# EDGAR Filing Document

**Accession Number:** 0000916053
**File Stem:** 0001133228-25-006133
**Filing Date:** 2025-6
**Character Count:** 1760096
**Document Hash:** 1854c46905f45e2005a60038088e3fdf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006133.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006133

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 185

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL SELECT FUNDS
- **CENTRAL INDEX KEY:** 0000916053

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08274
- **FILM NUMBER:** 251029356

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 413-744-1000

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASSMUTUAL INSTITUTIONAL FUNDS
- **DATE OF NAME CHANGE:** 19931213

## Series and Classes Contracts Data

### MassMutual Blue Chip Growth Fund (Series ID: S000003658)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010176 | Class A              | MBCGX           |
| C000010177 | Administrative Class | MBCLX           |
| C000010178 | Class R3             | MBCNX           |
| C000010179 | Class R5             | MBCSX           |
| C000010180 | Service Class        | MBCYX           |
| C000140351 | Class I              | MBCZX           |
| C000140352 | Class R4             | MBGFX           |
| C000240788 | Class Y              | MMZMX           |

### MM S&P 500 Index Fund (Series ID: S000003661)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010191 | Class R4             | MIEAX           |
| C000010193 | Class R3             | MMINX           |
| C000010194 | Service Class        | MMIEX           |
| C000010195 | Administrative Class | MIEYX           |
| C000010196 | Class R5             | MIEZX           |
| C000108421 | Class I              | MMIZX           |
| C000140354 | Class A              | MMFFX           |

### MassMutual Mid Cap Growth Fund (Series ID: S000003665)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010212 | Class A              | MEFAX           |
| C000010213 | Administrative Class | MMELX           |
| C000010214 | Class R3             | MEFNX           |
| C000010215 | Class R5             | MGRFX           |
| C000010216 | Service Class        | MEFYX           |
| C000093669 | Class I              | MEFZX           |
| C000140357 | Class R4             | MEFFX           |
| C000240790 | Class Y              | MMNGX           |

### MassMutual Overseas Fund (Series ID: S000003667)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010222 | Class A              | MOSAX           |
| C000010223 | Administrative Class | MOSLX           |
| C000010224 | Class R3             | MOSNX           |
| C000010225 | Class R5             | MOSSX           |
| C000010226 | Service Class        | MOSYX           |
| C000093670 | Class I              | MOSZX           |
| C000140360 | Class R4             | MOSFX           |
| C000240792 | Class Y              | MMOJX           |

### MassMutual Small Cap Growth Equity Fund (Series ID: S000003668)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010227 | Class A              | MMGEX           |
| C000010228 | Administrative Class | MSGLX           |
| C000010229 | Class R3             | MSGNX           |
| C000010230 | Class R5             | MSGSX           |
| C000010231 | Service Class        | MSCYX           |
| C000093671 | Class I              | MSGZX           |
| C000140361 | Class R4             | MSERX           |
| C000240793 | Class Y              | MMNJX           |

### MassMutual Small Company Value Fund (Series ID: S000003671)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010242 | Class A              | MMYAX           |
| C000010243 | Administrative Class | MMYLX           |
| C000010244 | Class R3             | MSVNX           |
| C000010245 | Class R5             | MSVSX           |
| C000010246 | Service Class        | MMVYX           |
| C000093672 | Class I              | MSVZX           |
| C000140368 | Class R4             | MMVFX           |
| C000240794 | Class Y              | MMNLX           |

### MassMutual Diversified Value Fund (Series ID: S000003679)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010282 | Class A              | MDDAX           |
| C000010283 | Administrative Class | MDDLX           |
| C000010284 | Class R3             | MDVNX           |
| C000010285 | Class R5             | MDVSX           |
| C000010286 | Service Class        | MDVYX           |
| C000140383 | Class I              | MDDIX           |
| C000140384 | Class R4             | MDDRX           |
| C000240796 | Class Y              | MMNBX           |

### MassMutual Equity Opportunities Fund (Series ID: S000003681)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010292 | Class A              | MFVAX           |
| C000010293 | Administrative Class | MMFVX           |
| C000010294 | Class R3             | MFVNX           |
| C000010295 | Class R5             | MFVSX           |
| C000010296 | Service Class        | MMFYX           |
| C000093673 | Class I              | MFVZX           |
| C000140385 | Class R4             | MFVFX           |
| C000240797 | Class Y              | MMZOX           |

### MassMutual Total Return Bond Fund (Series ID: S000029393)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090284 | Class R5             | MSPSX           |
| C000090285 | Service Class        | MSPHX           |
| C000090286 | Administrative Class | MSPLX           |
| C000090287 | Class R4             | MSPGX           |
| C000090288 | Class R3             | MSPNX           |
| C000090289 | Class I              | MSPZX           |
| C000140415 | Class A              | MPTRX           |

### MassMutual 20/80 Allocation Fund (Series ID: S000032893)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101523 | Class R5             | MRCSX           |
| C000101524 | Service Class        | MRCYX           |
| C000101525 | Administrative Class | MRCLX           |
| C000101526 | Class A              | MCTAX           |
| C000140416 | Class I              | MRCUX           |
| C000140417 | Class R4             | MRCZX           |
| C000140418 | Class R3             | MRCVX           |
| C000240801 | Class Y              | MMNOX           |

### MassMutual 40/60 Allocation Fund (Series ID: S000032894)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101527 | Class R5             | MROSX           |
| C000101528 | Service Class        | MRMYX           |
| C000101529 | Administrative Class | MRMLX           |
| C000101530 | Class A              | MRMAX           |
| C000140419 | Class I              | MRMUX           |
| C000140420 | Class R4             | MRMZX           |
| C000140421 | Class R3             | MRMTX           |
| C000240802 | Class Y              | MMNPX           |

### MassMutual 60/40 Allocation Fund (Series ID: S000032895)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101531 | Service Class        | MROYX           |
| C000101532 | Administrative Class | MRSLX           |
| C000101533 | Class A              | MOGAX           |
| C000101534 | Class R5             | MRSSX           |
| C000140422 | Class I              | MROUX           |
| C000140423 | Class R4             | MROZX           |
| C000140424 | Class R3             | MROTX           |
| C000240803 | Class Y              | MMNQX           |

### MassMutual 80/20 Allocation Fund (Series ID: S000032896)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000101535 | Class R5             | MRRSX           |
| C000101536 | Service Class        | MRGYX           |
| C000101537 | Administrative Class | MRGLX           |
| C000101538 | Class A              | MRRAX           |
| C000140425 | Class I              | MRGUX           |
| C000140426 | Class R4             | MRGZX           |
| C000140427 | Class R3             | MRGVX           |
| C000240804 | Class Y              | MMNSX           |

### MassMutual Select T. Rowe Price Retirement Balanced Fund (Series ID: S000061101)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198028 | Class I      | MMBVX           |
| C000198029 | Class M5     | MMBWX           |
| C000198030 | Class M4     | MMBYX           |
| C000198031 | Class M3     | MMBZX           |

### MassMutual Select T. Rowe Price Retirement 2045 Fund (Series ID: S000061102)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198032 | Class I      | MMFTX           |
| C000198033 | Class M5     | MMFUX           |
| C000198034 | Class M4     | MMFWX           |
| C000198035 | Class M3     | MMFZX           |

### MassMutual Select T. Rowe Price Retirement 2050 Fund (Series ID: S000061103)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198036 | Class I      | MMDDX           |
| C000198037 | Class M5     | MMDFX           |
| C000198038 | Class M4     | MMDGX           |
| C000198039 | Class M3     | MMDHX           |

### MassMutual Select T. Rowe Price Retirement 2055 Fund (Series ID: S000061104)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198040 | Class I      | MMDJX           |
| C000198041 | Class M5     | MMDKX           |
| C000198042 | Class M4     | MMDMX           |
| C000198043 | Class M3     | MMDOX           |

### MassMutual Select T. Rowe Price Retirement 2060 Fund (Series ID: S000061105)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198044 | Class I      | MMSKX           |
| C000198045 | Class M5     | MMSOX           |
| C000198046 | Class M4     | MMSGX           |
| C000198047 | Class M3     | MMSVX           |

### MassMutual Select T. Rowe Price Bond Asset Fund (Series ID: S000061106)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198048 | Class I      | MMBEX           |

### MassMutual Select T. Rowe Price Large Cap Blend Fund (Series ID: S000061108)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198050 | Class I      | MMLRX           |

### MassMutual Select T. Rowe Price Real Assets Fund (Series ID: S000061110)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198052 | Class I      | MMRFX           |

### MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund (Series ID: S000061111)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198053 | Class I      | MMBUX           |

### MassMutual Select T. Rowe Price Retirement 2005 Fund (Series ID: S000061112)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198054 | Class I      | MMFBX           |
| C000198055 | Class M5     | MMFDX           |
| C000198056 | Class M4     | MMFEX           |
| C000198057 | Class M3     | MMFGX           |

### MassMutual Select T. Rowe Price International Equity Fund (Series ID: S000061114)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198059 | Class I      | MMIUX           |

### MassMutual Select T. Rowe Price Retirement 2010 Fund (Series ID: S000061115)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198060 | Class M5     | MMXCX           |
| C000198061 | Class M4     | MMXDX           |
| C000198062 | Class M3     | MMXEX           |
| C000198063 | Class I      | MMXBX           |

### MassMutual Select T. Rowe Price Retirement 2015 Fund (Series ID: S000061116)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198064 | Class I      | MMFHX           |
| C000198065 | Class M5     | MMFJX           |
| C000198066 | Class M4     | MMFKX           |
| C000198067 | Class M3     | MMFLX           |

### MassMutual Select T. Rowe Price Retirement 2020 Fund (Series ID: S000061117)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198068 | Class I      | MMTWX           |
| C000198069 | Class M5     | MMTTX           |
| C000198070 | Class M4     | MMTUX           |
| C000198071 | Class M3     | MMTVX           |

### MassMutual Select T. Rowe Price Retirement 2025 Fund (Series ID: S000061118)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198072 | Class I      | MMTFX           |
| C000198073 | Class M5     | MMTGX           |
| C000198074 | Class M4     | MMTHX           |
| C000198075 | Class M3     | MMTIX           |

### MassMutual Select T. Rowe Price Retirement 2030 Fund (Series ID: S000061119)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198076 | Class I      | MMTRX           |
| C000198077 | Class M5     | MMTOX           |
| C000198078 | Class M4     | MMTPX           |
| C000198079 | Class M3     | MMTQX           |

### MassMutual Select T. Rowe Price Retirement 2035 Fund (Series ID: S000061120)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198080 | Class I      | MMTJX           |
| C000198081 | Class M5     | MMTKX           |
| C000198082 | Class M4     | MMTLX           |
| C000198083 | Class M3     | MMTMX           |

### MassMutual Select T. Rowe Price Retirement 2040 Fund (Series ID: S000061121)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000198084 | Class I      | MMFOX           |
| C000198085 | Class M5     | MMFPX           |
| C000198086 | Class M4     | MMFQX           |
| C000198087 | Class M3     | MMFRX           |

### MassMutual Select T. Rowe Price Retirement 2065 Fund (Series ID: S000079615)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240783 | Class M5     | MMZLX           |
| C000240784 | Class M4     | MMZKX           |
| C000240785 | Class M3     | MMZJX           |
| C000240786 | Class I      | MMZIX           |

?xml version='1.0' encoding='ASCII'? 2025-03-24IYFB_MassMutualTotalReturnBondFund_ClassI_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| Investment Company Act file number | 811-08274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MASSMUTUAL SELECT FUNDS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MASSMUTUAL SELECT FUNDS |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |

---

<u>1295 State Street, Springfield, MA</u> <u>01111</u> <br> (Address of principal executive offices) (Zip code) <br>

---

| | |
|:---|:---|
| Douglas Steele | Douglas Steele |
| 1295 State Street, Springfield, MA 01111 | 1295 State Street, Springfield, MA 01111 |
| (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | (413) 744-1000 |

---

Date of fiscal year end: <u>09/30/2025</u> <br>Date of reporting period: <u>03/31/2025</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Stockholders are attached herewith.

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Class I \| MSPZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $16 | 0.33% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFB6

------

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Class R5 \| MSPSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $21 | 0.43% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFB1

------

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Service Class \| MSPHX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $26 | 0.53% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFB3

------

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Administrative Class \| MSPLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $31 | 0.63% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFB4

------

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Class R4 \| MSPGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $39 | 0.78% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFB2

------

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Class A \| MPTRX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $41 | 0.83% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFBH

------

---

| | |
|:---|:---|
| **MassMutual Total Return Bond Fund**  | ![image](img001.jpg) |
| Class R3 \| MSPNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $51 | 1.03% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $455.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 478 |
| **Portfolio Turnover Rate** | 196% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  U.S. Government Agency Obligations and Instrumentalities  | 33.3% |
|  Non-U.S. Government Agency Obligations  | 17.4% |
|  U.S. Treasury Obligations  | 16.5% |
|  Corporate Debt  | 14.4% |
|  U.S. Treasury Bills  | 13.4% |
|  Repurchase Agreement  | 1.9% |
|  Bank Loans  | 1.6% |
|  Municipal Obligations  | 0.7% |
|  Sovereign Debt Obligations  | 0.5% |
|  Investment of Cash Collateral from Securities Loaned  | 0.2% |
|  Common Stock  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFB5

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Class I \| MDDIX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $29 | 0.57% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFCI

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Class R5 \| MDVSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $34 | 0.67% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC1

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Service Class \| MDVYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $39 | 0.77% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC3

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Administrative Class \| MDDLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $44 | 0.87% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC4

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Class R4 \| MDDRX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $52 | 1.02% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFCK

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Class A \| MDDAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $54 | 1.07% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC2

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Class R3 \| MDVNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $64 | 1.27% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFC5

------

---

| | |
|:---|:---|
| **MassMutual Diversified Value Fund**  | ![image](img001.jpg) |
| Class Y \| MMNBX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Diversified Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $34 | 0.67% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $334.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 224 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  JPMorgan Chase & Co.  | 4.9% |
|  UnitedHealth Group, Inc.  | 4.8% |
|  Johnson & Johnson  | 4.0% |
|  AbbVie, Inc.  | 3.6% |
|  Bank of America Corp.  | 2.7% |
|  Chevron Corp.  | 2.4% |
|  Cisco Systems, Inc.  | 2.3% |
|  Wells Fargo & Co.  | 2.1% |
|  iShares Russell 1000 Value ETF  | 2.0% |
|  AT&T, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 31.0% |
|  Health Care  | 20.5% |
|  Industrials  | 10.8% |
|  Communication Services  | 8.1% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.1% |
|  Energy  | 4.8% |
|  Information Technology  | 4.3% |
|  Utilities  | 3.1% |
|  Materials  | 2.5% |
|  Exchange-Traded Funds  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYFCY

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Class I \| MMIZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $7 | 0.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHW8

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Class R5 \| MIEZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $12 | 0.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHW6

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Service Class \| MMIEX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $19 | 0.39% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHW1

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Administrative Class \| MIEYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $24 | 0.49% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHW3

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Class R4 \| MIEAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHW2

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Class A \| MMFFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $36 | 0.74% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHWH

------

---

| | |
|:---|:---|
| **MM S&P 500® Index Fund**  | ![image](img001.jpg) |
| Class R3 \| MMINX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MM S&P 500® Index Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $2133.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 508 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 7.0% |
|  Microsoft Corp.  | 5.8% |
|  NVIDIA Corp.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Meta Platforms, Inc. Class A  | 2.6% |
|  Berkshire Hathaway, Inc. Class B  | 2.0% |
|  Alphabet, Inc. Class A  | 1.9% |
|  Broadcom, Inc.  | 1.6% |
|  Alphabet, Inc. Class C  | 1.5% |
|  Tesla, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 29.6% |
|  Financials  | 14.6% |
|  Health Care  | 11.1% |
|  Consumer Discretionary  | 10.2% |
|  Communication Services  | 9.1% |
|  Industrials  | 8.4% |
|  Consumer Staples  | 6.0% |
|  Energy  | 3.6% |
|  Utilities  | 2.5% |
|  Real Estate  | 2.4% |
|  Materials  | 2.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITHW5

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Class I \| MFVZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $37 | 0.76% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIC6

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Class R5 \| MFVSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $42 | 0.86% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIC1

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Service Class \| MMFYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $47 | 0.96% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIC3

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Administrative Class \| MMFVX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $52 | 1.06% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIC4

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Class R4 \| MFVFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $59 | 1.21% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITICK

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Class A \| MFVAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $62 | 1.26% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIC2

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Class R3 \| MFVNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $71 | 1.46% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIC5

------

---

| | |
|:---|:---|
| **MassMutual Equity Opportunities Fund**  | ![image](img001.jpg) |
| Class Y \| MMZOX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Equity Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $42 | 0.86% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $489.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 66 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Chubb Ltd.  | 3.5% |
|  TJX Cos., Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |
|  Microsoft Corp.  | 3.5% |
|  Linde PLC (LIN US)  | 3.3% |
|  McDonald's Corp.  | 3.3% |
|  Marsh & McLennan Cos., Inc.  | 3.3% |
|  Mastercard, Inc. Class A  | 3.3% |
|  Procter & Gamble Co.  | 3.1% |
|  Coca-Cola Co.  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.5% |
|  Information Technology  | 18.4% |
|  Health Care  | 12.3% |
|  Industrials  | 10.9% |
|  Consumer Discretionary  | 9.8% |
|  Consumer Staples  | 9.2% |
|  Materials  | 4.6% |
|  Energy  | 2.8% |
|  Communication Services  | 2.6% |
|  Utilities  | 2.0% |
|  Real Estate  | 1.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITICY

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Class I \| MBCZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $32 | 0.65% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOCI

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Class R5 \| MBCSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $37 | 0.75% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC1

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Service Class \| MBCYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $42 | 0.85% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC3

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Administrative Class \| MBCLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $47 | 0.95% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC4

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Class R4 \| MBGFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $54 | 1.10% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOCK

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Class A \| MBCGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $57 | 1.15% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC2

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Class R3 \| MBCNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $66 | 1.35% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOC5

------

---

| | |
|:---|:---|
| **MassMutual Blue Chip Growth Fund**  | ![image](img001.jpg) |
| Class Y \| MMZMX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Blue Chip Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $37 | 0.75% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $1948.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 98 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  NVIDIA Corp.  | 9.5% |
|  Microsoft Corp.  | 8.2% |
|  Amazon.com, Inc.  | 7.3% |
|  Meta Platforms, Inc. Class A  | 6.2% |
|  Apple, Inc.  | 5.1% |
|  Visa, Inc. Class A  | 4.7% |
|  Netflix, Inc.  | 4.3% |
|  Tesla, Inc.  | 4.0% |
|  Alphabet, Inc. Class A  | 3.1% |
|  Alphabet, Inc. Class C  | 3.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 34.4% |
|  Communication Services  | 18.9% |
|  Consumer Discretionary  | 16.6% |
|  Health Care  | 10.5% |
|  Financials  | 10.1% |
|  Industrials  | 4.1% |
|  Consumer Staples  | 1.9% |
|  Exchange-Traded Funds  | 0.8% |
|  Materials  | 0.5% |
|  Utilities  | 0.4% |
|  Retail  | 0.2% |
|  Energy  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITOCY

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Class I \| MSVZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $41 | 0.86% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKC6

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Class R5 \| MSVSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $46 | 0.96% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKC1

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Service Class \| MMVYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $51 | 1.06% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKC3

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Administrative Class \| MMYLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $56 | 1.16% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKC4

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Class R4 \| MMVFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $63 | 1.31% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKCK

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Class A \| MMYAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $65 | 1.36% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKC2

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Class R3 \| MSVNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $75 | 1.56% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKC5

------

---

| | |
|:---|:---|
| **MassMutual Small Company Value Fund**  | ![image](img001.jpg) |
| Class Y \| MMNLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Company Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.96% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $46.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 190 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Magnolia Oil & Gas Corp. Class A  | 1.8% |
|  Northern Oil & Gas, Inc.  | 1.5% |
|  TXNM Energy, Inc.  | 1.3% |
|  Independence Realty Trust, Inc.  | 1.3% |
|  First BanCorp  | 1.2% |
|  Hanover Insurance Group, Inc.  | 1.2% |
|  Pediatrix Medical Group, Inc.  | 1.2% |
|  Blue Bird Corp.  | 1.2% |
|  American Healthcare REIT, Inc.  | 1.1% |
|  WD-40 Co.  | 1.1% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 29.0% |
|  Industrials  | 16.5% |
|  Consumer Discretionary  | 11.3% |
|  Real Estate  | 9.3% |
|  Energy  | 7.7% |
|  Information Technology  | 7.5% |
|  Materials  | 6.3% |
|  Consumer Staples  | 3.2% |
|  Health Care  | 3.2% |
|  Utilities  | 2.3% |
|  Communication Services  | 2.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKCY

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Class I \| MEFZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $32 | 0.66% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK6

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Class R5 \| MGRFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $36 | 0.76% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK1

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Service Class \| MEFYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $41 | 0.86% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK3

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Administrative Class \| MMELX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $46 | 0.96% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK4

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Class R4 \| MEFFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $53 | 1.11% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIKK

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Class A \| MEFAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $56 | 1.16% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK2

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Class R3 \| MEFNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $65 | 1.36% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIK5

------

---

| | |
|:---|:---|
| **MassMutual Mid Cap Growth Fund**  | ![image](img001.jpg) |
| Class Y \| MMNGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Mid Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $36 | 0.76% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4088.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 192 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Cheniere Energy, Inc.  | 2.1% |
|  Veeva Systems, Inc. Class A  | 2.0% |
|  Hologic, Inc.  | 1.6% |
|  Domino's Pizza, Inc.  | 1.5% |
|  Alnylam Pharmaceuticals, Inc.  | 1.4% |
|  Lattice Semiconductor Corp.  | 1.4% |
|  Agilent Technologies, Inc.  | 1.4% |
|  PTC, Inc.  | 1.3% |
|  Marvell Technology, Inc.  | 1.3% |
|  Yum! Brands, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 20.7% |
|  Health Care  | 18.9% |
|  Industrials  | 16.7% |
|  Consumer Discretionary  | 13.3% |
|  Financials  | 9.2% |
|  Energy  | 5.3% |
|  Materials  | 4.0% |
|  Communication Services  | 4.0% |
|  Consumer Staples  | 3.1% |
|  Real Estate  | 1.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITIKY

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Class I \| MSGZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $41 | 0.87% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK6

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Class R5 \| MSGSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $46 | 0.97% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK1

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Service Class \| MSCYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $51 | 1.07% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK3

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Administrative Class \| MSGLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $55 | 1.17% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK4

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Class R4 \| MSERX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $62 | 1.32% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGKK

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Class A \| MMGEX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $65 | 1.37% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK2

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Class R3 \| MSGNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $74 | 1.57% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGK5

------

---

| | |
|:---|:---|
| **MassMutual Small Cap Growth Equity Fund**  | ![image](img001.jpg) |
| Class Y \| MMNJX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Small Cap Growth Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $46 | 0.97% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $543.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 245 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  CyberArk Software Ltd.  | 1.6% |
|  Applied Industrial Technologies, Inc.  | 1.6% |
|  AZEK Co., Inc.  | 1.5% |
|  Casella Waste Systems, Inc. Class A  | 1.4% |
|  Clearwater Analytics Holdings, Inc. Class A  | 1.2% |
|  Hamilton Lane, Inc. Class A  | 1.1% |
|  StepStone Group, Inc. Class A  | 1.1% |
|  Ollie's Bargain Outlet Holdings, Inc.  | 1.1% |
|  Verra Mobility Corp.  | 1.1% |
|  HealthEquity, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 22.9% |
|  Health Care  | 20.8% |
|  Information Technology  | 16.2% |
|  Financials  | 11.3% |
|  Consumer Discretionary  | 10.5% |
|  Real Estate  | 3.5% |
|  Energy  | 3.4% |
|  Materials  | 2.9% |
|  Consumer Staples  | 2.4% |
|  Communication Services  | 1.5% |
|  Utilities  | 1.1% |
|  Exchange-Traded Funds  | 0.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITGKY

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Class I \| MOSZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $39 | 0.79% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK6

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Class R5 \| MOSSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK1

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Service Class \| MOSYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $49 | 0.99% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK3

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Administrative Class \| MOSLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $54 | 1.09% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK4

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Class R4 \| MOSFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $61 | 1.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLKK

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Class A \| MOSAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $64 | 1.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK2

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Class R3 \| MOSNX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $73 | 1.49% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLK5

------

---

| | |
|:---|:---|
| **MassMutual Overseas Fund**  | ![image](img001.jpg) |
| Class Y \| MMOJX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Overseas Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $370.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 135 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  SAP SE  | 2.0% |
|  Roche Holding AG  | 2.0% |
|  Air Liquide SA  | 2.0% |
|  Schneider Electric SE  | 1.9% |
|  Deutsche Boerse AG  | 1.8% |
|  Intesa Sanpaolo SpA  | 1.7% |
|  Capgemini SE  | 1.7% |
|  Compass Group PLC  | 1.7% |
|  Novartis AG Registered  | 1.7% |
|  Hitachi Ltd.  | 1.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 22.3% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 14.6% |
|  Health Care  | 12.6% |
|  Consumer Staples  | 8.9% |
|  Information Technology  | 8.9% |
|  Materials  | 6.0% |
|  Communication Services  | 2.7% |
|  Energy  | 1.8% |
|  Utilities  | 1.1% |
|  Real Estate  | 0.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  France  | 16.0% |
|  Germany  | 13.8% |
|  Japan  | 12.9% |
|  United States  | 10.5% |
|  United Kingdom  | 10.5% |
|  Switzerland  | 5.8% |
|  Italy  | 3.8% |
|  Canada  | 2.8% |
|  China  | 2.6% |
|  Netherlands  | 2.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITLKY

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price International** **Equity Fund**  | ![image](img001.jpg) |
| Class I \| MMIUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price International Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $0 | 0.00% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $439.2 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 430 |
| **Portfolio Turnover Rate** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.3% |
|  Siemens AG  | 1.5% |
|  AstraZeneca PLC  | 1.5% |
|  Samsung Electronics Co. Ltd.  | 1.4% |
|  Unilever PLC  | 1.2% |
|  Alibaba Group Holding Ltd.  | 1.2% |
|  ASML Holding NV  | 1.1% |
|  ING Groep NV  | 1.1% |
|  TotalEnergies SE  | 1.0% |
|  Prosus NV  | 1.0% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Financials  | 23.9% |
|  Industrials  | 15.1% |
|  Information Technology  | 12.5% |
|  Consumer Discretionary  | 11.4% |
|  Health Care  | 10.1% |
|  Consumer Staples  | 7.2% |
|  Communication Services  | 4.6% |
|  Materials  | 4.4% |
|  Energy  | 4.0% |
|  Utilities  | 2.3% |
|  Real Estate  | 2.0% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  Japan  | 13.7% |
|  United Kingdom  | 10.9% |
|  China  | 9.6% |
|  France  | 7.2% |
|  United States  | 6.8% |
|  Germany  | 6.4% |
|  India  | 4.8% |
|  Netherlands  | 4.4% |
|  Taiwan  | 4.2% |
|  Canada  | 3.9% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITYQA

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Class I \| MRCUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $7 | 0.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKAI

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Class R5 \| MRCSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $12 | 0.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKA1

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Service Class \| MRCYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $17 | 0.34% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKA3

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Administrative Class \| MRCLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $22 | 0.44% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKA4

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Class R4 \| MRCZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $29 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKAK

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Class A \| MCTAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKA2

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Class R3 \| MRCVX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $42 | 0.84% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKAJ

------

---

| | |
|:---|:---|
| **MassMutual 20/80 Allocation Fund**  | ![image](img001.jpg) |
| Class Y \| MMNOX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 20/80 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $12 | 0.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 80.2% |
|  Equity Funds  | 19.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKAY

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Class I \| MRMUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $7 | 0.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKBI

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Class R5 \| MROSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $12 | 0.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKB1

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Service Class \| MRMYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $17 | 0.34% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKB3

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Administrative Class \| MRMLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $22 | 0.44% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKB4

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Class R4 \| MRMZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $29 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKBK

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Class A \| MRMAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKB2

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Class R3 \| MRMTX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $42 | 0.84% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKBJ

------

---

| | |
|:---|:---|
| **MassMutual 40/60 Allocation Fund**  | ![image](img001.jpg) |
| Class Y \| MMNPX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 40/60 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $12 | 0.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $174.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 60.4% |
|  Equity Funds  | 39.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKBY

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Class I \| MROUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $7 | 0.15% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKDI

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Class R5 \| MRSSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $12 | 0.25% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKD1

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Service Class \| MROYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $17 | 0.35% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKD3

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Administrative Class \| MRSLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $22 | 0.45% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKD4

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Class R4 \| MROZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $30 | 0.60% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKDK

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Class A \| MOGAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $32 | 0.65% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKD2

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Class R3 \| MROTX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $42 | 0.85% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKDJ

------

---

| | |
|:---|:---|
| **MassMutual 60/40 Allocation Fund**  | ![image](img001.jpg) |
| Class Y \| MMNQX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 60/40 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $12 | 0.25% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 59.3% |
|  Fixed Income Funds  | 40.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKDY

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Class I \| MRGUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $9 | 0.19% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKEI

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Class R5 \| MRRSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R5 | $14 | 0.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKE1

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Service Class \| MRGYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Service Class | $19 | 0.39% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKE3

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Administrative Class \| MRGLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Administrative Class | $24 | 0.49% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKE4

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Class R4 \| MRGZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R4 | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKEK

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Class A \| MRRAX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $34 | 0.69% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKE2

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Class R3 \| MRGVX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R3 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKEJ

------

---

| | |
|:---|:---|
| **MassMutual 80/20 Allocation Fund**  | ![image](img001.jpg) |
| Class Y \| MMNSX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual 80/20 Allocation Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class Y | $14 | 0.29% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $117.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 23 |
| **Portfolio Turnover Rate** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 79.6% |
|  Fixed Income Funds  | 20.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITKEY

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement** **Balanced Fund**  | ![image](img001.jpg) |
| Class I \| MMBVX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $9 | 0.18% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.8% |
|  Equity Funds  | 40.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4PI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement** **Balanced Fund**  | ![image](img001.jpg) |
| Class M5 \| MMBWX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $16 | 0.33% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.8% |
|  Equity Funds  | 40.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4P5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement** **Balanced Fund**  | ![image](img001.jpg) |
| Class M4 \| MMBYX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $29 | 0.58% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.8% |
|  Equity Funds  | 40.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4P4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement** **Balanced Fund**  | ![image](img001.jpg) |
| Class M3 \| MMBZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement Balanced Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $41 | 0.83% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 59.8% |
|  Equity Funds  | 40.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4P3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2005** **Fund**  | ![image](img001.jpg) |
| Class I \| MMFBX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2005 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $9 | 0.18% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $5.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 58.5% |
|  Equity Funds  | 41.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4AI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2005** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMFDX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2005 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $16 | 0.33% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $5.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 58.5% |
|  Equity Funds  | 41.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4A5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2005** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMFEX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2005 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $29 | 0.58% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $5.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 58.5% |
|  Equity Funds  | 41.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4A4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2005** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMFGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2005 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $41 | 0.83% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $5.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 58.5% |
|  Equity Funds  | 41.5% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4A3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2010** **Fund**  | ![image](img001.jpg) |
| Class I \| MMXBX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2010 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $9 | 0.19% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 54.6% |
|  Equity Funds  | 45.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4BI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2010** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMXCX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2010 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $17 | 0.34% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 54.6% |
|  Equity Funds  | 45.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4B5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2010** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMXDX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2010 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $29 | 0.59% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 54.6% |
|  Equity Funds  | 45.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4B4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2010** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMXEX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2010 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $42 | 0.84% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $50.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 54.6% |
|  Equity Funds  | 45.4% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4B3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2015** **Fund**  | ![image](img001.jpg) |
| Class I \| MMFHX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2015 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $11 | 0.22% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $30.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 51.7% |
|  Equity Funds  | 48.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4DI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2015** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMFJX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2015 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $18 | 0.37% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $30.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 51.7% |
|  Equity Funds  | 48.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4D5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2015** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMFKX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2015 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $31 | 0.62% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $30.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 51.7% |
|  Equity Funds  | 48.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4D4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2015** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMFLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2015 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $43 | 0.86% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $30.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Fixed Income Funds  | 51.7% |
|  Equity Funds  | 48.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4D3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2020** **Fund**  | ![image](img001.jpg) |
| Class I \| MMTWX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2020 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $12 | 0.24% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $104.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 51.4% |
|  Fixed Income Funds  | 48.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4EI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2020** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMTTX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2020 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $20 | 0.40% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $104.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 51.4% |
|  Fixed Income Funds  | 48.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4E5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2020** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMTUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2020 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $32 | 0.65% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $104.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 51.4% |
|  Fixed Income Funds  | 48.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4E4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2020** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMTVX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2020 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $45 | 0.90% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $104.8 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 51.4% |
|  Fixed Income Funds  | 48.6% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4E3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2025** **Fund**  | ![image](img001.jpg) |
| Class I \| MMTFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2025 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $13 | 0.27% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 55.9% |
|  Fixed Income Funds  | 44.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4GI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2025** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMTGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2025 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $21 | 0.43% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 55.9% |
|  Fixed Income Funds  | 44.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4G5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2025** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMTHX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2025 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $34 | 0.68% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 55.9% |
|  Fixed Income Funds  | 44.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4G4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2025** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMTIX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2025 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $46 | 0.93% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $150.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 55.9% |
|  Fixed Income Funds  | 44.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4G3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2030** **Fund**  | ![image](img001.jpg) |
| Class I \| MMTRX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2030 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $16 | 0.33% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $317.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 66.2% |
|  Fixed Income Funds  | 33.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4HI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2030** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMTOX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2030 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $25 | 0.50% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $317.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 66.2% |
|  Fixed Income Funds  | 33.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4H5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2030** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMTPX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2030 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $37 | 0.75% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $317.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 66.2% |
|  Fixed Income Funds  | 33.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4H4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2030** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMTQX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2030 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $50 | 1.00% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $317.6 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 14 |
| **Portfolio Turnover Rate** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 66.2% |
|  Fixed Income Funds  | 33.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4H3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2035** **Fund**  | ![image](img001.jpg) |
| Class I \| MMTJX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2035 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $19 | 0.39% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $231.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 78.2% |
|  Fixed Income Funds  | 21.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4II

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2035** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMTKX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2035 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $28 | 0.56% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $231.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 78.2% |
|  Fixed Income Funds  | 21.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4I5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2035** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMTLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2035 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $40 | 0.81% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $231.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 78.2% |
|  Fixed Income Funds  | 21.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4I4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2035** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMTMX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2035 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $52 | 1.06% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $231.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 78.2% |
|  Fixed Income Funds  | 21.8% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4I3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2040** **Fund**  | ![image](img001.jpg) |
| Class I \| MMFOX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2040 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $20 | 0.41% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $319.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 88.3% |
|  Fixed Income Funds  | 11.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4JI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2040** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMFPX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2040 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $29 | 0.58% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $319.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 88.3% |
|  Fixed Income Funds  | 11.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4J5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2040** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMFQX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2040 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $41 | 0.83% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $319.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 88.3% |
|  Fixed Income Funds  | 11.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4J4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2040** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMFRX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2040 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $53 | 1.08% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $319.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 12 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 88.3% |
|  Fixed Income Funds  | 11.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4J3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2045** **Fund**  | ![image](img001.jpg) |
| Class I \| MMFTX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2045 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $22 | 0.44% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 96.0% |
|  Fixed Income Funds  | 4.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4LI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2045** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMFUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2045 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $31 | 0.62% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 96.0% |
|  Fixed Income Funds  | 4.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4L5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2045** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMFWX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2045 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $43 | 0.87% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 96.0% |
|  Fixed Income Funds  | 4.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4L4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2045** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMFZX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2045 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $55 | 1.12% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $189.5 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 96.0% |
|  Fixed Income Funds  | 4.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4L3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2050** **Fund**  | ![image](img001.jpg) |
| Class I \| MMDDX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2050 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $22 | 0.45% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $221.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 97.8% |
|  Fixed Income Funds  | 2.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4MI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2050** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMDFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2050 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $31 | 0.63% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $221.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 97.8% |
|  Fixed Income Funds  | 2.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4M5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2050** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMDGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2050 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $43 | 0.88% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $221.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 97.8% |
|  Fixed Income Funds  | 2.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4M4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2050** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMDHX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2050 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $56 | 1.13% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $221.4 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 97.8% |
|  Fixed Income Funds  | 2.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4M3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2055** **Fund**  | ![image](img001.jpg) |
| Class I \| MMDJX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2055 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $23 | 0.46% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $103.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4NI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2055** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMDKX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2055 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $103.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4N5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2055** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMDMX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2055 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $103.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4N4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2055** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMDOX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2055 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $56 | 1.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $103.7 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4N3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2060** **Fund**  | ![image](img001.jpg) |
| Class I \| MMSKX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2060 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $23 | 0.46% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $92.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4OI

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2060** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMSOX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2060 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $92.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4O5

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2060** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMSGX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2060 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $92.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4O4

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2060** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMSVX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2060 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $56 | 1.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $92.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IZ4O3

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2065** **Fund**  | ![image](img001.jpg) |
| Class I \| MMZIX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2065 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $23 | 0.46% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 48% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYX1I

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2065** **Fund**  | ![image](img001.jpg) |
| Class M5 \| MMZLX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2065 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M5 | $32 | 0.64% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 48% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYX15

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2065** **Fund**  | ![image](img001.jpg) |
| Class M4 \| MMZKX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2065 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M4 | $44 | 0.89% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 48% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYX14

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Retirement 2065** **Fund**  | ![image](img001.jpg) |
| Class M3 \| MMZJX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Retirement 2065 Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class M3 | $56 | 1.14% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $4.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 9 |
| **Portfolio Turnover Rate** | 48% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Equity Funds  | 98.8% |
|  Fixed Income Funds  | 1.2% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-IYX13

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Bond Asset Fund**  | ![image](img001.jpg) |
| Class I \| MMBEX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Bond Asset Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $0 | 0% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $212.9 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 1224 |
| **Portfolio Turnover Rate** | 54% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Portfolio Characteristics**<br>**(% of Total Investments)** |  |
|  Corporate Debt  | 24.9% |
|  U.S. Treasury Obligations  | 21.7% |
|  Sovereign Debt Obligations  | 19.4% |
|  U.S. Government Agency Obligations and Instrumentalities  | 18.1% |
|  Non-U.S. Government Agency Obligations  | 8.5% |
|  Bank Loans  | 3.0% |
|  Mutual Fund  | 2.8% |
|  Repurchase Agreement  | 0.9% |
|  Investment of Cash Collateral from Securities Loaned  | 0.4% |
|  Municipal Obligations  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 64.0% |
|  United Kingdom  | 2.7% |
|  Canada  | 2.1% |
|  Japan  | 2.1% |
|  France  | 2.1% |
|  Germany  | 1.9% |
|  Cayman Islands  | 1.7% |
|  Indonesia  | 1.0% |
|  China  | 1.0% |
|  Spain  | 1.0% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITYPA

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Large Cap Blend** **Fund**  | ![image](img001.jpg) |
| Class I \| MMLRX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Large Cap Blend Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $0 | 0% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $767.3 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 548 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Apple, Inc.  | 5.8% |
|  Microsoft Corp.  | 5.5% |
|  NVIDIA Corp.  | 4.7% |
|  Amazon.com, Inc.  | 3.9% |
|  Visa, Inc. Class A  | 2.1% |
|  Meta Platforms, Inc. Class A  | 1.9% |
|  Alphabet, Inc. Class A  | 1.9% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Berkshire Hathaway, Inc. Class B  | 1.6% |
|  UnitedHealth Group, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Information Technology  | 26.2% |
|  Financials  | 14.8% |
|  Health Care  | 12.7% |
|  Consumer Discretionary  | 10.3% |
|  Industrials  | 9.3% |
|  Communication Services  | 7.6% |
|  Consumer Staples  | 5.1% |
|  Energy  | 4.9% |
|  Materials  | 3.7% |
|  Utilities  | 2.7% |
|  Real Estate  | 1.3% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITYSA

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Real Assets Fund**  | ![image](img001.jpg) |
| Class I \| MMRFX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Real Assets Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $0 | 0% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $101.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 290 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  Equinix, Inc.  | 2.9% |
|  BHP Group Ltd.  | 2.7% |
|  Prologis, Inc.  | 2.5% |
|  Welltower, Inc.  | 2.4% |
|  American Tower Corp.  | 1.7% |
|  Freeport-McMoRan, Inc.  | 1.7% |
|  Public Storage  | 1.6% |
|  Franco-Nevada Corp.  | 1.6% |
|  Exxon Mobil Corp.  | 1.5% |
|  Essex Property Trust, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Real Estate  | 38.1% |
|  Materials  | 36.8% |
|  Energy  | 19.2% |
|  Industrials  | 1.5% |
|  Utilities  | 1.1% |
|  Consumer Discretionary  | 0.6% |
|  Exchange-Traded Funds  | 0.5% |
|  Communication Services  | 0.2% |
|  Information Technology  | 0.2% |

---

---

| | |
|:---|:---|
| **Largest Countries**<br>**(% of Total Investments)** |  |
|  United States  | 59.5% |
|  Canada  | 11.4% |
|  Australia  | 8.0% |
|  South Africa  | 2.7% |
|  Japan  | 2.7% |
|  Brazil  | 2.3% |
|  United Kingdom  | 2.3% |
|  France  | 1.5% |
|  Mexico  | 0.9% |
|  Germany  | 0.7% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITYRA

------

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price Small and Mid** **Cap Blend Fund**  | ![image](img001.jpg) |
| Class I \| MMBUX  | ![image](img001.jpg) |
| Semi-annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.massmutual.com/product-performance/mutual-funds. You can also request this information by contacting us at 1-888-309-3539 or by sending an email request to fundinfo@massmutual.com.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?**

This example shows the expenses you would have paid over the past six months, based on a hypothetical $10,000 investment. This table reflects any applicable waivers or expense limitations.

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $0 | 0% |

---

**WHAT ARE SOME KEY FUND STATISTICS?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets (Millions)** | $182.0 |
| **Total Number of Portfolio Holdings (includes derivative positions, if any)** | 712 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

Derivative values, if any, are excluded from the table(s) below.

---

| | |
|:---|:---|
| **Largest Holdings**<br>**(% of Total Investments)** |  |
|  TechnipFMC PLC  | 1.1% |
|  Esab Corp.  | 1.1% |
|  Veeva Systems, Inc. Class A  | 1.0% |
|  Corpay, Inc.  | 1.0% |
|  Expand Energy Corp.  | 0.8% |
|  Fortive Corp.  | 0.8% |
|  Lattice Semiconductor Corp.  | 0.7% |
|  Paylocity Holding Corp.  | 0.7% |
|  Assurant, Inc.  | 0.7% |
|  Keysight Technologies, Inc.  | 0.7% |

---

---

| | |
|:---|:---|
| **Sectors**<br>**(% of Total Investments)** |  |
|  Industrials  | 17.4% |
|  Financials  | 16.5% |
|  Health Care  | 15.7% |
|  Information Technology  | 13.4% |
|  Consumer Discretionary  | 8.1% |
|  Energy  | 5.7% |
|  Real Estate  | 5.4% |
|  Materials  | 4.5% |
|  Utilities  | 3.1% |
|  Consumer Staples  | 3.1% |
|  Communication Services  | 2.4% |
|  Technology  | 0.1% |

---

---

| | |
|:---|:---|
| ![image](img002.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img002.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, scan the QR code or visit https://www.massmutual.com/product-performance/mutual-funds. |

---

MM202912-309532 PAGE 1 TSR-SAR-ITYUA

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see portfolio of investments
 contained in the financial statements filed under Item 7 of this form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

![](mml0002004fcover_02.jpg)

------

**[**TABLE OF CONTENTS**](#TOC)**

**Table of Contents** 

Please note the Semi-annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments (Unaudited) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Total Return Bond Fund](#IYFB) | &nbsp;&nbsp; **[1](#IYFB)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Diversified Value Fund](#IYFC) | &nbsp;&nbsp; **[16](#IYFC)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MM S&P 500<sup>®</sup> Index Fund](#ITHW) | &nbsp;&nbsp; **[20](#ITHW)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Equity Opportunities Fund](#ITIC) | &nbsp;&nbsp; **[27](#ITIC)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Blue Chip Growth Fund](#ITOC) | &nbsp;&nbsp; **[29](#ITOC)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Company Value Fund](#ITKC) | &nbsp;&nbsp; **[32](#ITKC)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Mid Cap Growth Fund](#ITIK) | &nbsp;&nbsp; **[36](#ITIK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Small Cap Growth Equity Fund](#ITGK) | &nbsp;&nbsp; **[40](#ITGK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Overseas Fund](#ITLK) | &nbsp;&nbsp; **[44](#ITLK)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price International Equity Fund](#ITYQ) | &nbsp;&nbsp; **[47](#ITYQ)** |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#sal) | &nbsp;&nbsp; **[55](#sal)** |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop) | &nbsp;&nbsp; **[61](#sop)** |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | &nbsp;&nbsp; **[67](#scna)** |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp; **[74](#fihi)** |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | &nbsp;&nbsp; **[93](#notes)** |
| **[Item 8.](#chan)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#chan)**<br>| &nbsp;&nbsp; **[127](#chan)** |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies.](#prox)** | &nbsp;&nbsp; **[128](#prox)** |
| **[Item 10.](#remu)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#remu)**<br>| &nbsp;&nbsp; **[129](#remu)** |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.](#stat)** | &nbsp;&nbsp; **[130](#stat)** |

---

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

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

 **MassMutual Total Return Bond Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 93.4%**<br>|  |  |
| **Bank Loans — 1.8%**<br>|  |  |
| **Aerospace & Defense — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2024 Term Loan I, 3 mo. USD Term SOFR + 2.750% <br>7.049% VRN 8/24/28 (a) | $86832 | $86769  |
| **Auto Parts & Equipment — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 <br>Term Loan, 3 mo. USD Term <br>SOFR + 5.000% <br>9.552% VRN 3/30/27 (a) | 81878 | 75840  |
| **Beverages — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City Brewing Co. LLC, 2024 First Lien Second Out PIK Term Loan, 3 mo. USD Term SOFR + 5.000%, <br>9.564% VRN 4/05/28 (a) | 639 | 7  |
| &nbsp;&nbsp;&nbsp; Naked Juice LLC <br>Term Loan, 3 mo. USD Term <br>SOFR + 3.000% <br>7.399% VRN 1/24/29 (a) | 308438 | 157584  |
| &nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.000% <br>10.399% VRN 1/24/30 (a) | 68440 | 15028  |
|  |  | 172619  |
| **Chemicals — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chemours Co., 2023 USD Term Loan B, 1 mo. USD Term <br>SOFR + 3.000% <br>7.325% VRN 8/18/28 (a) | 72100 | 71799  |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., Delayed Draw Term Loan A, 1 mo. USD Term SOFR + 2.500% <br>6.925% VRN 5/06/27 (a) | 44374 | 44153  |
|  |  | 115952  |
| **Commercial Services — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albion Financing 3 SARL, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% <br>7.302% VRN 8/16/29 (a) | 14276 | 14263  |
| &nbsp;&nbsp;&nbsp; Amspec Parent LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.250% <br>8.549% VRN 12/22/31 (a) | 25396 | 25348  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750% <br>7.052% VRN 10/16/31 (a) | 48167 | 48016  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| CCRR Parent, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; US Acquisition Facility, 3 mo. <br>USD Term SOFR + 4.250%<br>8.563% VRN 3/06/28 (a) | $77096 | $29296  |
| &nbsp;&nbsp;&nbsp; Term Loan B, 3 mo. USD <br>Term SOFR + 4.250% <br>8.825% VRN 3/06/28 (a) | 27430 | 11384  |
| &nbsp;&nbsp;&nbsp; Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.000% <br>8.562% VRN 3/04/28 (a) | 225678 | 190163  |
| &nbsp;&nbsp;&nbsp; TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000% <br>8.425% VRN 11/02/27 (a) | 55880 | 52481  |
|  |  | 370951  |
| **Computers — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750% <br>8.175% VRN 2/01/28 (a) | 46866 | 41630  |
| &nbsp;&nbsp;&nbsp; Twitter, Inc., Term Loan, 3 mo. USD Term SOFR + 6.500%<br>10.949% VRN 10/26/29 (a) | 39081 | 38825  |
|  |  | 80455  |
| **Diversified Financial Services — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6, 1 mo. USD Term SOFR + 1.750% <br>6.072% VRN 6/24/30 (a) | 356905 | 356431  |
| &nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% <br>8.049% VRN 4/09/27 (a) | 137702 | 130372  |
| &nbsp;&nbsp;&nbsp; Guggenheim Partners LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 2.500%<br>6.799% VRN 11/26/31 (a) | 37932 | 37780  |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, 2024 <br>Term Loan B1, 3 mo. USD Term <br>SOFR + 2.000% <br>6.313% VRN 12/15/31 (a) | 87413 | 86312  |
|  |  | 610895  |
| **Electric — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750% <br>7.075% VRN 9/30/31 (a) | 114812 | 114687  |
| &nbsp;&nbsp;&nbsp; Calpine Corp., 2024 Term Loan B10, 1 mo. USD Term SOFR + 1.750% <br>6.075% VRN 1/31/31 (a) | 29557 | 29439  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; EFS Cogen Holdings I LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 3.500% <br>7.799% VRN 10/03/31 (a) | $66943 | $66786  |
| &nbsp;&nbsp;&nbsp; Kestrel Acquisition LLC, 2024 Term Loan B, 3 mo. USD Term <br>SOFR + 3.500% <br>7.799% VRN 11/06/31 (a) | 40124 | 40191  |
| Lackawanna Energy Center LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Term Loan B2, 1 mo. USD Term SOFR + 4.250% <br>8.575% VRN 8/06/29 (a) | 18312 | 18289  |
| &nbsp;&nbsp;&nbsp; Term Loan C, 1 mo. USD Term SOFR + 4.250% <br>8.575% VRN 8/06/29 (a) | 4012 | 4007  |
| &nbsp;&nbsp;&nbsp; Potomac Energy Center, LLC, Term Loan, 3 mo. USD Term <br>SOFR + 6.000% <br>10.561% VRN 11/12/26 (a) | 42558 | 42345  |
| South Field LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan B, 3 mo. USD Term SOFR + 3.250% <br>7.549% VRN 8/29/31 (a) | 32813 | 32742  |
| &nbsp;&nbsp;&nbsp; 2025 Term Loan C, 3 mo. USD Term SOFR + 3.250% <br>7.549% VRN 8/29/31 (a) | 2046 | 2041  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 1st Lien Term Loan B3, 1 mo. USD Term SOFR + 1.750% <br>6.075% VRN 12/20/30 (a) | 88414 | 88072  |
|  |  | 438599  |
| **Electronics — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; TCP Sunbelt Acquisition Co., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250% <br>8.572% VRN 10/24/31 (a) | 75000 | 74531  |
| **Engineering & Construction — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Artera Services LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.500% <br>8.799% VRN 2/15/31 (a) | 92042 | 87081  |
| **Entertainment — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Showtime Acquisition LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750% <br>9.073% VRN 8/13/31 (a) | 120281 | 120482  |
| **Food — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750% <br>8.189% VRN 10/01/25 (a) | 17042 | 16661  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; BCPE North Star US HoldCo 2, Inc., Term Loan, 1 mo. USD Term <br>SOFR + 4.000% <br>8.439% VRN 6/09/28 (a) | $67082 | $65342  |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 2024 <br>Term Loan, 1 mo. USD Term <br>SOFR + 4.750% <br>9.075% VRN 5/01/31 (a) | 140248 | 141591  |
|  |  | 223594  |
| **Health Care - Products — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Term Loan, 1 mo. USD Term SOFR + 3.250% <br>7.672% VRN 5/10/27 (a) | 152557 | 151919  |
| **Health Care - Services — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., 2025 Repriced Term <br>Loan B, 3 mo. USD Term <br>SOFR + 1.750% <br>6.049% VRN 1/02/31 (a) | 86973 | 86946  |
| &nbsp;&nbsp;&nbsp; Modivcare, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.750%<br>4.299% VRN 7/01/31 (a) | 322150 | 236243  |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000% <br>8.299% VRN 9/27/30 (a) | 84977 | 81064  |
|  |  | 404253  |
| **Home Furnishing — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% <br>7.319% VRN 7/31/28 (a) | 42424 | 41988  |
| **Insurance — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Acrisure LLC, 2024 1st Lien Term Loan B1, 1 mo. USD Term <br>SOFR + 2.750%<br>7.075% VRN 2/15/27 (a) | 217074 | 216066  |
| Asurion LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2020 Term Loan B8, 1 mo. USD Term SOFR + 3.250% <br>7.689% VRN 12/23/26 (a) | 215103 | 214667  |
| &nbsp;&nbsp;&nbsp; 2022 Term Loan B10, 1 mo. USD <br>Term SOFR + 4.000% <br>8.425% VRN 8/19/28 (a) | 129421 | 127965  |
|  |  | 558698  |
| **Internet — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250% <br>7.675% VRN 12/06/27 (a) | 63427 | 62010  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Barracuda Networks, Inc., 2022 <br>Term Loan, 3 mo. USD <br>Term SOFR + 4.500% <br>8.791% VRN 8/15/29 (a) | $42688 | $36819  |
| &nbsp;&nbsp;&nbsp; Delivery Hero SE, 2024 USD <br>Term Loan B, 3 mo. USD <br>Term SOFR + 5.000% <br>9.315% VRN 12/12/29 (a) | 79034 | 78952  |
| &nbsp;&nbsp;&nbsp; Getty Images, Inc., 2025 USD Term Loan B, <br>11.250% 2/21/30 | 19779 | 19630  |
| &nbsp;&nbsp;&nbsp; Magnite, Inc., 2025 Repriced Term Loan B, 3 mo. USD <br>Term SOFR + 3.000% <br>7.299% VRN 2/06/31 (a) | 67477 | 67252  |
| MH Sub I LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2023 Term Loan, 1 mo. USD <br>Term SOFR + 4.250% <br>8.575% VRN 5/03/28 (a) | 26091 | 24672  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B4, 1 mo. <br>USD Term SOFR + 4.250% <br>8.575% VRN 12/31/31 (a) | 109011 | 99715  |
| &nbsp;&nbsp;&nbsp; PUG LLC, 2024 Extended <br>Term Loan B, 1 mo. USD <br>Term SOFR + 4.750% <br>9.075% VRN 3/15/30 (a) | 40312 | 40110  |
| &nbsp;&nbsp;&nbsp; Research Now Group, Inc., 2024 First Lien Second Out Term Loan, 3 mo. USD Term SOFR + 5.500%<br>10.085% VRN 10/15/28 (a)  | 49131 | 45415  |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc., Term Loan, 3 mo. USD Term SOFR + 2.750% <br>7.049% VRN 7/08/31 (a) | 44558 | 43672  |
|  |  | 518247  |
| **Leisure Time — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2022 1st Lien Term Loan B, 1 mo. USD <br>Term SOFR + 5.000% <br>9.425% VRN 6/30/28 (a) | 34956 | 33573  |
| **Lodging — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750% <br>6.070% VRN 11/08/30 (a)  | 25942 | 25905  |
| &nbsp;&nbsp;&nbsp; Playa Resorts Holding BV, 2022 <br>Term Loan B, 1 mo. USD <br>Term SOFR + 2.750% <br>7.075% VRN 1/05/29 (a) | 27681 | 27621  |
|  |  | 53526  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Machinery - Construction & Mining — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; WEC US Holdings Ltd., 2024 <br>Term Loan, 1 mo. USD <br>Term SOFR + 2.250% <br>6.574% VRN 1/27/31 (a) | $64285 | $63642  |
| **Machinery - Diversified — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oregon Tool, Inc., 2025 2nd Lien <br>Term Loan, 3 mo. USD <br>Term SOFR + 4.000% <br>8.585% VRN 10/15/29 (a) | 104625 | 76638  |
| **Media — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2019 Term <br>Loan B5, 3 mo. U.S. (Fed) <br>Prime Rate + 1.500% <br>9.000% VRN 4/15/27 (a) | 111314 | 104436  |
| &nbsp;&nbsp;&nbsp; NEP Group, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.250%, PIK 1.500%, Cash <br>7.825% VRN 8/19/26 (a) (b) | 46190 | 42876  |
| &nbsp;&nbsp;&nbsp; Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. <br>USD Term SOFR + 2.000% <br>6.434% VRN 4/30/28 (a) | 65220 | 63087  |
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, USD <br>Term Loan N, 1 mo. USD <br>Term SOFR + 2.500% <br>6.934% VRN 1/31/28 (a) | 171605 | 166720  |
|  |  | 377119  |
| **Office & Business Equipment — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp., 2023 <br>Term Loan B, 1 mo. USD Term SOFR + 4.000%, 3 mo. USD Term SOFR + 4.000%, 6 mo. USD Term SOFR + 4.000% 8.217% - <br>8.325% VRN 11/17/29 (a) | 48315 | 45944  |
| **Packaging & Containers — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750% <br>9.043% VRN 10/10/31 (a) | 58855 | 58561  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., 2023 Term <br>Loan AA, 1 mo. USD <br>Term SOFR + 1.750% <br>6.186% VRN 7/01/29 (a) | 367704 | 367428  |
|  |  | 425989  |
| **Pharmaceuticals — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., <br>Term Loan B, 3 mo. USD <br>Term SOFR + 4.000% <br>8.399% VRN 10/01/27 (a) | 217614 | 203650  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD <br>Term SOFR + 2.250% <br>6.575% VRN 5/05/28 (a) | $182418 | $182281  |
|  |  | 385931  |
| **Real Estate Investment Trusts (REITS) — 0.3%**<br>|  |  |
| Healthpeak Properties, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan A3, 3 mo. USD <br>Term SOFR + 0.850% <br>5.149% VRN 3/01/29 (a) (c) | 460173 | 447518  |
| &nbsp;&nbsp;&nbsp; Term Loan A2, 1 mo. USD Term <br>SOFR + 0.840% <br>5.265% VRN 2/22/27 (a) | 228010 | 222879  |
| &nbsp;&nbsp;&nbsp; Term Loan A1, 1 mo. USD <br>Term SOFR + 0.840%<br>5.265% VRN 8/20/27 (a) | 228010 | 222879  |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, 2024 Term Loan, 1 mo. USD Term SOFR + 1.118% <br>5.439% VRN 9/09/28 (a) | 628736 | 616162  |
|  |  | 1509438  |
| **Retail — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 1 mo. USD Term SOFR + 1.750% <br>6.075% VRN 9/20/30 (a) | 139581 | 138036  |
| &nbsp;&nbsp;&nbsp; Dave & Buster's, Inc., 2024 1st Lien Term Loan B, 1 mo. USD <br>Term SOFR + 3.250% <br>7.559% VRN 11/01/31 (a) | 66358 | 57774  |
| &nbsp;&nbsp;&nbsp; KFC Holding Co., 2021 Term Loan B, 1 mo. USD Term SOFR + 1.750% <br>6.181% VRN 3/15/28 (a) | 99318 | 99417  |
|  |  | 295227  |
| **Software — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 1 mo. <br>USD Term SOFR + 3.750% <br>8.075% VRN 12/29/28 (a) | 31735 | 30540  |
| &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2025 Incremental <br>Term Loan, 1 mo. USD Term <br>SOFR + 3.750% <br>7.077% VRN 3/29/32 (a) | 34054 | 33203  |
| &nbsp;&nbsp;&nbsp; EagleView Technology Corp., 2018 Add On Term Loan B, 3 mo. <br>USD Term SOFR + 3.500% <br>8.065% VRN 8/14/25 (a) | 268233 | 260618  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Renaissance Holding Corp., 2024 1st Lien Term Loan, 1 mo. USD <br>Term SOFR + 4.000% <br>8.325% VRN 4/05/30 (a) | $79435 | $77836  |
|  |  | 402197  |
| **Telecommunications — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Altice France SA, 2023 USD <br>Term Loan B14, 3 mo. USD Term <br>SOFR + 5.500% <br>9.802% VRN 8/15/28 (a) | 84425 | 75518  |
| &nbsp;&nbsp;&nbsp; CCI Buyer, Inc., Term Loan, 3 mo. USD Term SOFR + 4.000% <br>8.299% VRN 12/17/27 (a) | 80410 | 80387  |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., <br>USD Term Loan, 1 mo. USD <br>Term SOFR + 3.000% <br>7.439% VRN 3/09/27 (a) | 283790 | 263570  |
|  |  | 419475  |
| **TOTAL BANK LOANS**<br>|  |  |
| **(Cost $8,633,732)** |  | 8221572  |
| **Corporate Debt — 15.9%**<br>|  |  |
| **Aerospace & Defense — 0.1%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.805% 5/01/50 | 235000 | 223715  |
| &nbsp;&nbsp;&nbsp; 6.528% 5/01/34 | 425000 | 455382  |
|  |  | 679097  |
| **Agriculture — 0.2%**<br>|  |  |
| Imperial Brands Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 7/26/29 (d) | 50000 | 48003  |
| &nbsp;&nbsp;&nbsp; 6.125% 7/27/27 (d) | 690000 | 711151  |
|  |  | 759154  |
| **Auto Manufacturers — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services AG <br>3.875% 11/19/31 EUR (d) (e) | 500000 | 536976  |
| &nbsp;&nbsp;&nbsp; Volkswagen International Finance NV 9 yr. EUR Swap + 4.783% <br>7.875% VRN EUR (a) (d) (e) (f) | 200000 | 241130  |
|  |  | 778106  |
| **Banks — 5.0%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.370% <br>1.922% VRN 10/24/31 (a) | 120000 | 102681  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.060% <br>2.087% VRN 6/14/29 (a) | 1275000 | 1178968  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.050% <br>2.551% VRN 2/04/28 (a) | 2311000 | 2229497  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.150% <br>2.592% VRN 4/29/31 (a) | 290000 | 260475  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28 (a) | $2564000 | $2531517  |
|  3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29 (a) | 920000 | 903737  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.167% <br>2.561% VRN 5/01/32 (a) | 210000 | 182425  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.422% <br>2.976% VRN 11/05/30 (a) | 500000 | 460427  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.351% <br>3.057% VRN 1/25/33 (a) | 470000 | 412048  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.798% <br>1.431% VRN 3/09/27 (a) | 2475000 | 2400294  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.818% <br>1.542% VRN 9/10/27 (a) | 485000 | 464012  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.913% <br>1.948% VRN 10/21/27 (a) | 1550000 | 1486748  |
|  HSBC Holdings PLC 1 day USD SOFR + 1.929%<br>|  |  |
| 2.099% VRN 6/04/26 (a) | 1480000 | 1472949  |
| JP Morgan Chase & Co.<br>|  |  |
|  3 mo. USD Term SOFR + 0.695% 1.040% VRN 2/04/27 (a) | 50000 | 48544  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 0.885% <br>1.578% VRN 4/22/27 (a) | 1320000 | 1279955  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.015% <br>2.069% VRN 6/01/29 (a) | 885000 | 819398  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.180% <br>2.545% VRN 11/08/32 (a) | 190000 | 164324  |
| &nbsp;&nbsp;&nbsp; 3 mo. USD Term SOFR + 1.510% <br>2.739% VRN 10/15/30 (a) | 540000 | 495504  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.310% <br>5.012% VRN 1/23/30 (a) | 315000 | 318498  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley 1 day USD <br>SOFR + 0.879%<br>1.593% VRN 5/04/27 (a) | 910000 | 881283  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. 1 day USD SOFR + 2.284%<br>6.875% VRN 10/20/34 (a) | 60000 | 66339  |
| Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 yr. CMT + 1.250% <br>1.532% VRN 8/21/26 (a) | 295000 | 291017  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.220% <br>2.469% VRN 1/11/28 (a) | 195000 | 187395  |
| &nbsp;&nbsp;&nbsp; US Bancorp 1 day USD <br>SOFR + 1.600% <br>4.839% VRN 2/01/34 (a) | 525000 | 510146  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.100% <br>2.393% VRN 6/02/28 (a) | 1280000 | 1221649  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.500% <br>3.350% VRN 3/02/33 (a) | $800000 | $717778  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 2.100% <br>4.897% VRN 7/25/33 (a) | 545000 | 537157  |
| &nbsp;&nbsp;&nbsp; 1 day USD SOFR + 1.740% <br>5.574% VRN 7/25/29 (a) | 1000000 | 1027189  |
|  |  | 22651954  |
| **Beverages — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA <br>3.950% 3/22/44 EUR (d) (e) | 300000 | 311556  |
| &nbsp;&nbsp;&nbsp; Davide Campari-Milano NV, Convertible, <br>2.375% 1/17/29 EUR (d) (e) | 200000 | 203515  |
|  |  | 515071  |
| **Chemicals — 0.2%**<br>|  |  |
| International Flavors & Fragrances, Inc.<br>|  |  |
| 1.832% 10/15/27 (d) | 85000 | 79111  |
| 2.300% 11/01/30 (d) | 860000 | 743207  |
|  |  | 822318  |
| **Commercial Services — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AA Bond Co. Ltd. <br>8.450% 7/31/50 GBP (d) (e) | 130000 | 177990  |
| &nbsp;&nbsp;&nbsp; Worldline SA <br>Convertible, 0.000% 7/30/25 <br>EUR (d) (e) | 60000 | 76231  |
| &nbsp;&nbsp;&nbsp; Convertible, 0.000% 7/30/26 <br>EUR (d) (e) | 370000 | 389245  |
|  |  | 643466  |
| **Cosmetics & Personal Care — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS <br>6.500% 3/31/32 (g) | 20000 | 20000  |
| **Diversified Financial Services — 0.5%**<br>|  |  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 12/15/27 | 505000 | 520006  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.528% 11/18/27 (d) | 859000 | 804131  |
| &nbsp;&nbsp;&nbsp; 4.375% 5/01/26 (d) | 615000 | 611428  |
| Blackrock, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 7/18/35 EUR (e) (g) | 135000 | 146200  |
|  |  | 2081765  |
| **Electric — 1.2%**<br>|  |  |
| Amprion GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.625% 9/23/33 EUR (d) (e) | 100000 | 84319  |
| &nbsp;&nbsp;&nbsp; 4.000% 5/21/44 EUR (d) (e) | 200000 | 205795  |
| E.ON SE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 9/05/38 EUR (d) (e) | 100000 | 105559  |
| Elia Group SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 6/11/31 EUR (d) (e) | 200000 | 218725  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Eurogrid GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.741% 4/21/33 EUR (d) (e) | $300000 | $261335  |
| Eversource Energy<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.600% 7/01/27 | 735000 | 735568  |
| FirstEnergy Transmission LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.866% 9/15/28 (d) | 1401000 | 1318060  |
| Florida Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 3/15/55 | 390000 | 398178  |
| MVM Energetika Zrt<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 3/13/31 (d) | 250000 | 256142  |
|  National Grid Electricity Transmission PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.823% 7/07/32 EUR (d) (e) | 150000 | 134981  |
|  RTE Reseau de Transport d'Electricite SADIR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 4/30/33 EUR (d) (e) | 300000 | 321444  |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co. <br>3.250% 11/01/51 | 175000 | 113764  |
| &nbsp;&nbsp;&nbsp; TenneT Holding BV <br>2.750% 5/17/42 EUR (d) (e) | 230000 | 220681  |
| &nbsp;&nbsp;&nbsp; 4.500% 10/28/34 EUR (d) (e) | 175000 | 204801  |
| Wisconsin Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 4/01/33 | 1000000 | 992033  |
|  |  | 5571385  |
| **Engineering & Construction — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd. <br>1.125% 10/08/32 EUR (d) (e) | 235000 | 225125  |
| **Entertainment — 0.5%**<br>|  |  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/15/42 | 1460000 | 1167714  |
| &nbsp;&nbsp;&nbsp; 5.141% 3/15/52 | 1236000 | 901040  |
|  |  | 2068754  |
| **Food — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ELO SACA <br>6.000% 3/22/29 EUR (d) (e) | 300000 | 295000  |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL <br>6.500% 12/01/52 | 650000 | 673295  |
| &nbsp;&nbsp;&nbsp; 6.750% 3/15/34 | 598000 | 645578  |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>3.500% 3/01/32 (d) | 500000 | 439661  |
|  |  | 2053534  |
| **Gas — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375% 6/01/28 (d) (h) | 40000 | 39576  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp. <br>5.819% 4/01/41 (d) | 1337000 | 1310494  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; National Gas Transmission PLC <br>4.250% 4/05/30 EUR (d) (e) | $475000 | $532455  |
|  |  | 1882525  |
| **Health Care - Products — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Medical Systems Europe BV <br>3.000% 3/08/31 EUR (e) | 520000 | 552498  |
| &nbsp;&nbsp;&nbsp; Medtronic Global Holdings SCA <br>3.375% 10/15/34 EUR (e) | 385000 | 409015  |
| &nbsp;&nbsp;&nbsp; Sartorius Finance BV <br>4.500% 9/14/32 EUR (d) (e) | 100000 | 112922  |
| &nbsp;&nbsp;&nbsp; Stryker Corp. <br>3.375% 9/11/32 EUR (e) | 195000 | 209652  |
|  |  | 1284087  |
| **Health Care - Services — 0.4%**<br>|  |  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 2/15/35 | 310000 | 311002  |
| &nbsp;&nbsp;&nbsp; 5.375% 6/15/34 | 190000 | 192393  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 4/15/25 | 644000 | 644039  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/01/35 | 240000 | 237262  |
| Kedrion SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.500% 9/01/29 (d) | 200000 | 189286  |
| ModivCare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/01/29 (d) | 853000 | 341200  |
|  |  | 1915182  |
| **Household Products & Wares — 0.0%**<br>|  |  |
| Central Garden & Pet Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/01/28 | 22000 | 21717  |
| **Insurance — 0.7%**<br>|  |  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.205% 3/08/27 (d) | 445000 | 429302  |
|  Farmers Exchange Capital II 3 mo. USD Term SOFR + 4.006%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.151% VRN 11/01/53 (a) (d) | 350000 | 334502  |
|  Farmers Exchange Capital III 3 mo. USD SOFR + 3.454%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.454% VRN 10/15/54 (a) (d) | 2540000 | 2286000  |
|  |  | 3049804  |
| **Investment Companies — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance Corp. <br>9.000% 6/15/30 | 620000 | 586059  |
| **Machinery - Diversified — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP <br>7.875% 10/15/29 (d) | 99450 | 58674  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Media — 0.7%**<br>|  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.700% 4/01/51 | $835000 | $526569  |
| &nbsp;&nbsp;&nbsp; 3.900% 6/01/52 | 864000 | 558686  |
| &nbsp;&nbsp;&nbsp; 4.908% 7/23/25 | 255000 | 254938  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/01/38 | 5000 | 4507  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 1/15/30 (d) | 124000 | 65720  |
| &nbsp;&nbsp;&nbsp; 6.500% 2/01/29 (d) | 312000 | 258180  |
| &nbsp;&nbsp;&nbsp; 7.500% 4/01/28 (d) | 80000 | 56570  |
| &nbsp;&nbsp;&nbsp; 11.250% 5/15/28 (d) | 244000 | 235890  |
| &nbsp;&nbsp;&nbsp; 11.750% 1/31/29 (d) | 217000 | 210456  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 9/01/41 | 780000 | 676530  |
| &nbsp;&nbsp;&nbsp; 5.875% 11/15/40 | 360000 | 330071  |
|  |  | 3178117  |
| **Oil & Gas — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA <br>8.875% 1/13/33 | 100000 | 103210  |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp.<br>4.500% 7/15/44 | 400000 | 300203  |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT <br>3.100% 8/27/30 (d) | 375000 | 339080  |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos <br>6.625% 6/15/35 | 700000 | 559342  |
|  |  | 1301835  |
| **Packaging & Containers — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amcor UK Finance PLC <br>3.950% 5/29/32 EUR (e) | 400000 | 432996  |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <br>4.125% 8/15/26 (d) (h) | 120000 | 110215  |
| &nbsp;&nbsp;&nbsp; 5.250% 8/15/27 (d) (h) | 600000 | 274596  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. <br>1.650% 1/15/27 | 85000 | 80636  |
| &nbsp;&nbsp;&nbsp; 4.875% 7/15/26 (d) | 273000 | 272494  |
| &nbsp;&nbsp;&nbsp; 5.500% 4/15/28 | 310000 | 316194  |
| &nbsp;&nbsp;&nbsp; 5.650% 1/15/34 | 320000 | 324658  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp.<br>1.573% 10/15/26 (d) | 1200000 | 1141657  |
|  |  | 2953446  |
| **Pharmaceuticals — 1.1%**<br>|  |  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 12/15/28 (d) | 681000 | 663377  |
| &nbsp;&nbsp;&nbsp; 4.400% 7/15/44 (d) | 536000 | 408320  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/25/38 (d) | 1310000 | 1130955  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/25/48 (d) | 284000 | 227136  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC <br>6.875% 11/21/53 (d) | $270000 | $279188  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.780% 3/25/38 | 150000 | 134588  |
| &nbsp;&nbsp;&nbsp; 5.125% 7/20/45 | 260000 | 226679  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/01/53 | 345000 | 325688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.516% <br>6.750% VRN 12/10/54 (a) | 250000 | 248899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 yr. CMT + 2.886% <br>7.000% VRN 3/10/55 (a) | 395000 | 398116  |
| Grifols SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 5/01/30 EUR (d) (e) | 100000 | 113131  |
| Johnson & Johnson<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.050% 2/26/33 EUR (e) | 290000 | 310579  |
| &nbsp;&nbsp;&nbsp; 3.550% 6/01/44 EUR (e) | 200000 | 206686  |
| MSD Netherlands Capital BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.700% 5/30/44 EUR (e) | 420000 | 432127  |
|  |  | 5105469  |
| **Pipelines — 0.0%**<br>|  |  |
| TransCanada PipeLines Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 3/15/36 | 50000 | 51071  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.875% 2/01/32 (d) | 90000 | 95588  |
|  |  | 146659  |
| **Real Estate — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Blackstone Property Partners Europe Holdings SARL <br>1.000% 5/04/28 EUR (d) (e) | 125000 | 125552  |
| &nbsp;&nbsp;&nbsp; LEG Immobilien SE <br>1.500% 1/17/34 EUR (d) (e) | 100000 | 86772  |
| &nbsp;&nbsp;&nbsp; Vonovia SE <br>2.250% 4/07/30 EUR (d) (e) | 100000 | 102720  |
|  |  | 315044  |
| **Real Estate Investment Trusts (REITS) — 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Assets Trust LP <br>3.375% 2/01/31 | 865000 | 762158  |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent LP <br>2.375% 7/15/31 | 330000 | 283119  |
| &nbsp;&nbsp;&nbsp; 3.625% 4/15/32 | 862000 | 782625  |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. <br>2.100% 4/01/31 | 777000 | 653330  |
| &nbsp;&nbsp;&nbsp; Digital Intrepid Holding BV <br>0.625% 7/15/31 EUR (d) (e) | 245000 | 219324  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP <br>3.900% 4/01/29 | 670000 | 646741  |
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc. <br>4.000% 1/15/31 | 380000 | 354246  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/15/26 | 715000 | 717244  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Healthcare Realty Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.100% 2/15/30 | $195000 | $178927  |
| &nbsp;&nbsp;&nbsp; 3.625% 1/15/28 | 157000 | 151693  |
| Hudson Pacific Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.650% 4/01/29 (h) | 750000 | 566934  |
| &nbsp;&nbsp;&nbsp; 5.950% 2/15/28 | 15000 | 13023  |
| LXP Industrial Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 11/15/28 | 230000 | 243223  |
| Prologis Euro Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 1/31/43 EUR (e) | 710000 | 745919  |
| Realty Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.125% 7/06/34 EUR (e) | 395000 | 459830  |
| VICI Properties LP/VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 2/15/29 (d) | 190000 | 181398  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/30 (d) | 50000 | 47067  |
| &nbsp;&nbsp;&nbsp; 4.625% 6/15/25 (d) | 40000 | 39990  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/01/27 (d) | 10000 | 10130  |
|  |  | 7056921  |
| **Retail — 0.2%**<br>|  |  |
| Ferrellgas LP/Ferrellgas Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 4/01/29 (d) | 310000 | 280637  |
| Michaels Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/01/28 (d) | 623000 | 427688  |
| &nbsp;&nbsp;&nbsp; 7.875% 5/01/29 (d) | 99000 | 52518  |
|  |  | 760843  |
| **Semiconductors — 0.1%**<br>|  |  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (d) | 90000 | 91449  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.050% 8/12/51 | 158000 | 92898  |
| &nbsp;&nbsp;&nbsp; 3.734% 12/08/47 (h) | 145000 | 101074  |
| &nbsp;&nbsp;&nbsp; 5.600% 2/21/54 | 112000 | 101853  |
| &nbsp;&nbsp;&nbsp; 5.700% 2/10/53 | 110000 | 101112  |
|  |  | 488386  |
| **Software — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL <br>8.750% 5/01/29 (d) | 70000 | 69657  |
| &nbsp;&nbsp;&nbsp; Open Text Corp. <br>6.900% 12/01/27 (d) | 125000 | 129375  |
| &nbsp;&nbsp;&nbsp; Oracle Corp. <br>4.800% 8/03/28 | 385000 | 388108  |
|  |  | 587140  |
| **Telecommunications — 0.5%**<br>|  |  |
| Altice Financing SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/28 (d) | 35000 | 26261  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/15/29 (d) | 69000 | 50472  |
| &nbsp;&nbsp;&nbsp; 9.625% 7/15/27 (d) | 50000 | 42375 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| CommScope LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 9/01/29 (d) | $133000 | $118244  |
| Global Switch Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.375% 10/07/30 EUR (d) (e) | 240000 | 242751  |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC <br>5.152% 9/20/29 (d) | 1209000 | 1211831  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. <br>5.125% 5/15/32 | 690000 | 694339  |
|  |  | 2386273  |
| **Water — 0.1%**<br>|  |  |
|  Holding d'Infrastructures des Metiers de l'Environnement<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 10/24/29 EUR (d) (e) | 140000 | 154073  |
| Suez SACA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.875% 5/24/34 EUR (d) (e) | 400000 | 397960  |
|  |  | 552033  |
| **TOTAL CORPORATE DEBT** <br>|  |  |
| **(Cost $75,266,584)**  |  | **72499943**  |
| **Municipal Obligations — 0.7%**<br>|  |  |
| **Florida — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, FL, Aviation Revenue, Revenue Bonds, Series B, <br>2.707% 10/01/33 | 375000 | 321245  |
| **New York — 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, NY, Future Tax Secured Revenue <br>Revenue Bonds, Series F3, <br>5.130% 2/01/35 | 1033000 | 1051803  |
| &nbsp;&nbsp;&nbsp; Revenue Bonds, Series F3, <br>5.150% 2/01/36 | 1033000 | 1047162  |
|  New York State Dormitory Authority, Revenue Bonds, Series F,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.628% 3/15/39 | 860000 | 877429  |
|  |  | 2976394  |
| **TOTAL MUNICIPAL**<br>**OBLIGATIONS**<br>|  |  |
| **(Cost $3,345,556)**  |  | **3297639**  |
| **Non-U.S. Government Agency Obligations — 19.3%** | **Non-U.S. Government Agency Obligations — 19.3%** | **Non-U.S. Government Agency Obligations — 19.3%** |
| **Commercial Mortgage-Backed Securities — 3.2%**<br>|  |  |
|  BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.091% VRN 8/10/38 (a) (d) (i) | 1280000 | 1232110  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  BX Commercial Mortgage Trust, Series 2024-KING, Class B, 1 mo. USD Term SOFR + 1.741%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.060% FRN 5/15/34 (a) (d) | $1183420 | $1178986  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class B, <br>3.605% 12/09/41 (d) | 1110000 | 1025819  |
| &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, <br>3.944% VRN 12/09/41 (a) (d) (i) | 700000 | 630978  |
| &nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% <br>5.899% FRN 1/15/39 (a) (d) | 1057000 | 1047094  |
| &nbsp;&nbsp;&nbsp; Series 2022-PSB, Class D, 1 mo. USD Term SOFR + 4.693% <br>9.012% FRN 8/15/39 (a) (d) | 938000 | 932728  |
| Century Plaza Towers<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CPT, Class A, <br>2.865% 11/13/39 (d) | 805000 | 721207  |
| &nbsp;&nbsp;&nbsp; Series 2019-CPT, Class B, <br>2.997% VRN 11/13/39 (a) (d) (i) | 1000000 | 872293  |
|  Citigroup Commercial Mortgage Trust, Series 2020-420K, Class D,<br>|  |  |
| 3.312% VRN 11/10/42 (a) (d) (i) | 700000 | 608372  |
| &nbsp;&nbsp;&nbsp; DC Office Trust, Series 2019-MTC, Class A <br>2.965% 9/15/45 (d) | 860000 | 774211  |
| &nbsp;&nbsp;&nbsp; GWT Trust, Series 2024-WLF2, Class B, 1 mo. USD Term <br>SOFR + 2.141% <br>6.460% FRN 5/15/41 (a) (d) | 1532000 | 1531999  |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2019-30HY, Class A <br>3.228% 7/10/39 (d) | 880000 | 812089  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A <br>3.397% 6/05/39 (d) | 900000 | 834015  |
| &nbsp;&nbsp;&nbsp; MKT Mortgage Trust, Series <br>2020-525M, Class A <br>2.694% 2/12/40 (d) | 570000 | 491365  |
| &nbsp;&nbsp;&nbsp; One Bryant Park Trust, Series <br>2019-OBP, Class A <br>2.516% 9/15/54 (d) | 1085000 | 966426  |
| &nbsp;&nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B, <br>4.144% VRN 1/05/43 (a) (d) (i) | 50000 | 43697  |
| &nbsp;&nbsp;&nbsp; TTAN, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.514% <br>6.835% FRN 3/15/38 (a) (d) | 1038210 | 1034966  |
|  |  | 14738355  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Home Equity Asset-Backed Securities — 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W2, Class M1, 1 mo. USD Term SOFR + 0.849% <br>5.170% FRN 10/25/35 (a) | $680982 | $671740  |
| &nbsp;&nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, Series 2004-5, Class M1, 1 mo. USD Term SOFR + 0.969% <br>5.290% FRN 8/25/34 (a) | 9490 | 9443  |
| Morgan Stanley Capital I, Inc. Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694% <br>5.015% FRN 1/25/36 (a) | 1400700 | 1333912  |
| &nbsp;&nbsp;&nbsp; Series 2006-NC2, Class A2D, 1 mo. USD Term SOFR + 0.694% <br>5.015% FRN 2/25/36 (a) | 524425 | 520662  |
| &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD Term SOFR + 0.394% <br>4.715% FRN 2/25/37 (a) | 3220036 | 1965441  |
|  |  | 4501198  |
| **Other Asset-Backed Securities — 5.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allegro CLO X Ltd., Series 2019-1A, Class ARR, 3 mo. USD Term <br>SOFR + 1.130% <br>5.423% FRN 4/20/32 (a) (d) | 1424117 | 1421669  |
| &nbsp;&nbsp;&nbsp; AMMC CLO 15 Ltd., Series 2014-15A, Class AR3, 3 mo. USD Term <br>SOFR + 1.382% <br>5.684% FRN 1/15/32 (a) (d) | 485376 | 485363  |
| &nbsp;&nbsp;&nbsp; AMMC CLO 30 Ltd., Series 2024-30A, Class A1, 3 mo. USD Term <br>SOFR + 1.680% <br>5.982% FRN 1/15/37 (a) (d) | 2400000 | 2406288  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXV Ltd., Series 2016-25A, Class A1R3, 3 mo. USD Term <br>SOFR + 1.140% <br>5.471% FRN 1/20/37 (a) (d) | 1580000 | 1576203  |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2019-3A, Class A1RR, 3 mo. USD Term SOFR + 1.140% <br>5.490% FRN 1/20/36 (a) (d) | 1800000 | 1794240  |
| &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2 <br>4.760% 3/22/49 (d) | 2270000 | 2218330  |
|  DataBank Issuer LLC, Series 2021-2A, Class A2 2.400% 10/25/51 (d) | 1100000 | 1052964  |
| &nbsp;&nbsp;&nbsp; Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 3 mo. USD Term SOFR + 1.650% <br>5.952% FRN 10/15/30 (a) (d) | 1850000 | 1823885  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; LCM 37 Ltd., Series 37A, Class A1R, 3 mo. USD Term SOFR + 1.060% <br>5.362% FRN 4/15/34 (a) (d) | $2000000 | $1992880  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class C, <br>1.931% 10/17/38 (d) | 2500000 | 2390843  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, <br>4.608% 12/17/40 (d) | 1017373 | 969928  |
| &nbsp;&nbsp;&nbsp; Rad CLO 4 Ltd., Series 2019-4A, Class AR, 3 mo. USD Term <br>SOFR + 1.230% <br>5.530% FRN 4/25/32 (a) (d) | 1226757 | 1227122  |
| Rockford Tower CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130% <br>5.452% FRN 8/20/32 (a) (d) | 3273637 | 3267041  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.382% <br>5.675% FRN 4/20/34 (a) (d) | 2435000 | 2434912  |
|  |  | 25061668  |
| **Student Loans Asset-Backed Securities — 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2005-4, Class A4, 90 day USD SOFR Average + 0.442% <br>4.804% FRN 3/22/32 (a) | 1316482 | 1290432  |
|  SLM Student Loan Trust, Series 2008-5, Class B, 90 day USD SOFR Average + 2.112%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.669% FRN 7/25/73 (a) | 3735000 | 3808831  |
|  |  | 5099263  |
| **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 8.5%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 8.5%** | **Whole Loan Collateral Collateralized** <br>**Mortgage Obligations — 8.5%** |
| &nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust<br>Series 2019-F, Class A1, 2.860% STEP 7/25/59 (d) | 1135994 | 1095726  |
|  Series 2022-B, Class A1, 3.500% STEP 3/27/62 (d) | 2151261 | 2065990  |
| &nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD Term SOFR + 0.514% <br>4.835% FRN 3/25/46 (a) | 1206582 | 1091821  |
| &nbsp;&nbsp;&nbsp; Bear Stearns ALT-A Trust, Series <br>2005-4, Class 25A1, <br>5.365% VRN 5/25/35 (a) (i) | 447472 | 419192  |
| &nbsp;&nbsp;&nbsp; BINOM Securitization Trust, Series 2022-RPL1, Class A1, <br>3.000% VRN 2/25/61 (a) (d) (i) | 2109303 | 1936972  |
| &nbsp;&nbsp;&nbsp; CIM Trust, Series 2021-J3, Class A1, <br>2.500% VRN 6/25/51 (a) (d) (i) | 3196497 | 2603647  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2021-NQM6, Class A1, <br>1.174% VRN 7/25/66 (a) (d) (i) | $2394050 | $2028912  |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series <br>2007-OA3, Class A2, 1 mo. USD Term SOFR + 0.614% <br>4.935% FRN 7/25/47 (a) | 2573417 | 2214708  |
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1, <br>5.751% VRN 11/25/35 (a) (i) | 918636 | 785312  |
| HarborView Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-10, Class 1A1A, 1 mo. USD Term SOFR + 0.514% <br>4.631% FRN 11/19/36 (a) | 2352078 | 1811788  |
| &nbsp;&nbsp;&nbsp; Series 2007-6, Class 1A1A, 1 mo. USD Term SOFR + 0.314% <br>4.631% FRN 8/19/37 (a) | 2082441 | 1734000  |
| &nbsp;&nbsp;&nbsp; Series 2007-3, Class 2A1A, 1 mo. USD Term SOFR + 0.514% <br>4.831% FRN 5/19/37 (a) | 2320759 | 2115499  |
| &nbsp;&nbsp;&nbsp; HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. <br>USD Term SOFR + 0.634% <br>4.955% FRN 1/25/36 (a) | 1139548 | 1108384  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2005-A5, Class 1A2, <br>5.334% VRN 8/25/35 (a) (i) | 55056 | 53622  |
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1, <br>4.800% VRN 4/25/34 (a) (i) | 421736 | 381346  |
| OBX Trust<br>|  |  |
|  Series 2021-NQM4, Class A1, 1.957% VRN 10/25/61 (a) (d) (i) | 3278912 | 2744251  |
| &nbsp;&nbsp;&nbsp; Series 2021-J3, Class A1, <br>2.500% VRN 10/25/51 (a) (d) (i) | 3759242 | 3062021  |
| Preston Ridge Partners Mortgage LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, <br>5.000% STEP 8/25/27 (d) | 703035 | 699112  |
|  Series 2022-1, Class A1, 6.720% STEP 2/25/27 (d) | 2799545 | 2800533  |
| &nbsp;&nbsp;&nbsp; RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD Term <br>SOFR + 0.484% <br>4.805% FRN 8/25/36 (a) | 428626 | 372520  |
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1 <br>6.250% 12/25/36 | 1772029 | 1230278  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 1 mo. USD Term SOFR + 0.574% <br>4.895% FRN 2/25/36 (a) | $1203519 | $951607  |
|  Washington Mutual Mortgage Pass-Through Certificates Trust<br>|  |  |
|  Series 2006-AR12, Class 1A4, 4.756% VRN 10/25/36 (a) (i) | 3213336 | 2867523  |
|  Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.734% 5.055% FRN 1/25/45 (a) | 330997 | 322367  |
| &nbsp;&nbsp;&nbsp; Series 2005-7, Class 4CB, <br>7.000% 8/25/35 | 1999488 | 1624041  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4, <br>6.351% VRN 4/25/37 (a) (i) | 509236 | 447297  |
|  |  | 38568469  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>|  |  |
| **(Cost $88,966,286)**  |  | **87968953**  |
| **Sovereign Debt Obligations — 0.6%**<br>|  |  |
|  Brazilian Government International Bond 6.125% 3/15/34 | 230000 | 223588  |
|  Costa Rica Government International Bond 6.550% 4/03/34 (d) | 300000 | 307350  |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond <br>3.700% 10/07/33 (d) | 300000 | 249300  |
|  Israel Government International Bond 5.375% 2/19/30 | 340000 | 342485  |
|  Mexico Government International Bond 2.659% 5/24/31 | 213000 | 179197  |
| &nbsp;&nbsp;&nbsp; 4.875% 5/19/33 | 200000 | 183442  |
|  Oman Government International Bond 6.750% 10/28/27 (d) | 200000 | 207600  |
|  Panama Government International Bond 3.160% 1/23/30 | 225000 | 196086  |
|  Paraguay Government International Bond 4.950% 4/28/31 (d) | 200000 | 194400  |
|  Perusahaan Penerbit SBSN Indonesia III 2.800% 6/23/30 (d) | 200000 | 180448  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond <br>5.875% 4/20/32 | 200000 | 190062  |
|  Romanian Government International Bond 3.000% 2/14/31 (d) | 270000 | 225448  |
|  |  | 2679406  |
| **TOTAL SOVEREIGN DEBT**<br>**OBLIGATIONS**<br>|  |  |
| **(Cost $2,785,870)** |  | **2679406**  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **U.S. Government Agency Obligations** <br>**and Instrumentalities (j) — 36.9%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (j) — 36.9%** | **U.S. Government Agency Obligations** <br>**and Instrumentalities (j) — 36.9%** |
| **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** | **Collateralized Mortgage Obligations — 0.9%** |
|  Federal National Mortgage Association REMICS<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-43, Class CT, <br>3.000% 6/25/48 | $452813 | $401450  |
| &nbsp;&nbsp;&nbsp; Series 2018-54, Class KA, <br>3.500% 1/25/47 | 225199 | 221822  |
| &nbsp;&nbsp;&nbsp; Series 2018-38, Class PA, <br>3.500% 6/25/47 | 444182 | 430576  |
|  Government National Mortgage Association REMICS<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-8, Class LZ, <br>3.000% 11/16/44 | 745860 | 654123  |
| &nbsp;&nbsp;&nbsp; Series 2018-124, Class NW, <br>3.500% 9/20/48 | 413752 | 375325  |
| &nbsp;&nbsp;&nbsp; Series 2019-15, Class GT, <br>3.500% 2/20/49 | 441846 | 400130  |
|  Series 2024-97, Class FW, 30 day USD SOFR Average + 1.150% 5.494% FRN 6/20/54 (a) | 1614203 | 1613319  |
|  |  | 4096745  |
| **Pass-Through Securities — 36.0%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| Pool #SD8199 2.000% 3/01/52 | 6421989 | 5117170  |
| Pool #SD8204 2.000% 4/01/52 | 2136064 | 1702059  |
| Pool #QE0312 2.000% 4/01/52 | 834947 | 665303  |
| Pool #SD8147 2.500% 5/01/51 | 2870569 | 2399231  |
| Pool #SD8189 2.500% 1/01/52 | 2038055 | 1699591  |
| Pool #SD8194 2.500% 2/01/52 | 3357458 | 2799878  |
| Pool #G08710 3.000% 6/01/46 | 47138 | 41970  |
| Pool #G08715 3.000% 8/01/46 | 1013008 | 901932  |
| Pool #G08721 3.000% 9/01/46 | 135787 | 120898  |
| Pool #G08726 3.000% 10/01/46 | 1833689 | 1632625  |
| Pool #G08732 3.000% 11/01/46 | 1299599 | 1157098  |
| Pool #G08741 3.000% 1/01/47 | 882331 | 784204  |
| Pool #SD3016 3.000% 6/01/52 | 1896191 | 1649801  |
| Pool #G60038 3.500% 1/01/44 | 439679 | 410156  |
| Pool #G07848 3.500% 4/01/44 | 3325627 | 3106540  |
| Pool #G07924 3.500% 1/01/45 | 921244 | 857243  |
| Pool #G60138 3.500% 8/01/45 | 1919119 | 1783185  |
| Pool #G08711 3.500% 6/01/46 | 767954 | 705959  |
| Pool #G08716 3.500% 8/01/46 | 1107266 | 1017879  |
| Pool #G08792 3.500% 12/01/47 | 938604 | 858433  |
| Pool #G67707 3.500% 1/01/48 | 1264814 | 1171404  |
| Pool #G67711 4.000% 3/01/48 | 345281 | 328670  |
| Pool #G67713 4.000% 6/01/48 | 901768 | 856413  |
| Pool #G67714 4.000% 7/01/48 | 1236391 | 1175751  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| Pool #G67717 4.000% 11/01/48 | $1098809 | $1044917  |
| Pool #SD3246 4.000% 8/01/52 | 3572762 | 3333078  |
| Pool #SD5202 4.000% 10/01/52 | 3507734 | 3271440  |
| Pool #SD8265 4.000% 11/01/52 | 1884779 | 1758844  |
| Pool #G08843 4.500% 10/01/48 | 402859 | 391287  |
| Pool #SD8257 4.500% 10/01/52 | 4802963 | 4606471  |
| Pool #G08826 5.000% 6/01/48 | 133908 | 134165  |
| Pool #G08844 5.000% 10/01/48 | 46237 | 46253  |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| Pool #MA4093 2.000% 8/01/40 | 693253 | 597207  |
| Pool #MA4176 2.000% 11/01/40 | 1831922 | 1575781  |
| Pool #MA4333 2.000% 5/01/41 | 569535 | 488059  |
| Pool #MA4158 2.000% 10/01/50 | 2575654 | 2060382  |
| Pool #BT9728 2.000% 10/01/51 | 4514413 | 3597175  |
| Pool #BQ6913 2.000% 12/01/51 | 2432836 | 1938533  |
| Pool #CB2767 2.000% 1/01/52 | 3753011 | 2999857  |
| Pool #CB2766 2.000% 2/01/52 | 2492571 | 2000152  |
| Pool #FS8274 2.000% 4/01/52 | 2217113 | 1766640  |
| Pool #MA4548 2.500% 2/01/52 | 3383650 | 2821721  |
| Pool #MA4563 2.500% 3/01/52 | 8030252 | 6694144  |
| Pool #MA1607 3.000% 10/01/33 | 1287936 | 1233427  |
| Pool #BN7755 3.000% 9/01/49 | 1436281 | 1269063  |
| Pool #MA3811 3.000% 10/01/49 | 412141 | 358619  |
| Pool #BO2259 3.000% 10/01/49 | 2529423 | 2226243  |
| Pool #BV8526 3.000% 5/01/52 | 3912938 | 3393487  |
| Pool #AB4262 3.500% 1/01/32 | 733849 | 718623  |
| Pool #MA1148 3.500% 8/01/42 | 1845915 | 1725209  |
| Pool #CA0996 3.500% 1/01/48 | 65516 | 60170  |
| Pool #MA3276 3.500% 2/01/48 | 145899 | 133263  |
| Pool #MA3305 3.500% 3/01/48 | 489863 | 447286  |
| Pool #MA3332 3.500% 4/01/48 | 19698 | 17986  |
| Pool #CA3633 3.500% 6/01/49 | 546585 | 501127  |
| Pool #MA2995 4.000% 5/01/47 | 397362 | 376275  |
| Pool #AS9830 4.000% 6/01/47 | 227807 | 215718  |
| Pool #MA3027 4.000% 6/01/47 | 372251 | 352497  |
| Pool #AS9972 4.000% 7/01/47 | 208281 | 197228  |
| Pool #CB4121 4.000% 7/01/52 | 3413890 | 3183918  |
| Pool #AL9106 4.500% 2/01/46 | 180668 | 177059  |
| Pool #CA1710 4.500% 5/01/48 | 713663 | 693388  |
| Pool #CA1711 4.500% 5/01/48 | 12819 | 12455  |
| Pool #CA2208 4.500% 8/01/48 | 499923 | 484939  |
| Pool #BW9897 4.500% 10/01/52 | 1832172 | 1756530  |
| Pool #FS4233 4.500% 12/01/52 | 932782 | 894621  |
| Pool #MA4840 4.500% 12/01/52 | 3064642 | 2939265  |
| Pool #CB6854 4.500% 8/01/53 | 2429132 | 2334309  |
| Pool #BY0545 5.000% 5/01/53 | 740706 | 726948  |
| Pool #FS7252 5.000% 11/01/53 | 3207544 | 3150470  |
| Pool #MA5107 5.500% 8/01/53 | 3512252 | 3515169  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
|  Government National Mortgage Association II<br>|  |  |
| Pool #MA4126 3.000% 12/20/46 | $1162054 | $1043390  |
| Pool #MA4836 3.000% 11/20/47 | 818891 | 733990  |
| Pool #MA6209 3.000% 10/20/49 | 356115 | 310514  |
| Pool #MA4127 3.500% 12/20/46 | 789500 | 730444  |
| Pool #MA4382 3.500% 4/20/47 | 134351 | 124260  |
| Pool #MA4719 3.500% 9/20/47 | 1168487 | 1080718  |
| Pool #MA4837 3.500% 11/20/47 | 160039 | 147968  |
| Pool #MA4962 3.500% 1/20/48 | 397081 | 367131  |
| Pool #MA5019 3.500% 2/20/48 | 546501 | 505280  |
| Pool #MA4838 4.000% 11/20/47 | 331892 | 315077  |
| Pool #MA4901 4.000% 12/20/47 | 273391 | 259540  |
| Pool #MA5078 4.000% 3/20/48 | 221468 | 210248  |
| Pool #MA5466 4.000% 9/20/48 | 154486 | 146321  |
| Pool #MA5528 4.000% 10/20/48 | 619688 | 586935  |
| Pool #MA4264 4.500% 2/20/47 | 169902 | 166479  |
| Pool #MA4512 4.500% 6/20/47 | 1029445 | 1006449  |
| Pool #MA8347 4.500% 10/20/52 | 3649115 | 3520845  |
| Pool #MA9963 4.500% 10/20/54 | 123786 | 118796  |
| Pool #MA3666 5.000% 5/20/46 | 22610 | 22910  |
| Pool #MA3806 5.000% 7/20/46 | 151313 | 153305  |
| Pool #MA4072 5.000% 11/20/46 | 30187 | 30578  |
| Pool #MA4454 5.000% 5/20/47 | 551870 | 556544  |
|  Government National Mortgage Association II, TBA<br>|  |  |
| 2.500% 4/20/55 (g) | 6100000 | 5201690  |
| 4.000% 4/20/55 (g) | 3800000 | 3557804  |
| 4.500% 4/20/55 (g) | 2625000 | 2518825  |
| 5.000% 4/20/55 (g) | 5675000 | 5582845  |
| 5.500% 4/20/55 (g) | 3450000 | 3457563  |
| Uniform Mortgage-Backed Security, TBA<br>|  |  |
| 2.000% 4/01/55 (g) | 2325000 | 1849374  |
| 2.500% 4/01/55 (g) | 2650000 | 2203641  |
| 3.000% 4/01/55 (g) | 3350000 | 2903900  |
| 3.500% 3/01/52 (g) | 5275000 | 4756567  |
| 4.000% 6/01/52 (g) | 825000 | 767927  |
| 4.500% 4/01/55 (g) | 4100000 | 3923668  |
| 5.000% 4/01/55 (g) | 4800000 | 4704562  |
| 5.500% 4/01/55 (g) | 3225000 | 3220843  |
|  |  | 163951722  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>|  |  |
| **(Cost $175,026,092)**  |  | **168048467**  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **U.S. Treasury Obligations — 18.2%**<br>|  |  |
| **U.S. Treasury Bonds & Notes — 18.2%**<br>|  |  |
| U.S. Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 2/15/55 | $22015000 | $22162855  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/45 | 28120000 | 28638421  |
| U.S. Treasury Inflation-Indexed Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.125% 1/15/35 | 5781711 | 5927172  |
| U.S. Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 3/31/27 | 1070000 | 1069581  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/31/30 | 3320000 | 3326487  |
| &nbsp;&nbsp;&nbsp; 4.625% 2/15/35 | 21240000 | 21940253  |
|  |  | 83064769  |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br>**(Cost $81,889,328)**  |  | **83064769**  |
| **TOTAL BONDS & NOTES** <br>|  |  |
| **(Cost $435,913,448)**  |  | **425780749** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** |  |
| **Equities — 0.1%**<br>|  |  |
| **Common Stock — 0.1%**<br>|  |  |
| **Communication Services — 0.1%**<br>|  |  |
| Intelsat SA (k)  | 16791 | 611830  |
| **TOTAL COMMON STOCK** <br>|  |  |
| **(Cost $1,575,354)**  |  | **611830**  |
| **TOTAL EQUITIES** <br>|  |  |
| **(Cost $1,575,354)**  |  | **611830**  |
| **TOTAL PURCHASED OPTIONS (#) — 0.0%**<br>|  |  |
| **(Cost $215,200)** |  | **139111**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>|  |  |
| **(Cost $437,704,002)**  |  | **426531690**  |
| **Short-Term Investments — 17.2%**<br>|  |  |
| **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (l)  | 991860 | 991860 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value** |
| **Repurchase Agreement — 2.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (m) | $9799940 | $9799940  |
| **U.S. Treasury Bills — 14.8%**<br>|  |  |
| U.S. Treasury Bills<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.278% 7/31/25 (n) | 4585000 | 4520622  |
| &nbsp;&nbsp;&nbsp; 4.280% 7/24/25 (h) (n) | 11885000 | 11728156  |
| &nbsp;&nbsp;&nbsp; 4.310% 5/08/25 (n) | 5120000 | 5097689  |
| &nbsp;&nbsp;&nbsp; 4.318% 4/29/25 (n) | 6925000 | 6902190  |
| &nbsp;&nbsp;&nbsp; 4.318% 5/06/25 (n) | 8510000 | 8474907  |
| &nbsp;&nbsp;&nbsp; 4.320% 4/24/25 (n) | 11640000 | 11608543  |
| &nbsp;&nbsp;&nbsp; 4.325% 5/15/25 (n) | 19145000 | 19045810  |
|  |  | 67377917  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>|  |  |
| **(Cost $78,172,461)**  |  | **78169717**  |
| **TOTAL INVESTMENTS — 110.7%**<br>|  |  |
| **(Cost $515,876,463) (o)**  |  | **504701407**  |
| **Other Assets/**<br>(Liabilities) — (10.7)%  |  | **(48962306)**  |
| **NET ASSETS — 100.0%**  |  | **$455739101** |

---

**Abbreviation Legend**

---

| | |
|:---|:---|
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note  |
| PIK  | &nbsp;&nbsp;&nbsp; Payment in kind |
| REMICS  | &nbsp;&nbsp;&nbsp; Real Estate Mortgage Investment Conduits |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| TBA  | &nbsp;&nbsp;&nbsp; To Be Announced |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $447,518
 or 0.10% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $85,052,243 or 18.66% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The principal amount of the security is in foreign
 currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is perpetual and has no stated maturity
 date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $12,840,719 or 2.82% of net assets. The Fund received $12,123,507
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) May contain securities that are issued by a
 U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(m) Maturity value of $9,800,688. Collateralized
 by U.S. Government Agency obligations with rates ranging from 0.125% - 3.750%, maturity dates ranging from 10/15/26 - 8/15/27, and an
 aggregate market value, including accrued interest, of $9,996,011.

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

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

**(#) Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Paid by Fund** | **Paid by Fund** | **Received by Fund** | **Received by Fund** |  |  | | | |
| <br>**Description** | <br>**Counterparty** | <br>**Expiration** <br>**Date** | **Rate** | **Frequency** | **Rate** | **Frequency** | **Notional Amount** | **Notional Amount** | <br>**Value** | <br>**Premium** <br>**Paid/**<br>(Received) | <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
|  5-Year Interest Rate Swap, 2/3/2031<br>| JP Morgan <br>Chase Bank N.A.\* | 1/30/26 | 4.52%## | Annually | 12-Month<br>USD SOFR | Annually | USD  | 11315000 | $73536 | $106927 | $(33391)  |
|  2-Year Interest Rate Swap, 2/3/2028<br>| Morgan Stanley<br>& Co. LLC\* | 1/30/26 | 4.46%## | Annually | 12-Month<br>USD SOFR | Annually | USD | 26570000 | 65575 | 108273 | (42698)  |
|  |  |  |  |  |  |  |  |  | $139111 | $215200 | $(76089) |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Bank of America N.A.\* | 4/11/25 | EUR | 958000 | USD | 1040009 | $(3633)  |
| Bank of New York\* | 4/11/25 | EUR | 296000 | USD | 322963 | (2747)  |
| Citibank N.A.\* | 4/11/25 | USD | 12386589 | EUR | 12058000 | (657905)  |
| Citibank N.A.\* | 4/11/25 | EUR | 11220000 | USD | 12085383 | 52552  |
| Citibank N.A.\* | 7/11/25 | USD | 10167121 | EUR | 9366000 | (17502)  |
| Goldman Sachs International\* | 4/11/25 | EUR | 1569000 | USD | 1670469 | 26895  |
| Goldman Sachs International\* | 4/11/25 | GBP | 140000 | USD | 181437 | (596)  |
| Goldman Sachs International\* | 4/11/25 | USD | 180695 | GBP | 140000 | (146)  |
| Goldman Sachs International\* | 4/11/25 | USD | 2096298 | EUR | 1985000 | (51101)  |
| Goldman Sachs International\* | 7/11/25 | USD | 181416 | GBP | 140000 | 591  |
|  |  |  |  |  |  | $(653592) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Total Return Bond Fund — Portfolio of Investments (Continued)**<br>

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net**<br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| U.S. Treasury Note 2 Year | 6/30/25 | 693 | $142872000 | $698110  |
| U.S. Treasury Note 5 Year | 6/30/25 | 918 | 97910620 | 1376818  |
|  |  |  |  | $2074928  |
| **Short**<br>|  |  |  |  |
| Euro-BOBL | 6/06/25 | 19 | $(2409661) | $(10298)  |
| Euro-Bund | 6/06/25 | 31 | (4314494) | (3925)  |
| Euro-Buxl 30 Year Bond | 6/06/25 | 9 | (1178691) | 18089  |
| U.S. Treasury Ultra 10 Year | 6/18/25 | 55 | (6188370) | (88505)  |
| U.S. Treasury Ultra Bond | 6/18/25 | 37 | (4410176) | (113074)  |
|  |  |  |  | $(197713) |

---

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

## Exercise Rate.

**Currency Legend** 

---

| | |
|:---|:---|
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Value Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.6%**<br>|  |  |
| **Common Stock — 97.6%**<br>|  |  |
| **Communication Services — 8.1%**<br>|  |  |
| AT&T, Inc. | 228700 | $6467636  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. <br>Class A (a) | 4800 | 1768944  |
| Comcast Corp. Class A | 118500 | 4372650  |
| Fox Corp. Class A | 11300 | 639580  |
| Interpublic Group of Cos., Inc. | 12100 | 328636  |
| Match Group, Inc. | 8400 | 262080  |
| News Corp. Class A | 12800 | 348416  |
| Omnicom Group, Inc. | 7300 | 605243  |
| Verizon Communications, Inc. | 141400 | 6413904  |
| Walt Disney Co. | 60900 | 6010830  |
|  |  | 27217919  |
| **Consumer Discretionary — 6.1%**<br>|  |  |
| ADT, Inc. | 26200 | 213268  |
| AutoNation, Inc. (a) | 2700 | 437184  |
| Best Buy Co., Inc. | 7100 | 522631  |
| BorgWarner, Inc. | 6600 | 189090  |
| CarMax, Inc. (a) | 5200 | 405184  |
| Dick's Sporting Goods, Inc. | 2000 | 403120  |
| DR Horton, Inc. | 12000 | 1525560  |
| eBay, Inc. | 16200 | 1097226  |
| Expedia Group, Inc. | 4100 | 689210  |
| General Motors Co. | 38900 | 1829467  |
| H&R Block, Inc. | 4500 | 247095  |
| Hasbro, Inc. | 4500 | 276705  |
| Lennar Corp. Class A | 9200 | 1055976  |
| Lithia Motors, Inc. | 900 | 264186  |
| LKQ Corp. | 8700 | 370098  |
| Lowe's Cos., Inc. | 24700 | 5760781  |
| Mohawk Industries, Inc. (a) | 2100 | 239778  |
| Murphy USA, Inc. | 720 | 338263  |
| NVR, Inc. (a) | 120 | 869327  |
| Penske Automotive Group, Inc. | 2300 | 331154  |
| PulteGroup, Inc. | 8900 | 914920  |
| Ralph Lauren Corp. | 1400 | 309036  |
| Skechers USA, Inc. Class A (a) | 4300 | 244154  |
| Toll Brothers, Inc. | 3300 | 348447  |
| Ulta Beauty, Inc. (a) | 1600 | 586464  |
| Williams-Sonoma, Inc. | 4100 | 648210  |
| Wynn Resorts Ltd. | 3500 | 292250  |
|  |  | 20408784  |
| **Consumer Staples — 6.2%**<br>|  |  |
| Altria Group, Inc. | 56900 | 3415138  |
| Campbell's Co. | 9600 | 383232  |
| Coca-Cola Consolidated, Inc. | 275 | 371250  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Conagra Brands, Inc. | 16100 | $429387  |
| General Mills, Inc. | 18500 | 1106115  |
| Hormel Foods Corp. | 3700 | 114478  |
| Ingredion, Inc. | 2200 | 297462  |
| Kenvue, Inc. | 48300 | 1158234  |
| Keurig Dr. Pepper, Inc. | 45700 | 1563854  |
| Kimberly-Clark Corp. | 11200 | 1592864  |
| Kraft Heinz Co. | 40300 | 1226329  |
| Kroger Co. | 24300 | 1644867  |
| Molson Coors Beverage Co. Class B | 6400 | 389568  |
| Mondelez International, Inc. Class A | 43600 | 2958260  |
| PepsiCo, Inc. | 15700 | 2354058  |
| Sysco Corp. | 16500 | 1238160  |
| Tyson Foods, Inc. Class A | 9600 | 612576  |
|  |  | 20855832  |
| **Energy — 4.8%**<br>|  |  |
| Antero Midstream Corp. | 16000 | 288000  |
| Baker Hughes Co. | 33400 | 1467930  |
| Chevron Corp. | 48000 | 8029920  |
| Coterra Energy, Inc. | 18600 | 537540  |
| EOG Resources, Inc. | 19300 | 2475032  |
| Kinder Morgan, Inc. | 74700 | 2131191  |
| Ovintiv, Inc. | 8700 | 372360  |
| Range Resources Corp. | 8100 | 323433  |
| TechnipFMC PLC | 12300 | 389787  |
|  |  | 16015193  |
| **Financials — 31.1%**<br>|  |  |
| Aflac, Inc. | 18400 | 2045896  |
| Ally Financial, Inc. | 7600 | 277172  |
| American Financial Group, Inc. | 2400 | 315216  |
| American International Group, Inc. | 19900 | 1730106  |
| Ameriprise Financial, Inc. | 3210 | 1553993  |
| Apollo Global Management, Inc. | 15800 | 2163652  |
| Arch Capital Group Ltd. | 10400 | 1000272  |
| Assurant, Inc. | 1700 | 356575  |
| Axis Capital Holdings Ltd. | 2700 | 270648  |
| Bank of America Corp. | 214000 | 8930220  |
| Bank of New York Mellon Corp. | 23200 | 1945784  |
| Capital One Financial Corp. | 9700 | 1739210  |
| Carlyle Group, Inc. | 12200 | 531798  |
| Chubb Ltd. | 13500 | 4076865  |
| Cincinnati Financial Corp. | 5300 | 782916  |
| Citigroup, Inc. | 49300 | 3499807  |
| Citizens Financial Group, Inc. | 12600 | 516222  |
| Comerica, Inc. | 2300 | 135838  |
| Commerce Bancshares, Inc. | 3745 | 233051  |
| Corebridge Financial, Inc. | 18800 | 593516  |
| Corpay, Inc. (a) | 2000 | 697440  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Cullen/Frost Bankers, Inc. | 1400 | $175280  |
| Discover Financial Services | 7600 | 1297320  |
| East West Bancorp, Inc. | 3800 | 341088  |
| Equitable Holdings, Inc. | 11600 | 604244  |
| Everest Group Ltd. | 1500 | 544995  |
| Fidelity National Financial, Inc. | 7500 | 488100  |
| Fifth Third Bancorp | 15500 | 607600  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. <br>Class A | 420 | 778731  |
| First Horizon Corp. | 8700 | 168954  |
| Global Payments, Inc. | 8200 | 802944  |
| Goldman Sachs Group, Inc. | 10480 | 5725119  |
| Hartford Insurance Group, Inc. | 9600 | 1187808  |
| Huntington Bancshares, Inc. | 40300 | 604903  |
| JP Morgan Chase & Co. | 66700 | 16361510  |
| Loews Corp. | 7200 | 661752  |
| LPL Financial Holdings, Inc. | 2100 | 686994  |
| M&T Bank Corp. | 3800 | 679250  |
| Markel Group, Inc. (a) | 360 | 673060  |
| MetLife, Inc. | 23700 | 1902873  |
| Morgan Stanley | 54300 | 6335181  |
| Northern Trust Corp. | 6600 | 651090  |
| Old Republic International Corp. | 8300 | 325526  |
| PayPal Holdings, Inc. (a) | 33300 | 2172825  |
| PNC Financial Services Group, Inc. | 11100 | 1951047  |
| Primerica, Inc. | 1100 | 312983  |
| Principal Financial Group, Inc. | 7600 | 641212  |
| Progressive Corp. | 9700 | 2745197  |
| Prudential Financial, Inc. | 10500 | 1172640  |
| Raymond James Financial, Inc. | 6900 | 958479  |
| Regions Financial Corp. | 25400 | 551942  |
| Reinsurance Group of America, Inc. | 1800 | 354420  |
| RenaissanceRe Holdings Ltd. | 1700 | 408000  |
| SEI Investments Co. | 4300 | 333809  |
| State Street Corp. | 9700 | 868441  |
| Stifel Financial Corp. | 2800 | 263928  |
| Synchrony Financial | 13100 | 693514  |
| T. Rowe Price Group, Inc. | 6300 | 578781  |
| Travelers Cos., Inc. | 11900 | 3147074  |
| Truist Financial Corp. | 22100 | 909415  |
| Unum Group | 5600 | 456176  |
| US Bancorp | 26200 | 1106164  |
| Voya Financial, Inc. | 1600 | 108416  |
| W. R. Berkley Corp. | 12800 | 910848  |
| Webster Financial Corp. | 4800 | 247440  |
| Wells Fargo & Co. | 96400 | 6920556  |
| Willis Towers Watson PLC | 2900 | 980055  |
| Zions Bancorp NA | 2500 | 124650  |
|  |  | 103918531  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Health Care — 20.6%**<br>|  |  |
| AbbVie, Inc. | 56900 | $11921688  |
| Bio-Rad Laboratories, Inc. Class A (a) | 800 | 194848  |
| Cardinal Health, Inc. | 8100 | 1115937  |
| Cencora, Inc. | 6900 | 1918821  |
| Cigna Group | 9200 | 3026800  |
| CVS Health Corp. | 42400 | 2872600  |
| DaVita, Inc. (a) | 2700 | 413019  |
| Exelixis, Inc. (a) | 7200 | 265824  |
| Gilead Sciences, Inc. | 39500 | 4425975  |
| Halozyme Therapeutics, Inc. (a) | 4100 | 261621  |
| HCA Healthcare, Inc. | 11050 | 3818328  |
| Henry Schein, Inc. (a) | 4200 | 287658  |
| Jazz Pharmaceuticals PLC (a) | 2100 | 260715  |
| Johnson & Johnson | 81100 | 13449624  |
| Labcorp Holdings, Inc. | 3200 | 744768  |
| Medtronic PLC | 43200 | 3881952  |
| Molina Healthcare, Inc. (a) | 1900 | 625841  |
| Quest Diagnostics, Inc. | 4700 | 795240  |
| Tenet Healthcare Corp. (a) | 3200 | 430400  |
| United Therapeutics Corp. (a) | 1500 | 462405  |
| UnitedHealth Group, Inc. | 30750 | 16105312  |
|  Universal Health Services, Inc. Class B | 2500 | 469750  |
| Viatris, Inc. | 39800 | 346658  |
| Zimmer Biomet Holdings, Inc. | 6700 | 758306  |
|  |  | 68854090  |
| **Industrials — 10.8%**<br>|  |  |
| 3M Co. | 18200 | 2672852  |
| Acuity, Inc. | 1000 | 263350  |
| Allegion PLC | 2900 | 378334  |
| Allison Transmission Holdings, Inc. | 2800 | 267876  |
| Builders FirstSource, Inc. (a) | 3900 | 487266  |
| Caterpillar, Inc. | 16130 | 5319674  |
| CNH Industrial NV | 42000 | 515760  |
| CSX Corp. | 64300 | 1892349  |
| Cummins, Inc. | 4600 | 1441824  |
| Deere & Co. | 7900 | 3707865  |
| Delta Air Lines, Inc. | 20700 | 902520  |
| Donaldson Co., Inc. | 4000 | 268240  |
| Dover Corp. | 3400 | 597312  |
| EMCOR Group, Inc. | 1600 | 591408  |
| FedEx Corp. | 8000 | 1950240  |
| Fortune Brands Innovations, Inc. | 4100 | 249608  |
| Genpact Ltd. | 5700 | 287166  |
| L3Harris Technologies, Inc. | 6300 | 1318653  |
| Leidos Holdings, Inc. | 4400 | 593736  |
| Lockheed Martin Corp. | 7890 | 3524542  |
| Masco Corp. | 8600 | 598044  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Middleby Corp. (a) | 1800 | $273564  |
| Mueller Industries, Inc. | 3800 | 289332  |
| Oshkosh Corp. | 2300 | 216384  |
| Owens Corning | 3500 | 499870  |
| PACCAR, Inc. | 17700 | 1723449  |
| Snap-on, Inc. | 1800 | 606618  |
| Southwest Airlines Co. | 19900 | 668242  |
| Textron, Inc. | 7600 | 549100  |
| Toro Co. | 3300 | 240075  |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. <br>(UHAL US) (a) (b) | 600 | 39216  |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. <br>(UHAL/B US) | 6600 | 390588  |
| UFP Industries, Inc. | 2100 | 224784  |
| United Airlines Holdings, Inc. (a) | 10600 | 731930  |
| United Rentals, Inc. | 2240 | 1403808  |
| WESCO International, Inc. | 1700 | 264010  |
|  |  | 35949589  |
| **Information Technology — 4.3%**<br>|  |  |
| Cisco Systems, Inc. | 125500 | 7744605  |
|  Cognizant Technology Solutions Corp. Class A | 16700 | 1277550  |
| Dropbox, Inc. Class A (a) | 7600 | 202996  |
| Gen Digital, Inc. | 20700 | 549378  |
| HP, Inc. | 43100 | 1193439  |
| Jabil, Inc. | 3200 | 435424  |
| QUALCOMM, Inc. | 17700 | 2718897  |
| TD SYNNEX Corp. | 2800 | 291088  |
|  |  | 14413377  |
| **Materials — 2.5%**<br>|  |  |
| Amcor PLC | 46600 | 452020  |
| Axalta Coating Systems Ltd. (a) | 7400 | 245458  |
| Berry Global Group, Inc. | 3200 | 223392  |
| CF Industries Holdings, Inc. | 5700 | 445455  |
| Corteva, Inc. | 23000 | 1447390  |
| Crown Holdings, Inc. | 4600 | 410596  |
| Eagle Materials, Inc. | 1100 | 244123  |
| Eastman Chemical Co. | 3900 | 343629  |
| Graphic Packaging Holding Co. | 10100 | 262196  |
| Mosaic Co. | 10700 | 289007  |
| Newmont Corp. (NEM US) | 38000 | 1834640  |
| PPG Industries, Inc. | 5900 | 645165  |
| Reliance, Inc. | 2100 | 606375  |
| Steel Dynamics, Inc. | 7200 | 900576  |
|  |  | 8350022  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Utilities — 3.1%**<br>|  |  |
| Dominion Energy, Inc. | 27100 | $1519497  |
| Duke Energy Corp. | 24900 | 3037053  |
| Evergy, Inc. | 7800 | 537810  |
| NRG Energy, Inc. | 6900 | 658674  |
| OGE Energy Corp. | 6500 | 298740  |
| PPL Corp. | 24800 | 895528  |
|  Public Service Enterprise Group, Inc. | 17500 | 1440250  |
| Southern Co. | 15800 | 1452810  |
| WEC Energy Group, Inc. | 4500 | 490410  |
|  |  | 10330772  |
| **TOTAL COMMON STOCK** <br>**(Cost $311,526,415)** |  | **326314109**  |
| **TOTAL EQUITIES** <br>**(Cost $311,526,415)** |  | **326314109**  |
| **Exchange-Traded Funds — 2.0%** | **Exchange-Traded Funds — 2.0%** |  |
| iShares Russell 1000 Value ETF | 35500 | 6679680  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $6,715,860)** |  | **6679680**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $318,242,275)** |  | **332993789** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Short-Term Investments — 0.6%**  | **Short-Term Investments — 0.6%**  | **Short-Term Investments — 0.6%**  |
| **Repurchase Agreement — 0.6%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (c)  | $2137024  | 2137024  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,137,024)** |  | **2137024**  |
| **TOTAL INVESTMENTS — 100.2% (Cost $320,379,299) (d)** |  | **335130813**  |
| **Other Assets/**<br>(Liabilities) — (0.2)% |  | **(730915)**  |
| **NET ASSETS — 100.0%** |  | **$334399898** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Diversified Value Fund — Portfolio of Investments (Continued)**<br>

**Abbreviation Legend** 

<br> ETF Exchange-Traded Fund <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $38,824 or 0.01% of net assets. The Fund received $39,414 of non-cash
 collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the
 Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $2,137,188. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $2,179,804.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 99.9%**<br>|  |  |
| **Common Stock — 99.9%**<br>|  |  |
| **Communication Services — 9.2%** | **Communication Services — 9.2%** |  |
| Alphabet, Inc. Class A  | 261188 | $40390112  |
| Alphabet, Inc. Class C  | 211761 | 33083421  |
| AT&T, Inc.  | 321496 | 9091907  |
|  Charter Communications, Inc. Class A (a) | 4323 | 1593155  |
| Comcast Corp. Class A  | 169034 | 6237355  |
| Electronic Arts, Inc.  | 10671 | 1542173  |
| Fox Corp. Class A  | 9499 | 537643  |
| Fox Corp. Class B  | 6216 | 327645  |
| Interpublic Group of Cos., Inc.  | 16245 | 441214  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) | 6938 | 905964  |
| Match Group, Inc.  | 11209 | 349721  |
| Meta Platforms, Inc. Class A  | 98074 | 56525931  |
| Netflix, Inc. (a) | 19160 | 17867275  |
| News Corp. Class A  | 16469 | 448286  |
| News Corp. Class B  | 5372 | 163148  |
| Omnicom Group, Inc.  | 8696 | 720985  |
| Paramount Global Class B  | 27083 | 323913  |
| T-Mobile US, Inc.  | 21482 | 5729464  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc. (a) | 7378 | 1529090  |
| TKO Group Holdings, Inc.  | 2995 | 457666  |
| Verizon Communications, Inc.  | 188283 | 8540517  |
| Walt Disney Co.  | 80968 | 7991542  |
| Warner Bros Discovery, Inc. (a) | 99142 | 1063794  |
|  |  | 195861921  |
| **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** |  |
| Airbnb, Inc. Class A (a) | 19464 | 2325169  |
| Amazon.com, Inc. (a) | 422405 | 80366775  |
| Aptiv PLC (a) | 10262 | 610589  |
| AutoZone, Inc. (a) | 749 | 2855772  |
| Best Buy Co., Inc.  | 8735 | 642983  |
| Booking Holdings, Inc.  | 1480 | 6818227  |
| Caesars Entertainment, Inc. (a) | 9568 | 239200  |
| CarMax, Inc. (a) | 6813 | 530869  |
| Carnival Corp. (a) | 46268 | 903614  |
| Chipotle Mexican Grill, Inc. (a) | 60628 | 3044132  |
| Darden Restaurants, Inc.  | 5236 | 1087831  |
| Deckers Outdoor Corp. (a) | 6720 | 751363  |
| Domino's Pizza, Inc.  | 1546 | 710310  |
| DoorDash, Inc., Class A (a) | 15181 | 2774631  |
| DR Horton, Inc.  | 12721 | 1617221  |
| eBay, Inc.  | 21295 | 1442310  |
| Expedia Group, Inc.  | 5524 | 928584  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Ford Motor Co.  | 173418 | $1739383  |
| Garmin Ltd.  | 6914 | 1501237  |
| General Motors Co.  | 44557 | 2095516  |
| Genuine Parts Co.  | 6331 | 754275  |
| Hasbro, Inc.  | 6040 | 371400  |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br>Inc.  | 10794 | 2456175  |
| Home Depot, Inc.  | 44453 | 16291580  |
| Las Vegas Sands Corp.  | 15332 | 592275  |
| Lennar Corp. Class A  | 10451 | 1199566  |
| LKQ Corp.  | 11910 | 506651  |
| Lowe's Cos., Inc.  | 25290 | 5898387  |
| Lululemon Athletica, Inc. (a) | 5025 | 1422377  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. <br>Class A  | 10270 | 2446314  |
| McDonald's Corp.  | 32103 | 10028014  |
| MGM Resorts International (a) | 10118 | 299898  |
| Mohawk Industries, Inc. (a) | 2418 | 276087  |
| NIKE, Inc. Class B  | 52878 | 3356696  |
|  Norwegian Cruise Line Holdings Ltd. (a) | 20421 | 387182  |
| NVR, Inc. (a) | 134 | 970748  |
| O'Reilly Automotive, Inc. (a) | 2572 | 3684596  |
| Pool Corp.  | 1723 | 548517  |
| PulteGroup, Inc.  | 9039 | 929209  |
| Ralph Lauren Corp.  | 1791 | 395345  |
| Ross Stores, Inc.  | 14710 | 1879791  |
| Royal Caribbean Cruises Ltd.  | 11123 | 2285109  |
| Starbucks Corp.  | 50752 | 4978264  |
| Tapestry, Inc.  | 9246 | 651011  |
| Tesla, Inc. (a) | 125327 | 32479745  |
| TJX Cos., Inc.  | 50262 | 6121912  |
| Tractor Supply Co.  | 23646 | 1302895  |
| Ulta Beauty, Inc. (a) | 2089 | 765702  |
| Williams-Sonoma, Inc.  | 5507 | 870657  |
| Wynn Resorts Ltd.  | 3962 | 330827  |
| Yum! Brands, Inc.  | 12498 | 1966685  |
|  |  | 219433606  |
| **Consumer Staples — 6.0%**<br>|  |  |
| Altria Group, Inc.  | 75989 | 4560860  |
| Archer-Daniels-Midland Co.  | 21360 | 1025494  |
| Brown-Forman Corp. Class B  | 8057 | 273455  |
| Bunge Global SA  | 5978 | 456839  |
| Campbell's Co.  | 8698 | 347224  |
| Church & Dwight Co., Inc.  | 11108 | 1222880  |
| Clorox Co.  | 5477 | 806488  |
| Coca-Cola Co.  | 173533 | 12428433  |
| Colgate-Palmolive Co.  | 36381 | 3408900  |
| Conagra Brands, Inc.  | 21169 | 564577  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. <br>Class A  | 7033 | $1290696  |
| Costco Wholesale Corp.  | 19875 | 18797378  |
| Dollar General Corp.  | 10009 | 880091  |
| Dollar Tree, Inc. (a) | 9108 | 683738  |
| Estee Lauder Cos., Inc. Class A  | 10378 | 684948  |
| General Mills, Inc.  | 24713 | 1477590  |
| Hershey Co.  | 6595 | 1127943  |
| Hormel Foods Corp.  | 12850 | 397579  |
| J.M. Smucker Co.  | 4635 | 548830  |
| Kellanova  | 12191 | 1005636  |
| Kenvue, Inc.  | 86415 | 2072232  |
| Keurig Dr. Pepper, Inc.  | 53487 | 1830325  |
| Kimberly-Clark Corp.  | 14893 | 2118082  |
| Kraft Heinz Co.  | 38932 | 1184701  |
| Kroger Co.  | 29655 | 2007347  |
| Lamb Weston Holdings, Inc.  | 6333 | 337549  |
| McCormick & Co., Inc.  | 11444 | 941956  |
|  Molson Coors Beverage Co. Class B  | 7831 | 476673  |
|  Mondelez International, Inc. Class A  | 57839 | 3924376  |
| Monster Beverage Corp. (a) | 31349 | 1834543  |
| PepsiCo, Inc.  | 61461 | 9215462  |
| Philip Morris International, Inc.  | 69629 | 11052211  |
| Procter & Gamble Co.  | 104991 | 17892566  |
| Sysco Corp.  | 21753 | 1632345  |
| Target Corp.  | 20520 | 2141467  |
| Tyson Foods, Inc. Class A  | 12998 | 829402  |
| Walgreens Boots Alliance, Inc.  | 32817 | 366566  |
| Walmart, Inc.  | 194419 | 17068044  |
|  |  | 128915426  |
| **Energy — 3.7%**<br>|  |  |
| APA Corp.  | 16397 | 344665  |
| Baker Hughes Co.  | 44476 | 1954720  |
| Chevron Corp.  | 74836 | 12519314  |
| ConocoPhillips  | 57188 | 6005884  |
| Coterra Energy, Inc.  | 33141 | 957775  |
| Devon Energy Corp.  | 29290 | 1095446  |
| Diamondback Energy, Inc.  | 8333 | 1332280  |
| EOG Resources, Inc.  | 25270 | 3240625  |
| EQT Corp.  | 26902 | 1437374  |
| Expand Energy Corp.  | 9393 | 1045629  |
| Exxon Mobil Corp.  | 194938 | 23183976  |
| Halliburton Co.  | 38786 | 984001  |
| Hess Corp.  | 12295 | 1963880  |
| Kinder Morgan, Inc.  | 86710 | 2473836  |
| Marathon Petroleum Corp.  | 14142 | 2060348  |
| Occidental Petroleum Corp.  | 30161 | 1488747  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| ONEOK, Inc.  | 27687 | $2747104  |
| Phillips 66  | 18537 | 2288949  |
| Schlumberger NV  | 62630 | 2617934  |
| Targa Resources Corp.  | 9799 | 1964405  |
| Texas Pacific Land Corp.  | 844 | 1118292  |
| Valero Energy Corp.  | 14282 | 1886224  |
| Williams Cos., Inc.  | 54600 | 3262896  |
|  |  | 77974304  |
| **Financials — 14.7%**<br>|  |  |
| Aflac, Inc.  | 22166 | 2464638  |
| Allstate Corp.  | 11880 | 2459992  |
| American Express Co.  | 24882 | 6694502  |
| &nbsp;&nbsp;&nbsp; American International Group, <br>Inc. | 26525 | 2306083  |
| Ameriprise Financial, Inc.  | 4307 | 2085062  |
| Aon PLC Class A  | 9667 | 3858003  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc.  | 19985 | 2736746  |
| Arch Capital Group Ltd.  | 16784 | 1614285  |
| Arthur J Gallagher & Co.  | 11400 | 3935736  |
| Assurant, Inc.  | 2312 | 484942  |
| Bank of America Corp.  | 296908 | 12389971  |
| Bank of New York Mellon Corp.  | 32086 | 2691053  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. <br>Class B (a) | 82091 | 43720025  |
| Blackrock, Inc.  | 6535 | 6185247  |
| Blackstone, Inc.  | 32769 | 4580451  |
| Brown & Brown, Inc.  | 10727 | 1334439  |
| Capital One Financial Corp.  | 17143 | 3073740  |
| Cboe Global Markets, Inc.  | 4736 | 1071709  |
| Charles Schwab Corp.  | 76470 | 5986072  |
| Chubb Ltd.  | 16700 | 5043233  |
| Cincinnati Financial Corp.  | 7028 | 1038176  |
| Citigroup, Inc.  | 84065 | 5967774  |
| Citizens Financial Group, Inc.  | 19372 | 793671  |
| CME Group, Inc.  | 16146 | 4283372  |
| Corpay, Inc. (a) | 3114 | 1085914  |
| Discover Financial Services  | 11230 | 1916961  |
| Erie Indemnity Co. Class A  | 1091 | 457184  |
| Everest Group Ltd.  | 1924 | 699047  |
| FactSet Research Systems, Inc.  | 1690 | 768342  |
|  Fidelity National Information Services, Inc.  | 23675 | 1768049  |
| Fifth Third Bancorp  | 29646 | 1162123  |
| Fiserv, Inc. (a) | 25465 | 5623436  |
| Franklin Resources, Inc.  | 13652 | 262801  |
| Global Payments, Inc.  | 11081 | 1085052  |
| Globe Life, Inc.  | 3800 | 500536  |
| Goldman Sachs Group, Inc.  | 13985 | 7639866  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Hartford Insurance Group, Inc.  | 12860 | $1591168  |
| Huntington Bancshares, Inc.  | 64587 | 969451  |
| Intercontinental Exchange, Inc.  | 25781 | 4447222  |
| Invesco Ltd.  | 21023 | 318919  |
| Jack Henry & Associates, Inc.  | 3268 | 596737  |
| JP Morgan Chase & Co.  | 125290 | 30733637  |
| KeyCorp.  | 44293 | 708245  |
| KKR & Co., Inc.  | 30225 | 3494312  |
| Loews Corp.  | 7821 | 718828  |
| M&T Bank Corp.  | 7346 | 1313098  |
| MarketAxess Holdings, Inc.  | 1744 | 377314  |
| Marsh & McLennan Cos., Inc.  | 21976 | 5362803  |
| Mastercard, Inc. Class A  | 36499 | 20005832  |
| MetLife, Inc.  | 25833 | 2074132  |
| Moody's Corp.  | 6922 | 3223506  |
| Morgan Stanley  | 55443 | 6468535  |
| MSCI, Inc.  | 3476 | 1965678  |
| Nasdaq, Inc.  | 18533 | 1405913  |
| Northern Trust Corp.  | 8898 | 877788  |
| PayPal Holdings, Inc. (a) | 44293 | 2890118  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, <br>Inc.  | 17659 | 3103922  |
| Principal Financial Group, Inc.  | 9601 | 810036  |
| Progressive Corp.  | 26254 | 7430145  |
| Prudential Financial, Inc.  | 15799 | 1764432  |
| Raymond James Financial, Inc.  | 8265 | 1148091  |
| Regions Financial Corp.  | 40080 | 870938  |
| S&P Global, Inc.  | 14094 | 7161161  |
| State Street Corp.  | 12897 | 1154668  |
| Synchrony Financial  | 17504 | 926662  |
| T. Rowe Price Group, Inc.  | 9823 | 902439  |
| Travelers Cos., Inc.  | 10115 | 2675013  |
| Truist Financial Corp.  | 59009 | 2428220  |
| US Bancorp  | 69771 | 2945732  |
| Visa, Inc. Class A  | 77191 | 27052358  |
| W. R. Berkley Corp.  | 13385 | 952477  |
| Wells Fargo & Co.  | 147493 | 10588522  |
| Willis Towers Watson PLC  | 4511 | 1524492  |
|  |  | 312750777  |
| **Health Care — 11.2%**<br>|  |  |
| Abbott Laboratories  | 77702 | 10307170  |
| AbbVie, Inc.  | 79063 | 16565280  |
| Agilent Technologies, Inc.  | 12876 | 1506234  |
| Align Technology, Inc. (a) | 3185 | 505969  |
| Amgen, Inc.  | 24032 | 7487170  |
| Baxter International, Inc.  | 23026 | 788180  |
| Becton Dickinson & Co.  | 12840 | 2941130  |
| Bio-Techne Corp.  | 7070 | 414514  |
| Biogen, Inc. (a) | 6528 | 893292  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Boston Scientific Corp. (a) | 66086 | $6666756  |
| Bristol-Myers Squibb Co.  | 90780 | 5536672  |
| Cardinal Health, Inc.  | 10737 | 1479237  |
| Cencora, Inc.  | 7733 | 2150470  |
| Centene Corp. (a) | 22191 | 1347216  |
|  Charles River Laboratories International, Inc. (a) | 2367 | 356281  |
| Cigna Group  | 12258 | 4032882  |
| Cooper Cos., Inc. (a) | 9076 | 765561  |
| CVS Health Corp.  | 56475 | 3826181  |
| Danaher Corp.  | 28646 | 5872430  |
| DaVita, Inc. (a) | 1906 | 291561  |
| Dexcom, Inc. (a) | 17517 | 1196236  |
| Edwards Lifesciences Corp. (a) | 26338 | 1908978  |
| Elevance Health, Inc.  | 10414 | 4529673  |
| Eli Lilly & Co.  | 35288 | 29144712  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 20318 | 1639866  |
| Gilead Sciences, Inc.  | 55803 | 6252726  |
| HCA Healthcare, Inc.  | 8007 | 2766819  |
| Henry Schein, Inc. (a) | 5699 | 390325  |
| Hologic, Inc. (a) | 9942 | 614117  |
| Humana, Inc.  | 5374 | 1421960  |
| IDEXX Laboratories, Inc. (a) | 3692 | 1550455  |
| Incyte Corp. (a) | 7369 | 446193  |
| Insulet Corp. (a) | 3127 | 821181  |
| Intuitive Surgical, Inc. (a) | 15954 | 7901538  |
| IQVIA Holdings, Inc. (a) | 7459 | 1315022  |
| Johnson & Johnson  | 107879 | 17890653  |
| Labcorp Holdings, Inc.  | 3749 | 872542  |
| McKesson Corp.  | 5611 | 3776147  |
| Medtronic PLC  | 57535 | 5170095  |
| Merck & Co., Inc.  | 113385 | 10177438  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 935 | 1104151  |
| Moderna, Inc. (a) | 15146 | 429389  |
| Molina Healthcare, Inc. (a) | 2483 | 817875  |
| Pfizer, Inc.  | 253813 | 6431621  |
| Quest Diagnostics, Inc.  | 5044 | 853445  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc.  | 4696 | 2978344  |
| ResMed, Inc.  | 6542 | 1464427  |
| Revvity, Inc.  | 5362 | 567300  |
| Solventum Corp. (a) | 6167 | 468939  |
| STERIS PLC  | 4428 | 1003606  |
| Stryker Corp.  | 15369 | 5721110  |
| Thermo Fisher Scientific, Inc.  | 17105 | 8511448  |
| UnitedHealth Group, Inc.  | 41224 | 21591070  |
|  Universal Health Services, Inc. Class B  | 2595 | 487601  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Vertex Pharmaceuticals, Inc. (a) | 11484 | $5567673  |
| Viatris, Inc.  | 55014 | 479172  |
| Waters Corp. (a) | 2641 | 973393  |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, <br>Inc.  | 3289 | 736341  |
| Zimmer Biomet Holdings, Inc.  | 8790 | 994852  |
| Zoetis, Inc.  | 20028 | 3297610  |
|  |  | 238000229  |
| **Industrials — 8.4%**<br>|  |  |
| 3M Co.  | 24305 | 3569432  |
| A.O. Smith Corp.  | 5508 | 360003  |
| Allegion PLC  | 3781 | 493269  |
| AMETEK, Inc.  | 10384 | 1787502  |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, <br>Inc.  | 18225 | 5568284  |
| Axon Enterprise, Inc. (a) | 3269 | 1719331  |
| Boeing Co. (a) | 33629 | 5735426  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc.  | 5223 | 1266369  |
| Builders FirstSource, Inc. (a) | 5242 | 654935  |
| C.H. Robinson Worldwide, Inc.  | 5288 | 541491  |
| Carrier Global Corp.  | 36139 | 2291213  |
| Caterpillar, Inc.  | 21402 | 7058380  |
| Cintas Corp.  | 15330 | 3150775  |
| Copart, Inc. (a) | 39232 | 2220139  |
| CSX Corp.  | 86191 | 2536601  |
| Cummins, Inc.  | 6133 | 1922328  |
| Dayforce, Inc. (a) | 7328 | 427442  |
| Deere & Co.  | 11336 | 5320552  |
| Delta Air Lines, Inc.  | 28497 | 1242469  |
| Dover Corp.  | 6190 | 1087459  |
| Eaton Corp. PLC  | 17651 | 4798071  |
| Emerson Electric Co.  | 25191 | 2761941  |
| Equifax, Inc.  | 5582 | 1359552  |
|  Expeditors International of Washington, Inc.  | 6347 | 763227  |
| Fastenal Co.  | 25712 | 1993966  |
| FedEx Corp.  | 9926 | 2419760  |
| Fortive Corp.  | 15163 | 1109628  |
| GE Vernova, Inc.  | 12403 | 3786388  |
| Generac Holdings, Inc. (a) | 2782 | 352340  |
| General Dynamics Corp.  | 11329 | 3088059  |
| General Electric Co.  | 48034 | 9614005  |
| Honeywell International, Inc.  | 29057 | 6152820  |
| Howmet Aerospace, Inc.  | 18232 | 2365237  |
| Hubbell, Inc.  | 2374 | 785580  |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, <br>Inc.  | 1789 | 365028  |
| IDEX Corp.  | 3405 | 616203  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Illinois Tool Works, Inc.  | 11936 | $2960247  |
| Ingersoll Rand, Inc.  | 18054 | 1444862  |
| Jacobs Solutions, Inc.  | 5454 | 659334  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc.  | 3523 | 521228  |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br>PLC  | 29534 | 2365969  |
| L3Harris Technologies, Inc.  | 8498 | 1778716  |
| Leidos Holdings, Inc.  | 5872 | 792368  |
| Lennox International, Inc.  | 1456 | 816568  |
| Lockheed Martin Corp.  | 9382 | 4191033  |
| Masco Corp.  | 9406 | 654093  |
| Nordson Corp.  | 2436 | 491390  |
| Norfolk Southern Corp.  | 10151 | 2404264  |
| Northrop Grumman Corp.  | 6074 | 3109949  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc.  | 8463 | 1400203  |
| Otis Worldwide Corp.  | 17727 | 1829426  |
| PACCAR, Inc.  | 23361 | 2274661  |
| Parker-Hannifin Corp.  | 5769 | 3506687  |
| Paychex, Inc.  | 14333 | 2211295  |
| Paycom Software, Inc.  | 2105 | 459900  |
| Pentair PLC  | 7473 | 653738  |
| Quanta Services, Inc.  | 6611 | 1680384  |
| Republic Services, Inc.  | 9103 | 2204382  |
| Rockwell Automation, Inc.  | 5109 | 1320063  |
| Rollins, Inc.  | 12755 | 689153  |
| RTX Corp.  | 59639 | 7899782  |
| Snap-on, Inc.  | 2330 | 785233  |
| Southwest Airlines Co.  | 26603 | 893329  |
| Stanley Black & Decker, Inc.  | 7028 | 540313  |
| Textron, Inc.  | 8033 | 580384  |
| Trane Technologies PLC  | 10030 | 3379308  |
| TransDigm Group, Inc.  | 2507 | 3467908  |
| Uber Technologies, Inc. (a) | 93546 | 6815762  |
| Union Pacific Corp.  | 27032 | 6386040  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc. (a) | 14617 | 1009304  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. <br>Class B  | 32635 | 3589524  |
| United Rentals, Inc.  | 2915 | 1826831  |
| Veralto Corp.  | 10961 | 1068149  |
| Verisk Analytics, Inc.  | 6352 | 1890482  |
| W.W. Grainger, Inc.  | 1994 | 1969733  |
| Waste Management, Inc.  | 16381 | 3792365  |
|  Westinghouse Air Brake Technologies Corp.  | 7728 | 1401473  |
| Xylem, Inc.  | 10995 | 1313463  |
|  |  | 180314501  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Information Technology — 29.6%** | **Information Technology — 29.6%** |  |
| Accenture PLC Class A  | 28019 | $8743049  |
| Adobe, Inc. (a) | 19490 | 7475000  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) | 72481 | 7446698  |
| Akamai Technologies, Inc. (a) | 6824 | 549332  |
| Amphenol Corp. Class A  | 54181 | 3553732  |
| Analog Devices, Inc.  | 22282 | 4493611  |
| ANSYS, Inc. (a) | 3921 | 1241232  |
| Apple, Inc.  | 672796 | 149448175  |
| Applied Materials, Inc.  | 36375 | 5278740  |
| Arista Networks, Inc. (a) | 46321 | 3588951  |
| Autodesk, Inc. (a) | 9676 | 2533177  |
| Broadcom, Inc.  | 209925 | 35147743  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) | 12306 | 3129785  |
| CDW Corp.  | 5960 | 955150  |
| Cisco Systems, Inc.  | 178558 | 11018814  |
|  Cognizant Technology Solutions Corp. Class A  | 22250 | 1702125  |
| Corning, Inc.  | 34556 | 1581974  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 11030 | 3888957  |
| Dell Technologies, Inc. Class C  | 13975 | 1273821  |
| Enphase Energy, Inc. (a) | 6012 | 373045  |
| EPAM Systems, Inc. (a) | 2587 | 436789  |
| F5, Inc. (a) | 2546 | 677923  |
| Fair Isaac Corp. (a) | 1091 | 2011978  |
| First Solar, Inc. (a) | 4878 | 616725  |
| Fortinet, Inc. (a) | 28414 | 2735132  |
| Gartner, Inc. (a) | 3419 | 1435091  |
| Gen Digital, Inc.  | 23874 | 633616  |
| GoDaddy, Inc. Class A (a) | 6297 | 1134341  |
| Hewlett Packard Enterprise Co.  | 59309 | 915138  |
| HP, Inc.  | 42051 | 1164392  |
| Intel Corp.  | 193920 | 4403923  |
|  International Business Machines Corp.  | 41357 | 10283832  |
| Intuit, Inc.  | 12521 | 7687769  |
| Jabil, Inc.  | 4892 | 665654  |
| Juniper Networks, Inc.  | 15052 | 544732  |
| Keysight Technologies, Inc. (a) | 7773 | 1164162  |
| KLA Corp.  | 5947 | 4042771  |
| Lam Research Corp.  | 57437 | 4175670  |
| Microchip Technology, Inc.  | 23852 | 1154675  |
| Micron Technology, Inc.  | 49884 | 4334421  |
| Microsoft Corp.  | 332930 | 124978593  |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, <br>Inc.  | 2140 | 1241157  |
| Motorola Solutions, Inc.  | 7491 | 3279635  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| NetApp, Inc.  | 9071 | $796797  |
| NVIDIA Corp.  | 1096816 | 118872918  |
| NXP Semiconductors NV  | 11358 | 2158701  |
| ON Semiconductor Corp. (a) | 18819 | 765745  |
| Oracle Corp.  | 72658 | 10158315  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 91637 | 7734163  |
| Palo Alto Networks, Inc. (a) | 29639 | 5057599  |
| PTC, Inc. (a) | 5475 | 848351  |
| QUALCOMM, Inc.  | 49513 | 7605692  |
| Roper Technologies, Inc.  | 4816 | 2839417  |
| Salesforce, Inc.  | 42873 | 11505398  |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings <br>PLC  | 9358 | 794962  |
| ServiceNow, Inc. (a) | 9224 | 7343595  |
| Skyworks Solutions, Inc.  | 7263 | 469408  |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, <br>Inc. (a) (b) | 22826 | 781562  |
| Synopsys, Inc. (a) | 6916 | 2965927  |
| TE Connectivity PLC  | 13399 | 1893547  |
| Teledyne Technologies, Inc. (a) | 2093 | 1041707  |
| Teradyne, Inc.  | 7391 | 610497  |
| Texas Instruments, Inc.  | 40838 | 7338589  |
| Trimble, Inc. (a) | 11059 | 726023  |
| Tyler Technologies, Inc. (a) | 1892 | 1099990  |
| VeriSign, Inc. (a) | 3641 | 924341  |
| Western Digital Corp. (a) | 15243 | 616274  |
| Workday, Inc. Class A (a) | 9612 | 2244690  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) | 2343 | 662038  |
|  |  | 630997476  |
| **Materials — 2.0%**<br>|  |  |
| Air Products & Chemicals, Inc.  | 9938 | 2930915  |
| Albemarle Corp. (b) | 5237 | 377169  |
| Amcor PLC  | 65612 | 636436  |
| Avery Dennison Corp.  | 3569 | 635175  |
| Ball Corp.  | 13375 | 696436  |
| CF Industries Holdings, Inc.  | 7902 | 617541  |
| Corteva, Inc.  | 30778 | 1936860  |
| Dow, Inc.  | 31353 | 1094847  |
| DuPont de Nemours, Inc.  | 18858 | 1408315  |
| Eastman Chemical Co.  | 5241 | 461785  |
| Ecolab, Inc.  | 11256 | 2853621  |
| Freeport-McMoRan, Inc.  | 64333 | 2435647  |
|  International Flavors & Fragrances, Inc.  | 11459 | 889333  |
| International Paper Co.  | 23424 | 1249670  |
| Linde PLC (LIN US)  | 21330 | 9932101  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
|  LyondellBasell Industries NV Class A  | 11440 | $805376  |
| Martin Marietta Materials, Inc.  | 2721 | 1300992  |
| Mosaic Co.  | 14105 | 380976  |
| Newmont Corp. (NEM US)  | 51123 | 2468219  |
| Nucor Corp.  | 10482 | 1261404  |
| Packaging Corp. of America  | 4053 | 802575  |
| PPG Industries, Inc.  | 10361 | 1132975  |
| Sherwin-Williams Co.  | 10367 | 3620053  |
| Smurfit WestRock PLC  | 21970 | 989968  |
| Steel Dynamics, Inc.  | 6372 | 797010  |
| Vulcan Materials Co.  | 5886 | 1373204  |
|  |  | 43088603  |
| **Real Estate — 2.3%**<br>|  |  |
|  Alexandria Real Estate Equities, Inc.  | 6851 | 633786  |
| American Tower Corp.  | 20913 | 4550669  |
| AvalonBay Communities, Inc.  | 6380 | 1369276  |
| BXP, Inc.  | 6480 | 435391  |
| Camden Property Trust  | 4803 | 587407  |
| CBRE Group, Inc. Class A (a) | 13354 | 1746436  |
| CoStar Group, Inc. (a) | 18975 | 1503389  |
| Crown Castle, Inc.  | 19481 | 2030505  |
| Digital Realty Trust, Inc.  | 14156 | 2028413  |
| Equinix, Inc.  | 4354 | 3550034  |
| Equity Residential  | 15442 | 1105338  |
| Essex Property Trust, Inc.  | 2836 | 869432  |
| Extra Space Storage, Inc.  | 9466 | 1405606  |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment <br>Trust  | 3517 | 344033  |
| Healthpeak Properties, Inc.  | 31068 | 628195  |
| Host Hotels & Resorts, Inc.  | 31764 | 451366  |
| Invitation Homes, Inc.  | 25516 | 889233  |
| Iron Mountain, Inc.  | 13136 | 1130221  |
| Kimco Realty Corp.  | 31080 | 660139  |
|  Mid-America Apartment Communities, Inc.  | 5237 | 877616  |
| Prologis, Inc.  | 41592 | 4649570  |
| Public Storage  | 7055 | 2111491  |
| Realty Income Corp.  | 39174 | 2272484  |
| Regency Centers Corp.  | 7317 | 539702  |
| SBA Communications Corp.  | 4760 | 1047248  |
| Simon Property Group, Inc.  | 13795 | 2291073  |
| UDR, Inc.  | 13617 | 615080  |
| Ventas, Inc.  | 19514 | 1341783  |
| VICI Properties, Inc.  | 47498 | 1549385  |
| Welltower, Inc.  | 27242 | 4173747  |
| Weyerhaeuser Co.  | 32660 | 956285  |
|  |  | 48344333  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Utilities — 2.5%**<br>|  |  |
| AES Corp.  | 31199 | $387492  |
| Alliant Energy Corp.  | 11340 | 729729  |
| Ameren Corp.  | 12165 | 1221366  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., <br>Inc.  | 23753 | 2595490  |
| American Water Works Co., Inc.  | 8708 | 1284604  |
| Atmos Energy Corp. (b) | 7011 | 1083760  |
| CenterPoint Energy, Inc.  | 29402 | 1065235  |
| CMS Energy Corp.  | 13381 | 1005047  |
| Consolidated Edison, Inc.  | 15500 | 1714145  |
| Constellation Energy Corp.  | 13983 | 2819392  |
| Dominion Energy, Inc.  | 37360 | 2094775  |
| DTE Energy Co.  | 9383 | 1297387  |
| Duke Energy Corp.  | 34858 | 4251630  |
| Edison International  | 17139 | 1009830  |
| Entergy Corp.  | 19229 | 1643887  |
| Evergy, Inc.  | 10271 | 708186  |
| Eversource Energy  | 16584 | 1030032  |
| Exelon Corp.  | 45052 | 2075996  |
| FirstEnergy Corp.  | 22795 | 921374  |
| NextEra Energy, Inc.  | 91970 | 6519753  |
| NiSource, Inc.  | 21100 | 845899  |
| NRG Energy, Inc.  | 8960 | 855322  |
| PG&E Corp.  | 98625 | 1694378  |
| Pinnacle West Capital Corp.  | 5212 | 496443  |
| PPL Corp.  | 32861 | 1186611  |
|  Public Service Enterprise Group, Inc.  | 22351 | 1839487  |
| Sempra  | 28400 | 2026624  |
| Southern Co.  | 49187 | 4522745  |
| Vistra Corp.  | 15216 | 1786967  |
| WEC Energy Group, Inc.  | 14166 | 1543811  |
| Xcel Energy, Inc.  | 25710 | 1820011  |
|  |  | 54077408  |
| **TOTAL COMMON STOCK** <br>**(Cost $1,084,501,216)** |  | **2129758584**  |
| **TOTAL EQUITIES** <br>**(Cost $1,084,501,216)** |  | **2129758584**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $1,084,501,216)** |  | **2129758584** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MM S&P 500<sup>®</sup> Index Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Principal Amount**  | **Value** |
| **Short-Term Investments — 0.5%** <br>|  |  |
| **Repurchase Agreement — 0.5%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (c) | $10734578 | $10734578  |
| **U.S. Treasury Bills — 0.0%**<br>|  |  |
| U.S. Treasury Bills <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.235% 9/11/25 (d) (e) | 6000 | 5889  |
| &nbsp;&nbsp;&nbsp; 4.249% 9/11/25 (d) (e) | 35000 | 34350  |
| &nbsp;&nbsp;&nbsp; 4.258% 9/11/25 (d) (e) | 617000 | 605543  |
|  |  | 645782  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,380,320)** |  | **11380360**  |
| **TOTAL INVESTMENTS — 100.4%**<br>**(Cost $1,095,881,536) (f)** |  | **2141138944**  |
| **Other Assets/**<br>(Liabilities) — (0.4)%  |  | **(7783802)**  |
| **NET ASSETS — 100.0%**  |  | **$2133355142** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $2,219,858 or 0.10% of net assets. The Fund received $2,258,576 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maturity value of $10,735,398. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $10,949,426.

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

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

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of**<br>**Contracts** | **Notional**<br>**Amount** | **Value/Net** <br>**Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| **Long**  | **Long**  | **Long**  | **Long**  | **Long**  |
| S&P 500 E Mini Index<br>| 6/20/25 | 43 | $12252277 | $(97789) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Equity Opportunities Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares**  | **Value**  |
| **Equities — 97.8%**<br>|  |  |
| **Common Stock — 97.6%**<br>|  |  |
| **Communication Services — 2.5%**<br>|  |  |
| Alphabet, Inc. Class A  | 51437 | $7954218  |
| News Corp. Class A  | 111000 | 3021420  |
| Walt Disney Co.  | 15800 | 1559460  |
|  |  | 12535098  |
| **Consumer Discretionary — 9.7%**<br>|  |  |
| Las Vegas Sands Corp.  | 66900 | 2584347  |
| McDonald's Corp.  | 51905 | 16213565  |
| NIKE, Inc. Class B  | 181885 | 11546060  |
| TJX Cos., Inc.  | 139628 | 17006690  |
|  |  | 47350662  |
| **Consumer Staples — 9.3%**<br>|  |  |
| Coca-Cola Co.  | 211601 | 15154864  |
| Kenvue, Inc.  | 254700 | 6107706  |
| Kimberly-Clark Corp.  | 36300 | 5162586  |
| Philip Morris International, Inc.  | 23600 | 3746028  |
| Procter & Gamble Co.  | 89436 | 15241683  |
|  |  | 45412867  |
| **Energy — 2.8%**<br>|  |  |
| ConocoPhillips  | 68100 | 7151862  |
| TotalEnergies SE  | 80500 | 5202772  |
| TotalEnergies SE Sponsored ADR (a) | 24300 | 1571967  |
|  |  | 13926601  |
| **Financials — 23.6%**<br>|  |  |
| American Express Co.  | 41310 | 11114455  |
| American International Group, Inc.  | 40900 | 3555846  |
| Charles Schwab Corp.  | 59300 | 4642004  |
| Chubb Ltd.  | 57125 | 17251179  |
| Fifth Third Bancorp  | 123000 | 4821600  |
| Marsh & McLennan Cos., Inc.  | 66064 | 16121598  |
| Mastercard, Inc. Class A  | 29241 | 16027577  |
| MetLife, Inc.  | 81000 | 6503490  |
| S&P Global, Inc.  | 27487 | 13966145  |
| US Bancorp  | 38300 | 1617026  |
| Visa, Inc. Class A  | 36036 | 12629176  |
| Wells Fargo & Co.  | 101200 | 7265148  |
|  |  | 115515244  |
| **Health Care — 12.3%**<br>|  |  |
| AbbVie, Inc.  | 4500 | 942840  |
| Becton Dickinson & Co.  | 21100 | 4833166  |
| Danaher Corp.  | 67092 | 13753860  |
| Elevance Health, Inc.  | 15660 | 6811474  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares**  | **Value**  |
| Sanofi SA ADR  | 94500 | $5240970  |
| Stryker Corp.  | 32648 | 12153218  |
| UnitedHealth Group, Inc.  | 18886 | 9891542  |
| Viatris, Inc.  | 204000 | 1776840  |
| Zimmer Biomet Holdings, Inc.  | 42500 | 4810150  |
|  |  | 60214060  |
| **Industrials — 10.9%**<br>|  |  |
| Boeing Co. (b) | 19700 | 3359835  |
| CSX Corp.  | 23500 | 691605  |
| Fortive Corp.  | 33400 | 2444212  |
| General Electric Co.  | 24900 | 4983735  |
| Honeywell International, Inc.  | 66977 | 14182380  |
| L3Harris Technologies, Inc.  | 18100 | 3788511  |
| Norfolk Southern Corp.  | 8300 | 1965855  |
| Northrop Grumman Corp.  | 18811 | 9631420  |
| Stanley Black & Decker, Inc.  | 55800 | 4289904  |
| Union Pacific Corp.  | 21082 | 4980412  |
| United Parcel Service, Inc. Class B | 26900 | 2958731  |
|  |  | 53276600  |
| **Information Technology — 18.5%**<br>|  |  |
| Accenture PLC Class A  | 42137 | 13148430  |
| Apple, Inc.  | 59388 | 13191856  |
| Broadcom, Inc.  | 50474 | 8450862  |
| Intuit, Inc.  | 27673 | 16990945  |
| Microsoft Corp.  | 45178 | 16959369  |
| QUALCOMM, Inc.  | 38900 | 5975429  |
| Samsung Electronics Co. Ltd.  | 44900 | 1778118  |
| Texas Instruments, Inc.  | 77395 | 13907882  |
|  |  | 90402891  |
| **Materials — 4.5%**<br>|  |  |
| CF Industries Holdings, Inc.  | 36800 | 2875920  |
| International Paper Co.  | 56800 | 3030280  |
| Linde PLC (LIN US)  | 35253 | 16415207  |
|  |  | 22321407  |
| **Real Estate — 1.5%**<br>|  |  |
| Equity Residential  | 58300 | 4173114  |
| Weyerhaeuser Co.  | 103000 | 3015840  |
|  |  | 7188954  |
| **Utilities — 2.0%**<br>|  |  |
| Ameren Corp.  | 53300 | 5351320  |
| Southern Co.  | 47900 | 4404405  |
|  |  | 9755725  |
| **TOTAL COMMON STOCK** <br>**(Cost $398,793,437)** |  | **477900109**  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares**  | **Value**  |
| **Preferred Stock — 0.2%**<br>|  |  |
| **Consumer Discretionary — 0.2%**<br>|  |  |
| Volkswagen AG 9.640% | 9300 | $941905  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $1,158,269)** |  | **941905**  |
| **TOTAL EQUITIES** <br>**(Cost $399,951,706)** |  | **478842014**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $399,951,706)** |  | **478842014**  |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |  |
| **Investment of Cash Collateral** <br>**from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (c) | 1114410 | 1114410  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.204% (d) | 176 | 176  |
|  | **Principal Amount** |  |
| **Repurchase Agreement — 2.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (e) | $10558097 | 10558097  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,672,683)** |  | **11672683**  |
| **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $411,624,389) (f)** |  | **490514697**  |
| **Other Assets/**<br>(Liabilities) — (0.2)%  |  | **(1098590)**  |
| **NET ASSETS — 100.0%**  |  | **$489416107** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $1,092,291 or 0.22% of net assets. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $10,558,903. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $10,769,433.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 97.7%**<br>|  |  |
| **Common Stock — 97.7%**<br>|  |  |
| **Communication Services — 18.9%**<br>|  |  |
| Alphabet, Inc. Class A  | 394967 | $61077697  |
| Alphabet, Inc. Class C  | 384215 | 60025909  |
| Meta Platforms, Inc. Class A  | 210378 | 121253464  |
| Netflix, Inc. (a) | 90912 | 84778167  |
| Sea Ltd. ADR (a) | 37165 | 4849661  |
| T-Mobile US, Inc.  | 53453 | 14256450  |
| Walt Disney Co.  | 230045 | 22705442  |
|  |  | 368946790  |
| **Consumer Discretionary — 16.6%**<br>|  |  |
|  Alibaba Group Holding Ltd. Sponsored ADR  | 61417 | 8121170  |
| Amazon.com, Inc. (a) | 751679 | 143014446  |
| Booking Holdings, Inc.  | 2281 | 10508362  |
| Carvana Co. (a) | 110945 | 23196381  |
| Chipotle Mexican Grill, Inc. (a) | 177105 | 8892442  |
| DoorDash, Inc., Class A (a) | 27267 | 4983590  |
| Lululemon Athletica, Inc. (a) | 5849 | 1655618  |
| NIKE, Inc. Class B  | 110647 | 7023871  |
| Ross Stores, Inc.  | 34705 | 4434952  |
| Starbucks Corp.  | 152654 | 14973831  |
| Tesla, Inc. (a) | 304583 | 78935730  |
| TJX Cos., Inc. | 41371 | 5038988  |
| Yum China Holdings, Inc.  | 73297 | 3815842  |
| Yum! Brands, Inc.  | 62643 | 9857502  |
|  |  | 324452725  |
| **Consumer Staples — 1.9%**<br>|  |  |
| Colgate-Palmolive Co. | 50431 | 4725384  |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. <br>Class A  | 40968 | 2779679  |
| Monster Beverage Corp. (a) | 409538 | 23966164  |
| Procter & Gamble Co.  | 28524 | 4861060  |
|  |  | 36332287  |
| **Energy — 0.1%**<br>|  |  |
| Schlumberger NV  | 57786 | 2415455  |
| **Financials — 10.1%**<br>|  |  |
| Adyen NV ADR (a) | 143946 | 2198055  |
| Block, Inc. (a) | 115083 | 6252459  |
| Charles Schwab Corp.  | 48246 | 3776697  |
| Chubb Ltd.  | 40039 | 12091378  |
| FactSet Research Systems, Inc.  | 23849 | 10842709  |
| Fiserv, Inc. (a) | 14228 | 3141969  |
| Goldman Sachs Group, Inc.  | 8796 | 4805167  |
| Marsh & McLennan Cos., Inc.  | 22068 | 5385254  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Mastercard, Inc. Class A  | 53195 | $29157243  |
| Morgan Stanley  | 40498 | 4724902  |
| PayPal Holdings, Inc. (a) | 104358 | 6809359  |
| S&P Global, Inc.  | 8517 | 4327488  |
| SEI Investments Co.  | 135858 | 10546657  |
| Visa, Inc. Class A  | 264536 | 92709287  |
|  |  | 196768624  |
| **Health Care — 10.5%**<br>|  |  |
| AstraZeneca PLC Sponsored ADR | 2745 | 201758  |
| Danaher Corp.  | 33819 | 6932895  |
| Elevance Health, Inc.  | 7664 | 3333533  |
| Eli Lilly & Co.  | 45753 | 37787860  |
| Illumina, Inc. (a) | 67258 | 5336250  |
| Intuitive Surgical, Inc. (a) | 62830 | 31117814  |
| Novartis AG Sponsored ADR  | 90523 | 10091504  |
| Novo Nordisk AS Sponsored ADR | 205155 | 14245963  |
| Regeneron Pharmaceuticals, Inc.  | 26263 | 16656783  |
| &nbsp;&nbsp;&nbsp; Roche Holding AG Sponsored <br>ADR (b) | 205919 | 8473567  |
| Stryker Corp.  | 16495 | 6140264  |
| Thermo Fisher Scientific, Inc.  | 37380 | 18600288  |
| UnitedHealth Group, Inc.  | 31271 | 16378186  |
| Vertex Pharmaceuticals, Inc. (a) | 61490 | 29811582  |
| Zoetis, Inc.  | 1542 | 253890  |
|  |  | 205362137  |
| **Industrials — 4.2%**<br>|  |  |
| Boeing Co. (a) | 236281 | 40297725  |
| Cintas Corp.  | 13182 | 2709296  |
| Deere & Co.  | 17631 | 8275110  |
|  Expeditors International of Washington, Inc.  | 90516 | 10884549  |
| GE Vernova, Inc.  | 9526 | 2908097  |
| General Electric Co.  | 45379 | 9082607  |
| Old Dominion Freight Line, Inc.  | 17529 | 2900173  |
| TransDigm Group, Inc.  | 2359 | 3263181  |
| Veralto Corp.  | 7395 | 720643  |
|  |  | 81041381  |
| **Information Technology — 34.5%**<br>|  |  |
| Apple, Inc.  | 445938 | 99056208  |
| ASML Holding NV  | 13166 | 8724187  |
| Autodesk, Inc. (a) | 91286 | 23898675  |
| Broadcom, Inc.  | 128832 | 21570342  |
| Confluent, Inc. Class A (a) | 29512 | 691761  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. <br>Class A (a) | 9113 | 3213062  |
| Datadog, Inc. Class A (a) | 12439 | 1234073  |
| Intuit, Inc.  | 11749 | 7213768  |
| Microsoft Corp.  | 424345 | 159294870  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Monolithic Power Systems, Inc.  | 7606 | $4411328  |
| NVIDIA Corp.  | 1720978 | 186519596  |
| Oracle Corp.  | 270370 | 37800430  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 5100 | 430440  |
| QUALCOMM, Inc.  | 77654 | 11928431  |
| Roper Technologies, Inc.  | 11267 | 6642798  |
| Salesforce, Inc.  | 91618 | 24586606  |
| ServiceNow, Inc. (a) | 25717 | 20474332  |
| Shopify, Inc. Class A (a) | 306200 | 29206887  |
| Synopsys, Inc. (a) | 19400 | 8319690  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR  | 26970 | 4477020  |
| TE Connectivity PLC  | 28451 | 4020695  |
| Texas Instruments, Inc.  | 8716 | 1566265  |
| Workday, Inc. Class A (a) | 31808 | 7428122  |
|  |  | 672709586  |
| **Materials — 0.5%**<br>|  |  |
| Linde PLC (LIN US)  | 9522 | 4433824  |
| Sherwin-Williams Co. | 12933 | 4516074  |
|  |  | 8949898  |
| **Utilities — 0.4%**<br>|  |  |
| Constellation Energy Corp.  | 36390 | 7337316  |
| **TOTAL COMMON STOCK** <br>**(Cost $1,133,921,880)** |  | **1904316199**  |
| **TOTAL EQUITIES** <br>**(Cost $1,133,921,880)** |  | **1904316199** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Bonds & Notes — 0.2%**<br>|  |  |
| **Corporate Debt — 0.2%**<br>|  |  |
| **Retail — 0.2%**<br>|  |  |
| Carvana Co.<br>|  |  |
|  PIK 12.000%, Cash 9.000% 12/01/28 (c) (d) | $649802 | 669050  |
|  PIK 13.000%, Cash 11.000% 6/01/30 (c) (d) | 1054922 | 1116745  |
| &nbsp;&nbsp;&nbsp; PIK 14.000%, Cash 9.000% <br>6/01/31 (c) (d) | 1318214 | 1464551  |
|  |  | 3250346  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $3,322,550)** |  | **3250346**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $3,322,550)** |  | **3250346** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Exchange-Traded Funds — 0.8%** | **Exchange-Traded Funds — 0.8%** |  |
| iShares Russell 1000 Growth ETF | 14451 | $5218112  |
| SPDR S&P 500 ETF Trust  | 19791 | 11070887 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $16,572,710)** |  | **16288999**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $1,153,817,140)** |  | **1923855544** |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (e) | 3959508 | 3959508  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.204% (f) | 114 | 114 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 1.3%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (g) | $25505770 | 25505770  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $29,465,392)** |  | **29465392**  |
| **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $1,183,282,532) (h)** |  | **1953320936**  |
| **Other Assets/**<br>(Liabilities) — (0.2)%  |  | **(4679009)**  |
| **NET ASSETS — 100.0%**  |  | **$1948641927** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt  |
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund  |
| PIK | &nbsp;&nbsp;&nbsp; Payment in kind |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $3,879,375 or 0.20% of net assets. *(Note 2)*.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $3,250,346 or 0.17% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment-in-kind security which may pay interest/dividends
 in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $25,507,718. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $26,016,157.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Company Value Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 123.2%**<br>|  |  |
| **Common Stock — 123.2%**<br>|  |  |
| **Communication Services — 2.8%**<br>|  |  |
| Cable One, Inc.  | 566 | $150426  |
| Criteo SA Sponsored ADR (a) | 15877 | 562204  |
|  Entravision Communications Corp. Class A  | 25940 | 54474  |
| Nexstar Media Group, Inc.  | 2983 | 534613  |
| Townsquare Media, Inc. Class A  | 1962 | 15971  |
|  |  | 1317688  |
| **Consumer Discretionary — 14.1%**<br>|  |  |
| A-Mark Precious Metals, Inc.  | 3415 | 86639  |
| Accel Entertainment, Inc. (a) | 5055 | 50146  |
| ADT, Inc.  | 66086 | 537940  |
| AutoNation, Inc. (a) | 3083 | 499199  |
| Bloomin' Brands, Inc.  | 3976 | 28508  |
| BorgWarner, Inc.  | 16513 | 473098  |
| Boyd Gaming Corp.  | 2648 | 174318  |
| BRP, Inc. (b) | 2851 | 96392  |
| Brunswick Corp.  | 3109 | 167420  |
| Build-A-Bear Workshop, Inc.  | 13002 | 483284  |
| Capri Holdings Ltd. (a) | 5573 | 109955  |
| Champion Homes, Inc. (a) | 1784 | 169052  |
|  Cracker Barrel Old Country Store, Inc.  | 2010 | 78028  |
| Crocs, Inc. (a) | 530 | 56286  |
| Dine Brands Global, Inc.  | 7075 | 164635  |
| Genesco, Inc. (a) | 10232 | 217225  |
| Group 1 Automotive, Inc.  | 1556 | 594314  |
| Hanesbrands, Inc. (a) | 93300 | 538341  |
| KinderCare Learning Cos., Inc. (a) | 7760 | 89938  |
| M/I Homes, Inc. (a) | 860 | 98195  |
| MarineMax, Inc. (a) | 5692 | 122378  |
| Meritage Home Corp.  | 1891 | 134034  |
| &nbsp;&nbsp;&nbsp; OneWater Marine, Inc. <br>Class A (a) (b) | 5117 | 82793  |
| Patrick Industries, Inc.  | 1043 | 88196  |
| Penske Automotive Group, Inc.  | 313 | 45066  |
| Solo Brands, Inc. Class A (a) (b) | 1440 | 242  |
| Taylor Morrison Home Corp. (a) | 8730 | 524149  |
| Topgolf Callaway Brands Corp. (a) | 48410 | 319022  |
| Visteon Corp. (a) | 3245 | 251877  |
| Winnebago Industries, Inc.  | 8731 | 300870  |
|  |  | 6581540  |
| **Consumer Staples — 4.1%**<br>|  |  |
| Edgewell Personal Care Co.  | 8897 | 277675  |
| Nomad Foods Ltd.  | 31537 | 619702  |
| Spectrum Brands Holdings, Inc.  | 3419 | 244630  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Turning Point Brands, Inc.  | 1762 | $104733  |
| WD-40 Co.  | 2650 | 646600  |
|  |  | 1893340  |
| **Energy — 9.7%**<br>|  |  |
| Cactus, Inc. Class A  | 10667 | 488869  |
| ChampionX Corp.  | 5156 | 153649  |
| Chord Energy Corp.  | 2494 | 281124  |
| Crescent Energy Co. Class A  | 23841 | 267973  |
| Flowco Holdings, Inc. Class A (a) | 5440 | 139536  |
|  Infinity Natural Resources, Inc. Class A (a) | 2458 | 46087  |
| Mach Natural Resources LP  | 6547 | 101806  |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. <br>Class A (b) | 41042 | 1036721  |
| Matador Resources Co.  | 12217 | 624166  |
| NexGen Energy Ltd. (a) | 55500 | 249195  |
| Northern Oil & Gas, Inc.  | 29084 | 879209  |
| Permian Resources Corp.  | 15401 | 213304  |
| TXO Partners LP  | 2684 | 51425  |
|  |  | 4533064  |
| **Financials — 36.2%**<br>|  |  |
| 1st Source Corp.  | 8688 | 519629  |
| Amalgamated Financial Corp.  | 13490 | 387837  |
| Ameris Bancorp  | 3704 | 213239  |
| Associated Banc-Corp.  | 20555 | 463104  |
| Atlantic Union Bankshares Corp.  | 3241 | 100925  |
| Axis Capital Holdings Ltd.  | 5977 | 599134  |
| Axos Financial, Inc. (a) | 2098 | 135363  |
| Baldwin Insurance Group, Inc. (a) | 1173 | 52421  |
| Banc of California, Inc.  | 4472 | 63458  |
| Bank of Marin Bancorp  | 11786 | 260117  |
| BankUnited, Inc.  | 15649 | 538952  |
| &nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, <br>Inc. (a) | 430 | 17480  |
| Columbia Banking System, Inc.  | 13095 | 326589  |
| Comerica, Inc.  | 5220 | 308293  |
| Compass Diversified Holdings  | 13967 | 260764  |
| CVB Financial Corp.  | 7402 | 136641  |
| Euronet Worldwide, Inc. (a) | 3104 | 331662  |
| EVERTEC, Inc.  | 11928 | 438593  |
| Federated Hermes, Inc.  | 15166 | 618318  |
| Fidelis Insurance Holdings Ltd.  | 6091 | 98674  |
| First BanCorp  | 37629 | 721348  |
| First Bancorp/Southern Pines NC  | 14700 | 590058  |
| First Hawaiian, Inc.  | 18210 | 445052  |
|  First Interstate BancSystem, Inc. Class A  | 4017 | 115087  |
| First Merchants Corp.  | 1911 | 77281  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Company Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| FNB Corp.  | 29487 | $396600  |
|  Hamilton Insurance Group Ltd. Class B (a) | 5417 | 112294  |
| Hanover Insurance Group, Inc.  | 4036 | 702062  |
| Heritage Financial Corp.  | 23495 | 571633  |
| Home BancShares, Inc.  | 11533 | 326038  |
| Independent Bank Corp.  | 4575 | 286624  |
| International Bancshares Corp.  | 2951 | 186090  |
| NCR Atleos Corp. (a) | 20951 | 552687  |
| Nicolet Bankshares, Inc.  | 5483 | 597428  |
| Northpointe Bancshares, Inc. (a) | 1274 | 18397  |
| Old National Bancorp  | 24800 | 525512  |
| Pacific Premier Bancorp, Inc.  | 23988 | 511424  |
| Peoples Bancorp, Inc.  | 8568 | 254127  |
| Popular, Inc.  | 2288 | 211343  |
| Provident Financial Services, Inc.  | 3317 | 56953  |
| Repay Holdings Corp. (a) | 12644 | 70427  |
| SiriusPoint Ltd. (a) | 2287 | 39542  |
| SouthState Corp.  | 4512 | 418804  |
| StoneX Group, Inc. (a) | 2054 | 156885  |
| Texas Capital Bancshares, Inc. (a) | 7390 | 552033  |
| TriCo Bancshares  | 12682 | 506900  |
| UMB Financial Corp.  | 3206 | 324127  |
| Walker & Dunlop, Inc.  | 5690 | 485698  |
| Webster Financial Corp.  | 7863 | 405338  |
| WesBanco, Inc.  | 9510 | 294430  |
| WSFS Financial Corp.  | 10830 | 561752  |
|  |  | 16945167  |
| **Health Care — 4.0%**<br>|  |  |
| Embecta Corp.  | 10287 | 131159  |
| Enovis Corp. (a) | 9857 | 376636  |
| Envista Holdings Corp. (a) | 25199 | 434935  |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings <br>Corp. (a) | 11414 | 250994  |
| Pediatrix Medical Group, Inc. (a) | 47490 | 688130  |
|  |  | 1881854  |
| **Industrials — 20.6%**<br>|  |  |
| ABM Industries, Inc.  | 7083 | 335451  |
| ArcBest Corp.  | 6597 | 465616  |
| Atmus Filtration Technologies, Inc. | 2067 | 75921  |
| Blue Bird Corp. (a) (b) | 20809 | 673587  |
| BrightView Holdings, Inc. (a) | 34629 | 444636  |
| Brink's Co.  | 4188 | 360838  |
| Deluxe Corp.  | 4332 | 68489  |
| &nbsp;&nbsp;&nbsp; DIRTT Environmental <br>Solutions (a) | 25568 | 18202  |
| DXP Enterprises, Inc. (a) | 1190 | 97889  |
| Fluor Corp. (a) | 10951 | 392265  |
| Franklin Covey Co. (a) | 12517 | 345720  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Gates Industrial Corp. PLC (a) | 14173 | $260925  |
| GMS, Inc. (a) | 4577 | 334899  |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock <br>Corp. (a) | 49121 | 427353  |
| GXO Logistics, Inc. (a) | 9780 | 382202  |
| Hayward Holdings, Inc. (a) | 29556 | 411420  |
| Herc Holdings, Inc.  | 2490 | 334332  |
| Hillman Solutions Corp. (a) | 11621 | 102149  |
| IBEX Holdings Ltd. (a) | 1384 | 33700  |
| JBT Marel Corp.  | 4179 | 510674  |
| Korn Ferry  | 2374 | 161028  |
| Loomis AB  | 3407 | 138152  |
| Luxfer Holdings PLC  | 850 | 10081  |
| MasTec, Inc. (a) | 2901 | 338576  |
| Masterbrand, Inc. (a) | 20260 | 264596  |
| MillerKnoll, Inc.  | 25726 | 492396  |
| NV5 Global, Inc. (a) | 7092 | 136663  |
| &nbsp;&nbsp;&nbsp; Proficient Auto Logistics, <br>Inc. (a) (b) | 4303 | 36016  |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, <br>Inc. (a) | 11265 | 398668  |
| REV Group, Inc.  | 7096 | 224234  |
|  Science Applications International Corp.  | 889 | 99808  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding <br>PLC  | 3424 | 83100  |
| Tecnoglass, Inc. (b) | 7048 | 504284  |
| Timken Co.  | 6292 | 452206  |
| Titan Machinery, Inc. (a) (b) | 3502 | 59674  |
| TriNet Group, Inc.  | 2402 | 190335  |
| Verra Mobility Corp. (a) | 85 | 1913  |
|  |  | 9667998  |
| **Information Technology — 9.3%**<br>|  |  |
| ACI Worldwide, Inc. (a) | 5178 | 283288  |
| Amkor Technology, Inc.  | 14499 | 261852  |
| Avnet, Inc.  | 4030 | 193803  |
| Axcelis Technologies, Inc. (a) | 3034 | 150699  |
| Calix, Inc. (a) | 10437 | 369887  |
| Extreme Networks, Inc. (a) | 27339 | 361695  |
| FormFactor, Inc. (a) | 13190 | 373145  |
| Grid Dynamics Holdings, Inc. (a) | 15676 | 245329  |
| Harmonic, Inc. (a) | 49148 | 471329  |
| Ichor Holdings Ltd. (a) | 9778 | 221081  |
| Ingram Micro Holding Corp.  | 6034 | 107043  |
| IPG Photonics Corp. (a) | 6250 | 394625  |
| Kulicke & Soffa Industries, Inc.  | 4768 | 157249  |
| Penguin Solutions, Inc. (a) | 28938 | 502653  |
| TTM Technologies, Inc. (a) | 13756 | 282136  |
|  |  | 4375814  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Company Value Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Materials — 7.9%**<br>|  |  |
| AdvanSix, Inc.  | 17871 | $404778  |
| Avient Corp.  | 12383 | 460152  |
| Ecovyst, Inc. (a) | 79017 | 489906  |
| Graphic Packaging Holding Co.  | 18676 | 484829  |
| Ingevity Corp. (a) | 3792 | 150125  |
| Methanex Corp.  | 12838 | 450486  |
| Minerals Technologies, Inc.  | 2532 | 160959  |
| O-I Glass, Inc. (a) | 52381 | 600810  |
| Silgan Holdings, Inc.  | 8152 | 416730  |
| Titan America SA (a) | 6549 | 88543  |
|  |  | 3707318  |
| **Real Estate — 11.6%**<br>|  |  |
| Acadia Realty Trust  | 25299 | 530014  |
| American Healthcare REIT, Inc.  | 21531 | 652389  |
| Americold Realty Trust, Inc.  | 10528 | 225931  |
| Broadstone Net Lease, Inc.  | 21385 | 364400  |
| COPT Defense Properties  | 20180 | 550309  |
| EPR Properties  | 2920 | 153621  |
| First Industrial Realty Trust, Inc.  | 8648 | 466646  |
| Independence Realty Trust, Inc. (b) | 34730 | 737318  |
| National Storage Affiliates Trust  | 6834 | 269260  |
| NETSTREIT Corp. (b) | 17905 | 283794  |
| Ryman Hospitality Properties, Inc. | 5783 | 528798  |
| STAG Industrial, Inc.  | 9267 | 334724  |
| Terreno Realty Corp.  | 3829 | 242069  |
| UMH Properties, Inc.  | 5755 | 107619  |
|  |  | 5446892  |
| **Utilities — 2.9%**<br>|  |  |
| IDACORP, Inc. | 5316 | 617826  |
| TXNM Energy, Inc.  | 13980 | 747650  |
|  |  | 1365476  |
| **TOTAL COMMON STOCK** <br>**(Cost $59,091,699)** |  | **57716151**  |
| **TOTAL EQUITIES** <br>**(Cost $59,091,699)** |  | **57716151**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $59,091,699)** |  | **57716151**  |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |  |
| **Investment of Cash Collateral** <br>**from Securities Loaned — 0.6%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (c) | 293257 | 293257 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **Repurchase Agreement — 1.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (d) | $505572 | $505572  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $798,829)** |  | **798829**  |
| **TOTAL INVESTMENTS — 124.9%**<br>**(Cost $59,890,528) (e)** |  | **58514980**  |
| **Other Assets/**<br>(Liabilities) — (24.9)%  |  | **(11672518)**  |
| **NET ASSETS — 100.0%**  |  | **$46842462** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $3,132,594 or 6.69% of net assets. The Fund received $2,923,554 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $505,611. Collateralized by
 U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued interest,
 of $515,838.

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

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Company Value Fund — Portfolio of Investments (Continued)**<br>

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Citibank N.A. | 6/27/25 | USD | 118336 | SEK | 1190815 | $(734) |

---

**Currency Legend** 

---

| | |
|:---|:---|
| SEK  | &nbsp;&nbsp;&nbsp; Swedish Krona |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 96.9%**<br>|  |  |
| **Common Stock — 96.9%**<br>|  |  |
| **Communication Services — 4.0%** | **Communication Services — 4.0%** |  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 458424 | $41262744  |
|  Liberty Media Corp-Liberty Live Class C (a) | 139300 | 9491902  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) (b) | 40600 | 5301548  |
| Match Group, Inc. (b) | 454334 | 14175221  |
| New York Times Co. Class A  | 446700 | 22156320  |
| Reddit, Inc. Class A (a) | 168276 | 17652152  |
| Spotify Technology SA (a) | 34800 | 19141044  |
| Trade Desk, Inc. Class A (a) | 639745 | 35006847  |
|  |  | 164187778  |
| **Consumer Discretionary — 13.4%** | **Consumer Discretionary — 13.4%** |  |
| Bath & Body Works, Inc.  | 503264 | 15258964  |
| Birkenstock Holding PLC (a) | 290058 | 13299159  |
|  Bright Horizons Family Solutions, Inc. (a) | 278295 | 35354597  |
| Burlington Stores, Inc. (a) | 185782 | 44277424  |
| Caesars Entertainment, Inc. (a) | 365406 | 9135150  |
| Chipotle Mexican Grill, Inc. (a) | 144683 | 7264533  |
| Domino's Pizza, Inc.  | 130157 | 59800634  |
| DraftKings, Inc. Class A (a) (b) | 1383066 | 45931622  |
| Duolingo, Inc. (a) | 48800 | 15154352  |
| Hilton Worldwide Holdings, Inc. | 162500 | 36976875  |
| Lithia Motors, Inc.  | 33921 | 9957170  |
| Lululemon Athletica, Inc. (a) | 43000 | 12171580  |
| Mattel, Inc. (a) | 899439 | 17476100  |
| &nbsp;&nbsp;&nbsp; Mobileye Global, Inc. <br>Class A (a) (b) | 305299 | 4394779  |
| Modine Manufacturing Co. (a) (b) | 33780 | 2592615  |
| On Holding AG, Class A (a) (b) | 282042 | 12387285  |
| Planet Fitness, Inc. Class A (a) | 328300 | 31717063  |
| Ross Stores, Inc.  | 343329 | 43874013  |
| Skechers USA, Inc. Class A (a) | 113359 | 6436524  |
| Texas Roadhouse, Inc.  | 81100 | 13513693  |
| TopBuild Corp. (a) | 30000 | 9148500  |
| Tractor Supply Co.  | 101425 | 5588517  |
| Ulta Beauty, Inc. (a) | 51003 | 18694640  |
| Viking Holdings Ltd. (a) | 492769 | 19587568  |
| Wingstop, Inc.  | 29000 | 6541820  |
| Yum! Brands, Inc.  | 332459 | 52315748  |
|  |  | 548850925  |
| **Consumer Staples — 3.1%**<br>|  |  |
| Casey's General Stores, Inc.  | 89100 | 38672964  |
| Dollar Tree, Inc. (a) | 539500 | 40500265  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Lamb Weston Holdings, Inc.  | 107157 | $5711468  |
| Maplebear, Inc. (a) | 295100 | 11771539  |
| McCormick & Co., Inc.  | 233800 | 19244078  |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, <br>Inc. | 336400 | 8026504  |
| TreeHouse Foods, Inc. (a) | 130600 | 3537954  |
|  |  | 127464772  |
| **Energy — 5.3%**<br>|  |  |
| Cheniere Energy, Inc.  | 367809 | 85111003  |
| EQT Corp.  | 698500 | 37320855  |
| Expand Energy Corp.  | 198100 | 22052492  |
| Permian Resources Corp. (b) | 709612 | 9828126  |
| Range Resources Corp.  | 402900 | 16087797  |
| TechnipFMC PLC  | 1473834 | 46705799  |
|  |  | 217106072  |
| **Financials — 9.2%**<br>|  |  |
| Aon PLC Class A  | 47776 | 19066924  |
| Apollo Global Management, Inc. | 105377 | 14430326  |
| Assurant, Inc.  | 226600 | 47529350  |
| Axis Capital Holdings Ltd.  | 173700 | 17411688  |
| Block, Inc. (a) | 292960 | 15916517  |
| Carlyle Group, Inc.  | 313084 | 13647332  |
| Cboe Global Markets, Inc.  | 150900 | 34147161  |
| Corpay, Inc. (a) | 87845 | 30633308  |
| Intercontinental Exchange, Inc. | 159700 | 27548250  |
| KKR & Co., Inc.  | 100659 | 11637187  |
| Markel Group, Inc. (a) | 8700 | 16265607  |
| MarketAxess Holdings, Inc.  | 123700 | 26762495  |
| MSCI, Inc.  | 25216 | 14259648  |
| Nasdaq, Inc.  | 65560 | 4973382  |
| Raymond James Financial, Inc. | 231500 | 32157665  |
| Toast, Inc., Class A (a) | 773200 | 25647044  |
| TPG, Inc.  | 104400 | 4951692  |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. <br>Class A  | 136800 | 20309328  |
|  |  | 377294904  |
| **Health Care — 19.0%**<br>|  |  |
| Acadia Healthcare Co., Inc. (a) | 49746 | 1508299  |
| Agilent Technologies, Inc.  | 494703 | 57870357  |
| Alcon AG (b) | 501873 | 47642804  |
| Align Technology, Inc. (a) | 153025 | 24309551  |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, <br>Inc. (a) | 216371 | 58424497  |
| Argenx SE ADR (a) | 3500 | 2071528  |
| Ascendis Pharma AS ADR (a) | 120400 | 18765544  |
| Avantor, Inc. (a) | 2533462 | 41067419  |
| Biogen, Inc. (a) | 133600 | 18281824  |
| Blueprint Medicines Corp. (a) | 14500 | 1283395  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Bruker Corp. (b) | 526748 | $21986462  |
| Cooper Cos., Inc. (a) | 382100 | 32230135  |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics <br>AG (a) (b) | 184214 | 6268802  |
| Cytokinetics, Inc. (a) (b) | 231500 | 9303985  |
| Dexcom, Inc. (a) | 249141 | 17013839  |
| Encompass Health Corp.  | 113000 | 11444640  |
| Enovis Corp. (a) | 353500 | 13507235  |
| Exact Sciences Corp. (a) (b) | 116000 | 5021640  |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, <br>Inc. (a) | 93580 | 7552842  |
| Hologic, Inc. (a) | 1064789 | 65772017  |
| IDEXX Laboratories, Inc. (a) | 31034 | 13032728  |
| Insmed, Inc. (a) | 32915 | 2511085  |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems, <br>Inc. (a) (b) | 66025 | 10516462  |
| Ionis Pharmaceuticals, Inc. (a) | 672817 | 20298889  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 31766 | 37512787  |
| Molina Healthcare, Inc. (a) | 64700 | 21311533  |
| Natera, Inc. (a) | 69407 | 9814844  |
| Penumbra, Inc. (a) | 27000 | 7220070  |
| Quidelortho Corp. (a) (b) | 380600 | 13309582  |
| ResMed, Inc.  | 51950 | 11629007  |
| Sarepta Therapeutics, Inc. (a) | 104569 | 6673594  |
| Steris PLC  | 62754 | 14223194  |
| Teleflex, Inc.  | 344300 | 47578817  |
| United Therapeutics Corp. (a) | 25503 | 7861810  |
| Vaxcyte, Inc. (a) (b) | 93971 | 3548345  |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. <br>Class A (a) | 361172 | 83658270  |
|  West Pharmaceutical Services, Inc.  | 22900 | 5126852  |
|  |  | 777154684  |
| **Industrials — 16.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beacon Roofing Supply, <br>Inc. (a) | 162300 | 20076510  |
|  Broadridge Financial Solutions, Inc. | 124800 | 30259008  |
| Builders FirstSource, Inc. (a) | 85331 | 10661255  |
| BWX Technologies, Inc.  | 299059 | 29502170  |
| Cintas Corp.  | 25665 | 5274928  |
| Equifax, Inc.  | 138196 | 33659018  |
| Esab Corp.  | 293066 | 34142189  |
| Ferguson Enterprises, Inc.  | 140300 | 22480269  |
| Fortive Corp.  | 578112 | 42306236  |
| FTAI Aviation Ltd. (b) | 212793 | 23626407  |
| IDEX Corp.  | 95900 | 17355023  |
| Ingersoll Rand, Inc.  | 558400 | 44688752  |
| ITT, Inc.  | 98600 | 12735176  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc.  | 174243 | $25779252  |
| KBR, Inc.  | 112629 | 5610051  |
|  Knight-Swift Transportation Holdings, Inc.  | 247112 | 10746901  |
| L3Harris Technologies, Inc.  | 25095 | 5252634  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc.  | 145000 | 23990250  |
| Paylocity Holding Corp. (a) | 204725 | 38353182  |
| Quanta Services, Inc.  | 92318 | 23465389  |
| Rollins, Inc.  | 231507 | 12508323  |
| Standardaero, Inc. (a) | 377118 | 10046424  |
| Textron, Inc.  | 637200 | 46037700  |
| TransUnion  | 347674 | 28853465  |
| Trex Co., Inc. (a) | 71734 | 4167745  |
| UL Solutions, Inc. Class A  | 184783 | 10421761  |
| United Rentals, Inc.  | 8700 | 5452290  |
| Veralto Corp.  | 187700 | 18291365  |
| Verisk Analytics, Inc.  | 58100 | 17291722  |
| Vertiv Holdings Co. Class A  | 119766 | 8647105  |
| Waste Connections, Inc.  | 128493 | 25080549  |
| XPO, Inc. (a) | 347219 | 37353820  |
|  |  | 684116869  |
| **Information Technology — 20.9%** | **Information Technology — 20.9%** |  |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, <br>Inc. (a) (b) | 487988 | 12263138  |
| Amphenol Corp. Class A  | 479791 | 31469492  |
| AppLovin Corp. Class A (a) | 69706 | 18469999  |
| Arista Networks, Inc. (a) | 81995 | 6352973  |
| Atlassian Corp. Class A (a) | 108300 | 22982343  |
| Bill Holdings, Inc. (a) (b) | 232593 | 10673693  |
|  CCC Intelligent Solutions Holdings, Inc. (a) | 3203614 | 28928634  |
| CDW Corp.  | 43404 | 6955925  |
| Cognex Corp.  | 315986 | 9425862  |
|  Cognizant Technology Solutions Corp. Class A  | 173734 | 13290651  |
| Confluent, Inc. Class A (a) | 230521 | 5403412  |
| Datadog, Inc. Class A (a) | 90883 | 9016502  |
| Dolby Laboratories, Inc. Class A  | 122786 | 9860944  |
| Entegris, Inc. (b) | 54272 | 4747715  |
| EPAM Systems, Inc. (a) | 57550 | 9716742  |
| Fair Isaac Corp. (a) | 25044 | 46185143  |
| Fortinet, Inc. (a) | 211300 | 20339738  |
| Gartner, Inc. (a) | 64130 | 26917926  |
| Guidewire Software, Inc. (a) | 53186 | 9964929  |
| HubSpot, Inc. (a) | 29924 | 17095282  |
| Keysight Technologies, Inc. (a) | 187000 | 28006990  |
| KLA Corp.  | 12813 | 8710277  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor <br>Corp. (a) (b) | 1105032 | $57958928  |
| Littelfuse, Inc.  | 22100 | 4347954  |
| Marvell Technology, Inc.  | 876704 | 53978665  |
| Microchip Technology, Inc.  | 928600 | 44953526  |
| Monday.com Ltd. (a) | 48500 | 11793260  |
| MongoDB, Inc. (a) | 71294 | 12504968  |
| Monolithic Power Systems, Inc. | 46452 | 26941231  |
| NXP Semiconductors NV  | 77600 | 14748656  |
| Onestream, Inc. (a) | 261219 | 5574413  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. <br>Class A (a) | 274545 | 23171598  |
| PTC, Inc. (a) | 352406 | 54605310  |
| Pure Storage, Inc. Class A (a) | 464200 | 20550134  |
| Roper Technologies, Inc.  | 17400 | 10258692  |
| SailPoint, Inc. (a) | 141724 | 2657325  |
| ServiceTitan, Inc. Class A (a) | 17888 | 1701328  |
| Snowflake, Inc. Class A (a) | 27359 | 3998791  |
| Twilio, Inc. Class A (a) | 203001 | 19875828  |
| Tyler Technologies, Inc. (a) | 87500 | 50871625  |
| Unity Software, Inc. (a) (b) | 283208 | 5548045  |
| Zoom Communications, Inc. (a) | 363900 | 26844903  |
| Zscaler, Inc. (a) | 217368 | 43130159  |
|  |  | 852793649  |
| **Materials — 4.1%**<br>|  |  |
| ATI, Inc. (a) | 188323 | 9798446  |
| Avery Dennison Corp.  | 237000 | 42178890  |
| Ball Corp.  | 741900 | 38630733  |
| Eagle Materials, Inc. | 65530 | 14543073  |
| Martin Marietta Materials, Inc. | 67400 | 32225962  |
| RPM International, Inc.  | 100100 | 11579568  |
| Sealed Air Corp. (b) | 586700 | 16955630  |
|  |  | 165912302  |
| **Real Estate — 1.1%**<br>|  |  |
| CoStar Group, Inc. (a) | 459344 | 36393825  |
| First Industrial Realty Trust, Inc. | 173479 | 9360927  |
|  |  | 45754752  |
| **TOTAL COMMON STOCK** <br>**(Cost $3,526,376,037)** |  | **3960636707**  |
| **Preferred Stock — 0.0%**<br>|  |  |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Nuro, Inc., Series D, <br>(Acquired 10/29/21, Cost $3,125,295) (a) (c) (d) | 149925 | 1499  |
| **Health Care — 0.0%**<br>|  |  |
|  Caris Life Sciences, Inc., Series D, (Acquired 5/11/21, Cost $5,006,003) (a) (c) (d) | 618025 | 6180  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Industrials — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sila Nanotechnologies, Inc., Series F, (Acquired 1/07/21, <br>Cost $7,310,569) (a) (c) (d) | 177128 | $1732312  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $15,441,866)** |  | **1739991**  |
| **TOTAL EQUITIES** <br>**(Cost $3,541,817,903)** |  | **3962376698**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $3,541,817,903)** |  | **3962376698**  |
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (e) | 6235227 | 6235227  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Treasury Reserve Fund, 1.202% (f) | 374 | 374 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 3.5%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (g) | $144009810  | 144009810  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $150,245,411)** |  | **150245411**  |
| **TOTAL INVESTMENTS — 100.6%**<br>**(Cost $3,692,063,314) (h)** |  | **4112622109**  |
| **Other Assets/**<br>(Liabilities) — (0.6)%  |  | **(24448435)**  |
| **NET ASSETS — 100.0%**  |  | **$4088173674** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued)**<br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $229,156,448 or 5.61% of net assets. The Fund received $236,608,435
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $1,739,991 or 0.04% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is valued using an agreed upon
 price from an executed securities purchase agreement. The total value of these securities as of March 31, 2025 was $1,739,991.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $144,020,811. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $146,890,309.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 97.0%**<br>|  |  |
| **Common Stock — 97.0%**<br>|  |  |
| **Communication Services — 1.5%**<br>|  |  |
| Cargurus, Inc. (a) | 111490 | $3247704  |
| Cinemark Holdings, Inc. (b) | 69903 | 1739886  |
| Criteo SA Sponsored ADR (a) | 51961 | 1839939  |
| Ziff Davis, Inc. (a) (b) | 33859 | 1272421  |
|  |  | 8099950  |
| **Consumer Discretionary — 10.6%**<br>|  |  |
| Acushnet Holdings Corp. (b) | 16015 | 1099590  |
| American Eagle Outfitters, Inc.  | 82471 | 958312  |
| Boot Barn Holdings, Inc. (a) | 33201 | 3566783  |
| Century Communities, Inc.  | 22078 | 1481434  |
| Champion Homes, Inc. (a) | 58178 | 5512947  |
| Cheesecake Factory, Inc. (b) | 35206 | 1713124  |
| Duolingo, Inc. (a) | 14159 | 4396936  |
| Dutch Bros, Inc. Class A (a) | 17919 | 1106319  |
| Genius Sports Ltd. (a) | 263545 | 2638085  |
| Global-e Online Ltd. (a) | 18519 | 660202  |
| Goodyear Tire & Rubber Co. (a) | 130317 | 1204129  |
| H&R Block, Inc.  | 22141 | 1215762  |
| Modine Manufacturing Co. (a) | 39665 | 3044289  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) (b) | 51949 | 6044786  |
| Patrick Industries, Inc. (b) | 23073 | 1951053  |
| Planet Fitness, Inc. Class A (a) | 25155 | 2430225  |
| RH (a) (b) | 3110 | 729015  |
| Shake Shack, Inc. Class A (a) | 44645 | 3936350  |
| Steven Madden Ltd.  | 35281 | 939886  |
| Stride, Inc. (a) (b) | 15934 | 2015651  |
| Sweetgreen, Inc. Class A (a) (b) | 151648 | 3794233  |
| Taylor Morrison Home Corp. (a) | 21848 | 1311754  |
| Texas Roadhouse, Inc.  | 18911 | 3151140  |
| Visteon Corp. (a) | 12283 | 953406  |
| Wingstop, Inc.  | 1894 | 427249  |
| YETI Holdings, Inc. (a) | 36692 | 1214505  |
|  |  | 57497165  |
| **Consumer Staples — 2.4%**<br>|  |  |
| BellRing Brands, Inc. (a) | 61656 | 4590906  |
| Chefs' Warehouse, Inc. (a) | 35009 | 1906590  |
| Freshpet, Inc. (a) (b) | 18000 | 1497060  |
| Maplebear, Inc. (a) | 16545 | 659980  |
| Simply Good Foods Co. (a) | 44454 | 1533218  |
| Sprouts Farmers Market, Inc. (a) | 12399 | 1892583  |
| Vital Farms, Inc. (a) | 30523 | 930036  |
|  |  | 13010373  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Energy — 3.4%**<br>|  |  |
| Archrock, Inc.  | 101996 | $2676375  |
| Aris Water Solutions, Inc. Class A  | 27835 | 891834  |
| Cactus, Inc. Class A  | 31570 | 1446853  |
| Gulfport Energy Corp. (a) | 14065 | 2589929  |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. <br>Class A (b) | 64730 | 1635080  |
| Seadrill Ltd. (a) | 33418 | 835450  |
| TechnipFMC PLC  | 101681 | 3222271  |
| Viper Energy, Inc.  | 116302 | 5251035  |
|  |  | 18548827  |
| **Financials — 11.4%**<br>|  |  |
| Ameris Bancorp  | 37670 | 2168662  |
| Assured Guaranty Ltd.  | 19683 | 1734072  |
| Bancorp, Inc. (a) | 40602 | 2145410  |
| Banner Corp.  | 35949 | 2292468  |
| Cadence Bank  | 137549 | 4175988  |
| Cohen & Steers, Inc.  | 13979 | 1121815  |
| Evercore, Inc. Class A  | 17089 | 3413015  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 133619 | 3907020  |
|  Hamilton Insurance Group Ltd. Class B (a) | 29403 | 609524  |
| Hamilton Lane, Inc. Class A (b) | 42256 | 6282199  |
| Hancock Whitney Corp.  | 45187 | 2370058  |
| Kemper Corp.  | 22211 | 1484805  |
| MGIC Investment Corp.  | 40732 | 1009339  |
| Mr. Cooper Group, Inc. (a) | 34912 | 4175475  |
|  National Bank Holdings Corp. Class A  | 53890 | 2062370  |
| &nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. <br>Class A (a) | 43480 | 1134828  |
| Perella Weinberg Partners  | 68144 | 1253850  |
| Piper Sandler Cos.  | 7509 | 1859679  |
| PJT Partners, Inc. Class A  | 21497 | 2964006  |
| PRA Group, Inc. (a) | 70504 | 1453792  |
| Seacoast Banking Corp. of Florida | 82637 | 2126250  |
| SiriusPoint Ltd. (a) | 154412 | 2669783  |
| StepStone Group, Inc. Class A  | 116003 | 6058837  |
| UMB Financial Corp.  | 22447 | 2269392  |
| Upstart Holdings, Inc. (a) | 24558 | 1130405  |
|  |  | 61873042  |
| **Health Care — 20.9%**<br>|  |  |
| Acadia Healthcare Co., Inc. (a) | 49762 | 1508784  |
| ADMA Biologics, Inc. (a) | 57034 | 1131555  |
| Akero Therapeutics, Inc. (a) | 39286 | 1590297  |
| Alignment Healthcare, Inc. (a) | 231946 | 4318835  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Amicus Therapeutics, Inc. (a) | 90240 | $736358  |
| Apellis Pharmaceuticals, Inc. (a) | 30092 | 658112  |
| Apogee Therapeutics, Inc. (a) | 31756 | 1186404  |
| Avidity Biosciences, Inc. (a) | 61240 | 1807805  |
| Axsome Therapeutics, Inc. (a) | 18891 | 2203257  |
| Biohaven Ltd. (a) | 17015 | 409041  |
| Blueprint Medicines Corp. (a) | 32201 | 2850111  |
| Bridgebio Pharma, Inc. (a) | 38736 | 1339104  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) (b) | 122760 | 2220728  |
| Celldex Therapeutics, Inc. (a) | 38463 | 698103  |
| CG oncology, Inc. (a) (b) | 21974 | 538143  |
|  Concentra Group Holdings Parent, Inc.  | 36904 | 800817  |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, <br>Inc. (a) (b) | 58699 | 1968764  |
| Cytokinetics, Inc. (a) (b) | 55459 | 2228897  |
| Disc Medicine, Inc. (a) (b) | 31682 | 1572694  |
| Encompass Health Corp.  | 51483 | 5214198  |
| GeneDx Holdings Corp. (a) | 39793 | 3524267  |
| Geron Corp. (a) | 203093 | 322918  |
| Glaukos Corp. (a) (b) | 45247 | 4453210  |
| Guardant Health, Inc. (a) | 20137 | 857836  |
| Haemonetics Corp. (a) (b) | 26306 | 1671746  |
| Halozyme Therapeutics, Inc. (a) | 26250 | 1675012  |
| HealthEquity, Inc. (a) | 63516 | 5612909  |
| Hims & Hers Health, Inc. (a) (b) | 48174 | 1423542  |
| Immatics NV (a) | 78936 | 356001  |
| Insmed, Inc. (a) | 59291 | 4523310  |
| Inspire Medical Systems, Inc. (a) | 22624 | 3603551  |
| Integer Holdings Corp. (a) | 19839 | 2341200  |
| Intra-Cellular Therapies, Inc. (a) | 12904 | 1702296  |
| Janux Therapeutics, Inc. (a) | 17188 | 464076  |
| Krystal Biotech, Inc. (a) | 4757 | 857687  |
| Kymera Therapeutics, Inc. (a) (b) | 32685 | 894588  |
| Lantheus Holdings, Inc. (a) (b) | 27541 | 2688002  |
| Merit Medical Systems, Inc. (a) | 30353 | 3208616  |
| Merus NV (a) | 54399 | 2289654  |
| Myriad Genetics, Inc. (a) | 57460 | 509670  |
| Nurix Therapeutics, Inc. (a) | 65250 | 775170  |
| Nuvalent, Inc., Class A (a) | 14079 | 998483  |
| Option Care Health, Inc. (a) | 72048 | 2518078  |
| PACS Group, Inc. (a) | 8378 | 94169  |
| PROCEPT BioRobotics Corp. (a) | 70627 | 4114729  |
| Protagonist Therapeutics, Inc. (a) | 20102 | 972133  |
| Prothena Corp. PLC (a) (b) | 10967 | 135717  |
| PTC Therapeutics, Inc. (a) | 22859 | 1164895  |
| RadNet, Inc. (a) | 41983 | 2087395  |
| Repligen Corp. (a) | 18011 | 2291720  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Revolution Medicines, Inc. (a) | 69364 | $2452711  |
| Rocket Pharmaceuticals, Inc. (a) | 94444 | 629941  |
| Scholar Rock Holding Corp. (a) | 21839 | 702124  |
| Soleno Therapeutics, Inc. (a) | 7149 | 510796  |
| &nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, <br>Inc. (a) | 15442 | 681455  |
| Spyre Therapeutics, Inc. (a) (b) | 23571 | 380318  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 28578 | 494685  |
| TransMedics Group, Inc. (a) (b) | 15843 | 1065917  |
| Twist Bioscience Corp. (a) | 64434 | 2529679  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc. (a) | 15107 | 547024  |
| Vaxcyte, Inc. (a) (b) | 39069 | 1475245  |
| Veracyte, Inc. (a) | 24008 | 711837  |
| Vericel Corp. (a) | 65651 | 2929348  |
| Verona Pharma PLC ADR (a) | 40269 | 2556679  |
| Waystar Holding Corp. (a) | 64105 | 2394963  |
| Xenon Pharmaceuticals, Inc. (a) | 19214 | 644630  |
|  |  | 113821939  |
| **Industrials — 23.0%**<br>|  |  |
| AAON, Inc.  | 20908 | 1633542  |
| Acuity, Inc.  | 9572 | 2520786  |
| Air Lease Corp.  | 41830 | 2020807  |
| Ameresco, Inc. Class A (a) | 70289 | 849091  |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, <br>Inc.  | 37771 | 8511317  |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, <br>Inc.  | 49372 | 1813434  |
| AZEK Co., Inc. (a) | 164676 | 8051010  |
| Boise Cascade Co.  | 14932 | 1464680  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 68481 | 7636316  |
| Clean Harbors, Inc. (a) | 5673 | 1118148  |
| Comfort Systems USA, Inc.  | 8222 | 2650197  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. <br>Class A (a) (b) | 30239 | 2173277  |
| Crane Co.  | 22172 | 3396307  |
| Curtiss-Wright Corp.  | 16219 | 5145802  |
| DXP Enterprises, Inc. (a) | 22894 | 1883260  |
| Embraer SA Sponsored ADR (a) | 63422 | 2930096  |
| Enpro, Inc.  | 10705 | 1731962  |
| Esab Corp.  | 30193 | 3517485  |
| ESCO Technologies, Inc.  | 12672 | 2016369  |
| Exlservice Holdings, Inc. (a) | 99449 | 4694987  |
| Federal Signal Corp.  | 27953 | 2055943  |
| Flowserve Corp.  | 73877 | 3608153  |
| Fluor Corp. (a) | 110589 | 3961298  |
| FTAI Aviation Ltd. (b) | 17232 | 1913269  |
| GATX Corp.  | 12518 | 1943670  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Karman Holdings, Inc. (a) | 26831 | $896692  |
| Kirby Corp. (a) | 21480 | 2169695  |
| Korn Ferry  | 29780 | 2019977  |
| Leonardo DRS, Inc.  | 53780 | 1768286  |
| Loar Holdings, Inc. (a) | 27211 | 1922457  |
| McGrath RentCorp  | 14035 | 1563499  |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. <br>Class A (b) | 98244 | 2497362  |
| MYR Group, Inc. (a) | 13636 | 1542095  |
| NEXTracker, Inc. Class A (a) | 40076 | 1688803  |
| Powell Industries, Inc. (b) | 5572 | 949079  |
| Primoris Services Corp.  | 34036 | 1954007  |
| Rocket Lab USA, Inc. (a) (b) | 77804 | 1391136  |
| Rush Enterprises, Inc. Class A  | 81523 | 4354143  |
| RXO, Inc. (a) (b) | 84632 | 1616471  |
| Ryder System, Inc.  | 14770 | 2124074  |
|  Shoals Technologies Group, Inc. Class A (a) | 350643 | 1164135  |
| SPX Technologies, Inc. (a) | 24242 | 3121885  |
| Sterling Infrastructure, Inc. (a) | 11931 | 1350709  |
| TriNet Group, Inc.  | 16426 | 1301596  |
| Verra Mobility Corp. (a) | 268468 | 6043215  |
| Zurn Elkay Water Solutions Corp. | 129760 | 4279485  |
|  |  | 124960007  |
| **Information Technology — 16.3%**<br>|  |  |
| Agilysys, Inc. (a) (b) | 14280 | 1035871  |
| Alkami Technology, Inc. (a) | 49456 | 1298220  |
| Appfolio, Inc. Class A (a) | 8689 | 1910711  |
| Astera Labs, Inc. (a) | 18341 | 1094407  |
| AvePoint, Inc. (a) | 318365 | 4597191  |
| Belden, Inc.  | 18389 | 1843497  |
| Braze, Inc. Class A (a) | 70053 | 2527512  |
| Calix, Inc. (a) | 20842 | 738640  |
| Celestica, Inc. (a) (b) | 54380 | 4285688  |
| Cellebrite DI Ltd. (a) | 69443 | 1349278  |
| Cirrus Logic, Inc. (a) | 14450 | 1440015  |
|  Clearwater Analytics Holdings, Inc. Class A (a) | 245446 | 6577953  |
| Coherent Corp. (a) | 20482 | 1330101  |
| Commvault Systems, Inc. (a) | 16516 | 2605564  |
| Crane NXT Co. (b) | 29727 | 1527968  |
|  Credo Technology Group Holding Ltd. (a) | 19393 | 778823  |
| CyberArk Software Ltd. (a) | 26165 | 8843770  |
| DoubleVerify Holdings, Inc. (a) | 37485 | 501174  |
| Freshworks, Inc. Class A (a) | 156418 | 2207058  |
| Ingram Micro Holding Corp.  | 51552 | 914532  |
| Intapp, Inc. (a) (b) | 62382 | 3641861  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Itron, Inc. (a) | 13673 | $1432383  |
| Jamf Holding Corp. (a) | 214818 | 2610039  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 32491 | 3261447  |
| MKS Instruments, Inc.  | 13085 | 1048763  |
| nCino, Inc. (a) (b) | 51365 | 1410997  |
| Novanta, Inc. (a) | 13985 | 1788262  |
| PAR Technology Corp. (a) (b) | 56150 | 3444241  |
| Pegasystems, Inc.  | 35979 | 2501260  |
| Power Integrations, Inc.  | 20972 | 1059086  |
| Q2 Holdings, Inc. (a) | 45218 | 3617892  |
| Semtech Corp. (a) | 15092 | 519165  |
| Silicon Laboratories, Inc. (a) | 8600 | 968102  |
| SiTime Corp. (a) (b) | 28943 | 4424516  |
| Sprout Social, Inc. Class A (a) | 66210 | 1455958  |
| Synaptics, Inc. (a) (b) | 16694 | 1063742  |
| Tower Semiconductor Ltd. (a) | 41013 | 1462524  |
| Universal Display Corp.  | 5145 | 717625  |
| Vertex, Inc. Class A (a) (b) | 53803 | 1883643  |
| Viavi Solutions, Inc. (a) | 169307 | 1894545  |
| Workiva, Inc. (a) | 12039 | 913880  |
|  |  | 88527904  |
| **Materials — 2.9%**<br>|  |  |
| ATI, Inc. (a) | 35337 | 1838584  |
| Cabot Corp.  | 67379 | 5601890  |
| Carpenter Technology Corp.  | 30399 | 5507691  |
| Graphic Packaging Holding Co. (b) | 61671 | 1600979  |
| Methanex Corp.  | 35243 | 1236677  |
|  |  | 15785821  |
| **Real Estate — 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, <br>Inc. (b) | 88587 | 2684186  |
| Douglas Emmett, Inc.  | 84172 | 1346752  |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, <br>Inc.  | 51884 | 1693494  |
| Highwoods Properties, Inc.  | 39809 | 1179939  |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, <br>Inc. (b) | 85424 | 1813552  |
| Macerich Co.  | 49703 | 853400  |
| Phillips Edison & Co., Inc.  | 81569 | 2976453  |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, <br>Inc. (b) | 27510 | 2515514  |
| SL Green Realty Corp. (b) | 22126 | 1276670  |
| Terreno Realty Corp.  | 28930 | 1828955  |
| Xenia Hotels & Resorts, Inc.  | 67025 | 788214  |
|  |  | 18957129  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Utilities — 1.1%**<br>|  |  |
| IDACORP, Inc.  | 19739 | $2294066  |
| ONE Gas, Inc.  | 25930 | 1960049 |
| Talen Energy Corp. (a) (b) | 8319 | 1661055  |
|  |  | 5915170  |
| **TOTAL COMMON STOCK** <br>**(Cost $495,837,117)** |  | **526997327**  |
| **TOTAL EQUITIES** <br>**(Cost $495,837,117)** |  | **526997327**  |
| **Exchange-Traded Funds — 0.2%** | **Exchange-Traded Funds — 0.2%** |  |
| iShares Russell 2000 ETF (b) | 6432 | 1283120  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>**(Cost $1,319,072)** |  | **1283120**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $497,156,189)** |  | **528280447**  |
| **Short-Term Investments — 3.4%** | **Short-Term Investments — 3.4%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.7%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (c) | 3755278 | 3755278 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., <br>Repurchase Agreement, dated <br>3/31/25, 2.750%, due 4/01/25 (d) | $14813816 | 14813816  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,569,094)** |  | **18569094**  |
| **TOTAL INVESTMENTS — 100.6%**<br>**(Cost $515,725,283) (e)** |  | **546849541**  |
| **Other Assets/**<br>(Liabilities) — (0.6)%  |  | **(3360292)**  |
| **NET ASSETS — 100.0%** |  | **$543489249** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| ETF  | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund  |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $82,331,865 or 15.15% of net assets. The Fund received $82,044,863
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $14,814,947. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $15,110,454.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Overseas Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Equities — 97.9%**<br>|  |  |
| **Common Stock — 97.4%**<br>|  |  |
| **Australia — 1.4%**<br>|  |  |
| Brambles Ltd. | 45000 | $566080  |
| Glencore PLC | 767300 | 2822614  |
| Rio Tinto PLC | 28647 | 1712588  |
|  |  | 5101282  |
| **Belgium — 0.7%**<br>|  |  |
| Anheuser-Busch InBev SA | 9300 | 572650  |
| KBC Group NV | 20642 | 1887902  |
|  |  | 2460552  |
| **Canada — 2.8%**<br>|  |  |
| Canadian National Railway Co. | 25306 | 2466323  |
| Intact Financial Corp. | 9132 | 1865744  |
| Open Text Corp. | 57690 | 1456031  |
| Suncor Energy, Inc. (SU CN) | 57001 | 2207078  |
| Toronto-Dominion Bank | 38759 | 2322496  |
|  |  | 10317672  |
| **China — 2.6%**<br>|  |  |
| Alibaba Group Holding Ltd. | 111540 | 1849405  |
| NetEase, Inc. | 117700 | 2425757  |
| Prosus NV (PRX NA) | 33899 | 1581421  |
| Tencent Holdings Ltd. | 58400 | 3721979  |
|  |  | 9578562  |
| **Denmark — 2.3%**<br>|  |  |
| Carlsberg AS Class B | 26633 | 3392301  |
| DSV AS | 9585 | 1855358  |
| Novo Nordisk AS Class B | 47620 | 3300655  |
|  |  | 8548314  |
| **France — 16.0%**<br>|  |  |
| Accor SA | 34470 | 1573646  |
| Air Liquide SA | 37975 | 7226706  |
| Airbus SE | 12640 | 2228723  |
| BNP Paribas SA | 52931 | 4408236  |
| Capgemini SE | 42042 | 6286761  |
| Cie de Saint-Gobain SA | 41190 | 4094376  |
|  Cie Generale des Etablissements Michelin SCA | 60642 | 2127940  |
| Danone SA | 13000 | 996167  |
| Dassault Systemes SE | 42463 | 1618178  |
| Edenred SE | 156609 | 5110171  |
| Engie SA | 199920 | 3895600  |
| EssilorLuxottica SA | 13805 | 3971490  |
| Kering SA | 17265 | 3585687  |
| Legrand SA | 21005 | 2224098  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
|  LVMH Moet Hennessy Louis Vuitton SE | 6814 | $4254133  |
| Pernod Ricard SA | 39649 | 3938374  |
| Publicis Groupe SA | 8369 | 788574  |
| Worldline SA (a) (b) (c) | 141600 | 877197  |
|  |  | 59206057  |
| **Germany — 13.8%**<br>|  |  |
| adidas AG | 5500 | 1287934  |
| Allianz SE Registered | 5215 | 1988276  |
| Bayer AG Registered | 172725 | 4123067  |
| Bayerische Motoren Werke AG | 33885 | 2702671  |
| Beiersdorf AG | 29683 | 3842578  |
| Brenntag SE | 37700 | 2435777  |
| Continental AG | 48199 | 3369033  |
| Daimler Truck Holding AG | 50261 | 2020473  |
| Deutsche Boerse AG | 22064 | 6503028  |
| Fresenius Medical Care AG | 59412 | 2934180  |
| Fresenius SE & Co. KGaA (b) | 57300 | 2442739  |
| Henkel AG & Co. KGaA | 12622 | 909056  |
| Mercedes Benz Group AG | 36273 | 2127165  |
| Merck KGaA | 25401 | 3477757  |
| MTU Aero Engines AG | 4595 | 1591485  |
| SAP SE | 28062 | 7450211  |
| Siemens AG Registered | 4435 | 1017516  |
| thyssenkrupp AG | 90417 | 929246  |
|  |  | 51152192  |
| **Hong Kong — 2.1%**<br>|  |  |
| AIA Group Ltd. | 460000 | 3477237  |
| Prudential PLC | 412494 | 4450366  |
|  |  | 7927603  |
| **India — 1.4%**<br>|  |  |
| Axis Bank Ltd. | 114305 | 1470469  |
| HDFC Bank Ltd. | 129305 | 2750120  |
| Tata Consultancy Services Ltd. | 21918 | 920551  |
|  |  | 5141140  |
| **Indonesia — 0.4%**<br>|  |  |
| Bank Mandiri Persero Tbk. PT | 5311700 | 1662875  |
| **Ireland — 0.8%**<br>|  |  |
| AIB Group PLC | 452536 | 2937545  |
| **Israel — 0.8%**<br>|  |  |
|  Check Point Software Technologies Ltd. (b) | 13715 | 3125923  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Overseas Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Italy — 3.7%**<br>|  |  |
| Eni SpA | 176064 | $2719215  |
| Intesa Sanpaolo SpA | 1222299 | 6292950  |
|  Ryanair Holdings PLC Sponsored ADR | 114946 | 4870262  |
|  |  | 13882427  |
| **Japan — 12.8%**<br>|  |  |
| Asahi Group Holdings Ltd. | 28100 | 359315  |
| Daikin Industries Ltd. | 25600 | 2779324  |
| Denso Corp. | 214700 | 2663773  |
| FUJIFILM Holdings Corp. | 106400 | 2036964  |
| Fujitsu Ltd. | 66700 | 1325974  |
| Hitachi Ltd. | 264500 | 6123460  |
| Hoya Corp. | 10600 | 1195726  |
| Komatsu Ltd. | 51400 | 1491561  |
| Kose Corp. | 23900 | 992803  |
| Kyocera Corp. (a) | 141600 | 1595724  |
| Mitsubishi Electric Corp. | 190100 | 3470929  |
| Mitsubishi Estate Co. Ltd. | 5700 | 93025  |
| Olympus Corp. | 146800 | 1928166  |
| Seven & i Holdings Co. Ltd. | 193600 | 2813572  |
| Shin-Etsu Chemical Co. Ltd. | 94000 | 2678120  |
| SMC Corp. | 4300 | 1530083  |
| Sompo Holdings, Inc. | 58700 | 1779414  |
| Sony Group Corp. | 213500 | 5438165  |
|  Sumitomo Mitsui Financial Group, Inc. | 118200 | 3015972  |
| Terumo Corp. | 126600 | 2376900  |
| ZOZO, Inc. (a) | 195900 | 1882042  |
|  |  | 47571012  |
| **Luxembourg — 0.6%**<br>|  |  |
| Eurofins Scientific SE | 43055 | 2294163  |
| **Netherlands — 2.6%**<br>|  |  |
| Akzo Nobel NV | 35400 | 2182457  |
| EXOR NV | 18600 | 1692479  |
| ING Groep NV | 220516 | 4316956  |
| Koninklijke Ahold Delhaize NV | 35400 | 1323454  |
|  |  | 9515346  |
| **Portugal — 0.5%**<br>|  |  |
| Galp Energia SGPS SA | 99018 | 1741163  |
| **Republic of Korea — 1.0%**<br>|  |  |
| KB Financial Group, Inc. | 28100 | 1510435  |
| NAVER Corp. | 7495 | 977809  |
| Samsung Electronics Co. Ltd. | 28308 | 1121046  |
|  |  | 3609290  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| **Singapore — 1.0%**<br>|  |  |
| DBS Group Holdings Ltd. | 104150 | $3574371  |
| **Spain — 1.3%**<br>|  |  |
| Amadeus IT Group SA | 63119 | 4837007  |
| **Sweden — 1.1%**<br>|  |  |
| Sandvik AB | 54700 | 1153931  |
| SKF AB Class B (a) | 82700 | 1679307  |
| Volvo AB Class B | 42900 | 1261670  |
|  |  | 4094908  |
| **Switzerland — 5.7%**<br>|  |  |
|  Cie Financiere Richemont SA Registered Class A | 34143 | 5962242  |
| Julius Baer Group Ltd. (a) | 25756 | 1779068  |
| Schindler Holding AG | 755 | 235876  |
| Sika AG Registered | 6247 | 1513184  |
| Sonova Holding AG Registered | 5365 | 1563911  |
| Swatch Group AG (a) | 8385 | 1448140  |
| UBS Group AG Registered | 130300 | 3992602  |
| Zurich Insurance Group AG | 6841 | 4771839  |
|  |  | 21266862  |
| **Taiwan — 1.1%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 24004 | 3984664  |
| **United Kingdom — 10.4%**<br>|  |  |
| Ashtead Group PLC | 33100 | 1787507  |
| Compass Group PLC | 190190 | 6279198  |
| Diageo PLC | 134696 | 3513784  |
| Flutter Entertainment PLC (b) | 3810 | 844106  |
| Lloyds Banking Group PLC | 2133597 | 1996132  |
|  London Stock Exchange Group PLC | 26389 | 3913271  |
| Reckitt Benckiser Group PLC | 31100 | 2101586  |
| RELX PLC | 90530 | 4547432  |
| Rentokil Initial PLC | 26325 | 118965  |
| Rolls-Royce Holdings PLC (b) | 498674 | 4821457  |
| Schroders PLC | 457732 | 2070964  |
| Smith & Nephew PLC | 109000 | 1533108  |
| Smiths Group PLC | 38456 | 963159  |
| Tesco PLC | 528257 | 2269466  |
| WPP PLC | 252923 | 1911303  |
|  |  | 38671438  |
| **United States — 10.5%**<br>|  |  |
| CNH Industrial NV (a) | 273597 | 3359771  |
| Experian PLC | 90438 | 4191570  |
| Holcim AG | 3484 | 374785  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Overseas Fund — Portfolio of Investments (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value**  |
| Linde PLC (LIN US) | 5775 | $2689071  |
| Nestle SA Registered | 59015 | 5968039  |
| Novartis AG Registered | 55878 | 6215733  |
| Qiagen NV | 44004 | 1746296  |
| Roche Holding AG | 22589 | 7427320  |
| Schneider Electric SE | 29844 | 6908375  |
|  |  | 38880960  |
| **TOTAL COMMON STOCK (Cost $304,195,612)** |  | **361083328**  |
| **Preferred Stock — 0.5%**<br>|  |  |
| **Republic of Korea — 0.5%**<br>|  |  |
|  Samsung Electronics Co. Ltd. 2.301% | 60150 | 1945669  |
| **TOTAL PREFERRED STOCK (Cost $2,858,788)** |  | **1945669**  |
| **TOTAL EQUITIES** <br>**(Cost $307,054,400)** |  | **363028997**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $307,054,400)** |  | **363028997**  |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.4%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (d) | 1714123 | 1714123 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** |  |
| **Repurchase Agreement — 1.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (e)  | $4311943 | 4311943  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,026,066)** |  | **6026066**  |
| **TOTAL INVESTMENTS — 99.5%** <br>**(Cost $313,080,466) (f)** |  | **369055063**  |
| **Other Assets/**<br>(Liabilities) — 0.5% |  | **1805982**  |
| **NET ASSETS — 100.0%** |  | **$370861045** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $12,427,153 or 3.35% of net assets. The Fund received $11,417,594
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $877,197 or 0.24% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $4,312,272. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $4,398,377.

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

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

---

| | |
|:---|:---|
| Financials | 22.2%  |
| Industrials | 19.4%  |
| Consumer Discretionary | 14.5%  |
| Health Care | 12.5%  |
| Consumer Staples | 8.9%  |
| Information Technology | 8.9%  |
| Materials | 6.0%  |
| Communication Services | 2.6%  |
| Energy | 1.8%  |
| Utilities | 1.1%  |
| Real Estate | 0.0%  |
| Total Long-Term Investments | 97.9%  |
| Short-Term Investments and Other Assets and Liabilities | 2.1%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Equities — 97.2%**<br>|  |  |
| **Common Stock — 96.9%**<br>|  |  |
| **Argentina — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Galicia SA <br>ADR | 3360 | $183019  |
| **Australia — 1.3%**<br>|  |  |
| ANZ Group Holdings Ltd. | 31466 | 575209  |
| BHP Group Ltd. | 42786 | 1037676  |
| BHP Group Ltd. Class DI (a) | 49980 | 1199742  |
| Downer EDI Ltd. | 169245 | 577006  |
| Macquarie Group Ltd. | 5435 | 673814  |
| Scentre Group | 312533 | 655977  |
| Worley Ltd. | 90925 | 821318  |
|  |  | 5540742  |
| **Austria — 0.8%**<br>|  |  |
| BAWAG Group AG (b) | 18016 | 1861746  |
| Erste Group Bank AG | 11472 | 797044  |
| OMV AG | 13295 | 682041  |
|  |  | 3340831  |
| **Brazil — 1.9%**<br>|  |  |
|  Arcos Dorados Holdings, Inc. Class A (a) | 27254 | 219667  |
| B3 SA - Brasil Bolsa Balcao | 599773 | 1275967  |
| Banco BTG Pactual SA | 83200 | 491346  |
| Embraer SA (c) | 62500 | 720128  |
|  Itau Unibanco Holding SA Sponsored ADR | 18669 | 102680  |
| Klabin SA | 219889 | 719033  |
| Localiza Rent a Car SA | 4468 | 26300  |
| MercadoLibre, Inc. (c) | 1079 | 2104989  |
|  Multiplan Empreendimentos Imobiliarios SA | 79485 | 314795  |
| NU Holdings Ltd. Class A (c) | 15381 | 157501  |
|  Petroleo Brasileiro SA Sponsored ADR | 22925 | 328745  |
| Raia Drogasil SA | 107313 | 358246  |
| Rede D'Or Sao Luiz SA (b) | 102835 | 508188  |
| Vale SA Sponsored ADR | 19537 | 194979  |
| WEG SA | 94599 | 750632  |
|  |  | 8273196  |
| **Canada — 3.9%**<br>|  |  |
| Brookfield Corp. | 15558 | 814199  |
| Canadian National Railway Co. | 21151 | 2061377  |
| Cenovus Energy, Inc. | 61238 | 851089  |
| Constellation Software, Inc. | 509 | 1611967  |
| Definity Financial Corp. | 40544 | 1801455  |
| Descartes Systems Group, Inc. (c) | 10962 | 1105299  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Element Fleet Management <br>Corp. (a) | 137726 | $2738154  |
| Great-West Lifeco, Inc. | 39164 | 1534392  |
| Magna International, Inc. | 15420 | 524126  |
| National Bank of Canada (a) | 19106 | 1576887  |
| Shopify, Inc. Class A (c) | 10923 | 1041890  |
| Suncor Energy, Inc. (SU CN) | 28261 | 1094266  |
| Suncor Energy, Inc. (SU US) | 127 | 4917  |
| TMX Group Ltd. | 13362 | 487849  |
|  |  | 17247867  |
| **Chile — 0.3%**<br>|  |  |
| Antofagasta PLC | 34539 | 754431  |
| Banco de Chile | 5492966 | 726001  |
|  |  | 1480432  |
| **China — 9.6%**<br>|  |  |
| Alibaba Group Holding Ltd. | 127700 | 2117348  |
|  Alibaba Group Holding Ltd. Sponsored ADR | 24237 | 3204859  |
| Baidu, Inc. Sponsored ADR (a) (c) | 4198 | 386342  |
| Bank of Ningbo Co. Ltd. Class A | 164200 | 585135  |
| BeiGene Ltd. ADR (c) | 4503 | 1225582  |
| BYD Co. Ltd. Class H | 11000 | 556016  |
|  China Construction Bank Corp. Class H | 1168000 | 1036278  |
| China Mengniu Dairy Co. Ltd. | 296000 | 737840  |
| &nbsp;&nbsp;&nbsp; China Oilfield Services Ltd. <br>Class A | 141200 | 274477  |
|  China Resources Beer Holdings Co. Ltd. | 65000 | 236387  |
| China Resources Gas Group Ltd. | 139600 | 416080  |
| China Resources Land Ltd. | 138500 | 462701  |
| CRRC Corp. Ltd. Class A | 282700 | 275620  |
|  Eastroc Beverage Group Co. Ltd. Class A | 5510 | 189209  |
| Fosun International Ltd. | 290500 | 155758  |
|  Fuyao Glass Industry Group Co. Ltd. Class A | 75300 | 609624  |
| &nbsp;&nbsp;&nbsp; Hongfa Technology Co. Ltd. <br>Class A | 57600 | 293180  |
| Kanzhun Ltd. ADR (c) | 10802 | 207074  |
| KE Holdings, Inc. ADR | 115031 | 2310973  |
| Kuaishou Technology (b) (c) | 38900 | 274861  |
| &nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd. <br>Class A | 3698 | 796474  |
| Meituan Class B (b) (c) | 25700 | 519618  |
| Midea Group Co. Ltd. (c) | 29500 | 300233  |
| NARI Technology Co. Ltd. Class A | 216921 | 656500  |
| NetEase, Inc. | 52300 | 1077885  |
| NetEase, Inc. ADR | 6366 | 655189  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  New Oriental Education & Technology Group, Inc. ADR | 3112 | $148785  |
| NXP Semiconductor NV | 4375 | 831513  |
| PDD Holdings, Inc. ADR (c) | 19015 | 2250425  |
| Prosus NV (PRX NA) | 69726 | 3252785  |
| Prosus NV (PRX SJ) | 23752 | 1096987  |
|  Sany Heavy Industry Co. Ltd. Class A | 319700 | 841460  |
|  Shandong Pharmaceutical Glass Co. Ltd. Class A | 85200 | 274474  |
|  Shenzhen Inovance Technology Co. Ltd. Class A | 89600 | 844560  |
|  Shenzhou International Group Holdings Ltd. | 67200 | 506866  |
| Silergy Corp. | 49000 | 560909  |
|  Sunny Optical Technology Group Co. Ltd. | 93300 | 862410  |
| Tencent Holdings Ltd. | 67400 | 4295572  |
|  Tencent Music Entertainment Group ADR | 1884 | 27148  |
| Tongcheng Travel Holdings Ltd. (b) | 407200 | 1099937  |
| Trip.com Group Ltd. | 8100 | 517005  |
| Trip.com Group Ltd. ADR | 2787 | 177197  |
|  Wanhua Chemical Group Co. Ltd. Class A | 28700 | 266198  |
| Wilmar International Ltd. | 243500 | 604294  |
| Xiaomi Corp. Class B (b) (c) | 100600 | 638884  |
| Xinyi Glass Holdings Ltd. | 379000 | 373002  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 227700 | 397555  |
|  Yifeng Pharmacy Chain Co. Ltd. Class A | 147398 | 506647  |
| Yum China Holdings, Inc. | 28664 | 1492248  |
| Zhongsheng Group Holdings Ltd. | 115000 | 202172  |
| ZTO Express Cayman, Inc. ADR | 20814 | 412950  |
|  |  | 42043226  |
| **Denmark — 0.7%**<br>|  |  |
| Genmab AS (c) | 2982 | 582158  |
| Novo Nordisk AS Class B | 17749 | 1230225  |
| Novo Nordisk AS Sponsored ADR | 18019 | 1251240  |
|  |  | 3063623  |
| **Finland — 0.6%**<br>|  |  |
| Mandatum OYJ | 58003 | 351896  |
| Sampo OYJ Class A | 189077 | 1810867  |
| Stora Enso OYJ Class R | 52317 | 496447  |
|  |  | 2659210  |
| **France — 7.2%**<br>|  |  |
| Air Liquide SA | 5721 | 1088716  |
| Airbus SE | 9352 | 1648973  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Alstom SA (c) | 26976 | $597221  |
| AXA SA | 85920 | 3667957  |
| BNP Paribas SA | 19143 | 1594280  |
| Cie de Saint-Gobain SA | 10334 | 1027222  |
| Dassault Aviation SA | 5642 | 1877175  |
| Edenred SE | 26850 | 876119  |
| Engie SA | 91276 | 1778585  |
| EssilorLuxottica SA | 2606 | 749707  |
| Forvia SE | 20967 | 174515  |
| Hermes International SCA | 270 | 707529  |
| Kering SA | 2435 | 505714  |
| L'Oreal SA | 2271 | 843244  |
| Legrand SA | 9268 | 981335  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 1103 | 688628  |
| Safran SA | 10895 | 2874165  |
| Sartorius Stedim Biotech | 5791 | 1151706  |
| Societe Generale SA | 40497 | 1828351  |
| Teleperformance SE | 2773 | 279545  |
| Thales SA | 5648 | 1516433  |
| TotalEnergies SE | 68683 | 4439031  |
| Vinci SA | 5438 | 687190  |
|  |  | 31583341  |
| **Germany — 6.3%**<br>|  |  |
| Allianz SE Registered | 3696 | 1409140  |
| BASF SE | 20097 | 998836  |
| Covestro AG (c) | 23918 | 1536186  |
| Daimler Truck Holding AG | 16262 | 653726  |
| Deutsche Post AG | 15850 | 676533  |
| Deutsche Telekom AG Registered | 73713 | 2729490  |
| Douglas AG (c) | 9303 | 107752  |
| Evotec SE (c) | 24166 | 158438  |
| Heidelberg Materials AG | 5766 | 986585  |
| KION Group AG | 17837 | 736623  |
| Mercedes Benz Group AG | 9550 | 560043  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered | 3511 | 2213087  |
| Puma SE | 9591 | 232251  |
| Rheinmetall AG | 278 | 398710  |
| SAP SE | 15974 | 4240955  |
| Schott Pharma AG & Co. KGaA | 17188 | 439780  |
| Siemens AG Registered | 29468 | 6760805  |
| Siemens Healthineers AG (b) | 44172 | 2370043  |
| &nbsp;&nbsp;&nbsp; Springer Nature AG & Co. <br>KGaA (c) | 11522 | 235471  |
|  |  | 27444454  |
| **Guatemala — 0.2%**<br>|  |  |
| Millicom International Cellular SA | 22135 | 670026  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Hong Kong — 1.5%**<br>|  |  |
| AIA Group Ltd. | 302800 | $2288929  |
| Futu Holdings Ltd. ADR | 6481 | 663330  |
| Hongkong Land Holdings Ltd. | 92000 | 398551  |
| Jardine Matheson Holdings Ltd. | 11700 | 494549  |
| Prudential PLC | 240719 | 2597099  |
|  Wharf Real Estate Investment Co. Ltd. | 70000 | 170475  |
|  |  | 6612933  |
| **Hungary — 0.4%**<br>|  |  |
| OTP Bank Nyrt | 27533 | 1855120  |
| **India — 4.8%**<br>|  |  |
| Ashok Leyland Ltd. | 239847 | 569285  |
| Asian Paints Ltd. | 6155 | 167345  |
| Astral Ltd. | 6881 | 103651  |
| Avenue Supermarts Ltd. (b) (c) | 3438 | 164103  |
| Axis Bank Ltd. | 102772 | 1322104  |
| Bharti Airtel Ltd. | 21729 | 438080  |
| Divi's Laboratories Ltd. | 2083 | 140452  |
| &nbsp;&nbsp;&nbsp; HDFC Asset Management Co. <br>Ltd. (b) | 2647 | 123871  |
| HDFC Bank Ltd. | 38099 | 810307  |
| HDFC Life Insurance Co. Ltd. (b) | 55685 | 442780  |
| Hindalco Industries Ltd. | 80434 | 640671  |
| Hindustan Unilever Ltd. | 10605 | 279996  |
| ICICI Bank Ltd. | 180721 | 2846807  |
| ICICI Bank Ltd. Sponsored ADR | 18226 | 574483  |
| Indraprastha Gas Ltd. | 334788 | 795435  |
| Infosys Ltd. | 35389 | 646587  |
| InterGlobe Aviation Ltd. (b) (c) | 4745 | 282571  |
| JSW Energy Ltd. | 20335 | 127381  |
| Kotak Mahindra Bank Ltd. | 85662 | 2175889  |
| Larsen & Toubro Ltd. | 33896 | 1375999  |
| NTPC Green Energy Ltd. (c) | 91514 | 107089  |
| NTPC Ltd. | 320283 | 1332447  |
| Power Grid Corp. of India Ltd. | 78303 | 264705  |
| Reliance Industries Ltd. | 149398 | 2220151  |
| Shree Cement Ltd. | 1623 | 578824  |
| Shriram Finance Ltd. | 111401 | 851128  |
| Tata Consultancy Services Ltd. | 5443 | 228605  |
| Tech Mahindra Ltd. | 35695 | 587088  |
| Titan Co. Ltd. | 7022 | 251192  |
| Varun Beverages Ltd. | 46120 | 291092  |
| Voltas Ltd. | 14659 | 250311  |
| Zomato Ltd. (c) | 36433 | 85400  |
|  |  | 21075829  |
| **Indonesia — 1.0%**<br>|  |  |
| Bank Central Asia Tbk. PT | 3223400 | 1641641  |
| Bank Mandiri Persero Tbk. PT | 891300 | 279029  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk. PT | 5900864 | $1427247  |
| Semen Indonesia Persero Tbk. PT | 1032800 | 164048  |
| Sumber Alfaria Trijaya Tbk. PT | 1257300 | 155147  |
| Telkom Indonesia Persero Tbk. PT | 4195300 | 611980  |
|  |  | 4279092  |
| **Ireland — 0.2%**<br>|  |  |
| AerCap Holdings NV | 6770 | 691691  |
| Kingspan Group PLC | 3388 | 274001  |
|  |  | 965692  |
| **Italy — 2.7%**<br>|  |  |
| Banca Mediolanum SpA | 42582 | 685741  |
| DiaSorin SpA | 8100 | 802268  |
| Enel SpA | 175078 | 1420189  |
| Ferrari NV | 1498 | 638929  |
| Intesa Sanpaolo SpA | 166490 | 857166  |
| Leonardo SpA | 30188 | 1473358  |
| Moncler SpA | 10617 | 656046  |
| Prysmian SpA | 18654 | 1023947  |
|  Ryanair Holdings PLC Sponsored ADR | 11348 | 480815  |
| UniCredit SpA | 64262 | 3606859  |
|  |  | 11645318  |
| **Japan — 13.6%**<br>|  |  |
| Ajinomoto Co. Inc. | 22500 | 445013  |
| Asahi Group Holdings Ltd. | 67100 | 858008  |
| Astellas Pharma, Inc. | 38200 | 369132  |
| Calbee, Inc. (a) | 35800 | 668007  |
| Chugai Pharmaceutical Co. Ltd. | 44000 | 2009653  |
| Daiichi Sankyo Co. Ltd. | 20700 | 485744  |
| Denso Corp. | 44300 | 549628  |
| Disco Corp. | 3300 | 679437  |
| &nbsp;&nbsp;&nbsp; Electric Power Development Co. <br>Ltd. (a) | 25500 | 431080  |
| Fujitsu Ltd. | 42000 | 834946  |
| Hamamatsu Photonics KK | 62100 | 606746  |
| Hikari Tsushin, Inc. | 1700 | 438226  |
| Hitachi Ltd. | 63800 | 1477039  |
| Isetan Mitsukoshi Holdings Ltd. (a) | 66300 | 949509  |
| KDDI Corp. | 88600 | 1398209  |
| Keyence Corp. | 3200 | 1256023  |
| Kubota Corp. | 28600 | 351143  |
| Kyushu Railway Co. (a) | 27200 | 662420  |
| LY Corp. | 105800 | 357754  |
| MatsukiyoCocokara & Co. | 34100 | 533693  |
| MINEBEA MITSUMI, Inc. | 16600 | 242384  |
| Mitsubishi Corp. | 27900 | 490692  |
| Mitsubishi Electric Corp. | 110300 | 2013906  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| Mitsubishi Estate Co. Ltd. | 64100 | $1046126  |
| Mitsubishi HC Capital, Inc. (a) | 33900 | 228030  |
|  Mitsubishi UFJ Financial Group, Inc. | 250600 | 3384412  |
| Mitsui Fudosan Co. Ltd. | 200500 | 1789986  |
| Murata Manufacturing Co. Ltd. | 21200 | 329610  |
| Nextage Co. Ltd. (a) | 32200 | 327230  |
| Nippon Sanso Holdings Corp. | 34400 | 1039506  |
| Nippon Steel Corp. (a) | 25600 | 546499  |
| Niterra Co. Ltd. (a) | 11200 | 340119  |
| Nomura Research Institute Ltd. | 19800 | 642545  |
| Olympus Corp. | 71200 | 935187  |
| Open House Group Co. Ltd. (a) | 9700 | 361165  |
| ORIX Corp. | 40500 | 837916  |
| Panasonic Holdings Corp. | 66400 | 795401  |
| Persol Holdings Co. Ltd. | 362500 | 601453  |
| Rakuten Bank Ltd. (c) | 4800 | 207556  |
| Recruit Holdings Co. Ltd. | 28100 | 1459804  |
| Renesas Electronics Corp. | 204000 | 2771027  |
| Resona Holdings, Inc. | 81500 | 705403  |
| Sega Sammy Holdings, Inc. | 8000 | 154444  |
| Seven & i Holdings Co. Ltd. | 215600 | 3133296  |
| Shimizu Corp. (a) | 36700 | 325458  |
| Shin-Etsu Chemical Co. Ltd. | 76100 | 2168137  |
| SMC Corp. | 1000 | 355833  |
| Sompo Holdings, Inc. | 37100 | 1124638  |
| Sony Group Corp. | 128200 | 3265446  |
| Stanley Electric Co. Ltd. (a) | 26600 | 499908  |
| Subaru Corp. (a) | 23700 | 421961  |
| SUMCO Corp. (a) | 31400 | 213328  |
| Sumitomo Corp. | 63800 | 1433242  |
| Sumitomo Mitsui Trust Group, Inc. | 20000 | 499071  |
| Suzuki Motor Corp. | 50000 | 609628  |
| Sysmex Corp. | 17200 | 327229  |
| Taiheiyo Cement Corp. | 19200 | 502083  |
| Takeda Pharmaceutical Co. Ltd. | 35900 | 1066149  |
| TechnoPro Holdings, Inc. | 23600 | 524230  |
| Tokio Marine Holdings, Inc. | 43100 | 1662264  |
| Tokyo Electron Ltd. | 4800 | 654531  |
| Toyota Industries Corp. | 3000 | 256031  |
| Toyota Motor Corp. | 176500 | 3113197  |
| Unicharm Corp. | 70900 | 563943  |
| Welcia Holdings Co. Ltd. | 5500 | 79303  |
| Yamaha Corp. (a) | 49600 | 384241  |
|  |  | 59794958  |
| **Luxembourg — 0.5%**<br>|  |  |
| ArcelorMittal SA | 21646 | 625200  |
| CVC Capital Partners PLC (b) (c) | 70910 | 1409263  |
|  |  | 2034463  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Macau — 0.1%**<br>|  |  |
| Galaxy Entertainment Group Ltd. | 114000 | $447727  |
| **Malaysia — 0.1%**<br>|  |  |
| CIMB Group Holdings Bhd. | 352496 | 554756  |
| **Mexico — 0.7%**<br>|  |  |
| Arca Continental SAB de CV (a) | 14057 | 146989  |
|  Fomento Economico Mexicano SAB de CV ADR | 2601 | 253806  |
| Gruma SAB de CV Class B | 28866 | 518938  |
|  Grupo Aeroportuario del Pacifico SAB de CV ADR | 3705 | 687314  |
|  Grupo Financiero Banorte SAB de CV Class O | 11135 | 77307  |
| &nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV <br>Series B | 269633 | 1347078  |
| &nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB <br>de CV (a) | 70399 | 194604  |
|  |  | 3226036  |
| **Netherlands — 4.4%**<br>|  |  |
| Adyen NV (b) (c) | 600 | 917101  |
| Akzo Nobel NV | 17189 | 1059725  |
| Argenx SE ADR (c) | 2414 | 1428762  |
| ASM International NV | 850 | 389451  |
| ASML Holding NV | 7276 | 4814508  |
| ASR Nederland NV | 9937 | 571978  |
| BE Semiconductor Industries NV | 3023 | 314008  |
| Euronext NV (b) | 4845 | 701680  |
| Heineken NV | 25581 | 2089111  |
| ING Groep NV | 236547 | 4630789  |
| Koninklijke Philips NV (c) | 98874 | 2512060  |
|  |  | 19429173  |
| **Norway — 0.8%**<br>|  |  |
| DNB Bank ASA | 56788 | 1493648  |
| Equinor ASA | 50804 | 1345426  |
| Storebrand ASA | 70022 | 888789  |
|  |  | 3727863  |
| **Peru — 0.0%**<br>|  |  |
| Credicorp Ltd. | 1005 | 187091  |
| **Philippines — 0.4%**<br>|  |  |
| Ayala Corp. | 11540 | 119115  |
| BDO Unibank, Inc. | 136774 | 366271  |
| Jollibee Foods Corp. | 53430 | 223965  |
| SM Investments Corp. | 65210 | 897851  |
|  |  | 1607202  |
| **Poland — 0.2%**<br>|  |  |
|  Powszechny Zaklad Ubezpieczen SA | 58662 | 852864  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Portugal — 1.0%**<br>|  |  |
|  Banco Comercial Portugues SA Class R | 1306453 | $789277  |
| Galp Energia SGPS SA | 108137 | 1901515  |
| Jeronimo Martins SGPS SA | 90204 | 1916135  |
|  |  | 4606927  |
| **Republic of Korea — 2.8%**<br>|  |  |
| Coupang, Inc. (c) | 18478 | 405223  |
| HL Mando Co. Ltd. | 11983 | 317828  |
| Hyundai Mobis Co. Ltd. | 1679 | 298650  |
| Hyundai Motor Co. | 5235 | 706373  |
| KB Financial Group, Inc. | 15967 | 858260  |
| KT Corp. Sponsored ADR | 40860 | 723631  |
| KT Corp. | 20321 | 683605  |
| LG Chem Ltd. | 1498 | 252349  |
| Samsung Electronics Co. Ltd. | 155058 | 6140566  |
| Samsung Life Insurance Co. Ltd. | 11818 | 669647  |
| SK Hynix, Inc. | 10879 | 1442688  |
|  |  | 12498820  |
| **Russia — 0.0%**<br>|  |  |
| Novatek PJSC (d) (e) | 73140 | —  |
| **Saudi Arabia — 1.0%**<br>|  |  |
| Al Rajhi Bank | 30879 | 839118  |
|  Arabian Internet & Communications Services Co. | 430 | 34679  |
| Saudi Awwal Bank | 69298 | 689462  |
| Saudi Basic Industries Corp. | 13799 | 233711  |
| Saudi National Bank | 259274 | 2475970  |
|  |  | 4272940  |
| **Singapore — 1.0%**<br>|  |  |
| DBS Group Holdings Ltd. | 26090 | 895395  |
| Sea Ltd. ADR (c) | 6008 | 783984  |
| Seatrium Ltd. (c) | 362800 | 567255  |
| United Overseas Bank Ltd. | 74300 | 2092598  |
|  |  | 4339232  |
| **South Africa — 0.3%**<br>|  |  |
| Bid Corp. Ltd. (a) | 8954 | 214633  |
| Capitec Bank Holdings Ltd. | 1218 | 206928  |
| Clicks Group Ltd. | 7624 | 141197  |
| FirstRand Ltd. | 148893 | 584535  |
|  |  | 1147293  |
| **Spain — 0.5%**<br>|  |  |
| Amadeus IT Group SA | 20678 | 1584620  |
| Puig Brands SA Class B (c) | 18939 | 323172  |
| Redeia Corp. SA | 24310 | 488178  |
|  |  | 2395970  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Sweden — 1.6%**<br>|  |  |
| Assa Abloy AB Class B | 27907 | $838567  |
| Autoliv, Inc. | 7041 | 623972  |
| Elekta AB Class B | 51345 | 269030  |
| Essity AB Class B (a) | 63432 | 1802882  |
| Sandvik AB | 35048 | 739360  |
|  Skandinaviska Enskilda Banken AB Class A (a) | 45437 | 745000  |
| Swedbank AB Class A | 26451 | 601722  |
|  Telefonaktiebolaget LM Ericsson Class B (a) | 181079 | 1404728  |
|  |  | 7025261  |
| **Switzerland — 2.0%**<br>|  |  |
| ABB Ltd. Registered | 28450 | 1472322  |
| Barry Callebaut AG Registered (a) | 152 | 201606  |
|  Cie Financiere Richemont SA Registered Class A | 7509 | 1311264  |
| Julius Baer Group Ltd. | 36426 | 2516088  |
| Partners Group Holding AG | 654 | 928038  |
| Sandoz Group AG | 15128 | 636339  |
| Sonova Holding AG Registered | 2700 | 787057  |
| Zurich Insurance Group AG | 1395 | 973062  |
|  |  | 8825776  |
| **Taiwan — 4.2%**<br>|  |  |
| Accton Technology Corp. | 14000 | 247423  |
| ASE Technology Holding Co. Ltd. | 162000 | 709886  |
| Chailease Holding Co. Ltd. | 49530 | 174039  |
| Delta Electronics, Inc. | 9000 | 99205  |
| Eclat Textile Co. Ltd. | 35000 | 467052  |
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. <br>Ltd. | 122000 | 545149  |
| Largan Precision Co. Ltd. | 3000 | 214621  |
| MediaTek, Inc. | 41000 | 1728845  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 511000 | 14245559  |
|  |  | 18431779  |
| **Thailand — 0.6%**<br>|  |  |
| Advanced Info Service PCL | 14700 | 117860  |
|  Bangkok Bank PCL Foreign Registered | 160300 | 694594  |
| SCB X PCL | 231900 | 841111  |
| True Corp. PCL NVDR (c) | 2261400 | 783722  |
|  |  | 2437287  |
| **United Arab Emirates — 0.1%**<br>|  |  |
| ADNOC Drilling Co. PJSC | 386339 | 540359  |
| **United Kingdom — 10.8%**<br>|  |  |
| Admiral Group PLC | 20719 | 765628  |
| Ashtead Group PLC | 3703 | 199974  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| AstraZeneca PLC Sponsored ADR | 90745 | $6669757  |
| Aviva PLC | 83021 | 598292  |
| Barclays PLC | 370080 | 1389685  |
| Bridgepoint Group PLC (b) | 219625 | 913411  |
| British American Tobacco PLC | 14853 | 612347  |
| BT Group PLC (a) | 785819 | 1687427  |
| Bunzl PLC | 16677 | 638981  |
| CK Hutchison Holdings Ltd. | 89000 | 503071  |
| Compass Group PLC | 43811 | 1446437  |
| DCC PLC | 7825 | 522410  |
| Diageo PLC | 23183 | 604770  |
| Dowlais Group PLC | 165480 | 129627  |
| Hiscox Ltd. | 55652 | 846176  |
| HSBC Holdings PLC | 163194 | 1850405  |
| Imperial Brands PLC | 49551 | 1832441  |
| Informa PLC | 73422 | 734462  |
| Investec PLC | 71487 | 442774  |
| Johnson Matthey PLC | 17880 | 307214  |
| Kingfisher PLC | 228394 | 751680  |
| Lloyds Banking Group PLC | 2224143 | 2080845  |
| London Stock Exchange Group PLC | 4452 | 660195  |
| Melrose Industries PLC | 142708 | 879493  |
| National Grid PLC | 171828 | 2238620  |
| Next PLC | 7310 | 1052366  |
| Pearson PLC | 27065 | 427653  |
| Persimmon PLC | 22568 | 348198  |
| RELX PLC | 20054 | 1007337  |
| Rolls-Royce Holdings PLC (c) | 334596 | 3235060  |
| Segro PLC | 160628 | 1433581  |
| Smith & Nephew PLC | 38777 | 545407  |
| Smiths Group PLC | 25655 | 642549  |
| SSE PLC | 33406 | 687441  |
| Standard Chartered PLC | 120341 | 1783574  |
| Taylor Wimpey PLC | 315509 | 441298  |
| Unilever PLC (ULVR LN) | 75149 | 4476904  |
| Unilever PLC (UNA NA) | 14379 | 856493  |
| WPP PLC | 176351 | 1332660  |
|  |  | 47576643  |
| **United States — 6.8%**<br>|  |  |
| Alcon AG | 18389 | 1736055  |
| Amcor PLC CDI | 42749 | 410242  |
| BP PLC | 298997 | 1686439  |
| Broadcom, Inc. | 6827 | 1143045  |
| BRP, Inc. | 8653 | 292171  |
|  Cognizant Technology Solutions Corp. Class A | 9154 | 700281  |
| Experian PLC | 12005 | 556401  |
| Globant SA (c) | 3339 | 393067  |
| GSK PLC Sponsored ADR (a) | 30384 | 1177076  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| ICON PLC (c) | 3062 | $535819  |
| Mastercard, Inc. Class A | 780 | 427534  |
| Nestle SA Registered | 37329 | 3774988  |
| Novartis AG Registered | 25301 | 2814422  |
| Qiagen NV | 13664 | 542255  |
| Roche Holding AG | 12526 | 4118580  |
| Samsonite Group SA (b) | 141900 | 335221  |
| Sanofi SA | 38645 | 4282248  |
| Schneider Electric SE | 3004 | 695375  |
| Shell PLC ADR | 19518 | 1430279  |
| Signify NV (b) | 23204 | 504896  |
| Stellantis NV (a) | 38141 | 428655  |
| Tenaris SA | 35073 | 685239  |
| Waste Connections, Inc. | 5387 | 1051489  |
|  |  | 29721777  |
| **TOTAL COMMON STOCK** <br>**(Cost $375,969,603)** |  | **425646148**  |
| **Preferred Stock — 0.3%**<br>|  |  |
| **Brazil — 0.1%**<br>|  |  |
| Banco Bradesco SA 8.794% | 208800 | 463598  |
| **Germany — 0.2%**<br>|  |  |
| Volkswagen AG 9.640% | 7662 | 776008  |
| **TOTAL PREFERRED STOCK (Cost $1,331,697)** |  | **1239606**  |
| **TOTAL EQUITIES** <br>**(Cost $377,301,300)** |  | **426885754**  |
| **Warrants — 0.0%**<br>|  |  |
| **Canada — 0.0%**<br>|  |  |
|  Constellation Software, Inc., Expires 3/31/40 (a) (c) (d) (e) | 1982 | —  |
| **TOTAL WARRANTS (Cost $0)** |  | **—**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $377,301,300)** |  | **426885754**  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.6%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (f) | 2578405 | 2578405  |
| **Mutual Fund — 1.2%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.204% (g) | 5321727 | 5321727 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value** |
| **Repurchase Agreement — 0.6%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (h) | $2838956 | $2838956  |
| **U.S. Treasury Bill — 0.1%**<br>|  |  |
| U.S. Treasury Bills<br>|  |  |
| 4.311% 4/17/25 (i) | 375000 | 374292  |
| **TOTAL SHORT-TERM** <br>**INVESTMENTS**  | **TOTAL SHORT-TERM** <br>**INVESTMENTS**  | **TOTAL SHORT-TERM** <br>**INVESTMENTS**  |
| **(Cost $11,113,387)** |  | **11113380**  |
| **TOTAL INVESTMENTS — 99.7%**  | **TOTAL INVESTMENTS — 99.7%**  | **TOTAL INVESTMENTS — 99.7%**  |
| **(Cost $388,414,687) (j)** |  | **437999134**  |
| **Other Assets/**<br>(Liabilities) — 0.3% |  | **1152364**  |
| **NET ASSETS — 100.0%** |  | **$439151498** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $18,095,887 or 4.12% of net assets. The Fund received $17,073,065
 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected
 on either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(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 March 31, 2025, the aggregate market value of these securities amounted to $13,068,174 or 2.98% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $0 or 0.00%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $2,839,173. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $2,895,903.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(j) See Note 6 for aggregate cost for federal
 tax purposes.

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

---

| | |
|:---|:---|
| Financials | 23.8%  |
| Industrials | 15.0%  |
| Information Technology | 12.5%  |
| Consumer Discretionary | 11.4%  |
| Health Care | 10.0%  |
| Consumer Staples | 7.2%  |
| Communication Services | 4.6%  |
| Materials | 4.4%  |
| Energy | 4.0%  |
| Utilities | 2.3%  |
| Real Estate | 2.0%  |
| Total Long-Term Investments | 97.2%  |
| Short-Term Investments and Other Assets and Liabilities | 2.8%  |
| Net Assets | 100.0% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**OTC Options Written** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration** <br>**Date** | **Exercise** <br>**Price** | **No. of** <br>**Contracts** | **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** | **Premiums**<br>**Paid/**<br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Call**<br>|  |  |  |  |  |  |  |  |  |
|  Julius Baer Group Ltd. | Goldman Sachs International\* | 4/17/25 | 68.00 | 16 | CHF | 108800 | $(46) | $(2512) | $2466  |
|  KE Holdings Inc., ADR | Morgan Stanley & Co. LLC\* | 6/20/25 | 27.00 | 25 | USD | 67500 | (1110) | (5000) | 3890  |
|  KE Holdings Inc., ADR | Morgan Stanley & Co. LLC\* | 6/20/25 | 28.00 | 25 | USD | 70000 | (903) | (4237) | 3334  |
|  |  |  |  |  |  |  | $(2059) | $(11749) | $9690 |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date**<br>| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| BNP Paribas SA\*<br>| 4/15/25 | JPY | 340698000 | USD | 2324059 | $(49297) |

---

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

**Currency Legend** 

---

| | |
|:---|:---|
| CHF  | &nbsp;&nbsp;&nbsp; Swiss Franc<br>|
| JPY  | &nbsp;&nbsp;&nbsp; Japanese Yen<br>|
| USD  | &nbsp;&nbsp;&nbsp; U.S.Dollar |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Total Return**<br>**Bond Fund** | **MassMutual**<br>**Diversified**<br>**Value Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $494901467 | $332993789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 9799940 | 2137024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 504701407 | 335130813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 25227 | 183  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) | 146328 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 175573 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery | 9173020 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 996338 | 204026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 2322796 | 302455  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 16327 | 110013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* | 80038 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)* | 2820000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for when-issued securities *(Note 2)* | 182000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 53750 | 96856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 520692804 | 335844346  |
| Liabilities: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 5629697 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery | 53918579 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions *(Note 2)* | 664 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3020673 | 833020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 110166 | 174735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)* | 56573 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 90201 | 85505  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 95936 | 142024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 35503 | 41619  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 7142 | 2091  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* | 733630 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 991860 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for when-issued securities *(Note 2)* | 72000 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 191048 | 165454  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments *(Note 2)* | 31 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 64953703 | 1444448  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$455739101** | **$334399898**  |
| Net assets consist of: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $596413064 | $239489624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (140673963) | 94910274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$455739101** | **$334399898**  |
| (a) Cost of investments: | $506076523 | $318242275  |
| (b) Cost of repurchase agreements: | $9799940 | $2137024  |
| (c) Securities on loan with market value of: | $12840719 | $38824  |
| (d) Cost of foreign currency: | $146094 | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MM S&P 500**<br>**Index Fund** | **MassMutual**<br>**Equity**<br>**Opportunities**<br>**Fund** | **MassMutual**<br>**Blue Chip**<br>**Growth Fund** | **MassMutual**<br>**Small Company**<br>**Value Fund** | **MassMutual**<br>**Mid Cap**<br>**Growth Fund** | **MassMutual**<br>**Small Cap**<br>**Growth**<br>**Equity Fund**  |
| $2130404366 | &nbsp;&nbsp; $479956600 | $1927815166 | &nbsp;&nbsp;&nbsp; $58009408 | $3968612299 | &nbsp;&nbsp; $532035725  |
| 10734578 | &nbsp;&nbsp; 10558097 | 25505770 | &nbsp;&nbsp;&nbsp; 505572 | 144009810 | &nbsp;&nbsp; 14813816  |
| 2141138944 | &nbsp;&nbsp; 490514697 | 1953320936 | &nbsp;&nbsp;&nbsp; 58514980 | 4112622109 | &nbsp;&nbsp; 546849541  |
| 249 | &nbsp;&nbsp; — | 999 | &nbsp;&nbsp;&nbsp; 1807 | 523 | &nbsp;&nbsp; 5543  |
|  — | &nbsp;&nbsp; — | 1 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 14  |
|  — | &nbsp;&nbsp; 52959 | 448345 | &nbsp;&nbsp;&nbsp; 213061 | 8898996 | &nbsp;&nbsp; 2267463  |
| 1327223 | &nbsp;&nbsp; 43333 | 2021487 | &nbsp;&nbsp;&nbsp; 18623 | 2956024 | &nbsp;&nbsp; 552596  |
| 77047 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| 1156935 | &nbsp;&nbsp; 582292 | 881462 | &nbsp;&nbsp;&nbsp; 106568 | 813114 | &nbsp;&nbsp; 301317  |
|  — | &nbsp;&nbsp; 108162 | 2294961 | &nbsp;&nbsp;&nbsp; — | 38492 | &nbsp;&nbsp; —  |
| 71311 | &nbsp;&nbsp; 72097 | 79292 | &nbsp;&nbsp;&nbsp; 69110 | 73111 | &nbsp;&nbsp; 73548  |
| 2143771709 | &nbsp;&nbsp; 491373540 | 1959047483 | &nbsp;&nbsp;&nbsp; 58924149 | 4125402369 | &nbsp;&nbsp; 550050022  |
|  — | &nbsp;&nbsp; 100274 | 1113790 | &nbsp;&nbsp;&nbsp; 271039 | 11208621 | &nbsp;&nbsp; 51688  |
| 8633144 | &nbsp;&nbsp; 177819 | 3330706 | &nbsp;&nbsp;&nbsp; 11334952 | 16159281 | &nbsp;&nbsp; 2097574  |
| 330754 | &nbsp;&nbsp; 86273 | 284454 | &nbsp;&nbsp;&nbsp; 39121 | 478892 | &nbsp;&nbsp; 89656  |
| 365646 | &nbsp;&nbsp; 53194 | 201625 | &nbsp;&nbsp;&nbsp; 28458 | 223572 | &nbsp;&nbsp; 49714  |
| 185572 | &nbsp;&nbsp; 291531 | 1064258 | &nbsp;&nbsp;&nbsp; 20629 | 2237396 | &nbsp;&nbsp; 377683  |
| 431827 | &nbsp;&nbsp; 29327 | 117071 | &nbsp;&nbsp;&nbsp; 4763 | 77110 | &nbsp;&nbsp; 21582  |
| 205213 | &nbsp;&nbsp; 3943 | 26592 | &nbsp;&nbsp;&nbsp; 264 | 10137 | &nbsp;&nbsp; 2548  |
|  — | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 734 |  | &nbsp;&nbsp; —  |
|  — | &nbsp;&nbsp; 1114410 | 3959508 | &nbsp;&nbsp;&nbsp; 293257 | 6235227 | &nbsp;&nbsp; 3755278  |
| 264411 | &nbsp;&nbsp; 100662 | 307552 | &nbsp;&nbsp;&nbsp; 88470 | 598459 | &nbsp;&nbsp; 115050  |
| 10416567 | &nbsp;&nbsp; 1957433 | 10405556 | &nbsp;&nbsp;&nbsp; 12081687 | 37228695 | &nbsp;&nbsp; 6560773  |
| **$2133355142** | &nbsp;&nbsp; **$489416107** | **$1948641927** | &nbsp;&nbsp;&nbsp; **$46842462** | **$4088173674** | &nbsp;&nbsp; **$543489249**  |
| $972387856 | &nbsp;&nbsp; $369252288 | $780914111 | &nbsp;&nbsp;&nbsp; $44791267 | $3397833272 | &nbsp;&nbsp; $444352311  |
| 1160967286 | &nbsp;&nbsp; 120163819 | 1167727816 | &nbsp;&nbsp;&nbsp; 2051195 | 690340402 | &nbsp;&nbsp; 99136938  |
| **$2133355142** | &nbsp;&nbsp; **$489416107** | **$1948641927** | &nbsp;&nbsp;&nbsp; **$46842462** | **$4088173674** | &nbsp;&nbsp; **$543489249**  |
| $1085146958 | &nbsp;&nbsp; $401066292 | $1157776762 | &nbsp;&nbsp;&nbsp; $59384956 | $3548053504 | &nbsp;&nbsp; $500911467  |
| $10734578 | &nbsp;&nbsp; $10558097 | $25505770 | &nbsp;&nbsp;&nbsp; $505572 | $144009810 | &nbsp;&nbsp; $14813816  |
| $2219858 | &nbsp;&nbsp; $1092291 | $3879375 | &nbsp;&nbsp;&nbsp; $3132594 | $229156448 | &nbsp;&nbsp; $82331865  |
|  $— | &nbsp;&nbsp; $— | $1 | &nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp; $15 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Total Return**<br>**Bond Fund** | **MassMutual**<br>**Diversified**<br>**Value Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $339918699 | $92216518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 40506072 | 9374585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.39 | $9.84  |
| Class R5 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $18948006 | $95616781  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 2258012 | 9654588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.39 | $9.90  |
| Service Class shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38182192 | $43056310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 4519865 | 4348842  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.45 | $9.90  |
| Administrative Class shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6029413 | $35176992  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 716640 | 3500049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.41 | $10.05  |
| Class R4 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38791896 | $11778265  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 4568223 | 1228047  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.49 | $9.59  |
| Class A shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2649721 | $52954583  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 316276 | 5354382  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $8.38 | $9.89  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $8.75 | $10.47  |
| Class R3 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11219174 | $3423103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1331157 | 350338  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.43 | $9.77  |
| Class Y shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets |  | $177346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) |  | 17909  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share |  | $9.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MM S&P 500**<br>**Index Fund** | **MassMutual**<br>**Equity**<br>**Opportunities**<br>**Fund** | **MassMutual**<br>**Blue Chip**<br>**Growth Fund** | **MassMutual**<br>**Small Company**<br>**Value Fund** | **MassMutual**<br>**Mid Cap**<br>**Growth Fund** | **MassMutual**<br>**Small Cap**<br>**Growth**<br>**Equity Fund**  |
| &nbsp;&nbsp; $588645462 | &nbsp;&nbsp; $346958946 | $1169153045 | &nbsp;&nbsp;&nbsp; $16874375 | $3053750246 | &nbsp;&nbsp; $396686446  |
| &nbsp;&nbsp; 42432653 | &nbsp;&nbsp; 20641065 | 54753824 | &nbsp;&nbsp;&nbsp; 1915199 | 172268210 | &nbsp;&nbsp; 27367811  |
| &nbsp;&nbsp; $13.87 | &nbsp;&nbsp; $16.81 | $21.35 | &nbsp;&nbsp;&nbsp; $8.81 | $17.73 | &nbsp;&nbsp; $14.49  |
| &nbsp;&nbsp; $390044305 | &nbsp;&nbsp; $45570440 | $279022130 | &nbsp;&nbsp;&nbsp; $9864311 | $710229000 | &nbsp;&nbsp; $88481352  |
| &nbsp;&nbsp; 27810968 | &nbsp;&nbsp; 2686569 | 13183024 | &nbsp;&nbsp;&nbsp; 1106956 | 41158900 | &nbsp;&nbsp; 6292701  |
| &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $16.96 | $21.17 | &nbsp;&nbsp;&nbsp; $8.91 | $17.26 | &nbsp;&nbsp; $14.06  |
| &nbsp;&nbsp; $269966212 | &nbsp;&nbsp; $23503658 | $162143297 | &nbsp;&nbsp;&nbsp; $7808131 | $117134325 | &nbsp;&nbsp; $10585156  |
| &nbsp;&nbsp; 19124787 | &nbsp;&nbsp; 1442015 | 7864329 | &nbsp;&nbsp;&nbsp; 884710 | 7203888 | &nbsp;&nbsp; 843664  |
| &nbsp;&nbsp; $14.12 | &nbsp;&nbsp; $16.30 | $20.62 | &nbsp;&nbsp;&nbsp; $8.83 | $16.26 | &nbsp;&nbsp; $12.55  |
| &nbsp;&nbsp; $228923141 | &nbsp;&nbsp; $28555062 | $174901686 | &nbsp;&nbsp;&nbsp; $5830419 | $94449780 | &nbsp;&nbsp; $15326665  |
| &nbsp;&nbsp; 17078695 | &nbsp;&nbsp; 1802628 | 8836942 | &nbsp;&nbsp;&nbsp; 683376 | 6464196 | &nbsp;&nbsp; 1398970  |
| &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $15.84 | $19.79 | &nbsp;&nbsp;&nbsp; $8.53 | $14.61 | &nbsp;&nbsp; $10.96  |
| &nbsp;&nbsp; $314842184 | &nbsp;&nbsp; $4872490 | $50645304 | &nbsp;&nbsp;&nbsp; $251511 | $32117267 | &nbsp;&nbsp; $13551816  |
| &nbsp;&nbsp; 24330381 | &nbsp;&nbsp; 352760 | 2900483 | &nbsp;&nbsp;&nbsp; 32140 | 2648415 | &nbsp;&nbsp; 1606749  |
| &nbsp;&nbsp; $12.94 | &nbsp;&nbsp; $13.81 | $17.46 | &nbsp;&nbsp;&nbsp; $7.83 | $12.13 | &nbsp;&nbsp; $8.43  |
| &nbsp;&nbsp; $26726082 | &nbsp;&nbsp; $33725028 | $74086864 | &nbsp;&nbsp;&nbsp; $5809027 | $65342750 | &nbsp;&nbsp; $14738228  |
| &nbsp;&nbsp; 2105469 | &nbsp;&nbsp; 2350503 | 4261243 | &nbsp;&nbsp;&nbsp; 727428 | 5527033 | &nbsp;&nbsp; 1786752  |
| &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $14.35 | $17.39 | &nbsp;&nbsp;&nbsp; $7.99 | $11.82 | &nbsp;&nbsp; $8.25  |
| &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $15.19 | $18.40 | &nbsp;&nbsp;&nbsp; $8.46 | $12.51 | &nbsp;&nbsp; $8.73  |
| &nbsp;&nbsp; $314207756 | &nbsp;&nbsp; $6129439 | $38456717 | &nbsp;&nbsp;&nbsp; $311842 | $15058726 | &nbsp;&nbsp; $3947266  |
| &nbsp;&nbsp; 26467913 | &nbsp;&nbsp; 510427 | 2724675 | &nbsp;&nbsp;&nbsp; 45388 | 1607609 | &nbsp;&nbsp; 681411  |
| &nbsp;&nbsp; $11.87 | &nbsp;&nbsp; $12.01 | $14.11 | &nbsp;&nbsp;&nbsp; $6.87 | $9.37 | &nbsp;&nbsp; $5.79  |
|  | &nbsp;&nbsp; $101044 | $232884 | &nbsp;&nbsp;&nbsp; $92846 | $91580 | &nbsp;&nbsp; $172320  |
|  | &nbsp;&nbsp; 5963 | 11001 | &nbsp;&nbsp;&nbsp; 10428 | 5308 | &nbsp;&nbsp; 12259  |
|  | &nbsp;&nbsp; $16.95 | $21.17 | &nbsp;&nbsp;&nbsp; $8.90 | $17.25 | &nbsp;&nbsp; $14.06 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Overseas Fund** | **MassMutual**<br>**Select T. Rowe**<br>**Price**<br>**International**<br>**Equity Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $364743120 | $435160178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 4311943 | 2838956  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 369055063 | 437999134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 40 | 32989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) | 205562 | 1872357  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 408467 | 1498098  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 477006 | 17287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser *(Note 3)* |  | 81028  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 962051 | 1642595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 3098041 | 3915681  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 70545 | 15384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 374276775 | 447074553  |
| Liabilities: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 479138 | 818703  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 493223 | 2971595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 73184 | 68788  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 50812 | 26734  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 225343 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 20388 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 3066 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options outstanding, at value *(Note 2)* (e) |  | 2059  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)* |  | 49297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)* | 1714123 | 2578405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and Contingencies *(Note 2)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 356453 | 1407474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3415730 | 7923055  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$370861045** | **$439151498**  |
| Net assets consist of: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $301701425 | $310542188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 69159620 | 128609310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$370861045** | **$439151498**  |
| (a) Cost of investments: | $308768523 | $385575731  |
| (b) Cost of repurchase agreements: | $4311943 | $2838956  |
| (c) Securities on loan with market value of: | $12427153 | $18095887  |
| (d) Cost of foreign currency: | $206270 | $1881515  |
| (e) Premiums received on written options: | $— | $11749 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Overseas Fund** | **MassMutual**<br>**Select T. Rowe**<br>**Price**<br>**International**<br>**Equity Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $183598309 | $439151498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 20915675 | 39870719  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.78 | $11.01  |
| Class R5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $112173705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 12702730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.83 |  |
| Service Class shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $30222090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 3451102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.76 |  |
| Administrative Class shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $12641593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1423629 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.88 |  |
| Class R4 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11672666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1399954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.34 |  |
| Class A shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $15507524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1797644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $8.63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum Offering price per share (100/[100-maximum sales charge] of net asset value) | $9.13 |  |
| Class R3 shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4940231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 583469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.47 |  |
| Class Y shares: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $104927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 11891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.82 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Total Return**<br>**Bond Fund** | **MassMutual**<br>**Diversified**<br>**Value Fund**  |
| Investment income (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $— | $6773915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 13021608 | 35278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 165623 | 87  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 13187231 | 6809280  |
| Expenses (Note 3): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 876118 | 1289209  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 56996 | 57046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 26137 | 5504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15530 | 6103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1497 | 1343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 46418 | 27605  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 29044 | 16603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 27638 | 13226  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 52676 | 80518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 1220 | 1002  |
|  | 1133274 | 1498159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 10685 | 45347  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 36977 | 44286  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 13530 | 58395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 45452 | 12295  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3327 | 62938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 11829 | 3145  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | 92  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 56816 | 15368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3327 | 62938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 29572 | 7862  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1344789 | 1810825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser | (131698) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 fees reimbursed by adviser | (6345) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser | (11073) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class fees reimbursed by adviser | (2589) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 fees reimbursed by adviser | (13561) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser | (799) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 fees reimbursed by adviser | (3479) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1175245 | 1810825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **12011986** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998455** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MM S&P 500** <br>**Index Fund** | **MassMutual** <br>**Equity** <br>**Opportunities** <br>**Fund** | **MassMutual** <br>**Blue Chip** <br>**Growth Fund** | **MassMutual** <br>**Small Company** <br>**Value Fund** | **MassMutual** <br>**Mid Cap** <br>**Growth Fund** | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund**  |
| &nbsp;&nbsp; $15464616 | &nbsp;&nbsp; $5001372 | &nbsp;&nbsp; $6617317 | &nbsp;&nbsp;&nbsp;&nbsp; $913053 | &nbsp;&nbsp; $12548856 | &nbsp;&nbsp; $2257244  |
| &nbsp;&nbsp; 131007 | &nbsp;&nbsp; 102841 | &nbsp;&nbsp; 335107 | &nbsp;&nbsp;&nbsp;&nbsp; 7705 | &nbsp;&nbsp; 1446638 | &nbsp;&nbsp; 118313  |
| &nbsp;&nbsp; 1758 | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 21747 | &nbsp;&nbsp;&nbsp;&nbsp; 4152 | &nbsp;&nbsp; 93942 | &nbsp;&nbsp; 64289  |
| &nbsp;&nbsp; 15597381 | &nbsp;&nbsp; 5105593 | &nbsp;&nbsp; 6974171 | &nbsp;&nbsp;&nbsp;&nbsp; 924910 | &nbsp;&nbsp; 14089436 | &nbsp;&nbsp; 2439846  |
| &nbsp;&nbsp; 1154037 | &nbsp;&nbsp; 1976193 | &nbsp;&nbsp; 7939289 | &nbsp;&nbsp;&nbsp;&nbsp; 440615 | &nbsp;&nbsp; 15441871 | &nbsp;&nbsp; 2883063  |
| &nbsp;&nbsp; 95512 | &nbsp;&nbsp; 23517 | &nbsp;&nbsp; 121640 | &nbsp;&nbsp;&nbsp;&nbsp; 57688 | &nbsp;&nbsp; 155992 | &nbsp;&nbsp; 54152  |
| &nbsp;&nbsp; 24448 | &nbsp;&nbsp; 23154 | &nbsp;&nbsp; 20096 | &nbsp;&nbsp;&nbsp;&nbsp; 22669 | &nbsp;&nbsp; 24855 | &nbsp;&nbsp; 23293  |
| &nbsp;&nbsp; 55256 | &nbsp;&nbsp; 14079 | &nbsp;&nbsp; 54250 | &nbsp;&nbsp;&nbsp;&nbsp; 2785 | &nbsp;&nbsp; 96691 | &nbsp;&nbsp; 14634  |
| &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 1343 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 1493  |
| &nbsp;&nbsp; 43380 | &nbsp;&nbsp; 18217 | &nbsp;&nbsp; 48905 | &nbsp;&nbsp;&nbsp;&nbsp; 13929 | &nbsp;&nbsp; 72118 | &nbsp;&nbsp; 20507  |
| &nbsp;&nbsp; 58348 | &nbsp;&nbsp; 27281 | &nbsp;&nbsp; 58055 | &nbsp;&nbsp;&nbsp;&nbsp; 18809 | &nbsp;&nbsp; 212666 | &nbsp;&nbsp; 38446  |
| &nbsp;&nbsp; 92908 | &nbsp;&nbsp; 23991 | &nbsp;&nbsp; 103437 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 | &nbsp;&nbsp; 195126 | &nbsp;&nbsp; 29920  |
| &nbsp;&nbsp; 57535 | &nbsp;&nbsp; 59742 | &nbsp;&nbsp; 62227 | &nbsp;&nbsp;&nbsp;&nbsp; 58259 | &nbsp;&nbsp; 66948 | &nbsp;&nbsp; 61621  |
| &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1220  |
| &nbsp;&nbsp; 1584137 | &nbsp;&nbsp; 2168887 | &nbsp;&nbsp; 8410245 | &nbsp;&nbsp;&nbsp;&nbsp; 622617 | &nbsp;&nbsp; 16268980 | &nbsp;&nbsp; 3128349  |
| &nbsp;&nbsp; 200898 | &nbsp;&nbsp; 24629 | &nbsp;&nbsp; 160093 | &nbsp;&nbsp;&nbsp;&nbsp; 13139 | &nbsp;&nbsp; 408609 | &nbsp;&nbsp; 49634  |
| &nbsp;&nbsp; 393581 | &nbsp;&nbsp; 32471 | &nbsp;&nbsp; 183398 | &nbsp;&nbsp;&nbsp;&nbsp; 8614 | &nbsp;&nbsp; 133377 | &nbsp;&nbsp; 11845  |
| &nbsp;&nbsp; 456835 | &nbsp;&nbsp; 49343 | &nbsp;&nbsp; 300762 | &nbsp;&nbsp;&nbsp;&nbsp; 11798 | &nbsp;&nbsp; 166761 | &nbsp;&nbsp; 26689  |
| &nbsp;&nbsp; 437092 | &nbsp;&nbsp; 8214 | &nbsp;&nbsp; 58680 | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp; 40671 | &nbsp;&nbsp; 15378  |
| &nbsp;&nbsp; 46569 | &nbsp;&nbsp; 44339 | &nbsp;&nbsp; 117079 | &nbsp;&nbsp;&nbsp;&nbsp; 9373 | &nbsp;&nbsp; 91653 | &nbsp;&nbsp; 21003  |
| &nbsp;&nbsp; 414070 | &nbsp;&nbsp; 6494 | &nbsp;&nbsp; 43889 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp; 16866 | &nbsp;&nbsp; 4206  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 99  |
| &nbsp;&nbsp; 437092 | &nbsp;&nbsp; 10268 | &nbsp;&nbsp; 73350 | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp; 50838 | &nbsp;&nbsp; 19223  |
| &nbsp;&nbsp; 33264 | &nbsp;&nbsp; 44339 | &nbsp;&nbsp; 117079 | &nbsp;&nbsp;&nbsp;&nbsp; 9373 | &nbsp;&nbsp; 91653 | &nbsp;&nbsp; 21003  |
| &nbsp;&nbsp; 828140 | &nbsp;&nbsp; 16236 | &nbsp;&nbsp; 109724 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 | &nbsp;&nbsp; 42164 | &nbsp;&nbsp; 10514  |
| &nbsp;&nbsp; 4831678 | &nbsp;&nbsp; 2405274 | &nbsp;&nbsp; 9574427 | &nbsp;&nbsp;&nbsp;&nbsp; 677242 | &nbsp;&nbsp; 17311625 | &nbsp;&nbsp; 3307943  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88800) | &nbsp;&nbsp; (272140) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45322) | &nbsp;&nbsp; (61314) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14826) | &nbsp;&nbsp; (10004) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13526) | &nbsp;&nbsp; (8364) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(466) | &nbsp;&nbsp; (3058) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12901) | &nbsp;&nbsp; (5500) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(805) | &nbsp;&nbsp; (1267) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174) | &nbsp;&nbsp; (12) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 4831678 | &nbsp;&nbsp; 2405274 | &nbsp;&nbsp; 9574427 | &nbsp;&nbsp;&nbsp;&nbsp; 500422 | &nbsp;&nbsp; 16949966 | &nbsp;&nbsp; 3307943  |
| &nbsp;&nbsp; **10765703** | &nbsp;&nbsp; **2700319** | &nbsp;&nbsp; **(2600256)** | &nbsp;&nbsp;&nbsp;&nbsp; **424488** | &nbsp;&nbsp; **(2860530)** | &nbsp;&nbsp; **(868097)** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Total Return** <br>**Bond Fund**  | **MassMutual** <br>**Diversified** <br>**Value Fund**  |
| Realized and unrealized gain (loss): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (18493572) | 82630780  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3354110) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 462842 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 24379 | 57  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts | 859890 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **(20500571)** | **82630837**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (4261226) | (66607922)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments | (31) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1335903 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 179394 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (2041) | (1761)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts | (370640) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(3118641)** | **(66609683)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **(23619212)** | **16021154**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$(11607226)** | **$21019609**  |
| (a) Net of foreign withholding tax of: | $— | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MM S&P 500** <br>**Index Fund**  | **MassMutual** <br>**Equity** <br>**Opportunities** <br>**Fund**  | **MassMutual** <br>**Blue Chip** <br>**Growth Fund**  | **MassMutual** <br>**Small Company** <br>**Value Fund**  | **MassMutual** <br>**Mid Cap** <br>**Growth Fund**  | **MassMutual** <br>**Small Cap** <br>**Growth** <br>**Equity Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 167161700 | &nbsp;&nbsp;&nbsp;&nbsp; 46946011 | &nbsp;&nbsp;&nbsp;&nbsp; 511212291 | &nbsp;&nbsp;&nbsp;&nbsp; 7594835 | &nbsp;&nbsp;&nbsp;&nbsp; 423326278 | &nbsp;&nbsp;&nbsp;&nbsp; 90134853  |
| &nbsp;&nbsp;&nbsp;&nbsp; (173353) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **166988347** | &nbsp;&nbsp;&nbsp;&nbsp; **46946775** | &nbsp;&nbsp;&nbsp;&nbsp; **511212291** | &nbsp;&nbsp;&nbsp;&nbsp; **7599314** | &nbsp;&nbsp;&nbsp;&nbsp; **423326313** | &nbsp;&nbsp;&nbsp;&nbsp; **90134853**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (223432499) | &nbsp;&nbsp;&nbsp;&nbsp; (72449085) | &nbsp;&nbsp;&nbsp;&nbsp; (481133496) | &nbsp;&nbsp;&nbsp;&nbsp; (10902334) | &nbsp;&nbsp;&nbsp;&nbsp; (752092338) | &nbsp;&nbsp;&nbsp;&nbsp; (143682717)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (253583) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2726) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(223686082)** | &nbsp;&nbsp;&nbsp;&nbsp; **(72451811)** | &nbsp;&nbsp;&nbsp;&nbsp; **(481133496)** | &nbsp;&nbsp;&nbsp;&nbsp; **(10901769)** | &nbsp;&nbsp;&nbsp;&nbsp; **(752092338)** | &nbsp;&nbsp;&nbsp;&nbsp; **(143682717)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(56697735)** | &nbsp;&nbsp;&nbsp;&nbsp; **(25505036)** | &nbsp;&nbsp;&nbsp;&nbsp; **30078795** | &nbsp;&nbsp;&nbsp;&nbsp; **(3302455)** | &nbsp;&nbsp;&nbsp;&nbsp; **(328766025)** | &nbsp;&nbsp;&nbsp;&nbsp; **(53547864)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$(45932032)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(22804717)** | &nbsp;&nbsp;&nbsp;&nbsp; **$27478539** | &nbsp;&nbsp;&nbsp;&nbsp; **$(2877967)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(331626555)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(54415961)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $3524 | &nbsp;&nbsp;&nbsp;&nbsp; $32201 | &nbsp;&nbsp;&nbsp;&nbsp; $(17916) | &nbsp;&nbsp;&nbsp;&nbsp; $3481 | &nbsp;&nbsp;&nbsp;&nbsp; $41717 | &nbsp;&nbsp;&nbsp;&nbsp; $2406 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual**<br>**Overseas**<br>**Fund** | **MassMutual**<br>**Select T. Rowe**<br>**Price**<br>**International**<br>**Equity Fund**  |
| Investment income (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $2907311 | $6608034  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 63010 | 376161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income | 17454 | 37912  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2987775 | 7022107  |
| Expenses (Note 3): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1709082 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 72791 | 319229  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25524 | 44778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8880 | 28344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | 1493 | 1493  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | 16585 | 22501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 23010 | 24369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17997 | 52232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 59493 | 11761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 1220 | 1219  |
|  | 1936075 | 505926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 56472 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 30625 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 19211 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 15024 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 17453 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 5049 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | 53 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 18780 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 17453 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 12622 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2128817 | 505926  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser | (137222) | (505926)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 fees reimbursed by adviser | (65397) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class fees reimbursed by adviser | (17891) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class fees reimbursed by adviser | (7683) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 fees reimbursed by adviser | (8717) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A fees reimbursed by adviser | (8364) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 fees reimbursed by adviser | (3023) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y fees reimbursed by adviser | (62) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1880458 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **1107317** | **7022107** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Overseas** <br>**Fund**  | **MassMutual** <br>**Select T. Rowe** <br>**Price** <br>**International** <br>**Equity Fund**  |
| Realized and unrealized gain (loss): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 29599910 | 121945017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 172917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (28213) | (20473)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | 214071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **29571697** | **122311532**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions \* | (47395954) | (188051436)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 9690  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (139028) | (131458)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts |  | (804251)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(47534982)** | **(188977455)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **(17963285)** | **(66665923)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$(16855968)** | **$(59643816)**  |
| (a) Net of foreign withholding tax of: | $321840 | $816493  |
| \* Net of increase (decrease) in accrued foreign capital gains tax of: | $148532 | $1946291 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Total Return Bond Fund**  | **MassMutual** <br>**Total Return Bond Fund**  |
|  | **Six Months** <br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended**<br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets: <br>|  |  |
| Operations: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12011986 | $33121980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20500571) | 1850436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3118641) | 55693274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(11607226)** | **90665690**  |
| Distributions to shareholders (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (10530390) | (45110303)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (457033) | (1711781)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (728731) | (2872017)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (161200) | (767547)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (785095) | (3088763)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (45412) | (563876)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (189070) | (735708)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | —\* | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(12896931)** | **(54849995)**  |
| Net fund share transactions (Note 5): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (205558251) | (104267911)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (3326540) | (4527113)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 976511 | (12384668)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (5545137) | 207436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (9967407) | (2006835)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 14165 | (7988788)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (1637010) | (1345829)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | —\* | —\*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(225043669)** | **(132313708)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(249547826)** | **(96498013)**  |
| Net assets <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 705286927 | 801784940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$455739101** | **$705286927** |

---

\* Class Y is not currently available for purchase.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Diversified Value Fund** | **MassMutual** <br>**Diversified Value Fund** | **MM S&P 500 Index Fund**  | **MM S&P 500 Index Fund**  |
| **Six Months**<br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended**<br>**September 30, 2024** | **Six Months**<br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended**<br>**September 30, 2024**  |
| $4998455 | $4554752 | $10765703 | $27474308  |
| 82630837 | 47477835 | 166988347 | 523916328  |
| (66609683) | 14994262 | (223686082) | 224028002  |
| **21019609** | **67026849** | **(45932032)** | **775418638**  |
| (33364438) | (30192742) | (148284004) | (75923338)  |
| (7377793) | (11632806) | (97033866) | (23681312)  |
| (3757759) | (3628326) | (78582408) | (18546365)  |
| (3408116) | (5871193) | (65752921) | (15664233)  |
| (991462) | (2738796) | (89255126) | (26460689)  |
| (3965350) | (6693237) | (6920656) | (1142914)  |
| (276722) | (320627) | (90177969) | (18550171)  |
| (16217) | (30775) |  | —  |
| **(53157857)** | **(61108502)** | **(576006950)** | **(179969022)**  |
| (284855887) | 213839406 | 96472664 | (551108202)  |
| 13046838 | 41734075 | 100684564 | (10216742)  |
| 1025073 | 33326181 | 27658134 | (8948713)  |
| (3308093) | 23933906 | 30699743 | (9895062)  |
| (1579591) | 4483777 | 27939258 | (68637453)  |
| 7162835 | 26761117 | 9674676 | 5486683  |
| 909749 | 2157536 | 86805923 | 16804542  |
|  — | 97246 |  | —  |
| **(267599076)** | **346333244** | **379934962** | **(626514947)**  |
| **(299737324)** | **352251591** | **(242004020)** | **(31065331)**  |
| 634137222 | 281885631 | 2375359162 | 2406424493  |
| **$334399898** | **$634137222** | **$2133355142** | **$2375359162** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **68**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Equity Opportunities Fund**  | **MassMutual** <br>**Equity Opportunities Fund**  |
|  | **Six Months**<br>**Ended**<br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended**<br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets: <br>|  |  |
| Operations: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2700319 | $7404315  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 46946775 | 58046337  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (72451811) | 84006945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(22804717)** | **149457597**  |
| Distributions to shareholders (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (48808762) | (19864488)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (5551007) | (2927769)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3862341) | (1495996)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (4063000) | (1617102)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1250742) | (482616)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (4458997) | (1738106)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (952321) | (360496)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (12872) | (4631)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(68960042)** | **(28491204)**  |
| Net fund share transactions (Note 5): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (55045440) | (35171576)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 694004 | (23093804)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (8785124) | (1374672)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3726521) | (3829567)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (3803850) | (712128)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1272881 | (4364726)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 563002 | (759805)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(68831048)** | **(69306278)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(160595807)** | **51660115**  |
| Net assets <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 650011914 | 598351799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$489416107** | **$650011914** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **69**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Blue Chip Growth Fund** | **MassMutual** <br>**Blue Chip Growth Fund** | **MassMutual** <br>**Small Company Value Fund**  | **MassMutual** <br>**Small Company Value Fund**  |
| **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp; $(2600256) | &nbsp;&nbsp; $(4591798) | &nbsp;&nbsp;&nbsp;&nbsp; $424488 | &nbsp;&nbsp;&nbsp; $1739738  |
| &nbsp;&nbsp; 511212291 | &nbsp;&nbsp; 343693826 | &nbsp;&nbsp;&nbsp;&nbsp; 7599314 | &nbsp;&nbsp;&nbsp; (2240595)  |
| &nbsp;&nbsp; (481133496) | &nbsp;&nbsp; 538507391 | &nbsp;&nbsp;&nbsp;&nbsp; (10901769) | &nbsp;&nbsp;&nbsp; 32144974  |
| &nbsp;&nbsp; **27478539** | &nbsp;&nbsp; **877609419** | &nbsp;&nbsp;&nbsp;&nbsp; **(2877967)** | &nbsp;&nbsp;&nbsp; **31644117**  |
| &nbsp;&nbsp; (32879931) | &nbsp;&nbsp; (493688703) | &nbsp;&nbsp;&nbsp;&nbsp; (983305) | &nbsp;&nbsp;&nbsp; (7650993)  |
| &nbsp;&nbsp; (5610550) | &nbsp;&nbsp; (88358553) | &nbsp;&nbsp;&nbsp;&nbsp; (349063) | &nbsp;&nbsp;&nbsp; (1713680)  |
| &nbsp;&nbsp; (3308492) | &nbsp;&nbsp; (46294080) | &nbsp;&nbsp;&nbsp;&nbsp; (103340) | &nbsp;&nbsp;&nbsp; (447396)  |
| &nbsp;&nbsp; (3748973) | &nbsp;&nbsp; (52610505) | &nbsp;&nbsp;&nbsp;&nbsp; (86945) | &nbsp;&nbsp;&nbsp; (529294)  |
| &nbsp;&nbsp; (1294320) | &nbsp;&nbsp; (17758272) | &nbsp;&nbsp;&nbsp;&nbsp; (1747) | &nbsp;&nbsp;&nbsp; (39971)  |
| &nbsp;&nbsp; (2047474) | &nbsp;&nbsp; (28985829) | &nbsp;&nbsp;&nbsp;&nbsp; (73361) | &nbsp;&nbsp;&nbsp; (494109)  |
| &nbsp;&nbsp; (1139715) | &nbsp;&nbsp; (15868729) | &nbsp;&nbsp;&nbsp;&nbsp; (5510) | &nbsp;&nbsp;&nbsp; (26231)  |
| &nbsp;&nbsp; (4664) | &nbsp;&nbsp; (39125) | &nbsp;&nbsp;&nbsp;&nbsp; (1316) | &nbsp;&nbsp;&nbsp; (5277)  |
| &nbsp;&nbsp; **(50034119)** | &nbsp;&nbsp; **(743603796)** | &nbsp;&nbsp;&nbsp;&nbsp; **(1604587)** | &nbsp;&nbsp;&nbsp; **(10906951)**  |
| &nbsp;&nbsp; (694598020) | &nbsp;&nbsp; 315902918 | &nbsp;&nbsp;&nbsp;&nbsp; (53772352) | &nbsp;&nbsp;&nbsp; (79079545)  |
| &nbsp;&nbsp; (30563433) | &nbsp;&nbsp; 31786833 | &nbsp;&nbsp;&nbsp;&nbsp; (15879634) | &nbsp;&nbsp;&nbsp; (5392276)  |
| &nbsp;&nbsp; (5641311) | &nbsp;&nbsp; 34280597 | &nbsp;&nbsp;&nbsp;&nbsp; (1401) | &nbsp;&nbsp;&nbsp; (136807)  |
| &nbsp;&nbsp; (20733809) | &nbsp;&nbsp; 42495134 | &nbsp;&nbsp;&nbsp;&nbsp; (2866356) | &nbsp;&nbsp;&nbsp; (978095)  |
| &nbsp;&nbsp; (5723240) | &nbsp;&nbsp; 12394743 | &nbsp;&nbsp;&nbsp;&nbsp; 15747 | &nbsp;&nbsp;&nbsp; (471661)  |
| &nbsp;&nbsp; (16383419) | &nbsp;&nbsp; 9821162 | &nbsp;&nbsp;&nbsp;&nbsp; (1560224) | &nbsp;&nbsp;&nbsp; (1405557)  |
| &nbsp;&nbsp; (3654006) | &nbsp;&nbsp; 11801082 | &nbsp;&nbsp;&nbsp;&nbsp; (240347) | &nbsp;&nbsp;&nbsp; 179710  |
| &nbsp;&nbsp; 480 | &nbsp;&nbsp; 121749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; **(777296758)** | &nbsp;&nbsp; **458604218** | &nbsp;&nbsp;&nbsp;&nbsp; **(74304567)** | &nbsp;&nbsp;&nbsp; **(87284231)**  |
| &nbsp;&nbsp; **(799852338)** | &nbsp;&nbsp; **592609841** | &nbsp;&nbsp;&nbsp;&nbsp; **(78787121)** | &nbsp;&nbsp;&nbsp; **(66547065)**  |
| &nbsp;&nbsp; 2748494265 | &nbsp;&nbsp; 2155884424 | &nbsp;&nbsp;&nbsp;&nbsp; 125629583 | &nbsp;&nbsp;&nbsp; 192176648  |
| &nbsp;&nbsp; **$1948641927** | &nbsp;&nbsp; **$2748494265** | &nbsp;&nbsp;&nbsp;&nbsp; **$46842462** | &nbsp;&nbsp;&nbsp; **$125629583** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **70**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Mid Cap Growth Fund**  | **MassMutual** <br>**Mid Cap Growth Fund**  |
|  | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets: <br>|  |  |
| Operations: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2860530) | &nbsp;&nbsp; $(3622151)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 423326313 | &nbsp;&nbsp; 569398482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (752092338) | &nbsp;&nbsp; 515835529  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(331626555)** | &nbsp;&nbsp; **1081611860**  |
| Distributions to shareholders (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (478913089) | &nbsp;&nbsp; (206910371)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (107689368) | &nbsp;&nbsp; (46174720)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (18529441) | &nbsp;&nbsp; (8101965)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (17063745) | &nbsp;&nbsp; (7794010)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (7370190) | &nbsp;&nbsp; (3438451)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (12990153) | &nbsp;&nbsp; (6552141)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (3576753) | &nbsp;&nbsp; (1457171)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (15031) | &nbsp;&nbsp; (5670)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(646147770)** | &nbsp;&nbsp; **(280434499)**  |
| Net fund share transactions (Note 5): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (82932318) | &nbsp;&nbsp; (480095622)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 31553947 | &nbsp;&nbsp; (133806065)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 555766 | &nbsp;&nbsp; (15419008)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1768500 | &nbsp;&nbsp; (23797061)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (3641112) | &nbsp;&nbsp; (6963994)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8374672 | &nbsp;&nbsp; (19509408)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 2360486 | &nbsp;&nbsp; (2797009)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(41960059)** | &nbsp;&nbsp; **(682388167)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(1019734384)** | &nbsp;&nbsp; **118789194**  |
| Net assets <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5107908058 | &nbsp;&nbsp; 4989118864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$4088173674** | &nbsp;&nbsp; **$5107908058** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **71**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | |
|:---|:---|:---|:---|
| **MassMutual** <br>**Small Cap Growth Equity Fund** | **MassMutual** <br>**Small Cap Growth Equity Fund** | **MassMutual** <br>**Overseas Fund**  | **MassMutual** <br>**Overseas Fund**  |
| **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year**<br>**Ended** <br>**September 30, 2024** | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp; $(868097) | &nbsp;&nbsp;&nbsp; $(645677) | &nbsp;&nbsp;&nbsp; $1107317 | &nbsp;&nbsp;&nbsp; $7699602  |
| &nbsp;&nbsp;&nbsp; 90134853 | &nbsp;&nbsp;&nbsp; 62290704 | &nbsp;&nbsp;&nbsp; 29571697 | &nbsp;&nbsp;&nbsp; 18259386  |
| &nbsp;&nbsp;&nbsp; (143682717) | &nbsp;&nbsp;&nbsp; 144712832 | &nbsp;&nbsp;&nbsp; (47534982) | &nbsp;&nbsp;&nbsp; 68050112  |
| &nbsp;&nbsp;&nbsp; **(54415961)** | &nbsp;&nbsp;&nbsp; **206357859** | &nbsp;&nbsp;&nbsp; **(16855968)** | &nbsp;&nbsp;&nbsp; **94009100**  |
| &nbsp;&nbsp;&nbsp; (30026132) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15329648) | &nbsp;&nbsp;&nbsp; (8024763)  |
| &nbsp;&nbsp;&nbsp; (4992496) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6546674) | &nbsp;&nbsp;&nbsp; (2570505)  |
| &nbsp;&nbsp;&nbsp; (624408) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1751931) | &nbsp;&nbsp;&nbsp; (721463)  |
| &nbsp;&nbsp;&nbsp; (1122350) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (710106) | &nbsp;&nbsp;&nbsp; (356111)  |
| &nbsp;&nbsp;&nbsp; (1262806) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (842804) | &nbsp;&nbsp;&nbsp; (467372)  |
| &nbsp;&nbsp;&nbsp; (1378424) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (728185) | &nbsp;&nbsp;&nbsp; (350355)  |
| &nbsp;&nbsp;&nbsp; (471231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (269229) | &nbsp;&nbsp;&nbsp; (120130)  |
| &nbsp;&nbsp;&nbsp; (10014) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6271) | &nbsp;&nbsp;&nbsp; (2749)  |
| &nbsp;&nbsp;&nbsp; **(39887861)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(26184848)** | &nbsp;&nbsp;&nbsp; **(12613448)**  |
| &nbsp;&nbsp;&nbsp; (137204668) | &nbsp;&nbsp;&nbsp; (118492297) | &nbsp;&nbsp;&nbsp; (93388419) | &nbsp;&nbsp;&nbsp; (12963518)  |
| &nbsp;&nbsp;&nbsp; 1531685 | &nbsp;&nbsp;&nbsp; (65806720) | &nbsp;&nbsp;&nbsp; 2835587 | &nbsp;&nbsp;&nbsp; 5743386  |
| &nbsp;&nbsp;&nbsp; (349127) | &nbsp;&nbsp;&nbsp; (3810612) | &nbsp;&nbsp;&nbsp; 537186 | &nbsp;&nbsp;&nbsp; 687725  |
| &nbsp;&nbsp;&nbsp; 294817 | &nbsp;&nbsp;&nbsp; (2820194) | &nbsp;&nbsp;&nbsp; 39490 | &nbsp;&nbsp;&nbsp; (2401565)  |
| &nbsp;&nbsp;&nbsp; 165060 | &nbsp;&nbsp;&nbsp; 366176 | &nbsp;&nbsp;&nbsp; (6908844) | &nbsp;&nbsp;&nbsp; (2072350)  |
| &nbsp;&nbsp;&nbsp; 400043 | &nbsp;&nbsp;&nbsp; (2669996) | &nbsp;&nbsp;&nbsp; 1130637 | &nbsp;&nbsp;&nbsp; (1766090)  |
| &nbsp;&nbsp;&nbsp; 655622 | &nbsp;&nbsp;&nbsp; (608421) | &nbsp;&nbsp;&nbsp; (210175) | &nbsp;&nbsp;&nbsp; (418511)  |
| &nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp; 71099 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **(134505470)** | &nbsp;&nbsp;&nbsp; **(193770965)** | &nbsp;&nbsp;&nbsp; **(95964538)** | &nbsp;&nbsp;&nbsp; **(13190923)**  |
| &nbsp;&nbsp;&nbsp; **(228809292)** | &nbsp;&nbsp;&nbsp; **12586894** | &nbsp;&nbsp;&nbsp; **(139005354)** | &nbsp;&nbsp;&nbsp; **68204729**  |
| &nbsp;&nbsp;&nbsp; 772298541 | &nbsp;&nbsp;&nbsp; 759711647 | &nbsp;&nbsp;&nbsp; 509866399 | &nbsp;&nbsp;&nbsp; 441661670  |
| &nbsp;&nbsp;&nbsp; **$543489249** | &nbsp;&nbsp;&nbsp; **$772298541** | &nbsp;&nbsp;&nbsp; **$370861045** | &nbsp;&nbsp;&nbsp; **$509866399** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **72**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Select T. Rowe Price**<br>**International Equity Fund**  | **MassMutual Select T. Rowe Price**<br>**International Equity Fund**  |
|  | **Six Months**<br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets: <br>|  |  |
| Operations: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7022107 | $38834057  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 122311532 | 81541969  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (188977455) | 203926539  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(59643816)** | **324302565**  |
| Distributions to shareholders (Note 2): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (100247972) | (43276659)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(100247972)** | **(43276659)**  |
| Net fund share transactions (Note 5): <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (724459152) | (399916396)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(724459152)** | **(399916396)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(884350940)** | **(118890490)**  |
| Net assets <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1323502438 | 1442392928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$439151498** | **$1323502438** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **73**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Total Return Bond Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end**<br>**of the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$8.65** | $0.17 | $(0.27) | $(0.10) | $(0.16) | $— | $(0.16) | **$8.39** | (0.78%)<sup>b</sup> | $339919 | 0.39%<sup>a</sup> | 0.33%<sup>a</sup> | 4.18%<sup>a</sup> |
| 9/30/24 | 8.23 | 0.36 | 0.65 | 1.01 | (0.59) |  | (0.59) | 8.65 | 12.62% | 565972 | 0.38% | 0.33% | 4.25% |
| 9/30/23 | 8.42 | 0.34 | (0.30) | 0.04 | (0.23) |  | (0.23) | 8.23 | 0.35% | 642178 | 0.38% | 0.34% | 3.98%  |
| 9/30/22 | 10.21 | 0.18 | (1.78) | (1.60) | (0.17) | (0.02) | (0.19) | 8.42 | (15.97%) | 553149 | 0.37% | 0.34% | 1.92%  |
| 9/30/21 | 10.80 | 0.16 | (0.13) | 0.03 | (0.24) | (0.38) | (0.62) | 10.21 | 0.24% | 677869 | 0.36% | 0.33% | 1.55%  |
| 9/30/20 | 10.30 | 0.22 | 0.59 | 0.81 | (0.31) |  | (0.31) | 10.80 | 8.06% | 616932 | 0.36% | N/A | 2.08%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$8.64**  | $0.17  | $(0.26)  | $(0.09)  | $(0.16)  | $—  | $(0.16)  | **$8.39**  | (0.81%)<sup>b</sup>  | $18948  | 0.49%<sup>a</sup>  | 0.43%<sup>a</sup>  | 4.11%<sup>a</sup>  |
| 9/30/24 | 8.21 | 0.35 | 0.65 | 1.00 | (0.57) |  | (0.57) | 8.64 | 12.58% | 22998 | 0.48% | 0.43% | 4.15% |
| 9/30/23 | 8.41 | 0.33 | (0.31) | 0.02 | (0.22) |  | (0.22) | 8.21 | 0.12% | 26262 | 0.48% | 0.44% | 3.87%  |
| 9/30/22 | 10.19 | 0.16 | (1.76) | (1.60) | (0.16) | (0.02) | (0.18) | 8.41 | (15.99%) | 25777 | 0.47% | 0.44% | 1.74%  |
| 9/30/21 | 10.79 | 0.15 | (0.14) | 0.01 | (0.23) | (0.38) | (0.61) | 10.19 | 0.06% | 39879 | 0.46% | 0.43% | 1.45%  |
| 9/30/20 | 10.28 | 0.21 | 0.59 | 0.80 | (0.29) |  | (0.29) | 10.79 | 8.04% | 38177 | 0.46% | N/A | 2.04%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$8.69**  | $0.17  | $(0.25)  | $(0.08)  | $(0.16)  | $—  | $(0.16)  | **$8.45**  | (0.84%)<sup>b</sup>  | $38182  | 0.59%<sup>a</sup>  | 0.53%<sup>a</sup>  | 4.01%<sup>a</sup> |
| 9/30/24 | 8.25 | 0.34 | 0.66 | 1.00 | (0.56) |  | (0.56) | 8.69 | 12.45% | 38251 | 0.58% | 0.53% | 4.05% |
| 9/30/23 | 8.44 | 0.32 | (0.30) | 0.02 | (0.21) |  | (0.21) | 8.25 | 0.14% | 48425 | 0.58% | 0.54% | 3.77%  |
| 9/30/22 | 10.24 | 0.16 | (1.79) | (1.63) | (0.15) | (0.02) | (0.17) | 8.44 | (16.22%) | 49614 | 0.57% | 0.54% | 1.67%  |
| 9/30/21 | 10.82 | 0.14 | (0.12) | 0.02 | (0.22) | (0.38) | (0.60) | 10.24 | 0.11% | 70920 | 0.55% | 0.53% | 1.33%  |
| 9/30/20 | 10.32 | 0.20 | 0.59 | 0.79 | (0.29) |  | (0.29) | 10.82 | 7.82% | 93185 | 0.56% | N/A | 1.93% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br> 196%<sup>t</sup> | 508% | 465% | 442% | 435% | 316% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the period ended March 31, 2025 was 138%. |

---

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **74**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end**<br>**of the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$8.64**  | $0.16  | $(0.24)  | $(0.08)  | $(0.15)  | $—  | $(0.15)  | **$8.41**  | (0.90%)<sup>b</sup>  | $6029  | 0.69%<sup>a</sup>  | 0.63%<sup>a</sup>  | 3.87%<sup>a</sup> |
| 9/30/24 | 8.21 | 0.33 | 0.64 | 0.97 | (0.54) |  | (0.54) | 8.64 | 12.20% | 11976 | 0.68% | 0.63% | 3.95% |
| 9/30/23 | 8.40 | 0.31 | (0.30) | 0.01 | (0.20) |  | (0.20) | 8.21 | (0.01%) | 11176 | 0.68% | 0.64% | 3.69%  |
| 9/30/22 | 10.18 | 0.14 | (1.76) | (1.62) | (0.14) | (0.02) | (0.16) | 8.40 | (16.20%) | 9165 | 0.67% | 0.64% | 1.44%  |
| 9/30/21 | 10.77 | 0.13 | (0.13) | 0.00<sup>d</sup> | (0.21) | (0.38) | (0.59) | 10.18 | (0.07%) | 19333 | 0.66% | 0.63% | 1.24%  |
| 9/30/20 | 10.25 | 0.19 | 0.59 | 0.78 | (0.26) |  | (0.26) | 10.77 | 7.79% | 20596 | 0.66% | N/A | 1.84%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.72**  | $0.16  | $(0.24)  | $(0.08)  | $(0.15)  | $—  | $(0.15)  | **$8.49**  | (0.95%)<sup>b</sup>  | $38792  | 0.84%<sup>a</sup>  | 0.78%<sup>a</sup>  | 3.76%<sup>a</sup>  |
| 9/30/24 | 8.27 | 0.32 | 0.65 | 0.97 | (0.52) |  | (0.52) | 8.72 | 12.06% | 50162 | 0.83% | 0.78% | 3.80%  |
| 9/30/23 | 8.46 | 0.30 | (0.31) | (0.01) | (0.18) |  | (0.18) | 8.27 | (0.15%) | 49505 | 0.83% | 0.79% | 3.52%  |
| 9/30/22 | 10.25 | 0.13 | (1.78) | (1.65) | (0.12) | (0.02) | (0.14) | 8.46 | (16.35%) | 53395 | 0.82% | 0.79% | 1.41%  |
| 9/30/21 | 10.83 | 0.11 | (0.13) | (0.02) | (0.18) | (0.38) | (0.56) | 10.25 | (0.20%) | 79970 | 0.80% | 0.78% | 1.07%  |
| 9/30/20 | 10.32 | 0.18 | 0.59 | 0.77 | (0.26) |  | (0.26) | 10.83 | 7.64% | 102120 | 0.81% | N/A | 1.72%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.61**  | $0.15  | $(0.24)  | $(0.09)  | $(0.14)  | $—  | $(0.14)  | **$8.38**  | (1.01%)<sup>b</sup>  | $2650  | 0.89%<sup>a</sup>  | 0.83%<sup>a</sup>  | 3.71%<sup>a</sup> |
| 9/30/24 | 8.16 | 0.31 | 0.64 | 0.95 | (0.50) |  | (0.50) | 8.61 | 12.03% | 2708 | 0.90% | 0.85% | 3.75% |
| 9/30/23 | 8.35 | 0.29 | (0.30) | (0.01) | (0.18) |  | (0.18) | 8.16 | (0.19%) | 10415 | 0.93% | 0.89% | 3.41%  |
| 9/30/22 | 10.12 | 0.13 | (1.77) | (1.64) | (0.11) | (0.02) | (0.13) | 8.35 | (16.40%) | 11149 | 0.92% | 0.89% | 1.42%  |
| 9/30/21 | 10.72 | 0.10 | (0.13) | (0.03) | (0.19) | (0.38) | (0.57) | 10.12 | (0.33%) | 11662 | 0.91% | 0.88% | 0.98%  |
| 9/30/20 | 10.23 | 0.16 | 0.58 | 0.74 | (0.25) |  | (0.25) | 10.72 | 7.45% | 11334 | 0.91% | N/A | 1.56%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.66**  | $0.15  | $(0.25)  | $(0.10)  | $(0.13)  | $—  | $(0.13)  | **$8.43**  | (1.09%)<sup>b</sup>  | $11219  | 1.09%<sup>a</sup>  | 1.03%<sup>a</sup>  | 3.50%<sup>a</sup> |
| 9/30/24 | 8.19 | 0.30 | 0.65 | 0.95 | (0.48) |  | (0.48) | 8.66 | 11.85% | 13219 | 1.08% | 1.03% | 3.55% |
| 9/30/23 | 8.37 | 0.28 | (0.30) | (0.02) | (0.16) |  | (0.16) | 8.19 | (0.34%) | 13823 | 1.08% | 1.04% | 3.26%  |
| 9/30/22 | 10.15 | 0.11 | (1.78) | (1.67) | (0.09) | (0.02) | (0.11) | 8.37 | (16.62%) | 17646 | 1.07% | 1.04% | 1.20%  |
| 9/30/21 | 10.73 | 0.09 | (0.12) | (0.03) | (0.17) | (0.38) | (0.55) | 10.15 | (0.37%) | 22384 | 1.05% | 1.03% | 0.83%  |
| 9/30/20 | 10.23 | 0.15 | 0.58 | 0.73 | (0.23) |  | (0.23) | 10.73 | 7.33% | 27785 | 1.06% | N/A | 1.43% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **75**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Diversified Value Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.46**  | $0.11  | $0.19  | $0.30  | $(0.07)  | $(0.85)  | $(0.92)  | **$9.84**  | 2.84%<sup>b</sup>  | $92217  | 0.57%<sup>a</sup>  | 2.08%<sup>a</sup>  |
| 9/30/24 | 11.03 | 0.23 | 2.80 | 3.03 | (0.44) | (3.16) | (3.60) | 10.46 | 29.01% | 395525 | 0.64% | 1.96% |
| 9/30/23 | 10.87 | 0.26 | 1.39 | 1.65 | (0.26) | (1.23) | (1.49) | 11.03 | 14.93% | 174006 | 0.61% | 2.31%  |
| 9/30/22 | 13.48 | 0.25 | (1.15) | (0.90) | (0.26) | (1.45) | (1.71) | 10.87 | (8.47%) | 168929 | 0.58% | 1.97%  |
| 9/30/21 | 9.87 | 0.23 | 3.62 | 3.85 | (0.24) |  | (0.24) | 13.48 | 39.59% | 230230 | 0.57% | 1.84%  |
| 9/30/20 | 11.48 | 0.25 | (1.01) | (0.76) | (0.28) | (0.57) | (0.85) | 9.87 | (7.64%) | 197915 | 0.58% | 2.42%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.51**  | $0.10  | $0.20  | $0.30  | $(0.06)  | $(0.85)  | $(0.91)  | **$9.90**  | 2.86%<sup>b</sup>  | $95617  | 0.67%<sup>a</sup>  | 1.87%<sup>a</sup> |
| 9/30/24 | 11.06 | 0.22 | 2.82 | 3.04 | (0.43) | (3.16) | (3.59) | 10.51 | 28.97% | 87691 | 0.75% | 1.85% |
| 9/30/23 | 10.90 | 0.25 | 1.39 | 1.64 | (0.25) | (1.23) | (1.48) | 11.06 | 14.76% | 46196 | 0.71% | 2.21%  |
| 9/30/22 | 13.50 | 0.24 | (1.15) | (0.91) | (0.24) | (1.45) | (1.69) | 10.90 | (8.48%) | 48259 | 0.68% | 1.86%  |
| 9/30/21 | 9.89 | 0.22 | 3.62 | 3.84 | (0.23) |  | (0.23) | 13.50 | 39.38% | 70251 | 0.67% | 1.74%  |
| 9/30/20 | 11.50 | 0.24 | (1.02) | (0.78) | (0.26) | (0.57) | (0.83) | 9.89 | (7.75%) | 62821 | 0.68% | 2.33%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$10.51**  | $0.09  | $0.21  | $0.30  | $(0.06)  | $(0.85)  | $(0.91)  | **$9.90**  | 2.82%<sup>b</sup>  | $43056  | 0.77%<sup>a</sup>  | 1.78%<sup>a</sup> |
| 9/30/24 | 11.06 | 0.20 | 2.83 | 3.03 | (0.42) | (3.16) | (3.58) | 10.51 | 28.86% | 44521 | 0.85% | 1.74%  |
| 9/30/23 | 10.90 | 0.24 | 1.38 | 1.62 | (0.23) | (1.23) | (1.46) | 11.06 | 14.60% | 11363 | 0.81% | 2.10%  |
| 9/30/22 | 13.50 | 0.23 | (1.15) | (0.92) | (0.23) | (1.45) | (1.68) | 10.90 | (8.57%) | 11979 | 0.78% | 1.77%  |
| 9/30/21 | 9.89 | 0.20 | 3.63 | 3.83 | (0.22) |  | (0.22) | 13.50 | 39.28% | 15170 | 0.77% | 1.65%  |
| 9/30/20 | 11.51 | 0.23 | (1.02) | (0.79) | (0.26) | (0.57) | (0.83) | 9.89 | (7.88%) | 13967 | 0.78% | 2.25% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 34% | 46% | 45% | 43% | 60% | 52% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **76**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$10.65**  | $0.09  | $0.21  | $0.30  | $(0.05)  | $(0.85)  | $(0.90)  | **$10.05**  | 2.78%<sup>b</sup>  | $35177  | 0.87%<sup>a</sup>  | 1.70%<sup>a</sup> |
| 9/30/24 | 11.17 | 0.20 | 2.85 | 3.05 | (0.41) | (3.16) | (3.57) | 10.65 | 28.74% | 41046 | 0.95% | 1.64%  |
| 9/30/23 | 10.99 | 0.23 | 1.40 | 1.63 | (0.22) | (1.23) | (1.45) | 11.17 | 14.56% | 17730 | 0.91% | 2.01%  |
| 9/30/22 | 13.61 | 0.21 | (1.17) | (0.96) | (0.21) | (1.45) | (1.66) | 10.99 | (8.76%) | 16695 | 0.88% | 1.66%  |
| 9/30/21 | 9.96 | 0.19 | 3.67 | 3.86 | (0.21) |  | (0.21) | 13.61 | 39.24% | 21354 | 0.87% | 1.54%  |
| 9/30/20 | 11.59 | 0.22 | (1.03) | (0.81) | (0.25) | (0.57) | (0.82) | 9.96 | (7.99%) | 16359 | 0.88% | 2.12%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.19**  | $0.08  | $0.19  | $0.27  | $(0.02)  | $(0.85)  | $(0.87)  | **$9.59**  | 2.67%<sup>b</sup>  | $11778  | 1.02%<sup>a</sup>  | 1.52%<sup>a</sup> |
| 9/30/24 | 10.79 | 0.17 | 2.75 | 2.92 | (0.36) | (3.16) | (3.52) | 10.19 | 28.57% | 13949 | 1.09% | 1.50%  |
| 9/30/23 | 10.66 | 0.21 | 1.35 | 1.56 | (0.20) | (1.23) | (1.43) | 10.79 | 14.35% | 9562 | 1.06% | 1.87%  |
| 9/30/22 | 13.24 | 0.19 | (1.12) | (0.93) | (0.20) | (1.45) | (1.65) | 10.66 | (8.83%) | 8853 | 1.03% | 1.51%  |
| 9/30/21 | 9.70 | 0.17 | 3.57 | 3.74 | (0.20) |  | (0.20) | 13.24 | 39.00% | 12608 | 1.02% | 1.39%  |
| 9/30/20 | 11.31 | 0.20 | (1.01) | (0.81) | (0.23) | (0.57) | (0.80) | 9.70 | (8.14%) | 9823 | 1.03% | 2.00%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.49**  | $0.07  | $0.21  | $0.28  | $(0.03)  | $(0.85)  | $(0.88)  | **$9.89**  | 2.68%<sup>b</sup>  | $52955  | 1.07%<sup>a</sup>  | 1.47%<sup>a</sup> |
| 9/30/24 | 11.02 | 0.17 | 2.81 | 2.98 | (0.35) | (3.16) | (3.51) | 10.49 | 28.45% | 48480 | 1.16% | 1.43% |
| 9/30/23 | 10.86 | 0.20 | 1.38 | 1.58 | (0.19) | (1.23) | (1.42) | 11.02 | 14.25% | 22250 | 1.16% | 1.77%  |
| 9/30/22 | 13.45 | 0.18 | (1.15) | (0.97) | (0.17) | (1.45) | (1.62) | 10.86 | (8.93%) | 21805 | 1.13% | 1.42%  |
| 9/30/21 | 9.85 | 0.16 | 3.63 | 3.79 | (0.19) |  | (0.19) | 13.45 | 38.84% | 26835 | 1.12% | 1.29%  |
| 9/30/20 | 11.46 | 0.19 | (1.02) | (0.83) | (0.21) | (0.57) | (0.78) | 9.85 | (8.22%) | 27575 | 1.13% | 1.87%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.39**  | $0.06  | $0.20  | $0.26  | $(0.03)  | $(0.85)  | $(0.88)  | **$9.77**  | 2.54%<sup>b</sup>  | $3423  | 1.27%<sup>a</sup>  | 1.28%<sup>a</sup> |
| 9/30/24 | 10.91 | 0.15 | 2.79 | 2.94 | (0.30) | (3.16) | (3.46) | 10.39 | 28.30% | 2737 | 1.35% | 1.25%  |
| 9/30/23 | 10.78 | 0.18 | 1.37 | 1.55 | (0.19) | (1.23) | (1.42) | 10.91 | 14.07% | 684 | 1.31% | 1.60%  |
| 9/30/22 | 13.35 | 0.16 | (1.14) | (0.98) | (0.14) | (1.45) | (1.59) | 10.78 | (9.09%) | 1395 | 1.28% | 1.31%  |
| 9/30/21 | 9.77 | 0.14 | 3.61 | 3.75 | (0.17) |  | (0.17) | 13.35 | 38.73% | 1082 | 1.27% | 1.14%  |
| 9/30/20 | 11.39 | 0.18 | (1.02) | (0.84) | (0.21) | (0.57) | (0.78) | 9.77 | (8.38%) | 1492 | 1.28% | 1.76%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.51**  | $0.10  | $0.20  | $0.30  | $(0.06)  | $(0.85)  | $(0.91)  | **$9.90**  | 2.86%<sup>b</sup>  | $177  | 0.67%<sup>a</sup>  | 1.88%<sup>a</sup> |
| 9/30/24 | 11.06 | 0.22 | 2.82 | 3.04 | (0.43) | (3.16) | (3.59) | 10.51 | 29.02% | 188 | 0.75% | 1.85% |
| 9/30/23<sup>g</sup> | 11.66 | 0.17 | (0.77)<sup>aa</sup> | (0.60) |  |  |  | 11.06 | (5.15%)<sup>b</sup> | 95 | 0.71%<sup>a</sup> | 2.26%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **77**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MM S&P 500</u><sup><u>®</u></sup> <u>Index Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$18.61**  | $0.10  | $(0.16)  | $(0.06)  | $(0.25)  | $(4.43)  | $(4.68)  | **$13.87**  | (2.10%)<sup>b</sup>  | $588645  | 0.14%<sup>a</sup>  | 1.21%<sup>a</sup> |
| 9/30/24 | 14.69 | 0.22 | 4.81 | 5.03 | (0.22) | (0.89) | (1.11) | 18.61 | 36.07% | 653044 | 0.14% | 1.34% |
| 9/30/23 | 15.93 | 0.23 | 2.82 | 3.05 | (0.28) | (4.01) | (4.29) | 14.69 | 21.49% | 985761 | 0.14% | 1.54%  |
| 9/30/22 | 21.46 | 0.27 | (2.98) | (2.71) | (0.29) | (2.53) | (2.82) | 15.93 | (15.56%) | 900471 | 0.12% | 1.36%  |
| 9/30/21 | 19.31 | 0.28 | 4.91 | 5.19 | (0.39) | (2.65) | (3.04) | 21.46 | 29.93% | 1495161 | 0.12% | 1.36%  |
| 9/30/20 | 17.92 | 0.32 | 2.30 | 2.62 | (0.40) | (0.83) | (1.23) | 19.31 | 15.04% | 1210251 | 0.12% | 1.79%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$18.75**  | $0.09  | $(0.16)  | $(0.07)  | $(0.23)  | $(4.43)  | $(4.66)  | **$14.02**  | (2.13%)<sup>b</sup>  | $390044  | 0.24%<sup>a</sup>  | 1.12%<sup>a</sup> |
| 9/30/24 | 14.79 | 0.20 | 4.86 | 5.06 | (0.21) | (0.89) | (1.10) | 18.75 | 35.96% | 395100 | 0.24% | 1.23%  |
| 9/30/23 | 16.00 | 0.21 | 2.85 | 3.06 | (0.26) | (4.01) | (4.27) | 14.79 | 21.40% | 320371 | 0.24% | 1.44%  |
| 9/30/22 | 21.55 | 0.25 | (3.01) | (2.76) | (0.26) | (2.53) | (2.79) | 16.00 | (15.68%) | 300070 | 0.22% | 1.27%  |
| 9/30/21 | 19.38 | 0.26 | 4.93 | 5.19 | (0.37) | (2.65) | (3.02) | 21.55 | 29.78% | 471641 | 0.22% | 1.26%  |
| 9/30/20 | 17.98 | 0.30 | 2.31 | 2.61 | (0.38) | (0.83) | (1.21) | 19.38 | 14.93% | 416360 | 0.22% | 1.70%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$18.83**  | $0.08  | $(0.16)  | $(0.08)  | $(0.20)  | $(4.43)  | $(4.63)  | **$14.12**  | (2.14%)<sup>b</sup>  | $269966  | 0.39%<sup>a</sup>  | 0.96%<sup>a</sup> |
| 9/30/24 | 14.85 | 0.18 | 4.87 | 5.05 | (0.18) | (0.89) | (1.07) | 18.83 | 35.74% | 326017 | 0.39% | 1.08%  |
| 9/30/23 | 16.04 | 0.19 | 2.86 | 3.05 | (0.23) | (4.01) | (4.24) | 14.85 | 21.24% | 263472 | 0.39% | 1.29%  |
| 9/30/22 | 21.60 | 0.22 | (3.02) | (2.80) | (0.23) | (2.53) | (2.76) | 16.04 | (15.84%) | 244212 | 0.37% | 1.12%  |
| 9/30/21 | 19.41 | 0.23 | 4.95 | 5.18 | (0.34) | (2.65) | (2.99) | 21.60 | 29.63% | 371149 | 0.37% | 1.11%  |
| 9/30/20 | 18.00 | 0.28 | 2.31 | 2.59 | (0.35) | (0.83) | (1.18) | 19.41 | 14.80% | 381745 | 0.37% | 1.54% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 4% | 4% | 2% | 2% | 4% | 6% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **78**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$18.10**  | $0.07  | $(0.16)  | $(0.09)  | $(0.18)  | $(4.43)  | $(4.61)  | **$13.40**  | (2.29%)<sup>b</sup>  | $228923  | 0.49%<sup>a</sup>  | 0.86%<sup>a</sup> |
| 9/30/24 | 14.30 | 0.16 | 4.70 | 4.86 | (0.17) | (0.89) | (1.06) | 18.10 | 35.72% | 268409 | 0.49% | 0.98% |
| 9/30/23 | 15.59 | 0.17 | 2.76 | 2.93 | (0.21) | (4.01) | (4.22) | 14.30 | 21.04% | 219664 | 0.49% | 1.19%  |
| 9/30/22 | 21.05 | 0.19 | (2.92) | (2.73) | (0.20) | (2.53) | (2.73) | 15.59 | (15.88%) | 213739 | 0.47% | 1.01%  |
| 9/30/21 | 18.99 | 0.20 | 4.83 | 5.03 | (0.32) | (2.65) | (2.97) | 21.05 | 29.45% | 368149 | 0.47% | 1.01%  |
| 9/30/20 | 17.63 | 0.25 | 2.27 | 2.52 | (0.33) | (0.83) | (1.16) | 18.99 | 14.68% | 370740 | 0.47% | 1.45%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$17.60**  | $0.05  | $(0.13)  | $(0.08)  | $(0.15)  | $(4.43)  | $(4.58)  | **$12.94**  | (2.32%)<sup>b</sup>  | $314842  | 0.64%<sup>a</sup>  | 0.71%<sup>a</sup> |
| 9/30/24 | 13.94 | 0.13 | 4.57 | 4.70 | (0.15) | (0.89) | (1.04) | 17.60 | 35.46% | 382613 | 0.64% | 0.84%  |
| 9/30/23 | 15.29 | 0.15 | 2.70 | 2.85 | (0.19) | (4.01) | (4.20) | 13.94 | 20.87% | 360408 | 0.64% | 1.04%  |
| 9/30/22 | 20.69 | 0.16 | (2.87) | (2.71) | (0.16) | (2.53) | (2.69) | 15.29 | (16.01%) | 333263 | 0.62% | 0.87%  |
| 9/30/21 | 18.71 | 0.17 | 4.75 | 4.92 | (0.29) | (2.65) | (2.94) | 20.69 | 29.26% | 494937 | 0.62% | 0.87%  |
| 9/30/20 | 17.39 | 0.22 | 2.24 | 2.46 | (0.31) | (0.83) | (1.14) | 18.71 | 14.51% | 561315 | 0.62% | 1.29%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$17.36**  | $0.05  | $(0.13)  | $(0.08)  | $(0.16)  | $(4.43)  | $(4.59)  | **$12.69**  | (2.37%)<sup>b</sup>  | $26726  | 0.74%<sup>a</sup>  | 0.62%<sup>a</sup> |
| 9/30/24 | 13.76 | 0.11 | 4.51 | 4.62 | (0.13) | (0.89) | (1.02) | 17.36 | 35.29% | 24688 | 0.74% | 0.72% |
| 9/30/23 | 15.15 | 0.13 | 2.67 | 2.80 | (0.18) | (4.01) | (4.19) | 13.76 | 20.73% | 14603 | 0.74% | 0.95%  |
| 9/30/22 | 20.51 | 0.14 | (2.83) | (2.69) | (0.14) | (2.53) | (2.67) | 15.15 | (16.06%) | 18172 | 0.72% | 0.77%  |
| 9/30/21 | 18.57 | 0.15 | 4.72 | 4.87 | (0.28) | (2.65) | (2.93) | 20.51 | 29.14% | 25655 | 0.72% | 0.76%  |
| 9/30/20 | 17.26 | 0.21 | 2.21 | 2.42 | (0.28) | (0.83) | (1.11) | 18.57 | 14.40% | 23908 | 0.72% | 1.20%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$16.50**  | $0.03  | $(0.10)  | $(0.07)  | $(0.13)  | $(4.43)  | $(4.56)  | **$11.87**  | (2.42%)<sup>b</sup>  | $314208  | 0.89%<sup>a</sup>  | 0.47%<sup>a</sup> |
| 9/30/24 | 13.14 | 0.08 | 4.29 | 4.37 | (0.12) | (0.89) | (1.01) | 16.50 | 35.06% | 325488 | 0.89% | 0.58% |
| 9/30/23 | 14.62 | 0.10 | 2.58 | 2.68 | (0.15) | (4.01) | (4.16) | 13.14 | 20.62% | 242145 | 0.89% | 0.78%  |
| 9/30/22 | 19.92 | 0.11 | (2.74) | (2.63) | (0.14) | (2.53) | (2.67) | 14.62 | (16.25%) | 212307 | 0.87% | 0.63%  |
| 9/30/21 | 18.12 | 0.11 | 4.60 | 4.71 | (0.26) | (2.65) | (2.91) | 19.92 | 28.96% | 271678 | 0.87% | 0.60%  |
| 9/30/20 | 16.87 | 0.17 | 2.17 | 2.34 | (0.26) | (0.83) | (1.09) | 18.12 | 14.25% | 215443 | 0.87% | 1.04% |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **79**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Equity Opportunities Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$19.67**  | $0.09  | $(0.78)  | $(0.69)  | $(0.22)  | $(1.95)  | $(2.17)  | **$16.81**  | (3.65%)<sup>b</sup>  | $346959  | 0.76%<sup>a</sup>  | 1.02%<sup>a</sup> |
| 9/30/24 | 16.24 | 0.22 | 4.00 | 4.22 | (0.23) | (0.56) | (0.79) | 19.67 | 26.74% | 467018 | 0.76% | 1.25% |
| 9/30/23 | 16.66 | 0.23 | 2.09 | 2.32 | (0.25) | (2.49) | (2.74) | 16.24 | 13.65% | 416283 | 0.75% | 1.36%  |
| 9/30/22 | 20.17 | 0.23 | (1.29) | (1.06) | (0.25) | (2.20) | (2.45) | 16.66 | (6.98%) | 355035 | 0.74% | 1.17%  |
| 9/30/21 | 17.22 | 0.24 | 3.99 | 4.23 | (0.24) | (1.04) | (1.28) | 20.17 | 25.67% | 432817 | 0.73% | 1.25%  |
| 9/30/20 | 18.33 | 0.27 | 0.26 | 0.53 | (0.29) | (1.35) | (1.64) | 17.22 | 2.73% | 402371 | 0.74% | 1.64%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$19.82**  | $0.09  | $(0.80)  | $(0.71)  | $(0.20)  | $(1.95)  | $(2.15)  | **$16.96**  | (3.73%)<sup>b</sup>  | $45570  | 0.86%<sup>a</sup>  | 0.95%<sup>a</sup> |
| 9/30/24 | 16.35 | 0.20 | 4.04 | 4.24 | (0.21) | (0.56) | (0.77) | 19.82 | 26.65% | 52317 | 0.86% | 1.14%  |
| 9/30/23 | 16.75 | 0.21 | 2.11 | 2.32 | (0.23) | (2.49) | (2.72) | 16.35 | 13.54% | 63720 | 0.85% | 1.23%  |
| 9/30/22 | 20.26 | 0.21 | (1.29) | (1.08) | (0.23) | (2.20) | (2.43) | 16.75 | (7.05%) | 84471 | 0.83% | 1.06%  |
| 9/30/21 | 17.30 | 0.22 | 4.00 | 4.22 | (0.22) | (1.04) | (1.26) | 20.26 | 25.48% | 165143 | 0.83% | 1.15%  |
| 9/30/20 | 18.41 | 0.26 | 0.25 | 0.51 | (0.27) | (1.35) | (1.62) | 17.30 | 2.61% | 156171 | 0.84% | 1.50%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$19.12**  | $0.07  | $(0.75)  | $(0.68)  | $(0.19)  | $(1.95)  | $(2.14)  | **$16.30**  | (3.75%)<sup>b</sup>  | $23504  | 0.96%<sup>a</sup>  | 0.82%<sup>a</sup> |
| 9/30/24 | 15.81 | 0.18 | 3.88 | 4.06 | (0.19) | (0.56) | (0.75) | 19.12 | 26.44% | 37390 | 0.96% | 1.04% |
| 9/30/23 | 16.27 | 0.19 | 2.05 | 2.24 | (0.21) | (2.49) | (2.70) | 15.81 | 13.48% | 32092 | 0.95% | 1.15%  |
| 9/30/22 | 19.75 | 0.18 | (1.25) | (1.07) | (0.21) | (2.20) | (2.41) | 16.27 | (7.18%) | 34750 | 0.94% | 0.96%  |
| 9/30/21 | 16.88 | 0.20 | 3.91 | 4.11 | (0.20) | (1.04) | (1.24) | 19.75 | 25.44% | 46987 | 0.93% | 1.04%  |
| 9/30/20 | 18.00 | 0.23 | 0.25 | 0.48 | (0.25) | (1.35) | (1.60) | 16.88 | 2.52% | 48504 | 0.94% | 1.41% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 17% | 31% | 24% | 25% | 25% | 41% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **80**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$18.64**  | $0.06  | $(0.74)  | $(0.68)  | $(0.17)  | $(1.95)  | $(2.12)  | **$15.84**  | (3.84%)<sup>b</sup>  | $28555  | 1.06%<sup>a</sup>  | 0.73%<sup>a</sup> |
| 9/30/24 | 15.42 | 0.16 | 3.80 | 3.96 | (0.18) | (0.56) | (0.74) | 18.64 | 26.41% | 37807 | 1.06% | 0.94%  |
| 9/30/23 | 15.92 | 0.17 | 2.01 | 2.18 | (0.19) | (2.49) | (2.68) | 15.42 | 13.37% | 34721 | 1.05% | 1.05%  |
| 9/30/22 | 19.38 | 0.16 | (1.23) | (1.07) | (0.19) | (2.20) | (2.39) | 15.92 | (7.30%) | 34104 | 1.04% | 0.86%  |
| 9/30/21 | 16.59 | 0.18 | 3.83 | 4.01 | (0.18) | (1.04) | (1.22) | 19.38 | 25.26% | 51726 | 1.03% | 0.95%  |
| 9/30/20 | 17.71 | 0.21 | 0.25 | 0.46 | (0.23) | (1.35) | (1.58) | 16.59 | 2.42% | 45175 | 1.04% | 1.30%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$16.52**  | $0.04  | $(0.65)  | $(0.61)  | $(0.15)  | $(1.95)  | $(2.10)  | **$13.81**  | (3.91%)<sup>b</sup>  | $4872  | 1.21%<sup>a</sup>  | 0.50%<sup>a</sup> |
| 9/30/24 | 13.76 | 0.12 | 3.37 | 3.49 | (0.17) | (0.56) | (0.73) | 16.52 | 26.19% | 10230 | 1.21% | 0.80% |
| 9/30/23 | 14.46 | 0.13 | 1.83 | 1.96 | (0.17) | (2.49) | (2.66) | 13.76 | 13.18% | 9151 | 1.21% | 0.91%  |
| 9/30/22 | 17.80 | 0.12 | (1.09) | (0.97) | (0.17) | (2.20) | (2.37) | 14.46 | (7.41%) | 6354 | 1.19% | 0.71%  |
| 9/30/21 | 15.34 | 0.13 | 3.54 | 3.67 | (0.17) | (1.04) | (1.21) | 17.80 | 25.07% | 8727 | 1.18% | 0.79%  |
| 9/30/20 | 16.48 | 0.18 | 0.23 | 0.41 | (0.20) | (1.35) | (1.55) | 15.34 | 2.28% | 8716 | 1.19% | 1.18%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$17.07**  | $0.04  | $(0.67)  | $(0.63)  | $(0.14)  | $(1.95)  | $(2.09)  | **$14.35**  | (3.90%)<sup>b</sup>  | $33725  | 1.26%<sup>a</sup>  | 0.55%<sup>a</sup> |
| 9/30/24 | 14.18 | 0.11 | 3.48 | 3.59 | (0.14) | (0.56) | (0.70) | 17.07 | 26.08% | 38346 | 1.28% | 0.73% |
| 9/30/23 | 14.83 | 0.12 | 1.87 | 1.99 | (0.15) | (2.49) | (2.64) | 14.18 | 13.05% | 35886 | 1.30% | 0.80%  |
| 9/30/22 | 18.18 | 0.11 | (1.12) | (1.01) | (0.14) | (2.20) | (2.34) | 14.83 | (7.46%) | 38062 | 1.29% | 0.61%  |
| 9/30/21 | 15.64 | 0.12 | 3.61 | 3.73 | (0.15) | (1.04) | (1.19) | 18.18 | 24.94% | 53123 | 1.28% | 0.70%  |
| 9/30/20 | 16.78 | 0.16 | 0.24 | 0.40 | (0.19) | (1.35) | (1.54) | 15.64 | 2.19% | 55832 | 1.29% | 1.05%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$14.63**  | $0.02  | $(0.57)  | $(0.55)  | $(0.12)  | $(1.95)  | $(2.07)  | **$12.01**  | (3.97%)<sup>b</sup>  | $6129  | 1.46%<sup>a</sup>  | 0.35%<sup>a</sup> |
| 9/30/24 | 12.27 | 0.07 | 2.99 | 3.06 | (0.14) | (0.56) | (0.70) | 14.63 | 25.81% | 6786 | 1.46% | 0.55%  |
| 9/30/23 | 13.16 | 0.08 | 1.68 | 1.76 | (0.16) | (2.49) | (2.65) | 12.27 | 12.96% | 6401 | 1.45% | 0.66%  |
| 9/30/22 | 16.40 | 0.07 | (0.98) | (0.91) | (0.13) | (2.20) | (2.33) | 13.16 | (7.66%) | 4064 | 1.44% | 0.49%  |
| 9/30/21 | 14.22 | 0.09 | 3.27 | 3.36 | (0.14) | (1.04) | (1.18) | 16.40 | 24.79% | 3259 | 1.43% | 0.55%  |
| 9/30/20 | 15.42 | 0.13 | 0.22 | 0.35 | (0.20) | (1.35) | (1.55) | 14.22 | 2.00% | 3447 | 1.44% | 0.92%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$19.80**  | $0.09  | $(0.78)  | $(0.69)  | $(0.21)  | $(1.95)  | $(2.16)  | **$16.95**  | (3.67%)<sup>b</sup>  | $101  | 0.86%<sup>a</sup>  | 0.95%<sup>a</sup> |
| 9/30/24 | 16.35 | 0.20 | 4.02 | 4.22 | (0.21) | (0.56) | (0.77) | 19.80 | 26.57% | 118 | 0.86% | 1.14% |
| 9/30/23<sup>g</sup> | 16.77 | 0.15 | (0.57)<sup>aa</sup> | (0.42) |  |  |  | 16.35 | (2.50%)<sup>b</sup> | 97 | 0.86%<sup>a</sup> | 1.33%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **81**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Blue Chip Growth Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net investment** <br>**income** <br>(loss)<sup>c</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net investment income** | **From net** <br>**realized** <br>**gains** | **Total distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$22.27**  | $(0.01)  | $(0.50)<sup>aa</sup>  | $(0.51)  | $—  | $(0.41)  | $(0.41)  | **$21.35**  | (2.53%)<sup>b</sup>  | $1169153  | 0.65%<sup>a</sup>  | (0.12%)<sup>a</sup> |
| 9/30/24 | 21.48 | (0.02) | 8.01 | 7.99 |  | (7.20) | (7.20) | 22.27 | 43.54% | 1853589 | 0.65% | (0.10%)  |
| 9/30/23 | 18.74 | (0.02) | 5.76 | 5.74 | (0.09) | (2.91) | (3.00) | 21.48 | 34.60% | 1436141 | 0.65% | (0.09%)  |
| 9/30/22 | 33.66 | (0.04) | (8.56) | (8.60) |  | (6.32) | (6.32) | 18.74 | (31.96%) | 1748402 | 0.64% | (0.15%)  |
| 9/30/21 | 28.98 | (0.05) | 6.11 | 6.06 |  | (1.38) | (1.38) | 33.66 | 21.60% | 2790281 | 0.63% | (0.15%)  |
| 9/30/20 | 22.73 | 0.01 | 7.59 | 7.60 | (0.09) | (1.26) | (1.35) | 28.98 | 34.96% | 2729246 | 0.64% | 0.06%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$22.09**  | $(0.02)  | $(0.49)<sup>aa</sup>  | $(0.51)  | $—  | $(0.41)  | $(0.41)  | **$21.17**  | (2.55%)<sup>b</sup>  | $279022  | 0.75%<sup>a</sup>  | (0.20%)<sup>a</sup> |
| 9/30/24 | 21.37 | (0.04) | 7.96 | 7.92 |  | (7.20) | (7.20) | 22.09 | 43.42% | 319891 | 0.75% | (0.20%) |
| 9/30/23 | 18.65 | (0.04) | 5.74 | 5.70 | (0.07) | (2.91) | (2.98) | 21.37 | 34.48% | 272965 | 0.75% | (0.19%)  |
| 9/30/22 | 33.56 | (0.06) | (8.53) | (8.59) |  | (6.32) | (6.32) | 18.65 | (32.04%) | 333396 | 0.74% | (0.25%)  |
| 9/30/21 | 28.93 | (0.08) | 6.09 | 6.01 |  | (1.38) | (1.38) | 33.56 | 21.46% | 616307 | 0.73% | (0.25%)  |
| 9/30/20 | 22.69 | (0.01) | 7.58 | 7.57 | (0.07) | (1.26) | (1.33) | 28.93 | 34.84% | 604630 | 0.74% | (0.04%)  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$21.54**  | $(0.03)  | $(0.48)<sup>aa</sup>  | $(0.51)  | $—  | $(0.41)  | $(0.41)  | **$20.62**  | (2.61%)<sup>b</sup>  | $162143  | 0.85%<sup>a</sup>  | (0.30%)<sup>a</sup> |
| 9/30/24 | 21.00 | (0.07) | 7.81 | 7.74 |  | (7.20) | (7.20) | 21.54 | 43.30% | 175054 | 0.85% | (0.30%) |
| 9/30/23 | 18.37 | (0.06) | 5.65 | 5.59 | (0.05) | (2.91) | (2.96) | 21.00 | 34.34% | 132292 | 0.85% | (0.29%)  |
| 9/30/22 | 33.18 | (0.09) | (8.40) | (8.49) |  | (6.32) | (6.32) | 18.37 | (32.12%) | 121094 | 0.84% | (0.35%)  |
| 9/30/21 | 28.64 | (0.11) | 6.03 | 5.92 |  | (1.38) | (1.38) | 33.18 | 21.36% | 207565 | 0.83% | (0.35%)  |
| 9/30/20 | 22.47 | (0.04) | 7.51 | 7.47 | (0.04) | (1.26) | (1.30) | 28.64 | 34.72% | 184567 | 0.84% | (0.17%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>| 7% | 11% | 16% | 16% | 20% | 28% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **82**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Income (loss) from investment operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period** | **Net investment** <br>**income** <br>(loss)<sup>c</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments** | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations** | **From net investment income** | **From net** <br>**realized** <br>**gains** | **Total distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period** | <br>**Total** <br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets<sup>q</sup>** | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$20.70**  | $(0.04)  | $(0.46)<sup>aa</sup>  | $(0.50)  | $—  | $(0.41)  | $(0.41)  | **$19.79**  | (2.67%)<sup>b</sup>  | $174902  | 0.95%<sup>a</sup>  | (0.40%)<sup>a</sup> |
| 9/30/24 | 20.43 | (0.08) | 7.55 | 7.47 |  | (7.20) | (7.20) | 20.70 | 43.17% | 203151 | 0.95% | (0.40%) |
| 9/30/23 | 17.95 | (0.07) | 5.48 | 5.41 | (0.02) | (2.91) | (2.93) | 20.43 | 34.14% | 152817 | 0.95% | (0.39%)  |
| 9/30/22 | 32.58 | (0.11) | (8.20) | (8.31) |  | (6.32) | (6.32) | 17.95 | (32.16%) | 171168 | 0.94% | (0.46%)  |
| 9/30/21 | 28.18 | (0.14) | 5.92 | 5.78 |  | (1.38) | (1.38) | 32.58 | 21.21% | 347256 | 0.93% | (0.45%)  |
| 9/30/20 | 22.13 | (0.06) | 7.40 | 7.34 | (0.03) | (1.26) | (1.29) | 28.18 | 34.60% | 388847 | 0.94% | (0.24%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$18.32**  | $(0.05)  | $(0.40)<sup>aa</sup>  | $(0.45)  | $—  | $(0.41)  | $(0.41)  | **$17.46**  | (2.75%)<sup>b</sup>  | $50645  | 1.10%<sup>a</sup>  | (0.55%)<sup>a</sup> |
| 9/30/24 | 18.79 | (0.11) | 6.84 | 6.73 |  | (7.20) | (7.20) | 18.32 | 42.97% | 58530 | 1.10% | (0.55%) |
| 9/30/23 | 16.73 | (0.09) | 5.06 | 4.97 |  | (2.91) | (2.91) | 18.79 | 33.92% | 45784 | 1.10% | (0.54%)  |
| 9/30/22 | 30.82 | (0.14) | (7.63) | (7.77) |  | (6.32) | (6.32) | 16.73 | (32.26%) | 48674 | 1.08% | (0.59%)  |
| 9/30/21 | 26.76 | (0.17) | 5.61 | 5.44 |  | (1.38) | (1.38) | 30.82 | 21.05% | 128730 | 1.08% | (0.60%)  |
| 9/30/20 | 21.09 | (0.09) | 7.02 | 6.93 |  | (1.26) | (1.26) | 26.76 | 34.34% | 121843 | 1.09% | (0.38%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$18.25**  | $(0.06)  | $(0.39)<sup>aa</sup>  | $(0.45)  | $—  | $(0.41)  | $(0.41)  | **$17.39**  | (2.76%)<sup>b</sup>  | $74087  | 1.15%<sup>a</sup>  | (0.60%)<sup>a</sup> |
| 9/30/24 | 18.75 | (0.12) | 6.82 | 6.70 |  | (7.20) | (7.20) | 18.25 | 42.90% | 93830 | 1.17% | (0.62%)  |
| 9/30/23 | 16.71 | (0.11) | 5.06 | 4.95 |  | (2.91) | (2.91) | 18.75 | 33.82% | 81524 | 1.20% | (0.64%)  |
| 9/30/22 | 30.82 | (0.16) | (7.63) | (7.79) |  | (6.32) | (6.32) | 16.71 | (32.34%) | 80084 | 1.19% | (0.70%)  |
| 9/30/21 | 26.79 | (0.20) | 5.61 | 5.41 |  | (1.38) | (1.38) | 30.82 | 20.91% | 142265 | 1.18% | (0.69%)  |
| 9/30/20 | 21.13 | (0.11) | 7.03 | 6.92 |  | (1.26) | (1.26) | 26.79 | 34.23% | 202794 | 1.18% | (0.48%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$14.90**  | $(0.06)  | $(0.32)<sup>aa</sup>  | $(0.38)  | $—  | $(0.41)  | $(0.41)  | **$14.11**  | (2.91%)<sup>b</sup>  | $38457  | 1.35%<sup>a</sup>  | (0.79%)<sup>a</sup> |
| 9/30/24 | 16.43 | (0.13) | 5.80 | 5.67 |  | (7.20) | (7.20) | 14.90 | 42.63% | 44207 | 1.35% | (0.80%) |
| 9/30/23 | 15.00 | (0.12) | 4.46 | 4.34 |  | (2.91) | (2.91) | 16.43 | 33.59% | 34246 | 1.35% | (0.80%)  |
| 9/30/22 | 28.32 | (0.18) | (6.82) | (7.00) |  | (6.32) | (6.32) | 15.00 | (32.41%) | 30331 | 1.34% | (0.85%)  |
| 9/30/21 | 24.76 | (0.23) | 5.17 | 4.94 |  | (1.38) | (1.38) | 28.32 | 20.72% | 55690 | 1.33% | (0.85%)  |
| 9/30/20 | 19.64 | (0.13) | 6.51 | 6.38 |  | (1.26) | (1.26) | 24.76 | 34.06% | 60548 | 1.33% | (0.62%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$22.09**  | $(0.02)  | $(0.49)<sup>aa</sup>  | $(0.51)  | $—  | $(0.41)  | $(0.41)  | **$21.17**  | (2.55%)<sup>b</sup>  | $233  | 0.75%<sup>a</sup>  | (0.19%)<sup>a</sup> |
| 9/30/24 | 21.37 | (0.05) | 7.97 | 7.92 |  | (7.20) | (7.20) | 22.09 | 43.40% | 243 | 0.75% | (0.20%) |
| 9/30/23<sup>g</sup> | 18.41 | (0.03) | 2.99 | 2.96 |  |  |  | 21.37 | 16.08%<sup>b</sup> | 116 | 0.76%<sup>a</sup> | (0.20%)<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **83**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Small Company Value Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.65**  | $0.04  | $(0.74)  | $(0.70)  | $(0.14)  | $—  | $(0.14)  | **$8.81**  | (7.48%)<sup>b</sup>  | $16874  | 1.20%<sup>a</sup>  | 0.86%<sup>a</sup>  | 0.82%<sup>a</sup> |
| 9/30/24 | 8.32 | 0.11 | 1.73 | 1.84 | (0.07) | (0.44) | (0.51) | 9.65 | 22.96% | 71068 | 1.06% | 0.86% | 1.22% |
| 9/30/23 | 8.86 | 0.09 | 0.63 | 0.72 | (0.07) | (1.19) | (1.26) | 8.32 | 7.50% | 137558 | 1.01% | 0.86% | 1.05%  |
| 9/30/22 | 12.69 | 0.09 | (2.16) | (2.07) | (0.04) | (1.72) | (1.76) | 8.86 | (19.24%) | 132528 | 0.95% | 0.86% | 0.77%  |
| 9/30/21 | 7.36 | 0.05 | 5.35 | 5.40 | (0.07) |  | (0.07) | 12.69 | 73.67% | 179847 | 0.96% | 0.94% | 0.48%  |
| 9/30/20 | 9.22 | 0.05 | (1.41) | (1.36) | (0.07) | (0.43) | (0.50) | 7.36 | (15.96%) | 86121 | 1.00% | N/A | 0.67%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.76**  | $0.05  | $(0.77)  | $(0.72)  | $(0.13)  | $—  | $(0.13)  | **$8.91**  | (7.59%)<sup>b</sup>  | $9864  | 1.30%<sup>a</sup>  | 0.96%<sup>a</sup>  | 0.93%<sup>a</sup> |
| 9/30/24 | 8.40 | 0.10 | 1.76 | 1.86 | (0.06) | (0.44) | (0.50) | 9.76 | 22.96% | 27755 | 1.17% | 0.96% | 1.13% |
| 9/30/23 | 8.93 | 0.08 | 0.64 | 0.72 | (0.06) | (1.19) | (1.25) | 8.40 | 7.41% | 28982 | 1.11% | 0.96% | 0.94%  |
| 9/30/22 | 12.78 | 0.07 | (2.18) | (2.11) | (0.02) | (1.72) | (1.74) | 8.93 | (19.35%) | 35442 | 1.05% | 0.96% | 0.66%  |
| 9/30/21 | 7.42 | 0.05 | 5.37 | 5.42 | (0.06) |  | (0.06) | 12.78 | 73.32% | 65854 | 1.06% | 1.04% | 0.40%  |
| 9/30/20 | 9.28 | 0.04 | (1.41) | (1.37) | (0.06) | (0.43) | (0.49) | 7.42 | (15.95%) | 48006 | 1.10% | N/A | 0.55%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$9.66**  | $0.04  | $(0.75)  | $(0.71)  | $(0.12)  | $—  | $(0.12)  | **$8.83**  | (7.55%)<sup>b</sup>  | $7808  | 1.40%<sup>a</sup>  | 1.06%<sup>a</sup>  | 0.87%<sup>a</sup> |
| 9/30/24 | 8.32 | 0.09 | 1.75 | 1.84 | (0.06) | (0.44) | (0.50) | 9.66 | 22.83% | 8563 | 1.27% | 1.06% | 1.04% |
| 9/30/23 | 8.86 | 0.08 | 0.62 | 0.70 | (0.05) | (1.19) | (1.24) | 8.32 | 7.24% | 7433 | 1.21% | 1.06% | 0.85%  |
| 9/30/22 | 12.69 | 0.06 | (2.16) | (2.10) | (0.01) | (1.72) | (1.73) | 8.86 | (19.41%) | 7189 | 1.15% | 1.06% | 0.58%  |
| 9/30/21 | 7.37 | 0.03 | 5.34 | 5.37 | (0.05) |  | (0.05) | 12.69 | 73.14% | 8737 | 1.16% | 1.14% | 0.28%  |
| 9/30/20 | 9.23 | 0.04 | (1.42) | (1.38) | (0.05) | (0.43) | (0.48) | 7.37 | (16.11%) | 4281 | 1.20% | N/A | 0.44% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate**  | 24% | 57% | 44% | 42% | 66% | 57% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **84**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$9.33**  | $0.03  | $(0.73)  | $(0.70)  | $(0.10)  | $—  | $(0.10)  | **$8.53**  | (7.62%)<sup>b</sup>  | $5830  | 1.50%<sup>a</sup>  | 1.16%<sup>a</sup>  | 0.70%<sup>a</sup> |
| 9/30/24 | 8.06 | 0.08 | 1.68 | 1.76 | (0.05) | (0.44) | (0.49) | 9.33 | 22.56% | 9342 | 1.37% | 1.16% | 0.94% |
| 9/30/23  | 8.61 | 0.06 | 0.62 | 0.68 | (0.04) | (1.19) | (1.23) | 8.06 | 7.20% | 8981 | 1.31% | 1.16% | 0.75% |
| 9/30/22 | 12.38 | 0.05 | (2.10) | (2.05) |  | (1.72) | (1.72) | 8.61 | (19.50%) | 9380 | 1.25% | 1.16% | 0.47%  |
| 9/30/21 | 7.19 | 0.02 | 5.22 | 5.24 | (0.05) |  | (0.05) | 12.38 | 73.10% | 14862 | 1.26% | 1.24% | 0.20%  |
| 9/30/20 | 9.01 | 0.03 | (1.38) | (1.35) | (0.04) | (0.43) | (0.47) | 7.19 | (16.15%) | 12971 | 1.30% | N/A | 0.36%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.53**  | $0.03  | $(0.67)  | $(0.64)  | $(0.06)  | $—  | $(0.06)  | **$7.83**  | (7.64%)<sup>b</sup>  | $252  | 1.65%<sup>a</sup>  | 1.31%<sup>a</sup>  | 0.63%<sup>a</sup> |
| 9/30/24 | 7.41 | 0.06 | 1.54 | 1.60 | (0.04) | (0.44) | (0.48) | 8.53 | 22.36% | 259 | 1.52% | 1.31% | 0.76% |
| 9/30/23 | 8.01 | 0.05 | 0.57 | 0.62 | (0.03) | (1.19) | (1.22) | 7.41 | 7.00% | 647 | 1.46% | 1.31% | 0.60%  |
| 9/30/22 | 11.65 | 0.03 | (1.95) | (1.92) |  | (1.72) | (1.72) | 8.01 | (19.62%) | 628 | 1.40% | 1.31% | 0.33%  |
| 9/30/21 | 6.78 | 0.00<sup>d</sup> | 4.91 | 4.91 | (0.04) |  | (0.04) | 11.65 | 72.68% | 780 | 1.41% | 1.40% | 0.02%  |
| 9/30/20 | 8.52 | 0.02 | (1.30) | (1.28) | (0.03) | (0.43) | (0.46) | 6.78 | (16.25%) | 882 | 1.45% | N/A | 0.28%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$8.74**  | $0.02  | $(0.68)  | $(0.66)  | $(0.09)  | $—  | $(0.09)  | **$7.99**  | (7.73%)<sup>b</sup>  | $5809  | 1.70%<sup>a</sup>  | 1.36%<sup>a</sup>  | 0.53%<sup>a</sup> |
| 9/30/24 | 7.56 | 0.06 | 1.58 | 1.64 | (0.02) | (0.44) | (0.46) | 8.74 | 22.49% | 7954 | 1.59% | 1.38% | 0.72%  |
| 9/30/23 | 8.14 | 0.04 | 0.59 | 0.63 | (0.02) | (1.19) | (1.21) | 7.56 | 6.96% | 8125 | 1.56% | 1.41% | 0.48%  |
| 9/30/22 | 11.83 | 0.02 | (1.99) | (1.97) |  | (1.72) | (1.72) | 8.14 | (19.76%) | 10387 | 1.50% | 1.41% | 0.22%  |
| 9/30/21 | 6.87 | (0.01) | 4.99 | 4.98 | (0.02) |  | (0.02) | 11.83 | 72.61% | 13826 | 1.51% | 1.49% | (0.06%)  |
| 9/30/20 | 8.64 | 0.01 | (1.33) | (1.32) | (0.02) | (0.43) | (0.45) | 6.87 | (16.45%) | 10694 | 1.55% | N/A | 0.11%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$7.54**  | $0.01  | $(0.59)  | $(0.58)  | $(0.09)  | $—  | $(0.09)  | **$6.87**  | (7.85%)<sup>b</sup>  | $312  | 1.90%<sup>a</sup>  | 1.56%<sup>a</sup>  | 0.26%<sup>a</sup> |
| 9/30/24 | 6.60 | 0.04 | 1.37 | 1.41 | (0.03) | (0.44) | (0.47) | 7.54 | 22.17% | 589 | 1.77% | 1.56% | 0.57% |
| 9/30/23 | 7.25 | 0.02 | 0.53 | 0.55 | (0.01) | (1.19) | (1.20) | 6.60 | 6.79% | 363 | 1.71% | 1.56% | 0.34%  |
| 9/30/22 | 10.73 | 0.01 | (1.77) | (1.76) |  | (1.72) | (1.72) | 7.25 | (19.84%) | 332 | 1.65% | 1.56% | 0.08%  |
| 9/30/21 | 6.23 | (0.02) | 4.52 | 4.50 |  |  |  | 10.73 | 72.23% | 359 | 1.66% | 1.64% | (0.23%)  |
| 9/30/20 | 7.86 | (0.00)<sup>d</sup> | (1.20) | (1.20) | (0.00)<sup>d</sup> | (0.43) | (0.43) | 6.23 | (16.47%) | 151 | 1.70% | N/A | (0.04%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.75**  | $0.05  | $(0.77)  | $(0.72)  | $(0.13)  | $—  | $(0.13)  | **$8.90**  | (7.59%)<sup>b</sup>  | $93  | 1.30%<sup>a</sup>  | 0.96%<sup>a</sup>  | 0.97%<sup>a</sup> |
| 9/30/24 | 8.40 | 0.10 | 1.76 | 1.86 | (0.07) | (0.44) | (0.51) | 9.75 | 22.86% | 102 | 1.17% | 0.96% | 1.14% |
| 9/30/23<sup>g</sup> | 9.59 | 0.06 | (1.25)<sup>aa</sup> | (1.19) |  |  |  | 8.40 | (12.41%)<sup>b</sup> | 88 | 1.11%<sup>a</sup> | 0.96%<sup>a</sup> | 1.02%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **85**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Mid Cap Growth Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$21.93**  | $(0.01)  | $(1.33)  | $(1.34)  | $(0.15)  | $(2.71)  | $(2.86)  | **$17.73**  | (7.76%)<sup>b</sup>  | $3053750  | 0.68%<sup>a</sup>  | 0.66%<sup>a</sup>  | (0.08%)<sup>a</sup> |
| 9/30/24 | 18.72 | (0.01) | 4.29 | 4.28 |  | (1.07) | (1.07) | 21.93 | 23.63% | 3860412 | 0.67% | 0.66% | (0.03%)  |
| 9/30/23  | 18.55  | 0.01  | 2.79  | 2.80  | —  | (2.63)  | (2.63)  | 18.72  | 15.49%  | 3729654  | 0.72%  | 0.68%  | 0.05%  |
| 9/30/22 | 31.23 | (0.05) | (6.68) | (6.73) |  | (5.95) | (5.95) | 18.55 | (26.70%) | 3824988 | 0.71% | 0.69% | (0.19%)  |
| 9/30/21 | 25.51 | (0.08) | 7.39 | 7.31 |  | (1.59) | (1.59) | 31.23 | 29.56% | 6514823 | 0.70% | N/A | (0.26%)  |
| 9/30/20 | 23.34 | 0.01 | 3.43 | 3.44 | (0.01) | (1.26) | (1.27) | 25.51 | 15.23% | 6188463 | 0.71% | N/A | 0.03%  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 3/31/25<sup>r</sup>  | **$21.41**  | $(0.02)  | $(1.30)  | $(1.32)  | $(0.12)  | $(2.71)  | $(2.83)  | **$17.26**  | (7.81%)<sup>b</sup>  | $710229  | 0.78%<sup>a</sup>  | 0.76%<sup>a</sup>  | (0.17%)<sup>a</sup> |
| 9/30/24 | 18.32 | (0.02) | 4.18 | 4.16 |  | (1.07) | (1.07) | 21.41 | 23.48% | 846108 | 0.77% | 0.76% | (0.12%) |
| 9/30/23  | 18.22  | (0.01)<sup>bb</sup>  | 2.74  | 2.73  | —  | (2.63)  | (2.63)  | 18.32  | 15.38%  | 848344  | 0.82%  | 0.78%  | (0.05%)  |
| 9/30/22 | 30.80 | (0.07) | (6.56) | (6.63) |  | (5.95) | (5.95) | 18.22 | (26.76%) | 834945 | 0.81% | 0.79% | (0.30%)  |
| 9/30/21 | 25.20 | (0.11) | 7.30 | 7.19 |  | (1.59) | (1.59) | 30.80 | 29.44% | 1668653 | 0.80% | N/A | (0.36%)  |
| 9/30/20 | 23.08 | (0.02) | 3.40 | 3.38 |  | (1.26) | (1.26) | 25.20 | 15.13% | 1471580 | 0.81% | N/A | (0.07%)  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/25<sup>r</sup>  | **$20.32**  | $(0.03)  | $(1.22)  | $(1.25)  | $(0.10)  | $(2.71)  | $(2.81)  | **$16.26**  | (7.88%)<sup>b</sup>  | $117134  | 0.88%<sup>a</sup>  | 0.86%<sup>a</sup>  | (0.27%)<sup>a</sup> |
| 9/30/24 | 17.45 | (0.04) | 3.98 | 3.94 |  | (1.07) | (1.07) | 20.32 | 23.39% | 144867 | 0.87% | 0.86% | (0.22%) |
| 9/30/23  | 17.48  | (0.03)<sup>bb</sup>  | 2.63  | 2.60  | —  | (2.63)  | (2.63)  | 17.45  | 15.27%  | 138437  | 0.92%  | 0.88%  | (0.15%)  |
| 9/30/22 | 29.82 | (0.09) | (6.30) | (6.39) |  | (5.95) | (5.95) | 17.48 | (26.85%) | 158487 | 0.91% | 0.89% | (0.39%)  |
| 9/30/21 | 24.47 | (0.13) | 7.07 | 6.94 |  | (1.59) | (1.59) | 29.82 | 29.29% | 325714 | 0.90% | N/A | (0.46%)  |
| 9/30/20 | 22.47 | (0.04) | 3.30 | 3.26 |  | (1.26) | (1.26) | 24.47 | 15.00% | 335782 | 0.91% | N/A | (0.17%) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate**  | 17% | 32% | 32% | 22% | 29% | 37% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **86**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$18.52**  | $(0.03)  | $(1.09)  | $(1.12)  | $(0.08)  | $(2.71)  | $(2.79)  | **$14.61**  | (7.92%)<sup>b</sup>  | $94450  | 0.98%<sup>a</sup>  | 0.96%<sup>a</sup>  | (0.37%)<sup>a</sup> |
| 9/30/24 | 16.01 | (0.06) | 3.64 | 3.58 |  | (1.07) | (1.07) | 18.52 | 23.24% | 117654 | 0.97% | 0.96% | (0.33%)  |
| 9/30/23  | 16.24  | (0.04)<sup>bb</sup>  | 2.44  | 2.40  | —  | (2.63)  | (2.63)  | 16.01  | 15.19%  | 123684  | 1.02%  | 0.98%  | (0.25%)  |
| 9/30/22 | 28.15 | (0.10) | (5.86) | (5.96) |  | (5.95) | (5.95) | 16.24 | (26.93%) | 136292 | 1.01% | 0.99% | (0.49%)  |
| 9/30/21 | 23.20 | (0.15) | 6.69 | 6.54 |  | (1.59) | (1.59) | 28.15 | 29.16% | 246666 | 1.00% | N/A | (0.56%)  |
| 9/30/20 | 21.38 | (0.06) | 3.14 | 3.08 |  | (1.26) | (1.26) | 23.20 | 14.92% | 261188 | 1.01% | N/A | (0.27%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$15.82**  | $(0.04)  | $(0.87)  | $(0.91)  | $(0.07)  | $(2.71)  | $(2.78)  | **$12.13**  | (7.98%)<sup>b</sup>  | $32117  | 1.13%<sup>a</sup>  | 1.11%<sup>a</sup>  | (0.53%)<sup>a</sup> |
| 9/30/24 | 13.83 | (0.07) | 3.13 | 3.06 |  | (1.07) | (1.07) | 15.82 | 23.13% | 45671 | 1.12% | 1.11% | (0.48%) |
| 9/30/23 | 14.37 | (0.06)<sup>bb</sup> | 2.15 | 2.09 |  | (2.63) | (2.63) | 13.83 | 14.99% | 46605 | 1.17% | 1.13% | (0.40%)  |
| 9/30/22 | 25.63 | (0.13) | (5.18) | (5.31) |  | (5.95) | (5.95) | 14.37 | (27.06%) | 59611 | 1.16% | 1.14% | (0.66%)  |
| 9/30/21 | 21.28 | (0.17) | 6.11 | 5.94 |  | (1.59) | (1.59) | 25.63 | 28.97% | 155374 | 1.15% | N/A | (0.72%)  |
| 9/30/20 | 19.74 | (0.08) | 2.88 | 2.80 |  | (1.26) | (1.26) | 21.28 | 14.73% | 176500 | 1.16% | N/A | (0.42%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$15.48**  | $(0.04)  | $(0.86)  | $(0.90)  | $(0.05)  | $(2.71)  | $(2.76)  | **$11.82**  | (8.04%)<sup>b</sup>  | $65343  | 1.18%<sup>a</sup>  | 1.16%<sup>a</sup>  | (0.57%)<sup>a</sup> |
| 9/30/24 | 13.57 | (0.08) | 3.06 | 2.98 |  | (1.07) | (1.07) | 15.48 | 22.98% | 75519 | 1.18% | 1.17% | (0.54%)  |
| 9/30/23 | 14.15 | (0.07)<sup>bb</sup> | 2.12 | 2.05 |  | (2.63) | (2.63) | 13.57 | 14.94% | 84046 | 1.27% | 1.23% | (0.50%)  |
| 9/30/22 | 25.35 | (0.14) | (5.11) | (5.25) |  | (5.95) | (5.95) | 14.15 | (27.14%) | 87758 | 1.26% | 1.24% | (0.74%)  |
| 9/30/21 | 21.08 | (0.20) | 6.06 | 5.86 |  | (1.59) | (1.59) | 25.35 | 28.86% | 167114 | 1.25% | N/A | (0.81%)  |
| 9/30/20 | 19.58 | (0.10) | 2.86 | 2.76 |  | (1.26) | (1.26) | 21.08 | 14.64% | 196756 | 1.26% | N/A | (0.52%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.82**  | $(0.04)  | $(0.65)  | $(0.69)  | $(0.05)  | $(2.71)  | $(2.76)  | **$9.37**  | (8.10%)<sup>b</sup>  | $15059  | 1.38%<sup>a</sup>  | 1.36%<sup>a</sup>  | (0.77%)<sup>a</sup> |
| 9/30/24 | 11.42 | (0.09) | 2.56 | 2.47 |  | (1.07) | (1.07) | 12.82 | 22.83% | 17564 | 1.37% | 1.36% | (0.72%) |
| 9/30/23 | 12.30 | (0.08)<sup>bb</sup> | 1.83 | 1.75 |  | (2.63) | (2.63) | 11.42 | 14.70% | 18253 | 1.42% | 1.38% | (0.65%)  |
| 9/30/22 | 22.84 | (0.14) | (4.45) | (4.59) |  | (5.95) | (5.95) | 12.30 | (27.25%) | 19336 | 1.41% | 1.39% | (0.89%)  |
| 9/30/21 | 19.16 | (0.21) | 5.48 | 5.27 |  | (1.59) | (1.59) | 22.84 | 28.65% | 31715 | 1.40% | N/A | (0.96%)  |
| 9/30/20 | 17.93 | (0.12) | 2.61 | 2.49 |  | (1.26) | (1.26) | 19.16 | 14.48% | 31065 | 1.41% | N/A | (0.67%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$21.41**  | $(0.02)  | $(1.31)  | $(1.33)  | $(0.12)  | $(2.71)  | $(2.83)  | **$17.25**  | (7.85%)<sup>b</sup>  | $92  | 0.78%<sup>a</sup>  | 0.76%<sup>a</sup>  | (0.17%)<sup>a</sup> |
| 9/30/24 | 18.32 | (0.02) | 4.18 | 4.16 |  | (1.07) | (1.07) | 21.41 | 23.48% | 114 | 0.77% | 0.76% | (0.12%)  |
| 9/30/23<sup>g</sup> | 18.84 | (0.00)<sup>d,bb</sup> | (0.52)<sup>aa</sup> | (0.52) |  |  |  | 18.32 | (2.76%)<sup>b</sup> | 97 | 0.82%<sup>a</sup> | 0.79%<sup>a</sup> | (0.04%)<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **87**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Small Cap Growth Equity Fund</u>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$16.94**  | $(0.02)  | $(1.61)  | $(1.63)  | $(0.00)<sup>d</sup>  | $(0.82)  | $(0.82)  | **$14.49**  | (10.31%)<sup>b</sup>  | $396686  | 0.87%<sup>a</sup>  | (0.19%)<sup>a</sup>  |
| 9/30/24 | 13.05 | (0.01) | 3.90 | 3.89 |  |  |  | 16.94 | 29.81% | 601905 | 0.85% | (0.03%)  |
| 9/30/23 | 11.96 | 0.01 | 1.08 | 1.09 | (0.00)<sup>d</sup> |  | (0.00)<sup>d</sup> | 13.05 | 9.15% | 562807 | 0.86% | 0.07%  |
| 9/30/22 | 20.88 | (0.02) | (4.41) | (4.43) |  | (4.49) | (4.49) | 11.96 | (26.63%) | 368199 | 0.87% | (0.12%)  |
| 9/30/21 | 16.42 | (0.07) | 5.93 | 5.86 |  | (1.40) | (1.40) | 20.88 | 36.62% | 487031 | 0.86% | (0.37%)  |
| 9/30/20 | 15.30 | (0.03) | 2.97 | 2.94 | (0.14) | (1.68) | (1.82) | 16.42 | 20.54% | 342888 | 0.87% | (0.19%)  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 3/31/25<sup>r</sup>  | **$16.46**  | $(0.02)  | $(1.56)  | $(1.58)  | $—  | $(0.82)  | $(0.82)  | **$14.06**  | (10.33%)<sup>b</sup>  | $88481  | 0.97%<sup>a</sup>  | (0.28%)<sup>a</sup>  |
| 9/30/24 | 12.69 | (0.02) | 3.79 | 3.77 |  |  |  | 16.46 | 29.71% | 101773 | 0.95% | (0.13%)  |
| 9/30/23 | 11.64 | (0.00)<sup>d,bb</sup> | 1.05 | 1.05 |  |  |  | 12.69 | 9.02% | 135631 | 0.96% | (0.02%)  |
| 9/30/22 | 20.47 | (0.04) | (4.30) | (4.34) |  | (4.49) | (4.49) | 11.64 | (26.73%) | 88121 | 0.97% | (0.24%)  |
| 9/30/21 | 16.13 | (0.09) | 5.83 | 5.74 |  | (1.40) | (1.40) | 20.47 | 36.53% | 155912 | 0.96% | (0.47%)  |
| 9/30/20 | 15.06 | (0.04) | 2.91 | 2.87 | (0.12) | (1.68) | (1.80) | 16.13 | 20.40% | 134136 | 0.97% | (0.29%)  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$14.78**  | $(0.03)  | $(1.38)  | $(1.41)  | $—  | $(0.82)  | $(0.82)  | **$12.55**  | (10.35%)<sup>b</sup>  | $10585  | 1.07%<sup>a</sup>  | (0.38%)<sup>a</sup>  |
| 9/30/24 | 11.41 | (0.03) | 3.40 | 3.37 |  |  |  | 14.78 | 29.54% | 12621 | 1.05% | (0.23%)  |
| 9/30/23 | 10.47 | (0.01)<sup>bb</sup> | 0.95 | 0.94 |  |  |  | 11.41 | 8.98% | 13031 | 1.06% | (0.13%)  |
| 9/30/22 | 18.89 | (0.05) | (3.88) | (3.93) |  | (4.49) | (4.49) | 10.47 | (26.82%) | 17932 | 1.06% | (0.34%)  |
| 9/30/21 | 14.99 | (0.10) | 5.40 | 5.30 |  | (1.40) | (1.40) | 18.89 | 36.36% | 36258 | 1.06% | (0.57%)  |
| 9/30/20 | 14.12 | (0.05) | 2.71 | 2.66 | (0.11) | (1.68) | (1.79) | 14.99 | 20.26% | 31977 | 1.07% | (0.39%) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate**  | 35% | 54% | 64% | 75% | 81% | 79% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

---

| | |
|:---|:---|
| e<br>| Amount is less than 0.005%. |

---

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **88**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets<sup>q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$13.01**  | $(0.03)  | $(1.20)  | $(1.23)  | $—  | $(0.82)  | $(0.82)  | **$10.96**  | (10.38%)<sup>b</sup>  | $15327  | 1.17%<sup>a</sup>  | (0.48%)<sup>a</sup>  |
| 9/30/24 | 10.05 | (0.04) | 3.00 | 2.96 |  |  |  | 13.01 | 29.45% | 17985 | 1.15% | (0.33%)  |
| 9/30/23 | 9.24 | (0.02)<sup>bb</sup> | 0.83 | 0.81 |  |  |  | 10.05 | 8.77% | 16287 | 1.17% | (0.23%)  |
| 9/30/22 | 17.21 | (0.05) | (3.43) | (3.48) |  | (4.49) | (4.49) | 9.24 | (26.83%) | 18393 | 1.17% | (0.43%)  |
| 9/30/21 | 13.77 | (0.11) | 4.95 | 4.84 |  | (1.40) | (1.40) | 17.21 | 36.23% | 29715 | 1.16% | (0.67%)  |
| 9/30/20 | 13.10 | (0.06) | 2.51 | 2.45 | (0.10) | (1.68) | (1.78) | 13.77 | 20.16% | 29067 | 1.17% | (0.49%)  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.20**  | $(0.03)  | $(0.92)  | $(0.95)  | $—  | $(0.82)  | $(0.82)  | **$8.43**  | (10.50%)<sup>b</sup>  | $13552  | 1.32%<sup>a</sup>  | (0.63%)<sup>a</sup>  |
| 9/30/24 | 7.90 | (0.04) | 2.34 | 2.30 |  |  |  | 10.20 | 29.11% | 16166 | 1.30% | (0.48%)  |
| 9/30/23 | 7.27 | (0.03)<sup>bb</sup> | 0.66 | 0.63 |  |  |  | 7.90 | 8.67% | 12210 | 1.32% | (0.38%)  |
| 9/30/22 | 14.53 | (0.05) | (2.72) | (2.77) |  | (4.49) | (4.49) | 7.27 | (26.91%) | 11840 | 1.32% | (0.58%)  |
| 9/30/21 | 11.82 | (0.12) | 4.23 | 4.11 |  | (1.40) | (1.40) | 14.53 | 36.02% | 17129 | 1.31% | (0.82%)  |
| 9/30/20 | 11.48 | (0.07) | 2.18 | 2.11 | (0.09) | (1.68) | (1.77) | 11.82 | 20.01% | 15517 | 1.32% | (0.65%)  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.00**  | $(0.03)  | $(0.90)  | $(0.93)  | $—  | $(0.82)  | $(0.82)  | **$8.25**  | (10.51%)<sup>b</sup>  | $14738  | 1.37%<sup>a</sup>  | (0.68%)<sup>a</sup>  |
| 9/30/24 | 7.74 | (0.05) | 2.31 | 2.26 |  |  |  | 10.00 | 29.20% | 17445 | 1.37% | (0.55%)  |
| 9/30/23 | 7.13 | (0.04)<sup>bb</sup> | 0.65 | 0.61 |  |  |  | 7.74 | 8.56% | 15900 | 1.42% | (0.48%)  |
| 9/30/22 | 14.36 | (0.06) | (2.68) | (2.74) |  | (4.49) | (4.49) | 7.13 | (27.06%) | 18688 | 1.42% | (0.69%)  |
| 9/30/21 | 11.71 | (0.13) | 4.18 | 4.05 |  | (1.40) | (1.40) | 14.36 | 35.83% | 31656 | 1.41% | (0.91%)  |
| 9/30/20 | 11.38 | (0.08) | 2.16 | 2.08 | (0.07) | (1.68) | (1.75) | 11.71 | 19.94% | 34699 | 1.42% | (0.74%)  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$7.26**  | $(0.03)  | $(0.62)  | $(0.65)  | $—  | $(0.82)  | $(0.82)  | **$5.79**  | (10.62%)<sup>b</sup>  | $3947  | 1.57%<sup>a</sup>  | (0.88%)<sup>a</sup>  |
| 9/30/24 | 5.63 | (0.05) | 1.68 | 1.63 |  |  |  | 7.26 | 28.95% | 4202 | 1.55% | (0.72%)  |
| 9/30/23 | 5.20 | (0.04)<sup>bb</sup> | 0.47 | 0.43 |  |  |  | 5.63 | 8.27% | 3751 | 1.56% | (0.63%)  |
| 9/30/22 | 11.72 | (0.06) | (1.97) | (2.03) |  | (4.49) | (4.49) | 5.20 | (27.10%) | 3408 | 1.57% | (0.83%)  |
| 9/30/21 | 9.78 | (0.12) | 3.46 | 3.34 |  | (1.40) | (1.40) | 11.72 | 35.63% | 4813 | 1.56% | (1.07%)  |
| 9/30/20 | 9.79 | (0.08) | 1.82 | 1.74 | (0.07) | (1.68) | (1.75) | 9.78 | 19.66% | 3930 | 1.57% | (0.90%)  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$16.45**  | $(0.02)  | $(1.55)  | $(1.57)  | $—  | $(0.82)  | $(0.82)  | **$14.06**  | (10.27%)<sup>b</sup>  | $172  | 0.97%<sup>a</sup>  | (0.28%)<sup>a</sup>  |
| 9/30/24 | 12.69 | (0.02) | 3.78 | 3.76 |  |  |  | 16.45 | 29.63% | 201 | 0.95% | (0.13%)  |
| 9/30/23<sup>g</sup> | 13.36 | (0.00)<sup>d,bb</sup> | (0.67)<sup>aa</sup> | (0.67) |  |  |  | 12.69 | (5.01%)<sup>b</sup> | 95 | 0.97%<sup>a</sup> | (0.00)<sup>a,e</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **89**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Overseas Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$9.53**  | $0.02  | $(0.23)  | $(0.21)  | $(0.16)  | $(0.38)  | $(0.54)  | **$8.78**  | (2.03%)<sup>b</sup>  | $183598  | 0.91%<sup>a</sup>  | 0.79%<sup>a</sup>  | 0.55%<sup>a</sup> |
| 9/30/24 | 8.03 | 0.15 | 1.59 | 1.74 | (0.15) | (0.09) | (0.24) | 9.53 | 22.03% | 304638 | 0.92% | 0.79% | 1.69% |
| 9/30/23 | 6.94 | 0.14 | 1.69 | 1.83 | (0.17) | (0.57) | (0.74) | 8.03 | 26.64% | 268465 | 0.91% | 0.79% | 1.71%  |
| 9/30/22 | 10.17 | 0.16 | (2.40) | (2.24) | (0.15) | (0.84) | (0.99) | 6.94 | (24.66%) | 232441 | 0.91% | 0.79% | 1.75%  |
| 9/30/21 | 7.99 | 0.12 | 2.27 | 2.39 | (0.05) | (0.16) | (0.21) | 10.17 | 30.17% | 383223 | 0.88% | 0.79% | 1.23%  |
| 9/30/20 | 8.35 | 0.05 | (0.07) | (0.02) | (0.19) | (0.15) | (0.34) | 7.99 | (0.59%) | 370549 | 0.89% | 0.83% | 0.68%  |
| **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  | **Class R5**  |
| 3/31/25<sup>r</sup>  | **$9.58**  | $0.03  | $(0.25)  | $(0.22)  | $(0.15)  | $(0.38)  | $(0.53)  | **$8.83**  | (2.13%)<sup>b</sup>  | $112174  | 1.01%<sup>a</sup>  | 0.89%<sup>a</sup>  | 0.59%<sup>a</sup> |
| 9/30/24 | 8.07 | 0.14 | 1.60 | 1.74 | (0.14) | (0.09) | (0.23) | 9.58 | 21.91% | 118322 | 1.02% | 0.89% | 1.62% |
| 9/30/23 | 6.97 | 0.14 | 1.69 | 1.83 | (0.16) | (0.57) | (0.73) | 8.07 | 26.54% | 94523 | 1.01% | 0.89% | 1.64%  |
| 9/30/22 | 10.21 | 0.15 | (2.42) | (2.27) | (0.13) | (0.84) | (0.97) | 6.97 | (24.74%) | 86220 | 1.00% | 0.89% | 1.64%  |
| 9/30/21 | 8.02 | 0.11 | 2.28 | 2.39 | (0.04) | (0.16) | (0.20) | 10.21 | 30.07% | 158046 | 0.98% | 0.89% | 1.11%  |
| 9/30/20 | 8.38 | 0.05 | (0.08) | (0.03) | (0.18) | (0.15) | (0.33) | 8.02 | (0.67%) | 132845 | 0.99% | 0.94% | 0.58%  |
| **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  | **Service Class**  |
| 3/31/25<sup>r</sup>  | **$9.50**  | $0.02  | $(0.24)  | $(0.22)  | $(0.14)  | $(0.38)  | $(0.52)  | **$8.76**  | (2.14%)<sup>b</sup>  | $30222  | 1.11%<sup>a</sup>  | 0.99%<sup>a</sup>  | 0.49%<sup>a</sup> |
| 9/30/24 | 8.01 | 0.13 | 1.58 | 1.71 | (0.13) | (0.09) | (0.22) | 9.50 | 21.71% | 32118 | 1.12% | 0.99% | 1.50%  |
| 9/30/23 | 6.92 | 0.11 | 1.70 | 1.81 | (0.15) | (0.57) | (0.72) | 8.01 | 26.45% | 26462 | 1.11% | 0.99% | 1.31%  |
| 9/30/22 | 10.14 | 0.14 | (2.40) | (2.26) | (0.12) | (0.84) | (0.96) | 6.92 | (24.79%) | 30651 | 1.10% | 0.99% | 1.61%  |
| 9/30/21 | 7.97 | 0.10 | 2.26 | 2.36 | (0.03) | (0.16) | (0.19) | 10.14 | 29.91% | 45454 | 1.08% | 0.99% | 1.02%  |
| 9/30/20 | 8.33 | 0.04 | (0.08) | (0.04) | (0.17) | (0.15) | (0.32) | 7.97 | (0.79%) | 37997 | 1.09% | 1.03% | 0.49% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate**  | 8% | 21% | 16% | 17% | 27% | 34% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **90**<br>|  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  | **Administrative Class**  |
| 3/31/25<sup>r</sup>  | **$9.62**  | $0.02  | $(0.25)  | $(0.23)  | $(0.13)  | $(0.38)  | $(0.51)  | **$8.88**  | (2.24%)<sup>b</sup>  | $12642  | 1.21%<sup>a</sup>  | 1.09%<sup>a</sup>  | 0.38%<sup>a</sup> |
| 9/30/24 | 8.10 | 0.12 | 1.61 | 1.73 | (0.12) | (0.09) | (0.21) | 9.62 | 21.70% | 13616 | 1.22% | 1.09% | 1.37%  |
| 9/30/23 | 6.99 | 0.12 | 1.70 | 1.82 | (0.14) | (0.57) | (0.71) | 8.10 | 26.34% | 13549 | 1.21% | 1.09% | 1.44%  |
| 9/30/22 | 10.24 | 0.13 | (2.43) | (2.30) | (0.11) | (0.84) | (0.95) | 6.99 | (24.93%) | 13633 | 1.20% | 1.09% | 1.47%  |
| 9/30/21 | 8.05 | 0.08 | 2.30 | 2.38 | (0.03) | (0.16) | (0.19) | 10.24 | 29.72% | 19735 | 1.18% | 1.09% | 0.81%  |
| 9/30/20 | 8.40 | 0.03 | (0.07) | (0.04) | (0.16) | (0.15) | (0.31) | 8.05 | (0.77%) | 19034 | 1.19% | 1.14% | 0.38%  |
| **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  | **Class R4**  |
| 3/31/25<sup>r</sup>  | **$9.05**  | $0.00<sup>d</sup>  | $(0.22)  | $(0.22)  | $(0.11)  | $(0.38)  | $(0.49)  | **$8.34**  | (2.28%)<sup>b</sup>  | $11673  | 1.36%<sup>a</sup>  | 1.24%<sup>a</sup>  | 0.07%<sup>a</sup> |
| 9/30/24 | 7.64 | 0.11 | 1.50 | 1.61 | (0.11) | (0.09) | (0.20) | 9.05 | 21.40% | 20001 | 1.37% | 1.24% | 1.28%  |
| 9/30/23 | 6.63 | 0.10 | 1.61 | 1.71 | (0.13) | (0.57) | (0.70) | 7.64 | 26.11% | 18860 | 1.36% | 1.24% | 1.27%  |
| 9/30/22 | 9.75 | 0.11 | (2.29) | (2.18) | (0.10) | (0.84) | (0.94) | 6.63 | (24.94%) | 16144 | 1.35% | 1.24% | 1.34%  |
| 9/30/21 | 7.68 | 0.07 | 2.18 | 2.25 | (0.02) | (0.16) | (0.18) | 9.75 | 29.46% | 20875 | 1.33% | 1.24% | 0.70%  |
| 9/30/20 | 8.03 | 0.02 | (0.06) | (0.04) | (0.16) | (0.15) | (0.31) | 7.68 | (0.90%) | 18019 | 1.34% | 1.28% | 0.28%  |
| **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  | **Class A**  |
| 3/31/25<sup>r</sup>  | **$9.35**  | $0.01  | $(0.24)  | $(0.23)  | $(0.11)  | $(0.38)  | $(0.49)  | **$8.63**  | (2.32%)<sup>b</sup>  | $15508  | 1.41%<sup>a</sup>  | 1.29%<sup>a</sup>  | 0.26%<sup>a</sup> |
| 9/30/24 | 7.88 | 0.10 | 1.56 | 1.66 | (0.10) | (0.09) | (0.19) | 9.35 | 21.38% | 15496 | 1.44% | 1.31% | 1.17%  |
| 9/30/23 | 6.81 | 0.10 | 1.66 | 1.76 | (0.12) | (0.57) | (0.69) | 7.88 | 26.07% | 14642 | 1.46% | 1.34% | 1.21%  |
| 9/30/22 | 9.98 | 0.11 | (2.36) | (2.25) | (0.08) | (0.84) | (0.92) | 6.81 | (25.07%) | 12858 | 1.45% | 1.34% | 1.22%  |
| 9/30/21 | 7.85 | 0.06 | 2.24 | 2.30 | (0.01) | (0.16) | (0.17) | 9.98 | 29.45% | 24231 | 1.43% | 1.34% | 0.59%  |
| 9/30/20 | 8.21 | 0.01 | (0.08) | (0.07) | (0.14) | (0.15) | (0.29) | 7.85 | (1.17%) | 30721 | 1.44% | 1.38% | 0.17%  |
| **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  | **Class R3**  |
| 3/31/25<sup>r</sup>  | **$9.18**  | $(0.00)<sup>d,bb</sup>  | $(0.24)  | $(0.24)  | $(0.09)  | $(0.38)  | $(0.47)  | **$8.47**  | (2.44%)<sup>b</sup>  | $4940  | 1.61%<sup>a</sup>  | 1.49%<sup>a</sup>  | (0.02%)<sup>a</sup> |
| 9/30/24 | 7.74 | 0.08 | 1.54 | 1.62 | (0.09) | (0.09) | (0.18) | 9.18 | 21.26% | 5562 | 1.62% | 1.49% | 0.97%  |
| 9/30/23 | 6.70 | 0.08 | 1.64 | 1.72 | (0.11) | (0.57) | (0.68) | 7.74 | 25.83% | 5064 | 1.61% | 1.49% | 1.01%  |
| 9/30/22 | 9.85 | 0.10 | (2.34) | (2.24) | (0.07) | (0.84) | (0.91) | 6.70 | (25.23%) | 4036 | 1.61% | 1.49% | 1.16%  |
| 9/30/21 | 7.76 | 0.05 | 2.21 | 2.26 | (0.01) | (0.16) | (0.17) | 9.85 | 29.29% | 6971 | 1.58% | 1.49% | 0.51%  |
| 9/30/20 | 8.11 | (0.00)<sup>d</sup> | (0.07) | (0.07) | (0.13) | (0.15) | (0.28) | 7.76 | (1.19%) | 6093 | 1.59% | 1.53% | (0.03%)  |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| 3/31/25<sup>r</sup>  | **$9.58**  | $0.03  | $(0.26)  | $(0.23)  | $(0.15)  | $(0.38)  | $(0.53)  | **$8.82**  | (2.23%)<sup>b</sup>  | $105  | 1.01%<sup>a</sup>  | 0.89%<sup>a</sup>  | 0.59%<sup>a</sup> |
| 9/30/24  | 8.07 | 0.14 | 1.60 | 1.74 | (0.14) | (0.09) | (0.23) | 9.58 | 21.94% | 114 | 1.02% | 0.89% | 1.60% |
| 9/30/23<sup>g</sup> | 8.41 | 0.13 | (0.47)<sup>aa</sup> | (0.34) |  |  |  | 8.07 | (4.04%)<sup>b</sup> | 96 | 1.01%<sup>a</sup> | 0.89%<sup>a</sup> | 2.40%<sup>a</sup> |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **91**<br>|

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------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price International Equity Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup><sup>,</sup>*<sup>m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$12.07**  | $0.08  | $(0.21)  | $(0.13)  | $(0.38)  | $(0.55)  | $(0.93)  | **$11.01**  | (0.74%)<sup>b</sup>  | $439151  | 0.11%<sup>a</sup>  | 0.00%<sup>a</sup>  | 1.51%<sup>a</sup> |
| 9/30/24 | 10.00 | 0.28 | 2.09 | 2.37 | (0.30) |  | (0.30) | 12.07 | 24.27% | 1323502 | 0.10% | 0.00% | 2.63% |
| 9/30/23 | 8.39 | 0.28 | 1.61 | 1.89 | (0.28) | (0.00)<sup>d</sup> | (0.28) | 10.00 | 22.72% | 1442393 | 0.08% | 0.00% | 2.82%  |
| 9/30/22 | 11.71 | 0.32 | (3.16) | (2.84) | (0.32) | (0.16) | (0.48) | 8.39 | (25.28%) | 1272996 | 0.08% | 0.00% | 3.03%  |
| 9/30/21 | 9.51 | 0.27 | 2.10 | 2.37 | (0.17) |  | (0.17) | 11.71 | 25.11% | 1700098 | 0.07% | 0.00% | 2.39%  |
| 9/30/20 | 9.43 | 0.15 | 0.16 | 0.31 | (0.23) |  | (0.23) | 9.51 | 3.11% | 1314433 | 0.65% | 0.55% | 1.63% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate**  | 14% | 32% | 24% | 32% | 28% | 30% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **92**<br>|  |

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 32 series, including the following 10 series listed below (each individually referred to as a "Fund" or collectively as the "Funds"):

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

MassMutual Diversified Value Fund ("Diversified Value Fund")

MM S&P 500<sup>®</sup> Index Fund ("S&P 500 Index Fund")

MassMutual Equity Opportunities Fund ("Equity Opportunities Fund")

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

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

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

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

MassMutual Overseas Fund ("Overseas Fund")

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

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Investment Valuation

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

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

**93**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

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

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

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

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:

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

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

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method ("CVM"), an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company's capital structure assuming that the value of convertible preferred stock is represented by

**94**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

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

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

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

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

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

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

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

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

The Diversified Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of March 31, 2025. For the Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

**95**<br>

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The following is the aggregate value by input level, as of March 31, 2025, for the remaining Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Total Return Bond Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $8221572 | $— | $8221572  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 72499943 |  | 72499943  |
| &nbsp;&nbsp;&nbsp; Municipal Obligations |  | 3297639 |  | 3297639  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 87968953 |  | 87968953  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 2679406 |  | 2679406  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 168048467 |  | 168048467  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 83064769 |  | 83064769  |
| &nbsp;&nbsp;&nbsp; Common Stock | 611830 |  |  | 611830  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 139111 |  | 139111  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 991860 | 77177857 |  | 78169717  |
| Total Investments | $1603690 | $503097717 | $— | $504701407  |
| **Liability Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Loan Commitments<sup>\*\*</sup> | $— | $(31) | $— | $(31)  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $80038 | $— | $80038  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 2093017 |  |  | 2093017  |
| Total | $2093017 | $80038 | $— | $2173055  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(733630) | $— | $(733630)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (215802) |  |  | (215802)  |
| Total | $(215802) | $(733630) | $— | $(949432) |
| **S&P 500 Index Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $2129758584 | $— | $— | $2129758584  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments |  | 11380360 |  | 11380360  |
| Total Investments | $2129758584 | $11380360 | $— | $2141138944  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(97789) | $— | $— | $(97789) |
| **Equity Opportunities Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $470919219 | $6980890<sup>\*</sup> | $— | $477900109  |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  | 941905<sup>\*</sup> |  | 941905  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1114586 | 10558097 |  | 11672683  |
| Total Investments | $472033805 | $18480892 | $— | $490514697 |
| **Blue Chip Growth Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $1902118144 | $2198055 | $— | $1904316199  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 3250346 |  | 3250346  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 16288999 |  |  | 16288999  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3959622 | 25505770 |  | 29465392  |
| Total Investments | $1922366765 | $30954171 | $— | $1953320936 |

---

**96**<br>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Small Company Value Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $57559797 | $156354<sup>\*</sup> | $— | $57716151  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 293257 | 505572 |  | 798829  |
| Total Investments | $57853054 | $661926 | $— | $58514980  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(734) | $— | $(734) |
| **Mid Cap Growth Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $3960636707 | $— | $— | $3960636707  |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  | 1739991 |  | 1739991  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 6235601 | 144009810 |  | 150245411  |
| Total Investments | $3966872308 | $145749801 | $— | $4112622109 |
| **Small Cap Growth Equity Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $526997327 | $— | $— | $526997327  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 1283120 |  |  | 1283120  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3755278 | 14813816 |  | 18569094  |
| Total Investments | $532035725 | $14813816 | $— | $546849541 |
| **Overseas Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $5101282 | $— | $5101282  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 2460552 |  | 2460552  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 10317672 |  |  | 10317672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 9578562 |  | 9578562  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 8548314 |  | 8548314  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 59206057 |  | 59206057  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 51152192 |  | 51152192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 7927603 |  | 7927603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 5141140 |  | 5141140  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1662875 |  | 1662875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 2937545 |  | 2937545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 3125923 |  |  | 3125923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 4870262 | 9012165 |  | 13882427  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 47571012 |  | 47571012  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 2294163 |  | 2294163  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 9515346 |  | 9515346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1741163 |  | 1741163  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 3609290 |  | 3609290  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 3574371 |  | 3574371  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 4837007 |  | 4837007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 4094908 |  | 4094908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 21266862 |  | 21266862  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 3984664 |  |  | 3984664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 844106 | 37827332 |  | 38671438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6048842 | 32832118 |  | 38880960  |

---

**97**<br>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Overseas Fund (Continued)**  | **Overseas Fund (Continued)**  | **Overseas Fund (Continued)**  | **Overseas Fund (Continued)**  | **Overseas Fund (Continued)**  |
| **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  |
| &nbsp;&nbsp;&nbsp; Preferred Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | $— | $1945669 | $— | 1945669  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 1714123 | 4311943 |  | 6026066  |
| Total Investments | $30905592 | $338149471 | $— | $369055063 |
| **MM Select T. Rowe Price International Equity Fund**  |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | $183019 | $— | $— | $183019  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia |  | 5540742 |  | 5540742  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 3340831 |  | 3340831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 8273196 |  |  | 8273196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 17247867 |  |  | 17247867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 726001 | 754431 |  | 1480432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 13330285 | 28712941 |  | 42043226  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1251240 | 1812383 |  | 3063623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 2659210 |  | 2659210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 31583341 |  | 31583341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 27444454 |  | 27444454  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 670026 |  |  | 670026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 663330 | 5949603 |  | 6612933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 1855120 |  | 1855120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 574483 | 20501346 |  | 21075829  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 4279092 |  | 4279092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 691691 | 274001 |  | 965692  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 480815 | 11164503 |  | 11645318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 59794958 |  | 59794958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 2034463 |  | 2034463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 447727 |  | 447727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 554756 |  | 554756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 3226036 |  |  | 3226036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1428762 | 18000411 |  | 19429173  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 3727863 |  | 3727863  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 187091 |  |  | 187091  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 1607202 |  | 1607202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 852864 |  | 852864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 4606927 |  | 4606927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea | 1128854 | 11369966 |  | 12498820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 4272940 |  | 4272940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 783984 | 3555248 |  | 4339232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 1147293 |  | 1147293  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2395970 |  | 2395970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 7025261 |  | 7025261  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 8825776 |  | 8825776  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 18431779 |  | 18431779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 812454 | 1624833 |  | 2437287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 540359 |  | 540359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 6669757 | 40906886 |  | 47576643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 7150761 | 22571016 |  | 29721777  |

---

**98**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **MM Select T. Rowe Price International Equity Fund (Continued)**  | **MM Select T. Rowe Price International Equity Fund (Continued)**  | **MM Select T. Rowe Price International Equity Fund (Continued)**  | **MM Select T. Rowe Price International Equity Fund (Continued)**  | **MM Select T. Rowe Price International Equity Fund (Continued)**  |
| **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  |
| &nbsp;&nbsp;&nbsp; Preferred Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $463598 | $— | $— | $463598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 776008 |  | 776008  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 7900132 | 3213248 |  | 11113380  |
| Total Investments | $73843382 | $364155752 | $— | $437999134  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(49297) | $— | $(49297)  |
| &nbsp;&nbsp;&nbsp; Written Options |  | (2059) |  | (2059)  |
| Total | $— | $(51356) | $— | $(51356) |

---

\* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

\*\* Unfunded bank loan commitments are valued at the unrealized appreciation/ (depreciation) on the commitment.

---

| | |
|:---|:---|
| +<br>| Represents a security at $0 value as of March 31, 2025. <br>|

---

For certain Funds the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, as well as any applicable liabilities for investments purchased on a delayed delivery basis. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2025.

The Funds, with the exception of the Mid Cap Growth Fund, had no Level 3 transfers during the period ended March 31, 2025.

The following table shows the Level 3 transfers for the Mid Cap Growth Fund for the period ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Transfers In**  | **Transfers Out\*** |
|  | **Level 2 - Other** <br>**Significant** <br>**Observable** <br>**Inputs** | **Level 3 -** <br>**Significant** <br>**Unobservable** <br>**Inputs** |
| Mid Cap Growth Fund<sup>+</sup> | $1739991  | $(6326330) |

---

\* Transfers out of Level 3 were attributable to more observable market data.

+ Securities were transferred out of level three at their market value prior to executing a securities purchase agreement for their sale. Securities were transferred into level two at the agreed upon price based on the executed securities purchase agreement.

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.

**99**<br>

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At March 31, 2025, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **Total Return Bond Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*</sup> | $— | $— | $139111 | $139111  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> |  | 80038 |  | 80038  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  |  | 2093017 | 2093017  |
| &nbsp;&nbsp;&nbsp; Total Value | $— | $80038 | $2232128 | $2312166  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $— | $(733630) | $— | $(733630)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  |  | (215802) | (215802)  |
| &nbsp;&nbsp;&nbsp; Total Value | $— | $(733630) | $(215802) | $(949432)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $859890 | $— | $859890  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (3354110) | (3354110)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 462842 | 462842  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $— | $859890 | $(2891268) | $(2031378)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options  | $—  | $—  | $(76089)  | $(76089)  |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  | (370640) |  | (370640)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 1335903 | 1335903  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 179394 | 179394  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $— | $(370640) | $1439208 | $1068568 |
| **S&P 500 Index Fund**  |  |  |  |  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> | $(97789) | $— | $— | $(97789)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(173353) | $— | $— | $(173353)  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(253583) | $— | $— | $(253583) |
| **Small Company Value Fund**  |  |  |  |  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^,^^^</sup> | $— | $(734) | $— | $(734)  |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $4562 | $— | $4562  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $565 | $— | $565 |
| **MM Select T. Rowe Price International Equity Fund**  |  |  |  |  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $— | $(49297) | $— | $(49297)  |
| &nbsp;&nbsp;&nbsp; Written Options<sup>^</sup> | (2059) |  |  | (2059)  |
| &nbsp;&nbsp;&nbsp; Total Value | $(2059) | $(49297) | $— | $(51356)  |

---

**100**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity** <br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **MM Select T. Rowe Price International Equity Fund (Continued)** | **MM Select T. Rowe Price International Equity Fund (Continued)** | **MM Select T. Rowe Price International Equity Fund (Continued)** | **MM Select T. Rowe Price International Equity Fund (Continued)** | **MM Select T. Rowe Price International Equity Fund (Continued)** |
| **Realized Gain (Loss)#** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $214071 | $— | $214071  |
| &nbsp;&nbsp;&nbsp; Written Options | 172917 |  |  | 172917  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $172917 | $214071 | $— | $386988  |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(804251) | $— | $(804251)  |
| &nbsp;&nbsp;&nbsp; Written Options | 9690 |  |  | 9690  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $9690 | $(804251) | $— | $(794561) |

---

\* Statements of Assets and Liabilities location: Investments, at value, open forward contracts, at value, as applicable.

^ Statements of Assets and Liabilities location: Open forward contracts, or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts is reported in "Futures Contracts" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^ Represents forward contracts, which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on forward contracts, futures contracts, swap agreements, or written options, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.  |

---

For the period ended March 31, 2025, the average balances for each derivative type were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  | **Average Balances of Outstanding Derivative Financial Instruments**  |
|  | **Total Return** <br>**Bond Fund**  | **S&P 500** <br>**Index Fund**  | **Small Company Value Fund**  | **MM Select** <br>T. Rowe Price International <br>**Equity Fund**  |
| **Futures Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 1678 | 38 |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short | 126 |  |  |  |
| **Forward Contracts:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD | $3533233 |  | $44467 | $5208315  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD | $15708755 |  | $185304 | $2284928  |
| **Swap Agreements:**  |  |  |  |  |
| **Interest Rate Swaps:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts | $4836000 |  |  |  |
| **Options:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts of Purchased Swaptions | $37885000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Written Options |  |  |  | 267 |

---

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of March 31, 2025. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

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The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Assets Subject to an MNA by Counterparty†**  | **Financial Instruments Available for Offset**  | **Collateral Received\*\*\***  | **Net Amount\***  |
| **Total Return Bond Fund**  | **Total Return Bond Fund**  | **Total Return Bond Fund**  | **Total Return Bond Fund**  | **Total Return Bond Fund**  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | $52552  | $(52552)  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 27486  | (27486)  | —  | —  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A.  | 73536  | —  | —  | 73536  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | 65575 |  |  | 65575 |
|  | $219149  | $(80038)  | $—  | $139111 |

---

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative Liabilities** <br>**Subject to an MNA by Counterparty†**  | **Financial Instruments Available for Offset**  | **Collateral Pledged\*\*\***  | **Net Amount\*\***  |
| **Total Return Bond Fund**  | **Total Return Bond Fund**  | **Total Return Bond Fund**  | **Total Return Bond Fund**  | **Total Return Bond Fund**  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A.  | $(3633)  | $—  | $—  | $(3633)  |
| &nbsp;&nbsp;&nbsp; Bank of New York  | (2747)  | —  | —  | (2747)  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | (675407)  | 52552  | —  | (622855) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | (51843) | 27486 |  | (24357)  |
|  | $(733630)  | $80038  | $—  | $(653592) |
| **MM Select T. Rowe Price International Equity Fund**  | **MM Select T. Rowe Price International Equity Fund**  | **MM Select T. Rowe Price International Equity Fund**  | **MM Select T. Rowe Price International Equity Fund**  | **MM Select T. Rowe Price International Equity Fund**  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | $(49297) | $— | $— | $(49297) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | (46) |  |  | (46) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | (2013) |  |  | (2013) |
|  | $(51356) | $— | $— | $(51356) |

---

\* Represents the net amount receivable from the counterparty in the event of default.

\*\* Represents the net amount payable to the counterparty in the event of default.

\*\*\* The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

---

| | |
|:---|:---|
| <sup>†</sup><br>| *The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.*  |

---

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2025, are discussed below.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund's exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund's current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

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When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of its original counterparty. The Fund will be required to post amounts ("initial margin") with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund's Statement of Assets and Liabilities. Swap agreements are marked to market daily and subsequent payments ("variation margin") are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund's Statement of Assets and Liabilities ("Variation margin on open derivative instruments") and as a component of net change in unrealized appreciation (depreciation) on a Fund's Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the agreement. Upfront

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swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund's current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

Writing put and call options. A Fund may write call options on a security it owns, in a "directional" strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

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When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Hybrid Instruments

A hybrid instrument may be a debt security, preferred stock, warrant, convertible security, certificate of deposit, or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption, or retirement, is determined by reference to one or more underlying assets, indexes, economic factors, or other benchmarks. Because hybrid instruments may be designed to provide indirect exposures to virtually any type of derivative instrument, a Fund may invest in a hybrid instrument for any purpose it might engage in derivatives transactions. Hybrid instruments may take a number of forms, including, for example, debt instruments with interest or principal payments or redemption terms determined by reference to the value of an index, security, or other measure at a future time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities where the conversion terms relate to a particular commodity. The risks of investing in a hybrid instrument may, depending on the nature of the instrument, reflect a combination of the risks of investing in securities, options, futures, currencies or other types of investments, and will depend upon the terms of the instrument. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, and may not be foreseen by the purchaser, such as financial or market developments, economic and political events, the supply and demand of the underlying assets, and interest rate movements. Hybrid instruments may be highly volatile and their use by a Fund may not be successful. The terms of a hybrid instrument may create investment leverage. Hybrid instruments are typically privately issued, presenting credit risk of the issuer, and may be highly illiquid and difficult to value.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be

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reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund's Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

The Total Return Bond Fund entered into certain bank loan agreements which are unfunded ("commitments"). The Total Return Bond Fund is obligated to fund these commitments at the borrower's discretion. At March 31, 2025, the Total Return Bond Fund had sufficient cash and/or securities to cover these commitments.

Commitment interest is marked to market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities. Any change in the unrealized appreciation (depreciation) is shown in the Statement of Operations. At March 31, 2025, the Total Return Bond Fund had the following commitments:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Borrower** | **Par** | **Commitment** <br>**Amount** | **Value** | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| Total Return Bond Fund<br>| Amspec Parent LLC  | $3907 | $3907 | $3900 | $(31) |

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Due to the short-term nature of the repurchase agreements, face value approximates fair value.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced ("TBA") transactions (collectively, the "Forward Transactions") in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund's use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund's obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage- backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities

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or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of March 31, 2025.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

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

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have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

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

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

Foreign Securities

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

Market Risk

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

Federal Income Tax

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

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Dividends and Distributions to Shareholders

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

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

3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives investment advisory fees, based upon each Fund's average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

The Funds' subadvisory fees, if applicable, are paid monthly by MML Advisers out of the investment advisory fees.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investment Advisory Fee**  | **Investment Subadviser(s)**  |
| Total Return Bond Fund  | 0.30% on the first $2 billion; and <br>0.27% on any excess over $2 billion  | Metropolitan West Asset Management, LLC  |
| Diversified Value Fund  | 0.50% on the first $400 million; and <br>0.475% on any excess over $400 million  | Brandywine Global Investment Management, LLC  |
| S&P 500 Index Fund  | 0.10% on the first $2.5 billion; <br>0.08% on the next $2.5 billion; and <br>0.05% on any excess over $5 billion  | Northern Trust Investments, Inc.  |
| Equity Opportunities Fund  | 0.69% on the first $1 billion; and <br>0.64% on any excess over $1 billion  | T. Rowe Price Associates, Inc.; and <br>Wellington Management Company LLP  |
| Blue Chip Growth Fund  | 0.65% on the first $750 million; and <br>0.60% on any excess over $750 million  | Loomis, Sayles & Company, L.P.; and <br>T. Rowe Price Associates, Inc.  |
| Small Company Value Fund  | 0.85% on the first $750 million; and <br>0.80% on any excess over $750 million  | AllianceBernstein L.P.; and <br>American Century Investment Management, Inc.  |
| Mid Cap Growth Fund\*  | 0.67% on the first $2 billion; and <br>0.62% on any excess over $2 billion  | Frontier Capital Management Company, LLC; <br>and T. Rowe Price Associates, Inc.  |
| Small Cap Growth Equity Fund  | 0.80% on the first $1 billion; and <br>0.78% on any excess over $1 billion  | Invesco Advisers, Inc.; and Wellington Management Company LLP  |
| Overseas Fund  | 0.80% on the first $750 million; <br>0.775% on the next $500 million; and 0.75% on any excess over $1.25 billion  | Harris Associates L.P.; and <br>Massachusetts Financial Services Company  |
| MM Select T. Rowe Price <br>International Equity Fund\*\*  | 0.00%  | T. Rowe Price Associates, Inc. |

---

\*

*T. Rowe Price Investment Management, Inc. serves as a sub-subadviser of the Fund.* 

\*\*

*T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, and T. Rowe Price Singapore Private Ltd. each serves as a sub-subadviser of the Fund.*

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Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Total Return Bond Fund\*  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Diversified Value Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| S&P 500 Index Fund  |  | 0.10%  | 0.25%  | 0.35%  | 0.25%  | 0.35%  | 0.25%  | N/A  |
| Equity Opportunities Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Blue Chip Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Small Company Value Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Mid Cap Growth Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Small Cap Growth Equity Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| Overseas Fund  |  | 0.10%  | 0.20%  | 0.30%  | 0.20%  | 0.25%  | 0.20%  | 0.10%  |
| &nbsp;&nbsp;&nbsp; MM Select T. Rowe Price <br>International Equity Fund  |  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A |

---

\*

*Class Y is not currently available for purchase.* 

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class R4 shares and Class A shares of each Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares of each Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund's shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Sales Charges

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. The Distributor retained the following amounts during the period ended March 31, 2025:

---

| | |
|:---|:---|
|  | **Front-End** <br>**Sales Charges** <br>**Retained by** <br>**Distributor**  |
| Blue Chip Growth Fund  | $429 |

---

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2025, no amounts have been retained by the Distributor.

With respect to Class A shares, the Distributor may pay an up-front concession to financial intermediaries through which sales are made as described in the Funds' Prospectus.

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Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class R5**  | **Service** <br>**Class**  | **Administrative** <br>**Class**  | **Class R4**  | **Class A**  | **Class R3**  | **Class Y**  |
| Total Return Bond Fund\*  | 0.33%  | 0.43%  | 0.53%  | 0.63%  | 0.78%  | 0.83%  | 1.03%  | 0.43%  |
| Small Company Value Fund  | 0.86%  | 0.96%  | 1.06%  | 1.16%  | 1.31%  | 1.36%  | 1.56%  | 0.96%  |
| Mid Cap Growth Fund  | 0.66%  | 0.76%  | 0.86%  | 0.96%  | 1.11%  | 1.16%  | 1.36%  | 0.76%  |
| Overseas Fund  | 0.79%  | 0.89%  | 0.99%  | 1.09%  | 1.24%  | 1.29%  | 1.49%  | 0.89%  |
|  MM Select T. Rowe Price International Equity Fund  | 0.00%  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A  | N/A |

---

#

*Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.* 

\* *Class Y is currently not available for purchase.* 

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Affiliated** <br>**Brokerage** <br>**Commissions**  |
| Equity Opportunities Fund  | $784  |
| Blue Chip Growth Fund  | 141  |
| Mid Cap Growth Fund  | 15395  |
| Small Cap Growth Equity Fund  | 5058  |
| MM Select T. Rowe Price International Equity Fund  | 15106 |

---

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended March 31, 2025, brokerage commissions rebated under these agreements were as follows:

---

| | |
|:---|:---|
|  | **Rebated** <br>**Commissions**  |
| Diversified Value Fund | $8377  |
| Blue Chip Growth Fund | 33427  |
| Small Company Value Fund | 3529  |
| Mid Cap Growth Fund | 43251  |
| Small Cap Growth Equity Fund | 12642 |

---

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Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds' books as other liabilities. Deferred compensation is included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds' shares by related parties at March 31, 2025:

---

| | |
|:---|:---|
|  | **Total % Ownership** <br>**by Related Party**  |
| Total Return Bond Fund | 90.1%  |
| Diversified Value Fund | 86.9%  |
| S&P 500 Index Fund | 90.9%  |
| Equity Opportunities Fund | 86.1%  |
| Blue Chip Growth Fund | 91.2%  |
| Small Company Value Fund | 96.9%  |
| Mid Cap Growth Fund | 83.2%  |
| Small Cap Growth Equity Fund | 72.0%  |
| Overseas Fund | 87.0%  |
| MM Select T. Rowe Price International Equity Fund | 100.0% |

---

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S. Government Securities** | **Other Long-Term Securities** | **Long-Term U.S. Government Securities** | **Other Long-Term Securities**  |
| Total Return Bond Fund | $1153758197 | $23086660 | $1388921141 | $99603629  |
| Diversified Value Fund |  | 171319522 |  | 485373543  |
| S&P 500 Index Fund |  | 88606231 |  | 271757391  |
| Equity Opportunities Fund |  | 95768116 |  | 232002460  |
| Blue Chip Growth Fund |  | 182762560 |  | 1023000657  |
| Small Company Value Fund |  | 24047347 |  | 88143813  |
| Mid Cap Growth Fund |  | 769765703 |  | 1412780680  |
| Small Cap Growth Equity Fund |  | 240585325 |  | 419388178  |
| Overseas Fund |  | 32082494 |  | 153017873  |
| MM Select T. Rowe Price International Equity Fund |  | 121780204 |  | 928452068 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases**  | **Sales**  | **Realized** <br>**Gains/(Losses)**  |
| Small Cap Growth Equity Fund  | $537327  | $2812444  | $1475944 |

---

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5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Total Return Bond Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420317 | $45275857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22441643 | $187228333  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1263439 | 10525602 | 5390639 | 45090841  |
| &nbsp;&nbsp;&nbsp; Redeemed | (31624644) | (261359710) | (40424597) | (336587085)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (24940888) | $(205558251) | (12592315) | $(104267911)  |
| **Total Return Bond Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 354691 | $2955943 | 377149 | $3111208  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 54866 | 457033 | 204752 | 1711781  |
| &nbsp;&nbsp;&nbsp; Redeemed | (813838) | (6739516) | (1116848) | (9350102)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (404281) | $(3326540) | (534947) | $(4527113)  |
| **Total Return Bond Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 588385 | $4934080 | 1148962 | $9642593  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 86860 | 728731 | 341613 | 2872017  |
| &nbsp;&nbsp;&nbsp; Redeemed | (558728) | (4686300) | (2956119) | (24899278)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 116517 | $976511 | (1465544) | $(12384668)  |
| **Total Return Bond Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 176879 | $1475641 | 566744 | $4729409  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 19315 | 161200 | 91770 | 767547  |
| &nbsp;&nbsp;&nbsp; Redeemed | (865072) | (7181978) | (634773) | (5289520)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (668878) | $(5545137) | 23741 | $207436  |
| **Total Return Bond Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 769267 | $6454924 | 1086569 | $9155689  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 93140 | 785095 | 365989 | 3088763  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2045141) | (17207426) | (1688377) | (14251287)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1182734) | $(9967407) | (235819) | $(2006835)  |
| **Total Return Bond Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 29893 | $247507 | 223309 | $1845911  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5460 | 45412 | 67816 | 563876  |
| &nbsp;&nbsp;&nbsp; Redeemed | (33827) | (278754) | (1253482) | (10398575)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1526 | $14165 | (962357) | $(7988788)  |
| **Total Return Bond Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 188426 | $1569281 | 383396 | $3213233  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 22596 | 189070 | 87814 | 735708  |
| &nbsp;&nbsp;&nbsp; Redeemed | (406886) | (3395361) | (632353) | (5294770)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (195864) | $(1637010) | (161143) | $(1345829)  |
| **Diversified Value Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 991923 | $10110593 | 1379312 | $15898298  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 28843318 | 299105049  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3408012 | 33364438 | 2858889 | 30192742  |
| &nbsp;&nbsp;&nbsp; Redeemed | (32840303) | (328330918) | (11048940) | (131356683)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (28440368) | $(284855887) | 22032579 | $213839406  |

---

**115**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Diversified Value Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656924 | $16711723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226426 | $2696164  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 4371126 | 45547135  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 749015 | 7377793 | 1107450 | 11632806  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1093880) | (11042678) | (1539188) | (18142030)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1312059 | $13046838 | 4165814 | $41734075  |
| **Diversified Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 435282 | $4434426 | 145297 | $1667995  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 2915026 | 30374561  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 381498 | 3757759 | 346119 | 3628326  |
| &nbsp;&nbsp;&nbsp; Redeemed | (704007) | (7167112) | (197575) | (2344701)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 112773 | $1025073 | 3208867 | $33326181  |
| **Diversified Value Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 268657 | $2793131 | 245315 | $2992424  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1718910 | 18151693  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 340812 | 3408116 | 553817 | 5871193  |
| &nbsp;&nbsp;&nbsp; Redeemed | (963004) | (9509340) | (251558) | (3081404)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (353535) | $(3308093) | 2266484 | $23933906  |
| **Diversified Value Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 41052 | $408148 | 73234 | $859659  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 386549 | 3904151  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 103818 | 991462 | 269050 | 2738796  |
| &nbsp;&nbsp;&nbsp; Redeemed | (285973) | (2979201) | (245888) | (3018829)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (141103) | $(1579591) | 482945 | $4483777  |
| **Diversified Value Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 820949 | $8201136 | 216742 | $2648448  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 2305876 | 23981098  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 402179 | 3961461 | 639483 | 6687395  |
| &nbsp;&nbsp;&nbsp; Redeemed | (490257) | (4999762) | (559566) | (6555824)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 732871 | $7162835 | 2602535 | $26761117  |
| **Diversified Value Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 95243 | $1005615 | 67306 | $830276  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 139481 | 1436650  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 28440 | 276722 | 31139 | 320627  |
| &nbsp;&nbsp;&nbsp; Redeemed | (36894) | (372588) | (37082) | (430017)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 86789 | $909749 | 200844 | $2157536  |
| **Diversified Value Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  | $— | 9333 | $97246  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— | 9333 | $97246  |
| **S&P 500 Index Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 9008398 | $139730416 | 17881796 | $283203856  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9945272 | 148284004 | 5044740 | 75923338  |
| &nbsp;&nbsp;&nbsp; Redeemed | (11614643) | (191541756) | (54954470) | (910235396)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 7339027 | $96472664 | (32027934) | $(551108202)  |

---

**116**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **S&P 500 Index Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738390 | $44229797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011720 | $66394274  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 6434607 | 97033866 | 1560034 | 23681312  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2429112) | (40579099) | (6166700) | (100292328)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 6743885 | $100684564 | (594946) | $(10216742)  |
| **S&P 500 Index Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1578110 | $25853994 | 3587299 | $60401878  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5176707 | 78582408 | 1215358 | 18546365  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4940108) | (76778268) | (5237405) | (87896956)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1814709 | $27658134 | (434748) | $(8948713)  |
| **S&P 500 Index Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1622587 | $25155883 | 3247800 | $52005941  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4559842 | 65752921 | 1067046 | 15664233  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3935789) | (60209061) | (4838903) | (77565236)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2246640 | $30699743 | (524057) | $(9895062)  |
| **S&P 500 Index Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2225062 | $33577032 | 4440701 | $68560137  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 6406078 | 89236664 | 1851384 | 26456272  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6041234) | (94874438) | (10403529) | (163653862)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 2589906 | $27939258 | (4111444) | $(68637453)  |
| **S&P 500 Index Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 386762 | $5715193 | 535359 | $8326840  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 506210 | 6919897 | 80988 | 1142745  |
| &nbsp;&nbsp;&nbsp; Redeemed | (209254) | (2960414) | (255847) | (3982902)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 683718 | $9674676 | 360500 | $5486683  |
| **S&P 500 Index Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3645041 | $51383535 | 6957541 | $101770611  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7050662 | 90177969 | 1381249 | 18550171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3949415) | (54755581) | (7047528) | (103516240)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 6746288 | $86805923 | 1291262 | $16804542  |
| **Equity Opportunities Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 676433 | $12171450 | 2005774 | $35552892  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2857656 | 48808762 | 1162534 | 19844455  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6632079) | (116025652) | (5057774) | (90568923)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3097990) | $(55045440) | (1889466) | $(35171576)  |
| **Equity Opportunities Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 99863 | $1789805 | 223928 | $3994931  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 321984 | 5551007 | 170120 | 2927769  |
| &nbsp;&nbsp;&nbsp; Redeemed | (375039) | (6646808) | (1650846) | (30016504)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 46808 | $694004 | (1256798) | $(23093804)  |
| **Equity Opportunities Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 64655 | $1144441 | 135130 | $2325536  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 233092 | 3862341 | 90012 | 1495996  |
| &nbsp;&nbsp;&nbsp; Redeemed | (811173) | (13791906) | (300135) | (5196204)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (513426) | $(8785124) | (74993) | $(1374672)  |

---

**117**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Equity Opportunities Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84442 | $1444029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224823 | $3766467  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 252204 | 4063000 | 99760 | 1617102  |
| &nbsp;&nbsp;&nbsp; Redeemed | (562769) | (9233550) | (547063) | (9213136)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (226123) | $(3726521) | (222480) | $(3829567)  |
| **Equity Opportunities Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12559 | $190530 | 50804 | $771214  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 88957 | 1250742 | 33538 | 482616  |
| &nbsp;&nbsp;&nbsp; Redeemed | (368037) | (5245122) | (130008) | (1965958)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (266521) | $(3803850) | (45666) | $(712128)  |
| **Equity Opportunities Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 66945 | $1044741 | 137955 | $2121459  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 303117 | 4425513 | 115800 | 1721945  |
| &nbsp;&nbsp;&nbsp; Redeemed | (266165) | (4197373) | (538195) | (8208130)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 103897 | $1272881 | (284440) | $(4364726)  |
| **Equity Opportunities Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 13552 | $182874 | 63474 | $841727  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 77868 | 952321 | 28230 | 360496  |
| &nbsp;&nbsp;&nbsp; Redeemed | (44729) | (572193) | (149743) | (1962028)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 46691 | $563002 | (58039) | $(759805) |
| **Blue Chip Growth Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 4570505 | $106726011 | 14506581 | $322293260  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1912245 | 42145849  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1350159 | 32876382 | 23747709 | 482233203  |
| &nbsp;&nbsp;&nbsp; Redeemed | (34393932) | (834200413) | (23806459) | (530769394)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (28473268) | $(694598020) | 16360076 | $315902918  |
| **Blue Chip Growth Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1800861 | $40952443 | 2384807 | $52685981  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 688894 | 15059203  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 232417 | 5610550 | 4396715 | 88358553  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3332497) | (77126426) | (5762219) | (124316904)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1299219) | $(30563433) | 1708197 | $31786833  |
| **Blue Chip Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 483500 | $10911150 | 802339 | $17379214  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 381628 | 8132475  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140667 | 3308492 | 2350517 | 46294080  |
| &nbsp;&nbsp;&nbsp; Redeemed | (887970) | (19860953) | (1705743) | (37525172)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (263803) | $(5641311) | 1828741 | $34280597  |
| **Blue Chip Growth Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1130043 | $25041090 | 942796 | $19743940  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 1062235 | 21765214  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 165957 | 3748973 | 2769750 | 52610505  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2273376) | (49523872) | (2439240) | (51624525)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (977376) | $(20733809) | 2335541 | $42495134  |

---

**118**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Blue Chip Growth Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145923 | $2803583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562666 | $10895305  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 57555 | 1043472  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 64911 | 1294320 | 1045216 | 17758272  |
| &nbsp;&nbsp;&nbsp; Redeemed | (505564) | (9821143) | (906206) | (17302306)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (294730) | $(5723240) | 759231 | $12394743  |
| **Blue Chip Growth Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 298528 | $5687445 | 861648 | $16135931  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 629713 | 11372657  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 103056 | 2045665 | 1715998 | 28958359  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1282835) | (24116529) | (2411742) | (46645785)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (881251) | $(16383419) | 795617 | $9821162  |
| **Blue Chip Growth Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 279509 | $4345848 | 705624 | $11199066  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 106722 | 1573096  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 70658 | 1139715 | 1126805 | 15868729  |
| &nbsp;&nbsp;&nbsp; Redeemed | (593322) | (9139569) | (1055463) | (16839809)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (243155) | $(3654006) | 883688 | $11801082  |
| **Blue Chip Growth Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 451 | $11000 |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued - merger |  |  | 5569 | 121749  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8 | 184 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (459) | (10704) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $480 | 5569 | $121749 |
| **Small Company Value Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 243756 | $2390157 | 1272906 | $11240452  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 97261 | 983305 | 894853 | 7650993  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5790784) | (57145814) | (11339549) | (97970990)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (5449767) | $(53772352) | (9171790) | $(79079545)  |
| **Small Company Value Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 146560 | $1428860 | 403479 | $3617376  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 34122 | 349063 | 198113 | 1713680  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1918871) | (17657557) | (1206450) | (10723332)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1738189) | $(15879634) | (604858) | $(5392276)  |
| **Small Company Value Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 56874 | $560400 | 122033 | $1066662  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 10191 | 103340 | 52144 | 447396  |
| &nbsp;&nbsp;&nbsp; Redeemed | (68783) | (665141) | (180619) | (1650865)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1718) | $(1401) | (6442) | $(136807)  |
| **Small Company Value Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 22875 | $212283 | 73737 | $628404  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 8863 | 86945 | 63847 | 529294  |
| &nbsp;&nbsp;&nbsp; Redeemed | (349224) | (3165584) | (251260) | (2135793)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (317486) | $(2866356) | (113676) | $(978095)  |

---

**119**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Small Company Value Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 | $25045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | $17351  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 149 | 1342 | 4807 | 36483  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1234) | (10640) | (64064) | (525495)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1809 | $15747 | (57022) | $(471661)  |
| **Small Company Value Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 29847 | $258547 | 120832 | $972575  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7890 | 72426 | 62559 | 486085  |
| &nbsp;&nbsp;&nbsp; Redeemed | (220911) | (1891197) | (347113) | (2864217)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (183174) | $(1560224) | (163722) | $(1405557)  |
| **Small Company Value Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1396 | $10591 | 49684 | $367492  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 697 | 5510 | 3903 | 26231  |
| &nbsp;&nbsp;&nbsp; Redeemed | (34800) | (256448) | (30479) | (214013)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (32707) | $(240347) | 23108 | $179710  |
| **Mid Cap Growth Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 7031347 | $145123653 | 25331257 | $521232799  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 23447633 | 474814572 | 10621771 | 205106388  |
| &nbsp;&nbsp;&nbsp; Redeemed | (34248714) | (702870543) | (59133882) | (1206434809)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3769734) | $(82932318) | (23180854) | $(480095622)  |
| **Mid Cap Growth Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2496559 | $49441880 | 4750225 | $93936863  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5463692 | 107689368 | 2446975 | 46174419  |
| &nbsp;&nbsp;&nbsp; Redeemed | (6322889) | (125577301) | (13988989) | (273917347)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 1637362 | $31553947 | (6791789) | $(133806065)  |
| **Mid Cap Growth Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 349453 | $6518655 | 726026 | $13624163  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 997279 | 18529441 | 452119 | 8101965  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1273347) | (24492330) | (1981195) | (37145136)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 73385 | $555766 | (803050) | $(15419008)  |
| **Mid Cap Growth Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 331248 | $5563468 | 661045 | $11360613  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1021781 | 17063745 | 476698 | 7794010  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1241727) | (20858713) | (2510953) | (42951684)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 111302 | $1768500 | (1373210) | $(23797061)  |
| **Mid Cap Growth Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 126106 | $1771766 | 514890 | $7702603  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 531376 | 7370190 | 245955 | 3438451  |
| &nbsp;&nbsp;&nbsp; Redeemed | (896705) | (12783068) | (1242139) | (18105048)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (239223) | $(3641112) | (481294) | $(6963994)  |
| **Mid Cap Growth Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 256345 | $3615713 | 721901 | $10278268  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 960411 | 12984755 | 478424 | 6549619  |
| &nbsp;&nbsp;&nbsp; Redeemed | (569185) | (8225796) | (2515639) | (36337295)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 647571 | $8374672 | (1315314) | $(19509408)  |

---

**120**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Mid Cap Growth Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152581 | $1675584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234390 | $2801988  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 333652 | 3576753 | 128385 | 1457171  |
| &nbsp;&nbsp;&nbsp; Redeemed | (249175) | (2891851) | (590206) | (7056168)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 237058 | $2360486 | (227431) | $(2797009)  |
| **Small Cap Growth Equity Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3996957 | $67085535 | 9126799 | $135388712  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1765122 | 30024725 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (13928474) | (234314928) | (16715625) | (253881009)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (8166395) | $(137204668) | (7588826) | $(118492297)  |
| **Small Cap Growth Equity Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1573336 | $25198820 | 1763219 | $25492664  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 302392 | 4992496 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1766601) | (28659631) | (6263728) | (91299384)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 109127 | $1531685 | (4500509) | $(65806720)  |
| **Small Cap Growth Equity Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 104149 | $1419417 | 106760 | $1395315  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 42390 | 624408 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (156972) | (2392952) | (394807) | (5205927)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (10433) | $(349127) | (288047) | $(3810612)  |
| **Small Cap Growth Equity Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 107407 | $1372336 | 199561 | $2308294  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 87207 | 1122350 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (178158) | (2199869) | (437139) | (5128488)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 16456 | $294817 | (237578) | $(2820194)  |
| **Small Cap Growth Equity Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 166678 | $1582570 | 427153 | $3931136  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 127427 | 1262806 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (271978) | (2680316) | (388948) | (3564960)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 22127 | $165060 | 38205 | $366176  |
| **Small Cap Growth Equity Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 72651 | $719380 | 257664 | $2292429  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 141928 | 1376700 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (172944) | (1696037) | (566254) | (4962425)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 41635 | $400043 | (308590) | $(2669996)  |
| **Small Cap Growth Equity Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 76050 | $488054 | 183703 | $1196568  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 69197 | 471231 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (42642) | (303663) | (270726) | (1804989)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 102605 | $655622 | (87023) | $(608421)  |
| **Small Cap Growth Equity Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 9 | $134 | 5023 | $75821  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 234 | 3863 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (177) | (2899) | (315) | (4722)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 66 | $1098 | 4708 | $71099  |

---

**121**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Overseas Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732958 | $24003065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775179 | $83758456  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1809114 | 15323195 | 949009 | 8019124  |
| &nbsp;&nbsp;&nbsp; Redeemed | (15581038) | (132714679) | (12188077) | (104741098)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (11038966) | $(93388419) | (1463889) | $(12963518)  |
| **Overseas Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1346737 | $11932291 | 2940601 | $25741768  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 767488 | 6546674 | 302057 | 2570505  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1758633) | (15643378) | (2604259) | (22568887)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 355592 | $2835587 | 638399 | $5743386  |
| **Overseas Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 205298 | $1777410 | 415812 | $3629239  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 207084 | 1751931 | 85481 | 721463  |
| &nbsp;&nbsp;&nbsp; Redeemed | (340997) | (2992155) | (426145) | (3662977)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 71385 | $537186 | 75148 | $687725  |
| **Overseas Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 57295 | $509409 | 196998 | $1708302  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 82763 | 710106 | 41650 | 356111  |
| &nbsp;&nbsp;&nbsp; Redeemed | (131827) | (1180025) | (495505) | (4465978)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 8231 | $39490 | (256857) | $(2401565)  |
| **Overseas Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 177294 | $1486073 | 387048 | $3187726  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 104566 | 842804 | 57987 | 467372  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1091492) | (9237721) | (704963) | (5727448)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (809632) | $(6908844) | (259928) | $(2072350)  |
| **Overseas Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 359696 | $3123738 | 237801 | $2033363  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 87306 | 728130 | 42107 | 350333  |
| &nbsp;&nbsp;&nbsp; Redeemed | (306893) | (2721231) | (481071) | (4149786)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 140109 | $1130637 | (201163) | $(1766090)  |
| **Overseas Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 40170 | $335485 | 156468 | $1312199  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 32873 | 269229 | 14686 | 120130  |
| &nbsp;&nbsp;&nbsp; Redeemed | (95648) | (814889) | (219162) | (1850840)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (22605) | $(210175) | (48008) | $(418511)  |
| **Overseas Fund Class Y**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold  |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease)  | —  | $—  | —  | $—  |

---

**122**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price International Equity Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9704142 | $105127399 | 19424114 | $209420663  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 9502177 | 100247972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201617 | 43276659  |
| &nbsp;&nbsp;&nbsp; Redeemed | (88997928) | (929834523) | (58164248) | (652613718)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (69791609) | $(724459152) | (34538517) | $(399916396) |

---

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At March 31, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis Unrealized Appreciation** | **Tax Basis Unrealized (Depreciation)** | **Net Unrealized Appreciation (Depreciation)**  |
| Total Return Bond Fund | $515876463 | $4603460 | $(15778516) | $(11175056)  |
| Diversified Value Fund | 320379299 | 26229954 | (11478440) | 14751514  |
| S&P 500 Index Fund | 1095881536 | 1092325785 | (47068377) | 1045257408  |
| Equity Opportunities Fund | 411624389 | 90718169 | (11827861) | 78890308  |
| Blue Chip Growth Fund | 1183282532 | 804358677 | (34320273) | 770038404  |
| Small Company Value Fund | 59890528 | 4680785 | (6056333) | (1375548)  |
| Mid Cap Growth Fund | 3692063314 | 759283723 | (338724928) | 420558795  |
| Small Cap Growth Equity Fund | 515725283 | 81459244 | (50334986) | 31124258  |
| Overseas Fund | 313080466 | 83151011 | (27176414) | 55974597  |
| MM Select T. Rowe Price International Equity Fund | 388414687 | 69038152 | (19453705) | 49584447 |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term** <br>**Capital Loss** <br>**Carryforward**  | **Long Term** <br>**Capital Loss** <br>**Carryforward**  |
| Total Return Bond Fund  | $(38495758)  | $(73363841)  |
| Small Company Value Fund  | —  | (2131242) |

---

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2024, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount**  |
| Blue Chip Growth Fund  | $3624540 |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain**  |
| Total Return Bond Fund  | $54849995  | $—  |
| Diversified Value Fund  | 13508689  | 47599813  |
| S&P 500 Index Fund  | 31998778  | 147970244  |
| Equity Opportunities Fund  | 7817503  | 20673701  |
| Blue Chip Growth Fund  | —  | 743603796  |
| Small Company Value Fund  | 3107420  | 7799531  |
| Mid Cap Growth Fund  | —  | 280434499  |
| Small Cap Growth Equity Fund  | —  | —  |
| Overseas Fund  | 7593369  | 5020079  |
| MM Select T. Rowe Price International Equity Fund  | 43276659  |  |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2024:

---

| | |
|:---|:---|
|  | **Amount**  |
| Overseas Fund  | $1083555  |
| MM Select T. Rowe Price International Equity Fund  | 5325391 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2024, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred trustee compensation, and other temporary basis adjustments.

At September 30, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income**  | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss** <br>**Carryover)**  | **Other** <br>**Temporary** <br>**Differences**  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Total**  |
| Total Return Bond Fund  | $3049544  | $(112427440)  | $(98127)  | $(6693783)  | $(116169806)  |
| Diversified Value Fund  | 10113075  | 37339701  | (207765)  | 79803511  | 127,048,522\*  |
| S&P 500 Index Fund  | 19935908  | 514544800  | (280136)  | 1248705696  | 1782906268  |
| Equity Opportunities Fund  | 7327890  | 55642119  | (74117)  | 149032686  | 211928578  |
| Blue Chip Growth Fund  | —  | 18247274  | (212741)  | 1172248863  | 1190283396  |
| Small Company Value Fund  | 1604586  | (2131242)  | (42065)  | 7102470  | 6533749  |
| Mid Cap Growth Fund  | 26702903  | 554244031  | (306322)  | 1087474115  | 1668114727  |
| Small Cap Growth Equity Fund  | 37939  | 27546838  | (67626)  | 165923609  | 193440760  |
| Overseas Fund  | 8106177  | 17875258  | (65995)  | 86284996  | 112200436  |
|  MM Select T. Rowe Price International Equity Fund  | 39384713  | 56061893  | (21314)  | 193075806  | 288501098 |

---

\* *This total comprises $9,916,801 of Undistributed Ordinary Income and $35,668,318 of Undistributed Long Term Capital Gains related to undistributed amounts that were acquired from the MassMutual Fundamental Value Fund ("Fundamental Value Fund"). These amounts were distributed in December of 2024.*

The Funds did not have any unrecognized tax benefits at March 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

&nbsp;&nbsp;&nbsp;&nbsp;7. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;8. New Accounting Pronouncements

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

MML Advisers acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;9. Subsequent Events

In preparation of these financial statements, management has evaluated the events and transactions subsequent to March 31, 2025, through the date when the financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Funds' financial statements other than those disclosed below.

Effective April 25, 2025, BlackRock Investment Management, LLC replaced Northern Trust Investments, Inc. as subadviser of the Fund.

10. Upcoming Fund Mergers

The respective Board of Trustees of each Selling Fund and each Acquiring Fund, as applicable, has approved the reorganization of each Selling Fund listed in the table below (each, a "Selling Fund") with and into the corresponding Acquiring Fund listed in the table below (each, an "Acquiring Fund"). Subject to the satisfaction of certain conditions, the reorganizations are expected to occur in September 2025. No shareholder approval is required to effect the reorganization of the Selling Funds into the corresponding Acquiring Funds. No assurance can be given that the reorganizations will occur. None of the reorganizations is contingent upon any other reorganization.

---

| | |
|:---|:---|
| **Selling Funds** | **Acquiring Funds**  |
| Equity Opportunities Fund<br>(a series of MassMutual Select Funds) | Diversified Value Fund<br>(a series of MassMutual Select Funds)  |
| Total Return Bond Fund<br>(a series of MassMutual Select Funds) | MassMutual Core Bond Fund<br>(a series of MassMutual Premier Funds) |

---

**125**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

Under the terms of the proposed Agreement and Plan of Reorganization, each Selling Fund's assets and liabilities would be transferred to the corresponding Acquiring Fund in return for shares of the Acquiring Fund with an aggregate net asset value equal to the aggregate value of the assets that it receives from its corresponding Selling Fund, less the liabilities it assumes from that corresponding Selling Fund. The Acquiring Fund shares would be distributed pro rata to shareholders of the respective Selling Fund, in liquidation of the Selling Fund. Current shareholders of the Selling Fund would thus become shareholders of the applicable Acquiring Fund and would receive shares of the applicable Acquiring Fund with a value equal to their shares of the Selling Fund at the time of the reorganization. Assuming certain conditions are satisfied, each reorganization is expected to be a tax-free event for U.S. federal income tax purposes.

11. Upcoming Fund Liquidations

The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the Small Company Value Fund and MM Select T. Rowe Price International Equity Fund (each, a "Fund") will be dissolved. Effective on or about September 12, 2025 (the "Termination Date"), shareholders of the various classes of shares of each Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**127**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**128**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**129**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Trustees' Approval of Investment Advisory Contracts

At their meeting in March 2025, the Trustees, including the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the "Independent Trustees"), reviewed and approved a new subadvisory agreement with BlackRock Investment Management, LLC ("BlackRock") for the S&P 500 Index Fund (the "Fund" and the "New Subadvisory Agreement"). In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreement, the Independent Trustees discussed and considered a wide range of information about, among other things: (i) BlackRock and its personnel with responsibility for providing services to the Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of the services that BlackRock will provide under the New Subadvisory Agreement; (iv) the historical investment performance track record of BlackRock; and (v) the fees payable to BlackRock by MML Advisers and the effect of such fees on the profitability to MML Advisers.

Prior to the vote being taken to approve the New Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

Based on the foregoing, and following their review, the Trustees concluded, with respect to the New Subadvisory Agreement, that (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement; (ii) MML Advisers' projected level of profitability due to the New Subadvisory Agreement is not excessive and the subadvisory fee amount under the New Subadvisory Agreement is fair and reasonable; (iii) the investment process and expertise of BlackRock appear well-suited to the Fund given its investment objective and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable with respect to the Fund, and are in the best interests of the Fund's shareholders. After carefully considering the information summarized above, the Trustees, including a majority of the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.

The New Subadvisory Agreement became effective on April 25, 2025.

**130**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

![](mml2006_fc_02new.jpg)

------

**[**TABLE OF CONTENTS**](#TOC)**

**Table of Contents** 

Please note the Semi-annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments (Unaudited) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual 20/80 Allocation Fund](#poi1) | &nbsp;&nbsp; [1](#poi1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual 40/60 Allocation Fund](#poi2) | &nbsp;&nbsp; [2](#poi2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual 60/40 Allocation Fund](#poi3) | &nbsp;&nbsp; [3](#poi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual 80/20 Allocation Fund](#poi4) | &nbsp;&nbsp; [4](#poi4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement Balanced Fund](#poi5) | &nbsp;&nbsp; [5](#poi5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2005 Fund](#poi6) | &nbsp;&nbsp; [6](#poi6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2010 Fund](#poi7) | &nbsp;&nbsp; [7](#poi7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2015 Fund](#poi8) | &nbsp;&nbsp; [8](#poi8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2020 Fund](#poi9) | &nbsp;&nbsp; [9](#poi9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2025 Fund](#poi10) | &nbsp;&nbsp; [10](#poi10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2030 Fund](#poi11) | &nbsp;&nbsp; [11](#poi11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2035 Fund](#poi12) | &nbsp;&nbsp; [12](#poi12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2040 Fund](#poi13) | &nbsp;&nbsp; [13](#poi13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2045 Fund](#poi14) | &nbsp;&nbsp; [14](#poi14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2050 Fund](#poi15) | &nbsp;&nbsp; [15](#poi15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2055 Fund](#poi16) | &nbsp;&nbsp; [16](#poi16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2060 Fund](#poi17) | &nbsp;&nbsp; [17](#poi17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Retirement 2065 Fund](#poi18) | &nbsp;&nbsp; [18](#poi18) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#sal) | &nbsp;&nbsp; [19](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop1) | &nbsp;&nbsp; [31](#sop1) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna1) | &nbsp;&nbsp; [37](#scna1) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp; [47](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | &nbsp;&nbsp; [69](#notes) |
| **[Item 8.](#it8)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies. ](#it8)**<br>| &nbsp;&nbsp; [100](#it8) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#it9)** | &nbsp;&nbsp; [101](#it9) |
| **[Item 10.](#it10)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. ](#it10)**<br>| &nbsp;&nbsp; [102](#it10) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#it11)** | &nbsp;&nbsp; [103](#it11) |

---

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

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

 **MassMutual 20/80 Allocation Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 19.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; DFA Commodity Strategy <br>Portfolio | 203598 | $985416  |
| &nbsp;&nbsp;&nbsp; Invesco Real Estate Fund, <br>Class R6 | 41337 | 705217  |
|  MassMutual Blue Chip Growth Fund, Class I (a) | 170207 | 3633908  |
|  MassMutual Diversified Value Fund, Class I (a) | 413789 | 4071685  |
|  MassMutual Equity Opportunities Fund, Class I (a) | 282196 | 4743713  |
|  MassMutual International Equity Fund, Class I (a) | 158121 | 1312403  |
|  MassMutual Mid Cap Growth Fund, Class I (a) | 52529 | 931341  |
| &nbsp;&nbsp;&nbsp; MassMutual Overseas Fund, <br>Class I (a) | 285577 | 2507365  |
|  MassMutual Small Cap Growth Equity Fund, Class I (a) | 17436 | 252824  |
| &nbsp;&nbsp;&nbsp; MM S&P 500 Index Fund, <br>Class I (a) | 583322 | 8090680  |
|  Vanguard Developed Markets Index Fund, Admiral Shares | 171829 | 2807692  |
|  Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 28623 | 1073646  |
|  Vanguard Mid-Cap Index Fund, Admiral Shares | 7579 | 2427303  |
|  Vanguard Small-Cap Index Fund, Admiral Shares | 10065 | 1069293  |
|  |  | 34612486  |
| **Fixed Income Funds — 80.2%**<br>|  |  |
|  Invesco International Bond Fund, Class R6 | 1634097 | 7190029  |
| &nbsp;&nbsp;&nbsp; MassMutual Core Bond Fund, <br>Class I (a) | 7016821 | 63923244  |
|  MassMutual Global Floating Rate Fund, Class I (a) | 25986 | 224000  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 63826 | 508696  |
|  MassMutual Inflation-Protected and Income Fund, Class I (a) | 75197 | 712869  |
|  MassMutual Short-Duration Bond Fund, Class I (a) | 1244346 | 11522642  |
|  MassMutual Total Return Bond Fund, Class I (a) | 4840634 | 40612916  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Vanguard Long-Term Treasury Index Fund, Admiral Shares | 158296 | $3055109  |
|  Vanguard Total Bond Market Index Fund, Institutional Shares | 1281108 | 12362691  |
|  |  | 140112196  |
| **TOTALMUTUALFUNDS**<br>**(Cost $182,714,927)** |  | **174724682**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $182,714,927)** |  | **174724682** |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $182,714,927) (b)**  |  | **174724682** |
| **Other Assets/**<br>(Liabilities) — (0.0)%  |  | **(48621)** |
| **NET ASSETS — 100.0%**  |  | **$174676061** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual 40/60 Allocation Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 39.6%**<br>|  |  |
| DFA Commodity Strategy Portfolio | 208158 | $1007486  |
| Invesco Real Estate Fund, Class R6 | 82041 | 1399611  |
|  MassMutual Blue Chip Growth Fund, Class I (a) | 347196 | 7412639  |
|  MassMutual Diversified Value Fund, Class I (a) | 837939 | 8245317  |
|  MassMutual Equity Opportunities Fund, Class I (a) | 572047 | 9616107  |
|  MassMutual International Equity Fund, Class I (a) | 318999 | 2647688  |
|  MassMutual Mid Cap Growth Fund, Class I (a) | 105004 | 1861718  |
| &nbsp;&nbsp;&nbsp; MassMutual Overseas Fund, <br>Class I (a) | 594024 | 5215529  |
|  MassMutual Small Cap Growth Equity Fund, Class I (a) | 34745 | 503801  |
| &nbsp;&nbsp;&nbsp; MM S&P 500 Index Fund, <br>Class I (a) | 1192797 | 16544095  |
|  Vanguard Developed Markets Index Fund, Institutional Shares | 350441 | 5733207  |
|  Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 55315 | 2074874  |
|  Vanguard Mid-Cap Index Fund, Admiral Shares | 15005 | 4805823  |
|  Vanguard Small-Cap Index Fund, Admiral Shares | 19776 | 2100993  |
|  |  | 69168888  |
| **Fixed Income Funds — 60.5%**<br>|  |  |
|  Invesco International Bond Fund, Class R6 | 1220491 | 5370161  |
| &nbsp;&nbsp;&nbsp; MassMutual Core Bond Fund, <br>Class I (a) | 5272308 | 48030723  |
|  MassMutual Global Floating Rate Fund, Class I (a) | 19867 | 171252  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 47325 | 377176  |
|  MassMutual Inflation-Protected and Income Fund, Class I (a) | 57974 | 549598  |
|  MassMutual Short-Duration Bond Fund, Class I (a) | 943694 | 8738604  |
|  MassMutual Total Return Bond Fund, Class I (a) | 3630162 | 30457060  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Vanguard Long-Term Treasury Index Fund, Admiral Shares | 132884 | $2564666  |
|  Vanguard Total Bond Market Index Fund, Institutional Shares | 975812 | 9416584  |
|  |  | 105675824  |
| **TOTAL MUTUAL FUNDS**<br>**(Cost $182,849,606)** |  | **174844712**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $182,849,606)** |  | **174844712** |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $182,849,606) (b)** |  | **174844712** |
| **Other Assets/**<br>(Liabilities) — (0.1)%  |  | **(113098)** |
| **NET ASSETS — 100.0%**  |  | **$174731614** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual 60/40 Allocation Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 59.4%**<br>|  |  |
| DFA Commodity Strategy Portfolio | 193540 | $936733  |
| &nbsp;&nbsp;&nbsp; Invesco Real Estate Fund, <br>Class R6 | 105549 | 1800661  |
|  MassMutual Blue Chip Growth Fund, Class I (a) | 446460 | 9531916  |
|  MassMutual Diversified Value Fund, Class I (a) | 1080343 | 10630570  |
|  MassMutual Equity Opportunities Fund, Class I (a) | 739842 | 12436743  |
|  MassMutual International Equity Fund, Class I (a) | 376111 | 3121719  |
|  MassMutual Mid Cap Growth Fund, Class I (a) | 133745 | 2371293  |
| &nbsp;&nbsp;&nbsp; MassMutual Overseas Fund, <br>Class I (a) | 714757 | 6275564  |
|  MassMutual Small Cap Growth Equity Fund, Class I (a) | 44239 | 641471  |
| &nbsp;&nbsp;&nbsp; MM S&P 500 Index Fund, <br>Class I (a) | 1528281 | 21197262  |
|  Vanguard Developed Markets Index Fund, Institutional Shares | 488875 | 7997998  |
|  Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 75463 | 2830620  |
|  Vanguard Mid-Cap Index Fund, Admiral Shares | 20516 | 6571002  |
|  Vanguard Small-Cap Index Fund, Admiral Shares | 27084 | 2877374  |
|  |  | 89220926  |
| **Fixed Income Funds — 40.7%**<br>|  |  |
|  Invesco International Bond Fund, Class R6 | 701806 | 3087948  |
| &nbsp;&nbsp;&nbsp; MassMutual Core Bond Fund, <br>Class I (a) | 3012668 | 27445410  |
|  MassMutual Global Floating Rate Fund, Class I (a) | 12271 | 105774  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 27027 | 215408  |
|  MassMutual Inflation-Protected and Income Fund, Class I (a) | 34094 | 323214  |
|  MassMutual Short-Duration Bond Fund, Class I (a) | 542147 | 5020278  |
|  MassMutual Total Return Bond Fund, Class I (a) | 2068326 | 17353253  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Vanguard Long-Term Treasury Index Fund, Admiral Shares | 97077 | $1873580  |
|  Vanguard Total Bond Market Index Fund, Institutional Shares | 598971 | 5780074  |
|  |  | 61204939  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $153,542,058)** |  | **150425865**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $153,542,058)** |  | **150425865**  |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $153,542,058) (b)** |  | **150425865**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(84497)**  |
| **NET ASSETS — 100.0%**  |  | **$150341368** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual 80/20 Allocation Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 79.7%**<br>|  |  |
| DFA Commodity Strategy Portfolio | 147163 | $712268  |
| &nbsp;&nbsp;&nbsp; Invesco Real Estate Fund, <br>Class R6 | 109715 | 1871743  |
|  MassMutual Blue Chip Growth Fund, Class I (a) | 472806 | 10094402  |
|  MassMutual Diversified Value Fund, Class I (a) | 1138798 | 11205769  |
|  MassMutual Equity Opportunities Fund, Class I (a) | 768887 | 12924990  |
|  MassMutual International Equity Fund, Class I (a) | 423279 | 3513218  |
|  MassMutual Mid Cap Growth Fund, Class I (a) | 138422 | 2454224  |
| &nbsp;&nbsp;&nbsp; MassMutual Overseas Fund, <br>Class I (a) | 771698 | 6775507  |
|  MassMutual Small Cap Growth Equity Fund, Class I (a) | 45965 | 666494  |
| &nbsp;&nbsp;&nbsp; MM S&P 500 Index Fund, <br>Class I (a) | 1616070 | 22414896  |
|  Vanguard Developed Markets Index Fund, Institutional Shares | 496118 | 8116491  |
|  Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 79309 | 2974871  |
|  Vanguard Mid-Cap Index Fund, Admiral Shares | 21240 | 6802659  |
|  Vanguard Small-Cap Index Fund, Admiral Shares | 28107 | 2986055  |
|  |  | 93513587  |
| **Fixed Income Funds — 20.4%**<br>|  |  |
|  Invesco International Bond Fund, Class R6 | 272451 | 1198783  |
| &nbsp;&nbsp;&nbsp; MassMutual Core Bond Fund, <br>Class I (a) | 1158706 | 10555813  |
|  MassMutual Global Floating Rate Fund, Class I (a) | 8012 | 69065  |
| &nbsp;&nbsp;&nbsp; MassMutual High Yield Fund, <br>Class I (a) | 7687 | 61264  |
|  MassMutual Inflation-Protected and Income Fund, Class I (a) | 13478 | 127768  |
|  MassMutual Short-Duration Bond Fund, Class I (a) | 209598 | 1940875  |
|  MassMutual Total Return Bond Fund, Class I (a) | 810821 | 6802791  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
|  Vanguard Long-Term Treasury Index Fund, Admiral Shares | 53784 | $1038031  |
|  Vanguard Total Bond Market Index Fund, Admiral Shares | 220948 | 2132153  |
|  |  | 23926543  |
| **TOTAL MUTUAL FUNDS**<br>**(Cost $118,119,838)** |  | **117440130**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $118,119,838)** |  | **117440130**  |
| **TOTAL INVESTMENTS — 100.1%**<br>**(Cost $118,119,838) (b)** |  | **117440130**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(60037)**  |
| **NET ASSETS — 100.0%**  |  | **$117380093** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement Balanced Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value** |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 40.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 1808390 | $19910372  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 2671566 | 35024230  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 442733 | 5016169  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 822239 | 8633510  |
| T. Rowe Price Hedged Equity Fund, Class I | 634601 | 7697712  |
|  |  | 76281993  |
| **Fixed Income Funds — 59.8%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 4734363 | 40904894  |
| T. Rowe Price Dynamic Credit Fund, Class I | 300042 | 2670372  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 856399 | 6688473  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 760322 | 6987360  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 227779 | 2136565  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 789098 | 6131290  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 8146502 | 38777348  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 807230 | 5941213  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 3236781 | 3236781  |
|  |  | 113474296  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $193,173,737)** |  | **189756289**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $193,173,737)** |  | **189756289**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $193,173,737) (b)** |  | **189756289**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(30344)**  |
| **NET ASSETS — 100.0%**  |  | **$189725945** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2005 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value** |
| **Mutual Funds — 99.9%**<br>|  |  |
| **Diversified Financial Services — 99.9%**<br>|  |  |
| **Equity Funds — 41.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 56172 | $618449  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 82154 | 1077035  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 14009 | 158726  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 25554 | 268320  |
| T. Rowe Price Hedged Equity Fund, Class I | 19806 | 240245  |
|  |  | 2362775  |
| **Fixed Income Funds — 58.5%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 144197 | 1245860  |
| T. Rowe Price Dynamic Credit Fund, Class I | 9008 | 80167  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 26942 | 210413  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 23197 | 213182  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 6795 | 63734  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 24026 | 186685  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 215117 | 1023958  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 25197 | 185449  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 125784 | 125784  |
|  |  | 3335232  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $5,827,741)** |  | **5698007**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $5,827,741)** |  | **5698007**  |
| **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $5,827,741) (b)** |  | **5698007**  |
| **Other Assets/**<br>(Liabilities) — 0.1% |  | **4965**  |
| **NET ASSETS — 100.0%**  |  | **$5702972** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2010 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value** |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 45.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 548024 | $6033749  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 795978 | 10435269  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 134243 | 1520977  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 249142 | 2615993  |
| T. Rowe Price Hedged Equity Fund, Class I | 190885 | 2315436  |
|  |  | 22921424  |
| **Fixed Income Funds — 54.6%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 1215579 | 10502604  |
| T. Rowe Price Dynamic Credit Fund, Class I | 72936 | 649128  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 226291 | 1767335  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 192937 | 1773094  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 58219 | 546091  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 196017 | 1523052  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 1697159 | 8078476  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury<br>Long-Term Index Fund, Class I | 224459 | 1652015  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1091604 | 1091604  |
|  |  | 27583399  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $50,660,198)** |  | **50504823**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $50,660,198)** |  | **50504823**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $50,660,198) (b)** |  | **50504823**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(6745)**  |
| **NET ASSETS — 100.0%**  |  | **$50498078** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2015 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 48.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 347490 | $3825869  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 508941 | 6672212  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 85582 | 969642  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 149131 | 1565873  |
| T. Rowe Price Hedged Equity Fund, Class I | 121772 | 1477088  |
|  |  | 14510684  |
| **Fixed Income Funds — 51.7%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 721955 | 6237689  |
| T. Rowe Price Dynamic Credit Fund, Class I | 41385 | 368330  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 128512 | 1003676  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 108284 | 995134  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 32901 | 308612  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 113013 | 878112  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 882711 | 4201707  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 133189 | 980274  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 542635 | 542635  |
|  |  | 15516169  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $30,409,605)** |  | **30026853**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $30,409,605)** |  | **30026853**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $30,409,605) (b)** |  | **30026853**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(1741)**  |
| **NET ASSETS — 100.0%**  |  | **$30025112** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2020 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value** |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 51.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 1298862 | $14300470  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 1881747 | 24669697  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 317607 | 3598483  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 552645 | 5802776  |
| T. Rowe Price Hedged Equity Fund, Class I | 455014 | 5519324  |
|  |  | 53890750 |
| **Fixed Income Funds — 48.6%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2438958 | 21072599  |
| T. Rowe Price Dynamic Credit Fund, Class I | 149079 | 1326806  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 445404 | 3478602  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 362643 | 3332694  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 103603 | 971797  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 386377 | 3002153  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 2646852 | 12599017  |
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 459146 | 3379312  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1790286 | 1790286  |
|  |  | 50953266  |
| **TOTAL MUTUAL FUNDS**<br>**(Cost $105,817,977)** |  | **104844016**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $105,817,977)** |  | **104844016**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $105,817,977) (b)** |  | **104844016**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(36441)**  |
| **NET ASSETS — 100.0%**  |  | **$104807575** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2025 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 55.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 2019553  | $22235282  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 2973027 | 38976386  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 497058 | 5631666  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 874736 | 9184728  |
| T. Rowe Price Hedged Equity Fund, Class I | 664769 | 8063643  |
|  |  | 84091705  |
| **Fixed Income Funds — 44.1%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 3280686 | 28345127  |
| T. Rowe Price Dynamic Credit Fund, Class I | 183928 | 1636955  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 585164 | 4570128  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 456912 | 4199018  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 146378 | 1373024  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 495357 | 3848923  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 3080333 | 14662387  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 671413 | 4941596  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 2869687 | 2869687  |
|  |  | 66446845  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $152,686,650)** |  | **150538550**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $152,686,650)** |  | **150538550**  |
| **TOTAL INVESTMENTS — 100.0% (Cost $152,686,650) (b)** |  | **150538550**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(43994)**  |
| **NET ASSETS — 100.0%** |  | **$150494556** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2030 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value** |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 66.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 5384438  | $59282665  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 7842086 | 102809749  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1232097 | 13959658  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 2342609 | 24597391  |
| T. Rowe Price Hedged Equity Fund, Class I | 799623 | 9699427  |
|  |  | 210348890  |
| **Fixed Income Funds — 33.8%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 5806913 | 50171729  |
| T. Rowe Price Dynamic Credit Fund, Class I | 110666 | 984927  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 1027478 | 8024603  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 783780 | 7202942  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 224202 | 2103019  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 826746 | 6423815  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 3055768 | 14545454  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 1545863 | 11377551  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 6555294 | 6555294  |
|  |  | 107389334  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $327,594,182)** |  | **317738224**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $327,594,182)** |  | **317738224**  |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $327,594,182) (b)** |  | **317738224**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(153079)**  |
| **NET ASSETS — 100.0%** |  | **$317585145** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2035 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 78.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 4864915  | $53562716  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 7144395 | 93663023  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1065593 | 12073162  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 2105933 | 22112299  |
|  |  | 181411200  |
| **Fixed Income Funds — 21.8%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 3149809 | 27214350  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 568441 | 4439522  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 365123 | 3355480  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 109492 | 1027033  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 388667 | 3019946  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 13145 | 62573  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 1059793 | 7800079  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 3645818 | 3645818  |
|  |  | 50564801  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $242,682,315)** |  | **231976001**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $242,682,315)** |  | **231976001**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $242,682,315) (b)** |  | **231976001**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(91018)**  |
| **NET ASSETS — 100.0%** |  | **$231884983** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2040 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 88.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 7571158  | $83358449  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 11092448 | 145421997  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1650578 | 18701050  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 3287187 | 34515467  |
|  |  | 281996963  |
| **Fixed Income Funds — 11.8%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2273997 | 19647337  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 381218 | 2977313  |
| T. Rowe Price Emerging Markets Bond Fund, Class I | 193861 | 1781584  |
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 60523 | 567708  |
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 218359 | 1696646  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 21309 | 101430  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 895585 | 6591503  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 4170792 | 4170792  |
|  |  | 37534313  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $336,468,567)** |  | **319531276**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $336,468,567)** |  | **319531276**  |
| **TOTAL INVESTMENTS — 100.1% (Cost $336,468,567) (b)** |  | **319531276**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(172365)**  |
| **NET ASSETS — 100.0%** |  | **$319358911** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2045 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 96.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 4862201  | $53532833  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 7191815 | 94284692  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1063224 | 12046329  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 2100869 | 22059124  |
|  |  | 181922978  |
| **Fixed Income Funds — 4.0%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 478981 | 4138392  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 55582 | 434098  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 11432 | 54417  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 238884 | 1758183  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1227323 | 1227323  |
|  |  | 7612413  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $201,277,180)** |  | **189535391**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $201,277,180)** |  | **189535391**  |
| **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $201,277,180) (b)** |  | **189535391**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(83098)**  |
| **NET ASSETS — 100.0%** |  | **$189452293** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2050 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.1%**<br>|  |  |
| **Equity Funds — 97.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 5809948  | $63967523  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 8552290 | 112120526  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1259533 | 14270507  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 2506530 | 26318561  |
|  |  | 216677117  |
| **Fixed Income Funds — 2.2%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 242934 | 2098950  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 8825 | 68924  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 17511 | 83350  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 98785 | 727061  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1857104 | 1857104  |
|  |  | 4835389  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $235,087,396)** |  | **221512506**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $235,087,396)** |  | **221512506**  |
| **TOTAL INVESTMENTS — 100.1%** <br>**(Cost $235,087,396) (b)** |  | **221512506**  |
| **Other Assets/**<br>(Liabilities) — (0.1)% |  | **(125694)**  |
| **NET ASSETS — 100.0%** |  | **$221386812** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2055 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 98.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 2742536  | $30195322  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 4038026 | 52938526  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 596129 | 6754145  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1201581 | 12616602  |
|  |  | 102504595  |
| **Fixed Income Funds — 1.2%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 83350 | 720140  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 4795 | 37446  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 8144 | 38768  |
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 40627 | 299018  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 167032 | 167032  |
|  |  | 1262404  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $110,964,950)** |  | **103766999**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $110,964,950)** |  | **103766999**  |
| **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $110,964,950) (b)** |  | **103766999**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(46905)**  |
| **NET ASSETS — 100.0%** |  | **$103720094** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2060 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 100.0%**<br>|  |  |
| **Equity Funds — 98.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 2434011  | $26798463  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 3589685 | 47060774  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 528027 | 5982546  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1062165 | 11152731  |
|  |  | 90994514  |
| **Fixed Income Funds — 1.1%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 63901 | 552102  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 7271 | 56787  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 6763 | 32190  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 37025 | 272503  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 160864 | 160864  |
|  |  | 1074446  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $99,226,444)** |  | **92068960**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $99,226,444)** |  | **92068960**  |
| **TOTAL INVESTMENTS — 100.0% (Cost $99,226,444) (b)** |  | **92068960**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(43624)**  |
| **NET ASSETS — 100.0%** |  | **$92025336** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Retirement 2065 Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Shares** | **Value**  |
| **Mutual Funds — 99.9%**<br>|  |  |
| **Equity Funds — 98.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price International Equity Fund, <br>Class I (a) | 114415  | $1259714  |
| &nbsp;&nbsp;&nbsp; MassMutual Select T. Rowe Price Large Cap Blend Fund, <br>Class I (a) | 168330 | 2206808  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 24896 | 282074  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 50680 | 532138  |
|  |  | 4280734  |
| **Fixed Income Funds — 1.2%**<br>|  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2791 | 24114  |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 523 | 4085  |
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 265 | 1262  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price U.S. Treasury <br>Long-Term Index Fund, Class I | 1722 | 12672  |
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 11792 | 11792  |
|  |  | 53925  |
| **TOTAL MUTUAL FUNDS** <br>**(Cost $4,765,905)** |  | **4334659**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $4,765,905)** |  | **4334659**  |
| **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $4,765,905) (b)** |  | **4334659**  |
| **Other Assets/**<br>(Liabilities) — 0.1% |  | **3388**  |
| **NET ASSETS — 100.0%** |  | **$4338047** |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer. See Note 7 for a summary
 of transactions in the investments of affiliated issuers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 6 for aggregate cost for federal tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**20/80 Allocation** <br>**Fund** | **MassMutual** <br>**40/60 Allocation** <br>**Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - unaffiliated issuers *(Note 2)* (a) | $31676396 | $34473405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - affiliated issuers *(Notes 2 & 7)* (b) | 143048286 | 140371307  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 174724682 | 174844712  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 219461 | 278858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 8984 | 96945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 539371 | 404801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 65867 | 65897  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 175558365 | 175691213  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 525353 | 394634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 225093 | 372556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)* | 20571 | 29096  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 59162 | 56612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 10819 | 57940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 2372 | 9507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities | 38934 | 39254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 882304 | 959599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$174676061** | **$174731614**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $192077676 | $190099557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (17401615) | (15367943)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$174676061** | **$174731614**  |
| (a) Cost of investments - unaffiliated issuers: | $32239251 | $34100366  |
| (b) Cost of investments - affiliated issuers: | $150475676 | $148749240 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **MassMutual** <br>**60/40 Allocation** <br>**Fund** | **MassMutual** <br>**80/20 Allocation** <br>**Fund**  |
| &nbsp;&nbsp;&nbsp; $33755990 | &nbsp;&nbsp;&nbsp; $27833054  |
| &nbsp;&nbsp;&nbsp; 116669875 | &nbsp;&nbsp;&nbsp; 89607076  |
| &nbsp;&nbsp;&nbsp; 150425865 | &nbsp;&nbsp;&nbsp; 117440130  |
| &nbsp;&nbsp;&nbsp; 138448 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 142921 | &nbsp;&nbsp;&nbsp; 139820  |
| &nbsp;&nbsp;&nbsp; 239004 | &nbsp;&nbsp;&nbsp; 94576  |
| &nbsp;&nbsp;&nbsp; 65897 | &nbsp;&nbsp;&nbsp; 65897  |
| &nbsp;&nbsp;&nbsp; 151012135 | &nbsp;&nbsp;&nbsp; 117740423  |
| &nbsp;&nbsp;&nbsp; 232990 | &nbsp;&nbsp;&nbsp; 154130  |
| &nbsp;&nbsp;&nbsp; 278446 | &nbsp;&nbsp;&nbsp; 75678  |
| &nbsp;&nbsp;&nbsp; 24357 | &nbsp;&nbsp;&nbsp; 11708  |
| &nbsp;&nbsp;&nbsp; 54556 | &nbsp;&nbsp;&nbsp; 45463  |
| &nbsp;&nbsp;&nbsp; 33479 | &nbsp;&nbsp;&nbsp; 27408  |
| &nbsp;&nbsp;&nbsp; 8056 | &nbsp;&nbsp;&nbsp; 7895  |
| &nbsp;&nbsp;&nbsp; 38883 | &nbsp;&nbsp;&nbsp; 38048  |
| &nbsp;&nbsp;&nbsp; 670767 | &nbsp;&nbsp;&nbsp; 360330  |
| &nbsp;&nbsp;&nbsp; **$150341368** | &nbsp;&nbsp;&nbsp; **$117380093**  |
| &nbsp;&nbsp;&nbsp; $161123249 | &nbsp;&nbsp;&nbsp; $122650382  |
| &nbsp;&nbsp;&nbsp; (10781881) | &nbsp;&nbsp;&nbsp; (5270289)  |
| &nbsp;&nbsp;&nbsp; **$150341368** | &nbsp;&nbsp;&nbsp; **$117380093**  |
| &nbsp;&nbsp;&nbsp; $32380960 | &nbsp;&nbsp;&nbsp; $25242495  |
| &nbsp;&nbsp;&nbsp; $121161098 | &nbsp;&nbsp;&nbsp; $92877343 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**20/80 Allocation** <br>**Fund** | **MassMutual** <br>**40/60 Allocation** <br>**Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $14692590 | $35171251  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1638093 | 3980631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.97 | $8.84  |
| Class R5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2855524 | $6647342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 318697 | 750989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.96 | $8.85  |
| Service Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $123841245 | $16293374  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 13827308 | 1827639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.96 | $8.91  |
| Administrative Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $15906366 | $23025608  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1766487 | 2581650  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.00 | $8.92  |
| Class R4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5025807 | $49957730  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 548768 | 5681499  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $9.16 | $8.79  |
| Class A shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $8426563 | $28268142  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 929176 | 3149534  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share | $9.07 | $8.98  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (100/[100-maximum sales charge] of net asset value) | $9.60 | $9.50  |
| Class R3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3824690 | $15263265  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 431388 | 1740875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.87 | $8.77  |
| Class Y shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $103276 | $104902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 11534 | 11848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $8.95 | $8.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **MassMutual** <br>**60/40 Allocation** <br>**Fund** | **MassMutual** <br>**80/20 Allocation** <br>**Fund**  |
| &nbsp;&nbsp; $29593558 | &nbsp;&nbsp; $37972915  |
| &nbsp;&nbsp; 3423842 | &nbsp;&nbsp; 3899026  |
| &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $9.74  |
| &nbsp;&nbsp; $9622968 | &nbsp;&nbsp; $4455401  |
| &nbsp;&nbsp; 1111839 | &nbsp;&nbsp; 456165  |
| &nbsp;&nbsp; $8.66 | &nbsp;&nbsp; $9.77  |
| &nbsp;&nbsp; $24632806 | &nbsp;&nbsp; $17772440  |
| &nbsp;&nbsp; 2827412 | &nbsp;&nbsp; 1817029  |
| &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $9.78  |
| &nbsp;&nbsp; $33033984 | &nbsp;&nbsp; $14430387  |
| &nbsp;&nbsp; 3785868 | &nbsp;&nbsp; 1473309  |
| &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $9.79  |
| &nbsp;&nbsp; $10370962 | &nbsp;&nbsp; $14301462  |
| &nbsp;&nbsp; 1202882 | &nbsp;&nbsp; 1492647  |
| &nbsp;&nbsp; $8.62 | &nbsp;&nbsp; $9.58  |
| &nbsp;&nbsp; $30047852 | &nbsp;&nbsp; $16327162  |
| &nbsp;&nbsp; 3414090 | &nbsp;&nbsp; 1664981  |
| &nbsp;&nbsp; $8.80 | &nbsp;&nbsp; $9.81  |
| &nbsp;&nbsp; $9.31 | &nbsp;&nbsp; $10.38  |
| &nbsp;&nbsp; $12933318 | &nbsp;&nbsp; $12012293  |
| &nbsp;&nbsp; 1507303 | &nbsp;&nbsp; 1262016  |
| &nbsp;&nbsp; $8.58 | &nbsp;&nbsp; $9.52  |
| &nbsp;&nbsp; $105920 | &nbsp;&nbsp; $108033  |
| &nbsp;&nbsp; 12240 | &nbsp;&nbsp; 11062  |
| &nbsp;&nbsp; $8.65 | &nbsp;&nbsp; $9.77 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**Balanced Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2005 Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - unaffiliated issuers *(Note 2)* (a) | $80267114 | $2329617  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - affiliated issuers *(Notes 2 & 7)* (b) | 109489175 | 3368390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 189756289 | 5698007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 32327 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 21390 | 1135  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser *(Note 3)* |  | 5322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 210626 | 6433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 190020632 | 5710897  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 210626 | 7412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 49958 | 10  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 31219 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 2541 | 416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 343 | 87  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 294687 | 7925  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$189725945** | **$5702972**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $199412137 | $7937861  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | (9686192) | (2234889)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$189725945** | **$5702972**  |
| (a) Cost of investments - unaffiliated issuers: | $79241655 | $2301495  |
| (b) Cost of investments - affiliated issuers: | $113932082 | $3526246 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2010 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2015 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2020 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2025 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2030 Fund**  |
| &nbsp;&nbsp; $19396231 | &nbsp;&nbsp;&nbsp; $10755568 | &nbsp;&nbsp; $35399991 | &nbsp;&nbsp; $46165361 | &nbsp;&nbsp; $66917032  |
| &nbsp;&nbsp; 31108592 | &nbsp;&nbsp;&nbsp; 19271285 | &nbsp;&nbsp; 69444025 | &nbsp;&nbsp; 104373189 | &nbsp;&nbsp; 250821192  |
| &nbsp;&nbsp; 50504823 | &nbsp;&nbsp;&nbsp; 30026853 | &nbsp;&nbsp; 104844016 | &nbsp;&nbsp; 150538550 | &nbsp;&nbsp; 317738224  |
| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 789327 | &nbsp;&nbsp; 328546 | &nbsp;&nbsp; 437560 | &nbsp;&nbsp; 3086275  |
| &nbsp;&nbsp; 156598 | &nbsp;&nbsp;&nbsp; 11868 | &nbsp;&nbsp; 83375 | &nbsp;&nbsp; 96724 | &nbsp;&nbsp; 161745  |
| &nbsp;&nbsp; 57543 | &nbsp;&nbsp;&nbsp; 30067 | &nbsp;&nbsp; 103476 | &nbsp;&nbsp; 127926 | &nbsp;&nbsp; 221777  |
| &nbsp;&nbsp; 50718964 | &nbsp;&nbsp;&nbsp; 30858115 | &nbsp;&nbsp; 105359413 | &nbsp;&nbsp; 151200760 | &nbsp;&nbsp; 321208021  |
| &nbsp;&nbsp; 190867 | &nbsp;&nbsp;&nbsp; 30067 | &nbsp;&nbsp; 103476 | &nbsp;&nbsp; 127926 | &nbsp;&nbsp; 221776  |
| &nbsp;&nbsp; 22083 | &nbsp;&nbsp;&nbsp; 800400 | &nbsp;&nbsp; 408787 | &nbsp;&nbsp; 530505 | &nbsp;&nbsp; 3238523  |
| &nbsp;&nbsp; 4917 | &nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp; 23765 | &nbsp;&nbsp; 34405 | &nbsp;&nbsp; 107534  |
| &nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp; 1876 | &nbsp;&nbsp; 12104 | &nbsp;&nbsp; 10492 | &nbsp;&nbsp; 40367  |
| &nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; 3706 | &nbsp;&nbsp; 2876 | &nbsp;&nbsp; 14676  |
| &nbsp;&nbsp; 220886 | &nbsp;&nbsp;&nbsp; 833003 | &nbsp;&nbsp; 551838 | &nbsp;&nbsp; 706204 | &nbsp;&nbsp; 3622876  |
| &nbsp;&nbsp; **$50498078** | &nbsp;&nbsp;&nbsp; **$30025112** | &nbsp;&nbsp; **$104807575** | &nbsp;&nbsp; **$150494556** | &nbsp;&nbsp; **$317585145**  |
| &nbsp;&nbsp; $56848688 | &nbsp;&nbsp;&nbsp; $35996962 | &nbsp;&nbsp; $124070561 | &nbsp;&nbsp; $168534305 | &nbsp;&nbsp; $276268073  |
| &nbsp;&nbsp; (6350610) | &nbsp;&nbsp;&nbsp; (5971850) | &nbsp;&nbsp; (19262986) | &nbsp;&nbsp; (18039749) | &nbsp;&nbsp; 41317072  |
| &nbsp;&nbsp; **$50498078** | &nbsp;&nbsp;&nbsp; **$30025112** | &nbsp;&nbsp; **$104807575** | &nbsp;&nbsp; **$150494556** | &nbsp;&nbsp; **$317585145**  |
| &nbsp;&nbsp; $18914287 | &nbsp;&nbsp;&nbsp; $10495707 | &nbsp;&nbsp; $34339729 | &nbsp;&nbsp; $44794848 | &nbsp;&nbsp; $66271811  |
| &nbsp;&nbsp; $31745911 | &nbsp;&nbsp;&nbsp; $19913898 | &nbsp;&nbsp; $71478248 | &nbsp;&nbsp; $107891802 | &nbsp;&nbsp; $261322371 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**Balanced Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2005 Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $35757757 | $4760875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 2504143 | 350054  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $14.28 | $13.60  |
| Class M5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $152135480 | $785959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 10626105 | 57634  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $14.32 | $13.64  |
| Class M4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1630522 | $57613  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 113534 | 4234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $14.36 | $13.61  |
| Class M3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $202186 | $98525  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 14039 | 7155  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $14.40 | $13.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2010 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2015 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2020 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2025 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2030 Fund**  |
| &nbsp;&nbsp; $40487255 | &nbsp;&nbsp; $27478340 | &nbsp;&nbsp; $77972754 | &nbsp;&nbsp; $127914334 | &nbsp;&nbsp; $222161892  |
| &nbsp;&nbsp; 2861679 | &nbsp;&nbsp; 1898165 | &nbsp;&nbsp; 5508650 | &nbsp;&nbsp; 8664673 | &nbsp;&nbsp; 14524910  |
| &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $15.30  |
| &nbsp;&nbsp; $8587535 | &nbsp;&nbsp; $1348038 | &nbsp;&nbsp; $19039886 | &nbsp;&nbsp; $14897332 | &nbsp;&nbsp; $69592794  |
| &nbsp;&nbsp; 606372 | &nbsp;&nbsp; 93255 | &nbsp;&nbsp; 1343831 | &nbsp;&nbsp; 1008482 | &nbsp;&nbsp; 4544390  |
| &nbsp;&nbsp; $14.16 | &nbsp;&nbsp; $14.46 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $15.31  |
| &nbsp;&nbsp; $250610 | &nbsp;&nbsp; $1155086 | &nbsp;&nbsp; $4662347 | &nbsp;&nbsp; $6462070 | &nbsp;&nbsp; $13339654  |
| &nbsp;&nbsp; 17565 | &nbsp;&nbsp; 79349 | &nbsp;&nbsp; 328297 | &nbsp;&nbsp; 436536 | &nbsp;&nbsp; 870422  |
| &nbsp;&nbsp; $14.27 | &nbsp;&nbsp; $14.56 | &nbsp;&nbsp; $14.20 | &nbsp;&nbsp; $14.80 | &nbsp;&nbsp; $15.33  |
| &nbsp;&nbsp; $1172678 | &nbsp;&nbsp; $43648 | &nbsp;&nbsp; $3132588 | &nbsp;&nbsp; $1220820 | &nbsp;&nbsp; $12490805  |
| &nbsp;&nbsp; 82404 | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; 219708 | &nbsp;&nbsp; 82489 | &nbsp;&nbsp; 814746  |
| &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp; $14.80 | &nbsp;&nbsp; $15.33 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2035 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2040 Fund**  |
| Assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - unaffiliated issuers *(Note 2)* (a) | $23350451 | $17886976  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value - affiliated issuers *(Notes 2 & 7)* (b) | 208625550 | 301644300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 231976001 | 319531276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 662284 | 3712187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 201554 | 214931  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser *(Note 3)* |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 99759 | 76692  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 232939598 | 323535086  |
| Liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery | 99759 | 76692  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 857765 | 3917842  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 73409 | 127151  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees | 18628 | 41302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 5054 | 13188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1054615 | 4176175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$231884983** | **$319358911**  |
| Net assets consist of:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $202244770 | $255416196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss) | 29640213 | 63942715  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | **$231884983** | **$319358911**  |
| (a) Cost of investments - unaffiliated issuers: | $23290530 | $17943611  |
| (b) Cost of investments - affiliated issuers: | $219391785 | $318524956 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2045 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2050 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2055 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2060 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2065 Fund**  |
| &nbsp;&nbsp; $3474021 | &nbsp;&nbsp; $2736439 | &nbsp;&nbsp;&nbsp; $542264 | &nbsp;&nbsp;&nbsp; $522344 | &nbsp;&nbsp; $29811  |
| &nbsp;&nbsp; 186061370 | &nbsp;&nbsp; 218776067 | &nbsp;&nbsp;&nbsp; 103224735 | &nbsp;&nbsp;&nbsp; 91546616 | &nbsp;&nbsp; 4304848  |
| &nbsp;&nbsp; 189535391 | &nbsp;&nbsp; 221512506 | &nbsp;&nbsp;&nbsp; 103766999 | &nbsp;&nbsp;&nbsp; 92068960 | &nbsp;&nbsp; 4334659  |
| &nbsp;&nbsp; 307821 | &nbsp;&nbsp; 2819541 | &nbsp;&nbsp;&nbsp; 584238 | &nbsp;&nbsp;&nbsp; 358816 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 340075 | &nbsp;&nbsp; 229786 | &nbsp;&nbsp;&nbsp; 193215 | &nbsp;&nbsp;&nbsp; 279115 | &nbsp;&nbsp; 5922  |
| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3829  |
| &nbsp;&nbsp; 12254 | &nbsp;&nbsp; 9622 | &nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp; 106  |
| &nbsp;&nbsp; 190195541 | &nbsp;&nbsp; 224571455 | &nbsp;&nbsp;&nbsp; 104546371 | &nbsp;&nbsp;&nbsp; 92708801 | &nbsp;&nbsp; 4344516  |
| &nbsp;&nbsp; 12254 | &nbsp;&nbsp; 9622 | &nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp; 5939  |
| &nbsp;&nbsp; 642832 | &nbsp;&nbsp; 3042496 | &nbsp;&nbsp;&nbsp; 774479 | &nbsp;&nbsp;&nbsp; 635363 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 67987 | &nbsp;&nbsp; 90465 | &nbsp;&nbsp;&nbsp; 36273 | &nbsp;&nbsp;&nbsp; 32599 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp; 16695 | &nbsp;&nbsp; 30372 | &nbsp;&nbsp;&nbsp; 10801 | &nbsp;&nbsp;&nbsp; 10378 | &nbsp;&nbsp; 460  |
| &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp; 2805 | &nbsp;&nbsp;&nbsp; 3215 | &nbsp;&nbsp; 70  |
| &nbsp;&nbsp; 743248 | &nbsp;&nbsp; 3184643 | &nbsp;&nbsp;&nbsp; 826277 | &nbsp;&nbsp;&nbsp; 683465 | &nbsp;&nbsp; 6469  |
| &nbsp;&nbsp; **$189452293** | &nbsp;&nbsp; **$221386812** | &nbsp;&nbsp;&nbsp; **$103720094** | &nbsp;&nbsp;&nbsp; **$92025336** | &nbsp;&nbsp; **$4338047**  |
| &nbsp;&nbsp; $149979102 | &nbsp;&nbsp; $158075933 | &nbsp;&nbsp;&nbsp; $74951344 | &nbsp;&nbsp;&nbsp; $65214358 | &nbsp;&nbsp; $4184177  |
| &nbsp;&nbsp; 39473191 | &nbsp;&nbsp; 63310879 | &nbsp;&nbsp;&nbsp; 28768750 | &nbsp;&nbsp;&nbsp; 26810978 | &nbsp;&nbsp; 153870  |
| &nbsp;&nbsp; **$189452293** | &nbsp;&nbsp; **$221386812** | &nbsp;&nbsp;&nbsp; **$103720094** | &nbsp;&nbsp;&nbsp; **$92025336** | &nbsp;&nbsp; **$4338047**  |
| &nbsp;&nbsp; $3474014 | &nbsp;&nbsp; $2726168 | &nbsp;&nbsp;&nbsp; $542893 | &nbsp;&nbsp;&nbsp; $522593 | &nbsp;&nbsp; $30030  |
| &nbsp;&nbsp; $197803166 | &nbsp;&nbsp; $232361228 | &nbsp;&nbsp;&nbsp; $110422057 | &nbsp;&nbsp;&nbsp; $98703851 | &nbsp;&nbsp; $4735875 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2035 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2040 Fund**  |
| Class I shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $195002684 | $215668436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 12185403 | 13977777  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $16.00 | $15.43  |
| Class M5 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $24872161 | $72459952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 1556160 | 4690570  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $15.98 | $15.45  |
| Class M4 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $10874207 | $19442804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 679340 | 1258859  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $16.01 | $15.44  |
| Class M3 shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1135931 | $11787719  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 71068 | 763122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share | $15.98 | $15.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2045 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2050 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2055 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2060 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2065 Fund**  |
| $160627028 | $160456300 | $87863006 | $67026839 | &nbsp;&nbsp; $3410131  |
| 9698320 | 9918079 | 5193605 | 3664878 | &nbsp;&nbsp; 304874  |
| $16.56 | $16.18 | $16.92 | $18.29 | &nbsp;&nbsp; $11.19  |
| $16683064 | $37942407 | $8965224 | $15774531 | &nbsp;&nbsp; $663894  |
| 1006920 | 2343484 | 528736 | 864506 | &nbsp;&nbsp; 59377  |
| $16.57 | $16.19 | $16.96 | $18.25 | &nbsp;&nbsp; $11.18  |
| $11965037 | $12096073 | $6507823 | $5659728 | &nbsp;&nbsp; $152330  |
| 721170 | 745543 | 384546 | 311157 | &nbsp;&nbsp; 13769  |
| $16.59 | $16.22 | $16.92 | $18.19 | &nbsp;&nbsp; $11.06  |
| $177164 | $10892032 | $384041 | $3564238 | &nbsp;&nbsp; $111692  |
| 10693 | 674656 | 22783 | 196374 | &nbsp;&nbsp; 10000  |
| $16.57 | $16.14 | $16.86 | $18.15 | &nbsp;&nbsp; $11.17 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**20/80 Allocation** <br>**Fund** | **MassMutual** <br>**40/60 Allocation** <br>**Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - unaffiliated issuers | &nbsp;&nbsp; $603511 | &nbsp;&nbsp; $587958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - affiliated issuers *(Note 7)* | &nbsp;&nbsp; 3115965 | &nbsp;&nbsp; 2587784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | &nbsp;&nbsp; 3719476 | &nbsp;&nbsp; 3175742  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | &nbsp;&nbsp; 2786 | &nbsp;&nbsp; 2718  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp; 19196 | &nbsp;&nbsp; 19194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; 3435  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 1493  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees | &nbsp;&nbsp; 15093 | &nbsp;&nbsp; 15093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | &nbsp;&nbsp; 14545 | &nbsp;&nbsp; 14717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 6872 | &nbsp;&nbsp; 6817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | &nbsp;&nbsp; 57781 | &nbsp;&nbsp; 57751  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 1220  |
|  | &nbsp;&nbsp; 122416 | &nbsp;&nbsp; 122438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 3224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp; 128053 | &nbsp;&nbsp; 13797  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp; 23876 | &nbsp;&nbsp; 35560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp; 5079 | &nbsp;&nbsp; 50083  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 12342 | &nbsp;&nbsp; 37586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp; 3843 | &nbsp;&nbsp; 15318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp; 6348 | &nbsp;&nbsp; 62604  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 12342 | &nbsp;&nbsp; 37586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp; 9608 | &nbsp;&nbsp; 38296  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | &nbsp;&nbsp; 325357 | &nbsp;&nbsp; 416545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | &nbsp;&nbsp; **3394119** | &nbsp;&nbsp; **2759197**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | &nbsp;&nbsp; (134585) | &nbsp;&nbsp; (62646)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | &nbsp;&nbsp; (7157323) | &nbsp;&nbsp; (9342641)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - unaffiliated issuers | &nbsp;&nbsp; 15138 | &nbsp;&nbsp; 28586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - affiliated issuers *(Note 7)* | &nbsp;&nbsp; 6133377 | &nbsp;&nbsp; 11638220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | &nbsp;&nbsp; **(1143393)** | &nbsp;&nbsp; **2261519**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | &nbsp;&nbsp; (832854) | &nbsp;&nbsp; (1153205)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | &nbsp;&nbsp; (2805854) | &nbsp;&nbsp; (6320748)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp; **(3638708)** | &nbsp;&nbsp; **(7473953)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | &nbsp;&nbsp; **(4782101)** | &nbsp;&nbsp; **(5212434)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; **$(1387982)** | &nbsp;&nbsp; **$(2453237)** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **MassMutual** <br>**60/40 Allocation** <br>**Fund** | **MassMutual** <br>**80/20 Allocation** <br>**Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $524796 | &nbsp;&nbsp;&nbsp;&nbsp; $390880  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1939490 | &nbsp;&nbsp;&nbsp;&nbsp; 1240829  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464286 | &nbsp;&nbsp;&nbsp;&nbsp; 1631709  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735 | &nbsp;&nbsp;&nbsp;&nbsp; 2901  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19187 | &nbsp;&nbsp;&nbsp;&nbsp; 19173  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp; 2415  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1493 | &nbsp;&nbsp;&nbsp;&nbsp; 1493  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15093 | &nbsp;&nbsp;&nbsp;&nbsp; 15093  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14196 | &nbsp;&nbsp;&nbsp;&nbsp; 14088  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6177 | &nbsp;&nbsp;&nbsp;&nbsp; 4794  |
| &nbsp;&nbsp;&nbsp;&nbsp; 57750 | &nbsp;&nbsp;&nbsp;&nbsp; 57748  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1220  |
| &nbsp;&nbsp;&nbsp;&nbsp; 120981 | &nbsp;&nbsp;&nbsp;&nbsp; 118925  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4834 | &nbsp;&nbsp;&nbsp;&nbsp; 2237  |
| &nbsp;&nbsp;&nbsp;&nbsp; 25449 | &nbsp;&nbsp;&nbsp;&nbsp; 17954  |
| &nbsp;&nbsp;&nbsp;&nbsp; 53787 | &nbsp;&nbsp;&nbsp;&nbsp; 23868  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10870 | &nbsp;&nbsp;&nbsp;&nbsp; 15004  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38609 | &nbsp;&nbsp;&nbsp;&nbsp; 21573  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13047 | &nbsp;&nbsp;&nbsp;&nbsp; 13629  |
| &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13588 | &nbsp;&nbsp;&nbsp;&nbsp; 18754  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38609 | &nbsp;&nbsp;&nbsp;&nbsp; 21573  |
| &nbsp;&nbsp;&nbsp;&nbsp; 32618 | &nbsp;&nbsp;&nbsp;&nbsp; 34072  |
| &nbsp;&nbsp;&nbsp;&nbsp; 352447 | &nbsp;&nbsp;&nbsp;&nbsp; 287646  |
| &nbsp;&nbsp;&nbsp;&nbsp; **2111839** | &nbsp;&nbsp;&nbsp;&nbsp; **1344063**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 21990 | &nbsp;&nbsp;&nbsp;&nbsp; 88300  |
| &nbsp;&nbsp;&nbsp;&nbsp; (9587093) | &nbsp;&nbsp;&nbsp;&nbsp; (9118676)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 38100 | &nbsp;&nbsp;&nbsp;&nbsp; 39810  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15646660 | &nbsp;&nbsp;&nbsp;&nbsp; 16702338  |
| &nbsp;&nbsp;&nbsp;&nbsp; **6119657** | &nbsp;&nbsp;&nbsp;&nbsp; **7711772**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1344902) | &nbsp;&nbsp;&nbsp;&nbsp; (1278958)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (9865809) | &nbsp;&nbsp;&nbsp;&nbsp; (10668818)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(11210711)** | &nbsp;&nbsp;&nbsp;&nbsp; **(11947776)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(5091054)** | &nbsp;&nbsp;&nbsp;&nbsp; **(4236004)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$(2979215)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(2891941)** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**Balanced Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2005 Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - unaffiliated issuers | $2904602 | $159031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - affiliated issuers *(Note 7)* | 3575027 | 222833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6479629 | 381864  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 109 | 14  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 89781 | 14915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | 424187 | 8320  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | 21411 | 3817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | 4544 | 725  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | 9803 | 1671  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | 4162 | 636  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 553997 | 30098  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser | (49165) | (8426)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 fees reimbursed by adviser | (168635) | (3454)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 fees reimbursed by adviser | (8629) | (1617)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 fees reimbursed by adviser | (1827) | (301)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 325741 | 16300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **6153888** | **365564**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | (300492) | 108487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | (1917564) | 431377  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - unaffiliated issuers | 144659 | 9098  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - affiliated issuers *(Note 7)* | 10612451 | 669405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **8539054** | **1218367**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | (1358092) | (240169)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | (13725922) | (1410339)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(15084014)** | **(1650508)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **(6544960)** | **(432141)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$(391072)** | **$(66577)** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2010 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2015 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2020 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2025 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2030 Fund**  |
| &nbsp;&nbsp;&nbsp;&nbsp; $941603 | &nbsp;&nbsp;&nbsp;&nbsp; $850617 | &nbsp;&nbsp;&nbsp; $2862942 | &nbsp;&nbsp;&nbsp; $2860972 | &nbsp;&nbsp;&nbsp; $4697584  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1452113 | &nbsp;&nbsp;&nbsp;&nbsp; 1555760 | &nbsp;&nbsp;&nbsp; 5800066 | &nbsp;&nbsp;&nbsp; 6887753 | &nbsp;&nbsp;&nbsp; 19581648  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393716 | &nbsp;&nbsp;&nbsp;&nbsp; 2406377 | &nbsp;&nbsp;&nbsp; 8663008 | &nbsp;&nbsp;&nbsp; 9748725 | &nbsp;&nbsp;&nbsp; 24279232  |
| &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 266  |
| &nbsp;&nbsp;&nbsp;&nbsp; 118560 | &nbsp;&nbsp;&nbsp;&nbsp; 89978 | &nbsp;&nbsp;&nbsp; 335682 | &nbsp;&nbsp;&nbsp; 517365 | &nbsp;&nbsp;&nbsp; 1135407  |
| &nbsp;&nbsp;&nbsp;&nbsp; 34760 | &nbsp;&nbsp;&nbsp;&nbsp; 58996 | &nbsp;&nbsp;&nbsp; 176667 | &nbsp;&nbsp;&nbsp; 124832 | &nbsp;&nbsp;&nbsp; 611455  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9055 | &nbsp;&nbsp;&nbsp;&nbsp; 11428 | &nbsp;&nbsp;&nbsp; 97030 | &nbsp;&nbsp;&nbsp; 81979 | &nbsp;&nbsp;&nbsp; 309798  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9901 | &nbsp;&nbsp;&nbsp;&nbsp; 2383 | &nbsp;&nbsp;&nbsp; 41343 | &nbsp;&nbsp;&nbsp; 47479 | &nbsp;&nbsp;&nbsp; 169869  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp;&nbsp; 5003 | &nbsp;&nbsp;&nbsp; 40295 | &nbsp;&nbsp;&nbsp; 32531 | &nbsp;&nbsp;&nbsp; 116116  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8670 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 | &nbsp;&nbsp;&nbsp; 34338 | &nbsp;&nbsp;&nbsp; 37682 | &nbsp;&nbsp;&nbsp; 127338  |
| &nbsp;&nbsp;&nbsp;&nbsp; 184935 | &nbsp;&nbsp;&nbsp;&nbsp; 169889 | &nbsp;&nbsp;&nbsp; 725434 | &nbsp;&nbsp;&nbsp; 842222 | &nbsp;&nbsp;&nbsp; 2470249  |
| &nbsp;&nbsp;&nbsp;&nbsp; (64407) | &nbsp;&nbsp;&nbsp;&nbsp; (43322) | &nbsp;&nbsp;&nbsp; (160120) | &nbsp;&nbsp;&nbsp; (226331) | &nbsp;&nbsp;&nbsp; (409159)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (13908) | &nbsp;&nbsp;&nbsp;&nbsp; (21159) | &nbsp;&nbsp;&nbsp; (59949) | &nbsp;&nbsp;&nbsp; (39489) | &nbsp;&nbsp;&nbsp; (151629)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3688) | &nbsp;&nbsp;&nbsp;&nbsp; (4059) | &nbsp;&nbsp;&nbsp; (33110) | &nbsp;&nbsp;&nbsp; (26287) | &nbsp;&nbsp;&nbsp; (77679)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4015) | &nbsp;&nbsp;&nbsp;&nbsp; (863) | &nbsp;&nbsp;&nbsp; (14164) | &nbsp;&nbsp;&nbsp; (15232) | &nbsp;&nbsp;&nbsp; (42552)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 98917 | &nbsp;&nbsp;&nbsp;&nbsp; 100486 | &nbsp;&nbsp;&nbsp; 458091 | &nbsp;&nbsp;&nbsp; 534883 | &nbsp;&nbsp;&nbsp; 1789230  |
| &nbsp;&nbsp;&nbsp;&nbsp; **2294799** | &nbsp;&nbsp;&nbsp;&nbsp; **2305891** | &nbsp;&nbsp;&nbsp; **8204917** | &nbsp;&nbsp;&nbsp; **9213842** | &nbsp;&nbsp;&nbsp; **22490002**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (169647) | &nbsp;&nbsp;&nbsp;&nbsp; 27927 | &nbsp;&nbsp;&nbsp; 862657 | &nbsp;&nbsp;&nbsp; 1058399 | &nbsp;&nbsp;&nbsp; 1106042  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1804120) | &nbsp;&nbsp;&nbsp;&nbsp; (1704311) | &nbsp;&nbsp;&nbsp; (2903129) | &nbsp;&nbsp;&nbsp; (2696893) | &nbsp;&nbsp;&nbsp; (7728611)  |
| &nbsp;&nbsp;&nbsp;&nbsp; 63541 | &nbsp;&nbsp;&nbsp;&nbsp; 70744 | &nbsp;&nbsp;&nbsp; 275536 | &nbsp;&nbsp;&nbsp; 316556 | &nbsp;&nbsp;&nbsp; 457020  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4681022 | &nbsp;&nbsp;&nbsp;&nbsp; 5196324 | &nbsp;&nbsp;&nbsp; 20222619 | &nbsp;&nbsp;&nbsp; 25795469 | &nbsp;&nbsp;&nbsp; 84824531  |
| &nbsp;&nbsp;&nbsp;&nbsp; **2770796** | &nbsp;&nbsp;&nbsp;&nbsp; **3590684** | &nbsp;&nbsp;&nbsp; **18457683** | &nbsp;&nbsp;&nbsp; **24473531** | &nbsp;&nbsp;&nbsp; **78658982**  |
| &nbsp;&nbsp;&nbsp;&nbsp; (521727) | &nbsp;&nbsp;&nbsp;&nbsp; (868363) | &nbsp;&nbsp;&nbsp; (3512816) | &nbsp;&nbsp;&nbsp; (3877422) | &nbsp;&nbsp;&nbsp; (6760673)  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4941674) | &nbsp;&nbsp;&nbsp;&nbsp; (6012331) | &nbsp;&nbsp;&nbsp; (25353307) | &nbsp;&nbsp;&nbsp; (33465706) | &nbsp;&nbsp;&nbsp; (105122706)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(5463401)** | &nbsp;&nbsp;&nbsp;&nbsp; **(6880694)** | &nbsp;&nbsp;&nbsp; **(28866123)** | &nbsp;&nbsp;&nbsp; **(37343128)** | &nbsp;&nbsp;&nbsp; **(111883379)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(2692605)** | &nbsp;&nbsp;&nbsp;&nbsp; **(3290010)** | &nbsp;&nbsp;&nbsp; **(10408440)** | &nbsp;&nbsp;&nbsp; **(12869597)** | &nbsp;&nbsp;&nbsp; **(33224397)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **$(397806)** | &nbsp;&nbsp;&nbsp;&nbsp; **$(984119)** | &nbsp;&nbsp;&nbsp; **$(2203523)** | &nbsp;&nbsp;&nbsp; **$(3655755)** | &nbsp;&nbsp;&nbsp; **$(10734395)** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2035 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2040 Fund**  |
| Investment income (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - unaffiliated issuers | $1210359 | $992744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends - affiliated issuers *(Note 7)* | 13158036 | 20012147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 14368395 | 21004891  |
| Expenses (Note 3):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees | 64 | 185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 933019 | 1214794  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | 252074 | 693564  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | 155898 | 324821  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | 90620 | 161931  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | 55598 | 111546  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | 64636 | 111216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1551909 | 2618057  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3)*: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser | (279941) | (346229)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 fees reimbursed by adviser | (52170) | (137782)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 fees reimbursed by adviser | (32449) | (64721)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 fees reimbursed by adviser | (18872) | (32259)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses: | 1168477 | 2037066  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | **13199918** | **18967825**  |
| Realized and unrealized gain (loss):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | (937964) | (574955)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | (8734503) | (10052580)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain distributions - affiliated issuers *(Note 7)* | 66015005 | 114439869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | **56342538** | **103812334**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - unaffiliated issuers | (1143508) | (1242176)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions - affiliated issuers *(Note 7)* | (78302134) | (135094117)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | **(79445642)** | **(136336293)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)** | **(23103104)** | **(32523959)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **$(9903186)** | **$(13556134)** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2045 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2050 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2055 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2060 Fund** | **MassMutual** <br>**Select** <br>T. Rowe Price <br>**Retirement** <br>**2065 Fund**  |
| &nbsp;&nbsp;&nbsp; $189098 | &nbsp;&nbsp;&nbsp; $170419 | &nbsp;&nbsp;&nbsp; $32175 | &nbsp;&nbsp;&nbsp; $26697 | &nbsp;&nbsp; $676  |
| &nbsp;&nbsp;&nbsp; 11030530 | &nbsp;&nbsp;&nbsp; 16159232 | &nbsp;&nbsp;&nbsp; 7155552 | &nbsp;&nbsp;&nbsp; 5771262 | &nbsp;&nbsp; 111072  |
| &nbsp;&nbsp;&nbsp; 11219628 | &nbsp;&nbsp;&nbsp; 16329651 | &nbsp;&nbsp;&nbsp; 7187727 | &nbsp;&nbsp;&nbsp; 5797959 | &nbsp;&nbsp; 111748  |
| &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; 893952 | &nbsp;&nbsp;&nbsp; 1011733 | &nbsp;&nbsp;&nbsp; 582070 | &nbsp;&nbsp;&nbsp; 415780 | &nbsp;&nbsp; 9553  |
| &nbsp;&nbsp;&nbsp; 191297 | &nbsp;&nbsp;&nbsp; 598854 | &nbsp;&nbsp;&nbsp; 100332 | &nbsp;&nbsp;&nbsp; 172517 | &nbsp;&nbsp; 2419  |
| &nbsp;&nbsp;&nbsp; 147467 | &nbsp;&nbsp;&nbsp; 229315 | &nbsp;&nbsp;&nbsp; 92677 | &nbsp;&nbsp;&nbsp; 79715 | &nbsp;&nbsp; 4059  |
| &nbsp;&nbsp;&nbsp; 75254 | &nbsp;&nbsp;&nbsp; 146238 | &nbsp;&nbsp;&nbsp; 56290 | &nbsp;&nbsp;&nbsp; 35791 | &nbsp;&nbsp; 459  |
| &nbsp;&nbsp;&nbsp; 49221 | &nbsp;&nbsp;&nbsp; 75136 | &nbsp;&nbsp;&nbsp; 30366 | &nbsp;&nbsp;&nbsp; 26085 | &nbsp;&nbsp; 1328  |
| &nbsp;&nbsp;&nbsp; 50236 | &nbsp;&nbsp;&nbsp; 95830 | &nbsp;&nbsp;&nbsp; 36886 | &nbsp;&nbsp;&nbsp; 23424 | &nbsp;&nbsp; 300  |
| &nbsp;&nbsp;&nbsp; 1407493 | &nbsp;&nbsp;&nbsp; 2157259 | &nbsp;&nbsp;&nbsp; 898766 | &nbsp;&nbsp;&nbsp; 753379 | &nbsp;&nbsp; 18118  |
| &nbsp;&nbsp;&nbsp; (243768) | &nbsp;&nbsp;&nbsp; (273852) | &nbsp;&nbsp;&nbsp; (146490) | &nbsp;&nbsp;&nbsp; (105126) | &nbsp;&nbsp; (2416)  |
| &nbsp;&nbsp;&nbsp; (34072) | &nbsp;&nbsp;&nbsp; (106739) | &nbsp;&nbsp;&nbsp; (16340) | &nbsp;&nbsp;&nbsp; (28280) | (397)  |
| &nbsp;&nbsp;&nbsp; (26286) | &nbsp;&nbsp;&nbsp; (40874) | &nbsp;&nbsp;&nbsp; (15095) | &nbsp;&nbsp;&nbsp; (13069) | (666)  |
| &nbsp;&nbsp;&nbsp; (13430) | &nbsp;&nbsp;&nbsp; (26065) | &nbsp;&nbsp;&nbsp; (9167) | &nbsp;&nbsp;&nbsp; (5868) | &nbsp;&nbsp; (75)  |
| &nbsp;&nbsp;&nbsp; 1089937 | &nbsp;&nbsp;&nbsp; 1709729 | &nbsp;&nbsp;&nbsp; 711674 | &nbsp;&nbsp;&nbsp; 601036 | &nbsp;&nbsp; 14564  |
| &nbsp;&nbsp;&nbsp; **10129691** | &nbsp;&nbsp;&nbsp; **14619922** | &nbsp;&nbsp;&nbsp; **6476053** | &nbsp;&nbsp;&nbsp; **5196923** | &nbsp;&nbsp; **97184**  |
| &nbsp;&nbsp;&nbsp; (157799) | &nbsp;&nbsp;&nbsp; (118032) | &nbsp;&nbsp;&nbsp; (40042) | &nbsp;&nbsp;&nbsp; (30245) | &nbsp;&nbsp; 147  |
| &nbsp;&nbsp;&nbsp; (6029087) | &nbsp;&nbsp;&nbsp; (10315922) | &nbsp;&nbsp;&nbsp; 1447935 | &nbsp;&nbsp;&nbsp; 6082980 | &nbsp;&nbsp; (32492)  |
| &nbsp;&nbsp;&nbsp; 68768412 | &nbsp;&nbsp;&nbsp; 103103257 | &nbsp;&nbsp;&nbsp; 45633354 | &nbsp;&nbsp;&nbsp; 36811241 | &nbsp;&nbsp; 709393  |
| &nbsp;&nbsp;&nbsp; **62581526** | &nbsp;&nbsp;&nbsp; **92669303** | &nbsp;&nbsp;&nbsp; **47041247** | &nbsp;&nbsp;&nbsp; **42863976** | &nbsp;&nbsp; **677048**  |
| &nbsp;&nbsp;&nbsp; (231752) | &nbsp;&nbsp;&nbsp; (90376) | &nbsp;&nbsp;&nbsp; (45778) | &nbsp;&nbsp;&nbsp; (38174) | (980)  |
| &nbsp;&nbsp;&nbsp; (81392282) | &nbsp;&nbsp;&nbsp; (117807557) | &nbsp;&nbsp;&nbsp; (59692950) | &nbsp;&nbsp;&nbsp; (52697976) | &nbsp;&nbsp; (867013)  |
| &nbsp;&nbsp;&nbsp; **(81624034)** | &nbsp;&nbsp;&nbsp; **(117897933)** | &nbsp;&nbsp;&nbsp; **(59738728)** | &nbsp;&nbsp;&nbsp; **(52736150)** | &nbsp;&nbsp; **(867993)**  |
| &nbsp;&nbsp;&nbsp; **(19042508)** | &nbsp;&nbsp;&nbsp; **(25228630)** | &nbsp;&nbsp;&nbsp; **(12697481)** | &nbsp;&nbsp;&nbsp; **(9872174)** | &nbsp;&nbsp; **(190945)**  |
| &nbsp;&nbsp;&nbsp; **$(8912817)** | &nbsp;&nbsp;&nbsp; **$(10608708)** | &nbsp;&nbsp;&nbsp; **$(6221428)** | &nbsp;&nbsp;&nbsp; **$(4675251)** | &nbsp;&nbsp; **$(93761)** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual** <br>**20/80 Allocation Fund**  | **MassMutual** <br>**20/80 Allocation Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3394119 | $9143475  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1143393) | (1978645)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3638708) | 18585686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(1387982)** | **25750516**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (512314) | (481320)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (92545) | (95364)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4169365) | (3979661)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (495738) | (476550)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (153656) | (102081)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (317035) | (338449)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (109049) | (104089)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3513) | (3436)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(5853215)** | **(5580950)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (246938) | 331694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 142611 | (156920)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4779856) | 7780712  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 400568 | (4437477)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (86427) | 1783698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (2673489) | (1825611)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 179336 | (105757)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(7064195)** | **3370339**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(14305392)** | **23539905**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 188981453 | 165441548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$174676061** | **$188981453** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MassMutual** <br>**40/60 Allocation Fund** | **MassMutual** <br>**40/60 Allocation Fund** | **MassMutual** <br>**60/40 Allocation Fund** | **MassMutual** <br>**60/40 Allocation Fund** | **MassMutual** <br>**80/20 Allocation Fund**  | **MassMutual** <br>**80/20 Allocation Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| $2759197 | $7212313 | $2111839 | $4986499 | $1344063 | $2553848  |
| 2261519 | 335006 | 6119657 | 3212196 | 7711772 | 6016353  |
| (7473953) | 23175125 | (11210711) | 24633621 | (11947776) | 20100736  |
| **(2453237)** | **30722444** | **(2979215)** | **32832316** | **(2891941)** | **28670937**  |
| (1511984) | (1418960) | (2079947) | (1409968) | (3105039) | (1601923)  |
| (266887) | (258784) | (617187) | (392313) | (347687) | (124245)  |
| (553216) | (604718) | (1594815) | (1027398) | (1414575) | (642909)  |
| (920243) | (1124608) | (2204968) | (1727148) | (1265873) | (680679)  |
| (1960885) | (1734427) | (668363) | (354273) | (1159598) | (518348)  |
| (1092246) | (1504337) | (1789234) | (1464806) | (1283962) | (769792)  |
| (561949) | (594652) | (759052) | (419156) | (1076023) | (524803)  |
| (4541) | (4501) | (7249) | (4697) | (9357) | (4430)  |
| **(6871951)** | **(7244987)** | **(9720815)** | **(6799759)** | **(9662114)** | **(4867129)**  |
| (1603805) | 4340571 | (1311730) | (128408) | 1412179 | (2268046)  |
| 508979 | (320178) | 634201 | (157926) | 421171 | 432380  |
| 2461819 | (540338) | (333612) | 1195223 | 996811 | (250493)  |
| (1561162) | (3592604) | (930136) | (7673850) | (424844) | (3774995)  |
| 1840660 | 6342273 | 294829 | 1468736 | 724810 | (111702)  |
| (3486558) | (10371381) | (582493) | (12704807) | (471984) | (5594377)  |
| 503790 | (673287) | 754351 | 1111428 | (1104497) | (1970255)  |
| **(1336277)** | **(4814944)** | **(1474590)** | **(16889604)** | **1553646** | **(13537488)**  |
| **(10661465)** | **18662513** | **(14174620)** | **9142953** | **(11000409)** | **10266320**  |
| 185393079 | 166730566 | 164515988 | 155373035 | 128380502 | 118114182  |
| **$174731614** | **$185393079** | **$150341368** | **$164515988** | **$117380093** | **$128380502** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Select T. Rowe Price** <br>**Retirement Balanced Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement Balanced Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6153888 | &nbsp;&nbsp; $6318778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8539054 | &nbsp;&nbsp; (9862546)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15084014) | &nbsp;&nbsp; 36161996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(391072)** | &nbsp;&nbsp; **32618228**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2027337) | &nbsp;&nbsp; (1372982)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (5988995) | &nbsp;&nbsp; (7608149)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (436741) | &nbsp;&nbsp; (406563)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (83310) | &nbsp;&nbsp; (153151)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(8536383)** | &nbsp;&nbsp; **(9540845)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (13144976) | &nbsp;&nbsp; 21036701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | 590180 | &nbsp;&nbsp; (1082023)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (9957004) | &nbsp;&nbsp; 2770360  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (2612823) | &nbsp;&nbsp; (516542)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(25124623)** | &nbsp;&nbsp; **22208496**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(34052078)** | &nbsp;&nbsp; **45285879**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 223778023 | &nbsp;&nbsp; 178492144  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$189725945** | &nbsp;&nbsp; **$223778023** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MassMutual Select T. Rowe Price** <br>**Retirement 2005 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2005 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2010 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2010 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2015 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2015 Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| $365564 | $564428 | $2294799 | $3029439 | $2305891 | $3194427  |
| 1218367 | (851820) | 2770796 | (4401848) | 3590684 | (4813280)  |
| (1650508) | 3217181 | (5463401) | 18053974 | (6880694) | 20478082  |
| **(66577)** | **2929789** | **(397806)** | **16681565** | **(984119)** | **18859229**  |
| (363438) | (212856) | (2500521) | (2147567) | (2005815) | (2716297)  |
| (102216) | (176310) | (525260) | (635347) | (1270741) | (1584945)  |
| (80643) | (42708) | (166018) | (243210) | (195080) | (227423)  |
| (5888) | (37007) | (160651) | (131936) | (40548) | (59323)  |
| **(552185)** | **(468881)** | **(3352450)** | **(3158060)** | **(3512184)** | **(4587988)**  |
| (3423805) | (977738) | (20317869) | (8224224) | (25572387) | (15392464)  |
| (4942554) | (1044965) | (5620013) | (7381566) | (34502833) | (3288264)  |
| (2046408) | 266203 | (5095546) | (4746771) | (3660700) | (1026480)  |
| (277404) | (1283754) | (3765521) | (968574) | (1309830) | (385822)  |
| **(10690171)** | **(3040254)** | **(34798949)** | **(21321135)** | **(65045750)** | **(20093030)**  |
| **(11308933)** | **(579346)** | **(38549205)** | **(7797630)** | **(69542053)** | **(5821789)**  |
| 17011905 | 17591251 | 89047283 | 96844913 | 99567165 | 105388954  |
| **$5702972** | **$17011905** | **$50498078** | **$89047283** | **$30025112** | **$99567165** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Select T. Rowe Price** <br>**Retirement 2020 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2020 Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8204917 | &nbsp;&nbsp; $13386830  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18457683 | &nbsp;&nbsp; (17015350)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (28866123) | &nbsp;&nbsp; 87291530  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(2203523)** | &nbsp;&nbsp; **83663010**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7349370) | &nbsp;&nbsp; (13243245)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (2910559) | &nbsp;&nbsp; (6517608)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (1745318) | &nbsp;&nbsp; (2963813)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (629917) | &nbsp;&nbsp; (1115795)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(12635164)** | &nbsp;&nbsp; **(23840461)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (110075365) | &nbsp;&nbsp; (103575876)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (67593378) | &nbsp;&nbsp; (54761269)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (45968439) | &nbsp;&nbsp; (18695279)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (19335731) | &nbsp;&nbsp; (10817290)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(242972913)** | &nbsp;&nbsp; **(187849714)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(257811600)** | &nbsp;&nbsp; **(128027165)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 362619175 | &nbsp;&nbsp; 490646340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$104807575** | &nbsp;&nbsp; **$362619175** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MassMutual Select T. Rowe Price** <br>**Retirement 2025 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2025 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2030 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2030 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2035 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2035 Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| $9213842 | $13408636 | $22490002 | $29473527 | $13199918 | $14229966  |
| 24473531 | (20271459) | 78658982 | 19275424 | 56342538 | 22019758  |
| (37343128) | 101846521 | (111883379) | 221205573 | (79445642) | 132783525  |
| **(3655755)** | **94983698** | **(10734395)** | **269954524** | **(9903186)** | **169033249**  |
| (9983816) | (24745753) | (21803754) | (59160176) | (24372734) | (44424961)  |
| (2029913) | (4670576) | (8810152) | (29220918) | (5794538) | (9355164)  |
| (1300048) | (2939825) | (4912064) | (12518883) | (3380513) | (6532231)  |
| (722017) | (1520103) | (2552850) | (5548128) | (2241016) | (3051449)  |
| **(14035794)** | **(33876257)** | **(38078820)** | **(106448105)** | **(35788801)** | **(63363805)**  |
| (146413202) | (130023414) | (326008683) | (229227655) | (213074193) | (135097710)  |
| (41400616) | (20860495) | (192532785) | (114050778) | (73387881) | (11134355)  |
| (33492685) | (13521383) | (127478905) | (28623610) | (52700590) | (16444338)  |
| (25065660) | (2412337) | (63002514) | (1848848) | (39412131) | 1330973  |
| **(246372163)** | **(166817629)** | **(709022887)** | **(373750891)** | **(378574795)** | **(161345430)**  |
| **(264063712)** | **(105710188)** | **(757836102)** | **(210244472)** | **(424266782)** | **(55675986)**  |
| 414558268 | 520268456 | 1075421247 | 1285665719 | 656151765 | 711827751  |
| **$150494556** | **$414558268** | **$317585145** | **$1075421247** | **$231884983** | **$656151765** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Select T. Rowe Price** <br>**Retirement 2040 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2040 Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18967825 | $21055599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 103812334 | 89236881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (136336293) | 193783730  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(13556134)** | **304076210**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (60718643) | (57634296)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (27907141) | (27953692)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (14351550) | (11357560)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (7163160) | (4868521)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(110140494)** | **(101814069)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (266066531) | (242186767)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (177800656) | (103280599)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (98779449) | (30710970)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (49103395) | (6731202)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(591750031)** | **(382909538)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(715446659)** | **(180647397)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1034805570 | 1215452967  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$319358911** | **$1034805570** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MassMutual Select T. Rowe Price** <br>**Retirement 2045 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2045 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2050 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2050 Fund** | **MassMutual Select T. Rowe Price** <br>**Retirement 2055 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2055 Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp; $10129691 | &nbsp;&nbsp; $9256199 | &nbsp;&nbsp; $14619922 | &nbsp;&nbsp; $13034567 | &nbsp;&nbsp; $6476053 | &nbsp;&nbsp; $5985365  |
| &nbsp;&nbsp; 62581526 | &nbsp;&nbsp; 35709276 | &nbsp;&nbsp; 92669303 | &nbsp;&nbsp; 72353634 | &nbsp;&nbsp; 47041247 | &nbsp;&nbsp; 19798235  |
| &nbsp;&nbsp; (81624034) | &nbsp;&nbsp; 112059851 | &nbsp;&nbsp; (117897933) | &nbsp;&nbsp; 154000226 | &nbsp;&nbsp; (59738728) | &nbsp;&nbsp; 80779466  |
| &nbsp;&nbsp; **(8912817)** | &nbsp;&nbsp; **157025326** | &nbsp;&nbsp; **(10608708)** | &nbsp;&nbsp; **239388427** | &nbsp;&nbsp; **(6221428)** | &nbsp;&nbsp; **106563066**  |
| &nbsp;&nbsp; (33235658) | &nbsp;&nbsp; (39636229) | &nbsp;&nbsp; (48605933) | &nbsp;&nbsp; (40993891) | &nbsp;&nbsp; (22931031) | &nbsp;&nbsp; (26725562)  |
| &nbsp;&nbsp; (6256498) | &nbsp;&nbsp; (6038865) | &nbsp;&nbsp; (24976994) | &nbsp;&nbsp; (22059647) | &nbsp;&nbsp; (3302630) | &nbsp;&nbsp; (2856806)  |
| &nbsp;&nbsp; (4518325) | &nbsp;&nbsp; (4780474) | &nbsp;&nbsp; (9661176) | &nbsp;&nbsp; (7237528) | &nbsp;&nbsp; (3056247) | &nbsp;&nbsp; (2862055)  |
| &nbsp;&nbsp; (2721612) | &nbsp;&nbsp; (2471367) | &nbsp;&nbsp; (6237002) | &nbsp;&nbsp; (3687869) | &nbsp;&nbsp; (2113857) | &nbsp;&nbsp; (1566278)  |
| &nbsp;&nbsp; **(46732093)** | &nbsp;&nbsp; **(52926935)** | &nbsp;&nbsp; **(89481105)** | &nbsp;&nbsp; **(73978935)** | &nbsp;&nbsp; **(31403765)** | &nbsp;&nbsp; **(34010701)**  |
| &nbsp;&nbsp; (193210472) | &nbsp;&nbsp; (119693815) | &nbsp;&nbsp; (225615113) | &nbsp;&nbsp; (130829947) | &nbsp;&nbsp; (145737529) | &nbsp;&nbsp; (97784664)  |
| &nbsp;&nbsp; (50671571) | &nbsp;&nbsp; (2666421) | &nbsp;&nbsp; (188162694) | &nbsp;&nbsp; (49578027) | &nbsp;&nbsp; (24847066) | &nbsp;&nbsp; (412713)  |
| &nbsp;&nbsp; (41329115) | &nbsp;&nbsp; (6651872) | &nbsp;&nbsp; (66414973) | &nbsp;&nbsp; (13596164) | &nbsp;&nbsp; (25405670) | &nbsp;&nbsp; (3538779)  |
| &nbsp;&nbsp; (33259494) | &nbsp;&nbsp; 2168053 | &nbsp;&nbsp; (39842963) | &nbsp;&nbsp; (1381860) | &nbsp;&nbsp; (22594375) | &nbsp;&nbsp; 639750  |
| &nbsp;&nbsp; **(318470652)** | &nbsp;&nbsp; **(126844055)** | &nbsp;&nbsp; **(520035743)** | &nbsp;&nbsp; **(195385998)** | &nbsp;&nbsp; **(218584640)** | &nbsp;&nbsp; **(101096406)**  |
| &nbsp;&nbsp; **(374115562)** | &nbsp;&nbsp; **(22745664)** | &nbsp;&nbsp; **(620125556)** | &nbsp;&nbsp; **(29976506)** | &nbsp;&nbsp; **(256209833)** | &nbsp;&nbsp; **(28544041)**  |
| &nbsp;&nbsp; 563567855 | &nbsp;&nbsp; 586313519 | &nbsp;&nbsp; 841512368 | &nbsp;&nbsp; 871488874 | &nbsp;&nbsp; 359929927 | &nbsp;&nbsp; 388473968  |
| &nbsp;&nbsp; **$189452293** | &nbsp;&nbsp; **$563567855** | &nbsp;&nbsp; **$221386812** | &nbsp;&nbsp; **$841512368** | &nbsp;&nbsp; **$103720094** | &nbsp;&nbsp; **$359929927** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Select T. Rowe Price** <br>**Retirement 2060 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2060 Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**  |
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5196923 | &nbsp;&nbsp; $3255555  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42863976 | &nbsp;&nbsp; 3856842  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (52736150) | &nbsp;&nbsp; 61841226  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | **(4675251)** | &nbsp;&nbsp; **68953623**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (9184968) | &nbsp;&nbsp; (10236293)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (3078079) | &nbsp;&nbsp; (3980975)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (1425686) | &nbsp;&nbsp; (1628892)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (625858) | &nbsp;&nbsp; (667506)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(14314591)** | &nbsp;&nbsp; **(16513666)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (100783368) | &nbsp;&nbsp; 12850021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M5 | (46089867) | &nbsp;&nbsp; 3022038  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M4 | (22550226) | &nbsp;&nbsp; 1405975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M3 | (9018904) | &nbsp;&nbsp; 638399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions** | **(178442365)** | &nbsp;&nbsp; **17916433**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | **(197432207)** | &nbsp;&nbsp; **70356390**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 289457543 | &nbsp;&nbsp; 219101153  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period** | **$92025336** | &nbsp;&nbsp; **$289457543** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | |
|:---|:---|
| **MassMutual Select T. Rowe Price** <br>**Retirement 2065 Fund**  | **MassMutual Select T. Rowe Price** <br>**Retirement 2065 Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period** <br>**Ended** <br>**September 30, 2024**  |
| &nbsp;&nbsp;&nbsp; $97184 | &nbsp;&nbsp;&nbsp;&nbsp; $16382  |
| &nbsp;&nbsp;&nbsp; 677048 | &nbsp;&nbsp;&nbsp;&nbsp; 387937  |
| &nbsp;&nbsp;&nbsp; (867993) | &nbsp;&nbsp;&nbsp;&nbsp; 434383  |
| &nbsp;&nbsp;&nbsp; **(93761)** | &nbsp;&nbsp;&nbsp;&nbsp; **838702**  |
| &nbsp;&nbsp;&nbsp; (322596) | &nbsp;&nbsp;&nbsp;&nbsp; (17773)  |
| &nbsp;&nbsp;&nbsp; (63367) | &nbsp;&nbsp;&nbsp;&nbsp; (1781)  |
| &nbsp;&nbsp;&nbsp; (157888) | &nbsp;&nbsp;&nbsp;&nbsp; (15478)  |
| &nbsp;&nbsp;&nbsp; (12110) | &nbsp;&nbsp;&nbsp;&nbsp; (1241)  |
| &nbsp;&nbsp;&nbsp; **(555961)** | &nbsp;&nbsp;&nbsp;&nbsp; **(36273)**  |
| &nbsp;&nbsp;&nbsp; 1717039 | &nbsp;&nbsp;&nbsp;&nbsp; 711030  |
| &nbsp;&nbsp;&nbsp; 138501 | &nbsp;&nbsp;&nbsp;&nbsp; 404487  |
| &nbsp;&nbsp;&nbsp; (1094100) | &nbsp;&nbsp;&nbsp;&nbsp; 1095933  |
| &nbsp;&nbsp;&nbsp; (427) | &nbsp;&nbsp;&nbsp;&nbsp; 573  |
| &nbsp;&nbsp;&nbsp; **761013** | &nbsp;&nbsp;&nbsp;&nbsp; **2212023**  |
| &nbsp;&nbsp;&nbsp; **111291** | &nbsp;&nbsp;&nbsp;&nbsp; **3014452**  |
| &nbsp;&nbsp;&nbsp; 4226756 | &nbsp;&nbsp;&nbsp;&nbsp; 1212304  |
| &nbsp;&nbsp;&nbsp; **$4338047** | &nbsp;&nbsp;&nbsp;&nbsp; **$4226756** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual 20/80 Allocation Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup> | **$9.34** | $0.18 | $(0.24) | $(0.06) | $(0.31) | $— | $(0.31) | **$8.97** | (0.54%)<sup>b</sup> | $14693 | 0.14%<sup>a</sup> | NA | 3.97%<sup>a</sup>  |
| 9/30/24 | 8.34 | 0.48 | 0.83 | 1.31 | (0.31) |  | (0.31) | 9.34 | 15.96% | 15541 | 0.14% | 0.11% | 5.43%  |
| 9/30/23 | 8.37 | 0.22 | 0.17 | 0.39 | (0.25) | (0.17) | (0.42) | 8.34 | 4.70% | 13553 | 0.14% | 0.04% | 2.62%  |
| 9/30/22 | 10.60 | 0.32 | (1.84) | (1.52) | (0.33) | (0.38) | (0.71) | 8.37 | (15.46%) | 13143 | 0.12% | 0.04% | 3.35%  |
| 9/30/21 | 10.34 | 0.28 | 0.56 | 0.84 | (0.38) | (0.20) | (0.58) | 10.60 | 8.35% | 18990 | 0.12% | 0.03% | 2.67%  |
| 9/30/20 | 10.15 | 0.25 | 0.45 | 0.70 | (0.31) | (0.20) | (0.51) | 10.34 | 7.09% | 17848 | 0.11% | 0.02% | 2.49%  |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| 3/31/25<sup>r</sup>  | **$9.33** | $0.17 | $(0.24) | $(0.07) | $(0.30) | $— | $(0.30) | **$8.96** | (0.64%)<sup>b</sup> | $2856 | 0.24%<sup>a</sup> | NA | 3.86%<sup>a</sup>  |
| 9/30/24 | 8.33 | 0.47 | 0.83 | 1.30 | (0.30) |  | (0.30) | 9.33 | 15.87% | 2822 | 0.24% | 0.21% | 5.42% |
| 9/30/23 | 8.35 | 0.22 | 0.17 | 0.39 | (0.24) | (0.17) | (0.41) | 8.33 | 4.66% | 2672 | 0.24% | 0.14% | 2.53%  |
| 9/30/22 | 10.59 | 0.45 | (1.99) | (1.54) | (0.32) | (0.38) | (0.70) | 8.35 | (15.64%) | 2488 | 0.22% | 0.14% | 4.59%  |
| 9/30/21 | 10.32 | 0.27 | 0.57 | 0.84 | (0.37) | (0.20) | (0.57) | 10.59 | 8.37% | 6108 | 0.22% | 0.13% | 2.62%  |
| 9/30/20 | 10.14 | 0.28 | 0.40 | 0.68 | (0.30) | (0.20) | (0.50) | 10.32 | 6.89% | 5946 | 0.21% | 0.12% | 2.85%  |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| 3/31/25<sup>r</sup>  | **$9.32** | $0.17 | $(0.23) | $(0.06) | $(0.30) | $— | $(0.30) | **$8.96** | (0.63%)<sup>b</sup> | $123841 | 0.34%<sup>a</sup> | NA | 3.77%<sup>a</sup>  |
| 9/30/24 | 8.32 | 0.45 | 0.84 | 1.29 | (0.29) |  | (0.29) | 9.32 | 15.78% | 133717 | 0.34% | 0.31% | 5.17% |
| 9/30/23 | 8.35 | 0.20 | 0.17 | 0.37 | (0.23) | (0.17) | (0.40) | 8.32 | 4.49% | 111916 | 0.34% | 0.24% | 2.40%  |
| 9/30/22 | 10.58 | 0.28 | (1.82) | (1.54) | (0.31) | (0.38) | (0.69) | 8.35 | (15.66%) | 103035 | 0.32% | 0.24% | 2.95%  |
| 9/30/21 | 10.32 | 0.24 | 0.59 | 0.83 | (0.37) | (0.20) | (0.57) | 10.58 | 8.21% | 123549 | 0.32% | 0.23% | 2.27%  |
| 9/30/20 | 10.13 | 0.05 | 0.63 | 0.68 | (0.29) | (0.20) | (0.49) | 10.32 | 6.90% | 114464 | 0.31% | 0.22% | 0.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** | 16% | 16% | 27% | 27% | 26% | 33% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| 3/31/25<sup>r</sup>  | **$9.36** | $0.17 | $(0.24) | $(0.07) | $(0.29) | $— | $(0.29) | **$9.00** | (0.73%)<sup>b</sup> | $15906 | 0.44%<sup>a</sup> | NA | 3.65%<sup>a</sup>  |
| 9/30/24 | 8.35 | 0.48 | 0.80 | 1.28 | (0.27) |  | (0.27) | 9.36 | 15.62% | 16113 | 0.44% | 0.41% | 5.52% |
| 9/30/23 | 8.38 | 0.20 | 0.16 | 0.36 | (0.22) | (0.17) | (0.39) | 8.35 | 4.35% | 18560 | 0.44% | 0.34% | 2.30%  |
| 9/30/22 | 10.60 | 0.28 | (1.84) | (1.56) | (0.28) | (0.38) | (0.66) | 8.38 | (15.72%) | 18215 | 0.42% | 0.34% | 2.88%  |
| 9/30/21 | 10.33 | 0.25 | 0.57 | 0.82 | (0.35) | (0.20) | (0.55) | 10.60 | 8.11% | 26944 | 0.42% | 0.33% | 2.40%  |
| 9/30/20 | 10.14 | 0.22 | 0.44 | 0.66 | (0.27) | (0.20) | (0.47) | 10.33 | 6.72% | 34036 | 0.41% | 0.32% | 2.17%  |
| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| 3/31/25<sup>r</sup>  | **$9.51** | $0.16 | $(0.23) | $(0.07) | $(0.28) | $— | $(0.28) | **$9.16** | (0.71%)<sup>b</sup> | $5026 | 0.59%<sup>a</sup> | NA | 3.47%<sup>a</sup>  |
| 9/30/24 | 8.50 | 0.44 | 0.84 | 1.28 | (0.27) |  | (0.27) | 9.51 | 15.30% | 5314 | 0.59% | 0.57% | 4.87%  |
| 9/30/23 | 8.51 | 0.19 | 0.18 | 0.37 | (0.21) | (0.17) | (0.38) | 8.50 | 4.32% | 3054 | 0.59% | 0.49% | 2.22%  |
| 9/30/22 | 10.76 | 0.27 | (1.87) | (1.60) | (0.27) | (0.38) | (0.65) | 8.51 | (15.92%) | 3066 | 0.57% | 0.49% | 2.80%  |
| 9/30/21 | 10.21 | 0.26 | 0.55 | 0.81 | (0.06) | (0.20) | (0.26) | 10.76 | 8.00% | 4254 | 0.57% | 0.48% | 2.46%  |
| 9/30/20 | 10.04 | 0.39 | 0.25 | 0.64 | (0.27) | (0.20) | (0.47) | 10.21 | 6.51% | 6643 | 0.56% | 0.47% | 3.94%  |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| 3/31/25<sup>r</sup>  | **$9.41** | $0.17 | $(0.25) | $(0.08) | $(0.26) | $— | $(0.26) | **$9.07** | (0.75%)<sup>b</sup> | $8427 | 0.64%<sup>a</sup> | NA | 3.68%<sup>a</sup>  |
| 9/30/24 | 8.39 | 0.43 | 0.84 | 1.27 | (0.25) |  | (0.25) | 9.41 | 15.38% | 11578 | 0.66% | 0.63% | 4.91% |
| 9/30/23 | 8.42 | 0.20 | 0.14 | 0.34 | (0.20) | (0.17) | (0.37) | 8.39 | 4.05% | 12091 | 0.69% | 0.59% | 2.31%  |
| 9/30/22 | 10.65 | 0.26 | (1.84) | (1.58) | (0.27) | (0.38) | (0.65) | 8.42 | (15.90%) | 14202 | 0.67% | 0.59% | 2.69%  |
| 9/30/21 | 10.38 | 0.22 | 0.57 | 0.79 | (0.32) | (0.20) | (0.52) | 10.65 | 7.76% | 19773 | 0.67% | 0.58% | 2.08%  |
| 9/30/20 | 10.19 | 0.23 | 0.41 | 0.64 | (0.25) | (0.20) | (0.45) | 10.38 | 6.45% | 22073 | 0.66% | 0.57% | 2.30%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.21** | $0.15 | $(0.24) | $(0.09) | $(0.25) | $— | $(0.25) | **$8.87** | (0.89%) <sup>b</sup> | $3825 | 0.84% <sup>a</sup> | NA | 3.30% <sup>a</sup>  |
| 9/30/24 | 8.22 | 0.42 | 0.81 | 1.23 | (0.24) |  | (0.24) | 9.21 | 15.24% | 3789 | 0.84% | 0.81% | 4.85%  |
| 9/30/23 | 8.25 | 0.18 | 0.14 | 0.32 | (0.18) | (0.17) | (0.35) | 8.22 | 3.90% | 3499 | 0.84% | 0.74% | 2.19%  |
| 9/30/22 | 10.45 | 0.24 | (1.81) | (1.57) | (0.25) | (0.38) | (0.63) | 8.25 | (16.05%) | 4126 | 0.82% | 0.74% | 2.49%  |
| 9/30/21 | 10.20 | 0.21 | 0.56 | 0.77 | (0.32) | (0.20) | (0.52) | 10.45 | 7.64% | 5725 | 0.82% | 0.73% | 2.06%  |
| 9/30/20 | 10.01 | 0.21 | 0.41 | 0.62 | (0.23) | (0.20) | (0.43) | 10.20 | 6.32% | 6964 | 0.81% | 0.72% | 2.11%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.32** | $0.17 | $(0.24) | $(0.07) | $(0.30) | $— | $(0.30) | **$8.95** | (0.64%)<sup>b</sup> | $103 | 0.24%<sup>a</sup> | NA | 3.85%<sup>a</sup>  |
| 9/30/24 | 8.32 | 0.47 | 0.83 | 1.30 | (0.30) |  | (0.30) | 9.32 | 15.89% | 108 | 0.24% | 0.21% | 5.36% |
| 9/30/23<sup>g</sup> | 8.67 | 0.02 | (0.37)<sup>aa</sup> | (0.35) |  |  |  | 8.32 | (4.04%)<sup>b</sup> | 96 | 0.24%<sup>a</sup> | 0.14%<sup>a</sup> | 0.33%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual 40/60 Allocation Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.34**  | $0.16  | $(0.26)  | $(0.10)  | $(0.31)  | $(0.09)  | $(0.40)  | **$8.84**  | (1.11%)<sup>b</sup>  | $35171  | 0.14%<sup>a</sup> | NA | 3.45%<sup>a</sup> |
| 9/30/24 | 8.18 | 0.38 | 1.17 | 1.55 | (0.24) | (0.15) | (0.39) | 9.34 | 19.43% | 38692 | 0.14% | 0.12% | 4.41% |
| 9/30/23  | 8.11  | 0.19  | 0.46  | 0.65  | (0.21)  | (0.37)  | (0.58)  | 8.18  | 8.25%  | 29787  | 0.13%  | 0.06%  | 2.30%  |
| 9/30/22  | 10.57  | 0.27  | (1.85)  | (1.58)  | (0.33)  | (0.55)  | (0.88)  | 8.11  | (16.39%)  | 30477  | 0.11%  | 0.06%  | 2.83%  |
| 9/30/21  | 9.80  | 0.22  | 1.11  | 1.33  | (0.33)  | (0.23)  | (0.56)  | 10.57  | 13.89%  | 47449  | 0.11%  | 0.05%  | 2.09%  |
| 9/30/20  | 9.93  | 0.18  | 0.71  | 0.89  | (0.24)  | (0.78)  | (1.02)  | 9.80  | 9.29%  | 36725  | 0.10%  | 0.04%  | 1.94%  |
| **Class R5**  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.35**  | $0.15  | $(0.26)  | $(0.11)  | $(0.30)  | $(0.09)  | $(0.39)  | **$8.85**  | (1.20%)<sup>b</sup>  | $6647  | 0.24%<sup>a</sup> | NA | 3.40%<sup>a</sup> |
| 9/30/24 | 8.19 | 0.37 | 1.17 | 1.54 | (0.23) | (0.15) | (0.38) | 9.35 | 19.28% | 6483 | 0.24% | 0.22% | 4.28% |
| 9/30/23  | 8.12  | 0.18  | 0.46  | 0.64  | (0.20)  | (0.37)  | (0.57)  | 8.19  | 8.10%  | 6005  | 0.23%  | 0.16%  | 2.17%  |
| 9/30/22  | 10.57  | 0.34  | (1.92)  | (1.58)  | (0.32)  | (0.55)  | (0.87)  | 8.12  | (16.37%)  | 5503  | 0.21%  | 0.16%  | 3.59%  |
| 9/30/21  | 9.81  | 0.23  | 1.08  | 1.31  | (0.32)  | (0.23)  | (0.55)  | 10.57  | 13.66%  | 8580  | 0.21%  | 0.15%  | 2.23%  |
| 9/30/20  | 9.94  | 0.22  | 0.65  | 0.87  | (0.22)  | (0.78)  | (1.00)  | 9.81  | 9.12%  | 9331  | 0.20%  | 0.14%  | 2.34%  |
| **Service Class**  | **Service Class**  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.41**  | $0.14  | $(0.26)  | $(0.12)  | $(0.29)  | $(0.09)  | $(0.38)  | **$8.91**  | (1.31%)<sup>b</sup>  | $16293  | 0.34%<sup>a</sup> | NA | 3.16%<sup>a</sup> |
| 9/30/24 | 8.24 | 0.37 | 1.17 | 1.54 | (0.22) | (0.15) | (0.37) | 9.41 | 19.17% | 14615 | 0.34% | 0.32% | 4.20% |
| 9/30/23  | 8.17  | 0.18  | 0.46  | 0.64  | (0.20)  | (0.37)  | (0.57)  | 8.24  | 7.95%  | 13315  | 0.33%  | 0.26%  | 2.12%  |
| 9/30/22  | 10.62  | 0.23  | (1.82)  | (1.59)  | (0.31)  | (0.55)  | (0.86)  | 8.17  | (16.40%)  | 12834  | 0.31%  | 0.26%  | 2.43%  |
| 9/30/21  | 9.85  | 0.21  | 1.10  | 1.31  | (0.31)  | (0.23)  | (0.54)  | 10.62  | 13.62%  | 16971  | 0.31%  | 0.25%  | 2.06%  |
| 9/30/20  | 9.98  | 0.13  | 0.73  | 0.86  | (0.21)  | (0.78)  | (0.99)  | 9.85  | 8.98%  | 17683  | 0.30%  | 0.24%  | 1.37% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** | 23% | 17% | 27% | 32% | 24% | 52% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.40**  | $0.14  | $(0.26)  | $(0.12)  | $(0.27)  | $(0.09)  | $(0.36)  | **$8.92**  | (1.23%)<sup>b</sup>  | $23026  | 0.44%<sup>a</sup> | NA | 3.19%<sup>a</sup> |
| 9/30/24 | 8.24 | 0.36 | 1.16 | 1.52 | (0.21) | (0.15) | (0.36) | 9.40 | 18.91% | 25837 | 0.44% | 0.42% | 4.09% |
| 9/30/23 | 8.16 | 0.17 | 0.46 | 0.63 | (0.18) | (0.37) | (0.55) | 8.24 | 7.94% | 25914 | 0.43% | 0.36% | 2.06%  |
| 9/30/22 | 10.61 | 0.22 | (1.83) | (1.61) | (0.29) | (0.55) | (0.84) | 8.16 | (16.55%) | 28220 | 0.41% | 0.36% | 2.30%  |
| 9/30/21 | 9.84 | 0.21 | 1.09 | 1.30 | (0.30) | (0.23) | (0.53) | 10.61 | 13.46% | 44399 | 0.41% | 0.35% | 2.02%  |
| 9/30/20 | 9.96 | 0.19 | 0.67 | 0.86 | (0.20) | (0.78) | (0.98) | 9.84 | 8.94% | 53133 | 0.40% | 0.34% | 1.98%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.28**  | $0.14  | $(0.27)  | $(0.13)  | $(0.27)  | $(0.09)  | $(0.36)  | **$8.79**  | (1.44%)<sup>b</sup>  | $49958  | 0.59%<sup>a</sup> | NA | 3.04%<sup>a</sup> |
| 9/30/24 | 8.13 | 0.34 | 1.17 | 1.51 | (0.21) | (0.15) | (0.36) | 9.28 | 18.93% | 50784 | 0.59% | 0.57% | 3.90% |
| 9/30/23 | 8.07 | 0.15 | 0.46 | 0.61 | (0.18) | (0.37) | (0.55) | 8.13 | 7.66% | 38456 | 0.58% | 0.51% | 1.80%  |
| 9/30/22 | 10.51 | 0.20 | (1.80) | (1.60) | (0.29) | (0.55) | (0.84) | 8.07 | (16.65%) | 32058 | 0.56% | 0.51% | 2.14%  |
| 9/30/21 | 9.75 | 0.17 | 1.10 | 1.27 | (0.28) | (0.23) | (0.51) | 10.51 | 13.27% | 32786 | 0.56% | 0.50% | 1.65%  |
| 9/30/20 | 9.88 | 0.18 | 0.67 | 0.85 | (0.20) | (0.78) | (0.98) | 9.75 | 8.87% | 29626 | 0.55% | 0.49% | 1.96%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.45**  | $0.14  | $(0.27)  | $(0.13)  | $(0.25)  | $(0.09)  | $(0.34)  | **$8.98**  | (1.36%)<sup>b</sup>  | $28268  | 0.64%<sup>a</sup> | NA | 2.96%<sup>a</sup> |
| 9/30/24 | 8.26 | 0.35 | 1.18 | 1.53 | (0.19) | (0.15) | (0.34) | 9.45 | 18.86% | 33313 | 0.66% | 0.63% | 4.01% |
| 9/30/23 | 8.18 | 0.16 | 0.45 | 0.61 | (0.16) | (0.37) | (0.53) | 8.26 | 7.63% | 38942 | 0.68% | 0.61% | 1.87%  |
| 9/30/22 | 10.64 | 0.20 | (1.84) | (1.64) | (0.27) | (0.55) | (0.82) | 8.18 | (16.82%) | 45256 | 0.66% | 0.61% | 2.10%  |
| 9/30/21 | 9.86 | 0.18 | 1.10 | 1.28 | (0.27) | (0.23) | (0.50) | 10.64 | 13.26% | 61814 | 0.66% | 0.60% | 1.73%  |
| 9/30/20 | 9.99 | 0.16 | 0.67 | 0.83 | (0.18) | (0.78) | (0.96) | 9.86 | 8.56% | 69682 | 0.65% | 0.59% | 1.67%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.24**  | $0.13  | $(0.27)  | $(0.14)  | $(0.24)  | $(0.09)  | $(0.33)  | **$8.77**  | (1.49%)<sup>b</sup>  | $15263  | 0.84%<sup>a</sup> | NA | 2.84%<sup>a</sup> |
| 9/30/24 | 8.10 | 0.32 | 1.15 | 1.47 | (0.18) | (0.15) | (0.33) | 9.24 | 18.55% | 15559 | 0.84% | 0.82% | 3.74% |
| 9/30/23 | 8.03 | 0.14 | 0.45 | 0.59 | (0.15) | (0.37) | (0.52) | 8.10 | 7.43% | 14214 | 0.83% | 0.76% | 1.64%  |
| 9/30/22 | 10.50 | 0.21 | (1.83) | (1.62) | (0.30) | (0.55) | (0.85) | 8.03 | (16.91%) | 15309 | 0.81% | 0.76% | 2.25%  |
| 9/30/21 | 9.74 | 0.17 | 1.08 | 1.25 | (0.26) | (0.23) | (0.49) | 10.50 | 13.07% | 7450 | 0.81% | 0.75% | 1.69%  |
| 9/30/20 | 9.86 | 0.14 | 0.68 | 0.82 | (0.16) | (0.78) | (0.94) | 9.74 | 8.56% | 8785 | 0.80% | 0.74% | 1.46%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.35**  | $0.15  | $(0.26)  | $(0.11)  | $(0.30)  | $(0.09)  | $(0.39)  | **$8.85**  | (1.21%)<sup>b</sup>  | $105  | 0.24%<sup>a</sup> | NA | 3.41%<sup>a</sup> |
| 9/30/24 | 8.19 | 0.38 | 1.16 | 1.54 | (0.23) | (0.15) | (0.38) | 9.35 | 19.30% | 111 | 0.24% | 0.22% | 4.35% |
| 9/30/23<sup>g</sup> | 8.44 | 0.01 | (0.26)<sup>aa</sup> | (0.25) |  |  |  | 8.19 | (2.96%)<sup>b</sup> | 97 | 0.23%<sup>a</sup> | 0.16%<sup>a</sup> | 0.12%<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual 60/40 Allocation Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.41**  | $0.13  | $(0.30)  | $(0.17)  | $(0.27)  | $(0.33)  | $(0.60)  | **$8.64**  | (1.77%)<sup>b</sup>  | $29594  | 0.15%<sup>a</sup> | NA | 2.98%<sup>a</sup> |
| 9/30/24 | 8.02 | 0.30 | 1.48 | 1.78 | (0.20) | (0.19) | (0.39) | 9.41 | 22.85% | 33539 | 0.15% | 0.13% | 3.45%  |
| 9/30/23 | 8.02 | 0.17 | 0.75 | 0.92 | (0.20) | (0.72) | (0.92) | 8.02 | 11.99% | 28687 | 0.14% | 0.06% | 2.06%  |
| 9/30/22 | 10.96 | 0.19 | (1.73) | (1.54) | (0.38) | (1.02) | (1.40) | 8.02 | (16.45%) | 28473 | 0.12% | 0.06% | 2.05%  |
| 9/30/21 | 9.50 | 0.19 | 1.70 | 1.89 | (0.28) | (0.15) | (0.43) | 10.96 | 20.32% | 28917 | 0.11% | 0.05% | 1.81%  |
| 9/30/20 | 9.90 | 0.16 | 0.71 | 0.87 | (0.21) | (1.06) | (1.27) | 9.50 | 9.14% | 21696 | 0.11% | 0.04% | 1.73%  |
| **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.41**  | $0.13  | $(0.29)  | $(0.16)  | $(0.26)  | $(0.33)  | $(0.59)  | **$8.66**  | (1.66%)<sup>b</sup>  | $9623  | 0.25%<sup>a</sup> | NA | 2.89%<sup>a</sup> |
| 9/30/24 | 8.02 | 0.28 | 1.49 | 1.77 | (0.19) | (0.19) | (0.38) | 9.41 | 22.73% | 9779 | 0.25% | 0.23% | 3.27%  |
| 9/30/23 | 8.03 | 0.16 | 0.73 | 0.89 | (0.18) | (0.72) | (0.90) | 8.02 | 11.68% | 8483 | 0.24% | 0.16% | 1.90%  |
| 9/30/22 | 10.96 | 0.32 | (1.86) | (1.54) | (0.37) | (1.02) | (1.39) | 8.03 | (16.42%) | 8300 | 0.21% | 0.16% | 3.24%  |
| 9/30/21 | 9.50 | 0.16 | 1.72 | 1.88 | (0.27) | (0.15) | (0.42) | 10.96 | 20.21% | 20602 | 0.21% | 0.15% | 1.56%  |
| 9/30/20 | 9.91 | 0.18 | 0.67 | 0.85 | (0.20) | (1.06) | (1.26) | 9.50 | 8.93% | 15435 | 0.21% | 0.14% | 1.92%  |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.47**  | $0.12  | $(0.30)  | $(0.18)  | $(0.25)  | $(0.33)  | $(0.58)  | **$8.71**  | (1.86%)<sup>b</sup>  | $24633  | 0.35%<sup>a</sup> | NA | 2.75%<sup>a</sup> |
| 9/30/24 | 8.06 | 0.27 | 1.51 | 1.78 | (0.18) | (0.19) | (0.37) | 9.47 | 22.75% | 27034 | 0.35% | 0.33% | 3.12%  |
| 9/30/23 | 8.07 | 0.15 | 0.74 | 0.89 | (0.18) | (0.72) | (0.90) | 8.06 | 11.54% | 21714 | 0.34% | 0.26% | 1.84%  |
| 9/30/22 | 11.01 | 0.19 | (1.75) | (1.56) | (0.36) | (1.02) | (1.38) | 8.07 | (16.55%) | 20361 | 0.32% | 0.26% | 2.00%  |
| 9/30/21 | 9.54 | 0.17 | 1.71 | 1.88 | (0.26) | (0.15) | (0.41) | 11.01 | 20.15% | 24617 | 0.31% | 0.25% | 1.60%  |
| 9/30/20 | 9.93 | 0.07 | 0.79 | 0.86 | (0.19) | (1.06) | (1.25) | 9.54 | 8.94% | 25087 | 0.31% | 0.24% | 0.76% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** | 30% | 22% | 35% | 26% | 28% | 58% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

---

| | |
|:---|:---|
| e<br>| Amount is less than 0.005% per share.  |

---

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.47**  | $0.12  | $(0.29)  | $(0.17)  | $(0.24)  | $(0.33)  | $(0.57)  | **$8.73**  | (1.76%)<sup>b</sup>  | $33034  | 0.45%<sup>a</sup> | NA | 2.69%<sup>a</sup> |
| 9/30/24 | 8.07 | 0.27 | 1.49 | 1.76 | (0.17) | (0.19) | (0.36) | 9.47 | 22.45% | 36863 | 0.45% | 0.42% | 3.13%  |
| 9/30/23 | 8.07 | 0.14 | 0.75 | 0.89 | (0.17) | (0.72) | (0.89) | 8.07 | 11.54% | 38329 | 0.44% | 0.36% | 1.72%  |
| 9/30/22 | 11.00 | 0.19 | (1.76) | (1.57) | (0.34) | (1.02) | (1.36) | 8.07 | (16.62%) | 37871 | 0.41% | 0.36% | 1.98%  |
| 9/30/21 | 9.53 | 0.16 | 1.71 | 1.87 | (0.25) | (0.15) | (0.40) | 11.00 | 20.00% | 61143 | 0.41% | 0.35% | 1.53%  |
| 9/30/20 | 9.92 | 0.16 | 0.68 | 0.84 | (0.17) | (1.06) | (1.23) | 9.53 | 8.78% | 59725 | 0.41% | 0.34% | 1.71%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.37**  | $0.11  | $(0.30)  | $(0.19)  | $(0.23)  | $(0.33)  | $(0.56)  | **$8.62**  | (1.97%)<sup>b</sup>  | $10371  | 0.60%<sup>a</sup> | NA | 2.56%<sup>a</sup> |
| 9/30/24 | 7.98 | 0.26 | 1.48 | 1.74 | (0.16) | (0.19) | (0.35) | 9.37 | 22.40% | 10946 | 0.60% | 0.58% | 2.99% |
| 9/30/23 | 7.99 | 0.13 | 0.74 | 0.87 | (0.16) | (0.72) | (0.88) | 7.98 | 11.35% | 8017 | 0.59% | 0.51% | 1.62%  |
| 9/30/22 | 10.91 | 0.16 | (1.74) | (1.58) | (0.32) | (1.02) | (1.34) | 7.99 | (16.78%) | 8037 | 0.56% | 0.51% | 1.72%  |
| 9/30/21 | 9.43 | 0.13 | 1.71 | 1.84 | (0.21) | (0.15) | (0.36) | 10.91 | 19.83% | 10735 | 0.56% | 0.50% | 1.26%  |
| 9/30/20 | 9.84 | 0.20 | 0.62 | 0.82 | (0.17) | (1.06) | (1.23) | 9.43 | 8.59% | 10218 | 0.56% | 0.49% | 2.13%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.53**  | $0.11  | $(0.30)  | $(0.19)  | $(0.21)  | $(0.33)  | $(0.54)  | **$8.80**  | (1.91%)<sup>b</sup>  | $30048  | 0.65%<sup>a</sup> | NA | 2.45%<sup>a</sup> |
| 9/30/24 | 8.11 | 0.24 | 1.51 | 1.75 | (0.14) | (0.19) | (0.33) | 9.53 | 22.19% | 33034 | 0.67% | 0.64% | 2.79%  |
| 9/30/23 | 8.10 | 0.13 | 0.74 | 0.87 | (0.14) | (0.72) | (0.86) | 8.11 | 11.27% | 39817 | 0.69% | 0.61% | 1.55%  |
| 9/30/22 | 11.04 | 0.16 | (1.76) | (1.60) | (0.32) | (1.02) | (1.34) | 8.10 | (16.84%) | 44420 | 0.66% | 0.61% | 1.69%  |
| 9/30/21 | 9.57 | 0.14 | 1.70 | 1.84 | (0.22) | (0.15) | (0.37) | 11.04 | 19.60% | 57203 | 0.66% | 0.60% | 1.31%  |
| 9/30/20 | 9.96 | 0.13 | 0.69 | 0.82 | (0.15) | (1.06) | (1.21) | 9.57 | 8.51% | 59454 | 0.66% | 0.59% | 1.43%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.31**  | $0.10  | $(0.30)  | $(0.20)  | $(0.20)  | $(0.33)  | $(0.53)  | **$8.58**  | (2.04%)<sup>b</sup>  | $12933  | 0.85%<sup>a</sup> | NA | 2.28%<sup>a</sup> |
| 9/30/24 | 7.94 | 0.22 | 1.48 | 1.70 | (0.14) | (0.19) | (0.33) | 9.31 | 21.99% | 13206 | 0.85% | 0.83% | 2.61%  |
| 9/30/23 | 7.94 | 0.10 | 0.75 | 0.85 | (0.13) | (0.72) | (0.85) | 7.94 | 11.17% | 10228 | 0.84% | 0.76% | 1.26%  |
| 9/30/22 | 10.84 | 0.15 | (1.74) | (1.59) | (0.29) | (1.02) | (1.31) | 7.94 | (17.00%) | 9592 | 0.81% | 0.76% | 1.53%  |
| 9/30/21 | 9.40 | 0.12 | 1.68 | 1.80 | (0.21) | (0.15) | (0.36) | 10.84 | 19.50% | 14252 | 0.81% | 0.75% | 1.13%  |
| 9/30/20 | 9.80 | 0.11 | 0.68 | 0.79 | (0.13) | (1.06) | (1.19) | 9.40 | 8.33% | 15686 | 0.81% | 0.74% | 1.16%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$9.41**  | $0.13  | $(0.30)  | $(0.17)  | $(0.26)  | $(0.33)  | $(0.59)  | **$8.65**  | (1.77%)<sup>b</sup>  | $106  | 0.25%<sup>a</sup> | NA | 2.88%<sup>a</sup> |
| 9/30/24 | 8.02 | 0.29 | 1.48 | 1.77 | (0.19) | (0.19) | (0.38) | 9.41 | 22.74% | 115 | 0.25% | 0.23% | 3.33%  |
| 9/30/23<sup>g</sup> | 8.17 | 0.00<sup>d</sup> | (0.15)<sup>aa</sup> | (0.15) |  |  |  | 8.02 | (1.84%)<sup>b</sup> | 98 | 0.24%<sup>a</sup> | 0.16%<sup>a</sup> | 0.00%<sup>a,e</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual 80/20 Allocation Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.84**  | $0.12  | $(0.36)  | $(0.24)  | $(0.28)  | $(0.58)  | $(0.86)  | **$9.74**  | (2.28%)<sup>b</sup>  | $37973  | 0.19%<sup>a</sup> | NA | 2.42%<sup>a</sup> |
| 9/30/24 | 8.95 | 0.23 | 2.06 | 2.29 | (0.14) | (0.26) | (0.40) | 10.84 | 26.40% | 40543 | 0.20% | 0.17% | 2.33%  |
| 9/30/23 | 8.86 | 0.16 | 1.14 | 1.30 | (0.20) | (1.01) | (1.21) | 8.95 | 15.65% | 35417 | 0.19% | 0.09% | 1.74%  |
| 9/30/22 | 12.13 | 0.20 | (2.08) | (1.88) | (0.41) | (0.98) | (1.39) | 8.86 | (17.85%) | 33246 | 0.16% | 0.09% | 1.91%  |
| 9/30/21 | 10.28 | 0.18 | 2.24 | 2.42 | (0.23) | (0.34) | (0.57) | 12.13 | 24.09% | 38991 | 0.16% | 0.08% | 1.51%  |
| 9/30/20 | 10.59 | 0.16 | 0.86 | 1.02 | (0.19) | (1.14) | (1.33) | 10.28 | 9.81% | 30942 | 0.18% | 0.07% | 1.58%  |
| **Class R5** | **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.86**  | $0.12  | $(0.36)  | $(0.24)  | $(0.27)  | $(0.58)  | $(0.85)  | **$9.77**  | (2.27%)<sup>b</sup>  | $4455  | 0.29%<sup>a</sup> | NA | 2.31%<sup>a</sup> |
| 9/30/24 | 8.97 | 0.22 | 2.06 | 2.28 | (0.13) | (0.26) | (0.39) | 10.86 | 26.19% | 4488 | 0.30% | 0.27% | 2.26%  |
| 9/30/23 | 8.87 | 0.14 | 1.16 | 1.30 | (0.19) | (1.01) | (1.20) | 8.97 | 15.58% | 3416 | 0.29% | 0.19% | 1.57%  |
| 9/30/22 | 12.14 | 0.32 | (2.21) | (1.89) | (0.40) | (0.98) | (1.38) | 8.87 | (17.91%) | 3301 | 0.25% | 0.19% | 2.90%  |
| 9/30/21 | 10.29 | 0.15 | 2.26 | 2.41 | (0.22) | (0.34) | (0.56) | 12.14 | 23.96% | 7435 | 0.26% | 0.18% | 1.32%  |
| 9/30/20 | 10.60 | 0.15 | 0.86 | 1.01 | (0.18) | (1.14) | (1.32) | 10.29 | 9.71% | 6025 | 0.28% | 0.17% | 1.54%  |
| **Service Class** | **Service Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.87**  | $0.11  | $(0.36)  | $(0.25)  | $(0.26)  | $(0.58)  | $(0.84)  | **$9.78**  | (2.38%)<sup>b</sup>  | $17772  | 0.39%<sup>a</sup> | NA | 2.19%<sup>a</sup> |
| 9/30/24 | 8.98 | 0.21 | 2.07 | 2.28 | (0.13) | (0.26) | (0.39) | 10.87 | 26.06% | 18611 | 0.40% | 0.37% | 2.08% |
| 9/30/23 | 8.88 | 0.14 | 1.15 | 1.29 | (0.18) | (1.01) | (1.19) | 8.98 | 15.50% | 15609 | 0.39% | 0.29% | 1.50%  |
| 9/30/22 | 12.16 | 0.20 | (2.11) | (1.91) | (0.39) | (0.98) | (1.37) | 8.88 | (18.04%) | 12945 | 0.35% | 0.29% | 1.85%  |
| 9/30/21 | 10.31 | 0.13 | 2.27 | 2.40 | (0.21) | (0.34) | (0.55) | 12.16 | 23.83% | 15973 | 0.36% | 0.28% | 1.13%  |
| 9/30/20 | 10.61 | 0.05 | 0.95 | 1.00 | (0.16) | (1.14) | (1.30) | 10.31 | 9.64% | 11041 | 0.38% | 0.27% | 0.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** | 38% | 21% | 39% | 28% | 29% | 62% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

g For the period February 1, 2023 (commencement of operations) through September 30, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure. |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Administrative Class** | **Administrative Class** | **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.88**  | $0.11  | $(0.37)  | $(0.26)  | $(0.25)  | $(0.58)  | $(0.83)  | **$9.79**  | (2.49%)<sup>b</sup>  | $14430  | 0.49%<sup>a</sup> | NA | 2.18%<sup>a</sup> |
| 9/30/24 | 8.98 | 0.21 | 2.06 | 2.27 | (0.11) | (0.26) | (0.37) | 10.88 | 26.01% | 16496 | 0.50% | 0.47% | 2.09% |
| 9/30/23 | 8.88 | 0.13 | 1.15 | 1.28 | (0.17) | (1.01) | (1.18) | 8.98 | 15.33% | 17004 | 0.49% | 0.39% | 1.46%  |
| 9/30/22 | 12.15 | 0.18 | (2.10) | (1.92) | (0.37) | (0.98) | (1.35) | 8.88 | (18.10%) | 17296 | 0.45% | 0.39% | 1.69%  |
| 9/30/21 | 10.29 | 0.14 | 2.25 | 2.39 | (0.19) | (0.34) | (0.53) | 12.15 | 23.77% | 23648 | 0.46% | 0.38% | 1.23%  |
| 9/30/20 | 10.59 | 0.14 | 0.84 | 0.98 | (0.14) | (1.14) | (1.28) | 10.29 | 9.49% | 23105 | 0.48% | 0.37% | 1.38%  |
| **Class R4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.65**  | $0.10  | $(0.36)  | $(0.26)  | $(0.23)  | $(0.58)  | $(0.81)  | **$9.58**  | (2.48%)<sup>b</sup>  | $14301  | 0.64%<sup>a</sup> | NA | 2.00%<sup>a</sup> |
| 9/30/24 | 8.80 | 0.18 | 2.03 | 2.21 | (0.10) | (0.26) | (0.36) | 10.65 | 25.83% | 15104 | 0.65% | 0.62% | 1.88% |
| 9/30/23 | 8.73 | 0.11 | 1.13 | 1.24 | (0.16) | (1.01) | (1.17) | 8.80 | 15.06% | 12592 | 0.64% | 0.54% | 1.28%  |
| 9/30/22 | 11.96 | 0.16 | (2.05) | (1.89) | (0.36) | (0.98) | (1.34) | 8.73 | (18.17%) | 12041 | 0.60% | 0.54% | 1.48%  |
| 9/30/21 | 10.14 | 0.11 | 2.22 | 2.33 | (0.17) | (0.34) | (0.51) | 11.96 | 23.47% | 14161 | 0.61% | 0.53% | 0.98%  |
| 9/30/20 | 10.46 | 0.15 | 0.81 | 0.96 | (0.14) | (1.14) | (1.28) | 10.14 | 9.37% | 13465 | 0.63% | 0.52% | 1.51%  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.87**  | $0.10  | $(0.36)  | $(0.26)  | $(0.22)  | $(0.58)  | $(0.80)  | **$9.81**  | (2.48%)<sup>b</sup>  | $16327  | 0.69%<sup>a</sup> | NA | 1.93%<sup>a</sup> |
| 9/30/24 | 8.97 | 0.18 | 2.07 | 2.25 | (0.09) | (0.26) | (0.35) | 10.87 | 25.73% | 18504 | 0.72% | 0.68% | 1.87%  |
| 9/30/23 | 8.87 | 0.11 | 1.14 | 1.25 | (0.14) | (1.01) | (1.15) | 8.97 | 14.99% | 20218 | 0.74% | 0.64% | 1.23%  |
| 9/30/22 | 12.13 | 0.17 | (2.11) | (1.94) | (0.34) | (0.98) | (1.32) | 8.87 | (18.30%) | 20773 | 0.70% | 0.64% | 1.61%  |
| 9/30/21 | 10.27 | 0.10 | 2.26 | 2.36 | (0.16) | (0.34) | (0.50) | 12.13 | 23.49% | 32829 | 0.71% | 0.63% | 0.88%  |
| 9/30/20 | 10.58 | 0.11 | 0.85 | 0.96 | (0.13) | (1.14) | (1.27) | 10.27 | 9.19% | 31252 | 0.73% | 0.62% | 1.11%  |
| **Class R3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.57**  | $0.09  | $(0.36)  | $(0.27)  | $(0.20)  | $(0.58)  | $(0.78)  | **$9.52**  | (2.59%)<sup>b</sup>  | $12012  | 0.89%<sup>a</sup> | NA | 1.88%<sup>a</sup> |
| 9/30/24 | 8.74 | 0.16 | 2.01 | 2.17 | (0.08) | (0.26) | (0.34) | 10.57 | 25.44% | 14513 | 0.90% | 0.87% | 1.62% |
| 9/30/23 | 8.67 | 0.09 | 1.12 | 1.21 | (0.13) | (1.01) | (1.14) | 8.74 | 14.79% | 13759 | 0.89% | 0.79% | 1.02%  |
| 9/30/22 | 11.88 | 0.13 | (2.04) | (1.91) | (0.32) | (0.98) | (1.30) | 8.67 | (18.38%) | 14153 | 0.85% | 0.79% | 1.27%  |
| 9/30/21 | 10.08 | 0.10 | 2.20 | 2.30 | (0.16) | (0.34) | (0.50) | 11.88 | 23.30% | 19120 | 0.86% | 0.78% | 0.86%  |
| 9/30/20 | 10.44 | 0.10 | 0.82 | 0.92 | (0.14) | (1.14) | (1.28) | 10.08 | 8.98% | 17928 | 0.88% | 0.77% | 1.08%  |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$10.86**  | $0.12  | $(0.36)  | $(0.24)  | $(0.27)  | $(0.58)  | $(0.85)  | **$9.77**  | (2.28%)<sup>b</sup>  | $108  | 0.29%<sup>a</sup> | NA | 2.35%<sup>a</sup> |
| 9/30/24 | 8.97 | 0.22 | 2.07 | 2.29 | (0.14) | (0.26) | (0.40) | 10.86 | 26.23% | 120 | 0.30% | 0.27% | 2.26% |
| 9/30/23<sup>g</sup> | 9.04 | (0.01)<sup>bb</sup> | (0.06)<sup>aa</sup> | (0.07) |  |  |  | 8.97 | (0.77%)<sup>b</sup> | 99 | 0.29%<sup>a</sup> | 0.19%<sup>a</sup> | (0.09%)<sup>a</sup> |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement Balanced Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$14.88**  | $0.46  | $(0.47)  | $(0.01)  | $(0.59)  | $—  | $(0.59)  | **$14.28**  | (0.03%)<sup>b</sup>  | $35758  | 0.40%<sup>a</sup> | 0.18%<sup>a</sup> | 6.29%<sup>a</sup> |
| 9/30/24 | 13.34 | 0.36 | 1.91 | 2.27 | (0.39) | (0.34) | (0.73) | 14.88 | 17.60% | 51024 | 0.40% | 0.22% | 2.54%  |
| 9/30/23 | 13.62 | 0.65 | 0.48 | 1.13 | (0.67) | (0.74) | (1.41) | 13.34 | 8.67% | 25079 | 0.40% | 0.28% | 4.77%  |
| 9/30/22 | 17.72 | 0.46 | (2.83) | (2.37) | (0.65) | (1.08) | (1.73) | 13.62 | (14.93%) | 20187 | 0.40% | 0.27% | 2.90%  |
| 9/30/21 | 16.19 | 0.25 | 2.00 | 2.25 | (0.36) | (0.36) | (0.72) | 17.72 | 14.19% | 25173 | 0.40% | 0.27% | 1.42%  |
| 9/30/20 | 15.46 | 0.31 | 0.91 | 1.22 | (0.38) | (0.11) | (0.49) | 16.19 | 8.01% | 18598 | 0.19% | 0.06% | 2.03%  |
| **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  |
| 3/31/25<sup>r</sup>  | **$14.90**  | $0.41  | $(0.43)  | $(0.02)  | $(0.56)  | $—  | $(0.56)  | **$14.32**  | (0.07%)<sup>b</sup>  | $152135  | 0.55%<sup>a</sup> | 0.33%<sup>a</sup> | 5.59%<sup>a</sup> |
| 9/30/24 | 13.36 | 0.45 | 1.80 | 2.25 | (0.37) | (0.34) | (0.71) | 14.90 | 17.39% | 157731 | 0.55% | 0.37% | 3.24% |
| 9/30/23 | 13.63 | 0.64 | 0.48 | 1.12 | (0.65) | (0.74) | (1.39) | 13.36 | 8.57% | 142090 | 0.55% | 0.43% | 4.72%  |
| 9/30/22 | 17.73 | 0.42 | (2.83) | (2.41) | (0.61) | (1.08) | (1.69) | 13.63 | (15.09%) | 126517 | 0.55% | 0.42% | 2.66%  |
| 9/30/21 | 16.20 | 0.23 | 2.00 | 2.23 | (0.34) | (0.36) | (0.70) | 17.73 | 14.02% | 152253 | 0.55% | 0.42% | 1.30%  |
| 9/30/20 | 15.48 | 0.34 | 0.85 | 1.19 | (0.36) | (0.11) | (0.47) | 16.20 | 7.85% | 126059 | 0.33% | 0.20% | 2.17%  |
| **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  |
| 3/31/25<sup>r</sup>  | **$14.94**  | $0.58  | $(0.62)  | $(0.04)  | $(0.54)  | $—  | $(0.54)  | **$14.36**  | (0.24%)<sup>b</sup>  | $1631  | 0.80%<sup>a</sup> | 0.58%<sup>a</sup> | 8.10%<sup>a</sup> |
| 9/30/24 | 13.39 | 0.38 | 1.85 | 2.23 | (0.34) | (0.34) | (0.68) | 14.94 | 17.16% | 12112 | 0.80% | 0.62% | 2.70%  |
| 9/30/23 | 13.65 | 0.63 | 0.45 | 1.08 | (0.60) | (0.74) | (1.34) | 13.39 | 8.21% | 8243 | 0.80% | 0.68% | 4.67%  |
| 9/30/22 | 17.66 | 0.40 | (2.85) | (2.45) | (0.48) | (1.08) | (1.56) | 13.65 | (15.28%) | 7314 | 0.80% | 0.67% | 2.50%  |
| 9/30/21 | 16.13 | 0.22 | 1.97 | 2.19 | (0.30) | (0.36) | (0.66) | 17.66 | 13.80% | 14092 | 0.80% | 0.67% | 1.27%  |
| 9/30/20 | 15.42 | 0.30 | 0.84 | 1.14 | (0.32) | (0.11) | (0.43) | 16.13 | 7.52% | 19598 | 0.58% | 0.45% | 1.94%  |
| **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  |
| 3/31/25<sup>r</sup>  | **$14.92**  | $0.58  | $(0.64)  | $(0.06)  | $(0.46)  | $—  | $(0.46)  | **$14.40**  | (0.34%)<sup>b</sup>  | $202  | 1.05%<sup>a</sup> | 0.83%<sup>a</sup> | 8.19%<sup>a</sup> |
| 9/30/24 | 13.36 | 0.41 | 1.78 | 2.19 | (0.29) | (0.34) | (0.63) | 14.92 | 16.88% | 2911 | 1.05% | 0.87% | 2.94%  |
| 9/30/23 | 13.57 | 0.58 | 0.47 | 1.05 | (0.52) | (0.74) | (1.26) | 13.36 | 7.99% | 3080 | 1.05% | 0.93% | 4.28%  |
| 9/30/22 | 17.65 | 0.33 | (2.81) | (2.48) | (0.52) | (1.08) | (1.60) | 13.57 | (15.55%) | 4113 | 1.05% | 0.92% | 2.11%  |
| 9/30/21 | 16.11 | 0.13 | 2.01 | 2.14 | (0.24) | (0.36) | (0.60) | 17.65 | 13.47% | 6265 | 1.05% | 0.92% | 0.74%  |
| 9/30/20 | 15.39 | 0.28 | 0.82 | 1.10 | (0.27) | (0.11) | (0.38) | 16.11 | 7.27% | 6073 | 0.83% | 0.70% | 1.79% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 16% | 54% | 19% | 34% | 38% | 50% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2005 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$14.24**  | $0.45  | $(0.47)  | $(0.02)  | $(0.62)  | $—  | $(0.62)  | **$13.60**  | (0.11%)<sup>b</sup>  | $4761  | 0.42%<sup>a</sup> | 0.18%<sup>a</sup> | 6.49%<sup>a</sup> |
| 9/30/24 | 12.39 | 0.42 | 1.79 | 2.21 | (0.36) |  | (0.36) | 14.24 | 18.15% | 8570 | 0.42% | 0.23% | 3.13%  |
| 9/30/23 | 12.45 | 0.74 | 0.36  | 1.10 | (0.59) | (0.57) | (1.16) | 12.39 | 9.22% | 8383 | 0.42% | 0.28% | 5.95%  |
| 9/30/22 | 17.52 | 0.39 | (2.66) | (2.27) | (0.62) | (2.18) | (2.80) | 12.45 | (15.62%) | 15173 | 0.42% | 0.28% | 2.65%  |
| 9/30/21 | 16.24 | 0.30 | 1.84 | 2.14 | (0.38) | (0.48) | (0.86) | 17.52 | 13.48% | 17418 | 0.42% | 0.28% | 1.74%  |
| 9/30/20 | 15.74 | 0.34 | 0.85 | 1.19 | (0.43) | (0.26) | (0.69) | 16.24 | 7.74% | 19736 | 0.62% | 0.06% | 2.21%  |
| **Class M5** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$14.18**  | $0.36  | $(0.39)  | $(0.03)  | $(0.51)  | $—  | $(0.51)  | **$13.64**  | (0.13%)<sup>b</sup>  | $786  | 0.57%<sup>a</sup> | 0.33%<sup>a</sup> | 5.13%<sup>a</sup> |
| 9/30/24 | 12.36 | 0.43 | 1.75 | 2.18 | (0.36) |  | (0.36) | 14.18 | 17.98% | 5861 | 0.57% | 0.38% | 3.27%  |
| 9/30/23 | 12.42 | 0.57 | 0.51 | 1.08 | (0.57) | (0.57) | (1.14) | 12.36 | 9.04% | 6075 | 0.57% | 0.43% | 4.52%  |
| 9/30/22 | 17.48 | 0.41 | (2.69) | (2.28) | (0.60) | (2.18) | (2.78) | 12.42 | (15.73%) | 5681 | 0.57% | 0.43% | 2.79%  |
| 9/30/21 | 16.20 | 0.24 | 1.87 | 2.11 | (0.35) | (0.48) | (0.83) | 17.48 | 13.33% | 7783 | 0.57% | 0.43% | 1.39%  |
| 9/30/20 | 15.71 | 0.41 | 0.75 | 1.16 | (0.41) | (0.26) | (0.67) | 16.20 | 7.55% | 8440 | 0.77% | 0.20% | 2.63%  |
| **Class M4** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$14.21**  | $0.54  | $(0.59)  | $(0.05)  | $(0.55)  | $—  | $(0.55)  | **$13.61**  | (0.27%)<sup>b</sup>  | $58  | 0.82%<sup>a</sup> | 0.58%<sup>a</sup> | 7.94%<sup>a</sup> |
| 9/30/24 | 12.38 | 0.33 | 1.82 | 2.15 | (0.32) |  | (0.32) | 14.21 | 17.61% | 2197 | 0.82% | 0.63% | 2.50% |
| 9/30/23 | 12.42 | 0.50 | 0.55 | 1.05 | (0.52) | (0.57) | (1.09) | 12.38 | 8.72% | 1639 | 0.82% | 0.68% | 3.99%  |
| 9/30/22 | 17.46 | 0.36 | (2.68) | (2.32) | (0.54) | (2.18) | (2.72) | 12.42 | (15.93%) | 2073 | 0.82% | 0.68% | 2.46%  |
| 9/30/21 | 16.17 | 0.21 | 1.86 | 2.07 | (0.30) | (0.48) | (0.78) | 17.46 | 13.07% | 3096 | 0.82% | 0.68% | 1.22%  |
| 9/30/20 | 15.69 | 0.36 | 0.76 | 1.12 | (0.38) | (0.26) | (0.64) | 16.17 | 7.29% | 3455 | 1.02% | 0.45% | 2.30%  |
| **Class M3** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup>  | **$14.09**  | $0.44  | $(0.50)  | $(0.06)  | $(0.26)  | $—  | $(0.26)  | **$13.77**  | (0.41%)<sup>b</sup>  | $99  | 1.07%<sup>a</sup> | 0.83%<sup>a</sup> | 6.27%<sup>a</sup> |
| 9/30/24 | 12.28 | 0.43 | 1.68 | 2.11 | (0.30) |  | (0.30) | 14.09 | 17.45% | 383 | 1.07% | 0.88% | 3.30% |
| 9/30/23 | 12.34 | 0.48 | 0.53 | 1.01 | (0.50) | (0.57) | (1.07) | 12.28 | 8.50% | 1495 | 1.07% | 0.93% | 3.86%  |
| 9/30/22 | 17.39 | 0.29 | (2.64) | (2.35) | (0.52) | (2.18) | (2.70) | 12.34 | (16.17%) | 1453 | 1.07% | 0.93% | 2.01%  |
| 9/30/21 | 16.11 | 0.12 | 1.90 | 2.02 | (0.26) | (0.48) | (0.74) | 17.39 | 12.77% | 1603 | 1.07% | 0.93% | 0.72%  |
| 9/30/20 | 15.64 | 0.32 | 0.76 | 1.08 | (0.35) | (0.26) | (0.61) | 16.11 | 7.01% | 1227 | 1.27% | 0.69% | 2.07% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 21% | 75% | 37% | 37% | 54% | 59% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2010 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$14.78**  | $0.43  | $(0.48)  | $(0.05)  | $(0.58)  | $—  | $(0.58)  | **$14.15**  | (0.26%)<sup>b</sup>  | $40487  | 0.42%<sup>a</sup> | 0.19%<sup>a</sup> | 5.97%<sup>a</sup> |
| 9/30/24 | 12.85 | 0.43 | 1.95 | 2.38 | (0.34) | (0.11) | (0.45) | 14.78 | 18.91% | 63560 | 0.42% | 0.23% | 3.15%  |
| 9/30/23 | 13.23 | 0.59 | 0.63 | 1.22 | (0.59) | (1.01) | (1.60) | 12.85 | 9.77% | 62669 | 0.42% | 0.28% | 4.51%  |
| 9/30/22 | 17.63 | 0.39 | (2.90) | (2.51) | (0.62) | (1.27) | (1.89) | 13.23 | (16.02%) | 63308 | 0.42% | 0.28% | 2.51%  |
| 9/30/21 | 16.05 | 0.27 | 2.05 | 2.32 | (0.37) | (0.37) | (0.74) | 17.63 | 14.74% | 75734 | 0.42% | 0.28% | 1.55%  |
| 9/30/20 | 15.66 | 0.37 | 0.85 | 1.22 | (0.43) | (0.40) | (0.83) | 16.05 | 8.02% | 72187 | 0.20% | 0.05% | 2.40%  |
| **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  |
| 3/31/25<sup>r</sup>  | **$14.77**  | $0.43  | $(0.49)  | $(0.06)  | $(0.55)  | $—  | $(0.55)  | **$14.16**  | (0.37%)<sup>b</sup>  | $8588  | 0.57%<sup>a</sup> | 0.34%<sup>a</sup> | 6.02%<sup>a</sup> |
| 9/30/24 | 12.84 | 0.45 | 1.91 | 2.36 | (0.32) | (0.11) | (0.43) | 14.77 | 18.73% | 14797 | 0.57% | 0.38% | 3.28%  |
| 9/30/23 | 13.21 | 0.59 | 0.61 | 1.20 | (0.56) | (1.01) | (1.57) | 12.84 | 9.60% | 19654 | 0.57% | 0.43% | 4.52%  |
| 9/30/22 | 17.61 | 0.47 | (2.99) | (2.52) | (0.61) | (1.27) | (1.88) | 13.21 | (16.10%) | 20741 | 0.57% | 0.43% | 2.98%  |
| 9/30/21 | 16.03 | 0.21 | 2.08 | 2.29 | (0.34) | (0.37) | (0.71) | 17.61 | 14.57% | 32649 | 0.57% | 0.43% | 1.20%  |
| 9/30/20 | 15.65 | 0.39 | 0.80 | 1.19 | (0.41) | (0.40) | (0.81) | 16.03 | 7.81% | 28892 | 0.34% | 0.20% | 2.53%  |
| **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  |
| 3/31/25<sup>r</sup>  | **$14.82**  | $0.56  | $(0.63)  | $(0.07)  | $(0.48)  | $—  | $(0.48)  | **$14.27**  | (0.42%)<sup>b</sup>  | $251  | 0.82%<sup>a</sup> | 0.59%<sup>a</sup> | 7.99%<sup>a</sup> |
| 9/30/24 | 12.88 | 0.41 | 1.91 | 2.32 | (0.27) | (0.11) | (0.38) | 14.82 | 18.33% | 5557 | 0.82% | 0.63% | 2.99%  |
| 9/30/23 | 13.20 | 0.55 | 0.63 | 1.18 | (0.49) | (1.01) | (1.50) | 12.88 | 9.43% | 9195 | 0.82% | 0.68% | 4.16%  |
| 9/30/22 | 17.56 | 0.38 | (2.96) | (2.58) | (0.51) | (1.27) | (1.78) | 13.20 | (16.40%) | 10567 | 0.82% | 0.68% | 2.45%  |
| 9/30/21 | 15.99 | 0.23 | 2.02 | 2.25 | (0.31) | (0.37) | (0.68) | 17.56 | 14.35% | 26545 | 0.82% | 0.68% | 1.37%  |
| 9/30/20 | 15.61 | 0.33 | 0.82 | 1.15 | (0.37) | (0.40) | (0.77) | 15.99 | 7.56% | 30398 | 0.60% | 0.45% | 2.16%  |
| **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  |
| 3/31/25<sup>r</sup>  | **$14.80**  | $0.49  | $(0.58)  | $(0.09)  | $(0.48)  | $—  | $(0.48)  | **$14.23**  | (0.60%)<sup>b</sup>  | $1173  | 1.07%<sup>a</sup> | 0.84%<sup>a</sup> | 6.97%<sup>a</sup> |
| 9/30/24 | 12.84 | 0.34 | 1.95 | 2.29 | (0.22) | (0.11) | (0.33) | 14.80 | 18.10% | 5133 | 1.07% | 0.88% | 2.50% |
| 9/30/23 | 13.18 | 0.57 | 0.58 | 1.15 | (0.48) | (1.01) | (1.49) | 12.84 | 9.11% | 5326 | 1.07% | 0.93% | 4.39%  |
| 9/30/22 | 17.56 | 0.35 | (2.95) | (2.60) | (0.51) | (1.27) | (1.78) | 13.18 | (16.57%) | 8647 | 1.07% | 0.93% | 2.28%  |
| 9/30/21 | 15.99 | 0.15 | 2.04 | 2.19 | (0.25) | (0.37) | (0.62) | 17.56 | 13.97% | 13883 | 1.07% | 0.93% | 0.90%  |
| 9/30/20 | 15.59 | 0.25 | 0.87 | 1.12 | (0.32) | (0.40) | (0.72) | 15.99 | 7.34% | 14512 | 0.85% | 0.70% | 1.62% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 19% | 51% | 26% | 34% | 33% | 53% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2015 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m</sup><sup>,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$15.13**  | $0.47  | $(0.53)  | $(0.06)  | $(0.59)  | $—  | $(0.59)  | **$14.48**  | (0.35%)<sup>b</sup>  | $27478  | 0.42%<sup>a</sup> | 0.22%<sup>a</sup> | 6.31%<sup>a</sup> |
| 9/30/24 | 13.23 | 0.43 | 2.08 | 2.51 | (0.36) | (0.25) | (0.61) | 15.13 | 19.48% | 55322 | 0.43% | 0.25% | 3.06%  |
| 9/30/23 | 13.57 | 0.59 | 0.73 | 1.32 | (0.55) | (1.11) | (1.66) | 13.23 | 10.31% | 62426 | 0.43% | 0.31% | 4.37%  |
| 9/30/22 | 17.97 | 0.36 | (2.99) | (2.63) | (0.62) | (1.15) | (1.77) | 13.57 | (16.38%) | 65438 | 0.44% | 0.30% | 2.29%  |
| 9/30/21 | 16.17 | 0.24 | 2.32 | 2.56 | (0.35) | (0.41) | (0.76) | 17.97 | 16.19% | 78555 | 0.44% | 0.32% | 1.35%  |
| 9/30/20 | 15.64 | 0.35 | 0.93 | 1.28 | (0.41) | (0.34) | (0.75) | 16.17 | 8.40% | 65346 | 0.20% | 0.06% | 2.29%  |
| **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  |
| 3/31/25<sup>r</sup>  | **$15.10**  | $0.60  | $(0.67)  | $(0.07)  | $(0.57)  | $—  | $(0.57)  | **$14.46**  | (0.42%)<sup>b</sup>  | $1348  | 0.57%<sup>a</sup> | 0.37%<sup>a</sup> | 8.34%<sup>a</sup> |
| 9/30/24 | 13.20 | 0.41 | 2.08 | 2.49 | (0.34) | (0.25) | (0.59) | 15.10 | 19.35% | 37803 | 0.58% | 0.40% | 2.93% |
| 9/30/23 | 13.54 | 0.58 | 0.71 | 1.29 | (0.52) | (1.11) | (1.63) | 13.20 | 10.08% | 36067 | 0.58% | 0.46% | 4.32%  |
| 9/30/22 | 17.94 | 0.42 | (3.07) | (2.65) | (0.60) | (1.15) | (1.75) | 13.54 | (16.50%) | 39275 | 0.59% | 0.45% | 2.64%  |
| 9/30/21 | 16.14 | 0.21 | 2.32 | 2.53 | (0.32) | (0.41) | (0.73) | 17.94 | 16.05% | 64169 | 0.59% | 0.47% | 1.21%  |
| 9/30/20 | 15.62 | 0.36 | 0.89 | 1.25 | (0.39) | (0.34) | (0.73) | 16.14 | 8.19% | 53926 | 0.35% | 0.21% | 2.30%  |
| **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  |
| 3/31/25<sup>r</sup>  | **$15.18**  | $0.50  | $(0.58)  | $(0.08)  | $(0.54)  | $—  | $(0.54)  | **$14.56**  | (0.52%)<sup>b</sup>  | $1155  | 0.82%<sup>a</sup> | 0.62%<sup>a</sup> | 6.70%<sup>a</sup> |
| 9/30/24 | 13.29 | 0.37 | 2.09 | 2.46 | (0.32) | (0.25) | (0.57) | 15.18 | 18.94% | 5039 | 0.82% | 0.65% | 2.63%  |
| 9/30/23 | 13.56 | 0.51 | 0.76 | 1.27 | (0.43) | (1.11) | (1.54) | 13.29 | 9.87% | 5311 | 0.83% | 0.71% | 3.79%  |
| 9/30/22 | 17.92 | 0.35 | (3.04) | (2.69) | (0.52) | (1.15) | (1.67) | 13.56 | (16.68%) | 5066 | 0.84% | 0.70% | 2.21%  |
| 9/30/21 | 16.12 | 0.19 | 2.30 | 2.49 | (0.28) | (0.41) | (0.69) | 17.92 | 15.74% | 11856 | 0.84% | 0.72% | 1.07%  |
| 9/30/20 | 15.60 | 0.31 | 0.89 | 1.20 | (0.34) | (0.34) | (0.68) | 16.12 | 7.89% | 12857 | 0.60% | 0.46% | 2.03%  |
| **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  |
| 3/31/25<sup>r</sup>  | **$15.36**  | $0.55  | $(0.66)  | $(0.11)  | $(0.48)  | $—  | $(0.48)  | **$14.77**  | (0.69%)<sup>b</sup>  | $44  | 1.07%<sup>a</sup> | 0.86%<sup>a</sup> | 7.52%<sup>a</sup> |
| 9/30/24 | 13.41 | 0.36 | 2.10 | 2.46 | (0.26) | (0.25) | (0.51) | 15.36 | 18.75% | 1402 | 1.08% | 0.90% | 2.55% |
| 9/30/23 | 13.49 | 0.51 | 0.72 | 1.23 | (0.20) | (1.11) | (1.31) | 13.41 | 9.53% | 1585 | 1.08% | 0.96% | 3.78%  |
| 9/30/22 | 17.87 | 0.32 | (3.04) | (2.72) | (0.51) | (1.15) | (1.66) | 13.49 | (16.89%) | 4452 | 1.09% | 0.95% | 2.01%  |
| 9/30/21 | 16.08 | 0.13 | 2.31 | 2.44 | (0.24) | (0.41) | (0.65) | 17.87 | 15.46% | 6990 | 1.09% | 0.97% | 0.76%  |
| 9/30/20 | 15.56 | 0.30 | 0.87 | 1.17 | (0.31) | (0.34) | (0.65) | 16.08 | 7.65% | 7211 | 0.85% | 0.70% | 1.96% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 21% | 52% | 27% | 35% | 35% | 57% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2020 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$14.82**  | $0.46  | $(0.55)  | $(0.09)  | $(0.58)  | $—  | $(0.58)  | **$14.15**  | (0.55%)<sup>b</sup>  | $77973  | 0.45%<sup>a</sup> | 0.24%<sup>a</sup> | 6.29%<sup>a</sup> |
| 9/30/24 | 12.98 | 0.41 | 2.12 | 2.53 | (0.31) | (0.38) | (0.69) | 14.82 | 20.11% | 196575 | 0.46% | 0.27% | 3.02%  |
| 9/30/23 | 13.48 | 0.53 | 0.86 | 1.39 | (0.54) | (1.35) | (1.89) | 12.98 | 11.03% | 267433 | 0.46% | 0.32% | 4.05%  |
| 9/30/22 | 18.31 | 0.34 | (3.04) | (2.70) | (0.64) | (1.49) | (2.13) | 13.48 | (16.84%) | 267728 | 0.47% | 0.31% | 2.16%  |
| 9/30/21 | 16.22 | 0.22 | 2.62 | 2.84 | (0.34) | (0.41) | (0.75) | 18.31 | 17.87% | 303954 | 0.47% | 0.35% | 1.25%  |
| 9/30/20 | 15.63 | 0.33 | 0.99 | 1.32 | (0.39) | (0.34) | (0.73) | 16.22 | 8.63% | 265328 | 0.12% | 0.07% | 2.11%  |
| **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  |
| 3/31/25<sup>r</sup>  | **$14.81**  | $0.47  | $(0.56)  | $(0.09)  | $(0.55)  | $—  | $(0.55)  | **$14.17**  | (0.59%)<sup>b</sup>  | $19040  | 0.60%<sup>a</sup> | 0.40%<sup>a</sup> | 6.52%<sup>a</sup> |
| 9/30/24 | 12.98 | 0.42 | 2.08 | 2.50 | (0.29) | (0.38) | (0.67) | 14.81 | 19.87% | 90051 | 0.61% | 0.43% | 3.05% |
| 9/30/23 | 13.46 | 0.53 | 0.84 | 1.37 | (0.50) | (1.35) | (1.85) | 12.98 | 10.86% | 129254 | 0.61% | 0.48% | 4.02%  |
| 9/30/22 | 18.29 | 0.47 | (3.19) | (2.72) | (0.62) | (1.49) | (2.11) | 13.46 | (16.98%) | 137211 | 0.62% | 0.47% | 2.89%  |
| 9/30/21 | 16.20 | 0.19 | 2.62 | 2.81 | (0.31) | (0.41) | (0.72) | 18.29 | 17.71% | 282667 | 0.62% | 0.50% | 1.05%  |
| 9/30/20 | 15.61 | 0.34 | 0.96 | 1.30 | (0.37) | (0.34) | (0.71) | 16.20 | 8.49% | 257134 | 0.26% | 0.21% | 2.17%  |
| **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  |
| 3/31/25<sup>r</sup>  | **$14.83**  | $0.51  | $(0.62)  | $(0.11)  | $(0.52)  | $—  | $(0.52)  | **$14.20**  | (0.72%)<sup>b</sup>  | $4662  | 0.85%<sup>a</sup> | 0.65%<sup>a</sup> | 7.27%<sup>a</sup> |
| 9/30/24 | 12.98 | 0.36 | 2.12 | 2.48 | (0.25) | (0.38) | (0.63) | 14.83 | 19.68% | 52741 | 0.86% | 0.68% | 2.58%  |
| 9/30/23 | 13.46 | 0.48 | 0.84 | 1.32 | (0.45) | (1.35) | (1.80) | 12.98 | 10.45% | 63297 | 0.86% | 0.73% | 3.69%  |
| 9/30/22 | 18.24 | 0.33 | (3.09) | (2.76) | (0.53) | (1.49) | (2.02) | 13.46 | (17.15%) | 70876 | 0.87% | 0.72% | 2.07%  |
| 9/30/21 | 16.17 | 0.19 | 2.57 | 2.76 | (0.28) | (0.41) | (0.69) | 18.24 | 17.38% | 139862 | 0.87% | 0.75% | 1.08%  |
| 9/30/20 | 15.58 | 0.30 | 0.96 | 1.26 | (0.33) | (0.34) | (0.67) | 16.17 | 8.24% | 159246 | 0.51% | 0.46% | 1.92%  |
| **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  |
| 3/31/25<sup>r</sup>  | **$14.85**  | $0.47  | $(0.59)  | $(0.12)  | $(0.47)  | $—  | $(0.47)  | **$14.26**  | (0.79%)<sup>b</sup>  | $3133  | 1.10%<sup>a</sup> | 0.90%<sup>a</sup> | 6.57%<sup>a</sup> |
| 9/30/24 | 12.98 | 0.32 | 2.12 | 2.44 | (0.19) | (0.38) | (0.57) | 14.85 | 19.32% | 23252 | 1.11% | 0.93% | 2.35%  |
| 9/30/23 | 13.45 | 0.46 | 0.84 | 1.30 | (0.42) | (1.35) | (1.77) | 12.98 | 10.25% | 30663 | 1.11% | 0.98% | 3.50%  |
| 9/30/22 | 18.24 | 0.30 | (3.10) | (2.80) | (0.50) | (1.49) | (1.99) | 13.45 | (17.37%) | 36043 | 1.12% | 0.97% | 1.86%  |
| 9/30/21 | 16.16 | 0.12 | 2.58 | 2.70 | (0.21) | (0.41) | (0.62) | 18.24 | 17.02% | 55402 | 1.12% | 1.00% | 0.66%  |
| 9/30/20 | 15.56 | 0.25 | 0.97 | 1.22 | (0.28) | (0.34) | (0.62) | 16.16 | 8.01% | 65611 | 0.76% | 0.71% | 1.65% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 19% | 47% | 26% | 35% | 35% | 53% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2025 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  | **Class I**  |
| 3/31/25<sup>r</sup>  | **$15.46**  | $0.46  | $(0.58)  | $(0.12)  | $(0.58)  | $—  | $(0.58)  | **$14.76**  | (0.76%)<sup>b</sup>  | $127914  | 0.48%<sup>a</sup> | 0.27%<sup>a</sup> | 6.05%<sup>a</sup> |
| 9/30/24 | 13.64 | 0.40 | 2.38 | 2.78 | (0.33) | (0.63) | (0.96) | 15.46 | 21.30% | 286697 | 0.48% | 0.30% | 2.80% |
| 9/30/23 | 14.02 | 0.48 | 1.11 | 1.59 | (0.49) | (1.48) | (1.97) | 13.64 | 12.13% | 372730 | 0.49% | 0.34% | 3.46%  |
| 9/30/22 | 19.04 | 0.31 | (3.31) | (3.00) | (0.66) | (1.36) | (2.02) | 14.02 | (17.83%) | 356557 | 0.50% | 0.34% | 1.88%  |
| 9/30/21 | 16.46 | 0.20 | 3.07 | 3.27 | (0.33) | (0.36) | (0.69) | 19.04 | 20.22% | 377165 | 0.51% | 0.39% | 1.06%  |
| 9/30/20 | 15.62 | 0.29 | 1.15 | 1.44 | (0.36) | (0.24) | (0.60) | 16.46 | 9.35% | 284762 | 0.14% | 0.08% | 1.89%  |
| **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  | **Class M5**  |
| 3/31/25<sup>r</sup>  | **$15.46**  | $0.50  | $(0.63)  | $(0.13)  | $(0.56)  | $—  | $(0.56)  | **$14.77**  | (0.79%)<sup>b</sup>  | $14897  | 0.63%<sup>a</sup> | 0.43%<sup>a</sup> | 6.57%<sup>a</sup> |
| 9/30/24 | 13.64 | 0.40 | 2.35 | 2.75 | (0.30) | (0.63) | (0.93) | 15.46 | 21.07% | 59112 | 0.63% | 0.46% | 2.81%  |
| 9/30/23 | 13.99 | 0.51 | 1.07 | 1.58 | (0.45) | (1.48) | (1.93) | 13.64 | 11.99% | 72070 | 0.64% | 0.50% | 3.70%  |
| 9/30/22 | 19.01 | 0.45 | (3.48) | (3.03) | (0.63) | (1.36) | (1.99) | 13.99 | (17.99%) | 83947 | 0.65% | 0.50% | 2.63%  |
| 9/30/21 | 16.43 | 0.17 | 3.07 | 3.24 | (0.30) | (0.36) | (0.66) | 19.01 | 20.08% | 195342 | 0.66% | 0.54% | 0.93%  |
| 9/30/20 | 15.60 | 0.32 | 1.09 | 1.41 | (0.34) | (0.24) | (0.58) | 16.43 | 9.15% | 158255 | 0.27% | 0.22% | 2.07%  |
| **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  | **Class M4**  |
| 3/31/25<sup>r</sup>  | **$15.46**  | $0.50  | $(0.64)  | $(0.14)  | $(0.52)  | $—  | $(0.52)  | **$14.80**  | (0.90%)<sup>b</sup>  | $6462  | 0.88%<sup>a</sup> | 0.68%<sup>a</sup> | 6.75%<sup>a</sup> |
| 9/30/24 | 13.63 | 0.34 | 2.38 | 2.72 | (0.26) | (0.63) | (0.89) | 15.46 | 20.77% | 41550 | 0.88% | 0.71% | 2.39%  |
| 9/30/23 | 13.97 | 0.43 | 1.11 | 1.54 | (0.40) | (1.48) | (1.88) | 13.63 | 11.68% | 49268 | 0.89% | 0.75% | 3.13%  |
| 9/30/22 | 18.96 | 0.30 | (3.36) | (3.06) | (0.57) | (1.36) | (1.93) | 13.97 | (18.16%) | 51635 | 0.90% | 0.75% | 1.81%  |
| 9/30/21 | 16.40 | 0.14 | 3.04 | 3.18 | (0.26) | (0.36) | (0.62) | 18.96 | 19.73% | 98755 | 0.91% | 0.79% | 0.76%  |
| 9/30/20 | 15.58 | 0.26 | 1.11 | 1.37 | (0.31) | (0.24) | (0.55) | 16.40 | 8.85% | 89755 | 0.53% | 0.48% | 1.69%  |
| **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  | **Class M3**  |
| 3/31/25<sup>r</sup>  | **$15.43**  | $0.51  | $(0.67)  | $(0.16)  | $(0.47)  | $—  | $(0.47)  | **$14.80**  | (0.99%)<sup>b</sup>  | $1221  | 1.13%<sup>a</sup> | 0.93%<sup>a</sup> | 6.85%<sup>a</sup> |
| 9/30/24 | 13.61 | 0.29 | 2.38 | 2.67 | (0.22) | (0.63) | (0.85) | 15.43 | 20.42% | 27198 | 1.13% | 0.96% | 2.02%  |
| 9/30/23 | 13.92 | 0.39 | 1.11 | 1.50 | (0.33) | (1.48) | (1.81) | 13.61 | 11.42% | 26201 | 1.14% | 1.00% | 2.84%  |
| 9/30/22 | 18.90 | 0.26 | (3.36) | (3.10) | (0.52) | (1.36) | (1.88) | 13.92 | (18.37%) | 35432 | 1.15% | 1.00% | 1.57%  |
| 9/30/21 | 16.35 | 0.10 | 3.02 | 3.12 | (0.21) | (0.36) | (0.57) | 18.90 | 19.41% | 51074 | 1.16% | 1.04% | 0.57%  |
| 9/30/20 | 15.53 | 0.25 | 1.08 | 1.33 | (0.27) | (0.24) | (0.51) | 16.35 | 8.62% | 55244 | 0.77% | 0.72% | 1.59% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 21% | 47% | 29% | 38% | 40% | 42% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges.

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2030 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of** <br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$16.11**  | $0.45  | $(0.63)  | $(0.18)  | $(0.56)  | $(0.07)  | $(0.63)  | **$15.30**  | (1.13%)<sup>b</sup>  | $222162  | 0.52%<sup>a</sup> | 0.33%<sup>a</sup> | 5.75%<sup>a</sup> |
| 9/30/24 | 14.18 | 0.36 | 2.79 | 3.15 | (0.32) | (0.90) | (1.22) | 16.11 | 23.50% | 576067 | 0.52% | 0.35% | 2.43%  |
| 9/30/23 | 14.37 | 0.38 | 1.48 | 1.86 | (0.40) | (1.65) | (2.05) | 14.18 | 13.89%  | 715825 | 0.53% | 0.37% | 2.64%  |
| 9/30/22 | 19.67 | 0.25 | (3.65) | (3.40) | (0.69) | (1.21) | (1.90) | 14.37 | (19.32%) | 627370 | 0.53% | 0.37% | 1.44%  |
| 9/30/21 | 16.54 | 0.17 | 3.54 | 3.71 | (0.31) | (0.27) | (0.58) | 19.67 | 22.79% | 582489 | 0.54% | 0.43% | 0.88%  |
| 9/30/20 | 15.60 | 0.27 | 1.23 | 1.50 | (0.34) | (0.22) | (0.56) | 16.54 | 9.78% | 432292 | 0.13% | 0.09% | 1.74%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$16.10**  | $0.45  | $(0.65)  | $(0.20)  | $(0.52)  | $(0.07)  | $(0.59)  | **$15.31**  | (1.26%)<sup>b</sup>  | $69593  | 0.67%<sup>a</sup> | 0.50%<sup>a</sup> | 5.77%<sup>a</sup> |
| 9/30/24 | 14.18 | 0.35 | 2.77 | 3.12 | (0.30) | (0.90) | (1.20) | 16.10 | 23.26% | 273654 | 0.67% | 0.52% | 2.37%  |
| 9/30/23 | 14.34 | 0.38 | 1.46 | 1.84 | (0.35) | (1.65) | (2.00) | 14.18 | 13.75%  | 344590 | 0.68% | 0.54% | 2.61%  |
| 9/30/22 | 19.65 | 0.37 | (3.81) | (3.44) | (0.66) | (1.21) | (1.87) | 14.34 | (19.51%) | 322959 | 0.69% | 0.54% | 2.09%  |
| 9/30/21 | 16.52 | 0.13 | 3.55 | 3.68 | (0.28) | (0.27) | (0.55) | 19.65 | 22.65% | 646934 | 0.69% | 0.58% | 0.67%  |
| 9/30/20 | 15.58 | 0.28 | 1.20 | 1.48 | (0.32) | (0.22) | (0.54) | 16.52 | 9.65% | 489123 | 0.27% | 0.23% | 1.77%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$16.10**  | $0.50  | $(0.71)  | $(0.21)  | $(0.49)  | $(0.07)  | $(0.56)  | **$15.33**  | (1.31%)<sup>b</sup>  | $13340  | 0.92%<sup>a</sup> | 0.75%<sup>a</sup> | 6.47%<sup>a</sup> |
| 9/30/24 | 14.18 | 0.29 | 2.79 | 3.08 | (0.26) | (0.90) | (1.16) | 16.10 | 22.90% | 146932 | 0.92% | 0.77% | 1.94% |
| 9/30/23 | 14.32 | 0.32 | 1.49 | 1.81 | (0.30) | (1.65) | (1.95) | 14.18 | 13.49%  | 154576 | 0.93% | 0.79% | 2.24%  |
| 9/30/22 | 19.58 | 0.24 | (3.71) | (3.47) | (0.58) | (1.21) | (1.79) | 14.32 | (19.66%) | 143393 | 0.94% | 0.79% | 1.41%  |
| 9/30/21 | 16.48 | 0.14 | 3.48 | 3.62 | (0.25) | (0.27) | (0.52) | 19.58 | 22.29% | 291355 | 0.94% | 0.83% | 0.73%  |
| 9/30/20 | 15.55 | 0.23 | 1.20 | 1.43 | (0.28) | (0.22) | (0.50) | 16.48 | 9.34% | 298652 | 0.52% | 0.48% | 1.51%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$16.10**  | $0.48  | $(0.71)  | $(0.23)  | $(0.47)  | $(0.07)  | $(0.54)  | **$15.33**  | (1.46%)<sup>b</sup>  | $12491  | 1.17%<sup>a</sup> | 1.00%<sup>a</sup> | 6.17%<sup>a</sup> |
| 9/30/24 | 14.17 | 0.25 | 2.80 | 3.05 | (0.22) | (0.90) | (1.12) | 16.10 | 22.66% | 78769 | 1.17% | 1.02% | 1.65% |
| 9/30/23 | 14.31 | 0.29 | 1.48 | 1.77 | (0.26) | (1.65) | (1.91) | 14.17 | 13.19%  | 70674 | 1.18% | 1.04% | 2.00%  |
| 9/30/22 | 19.59 | 0.21 | (3.73) | (3.52) | (0.55) | (1.21) | (1.76) | 14.31 | (19.91%) | 79404 | 1.19% | 1.04% | 1.19%  |
| 9/30/21 | 16.46 | 0.06 | 3.52 | 3.58 | (0.18) | (0.27) | (0.45) | 19.59 | 22.06% | 112891 | 1.19% | 1.08% | 0.34%  |
| 9/30/20 | 15.53 | 0.20 | 1.19 | 1.39 | (0.24) | (0.22) | (0.46) | 16.46 | 9.06% | 123936 | 0.77% | 0.73% | 1.30% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 23% | 42% | 23% | 34% | 27% | 34% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2035 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$17.26**  | $0.44  | $(0.73)  | $(0.29)  | $(0.56)  | $(0.41)  | $(0.97)  | **$16.00**  | (1.63%)<sup>b</sup>  | $195003  | 0.55%<sup>a</sup> | 0.39%<sup>a</sup> | 5.32%<sup>a</sup> |
| 9/30/24 | 14.99 | 0.32 | 3.33 | 3.65 | (0.31) | (1.07) | (1.38) | 17.26 | 25.82% | 439204 | 0.55% | 0.39% | 2.04%  |
| 9/30/23 | 14.72 | 0.30 | 1.89 | 2.19 | (0.31) | (1.61) | (1.92) | 14.99 | 15.94% | 500827 | 0.56% | 0.39% | 1.97%  |
| 9/30/22 | 20.26 | 0.22 | (4.01) | (3.79) | (0.75) | (1.00) | (1.75) | 14.72 | (20.63%) | 412008 | 0.57% | 0.39% | 1.24%  |
| 9/30/21 | 16.64 | 0.14 | 4.02 | 4.16 | (0.28) | (0.26) | (0.54) | 20.26 | 25.35% | 372474 | 0.57% | 0.44% | 0.71%  |
| 9/30/20 | 15.58 | 0.25 | 1.30 | 1.55 | (0.32) | (0.17) | (0.49) | 16.64 | 10.08% | 250301 | 0.15% | 0.09% | 1.59%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$17.24**  | $0.49  | $(0.79)  | $(0.30)  | $(0.55)  | $(0.41)  | $(0.96)  | **$15.98**  | (1.72%)<sup>b</sup>  | $24872  | 0.70%<sup>a</sup> | 0.56%<sup>a</sup> | 5.83%<sup>a</sup> |
| 9/30/24 | 14.98 | 0.30 | 3.32 | 3.62 | (0.29) | (1.07) | (1.36) | 17.24 | 25.59% | 106215 | 0.70% | 0.56% | 1.92%  |
| 9/30/23 | 14.68 | 0.30 | 1.87 | 2.17 | (0.26) | (1.61) | (1.87) | 14.98 | 15.77% | 102266 | 0.71% | 0.56% | 2.02%  |
| 9/30/22 | 20.22 | 0.36 | (4.17) | (3.81) | (0.73) | (1.00) | (1.73) | 14.68 | (20.78%) | 98488 | 0.72% | 0.56% | 1.98%  |
| 9/30/21 | 16.62 | 0.12 | 3.99 | 4.11 | (0.25) | (0.26) | (0.51) | 20.22 | 25.09% | 233159 | 0.72% | 0.61% | 0.62%  |
| 9/30/20 | 15.56 | 0.26 | 1.27 | 1.53 | (0.30) | (0.17) | (0.47) | 16.62 | 9.95% | 176646 | 0.29% | 0.23% | 1.68%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$17.22**  | $0.47  | $(0.79)  | $(0.32)  | $(0.48)  | $(0.41)  | $(0.89)  | **$16.01**  | (1.84%)<sup>b</sup>  | $10874  | 0.95%<sup>a</sup> | 0.81%<sup>a</sup> | 5.70%<sup>a</sup> |
| 9/30/24 | 14.96 | 0.25 | 3.33 | 3.58 | (0.25) | (1.07) | (1.32) | 17.22 | 25.29% | 67567 | 0.95% | 0.81% | 1.61%  |
| 9/30/23 | 14.65 | 0.24 | 1.88 | 2.12 | (0.20) | (1.61) | (1.81) | 14.96 | 15.42% | 72709 | 0.96% | 0.81% | 1.59%  |
| 9/30/22 | 20.16 | 0.20 | (4.04) | (3.84) | (0.67) | (1.00) | (1.67) | 14.65 | (20.92%) | 67260 | 0.97% | 0.81% | 1.10%  |
| 9/30/21 | 16.58 | 0.06 | 4.00 | 4.06 | (0.22) | (0.26) | (0.48) | 20.16 | 24.81% | 120031 | 0.97% | 0.86% | 0.30%  |
| 9/30/20 | 15.53 | 0.22 | 1.27 | 1.49 | (0.27) | (0.17) | (0.44) | 16.58 | 9.66% | 75337 | 0.55% | 0.49% | 1.38%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$17.21**  | $0.52  | $(0.87)  | $(0.35)  | $(0.47)  | $(0.41)  | $(0.88)  | **$15.98**  | (1.99%)<sup>b</sup>  | $1136  | 1.20%<sup>a</sup> | 1.06%<sup>a</sup> | 6.41%<sup>a</sup> |
| 9/30/24 | 14.94 | 0.20 | 3.35 | 3.55 | (0.21) | (1.07) | (1.28) | 17.21 | 25.04% | 43165 | 1.20% | 1.06% | 1.28%  |
| 9/30/23 | 14.65 | 0.20 | 1.89 | 2.09 | (0.19) | (1.61) | (1.80) | 14.94 | 15.14% | 36025 | 1.21% | 1.06% | 1.35%  |
| 9/30/22 | 20.13 | 0.15 | (4.05) | (3.90) | (0.58) | (1.00) | (1.58) | 14.65 | (21.16%) | 36030 | 1.22% | 1.06% | 0.86%  |
| 9/30/21 | 16.55 | 0.05 | 3.95 | 4.00 | (0.16) | (0.26) | (0.42) | 20.13 | 24.44% | 45019 | 1.22% | 1.12% | 0.25%  |
| 9/30/20 | 15.50 | 0.19 | 1.25 | 1.44 | (0.22) | (0.17) | (0.39) | 16.55 | 9.39% | 58793 | 0.79% | 0.73% | 1.19% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 27% | 39% | 20% | 27% | 21% | 27% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2040 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$17.76**  | $0.42  | $(0.76)  | $(0.34)  | $(0.55)  | $(1.44)  | $(1.99)  | **$15.43**  | (1.89%)<sup>b</sup>  | $215668  | 0.58%<sup>a</sup> | 0.41%<sup>a</sup> | 5.02%<sup>a</sup> |
| 9/30/24 | 15.12 | 0.30 | 3.65 | 3.95 | (0.29) | (1.02) | (1.31) | 17.76 | 27.59% | 550828 | 0.58% | 0.41% | 1.86% |
| 9/30/23 | 14.94 | 0.23 | 2.21 | 2.44 | (0.25) | (2.01) | (2.26) | 15.12 | 17.73% | 682257 | 0.58% | 0.41% | 1.50%  |
| 9/30/22 | 20.77 | 0.17 | (4.26) | (4.09) | (0.83) | (0.91) | (1.74) | 14.94 | (21.66%) | 542666 | 0.59% | 0.41% | 0.95%  |
| 9/30/21 | 16.73 | 0.12 | 4.41 | 4.53 | (0.25) | (0.24) | (0.49) | 20.77 | 27.48% | 416707 | 0.59% | 0.47% | 0.63%  |
| 9/30/20 | 15.56 | 0.23 | 1.38 | 1.61 | (0.31) | (0.13) | (0.44) | 16.73 | 10.45% | 300976 | 0.14% | 0.09% | 1.49%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$17.76**  | $0.43  | $(0.79)  | $(0.36)  | $(0.51)  | $(1.44)  | $(1.95)  | **$15.45**  | (2.02%)<sup>b</sup>  | $72460  | 0.73%<sup>a</sup> | 0.58%<sup>a</sup> | 5.05%<sup>a</sup> |
| 9/30/24 | 15.12 | 0.27 | 3.66 | 3.93 | (0.27) | (1.02) | (1.29) | 17.76 | 27.39% | 281494 | 0.73% | 0.58% | 1.68%  |
| 9/30/23 | 14.91 | 0.22 | 2.19 | 2.41 | (0.19) | (2.01) | (2.20) | 15.12 | 17.52% | 328459 | 0.73% | 0.58% | 1.47%  |
| 9/30/22 | 20.74 | 0.32 | (4.44) | (4.12) | (0.80) | (0.91) | (1.71) | 14.91 | (21.80%) | 295087 | 0.74% | 0.58% | 1.69%  |
| 9/30/21 | 16.71 | 0.07 | 4.43 | 4.50 | (0.23) | (0.24) | (0.47) | 20.74 | 27.28% | 602095 | 0.74% | 0.64% | 0.36%  |
| 9/30/20 | 15.54 | 0.23 | 1.36 | 1.59 | (0.29) | (0.13) | (0.42) | 16.71 | 10.32% | 405437 | 0.29% | 0.25% | 1.47%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$17.74**  | $0.45  | $(0.83)  | $(0.38)  | $(0.48)  | $(1.44)  | $(1.92)  | **$15.44**  | (2.14%)<sup>b</sup>  | $19443  | 0.98%<sup>a</sup> | 0.83%<sup>a</sup> | 5.43%<sup>a</sup> |
| 9/30/24 | 15.10 | 0.21 | 3.67 | 3.88 | (0.22) | (1.02) | (1.24) | 17.74 | 27.08% | 133757 | 0.98% | 0.83% | 1.33%  |
| 9/30/23 | 14.87 | 0.17 | 2.21 | 2.38 | (0.14) | (2.01) | (2.15) | 15.10 | 17.24% | 140163 | 0.98% | 0.83% | 1.13%  |
| 9/30/22 | 20.66 | 0.18 | (4.35) | (4.17) | (0.71) | (0.91) | (1.62) | 14.87 | (22.03%) | 123661 | 0.99% | 0.83% | 0.96%  |
| 9/30/21 | 16.66 | 0.09 | 4.35 | 4.44 | (0.20) | (0.24) | (0.44) | 20.66 | 26.97% | 249137 | 0.99% | 0.89% | 0.48%  |
| 9/30/20 | 15.50 | 0.19 | 1.35 | 1.54 | (0.25) | (0.13) | (0.38) | 16.66 | 10.03% | 249598 | 0.54% | 0.50% | 1.22%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$17.73**  | $0.44  | $(0.83)  | $(0.39)  | $(0.45)  | $(1.44)  | $(1.89)  | **$15.45**  | (2.18%)<sup>b</sup>  | $11788  | 1.23%<sup>a</sup> | 1.08%<sup>a</sup> | 5.28%<sup>a</sup> |
| 9/30/24 | 15.08 | 0.18 | 3.66 | 3.84 | (0.17) | (1.02) | (1.19) | 17.73 | 26.75% | 68727 | 1.23% | 1.08% | 1.11% |
| 9/30/23 | 14.88 | 0.14 | 2.19 | 2.33 | (0.12) | (2.01) | (2.13) | 15.08 | 16.91% | 64574 | 1.23% | 1.08% | 0.93%  |
| 9/30/22 | 20.67 | 0.14 | (4.35) | (4.21) | (0.67) | (0.91) | (1.58) | 14.88 | (22.18%) | 65842 | 1.24% | 1.08% | 0.78%  |
| 9/30/21 | 16.65 | 0.01 | 4.38 | 4.39 | (0.13) | (0.24) | (0.37) | 20.67 | 26.62% | 90972 | 1.24% | 1.15% | 0.04%  |
| 9/30/20 | 15.49 | 0.15 | 1.35 | 1.50 | (0.21) | (0.13) | (0.34) | 16.65 | 9.76% | 98070 | 0.78% | 0.74% | 0.96% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 27% | 34% | 15% | 29% | 18% | 22% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2045 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$18.53**  | $0.43  | $(0.81)  | $(0.38)  | $(0.55)  | $(1.04)  | $(1.59)  | **$16.56**  | (2.06%)<sup>b</sup>  | $160627  | 0.60%<sup>a</sup> | 0.44%<sup>a</sup> | 4.87%<sup>a</sup> |
| 9/30/24 | 15.72 | 0.27 | 3.99 | 4.26 | (0.28) | (1.17) | (1.45) | 18.53 | 28.82% | 393948 | 0.60% | 0.43% | 1.61%  |
| 9/30/23 | 15.11 | 0.20 | 2.42 | 2.62 | (0.22) | (1.79) | (2.01) | 15.72 | 18.67% | 437106 | 0.60% | 0.42% | 1.25%  |
| 9/30/22 | 21.07 | 0.16 | (4.37) | (4.21) | (0.85) | (0.90) | (1.75) | 15.11 | (21.99%) | 333390 | 0.61% | 0.42% | 0.88%  |
| 9/30/21 | 16.76 | 0.10 | 4.69 | 4.79 | (0.24) | (0.24) | (0.48) | 21.07 | 28.97% | 247138 | 0.61% | 0.47% | 0.50%  |
| 9/30/20 | 15.54 | 0.22 | 1.41 | 1.63 | (0.29) | (0.12) | (0.41) | 16.76 | 10.60% | 154476 | 0.18% | 0.10% | 1.39%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$18.54**  | $0.46  | $(0.85)  | $(0.39)  | $(0.54)  | $(1.04)  | $(1.58)  | **$16.57**  | (2.12%)<sup>b</sup>  | $16683  | 0.75%<sup>a</sup> | 0.62%<sup>a</sup> | 5.20%<sup>a</sup> |
| 9/30/24 | 15.73 | 0.24 | 4.00 | 4.24 | (0.26) | (1.17) | (1.43) | 18.54 | 28.57% | 74945 | 0.75% | 0.61% | 1.40%  |
| 9/30/23 | 15.07 | 0.20 | 2.40 | 2.60 | (0.15) | (1.79) | (1.94) | 15.73 | 18.50% | 65612 | 0.75% | 0.60% | 1.30%  |
| 9/30/22 | 21.02 | 0.36 | (4.59) | (4.23) | (0.82) | (0.90) | (1.72) | 15.07 | (22.11%) | 65768 | 0.76% | 0.60% | 1.88%  |
| 9/30/21 | 16.74 | 0.07 | 4.66 | 4.73 | (0.21) | (0.24) | (0.45) | 21.02 | 28.65% | 198343 | 0.76% | 0.67% | 0.37%  |
| 9/30/20 | 15.53 | 0.22 | 1.38 | 1.60 | (0.27) | (0.12) | (0.39) | 16.74 | 10.40% | 141319 | 0.31% | 0.25% | 1.40%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$18.52**  | $0.42  | $(0.83)  | $(0.41)  | $(0.48)  | $(1.04)  | $(1.52)  | **$16.59**  | (2.26%)<sup>b</sup>  | $11965  | 1.00%<sup>a</sup> | 0.87%<sup>a</sup> | 4.85%<sup>a</sup> |
| 9/30/24 | 15.70 | 0.19 | 4.01 | 4.20 | (0.21) | (1.17) | (1.38) | 18.52 | 28.34% | 58291 | 1.00% | 0.86% | 1.11%  |
| 9/30/23 | 15.01 | 0.14 | 2.41 | 2.55 | (0.07) | (1.79) | (1.86) | 15.70 | 18.17% | 54914 | 1.00% | 0.85% | 0.87%  |
| 9/30/22 | 20.96 | 0.15 | (4.42) | (4.27) | (0.78) | (0.90) | (1.68) | 15.01 | (22.35%) | 48715 | 1.01% | 0.85% | 0.82%  |
| 9/30/21 | 16.70 | 0.03 | 4.65 | 4.68 | (0.18) | (0.24) | (0.42) | 20.96 | 28.38% | 90570 | 1.01% | 0.92% | 0.16%  |
| 9/30/20 | 15.50 | 0.18 | 1.38 | 1.56 | (0.24) | (0.12) | (0.36) | 16.70 | 10.12% | 60056 | 0.56% | 0.50% | 1.15%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$18.49**  | $0.50  | $(0.93)  | $(0.43)  | $(0.45)  | $(1.04)  | $(1.49)  | **$16.57**  | (2.38%)<sup>b</sup>  | $177  | 1.25%<sup>a</sup> | 1.12%<sup>a</sup> | 5.78%<sup>a</sup> |
| 9/30/24 | 15.69 | 0.14 | 4.01 | 4.15 | (0.18) | (1.17) | (1.35) | 18.49 | 27.93% | 36384 | 1.25% | 1.11% | 0.81%  |
| 9/30/23 | 15.05 | 0.10 | 2.42 | 2.52 | (0.09) | (1.79) | (1.88) | 15.69 | 17.87% | 28681 | 1.25% | 1.10% | 0.63%  |
| 9/30/22 | 20.95 | 0.11 | (4.44) | (4.33) | (0.67) | (0.90) | (1.57) | 15.05 | (22.50%) | 27562 | 1.26% | 1.10% | 0.57%  |
| 9/30/21 | 16.67 | 0.01 | 4.61 | 4.62 | (0.10) | (0.24) | (0.34) | 20.95 | 28.02% | 35140 | 1.26% | 1.17% | 0.03%  |
| 9/30/20 | 15.47 | 0.14 | 1.38 | 1.52 | (0.20) | (0.12) | (0.32) | 16.67 | 9.86% | 46619 | 0.81% | 0.74% | 0.92% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 29% | 36% | 15% | 23% | 18% | 22% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2050 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$18.65**  | $0.43  | $(0.81)  | $(0.38)  | $(0.55)  | $(1.54)  | $(2.09)  | **$16.18**  | (2.05%)<sup>b</sup>  | $160456  | 0.61%<sup>a</sup> | 0.45%<sup>a</sup> | 4.86%<sup>a</sup> |
| 9/30/24 | 15.69 | 0.26 | 4.06 | 4.32 | (0.28) | (1.08) | (1.36) | 18.65 | 29.15% | 442021 | 0.61% | 0.44% | 1.54% |
| 9/30/23 | 15.20 | 0.18 | 2.50 | 2.68 | (0.22) | (1.97) | (2.19) | 15.69 | 19.09% | 482694 | 0.61% | 0.43% | 1.16%  |
| 9/30/22 | 21.08 | 0.16 | (4.46) | (4.30) | (0.86) | (0.72) | (1.58) | 15.20 | (22.18%) | 364457 | 0.61% | 0.43% | 0.86%  |
| 9/30/21 | 16.78 | 0.10 | 4.70 | 4.80 | (0.24) | (0.26) | (0.50) | 21.08 | 29.03% | 258313 | 0.61% | 0.48% | 0.49%  |
| 9/30/20 | 15.55 | 0.22 | 1.41 | 1.63 | (0.29) | (0.11) | (0.40) | 16.78 | 10.57% | 161863 | 0.16% | 0.10% | 1.39%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$18.64**  | $0.45  | $(0.85)  | $(0.40)  | $(0.51)  | $(1.54)  | $(2.05)  | **$16.19**  | (2.16%)<sup>b</sup>  | $37942  | 0.76%<sup>a</sup> | 0.63%<sup>a</sup> | 5.22%<sup>a</sup> |
| 9/30/24 | 15.69 | 0.23 | 4.06 | 4.29 | (0.26) | (1.08) | (1.34) | 18.64 | 28.91% | 253099 | 0.76% | 0.62% | 1.38% |
| 9/30/23 | 15.17 | 0.18 | 2.47 | 2.65 | (0.16) | (1.97) | (2.13) | 15.69 | 18.87% | 253640 | 0.76% | 0.61% | 1.12%  |
| 9/30/22 | 21.04 | 0.28 | (4.60) | (4.32) | (0.83) | (0.72) | (1.55) | 15.17 | (22.30%) | 221155 | 0.76% | 0.61% | 1.46%  |
| 9/30/21 | 16.76 | 0.05 | 4.71 | 4.76 | (0.22) | (0.26) | (0.48) | 21.04 | 28.76% | 415859 | 0.76% | 0.67% | 0.27%  |
| 9/30/20 | 15.53 | 0.21 | 1.40 | 1.61 | (0.27) | (0.11) | (0.38) | 16.76 | 10.44% | 280003 | 0.30% | 0.25% | 1.34%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$18.65**  | $0.44  | $(0.86)  | $(0.42)  | $(0.47)  | $(1.54)  | $(2.01)  | **$16.22**  | (2.25%)<sup>b</sup>  | $12096  | 1.01%<sup>a</sup> | 0.88%<sup>a</sup> | 5.13%<sup>a</sup> |
| 9/30/24 | 15.70 | 0.18 | 4.07 | 4.25 | (0.22) | (1.08) | (1.30) | 18.65 | 28.56% | 88867 | 1.01% | 0.87% | 1.05% |
| 9/30/23 | 15.12 | 0.12 | 2.49 | 2.61 | (0.06) | (1.97) | (2.03) | 15.70 | 18.60% | 85675 | 1.01% | 0.86% | 0.77%  |
| 9/30/22 | 20.96 | 0.16 | (4.52) | (4.36) | (0.76) | (0.72) | (1.48) | 15.12 | (22.51%) | 70887 | 1.01% | 0.86% | 0.87%  |
| 9/30/21 | 16.71 | 0.06 | 4.64 | 4.70 | (0.19) | (0.26) | (0.45) | 20.96 | 28.47% | 160626 | 1.01% | 0.92% | 0.32%  |
| 9/30/20 | 15.49 | 0.17 | 1.39 | 1.56 | (0.23) | (0.11) | (0.34) | 16.71 | 10.16% | 147994 | 0.55% | 0.50% | 1.09%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$18.58**  | $0.43  | $(0.87)  | $(0.44)  | $(0.46)  | $(1.54)  | $(2.00)  | **$16.14**  | (2.42%)<sup>b</sup>  | $10892  | 1.26%<sup>a</sup> | 1.13%<sup>a</sup> | 4.96%<sup>a</sup> |
| 9/30/24 | 15.63 | 0.14 | 4.05 | 4.19 | (0.16) | (1.08) | (1.24) | 18.58 | 28.24% | 57525 | 1.26% | 1.12% | 0.84%  |
| 9/30/23 | 15.12 | 0.09 | 2.47 | 2.56 | (0.08) | (1.97) | (2.05) | 15.63 | 18.26% | 49480 | 1.26% | 1.11% | 0.55%  |
| 9/30/22 | 20.95 | 0.13 | (4.52) | (4.39) | (0.72) | (0.72) | (1.44) | 15.12 | (22.64%) | 44600 | 1.26% | 1.11% | 0.67%  |
| 9/30/21 | 16.69 | (0.01) | 4.65 | 4.64 | (0.12) | (0.26) | (0.38) | 20.95 | 28.09% | 60911 | 1.26% | 1.17% | (0.07%)  |
| 9/30/20 | 15.47 | 0.13 | 1.39 | 1.52 | (0.19) | (0.11) | (0.30) | 16.69 | 9.91% | 57934 | 0.80% | 0.74% | 0.84% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 29% | 33% | 12% | 27% | 15% | 22% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2055 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m</sup><sup>,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$19.02**  | $0.46  | $(0.87)  | $(0.41)  | $(0.55)  | $(1.14)  | $(1.69)  | **$16.92**  | (2.15%)<sup>b</sup>  | $87863  | 0.61%<sup>a</sup> | 0.46%<sup>a</sup> | 5.03%<sup>a</sup> |
| 9/30/24 | 16.01 | 0.27 | 4.16 | 4.43 | (0.29) | (1.13) | (1.42) | 19.02 | 29.26% | 261589 | 0.61% | 0.45% | 1.56%  |
| 9/30/23 | 15.13 | 0.18 | 2.52 | 2.70 | (0.28) | (1.54) | (1.82) | 16.01 | 19.10%  | 303344 | 0.61% | 0.45% | 1.11%  |
| 9/30/22 | 21.03 | 0.11 | (4.39) | (4.28) | (0.85) | (0.77) | (1.62) | 15.13 | (22.22%) | 215507 | 0.61% | 0.44% | 0.60%  |
| 9/30/21 | 16.75 | 0.10 | 4.70 | 4.80 | (0.24) | (0.28) | (0.52) | 21.03 | 29.06% | 112730 | 0.61% | 0.48% | 0.48%  |
| 9/30/20 | 15.54 | 0.21 | 1.41 | 1.62 | (0.29) | (0.12) | (0.41) | 16.75 | 10.55% | 67777 | 0.22% | 0.10% | 1.32%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$19.07**  | $0.46  | $(0.88)  | $(0.42)  | $(0.55)  | $(1.14)  | $(1.69)  | **$16.96**  | (2.20%)<sup>b</sup>  | $8965  | 0.76%<sup>a</sup> | 0.64%<sup>a</sup> | 5.07%<sup>a</sup> |
| 9/30/24 | 16.04 | 0.24 | 4.17 | 4.41 | (0.25) | (1.13) | (1.38) | 19.07 | 29.09% | 37812 | 0.76% | 0.63% | 1.38% |
| 9/30/23 | 15.09 | 0.19 | 2.48 | 2.67 | (0.18) | (1.54) | (1.72) | 16.04 | 18.86%  | 32157 | 0.76% | 0.63% | 1.22%  |
| 9/30/22 | 20.98 | 0.43 | (4.72) | (4.29) | (0.83) | (0.77) | (1.60) | 15.09 | (22.33%) | 32887 | 0.76% | 0.62% | 2.19%  |
| 9/30/21 | 16.73 | 0.07 | 4.67 | 4.74 | (0.21) | (0.28) | (0.49) | 20.98 | 28.76% | 140685 | 0.76% | 0.67% | 0.34%  |
| 9/30/20 | 15.52 | 0.21 | 1.39 | 1.60 | (0.27) | (0.12) | (0.39) | 16.73 | 10.43% | 94767 | 0.36% | 0.24% | 1.34%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$19.00**  | $0.45  | $(0.90)  | $(0.45)  | $(0.49)  | $(1.14)  | $(1.63)  | **$16.92**  | (2.38%)<sup>b</sup>  | $6508  | 1.01%<sup>a</sup> | 0.89%<sup>a</sup> | 5.03%<sup>a</sup> |
| 9/30/24 | 16.00 | 0.18 | 4.17 | 4.35 | (0.22) | (1.13) | (1.35) | 19.00 | 28.73% | 35284 | 1.01% | 0.88% | 1.07% |
| 9/30/23 | 15.04 | 0.12 | 2.51 | 2.63 | (0.13) | (1.54) | (1.67) | 16.00 | 18.55%  | 32460 | 1.01% | 0.88% | 0.78%  |
| 9/30/22 | 20.92 | 0.14 | (4.47) | (4.33) | (0.78) | (0.77) | (1.55) | 15.04 | (22.52%) | 27142 | 1.01% | 0.87% | 0.77%  |
| 9/30/21 | 16.69 | 0.02 | 4.67 | 4.69 | (0.18) | (0.28) | (0.46) | 20.92 | 28.46% | 49056 | 1.01% | 0.92% | 0.11%  |
| 9/30/20 | 15.50 | 0.17 | 1.38 | 1.55 | (0.24) | (0.12) | (0.36) | 16.69 | 10.07% | 32270 | 0.61% | 0.50% | 1.07%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$18.93**  | $0.51  | $(0.98)  | $(0.47)  | $(0.46)  | $(1.14)  | $(1.60)  | **$16.86**  | (2.49%)<sup>b</sup>  | $384  | 1.26%<sup>a</sup> | 1.14%<sup>a</sup> | 5.69%<sup>a</sup> |
| 9/30/24 | 15.92 | 0.14 | 4.16 | 4.30 | (0.16) | (1.13) | (1.29) | 18.93 | 28.43% | 25245 | 1.26% | 1.13% | 0.82% |
| 9/30/23 | 15.03 | 0.08 | 2.50 | 2.58 | (0.15) | (1.54) | (1.69) | 15.92 | 18.26%  | 20513 | 1.26% | 1.13% | 0.50%  |
| 9/30/22 | 20.87 | 0.09 | (4.47) | (4.38) | (0.69) | (0.77) | (1.46) | 15.03 | (22.72%) | 19264 | 1.26% | 1.12% | 0.49%  |
| 9/30/21 | 16.64 | (0.01) | 4.64 | 4.63 | (0.12) | (0.28) | (0.40) | 20.87 | 28.16% | 21424 | 1.26% | 1.18% | (0.03%)  |
| 9/30/20 | 15.46 | 0.13 | 1.37 | 1.50 | (0.20) | (0.12) | (0.32) | 16.64 | 9.79% | 22526 | 0.86% | 0.74% | 0.86% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 30% | 41% | 13% | 22% | 17% | 24% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2060 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m,z</sup>**  | **Net** <br>**assets,** <br>**end of** <br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$19.72**  | $0.47  | $(0.89)  | $(0.42)  | $(0.59)  | $(0.42)  | $(1.01)  | **$18.29**  | (2.17%)<sup>b</sup>  | $67027  | 0.61%<sup>a</sup> | 0.46%<sup>a</sup> | 4.92%<sup>a</sup> |
| 9/30/24 | 16.35 | 0.23 | 4.34 | 4.57 | (0.29) | (0.91) | (1.20) | 19.72 | 29.32% | 180392 | 0.61% | 0.45% | 1.28%  |
| 9/30/23 | 15.09 | 0.15 | 2.57 | 2.72 | (0.22) | (1.24) | (1.46) | 16.35 | 19.03% | 134822 | 0.61% | 0.45% | 0.95%  |
| 9/30/22 | 21.00 | 0.19 | (4.45) | (4.26) | (0.85) | (0.80) | (1.65) | 15.09 | (22.19%) | 70208 | 0.61% | 0.44% | 1.05%  |
| 9/30/21 | 16.73 | 0.08 | 4.71 | 4.79 | (0.24) | (0.28) | (0.52) | 21.00 | 29.03% | 55382 | 0.61% | 0.48% | 0.41%  |
| 9/30/20 | 15.51 | 0.17 | 1.46 | 1.63 | (0.29) | (0.12) | (0.41) | 16.73 | 10.58% | 27484 | 0.49% | 0.12% | 1.10%  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$19.65**  | $0.48  | $(0.91)  | $(0.43)  | $(0.55)  | $(0.42)  | $(0.97)  | **$18.25**  | (2.21%)<sup>b</sup>  | $15775  | 0.76%<sup>a</sup> | 0.64%<sup>a</sup> | 4.96%<sup>a</sup> |
| 9/30/24 | 16.31 | 0.22 | 4.30 | 4.52 | (0.27) | (0.91) | (1.18) | 19.65 | 29.05% | 65821 | 0.76% | 0.63% | 1.22% |
| 9/30/23 | 15.04 | 0.17 | 2.52 | 2.69 | (0.18) | (1.24) | (1.42) | 16.31 | 18.84% | 50744 | 0.76% | 0.63% | 1.06%  |
| 9/30/22 | 20.95 | 0.17 | (4.46) | (4.29) | (0.82) | (0.80) | (1.62) | 15.04 | (22.34%) | 36564 | 0.76% | 0.62% | 0.94%  |
| 9/30/21 | 16.70 | 0.03 | 4.72 | 4.75 | (0.22) | (0.28) | (0.50) | 20.95 | 28.82% | 33062 | 0.76% | 0.67% | 0.13%  |
| 9/30/20 | 15.49 | 0.17 | 1.43 | 1.60 | (0.27) | (0.12) | (0.39) | 16.70 | 10.41% | 15067 | 0.64% | 0.27% | 1.07%  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$19.59**  | $0.46  | $(0.93)  | $(0.47)  | $(0.51)  | $(0.42)  | $(0.93)  | **$18.19**  | (2.43%)<sup>b</sup>  | $5660  | 1.01%<sup>a</sup> | 0.89%<sup>a</sup> | 4.96%<sup>a</sup> |
| 9/30/24 | 16.25 | 0.15 | 4.32 | 4.47 | (0.22) | (0.91) | (1.13) | 19.59 | 28.78% | 29887 | 1.01% | 0.88% | 0.86% |
| 9/30/23 | 14.97 | 0.12 | 2.52 | 2.64 | (0.12) | (1.24) | (1.36) | 16.25 | 18.53% | 23132 | 1.01% | 0.88% | 0.72%  |
| 9/30/22 | 20.87 | 0.13 | (4.45) | (4.32) | (0.78) | (0.80) | (1.58) | 14.97 | (22.54%) | 17032 | 1.01% | 0.87% | 0.69%  |
| 9/30/21 | 16.65 | 0.04 | 4.64 | 4.68 | (0.18) | (0.28) | (0.46) | 20.87 | 28.44% | 19688 | 1.01% | 0.92% | 0.19%  |
| 9/30/20 | 15.46 | 0.15 | 1.40 | 1.55 | (0.24) | (0.12) | (0.36) | 16.65 | 10.10% | 14447 | 0.88% | 0.52% | 0.96%  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$19.52**  | $0.45  | $(0.92)  | $(0.47)  | $(0.48)  | $(0.42)  | $(0.90)  | **$18.15**  | (2.46%)<sup>b</sup>  | $3564  | 1.26%<sup>a</sup> | 1.14%<sup>a</sup> | 4.78%<sup>a</sup> |
| 9/30/24 | 16.20 | 0.13 | 4.28 | 4.41 | (0.18) | (0.91) | (1.09) | 19.52 | 28.41% | 13358 | 1.26% | 1.13% | 0.72%  |
| 9/30/23 | 14.95 | 0.06 | 2.54 | 2.60 | (0.11) | (1.24) | (1.35) | 16.20 | 18.31% | 10404 | 1.26% | 1.13% | 0.38%  |
| 9/30/22 | 20.80 | 0.08 | (4.45) | (4.37) | (0.68) | (0.80) | (1.48) | 14.95 | (22.76%) | 6619 | 1.26% | 1.12% | 0.44%  |
| 9/30/21 | 16.61 | 0.00<sup>d</sup> | 4.62 | 4.62 | (0.15) | (0.28) | (0.43) | 20.80 | 28.14% | 6320 | 1.26% | 1.18% | 0.03%  |
| 9/30/20 | 15.42 | 0.09 | 1.42 | 1.51 | (0.20) | (0.12) | (0.32) | 16.61 | 9.87% | 5798 | 1.13% | 0.77% | 0.61% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>** | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Portfolio turnover rate** | 35% | 50% | 13% | 23% | 19% | 31% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

d Amount is less than $0.005 per share. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

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**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Retirement 2065 Fund</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Income (loss) from investment** <br>**operations**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | **Less distributions to shareholders**  | | | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  | **Ratios / Supplemental Data**  |
|  | <br>**Net** <br>**asset** <br>**value,** <br>**beginning** <br>**of the** <br>**period**  | **Net** <br>**investment** <br>**income** <br>(loss)<sup>c,j</sup>  | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments**  | **Total** <br>**income** <br>(loss) from <br>**investment** <br>**operations**  | **From net** <br>**investment** <br>**income**  | **From net** <br>**realized** <br>**gains**  | **Total** <br>**distributions**  | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**the** <br>**period**  | <br>**Total** <br>**return*<sup>l</sup>*<sup>,m,z</sup>**  | **Net** <br>**assets,** <br>**end of**<br>**the** <br>**period** <br>**(000's)<sup>z</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**before** <br>**expense** <br>**waivers<sup>q</sup>**  | **Ratio of** <br>**expenses** <br>**to average** <br>**daily net** <br>**assets** <br>**after** <br>**expense** <br>**waivers<sup>j,q</sup>**  | **Net** <br>**investment** <br>**income** <br>(loss) to <br>**average** <br>**daily net** <br>**assets**  |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| 3/31/25<sup>r</sup>  | **$12.75**  | $0.22  | $(0.50)  | $(0.28)  | $(0.38)  | $(0.90)  | $(1.28)  | **$11.19**  | (2.18%)<sup>b</sup>  | $3410  | 0.61%<sup>a</sup> | 0.46%<sup>a</sup> | 3.69%<sup>a</sup> |
| 9/30/24 | 10.09 | 0.05 | 2.80 | 2.85 | (0.18) | (0.01) | (0.19) | 12.75 | 28.56% | 2097 | 0.61% | 0.45% | 0.44%  |
| 9/30/23<sup>g</sup> | 10.00 | (0.02) | 0.11 | 0.09 |  |  |  | 10.09 | 0.90%<sup>b</sup> | 894 | 0.62%<sup>a</sup> | 0.46%<sup>a</sup> | (0.35%)<sup>a</sup>  |
| **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** | **Class M5** |
| 3/31/25<sup>r</sup>  | **$12.74**  | $0.20  | $(0.49)  | $(0.29)  | $(0.37)  | $(0.90)  | $(1.27)  | **$11.18**  | (2.32%)<sup>b</sup>  | $664  | 0.76%<sup>a</sup> | 0.64%<sup>a</sup> | 3.41%<sup>a</sup> |
| 9/30/24 | 10.08 | (0.01)<sup>bb</sup> | 2.84 | 2.83 | (0.16) | (0.01) | (0.17) | 12.74 | 28.36% | 605 | 0.76% | 0.63% | (0.09%)  |
| 9/30/23<sup>g</sup> | 10.00 | (0.04) | 0.12 | 0.08 |  |  |  | 10.08 | 0.80%<sup>b</sup> | 105 | 0.76%<sup>a</sup> | 0.64%<sup>a</sup> | (0.53%)<sup>a</sup>  |
| **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** | **Class M4** |
| 3/31/25<sup>r</sup>  | **$12.62**  | $0.31  | $(0.62)  | $(0.31)  | $(0.35)  | $(0.90)  | $(1.25)  | **$11.06**  | (2.45%)<sup>b</sup>  | $152  | 1.01%<sup>a</sup> | 0.89%<sup>a</sup> | 5.10%<sup>a</sup> |
| 9/30/24 | 10.06 | 0.09 | 2.69 | 2.78 | (0.21) | (0.01) | (0.22) | 12.62 | 27.97% | 1398 | 1.01% | 0.88% | 0.74%  |
| 9/30/23<sup>g</sup> | 10.00 | (0.05) | 0.11 | 0.06 |  |  |  | 10.06 | 0.60%<sup>b</sup> | 113 | 1.02%<sup>a</sup> | 0.89%<sup>a</sup> | (0.79%)<sup>a</sup>  |
| **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** | **Class M3** |
| 3/31/25<sup>r</sup>  | **$12.68**  | $0.19  | $(0.50)  | $(0.31)  | $(0.30)  | $(0.90)  | $(1.20)  | **$11.17**  | (2.48%)<sup>b</sup>  | $112  | 1.26%<sup>a</sup> | 1.14%<sup>a</sup> | 3.18%<sup>a</sup> |
| 9/30/24 | 10.04 | 0.08 | 2.68 | 2.76 | (0.11) | (0.01) | (0.12) | 12.68 | 27.71% | 127 | 1.26% | 1.13% | 0.67% |
| 9/30/23<sup>g</sup> | 10.00 | (0.07) | 0.11 | 0.04 |  |  |  | 10.04 | 0.40%<sup>b</sup> | 100 | 1.26%<sup>a</sup> | 1.14%<sup>a</sup> | (1.03%)<sup>a</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended March 31,** <br>**2025<sup>b,r</sup>** | **Year Ended** <br>**September 30, 2024**  | **Period Ended** <br>**September 30, 2023<sup>b</sup>**  |
| **Portfolio turnover rate** | 48% | 82% | 7% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method. 

g Fund commenced operations on February 1, 2023.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| bb<br>| The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund's expense structure. |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **68**<br>|  |

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 32 series, including the following 18 series listed below (each individually referred to as a "Fund" or collectively as the "Funds"):

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MassMutual Select T. Rowe Price Retirement 2065 Fund ("MM Select T. Rowe Price Retirement 2065 Fund")

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds' Prospectuses.

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 Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 Fund (the "MM Select T. Rowe Price Retirement Funds") invest their investable assets in shares of MassMutual Funds and T. Rowe Price Funds (together, the "MM Select T. Rowe Price Underlying Funds"). The MM Target Allocation Underlying Funds and MM Select T. Rowe Price Underlying Funds are hereinafter collectively referred to as the "Underlying Funds."

The financial statements included herein are those of the MM Target Allocation Funds and MM Select T. Rowe Price Retirement Funds. The financial statements of the applicable Underlying Funds are presented separately and can be obtained from the Securities and Exchange Commission's ("SEC") EDGAR database on its website at http://www.sec.gov or by calling MML Advisers at 1-888-309-3539.

**69**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Investment Valuation

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

The net asset value of each Fund is based upon the net asset value(s) of its corresponding Underlying Funds. Shares of the Underlying Funds are valued at their closing net asset values as reported on each business day.

Certain Underlying Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day.

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

Various inputs may be used to determine the value of the Funds' investments. The Funds categorize the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as summarized below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

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

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

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

Each Fund characterized all investments at Level 1, as of March 31, 2025. For each Fund, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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

**70**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and realized capital gain distributions are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class's operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets.

In addition, each Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and each Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each Fund will vary.

Foreign Securities

Certain Underlying Funds may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund's shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.

Market Risk

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

Federal Income Tax

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

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.

**71**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadviser

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund.

With respect to the MM Target Allocation Funds, MML Advisers does not receive investment advisory fees in return for these services.

With respect to the MM Select T. Rowe Price Retirement Funds, in return for these services, MML Advisers receives all-inclusive investment advisory fees based on each share class of each Fund's average daily net assets. The all-inclusive investment advisory fees are computed and accrued daily and payable monthly, and include investment management services and ordinary, recurring operating expenses, but do not cover interest; expenses related to borrowings, securities lending, leverage, taxes, and brokerage; short sale dividend and loan expense; acquired fund fees and expenses; payments pursuant to a Rule 12b-1 plan or similar plan; non-recurring or unusual expenses; and extraordinary legal and other expenses. The difference in all-inclusive investment advisory fees among the classes, if any, is a result of their separate arrangements for administrative and shareholder services. It is not the result of any difference in investment advisory or custodial fees or other expenses related to the management of an MM Select T. Rowe Price Retirement Fund's assets, which do not vary by class.

The applicable all-inclusive fee rate for each class of an MM Select T. Rowe Price Retirement Fund with a specified target retirement year in its name ("Annual Fee Rate") shall be determined on each June 1 by calculating the "Years to Target Date" by subtracting the calendar year in which such June 1 falls (*e.g.*, 2030) from the target year in the name of the Fund (*e.g.*, 2060); and (ii) identifying the Annual Fee Rate shown in the table below next to the Years to Target Date so determined. The applicable Annual Fee Rate determined as of any June 1 shall be in effect from, and including, that June 1 through, and including, the following May 31.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years to Target Date** | **Annual Fee Rate (%)**  | **Annual Fee Rate (%)**  | **Annual Fee Rate (%)**  | **Annual Fee Rate (%)**  |
| **Years to Target Date** | **Class I** | **Class M5** | **Class M4** | **Class M3**  |
| All Prior Years | 0.614% | 0.764% | 0.764% | 0.764%  |
| 31 | 0.613% | 0.763% | 0.763% | 0.763%  |
| 30 | 0.613% | 0.763% | 0.763% | 0.763%  |
| 29 | 0.613% | 0.763% | 0.763% | 0.763%  |
| 28 | 0.613% | 0.763% | 0.763% | 0.763%  |
| 27 | 0.613% | 0.763% | 0.763% | 0.763%  |
| 26 | 0.613% | 0.763% | 0.763% | 0.763%  |
| 25 | 0.610% | 0.760% | 0.760% | 0.760%  |
| 24 | 0.608% | 0.758% | 0.758% | 0.758%  |
| 23 | 0.605% | 0.755% | 0.755% | 0.755%  |
| 22 | 0.603% | 0.753% | 0.753% | 0.753%  |
| 21 | 0.599% | 0.749% | 0.749% | 0.749%  |
| 20 | 0.595% | 0.745% | 0.745% | 0.745%  |
| 19 | 0.591% | 0.741% | 0.741% | 0.741%  |
| 18 | 0.586% | 0.736% | 0.736% | 0.736%  |
| 17 | 0.582% | 0.732% | 0.732% | 0.732%  |
| 16 | 0.578% | 0.728% | 0.728% | 0.728%  |
| 15 | 0.573% | 0.723% | 0.723% | 0.723%  |
| 14 | 0.567% | 0.717% | 0.717% | 0.717%  |
| 13 | 0.562% | 0.712% | 0.712% | 0.712%  |
| 12 | 0.556% | 0.706% | 0.706% | 0.706%  |
| 11 | 0.551% | 0.701% | 0.701% | 0.701%  |
| 10 | 0.544% | 0.694% | 0.694% | 0.694%  |
| 9 | 0.537% | 0.687% | 0.687% | 0.687%  |
| 8 | 0.531% | 0.681% | 0.681% | 0.681%  |

---

**72**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years to Target Date** | **Annual Fee Rate (%)**  | **Annual Fee Rate (%)**  | **Annual Fee Rate (%)**  | **Annual Fee Rate (%)**  |
| **Years to Target Date** | **Class I** | **Class M5** | **Class M4** | **Class M3**  |
| 7 | 0.524% | 0.674% | 0.674% | 0.674%  |
| 6 | 0.517% | 0.667% | 0.667% | 0.667%  |
| 5 | 0.510% | 0.660% | 0.660% | 0.660%  |
| 4 | 0.502% | 0.652% | 0.652% | 0.652%  |
| 3 | 0.495% | 0.645% | 0.645% | 0.645%  |
| 2 | 0.487% | 0.637% | 0.637% | 0.637%  |
| 1 | 0.480% | 0.630% | 0.630% | 0.630%  |
| 0 | 0.474% | 0.624% | 0.624% | 0.624%  |
| (1) | 0.469% | 0.619% | 0.619% | 0.619%  |
| (2) | 0.463% | 0.613% | 0.613% | 0.613%  |
| (3) | 0.458% | 0.608% | 0.608% | 0.608%  |
| (4) | 0.452% | 0.602% | 0.602% | 0.602%  |
| (5) | 0.446% | 0.596% | 0.596% | 0.596%  |
| (6) | 0.440% | 0.590% | 0.590% | 0.590%  |
| (7) | 0.433% | 0.583% | 0.583% | 0.583%  |
| (8) | 0.427% | 0.577% | 0.577% | 0.577%  |
| Thereafter | 0.421% | 0.571% | 0.571% | 0.571% |

---

The all-inclusive fee rate for each class of the MM Select T. Rowe Price Retirement Balanced Fund is as shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annual Fee Rate (%)** | **Annual Fee Rate (%)** | **Annual Fee Rate (%)** | **Annual Fee Rate (%)** |
|  | **Class I** | **Class M5** | **Class M4** | **Class M3**  |
| MM Select T. Rowe Price Retirement Balanced Fund | 0.396% | 0.546% | 0.546% | 0.546% |

---

MML Advisers has also entered into an investment subadvisory agreement with the unaffiliated investment subadviser, T. Rowe Price Associates, Inc. ("T. Rowe Price"), for each of the MM Select T. Rowe Price Retirement Funds.

MML Advisers pays a subadvisory fee to T. Rowe Price based upon the aggregate net assets under management which includes

the average daily net assets of the specified Fund which it manages. The Funds' subadvisory fees are paid monthly by MML Advisers out of the investment advisory fees.

Administration Fees

Under an Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide certain administrative and shareholder services. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class**<br>**I** | **Class**<br>**R5** | **Service**<br>**Class** | **Administrative Class** | **Class**<br>**R4** | **Class** <br>**A** | **Class**<br>**R3** | **Class** <br>**Y** | **Class** <br>**M5** | **Class** <br>**M4** | **Class** <br>**M3**  |
| 20/80 Allocation Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.25% | 0.20% | 0.10% | N/A | N/A | N/A  |
| 40/60 Allocation Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.25% | 0.20% | 0.10% | N/A | N/A | N/A  |
| 60/40 Allocation Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.25% | 0.20% | 0.10% | N/A | N/A | N/A  |
| 80/20 Allocation Fund |  | 0.10% | 0.20% | 0.30% | 0.20% | 0.25% | 0.20% | 0.10% | N/A | N/A | N/A  |
|  MM Select T. Rowe Price Retirement Balanced Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2005 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |

---

**73**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class**<br>**I** | **Class**<br>**R5** | **Service**<br>**Class** | **Administrative Class** | **Class**<br>**R4** | **Class** <br>**A** | **Class**<br>**R3** | **Class** <br>**Y** | **Class** <br>**M5** | **Class** <br>**M4** | **Class** <br>**M3**  |
|  MM Select T. Rowe Price Retirement 2010 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2015 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2020 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2025 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2030 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2035 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2040 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15% |
|  MM Select T. Rowe Price Retirement 2045 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2050 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2055 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2060 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15%  |
|  MM Select T. Rowe Price Retirement 2065 Fund\* |  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.15% | 0.15% | 0.15% |

---

\* Pursuant to the Fund's investment advisory agreement, MML Advisers has agreed to pay all of the fees payable by the Fund under the Administrative and Shareholder Services Agreement. As a component of the all-inclusive investment advisory fees that it receives, MML Advisers receives administrative services fees from the Fund, which are equal to the fees payable under the Administrative and Shareholder Services Agreement. 

Distribution and Service Fees

MML Distributors, LLC (the "Distributor") acts as a distributor to each Fund. Pursuant to a 12b-1 Plan adopted by the Trust, Class R4 shares, Class A shares, and Class M4 shares of each applicable Fund pay an annual fee of 0.25% of the average daily net assets of the class; and Class R3 shares and Class M3 shares of each applicable Fund pay an annual fee of 0.50% of the average daily net assets of the class, to the Distributor. Such payments compensate the Distributor for services provided and expenses incurred by it for purposes of promoting the sale of the relevant class of shares, reducing redemptions of shares, or maintaining or improving services provided to each Fund's shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Sales Charges

Unless waived, purchases of Class A shares are subject to a front-end sales charge of up to 5.50% of the amount purchased. A portion of the front-end sales charge may be retained by the Distributor. For the period ended March 31, 2025, no amounts have been retained by the Distributor.

Unless waived, redemptions of Class A shares made within 18 months of purchase from initial investments of $1 million or more are subject to a contingent deferred sales charge of 1.00% of the amount redeemed. The Distributor receives all contingent deferred sales charges. For the period ended March 31, 2025, no amounts have been retained by the Distributor.

With respect to Class A shares, the Distributor may pay an up-front concession to financial intermediaries through which sales are made as described in the Funds' Prospectus.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan

**74**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class M5** | **Class M4** | **Class M3**  |
| MM Select T. Rowe Price Retirement Balanced Fund | 0.34% | 0.49% | 0.74% | 0.99%  |
| MM Select T. Rowe Price Retirement 2005 Fund | 0.34% | 0.49% | 0.74% | 0.99%  |
| MM Select T. Rowe Price Retirement 2010 Fund | 0.34% | 0.49% | 0.74% | 0.99%  |
| MM Select T. Rowe Price Retirement 2020 Fund | 0.37% | 0.53% | 0.78% | 1.03%  |
| MM Select T. Rowe Price Retirement 2035 Fund | 0.42% | 0.59% | 0.84% | 1.09%  |
| MM Select T. Rowe Price Retirement 2040 Fund | 0.43% | 0.60% | 0.85% | 1.10%  |
| MM Select T. Rowe Price Retirement 2045 Fund | 0.44% | 0.62% | 0.87% | 1.12%  |
| MM Select T. Rowe Price Retirement 2050 Fund | 0.45% | 0.63% | 0.88% | 1.13%  |
| MM Select T. Rowe Price Retirement 2055 Fund | 0.46% | 0.64% | 0.89% | 1.14%  |
| MM Select T. Rowe Price Retirement 2060 Fund | 0.46% | 0.64% | 0.89% | 1.14%  |
| MM Select T. Rowe Price Retirement 2065 Fund | 0.46% | 0.64% | 0.89% | 1.14% |

---

Effective February 1, 2025, MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class M5**  | **Class M4**  | **Class M3** |
| MM Select T. Rowe Price Retirement 2015 Fund | 0.35% | 0.50% | 0.75% | 1.00%  |
| MM Select T. Rowe Price Retirement 2025 Fund | 0.38% | 0.54% | 0.79% | 1.04%  |
| MM Select T. Rowe Price Retirement 2030 Fund | 0.40% | 0.57% | 0.82% | 1.07% |

---

Prior to February 1, 2025, MML Advisers had agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Funds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I**  | **Class M5**  | **Class M4**  | **Class M3**  |
| MM Select T. Rowe Price Retirement 2015 Fund | 0.36% | 0.51% | 0.76% | 1.01%  |
| MM Select T. Rowe Price Retirement 2025 Fund | 0.39% | 0.55% | 0.80% | 1.05%  |
| MM Select T. Rowe Price Retirement 2030 Fund | 0.41% | 0.58% | 0.83% | 1.08% |

---

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Deferred Compensation

Board of Trustees ("Trustees") of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds' books as other liabilities. Deferred compensation is included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The following table shows beneficial ownership of Funds' shares by related parties at March 31, 2025:

---

| | |
|:---|:---|
|  | **Total % Ownership by Related Party**  |
| 20/80 Allocation Fund  | 97.9% |
| 40/60 Allocation Fund | 97.3% |
| 60/40 Allocation Fund | 97.7% |
| 80/20 Allocation Fund | 91.9% |
| MM Select T. Rowe Price Retirement Balanced Fund | 99.9% |
| MM Select T. Rowe Price Retirement 2005 Fund | 97.6% |
| MM Select T. Rowe Price Retirement 2010 Fund | 99.6% |
| MM Select T. Rowe Price Retirement 2015 Fund | 96.3% |
| MM Select T. Rowe Price Retirement 2020 Fund | 95.4% |
| MM Select T. Rowe Price Retirement 2025 Fund | 97.7% |
| MM Select T. Rowe Price Retirement 2030 Fund | 97.8% |
| MM Select T. Rowe Price Retirement 2035 Fund | 97.6% |
| MM Select T. Rowe Price Retirement 2040 Fund | 98.0% |
| MM Select T. Rowe Price Retirement 2045 Fund | 98.6% |
| MM Select T. Rowe Price Retirement 2050 Fund | 98.7% |
| MM Select T. Rowe Price Retirement 2055 Fund | 98.4% |
| MM Select T. Rowe Price Retirement 2060 Fund | 99.2% |
| MM Select T. Rowe Price Retirement 2065 Fund | 99.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investments in Underlying Funds for the period ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-**<br>**Term Securities** | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-**<br>**Term Securities**  |
| 20/80 Allocation Fund | $— | $28432527 | $— | $31917024  |
| 40/60 Allocation Fund |  | 47259468 |  | 41140871  |
| 60/40 Allocation Fund |  | 53257644 |  | 46735543  |
| 80/20 Allocation Fund |  | 56543366 |  | 46628239  |
| MM Select T. Rowe Price Retirement Balanced Fund |  | 34245969 |  | 51024372  |
| MM Select T. Rowe Price Retirement 2005 Fund |  | 2345924 |  | 12553147  |
| MM Select T. Rowe Price Retirement 2010 Fund |  | 13699730 |  | 44830067  |
| MM Select T. Rowe Price Retirement 2015 Fund |  | 13906173 |  | 74914425  |
| MM Select T. Rowe Price Retirement 2020 Fund |  | 47683129 |  | 274703376  |
| MM Select T. Rowe Price Retirement 2025 Fund |  | 61433969 |  | 286636515  |
| MM Select T. Rowe Price Retirement 2030 Fund |  | 173886951 |  | 813616107  |
| MM Select T. Rowe Price Retirement 2035 Fund |  | 127785635 |  | 463184705  |
| MM Select T. Rowe Price Retirement 2040 Fund |  | 197825391 |  | 766720940  |
| MM Select T. Rowe Price Retirement 2045 Fund |  | 114588605 |  | 401116194  |
| MM Select T. Rowe Price Retirement 2050 Fund |  | 165061632 |  | 657216266  |
| MM Select T. Rowe Price Retirement 2055 Fund |  | 75900807 |  | 273933123  |
| MM Select T. Rowe Price Retirement 2060 Fund |  | 71437059 |  | 222297575  |
| MM Select T. Rowe Price Retirement 2065 Fund |  | 3273024 |  | 2265350 |

---

**76**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **20/80 Allocation Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 158031 | $1420717 | 532460 | $4716329  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 58217 | 512314 | 55773 | 481320  |
| &nbsp;&nbsp;&nbsp; Redeemed | (241956) | (2179969) | (549282) | (4865955)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (25708) | $(246938) | 38951 | $331694  |
| **20/80 Allocation Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 13561 | $122431 | 47563 | $415376  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 10528 | 92545 | 11063 | 95364  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7986) | (72365) | (76829) | (667660)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 16103 | $142611 | (18203) | $(156920)  |
| **20/80 Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 732315 | $6604059 | 2042459 | $17875483  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 474331 | 4169365 | 461678 | 3979661  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1729698) | (15553280) | (1601872) | (14074432)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (523052) | $(4779856) | 902265 | $7780712  |
| **20/80 Allocation Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 319639 | $2899883 | 279565 | $2454924  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 56079 | 495738 | 54965 | 476550  |
| &nbsp;&nbsp;&nbsp; Redeemed | (330492) | (2995053) | (835718) | (7368951)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 45226 | $400568 | (501188) | $(4437477)  |
| **20/80 Allocation Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 40914 | $377833 | 339571 | $3036128  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 17073 | 153656 | 11574 | 102081  |
| &nbsp;&nbsp;&nbsp; Redeemed | (67677) | (617916) | (152178) | (1354511)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (9690) | $(86427) | 198967 | $1783698  |
| **20/80 Allocation Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 89610 | $817574 | 216616 | $1919195  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 35582 | 317035 | 38769 | 338449  |
| &nbsp;&nbsp;&nbsp; Redeemed | (425972) | (3808098) | (465768) | (4083255)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (300780) | $(2673489) | (210383) | $(1825611)  |
| **20/80 Allocation Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 45462 | $408966 | 117123 | $1015274  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 12506 | 109049 | 12174 | 104089  |
| &nbsp;&nbsp;&nbsp; Redeemed | (38159) | (338679) | (143146) | (1225120)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 19809 | $179336 | (13849) | $(105757)  |
| **20/80 Allocation Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |

---

**77**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **40/60 Allocation Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 345148 | $3071163 | 1030136 | $8978624  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 172996 | 1511984 | 168323 | 1418960  |
| &nbsp;&nbsp;&nbsp; Redeemed | (680893) | (6186952) | (695707) | (6057013)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (162749) | $(1603805) | 502752 | $4340571  |
| **40/60 Allocation Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 32770 | $293505 | 50643 | $439604  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 30501 | 266887 | 30625 | 258784  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5661) | (51413) | (120977) | (1018566)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 57610 | $508979 | (39709) | $(320178)  |
| **40/60 Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 504027 | $4547231 | 206545 | $1833620  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 62723 | 553216 | 71060 | 604718  |
| &nbsp;&nbsp;&nbsp; Redeemed | (292708) | (2638628) | (340030) | (2978676)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 274042 | $2461819 | (62425) | $(540338)  |
| **40/60 Allocation Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 132872 | $1199053 | 274713 | $2446626  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 104218 | 920243 | 132151 | 1124608  |
| &nbsp;&nbsp;&nbsp; Redeemed | (402885) | (3680458) | (805830) | (7163838)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (165795) | $(1561162) | (398966) | $(3592604)  |
| **40/60 Allocation Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 411467 | $3691515 | 946481 | $8136721  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 225130 | 1960885 | 206234 | 1734427  |
| &nbsp;&nbsp;&nbsp; Redeemed | (430177) | (3811740) | (406750) | (3528875)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 206420 | $1840660 | 745965 | $6342273  |
| **40/60 Allocation Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 216471 | $1985656 | 422846 | $3711658  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 122862 | 1092246 | 175535 | 1504337  |
| &nbsp;&nbsp;&nbsp; Redeemed | (716062) | (6564460) | (1784284) | (15587376)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (376729) | $(3486558) | (1185903) | $(10371381)  |
| **40/60 Allocation Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 154703 | $1395831 | 420173 | $3570534  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 64666 | 561949 | 70876 | 594652  |
| &nbsp;&nbsp;&nbsp; Redeemed | (163010) | (1453990) | (561889) | (4838473)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 56359 | $503790 | (70840) | $(673287)  |
| **40/60 Allocation Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |

---

**78**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **60/40 Allocation Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 297566 | $2651725 | 722753 | $6308944  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 241573 | 2079947 | 169671 | 1409968  |
| &nbsp;&nbsp;&nbsp; Redeemed | (680690) | (6043402) | (905567) | (7847320)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (141551) | $(1311730) | (13143) | $(128408)  |
| **60/40 Allocation Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 33588 | $299826 | 59530 | $516955  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 71516 | 617187 | 47153 | 392313  |
| &nbsp;&nbsp;&nbsp; Redeemed | (32088) | (282812) | (125430) | (1067194)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 73016 | $634201 | (18747) | $(157926)  |
| **60/40 Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 184493 | $1649393 | 780647 | $6705312  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 183523 | 1594815 | 122748 | 1027398  |
| &nbsp;&nbsp;&nbsp; Redeemed | (396576) | (3577820) | (740089) | (6537487)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (28560) | $(333612) | 163306 | $1195223  |
| **60/40 Allocation Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 248055 | $2242005 | 444372 | $3864715  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 253445 | 2204968 | 205858 | 1727148  |
| &nbsp;&nbsp;&nbsp; Redeemed | (606880) | (5377109) | (1509258) | (13265713)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (105380) | $(930136) | (859028) | $(7673850)  |
| **60/40 Allocation Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 110011 | $994940 | 362746 | $3182662  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 77717 | 668363 | 42684 | 354273  |
| &nbsp;&nbsp;&nbsp; Redeemed | (153388) | (1368474) | (241278) | (2068199)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 34340 | $294829 | 164152 | $1468736  |
| **60/40 Allocation Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 201715 | $1828073 | 432495 | $3744148  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 203785 | 1789234 | 173350 | 1464806  |
| &nbsp;&nbsp;&nbsp; Redeemed | (456144) | (4199800) | (2050751) | (17913761)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (50644) | $(582493) | (1444906) | $(12704807)  |
| **60/40 Allocation Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 43638 | $386568 | 214092 | $1821087  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 88571 | 759052 | 50684 | 419156  |
| &nbsp;&nbsp;&nbsp; Redeemed | (43264) | (391269) | (134826) | (1128815)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 88945 | $754351 | 129950 | $1111428  |
| **60/40 Allocation Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |

---

**79**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **80/20 Allocation Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 303670 | $3061766 | 697488 | $6802543  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 317489 | 3105039 | 170963 | 1601923  |
| &nbsp;&nbsp;&nbsp; Redeemed | (462121) | (4754626) | (1085283) | (10672512)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 159038 | $1412179 | (216832) | $(2268046)  |
| **80/20 Allocation Fund Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 29711 | $308392 | 128441 | $1307609  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 35442 | 347687 | 13218 | 124245  |
| &nbsp;&nbsp;&nbsp; Redeemed | (22051) | (234908) | (109462) | (999474)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 43102 | $421171 | 32197 | $432380  |
| **80/20 Allocation Fund Service Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 417414 | $4436726 | 449028 | $4453047  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 143904 | 1414575 | 68322 | 642909  |
| &nbsp;&nbsp;&nbsp; Redeemed | (456216) | (4854490) | (544452) | (5346449)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 105102 | $996811 | (27102) | $(250493)  |
| **80/20 Allocation Fund Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 78425 | $822741 | 192587 | $1902298  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 128515 | 1265873 | 72259 | 680679  |
| &nbsp;&nbsp;&nbsp; Redeemed | (249977) | (2513458) | (642179) | (6357972)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (43037) | $(424844) | (377333) | $(3774995)  |
| **80/20 Allocation Fund Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 102711 | $1057633 | 199536 | $1939251  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 120290 | 1159598 | 56098 | 518348  |
| &nbsp;&nbsp;&nbsp; Redeemed | (148038) | (1492421) | (268273) | (2569301)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 74963 | $724810 | (12639) | $(111702)  |
| **80/20 Allocation Fund Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 95180 | $971090 | 220864 | $2162616  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 130219 | 1283962 | 81632 | 769792  |
| &nbsp;&nbsp;&nbsp; Redeemed | (262420) | (2727036) | (854223) | (8526785)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (37021) | $(471984) | (551727) | $(5594377)  |
| **80/20 Allocation Fund Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 63138 | $643176 | 142742 | $1341078  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 112320 | 1076023 | 57106 | 524803  |
| &nbsp;&nbsp;&nbsp; Redeemed | (286014) | (2823696) | (401828) | (3836136)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (110556) | $(1104497) | (201980) | $(1970255)  |
| **80/20 Allocation Fund Class Y** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold |  | $— |  | $—  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) |  | $— |  | $—  |

---

**80**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement Balanced Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 340590 | $4958431 | 2463693 | $34000917  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 143987 | 2027337 | 102005 | 1372982  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1409510) | (20130744) | (1016894) | (14337198)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (924933) | $(13144976) | 1548804 | $21036701  |
|  **MM Select T. Rowe Price Retirement Balanced Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 572405 | $8341503 | 1215574 | $16901565  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 423850 | 5988995 | 563984 | 7608149  |
| &nbsp;&nbsp;&nbsp; Redeemed | (953940) | (13740318) | (1834203) | (25591737)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 42315 | $590180 | (54645) | $(1082023)  |
|  **MM Select T. Rowe Price Retirement Balanced Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 121036 | $1776196 | 522547 | $7399936  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 30800 | 436741 | 30005 | 406563  |
| &nbsp;&nbsp;&nbsp; Redeemed | (848973) | (12169941) | (357372) | (5036139)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (697137) | $(9957004) | 195180 | $2770360  |
|  **MM Select T. Rowe Price Retirement Balanced Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 61776 | $885632 | 81958 | $1143276  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5859 | 83310 | 11294 | 153151  |
| &nbsp;&nbsp;&nbsp; Redeemed | (248782) | (3581765) | (128661) | (1812969)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (181147) | $(2612823) | (35409) | $(516542)  |
| **MM Select T. Rowe Price Retirement 2005 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 34489 | $474724 | 360275 | $4789317  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 27082 | 363438 | 16578 | 212856  |
| &nbsp;&nbsp;&nbsp; Redeemed | (313420) | (4261967) | (451289) | (5979911)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (251849) | $(3423805) | (74436) | $(977738)  |
|  **MM Select T. Rowe Price Retirement 2005 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 11413 | $160935 | 42466 | $559788  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 7594 | 102216 | 13774 | 176310  |
| &nbsp;&nbsp;&nbsp; Redeemed | (374769) | (5205705) | (134171) | (1781063)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (355762) | $(4942554) | (77931) | $(1044965)  |
|  **MM Select T. Rowe Price Retirement 2005 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3643 | $51419 | 78621 | $1034015  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 5996 | 80643 | 3321 | 42708  |
| &nbsp;&nbsp;&nbsp; Redeemed | (159956) | (2178470) | (59719) | (810520)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (150317) | $(2046408) | 22223 | $266203  |

---

**81**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement 2005 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 3163 | $44190 | 10982 | $145293  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 306 | 4163 | 2741 | 34998  |
| &nbsp;&nbsp;&nbsp; Redeemed | (23513) | (325757) | (108191) | (1464045)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (20044) | $(277404) | (94468) | $(1283754)  |
| **MM Select T. Rowe Price Retirement 2010 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 203584 | $2948422 | 647046 | $8872343  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 178864 | 2500521 | 161836 | 2147567  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1821825) | (25766812) | (1383580) | (19244134)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1439377) | $(20317869) | (574698) | $(8224224)  |
|  **MM Select T. Rowe Price Retirement 2010 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 36384 | $524284 | 74437 | $1022739  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 37519 | 525260 | 47842 | 635347  |
| &nbsp;&nbsp;&nbsp; Redeemed | (469556) | (6669557) | (650748) | (9039652)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (395653) | $(5620013) | (528469) | $(7381566)  |
|  **MM Select T. Rowe Price Retirement 2010 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 42646 | $635459 | 222734 | $3069240  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 11766 | 166018 | 18218 | 243210  |
| &nbsp;&nbsp;&nbsp; Redeemed | (411679) | (5897023) | (580170) | (8059221)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (357267) | $(5095546) | (339218) | $(4746771)  |
|  **MM Select T. Rowe Price Retirement 2010 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12017 | $175506 | 48744 | $680868  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 11402 | 160651 | 9875 | 131936  |
| &nbsp;&nbsp;&nbsp; Redeemed | (287909) | (4101678) | (126548) | (1781378)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (264490) | $(3765521) | (67929) | $(968574)  |
| **MM Select T. Rowe Price Retirement 2015 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 131882 | $1928382 | 921882 | $12902674  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140169 | 2005815 | 200613 | 2716297  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2031211) | (29506584) | (2184903) | (31011435)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1759160) | $(25572387) | (1062408) | $(15392464)  |
|  **MM Select T. Rowe Price Retirement 2015 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 32535 | $482956 | 133711 | $1867642  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 88863 | 1270741 | 117143 | 1584945  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2531876) | (36256530) | (478462) | (6740851)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2410478) | $(34502833) | (227608) | $(3288264)  |

---

**82**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement 2015 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 51021 | $771211 | 79597 | $1121882  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 13538 | 195080 | 16685 | 227423  |
| &nbsp;&nbsp;&nbsp; Redeemed | (317085) | (4626991) | (164088) | (2375785)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (252526) | $(3660700) | (67806) | $(1026480)  |
|  **MM Select T. Rowe Price Retirement 2015 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 11424 | $172238 | 22634 | $321289  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2772 | 40548 | 4296 | 59323  |
| &nbsp;&nbsp;&nbsp; Redeemed | (102543) | (1522616) | (53787) | (766434)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (88347) | $(1309830) | (26857) | $(385822)  |
| **MM Select T. Rowe Price Retirement 2020 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 428295 | $6195591 | 3757110 | $51211414  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 524580 | 7349370 | 1002517 | 13243245  |
| &nbsp;&nbsp;&nbsp; Redeemed | (8708146) | (123620326) | (12102104) | (168030535)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (7755271) | $(110075365) | (7342477) | $(103575876)  |
|  **MM Select T. Rowe Price Retirement 2020 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 144896 | $2093082 | 795020 | $10855620  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 207453 | 2910559 | 493011 | 6517608  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5087898) | (72597019) | (5169529) | (72134497)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4735549) | $(67593378) | (3881498) | $(54761269)  |
|  **MM Select T. Rowe Price Retirement 2020 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 88608 | $1300269 | 489257 | $6720395  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 124045 | 1745318 | 223515 | 2963813  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3440587) | (49014026) | (2031146) | (28379487)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3227934) | $(45968439) | (1318374) | $(18695279)  |
|  **MM Select T. Rowe Price Retirement 2020 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 51705 | $753322 | 224320 | $3111927  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 44549 | 629917 | 83831 | 1115795  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1441826) | (20718970) | (1104716) | (15045012)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1345572) | $(19335731) | (796565) | $(10817290)  |
| **MM Select T. Rowe Price Retirement 2025 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 896146 | $13534999 | 5004102 | $71009529  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 682421 | 9983816 | 1807579 | 24745753  |
| &nbsp;&nbsp;&nbsp; Redeemed | (11463057) | (169932017) | (15588339) | (225778696)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (9884490) | $(146413202) | (8776658) | $(130023414)  |

---

**83**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement 2025 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 247129 | $3718270 | 532699 | $7658436  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 138655 | 2029913 | 340669 | 4670576  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3202007) | (47148799) | (2334037) | (33189507)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2816223) | $(41400616) | (1460669) | $(20860495)  |
|  **MM Select T. Rowe Price Retirement 2025 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 152137 | $2291237 | 560491 | $8026782  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 88499 | 1300048 | 213961 | 2939825  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2491243) | (37083970) | (1701536) | (24487990)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2250607) | $(33492685) | (927084) | $(13521383)  |
|  **MM Select T. Rowe Price Retirement 2025 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 63949 | $972104 | 439509 | $6327105  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 49150 | 722017 | 110633 | 1520103  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1792799) | (26759781) | (713421) | (10259545)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1679700) | $(25065660) | (163279) | $(2412337)  |
| **MM Select T. Rowe Price Retirement 2030 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2003382 | $31688218 | 10779097 | $158786600  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1434457 | 21803754 | 4195757 | 59160176  |
| &nbsp;&nbsp;&nbsp; Redeemed | (24667492) | (379500655) | (29686773) | (447174431)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (21229653) | $(326008683) | (14711919) | $(229227655)  |
|  **MM Select T. Rowe Price Retirement 2030 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 646811 | $10228765 | 2271008 | $33680390  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 578854 | 8810152 | 2070937 | 29220918  |
| &nbsp;&nbsp;&nbsp; Redeemed | (13676967) | (211571702) | (11645100) | (176952086)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (12451302) | $(192532785) | (7303155) | $(114050778)  |
|  **MM Select T. Rowe Price Retirement 2030 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 534079 | $8485687 | 1751608 | $26029947  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 322314 | 4912064 | 885352 | 12518883  |
| &nbsp;&nbsp;&nbsp; Redeemed | (9109693) | (140876656) | (4416965) | (67172440)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (8253300) | $(127478905) | (1780005) | $(28623610)  |
|  **MM Select T. Rowe Price Retirement 2030 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 267469 | $4237771 | 1032012 | $15403217  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 167290 | 2552850 | 391817 | 5548128  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4511642) | (69793135) | (1519133) | (22800193)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4076883) | $(63002514) | (95304) | $(1848848)  |

---

**84**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **MM Select T. Rowe Price Retirement 2035 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1884681 | $31633240 | 7771242 | $121669456  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1529030 | 24372734 | 2981541 | 44424961  |
| &nbsp;&nbsp;&nbsp; Redeemed | (16669200) | (269080167) | (18725842) | (301192127)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (13255489) | $(213074193) | (7973059) | $(135097710)  |
|  **MM Select T. Rowe Price Retirement 2035 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 289398 | $4876068 | 839578 | $13340167  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 363750 | 5794538 | 627863 | 9355164  |
| &nbsp;&nbsp;&nbsp; Redeemed | (5256482) | (84058487) | (2135621) | (33829686)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4603334) | $(73387881) | (668180) | $(11134355)  |
|  **MM Select T. Rowe Price Retirement 2035 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 325436 | $5434415 | 1111464 | $17579124  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 211679 | 3380513 | 438111 | 6532231  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3780551) | (61515518) | (2486955) | (40555693)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3243436) | $(52700590) | (937380) | $(16444338)  |
|  **MM Select T. Rowe Price Retirement 2035 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 338030 | $5694607 | 636770 | $10049927  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 140503 | 2241016 | 204384 | 3051449  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2915443) | (47347754) | (743706) | (11770403)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2436910) | $(39412131) | 97448 | $1330973  |
| **MM Select T. Rowe Price Retirement 2040 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1759380 | $29639082 | 9833398 | $157122949  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3942769 | 60718643 | 3801735 | 57634296  |
| &nbsp;&nbsp;&nbsp; Redeemed | (22738750) | (356424256) | (27747565) | (456944012)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (17036601) | $(266066531) | (14112432) | $(242186767)  |
|  **MM Select T. Rowe Price Retirement 2040 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 689373 | $11707423 | 2289671 | $36818074  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1807457 | 27907141 | 1841482 | 27953692  |
| &nbsp;&nbsp;&nbsp; Redeemed | (13656490) | (217415220) | (10007224) | (168052365)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (11159660) | $(177800656) | (5876071) | $(103280599)  |
|  **MM Select T. Rowe Price Retirement 2040 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 427345 | $7324170 | 1405069 | $22577725  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 929505 | 14351550 | 747700 | 11357560  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7638101) | (120455169) | (3895151) | (64646255)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (6281251) | $(98779449) | (1742382) | $(30710970)  |

---

**85**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement 2040 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 239487 | $4028629 | 764689 | $12433154  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 463635 | 7163160 | 320087 | 4868521  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3815816) | (60295184) | (1490932) | (24032877)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3112694) | $(49103395) | (406156) | $(6731202)  |
| **MM Select T. Rowe Price Retirement 2045 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1406399 | $24937105 | 6825382 | $113235745  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2006984 | 33235658 | 2524601 | 39636229  |
| &nbsp;&nbsp;&nbsp; Redeemed | (14969821) | (251383235) | (15897431) | (272565789)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (11556438) | $(193210472) | (6547448) | $(119693815)  |
|  **MM Select T. Rowe Price Retirement 2045 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 302418 | $5430196 | 708494 | $11937271  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 377580 | 6256498 | 383908 | 6038865  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3714768) | (62358265) | (1222209) | (20642557)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (3034770) | $(50671571) | (129807) | $(2666421)  |
|  **MM Select T. Rowe Price Retirement 2045 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 224572 | $4034761 | 838065 | $14036529  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 272188 | 4518325 | 303715 | 4780474  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2923459) | (49882201) | (1490590) | (25468875)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2426699) | $(41329115) | (348810) | $(6651872)  |
|  **MM Select T. Rowe Price Retirement 2045 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 131209 | $2349023 | 590869 | $9947941  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 164051 | 2721612 | 156912 | 2471367  |
| &nbsp;&nbsp;&nbsp; Redeemed | (2252191) | (38330129) | (608464) | (10251255)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1956931) | $(33259494) | 139317 | $2168053  |
| **MM Select T. Rowe Price Retirement 2050 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1554146 | $27432199 | 8609410 | $143221079  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 3004075 | 48605933 | 2599486 | 40993891  |
| &nbsp;&nbsp;&nbsp; Redeemed | (18336574) | (301653245) | (18276764) | (315044917)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (13778353) | $(225615113) | (7067868) | $(130829947)  |
|  **MM Select T. Rowe Price Retirement 2050 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 659437 | $11535164 | 2286174 | $38381888  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1541790 | 24976994 | 1397950 | 22059647  |
| &nbsp;&nbsp;&nbsp; Redeemed | (13435510) | (224674852) | (6274196) | (110019562)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (11234283) | $(188162694) | (2590072) | $(49578027)  |

---

**86**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement 2050 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 358445 | $6458736 | 1423293 | $23929330  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 594900 | 9661176 | 457492 | 7237528  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4971908) | (82534885) | (2574660) | (44763022)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (4018563) | $(66414973) | (693875) | $(13596164)  |
|  **MM Select T. Rowe Price Retirement 2050 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 247602 | $4396031 | 747811 | $12663890  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 385714 | 6237002 | 233557 | 3687869  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3054364) | (50475996) | (1052153) | (17733619)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2421048) | $(39842963) | (70785) | $(1381860)  |
| **MM Select T. Rowe Price Retirement 2055 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1192582 | $21851869 | 6036808 | $102539327  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1354461 | 22931031 | 1663072 | 26725562  |
| &nbsp;&nbsp;&nbsp; Redeemed | (11106303) | (190520429) | (12897312) | (227049553)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (8559260) | $(145737529) | (5197432) | $(97784664)  |
|  **MM Select T. Rowe Price Retirement 2055 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 190991 | $3505593 | 512291 | $8836075  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 194616 | 3302630 | 177111 | 2856806  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1839648) | (31655289) | (711219) | (12105594)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1454041) | $(24847066) | (21817) | $(412713)  |
|  **MM Select T. Rowe Price Retirement 2055 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 162117 | $2963556 | 598064 | $10299411  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 180310 | 3056247 | 177767 | 2862055  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1814696) | (31425473) | (948018) | (16700245)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1472269) | $(25405670) | (172187) | $(3538779)  |
|  **MM Select T. Rowe Price Retirement 2055 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 143563 | $2607525 | 498413 | $8582209  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 125080 | 2113857 | 97466 | 1566278  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1579569) | (27315757) | (550928) | (9508737)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1310926) | $(22594375) | 44951 | $639750  |
| **MM Select T. Rowe Price Retirement 2060 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1335050 | $25695222 | 5393125 | $95349851  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 501911 | 9184968 | 614423 | 10236293  |
| &nbsp;&nbsp;&nbsp; Redeemed | (7318964) | (135663558) | (5105616) | (92736123)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (5482003) | $(100783368) | 901932 | $12850021  |

---

**87**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Retirement 2060 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 462887 | $8873172 | 1484343 | $26331071  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 168570 | 3078079 | 239529 | 3980975  |
| &nbsp;&nbsp;&nbsp; Redeemed | (3116189) | (58041118) | (1486097) | (27290008)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (2484732) | $(46089867) | 237775 | $3022038  |
|  **MM Select T. Rowe Price Retirement 2060 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 190849 | $3652757 | 759412 | $13511743  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 78206 | 1425686 | 98126 | 1628892  |
| &nbsp;&nbsp;&nbsp; Redeemed | (1483547) | (27628669) | (755126) | (13734660)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (1214492) | $(22550226) | 102412 | $1405975  |
|  **MM Select T. Rowe Price Retirement 2060 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 100097 | $1893263 | 267247 | $4717124  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 34407 | 625858 | 40260 | 667506  |
| &nbsp;&nbsp;&nbsp; Redeemed | (622355) | (11538025) | (265525) | (4746231)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (487851) | $(9018904) | 41982 | $638399  |
| **MM Select T. Rowe Price Retirement 2065 Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 164376 | $1999778 | 245894 | $2789856  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 20780 | 232731 | 400 | 4309  |
| &nbsp;&nbsp;&nbsp; Redeemed | (44768) | (515470) | (170376) | (2083135)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 140388 | $1717039 | 75918 | $711030  |
|  **MM Select T. Rowe Price Retirement 2065 Fund Class M5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 12267 | $146502 | 47178 | $523501  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 4527 | 50702 | 6 | 62  |
| &nbsp;&nbsp;&nbsp; Redeemed | (4901) | (58703) | (10111) | (119076)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | 11893 | $138501 | 37073 | $404487  |
|  **MM Select T. Rowe Price Retirement 2065 Fund Class M4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 24526 | $300425 | 104492 | $1155132  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 13106 | 145344 | 1239 | 13273  |
| &nbsp;&nbsp;&nbsp; Redeemed | (134645) | (1539869) | (6203) | (72472)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (97013) | $(1094100) | 99528 | $1095933  |
|  **MM Select T. Rowe Price Retirement 2065 Fund Class M3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 154 | $1889 | 47 | $573  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 11 | 125 |  | —  |
| &nbsp;&nbsp;&nbsp; Redeemed | (212) | (2441) |  | —  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (47) | $(427) | 47 | $573 |

---

**88**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At March 31, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br>**Income Tax** <br>**Cost** | **Tax Basis** <br>**Unrealized** <br>**Appreciation** | **Tax Basis** <br>**Unrealized** <br>(Depreciation) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 20/80 Allocation Fund | $182714927 | $1312137 | $(9302382) | $(7990245)  |
| 40/60 Allocation Fund | 182849606 | 2570682 | (10575576) | (8004894)  |
| 60/40 Allocation Fund | 153542058 | 3497983 | (6614176) | (3116193)  |
| 80/20 Allocation Fund | 118119838 | 4062292 | (4742000) | (679708)  |
| MM Select T. Rowe Price Retirement Balanced Fund | 193173737 | 2808926 | (6226374) | (3417448)  |
| MM Select T. Rowe Price Retirement 2005 Fund | 5827741 | 36839 | (166573) | (129734)  |
| MM Select T. Rowe Price Retirement 2010 Fund | 50660198 | 1040378 | (1195753) | (155375)  |
| MM Select T. Rowe Price Retirement 2015 Fund | 30409605 | 468577 | (851329) | (382752)  |
| MM Select T. Rowe Price Retirement 2020 Fund | 105817977 | 2009202 | (2983163) | (973961)  |
| MM Select T. Rowe Price Retirement 2025 Fund | 152686650 | 3031348 | (5179448) | (2148100)  |
| MM Select T. Rowe Price Retirement 2030 Fund | 327594182 | 3478277 | (13334235) | (9855958)  |
| MM Select T. Rowe Price Retirement 2035 Fund | 242682315 | 2047357 | (12753671) | (10706314)  |
| MM Select T. Rowe Price Retirement 2040 Fund | 336468567 | 2583800 | (19521091) | (16937291)  |
| MM Select T. Rowe Price Retirement 2045 Fund | 201277180 | 1025875 | (12767664) | (11741789)  |
| MM Select T. Rowe Price Retirement 2050 Fund | 235087396 | 646903 | (14221793) | (13574890)  |
| MM Select T. Rowe Price Retirement 2055 Fund | 110964950 | 84916 | (7282867) | (7197951)  |
| MM Select T. Rowe Price Retirement 2060 Fund | 99226444 | 406 | (7157890) | (7157484)  |
| MM Select T. Rowe Price Retirement 2065 Fund | 4765905 | 21 | (431267) | (431246) |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term**<br>**Capital Loss**<br>**Carryforward** | **Long Term**<br>**Capital Loss**<br>**Carryforward**  |
| 20/80 Allocation Fund | $(18692) | $—  |
| MM Select T. Rowe Price Retirement Balanced Fund  | —  | (9060061)  |
| MM Select T. Rowe Price Retirement 2005 Fund  | —  | (1999351)  |
| MM Select T. Rowe Price Retirement 2010 Fund  | —  | (5747770)  |
| MM Select T. Rowe Price Retirement 2015 Fund  | —  | (5769068)  |
| MM Select T. Rowe Price Retirement 2020 Fund  | —  | (25324007)  |
| MM Select T. Rowe Price Retirement 2025 Fund  | —  | (24939861) |

---

**89**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

The following Fund(s) elected to defer to the fiscal year beginning October 1, 2024, late year ordinary losses:

---

| | |
|:---|:---|
|  | **Amount**  |
| MM Select T. Rowe Price Retirement 2040 Fund | $2355107  |
| MM Select T. Rowe Price Retirement 2045 Fund | 1920581  |
| MM Select T. Rowe Price Retirement 2050 Fund | 3537397  |
| MM Select T. Rowe Price Retirement 2055 Fund | 1536779  |
| MM Select T. Rowe Price Retirement 2060 Fund | 1112758  |
| MM Select T. Rowe Price Retirement 2065 Fund | 17759 |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long Term**<br>**Capital Gain**  |
| 20/80 Allocation Fund | $5580950 | $—  |
| 40/60 Allocation Fund | 4248812 | 2996175  |
| 60/40 Allocation Fund | 3194934 | 3604825  |
| 80/20 Allocation Fund | 1481128 | 3386001 |
| MM Select T. Rowe Price Retirement Balanced Fund | 4952115 | 4588730  |
| MM Select T. Rowe Price Retirement 2005 Fund | 468881 | —  |
| MM Select T. Rowe Price Retirement 2010 Fund | 2379596 | 778464  |
| MM Select T. Rowe Price Retirement 2015 Fund | 2687293 | 1900695  |
| MM Select T. Rowe Price Retirement 2020 Fund | 10313071 | 13527390  |
| MM Select T. Rowe Price Retirement 2025 Fund | 11231421 | 22644836  |
| MM Select T. Rowe Price Retirement 2030 Fund | 26916887 | 79531218  |
| MM Select T. Rowe Price Retirement 2035 Fund | 13700789 | 49663016  |
| MM Select T. Rowe Price Retirement 2040 Fund | 21272009 | 80542060  |
| MM Select T. Rowe Price Retirement 2045 Fund | 9848129 | 43078806  |
| MM Select T. Rowe Price Retirement 2050 Fund | 14317500 | 59661435  |
| MM Select T. Rowe Price Retirement 2055 Fund | 6577047 | 27433654  |
| MM Select T. Rowe Price Retirement 2060 Fund | 3850725 | 12662941  |
| MM Select T. Rowe Price Retirement 2065 Fund | 36273 |  |

---

The following Fund(s) have elected to pass through the foreign tax credit for the year ended September 30, 2024:

---

| | |
|:---|:---|
|  | **Amount**  |
| 20/80 Allocation Fund | $14383  |
| 40/60 Allocation Fund | 28973  |
| 60/40 Allocation Fund | 38938  |
| 80/20 Allocation Fund | 39545  |
| MM Select T. Rowe Price Retirement Balanced Fund | 49834  |
| MM Select T. Rowe Price Retirement 2005 Fund | 4963  |
| MM Select T. Rowe Price Retirement 2010 Fund | 30023  |
| MM Select T. Rowe Price Retirement 2015 Fund | 34502  |
| MM Select T. Rowe Price Retirement 2020 Fund | 167826  |

---

**90**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | |
|:---|:---|
|  | **Amount**  |
| MM Select T. Rowe Price Retirement 2025 Fund | $200519  |
| MM Select T. Rowe Price Retirement 2030 Fund | 639470  |
| MM Select T. Rowe Price Retirement 2035 Fund | 425876  |
| MM Select T. Rowe Price Retirement 2040 Fund | 818540  |
| MM Select T. Rowe Price Retirement 2045 Fund | 420375  |
| MM Select T. Rowe Price Retirement 2050 Fund | 640783  |
| MM Select T. Rowe Price Retirement 2055 Fund | 290686  |
| MM Select T. Rowe Price Retirement 2060 Fund | 169611  |
| MM Select T. Rowe Price Retirement 2065 Fund | 1324 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2024, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At September 30, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long Term**<br>**Capital Gain**<br>**(Capital Loss**<br>**Carryover)** | **Other**<br>**Temporary**<br>**Differences** | **Unrealized**<br>**Appreciation**<br>(Depreciation) | **Total**  |
| 20/80 Allocation Fund | $4195907 | $(18692) | $(15866) | $(14321767) | $(10160418)  |
| 40/60 Allocation Fund | 3569100 | 1612125 | (27225) | (11196755) | (6042755)  |
| 60/40 Allocation Fund | 2212785 | 5675568 | (21957) | (5948247) | 1918149  |
| 80/20 Allocation Fund | 1413913 | 6733827 | (7504) | (856470) | 7283766  |
| MM Select T. Rowe Price Retirement Balanced Fund | 1666788 | (9060061) |  | 6634536 | (758737)  |
| MM Select T. Rowe Price Retirement 2005 Fund | 115185 | (1999351) |  | 268039 | (1616127)  |
| MM Select T. Rowe Price Retirement 2010 Fund | 882342 | (5747770) |  | 2265074 | (2600354)  |
| MM Select T. Rowe Price Retirement 2015 Fund | 980763 | (5769068) |  | 3312758 | (1475547)  |
| MM Select T. Rowe Price Retirement 2020 Fund | 4061755 | (25324007) |  | 16837953 | (4424299)  |
| MM Select T. Rowe Price Retirement 2025 Fund | 2907606 | (24939861) |  | 21684055 | (348200)  |
| MM Select T. Rowe Price Retirement 2030 Fund | 4027119 | 721023 |  | 85382145 | 90130287  |
| MM Select T. Rowe Price Retirement 2035 Fund | 477572 | 13783412 |  | 61071216 | 75332200  |
| MM Select T. Rowe Price Retirement 2040 Fund | 1252641 | 76138303 |  | 110248399 | 187639343  |
| MM Select T. Rowe Price Retirement 2045 Fund | 804464 | 27645148 |  | 66668489 | 95118101  |
| MM Select T. Rowe Price Retirement 2050 Fund | 1620454 | 61024585 |  | 100755653 | 163400692  |
| MM Select T. Rowe Price Retirement 2055 Fund | 873698 | 18630872 |  | 46889373 | 66393943  |
| MM Select T. Rowe Price Retirement 2060 Fund | 836230 | 3916557 |  | 41048033 | 45800820  |
| MM Select T. Rowe Price Retirement 2065 Fund | 177449 | 190786 |  | 435357 | 803592 |

---

The Funds did not have any unrecognized tax benefits at March 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years, or the returns filed to date for Funds in existence less than three years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

**91**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;7. Investment in Affiliated Issuers

A summary of the Funds' transactions in the securities of affiliated issuers during the period ended March 31, 2025, was as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **20/80 Allocation Fund** |  |  |  |  |  |  |  |  |  |
|  MassMutual Blue Chip Growth Fund, Class I | $4576336 | $276567 | $(1096813) | $134788 | $(256970) | $3633908 | 170207 | $— | $77032  |
|  MassMutual Core Bond Fund, Class I | 68901021 | 4815453 | (8345840) | 664746 | (2112136) | 63923244 | 7016821 | 1566444 | —  |
|  MassMutual Diversified Value Fund, Class I | 4456747 | 544895 | (669723) | (197370) | (62864) | 4071685 | 413789 | 27913 | 356945  |
|  MassMutual Equity Opportunities Fund, Class I | 5285718 | 702662 | (471229) | (720857) | (52581) | 4743713 | 282196 | 59935 | 520237  |
|  MassMutual Global Floating Rate Fund, Class I | 219259 | 8850 |  | (4109) |  | 224000 | 25986 | 8874 | —  |
|  MassMutual High Yield Fund, Class I | 537121 | 31519 | (47610) | (13239) | 905 | 508696 | 63826 | 19326 | —  |
|  MassMutual Inflation-Protected and Income Fund, Class I | 753894 | 31760 | (68013) | 5976 | (10748) | 712869 | 75197 | 14086 | —  |
|  MassMutual International Equity Fund, Class I | 1495966 | 241871 | (258899) | (167214) | 679 | 1312403 | 158121 | 23345 | 45000  |
|  MassMutual Mid Cap Growth Fund, Class I | 1089367 | 167412 | (106104) | (232314) | 12980 | 931341 | 52529 | 7145 | 133319  |
|  MassMutual Mid Cap Value Fund, Class I | 1129985 | 191200 | (1155083) | (81942) | (84160) |  |  | 17091 | 159460  |
|  MassMutual Overseas Fund, Class I | 2893250 | 474897 | (630316) | (211281) | (19185) | 2507365 | 285577 | 49256 | 115152  |
|  MassMutual Short-Duration Bond Fund, Class I | 12056238 | 531583 | (1088223) | 110628 | (87584) | 11522642 | 1244346 | 248591 | —  |
|  MassMutual Small Cap Growth Equity Fund, Class I | 304426 | 22476 | (30077) | (38511) | (5490) | 252824 | 17436 | 82 | 14619  |
|  MassMutual Small Cap Value Equity Fund, Class I | 589547 | 140381 | (608360) | 10362 | (131930) |  |  |  | 132581  |
|  MassMutual Strategic Emerging Markets Fund, Class I | 566191 | 23746 | (541950) | (8769) | (39218) |  |  | 1360 | —  |
|  MassMutual Total Return Bond Fund, Class I | 44038675 | 3237051 | (5307534) | (82693) | (1272583) | 40612916 | 4840634 | 965310 | —  |
|  MM Equity Asset Fund, Class I | 9708741 | 4921341 | (10165613) | (1437670) | (3026799) |  |  | 107207 | 4579032  |
|  MM S&P 500 Index Fund, Class I |  | 9104752 | (468048) | (536385) | (9639) | 8090680 | 583322 |  | —  |
|  | $158602482 | $25468416 | $(31059435) | $(2805854) | $(7157323) | $143048286 |  | $3115965 | $6133377  |
| **40/60 Allocation Fund** |  |  |  |  |  |  |  |  |  |
|  MassMutual Blue Chip Growth Fund, Class I | $8843252 | $766759 | $(1946991) | $208888 | $(459269) | $7412639 | 347196 | $— | $142277  |
|  MassMutual Core Bond Fund, Class I | 49915900 | 4977441 | (5809783) | 509021 | (1561856) | 48030723 | 5272308 | 1128355 | —  |
|  MassMutual Diversified Value Fund, Class I | 8672875 | 1178466 | (1123977) | (422365) | (59682) | 8245317 | 837939 | 52589 | 672495  |
|  MassMutual Equity Opportunities Fund, Class I | 10437193 | 1416020 | (750114) | (1629395) | 142403 | 9616107 | 572047 | 114915 | 997460  |
|  MassMutual Global Floating Rate Fund, Class I | 167628 | 6765 |  | (3141) |  | 171252 | 19867 | 6795 | —  |
|  MassMutual High Yield Fund, Class I | 392695 | 25921 | (32415) | (9712) | 687 | 377176 | 47325 | 13894 | —  |
|  MassMutual Inflation-Protected and Income Fund, Class I | 559047 | 19186 | (25340) | 225 | (3520) | 549598 | 57974 | 10471 | —  |
|  MassMutual International Equity Fund, Class I | 2836052 | 525841 | (404162) | (316935) | 6892 | 2647688 | 318999 | 41980 | 80923  |
|  MassMutual Mid Cap Growth Fund, Class I | 2131667 | 341680 | (195022) | (451687) | 35080 | 1861718 | 105004 | 13497 | 251820  |

---

**92**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** | **40/60 Allocation Fund (Continued)** |
|  MassMutual Mid Cap Value Fund, Class I | $2205788 | $342893 | $(2237676) | $(135913) | $(175092) | $— |  | $32226 | $299450  |
|  MassMutual Overseas Fund, Class I | 5426338 | 1318998 | (1093343) | (416737) | (19727) | 5215529 | 594024 | 91512 | 213938  |
|  MassMutual Short-Duration Bond Fund, Class I | 8907931 | 421838 | (607603) | 67024 | (50586) | 8738604 | 943694 | 181965 | —  |
|  MassMutual Small Cap Growth Equity Fund, Class I | 590998 | 49320 | (53369) | (74805) | (8343) | 503801 | 34745 | 154 | 27545  |
|  MassMutual Small Cap Value Equity Fund, Class I | 1144318 | 252658 | (1172713) | 20168 | (244431) |  |  |  | 246686  |
|  MassMutual Strategic Emerging Markets Fund, Class I | 1063684 | 39355 | (1015082) | 2850 | (90807) |  |  | 2430 | —  |
|  MassMutual Total Return Bond Fund, Class I | 31839941 | 3284712 | (3695527) | (139723) | (832343) | 30457060 | 3630162 | 691368 | —  |
|  MM Equity Asset Fund, Class I | 18834769 | 9369190 | (19737976) | (2447925) | (6018058) |  |  | 205633 | 8705626  |
|  MM S&P 500 Index Fund, Class I |  | 18080097 | (451427) | (1080586) | (3989) | 16544095 | 1192797 |  | —  |
|  | $153970076 | $42417140 | $(40352520) | $(6320748) | $(9342641) | $140371307 |  | $2587784 | $11638220  |
| **60/40 Allocation Fund** |  |  |  |  |  |  |  |  |  |
|  MassMutual Blue Chip Growth Fund, Class I | $11730135 | $646233 | $(2507219) | $(178631) | $(158602) | $9531916 | 446460 | $— | $193140  |
|  MassMutual Core Bond Fund, Class I | 28968429 | 2530071 | (3445639) | 257306 | (864757) | 27445410 | 3012668 | 666750 | —  |
|  MassMutual Diversified Value Fund, Class I | 11421344 | 1213691 | (1344651) | (587860) | (71954) | 10630570 | 1080343 | 70227 | 898044  |
|  MassMutual Equity Opportunities Fund, Class I | 13658290 | 1679345 | (905849) | (1933161) | (61882) | 12436743 | 739842 | 154595 | 1341886  |
|  MassMutual Global Floating Rate Fund, Class I | 103535 | 4180 |  | (1941) |  | 105774 | 12271 | 4192 | —  |
|  MassMutual High Yield Fund, Class I | 226782 | 11515 | (17649) | (5870) | 630 | 215408 | 27027 | 8132 | —  |
|  MassMutual Inflation-Protected and Income Fund, Class I | 330542 | 7571 | (13005) | (1976) | 82 | 323214 | 34094 | 6272 | —  |
|  MassMutual International Equity Fund, Class I | 3544044 | 506794 | (541776) | (398747) | 11404 | 3121719 | 376111 | 53951 | 104001  |
|  MassMutual Mid Cap Growth Fund, Class I | 2765433 | 399262 | (239041) | (584607) | 30246 | 2371293 | 133745 | 17926 | 334456  |
|  MassMutual Mid Cap Value Fund, Class I | 2865816 | 456810 | (2906618) | (280764) | (135244) |  |  | 42944 | 399127  |
|  MassMutual Overseas Fund, Class I | 6943862 | 1336762 | (1455074) | (658570) | 108584 | 6275564 | 714757 | 120096 | 280765  |
|  MassMutual Short-Duration Bond Fund, Class I | 5154328 | 175285 | (319600) | 24407 | (14142) | 5020278 | 542147 | 107011 | —  |
|  MassMutual Small Cap Growth Equity Fund, Class I | 772259 | 49315 | (68980) | (115156) | 4033 | 641471 | 44239 | 205 | 36567  |
|  MassMutual Small Cap Value Equity Fund, Class I | 1499090 | 337195 | (1534816) | 5203 | (306672) |  |  |  | 329347  |
|  MassMutual Strategic Emerging Markets Fund, Class I | 1362785 | 38827 | (1288158) | (115522) | 2068 |  |  | 3193 | —  |
|  MassMutual Total Return Bond Fund, Class I | 18465476 | 1639041 | (2190421) | (41425) | (519418) | 17353253 | 2068326 | 406165 | —  |
|  MM Equity Asset Fund, Class I | 25073876 | 12441086 | (26095932) | (3849811) | (7569219) |  |  | 277831 | 11729327  |
|  MM S&P 500 Index Fund, Class I |  | 23790641 | (1152445) | (1398684) | (42250) | 21197262 | 1528281 |  | —  |
|  | $134886026 | $47263624 | $(46026873) | $(9865809) | $(9587093) | $116669875 |  | $1939490 | $15646660  |

---

**93**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **80/20 Allocation Fund** |  |  |  |  |  |  |  |  |  |
|  MassMutual Blue Chip Growth Fund, Class I | $12148990 | $881560 | $(2605824) | $(642418) | $312094 | $10094402 | 472806 | $— | $202536  |
|  MassMutual Core Bond Fund, Class I | 10930409 | 1314632 | (1460606) | (152409) | (76213) | 10555813 | 1158706 | 255459 | —  |
|  MassMutual Diversified Value Fund, Class I | 11865977 | 1480145 | (1479929) | (557848) | (102576) | 11205769 | 1138798 | 72889 | 932095  |
|  MassMutual Equity Opportunities Fund, Class I | 14232358 | 1984304 | (1237942) | (2019301) | (34429) | 12924990 | 768887 | 160294 | 1391348  |
|  MassMutual Global Floating Rate Fund, Class I | 67604 | 2728 |  | (1267) |  | 69065 | 8012 | 2740 | —  |
|  MassMutual High Yield Fund, Class I | 65009 | 4381 | (6655) | (2021) | 550 | 61264 | 7687 | 2325 | —  |
|  MassMutual Inflation-Protected and Income Fund, Class I | 129719 | 5767 | (7003) | (772) | 57 | 127768 | 13478 | 2458 | —  |
|  MassMutual International Equity Fund, Class I | 3780490 | 817256 | (677829) | (430865) | 24166 | 3513218 | 423279 | 57446 | 110735  |
|  MassMutual Mid Cap Growth Fund, Class I | 2888242 | 462443 | (327670) | (591221) | 22430 | 2454224 | 138422 | 18677 | 348471  |
|  MassMutual Mid Cap Value Fund, Class I | 2998271 | 536926 | (3100529) | (240446) | (194222) |  |  | 44817 | 419014  |
|  MassMutual Overseas Fund, Class I | 7302391 | 1704442 | (1655242) | (609001) | 32917 | 6775507 | 771698 | 128026 | 299304  |
|  MassMutual Short-Duration Bond Fund, Class I | 1982789 | 105034 | (150984) | 16248 | (12212) | 1940875 | 209598 | 41095 | —  |
|  MassMutual Small Cap Growth Equity Fund, Class I | 804949 | 63844 | (89286) | (120630) | 7617 | 666494 | 45965 | 213 | 38137  |
|  MassMutual Small Cap Value Equity Fund, Class I | 1561813 | 386745 | (1631564) | 23463 | (340457) |  |  |  | 347823  |
|  MassMutual Strategic Emerging Markets Fund, Class I | 1430928 | 88567 | (1399000) | (101841) | (18654) |  |  | 3362 | —  |
|  MassMutual Total Return Bond Fund, Class I | 6978684 | 964238 | (929565) | (145852) | (64714) | 6802791 | 810821 | 157522 | —  |
|  MM Equity Asset Fund, Class I | 25938296 | 13839194 | (27491558) | (3614865) | (8671067) |  |  | 293506 | 12612875  |
|  MM S&P 500 Index Fund, Class I |  | 25627178 | (1730547) | (1477772) | (3963) | 22414896 | 1616070 |  | —  |
|  | $105106919 | $50269384 | $(45981733) | $(10668818) | $(9118676) | $89607076 |  | $1240829 | $16702338  |
| **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** | **MM Select T. Rowe Price Retirement Balanced Fund** |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $46503517 | $5270146 | $(9004491) | $297455 | $(2161733) | $40904894 | 4734363 | $1901649 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 23306783 | 3977125 | (5243633) | (2943053) | 813150 | 19910372 | 1808390 | 749912 | 1065312  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 42270152 | 11793466 | (10918463) | (7899511) | (221414) | 35024230 | 2671566 | 542630 | 7330609  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 6148614 | 703795 | (1146998) | (682307) | (6935) | 5016169 | 442733 | 213989 | 134404  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 11471808 | 3300294 | (3299454) | (2498506) | (340632) | 8633510 | 822239 | 166847 | 2082126  |
|  | $129700874 | $25044826 | $(29613039) | $(13725922) | $(1917564) | $109489175 |  | $3575027 | $10612451  |

---

**94**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **MM Select T. Rowe Price Retirement 2005 Fund** | **MM Select T. Rowe Price Retirement 2005 Fund** | **MM Select T. Rowe Price Retirement 2005 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $3601049 | $423395 | $(2624586) | $(115527) | $(38471) | $1245860 | 144197 | $117251 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 1852942 | 266410 | (1306629) | (310024) | 115750 | 618449 | 56172 | 47384 | 67313  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 3339845 | 674876 | (2502389) | (760959) | 325662 | 1077035 | 82154 | 34167 | 461575  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 485146 | 62547 | (339485) | (59347) | 9865 | 158726 | 14009 | 13447 | 8446  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 903156 | 181167 | (670092) | (164482) | 18571 | 268320 | 25554 | 10584 | 132071  |
|  | $10182138 | $1608395 | $(7443181) | $(1410339) | $431377 | $3368390 |  | $222833 | $669405  |
| **MM Select T. Rowe Price Retirement 2010 Fund** | **MM Select T. Rowe Price Retirement 2010 Fund** | **MM Select T. Rowe Price Retirement 2010 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $17937868 | $2005835 | $(8635384) | $1232185 | $(2037900) | $10502604 | 1215579 | $713864 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 10559099 | 1634853 | (5087895) | (818308) | (254000) | 6033749 | 548024 | 331192 | 470485  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 19044890 | 4680592 | (9907510) | (4557655) | 1174952 | 10435269 | 795978 | 239187 | 3231272  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 2756576 | 361523 | (1279278) | (229961) | (87883) | 1520977 | 134243 | 94137 | 59126  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 5135396 | 1211927 | (2564106) | (567935) | (599289) | 2615993 | 249142 | 73733 | 920139  |
|  | $55433829 | $9894730 | $(27474173) | $(4941674) | $(1804120) | $31108592 |  | $1452113 | $4681022  |
| **MM Select T. Rowe Price Retirement 2015 Fund** | **MM Select T. Rowe Price Retirement 2015 Fund** | **MM Select T. Rowe Price Retirement 2015 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $19529916 | $2217674 | $(14503320) | $1208251 | $(2214832) | $6237689 | 721955 | $734972 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 12478334 | 1746201 | (8898505) | (1258655) | (241506) | 3825869 | 347490 | 369009 | 524207  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 22924835 | 4752677 | (17395005) | (5188587) | 1578292 | 6672212 | 508941 | 266372 | 3598522  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 3279751 | 447390 | (2353542) | (289687) | (114270) | 969642 | 85582 | 104644 | 65725  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 5912427 | 1309032 | (4459938) | (483653) | (711995) | 1565873 | 149131 | 80763 | 1007870  |
|  | $64125263 | $10472974 | $(47610310) | $(6012331) | $(1704311) | $19271285 |  | $1555760 | $5196324  |
| **MM Select T. Rowe Price Retirement 2020 Fund** | **MM Select T. Rowe Price Retirement 2020 Fund** | **MM Select T. Rowe Price Retirement 2020 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $68847407 | $7145664 | $(51505822) | $4043163 | $(7457813) | $21072599 | 2438958 | $2600960 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 48392389 | 6372422 | (34957433) | (4559055) | (947853) | 14300470 | 1298862 | 1434852 | 2038324  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 88540776 | 17485351 | (67962827) | (20518344) | 7124741 | 24669697 | 1881747 | 1035636 | 13990831  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 12868850 | 1374155 | (9164928) | (1305688) | (173906) | 3598483 | 317607 | 413389 | 259643  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 22603585 | 4597589 | (16936717) | (3013383) | (1448298) | 5802776 | 552645 | 315229 | 3933821  |
|  | $241253007 | $36975181 | $(180527727) | $(25353307) | $(2903129) | $69444025 |  | $5800066 | $20222619  |

---

**95**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **MM Select T. Rowe Price Retirement 2025 Fund** | **MM Select T. Rowe Price Retirement 2025 Fund** | **MM Select T. Rowe Price Retirement 2025 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $72964148 | $8550063 | $(49537411) | $3045001 | $(6676674) | $28345127 | 3280686 | $2821284 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 60863517 | 8511982 | (40198620) | (4462033) | (2479564) | 22235282 | 2019553 | 1817279 | 2581594  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 112762818 | 22969143 | (78924015) | (26770476) | 8938916 | 38976386 | 2973027 | 1328842 | 17951855  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 16132097 | 1697380 | (10269473) | (1490707) | (437631) | 5631666 | 497058 | 525116 | 329818  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 28418267 | 5882908 | (19287016) | (3787491) | (2041940) | 9184728 | 874736 | 395232 | 4932202  |
|  | $291140847 | $47611476 | $(198216535) | $(33465706) | $(2696893) | $104373189 |  | $6887753 | $25795469  |
| **MM Select T. Rowe Price Retirement 2030 Fund** | **MM Select T. Rowe Price Retirement 2030 Fund** | **MM Select T. Rowe Price Retirement 2030 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $157170062 | $20292993 | $(119065777) | $6385852 | $(14611401) | $50171729 | 5806913 | $6274042 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 197384815 | 26386081 | (141416745) | (26197664) | 3126178 | 59282665 | 5384438 | 6017378 | 8548179  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 363606838 | 69682123 | (273341591) | (72255282) | 15117661 | 102809749 | 7842086 | 4372520 | 59070135  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 49029644 | 5343029 | (34565719) | (4457089) | (1390207) | 13959658 | 1232097 | 1620482 | 1017801  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 93093422 | 19410962 | (69337628) | (8598523) | (9970842) | 24597391 | 2342609 | 1297226 | 16188416  |
|  | $860284781 | $141115188 | $(637727460) | $(105122706) | $(7728611) | $250821192 |  | $19581648 | $84824531  |
| **MM Select T. Rowe Price Retirement 2035 Fund** | **MM Select T. Rowe Price Retirement 2035 Fund** | **MM Select T. Rowe Price Retirement 2035 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $68368203 | $11862626 | $(49282623) | $162533 | $(3896389) | $27214350 | 3149809 | $2881045 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 147344452 | 21960710 | (97994008) | (14625229) | (3123209) | 53562716 | 4864915 | 4663603 | 6625029  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 271989302 | 57803421 | (189910872) | (53471565) | 7252737 | 93663023 | 7144395 | 3413916 | 46119965  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 35031704 | 4313806 | (22876920) | (3447451) | (947977) | 12073162 | 1065593 | 1196318 | 751390  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 69519659 | 16449395 | (48916668) | (6920422) | (8019665) | 22112299 | 2105933 | 1003154 | 12518621  |
|  | $592253320 | $112389958 | $(408981091) | $(78302134) | $(8734503) | $208625550 |  | $13158036 | $66015005  |
| **MM Select T. Rowe Price Retirement 2040 Fund** | **MM Select T. Rowe Price Retirement 2040 Fund** | **MM Select T. Rowe Price Retirement 2040 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $53650979 | $11543151 | $(42625321) | $(638360) | $(2283112) | $19647337 | 2273997 | $2243744 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 258756731 | 37816696 | (182368361) | (29602689) | (1243928) | 83358449 | 7571158 | 8058486 | 11447739  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 481107586 | 96570104 | (353689390) | (86252215) | 7685912 | 145421997 | 11092448 | 5919374 | 79967218  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 61616255 | 7676825 | (43165214) | (6410588) | (1016228) | 18701050 | 1650578 | 2048595 | 1286692  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 123124230 | 26894212 | (90117486) | (12190265) | (13195224) | 34515467 | 3287187 | 1741948 | 21738220  |
|  | $978255781 | $180500988 | $(711965772) | $(135094117) | $(10052580) | $301644300 |  | $20012147 | $114439869  |

---

**96**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **MM Select T. Rowe Price Retirement 2045 Fund** | **MM Select T. Rowe Price Retirement 2045 Fund** | **MM Select T. Rowe Price Retirement 2045 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $8250847 | $3237265 | $(6893732) | $116889 | $(572877) | $4138392 | 478981 | $363683 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 151374909 | 24777030 | (104003716) | (15570993) | (3044397) | 53532833 | 4862201 | 4837270 | 6871738  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 283169066 | 60147098 | (200716961) | (54880168) | 6565657 | 94284692 | 7191815 | 3564364 | 48152427  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 35991474 | 5112279 | (24513385) | (3938276) | (605763) | 12046329 | 1063224 | 1225527 | 769736  |
|  MassMutual Select T. Rowe Price Small And Mid Cap Blend Fund, Class I | 71371228 | 16658579 | (50479242) | (7119734) | (8371707) | 22059124 | 2100869 | 1039686 | 12974511  |
|  | $550157524 | $109932251 | $(386607036) | $(81392282) | $(6029087) | $186061370 |  | $11030530 | $68768412  |
| **MM Select T. Rowe Price Retirement 2050 Fund** | **MM Select T. Rowe Price Retirement 2050 Fund** | **MM Select T. Rowe Price Retirement 2050 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $4585388 | $2293932 | $(4552292) | $173213 | $(401291) | $2098950 | 242934 | $190420 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 229997997 | 37298550 | (174858664) | (26946960) | (1523400) | 63967523 | 5809948 | 7237080 | 10280866  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 430958972 | 88490260 | (337013319) | (74493243) | 4177856 | 112120526 | 8552290 | 5346422 | 72226959  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 54637619 | 7891925 | (41547597) | (5895081) | (816359) | 14270507 | 1259533 | 1826885 | 1147439  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 108960401 | 24410266 | (84653892) | (10645486) | (11752728) | 26318561 | 2506530 | 1558425 | 19447993  |
|  | $829140377 | $160384933 | $(642625764) | $(117807557) | $(10315922) | $218776067 |  | $16159232 | $103103257  |
| **MM Select T. Rowe Price Retirement 2055 Fund** | **MM Select T. Rowe Price Retirement 2055 Fund** | **MM Select T. Rowe Price Retirement 2055 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $1519830 | $879462 | $(1574587) | $(6464) | $(98101) | $720140 | 83350 | $80602 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 99189182 | 17150064 | (73367207) | (11800931) | (975786) | 30195322 | 2742536 | 3209665 | 4559592  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 186031566 | 41262324 | (142312353) | (38929969) | 6886958 | 52938526 | 4038026 | 2366042 | 31963823  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 23511684 | 3841519 | (17527739) | (2914046) | (157273) | 6754145 | 596129 | 810004 | 508751  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 46662670 | 11277859 | (35074524) | (6041540) | (4207863) | 12616602 | 1201581 | 689239 | 8601188  |
|  | $356914932 | $74411228 | $(269856410) | $(59692950) | $1447935 | $103224735 |  | $7155552 | $45633354  |

---

**97**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Value as of 9/30/24** | **Purchases** | **Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Net Realized Gain (Loss)** | **Value as of 3/31/25** | **Number of Shares Held** <br>**as of 3/31/25** | **Dividend Income** | **Realized Gains Distributions**  |
| **MM Select T. Rowe Price Retirement 2060 Fund** | **MM Select T. Rowe Price Retirement 2060 Fund** | **MM Select T. Rowe Price Retirement 2060 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $1284161 | $629464 | $(1276799) | $(48775) | $(35949) | $552102 | 63901 | $64403 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 79761053 | 16636538 | (59523272) | (11376953) | 1301097 | 26798463 | 2434011 | 2588929 | 3677788  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 149679349 | 38586659 | (115434381) | (32533627) | 6762774 | 47060774 | 3589685 | 1908633 | 25784489  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 18915635 | 3704501 | (14213370) | (2363086) | (61134) | 5982546 | 528027 | 653283 | 410317  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 37522992 | 10480506 | (28591424) | (6375535) | (1883808) | 11152731 | 1062165 | 556014 | 6938647  |
|  | $287163190 | $70037668 | $(219039246) | $(52697976) | $6082980 | $91546616 |  | $5771262 | $36811241  |
| **MM Select T. Rowe Price Retirement 2065 Fund** | **MM Select T. Rowe Price Retirement 2065 Fund** | **MM Select T. Rowe Price Retirement 2065 Fund** |  |  |  |  |  |  |  |
|  MassMutual Select T. Rowe Price Bond Asset Fund, Class I | $18085 | $19736 | $(12545) | $(1146) | $(16) | $24114 | 2791 | $1226 | $—  |
|  MassMutual Select T. Rowe Price International Equity Fund, Class I | 1161727 | 833338 | (601657) | (134471) | 777 | 1259714 | 114415 | 49739 | 70659  |
|  MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I | 2181026 | 1739143 | (1170878) | (533692) | (8791) | 2206808 | 168330 | 36806 | 497218  |
|  MassMutual Select T. Rowe Price Real Assets Fund, Class I | 275468 | 187797 | (139653) | (39622) | (1916) | 282074 | 24896 | 12595 | 7911  |
|  MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I | 551628 | 456140 | (295002) | (158082) | (22546) | 532138 | 50680 | 10706 | 133605  |
|  | $4187934 | $3236154 | $(2219735) | $(867013) | $(32492) | $4304848 |  | $111072 | $709393 |

---

8. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

9. New Accounting Pronouncements

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

MML Advisers acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

**98**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

10. Upcoming Fund Liquidations

The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the 20/80 Allocation Fund, 40/60 Allocation Fund, 60/40 Allocation Fund, 80/20 Allocation Fund, MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 Fund, (each, a "Fund") will be dissolved. Effective on or about September 12, 2025 (the "Termination Date"), shareholders of the various classes of shares of each Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.

**99**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**100**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**101**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**102**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**103**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

![](mml0002005_fc_2.jpg)

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**[**TABLE OF CONTENTS**](#TOC)**

**Table of Contents** 

Please note the Semi-annual Financial Statements and Other Information only contains Items 7-11 of Form N-CSR. All items required by Form N-CSR are filed with the Securities and Exchange Commission.

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |
| &nbsp;&nbsp;&nbsp; Portfolios of Investments (Unaudited) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Bond Asset Fund](#poi1) | &nbsp;&nbsp;&nbsp; [1](#poi1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Large Cap Blend Fund](#poi2) | &nbsp;&nbsp;&nbsp; [35](#poi2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Real Assets Fund](#poi3) | &nbsp;&nbsp;&nbsp; [43](#poi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund](#poi4) | &nbsp;&nbsp;&nbsp; [50](#poi4) |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities (Unaudited)](#sal) | &nbsp;&nbsp;&nbsp; [61](#sal) |
| &nbsp;&nbsp;&nbsp; [Statements of Operations (Unaudited)](#sop2) | &nbsp;&nbsp;&nbsp; [63](#sop2) |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna2) | &nbsp;&nbsp;&nbsp; [64](#scna2) |
| &nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | &nbsp;&nbsp;&nbsp; [66](#fihi) |
| &nbsp;&nbsp;&nbsp; [Notes to Financial Statements (Unaudited)](#notes) | &nbsp;&nbsp;&nbsp; [70](#notes) |
| **[Item 8.](#it1)<br> [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#it1)**<br>| &nbsp;&nbsp;&nbsp; [92](#it1) |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies. ](#it2)** | &nbsp;&nbsp;&nbsp; [93](#it2) |
| **[Item 10.](#it3)<br> [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#it3)**<br>| &nbsp;&nbsp;&nbsp; [94](#it3) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. ](#it4)** | &nbsp;&nbsp;&nbsp; [95](#it4) |

---

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

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

 **MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Bonds & Notes — 97.5%**<br>|  |  |
| **Bank Loans — 3.1%**<br>|  |  |
| **Advertising — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp., 2020 Term Loan B, 1 mo. USD Term SOFR + 1.500%<br>5.925% VRN 2/05/27 (a) | $305000 | $303857  |
| **Aerospace & Defense — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2024 Term Loan K, 3 mo. USD Term SOFR + 2.750%<br>7.049% VRN 3/22/30 (a) | 116819 | 116577  |
| **Airlines — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 2.250%<br>6.543% VRN 4/20/28 (a) | 71345 | 70431  |
| **Building Materials — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 2/10/32 (a) | 68448 | 67610  |
| **Commercial Services — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.299% VRN 1/31/31 (a) | 74525 | 73943  |
| **Computers — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sandisk Corp., Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.330% VRN 2/20/32 (a) | 140000 | 137725  |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, USD Term Loan B,<br>0.000% 3/31/32 (b) | 130000 | 129519  |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 First Lien Term Loan, 1 mo. USD Term SOFR + 2.000%<br>6.325% VRN 10/31/31 (a) | 418853 | 418174  |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.000%<br>6.313% VRN 12/15/31 (a) | 104727 | 103407  |
|  |  | 521581  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Electric — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cogentrix Finance Holdco I LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 2/26/32 (a) (b) | $55000 | $54753  |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., 2024 Term Loan, 3 mo. USD Term <br>SOFR + 1.750%<br>6.044% VRN 4/16/31 (a) | 888861 | 886496  |
|  |  | 941249  |
| **Entertainment — 0.0%**<br>|  |  |
| Delta 2 (LUX) SARL <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B2,<br>0.000% 9/30/31 (a) (b) | 41667 | 41550  |
| &nbsp;&nbsp;&nbsp; 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.000%<br>6.299% VRN 9/30/31 (a) | 13249 | 13212  |
| &nbsp;&nbsp;&nbsp; EOC Borrower, LLC, Term Loan B (Acquired 1/27/25, Cost $34,825), 3 mo. USD Term SOFR + 3.000%<br>7.299% VRN 3/24/32 (a) (c) | 35000 | 34934  |
|  |  | 89696  |
| **Environmental Controls — 0.0%** | **Environmental Controls — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025 USD Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 10/21/28 (a) | 68328 | 68200  |
| **Health Care - Products — 0.0%** | **Health Care - Products — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 10/23/28 (a) | 67931 | 67775  |
| **Health Care - Services — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ICON Luxembourg SARL, 2024 LUX Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.299% VRN 7/03/28 (a) | 8840 | 8859  |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 1.750%<br>6.049% VRN 1/02/31 (a) | 1130716 | 1130366  |
| &nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., 2024 US Term Loan B, 3 mo. USD Term SOFR + 2.000%<br>6.299% VRN 7/03/28 (a) | 2203 | 2207  |
|  |  | 1141432  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **1**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Insurance — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.750%<br>7.069% VRN 9/19/31 (a) | $149163 | $148147  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250%<br>6.575% VRN 1/30/32 (a) | 24938 | 24718  |
| Asurion LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.250%<br>8.675% VRN 8/19/28 (a) | 122464 | 121217  |
| &nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250%<br>9.689% VRN 1/20/29 (a) | 150000 | 138587  |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500%<br>6.787% VRN 6/20/30 (a) | 233381 | 232224  |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750%<br>7.049% VRN 5/06/31 (a) | 144274 | 143192  |
|  |  | 808085  |
| **Lodging — 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750%<br>6.070% VRN 11/08/30 (a) | 440000 | 439375  |
| **Machinery – Construction & Mining — 0.0%** | **Machinery – Construction & Mining — 0.0%** | **Machinery – Construction & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp; WEC US Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.250%<br>6.573% VRN 1/27/31 (a) | 49620 | 49123  |
| **Machinery – Diversified — 0.0%** | **Machinery – Diversified — 0.0%** | **Machinery – Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, 2025 USD Term Loan B,<br>0.000% 4/30/30 (a) (b) | 85000 | 84712  |
| **Oil & Gas — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP, Term Loan B, 1 mo. USD Term SOFR + 2.000%<br>6.322% VRN 2/11/30 (a) | 241209 | 240606  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.000%<br>7.314% VRN 11/29/30 (a) | $177167 | $176825  |
| **Pipelines — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Epic Crude Services LP, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.302% VRN 10/15/31 (a) | 90000 | 89839  |
| **Software — 0.4%**<br>|  |  |
| Applied Systems, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 4.500%<br>8.829% FRN 2/23/32 (a) | 5104 | 5209  |
| &nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 2.750%<br>7.049% VRN 2/24/31 (a) | 220664 | 220468  |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 12/11/28 (a) | 75889 | 74900  |
| &nbsp;&nbsp;&nbsp; Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 2/15/29 (a) | 75379 | 74319  |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics LLC, 2025 Term Loan B,<br>0.000% 2/07/32 (a) (b) | 15000 | 14925  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000%<br>7.325% VRN 10/09/29 (a) | 115000 | 114692  |
| &nbsp;&nbsp;&nbsp; Epicor Software Corp., 2024 Term Loan E, 1 mo. USD Term SOFR + 2.750%<br>7.075% VRN 5/30/31 (a) | 119824 | 119423  |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000%<br>7.300% VRN 2/10/31 (a) | 179960 | 179483  |
|  |  | 803419  |
| **Telecommunications — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., 2025 Term Loan B,<br>0.000% 3/27/32 (a) (b) | 75000 | 73992  |
| **TOTAL BANK LOANS** <br>**(Cost $6,522,713)**<br>|  | **6495571** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **2**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Corporate Debt — 25.7%**<br>|  |  |
| **Aerospace & Defense — 0.5%**<br>|  |  |
| Boeing Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 2/01/28 | $69000 | $66168  |
| &nbsp;&nbsp;&nbsp; 3.750% 2/01/50 | 102000 | 71493  |
| &nbsp;&nbsp;&nbsp; 5.040% 5/01/27 | 241000 | 242096  |
| &nbsp;&nbsp;&nbsp; 6.388% 5/01/31 | 94000 | 100168  |
| &nbsp;&nbsp;&nbsp; 6.528% 5/01/34 | 70000 | 75004  |
| &nbsp;&nbsp;&nbsp; 6.858% 5/01/54 | 283000 | 307393  |
| Embraer Netherlands Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.980% 2/11/35 | 90000 | 91584  |
| Hexcel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 2/26/35 | 30000 | 30565  |
| TransDigm, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 12/15/30 (d) | 21000 | 21458  |
| &nbsp;&nbsp;&nbsp; 7.125% 12/01/31 (d) | 45000 | 46298  |
|  |  | 1052227  |
| **Agriculture — 0.2%**<br>|  |  |
| BAT Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.390% 8/15/37 | 125000 | 109762  |
| &nbsp;&nbsp;&nbsp; 4.540% 8/15/47 | 46000 | 36744  |
| &nbsp;&nbsp;&nbsp; 5.350% 8/15/32 | 180000 | 181030  |
| &nbsp;&nbsp;&nbsp; 7.081% 8/02/53 | 175000 | 192446  |
|  |  | 519982  |
| **Apparel — 0.2%**<br>|  |  |
| VF Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 4/23/30 | 390000 | 334685  |
| **Auto Manufacturers — 1.1%**<br>|  |  |
| Ford Motor Credit Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.867% 8/03/27 EUR (e) | 100000 | 111782  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/20/29 EUR (e) | 210000 | 235908  |
| &nbsp;&nbsp;&nbsp; 5.918% 3/20/28 | 200000 | 200893  |
| &nbsp;&nbsp;&nbsp; 6.532% 3/19/32 | 200000 | 199893  |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| &nbsp;&nbsp;&nbsp; 5.550% 7/15/29 | 136000 | 137065  |
| Hyundai Capital America <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.550% 9/26/29 (d) (f) | 110000 | 107639  |
| &nbsp;&nbsp;&nbsp; 4.750% 9/26/31 (d) | 75000 | 72846  |
| &nbsp;&nbsp;&nbsp; 5.350% 3/19/29 (d) | 61000 | 61781  |
| &nbsp;&nbsp;&nbsp; 5.400% 1/08/31 (d) | 36000 | 36286  |
| &nbsp;&nbsp;&nbsp; 6.500% 1/16/29 (d) | 72000 | 75550  |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 6 mo. USD Term SOFR + 6.053%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.502% FRN 10/15/26 (a) (d) | 35000 | 35129  |
| Stellantis Finance US, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 3/17/28 (d) | 200000 | 200231  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.750% 3/18/30 (d) | $200000 | $199857  |
| Volkswagen Bank GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.375% 5/03/28 EUR (d) (e) | 100000 | 112123  |
| Volkswagen Financial Services AG | Volkswagen Financial Services AG | Volkswagen Financial Services AG |
| &nbsp;&nbsp;&nbsp; 0.375% 2/12/30 EUR (d) (e) | 140000 | 129995  |
|  Volkswagen Group of America Finance LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 8/15/29 (d) | 200000 | 198052  |
| &nbsp;&nbsp;&nbsp; 5.350% 3/27/30 (d) | 200000 | 199448  |
| Volkswagen Leasing GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 10/11/28 EUR (d) (e) | 65000 | 71721  |
|  |  | 2386199  |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co.<br>6.750% 5/15/28 (d) | 28000 | 28394  |
| &nbsp;&nbsp;&nbsp; Dana Financing Luxembourg SARL<br>8.500% 7/15/31 EUR (d) (e) | 100000 | 116434  |
|  |  | 144828  |
| **Banks — 4.5%**<br>|  |  |
|  Banco Bilbao Vizcaya Argentaria SA 5 yr. EURIBOR ICE Swap + 2.800%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% VRN 9/15/33 <br>EUR (a) (d) (e) | 100000 | 115186  |
| Banco de Sabadell SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 yr. EUR Swap + 2.000% 5.000% VRN 6/07/29 <br>EUR (a) (d) (e) | 100000 | 114679  |
| &nbsp;&nbsp;&nbsp; 1 yr. EUR Swap + 2.250% 5.125% VRN 11/10/28 <br>EUR (a) (d) (e) | 100000 | 114128  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 0.890% 1.662% VRN 4/25/28 <br>EUR (a) (d) (e) | 100000 | 105626  |
|  1 day USD SOFR + 1.530% 1.898% VRN 7/23/31 (a) | 270000 | 232175  |
|  1 day USD SOFR + 1.220% 2.299% VRN 7/21/32 (a) | 161000 | 137520  |
|  1 day USD SOFR + 1.738% 5.518% VRN 10/25/35 (a) | 255000 | 250193  |
|  Banque Federative du Credit Mutuel SA<br>|  |  |
| 5.125% 1/13/33 EUR (d) (e) | 100000 | 114727  |
| Barclays PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 yr. EUR Swap + 1.260% 0.577% VRN 8/09/29 <br>EUR (a) (d) (e) | 100000 | 99433  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **3**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  1 yr. EURIBOR ICE Swap + 0.850% 0.877% VRN 1/28/28 EUR (a) (d) (e) | $100000 | $104425  |
|  1 day USD SOFR + 0.960% 5.086% VRN 2/25/29 (a) | 200000 | 201418  |
|  1 day USD SOFR + 1.230% 5.367% VRN 2/25/31 (a) | 200000 | 202214  |
|  1 yr. U.K. Government Bond + 2.800% 6.369% VRN 1/31/31 GBP (a) (d) (e) | 125000 | 167143  |
| BPCE SA<br>|  |  |
| 0.250% 1/14/31 EUR (d) (e) | 200000 | 181225  |
| CaixaBank SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 1.000% 0.750% VRN 5/26/28 <br>EUR (a) (d) (e) | 100000 | 103501  |
|  1 day USD SOFR + 2.700% 6.208% VRN 1/18/29 (a) (d) | 300000 | 311127  |
| &nbsp;&nbsp;&nbsp; 5 yr. EUR Swap + 3.550% 6.250% VRN 2/23/33 <br>EUR (a) (d) (e) | 100000 | 115599  |
|  Ceska sporitelna AS 3 mo. EURIBOR + 1.800%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.570% VRN 7/03/31 <br>EUR (a) (d) (e) | 500000 | 563483  |
| Citigroup, Inc. <br>|  |  |
|  1 day USD SOFR + 1.167% 2.561% VRN 5/01/32 (a) | 115000 | 99899  |
| 4.450% 9/29/27 | 54000 | 53746  |
|  1 day USD SOFR + 2.056% 5.827% VRN 2/13/35 (a) | 206000 | 205114  |
|  Commonwealth Bank of Australia 1 yr. CMT + 1.320%<br>|  |  |
| 5.929% VRN 3/14/46 (a) (d) | 200000 | 197966  |
|  Danske Bank AS 1 yr. EUR Swap + 1.350%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% VRN 11/09/28 <br>EUR (a) (d) (e) | 100000 | 112609  |
| Goldman Sachs Group, Inc. <br>|  |  |
|  1 day USD SOFR + 1.248% 2.383% VRN 7/21/32 (a) | 193000 | 165303  |
|  1 yr. U.K. Government Bond + 1.950% 3.625% VRN 10/29/29 GBP (a) (d) (e) | 85000 | 104616  |
|  1 day USD SOFR + 1.725% 4.482% VRN 8/23/28 (a) | 197000 | 196522  |
|  1 day USD SOFR + 1.135% 4.692% VRN 10/23/30 (a) | 170000 | 168955  |
|  1 day USD SOFR + 1.420% 5.016% VRN 10/23/35 (a) | 185000 | 179885  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| HSBC Holdings PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 1.290% 4.752% VRN 3/10/28 <br>EUR (a) (d) (e) | $140000 | $156613  |
|  1 day USD SOFR + 1.290% 5.130% VRN 3/03/31 (a) | 200000 | 200618  |
|  ING Groep NV 3 mo. EURIBOR + 0.700%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.375% VRN 9/29/28 <br>EUR (a) (d) (e) | 100000 | 101362  |
| Intesa Sanpaolo SpA<br>|  |  |
| 1.750% 7/04/29 EUR (d) (e) | 100000 | 102310  |
| JP Morgan Chase & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 0.840% 1.638% VRN 5/18/28 <br>EUR (a) (d) (e) | 100000 | 105437  |
|  3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30 (a) | 100000 | 91760  |
|  3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31 (a) | 271000 | 246420  |
|  1 day USD SOFR + 1.040% 4.603% VRN 10/22/30 (a) | 170000 | 168877  |
|  1 day USD SOFR + 1.340% 4.946% VRN 10/22/35 (a) | 125000 | 122327  |
|  1 day USD SOFR + 1.190% 5.040% VRN 1/23/28 (a) | 100000 | 100868  |
|  1 day USD SOFR + 1.620% 5.336% VRN 1/23/35 (a) | 97000 | 98033  |
| Kreditanstalt fuer Wiederaufbau<br>|  |  |
| 4.700% 6/02/37 CAD (e) | 50000 | 37390  |
| Landsbankinn Hf.<br>|  |  |
| 0.375% 5/23/25 EUR (d) (e) | 265000 | 285556  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 0.698% 0.406% VRN 10/29/27 <br>EUR (a) (e) | 100000 | 104278  |
|  1 day USD SOFR + 1.450% 5.173% VRN 1/16/30 (a) | 157000 | 159081  |
|  NatWest Group PLC 5 yr. EUR Swap + 1.270%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.043% VRN 9/14/32 <br>EUR (a) (d) (e) | 135000 | 138251  |
|  PNC Financial Services Group, Inc. 1 day USD SOFR + 1.394%<br>|  |  |
| 5.575% VRN 1/29/36 (a) | 85000 | 86510  |
|  Regions Financial Corp. 1 day USD SOFR + 1.490%<br>|  |  |
| 5.722% VRN 6/06/30 (a) | 80000 | 81925  |
| Royal Bank of Canada<br>|  |  |
| 4.125% 7/05/28 EUR (d) (e) | 100000 | 112496  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **4**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Santander Holdings USA, Inc. <br>|  |  |
|  1 day USD SOFR + 1.610% 5.473% VRN 3/20/29 (a) | $95000 | $95535  |
|  1 day USD SOFR + 2.138% 6.342% VRN 5/31/35 (a) | 165000 | 168813  |
|  Santander UK Group Holdings PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1 yr. EUR Swap + 0.800% 0.603% VRN 9/13/29 <br>EUR (a) (d) (e) | 175000 | 173140  |
| &nbsp;&nbsp;&nbsp; 1 yr. GBP SONIA Linked ICE Swap + 1.250% <br>2.421% VRN 1/17/29 <br>GBP (a) (d) (e) | 100000 | 119431  |
| Shinhan Bank Co. Ltd.<br>|  |  |
| 4.500% 4/12/28 (d) | 330000 | 330501  |
| Societe Generale SA <br>|  |  |
|  1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) (d) | 255000 | 245515  |
|  1 yr. CMT + 1.200% 5.500% VRN 4/13/29 (a) (d) | 385000 | 390265  |
|  Standard Chartered PLC 5 yr. EUR Swap + 2.800%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.500% VRN 9/09/30 <br>EUR (a) (d) (e) | 180000 | 194090  |
| Toronto-Dominion Bank<br>|  |  |
| 2.551% 8/03/27 EUR (d) (e) | 100000 | 107596  |
|  UBS Group AG 1 yr. EURIBOR ICE Swap + 4.950%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.750% VRN 3/01/29 <br>EUR (a) (d) (e) | 100000 | 121737  |
| US Bancorp <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 1.200% 4.009% VRN 5/21/32 <br>EUR (a) (e) | 190000 | 210207  |
|  1 day USD SOFR + 1.560% 5.384% VRN 1/23/30 (a) | 72000 | 73459  |
|  Wells Fargo & Co. 1 day USD SOFR + 2.130%<br>|  |  |
| 4.611% VRN 4/25/53 (a) | 190000 | 161218  |
|  |  | 9610036  |
| **Beverages — 0.1%**<br>|  |  |
| Anheuser-Busch InBev SA<br>|  |  |
| 1.150% 1/22/27 EUR (d) (e) | 100000 | 105509  |
|  Anheuser-Busch InBev Worldwide, Inc.<br>|  |  |
| 5.550% 1/23/49 | 68000 | 68086  |
|  |  | 173595  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Building Materials — 0.0%**<br>|  |  |
| Quikrete Holdings, Inc. <br>|  |  |
| 6.375% 3/01/32 (d) | $50000 | $50318  |
| 6.750% 3/01/33 (d) | 16000 | 15927  |
|  |  | 66245  |
| **Chemicals — 0.4%**<br>|  |  |
| Celanese US Holdings LLC <br>|  |  |
| 6.580% STEP 7/15/29 | 43000 | 44394  |
| 6.629% STEP 7/15/32 (f) | 145000 | 148911  |
| 6.800% STEP 11/15/30 | 52000 | 53891  |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP<br>|  |  |
| 4.750% 5/15/30 (d) | 45000 | 44929  |
| Ma'aden Sukuk Ltd.<br>|  |  |
| 5.250% 2/13/30 (d) | 200000 | 202359  |
| MEGlobal BV<br>|  |  |
| 2.625% 4/28/28 (d) | 200000 | 186294  |
| Westlake Corp.<br>|  |  |
| 1.625% 7/17/29 EUR (e) | 100000 | 100211  |
|  |  | 780989  |
| **Commercial Services — 0.6%**<br>|  |  |
| Autostrade per l'Italia SpA <br>|  |  |
| 1.625% 1/25/28 EUR (d) (e) | 100000 | 104401  |
| 2.000% 1/15/30 EUR (d) (e) | 525000 | 531733  |
| DP World Ltd.<br>|  |  |
| 5.250% 12/24/29 (d) | 200000 | 200701  |
| Element Fleet Management Corp.<br>|  |  |
| 5.037% 3/25/30 (d) | 70000 | 70016  |
|  Holding d'Infrastructures de Transport SASU<br>|  |  |
| 1.475% 1/18/31 EUR (d) (e) | 200000 | 193207  |
| Transurban Finance Co. Pty. Ltd.<br>|  |  |
| 1.750% 3/29/28 EUR (d) (e) | 100000 | 104740  |
|  |  | 1204798  |
| **Computers — 0.1%**<br>|  |  |
| Booz Allen Hamilton, Inc. <br>|  |  |
| 5.950% 8/04/33 | 66000 | 65804  |
| 5.950% 4/15/35 | 90000 | 89766  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| 4.550% 10/15/29 | 31000 | 30666  |
|  |  | 186236  |
| **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** | **Cosmetics & Personal Care — 0.1%** |
| Opal Bidco SAS<br>|  |  |
| 6.500% 3/31/32 (g) | 200000 | 200000  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **5**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
| IMCD NV<br>|  |  |
| 3.625% 4/30/30 EUR (d) (e) | $100000 | $107795  |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| CA Auto Bank SpA<br>|  |  |
| 4.750% 1/25/27 EUR (d) (e) | 100000 | 111861  |
| Capital One Financial Corp. <br>|  |  |
| 1.650% 6/12/29 EUR (e) | 200000 | 201158  |
|  1 day USD SOFR + 1.905% 5.700% VRN 2/01/30 (a) | 35000 | 35753  |
|  1 day USD SOFR + 2.260% 6.051% VRN 2/01/35 (a) | 100000 | 102105  |
|  1 day USD SOFR + 2.036% 6.183% VRN 1/30/36 (a) | 45000 | 44896  |
|  1 day USD SOFR + 3.070% 7.624% VRN 10/30/31 (a) | 33000 | 36753  |
| Intercontinental Exchange, Inc.<br>|  |  |
| 2.650% 9/15/40 | 50000 | 35707  |
| Jane Street Group/JSG Finance, Inc.  | Jane Street Group/JSG Finance, Inc.  | Jane Street Group/JSG Finance, Inc.  |
| 6.125% 11/01/32 (d) | 55000 | 54119  |
| 7.125% 4/30/31 (d) | 100000 | 102728  |
| London Stock Exchange Group PLC | London Stock Exchange Group PLC | London Stock Exchange Group PLC |
| 1.750% 12/06/27 EUR (d) (e) | 100000 | 105478  |
| LPL Holdings, Inc.<br>|  |  |
| 5.200% 3/15/30 | 278000 | 279143  |
| Navient Corp. <br>|  |  |
| 5.625% 8/01/33 | 20000 | 17229  |
| 9.375% 7/25/30 | 70000 | 74570  |
| 11.500% 3/15/31 | 50000 | 55847  |
| OneMain Finance Corp.<br>|  |  |
| 9.000% 1/15/29 | 55000 | 57718  |
|  |  | 1315065  |
| **Electric — 2.5%**<br>|  |  |
| AES Andes SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/14/32 (d) (f) | 200000 | 201232  |
| AES Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/15/32 | 170000 | 171778  |
| Alpha Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 10/15/32 (d) | 30000 | 30019  |
| AusNet Services Holdings Pty. Ltd. | AusNet Services Holdings Pty. Ltd. | AusNet Services Holdings Pty. Ltd. |
| &nbsp;&nbsp;&nbsp; 1.500% 2/26/27 EUR (d) (e) | 100000 | 105831  |
| Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
| &nbsp;&nbsp;&nbsp; 5.580% 10/20/35 (d) | 200000 | 199820  |
|  Constellation Energy Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 3/15/54 | 300000 | 288622  |
| DTE Energy Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 6/01/28 | 36000 | 36220  |
| &nbsp;&nbsp;&nbsp; 5.100% 3/01/29 | 239000 | 242156  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.200% 4/01/30 | $145000 | $146837  |
| E.ON International Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 6/03/30 GBP (d) (e) | 105000 | 141838  |
| EDP SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.875% 6/01/26 EUR (d) (e) | 200000 | 216844  |
| Electricite de France SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 6/02/34 GBP (d) (e) | 100000 | 129745  |
| Eversource Energy <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.850% 4/15/31 | 136000 | 141378  |
| &nbsp;&nbsp;&nbsp; 5.950% 7/15/34 | 266000 | 276322  |
| FirstEnergy Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 9/01/30 | 28000 | 24349  |
| &nbsp;&nbsp;&nbsp; 2.650% 3/01/30 (f) | 163000 | 146786  |
| &nbsp;&nbsp;&nbsp; 3.400% 3/01/50 | 206000 | 139904  |
| FirstEnergy Transmission LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/35 | 55000 | 53912  |
| Indianapolis Power & Light Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 4/01/54 (d) | 58000 | 57682  |
| IPALCO Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/01/34 | 100000 | 101084  |
| &nbsp;&nbsp;&nbsp; National Grid Electricity <br>Distribution East Midlands PLC | &nbsp;&nbsp;&nbsp; National Grid Electricity <br>Distribution East Midlands PLC | &nbsp;&nbsp;&nbsp; National Grid Electricity <br>Distribution East Midlands PLC |
| &nbsp;&nbsp;&nbsp; 3.530% 9/20/28 EUR (d) (e) | 100000 | 110084  |
|  NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.440% 1/15/32 | 164000 | 140107  |
| Niagara Mohawk Power Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.664% 1/17/54 (d) | 97000 | 94157  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.450% 6/15/29 (d) | 64000 | 62148  |
| Orsted AS <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.750% 3/01/30 EUR (d) (e) | 400000 | 441372  |
| &nbsp;&nbsp;&nbsp; 4.875% 1/12/32 GBP (d) (e) | 150000 | 185243  |
|  RTE Reseau de Transport d'Electricite SADIR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.750% 1/12/34 EUR (d) (e) | 200000 | 170901  |
| Southern Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 6/15/33 | 250000 | 250587  |
| &nbsp;&nbsp;&nbsp; 5.700% 3/15/34 | 222000 | 229280  |
|  State Grid Overseas Investment BVI Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.375% 5/02/25 EUR (d) (e) | 100000 | 107905  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.625% 6/01/30 (d) | 85000 | 90160  |
| Vistra Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 6.930% 8.000% VRN (a) (d) (h) | 90000 | 92356  |
| &nbsp;&nbsp;&nbsp; 5 yr. CMT + 5.045% 8.875% VRN (a) (d) (h) | 300000 | 320775  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **6**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Vistra Operations Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.000% 4/15/34 (d) | $66000 | $66696  |
| &nbsp;&nbsp;&nbsp; 6.950% 10/15/33 (d) | 72000 | 77339  |
|  |  | 5291469  |
| **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** |
| ABB Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 1/16/27 EUR (d) (e) | 100000 | 109530  |
| Avinor AS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.750% 10/01/30 EUR (d) (e) | 140000 | 133469  |
| Cellnex Telecom SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.750% 10/23/30 EUR (d) (e) | 500000 | 492478  |
| Heathrow Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875% 1/16/38 EUR (d) (e) | 100000 | 105630  |
| HTA Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% 6/04/29 (d) | 200000 | 202900  |
| Sitios Latinoamerica SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/04/32 (d) | 200000 | 191877  |
| Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
| &nbsp;&nbsp;&nbsp; 4.375% 5/03/33 EUR (d) (e) | 220000 | 246744  |
|  |  | 1482628  |
| **Entertainment — 0.2%**<br>|  |  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 2/15/30 (d) | 30000 | 30411  |
| Inter Media & Communication SpA | Inter Media & Communication SpA | Inter Media & Communication SpA |
| &nbsp;&nbsp;&nbsp; 6.750% 2/09/27 EUR (d) (e) | 142413 | 155916  |
| Motion Finco SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.375% 6/15/30 EUR (d) (e) | 170000 | 181693  |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./<br>Canada's Wonderland Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625% 5/01/32 (d) | 60000 | 60496  |
|  |  | 428516  |
| **Food — 0.3%**<br>|  |  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/20/33 (d) | 169000 | 166491  |
| &nbsp;&nbsp;&nbsp; 5.200% 3/01/35 (d) | 160000 | 160801  |
| &nbsp;&nbsp;&nbsp; 5.650% 5/01/45 (d) | 115000 | 115250  |
| Mondelez International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.625% 3/08/27 EUR (e) | 100000 | 106171  |
|  Tesco Corporate Treasury Services PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 4/27/30 GBP (d) (e) | 150000 | 172849  |
|  |  | 721562  |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| Mondi Finance Europe GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.375% 4/01/28 EUR (d) (e) | 100000 | 106658  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Gas — 0.2%**<br>|  |  |
| APA Infrastructure Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.000% 3/22/27 EUR (d) (e) | $100000 | $106486  |
| &nbsp;&nbsp;&nbsp; 3.500% 3/22/30 GBP (d) (e) | 150000 | 176931  |
| &nbsp;&nbsp;&nbsp; 5.125% 9/16/34 (d) | 35000 | 34138  |
| &nbsp;&nbsp;&nbsp; 5.750% 9/16/44 (d) (f) | 45000 | 44521  |
| Boston Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.119% 7/20/53 (d) | 56000 | 56951  |
| National Fuel Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/15/30 | 60000 | 61088  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 3/30/28 | 33000 | 33576  |
|  |  | 513691  |
| **Hand & Machine Tools — 0.1%**<br>|  |  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.050% 4/15/28 | 165000 | 169270  |
| Stanley Black & Decker, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.750% 11/15/50 | 95000 | 54538  |
| &nbsp;&nbsp;&nbsp; 4.850% 11/15/48 | 14000 | 11852  |
|  |  | 235660  |
| **Health Care – Products — 0.4%**<br>|  |  |
|  American Medical Systems Europe BV <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% 3/08/31 EUR (e) | 103000 | 109437  |
| &nbsp;&nbsp;&nbsp; 3.250% 3/08/34 EUR (e) | 119000 | 124589  |
|  Medline Borrower LP/Medline Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/29 (d) | 75000 | 75955  |
| Revvity, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.250% 9/15/31 | 81000 | 68165  |
| Sartorius Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 9/14/32 EUR (d) (e) | 100000 | 112922  |
| Solventum Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 3/01/29 | 164000 | 167298  |
| &nbsp;&nbsp;&nbsp; 5.900% 4/30/54 | 175000 | 173091  |
|  |  | 831457  |
| **Health Care – Services — 1.2%**<br>|  |  |
| Centene Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.450% 7/15/28 | 91000 | 83036  |
| &nbsp;&nbsp;&nbsp; 2.625% 8/01/31 | 117000 | 98340  |
| &nbsp;&nbsp;&nbsp; 3.375% 2/15/30 | 192000 | 173644  |
| &nbsp;&nbsp;&nbsp; 4.250% 12/15/27 | 36000 | 35128  |
| Elevance Health, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/30 | 70000 | 70374  |
| &nbsp;&nbsp;&nbsp; 4.950% 11/01/31 | 95000 | 95236  |
| &nbsp;&nbsp;&nbsp; 5.125% 2/15/53 | 82000 | 73562  |
| HCA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 9/01/30 | 229000 | 212366  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **7**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.250% 3/01/30 | $65000 | $65771  |
| &nbsp;&nbsp;&nbsp; 5.450% 9/15/34 | 90000 | 89219  |
|  Health Care Service Corp. A Mutual Legal Reserve Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 6/15/29 (d) | 75000 | 76286  |
| &nbsp;&nbsp;&nbsp; 5.450% 6/15/34 (d) | 95000 | 96378  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/15/54 (d) | 190000 | 186721  |
| Humana, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 4/01/30 | 208000 | 206925  |
| &nbsp;&nbsp;&nbsp; 5.550% 5/01/35 | 170000 | 168061  |
| Icon Investments Six DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.849% 5/08/29 | 200000 | 206314  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 2/01/29 | 142000 | 147862  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/33 (d) | 30000 | 29526  |
| Sutter Health<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.164% 8/15/33 | 54000 | 54418  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 4/15/33 | 156000 | 150862  |
| &nbsp;&nbsp;&nbsp; 5.000% 4/15/34 | 236000 | 234755  |
|  |  | 2554784  |
| **Holding Company – Diversified — 0.0%** | **Holding Company – Diversified — 0.0%** | **Holding Company – Diversified — 0.0%** |
| ProGroup AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/15/31 EUR (d) (e) | 70000 | 73576  |
| **Insurance — 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br>Alliant Holdings Co-Issuer  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br>Alliant Holdings Co-Issuer  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/<br>Alliant Holdings Co-Issuer  |
| &nbsp;&nbsp;&nbsp; 6.500% 10/01/31 (d) | 35000 | 34359  |
| &nbsp;&nbsp;&nbsp; 6.750% 4/15/28 (d) | 55000 | 55215  |
| &nbsp;&nbsp;&nbsp; 7.000% 1/15/31 (d) | 25000 | 25076  |
| Arthur J Gallagher & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 12/15/29 | 35000 | 35242  |
| &nbsp;&nbsp;&nbsp; 6.750% 2/15/54 | 190000 | 210539  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.526% 7/11/31 (d) | 190000 | 192726  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 9/09/29 (d) | 40000 | 40138  |
| Corebridge Financial, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.850% 4/05/29 | 36000 | 34808  |
| &nbsp;&nbsp;&nbsp; 3.900% 4/05/32 | 111000 | 102612  |
| Corebridge Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.200% 1/12/29 (d) | 36000 | 36577  |
|  Credit Agricole Assurances SA 5 yr. EURIBOR ICE Swap + 2.650%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.625% VRN 1/29/48 <br>EUR (a) (d) (e) | 200000 | 210012  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| First American Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.400% 8/15/31 | $205000 | $172952  |
| Fortitude Group Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/01/30 (d) | 85000 | 85930  |
| Hannover Rueck SE <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.125% 4/18/28 EUR (d) (e) | 100000 | 103058  |
| &nbsp;&nbsp;&nbsp; 3 mo. EURIBOR + 2.380% 1.125% VRN 10/09/39 <br>EUR (a) (d) (e) | 200000 | 194093  |
| HUB International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 6/15/30 (d) | 80000 | 82400  |
| Jackson Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.170% 6/08/27 | 75000 | 75628  |
|  Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.350% 1/13/30 (d) (f) | 220000 | 224547  |
|  Jones Deslauriers Insurance Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.500% 3/15/30 (d) | 57000 | 59880  |
|  Metropolitan Life Global Funding I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/10/30 GBP (d) (e) | 100000 | 129762  |
| NN Group NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.625% 6/01/27 EUR (d) (e) | 100000 | 106376  |
| Panther Escrow Issuer LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 6/01/31 (d) | 35000 | 35663  |
| Reinsurance Group of America, Inc.  | Reinsurance Group of America, Inc.  | Reinsurance Group of America, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.000% 9/15/33 | 339000 | 351670  |
|  5 yr. CMT + 2.392% 6.650% VRN 9/15/55 (a) | 35000 | 34463  |
| RenaissanceRe Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 4/01/35 | 45000 | 46088  |
|  Sammons Financial Group Global Funding <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 1/10/28 (d) (f) | 50000 | 50589  |
| &nbsp;&nbsp;&nbsp; 5.100% 12/10/29 (d) | 85000 | 85511  |
|  Swiss RE Subordinated Finance PLC 3 mo. USD Term SOFR + 2.125%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.191% VRN <br>4/01/46 (a) (d) (g) | 200000 | 200167  |
|  |  | 3016081  |
| **Internet — 0.3%**<br>|  |  |
| Match Group Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 12/15/27 (d) | 33000 | 32347  |
| Meta Platforms, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 8/15/54 | 50000 | 48990  |
| Netflix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.625% 5/15/27 EUR (e) | 100000 | 110397  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **8**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Uber Technologies, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.300% 1/15/30 | $195000 | $191504  |
| &nbsp;&nbsp;&nbsp; 4.500% 8/15/29 (d) | 180000 | 176822  |
| &nbsp;&nbsp;&nbsp; 5.350% 9/15/54 | 45000 | 42035  |
| United Group BV<br>|  |  |
| 4.625% 8/15/28 EUR (d) (e) | 100000 | 106249  |
|  |  | 708344  |
| **Investment Companies — 0.1%**<br>|  |  |
| Golub Capital Private Credit Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 5/01/30 (d) | 100000 | 99016  |
|  HA Sustainable Infrastructure Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 7/01/34 (d) | 125000 | 123549  |
|  |  | 222565  |
| **Iron & Steel — 0.1%**<br>|  |  |
| Steel Dynamics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/35 | 110000 | 108950  |
| **Leisure Time — 0.1%**<br>|  |  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.000% 8/15/29 (d) | 40000 | 41840  |
| Deuce Finco PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 6/15/27 GBP (d) (e) | 100000 | 126751  |
|  |  | 168591  |
| **Lodging — 0.2%**<br>|  |  |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;&nbsp; 6.125% 4/01/32 (d) | 35000 | 35133  |
| Hyatt Hotels Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 12/15/31 | 100000 | 99605  |
| Las Vegas Sands Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 8/18/26 | 78000 | 76492  |
| Marriott International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 4/15/37 | 115000 | 113718  |
| MGM China Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.125% 6/26/31 (d) (f) | 200000 | 204113  |
|  |  | 529061  |
| **Machinery – Diversified — 0.1%** | **Machinery – Diversified — 0.1%** | **Machinery – Diversified — 0.1%** |
| AGCO Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/21/34 | 47000 | 47661  |
| Deere & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.450% 1/16/35 | 100000 | 103550  |
|  |  | 151211  |
| **Media — 0.8%**<br>|  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 2/01/31 (d) | 70000 | 62029  |
| &nbsp;&nbsp;&nbsp; 4.500% 6/01/33 (d) | 55000 | 46906  |
| &nbsp;&nbsp;&nbsp; 7.375% 3/01/31 (d) | 60000 | 60959  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital  | &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital  | &nbsp;&nbsp;&nbsp; Charter Communications Operating <br>LLC/Charter Communications <br>Operating Capital  |
| &nbsp;&nbsp;&nbsp; 3.700% 4/01/51 | $20000 | $12612  |
| &nbsp;&nbsp;&nbsp; 3.900% 6/01/52 | 316000 | 204334  |
| &nbsp;&nbsp;&nbsp; 5.250% 4/01/53 | 20000 | 16162  |
| &nbsp;&nbsp;&nbsp; 6.550% 6/01/34 | 41000 | 42176  |
| &nbsp;&nbsp;&nbsp; 6.650% 2/01/34 | 211000 | 218707  |
| Comcast Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.887% 11/01/51 | 275000 | 167715  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/01/39 | 111000 | 86195  |
| &nbsp;&nbsp;&nbsp; 5.650% 6/01/54 | 245000 | 239925  |
| Cox Communications, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 6/15/33 (d) | 88000 | 88340  |
| &nbsp;&nbsp;&nbsp; 5.800% 12/15/53 (d) | 125000 | 113719  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 8/15/27 (d) | 5000 | 4845  |
| Sirius XM Radio LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 8/01/27 (d) | 16000 | 15633  |
| Time Warner Cable LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.550% 5/01/37 | 14000 | 13887  |
| &nbsp;&nbsp;&nbsp; 6.750% 6/15/39 | 77000 | 76956  |
| &nbsp;&nbsp;&nbsp; 7.300% 7/01/38 | 21000 | 22046  |
| Videotron Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 1/15/35 (d) (f) | 170000 | 169683  |
| VZ Secured Financing BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% 1/15/32 EUR (d) (e) | 100000 | 95965  |
|  |  | 1758794  |
| **Mining — 0.4%**<br>|  |  |
| Corp. Nacional del Cobre de Chile<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.300% 9/08/53 (d) | 200000 | 198443  |
| Freeport Indonesia PT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.763% 4/14/27 (d) | 240000 | 238034  |
| Freeport-McMoRan, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.250% 3/01/30 | 40000 | 38535  |
| &nbsp;&nbsp;&nbsp; 4.375% 8/01/28 | 71000 | 70118  |
| &nbsp;&nbsp;&nbsp; 4.625% 8/01/30 | 28000 | 27354  |
| &nbsp;&nbsp;&nbsp; 5.000% 9/01/27 | 18000 | 17999  |
| &nbsp;&nbsp;&nbsp; 5.450% 3/15/43 | 75000 | 70324  |
| Minera Mexico SA de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.625% 2/12/32 (d) | 200000 | 198064  |
|  |  | 858871  |
| **Miscellaneous – Manufacturing — 0.2%** | **Miscellaneous – Manufacturing — 0.2%** | **Miscellaneous – Manufacturing — 0.2%** |
| 3M Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.800% 3/15/30 | 170000 | 170528  |
| &nbsp;&nbsp;&nbsp; 5.150% 3/15/35 | 170000 | 169945  |
| Axon Enterprise, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 3/15/30 (d) | 15000 | 15138  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **9**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/33 (d) | $10000 | $10103  |
| Knorr-Bremse AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 9/21/27 EUR (d) (e) | 100000 | 109435  |
|  |  | 475149  |
| **Multi-National — 0.0%**<br>|  |  |
| Inter American Development Bank  | Inter American Development Bank  | Inter American Development Bank  |
| &nbsp;&nbsp;&nbsp; 1.745% STEP 7/31/33 (i) (j) | 100000 | 100004  |
| **Oil & Gas — 2.1%**<br>|  |  |
| Coterra Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 2/15/35 | 100000 | 98415  |
| &nbsp;&nbsp;&nbsp; 5.600% 3/15/34 | 42000 | 42254  |
| Diamondback Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 4/18/34 | 273000 | 272546  |
| &nbsp;&nbsp;&nbsp; 5.750% 4/18/54 | 112000 | 105589  |
| &nbsp;&nbsp;&nbsp; 6.250% 3/15/53 | 81000 | 81103  |
| Expand Energy Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/01/32 | 107000 | 101205  |
| &nbsp;&nbsp;&nbsp; 5.375% 2/01/29 | 116000 | 115516  |
| &nbsp;&nbsp;&nbsp; 5.375% 3/15/30 | 124000 | 123093  |
| Harbour Energy PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.327% 4/01/35 (d) (g) | 200000 | 199112  |
| HF Sinclair Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/35 | 12000 | 12060  |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 2/15/35 (d) | 45000 | 42975  |
| &nbsp;&nbsp;&nbsp; 8.375% 11/01/33 (d) | 64000 | 65586  |
| Occidental Petroleum Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.125% 1/01/31 | 144000 | 148006  |
| &nbsp;&nbsp;&nbsp; 6.200% 3/15/40 | 117000 | 115754  |
| &nbsp;&nbsp;&nbsp; 6.375% 9/01/28 | 50000 | 51863  |
| &nbsp;&nbsp;&nbsp; 6.450% 9/15/36 | 138000 | 142053  |
| &nbsp;&nbsp;&nbsp; 6.625% 9/01/30 | 225000 | 236363  |
| &nbsp;&nbsp;&nbsp; 7.500% 5/01/31 | 125000 | 137614  |
| &nbsp;&nbsp;&nbsp; 8.500% 7/15/27 | 42000 | 44541  |
| &nbsp;&nbsp;&nbsp; 8.875% 7/15/30 | 291000 | 333216  |
| Petroleos Mexicanos <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 2/21/28 EUR (d) (e) | 180000 | 185021  |
| &nbsp;&nbsp;&nbsp; 8.750% 6/02/29 | 285000 | 284893  |
| Raizen Fuels Finance SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.700% 1/17/35 (d) | 535000 | 508330  |
| &nbsp;&nbsp;&nbsp; 6.450% 3/05/34 (d) | 200000 | 202097  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.250% 5/01/32 (d) | 27000 | 27885  |
|  TotalEnergies Capital International SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.127% 5/29/50 | 80000 | 53192  |
| &nbsp;&nbsp;&nbsp; 3.461% 7/12/49 | 47000 | 33597  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Valero Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.150% 2/15/30 | $40000 | $40349  |
| Var Energi ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 5/04/29 EUR (d) (e) | 320000 | 369789  |
| Wintershall Dea Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.332% 9/25/28 EUR (d) (e) | 200000 | 201093  |
|  |  | 4375110  |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Amcor Flexibles North America, Inc.  | Amcor Flexibles North America, Inc.  | Amcor Flexibles North America, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.800% 3/17/28 (d) | 75000 | 75407  |
| &nbsp;&nbsp;&nbsp; 5.100% 3/17/30 (d) | 45000 | 45360  |
| Smurfit Westrock Financing DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.418% 1/15/35 (d) | 200000 | 200871  |
|  |  | 321638  |
| **Pharmaceuticals — 1.1%**<br>|  |  |
| AbbVie, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.125% 11/17/28 EUR (e) | 100000 | 106107  |
| &nbsp;&nbsp;&nbsp; 4.050% 11/21/39 | 100000 | 87695  |
| &nbsp;&nbsp;&nbsp; 4.250% 11/21/49 | 122000 | 101074  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/15/34 | 416000 | 418948  |
| Astrazeneca Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/26/34 | 220000 | 222138  |
| Bayer US Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.375% 11/21/30 (d) | 280000 | 293217  |
| Becton Dickinson & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.519% 2/08/31 EUR (e) | 113000 | 123004  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.050% 3/25/48 | 314000 | 267950  |
| &nbsp;&nbsp;&nbsp; 5.625% 2/21/53 | 161000 | 147193  |
|  5 yr. CMT + 2.516% 6.750% VRN 12/10/54 (a) | 95000 | 94582  |
|  5 yr. CMT + 2.886% 7.000% VRN 3/10/55 (a) | 110000 | 110868  |
| Gruenenthal GmbH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 5/15/30 EUR (d) (e) | 100000 | 112340  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 11/22/28 EUR (d) (e) | 155000 | 165755  |
|  |  | 2250871  |
| **Pipelines — 0.9%**<br>|  |  |
| Cheniere Energy Partners LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 10/01/29 | 47000 | 45714  |
| &nbsp;&nbsp;&nbsp; 5.750% 8/15/34 | 332000 | 336700  |
| &nbsp;&nbsp;&nbsp; 5.950% 6/30/33 | 143000 | 146865  |
| Cheniere Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.625% 10/15/28 | 72000 | 71229  |
| &nbsp;&nbsp;&nbsp; 5.650% 4/15/34 | 175000 | 177027  |
| Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
| &nbsp;&nbsp;&nbsp; 5.681% 1/15/34 (d) | 175000 | 174295  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **10**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| Kinetik Holdings LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 6/15/30 (d) | $20000 | $19792  |
| ONEOK, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.400% 10/15/29 | 85000 | 83481  |
| &nbsp;&nbsp;&nbsp; 6.050% 9/01/33 | 23000 | 23947  |
| Sabine Pass Liquefaction LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.200% 3/15/28 | 39000 | 38561  |
|  South Bow Canadian Infrastructure Holdings Ltd. 5 yr. CMT + 3.667%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.500% VRN 3/01/55 (a) (d) | 25000 | 25293  |
|  South Bow USA Infrastructure Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.026% 10/01/29 (d) | 40000 | 39690  |
| Targa Resources Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 8/15/35 | 55000 | 54923  |
| &nbsp;&nbsp;&nbsp; 6.150% 3/01/29 | 95000 | 99335  |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 1/15/32 | 47000 | 43370  |
| &nbsp;&nbsp;&nbsp; 4.875% 2/01/31 | 10000 | 9789  |
| &nbsp;&nbsp;&nbsp; 5.000% 1/15/28 | 36000 | 36008  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/01/30 | 58000 | 58541  |
|  Transcanada Trust 3 mo. CAD CDOR + 3.080%<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.650% VRN 5/18/77 <br>CAD (a) (e) | 300000 | 208494  |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| &nbsp;&nbsp;&nbsp; 4.125% 8/15/31 (d) | 25000 | 22715  |
| &nbsp;&nbsp;&nbsp; 6.250% 1/15/30 (d) | 15000 | 15224  |
| Venture Global LNG, Inc. <br>|  |  |
|  5 yr. CMT + 5.440% 9.000% VRN (a) (d) (h) | 45000 | 42705  |
| &nbsp;&nbsp;&nbsp; 9.500% 2/01/29 (d) | 160000 | 171570  |
|  |  | 1945268  |
| **Private Equity — 0.1%**<br>|  |  |
|  HAT Holdings I LLC/HAT Holdings II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.000% 6/15/27 (d) | 234000 | 242244  |
| **Real Estate — 0.4%**<br>|  |  |
|  Blackstone Property Partners Europe Holdings SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.750% 3/12/29 EUR (d) (e) | 280000 | 280550  |
| Howard Hughes Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 8/01/28 (d) | 35000 | 33960  |
| Logicor Financing SARL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.875% 1/14/31 EUR (d) (e) | 600000 | 548169  |
|  |  | 862679  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Real Estate Investment Trusts (REITS) — 0.6%** | **Real Estate Investment Trusts (REITS) — 0.6%** | **Real Estate Investment Trusts (REITS) — 0.6%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| &nbsp;&nbsp;&nbsp; 5.250% 5/15/36 | $25000 | $24384  |
| American Homes 4 Rent LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.250% 3/15/35 | 45000 | 44151  |
| Brixmor Operating Partnership LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.050% 7/01/30 | 115000 | 110161  |
| &nbsp;&nbsp;&nbsp; 4.125% 5/15/29 | 61000 | 59205  |
| &nbsp;&nbsp;&nbsp; 5.200% 4/01/32 | 35000 | 34950  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.800% 3/01/34 | 91000 | 92760  |
| Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
| &nbsp;&nbsp;&nbsp; 3.650% 9/03/33 EUR (e) | 190000 | 201441  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 6/15/35 | 120000 | 119306  |
| Healthcare Realty Holdings LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.050% 3/15/31 | 91000 | 76102  |
| &nbsp;&nbsp;&nbsp; 3.625% 1/15/28 | 322000 | 311114  |
|  Invitation Homes Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 2/01/35 | 95000 | 90887  |
|  MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.750% 2/01/27 | 45000 | 45570  |
|  |  | 1210031  |
| **Retail — 0.1%**<br>|  |  |
| Ferguson Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 10/03/34 | 20000 | 19467  |
| Home Depot, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.950% 6/25/34 | 190000 | 190638  |
| Yum! Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 4/01/32 | 30000 | 29245  |
|  |  | 239350  |
| **Semiconductors — 0.7%**<br>|  |  |
| Broadcom, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.419% 4/15/33 (d) | 48000 | 42737  |
| &nbsp;&nbsp;&nbsp; 4.350% 2/15/30 | 215000 | 211846  |
| &nbsp;&nbsp;&nbsp; 4.550% 2/15/32 | 80000 | 78056  |
| &nbsp;&nbsp;&nbsp; 5.150% 11/15/31 | 140000 | 141978  |
| Foundry JV Holdco LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 1/25/31 (d) | 200000 | 203221  |
| &nbsp;&nbsp;&nbsp; 5.900% 1/25/33 (d) | 200000 | 203516  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/15/49 | 402000 | 252214  |
| Marvell Technology, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.950% 4/15/31 | 124000 | 110660  |
| Micron Technology, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.750% 11/01/29 | 111000 | 119088  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **11**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.125% 2/15/42 | $34000 | $24137  |
| &nbsp;&nbsp;&nbsp; 3.250% 11/30/51 | 59000 | 38153  |
| &nbsp;&nbsp;&nbsp; 3.400% 5/01/30 | 86000 | 80070  |
| &nbsp;&nbsp;&nbsp; 4.300% 6/18/29 | 51000 | 49970  |
|  |  | 1555646  |
| **Software — 0.3%**<br>|  |  |
| AppLovin Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375% 12/01/31 | 55000 | 55279  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 5/24/31 EUR (e) | 200000 | 227079  |
| MSCI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% 11/15/29 (d) | 41000 | 39162  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.550% 2/06/53 | 97000 | 90662  |
| Synopsys, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.850% 4/01/30 | 120000 | 120789  |
| &nbsp;&nbsp;&nbsp; 5.700% 4/01/55 | 120000 | 119150  |
| UKG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 2/01/31 (d) | 30000 | 30433  |
|  |  | 682554  |
| **Telecommunications — 0.8%**<br>|  |  |
| Altice France SA<br>|  |  |
| 3.375% 1/15/28 EUR (d) (e) | 135000 | 116262  |
| Motorola Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.400% 4/15/34 | 83000 | 83970  |
| Rogers Communications, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.800% 3/15/32 | 111000 | 100766  |
| &nbsp;&nbsp;&nbsp; 4.350% 5/01/49 | 14000 | 10956  |
| &nbsp;&nbsp;&nbsp; 4.550% 3/15/52 | 280000 | 223278  |
| &nbsp;&nbsp;&nbsp; 5.000% 2/15/29 | 191000 | 191171  |
| &nbsp;&nbsp;&nbsp; 5.300% 2/15/34 | 219000 | 214976  |
|  5 yr. CMT + 2.653% 7.000% VRN 4/15/55 (a) | 35000 | 35135  |
|  5 yr. CMT + 2.620% 7.125% VRN 4/15/55 (a) | 55000 | 54813  |
| Sprint Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 11/15/28 | 254000 | 271165  |
| &nbsp;&nbsp;&nbsp; 8.750% 3/15/32 | 157000 | 188823  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.400% 10/15/52 | 83000 | 56093  |
| TDC Net AS <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.056% 5/31/28 EUR (d) (e) | 100000 | 111511  |
| &nbsp;&nbsp;&nbsp; 5.618% 2/06/30 EUR (d) (e) | 100000 | 114018  |
|  |  | 1772937  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** | **Toys, Games & Hobbies — 0.1%** |
| Mattel, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.875% 12/15/27 (d) | $161000 | $161416  |
| **Transportation — 0.1%**<br>|  |  |
|  Burlington Northern Santa Fe LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.500% 3/15/55 | 155000 | 154417  |
| Genesee & Wyoming, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.250% 4/15/32 (d) | 25000 | 24980  |
|  |  | 179397  |
| **Water — 0.2%**<br>|  |  |
| Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC |
| 4.625% 11/30/34 GBP (d) (e) | 160000 | 189163  |
| Veolia Environnement SA<br>|  |  |
| 1.940% 1/07/30 EUR (d) (e) | 200000 | 205869  |
|  |  | 395032  |
| **TOTAL CORPORATE DEBT** <br>**(Cost $54,853,759)** |  | **54614475**  |
| **Municipal Obligations — 0.2%** | **Municipal Obligations — 0.2%** | **Municipal Obligations — 0.2%** |
| **California — 0.0%**<br>|  |  |
|  City of Los Angeles Department of Airports, CA, Revenue Bonds, Series C,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.582% 5/15/39 | 90000 | 96206  |
| **Illinois — 0.1%**<br>|  |  |
| State of Illinois, General Obligation, | State of Illinois, General Obligation, | State of Illinois, General Obligation, |
| &nbsp;&nbsp;&nbsp; 7.350% 7/01/35 | 90357 | 97996  |
| **Puerto Rico — 0.1%**<br>|  |  |
|  Commonwealth of Puerto Rico, General Obligation, Series CW, <br>|  |  |
| 0.000% VRN 11/01/43 (a) (k) | 249670 | 156356  |
| **TOTAL MUNICIPAL OBLIGATIONS** <br>**(Cost $315,864)** |  | **350558**  |
| **Non-U.S. Government Agency Obligations — 8.8%** | **Non-U.S. Government Agency Obligations — 8.8%** | **Non-U.S. Government Agency Obligations — 8.8%** |
| **Automobile Asset-Backed Securities — 1.7%** | **Automobile Asset-Backed Securities — 1.7%** | **Automobile Asset-Backed Securities — 1.7%** |
|  Bayview Opportunity Master Fund VII LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class A, 30 day USD SOFR Average + 1.100% 5.440% FRN <br>12/26/31 (a) (d) | 197106 | 197437  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **12**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class C, 30 day USD SOFR Average + 1.500% 5.840% <br>FRN 12/26/31 (a) (d) | $156433 | $157143  |
|  CarMax Auto Owner Trust, Series 2024-1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.170% 8/15/29 | 70000 | 70565  |
| CarMax Select Receivables Trust <br>|  |  |
|  Series 2024-A, Class B, 5.350% 1/15/30 | 145000 | 146908  |
|  Series 2024-A, Class A3, 5.400% 11/15/28 | 125000 | 126330  |
|  Carvana Auto Receivables Trust, Series 2024-N1, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.630% 5/10/30 (d) | 225000 | 227627  |
| Enterprise Fleet Financing LLC <br>|  |  |
|  Series 2024-4, Class A2, 4.690% 7/20/27 (d) | 60000 | 60098  |
|  Series 2024-3, Class A4, 5.060% 3/20/31 (d) | 110000 | 111902  |
|  Exeter Automobile Receivables Trust, Series 2023-1A, Class D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.690% 6/15/29 | 85000 | 86215  |
|  Ford Credit Auto Owner Trust, Series 2022-C, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.220% 3/15/30 | 200000 | 201241  |
|  Ford Credit Floorplan Master Owner Trust A, Series 2024-3, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.500% 9/15/29 (d) | 155000 | 154328  |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto <br>Credit-Linked Notes <br>|  |  |
|  Series 2025, Class B1, 4.957% 3/21/33 (d) | 250000 | 250607  |
|  Series 2024-1, Class B1, 6.153% 5/20/32 (d) | 243087 | 246080  |
| Octane Receivables Trust <br>|  |  |
|  Series 2024-RVM1, Class A, 5.010% 1/22/46 (d) | 125402 | 125912  |
|  Series 2023-1A, Class A, 5.870% 5/21/29 (d) | 34044 | 34168  |
|  Series 2023-3A, Class B, 6.480% 7/20/29 (d) | 150000 | 153501  |
|  Series 2023-3A, Class C, 6.740% 8/20/29 (d) | 100000 | 102758  |
|  Santander Drive Auto Receivables Trust <br>|  |  |
|  Series 2021-4, Class D, 1.670% 10/15/27 | 214569 | 211614  |
|  Series 2025-1, Class A3, 4.740% 1/16/29 | 140000 | 140478  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Series 2025-1, Class B, 4.880% 3/17/31 | $330000 | $332735  |
| SBNA Auto Lease Trust <br>|  |  |
|  Series 2024-C, Class A4, 4.420% 3/20/29 (d) | 90000 | 89767  |
|  Series 2024-C, Class A3, 4.560% 2/22/28 (d) | 185000 | 185000  |
|  SFS Auto Receivables Securitization Trust <br>|  |  |
|  Series 2024-1A, Class A4, 4.940% 1/21/31 (d) | 130000 | 131029  |
|  Series 2024-1A, Class C, 5.510% 1/20/32 (d) | 65000 | 65835  |
|  |  | 3609278  |
| **Commercial Mortgage-Backed Securities — 1.6%** | **Commercial Mortgage-Backed Securities — 1.6%** | **Commercial Mortgage-Backed Securities — 1.6%** |
|  Bank5, Series 2024-5YR12, Class A3, <br>|  |  |
| 5.902% VRN 12/15/57 (a) (l) | 205000 | 212463  |
|  BBCMS Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD Term SOFR + 2.274%<br>|  |  |
| 6.594% FRN 11/15/34 (a) (d) | 245000 | 2450  |
| BX Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-GPA3, Class A, 1 mo. USD Term SOFR + 1.293% 5.612% FRN <br>12/15/39 (a) (d) | 192231 | 191751  |
| &nbsp;&nbsp;&nbsp; Series 2024-SLCT, Class A, 1 mo. USD Term SOFR + 1.323% 5.643% FRN <br>1/15/42 (a) (d) | 145000 | 144455  |
| &nbsp;&nbsp;&nbsp; Series 2024-MDHS, Class A, 1 mo. USD Term SOFR + 1.641% 5.961% FRN <br>5/15/41 (a) (d) | 227048 | 226907  |
|  COMM Mortgage Trust, Series 2015-CR23, Class AM<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.801% 5/10/48 | 113419 | 112644  |
|  CONE Trust, Series 2024-DFW1, Class A, 1 mo. USD Term SOFR + 1.642%<br>|  |  |
| 5.961% FRN 8/15/41 (a) (d) | 220000 | 219449  |
| Credit Suisse Mortgage Trust <br>|  |  |
|  Series 2020-NET, Class A, 2.257% 8/15/37 (d) | 117693 | 115777  |
|  Series 2020-NET, Class C, 3.526% 8/15/37 (d) | 480000 | 467965  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **13**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.248% 7/05/33 (d) | $115000 | $108043  |
|  MED Commercial Mortgage Trust, Series 2024-MOB, Class A, 1 mo. USD Term SOFR + 1.592%<br>|  |  |
| 5.911% FRN 5/15/41 (a) (d) | 165000 | 162935  |
| Real Estate Asset Liquidity Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A1, 3.930% VRN 1/12/60 <br>CAD (a) (d) (e) (l) | 950000 | 661742  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.400% VRN 1/12/60 <br>CAD (a) (d) (e) (l) | 245000 | 171440  |
|  SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, 1 mo. USD Term SOFR + 1.392%<br>|  |  |
| 5.711% FRN 5/15/39 (a) (d) | 175000 | 174126  |
|  TX Trust, Series 2024-HOU, Class A, 1 mo. USD Term SOFR + 1.591%<br>|  |  |
| 5.911% FRN 6/15/39 (a) (d) | 190000 | 189170  |
|  WB Commercial Mortgage Trust, Series 2024-HQ, Class A, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.541% VRN <br>3/15/40 (a) (d) (l) | 155000 | 155162  |
|  Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class C, 1 mo. USD Term SOFR + 2.014%<br>|  |  |
| 6.335% FRN 2/15/40 (a) (d) | 172000 | 170096  |
|  |  | 3486575  |
| **Credit Card Asset-Backed Securities — 0.1%** | **Credit Card Asset-Backed Securities — 0.1%** | **Credit Card Asset-Backed Securities — 0.1%** |
|  Synchrony Card Issuance Trust, Series 2025-A1, Class A<br>|  |  |
| 4.780% 2/18/31 | 160000 | 161759  |
| **Other Asset-Backed Securities — 3.9%** | **Other Asset-Backed Securities — 3.9%** | **Other Asset-Backed Securities — 3.9%** |
|  Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.370% 4/20/28 (d) | 175000 | 173013  |
|  Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.723% 6/05/49 (d) | 123750 | 122021  |
|  Auxilior Term Funding LLC, Series 2024-1A, Class A3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.490% 7/15/31 (d) | 140000 | 142529  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.280% 9/26/33 (d) | $77072 | $75851  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series <br>2018-1A, Class A1R, 3 mo. USD Term SOFR + 1.320%<br>|  |  |
| 5.669% FRN 1/18/38 (a) (d) | 485000 | 484030  |
|  Clarus Capital Funding LLC, Series 2024-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.710% 8/20/32 (d) | 179900 | 179973  |
|  Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2<br>|  |  |
| 4.940% 1/25/52 CAD (d) (e) | 125000 | 85102  |
| Dell Equipment Finance Trust <br>|  |  |
|  Series 2024-1, Class C, 5.730% 3/22/30 (d) | 470000 | 475813  |
|  Series 2023-3, Class C, 6.170% 4/23/29 (d) | 125000 | 126895  |
|  DLLST LLC, Series 2024-1A, Class A4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.930% 4/22/30 (d) | 45000 | 45317  |
| Driven Brands Funding LLC <br>|  |  |
|  Series 2020-2A, Class A2, 3.237% 1/20/51 (d) | 529277 | 500115  |
|  Series 2020-1A, Class A2, 3.786% 7/20/50 (d) | 256271 | 247970  |
|  Dryden 93 CLO Ltd., Series 2021-93A, Class BR, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| 6.031% FRN 1/15/38 (a) (d) | 255000 | 254310  |
|  Elara HGV Timeshare Issuer LLC, Series 2023-A, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.530% 2/25/38 (d) | 110282 | 113023  |
|  Elmwood CLO 20 Ltd., Series 2022-7A, Class AR, 3 mo. USD Term SOFR + 1.500%<br>|  |  |
| 5.803% FRN 1/17/37 (a) (d) | 305000 | 305459  |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC, <br>Series 2024-1, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.190% 6/20/54 (d) | 160000 | 164787  |
|  Hardee's Funding LLC, Series 2021-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.865% 6/20/51 (d) | 288750 | 264233  |
| HPEFS Equipment Trust <br>|  |  |
|  Series 2024-2A, Class B, 5.350% 10/20/31 (d) | 100000 | 101342  |
|  Series 2023-2A, Class C, 6.480% 1/21/31 (d) | 140000 | 141851  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **14**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Series 2023-2A, Class D, 6.970% 7/21/31 (d) | $100000 | $102367  |
|  Invesco US CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.570%<br>|  |  |
| 5.860% FRN 4/22/37 (a) (d) | 250000 | 251136  |
|  Madison Park Funding LX Ltd., Series 2022-60A, Class BR, 3 mo. USD Term SOFR + 1.750%<br>|  |  |
| 6.050% FRN 10/25/37 (a) (d) | 250000 | 249336  |
|  Madison Park Funding LXI Ltd., Series 2023-61A, Class A, 3 mo. USD Term SOFR + 1.730%<br>|  |  |
| 6.023% FRN 1/20/37 (a) (d) | 275000 | 276483  |
|  MVW LLC, Series 2023-1A, Class A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.930% 10/20/40 (d) | 310186 | 311085  |
|  Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class A1R3, 3 mo. USD Term SOFR + 1.320%<br>|  |  |
| 5.613% FRN 1/20/39 (a) (d) | 385000 | 385058  |
|  OCP CLO Ltd., Series 2017-13A, Class AR2, 3 mo. USD Term SOFR + 1.340%<br>|  |  |
| 5.900% FRN 11/26/37 (a) (d) | 250000 | 250036  |
|  Palmer Square CLO Ltd., Series 2020-3A, Class A1R2, 3 mo. USD Term SOFR + 1.650%<br>|  |  |
| 5.973% FRN 11/15/36 (a) (d) | 430000 | 430912  |
|  Post Road Equipment Finance LLC, Series 2024-1A, Class A2<br>|  |  |
| 5.590% 11/15/29 (d) | 100491 | 101175  |
|  Rockford Tower CLO Ltd., Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130%<br>|  |  |
| 5.452% FRN 8/20/32 (a) (d) | 265430 | 264895  |
|  RR 12 Ltd., Series 2020-12A, Class AAR3, 3 mo. USD Term SOFR + 1.250%<br>|  |  |
| 5.552% FRN 1/15/36 (a) (d) | 295000 | 294800  |
|  RR 34 Ltd., Series 2024-34RA, Class A2AR, 3 mo. USD Term SOFR + 1.700%<br>|  |  |
| 6.002% FRN 10/15/39 (a) (d) | 305000 | 303406  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; SEB Funding LLC, <br>Series 2024-1A, Class A2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.386% 4/30/54 (d) | $170000 | $176452  |
|  Sound Point CLO XXII Ltd., Series 2019-1A, Class BRR, 3 mo. USD Term SOFR + 1.650%<br>|  |  |
| 5.943% FRN 1/20/32 (a) (d) | 250000 | 248692  |
|  Verdant Receivables LLC, Series 2024-1A, Class A2<br>|  |  |
| 5.680% 12/12/31 (d) | 119822 | 121710  |
|  Verizon Master Trust, Series 2023-1, Class C<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.980% 1/22/29 | 135000 | 136705  |
|  Voya CLO Ltd., Series 2021-2A, Class A1R, 3 mo. USD Term SOFR + 1.170%<br>|  |  |
| 5.473% FRN 4/20/38 (a) (d) | 345000 | 341915  |
|  |  | 8249797  |
| **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** | **Real Estate Investment Trusts (REITS) — 0.3%** |
| SBA Tower Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.593% 10/15/56 (d) | 415000 | 350604  |
| &nbsp;&nbsp;&nbsp; 4.831% 10/15/29 (d) | 325000 | 322229  |
|  |  | 672833  |
| **Student Loans Asset-Backed Securities — 0.2%** | **Student Loans Asset-Backed Securities — 0.2%** | **Student Loans Asset-Backed Securities — 0.2%** |
|  Navient Private Education Refi Loan Trust, Series 2020-CA, Class B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.830% 11/15/68 (d) | 470000 | 398485  |
|  SMB Private Education Loan Trust, Series 2020-B, Class A1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.290% 7/15/53 (d) | 108835 | 101920  |
|  |  | 500405  |
| **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 0.9%** | **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 0.9%** | **Whole Loan Collateral Collateralized Mortgage** <br>**Obligations — 0.9%** |
|  Chase Home Lending Mortgage Trust, Series 2024-RPL4, Class A1B, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.375% VRN <br>12/25/64 (a) (d) (l) | 57852 | 50735  |
|  Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.000% VRN <br>11/27/51 (a) (d) (l) | 193336 | 162825  |
| Flagstar Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-6RR, Class 2A4, 4.000% VRN <br>9/25/48 (a) (d) (l) | 9612 | 9302  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **15**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2020-1INV, Class A11, 1 mo. USD Term SOFR + 0.964% 5.285% FRN <br>3/25/50 (a) (d) | $72193 | $69543  |
|  Galton Funding Mortgage Trust, Series 2018-1, Class A23, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.500% VRN <br>11/25/57 (a) (d) (l) | 13776 | 12635  |
|  GS Mortgage-Backed Securities Trust, Series 2020-INV1, Class A14, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.902% VRN <br>10/25/50 (a) (d) (l) | 202091 | 172334  |
|  Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.073% VRN <br>9/25/56 (a) (d) (l) | 157913 | 132388  |
| JP Morgan Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class B1A, 3.253% VRN <br>6/25/50 (a) (d) (l) | 339151 | 285400  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, 3.500% VRN <br>5/25/50 (a) (d) (l) | 86032 | 76139  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class A3, 3.500% VRN <br>6/25/50 (a) (d) (l) | 8856 | 8665  |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A3, 3.500% VRN <br>8/25/50 (a) (d) (l) | 76746 | 67580  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B2, 3.570% VRN <br>12/25/50 (a) (d) (l) | 316706 | 276170  |
| &nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A11, 1 mo. USD Term SOFR + 0.944% 5.265% FRN <br>8/25/50 (a) (d) | 48606 | 46811  |
|  MFA Trust, Series 2020-NQM3, Class M1, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.654% VRN <br>1/26/65 (a) (d) (l) | 170000 | 151490  |
|  OBX Trust, Series 2019-INV2, Class A25, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000% VRN <br>5/27/49 (a) (d) (l) | 83661 | 77421  |
| Sequoia Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-CH1, Class A2, 3.500% VRN <br>8/25/47 (a) (d) (l) | 24458 | 22254  |
| &nbsp;&nbsp;&nbsp; Series 2017-CH1, Class A13, 4.000% VRN <br>8/25/47 (a) (d) (l) | 30404 | 28387  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2018-CH3, Class A2, 4.000% VRN <br>8/25/48 (a) (d) (l) | $3961 | $3840  |
|  SG Residential Mortgage Trust, Series 2019-3, Class A1, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.703% VRN <br>9/25/59 (a) (d) (l) | 1296 | 1290  |
|  Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 1 mo. USD Term SOFR + 1.114%<br>|  |  |
| 5.435% FRN 10/25/59 (a) (d) | 64339 | 64956  |
|  Verus Securitization Trust, Series 2021-5, Class A2, <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.218% VRN <br>9/25/66 (a) (d) (l) | 221284 | 187090  |
|  |  | 1907255  |
| **Whole Loan Collateral Support Collateralized Mortgage** <br>**Obligations — 0.1%** | **Whole Loan Collateral Support Collateralized Mortgage** <br>**Obligations — 0.1%** | **Whole Loan Collateral Support Collateralized Mortgage** <br>**Obligations — 0.1%** |
| JP Morgan Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A15, 3.500% VRN <br>5/25/50 (a) (d) (l) | 74062 | 65357  |
| &nbsp;&nbsp;&nbsp; Series 2020-LTV1, Class A15, 3.500% VRN <br>6/25/50 (a) (d) (l) | 3786 | 3707  |
| Sequoia Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-CH1, Class A19, 4.000% VRN <br>3/25/48 (a) (d) (l) | 45519 | 41729  |
| &nbsp;&nbsp;&nbsp; Series 2018-CH2, Class A21, 4.000% VRN <br>6/25/48 (a) (d) (l) | 15036 | 13919  |
|  |  | 124712  |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $19,460,469)** |  | **18712614**  |
| **Sovereign Debt Obligations — 18.8%** | **Sovereign Debt Obligations — 18.8%** | **Sovereign Debt Obligations — 18.8%** |
|  Albania Government International Bond <br>|  |  |
| 3.500% 6/16/27 EUR (d) (e) | 105000 | 112610  |
| 5.900% 6/09/28 EUR (d) (e) | 170000 | 192276  |
| Australia Government Bond <br>|  |  |
| 3.000% 3/21/47 AUD (d) (e) | 305000 | 141856  |
| 4.500% 4/21/33 AUD (d) (e) | 824000 | 523835  |
|  Bonos de la Tesoreria de la Republica en pesos<br>|  |  |
| 5.800% 10/01/34 CLP (d) (e) | 600000000 | 635069  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **16**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Brazil Notas do Tesouro Nacional Series F <br>|  |  |
| 10.000% 1/01/31 BRL (e) | $2685000 | $386772  |
| 10.000% 1/01/35 BRL (e) | 5120000 | 681498  |
|  Bulgaria Government International Bond<br>|  |  |
| 4.500% 1/27/33 EUR (d) (e) | 198000 | 228292  |
|  Bundesrepublik Deutschland Bundesanleihe <br>|  |  |
| 0.000% 2/15/32 EUR (d) (e) | 740000 | 675924  |
| 2.500% 8/15/54 EUR (d) (e) | 233000 | 223733  |
| Canadian Government Bond<br>|  |  |
| 4.000% 3/01/29 CAD (e) | 1362000 | 996875  |
|  Canadian Government Real Return Bond<br>|  |  |
| 4.000% 12/01/31 CAD (e) | 1454418 | 1229592  |
|  Chile Government International Bond<br>|  |  |
| 4.125% 7/05/34 EUR (e) | 170000 | 185152  |
| China Government Bond <br>|  |  |
| 2.470% 7/25/54 CNY (e) | 3900000 | 574490  |
| 2.670% 5/25/33 CNY (e) | 5200000 | 759401  |
| 3.320% 4/15/52 CNY (e) | 2700000 | 461674  |
| 4.000% 6/24/69 CNY (e) | 500000 | 104774  |
| Colombia TES <br>|  |  |
| 6.000% 4/28/28 COP (e) | 701300000 | 148876  |
| 7.000% 3/26/31 COP (e) | 1310600000 | 251242  |
| 7.250% 10/18/34 COP (e) | 1070600000 | 185408  |
| 13.250% 2/09/33 COP (e) | 395100000 | 99715  |
|  Czech Republic Government Bond <br>|  |  |
| 1.500% 4/24/40 CZK (e) | 31020000 | 905991  |
| 4.900% 4/14/34 CZK (e) | 8270000 | 376974  |
|  Deutsche Bundesrepublik Inflation-Linked Bond<br>|  |  |
| 0.500% 4/15/30 EUR (d) (e) | 1002304 | 1088599  |
|  Egypt Government International Bond<br>|  |  |
| 6.375% 4/11/31 EUR (d) (e) | 160000 | 146840  |
|  Estonia Government International Bond<br>|  |  |
| 3.250% 1/17/34 EUR (d) (e) | 275000 | 293759  |
|  French Republic Government Bond OAT <br>|  |  |
| 1.250% 5/25/36 EUR (d) (e) | 1152000 | 988724  |
| 2.500% 5/25/30 EUR (d) (e) | 1045000 | 1116559  |
| 4.000% 4/25/55 EUR (d) (e) | 156000 | 166597  |
| Hungary Government Bond<br>|  |  |
| 2.250% 4/20/33 HUF (e) | 23110000 | 44502  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Hungary Government International Bond<br>|  |  |
| 5.000% 2/22/27 EUR (d) (e) | $107000 | $119922  |
|  Iceland Government International Bond<br>|  |  |
| 4/15/28EUR (d) (e) | 246000 | 245997  |
| India Government Bond <br>|  |  |
| 6.540% 1/17/32 INR (e) | 55500000 | 648033  |
| 6.750% 12/23/29 INR (e) | 41840000 | 494341  |
| 7.260% 8/22/32 INR (e) | 8530000 | 103837  |
|  Indonesia Government International Bond<br>|  |  |
| 3.750% 6/14/28 EUR (d) (e) | 505000 | 554247  |
| Indonesia Treasury Bond <br>|  |  |
| 5.500% 4/15/26 IDR (e) | 4080000000 | 243519  |
| 6.375% 4/15/32 IDR (e) | 1399000000 | 81171  |
| 6.750% 7/15/35 IDR (e) | 2936000000 | 172671  |
| 6.875% 4/15/29 IDR (e) | 3403000000 | 206317  |
| 7.000% 2/15/33 IDR (e) | 10166000000 | 608197  |
| 7.125% 8/15/40 IDR (e) | 2274000000 | 136977  |
| Ireland Government Bond<br>|  |  |
| 2.000% 2/18/45 EUR (d) (e) | 68000 | 59344  |
|  Israel Government International Bond <br>|  |  |
| 0.625% 1/18/32 EUR (d) (e) | 107000 | 93104  |
| 1.500% 1/18/27 EUR (d) (e) | 230000 | 241673  |
| Italy Buoni Poliennali Del Tesoro <br>|  |  |
| 1.300% 5/15/28 EUR (d) (e) | 462620 | 510892  |
| 2.800% 3/01/67 EUR (d) (e) | 234000 | 175499  |
| 4.500% 10/01/53 EUR (d) (e) | 234000 | 252546  |
|  Ivory Coast Government International Bond<br>|  |  |
| 5.875% 10/17/31 EUR (d) (e) | 385000 | 390282  |
|  Japan Government Forty Year Bond<br>|  |  |
| 1.300% 3/20/63 JPY (e) | 24700000 | 112327  |
|  Japan Government Thirty Year Bond <br>|  |  |
| 1.300% 6/20/52 JPY (e) | 45900000 | 236563  |
| 1.400% 9/20/52 JPY (e) | 165500000 | 872971  |
| 1.700% 9/20/44 JPY (e) | 95950000 | 590439  |
| 2.200% 6/20/54 JPY (e) | 83650000 | 525418  |
|  Japanese Government CPI-Linked Bond <br>|  |  |
| 0.005% 3/10/31 JPY (e) | 78102464 | 540855  |
| 0.005% 3/10/34 JPY (e) | 270726750 | 1820767  |
|  Kingdom of Belgium Government Bond <br>|  |  |
| 1.000% 6/22/31 EUR (d) (e) | 1547000 | 1505383  |
| 3.300% 6/22/54 EUR (d) (e) | 304000 | 291415  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **17**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Latvia Government International Bond <br>|  |  |
| 0.375% 10/07/26 EUR (d) (e) | $894000 | $932809  |
| 3.875% 5/22/29 EUR (d) (e) | 140000 | 156883  |
|  Lithuania Government International Bond <br>|  |  |
| 3.500% 2/13/34 EUR (d) (e) | 86000 | 92408  |
| 3.875% 6/14/33 EUR (d) (e) | 366000 | 406171  |
| Malaysia Government Bond <br>|  |  |
| 3.906% 7/15/26 MYR (e) | 1660000 | 376847  |
| 4.642% 11/07/33 MYR (e) | 1330000 | 318864  |
| 4.736% 3/15/46 MYR (e) | 5005000 | 1237320  |
| Mexican Bonos <br>|  |  |
| 7.500% 5/26/33 MXN (e) | 3956000 | 174138  |
| 7.750% 11/23/34 MXN (e) | 2866000 | 125726  |
| 8.500% 5/31/29 MXN (e) | 9210000 | 444291  |
| Mexican Udibonos<br>|  |  |
| 4.000% 8/24/34 MXN (e) | 6308029 | 286918  |
|  Mexico Government International Bond<br>|  |  |
| 6.000% 5/13/30 | 200000 | 203844  |
|  Montenegro Government International Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.875% 4/01/32 <br>EUR (d) (e) (g) | 140000 | 148361  |
| 7.250% 3/12/31 (d) | 200000 | 204528  |
|  Morocco Government International Bond <br>|  |  |
| 1.375% 3/30/26 EUR (d) (e) | 140000 | 148643  |
| &nbsp;&nbsp;&nbsp; 3.875% 4/02/29 <br>EUR (d) (e) (g) | 210000 | 226391  |
| &nbsp;&nbsp;&nbsp; 4.750% 4/02/35 <br>EUR (d) (e) (g) | 210000 | 225205  |
| New South Wales Treasury Corp. <br>|  |  |
| 4.000% 5/20/26 AUD (d) (e) | 42000 | 26292  |
| 4.000% 5/20/26 AUD (d) (e) | 680000 | 425684  |
| Peru Government Bond<br>|  |  |
| 5.400% 8/12/34 PEN (e) | 254000 | 62913  |
|  Philippines Government International Bond<br>|  |  |
| 0.250% 4/28/25 EUR (e) | 125000 | 134816  |
| Province of Ontario<br>|  |  |
| 3.500% 6/02/43 CAD (e) | 38000 | 24186  |
|  Republic of Austria Government Bond<br>|  |  |
| 3.150% 10/20/53 EUR (d) (e) | 203000 | 203891  |
| Republic of Cote d'Ivoire<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.875% 4/01/28 <br>XOF (d) (e) (g) | 86000000 | 139006  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Republic of Poland Government Bond<br>|  |  |
| 5.000% 10/25/34 PLN (e) | $3624000 | $886609  |
|  Republic of Poland Government International Bond <br>|  |  |
| 3.125% 10/22/31 EUR (d) (e) | 195000 | 210486  |
| 3.625% 1/11/34 EUR (d) (e) | 189000 | 206409  |
| 3.875% 10/22/39 EUR (d) (e) | 265000 | 278146  |
| 4.875% 2/12/30 | 70000 | 70620  |
| 5.125% 9/18/34 | 275000 | 272651  |
| 5.500% 3/18/54 | 100000 | 93809  |
|  Republic of South Africa Government Bond<br>|  |  |
| 8.875% 2/28/35 ZAR (e) | 8051000 | 392956  |
| Serbia International Bond <br>|  |  |
| 1.000% 9/23/28 EUR (d) (e) | 285000 | 276726  |
| 3.125% 5/15/27 EUR (d) (e) | 380000 | 405433  |
| Singapore Government Bond <br>|  |  |
| 0.500% 11/01/25 SGD (e) | 400000 | 294070  |
| 2.375% 6/01/25 SGD (e) | 315000 | 234315  |
| 2.875% 7/01/29 SGD (e) | 375000 | 283019  |
| Slovenia Government Bond <br>|  |  |
| 0.000% 2/12/31 EUR (d) (e) | 63000 | 58088  |
| 1.500% 3/25/35 EUR (d) (e) | 114000 | 105080  |
| 2.250% 3/03/32 EUR (d) (e) | 69000 | 71396  |
| Spain Government Bond <br>|  |  |
| 0.000% 1/31/28 EUR (e) | 622000 | 630694  |
| 1.900% 10/31/52 EUR (d) (e) | 204000 | 142451  |
| Sri Lanka Government Bond<br>|  |  |
| 20.000% 9/15/27 LKR (e) | 31000000 | 128686  |
| Sweden Bond Inflation-Linked<br>|  |  |
| 0.125% 6/01/32 SEK (d) (e) | 1965000 | 248780  |
| Thailand Government Bond <br>|  |  |
| 2.050% 4/17/28 THB (e) | 8100000 | 241229  |
| 2.500% 11/17/29 THB (e) | 14367000 | 437910  |
| 2.800% 6/17/34 THB (e) | 2900000 | 91173  |
| UK Gilts <br>|  |  |
| 3.250% 1/22/44 GBP (d) (e) | 574000 | 569519  |
| 4.250% 12/07/46 GBP (d) (e) | 560000 | 631256  |
| 4.375% 7/31/54 GBP (d) (e) | 183000 | 204524  |
|  |  | 39954486  |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS** <br>**(Cost $41,333,328)** |  | **39954486**  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **18**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **U.S. Government Agency Obligations and Instrumentalities (m) — 18.6%** | **U.S. Government Agency Obligations and Instrumentalities (m) — 18.6%** | **U.S. Government Agency Obligations and Instrumentalities (m) — 18.6%** |
| **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** |
|  Federal Home Loan Mortgage Corp. REMICS <br>|  |  |
|  Series 5293, Class KI, 2.000% 2/25/51 | $980455 | $130496  |
|  Series 5293, Class IO, 2.000% 3/25/51 | 1722506 | 219803  |
|  Series 5000, Class UI, 2.500% 7/25/50 | 873198 | 137921  |
|  Series 5293, Class CI, 2.500% 4/25/51 | 519647 | 82655  |
|  Federal National Mortgage Association Interest STRIPS <br>|  |  |
|  Series 435, Class C24 2.000% 4/25/52 | 278079 | 34398  |
|  Federal National Mortgage Association REMICS <br>|  |  |
|  Series 2020-97, Class AI 2.000% 1/25/51 | 587909 | 80444  |
|  Government National Mortgage Association REMICS <br>|  |  |
|  Series 2020-181, Class WI 2.000% 12/20/50 | 1050936 | 124691  |
|  |  | 810408  |
| **Pass-Through Securities — 18.2%** | **Pass-Through Securities — 18.2%** | **Pass-Through Securities — 18.2%** |
|  Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool #SB0869 <br>1.500% 2/01/36 | 163341 | 144811  |
|  Pool #QN7552 2.000% 8/01/36 | 232772 | 210870  |
| &nbsp;&nbsp;&nbsp; Pool #RB5114 <br>2.000% 6/01/41 | 135236 | 115761  |
|  Pool #RA3046 2.000% 7/01/50 | 22972 | 18541  |
| &nbsp;&nbsp;&nbsp; Pool #SD8128 <br>2.000% 2/01/51 | 729219 | 583335  |
| &nbsp;&nbsp;&nbsp; Pool #SD8140 <br>2.000% 4/01/51 | 470447 | 375744  |
| &nbsp;&nbsp;&nbsp; Pool #SD8146 <br>2.000% 5/01/51 | 458483 | 366188  |
|  Pool #QC2565 2.000% 6/01/51 | 27601 | 22045  |
|  Pool #RA6505 2.000% 12/01/51 | 575542 | 461841  |
|  Pool #QD9658 2.000% 2/01/52 | 32093 | 25542  |
| &nbsp;&nbsp;&nbsp; Pool #SD1217 <br>2.000% 3/01/52 | 209017 | 168574  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #SD3580 <br>2.000% 4/01/52 | $234493 | $189193  |
| &nbsp;&nbsp;&nbsp; Pool #SD8204 <br>2.000% 4/01/52 | 198101 | 157851  |
|  Pool #RA7324 2.000% 5/01/52 | 129776 | 104624  |
|  Pool #RB5149 2.500% 3/01/42 | 211507 | 184776  |
| &nbsp;&nbsp;&nbsp; Pool #SD8089 <br>2.500% 7/01/50 | 127724 | 107111  |
|  Pool #SD8099 2.500% 10/01/50 | 134593 | 112662  |
|  Pool #QC3425 2.500% 6/01/51 | 195166 | 162389  |
|  Pool #QC2902 2.500% 6/01/51 | 31079 | 26384  |
| &nbsp;&nbsp;&nbsp; Pool #SD8161 <br>2.500% 8/01/51 | 796492 | 664466  |
|  Pool #QC5575 2.500% 8/01/51 | 66957 | 55712  |
| &nbsp;&nbsp;&nbsp; Pool #SD8200 <br>2.500% 3/01/52 | 89046 | 74230  |
| &nbsp;&nbsp;&nbsp; Pool #SD5421 <br>2.500% 4/01/52 | 182215 | 152695  |
| &nbsp;&nbsp;&nbsp; Pool #SD8212 <br>2.500% 5/01/52 | 207180 | 172708  |
|  Pool #RB5162 3.000% 6/01/42 | 101374 | 91377  |
|  Pool #RB5166 3.000% 7/01/42 | 57638 | 51954  |
|  Pool #RB5173 3.000% 8/01/42 | 48661 | 43862  |
|  Pool #ZS4693 3.000% 12/01/46 | 59744 | 53031  |
| &nbsp;&nbsp;&nbsp; Pool #G08756 <br>3.000% 4/01/47 | 25497 | 22661  |
| &nbsp;&nbsp;&nbsp; Pool #SD0080 <br>3.000% 9/01/49 | 108009 | 95671  |
|  Pool #SD7531 3.000% 12/01/50 | 133243 | 117564  |
| &nbsp;&nbsp;&nbsp; Pool #SD1183 <br>3.000% 1/01/52 | 220786 | 193357  |
| &nbsp;&nbsp;&nbsp; Pool #U90690 <br>3.500% 6/01/42 | 37245 | 34834  |
| &nbsp;&nbsp;&nbsp; Pool #U99051 <br>3.500% 6/01/43 | 37961 | 35498  |
|  Pool #ZT0179 3.500% 11/01/47 | 228363 | 209870  |
|  Pool #RA1202 3.500% 8/01/49 | 90826 | 83188  |
|  Pool #SD0212 3.500% 12/01/49 | 119272 | 109240  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **19**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Pool #SD0617 3.500% 11/01/50 | $86578 | $79188  |
| &nbsp;&nbsp;&nbsp; Pool #SB8171 <br>4.000% 6/01/37 | 48499 | 47480  |
| &nbsp;&nbsp;&nbsp; Pool #SD8039 <br>4.000% 1/01/50 | 199769 | 188357  |
| &nbsp;&nbsp;&nbsp; Pool #SD0422 <br>4.500% 7/01/45 | 92091 | 91174  |
|  Pool #RA2607 4.500% 5/01/50 | 41780 | 40489  |
|  Pool #ZS3941 5.000% 12/01/41 | 29357 | 29747  |
|  Pool #QF1305 5.000% 10/01/52 | 67580 | 66547  |
| &nbsp;&nbsp;&nbsp; Pool #SD3041 <br>5.000% 5/01/53 | 101795 | 100111  |
| &nbsp;&nbsp;&nbsp; Pool #SD6382 <br>5.000% 7/01/54 | 172101 | 168716  |
| &nbsp;&nbsp;&nbsp; Pool #SD3630 <br>5.500% 8/01/53 | 877699 | 884188  |
|  Pool #QH3273 5.500% 10/01/53 | 35751 | 35772  |
| &nbsp;&nbsp;&nbsp; Pool #QI6767 <br>5.500% 5/01/54 | 95378 | 95576  |
| &nbsp;&nbsp;&nbsp; Pool #QJ3040 <br>5.500% 9/01/54 | 221362 | 222238  |
| &nbsp;&nbsp;&nbsp; Pool #QI9074 <br>6.000% 6/01/54 | 72718 | 74043  |
| &nbsp;&nbsp;&nbsp; Pool #RJ1975 <br>6.000% 7/01/54 | 156607 | 160218  |
| &nbsp;&nbsp;&nbsp; Pool #SD4694 <br>6.500% 1/01/54 | 116199 | 120646  |
| &nbsp;&nbsp;&nbsp; Pool #QJ5643 <br>6.500% 9/01/54 | 111263 | 114877  |
|  Pool #QX0557 6.500% 12/01/54 | 77463 | 79972  |
|  Pool #QX2526 6.500% 1/01/55 | 114476 | 118167  |
|  Pool #QX3636 6.500% 1/01/55 | 37195 | 38400  |
| &nbsp;&nbsp;&nbsp; Pool #SD5620 <br>7.000% 6/01/54 | 133458 | 139988  |
|  Federal National Mortgage Association <br>|  |  |
|  Pool #MA4519 1.500% 1/01/42 | 192941 | 158131  |
| &nbsp;&nbsp;&nbsp; Pool #BP3454 <br>2.000% 5/01/36 | 200373 | 181770  |
|  Pool #FM8732 2.000% 9/01/36 | 238503 | 218148  |
|  Pool #MA4602 2.000% 5/01/37 | 337864 | 305756  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #FS7471 <br>2.000% 3/01/38 | $240494 | $217715  |
|  Pool #MA4570 2.000% 3/01/42 | 182730 | 154968  |
| &nbsp;&nbsp;&nbsp; Pool #FS2763 <br>2.000% 8/01/42 | 41778 | 35431  |
| &nbsp;&nbsp;&nbsp; Pool #FS5191 <br>2.000% 8/01/42 | 48004 | 40711  |
|  Pool #CA6587 2.000% 8/01/50 | 99927 | 80654  |
|  Pool #MA4158 2.000% 10/01/50 | 239519 | 191602  |
|  Pool #MA4255 2.000% 2/01/51 | 1505051 | 1203958  |
|  Pool #MA4511 2.000% 1/01/52 | 339502 | 270522  |
|  Pool #CB2848 2.000% 2/01/52 | 514612 | 412948  |
|  Pool #MA4547 2.000% 2/01/52 | 446543 | 355815  |
|  Pool #MA4562 2.000% 3/01/52 | 687128 | 547518  |
| &nbsp;&nbsp;&nbsp; Pool #FS1571 <br>2.000% 4/01/52 | 22832 | 18193  |
|  Pool #MA4622 2.000% 6/01/52 | 628051 | 500247  |
|  Pool #BM3859 2.500% 8/01/31 | 60101 | 57599  |
|  Pool #BM1890 2.500% 1/01/32 | 41021 | 39443  |
| &nbsp;&nbsp;&nbsp; Pool #FS7780 <br>2.500% 5/01/37 | 241731 | 225304  |
|  Pool #CB4726 2.500% 9/01/37 | 109815 | 101803  |
| &nbsp;&nbsp;&nbsp; Pool #FS4054 <br>2.500% 2/01/38 | 39003 | 36133  |
|  Pool #MA4078 2.500% 7/01/50 | 24716 | 20727  |
| &nbsp;&nbsp;&nbsp; Pool #BT0163 <br>2.500% 6/01/51 | 42364 | 35964  |
|  Pool #CB1280 2.500% 8/01/51 | 55105 | 46177  |
|  Pool #CB1331 2.500% 8/01/51 | 621573 | 520872  |
|  Pool #CB2045 2.500% 11/01/51 | 39852 | 33670  |
|  Pool #CB2638 2.500% 1/01/52 | 1110268 | 932823  |
|  Pool #MA4512 2.500% 1/01/52 | 26893 | 22427  |
|  Pool #CB2538 2.500% 1/01/52 | 924015 | 778647  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **20**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #FS5037 <br>2.500% 2/01/52 | $250695 | $209140  |
|  Pool #CB2804 2.500% 2/01/52 | 432792 | 364704  |
| &nbsp;&nbsp;&nbsp; Pool #FS4283 <br>2.500% 3/01/52 | 51870 | 43466  |
| &nbsp;&nbsp;&nbsp; Pool #FS2573 <br>2.500% 3/01/52 | 72439 | 61201  |
|  Pool #MA4623 2.500% 6/01/52 | 241424 | 201255  |
|  Pool #BM5111 3.000% 11/01/33 | 65604 | 63463  |
|  Pool #BO7256 3.000% 1/01/35 | 134494 | 128476  |
|  Pool #FM2547 3.000% 2/01/35 | 78716 | 75243  |
|  Pool #FM8540 3.000% 11/01/35 | 132169 | 128029  |
|  Pool #MA4632 3.000% 6/01/42 | 26085 | 23513  |
|  Pool #MA4695 3.000% 7/01/42 | 155637 | 140290  |
|  Pool #BM4221 3.000% 1/01/43 | 104490 | 94510  |
|  Pool #BM5468 3.000% 2/01/43 | 154685 | 139985  |
|  Pool #AB9248 3.000% 5/01/43 | 38579 | 34919  |
|  Pool #AU1629 3.000% 7/01/43 | 11160 | 10084  |
| &nbsp;&nbsp;&nbsp; Pool #AS0406 <br>3.000% 9/01/43 | 63037 | 56968  |
|  Pool #MA2806 3.000% 11/01/46 | 172806 | 153659  |
|  Pool #AS8295 3.000% 11/01/46 | 218691 | 195281  |
|  Pool #FM1000 3.000% 4/01/47 | 144096 | 128131  |
|  Pool #BM4744 3.000% 6/01/47 | 98338 | 87811  |
|  Pool #FM1445 3.000% 8/01/49 | 96369 | 85421  |
|  Pool #CA4108 3.000% 9/01/49 | 170136 | 150488  |
|  Pool #CA5540 3.000% 4/01/50 | 11517 | 10130  |
|  Pool #CA6314 3.000% 7/01/50 | 169513 | 147447  |
|  Pool #BQ1348 3.000% 8/01/50 | 95530 | 83752  |
|  Pool #CA6738 3.000% 8/01/50 | 188514 | 165271  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Pool #BQ5052 3.000% 9/01/50 | $6484 | $5688  |
| &nbsp;&nbsp;&nbsp; Pool #AS4449 <br>3.500% 2/01/35 | 67345 | 64838  |
|  Pool #FM3340 3.500% 5/01/35 | 5379 | 5255  |
|  Pool #FM8137 3.500% 9/01/35 | 56425 | 55159  |
|  Pool #MA1283 3.500% 12/01/42 | 33029 | 30821  |
|  Pool #MA1373 3.500% 3/01/43 | 50564 | 47143  |
|  Pool #MA1437 3.500% 5/01/43 | 45468 | 42351  |
|  Pool #AL6167 3.500% 1/01/44 | 445470 | 415414  |
| &nbsp;&nbsp;&nbsp; Pool #AS5182 <br>3.500% 6/01/45 | 287991 | 265210  |
| &nbsp;&nbsp;&nbsp; Pool #FS1400 <br>3.500% 7/01/47 | 19704 | 18427  |
|  Pool #BM4582 3.500% 8/01/47 | 85358 | 78739  |
|  Pool #CA0858 3.500% 12/01/47 | 39159 | 35767  |
|  Pool #MA3238 3.500% 1/01/48 | 171435 | 156588  |
|  Pool #BH9277 3.500% 2/01/48 | 300514 | 274488  |
|  Pool #FM1001 3.500% 11/01/48 | 35910 | 32800  |
|  Pool #FM8086 3.500% 7/01/51 | 97539 | 88025  |
|  Pool #BV3533 3.500% 2/01/52 | 33920 | 30686  |
| &nbsp;&nbsp;&nbsp; Pool #FS1694 <br>4.000% 7/01/35 | 85453 | 84486  |
|  Pool #BF0198 4.000% 11/01/40 | 77001 | 74980  |
|  Pool #MA0639 4.000% 2/01/41 | 257662 | 247924  |
| &nbsp;&nbsp;&nbsp; Pool #FS2119 <br>4.000% 3/01/46 | 74048 | 71173  |
|  Pool #AL8387 4.000% 3/01/46 | 457228 | 435803  |
|  Pool #MA3088 4.000% 8/01/47 | 24766 | 23452  |
|  Pool #MA3467 4.000% 9/01/48 | 3179 | 3000  |
|  Pool #BM5527 4.000% 10/01/48 | 83510 | 79261  |
|  Pool #BM5147 4.000% 10/01/48 | 19290 | 18345  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **21**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Pool #CA3503 4.000% 5/01/49 | $42403 | $39993  |
|  Pool #CA4571 4.000% 11/01/49 | 64456 | 60774  |
|  Pool #CA4823 4.000% 12/01/49 | 80886 | 76265  |
|  Pool #CB4379 4.000% 8/01/52 | 192041 | 179104  |
|  Pool #MA4804 4.000% 11/01/52 | 29059 | 27117  |
|  Pool #MA4839 4.000% 12/01/52 | 162139 | 151306  |
|  Pool #AL0065 4.500% 4/01/41 | 148843 | 147225  |
| &nbsp;&nbsp;&nbsp; Pool #AI1888 <br>4.500% 5/01/41 | 165565 | 163727  |
|  Pool #BM4185 4.500% 9/01/46 | 122862 | 120523  |
|  Pool #FM5708 4.500% 5/01/47 | 133275 | 131727  |
|  Pool #BM3148 4.500% 11/01/47 | 112100 | 109370  |
|  Pool #BM4343 4.500% 5/01/48 | 108901 | 106215  |
|  Pool #CA2207 4.500% 8/01/48 | 24895 | 24149  |
|  Pool #CA5186 4.500% 1/01/50 | 23906 | 23174  |
|  Pool #CA5696 4.500% 5/01/50 | 56978 | 55199  |
|  Pool #MA4656 4.500% 7/01/52 | 362330 | 347620  |
|  Pool #AD6438 5.000% 6/01/40 | 35582 | 36054  |
|  Pool #FM8543 5.000% 11/01/44 | 154016 | 156093  |
|  Pool #FM4212 5.000% 12/01/47 | 295519 | 299205  |
| &nbsp;&nbsp;&nbsp; Pool #FS2620 <br>5.000% 8/01/52 | 39690 | 39207  |
|  Pool #BW7752 5.000% 10/01/52 | 86142 | 84824  |
|  Pool #BY0545 5.000% 5/01/53 | 362179 | 355452  |
| &nbsp;&nbsp;&nbsp; Pool #FS7303 <br>5.000% 7/01/53 | 206449 | 202840  |
|  Pool #CB7095 5.000% 9/01/53 | 298450 | 294445  |
|  Pool #BM3279 5.500% 5/01/44 | 453803 | 469778  |
|  Pool #CB5294 5.500% 11/01/52 | 335258 | 337423  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #FS5115 <br>5.500% 6/01/53 | $9108 | $9141  |
| &nbsp;&nbsp;&nbsp; Pool #FA0048 <br>5.500% 9/01/53 | 14226 | 14354  |
|  Pool #DB0817 5.500% 4/01/54 | 166226 | 166398  |
|  Pool #CB8483 5.500% 5/01/54 | 25534 | 25715  |
|  Pool #BM4971 6.000% 7/01/41 | 137228 | 144574  |
|  Pool #CB5702 6.000% 2/01/53 | 301988 | 310743  |
| &nbsp;&nbsp;&nbsp; Pool #FS5460 <br>6.000% 5/01/53 | 122168 | 125710  |
|  Pool #MA5247 6.000% 1/01/54 | 828850 | 842780  |
| &nbsp;&nbsp;&nbsp; Pool #CB9011 <br>6.000% 8/01/54 | 299030 | 306111  |
| &nbsp;&nbsp;&nbsp; Pool #FS8793 <br>6.000% 8/01/54 | 109020 | 110920  |
|  Pool #CB7346 6.500% 10/01/53 | 82001 | 85164  |
|  Pool #CB7523 6.500% 11/01/53 | 165219 | 171244  |
|  Pool #CB7866 6.500% 1/01/54 | 202440 | 210202  |
|  Pool #CB8226 6.500% 3/01/54 | 9077 | 9399  |
|  Pool #CB8505 6.500% 5/01/54 | 295886 | 307324  |
|  Pool #DC1965 6.500% 9/01/54 | 64269 | 66357  |
|  Pool #DC9630 6.500% 1/01/55 | 69950 | 72216  |
|  Government National Mortgage Association<br>|  |  |
|  Pool #AA5821 3.000% 11/15/42 | 31852 | 28847  |
|  Government National Mortgage Association II <br>|  |  |
|  Pool #MA7736 1.500% 12/20/36 | 53426 | 47115  |
|  Pool #MA7796 1.500% 1/20/37 | 71979 | 63476  |
|  Pool #MA8015 1.500% 5/20/37 | 127367 | 112322  |
|  Pool #MA7135 2.000% 1/20/51 | 648490 | 530456  |
|  Pool #MA7192 2.000% 2/20/51 | 188472 | 154219  |
|  Pool #MA7826 2.000% 1/20/52 | 417014 | 341356  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **22**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Pool #MA7935 2.000% 3/20/52 | $687259 | $562356  |
|  Pool #MA6819 2.500% 8/20/50 | 263730 | 225394  |
|  Pool #MA7312 2.500% 4/20/51 | 323605 | 276330  |
|  Pool #MA7649 2.500% 10/20/51 | 237837 | 202869  |
|  Pool #MA7705 2.500% 11/20/51 | 520178 | 443698  |
|  Pool #MA7936 2.500% 3/20/52 | 465994 | 397481  |
|  Pool #MA2600 3.000% 2/20/45 | 63162 | 57082  |
|  Pool #MA3662 3.000% 5/20/46 | 81914 | 73626  |
|  Pool #MA3802 3.000% 7/20/46 | 39140 | 35180  |
|  Pool #MA3873 3.000% 8/20/46 | 228226 | 205135  |
|  Pool #MA6144 3.000% 9/20/49 | 10841 | 9453  |
|  Pool #MA6209 3.000% 10/20/49 | 68799 | 59989  |
|  Pool #MA6399 3.000% 1/20/50 | 37170 | 32410  |
|  Pool #MA6589 3.000% 4/20/50 | 53089 | 46042  |
|  Pool #MA7473 3.000% 7/20/51 | 644014 | 570804  |
|  Pool #MA8098 3.000% 6/20/52 | 166445 | 147472  |
|  Pool #MA0318 3.500% 8/20/42 | 128329 | 120351  |
|  Pool #MA0852 3.500% 3/20/43 | 91310 | 85519  |
| &nbsp;&nbsp;&nbsp; Pool #783802 <br>3.500% 4/20/43 | 13774 | 12827  |
|  Pool #MA1090 3.500% 6/20/43 | 107842 | 100939  |
|  Pool #AL1773 3.500% 1/20/45 | 129410 | 119817  |
|  Pool #MA3310 3.500% 12/20/45 | 58119 | 53935  |
|  Pool #MA3597 3.500% 4/20/46 | 86028 | 79754  |
|  Pool #MA3663 3.500% 5/20/46 | 66292 | 61458  |
|  Pool #MA3803 3.500% 7/20/46 | 12920 | 11957  |
|  Pool #MA3937 3.500% 9/20/46 | 85787 | 79397  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool #786092 <br>3.500% 1/20/47 | $119965 | $111329  |
| &nbsp;&nbsp;&nbsp; Pool #784346 <br>3.500% 7/20/47 | 19652 | 18219  |
|  Pool #MA4586 3.500% 7/20/47 | 29394 | 27186  |
|  Pool #MA4719 3.500% 9/20/47 | 10289 | 9516  |
|  Pool #BC1919 3.500% 9/20/47 | 40156 | 37027  |
|  Pool #784793 3.500% 12/20/47 | 5328 | 4916  |
|  Pool #785327 3.500% 10/20/49 | 52481 | 48461  |
|  Pool #MA3245 4.000% 11/20/45 | 125293 | 119611  |
|  Pool #MA4511 4.000% 6/20/47 | 76659 | 72847  |
|  Pool #MA4838 4.000% 11/20/47 | 67417 | 64002  |
|  Pool #MA8346 4.000% 10/20/52 | 514495 | 483604  |
| &nbsp;&nbsp;&nbsp; Pool #5234 <br>4.500% 11/20/41 | 107854 | 106319  |
|  Pool #MA2894 4.500% 6/20/45 | 114706 | 112882  |
|  Pool #MA2963 4.500% 7/20/45 | 44227 | 43377  |
|  Pool #MA3312 4.500% 12/20/45 | 2125 | 2084  |
|  Pool #MA4588 4.500% 7/20/47 | 201354 | 196730  |
|  Pool #MA4654 4.500% 8/20/47 | 31815 | 31085  |
|  Pool #MA5079 4.500% 3/20/48 | 47779 | 46652  |
|  Pool #MA5265 4.500% 6/20/48 | 165 | 161  |
|  Pool #MA5399 4.500% 8/20/48 | 40274 | 39287  |
|  Pool #MA5711 4.500% 1/20/49 | 65371 | 63666  |
| &nbsp;&nbsp;&nbsp; Pool #786255 <br>4.500% 9/20/49 | 62165 | 60504  |
|  Pool #MA4781 5.000% 10/20/47 | 219820 | 221682  |
|  Pool #MA5194 5.000% 5/20/48 | 43906 | 44003  |
| &nbsp;&nbsp;&nbsp; Pool #BF2644 <br>5.000% 5/20/48 | 4447 | 4442  |
| &nbsp;&nbsp;&nbsp; Pool #BF2878 <br>5.000% 6/20/48 | 15018 | 15000  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **23**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Pool #MA5988 5.000% 6/20/49 | $122986 | $122836  |
|  Pool #MA6042 5.000% 7/20/49 | 178236 | 178074  |
|  Pool #MA5081 5.500% 3/20/48 | 34240 | 35383  |
|  Pool #MA5140 5.500% 4/20/48 | 25712 | 26575  |
|  Pool #MA5195 5.500% 5/20/48 | 75197 | 77462  |
|  Pool #MA5469 5.500% 9/20/48 | 298 | 307  |
|  Pool #MA5531 5.500% 10/20/48 | 6950 | 7131  |
|  Pool #MA5598 5.500% 11/20/48 | 33738 | 34660  |
|  Pool #MA5654 5.500% 12/20/48 | 92675 | 95090  |
|  Pool #MA5713 5.500% 1/20/49 | 23905 | 24438  |
|  Pool #MA5820 5.500% 3/20/49 | 24178 | 24838  |
|  Pool #MA8271 6.000% 9/20/52 | 151064 | 153952  |
|  Pool #MA8350 6.000% 10/20/52 | 91215 | 92959  |
|  Pool #MA9853 6.500% 8/20/54 | 160220 | 163992  |
|  Government National Mortgage Association II, TBA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 4/20/55 (g) | 175000 | 172158  |
| &nbsp;&nbsp;&nbsp; 5.500% 4/20/55 (g) | 635000 | 636392  |
|  Uniform Mortgage-Backed Security, TBA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.000% 4/01/40 (g) | 170000 | 170896  |
| &nbsp;&nbsp;&nbsp; 6.000% 4/01/55 (g) | 210000 | 213281  |
| &nbsp;&nbsp;&nbsp; 6.500% 4/01/55 (g) | 195000 | 201109  |
|  |  | 38892542  |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES** <br>**(Cost $41,766,115)** |  | **39702950**  |
| **U.S. Treasury Obligations — 22.3%** | **U.S. Treasury Obligations — 22.3%** | **U.S. Treasury Obligations — 22.3%** |
| **U.S. Treasury Bonds & Notes — 22.3%** | **U.S. Treasury Bonds & Notes — 22.3%** | **U.S. Treasury Bonds & Notes — 22.3%** |
| U.S. Treasury Bonds <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.125% 5/15/40 | 420000 | 265833  |
| &nbsp;&nbsp;&nbsp; 3.375% 8/15/42 (n) | 9575000 | 8206075  |
| &nbsp;&nbsp;&nbsp; 4.000% 11/15/42 | 8030000 | 7489230  |
| &nbsp;&nbsp;&nbsp; 4.500% 2/15/44 | 340000 | 334701  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.500% 11/15/54 | $6020000 | $5929700  |
| &nbsp;&nbsp;&nbsp; 4.750% 2/15/45 | 530000 | 539771  |
| U.S. Treasury Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.625% 8/15/30 | 835000 | 700030  |
| &nbsp;&nbsp;&nbsp; 1.500% 1/31/27 | 6300000 | 6032035  |
| &nbsp;&nbsp;&nbsp; 3.125% 8/31/27 | 2660000 | 2612553  |
| &nbsp;&nbsp;&nbsp; 3.875% 3/31/27 | 815000 | 814681  |
| &nbsp;&nbsp;&nbsp; 3.875% 11/30/27 (n) | 1100000 | 1099415  |
| &nbsp;&nbsp;&nbsp; 4.000% 3/31/30 | 1025000 | 1027003  |
| &nbsp;&nbsp;&nbsp; 4.125% 9/30/27 | 5655000 | 5687925  |
| &nbsp;&nbsp;&nbsp; 4.125% 10/31/27 | 1400000 | 1407818  |
| &nbsp;&nbsp;&nbsp; 4.250% 1/31/30 | 800000 | 810250  |
| &nbsp;&nbsp;&nbsp; 4.250% 11/15/34 | 245000 | 245689  |
| &nbsp;&nbsp;&nbsp; 4.375% 12/31/29 | 1320000 | 1343822  |
| &nbsp;&nbsp;&nbsp; 4.375% 5/15/34 | 1390000 | 1408678  |
| &nbsp;&nbsp;&nbsp; 4.625% 9/30/28 | 1005000 | 1028398  |
| &nbsp;&nbsp;&nbsp; 4.625% 2/15/35 | 570000 | 588792  |
|  |  | 47572399  |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $48,578,886)** |  | **47572399**  |
| **TOTAL BONDS & NOTES** <br>**(Cost $212,831,134)** |  | **207403053**  |
| **TOTAL PURCHASED OPTIONS (#) — 0.1%**<br>**(Cost $296,391)** |  | **249654**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>**(Cost $213,127,525)** |  | **207652707** |

---

---

| | |
|:---|:---|
|  | **Number of** <br>**Shares**  |
| **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** |
| **Investment of Cash Collateral from Securities** <br>**Loaned — 0.4%** | **Investment of Cash Collateral from Securities** <br>**Loaned — 0.4%** |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (o) | 907838 |
| **Mutual Fund — 2.9%**<br>|  |
| T. Rowe Price Government Reserve Investment Fund, 1.204% (p) | 6162308 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **Repurchase Agreement — 0.9%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (q) | $1957480 | 1957480 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **24**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **Sovereign Debt Obligations — 1.1%** | **Sovereign Debt Obligations — 1.1%** | **Sovereign Debt Obligations — 1.1%** |
| Canada Treasury Bills <br>|  |  |
| 3.011% 4/24/25 CAD (e) (r) | $1975000 | $1370032  |
| 3.019% 4/24/25 CAD (e) (r) | 1178000 | 817163  |
| Egypt Treasury Bills <br>|  |  |
| &nbsp;&nbsp;&nbsp; 26.201% 9/23/25 <br>EGP (e) (r) | 5525000 | 97285  |
| &nbsp;&nbsp;&nbsp; 26.999% 6/17/25 <br>EGP (e) (r) | 5250000 | 98522 |
|  |  | 2383002  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,412,039)** |  | **11410628**  |
| **TOTAL INVESTMENTS — 102.9%**<br>**(Cost $224,539,564) (s)** |  | **219063335**  |
| **Other Assets/**<br>(Liabilities) — (2.9)% |  | **(6180158)**  |
| **NET ASSETS — 100.0%**<br>|  | **$212883177** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| CDOR  | &nbsp;&nbsp;&nbsp; Canadian Dollar Offered Rate |
| CLO  | &nbsp;&nbsp;&nbsp; Collateralized Loan Obligation |
| CMT  | &nbsp;&nbsp;&nbsp; Constant Maturity Treasury Index |
| EURIBOR  | &nbsp;&nbsp;&nbsp; Euro Inter-Bank Offered Rate |
| FRN  | &nbsp;&nbsp;&nbsp; Floating Rate Note |
| ICE  | &nbsp;&nbsp;&nbsp; Inter-Continental Exchange |
| OAT  | &nbsp;&nbsp;&nbsp; Obligations Assimilables du Tresor |
| SOFR  | &nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate |
| SONIA  | &nbsp;&nbsp;&nbsp; Sterling Overnight Index Average |
| STEP  | &nbsp;&nbsp;&nbsp; Step Coupon Bond |
| STRIPS  | &nbsp;&nbsp;&nbsp; Separate Trading of Registered Interest and Principal <br>of Securities |
| TBA  | &nbsp;&nbsp;&nbsp; To Be Announced |
| VRN  | &nbsp;&nbsp;&nbsp; Variable Rate Note |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Floating rate or variable rate security. Interest
 rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference
 rate and spread if published and available.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of the security represents
 unsettled bank loan commitments at March 31, 2025, where the rate will be determined at time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $34,934 or 0.02% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $60,491,889 or 28.42% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The principal amount of the security is in foreign
 currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $1,244,679 or 0.58% of net assets. The Fund received $363,206 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is perpetual and has no stated maturity
 date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $100,004
 or 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Security is currently in default due to bankruptcy
 or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2025, these securities
 amounted to a value of $156,356 or 0.07% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Certain variable rate securities are not based
 on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities
 do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(o) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(p) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Maturity value of $1,957,629. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,996,824.

&nbsp;&nbsp;&nbsp;&nbsp;(r) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(s) See Note 6 for aggregate cost for federal
 tax purposes.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **25**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

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

---

| | |
|:---|:---|
| United States | 65.9%  |
| United Kingdom | 2.7%  |
| Canada | 2.2%  |
| Japan | 2.2%  |
| France | 2.1%  |
| Germany | 2.0%  |
| Cayman Islands | 1.8%  |
| Indonesia | 1.1%  |
| China | 1.0%  |
| Spain | 1.0%  |
| Australia | 1.0%  |
| Brazil | 1.0%  |
| Poland | 0.9%  |
| Belgium | 0.9%  |
| Italy | 0.9%  |
| Malaysia | 0.9%  |
| Mexico | 0.9%  |
| Czech Republic | 0.9%  |
| Chile | 0.7%  |
| India | 0.6%  |
| Latvia | 0.5%  |
| Denmark | 0.5%  |
| Luxembourg | 0.4%  |
| Singapore | 0.4%  |
| Thailand | 0.4%  |
| Colombia | 0.3%  |
| Serbia | 0.3%  |
| Morocco | 0.3%  |
| Iceland | 0.2%  |
| Ivory Coast | 0.2%  |
| Norway | 0.2%  |

---

---

| | |
|:---|:---|
| Lithuania | 0.2%  |
| Netherlands | 0.2%  |
| South Africa | 0.2%  |
| Montenegro | 0.2%  |
| Slovenia | 0.2%  |
| Israel | 0.2%  |
| Republic of Korea | 0.2%  |
| Austria | 0.1%  |
| Albania | 0.1%  |
| Estonia | 0.1%  |
| Ireland | 0.1%  |
| Sweden | 0.1%  |
| Switzerland | 0.1%  |
| Bulgaria | 0.1%  |
| Portugal | 0.1%  |
| Macau | 0.1%  |
| Tanzania, United Republic Of | 0.1%  |
| Saudi Arabia | 0.1%  |
| United Arab Emirates | 0.1%  |
| Kuwait | 0.1%  |
| Hungary | 0.1%  |
| Puerto Rico | 0.1%  |
| Egypt | 0.1%  |
| Philippines | 0.1%  |
| Sri Lanka | 0.1%  |
| Peru | 0.0%  |
| Bermuda | 0.0%  |
| Total Long-Term Investments | 97.6%  |
|  Short-Term Investments and Other Assets and Liabilities | 2.4%  |
| Net Assets | 100.0% |

---

**(#) OTC Options Purchased** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Counterparty**  | **Expiration** <br>**Date**  | **Exercise** <br>**Price**  | **No. of** <br>**Contracts**  | **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Value**  | **Premiums** <br>**Paid/** <br>(Received)  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Call**<br>|  |  |  |  |  |  |  |  |  |
| USD Call GBP Put | Bank of America N.A.\* | 12/16/25 | 1.27 | 1400000 | USD | 1400000 | $25004 | $44054 | $(19050)  |
| USD Call CAD Put | Bank of America N.A.\* | 12/16/25 | 1.40 | 1400000 | USD | 1400000 | 36804 | 32164 | 4640  |
| USD Call CNH Put | HSBC Bank USA\* | 5/08/25 | 7.30 | 595000 | USD | 595000 | 1822 | 6676 | (4854)  |
|  |  |  |  |  |  |  | $63630 | $82894 | $(19264)  |
| **Put**<br>|  |  |  |  |  |  |  |  |  |
| USD Put GBP Call | Bank of America N.A.\* | 12/16/25 | 1.27 | 1400000 | USD | 1400000 | $50417 | $44054 | $6363  |
| USD Put CAD Call | Bank of America N.A.\* | 12/16/25 | 1.40 | 1400000 | USD | 1400000 | 19786 | 32123 | (12337)  |
| USD Put ILS Call | Barclays Bank PLC\* | 6/18/25 | 3.57 | 122000 | USD | 122000 | 518 | 1052 | (534)  |
| USD Put ILS Call | BNP Paribas SA\* | 4/21/25 | 3.55 | 400000 | USD | 400000 | 125 | 7979 | (7854)  |
|  |  |  |  |  |  |  | $70846 | $85208 | $(14362)  |
|  |  |  |  |  |  |  | $134476 | $168102 | $(33626) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **26**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**(#) Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Paid by Fund**  | **Paid by Fund**  | **Received by Fund**  | **Received by Fund**  |  |  |  |  |  |
| <br>**Description**  | <br>**Counterparty**  | <br>**Expiration** <br>**Date**  | **Rate**  | **Frequency**  | **Rate**  | **Frequency**  | **Notional** <br>**Amount**  | **Notional** <br>**Amount**  | **Value**  | **Premium** <br>**Paid/** <br>(Received)  | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Call** |  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 12/18/36 | Citibank N.A.\* | 12/16/26 | 6-Month EURIBOR | Semi-Annually | 2.27%## | Annually | EUR | 1330000 | $22491 | $49317 | $(26826)  |
| **Put**<br>|  |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, 7/11/55 | Barclays Bank PLC\* | 7/09/25 | 4.55%## | Annually | 12-Month USD SOFR | Annually | USD | 1800000 | $4853 | $29654 | $(24801)  |
| 10-Year Interest Rate Swap, 12/18/36 | Citibank N.A.\* | 12/16/26 | 2.27%## | Annually | 6-Month EURIBOR | Semi-Annually | EUR | 1330000 | 87834 | 49317 | 38517  |
|  |  |  |  |  |  |  |  |  | $92687 | $78971 | $13716  |
|  |  |  |  |  |  |  |  |  | $115178 | $128288 | $(13110) |

---

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| Bank of America N.A.\* | 4/11/25 | USD | 578419 | IDR | 9431060330 | $9250  |
| Bank of America N.A.\* | 4/11/25 | USD | 59121 | KRW | 85233000 | 1212  |
| Bank of America N.A.\* | 4/17/25 | ZAR | 4263793 | USD | 228583 | 3695  |
| Bank of America N.A.\* | 4/17/25 | USD | 713322 | HUF | 267772000 | (4961)  |
| Bank of America N.A.\* | 4/18/25 | TRY | 9814000 | USD | 253559 | (168)  |
| Bank of America N.A.\* | 4/24/25 | USD | 443668 | AUD | 721000 | (6929)  |
| Bank of America N.A.\* | 4/25/25 | JPY | 233776000 | USD | 1550871 | 11757  |
| Bank of America N.A.\* | 4/25/25 | CAD | 756160 | USD | 527116 | (1042)  |
| Bank of America N.A.\* | 4/25/25 | USD | 530711 | EUR | 484000 | 6715  |
| Bank of America N.A.\* | 4/25/25 | USD | 327068 | JPY | 49094000 | (1091)  |
| Bank of America N.A.\* | 5/09/25 | USD | 70364 | CLP | 66401354 | 445  |
| Bank of America N.A.\* | 5/16/25 | USD | 86279 | PLN | 350981 | (4195)  |
| Bank of America N.A.\* | 5/23/25 | USD | 234190 | EUR | 221569 | (6067)  |
| Bank of America N.A.\* | 6/06/25 | USD | 494390 | COP | 2063457228 | 5275  |
| Bank of America N.A.\* | 6/06/25 | COP | 87846187 | USD | 20777 | 46  |
| Bank of America N.A.\* | 6/09/25 | USD | 2084183 | MYR | 9233171 | (1741)  |
| Barclays Bank PLC\* | 4/11/25 | IDR | 10766233984 | USD | 660293 | (10545)  |
| Barclays Bank PLC\* | 4/16/25 | MXN | 6559105 | USD | 320218 | (317)  |
| Barclays Bank PLC\* | 4/17/25 | USD | 231951 | ZAR | 4354326 | (5258)  |
| Barclays Bank PLC\* | 4/25/25 | USD | 447522 | EUR | 424878 | (12467)  |
| Barclays Bank PLC\* | 5/23/25 | GBP | 325000 | USD | 409116 | 10674  |
| Barclays Bank PLC\* | 5/23/25 | USD | 960028 | GBP | 748000 | (6136)  |
| Barclays Bank PLC\* | 6/20/25 | USD | 411758 | EUR | 376501 | 2840  |
| BNP Paribas SA\* | 4/11/25 | PEN | 3833000 | USD | 1016199 | 26903  |
| BNP Paribas SA\* | 4/11/25 | KRW | 441695000 | USD | 304782 | (4677)  |
| BNP Paribas SA\* | 4/11/25 | TWD | 2189000 | USD | 66915 | (933)  |
| BNP Paribas SA\* | 4/11/25 | USD | 1340055 | TWD | 44036892 | 12670  |
| BNP Paribas SA\* | 4/11/25 | USD | 1372375 | PEN | 5178200 | (36806)  |
| BNP Paribas SA\* | 4/11/25 | USD | 56458 | INR | 4933000 | (1219)  |
| BNP Paribas SA\* | 4/16/25 | MXN | 27421867 | USD | 1302759 | 34660  |
| BNP Paribas SA\* | 4/16/25 | USD | 3248147 | MXN | 68497382 | (92605)  |
| BNP Paribas SA\* | 4/17/25 | CZK | 2891000 | USD | 119406 | 5878  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **27**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| BNP Paribas SA\* | 4/25/25 | USD | 12681467 | CAD | 18180418 | $33031  |
| BNP Paribas SA\* | 4/25/25 | EUR | 475323 | USD | 512421 | 2181  |
| BNP Paribas SA\* | 5/16/25 | PLN | 1198000 | USD | 300540 | 8277  |
| BNP Paribas SA\* | 5/16/25 | USD | 379800 | PLN | 1503710 | (7822)  |
| BNP Paribas SA\* | 5/23/25 | USD | 10746265 | EUR | 10234820 | (351774)  |
| BNP Paribas SA\* | 6/03/25 | USD | 265729 | BRL | 1547146 | (1953)  |
| BNP Paribas SA\* | 6/06/25 | USD | 257218 | COP | 1062993117 | 5250  |
| BNP Paribas SA\* | 6/09/25 | MYR | 600300 | USD | 135572 | 45  |
| Citibank N.A.\* | 4/11/25 | USD | 524447 | IDR | 8627567714 | 3769  |
| Citibank N.A.\* | 4/17/25 | HUF | 142848000 | USD | 358779 | 24402  |
| Citibank N.A.\* | 4/17/25 | ILS | 897500 | USD | 252326 | (10865)  |
| Citibank N.A.\* | 4/17/25 | ZAR | 1259376 | USD | 67438 | 1169  |
| Citibank N.A.\* | 4/17/25 | USD | 1186330 | ZAR | 22692592 | (49885)  |
| Citibank N.A.\* | 4/17/25 | USD | 606997 | RON | 2908000 | (24410)  |
| Citibank N.A.\* | 4/17/25 | USD | 42738 | CZK | 984790 | 61  |
| Citibank N.A.\* | 4/18/25 | TRY | 16006000 | USD | 415093 | (1829)  |
| Citibank N.A.\* | 4/25/25 | USD | 302247 | JPY | 46345000 | (7537)  |
| Citibank N.A.\* | 5/09/25 | UAH | 5148000 | USD | 118345 | 4735  |
| Citibank N.A.\* | 5/09/25 | USD | 69289 | CLP | 66137320 | (352)  |
| Citibank N.A.\* | 5/13/25 | EGP | 3805000 | USD | 72893 | 908  |
| Citibank N.A.\* | 5/13/25 | USD | 114859 | EGP | 6099000 | (3435)  |
| Citibank N.A.\* | 5/16/25 | USD | 201817 | PLN | 780000 | 750  |
| Citibank N.A.\* | 5/23/25 | EUR | 45000 | USD | 49317 | (521)  |
| Citibank N.A.\* | 5/23/25 | USD | 218132 | EUR | 205000 | (4158)  |
| Citibank N.A.\* | 6/11/25 | EGP | 2928000 | USD | 56254 | (230)  |
| Citibank N.A.\* | 6/13/25 | USD | 812247 | SGD | 1083802 | 2543  |
| Citibank N.A.\* | 6/20/25 | USD | 740652 | EUR | 684546 | (2832)  |
| Citibank N.A.\* | 9/11/25 | EGP | 3043000 | USD | 56321 | (296)  |
| Citibank N.A.\* | 9/11/25 | USD | 104889 | EGP | 5811921 | (2113)  |
| Deutsche Bank AG\* | 4/11/25 | TWD | 36440000 | USD | 1109285 | (10889)  |
| Deutsche Bank AG\* | 4/11/25 | IDR | 4681631000 | USD | 289702 | (7163)  |
| Deutsche Bank AG\* | 4/11/25 | PEN | 803000 | USD | 216442 | 2084  |
| Deutsche Bank AG\* | 4/11/25 | INR | 110548465 | USD | 1268412 | 24136  |
| Deutsche Bank AG\* | 4/11/25 | USD | 670048 | TWD | 22019108 | 6335  |
| Deutsche Bank AG\* | 4/17/25 | HUF | 113156000 | USD | 293616 | 9918  |
| Deutsche Bank AG\* | 4/17/25 | USD | 493555 | ILS | 1797500 | 9959  |
| Deutsche Bank AG\* | 4/25/25 | EUR | 413583 | USD | 448549 | (789)  |
| Deutsche Bank AG\* | 4/25/25 | JPY | 211099522 | USD | 1403097 | 7956  |
| Deutsche Bank AG\* | 5/16/25 | PLN | 45 | USD | 12 | —  |
| Deutsche Bank AG\* | 5/23/25 | GBP | 109695 | USD | 138175 | 3515  |
| Deutsche Bank AG\* | 5/23/25 | USD | 207437 | EUR | 190943 | 389  |
| Deutsche Bank AG\* | 6/03/25 | USD | 278028 | BRL | 1642000 | (6065)  |
| Deutsche Bank AG\* | 7/11/25 | USD | 577775 | INR | 49964000 | (2761)  |
| Goldman Sachs International\* | 4/11/25 | USD | 1160157 | IDR | 18862124807 | 21818  |
| Goldman Sachs International\* | 4/11/25 | USD | 364208 | INR | 31573528 | (4955)  |
| Goldman Sachs International\* | 4/11/25 | IDR | 18871770530 | USD | 1138768 | 154  |
| Goldman Sachs International\* | 4/11/25 | TWD | 13632000 | USD | 412684 | (1781)  |
| Goldman Sachs International\* | 4/11/25 | INR | 60244399 | USD | 701618 | 2769  |
| Goldman Sachs International\* | 4/11/25 | USD | 268240 | KRW | 392918000 | 1276  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **28**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| Goldman Sachs International\* | 4/16/25 | USD | 286014 | MXN | 6000000 | $(6618)  |
| Goldman Sachs International\* | 4/25/25 | EUR | 1147371 | USD | 1201986 | 40200  |
| Goldman Sachs International\* | 4/25/25 | JPY | 5933000 | USD | 39604 | 54  |
| Goldman Sachs International\* | 5/09/25 | USD | 156933 | CLP | 147538559 | 1581  |
| Goldman Sachs International\* | 5/23/25 | USD | 76242 | EUR | 73000 | (2915)  |
| Goldman Sachs International\* | 6/03/25 | BRL | 1590000 | USD | 274119 | 977  |
| Goldman Sachs International\* | 6/03/25 | USD | 176230 | BRL | 1028040 | (1638)  |
| Goldman Sachs International\* | 6/06/25 | COP | 1125637000 | USD | 270156 | (3339)  |
| Goldman Sachs International\* | 6/06/25 | USD | 1119551 | THB | 37571000 | 6954  |
| Goldman Sachs International\* | 6/13/25 | CNH | 447000 | USD | 61657 | 166  |
| Goldman Sachs International\* | 7/11/25 | USD | 1072033 | IDR | 17856858530 | (1593)  |
| Goldman Sachs International\* | 7/11/25 | USD | 697181 | INR | 60244399 | (2803)  |
| HSBC Bank USA\* | 4/17/25 | HUF | 24142906 | USD | 59772 | 4990  |
| HSBC Bank USA\* | 4/17/25 | ZAR | 12489529 | USD | 658867 | 21520  |
| HSBC Bank USA\* | 4/17/25 | CZK | 2368668 | USD | 98583 | 4066  |
| HSBC Bank USA\* | 4/17/25 | USD | 301014 | CZK | 7389000 | (19195)  |
| HSBC Bank USA\* | 4/24/25 | USD | 270332 | AUD | 433000 | (276)  |
| HSBC Bank USA\* | 4/25/25 | EUR | 303588 | USD | 317544 | 11132  |
| HSBC Bank USA\* | 4/25/25 | JPY | 224819000 | USD | 1485196 | 17562  |
| HSBC Bank USA\* | 4/25/25 | USD | 17169699 | EUR | 16587787 | (788852)  |
| HSBC Bank USA\* | 4/25/25 | USD | 597938 | JPY | 89800000 | (2312)  |
| HSBC Bank USA\* | 5/09/25 | USD | 37492 | CLP | 35604374 | 2  |
| HSBC Bank USA\* | 5/16/25 | PLN | 780000 | USD | 196456 | 4610  |
| HSBC Bank USA\* | 6/06/25 | USD | 780998 | THB | 26144382 | 6780  |
| HSBC Bank USA\* | 6/20/25 | USD | 5322976 | EUR | 4835522 | 71122  |
| HSBC Bank USA\* | 9/12/25 | USD | 2004428 | CNH | 14376361 | 4390  |
| JP Morgan Chase Bank N.A.\* | 4/11/25 | PEN | 1213000 | USD | 324124 | 5979  |
| JP Morgan Chase Bank N.A.\* | 4/11/25 | IDR | 26650369378 | USD | 1620497 | (12133)  |
| JP Morgan Chase Bank N.A.\* | 4/11/25 | KRW | 445107000 | USD | 309078 | (6655)  |
| JP Morgan Chase Bank N.A.\* | 4/11/25 | USD | 242471 | PEN | 913800 | (6208)  |
| JP Morgan Chase Bank N.A.\* | 4/11/25 | USD | 1538251 | INR | 134286336 | (31844)  |
| JP Morgan Chase Bank N.A.\* | 4/17/25 | CZK | 34340772 | USD | 1398068 | 90120  |
| JP Morgan Chase Bank N.A.\* | 4/17/25 | ILS | 900000 | USD | 254429 | (12295)  |
| JP Morgan Chase Bank N.A.\* | 4/17/25 | RON | 245000 | USD | 51408 | 1788  |
| JP Morgan Chase Bank N.A.\* | 4/17/25 | USD | 639558 | HUF | 256596000 | (48746)  |
| JP Morgan Chase Bank N.A.\* | 4/17/25 | USD | 2020428 | CZK | 49600415 | (129050)  |
| JP Morgan Chase Bank N.A.\* | 4/18/25 | USD | 368377 | TRY | 14175000 | 2388  |
| JP Morgan Chase Bank N.A.\* | 4/24/25 | USD | 53388 | NZD | 95000 | (578)  |
| JP Morgan Chase Bank N.A.\* | 4/24/25 | USD | 1603876 | AUD | 2585000 | (11649)  |
| JP Morgan Chase Bank N.A.\* | 4/25/25 | CHF | 15000 | USD | 16721 | 280  |
| JP Morgan Chase Bank N.A.\* | 4/25/25 | CAD | 4501299 | USD | 3123721 | 7912  |
| JP Morgan Chase Bank N.A.\* | 4/25/25 | USD | 98272 | CAD | 140000 | 872  |
| JP Morgan Chase Bank N.A.\* | 4/25/25 | USD | 2085696 | JPY | 318548000 | (43574)  |
| JP Morgan Chase Bank N.A.\* | 5/13/25 | EGP | 2294000 | USD | 44500 | (7)  |
| JP Morgan Chase Bank N.A.\* | 5/16/25 | USD | 69278 | PLN | 276000 | (1869)  |
| JP Morgan Chase Bank N.A.\* | 5/23/25 | EUR | 194460 | USD | 205911 | 4951  |
| JP Morgan Chase Bank N.A.\* | 5/23/25 | USD | 71837 | GBP | 57000 | (1788)  |
| JP Morgan Chase Bank N.A.\* | 5/23/25 | USD | 110405 | EUR | 101788 | 32  |
| JP Morgan Chase Bank N.A.\* | 9/24/25 | EGP | 8435000 | USD | 154346 | 79  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **29**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation) |
| Morgan Stanley & Co. LLC\* | 4/16/25 | MXN | 941411 | USD | 45481 | $434  |
| Morgan Stanley & Co. LLC\* | 4/17/25 | ZAR | 1746924 | USD | 94577 | 590  |
| Morgan Stanley & Co. LLC\* | 4/24/25 | AUD | 1651239 | USD | 1025737 | 6224  |
| Morgan Stanley & Co. LLC\* | 4/25/25 | CAD | 553986 | USD | 384923 | 494  |
| Morgan Stanley & Co. LLC\* | 4/25/25 | USD | 338667 | JPY | 51599780 | (6242)  |
| Royal Bank of Canada\* | 4/24/25 | AUD | 1180000 | USD | 746252 | (8797)  |
| Royal Bank of Canada\* | 4/25/25 | CAD | 2402115 | USD | 1682485 | (11291)  |
| Royal Bank of Canada\* | 4/25/25 | USD | 458313 | JPY | 69750000 | (7917)  |
| Royal Bank of Canada\* | 4/25/25 | USD | 585840 | CAD | 842000 | 46  |
| Royal Bank of Canada\* | 4/25/25 | EUR | 515000 | USD | 556762 | 796  |
| Royal Bank of Canada\* | 5/23/25 | USD | 2567786 | GBP | 2039858 | (67024)  |
| State Street Bank and Trust\* | 4/16/25 | MXN | 15871417 | USD | 760229 | 13851  |
| State Street Bank and Trust\* | 4/17/25 | HUF | 227614697 | USD | 564367 | 46197  |
| State Street Bank and Trust\* | 4/17/25 | USD | 170866 | CZK | 3939160 | 159  |
| State Street Bank and Trust\* | 4/24/25 | AUD | 959397 | USD | 597625 | 1961  |
| State Street Bank and Trust\* | 4/24/25 | USD | 602463 | AUD | 970000 | (3749)  |
| State Street Bank and Trust\* | 4/25/25 | CHF | 691000 | USD | 766398 | 16807  |
| State Street Bank and Trust\* | 4/25/25 | CAD | 8253287 | USD | 5759543 | (17586)  |
| State Street Bank and Trust\* | 4/25/25 | JPY | 25516733 | USD | 168624 | 1938  |
| State Street Bank and Trust\* | 4/25/25 | USD | 3794241 | JPY | 585795904 | (121394)  |
| State Street Bank and Trust\* | 4/25/25 | USD | 2744760 | CAD | 3920849 | 16957  |
| State Street Bank and Trust\* | 4/25/25 | EUR | 1157000 | USD | 1251332 | 1279  |
| State Street Bank and Trust\* | 5/16/25 | PLN | 234271 | USD | 58781 | 1609  |
| State Street Bank and Trust\* | 5/23/25 | EUR | 530000 | USD | 569810 | 4891  |
| State Street Bank and Trust\* | 5/30/25 | USD | 239825 | SEK | 2535334 | (13280)  |
| State Street Bank and Trust\* | 6/13/25 | CNY | 7651354 | USD | 1058694 | 1427  |
| UBS AG\* | 4/11/25 | USD | 1479863 | IDR | 24049252041 | 28478  |
| UBS AG\* | 4/16/25 | MXN | 12501677 | USD | 604563 | 5168  |
| UBS AG\* | 4/16/25 | USD | 489115 | MXN | 10013338 | 745  |
| UBS AG\* | 4/17/25 | CZK | 7303000 | USD | 305916 | 10566  |
| UBS AG\* | 4/24/25 | NZD | 95000 | USD | 53440 | 526  |
| UBS AG\* | 4/25/25 | EUR | 5679735 | USD | 5866257 | 282833  |
| UBS AG\* | 4/25/25 | CHF | 272000 | USD | 302954 | 5341  |
| UBS AG\* | 4/25/25 | USD | 45363 | CAD | 65100 | 72  |
| UBS AG\* | 4/25/25 | USD | 693655 | JPY | 103171000 | 4029  |
| UBS AG\* | 4/25/25 | USD | 710490 | EUR | 656352 | (101)  |
| UBS AG\* | 4/25/25 | USD | 1914338 | CHF | 1714000 | (28375)  |
| UBS AG\* | 5/09/25 | CLP | 295039000 | USD | 309824 | 841  |
| UBS AG\* | 5/09/25 | USD | 329084 | CLP | 324214724 | (12302)  |
| UBS AG\* | 6/03/25 | USD | 95309 | BRL | 554954 | (708)  |
| UBS AG\* | 6/13/25 | USD | 1994805 | CNH | 14376361 | 6468  |
| UBS AG\* | 6/13/25 | CNH | 686000 | USD | 94890 | (12)  |
| UBS AG\* | 7/11/25 | USD | 401721 | IDR | 6690306000 | (527)  |
|  |  |  |  |  |  | $(1056130) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **30**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**<br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Value/Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Long** |  |  |  |  |
| Euro-BOBL | 6/06/25 | 12 | $1520654 | $7741  |
| Euro-BTP | 6/06/25 | 3 | 388023 | (6800)  |
| Australia 10 Year Bond | 6/16/25 | 30 | 2091828 | 20033  |
| Australia 3 Year Bond | 6/16/25 | 6 | 398315 | 978  |
| Korea 10 Year Bond | 6/17/25 | 9 | 730229 | (1061)  |
| U.S. Treasury Note 10 Year | 6/18/25 | 36 | 3976951 | 26924  |
| U.S. Treasury Note 2 Year | 6/30/25 | 26 | 5381006 | 5463  |
| U.S. Treasury Note 5 Year | 6/30/25 | 123 | 13212837 | 90382  |
|  |  |  |  | $143660  |
| **Short**<br>|  |  |  |  |
| Euro-Bund | 6/06/25 | 14 | $(1952380) | $2126  |
| Euro-Buxl 30 Year Bond | 6/06/25 | 9 | (1135663) | (24939)  |
| Euro-OAT | 6/06/25 | 1 | (135043) | 2378  |
| Euro-Schatz | 6/06/25 | 12 | (1387662) | (143)  |
| Korea 3 Year Bond | 6/17/25 | 11 | (799369) | 272  |
| U.S. Treasury Ultra 10 Year | 6/18/25 | 44 | (5019932) | (1568)  |
| U.S. Treasury Ultra Bond | 6/18/25 | 9 | (1106259) | 6009  |
| Canada 10 Year Bond | 6/19/25 | 1 | (86785) | 513  |
| Canada 5 Year Bond | 6/19/25 | 3 | (240904) | (755)  |
| UK Long Gilt | 6/26/25 | 5 | (596075) | 3873  |
|  |  |  |  | $(12234) |

---

**Centrally Cleared Credit Default Swaps - Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Obligation/Index** | **Rate Paid** <br>**by Fund** | **Payment** <br>**Frequency** | **Termination** <br>**Date** | **Notional Amount** | **Notional Amount** | **Value** | **Upfront** <br>**Premium** <br>**Paid/** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| iTraxx Crossover Europe Series 42† | 5.000% | Quarterly | 12/20/29 | EUR | 296001 | $(23166) | $(25059) | $1893  |
| CDX.NA.EM Series 41† | 1.000% | Quarterly | 6/20/29 | USD | 1220000 | 25280 | 34782 | (9502)  |
|  |  |  |  |  |  | $2114 | $9723 | $(7609) |

---

**Centrally Cleared Credit Default Swaps - Sell Protection††** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br>**Obligation/Index** | **Rate** <br>**Received** <br>**by Fund** | **Payment** <br>**Frequency** | **Termination** <br>**Date** | **Credit** <br>**Rating** | **Notional Amount** | **Notional Amount** | **Value** | **Upfront** <br>**Premium** <br>**Paid/** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  iTraxx Europe Subordinated Financials Index Series 43† | 1.000% | Quarterly | 6/20/30 | Not Rated | EUR | 2560000 | $(28348) | $(14914) | $(13434)  |
| CDX.NA.IG Series 44† | 1.000% | Quarterly | 6/20/30 | Not Rated | USD | 11558000 | 208310 | 206330 | 1980  |
|  |  |  |  |  |  |  | $179962 | $191416 | $(11454) |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **31**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**OTC Credit Default Swaps - Sell Protection††** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br>**Obligation/Index** | **Rate** <br>**Received** <br>**by Fund** | **Payment** <br>**Frequency** | **Counterparty** | **Credit** <br>**Rating** | **Termination** <br>**Date** | **Notional Amount** | **Notional Amount** | **Value** | **Upfront** <br>**Premium Paid/** <br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Republic of Greece | 1.000% | Quarterly | Bank of America N.A.\* | BBB-\*\* | 12/20/29 | USD | 225000 | $4497 | $(11045) | $15542  |
|  Republic of Greece | 1.000% | Quarterly | Citibank N.A.\* | BBB-\*\* | 6/20/25 | USD | 150000 | 308 | (9034) | 9342  |
|  Republic of Greece | 1.000% | Quarterly | Citibank N.A.\* | BBB-\*\* | 6/20/25 | USD | 75000 | 154 | (4350) | 4504  |
|  Republic of Vietnam | 1.000% | Quarterly | Goldman Sachs International\* | BB+\*\* | 6/20/26 | USD | 220000 | 1413 | 1731 | (318)  |
|  Republic of Greece | 1.000% | Quarterly | Morgan Stanley & Co. LLC\* | BBB-\*\* | 6/20/25 | USD | 94000 | 193 | (4498) | 4691  |
|  |  |  |  |  |  |  |  | $6565 | $(27196) | $33761 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | |  |  | | | |
| **Rate/Reference** | **Frequency** | **Rate/** <br>**Reference** | **Frequency** | <br>**Termination** <br>**Date** | **Notional Amount** | **Notional Amount** | <br>**Value** | <br>**Upfront** <br>**Premium Paid/** <br>(Received) | <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 1.653% | Quarterly | 9/20/29 | CNY | 3515000 | $1124 | $— | $1124  |
|  3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 1.696% | Quarterly | 3/12/30 | CNY | 6650000 | 4453 |  | 4453  |
| CZK-PRIBOR-PRBO | Semi-Annually | Fixed 3.840% | Annually | 3/31/35 | CZK | 12054000 | 2518 |  | 2518  |
| CZK-PRIBOR-PRBO | Semi-Annually | Fixed 3.805% | Annually | 4/01/35 | CZK | 10998000 | 896 |  | 896  |
| CZK-PRIBOR-PRBO | Semi-Annually | Fixed 3.800% | Annually | 4/01/35 | CZK | 12053000 | 765 |  | 765  |
| CZK-PRIBOR-PRBO | Semi-Annually | Fixed 3.793% | Annually | 4/01/35 | CZK | 12054000 | 438 |  | 438  |
| Fixed 1.860% | Maturity | Eurozone Consumer Price Index | Maturity | 9/15/29 | EUR | 1460000 | 2959 |  | 2959  |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.294% | Annually | 2/18/30 | EUR | 1915000 | (10757) |  | (10757)  |
| Fixed 1.958% | Maturity | Eurozone Consumer Price Index | Maturity | 10/15/34 | EUR | 295000 | 673 |  | 673  |
| Fixed 2.698% | Annually | 6-Month EURIBOR | Semi-Annually | 3/31/35 | EUR | 463000 | (1904) |  | (1904)  |
| Fixed 2.649% | Annually | 6-Month EURIBOR | Semi-Annually | 4/01/35 | EUR | 463000 | 266 |  | 266  |
| Fixed 2.649% | Annually | 6-Month EURIBOR | Semi-Annually | 4/01/35 | EUR | 463000 | 266 |  | 266  |
| Fixed 2.655% | Annually | 6-Month EURIBOR | Semi-Annually | 4/01/35 | EUR | 422000 | (19) |  | (19)  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **32**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | |  |  | | | |
| **Rate/Reference** | **Frequency** | **Rate/** <br>**Reference** | **Frequency** | <br>**Termination** <br>**Date** | **Notional Amount** | **Notional Amount** | <br>**Value** | <br>**Upfront** <br>**Premium Paid/** <br>(Received) | <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Fixed 2.213% | Annually | 6-Month EURIBOR | Semi-Annually | 12/13/39 | EUR | 270000 | $19869 | $— | $19869  |
| Fixed 2.244% | Annually | 6-Month EURIBOR | Semi-Annually | 12/16/39 | EUR | 165000 | 11480 |  | 11480  |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.510% | Annually | 8/19/44 | EUR | 705000 | (29490) |  | (29490)  |
| Fixed 2.240% | Annually | 6-Month EURIBOR | Semi- Annually | 2/18/55 | EUR | 385000 | 33485 |  | 33485  |
| GBP-SONIA | Annually | Fixed 4.257% | Annually | 11/07/26 | GBP | 1950000 | 6244 | 48 | 6196  |
| INR-FBIL-MIBOR | Semi-Annually | Fixed 6.283% | Semi-Annually | 7/19/31 | INR | 15000000 | 2305 |  | 2305  |
| INR-FBIL-MIBOR | Semi-Annually | Fixed 5.970% | Semi-Annually | 9/20/31 | INR | 9145000 | 35 |  | 35  |
| Fixed 0.418% | Annually | JPY-TONAR | Annually | 8/10/28 | JPY | 91085000 | 10740 |  | 10740  |
| Fixed 0.602% | Annually | JPY-TONAR | Annually | 5/02/29 | JPY | 69900000 | 7272 |  | 7272  |
| Fixed 0.945% | Annually | JPY-TONAR | Annually | 2/10/30 | JPY | 106362000 | 2878 |  | 2878  |
| Fixed 9.045% | Monthly | MXN-28 DAY TIIE | Monthly | 1/24/35 | MXN | 4800000 | (10873) |  | (10873)  |
| Fixed 2.447% | Maturity | USD-USCPI | Maturity | 3/21/35 | USD | 221000 | 1470 |  | 1470  |
| Fixed 2.459% | Maturity | USD-USCPI | Maturity | 3/21/35 | USD | 354000 | 1992 |  | 1992  |
| Fixed 2.439% | Maturity | USD-USCPI | Maturity | 3/24/35 | USD | 135000 | 954 |  | 954  |
| Fixed 2.454% | Maturity | USD-USCPI | Maturity | 3/24/35 | USD | 219000 | 1271 |  | 1271  |
| Fixed 2.454% | Maturity | USD-USCPI | Maturity | 3/24/35 | USD | 221000 | 1292 |  | 1292  |
| Fixed 2.520% | Maturity | USD-USCPI | Maturity | 3/31/35 | USD | 960000 | (361) |  | (361)  |
|  |  |  |  |  |  |  | $62241 | $48 | $62193 |

---

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

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

## Exercise Rate.

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

---

| | |
|:---|:---|
| ††<br>| For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection.  |

---

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;&nbsp; Australian Dollar |
| BRL  | &nbsp;&nbsp;&nbsp; Brazilian Real |
| CAD  | &nbsp;&nbsp;&nbsp; Canadian Dollar |
| CHF  | &nbsp;&nbsp;&nbsp; Swiss Franc |
| CLP  | &nbsp;&nbsp;&nbsp; Chilean Peso |
| CNH  | &nbsp;&nbsp;&nbsp; Offshore Chinese Yuan |
| CNY  | &nbsp;&nbsp;&nbsp; Chinese Yuan Renminbi |
| COP  | &nbsp;&nbsp;&nbsp; Colombian Peso |
| CZK  | &nbsp;&nbsp;&nbsp; Czech Koruna |

---

---

| | |
|:---|:---|
| EGP  | &nbsp;&nbsp;&nbsp; Egyptian Pound |
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound |
| HUF  | &nbsp;&nbsp;&nbsp; Hungarian Forint |
| IDR  | &nbsp;&nbsp;&nbsp; Indonesian Rupiah |
| ILS  | &nbsp;&nbsp;&nbsp; Israeli Shekel |
| INR  | &nbsp;&nbsp;&nbsp; Indian Rupee |
| JPY  | &nbsp;&nbsp;&nbsp; Japanese Yen |
| KRW  | &nbsp;&nbsp;&nbsp; South Korean Won |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **33**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | |
|:---|:---|
| LKR  | &nbsp;&nbsp;&nbsp; Sri Lanka Rupee |
| MXN  | &nbsp;&nbsp;&nbsp; Mexican Peso |
| MYR  | &nbsp;&nbsp;&nbsp; Malaysian Ringgit |
| NZD  | &nbsp;&nbsp;&nbsp; New Zealand Dollar |
| PEN  | &nbsp;&nbsp;&nbsp; Peruvian New Sol |
| PLN  | &nbsp;&nbsp;&nbsp; Polish Zloty |
| RON  | &nbsp;&nbsp;&nbsp; New Romanian Leu |
| SEK  | &nbsp;&nbsp;&nbsp; Swedish Krona |

---

---

| | |
|:---|:---|
| SGD  | &nbsp;&nbsp;&nbsp; Singapore Dollar |
| THB  | &nbsp;&nbsp;&nbsp; Thai Baht |
| TRY  | &nbsp;&nbsp;&nbsp; New Turkish Lira |
| TWD  | &nbsp;&nbsp;&nbsp; Taiwan Dollar |
| UAH  | &nbsp;&nbsp;&nbsp; Ukrainian Hryvnia |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |
| ZAR  | &nbsp;&nbsp;&nbsp; South African Rand |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **34**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 99.1%**<br>|  |  |
| **Common Stock — 98.8%**<br>|  |  |
| **Communication Services — 7.7%**<br>|  |  |
| Alphabet, Inc. Class A | 94644 | $14635748  |
| Alphabet, Inc. Class C | 52175 | 8151300  |
| AT&T, Inc. | 19651 | 555730  |
|  Charter Communications, Inc. Class A (a) | 267 | 98398  |
| Comcast Corp. Class A | 31766 | 1172165  |
| Electronic Arts, Inc. | 657 | 94950  |
|  Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,322,065) (a) (b) (c) | 3487 | 1110819  |
| Fox Corp. Class A | 581 | 32885  |
| Fox Corp. Class B | 372 | 19608  |
| Interpublic Group of Cos., Inc. | 982 | 26671  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) | 440 | 57455  |
| Match Group, Inc. | 680 | 21216  |
| Meta Platforms, Inc. Class A | 25874 | 14912739  |
| Netflix, Inc. (a) | 9843 | 9178893  |
| News Corp. Class A | 998 | 27166  |
| News Corp. Class B | 273 | 8291  |
| Omnicom Group, Inc. | 515 | 42699  |
| Paramount Global Class B | 1672 | 19997  |
| Pinterest, Inc. Class A (a) | 59691 | 1850421  |
| Spotify Technology SA (a) | 2708 | 1489481  |
| T-Mobile US, Inc. | 15654 | 4175078  |
|  Take-Two Interactive Software, Inc. (a) | 449 | 93055  |
| TKO Group Holdings, Inc. | 182 | 27812  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, <br>Inc. | 11528 | 522910  |
| Walt Disney Co. | 4959 | 489453  |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, <br>Inc. (a) | 6156 | 66054  |
|  |  | 58880994  |
| **Consumer Discretionary — 10.4%**<br>|  |  |
| Airbnb, Inc. Class A (a) | 1189 | 142038  |
| Amazon.com, Inc. (a) | 158446 | 30145936  |
| Aptiv PLC (a) | 623 | 37068  |
| AutoZone, Inc. (a) | 961 | 3664082  |
| Best Buy Co., Inc. | 517 | 38056  |
| Booking Holdings, Inc. | 637 | 2934602  |
| Caesars Entertainment, Inc. (a) | 581 | 14525  |
| CarMax, Inc. (a) | 411 | 32025  |
| Carnival Corp. (a) | 2870 | 56051  |
| Carvana Co. (a) | 1450 | 303166  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, <br>Inc. (a) | 50090 | $2515019  |
|  Cie Financiere Richemont SA Registered Class A | 6806 | 1188502  |
| Coupang, Inc. (a) | 58665 | 1286523  |
| Darden Restaurants, Inc. | 325 | 67522  |
| Deckers Outdoor Corp. (a) | 415 | 46401  |
| Domino's Pizza, Inc. | 92 | 42269  |
| DoorDash, Inc., Class A (a) | 930 | 169976  |
| DR Horton, Inc. | 802 | 101958  |
| Duolingo, Inc. (a) | 2165 | 672319  |
| eBay, Inc. | 1319 | 89336  |
| Expedia Group, Inc. | 339 | 56986  |
| Ferrari NV | 3508 | 1501003  |
|  Floor & Decor Holdings, Inc. Class A (a) | 7040 | 566509  |
| Ford Motor Co. | 10735 | 107672  |
| Garmin Ltd. | 423 | 91846  |
| General Motors Co. | 2730 | 128392  |
| Genuine Parts Co. | 368 | 43843  |
| Hasbro, Inc. | 346 | 21276  |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, <br>Inc. | 670 | 152458  |
| Home Depot, Inc. | 11182 | 4098091  |
| Las Vegas Sands Corp. | 920 | 35540  |
| Lennar Corp. Class A | 657 | 75410  |
| LKQ Corp. | 686 | 29182  |
| Lowe's Cos., Inc. | 9058 | 2112597  |
| Lululemon Athletica, Inc. (a) | 6495 | 1838475  |
|  Marriott International, Inc. Class A | 633 | 150781  |
| McDonald's Corp. | 20607 | 6437009  |
| MercadoLibre, Inc. (a) | 464 | 905204  |
| MGM Resorts International (a) | 612 | 18140  |
| Mohawk Industries, Inc. (a) | 143 | 16328  |
| NIKE, Inc. Class B | 3264 | 207199  |
|  Norwegian Cruise Line Holdings Ltd. (a) | 1156 | 21918  |
| NVR, Inc. (a) | 8 | 57955  |
| O'Reilly Automotive, Inc. (a) | 1481 | 2121651  |
| Pool Corp. | 100 | 31835  |
| PulteGroup, Inc. | 566 | 58185  |
| Ralph Lauren Corp. | 105 | 23178  |
| Ross Stores, Inc. | 31894 | 4075734  |
| Royal Caribbean Cruises Ltd. | 679 | 139494  |
| Starbucks Corp. | 16001 | 1569538  |
| Tapestry, Inc. | 616 | 43373  |
| Tesla, Inc. (a) | 16122 | 4178177  |
| TJX Cos., Inc. | 15833 | 1928459  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **35**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Tractor Supply Co. | 27280 | $1503128  |
| Ulta Beauty, Inc. (a) | 3778 | 1384788  |
| Williams-Sonoma, Inc. | 337 | 53280  |
| Wynn Resorts Ltd. | 249 | 20791  |
| Yum! Brands, Inc. | 766 | 120538  |
|  |  | 79473337  |
| **Consumer Staples — 5.1%**<br>|  |  |
| Altria Group, Inc. | 4646 | 278853  |
| Archer-Daniels-Midland Co. | 1320 | 63373  |
| Brown-Forman Corp. Class B | 514 | 17445  |
| Bunge Global SA | 368 | 28122  |
| Campbell's Co. | 530 | 21158  |
| Church & Dwight Co., Inc. | 676 | 74421  |
| Clorox Co. | 344 | 50654  |
| Coca-Cola Co. | 39629 | 2838229  |
| Colgate-Palmolive Co. | 54341 | 5091752  |
| Conagra Brands, Inc. | 1254 | 33444  |
|  Constellation Brands, Inc. Class A | 430 | 78914  |
| Costco Wholesale Corp. | 1218 | 1151960  |
| Dollar General Corp. | 582 | 51175  |
| Dollar Tree, Inc. (a) | 20068 | 1506505  |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. <br>Class A | 617 | 40722  |
| General Mills, Inc. | 1528 | 91359  |
| Hershey Co. | 408 | 69780  |
| Hormel Foods Corp. | 767 | 23731  |
| J.M. Smucker Co. | 279 | 33036  |
| Kellanova | 742 | 61208  |
| Kenvue, Inc. | 283567 | 6799937  |
| Keurig Dr. Pepper, Inc. | 63576 | 2175571  |
| Kimberly-Clark Corp. | 916 | 130273  |
| Kraft Heinz Co. | 2431 | 73975  |
| Kroger Co. | 1828 | 123737  |
| Lamb Weston Holdings, Inc. | 387 | 20627  |
| McCormick & Co., Inc. | 696 | 57288  |
|  Molson Coors Beverage Co. Class B | 460 | 28000  |
|  Mondelez International, Inc. Class A | 70376 | 4775012  |
| Monster Beverage Corp. (a) | 1925 | 112651  |
| PepsiCo, Inc. | 3756 | 563175  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, <br>Inc. | 4257 | 675714  |
| Procter & Gamble Co. | 43779 | 7460817  |
| Sysco Corp. | 1351 | 101379  |
| Target Corp. | 1265 | 132015  |
| Tyson Foods, Inc. Class A | 756 | 48240  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, <br>Inc. | 2011 | $22463  |
| Walmart, Inc. | 52196 | 4582287  |
|  |  | 39489002  |
| **Energy — 4.9%**<br>|  |  |
| APA Corp. | 978 | 20558  |
| Baker Hughes Co. | 2720 | 119544  |
| Chevron Corp. | 18158 | 3037652  |
| ConocoPhillips | 53888 | 5659318  |
| Coterra Energy, Inc. | 2016 | 58262  |
| Devon Energy Corp. | 1813 | 67806  |
| Diamondback Energy, Inc. | 11749 | 1878430  |
| EOG Resources, Inc. | 1543 | 197874  |
| EQT Corp. | 62463 | 3337398  |
| Expand Energy Corp. | 18629 | 2073780  |
| Exxon Mobil Corp. | 37317 | 4438111  |
| Halliburton Co. | 2426 | 61548  |
| Hess Corp. | 760 | 121395  |
| Kinder Morgan, Inc. | 5308 | 151437  |
| Marathon Petroleum Corp. | 883 | 128644  |
| Occidental Petroleum Corp. | 1859 | 91760  |
| ONEOK, Inc. | 1703 | 168972  |
| Phillips 66 | 11933 | 1473487  |
| Range Resources Corp. | 82389 | 3289793  |
| Schlumberger NV | 113486 | 4743715  |
| Targa Resources Corp. | 599 | 120082  |
| TechnipFMC PLC | 84169 | 2667316  |
| Texas Pacific Land Corp. | 52 | 68899  |
| Valero Energy Corp. | 27896 | 3684225  |
| Williams Cos., Inc. | 3344 | 199837  |
|  |  | 37859843  |
| **Financials — 14.9%**<br>|  |  |
| Aflac, Inc. | 1373 | 152664  |
| Allstate Corp. | 29711 | 6152257  |
| American Express Co. | 17302 | 4655103  |
|  American International Group, Inc. | 1628 | 141538  |
| Ameriprise Financial, Inc. | 267 | 129257  |
|  Annaly Capital Management, Inc. | 68981 | 1401004  |
| Aon PLC Class A | 594 | 237059  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, <br>Inc. | 1227 | 168025  |
| Arch Capital Group Ltd. | 1032 | 99258  |
| Arthur J Gallagher & Co. | 700 | 241668  |
| Assurant, Inc. | 134 | 28106  |
| Bank of America Corp. | 92409 | 3856228  |
| Bank of New York Mellon Corp. | 1996 | 167404  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **36**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
|  Berkshire Hathaway, Inc. Class B (a) | 23459 | $12493794  |
| Blackrock, Inc. | 399 | 377645  |
| Blackstone, Inc. | 2010 | 280958  |
| Brown & Brown, Inc. | 654 | 81358  |
| Capital One Financial Corp. | 1048 | 187906  |
| Cboe Global Markets, Inc. | 289 | 65398  |
| Charles Schwab Corp. | 81391 | 6371287  |
| Chubb Ltd. | 5565 | 1680574  |
| Cincinnati Financial Corp. | 432 | 63815  |
| Citigroup, Inc. | 26714 | 1896427  |
| Citizens Financial Group, Inc. | 1220 | 49983  |
| CME Group, Inc. | 5829 | 1546375  |
| Corebridge Financial, Inc. | 60695 | 1916141  |
| Corpay, Inc. (a) | 4787 | 1669323  |
| Discover Financial Services | 691 | 117954  |
| Erie Indemnity Co. Class A | 65 | 27238  |
| Everest Group Ltd. | 114 | 41420  |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, <br>Inc. | 101 | 45919  |
|  Fidelity National Information Services, Inc. | 1481 | 110601  |
| Fifth Third Bancorp | 1849 | 72481  |
| Fiserv, Inc. (a) | 37777 | 8342295  |
| Franklin Resources, Inc. | 912 | 17556  |
| Global Payments, Inc. | 702 | 68740  |
| Globe Life, Inc. | 222 | 29242  |
| Goldman Sachs Group, Inc. | 6433 | 3514284  |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, <br>Inc. | 798 | 98736  |
| Huntington Bancshares, Inc. | 76190 | 1143612  |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, <br>Inc. | 19726 | 3402735  |
| Invesco Ltd. | 1218 | 18477  |
| Jack Henry & Associates, Inc. | 191 | 34877  |
| JP Morgan Chase & Co. | 55070 | 13508671  |
| KeyCorp. | 116739 | 1866657  |
| KKR & Co., Inc. | 1851 | 213994  |
| Loews Corp. | 478 | 43933  |
| M&T Bank Corp. | 457 | 81689  |
| MarketAxess Holdings, Inc. | 105 | 22717  |
| Marsh & McLennan Cos., Inc. | 1345 | 328220  |
| Mastercard, Inc. Class A | 11874 | 6508377  |
| MetLife, Inc. | 30964 | 2486100  |
| Moody's Corp. | 427 | 198850  |
| Morgan Stanley | 3398 | 396445  |
| MSCI, Inc. | 215 | 121582  |
| Nasdaq, Inc. | 1139 | 86405  |
| Northern Trust Corp. | 547 | 53962  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| PayPal Holdings, Inc. (a) | 2750 | $179437  |
|  PNC Financial Services Group, Inc. | 1088 | 191238  |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, <br>Inc. | 582 | 49103  |
| Progressive Corp. | 10368 | 2934248  |
| Prudential Financial, Inc. | 978 | 109223  |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, <br>Inc. | 504 | 70011  |
| Regions Financial Corp. | 2547 | 55346  |
| S&P Global, Inc. | 3509 | 1782923  |
| State Street Corp. | 808 | 72340  |
| Synchrony Financial | 1075 | 56910  |
| T. Rowe Price Group, Inc. | 613 | 56316  |
| Travelers Cos., Inc. | 9744 | 2576898  |
| Truist Financial Corp. | 3644 | 149951  |
| US Bancorp | 4280 | 180702  |
| Visa, Inc. Class A | 45026 | 15779812  |
| W. R. Berkley Corp. | 824 | 58636  |
| Wells Fargo & Co. | 9024 | 647833  |
| Willis Towers Watson PLC | 277 | 93612  |
|  |  | 114158863  |
| **Health Care — 12.6%**<br>|  |  |
| Abbott Laboratories | 4751 | 630220  |
| AbbVie, Inc. | 4837 | 1013448  |
| Agilent Technologies, Inc. | 791 | 92531  |
| Alcon AG | 17149 | 1627955  |
| Align Technology, Inc. (a) | 186 | 29548  |
| Amgen, Inc. | 1473 | 458913  |
| Argenx SE ADR (a) | 3133 | 1854313  |
|  AstraZeneca PLC Sponsored ADR | 54134 | 3978849  |
| Baxter International, Inc. | 1397 | 47819  |
| Becton Dickinson & Co. | 11158 | 2555851  |
| Bio-Techne Corp. | 417 | 24449  |
| Biogen, Inc. (a) | 403 | 55147  |
| Boston Scientific Corp. (a) | 4038 | 407353  |
| Bristol-Myers Squibb Co. | 5558 | 338982  |
| Cardinal Health, Inc. | 667 | 91893  |
| Cencora, Inc. | 24952 | 6938902  |
| Centene Corp. (a) | 1391 | 84448  |
|  Charles River Laboratories International, Inc. (a) | 135 | 20320  |
| Cigna Group | 14089 | 4635281  |
| Cooper Cos., Inc. (a) | 527 | 44452  |
| CVS Health Corp. | 3451 | 233805  |
| Danaher Corp. | 20120 | 4124600  |
| DaVita, Inc. (a) | 128 | 19580  |
| Dexcom, Inc. (a) | 1077 | 73548  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **37**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences <br>Corp. (a) | 1622 | $117563  |
| Elevance Health, Inc. | 9866 | 4291315  |
| Eli Lilly & Co. | 14257 | 11774999  |
|  GE HealthCare Technologies, Inc. (a) | 1257 | 101452  |
| Gilead Sciences, Inc. | 23408 | 2622866  |
| HCA Healthcare, Inc. | 6635 | 2292724  |
| Henry Schein, Inc. (a) | 329 | 22533  |
| Hologic, Inc. (a) | 615 | 37989  |
| Humana, Inc. | 332 | 87847  |
| IDEXX Laboratories, Inc. (a) | 897 | 376695  |
| Incyte Corp. (a) | 420 | 25431  |
| Insulet Corp. (a) | 186 | 48845  |
| Intuitive Surgical, Inc. (a) | 7885 | 3905204  |
| IQVIA Holdings, Inc. (a) | 474 | 83566  |
| Johnson & Johnson | 6608 | 1095871  |
| Labcorp Holdings, Inc. | 230 | 53530  |
| McKesson Corp. | 348 | 234201  |
| Medtronic PLC | 3514 | 315768  |
| Merck & Co., Inc. | 6926 | 621678  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 1234 | 1457243  |
| Moderna, Inc. (a) | 890 | 25232  |
| Molina Healthcare, Inc. (a) | 10800 | 3557412  |
| Natera, Inc. (a) | 6175 | 873207  |
| Pfizer, Inc. | 15523 | 393353  |
| Quest Diagnostics, Inc. | 13338 | 2256790  |
| Regeneron Pharmaceuticals, Inc. | 4663 | 2957415  |
| ResMed, Inc. | 403 | 90212  |
| Revvity, Inc. | 30514 | 3228381  |
| Solventum Corp. (a) | 364 | 27679  |
| STERIS PLC | 272 | 61649  |
| Stryker Corp. | 7680 | 2858880  |
| Tenet Healthcare Corp. (a) | 17408 | 2341376  |
| Thermo Fisher Scientific, Inc. | 10077 | 5014315  |
| UnitedHealth Group, Inc. | 23328 | 12218040  |
|  Universal Health Services, Inc. Class B | 154 | 28937  |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, <br>Inc. (a) | 3492 | 1692991  |
| Viatris, Inc. | 3138 | 27332  |
| Waters Corp. (a) | 163 | 60077  |
|  West Pharmaceutical Services, Inc. | 198 | 44328  |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, <br>Inc. | 549 | 62136  |
| Zoetis, Inc. | 1237 | 203672  |
|  |  | 96972941  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Industrials — 9.3%**<br>|  |  |
| 3M Co. | 1495 | $219556  |
| A.O. Smith Corp. | 316 | 20654  |
| Allegion PLC | 228 | 29745  |
| AMETEK, Inc. | 35269 | 6071206  |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, <br>Inc. | 1117 | 341277  |
| Axon Enterprise, Inc. (a) | 200 | 105190  |
| Boeing Co. (a) | 19408 | 3310034  |
|  Booz Allen Hamilton Holding Corp. | 9730 | 1017563  |
|  Broadridge Financial Solutions, Inc. | 6867 | 1664973  |
| Builders FirstSource, Inc. (a) | 305 | 38107  |
| &nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, <br>Inc. | 310 | 31744  |
| Carrier Global Corp. | 2215 | 140431  |
| Caterpillar, Inc. | 1323 | 436325  |
| Cintas Corp. | 941 | 193404  |
| Copart, Inc. (a) | 2409 | 136325  |
| CSX Corp. | 5294 | 155802  |
| Cummins, Inc. | 377 | 118167  |
| Dayforce, Inc. (a) | 414 | 24149  |
| Deere & Co. | 13942 | 6543678  |
| Delta Air Lines, Inc. | 1765 | 76954  |
| Dover Corp. | 379 | 66583  |
| Eaton Corp. PLC | 1084 | 294664  |
| Emerson Electric Co. | 1565 | 171587  |
| Equifax, Inc. | 10684 | 2602195  |
|  Expeditors International of Washington, Inc. | 371 | 44613  |
| Fastenal Co. | 1575 | 122141  |
| FedEx Corp. | 618 | 150656  |
| Ferguson Enterprises, Inc. | 11154 | 1787205  |
| Fortive Corp. | 957 | 70033  |
| GE Vernova, Inc. | 757 | 231097  |
| Generac Holdings, Inc. (a) | 157 | 19884  |
| General Dynamics Corp. | 708 | 192987  |
| General Electric Co. | 24378 | 4879257  |
| Honeywell International, Inc. | 1782 | 377338  |
| Howmet Aerospace, Inc. | 1116 | 144779  |
| Hubbell, Inc. | 150 | 49637  |
|  Huntington Ingalls Industries, Inc. | 110 | 22444  |
| IDEX Corp. | 201 | 36375  |
| Illinois Tool Works, Inc. | 738 | 183031  |
| Ingersoll Rand, Inc. | 17906 | 1433017  |
| Jacobs Solutions, Inc. | 328 | 39652  |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, <br>Inc. | 211 | 31217  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **38**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
|  Johnson Controls International PLC | 1834 | $146922  |
| L3Harris Technologies, Inc. | 10114 | 2116961  |
| Leidos Holdings, Inc. | 365 | 49253  |
| Lennox International, Inc. | 88 | 49353  |
| Lockheed Martin Corp. | 578 | 258198  |
| Masco Corp. | 570 | 39638  |
| Nordson Corp. | 142 | 28644  |
| Norfolk Southern Corp. | 21948 | 5198384  |
| Northrop Grumman Corp. | 3708 | 1898533  |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, <br>Inc. | 19620 | 3246129  |
| Otis Worldwide Corp. | 1098 | 113314  |
| Owens Corning | 7675 | 1096143  |
| PACCAR, Inc. | 1439 | 140115  |
| Parker-Hannifin Corp. | 8469 | 5147882  |
| Paychex, Inc. | 879 | 135612  |
| Paycom Software, Inc. | 128 | 27965  |
| Pentair PLC | 436 | 38141  |
| Quanta Services, Inc. | 406 | 103197  |
| Republic Services, Inc. | 17211 | 4167816  |
| Rockwell Automation, Inc. | 8863 | 2290022  |
| Rollins, Inc. | 738 | 39874  |
| RTX Corp. | 3645 | 482817  |
| Snap-on, Inc. | 147 | 49540  |
| Southwest Airlines Co. | 1641 | 55105  |
| Stanley Black & Decker, Inc. | 405 | 31136  |
| Textron, Inc. | 491 | 35475  |
| Trane Technologies PLC | 617 | 207880  |
| TransDigm Group, Inc. | 154 | 213027  |
| Uber Technologies, Inc. (a) | 5767 | 420184  |
| Union Pacific Corp. | 14377 | 3396422  |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, <br>Inc. (a) | 906 | 62559  |
|  United Parcel Service, Inc. Class B | 2005 | 220530  |
| United Rentals, Inc. | 180 | 112806  |
| Veralto Corp. | 682 | 66461  |
| Verisk Analytics, Inc. | 388 | 115477  |
| W.W. Grainger, Inc. | 122 | 120515  |
| Waste Management, Inc. | 1001 | 231742  |
|  Westinghouse Air Brake Technologies Corp. | 21688 | 3933119  |
| Xylem, Inc. | 11468 | 1369967  |
|  |  | 71082534  |
| **Information Technology — 26.2%**<br>|  |  |
| Accenture PLC Class A | 13808 | 4308648  |
| Adobe, Inc. (a) | 1206 | 462537  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, <br>Inc. (a) | 4446 | $456782  |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, <br>Inc. (a) | 398 | 32039  |
| Amphenol Corp. Class A | 28324 | 1857771  |
| Analog Devices, Inc. | 22513 | 4540197  |
| ANSYS, Inc. (a) | 241 | 76291  |
| Apple, Inc. | 200771 | 44597262  |
| Applied Materials, Inc. | 2259 | 327826  |
| AppLovin Corp. Class A (a) | 6684 | 1771059  |
| Arista Networks, Inc. (a) | 2834 | 219578  |
| ASML Holding NV | 1699 | 1125808  |
| Atlassian Corp. Class A (a) | 4204 | 892131  |
| Autodesk, Inc. (a) | 591 | 154724  |
| Broadcom, Inc. | 53339 | 8930549  |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, <br>Inc. (a) | 753 | 191510  |
| CDW Corp. | 368 | 58976  |
|  Celonis SE (Acquired 6/17/21, Cost $435,243) (a) (b) (c) | 1177 | 217627  |
| Cisco Systems, Inc. | 10914 | 673503  |
|  Cognizant Technology Solutions Corp. Class A | 1363 | 104270  |
| Corning, Inc. | 2121 | 97099  |
|  Crowdstrike Holdings, Inc. Class A (a) | 1912 | 674133  |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. <br>Class C | 847 | 77204  |
| Dynatrace, Inc. (a) | 14864 | 700838  |
| Enphase Energy, Inc. (a) | 356 | 22090  |
| EPAM Systems, Inc. (a) | 151 | 25495  |
| F5, Inc. (a) | 154 | 41006  |
| Fair Isaac Corp. (a) | 722 | 1331484  |
| First Solar, Inc. (a) | 284 | 35906  |
| Fortinet, Inc. (a) | 1747 | 168166  |
| Gartner, Inc. (a) | 213 | 89405  |
| Gen Digital, Inc. | 1436 | 38111  |
| GoDaddy, Inc. Class A (a) | 388 | 69894  |
| Hewlett Packard Enterprise Co. | 3588 | 55363  |
| HP, Inc. | 2655 | 73517  |
| HubSpot, Inc. (a) | 3136 | 1791565  |
| Intel Corp. | 60207 | 1367301  |
|  International Business Machines Corp. | 2532 | 629607  |
| Intuit, Inc. | 5829 | 3578948  |
| Jabil, Inc. | 298 | 40549  |
| Juniper Networks, Inc. | 870 | 31485  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, <br>Inc. (a) | 47550 | 7121563  |
| KLA Corp. | 2491 | 1693382  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **39**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Lam Research Corp. | 3527 | $256413  |
| Microchip Technology, Inc. | 1478 | 71550  |
| Micron Technology, Inc. | 5372 | 466773  |
| Microsoft Corp. | 112895 | 42379654  |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, <br>Inc. | 134 | 77717  |
| Motorola Solutions, Inc. | 458 | 200517  |
| NetApp, Inc. | 574 | 50420  |
| NVIDIA Corp. | 331307 | 35907053  |
| NXP Semiconductors NV | 697 | 132472  |
| ON Semiconductor Corp. (a) | 1165 | 47404  |
| Oracle Corp. | 4451 | 622294  |
|  Palantir Technologies, Inc. Class A (a) | 5614 | 473822  |
| Palo Alto Networks, Inc. (a) | 1817 | 310053  |
| PTC, Inc. (a) | 336 | 52063  |
| QUALCOMM, Inc. | 3042 | 467282  |
| Roper Technologies, Inc. | 4745 | 2797557  |
| Salesforce, Inc. | 10244 | 2749080  |
| Samsara, Inc. Class A (a) | 11157 | 427648  |
|  Seagate Technology Holdings PLC | 579 | 49186  |
| ServiceNow, Inc. (a) | 5348 | 4257757  |
| Shopify, Inc. Class A (a) | 19214 | 1832727  |
| Skyworks Solutions, Inc. | 422 | 27274  |
| Snowflake, Inc. Class A (a) | 11877 | 1735942  |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, <br>Inc. (a) (d) | 1378 | 47183  |
| Synopsys, Inc. (a) | 4418 | 1894659  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 16681 | 2769046  |
| TE Connectivity PLC | 24019 | 3394365  |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, <br>Inc. (a) | 4224 | 2102327  |
| Teradyne, Inc. | 430 | 35518  |
| Texas Instruments, Inc. | 21988 | 3951244  |
| Trimble, Inc. (a) | 676 | 44379  |
| Tyler Technologies, Inc. (a) | 118 | 68604  |
| VeriSign, Inc. (a) | 231 | 58644  |
| Western Digital Corp. (a) | 912 | 36872  |
| Workday, Inc. Class A (a) | 584 | 136382  |
|  Zebra Technologies Corp. Class A (a) | 136 | 38428  |
|  |  | 200723508  |
| **Materials — 3.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, <br>Inc. | 610 | 179901  |
| Albemarle Corp. | 312 | 22470  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Amcor PLC | 3828 | $37132  |
| Avery Dennison Corp. | 213 | 37908  |
| Ball Corp. | 790 | 41135  |
| CF Industries Holdings, Inc. | 461 | 36027  |
| Corteva, Inc. | 1890 | 118938  |
| Dow, Inc. | 1930 | 67395  |
| DuPont de Nemours, Inc. | 1151 | 85957  |
| Eastman Chemical Co. | 304 | 26785  |
| Ecolab, Inc. | 692 | 175436  |
| Franco-Nevada Corp. | 9644 | 1519509  |
| Freeport-McMoRan, Inc. | 37175 | 1407445  |
|  International Flavors & Fragrances, Inc. | 716 | 55569  |
| International Paper Co. | 95096 | 5073371  |
| Linde PLC (LIN US) | 16451 | 7660244  |
|  LyondellBasell Industries NV Class A | 729 | 51322  |
| Martin Marietta Materials, Inc. | 327 | 156348  |
| Mosaic Co. | 41194 | 1112650  |
| Newmont Corp. (NEM US) | 3126 | 150923  |
| Nucor Corp. | 646 | 77740  |
| Packaging Corp. of America | 7365 | 1458417  |
| PPG Industries, Inc. | 14694 | 1606789  |
| Sherwin-Williams Co. | 16289 | 5687956  |
| Smurfit WestRock PLC | 1363 | 61417  |
| Steel Dynamics, Inc. | 8814 | 1102455  |
| Vulcan Materials Co. | 363 | 84688  |
|  |  | 28095927  |
| **Real Estate — 1.3%**<br>|  |  |
|  Alexandria Real Estate Equities, Inc. | 412 | 38114  |
| American Tower Corp. | 1281 | 278746  |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, <br>Inc. | 7007 | 1503842  |
| BXP, Inc. | 384 | 25801  |
| Camden Property Trust | 280 | 34244  |
| CBRE Group, Inc. Class A (a) | 828 | 108286  |
| CoStar Group, Inc. (a) | 1160 | 91907  |
| Crown Castle, Inc. | 1195 | 124555  |
| Digital Realty Trust, Inc. | 857 | 122800  |
| Equinix, Inc. | 265 | 216068  |
| Equity Residential | 942 | 67428  |
| Essex Property Trust, Inc. | 3746 | 1148411  |
| Extra Space Storage, Inc. | 584 | 86718  |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment <br>Trust | 202 | 19760  |
| Healthpeak Properties, Inc. | 1852 | 37447  |
| Host Hotels & Resorts, Inc. | 1837 | 26104  |
| Invitation Homes, Inc. | 1559 | 54331  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **40**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Iron Mountain, Inc. | 809 | $69606  |
| Kimco Realty Corp. | 1783 | 37871  |
|  Mid-America Apartment Communities, Inc. | 319 | 53458  |
| Prologis, Inc. | 2538 | 283723  |
| Public Storage | 8952 | 2679244  |
| Realty Income Corp. | 2403 | 139398  |
| Regency Centers Corp. | 429 | 31643  |
| SBA Communications Corp. | 296 | 65123  |
| Simon Property Group, Inc. | 842 | 139839  |
| UDR, Inc. | 789 | 35639  |
| Ventas, Inc. | 1200 | 82512  |
| VICI Properties, Inc. | 42462 | 1385111  |
| Welltower, Inc. | 7989 | 1223995  |
| Weyerhaeuser Co. | 2005 | 58706  |
|  |  | 10270430  |
| **Utilities — 2.7%**<br>|  |  |
| AES Corp. | 1926 | 23921  |
| Alliant Energy Corp. | 680 | 43758  |
| Ameren Corp. | 43081 | 4325332  |
|  American Electric Power Co., Inc. | 1463 | 159862  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br>Inc. | 10179 | 1501606  |
| Atmos Energy Corp. (d) | 19705 | 3045999  |
| CenterPoint Energy, Inc. | 1799 | 65178  |
| CMS Energy Corp. | 29720 | 2232269  |
| Consolidated Edison, Inc. | 953 | 105392  |
| Constellation Energy Corp. | 859 | 173200  |
| Dominion Energy, Inc. | 2308 | 129410  |
| DTE Energy Co. | 571 | 78952  |
| Duke Energy Corp. | 2119 | 258454  |
| Edison International | 1069 | 62985  |
| Entergy Corp. | 1180 | 100878  |
| Evergy, Inc. | 609 | 41991  |
| Eversource Energy | 1012 | 62855  |
| Exelon Corp. | 35714 | 1645701  |
| FirstEnergy Corp. | 1404 | 56750  |
| NextEra Energy, Inc. | 28630 | 2029581  |
| NiSource, Inc. | 1277 | 51195  |
| NRG Energy, Inc. | 554 | 52885  |
| PG&E Corp. | 6015 | 103338  |
| Pinnacle West Capital Corp. | 299 | 28480  |
| PPL Corp. | 2034 | 73448  |
|  Public Service Enterprise Group, Inc. | 1369 | 112669  |
| Sempra | 1740 | 124166  |
| Southern Co. | 3003 | 276126  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Vistra Corp. | 935 | $109806  |
| WEC Energy Group, Inc. | 870 | 94813  |
| Xcel Energy, Inc. | 54110 | 3830447  |
|  |  | 21001447  |
| **TOTAL COMMON STOCK** <br>|  |  |
| **(Cost $729,149,104)** |  | **758008826**  |
| **Preferred Stock — 0.3%**<br>|  |  |
| **Consumer Discretionary — 0.0%**<br>|  |  |
|  GM Cruise Holdings LLC, Class F (Acquired 5/07/19, Cost $921,625) (a) (b) (c) | 50500 | 505  |
|  GM Cruise Holdings LLC, Class G (Acquired 1/21/21, Cost $979,851) (a) (b) (c) | 37186 | 372  |
|  Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $1,236,023) (a) (b) (c) | 94681 | 947  |
| &nbsp;&nbsp;&nbsp; Nuro, Inc., Series D (Acquired 10/29/21, Cost <br>$487,977) (a) (b) (c) | 23409 | 234  |
|  Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (a) (b) (c) | 18286 | 199500  |
|  |  | 201558  |
| **Health Care — 0.1%**<br>|  |  |
| Sartorius AG 0.346% | 3278 | 758203  |
| **Industrials — 0.0%**<br>|  |  |
|  Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $760,988) (a) (b) (c) | 18438 | 180324  |
| **Information Technology — 0.2%**<br>|  |  |
|  Celonis SE, Series D (Acquired 6/17/21-10/04/22, Cost $1,306,468) (a) (b) (c) | 3533 | 653252  |
|  Formagrid, Inc., Series F (Acquired 12/08/21, Cost $1,130,824) (a) (b) (c) | 6038 | 332090  |
|  |  | 985342  |
| **TOTAL PREFERRED STOCK**<br>|  |  |
| **(Cost $9,092,534)** |  | **2125427**  |
| **TOTAL EQUITIES**<br>|  |  |
| **(Cost $738,241,638)** |  | **760134253**  |
| **TOTAL LONG-TERM** <br>**INVESTMENTS**<br>|  |  |
| **(Cost $738,241,638)** |  | **760134253**  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **41**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |  |
| **Mutual Fund — 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Government Reserve Investment <br>Fund, 1.204% (e) | 9922986 | $9922986 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  |  |
| **Repurchase Agreement — 0.1%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (f) | $1003153 | 1003153  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>|  |  |
| **(Cost $10,926,139)** |  | **10926139**  |
| **TOTAL INVESTMENTS — 100.5%**<br>|  |  |
| **(Cost $749,167,777) (g)** |  | **771060392**  |
| **Other Assets/**<br>(Liabilities) — (0.5)% |  | **(3780312)**  |
| **NET ASSETS — 100.0%** |  | **$767280080** |

---

**Abbreviation Legend** 

<br> ADR American Depositary Receipt <br>

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This security is valued using an agreed upon
 price from an executed securities purchase agreement. The total value of these securities as of March 31, 2025 was $2,695,670.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $2,695,670 or 0.35% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $3,061,632 or 0.40% of net assets. The Fund received $3,094,111 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $1,003,229. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,023,325.

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

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration** <br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Value/Net** <br>**Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| S&P 500 E Mini Index | 6/20/25 | 2 | $573151 | $(7826) |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **42**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments**<br>

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 97.6%**<br>|  |  |
| **Common Stock — 97.6%**<br>|  |  |
| **Argentina — 0.1%**<br>|  |  |
| Vista Energy SAB de CV (a) | 1653 | $76964  |
| **Australia — 8.0%**<br>|  |  |
| Ausgold Ltd. (a) | 37487 | 12959  |
| BHP Group Ltd. | 111946 | 2714993  |
| Capricorn Metals Ltd. (a) | 66214 | 336548  |
| Champion Iron Ltd. (CIA AU) (b) | 43676 | 133336  |
| Champion Iron Ltd. (CIA CN) (b) | 56561 | 172546  |
| De Grey Mining Ltd. (a) | 41601 | 55873  |
| Emerald Resources NL (a) (b) | 99557 | 231707  |
| Evolution Mining Ltd. | 7485 | 33479  |
| Fortescue Ltd. (b) | 2521 | 24385  |
| Glencore PLC | 290536 | 1068775  |
| Goodman Group | 38249 | 687879  |
| Mirvac Group | 167961 | 221091  |
| Northern Star Resources Ltd. (b) | 49765 | 574619  |
| Ora Banda Mining Ltd. (a) | 120532 | 82939  |
| Predictive Discovery Ltd. (a) | 618349 | 148333  |
| Rio Tinto Ltd. (b) | 4189 | 304606  |
| Rio Tinto PLC | 16477 | 985035  |
| Scentre Group | 112079 | 235243  |
| Sovereign Metals Ltd. (a) | 46659 | 21787  |
| &nbsp;&nbsp;&nbsp; Sovereign Metals Ltd. <br>(SVM AU) (a) | 27473 | 12828  |
|  |  | 8058961  |
| **Bahrain — 0.1%**<br>|  |  |
| Aluminium Bahrain BSC | 39879 | 118860  |
| **Belgium — 0.6%**<br>|  |  |
| Shurgard Self Storage Ltd. | 5400 | 195687  |
| Syensqo SA | 1505 | 102973  |
| Warehouses De Pauw CVA (b) | 14363 | 340494  |
|  |  | 639154  |
| **Bosnia and Herzegovina — 0.1%**<br>|  |  |
| Adriatic Metals PLC (a) | 45896 | 119134  |
| **Brazil — 2.3%**<br>|  |  |
| ERO Copper Corp. (a) (b) | 23164 | 280566  |
| Vale SA | 65879 | 654582  |
| Wheaton Precious Metals Corp. (b) | 18140 | 1407660  |
|  |  | 2342808  |
| **Canada — 11.3%**<br>|  |  |
| Agnico Eagle Mines Ltd. (AEM CN) | 12551 | 1359804  |
| Agnico Eagle Mines Ltd. (AEM US) | 2247 | 243597  |
| Alamos Gold, Inc. Class A (AGI CN) | 24462 | 653601  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Alamos Gold, Inc. Class A (AGI US) | 12192 | $326014  |
| Artemis Gold, Inc. (a) | 18422 | 219034  |
| Barrick Gold Corp. | 25776 | 501085  |
| Calibre Mining Corp. (a) | 37533 | 83462  |
| Cameco Corp. | 8368 | 344427  |
| Canadian Apartment Properties REIT | 6388 | 191500  |
| Canadian National Railway Co. | 844 | 82133  |
| Canadian Natural Resources Ltd. | 20697 | 636853  |
| Canadian Pacific Kansas City Ltd. | 1249 | 87692  |
| Capstone Copper Corp. (a) | 23628 | 121666  |
| Colliers International Group, Inc. | 1849 | 224284  |
| Enbridge, Inc. (b) | 14896 | 660042  |
| Foran Mining Corp. (a) | 45436 | 114928  |
| Franco-Nevada Corp. (b) | 10018 | 1575605  |
| G Mining Ventures Corp. (a) | 41310 | 538820  |
| Kinross Gold Corp. | 15970 | 201199  |
| Lundin Gold, Inc. | 9933 | 307574  |
| New Gold, Inc. (a) | 9769 | 36115  |
| NGEx Minerals Ltd. (a) | 18786 | 170360  |
| Osisko Gold Royalties Ltd. (b) | 22569 | 476301  |
| Skeena Resources Ltd. (a) | 28692 | 289303  |
| Snowline Gold Corp. (a) | 29699 | 176661  |
| South Bow Corp. (SOBO CN) (b) | 8080 | 206401  |
| Suncor Energy, Inc. (SU CN) | 13795 | 534142  |
| Teck Resources Ltd. Class B | 15928 | 580257  |
| Torex Gold Resources, Inc. (a) | 1147 | 31763  |
| Wesdome Gold Mines Ltd. (a) | 16995 | 202421  |
| &nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. <br>(WFG (CN) | 3236 | 248549  |
|  |  | 11425593  |
| **Chile — 0.2%**<br>|  |  |
| Antofagasta PLC | 7498 | 163778  |
| **China — 0.5%**<br>|  |  |
| CMOC Group Ltd. Class H | 123000 | 101594  |
| Zijin Mining Group Co. Ltd. Class H | 192000 | 438608  |
|  |  | 540202  |
| **Congo — 0.3%**<br>|  |  |
| Ivanhoe Mines Ltd. Class A (a) (b) | 39180 | 332705  |
| **Finland — 0.4%**<br>|  |  |
| Kojamo OYJ (a) | 22024 | 200757  |
| Stora Enso OYJ Class R | 15145 | 143714  |
| UPM-Kymmene OYJ (b) | 3204 | 85991  |
|  |  | 430462  |
| **France — 1.5%**<br>|  |  |
| Air Liquide SA | 2535 | 482415  |
| Gecina SA | 662 | 62367  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **43**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| SPIE SA | 1725 | $73508  |
| TotalEnergies SE | 12973 | 838454  |
|  |  | 1456744  |
| **Germany — 0.7%**<br>|  |  |
| BASF SE | 5052 | 251088  |
| Heidelberg Materials AG | 1488 | 254602  |
| KION Group AG | 3959 | 163497  |
| LEG Immobilien SE | 1076 | 76168  |
|  |  | 745355  |
| **Hong Kong — 0.5%**<br>|  |  |
| Kerry Properties Ltd. | 59000 | 139061  |
| Sun Hung Kai Properties Ltd. | 24500 | 232568  |
| Swire Properties Ltd. | 69600 | 152953  |
|  |  | 524582  |
| **India — 0.1%**<br>|  |  |
| Nexus Select Trust | 79243 | 121095  |
| **Italy — 0.1%**<br>|  |  |
| Interpump Group SpA (b) | 2771 | 98833  |
| **Japan — 2.7%**<br>|  |  |
| Invincible Investment Corp. | 668 | 280879  |
| Kubota Corp. | 11000 | 135055  |
| Kyushu Railway Co. (b) | 7700 | 187523  |
| Mitsubishi Estate Co. Ltd. | 26800 | 437382  |
| Mitsubishi Logistics Corp. (b) | 11400 | 73727  |
| Mitsui Fudosan Co. Ltd. | 46500 | 415134  |
| Nippon Sanso Holdings Corp. | 3400 | 102742  |
| Nippon Steel Corp. (b) | 20800 | 444030  |
| Nomura Real Estate Holdings, Inc. | 23500 | 136707  |
| Open House Group Co. Ltd. (b) | 4900 | 182444  |
| Shin-Etsu Chemical Co. Ltd. | 10900 | 310548  |
|  |  | 2706171  |
| **Kazakhstan — 0.2%**<br>|  |  |
| NAC Kazatomprom JSC GDR (c) | 4976 | 162950  |
| **Luxembourg — 0.2%**<br>|  |  |
| ArcelorMittal SA | 5989 | 172980  |
| **Mexico — 0.9%**<br>|  |  |
| Grupo Mexico SAB de CV Series B | 66764 | 333551  |
| Industrias Penoles SAB de CV (a) (b) | 12291 | 228540  |
| Southern Copper Corp. | 3230 | 301876  |
|  |  | 863967  |
| **Netherlands — 0.2%**<br>|  |  |
| Akzo Nobel NV | 2400 | 147963  |
| **Norway — 0.2%**<br>|  |  |
| Norsk Hydro ASA | 26369 | 153798  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Portugal — 0.3%**<br>|  |  |
| Galp Energia SGPS SA | 18989 | $333908  |
| **Republic of Korea — 0.3%**<br>|  |  |
| POSCO Holdings, Inc. | 1718 | 328059  |
| **Russia — 0.0%**<br>|  |  |
| Alrosa PJSC (d) (e) | 688100 | —  |
| Polyus PJSC (a) (d) (e) | 22820 | —  |
| **Saudi Arabia — 0.2%**<br>|  |  |
| Saudi Arabian Mining Co. (a) | 15458 | 190220  |
| **Singapore — 0.5%**<br>|  |  |
|  CapitaLand Integrated Commercial Trust | 127306 | 198234  |
|  Digital Core REIT Management Pte. Ltd. | 146900 | 77460  |
| Keppel DC REIT | 140100 | 223508  |
|  |  | 499202  |
| **South Africa — 2.7%**<br>|  |  |
| Anglo American Platinum Ltd. (b) | 7705 | 309406  |
| Anglo American PLC | 32897 | 923495  |
| Gold Fields Ltd. | 24816 | 548106  |
| Harmony Gold Mining Co. Ltd. | 16667 | 244304  |
| Impala Platinum Holdings Ltd. (a) | 69310 | 477639  |
| Northam Platinum Holdings Ltd. (b) | 19256 | 138815  |
| Sibanye Stillwater Ltd. (a) | 81716 | 92696  |
|  |  | 2734461  |
| **Spain — 0.2%**<br>|  |  |
| Cellnex Telecom SA (c) | 6412 | 227603  |
| **Taiwan — 0.2%**<br>|  |  |
| China Steel Corp. | 289000 | 195722  |
| **United Kingdom — 2.3%**<br>|  |  |
| Anglogold Ashanti PLC (d) (e) | 4404 | 163476  |
| Anglogold Ashanti PLC (ANG SJ) | 8138 | 306819  |
| Anglogold Ashanti PLC (AU US) | 6219 | 230849  |
| Big Yellow Group PLC | 13189 | 159198  |
| National Grid PLC | 15777 | 205547  |
| Persimmon PLC | 10109 | 155970  |
| Segro PLC | 54579 | 487109  |
| TechnipFMC PLC | 10573 | 335058  |
| UNITE Group PLC | 16023 | 168509  |
| Yellow Cake PLC (a) (c) | 12055 | 65646  |
|  |  | 2278181  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **44**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **United States — 58.8%**<br>|  |  |
| Acadia Realty Trust | 30930 | $647983  |
| AGCO Corp. (b) | 1615 | 149501  |
| Agree Realty Corp. | 1466 | 113161  |
| Alcoa Corp. | 1664 | 50752  |
| Alexandria Real Estate Equities, Inc. | 2908 | 269019  |
| Ameren Corp. | 1274 | 127910  |
| American Homes 4 Rent Class A | 25045 | 946951  |
| American Tower Corp. | 7925 | 1724480  |
| Americold Realty Trust, Inc. | 10341 | 221918  |
| Apple Hospitality REIT, Inc. | 14108 | 182134  |
| Atlas Energy Solutions, Inc. (b) | 7261 | 129536  |
| AvalonBay Communities, Inc. | 6494 | 1393742  |
| Baker Hughes Co. | 10290 | 452245  |
| BP PLC | 43036 | 242737  |
| Broadstone Net Lease, Inc. | 2726 | 46451  |
| Camden Property Trust | 2403 | 293887  |
| CBRE Group, Inc. Class A (a) | 932 | 121887  |
| CF Industries Holdings, Inc. | 611 | 47750  |
| Chevron Corp. | 7173 | 1199971  |
| ConocoPhillips | 11334 | 1190297  |
| Constellation Energy Corp. | 644 | 129850  |
| Corteva, Inc. | 3124 | 196593  |
| Crown Castle, Inc. | 2373 | 247338  |
| CSX Corp. | 2831 | 83316  |
| CubeSmart | 19181 | 819221  |
| Diamondback Energy, Inc. | 1919 | 306810  |
| Digital Realty Trust, Inc. | 650 | 93139  |
| Douglas Emmett, Inc. | 10212 | 163392  |
| DuPont de Nemours, Inc. | 1238 | 92454  |
| EastGroup Properties, Inc. | 4410 | 776821  |
| Entegris, Inc. | 1592 | 139268  |
| EOG Resources, Inc. | 6196 | 794575  |
| EPR Properties | 829 | 43614  |
| EQT Corp. | 7856 | 419746  |
| Equinix, Inc. | 3622 | 2953198  |
| Equity LifeStyle Properties, Inc. | 11234 | 749308  |
| Equity Residential | 16621 | 1189731  |
| Essential Properties Realty Trust, Inc. | 3076 | 100401  |
| Essex Property Trust, Inc. | 4629 | 1419113  |
| Expand Energy Corp. | 3251 | 361901  |
| Expro Group Holdings NV (a) | 11363 | 112948  |
| Exxon Mobil Corp. | 13061 | 1553345  |
| Federal Realty Investment Trust | 1171 | 114547  |
| Flowco Holdings, Inc. Class A (a) | 1581 | 40553  |
| Freeport-McMoRan, Inc. | 44714 | 1692872  |
| Gaming & Leisure Properties, Inc. | 16681 | 849063  |
| Hess Corp. | 2312 | 369296  |
| HF Sinclair Corp. | 4191 | 137800  |
| Hilton Worldwide Holdings, Inc. | 723 | 164519  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Holcim AG | 3135 | $337242  |
|  International Flavors & Fragrances, Inc. | 2614 | 202873  |
| International Paper Co. | 4086 | 217988  |
| Ivanhoe Electric, Inc. (a) | 22032 | 128006  |
| Kilroy Realty Corp. | 5204 | 170483  |
| Kimco Realty Corp. | 8726 | 185340  |
| Kinder Morgan, Inc. | 6775 | 193291  |
| Knife River Corp. (a) | 821 | 74062  |
| Kodiak Gas Services, Inc. | 4558 | 170013  |
| Linde PLC (LIN US) | 1887 | 878663  |
| Lineage, Inc. | 2271 | 133149  |
| Louisiana-Pacific Corp. | 1884 | 173290  |
| Marathon Petroleum Corp. | 4157 | 605633  |
| Marriott International, Inc. Class A | 327 | 77891  |
| Mosaic Co. | 5633 | 152147  |
| MP Materials Corp. (a) (b) | 10231 | 249739  |
| Newmont Corp. (NEM AU) | 3931 | 191523  |
| Newmont Corp. (NEM US) | 17201 | 830464  |
| NextEra Energy, Inc. | 4335 | 307308  |
| NNN REIT, Inc. | 3161 | 134817  |
| Norfolk Southern Corp. | 371 | 87871  |
| NRG Energy, Inc. | 1062 | 101379  |
| Nucor Corp. | 7458 | 897496  |
| ONEOK, Inc. | 5563 | 551961  |
| Ovintiv, Inc. | 6183 | 264632  |
| Packaging Corp. of America | 716 | 141782  |
| Pebblebrook Hotel Trust | 9572 | 96964  |
| Permian Resources Corp. | 18085 | 250477  |
| Phillips 66 | 4489 | 554302  |
| PPG Industries, Inc. | 958 | 104757  |
| Prologis, Inc. | 22693 | 2536850  |
| Public Storage | 5420 | 1622152  |
| Range Resources Corp. | 6426 | 256590  |
| Rayonier, Inc. | 9267 | 258364  |
| Realty Income Corp. | 12137 | 704067  |
| Regency Centers Corp. | 18545 | 1367879  |
| Reliance, Inc. | 1808 | 522060  |
| Rexford Industrial Realty, Inc. | 26670 | 1044130  |
| Royal Gold, Inc. | 1370 | 224009  |
| RPM International, Inc. | 1754 | 202903  |
| SBA Communications Corp. | 2386 | 524944  |
| Schlumberger NV | 15202 | 635444  |
| Shell PLC | 36954 | 1344953  |
| Sherwin-Williams Co. | 1286 | 449058  |
| Simon Property Group, Inc. | 8419 | 1398228  |
| Southern Co. | 2551 | 234564  |
| Stanley Black & Decker, Inc. | 1985 | 152607  |
| Steel Dynamics, Inc. | 8810 | 1101955  |
| Sun Communities, Inc. | 8236 | 1059479  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **45**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Targa Resources Corp. | 3326 | $666763  |
| Tenaris SA ADR | 5107 | 199735  |
| Terreno Realty Corp. | 13865 | 876545  |
| Texas Pacific Land Corp. | 154 | 204048  |
| Union Pacific Corp. | 428 | 101111  |
| Uranium Energy Corp. (a) | 23916 | 114318  |
| US Steel Corp. | 4474 | 189071  |
| Valero Energy Corp. | 4111 | 542940  |
| Ventas, Inc. | 20457 | 1406623  |
| VICI Properties, Inc. | 15756 | 513961  |
| Viper Energy, Inc. | 5404 | 243991  |
| Vornado Realty Trust | 9375 | 346781  |
| Vulcan Materials Co. | 271 | 63224  |
| Warrior Met Coal, Inc. | 3114 | 148600  |
| Weatherford International PLC | 2574 | 137838  |
| Welltower, Inc. | 16014 | 2453505  |
| Weyerhaeuser Co. | 9402 | 275291  |
| Williams Cos., Inc. | 15363 | 918093  |
| WP Carey, Inc. | 3636 | 229468  |
|  |  | 59404729  |
| **Vietnam — 0.6%**<br>|  |  |
| Hoa Phat Group JSC (a) | 589030 | 617138  |
| **Zambia — 0.3%**<br>|  |  |
| First Quantum Minerals Ltd. (a) | 22669 | 304816  |
| **TOTAL COMMON STOCK** <br>|  |  |
| **(Cost $95,772,103)** |  | **98517098**  |
| **Preferred Stock — 0.0%**<br>|  |  |
| **United States — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Jetti Holdings, Inc., Series C, (Acquired 5/24/21-6/30/21, <br>Cost $130,426) (a) (f) (g) | 2253 | 23  |
| &nbsp;&nbsp;&nbsp; KoBold Metals Co., Series B-1, (Acquired 1/10/22,<br>Cost $670,800) (a) (f) (g) | 24472 | 245  |
| &nbsp;&nbsp;&nbsp; Lilac Solutions, Inc., Series B, (Acquired 9/08/21, <br>Cost $329,342) (a) (f) (g) | 25087 | 251  |
|  |  | 519  |
| **TOTAL PREFERRED STOCK** <br>|  |  |
| **(Cost $1,130,568)** |  | **519**  |
| **TOTAL EQUITIES** <br>|  |  |
| **(Cost $96,902,671)** |  | **98517617**  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Mutual Funds — 0.1%**<br>|  |  |
| **Canada — 0.1%**<br>|  |  |
| Sprott Physical Uranium Trust (a) | 4700 | $67084  |
| **TOTAL MUTUAL FUNDS** <br>|  |  |
| **(Cost $105,360)** |  | **67084**  |
| **TOTAL PURCHASED OPTIONS (#) — 0.1%**<br>|  |  |
| **(Cost $97,477)** |  | **150194**  |
| **Exchange-Traded Funds — 0.5%**<br>|  |  |
| **United States — 0.5%**<br>|  |  |
| Global X Copper Miners ETF | 13793 | 538892  |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>|  |  |
| **(Cost $625,759)** |  | **538892**  |
| **TOTAL LONG-TERM INVESTMENTS** <br>|  |  |
| **(Cost $97,731,267)** |  | **99273787**  |
| **Short-Term Investments — 1.7%**<br>|  |  |
|  **Investment of Cash Collateral from Securities Loaned — 0.2%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (h) | 239672 | 239672  |
| **Mutual Fund — 0.0%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.204% (i) | 3696 | 3696 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **Repurchase Agreement — 1.2%**<br>|  |  |
|  Fixed Income Clearing Corp., Repurchase Agreement, dated 3/31/25, 2.750%, due 4/01/25 (j) | $1171372 | 1171372  |
| **U.S. Treasury Bill — 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>4.309% 4/22/25 (k) (l) | 295000  | 294269  |
| **TOTAL SHORT-TERM INVESTMENTS** <br>|  |  |
| **(Cost $1,709,016)** |  | **1709009**  |
| **TOTAL INVESTMENTS — 100.0%**<br>|  |  |
| **(Cost $99,440,283) (m)** |  | **100982796**  |
| **Other Assets/**<br>(Liabilities) — (0.0)% |  | **(11464)**  |
| **NET ASSETS — 100.0%** |  | **$100971332** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **46**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp; American Depositary Receipt |
| ETF | &nbsp;&nbsp;&nbsp; Exchange-Traded Fund |
| GDR | &nbsp;&nbsp;&nbsp; Global Depositary Receipt |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $6,112,723 or 6.05% of net assets. The Fund received $6,234,460 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $456,199 or 0.45% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31, 2025, these securities amounted to a value of $163,476
 or 0.16% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This security is valued using an agreed upon
 price from an executed securities purchase agreement. The total value of these securities as of March 31, 2025 was $519.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $519 or 0.00% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(i) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Maturity value of $1,171,461. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,194,835.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The rate shown represents yield-to-maturity.

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

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

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

---

| | |
|:---|:---|
| Real Estate | 38.1%  |
| Materials | 36.8%  |
| Energy | 19.2%  |
| Industrials | 1.5%  |
| Utilities | 1.1%  |
| Consumer Discretionary | 0.6%  |
| Mutual Funds | 0.5%  |
| Communication Services | 0.2%  |
| Information Technology | 0.2%  |
| Purchased Options | 0.1%  |
| Total Long-Term Investments | 98.3%  |
|  Short-Term Investments and Other Assets and Liabilities | 1.7%  |
| Net Assets | 100.0% |

---

**(#) OTC Options Purchased** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration** <br>**Date** | **Exercise** <br>**Price** | **No. of** <br>**Contracts** | **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Value** | **Premiums** <br>**Paid/**<br>(Received) | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Put** |  |  |  |  |  |  |  |  |  |
| S&P 500 Index | UBS AG\* | 9/19/25 | 5325.00 | 10 | USD | 5325000 | $150194 | $97477 | $52717 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **47**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**Forward contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America N.A.\* | 4/15/25 | EUR | 1009500 | USD | 1064516 | $27812  |
| Barclays Bank PLC\* | 4/15/25 | TRY | 52962611 | USD | 1398833 | (26234)  |
| Barclays Bank PLC\* | 4/15/25 | SEK | 5379500 | USD | 536535 | (936)  |
| Barclays Bank PLC\* | 4/15/25 | USD | 1351369 | TRY | 52962611 | (21231)  |
| Barclays Bank PLC\* | 5/15/25 | TRY | 30212611 | USD | 751567 | 2645  |
| BNP Paribas SA\* | 4/15/25 | SEK | 5608000 | USD | 533325 | 25024  |
| BNP Paribas SA\* | 4/15/25 | JPY | 242222772 | USD | 1652314 | (35048)  |
| Citibank N.A.\* | 4/15/25 | GBP | 836000 | USD | 1063337 | 16532  |
| Deutsche Bank AG\* | 4/15/25 | NOK | 5625500 | USD | 536216 | (1505)  |
| Goldman Sachs International\* | 4/02/25 | USD | 1687408 | BRL | 9849326 | (38591)  |
| Goldman Sachs International\* | 4/02/25 | BRL | 9849326 | USD | 1715253 | 10746  |
| UBS AG\* | 4/02/25 | BRL | 4924663 | USD | 854388 | 8611  |
| UBS AG\* | 4/02/25 | USD | 857627 | BRL | 4924663 | (5373)  |
| UBS AG\* | 4/15/25 | EUR | 489000 | USD | 536160 | (7038)  |
| UBS AG\* | 4/15/25 | USD | 1656551 | CHF | 1447083 | 18336  |
| Wells Fargo Bank N.A.\* | 4/02/25 | BRL | 4924663 | USD | 857970 | 5029  |
| Wells Fargo Bank N.A.\* | 4/02/25 | USD | 857627 | BRL | 4924663 | (5372)  |
| Wells Fargo Bank N.A.\* | 4/15/25 | GBP | 411000 | USD | 534333 | (3440)  |
| Wells Fargo Bank N.A.\* | 4/15/25 | USD | 1220207 | CNH | 8835400 | 3010  |
|  |  |  |  |  |  | $(27023) |

---

**Futures contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration** <br>**Date**  | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Value/Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Long**<br>|  |  |  |  |
| Topix Index | 6/12/25 | 2 | $355842 | $(885)  |
| E-Mini Industrial Select Sector | 6/20/25 | 6 | 798473 | 967  |
| Xav Health Care | 6/20/25 | 4 | 590505 | 3815  |
|  |  |  |  | $3897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short** |  |  |  |  |
| U.S. Treasury Long Bond | 6/18/25 | 11 | $(1288698) | $(1396)  |
| S&P TSX 60 Index | 6/19/25 | 2 | (411021) | (5254)  |
| MSCI Emerging Market Index | 6/20/25 | 1 | (57368) | 1828  |
| MSCI World Index | 6/20/25 | 1 | (116301) | 881  |
| S&P 500 E-Mini Index | 6/20/25 | 3 | (855768) | 7780  |
|  |  |  |  | $3839 |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **48**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paid by the Fund**  | **Paid by the Fund**  | **Paid by the Fund**  | **Paid by the Fund**  | **Received by the Fund**  | **Received by the Fund**  | **Received by the Fund**  | | | | | |
| **Rate/Reference**  | **No. of** <br>**Contracts/** <br>**Notional**  | **No. of** <br>**Contracts/** <br>**Notional**  | **Frequency**  | **Rate/**<br>**Reference**  | **No. of** <br>**Contracts/** <br>**Notional**  | **Frequency**  | <br>**Counterparty**  | <br>**Termination** <br>**Date**  | <br>**Value**  | <br>**Upfront** <br>**Premium** <br>**Paid/** <br>(Received)  | <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 1 Day-SOFR+30BP | USD | 36557 | Monthly | VanEck Vietnam ETF+30BP | 2865 | Monthly | Bank of America N.A.\* | 1/16/26 | $(802) | $— | $(802)  |
| 1 Day-SOFR+30BP | USD | 103447 | Monthly | iShares Semiconductor ETF+30BP | 506 | Monthly | Bank of America N.A.\* | 1/16/26 | (8233) |  | (8233)  |
| 1 Day-SOFR | USD | 511640 | Monthly | S&P Homebuilders Select Industry Index | 40 | Monthly | Goldman Sachs International\* | 1/16/26 | (6001) |  | (6001)  |
| 1 Day-SOFR | USD | 52965 | Monthly | ICE Semiconductor Gross Total Return Index | 41 | Monthly | Goldman Sachs International\* | 1/20/26 | (4202) |  | (4202)  |
|  FTSE Nareit All Equity REITs Index |  | 21 | Monthly | 1 Day-SOFR | USD 542,367 | Monthly | Morgan Stanley & Co. LLC\* | 1/16/26 | 739 |  | 739  |
| &nbsp;&nbsp;&nbsp; FTSE EPRA/<br>NAREIT Developed Index  |  | 87 | Monthly | 1 Day-SOFR | USD 520,315 | Monthly | Morgan Stanley & Co. LLC\* | 1/16/26 | 4324 |  | 4324  |
|  ProShares S&P 500 Ex-Technology ETF |  | 38 | Monthly | 1 Day-SOFR | USD 463,967 | Monthly | Morgan Stanley & Co. LLC\* | 1/16/26 | (5721) |  | (5721)  |
| 1 Day- SOFR+42BP | USD | 35293 | Monthly | Xtrackers FTSE Vietnam Swap UCITS ETF+42BP | 1373 | Monthly | Morgan Stanley & Co. LLC\* | 1/16/26 | 783 |  | 783  |
| 1 Day-SOFR | USD | 537222 | Monthly | S&P Homebuilders Select Industry Index | 42 | Monthly | Morgan Stanley & Co. LLC\* | 1/16/26 | (5874) |  | (5874)  |
|  |  |  |  |  |  |  |  |  | $(24987) | $— | $(24987) |

---

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

**Currency Legend** 

---

| | |
|:---|:---|
| BRL  | &nbsp;&nbsp;&nbsp; Brazilian Real |
| CHF  | &nbsp;&nbsp;&nbsp; Swiss Franc |
| CNH  | &nbsp;&nbsp;&nbsp; Offshore Chinese Yuan |
| EUR  | &nbsp;&nbsp;&nbsp; Euro |
| GBP  | &nbsp;&nbsp;&nbsp; British Pound |
| JPY  | &nbsp;&nbsp;&nbsp; Japanese Yen |
| NOK  | &nbsp;&nbsp;&nbsp; Norwegian Krone |
| SEK  | &nbsp;&nbsp;&nbsp; Swedish Krona |
| TRY  | &nbsp;&nbsp;&nbsp; New Turkish Lira |
| USD  | &nbsp;&nbsp;&nbsp; U.S. Dollar |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **49**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Equities — 95.9%**<br>|  |  |
| **Common Stock — 95.3%**<br>|  |  |
| **Communication Services — 2.5%**<br>|  |  |
| Advantage Solutions, Inc. (a) | 20367 | $30753  |
| AST SpaceMobile, Inc. (a) (b) | 4039 | 91847  |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. <br>Class C (a) | 2613 | 104546  |
| ESC GCI Liberty, Inc. (a) (c) (d) | 29586 | —  |
|  Liberty Media Corp-Liberty Formula One Class C (a) | 7594 | 683536  |
|  Liberty Media Corp-Liberty Live Class C (a) | 11158 | 760306  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br>Inc. (a) | 551 | 71950  |
|  Madison Square Garden Sports Corp. (a) | 841 | 163760  |
| Match Group, Inc. | 6024 | 187949  |
| New York Times Co. Class A | 11782 | 584387  |
| Pinterest, Inc. Class A (a) | 15525 | 481275  |
| Reddit, Inc. Class A (a) | 4335 | 454742  |
| Spotify Technology SA (a) | 578 | 317917  |
| Trade Desk, Inc. Class A (a) | 9210 | 503971  |
| Vimeo, Inc. (a) | 15078 | 79310  |
|  |  | 4516249  |
| **Consumer Discretionary — 8.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. <br>Class A (a) | 439 | 33526  |
| Advance Auto Parts, Inc. | 13749 | 539098  |
| Aramark | 6076 | 209744  |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, <br>Inc. (a) | 263 | 58081  |
| Bath & Body Works, Inc. | 23479 | 711883  |
| Birkenstock Holding PLC (a) | 4492 | 205958  |
| Boot Barn Holdings, Inc. (a) | 378 | 40609  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br>Inc. (a) | 4093 | 519975  |
| Burlington Stores, Inc. (a) | 3389 | 807700  |
| Carvana Co. (a) | 1268 | 265113  |
| Cava Group, Inc. (a) | 1898 | 164006  |
| Champion Homes, Inc. (a) | 2100 | 198996  |
| Chewy, Inc., Class A (a) | 1496 | 48635  |
| Compass Group PLC | 10224 | 337549  |
| Domino's Pizza, Inc. | 1871 | 859631  |
| Dorman Products, Inc. (a) | 1022 | 123192  |
| DraftKings, Inc. Class A (a) | 17223 | 571976  |
| Duolingo, Inc. (a) | 927 | 287871  |
| Dutch Bros, Inc. Class A (a) | 3516 | 217078  |
| Etsy, Inc. (a) | 10 | 472  |
| Figs, Inc. Class A (a) | 19615 | 90033  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. <br>Class A (a) | 3741 | $301038  |
| Global-e Online Ltd. (a) | 1835 | 65418  |
| Grand Canyon Education, Inc. (a) | 397 | 68689  |
| Group 1 Automotive, Inc. | 218 | 83265  |
| Hilton Worldwide Holdings, Inc. | 2714 | 617571  |
| Installed Building Products, Inc. | 543 | 93103  |
| &nbsp;&nbsp;&nbsp; International Game Technology <br>PLC | 1596 | 25951  |
| Kontoor Brands, Inc. | 773 | 49573  |
| LCI Industries | 139 | 12153  |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, <br>Inc. (a) | 1703 | 51431  |
| Lululemon Athletica, Inc. (a) | 668 | 189084  |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide <br>Corp. | 1482 | 95204  |
| Meritage Home Corp. | 1045 | 74070  |
| Modine Manufacturing Co. (a) | 194 | 14890  |
| Monro, Inc. | 5160 | 74665  |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, <br>Inc. (a) | 245 | 28508  |
| On Holding AG, Class A (a) | 4383 | 192501  |
| Papa John's International, Inc. | 3513 | 144314  |
| Patrick Industries, Inc. | 152 | 12853  |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. <br>Class A (a) | 37141 | 234731  |
| Planet Fitness, Inc. Class A (a) | 8445 | 815871  |
| Pool Corp. | 115 | 36610  |
| PulteGroup, Inc. | 2756 | 283317  |
| Puma SE | 10688 | 258815  |
| &nbsp;&nbsp;&nbsp; Rad Power Bikes, Inc., Class A (Acquired 1/22/21, <br>Cost $69,082) (a) (e) (f) | 39882 | 399  |
| Ralph Lauren Corp. | 1475 | 325592  |
| Red Rock Resorts, Inc. Class A | 1752 | 75984  |
| RH (a) | 103 | 24144  |
| Ross Stores, Inc. | 4664 | 596013  |
| Savers Value Village, Inc. (a) (b) | 11756 | 81116  |
| Shake Shack, Inc. Class A (a) | 383 | 33769  |
| Skechers USA, Inc. Class A (a) | 354 | 20100  |
| Sportradar Group AG Class A (a) | 1345 | 29079  |
| Steven Madden Ltd. | 2141 | 57036  |
| Strategic Education, Inc. | 3934 | 330299  |
| Taylor Morrison Home Corp. (a) | 569 | 34163  |
| Texas Roadhouse, Inc. | 1261 | 210120  |
| TopBuild Corp. (a) | 477 | 145461  |
| Ulta Beauty, Inc. (a) | 830 | 304228  |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. <br>Class A (a) (b) | 7269 | 45431  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **50**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; United Parks & Resorts, <br>Inc. (a) (b) | 315 | $14320  |
| Urban Outfitters, Inc. (a) | 1621 | 84940  |
| VF Corp. | 19747 | 306473  |
| Victoria's Secret & Co. (a) | 3555 | 66052  |
| Viking Holdings Ltd. (a) | 8802 | 349880  |
| Visteon Corp. (a) | 990 | 76844  |
| &nbsp;&nbsp;&nbsp; Watches of Switzerland Group <br>PLC (a) (g) | 6434 | 34519  |
| Wingstop, Inc. | 2002 | 451611  |
| Wyndham Hotels & Resorts, Inc. | 1786 | 161651  |
| Yum! Brands, Inc. | 5645 | 888297  |
|  |  | 14862272  |
| **Consumer Staples — 3.1%**<br>|  |  |
| BellRing Brands, Inc. (a) | 3888 | 289500  |
| Boston Beer Co., Inc. Class A (a) | 11 | 2627  |
| Casey's General Stores, Inc. | 1508 | 654532  |
| Coca-Cola Consolidated, Inc. | 3 | 4050  |
| Dollar Tree, Inc. (a) | 9057 | 679909  |
| &nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc. (Acquired 7/31/20, <br>Cost $48,230) (a) (e) (f) | 1459 | 15  |
| Flowers Foods, Inc. | 16567 | 314939  |
| Grocery Outlet Holding Corp. (a) | 5825 | 81433  |
| Interparfums, Inc. | 871 | 99181  |
| Kenvue, Inc. | 48919 | 1173078  |
| Lamb Weston Holdings, Inc. | 8686 | 462964  |
| Maplebear, Inc. (a) | 5111 | 203878  |
| McCormick & Co., Inc. | 3680 | 302901  |
| Nomad Foods Ltd. | 6727 | 132185  |
| Olaplex Holdings, Inc. (a) (b) | 46904 | 59568  |
| Post Holdings, Inc. (a) | 2237 | 260297  |
| Primo Brands Corp. | 2332 | 82763  |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, <br>Inc. | 6296 | 150223  |
| Simply Good Foods Co. (a) | 5013 | 172898  |
|  Tessera Therapeutics, Inc. (Acquired 2/25/22, Cost $34,499) (a) (e) (f) | 1687 | 17258  |
| TreeHouse Foods, Inc. (a) | 4667 | 126429  |
| Tyson Foods, Inc. Class A | 4706 | 300290  |
| Utz Brands, Inc. | 2777 | 39100  |
|  |  | 5610018  |
| **Energy — 5.8%**<br>|  |  |
| Advantage Energy Ltd. (a) | 7652 | 57641  |
| Antero Resources Corp. (a) | 676 | 27337  |
| Baker Hughes Co. | 7708 | 338767  |
| Cactus, Inc. Class A | 4872 | 223284  |
| Cheniere Energy, Inc. | 4249 | 983219  |
| Delek US Holdings, Inc. | 1678 | 25287  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| DT Midstream, Inc. (a) | 247 | $23831  |
| Enerflex Ltd. | 16384 | 126604  |
| EQT Corp. | 11626 | 621177  |
| Expand Energy Corp. | 13517 | 1504712  |
| Expro Group Holdings NV (a) | 9839 | 97800  |
| Flowco Holdings, Inc. Class A (a) | 3114 | 79874  |
| Gulfport Energy Corp. (a) | 551 | 101461  |
| Kodiak Gas Services, Inc. | 1731 | 64566  |
| Liberty Energy, Inc. | 3552 | 56228  |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. <br>Class A (b) | 10945 | 276471  |
| Marathon Petroleum Corp. | 3805 | 554350  |
| Matador Resources Co. | 6471 | 330603  |
| MEG Energy Corp. (b) | 1508 | 26439  |
| PBF Energy, Inc. Class A | 6631 | 126586  |
| Permian Resources Corp. | 35482 | 491426  |
| Range Resources Corp. | 17094 | 682563  |
| Solaris Oilfield Infrastructure, Inc. | 650 | 14144  |
| South Bow Corp. (SOBO CN) (b) | 8062 | 205941  |
| Suncor Energy, Inc. (SU US) | 5436 | 210482  |
| TechnipFMC PLC | 63335 | 2007086  |
| Tidewater, Inc. (a) | 8184 | 345938  |
| Viper Energy, Inc. | 14139 | 638376  |
| Weatherford International PLC | 4967 | 265983  |
|  |  | 10508176  |
| **Financials — 16.5%**<br>|  |  |
| Affirm Holdings, Inc. (a) | 612 | 27656  |
| Allstate Corp. | 1844 | 381837  |
| Annaly Capital Management, Inc. | 22630 | 459615  |
| Assurant, Inc. | 5926 | 1242978  |
| Axis Capital Holdings Ltd. | 2883 | 288992  |
| Baldwin Insurance Group, Inc. (a) | 5181 | 231539  |
| Banc of California, Inc. | 20691 | 293605  |
| BankUnited, Inc. | 4188 | 144235  |
| Blue Foundry Bancorp (a) | 5178 | 47638  |
| Byline Bancorp, Inc. | 622 | 16272  |
| Cadence Bank | 7172 | 217742  |
| Capitol Federal Financial, Inc. | 9518 | 53301  |
| Cathay General Bancorp | 2072 | 89158  |
| Cboe Global Markets, Inc. | 4277 | 967842  |
| Coastal Financial Corp. (a) | 2411 | 217979  |
| Columbia Banking System, Inc. | 22329 | 556885  |
| Columbia Financial, Inc. (a) | 1833 | 27495  |
| Corebridge Financial, Inc. | 15866 | 500890  |
| Corpay, Inc. (a) | 5155 | 1797652  |
|  CRB Group, Inc. (Acquired 4/14/22, Cost $73,283) (a) (e) (f) | 697 | 7  |
| Definity Financial Corp. | 994 | 44166  |
| Dime Community Bancshares, Inc. | 3442 | 95963  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **51**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| East West Bancorp, Inc. | 6085 | $546190  |
| Eastern Bankshares, Inc. | 15994 | 262302  |
| Edenred SE | 10635 | 347021  |
| Encore Capital Group, Inc. (a) | 1891 | 64823  |
| Equity Bancshares, Inc. Class A | 2169 | 85459  |
| FB Financial Corp. | 7181 | 332911  |
| Fifth Third Bancorp | 14628 | 573418  |
| First American Financial Corp. | 399 | 26186  |
| First Bancshares, Inc. | 2824 | 95479  |
| First Busey Corp. | 1652 | 35683  |
| Five Star Bancorp | 2818 | 78340  |
| Flagstar Financial, Inc. (b) | 12361 | 143635  |
| Flywire Corp. (a) | 871 | 8275  |
| FS Bancorp, Inc. | 2178 | 82786  |
| Global Payments, Inc. | 7401 | 724706  |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. <br>Class A | 1966 | 232106  |
| &nbsp;&nbsp;&nbsp; Grasshopper Bancorp, Inc. <br>(Acquired 5/02/19, <br>Cost $83,390) (a) (e) (f) | 8339 | 83  |
|  HA Sustainable Infrastructure Capital, Inc. (b) | 9239 | 270148  |
| Hamilton Lane, Inc. Class A | 3110 | 462364  |
| Hanover Insurance Group, Inc. | 3257 | 566555  |
| HarborOne Bancorp, Inc. | 7852 | 81425  |
| Helix Acquisition Corp. II (a) | 952 | 10758  |
| Home BancShares, Inc. | 12223 | 345544  |
| Horace Mann Educators Corp. | 4664 | 199293  |
| Houlihan Lokey, Inc. | 1991 | 321547  |
| Intercontinental Exchange, Inc. | 2653 | 457642  |
| James River Group Holdings Ltd. | 8011 | 33646  |
| John Marshall Bancorp, Inc. | 4077 | 67352  |
| Kearny Financial Corp. | 3917 | 24520  |
| KeyCorp. | 24329 | 389021  |
| Lazard, Inc. | 11940 | 517002  |
| Live Oak Bancshares, Inc. | 10966 | 292354  |
| Markel Group, Inc. (a) | 144 | 269224  |
| MarketAxess Holdings, Inc. | 2045 | 442436  |
| Marqeta, Inc. Class A (a) | 107170 | 441540  |
| MSCI, Inc. | 70 | 39585  |
|  National Bank Holdings Corp. Class A | 4063 | 155491  |
| OneMain Holdings, Inc. | 5890 | 287903  |
| Open Lending Corp. (a) | 31537 | 87042  |
| Origin Bancorp, Inc. | 3058 | 106021  |
| Oscar Health, Inc. Class A (a) | 18808 | 246573  |
| OTC Markets Group, Inc. Class A | 1289 | 61163  |
| Pacific Premier Bancorp, Inc. | 6671 | 142226  |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, <br>Inc. | 7252 | 725998  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
|  PennyMac Mortgage Investment Trust | 10483 | $153576  |
| Pinnacle Financial Partners, Inc. | 6737 | 714391  |
| Ponce Financial Group, Inc. (a) | 4450 | 56382  |
| Popular, Inc. | 9276 | 856824  |
| PRA Group, Inc. (a) | 3537 | 72933  |
| Preferred Bank | 2089 | 174766  |
| Primerica, Inc. | 336 | 95602  |
| Prosperity Bancshares, Inc. | 4507 | 321665  |
| Raymond James Financial, Inc. | 3832 | 532303  |
| RenaissanceRe Holdings Ltd. | 3127 | 750480  |
| RLI Corp. | 2382 | 191346  |
| Root, Inc. Class A (a) | 1078 | 143848  |
| Ryan Specialty Holdings, Inc. | 3059 | 225968  |
| Selective Insurance Group, Inc. | 191 | 17484  |
| Sezzle, Inc. (a) (b) | 204 | 7118  |
| SLM Corp. | 2805 | 82383  |
| &nbsp;&nbsp;&nbsp; Southern First Bancshares, <br>Inc. (a) | 1505 | 49545  |
| SouthState Corp. | 5970 | 554135  |
| Sprott, Inc. | 343 | 15390  |
| &nbsp;&nbsp;&nbsp; Stash Financial, Inc. <br>(Acquired 1/06/21-1/26/21, <br>Cost $15,690) (a) (e) (f) | 487 | 1169  |
| StepStone Group, Inc. Class A | 10752 | 561577  |
| Stifel Financial Corp. | 263 | 24790  |
| StoneX Group, Inc. (a) | 924 | 70575  |
| Synovus Financial Corp. | 1654 | 77308  |
| Texas Capital Bancshares, Inc. (a) | 5642 | 421457  |
| TMX Group Ltd. | 10253 | 374339  |
| Toast, Inc., Class A (a) | 35043 | 1162376  |
| Towne Bank | 8115 | 277452  |
| TPG, Inc. | 1681 | 79730  |
| Tradeweb Markets, Inc. Class A | 2277 | 338043  |
| TWFG, Inc. (a) | 3174 | 98108  |
| Voya Financial, Inc. | 7732 | 523920  |
| Walker & Dunlop, Inc. | 2211 | 188731  |
| Webster Financial Corp. | 12617 | 650406  |
| Western Alliance Bancorp | 11595 | 890844  |
| Western Union Co. | 56588 | 598701  |
|  White Mountains Insurance Group Ltd. | 99 | 190655  |
| WSFS Financial Corp. | 4164 | 215987  |
|  |  | 30149530  |
| **Health Care — 15.3%**<br>|  |  |
| Acadia Healthcare Co., Inc. (a) | 825 | 25014  |
| ACELYRIN, Inc. (a) (b) | 9248 | 22843  |
| Agilent Technologies, Inc. | 7032 | 822603  |
| Agios Pharmaceuticals, Inc. (a) | 561 | 16437  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **52**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Akero Therapeutics, Inc. (a) | 2286 | $92537  |
| Alcon AG | 5931 | 563030  |
| Align Technology, Inc. (a) | 1716 | 272604  |
| Alignment Healthcare, Inc. (a) | 13942 | 259600  |
| Alkermes PLC (a) | 17147 | 566194  |
| Alnylam Pharmaceuticals, Inc. (a) | 4393 | 1186198  |
| AnaptysBio, Inc. (a) | 697 | 12957  |
| Applied Therapeutics, Inc. (a) (b) | 23518 | 11498  |
| Arcellx, Inc. (a) | 2697 | 176923  |
| Argenx SE ADR (a) | 1061 | 627969  |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, <br>Inc. (a) | 3926 | 50017  |
| Arvinas, Inc. (a) | 2840 | 19937  |
| Ascendis Pharma AS ADR (a) | 3828 | 596632  |
| &nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC <br>ADR (a) (b) | 2605 | 4038  |
| Avanos Medical, Inc. (a) | 6980 | 100023  |
| Avantor, Inc. (a) | 38412 | 622659  |
| Avidity Biosciences, Inc. (a) | 6804 | 200854  |
| Axsome Therapeutics, Inc. (a) | 395 | 46069  |
| Baxter International, Inc. | 27249 | 932733  |
| Beam Therapeutics, Inc. (a) | 436 | 8515  |
| BeiGene Ltd. ADR (a) | 145 | 39465  |
| Beta Bionics, Inc. (a) | 350 | 4284  |
| Bicara Therapeutics, Inc. (a) | 718 | 9356  |
| Bio-Techne Corp. | 9051 | 530660  |
| Biogen, Inc. (a) | 2217 | 303374  |
| Biohaven Ltd. (a) | 952 | 22886  |
| BioLife Solutions, Inc. (a) | 2021 | 46160  |
| &nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, <br>Inc. (a) | 16792 | 26028  |
| Blueprint Medicines Corp. (a) | 4026 | 356341  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br>Inc. (a) (b) | 8470 | 153222  |
| Bruker Corp. | 10698 | 446535  |
| Cabaletta Bio, Inc. (a) (b) | 7093 | 9824  |
| &nbsp;&nbsp;&nbsp; Capsule, Inc. (Acquired 4/07/21, <br>Cost $72,342) (a) (e) (f) | 4992 | 3245  |
| Celldex Therapeutics, Inc. (a) | 2041 | 37044  |
| &nbsp;&nbsp;&nbsp; Centessa Pharmaceuticals PLC <br>ADR (a) | 3149 | 45283  |
| CG oncology, Inc. (a) (b) | 398 | 9747  |
|  Concentra Group Holdings Parent, Inc. | 40950 | 888615  |
| Cooper Cos., Inc. (a) | 10809 | 911739  |
| Crinetics Pharmaceuticals, Inc. (a) | 3534 | 118530  |
| CRISPR Therapeutics AG (a) (b) | 3795 | 129144  |
| Cytokinetics, Inc. (a) | 11934 | 479627  |
| &nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, <br>Inc. (a) | 707 | 5607  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Denali Therapeutics, Inc. (a) | 729 | $9911  |
| DENTSPLY SIRONA, Inc. | 29487 | 440536  |
| Disc Medicine, Inc. (a) | 556 | 27600  |
| Doximity, Inc. Class A (a) | 3109 | 180415  |
| Dyne Therapeutics, Inc. (a) | 2416 | 25271  |
| Elanco Animal Health, Inc. (a) | 15016 | 157668  |
| Encompass Health Corp. | 2089 | 211574  |
| Enovis Corp. (a) | 5843 | 223261  |
| Ensign Group, Inc. | 955 | 123577  |
| Entrada Therapeutics, Inc. (a) | 2318 | 20955  |
| Erasca, Inc. (a) | 26420 | 36195  |
| Exact Sciences Corp. (a) | 10551 | 456753  |
| &nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, <br>Inc. (a) | 1445 | 7832  |
| GeneDx Holdings Corp. (a) | 732 | 64830  |
| Generation Bio Co. (a) | 6148 | 2490  |
| &nbsp;&nbsp;&nbsp; Ginkgo Bioworks, Inc., Earnout <br>Shares 600 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f) | 21 | —  |
|  Ginkgo Bioworks, Inc., Earnout Shares 700 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f) | 21 | —  |
|  Ginkgo Bioworks, Inc., Earnout Shares 800 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f) | 21 | —  |
|  Gyroscope Therapeutics, Milestone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (c) (d) (f) | 31900 | —  |
|  Gyroscope Therapeutics, Milestone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (f) | 21260 | —  |
|  Gyroscope Therapeutics, Milestone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (f) | 21260 | —  |
| Haemonetics Corp. (a) | 1258 | 79946  |
| HealthEquity, Inc. (a) | 997 | 88105  |
| Hologic, Inc. (a) | 16390 | 1012410  |
| Ideaya Biosciences, Inc. (a) | 1940 | 31777  |
| Immatics NV (a) | 22544 | 101673  |
| &nbsp;&nbsp;&nbsp; Immunocore Holdings PLC <br>ADR (a) (b) | 10205 | 302782  |
| Immunome, Inc. (a) | 11647 | 78384  |
| Immunovant, Inc. (a) (b) | 9391 | 160492  |
| Innovage Holding Corp. (a) | 11075 | 33004  |
| Insmed, Inc. (a) | 7567 | 577286  |
| Ionis Pharmaceuticals, Inc. (a) | 18856 | 568886  |
| Iovance Biotherapeutics, Inc. (a) | 3728 | 12414  |
| Janux Therapeutics, Inc. (a) | 679 | 18333  |
| Jasper Therapeutics, Inc. (a) (b) | 1584 | 6811  |
| &nbsp;&nbsp;&nbsp; Karyopharm Therapeutics, <br>Inc. (a) (b) | 292 | 1092  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **53**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Kestra Medical Technologies, <br>Inc. (a) | 3722 | $92752  |
| Krystal Biotech, Inc. (a) | 272 | 49042  |
| Kymera Therapeutics, Inc. (a) | 3897 | 106661  |
| Lantheus Holdings, Inc. (a) | 2280 | 222528  |
| Legend Biotech Corp. ADR (a) | 469 | 15913  |
| Madrigal Pharmaceuticals, Inc. (a) | 227 | 75189  |
| Masimo Corp. (a) | 2444 | 407170  |
| Merus NV (a) | 1035 | 43563  |
| Metsera, Inc. (a) | 4228 | 115086  |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, <br>Inc. (a) | 367 | 433394  |
| Mirum Pharmaceuticals, Inc. (a) | 1022 | 46041  |
| Molina Healthcare, Inc. (a) | 1394 | 459170  |
| &nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, <br>Inc. (a) (b) | 3072 | 14254  |
| &nbsp;&nbsp;&nbsp; MoonLake <br>Immunotherapeutics (a) | 675 | 26372  |
| Natera, Inc. (a) | 2046 | 289325  |
| Neogen Corp. (a) | 13522 | 117236  |
| NeoGenomics, Inc. (a) | 4828 | 45818  |
| &nbsp;&nbsp;&nbsp; Neumora Therapeutics, <br>Inc. (a) (b) | 4756 | 4756  |
| Neurocrine Biosciences, Inc. (a) | 281 | 31079  |
| Nurix Therapeutics, Inc. (a) | 4989 | 59269  |
| Nuvalent, Inc., Class A (a) | 1232 | 87373  |
| Outset Medical, Inc. (a) (b) | 2357 | 26068  |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California, <br>Inc. (a) (b) | 11302 | 13336  |
| Penumbra, Inc. (a) | 898 | 240134  |
| Perrigo Co. PLC | 22788 | 638976  |
| Phreesia, Inc. (a) | 499 | 12754  |
| &nbsp;&nbsp;&nbsp; Praxis Precision Medicines, <br>Inc. (a) | 545 | 20639  |
| Prime Medicine, Inc. (a) (b) | 8449 | 16814  |
| Privia Health Group, Inc. (a) | 338 | 7588  |
| PROCEPT BioRobotics Corp. (a) | 1737 | 101198  |
| Prothena Corp. PLC (a) | 1772 | 21929  |
| PTC Therapeutics, Inc. (a) | 199 | 10141  |
| Quidelortho Corp. (a) | 14036 | 490839  |
| RadNet, Inc. (a) | 2268 | 112765  |
| Rapport Therapeutics, Inc. (a) | 2451 | 24584  |
| Relay Therapeutics, Inc. (a) | 1649 | 4320  |
| Repligen Corp. (a) | 2058 | 261860  |
| Replimune Group, Inc. (a) | 5854 | 57077  |
| Revolution Medicines, Inc. (a) | 4818 | 170364  |
| Rhythm Pharmaceuticals, Inc. (a) | 551 | 29186  |
| Rocket Pharmaceuticals, Inc. (a) | 1299 | 8664  |
| Sarepta Therapeutics, Inc. (a) | 1819 | 116089  |
| Sartorius Stedim Biotech | 249 | 49521  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Scholar Rock Holding Corp. (a) | 4869 | $156538  |
| Select Medical Holdings Corp. | 40290 | 672843  |
| Soleno Therapeutics, Inc. (a) | 574 | 41012  |
| Sotera Health Co. (a) | 12687 | 147930  |
| &nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, <br>Inc. (a) | 1158 | 51103  |
| Stevanato Group SpA (b) | 5758 | 117578  |
| &nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc. <br>ADR (a) (b) | 84 | 1454  |
| Tango Therapeutics, Inc. (a) | 6109 | 8369  |
| Teleflex, Inc. | 5757 | 795560  |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, <br>Inc. (a) | 1049 | 37984  |
| Vaxcyte, Inc. (a) | 4451 | 168070  |
| Veeva Systems, Inc. Class A (a) | 7809 | 1808799  |
| Vera Therapeutics, Inc. (a) | 4566 | 109675  |
| Verve Therapeutics, Inc. (a) | 3833 | 17517  |
| Viatris, Inc. | 42815 | 372919  |
| Viridian Therapeutics, Inc. (a) | 833 | 11229  |
| WaVe Life Sciences Ltd. (a) | 2211 | 17865  |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, <br>Inc. | 403 | 90224  |
| Xencor, Inc. (a) | 2236 | 23791  |
| Xenon Pharmaceuticals, Inc. (a) | 961 | 32242  |
| Zenas Biopharma, Inc. (a) (b) | 333 | 2631  |
| Zimmer Biomet Holdings, Inc. | 10096 | 1142665  |
|  |  | 27881698  |
| **Industrials — 17.5%**<br>|  |  |
| AAON, Inc. | 25 | 1953  |
| Acuren Corp. (a) | 5615 | 62439  |
| AGCO Corp. | 6416 | 593929  |
| Air Lease Corp. | 1106 | 53431  |
| Alamo Group, Inc. | 180 | 32078  |
| Allegiant Travel Co. | 1786 | 92247  |
| API Group Corp. (a) | 29602 | 1058568  |
| Arcosa, Inc. | 3146 | 242620  |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, <br>Inc. | 2389 | 87748  |
| AZZ, Inc. | 2943 | 246064  |
| Beacon Roofing Supply, Inc. (a) | 258 | 31915  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding <br>Corp. | 2349 | 245658  |
| Brady Corp. Class A | 1481 | 104618  |
| BrightView Holdings, Inc. (a) | 1912 | 24550  |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, <br>Inc. | 2090 | 506741  |
| BWX Technologies, Inc. | 4135 | 407918  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. <br>Class A (a) | 2234 | 249113  |
| Clarivate PLC (a) | 19860 | 78050  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **54**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Conduent, Inc. (a) | 8802 | $23765  |
| Covenant Logistics Group, Inc. | 841 | 18670  |
| Crane Co. | 1562 | 239267  |
| CSW Industrials, Inc. | 173 | 50433  |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source, <br>Inc. (a) | 13228 | 55822  |
| Dayforce, Inc. (a) | 12601 | 735016  |
| Diploma PLC | 1020 | 50950  |
| Douglas Dynamics, Inc. | 1784 | 41442  |
| Enerpac Tool Group Corp. | 1876 | 84157  |
| Enpro, Inc. | 1481 | 239611  |
| Equifax, Inc. | 1846 | 449612  |
| Esab Corp. | 16590 | 1932735  |
| ESCO Technologies, Inc. | 1032 | 164212  |
| Federal Signal Corp. | 1620 | 119151  |
| Ferguson Enterprises, Inc. | 2245 | 359716  |
| First Advantage Corp. (a) (b) | 11015 | 155201  |
| Fortive Corp. | 19319 | 1413764  |
| FTAI Aviation Ltd. | 1388 | 154110  |
| FTI Consulting, Inc. (a) | 819 | 134382  |
| GMS, Inc. (a) | 1116 | 81658  |
| Graco, Inc. | 761 | 63551  |
| Helios Technologies, Inc. | 1050 | 33695  |
| Herc Holdings, Inc. | 549 | 73714  |
| Hexcel Corp. | 5543 | 303535  |
| Hillenbrand, Inc. | 1910 | 46107  |
| Hillman Solutions Corp. (a) | 9540 | 83857  |
| Hubbell, Inc. | 543 | 179684  |
| IDEX Corp. | 3247 | 587610  |
| Ingersoll Rand, Inc. | 14557 | 1164997  |
| ITT, Inc. | 1533 | 198002  |
| JB Hunt Transport Services, Inc. | 2908 | 430239  |
| JBT Marel Corp. | 960 | 117312  |
| Karman Holdings, Inc. (a) | 3334 | 111422  |
| L3Harris Technologies, Inc. | 3294 | 689467  |
| Landstar System, Inc. | 1163 | 174683  |
| Leonardo DRS, Inc. | 7610 | 250217  |
| Loar Holdings, Inc. (a) | 2991 | 211314  |
| Matson, Inc. | 685 | 87796  |
| McGrath RentCorp | 1357 | 151170  |
| MDA Space Ltd. (a) | 761 | 14537  |
| Middleby Corp. (a) | 4704 | 714914  |
| Moog, Inc. Class A | 440 | 76274  |
| MSA Safety, Inc. | 1741 | 255387  |
| MYR Group, Inc. (a) | 235 | 26576  |
| NEXTracker, Inc. Class A (a) | 1712 | 72144  |
| Norfolk Southern Corp. | 3355 | 794632  |
| Old Dominion Freight Line, Inc. | 5361 | 886977  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Parsons Corp. (a) | 1700 | $100657  |
| Paylocity Holding Corp. (a) | 6941 | 1300327  |
| Quanta Services, Inc. | 769 | 195464  |
| RBC Bearings, Inc. (a) | 3283 | 1056371  |
| Robert Half, Inc. | 605 | 33003  |
| Rush Enterprises, Inc. Class A | 3761 | 200875  |
| RXO, Inc. (a) | 4272 | 81595  |
| Saia, Inc. (a) | 3218 | 1124466  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding <br>PLC | 17744 | 430647  |
|  Shoals Technologies Group, Inc. Class A (a) | 5165 | 17148  |
| Shyft Group, Inc. | 6491 | 52512  |
| Simpson Manufacturing Co., Inc. | 189 | 29688  |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, <br>Inc. (a) | 8763 | 1064179  |
| Southwest Airlines Co. | 18088 | 607395  |
| Spirax Group PLC | 1005 | 80939  |
| SPX Technologies, Inc. (a) | 958 | 123371  |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, <br>Inc. | 5546 | 463257  |
| Standardaero, Inc. (a) | 16662 | 443876  |
| Stanley Black & Decker, Inc. | 7782 | 598280  |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, <br>Inc. (a) | 3562 | 43884  |
| Tetra Tech, Inc. | 86 | 2516  |
| Textron, Inc. | 14802 | 1069444  |
| Thermon Group Holdings, Inc. (a) | 4439 | 123626  |
| Toro Co. | 8095 | 588911  |
| Transcat, Inc. (a) | 875 | 65144  |
| TransUnion | 3203 | 265817  |
| Trex Co., Inc. (a) | 5370 | 311997  |
| UFP Industries, Inc. | 1272 | 136155  |
| UL Solutions, Inc. Class A | 5130 | 289332  |
| UniFirst Corp. | 310 | 53940  |
| United Rentals, Inc. | 146 | 91498  |
| Upwork, Inc. (a) | 8893 | 116054  |
| Valmont Industries, Inc. | 269 | 76765  |
| Veralto Corp. | 3103 | 302387  |
| Verisk Analytics, Inc. | 964 | 286906  |
| Verra Mobility Corp. (a) | 14833 | 333891  |
| VSE Corp. (b) | 3715 | 445763  |
| Waste Connections, Inc. | 1338 | 261164  |
| Weir Group PLC | 1094 | 33033  |
| WillScot Holdings Corp. | 6567 | 182563  |
| XPO, Inc. (a) | 1819 | 195688  |
| Zurn Elkay Water Solutions Corp. | 3175 | 104711  |
|  |  | 31808366  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **55**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Information Technology — 13.4%**<br>|  |  |
| Alarm.com Holdings, Inc. (a) | 834 | $46412  |
| Allegro MicroSystems, Inc. (a) | 2141 | 53803  |
| Amphenol Corp. Class A | 5319 | 348873  |
| Amplitude, Inc. Class A (a) | 13057 | 133051  |
| &nbsp;&nbsp;&nbsp; Apiture, Inc. <br>(Acquired 7/01/20-6/30/22, <br>Cost $97,636) (a) (e) (f) | 6130 | 66756  |
| Appfolio, Inc. Class A (a) | 14 | 3079  |
| ASGN, Inc. (a) | 274 | 17268  |
| Atlassian Corp. Class A (a) | 1780 | 377734  |
| Aurora Innovation, Inc. (a) | 28442 | 191272  |
| Bill Holdings, Inc. (a) | 9364 | 429714  |
| Braze, Inc. Class A (a) | 59 | 2129  |
|  CCC Intelligent Solutions Holdings, Inc. (a) | 67264 | 607394  |
| CDW Corp. | 1713 | 274525  |
| Cellebrite DI Ltd. (a) | 4157 | 80771  |
| &nbsp;&nbsp;&nbsp; Checkr, Inc. <br>(Acquired 6/29/18-12/02/19, <br>Cost $116,452) (a) (e) (f) | 15444 | 154  |
| Cognex Corp. | 4369 | 130327  |
| Corning, Inc. | 24080 | 1102382  |
| CTS Corp. | 1756 | 72962  |
| CyberArk Software Ltd. (a) | 479 | 161902  |
| Datadog, Inc. Class A (a) | 3845 | 381463  |
| Descartes Systems Group, Inc. (a) | 4455 | 449198  |
| Docusign, Inc. (a) | 4633 | 377126  |
| Endava PLC Sponsored ADR (a) | 4636 | 90448  |
| Entegris, Inc. | 2896 | 253342  |
| Fair Isaac Corp. (a) | 251 | 462884  |
| FARO Technologies, Inc. (a) | 2525 | 68933  |
| Fortinet, Inc. (a) | 386 | 37156  |
| Gartner, Inc. (a) | 965 | 405049  |
| Globant SA (a) | 2288 | 269343  |
| GoDaddy, Inc. Class A (a) | 2630 | 473768  |
| Grid Dynamics Holdings, Inc. (a) | 230 | 3600  |
| HubSpot, Inc. (a) | 985 | 562721  |
| I3 Verticals, Inc. Class A (a) | 659 | 16258  |
| Insight Enterprises, Inc. (a) | 457 | 68545  |
| Intapp, Inc. (a) | 2388 | 139411  |
| IonQ, Inc. (a) | 134 | 2957  |
| JFrog Ltd. (a) | 4268 | 136576  |
| Keysight Technologies, Inc. (a) | 8083 | 1210591  |
| Lattice Semiconductor Corp. (a) | 26017 | 1364592  |
| Littelfuse, Inc. | 1042 | 205003  |
|  MACOM Technology Solutions Holdings, Inc. (a) | 3883 | 389776  |
| Marvell Technology, Inc. | 11047 | 680164  |
| Microchip Technology, Inc. | 15204 | 736026  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Mirion Technologies, Inc. (a) | 32506 | $471337  |
| MKS Instruments, Inc. | 6062 | 485869  |
| Monday.com Ltd. (a) | 2745 | 667474  |
| MongoDB, Inc. (a) | 476 | 83490  |
| Monolithic Power Systems, Inc. | 980 | 568380  |
| nCino, Inc. (a) (b) | 6898 | 189488  |
| Novanta, Inc. (a) | 2261 | 289114  |
| NXP Semiconductors NV | 1297 | 246508  |
| Onestream, Inc. (a) | 10536 | 224838  |
| Onto Innovation, Inc. (a) | 10 | 1213  |
| PAR Technology Corp. (a) | 5644 | 346203  |
| Procore Technologies, Inc. (a) | 2585 | 170662  |
| PTC, Inc. (a) | 5804 | 899330  |
| Pure Storage, Inc. Class A (a) | 7642 | 338311  |
| QXO, Inc. | 13196 | 178674  |
| Rambus, Inc. (a) | 4376 | 226567  |
| Roper Technologies, Inc. | 912 | 537697  |
| SailPoint, Inc. (a) | 2360 | 44250  |
| Samsara, Inc. Class A (a) | 7833 | 300239  |
| Sandisk Corp. (a) | 6778 | 322701  |
| ServiceTitan, Inc. Class A (a) | 370 | 35191  |
| &nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Lockup <br>Shares (a) (d) | 5843 | 555728  |
| SimilarWeb Ltd. (a) | 2512 | 20774  |
| &nbsp;&nbsp;&nbsp; Tanium, Inc., Class B <br>(Acquired 9/24/20, <br>Cost $30,277) (a) (e) (f) | 2657 | 6961  |
| TE Connectivity PLC | 3857 | 545071  |
| Teledyne Technologies, Inc. (a) | 1553 | 772944  |
| &nbsp;&nbsp;&nbsp; Themis Solutions, Inc. <br>(Acquired 4/14/21, <br>Cost $108,219) (a) (e) (f) | 4820 | 48  |
| Tyler Technologies, Inc. (a) | 1480 | 860457  |
| Vertex, Inc. Class A (a) | 2663 | 93232  |
| Viavi Solutions, Inc. (a) | 19163 | 214434  |
| Vontier Corp. | 117 | 3843  |
| Western Digital Corp. (a) | 6700 | 270881  |
| Workiva, Inc. (a) | 3385 | 256955  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. <br>Class A (a) | 1142 | 322684  |
| Zoom Communications, Inc. (a) | 6015 | 443727  |
| Zscaler, Inc. (a) | 2338 | 463906  |
|  |  | 24344619  |
| **Materials — 4.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. Class A <br>(AGI CN) | 2100 | 56110  |
| Avery Dennison Corp. | 3913 | 696397  |
| Ball Corp. | 12665 | 659466  |
| Cabot Corp. | 562 | 46725  |
| Capstone Copper Corp. (a) | 27675 | 142505  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **56**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Carpenter Technology Corp. | 17 | $3080  |
| Celanese Corp. | 7440 | 422369  |
| Commercial Metals Co. | 288 | 13251  |
| Constellium SE (a) | 31643 | 319278  |
| DuPont de Nemours, Inc. | 6504 | 485719  |
| Eagle Materials, Inc. | 17 | 3773  |
| Element Solutions, Inc. | 12747 | 288210  |
| Franco-Nevada Corp. | 4545 | 714826  |
| Freeport-McMoRan, Inc. | 8815 | 333736  |
| HB Fuller Co. | 3092 | 173523  |
| Hudbay Minerals, Inc. | 4241 | 32189  |
| IAMGOLD Corp. (a) | 11407 | 71294  |
| International Paper Co. | 19165 | 1022453  |
| Knife River Corp. (a) | 3467 | 312758  |
| Louisiana-Pacific Corp. | 1061 | 97591  |
| Martin Marietta Materials, Inc. | 1115 | 533115  |
| Orion SA | 382 | 4939  |
| Osisko Gold Royalties Ltd. | 6232 | 131620  |
| &nbsp;&nbsp;&nbsp; PureCycle Technologies, <br>Inc. (a) (b) | 3952 | 27348  |
| Quaker Chemical Corp. (b) | 803 | 99259  |
| Reliance, Inc. | 2194 | 633517  |
| Royal Gold, Inc. | 507 | 82899  |
| RPM International, Inc. | 1606 | 185782  |
| Sealed Air Corp. | 9697 | 280243  |
| Stora Enso OYJ Class R | 747 | 7088  |
| US Steel Corp. | 3685 | 155728  |
| Warrior Met Coal, Inc. | 3896 | 185917  |
| &nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. <br>(WFG (CN) (b) | 410 | 31491  |
| &nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. <br>(WFG US) (b) | 195 | 15003  |
|  |  | 8269202  |
| **Real Estate — 5.4%**<br>|  |  |
| American Assets Trust, Inc. | 4124 | 83057  |
|  Apartment Investment & Management Co. Class A | 41155 | 362164  |
| Apple Hospitality REIT, Inc. | 10985 | 141816  |
| Colliers International Group, Inc. | 1554 | 188500  |
| CoStar Group, Inc. (a) | 6018 | 476806  |
| CubeSmart | 11338 | 484246  |
| Curbline Properties Corp. | 11025 | 266695  |
| EastGroup Properties, Inc. | 2137 | 376432  |
|  Empire State Realty Trust, Inc. Class A | 4314 | 33735  |
| Equity Residential | 7964 | 570063  |
|  Essential Properties Realty Trust, Inc. | 9130 | 298003  |
| FirstService Corp. | 1998 | 331568  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| Flagship Communities REIT | 3567 | $60104  |
| Highwoods Properties, Inc. | 5862 | 173750  |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, <br>Inc. (b) | 23240 | 493385  |
| Kilroy Realty Corp. | 5730 | 187715  |
| Landbridge Co. LLC Class A (b) | 1754 | 126183  |
| Lineage, Inc. | 7396 | 433627  |
| Macerich Co. | 10481 | 179959  |
| NETSTREIT Corp. (b) | 11855 | 187902  |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, <br>Inc. (a) (b) | 37229 | 37974  |
| Pebblebrook Hotel Trust | 13290 | 134628  |
| Rayonier, Inc. | 14253 | 397374  |
| Redfin Corp. (a) | 1381 | 12719  |
| Regency Centers Corp. | 7719 | 569353  |
| Rexford Industrial Realty, Inc. | 13434 | 525941  |
| Ryman Hospitality Properties, Inc. | 1132 | 103510  |
| Safehold, Inc. | 7851 | 146971  |
| Saul Centers, Inc. | 2354 | 84909  |
| St. Joe Co. | 827 | 38828  |
| Sun Communities, Inc. | 6222 | 800398  |
| Terreno Realty Corp. | 7798 | 492990  |
| UMH Properties, Inc. | 9659 | 180623  |
| UNITE Group PLC | 5472 | 57547  |
| Vornado Realty Trust | 8312 | 307461  |
| Weyerhaeuser Co. | 17742 | 519486  |
|  |  | 9866422  |
| **Utilities — 3.1%**<br>|  |  |
| Ameren Corp. | 6745 | 677198  |
| Artesian Resources Corp. Class A | 1929 | 62982  |
| California Water Service Group | 4835 | 234304  |
| CenterPoint Energy, Inc. | 9586 | 347301  |
| Chesapeake Utilities Corp. | 3792 | 487007  |
| Dominion Energy, Inc. | 9930 | 556775  |
| FirstEnergy Corp. | 13444 | 543407  |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, <br>Inc. (a) | 17993 | 197023  |
| IDACORP, Inc. | 3423 | 397821  |
| MGE Energy, Inc. | 1541 | 143251  |
| Middlesex Water Co. | 2531 | 162237  |
| OGE Energy Corp. | 7842 | 360418  |
| ONE Gas, Inc. | 3990 | 301604  |
| PG&E Corp. | 38006 | 652943  |
| Talen Energy Corp. (a) | 14 | 2796  |
| TXNM Energy, Inc. | 9619 | 514424  |
|  |  | 5641491  |
| **TOTAL COMMON STOCK**<br>**(Cost $170,016,251)** |  | **173458043**  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **57**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Preferred Stock — 0.6%**<br>|  |  |
| **Consumer Discretionary — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Nuro, Inc., <br>Series C (Acquired <br>10/30/20-3/02/21, <br>Cost $282,254) (a) (e) (f) | 21621 | $216  |
| &nbsp;&nbsp;&nbsp; Nuro, Inc., <br>Series D (Acquired 10/29/21, <br>Cost $252,025) (a) (e) (f) | 12090 | 121  |
| &nbsp;&nbsp;&nbsp; OfferUp, Inc., <br>Series F (Acquired 7/01/20, <br>Cost $9,217) (a) (e) (f) | 4025 | 1208  |
|  |  | 1545  |
| **Consumer Staples — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Epirus, Inc., <br>Series C-2 (Acquired 1/28/21, <br>Cost $324,592) (a) (e) (f) | 58131 | 581  |
| &nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc., <br>Series E (Acquired 2/11/19, <br>Cost $191,081) (a) (e) (f) | 8198 | 82  |
| &nbsp;&nbsp;&nbsp; Farmer's Business Network, Inc., <br>Series F (Acquired 7/31/20, <br>Cost $124,028) (a) (e) (f) | 3752 | 38  |
|  |  | 701  |
| **Financials — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CRB Group, Inc., <br>Series D (Acquired 1/28/22, <br>Cost $255,280) (a) (e) (f) | 2428 | 24  |
| &nbsp;&nbsp;&nbsp; Stash Financial, Inc., <br>Series F (Acquired 4/24/20, <br>Cost $126,801) (a) (e) (f) | 5060 | 12144  |
| &nbsp;&nbsp;&nbsp; Stash Financial, Inc., <br>Series G (Acquired 1/26/21, <br>Cost $174,908) (a) (e) (f) | 4667 | 11201  |
|  |  | 23369  |
| **Health Care — 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Capsule Corp., <br>Series 1 D (Acquired 4/07/21, <br>Cost $72,328) (a) (e) (f) | 4991 | 3244  |
| &nbsp;&nbsp;&nbsp; Caris Life Sciences, Inc., <br>Series C (Acquired 8/14/20, <br>Cost $125,312) (a) (e) (f) | 45403 | 454  |
| &nbsp;&nbsp;&nbsp; Caris Life Sciences, Inc., <br>Series D (Acquired 5/11/21, <br>Cost $378,132) (a) (e) (f) | 46683 | 467  |
| &nbsp;&nbsp;&nbsp; Cleerly, Inc., <br>Series C (Acquired 7/08/22, <br>Cost $200,211) (a) (e) (f) | 16995 | 170  |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Color Health, Inc., <br>Series D (Acquired 12/17/20, <br>Cost $43,490) (a) (e) (f) | 1155 | $12  |
| &nbsp;&nbsp;&nbsp; Color Health, Inc., <br>Series D-1 (Acquired 1/13/20, <br>Cost $56,632) (a) (e) (f) | 2655 | 27  |
| &nbsp;&nbsp;&nbsp; Color Health, Inc., <br>Series E (Acquired 10/26/21, <br>Cost $15,095) (a) (e) (f) | 151 | 1  |
| &nbsp;&nbsp;&nbsp; DTX Co., <br>Series A-1 (Acquired 2/04/22, <br>Cost $31,212) (a) (e) (f) | 17154 | 172  |
| &nbsp;&nbsp;&nbsp; Eikon Therapeutics, Inc., <br>Series B (Acquired 12/03/21, <br>Cost $89,186) (a) (e) (f) | 5042 | 13412  |
| &nbsp;&nbsp;&nbsp; Honor Technology, Inc., <br>Series D (Acquired 10/16/20, <br>Cost $225,290) (a) (e) (f) | 93556 | 80458  |
| &nbsp;&nbsp;&nbsp; Honor Technology, Inc., <br>Series E (Acquired 9/29/21, <br>Cost $116,646) (a) (e) (f) | 36897 | 31731  |
| &nbsp;&nbsp;&nbsp; Inscripta, Inc., <br>Series E (Acquired 3/30/21, <br>Cost $148,812) (a) (e) (f) | 16853 | 169  |
| &nbsp;&nbsp;&nbsp; Insitro, Inc., <br>Series B (Acquired 5/21/20, <br>Cost $34,456) (a) (e) (f) | 5530 | 55  |
| &nbsp;&nbsp;&nbsp; Insitro, Inc., <br>Series C (Acquired 4/07/21, <br>Cost $62,208) (a) (e) (f) | 3401 | 34  |
| &nbsp;&nbsp;&nbsp; Kardium, Inc., <br>Series D-5 (Acquired 11/29/18, <br>Cost $29,907) (a) (e) (f) | 30866 | 309  |
| &nbsp;&nbsp;&nbsp; Kardium, Inc., <br>Series D-6 (Acquired 1/08/21, <br>Cost $145,349) (a) (e) (f) | 143083 | 1431  |
| &nbsp;&nbsp;&nbsp; National Resilience, Inc., <br>Series B (Acquired 10/23/20, <br>Cost $263,720) (a) (e) (f) | 19306 | 448671  |
| &nbsp;&nbsp;&nbsp; National Resilience, Inc., <br>Series C (Acquired 6/09/21, <br>Cost $315,045) (a) (e) (f) | 7094 | 164865  |
| &nbsp;&nbsp;&nbsp; Ring Therapeutics, Inc., <br>Series B (Acquired 4/12/21, <br>Cost $50,885) (a) (e) (f) | 5531 | 12721  |
| Sartorius AG 0.346% | 623 | 144100  |
| &nbsp;&nbsp;&nbsp; Treeline Biosciences, Inc., <br>Series A (Acquired 4/09/21, <br>Cost $40,640) (a) (e) (f) | 5192 | 22377  |
|  |  | 924880  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **58**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Industrials — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ABL Space Systems Co., <br>Series A-8 (Acquired 3/24/21, <br>Cost $328,985) (a) (e) (f) | 8288 | $83  |
| &nbsp;&nbsp;&nbsp; Sila Nanotechnologies, Inc., <br>Series F (Acquired 1/07/21, <br>Cost $505,509) (a) (e) (f) | 12248 | 119785  |
|  |  | 119868  |
| **Information Technology — 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Checkr, Inc., <br>Series C (Acquired 4/10/18, <br>Cost $106,628) (a) (e) (f) | 23433 | 235  |
| &nbsp;&nbsp;&nbsp; Checkr, Inc., <br>Series D (Acquired 9/06/19, <br>Cost $308,786) (a) (e) (f) | 30627 | 306  |
| &nbsp;&nbsp;&nbsp; SecurityScorecard, Inc., <br>Series E (Acquired 3/05/21, <br>Cost $262,495) (a) (e) (f) | 51969 | 137198  |
| &nbsp;&nbsp;&nbsp; Themis Solutions, Inc., <br>Series AA (Acquired 4/14/21, <br>Cost $24,473) (a) (e) (f) | 1090 | 11  |
| &nbsp;&nbsp;&nbsp; Themis Solutions, Inc., <br>Series AB (Acquired 4/14/21, <br>Cost $2,694) (a) (e) (f) | 120 | 1  |
| &nbsp;&nbsp;&nbsp; Themis Solutions, Inc., <br>Series B (Acquired 4/14/21, <br>Cost $2,694) (a) (e) (f) | 120 | 1  |
| &nbsp;&nbsp;&nbsp; Themis Solutions, Inc., <br>Series E (Acquired 4/14/21, <br>Cost $87,002) (a) (e) (f) | 3875 | 39  |
|  |  | 137791  |
| **Materials — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; KoBold Metals Co., <br>Series B-1 (Acquired 1/10/22, <br>Cost $244,807) (a) (e) (f) | 8931 | 89  |
| **Real Estate — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Evolve Vacation Rental Network, Inc., Series 8 (Acquired <br>3/29/18-6/15/18, <br>Cost $44,816) (a) (e) (f) | 5266 | 52  |
|  Evolve Vacation Rental Network, Inc., Series 9 (Acquired 5/29/20, Cost $20,111) (a) (e) (f) | 3470 | 35  |
|  |  | 87  |
| **TOTAL PREFERRED STOCK** <br>**(Cost $6,323,027)** |  | **1208330**  |
| **TOTAL EQUITIES**<br>**(Cost $176,339,278)** |  | **174666373** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value**  |
| **Bonds & Notes — 0.1%**<br>|  |  |
| **Corporate Debt — 0.1%**<br>|  |  |
| **Semiconductors — 0.1%**<br>|  |  |
| Wolfspeed, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 0.250% 2/15/28 | $79000  | $18842  |
| &nbsp;&nbsp;&nbsp; 1.875% 12/01/29 | 339000 | 72885  |
|  |  | 91727  |
| **TOTAL CORPORATE DEBT**<br>**(Cost $231,648)** |  | **91727**  |
| **TOTAL BONDS & NOTES**<br>**(Cost $231,648)** |  | **91727**  |
|  | **Number of Shares** |  |
| **Rights — 0.0%**<br>|  |  |
| **Health Care — 0.0%**<br>|  |  |
| AstraZeneca PLC, CVR (a) (c) (d) | 16791 | —  |
| **TOTAL RIGHTS**<br>**(Cost $5,205)** |  | **—**  |
| **Warrants — 0.0%**<br>|  |  |
| **Communication Services — 0.0%**<br>|  |  |
|  Advantage Solutions, Inc., Expires 10/28/25, Strike 11.5 (a) | 3668 | 36  |
| **Financials — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Grasshopper Bancorp, Inc. <br>(Acquired 10/15/18, <br>Cost $0) (a) (e) (f) | 1432 | 14  |
| **Health Care — 0.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc., <br>Expires 12/17/26 (a) | 1166 | 44  |
| **TOTAL WARRANTS**<br>**(Cost $6,869)** |  | **94**  |
| **TOTAL LONG-TERM INVESTMENTS**<br>**(Cost $176,583,000)** |  | **174758194** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **59**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

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

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Shares** | **Value**  |
| **Short-Term Investments — 4.7%** | **Short-Term Investments — 4.7%** |  |
| **Investment of Cash Collateral from Securities Loaned — 0.3%**<br>|  |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio, 4.383% (h) | 492144 | $492144  |
| **Mutual Fund — 3.9%**<br>|  |  |
| T. Rowe Price Government Reserve Investment Fund, 1.204% (i) | 7122286 | 7122286  |
|  | **Principal Amount** |  |
| **Repurchase Agreement — 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., Repurchase Agreement, dated <br>3/31/25, 2.750%, due 4/01/25 (j) | $1010077 | 1010077  |
| **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $8,624,507)** |  | **8624507**  |
| **TOTAL INVESTMENTS — 100.7%**<br>**(Cost $185,207,507) (k)** |  | **183382701**  |
| **Other Assets/** <br>(Liabilities) — (0.7)% |  | **(1341904)**  |
| **NET ASSETS — 100.0%** |  | **$182040797** |

---

**Abbreviation Legend** 

---

| | |
|:---|:---|
| ADR  | &nbsp;&nbsp;&nbsp; American Depositary Receipt<br>|
| CVR  | &nbsp;&nbsp;&nbsp; Contingent Value Rights |
| REIT | &nbsp;&nbsp;&nbsp; Real Estate Investment Trust |

---

**Notes to Portfolio of Investments** 

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Denotes all or a portion of security on loan.
 The total value of securities on loan as of March 31, 2025, was $3,329,351 or 1.83% of net assets. The Fund received $2,989,475 of
 non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on
 either the Portfolio of Investments or the Statement of Assets and Liabilities. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment is valued using significant unobservable
 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued in good faith in
 accordance with procedures approved by the Board of Trustees. At March 31,

2025, these securities amounted to a value of $555,728 or

0.31% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is valued using an agreed upon
 price from an executed securities purchase agreement. The total value of these securities as of March 31, 2025 was $1,160,339.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted security. Certain securities are
 restricted to resale. At March 31, 2025, these securities amounted to a value of $1,160,339 or 0.64% of net assets. The Fund generally
 bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is exempt from registration under Regulation
 S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt
 from registration. At March 31, 2025, the aggregate market value of these securities amounted to $34,519 or 0.02% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents investment of security lending cash
 collateral and 7-day effective yield as of March 31, 2025. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(i) Rate disclosed is the 7-day net yield as of March 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Maturity value of $1,010,155. Collateralized
 by U.S. Government Agency obligations with a rate of 4.625%, maturity date of 6/30/26, and an aggregate market value, including accrued
 interest, of $1,030,319.

&nbsp;&nbsp;&nbsp;&nbsp;(k) See Note 6 for aggregate cost for federal tax purposes.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **60**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MassMutual** <br>**Select T. Rowe** <br>**Price Bond** <br>**Asset Fund** | **MassMutual** <br>**Select T. Rowe** <br>**Price Large** <br>**Cap Blend** <br>**Fund**  | **MassMutual** <br>**Select T. Rowe** <br>**Price Real** <br>**Assets Fund** | **MassMutual** <br>**Select T. Rowe** <br>**Price Small** <br>**and Mid Cap** <br>**Blend Fund**  |
| Assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value *(Note 2)* (a) | $217105855  | $770057239  | $99811424  | $182372624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value *(Note 2)* (b) | 1957480 | 1003153  | 1171372  | 1010077  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments (c) | 219063335 | 771060392  | 100982796  | 183382701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash  | —  | 188  | 61545  | 25598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (d) | 318289  | —  | 93574  | 102717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery  | 2224359  | 2400352  | 712563  | 676902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold  | 28531  | 31894  | 4550  | 7487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser *(Note 3)*  | 33645  | 61639  | 16479  | 25356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)*  | —  | 3025  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends  | 1980037  | 443100  | 309208  | 140509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims  | 34993  | 100879  | 34358  | 32726  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums for closed swap agreements, at value  | 10161  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)*  | 1080684  | —  | 117745  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open swap agreements, at value *(Note 2)*  | 6565  | —  | 5846  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged for open derivatives *(Note 2)*  |  | 32000  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 224780599 | 774133469  | 102338664  | 184393996  |
| Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regular delivery  | 4261961  | 964683  | 99103  | 328973  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed delivery  | 2733140  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends  | 2723  | —  | 2332  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 1147812  | 5484971  | 718394  | 1286358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses *(Note 3)*  | 30199  | 107614  | 13459  | 35869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open derivative instruments *(Note 2)*  | 9911  | —  | 4837  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliates *(Note 3)*:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees  | 89582  | 36423  | 10661  | 17027  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open forward contracts *(Note 2)*  | 2136814  | —  | 144768  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open swap agreements, at value *(Note 2)*  | —  | —  | 30833  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for securities on loan *(Note 2)*  | 907838  | —  | 239672  | 492144  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held for open derivatives *(Note 2)*  | 246206  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian  | 81508  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expense and other liabilities  | 249728 | 259698  | 103273  | 192828  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 11897422 | 6853389  | 1367332  | 2353199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets**  | **$212883177** | **$767280080**  | **$100971332**  | **$182040797**  |
| Net assets consist of:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $325933068  | $305660071  | $95888593  | $114630042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated earnings (loss)  | (113049891) | 461620009  | 5082739  | 67410755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets**  | **$212883177** | **$767280080**  | **$100971332**  | **$182040797**  |
| (a) Cost of investments: | $222582084 | $748164624  | $98268911 | $184197430 |
| (b) Cost of repurchase agreements: | $1957480 | $1003153  | $1171372 | $1010077 |
| (c) Securities on loan with market value of: | $1244679 | $3061632  | $6112723 | $3329351 |
| (d) Cost of foreign currency: | $318214 | —  | $93921 | $102247 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **61**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Assets and Liabilities

March 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MassMutual** <br>**Select T. Rowe** <br>**Price Bond** <br>**Asset Fund** | **MassMutual** <br>**Select T. Rowe** <br>**Price Large** <br>**Cap Blend** <br>**Fund**  | **MassMutual** <br>**Select T. Rowe** <br>**Price Real** <br>**Assets Fund** | **MassMutual** <br>**Select T. Rowe** <br>**Price Small** <br>**and Mid Cap** <br>**Blend Fund** |
| Class I shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $212883177 | $767280080  | $100971332  | $182040797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (a) | 24638413 | 58532489  | 8911309  | 17331002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share  | $8.64 | $13.11  | $11.33  | $10.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Authorized unlimited number of shares with no par
 value.

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **62**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MassMutual** <br>**Select T. Rowe** <br>**Price Bond** <br>**Asset Fund** | **MassMutual** <br>**Select T. Rowe** <br>**Price Large** <br>**Cap Blend** <br>**Fund**  | **MassMutual** <br>**Select T. Rowe** <br>**Price Real** <br>**Assets Fund** | **MassMutual** <br>**Select T. Rowe** <br>**Price Small** <br>**and Mid Cap** <br>**Blend Fund**  |
| Investment income (Note 2):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (a) | $—  | $10176224  | $2587390  | $2488903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest (b) | 8757892  | 240031  | 61930  | 259177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending net income  | 6147 | 2777  | 25066  | 20352  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 8764039 | 10419032  | 2674386  | 2768432  |
| Expenses (Note 3):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and overdraft fees  | 93023  | 115918  | 47256  | 70550  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees  | 32364  | 23063  | 22631  | 22376  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 10588  | 55642  | 7802  | 17752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy fees  | 1493  | 1493  | 1493  | 1493  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting & Administration fees  | 66536  | 32173  | 10628  | 13997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 18364  | 43235  | 11949  | 16323  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 21098  | 94337  | 12347  | 25802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees  | 13  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 1220 | 1220  | 1220  | 1220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 244699 | 367081  | 115326  | 169513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived *(Note 3):*<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I fees reimbursed by adviser  | (244699) | (367081)  | (115326)  | (169513)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)**  | **8764039** | **10419032**  | **2674386**  | **2768432**  |
| Realized and unrealized gain (loss):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions  | (16858524)  | 463047195  | 12162294  | 85303430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (1079531)  | 2688  | 653361  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | 41083  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements  | 185821  | —  | (1054828)  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (32681)  | 62  | (25629)  | 7567  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts  | 5687652 | —  | (777999)  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss)**  | **(12056180)** | **463049945**  | **10957199**  | **85310997**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions \* | (4823003)  | (437705850)  | (34593293)  | (98414225)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded bank loan commitments  | 49  | —  | —  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 148041  | (31271)  | (102946)  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | (6158)  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements  | 119020  | —  | (224877)  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies  | 7271  | (4088)  | (28453)  | (1767)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward contracts  | 2062174 | —  | (378401)  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)**  | **(2492606)** | **(437741209)**  | **(35327970)**  | **(98415992)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) and change in unrealized appreciation (depreciation)**  | **(14548786)** | **25308736**  | **(24370771)**  | **(13104995)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from** <br>**operations**  | **$(5784747)** | **$35727768**  | **$(21696385)**  | **$(10336563)**  |
| (a) Net of foreign withholding tax of: | $— | $12228  | $66756 | $12979 |
| (b) Net of foreign withholding tax of: | $4220 | $—  | $— | $— |
| \* Net of increase (decrease) in accrued foreign capital gains tax of: | $13470 | $—  | $62617 | $— |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **63**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **MassMutual Select T. Rowe Price** <br>**Bond Asset Fund**  | **MassMutual Select T. Rowe Price** <br>**Bond Asset Fund**  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** <br>|
| Increase (Decrease) in Net Assets:<br>|  |  |
| Operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $8764039  | &nbsp;&nbsp; $25727706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (12056180)  | &nbsp;&nbsp; (12895302)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (2492606) | &nbsp;&nbsp; 47118823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | **(5784747)** | &nbsp;&nbsp; **59951227**  |
| Distributions to shareholders (Note 2):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (20989144) | &nbsp;&nbsp; (13333740)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**  | **(20989144)** | &nbsp;&nbsp; **(13333740)**  |
| Net fund share transactions (Note 5):<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (284723288) | &nbsp;&nbsp; (115815842)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from fund share transactions**  | **(284723288)** | &nbsp;&nbsp; **(115815842)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets**  | **(311497179)**  | &nbsp;&nbsp; **(69198355)**  |
| Net assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period  | 524380356 | &nbsp;&nbsp; 593578711  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **End of period**  | **$212883177** | &nbsp;&nbsp; **$524380356** |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **64**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MassMutual Select T. Rowe Price** <br>**Large Cap Blend Fund** | **MassMutual Select T. Rowe Price** <br>**Large Cap Blend Fund** | **MassMutual Select T. Rowe Price** <br>**Real Assets Fund** | **MassMutual Select T. Rowe Price** <br>**Real Assets Fund** | **MassMutual Select T. Rowe Price** <br>**Small and Mid Cap Blend Fund**  | **MassMutual Select T. Rowe Price** <br>**Small and Mid Cap Blend Fund**  |
| **Six Months** <br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**<br>| **Six Months** <br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024**<br>| **Six Months** <br>**Ended** <br>**March 31, 2025**<br>(Unaudited) | **Year** <br>**Ended** <br>**September 30, 2024** <br>|
| &nbsp;&nbsp;&nbsp; $10419032  | &nbsp;&nbsp;&nbsp; $31326486  | &nbsp;&nbsp;&nbsp;&nbsp; $2674386  | &nbsp;&nbsp;&nbsp;&nbsp; $9777009  | &nbsp;&nbsp;&nbsp;&nbsp; $2768432  | &nbsp;&nbsp;&nbsp;&nbsp; $9088619  |
| &nbsp;&nbsp;&nbsp; 463049945  | &nbsp;&nbsp;&nbsp; 428518302  | &nbsp;&nbsp;&nbsp;&nbsp; 10957199  | &nbsp;&nbsp;&nbsp;&nbsp; 2447059  | &nbsp;&nbsp;&nbsp;&nbsp; 85310997  | &nbsp;&nbsp;&nbsp;&nbsp; 103680014  |
| &nbsp;&nbsp;&nbsp; (437741209) | &nbsp;&nbsp;&nbsp; 298393730  | &nbsp;&nbsp;&nbsp;&nbsp; (35327970)  | &nbsp;&nbsp;&nbsp;&nbsp; 56215994  | &nbsp;&nbsp;&nbsp;&nbsp; (98415992)  | &nbsp;&nbsp;&nbsp;&nbsp; 57765596  |
| &nbsp;&nbsp;&nbsp; **35727768** | &nbsp;&nbsp;&nbsp; **758238518**  | &nbsp;&nbsp;&nbsp;&nbsp; **(21696385)**  | &nbsp;&nbsp;&nbsp;&nbsp; **68440062**  | &nbsp;&nbsp;&nbsp;&nbsp; **(10336563)**  | &nbsp;&nbsp;&nbsp;&nbsp; **170534229**  |
| &nbsp;&nbsp;&nbsp; (440721809) | &nbsp;&nbsp;&nbsp; (59397377)  | &nbsp;&nbsp;&nbsp;&nbsp; (17515612)  | &nbsp;&nbsp;&nbsp;&nbsp; (8130907)  | &nbsp;&nbsp;&nbsp;&nbsp; (120488216)  | &nbsp;&nbsp;&nbsp;&nbsp; (33764050)  |
| &nbsp;&nbsp;&nbsp; **(440721809)** | &nbsp;&nbsp;&nbsp; **(59397377)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(17515612)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(8130907)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(120488216)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(33764050)**  |
| &nbsp;&nbsp;&nbsp; (1284562714) | &nbsp;&nbsp;&nbsp; (417822364)  | &nbsp;&nbsp;&nbsp;&nbsp; (180384831)  | &nbsp;&nbsp;&nbsp;&nbsp; (65348679)  | &nbsp;&nbsp;&nbsp;&nbsp; (312162356)  | &nbsp;&nbsp;&nbsp;&nbsp; (240897718)  |
| &nbsp;&nbsp;&nbsp; **(1284562714)** | &nbsp;&nbsp;&nbsp; **(417822364)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(180384831)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(65348679)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(312162356)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(240897718)**  |
| &nbsp;&nbsp;&nbsp; **(1689556755)**  | &nbsp;&nbsp;&nbsp; **281018777**  | &nbsp;&nbsp;&nbsp;&nbsp; **(219596828)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(5039524)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(442987135)**  | &nbsp;&nbsp;&nbsp;&nbsp; **(104127539)**  |
| &nbsp;&nbsp;&nbsp; 2456836835 | &nbsp;&nbsp;&nbsp; 2175818058  | &nbsp;&nbsp;&nbsp;&nbsp; 320568160  | &nbsp;&nbsp;&nbsp;&nbsp; 325607684  | &nbsp;&nbsp;&nbsp;&nbsp; 625027932  | &nbsp;&nbsp;&nbsp;&nbsp; 729155471  |
| &nbsp;&nbsp;&nbsp; **$767280080** | &nbsp;&nbsp;&nbsp; **$2456836835**  | &nbsp;&nbsp;&nbsp;&nbsp; **$100971332**  | &nbsp;&nbsp;&nbsp;&nbsp; **$320568160**  | &nbsp;&nbsp;&nbsp;&nbsp; **$182040797**  | &nbsp;&nbsp;&nbsp;&nbsp; **$625027932** |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **65**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Bond Asset F</u><u>und</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the**<br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$8.97** | $0.19 | $(0.16) | $0.03 | $(0.36) | $— | $(0.36) | **$8.64** | 0.38%<sup>b</sup> | $212883 | 0.12%<sup>a</sup> | 0.00%<sup>a</sup> | 4.37%<sup>a</sup>  |
| 9/30/24 | 8.25 | 0.38 | 0.53 | 0.91 | (0.19) |  | (0.19) | 8.97 | 11.17% | 524380 | 0.10% | 0.00% | 4.39%  |
| 9/30/23  | 8.63  | 0.31  | (0.15)  | 0.16  | (0.54)  | —  | (0.54)  | 8.25  | 1.75%  | 593579  | 0.11%  | 0.00%  | 3.70%  |
| 9/30/22  | 10.43  | 0.21  | (1.67)  | (1.46)  | (0.31)  | (0.03)  | (0.34)  | 8.63  | (14.50%)  | 558491  | 0.08%  | 0.00%  | 2.19%  |
| 9/30/21  | 10.65  | 0.20  | (0.07)  | 0.13  | (0.16)  | (0.19)  | (0.35)  | 10.43  | 1.26%  | 814111  | 0.07%  | 0.00%  | 1.89%  |
| 9/30/20  | 10.59  | 0.24  | 0.18  | 0.42  | (0.31)  | (0.05)  | (0.36)  | 10.65  | 4.15%  | 750915  | 0.45%  | 0.33%  | 2.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  | **Year Ended September 30**  |
|  | **2024** | **2023**  | **2022**  | **2021**  | **2020**  |
| **Portfolio turnover rate** <br>54%<sup>t</sup> | 171% | 265%  | 290%  | 255%  | 157% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method. 

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. 

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| t<br>| Portfolio turnover rate excluding TBA transactions for the period ended March 31, 2025 was 27%. |

---

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **66**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>Mass</u><u>Mutual Select T. Rowe Price Large Cap Blend Fun</u><u>d</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the** <br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$16.22** | $0.09 | $(0.13)<sup>aa</sup> | $(0.04) | $(0.21) | $(2.86) | $(3.07) | **$13.11** | (1.28%)<sup>b</sup> | $767280 | 0.04%<sup>a</sup> | 0.00%<sup>a</sup> | 1.16%<sup>a</sup>  |
| 9/30/24 | 12.23 | 0.18 | 4.15 | 4.33 | (0.21) | (0.13) | (0.34) | 16.22 | 36.12% | 2456837 | 0.03% | 0.00% | 1.27%  |
| 9/30/23 | 11.23 | 0.16 | 2.11 | 2.27 | (0.10) | (1.17) | (1.27) | 12.23 | 21.41% | 2175818 | 0.03% | 0.00% | 1.37%  |
| 9/30/22 | 17.43 | 0.16 | (3.36) | (3.20) | (0.15) | (2.85) | (3.00) | 11.23 | (22.96%) | 1853860 | 0.02% | 0.00% | 1.13%  |
| 9/30/21 | 13.00 | 0.16 | 4.39 | 4.55 | (0.12) |  | (0.12) | 17.43 | 35.17% | 2309626 | 0.02% | 0.00% | 0.97%  |
| 9/30/20 | 11.36 | 0.11 | 1.65 | 1.76 | (0.12) |  | (0.12) | 13.00 | 15.60% | 1772717 | 0.51% | 0.44% | 0.91% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 20% | 70% | 73% | 121% | 65% | 90% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized. |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |

---

---

| | |
|:---|:---|
| aa<br>| The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **67**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>Ma</u><u>ssMutual Select T. Rowe Price Real Assets Fu</u><u>nd</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the** <br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$12.72** | $0.14 | $(0.81) | $(0.67) | $(0.44) | $(0.28) | $(0.72) | **$11.33** | (5.26%)<sup>b</sup> | $100971 | 0.10%<sup>a</sup> | 0.00%<sup>a</sup> | 2.40%<sup>a</sup>  |
| 9/30/24 | 10.69 | 0.33 | 1.97 | 2.30 | (0.20) | (0.07) | (0.27) | 12.72 | 21.90% | 320568 | 0.08% | 0.00% | 2.85%  |
| 9/30/23 | 10.34 | 0.34 | 0.90 | 1.24 | (0.33) | (0.56) | (0.89) | 10.69 | 11.61% | 325608 | 0.13% | 0.00% | 3.09%  |
| 9/30/22 | 12.85 | 0.49 | (1.86) | (1.37) | (0.36) | (0.78) | (1.14) | 10.34 | (12.24%) | 210339 | 0.09% | 0.00% | 3.93%  |
| 9/30/21 | 9.83 | 0.37 | 2.89 | 3.26 | (0.24) |  | (0.24) | 12.85 | 33.66% | 162367 | 0.13% | 0.00% | 3.04%  |
| 9/30/20 | 10.49 | 0.23 | (0.60) | (0.37) | (0.29) |  | (0.29) | 9.83 | (3.77%) | 99585 | 0.69% | 0.50% | 2.33% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024**  | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 16% | 55% | 61% | 43% | 57% | 32% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
|  | The accompanying notes are an integral part of the financial statements.<br>|
| **68**<br>|  |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **MassMutual Funds (Continued)**<br>

Financial Highlights (For a share outstanding throughout each period)

**<u>MassMutual Select T. Rowe Price Small and Mid Cap Blend Fu</u><u>nd</u>**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Income (loss) from investment**<br>**operations** | **Less distributions to shareholders** | **Less distributions to shareholders** | **Less distributions to shareholders** | | | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** | **Ratios / Supplemental Data** |
|  | <br>**Net**<br>**asset**<br>**value,**<br>**beginning**<br>**of the** <br>**period** | **Net**<br>**investment**<br>**income**<br>(loss)<sup>c,j</sup> | **Net**<br>**realized**<br>**and**<br>**unrealized**<br>**gain (loss)**<br>**on**<br>**investments** | **Total**<br>**income**<br>(loss) from<br>**investment**<br>**operations** | **From net**<br>**investment**<br>**income** | **From net**<br>**realized**<br>**gains** | **Total**<br>**distributions** | <br>**Net**<br>**asset**<br>**value,**<br>**end of**<br>**the**<br>**period** | <br>**Total**<br>**return*<sup>l</sup>*<sup>,m,z</sup>** | **Net**<br>**assets,**<br>**end of**<br>**the**<br>**period**<br>**(000's)<sup>z</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**before**<br>**expense**<br>**waivers<sup>q</sup>** | **Ratio of**<br>**expenses**<br>**to average**<br>**daily net**<br>**assets**<br>**after**<br>**expense**<br>**waivers<sup>j,q</sup>** | **Net**<br>**investment**<br>**income**<br>(loss) to<br>**average**<br>**daily net**<br>**assets** |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/25<sup>r</sup> | **$13.96** | $0.08 | $(0.72) | $(0.64) | $(0.21) | $(2.61) | $(2.82) | **$10.50** | (6.79%)<sup>b</sup> | $182041 | 0.07%<sup>a</sup> | 0.00%<sup>a</sup> | 1.22%<sup>a</sup>  |
| 9/30/24 | 11.59 | 0.16 | 2.76 | 2.92 | (0.18) | (0.37) | (0.55) | 13.96 | 25.89% | 625028 | 0.06% | 0.00% | 1.23%  |
| 9/30/23 | 11.01 | 0.15 | 1.32 | 1.47 | (0.10) | (0.79) | (0.89) | 11.59 | 13.50% | 729155 | 0.06% | 0.00% | 1.29%  |
| 9/30/22 | 16.20 | 0.14 | (3.18) | (3.04) | (0.16) | (1.99) | (2.15) | 11.01 | (21.64%) | 665939 | 0.03% | 0.00% | 1.04%  |
| 9/30/21 | 12.41 | 0.15 | 4.43 | 4.58 | (0.10) | (0.69) | (0.79) | 16.20 | 37.99% | 910874 | 0.04% | 0.00% | 0.97%  |
| 9/30/20 | 11.44 | 0.07 | 1.18 | 1.25 | (0.07) | (0.21) | (0.28) | 12.41 | 10.97% | 747318 | 0.61% | 0.53% | 0.58% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **Six Months Ended** <br>**March 31, 2025<sup>b,r</sup>**  | **2024**  | **2023** | **2022** | **2021** | **2020** |
| **Portfolio turnover rate**<br>| 20% | 42% | 39% | 34% | 28% | 41% |

---

a Annualized.

---

| | |
|:---|:---|
| b<br>| Percentage represents the results for the period and is not annualized.  |

---

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. 

m Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges.

q Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable.

r Unaudited.

---

| | |
|:---|:---|
| z<br>| The net asset values and total returns have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes.  |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of the financial statements. |  |
|  | **69**<br>|

---

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;1. The Funds

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 32 series, including the following four series listed below(each individually referred to as a "Fund" or collectively as the "Funds"):

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("generally accepted accounting principles"). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Investment Valuation

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

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

**70**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

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

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

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:

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

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

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

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

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

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

**71**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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

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

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

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

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

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

The following is the aggregate value by input level, as of March 31, 2025, for the Funds' investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **MM Select T. Rowe Price Bond Asset Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $6495571 | $— | $6495571  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 54514471 | 100004 | 54614475  |
| &nbsp;&nbsp;&nbsp; Municipal Obligations |  | 350558 |  | 350558  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Government Agency Obligations |  | 18712614 |  | 18712614  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 39954486 |  | 39954486  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations and Instrumentalities |  | 39702950 |  | 39702950  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 47572399 |  | 47572399  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 249654 |  | 249654  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 7070146 | 4340482 |  | 11410628  |
| Total Investments | $7070146 | $211893185 | $100004 | $219063335  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $1080684 | $— | $1080684  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 166692 |  |  | 166692  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 355800 |  | 355800  |
| Total | $166692 | $1436484 | $— | $1603176  |

---

**72**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **MM Select T. Rowe Price Bond Asset Fund (Continued)** | **MM Select T. Rowe Price Bond Asset Fund (Continued)** | **MM Select T. Rowe Price Bond Asset Fund (Continued)** | **MM Select T. Rowe Price Bond Asset Fund (Continued)** | **MM Select T. Rowe Price Bond Asset Fund (Continued)** |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(2136814) | $— | $(2136814)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (35266) |  |  | (35266)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (104918) |  | (104918)  |
| Total | $(35266) | $(2241732) | $— | $(2276998)  |
| **MM Select T. Rowe Price Large Cap Blend Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $755491878 | $2,516,948\* | $— | $758008826  |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  | 2,125,427\* |  | 2125427  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 9922986 | 1003153 |  | 10926139  |
| Total Investments | $765414864 | $5645528 | $— | $771060392  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(7826) | $— | $— | $(7826)  |
| **MM Select T. Rowe Price Real Assets Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | $76964 | $— | $— | $76964  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 172546 | 7886415 |  | 8058961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bahrain |  | 118860 |  | 118860  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 639154 |  | 639154  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosnia and Herzegovina |  | 119134 |  | 119134  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 2342808 |  |  | 2342808  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 11425593 |  |  | 11425593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 163778 |  | 163778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 540202 |  | 540202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Congo | 332705 |  |  | 332705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 430462 |  | 430462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 1456744 |  | 1456744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 745355 |  | 745355  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 524582 |  | 524582  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 121095 |  | 121095  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 98833 |  | 98833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 2706171 |  | 2706171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan |  | 162950 |  | 162950  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 172980 |  | 172980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 863967 |  |  | 863967  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 147963 |  | 147963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 153798 |  | 153798  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 333908 |  | 333908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of Korea |  | 328059 |  | 328059  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 190220 |  | 190220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 499202 |  | 499202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 2734461 |  | 2734461  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 227603 |  | 227603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 195722 |  | 195722  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 565907 | 1548798 | 163476 | 2278181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 57288274 | 2116455 |  | 59404729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 617138 |  | 617138  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia | 304816 |  |  | 304816  |

---

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **MM Select T. Rowe Price Real Assets Fund (Continued)**  | **MM Select T. Rowe Price Real Assets Fund (Continued)**  | **MM Select T. Rowe Price Real Assets Fund (Continued)**  | **MM Select T. Rowe Price Real Assets Fund (Continued)**  | **MM Select T. Rowe Price Real Assets Fund (Continued)**  |
| **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  | **Asset Investments (Continued)**  |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $— | $519 | $— | $519  |
| &nbsp;&nbsp;&nbsp; Mutual Funds | 67084 |  |  | 67084  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 150194 |  | 150194  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 538892 |  |  | 538892  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 243368 | 1465641 |  | 1709009  |
| Total Investments | $74222924 | $26596396 | $163476 | $100982796  |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $117745 | $— | $117745  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 15271 |  |  | 15271  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 5846 |  | 5846  |
| Total | $15271 | $123591 | $— | $138862  |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(144768) | $— | $(144768)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (7535) |  |  | (7535)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (30833) |  | (30833)  |
| Total | $(7535) | $(175601) | $— | $(183136)  |
| **MM Select T. Rowe Price Small and Mid Cap Blend Fund** |  |  |  |  |
| **Asset Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $171505333 | $1,952,710\* | $—<sup>+</sup> | $173458043  |
| &nbsp;&nbsp;&nbsp; Preferred Stock |  | 1,208,330\* |  | 1208330  |
| &nbsp;&nbsp;&nbsp; Corporate Debt |  | 91727 |  | 91727  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | —<sup>+</sup> | —  |
| &nbsp;&nbsp;&nbsp; Warrants | 80 | 14 |  | 94  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 7614430 | 1010077 |  | 8624507  |
| Total Investments | $179119843 | $4262858 | $— | $183382701 |

---

\* 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.

---

| | |
|:---|:---|
| +<br>| Represents a security at $0 value as of March 31, 2025.  |

---

For certain Funds the Statement of Assets and Liabilities shows liabilities for investments purchased on a delayed delivery basis and amounts due to custodian. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of March 31, 2025.

The Funds, with the exception of the MM Select T. Rowe Price Large Cap Blend Fund, MM Select T. Rowe Price Real Assets Fund, and MM Select T. Rowe Price Small and Mid Cap Blend Fund, had no Level 3 transfers during the period ended March 31, 2025.

The following table shows the Level 3 transfers for the MM Select T. Rowe Price Large Cap Blend Fund, MM Select T. Rowe Price Real Assets Fund, and MM Select T. Rowe Price Small and Mid Cap Blend Fund for the period ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Transfers In** | **Transfers Out\*** |
|  | **Level 2 - Other Significant** <br>**Observable** <br>**Inputs** | **Level 3 -** <br>**Significant** <br>**Unobservable** <br>**Inputs** |
| MM Select T. Rowe Price Large Cap Blend Fund<sup>+</sup>  | $2695670  | $(5127640) |
| MM Select T. Rowe Price Real Assets Fund<sup>+</sup>  | 519 | (2624471) |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund<sup>+</sup> | 1160339 | (5657151) |

---

\* Transfers out of Level 3 were attributable to more observable market data.

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+ Securities were transferred out of level three at their market value prior to executing a securities purchase agreement for their sale. Securities were transferred into level two at the agreed upon price based on the executed securities purchase agreement.

Derivative Instruments

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

At March 31, 2025, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit** <br>**Risk** | **Equity**<br>**Risk** | **Foreign** <br>**Exchange** <br>**Risk** | **Interest/**<br>**Inflation** <br>**Rate Risk** | **Total**  |
| **MM Select T. Rowe Price Bond Asset Fund** | **MM Select T. Rowe Price Bond Asset Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*</sup> | $— | $— | $134476 | $115178 | $249654  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> |  |  | 1080684 |  | 1080684  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  |  |  | 166692 | 166692  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>\*</sup> | 6565 |  |  |  | 6565  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^^</sup><sup>,</sup><sup>^^^</sup> | 233590 |  |  | 115645 | 349235  |
| &nbsp;&nbsp;&nbsp; Total Value | $240155 | $— | $1215160 | $397515 | $1852830  |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $— | $— | $(2136814) | $— | $(2136814)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  |  |  | (35266) | (35266)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^^</sup><sup>,</sup><sup>^^^</sup> | (51514) |  |  | (53404) | (104918)  |
| &nbsp;&nbsp;&nbsp; Total Value | $(51514) | $— | $(2136814) | $(88670) | $(2276998)  |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $— | $30363 | $64654 | $95017  |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  |  | 5687652 |  | 5687652  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (1079531) | (1079531)  |
| &nbsp;&nbsp;&nbsp; Swap Agreements | (90345) |  |  | 276166  | 185821  |
| &nbsp;&nbsp;&nbsp; Written Options |  |  |  | 41083 | 41083  |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $(90345) | $— | $5718015  | $(697628) | $4930042  |
| **Change in Appreciation (Depreciation)##** | **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $21462 | $— | $(22478) | $(15639) | $(16655)  |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  |  | 2062174 |  | 2062174  |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 148041 | 148041  |
| &nbsp;&nbsp;&nbsp; Swap Agreements | 10598 |  |  | 108422 | 119020  |
| &nbsp;&nbsp;&nbsp; Written Options | (6158) |  |  |  | (6158)  |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $25902 | $— | $2039696 | $240824 | $2306422  |
| **MM Select T. Rowe Price Large Cap Blend Fund** | **MM Select T. Rowe Price Large Cap Blend Fund** |  |  |  |  |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts^^ | $— | $(7826) | $— | $— | $(7826)  |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $2688 | $— | $— | $2688  |
| **Change in Appreciation (Depreciation)##** | **Change in Appreciation (Depreciation)##** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(31271) | $— | $— | $(31271) |

---

**75**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Credit** <br>**Risk**  | **Equity** <br>**Risk**  | **Foreign** <br>**Exchange** <br>**Risk**  | **Interest/** <br>**Inflation** <br>**Rate Risk**  | **Total**  |
| **MM Select T. Rowe Price Real Assets Fund** | **MM Select T. Rowe Price Real Assets Fund** |  |  |  |  |
| **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options<sup>\*</sup> | $— | $— | $— | $150194 | $150194 |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>\*</sup> |  |  | 117745 |  | 117745 |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  | 15271 |  |  | 15271 |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>\*</sup> |  | 5846 |  |  | 5846 |
| &nbsp;&nbsp;&nbsp; Total Value | $— | $21117 | $117745 | $150194 | $289056 |
| **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts<sup>^</sup> | $— | $— | $(144768) | $— | $(144768) |
| &nbsp;&nbsp;&nbsp; Futures Contracts<sup>^^</sup> |  | (6139) |  | (1396) | (7535) |
| &nbsp;&nbsp;&nbsp; Swap Agreements<sup>^</sup> |  | (30833) |  |  | (30833) |
| &nbsp;&nbsp;&nbsp; Total Value | $— | $(36972) | $(144768) | $(1396) | $(183136) |
| **Realized Gain (Loss)#** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $— | $14994 | $(247586) | $(232592) |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  |  | (777999) |  | (777999) |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | 85417 |  | 567944 | 653361 |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (1054828) |  |  | (1054828) |
| &nbsp;&nbsp;&nbsp; Total Realized Gain (Loss) | $— | $(969411) | $(763005) | $320358 | $(1412058) |
| **Change in Appreciation (Depreciation)##** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $— | $— | $88164 | $88164 |
| &nbsp;&nbsp;&nbsp; Forward Contracts |  |  | (378401) |  | (378401) |
| &nbsp;&nbsp;&nbsp; Futures Contracts |  | 31094 |  | (134040) | (102946) |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (224877) |  |  | (224877) |
| &nbsp;&nbsp;&nbsp; Total Change in Appreciation (Depreciation) | $— | $(193783) | $(378401) | $(45876) | $(618060) |

---

\* Statements of Assets and Liabilities location: Investments, at value, open forward contracts or open swap agreements, at value, as applicable.

^ Statements of Assets and Liabilities location: Open forward contracts or open swap agreements, at value, as applicable.

---

| | |
|:---|:---|
| ^^<br>| Cumulative appreciation (depreciation) on futures contracts and centrally cleared swap agreements is reported in "Futures Contracts" and "Swap Agreements" in each applicable Fund's Portfolio of Investments. Only current day's variation margin, if any, is reported within the Statements of Assets and Liabilities.  |

---

^^^ Represents centrally cleared swap agreements which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable. 

---

| | |
|:---|:---|
| ##<br>| Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.  |

---

**76**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

For the period ended March 31, 2025, the average balances for each derivative type were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Balances of Outstanding** <br>**Derivative Financial Instruments**  | **Average Balances of Outstanding** <br>**Derivative Financial Instruments**  | **Average Balances of Outstanding** <br>**Derivative Financial Instruments**  |
|  | **MM Select**<br>T. Rowe <br>**Price Bond** <br>**Asset Fund** | **MM Select** <br>T. Rowe <br>**Price Large Cap** <br>**Blend Fund** | **MM Select** <br>T. Rowe <br>**Price Real** <br>**Assets Fund**  |
| **Futures Contracts:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - long | 391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 32  |
| &nbsp;&nbsp;&nbsp; Average number of contracts - short | 206 |  | 66  |
| **Forward Contracts:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts purchased - in USD | $52961881 |  | $29395121  |
| &nbsp;&nbsp;&nbsp; Average notional amounts sold - in USD | $142832186 |  | $17213421  |
| **Swap Agreements:**  |  |  |  |
| **Credit Default Swaps:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts - buy protection | $6185059 |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts - sell protection | $15547034 |  |  |
| **Interest Rate Swaps:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts | $1950299167 |  |  |
| **Total Return Swaps:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average notional amounts | $8452 |  | $56783  |
| **Options:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Purchased Options | 19749525 |  | 16000014  |
| &nbsp;&nbsp;&nbsp; Average notional amounts of Purchased Swaptions | $9986667 |  |  |
| &nbsp;&nbsp;&nbsp; Average shares/units outstanding of Written Options | 17126716 |  |  |

---

The Portfolio of Investments included in a Fund's financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund's derivatives exposure as of March 31, 2025. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement ("MNA") or similar agreement and net of the related collateral received by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative** <br>**Assets** <br>**Subject to an** <br>**MNA by** <br>**Counterparty†** | **Financial** <br>**Instruments** <br>**Available for** <br>**Offset** | **Collateral**<br>**Received\*\*\*** | **Net Amount\***  |
| **MM Select T. Rowe Price Bond Asset Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A.  | $174903  | $(26194)  | $(148709)  | $—  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC  | 18885  | (18885)  | —  | —  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | 129020  | (129020)  | —  | —  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | 149124  | (108463)  | (40661)  | —  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG  | 64292  | (27667)  | —  | 36625  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 77362  | (25642)  | —  | 51720  |
| &nbsp;&nbsp;&nbsp; HSBC Bank USA  | 147996  | (147996)  | —  | —  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A.  | 114401  | (114401)  | —  | —  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | 7935  | (6242)  | (1693)  | —  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada  | 842  | (842)  | —  | —  |
| &nbsp;&nbsp;&nbsp; State Street Bank and Trust  | 107076  | (107076)  | —  | —  |
| &nbsp;&nbsp;&nbsp; UBS AG  | 345067  | (42025)  | (303042)  | —  |
|  | $1336903  | $(754453)  | $(494105)  | $88345  |

---

**77**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative** <br>**Assets** <br>**Subject to an** <br>**MNA by** <br>**Counterparty†** | **Financial** <br>**Instruments** <br>**Available for** <br>**Offset** | **Collateral**<br>**Received\*\*\*** | **Net Amount\***  |
| **MM Select T. Rowe Price Real Assets Fund**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A.  | $27812  | $(9035)  | $—  | $18777  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC  | 2645  | (2645)  | —  | —  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA  | 25024  | (25024)  | —  | —  |
| &nbsp;&nbsp;&nbsp; Citibank N.A.  | 16532  | —  | —  | 16532  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International  | 10746  | (10746)  | —  | —  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC  | 5846  | (5846)  | —  | —  |
| &nbsp;&nbsp;&nbsp; UBS AG  | 177141  | (12411)  | —  | 164730  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A.  | 8039  | (8039)  | —  | —  |
|  | $273785  | $(73746)  | $—  | $200039 |

---

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty**  | **Derivative** <br>**Liabilities** <br>**Subject to an** <br>**MNA by** <br>**Counterparty†**  | **Financial** <br>**Instruments** <br>**Available for** <br>**Offset**  | **Collateral** <br>**Pledged\*\*\***  | **Net Amount\*\***  |
| **MM Select T. Rowe Price Bond Asset Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A. | $(26194) | $26194 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC | (34723) | 18885 |  | (15838)  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | (497789) | 129020 | 333042 | (35727)  |
| &nbsp;&nbsp;&nbsp; Citibank N.A. | (108463) | 108463 |  | —  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG | (27667) | 27667 |  | —  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | (25642) | 25642 |  | —  |
| &nbsp;&nbsp;&nbsp; HSBC Bank USA | (810635) | 147996 | 550958 | (111681)  |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Bank N.A. | (306396) | 114401 |  | (191995)  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | (6242) | 6242 |  | —  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | (95029) | 842 |  | (94187)  |
| &nbsp;&nbsp;&nbsp; State Street Bank and Trust | (156009) | 107076 |  | (48933)  |
| &nbsp;&nbsp;&nbsp; UBS AG | (42025) | 42025 |  | —  |
|  | $(2136814) | $754453 | $884000 | $(498361)  |
| **MM Select T. Rowe Price Real Assets Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America N.A. | $(9035) | $9035 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC | (48401) | 2645 |  | (45756)  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | (35048) | 25024 |  | (10024)  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG | (1505) |  |  | (1505)  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs International | (48794) | 10746 |  | (38048)  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC | (11595) | 5846 |  | (5749)  |
| &nbsp;&nbsp;&nbsp; UBS AG | (12411) | 12411 |  | —  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | (8812) | 8039 |  | (773)  |
|  | $(175601) | $73746 | $— | $(101855) |

---

**78**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

\* Represents the net amount receivable from the counterparty in the event of default.

\*\* Represents the net amount payable to the counterparty in the event of default.

\*\*\* The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

&nbsp;&nbsp;&nbsp;&nbsp;† *The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.* 

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended March 31, 2025, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may also buy and sell options on currencies. When the Fund buys an option, its loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a currency, it is subject generally to the same risks as if it had entered into a futures contract or forward contract with respect to that currency. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund's exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

A Fund's current exposure to a counterparty is the unrealized appreciation (depreciation) on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts.

A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of

**79**<br>

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 **Notes to Financial Statements (Unaudited) (Continued)**<br>

a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Total Return Swaps. A Fund also may enter into total return swaps. In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund's bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Credit Default Swaps. A Fund also may enter into credit default swap transactions, as a "buyer" or "seller" of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, acceleration, default, or repudiation/moratorium. When a Fund buys protection, it may or may not own

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securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If a Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment and stream of continuing payments under the swap. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create a "synthetic" long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. In the case of a credit default swap, the swap will become more or less valuable depending on the credit of the issuer of the underlying security, and, if a credit event occurs under a swap where the Fund is the seller of credit protection, the Fund could be required to purchase the security at par value, resulting in a significant loss to the Fund. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see "Options, Rights, and Warrants" below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of its original counterparty. The Fund will be required to post amounts ("initial margin") with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund's Statement of Assets and Liabilities. Swap agreements are marked to market daily and subsequent payments ("variation margin") are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund's Statement of Assets and Liabilities ("Variation margin on open derivative instruments") and as a component of net change in unrealized appreciation (depreciation) on a Fund's Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund's basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund's current exposure to a counterparty is the fair value of the transaction.

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Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

Writing put and call options. A Fund may write call options on a security it owns, in a "directional" strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security's price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary

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market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases

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an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

Certain Funds may receive or pay fees associated with investments in bank loans. These fees are included as interest income on a Fund's Statement of Operations. These fees include all income and expenses associated with the processing and maintenance of these types of loans, including but not limited to consent fee income, amendment fees, and closing fees.

At March 31, 2025, the Funds had no unfunded bank loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral. Due to the short-term nature of the repurchase agreements, face value approximates fair value.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced ("TBA") transactions (collectively, the "Forward Transactions") in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund's portfolio and increase the volatility of the Fund. If a Fund's counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value by MML Advisers. A Fund records on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, a Fund records a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

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Dollar rolls involve the risk that the Fund's counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund's use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund's obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund's portfolio.

Mortgage- and Asset-Backed Securities

A Fund may invest in mortgage- and asset-backed securities. Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage- backed securities, represent a participation in, or are secured by, mortgage loans. Mortgage-backed securities may include securities that are issued or guaranteed by U.S. Government agencies or instrumentalities or other issuers, including private companies. Asset-backed securities are generally structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as consumer loans or receivables and they may be backed by collateralized debt obligations ("CDOs"), including collateralized bond obligations and collateralized loan obligations ("CLOs").

Investments in mortgage- and asset-backed securities subject a Fund to credit risk, interest rate risk, extension risk, and prepayment risk, among other risks. Certain of these risks may be higher for investments in mortgage-backed securities composed of subprime mortgages and investments in CDOs and CLOs backed by pools of high-risk, below investment grade debt securities. Mortgage-backed and asset-backed securities not issued by a government agency generally involve greater credit risk than securities issued by government agencies. Payment of principal and interest generally depends on the cash flows generated by the underlying assets and the terms of the security. A Fund's investments in mortgage-backed securities may make a Fund's net asset value more susceptible to economic, market, political, and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. Payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Principal may also be prepaid voluntarily, or as a result of refinancing or foreclosure. A Fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields. Investments that receive only the interest portion or the principal portion of payments on the underlying assets may be highly volatile. See a Fund's Portfolio of Investments, if applicable, for mortgage-related and other asset-backed securities as of March 31, 2025.

Securities Lending

Each Fund may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds' securities lending activities are governed by a Securities Lending Agency Agreement ("Lending Agreement") between each Fund and the lending agent ("Agent"). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a "Borrower").

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At March 31, 2025, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

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

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund's compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended March 31, 2025, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Foreign Securities

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

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Market Risk

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

Federal Income Tax

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. MML Advisers does not receive investment advisory fees in return for these services.

MML Advisers has also entered into investment subadvisory agreements for each Fund with the unaffiliated investment subadviser(s) shown in the following table.

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| | |
|:---|:---|
| **Fund**  | **Investment Subadviser(s)**  |
| MM Select T. Rowe Price Bond Asset Fund\*<sup>,</sup>\*\*  | T. Rowe Price Associates, Inc.  |
| MM Select T. Rowe Price Large Cap Blend Fund\*  | T. Rowe Price Associates, Inc.  |
| MM Select T. Rowe Price Real Assets Fund\*\*\*  | T. Rowe Price Associates, Inc.  |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund\*\*\*\*  | T. Rowe Price Associates, Inc. |

---

\*

*T. Rowe Price International Ltd serves as a sub-subadviser of the Fund.* 

\*\* T. Rowe Price Hong Kong Limited serves as a sub-subadviser of the Fund.

\*\*\* T. Rowe Price Australia Limited serves as a sub-subadviser of the Fund.

\*\*\*\* T. Rowe Price Investment Management, Inc. serves as a sub-subadviser of the Fund.

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Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Funds noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses<sup>#</sup>, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2026, based upon the average daily net assets of the Funds, as follows:

---

| | |
|:---|:---|
|  | **Class I**  |
| MM Select T. Rowe Price Bond Asset Fund  | 0.00%  |
| MM Select T. Rowe Price Large Cap Blend Fund  | 0.00%  |
| MM Select T. Rowe Price Real Assets Fund  | 0.00%  |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund  | 0.00% |

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#

*Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles.* 

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Affiliated Brokerage Commissions

The Fund(s) listed below had portfolio transactions that were placed with brokerage firms which are affiliates of the Fund's investment adviser or subadviser. Brokerage commissions are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) in the Statements of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Affiliated Brokerage** <br>**Commissions**  |
| MM Select T. Rowe Price Large Cap Blend Fund | $5879  |
| MM Select T. Rowe Price Real Assets Fund | 2897  |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund | 5184 |

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Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and are included within Payables for Trustees' fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

The following table shows beneficial ownership of Funds' shares by related parties at March 31, 2025:

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| | |
|:---|:---|
|  | **Total % Ownership** <br>**by Related Party**  |
| MM Select T. Rowe Price Bond Asset Fund | 100.0%  |
| MM Select T. Rowe Price Large Cap Blend Fund | 100.0%  |
| MM Select T. Rowe Price Real Assets Fund | 100.0%  |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund | 100.0% |

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&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) for the period ended March 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales**  | **Sales**  |
|  | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-Term** <br>**Securities** | **Long-Term U.S.** <br>**Government** <br>**Securities** | **Other Long-Term** <br>**Securities**  |
| MM Select T. Rowe Price Bond Asset Fund | $132513526 | $69435137 | $258224891 | $217918171  |
| MM Select T. Rowe Price Large Cap Blend Fund |  | 344078547 |  | 2052158605  |
| MM Select T. Rowe Price Real Assets Fund |  | 35138757 |  | 229085703  |
| &nbsp;&nbsp;&nbsp; MM Select T. Rowe Price Small and Mid Cap <br>Blend Fund |  | 84795902 |  | 504336368 |

---

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized**<br>**Gains/(Losses)**  |
| MM Select T. Rowe Price Small and Mid Cap Blend | $16539 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
| **MM Select T. Rowe Price Bond Asset Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 6382868 | $55382261 | 15012487 | $129145959  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 2469311 | 20989144 | 1574231 | 13333740  |
| &nbsp;&nbsp;&nbsp; Redeemed | (42656515) | (361094693) | (30087727) | (258295541)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (33804336) | $(284723288) | (13501009) | $(115815842)  |
| &nbsp;&nbsp;&nbsp; **MM Select T. Rowe Price Large Cap Blend** <br>**Fund Class I** | &nbsp;&nbsp;&nbsp; **MM Select T. Rowe Price Large Cap Blend** <br>**Fund Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 5142531 | $75915427 | 58800101 | $863742886  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 31752292 | 440721809 | 4541084 | 59397377  |
| &nbsp;&nbsp;&nbsp; Redeemed | (129786057) | (1801199950) | (89832109) | (1340962627)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (92891234) | $(1284562714) | (26490924) | $(417822364)  |
| **MM Select T. Rowe Price Real Assets Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 2228667 | $25202860 | 7244734 | $82119775  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 1550054 | 17515612 | 740520 | 8130907  |
| &nbsp;&nbsp;&nbsp; Redeemed | (20078145) | (223103303) | (13221691) | (155599361)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (16299424) | $(180384831) | (5236437) | $(65348679)  |

---

**89**<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Year Ended September 30, 2024**  | **Year Ended September 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount**  |
|  **MM Select T. Rowe Price Small and Mid Cap Blend Fund Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sold | 1796598 | $22032621 | 6131886 | $77175855  |
| &nbsp;&nbsp;&nbsp; Issued as reinvestment of dividends | 10219526 | 120488216 | 2788113 | 33764050  |
| &nbsp;&nbsp;&nbsp; Redeemed | (39473866) | (454683193) | (27025158) | (351837623)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (27457742) | $(312162356) | (18105159) | $(240897718) |

---

&nbsp;&nbsp;&nbsp;&nbsp;6. Federal Income Tax Information

At March 31, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Income** <br>**Tax Cost** | **Tax Basis** <br>**Unrealized** <br>**Appreciation** | **Tax Basis** <br>**Unrealized** <br>(Depreciation) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| MM Select T. Rowe Price Bond Asset Fund | $224539564 | $1923694 | $(7399923) | $(5476229)  |
| MM Select T. Rowe Price Large Cap Blend Fund | 749167777 | 61842097 | (39949482) | 21892615  |
| MM Select T. Rowe Price Real Assets Fund | 99440283 | 10147419 | (8604906) | 1542513  |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund | 185207507 | 18751523 | (20576329) | (1824806) |

---

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years. Capital losses may be carried forward indefinitely, and retain the character of the original loss.

At September 30, 2024, the following Fund(s) had accumulated capital loss carryforwards:

---

| | | |
|:---|:---|:---|
|  | **Short Term** <br>**Capital Loss** <br>**Carryforward** | **Long Term** <br>**Capital Loss** <br>**Carryforward**  |
| MM Select T. Rowe Price Bond Asset Fund | $(32590912) | $(61617548) |

---

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended September 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain**  |
| MM Select T. Rowe Price Bond Asset Fund | $13333740 | $—  |
| MM Select T. Rowe Price Large Cap Blend Fund | 40300513 | 19096864  |
| MM Select T. Rowe Price Real Assets Fund | 5999902 | 2131005  |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund | 11124076 | 22639974 |

---

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At September 30, 2024, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred trustee compensation, and other temporary basis adjustments.

**90**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

 **Notes to Financial Statements (Unaudited) (Continued)**<br>

At September 30, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Long Term** <br>**Capital Gain** <br>**(Capital Loss** <br>**Carryover)** | **Other** <br>**Temporary** <br>**Differences** | **Unrealized** <br>**Appreciation** <br>(Depreciation) | **Total**  |
| MM Select T. Rowe Price Bond Asset Fund | $12297866 | $(94208460) | $(12089) | $(4353317) | $(86276000)  |
| MM Select T. Rowe Price Large Cap Blend Fund | 73288736 | 349025989 | (24521) | 444323846 | 866614050  |
| MM Select T. Rowe Price Real Assets Fund | 11505094 | 4082845 | (1664) | 28708461 | 44294736  |
|  MM Select T. Rowe Price Small and Mid Cap Blend Fund | 17186714 | 96494064 | (11660) | 84566416 | 198235534 |

---

The Funds did not have any unrecognized tax benefits at March 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended March 31, 2025, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds' understanding of the tax rules and rates that exist in the foreign markets in which they invest.

&nbsp;&nbsp;&nbsp;&nbsp;7. Indemnifications

Under the Funds' organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;8. New Accounting Pronouncements

In this reporting period, each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

MML Advisers acts as each Fund's CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;9. Upcoming Fund Liquidations

The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the MM Select T. Rowe Price Bond Asset Fund, MM Select T. Rowe Price Large Cap Blend Fund, MM Select T. Rowe Price Real Assets Fund, and MM Select T. Rowe Small and Mid Cap Blend Fund (each, a "Fund") will be dissolved. Effective on or about September 12, 2025 (the "Termination Date"), shareholders of Class I shares of each Fund will receive proceeds in proportion to the number of Class I shares held by each of them on the Termination Date.

**91**<br>

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**92**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**93**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**94**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**95**<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Underwriter:** 

MML Distributors, LLC

1295 State Street

Springfield, Massachusetts 01111-0001

![](backcover-dots.jpg)

<sup>©</sup> 2025 Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>), Springfield, MA 01111-0001.

All rights reserved. www.MassMutual.com.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics (Item 2) – Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act of 1934 (17 CFR 240.10D-1) - Not applicable.

[(a)(3) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.](mmsf-efp15020_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) – Not applicable.

(a)(5) Change in Registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.](mmsf-efp15020_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | MassMutual Select Funds |
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/19/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Douglas Steele |
|  | Douglas Steele, President and Principal Executive Officer |

---

Date <u>5/19/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Renée Hitchcock |
|  | Renée Hitchcock, Treasurer and Principal Financial Officer |

---

Date <u>5/19/2025</u>

## Ex-99.Cert

**<u>EX-99.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Douglas Steele, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, Renée Hitchcock, certify that:

1. I have reviewed this report on Form N-CSR of MassMutual Select Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**<u>EX-99.906.CERT</u>**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds (the "Trust") on Form N-CSR for the period ending March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Douglas Steele |
|  |  | Douglas Steele |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of the MassMutual Select Funds (the "Trust") on Form N-CSR for the period ending March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| Date: | 5/19/2025 | /s/ Renée Hitchcock |
|  |  | Renée Hitchcock |
|  |  | Treasurer and Principal Financial Officer |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.