,117 
Pool #CB2635 2.500% 1/01/52   1,172,531    999,158 
Pool #CB2538 2.500% 1/01/52   1,019,935    876,775 
Pool #CB2638 2.500% 1/01/52   1,198,653    1,024,789 
Pool #CB2804 2.500% 2/01/52   701,304    602,429 
Pool #FS4283 2.500% 3/01/52   57,492    49,090 
Pool #FS2573 2.500% 3/01/52   80,492    69,533 
Pool #MA4578 2.500% 4/01/52   1,975,367    1,682,668 
Pool #FS2477 2.500% 5/01/52   868,290    745,194 
Pool #AS7056 3.000% 4/01/31   176,741    169,567 
Pool #BM5111 3.000% 11/01/33   85,316    81,755 
Pool #CA4885 3.000% 12/01/34   318,266    303,488 
Pool #BO7256 3.000% 1/01/35   164,506    156,302 
Pool #FM2547 3.000% 2/01/35   99,644    95,018 
Pool #FM8540 3.000% 11/01/35   175,788    168,248 
Pool #AL9412 3.000% 11/01/36   192,281    182,139 
Pool #CA5597 3.000% 4/01/40   782,415    728,186 
Pool #MA4632 3.000% 6/01/42   28,825    26,242 
Pool #MA4695 3.000% 7/01/42   169,244    154,076 
Pool #BM4221 3.000% 1/01/43   114,314    105,094 
Pool #BM5468 3.000% 2/01/43   172,856    158,933 
Pool #AB9248 3.000% 5/01/43   42,522    39,130 
Pool #AU1629 3.000% 7/01/43   12,567    11,543 
Pool #AS0406 3.000% 9/01/43   70,730    64,882 
Pool #BM5469 3.000% 3/01/44   319,491    293,580 
Pool #BM3380 3.000% 6/01/46   287,647    263,036 
Pool #MA2670 3.000% 7/01/46   100,916    91,367 
Pool #BD8462 3.000% 11/01/46   1,107,613    1,004,539 
Pool #AS8295 3.000% 11/01/46   250,672    228,206 
Pool #MA2806 3.000% 11/01/46   191,419    173,306 
Pool #BM1418 3.000% 4/01/47   1,258,585    1,141,461 
Pool #FM1000 3.000% 4/01/47   159,731    144,617 
Pool #MA2956 3.000% 4/01/47   125,742    113,765 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #BM4744 3.000% 6/01/47  $109,671   $99,842 
Pool #FM1572 3.000% 9/01/48   227,064    205,579 
Pool #FM5499 3.000% 2/01/49   149,123    135,012 
Pool #FM1445 3.000% 8/01/49   107,498    97,360 
Pool #CA4108 3.000% 9/01/49   691,240    624,753 
Pool #FM2870 3.000% 3/01/50   194,420    174,838 
Pool #CA5540 3.000% 4/01/50   12,896    11,569 
Pool #CA6314 3.000% 7/01/50   181,511    161,302 
Pool #BQ1348 3.000% 8/01/50   119,473    106,768 
Pool #CA6738 3.000% 8/01/50   209,675    187,378 
Pool #BQ5052 3.000% 9/01/50   6,719    6,007 
Pool #FM7072 3.000% 4/01/51   623,735    559,160 
Pool #FS3569 3.000% 2/01/52   384,588    342,008 
Pool #FS0957 3.000% 3/01/52   39,981    35,486 
Pool #FS1538 3.000% 4/01/52   1,558,528    1,386,217 
Pool #FM3462 3.500% 12/01/33   266,635    258,609 
Pool #AS4449 3.500% 2/01/35   88,188    84,642 
Pool #FM3340 3.500% 5/01/35   7,635    7,410 
Pool #FM8137 3.500% 9/01/35   81,262    78,968 
Pool #MA1283 3.500% 12/01/42   37,129    34,859 
Pool #MA1373 3.500% 3/01/43   56,254    52,786 
Pool #MA1437 3.500% 5/01/43   52,102    48,859 
Pool #MA1546 3.500% 8/01/43   126,983    119,061 
Pool #AL6167 3.500% 1/01/44   505,721    474,517 
Pool #AS5182 3.500% 6/01/45   331,927    310,801 
Pool #BC1747 3.500% 1/01/46   838,223    784,347 
Pool #BM5785 3.500% 9/01/46   86,436    80,935 
Pool #FS1400 3.500% 7/01/47   22,371    21,181 
Pool #BM4582 3.500% 8/01/47   97,075    91,199 
Pool #BM3122 3.500% 10/01/47   993,665    931,040 
Pool #CA0858 3.500% 12/01/47   44,007    41,054 
Pool #MA3210 3.500% 12/01/47   31,053    28,970 
Pool #MA3238 3.500% 1/01/48   190,464    177,626 
Pool #BH9277 3.500% 2/01/48   337,528    314,779 
Pool #FM1001 3.500% 11/01/48   40,496    37,779 
Pool #FM8196 3.500% 12/01/48   673,253    628,297 
Pool #FM3972 3.500% 7/01/50   232,627    214,622 
Pool #FM8086 3.500% 7/01/51   109,768    100,938 
Pool #MA4514 3.500% 1/01/52   466,278    428,329 
Pool #BV3533 3.500% 2/01/52   37,908    34,835 
Pool #FS1694 4.000% 7/01/35   109,953    109,178 
Pool #FS1883 4.000% 6/01/37   124,144    121,950 
Pool #BF0198 4.000% 11/01/40   90,583    86,969 
Pool #MA0639 4.000% 2/01/41   292,684    283,524 
Pool #BM3385 4.000% 6/01/45   480,546    463,018 
Pool #FS1042 4.000% 9/01/45   475,250    460,135 
Pool #FM2673 4.000% 10/01/45   721,416    698,127 
Pool #AL8387 4.000% 3/01/46   518,039    499,143 
Pool #FS2119 4.000% 3/01/46   84,098    81,416 
Pool #MA3088 4.000% 8/01/47   27,945    26,891 
Pool #MA3121 4.000% 9/01/47   257,340    247,632 
Pool #MA3467 4.000% 9/01/48   3,577    3,439 
Pool #BM5527 4.000% 10/01/48   88,425    85,144 
Pool #BM5147 4.000% 10/01/48   21,877    21,188 
Pool #FM3664 4.000% 3/01/49   339,262    326,146 
Pool #CA3503 4.000% 5/01/49   46,087    44,248 
Pool #CA4571 4.000% 11/01/49   73,652    70,620 
Pool #CA4823 4.000% 12/01/49   95,880    91,934 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #FS1792 4.000% 5/01/52  $202,506   $192,209 
Pool #CB4379 4.000% 8/01/52   203,663    192,654 
Pool #MA4700 4.000% 8/01/52   55,655    52,699 
Pool #MA4732 4.000% 9/01/52   262,818    248,858 
Pool #FS5635 4.000% 11/01/52   687,948    651,192 
Pool #AL0065 4.500% 4/01/41   169,802    169,517 
Pool #AI1888 4.500% 5/01/41   185,807    185,488 
Pool #AL0160 4.500% 5/01/41   243,665    243,267 
Pool #AL6536 4.500% 3/01/45   258,119    257,666 
Pool #BM4185 4.500% 9/01/46   135,929    135,520 
Pool #FM2899 4.500% 11/01/46   311,181    310,686 
Pool #FM5708 4.500% 5/01/47   153,912    153,646 
Pool #BM3148 4.500% 11/01/47   127,633    126,731 
Pool #BM4343 4.500% 5/01/48   126,658    125,763 
Pool #CA2207 4.500% 8/01/48   27,492    27,117 
Pool #CA5186 4.500% 1/01/50   24,664    24,220 
Pool #CA5696 4.500% 5/01/50   64,207    62,480 
Pool #FS4297 4.500% 2/01/51   217,048    214,022 
Pool #MA4656 4.500% 7/01/52   76,103    73,901 
Pool #MA4701 4.500% 8/01/52   564,605    548,087 
Pool #MA4805 4.500% 11/01/52   201,429    195,457 
Pool #FS5865 4.500% 1/01/53   1,374,774    1,334,017 
Pool #AD6438 5.000% 6/01/40   42,503    43,348 
Pool #FM8543 5.000% 11/01/44   179,792    183,392 
Pool #AL9893 5.000% 2/01/45   234,868    239,720 
Pool #FM4212 5.000% 12/01/47   360,416    366,104 
Pool #FS1510 5.000% 10/01/48   273,393    278,616 
Pool #FS2620 5.000% 8/01/52   43,994    43,666 
Pool #BW7752 5.000% 10/01/52   98,405    97,547 
Pool #BY4131 5.000% 7/01/53   154,256    152,670 
Pool #CB7095 5.000% 9/01/53   318,842    315,864 
Pool #BM3279 5.500% 5/01/44   552,122    567,430 
Pool #MA4941 5.500% 3/01/53   255,557    257,011 
Pool #CB7333 5.500% 10/01/53   317,842    319,750 
Pool #BM4971 6.000% 7/01/41   163,887    170,835 
Pool #MA4876 6.000% 12/01/52   595,571    605,396 
Pool #FS3820 6.000% 1/01/53   728,625    751,346 
Pool #CB5702 6.000% 2/01/53   789,655    814,279 
Pool #CB7120 6.000% 9/01/53   256,389    261,020 
Pool #FS6347 6.500% 11/01/53 (i)   699,250    718,879 
Government National Mortgage Association
        
Pool #AA5821 3.000% 11/15/42   36,534    33,573 
Government National Mortgage Association II          
Pool #MA7736 1.500% 12/20/36   64,228    55,923 
Pool #MA7796 1.500% 1/20/37   83,539    72,738 
Pool #MA7851 1.500% 2/20/37   162,030    141,081 
Pool #MA8015 1.500% 5/20/37   141,190    122,670 
Pool #MA7254 2.000% 3/20/51   485,902    411,368 
Pool #MA7471 2.000% 7/20/51   1,742,856    1,474,696 
Pool #MA7533 2.000% 8/20/51   2,734,833    2,314,046 
Pool #MA7826 2.000% 1/20/52   194,654    164,704 
Pool #MA7935 2.000% 3/20/52   1,254,120    1,061,158 
Pool #MA6819 2.500% 8/20/50   294,496    259,117 
Pool #MA7589 2.500% 9/20/51   357,620    313,066 
Pool #MA7649 2.500% 10/20/51   2,293,570    2,007,646 
Pool #MA7705 2.500% 11/20/51   578,518    506,398 
Pool #MA7767 2.500% 12/20/51   1,228,777    1,075,594 
Pool #MA7936 2.500% 3/20/52   1,361,143    1,191,458 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #MA2600 3.000% 2/20/45  $71,326   $65,952 
Pool #MA2891 3.000% 6/20/45   579,839    536,147 
Pool #MA3662 3.000% 5/20/46   92,549    85,286 
Pool #MA3802 3.000% 7/20/46   44,071    40,516 
Pool #MA3873 3.000% 8/20/46   256,575    235,878 
Pool #MA4003 3.000% 10/20/46   437,978    402,649 
Pool #MA4195 3.000% 1/20/47   311,486    286,165 
Pool #MA6144 3.000% 9/20/49   12,162    10,801 
Pool #MA6209 3.000% 10/20/49   76,667    67,704 
Pool #MA6399 3.000% 1/20/50   38,764    34,232 
Pool #MA6531 3.000% 3/20/50   127,856    112,908 
Pool #MA6589 3.000% 4/20/50   56,621    50,001 
Pool #MA6757 3.000% 7/20/50   100,896    89,100 
Pool #MA7473 3.000% 7/20/51   950,864    862,649 
Pool #MA7650 3.000% 10/20/51   1,276,976    1,157,308 
Pool #MA8098 3.000% 6/20/52   965,663    874,792 
Pool #MA0318 3.500% 8/20/42   145,039    138,018 
Pool #MA0852 3.500% 3/20/43   103,257    98,176 
Pool #783802 3.500% 4/20/43   15,791    14,943 
Pool #MA1012 3.500% 5/20/43   308,821    293,591 
Pool #MA1090 3.500% 6/20/43   122,052    116,007 
Pool #785587 3.500% 12/20/44   208,106    197,677 
Pool #AL1773 3.500% 1/20/45   153,532    144,728 
Pool #MA3173 3.500% 10/20/45   199,483    188,854 
Pool #MA3310 3.500% 12/20/45   65,802    62,255 
Pool #MA3597 3.500% 4/20/46   96,660    91,419 
Pool #MA3663 3.500% 5/20/46   75,258    71,107 
Pool #MA3736 3.500% 6/20/46   202,562    191,389 
Pool #MA3803 3.500% 7/20/46   14,590    13,767 
Pool #MA3937 3.500% 9/20/46   96,820    91,359 
Pool #786092 3.500% 1/20/47   135,837    128,600 
Pool #MA4382 3.500% 4/20/47   17,525    16,531 
Pool #MA4586 3.500% 7/20/47   33,184    31,291 
Pool #784346 3.500% 7/20/47   22,555    21,149 
Pool #MA4719 3.500% 9/20/47   11,627    10,964 
Pool #BC1919 3.500% 9/20/47   44,899    41,988 
Pool #MA4900 3.500% 12/20/47   159,143    149,967 
Pool #784793 3.500% 12/20/47   5,932    5,562 
Pool #785087 3.500% 2/20/48   530,404    500,485 
Pool #784472 3.500% 2/20/48   265,885    248,643 
Pool #785327 3.500% 10/20/49   60,571    56,904 
Pool #MA8149 3.500% 7/20/52   188,909    175,936 
Pool #MA3245 4.000% 11/20/45   141,908    138,190 
Pool #MA4511 4.000% 6/20/47   86,786    84,268 
Pool #MA4720 4.000% 9/20/47   306,375    297,486 
Pool #MA4838 4.000% 11/20/47   76,428    74,210 
Pool #MA6934 4.000% 10/20/50   734,061    704,563 
Pool #MA8346 4.000% 10/20/52   1,551,525    1,481,178 
Pool #005234 4.500% 11/20/41   122,313    122,045 
Pool #MA2894 4.500% 6/20/45   132,356    132,045 
Pool #MA2963 4.500% 7/20/45   49,410    49,294 
Pool #MA3312 4.500% 12/20/45   2,396    2,391 
Pool #MA4588 4.500% 7/20/47   230,250    229,133 
Pool #MA4654 4.500% 8/20/47   36,123    35,948 
Pool #MA5079 4.500% 3/20/48   54,199    53,817 
Pool #MA5265 4.500% 6/20/48   188    186 
Pool #MA5399 4.500% 8/20/48   45,976    45,351 
Pool #MA5711 4.500% 1/20/49   74,269    73,190 

 

 

 

 

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

 

   Principal
Amount		   Value 
Pool #786255 4.500% 9/20/49  $66,043   $65,268 
Pool #MA8347 4.500% 10/20/52   1,219,655    1,191,253 
Pool #MA8799 4.500% 4/20/53   279,048    272,353 
Pool #MA4781 5.000% 10/20/47   247,986    251,972 
Pool #MA5194 5.000% 5/20/48   50,810    51,182 
Pool #BF2644 5.000% 5/20/48   4,562    4,588 
Pool #MA5266 5.000% 6/20/48   356,585    358,528 
Pool #BF2878 5.000% 6/20/48   15,421    15,510 
Pool #MA5988 5.000% 6/20/49   150,976    151,563 
Pool #MA6042 5.000% 7/20/49   203,822    204,933 
Pool #MA5081 5.500% 3/20/48   38,652    39,948 
Pool #MA5140 5.500% 4/20/48   29,744    30,742 
Pool #MA5195 5.500% 5/20/48   89,825    92,753 
Pool #MA5469 5.500% 9/20/48   352    363 
Pool #MA5531 5.500% 10/20/48   8,167    8,357 
Pool #MA5598 5.500% 11/20/48   40,431    41,471 
Pool #MA5654 5.500% 12/20/48   108,855    111,383 
Pool #MA5713 5.500% 1/20/49   27,907    28,407 
Pool #MA5820 5.500% 3/20/49   29,921    30,691 
Government National Mortgage Association II, TBA          
5.000% 1/20/54 (i)   870,000    864,717 
5.500% 1/20/54 (i)   2,485,000    2,500,416 
6.000% 1/20/54 (i)   1,000,000    1,016,353 
6.500% 1/20/54 (i)   560,000    573,142 
Uniform Mortgage-Backed Security, TBA          
3.500% 1/01/54 (i)   955,000    876,660 
5.000% 1/01/54 (i)   1,380,000    1,366,199 
5.500% 1/01/54 (i)   610,000    613,003 
6.000% 1/01/54 (i)   495,000    502,889 
6.500% 1/01/54 (i)   490,000    502,020 
         123,750,475 
Whole Loans — 0.1%          
Federal Home Loan Mortgage Corp. STACR REMICS Trust          
Series 2023-HQA3, Class A1, 30 day USD SOFR Average + 1.850% 7.187% FRN 11/25/43 (b)   198,438    199,554 
Series 2021-DNA2, Class M2, 30 day USD SOFR Average + 2.300% 7.637% FRN 8/25/33 (b)   229,020    232,296 
Federal National Mortgage Association Connecticut Avenue Securities, Series 2017-C06, Class 1M2B, 30 day USD SOFR Average + 2.764%          
8.102% FRN 2/25/30   206,051    208,542 
         640,392 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $130,326,881)		        124,649,859 
           
U.S. TREASURY OBLIGATIONS — 24.8%          
U.S. Treasury Bonds & Notes — 24.8%          
U.S. Treasury Bonds          
3.000% 8/15/52   8,900,000    7,294,066 
3.375% 8/15/42   11,400,000    10,183,509 
3.625% 2/15/53   7,890,000    7,303,181 
3.625% 5/15/53   559,400    518,494 
3.875% 2/15/43   3,020,000    2,885,230 
4.000% 11/15/42   8,030,000    7,818,725 
4.000% 11/15/52   5,015,000    4,959,365 

 

 

 

 

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

 

   Principal
Amount		   Value 
U.S. Treasury Inflation-Indexed Notes          
1.375% 7/15/33  $9,294,088   $9,009,855 
U.S. Treasury Notes          
0.625% 12/31/27   12,950,000    11,386,895 
0.625% 8/15/30   15,620,000    12,671,870 
1.500% 1/31/27   22,645,000    21,025,590 
2.250% 1/31/24   10,880,000    10,850,675 
3.125% 8/31/27   2,660,000    2,585,603 
3.875% 11/30/27   1,100,000    1,097,766 
3.875% 11/30/29   3,420,000    3,415,191 
4.125% 6/15/26   5,160,000    5,159,971 
4.125% 9/30/27   5,655,000    5,692,553 
4.125% 10/31/27   1,400,000    1,408,969 
4.125% 8/31/30   3,725,000    3,773,309 
4.625% 9/15/26   13,038,400    13,220,343 
4.625% 10/15/26 (j)   12,135,000    12,316,642 
         154,577,802 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $155,647,549)		        154,577,802 
           
TOTAL BONDS & NOTES
(Cost $598,406,844)		        581,713,542 
           
TOTAL PURCHASED
OPTIONS (#) — 0.0%
(Cost $10,523)		        23,527 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $598,417,367)		        581,737,069 
           
           
    Number of
Shares		      
SHORT-TERM INVESTMENTS — 8.2%          
Investment of Cash Collateral from Securities Loaned — 0.4%          
State Street Navigator Securities Lending Government Money Market Portfolio (k)   2,575,510    2,575,510 
Mutual Fund — 4.5%          
T. Rowe Price Government Reserve Investment Fund   28,235,408    28,235,408 
           
    Principal
Amount		      
Repurchase Agreement — 0.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (l)  $1,443,258    1,443,258 
Sovereign Debt Obligations — 0.8%          
Japan Treasury Discount Bills, 0.000%, due 3/25/24 JPY (c)   619,100,000    4,392,478 
Sri Lanka Treasury Bills, 0.000%, due 4/05/24 LKR (c)   60,000,000    178,640 
U.S. Treasury Bill — 2.3%          
U.S. Treasury Bills          
5.340% 2/29/24 (m)   3,640,000    3,609,079 
5.356% 1/16/24 (m)   4,638,000    4,628,510 
5.377% 1/16/24 (m)   6,121,000    6,108,476 
         14,346,065 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $51,126,094)		        51,171,359 

 

 

 

 

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

 

       Value 
TOTAL INVESTMENTS — 101.6%
(Cost $649,543,461) (n)		       $632,908,428 
           
Other Assets/(Liabilities) — (1.6)%        (9,804,013) 
           
NET ASSETS — 100.0%       $623,104,415 

 

Abbreviation Legend

CDOR Canadian Dollar Offered Rate
CLO Collateralized Loan Obligation
CMT Constant Maturity Treasury Index
EURIBOR Euro Inter-Bank Offered Rate
FRN Floating Rate Note
ICE Inter-Continental Exchange
LIBOR London InterBank Offered Rate
OAT Obligations Assimilables du Tresor
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 December 31, 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 December 31, 2023, the aggregate market value of these securities amounted to $131,675,383 or 21.13% of net assets.
(c) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $3,013,068 or 0.48% of net assets. The Fund received $503,252 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(e) Security is perpetual and has no stated maturity date.
(f) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023.
(g) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2023, these securities amounted to a value of $551,613 or 0.09% of net assets.
(h) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(i) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(j) All or a portion of this security is pledged/held as collateral for open derivatives.
(k) Represents investment of security lending cash collateral. (Note 2).
(l) Maturity value of $1,443,514. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,472,137.
(m) The rate shown represents yield-to-maturity.
(n) See Note 3 for aggregate cost for federal tax purposes.

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation (Depreciation) 
Put       
USD Put CAD Call  Bank of America N.A.   2/02/24    1.34    1,530,000   USD   1,530,000   $23,527   $10,523   $13,004 


 

Interest Rate Swaptions Written
         Paid by Fund  Received by Fund               
Description  Counterparty  Expiration Date  Rate  Frequency  Rate  Frequency  Notional
Amount		  Value   Premium
Paid
(Received)		   Unrealized Appreciation (Depreciation) 
Call                                    
5-Year Interest Rate Swap,
2/01/29		  Citibank N.A.  1/30/24  6-Month EURIBOR  Semi-Annually  2.88%##  Annually  EUR  7,000,000  $(5,539)   $(48,765)   $43,226

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/12/24  USD  1,121,936   RON  5,292,734   $ (52,575) 
Bank of America N.A.  1/12/24  USD  77,793   HUF  27,575,244    (1,593) 
Bank of America N.A.  1/12/24  RON  2,904,072   USD  630,448    13,995 
Bank of America N.A.  1/12/24  MXN  35,429,993   USD  2,035,298    48,233 
Bank of America N.A.  1/17/24  TWD  2,385,000   USD  76,473    1,370 
Bank of America N.A.  1/19/24  USD  729,678   CAD  1,005,000    (28,972) 
Bank of America N.A.  1/19/24  NZD  1,850,000   USD  1,110,757    58,776 
Bank of America N.A.  1/19/24  JPY  490,040,000   USD  3,306,151    176,961 
Bank of America N.A.  1/19/24  CAD  6,015,000   USD  4,436,616    103,963 
Bank of America N.A.  1/19/24  USD  907,320   AUD  1,334,000    (2,203) 
Bank of America N.A.  2/23/24  USD  2,879,934   EUR  2,626,000    (24,862) 
Bank of America N.A.  3/08/24  USD  1,456,155   MYR  6,734,718    (15,807) 
Barclays Bank PLC  1/10/24  TRY  6,887,000   USD  227,549    4,576 
Barclays Bank PLC  1/12/24  RON  1,136,909   USD  248,314    3,977 
Barclays Bank PLC  1/17/24  TWD  21,348,574   USD  687,223    9,563 
Barclays Bank PLC  1/17/24  USD  389,841   IDR  6,087,947,897    (5,505) 
Barclays Bank PLC  1/17/24  KRW  1,563,641,000   USD  1,180,311    34,801 
Barclays Bank PLC  1/18/24  ILS  4,274,898   USD  1,127,954    53,063 
Barclays Bank PLC  1/19/24  JPY  98,155,000   USD  669,973    27,695 
Barclays Bank PLC  2/23/24  EUR  818,062   USD  893,384    11,528 
Barclays Bank PLC  2/23/24  USD  4,852,000   GBP  3,890,124    (107,879) 
Barclays Bank PLC  3/15/24  USD  2,010,614   CNH  14,303,768    (6,714) 
Barclays Bank PLC  4/03/24  USD  694,150   TWD  21,348,574    (9,020) 
BNP Paribas SA  1/12/24  USD  584,409   ZAR  11,454,250    (41,299) 
BNP Paribas SA  1/12/24  RON  283,813   USD  60,117    2,864 
BNP Paribas SA  1/12/24  CZK  19,283,637   USD  836,022    26,020 
BNP Paribas SA  1/17/24  USD  629,296   PEN  2,409,188    (21,678) 
BNP Paribas SA  1/19/24  USD  6,767,920   JPY  996,036,341    (311,718) 
BNP Paribas SA  1/19/24  NZD  189,000   USD  110,009    9,473 
BNP Paribas SA  1/19/24  AUD  252,680   USD  163,209    9,068 
BNP Paribas SA  1/19/24  USD  879,879   CAD  1,166,000    (306) 
BNP Paribas SA  2/23/24  EUR  487,024   USD  532,220    6,510 
BNP Paribas SA  2/23/24  USD  1,665,503   EUR  1,504,000    1,827 
Citibank N.A.  1/10/24  TRY  6,833,000   USD  228,907    1,397 
Citibank N.A.  1/12/24  RON  1,678,823   USD  371,887    660 
Citibank N.A.  1/12/24  USD  739,602   RON  3,391,000    (12,895) 
Citibank N.A.  1/12/24  USD  409,467   CZK  9,143,000    745 
Citibank N.A.  1/17/24  USD  1,120,878   KRW  1,486,195,000    (34,050) 
Citibank N.A.  1/17/24  USD  840,472   TWD  26,963,192    (39,566) 
Citibank N.A.  1/18/24  USD  2,031,958   ILS  8,126,818    (213,220) 
Citibank N.A.  1/18/24  ILS  2,060,889   USD  510,778    58,579 
Citibank N.A.  1/19/24  USD  2,008,766   AUD  3,153,144    (141,053) 
Citibank N.A.  1/19/24  USD  4,825,890   CAD  6,578,843    (140,321) 
Citibank N.A.  1/19/24  AUD  3,475,000   USD  2,223,479    145,782 
Citibank N.A.  1/19/24  USD  1,307,357   NZD  2,199,372    (83,042) 
Citibank N.A.  1/19/24  USD  1,946,314   JPY  283,079,237    (65,759) 
Citibank N.A.  1/19/24  JPY  26,610,000   USD  188,432    707 
Citibank N.A.  2/16/24  PLN  1,618,000   USD  402,723    8,255 
Citibank N.A.  2/23/24  EUR  430,896   USD  468,090    8,553 
Citibank N.A.  3/15/24  USD  3,243,868   SGD  4,320,820    (40,915) 
Deutsche Bank AG  1/12/24  RON  994,566   USD  215,227    5,477 
Deutsche Bank AG  1/12/24  USD  206,156   HUF  73,459,388    (5,324) 
Deutsche Bank AG  1/17/24  USD  617,819   IDR  9,666,401,967    (9,908) 
Deutsche Bank AG  1/17/24  USD  1,108,572   KRW  1,481,995,000    (43,092) 
Deutsche Bank AG  1/17/24  KRW  2,968,190,000   USD  2,279,243    27,350 
Deutsche Bank AG  1/19/24  USD  2,191,509   AUD  3,475,000    (177,752) 
Deutsche Bank AG  1/19/24  JPY  517,229,552   USD  3,493,081    183,289 
Deutsche Bank AG  2/23/24  EUR  111,103   USD  121,745    1,154 
Deutsche Bank AG  2/23/24  USD  345,919   EUR  317,215    (4,973) 
Deutsche Bank AG  3/08/24  USD  811,293   MYR  3,773,000    (13,346) 
Goldman Sachs International  1/12/24  USD  280,656   HUF  98,227,982    (2,130) 
Goldman Sachs International  1/12/24  CZK  8,486,000   USD  369,065    10,286 
Goldman Sachs International  1/12/24  MXN  1,504,076   USD  85,961    2,489 
Goldman Sachs International  1/17/24  TWD  26,336,426   USD  846,994    12,588 
Goldman Sachs International  1/17/24  KRW  1,013,407,000   USD  777,591    9,932 
Goldman Sachs International  1/17/24  USD  360,271   IDR  5,602,051,899    (3,521) 
Goldman Sachs International  1/17/24  USD  720,919   TWD  23,106,808    (33,253) 
Goldman Sachs International  1/17/24  IDR  5,319,176,000   USD  338,931    6,492 
Goldman Sachs International  1/17/24  USD  820,386   KRW  1,063,534,000    (6,091) 
Goldman Sachs International  1/19/24  USD  1,446,880   JPY  213,751,955    (72,428) 
Goldman Sachs International  3/04/24  BRL  1,557,000   USD  317,908    689 
Goldman Sachs International  3/04/24  USD  1,436,443   BRL  7,080,516    (12,389) 
Goldman Sachs International  3/08/24  USD  229,395   COP  968,367,426    (17,287) 
Goldman Sachs International  4/03/24  USD  855,445   TWD  26,336,426    (12,012) 
HSBC Bank USA  1/17/24  USD  232,852   IDR  3,603,383,135    (1,149) 
HSBC Bank USA  1/17/24  USD  526,359   INR  43,924,643    (1,257) 
HSBC Bank USA  1/19/24  USD  718,935   CAD  990,000    (28,393) 
HSBC Bank USA  2/16/24  PLN  3,209,000   USD  800,978    14,119 
HSBC Bank USA  2/23/24  EUR  76,346   USD  83,392    1,059 
HSBC Bank USA  3/08/24  THB  29,202,713   USD  835,408    24,984 
HSBC Bank USA  3/08/24  USD  1,625,968   MYR  7,548,884    (23,941) 
HSBC Bank USA  3/15/24  USD  4,614,995   CNH  32,773,311    (7,179) 
JP Morgan Chase Bank N.A.  1/12/24  USD  800,199   MXN  14,647,483    (61,175) 
JP Morgan Chase Bank N.A.  1/12/24  ZAR  11,454,250   USD  597,300    28,408 
JP Morgan Chase Bank N.A.  1/17/24  USD  744,767   IDR  11,718,912,852    (16,248) 
JP Morgan Chase Bank N.A.  1/17/24  IDR  13,594,591,000   USD  863,971    18,849 
JP Morgan Chase Bank N.A.  1/19/24  USD  112,916   CAD  153,000    (2,580) 
JP Morgan Chase Bank N.A.  1/19/24  USD  3,767,590   JPY  550,703,045    (146,703) 
JP Morgan Chase Bank N.A.  1/19/24  JPY  646,300,000   USD  4,574,406    19,372 
JP Morgan Chase Bank N.A.  1/19/24  USD  58,419   AUD  88,000    (1,580) 
JP Morgan Chase Bank N.A.  2/23/24  GBP  236,939   USD  297,166    4,930 
JP Morgan Chase Bank N.A.  2/23/24  EUR  500,319   USD  547,963    5,473 
JP Morgan Chase Bank N.A.  3/15/24  USD  739,196   CNH  5,260,000    (2,646) 
Morgan Stanley & Co. LLC  1/12/24  USD  149,665   HUF  52,687,000    (2,014) 
Morgan Stanley & Co. LLC  1/17/24  USD  135,171   IDR  2,116,870,873    (2,297) 
Morgan Stanley & Co. LLC  1/17/24  USD  280,338   PEN  1,070,750    (8,984) 
Morgan Stanley & Co. LLC  1/17/24  PEN  2,931,000   USD  763,327    28,642 
Morgan Stanley & Co. LLC  1/18/24  ILS  149,201   USD  40,244    976 
Morgan Stanley & Co. LLC  1/19/24  USD  2,175,464   CAD  3,015,000    (100,487) 
Morgan Stanley & Co. LLC  1/19/24  USD  2,457,499   JPY  366,540,526    (147,802) 
Morgan Stanley & Co. LLC  1/19/24  USD  130,669   AUD  199,000    (5,010) 
Morgan Stanley & Co. LLC  1/19/24  AUD  75,645   USD  47,804    3,771 
Morgan Stanley & Co. LLC  1/19/24  JPY  45,212,182   USD  305,634    15,725 
Morgan Stanley & Co. LLC  2/09/24  CLP  342,977,000   USD  395,825    (7,439) 
Morgan Stanley & Co. LLC  2/23/24  USD  26,749   EUR  24,369    (207) 
Morgan Stanley & Co. LLC  2/23/24  USD  4,858,769   GBP  3,905,062    (120,157) 
Morgan Stanley & Co. LLC  2/23/24  EUR  329,607   USD  359,672    4,929 
Morgan Stanley & Co. LLC  3/04/24  BRL  4,137,489   USD  832,979    13,644 
Morgan Stanley & Co. LLC  3/08/24  USD  483,112   COP  1,967,238,861    (18,022) 
Royal Bank of Canada  1/12/24  USD  2,206,315   MXN  40,336,952    (165,780) 
Royal Bank of Canada  1/19/24  CAD  973,000   USD  706,098    28,397 
State Street Bank and Trust  1/12/24  MXN  5,975,000   USD  344,935    6,436 
State Street Bank and Trust  1/12/24  HUF  453,030,349   USD  1,216,124    88,090 
State Street Bank and Trust  1/19/24  USD  269,361   NOK  2,939,186    (20,048) 
State Street Bank and Trust  1/19/24  USD  14,530,533   JPY  2,134,031,564    (637,760) 
State Street Bank and Trust  1/19/24  CAD  2,488,178   USD  1,834,540    43,726 
State Street Bank and Trust  1/19/24  USD  1,407,761   NZD  2,325,930    (62,646) 
State Street Bank and Trust  2/16/24  USD  2,458,744   PLN  10,217,900    (136,639) 
State Street Bank and Trust  2/16/24  USD  62,943   MXN  1,074,000    140 
State Street Bank and Trust  2/23/24  GBP  1,355,844   USD  1,714,228    14,464 
State Street Bank and Trust  2/23/24  USD  313,880   EUR  289,762    (6,645) 
State Street Bank and Trust  2/23/24  EUR  108,311   USD  118,996    814 
State Street Bank and Trust  2/23/24  USD  61,961   SEK  645,509    (2,168) 
State Street Bank and Trust  3/15/24  USD  63,095   SGD  83,000    (4) 
State Street Bank and Trust  3/15/24  USD  158,708   CNY  1,123,000    (760) 
UBS AG  1/12/24  USD  273,076   CZK  6,343,368    (10,494) 
UBS AG  1/12/24  USD  161,290   HUF  56,783,211    (2,181) 
UBS AG  1/12/24  HUF  109,884,000   USD  308,706    7,635 
UBS AG  1/12/24  RON  1,685,552   USD  373,539    501 
UBS AG  1/17/24  USD  227,556   IDR  3,536,617,748    (2,109) 
UBS AG  1/17/24  USD  210,308   PEN  803,063    (6,683) 
UBS AG  1/18/24  ILS  961,949   USD  238,236    27,520 
UBS AG  1/19/24  EUR  717,000   USD  783,044    8,982 
UBS AG  1/19/24  CAD  64,942   USD  47,837    1,187 
UBS AG  1/19/24  JPY  166,805,000   USD  1,147,268    38,351 
UBS AG  2/16/24  USD  502,512   PLN  2,089,093    (28,125) 
UBS AG  2/16/24  PLN  4,844,000   USD  1,198,897    31,496 
UBS AG  2/23/24  USD  57,012,583   EUR  52,245,012    (779,154) 
UBS AG  2/23/24  USD  6,514,419   GBP  5,210,124    (128,450) 
UBS AG  2/23/24  USD  3,167,392   SEK  34,106,441    (220,955) 
UBS AG  3/08/24  USD  3,840,741   THB  134,516,720    (122,491) 
UBS AG  3/08/24  THB  5,737,715   USD  164,175    4,874 
UBS AG  3/08/24  USD  931,326   COP  3,869,347,884    (54,351) 
UBS AG  3/15/24  USD  2,018,475   CNH  14,361,098    (6,938)
                    $(3,337,928)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net
Unrealized
Appreciation
(Depreciation)		 
Long               
Euro-BOBL  3/07/24   36   $4,673,726  $66,724 
Euro-Bund  3/07/24   5    737,444   19,976 
Australia 3 Year Bond  3/15/24   14    1,009,603   9,830 
Canada 10 Year Bond  3/19/24   10    897,113   40,059 
Korea 10 Year Bond  3/19/24   51    4,478,212   95,513 
U.S. Treasury Ultra 10 Year  3/19/24   116    13,423,563   266,250 
U.S. Treasury Note 5 Year  3/28/24   732    78,475,712    1,146,445 
                $1,644,797 
Short               
Euro-Buxl 30 Year Bond  3/07/24   8   $(1,163,643)  $(87,972) 
Japanese 10 Year Bond  3/13/24   1    (1,037,088)   (3,408) 
Australia 10 Year Bond  3/15/24   11    (851,357)   (23,163) 
Korea 3 Year Bond  3/19/24   34    (2,757,869)   (25,173) 
U.S. Treasury Long Bond  3/19/24   6    (704,085)   (45,540) 
U.S. Treasury Ultra Bond  3/19/24   41    (5,473,434)   (3,910) 
UK Long Gilt  3/26/24   3    (365,779)   (26,750) 
U.S. Treasury Note 2 Year  3/28/24   172    (35,246,469)    (170,750) 
                $(386,666) 

 

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   $6,551   $9,765   $(3,214)
Bombardier, Inc.  5.000%   Quarterly    6/20/28   USD   390,000    (24,355)    (15,794)    (8,561) 
                        $(17,804)   $(6,029)   $(11,775)

 

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) 
CMBX.NA.AAA Series 15†  0.500%   Monthly    Morgan Stanley & Co. LLC    11/18/64   USD   4,189,000   $58,883   $111,752   $(52,869)
CMBX.NA.AAA Series 15†  0.500%   Monthly    Morgan Stanley & Co. LLC    11/18/64   USD   4,900,000    68,877    131,103    (62,226)
CMBX.NA.AAA Series 15†  0.500%   Monthly    Morgan Stanley & Co. LLC    11/18/64   USD   2,032,000    28,563    54,372    (25,809)
CMBX.NA.AAA Series 15†  0.500%   Monthly    Morgan Stanley & Co. LLC    11/18/64   USD   677,000    9,516    16,373    (6,857)
CMBX.NA.AAA Series 15†  0.500%   Monthly    Morgan Stanley & Co. LLC    11/18/64   USD   585,000    8,223    14,914    (6,691)
CMBX.NA.AAA Series 16†  0.500%   Monthly    Morgan Stanley & Co. LLC    4/17/65   USD   677,000    11,955    20,139    (8,184)
CMBX.NA.AAA Series 16†  0.500%   Monthly    Morgan Stanley & Co. LLC    4/17/65   USD   585,000    10,330    18,269    (7,939)
                                $196,347   $366,922   $(170,575)

 

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   $42,131   $33,780   $8,351
Republic of Mexico  1.000%   Quarterly    12/20/28    BBB-*   USD   1,861,000    9,534    (19,306)    28,840
CDX.NA.HY Series 41†  5.000%   Quarterly    12/20/28    Not Rated   USD   3,118,500    181,814    3,048    178,766
CDX.NA. IG Series 41†  1.000%   Quarterly    12/20/28    Not Rated   USD   44,340,000    840,198    670,104    170,094 
                             $1,073,677   $687,626   $386,051

 

OTC Credit Default Swaps-Sell Protection††        
Reference
Obligation/Index		  Rate Received by Fund  Payment Frequency   Counterparty   Credit Rating   Termination Date   Notional
Amount		  Value   Upfront Premium Paid/ (Received)   Unrealized Appreciation (Depreciation) 
Republic of Greece  1.000%   Quarterly    Bank of America N.A.    BB+*    12/20/24   USD   151,000   $1,220   $(4,578)   $5,798
Republic of Greece  1.000%   Quarterly    Bank of America N.A.    BB+*    12/20/24   USD   303,000    2,448    (9,187)    11,635
Republic of Greece  1.000%   Quarterly    Bank of America N.A.    BB+*    12/20/24   USD   152,000    1,228    (10,490)    11,718
Republic of Greece  1.000%   Quarterly    Bank of America N.A.    BB+*    12/20/29   USD   225,000    1,692    (11,045)    12,737
Republic of Greece  1.000%   Quarterly    Bank of America N.A.    BB+*    12/20/29   USD   225,000    1,692    (11,239)    12,931
Republic of Greece  1.000%   Quarterly    Barclays Bank PLC    BB+*    6/20/24   USD   135,000    560    (8,192)    8,752
Republic of Greece  1.000%   Quarterly    Barclays Bank PLC    BB+*    6/20/24   USD   67,500    280    (3,879)    4,159
Republic of Greece  1.000%   Quarterly    Barclays Bank PLC    BB+*    6/20/24   USD   67,500    280    (3,879)    4,159
Republic of Greece  1.000%   Quarterly    Barclays Bank PLC    BB+*    12/20/24   USD   450,000    3,636    (2,504)    6,140
Republic of Greece  1.000%   Quarterly    Citibank N.A.    BB+*    6/20/25   USD   150,000    1,635    (9,034)    10,669
Republic of Greece  1.000%   Quarterly    Citibank N.A.    BB+*    6/20/25   USD   75,000    818    (4,350)    5,168
Republic of Greece  1.000%   Quarterly    Citibank N.A.    BB+*    12/20/25   USD   300,000    4,106    (281)    4,387
Barclays Bank PLC  1.000%   Quarterly    JP Morgan Chase Bank N.A.    A+*    6/20/24   EUR   100,000    308    1,278    (970)
Republic of Greece  1.000%   Quarterly    Morgan Stanley & Co. LLC    BB+*    12/20/24   USD   134,000    1,083    (993)    2,076
Republic of Greece  1.000%   Quarterly    Morgan Stanley & Co. LLC    BB+*    6/20/25   USD   94,000    1,025    (4,498)    5,523 
                                     $22,011   $(82,871)   $104,882

 

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   $2,101   $—   $2,101
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.579%    Quarterly    5/15/28   CNY   4,373,000    9,554    —    9,554
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.568%    Quarterly    5/16/28   CNY   3,429,000    7,273    —    7,273
3-Month CNREPOFIX=CFXS-Reuters  Quarterly   Fixed 2.476%    Quarterly    6/01/28   CNY   20,850,000    30,576    —    30,576
6-Month EURIBOR  Semi-Annually   Fixed (0.144)%    Annually    10/20/25   EUR   690,000    (40,461)    —    (40,461)
6-Month EURIBOR  Semi-Annually   Fixed (0.090)%    Annually    11/04/25   EUR   1,030,000    (60,087)    —    (60,087)
6-Month EURIBOR  Semi-Annually   Fixed 3.366%    Annually    9/21/28   EUR   4,965,000    223,335    —    223,335
6-Month EURIBOR  Semi-Annually   Fixed 3.479%    Annually    10/05/28   EUR   3,580,000    181,695    —    181,695
6-Month EURIBOR  Semi-Annually   Fixed 3.049%    Annually    11/20/28   EUR   25,702,000    781,656    —    781,656
6-Month EURIBOR  Semi-Annually   Fixed 2.678%    Annually    12/14/28   EUR   25,425,000    309,182    —    309,182
6-Month EURIBOR  Semi-Annually   Fixed 2.638%    Annually    12/16/29   EUR   1,275,000    15,856    —    15,856
6-Month EURIBOR  Semi-Annually   Fixed 0.830%    Annually    3/02/32   EUR   800,000    (105,941)    —    (105,941)
6-Month EURIBOR  Semi-Annually   Fixed 1.222%    Annually    4/04/32   EUR   1,350,000    (137,763)    —    (137,763)
6-Month EURIBOR  Semi-Annually   Fixed 1.627%    Annually    4/21/32   EUR   946,000    (65,473)    —    (65,473)
6-Month EURIBOR  Semi-Annually   Fixed 1.640%    Annually    5/02/32   EUR   950,000    (64,925)    —    (64,925)
6-Month EURIBOR  Semi-Annually   Fixed 2.796%    Annually    11/17/32   EUR   82,000    2,318    —    2,318
6-Month EURIBOR  Semi-Annually   Fixed 2.803%    Annually    11/18/32   EUR   140,000    4,037    —    4,037
6-Month EURIBOR  Semi-Annually   Fixed 2.735%    Annually    11/21/32   EUR   131,000    2,998    —    2,998
6-Month EURIBOR  Semi-Annually   Fixed 2.730%    Annually    11/23/32   EUR   2,400,000    53,814    —    53,814
6-Month EURIBOR  Semi-Annually   Fixed 2.717%    Annually    11/24/32   EUR   200,000    4,257    —    4,257
6-Month EURIBOR  Semi-Annually   Fixed 2.683%    Annually    11/30/32   EUR   126,000    2,324    —    2,324
6-Month EURIBOR  Semi-Annually   Fixed 2.698%    Annually    11/30/32   EUR   54,000    1,065    —    1,065
Fixed 2.953%  Annually   6-Month EURIBOR    Semi-Annually    9/21/53   EUR   1,850,000    (265,427)    —    (265,427)
Fixed 2.843%  Annually   6-Month EURIBOR    Semi-Annually    11/20/53   EUR   5,510,000    (654,533)    —    (654,533)
Fixed 2.469%  Annually   6-Month EURIBOR    Semi-Annually    12/14/53   EUR   4,955,000    (157,218)    —    (157,218)
GBP-SONIA-COMPOUND  Annually   Fixed 3.955%    Annually    1/25/25   GBP   5,277,000    (49,333)    —    (49,333)
Fixed 0.418%  Annually   JPY-TONAR    Annually    8/10/28   JPY   1,575,000,000    7,611    —    7,611
28 Day-MXN-TIIE  Monthly   Fixed 5.499%    Monthly    5/04/27   MXN   15,000,000    (87,897)    —    (87,897)
Fixed 3.090%  Annually   6-Month WIBOR    Semi-Annually    2/20/28   PLN   1,070,000    13,866    —    13,866
Fixed 2.850%  Annually   6-Month WIBOR    Semi-Annually    4/06/28   PLN   100,000    1,510    —    1,510
Fixed 2.920%  Annually   6-Month WIBOR    Semi-Annually    5/07/28   PLN   200,000    2,917    —    2,917
Fixed 3.030%  Annually   6-Month WIBOR    Semi-Annually    5/18/28   PLN   300,000    4,140    —    4,140
Fixed 5.010%  Annually   6-Month WIBOR    Semi-Annually    6/30/28   PLN   4,150,000    (24,219)    —    (24,219)
Fixed 5.010%  Annually   6-Month WIBOR    Semi-Annually    6/30/28   PLN   4,150,000    (24,219)    —    (24,219)
6-Month WIBOR  Semi-Annually   Fixed 4.685%    Annually    11/17/28   PLN   1,038,000    3,165    —    3,165
6-Month WIBOR  Semi-Annually   Fixed 4.550%    Annually    11/21/28   PLN   1,027,000    1,628    —    1,628
Fixed 1.715%  Annually   6-Month WIBOR    Semi-Annually    9/24/29   PLN   1,700,000    57,105    —    57,105
Fixed 1.780%  Annually   6-Month WIBOR    Semi-Annually    10/22/29   PLN   823,529    27,236    —    27,236
Fixed 1.775%  Annually   6-Month WIBOR    Semi-Annually    10/22/29   PLN   1,176,471    38,984    —    38,984 
                             $52,707   $—   $52,707
*

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.

## Exercise Rate.
† Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index.
†† For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings 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
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 Lanka Rupee
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PEN Peruvian New Sol
PLN Polish Zloty
RON New Romanian Leu
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TRY New Turkish Lira
TWD Taiwan Dollar
USD U.S. Dollar
ZAR South African Rand

 

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 95.3%          
           
CORPORATE DEBT — 27.0%          
Brazil — 1.4%          
Braskem Netherlands Finance BV          
7.250% 2/13/33 (a)  $200,000   $168,417 
8.500% 1/12/31 (a)   200,000    186,000 
Cosan Overseas Ltd.          
8.250% (a) (b)   100,000    99,577 
Globo Comunicacao e Participacoes SA          
4.875% 1/22/30 (a)   650,000    560,929 
5.500% 1/14/32 (a)   200,000    171,735 
         1,186,658 
Chile — 3.0%          
AES Andes SA 5 yr. USD Swap + 4.644%          
7.125% VRN 3/26/79 (a)   650,000    624,325 
Agrosuper SA          
4.600% 1/20/32 (a)   200,000    171,451 
Banco Santander Chile          
3.177% 10/26/31 (a)   375,000    324,116 
Celulosa Arauco y Constitucion SA          
4.200% 1/29/30 (a) (c)   200,000    184,781 
5.150% 1/29/50 (a)   250,000    206,281 
Corp. Nacional del Cobre de Chile          
3.150% 1/14/30 (a)   200,000    178,150 
5.125% 2/02/33 (a)   200,000    193,437 
Empresa de los Ferrocarriles del Estado          
3.068% 8/18/50 (a)   450,000    272,385 
Empresa de Transporte de Pasajeros Metro SA          
3.693% 9/13/61 (a)   200,000    133,850 
4.700% 5/07/50 (a)   200,000    164,966 
         2,453,742 
China — 0.2%          
Lenovo Group Ltd.          
3.421% 11/02/30 (a)   200,000    176,581 
Colombia — 1.1%          
Banco Davivienda SA 10 yr. CMT + 5.097%          
6.650% VRN (a) (b)   200,000    142,250 
Banco de Bogota SA          
6.250% 5/12/26 (a)   250,000    246,740 
Bancolombia SA 5 yr. CMT + 2.944%          
4.625% VRN 12/18/29   200,000    185,315 
Ecopetrol SA          
4.625% 11/02/31   205,000    173,912 
6.875% 4/29/30   50,000    49,549 

 

 

 

 

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

 

   Principal
Amount		   Value 
8.875% 1/13/33  $100,000   $108,648 
         906,414 
Ghana — 0.2%          
Kosmos Energy Ltd.          
7.125% 4/04/26 (a)   200,000    189,906 
India — 0.7%          
Greenko Power II Ltd.          
4.300% 12/13/28 (a)   234,000    210,658 
Reliance Industries Ltd.          
2.875% 1/12/32 (a)   400,000    342,634 
         553,292 
Indonesia — 1.5%          
Bank Negara Indonesia Persero Tbk. PT          
3.750% 3/30/26 (a)   213,000    202,552 
Minejesa Capital BV          
5.625% 8/10/37 (a)   500,000    437,500 
Pertamina Persero PT          
5.625% 5/20/43 (a)   200,000    202,024 
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara          
4.000% 6/30/50 (a)   200,000    154,920 
6.150% 5/21/48 (a)   200,000    205,180 
         1,202,176 
Israel — 1.1%          
ICL Group Ltd.          
6.375% 5/31/38 (a)   150,000    142,149 
ICL Group Ltd.          
6.375% 5/31/38 (a)   200,000    189,531 
Israel Electric Corp. Ltd.          
5.000% 11/12/24 (a)   275,000    270,796 
Leviathan Bond Ltd.          
6.125% 6/30/25 (a)   330,000    319,275 
         921,751 
Jamaica — 0.2%          
TransJamaican Highway Ltd.          
5.750% 10/10/36 (a)   137,822    120,594 
Kazakhstan — 0.5%          
KazMunayGas National Co. JSC          
3.500% 4/14/33 (a)   200,000    165,903 
6.375% 10/24/48 (a)   230,000    215,924 
         381,827 
Kuwait — 0.3%          
MEGlobal Canada ULC          
5.875% 5/18/30 (a)   200,000    205,365 
Mexico — 6.1%          
Banco Mercantil del Norte SA 10 yr. CMT + 7.760%          
8.375% VRN (a) (b)   200,000    196,776 
BBVA Bancomer SA          

 

 

 

 

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

 

   Principal
Amount		   Value 
5 yr. CMT + 2.650% 5.125% VRN 1/18/33 (a)  $375,000   $339,741 
5 yr. CMT + 4.308% 5.875% VRN 9/13/34 (a) (c)   200,000    188,386 
5 yr. CMT + 4.661% 8.450% VRN 6/29/38 (a)   425,000    453,080 
Cemex SAB de CV          
5.450% 11/19/29 (a) (c)   200,000    197,217 
Cometa Energia SA de CV          
6.375% 4/24/35 (a)   160,400    155,606 
Industrias Penoles SAB de CV          
4.750% 8/06/50 (a)   200,000    161,228 
Infraestructura Energetica Nova SAPI de CV          
4.875% 1/14/48 (a)   300,000    235,890 
Petroleos Mexicanos          
4.500% 1/23/26   500,000    467,816 
5.950% 1/28/31   175,000    139,737 
6.500% 3/13/27   850,000    792,311 
6.500% 6/02/41   1,210,000    825,118 
6.840% 1/23/30   55,000    47,677 
8.750% 6/02/29   655,000    636,785 
10.000% 2/07/33 (c)   260,000    261,054 
         5,098,422 
Oman — 0.6%          
Lamar Funding Ltd.          
3.958% 5/07/25 (a)   500,000    486,455 
Panama — 0.7%          
Aeropuerto Internacional de Tocumen SA          
4.000% 8/11/41 (a)   200,000    150,140 
Banco General SA 10 yr. CMT + 3.665%          
5.250% VRN (a) (b)   200,000    171,000 
Banco Nacional de Panama          
2.500% 8/11/30 (a)   310,000    229,183 
         550,323 
Paraguay — 0.2%          
Telefonica Celular del Paraguay SA          
5.875% 4/15/27 (a)   200,000    194,840 
Peru — 0.3%          
Consorcio Transmantaro SA          
4.700% 4/16/34 (a)   200,000    189,132 
Lima Metro Line 2 Finance Ltd.          
5.875% 7/05/34 (a)   88,848    87,712 
         276,844 
Philippines — 0.9%          
Globe Telecom, Inc.          
3.000% 7/23/35 (a)   400,000    297,589 
International Container Terminal Services, Inc.          
4.750% 6/17/30 (a)   200,000    194,003 
Manila Water Co., Inc.          
4.375% 7/30/30 (a)   300,000    270,891 
         762,483 
Qatar — 0.7%          
QatarEnergy          

 

 

 

 

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

 

   Principal
Amount		   Value 
2.250% 7/12/31 (a)  $300,000   $255,087 
3.125% 7/12/41 (a)   450,000    345,387 
         600,474 
Republic of Korea — 0.3%          
POSCO          
5.750% 1/17/28 (a) (c)   200,000    205,252 
Romania — 0.4%          
Banca Transilvania SA 1 yr. EURIBOR ICE Swap + 5.580%          
8.875% VRN 4/27/27 EUR (a) (d)   280,000    324,969 
Saudi Arabia — 1.6%          
Gaci First Investment Co.          
5.125% 2/14/53 (a)   450,000    407,147 
Saudi Arabian Oil Co.          
3.500% 4/16/29 (a)   200,000    189,194 
4.250% 4/16/39 (a)   800,000    714,842 
         1,311,183 
Slovenia — 0.4%          
Nova Kreditna Banka Maribor DD 3 mo. EURIBOR + 3.496%          
7.375% VRN 6/29/26 EUR (a) (d)   300,000    341,452 
South Africa — 0.2%          
Transnet SOC Ltd.          
8.250% 2/06/28 (a) (c)   200,000    201,260 
Tanzania, United Republic Of — 0.2%          
HTA Group Ltd.          
7.000% 12/18/25 (a)   200,000    196,374 
Thailand — 0.7%          
Bangkok Bank PCL 5 yr. CMT + 2.150%          
3.466% VRN 9/23/36 (a)   200,000    167,757 
Thaioil Treasury Center Co. Ltd.          
3.500% 10/17/49 (a)   425,000    285,863 
3.500% 10/17/49 (a)   200,000    134,523 
         588,143 
United Arab Emirates — 0.8%          
DP World Crescent Ltd.          
3.875% 7/18/29 (a)   300,000    283,905 
Emirates NBD Bank PJSC 6 yr. CMT + 3.656%          
6.125% VRN (a) (b)   200,000    198,536 
Ruwais Power Co. PJSC          
6.000% 8/31/36 (a)   200,000    199,000 
         681,441 
United States — 0.9%          
Hyundai Capital America          
5.600% 3/30/28 (a)   175,000    177,590 
International Bank for Reconstruction & Development          
0.000% 3/31/27   275,000    253,590 

 

 

 

 

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

 

   Principal
Amount		   Value 
LCPR Senior Secured Financing DAC          
5.125% 7/15/29 (a)  $400,000   $348,454 
         779,634 
Venezuela — 1.8%          
Petroleos de Venezuela SA          
5.375% 4/12/27 (a) (e)   900,000    95,850 
6.000% 5/16/24 (a) (e)   2,400,000    263,947 
6.000% 11/15/26 (a) (e)   1,750,000    196,875 
8.500% 10/27/20 (a) (e)   250,000    200,000 
9.000% 11/17/21 (a) (e)   4,990,000    561,375 
9.750% 5/17/35 (a) (e)   150,000    18,750 
12.750% 2/17/22 (a) (e)   1,500,000    195,000 
         1,531,797 
           
TOTAL CORPORATE DEBT
(Cost $25,869,694)		        22,429,652 
           
SOVEREIGN DEBT OBLIGATIONS — 68.3%          
Albania — 1.9%          
Albania Government International Bond          
3.500% 6/16/27 EUR (a) (d)   190,000    202,300 
3.500% 11/23/31 EUR (a) (d)   600,000    578,925 
3.500% 11/23/31 EUR (a) (d)   590,000    569,276 
5.900% 6/09/28 EUR (a) (d)   130,000    146,384 
5.900% 6/09/28 EUR (a) (d)   100,000    112,603 
         1,609,488 
Angola — 2.9%          
Angolan Government International Bond          
8.000% 11/26/29 (a)   800,000    709,520 
8.250% 5/09/28 (a)   1,125,000    1,034,865 
9.125% 11/26/49 (a)   300,000    244,500 
9.500% 11/12/25 (a)   400,000    392,000 
         2,380,885 
Argentina — 1.2%          
Argentina Government International Bond,          
4.250% STEP 1/09/38   1,327,891    523,751 
Argentine Republic Government International Bond          
1.000% 12/15/35   845,000    23,660 
3.625% STEP 7/09/35   1,224,923    418,085 
         965,496 
Bahamas — 0.7%          
Bahamas Government International Bond          
6.000% 11/21/28 (a)   675,000    594,000 
Bahrain — 2.3%          
Bahrain Government International Bond          
5.625% 5/18/34 (a)   700,000    632,855 
6.750% 9/20/29 (a)   350,000    355,250 
7.000% 10/12/28 (a)   675,000    702,000 

 

 

 

 

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

 

   Principal
Amount		   Value 
7.500% 9/20/47 (a)  $200,000   $188,058 
         1,878,163 
Barbados — 0.1%          
Barbados Government International Bond          
6.500% 10/01/29 (a)   75,000    70,594 
Bermuda — 0.5%          
Bermuda Government International Bond          
5.000% 7/15/32 (a)   400,000    396,800 
Brazil — 1.6%          
Brazil Notas do Tesouro Nacional Serie F          
10.000% 1/01/29 BRL (d) (e)   650,000    126,917 
10.000% 1/01/31 BRL (d) (e)   4,294,000    829,642 
Brazilian Government International Bond          
5.000% 1/27/45   240,000    195,711 
6.250% 3/18/31   200,000    207,396 
         1,359,666 
Bulgaria — 0.5%          
Bulgaria Government International Bond          
4.500% 1/27/33 EUR (a) (d)   310,000    358,908 
4.875% 5/13/36 EUR (a) (d)   50,000    59,071 
         417,979 
Chile — 0.4%          
Chile Government International Bond          
4.000% 1/31/52   200,000    164,214 
4.950% 1/05/36   200,000    197,635 
         361,849 
China — 1.5%          
China Government Bond          
2.620% 6/25/30 CNY (d)   9,000,000    1,274,856 
Colombia — 3.1%          
Colombia Government International Bond          
3.000% 1/30/30   400,000    337,268 
3.125% 4/15/31   400,000    325,256 
4.125% 5/15/51   725,000    481,084 
5.000% 6/15/45   350,000    271,246 
5.625% 2/26/44   400,000    335,806 
8.000% 11/14/35   200,000    218,563 
8.750% 11/14/53   200,000    229,687 
Colombia TES          
7.000% 3/26/31 COP (d)   1,903,300,000    423,486 
         2,622,396 
Costa Rica — 0.7%          
Costa Rica Government International Bond          
5.625% 4/30/43 (a)   200,000    183,500 
7.300% 11/13/54 (a)   400,000    434,000 
         617,500 

 

 

 

 

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

 

   Principal
Amount		   Value 
Dominican Republic — 3.8%          
Dominican Republic International Bond          
4.500% 1/30/30 (a)  $355,000   $326,600 
4.875% 9/23/32 (a)   1,075,000    977,336 
4.875% 9/23/32 (a)   500,000    454,575 
5.500% 2/22/29 (a)   165,000    161,081 
5.875% 1/30/60 (a)   540,000    465,750 
6.500% 2/15/48 (a)   300,000    286,125 
6.850% 1/27/45 (a)   305,000    303,475 
7.050% 2/03/31 (a)   150,000    157,500 
         3,132,442 
Ecuador — 0.6%          
Ecuador Government International Bond          
0.000% 7/31/30 (a)   165,446    46,776 
3.500% STEP 7/31/35 (a)   128,550    45,679 
3.500% STEP 7/31/35 (a)   40,000    14,213 
6.000% STEP 7/31/30 (a)   877,100    405,491 
         512,159 
Egypt — 1.9%          
Egypt Government International Bond          
5.800% 9/30/27 (a)   200,000    153,740 
5.875% 2/16/31 (a)   200,000    130,750 
6.588% 2/21/28 (a)   200,000    152,938 
7.500% 1/31/27 (a)   270,000    226,476 
7.600% 3/01/29 (a)   275,000    209,456 
8.500% 1/31/47 (a)   550,000    340,954 
8.500% 1/31/47 (a)   640,000    396,746 
         1,611,060 
El Salvador — 0.7%          
El Salvador Government International Bond          
5.875% 1/30/25 (a)   590,000    552,374 
Ghana — 0.3%          
Ghana Government International Bond          
6.375% 2/11/27 (a)   375,000    165,938 
10.750% 10/14/30 (a)   200,000    125,250 
         291,188 
Guatemala — 1.7%          
Guatemala Government Bond          
4.875% 2/13/28 (a)   400,000    388,600 
5.250% 8/10/29 (a)   200,000    195,800 
5.375% 4/24/32 (a)   200,000    193,300 
6.600% 6/13/36 (a)   400,000    411,600 
7.050% 10/04/32 (a)   200,000    212,500 
         1,401,800 
India — 2.1%          
Export-Import Bank of India          
2.250% 1/13/31 (a)   205,000    171,271 
2.250% 1/13/31 (a)   200,000    167,094 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.250% 1/15/30 (a)  $1,500,000   $1,369,755 
         1,708,120 
Indonesia — 5.3%          
Indonesia Government International Bond          
3.500% 1/11/28   375,000    359,498 
4.550% 1/11/28   200,000    199,643 
4.625% 4/15/43 (a)   1,400,000    1,364,540 
Indonesia Treasury Bond          
6.125% 5/15/28 IDR (d)   8,304,000,000    531,959 
7.000% 2/15/33 IDR (d)   6,958,000,000    467,565 
Perusahaan Penerbit SBSN Indonesia III          
3.800% 6/23/50 (a)   200,000    166,750 
4.550% 3/29/26 (a)   1,350,000    1,348,312 
         4,438,267 
Ivory Coast — 2.5%          
Ivory Coast Government International Bond          
4.875% 1/30/32 EUR (a) (d)   250,000    232,017 
6.125% 6/15/33 (a)   1,505,000    1,381,350 
6.625% 3/22/48 EUR (a) (d)   525,000    460,761 
         2,074,128 
Jamaica — 0.5%          
Jamaica Government International Bond          
8.000% 3/15/39   170,000    210,588 
8.000% 3/15/39   175,000    216,781 
         427,369 
Jordan — 2.1%          
Jordan Government International Bond          
5.850% 7/07/30 (a)   1,200,000    1,114,615 
7.500% 1/13/29 (a)   400,000    404,500 
7.750% 1/15/28 (a)   240,000    247,963 
         1,767,078 
Kenya — 0.9%          
Kenya Government International Bond          
7.250% 2/28/28 (a)   800,000    730,000 
Mexico — 1.7%          
Mexican Bonos          
7.750% 5/29/31 MXN (d)   18,363,000    1,008,197 
Mexico Government International Bond          
6.350% 2/09/35   380,000    398,083 
         1,406,280 
Morocco — 1.8%          
Morocco Government International Bond          
3.000% 12/15/32 (a)   600,000    493,404 
4.000% 12/15/50 (a)   1,000,000    720,000 
6.500% 9/08/33 (a)   240,000    252,975 
         1,466,379 

 

 

 

 

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

 

   Principal
Amount		   Value 
Nigeria — 0.6%          
Nigeria Government International Bond          
7.875% 2/16/32 (a)  $550,000   $493,625 
Oman — 3.5%          
Oman Government International Bond          
4.750% 6/15/26 (a)   600,000    592,500 
4.750% 6/15/26 (a)   350,000    345,625 
5.375% 3/08/27 (a)   200,000    201,288 
5.625% 1/17/28 (a)   200,000    203,648 
6.500% 3/08/47 (a)   390,000    397,067 
6.750% 10/28/27 (a)   200,000    211,000 
6.750% 10/28/27 (a)   400,000    422,000 
6.750% 1/17/48 (a)   300,000    313,560 
7.000% 1/25/51 (a)   200,000    215,750 
         2,902,438 
Pakistan — 0.4%          
Pakistan Government International Bond          
7.875% 3/31/36 (a)   562,000    350,851 
Panama — 2.8%          
Panama Government International Bond          
2.252% 9/29/32 (c)   1,050,000    764,503 
4.500% 1/19/63   360,000    234,887 
6.400% 2/14/35   1,350,000    1,316,341 
         2,315,731 
Paraguay — 1.1%          
Paraguay Government International Bond          
4.950% 4/28/31 (a)   200,000    195,000 
5.400% 3/30/50 (a)   600,000    532,800 
5.850% 8/21/33   200,000    203,161 
         930,961 
Peru — 1.1%          
Peruvian Government International Bond          
2.780% 12/01/60   670,000    416,418 
3.300% 3/11/41   300,000    232,998 
3.550% 3/10/51   130,000    98,391 
6.150% 8/12/32 PEN (a) (d)   530,000    139,808 
         887,615 
Philippines — 0.8%          
Philippines Government International Bond          
2.650% 12/10/45   900,000    637,530 
Poland — 0.5%          
Poland Government International Bond          
3.875% 2/14/33 EUR (a) (d)   230,000    263,938 
5.500% 4/04/53   120,000    124,840 
         388,778 
Qatar — 1.4%          
Qatar Government International Bond          

 

 

 

 

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

 

   Principal
Amount		   Value 
4.400% 4/16/50 (a)  $200,000   $184,000 
4.400% 4/16/50 (a)   200,000    184,000 
4.817% 3/14/49 (a)   800,000    778,320 
         1,146,320 
Republic of Korea — 0.2%          
Export-Import Bank of Korea          
5.000% 1/11/28   200,000    203,730 
Romania — 1.7%          
Romania Government International Bond          
2.625% 12/02/40 EUR (a) (d)   50,000    36,981 
2.875% 4/13/42 EUR (a) (d)   125,000    92,884 
3.000% 2/14/31 (a)   174,000    147,533 
3.000% 2/14/31 (a)   300,000    254,368 
4.000% 2/14/51 (a)   160,000    115,670 
4.000% 2/14/51 (a)   722,000    521,961 
5.500% 9/18/28 EUR (a) (d)   210,000    237,748 
         1,407,145 
Saudi Arabia — 1.0%          
Saudi Government International Bond          
2.750% 2/03/32 (a)   200,000    175,684 
3.750% 1/21/55 (a)   400,000    303,908 
5.000% 4/17/49 (a)   400,000    377,500 
         857,092 
Senegal — 1.3%          
Senegal Government International Bond          
4.750% 3/13/28 EUR (a) (d)   300,000    305,154 
6.250% 5/23/33 (a)   200,000    178,404 
6.250% 5/23/33 (a)   630,000    561,973 
         1,045,531 
Serbia — 1.7%          
Senegal Government International Bond          
2.125% 12/01/30 (a)   1,100,000    880,000 
6.250% 5/26/28 (a)   240,000    245,400 
Serbia International Bond          
6.500% 9/26/33 (a)   250,000    256,250 
         1,381,650 
South Africa — 1.1%          
South Africa Government International Bond          
5.650% 9/27/47   210,000    167,475 
5.875% 4/20/32   425,000    402,526 
6.250% 3/08/41   400,000    355,064 
         925,065 
Sri Lanka — 1.4%          
Sri Lanka Government International Bond          
6.125% 6/03/25 (a)   200,000    101,996 
6.125% 6/03/25 (a)   500,000    254,989 
6.825% 7/18/26 (a)   200,000    101,629 

 

 

 

 

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

 

   Principal
Amount		   Value 
6.850% 11/03/25 (a)  $1,400,000   $713,997 
         1,172,611 
Suriname — 0.8%          
Suriname Government International Bond          
0.000% 12/31/50 (a)   289,000    131,495 
7.950% 7/15/33 (a)   598,000    516,552 
         648,047 
Turkey — 2.8%          
Turkey Government International Bond          
4.250% 4/14/26   200,000    191,484 
4.875% 10/09/26   400,000    385,688 
4.875% 4/16/43   450,000    327,663 
6.000% 1/14/41   350,000    296,641 
8.600% 9/24/27   275,000    293,326 
9.375% 3/14/29   325,000    359,138 
9.375% 1/19/33   230,000    259,693 
9.875% 1/15/28   200,000    221,751 
         2,335,384 
Uruguay — 0.5%          
Uruguay Government International Bond          
5.750% 10/28/34   355,000    383,578 
Venezuela — 0.3%          
Venezuela Government International Bond          
7.750% 10/13/19 (a) (e)   1,000,000    134,770 
9.250% 9/15/27 (e)   300,000    55,908 
11.750% 10/21/26 (a) (e)   300,000    56,250 
12.750% 8/23/22 (a) (e)   255,000    40,988 
         287,916 
           
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $61,482,637)		        56,769,914 
           
TOTAL BONDS & NOTES
(Cost $87,352,331)		        79,199,566 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $87,352,331)		        79,199,566 
           
           
SHORT-TERM INVESTMENTS — 3.7%          
           
   Number of
Shares		    
Investment of Cash Collateral from Securities Loaned — 1.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (f)   897,405    897,405 
Mutual Fund — 1.4%          
T. Rowe Price Government Reserve Investment Fund   1,216,755    1,216,755 

 

 

 

 

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

 

   Principal
Amount		   Value 
Repurchase Agreement — 1.2%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g)  $973,908   $973,908 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,088,068)		        3,088,068 
           
TOTAL INVESTMENTS — 99.0%
(Cost $90,440,399) (h)		        82,287,634 
           
Other Assets/(Liabilities) — 1.0%        830,120 
           
NET ASSETS — 100.0%       $83,117,754 

 

Abbreviation Legend

CMT Constant Maturity Treasury Index
EURIBOR Euro Inter-Bank Offered Rate
ICE Inter-Continental Exchange
STEP Step Up Bond

 

Notes to Portfolio of Investments

 

Percentages are stated as a percent of net assets.

(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $57,348,743 or 69.00% of net assets.
(b) Security is perpetual and has no stated maturity date.
(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $2,024,152 or 2.44% of net assets. The Fund received $1,174,610 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(d) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.
(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 December 31, 2023, these securities amounted to a value of $2,776,272 or 3.34% of net assets.
(f) Represents investment of security lending cash collateral. (Note 2).
(g) Maturity value of $974,082. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $993,435.
(h) See Note 3 for aggregate cost for federal tax purposes.

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Barclays Bank PLC  2/23/24  USD  145,938   EUR  135,000   $(3,395) 
Barclays Bank PLC  3/15/24  USD  342,770   CNH  2,438,511    (1,145) 
BNP Paribas SA  1/12/24  USD  631,722   MXN  11,474,048    (43,033) 
BNP Paribas SA  1/17/24  USD  76,202   IDR  1,192,892,028    (1,264) 
BNP Paribas SA  3/08/24  COP  586,771,930   USD  141,679   7,795 
Citibank N.A.  3/04/24  USD  72,323   BRL  358,026    (937) 
Goldman Sachs International  1/12/24  MXN  719,473   USD  41,119    1,191 
Goldman Sachs International  1/17/24  USD  31,578   IDR  490,932,372    (303) 
Goldman Sachs International  2/23/24  USD  159,864   EUR  145,171    (720) 
Goldman Sachs International  3/04/24  USD  715,034   BRL  3,524,548    (6,167) 
HSBC Bank USA  1/12/24  USD  317,666   MXN  5,492,054    (5,305) 
HSBC Bank USA  1/17/24  USD  69,009   IDR  1,076,710,354    (912) 
HSBC Bank USA  3/15/24  USD  786,766   CNH  5,587,204    (1,225) 
Morgan Stanley & Co. LLC  1/17/24  USD  350,435   IDR  5,465,023,601    (4,458) 
Morgan Stanley & Co. LLC  3/08/24  USD  214,930   COP  875,196,864    (8,018) 
UBS AG  1/17/24  USD  30,349   IDR  471,680,122    (281) 
UBS AG  1/17/24  USD  126,118   PEN  481,000    (3,851) 
UBS AG  2/23/24  USD  4,083,837   EUR  3,742,588    (56,092) 
UBS AG  3/08/24  USD  334,611   COP  1,391,565,281    (19,876) 
UBS AG  3/15/24  USD  344,110   CNH  2,448,285    (1,183)
                    $(149,179)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net Unrealized
Appreciation
(Depreciation)		 
Long               
U.S. Treasury Note 10 Year  3/19/24   10   $1,112,217  $16,689 
U.S. Treasury Ultra Bond  3/19/24   26    3,179,227    294,211 
                $310,900 
Short               
Euro-Bund  3/07/24   12   $(1,769,441)   $(48,367) 

 

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 98.9%          
           
COMMON STOCK — 98.4%          
Basic Materials — 2.0%          
Chemicals — 1.1%          
CF Industries Holdings, Inc.   860   $68,371 
Linde PLC (LIN US)   54,320    22,309,767 
Nutrien Ltd.   47,268    2,662,607 
RPM International, Inc.   289    32,261 
Sherwin-Williams Co.   386    120,393 
         25,193,399 
Iron & Steel — 0.0%          
Steel Dynamics, Inc.   654    77,237 
Mining — 0.9%          
Agnico Eagle Mines Ltd.   589    32,307 
Franco-Nevada Corp.   25,791    2,857,901 
Freeport-McMoRan, Inc.   191,077    8,134,148 
Southern Copper Corp.   76,622    6,594,855 
Wheaton Precious Metals Corp.   83,721    4,130,794 
         21,750,005 
         47,020,641 
Communications — 13.0%          
Advertising — 0.1%          
Trade Desk, Inc. Class A (a)   29,140    2,096,914 
Internet — 11.9%          
Airbnb, Inc. Class A (a)   182    24,778 
Alphabet, Inc. Class A (a)   389,153    54,360,783 
Alphabet, Inc. Class C (a)   251,172    35,397,670 
Amazon.com, Inc. (a)   604,237    91,807,770 
Booking Holdings, Inc. (a)   5,119    18,158,219 
Coupang, Inc. (a)   303,634    4,915,834 
Gen Digital, Inc.   4,002    91,326 
Maplebear, Inc. (a)   11,206    263,005 
Maplebear, Inc., Lockup Shares (Acquired 2/26/21, Cost $1,190,377) (a) (b) (c)   21,673    508,665 
Meta Platforms, Inc. Class A (a)   93,567    33,118,975 
Netflix, Inc. (a)   37,765    18,387,023 
Palo Alto Networks, Inc. (a)   237    69,887 
Pinterest, Inc. Class A (a)   154,104    5,708,012 
Shopify, Inc. Class A (a)   69,327    5,400,573 
Spotify Technology SA (a)   26,936    5,061,544 

 

 

 

 

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

 

   Number of
Shares		   Value 
Uber Technologies, Inc. (a)   66,500   $4,094,405 
         277,368,469 
Media — 0.0%          
Charter Communications, Inc. Class A (a)   107    41,589 
Comcast Corp. Class A   5,610    245,998 
Walt Disney Co.   1,826    164,870 
         452,457 
Telecommunications — 1.0%          
Arista Networks, Inc. (a)   336    79,131 
AT&T, Inc.   1,454    24,398 
Cisco Systems, Inc.   3,464    175,001 
T-Mobile US, Inc.   150,835    24,183,376 
Verizon Communications, Inc.   2,298    86,635 
         24,548,541 
         304,466,381 
Consumer, Cyclical — 6.7%          
Airlines — 0.0%          
Southwest Airlines Co.   1,454    41,991 
United Airlines Holdings, Inc. (a)   387    15,968 
         57,959 
Apparel — 0.2%          
NIKE, Inc. Class B   50,695    5,503,956 
Auto Manufacturers — 1.9%          
Cummins, Inc.   60,263    14,437,207 
Ferrari NV   13,536    4,580,988 
General Motors Co.   1,597    57,364 
PACCAR, Inc.   400    39,060 
Rivian Automotive, Inc. Class A (a) (d)   507,371    11,902,924 
Tesla, Inc. (a)   52,127    12,952,517 
         43,970,060 
Auto Parts & Equipment — 0.1%          
Aptiv PLC (a)   887    79,582 
Aurora Innovation, Inc. (a) (d)   319,054    1,394,266 
         1,473,848 
Distribution & Wholesale — 0.0%          
Copart, Inc. (a)   1,854    90,846 
SiteOne Landscape Supply, Inc. (a)   53    8,612 
         99,458 
Home Builders — 0.0%          
NVR, Inc. (a)   19    133,009 
Leisure Time — 0.1%          
Norwegian Cruise Line Holdings Ltd. (a) (d)   108,737    2,179,089 

 

 

 

 

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

 

   Number of
Shares		   Value 
Royal Caribbean Cruises Ltd. (a)   859   $111,232 
         2,290,321 
Lodging — 0.5%          
Hilton Worldwide Holdings, Inc.   39,583    7,207,668 
Las Vegas Sands Corp.   103,593    5,097,812 
Marriott International, Inc. Class A   227    51,191 
Wynn Resorts Ltd.   589    53,664 
         12,410,335 
Retail — 3.9%          
AutoZone, Inc. (a)   2,717    7,025,102 
Bath & Body Works, Inc.   507    21,882 
Burlington Stores, Inc. (a)   243    47,259 
Chipotle Mexican Grill, Inc. (a)   2,746    6,279,992 
Costco Wholesale Corp.   607    400,669 
Dollar General Corp.   61,654    8,381,861 
Dollar Tree, Inc. (a)   94    13,353 
Floor & Decor Holdings, Inc. Class A (a)   15,859    1,769,230 
Home Depot, Inc.   14,897    5,162,555 
Lowe's Cos., Inc.   440    97,922 
Lululemon Athletica, Inc. (a)   168    85,897 
McDonald's Corp.   48,510    14,383,700 
O'Reilly Automotive, Inc. (a)   4,641    4,409,321 
Ross Stores, Inc.   26,020    3,600,908 
Starbucks Corp.   996    95,626 
Target Corp.   31,816    4,531,235 
TJX Cos., Inc.   1,267    118,857 
Tractor Supply Co.   30,988    6,663,350 
Ulta Beauty, Inc. (a)   19,609    9,608,214 
Walmart, Inc.   118,180    18,631,077 
         91,328,010 
         157,266,956 
Consumer, Non-cyclical — 19.2%          
Agriculture — 0.6%          
Altria Group, Inc.   781    31,505 
Philip Morris International, Inc.   144,533    13,597,665 
         13,629,170 
Beverages — 0.8%          
Coca-Cola Co.   209,365    12,337,879 
Constellation Brands, Inc. Class A   400    96,700 
Keurig Dr Pepper, Inc.   29,650    987,938 
Monster Beverage Corp. (a)   1,320    76,045 
PepsiCo, Inc.   26,408    4,485,135 
         17,983,697 
Biotechnology — 1.4%          
Amgen, Inc.   47,523    13,687,574 
Argenx SE ADR (a)   10,102    3,843,104 
Biogen, Inc. (a)   310    80,219 
BioMarin Pharmaceutical, Inc. (a)   149    14,366 

 

 

 

 

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

 

   Number of
Shares		   Value 
Gilead Sciences, Inc.   810   $65,618 
Legend Biotech Corp. ADR (a)   40,245    2,421,542 
Moderna, Inc. (a)   121    12,033 
Regeneron Pharmaceuticals, Inc. (a)   114    100,125 
Vertex Pharmaceuticals, Inc. (a)   31,058    12,637,190 
         32,861,771 
Commercial Services — 0.8%          
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.   38,318    4,901,255 
Cintas Corp.   4,513    2,719,805 
CoStar Group, Inc. (a)   521    45,530 
Equifax, Inc.   200    49,458 
FleetCor Technologies, Inc. (a)   12,125    3,426,646 
Global Payments, Inc.   1,557    197,739 
MarketAxess Holdings, Inc.   53    15,521 
Moody's Corp.   122    47,648 
S&P Global, Inc.   559    246,251 
Service Corp. International   48,238    3,301,891 
TransUnion   37,519    2,577,930 
United Rentals, Inc.   28    16,056 
WillScot Mobile Mini Holdings Corp. (a)   188    8,366 
         17,969,139 
Cosmetics & Personal Care — 2.2%          
Colgate-Palmolive Co.   163,092    13,000,063 
elf Beauty, Inc. (a)   214    30,889 
Kenvue, Inc.   877,418    18,890,810 
Procter & Gamble Co.   143,376    21,010,319 
         52,932,081 
Food — 1.2%          
Kraft Heinz Co.   180,100    6,660,098 
Mondelez International, Inc. Class A   304,580    22,060,729 
Sysco Corp.   765    55,945 
Tyson Foods, Inc. Class A   329    17,684 
         28,794,456 
Health Care – Products — 3.4%          
Abbott Laboratories   1,389    152,887 
Agilent Technologies, Inc.   45,150    6,277,205 
Avantor, Inc. (a)   114,136    2,605,725 
Baxter International, Inc.   1,712    66,186 
Bio-Techne Corp.   600    46,296 
Boston Scientific Corp. (a)   1,474    85,212 
Danaher Corp.   53,138    12,292,945 
Edwards Lifesciences Corp. (a)   1,161    88,526 
GE HealthCare Technologies, Inc. (a)   102,222    7,903,805 
Hologic, Inc. (a)   1,005    71,807 
Intuitive Surgical, Inc. (a)   40,278    13,588,186 
Medtronic PLC   59,971    4,940,411 
Penumbra, Inc. (a)   66    16,602 
Repligen Corp. (a)   99    17,800 
STERIS PLC   17,329    3,809,781 
Stryker Corp.   14,066    4,212,204 

 

 

 

 

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

 

   Number of
Shares		   Value 
Teleflex, Inc.   202   $50,367 
Thermo Fisher Scientific, Inc.   43,231    22,946,582 
Zimmer Biomet Holdings, Inc.   1,157    140,807 
         79,313,334 
Health Care – Services — 4.0%          
Catalent, Inc. (a)   780    35,045 
Centene Corp. (a)   200    14,842 
Elevance Health, Inc.   69,358    32,706,458 
HCA Healthcare, Inc.   26,632    7,208,750 
Humana, Inc.   7,479    3,423,961 
ICON PLC (a)   145    41,045 
IQVIA Holdings, Inc. (a)   52    12,032 
Molina Healthcare, Inc. (a)   16,191    5,849,970 
Quest Diagnostics, Inc.   36,178    4,988,223 
Tenet Healthcare Corp. (a)   62,712    4,739,146 
UnitedHealth Group, Inc.   67,455    35,513,034 
         94,532,506 
Household Products & Wares — 0.0%          
Avery Dennison Corp.   257    51,955 
Clorox Co.   40    5,704 
         57,659 
Pharmaceuticals — 4.8%          
AbbVie, Inc.   2,350    364,180 
AstraZeneca PLC Sponsored ADR   125,164    8,429,795 
Becton Dickinson & Co.   6,900    1,682,427 
Bristol-Myers Squibb Co.   1,483    76,093 
Cardinal Health, Inc.   200    20,160 
Cencora, Inc.   117,856    24,205,265 
Cigna Group   30,974    9,275,164 
CVS Health Corp.   569    44,928 
Dexcom, Inc. (a)   905    112,302 
Eli Lilly & Co.   56,125    32,716,385 
Johnson & Johnson   73,574    11,531,989 
McKesson Corp.   347    160,654 
Merck & Co., Inc.   164,947    17,982,522 
Novo Nordisk AS Sponsored ADR   518    53,587 
Pfizer, Inc.   2,984    85,909 
Viatris, Inc.   7,842    84,929 
Zoetis, Inc.   23,984    4,733,722 
         111,560,011 
         449,633,824 
Energy — 5.1%          
Energy – Alternate Sources — 0.0%          
First Solar, Inc. (a)   65    11,198 
Oil & Gas — 2.8%          
Chesapeake Energy Corp. (d)   148    11,387 
Chevron Corp.   74,485    11,110,182 
ConocoPhillips   105,953    12,297,965 
Diamondback Energy, Inc.   47,881    7,425,385 

 

 

 

 

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

 

   Number of
Shares		   Value 
EOG Resources, Inc.   1,125   $136,069 
EQT Corp.   416,674    16,108,617 
Exxon Mobil Corp.   98,939    9,891,921 
Hess Corp.   377    54,348 
Marathon Petroleum Corp.   947    140,497 
Phillips 66   300    39,942 
Pioneer Natural Resources Co.   6,053    1,361,199 
Range Resources Corp.   267,406    8,139,839 
Suncor Energy, Inc.   872    27,939 
Valero Energy Corp.   325    42,250 
         66,787,540 
Oil & Gas Services — 1.7%          
Halliburton Co.   460,452    16,645,340 
Nov, Inc.   45,156    915,764 
Schlumberger NV   421,517    21,935,744 
         39,496,848 
Pipelines — 0.6%          
Kinder Morgan, Inc.   355,986    6,279,593 
Williams Cos., Inc.   212,900    7,415,307 
         13,694,900 
         119,990,486 
Financial — 15.5%          
Banks — 4.3%          
Bank of America Corp.   767,220    25,832,297 
Bank of New York Mellon Corp.   1,499    78,023 
Citigroup, Inc.   4,121    211,984 
East West Bancorp, Inc.   26,330    1,894,444 
Fifth Third Bancorp   3,373    116,335 
Goldman Sachs Group, Inc.   35,386    13,650,857 
Huntington Bancshares, Inc.   5,511    70,100 
JP Morgan Chase & Co.   220,200    37,456,020 
Morgan Stanley   1,776    165,612 
PNC Financial Services Group, Inc.   47,262    7,318,521 
Truist Financial Corp.   987    36,440 
Wells Fargo & Co.   273,488    13,461,079 
Western Alliance Bancorp   380    25,000 
         100,316,712 
Diversified Financial Services — 4.7%          
American Express Co.   57,535    10,778,607 
Apollo Global Management, Inc.   614    57,219 
Ares Management Corp. Class A   474    56,368 
BlackRock, Inc.   81    65,756 
Cboe Global Markets, Inc.   22,170    3,958,675 
Charles Schwab Corp.   219,457    15,098,642 
CME Group, Inc.   35,803    7,540,112 
Discover Financial Services   637    71,599 
Intercontinental Exchange, Inc.   1,157    148,593 
LPL Financial Holdings, Inc.   22,999    5,235,032 
Mastercard, Inc. Class A   48,995    20,896,857 
Synchrony Financial   300    11,457 

 

 

 

 

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

 

   Number of
Shares		   Value 
Tradeweb Markets, Inc. Class A   301   $27,355 
Visa, Inc. Class A   173,661    45,212,641 
         109,158,913 
Insurance — 4.9%          
Allstate Corp.   88,063    12,327,059 
American International Group, Inc.   3,678    249,184 
Berkshire Hathaway, Inc. Class B (a)   86,743    30,937,758 
Chubb Ltd.   63,139    14,269,414 
Corebridge Financial, Inc.   138,380    2,997,311 
Equitable Holdings, Inc.   2,286    76,124 
Hartford Financial Services Group, Inc.   51,980    4,178,152 
Marsh & McLennan Cos., Inc.   27,553    5,220,467 
MetLife, Inc.   236,106    15,613,690 
Progressive Corp.   91,652    14,598,331 
RenaissanceRe Holdings Ltd.   476    93,296 
Travelers Cos., Inc.   78,765    15,003,945 
         115,564,731 
Private Equity — 0.0%          
KKR & Co., Inc.   500    41,425 
Real Estate — 0.0%          
CBRE Group, Inc. Class A (a)   307    28,579 
Real Estate Investment Trusts (REITS) — 1.6%          
American Homes 4 Rent Class A   733    26,359 
American Tower Corp.   965    208,324 
AvalonBay Communities, Inc.   305    57,102 
Camden Property Trust   100    9,929 
Equinix, Inc.   159    128,057 
Equity LifeStyle Properties, Inc.   124,799    8,803,322 
Essex Property Trust, Inc.   293    72,646 
Extra Space Storage, Inc.   19,239    3,084,589 
Kimco Realty Corp.   635    13,532 
Prologis, Inc.   43,156    5,752,695 
Public Storage   44,444    13,555,420 
Rexford Industrial Realty, Inc.   1,604    89,984 
Simon Property Group, Inc.   341    48,640 
Sun Communities, Inc.   80    10,692 
Welltower, Inc.   1,012    91,252 
Weyerhaeuser Co.   159,621    5,550,022 
         37,502,565 
         362,612,925 
Industrial — 8.3%          
Aerospace & Defense — 1.4%          
Airbus SE   26,490    4,088,951 
Boeing Co. (a)   1,509    393,336 
General Dynamics Corp.   58,548    15,203,159 
Howmet Aerospace, Inc.   1,849    100,068 
L3 Harris Technologies, Inc.   37,591    7,917,416 
Lockheed Martin Corp.   180    81,583 
Northrop Grumman Corp.   7,168    3,355,628 
RTX Corp.   1,340    112,748 

 

 

 

 

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

 

   Number of
Shares		   Value 
TransDigm Group, Inc.   126   $127,462 
         31,380,351 
Building Materials — 0.5%          
Carrier Global Corp.   154,080    8,851,896 
Johnson Controls International PLC   733    42,250 
Martin Marietta Materials, Inc.   5,076    2,532,467 
Trane Technologies PLC   140    34,146 
Vulcan Materials Co.   310    70,373 
West Fraser Timber Co. Ltd.   782    66,924 
         11,598,056 
Electrical Components & Equipment — 0.6%          
AMETEK, Inc.   85,282    14,062,149 
Emerson Electric Co.   74    7,202 
         14,069,351 
Electronics — 1.1%          
Amphenol Corp. Class A   113,421    11,243,424 
Honeywell International, Inc.   38,295    8,030,844 
TE Connectivity Ltd.   44,329    6,228,225 
         25,502,493 
Environmental Controls — 0.1%          
Republic Services, Inc.   273    45,021 
Veralto Corp.   35,143    2,890,863 
Waste Connections, Inc.   720    107,474 
         3,043,358 
Hand & Machine Tools — 0.0%          
Stanley Black & Decker, Inc.   1,711    167,849 
Machinery – Construction & Mining — 0.0%          
Caterpillar, Inc.   2,410    712,565 
Machinery – Diversified — 1.3%          
Deere & Co.   8,885    3,552,845 
Dover Corp.   11,852    1,822,956 
Esab Corp.   188    16,285 
IDEX Corp.   42,627    9,254,748 
Ingersoll Rand, Inc.   1,456    112,607 
Otis Worldwide Corp.   470    42,051 
Rockwell Automation, Inc.   126    39,120 
Westinghouse Air Brake Technologies Corp.   122,055    15,488,779 
         30,329,391 
Miscellaneous - Manufacturing — 1.3%          
3M Co.   432    47,226 
General Electric Co.   104,436    13,329,167 
Siemens AG Registered   34,614    6,492,551 
Teledyne Technologies, Inc. (a)   20,773    9,270,782 
         29,139,726 

 

 

 

 

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

 

   Number of
Shares		   Value 
Packaging & Containers — 0.0%          
Ball Corp.   1,137   $65,400 
Packaging Corp. of America   169    27,532 
Westrock Co.   944    39,195 
         132,127 
Shipbuilding — 0.0%          
Huntington Ingalls Industries, Inc.   153    39,725 
Transportation — 2.0%          
Canadian National Railway Co.   762    95,730 
Canadian Pacific Kansas City Ltd. (d)   503    39,767 
CSX Corp.   620,002    21,495,469 
FedEx Corp.   407    102,959 
JB Hunt Transport Services, Inc.   201    40,148 
Norfolk Southern Corp.   23,388    5,528,455 
Old Dominion Freight Line, Inc.   20,632    8,362,769 
Saia, Inc. (a)   215    94,217 
Union Pacific Corp.   48,263    11,854,358 
         47,613,872 
         193,728,864 
Technology — 26.9%          
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   32,261    11,320,707 
Apple, Inc.   600,762    115,664,708 
Fortinet, Inc. (a)   1,377    80,596 
Pure Storage, Inc. Class A (a)   2,483    88,544 
Western Digital Corp. (a)   1,359    71,171 
Zscaler, Inc. (a)   311    68,905 
         127,294,631 
Office & Business Equipment — 0.0%          
Zebra Technologies Corp. Class A (a)   92    25,146 
Semiconductors — 9.1%          
Advanced Micro Devices, Inc. (a)   57,463    8,470,621 
Analog Devices, Inc.   52,790    10,481,982 
Applied Materials, Inc.   103,830    16,827,728 
ASML Holding NV   14,867    11,253,130 
Broadcom, Inc.   689    769,096 
Entegris, Inc.   1,271    152,291 
Intel Corp.   207,122    10,407,880 
KLA Corp.   14,252    8,284,688 
Lam Research Corp.   17,958    14,065,783 
Lattice Semiconductor Corp. (a)   369    25,457 
Marvell Technology, Inc.   800    48,248 
Micron Technology, Inc.   169,470    14,462,570 
Monolithic Power Systems, Inc.   106    66,863 
NVIDIA Corp.   150,434    74,497,925 
NXP Semiconductors NV   69,397    15,939,103 
ON Semiconductor Corp. (a)   590    49,283 

 

 

 

 

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

 

   Number of
Shares		   Value 
QUALCOMM, Inc.   100,809   $14,580,006 
Texas Instruments, Inc.   78,210    13,331,677 
         213,714,331 
Software — 12.3%          
Adobe, Inc. (a)   18,483    11,026,958 
Atlassian Corp. Class A (a)   25,314    6,021,188 
Autodesk, Inc. (a)   140    34,087 
Broadridge Financial Solutions, Inc.   24,666    5,075,030 
Cadence Design Systems, Inc. (a)   19,430    5,292,149 
Canva, Inc. (Acquired 12/17/21-12/22/21, Cost $872,531) (a) (b) (c) (e)   512    546,130 
Ceridian HCM Holding, Inc. (a)   29,884    2,005,814 
Descartes Systems Group, Inc. (a)   636    53,462 
DocuSign, Inc. (a)   3,054    181,560 
Dynatrace, Inc. (a)   93,443    5,110,398 
Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,322,065) (a) (b) (c) (e)   3,487    1,641,331 
Fair Isaac Corp. (a)   33    38,412 
Fiserv, Inc. (a)   207,368    27,546,765 
Intuit, Inc.   22,144    13,840,664 
Microsoft Corp.   444,208    167,039,976 
MongoDB, Inc. (a)   4,097    1,675,059 
MSCI, Inc.   48    27,151 
Roper Technologies, Inc.   14,089    7,680,900 
Salesforce, Inc. (a)   55,959    14,725,051 
Samsara, Inc. Class A (a)   794    26,504 
ServiceNow, Inc. (a)   20,349    14,376,365 
Snowflake, Inc. Class A (a)   11,316    2,251,884 
Stripe, Inc., Class B (Acquired 12/17/19, Cost $295,694) (a) (b) (c) (e)   18,846    421,020 
Synopsys, Inc. (a)   346    178,159 
Workday, Inc. Class A (a)   112    30,919 
         286,846,936 
         628,143,609 
Utilities — 1.7%          
Electric — 1.7%          
Ameren Corp.   92,448    6,687,688 
CenterPoint Energy, Inc.   900    25,713 
CMS Energy Corp.   1,626    94,422 
Constellation Energy Corp.   127,171    14,865,018 
Dominion Energy, Inc.   4,390    206,330 
Evergy, Inc.   180    9,396 
FirstEnergy Corp.   46,449    1,702,820 
NextEra Energy, Inc.   162,953    9,897,765 
NRG Energy, Inc.   39,164    2,024,779 
PG&E Corp.   12,192    219,822 
PPL Corp.   1,921    52,059 
Southern Co.   65,413    4,586,760 
         40,372,572 
Gas — 0.0%          
NiSource, Inc.   521    13,833 

 

 

 

 

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

 

   Number of
Shares		   Value 
        $40,386,405 
           
TOTAL COMMON STOCK
(Cost $1,935,632,493)		        2,303,250,091 
           
PREFERRED STOCK — 0.5%          
Consumer, Cyclical — 0.1%          
Auto Manufacturers — 0.1%          
Dr Ing hc F Porsche AG 1.262%          
(f)   27,383   2,414,801 
Nuro, Inc., Series C, (Acquired 10/30/20-3/02/21, Cost $1,236,023)          
(a) (b) (c) (e)   94,681    387,245 
Nuro, Inc., Series D, (Acquired 10/29/21, Cost $487,977)          
(a) (b) (c) (e)   23,409    95,743 
Waymo LLC., Series A-2, (Acquired 5/08/20, Cost $748,934)          
(a) (b) (c) (e)   8,722    497,590 
         3,395,379 
Consumer, Non-cyclical — 0.0%          
Commercial Services — 0.0%          
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    59,240 
         1,126,375 
         1,126,375 
         1,126,375 
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    373,923 
Electronics — 0.3%          
GM Cruise Holdings, LLC, Class F (Acquired 5/07/19, Cost $921,625) (a) (b) (c) (e)   50,500    294,920 
GM Cruise Holdings, LLC, Class G (Acquired 1/21/21, Cost $979,851) (a) (b) (c) (e)   37,186    217,166 
Sartorius AG 0.434%   13,515    4,972,440 
         5,484,526 
         5,858,449 
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    290,186 

 

 

 

 

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

 

   Number of
Shares		   Value 
Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (a) (b) (c) (e)   18,286   $415,458 
         1,533,252 
           
TOTAL PREFERRED STOCK
(Cost $17,255,279)		        11,913,455 
           
TOTAL EQUITIES
(Cost $1,952,887,772)		        2,315,163,546 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,952,887,772)		        2,315,163,546 
           
           
SHORT-TERM INVESTMENTS — 1.0%          
Investment of Cash Collateral from Securities Loaned — 0.0%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   40,133    40,133 
Mutual Fund — 1.0%          
T. Rowe Price Government Reserve Investment Fund   23,376,189    23,376,189 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,416,322)		        23,416,322 
           
TOTAL INVESTMENTS — 99.9%
(Cost $1,976,304,094) (h)		        2,338,579,868 
           
Other Assets/(Liabilities) — 0.1%        1,311,179 
           
NET ASSETS — 100.0%       $2,339,891,047 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $8,320,968 or 0.36% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(c) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $8,320,968 or 0.36% of net assets.
(d) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $15,489,683 or 0.66% of net assets. The Fund received $15,843,455 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(e) Investment is valued using significant unobservable inputs.
(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $2,414,801 or 0.10% of net assets.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 95.7%          
           
CORPORATE DEBT — 0.2%          
Health Care – Services — 0.2%          
Health Care Service Corp. A Mutual Legal Reserve Co.          
1.500% 6/01/25 (a)  $545,000   $517,275 
           
TOTAL CORPORATE DEBT
(Cost $523,607)		        517,275 
           
MUNICIPAL OBLIGATIONS — 0.1%          
California State University, Revenue Bond          
0.563% 11/01/24   125,000    120,556 
City & County of Denver Co. Airport System Revenue, Revenue Bond          
1.115% 11/15/24   30,000    28,994 
City of Atlanta GA Water & Wastewater Revenue, Revenue Bond          
0.616% 11/01/24   15,000    14,484 
Dallas Area Rapid Transit, Revenue Bond          
0.761% 12/01/24   10,000    9,629 
Tobacco Settlement Finance Authority, Revenue Bond          
1.497% 6/01/24   65,000    63,944 
         237,607 
           
TOTAL MUNICIPAL OBLIGATIONS
(Cost $245,000)		        237,607 
           
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)   29,076    27,701 
Sierra Timeshare Receivables Funding LLC, Series 2019-3A, Class A          
2.340% 8/20/36 (a)   22,550    22,085 
         49,786 
Whole Loan Collateral Collateralized Mortgage Obligations — 0.1%          
OBX Trust, Series 2020-EXP1, Class 2A1, 1 mo. USD Term SOFR + 0.864%          
6.220% FRN 2/25/60 (a)   17,001    15,915 
Sequoia Mortgage Trust          
Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (a) (b)   10,316    9,475 
Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (a) (b)   28,047    26,376 
Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (a) (b)   7,292    6,744 
Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (a) (b)   2,349    2,268 
         60,778 
           
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $116,802)		        110,564 
           

 

 

 

 

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

 

   Principal
Amount		   Value 
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		  $44,174   $41,098 
Whole Loans — 0.1%          
Federal National Mortgage Association Connecticut Avenue Securities          
Series 2018-C03, Class 1EB2, 30 day USD SOFR Average + 0.964% 6.302% FRN 10/25/30   104,781    104,814 
Series 2018-C03, Class 1ED2, 30 day USD SOFR Average + 0.964% 6.302% FRN 10/25/30   5,910    5,898 
Series 2017-C05, Class 1ED3, 30 day USD SOFR Average + 1.314% 6.652% FRN 1/25/30   3,082    3,082 
Series 2017-C06, Class 1M2B, 30 day USD SOFR Average + 2.764% 8.102% FRN 2/25/30   81,231    82,214 
         196,008 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $242,078)		        237,106 
           
U.S. TREASURY OBLIGATIONS — 95.2%          
U.S. Treasury Bonds & Notes — 95.2%          
U.S. Treasury Inflation-Indexed Notes          
0.125% 4/15/25   34,865,794    33,620,205 
0.125% 10/15/25   19,369,598    18,624,567 
0.125% 4/15/26 (d)   18,346,541    17,462,194 
0.125% 10/15/26   19,932,242    18,926,566 
0.125% 4/15/27   36,751,777    34,532,048 
1.250% 4/15/28   49,222,017    47,936,344 
1.375% 7/15/33   2,501,245    2,424,752 
1.625% 10/15/27   19,267,499    19,120,016 
2.375% 10/15/28   7,827,142    8,061,619 
         200,708,311 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $203,752,892)		        200,708,311 
           
TOTAL BONDS & NOTES
(Cost $204,880,379)		        201,810,863 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $204,880,379)		        201,810,863 
           
           
SHORT-TERM INVESTMENTS — 3.6%          
           
   Number of
Shares		    
Mutual Fund — 3.1%          
T. Rowe Price Government Reserve Investment Fund   6,580,644    6,580,644 
           
   Principal
Amount		    
Repurchase Agreement — 0.5%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (e)  $1,057,770   1,057,770 

 

 

 

 

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

 

   Principal
Amount		   Value 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,638,414)		       $7,638,414 
           
TOTAL INVESTMENTS — 99.3%
(Cost $212,518,793) (f)		        209,449,277 
           
Other Assets/(Liabilities) — 0.7%        1,431,350 
           
NET ASSETS — 100.0%       $210,880,627 

 

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) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $627,839 or 0.30% of net assets.
(b) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023.
(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.
(d) All or a portion of this security is pledged/held as collateral for open derivatives.
(e) Maturity value of $1,057,958. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,078,961.
(f) See Note 3 for aggregate cost for federal tax purposes.

 

Exchange-Traded Options Written
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)  

Unrealized

Appreciation

(Depreciation)

 
Call       
U.S. Treasury Note 10 Year Future  1/26/24   111.50    189   USD   21,336,328   $(333,703)   $(141,415)   $(192,288) 

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
BNP Paribas SA  1/19/24  CHF  455,000   USD  508,444   $33,393 
Citibank N.A.  1/19/24  AUD  785,000   USD  511,121    24,093 
Citibank N.A.  1/19/24  USD  503,406   CAD  685,000    (13,684) 
Citibank N.A.  1/19/24  USD  500,532   AUD  785,000    (34,683) 
Deutsche Bank AG  1/19/24  CAD  685,000   USD  500,260    16,830 
Goldman Sachs International  1/19/24  USD  499,192   AUD  785,000    (36,022) 
JP Morgan Chase Bank N.A.  1/19/24  AUD  785,000   USD  511,351    23,863 
UBS AG  1/19/24  USD  504,923   CHF  455,000    (36,913)
                    $(23,123)

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net
Unrealized
Appreciation
(Depreciation)		 
Long               
U.S. Treasury Note 10 Year  3/19/24   62   $6,845,288  $153,931 
Short               
U.S. Treasury Ultra 10 Year  3/19/24   23   $(2,634,748)   $(79,611) 

 

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   $86,199   $—   $86,199
Fixed 2.953%  Maturity   U.S. Consumer Price Index    Maturity    8/03/24   USD   3,133,000    196,302    —    196,302
Fixed 3.113%  Maturity   U.S. Consumer Price Index    Maturity    8/22/24   USD   1,370,000    (7,204)    —    (7,204)
Fixed 3.129%  Maturity   U.S. Consumer Price Index    Maturity    8/22/24   USD   1,370,000    (7,656)    —    (7,656) 
                             $267,641   $—   $267,641

 

Currency Legend

AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
USD U.S. Dollar

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 94.8%          
           
COMMON STOCK — 94.3%          
Australia — 9.0%          
Bellevue Gold Ltd. (a) (b)   475,791   $545,850 
BHP Group Ltd.   358,890    12,302,946 
BlueScope Steel Ltd.   17,504    278,569 
Capricorn Metals Ltd. (b)   217,610    700,562 
Champion Iron Ltd. (a)   76,586    435,886 
Emerald Resources NL (a) (b)   825,777    1,704,804 
Glencore PLC   767,370    4,603,636 
Goodman Group   92,838    1,594,078 
Northern Star Resources Ltd.   299,809    2,804,534 
Red 5 Ltd. (a) (b)   1,407,822    296,574 
Rio Tinto Ltd.   21,686    1,998,567 
Rio Tinto PLC   42,144    3,129,952 
Scentre Group   735,415    1,491,529 
         31,887,487 
Austria — 0.4%          
OMV AG   17,853    784,817 
voestalpine AG   15,359    484,516 
         1,269,333 
Bahrain — 0.1%          
Aluminium Bahrain BSC   102,041    303,186 
Belgium — 0.6%          
Shurgard Self Storage Ltd.   24,499    1,216,539 
Warehouses De Pauw CVA   26,295    825,515 
         2,042,054 
Bosnia and Herzegowina — 0.2%          
Adriatic Metals PLC CDI (b)   239,596    653,206 
Brazil — 2.5%          
ERO Copper Corp. (a) (b)   85,151    1,346,299 
Vale SA Sponsored ADR   246,445    3,908,618 
Wheaton Precious Metals Corp.   72,572    3,580,266 
         8,835,183 
Burkina Faso — 0.5%          
Endeavour Mining PLC   70,967    1,594,421 
Canada — 9.5%          
Agnico Eagle Mines Ltd.   11,724    643,061 
Agnico Eagle Mines Ltd. (AEM CN)   25,386    1,391,867 
Alamos Gold, Inc. Class A (AGI CN)   86,576    1,164,322 

 

 

 

 

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

 

   Number of
Shares		   Value 
Alamos Gold, Inc. Class A (AGI US)   43,825   $590,323 
B2Gold Corp.   118,602    374,782 
Barrick Gold Corp.   47,466    858,660 
Boardwalk REIT   11,574    623,138 
Cameco Corp.   28,638    1,234,298 
Canadian Apartment Properties REIT   14,714    541,899 
Canadian National Railway Co.   6,364    799,913 
Canadian Natural Resources Ltd. (a)   32,854    2,152,414 
Canadian Pacific Kansas City Ltd. (a)   9,468    748,540 
Enbridge, Inc.   58,147    2,094,455 
Filo Corp. (b)   29,105    463,685 
Franco-Nevada Corp.   37,063    4,105,307 
G Mining Ventures Corp. (b)   271,715    289,135 
Granite Real Estate Investment Trust   7,961    458,296 
Ivanhoe Mines Ltd. Class A (a) (b)   292,686    2,838,395 
K92 Mining, Inc. (b)   139,203    683,907 
Karora Resources, Inc. (b)   283,605    1,042,343 
Kinross Gold Corp.   46,710    282,595 
Lundin Gold, Inc.   43,009    536,862 
NGEx Minerals Ltd. (a) (b)   45,210    244,295 
Nutrien Ltd.   14,773    832,163 
Osisko Gold Royalties Ltd. (a)   39,577    564,810 
Osisko Mining, Inc. (b)   320,101    645,009 
Skeena Resources Ltd. (b)   81,539    396,911 
Snowline Gold Corp. (b)   41,259    154,131 
StorageVault Canada, Inc. (a)   119,998    473,635 
Suncor Energy, Inc.   51,143    1,638,444 
Teck Resources Ltd. Class B   53,140    2,246,228 
Wesdome Gold Mines Ltd. (b)   243,427    1,416,416 
West Fraser Timber Co. Ltd.   9,752    834,298 
         33,364,537 
Chile — 0.3%          
Antofagasta PLC   14,976    320,360 
Sociedad Quimica y Minera de Chile SA Sponsored ADR   13,783    830,012 
         1,150,372 
China — 0.3%          
Aluminum Corp. of China Ltd. Class H   292,000    146,235 
China Hongqiao Group Ltd.   178,000    146,140 
H World Group Ltd.   56,800    189,546 
Zijin Mining Group Co. Ltd. Class H   294,000    480,406 
         962,327 
Egypt — 0.1%          
Centamin PLC   302,049    384,718 
France — 1.6%          
Air Liquide SA   6,685    1,300,442 
Gecina SA   9,473    1,156,856 
TotalEnergies SE   49,310    3,349,552 
         5,806,850 
Germany — 0.4%          
LEG Immobilien SE (b)   15,640    1,369,611 

 

 

 

 

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

 

   Number of
Shares		   Value 
Ghana — 0.2%          
Kosmos Energy Ltd. (b)   129,322   $867,750 
Hong Kong — 0.6%          
Kerry Properties Ltd.   165,000    300,938 
Sun Hung Kai Properties Ltd.   111,000    1,194,555 
Wharf Real Estate Investment Co. Ltd.   218,000    741,528 
         2,237,021 
India — 0.2%          
Hindalco Industries Ltd.   43,742    322,226 
Nexus Select Trust   288,924    471,563 
         793,789 
Japan — 3.0%          
ARE Holdings, Inc.   6,900    95,347 
Comforia Residential REIT, Inc.   147    330,037 
Hoshino Resorts REIT, Inc.   96    385,038 
Industrial & Infrastructure Fund Investment Corp.   377    372,574 
Invincible Investment Corp.   2,063    891,036 
Katitas Co. Ltd.   44,100    682,737 
Kyoritsu Maintenance Co. Ltd.   5,900    250,161 
Mitsui Fudosan Co. Ltd.   93,400    2,282,860 
Mitsui Fudosan Logistics Park, Inc.   297    962,248 
Nippon Steel Corp. (a)   90,600    2,070,256 
Shin-Etsu Chemical Co. Ltd.   31,800    1,328,802 
Tokyo Tatemono Co. Ltd.   38,800    579,511 
Tokyu REIT, Inc.   257    309,992 
         10,540,599 
Kazakhstan — 0.2%          
NAC Kazatomprom JSC GDR (c)   18,777    771,744 
Luxembourg — 0.4%          
ArcelorMittal SA   51,738    1,467,257 
Mexico — 0.8%          
Grupo Mexico SAB de CV Series B   194,228    1,079,515 
Industrias Penoles SAB de CV (a) (b)   38,783    565,746 
Southern Copper Corp.   15,503    1,334,343 
         2,979,604 
Netherlands — 0.9%          
Shell PLC   94,667    3,075,654 
Norway — 1.0%          
Equinor ASA   37,713    1,194,733 
Norsk Hydro ASA   284,963    1,916,930 
Seadrill Ltd. (b)   11,141    526,747 
         3,638,410 
Portugal — 0.2%          
Galp Energia SGPS SA   55,056    809,878 

 

 

 

 

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

 

   Number of
Shares		   Value 
Republic of Korea — 0.3%          
Korea Zinc Co. Ltd.   1,120   $431,876 
LG Chem Ltd.   1,306    503,041 
         934,917 
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 — 0.5%          
CapitaLand Integrated Commercial Trust   754,700    1,173,968 
Mapletree Industrial Trust   332,600    631,278 
         1,805,246 
South Africa — 1.8%          
Anglo American Platinum Ltd.   22,563    1,186,204 
Anglo American PLC   105,721    2,652,879 
Impala Platinum Holdings Ltd. (a)   188,521    941,766 
Northam Platinum Holdings Ltd.   134,623    1,032,575 
Sibanye Stillwater Ltd.   469,253    634,221 
         6,447,645 
Spain — 0.1%          
Cellnex Telecom SA (c)   12,601    497,880 
Sweden — 0.9%          
Boliden AB   50,063    1,561,865 
Sandvik AB   42,455    918,887 
SSAB AB Class A   68,679    522,346 
         3,003,098 
United Kingdom — 2.4%          
Big Yellow Group PLC   45,198    702,399 
BP PLC Sponsored ADR   63,666    2,253,776 
Central Asia Metals PLC   105,224    241,771 
Derwent London PLC   31,922    955,726 
InterContinental Hotels Group PLC   5,168    466,766 
Persimmon PLC   46,040    812,031 
Segro PLC   93,801    1,055,808 
TechnipFMC PLC   62,614    1,261,046 
UNITE Group PLC   46,668    618,916 
         8,368,239 
United States — 54.6%          
Acadia Realty Trust   116,105    1,972,624 
Alcoa Corp.   9,559    325,006 
Alexandria Real Estate Equities, Inc.   9,826    1,245,642 
Ameren Corp.   4,031    291,603 
American Homes 4 Rent Class A   97,474    3,505,165 
American Tower Corp.   30,051    6,487,410 
Apple Hospitality REIT, Inc.   99,498    1,652,662 
AvalonBay Communities, Inc.   23,982    4,489,910 

 

 

 

 

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

 

   Number of
Shares		   Value 
Baker Hughes Co.   30,167   $1,031,108 
Ball Corp.   12,175    700,306 
Camden Property Trust   15,414    1,530,456 
CBRE Group, Inc. Class A (b)   7,303    679,836 
CenterPoint Energy, Inc.   10,556    301,585 
CF Industries Holdings, Inc.   13,597    1,080,961 
ChampionX Corp.   17,363    507,173 
Chesapeake Energy Corp. (a)   7,315    562,816 
Chevron Corp.   15,497    2,311,533 
Cleveland-Cliffs, Inc. (b)   22,367    456,734 
Commercial Metals Co.   7,811    390,862 
ConocoPhillips   35,266    4,093,325 
Crown Castle, Inc.   14,242    1,640,536 
CSX Corp.   21,455    743,845 
CubeSmart   55,406    2,568,068 
Diamondback Energy, Inc.   12,082    1,873,677 
Dominion Energy, Inc.   7,152    336,144 
Douglas Emmett, Inc.   51,117    741,196 
EastGroup Properties, Inc.   11,630    2,134,570 
EOG Resources, Inc.   19,078    2,307,484 
EQT Corp.   34,972    1,352,018 
Equinix, Inc.   11,602    9,344,135 
Equitrans Midstream Corp.   55,715    567,179 
Equity LifeStyle Properties, Inc.   56,688    3,998,771 
Equity Residential   64,596    3,950,691 
Essex Property Trust, Inc.   16,972    4,208,038 
Expro Group Holdings NV (b)   20,807    331,247 
Extra Space Storage, Inc.   10,218    1,638,252 
Exxon Mobil Corp.   46,156    4,614,677 
Federal Realty Investment Trust   2,335    240,622 
FirstEnergy Corp.   9,968    365,427 
Freeport-McMoRan, Inc.   145,596    6,198,022 
Gaming & Leisure Properties, Inc.   32,458    1,601,802 
Halliburton Co.   32,203    1,164,138 
HB Fuller Co.   7,069    575,487 
Healthcare Realty Trust, Inc.   72,412    1,247,659 
Hess Corp.   20,663    2,978,778 
Hilton Worldwide Holdings, Inc.   8,235    1,499,511 
Host Hotels & Resorts, Inc.   49,769    969,002 
Hubbell, Inc.   1,709    562,141 
Huntsman Corp.   20,972    527,026 
International Flavors & Fragrances, Inc.   4,747    384,365 
Ivanhoe Electric, Inc. (b)   84,183    848,565 
Kilroy Realty Corp.   36,138    1,439,738 
Kimco Realty Corp.   36,424    776,195 
Linde PLC (LIN US)   8,254    3,390,000 
Louisiana-Pacific Corp.   8,513    602,976 
Marathon Petroleum Corp.   12,940    1,919,778 
Marriott International, Inc. Class A   2,625    591,964 
Newmont Corp. (NEM AU)   32,502    1,343,213 
Newmont Corp. (NEM US)   47,039    1,946,944 
NextEra Energy, Inc.   12,946    786,340 
Noble Corp. PLC   14,863    715,802 
Norfolk Southern Corp.   5,042    1,191,828 
Nucor Corp.   28,649    4,986,072 
Packaging Corp. of America   4,325    704,586 
Pebblebrook Hotel Trust   36,887    589,454 
PG&E Corp.   22,786    410,832 

 

 

 

 

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

 

   Number of
Shares		   Value 
Phillips 66   5,014   $667,564 
Pioneer Natural Resources Co.   7,624    1,714,485 
Prologis, Inc.   88,406    11,784,520 
Public Storage   20,809    6,346,745 
Quanta Services, Inc.   2,151    464,186 
Range Resources Corp.   29,142    887,082 
Rayonier, Inc.   26,110    872,335 
Regency Centers Corp.   69,649    4,666,483 
Reliance Steel & Aluminum Co.   9,969    2,788,130 
Rexford Industrial Realty, Inc.   68,791    3,859,175 
Royal Gold, Inc.   3,007    363,727 
RPM International, Inc.   5,697    635,956 
SBA Communications Corp.   10,268    2,604,889 
Schlumberger NV   46,256    2,407,162 
Schneider Electric SE   2,368    476,797 
Sherwin-Williams Co.   4,068    1,268,809 
Simon Property Group, Inc.   43,506    6,205,696 
SL Green Realty Corp.   8,149    368,090 
Southern Co.   8,668    607,800 
Southwestern Energy Co. (b)   117,582    770,162 
Steel Dynamics, Inc.   32,509    3,839,313 
Sun Communities, Inc.   13,387    1,789,173 
Targa Resources Corp.   10,686    928,293 
Tenaris SA ADR   18,974    659,536 
Terreno Realty Corp.   49,213    3,084,179 
Union Pacific Corp.   3,066    753,071 
Valero Energy Corp.   11,831    1,538,030 
Ventas, Inc.   65,669    3,272,943 
Vulcan Materials Co.   3,492    792,719 
Warrior Met Coal, Inc.   7,500    457,275 
Welltower, Inc.   62,339    5,621,108 
Weyerhaeuser Co.   53,800    1,870,626 
Williams Cos., Inc.   55,584    1,935,991 
         192,827,562 
Vietnam — 0.6%          
Hoa Phat Group JSC (b)   1,965,400    2,264,155 
Zambia — 0.1%          
First Quantum Minerals Ltd.   29,564    242,080 
           
TOTAL COMMON STOCK
(Cost $322,103,098)		        333,195,813 
           
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 
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   338,389 
         1,684,739 
           
TOTAL PREFERRED STOCK
(Cost $1,130,568)		        1,684,739 
           

 

 

 

 

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

 

   Number of
Shares		   Value 
TOTAL EQUITIES
(Cost $323,233,666)		       $334,880,552 
           
MUTUAL FUNDS — 1.3%          
           
United States — 1.3%          
Global X Copper Miners ETF   24,096    903,600 
iShares U.S. Home Construction ETF   4,148    421,976 
SPDR S&P Homebuilders ETF (a)   16,869    1,613,689 
SPDR S&P Oil & Gas Exploration & Production ETF (a)   6,166    844,187 
VanEck Oil Services ETF (a)   2,574    796,928 
         4,580,380 
           
TOTAL MUTUAL FUNDS
(Cost $3,886,536)		        4,580,380 
           
TOTAL PURCHASED
OPTIONS(#) — 0.0%
(Cost $140,895)		        14,191 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $327,261,097)		        339,475,123 
           
           
SHORT-TERM INVESTMENTS — 6.0%          
Investment of Cash Collateral from Securities Loaned — 2.1%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   7,402,151    7,402,151 
Mutual Fund — 3.1%          
T. Rowe Price Government Reserve Investment Fund   11,035,137    11,035,137 
           
   Principal
Amount		    
Repurchase Agreement — 0.3%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (h)  $1,062,089   1,062,089 
U.S. Treasury Bill — 0.5%          
U.S. Treasury Bills          
5.477% 5/09/24 (i) (j)   1,612,000    1,582,550 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,080,534)		        21,081,927 
           
TOTAL INVESTMENTS — 102.1%
(Cost $348,341,631) (k)		        360,557,050 
           
Other Assets/(Liabilities) — (2.1)%        (7,357,485) 
           
NET ASSETS — 100.0%       $353,199,565 

 

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 December 31, 2023, was $12,892,180 or 3.65% of net assets. The Fund received $6,072,419 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(b) Non-income producing security.
(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $1,269,624 or 0.36% of net assets.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $1,684,739 or 0.48% of net assets.
(e) Investment is valued using significant unobservable inputs.
(f) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $1,684,739 or 0.48% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $1,062,277. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,083,418.
(i) The rate shown represents yield-to-maturity.
(j) All or a portion of this security is pledged/held as collateral for open derivatives.
(k) See Note 3 for aggregate cost for federal tax purposes.

 

(#) OTC Options Purchased
Description  Counterparty  Expiration Date   Exercise Price   No. of Contracts   Notional
Amount		  Value   Premiums Paid (Received)   Unrealized Appreciation (Depreciation) 
Put       
S&P 500 Index  Morgan Stanley & Co. LLC   1/19/24    4,225.00    101   USD   42,672,500   $14,191   $140,895   $(126,704) 

 

Forward contracts
Counterparty  Settlement Date  Currency Purchased  Currency Sold  Unrealized Appreciation (Depreciation) 
Bank of America N.A.  1/12/24  JPY  362,804,900   USD  2,511,685   $64,240 
Bank of America N.A.  1/12/24  USD  417,455   CZK  9,376,250    (1,694) 
BNP Paribas SA  1/03/24  BRL  8,007,500   USD  1,639,319    9,129 
BNP Paribas SA  1/03/24  USD  1,644,251   BRL  8,007,500    (4,197) 
BNP Paribas SA  1/12/24  CLP  1,459,046,000   USD  1,685,394    (29,789) 
BNP Paribas SA  1/12/24  INR  112,077,921   USD  1,343,000    3,463 
BNP Paribas SA  1/12/24  MXN  28,574,150   USD  1,631,373    48,987 
BNP Paribas SA  1/12/24  PLN  6,650,000   USD  1,652,256    37,640 
BNP Paribas SA  2/02/24  BRL  8,007,500   USD  1,637,291    8,483 
Citibank N.A.  1/12/24  GBP  2,646,700   USD  3,324,963    48,819 
Citibank N.A.  1/12/24  USD  2,496,275   CHF  2,182,700    (101,105) 
Deutsche Bank AG  1/12/24  IDR  10,311,876,000   USD  664,061    5,613 
Goldman Sachs International  1/12/24  HUF  291,891,200   USD  832,259    8,057 
Goldman Sachs International  1/12/24  USD  412,263   CZK  9,376,250    (6,886) 
HSBC Bank USA  1/12/24  JPY  383,782,799   USD  2,654,357    70,512 
UBS AG  1/12/24  AUD  5,044,000   USD  3,320,329    117,907
                    $279,179

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net
Unrealized
Appreciation
(Depreciation)		 
Long               
Topix Index  3/07/24   7   $1,165,694  $8,916 
E Mini Russell 2000 Index  3/15/24   73    6,935,380   538,725 
Nasdaq 100 E Mini Index  3/15/24   8    2,608,746   115,014 
S&P 500 E Mini Index  3/15/24   18    4,191,147   146,853 
Xae Energy  3/15/24   30    2,583,041   75,859 
SPI 200 Futures  3/21/24   12    1,525,307    25,333 
                $910,700 
Short               
E-Mini S&P 500 Real Estate Index  3/15/24   25   $(1,165,315)   $(73,123) 

 

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   $1,005   $—   $1,005 

 

OTC Total Return Swaps
Paid by the Fund  Received by the Fund   
Rate/
Reference		  No. of Contracts/
Notional		   Frequency  Rate/ Reference  No. of Contracts/
Notional		  Frequency  Counterparty  Termination Date   Value  

Upfront

Premium

Received

(Paid)/

Received

   Unrealized
Appreciation
(Depreciation)		 
SPDR S&P Retail ETF+30 BP  13,355  Monthly  1Day-SOFR+30 BP  USD 946,202  Monthly  Goldman Sachs International  1/16/26   $(19,632)  $—   $(19,632)

 

 

Currency Legend

AUD Australian Dollar
BRL Brazilian Real
CHF Swiss Franc
CLP Chilean Peso
CZK Czech Koruna
GBP British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
MXN Mexican Peso
PLN Polish Zloty
USD U.S. Dollar

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
EQUITIES — 97.3%          
           
COMMON STOCK — 96.1%          
Basic Materials — 2.2%          
Chemicals — 1.0%          
Element Solutions, Inc.   115,145   $2,664,455 
FMC Corp.   22,989    1,449,456 
Hawkins, Inc.   2,912    205,063 
HB Fuller Co.   5,022    408,841 
Orion SA   22,502    623,981 
Quaker Chemical Corp.   6,447    1,375,919 
RPM International, Inc.   10,100    1,127,463 
         7,855,178 
Iron & Steel — 0.3%          
Carpenter Technology Corp.   5,974    422,959 
Haynes International, Inc.   11,026    629,033 
Reliance Steel & Aluminum Co.   5,430    1,518,663 
         2,570,655 
Mining — 0.9%          
Cameco Corp.   30,470    1,313,257 
Constellium SE (a)   111,999    2,235,500 
ERO Copper Corp. (a) (b)   23,025    364,042 
Franco-Nevada Corp.   10,555    1,169,131 
Freeport-McMoRan, Inc.   33,044    1,406,683 
Osisko Gold Royalties Ltd. (b)   10,001    142,726 
Royal Gold, Inc.   3,047    368,565 
         6,999,904 
         17,425,737 
Communications — 3.1%          
Advertising — 0.5%          
Advantage Solutions, Inc. (a)   71,050    257,201 
Boston Omaha Corp. Class A (a)   7,083    111,416 
Trade Desk, Inc. Class A (a)   53,300    3,835,468 
         4,204,085 
Internet — 0.7%          
Chewy, Inc. Class A (a)   12,084    285,545 
Figs, Inc. Class A (a) (b)   67,792    471,155 
GoDaddy, Inc. Class A (a)   2,689    285,464 
Maplebear, Inc., Lockup Shares (Acquired 11/19/21, Cost $407,180) (a) (c) (d)   3,368    79,047 

 

 

 

 

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

 

   Number of
Shares		   Value 
Match Group, Inc. (a)   20,835   $760,478 
Open Lending Corp. Class A (a)   87,187    741,961 
Opendoor Technologies, Inc. (a)   32,082    143,727 
Rover Group, Inc., Earnout Shares 16.00 (Acquired 8/02/21, Cost $0) (a) (c) (d) (e)   15,883    — 
Spotify Technology SA (a)   16,200    3,044,142 
         5,811,519 
Media — 1.2%          
DISH Network Corp. Class A (a)   43,189    249,200 
Liberty Media Corp-Liberty Formula One Class C (a)   23,058    1,455,651 
New York Times Co. Class A   42,023    2,058,707 
News Corp. Class A   154,056    3,782,075 
News Corp. Class B   17,729    455,990 
Nexstar Media Group, Inc.   680    106,590 
Scholastic Corp.   18,044    680,259 
Sphere Entertainment Co (a)   14,396    488,888 
         9,277,360 
Telecommunications — 0.7%          
Arista Networks, Inc. (a)   5,716    1,346,175 
Corning, Inc.   100,070    3,047,131 
DigitalBridge Group, Inc.   24,331    426,766 
ESC GCI Liberty Inc (a) (d) (e)   29,586    — 
Frontier Communications Parent, Inc. (a)   10,543    267,160 
Viavi Solutions, Inc. (a)   44,941    452,556 
         5,539,788 
         24,832,752 
Consumer, Cyclical — 11.6%          
Airlines — 0.5%          
Allegiant Travel Co.   9,752    805,613 
Southwest Airlines Co.   95,594    2,760,754 
Sun Country Airlines Holdings, Inc. (a)   13,319    209,508 
         3,775,875 
Apparel — 0.6%          
Birkenstock Holding PLC (a)   11,865    578,181 
Oxford Industries, Inc.   1,459    145,900 
Ralph Lauren Corp.   18,949    2,732,446 
Skechers USA, Inc. Class A (a)   8,406    524,030 
Steven Madden Ltd.   17,542    736,764 
         4,717,321 
Auto Manufacturers — 0.8%          
General Motors Co.   70,783    2,542,525 
PACCAR, Inc.   9,177    896,134 
Rivian Automotive, Inc. Class A (a) (b)   143,356    3,363,132 
         6,801,791 
Auto Parts & Equipment — 0.2%          
Dorman Products, Inc. (a)   7,158    597,049 
Mobileye Global, Inc. Class A (a) (b)   7,516    325,593 

 

 

 

 

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

 

   Number of
Shares		   Value 
Shyft Group, Inc.   9,604   $117,361 
Visteon Corp. (a)   2,148    268,285 
         1,308,288 
Distribution & Wholesale — 0.7%          
Pool Corp.   328    130,777 
Rush Enterprises, Inc. Class A   21,153    1,063,996 
SiteOne Landscape Supply, Inc. (a)   20,905    3,397,062 
VSE Corp.   11,442    739,268 
         5,331,103 
Entertainment — 0.3%          
Caesars Entertainment, Inc. (a)   22,334    1,047,018 
Liberty Media Corp-Liberty Live Class C (a)   16,328    610,504 
Marriott Vacations Worldwide Corp.   5,265    446,946 
Red Rock Resorts, Inc. Class A   9,201    490,689 
SeaWorld Entertainment, Inc. (a)   995    52,566 
         2,647,723 
Food Services — 0.2%          
Compass Group PLC   52,676    1,439,367 
Home Builders — 0.4%          
Installed Building Products, Inc.   2,300    420,486 
LCI Industries   3,834    481,972 
Meritage Home Corp.   8,955    1,559,961 
Skyline Champion Corp. (a)   13,859    1,029,170 
         3,491,589 
Housewares — 0.1%          
Scotts Miracle-Gro Co.   17,711    1,129,076 
Leisure Time — 0.0%          
Peloton Interactive, Inc. Class A (a)   32,733    199,344 
Rad Power Bikes, Inc., Class A (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (e)   39,882    12,363 
         211,707 
Lodging — 0.8%          
Hilton Worldwide Holdings, Inc.   22,700    4,133,443 
MGM Resorts International   25,611    1,144,300 
Wyndham Hotels & Resorts, Inc.   10,523    846,154 
         6,123,897 
Retail — 7.0%          
Abercrombie & Fitch Co. Class A (a)   1,551    136,829 
Advance Auto Parts, Inc.   33,394    2,038,036 
Asbury Automotive Group, Inc. (a)   1,917    431,268 
Bath & Body Works, Inc.   94,983    4,099,466 
Beacon Roofing Supply, Inc. (a)   24,486    2,130,772 
BJ's Restaurants, Inc. (a)   25,523    919,083 
Burlington Stores, Inc. (a)   31,878    6,199,633 
Caleres, Inc.   30,557    939,017 
Carvana Co. (a) (b)   5,304    280,794 

 

 

 

 

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

 

   Number of
Shares		   Value 
Casey's General Stores, Inc.   6,500   $1,785,810 
Cava Group, Inc. (a) (b)   91,593    3,936,667 
Chipotle Mexican Grill, Inc. (a)   380    869,045 
Chuy's Holdings, Inc. (a)   11,592    443,162 
Dollar General Corp.   17,213    2,340,107 
Dollar Tree, Inc. (a)   17,577    2,496,813 
Domino's Pizza, Inc.   8,452    3,484,168 
Dutch Bros, Inc. Class A (a)   27,148    859,777 
Five Below, Inc. (a)   23,043    4,911,846 
Floor & Decor Holdings, Inc. Class A (a)   18,008    2,008,973 
Framebridge Future Contingency Payments (Acquired 5/19/20-11/10/20, Cost $10,553) (a) (c) (d) (e)   10,553    4,960 
Group 1 Automotive, Inc.   1,841    561,026 
Jack in the Box, Inc.   3,900    318,357 
Kohl's Corp.   18,502    530,637 
Lululemon Athletica, Inc. (a)   2,150    1,099,274 
Moncler SpA   12,177    750,912 
MSC Industrial Direct Co., Inc. Class A   621    62,882 
O'Reilly Automotive, Inc. (a)   320    304,026 
Ollie's Bargain Outlet Holdings, Inc. (a)   10,127    768,538 
Papa John's International, Inc.   27,592    2,103,338 
Restoration Hardware, Inc. (a)   1,558    454,126 
Ross Stores, Inc.   18,500    2,560,215 
Savers Value Village, Inc. (a)   17,261    299,996 
Tractor Supply Co.   2,364    508,331 
Ulta Beauty, Inc. (a)   2,600    1,273,974 
Warby Parker, Inc. Class A (a)   38,622    544,570 
Wingstop, Inc.   5,798    1,487,651 
Yum! Brands, Inc.   18,776    2,453,272 
         56,397,351 
Textiles — 0.0%          
UniFirst Corp.   1,888    345,334 
         93,720,422 
Consumer, Non-cyclical — 24.1%          
Agriculture — 0.0%          
Farmer's Business Network, Inc. (Acquired 7/31/20, Cost $48,230) (a) (c) (d) (e)   1,459    7,616 
Pax Labs, Inc., Class A (Acquired 4/18/19, Cost $218,578) (a) (c) (d) (e)   58,048    23,219 
         30,835 
Beverages — 0.6%          
Boston Beer Co., Inc. Class A (a)   4,948    1,709,979 
Coca-Cola Consolidated, Inc.   579    537,543 
Constellation Brands, Inc. Class A   6,225    1,504,894 
Monster Beverage Corp. (a)   16,865    971,593 
         4,724,009 
Biotechnology — 4.8%          
ACADIA Pharmaceuticals, Inc. (a)   6,664    208,650 
Akero Therapeutics, Inc. (a)   7,302    170,502 
Allakos, Inc. (a)   17,088    46,650 
Alnylam Pharmaceuticals, Inc. (a)   18,059    3,456,673 
Alpine Immune Sciences, Inc. (a)   4,066    77,498 

 

 

 

 

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

 

   Number of
Shares		   Value 
Apellis Pharmaceuticals, Inc. (a)   35,670   $2,135,206 
Arcellx, Inc. (a)   7,791    432,401 
Argenx SE ADR (a)   9,518    3,620,933 
Autolus Therapeutics PLC ADR (a)   5,472    35,240 
Avid Bioservices, Inc. (a)   32,073    208,475 
Avidity Biosciences, Inc. (a)   13,069    118,274 
BeiGene Ltd. ADR (a)   934    168,456 
Biogen, Inc. (a)   6,500    1,682,005 
Black Diamond Therapeutics, Inc. (a)   27,640    77,668 
Blueprint Medicines Corp. (a)   19,698    1,816,944 
Bridgebio Pharma, Inc. (a)   10,779    435,148 
C4 Therapeutics, Inc. (a)   6,196    35,007 
Cabaletta Bio, Inc. (a)   12,816    290,923 
Cargo Therapeutics, Inc. (a)   2,279    52,759 
Certara, Inc. (a)   17,335    304,923 
Crinetics Pharmaceuticals, Inc. (a)   23,305    829,192 
CRISPR Therapeutics AG (a) (b)   17,205    1,077,033 
CureVac NV (a) (b)   7,438    31,314 
Cymabay Therapeutics, Inc. (a)   8,195    193,566 
Cytokinetics, Inc. (a)   20,119    1,679,735 
Day One Biopharmaceuticals, Inc. (a)   4,857    70,912 
Denali Therapeutics, Inc. (a)   9,991    214,407 
Disc Medicine, Inc. (a)   1,376    79,478 
Entrada Therapeutics, Inc. (a)   7,443    112,315 
EyePoint Pharmaceuticals, Inc. (a)   15,777    364,606 
Generation Bio Co. (a)   15,304    25,252 
Guardant Health, Inc. (a)   8,238    222,838 
HilleVax, Inc. (a)   9,886    158,670 
Icosavax, Inc. (a)   29,416    463,596 
Ideaya Biosciences, Inc. (a)   7,410    263,648 
IGM Biosciences, Inc. (a) (b)   6,399    53,176 
Immatics NV (a)   20,972    220,835 
Immunocore Holdings PLC ADR (a) (b)   4,219    288,242 
Immunovant, Inc. (a)   2,559    107,811 
Insmed, Inc. (a)   59,488    1,843,533 
Intellia Therapeutics, Inc. (a)   3,531    107,660 
Ionis Pharmaceuticals, Inc. (a)   63,133    3,193,899 
Karuna Therapeutics, Inc. (a)   11,874    3,758,240 
Keros Therapeutics, Inc. (a)   3,128    124,369 
Kymera Therapeutics, Inc. (a)   21,314    542,654 
Legend Biotech Corp. ADR (a)   1,548    93,143 
MacroGenics, Inc. (a)   41,985    403,896 
Monte Rosa Therapeutics, Inc. (a)   11,162    63,065 
MoonLake Immunotherapeutics (a)   10,748    649,072 
MorphoSys AG ADR (a)   52,118    515,968 
NeoGenomics, Inc. (a)   46,174    747,095 
Nurix Therapeutics, Inc. (a)   5,116    52,797 
Nuvalent, Inc., Class A (a)   1,682    123,778 
Pliant Therapeutics, Inc. (a)   7,717    139,755 
Prime Medicine, Inc. (a) (b)   5,848    51,813 
Prothena Corp. PLC (a)   7,019    255,070 
RAPT Therapeutics, Inc. (a)   14,930    371,011 
Relay Therapeutics, Inc. (a)   19,747    217,414 
Replimune Group, Inc. (a)   9,327    78,627 
Revolution Medicines, Inc. (a)   6,645    190,579 
Rocket Pharmaceuticals, Inc. (a)   3,333    99,890 
Sarepta Therapeutics, Inc. (a)   6,486    625,445 
Scholar Rock Holding Corp. (a)   15,530    291,964 

 

 

 

 

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

 

   Number of
Shares		   Value 
SpringWorks Therapeutics, Inc. (a)   3,876   $141,474 
Structure Therapeutics, Inc. ADR (a)   12,300    501,348 
Syndax Pharmaceuticals, Inc. (a)   18,083    390,774 
Tenaya Therapeutics, Inc. (a)   8,468    27,436 
Ultragenyx Pharmaceutical, Inc. (a)   3,943    188,554 
Verve Therapeutics, Inc. (a)   21,376    297,981 
Xencor, Inc. (a)   16,714    354,838 
Xenon Pharmaceuticals, Inc. (a)   5,918    272,583 
Zai Lab Ltd. ADR (a) (b)   3,399    92,895 
Zentalis Pharmaceuticals, Inc. (a)   19,690    298,304 
         38,937,885 
Commercial Services — 5.8%          
API Group Corp. (a)   26,893    930,498 
Ashtead Group PLC   19,962    1,383,176 
Booz Allen Hamilton Holding Corp.   20,354    2,603,480 
Bright Horizons Family Solutions, Inc. (a)   40,370    3,804,469 
Clarivate PLC (a) (b)   53,762    497,836 
Colliers International Group, Inc. (b)   4,500    569,340 
CoStar Group, Inc. (a)   23,453    2,049,558 
Equifax, Inc.   13,800    3,412,602 
FleetCor Technologies, Inc. (a)   19,644    5,551,591 
FTI Consulting, Inc. (a)   2,371    472,185 
Global Payments, Inc.   23,523    2,987,421 
Green Dot Corp. Class A (a)   28,325    280,417 
Herc Holdings, Inc.   3,140    467,515 
Legalzoom.com Inc. (a)   27,654    312,490 
MarketAxess Holdings, Inc.   4,375    1,281,219 
Monro, Inc.   33,214    974,499 
Morningstar, Inc.   5,453    1,560,867 
Multiplan Corp. (a) (b)   193,190    278,194 
Paylocity Holding Corp. (a)   27,936    4,605,249 
Quanta Services, Inc.   3,100    668,980 
Rent the Runway, Inc. Class A (a) (b)   33,301    17,566 
Rentokil Initial PLC   181,001    1,027,962 
Strategic Education, Inc.   22,651    2,092,273 
Toast, Inc., Class A (a)   68,323    1,247,578 
Transcat, Inc. (a)   1,123    122,777 
TransUnion   23,300    1,600,943 
United Rentals, Inc.   3,900    2,236,338 
Verisk Analytics, Inc.   5,300    1,265,958 
WillScot Mobile Mini Holdings Corp. (a)   43,960    1,956,220 
         46,259,201 
Cosmetics & Personal Care — 0.3%          
elf Beauty, Inc. (a)   3,272    472,280 
Kenvue, Inc.   99,904    2,150,933 
         2,623,213 
Food — 1.3%          
Flowers Foods, Inc.   99,883    2,248,366 
Nomad Foods Ltd. (a)   45,192    766,004 
Post Holdings, Inc. (a)   14,537    1,280,128 
Simply Good Foods Co. (a)   21,331    844,708 
Sysco Corp.   17,827    1,303,689 
TreeHouse Foods, Inc. (a)   26,065    1,080,394 

 

 

 

 

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

 

   Number of
Shares		   Value 
Tyson Foods, Inc. Class A   41,810   $2,247,288 
Utz Brands, Inc.   27,945    453,827 
         10,224,404 
Health Care – Products — 6.2%          
10X Genomics, Inc. Class A (a)   8,500    475,660 
Agilent Technologies, Inc.   36,500    5,074,595 
Alcon, Inc.   22,800    1,781,136 
Atrion Corp.   840    318,184 
Avanos Medical, Inc. (a)   13,494    302,670 
Avantor, Inc. (a)   147,400    3,365,142 
Azenta, Inc. (a)   2,368    154,251 
Baxter International, Inc.   58,481    2,260,875 
Bio-Techne Corp.   3,607    278,316 
Bruker Corp.   54,749    4,022,956 
Cooper Cos., Inc.   6,200    2,346,328 
Enovis Corp. (a)   23,733    1,329,523 
Exact Sciences Corp. (a)   10,500    776,790 
Gyroscope Therapeutics, Milestone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (c) (d) (e)   31,900    — 
Gyroscope Therapeutics, Milestone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (e)   21,260    — 
Gyroscope Therapeutics, Milestone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (e)   21,260    — 
Haemonetics Corp. (a)   6,900    590,019 
Hologic, Inc. (a)   78,500    5,608,825 
ICU Medical, Inc. (a)   3,393    338,418 
Lantheus Holdings, Inc. (a)   7,688    476,656 
Masimo Corp. (a)   8,500    996,285 
Neogen Corp. (a)   34,209    687,943 
Pacific Biosciences of California, Inc. (a)   51,131    501,595 
Penumbra, Inc. (a)   3,825    962,140 
PROCEPT BioRobotics Corp. (a)   24,526    1,027,885 
Quidelortho Corp. (a)   39,480    2,909,676 
Repligen Corp. (a)   12,486    2,244,983 
RxSight, Inc. (a)   5,330    214,906 
Sartorius Stedim Biotech   1,055    280,210 
Teleflex, Inc.   23,420    5,839,543 
Utah Medical Products, Inc.   2,365    199,180 
West Pharmaceutical Services, Inc.   8,438    2,971,189 
Zimmer Biomet Holdings, Inc.   14,187    1,726,558 
         50,062,437 
Health Care – Services — 3.0%          
Acadia Healthcare Co., Inc. (a)   30,700    2,387,232 
Agiliti, Inc. (a)   29,340    232,373 
agilon health, Inc. (a) (b)   89,657    1,125,195 
Catalent, Inc. (a)   90,977    4,087,597 
Centene Corp. (a)   16,736    1,241,978 
Charles River Laboratories International, Inc. (a)   8,932    2,111,525 
Ensign Group, Inc.   8,470    950,419 
Eurofins Scientific SE   12,131    793,709 
Ginkgo Bioworks, Inc., Earnout Shares 15.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)   874    384 
Ginkgo Bioworks, Inc., Earnout Shares 17.50 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)   874    339 

 

 

 

 

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

 

   Number of
Shares		   Value 
Ginkgo Bioworks, Inc., Earnout Shares 20.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (e)   874   $302 
ICON PLC (a)   3,364    952,247 
Innovage Holding Corp. (a)   40,750    244,500 
Molina Healthcare, Inc. (a)   12,560    4,538,054 
Pennant Group, Inc. (a)   19,785    275,407 
Select Medical Holdings Corp.   185,730    4,364,655 
Sotera Health Co. (a)   26,546    447,300 
US Physical Therapy, Inc.   5,029    468,401 
         24,221,617 
Household Products & Wares — 0.5%          
Avery Dennison Corp.   14,500    2,931,320 
Reynolds Consumer Products, Inc.   29,000    778,360 
         3,709,680 
Pharmaceuticals — 1.6%          
Agios Pharmaceuticals, Inc. (a)   8,534    190,052 
Arvinas, Inc. (a)   7,140    293,882 
Ascendis Pharma AS ADR (a)   23,093    2,908,563 
BellRing Brands, Inc. (a)   27,639    1,532,030 
Capsule, Corp. (Acquired 4/07/21, Cost $72,342) (a) (c) (d) (e)   4,992    7,039 
Cardinal Health, Inc.   9,441    951,653 
Centessa Pharmaceuticals PLC ADR (a)   3,637    28,950 
DENTSPLY SIRONA, Inc.   74,603    2,655,121 
Elanco Animal Health, Inc. (a)   138,549    2,064,380 
Immuneering Corp. Class A (a)   5,460    40,131 
Leap Therapeutics Holdback Shares (Acquired 2/09/23, Cost $5,223) (a) (c) (d)   400    1,492 
Longboard Pharmaceuticals, Inc. (a)   3,060    18,452 
Mirum Pharmaceuticals, Inc. (a)   2,048    60,457 
Morphic Holding, Inc. (a)   3,768    108,820 
Neurocrine Biosciences, Inc. (a)   1,042    137,294 
Vaxcyte, Inc. (a)   12,216    767,165 
Viatris, Inc.   125,049    1,354,281 
         13,119,762 
         193,913,043 
Energy — 5.3%          
Coal — 0.0%          
Alpha Metallurgical Resources, Inc.   494    167,427 
Energy – Alternate Sources — 0.1%          
Shoals Technologies Group, Inc. Class A (a)   17,800    276,612 
Oil & Gas — 2.6%          
Advantage Energy Ltd. (a)   43,309    278,801 
Chesapeake Energy Corp. (b)   20,409    1,570,268 
Coterra Energy, Inc.   42,100    1,074,392 
Diamondback Energy, Inc.   8,912    1,382,073 
EQT Corp.   49,200    1,902,072 
Kimbell Royalty Partners LP   17,393    261,765 
Magnolia Oil & Gas Corp. Class A   66,598    1,417,871 
Matador Resources Co.   39,345    2,237,157 
Noble Corp. PLC   9,476    456,364 

 

 

 

 

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

 

   Number of
Shares		   Value 
Permian Resources Corp.   45,310   $616,216 
Pioneer Natural Resources Co.   1,466    329,674 
Range Resources Corp.   90,281    2,748,154 
SM Energy Co.   22,142    857,338 
Southwestern Energy Co. (a)   275,833    1,806,706 
Suncor Energy, Inc.   52,866    1,693,827 
Weatherford International PLC (a)   26,354    2,578,212 
         21,210,890 
Oil & Gas Services — 2.2%          
Baker Hughes Co.   41,257    1,410,164 
ChampionX Corp.   51,954    1,517,577 
Enerflex Ltd. (b)   91,271    422,242 
Expro Group Holdings NV (a)   110,735    1,762,901 
Liberty Energy, Inc.   67,388    1,222,418 
Nov, Inc.   21,900    444,132 
Ranger Energy Services, Inc.   14,795    151,353 
SEACOR Marine Holdings, Inc. (a)   36,248    456,362 
TechnipFMC PLC   347,127    6,991,138 
Tidewater, Inc. (a)   39,656    2,859,594 
         17,237,881 
Pipelines — 0.4%          
Cheniere Energy, Inc.   17,400    2,970,354 
DT Midstream, Inc. (a)   9,200    504,160 
         3,474,514 
         42,367,324 
Financial — 16.0%          
Banks — 5.6%          
BankUnited, Inc.   55,453    1,798,341 
Blue Foundry Bancorp (a)   20,556    198,777 
Cadence Bank   27,585    816,240 
Cathay General Bancorp   7,870    350,766 
Coastal Financial Corp. (a)   6,649    295,282 
Columbia Banking System, Inc.   72,980    1,947,107 
CRB Group, Inc. (Acquired 4/14/22, Cost $73,283) (a) (c) (d) (e)   697    50,888 
CrossFirst Bankshares, Inc. (a)   44,835    608,859 
Dime Community Bancshares, Inc.   15,459    416,311 
Dogwood State Bank, (Non-Voting) (Acquired 5/06/19, Cost $53,690) (a) (c) (d) (e)   5,369    94,226 
Dogwood State Bank, (Voting) (Acquired 5/06/19, Cost $26,370) (a) (c) (d) (e)   2,637    46,279 
East West Bancorp, Inc.   28,118    2,023,090 
Eastern Bankshares, Inc.   97,446    1,383,733 
Equity Bancshares, Inc. Class A   9,517    322,626 
Farmers & Merchants Bank of Long Beach/Long Beach CA (b)   31    158,906 
FB Financial Corp.   32,132    1,280,460 
Fifth Third Bancorp   115,957    3,999,357 
First Bancshares, Inc.   23,018    675,118 
Five Star Bancorp   9,617    251,773 
HarborOne Bancorp, Inc.   41,284    494,582 
Heritage Commerce Corp.   23,977    237,852 
Home BancShares, Inc.   57,780    1,463,567 
John Marshall Bancorp, Inc.   12,083    272,593 

 

 

 

 

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

 

   Number of
Shares		   Value 
Kearny Financial Corp.   48,462   $434,704 
Live Oak Bancshares, Inc.   45,059    2,050,185 
Metropolitan Bank Holding Corp. (a)   7,104    393,420 
National Bank Holdings Corp. Class A   22,710    844,585 
Origin Bancorp, Inc.   29,228    1,039,640 
Pinnacle Financial Partners, Inc.   28,578    2,492,573 
Ponce Financial Group, Inc. (a)   21,067    205,614 
Popular, Inc.   54,173    4,445,978 
Preferred Bank   7,266    530,781 
Prosperity Bancshares, Inc.   5,514    373,463 
Provident Bancorp, Inc. (a)   13,162    132,541 
Sandy Spring Bancorp, Inc.   20,091    547,279 
Southern First Bancshares, Inc. (a)   5,100    189,210 
SouthState Corp.   27,002    2,280,319 
Texas Capital Bancshares, Inc. (a)   20,721    1,339,198 
Towne Bank   28,270    841,315 
Veritex Holdings, Inc.   30,113    700,730 
Walker & Dunlop, Inc.   8,221    912,613 
Webster Financial Corp.   57,004    2,893,523 
Western Alliance Bancorp   51,165    3,366,145 
         45,200,549 
Diversified Financial Services — 2.7%          
Apollo Global Management, Inc.   15,359    1,431,305 
Assetmark Financial Holdings, Inc. (a)   13,231    396,268 
Cboe Global Markets, Inc.   8,906    1,590,255 
Columbia Financial, Inc. (a)   12,050    232,324 
Encore Capital Group, Inc. (a)   8,436    428,127 
Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (a) (c) (d) (e)   8,339    25,017 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)   35,795    987,226 
Houlihan Lokey, Inc.   9,716    1,165,046 
Intercontinental Exchange, Inc.   19,600    2,517,228 
NerdWallet, Inc. Class A (a)   16,253    239,244 
OneMain Holdings, Inc.   36,106    1,776,415 
OTC Markets Group, Inc. Class A (b)   4,941    276,202 
PennyMac Financial Services, Inc.   35,928    3,174,957 
PRA Group, Inc. (a)   21,733    569,405 
Radian Group, Inc.   30,302    865,122 
Raymond James Financial, Inc.   12,650    1,410,475 
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   24,015    764,398 
TMX Group Ltd.   21,627    523,109 
Tradeweb Markets, Inc. Class A   26,400    2,399,232 
Virtus Investment Partners, Inc.   3,055    738,577 
Voya Financial, Inc.   4,172    304,389 
         21,819,868 
Insurance — 2.7%          
Allstate Corp.   11,522    1,612,850 
Assurant, Inc.   29,112    4,905,081 
Axis Capital Holdings Ltd.   30,073    1,665,142 
BRP Group, Inc. Class A (a)   4,896    117,602 
Corebridge Financial, Inc.   64,041    1,387,128 
First American Financial Corp.   18,779    1,210,119 
Hanover Insurance Group, Inc.   14,200    1,724,164 
Jackson Financial, Inc. Class A   26,060    1,334,272 
James River Group Holdings Ltd.   23,968    221,464 

 

 

 

 

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

 

   Number of
Shares		   Value 
Kemper Corp.   35,994   $1,751,828 
Markel Group, Inc. (a)   550    780,945 
Palomar Holdings, Inc. (a)   1,673    92,851 
ProAssurance Corp.   30,264    417,341 
RenaissanceRe Holdings Ltd.   8,125    1,592,500 
RLI Corp.   1,200    159,744 
Ryan Specialty Holdings, Inc. (a)   14,255    613,250 
Selective Insurance Group, Inc.   18,170    1,807,552 
Skyward Specialty Insurance Group, Inc. (a)   3,226    109,297 
White Mountains Insurance Group Ltd.   440    662,204 
         22,165,334 
Private Equity — 0.5%          
KKR & Co., Inc.   39,700    3,289,145 
P10, Inc. Class A   40,444    413,338 
         3,702,483 
Real Estate — 0.6%          
FirstService Corp.   14,593    2,365,379 
McGrath RentCorp   2,682    320,821 
St. Joe Co.   14,618    879,711 
Tricon Residential, Inc.   135,934    1,237,000 
         4,802,911 
Real Estate Investment Trusts (REITS) — 3.6%          
Apartment Investment & Management Co. Class A (a)   168,524    1,319,543 
Apple Hospitality REIT, Inc.   44,799    744,111 
Community Healthcare Trust, Inc.   564    15,025 
CubeSmart   40,177    1,862,204 
Digital Realty Trust, Inc.   2,596    349,370 
Douglas Emmett, Inc.   27,423    397,634 
EastGroup Properties, Inc.   14,793    2,715,107 
Equity Residential   27,170    1,661,717 
Essential Properties Realty Trust, Inc.   29,287    748,576 
Flagship Communities REIT   8,813    140,567 
Healthcare Realty Trust, Inc.   17,400    299,802 
Independence Realty Trust, Inc.   77,446    1,184,924 
Innovative Industrial Properties, Inc.   976    98,400 
NETSTREIT Corp.   35,947    641,654 
NexPoint Residential Trust, Inc.   8,277    284,977 
Pebblebrook Hotel Trust   45,883    733,210 
PennyMac Mortgage Investment Trust   45,239    676,323 
PotlatchDeltic Corp.   12,633    620,280 
Rayonier, Inc.   45,561    1,522,193 
Regency Centers Corp.   25,963    1,739,521 
Rexford Industrial Realty, Inc.   64,144    3,598,478 
Safehold, Inc.   18,044    422,230 
Saul Centers, Inc.   15,394    604,522 
Simon Property Group, Inc.   4,159    593,240 
Sun Communities, Inc.   9,470    1,265,666 
Terreno Realty Corp.   29,797    1,867,378 
UMH Properties, Inc.   26,975    413,257 
Vornado Realty Trust   43,297    1,223,140 
Weyerhaeuser Co.   37,653    1,309,195 
         29,052,244 

 

 

 

 

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

 

   Number of
Shares		   Value 
Savings & Loans — 0.3%          
Capitol Federal Financial, Inc.   50,808   $327,711 
FS Bancorp, Inc.   7,917    292,612 
Pacific Premier Bancorp, Inc.   27,742    807,570 
WSFS Financial Corp.   18,462    847,960 
         2,275,853 
         129,019,242 
Industrial — 16.5%          
Aerospace & Defense — 1.1%          
Bombardier, Inc. Class B (a)   5,200    208,816 
Bombas LLC. (Acquired 2/12/21, Cost $183,470) (a) (c) (d) (e)   41,514    120,391 
Howmet Aerospace, Inc.   4,300    232,716 
L3 Harris Technologies, Inc.   10,514    2,214,459 
Leonardo DRS, Inc. (a)   34,968    700,759 
Moog, Inc. Class A   3,534    511,652 
Rolls-Royce Holdings PLC (a)   612,365    2,332,130 
Spirit AeroSystems Holdings, Inc. Class A (a)   84,679    2,691,099 
         9,012,022 
Building Materials — 1.6%          
AAON, Inc.   6,000    443,220 
Armstrong World Industries, Inc.   12,471    1,226,149 
Martin Marietta Materials, Inc.   5,831    2,909,144 
Modine Manufacturing Co. (a)   2,677    159,817 
SPX Technologies, Inc. (a)   16,032    1,619,392 
Summit Materials, Inc. Class A (a)   73,172    2,814,195 
Trane Technologies PLC   5,448    1,328,767 
UFP Industries, Inc.   9,514    1,194,483 
Vulcan Materials Co.   4,461    1,012,692 
West Fraser Timber Co. Ltd. (b)   697    59,649 
West Fraser Timber Co. Ltd.   6,343    542,653 
         13,310,161 
Electrical Components & Equipment — 0.5%          
Littelfuse, Inc.   8,886    2,377,538 
Novanta, Inc. (a)   8,411    1,416,497 
         3,794,035 
Electronics — 2.2%          
Amphenol Corp. Class A   20,000    1,982,600 
Atmus Filtration Technologies, Inc. (a)   4,344    102,041 
Brady Corp. Class A   12,623    740,844 
CTS Corp.   12,657    553,617 
ESCO Technologies, Inc.   10,603    1,240,869 
Fortive Corp.   33,100    2,437,153 
Hubbell, Inc.   4,032    1,326,246 
Keysight Technologies, Inc. (a)   19,000    3,022,710 
Knowles Corp. (a)   16,563    296,643 
Mettler-Toledo International, Inc. (a)   670    812,683 
Mirion Technologies, Inc. (a)   139,604    1,430,941 
Napco Security Technologies, Inc.   11,873    406,650 
TE Connectivity Ltd.   11,875    1,668,437 
Vishay Intertechnology, Inc.   11,978    287,113 

 

 

 

 

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

 

   Number of
Shares		   Value 
Vontier Corp.   34,491   $1,191,664 
         17,500,211 
Engineering & Construction — 0.1%          
Arcosa, Inc.   7,529    622,197 
MYR Group, Inc. (a)   466    67,398 
NV5 Global, Inc. (a)   1,612    179,125 
         868,720 
Environmental Controls — 0.6%          
Casella Waste Systems, Inc. Class A (a)   12,167    1,039,792 
Stericycle, Inc. (a)   14,176    702,563 
Tetra Tech, Inc.   4,922    821,629 
Veralto Corp.   14,700    1,209,222 
Waste Connections, Inc.   5,200    776,204 
         4,549,410 
Hand & Machine Tools — 0.8%          
Cadre Holdings, Inc.   7,823    257,298 
Enerpac Tool Group Corp.   25,588    795,531 
MSA Safety, Inc.   3,640    614,541 
Stanley Black & Decker, Inc.   47,348    4,644,839 
         6,312,209 
Machinery – Construction & Mining — 0.1%          
BWX Technologies, Inc.   12,800    982,144 
Machinery – Diversified — 3.8%          
Alamo Group, Inc.   2,796    587,691 
ATS Corp. (a)   3,430    147,730 
Cactus, Inc. Class A   16,198    735,389 
Cognex Corp.   21,800    909,932 
Crane Co.   7,158    845,646 
CSW Industrials, Inc.   7,435    1,542,093 
Esab Corp.   67,799    5,872,749 
Graco, Inc.   8,525    739,629 
Hydrofarm Holdings Group, Inc. (a)   6,021    5,524 
IDEX Corp.   17,522    3,804,202 
Ingersoll Rand, Inc.   107,824    8,339,108 
Marel Hf.   27,870    96,637 
Middleby Corp. (a)   11,778    1,733,368 
Mueller Water Products, Inc. Class A   44,381    639,087 
Spirax-Sarco Engineering PLC   3,086    412,232 
Thermon Group Holdings, Inc. (a)   21,619    704,131 
Toro Co.   20,484    1,966,259 
Zurn Elkay Water Solutions Corp. Class C   42,455    1,248,602 
         30,330,009 
Metal Fabricate & Hardware — 0.8%          
AZZ, Inc.   17,349    1,007,803 
Helios Technologies, Inc.   16,987    770,360 
RBC Bearings, Inc. (a)   13,450    3,831,771 
Strattec Security Corp. (a)   3,451    86,655 
Valmont Industries, Inc.   2,000    467,020 

 

 

 

 

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

 

   Number of
Shares		   Value 
Xometry, Inc. Class A (a)   8,758   $314,500 
         6,478,109 
Miscellaneous - Manufacturing — 1.7%          
EnPro Industries, Inc.   3,800    595,612 
Federal Signal Corp.   18,864    1,447,623 
John Bean Technologies Corp.   9,890    983,561 
Myers Industries, Inc.   8,073    157,827 
Teledyne Technologies, Inc. (a)   9,152    4,084,446 
Textron, Inc.   83,455    6,711,451 
         13,980,520 
Packaging & Containers — 1.1%          
Ball Corp.   99,923    5,747,571 
Clearwater Paper Corp. (a)   10,433    376,840 
Pactiv Evergreen, Inc.   3,857    52,879 
Sealed Air Corp.   38,305    1,398,899 
Westrock Co.   40,739    1,691,483 
         9,267,672 
Shipbuilding — 0.2%          
Huntington Ingalls Industries, Inc.   6,779    1,760,100 
Transportation — 1.9%          
International Seaways, Inc.   1,514    68,857 
JB Hunt Transport Services, Inc.   29,460    5,884,340 
Landstar System, Inc.   8,653    1,675,653 
Matson, Inc.   2,822    309,291 
Norfolk Southern Corp.   8,352    1,974,246 
Old Dominion Freight Line, Inc.   4,342    1,759,943 
Saia, Inc. (a)   7,645    3,350,192 
         15,022,522 
         133,167,844 
Technology — 14.6%          
Commercial Services — 0.0%          
Socure, Inc. (Acquired 12/22/21, Cost $62,185) (a) (c) (d) (e)   3,870    24,188 
Computers — 2.7%          
Apiture, Inc. (Acquired 7/01/20-6/30/22, Cost $97,636) (a) (c) (d) (e)   6,130    102,923 
ASGN, Inc. (a)   5,851    562,691 
Coalition, Inc. (Acquired 9/13/21, Cost $4,230) (a) (c) (d) (e)   256    2,483 
Conduent, Inc. (a)   77,483    282,813 
Crowdstrike Holdings, Inc. Class A (a)   16,262    4,152,014 
Endava PLC Sponsored ADR (a)   24,411    1,900,396 
Fortinet, Inc. (a)   20,100    1,176,453 
Globant SA (a)   9,731    2,315,783 
PAR Technology Corp. (a) (b)   34,529    1,503,393 
Parsons Corp. (a)   29,037    1,820,910 
Pure Storage, Inc. Class A (a)   42,629    1,520,150 
Western Digital Corp. (a)   122,463    6,413,387 
         21,753,396 

 

 

 

 

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

 

   Number of
Shares		   Value 
Office & Business Equipment — 0.2%          
Zebra Technologies Corp. Class A (a)   4,846   $1,324,557 
Semiconductors — 4.6%          
Allegro MicroSystems, Inc. (a)   12,300    372,321 
Diodes, Inc. (a)   2,998    241,399 
Entegris, Inc.   37,277    4,466,530 
KLA Corp.   2,689    1,563,116 
Lattice Semiconductor Corp. (a)   53,272    3,675,235 
MACOM Technology Solutions Holdings, Inc. (a)   21,756    2,022,220 
Marvell Technology, Inc.   124,810    7,527,291 
Microchip Technology, Inc.   76,900    6,934,842 
MKS Instruments, Inc.   51,381    5,285,564 
Monolithic Power Systems, Inc.   2,804    1,768,707 
NXP Semiconductors NV   4,900    1,125,432 
Onto Innovation, Inc. (a)   13,416    2,051,307 
Power Integrations, Inc.   4,083    335,255 
         37,369,219 
Software — 7.1%          
Agilysys, Inc. (a)   6,558    556,250 
Alignment Healthcare, Inc. (a)   93,108    801,660 
Altair Engineering, Inc. Class A (a)   8,174    687,842 
Amplitude, Inc. Class A (a)   50,361    640,592 
Atlassian Corp. Class A (a)   8,948    2,128,371 
Bill Holdings, Inc. (a)   27,120    2,212,721 
Braze, Inc. Class A (a)   4,000    212,520 
Broadridge Financial Solutions, Inc.   9,700    1,995,775 
CCC Intelligent Solutions Holdings, Inc. (a)   127,977    1,457,658 
Ceridian HCM Holding, Inc. (a)   43,490    2,919,049 
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   40,746    841,405 
Confluent, Inc. Class A (a)   8,260    193,284 
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)   8,148    989,004 
Descartes Systems Group, Inc. (a)   26,398    2,219,016 
DocuSign, Inc. (a)   21,742    1,292,562 
DoubleVerify Holdings, Inc. (a)   41,917    1,541,707 
Duolingo, Inc. (a)   3,257    738,850 
Dynatrace, Inc. (a)   4,592    251,136 
Enfusion, Inc. Class A (a)   7,101    68,880 
Envestnet, Inc. (a)   12,913    639,452 
Fair Isaac Corp. (a)   2,200    2,560,822 
Five9, Inc. (a)   9,598    755,267 
Gusto, Inc. (Acquired 8/18/20-11/09/20, Cost $204,799) (a) (c) (d) (e)   15,332    235,806 
HubSpot, Inc. (a)   4,257    2,471,359 
Intapp, Inc. (a)   13,969    531,101 
JFrog Ltd. (a)   4,267    147,681 
Manhattan Associates, Inc. (a)   2,489    535,931 
Model N, Inc. (a)   8,100    218,133 
Monday.com Ltd. (a)   9,475    1,779,500 
MongoDB, Inc. (a)   3,513    1,436,290 
nCino, Inc. (a)   8,958    301,258 
Outset Medical, Inc. (a)   22,338    120,849 
Paycor HCM, Inc. (a)   50,403    1,088,201 
Phreesia, Inc. (a)   13,230    306,274 
Privia Health Group, Inc. (a)   34,239    788,524 

 

 

 

 

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

 

   Number of
Shares		   Value 
Procore Technologies, Inc. (a)   28,584   $1,978,584 
PTC, Inc. (a)   19,148    3,350,134 
Roper Technologies, Inc.   6,776    3,694,072 
Samsara, Inc. Class A (a)   38,590    1,288,134 
ServiceTitan, Inc. (Acquired 11/09/18-5/04/21, Cost $28,780) (a) (c) (d) (e)   618    45,058 
SS&C Technologies Holdings, Inc.   29,292    1,790,034 
Tanium, Inc., Class B (Acquired 9/24/20, Cost $30,277) (a) (c) (d) (e)   2,657    13,046 
Themis Solutions, Inc. (Acquired 4/14/21, Cost $108,219) (a) (c) (d) (e)   4,820    94,327 
Tyler Technologies, Inc. (a)   4,100    1,714,292 
Veeva Systems, Inc. Class A (a)   25,686    4,945,069 
Verra Mobility Corp. (a)   46,914    1,080,429 
Vimeo, Inc. (a)   83,922    328,974 
Workiva, Inc. (a)   11,228    1,139,979 
         57,323,818 
         117,795,178 
Utilities — 2.7%          
Electric — 2.1%          
Ameren Corp.   29,277    2,117,898 
CenterPoint Energy, Inc.   38,403    1,097,174 
Constellation Energy Corp.   16,783    1,961,765 
Evergy, Inc.   30,263    1,579,729 
FirstEnergy Corp.   88,922    3,259,880 
IDACORP, Inc.   20,656    2,030,898 
MGE Energy, Inc.   15,433    1,115,960 
Northwestern Energy Group, Inc.   3,622    184,324 
OGE Energy Corp.   22,653    791,269 
PG&E Corp.   118,074    2,128,874 
PNM Resources, Inc.   11,672    485,555 
         16,753,326 
Gas — 0.4%          
Chesapeake Utilities Corp.   15,383    1,624,906 
ONE Gas, Inc.   15,969    1,017,545 
Southwest Gas Holdings, Inc.   10,482    664,035 
         3,306,486 
Water — 0.2%          
Artesian Resources Corp. Class A   5,554    230,213 
California Water Service Group   20,989    1,088,700 
Middlesex Water Co.   3,190    209,328 
         1,528,241 
         21,588,053 
           
TOTAL COMMON STOCK
(Cost $648,010,795)		        773,829,595 
           
PREFERRED STOCK — 1.2%          
Communications — 0.1%          
Internet — 0.1%          
1661, Inc., Series F (Acquired 5/28/21, Cost $288,836) (a) (c) (d) (e)   49,629    49,629 

 

 

 

 

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

 

   Number of
Shares		   Value 
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 
         539,469 
         539,469 
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    88,430 
Nuro, Inc., Series D, (Acquired 10/29/21, Cost $252,025)          
(a) (c) (d) (e)   12,090    49,448 
         137,878 
Retail — 0.0%          
OfferUp, Inc., Series F, (Acquired 7/01/20, Cost $9,217)          
(a) (c) (d) (e)   4,025    2,777 
         140,655 
Consumer, Non-cyclical — 0.4%          
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 $124,028)          
(a) (c) (d) (e)   3,752    19,585 
         62,379 
Biotechnology — 0.3%          
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    26,236 
Kardium, Inc., Series D-6, (Acquired 1/08/21, Cost $145,349)          
(a) (c) (d) (e)   143,083    121,621 
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 
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 

 

 

 

 

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

 

   Number of
Shares		   Value 
Treeline Biosciences, Inc., Series A, (Acquired 4/09/21, Cost $40,640)          
(a) (c) (d) (e)   5,192   $40,640 
         2,080,331 
Commercial Services — 0.0%          
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    96,733 
Tempus Labs, Inc., Series E, (Acquired 8/23/18, Cost $29,149)          
(a) (c) (d) (e)   1,741    78,136 
Tempus Labs, Inc., Series F, (Acquired 4/30/19, Cost $17,059)          
(a) (c) (d) (e)   689    32,018 
Tempus Labs, Inc., Series G, (Acquired 2/06/20, Cost $19,176)          
(a) (c) (d) (e)   500    24,245 
Tempus Labs, Inc., Series G-2, (Acquired 11/19/20, Cost $26,075)          
(a) (c) (d) (e)   455    17,645 
         452,107 
Health Care – Services — 0.0%          
Caris Life Sciences, Inc., Series C, (Acquired 8/14/20, Cost $125,312)          
(a) (c) (d) (e)   45,403    165,267 
Caris Life Sciences, Inc., Series D, (Acquired 5/11/21, Cost $378,132)          
(a) (c) (d) (e)   46,683    169,926 
         335,193 
Pharmaceuticals — 0.0%          
Capsule, Corp., Series 1 D, (Acquired 4/07/21, Cost $72,328)          
(a) (c) (d) (e)   4,991    7,037 
Haul Hub, Inc., Series B, (Acquired 2/14/20-3/03/21, Cost $108,854)          
(a) (c) (d) (e)   7,466    52,785 
Haul Hub, Inc., Series C, (Acquired 4/14/22, Cost $43,061)          
(a) (c) (d) (e)   2,282    16,134 
         75,956 
         3,374,171 
Financial — 0.1%          
Banks — 0.1%          
CRB Group, Inc., Series D, (Acquired 1/28/22, Cost $255,280)          
(a) (c) (d) (e)   2,428    177,268 

 

 

 

 

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

 

   Number of
Shares		   Value 
Diversified Financial Services — 0.0%          
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    — 
Convoy, Inc., Series D, (Acquired 10/30/19, Cost $417,858)          
(a) (c) (d) (e)   30,861    — 
Convoy, Inc., Series E, (Acquired 9/30/21, Cost $72,706)          
(a) (c) (d) (e)   4,407    — 
Stash Financial, Inc., Series F, (Acquired 4/24/20, Cost $126,801)          
(a) (c) (d) (e)   5,060    57,633 
Stash Financial, Inc., Series G, (Acquired 1/26/21, Cost $174,908)          
(a) (c) (d) (e)   4,667    53,157 
         177,118 
Insurance — 0.0%          
Go Maps, Inc., Series B-1, (Acquired 5/15/19-7/29/20, Cost $9,665)          
(a) (c) (d) (e)   755    — 
         354,386 
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    256,177 
Electrical Components & Equipment — 0.1%          
CelLink, Inc., Series D (Acquired 1/20/22, Cost $223,836) (a) (c) (d) (e)   10,749    30,420 
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $505,509) (a) (c) (d) (e)   12,248    248,389 
         278,809 
Electronics — 0.1%          
Sartorius AG 0.434%   2,678    985,290 
         1,520,276 
Technology — 0.4%          
Computers — 0.0%          
Coalition, Inc., Series E (Acquired 9/07/21, Cost $253,711) (a) (c) (d) (e)   15,355    148,944 
Software — 0.4%          
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 
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    283,098 
Flexe, Inc., Series C (Acquired 11/18/20, Cost $134,849) (a) (c) (d) (e)   11,083    85,117 

 

 

 

 

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

 

   Number of
Shares		   Value 
Flexe, Inc., Series D (Acquired 4/07/22, Cost $73,849) (a) (c) (d) (e)   3,621   $27,809 
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 
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 
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    29,388 
Socure, Inc., Series A-1 (Acquired 12/22/21, Cost $62,025) (a) (c) (d) (e)   3,860    24,125 
Socure, Inc., Series B (Acquired 12/22/21, Cost $1,109) (a) (c) (d) (e)   69    431 
Socure, Inc., Series E (Acquired 10/27/21, Cost $143,750) (a) (c) (d) (e)   8,946    55,913 
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 
         3,382,225 
         3,531,169 
           
TOTAL PREFERRED STOCK
(Cost $10,701,007)		        9,460,126 
           
TOTAL EQUITIES
(Cost $658,711,802)		        783,289,721 
           
           
   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    14,854 
7.375% 9/01/25 (f)   83,000    82,365 
         97,219 
           
TOTAL CORPORATE DEBT
(Cost $91,730)		        97,219 
           
TOTAL BONDS & NOTES
(Cost $91,730)		        97,219 
           

 

 

 

 

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   $333 
Consumer, Non-cyclical — 0.0%          
Biotechnology — 0.0%          
REVOLUTION Medicines, Inc. (a)   1,166    385 
Financial — 0.0%          
Banks — 0.0%          
Dogwood State Bank (Acquired 5/06/19, Cost $0) (a) (c) (d) (e)   800    6,272 
Diversified Financial Services — 0.0%          
Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (c) (d) (e)   1,432    444 
Insurance — 0.0%          
Hagerty, Inc. (a) (d) (e)   3,040    2,959 
         9,675 
           
TOTAL WARRANTS
(Cost $11,320)		        10,393 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $658,814,852)		        783,397,333 
           
           
SHORT-TERM INVESTMENTS — 3.0%          
Investment of Cash Collateral from Securities Loaned — 0.2%          
State Street Navigator Securities Lending Government Money Market Portfolio (g)   1,354,818    1,354,818 
Mutual Fund — 2.7%          
T. Rowe Price Government Reserve Investment Fund   21,761,228    21,761,228 
           
   Principal
Amount		    
Repurchase Agreement — 0.1%          
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (h)  $1,013,821   1,013,821 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $24,129,867)		        24,129,867 
           
TOTAL INVESTMENTS — 100.3%
(Cost $682,944,719) (i)		        807,527,200 
           
Other Assets/(Liabilities) — (0.3)%        (2,361,288) 
           
NET ASSETS — 100.0%       $805,165,912 

 

Abbreviation Legend

ADR American Depositary Receipt

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.
(b) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $9,889,400 or 1.23% of net assets. The Fund received $8,821,188 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2).
(c) Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $9,675,448 or 1.20% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.
(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $9,678,407 or 1.20% of net assets.
(e) Investment is valued using significant unobservable inputs.
(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $97,219 or 0.01% of net assets.
(g) Represents investment of security lending cash collateral. (Note 2).
(h) Maturity value of $1,014,001. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,034,108.
(i) See Note 3 for aggregate cost for federal tax purposes.

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Principal
Amount		   Value 
BONDS & NOTES — 99.3%          
           
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		  $153,065   $133,446 
Pass-Through Securities — 0.1%          
Government National Mortgage Association II          
Pool #MA4484 3.000% 6/20/32   104,770    99,774 
Pool #MA6381 3.000% 1/20/35   56,273    53,344 
Pool #MA6630 3.000% 5/20/35   26,128    24,768 
         177,886 
           
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES
(Cost $349,571)		        311,332 
           
U.S. TREASURY OBLIGATIONS — 99.1%          
U.S. Treasury Bonds & Notes — 99.1%          
U.S. Treasury Bonds          
1.125% 5/15/40   2,960,000    1,909,560 
1.125% 8/15/40   5,170,000    3,303,408 
1.250% 5/15/50   1,880,700    1,016,460 
1.375% 11/15/40   6,110,000    4,060,118 
1.375% 8/15/50   4,585,000    2,560,264 
1.625% 11/15/50   3,580,000    2,137,386 
1.750% 8/15/41   6,940,000    4,833,060 
1.875% 2/15/41   7,480,000    5,383,263 
1.875% 2/15/51   5,115,000    3,252,535 
1.875% 11/15/51   4,775,000    3,026,068 
2.000% 11/15/41   10,070,000    7,297,603 
2.000% 2/15/50   3,535,000    2,330,718 
2.000% 8/15/51   3,700,000    2,421,681 
2.250% 5/15/41   7,690,000    5,867,230 
2.250% 8/15/49   2,550,000    1,784,281 
2.250% 2/15/52   11,895,000    8,263,899 
2.375% 2/15/42   4,495,000    3,454,829 
2.375% 11/15/49   2,220,000    1,595,972 
2.375% 5/15/51   2,440,000    1,745,744 
2.875% 5/15/49   2,480,000    1,975,475 
2.875% 5/15/52   3,985,000    3,179,667 
3.000% 2/15/49   2,480,000    2,022,750 
3.000% 8/15/52   5,555,000    4,552,645 
3.250% 5/15/42   1,945,000    1,709,169 
3.375% 8/15/42   5,560,000    4,966,694 
3.625% 2/15/53   6,779,300    6,275,090 
3.625% 5/15/53   9,830,000    9,111,181 

 

 

 

 

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

 

   Principal
Amount		   Value 
3.875% 2/15/43 (b)  $19,955,000   $19,064,492 
3.875% 5/15/43   8,910,000    8,511,287 
4.000% 11/15/42   7,395,000    7,200,432 
4.000% 11/15/52   3,159,500    3,124,449 
4.125% 8/15/53   7,654,100    7,755,786 
4.375% 8/15/43   5,495,000    5,618,638 
4.750% 11/15/53   350,000    393,531 
U.S. Treasury Inflation-Indexed Notes          
1.375% 7/15/33   1,792,460    1,737,643 
         153,443,008 
           
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $186,024,580)		        153,443,008 
           
TOTAL BONDS & NOTES
(Cost $186,374,151)		        153,754,340 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $186,374,151)		        153,754,340 
           
           
   Number of
Shares		    
SHORT-TERM INVESTMENTS — 0.0%          
Mutual Fund — 0.0%          
T. Rowe Price Government Reserve Investment Fund   70    70 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $70)		        70 
           
TOTAL INVESTMENTS — 99.3%
(Cost $186,374,221) (c)		        153,754,410 
           
Other Assets/(Liabilities) — 0.7%        1,100,244 
           
NET ASSETS — 100.0%       $154,854,654 

 

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.
(c) See Note 3 for aggregate cost for federal tax purposes.

 

Exchange-Traded Options Written
Description  Expiration Date  Exercise Price   No. of Contracts   Notional
Amount		  Value  

Premiums

Paid

(Received)

  

Unrealized

Appreciation

(Depreciation)

 
Call       
U.S. Treasury Note 10 Year Future  1/26/24   111.50    134   USD   15,127,344   $(236,594)   $(100,263)   $(136,331) 

 

Futures contracts               
   Expiration
Date		  Number of
Contracts		   Notional
Amount		   Value/ Net
Unrealized
Appreciation
(Depreciation)		 
Long               
U.S. Treasury Note 10 Year  3/19/24   44   $4,857,946  $109,241 
U.S. Treasury Ultra Bond  3/19/24   18    2,256,776    147,912 
                $257,153 
Short               
U.S. Treasury Ultra 10 Year  3/19/24   16   $(1,832,634)   $(55,616) 

 

Currency Legend

USD U.S. Dollar

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 40.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,955,508   $20,806,603 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   2,363,810    31,391,395 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   448,613    5,123,164 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   884,891    11,078,837 
MM S&P 500 Index Fund, Class I (a)   486,885    7,434,736 
T. Rowe Price Hedged Equity Fund, Class I   696,308    7,436,574 
         83,271,309 
Fixed Income Funds — 59.3%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   4,985,236    42,823,181 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   1,030,063    7,818,177 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   4,340,071    38,930,433 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   1,350,867    7,065,032 
State Street Institutional U.S. Government Money Market Fund   4,637,362    4,637,362 
T. Rowe Price Dynamic Credit Fund, Class I   290,064    2,561,264 
T. Rowe Price Dynamic Global Bond Fund, Class I   958,114    7,444,545 
T. Rowe Price Institutional Floating Rate Fund   302,507    2,861,720 
T. Rowe Price Institutional High Yield Fund   905,676    7,100,502 
         121,242,216 
           
TOTAL MUTUAL FUNDS
(Cost $219,003,305)		        204,513,525 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $219,003,305)		        204,513,525 
           
TOTAL INVESTMENTS — 100.0%
(Cost $219,003,305) (b)		        204,513,525 
           
Other Assets/(Liabilities) — (0.0)%        (33,313) 
           
NET ASSETS — 100.0%       $204,480,212 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 99.9%          
           
Equity Funds — 43.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   179,450   $1,909,349 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   209,902    2,787,504 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   40,630    463,995 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   81,653    1,022,291 
MM S&P 500 Index Fund, Class I (a)   43,416    662,956 
T. Rowe Price Hedged Equity Fund, Class I   69,611    743,444 
         7,589,539 
Fixed Income Funds — 56.9%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   431,671    3,708,053 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   86,771    658,590 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   322,926    2,896,644 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   118,918    621,941 
State Street Institutional U.S. Government Money Market Fund   442,040    442,040 
T. Rowe Price Dynamic Credit Fund, Class I   27,459    242,466 
T. Rowe Price Dynamic Global Bond Fund, Class I   81,529    633,484 
T. Rowe Price Institutional Floating Rate Fund   25,556    241,759 
T. Rowe Price Institutional High Yield Fund   78,493    615,388 
         10,060,365 
           
TOTAL MUTUAL FUNDS
(Cost $18,231,465)		        17,649,904 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $18,231,465)		        17,649,904 
           
TOTAL INVESTMENTS — 99.9%
(Cost $18,231,465) (b)		        17,649,904 
           
Other Assets/(Liabilities) — 0.1%        25,904 
           
NET ASSETS — 100.0%       $17,675,808 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 46.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,104,481   $11,751,681 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   1,313,885    17,448,387 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   251,673    2,874,106 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   508,099    6,361,402 
MM S&P 500 Index Fund, Class I (a)   264,080    4,032,495 
T. Rowe Price Hedged Equity Fund, Class I   423,771    4,525,879 
         46,993,950 
Fixed Income Funds — 53.3%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   2,350,751    20,192,948 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   469,375    3,562,558 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   1,618,065    14,514,044 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   681,668    3,565,123 
State Street Institutional U.S. Government Money Market Fund   2,473,319    2,473,319 
T. Rowe Price Dynamic Credit Fund, Class I   147,020    1,298,190 
T. Rowe Price Dynamic Global Bond Fund, Class I   445,116    3,458,548 
T. Rowe Price Institutional Floating Rate Fund   138,062    1,306,068 
T. Rowe Price Institutional High Yield Fund   426,960    3,347,363 
         53,718,161 
           
TOTAL MUTUAL FUNDS
(Cost $107,293,646)		        100,712,111 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $107,293,646)		        100,712,111 
           
TOTAL INVESTMENTS — 100.0%
(Cost $107,293,646) (b)		        100,712,111 
           
Other Assets/(Liabilities) — (0.0)%        (2,610) 
           
NET ASSETS — 100.0%       $100,709,501 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 49.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   1,296,915   $13,799,173 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   1,541,648    20,473,087 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   296,904    3,390,648 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   590,135    7,388,490 
MM S&P 500 Index Fund, Class I (a)   320,223    4,889,803 
T. Rowe Price Hedged Equity Fund, Class I   490,154    5,234,846 
         55,176,047 
Fixed Income Funds — 50.3%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   2,525,620    21,695,078 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   497,396    3,775,237 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   1,559,944    13,992,702 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   758,720    3,968,106 
State Street Institutional U.S. Government Money Market Fund   2,477,270    2,477,270 
T. Rowe Price Dynamic Credit Fund, Class I   153,296    1,353,603 
T. Rowe Price Dynamic Global Bond Fund, Class I   479,663    3,726,981 
T. Rowe Price Institutional Floating Rate Fund   148,048    1,400,537 
T. Rowe Price Institutional High Yield Fund   453,628    3,556,443 
         55,945,957 
           
TOTAL MUTUAL FUNDS
(Cost $118,145,490)		        111,122,004 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $118,145,490)		        111,122,004 
           
TOTAL INVESTMENTS — 100.0%
(Cost $118,145,490) (b)		        111,122,004 
           
Other Assets/(Liabilities) — (0.0)%        (322) 
           
NET ASSETS — 100.0%       $111,121,682 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 53.0%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   6,217,056   $66,149,478 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   7,328,638    97,324,309 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,412,501    16,130,767 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   2,824,785    35,366,305 
MM S&P 500 Index Fund, Class I (a)   1,424,880    21,757,919 
T. Rowe Price Hedged Equity Fund, Class I   2,399,831    25,630,191 
         262,358,969 
Fixed Income Funds — 47.0%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   10,852,595    93,223,789 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   2,067,743    15,694,166 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   5,891,740    52,848,908 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   3,313,783    17,331,086 
State Street Institutional U.S. Government Money Market Fund   11,187,337    11,187,337 
T. Rowe Price Dynamic Credit Fund, Class I   676,390    5,972,522 
T. Rowe Price Dynamic Global Bond Fund, Class I   2,036,362    15,822,530 
T. Rowe Price Institutional Floating Rate Fund   606,724    5,739,608 
T. Rowe Price Institutional High Yield Fund   1,929,254    15,125,351 
         232,945,297 
           
TOTAL MUTUAL FUNDS
(Cost $525,185,183)		        495,304,266 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $525,185,183)		        495,304,266 
           
TOTAL INVESTMENTS — 100.0%
(Cost $525,185,183) (b)		        495,304,266 
           
Other Assets/(Liabilities) — (0.0)%        (177,858) 
           
NET ASSETS — 100.0%       $495,126,408 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 58.7%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   7,482,419   $79,612,935 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   8,925,710    118,533,436 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,684,078    19,232,166 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   3,377,354    42,284,466 
MM S&P 500 Index Fund, Class I (a)   1,617,334    24,696,692 
T. Rowe Price Hedged Equity Fund, Class I   2,377,786    25,394,757 
         309,754,452 
Fixed Income Funds — 41.3%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   10,572,289    90,815,966 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   1,906,718    14,471,992 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   4,736,565    42,486,989 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   3,589,326    18,772,173 
State Street Institutional U.S. Government Money Market Fund   12,485,539    12,485,539 
T. Rowe Price Dynamic Credit Fund, Class I   525,999    4,644,573 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,961,175    15,238,329 
T. Rowe Price Institutional Floating Rate Fund   551,464    5,216,845 
T. Rowe Price Institutional High Yield Fund   1,760,318    13,800,893 
         217,933,299 
           
TOTAL MUTUAL FUNDS
(Cost $560,065,387)		        527,687,751 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $560,065,387)		        527,687,751 
           
TOTAL INVESTMENTS — 100.0%
(Cost $560,065,387) (b)		        527,687,751 
           
Other Assets/(Liabilities) — (0.0)%        (172,890) 
           
NET ASSETS — 100.0%       $527,514,861 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 69.2%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   23,902,109   $254,318,440 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   28,525,437    378,817,798 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   5,142,998    58,733,043 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   10,732,153    134,366,553 
MM S&P 500 Index Fund, Class I (a)   5,396,653    82,406,898 
T. Rowe Price Hedged Equity Fund, Class I   3,058,139    32,660,922 
         941,303,654 
Fixed Income Funds — 30.8%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   22,501,143    193,284,814 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   3,328,642    25,264,396 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   4,989,673    44,757,364 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   9,309,037    48,686,265 
State Street Institutional U.S. Government Money Market Fund   33,310,633    33,310,633 
T. Rowe Price Dynamic Credit Fund, Class I   375,041    3,311,610 
T. Rowe Price Dynamic Global Bond Fund, Class I   4,094,059    31,810,839 
T. Rowe Price Institutional Floating Rate Fund   1,103,475    10,438,874 
T. Rowe Price Institutional High Yield Fund   3,492,549    27,381,582 
         418,246,377 
           
TOTAL MUTUAL FUNDS
(Cost $1,394,277,368)		        1,359,550,031 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,394,277,368)		        1,359,550,031 
           
TOTAL INVESTMENTS — 100.0%
(Cost $1,394,277,368) (b)		        1,359,550,031 
           
Other Assets/(Liabilities) — (0.0)%        (584,911) 
           
NET ASSETS — 100.0%       $1,358,965,120 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 80.5%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   15,913,208   $169,316,532 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   19,225,539    255,315,158 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   3,336,457    38,102,342 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   6,950,344    87,018,301 
MM S&P 500 Index Fund, Class I (a)   4,063,321    62,046,912 
         611,799,245 
Fixed Income Funds — 19.5%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   8,758,392    75,234,583 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   1,057,465    8,026,156 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   6,180    55,433 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   4,428,323    23,160,130 
State Street Institutional U.S. Government Money Market Fund   16,421,269    16,421,269 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,567,010    12,175,671 
T. Rowe Price Institutional Floating Rate Fund   349,844    3,309,523 
T. Rowe Price Institutional High Yield Fund   1,226,416    9,615,104 
         147,997,869 
           
TOTAL MUTUAL FUNDS
(Cost $775,742,259)		        759,797,114 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $775,742,259)		        759,797,114 
           
TOTAL INVESTMENTS — 100.0%
(Cost $775,742,259) (b)		        759,797,114 
           
Other Assets/(Liabilities) — (0.0)%        (295,302) 
           
NET ASSETS — 100.0%       $759,501,812 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 89.8%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   30,666,061   $326,286,891 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   37,124,578    493,014,389 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   6,395,251    73,033,769 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   13,389,567    167,637,378 
MM S&P 500 Index Fund, Class I (a)   8,001,415    122,181,611 
         1,182,154,038 
Fixed Income Funds — 10.2%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   7,247,457    62,255,659 
MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a)   508,735    3,861,300 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   27,702    248,490 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   4,231,625    22,131,401 
State Street Institutional U.S. Government Money Market Fund   26,888,412    26,888,412 
T. Rowe Price Dynamic Global Bond Fund, Class I   1,278,343    9,932,729 
T. Rowe Price Institutional Floating Rate Fund   211,292    1,998,827 
T. Rowe Price Institutional High Yield Fund   843,068    6,609,649 
         133,926,467 
           
TOTAL MUTUAL FUNDS
(Cost $1,307,258,216)		        1,316,080,505 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,307,258,216)		        1,316,080,505 
           
TOTAL INVESTMENTS — 100.0%
(Cost $1,307,258,216) (b)		        1,316,080,505 
           
Other Assets/(Liabilities) — (0.0)%        (586,919) 
           
NET ASSETS — 100.0%       $1,315,493,586 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 95.9%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   15,801,994   $168,133,216 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   19,179,666    254,705,961 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   3,290,586    37,578,491 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   6,881,370    86,154,748 
MM S&P 500 Index Fund, Class I (a)   4,225,103    64,517,320 
         611,089,736 
Fixed Income Funds — 4.1%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   1,192,502    10,243,590 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   7,775    69,738 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   987,312    5,163,642 
State Street Institutional U.S. Government Money Market Fund   9,090,864    9,090,864 
T. Rowe Price Dynamic Global Bond Fund, Class I   192,537    1,496,015 
         26,063,849 
           
TOTAL MUTUAL FUNDS
(Cost $640,260,924)		        637,153,585 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $640,260,924)		        637,153,585 
           
TOTAL INVESTMENTS — 100.0%
(Cost $640,260,924) (b)		        637,153,585 
           
Other Assets/(Liabilities) — (0.0)%        (249,693) 
           
NET ASSETS — 100.0%       $636,903,892 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 97.5%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   24,043,100   $255,818,587 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   29,249,107    388,428,137 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   5,004,450    57,150,815 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   10,481,991    131,234,529 
MM S&P 500 Index Fund, Class I (a)   6,416,573    97,981,068 
         930,613,136 
Fixed Income Funds — 2.5%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   680,921    5,849,112 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   12,145    108,940 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   517,413    2,706,069 
State Street Institutional U.S. Government Money Market Fund   14,345,874    14,345,874 
T. Rowe Price Dynamic Global Bond Fund, Class I   114,361    888,584 
         23,898,579 
           
TOTAL MUTUAL FUNDS
(Cost $943,936,684)		        954,511,715 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $943,936,684)		        954,511,715 
           
TOTAL INVESTMENTS — 100.0%
(Cost $943,936,684) (b)		        954,511,715 
           
Other Assets/(Liabilities) — (0.0)%        (434,479) 
           
NET ASSETS — 100.0%       $954,077,236 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 98.2%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   10,960,964   $116,624,653 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   13,339,915    177,154,070 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   2,270,258    25,926,341 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   4,783,847    59,893,759 
MM S&P 500 Index Fund, Class I (a)   2,914,974    44,511,661 
         424,110,484 
Fixed Income Funds — 1.8%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   269,761    2,317,246 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   2,610    23,415 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   211,976    1,108,634 
State Street Institutional U.S. Government Money Market Fund   4,151,323    4,151,323 
T. Rowe Price Dynamic Global Bond Fund, Class I   53,671    417,024 
         8,017,642 
           
TOTAL MUTUAL FUNDS
(Cost $433,428,953)		        432,128,126 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $433,428,953)		        432,128,126 
           
TOTAL INVESTMENTS — 100.0%
(Cost $433,428,953) (b)		        432,128,126 
           
Other Assets/(Liabilities) — (0.0)%        (161,676) 
           
NET ASSETS — 100.0%       $431,966,450 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

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

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 100.0%          
           
Equity Funds — 98.1%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   6,449,412   $68,621,739 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   7,852,776    104,284,868 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   1,339,719    15,299,589 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   2,824,047    35,357,066 
MM S&P 500 Index Fund, Class I (a)   1,712,317    26,147,079 
         249,710,341 
Fixed Income Funds — 1.9%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   167,352    1,437,553 
MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a)   1,256    11,267 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   125,415    655,920 
State Street Institutional U.S. Government Money Market Fund   2,550,757    2,550,757 
T. Rowe Price Dynamic Global Bond Fund, Class I   30,382    236,065 
         4,891,562 
           
TOTAL MUTUAL FUNDS
(Cost $254,549,430)		        254,601,903 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $254,549,430)		        254,601,903 
           
TOTAL INVESTMENTS — 100.0%
(Cost $254,549,430) (b)		        254,601,903 
           
Other Assets/(Liabilities) — (0.0)%        (88,589) 
           
NET ASSETS — 100.0%       $254,513,314 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

MassMutual Select T. Rowe Price Retirement 2065 Fund —  Portfolio of Investments

 

December 31, 2023 (Unaudited)

 

   Number of
Shares		   Value 
MUTUAL FUNDS — 99.8%          
           
Equity Funds — 97.9%          
MassMutual Select T. Rowe Price International Equity Fund, Class I (a)   51,999   $553,268 
MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a)   62,484    829,783 
MassMutual Select T. Rowe Price Real Assets Fund, Class I (a)   10,983    125,420 
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a)   22,514    281,872 
MM S&P 500 Index Fund, Class I (a)   13,621    207,997 
         1,998,340 
Fixed Income Funds — 1.9%          
MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a)   1,323    11,364 
MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a)   1,072    5,606 
State Street Institutional U.S. Government Money Market Fund   19,239    19,239 
T. Rowe Price Dynamic Global Bond Fund, Class I   262    2,033 
         38,242 
           
TOTAL MUTUAL FUNDS
(Cost $1,940,538)		        2,036,582 
           
TOTAL LONG-TERM INVESTMENTS
(Cost $1,940,538)		        2,036,582 
           
TOTAL INVESTMENTS — 99.8%
(Cost $1,940,538) (b)		        2,036,582 
           
Other Assets/(Liabilities) — 0.2%        3,880 
           
NET ASSETS — 100.0%       $2,040,462 

 

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

 

 

 

Notes to Portfolio of Investments (Unaudited)

 

1. The Funds 

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

 

MassMutual Total Return Bond Fund ("Total Return Bond Fund")

MassMutual Strategic Bond Fund ("Strategic Bond Fund")

MassMutual Diversified Value Fund ("Diversified Value Fund")

MassMutual Fundamental Value Fund ("Fundamental Value Fund")

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

MassMutual Equity Opportunities Fund ("Equity Opportunities Fund")

MassMutual Fundamental Growth Fund ("Fundamental Growth Fund")

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

MassMutual Growth Opportunities Fund ("Growth Opportunities Fund")

MassMutual Mid Cap Value Fund ("Mid Cap Value Fund")

MassMutual Small Cap Value Equity Fund ("Small Cap Value Equity Fund")

MassMutual Small Company Value Fund ("Small Company Value Fund")

MassMutual Mid Cap Growth Fund ("Mid Cap Growth Fund")

MassMutual Small Cap Growth Equity Fund ("Small Cap Growth Equity Fund")

MassMutual Overseas Fund ("Overseas Fund")

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

MassMutual 20/80 Allocation Fund ("20/80 Allocation Fund")

MassMutual 40/60 Allocation Fund ("40/60 Allocation Fund")

MassMutual 60/40 Allocation Fund ("60/40 Allocation Fund")

MassMutual 80/20 Allocation Fund ("80/20 Allocation Fund")

MassMutual RetireSMARTSM by JPMorgan In Retirement Fund ("MM RetireSMART by JPMorgan In Retirement Fund")

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MassMutual RetireSMARTSM by JPMorgan 2020 Fund ("MM RetireSMART by JPMorgan 2020 Fund")

MassMutual RetireSMARTSM by JPMorgan 2025 Fund ("MM RetireSMART by JPMorgan 2025 Fund")

MassMutual RetireSMARTSM by JPMorgan 2030 Fund ("MM RetireSMART by JPMorgan 2030 Fund")

MassMutual RetireSMARTSM by JPMorgan 2035 Fund ("MM RetireSMART by JPMorgan 2035 Fund")

MassMutual RetireSMARTSM by JPMorgan 2040 Fund ("MM RetireSMART by JPMorgan 2040 Fund")

MassMutual RetireSMARTSM by JPMorgan 2045 Fund ("MM RetireSMART by JPMorgan 2045 Fund")

MassMutual RetireSMARTSM by JPMorgan 2050 Fund ("MM RetireSMART by JPMorgan 2050 Fund")

MassMutual RetireSMARTSM by JPMorgan 2055 Fund ("MM RetireSMART by JPMorgan 2055 Fund")

MassMutual RetireSMARTSM by JPMorgan 2060 Fund ("MM RetireSMART by JPMorgan 2060 Fund")

MassMutual RetireSMARTSM by JPMorgan 2065 Fund ("MM RetireSMART by JPMorgan 2065 Fund")

MM Equity Asset Fund ("Equity Asset Fund")

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

MassMutual Select T. Rowe Price 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")

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

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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 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").

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, 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").

 

2. Significant Accounting Policies 

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

 

Investment Valuation 

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

 

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

 

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

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System ("NASDAQ System"), or in the case of over-the-counter ("OTC") securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

 

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

 

The Board of Trustees ("Trustees") have designated MML Advisers as the Funds’ "valuation designee," responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The Funds and certain Underlying Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day.  The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

 

Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including the following:

 

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

 

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

 

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

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

 

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

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

 

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

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

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

 

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

 

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

 

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

 

The Fundamental Growth Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2023. The MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and the MM Select T. Rowe Price Retirement Funds characterized all investments at Level 1, as of December 31, 2023. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

The following is the aggregate value by input level, as of December 31, 2023, for the remaining Funds' investments:

 

Total Return Bond Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans  $—   $13,808,217   $—   $13,808,217 
Corporate Debt   —    190,694,755    —    190,694,755 
Municipal Obligations   —    5,304,456    —    5,304,456 
Non-U.S. Government Agency Obligations   —    133,329,416    —    133,329,416 
Sovereign Debt Obligations   —    4,538,677    —    4,538,677 
U.S. Government Agency Obligations and Instrumentalities   —    338,490,686    —    338,490,686 
U.S. Treasury Obligations   —    261,901,409    —    261,901,409 
Common Stock   477,502    —    —    477,502 
Short-Term Investments   13,775,725    96,460,325    —    110,236,050 
Total Investments  $14,253,227   $1,044,527,941   $—   $1,058,781,168 
                     
Asset Derivatives                    
Forward Contracts  $—   $5,101   $—   $5,101 
Futures Contracts   3,118,255    —    —    3,118,255 
Total  $3,118,255   $5,101   $—   $3,123,356 
                     
Liability Derivatives                    
Forward Contracts  $—   $(349,953)  $—   $(349,953)
Futures Contracts   (289,708)   —    —    (289,708)
Swap Agreements   —    (179,282)   —    (179,282)
Total  $(289,708)  $(529,235)  $—   $(818,943)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Strategic Bond Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans  $—   $6,532,848   $—   $6,532,848 
Corporate Debt   —    100,748,361    —    100,748,361 
Non-U.S. Government Agency Obligations   —    30,491,059    —    30,491,059 
Sovereign Debt Obligations   —    14,278,101    —    14,278,101 
U.S. Government Agency Obligations and Instrumentalities   —    153,286,380    —    153,286,380 
U.S. Treasury Obligations   —    86,323,531    —    86,323,531 
Purchased Options   90,989    11,838    —    102,827 
Short-Term Investments   4,693,315    7,440,501    —    12,133,816 
Total Investments  $4,784,304   $399,112,619   $—   $403,896,923 
                     
Asset Derivatives                    
Forward Contracts  $—   $760,339   $—   $760,339 
Futures Contracts   8,611,803    —    —    8,611,803 
Swap Agreements   —    2,149,635    —    2,149,635 
Total  $8,611,803   $2,909,974   $—   $11,521,777 
                     
Liability Derivatives                    
Forward Contracts  $—   $(178,735)  $—   $(178,735)
Futures Contracts   (2,240,540)   —    —    (2,240,540)
Swap Agreements   —    (334,135)   —    (334,135)
Written Options   (167,224)   (10,045)   —    (177,269)
Total  $(2,407,764)  $(522,915)  $—   $(2,930,679)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Diversified Value Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $286,251,596   $6,442,002*  $—   $292,693,598 
Preferred Stock   —    1,922,333*   —    1,922,333 
Mutual Funds   2,417,607    —    —    2,417,607 
Short-Term Investments   214,680    2,332,474    —    2,547,154 
Total Investments  $288,883,883   $10,696,809   $—   $299,580,692 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Fundamental Value Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $429,723,184   $—   $—   $429,723,184 
Short-Term Investments   2,027,172    7,673,615    —    9,700,787 
Total Investments  $431,750,356   $7,673,615   $—   $439,423,971 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

S&P 500 Index Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,655,450,556   $—   $—   $2,655,450,556 
Short-Term Investments   —    5,860,691    —    5,860,691 
Total Investments  $2,655,450,556   $5,860,691   $—   $2,661,311,247 
                     
Asset Derivatives                    
Futures Contracts  $134,759   $ —   $ —   $ 134,759 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Opportunities Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $609,948,321   $11,694,450*   $—   $621,642,771 
Preferred Stock   —    3,440,735*    —    3,440,735 
Short-Term Investments   368,323    17,249,920    —    17,618,243 
Total Investments  $610,316,644   $32,385,105   $—   $642,701,749 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Blue Chip Growth Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,315,097,478   $3,064,693   $3,039,637   $2,321,201,808 
Preferred Stock   —    —    3,882,992    3,882,992 
Corporate Debt   —    2,792,593    —    2,792,593 
Short-Term Investments   882,041    20,405,990    —    21,288,031 
Total Investments  $2,315,979,519   $26,263,276   $6,922,629   $2,349,165,424 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Growth Opportunities Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $145,059,406   $—   $—   $145,059,406 
Short-Term Investments   2,922,746    1,123,127    —    4,045,873 
Total Investments  $147,982,152   $1,123,127   $—   $149,105,279 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Mid Cap Value Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $88,098,927   $2,523,091*  $—   $90,622,018 
Preferred Stock   —    257,302*   —    257,302 
Short-Term Investments   —    2,833,902    —    2,833,902 
Total Investments  $88,098,927   $5,614,295   $—   $93,713,222 
Liability Derivatives                    
Forward Contracts  $—   $(23,026)  $—   $(23,026)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Cap Value Equity Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $51,622,483   $—   $—   $51,622,483 
Short-Term Investments   310,200    1,516,970    —    1,827,170 
Total Investments  $51,932,683   $1,516,970   $—   $53,449,653 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Company Value Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $198,803,648   $362,308*  $—   $199,165,956 
Rights   —    1,228*   —    1,228 
Short-Term Investments   502,448    1,960,227    —    2,462,675 
Total Investments  $199,306,096   $2,323,763   $—   $201,629,859 
Liability Derivatives                    
Forward Contracts  $—   $(3,301)  $—   $(3,301)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Mid Cap Growth Fund

 

Asset Investments  Level 1  Level 2  Level 3  Total  
Common Stock  $5,192,306,517  $2,321,887  $—  $5,194,628,404  
Preferred Stock   —   —   13,633,255   13,633,255  
Short-Term Investments   10,917,446   113,443,087   —   124,360,533  
Total Investments  $5,203,223,963  $115,764,974  $13,633,255  $5,332,622,192  

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Small Cap Growth Equity Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $829,085,436   $—   $—   $829,085,436 
Mutual Funds   6,389,496    —    —    6,389,496 
Short-Term Investments   3,904,167    7,324,894    —    11,229,061 
Total Investments  $839,379,099   $7,324,894   $—   $846,703,993 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

  

Overseas Fund

 

Asset Investments   Level 1  Level 2  Level 3  Total  
Common Stock*                  
Australia  $—  $5,563,665  $—  $5,563,665  
Belgium   1,675,711   4,113,658   —   5,789,369  
Canada   15,468,076   —   —   15,468,076  
China   1,316,178   10,194,958   —   11,511,136  
Denmark   —   11,281,476   —   11,281,476  
France   —   77,067,147   —   77,067,147  
Germany   —   71,363,396   —   71,363,396  
Hong Kong   —   12,123,696   —   12,123,696  
India   —   7,325,693   —   7,325,693  
Indonesia   —   221,790   —   221,790  
Ireland   7,723,678   1,404,249   —   9,127,927  
Israel   2,887,884   —   —   2,887,884  
Italy   —   12,562,608   —   12,562,608  
Japan   —   52,576,162   —   52,576,162  
Luxembourg   —   2,551,697   —   2,551,697  
Netherlands   —   15,003,427   —   15,003,427  
Portugal   —   2,265,985   —   2,265,985  
Republic of Korea   —   6,414,668   —   6,414,668  
Singapore   —   3,693,706   —   3,693,706  
Spain   —   5,721,610   —   5,721,610  
Sweden   —   6,588,856   —   6,588,856  
Switzerland   —   36,101,444   —   36,101,444  
Taiwan   3,586,128   —   —   3,586,128  
United Kingdom   —   52,853,529   —   52,853,529  
United States   4,766,289   39,699,078   —   44,465,367  
Preferred Stock*                  
Republic of Korea   —   2,902,954   —   2,902,954  
Short-Term Investments   —   10,268,804   —   10,268,804  
Total Investments  $37,423,944  $449,864,256  $—  $487,288,200  

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price International Equity Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Australia  $—   $33,068,424   $—   $33,068,424 
Austria   —    8,932,077    —    8,932,077 
Belgium   —    3,654,746    —    3,654,746 
Brazil   6,853,395    25,233,551    —    32,086,946 
Canada   65,058,486    —    —    65,058,486 
Chile   2,778,478    2,693,968    —    5,472,446 
China   39,383,575    98,283,789    —    137,667,364 
Denmark   6,200,482    11,077,419    —    17,277,901 
Finland   —    9,761,405    —    9,761,405 
France   —    105,981,857    —    105,981,857 
Germany   —    98,693,640    —    98,693,640 
Guatemala   —    1,477,685    —    1,477,685 
Hong Kong   —    24,565,126    —    24,565,126 
Hungary   —    5,766,749    —    5,766,749 
India   2,263,584    68,004,040    —    70,267,624 
Indonesia   —    12,089,055    —    12,089,055 
Ireland   2,718,328    —    —    2,718,328 
Italy   1,398,686    27,456,869    —    28,855,555 
Japan   —    215,473,028    —    215,473,028 
Luxembourg   —    2,560,370    —    2,560,370 
Macau   —    4,303,721    —    4,303,721 
Malaysia   —    4,089,234    —    4,089,234 
Mexico   13,165,472    1,480,594    —    14,646,066 
Netherlands   3,901,348    70,373,876    —    74,275,224 
Norway   —    13,792,460    —    13,792,460 
Peru   695,525    —    —    695,525 
Philippines   —    4,810,646    —    4,810,646 
Poland   —    2,334,574    —    2,334,574 
Portugal   —    10,813,779    —    10,813,779 
Republic of Korea   2,084,195    60,847,469    —    62,931,664 
Russia   —    —    —+   — 
Saudi Arabia   —    17,196,652    —    17,196,652 
Singapore   1,805,166    10,256,547    —    12,061,713 
South Africa   —    12,384,657    —    12,384,657 
Spain   —    11,691,839    —    11,691,839 
Sweden   —    32,218,487    —    32,218,487 
Switzerland   —    53,656,977    —    53,656,977 
Taiwan   —    57,012,278    —    57,012,278 
Thailand   2,261,260    4,693,747    —    6,955,007 
United Arab Emirates   —    1,549,106    —    1,549,106 
United Kingdom   22,804,502    116,797,364    —    139,601,866 
United States   24,758,317    65,886,614    408,531    91,053,462 
Preferred Stock*                    
Brazil   —    2,590,972    —    2,590,972 
Germany   —    7,573,633    —    7,573,633 
United States   —    —    24,533    24,533 
Warrants   —    —    —+   — 
Rights   3,862    —    —+   3,862 
Short-Term Investments   33,364,470    598,890    —    33,963,360 
Total Investments  $231,499,131   $1,321,727,914   $433,064   $1,553,660,109 
                     
Liability Derivatives                    
Written Options  $—   $(24,783)  $—   $(24,783)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Equity Asset Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $299,972,756   $2,577*  $—   $299,975,333 
Rights   —    —    —+   — 
Short-Term Investments   —    2,246,162    —    2,246,162 
Total Investments  $299,972,756   $2,248,739   $—   $302,221,495 
                     
Asset Derivatives                    
Futures Contracts  $38,535   $—   $—   $38,535 

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Bond Asset Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Bank Loans  $—   $6,087,578   $—   $6,087,578 
Corporate Debt   —    153,813,701    —    153,813,701 
Municipal Obligations   —    356,247    —    356,247 
Non-U.S. Government Agency Obligations   —    38,792,608    —    38,792,608 
Sovereign Debt Obligations   —    103,435,747    —    103,435,747 
U.S. Government Agency Obligations and Instrumentalities   —    124,649,859    —    124,649,859 
U.S. Treasury Obligations   —    154,577,802    —    154,577,802 
Purchased Options   —    23,527    —    23,527 
Short-Term Investments   30,810,918    20,360,441    —    51,171,359 
Total Investments  $30,810,918   $602,097,510   $—   $632,908,428 
                     
Asset Derivatives                    
Forward Contracts  $—   $1,576,181   $—   $1,576,181 
Futures Contracts   1,644,797    —    —    1,644,797 
Swap Agreements   —    3,088,789    —    3,088,789 
Total  $1,644,797   $4,664,970   $—   $6,309,767 
                     
Liability Derivatives                    
Forward Contracts  $—   $(4,914,109)  $—   $(4,914,109)
Futures Contracts   (386,666)   —    —    (386,666)
Swap Agreements   —    (1,761,851)   —    (1,761,851)
Written Options   —    (5,539)   —    (5,539)
Total  $(386,666)  $(6,681,499)  $—   $(7,068,165)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Emerging Markets Bond Fund                
                 
Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $—   $22,429,652   $—   $22,429,652 
Sovereign Debt Obligations   —    56,769,914    —    56,769,914 
Short-Term Investments   2,114,160    973,908    —    3,088,068 
Total Investments  $2,114,160   $80,173,474   $—   $82,287,634 
                     
Asset Derivatives                    
Forward Contracts  $—   $8,986   $—   $8,986 
Futures Contracts   310,900    —    —    310,900 
Total  $310,900   $8,986   $—   $319,886 
                     
Liability Derivatives                    
Forward Contracts  $—   $(158,165)  $—   $(158,165)
Futures Contracts   (48,367)   —    —    (48,367)
Total  $(48,367)  $(158,165)  $—   $(206,532)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Large Cap Blend Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $2,288,873,835   $11,090,167   $3,286,089   $2,303,250,091 
Preferred Stock   —    7,387,241    4,526,214    11,913,455 
Short-Term Investments   23,416,322    —    —    23,416,322 
Total Investments  $2,312,290,157   $18,477,408   $7,812,303   $2,338,579,868 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Corporate Debt  $—   $517,275   $—   $517,275 
Municipal Obligations   —    237,607    —    237,607 
Non-U.S. Government Agency Obligations   —    110,564    —    110,564 
U.S. Government Agency Obligations and Instrumentalities   —    237,106    —    237,106 
U.S. Treasury Obligations   —    200,708,311    —    200,708,311 
Short-Term Investments   6,580,644    1,057,770    —    7,638,414 
Total Investments  $6,580,644   $202,868,633   $—   $209,449,277 
                     
Asset Derivatives                    
Forward Contracts  $—   $98,179   $—   $98,179 
Futures Contracts   153,931    —    —    153,931 
Swap Agreements   —    282,501    —    282,501 
Total  $153,931   $380,680   $—   $534,611 
                     
Liability Derivatives                    
Forward Contracts  $—   $(121,302)  $—   $(121,302)
Futures Contracts   (79,611)   —    —    (79,611)
Swap Agreements   —    (14,860)   —    (14,860)
Written Options   (333,703)   —    —    (333,703)
Total  $(413,314)  $(136,162)  $—   $(549,476)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Real Assets Fund

 

Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock*                    
Australia  $—   $31,887,487   $—   $31,887,487 
Austria   —    1,269,333    —    1,269,333 
Bahrain   303,186    —    —    303,186 
Belgium   —    2,042,054    —    2,042,054 
Bosnia and Herzegowina   —    653,206    —    653,206 
Brazil   8,835,183    —    —    8,835,183 
Burkina Faso   1,594,421    —    —    1,594,421 
Canada   33,364,537    —    —    33,364,537 
Chile   830,012    320,360    —    1,150,372 
China   —    962,327    —    962,327 
Egypt   —    384,718    —    384,718 
France   —    5,806,850    —    5,806,850 
Germany   —    1,369,611    —    1,369,611 
Ghana   867,750    —    —    867,750 
Hong Kong   —    2,237,021    —    2,237,021 
India   —    793,789    —    793,789 
Japan   —    10,540,599    —    10,540,599 
Kazakhstan   —    771,744    —    771,744 
Luxembourg   —    1,467,257    —    1,467,257 
Mexico   2,979,604    —    —    2,979,604 
Netherlands   —    3,075,654    —    3,075,654 
Norway   526,747    3,111,663    —    3,638,410 
Portugal   —    809,878    —    809,878 
Republic of Korea   —    934,917    —    934,917 
Russia   —    —    —+    — 
Singapore   —    1,805,246    —    1,805,246 
South Africa   —    6,447,645    —    6,447,645 
Spain   —    497,880    —    497,880 
Sweden   —    3,003,098    —    3,003,098 
United Kingdom   3,514,822    4,853,417    —    8,368,239 
United States   191,007,552    1,820,010    —    192,827,562 
Vietnam   2,264,155    —    —    2,264,155 
Zambia   242,080    —    —    242,080 
Preferred Stock                    
United States   —    —    1,684,739    1,684,739 
Mutual Funds   4,580,380    —    —    4,580,380 
Purchased Options   —    14,191    —    14,191 
Short-Term Investments   18,437,288    2,644,639    —    21,081,927 
Total Investments  $269,347,717   $89,524,594   $1,684,739   $360,557,050 
                     
Asset Derivatives                    
Forward Contracts  $—   $422,850   $—   $422,850 
Futures Contracts   910,700    —    —    910,700 
Swap Agreements   —    1,005    —    1,005 
Total  $910,700   $423,855   $—   $1,334,555 
                     
Liability Derivatives                    
Forward Contracts  $—   $(143,671)  $—   $(143,671)
Futures Contracts   (73,123)   —    —    (73,123)
Swap Agreements   —    (19,632)   —    (19,632)
Total  $(73,123)  $(163,303)  $—   $(236,426)

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

MM Select T. Rowe Price Small and Mid Cap Blend Fund
 
Asset Investments  Level 1   Level 2   Level 3   Total 
Common Stock  $763,843,162   $8,873,076*  $1,113,357   $773,829,595 
Preferred Stock   —    985,290*   8,474,836    9,460,126 
Corporate Debt   —    97,219    —    97,219 
Warrants   718    —    9,675    10,393 
Short-Term Investments   23,116,046    1,013,821    —    24,129,867 
Total Investments  $786,959,926   $10,969,406   $9,597,868   $807,527,200 

 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

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

 

Asset Investments  Level 1   Level 2   Level 3   Total 
U.S. Government Agency Obligations and Instrumentalities  $—   $311,332   $—   $311,332 
U.S. Treasury Obligations   —    153,443,008    —    153,443,008 
Short-Term Investments   70    —    —    70 
Total Investments  $70   $153,754,340   $—   $153,754,410 
                     
Asset Derivatives                    
Futures Contracts  $257,153   $—   $—   $257,153 
                     
Liability Derivatives                    
Futures Contracts  $(55,616)  $—   $—   $(55,616)
Written Options   (236,594)   —    —    (236,594)
Total  $(292,210)  $—   $—   $(292,210)

 

*Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.
+Represents a security at $0 value as of December 31, 2023.

 

Derivative Instruments 

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

 

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

 

Securities Lending 

Each Fund, other than the MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and MM Select T. Rowe Price Retirement Funds may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

 

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 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.

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower ("Borrowing Agreement"), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

 

Accounting for Investment Transactions 

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

 

Foreign Currency Translation 

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

 

Foreign Securities 

The MM Select T. Rowe Price Real Assets Fund invests a significant amount of its assets in foreign securities and each of the Overseas Fund, MM Select T. Rowe Price International Equity Fund, and MM Select T. Rowe Price Emerging Markets Bond Fund invests substantially all of its assets in foreign securities. The other Funds and certain Underlying Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

Federal Income Tax 

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

 

Dividends and Distributions to Shareholders 

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

 

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

 

3. Federal Income Tax Information 

At December 31, 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:

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

  

Federal Income

Tax Cost

  

Tax Basis

Unrealized

Appreciation

  

Tax Basis

Unrealized

(Depreciation)

  

Net Unrealized

Appreciation

(Depreciation)

 
Total Return Bond Fund  $1,066,134,721   $20,095,473   $(27,449,026)  $(7,353,553)
Strategic Bond Fund   419,563,250    4,456,950    (20,123,277)   (15,666,327)
Diversified Value Fund   243,163,729    59,923,442    (3,506,479)   56,416,963 
Fundamental Value Fund   353,288,919    92,819,457    (6,684,405)   86,135,052 
S&P 500 Index Fund   1,381,239,581    1,337,187,838    (57,116,172)   1,280,071,666 
Equity Opportunities Fund   520,694,479    129,955,971    (7,948,701)   122,007,270 
Fundamental Growth Fund   22,912,614    4,746,337    (531,229)   4,215,108 
Blue Chip Growth Fund   1,433,607,918    984,770,942    (69,213,436)   915,557,506 
Growth Opportunities Fund   117,914,009    36,790,657    (5,599,387)   31,191,270 
Mid Cap Value Fund   88,836,885    8,694,329    (3,817,992)   4,876,337 
Small Cap Value Equity Fund   47,044,201    9,065,095    (2,659,643)   6,405,452 
Small Company Value Fund   196,485,224    21,052,984    (15,908,349)   5,144,635 
Mid Cap Growth Fund   4,158,165,686    1,308,479,332    (134,022,826)   1,174,456,506 
Small Cap Growth Equity Fund   727,804,959    151,112,654    (32,213,620)   118,899,034 
Overseas Fund   406,810,830    97,609,577    (17,132,207)   80,477,370 
MM Select T. Rowe Price International Equity Fund   1,375,279,326    263,009,229    (84,628,446)   178,380,783 
20/80 Allocation Fund   191,066,450    932,507    (15,970,484)   (15,037,977)
40/60 Allocation Fund   194,286,083    1,881,739    (17,508,323)   (15,626,584)
60/40 Allocation Fund   174,641,099    2,512,732    (11,589,060)   (9,076,328)
80/20 Allocation Fund   129,953,701    2,623,293    (6,179,953)   (3,556,660)
MM RetireSMART by JPMorgan In Retirement Fund   79,363,464    896,731    (4,405,835)   (3,509,104)
MM RetireSMART by JPMorgan 2020 Fund   124,303,246    1,444,548    (4,822,346)   (3,377,798)
MM RetireSMART by JPMorgan 2025 Fund   147,573,091    1,551,937    (8,035,738)   (6,483,801)
MM RetireSMART by JPMorgan 2030 Fund   279,128,912    4,793,255    (10,315,289)   (5,522,034)
MM RetireSMART by JPMorgan 2035 Fund   167,972,074    2,093,150    (8,079,101)   (5,985,951)
MM RetireSMART by JPMorgan 2040 Fund   203,531,034    5,167,123    (5,422,399)   (255,276)
MM RetireSMART by JPMorgan 2045 Fund   126,310,821    2,007,362    (4,756,031)   (2,748,669)
MM RetireSMART by JPMorgan 2050 Fund   147,158,168    4,069,184    (1,359,907)   2,709,277 
MM RetireSMART by JPMorgan 2055 Fund   69,781,748    1,227,712    (2,007,410)   (779,698)
MM RetireSMART by JPMorgan 2060 Fund   24,518,248    681,684    (411,704)   269,980 
MM RetireSMART by JPMorgan 2065 Fund   924,104    28,345    (4,312)   24,033 
Equity Asset Fund   228,524,644    77,535,039    (3,838,188)   73,696,851 
MM Select T. Rowe Price Bond Asset Fund   649,543,461    9,738,450    (26,373,483)   (16,635,033)
MM Select T. Rowe Price Emerging Markets Bond Fund   90,440,399    1,675,333    (9,828,098)   (8,152,765)
MM Select T. Rowe Price Large Cap Blend Fund   1,976,304,094    383,908,295    (21,632,521)   362,275,774 
MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund   212,518,793    313,786    (3,383,302)   (3,069,516)
MM Select T. Rowe Price Real Assets Fund   348,341,631    25,560,050    (13,344,631)   12,215,419 
MM Select T. Rowe Price Small and Mid Cap Blend Fund   682,944,719    161,498,285    (36,915,804)   124,582,481 
MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund   186,374,221    936,381    (33,556,192)   (32,619,811)
MM Select T. Rowe Price Retirement Balanced Fund   219,003,305    1,717,340    (16,207,120)   (14,489,780)
MM Select T. Rowe Price Retirement 2005 Fund   18,231,465    389,562    (971,123)   (581,561)
MM Select T. Rowe Price Retirement 2010 Fund   107,293,646    1,143,016    (7,724,551)   (6,581,535)
MM Select T. Rowe Price Retirement 2015 Fund   118,145,490    1,074,743    (8,098,229)   (7,023,486)
MM Select T. Rowe Price Retirement 2020 Fund   525,185,183    6,931,515    (36,812,432)   (29,880,917)
MM Select T. Rowe Price Retirement 2025 Fund   560,065,387    4,594,445    (36,972,081)   (32,377,636)
MM Select T. Rowe Price Retirement 2030 Fund   1,394,277,368    26,534,167    (61,261,504)   (34,727,337)
MM Select T. Rowe Price Retirement 2035 Fund   775,742,259    8,103,194    (24,048,339)   (15,945,145)
MM Select T. Rowe Price Retirement 2040 Fund   1,307,258,216    40,341,891    (31,519,602)   8,822,289 
MM Select T. Rowe Price Retirement 2045 Fund   640,260,924    8,908,969    (12,016,308)   (3,107,339)
MM Select T. Rowe Price Retirement 2050 Fund   943,936,684    24,912,655    (14,337,624)   10,575,031 
MM Select T. Rowe Price Retirement 2055 Fund   433,428,953    5,423,485    (6,724,312)   (1,300,827)
MM Select T. Rowe Price Retirement 2060 Fund   254,549,430    2,380,418    (2,327,945)   52,473 
MM Select T. Rowe Price Retirement 2065 Fund   1,940,538    96,217    (173)   96,044 

 

 

Notes to Portfolio of Investments (Unaudited) (Continued)

 

4. New Accounting Pronouncements

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

 

Notes to Portfolio of Investments (Unaudited) (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.

 

5. 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 or 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 a Fund’s or an Underlying Fund's investments, even beyond any direct exposure the Fund or the Underlying Fund may have to Russian issuers or the adjoining geographic regions. 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 or an Underlying Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund or an Underlying Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

 

6. Subsequent Events 

Management has evaluated the events and transactions subsequent to  December 31, 2023, through the date when the Portfolios of Investments were issued,  and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds’ Portfolios of Investments other than those disclosed below:

 

Effective January 1, 2024, certain of the Funds have changed their distribution frequency and therefore dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.