# EDGAR Filing Document

**Accession Number:** 0000916053
**File Stem:** 0001398344-23-004638
**Filing Date:** 2023-2
**Character Count:** 860485
**Document Hash:** 15ff1ba79ead7754f157be2574828f0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-004638.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001398344-23-004638

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL SELECT FUNDS
- **CENTRAL INDEX KEY:** 0000916053
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08274
- **FILM NUMBER:** 23668131

**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 RetireSMART by JPMorgan 2020 Fund (Series ID: S000003675)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000010262 | Class A              | MRTAX           |
| C000010264 | Class R3             | MRTNX           |
| C000010265 | Service Class        | MRTSX           |
| C000010266 | Administrative Class | MRTYX           |
| C000140371 | Class I              | MRTDX           |
| C000140372 | Class R5             | MRTBX           |
| C000140373 | Class R4             | MRTHX           |

## Nport-Ex

***MassMutual Total Return Bond Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 0.1%** |  |  |
| **COMMON STOCK — 0.1%** |  |  |
| **Communications — 0.1%** |  |  |
| **Telecommunications — 0.1%** |  |  |
| Intelsat Emergence SA (a) | 16754 | $376965 |
| **TOTAL COMMON STOCK <br>(Cost $1,575,355)** |  | **376965** |
| **TOTAL EQUITIES <br>(Cost $1,575,355)** |  | **376965** |
|  | **Principal<br>Amount** |  |
| **BONDS & NOTES — 114.5%** |  |  |
| **BANK LOANS — 2.1%** |  |  |
| **Aerospace & Defense — 0.1%** |  |  |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan E, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.980% VRN 5/30/25 | $289790 | 286374 |
| &nbsp;&nbsp;&nbsp;2020 Term Loan F, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.980% VRN 12/09/25 | 17457 | 17223 |
|  |  | 303597 |
| **Airlines — 0.0%** |  |  |
| American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.993% VRN 4/20/28 | 48698 | 48431 |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.108% VRN 4/21/28 | 53079 | 52313 |
|  |  | 100744 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 4/30/26 | 211302 | 206636 |
| **Beverages — 0.0%** |  |  |
| Naked Juice LLC, Term Loan, 3 mo. USD SOFR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.930% VRN 1/24/29 | 90597 | 80807 |
| **Chemicals — 0.0%** |  |  |
| Zep, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.580% VRN 8/12/24 | 257988 | 222128 |
| **Commercial Services — 0.1%** |  |  |
| Amentum Government Services Holdings LLC, Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% - 8.384% VRN 1/29/27 | 69280 | 67606 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Element Materials Technology Group US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 USD Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/06/29 (b) | $48472 | $47260 |
| &nbsp;&nbsp;&nbsp;2022 USD Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/06/29 (b) | 22372 | 21813 |
| Pre-Paid Legal Services, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 12/15/28 | 103808 | 99693 |
| Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.517% VRN 9/23/26 | 111391 | 110288 |
| Safe Fleet Holdings LLC, 2022 Term Loan, 1 mo. USD SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.173% VRN 2/23/29 | 30916 | 29815 |
| Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.144% VRN 3/04/28 | 230968 | 193955 |
| Trans Union LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019 Term Loan B5, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.134% VRN 11/16/26 | 169938 | 167359 |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B6, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.634% VRN 12/01/28 | 69514 | 68741 |
| TruGreen Ltd. Partnership, 2020 Term Loan, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 11/02/27 | 57193 | 50652 |
|  |  | 857182 |
| **Computers — 0.0%** |  |  |
| Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 2/01/28 | 70285 | 68513 |
| **Cosmetics & Personal Care — 0.0%** |  |  |
| Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.480% VRN 10/01/26 | 115135 | 110082 |
| **Diversified Financial Services — 0.1%** |  |  |
| Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.103% VRN 1/15/25 | 70325 | 70003 |
| Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.073% VRN 4/09/27 | 140955 | 131396 |
| Setanta Aircraft Leasing Designated Activity Co., Term Loan B, 3 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.730% VRN 11/05/28 | 700000 | 695450 |
|  |  | 896849 |
| **Electronics — 0.0%** |  |  |
| II-VI, Inc., 2022 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 7/02/29 | 39084 | 38586 |
| Ingram Micro, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 6/30/28 | 127887 | 125649 |
|  |  | 164235 |
| **Entertainment — 0.1%** |  |  |
| Crown Finance US, Inc., 2022 DIP Term Loan, 3 mo. USD SOFR CME + 10.000% |  |  |
| &nbsp;&nbsp;&nbsp;14.210% - 14.417% VRN 9/07/23 (b) | 324458 | 317868 |
| Formula One Holdings Ltd., Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 1/15/30 (b) | 14243 | 14225 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| J&J Ventures Gaming LLC, Term Loan, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 4/26/28 | $32351 | $30896 |
| Penn National Gaming, Inc., 2022 Term Loan B, 1 mo. USD SOFR CME + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.173% VRN 5/03/29 | 52934 | 52323 |
| Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD SOFR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.417% VRN 4/14/29 | 107344 | 105619 |
|  |  | 520931 |
| **Food — 0.0%** |  |  |
| Hostess Brands LLC, 2019 Term Loan, 1 mo. USD LIBOR + 2.250%, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.665% VRN 8/03/25 | 173986 | 173260 |
| **Health Care – Products — 0.1%** |  |  |
| Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.634% VRN 11/08/27 | 302359 | 300511 |
| Bausch & Lomb, Inc., Term Loan, 3 mo. USD SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.842% VRN 5/10/27 (b) | 83423 | 79200 |
| Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 10/23/28 | 104213 | 98896 |
|  |  | 478607 |
| **Home Furnishing — 0.0%** |  |  |
| AI Aqua Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term loan, 1 mo. USD SOFRTE + 4.000%, 3 mo. USD SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;0.500% VRN 7/31/28 (c) | 14605 | 13729 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 3 mo. USD SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.844% VRN 7/31/28 | 83980 | 78941 |
|  |  | 92670 |
| **Insurance — 0.2%** |  |  |
| Acrisure LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 2/15/27 | 197964 | 185344 |
| AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.634% VRN 2/19/28 | 657945 | 645404 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan B8, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 12/23/26 | 203767 | 181226 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B10, 3 mo. USD SOFR CME + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.680% VRN 8/19/28 | 132408 | 117876 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.634% VRN 1/20/29 | 37468 | 28957 |
| Hub International Ltd., 2021 Term Loan B, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.528% VRN 4/25/25 | 113866 | 112702 |
|  |  | 1271509 |
| **Internet — 0.1%** |  |  |
| Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 12/06/27 | 64917 | 59913 |
| NortonLifeLock, Inc., 2022 Term Loan B, 1 mo. USD SOFR CME + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.423% VRN 9/12/29 | 550000 | 539803 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Proofpoint, Inc., 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.985% VRN 8/31/28 | $9975 | $9571 |
|  |  | 609287 |
| **Lodging — 0.1%** |  |  |
| Caesars Resort Collection LLC, 2020 Term Loan B1, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 7/21/25 | 310581 | 309522 |
| Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD SOFR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.323% VRN 1/27/29 | 297750 | 282529 |
|  |  | 592051 |
| **Media — 0.1%** |  |  |
| Charter Communications Operating LLC, 2019 Term Loan B2, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.140% VRN 2/01/27 | 96992 | 94585 |
| CSC Holdings LLC, 2017 Term Loan B1, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.570% VRN 7/17/25 | 146439 | 138019 |
| Diamond Sports Group LLC, 2022 2nd Lien Term Loan, 6 mo. USD SOFR CME + 3.50% |  |  |
| &nbsp;&nbsp;&nbsp;8.314% VRN 8/24/26 | 171931 | 20631 |
| DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.384% VRN 8/02/27 | 399375 | 387977 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.318% VRN 4/30/28 | 300000 | 291450 |
|  |  | 932662 |
| **Metal Fabricate & Hardware — 0.0%** |  |  |
| AZZ, Inc., Term Loan B, 1 mo. USD SOFR CME + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.673% VRN 5/13/29 | 23553 | 23524 |
| **Packaging & Containers — 0.1%** |  |  |
| Berry Global, Inc., 2021 Term Loan Z, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.024% VRN 7/01/26 | 971309 | 962480 |
| **Pharmaceuticals — 0.4%** |  |  |
| Elanco Animal Health, Inc., Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.119% VRN 8/01/27 | 609681 | 584434 |
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 10/01/27 | 222727 | 208529 |
| Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.384% VRN 11/15/27 | 723383 | 698368 |
| Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.188% VRN 3/15/28 | 315150 | 314756 |
| Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 5/05/28 | 384848 | 380938 |
| Organon & Co., USD Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.750% VRN 6/02/28 | 461595 | 456402 |
|  |  | 2643427 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Retail — 0.1%** |  |  |
| 1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.165% VRN 11/19/26 | $365995 | $359133 |
| KFC Holding Co., 2021 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.089% VRN 3/15/28 | 101645 | 100248 |
| Whatabrands LLC, 2021 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 8/03/28 | 470250 | 453890 |
|  |  | 913271 |
| **Semiconductors — 0.0%** |  |  |
| Entegris, Inc., 2022 Term Loan B, 3 mo. USD SOFR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.580% VRN 7/06/29 | 130000 | 129513 |
| **Software — 0.1%** |  |  |
| Athenahealth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term Loan, 1 mo. USD SOFR CME + 3.500%, 3 mo. USD SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 2/15/29 (c) | 6289 | 5662 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. USD SOFR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 | 36918 | 33239 |
| CDK Global, Inc., 2022 USD Term Loan B, 3 mo. USD SOFR + 4.500% |  |  |
| &nbsp;&nbsp;&nbsp;9.080% VRN 7/06/29 | 183478 | 181601 |
| DTI Holdco, Inc., 2022 Term Loan, 3 mo. USD SOFR CME + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.844% VRN 4/26/29 | 23022 | 21090 |
| Mitnick Corporate Purchaser, Inc., Term Loan, 3 mo. USD SOFR CME + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.944% VRN 5/02/29 | 35910 | 33554 |
| Open Text Corp., 2022 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 11/16/29 (b) | 49202 | 48009 |
| RealPage, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 4/24/28 | 35819 | 33992 |
| Sophia, L.P., 2021 Term Loan B, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 10/07/27 | 97908 | 94298 |
|  |  | 451445 |
| **Telecommunications — 0.4%** |  |  |
| CommScope, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 4/06/26 | 290250 | 272908 |
| Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.134% VRN 3/01/27 | 1131435 | 1081935 |
| SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.140% VRN 4/11/25 | 477500 | 475380 |
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 3/09/27 | 837204 | 675799 |
|  |  | 2506022 |
| **Transportation — 0.0%** |  |  |
| Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.730% VRN 12/30/26 | 66641 | 66208 |
| **TOTAL BANK LOANS <br>(Cost $15,883,357)** |  | **15377640** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **CORPORATE DEBT — 29.3%** |  |  |
| **Aerospace & Defense — 0.3%** |  |  |
| The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.167% 2/04/23 | $1855000 | $1847875 |
| **Agriculture — 0.5%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.390% 8/15/37 | 340000 | 265527 |
| &nbsp;&nbsp;&nbsp;4.540% 8/15/47 | 2165000 | 1540340 |
| &nbsp;&nbsp;&nbsp;5.650% 3/16/52 | 570000 | 473117 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 7/26/29 (d) | 50000 | 42749 |
| &nbsp;&nbsp;&nbsp;6.125% 7/27/27 (d) | 690000 | 687669 |
| Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.850% 8/15/45 | 1160000 | 993684 |
|  |  | 4003086 |
| **Airlines — 0.1%** |  |  |
| U.S. Airways Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 4/22/25 | 577072 | 579904 |
| **Auto Manufacturers — 0.1%** |  |  |
| Allison Transmission, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 1/30/31 (d) | 475000 | 390687 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 10/02/23 | 150000 | 149527 |
|  |  | 540214 |
| **Banks — 10.8%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.370% 1.922% VRN 10/24/31 | 925000 | 707516 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.060% 2.087% VRN 6/14/29 | 1835000 | 1547336 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.220% 2.299% VRN 7/21/32 | 490000 | 378729 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.210% 2.572% VRN 10/20/32 | 1300000 | 1021856 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.150% 2.592% VRN 4/29/31 | 290000 | 236880 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.320% 2.687% VRN 4/22/32 | 245000 | 196734 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.330% 2.972% VRN 2/04/33 | 475000 | 384150 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + .810% 3.366% VRN 1/23/26 | 5365000 | 5127404 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29 | 1670000 | 1543578 |
| Bank of New York Mellon Corp. SOFR + 2.074% |  |  |
| &nbsp;&nbsp;&nbsp;5.834% VRN 10/25/33 | 715000 | 743680 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .770% 1.462% VRN 6/09/27 | 1225000 | 1063865 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.167% 2.561% VRN 5/01/32 | 1030000 | 815822 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.107% 2.572% VRN 6/03/31 | 1070000 | 867976 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.146% 2.666% VRN 1/29/31 | 430000 | 353680 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.422% 2.976% VRN 11/05/30 | 500000 | 421560 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.351% 3.057% VRN 1/25/33 | 2590000 | 2101258 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.280% 3.070% VRN 2/24/28 | 410000 | 370150 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.914% 4.412% VRN 3/31/31 | 830000 | 764287 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .980% 1.305% VRN 2/02/27 (d) | 1315000 | 1050269 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.730% 3.091% VRN 5/14/32 (d) | 1850000 | 1283880 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.700% 6.442% VRN 8/11/28 (d) | 345000 | 314642 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.920% 6.537% VRN 8/12/33 (d) | 4055000 | 3568870 |
| &nbsp;&nbsp;&nbsp;SOFR + 5.020% 9.016% VRN 11/15/33 (d) | 1575000 | 1617362 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 8/08/23 | $1120000 | $1112676 |
| DNB Bank ASA 1 year CMT + .680% |  |  |
| &nbsp;&nbsp;&nbsp;1.605% VRN 3/30/28 (d) | 1400000 | 1186106 |
| Global Bank Corp. 3 mo. USD LIBOR + 3.300% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN 4/16/29 (d) | 200000 | 181840 |
| The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .486% 0.925% VRN 10/21/24 | 895000 | 859415 |
| &nbsp;&nbsp;&nbsp;SOFR + .789% 1.093% VRN 12/09/26 | 485000 | 428532 |
| &nbsp;&nbsp;&nbsp;1.217% 12/06/23 | 2245000 | 2167006 |
| &nbsp;&nbsp;&nbsp;SOFR + .798% 1.431% VRN 3/09/27 | 2295000 | 2012551 |
| &nbsp;&nbsp;&nbsp;SOFR + .913% 1.948% VRN 10/21/27 | 1755000 | 1536587 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.090% 1.992% VRN 1/27/32 | 315000 | 240314 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.248% 2.383% VRN 7/21/32 | 950000 | 739611 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.264% 2.650% VRN 10/21/32 | 465000 | 368412 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.732% 2.013% VRN 9/22/28 | 1370000 | 1146918 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.929% 2.099% VRN 6/04/26 | 1480000 | 1349449 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.285% 2.206% VRN 8/17/29 | 1135000 | 921427 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.187% 2.804% VRN 5/24/32 | 1250000 | 967517 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.110% 4.755% VRN 6/09/28 | 1080000 | 1022313 |
| JP Morgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .580% 0.697% VRN 3/16/24 | 440000 | 435388 |
| &nbsp;&nbsp;&nbsp;3 mo. TSFR + .580% 0.969% VRN 6/23/25 | 2650000 | 2470180 |
| &nbsp;&nbsp;&nbsp;SOFR + .605% 1.561% VRN 12/10/25 | 1890000 | 1750726 |
| &nbsp;&nbsp;&nbsp;SOFR + .885% 1.578% VRN 4/22/27 | 1360000 | 1196975 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.180% 2.545% VRN 11/08/32 | 850000 | 674200 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.250% 2.580% VRN 4/22/32 | 390000 | 313566 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.510% 2.739% VRN 10/15/30 | 540000 | 454077 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.170% 2.947% VRN 2/24/28 | 535000 | 485061 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.245% 3.960% VRN 1/29/27 | 630000 | 601181 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;1 year CMT + .850% 1.627% VRN 5/11/27 | 1000000 | 866569 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28 | 425000 | 383353 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 3.500% 3.870% VRN 7/09/25 | 415000 | 401828 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 2.300% 4.976% VRN 8/11/33 | 995000 | 916311 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.069% 1.340% VRN 1/12/27 (d) | 920000 | 802691 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.440% 2.691% VRN 6/23/32 (d) | 5000 | 3849 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.532% 2.871% VRN 1/14/33 (d) | 1335000 | 1027733 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.405% 4.442% VRN 6/21/33 (d) | 525000 | 457191 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .560% 1.164% VRN 10/21/25 | 2885000 | 2651715 |
| &nbsp;&nbsp;&nbsp;SOFR + .879% 1.593% VRN 5/04/27 | 1365000 | 1198838 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.020% 1.928% VRN 4/28/32 | 1005000 | 760855 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.178% 2.239% VRN 7/21/32 | 360000 | 276148 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.360% 2.484% VRN 9/16/36 | 980000 | 713039 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.200% 2.511% VRN 10/20/32 | 585000 | 457679 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.290% 2.943% VRN 1/21/33 | 895000 | 726557 |
| Natwest Group PLC 3 mo. USD LIBOR + 1.762% |  |  |
| &nbsp;&nbsp;&nbsp;4.269% VRN 3/22/25 | 1710000 | 1672719 |
| PNC Financial Services Group, Inc. SOFR + 2.140% |  |  |
| &nbsp;&nbsp;&nbsp;6.037% VRN 10/28/33 | 705000 | 736448 |
| Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .787% 1.089% VRN 3/15/25 | 1825000 | 1705677 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.250% 1.532% VRN 8/21/26 | 295000 | 260084 |
| &nbsp;&nbsp;&nbsp;SOFR + .989% 1.673% VRN 6/14/27 | 340000 | 289484 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.220% 2.469% VRN 1/11/28 | 285000 | 243706 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.570% 4.796% VRN 11/15/24 | $525000 | $516295 |
| Santander UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 11/07/23 (d) | 1390000 | 1385741 |
| UBS Group AG Registered 1 year CMT + 1.550% |  |  |
| &nbsp;&nbsp;&nbsp;4.488% VRN 5/12/26 (d) | 445000 | 435255 |
| US Bancorp SOFR + 2.090% |  |  |
| &nbsp;&nbsp;&nbsp;5.850% VRN 10/21/33 | 715000 | 744786 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.100% 2.393% VRN 6/02/28 | 1710000 | 1511526 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.500% 3.350% VRN 3/02/33 | 3750000 | 3170115 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.510% 3.526% VRN 3/24/28 | 1800000 | 1669001 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.310% 3.584% VRN 5/22/28 | 1345000 | 1250676 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.100% 4.897% VRN 7/25/33 | 1025000 | 970544 |
|  |  | 79309925 |
| **Beverages — 0.4%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 2/01/46 | 2215000 | 2030125 |
| Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.300% 5/15/48 (d) | 275000 | 245850 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 8/01/31 | 845000 | 673479 |
|  |  | 2949454 |
| **Chemicals — 0.2%** |  |  |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 11/01/30 (d) | 1685000 | 1340978 |
| &nbsp;&nbsp;&nbsp;5.000% 9/26/48 | 430000 | 367552 |
| SK Invictus Intermediate II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 10/30/29 (d) | 80000 | 65600 |
|  |  | 1774130 |
| **Commercial Services — 0.3%** |  |  |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400% 8/15/32 | 365000 | 348919 |
| &nbsp;&nbsp;&nbsp;5.950% 8/15/52 | 495000 | 447406 |
| Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 2/15/29 (d) | 85000 | 68761 |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 3/01/32 (d) | 415000 | 355139 |
| &nbsp;&nbsp;&nbsp;4.750% 8/01/28 (d) | 750000 | 742413 |
| WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 4/15/26 (d) | 85000 | 80112 |
|  |  | 2042750 |
| **Computers — 0.1%** |  |  |
| Lenovo Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.536% 7/27/32 (d) | 370000 | 357885 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 4/15/29 (d) | 175000 | 146396 |
| &nbsp;&nbsp;&nbsp;5.250% 10/01/30 (d) | 90000 | 74250 |
|  |  | 578531 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services — 1.2%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.300% 1/30/32 | $2270000 | $1781206 |
| &nbsp;&nbsp;&nbsp;3.875% 1/23/28 | 265000 | 238707 |
| &nbsp;&nbsp;&nbsp;4.125% 7/03/23 | 220000 | 218457 |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 3/01/25 | 950000 | 900870 |
| &nbsp;&nbsp;&nbsp;5.850% 12/15/27 | 905000 | 904592 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.528% 11/18/27 (d) | 1109000 | 887822 |
| &nbsp;&nbsp;&nbsp;2.875% 2/15/25 (d) | 45000 | 41550 |
| &nbsp;&nbsp;&nbsp;3.950% 7/01/24 (d) | 380000 | 364029 |
| &nbsp;&nbsp;&nbsp;4.375% 5/01/26 (d) | 815000 | 738989 |
| Capital One Financial Corp. SOFR + 1.790% |  |  |
| &nbsp;&nbsp;&nbsp;3.273% VRN 3/01/30 | 1160000 | 993874 |
| The Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.950% 12/01/31 | 445000 | 349260 |
| Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 11/06/24 | 150000 | 146096 |
| ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.200% 9/13/32 | 745000 | 728612 |
| Park Aerospace Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 3/15/23 (d) | 700000 | 698273 |
| &nbsp;&nbsp;&nbsp;5.500% 2/15/24 (d) | 75000 | 74044 |
|  |  | 9066381 |
| **Electric — 1.5%** |  |  |
| Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 12/01/47 | 480000 | 382815 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.650% 12/01/48 | 1000000 | 877172 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 12/01/47 | 738000 | 569122 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 9/01/46 | 471000 | 351789 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.780% 4/01/25 | 1250000 | 1200926 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;4.600% 7/01/27 | 735000 | 725067 |
| FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.866% 9/15/28 (d) | 1401000 | 1224062 |
| &nbsp;&nbsp;&nbsp;5.450% 7/15/44 (d) | 600000 | 561433 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.990% 3/01/49 | 1000000 | 844654 |
| Metropolitan Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 4/15/25 (d) | 985000 | 943067 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.400% 10/15/44 | 1905000 | 1692764 |
| Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 5/07/29 (d) | 250000 | 207520 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 7/15/27 | 925000 | 910952 |
| Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 11/01/51 | 425000 | 281685 |
|  |  | 10773028 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Engineering & Construction — 0.1%** |  |  |
| Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.033% 12/04/25 (d) | $257000 | $214104 |
| Heathrow Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.875% 3/14/36 EUR (d) (e) | 895000 | 690392 |
|  |  | 904496 |
| **Entertainment — 0.5%** |  |  |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.125% 7/01/27 (d) (f) | 250000 | 245637 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050% 3/15/42 (d) | 1760000 | 1353123 |
| &nbsp;&nbsp;&nbsp;5.141% 3/15/52 (d) | 3001000 | 2192282 |
|  |  | 3791042 |
| **Environmental Controls — 0.0%** |  |  |
| Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 2/15/26 (d) | 400000 | 353240 |
| **Food — 0.6%** |  |  |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 2/02/29 (d) | 730000 | 603753 |
| &nbsp;&nbsp;&nbsp;3.000% 5/15/32 (d) | 410000 | 313691 |
| &nbsp;&nbsp;&nbsp;6.500% 12/01/52 (d) | 900000 | 856410 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 10/01/49 | 815000 | 709686 |
| &nbsp;&nbsp;&nbsp;5.200% 7/15/45 | 750000 | 695149 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 3/01/32 (d) | 500000 | 391250 |
| &nbsp;&nbsp;&nbsp;5.875% 9/30/27 (d) | 75000 | 72748 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 3/01/27 (d) | 525000 | 507717 |
| Simmons Foods, Inc. /Simmons Prepared Foods, Inc. /Simmons Pet Food, Inc. /Simmons Feed |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 3/01/29 (d) | 400000 | 325621 |
|  |  | 4476025 |
| **Gas — 0.2%** |  |  |
| KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.819% 4/01/41 (d) | 1337000 | 1293907 |
| **Health Care – Services — 1.7%** |  |  |
| Aetna, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 11/15/24 | 500000 | 486281 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 7/15/28 | 1951000 | 1645127 |
| &nbsp;&nbsp;&nbsp;4.250% 12/15/27 | 590000 | 553877 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;2.782% 10/01/30 | 455000 | 376255 |
| &nbsp;&nbsp;&nbsp;3.347% 10/01/29 | 1200000 | 1047741 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.375% 7/15/31 | 230000 | 179644 |
| &nbsp;&nbsp;&nbsp;3.500% 9/01/30 | 859000 | 743114 |
| &nbsp;&nbsp;&nbsp;4.125% 6/15/29 | 1262000 | 1154955 |
| &nbsp;&nbsp;&nbsp;5.125% 6/15/39 | 650000 | 584625 |
| &nbsp;&nbsp;&nbsp;5.250% 4/15/25 | 644000 | 640720 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;5.250% 6/15/49 | $485000 | $415341 |
| &nbsp;&nbsp;&nbsp;5.375% 9/01/26 | 590000 | 583965 |
| &nbsp;&nbsp;&nbsp;5.500% 6/15/47 | 775000 | 690859 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 3/23/29 | 2050000 | 1880466 |
| ModivCare Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 10/01/29 (d) | 425000 | 358403 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 11/15/30 (d) | 417000 | 353382 |
| &nbsp;&nbsp;&nbsp;3.875% 5/15/32 (d) | 850000 | 705873 |
|  |  | 12400628 |
| **Household Products & Wares — 0.0%** |  |  |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 2/01/28 | 22000 | 20466 |
| **Insurance — 1.5%** |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 10/15/27 (d) | 90000 | 80897 |
| Aon Corp. / Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 2/28/52 | 845000 | 650224 |
| AssuredPartners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 1/15/29 (d) | 80000 | 65843 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.985% 8/19/28 (d) | 2200000 | 1773459 |
| &nbsp;&nbsp;&nbsp;3.205% 3/08/27 (d) | 445000 | 397097 |
| Farmers Exchange Capital |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.454% 5.454% VRN 10/15/54 (d) | 3290000 | 3012818 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.744% 6.151% VRN 11/01/53 (d) | 350000 | 335693 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 11/01/32 | 545000 | 571470 |
| Teachers Insurance & Annuity Association of America 3 mo. USD LIBOR + 2.661% |  |  |
| &nbsp;&nbsp;&nbsp;4.375% VRN 9/15/54 (d) | 4000000 | 3827589 |
|  |  | 10715090 |
| **Internet — 0.2%** |  |  |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 9/30/27 (d) | 400000 | 392000 |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.680% 4/22/41 (d) | 455000 | 336526 |
| &nbsp;&nbsp;&nbsp;3.840% 4/22/51 (d) | 455000 | 324792 |
| &nbsp;&nbsp;&nbsp;3.975% 4/11/29 (d) | 410000 | 378722 |
|  |  | 1432040 |
| **Lodging — 0.1%** |  |  |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.800% 10/01/24 | 930000 | 871730 |
| **Machinery – Diversified — 0.0%** |  |  |
| OT Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 10/15/29 (d) | 125000 | 66250 |
| **Media — 0.8%** |  |  |
| Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/30 (d) (f) | 1085000 | 851417 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.750% 2/15/28 | $500000 | $451836 |
| &nbsp;&nbsp;&nbsp;4.800% 3/01/50 | 375000 | 272985 |
| &nbsp;&nbsp;&nbsp;4.908% 7/23/25 | 1105000 | 1083893 |
| &nbsp;&nbsp;&nbsp;5.250% 4/01/53 | 250000 | 194241 |
| &nbsp;&nbsp;&nbsp;5.375% 4/01/38 | 5000 | 4169 |
| &nbsp;&nbsp;&nbsp;5.375% 5/01/47 | 180000 | 141947 |
| &nbsp;&nbsp;&nbsp;5.750% 4/01/48 | 1088000 | 896929 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 2/01/28 (d) | 150000 | 120938 |
| &nbsp;&nbsp;&nbsp;6.500% 2/01/29 (d) | 1033000 | 844477 |
| &nbsp;&nbsp;&nbsp;7.500% 4/01/28 (d) | 80000 | 54200 |
| Diamond Sports Group LLC / Diamond Sports Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 8/15/26 (d) | 1175000 | 138063 |
| Time Warner Cable, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 9/01/41 | 370000 | 308137 |
| &nbsp;&nbsp;&nbsp;5.875% 11/15/40 | 360000 | 315209 |
|  |  | 5678441 |
| **Oil & Gas — 0.5%** |  |  |
| KazMunay Gas National Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 4/19/27 (d) | 200000 | 184200 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 10/10/36 | 115000 | 57429 |
| &nbsp;&nbsp;&nbsp;4.500% 7/15/44 | 400000 | 317573 |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;3.100% 8/27/30 (d) | 875000 | 752184 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 6/15/35 | 2100000 | 1524391 |
| &nbsp;&nbsp;&nbsp;7.690% 1/23/50 | 295000 | 204144 |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 4/21/30 (d) | 200000 | 182316 |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 11/24/25 (d) | 200000 | 182163 |
| Transocean Guardian Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 1/15/24 (d) | 184550 | 180214 |
| Transocean Poseidon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 2/01/27 (d) | 203875 | 198395 |
|  |  | 3783009 |
| **Oil & Gas Services — 0.1%** |  |  |
| Transocean Proteus Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 12/01/24 (d) | 348400 | 343200 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 4/01/26 | 70000 | 67150 |
|  |  | 410350 |
| **Packaging & Containers — 0.2%** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 1/15/27 | 85000 | 72801 |
| &nbsp;&nbsp;&nbsp;4.875% 7/15/26 (d) | 585000 | 562400 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 4/15/24 (d) | 70000 | 68056 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.573% 10/15/26 (d) | 1200000 | 1037547 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 8/15/27 (d) | $75000 | $68814 |
|  |  | 1809618 |
| **Pharmaceuticals — 1.3%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 5/14/46 | 695000 | 601090 |
| &nbsp;&nbsp;&nbsp;4.500% 5/14/35 | 234000 | 217386 |
| &nbsp;&nbsp;&nbsp;4.550% 3/15/35 | 576000 | 541026 |
| Bayer US Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 12/15/28 (d) | 3281000 | 3093131 |
| &nbsp;&nbsp;&nbsp;4.625% 6/25/38 (d) | 1310000 | 1141638 |
| &nbsp;&nbsp;&nbsp;4.875% 6/25/48 (d) | 220000 | 191173 |
| Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.823% 5/20/30 | 1735000 | 1493244 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.400% 3/15/51 | 210000 | 149913 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.050% 3/25/48 | 2360000 | 2128936 |
| Embecta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 2/15/30 (d) | 425000 | 359656 |
|  |  | 9917193 |
| **Pipelines — 1.0%** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 6/15/28 | 1201000 | 1163382 |
| &nbsp;&nbsp;&nbsp;5.350% 5/15/45 | 370000 | 315361 |
| &nbsp;&nbsp;&nbsp;5.400% 10/01/47 | 1275000 | 1077831 |
| &nbsp;&nbsp;&nbsp;5.500% 6/01/27 | 264000 | 262513 |
| &nbsp;&nbsp;&nbsp;5.950% 10/01/43 | 750000 | 696432 |
| &nbsp;&nbsp;&nbsp;6.250% 4/15/49 | 105000 | 98250 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.160% 3/31/34 (d) | 369864 | 314241 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.550% 6/01/45 | 565000 | 517359 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 12/15/29 | 228000 | 198258 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 7/15/29 (d) | 1000000 | 897350 |
| &nbsp;&nbsp;&nbsp;6.875% 4/15/40 (d) | 745000 | 625491 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 5/15/30 | 615000 | 571561 |
| Southern Gas Corridor CJSC |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 3/24/26 (d) | 400000 | 409528 |
|  |  | 7147557 |
| **Real Estate — 0.0%** |  |  |
| Vonovia SE |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 6/14/41 EUR (d) (e) | 200000 | 118606 |
| **Real Estate Investment Trusts (REITS) — 1.9%** |  |  |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.875% 2/01/33 | 480000 | 358401 |
| American Assets Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 2/01/31 | 865000 | 688217 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| American Homes Rent |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 4/15/32 | $1650000 | $1392723 |
| CapLand Ascendas REIT |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 6/23/28 EUR (d) (e) | 445000 | 370424 |
| CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 2/15/31 | 730000 | 551760 |
| Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;2.350% 3/15/32 | 1075000 | 816396 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 1/15/30 | 60000 | 52549 |
| &nbsp;&nbsp;&nbsp;5.250% 6/01/25 | 600000 | 589368 |
| &nbsp;&nbsp;&nbsp;5.300% 1/15/29 | 620000 | 586638 |
| &nbsp;&nbsp;&nbsp;5.375% 4/15/26 | 1820000 | 1786017 |
| Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 3/15/31 (f) | 275000 | 208458 |
| &nbsp;&nbsp;&nbsp;2.050% 3/15/31 | 71000 | 52072 |
| &nbsp;&nbsp;&nbsp;2.400% 3/15/30 | 615000 | 481306 |
| &nbsp;&nbsp;&nbsp;3.100% 2/15/30 | 825000 | 690967 |
| &nbsp;&nbsp;&nbsp;3.625% 1/15/28 | 157000 | 139435 |
| Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;4.650% 4/01/29 | 1185000 | 1014810 |
| Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 8/15/31 | 145000 | 107525 |
| &nbsp;&nbsp;&nbsp;4.150% 4/15/32 | 670000 | 588163 |
| Life Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;2.400% 10/15/31 | 925000 | 714066 |
| Physicians Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 11/01/31 | 465000 | 364201 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 2/15/27 (d) | 60000 | 54465 |
| &nbsp;&nbsp;&nbsp;3.875% 2/15/29 (d) | 485000 | 427063 |
| &nbsp;&nbsp;&nbsp;4.500% 9/01/26 (d) | 240000 | 226061 |
| &nbsp;&nbsp;&nbsp;4.500% 1/15/28 (d) | 135000 | 123880 |
| &nbsp;&nbsp;&nbsp;4.625% 6/15/25 (d) | 65000 | 62319 |
| &nbsp;&nbsp;&nbsp;5.125% 5/15/32 | 790000 | 731500 |
| &nbsp;&nbsp;&nbsp;5.625% 5/15/52 | 403000 | 356482 |
| &nbsp;&nbsp;&nbsp;5.750% 2/01/27 (d) | 255000 | 248559 |
|  |  | 13783825 |
| **Retail — 0.1%** |  |  |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 1/15/30 (d) | 85000 | 68561 |
| The Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 5/01/28 (d) | 556000 | 447319 |
| &nbsp;&nbsp;&nbsp;7.875% 5/01/29 (d) | 339000 | 226509 |
| Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 9/15/29 (d) (f) | 233000 | 194555 |
|  |  | 936944 |
| **Savings & Loans — 0.3%** |  |  |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.290% 2.972% VRN 2/16/28 (d) | 720000 | 633770 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.064% 3.766% VRN 3/08/24 (d) | 1215000 | 1208397 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.392% 4.363% VRN 8/01/24 (d) | 300000 | 296122 |
|  |  | 2138289 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Semiconductors — 0.1%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.600% 2/15/33 (d) | $412000 | $310536 |
| &nbsp;&nbsp;&nbsp;3.419% 4/15/33 (d) | 420000 | 337859 |
|  |  | 648395 |
| **Software — 0.5%** |  |  |
| Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.900% 12/01/27 (d) | 125000 | 125000 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 3/25/31 | 115000 | 95685 |
| &nbsp;&nbsp;&nbsp;3.800% 11/15/37 | 200000 | 159134 |
| &nbsp;&nbsp;&nbsp;3.950% 3/25/51 | 2078000 | 1489882 |
| &nbsp;&nbsp;&nbsp;6.900% 11/09/52 | 710000 | 766321 |
| Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 4/14/32 | 810000 | 719541 |
|  |  | 3355563 |
| **Telecommunications — 2.1%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 12/01/57 | 3110000 | 2162762 |
| &nbsp;&nbsp;&nbsp;4.500% 5/15/35 | 110000 | 100167 |
| &nbsp;&nbsp;&nbsp;4.750% 5/15/46 | 100000 | 85094 |
| &nbsp;&nbsp;&nbsp;4.850% 3/01/39 | 366000 | 329993 |
| &nbsp;&nbsp;&nbsp;5.250% 3/01/37 | 850000 | 825148 |
| Intelsat Jackson Holdings S.A. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 3/15/30 (d) | 1440000 | 1287346 |
| Intelsat Jackson Holdings S.A., Escrow |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 10/15/24 (a) (d) (g) (h) | 378000 |  |
| &nbsp;&nbsp;&nbsp;9.750% 7/15/25 (a) (d) (g) (h) | 1379000 |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.400% 3/01/27 (d) | 328000 | 277690 |
| &nbsp;&nbsp;&nbsp;3.875% 11/15/29 (d) | 230000 | 181501 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.738% 3/20/25 (d) | 1937813 | 1915725 |
| &nbsp;&nbsp;&nbsp;5.152% 9/20/29 (d) | 2015000 | 1987576 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 2/15/26 | 1217000 | 1106678 |
| &nbsp;&nbsp;&nbsp;2.550% 2/15/31 | 955000 | 783022 |
| &nbsp;&nbsp;&nbsp;3.750% 4/15/27 | 1270000 | 1197830 |
| &nbsp;&nbsp;&nbsp;3.875% 4/15/30 | 580000 | 526762 |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/40 | 840000 | 720802 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.550% 3/21/31 | 410000 | 337743 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 6/19/49 | 1260000 | 1062152 |
| &nbsp;&nbsp;&nbsp;5.250% 5/30/48 | 1000000 | 886081 |
|  |  | 15774072 |
| **TOTAL CORPORATE DEBT <br>(Cost $243,979,588)** |  | **215292054** |
| **MUNICIPAL OBLIGATIONS — 0.3%** |  |  |
| City of New York NY, General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 8/01/34 | 945000 | 760859 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| County of Miami-Dade FL Aviation Revenue, Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.707% 10/01/33 | $375000 | $294134 |
| New York State Dormitory Authority, Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.628% 3/15/39 | 860000 | 882055 |
| University of Michigan, Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.504% 4/01/52 | 335000 | 261321 |
|  |  | 2198369 |
| **TOTAL MUNICIPAL OBLIGATIONS <br>(Cost $2,639,569)** |  | **2198369** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 16.6%** |  |  |
| **Commercial Mortgage-Backed Securities — 2.6%** |  |  |
| BAMLL Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class AMP, 3.287% 11/05/32 (d) | 1920000 | 1725173 |
| &nbsp;&nbsp;&nbsp;Series 2018-PARK, Class A, 4.091% VRN 8/10/38 (d) (i) | 1280000 | 1157540 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-XL, Class A, 1 mo. TSFR + 1.034% 5.370% FRN 10/15/36 (d) | 2330986 | 2298996 |
| &nbsp;&nbsp;&nbsp;Series 2022-CSMO, Class A, 1 mo. TSFR + 2.115% 6.450% FRN 6/15/27 (d) | 1641000 | 1628699 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OC11, Class A, 3.202% 12/09/41 (d) | 420000 | 353506 |
| &nbsp;&nbsp;&nbsp;Series 2022-VAMF, Class C, 1 mo. TSFR + 1.580% 5.916% FRN 1/15/39 (d) | 1057000 | 1001557 |
| &nbsp;&nbsp;&nbsp;Series 2022-PSB, Class D, 1 mo. TSFR + 4.693% 9.029% FRN 8/15/39 (d) | 1324674 | 1317460 |
| CALI Mortgage Trust, Series 2019-101C, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.957% 3/10/39 (d) | 945000 | 818018 |
| CPT Mortgage Trust, Series 2019-CPT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.865% 11/13/39 (d) | 805000 | 645546 |
| DC Office Trust, Series 2019-MTC, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.965% 9/15/45 (d) | 860000 | 706949 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-55HY, Class A, 2.943% VRN 12/10/41 (d) (i) | 860000 | 725110 |
| &nbsp;&nbsp;&nbsp;Series 2019-30HY, Class A, 3.228% 7/10/39 (d) | 880000 | 756493 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OSB, Class A, 3.397% 6/05/39 (d) | 900000 | 786094 |
| &nbsp;&nbsp;&nbsp;Series 2021-HTL5, Class A, 1 mo. USD LIBOR + 1.115% 5.433% FRN 11/15/38 (d) | 2138000 | 2044552 |
| MKT Mortgage Trust, Series 2020-525M, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.694% 2/12/40 (d) | 570000 | 448713 |
| One Bryant Park Trust, Series 2019-OBP, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.516% 9/15/54 (d) | 1085000 | 891889 |
| RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.834% VRN 1/15/32 (d) (i) | 640000 | 610034 |
| SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;4.144% VRN 1/05/43 (d) (i) | 50000 | 33867 |
| TTAN, Series 2021-MHC, Class E, 1 mo. USD LIBOR + 2.400% |  |  |
| &nbsp;&nbsp;&nbsp;6.718% FRN 3/15/38 (d) | 1332220 | 1254046 |
|  |  | 19204242 |
| **Home Equity Asset-Backed Securities — 0.8%** |  |  |
| Argent Securities, Inc., Series 2005-W2, Class M1, 1 mo. USD LIBOR + .735% |  |  |
| &nbsp;&nbsp;&nbsp;5.124% FRN 10/25/35 | 1947374 | 1866139 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580% |  |  |
| &nbsp;&nbsp;&nbsp;4.969% FRN 1/25/36 | $1953462 | $1881822 |
| Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD LIBOR + .140% |  |  |
| &nbsp;&nbsp;&nbsp;4.529% FRN 2/25/37 | 3625138 | 2330096 |
|  |  | 6078057 |
| **Other Asset-Backed Securities — 4.5%** |  |  |
| AGL CLO Ltd., Series 2021-13A, Class A1, 3 mo. USD LIBOR + 1.160% |  |  |
| &nbsp;&nbsp;&nbsp;5.403% FRN 10/20/34 (d) | 2400000 | 2340722 |
| AIG CLO Ltd., Series 2019-2A, Class BR, 3 mo. USD LIBOR + 1.600% |  |  |
| &nbsp;&nbsp;&nbsp;5.958% FRN 10/25/33 (d) | 2400000 | 2306974 |
| Aimco CLO Ltd., Series 2020-11A, Class AR, 3 mo. USD LIBOR + 1.130% |  |  |
| &nbsp;&nbsp;&nbsp;5.209% FRN 10/17/34 (d) | 2075000 | 2019824 |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD LIBOR + 1.070% |  |  |
| &nbsp;&nbsp;&nbsp;5.388% FRN 8/15/34 (d) | 2018000 | 1911326 |
| Barings CLO Ltd., Series 2013-IA, Class AR, 3 mo. USD LIBOR + .800% |  |  |
| &nbsp;&nbsp;&nbsp;5.043% FRN 1/20/28 (d) | 2403097 | 2385333 |
| Countrywide Asset-Backed Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-7, Class 1A, 1 mo. USD LIBOR + .200% 4.589% FRN 10/25/47 | 2956546 | 2807395 |
| &nbsp;&nbsp;&nbsp;Series 2004-5, Class M1, 1 mo. USD LIBOR + .855% 5.244% FRN 8/25/34 | 122120 | 120462 |
| First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1 mo. USD LIBOR + .720% |  |  |
| &nbsp;&nbsp;&nbsp;5.109% FRN 10/25/35 | 53772 | 53696 |
| Flatiron CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600% |  |  |
| &nbsp;&nbsp;&nbsp;5.827% FRN 7/19/34 (d) | 2400000 | 2291933 |
| GoldenTree Loan Opportunities Ltd., Series 2014-9A, Class AR2, 3 mo. USD LIBOR + 1.110% |  |  |
| &nbsp;&nbsp;&nbsp;5.525% FRN 10/29/29 (d) | 1979321 | 1964038 |
| GSAMP Trust, Series 2006-HE1, Class M1, 1 mo. USD LIBOR + .585% |  |  |
| &nbsp;&nbsp;&nbsp;4.974% FRN 1/25/36 | 767679 | 759930 |
| LCM Ltd., Series 19A, Class AR, 3 mo. USD LIBOR + 1.240% |  |  |
| &nbsp;&nbsp;&nbsp;5.319% FRN 7/15/27 (d) | 301836 | 300674 |
| Magnetite Ltd., Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800% |  |  |
| &nbsp;&nbsp;&nbsp;4.879% FRN 1/15/28 (d) | 1358588 | 1341246 |
| Morgan Stanley Capital, Inc. Trust, Series 2006-NC2, Class A2D, 1 mo. USD LIBOR + .580% |  |  |
| &nbsp;&nbsp;&nbsp;4.969% FRN 2/25/36 | 1722933 | 1677089 |
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;1.910% 10/20/61 (d) | 1646000 | 1392591 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR8, Class C, 1.931% 10/17/38 (d) | 2500000 | 2082878 |
| &nbsp;&nbsp;&nbsp;Series 2020-SFR3, Class F, 2.796% 10/17/27 (d) | 860000 | 748592 |
| &nbsp;&nbsp;&nbsp;Series 2021-SFR10, Class F, 4.608% 12/17/40 (d) | 1159731 | 934090 |
| Rockford Tower Ltd., Series 2019-1A, Class AR, 3 mo. USD LIBOR + 1.120% |  |  |
| &nbsp;&nbsp;&nbsp;5.363% FRN 4/20/34 (d) | 2435000 | 2361383 |
| TRTX Issuer Ltd., Series 2019-FL3, Class A, 1 mo. TSFR + 1.264% |  |  |
| &nbsp;&nbsp;&nbsp;5.590% FRN 10/15/34 (d) | 431088 | 431087 |
| VOLT CIII LLC, Series 2021-CF1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.992% STEP 8/25/51 (d) | 2687829 | 2410841 |
|  |  | 32642104 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Student Loans Asset-Backed Securities — 2.3%** |  |  |
| Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700% |  |  |
| &nbsp;&nbsp;&nbsp;5.089% FRN 7/25/56 (d) | $1296729 | $1237895 |
| Education Loan Asset-Backed Trust, Series 2013-1, Class A2, 1 mo. USD LIBOR + .800% |  |  |
| &nbsp;&nbsp;&nbsp;5.189% FRN 4/26/32 (d) | 2059279 | 2035652 |
| Nelnet Student Loan Trust, Series 2006-1, Class A6, 3 mo. USD LIBOR + .450% |  |  |
| &nbsp;&nbsp;&nbsp;5.142% FRN 8/23/36 (d) | 1723227 | 1675914 |
| SLM Student Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-1, Class A3, 1 mo. USD LIBOR + .600% 4.989% FRN 2/26/29 | 1338987 | 1275482 |
| &nbsp;&nbsp;&nbsp;Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 5.039% FRN 5/26/26 | 2293958 | 2200135 |
| &nbsp;&nbsp;&nbsp;Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 6.208% FRN 7/25/73 | 3735000 | 3538376 |
| &nbsp;&nbsp;&nbsp;Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 6.608% FRN 10/25/83 | 3630000 | 3403976 |
| Wachovia Student Loan Trust, Series 2006-1, Class A6, 3 mo. USD LIBOR + .170% |  |  |
| &nbsp;&nbsp;&nbsp;4.528% FRN 4/25/40 (d) | 1764871 | 1684659 |
|  |  | 17052089 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 6.4%** |  |  |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-,Class A1, 2.860% STEP 7/25/59 (d) | 1866853 | 1721927 |
| &nbsp;&nbsp;&nbsp;Series 2022-B, Class A1, 3.500% STEP 3/27/62 (d) | 3061214 | 2800179 |
| American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD LIBOR + .400% |  |  |
| &nbsp;&nbsp;&nbsp;4.789% FRN 3/25/46 | 1481927 | 1230265 |
| Bear Stearns Trust, Series 2005-4, Class 25A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.245% VRN 5/25/35 (i) | 655188 | 585824 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 2/25/61 (d) (i) | 2881562 | 2573704 |
| CIM Trust, Series 2021-J3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 6/25/51 (d) (i) | 4550432 | 3655632 |
| Citigroup Mortgage Loan Trust, Series 2006-AR2, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.968% VRN 3/25/36 (i) | 2554 | 2321 |
| Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.850% VRN 9/25/57 (d) (i) | 1612633 | 1484330 |
| First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.042% VRN 11/25/35 (i) | 1331397 | 1126798 |
| GS Mortgage-Backed Securities Trust, Series 2022-PJ6 , Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 1/25/53 (d) (i) | 4257714 | 3566817 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200% 4.539% FRN 11/19/36 | 2656475 | 2082988 |
| &nbsp;&nbsp;&nbsp;Series 2007-6, Class 1A1A, 1 mo. USD LIBOR + .200% 4.539% FRN 8/19/37 | 2453853 | 2017974 |
| HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD LIBOR + .520% |  |  |
| &nbsp;&nbsp;&nbsp;4.909% FRN 1/25/36 | 2092295 | 1974005 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-13, Class A3, 2.500% VRN 4/25/52 (d) (i) | 3867756 | 3116867 |
| &nbsp;&nbsp;&nbsp;Series 2005-A5, Class 1A2, 3.337% VRN 8/25/35 (i) | 82880 | 78316 |
| MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.690% VRN 4/25/34 (i) | 479204 | 421692 |
| Preston Ridge Partners Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class A1, 1.793% STEP 6/25/26 (d) | 3773665 | 3398440 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, 1.793% STEP 7/25/26 (d) | $1699823 | $1524359 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 3.720% STEP 2/25/27 (d) | 3696505 | 3422341 |
| &nbsp;&nbsp;&nbsp;Series 2022-4, Class A1, 5.000% STEP 8/25/27 (d) (i) | 876487 | 824873 |
| RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD LIBOR + .370% |  |  |
| &nbsp;&nbsp;&nbsp;4.759% FRN 8/25/36 | 512414 | 440118 |
| Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1 |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 12/25/36 | 1909736 | 1431354 |
| Structured Asset Mortgage Investments Trust, Series 2006-AR1, Class 3A1, 1 mo. USD LIBOR + .460% |  |  |
| &nbsp;&nbsp;&nbsp;4.849% FRN 2/25/36 | 1485070 | 1150866 |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + .620% |  |  |
| &nbsp;&nbsp;&nbsp;5.009% FRN 1/25/45 | 486548 | 459163 |
| Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR12, Class 1A4 3.801% 10/25/36 | 4027280 | 3470150 |
| &nbsp;&nbsp;&nbsp;Series 2005-7, Class 4CB, 7.000% 8/25/35 | 2565176 | 1940925 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;2.892% VRN 4/25/37 (i) | 812314 | 713829 |
|  |  | 47216057 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS <br>(Cost $129,851,707)** |  | **122192549** |
| **SOVEREIGN DEBT OBLIGATIONS — 1.0%** |  |  |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 4/20/33 | 200000 | 200532 |
| Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 9/30/29 (d) | 647000 | 579834 |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 6/12/30 (f) | 730000 | 633628 |
| Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 1/31/31 (f) | 200000 | 165900 |
| &nbsp;&nbsp;&nbsp;2.550% 1/27/32 (f) | 400000 | 327310 |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 1/30/30 | 200000 | 152953 |
| &nbsp;&nbsp;&nbsp;3.125% 4/15/31 | 200000 | 148498 |
| &nbsp;&nbsp;&nbsp;4.500% 1/28/26 | 200000 | 187970 |
| Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/30/30 (d) | 440000 | 374387 |
| Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.600% 3/01/29 (d) | 200000 | 162470 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 9/22/31 (d) | 250000 | 185165 |
| Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 2/14/30 | 300000 | 266286 |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.659% 5/24/31 | 413000 | 332295 |
| &nbsp;&nbsp;&nbsp;3.750% 1/11/28 | 420000 | 396257 |
| &nbsp;&nbsp;&nbsp;4.750% 4/27/32 (f) | 200000 | 186794 |
| Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 1/17/28 (d) | 200000 | 197212 |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.252% 9/29/32 | 200000 | 148108 |
| &nbsp;&nbsp;&nbsp;3.160% 1/23/30 | 625000 | 537474 |
| Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.844% 6/20/30 | 200000 | 168709 |
| &nbsp;&nbsp;&nbsp;4.125% 8/25/27 | 254000 | 242959 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.457% 5/05/30 | $200000 | $173525 |
| Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/23/28 (d) | 600000 | 603264 |
| Republic of Poland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 11/16/32 | 43000 | 45757 |
| Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.850% 9/30/29 (f) | 200000 | 178000 |
| &nbsp;&nbsp;&nbsp;4.875% 4/14/26 | 200000 | 193308 |
| &nbsp;&nbsp;&nbsp;5.875% 4/20/32 | 200000 | 180000 |
| Republic of Turkey International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 3/23/23 | 200000 | 199629 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 2/14/31 (d) | 270000 | 212150 |
| Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 3/04/28 (d) | 200000 | 190746 |
|  |  | 7370588 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS <br>(Cost $8,782,685)** |  | **7571120** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (j) — 38.6%** |  |  |
| **Collateralized Mortgage Obligations — 0.7%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates <br> Series K155, Class A3 3.750% 4/25/33 | 2115000 | 1982694 |
| Federal National Mortgage Association REMICS |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-43, Class CT, 3.000% 6/25/48 | 568489 | 506333 |
| &nbsp;&nbsp;&nbsp;Series 2018-55, Class PA, 3.500% 1/25/47 | 449090 | 435028 |
| &nbsp;&nbsp;&nbsp;Series 2018-54, Class KA, 3.500% 1/25/47 | 432766 | 419216 |
| &nbsp;&nbsp;&nbsp;Series 2018-38, Class PA, 3.500% 6/25/47 | 670519 | 640869 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-124, Class NW, 3.500% 9/20/48 | 531770 | 495853 |
| &nbsp;&nbsp;&nbsp;Series 2019-15, Class GT, 3.500% 2/20/49 | 580906 | 541962 |
|  |  | 5021955 |
| **Pass-Through Securities — 36.1%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD8193 2.000% 2/01/52 | 4167838 | 3413082 |
| &nbsp;&nbsp;&nbsp;Pool #SD8199 2.000% 3/01/52 | 2205236 | 1805200 |
| &nbsp;&nbsp;&nbsp;Pool #QE0312 2.000% 4/01/52 | 1997805 | 1635397 |
| &nbsp;&nbsp;&nbsp;Pool #SD8189 2.500% 1/01/52 | 2380628 | 2027836 |
| &nbsp;&nbsp;&nbsp;Pool #SD8194 2.500% 2/01/52 | 3888982 | 3309625 |
| &nbsp;&nbsp;&nbsp;Pool #SD8200 2.500% 3/01/52 | 2331527 | 1984190 |
| &nbsp;&nbsp;&nbsp;Pool #SD8205 2.500% 4/01/52 | 4132744 | 3515781 |
| &nbsp;&nbsp;&nbsp;Pool #SD8212 2.500% 5/01/52 | 4016017 | 3416479 |
| &nbsp;&nbsp;&nbsp;Pool #G18596 3.000% 4/01/31 | 245953 | 234991 |
| &nbsp;&nbsp;&nbsp;Pool #G18691 3.000% 6/01/33 | 93118 | 88531 |
| &nbsp;&nbsp;&nbsp;Pool #G08710 3.000% 6/01/46 | 57470 | 51907 |
| &nbsp;&nbsp;&nbsp;Pool #G08715 3.000% 8/01/46 | 1228170 | 1109280 |
| &nbsp;&nbsp;&nbsp;Pool #G08721 3.000% 9/01/46 | 165673 | 149635 |
| &nbsp;&nbsp;&nbsp;Pool #G08726 3.000% 10/01/46 | 2208450 | 1991906 |
| &nbsp;&nbsp;&nbsp;Pool #G08732 3.000% 11/01/46 | 1575383 | 1420913 |
| &nbsp;&nbsp;&nbsp;Pool #G08741 3.000% 1/01/47 | 1062886 | 958668 |
| &nbsp;&nbsp;&nbsp;Pool #G18713 3.500% 11/01/33 | 669094 | 646467 |
| &nbsp;&nbsp;&nbsp;Pool #G16756 3.500% 1/01/34 | 270793 | 261636 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #G60038 3.500% 1/01/44 | $549351 | $515299 |
| &nbsp;&nbsp;&nbsp;Pool #G07848 3.500% 4/01/44 | 4295779 | 4034280 |
| &nbsp;&nbsp;&nbsp;Pool #G07924 3.500% 1/01/45 | 1176420 | 1103337 |
| &nbsp;&nbsp;&nbsp;Pool #G60138 3.500% 8/01/45 | 2459844 | 2310874 |
| &nbsp;&nbsp;&nbsp;Pool #G08711 3.500% 6/01/46 | 943472 | 881322 |
| &nbsp;&nbsp;&nbsp;Pool #G08716 3.500% 8/01/46 | 1360751 | 1270263 |
| &nbsp;&nbsp;&nbsp;Pool #G67703 3.500% 4/01/47 | 1682677 | 1575514 |
| &nbsp;&nbsp;&nbsp;Pool #G08792 3.500% 12/01/47 | 1152879 | 1071170 |
| &nbsp;&nbsp;&nbsp;Pool #G67706 3.500% 12/01/47 | 1350911 | 1263611 |
| &nbsp;&nbsp;&nbsp;Pool #G67707 3.500% 1/01/48 | 1596152 | 1495996 |
| &nbsp;&nbsp;&nbsp;Pool #G67708 3.500% 3/01/48 | 2929804 | 2733146 |
| &nbsp;&nbsp;&nbsp;Pool #G67709 3.500% 3/01/48 | 3826422 | 3576754 |
| &nbsp;&nbsp;&nbsp;Pool #G67711 4.000% 3/01/48 | 435641 | 420915 |
| &nbsp;&nbsp;&nbsp;Pool #G67713 4.000% 6/01/48 | 1137609 | 1096665 |
| &nbsp;&nbsp;&nbsp;Pool #G67714 4.000% 7/01/48 | 1580233 | 1525828 |
| &nbsp;&nbsp;&nbsp;Pool #G67717 4.000% 11/01/48 | 1406016 | 1357609 |
| &nbsp;&nbsp;&nbsp;Pool #G08843 4.500% 10/01/48 | 510475 | 500931 |
| &nbsp;&nbsp;&nbsp;Pool #G08826 5.000% 6/01/48 | 162843 | 163531 |
| &nbsp;&nbsp;&nbsp;Pool #G08844 5.000% 10/01/48 | 59330 | 59581 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA4093 2.000% 8/01/40 | 836326 | 715976 |
| &nbsp;&nbsp;&nbsp;Pool #MA4152 2.000% 10/01/40 | 3145479 | 2692836 |
| &nbsp;&nbsp;&nbsp;Pool #MA4176 2.000% 11/01/40 | 2284664 | 1944471 |
| &nbsp;&nbsp;&nbsp;Pool #MA4333 2.000% 5/01/41 | 681442 | 578270 |
| &nbsp;&nbsp;&nbsp;Pool #BQ6913 2.000% 12/01/51 | 4360580 | 3575009 |
| &nbsp;&nbsp;&nbsp;Pool #CB2767 2.000% 1/01/52 | 4193485 | 3434085 |
| &nbsp;&nbsp;&nbsp;Pool #CB2766 2.000% 2/01/52 | 2862961 | 2344506 |
| &nbsp;&nbsp;&nbsp;Pool #FS1598 2.000% 4/01/52 | 4226010 | 3459400 |
| &nbsp;&nbsp;&nbsp;Pool #BL6060 2.455% 4/01/40 | 1265000 | 894406 |
| &nbsp;&nbsp;&nbsp;Pool #MA4548 2.500% 2/01/52 | 3920380 | 3336345 |
| &nbsp;&nbsp;&nbsp;Pool #MA4563 2.500% 3/01/52 | 4018792 | 3420096 |
| &nbsp;&nbsp;&nbsp;Pool #MA3029 3.000% 6/01/32 | 246135 | 234423 |
| &nbsp;&nbsp;&nbsp;Pool #MA1607 3.000% 10/01/33 | 1819415 | 1716226 |
| &nbsp;&nbsp;&nbsp;Pool #BN7755 3.000% 9/01/49 | 1801975 | 1616997 |
| &nbsp;&nbsp;&nbsp;Pool #BO2259 3.000% 10/01/49 | 3116161 | 2793357 |
| &nbsp;&nbsp;&nbsp;Pool #MA3811 3.000% 10/01/49 | 475109 | 415499 |
| &nbsp;&nbsp;&nbsp;Pool #MA4579 3.000% 4/01/52 | 3910032 | 3446646 |
| &nbsp;&nbsp;&nbsp;Pool #AB4262 3.500% 1/01/32 | 1276592 | 1224903 |
| &nbsp;&nbsp;&nbsp;Pool #MA1148 3.500% 8/01/42 | 2390787 | 2245049 |
| &nbsp;&nbsp;&nbsp;Pool #CA0996 3.500% 1/01/48 | 80809 | 75314 |
| &nbsp;&nbsp;&nbsp;Pool #MA3276 3.500% 2/01/48 | 178016 | 165134 |
| &nbsp;&nbsp;&nbsp;Pool #MA3305 3.500% 3/01/48 | 604274 | 560168 |
| &nbsp;&nbsp;&nbsp;Pool #MA3332 3.500% 4/01/48 | 24123 | 22362 |
| &nbsp;&nbsp;&nbsp;Pool #CA3633 3.500% 6/01/49 | 690259 | 643166 |
| &nbsp;&nbsp;&nbsp;Pool #MA2995 4.000% 5/01/47 | 503599 | 483923 |
| &nbsp;&nbsp;&nbsp;Pool #AS9830 4.000% 6/01/47 | 283733 | 272471 |
| &nbsp;&nbsp;&nbsp;Pool #MA3027 4.000% 6/01/47 | 461469 | 443151 |
| &nbsp;&nbsp;&nbsp;Pool #AS9972 4.000% 7/01/47 | 274237 | 263352 |
| &nbsp;&nbsp;&nbsp;Pool #AL9106 4.500% 2/01/46 | 231488 | 229406 |
| &nbsp;&nbsp;&nbsp;Pool #CA1710 4.500% 5/01/48 | 921005 | 903800 |
| &nbsp;&nbsp;&nbsp;Pool #CA1711 4.500% 5/01/48 | 16706 | 16394 |
| &nbsp;&nbsp;&nbsp;Pool #CA2208 4.500% 8/01/48 | 648324 | 635807 |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA4126 3.000% 12/20/46 | 1449927 | 1315432 |
| &nbsp;&nbsp;&nbsp;Pool #MA4836 3.000% 11/20/47 | 1022574 | 926761 |
| &nbsp;&nbsp;&nbsp;Pool #MA6209 3.000% 10/20/49 | 428063 | 374042 |
| &nbsp;&nbsp;&nbsp;Pool #MA4127 3.500% 12/20/46 | 988971 | 926365 |
| &nbsp;&nbsp;&nbsp;Pool #MA4382 3.500% 4/20/47 | 168255 | 157393 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA4719 3.500% 9/20/47 | $1476584 | $1380340 |
| &nbsp;&nbsp;&nbsp;Pool #MA4837 3.500% 11/20/47 | 201546 | 188410 |
| &nbsp;&nbsp;&nbsp;Pool #MA4962 3.500% 1/20/48 | 504433 | 471554 |
| &nbsp;&nbsp;&nbsp;Pool #MA5019 3.500% 2/20/48 | 693350 | 647724 |
| &nbsp;&nbsp;&nbsp;Pool #MA4838 4.000% 11/20/47 | 421561 | 405197 |
| &nbsp;&nbsp;&nbsp;Pool #MA4901 4.000% 12/20/47 | 345533 | 332120 |
| &nbsp;&nbsp;&nbsp;Pool #MA5078 4.000% 3/20/48 | 284728 | 273320 |
| &nbsp;&nbsp;&nbsp;Pool #MA5466 4.000% 9/20/48 | 196709 | 188582 |
| &nbsp;&nbsp;&nbsp;Pool #MA5528 4.000% 10/20/48 | 788090 | 755283 |
| &nbsp;&nbsp;&nbsp;Pool #MA4264 4.500% 2/20/47 | 212587 | 211438 |
| &nbsp;&nbsp;&nbsp;Pool #MA4512 4.500% 6/20/47 | 1281249 | 1270724 |
| &nbsp;&nbsp;&nbsp;Pool #MA3666 5.000% 5/20/46 | 28987 | 29379 |
| &nbsp;&nbsp;&nbsp;Pool #MA3806 5.000% 7/20/46 | 194917 | 197471 |
| &nbsp;&nbsp;&nbsp;Pool #MA4072 5.000% 11/20/46 | 38999 | 39469 |
| &nbsp;&nbsp;&nbsp;Pool #MA4454 5.000% 5/20/47 | 702632 | 713751 |
| Government National Mortgage Association II TBA 2.500% 1/23/53 (k) | 11675000 | 10133536 |
| Uniform Mortgage Backed Securities TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 1/12/53 (k) | 27200000 | 22244500 |
| &nbsp;&nbsp;&nbsp;2.500% 12/25/51 (k) | 26700000 | 22686656 |
| &nbsp;&nbsp;&nbsp;3.000% 2/25/52 (k) | 19250000 | 16947519 |
| &nbsp;&nbsp;&nbsp;3.500% 2/25/49 (k) | 5575000 | 5078912 |
| &nbsp;&nbsp;&nbsp;4.000% 1/12/53 (k) | 8250000 | 7757578 |
| &nbsp;&nbsp;&nbsp;4.500% 1/12/53 (k) | 33925000 | 32742924 |
| &nbsp;&nbsp;&nbsp;5.000% 1/12/53 (k) | 38125000 | 37630565 |
|  |  | 265808043 |
| **U.S. Agencies Notes — 1.1%** |  |  |
| Federal Home Loan Banks<br> 1.040% 6/14/24 | 8900000 | 8431683 |
| **Whole Loans — 0.7%** |  |  |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2022-DNA2, Class M1B, 30 day SOFR + 2.400% |  |  |
| &nbsp;&nbsp;&nbsp;6.328% FRN 2/25/42 (d) | 2450000 | 2381806 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, 30 day SOFR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.428% FRN 3/25/42 (d) | 2400000 | 2429495 |
|  |  | 4811301 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <br>(Cost $296,985,112)** |  | **284072982** |
| **U.S. TREASURY OBLIGATIONS — 26.6%** |  |  |
| **U.S. Treasury Bonds & Notes — 26.6%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 11/15/41 | 47657000 | 34297065 |
| &nbsp;&nbsp;&nbsp;2.375% 2/15/42 | 17185000 | 13215748 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/52 | 14820000 | 14986725 |
| U.S. Treasury Inflation Index |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 7/15/32 | 989656 | 907442 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 11/30/27 (f) | 30900000 | 30776570 |
| &nbsp;&nbsp;&nbsp;3.875% 12/31/27 (k) | 43575000 | 43405537 |
| &nbsp;&nbsp;&nbsp;4.125% 10/31/27 | 1420000 | 1427278 |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/32 | 7507000 | 7681023 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.000% 12/15/25 | $695000 | $691334 |
| &nbsp;&nbsp;&nbsp;4.250% 12/31/24 | 3565000 | 3554765 |
| &nbsp;&nbsp;&nbsp;4.500% 11/30/24 (f) | 44560000 | 44586856 |
|  |  | 195530343 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $205,364,512)** |  | **195530343** |
| **TOTAL BONDS & NOTES <br>(Cost $903,486,530)** |  | **842235057** |
|  | **Number of<br>Shares** |  |
| **RIGHTS — 0.0%** |  |  |
| **Communications — 0.0%** |  |  |
| **Telecommunications — 0.0%** |  |  |
| Intelsat Jackson Holdings S.A. (a) (g) (h) | 1754 |  |
| Intelsat Jackson Holdings S.A. (a) (g) (h) | 1754 |  |
| **TOTAL RIGHTS <br>(Cost $0)** |  | **—** |
| **MUTUAL FUNDS — 5.0%** |  |  |
| **Diversified Financial Services — 5.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (l) | 37216875 | 37216875 |
| **TOTAL MUTUAL FUNDS <br>(Cost $37,216,875)** |  | **37216875** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $942,278,760)** |  | **879828897** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 13.6%** |  |  |
| **Repurchase Agreement — 10.6%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (m) | $77906538 | 77906538 |
| **U.S. Treasury Bill — 3.0%** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;4.608% 5/25/23 (n) | 6710000 | 6590593 |
| &nbsp;&nbsp;&nbsp;4.622% 5/11/23 (n) | 15500000 | 15249759 |
|  |  | 21840352 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $99,743,853)** |  | **99746890** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL INVESTMENTS — 133.2%<br>(Cost $1,042,022,613) (o)** |  | $**979575787** |
| **Less Unfunded Loan Commitments — (0.0)%** |  | **(11344)** |
| **NET INVESTMENTS — 133.2%<br>(Cost $1,042,011,269)** |  | $**979564443** |
| **Other Assets/(Liabilities) — (33.2)%** |  | **(244064333)** |
| **NET ASSETS — 100.0%** |  | $**735500110** |

---

**Abbreviation Legend**

CLO Collateralized Loan Obligation

DIP Debtor In Possession

FRN Floating Rate Note

REMICS Real Estate Mortgage Investment Conduits

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Unfunded or partially unfunded loan commitments.

&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 December 31, 2022, the aggregate market value of these securities amounted to $157,876,453 or 21.47% 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 December 31, 2022, was $36,576,051 or 4.97% of net assets. The Fund received $108,062 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Investment is valued using significant unobservable inputs.

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

&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 December 31, 2022.

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Maturity value of $77,917,618. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $79,464,743.

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

&nbsp;&nbsp;&nbsp;&nbsp;(o) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Bank of America N.A. | 1/13/23 | EUR | 54000 | USD | 52960 | $4880 |
| Bank of America N.A. | 1/13/23 | USD | 1194594 | EUR | 1202000 | (92893) |
|  |  |  |  |  |  | $(88013) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| U.S. Treasury Ultra Bond | 3/22/23 | 30 | $4058525 | $(29150) |
| U.S. Treasury Note 2 Year | 3/31/23 | 681 | 139536992 | 121212 |
|  |  |  |  | $92062 |
| **Short** |  |  |  |  |
| Euro-Bund | 3/08/23 | 5 | $(753802) | $42328 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **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/ Reference** | **Frequency** | <br>**Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation (Depreciation)** |
| 12 Month USD SOFR | Annually | Fixed 1.950% | Annually | 6/10/24 | USD | 41670000 | $(1623655) | $— | $(1623655) |
| 3-Month USD LIBOR BBA | Quarterly | Fixed 1.073% | Semi-Annually | 7/24/25 | USD | 10155000 | (607512) |  | (607512) |
| 3-Month USD LIBOR BBA | Quarterly | Fixed 1.034% | Semi-Annually | 7/24/25 | USD | 15025000 | (909669) |  | (909669) |
| 3-Month USD LIBOR BBA | Quarterly | Fixed 1.026% | Semi-Annually | 7/24/25 | USD | 20310000 | (1232640) |  | (1232640) |
| 3-Month USD LIBOR BBA | Quarterly | Fixed 1.390% | Semi-Annually | 9/28/25 | USD | 25970000 | (1314635) |  | (1314635) |
| Fixed 1.808% | Semi-Annually | 3-Month USD LIBOR BBA | Quarterly | 7/24/53 | USD | 850000 | 253079 |  | 253079 |
| Fixed 1.785% | Semi-Annually | 3-Month USD LIBOR BBA | Quarterly | 7/24/53 | USD | 1250000 | 377327 |  | 377327 |
| Fixed 1.773% | Semi-Annually | 3-Month USD LIBOR BBA | Quarterly | 7/24/53 | USD | 1700000 | 517057 |  | 517057 |
| Fixed 1.870% | Semi-Annually | 3-Month USD LIBOR BBA | Quarterly | 9/28/53 | USD | 2215000 | 621647 |  | 621647 |
|  |  |  |  |  |  |  | $(3919001) | $— | $(3919001) |

---

**Currency Legend**

EUR Euro <br> USD U.S. Dollar

***MassMutual Strategic Bond Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 100.4%** |  |  |
| **BANK LOANS — 2.7%** |  |  |
| **Advertising — 0.0%** |  |  |
| CMG Media Corp., 2021 Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 12/17/26 | $167764 | $156710 |
| **Airlines — 0.1%** |  |  |
| United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.108% VRN 4/21/28 | 481302 | 474352 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.637% VRN 4/30/26 | 380344 | 371946 |
| **Beverages — 0.1%** |  |  |
| Triton Water Holdings, Inc., Term Loan, 3 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;8.230% VRN 3/31/28 | 482651 | 447176 |
| **Commercial Services — 0.2%** |  |  |
| API Group DE, Inc., Term Loan B, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 10/01/26 | 226314 | 224617 |
| Prime Security Services Borrower LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.505% VRN 9/23/26 | 281904 | 279113 |
| Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.384% VRN 8/27/25 | 512728 | 508426 |
|  |  | 1012156 |
| **Computers — 0.1%** |  |  |
| Magenta Buyer LLC, 2021 USD 1st Lien Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;9.170% VRN 7/27/28 | 465100 | 395917 |
| Peraton Corp., Term Loan B, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.139% VRN 2/01/28 | 273963 | 267056 |
|  |  | 662973 |
| **Diversified Financial Services — 0.3%** |  |  |
| Avolon TLB Borrower 1 (US) LLC, 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.603% VRN 12/01/27 | 87459 | 87163 |
| Castlelake Aviation Ltd., Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.519% VRN 10/22/26 | 315653 | 312439 |
| Citadel Securities LP, 2021 Term Loan B, 1 mo. USD SOFR CME + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.823% VRN 2/02/28 | 52305 | 51220 |
| Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 1 mo. USD SOFR CME + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.073% VRN 4/09/27 | 298202 | 277981 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Focus Financial Partners LLC, 2022 Term Loan B5, 1 mo. USD SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.572% VRN 6/30/28 | $119700 | $118105 |
| Jane Street Group LLC, 2021 Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 1/26/28 | 276745 | 268182 |
| VFH Parent LLC, 2022 Term Loan B, 1 mo. USD SOFR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.421% VRN 1/13/29 | 110000 | 106865 |
|  |  | 1221955 |
| **Electronics — 0.0%** |  |  |
| II-VI, Inc., 2022 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 7/02/29 | 156743 | 154744 |
| **Entertainment — 0.1%** |  |  |
| PCI Gaming Authority, Term Loan, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 5/29/26 | 258892 | 256951 |
| Scientific Games International, Inc., 2022 USD Term Loan, 1 mo. USD SOFR CME + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.417% VRN 4/14/29 | 238800 | 234962 |
|  |  | 491913 |
| **Health Care – Products — 0.1%** |  |  |
| Sotera Health Holdings LLC, 2021 Term Loan, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.165% VRN 12/11/26 | 260000 | 239200 |
| **Health Care – Services — 0.1%** |  |  |
| Global Medical Response, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 4.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.422% VRN 10/02/25 | 381052 | 265547 |
| Phoenix Guarantor, Inc., 2020 Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 3/05/26 | 487403 | 455824 |
|  |  | 721371 |
| **Housewares — 0.1%** |  |  |
| Solis IV B.V., USD Term Loan B1, 3 mo. USD SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.859% VRN 2/26/29 | 368150 | 322459 |
| **Insurance — 0.1%** |  |  |
| AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.634% VRN 2/19/28 | 253282 | 248455 |
| **Leisure Time — 0.1%** |  |  |
| Alterra Mountain Co., 2021 Series B-2 Consenting Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 8/17/28 | 365774 | 360518 |
| **Lodging — 0.1%** |  |  |
| Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 12/23/24 | 53560 | 53390 |
| Station Casinos LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.640% VRN 2/08/27 | 461492 | 449715 |
|  |  | 503105 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Machinery – Diversified — 0.1%** |  |  |
| Ali Group North America Corp., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.438% VRN 7/30/29 | $256489 | $253970 |
| **Media — 0.2%** |  |  |
| iHeartCommunications, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 5/01/26 | 495927 | 453620 |
| Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.884% VRN 9/18/26 | 190766 | 189001 |
| Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD LIBOR + 2.500% |  |  |
| &nbsp;&nbsp;&nbsp;6.818% VRN 1/31/28 | 203954 | 200240 |
|  |  | 842861 |
| **Pharmaceuticals — 0.3%** |  |  |
| Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.384% VRN 11/15/27 | 307795 | 297152 |
| Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.188% VRN 3/15/28 | 471600 | 471010 |
| Jazz Financing Lux SARL, USD Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 5/05/28 | 435231 | 430809 |
|  |  | 1198971 |
| **Retail — 0.1%** |  |  |
| 1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 3 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.165% - 6.165% VRN 11/19/26 | 20175 | 19796 |
| Harbor Freight Tools USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 10/19/27 | 372572 | 354197 |
|  |  | 373993 |
| **Software — 0.2%** |  |  |
| Athenahealth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term Loan, 3 mo. USD SOFR CME + 3.500%, 3 mo. USD SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 (a) | 59420 | 53499 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. USD SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 | 348827 | 314070 |
| Cloudera, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 10/08/28 | 198500 | 186219 |
| DCert Buyer, Inc., 2019 Term Loan B, 6 mo. USD SOFR CME + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.696% VRN 10/16/26 | 111700 | 107751 |
| Rackspace Technology Global, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.380% VRN 2/15/28 | 432201 | 268552 |
|  |  | 930091 |
| **Telecommunications — 0.1%** |  |  |
| Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750% |  |  |
| &nbsp;&nbsp;&nbsp;6.134% VRN 3/01/27 | 316209 | 302374 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Transportation — 0.1%** |  |  |
| Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.730% VRN 12/30/26 | $233159 | $231643 |
| **TOTAL BANK LOANS <br>(Cost $12,235,197)** |  | **11522936** |
| **CORPORATE DEBT — 31.3%** |  |  |
| **Aerospace & Defense — 0.8%** |  |  |
| The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.196% 2/04/26 | 230000 | 209196 |
| &nbsp;&nbsp;&nbsp;2.700% 2/01/27 | 90000 | 81347 |
| &nbsp;&nbsp;&nbsp;2.800% 3/01/27 | 150000 | 135538 |
| &nbsp;&nbsp;&nbsp;3.100% 5/01/26 | 80000 | 75364 |
| &nbsp;&nbsp;&nbsp;3.200% 3/01/29 | 290000 | 255314 |
| &nbsp;&nbsp;&nbsp;3.250% 2/01/35 | 360000 | 275561 |
| &nbsp;&nbsp;&nbsp;3.550% 3/01/38 | 80000 | 59231 |
| &nbsp;&nbsp;&nbsp;3.750% 2/01/50 | 240000 | 166041 |
| &nbsp;&nbsp;&nbsp;5.150% 5/01/30 | 160000 | 156529 |
| &nbsp;&nbsp;&nbsp;5.705% 5/01/40 | 110000 | 104896 |
| &nbsp;&nbsp;&nbsp;5.805% 5/01/50 | 380000 | 353792 |
| &nbsp;&nbsp;&nbsp;5.930% 5/01/60 | 40000 | 36672 |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 5/15/25 | 50000 | 48756 |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/40 | 20000 | 18353 |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/50 | 50000 | 44513 |
| L3 Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.054% 4/27/45 | 50000 | 45022 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 1/15/26 | 45000 | 43756 |
| &nbsp;&nbsp;&nbsp;3.900% 6/15/32 | 50000 | 47196 |
| &nbsp;&nbsp;&nbsp;4.150% 6/15/53 | 320000 | 273329 |
| &nbsp;&nbsp;&nbsp;4.500% 5/15/36 | 60000 | 57515 |
| Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.930% 1/15/25 | 160000 | 153556 |
| &nbsp;&nbsp;&nbsp;3.250% 1/15/28 | 290000 | 267921 |
| &nbsp;&nbsp;&nbsp;5.250% 5/01/50 | 160000 | 158789 |
| Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 7/01/30 | 110000 | 91827 |
| &nbsp;&nbsp;&nbsp;4.125% 11/16/28 | 160000 | 153448 |
| &nbsp;&nbsp;&nbsp;4.500% 6/01/42 | 80000 | 72519 |
|  |  | 3385981 |
| **Agriculture — 0.4%** |  |  |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 2/04/32 | 140000 | 105987 |
| &nbsp;&nbsp;&nbsp;4.400% 2/14/26 | 192000 | 188130 |
| &nbsp;&nbsp;&nbsp;5.800% 2/14/39 | 240000 | 220384 |
| &nbsp;&nbsp;&nbsp;5.950% 2/14/49 | 260000 | 231896 |
| &nbsp;&nbsp;&nbsp;6.200% 2/14/59 | 56000 | 52326 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.557% 8/15/27 | 170000 | 155302 |
| &nbsp;&nbsp;&nbsp;4.540% 8/15/47 | 360000 | 256131 |
| Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 7/23/23 (b) | 180000 | 176330 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 5/01/23 | 190000 | 187641 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2.100% 5/01/30 | $40000 | $32460 |
| &nbsp;&nbsp;&nbsp;4.500% 3/20/42 | 80000 | 67868 |
| Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.850% 8/15/45 | 110000 | 94229 |
|  |  | 1768684 |
| **Airlines — 0.9%** |  |  |
| Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 4/19/23 (c) | 90000 | 88875 |
| &nbsp;&nbsp;&nbsp;2.900% 10/28/24 | 180000 | 170528 |
| &nbsp;&nbsp;&nbsp;7.000% 5/01/25 (b) | 1670000 | 1708038 |
| &nbsp;&nbsp;&nbsp;7.375% 1/15/26 (c) | 380000 | 388261 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 10/20/25 (b) | 320000 | 312329 |
| &nbsp;&nbsp;&nbsp;4.750% 10/20/28 (b) | 300000 | 282393 |
| Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 1/20/26 (b) | 10000 | 9050 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/20/27 (b) | 297019 | 295297 |
| Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 9/20/25 (b) | 240000 | 240773 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 9/20/25 (b) (c) | 250000 | 251283 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/26 (b) | 80000 | 74154 |
| &nbsp;&nbsp;&nbsp;4.625% 4/15/29 (b) | 290000 | 252502 |
|  |  | 4073483 |
| **Apparel — 0.1%** |  |  |
| NIKE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 3/27/30 | 280000 | 250867 |
| &nbsp;&nbsp;&nbsp;3.250% 3/27/40 | 130000 | 105924 |
| &nbsp;&nbsp;&nbsp;3.375% 3/27/50 (c) | 40000 | 31499 |
|  |  | 388290 |
| **Auto Manufacturers — 1.1%** |  |  |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 1/15/43 | 90000 | 64641 |
| &nbsp;&nbsp;&nbsp;6.100% 8/19/32 (c) | 90000 | 83261 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 2/16/28 | 390000 | 322109 |
| &nbsp;&nbsp;&nbsp;3.625% 6/17/31 | 220000 | 172983 |
| &nbsp;&nbsp;&nbsp;4.000% 11/13/30 | 200000 | 164168 |
| &nbsp;&nbsp;&nbsp;4.125% 8/17/27 | 200000 | 179000 |
| &nbsp;&nbsp;&nbsp;4.950% 5/28/27 | 250000 | 233225 |
| &nbsp;&nbsp;&nbsp;5.125% 6/16/25 | 200000 | 192202 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.150% 4/01/38 | 40000 | 34661 |
| &nbsp;&nbsp;&nbsp;5.200% 4/01/45 | 960000 | 785866 |
| &nbsp;&nbsp;&nbsp;5.600% 10/15/32 | 1840000 | 1718986 |
| &nbsp;&nbsp;&nbsp;5.950% 4/01/49 | 110000 | 96433 |
| &nbsp;&nbsp;&nbsp;6.125% 10/01/25 | 20000 | 20371 |
| &nbsp;&nbsp;&nbsp;6.600% 4/01/36 | 10000 | 9859 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.100% 1/12/32 | 40000 | 31453 |
| &nbsp;&nbsp;&nbsp;4.250% 5/15/23 | 10000 | 9959 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.043% 9/15/23 (b) | $200000 | $195947 |
| &nbsp;&nbsp;&nbsp;3.522% 9/17/25 (b) | 410000 | 381184 |
| &nbsp;&nbsp;&nbsp;4.345% 9/17/27 (b) | 300000 | 272319 |
|  |  | 4968627 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Aptiv PLC/Aptiv Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 3/01/32 (c) | 520000 | 427178 |
| **Banks — 9.7%** |  |  |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 7/28/25 (b) | 260000 | 252151 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;2.746% 5/28/25 | 600000 | 561565 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.120% 5.039% FRN 4/12/23 | 200000 | 200021 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.210% 2.572% VRN 10/20/32 | 60000 | 47163 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.150% 2.592% VRN 4/29/31 | 360000 | 294058 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.330% 2.972% VRN 2/04/33 | 670000 | 541854 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28 | 570000 | 516194 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + .780% 3.550% VRN 3/05/24 | 260000 | 259074 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.370% 3.593% VRN 7/21/28 | 270000 | 248939 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29 | 890000 | 822625 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.210% 3.974% VRN 2/07/30 | 270000 | 245812 |
| &nbsp;&nbsp;&nbsp;4.000% 4/01/24 | 270000 | 266685 |
| &nbsp;&nbsp;&nbsp;4.000% 1/22/25 | 270000 | 264415 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51 | 4500000 | 3551369 |
| &nbsp;&nbsp;&nbsp;4.200% 8/26/24 | 380000 | 374320 |
| &nbsp;&nbsp;&nbsp;4.250% 10/22/26 | 50000 | 48364 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.520% 4.330% VRN 3/15/50 | 90000 | 74354 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.580% 4.376% VRN 4/27/28 | 300000 | 287310 |
| &nbsp;&nbsp;&nbsp;4.450% 3/03/26 | 50000 | 49034 |
| &nbsp;&nbsp;&nbsp;5.000% 1/21/44 | 130000 | 119467 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.705% 6.250% VRN (d) | 170000 | 163261 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;1.850% 5/01/25 | 70000 | 65333 |
| &nbsp;&nbsp;&nbsp;5 year USD Swap + 1.432% 3.803% VRN 12/15/32 | 90000 | 79376 |
| The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.600% 4/24/25 | 170000 | 158067 |
| The Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;1.300% 6/11/25 | 120000 | 110034 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 2.050% 4.588% VRN 5/04/37 | 100000 | 85619 |
| Barclays PLC 3 mo. USD LIBOR + 3.054% |  |  |
| &nbsp;&nbsp;&nbsp;5.088% VRN 6/20/30 | 510000 | 470888 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.074% 2.219% VRN 6/09/26 (b) | 200000 | 183773 |
| &nbsp;&nbsp;&nbsp;5 year USD Swap + 1.483% 4.375% VRN 3/01/33 (b) | 220000 | 194768 |
| &nbsp;&nbsp;&nbsp;4.400% 8/14/28 (b) | 400000 | 379493 |
| &nbsp;&nbsp;&nbsp;4.625% 3/13/27 (b) | 260000 | 246874 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 2.235% 4.705% VRN 1/10/25 (b) | 390000 | 386208 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;0.950% 6/23/23 | 120000 | 117759 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.107% 2.572% VRN 6/03/31 | 170000 | 137903 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.939% 3.785% VRN 3/17/33 | 1890000 | 1622318 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.338% 3.980% VRN 3/20/30 | 180000 | 162736 |
| &nbsp;&nbsp;&nbsp;4.125% 7/25/28 | 150000 | 139894 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.300% 11/20/26 | $670000 | $648986 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.914% 4.412% VRN 3/31/31 | 410000 | 377539 |
| &nbsp;&nbsp;&nbsp;4.450% 9/29/27 | 480000 | 458687 |
| &nbsp;&nbsp;&nbsp;4.650% 7/30/45 | 181000 | 156220 |
| &nbsp;&nbsp;&nbsp;4.650% 7/23/48 | 70000 | 60919 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.887% 4.658% VRN 5/24/28 | 50000 | 48446 |
| &nbsp;&nbsp;&nbsp;4.750% 5/18/46 | 40000 | 33431 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.086% 4.910% VRN 5/24/33 | 130000 | 122144 |
| &nbsp;&nbsp;&nbsp;5.300% 5/06/44 | 16000 | 14494 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 4.068% 5.950% VRN (c) (d) | 50000 | 49513 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.905% 5.950% VRN (d) | 150000 | 137063 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.423% 6.300% VRN (d) | 60000 | 56595 |
| &nbsp;&nbsp;&nbsp;6.625% 6/15/32 | 20000 | 21132 |
| &nbsp;&nbsp;&nbsp;8.125% 7/15/39 | 50000 | 61716 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.220% 3.649% VRN 4/06/28 (b) | 300000 | 276794 |
| &nbsp;&nbsp;&nbsp;4.375% 8/04/25 | 470000 | 459160 |
| Credit Agricole SA SOFR + 1.676% |  |  |
| &nbsp;&nbsp;&nbsp;1.907% VRN 6/16/26 (b) | 270000 | 246305 |
| Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 7/09/27 | 250000 | 228122 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.044% 2.193% VRN 6/05/26 (b) | 480000 | 410282 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.730% 3.091% VRN 5/14/32 (b) (c) | 350000 | 242896 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.730% 4.194% VRN 4/01/31 (b) | 250000 | 194597 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 6.383% 9.750% VRN (b) (c) (d) | 470000 | 409591 |
| Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 1/12/24 (b) | 240000 | 238077 |
| Goldman Sachs Capital II 3 mo. USD LIBOR + .768% |  |  |
| &nbsp;&nbsp;&nbsp;5.528% VRN (d) | 8000 | 6011 |
| The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.472% 2.908% VRN 7/21/42 | 80000 | 54783 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.513% 3.210% VRN 4/22/42 | 40000 | 28989 |
| &nbsp;&nbsp;&nbsp;3.500% 4/01/25 | 370000 | 355996 |
| &nbsp;&nbsp;&nbsp;3.500% 11/16/26 | 200000 | 187672 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.846% 3.615% VRN 3/15/28 | 50000 | 46531 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.510% 3.691% VRN 6/05/28 | 430000 | 399476 |
| &nbsp;&nbsp;&nbsp;3.850% 7/08/24 | 90000 | 88113 |
| &nbsp;&nbsp;&nbsp;4.000% 3/03/24 | 100000 | 98686 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.301% 4.223% VRN 5/01/29 | 490000 | 457288 |
| &nbsp;&nbsp;&nbsp;4.250% 10/21/25 | 260000 | 254098 |
| &nbsp;&nbsp;&nbsp;4.750% 10/21/45 | 130000 | 114663 |
| &nbsp;&nbsp;&nbsp;5.150% 5/22/45 | 290000 | 262055 |
| &nbsp;&nbsp;&nbsp;5.700% 11/01/24 | 2810000 | 2846806 |
| &nbsp;&nbsp;&nbsp;6.250% 2/01/41 | 130000 | 136426 |
| &nbsp;&nbsp;&nbsp;6.750% 10/01/37 | 80000 | 85108 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.929% 2.099% VRN 6/04/26 | 510000 | 465013 |
| &nbsp;&nbsp;&nbsp;3.900% 5/25/26 | 200000 | 190705 |
| &nbsp;&nbsp;&nbsp;4.250% 8/18/25 | 330000 | 317708 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.530% 4.762% VRN 3/29/33 | 200000 | 173900 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 1/12/23 (b) | 350000 | 349827 |
| &nbsp;&nbsp;&nbsp;5.017% 6/26/24 (b) | 900000 | 865517 |
| &nbsp;&nbsp;&nbsp;5.710% 1/15/26 (b) | 200000 | 192395 |
| JP Morgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.850% 2.083% VRN 4/22/26 | 340000 | 315462 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.040% 2.522% VRN 4/22/31 | 300000 | 246207 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;SOFR + 1.180% 2.545% VRN 11/08/32 | $160000 | $126908 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.440% 3.109% VRN 4/22/51 | 80000 | 52835 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.580% 3.328% VRN 4/22/52 | 350000 | 239516 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + .945% 3.509% VRN 1/23/29 | 70000 | 63634 |
| &nbsp;&nbsp;&nbsp;3.875% 9/10/24 | 300000 | 293776 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.260% 4.203% VRN 7/23/29 | 310000 | 289381 |
| &nbsp;&nbsp;&nbsp;4.250% 10/01/27 | 70000 | 67452 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.330% 4.452% VRN 12/05/29 | 830000 | 781149 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.080% 4.912% VRN 7/25/33 | 1770000 | 1693329 |
| &nbsp;&nbsp;&nbsp;4.950% 6/01/45 | 140000 | 125515 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.550% 8/16/28 | 370000 | 348736 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.207% 11/22/24 (b) | 3580000 | 3602935 |
| Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.125% |  |  |
| &nbsp;&nbsp;&nbsp;3.837% VRN 4/17/26 (c) | 200000 | 192768 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.990% 2.188% VRN 4/28/26 | 340000 | 316190 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.143% 2.699% VRN 1/22/31 | 10000 | 8287 |
| &nbsp;&nbsp;&nbsp;SOFR + 3.120% 3.622% VRN 4/01/31 | 750000 | 656597 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.140% 3.772% VRN 1/24/29 | 350000 | 321052 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.628% 4.431% VRN 1/23/30 | 10000 | 9359 |
| National Securities Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 4/23/25 (b) | 250000 | 231915 |
| Natwest Group PLC 3 mo. USD LIBOR + 1.550% |  |  |
| &nbsp;&nbsp;&nbsp;4.519% VRN 6/25/24 | 200000 | 198167 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;1.150% 6/10/25 | 310000 | 283981 |
| &nbsp;&nbsp;&nbsp;1.600% 4/17/23 | 30000 | 29740 |
| &nbsp;&nbsp;&nbsp;3.875% 5/04/32 | 40000 | 36549 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 7/17/25 | 50000 | 48947 |
| The Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;1.150% 6/12/25 | 300000 | 273663 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;4.253% 3/23/28 (b) | 340000 | 317956 |
| &nbsp;&nbsp;&nbsp;5 year USD Swap + 4.344% 7.000% VRN (b) (d) | 500000 | 491998 |
| US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;1.450% 5/12/25 | 280000 | 259801 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 2.000% 2.188% VRN 4/30/26 | 200000 | 186273 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.100% 2.393% VRN 6/02/28 | 230000 | 203305 |
| &nbsp;&nbsp;&nbsp;3 mo. TSFR + 1.432% 2.879% VRN 10/30/30 | 150000 | 127875 |
| &nbsp;&nbsp;&nbsp;3.000% 10/23/26 | 350000 | 323887 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.500% 3.350% VRN 3/02/33 | 360000 | 304331 |
| &nbsp;&nbsp;&nbsp;4.300% 7/22/27 | 370000 | 356677 |
| &nbsp;&nbsp;&nbsp;4.400% 6/14/46 | 180000 | 144699 |
| &nbsp;&nbsp;&nbsp;SOFR + 4.032% 4.478% VRN 4/04/31 | 210000 | 197399 |
| &nbsp;&nbsp;&nbsp;4.650% 11/04/44 | 80000 | 67769 |
| &nbsp;&nbsp;&nbsp;4.750% 12/07/46 | 10000 | 8427 |
| &nbsp;&nbsp;&nbsp;4.900% 11/17/45 | 250000 | 216585 |
| &nbsp;&nbsp;&nbsp;SOFR + 4.502% 5.013% VRN 4/04/51 | 1350000 | 1197571 |
| &nbsp;&nbsp;&nbsp;5.375% 11/02/43 | 110000 | 102873 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.990% 5.875% VRN (d) | 50000 | 48378 |
|  |  | 42069407 |
| **Beverages — 0.4%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.650% 2/01/26 | $320000 | $308211 |
| &nbsp;&nbsp;&nbsp;4.900% 2/01/46 | 50000 | 45827 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 6/01/30 | 130000 | 118692 |
| &nbsp;&nbsp;&nbsp;4.000% 4/13/28 | 80000 | 76290 |
| &nbsp;&nbsp;&nbsp;4.350% 6/01/40 | 30000 | 26490 |
| &nbsp;&nbsp;&nbsp;4.600% 4/15/48 | 15000 | 13139 |
| &nbsp;&nbsp;&nbsp;4.750% 1/23/29 | 230000 | 227555 |
| &nbsp;&nbsp;&nbsp;5.550% 1/23/49 | 110000 | 109765 |
| The Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.450% 6/01/27 | 250000 | 221069 |
| &nbsp;&nbsp;&nbsp;2.500% 6/01/40 | 10000 | 7335 |
| &nbsp;&nbsp;&nbsp;2.600% 6/01/50 | 80000 | 53855 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.600% 5/09/24 | 60000 | 58770 |
| &nbsp;&nbsp;&nbsp;4.350% 5/09/27 | 80000 | 78016 |
| Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 7/15/26 | 50000 | 46459 |
| &nbsp;&nbsp;&nbsp;4.200% 7/15/46 | 50000 | 39030 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 5/01/30 | 170000 | 139005 |
|  |  | 1569508 |
| **Biotechnology — 0.0%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.663% 6/15/51 | 24000 | 20585 |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/24 | 130000 | 127837 |
| &nbsp;&nbsp;&nbsp;4.500% 2/01/45 | 10000 | 8863 |
| &nbsp;&nbsp;&nbsp;4.750% 3/01/46 | 40000 | 36131 |
|  |  | 193416 |
| **Building Materials — 0.0%** |  |  |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 2/01/32 (b) | 20000 | 16232 |
| Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.577% 4/05/50 | 20000 | 14361 |
|  |  | 30593 |
| **Chemicals — 0.2%** |  |  |
| Equate Petrochemical BV |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 11/03/26 (b) | 230000 | 219713 |
| OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 6/23/31 (b) | 260000 | 217360 |
| &nbsp;&nbsp;&nbsp;5.125% 6/23/51 (b) | 220000 | 166401 |
| Orbia Advance Corp. SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 5/11/31 (b) | 490000 | 382812 |
|  |  | 986286 |
| **Commercial Services — 0.2%** |  |  |
| The ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 8/01/29 (b) | 10000 | 8505 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 7/15/26 (b) | 10000 | 9150 |
| Cintas Corp. No 2 |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/27 | 160000 | 154456 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 9/25/48 (b) | $330000 | $308941 |
| PayPal Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 6/01/25 | 270000 | 250441 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 1/15/32 | 80000 | 65266 |
| &nbsp;&nbsp;&nbsp;3.875% 11/15/27 | 60000 | 55529 |
| &nbsp;&nbsp;&nbsp;3.875% 2/15/31 | 20000 | 16766 |
|  |  | 869054 |
| **Computers — 0.4%** |  |  |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 8/04/26 | 340000 | 315709 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 12/15/41 (b) (c) | 1320000 | 890059 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 5/15/24 | 320000 | 311324 |
|  |  | 1517092 |
| **Cosmetics & Personal Care — 0.1%** |  |  |
| GSK Consumer Healthcare Capital US LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 3/24/29 | 260000 | 234302 |
| The Procter & Gamble Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 3/25/30 | 100000 | 91424 |
|  |  | 325726 |
| **Distribution & Wholesale — 0.0%** |  |  |
| H&E Equipment Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 12/15/28 (b) | 20000 | 17036 |
| **Diversified Financial Services — 0.7%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 10/29/26 | 320000 | 280151 |
| &nbsp;&nbsp;&nbsp;3.000% 10/29/28 | 160000 | 134317 |
| &nbsp;&nbsp;&nbsp;3.150% 2/15/24 | 190000 | 183725 |
| &nbsp;&nbsp;&nbsp;3.300% 1/30/32 | 160000 | 125547 |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 7/01/25 | 80000 | 75758 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 5/03/24 | 130000 | 127404 |
| &nbsp;&nbsp;&nbsp;4.050% 5/03/29 (c) | 210000 | 200391 |
| Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 6/10/31 (b) | 1610000 | 1199599 |
| ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp;&nbsp;6.538% VRN 12/21/65 (b) (e) | 10000 | 6450 |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.600% 3/15/33 | 80000 | 76781 |
| &nbsp;&nbsp;&nbsp;4.950% 6/15/52 | 20000 | 18666 |
| KKR Group Finance Co. II LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 2/01/43 (b) (c) | 20000 | 18495 |
| Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.850% 3/26/50 | 50000 | 42240 |
| Park Aerospace Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 3/15/23 (b) | 10000 | 9975 |
| &nbsp;&nbsp;&nbsp;5.500% 2/15/24 (b) | 50000 | 49363 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Vanguard Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.050% 8/22/50 | $450000 | $290682 |
| Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.150% 12/14/25 | 200000 | 192838 |
| &nbsp;&nbsp;&nbsp;4.300% 12/14/45 | 160000 | 146905 |
|  |  | 3179287 |
| **Electric — 0.2%** |  |  |
| American Transmission Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650% 1/15/32 (b) | 440000 | 362340 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 4/01/30 | 70000 | 63133 |
| &nbsp;&nbsp;&nbsp;3.950% 4/01/50 | 50000 | 39873 |
| Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.650% 2/01/29 | 260000 | 242024 |
| Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 6/15/35 | 40000 | 40738 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.100% 8/01/27 | 140000 | 119637 |
| &nbsp;&nbsp;&nbsp;2.500% 2/01/31 | 40000 | 31255 |
| &nbsp;&nbsp;&nbsp;3.300% 8/01/40 | 50000 | 34043 |
| &nbsp;&nbsp;&nbsp;3.500% 8/01/50 | 80000 | 50554 |
|  |  | 983597 |
| **Electronics — 0.0%** |  |  |
| Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.350% 6/01/25 | 80000 | 74021 |
| **Entertainment — 0.2%** |  |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.755% 3/15/27 (b) | 60000 | 54169 |
| &nbsp;&nbsp;&nbsp;4.054% 3/15/29 (b) | 80000 | 69342 |
| &nbsp;&nbsp;&nbsp;4.279% 3/15/32 (b) | 450000 | 371192 |
| &nbsp;&nbsp;&nbsp;5.050% 3/15/42 (b) | 20000 | 15376 |
| &nbsp;&nbsp;&nbsp;5.141% 3/15/52 (b) | 400000 | 292207 |
|  |  | 802286 |
| **Environmental Controls — 0.1%** |  |  |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 8/15/24 | 230000 | 220502 |
| **Food — 0.2%** |  |  |
| Danone SA |  |  |
| &nbsp;&nbsp;&nbsp;2.589% 11/02/23 (b) | 310000 | 303527 |
| The Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;0.900% 6/01/25 | 50000 | 45670 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 4/01/25 (b) | 140000 | 133370 |
| &nbsp;&nbsp;&nbsp;3.200% 4/01/30 (b) | 80000 | 71661 |
| Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 5/04/25 | 390000 | 361241 |
|  |  | 915469 |
| **Forest Products & Paper — 0.1%** |  |  |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 1/15/32 | 80000 | 62374 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.750% 1/15/31 | $430000 | $360908 |
|  |  | 423282 |
| **Health Care – Products — 0.1%** |  |  |
| Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 11/30/26 | 139000 | 135482 |
| &nbsp;&nbsp;&nbsp;4.750% 11/30/36 | 80000 | 79608 |
| &nbsp;&nbsp;&nbsp;4.900% 11/30/46 | 100000 | 97494 |
| Medtronic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 3/15/45 | 18000 | 16871 |
|  |  | 329455 |
| **Health Care – Services — 0.4%** |  |  |
| Aetna, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.800% 6/15/23 | 40000 | 39578 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 8/01/31 | 10000 | 7841 |
| &nbsp;&nbsp;&nbsp;3.000% 10/15/30 | 10000 | 8198 |
| &nbsp;&nbsp;&nbsp;4.250% 12/15/27 | 70000 | 65714 |
| &nbsp;&nbsp;&nbsp;4.625% 12/15/29 | 120000 | 109703 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;4.350% 11/01/42 | 20000 | 16973 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 12/01/24 | 120000 | 116372 |
| &nbsp;&nbsp;&nbsp;3.650% 12/01/27 | 140000 | 132323 |
| &nbsp;&nbsp;&nbsp;4.100% 5/15/32 | 60000 | 56005 |
| &nbsp;&nbsp;&nbsp;4.550% 5/15/52 | 10000 | 8746 |
| Fresenius Medical Care US Finance II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 10/15/24 (b) | 70000 | 68720 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 9/01/30 | 70000 | 60556 |
| &nbsp;&nbsp;&nbsp;4.500% 2/15/27 | 40000 | 38603 |
| &nbsp;&nbsp;&nbsp;5.000% 3/15/24 | 50000 | 49729 |
| &nbsp;&nbsp;&nbsp;5.250% 6/15/26 | 60000 | 59301 |
| &nbsp;&nbsp;&nbsp;5.500% 6/15/47 | 80000 | 71315 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.150% 2/03/32 | 40000 | 31325 |
| &nbsp;&nbsp;&nbsp;4.500% 4/01/25 | 50000 | 49426 |
| &nbsp;&nbsp;&nbsp;4.625% 12/01/42 | 70000 | 61361 |
| &nbsp;&nbsp;&nbsp;4.800% 3/15/47 | 10000 | 8836 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 1/15/30 (b) | 10000 | 8656 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 1/15/26 | 110000 | 99821 |
| &nbsp;&nbsp;&nbsp;2.000% 5/15/30 | 100000 | 82669 |
| &nbsp;&nbsp;&nbsp;2.300% 5/15/31 | 20000 | 16702 |
| &nbsp;&nbsp;&nbsp;3.125% 5/15/60 | 30000 | 20520 |
| &nbsp;&nbsp;&nbsp;3.875% 12/15/28 | 110000 | 105113 |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/59 | 90000 | 70835 |
| &nbsp;&nbsp;&nbsp;4.000% 5/15/29 | 100000 | 95545 |
| &nbsp;&nbsp;&nbsp;4.200% 5/15/32 | 70000 | 66640 |
| &nbsp;&nbsp;&nbsp;4.250% 6/15/48 | 110000 | 95681 |
| &nbsp;&nbsp;&nbsp;4.450% 12/15/48 | 50000 | 44659 |
| &nbsp;&nbsp;&nbsp;5.800% 3/15/36 | 70000 | 74107 |
|  |  | 1841573 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Home Builders — 0.0%** |  |  |
| Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/30/24 | $100000 | $98698 |
| &nbsp;&nbsp;&nbsp;4.750% 11/29/27 | 40000 | 38542 |
| MDC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 1/15/43 | 20000 | 16455 |
|  |  | 153695 |
| **Insurance — 1.0%** |  |  |
| Ambac Assurance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.100% (b) (d) | 4362 | 6106 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 1/15/49 | 160000 | 143617 |
| Brighthouse Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 6/22/47 | 11000 | 8111 |
| Chubb INA Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 5/03/26 | 120000 | 114911 |
| Guardian Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1.100% 6/23/25 (b) | 120000 | 108777 |
| Jackson National Life Global Funding SOFR + 1.50% |  |  |
| &nbsp;&nbsp;&nbsp;0.000% FRN6/28/24 (b) | 3450000 | 3450686 |
| MetLife Capital Trust IV |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 12/15/67 (b) | 200000 | 216022 |
| New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;0.950% 6/24/25 (b) | 100000 | 90620 |
| Principal Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 6/23/25 (b) | 110000 | 100121 |
| Teachers Insurance & Annuity Association of America |  |  |
| &nbsp;&nbsp;&nbsp;4.900% 9/15/44 (b) | 50000 | 45984 |
| &nbsp;&nbsp;&nbsp;6.850% 12/16/39 (b) | 22000 | 24335 |
|  |  | 4309290 |
| **Internet — 1.2%** |  |  |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.450% 8/15/25 | 50000 | 45106 |
| &nbsp;&nbsp;&nbsp;1.900% 8/15/40 | 100000 | 66808 |
| &nbsp;&nbsp;&nbsp;2.050% 8/15/50 | 60000 | 35333 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.100% 5/12/31 | 80000 | 65597 |
| &nbsp;&nbsp;&nbsp;2.500% 6/03/50 | 60000 | 38260 |
| &nbsp;&nbsp;&nbsp;3.150% 8/22/27 | 470000 | 442648 |
| &nbsp;&nbsp;&nbsp;3.300% 4/13/27 | 40000 | 38018 |
| &nbsp;&nbsp;&nbsp;3.450% 4/13/29 | 80000 | 74917 |
| &nbsp;&nbsp;&nbsp;3.600% 4/13/32 | 320000 | 293835 |
| &nbsp;&nbsp;&nbsp;4.050% 8/22/47 | 100000 | 86134 |
| &nbsp;&nbsp;&nbsp;4.250% 8/22/57 | 70000 | 60297 |
| &nbsp;&nbsp;&nbsp;4.950% 12/05/44 | 180000 | 178572 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 8/15/52 | 3215000 | 2573760 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;3.061% 7/13/31 (b) | 570000 | 441028 |
| &nbsp;&nbsp;&nbsp;3.832% 2/08/51 (b) | 210000 | 127756 |
| &nbsp;&nbsp;&nbsp;4.027% 8/03/50 (b) | 310000 | 194700 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.840% 4/22/51 (b) | $320000 | $228425 |
|  |  | 4991194 |
| **Investment Companies — 0.3%** |  |  |
| Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 8/24/26 | 1570000 | 1334595 |
| **Iron & Steel — 0.1%** |  |  |
| ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;7.000% STEP 10/15/39 | 60000 | 61180 |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/21/36 | 174000 | 183689 |
|  |  | 244869 |
| **Leisure Time — 0.0%** |  |  |
| VOC Escrow Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 2/15/28 (b) | 210000 | 180621 |
| **Lodging — 0.4%** |  |  |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 6/25/25 | 100000 | 92003 |
| &nbsp;&nbsp;&nbsp;3.200% 8/08/24 | 790000 | 750661 |
| Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.300% STEP 1/08/26 | 280000 | 258381 |
| &nbsp;&nbsp;&nbsp;5.625% STEP 8/08/25 | 750000 | 718388 |
|  |  | 1819433 |
| **Machinery – Construction & Mining — 0.0%** |  |  |
| Vertiv Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/28 (b) | 30000 | 25500 |
| **Machinery – Diversified — 0.1%** |  |  |
| Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.100% 4/15/30 | 60000 | 53880 |
| &nbsp;&nbsp;&nbsp;3.750% 4/15/50 (c) | 260000 | 221365 |
| Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.056% 4/05/25 | 140000 | 131086 |
|  |  | 406331 |
| **Media — 1.1%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 8/15/30 (b) | 30000 | 24785 |
| &nbsp;&nbsp;&nbsp;4.500% 5/01/32 | 840000 | 669186 |
| &nbsp;&nbsp;&nbsp;4.750% 2/01/32 (b) | 70000 | 56749 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 3/01/42 | 60000 | 38899 |
| &nbsp;&nbsp;&nbsp;4.200% 3/15/28 | 190000 | 174913 |
| &nbsp;&nbsp;&nbsp;4.400% 4/01/33 | 140000 | 120219 |
| &nbsp;&nbsp;&nbsp;4.800% 3/01/50 | 100000 | 72796 |
| &nbsp;&nbsp;&nbsp;4.908% 7/23/25 | 270000 | 264843 |
| &nbsp;&nbsp;&nbsp;5.050% 3/30/29 | 360000 | 339070 |
| &nbsp;&nbsp;&nbsp;5.125% 7/01/49 | 100000 | 76052 |
| &nbsp;&nbsp;&nbsp;5.375% 4/01/38 | 100000 | 83386 |
| &nbsp;&nbsp;&nbsp;5.375% 5/01/47 | 20000 | 15772 |
| &nbsp;&nbsp;&nbsp;5.500% 4/01/63 | 80000 | 61364 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;6.484% 10/23/45 | $160000 | $144901 |
| &nbsp;&nbsp;&nbsp;6.834% 10/23/55 | 60000 | 55616 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.800% 1/15/51 | 30000 | 19079 |
| &nbsp;&nbsp;&nbsp;2.887% 11/01/51 | 320000 | 206721 |
| &nbsp;&nbsp;&nbsp;3.150% 3/01/26 | 280000 | 266886 |
| &nbsp;&nbsp;&nbsp;3.250% 11/01/39 | 30000 | 23494 |
| &nbsp;&nbsp;&nbsp;3.300% 4/01/27 | 120000 | 113249 |
| &nbsp;&nbsp;&nbsp;3.400% 4/01/30 | 180000 | 164458 |
| &nbsp;&nbsp;&nbsp;3.400% 7/15/46 | 30000 | 22074 |
| &nbsp;&nbsp;&nbsp;3.450% 2/01/50 | 40000 | 29231 |
| &nbsp;&nbsp;&nbsp;3.750% 4/01/40 | 80000 | 66360 |
| &nbsp;&nbsp;&nbsp;3.969% 11/01/47 | 80000 | 63955 |
| &nbsp;&nbsp;&nbsp;3.999% 11/01/49 | 20000 | 15877 |
| &nbsp;&nbsp;&nbsp;4.000% 8/15/47 | 20000 | 16090 |
| &nbsp;&nbsp;&nbsp;4.000% 3/01/48 | 50000 | 39966 |
| &nbsp;&nbsp;&nbsp;4.150% 10/15/28 | 180000 | 172937 |
| &nbsp;&nbsp;&nbsp;4.250% 10/15/30 | 230000 | 220623 |
| &nbsp;&nbsp;&nbsp;4.250% 1/15/33 | 20000 | 18876 |
| &nbsp;&nbsp;&nbsp;4.950% 10/15/58 | 10000 | 9118 |
| &nbsp;&nbsp;&nbsp;6.500% 11/15/35 | 41000 | 45792 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 2/01/29 (b) | 250000 | 204375 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 12/01/26 (b) | 120000 | 101080 |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 (b) | 120000 | 95775 |
| Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.476% 1/25/39 | 90000 | 82299 |
| Time Warner Cable Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.375% 7/15/33 | 20000 | 22288 |
| Time Warner Cable, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.550% 5/01/37 | 50000 | 47795 |
| &nbsp;&nbsp;&nbsp;6.750% 6/15/39 | 120000 | 113840 |
| &nbsp;&nbsp;&nbsp;7.300% 7/01/38 | 100000 | 99475 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 5/15/29 (b) | 210000 | 188114 |
| The Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.200% 12/15/34 | 20000 | 21824 |
| &nbsp;&nbsp;&nbsp;6.650% 11/15/37 | 50000 | 56395 |
|  |  | 4746597 |
| **Mining — 0.7%** |  |  |
| Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 4/10/27 (b) | 230000 | 222462 |
| Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.700% 5/30/41 | 80000 | 80774 |
| &nbsp;&nbsp;&nbsp;5.750% 5/01/43 | 80000 | 81302 |
| BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 9/30/43 | 100000 | 97520 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 10/15/27 (b) (c) | 230000 | 215791 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.550% 11/14/24 | 10000 | 9860 |
| &nbsp;&nbsp;&nbsp;4.625% 8/01/30 | 120000 | 111796 |
| &nbsp;&nbsp;&nbsp;5.450% 3/15/43 | 466000 | 420351 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 10/27/27 (b) | 90000 | 84010 |
| &nbsp;&nbsp;&nbsp;4.000% 3/27/27 (b) | 270000 | 255179 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.125% 5/30/23 (b) | $130000 | $129324 |
| &nbsp;&nbsp;&nbsp;4.125% 3/12/24 (b) | 130000 | 127956 |
| Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 4/01/29 (b) | 10000 | 9049 |
| Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 11/08/42 | 1230000 | 1173162 |
| Teck Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/15/40 | 20000 | 19182 |
|  |  | 3037718 |
| **Miscellaneous - Manufacturing — 0.1%** |  |  |
| 3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.375% 8/26/29 (c) | 140000 | 119068 |
| &nbsp;&nbsp;&nbsp;3.050% 4/15/30 (c) | 60000 | 52746 |
| &nbsp;&nbsp;&nbsp;3.700% 4/15/50 (c) | 150000 | 115622 |
| Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.150% 11/02/42 | 40000 | 34336 |
|  |  | 321772 |
| **Oil & Gas — 2.6%** |  |  |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 2/24/50 | 340000 | 228768 |
| &nbsp;&nbsp;&nbsp;3.119% 5/04/26 | 290000 | 275226 |
| &nbsp;&nbsp;&nbsp;3.588% 4/14/27 | 100000 | 95386 |
| &nbsp;&nbsp;&nbsp;3.633% 4/06/30 | 120000 | 110351 |
| Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.995% 5/11/27 | 110000 | 98941 |
| &nbsp;&nbsp;&nbsp;3.078% 5/11/50 | 20000 | 14593 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.850% 1/15/28 | 300000 | 290037 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.950% 4/15/29 | 75000 | 83147 |
| Continental Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.268% 11/15/26 (b) | 70000 | 60637 |
| &nbsp;&nbsp;&nbsp;4.375% 1/15/28 | 130000 | 118165 |
| &nbsp;&nbsp;&nbsp;5.750% 1/15/31 (b) | 250000 | 232794 |
| Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 5/15/27 | 310000 | 289877 |
| &nbsp;&nbsp;&nbsp;4.375% 3/15/29 | 220000 | 208348 |
| Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 5/15/42 (c) | 10000 | 8519 |
| &nbsp;&nbsp;&nbsp;5.000% 6/15/45 | 440000 | 382179 |
| &nbsp;&nbsp;&nbsp;5.250% 10/15/27 | 32000 | 31714 |
| &nbsp;&nbsp;&nbsp;5.600% 7/15/41 | 140000 | 131378 |
| &nbsp;&nbsp;&nbsp;5.850% 12/15/25 | 120000 | 122210 |
| &nbsp;&nbsp;&nbsp;5.875% 6/15/28 | 26000 | 26318 |
| &nbsp;&nbsp;&nbsp;7.875% 9/30/31 (c) | 330000 | 373476 |
| &nbsp;&nbsp;&nbsp;8.250% 8/01/23 | 30000 | 30408 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 12/01/26 | 10000 | 9315 |
| &nbsp;&nbsp;&nbsp;3.500% 12/01/29 | 160000 | 140765 |
| &nbsp;&nbsp;&nbsp;6.250% 3/15/33 | 1620000 | 1647637 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 5/28/45 | 770000 | 536274 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 4/01/35 | 200000 | 179184 |
| &nbsp;&nbsp;&nbsp;4.150% 1/15/26 | 70000 | 68703 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/30 | $60000 | $58249 |
| &nbsp;&nbsp;&nbsp;4.950% 4/15/50 | 190000 | 182200 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 10/01/27 | 280000 | 258563 |
| &nbsp;&nbsp;&nbsp;6.125% STEP 2/01/25 | 20000 | 20047 |
| &nbsp;&nbsp;&nbsp;7.000% STEP 2/01/30 (c) | 50000 | 51856 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.992% 3/19/25 | 340000 | 327824 |
| &nbsp;&nbsp;&nbsp;3.043% 3/01/26 | 130000 | 124135 |
| &nbsp;&nbsp;&nbsp;3.482% 3/19/30 | 190000 | 177479 |
| &nbsp;&nbsp;&nbsp;4.114% 3/01/46 | 200000 | 170655 |
| &nbsp;&nbsp;&nbsp;4.327% 3/19/50 | 20000 | 17643 |
| Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.300% 8/15/31 | 210000 | 228684 |
| &nbsp;&nbsp;&nbsp;7.875% 10/01/29 | 110000 | 122212 |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 4/24/30 (b) | 200000 | 178674 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.400% 4/15/46 | 40000 | 31241 |
| &nbsp;&nbsp;&nbsp;4.625% 6/15/45 | 80000 | 64255 |
| &nbsp;&nbsp;&nbsp;6.600% 3/15/46 | 630000 | 648264 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;5.999% 1/27/28 (c) | 780000 | 775398 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 1/23/45 | 220000 | 136318 |
| &nbsp;&nbsp;&nbsp;6.625% 6/15/35 (c) | 303000 | 219948 |
| &nbsp;&nbsp;&nbsp;6.875% 8/04/26 | 160000 | 151124 |
| Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 1/15/26 | 40000 | 35691 |
| &nbsp;&nbsp;&nbsp;2.150% 1/15/31 | 190000 | 151168 |
| Reliance Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 1/12/52 (b) | 330000 | 218168 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 4/06/30 | 160000 | 140627 |
| &nbsp;&nbsp;&nbsp;2.875% 5/10/26 | 130000 | 122632 |
| &nbsp;&nbsp;&nbsp;3.250% 4/06/50 | 230000 | 166210 |
| &nbsp;&nbsp;&nbsp;4.000% 5/10/46 | 180000 | 147744 |
| &nbsp;&nbsp;&nbsp;4.550% 8/12/43 | 100000 | 90622 |
| Sinopec Group Overseas Development Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 4/10/24 (b) | 330000 | 327545 |
| Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 2/01/32 (c) | 60000 | 51275 |
| &nbsp;&nbsp;&nbsp;5.375% 3/15/30 | 20000 | 18240 |
|  |  | 11209041 |
| **Oil & Gas Services — 0.0%** |  |  |
| Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 11/15/25 | 2000 | 1947 |
| &nbsp;&nbsp;&nbsp;4.850% 11/15/35 | 20000 | 18591 |
| &nbsp;&nbsp;&nbsp;5.000% 11/15/45 | 110000 | 97776 |
| Schlumberger Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 5/17/28 (b) | 31000 | 28934 |
|  |  | 147248 |
| **Packaging & Containers — 0.0%** |  |  |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 9/15/31 (c) | 100000 | 80313 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Pharmaceuticals — 1.5%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.600% 11/21/24 | $550000 | $526420 |
| &nbsp;&nbsp;&nbsp;2.950% 11/21/26 | 260000 | 242087 |
| &nbsp;&nbsp;&nbsp;3.200% 11/21/29 | 600000 | 543140 |
| &nbsp;&nbsp;&nbsp;3.600% 5/14/25 | 130000 | 126090 |
| &nbsp;&nbsp;&nbsp;3.800% 3/15/25 | 180000 | 175576 |
| &nbsp;&nbsp;&nbsp;4.250% 11/21/49 | 20000 | 16856 |
| &nbsp;&nbsp;&nbsp;4.550% 3/15/35 | 90000 | 84535 |
| &nbsp;&nbsp;&nbsp;4.875% 11/14/48 | 20000 | 18352 |
| Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.363% 6/06/24 | 82000 | 80133 |
| &nbsp;&nbsp;&nbsp;4.685% 12/15/44 | 18000 | 16152 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 7/26/24 | 206000 | 200052 |
| &nbsp;&nbsp;&nbsp;3.200% 6/15/26 | 204000 | 194690 |
| &nbsp;&nbsp;&nbsp;3.400% 7/26/29 | 19000 | 17657 |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 7/15/23 | 161000 | 159933 |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/25 | 100000 | 97770 |
| &nbsp;&nbsp;&nbsp;4.375% 10/15/28 | 160000 | 154610 |
| &nbsp;&nbsp;&nbsp;4.800% 8/15/38 | 240000 | 223432 |
| &nbsp;&nbsp;&nbsp;4.900% 12/15/48 | 100000 | 90768 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.875% 2/28/31 | 30000 | 23622 |
| &nbsp;&nbsp;&nbsp;2.125% 9/15/31 | 140000 | 111391 |
| &nbsp;&nbsp;&nbsp;3.750% 4/01/30 | 150000 | 136729 |
| &nbsp;&nbsp;&nbsp;4.125% 4/01/40 | 120000 | 100366 |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/50 | 30000 | 24051 |
| &nbsp;&nbsp;&nbsp;4.300% 3/25/28 | 208000 | 201527 |
| &nbsp;&nbsp;&nbsp;5.050% 3/25/48 | 320000 | 288669 |
| &nbsp;&nbsp;&nbsp;5.125% 7/20/45 | 100000 | 90738 |
| CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.298% 1/11/27 (b) | 4379 | 4334 |
| &nbsp;&nbsp;&nbsp;5.880% 1/10/28 | 56861 | 56288 |
| &nbsp;&nbsp;&nbsp;6.036% 12/10/28 | 52943 | 52199 |
| &nbsp;&nbsp;&nbsp;6.943% 1/10/30 | 49540 | 50507 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;0.950% 9/01/27 | 40000 | 34502 |
| &nbsp;&nbsp;&nbsp;3.625% 3/03/37 | 320000 | 283692 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 2/24/26 | 200000 | 177283 |
| &nbsp;&nbsp;&nbsp;1.450% 6/24/30 | 120000 | 96022 |
| &nbsp;&nbsp;&nbsp;2.750% 12/10/51 | 200000 | 134286 |
| Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.700% 5/28/30 (c) | 340000 | 280260 |
| Teva Pharmaceutical Finance Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 1/31/25 | 390000 | 387812 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;3.150% 10/01/26 | 900000 | 787050 |
| &nbsp;&nbsp;&nbsp;6.000% 4/15/24 | 350000 | 343029 |
|  |  | 6632610 |
| **Pipelines — 1.6%** |  |  |
| Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.902% 7/15/31 (b) | 40000 | 33858 |
| &nbsp;&nbsp;&nbsp;3.302% 1/15/35 (b) | 130000 | 105195 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 1/31/32 (b) | $170000 | $135163 |
| El Paso Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.375% 6/15/32 | 289000 | 327808 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 5/15/25 | 170000 | 160319 |
| &nbsp;&nbsp;&nbsp;3.750% 5/15/30 | 430000 | 380384 |
| &nbsp;&nbsp;&nbsp;4.950% 6/15/28 | 50000 | 48434 |
| &nbsp;&nbsp;&nbsp;5.250% 4/15/29 | 80000 | 77593 |
| &nbsp;&nbsp;&nbsp;5.300% 4/01/44 | 20000 | 16985 |
| &nbsp;&nbsp;&nbsp;5.400% 10/01/47 | 40000 | 33814 |
| &nbsp;&nbsp;&nbsp;6.100% 2/15/42 | 140000 | 129040 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 4.028% 6.250% VRN (d) | 20000 | 17000 |
| &nbsp;&nbsp;&nbsp;6.250% 4/15/49 | 260000 | 243285 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 5.694% 6.500% VRN (d) | 50000 | 43208 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 5.134% 6.750% VRN (d) | 160000 | 138400 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 5.306% 7.125% VRN (d) | 150000 | 125250 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 1/31/51 | 260000 | 188877 |
| &nbsp;&nbsp;&nbsp;4.150% 10/16/28 | 980000 | 929639 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 2.570% 5.375% VRN 2/15/78 | 40000 | 30561 |
| &nbsp;&nbsp;&nbsp;5.700% 2/15/42 | 40000 | 38964 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 7/15/28 | 10000 | 8942 |
| Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 3/01/44 | 30000 | 27299 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.300% 3/01/28 | 110000 | 105553 |
| &nbsp;&nbsp;&nbsp;5.200% 3/01/48 | 20000 | 17460 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/15/38 | 70000 | 59282 |
| &nbsp;&nbsp;&nbsp;4.700% 4/15/48 | 210000 | 166730 |
| &nbsp;&nbsp;&nbsp;4.800% 2/15/29 | 190000 | 182278 |
| &nbsp;&nbsp;&nbsp;4.875% 12/01/24 | 90000 | 89309 |
| &nbsp;&nbsp;&nbsp;5.500% 2/15/49 | 100000 | 88526 |
| Southern Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 3/01/32 | 148000 | 162827 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 12/31/30 (b) | 10000 | 8647 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 2/01/33 | 100000 | 86357 |
| &nbsp;&nbsp;&nbsp;4.950% 4/15/52 | 40000 | 31818 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/01/31 | 130000 | 116683 |
| Tennessee Gas Pipeline Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 3/01/30 (b) | 200000 | 168045 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.850% 2/01/26 | 60000 | 64096 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 11/01/33 (b) | 80000 | 65352 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;3.350% STEP 2/01/25 | 240000 | 227218 |
| &nbsp;&nbsp;&nbsp;4.300% STEP 2/01/30 | 900000 | 778519 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.100% 5.041% FRN 1/13/23 | 90000 | 89865 |
| &nbsp;&nbsp;&nbsp;5.500% 8/15/48 | 20000 | 16599 |
| &nbsp;&nbsp;&nbsp;5.500% STEP 2/01/50 | 230000 | 187407 |
| The Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 6/15/27 | 170000 | 160281 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;7.500% 1/15/31 | $200000 | $219522 |
| &nbsp;&nbsp;&nbsp;7.750% 6/15/31 | 350000 | 387041 |
|  |  | 6719433 |
| **Real Estate Investment Trusts (REITS) — 0.4%** |  |  |
| CTR Partnership LP / CareTrust Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 6/30/28 (b) | 20000 | 16900 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 5/15/31 | 1641000 | 1322901 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 6/01/25 | 10000 | 9823 |
| &nbsp;&nbsp;&nbsp;5.375% 4/15/26 | 40000 | 39253 |
| MPT Operating Partnership LP / MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 3/15/31 (c) | 110000 | 75403 |
| &nbsp;&nbsp;&nbsp;4.625% 8/01/29 (c) | 10000 | 7626 |
| &nbsp;&nbsp;&nbsp;5.000% 10/15/27 (c) | 30000 | 25216 |
| WEA Finance LLC/Westfield UK & Europe Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 9/17/24 (b) | 220000 | 208022 |
|  |  | 1705144 |
| **Retail — 1.1%** |  |  |
| Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 6/20/27 | 190000 | 166677 |
| &nbsp;&nbsp;&nbsp;1.600% 4/20/30 | 110000 | 90299 |
| The Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 4/15/30 | 70000 | 61067 |
| &nbsp;&nbsp;&nbsp;3.300% 4/15/40 | 120000 | 96147 |
| &nbsp;&nbsp;&nbsp;3.350% 4/15/50 | 220000 | 163827 |
| &nbsp;&nbsp;&nbsp;3.900% 12/06/28 | 30000 | 28929 |
| &nbsp;&nbsp;&nbsp;3.900% 6/15/47 | 40000 | 33103 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/15/30 | 50000 | 48046 |
| &nbsp;&nbsp;&nbsp;5.625% 4/15/53 | 2341000 | 2225859 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.300% 7/01/25 | 60000 | 58045 |
| &nbsp;&nbsp;&nbsp;3.500% 7/01/27 | 180000 | 171003 |
| &nbsp;&nbsp;&nbsp;3.600% 7/01/30 | 190000 | 174734 |
| &nbsp;&nbsp;&nbsp;3.625% 9/01/49 | 40000 | 30275 |
| &nbsp;&nbsp;&nbsp;3.800% 4/01/28 | 110000 | 105439 |
| &nbsp;&nbsp;&nbsp;4.200% 4/01/50 | 140000 | 117366 |
| Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.550% 11/15/30 | 990000 | 834872 |
| Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 4/15/25 | 110000 | 104374 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 9/22/28 | 80000 | 68715 |
| &nbsp;&nbsp;&nbsp;1.800% 9/22/31 | 40000 | 32672 |
|  |  | 4611449 |
| **Semiconductors — 0.3%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.137% 11/15/35 (b) | 490000 | 361938 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.600% 8/12/28 | 190000 | 161718 |
| &nbsp;&nbsp;&nbsp;3.050% 8/12/51 | 90000 | 58759 |
| &nbsp;&nbsp;&nbsp;3.700% 7/29/25 | 40000 | 39052 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.750% 3/25/50 | $20000 | $17399 |
| NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.850% 4/01/30 | 90000 | 78593 |
| &nbsp;&nbsp;&nbsp;3.500% 4/01/40 | 240000 | 195587 |
| &nbsp;&nbsp;&nbsp;3.500% 4/01/50 | 170000 | 128743 |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/60 | 170000 | 126519 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 5/01/25 | 120000 | 113033 |
| Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 5/04/30 | 110000 | 90762 |
|  |  | 1372103 |
| **Software — 0.4%** |  |  |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.400% 8/08/26 | 530000 | 494435 |
| &nbsp;&nbsp;&nbsp;2.525% 6/01/50 | 133000 | 88562 |
| &nbsp;&nbsp;&nbsp;2.921% 3/17/52 | 107000 | 76432 |
| &nbsp;&nbsp;&nbsp;3.041% 3/17/62 | 83000 | 57967 |
| &nbsp;&nbsp;&nbsp;3.300% 2/06/27 | 290000 | 279774 |
| Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 2/15/30 (b) | 10000 | 8047 |
| &nbsp;&nbsp;&nbsp;4.125% 12/01/31 (b) | 10000 | 7773 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 3/25/26 | 300000 | 269151 |
| &nbsp;&nbsp;&nbsp;2.875% 3/25/31 | 350000 | 291214 |
| &nbsp;&nbsp;&nbsp;2.950% 4/01/30 | 20000 | 17137 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 4/11/23 | 60000 | 59784 |
| &nbsp;&nbsp;&nbsp;3.700% 4/11/28 | 50000 | 48051 |
| Workday, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 4/01/27 | 50000 | 46806 |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/29 | 80000 | 73367 |
| &nbsp;&nbsp;&nbsp;3.800% 4/01/32 (c) | 100000 | 88609 |
|  |  | 1907109 |
| **Telecommunications — 1.9%** |  |  |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 10/15/29 (b) | 210000 | 160131 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 2/01/28 | 280000 | 236891 |
| &nbsp;&nbsp;&nbsp;2.250% 2/01/32 | 20000 | 15735 |
| &nbsp;&nbsp;&nbsp;2.300% 6/01/27 | 250000 | 222784 |
| &nbsp;&nbsp;&nbsp;2.550% 12/01/33 | 1220000 | 941222 |
| &nbsp;&nbsp;&nbsp;3.300% 2/01/52 (c) | 40000 | 26805 |
| &nbsp;&nbsp;&nbsp;3.500% 9/15/53 | 180000 | 121387 |
| &nbsp;&nbsp;&nbsp;3.550% 9/15/55 | 323000 | 216489 |
| &nbsp;&nbsp;&nbsp;3.650% 9/15/59 | 60000 | 40363 |
| &nbsp;&nbsp;&nbsp;3.800% 12/01/57 | 10000 | 6954 |
| &nbsp;&nbsp;&nbsp;4.350% 6/15/45 | 101000 | 81952 |
| &nbsp;&nbsp;&nbsp;5.350% 9/01/40 | 40000 | 38318 |
| &nbsp;&nbsp;&nbsp;5.550% 8/15/41 | 40000 | 38507 |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 9/01/29 (b) | 20000 | 16124 |
| &nbsp;&nbsp;&nbsp;6.000% 3/01/26 (b) | 60000 | 55147 |
| Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.750% 3/15/32 | 20000 | 23802 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.738% 9/20/29 (b) | $123750 | $122340 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 2/15/26 | 70000 | 63655 |
| &nbsp;&nbsp;&nbsp;2.250% 11/15/31 | 70000 | 55240 |
| &nbsp;&nbsp;&nbsp;2.550% 2/15/31 | 130000 | 106589 |
| &nbsp;&nbsp;&nbsp;2.625% 2/15/29 | 230000 | 194792 |
| &nbsp;&nbsp;&nbsp;2.875% 2/15/31 | 170000 | 140408 |
| &nbsp;&nbsp;&nbsp;3.000% 2/15/41 | 60000 | 42401 |
| &nbsp;&nbsp;&nbsp;3.300% 2/15/51 | 20000 | 13355 |
| &nbsp;&nbsp;&nbsp;3.375% 4/15/29 | 70000 | 61646 |
| &nbsp;&nbsp;&nbsp;3.500% 4/15/25 | 350000 | 336816 |
| &nbsp;&nbsp;&nbsp;3.500% 4/15/31 | 440000 | 379803 |
| &nbsp;&nbsp;&nbsp;3.750% 4/15/27 | 50000 | 47159 |
| &nbsp;&nbsp;&nbsp;3.875% 4/15/30 | 190000 | 172560 |
| &nbsp;&nbsp;&nbsp;5.650% 1/15/53 | 1232000 | 1202393 |
| Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;5.213% 3/08/47 | 150000 | 121204 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 1/20/31 | 280000 | 217939 |
| &nbsp;&nbsp;&nbsp;2.355% 3/15/32 | 40000 | 31752 |
| &nbsp;&nbsp;&nbsp;2.550% 3/21/31 | 570000 | 469546 |
| &nbsp;&nbsp;&nbsp;2.650% 11/20/40 | 260000 | 176683 |
| &nbsp;&nbsp;&nbsp;2.875% 11/20/50 | 530000 | 333075 |
| &nbsp;&nbsp;&nbsp;3.400% 3/22/41 | 40000 | 30207 |
| &nbsp;&nbsp;&nbsp;3.850% 11/01/42 | 40000 | 31904 |
| &nbsp;&nbsp;&nbsp;3.875% 2/08/29 | 130000 | 122237 |
| &nbsp;&nbsp;&nbsp;4.000% 3/22/50 | 120000 | 94696 |
| &nbsp;&nbsp;&nbsp;4.125% 8/15/46 | 180000 | 143897 |
| &nbsp;&nbsp;&nbsp;4.329% 9/21/28 | 440000 | 423842 |
| &nbsp;&nbsp;&nbsp;4.400% 11/01/34 | 270000 | 248273 |
| &nbsp;&nbsp;&nbsp;4.500% 8/10/33 | 40000 | 37586 |
| &nbsp;&nbsp;&nbsp;5.250% 3/16/37 | 170000 | 168727 |
| &nbsp;&nbsp;&nbsp;5.500% 3/16/47 | 30000 | 29159 |
| Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 7/15/31 (b) | 200000 | 163177 |
|  |  | 8025672 |
| **Transportation — 0.1%** |  |  |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.150% 2/05/27 | 50000 | 45211 |
| &nbsp;&nbsp;&nbsp;2.891% 4/06/36 | 270000 | 215630 |
| &nbsp;&nbsp;&nbsp;3.750% 7/15/25 | 70000 | 68073 |
| &nbsp;&nbsp;&nbsp;3.750% 2/05/70 | 150000 | 110011 |
| &nbsp;&nbsp;&nbsp;3.839% 3/20/60 | 120000 | 93503 |
| XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 5/01/25 (b) | 9000 | 9085 |
|  |  | 541513 |
| **TOTAL CORPORATE DEBT <br>(Cost $149,493,477)** |  | **135883083** |
| **MUNICIPAL OBLIGATIONS — 0.0%** |  |  |
| State of California, General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 11/01/43 | 50000 | 50558 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL MUNICIPAL OBLIGATIONS <br>(Cost $50,430)** |  | $**50558** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.2%** |  |  |
| **Automobile Asset-Backed Securities — 0.6%** |  |  |
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;1.380% 8/20/27 (b) | $490000 | 427427 |
| Hertz Vehicle Financing III LP, Series 2021-2A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;2.520% 12/27/27 (b) | 2500000 | 2012242 |
|  |  | 2439669 |
| **Commercial Mortgage-Backed Securities — 3.2%** |  |  |
| Banc of America Merrill Lynch Trust, Series 2016-GG10, Class AJA, |  |  |
| &nbsp;&nbsp;&nbsp;5.621% VRN 8/10/45 (b) (e) | 382424 | 95606 |
| BANK, Series 2017-BNK4, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;1.342% VRN 5/15/50 (e) | 3042172 | 131282 |
| Benchmark Mortgage Trust, Series 2021-B29, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;1.042% VRN 9/15/54 (e) | 2508334 | 138967 |
| BPR Trust, Series 2021-TY, Class A, 1 mo. USD LIBOR + 1.050% |  |  |
| &nbsp;&nbsp;&nbsp;5.368% FRN 9/15/38 (b) | 140000 | 131952 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VINO, Class A, 1 mo. USD LIBOR + .652% 4.970% FRN 5/15/38 (b) | 830000 | 799168 |
| &nbsp;&nbsp;&nbsp;Series 2021-21M, Class A, 1 mo. USD LIBOR + .730% 5.048% FRN 10/15/36 (b) | 722661 | 694457 |
| Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.175% VRN 7/10/47 (e) | 350000 | 331254 |
| Credit Suisse Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-USA, Class A2, 3.953% 9/15/37 (b) | 190000 | 171344 |
| &nbsp;&nbsp;&nbsp;Series 2014-USA, Class E, 4.373% 9/15/37 (b) | 140000 | 77634 |
| &nbsp;&nbsp;&nbsp;Series 2014-USA, Class F, 4.373% 9/15/37 (b) | 2440000 | 1177707 |
| &nbsp;&nbsp;&nbsp;Series 2022-MARK, Class A, 1 mo. TSFR + 2.695% 7.031% FRN 6/15/39 (b) | 130000 | 128472 |
| &nbsp;&nbsp;&nbsp;Series 2017-CHOP, Class G, 1 mo. USD LIBOR + 5.350% 9.668% FRN 7/15/32 (b) | 1160000 | 1043724 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;2.632% 8/10/49 | 160000 | 145628 |
| GS Mortgage Securities Trust, Series 2018-SRP5, Class A, 1 mo. USD LIBOR + 1.800% |  |  |
| &nbsp;&nbsp;&nbsp;6.118% FRN 9/15/31 (b) | 1228563 | 1067145 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C19, Class XA, 0.620% VRN 4/15/47 (e) | 991047 | 5600 |
| &nbsp;&nbsp;&nbsp;Series 2015-C31, Class B, 4.622% VRN 8/15/48 (e) | 160000 | 138853 |
| &nbsp;&nbsp;&nbsp;Series 2013-C17, Class B, 4.883% VRN 1/15/47 (e) | 30000 | 29006 |
| ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AJ, |  |  |
| &nbsp;&nbsp;&nbsp;6.193% VRN 9/12/49 (e) | 2926 | 2765 |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. TSFR + 1.397% |  |  |
| &nbsp;&nbsp;&nbsp;5.733% FRN 3/15/39 (b) | 190000 | 184948 |
| PFP Ltd., Series 2021-8, Class A, 1 mo. USD LIBOR + 1.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.326% FRN 8/09/37 (b) | 659278 | 628409 |
| Shops at Crystals Trust, Series 2016-CSTL, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.126% 7/05/36 (b) | 320000 | 277551 |
| TTAN, Series 2021-MHC, Class A, 1 mo. USD LIBOR + .850% |  |  |
| &nbsp;&nbsp;&nbsp;5.168% FRN 3/15/38 (b) | 463810 | 449334 |
| UBS Commercial Mortgage Trust, Series 2017-C1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;3.460% 6/15/50 | 170000 | 156639 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Waterfall Commercial Mortgage Trust, Series 2015-SBC5, Class A |  |  |
| &nbsp;&nbsp;&nbsp;4.104% 9/14/49 (b) | $45472 | $44756 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-C52, Class XA, 1.604% VRN 8/15/52 (e) | 5541528 | 394153 |
| &nbsp;&nbsp;&nbsp;Series 2017-C42, Class D, 2.800% VRN 12/15/50 (b) (e) | 710000 | 466969 |
| &nbsp;&nbsp;&nbsp;Series 2013-LC12, Class B, 4.296% VRN 7/15/46 (e) | 140000 | 130776 |
| WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C24, Class B, 4.204% VRN 11/15/47 (e) | 190000 | 171492 |
| &nbsp;&nbsp;&nbsp;Series 2014-C24, Class C, 4.290% VRN 11/15/47 (e) | 190000 | 161471 |
| &nbsp;&nbsp;&nbsp;Series 2014-LC14, Class D, 4.586% VRN 3/15/47 (b) (e) | 5000000 | 4599895 |
|  |  | 13976957 |
| **Home Equity Asset-Backed Securities — 0.5%** |  |  |
| Asset Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A3B, 1 mo. USD LIBOR + .960% |  |  |
| &nbsp;&nbsp;&nbsp;5.349% FRN 11/25/33 | 1198762 | 1140433 |
| GSAA Home Equity Trust, Series 2006-5, Class 2A3, 1 mo. USD LIBOR + .540% |  |  |
| &nbsp;&nbsp;&nbsp;4.929% FRN 3/25/36 | 311843 | 142830 |
| RBSSP Resecuritization Trust, Series 2010-4, Class 6A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.825% STEP 2/26/36 (b) | 646546 | 615138 |
|  |  | 1898401 |
| **Manufactured Housing Asset-Backed Securities — 0.1%** |  |  |
| Conseco Finance Corp., Series 1996-4, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;7.750% VRN 6/15/27 (e) | 428497 | 441253 |
| **Other Asset-Backed Securities — 2.1%** |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 1 mo. USD LIBOR + 1.070% |  |  |
| &nbsp;&nbsp;&nbsp;5.388% FRN 8/15/34 (b) | 790000 | 748240 |
| Dividend Solar Loans LLC, Series 2019-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.670% 8/22/39 (b) | 742088 | 672997 |
| First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A2, 1 mo. USD LIBOR + .120% |  |  |
| &nbsp;&nbsp;&nbsp;4.509% FRN 11/25/36 | 282843 | 258276 |
| InStar Leasing III LLC, Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 2/15/54 (b) | 572410 | 473597 |
| Magnolia Finance, Series 2019-1OTF, Class A1, 3 mo. USD LIBOR + 2.900% |  |  |
| &nbsp;&nbsp;&nbsp;7.315% FRN 8/09/24 (b) | 940000 | 919641 |
| Mortgage Repurchase Agreement Financing Trust II, Series 2022-S1 , Class A1, 30 day SOFR + 2.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.805% FRN 3/30/25 (b) | 290000 | 285887 |
| Mosaic Solar Loans LLC, Series 2021-3A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;1.920% 6/20/52 (b) | 811811 | 612455 |
| PFCA Home Equity Investment Trust, Series 2003-IFC6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.769% VRN 4/22/35 (b) (e) | 380671 | 354739 |
| Saxon Asset Securities Trust, Series 2006-3, Class A4, 1 mo. USD LIBOR + .240% |  |  |
| &nbsp;&nbsp;&nbsp;4.629% FRN 10/25/46 | 440000 | 372734 |
| Structured Asset Investment Loan Trust, Series 2004-8, Class A9, 1 mo. USD LIBOR + 1.000% |  |  |
| &nbsp;&nbsp;&nbsp;5.389% FRN 9/25/34 | 597120 | 583185 |
| Taco Bell Funding LLC, Series 2021-1A, Class A23 |  |  |
| &nbsp;&nbsp;&nbsp;2.542% 8/25/51 (b) | 3960000 | 3031658 |
| US Small Business Administration |  |  |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2019-25G, Class 1, 2.690% 7/01/44 | $203018 | $172880 |
| &nbsp;&nbsp;&nbsp;Series 2019-20D, Class 1, 2.980% 4/01/39 | 134852 | 124021 |
| USQ Rail LLC, Series 2021-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 2/28/51 (b) | 712121 | 598919 |
|  |  | 9209229 |
| **Student Loans Asset-Backed Securities — 0.4%** |  |  |
| College Ave Student Loans LLC, Series 2019-A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;3.280% 12/28/48 (b) | 252867 | 236552 |
| Navient Private Education Refi Loan Trust, Series 2020-IA, Class A1A |  |  |
| &nbsp;&nbsp;&nbsp;1.330% 4/15/69 (b) | 385809 | 327227 |
| SLM Student Loan Trust, Series 2003-7A, Class A5A, 3 mo. USD LIBOR + 1.200% |  |  |
| &nbsp;&nbsp;&nbsp;5.969% FRN 12/15/33 (b) | 305484 | 298144 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class A2A, 2.230% 9/15/37 (b) | 436001 | 397275 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, 2.310% 1/15/53 (b) | 600000 | 504189 |
|  |  | 1763387 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 1.2%** |  |  |
| Bear Stearns Asset - Backed Securities I Trust, Series 2005-AC8, Class A3, 1 mo. USD LIBOR + 7.650% |  |  |
| &nbsp;&nbsp;&nbsp;3.261% FRN 11/25/35 | 634147 | 96706 |
| BRAVO Residential Funding Trust, Series 2022-NQM3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.108% VRN 7/25/62 (b) (e) | 336271 | 335235 |
| Citigroup Mortgage Loan Trust, Series 2007-6, Class 2A4, 1 mo. USD LIBOR + .350% |  |  |
| &nbsp;&nbsp;&nbsp;4.739% FRN 5/25/37 | 1361928 | 729106 |
| Credit Suisse Mortgage Trust, Series 2015-4R, Class 3A3, 1 mo. USD LIBOR + .310% |  |  |
| &nbsp;&nbsp;&nbsp;3.304% FRN 10/27/36 (b) | 676675 | 314385 |
| Flagstar Mortgage Trust, Series 2018-2, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 4/25/48 (b) (e) | 17543 | 17156 |
| GS Mortgage Securities Trust, Series 2014-2R, Class 3B |  |  |
| &nbsp;&nbsp;&nbsp;0.702% 11/26/37 (b) | 1220000 | 1033653 |
| GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, |  |  |
| &nbsp;&nbsp;&nbsp;3.557% VRN 10/25/35 (e) | 44845 | 24752 |
| HarborView Mortgage Loan Trust, Series 2006-2, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;3.721% VRN 2/25/36 (e) | 27306 | 9925 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-3, Class A1, 3.500% VRN 9/25/48 (b) (e) | 244539 | 211619 |
| &nbsp;&nbsp;&nbsp;Series 2018-4, Class A1, 3.500% VRN 10/25/48 (b) (e) | 103980 | 90149 |
| &nbsp;&nbsp;&nbsp;Series 2018-5, Class A1, 3.500% VRN 10/25/48 (b) (e) | 130847 | 113300 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-RPL1, Class M2, 3.500% VRN 12/25/57 (b) (e) | 730000 | 577820 |
| &nbsp;&nbsp;&nbsp;Series 2017-4A, Class A1, 4.000% VRN 5/25/57 (b) (e) | 223504 | 207147 |
| Prime Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-DR1, Class 1A1, 5.500% 5/25/35 (b) | 4478 | 4365 |
| &nbsp;&nbsp;&nbsp;Series 2006-DR1, Class 2A2, 6.000% 5/25/35 (b) | 479138 | 408057 |
| Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.513% VRN 8/25/36 (e) | 156050 | 109031 |
| Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 4A1, 12 mo. MTA + 2.150% |  |  |
| &nbsp;&nbsp;&nbsp;4.198% FRN 3/25/46 | 167660 | 156693 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-4, Class B2, 3.461% VRN 6/25/57 (b) (e) | 740000 | 541953 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2022-4,Class A1, 3.750% 9/25/62 (b) (e) | $419473 | $389989 |
|  |  | 5371041 |
| **Whole Loan Collateral Planned Amortization Classes — 0.0%** |  |  |
| Countrywide Alternative Loan Trust, Series 2006-18CB, Class A6, 1 mo. USD LIBOR + 28.600% |  |  |
| &nbsp;&nbsp;&nbsp;11.045% FRN 7/25/36 | 40948 | 33392 |
| **Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%** |  |  |
| Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR3, Class A1B, 12 mo. MTA + 1.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.048% FRN 2/25/46 | 454890 | 390981 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS <br>(Cost $40,593,636)** |  | **35524310** |
| **SOVEREIGN DEBT OBLIGATIONS — 3.9%** |  |  |
| Argentine Republic Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.500% STEP 7/09/35 | 1927319 | 488563 |
| &nbsp;&nbsp;&nbsp;3.500% STEP 7/09/41 | 110000 | 31017 |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/27/45 | 810000 | 600062 |
| &nbsp;&nbsp;&nbsp;5.625% 1/07/41 | 730000 | 617217 |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 4/22/32 | 430000 | 312616 |
| &nbsp;&nbsp;&nbsp;4.125% 2/22/42 | 440000 | 276063 |
| Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 1/15/45 (b) | 220000 | 212315 |
| &nbsp;&nbsp;&nbsp;6.500% 2/15/31 IDR (f) | 58983000000 | 3677084 |
| Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 7/03/30 | 310000 | 281247 |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 11/23/34 MXN (f) | 17120000 | 793521 |
| &nbsp;&nbsp;&nbsp;7.750% 11/13/42 MXN (f) | 46165600 | 2067164 |
| &nbsp;&nbsp;&nbsp;8.000% 11/07/47 MXN (f) | 76980000 | 3521964 |
| &nbsp;&nbsp;&nbsp;8.500% 5/31/29 MXN (f) | 28500000 | 1422053 |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 3/08/44 | 830000 | 669001 |
| Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.143% 2/23/30 (b) | 210000 | 160579 |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 4/01/56 | 350000 | 254783 |
| Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.550% 3/14/37 | 210000 | 220617 |
| Provincia de Buenos Aires/Government Bond, |  |  |
| &nbsp;&nbsp;&nbsp;5.250% STEP 9/01/37 (b) | 540019 | 186307 |
| Republic of Kenya Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.300% 1/23/34 (b) | 370000 | 284160 |
| Russian Federal Bond— OFZ |  |  |
| &nbsp;&nbsp;&nbsp;6.900% 5/23/29 RUB (f) | 128828000 | 471641 |
| &nbsp;&nbsp;&nbsp;7.250% 5/10/34 RUB (f) | 60500000 | 221492 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;7.700% 3/16/39 RUB (f) | $86260000 | $315799 |
|  |  | 17085265 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS <br>(Cost $24,250,856)** |  | **17085265** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (g) — 28.2%** |  |  |
| **Collateralized Mortgage Obligations — 1.9%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Series 3422, Class AI, 0.250% STEP 1/15/38 | 6976 | 49 |
| &nbsp;&nbsp;&nbsp;Series 353, Class S1, 1 mo. USD LIBOR + 6.000% 1.682% FRN 12/15/46 | 213456 | 21199 |
| &nbsp;&nbsp;&nbsp;Series 334, Class S7, 1 mo. USD LIBOR + 6.100% 1.782% FRN 8/15/44 | 88260 | 8992 |
| &nbsp;&nbsp;&nbsp;Series 3621, Class SB, 1 mo. USD LIBOR + 6.230% 1.912% FRN 1/15/40 | 20244 | 1953 |
| &nbsp;&nbsp;&nbsp;Series 4203, Class PS, 1 mo. USD LIBOR + 6.250% 1.932% FRN 9/15/42 | 83883 | 6265 |
| &nbsp;&nbsp;&nbsp;Series 5018, Class MI, 2.000% 10/25/50 | 347549 | 45551 |
| &nbsp;&nbsp;&nbsp;Series 3973, Class SA, 1 mo. USD LIBOR + 6.490% 2.172% FRN 12/15/41 | 128170 | 14302 |
| &nbsp;&nbsp;&nbsp;Series 5140, Class NI, 2.500% 5/25/49 | 275083 | 38418 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class IK, 2.500% 9/25/50 | 208757 | 30225 |
| &nbsp;&nbsp;&nbsp;Series 5010, Class JI, 2.500% 9/25/50 | 494025 | 77882 |
| &nbsp;&nbsp;&nbsp;Series 5013, Class IN, 2.500% 9/25/50 | 253386 | 40310 |
| &nbsp;&nbsp;&nbsp;Series 5040, Class IB, 2.500% 11/25/50 | 149047 | 21000 |
| &nbsp;&nbsp;&nbsp;Series 5059, Class IB, 2.500% 1/25/51 | 700293 | 111569 |
| &nbsp;&nbsp;&nbsp;Series 5069, Class MI, 2.500% 2/25/51 | 79780 | 11489 |
| &nbsp;&nbsp;&nbsp;Series 4793, Class CB, 3.000% 5/15/48 | 195848 | 177239 |
| &nbsp;&nbsp;&nbsp;Series 4793, Class CD, 3.000% 6/15/48 | 123944 | 112127 |
| &nbsp;&nbsp;&nbsp;Series 4813, Class CJ, 3.000% 8/15/48 | 101989 | 94694 |
| &nbsp;&nbsp;&nbsp;Series 5224, Class HL, 4.000% 4/25/52 | 400000 | 360951 |
| &nbsp;&nbsp;&nbsp;Series R007, Class ZA, 6.000% 5/15/36 | 54124 | 55989 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;Series K741, Class X1, 0.571% VRN 12/25/27 (e) | 2994882 | 68346 |
| &nbsp;&nbsp;&nbsp;Series K094, Class X1, 0.880% VRN 6/25/29 (e) | 994527 | 44742 |
| &nbsp;&nbsp;&nbsp;Series K743, Class X1, 0.925% VRN 5/25/28 (e) | 3997845 | 162943 |
| &nbsp;&nbsp;&nbsp;Series KC05, Class X1, 1.212% VRN 6/25/27 (e) | 1525784 | 49356 |
| &nbsp;&nbsp;&nbsp;Series K736, Class X1, 1.289% VRN 7/25/26 (e) | 2040961 | 75200 |
| &nbsp;&nbsp;&nbsp;Series K110, Class X1, 1.697% VRN 4/25/30 (e) | 1295145 | 119799 |
| &nbsp;&nbsp;&nbsp;Series 2019-KF58, Class B, 1 mo. USD LIBOR + 2.150% 6.292% FRN 1/25/26 (b) | 506574 | 471889 |
| Federal Home Loan Mortgage Corp. REMICS |  |  |
| &nbsp;&nbsp;&nbsp;Series 5085, Class NI, 2.000% 3/25/51 | 622802 | 74469 |
| &nbsp;&nbsp;&nbsp;Series 4391, Class MZ, 3.000% 9/15/44 | 256085 | 219797 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-88, Class IP, 0.000% VRN 3/25/36 (e) | 25204 | 1323 |
| &nbsp;&nbsp;&nbsp;Series 2005-88, Class IP, 0.031% FRN 10/25/35 (e) | 20609 | 1343 |
| &nbsp;&nbsp;&nbsp;Series 2006-59, Class IP, 0.155% FRN 7/25/36 (e) | 55766 | 793 |
| &nbsp;&nbsp;&nbsp;Series 2013-124, Class SB, 1 mo. USD LIBOR + 5.950% 1.561% FRN 12/25/43 | 206852 | 19888 |
| &nbsp;&nbsp;&nbsp;Series 2016-61, Class BS, 1 mo. USD LIBOR + 6.100% 1.711% FRN 9/25/46 | 74142 | 5281 |
| &nbsp;&nbsp;&nbsp;Series 2017-76, Class SB, 1 mo. USD LIBOR + 6.100% 1.711% FRN 10/25/57 | 438083 | 45471 |
| &nbsp;&nbsp;&nbsp;Series 2012-134, Class SK, 1 mo. USD LIBOR + 6.150% 1.761% FRN 12/25/42 | 121392 | 14294 |
| &nbsp;&nbsp;&nbsp;Series 2012-133, Class CS, 1 mo. USD LIBOR + 6.150% 1.761% FRN 12/25/42 | 64368 | 8571 |
| &nbsp;&nbsp;&nbsp;Series 2013-54, Class BS, 1 mo. USD LIBOR + 6.150% 1.761% FRN 6/25/43 | 154589 | 16795 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2017-85, Class SC, 1 mo. USD LIBOR + 6.200% 1.811% FRN 11/25/47 | $125526 | $10551 |
| &nbsp;&nbsp;&nbsp;Series 2020-47, Class GZ, 2.000% 7/25/50 | 315368 | 182779 |
| &nbsp;&nbsp;&nbsp;Series 2020-97, Class AI, 2.000% 1/25/51 | 180604 | 23237 |
| &nbsp;&nbsp;&nbsp;Series 2012-35, Class SC, 1 mo. USD LIBOR + 6.500% 2.111% FRN 4/25/42 | 58254 | 6594 |
| &nbsp;&nbsp;&nbsp;Series 2011-87, Class SG, 1 mo. USD LIBOR + 6.550% 2.161% FRN 4/25/40 | 49970 | 905 |
| &nbsp;&nbsp;&nbsp;Series 2011-96, Class SA, 1 mo. USD LIBOR + 6.550% 2.161% FRN 10/25/41 | 127077 | 10200 |
| &nbsp;&nbsp;&nbsp;Series 2012-74, Class SA, 1 mo. USD LIBOR + 6.650% 2.261% FRN 3/25/42 | 31764 | 2386 |
| &nbsp;&nbsp;&nbsp;Series 2020-56, Class DI, 2.500% 8/25/50 | 398543 | 62819 |
| &nbsp;&nbsp;&nbsp;Series 2020-74, Class EI, 2.500% 10/25/50 | 157262 | 23778 |
| &nbsp;&nbsp;&nbsp;Series 2020-89, Class DI, 2.500% 12/25/50 | 1094838 | 161175 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class QI, 2.500% 2/25/51 | 740122 | 111523 |
| &nbsp;&nbsp;&nbsp;Series 409, Class C2, 3.000% 4/25/27 | 38358 | 1514 |
| &nbsp;&nbsp;&nbsp;Series 409, Class C13, 3.500% 11/25/41 | 50676 | 7501 |
| &nbsp;&nbsp;&nbsp;Series 2006-118, Class IP2, 3.644% FRN 12/25/36 (e) | 38002 | 2339 |
| &nbsp;&nbsp;&nbsp;Series 409, Class C18, 4.000% 4/25/42 | 58628 | 10122 |
| &nbsp;&nbsp;&nbsp;Series 2006-118, Class IP1, 4.076% FRN 12/25/36 (e) | 46941 | 3026 |
| &nbsp;&nbsp;&nbsp;Series 409, Class C22, 4.500% 11/25/39 | 38783 | 6774 |
| &nbsp;&nbsp;&nbsp;Series 2011-59, Class NZ, 5.500% 7/25/41 | 255674 | 263631 |
| &nbsp;&nbsp;&nbsp;Series 2013-9, Class CB, 5.500% 4/25/42 | 212241 | 216906 |
| &nbsp;&nbsp;&nbsp;Series 2012-46, Class BA, 6.000% 5/25/42 | 52718 | 54212 |
| &nbsp;&nbsp;&nbsp;Series 2012-28, Class B, 6.500% 6/25/39 | 3894 | 3956 |
| &nbsp;&nbsp;&nbsp;Series 2013-9, Class BC, 6.500% 7/25/42 | 62016 | 64975 |
| &nbsp;&nbsp;&nbsp;Series 2012-51, Class B, 7.000% 5/25/42 | 44900 | 47666 |
| Federal National Mortgage Association ACES |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-M36, Class X1, 1.498% VRN 9/25/34 (e) | 1199029 | 98494 |
| &nbsp;&nbsp;&nbsp;Series 2019-M19, Class A2, 2.560% 9/25/29 | 434068 | 389559 |
| Federal National Mortgage Association Grantor Trust <br> Series 2017-T1, Class A 2.898% 6/25/27 | 99394 | 93131 |
| Federal National Mortgage Association REMICS <br> Series 2014-6, Class Z 2.500% 2/25/44 | 249885 | 208584 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-H20, Class IB, 0.155% VRN 10/20/67 (e) | 55174 | 2368 |
| &nbsp;&nbsp;&nbsp;Series 2017-H18, Class BI, 0.162% VRN 9/20/67 (e) | 2720313 | 110232 |
| &nbsp;&nbsp;&nbsp;Series 2012-144, Class IO, 0.323% VRN 1/16/53 (e) | 2207330 | 26597 |
| &nbsp;&nbsp;&nbsp;Series 2012-135, Class IO, 0.340% VRN 1/16/53 (e) | 2297455 | 32006 |
| &nbsp;&nbsp;&nbsp;Series 2014-186, Class IO, 0.374% VRN 8/16/54 (e) | 348322 | 3568 |
| &nbsp;&nbsp;&nbsp;Series 2014-22, Class IA, 0.475% FRN 11/20/42 (e) | 19034 | 596 |
| &nbsp;&nbsp;&nbsp;Series 2017-41, Class IO, 0.601% VRN 7/16/58 (e) | 525393 | 16588 |
| &nbsp;&nbsp;&nbsp;Series 2021-60, Class IO, 0.826% VRN 5/16/63 (e) | 2296140 | 146594 |
| &nbsp;&nbsp;&nbsp;Series 2012-H27, Class AI, 1.697% VRN 10/20/62 (e) | 304027 | 10064 |
| &nbsp;&nbsp;&nbsp;Series 2017-H15, Class KI, 1.703% VRN 7/20/67 (e) | 106298 | 5606 |
| &nbsp;&nbsp;&nbsp;Series 2016-135, Class SB, 1 mo. USD LIBOR + 6.100% 1.774% FRN 10/16/46 | 103045 | 14273 |
| &nbsp;&nbsp;&nbsp;Series 2016-21, Class ST, 1 mo. USD LIBOR + 6.150% 1.797% FRN 2/20/46 | 57634 | 6330 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class B, 1.850% 2/16/61 | 200000 | 118884 |
| &nbsp;&nbsp;&nbsp;Series 2020-181, Class WI, 2.000% 12/20/50 | 1348126 | 147278 |
| &nbsp;&nbsp;&nbsp;Series 2010-85, Class HS, 1 mo. USD LIBOR + 6.650% 2.297% FRN 1/20/40 | 4623 | 48 |
| &nbsp;&nbsp;&nbsp;Series 2020-123, Class NI, 2.500% 8/20/50 | 404914 | 54488 |
| &nbsp;&nbsp;&nbsp;Series 2020-123, Class IL, 2.500% 8/20/50 | 158958 | 21060 |
| &nbsp;&nbsp;&nbsp;Series 2020-127, Class IN, 2.500% 8/20/50 | 159591 | 21764 |
| &nbsp;&nbsp;&nbsp;Series 2020-129, Class IE, 2.500% 9/20/50 | 164620 | 22132 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2020-160, Class IH, 2.500% 10/20/50 | $167890 | $23147 |
| &nbsp;&nbsp;&nbsp;Series 2020-160, Class YI, 2.500% 10/20/50 | 669059 | 89333 |
| &nbsp;&nbsp;&nbsp;Series 2020-160, Class VI, 2.500% 10/20/50 | 246786 | 33885 |
| &nbsp;&nbsp;&nbsp;Series 2022-115, Class MI, 2.500% 5/20/51 | 262245 | 28772 |
| &nbsp;&nbsp;&nbsp;Series 2022-189, Class PT, 2.500% 10/20/51 | 297994 | 248077 |
| &nbsp;&nbsp;&nbsp;Series 2013-107, Class AD, 2.846% VRN 11/16/47 (e) | 155245 | 143266 |
| &nbsp;&nbsp;&nbsp;Series 2020-H09, Class FL, 1 mo. USD LIBOR + 1.150% 2.880% FRN 5/20/70 | 383086 | 380641 |
| &nbsp;&nbsp;&nbsp;Series 2020-H13, Class FA, 1 mo. USD LIBOR + .450% 2.980% FRN 7/20/70 | 131003 | 128119 |
| &nbsp;&nbsp;&nbsp;Series 2022-196, Class BE, 3.000% 10/16/64 | 200000 | 152534 |
| &nbsp;&nbsp;&nbsp;Series 2020-H13, Class FC, 1 mo. USD LIBOR + .450% 3.276% FRN 7/20/70 | 52162 | 51056 |
| &nbsp;&nbsp;&nbsp;Series 2013-53, Class OI, 3.500% 4/20/43 | 304899 | 31937 |
| &nbsp;&nbsp;&nbsp;Series 2020-47, Class MI, 3.500% 4/20/50 | 271343 | 45233 |
| &nbsp;&nbsp;&nbsp;Series 2020-47, Class NI, 3.500% 4/20/50 | 73971 | 12457 |
| &nbsp;&nbsp;&nbsp;Series 2014-176, Class IA, 4.000% 11/20/44 | 36713 | 6198 |
| &nbsp;&nbsp;&nbsp;Series 2015-167, Class OI, 4.000% 4/16/45 | 46899 | 8208 |
| &nbsp;&nbsp;&nbsp;Series 2018-H07, Class FD, 1 mo. USD LIBOR + .300% 4.142% FRN 5/20/68 | 236534 | 234116 |
| &nbsp;&nbsp;&nbsp;Series 2010-H28, Class FE, 1 mo. USD LIBOR + .400% 4.242% FRN 12/20/60 | 71796 | 71201 |
| &nbsp;&nbsp;&nbsp;Series 2014-H20, Class FA, 1 mo. USD LIBOR + .430% 4.272% FRN 10/20/64 | 814039 | 804452 |
| &nbsp;&nbsp;&nbsp;Series 2011-H08, Class FG, 1 mo. USD LIBOR + .480% 4.322% FRN 3/20/61 | 63241 | 62776 |
| &nbsp;&nbsp;&nbsp;Series 2011-H09, Class AF, 1 mo. USD LIBOR + .500% 4.342% FRN 3/20/61 | 39239 | 38988 |
| &nbsp;&nbsp;&nbsp;Series 2016-84, Class IG, 4.500% 11/16/45 | 215877 | 42431 |
| &nbsp;&nbsp;&nbsp;Series 2020-H09, Class NF, 1 mo. USD LIBOR + 1.250% 5.092% FRN 4/20/70 | 122157 | 122623 |
|  |  | 8218767 |
| **Pass-Through Securities — 25.4%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #RB5125 2.000% 9/01/41 | 891270 | 754101 |
| &nbsp;&nbsp;&nbsp;Pool #RB5145 2.000% 2/01/42 | 94106 | 79476 |
| &nbsp;&nbsp;&nbsp;Pool #RA3882 2.000% 11/01/50 | 329746 | 271681 |
| &nbsp;&nbsp;&nbsp;Pool #QB8602 2.000% 2/01/51 | 78872 | 65378 |
| &nbsp;&nbsp;&nbsp;Pool #QB9087 2.000% 2/01/51 | 394664 | 326894 |
| &nbsp;&nbsp;&nbsp;Pool #QB9482 2.000% 3/01/51 | 78179 | 64559 |
| &nbsp;&nbsp;&nbsp;Pool #QC0041 2.000% 3/01/51 | 78071 | 64470 |
| &nbsp;&nbsp;&nbsp;Pool #QC0160 2.000% 3/01/51 | 75367 | 62402 |
| &nbsp;&nbsp;&nbsp;Pool #QC0161 2.000% 3/01/51 | 82337 | 67993 |
| &nbsp;&nbsp;&nbsp;Pool #QB9290 2.000% 3/01/51 | 258664 | 214167 |
| &nbsp;&nbsp;&nbsp;Pool #SD0573 2.000% 4/01/51 | 151957 | 125816 |
| &nbsp;&nbsp;&nbsp;Pool #QC0885 2.000% 4/01/51 | 86350 | 71496 |
| &nbsp;&nbsp;&nbsp;Pool #QC1164 2.000% 4/01/51 | 78792 | 65188 |
| &nbsp;&nbsp;&nbsp;Pool #SD8146 2.000% 5/01/51 | 952703 | 783452 |
| &nbsp;&nbsp;&nbsp;Pool #SD8172 2.000% 10/01/51 | 277264 | 227574 |
| &nbsp;&nbsp;&nbsp;Pool #SD0745 2.000% 11/01/51 | 91415 | 75432 |
| &nbsp;&nbsp;&nbsp;Pool #QD2129 2.000% 11/01/51 | 1035667 | 849089 |
| &nbsp;&nbsp;&nbsp;Pool #840698 5 year CMT + 1.284% 2.105% FRN 3/01/47 | 19235 | 17888 |
| &nbsp;&nbsp;&nbsp;Pool #SD7525 2.500% 10/01/50 | 149498 | 129329 |
| &nbsp;&nbsp;&nbsp;Pool #QB5092 2.500% 11/01/50 | 160853 | 139101 |
| &nbsp;&nbsp;&nbsp;Pool #QB5093 2.500% 11/01/50 | 78319 | 67581 |
| &nbsp;&nbsp;&nbsp;Pool #RA3913 2.500% 11/01/50 | 460032 | 397824 |
| &nbsp;&nbsp;&nbsp;Pool #RA4142 2.500% 12/01/50 | 77106 | 66679 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #QC0165 2.500% 3/01/51 | $79735 | $68966 |
| &nbsp;&nbsp;&nbsp;Pool #QC5830 2.500% 8/01/51 | 180472 | 155532 |
| &nbsp;&nbsp;&nbsp;Pool #QC6551 2.500% 9/01/51 | 87237 | 75127 |
| &nbsp;&nbsp;&nbsp;Pool #QC7411 2.500% 9/01/51 | 91464 | 78653 |
| &nbsp;&nbsp;&nbsp;Pool #SD1751 2.500% 10/01/51 | 195455 | 168261 |
| &nbsp;&nbsp;&nbsp;Pool #SD7548 2.500% 11/01/51 | 917484 | 791555 |
| &nbsp;&nbsp;&nbsp;Pool #SD0777 2.500% 11/01/51 | 91960 | 78562 |
| &nbsp;&nbsp;&nbsp;Pool #SD0849 2.500% 1/01/52 | 94000 | 80863 |
| &nbsp;&nbsp;&nbsp;Pool #RA6562 2.500% 1/01/52 | 181136 | 156274 |
| &nbsp;&nbsp;&nbsp;Pool #SD7552 2.500% 1/01/52 | 281309 | 241731 |
| &nbsp;&nbsp;&nbsp;Pool #QD6079 2.500% 2/01/52 | 94099 | 80948 |
| &nbsp;&nbsp;&nbsp;Pool #QD8675 2.500% 3/01/52 | 94496 | 81186 |
| &nbsp;&nbsp;&nbsp;Pool #SD1749 2.500% 4/01/52 | 297102 | 254095 |
| &nbsp;&nbsp;&nbsp;Pool #841077 12 mo. USD LIBOR + 1.619% 2.878% FRN 11/01/47 | 121246 | 115389 |
| &nbsp;&nbsp;&nbsp;Pool #ZS8669 3.000% 9/01/32 | 65701 | 62493 |
| &nbsp;&nbsp;&nbsp;Pool #ZS8673 3.000% 10/01/32 | 45907 | 43665 |
| &nbsp;&nbsp;&nbsp;Pool #ZT1257 3.000% 1/01/46 | 148414 | 135266 |
| &nbsp;&nbsp;&nbsp;Pool #G67701 3.000% 10/01/46 | 586371 | 530708 |
| &nbsp;&nbsp;&nbsp;Pool #G60985 3.000% 5/01/47 | 1164559 | 1052919 |
| &nbsp;&nbsp;&nbsp;Pool #SD7509 3.000% 11/01/49 | 49590 | 44499 |
| &nbsp;&nbsp;&nbsp;Pool #QC9154 3.000% 10/01/51 | 94540 | 84141 |
| &nbsp;&nbsp;&nbsp;Pool #841076 12 mo. USD LIBOR + 1.628% 3.009% FRN 11/01/48 | 466069 | 442669 |
| &nbsp;&nbsp;&nbsp;Pool #841081 12 mo. USD LIBOR + 1.621% 3.091% FRN 2/01/50 | 197997 | 189054 |
| &nbsp;&nbsp;&nbsp;Pool #ZS9316 3.500% 1/01/38 | 271569 | 258451 |
| &nbsp;&nbsp;&nbsp;Pool #Q41209 3.500% 6/01/46 | 123003 | 114977 |
| &nbsp;&nbsp;&nbsp;Pool #Q19135 4.000% 6/01/43 | 23613 | 23007 |
| &nbsp;&nbsp;&nbsp;Pool #Q19236 4.000% 6/01/43 | 15369 | 14927 |
| &nbsp;&nbsp;&nbsp;Pool #Q19615 4.000% 7/01/43 | 23166 | 22572 |
| &nbsp;&nbsp;&nbsp;Pool #Q19985 4.000% 7/01/43 | 677718 | 660315 |
| &nbsp;&nbsp;&nbsp;Pool #C09071 4.000% 2/01/45 | 131045 | 126656 |
| &nbsp;&nbsp;&nbsp;Pool #G67713 4.000% 6/01/48 | 484662 | 467218 |
| &nbsp;&nbsp;&nbsp;Pool #U92272 4.500% 12/01/43 | 2641 | 2603 |
| &nbsp;&nbsp;&nbsp;Pool #Q49177 4.500% 6/01/47 | 48082 | 47557 |
| &nbsp;&nbsp;&nbsp;Pool #SD1143 4.500% 9/01/50 | 90330 | 88558 |
| &nbsp;&nbsp;&nbsp;Pool #SD8245 4.500% 9/01/52 | 2900858 | 2801567 |
| &nbsp;&nbsp;&nbsp;Pool #SD8257 4.500% 10/01/52 | 2051199 | 1980349 |
| &nbsp;&nbsp;&nbsp;Pool #SD1305 5.000% 7/01/52 | 438978 | 436522 |
| &nbsp;&nbsp;&nbsp;Pool #G06875 5.500% 12/01/38 | 4444 | 4583 |
| &nbsp;&nbsp;&nbsp;Pool #SD8268 5.500% 11/01/52 | 6900065 | 6928230 |
| &nbsp;&nbsp;&nbsp;Pool #G07509 6.500% 9/01/39 | 8054 | 8614 |
| &nbsp;&nbsp;&nbsp;Pool #G06669 6.500% 9/01/39 | 8733 | 9285 |
| &nbsp;&nbsp;&nbsp;Pool #G07335 7.000% 3/01/39 | 18399 | 20134 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #FS2528 1.500% 1/01/51 | 97694 | 75650 |
| &nbsp;&nbsp;&nbsp;Pool #MA4280 1.500% 3/01/51 | 350622 | 271508 |
| &nbsp;&nbsp;&nbsp;Pool #MA4501 2.000% 12/01/41 | 92540 | 78298 |
| &nbsp;&nbsp;&nbsp;Pool #BQ0254 2.000% 8/01/50 | 71500 | 59356 |
| &nbsp;&nbsp;&nbsp;Pool #BQ1528 2.000% 9/01/50 | 69846 | 57983 |
| &nbsp;&nbsp;&nbsp;Pool #MA4237 2.000% 1/01/51 | 80859 | 66595 |
| &nbsp;&nbsp;&nbsp;Pool #BR2641 2.000% 2/01/51 | 79635 | 65961 |
| &nbsp;&nbsp;&nbsp;Pool #BR2643 2.000% 2/01/51 | 74880 | 61998 |
| &nbsp;&nbsp;&nbsp;Pool #BR2644 2.000% 2/01/51 | 75077 | 61997 |
| &nbsp;&nbsp;&nbsp;Pool #BR2664 2.000% 2/01/51 | 301056 | 249360 |
| &nbsp;&nbsp;&nbsp;Pool #BR3500 2.000% 2/01/51 | 62251 | 51269 |
| &nbsp;&nbsp;&nbsp;Pool #BR3256 2.000% 2/01/51 | 76287 | 63259 |
| &nbsp;&nbsp;&nbsp;Pool #BR3257 2.000% 2/01/51 | 79493 | 65893 |
| &nbsp;&nbsp;&nbsp;Pool #BR3286 2.000% 3/01/51 | 78878 | 65333 |
| &nbsp;&nbsp;&nbsp;Pool #BR4722 2.000% 3/01/51 | 76798 | 63418 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #BR4753 2.000% 3/01/51 | $83941 | $69527 |
| &nbsp;&nbsp;&nbsp;Pool #BR4756 2.000% 3/01/51 | 75278 | 62163 |
| &nbsp;&nbsp;&nbsp;Pool #BR5487 2.000% 3/01/51 | 84345 | 69651 |
| &nbsp;&nbsp;&nbsp;Pool #BR5587 2.000% 3/01/51 | 84330 | 69823 |
| &nbsp;&nbsp;&nbsp;Pool #BR5577 2.000% 3/01/51 | 85319 | 70455 |
| &nbsp;&nbsp;&nbsp;Pool #BR5649 2.000% 3/01/51 | 87938 | 72618 |
| &nbsp;&nbsp;&nbsp;Pool #BR5633 2.000% 3/01/51 | 86063 | 71070 |
| &nbsp;&nbsp;&nbsp;Pool #FM6343 2.000% 3/01/51 | 86237 | 71213 |
| &nbsp;&nbsp;&nbsp;Pool #BQ9453 2.000% 3/01/51 | 172354 | 142705 |
| &nbsp;&nbsp;&nbsp;Pool #FM6418 2.000% 3/01/51 | 84046 | 69640 |
| &nbsp;&nbsp;&nbsp;Pool #BR7745 2.000% 4/01/51 | 77842 | 64403 |
| &nbsp;&nbsp;&nbsp;Pool #BR7744 2.000% 4/01/51 | 81732 | 67647 |
| &nbsp;&nbsp;&nbsp;Pool #BR8478 2.000% 4/01/51 | 82960 | 68662 |
| &nbsp;&nbsp;&nbsp;Pool #BR8518 2.000% 4/01/51 | 78168 | 64672 |
| &nbsp;&nbsp;&nbsp;Pool #MA4325 2.000% 5/01/51 | 699418 | 575164 |
| &nbsp;&nbsp;&nbsp;Pool #FM9489 2.000% 11/01/51 | 185843 | 152363 |
| &nbsp;&nbsp;&nbsp;Pool #MA4465 2.000% 11/01/51 | 186649 | 153023 |
| &nbsp;&nbsp;&nbsp;Pool #FS0349 2.000% 1/01/52 | 188502 | 155014 |
| &nbsp;&nbsp;&nbsp;Pool #FS1014 2.000% 2/01/52 | 95138 | 78326 |
| &nbsp;&nbsp;&nbsp;Pool #FS1015 2.000% 2/01/52 | 284950 | 234239 |
| &nbsp;&nbsp;&nbsp;Pool #FS2040 2.000% 2/01/52 | 385978 | 316443 |
| &nbsp;&nbsp;&nbsp;Pool #FS1112 2.000% 3/01/52 | 191438 | 158087 |
| &nbsp;&nbsp;&nbsp;Pool #MA2749 2.500% 9/01/36 | 42572 | 38978 |
| &nbsp;&nbsp;&nbsp;Pool #FM3123 2.500% 3/01/38 | 415015 | 379970 |
| &nbsp;&nbsp;&nbsp;Pool #CA9358 2.500% 3/01/41 | 83622 | 73817 |
| &nbsp;&nbsp;&nbsp;Pool #CB0100 2.500% 4/01/41 | 170361 | 150492 |
| &nbsp;&nbsp;&nbsp;Pool #BK2620 2.500% 6/01/50 | 66963 | 57720 |
| &nbsp;&nbsp;&nbsp;Pool #MA4120 2.500% 9/01/50 | 58426 | 50123 |
| &nbsp;&nbsp;&nbsp;Pool #FM4577 2.500% 10/01/50 | 210028 | 180577 |
| &nbsp;&nbsp;&nbsp;Pool #BM6623 2.500% 10/01/50 | 93303 | 77551 |
| &nbsp;&nbsp;&nbsp;Pool #CA7257 2.500% 10/01/50 | 79566 | 68657 |
| &nbsp;&nbsp;&nbsp;Pool #FM5313 2.500% 10/01/50 | 85371 | 73239 |
| &nbsp;&nbsp;&nbsp;Pool #BQ5876 2.500% 11/01/50 | 82988 | 71610 |
| &nbsp;&nbsp;&nbsp;Pool #FM6460 2.500% 3/01/51 | 162742 | 140507 |
| &nbsp;&nbsp;&nbsp;Pool #CB0458 2.500% 5/01/51 | 929577 | 794435 |
| &nbsp;&nbsp;&nbsp;Pool #FM7675 2.500% 6/01/51 | 226556 | 195460 |
| &nbsp;&nbsp;&nbsp;Pool #FM7676 2.500% 6/01/51 | 87964 | 75726 |
| &nbsp;&nbsp;&nbsp;Pool #FM7900 2.500% 7/01/51 | 170402 | 146694 |
| &nbsp;&nbsp;&nbsp;Pool #BT3303 2.500% 8/01/51 | 89261 | 76926 |
| &nbsp;&nbsp;&nbsp;Pool # FS0024 2.500% 9/01/51 | 85448 | 73853 |
| &nbsp;&nbsp;&nbsp;Pool #FM8864 2.500% 10/01/51 | 175556 | 151186 |
| &nbsp;&nbsp;&nbsp;Pool #FM9335 2.500% 10/01/51 | 90915 | 77527 |
| &nbsp;&nbsp;&nbsp;Pool #FS0434 2.500% 11/01/51 | 91046 | 78806 |
| &nbsp;&nbsp;&nbsp;Pool #FS1104 2.500% 11/01/51 | 90084 | 77776 |
| &nbsp;&nbsp;&nbsp;Pool #BU2599 2.500% 1/01/52 | 92743 | 79781 |
| &nbsp;&nbsp;&nbsp;Pool #FS0366 2.500% 1/01/52 | 93839 | 81106 |
| &nbsp;&nbsp;&nbsp;Pool #FS0424 2.500% 1/01/52 | 93611 | 80426 |
| &nbsp;&nbsp;&nbsp;Pool #BV3089 2.500% 2/01/52 | 94213 | 80943 |
| &nbsp;&nbsp;&nbsp;Pool #FS0523 2.500% 2/01/52 | 94172 | 80732 |
| &nbsp;&nbsp;&nbsp;Pool #FS0551 2.500% 2/01/52 | 93853 | 80634 |
| &nbsp;&nbsp;&nbsp;Pool #FS0549 2.500% 2/01/52 | 284074 | 242731 |
| &nbsp;&nbsp;&nbsp;Pool #CB3044 2.500% 3/01/52 | 97297 | 83410 |
| &nbsp;&nbsp;&nbsp;Pool #CB3031 2.500% 3/01/52 | 186851 | 159015 |
| &nbsp;&nbsp;&nbsp;Pool #FS3368 2.500% 3/01/52 | 793966 | 679284 |
| &nbsp;&nbsp;&nbsp;Pool #BF0560 2.500% 9/01/61 | 94372 | 79177 |
| &nbsp;&nbsp;&nbsp;Pool #AM8674 2.810% 4/01/25 | 50000 | 47815 |
| &nbsp;&nbsp;&nbsp;Pool #MA2320 3.000% 7/01/35 | 39683 | 37247 |
| &nbsp;&nbsp;&nbsp;Pool #MA2523 3.000% 2/01/36 | 268887 | 252377 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA2579 3.000% 4/01/36 | $194983 | $183010 |
| &nbsp;&nbsp;&nbsp;Pool #MA2773 3.000% 10/01/36 | 898043 | 841497 |
| &nbsp;&nbsp;&nbsp;Pool #AQ7306 3.000% 1/01/43 | 24862 | 22209 |
| &nbsp;&nbsp;&nbsp;Pool #AR1202 3.000% 1/01/43 | 33696 | 30100 |
| &nbsp;&nbsp;&nbsp;Pool #AR7399 3.000% 6/01/43 | 19252 | 17499 |
| &nbsp;&nbsp;&nbsp;Pool #AS0038 3.000% 7/01/43 | 42517 | 38644 |
| &nbsp;&nbsp;&nbsp;Pool #AU6735 3.000% 10/01/43 | 27077 | 24611 |
| &nbsp;&nbsp;&nbsp;Pool #BC1509 3.000% 8/01/46 | 34748 | 31354 |
| &nbsp;&nbsp;&nbsp;Pool #AS7844 3.000% 9/01/46 | 60500 | 54592 |
| &nbsp;&nbsp;&nbsp;Pool #BC2817 3.000% 9/01/46 | 45657 | 41199 |
| &nbsp;&nbsp;&nbsp;Pool #BD8104 3.000% 10/01/46 | 167688 | 151470 |
| &nbsp;&nbsp;&nbsp;Pool #AL9397 3.000% 10/01/46 | 69476 | 62626 |
| &nbsp;&nbsp;&nbsp;Pool #BM1565 3.000% 4/01/47 | 650399 | 587496 |
| &nbsp;&nbsp;&nbsp;Pool #FM8576 3.000% 2/01/50 | 78824 | 71028 |
| &nbsp;&nbsp;&nbsp;Pool #FM4311 3.000% 8/01/50 | 75552 | 67254 |
| &nbsp;&nbsp;&nbsp;Pool #FM8577 3.000% 8/01/51 | 167494 | 150012 |
| &nbsp;&nbsp;&nbsp;Pool #FS0037 3.000% 8/01/51 | 80720 | 72384 |
| &nbsp;&nbsp;&nbsp;Pool #FM8648 3.000% 9/01/51 | 83788 | 74336 |
| &nbsp;&nbsp;&nbsp;Pool #CB1878 3.000% 10/01/51 | 179929 | 158675 |
| &nbsp;&nbsp;&nbsp;Pool #FS0034 3.000% 12/01/51 | 91741 | 81994 |
| &nbsp;&nbsp;&nbsp;Pool # FS0240 3.000% 1/01/52 | 91903 | 82225 |
| &nbsp;&nbsp;&nbsp;Pool #FS0331 3.000% 1/01/52 | 93310 | 82543 |
| &nbsp;&nbsp;&nbsp;Pool # FS1074 3.000% 3/01/52 | 469955 | 419547 |
| &nbsp;&nbsp;&nbsp;Pool #FS1289 3.000% 3/01/52 | 93508 | 83748 |
| &nbsp;&nbsp;&nbsp;Pool #CB3833 3.000% 6/01/52 | 96779 | 85491 |
| &nbsp;&nbsp;&nbsp;Pool #AN8048 3.080% 1/01/28 | 210000 | 195513 |
| &nbsp;&nbsp;&nbsp;Pool #BL2454 3.160% 5/01/29 | 85703 | 79382 |
| &nbsp;&nbsp;&nbsp;Pool #MA2110 3.500% 12/01/34 | 59309 | 56778 |
| &nbsp;&nbsp;&nbsp;Pool #MA2138 3.500% 1/01/35 | 30497 | 29196 |
| &nbsp;&nbsp;&nbsp;Pool #AS8740 3.500% 2/01/37 | 66759 | 63638 |
| &nbsp;&nbsp;&nbsp;Pool #FM5754 3.500% 3/01/37 | 52204 | 49976 |
| &nbsp;&nbsp;&nbsp;Pool #890827 3.500% 12/01/37 | 41766 | 39749 |
| &nbsp;&nbsp;&nbsp;Pool #FM6015 3.500% 8/01/39 | 54209 | 51675 |
| &nbsp;&nbsp;&nbsp;Pool #FM0068 3.500% 2/01/40 | 211553 | 200013 |
| &nbsp;&nbsp;&nbsp;Pool #FM0071 3.500% 2/01/40 | 43820 | 41430 |
| &nbsp;&nbsp;&nbsp;Pool #MA1177 3.500% 9/01/42 | 17489 | 16417 |
| &nbsp;&nbsp;&nbsp;Pool #MA1213 3.500% 10/01/42 | 105633 | 99162 |
| &nbsp;&nbsp;&nbsp;Pool #AL3026 3.500% 12/01/42 | 32967 | 30887 |
| &nbsp;&nbsp;&nbsp;Pool #AY6181 3.500% 4/01/45 | 84630 | 79246 |
| &nbsp;&nbsp;&nbsp;Pool #AS6328 3.500% 12/01/45 | 325728 | 301505 |
| &nbsp;&nbsp;&nbsp;Pool #AS6541 3.500% 1/01/46 | 90042 | 84286 |
| &nbsp;&nbsp;&nbsp;Pool #AL9546 3.500% 11/01/46 | 172141 | 161298 |
| &nbsp;&nbsp;&nbsp;Pool #FM3347 3.500% 5/01/47 | 190350 | 177646 |
| &nbsp;&nbsp;&nbsp;Pool #FM3469 3.500% 8/01/48 | 366181 | 342200 |
| &nbsp;&nbsp;&nbsp;Pool #FM3773 3.500% 11/01/48 | 384792 | 359110 |
| &nbsp;&nbsp;&nbsp;Pool #FS1240 3.500% 12/01/51 | 90054 | 82680 |
| &nbsp;&nbsp;&nbsp;Pool #CB2680 3.500% 1/01/52 | 92902 | 85272 |
| &nbsp;&nbsp;&nbsp;Pool #FS1462 3.500% 1/01/52 | 93114 | 86143 |
| &nbsp;&nbsp;&nbsp;Pool #BV5395 3.500% 4/01/52 | 93687 | 86402 |
| &nbsp;&nbsp;&nbsp;Pool #FS1092 3.500% 4/01/52 | 284751 | 261059 |
| &nbsp;&nbsp;&nbsp;Pool #FS1454 3.500% 4/01/52 | 96912 | 88851 |
| &nbsp;&nbsp;&nbsp;Pool #FS1555 3.500% 4/01/52 | 96051 | 88192 |
| &nbsp;&nbsp;&nbsp;Pool #BV8546 3.500% 5/01/52 | 95469 | 87867 |
| &nbsp;&nbsp;&nbsp;Pool #FS1556 3.500% 5/01/52 | 384865 | 354939 |
| &nbsp;&nbsp;&nbsp;Pool #BS6565 3.740% 9/01/32 | 100000 | 95168 |
| &nbsp;&nbsp;&nbsp;Pool #BS6215 3.840% 7/01/32 | 100000 | 93973 |
| &nbsp;&nbsp;&nbsp;Pool #BS6149 3.840% 8/01/32 | 100000 | 93854 |
| &nbsp;&nbsp;&nbsp;Pool #BS6131 3.890% 7/01/32 | 300000 | 283546 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #BS6949 3.980% 10/01/32 | $200000 | $188304 |
| &nbsp;&nbsp;&nbsp;Pool #AK8441 4.000% 4/01/42 | 13474 | 13056 |
| &nbsp;&nbsp;&nbsp;Pool #AO2711 4.000% 5/01/42 | 10119 | 9799 |
| &nbsp;&nbsp;&nbsp;Pool #AO6086 4.000% 6/01/42 | 21191 | 20521 |
| &nbsp;&nbsp;&nbsp;Pool #AP0692 4.000% 7/01/42 | 14673 | 14222 |
| &nbsp;&nbsp;&nbsp;Pool #AP5333 4.000% 7/01/42 | 145615 | 140975 |
| &nbsp;&nbsp;&nbsp;Pool #AP2530 4.000% 8/01/42 | 15500 | 15014 |
| &nbsp;&nbsp;&nbsp;Pool #AP4903 4.000% 9/01/42 | 24855 | 24083 |
| &nbsp;&nbsp;&nbsp;Pool #AP7399 4.000% 9/01/42 | 38903 | 37677 |
| &nbsp;&nbsp;&nbsp;Pool #AP9766 4.000% 10/01/42 | 61801 | 59441 |
| &nbsp;&nbsp;&nbsp;Pool #MA1217 4.000% 10/01/42 | 77973 | 75044 |
| &nbsp;&nbsp;&nbsp;Pool #AP9229 4.000% 10/01/42 | 8461 | 8191 |
| &nbsp;&nbsp;&nbsp;Pool #MA1253 4.000% 11/01/42 | 47694 | 45897 |
| &nbsp;&nbsp;&nbsp;Pool #AQ3599 4.000% 11/01/42 | 16324 | 15806 |
| &nbsp;&nbsp;&nbsp;Pool #AQ4555 4.000% 12/01/42 | 28228 | 27332 |
| &nbsp;&nbsp;&nbsp;Pool #AQ7003 4.000% 12/01/42 | 30640 | 29644 |
| &nbsp;&nbsp;&nbsp;Pool #AQ7082 4.000% 1/01/43 | 37171 | 35962 |
| &nbsp;&nbsp;&nbsp;Pool #AL3508 4.000% 4/01/43 | 24694 | 24038 |
| &nbsp;&nbsp;&nbsp;Pool #AQ4078 4.000% 6/01/43 | 22727 | 22123 |
| &nbsp;&nbsp;&nbsp;Pool #AQ4080 4.000% 6/01/43 | 16306 | 15821 |
| &nbsp;&nbsp;&nbsp;Pool #AT8394 4.000% 6/01/43 | 25023 | 24358 |
| &nbsp;&nbsp;&nbsp;Pool #AB9683 4.000% 6/01/43 | 34362 | 33277 |
| &nbsp;&nbsp;&nbsp;Pool #AT9637 4.000% 7/01/43 | 69477 | 67414 |
| &nbsp;&nbsp;&nbsp;Pool #AT9653 4.000% 7/01/43 | 53376 | 51958 |
| &nbsp;&nbsp;&nbsp;Pool #AT9657 4.000% 7/01/43 | 44105 | 42712 |
| &nbsp;&nbsp;&nbsp;Pool #AS0070 4.000% 8/01/43 | 23519 | 22579 |
| &nbsp;&nbsp;&nbsp;Pool #MA1547 4.000% 8/01/43 | 24445 | 23467 |
| &nbsp;&nbsp;&nbsp;Pool #AS4347 4.000% 1/01/45 | 40143 | 38926 |
| &nbsp;&nbsp;&nbsp;Pool #MA4626 4.000% 6/01/52 | 17419544 | 16390582 |
| &nbsp;&nbsp;&nbsp;Pool #BF0104 4.000% 2/01/56 | 79741 | 76177 |
| &nbsp;&nbsp;&nbsp;Pool #BF0183 4.000% 1/01/57 | 44265 | 42286 |
| &nbsp;&nbsp;&nbsp;Pool #BF0191 4.000% 6/01/57 | 77664 | 74145 |
| &nbsp;&nbsp;&nbsp;Pool #BS6124 4.060% 7/01/32 | 100000 | 95148 |
| &nbsp;&nbsp;&nbsp;Pool #MA0706 4.500% 4/01/31 | 10253 | 10180 |
| &nbsp;&nbsp;&nbsp;Pool #MA0734 4.500% 5/01/31 | 35587 | 35290 |
| &nbsp;&nbsp;&nbsp;Pool #MA0776 4.500% 6/01/31 | 12200 | 12098 |
| &nbsp;&nbsp;&nbsp;Pool #MA0913 4.500% 11/01/31 | 9433 | 9354 |
| &nbsp;&nbsp;&nbsp;Pool #MA0939 4.500% 12/01/31 | 9208 | 9131 |
| &nbsp;&nbsp;&nbsp;Pool #993117 4.500% 1/01/39 | 1019 | 1009 |
| &nbsp;&nbsp;&nbsp;Pool #AA0856 4.500% 1/01/39 | 6425 | 6376 |
| &nbsp;&nbsp;&nbsp;Pool #AA3495 4.500% 2/01/39 | 5258 | 5214 |
| &nbsp;&nbsp;&nbsp;Pool #935520 4.500% 8/01/39 | 9677 | 9601 |
| &nbsp;&nbsp;&nbsp;Pool #AD5481 4.500% 5/01/40 | 251531 | 249686 |
| &nbsp;&nbsp;&nbsp;Pool #AD6914 4.500% 6/01/40 | 28378 | 28167 |
| &nbsp;&nbsp;&nbsp;Pool #AD8685 4.500% 8/01/40 | 83182 | 82487 |
| &nbsp;&nbsp;&nbsp;Pool #MA1591 4.500% 9/01/43 | 45879 | 45223 |
| &nbsp;&nbsp;&nbsp;Pool #MA1629 4.500% 10/01/43 | 41173 | 40584 |
| &nbsp;&nbsp;&nbsp;Pool #AL4341 4.500% 10/01/43 | 2828 | 2807 |
| &nbsp;&nbsp;&nbsp;Pool #MA1664 4.500% 11/01/43 | 19433 | 19137 |
| &nbsp;&nbsp;&nbsp;Pool #MA1711 4.500% 12/01/43 | 43487 | 42824 |
| &nbsp;&nbsp;&nbsp;Pool #AL4741 4.500% 1/01/44 | 18521 | 18256 |
| &nbsp;&nbsp;&nbsp;Pool #AW0318 4.500% 2/01/44 | 46176 | 45833 |
| &nbsp;&nbsp;&nbsp;Pool #AL5562 4.500% 4/01/44 | 8253 | 8191 |
| &nbsp;&nbsp;&nbsp;Pool #890604 4.500% 10/01/44 | 192551 | 191361 |
| &nbsp;&nbsp;&nbsp;Pool #AS4271 4.500% 1/01/45 | 23607 | 23557 |
| &nbsp;&nbsp;&nbsp;Pool #CA2047 4.500% 7/01/48 | 170264 | 168201 |
| &nbsp;&nbsp;&nbsp;Pool #CA5379 4.500% 3/01/50 | 178160 | 175291 |
| &nbsp;&nbsp;&nbsp;Pool #MA4733 4.500% 9/01/52 | 4168233 | 4025561 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #BF0148 4.500% 4/01/56 | $352892 | $347229 |
| &nbsp;&nbsp;&nbsp;Pool #BF0222 4.500% 9/01/57 | 386706 | 378757 |
| &nbsp;&nbsp;&nbsp;Pool #BF0301 4.500% 8/01/58 | 39699 | 38696 |
| &nbsp;&nbsp;&nbsp;Pool #BF0338 4.500% 1/01/59 | 94147 | 91770 |
| &nbsp;&nbsp;&nbsp;Pool #915154 5.000% 4/01/37 | 29043 | 29375 |
| &nbsp;&nbsp;&nbsp;Pool #974965 5.000% 4/01/38 | 73757 | 74597 |
| &nbsp;&nbsp;&nbsp;Pool #983077 5.000% 5/01/38 | 21345 | 21582 |
| &nbsp;&nbsp;&nbsp;Pool #310088 5.000% 6/01/38 | 19889 | 20097 |
| &nbsp;&nbsp;&nbsp;Pool #AE2266 5.000% 3/01/40 | 51042 | 51661 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785 5.000% 10/01/52 | 1620626 | 1600417 |
| &nbsp;&nbsp;&nbsp;Pool #MA4806 5.000% 11/01/52 | 8963362 | 8851593 |
| &nbsp;&nbsp;&nbsp;Pool #995072 5.500% 8/01/38 | 10620 | 10986 |
| &nbsp;&nbsp;&nbsp;Pool #MA4842 5.500% 12/01/52 | 547293 | 549527 |
| &nbsp;&nbsp;&nbsp;Pool #BF0141 5.500% 9/01/56 | 397753 | 410936 |
| &nbsp;&nbsp;&nbsp;Pool #481473 6.000% 2/01/29 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Pool #867557 6.000% 2/01/36 | 1434 | 1464 |
| &nbsp;&nbsp;&nbsp;Pool #AE0469 6.000% 12/01/39 | 82886 | 86858 |
| &nbsp;&nbsp;&nbsp;Pool #BM1948 6.000% 7/01/41 | 95006 | 99297 |
| &nbsp;&nbsp;&nbsp;Pool #AL4324 6.500% 5/01/40 | 53289 | 56966 |
| &nbsp;&nbsp;&nbsp;Pool #AE0758 7.000% 2/01/39 | 29355 | 32011 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AB2892 3.000% 9/15/42 | 76542 | 70062 |
| &nbsp;&nbsp;&nbsp;Pool #AA5649 3.000% 9/15/42 | 76395 | 69873 |
| &nbsp;&nbsp;&nbsp;Pool #783669 3.000% 9/15/42 | 141426 | 129505 |
| &nbsp;&nbsp;&nbsp;Pool #AB9108 3.000% 10/15/42 | 545721 | 499131 |
| &nbsp;&nbsp;&nbsp;Pool #AB9109 3.000% 10/15/42 | 46146 | 42223 |
| &nbsp;&nbsp;&nbsp;Pool #AB9207 3.000% 11/15/42 | 40036 | 36618 |
| &nbsp;&nbsp;&nbsp;Pool #784571 3.500% 6/15/48 | 167448 | 157008 |
| &nbsp;&nbsp;&nbsp;Pool #BS8439 3.500% 5/15/50 | 129954 | 120227 |
| &nbsp;&nbsp;&nbsp;Pool #487588 6.000% 4/15/29 | 613 | 627 |
| &nbsp;&nbsp;&nbsp;Pool #595077 6.000% 10/15/32 | 188 | 194 |
| &nbsp;&nbsp;&nbsp;Pool #596620 6.000% 10/15/32 | 64 | 66 |
| &nbsp;&nbsp;&nbsp;Pool #604706 6.000% 10/15/33 | 26366 | 27300 |
| &nbsp;&nbsp;&nbsp;Pool #636251 6.000% 3/15/35 | 3591 | 3734 |
| &nbsp;&nbsp;&nbsp;Pool #782034 6.000% 1/15/36 | 28067 | 29139 |
| &nbsp;&nbsp;&nbsp;Pool #658029 6.000% 7/15/36 | 7224 | 7535 |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7136 2.500% 1/20/51 | 66404 | 58034 |
| &nbsp;&nbsp;&nbsp;Pool #MA7312 2.500% 4/20/51 | 153355 | 133822 |
| &nbsp;&nbsp;&nbsp;Pool #MA7767 2.500% 12/20/51 | 738699 | 642015 |
| &nbsp;&nbsp;&nbsp;Pool #MA4068 3.000% 11/20/46 | 19504 | 17707 |
| &nbsp;&nbsp;&nbsp;Pool #MA7590 3.000% 9/20/51 | 336227 | 301466 |
| &nbsp;&nbsp;&nbsp;Pool #MA7706 3.000% 11/20/51 | 718782 | 644021 |
| &nbsp;&nbsp;&nbsp;Pool #CJ9477 3.000% 1/20/52 | 274648 | 244108 |
| &nbsp;&nbsp;&nbsp;Pool #785944 3.000% 2/20/52 | 95114 | 84656 |
| &nbsp;&nbsp;&nbsp;Pool #786095 3.000% 4/20/52 | 98006 | 85700 |
| &nbsp;&nbsp;&nbsp;Pool #786134 3.000% 4/20/52 | 93506 | 82933 |
| &nbsp;&nbsp;&nbsp;Pool #MA1995 3.500% 6/20/44 | 49444 | 46576 |
| &nbsp;&nbsp;&nbsp;Pool #MA2678 3.500% 3/20/45 | 21267 | 20027 |
| &nbsp;&nbsp;&nbsp;Pool #784106 3.500% 1/20/46 | 55991 | 52621 |
| &nbsp;&nbsp;&nbsp;Pool #MA3597 3.500% 4/20/46 | 88357 | 82930 |
| &nbsp;&nbsp;&nbsp;Pool #BC4732 3.500% 10/20/47 | 198528 | 184347 |
| &nbsp;&nbsp;&nbsp;Pool #BD0384 3.500% 10/20/47 | 143572 | 133316 |
| &nbsp;&nbsp;&nbsp;Pool #784825 3.500% 10/20/49 | 45209 | 41301 |
| &nbsp;&nbsp;&nbsp;Pool #BM7534 3.500% 2/20/50 | 61148 | 56532 |
| &nbsp;&nbsp;&nbsp;Pool #MA6711 3.500% 6/20/50 | 345007 | 321900 |
| &nbsp;&nbsp;&nbsp;Pool #MA6997 3.500% 11/20/50 | 421532 | 393003 |
| &nbsp;&nbsp;&nbsp;Pool #786216 3.500% 6/20/52 | 98468 | 90265 |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA4511 4.000% 6/20/47 | $550114 | $529276 |
| &nbsp;&nbsp;&nbsp;Pool #MA4720 4.000% 9/20/47 | 358652 | 344730 |
| &nbsp;&nbsp;&nbsp;Pool #BM9734 4.000% 10/20/49 | 34330 | 32772 |
| &nbsp;&nbsp;&nbsp;Pool #BM9743 4.000% 11/20/49 | 42096 | 40186 |
| &nbsp;&nbsp;&nbsp;Pool #BS1728 4.000% 1/20/50 | 44471 | 42453 |
| &nbsp;&nbsp;&nbsp;Pool #BS1742 4.000% 2/20/50 | 36245 | 34601 |
| &nbsp;&nbsp;&nbsp;Pool #BS1757 4.000% 3/20/50 | 30108 | 28742 |
| &nbsp;&nbsp;&nbsp;Pool #BS8420 4.000% 4/20/50 | 144737 | 138169 |
| &nbsp;&nbsp;&nbsp;Pool #783298 4.500% 4/20/41 | 79724 | 79065 |
| &nbsp;&nbsp;&nbsp;Pool #783368 4.500% 7/20/41 | 11774 | 11677 |
| &nbsp;&nbsp;&nbsp;Pool #MA4654 4.500% 8/20/47 | 120379 | 119090 |
| &nbsp;&nbsp;&nbsp;Pool #MA5138 4.500% 4/20/48 | 181721 | 178979 |
| &nbsp;&nbsp;&nbsp;Pool #MA5193 4.500% 5/20/48 | 186893 | 183898 |
| &nbsp;&nbsp;&nbsp;Pool #MA5265 4.500% 6/20/48 | 162333 | 159681 |
| &nbsp;&nbsp;&nbsp;Pool #MA5331 4.500% 7/20/48 | 40762 | 40083 |
| &nbsp;&nbsp;&nbsp;Pool #MA5818 4.500% 3/20/49 | 53938 | 53057 |
| &nbsp;&nbsp;&nbsp;Pool #G24747 5.000% 7/20/40 | 49450 | 50046 |
| Government National Mortgage Association II TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 1/23/53 (h) | 3100000 | 2690703 |
| &nbsp;&nbsp;&nbsp;2.500% 2/21/53 (h) | 100000 | 86867 |
| &nbsp;&nbsp;&nbsp;3.000% 1/23/53 (h) | 1200000 | 1070906 |
| &nbsp;&nbsp;&nbsp;3.000% 2/21/53 (h) | 300000 | 267879 |
| &nbsp;&nbsp;&nbsp;3.500% 1/23/53 (h) | 1100000 | 1012258 |
| &nbsp;&nbsp;&nbsp;3.500% 2/21/53 (h) | 400000 | 368266 |
| &nbsp;&nbsp;&nbsp;4.000% 2/21/53 (h) | 900000 | 853664 |
| &nbsp;&nbsp;&nbsp;4.500% 2/21/53 (h) | 1000000 | 971563 |
| &nbsp;&nbsp;&nbsp;5.000% 2/21/53 (h) | 1400000 | 1387914 |
| &nbsp;&nbsp;&nbsp;5.500% 2/21/53 (h) | 1000000 | 1004961 |
| &nbsp;&nbsp;&nbsp;6.000% 2/21/53 (h) | 400000 | 405750 |
| Uniform Mortgage Backed Securities TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 1/12/53 (h) | 1000000 | 817813 |
| &nbsp;&nbsp;&nbsp;2.000% 2/13/53 (h) | 100000 | 81875 |
| &nbsp;&nbsp;&nbsp;2.500% 2/13/53 (h) | 300000 | 255141 |
| &nbsp;&nbsp;&nbsp;2.500% 12/01/53 (h) | 4400000 | 3738625 |
| &nbsp;&nbsp;&nbsp;3.000% 2/14/52 (h) | 1000000 | 881016 |
| &nbsp;&nbsp;&nbsp;3.000% 12/01/53 (h) | 2700000 | 2377055 |
| &nbsp;&nbsp;&nbsp;3.500% 2/25/49 (h) | 3000000 | 2733047 |
| &nbsp;&nbsp;&nbsp;3.500% 2/13/53 (h) | 600000 | 546891 |
| &nbsp;&nbsp;&nbsp;4.000% 1/12/53 (h) | 500000 | 470156 |
| &nbsp;&nbsp;&nbsp;4.000% 2/13/53 (h) | 1300000 | 1222609 |
| &nbsp;&nbsp;&nbsp;4.500% 1/12/53 (h) | 800000 | 772125 |
| &nbsp;&nbsp;&nbsp;4.500% 2/13/53 (h) | 1200000 | 1158187 |
| &nbsp;&nbsp;&nbsp;5.000% 2/13/53 (h) | 900000 | 888047 |
| &nbsp;&nbsp;&nbsp;5.500% 2/13/53 (h) | 300000 | 300973 |
|  |  | 110336487 |
| **Whole Loans — 0.9%** |  |  |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA6, Class M2, 30 day SOFR + 2.000% 5.928% FRN 12/25/50 (b) | 679338 | 673970 |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA2, Class M2, 1 mo. USD LIBOR + 1.850% 6.239% FRN 2/25/50 (b) | 330520 | 329084 |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA1, Class B1, 1 mo. USD LIBOR + 2.300% 6.689% FRN 1/25/50 (b) | 380000 | 358386 |
| &nbsp;&nbsp;&nbsp;Series 2017-DNA1, Class B1, 1 mo. USD LIBOR + 4.950% 9.339% FRN 7/25/29 | 1450000 | 1526280 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust |  |  |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2019-R07, Class 1M2, 1 mo. USD LIBOR + 2.100% 6.489% FRN 10/25/39 (b) | $45686 | $45673 |
| &nbsp;&nbsp;&nbsp;Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.300% 6.689% FRN 8/25/31 (b) | 55915 | 55930 |
| &nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1M2, 30 day SOFR + 3.100% 7.028% FRN 3/25/42 (b) | 680000 | 677462 |
| &nbsp;&nbsp;&nbsp;Series 2018-C05, Class 1B1, 1 mo. USD LIBOR + 4.250% 8.639% FRN 1/25/31 | 370000 | 380878 |
|  |  | 4047663 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <br>(Cost $128,736,576)** |  | **122602917** |
| **U.S. TREASURY OBLIGATIONS — 26.1%** |  |  |
| **U.S. Treasury Bonds & Notes — 26.1%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 11/15/50 | 710000 | 427645 |
| &nbsp;&nbsp;&nbsp;1.750% 8/15/41 | 110000 | 75866 |
| &nbsp;&nbsp;&nbsp;1.875% 2/15/51 | 2320000 | 1491753 |
| &nbsp;&nbsp;&nbsp;1.875% 11/15/51 | 2067000 | 1324368 |
| &nbsp;&nbsp;&nbsp;2.000% 11/15/41 | 160000 | 115146 |
| &nbsp;&nbsp;&nbsp;2.000% 2/15/50 | 1730000 | 1155856 |
| &nbsp;&nbsp;&nbsp;2.250% 5/15/41 | 300000 | 227069 |
| &nbsp;&nbsp;&nbsp;2.250% 2/15/52 | 19590000 | 13778766 |
| &nbsp;&nbsp;&nbsp;2.375% 5/15/51 | 1770000 | 1283387 |
| &nbsp;&nbsp;&nbsp;2.875% 5/15/52 | 44310000 | 35900423 |
| &nbsp;&nbsp;&nbsp;3.000% 2/15/48 | 16000 | 13245 |
| &nbsp;&nbsp;&nbsp;3.000% 8/15/52 | 10580000 | 8825131 |
| &nbsp;&nbsp;&nbsp;3.750% 11/15/43 | 800000 | 755160 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/42 (c) (h) | 4290000 | 4231107 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/52 | 120000 | 121350 |
| U.S. Treasury Floating Rate Note |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. Treasury money market yield - .075% 4.323% FRN 4/30/24 | 10150000 | 10126444 |
| &nbsp;&nbsp;&nbsp;3 mo. Treasury money market yield + .037% 4.435% FRN 7/31/24 | 7296900 | 7285089 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;0.250% 11/15/23 | 70000 | 67328 |
| &nbsp;&nbsp;&nbsp;1.375% 11/15/31 | 1190000 | 972044 |
| &nbsp;&nbsp;&nbsp;2.625% 5/31/27 | 60000 | 56625 |
| &nbsp;&nbsp;&nbsp;2.750% 8/15/32 | 1570000 | 1433861 |
| &nbsp;&nbsp;&nbsp;3.125% 8/31/29 | 780000 | 742301 |
| &nbsp;&nbsp;&nbsp;3.875% 11/30/27 (c) | 1750000 | 1743010 |
| &nbsp;&nbsp;&nbsp;4.000% 12/15/25 | 790000 | 785833 |
| &nbsp;&nbsp;&nbsp;4.000% 10/31/29 | 2840000 | 2847785 |
| &nbsp;&nbsp;&nbsp;4.125% 9/30/27 | 210000 | 211113 |
| &nbsp;&nbsp;&nbsp;4.125% 10/31/27 | 5770000 | 5799572 |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/32 | 10850000 | 11101518 |
| U.S. Treasury Strip |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 5/15/49 | 1450000 | 516210 |
|  |  | 113415005 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $126,546,723)** |  | **113415005** |
| **TOTAL BONDS & NOTES <br>(Cost $481,906,895)** |  | **436084074** |

---

***MassMutual Strategic Bond Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL PURCHASED<br>OPTIONS(#) — 0.0%<br>(Cost $159,395)** |  | $**100563** |
| **MUTUAL FUNDS — 2.2%** |  |  |
|  | **Number <br> of Shares** |  |
| **Diversified Financial Services — 2.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (i) | 9365725 | 9365725 |
| **TOTAL MUTUAL FUNDS <br>(Cost $9,365,725)** |  | **9365725** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $491,432,015)** |  | **445550362** |
| **SHORT-TERM INVESTMENTS — 4.0%** |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** |  |
| **Discount Notes — 2.1%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.060% , due 1/11/23 (j) | $340000 | 339670 |
| &nbsp;&nbsp;&nbsp;4.320% , due 2/15/23 (j) | 1270000 | 1263312 |
| &nbsp;&nbsp;&nbsp;4.418% , due 2/22/23 (j) | 3620000 | 3597416 |
| &nbsp;&nbsp;&nbsp;4.450% , due 2/28/23 (j) | 1580000 | 1569172 |
| &nbsp;&nbsp;&nbsp;4.464% , due 3/08/23 (j) | 2420000 | 2401000 |
| **Repurchase Agreement — 1.9%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (k) | 8365075 | 8365075 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $17,534,021)** |  | **17535645** |
| **TOTAL INVESTMENTS — 106.6%<br>(Cost $508,966,036) (l)** |  | **463086007** |
| **Less Unfunded Loan Commitments — (0.0)%** |  | **(59420)** |
| **NET INVESTMENTS — 106.6%<br>(Cost $508,906,616)** |  | **463026587** |
| **Other Assets/(Liabilities) — (6.6)%** |  | **(28576629)** |
| **NET ASSETS — 100.0%** |  | $**434449958** |

---

**Abbreviation Legend**

FRN Floating Rate Note

REMICS Real Estate Mortgage Investment Conduits

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unfunded or partially unfunded loan commitments.

&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 December 31, 2022, the aggregate market value of these securities amounted to $61,343,943 or 14.12% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $9,976,939 or 2.30% of net assets. The Fund received $816,996 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(g) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Maturity value of $8,366,265. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 1/31/23 – 5/15/28, and an aggregate market value, including accrued interest, of $8,532,526.

&nbsp;&nbsp;&nbsp;&nbsp;(l) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** | **(#) Exchange-Traded Options Purchased** |
| **Description** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Call** | | | | | | | | |
| U.S. Treasury Note 10 Year Future | 1/27/23 | 114.00 | 105 | USD | 11791172 | $32813 | $59338 | $(26525) |
| 3 Month SOFR Future | 6/16/23 | 95.50 | 21 | USD | 4989600 | 4594 | 6869 | (2275) |
|  |  |  |  |  |  | $37407 | $66207 | $(28800) |
| **Put** |  |  |  |  |  |  |  |  |
| SOFR 1 Year Mid Curve Future | 1/13/23 | 95.63 | 104 | USD | 24923600 | $13650 | $36619 | $(22969) |
| SOFR 1 Year Mid Curve Future | 1/13/23 | 95.88 | 107 | USD | 25642550 | 38787 | 45399 | (6612) |
| U.S. Treasury Note 10 Year Future | 1/27/23 | 109.00 | 98 | USD | 11005094 | 10719 | 11170 | (451) |
|  |  |  |  |  |  | $63156 | $93188 | $(30032) |
|  |  |  |  |  |  | $100563 | $159395 | $(58832) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** | **Exchange-Traded Options Written** |
| **Description** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Call** | | | | | | | | |
| U.S. Treasury Note 10 Year Future | 2/24/23 | 115.50 | 84 | USD | 9432938 | $(26250) | $(36011) | $9761 |
| 3 Month SOFR Future | 6/16/23 | 96.00 | 21 | USD | 4989600 | (2100) | (2581) | 481 |
| 3 Month SOFR Future | 9/15/23 | 98.75 | 43 | USD | 10285600 | (1344) | (14560) | 13216 |
| 3 Month SOFR Future | 12/15/23 | 96.50 | 74 | USD | 17661950 | (36075) | (72020) | 35945 |
| 3 Month SOFR Future | 12/15/23 | 96.63 | 21 | USD | 5012175 | (9056) | (19168) | 10112 |
|  |  |  |  |  |  | $(74825) | $(144340) | $69515 |
| **Put** |  |  |  |  |  |  |  |  |
| Eurodollar Future | 6/20/23 | 97.00 | 22 | USD | 5215925 | $(119213) | $(4354) | $(114859) |
|  |  |  |  |  |  | $(194038) | $(148694) | $(45344) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Bank of America N.A. | 1/18/23 | MXN | 8868000 | USD | 444779 | $9170 |
| Bank of America N.A. | 1/18/23 | USD | 323428 | MXN | 6589531 | (13887) |
| Citibank N.A. | 1/18/23 | JPY | 720075722 | USD | 5030858 | 465327 |
| Citibank N.A. | 1/18/23 | NOK | 12358698 | EUR | 1181723 | (3953) |
| Goldman Sachs International | 1/18/23 | USD | 2044026 | IDR | 31594508090 | 14797 |
| Goldman Sachs International | 1/18/23 | USD | 307422 | JPY | 43554766 | (25022) |
| Goldman Sachs International | 1/18/23 | ZAR | 6889002 | USD | 382446 | 22516 |
| Goldman Sachs International | 1/18/23 | GBP | 1415114 | USD | 1628549 | 82883 |
| Morgan Stanley & Co. LLC | 1/18/23 | USD | 1412247 | CNH | 10055443 | (42346) |
| Morgan Stanley & Co. LLC | 1/18/23 | USD | 1159601 | CAD | 1592890 | (16917) |
| Morgan Stanley & Co. LLC | 1/18/23 | USD | 1984349 | GBP | 1648199 | (8975) |
| Morgan Stanley & Co. LLC | 1/18/23 | USD | 2463162 | JPY | 326450250 | (28563) |
| Morgan Stanley & Co. LLC | 1/18/23 | AUD | 8863997 | USD | 5726142 | 312325 |
| Morgan Stanley & Co. LLC | 1/18/23 | CAD | 9458985 | USD | 6926767 | 59697 |
| Morgan Stanley & Co. LLC | 1/18/23 | USD | 327378 | EUR | 325834 | (21742) |
|  |  |  |  |  |  | $805310 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| Euro-BOBL | 3/08/23 | 9 | $1156097 | $(40956) |
| Euro-Bund | 3/08/23 | 11 | 1614712 | (49469) |
| Euro-OAT | 3/08/23 | 15 | 2201880 | (157857) |
| 90 Day Eurodollar | 3/13/23 | 36 | 8556337 | (13087) |
| Australia Treasury Bond 10 Year | 3/15/23 | 36 | 2998497 | (163075) |
| U.S. Treasury Long Bond | 3/22/23 | 144 | 18120308 | (70808) |
| U.S. Treasury Ultra Bond | 3/22/23 | 156 | 21064987 | (112237) |
| UK Long Gilt | 3/29/23 | 14 | 1784253 | (93415) |
| U.S. Treasury Note 5 Year | 3/31/23 | 1721 | 186394997 | (648004) |
| 90 Day Eurodollar | 6/19/23 | 5 | 1212508 | (27070) |
| 3 Month SOFR | 9/19/23 | 1 | 241415 | (3815) |
| 90 Day Eurodollar | 12/18/23 | 22 | 5357071 | (120521) |
| 3 Month SOFR | 3/18/25 | 106 | 25551473 | 63427 |
| 3 Month SOFR | 3/17/26 | 24 | 5783134 | 26066 |
|  |  |  |  | $(1410821) |
| **Short** |  |  |  |  |
| Euro-Buxl 30 Year Bond | 3/08/23 | 2 | $(343183) | $53648 |
| Japanese 10 Year Bond | 3/13/23 | 4 | (4517043) | 83639 |
| U.S. Treasury Note 10 Year | 3/22/23 | 862 | (97332034) | 532128 |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 49 | (5842401) | 46620 |
| U.S. Treasury Note 2 Year | 3/31/23 | 299 | (61264116) | (54244) |
| 3 Month SOFR | 3/19/24 | 169 | (40482901) | 146826 |
| 90 Day Eurodollar | 3/17/25 | 91 | (22266417) | 316079 |
|  |  |  |  | $1124696 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** |
| **Reference<br>Obligation/Index** | **Rate Paid by Fund** | **Payment Frequency** | **Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| CDX.NA.HY Series 39† | 5.000% | Quarterly | 12/20/2027 | USD | 842100 | $(5186) | $37735 | $(42921) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** |
| **Reference<br>Obligation/ Index** | **Rate Received by Fund** | **Payment Frequency** | **Termination Date** | **Credit Rating** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| CDX.NA.IG Series 39† | 1.000% | Quarterly | 12/20/27 | BBB+\* | USD | 54179000 | $433215 | $(45293) | $478508 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **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/ Reference** | **Frequency** | <br>**Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation (Depreciation)** |
| 28 Day-MXN-TIIE-Banxico | Monthly | Fixed 7.450% | Monthly | 7/18/29 | MXN | 88370000 | $(290920) | $37242 | $(328162) |
| Fixed 1.130% | Annually | 12-Month USD SOFR | Annually | 8/15/28 | USD | 980000 | 124883 | 6525 | 118358 |
| Fixed 1.220% | Annually | 12-Month USD SOFR | Annually | 8/15/28 | USD | 2942000 | 361620 | (190) | 361810 |
| Fixed 2.850% | Annually | 12-Month USD SOFR | Annually | 2/15/29 | USD | 3019000 | 128283 | (3872) | 132155 |
| Fixed 3.270% | Annually | 12-Month USD SOFR | Annually | 4/30/29 | USD | 8086000 | 158242 | (34958) | 193200 |
| Fixed 3.850% | Annually | 12-Month USD SOFR | Annually | 6/30/29 | USD | 6935000 | (96124) | 3712 | (99836) |
| Fixed 2.000% | Annually | 12-Month USD SOFR | Annually | 3/18/32 | USD | 1542000 | 183620 | 10018 | 173602 |
| Fixed 0.560% | Annually | 12-Month USD SOFR | Annually | 7/20/45 | USD | 3470000 | 1516018 | 78573 | 1437445 |
| Fixed 1.729% | Annually | Fed Funds | Annually | 2/15/47 | USD | 1725000 | 448249 | 25406 | 422843 |
| Fixed 1.520% | Annually | 12-Month USD SOFR | Annually | 2/15/47 | USD | 1137000 | 334162 | (29927) | 364089 |
| Fixed 1.630% | Annually | 12-Month USD SOFR | Annually | 5/15/47 | USD | 580000 | 160556 | 25406 | 135150 |
| Fixed 1.650% | Annually | 12-Month USD SOFR | Annually | 8/15/47 | USD | 226000 | 61997 | 22724 | 39273 |
| Fixed 2.620% | Annually | 12-Month USD SOFR | Annually | 2/15/48 | USD | 505000 | 57106 | 577 | 56529 |
| Fixed 2.510% | Annually | 12-Month USD SOFR | Annually | 2/15/48 | USD | 1829000 | 240562 | 11993 | 228569 |
| Fixed 2.600% | Annually | 12-Month USD SOFR | Annually | 2/15/48 | USD | 1281000 | 149107 | 88053 | 61054 |
| Fixed 2.500% | Annually | 12-Month USD SOFR | Annually | 4/21/52 | USD | 1900000 | 243752 | 3408 | 240344 |
|  |  |  |  |  |  |  | $3781113 | $244690 | $3536423 |

---

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

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

---

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

---

**Currency Legend**

AUD Australian Dollar

CAD Canadian Dollar

CNH Offshore Chinese Yuan

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

IDR Indonesian Rupiah

JPY Japanese Yen

MXN Mexican Peso

NOK Norwegian Krone

RUB Russian Ruble

USD U.S. Dollar

ZAR South African Rand

***MassMutual Diversified Value Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 98.4%** |  |  |
| **COMMON STOCK — 97.3%** |  |  |
| **Basic Materials — 3.9%** |  |  |
| **Chemicals — 1.8%** |  |  |
| CF Industries Holdings, Inc. | 37550 | $3199261 |
| Dow, Inc. | 14900 | 750811 |
| Eastman Chemical Co. | 2500 | 203600 |
| FMC Corp. | 2500 | 312000 |
| Huntsman Corp. | 2200 | 60456 |
| LyondellBasell Industries NV Class A | 6900 | 572907 |
| The Mosaic Co. | 10100 | 443087 |
| Olin Corp. | 2900 | 153526 |
|  |  | 5695648 |
| **Forest Products & Paper — 0.8%** |  |  |
| International Paper Co. | 69015 | 2389989 |
| **Iron & Steel — 0.7%** |  |  |
| Nucor Corp. | 8100 | 1067661 |
| Reliance Steel & Aluminum Co. | 1700 | 344148 |
| Steel Dynamics, Inc. | 5700 | 556890 |
| United States Steel Corp. | 5000 | 125250 |
|  |  | 2093949 |
| **Mining — 0.6%** |  |  |
| Freeport-McMoRan, Inc. | 30300 | 1151400 |
| Newmont Corp. | 15800 | 745760 |
|  |  | 1897160 |
|  |  | 12076746 |
| **Communications — 5.9%** |  |  |
| **Advertising — 0.2%** |  |  |
| The Interpublic Group of Cos., Inc. | 8200 | 273142 |
| Omnicom Group, Inc. | 5800 | 473106 |
|  |  | 746248 |
| **Media — 3.2%** |  |  |
| Comcast Corp. Class A | 140210 | 4903144 |
| Fox Corp. Class A | 9000 | 273330 |
| News Corp. Class A | 151566 | 2758501 |
| Nexstar Media Group, Inc. Class A | 800 | 140024 |
| The Walt Disney Co. (a) | 20660 | 1794941 |
|  |  | 9869940 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Telecommunications — 2.5%** |  |  |
| AT&T, Inc. | 150900 | $2778069 |
| Cisco Systems, Inc. | 87700 | 4178028 |
| Corning, Inc. | 17900 | 571726 |
| Frontier Communications Parent, Inc. (a) | 5200 | 132496 |
|  |  | 7660319 |
|  |  | 18276507 |
| **Consumer, Cyclical — 5.2%** |  |  |
| **Apparel — 0.2%** |  |  |
| Capri Holdings Ltd. (a) | 2900 | 166228 |
| Ralph Lauren Corp. | 900 | 95103 |
| Skechers U.S.A., Inc. Class A (a) | 2800 | 117460 |
| Tapestry, Inc. | 5100 | 194208 |
|  |  | 572999 |
| **Auto Manufacturers — 1.2%** |  |  |
| Cummins, Inc. | 3000 | 726870 |
| Ford Motor Co. | 103900 | 1208357 |
| General Motors Co. | 30100 | 1012564 |
| PACCAR, Inc. | 7400 | 732378 |
|  |  | 3680169 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| BorgWarner, Inc. | 5000 | 201250 |
| Lear Corp. | 1300 | 161226 |
|  |  | 362476 |
| **Distribution & Wholesale — 0.1%** |  |  |
| LKQ Corp. | 8000 | 427280 |
| **Home Builders — 0.7%** |  |  |
| D.R. Horton, Inc. | 9700 | 864658 |
| Lennar Corp. Class A | 7300 | 660650 |
| NVR, Inc. (a) | 80 | 369006 |
| PulteGroup, Inc. | 7200 | 327816 |
|  |  | 2222130 |
| **Home Furnishing — 0.1%** |  |  |
| Whirlpool Corp. | 1700 | 240482 |
| **Leisure Time — 0.1%** |  |  |
| Brunswick Corp. | 2000 | 144160 |
| Harley-Davidson, Inc. | 3100 | 128960 |
| Polaris, Inc. | 1200 | 121200 |
|  |  | 394320 |
| **Lodging — 0.7%** |  |  |
| Boyd Gaming Corp. | 2200 | 119966 |
| Las Vegas Sands Corp. (a) | 39326 | 1890401 |
|  |  | 2010367 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Retail — 2.0%** |  |  |
| AutoNation, Inc. (a) | 2300 | $246790 |
| Bath & Body Works, Inc. | 4800 | 202272 |
| Best Buy Co., Inc. | 4700 | 376987 |
| Dick's Sporting Goods, Inc. | 1300 | 156377 |
| Lowe's Cos., Inc. | 19500 | 3885180 |
| Macy's, Inc. | 5300 | 109445 |
| Penske Automotive Group, Inc. | 1700 | 195381 |
| Walgreens Boots Alliance, Inc. | 18000 | 672480 |
| Williams-Sonoma, Inc. | 1300 | 149396 |
|  |  | 5994308 |
|  |  | 15904531 |
| **Consumer, Non-cyclical — 26.8%** |  |  |
| **Agriculture — 2.9%** |  |  |
| Altria Group, Inc. | 38400 | 1755264 |
| Archer-Daniels-Midland Co. | 14800 | 1374180 |
| Darling Ingredients, Inc. (a) | 3400 | 212806 |
| Philip Morris International, Inc. | 55828 | 5650352 |
|  |  | 8992602 |
| **Beverages — 0.1%** |  |  |
| Molson Coors Beverage Co. Class B | 4200 | 216384 |
| **Biotechnology — 2.9%** |  |  |
| Amgen, Inc. | 11300 | 2967832 |
| Biogen, Inc. (a) | 2200 | 609224 |
| Gilead Sciences, Inc. | 24700 | 2120495 |
| Moderna, Inc. (a) | 8100 | 1454922 |
| Regeneron Pharmaceuticals, Inc. (a) | 2200 | 1587278 |
|  |  | 8739751 |
| **Commercial Services — 0.5%** |  |  |
| FleetCor Technologies, Inc. (a) | 1600 | 293888 |
| Global Payments, Inc. | 1500 | 148980 |
| Service Corp. International | 4700 | 324958 |
| U-Haul Holding Co. (b) | 600 | 36114 |
| U-Haul Holding Co. | 5400 | 296892 |
| United Rentals, Inc. (a) | 1500 | 533130 |
|  |  | 1633962 |
| **Food — 2.2%** |  |  |
| Conagra Brands, Inc. | 73031 | 2826300 |
| Ingredion, Inc. | 1400 | 137102 |
| Kellogg Co. | 6600 | 470184 |
| The Kraft Heinz Co. | 25900 | 1054389 |
| The Kroger Co. | 15500 | 690990 |
| Tyson Foods, Inc. Class A | 27564 | 1715859 |
|  |  | 6894824 |
| **Health Care – Products — 0.7%** |  |  |
| Hologic, Inc. (a) | 4900 | 366569 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Zimmer Biomet Holdings, Inc. | 12800 | $1632000 |
|  |  | 1998569 |
| **Health Care – Services — 4.1%** |  |  |
| Centene Corp. (a) | 12000 | 984120 |
| Elevance Health, Inc. | 15652 | 8029006 |
| HCA Healthcare, Inc. | 9000 | 2159640 |
| Laboratory Corp. of America Holdings | 2700 | 635796 |
| Quest Diagnostics, Inc. | 3600 | 563184 |
| Universal Health Services, Inc. Class B | 2100 | 295869 |
|  |  | 12667615 |
| **Household Products & Wares — 0.8%** |  |  |
| Kimberly-Clark Corp. | 18153 | 2464270 |
| **Pharmaceuticals — 12.6%** |  |  |
| AbbVie, Inc. | 48966 | 7913395 |
| AmerisourceBergen Corp. | 5600 | 927976 |
| Becton Dickinson and Co. | 13486 | 3429490 |
| Bristol-Myers Squibb Co. | 45000 | 3237750 |
| Cardinal Health, Inc. | 4900 | 376663 |
| Cigna Corp. | 7200 | 2385648 |
| CVS Health Corp. | 27800 | 2590682 |
| Henry Schein, Inc. (a) | 2800 | 223636 |
| Johnson & Johnson | 13700 | 2420105 |
| McKesson Corp. | 4200 | 1575504 |
| Merck & Co., Inc. | 47800 | 5303410 |
| Pfizer, Inc. | 118900 | 6092436 |
| Sanofi ADR | 45903 | 2223082 |
|  |  | 38699777 |
|  |  | 82307754 |
| **Energy — 10.9%** |  |  |
| **Oil & Gas — 10.1%** |  |  |
| APA Corp. | 7100 | 331428 |
| Chevron Corp. | 13800 | 2476962 |
| ConocoPhillips | 26400 | 3115200 |
| Devon Energy Corp. | 13800 | 848838 |
| Diamondback Energy, Inc. | 3000 | 410340 |
| EOG Resources, Inc. | 26932 | 3488232 |
| Exxon Mobil Corp. | 83100 | 9165930 |
| Marathon Oil Corp. | 15300 | 414171 |
| Occidental Petroleum Corp. | 19200 | 1209408 |
| Ovintiv, Inc. | 5300 | 268763 |
| PDC Energy, Inc. | 2000 | 126960 |
| Pioneer Natural Resources Co. | 5000 | 1141950 |
| Range Resources Corp. | 5100 | 127602 |
| TotalEnergies SE | 83325 | 5200743 |
| TotalEnergies SE Sponsored ADR | 24258 | 1505937 |
| Valero Energy Corp. | 8600 | 1090996 |
|  |  | 30923460 |
| **Pipelines — 0.8%** |  |  |
| Kinder Morgan, Inc. | 47600 | 860608 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| ONEOK, Inc. | 8800 | $578160 |
| TC Energy Corp. | 26638 | 1061791 |
|  |  | 2500559 |
|  |  | 33424019 |
| **Financial — 22.9%** |  |  |
| **Banks — 12.3%** |  |  |
| Bank of America Corp. | 176800 | 5855616 |
| The Bank of New York Mellon Corp. | 18500 | 842120 |
| BOK Financial Corp. | 1400 | 145306 |
| Comerica, Inc. | 2800 | 187180 |
| Commerce Bancshares, Inc. | 2730 | 185831 |
| East West Bancorp, Inc. | 3000 | 197700 |
| Fifth Third Bancorp | 77850 | 2554258 |
| The Goldman Sachs Group, Inc. | 11045 | 3792632 |
| Huntington Bancshares, Inc. | 207756 | 2929360 |
| JP Morgan Chase & Co. | 62100 | 8327610 |
| KeyCorp. | 20300 | 353626 |
| Morgan Stanley | 35800 | 3043716 |
| Northern Trust Corp. | 4400 | 389356 |
| Pinnacle Financial Partners, Inc. | 800 | 58720 |
| The PNC Financial Services Group, Inc. | 8900 | 1405666 |
| Prosperity Bancshares, Inc. | 1900 | 138092 |
| Regions Financial Corp. | 20100 | 433356 |
| Synovus Financial Corp. | 1300 | 48815 |
| Truist Financial Corp. | 27900 | 1200537 |
| Wells Fargo & Co. | 130616 | 5393135 |
| Zions Bancorp NA | 3400 | 167144 |
|  |  | 37649776 |
| **Diversified Financial Services — 1.6%** |  |  |
| American Express Co. | 16100 | 2378775 |
| Ameriprise Financial, Inc. | 2400 | 747288 |
| Credit Acceptance Corp. (a) (b) | 400 | 189760 |
| Discover Financial Services | 6100 | 596763 |
| SEI Investments Co. | 3100 | 180730 |
| Synchrony Financial | 9500 | 312170 |
| T. Rowe Price Group, Inc. | 4700 | 512582 |
| UWM Holdings Corp. | 1800 | 5958 |
| The Western Union Co. | 6800 | 93636 |
|  |  | 5017662 |
| **Insurance — 7.3%** |  |  |
| Aflac, Inc. | 14400 | 1035936 |
| The Allstate Corp. | 6200 | 840720 |
| American Financial Group, Inc. | 1800 | 247104 |
| American International Group, Inc. | 53227 | 3366075 |
| Arch Capital Group Ltd. (a) | 8300 | 521074 |
| Assurant, Inc. | 1200 | 150072 |
| Chubb Ltd. | 25975 | 5730085 |
| Cincinnati Financial Corp. | 3400 | 348126 |
| Equitable Holdings, Inc. | 83223 | 2388500 |
| Everest Re Group Ltd. | 1000 | 331270 |
| Fidelity National Financial, Inc. | 5900 | 221958 |
| Globe Life, Inc. | 1900 | 229045 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| The Hartford Financial Services Group, Inc. | 7500 | $568725 |
| Loews Corp. | 5500 | 320815 |
| Markel Corp. (a) | 320 | 421597 |
| MetLife, Inc. | 18600 | 1346082 |
| Old Republic International Corp. | 6400 | 154560 |
| Principal Financial Group, Inc. | 5800 | 486736 |
| Prudential Financial, Inc. | 8200 | 815572 |
| Reinsurance Group of America, Inc. | 1400 | 198926 |
| RenaissanceRe Holdings Ltd. | 1000 | 184230 |
| The Travelers Cos., Inc. | 9800 | 1837402 |
| Unum Group | 4200 | 172326 |
| Voya Financial, Inc. | 2800 | 172172 |
| W.R. Berkley Corp. | 5600 | 406392 |
|  |  | 22495500 |
| **Real Estate — 0.2%** |  |  |
| CBRE Group, Inc. Class A (a) | 6700 | 515632 |
| Jones Lang LaSalle, Inc. (a) | 1300 | 207181 |
|  |  | 722813 |
| **Real Estate Investment Trusts (REITS) — 1.5%** |  |  |
| Equity Residential | 39267 | 2316753 |
| Weyerhaeuser Co. | 70498 | 2185438 |
|  |  | 4502191 |
|  |  | 70387942 |
| **Industrial — 9.2%** |  |  |
| **Aerospace & Defense — 1.4%** |  |  |
| The Boeing Co. (a) | 6394 | 1217993 |
| L3 Harris Technologies, Inc. | 14197 | 2955957 |
|  |  | 4173950 |
| **Building Materials — 0.5%** |  |  |
| Builders FirstSource, Inc. (a) | 3100 | 201128 |
| Carrier Global Corp. | 15866 | 654473 |
| Fortune Brands Innovations, Inc. | 2700 | 154197 |
| Masco Corp. | 7000 | 326690 |
| Owens Corning | 2900 | 247370 |
|  |  | 1583858 |
| **Electronics — 0.2%** |  |  |
| Arrow Electronics, Inc. (a) | 2000 | 209140 |
| Jabil, Inc. | 4100 | 279620 |
| Sensata Technologies Holding PLC | 3200 | 129216 |
|  |  | 617976 |
| **Engineering & Construction — 0.0%** |  |  |
| TopBuild Corp. (a) | 200 | 31298 |
| **Environmental Controls — 0.1%** |  |  |
| Pentair PLC | 3500 | 157430 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Hand & Machine Tools — 0.6%** |  |  |
| Snap-on, Inc. | 1500 | $342735 |
| Stanley Black & Decker, Inc. | 18300 | 1374696 |
|  |  | 1717431 |
| **Machinery – Construction & Mining — 0.7%** |  |  |
| Caterpillar, Inc. | 8800 | 2108128 |
| Oshkosh Corp. | 1300 | 114647 |
|  |  | 2222775 |
| **Machinery – Diversified — 0.2%** |  |  |
| AGCO Corp. | 1600 | 221904 |
| Dover Corp. | 2700 | 365607 |
|  |  | 587511 |
| **Miscellaneous - Manufacturing — 2.3%** |  |  |
| Carlisle Cos., Inc. | 1100 | 259215 |
| General Electric Co. | 67323 | 5640994 |
| Parker-Hannifin Corp. | 2700 | 785700 |
| Textron, Inc. | 6100 | 431880 |
|  |  | 7117789 |
| **Packaging & Containers — 0.6%** |  |  |
| Amcor PLC | 41900 | 499029 |
| Berry Global Group, Inc. | 2600 | 157118 |
| Crown Holdings, Inc. | 3600 | 295956 |
| Graphic Packaging Holding Co. | 6500 | 144625 |
| Packaging Corp. of America | 2600 | 332566 |
| Sealed Air Corp. | 4200 | 209496 |
| Sonoco Products Co. | 2100 | 127491 |
| WestRock Co. | 5000 | 175800 |
|  |  | 1942081 |
| **Shipbuilding — 0.1%** |  |  |
| Huntington Ingalls Industries, Inc. | 900 | 207612 |
| **Transportation — 2.5%** |  |  |
| C.H. Robinson Worldwide, Inc. | 2600 | 238056 |
| Expeditors International of Washington, Inc. | 3400 | 353328 |
| FedEx Corp. | 5300 | 917960 |
| Knight-Swift Transportation Holdings, Inc. | 3500 | 183435 |
| Landstar System, Inc. | 800 | 130320 |
| United Parcel Service, Inc. Class B | 34347 | 5970882 |
|  |  | 7793981 |
|  |  | 28153692 |
| **Technology — 6.3%** |  |  |
| **Computers — 1.6%** |  |  |
| CACI International, Inc. Class A (a) | 400 | 120236 |
| Dell Technologies, Inc. Class C | 5100 | 205122 |
| DXC Technology Co. (a) | 4900 | 129850 |
| Hewlett Packard Enterprise Co. | 34500 | 550620 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| HP, Inc. | 34400 | $924328 |
| International Business Machines Corp. | 17600 | 2479664 |
| Leidos Holdings, Inc. | 2500 | 262975 |
| NetApp, Inc. | 4300 | 258258 |
|  |  | 4931053 |
| **Semiconductors — 3.2%** |  |  |
| Applied Materials, Inc. | 17900 | 1743102 |
| KLA Corp. | 2800 | 1055684 |
| Lam Research Corp. | 2900 | 1218870 |
| QUALCOMM, Inc. | 52827 | 5807801 |
|  |  | 9825457 |
| **Software — 1.5%** |  |  |
| Fidelity National Information Services, Inc. | 10100 | 685285 |
| Fiserv, Inc. (a) | 11200 | 1131984 |
| Microsoft Corp. | 11409 | 2736106 |
|  |  | 4553375 |
|  |  | 19309885 |
| **Utilities — 6.2%** |  |  |
| **Electric — 6.1%** |  |  |
| Alliant Energy Corp. | 5200 | 287092 |
| Dominion Energy, Inc. | 42900 | 2630628 |
| Duke Energy Corp. | 16300 | 1678737 |
| Edison International | 7400 | 470788 |
| Entergy Corp. | 4300 | 483750 |
| Evergy, Inc. | 4900 | 308357 |
| Eversource Energy | 6700 | 561728 |
| Exelon Corp. | 26000 | 1123980 |
| OGE Energy Corp. | 4200 | 166110 |
| Pinnacle West Capital Corp. | 2400 | 182496 |
| PPL Corp. | 15600 | 455832 |
| Public Service Enterprise Group, Inc. | 14100 | 863907 |
| Sempra Energy | 32309 | 4993033 |
| The Southern Co. | 60358 | 4310165 |
| Vistra Corp. | 9600 | 222720 |
|  |  | 18739323 |
| **Gas — 0.1%** |  |  |
| National Fuel Gas Co. | 1600 | 101280 |
| UGI Corp. | 4400 | 163108 |
|  |  | 264388 |
|  |  | 19003711 |
| **TOTAL COMMON STOCK <br>(Cost $255,316,980)** |  | **298844787** |
| **PREFERRED STOCK — 1.1%** |  |  |
| **Consumer, Cyclical — 1.0%** |  |  |
| **Auto Manufacturers — 1.0%** |  |  |
| Dr Ing hc F Porsche AG (a) | 13278 | 1347136 |

---

***MassMutual Diversified Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Volkswagen AG 6.014% | 12535 | $1562347 |
|  |  | 2909483 |
| **Consumer, Non-cyclical — 0.1%** |  |  |
| **Pharmaceuticals — 0.1%** |  |  |
| Becton Dickinson and Co. Convertible 6.000% | 8676 | 434494 |
| **TOTAL PREFERRED STOCK <br>(Cost $4,178,984)** |  | **3343977** |
| **TOTAL EQUITIES <br>(Cost $259,495,964)** |  | **302188764** |
| **MUTUAL FUNDS — 0.8%** |  |  |
| **Diversified Financial Services — 0.8%** |  |  |
| iShares Russell 1000 Value ETF | 15200 | 2305080 |
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 191664 | 191664 |
|  |  | 2496744 |
| **TOTAL MUTUAL FUNDS <br>(Cost $2,546,232)** |  | **2496744** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $262,042,196)** |  | **304685508** |
| **SHORT-TERM INVESTMENTS — 1.0%** |  |  |
| **Mutual Fund — 0.0%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 105 | 105 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 1.0%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $3018921 | 3018921 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $3,019,026)** |  | **3019026** |
| **TOTAL INVESTMENTS — 100.2%<br>(Cost $265,061,222) (e)** |  | **307704534** |
| **Other Assets/(Liabilities) — (0.2)%** |  | **(471138)** |
| **NET ASSETS — 100.0%** |  | $**307233396** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

ETF Exchange-Traded Fund

**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 December 31, 2022, was $223,788 or 0.07% of net assets. The Fund received $36,734 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $3,019,350. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.000%, maturity dates ranging from 6/29/23 - 6/30/24, and an aggregate market value, including accrued interest, of $3,079,334.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Fundamental Value Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 98.4%** |  |  |
| **COMMON STOCK — 98.4%** |  |  |
| **Basic Materials — 5.8%** |  |  |
| **Chemicals — 5.8%** |  |  |
| Air Products & Chemicals, Inc. | 23665 | $7294973 |
| Axalta Coating Systems Ltd. (a) | 151749 | 3865047 |
| DuPont de Nemours, Inc. | 120064 | 8239992 |
| Element Solutions, Inc. | 85834 | 1561320 |
| International Flavors & Fragrances, Inc. | 42034 | 4406845 |
| Olin Corp. | 35118 | 1859147 |
|  |  | 27227324 |
|  |  | 27227324 |
| **Communications — 4.4%** |  |  |
| **Internet — 1.4%** |  |  |
| Alphabet, Inc. Class A (a) | 59356 | 5236980 |
| Booking Holdings, Inc. (a) | 697 | 1404650 |
|  |  | 6641630 |
| **Media — 0.8%** |  |  |
| Comcast Corp. Class A | 112061 | 3918773 |
| **Telecommunications — 2.2%** |  |  |
| Cisco Systems, Inc. | 98691 | 4701639 |
| T-Mobile US, Inc. (a) | 39835 | 5576900 |
|  |  | 10278539 |
|  |  | 20838942 |
| **Consumer, Cyclical — 5.3%** |  |  |
| **Auto Parts & Equipment — 0.3%** |  |  |
| Aptiv PLC (a) | 13425 | 1250270 |
| **Distribution & Wholesale — 0.4%** |  |  |
| LKQ Corp. | 38564 | 2059703 |
| **Entertainment — 0.5%** |  |  |
| Marriott Vacations Worldwide Corp. | 7255 | 976451 |
| SeaWorld Entertainment, Inc. (a) | 28955 | 1549382 |
|  |  | 2525833 |
| **Food Services — 0.5%** |  |  |
| Aramark | 53665 | 2218511 |

---

***MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Home Furnishing — 0.4%** |  |  |
| Sony Group Corp. Sponsored ADR (b) | 26432 | $2016233 |
| **Lodging — 0.8%** |  |  |
| Las Vegas Sands Corp. (a) | 52898 | 2542807 |
| MGM Resorts International | 32394 | 1086171 |
|  |  | 3628978 |
| **Retail — 2.4%** |  |  |
| Advance Auto Parts, Inc. | 19027 | 2797540 |
| AutoZone, Inc. (a) | 2236 | 5514378 |
| Dollar General Corp. | 8910 | 2194087 |
| Lithia Motors, Inc. | 3098 | 634285 |
|  |  | 11140290 |
|  |  | 24839818 |
| **Consumer, Non-cyclical — 28.4%** |  |  |
| **Agriculture — 1.7%** |  |  |
| Philip Morris International, Inc. | 78293 | 7924035 |
| **Beverages — 2.5%** |  |  |
| Coca-Cola Europacific Partners PLC | 102335 | 5661172 |
| Keurig Dr Pepper, Inc. | 122582 | 4371274 |
| Molson Coors Beverage Co. Class B | 37832 | 1949105 |
|  |  | 11981551 |
| **Biotechnology — 0.2%** |  |  |
| Corteva, Inc. | 15627 | 918555 |
| **Commercial Services — 1.2%** |  |  |
| FleetCor Technologies, Inc. (a) | 9800 | 1800064 |
| Global Payments, Inc. | 11307 | 1123011 |
| United Rentals, Inc. (a) | 7537 | 2678801 |
|  |  | 5601876 |
| **Cosmetics & Personal Care — 0.5%** |  |  |
| The Procter & Gamble Co. | 14849 | 2250514 |
| **Food — 0.4%** |  |  |
| US Foods Holding Corp. (a) | 59481 | 2023544 |
| **Health Care – Products — 2.2%** |  |  |
| Avantor, Inc. (a) | 76723 | 1618088 |
| Envista Holdings Corp. (a) | 55473 | 1867776 |
| Hologic, Inc. (a) | 20148 | 1507272 |
| LivaNova PLC (a) | 19283 | 1070978 |
| Medtronic PLC | 52689 | 4094989 |
|  |  | 10159103 |
| **Health Care – Services — 5.2%** |  |  |
| Centene Corp. (a) | 51736 | 4242869 |
| Elevance Health, Inc. | 5410 | 2775168 |
| Humana, Inc. | 7102 | 3637573 |
| ICON PLC (a) | 10022 | 1946774 |

---

***MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| UnitedHealth Group, Inc. | 22207 | $11773707 |
|  |  | 24376091 |
| **Pharmaceuticals — 14.5%** |  |  |
| AbbVie, Inc. | 20134 | 3253856 |
| AmerisourceBergen Corp. | 18584 | 3079554 |
| Becton Dickinson and Co. | 9928 | 2524690 |
| Bristol-Myers Squibb Co. | 86291 | 6208637 |
| Cigna Corp. | 34188 | 11327852 |
| CVS Health Corp. | 117984 | 10994929 |
| Johnson & Johnson | 61332 | 10834298 |
| McKesson Corp. | 3164 | 1186880 |
| Merck & Co., Inc. | 87146 | 9668849 |
| Perrigo Co. PLC | 93283 | 3180017 |
| Sanofi ADR | 122139 | 5915192 |
|  |  | 68174754 |
|  |  | 133410023 |
| **Energy — 11.0%** |  |  |
| **Oil & Gas — 8.9%** |  |  |
| Canadian Natural Resources Ltd. | 55319 | 3071864 |
| Cenovus Energy, Inc. (b) | 161613 | 3136908 |
| ConocoPhillips | 50419 | 5949442 |
| Devon Energy Corp. | 40293 | 2478423 |
| EOG Resources, Inc. | 12393 | 1605141 |
| Hess Corp. | 49164 | 6972439 |
| Marathon Petroleum Corp. | 36849 | 4288855 |
| Phillips 66 | 70502 | 7337848 |
| Pioneer Natural Resources Co. | 23339 | 5330394 |
| Valero Energy Corp. | 11904 | 1510142 |
|  |  | 41681456 |
| **Oil & Gas Services — 1.5%** |  |  |
| Halliburton Co. | 80984 | 3186720 |
| Schlumberger NV | 70065 | 3745675 |
|  |  | 6932395 |
| **Pipelines — 0.6%** |  |  |
| Enbridge, Inc. | 79999 | 3127961 |
|  |  | 51741812 |
| **Financial — 19.3%** |  |  |
| **Banks — 8.7%** |  |  |
| Bank of America Corp. | 117166 | 3880538 |
| The Goldman Sachs Group, Inc. | 9532 | 3273098 |
| JP Morgan Chase & Co. | 93338 | 12516626 |
| M&T Bank Corp. | 13547 | 1965128 |
| Northern Trust Corp. | 40093 | 3547829 |
| Truist Financial Corp. | 44087 | 1897064 |
| US Bancorp | 85070 | 3709903 |
| Wells Fargo & Co. | 242735 | 10022528 |
|  |  | 40812714 |

---

***MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Diversified Financial Services — 2.1%** |  |  |
| AerCap Holdings NV (a) | 20895 | $1218596 |
| American Express Co. | 7207 | 1064834 |
| Capital One Financial Corp. | 9259 | 860717 |
| The Charles Schwab Corp. | 67094 | 5586247 |
| Intercontinental Exchange, Inc. | 13451 | 1379938 |
|  |  | 10110332 |
| **Insurance — 7.0%** |  |  |
| The Allstate Corp. | 51741 | 7016080 |
| American International Group, Inc. | 37804 | 2390725 |
| Axis Capital Holdings Ltd. | 23991 | 1299592 |
| Berkshire Hathaway, Inc. Class B (a) | 32884 | 10157868 |
| Chubb Ltd. | 39140 | 8634284 |
| Everest Re Group Ltd. | 3521 | 1166402 |
| Willis Towers Watson PLC | 8954 | 2189969 |
|  |  | 32854920 |
| **Real Estate — 0.2%** |  |  |
| The Howard Hughes Corp. (a) | 13282 | 1015010 |
| **Real Estate Investment Trusts (REITS) — 1.3%** |  |  |
| Corporate Office Properties Trust | 119918 | 3110673 |
| VICI Properties, Inc. | 89503 | 2899897 |
|  |  | 6010570 |
|  |  | 90803546 |
| **Industrial — 12.0%** |  |  |
| **Aerospace & Defense — 3.2%** |  |  |
| General Dynamics Corp. | 21662 | 5374559 |
| Howmet Aerospace, Inc. | 74536 | 2937464 |
| Raytheon Technologies Corp. | 65894 | 6650022 |
|  |  | 14962045 |
| **Building Materials — 1.6%** |  |  |
| CRH PLC Sponsored ADR (b) | 56545 | 2249926 |
| Masco Corp. | 38015 | 1774160 |
| MDU Resources Group, Inc. | 63507 | 1926802 |
| Mohawk Industries, Inc. (a) | 16230 | 1659031 |
|  |  | 7609919 |
| **Electronics — 0.5%** |  |  |
| Allegion PLC | 11925 | 1255225 |
| Fortive Corp. | 21224 | 1363642 |
|  |  | 2618867 |
| **Engineering & Construction — 0.5%** |  |  |
| AECOM | 25721 | 2184485 |
| **Hand & Machine Tools — 0.7%** |  |  |
| Stanley Black & Decker, Inc. | 44791 | 3364700 |

---

***MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Machinery – Construction & Mining — 1.4%** |  |  |
| BWX Technologies, Inc. | 34573 | $2008000 |
| Caterpillar, Inc. | 8975 | 2150051 |
| Vertiv Holdings Co. | 165209 | 2256755 |
|  |  | 6414806 |
| **Machinery – Diversified — 2.6%** |  |  |
| Deere & Co. | 18071 | 7748122 |
| Dover Corp. | 7951 | 1076645 |
| Otis Worldwide Corp. | 22572 | 1767613 |
| Westinghouse Air Brake Technologies Corp. | 15136 | 1510724 |
|  |  | 12103104 |
| **Miscellaneous - Manufacturing — 0.5%** |  |  |
| Eaton Corp. PLC | 15181 | 2382658 |
| **Transportation — 1.0%** |  |  |
| J.B. Hunt Transport Services, Inc. | 12398 | 2161715 |
| Union Pacific Corp. | 12002 | 2485254 |
|  |  | 4646969 |
|  |  | 56287553 |
| **Technology — 8.4%** |  |  |
| **Computers — 1.4%** |  |  |
| CACI International, Inc. Class A (a) | 6479 | 1947523 |
| Cognizant Technology Solutions Corp. Class A | 47157 | 2696909 |
| Leidos Holdings, Inc. | 18954 | 1993771 |
|  |  | 6638203 |
| **Semiconductors — 4.0%** |  |  |
| Advanced Micro Devices, Inc. (a) | 21799 | 1411921 |
| Applied Materials, Inc. | 23839 | 2321442 |
| Broadcom, Inc. | 3957 | 2212477 |
| Lam Research Corp. | 2649 | 1113375 |
| Microchip Technology, Inc. | 49266 | 3460936 |
| Micron Technology, Inc. | 37121 | 1855308 |
| NXP Semiconductor NV | 4887 | 772293 |
| Qorvo, Inc. (a) | 7416 | 672186 |
| QUALCOMM, Inc. | 45517 | 5004139 |
|  |  | 18824077 |
| **Software — 3.0%** |  |  |
| Activision Blizzard, Inc. | 18698 | 1431332 |
| Electronic Arts, Inc. | 15692 | 1917248 |
| Fidelity National Information Services, Inc. | 44188 | 2998156 |
| Oracle Corp. | 72210 | 5902445 |
| SS&C Technologies Holdings, Inc | 35764 | 1861874 |
|  |  | 14111055 |
|  |  | 39573335 |

---

***MassMutual Fundamental Value Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Utilities — 3.8%** |  |  |
| **Electric — 3.8%** |  |  |
| CenterPoint Energy, Inc. | 138665 | $4158563 |
| Entergy Corp. | 39638 | 4459275 |
| Exelon Corp. | 38898 | 1681561 |
| FirstEnergy Corp. | 59338 | 2488636 |
| Pinnacle West Capital Corp. | 63747 | 4847322 |
|  |  | 17635357 |
|  |  | 17635357 |
| **TOTAL COMMON STOCK <br>(Cost $383,384,429)** |  | **462357710** |
| **TOTAL EQUITIES <br>(Cost $383,384,429)** |  | **462357710** |
| **MUTUAL FUNDS — 0.8%** |  |  |
| **Diversified Financial Services — 0.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 3534820 | 3534820 |
| **TOTAL MUTUAL FUNDS <br>(Cost $3,534,820)** |  | **3534820** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $386,919,249)** |  | **465892530** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Repurchase Agreement — 1.8%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $8446525 | 8446525 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $8,446,525)** |  | **8446525** |
| **TOTAL INVESTMENTS — 101.0%<br>(Cost $395,365,774) (e)** |  | **474339055** |
| **Other Assets/(Liabilities) — (1.0)%** |  | **(4499504)** |
| **NET ASSETS — 100.0%** |  | $**469839551** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $5,346,789 or 1.14% of net assets. The Fund received $1,963,124 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $8,447,726. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $8,615,554.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

***MM S&P 500 Index Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 99.3%** |  |  |
| **COMMON STOCK — 99.3%** |  |  |
| **Basic Materials — 2.2%** |  |  |
| **Chemicals — 1.7%** |  |  |
| Air Products & Chemicals, Inc. | 15951 | $4917055 |
| Albemarle Corp. | 8375 | 1816203 |
| Celanese Corp. | 7292 | 745534 |
| CF Industries Holdings, Inc. | 14104 | 1201661 |
| Dow, Inc. | 50756 | 2557595 |
| DuPont de Nemours, Inc. | 35748 | 2453385 |
| Eastman Chemical Co. | 8604 | 700710 |
| Ecolab, Inc. | 17670 | 2572045 |
| FMC Corp. | 9115 | 1137552 |
| International Flavors & Fragrances, Inc. | 18223 | 1910499 |
| Linde PLC | 35469 | 11569279 |
| LyondellBasell Industries NV Class A | 18305 | 1519864 |
| The Mosaic Co. | 24397 | 1070296 |
| PPG Industries, Inc. | 16971 | 2133934 |
| The Sherwin-Williams Co. | 16883 | 4006842 |
|  |  | 40312454 |
| **Forest Products & Paper — 0.0%** |  |  |
| International Paper Co. | 25658 | 888537 |
| **Iron & Steel — 0.2%** |  |  |
| Nucor Corp. | 18482 | 2436112 |
| Steel Dynamics, Inc. | 11963 | 1168785 |
|  |  | 3604897 |
| **Mining — 0.3%** |  |  |
| Freeport-McMoRan, Inc. | 102224 | 3884512 |
| Newmont Corp. | 56870 | 2684264 |
|  |  | 6568776 |
|  |  | 51374664 |
| **Communications — 10.8%** |  |  |
| **Advertising — 0.1%** |  |  |
| The Interpublic Group of Cos., Inc. | 28018 | 933280 |
| Omnicom Group, Inc. | 14794 | 1206746 |
|  |  | 2140026 |
| **Internet — 7.3%** |  |  |
| Alphabet, Inc. Class A (a) | 428449 | 37802055 |
| Alphabet, Inc. Class C (a) | 380039 | 33720860 |
| Amazon.com, Inc. (a) | 636741 | 53486244 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Booking Holdings, Inc. (a) | 2791 | $5624647 |
| CDW Corp. | 9752 | 1741512 |
| eBay, Inc. | 39026 | 1618408 |
| Etsy, Inc. (a) | 8940 | 1070833 |
| Expedia Group, Inc. (a) | 10801 | 946168 |
| F5, Inc. (a) | 4251 | 610061 |
| Gen Digital, Inc. | 41461 | 888509 |
| Match Group, Inc. (a) | 20345 | 844114 |
| Meta Platforms, Inc. Class A (a) | 161311 | 19412166 |
| Netflix, Inc. (a) | 31911 | 9409916 |
| VeriSign, Inc. (a) | 6625 | 1361040 |
|  |  | 168536533 |
| **Media — 1.3%** |  |  |
| Charter Communications, Inc. Class A (a) | 7724 | 2619208 |
| Comcast Corp. Class A | 309285 | 10815696 |
| DISH Network Corp. Class A (a) | 17859 | 250740 |
| FactSet Research Systems, Inc. | 2760 | 1107340 |
| Fox Corp. Class A | 21464 | 651862 |
| Fox Corp. Class B | 9428 | 268227 |
| News Corp. Class A | 27151 | 494148 |
| News Corp. Class B | 8697 | 160373 |
| Paramount Global Class B | 35813 | 604523 |
| The Walt Disney Co. (a) | 130677 | 11353218 |
| Warner Bros Discovery, Inc. (a) | 157941 | 1497281 |
|  |  | 29822616 |
| **Telecommunications — 2.1%** |  |  |
| Arista Networks, Inc. (a) | 17823 | 2162821 |
| AT&T, Inc. | 510996 | 9407436 |
| Cisco Systems, Inc. | 294989 | 14053276 |
| Corning, Inc. | 54404 | 1737664 |
| Juniper Networks, Inc. | 23191 | 741184 |
| Lumen Technologies, Inc. | 69237 | 361417 |
| Motorola Solutions, Inc. | 11998 | 3092005 |
| T-Mobile US, Inc. (a) | 42881 | 6003340 |
| Verizon Communications, Inc. | 301196 | 11867123 |
|  |  | 49426266 |
|  |  | 249925441 |
| **Consumer, Cyclical — 9.0%** |  |  |
| **Airlines — 0.2%** |  |  |
| Alaska Air Group, Inc. (a) | 9425 | 404709 |
| American Airlines Group, Inc. (a) | 47461 | 603704 |
| Delta Air Lines, Inc. (a) | 46371 | 1523751 |
| Southwest Airlines Co. (a) | 42714 | 1438180 |
| United Airlines Holdings, Inc. (a) | 23501 | 885988 |
|  |  | 4856332 |
| **Apparel — 0.5%** |  |  |
| NIKE, Inc. Class B | 90246 | 10559684 |
| Ralph Lauren Corp. | 2898 | 306232 |
| Tapestry, Inc. | 17170 | 653834 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| VF Corp. | 23513 | $649194 |
|  |  | 12168944 |
| **Auto Manufacturers — 1.5%** |  |  |
| Cummins, Inc. | 10174 | 2465058 |
| Ford Motor Co. | 282174 | 3281684 |
| General Motors Co. | 102345 | 3442886 |
| PACCAR, Inc. | 24789 | 2453367 |
| Tesla, Inc. (a) | 192517 | 23714244 |
|  |  | 35357239 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Aptiv PLC (a) | 19596 | 1824976 |
| BorgWarner, Inc. | 16553 | 666258 |
|  |  | 2491234 |
| **Distribution & Wholesale — 0.3%** |  |  |
| Copart, Inc. (a) | 30868 | 1879552 |
| Fastenal Co. | 41140 | 1946745 |
| LKQ Corp. | 18498 | 987978 |
| Pool Corp. | 2796 | 845315 |
| W.W. Grainger, Inc. | 3224 | 1793350 |
|  |  | 7452940 |
| **Entertainment — 0.1%** |  |  |
| Caesars Entertainment, Inc. (a) | 15736 | 654617 |
| Live Nation Entertainment, Inc. (a) | 10370 | 723204 |
|  |  | 1377821 |
| **Home Builders — 0.3%** |  |  |
| D.R. Horton, Inc. | 22570 | 2011890 |
| Lennar Corp. Class A | 18447 | 1669453 |
| NVR, Inc. (a) | 215 | 991705 |
| PulteGroup, Inc. | 16261 | 740363 |
|  |  | 5413411 |
| **Home Furnishing — 0.0%** |  |  |
| Whirlpool Corp. | 3945 | 558060 |
| **Housewares — 0.0%** |  |  |
| Newell Brands, Inc. | 27141 | 355004 |
| **Leisure Time — 0.1%** |  |  |
| Carnival Corp. (a) | 72736 | 586252 |
| Norwegian Cruise Line Holdings Ltd. (a) | 30620 | 374789 |
| Royal Caribbean Cruises Ltd. (a) | 15669 | 774519 |
|  |  | 1735560 |
| **Lodging — 0.4%** |  |  |
| Hilton Worldwide Holdings, Inc. | 19404 | 2451890 |
| Las Vegas Sands Corp. (a) | 23593 | 1134116 |
| Marriott International, Inc. Class A | 19326 | 2877448 |
| MGM Resorts International | 22521 | 755129 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Wynn Resorts Ltd. (a) | 7403 | $610525 |
|  |  | 7829108 |
| **Retail — 5.5%** |  |  |
| Advance Auto Parts, Inc. | 4379 | 643844 |
| AutoZone, Inc. (a) | 1367 | 3371268 |
| Bath & Body Works, Inc. | 16380 | 690253 |
| Best Buy Co., Inc. | 14236 | 1141870 |
| CarMax, Inc. (a) | 11265 | 685926 |
| Chipotle Mexican Grill, Inc. (a) | 1978 | 2744455 |
| Costco Wholesale Corp. | 31745 | 14491593 |
| Darden Restaurants, Inc. | 8793 | 1216336 |
| Dollar General Corp. | 16121 | 3969796 |
| Dollar Tree, Inc. (a) | 15099 | 2135603 |
| Domino's Pizza, Inc. | 2545 | 881588 |
| Genuine Parts Co. | 10203 | 1770323 |
| The Home Depot, Inc. | 73414 | 23188546 |
| Lowe's Cos., Inc. | 44463 | 8858808 |
| McDonald's Corp. | 52499 | 13835061 |
| O'Reilly Automotive, Inc. (a) | 4505 | 3802355 |
| Ross Stores, Inc. | 24945 | 2895366 |
| Starbucks Corp. | 82211 | 8155331 |
| Target Corp. | 33092 | 4932032 |
| The TJX Cos., Inc. | 83514 | 6647714 |
| Tractor Supply Co. | 7850 | 1766015 |
| Ulta Beauty, Inc. (a) | 3690 | 1730868 |
| Walgreens Boots Alliance, Inc. | 51345 | 1918249 |
| Walmart, Inc. | 101397 | 14377081 |
| Yum! Brands, Inc. | 20293 | 2599127 |
|  |  | 128449408 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
| Hasbro, Inc. | 9474 | 578009 |
|  |  | 208623070 |
| **Consumer, Non-cyclical — 23.3%** |  |  |
| **Agriculture — 0.9%** |  |  |
| Altria Group, Inc. | 128440 | 5870993 |
| Archer-Daniels-Midland Co. | 39532 | 3670546 |
| Philip Morris International, Inc. | 111229 | 11257487 |
|  |  | 20799026 |
| **Beverages — 1.9%** |  |  |
| Brown-Forman Corp. Class B | 13258 | 870785 |
| The Coca-Cola Co. | 279039 | 17749671 |
| Constellation Brands, Inc. Class A | 11693 | 2709853 |
| Keurig Dr Pepper, Inc. | 60532 | 2158571 |
| Molson Coors Beverage Co. Class B | 13232 | 681713 |
| Monster Beverage Corp. (a) | 27353 | 2777150 |
| PepsiCo, Inc. | 98882 | 17864022 |
|  |  | 44811765 |
| **Biotechnology — 1.9%** |  |  |
| Amgen, Inc. | 38229 | 10040465 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Bio-Rad Laboratories, Inc. Class A (a) | 1564 | $657646 |
| Biogen, Inc. (a) | 10309 | 2854768 |
| Corteva, Inc. | 51495 | 3026876 |
| Gilead Sciences, Inc. | 90192 | 7742983 |
| Illumina, Inc. (a) | 11364 | 2297801 |
| Incyte Corp. (a) | 13316 | 1069541 |
| Moderna, Inc. (a) | 23770 | 4269568 |
| Regeneron Pharmaceuticals, Inc. (a) | 7676 | 5538157 |
| Vertex Pharmaceuticals, Inc. (a) | 18450 | 5327991 |
|  |  | 42825796 |
| **Commercial Services — 1.8%** |  |  |
| Automatic Data Processing, Inc. | 29749 | 7105846 |
| Cintas Corp. | 6222 | 2809980 |
| CoStar Group, Inc. (a) | 29192 | 2255958 |
| Equifax, Inc. | 8704 | 1691709 |
| FleetCor Technologies, Inc. (a) | 5260 | 966157 |
| Gartner, Inc. (a) | 5707 | 1918351 |
| Global Payments, Inc. | 19416 | 1928397 |
| MarketAxess Holdings, Inc. | 2684 | 748541 |
| Moody's Corp. | 11297 | 3147570 |
| PayPal Holdings, Inc. (a) | 81975 | 5838259 |
| Quanta Services, Inc. | 10203 | 1453927 |
| Robert Half International, Inc. | 7689 | 567679 |
| Rollins, Inc. | 16887 | 617051 |
| S&P Global, Inc. | 23920 | 8011765 |
| United Rentals, Inc. (a) | 4966 | 1765016 |
| Verisk Analytics, Inc. | 11130 | 1963555 |
|  |  | 42789761 |
| **Cosmetics & Personal Care — 1.5%** |  |  |
| Colgate-Palmolive Co. | 59964 | 4724563 |
| The Estee Lauder Cos., Inc. Class A | 16624 | 4124581 |
| The Procter & Gamble Co. | 170161 | 25789601 |
|  |  | 34638745 |
| **Food — 1.3%** |  |  |
| Campbell Soup Co. | 14375 | 815781 |
| Conagra Brands, Inc. | 34302 | 1327487 |
| General Mills, Inc. | 42720 | 3582072 |
| The Hershey Co. | 10578 | 2449547 |
| Hormel Foods Corp. | 20880 | 951084 |
| The J.M. Smucker Co. | 7665 | 1214596 |
| Kellogg Co. | 18427 | 1312740 |
| The Kraft Heinz Co. | 57497 | 2340703 |
| The Kroger Co. | 46533 | 2074441 |
| Lamb Weston Holdings, Inc. | 10162 | 908076 |
| McCormick & Co., Inc. | 18116 | 1501635 |
| Mondelez International, Inc. Class A | 97915 | 6526035 |
| Sysco Corp. | 36504 | 2790731 |
| Tyson Foods, Inc. Class A | 20522 | 1277495 |
|  |  | 29072423 |
| **Health Care – Products — 3.8%** |  |  |
| Abbott Laboratories | 125176 | 13743073 |
| Align Technology, Inc. (a) | 5266 | 1110599 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Baxter International, Inc. | 36028 | $1836347 |
| Bio-Techne Corp. | 11312 | 937539 |
| Boston Scientific Corp. (a) | 102431 | 4739482 |
| The Cooper Cos., Inc. | 3537 | 1169580 |
| Danaher Corp. | 46975 | 12468104 |
| Edwards Lifesciences Corp. (a) | 44463 | 3317384 |
| Hologic, Inc. (a) | 18049 | 1350246 |
| IDEXX Laboratories, Inc. (a) | 5957 | 2430218 |
| Intuitive Surgical, Inc. (a) | 25414 | 6743605 |
| Medtronic PLC | 95248 | 7402675 |
| PerkinElmer, Inc. | 9079 | 1273057 |
| ResMed, Inc. | 10490 | 2183284 |
| Steris PLC | 7091 | 1309637 |
| Stryker Corp. | 24141 | 5902233 |
| Teleflex, Inc. | 3353 | 837009 |
| Thermo Fisher Scientific, Inc. | 28126 | 15488707 |
| Waters Corp. (a) | 4254 | 1457335 |
| West Pharmaceutical Services, Inc. | 5378 | 1265712 |
| Zimmer Biomet Holdings, Inc. | 15133 | 1929458 |
|  |  | 88895284 |
| **Health Care – Services — 2.8%** |  |  |
| Catalent, Inc. (a) | 13242 | 596022 |
| Centene Corp. (a) | 40811 | 3346910 |
| Charles River Laboratories International, Inc. (a) | 3677 | 801218 |
| DaVita, Inc. (a) | 3739 | 279191 |
| Elevance Health, Inc. | 17106 | 8774865 |
| HCA Healthcare, Inc. | 15251 | 3659630 |
| Humana, Inc. | 9099 | 4660417 |
| IQVIA Holdings, Inc. (a) | 13341 | 2733438 |
| Laboratory Corp. of America Holdings | 6374 | 1500950 |
| Molina Healthcare, Inc. (a) | 4179 | 1379989 |
| Quest Diagnostics, Inc. | 8204 | 1283434 |
| UnitedHealth Group, Inc. | 67080 | 35564474 |
| Universal Health Services, Inc. Class B | 4480 | 631187 |
|  |  | 65211725 |
| **Household Products & Wares — 0.3%** |  |  |
| Avery Dennison Corp. | 5825 | 1054325 |
| Church & Dwight Co., Inc. | 17473 | 1408498 |
| The Clorox Co. | 8929 | 1253007 |
| Kimberly-Clark Corp. | 24185 | 3283114 |
|  |  | 6998944 |
| **Pharmaceuticals — 7.1%** |  |  |
| AbbVie, Inc. | 126808 | 20493441 |
| AmerisourceBergen Corp. | 11575 | 1918093 |
| Becton Dickinson and Co. | 20466 | 5204504 |
| Bristol-Myers Squibb Co. | 152357 | 10962086 |
| Cardinal Health, Inc. | 18831 | 1447539 |
| Cigna Corp. | 21891 | 7253364 |
| CVS Health Corp. | 94268 | 8784835 |
| Dentsply Sirona, Inc. | 15796 | 502945 |
| DexCom, Inc. (a) | 27767 | 3144335 |
| Eli Lilly & Co. | 56549 | 20687886 |
| Henry Schein, Inc. (a) | 9685 | 773541 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Johnson & Johnson | 187711 | $33159148 |
| McKesson Corp. | 10201 | 3826599 |
| Merck & Co., Inc. | 181906 | 20182471 |
| Organon & Co. | 18329 | 511929 |
| Pfizer, Inc. | 402788 | 20638857 |
| Viatris, Inc. | 87554 | 974476 |
| Zoetis, Inc. | 33336 | 4885391 |
|  |  | 165351440 |
|  |  | 541394909 |
| **Energy — 5.4%** |  |  |
| **Energy – Alternate Sources — 0.2%** |  |  |
| Enphase Energy, Inc. (a) | 9770 | 2588659 |
| First Solar, Inc. (a) | 7118 | 1066206 |
| SolarEdge Technologies, Inc. (a) | 4026 | 1140445 |
|  |  | 4795310 |
| **Oil & Gas — 4.4%** |  |  |
| APA Corp. | 23042 | 1075601 |
| Chevron Corp. | 127564 | 22896462 |
| ConocoPhillips | 89290 | 10536220 |
| Coterra Energy, Inc. | 56626 | 1391301 |
| Devon Energy Corp. | 46672 | 2870795 |
| Diamondback Energy, Inc. | 12630 | 1727531 |
| EOG Resources, Inc. | 42044 | 5445539 |
| EQT Corp. | 26082 | 882354 |
| Exxon Mobil Corp. | 295378 | 32580193 |
| Hess Corp. | 19982 | 2833847 |
| Marathon Oil Corp. | 45622 | 1234988 |
| Marathon Petroleum Corp. | 33750 | 3928162 |
| Occidental Petroleum Corp. | 52329 | 3296204 |
| Phillips 66 | 34036 | 3542467 |
| Pioneer Natural Resources Co. | 17115 | 3908895 |
| Valero Energy Corp. | 27750 | 3520365 |
|  |  | 101670924 |
| **Oil & Gas Services — 0.4%** |  |  |
| Baker Hughes Co. | 71955 | 2124831 |
| Halliburton Co. | 65586 | 2580809 |
| Schlumberger NV | 101430 | 5422448 |
|  |  | 10128088 |
| **Pipelines — 0.4%** |  |  |
| Kinder Morgan, Inc. | 142156 | 2570180 |
| ONEOK, Inc. | 32265 | 2119811 |
| Targa Resources Corp. | 16404 | 1205694 |
| The Williams Cos., Inc. | 87427 | 2876348 |
|  |  | 8772033 |
|  |  | 125366355 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Financial — 15.5%** |  |  |
| **Banks — 4.8%** |  |  |
| Bank of America Corp. | 500342 | $16571327 |
| The Bank of New York Mellon Corp. | 53082 | 2416293 |
| Citigroup, Inc. | 138624 | 6269964 |
| Citizens Financial Group, Inc. | 34914 | 1374564 |
| Comerica, Inc. | 9176 | 613416 |
| Fifth Third Bancorp | 49716 | 1631182 |
| First Republic Bank | 13173 | 1605657 |
| The Goldman Sachs Group, Inc. | 24254 | 8328338 |
| Huntington Bancshares, Inc. | 104334 | 1471109 |
| JP Morgan Chase & Co. | 210554 | 28235291 |
| KeyCorp. | 66841 | 1164370 |
| M&T Bank Corp. | 12376 | 1795263 |
| Morgan Stanley | 94415 | 8027163 |
| Northern Trust Corp. | 15138 | 1339562 |
| The PNC Financial Services Group, Inc. | 28917 | 4567151 |
| Regions Financial Corp. | 67236 | 1449608 |
| Signature Bank | 4649 | 535658 |
| State Street Corp. | 26123 | 2026361 |
| SVB Financial Group (a) | 4261 | 980627 |
| Truist Financial Corp. | 94815 | 4079889 |
| US Bancorp | 96646 | 4214732 |
| Wells Fargo & Co. | 273049 | 11274193 |
| Zions Bancorp NA | 11051 | 543267 |
|  |  | 110514985 |
| **Diversified Financial Services — 3.9%** |  |  |
| American Express Co. | 42965 | 6348079 |
| Ameriprise Financial, Inc. | 7650 | 2381981 |
| BlackRock, Inc. | 10762 | 7626276 |
| Capital One Financial Corp. | 27457 | 2552403 |
| Cboe Global Markets, Inc. | 7677 | 963233 |
| The Charles Schwab Corp. | 109336 | 9103315 |
| CME Group, Inc. | 25908 | 4356689 |
| Discover Financial Services | 19728 | 1929990 |
| Franklin Resources, Inc. | 19879 | 524408 |
| Intercontinental Exchange, Inc. | 39922 | 4095598 |
| Invesco Ltd. | 33387 | 600632 |
| Mastercard, Inc. Class A | 60895 | 21175018 |
| Nasdaq, Inc. | 24487 | 1502278 |
| Raymond James Financial, Inc. | 13839 | 1478697 |
| Synchrony Financial | 32382 | 1064073 |
| T. Rowe Price Group, Inc. | 16016 | 1746705 |
| Visa, Inc. Class A | 117325 | 24375442 |
|  |  | 91824817 |
| **Insurance — 4.1%** |  |  |
| Aflac, Inc. | 40561 | 2917958 |
| The Allstate Corp. | 19071 | 2586028 |
| American International Group, Inc. | 53419 | 3378218 |
| Aon PLC Class A | 14872 | 4463682 |
| Arch Capital Group Ltd. (a) | 26680 | 1674970 |
| Arthur J Gallagher & Co. | 15195 | 2864865 |
| Assurant, Inc. | 3704 | 463222 |
| Berkshire Hathaway, Inc. Class B (a) | 129348 | 39955597 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Brown & Brown, Inc. | 16835 | $959090 |
| Chubb Ltd. | 29823 | 6578954 |
| Cincinnati Financial Corp. | 11122 | 1138782 |
| Everest Re Group Ltd. | 2784 | 922256 |
| Globe Life, Inc. | 6542 | 788638 |
| The Hartford Financial Services Group, Inc. | 22783 | 1727635 |
| Lincoln National Corp. | 11351 | 348703 |
| Loews Corp. | 14094 | 822103 |
| Marsh & McLennan Cos., Inc. | 35635 | 5896880 |
| MetLife, Inc. | 47487 | 3436634 |
| Principal Financial Group, Inc. | 16307 | 1368483 |
| The Progressive Corp. | 41857 | 5429271 |
| Prudential Financial, Inc. | 26546 | 2640265 |
| The Travelers Cos., Inc. | 16839 | 3157144 |
| W.R. Berkley Corp. | 14837 | 1076721 |
| Willis Towers Watson PLC | 7767 | 1899653 |
|  |  | 96495752 |
| **Real Estate — 0.1%** |  |  |
| CBRE Group, Inc. Class A (a) | 22784 | 1753457 |
| **Real Estate Investment Trusts (REITS) — 2.6%** |  |  |
| Alexandria Real Estate Equities, Inc. | 10770 | 1568866 |
| American Tower Corp. | 33447 | 7086081 |
| AvalonBay Communities, Inc. | 10001 | 1615362 |
| Boston Properties, Inc. | 10064 | 680125 |
| Camden Property Trust | 7755 | 867629 |
| Crown Castle, Inc. | 30957 | 4199007 |
| Digital Realty Trust, Inc. | 20594 | 2064960 |
| Equinix, Inc. | 6661 | 4363155 |
| Equity Residential | 24316 | 1434644 |
| Essex Property Trust, Inc. | 4673 | 990302 |
| Extra Space Storage, Inc. | 9654 | 1420876 |
| Federal Realty Investment Trust | 5346 | 540160 |
| Healthpeak Properties, Inc. | 38552 | 966499 |
| Host Hotels & Resorts, Inc. | 51639 | 828806 |
| Invitation Homes, Inc. | 41640 | 1234210 |
| Iron Mountain, Inc. | 20986 | 1046152 |
| Kimco Realty Corp. | 44233 | 936855 |
| Mid-America Apartment Communities, Inc. | 8301 | 1303174 |
| Prologis, Inc. | 66102 | 7451678 |
| Public Storage | 11289 | 3163065 |
| Realty Income Corp. | 45081 | 2859488 |
| Regency Centers Corp. | 11008 | 688000 |
| SBA Communications Corp. | 7727 | 2165955 |
| Simon Property Group, Inc. | 23477 | 2758078 |
| UDR, Inc. | 22305 | 863873 |
| Ventas, Inc. | 28852 | 1299783 |
| VICI Properties, Inc. | 69511 | 2252156 |
| Vornado Realty Trust | 11626 | 241937 |
| Welltower, Inc. | 33978 | 2227258 |
| Weyerhaeuser Co. | 52969 | 1642039 |
|  |  | 60760173 |
|  |  | 361349184 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Industrial — 8.4%** |  |  |
| **Aerospace & Defense — 1.8%** |  |  |
| The Boeing Co. (a) | 40119 | $7642268 |
| General Dynamics Corp. | 16213 | 4022607 |
| Howmet Aerospace, Inc. | 26626 | 1049331 |
| L3 Harris Technologies, Inc. | 13679 | 2848105 |
| Lockheed Martin Corp. | 16709 | 8128761 |
| Northrop Grumman Corp. | 10358 | 5651428 |
| Raytheon Technologies Corp. | 105657 | 10662905 |
| TransDigm Group, Inc. | 3723 | 2344187 |
|  |  | 42349592 |
| **Building Materials — 0.4%** |  |  |
| Carrier Global Corp. | 60074 | 2478053 |
| Johnson Controls International PLC | 49186 | 3147904 |
| Martin Marietta Materials, Inc. | 4409 | 1490110 |
| Masco Corp. | 16041 | 748633 |
| Mohawk Industries, Inc. (a) | 3820 | 390480 |
| Vulcan Materials Co. | 9625 | 1685434 |
|  |  | 9940614 |
| **Electrical Components & Equipment — 0.3%** |  |  |
| AMETEK, Inc. | 16574 | 2315719 |
| Emerson Electric Co. | 42260 | 4059495 |
| Generac Holdings, Inc. (a) | 4457 | 448642 |
|  |  | 6823856 |
| **Electronics — 1.2%** |  |  |
| Agilent Technologies, Inc. | 21136 | 3163003 |
| Allegion PLC | 6240 | 656822 |
| Amphenol Corp. Class A | 42892 | 3265797 |
| Fortive Corp. | 25589 | 1644093 |
| Garmin Ltd. | 10981 | 1013437 |
| Honeywell International, Inc. | 48221 | 10333760 |
| Keysight Technologies, Inc. (a) | 12812 | 2191749 |
| Mettler-Toledo International, Inc. (a) | 1603 | 2317056 |
| TE Connectivity Ltd. | 22859 | 2624213 |
| Trimble, Inc. (a) | 17983 | 909221 |
|  |  | 28119151 |
| **Engineering & Construction — 0.1%** |  |  |
| Jacobs Solutions, Inc. | 9248 | 1110407 |
| **Environmental Controls — 0.3%** |  |  |
| Pentair PLC | 12006 | 540030 |
| Republic Services, Inc. | 14617 | 1885447 |
| Waste Management, Inc. | 26768 | 4199364 |
|  |  | 6624841 |
| **Hand & Machine Tools — 0.1%** |  |  |
| Snap-on, Inc. | 3846 | 878773 |
| Stanley Black & Decker, Inc. | 10468 | 786356 |
|  |  | 1665129 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Machinery – Construction & Mining — 0.4%** |  |  |
| Caterpillar, Inc. | 37311 | $8938223 |
| **Machinery – Diversified — 0.9%** |  |  |
| Deere & Co. | 19693 | 8443571 |
| Dover Corp. | 9999 | 1353965 |
| IDEX Corp. | 5341 | 1219510 |
| Ingersoll Rand, Inc. | 29219 | 1526693 |
| Nordson Corp. | 3842 | 913320 |
| Otis Worldwide Corp. | 30019 | 2350788 |
| Rockwell Automation, Inc. | 8237 | 2121604 |
| Westinghouse Air Brake Technologies Corp. | 13052 | 1302720 |
| Xylem, Inc. | 12785 | 1413637 |
|  |  | 20645808 |
| **Miscellaneous - Manufacturing — 1.2%** |  |  |
| 3M Co. | 39558 | 4743795 |
| A.O. Smith Corp. | 9116 | 521800 |
| Eaton Corp. PLC | 28434 | 4462716 |
| General Electric Co. | 78557 | 6582291 |
| Illinois Tool Works, Inc. | 19985 | 4402696 |
| Parker-Hannifin Corp. | 9158 | 2664978 |
| Teledyne Technologies, Inc. (a) | 3378 | 1350896 |
| Textron, Inc. | 14863 | 1052300 |
| Trane Technologies PLC | 16527 | 2778024 |
|  |  | 28559496 |
| **Packaging & Containers — 0.2%** |  |  |
| Amcor PLC | 106614 | 1269773 |
| Ball Corp. | 22705 | 1161134 |
| Packaging Corp. of America | 6617 | 846380 |
| Sealed Air Corp. | 10235 | 510522 |
| WestRock Co. | 18379 | 646205 |
|  |  | 4434014 |
| **Shipbuilding — 0.0%** |  |  |
| Huntington Ingalls Industries, Inc. | 2838 | 654670 |
| **Transportation — 1.5%** |  |  |
| C.H. Robinson Worldwide, Inc. | 8503 | 778535 |
| CSX Corp. | 151077 | 4680366 |
| Expeditors International of Washington, Inc. | 11457 | 1190611 |
| FedEx Corp. | 17143 | 2969168 |
| J.B. Hunt Transport Services, Inc. | 5884 | 1025934 |
| Norfolk Southern Corp. | 16624 | 4096486 |
| Old Dominion Freight Line, Inc. | 6500 | 1844570 |
| Union Pacific Corp. | 44128 | 9137585 |
| United Parcel Service, Inc. Class B | 52424 | 9113388 |
|  |  | 34836643 |
|  |  | 194702444 |
| **Technology — 21.5%** |  |  |
| **Computers — 7.5%** |  |  |
| Accenture PLC Class A | 45184 | 12056898 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Apple, Inc. | 1073100 | $139427883 |
| Cognizant Technology Solutions Corp. Class A | 36889 | 2109682 |
| DXC Technology Co. (a) | 16034 | 424901 |
| EPAM Systems, Inc. (a) | 4155 | 1361760 |
| Fortinet, Inc. (a) | 46574 | 2277003 |
| Hewlett Packard Enterprise Co. | 92223 | 1471879 |
| HP, Inc. | 63887 | 1716644 |
| International Business Machines Corp. | 64858 | 9137843 |
| Leidos Holdings, Inc. | 9877 | 1038962 |
| NetApp, Inc. | 15579 | 935675 |
| Seagate Technology Holdings PLC | 13705 | 721020 |
| Western Digital Corp. (a) | 22546 | 711326 |
|  |  | 173391476 |
| **Office & Business Equipment — 0.0%** |  |  |
| Zebra Technologies Corp. Class A (a) | 3742 | 959486 |
| **Semiconductors — 4.8%** |  |  |
| Advanced Micro Devices, Inc. (a) | 115458 | 7478215 |
| Analog Devices, Inc. | 36987 | 6066978 |
| Applied Materials, Inc. | 61858 | 6023732 |
| Broadcom, Inc. | 29059 | 16247759 |
| Intel Corp. | 295708 | 7815562 |
| KLA Corp. | 10127 | 3818183 |
| Lam Research Corp. | 9808 | 4122302 |
| Microchip Technology, Inc. | 39535 | 2777334 |
| Micron Technology, Inc. | 78256 | 3911235 |
| Monolithic Power Systems, Inc. | 3243 | 1146757 |
| NVIDIA Corp. | 178623 | 26103965 |
| NXP Semiconductor NV | 18633 | 2944573 |
| ON Semiconductor Corp. (a) | 30776 | 1919499 |
| Qorvo, Inc. (a) | 7267 | 658681 |
| QUALCOMM, Inc. | 80400 | 8839176 |
| Skyworks Solutions, Inc. | 11496 | 1047630 |
| Teradyne, Inc. | 11065 | 966528 |
| Texas Instruments, Inc. | 65160 | 10765735 |
|  |  | 112653844 |
| **Software — 9.2%** |  |  |
| Activision Blizzard, Inc. | 51144 | 3915073 |
| Adobe, Inc. (a) | 33332 | 11217218 |
| Akamai Technologies, Inc. (a) | 11253 | 948628 |
| ANSYS, Inc. (a) | 6300 | 1522017 |
| Autodesk, Inc. (a) | 15406 | 2878919 |
| Broadridge Financial Solutions, Inc. | 8430 | 1130716 |
| Cadence Design Systems, Inc. (a) | 19587 | 3146456 |
| Ceridian HCM Holding, Inc. (a) | 11217 | 719570 |
| Electronic Arts, Inc. | 18833 | 2301016 |
| Fidelity National Information Services, Inc. | 42673 | 2895363 |
| Fiserv, Inc. (a) | 45404 | 4588982 |
| Intuit, Inc. | 20186 | 7856795 |
| Jack Henry & Associates, Inc. | 5221 | 916599 |
| Microsoft Corp. | 535007 | 128305379 |
| MSCI, Inc. | 5733 | 2666820 |
| Oracle Corp. | 110220 | 9009383 |
| Paychex, Inc. | 22878 | 2643782 |
| Paycom Software, Inc. (a) | 3494 | 1084223 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| PTC, Inc. (a) | 7646 | $917826 |
| Roper Technologies, Inc. | 7646 | 3303760 |
| Salesforce, Inc. (a) | 71636 | 9498217 |
| ServiceNow, Inc. (a) | 14455 | 5612443 |
| Synopsys, Inc. (a) | 10965 | 3501015 |
| Take-Two Interactive Software, Inc. (a) | 11432 | 1190414 |
| Tyler Technologies, Inc. (a) | 3003 | 968197 |
|  |  | 212738811 |
|  |  | 499743617 |
| **Utilities — 3.2%** |  |  |
| **Electric — 3.0%** |  |  |
| The AES Corp. | 48428 | 1392789 |
| Alliant Energy Corp. | 18035 | 995712 |
| Ameren Corp. | 18612 | 1654979 |
| American Electric Power Co., Inc. | 36842 | 3498148 |
| CenterPoint Energy, Inc. | 45504 | 1364665 |
| CMS Energy Corp. | 20729 | 1312768 |
| Consolidated Edison, Inc. | 25461 | 2426688 |
| Constellation Energy Corp. | 23387 | 2016193 |
| Dominion Energy, Inc. | 59735 | 3662950 |
| DTE Energy Co. | 13832 | 1625675 |
| Duke Energy Corp. | 55341 | 5699570 |
| Edison International | 27543 | 1752286 |
| Entergy Corp. | 14659 | 1649138 |
| Evergy, Inc. | 16675 | 1049358 |
| Eversource Energy | 25013 | 2097090 |
| Exelon Corp. | 71357 | 3084763 |
| FirstEnergy Corp. | 39076 | 1638847 |
| NextEra Energy, Inc. | 142576 | 11919354 |
| NRG Energy, Inc. | 16466 | 523948 |
| PG&E Corp. (a) | 116300 | 1891038 |
| Pinnacle West Capital Corp. | 8124 | 617749 |
| PPL Corp. | 53210 | 1554796 |
| Public Service Enterprise Group, Inc. | 35534 | 2177168 |
| Sempra Energy | 22456 | 3470350 |
| The Southern Co. | 78284 | 5590260 |
| WEC Energy Group, Inc. | 22466 | 2106412 |
| Xcel Energy, Inc. | 39326 | 2757146 |
|  |  | 69529840 |
| **Gas — 0.1%** |  |  |
| Atmos Energy Corp. | 10040 | 1125183 |
| NiSource, Inc. | 28803 | 789778 |
|  |  | 1914961 |
| **Water — 0.1%** |  |  |
| American Water Works Co., Inc. | 12943 | 1972772 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
|  |  | $73417573 |
| **TOTAL COMMON STOCK <br>(Cost $1,408,679,391)** |  | **2305897257** |
| **TOTAL EQUITIES <br>(Cost $1,408,679,391)** |  | **2305897257** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $1,408,679,391)** |  | **2305897257** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Repurchase Agreement — 0.8%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (b) | $19093888 | 19093888 |
| **U.S. Treasury Bill — 0.1%** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;4.618% 5/11/23 (c) (d) | 3365000 | 3310674 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $22,404,276)** |  | **22404562** |
| **TOTAL INVESTMENTS — 100.2%<br>(Cost $1,431,083,667) (d) (e)** |  | **2328301819** |
| **Other Assets/(Liabilities) — (0.2)%** |  | **(5167423)** |
| **NET ASSETS — 100.0%** |  | $**2323134396** |

---

**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) Maturity value of $19,096,603. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $19,475,767.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this security is pledged/held as collateral for open derivatives.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| S&P 500 E Mini Index | 3/17/23 | 125 | $24595622 | $(464372) |

---

***MassMutual Equity Opportunities Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.9%** |  |  |
| **COMMON STOCK — 97.0%** |  |  |
| **Basic Materials — 7.2%** |  |  |
| **Chemicals — 6.7%** |  |  |
| CF Industries Holdings, Inc. | 53700 | $4575240 |
| Ecolab, Inc. | 117440 | 17094567 |
| Linde PLC | 61617 | 20098233 |
|  |  | 41768040 |
| **Forest Products & Paper — 0.5%** |  |  |
| International Paper Co. | 97600 | 3379888 |
|  |  | 45147928 |
| **Communications — 1.5%** |  |  |
| **Media — 1.5%** |  |  |
| Comcast Corp. Class A | 70700 | 2472379 |
| News Corp. Class A | 234500 | 4267900 |
| The Walt Disney Co. (a) | 33700 | 2927856 |
|  |  | 9668135 |
|  |  | 9668135 |
| **Consumer, Cyclical — 11.6%** |  |  |
| **Apparel — 4.0%** |  |  |
| NIKE, Inc. Class B | 216220 | 25299902 |
| **Lodging — 0.5%** |  |  |
| Las Vegas Sands Corp. (a) | 62400 | 2999568 |
| **Retail — 7.1%** |  |  |
| McDonald's Corp. | 65434 | 17243822 |
| The TJX Cos., Inc. | 347393 | 27652483 |
|  |  | 44896305 |
|  |  | 73195775 |
| **Consumer, Non-cyclical — 32.7%** |  |  |
| **Agriculture — 0.6%** |  |  |
| Philip Morris International, Inc. | 36500 | 3694165 |
| **Beverages — 4.8%** |  |  |
| The Coca-Cola Co. | 142970 | 9094322 |
| PepsiCo, Inc. | 116171 | 20987453 |
|  |  | 30081775 |

---

***MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Cosmetics & Personal Care — 6.2%** |  |  |
| Colgate-Palmolive Co. | 252480 | $19892899 |
| The Procter & Gamble Co. | 124457 | 18862703 |
|  |  | 38755602 |
| **Food — 0.9%** |  |  |
| Conagra Brands, Inc. | 99700 | 3858390 |
| Tyson Foods, Inc. Class A | 33900 | 2110275 |
|  |  | 5968665 |
| **Health Care – Products — 9.8%** |  |  |
| Baxter International, Inc. | 171422 | 8737379 |
| Danaher Corp. | 74980 | 19901192 |
| Medtronic PLC | 144997 | 11269167 |
| Stryker Corp. | 77839 | 19030857 |
| Zimmer Biomet Holdings, Inc. | 20300 | 2588250 |
|  |  | 61526845 |
| **Health Care – Services — 4.9%** |  |  |
| Elevance Health, Inc. | 14360 | 7366249 |
| UnitedHealth Group, Inc. | 43611 | 23121680 |
|  |  | 30487929 |
| **Household Products & Wares — 0.6%** |  |  |
| Kimberly-Clark Corp. | 28800 | 3909600 |
| **Pharmaceuticals — 4.9%** |  |  |
| AbbVie, Inc. | 18400 | 2973624 |
| Becton Dickinson and Co. | 21700 | 5518310 |
| Johnson & Johnson | 107870 | 19055235 |
| Sanofi ADR | 72600 | 3516018 |
|  |  | 31063187 |
|  |  | 205487768 |
| **Energy — 2.3%** |  |  |
| **Oil & Gas — 2.0%** |  |  |
| EOG Resources, Inc. | 17800 | 2305456 |
| TotalEnergies SE | 132000 | 8238800 |
| TotalEnergies SE Sponsored ADR | 37900 | 2352832 |
|  |  | 12897088 |
| **Pipelines — 0.3%** |  |  |
| TC Energy Corp. | 42200 | 1682092 |
|  |  | 14579180 |
| **Financial — 19.9%** |  |  |
| **Banks — 2.9%** |  |  |
| Fifth Third Bancorp | 102500 | 3363025 |
| The Goldman Sachs Group, Inc. | 6400 | 2197632 |
| Huntington Bancshares, Inc. | 286700 | 4042470 |

---

***MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Wells Fargo & Co. | 208000 | $8588320 |
|  |  | 18191447 |
| **Diversified Financial Services — 5.5%** |  |  |
| American Express Co. | 92687 | 13694504 |
| Visa, Inc. Class A | 101110 | 21006614 |
|  |  | 34701118 |
| **Insurance — 8.8%** |  |  |
| American International Group, Inc. | 84300 | 5331132 |
| Chubb Ltd. | 121797 | 26868418 |
| Equitable Holdings, Inc. | 120200 | 3449740 |
| Marsh & McLennan Cos., Inc. | 120865 | 20000740 |
|  |  | 55650030 |
| **Real Estate Investment Trusts (REITS) — 2.7%** |  |  |
| American Tower Corp. | 44782 | 9487515 |
| Equity Residential | 62200 | 3669800 |
| Weyerhaeuser Co. | 114400 | 3546400 |
|  |  | 16703715 |
|  |  | 125246310 |
| **Industrial — 13.1%** |  |  |
| **Aerospace & Defense — 4.8%** |  |  |
| The Boeing Co. (a) | 10200 | 1942998 |
| L3 Harris Technologies, Inc. | 22700 | 4726367 |
| Lockheed Martin Corp. | 10474 | 5095496 |
| Northrop Grumman Corp. | 33236 | 18133894 |
|  |  | 29898755 |
| **Electronics — 3.8%** |  |  |
| Honeywell International, Inc. | 110225 | 23621218 |
| **Hand & Machine Tools — 0.3%** |  |  |
| Stanley Black & Decker, Inc. | 29000 | 2178480 |
| **Miscellaneous - Manufacturing — 1.4%** |  |  |
| General Electric Co. | 106800 | 8948772 |
| **Transportation — 2.8%** |  |  |
| Union Pacific Corp. | 59046 | 12226655 |
| United Parcel Service, Inc. Class B | 29900 | 5197816 |
|  |  | 17424471 |
|  |  | 82071696 |
| **Technology — 6.2%** |  |  |
| **Computers — 2.3%** |  |  |
| Accenture PLC Class A | 54564 | 14559858 |
| **Semiconductors — 0.9%** |  |  |
| QUALCOMM, Inc. | 52800 | 5804832 |

---

***MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Software — 3.0%** |  |  |
| Microsoft Corp. | 77106 | $18491561 |
|  |  | 38856251 |
| **Utilities — 2.5%** |  |  |
| **Electric — 2.5%** |  |  |
| Dominion Energy, Inc. | 42800 | 2624497 |
| Sempra Energy | 40600 | 6274324 |
| The Southern Co. | 95600 | 6826795 |
|  |  | 15725616 |
| **TOTAL COMMON STOCK <br>(Cost $519,970,216)** |  | **609978659** |
| **PREFERRED STOCK — 0.9%** |  |  |
| **Consumer, Cyclical — 0.8%** |  |  |
| **Auto Manufacturers — 0.8%** |  |  |
| Dr Ing hc F Porsche AG (a) | 21900 | 2221892 |
| Volkswagen AG 6.014% | 19400 | 2417992 |
|  |  | 4639884 |
| **Consumer, Non-cyclical — 0.1%** |  |  |
| **Pharmaceuticals — 0.1%** |  |  |
| Becton Dickinson and Co. Convertible 6.000% | 14700 | 736176 |
| **TOTAL PREFERRED STOCK <br>(Cost $6,751,096)** |  | **5376060** |
| **TOTAL EQUITIES <br>(Cost $526,721,312)** |  | **615354719** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $526,721,312)** |  | **615354719** |
| **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
| **Mutual Fund — 0.0%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 159 | 159 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 2.4%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (b) | $14949988 | 14949988 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $14,950,147)** |  | **14950147** |

---

***MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $541,671,459) (c)** |  | $**630304866** |
| **Other Assets/(Liabilities) — (0.3)%** |  | **(1796594)** |
| **NET ASSETS — 100.0%** |  | $**628508272** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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) Maturity value of $14,952,114. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 06/29/23, and an aggregate market value, including accrued interest, of $15,249,088.

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

***MassMutual Fundamental Growth Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 98.0%** |  |  |
| **COMMON STOCK — 98.0%** |  |  |
| **Basic Materials — 0.8%** |  |  |
| **Chemicals — 0.8%** |  |  |
| Celanese Corp. | 2090 | $213682 |
| **Communications — 9.0%** |  |  |
| **Internet — 8.2%** |  |  |
| CDW Corp. | 3869 | 690926 |
| Etsy, Inc. (a) | 6278 | 751979 |
| Match Group, Inc. (a) | 6460 | 268025 |
| Palo Alto Networks, Inc. (a) | 4002 | 558439 |
|  |  | 2269369 |
| **Telecommunications — 0.8%** |  |  |
| Nice Ltd. Sponsored ADR (a) (b) | 1090 | 209607 |
|  |  | 2478976 |
| **Consumer, Cyclical — 16.9%** |  |  |
| **Apparel — 1.0%** |  |  |
| Tapestry, Inc. | 7220 | 274938 |
| **Auto Parts & Equipment — 0.7%** |  |  |
| Aptiv PLC (a) | 2150 | 200229 |
| **Distribution & Wholesale — 2.4%** |  |  |
| Copart, Inc. (a) | 3940 | 239907 |
| WESCO International, Inc. (a) | 3310 | 414412 |
|  |  | 654319 |
| **Entertainment — 1.6%** |  |  |
| Live Nation Entertainment, Inc. (a) | 2520 | 175745 |
| Vail Resorts, Inc. | 1130 | 269335 |
|  |  | 445080 |
| **Lodging — 3.3%** |  |  |
| Hilton Worldwide Holdings, Inc. | 7200 | 909792 |
| **Retail — 7.9%** |  |  |
| Chipotle Mexican Grill, Inc. (a) | 246 | 341322 |
| Freshpet, Inc. (a) (b) | 9132 | 481896 |
| Lululemon Athletica, Inc. (a) | 2889 | 925578 |

---

***MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Wingstop, Inc. | 3220 | $443136 |
|  |  | 2191932 |
|  |  | 4676290 |
| **Consumer, Non-cyclical — 25.4%** |  |  |
| **Biotechnology — 3.4%** |  |  |
| Illumina, Inc. (a) | 1259 | 254570 |
| Sarepta Therapeutics, Inc. (a) | 1530 | 198258 |
| Seagen, Inc. (a) | 3732 | 479599 |
|  |  | 932427 |
| **Commercial Services — 8.2%** |  |  |
| CoStar Group, Inc. (a) | 2950 | 227976 |
| FTI Consulting, Inc. (a) | 860 | 136568 |
| Gartner, Inc. (a) | 2786 | 936486 |
| Global Payments, Inc. | 2330 | 231416 |
| Shift4 Payments, Inc. Class A (a) | 6823 | 381610 |
| TransUnion | 6507 | 369272 |
|  |  | 2283328 |
| **Health Care – Products — 6.0%** |  |  |
| Align Technology, Inc. (a) | 1628 | 343345 |
| Avantor, Inc. (a) | 10130 | 213642 |
| The Cooper Cos., Inc. | 770 | 254616 |
| IDEXX Laboratories, Inc. (a) | 783 | 319433 |
| Insulet Corp. (a) | 760 | 223736 |
| Omnicell, Inc. (a) | 6132 | 309175 |
|  |  | 1663947 |
| **Health Care – Services — 4.7%** |  |  |
| ICON PLC (a) | 5462 | 1060993 |
| Quest Diagnostics, Inc. | 1570 | 245611 |
|  |  | 1306604 |
| **Pharmaceuticals — 3.1%** |  |  |
| Ascendis Pharma A/S ADR (a) | 3440 | 420127 |
| DexCom, Inc. (a) | 3780 | 428048 |
|  |  | 848175 |
|  |  | 7034481 |
| **Energy — 2.6%** |  |  |
| **Oil & Gas — 1.5%** |  |  |
| Devon Energy Corp. | 6660 | 409656 |
| **Pipelines — 1.1%** |  |  |
| Cheniere Energy, Inc. | 2132 | 319715 |
|  |  | 729371 |

---

***MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Financial — 8.6%** |  |  |
| **Banks — 0.6%** |  |  |
| First Republic Bank | 1420 | $173084 |
| **Diversified Financial Services — 3.0%** |  |  |
| Hamilton Lane, Inc. Class A | 9500 | 606860 |
| LPL Financial Holdings, Inc. | 1020 | 220494 |
|  |  | 827354 |
| **Insurance — 1.8%** |  |  |
| The Allstate Corp. | 1540 | 208824 |
| Arthur J Gallagher & Co. | 1480 | 279039 |
|  |  | 487863 |
| **Private Equity — 1.6%** |  |  |
| Ares Management Corp. Class A | 6652 | 455263 |
| **Real Estate Investment Trusts (REITS) — 1.6%** |  |  |
| Essex Property Trust, Inc. | 1210 | 256423 |
| Sun Communities, Inc. | 1280 | 183040 |
|  |  | 439463 |
|  |  | 2383027 |
| **Industrial — 14.9%** |  |  |
| **Aerospace & Defense — 3.1%** |  |  |
| Hexcel Corp. | 8479 | 498989 |
| TransDigm Group, Inc. | 572 | 360160 |
|  |  | 859149 |
| **Building Materials — 0.9%** |  |  |
| Vulcan Materials Co. | 1410 | 246905 |
| **Electrical Components & Equipment — 1.0%** |  |  |
| AMETEK, Inc. | 2090 | 292015 |
| **Electronics — 3.7%** |  |  |
| Agilent Technologies, Inc. | 6769 | 1012981 |
| **Environmental Controls — 0.8%** |  |  |
| Waste Connections, Inc. | 1690 | 224026 |
| **Machinery – Construction & Mining — 2.4%** |  |  |
| BWX Technologies, Inc. | 11257 | 653806 |
| **Machinery – Diversified — 2.2%** |  |  |
| IDEX Corp. | 1170 | 267146 |
| Rockwell Automation, Inc. | 1375 | 354159 |
|  |  | 621305 |
| **Miscellaneous - Manufacturing — 0.8%** |  |  |
| Teledyne Technologies, Inc. (a) | 525 | 209953 |
|  |  | 4120140 |

---

***MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Technology — 19.8%** |  |  |
| **Computers — 3.2%** |  |  |
| Fortinet, Inc. (a) | 6680 | $326585 |
| Genpact Ltd. | 4620 | 213998 |
| NetApp, Inc. | 3910 | 234835 |
| Zscaler, Inc. (a) | 1130 | 126447 |
|  |  | 901865 |
| **Semiconductors — 4.9%** |  |  |
| KLA Corp. | 651 | 245446 |
| Marvell Technology, Inc. | 6050 | 224092 |
| Microchip Technology, Inc. | 3920 | 275380 |
| ON Semiconductor Corp. (a) | 5394 | 336424 |
| Synaptics, Inc. (a) | 2962 | 281864 |
|  |  | 1363206 |
| **Software — 11.7%** |  |  |
| Ceridian HCM Holding, Inc. (a) | 14129 | 906376 |
| Electronic Arts, Inc. | 4968 | 606990 |
| HubSpot, Inc. (a) | 924 | 267156 |
| Lightspeed Commerce, Inc. (a) (b) | 7230 | 103389 |
| MongoDB, Inc. (a) | 2899 | 570639 |
| MSCI, Inc. | 635 | 295383 |
| ZoomInfo Technologies, Inc. (a) | 16022 | 482423 |
|  |  | 3232356 |
|  |  | 5497427 |
| **TOTAL COMMON STOCK <br>(Cost $29,685,452)** |  | **27133394** |
| **TOTAL EQUITIES <br>(Cost $29,685,452)** |  | **27133394** |
| **MUTUAL FUNDS — 0.4%** |  |  |
| **Diversified Financial Services — 0.4%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 105566 | 105566 |
| **TOTAL MUTUAL FUNDS <br>(Cost $105,566)** |  | **105566** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $29,791,018)** |  | **27238960** |

---

---

| | |
|:---|:---|
|  | **Principal<br>Amount** |
| **SHORT-TERM INVESTMENTS — 2.0%** |  |
| **Repurchase Agreement — 2.0%** |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $559039 |

---

***MassMutual Fundamental Growth Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $559,039)** |  | $**559039** |
| **TOTAL INVESTMENTS — 100.4%<br>(Cost $30,350,057) (e)** |  | **27797999** |
| **Other Assets/(Liabilities) — (0.4)%** |  | **(103812)** |
| **NET ASSETS — 100.0%** |  | $**27694187** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $593,574 or 2.14% of net assets. The Fund received $503,552 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $559,119. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $570,325.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Blue Chip Growth Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 99.7%** |  |  |
| **COMMON STOCK — 99.6%** |  |  |
| **Basic Materials — 0.7%** |  |  |
| **Chemicals — 0.7%** |  |  |
| Linde PLC | 24792 | $8086655 |
| The Sherwin-Williams Co. | 32513 | 7716310 |
|  |  | 15802965 |
|  |  | 15802965 |
| **Communications — 23.8%** |  |  |
| **Internet — 20.8%** |  |  |
| Alibaba Group Holding Ltd. Sponsored ADR (a) | 173994 | 15327132 |
| Alphabet, Inc. Class A (a) | 628888 | 55486788 |
| Alphabet, Inc. Class C (a) | 1206880 | 107086462 |
| Amazon.com, Inc. (a) | 1567961 | 131708724 |
| Booking Holdings, Inc. (a) | 4910 | 9895025 |
| DoorDash, Inc., Class A (a) | 51007 | 2490162 |
| Meta Platforms, Inc. Class A (a) | 628591 | 75644641 |
| Netflix, Inc. (a) | 195488 | 57645502 |
| Sea Ltd. ADR (a) | 109236 | 5683549 |
| Shopify, Inc. Class A (a) | 599044 | 20792817 |
| Tencent Holdings Ltd. | 130200 | 5533787 |
|  |  | 487294589 |
| **Media — 2.4%** |  |  |
| FactSet Research Systems, Inc. | 55350 | 22206973 |
| The Walt Disney Co. (a) | 409002 | 35534094 |
|  |  | 57741067 |
| **Telecommunications — 0.6%** |  |  |
| T-Mobile US, Inc. (a) | 95525 | 13373500 |
|  |  | 558409156 |
| **Consumer, Cyclical — 7.3%** |  |  |
| **Apparel — 0.5%** |  |  |
| NIKE, Inc. Class B | 104353 | 12210344 |
| **Auto Manufacturers — 1.9%** |  |  |
| Tesla, Inc. (a) | 368704 | 45416959 |
| **Retail — 4.9%** |  |  |
| Chipotle Mexican Grill, Inc. (a) | 8914 | 12368086 |
| Dollar General Corp. | 61860 | 15233025 |
| Lululemon Athletica, Inc. (a) | 29277 | 9379765 |
| Ross Stores, Inc. | 146009 | 16947265 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Starbucks Corp. | 296543 | $29417065 |
| The TJX Cos., Inc. | 36158 | 2878177 |
| Yum China Holdings, Inc. | 170821 | 9335368 |
| Yum! Brands, Inc. | 145380 | 18620270 |
|  |  | 114179021 |
|  |  | 171806324 |
| **Consumer, Non-cyclical — 20.7%** |  |  |
| **Beverages — 1.9%** |  |  |
| Monster Beverage Corp. (a) | 437861 | 44456027 |
| **Biotechnology — 3.7%** |  |  |
| Illumina, Inc. (a) | 100578 | 20336872 |
| Regeneron Pharmaceuticals, Inc. (a) | 41446 | 29902874 |
| Vertex Pharmaceuticals, Inc. (a) | 121756 | 35160698 |
|  |  | 85400444 |
| **Commercial Services — 2.4%** |  |  |
| Adyen NV Sponsored ADR (a) | 251418 | 3469568 |
| Affirm Holdings, Inc. (a) (b) | 71534 | 691734 |
| Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $3,358,253) (a) (c) (d) (e) | 881113 | 1788659 |
| Block, Inc. (a) | 296009 | 18601206 |
| Cintas Corp. | 6206 | 2802754 |
| PayPal Holdings, Inc. (a) | 258887 | 18437932 |
| S&P Global, Inc. | 27555 | 9229272 |
| TransUnion | 29591 | 1679289 |
|  |  | 56700414 |
| **Health Care – Products — 3.9%** |  |  |
| Align Technology, Inc. (a) | 6965 | 1468919 |
| Danaher Corp. | 80091 | 21257753 |
| Intuitive Surgical, Inc. (a) | 152332 | 40421296 |
| Stryker Corp. | 43409 | 10613066 |
| Teleflex, Inc. | 10011 | 2499046 |
| Thermo Fisher Scientific, Inc. | 26068 | 14355387 |
|  |  | 90615467 |
| **Health Care – Services — 3.7%** |  |  |
| Elevance Health, Inc. | 16486 | 8456823 |
| Humana, Inc. | 27815 | 14246565 |
| UnitedHealth Group, Inc. | 121943 | 64651740 |
|  |  | 87355128 |
| **Pharmaceuticals — 5.1%** |  |  |
| AstraZeneca PLC Sponsored ADR | 78129 | 5297146 |
| Eli Lilly & Co. | 86063 | 31485288 |
| Novartis AG Sponsored ADR (b) | 341449 | 30976254 |
| Novo Nordisk A/S Sponsored ADR | 157903 | 21370592 |
| Roche Holding AG Sponsored ADR | 574688 | 22499035 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Zoetis, Inc. | 55869 | $8187602 |
|  |  | 119815917 |
|  |  | 484343397 |
| **Financial — 10.0%** |  |  |
| **Banks — 0.7%** |  |  |
| The Goldman Sachs Group, Inc. | 47921 | 16455113 |
| **Diversified Financial Services — 8.2%** |  |  |
| The Charles Schwab Corp. | 147065 | 12244632 |
| Mastercard, Inc. Class A | 115200 | 40058496 |
| SEI Investments Co. | 315298 | 18381873 |
| Visa, Inc. Class A (b) | 584355 | 121405595 |
|  |  | 192090596 |
| **Insurance — 1.1%** |  |  |
| Chubb Ltd. | 67862 | 14970357 |
| Marsh & McLennan Cos., Inc. | 58356 | 9656751 |
|  |  | 24627108 |
|  |  | 233172817 |
| **Industrial — 4.9%** |  |  |
| **Aerospace & Defense — 3.0%** |  |  |
| The Boeing Co. (a) | 363984 | 69335312 |
| **Electronics — 0.1%** |  |  |
| TE Connectivity Ltd. | 24863 | 2854272 |
| **Machinery – Diversified — 0.5%** |  |  |
| Deere & Co. | 26014 | 11153763 |
| **Miscellaneous - Manufacturing — 0.2%** |  |  |
| General Electric Co. | 60048 | 5031422 |
| **Transportation — 1.1%** |  |  |
| Expeditors International of Washington, Inc. | 210069 | 21830371 |
| Old Dominion Freight Line, Inc. | 18039 | 5119107 |
|  |  | 26949478 |
|  |  | 115324247 |
| **Technology — 32.2%** |  |  |
| **Computers — 5.4%** |  |  |
| Apple, Inc. | 951089 | 123574994 |
| Crowdstrike Holdings, Inc. Class A (a) | 16538 | 1741286 |
| Fortinet, Inc. (a) | 27321 | 1335724 |
|  |  | 126652004 |
| **Semiconductors — 7.0%** |  |  |
| Advanced Micro Devices, Inc. (a) | 175682 | 11378923 |
| ASML Holding NV | 33389 | 18243750 |
| Lam Research Corp. | 4875 | 2048963 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Marvell Technology, Inc. | 116699 | $4322531 |
| Monolithic Power Systems, Inc. | 19966 | 7060177 |
| NVIDIA Corp. | 586910 | 85771027 |
| QUALCOMM, Inc. | 203352 | 22356519 |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 57974 | 4318483 |
| Texas Instruments, Inc. | 54894 | 9069587 |
|  |  | 164569960 |
| **Software — 19.8%** |  |  |
| Atlassian Corp. (a) | 39645 | 5101519 |
| Autodesk, Inc. (a) | 211854 | 39589157 |
| Bill.com Holdings, Inc. (a) | 47175 | 5140188 |
| Canva, Inc. (Acquired 8/16/21-12/17/21, Cost $2,302,739) (a) (c) (d) (e) | 1351 | 745482 |
| Confluent, Inc. Class A (a) | 67084 | 1491948 |
| Datadog, Inc. Class A (a) | 33508 | 2462838 |
| Gusto, Inc. (Acquired 10/04/21, Cost $765,943) (a) (c) (d) (e) | 26606 | 500991 |
| Intuit, Inc. | 56229 | 21885451 |
| Microsoft Corp. | 922085 | 221134425 |
| MongoDB, Inc. (a) | 29263 | 5760129 |
| MSCI, Inc. | 4852 | 2257005 |
| Oracle Corp. | 636945 | 52063884 |
| Paycom Software, Inc. (a) | 5100 | 1582581 |
| Roper Technologies, Inc. | 25590 | 11057183 |
| Salesforce, Inc. (a) | 212695 | 28201230 |
| ServiceNow, Inc. (a) | 76836 | 29833114 |
| Snowflake, Inc. Class A (a) | 20161 | 2893910 |
| Synopsys, Inc. (a) | 48201 | 15390097 |
| Veeva Systems, Inc. Class A (a) | 21680 | 3498718 |
| Workday, Inc. Class A (a) | 74125 | 12403336 |
|  |  | 462993186 |
|  |  | 754215150 |
| **TOTAL COMMON STOCK <br>(Cost $1,933,289,255)** |  | **2333074056** |
| **PREFERRED STOCK — 0.1%** |  |  |
| **Technology — 0.1%** |  |  |
| **Software — 0.1%** |  |  |
| Canva, Inc., Series A (Acquired 11/04/21-12/17/2021, Cost $144,893) (a) (c) (d) (e) | 85 | 46903 |
| Canva, Inc., Series A-3 (Acquired 11/04/21-12/17/2021, Cost $17,043) (a) (c) (d) (e) | 10 | 5518 |
| Databricks, Inc., Series G (Acquired 2/01/21, Cost $815,183) (a) (c) (d) (e) | 13788 | 827280 |
| Databricks, Inc., Series H (Acquired 8/31/21, Cost $2,202,319) (a) (c) (d) (e) | 29970 | 1798200 |
| Gusto, Inc., Series E (Acquired 7/13/21, Cost $1,117,484) (a) (c) (d) (e) | 36765 | 692285 |
|  |  | 3370186 |
| **TOTAL PREFERRED STOCK <br>(Cost $4,296,922)** |  | **3370186** |
| **TOTAL EQUITIES <br>(Cost $1,937,586,177)** |  | **2336444242** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 0.1%** |  |  |
| **CORPORATE DEBT — 0.1%** |  |  |
| **Retail — 0.1%** |  |  |
| Carvana Co. (f) | $3685000 | $1731520 |
| **TOTAL CORPORATE DEBT <br>(Cost $3,685,000)** |  | **1731520** |
| **TOTAL BONDS & NOTES <br>(Cost $3,685,000)** |  | **1731520** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $1,941,271,177)** |  | **2338175762** |
|  | **Number of<br> Shares** |  |
| **SHORT-TERM INVESTMENTS — 1.0%** |  |  |
| **Mutual Fund — 0.0%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 102 | 102 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 1.0%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g) | $22109521 | 22109521 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $22,109,623)** |  | **22109623** |
| **TOTAL INVESTMENTS — 100.8%<br>(Cost $1,963,380,800) (h)** |  | **2360285385** |
| **Other Assets/(Liabilities) — (0.8)%** |  | **(18495897)** |
| **NET ASSETS — 100.0%** |  | $**2341789488** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $6,027,526 or 0.26% of net assets. The Fund received $6,161,668 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment is valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $6,405,318 or 0.27% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $6,405,318 or 0.27% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $1,731,520 or 0.07% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $22,112,665. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $22,551,829.

&nbsp;&nbsp;&nbsp;&nbsp;(h) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Growth Opportunities Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.4%** |  |  |
| **COMMON STOCK — 97.4%** |  |  |
| **Communications — 20.2%** |  |  |
| **Internet — 19.5%** |  |  |
| Airbnb, Inc. Class A (a) | 37966 | $3246093 |
| Amazon.com, Inc. (a) | 184821 | 15524964 |
| DoorDash, Inc., Class A (a) | 47953 | 2341066 |
| Match Group, Inc. (a) | 113293 | 4700527 |
| Netflix, Inc. (a) | 18572 | 5476511 |
| Sea Ltd. ADR (a) | 40613 | 2113094 |
| Shopify, Inc. Class A (a) | 126013 | 4373911 |
| Uber Technologies, Inc. (a) | 329712 | 8153778 |
|  |  | 45929944 |
| **Media — 0.7%** |  |  |
| Charter Communications, Inc. Class A (a) | 4926 | 1670406 |
|  |  | 47600350 |
| **Consumer, Cyclical — 5.7%** |  |  |
| **Apparel — 2.1%** |  |  |
| NIKE, Inc. Class B | 42885 | 5017974 |
| **Distribution & Wholesale — 0.8%** |  |  |
| Copart, Inc. (a) | 31398 | 1911824 |
| **Entertainment — 1.6%** |  |  |
| Warner Music Group Corp. Class A | 110511 | 3870095 |
| **Retail — 1.2%** |  |  |
| Floor & Decor Holdings, Inc. Class A (a) | 39353 | 2740150 |
|  |  | 13540043 |
| **Consumer, Non-cyclical — 21.2%** |  |  |
| **Biotechnology — 1.2%** |  |  |
| Sarepta Therapeutics, Inc. (a) | 22176 | 2873566 |
| **Commercial Services — 6.8%** |  |  |
| Block, Inc. (a) | 96297 | 6051304 |
| CoStar Group, Inc. (a) | 79740 | 6162307 |
| S&P Global, Inc. | 11129 | 3727547 |
|  |  | 15941158 |
| **Health Care – Products — 9.2%** |  |  |
| 10X Genomics, Inc. Class A (a) | 34306 | 1250111 |
| Align Technology, Inc. (a) | 23502 | 4956572 |
| Danaher Corp. | 14079 | 3736848 |

---

***MassMutual Growth Opportunities Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Edwards Lifesciences Corp. (a) | 93219 | $6955069 |
| Intuitive Surgical, Inc. (a) | 17769 | 4715004 |
|  |  | 21613604 |
| **Pharmaceuticals — 4.0%** |  |  |
| DexCom, Inc. (a) | 83453 | 9450218 |
|  |  | 49878546 |
| **Financial — 15.7%** |  |  |
| **Diversified Financial Services — 14.4%** |  |  |
| CME Group, Inc. | 28812 | 4845026 |
| Mastercard, Inc. Class A | 27921 | 9708970 |
| Visa, Inc. Class A | 93920 | 19512819 |
|  |  | 34066815 |
| **Private Equity — 1.3%** |  |  |
| KKR & Co., Inc. | 65607 | 3045477 |
|  |  | 37112292 |
| **Industrial — 6.8%** |  |  |
| **Aerospace & Defense — 2.5%** |  |  |
| The Boeing Co. (a) | 31286 | 5959670 |
| **Environmental Controls — 1.9%** |  |  |
| Waste Management, Inc. | 28444 | 4462295 |
| **Transportation — 2.4%** |  |  |
| Canadian Pacific Railway Ltd. (b) | 74454 | 5553524 |
|  |  | 15975489 |
| **Technology — 27.8%** |  |  |
| **Semiconductors — 4.8%** |  |  |
| Advanced Micro Devices, Inc. (a) | 41134 | 2664249 |
| Lam Research Corp. | 8366 | 3516230 |
| NVIDIA Corp. | 34819 | 5088449 |
|  |  | 11268928 |
| **Software — 23.0%** |  |  |
| Atlassian Corp. (a) | 29815 | 3836594 |
| Cloudflare, Inc. Class A (a) | 68127 | 3080022 |
| Coupa Software, Inc. (a) | 31461 | 2490767 |
| Datadog, Inc. Class A (a) | 64739 | 4758316 |
| Intuit, Inc. | 12398 | 4825550 |
| Microsoft Corp. | 58729 | 14084389 |
| ServiceNow, Inc. (a) | 33931 | 13174389 |
| Snowflake, Inc. Class A (a) | 24907 | 3575151 |

---

***MassMutual Growth Opportunities Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Veeva Systems, Inc. Class A (a) | 26535 | $4282218 |
|  |  | 54107396 |
|  |  | 65376324 |
| **TOTAL COMMON STOCK <br>(Cost $258,375,726)** |  | **229483044** |
| **TOTAL EQUITIES <br>(Cost $258,375,726)** |  | **229483044** |
| **MUTUAL FUNDS — 2.4%** |  |  |
| **Diversified Financial Services — 2.4%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 5620311 | 5620311 |
| **TOTAL MUTUAL FUNDS <br>(Cost $5,620,311)** |  | **5620311** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $263,996,037)** |  | **235103355** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 2.7%** |  |  |
| **Repurchase Agreement — 2.7%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $6321528 | $6321528 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $6,321,528)** |  | **6321528** |
| **TOTAL INVESTMENTS — 102.5%<br>(Cost $270,317,565) (e)** |  | **241424883** |
| **Other Assets/(Liabilities) — (2.5)%** |  | **(5992985)** |
| **NET ASSETS — 100.0%** |  | $**235431898** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $5,497,954 or 2.34% of net assets. (*Note 2*).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $6,322,427. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.000%, maturity dates ranging from 6/29/23 - 6/30/24, and an aggregate market value, including accrued interest, of $6,448,078.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Mid Cap Value Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.1%** |  |  |
| **COMMON STOCK — 96.7%** |  |  |
| **Basic Materials — 3.4%** |  |  |
| **Chemicals — 2.6%** |  |  |
| Akzo Nobel NV | 6193 | $413234 |
| Axalta Coating Systems Ltd. (a) | 14214 | 362031 |
| CF Industries Holdings, Inc. | 151 | 12865 |
| Huntsman Corp. | 1047 | 28772 |
| LyondellBasell Industries NV Class A | 7600 | 631028 |
| The Mosaic Co. | 9300 | 407991 |
| Olin Corp. | 18663 | 988019 |
|  |  | 2843940 |
| **Forest Products & Paper — 0.0%** |  |  |
| Mondi PLC | 2711 | 46042 |
| **Iron & Steel — 0.8%** |  |  |
| Cleveland-Cliffs, Inc. (a) | 16900 | 272259 |
| United States Steel Corp. | 22104 | 553705 |
|  |  | 825964 |
|  |  | 3715946 |
| **Communications — 8.3%** |  |  |
| **Advertising — 0.3%** |  |  |
| Omnicom Group, Inc. | 4045 | 329951 |
| **Internet — 1.9%** |  |  |
| eBay, Inc. | 12462 | 516799 |
| F5, Inc. (a) | 3017 | 432970 |
| GoDaddy, Inc. Class A (a) | 7165 | 536085 |
| IAC, Inc. (a) | 13700 | 608280 |
|  |  | 2094134 |
| **Media — 5.1%** |  |  |
| Altice USA, Inc. Class A (a) | 50800 | 233680 |
| DISH Network Corp. Class A (a) | 39100 | 548964 |
| Fox Corp. Class A | 33835 | 1027569 |
| Fox Corp. Class B | 15542 | 442170 |
| Liberty Broadband Corp. Class C (a) | 13100 | 999137 |
| Liberty Global PLC Class A (a) | 35600 | 673908 |
| Liberty Media Corp-Liberty SiriusXM Class C (a) | 20100 | 786513 |
| News Corp. Class A | 26300 | 478660 |
| Warner Bros Discovery, Inc. (a) | 52427 | 497008 |
|  |  | 5687609 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Telecommunications — 1.0%** |  |  |
| Corning, Inc. | 23405 | $747556 |
| Juniper Networks, Inc. | 10016 | 320111 |
|  |  | 1067667 |
|  |  | 9179361 |
| **Consumer, Cyclical — 8.7%** |  |  |
| **Airlines — 1.6%** |  |  |
| Alaska Air Group, Inc. (a) | 672 | 28856 |
| Southwest Airlines Co. (a) | 35801 | 1205419 |
| United Airlines Holdings, Inc. (a) | 14110 | 531947 |
|  |  | 1766222 |
| **Apparel — 0.5%** |  |  |
| Tapestry, Inc. | 13342 | 508063 |
| **Auto Manufacturers — 0.2%** |  |  |
| Cummins, Inc. | 913 | 221211 |
| **Auto Parts & Equipment — 0.9%** |  |  |
| Aptiv PLC (a) | 1800 | 167634 |
| BorgWarner, Inc. | 14828 | 596827 |
| Cie Generale des Etablissements Michelin SCA | 7877 | 219035 |
|  |  | 983496 |
| **Distribution & Wholesale — 0.7%** |  |  |
| LKQ Corp. | 14400 | 769104 |
| **Food Services — 0.3%** |  |  |
| Sodexo SA | 3810 | 364475 |
| **Home Builders — 0.0%** |  |  |
| Thor Industries, Inc. (b) | 283 | 21364 |
| **Lodging — 0.1%** |  |  |
| Boyd Gaming Corp. | 1311 | 71489 |
| **Retail — 4.4%** |  |  |
| Advance Auto Parts, Inc. | 6336 | 931582 |
| Bath & Body Works, Inc. | 12076 | 508883 |
| Beacon Roofing Supply, Inc. (a) | 4025 | 212480 |
| Best Buy Co., Inc. | 6517 | 522728 |
| Dollar Tree, Inc. (a) | 8895 | 1258109 |
| Macy's, Inc. | 14624 | 301986 |
| MSC Industrial Direct Co., Inc. Class A | 6588 | 538239 |
| Ross Stores, Inc. | 3900 | 452673 |
| Williams-Sonoma, Inc. | 1003 | 115265 |
|  |  | 4841945 |
|  |  | 9547369 |
| **Consumer, Non-cyclical — 18.8%** |  |  |
| **Agriculture — 0.0%** |  |  |
| Archer-Daniels-Midland Co. | 205 | 19034 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Beverages — 0.6%** |  |  |
| Molson Coors Beverage Co. Class B | 12900 | $664608 |
| **Biotechnology — 0.8%** |  |  |
| Bio-Rad Laboratories, Inc. Class A (a) | 1700 | 714833 |
| Incyte Corp. (a) | 1815 | 145781 |
|  |  | 860614 |
| **Commercial Services — 1.4%** |  |  |
| FleetCor Technologies, Inc. (a) | 4400 | 808192 |
| Gartner, Inc. (a) | 48 | 16134 |
| Global Payments, Inc. | 7000 | 695240 |
| ManpowerGroup, Inc. | 275 | 22883 |
|  |  | 1542449 |
| **Cosmetics & Personal Care — 0.0%** |  |  |
| Coty, Inc. Class A (a) | 1719 | 14714 |
| **Food — 3.9%** |  |  |
| Campbell Soup Co. | 9816 | 557058 |
| Conagra Brands, Inc. | 18657 | 722026 |
| The J.M. Smucker Co. | 2621 | 415324 |
| Kellogg Co. | 602 | 42887 |
| Koninklijke Ahold Delhaize NV | 25352 | 728461 |
| The Kraft Heinz Co. | 8500 | 346035 |
| The Kroger Co. | 14673 | 654122 |
| Post Holdings, Inc. (a) | 9100 | 821366 |
|  |  | 4287279 |
| **Health Care – Products — 3.4%** |  |  |
| Baxter International, Inc. | 3825 | 194960 |
| Dentsply Sirona, Inc. | 8329 | 265196 |
| Envista Holdings Corp. (a) | 5472 | 184242 |
| Hologic, Inc. (a) | 11142 | 833533 |
| Koninklijke Philips NV | 35100 | 526149 |
| QIAGEN NV (a) | 11270 | 562035 |
| Zimmer Biomet Holdings, Inc. | 9344 | 1191360 |
|  |  | 3757475 |
| **Health Care – Services — 4.1%** |  |  |
| Centene Corp. (a) | 6600 | 541266 |
| Encompass Health Corp. | 532 | 31819 |
| HCA Healthcare, Inc. | 450 | 107982 |
| IQVIA Holdings, Inc. (a) | 78 | 15981 |
| Laboratory Corp. of America Holdings | 7709 | 1815315 |
| Molina Healthcare, Inc. (a) | 911 | 300831 |
| Quest Diagnostics, Inc. | 7268 | 1137006 |
| Universal Health Services, Inc. Class B | 4230 | 595965 |
|  |  | 4546165 |
| **Household Products & Wares — 0.5%** |  |  |
| Kimberly-Clark Corp. | 4272 | 579924 |
| **Pharmaceuticals — 4.1%** |  |  |
| AmerisourceBergen Corp. | 7519 | 1245973 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Becton Dickinson and Co. | 667 | $169618 |
| Cardinal Health, Inc. | 10123 | 778155 |
| Embecta Corp. | 10861 | 274675 |
| Henry Schein, Inc. (a) | 7955 | 635366 |
| Jazz Pharmaceuticals PLC (a) | 1966 | 313203 |
| Organon & Co. | 6700 | 187131 |
| Perrigo Co. PLC | 25700 | 876113 |
| Premier, Inc. Class A | 625 | 21863 |
|  |  | 4502097 |
|  |  | 20774359 |
| **Energy — 5.5%** |  |  |
| **Oil & Gas — 3.4%** |  |  |
| APA Corp. | 14340 | 669391 |
| Chesapeake Energy Corp. | 5600 | 528472 |
| Devon Energy Corp. | 3710 | 228202 |
| Diamondback Energy, Inc. | 4352 | 595267 |
| EQT Corp. | 13884 | 469696 |
| HF Sinclair Corp. | 7373 | 382585 |
| Marathon Oil Corp. | 24403 | 660589 |
| Phillips 66 | 1424 | 148210 |
| Range Resources Corp. | 2320 | 58046 |
|  |  | 3740458 |
| **Oil & Gas Services — 0.4%** |  |  |
| Baker Hughes Co. | 13005 | 384038 |
| **Pipelines — 1.7%** |  |  |
| Enterprise Products Partners LP (c) | 20086 | 484474 |
| Kinder Morgan, Inc. | 36100 | 652688 |
| The Williams Cos., Inc. | 23700 | 779730 |
|  |  | 1916892 |
|  |  | 6041388 |
| **Financial — 25.3%** |  |  |
| **Banks — 7.9%** |  |  |
| The Bank of New York Mellon Corp. | 37017 | 1685014 |
| Bank OZK | 598 | 23956 |
| Comerica, Inc. | 6723 | 449432 |
| East West Bancorp, Inc. | 7513 | 495107 |
| First Citizens BancShares, Inc. Class A | 994 | 753810 |
| First Hawaiian, Inc. | 23139 | 602540 |
| First Republic Bank | 5554 | 676977 |
| KeyCorp. | 33807 | 588918 |
| Northern Trust Corp. | 12130 | 1073384 |
| Prosperity Bancshares, Inc. | 7014 | 509777 |
| Regions Financial Corp. | 28243 | 608919 |
| Truist Financial Corp. | 15359 | 660898 |
| US Bancorp | 9377 | 408931 |
| Westamerica Bancorp. | 2922 | 172427 |
|  |  | 8710090 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Diversified Financial Services — 2.2%** |  |  |
| Affiliated Managers Group, Inc. | 1872 | $296581 |
| Ally Financial, Inc. | 22850 | 558683 |
| Ameriprise Financial, Inc. | 2378 | 740438 |
| Stifel Financial Corp. | 3858 | 225191 |
| T. Rowe Price Group, Inc. | 5239 | 571365 |
|  |  | 2392258 |
| **Insurance — 7.3%** |  |  |
| Aflac, Inc. | 3646 | 262293 |
| The Allstate Corp. | 11482 | 1556959 |
| American Financial Group, Inc. | 3254 | 446709 |
| Arch Capital Group Ltd. (a) | 10700 | 671746 |
| Axis Capital Holdings Ltd. | 409 | 22156 |
| Chubb Ltd. | 487 | 107432 |
| Equitable Holdings, Inc. | 1120 | 32144 |
| Fidelity National Financial, Inc. | 19962 | 750970 |
| The Hanover Insurance Group, Inc. | 2471 | 333906 |
| The Hartford Financial Services Group, Inc. | 8885 | 673750 |
| Loews Corp. | 5400 | 314982 |
| Markel Corp. (a) | 500 | 658745 |
| Old Republic International Corp. | 18000 | 434700 |
| Reinsurance Group of America, Inc. | 6684 | 949730 |
| Voya Financial, Inc. | 516 | 31729 |
| Willis Towers Watson PLC | 3487 | 852850 |
|  |  | 8100801 |
| **Private Equity — 0.3%** |  |  |
| The Carlyle Group, Inc. | 11190 | 333910 |
| **Real Estate — 0.6%** |  |  |
| CBRE Group, Inc. Class A (a) | 7972 | 613525 |
| **Real Estate Investment Trusts (REITS) — 6.9%** |  |  |
| Annaly Capital Management, Inc. | 23150 | 488002 |
| AvalonBay Communities, Inc. | 3652 | 589871 |
| Camden Property Trust | 4793 | 536241 |
| Equinix, Inc. | 716 | 469002 |
| Equity Residential | 9802 | 578318 |
| Essex Property Trust, Inc. | 1965 | 416423 |
| First Industrial Realty Trust, Inc. | 694 | 33492 |
| Gaming and Leisure Properties, Inc. | 8500 | 442765 |
| Healthpeak Properties, Inc. | 22692 | 568888 |
| JBG SMITH Properties | 28743 | 545542 |
| Mid-America Apartment Communities, Inc. | 3655 | 573798 |
| Prologis, Inc. | 138 | 15557 |
| Public Storage | 1189 | 333146 |
| Realty Income Corp. | 8573 | 543785 |
| Regency Centers Corp. | 16346 | 1021625 |
| VICI Properties, Inc. | 3457 | 112007 |
| Weyerhaeuser Co. | 3507 | 108717 |
| WP Carey, Inc. | 2786 | 217726 |
|  |  | 7594905 |
| **Savings & Loans — 0.1%** |  |  |
| Capitol Federal Financial, Inc. | 17778 | 153780 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
|  |  | $27899269 |
| **Industrial — 12.8%** |  |  |
| **Building Materials — 1.7%** |  |  |
| Builders FirstSource, Inc. (a) | 4500 | $291960 |
| Cie de Saint-Gobain | 8235 | 404287 |
| Louisiana-Pacific Corp. | 7263 | 429970 |
| Masco Corp. | 9409 | 439118 |
| Owens Corning | 3507 | 299147 |
|  |  | 1864482 |
| **Electrical Components & Equipment — 0.8%** |  |  |
| Emerson Electric Co. | 5915 | 568195 |
| Legrand SA | 3909 | 314742 |
|  |  | 882937 |
| **Electronics — 2.4%** |  |  |
| Atkore, Inc. (a) | 1513 | 171604 |
| Flex Ltd. (a) | 17700 | 379842 |
| Hubbell, Inc. | 2297 | 539060 |
| nVent Electric PLC | 17547 | 675033 |
| TE Connectivity Ltd. | 3622 | 415806 |
| Vontier Corp. | 24002 | 463959 |
|  |  | 2645304 |
| **Engineering & Construction — 0.4%** |  |  |
| Vinci SA | 4164 | 415880 |
| **Environmental Controls — 0.2%** |  |  |
| Republic Services, Inc. | 1346 | 173620 |
| Tetra Tech, Inc. | 166 | 24102 |
|  |  | 197722 |
| **Machinery – Construction & Mining — 0.8%** |  |  |
| Oshkosh Corp. | 10794 | 951923 |
| **Machinery – Diversified — 0.5%** |  |  |
| CNH Industrial NV | 19000 | 305140 |
| IMI PLC | 18850 | 293413 |
|  |  | 598553 |
| **Miscellaneous - Manufacturing — 0.9%** |  |  |
| A.O. Smith Corp. | 6160 | 352598 |
| Textron, Inc. | 8926 | 631961 |
|  |  | 984559 |
| **Packaging & Containers — 2.4%** |  |  |
| Amcor PLC | 30628 | 364780 |
| Graphic Packaging Holding Co. | 27000 | 600750 |
| Packaging Corp. of America | 4848 | 620108 |
| Sealed Air Corp. | 7464 | 372304 |
| Sonoco Products Co. | 3578 | 217220 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| WestRock Co. | 13281 | $466960 |
|  |  | 2642122 |
| **Shipbuilding — 1.2%** |  |  |
| Huntington Ingalls Industries, Inc. | 5604 | 1292731 |
| **Transportation — 1.5%** |  |  |
| Expeditors International of Washington, Inc. | 5800 | 602736 |
| FedEx Corp. | 3200 | 554240 |
| Heartland Express, Inc. | 16793 | 257604 |
| Kirby Corp. (a) | 318 | 20463 |
| Knight-Swift Transportation Holdings, Inc. | 819 | 42924 |
| Ryder System, Inc. | 1979 | 165385 |
| XPO, Inc. (a) | 516 | 17178 |
|  |  | 1660530 |
|  |  | 14136743 |
| **Technology — 3.6%** |  |  |
| **Computers — 2.4%** |  |  |
| Amdocs Ltd. | 4715 | 428593 |
| DXC Technology Co. (a) | 9251 | 245152 |
| Hewlett Packard Enterprise Co. | 37815 | 603527 |
| HP, Inc. | 30886 | 829907 |
| Western Digital Corp. (a) | 15766 | 497417 |
|  |  | 2604596 |
| **Semiconductors — 0.4%** |  |  |
| Applied Materials, Inc. | 1803 | 175576 |
| Teradyne, Inc. | 3008 | 262749 |
|  |  | 438325 |
| **Software — 0.8%** |  |  |
| Cadence Design Systems, Inc. (a) | 106 | 17028 |
| DocuSign, Inc. (a) | 61 | 3381 |
| Dropbox, Inc. Class A (a) | 736 | 16472 |
| Electronic Arts, Inc. | 6935 | 847318 |
| Manhattan Associates, Inc. (a) | 229 | 27800 |
| Synopsys, Inc. (a) | 54 | 17242 |
| Teradata Corp. (a) | 409 | 13767 |
|  |  | 943008 |
|  |  | 3985929 |
| **Utilities — 10.3%** |  |  |
| **Electric — 8.4%** |  |  |
| CenterPoint Energy, Inc. | 18900 | 566811 |
| Consolidated Edison, Inc. | 6634 | 632287 |
| DTE Energy Co. | 5428 | 637953 |
| Duke Energy Corp. | 4155 | 427923 |
| Edison International | 23423 | 1490171 |
| Evergy, Inc. | 14712 | 925826 |
| Eversource Energy | 10542 | 883841 |
| Exelon Corp. | 9900 | 427977 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| NorthWestern Corp. | 10403 | $617314 |
| OGE Energy Corp. | 17100 | 676305 |
| PG&E Corp. (a) | 36745 | 597474 |
| Pinnacle West Capital Corp. | 4212 | 320280 |
| Vistra Corp. | 28200 | 654240 |
| Xcel Energy, Inc. | 5514 | 386587 |
|  |  | 9244989 |
| **Gas — 1.9%** |  |  |
| Atmos Energy Corp. | 899 | 100751 |
| NiSource, Inc. | 27100 | 743082 |
| Spire, Inc. | 11260 | 775364 |
| UGI Corp. | 12800 | 474496 |
|  |  | 2093693 |
|  |  | 11338682 |
| **TOTAL COMMON STOCK <br>(Cost $109,483,432)** |  | **106619046** |
| **PREFERRED STOCK — 0.4%** |  |  |
| **Consumer, Non-cyclical — 0.4%** |  |  |
| **Household Products & Wares — 0.4%** |  |  |
| Henkel AG & Co. KGaA 2.84% | 5707 | 397287 |
| **TOTAL PREFERRED STOCK <br>(Cost $371,512)** |  | **397287** |
| **TOTAL EQUITIES <br>(Cost $109,854,944)** |  | **107016333** |
| **MUTUAL FUNDS — 0.4%** |  |  |
| **Diversified Financial Services — 0.4%** |  |  |
| iShares Russell Mid-Cap Value ETF (b) | 4395 | 462969 |
| **TOTAL MUTUAL FUNDS <br>(Cost $433,385)** |  | **462969** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $110,288,329)** |  | **107479302** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
| **Repurchase Agreement — 2.4%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $2617871 | $2617871 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $2,617,871)** |  | **2617871** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $112,906,200) (e)** |  | $**110097173** |
| **Other Assets/(Liabilities) — 0.1%** |  | **127561** |
| **NET ASSETS — 100.0%** |  | $**110224734** |

---

**Abbreviation Legend**

ETF Exchange-Traded Fund

**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 December 31, 2022, was $204,697 or 0.19% of net assets. The Fund received $209,338 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $2,618,244. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 2.875%, maturity dates ranging from 6/29/23 - 5/15/28, and an aggregate market value, including accrued interest, of $2,670,350.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Bank of America N.A. | 3/31/23 | GBP | 34026 | USD | 41194 | $28 |
| Bank of America N.A. | 3/31/23 | USD | 339185 | GBP | 278220 | 2114 |
| JP Morgan Chase Bank N.A. | 3/31/23 | USD | 2798880 | EUR | 2614181 | (16160) |
| UBS AG | 3/31/23 | NOK | 233181 | USD | 23744 | 148 |
| UBS AG | 3/31/23 | USD | 23635 | NOK | 233181 | (257) |
|  |  |  |  |  |  | $(14127) |

---

**Currency Legend**

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

NOK Norwegian Krone

USD U.S. Dollar

***MassMutual Small Cap Value Equity Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.1%** |  |  |
| **COMMON STOCK — 97.1%** |  |  |
| **Basic Materials — 8.4%** |  |  |
| **Chemicals — 4.6%** |  |  |
| Axalta Coating Systems Ltd. (a) | 12585 | $320540 |
| Cabot Corp. | 10529 | 703758 |
| Element Solutions, Inc. | 25645 | 466482 |
| H.B. Fuller Co. | 4314 | 308969 |
| Mativ Holdings, Inc. | 18492 | 386483 |
| Orion Engineered Carbons SA | 12643 | 225172 |
|  |  | 2411404 |
| **Iron & Steel — 2.0%** |  |  |
| ATI, Inc. (a) | 34284 | 1023720 |
| **Mining — 1.8%** |  |  |
| Ferroglobe PLC (a) | 46530 | 179141 |
| Kaiser Aluminum Corp. | 9549 | 725342 |
|  |  | 904483 |
|  |  | 4339607 |
| **Communications — 4.3%** |  |  |
| **Internet — 2.2%** |  |  |
| ePlus, Inc. (a) | 6123 | 271126 |
| Perficient, Inc. (a) | 2676 | 186865 |
| Shutterstock, Inc. | 6541 | 344842 |
| Ziff Davis, Inc. (a) | 4439 | 351125 |
|  |  | 1153958 |
| **Media — 0.3%** |  |  |
| WideOpenWest, Inc. (a) | 17150 | 156237 |
| **Telecommunications — 1.8%** |  |  |
| Ciena Corp. (a) | 8815 | 449388 |
| Infinera Corp. (a) (b) | 71997 | 485260 |
|  |  | 934648 |
|  |  | 2244843 |
| **Consumer, Cyclical — 12.2%** |  |  |
| **Apparel — 1.6%** |  |  |
| Deckers Outdoor Corp. (a) | 944 | 376807 |
| Kontoor Brands, Inc. | 10779 | 431052 |
|  |  | 807859 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Auto Parts & Equipment — 5.1%** |  |  |
| Adient PLC (a) | 22039 | $764533 |
| American Axle & Manufacturing Holdings, Inc. (a) | 80078 | 626210 |
| Gentherm, Inc. (a) | 14771 | 964399 |
| Visteon Corp. (a) | 2494 | 326290 |
|  |  | 2681432 |
| **Food Services — 1.1%** |  |  |
| Aramark | 14235 | 588475 |
| **Home Builders — 1.3%** |  |  |
| Century Communities, Inc. | 6862 | 343168 |
| TRI Pointe Homes, Inc. (a) | 19037 | 353898 |
|  |  | 697066 |
| **Home Furnishing — 0.3%** |  |  |
| Sonos, Inc. (a) | 10010 | 169169 |
| **Lodging — 0.5%** |  |  |
| Wyndham Hotels & Resorts, Inc. | 3474 | 247731 |
| **Office Furnishings — 0.8%** |  |  |
| Interface, Inc. | 40895 | 403634 |
| **Retail — 0.7%** |  |  |
| Five Below, Inc. (a) | 2068 | 365767 |
| **Textiles — 0.8%** |  |  |
| UniFirst Corp. | 2108 | 406823 |
|  |  | 6367956 |
| **Consumer, Non-cyclical — 13.5%** |  |  |
| **Agriculture — 1.6%** |  |  |
| Darling Ingredients, Inc. (a) | 13223 | 827628 |
| **Beverages — 0.5%** |  |  |
| C&C Group PLC (a) | 125006 | 263965 |
| **Commercial Services — 4.5%** |  |  |
| BrightView Holdings, Inc. (a) | 26567 | 183047 |
| Huron Consulting Group, Inc. (a) | 5456 | 396106 |
| ICF International, Inc. | 2771 | 274467 |
| Monro, Inc. | 8686 | 392607 |
| Sterling Check Corp. (a) | 15851 | 245215 |
| WillScot Mobile Mini Holdings Corp. (a) | 19101 | 862792 |
|  |  | 2354234 |
| **Food — 2.3%** |  |  |
| Cranswick PLC | 6218 | 231393 |
| Post Holdings, Inc. (a) | 2739 | 247222 |
| SunOpta, Inc. (a) | 50447 | 425773 |
| United Natural Foods, Inc. (a) | 8222 | 318274 |
|  |  | 1222662 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Health Care – Products — 2.7%** |  |  |
| Azenta, Inc. | 7592 | $442006 |
| Haemonetics Corp. (a) | 3984 | 313341 |
| ICU Medical, Inc. (a) | 2365 | 372440 |
| Integra LifeSciences Holdings Corp. (a) | 5282 | 296162 |
|  |  | 1423950 |
| **Health Care – Services — 0.5%** |  |  |
| Syneos Health, Inc. (a) | 6421 | 235522 |
| **Household Products & Wares — 1.0%** |  |  |
| ACCO Brands Corp. | 38146 | 213236 |
| Spectrum Brands Holdings, Inc. | 4707 | 286751 |
|  |  | 499987 |
| **Pharmaceuticals — 0.4%** |  |  |
| Owens & Minor, Inc. | 11304 | 220767 |
|  |  | 7048714 |
| **Energy — 2.2%** |  |  |
| **Oil & Gas — 1.3%** |  |  |
| Chord Energy Corp. | 2463 | 336963 |
| Sitio Royalties Corp. Class A (a) | 12609 | 363774 |
|  |  | 700737 |
| **Oil & Gas Services — 0.9%** |  |  |
| NOW, Inc. (a) | 35263 | 447840 |
|  |  | 1148577 |
| **Financial — 22.8%** |  |  |
| **Banks — 11.9%** |  |  |
| Cadence Bank | 12313 | 303638 |
| Eastern Bankshares, Inc. | 18848 | 325128 |
| First Citizens BancShares, Inc. Class A | 564 | 427715 |
| First Interstate BancSystem, Inc. Class A | 7701 | 297644 |
| Hancock Whitney Corp. | 8271 | 400234 |
| International Bancshares Corp. | 6989 | 319816 |
| OFG Bancorp | 32080 | 884125 |
| Old National Bancorp | 43099 | 774920 |
| Seacoast Banking Corp. of Florida | 10720 | 334357 |
| Synovus Financial Corp. | 8426 | 316396 |
| Texas Capital Bancshares, Inc. (a) | 14448 | 871359 |
| Umpqua Holdings Corp. | 37222 | 664413 |
| Webster Financial Corp. | 6111 | 289295 |
|  |  | 6209040 |
| **Diversified Financial Services — 1.1%** |  |  |
| Air Lease Corp. | 10196 | 391730 |
| Houlihan Lokey, Inc. | 1804 | 157237 |
|  |  | 548967 |
| **Insurance — 4.7%** |  |  |
| Assured Guaranty Ltd. | 5373 | 334523 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Kemper Corp. | 9179 | $451607 |
| NMI Holdings, Inc. Class A (a) | 15077 | 315109 |
| ProAssurance Corp. | 18846 | 329239 |
| Reinsurance Group of America, Inc. | 3376 | 479696 |
| SiriusPoint Ltd. (a) | 32703 | 192948 |
| White Mountains Insurance Group Ltd. | 250 | 353582 |
|  |  | 2456704 |
| **Real Estate — 0.5%** |  |  |
| Alexander & Baldwin, Inc. | 14404 | 269787 |
| **Real Estate Investment Trusts (REITS) — 4.0%** |  |  |
| Centerspace | 4997 | 293174 |
| Kimco Realty Corp. | 11140 | 235945 |
| LXP Industrial Trust | 21230 | 212725 |
| Pebblebrook Hotel Trust (b) | 23033 | 308412 |
| Phillips Edison & Co., Inc. | 10516 | 334829 |
| PotlatchDeltic Corp. | 7119 | 313165 |
| RPT Realty | 38597 | 387514 |
|  |  | 2085764 |
| **Savings & Loans — 0.6%** |  |  |
| Banc of California, Inc. | 19781 | 315111 |
|  |  | 11885373 |
| **Industrial — 23.4%** |  |  |
| **Aerospace & Defense — 0.6%** |  |  |
| Hexcel Corp. | 4812 | 283186 |
| **Building Materials — 4.4%** |  |  |
| American Woodmark Corp. (a) | 5277 | 257834 |
| Apogee Enterprises, Inc. | 15918 | 707714 |
| The AZEK Co., Inc (a) | 7150 | 145288 |
| Fortune Brands Innovations, Inc. | 4260 | 243289 |
| Gibraltar Industries, Inc. (a) | 15427 | 707791 |
| Masonite International Corp. (a) | 3064 | 246989 |
|  |  | 2308905 |
| **Electrical Components & Equipment — 0.8%** |  |  |
| Belden, Inc. | 5478 | 393868 |
| **Electronics — 3.6%** |  |  |
| Brady Corp. Class A | 2600 | 122460 |
| Coherent Corp. (a) | 18366 | 644647 |
| CTS Corp. | 8064 | 317883 |
| FARO Technologies, Inc. (a) | 7346 | 216046 |
| National Instruments Corp. | 8656 | 319406 |
| Vishay Precision Group, Inc. (a) | 6367 | 246084 |
|  |  | 1866526 |
| **Environmental Controls — 1.4%** |  |  |
| Clean Harbors, Inc. (a) | 2472 | 282105 |
| Harsco Corp. (a) | 68079 | 428217 |
|  |  | 710322 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Hand & Machine Tools — 3.2%** |  |  |
| Enerpac Tool Group Corp. | 35508 | $903679 |
| Kennametal, Inc. | 23264 | 559732 |
| Luxfer Holdings PLC | 16236 | 222758 |
|  |  | 1686169 |
| **Machinery – Diversified — 0.5%** |  |  |
| Thermon Group Holdings, Inc. (a) | 12773 | 256482 |
| **Metal Fabricate & Hardware — 0.7%** |  |  |
| Standex International Corp. | 3672 | 376050 |
| **Miscellaneous - Manufacturing — 1.3%** |  |  |
| John Bean Technologies Corp. | 2757 | 251797 |
| Materion Corp. | 4652 | 407096 |
|  |  | 658893 |
| **Packaging & Containers — 1.9%** |  |  |
| Sealed Air Corp. | 9575 | 477601 |
| TriMas Corp. | 18749 | 520097 |
|  |  | 997698 |
| **Transportation — 2.8%** |  |  |
| Air Transport Services Group, Inc. (a) | 30611 | 795274 |
| Kirby Corp. (a) | 10529 | 677541 |
|  |  | 1472815 |
| **Trucking & Leasing — 2.2%** |  |  |
| GATX Corp. | 3418 | 363470 |
| The Greenbrier Cos., Inc. | 23753 | 796438 |
|  |  | 1159908 |
|  |  | 12170822 |
| **Technology — 8.5%** |  |  |
| **Computers — 3.6%** |  |  |
| Science Applications International Corp. | 2960 | 328353 |
| Super Micro Computer, Inc. (a) | 14205 | 1166230 |
| WNS Holdings Ltd. ADR (a) | 4937 | 394911 |
|  |  | 1889494 |
| **Semiconductors — 2.5%** |  |  |
| Cohu, Inc. (a) | 18856 | 604335 |
| Diodes, Inc. (a) | 7591 | 577978 |
| Onto Innovation, Inc. (a) | 1398 | 95190 |
|  |  | 1277503 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Software — 2.4%** |  |  |
| ACI Worldwide, Inc. (a) | 16945 | $389735 |
| Concentrix Corp. | 3037 | 404407 |
| Progress Software Corp. | 9437 | 476097 |
|  |  | 1270239 |
|  |  | 4437236 |
| **Utilities — 1.8%** |  |  |
| **Electric — 0.5%** |  |  |
| Portland General Electric Co. | 5458 | 267442 |
| **Gas — 1.3%** |  |  |
| New Jersey Resources Corp. | 5722 | 283926 |
| Spire, Inc. | 2676 | 184269 |
| UGI Corp. | 5395 | 199993 |
|  |  | 668188 |
|  |  | 935630 |
| **TOTAL COMMON STOCK <br>(Cost $45,155,346)** |  | **50578758** |
| **TOTAL EQUITIES <br>(Cost $45,155,346)** |  | **50578758** |
| **MUTUAL FUNDS — 0.9%** |  |  |
| **Diversified Financial Services — 0.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 452296 | 452296 |
| **TOTAL MUTUAL FUNDS <br>(Cost $452,296)** |  | **452296** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $45,607,642)** |  | **51031054** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 2.9%** |  |  |
| **Repurchase Agreement — 2.9%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $1532239 | $1532239 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $1,532,239)** |  | **1532239** |
| **TOTAL INVESTMENTS — 100.9%<br>(Cost $47,139,881) (e)** |  | **52563293** |
| **Other Assets/(Liabilities) — (0.9)%** |  | **(452257)** |
| **NET ASSETS — 100.0%** |  | $**52111036** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $766,535 or 1.47% of net assets. The Fund received $336,401 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $1,532,457. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,563,044.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Small Company Value Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 99.4%** |  |  |
| **COMMON STOCK — 99.4%** |  |  |
| **Basic Materials — 3.6%** |  |  |
| **Chemicals — 2.3%** |  |  |
| AdvanSix, Inc. | 41060 | $1561101 |
| Element Solutions, Inc. | 16536 | 300790 |
| H.B. Fuller Co. | 19640 | 1406617 |
| Innospec, Inc. | 7830 | 805394 |
| Minerals Technologies, Inc. | 12669 | 769261 |
|  |  | 4843163 |
| **Iron & Steel — 1.3%** |  |  |
| ATI, Inc. (a) | 64310 | 1920297 |
| Haynes International, Inc. | 18880 | 862627 |
|  |  | 2782924 |
|  |  | 7626087 |
| **Communications — 2.3%** |  |  |
| **Advertising — 0.2%** |  |  |
| Entravision Communications Corp. Class A | 100460 | 482208 |
| **Internet — 0.8%** |  |  |
| Criteo SA Sponsored ADR (a) | 63861 | 1664218 |
| Solo Brands, Inc. Class A (a) | 33845 | 125903 |
|  |  | 1790121 |
| **Media — 0.3%** |  |  |
| Cable One, Inc. | 725 | 516098 |
| Townsquare Media, Inc. Class A (a) | 11915 | 86384 |
|  |  | 602482 |
| **Telecommunications — 1.0%** |  |  |
| A10 Networks, Inc. | 88149 | 1465918 |
| Casa Systems, Inc. (a) | 203780 | 556320 |
|  |  | 2022238 |
|  |  | 4897049 |
| **Consumer, Cyclical — 18.7%** |  |  |
| **Airlines — 0.7%** |  |  |
| Alaska Air Group, Inc. (a) | 36590 | 1571175 |
| **Apparel — 0.7%** |  |  |
| Tapestry, Inc. | 36253 | 1380514 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Auto Manufacturers — 1.3%** |  |  |
| Blue Bird Corp. (a) | 81556 | $873465 |
| REV Group, Inc. | 144380 | 1822075 |
|  |  | 2695540 |
| **Auto Parts & Equipment — 2.6%** |  |  |
| Dana, Inc. | 92286 | 1396287 |
| The Goodyear Tire & Rubber Co. (a) | 174550 | 1771682 |
| The Shyft Group, Inc. | 91738 | 2280607 |
|  |  | 5448576 |
| **Distribution & Wholesale — 1.2%** |  |  |
| A-Mark Precious Metals, Inc. | 16449 | 571274 |
| H&E Equipment Services, Inc. | 33858 | 1537153 |
| KAR Auction Services, Inc. (a) | 37063 | 483672 |
|  |  | 2592099 |
| **Entertainment — 1.6%** |  |  |
| Accel Entertainment, Inc. (a) | 52142 | 401493 |
| IMAX Corp. (a) | 89000 | 1304740 |
| Penn Entertainment, Inc. (a) | 9407 | 279388 |
| Six Flags Entertainment Corp. (a) | 62630 | 1456148 |
|  |  | 3441769 |
| **Home Builders — 2.6%** |  |  |
| KB Home | 56280 | 1792518 |
| Skyline Champion Corp. (a) | 27315 | 1406996 |
| Taylor Morrison Home Corp. (a) | 79184 | 2403234 |
|  |  | 5602748 |
| **Home Furnishing — 0.1%** |  |  |
| Vizio Holding Corp. Class A (a) | 20573 | 152446 |
| **Leisure Time — 0.9%** |  |  |
| Brunswick Corp. | 18519 | 1334849 |
| Malibu Boats, Inc. Class A (a) | 12732 | 678616 |
|  |  | 2013465 |
| **Lodging — 0.9%** |  |  |
| Boyd Gaming Corp. | 5695 | 310549 |
| Hilton Grand Vacations, Inc. (a) | 39580 | 1525413 |
|  |  | 1835962 |
| **Retail — 6.1%** |  |  |
| Beacon Roofing Supply, Inc. (a) | 25379 | 1339757 |
| Citi Trends, Inc. (a) | 43009 | 1138878 |
| Dave & Buster's Entertainment, Inc. (a) | 20138 | 713691 |
| Dine Brands Global, Inc. | 25708 | 1660737 |
| Genesco, Inc. (a) | 30560 | 1406371 |
| GMS, Inc. (a) | 17759 | 884398 |
| MarineMax, Inc. (a) | 20285 | 633298 |
| OneWater Marine, Inc. Class A (a) | 18531 | 529987 |
| Papa John's International, Inc. | 18380 | 1512858 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Penske Automotive Group, Inc. | 5877 | $675444 |
| Red Robin Gourmet Burgers, Inc. (a) (b) | 20554 | 114691 |
| RH (a) (b) | 1026 | 274137 |
| Sally Beauty Holdings, Inc. (a) | 166960 | 2090339 |
|  |  | 12974586 |
|  |  | 39708880 |
| **Consumer, Non-cyclical — 12.4%** |  |  |
| **Commercial Services — 5.0%** |  |  |
| Adtalem Global Education, Inc. (a) | 44759 | 1588945 |
| AMN Healthcare Services, Inc. (a) | 1188 | 122150 |
| Barrett Business Services, Inc. | 3886 | 362486 |
| The Brink's Co. | 22183 | 1191449 |
| Deluxe Corp. | 29878 | 507328 |
| Euronet Worldwide, Inc. (a) | 4365 | 411969 |
| EVERTEC, Inc. | 44898 | 1453797 |
| Herc Holdings, Inc. | 16284 | 2142486 |
| Korn Ferry | 48619 | 2461094 |
| Loomis AB | 15068 | 412754 |
|  |  | 10654458 |
| **Cosmetics & Personal Care — 0.6%** |  |  |
| Edgewell Personal Care Co. | 30899 | 1190847 |
| **Food — 1.6%** |  |  |
| The Hain Celestial Group, Inc. (a) | 87244 | 1411608 |
| Nomad Foods Ltd. (a) | 120248 | 2073075 |
|  |  | 3484683 |
| **Health Care – Products — 1.8%** |  |  |
| Envista Holdings Corp. (a) | 39720 | 1337372 |
| Integra LifeSciences Holdings Corp. (a) | 41600 | 2332512 |
| Zimvie, Inc. (a) | 11847 | 110651 |
|  |  | 3780535 |
| **Health Care – Services — 2.1%** |  |  |
| Acadia Healthcare Co., Inc. (a) | 25210 | 2075287 |
| Pediatrix Medical Group, Inc. (a) | 94880 | 1409917 |
| Syneos Health, Inc. (a) | 23960 | 878853 |
|  |  | 4364057 |
| **Household Products & Wares — 0.7%** |  |  |
| Spectrum Brands Holdings, Inc. | 26055 | 1587271 |
| **Pharmaceuticals — 0.6%** |  |  |
| Embecta Corp. | 16821 | 425403 |
| Patterson Cos., Inc. | 29581 | 829156 |
|  |  | 1254559 |
|  |  | 26316410 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Energy — 3.8%** |  |  |
| **Energy – Alternate Sources — 0.3%** |  |  |
| Enviva, Inc. (b) | 11562 | $612439 |
| **Oil & Gas — 3.0%** |  |  |
| Earthstone Energy, Inc. Class A (a) | 16170 | 230099 |
| Helmerich & Payne, Inc. | 45590 | 2259897 |
| HF Sinclair Corp. | 29980 | 1555662 |
| Magnolia Oil & Gas Corp. Class A | 97320 | 2282154 |
|  |  | 6327812 |
| **Oil & Gas Services — 0.5%** |  |  |
| ChampionX Corp. | 33757 | 978615 |
| NCS Multistage Holdings, Inc. (a) | 748 | 18700 |
|  |  | 997315 |
|  |  | 7937566 |
| **Financial — 34.1%** |  |  |
| **Banks — 19.5%** |  |  |
| 1st Source Corp. | 31748 | 1685501 |
| Ameris Bancorp | 16739 | 789076 |
| Associated Banc-Corp. | 106939 | 2469222 |
| Bank of Marin Bancorp | 28346 | 932016 |
| BankUnited, Inc. | 83342 | 2831128 |
| Carter Bankshares, Inc. (a) | 66675 | 1106138 |
| ConnectOne Bancorp, Inc. | 13929 | 337221 |
| F.N.B. Corp. | 104681 | 1366087 |
| First BanCorp | 261812 | 3330249 |
| First Interstate BancSystem, Inc. Class A | 12393 | 478989 |
| First Merchants Corp. | 8001 | 328921 |
| First Mid Bancshares, Inc. | 4018 | 128897 |
| HarborOne Bancorp, Inc. | 125437 | 1743574 |
| Heritage Financial Corp. | 75852 | 2324105 |
| Home BancShares, Inc. | 49159 | 1120334 |
| Independent Bank Group, Inc. | 35282 | 2119743 |
| Old National Bancorp | 86729 | 1559387 |
| Origin Bancorp, Inc. | 9158 | 336099 |
| PacWest Bancorp | 10607 | 243431 |
| Premier Financial Corp. | 74238 | 2002199 |
| QCR Holdings, Inc. | 5237 | 259965 |
| Sandy Spring Bancorp, Inc. | 36129 | 1272825 |
| SouthState Corp. | 17316 | 1322250 |
| Synovus Financial Corp. | 40987 | 1539062 |
| Texas Capital Bancshares, Inc. (a) | 37450 | 2258610 |
| Towne Bank | 10822 | 333750 |
| TriCo Bancshares | 41210 | 2101298 |
| UMB Financial Corp. | 15619 | 1304499 |
| Umpqua Holdings Corp. | 67004 | 1196021 |
| Valley National Bancorp | 98489 | 1113911 |
| Veritex Holdings, Inc. | 23539 | 660975 |
| Webster Financial Corp. | 12812 | 606520 |
|  |  | 41202003 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Diversified Financial Services — 1.2%** |  |  |
| Enact Holdings, Inc. | 4035 | $97324 |
| Moelis & Co. Class A | 44059 | 1690544 |
| Stifel Financial Corp. | 13155 | 767857 |
|  |  | 2555725 |
| **Insurance — 2.7%** |  |  |
| Axis Capital Holdings Ltd. | 19459 | 1054094 |
| The Hanover Insurance Group, Inc. | 13180 | 1781014 |
| ProAssurance Corp. | 5198 | 90809 |
| Selective Insurance Group, Inc. | 31784 | 2816380 |
|  |  | 5742297 |
| **Investment Companies — 0.5%** |  |  |
| Compass Diversified Holdings (b) | 62139 | 1132794 |
| **Private Equity — 0.1%** |  |  |
| Patria Investments Ltd. Class A | 14892 | 207446 |
| **Real Estate Investment Trusts (REITS) — 6.7%** |  |  |
| Broadstone Net Lease, Inc. | 99420 | 1611598 |
| CareTrust REIT, Inc. | 18967 | 352407 |
| Cousins Properties, Inc. | 34432 | 870785 |
| Easterly Government Properties, Inc. | 16536 | 235969 |
| Four Corners Property Trust, Inc. | 22617 | 586459 |
| Getty Realty Corp. | 5723 | 193724 |
| Highwoods Properties, Inc. | 17262 | 482991 |
| Independence Realty Trust, Inc. | 111740 | 1883936 |
| Kite Realty Group Trust | 24048 | 506210 |
| National Health Investors, Inc. | 7457 | 389404 |
| National Storage Affiliates Trust | 30354 | 1096386 |
| NETSTREIT Corp. | 93303 | 1710244 |
| Physicians Realty Trust | 141431 | 2046507 |
| STAG Industrial, Inc. | 52032 | 1681154 |
| Summit Hotel Properties, Inc. | 36422 | 262967 |
| UMH Properties, Inc. | 10562 | 170048 |
|  |  | 14080789 |
| **Savings & Loans — 3.4%** |  |  |
| Berkshire Hills Bancorp, Inc. | 72857 | 2178425 |
| Pacific Premier Bancorp, Inc. | 90368 | 2852014 |
| Provident Financial Services, Inc. | 15803 | 337552 |
| WSFS Financial Corp. | 42245 | 1915388 |
|  |  | 7283379 |
|  |  | 72204433 |
| **Industrial — 17.2%** |  |  |
| **Aerospace & Defense — 0.8%** |  |  |
| Leonardo DRS, Inc. (a) | 12228 | 156274 |
| Spirit AeroSystems Holdings, Inc. Class A | 51430 | 1522328 |
|  |  | 1678602 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Building Materials — 1.6%** |  |  |
| Hayward Holdings, Inc. (a) (b) | 37750 | $354850 |
| Masonite International Corp. (a) | 23867 | 1923919 |
| Mohawk Industries, Inc. (a) | 3939 | 402645 |
| Tecnoglass, Inc. | 21837 | 671924 |
|  |  | 3353338 |
| **Electrical Components & Equipment — 0.9%** |  |  |
| Belden, Inc. | 24960 | 1794624 |
| Graham Corp. | 4958 | 47696 |
|  |  | 1842320 |
| **Electronics — 2.8%** |  |  |
| Advanced Energy Industries, Inc. | 2335 | 200296 |
| Avnet, Inc. | 32210 | 1339292 |
| Coherent Corp. (a) | 49706 | 1744680 |
| TTM Technologies, Inc. (a) | 132450 | 1997346 |
| Vontier Corp. | 39817 | 769663 |
|  |  | 6051277 |
| **Engineering & Construction — 3.1%** |  |  |
| Arcosa, Inc. | 33560 | 1823650 |
| Dycom Industries, Inc. (a) | 25543 | 2390825 |
| Fluor Corp. (a) | 41351 | 1433226 |
| Great Lakes Dredge & Dock Corp. (a) | 156810 | 933019 |
|  |  | 6580720 |
| **Environmental Controls — 0.4%** |  |  |
| CECO Environmental Corp. (a) | 12736 | 148756 |
| Charah Solutions, Inc. (a) | 2643 | 14273 |
| Heritage-Crystal Clean, Inc. (a) | 23824 | 773804 |
|  |  | 936833 |
| **Hand & Machine Tools — 0.1%** |  |  |
| Luxfer Holdings PLC | 9596 | 131657 |
| **Machinery – Construction & Mining — 0.6%** |  |  |
| Terex Corp. | 29319 | 1252508 |
| **Machinery – Diversified — 2.7%** |  |  |
| Cactus, Inc. Class A | 29580 | 1486691 |
| DXP Enterprises, Inc. (a) | 11754 | 323823 |
| Enovis Corp. (a) | 13988 | 748638 |
| Esab Corp. | 9337 | 438092 |
| Gates Industrial Corp. PLC (a) | 73712 | 841054 |
| Ichor Holdings Ltd. (a) | 67180 | 1801767 |
|  |  | 5640065 |
| **Metal Fabricate & Hardware — 0.8%** |  |  |
| Hillman Solutions Corp. (a) | 57777 | 416572 |
| The Timken Co. | 17315 | 1223651 |
|  |  | 1640223 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Miscellaneous - Manufacturing — 0.0%** |  |  |
| DIRTT Environmental Solutions (a) (b) | 61401 | $32542 |
| **Packaging & Containers — 1.8%** |  |  |
| Graphic Packaging Holding Co. | 68971 | 1534605 |
| Karat Packaging, Inc. | 5242 | 75328 |
| O-I Glass, Inc. (a) | 100960 | 1672907 |
| Pactiv Evergreen, Inc. | 56607 | 643055 |
|  |  | 3925895 |
| **Transportation — 1.6%** |  |  |
| ArcBest Corp. | 28440 | 1991938 |
| Star Bulk Carriers Corp. | 76510 | 1471287 |
|  |  | 3463225 |
|  |  | 36529205 |
| **Technology — 5.2%** |  |  |
| **Computers — 0.2%** |  |  |
| Unisys Corp. (a) | 80062 | 409117 |
| **Semiconductors — 2.2%** |  |  |
| Cohu, Inc. (a) | 14267 | 457257 |
| Kulicke & Soffa Industries, Inc. | 54898 | 2429785 |
| Magnachip Semiconductor Corp. (a) | 149800 | 1406622 |
| MKS Instruments, Inc. | 3772 | 319602 |
|  |  | 4613266 |
| **Software — 2.8%** |  |  |
| ACI Worldwide, Inc. (a) | 59970 | 1379310 |
| CommVault Systems, Inc. (a) | 27277 | 1714087 |
| Digital Turbine, Inc. (a) | 22924 | 349362 |
| Donnelley Financial Solutions, Inc. (a) | 19406 | 750042 |
| IBEX Holdings Ltd. (a) | 9500 | 236075 |
| Teradata Corp. (a) | 45546 | 1533078 |
|  |  | 5961954 |
|  |  | 10984337 |
| **Utilities — 2.1%** |  |  |
| **Electric — 1.3%** |  |  |
| ALLETE, Inc. | 4565 | 294488 |
| IDACORP, Inc. | 21450 | 2313383 |
| PNM Resources, Inc. | 2823 | 137734 |
|  |  | 2745605 |
| **Gas — 0.8%** |  |  |
| Northwest Natural Holding Co. | 3063 | 145768 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Southwest Gas Holdings, Inc. | 24660 | $1525961 |
|  |  | 1671729 |
|  |  | 4417334 |
| **TOTAL COMMON STOCK <br>(Cost $220,260,901)** |  | **210621301** |
| **TOTAL EQUITIES <br>(Cost $220,260,901)** |  | **210621301** |
| **MUTUAL FUNDS — 0.2%** |  |  |
| **Diversified Financial Services — 0.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 509390 | 509390 |
| **TOTAL MUTUAL FUNDS <br>(Cost $509,390)** |  | **509390** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $220,770,291)** |  | **211130691** |
|  | **Principal<br>Amount** |  |
| **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
| **Repurchase Agreement — 1.2%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (d) | $2535191 | $2535191 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $2,535,191)** |  | **2535191** |
| **TOTAL INVESTMENTS — 100.8%<br>(Cost $223,305,482) (e)** |  | **213665882** |
| **Other Assets/(Liabilities) — (0.8)%** |  | **(1697993)** |
| **NET ASSETS — 100.0%** |  | $**211967889** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $2,330,215 or 1.10% of net assets. The Fund received $1,901,825 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Maturity value of $2,535,552. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 3.000%, maturity dates ranging from 6/29/23 - 6/30/24, and an aggregate market value, including accrued interest, of $2,585,958.

&nbsp;&nbsp;&nbsp;&nbsp;(e) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| UBS AG | 3/31/23 | SEK | 94778 | USD | $9143 | $(15) |
| UBS AG | 3/31/23 | USD | 368179 | SEK | 3803917 | 1828 |
|  |  |  |  |  |  | $1813 |

---

**Currency Legend**

SEK Swedish Krona

USD U.S. Dollar

***MassMutual Mid Cap Growth Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.6%** |  |  |
| **COMMON STOCK — 97.1%** |  |  |
| **Basic Materials — 1.0%** |  |  |
| **Chemicals — 0.8%** |  |  |
| RPM International, Inc. | 295000 | $28747750 |
| The Sherwin-Williams Co. | 51010 | 12106203 |
|  |  | 40853953 |
| **Iron & Steel — 0.2%** |  |  |
| ATI, Inc. (a) | 372906 | 11134973 |
|  |  | 51988926 |
| **Communications — 3.9%** |  |  |
| **Advertising — 1.0%** |  |  |
| The Trade Desk, Inc. Class A (a) | 1217769 | 54592584 |
| **Internet — 1.5%** |  |  |
| Chewy, Inc. Class A (a) (b) | 172421 | 6393371 |
| Match Group, Inc. (a) | 187000 | 7758630 |
| Okta, Inc. (a) | 124805 | 8527925 |
| Palo Alto Networks, Inc. (a) | 275039 | 38378942 |
| Spotify Technology SA (a) | 200000 | 15790000 |
|  |  | 76848868 |
| **Media — 0.8%** |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 696000 | 41606880 |
| **Telecommunications — 0.6%** |  |  |
| Arista Networks, Inc. (a) | 158393 | 19220991 |
| Corning, Inc. | 370000 | 11817800 |
|  |  | 31038791 |
|  |  | 204087123 |
| **Consumer, Cyclical — 15.2%** |  |  |
| **Airlines — 0.8%** |  |  |
| Southwest Airlines Co. (a) | 1315000 | 44276050 |
| **Apparel — 0.1%** |  |  |
| On Holding AG, Class A (a) (b) | 223000 | 3826680 |
| **Auto Manufacturers — 0.1%** |  |  |
| Rivian Automotive, Inc. Class A (a) | 335000 | 6174050 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Mobileye Global, Inc. Class A (a) | 73770 | 2586376 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Entertainment — 0.9%** |  |  |
| Caesars Entertainment, Inc. (a) | 482011 | $20051657 |
| Live Nation Entertainment, Inc. (a) | 124193 | 8661220 |
| Vail Resorts, Inc. | 81000 | 19306350 |
|  |  | 48019227 |
| **Leisure Time — 0.5%** |  |  |
| Planet Fitness, Inc. Class A (a) | 311886 | 24576617 |
| **Lodging — 2.2%** |  |  |
| Hilton Worldwide Holdings, Inc. | 488000 | 61663680 |
| MGM Resorts International | 1547000 | 51870910 |
|  |  | 113534590 |
| **Retail — 10.1%** |  |  |
| Advance Auto Parts, Inc. | 92757 | 13638062 |
| Bath & Body Works, Inc. | 589000 | 24820460 |
| Burlington Stores, Inc. (a) | 473113 | 95928392 |
| Casey's General Stores, Inc. | 184000 | 41280400 |
| Chipotle Mexican Grill, Inc. (a) | 24869 | 34505489 |
| Darden Restaurants, Inc. | 69706 | 9642431 |
| Dollar General Corp. | 296994 | 73134772 |
| Dollar Tree, Inc. (a) | 295000 | 41724800 |
| Domino's Pizza, Inc. | 110000 | 38104000 |
| Five Below, Inc. (a) | 163000 | 28829810 |
| Floor & Decor Holdings, Inc. Class A (a) | 73828 | 5140644 |
| Leslie's, Inc. (a) (b) | 553335 | 6756220 |
| Lithia Motors, Inc. | 40717 | 8336399 |
| Lululemon Athletica, Inc. (a) | 28000 | 8970640 |
| O'Reilly Automotive, Inc. (a) | 60829 | 51341501 |
| Ross Stores, Inc. | 321433 | 37308728 |
| Yum! Brands, Inc. | 112000 | 14344960 |
|  |  | 533807708 |
| **Toys, Games & Hobbies — 0.5%** |  |  |
| Mattel, Inc. (a) | 1391658 | 24827179 |
|  |  | 801628477 |
| **Consumer, Non-cyclical — 30.0%** |  |  |
| **Beverages — 0.3%** |  |  |
| The Boston Beer Co., Inc. Class A (a) | 54000 | 17794080 |
| **Biotechnology — 3.7%** |  |  |
| Alnylam Pharmaceuticals, Inc. (a) | 231000 | 54897150 |
| Apellis Pharmaceuticals, Inc. (a) | 147000 | 7601370 |
| Argenx SE ADR (a) | 51561 | 19532854 |
| BioMarin Pharmaceutical, Inc. (a) | 83254 | 8615956 |
| CRISPR Therapeutics AG (a) (b) | 140152 | 5697179 |
| Horizon Therapeutics PLC (a) | 297000 | 33798600 |
| Illumina, Inc. (a) | 37509 | 7584320 |
| Ionis Pharmaceuticals, Inc. (a) | 619000 | 23379630 |
| Karuna Therapeutics, Inc. (a) | 37000 | 7270500 |
| Sarepta Therapeutics, Inc. (a) | 72178 | 9352825 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Seagen, Inc. (a) | 118000 | $15164180 |
|  |  | 192894564 |
| **Commercial Services — 8.1%** |  |  |
| Block, Inc. (a) | 144900 | 9105516 |
| Bright Horizons Family Solutions, Inc. (a) | 384546 | 24264853 |
| Cintas Corp. | 72363 | 32680578 |
| CoStar Group, Inc. (a) | 544000 | 42040320 |
| Equifax, Inc. | 347986 | 67634559 |
| FleetCor Technologies, Inc. (a) | 257000 | 47205760 |
| Global Payments, Inc. | 153688 | 15264292 |
| MarketAxess Holdings, Inc. | 147000 | 40996830 |
| Moody's Corp. | 28795 | 8022863 |
| Paylocity Holding Corp. (a) | 125000 | 24282500 |
| Quanta Services, Inc. | 137747 | 19628947 |
| TransUnion | 716539 | 40663588 |
| United Rentals, Inc. (a) | 58000 | 20614360 |
| Verisk Analytics, Inc. | 205000 | 36166100 |
|  |  | 428571066 |
| **Food — 0.4%** |  |  |
| TreeHouse Foods, Inc. (a) | 410000 | 20245800 |
| **Health Care – Products — 12.3%** |  |  |
| Alcon, Inc. | 636998 | 43666213 |
| Align Technology, Inc. (a) | 35761 | 7541995 |
| Avantor, Inc. (a) | 2636000 | 55593240 |
| Bruker Corp. | 1002000 | 68486700 |
| The Cooper Cos., Inc. | 173000 | 57205910 |
| Dentsply Sirona, Inc. | 368000 | 11717120 |
| Edwards Lifesciences Corp. (a) | 62357 | 4652456 |
| Exact Sciences Corp. (a) | 329719 | 16324388 |
| Hologic, Inc. (a) | 1946707 | 145633151 |
| ICU Medical, Inc. (a) | 127000 | 19999960 |
| IDEXX Laboratories, Inc. (a) | 33757 | 13771506 |
| Inspire Medical Systems, Inc. (a) | 57357 | 14447081 |
| Insulet Corp. (a) | 58074 | 17096405 |
| Novocure Ltd. (a) (b) | 68273 | 5007824 |
| Quidelortho Corp. (a) | 290000 | 24844300 |
| ResMed, Inc. | 19360 | 4029397 |
| Teleflex, Inc. | 442323 | 110417090 |
| West Pharmaceutical Services, Inc. | 118000 | 27771300 |
|  |  | 648206036 |
| **Health Care – Services — 3.3%** |  |  |
| Acadia Healthcare Co., Inc. (a) | 589000 | 48486480 |
| agilon health, Inc. (a) (b) | 195000 | 3147300 |
| Catalent, Inc. (a) | 894139 | 40245196 |
| Humana, Inc. | 44109 | 22592189 |
| Molina Healthcare, Inc. (a) | 102616 | 33885856 |
| Signify Health, Inc. Class A (a) | 831620 | 23834229 |
|  |  | 172191250 |
| **Household Products & Wares — 1.3%** |  |  |
| Avery Dennison Corp. | 276000 | 49956000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Reynolds Consumer Products, Inc. | 589000 | $17658220 |
|  |  | 67614220 |
| **Pharmaceuticals — 0.6%** |  |  |
| Ascendis Pharma A/S ADR (a) | 87000 | 10625310 |
| DexCom, Inc. (a) | 191434 | 21677986 |
|  |  | 32303296 |
|  |  | 1579820312 |
| **Energy — 3.8%** |  |  |
| **Energy – Alternate Sources — 0.7%** |  |  |
| Array Technologies, Inc. (a) | 651423 | 12592007 |
| Shoals Technologies Group, Inc. Class A (a) | 616399 | 15206563 |
| SolarEdge Technologies, Inc. (a) | 34221 | 9693783 |
|  |  | 37492353 |
| **Oil & Gas — 2.6%** |  |  |
| Coterra Energy, Inc. | 1507890 | 37048857 |
| Devon Energy Corp. | 221000 | 13593710 |
| Pioneer Natural Resources Co. | 206000 | 47048340 |
| SM Energy Co. | 507180 | 17665079 |
| Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $652,320) (a) (c) (d) (e) | 216 | 3195772 |
| Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $4,872,708) (a) (c) (d) (e) | 1328 | 19648079 |
|  |  | 138199837 |
| **Pipelines — 0.5%** |  |  |
| Cheniere Energy, Inc. | 177000 | 26542920 |
|  |  | 202235110 |
| **Financial — 6.4%** |  |  |
| **Banks — 0.3%** |  |  |
| SVB Financial Group (a) | 68028 | 15655964 |
| **Diversified Financial Services — 2.4%** |  |  |
| Apollo Global Management, Inc. | 315723 | 20139970 |
| Cboe Global Markets, Inc. | 103000 | 12923410 |
| Intercontinental Exchange, Inc. | 293000 | 30058870 |
| LPL Financial Holdings, Inc. | 68507 | 14809158 |
| Raymond James Financial, Inc. | 146000 | 15600100 |
| Tradeweb Markets, Inc. Class A | 529000 | 34347970 |
|  |  | 127879478 |
| **Insurance — 2.4%** |  |  |
| Aon PLC Class A | 153636 | 46112309 |
| Assurant, Inc. | 326000 | 40769560 |
| Axis Capital Holdings Ltd. | 522000 | 28276740 |
| Kemper Corp. | 176000 | 8659200 |
|  |  | 123817809 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Private Equity — 1.3%** |  |  |
| KKR & Co., Inc. | 1498518 | $69561206 |
|  |  | 336914457 |
| **Industrial — 17.4%** |  |  |
| **Building Materials — 1.1%** |  |  |
| Builders FirstSource, Inc. (a) | 238786 | 15492436 |
| Martin Marietta Materials, Inc. | 128000 | 43260160 |
|  |  | 58752596 |
| **Electrical Components & Equipment — 0.2%** |  |  |
| Littelfuse, Inc. | 30000 | 6606000 |
| Universal Display Corp. | 29983 | 3239363 |
|  |  | 9845363 |
| **Electronics — 6.0%** |  |  |
| Agilent Technologies, Inc. | 874881 | 130925942 |
| Amphenol Corp. Class A | 524076 | 39903146 |
| Fortive Corp. | 874000 | 56154500 |
| Keysight Technologies, Inc. (a) | 378000 | 64664460 |
| National Instruments Corp. | 591000 | 21807900 |
|  |  | 313455948 |
| **Engineering & Construction — 0.3%** |  |  |
| MasTec, Inc. (a) | 176492 | 15060062 |
| **Environmental Controls — 0.7%** |  |  |
| Waste Connections, Inc. | 274644 | 36406809 |
| **Machinery – Construction & Mining — 0.3%** |  |  |
| BWX Technologies, Inc. | 255000 | 14810400 |
| **Machinery – Diversified — 3.6%** |  |  |
| Cognex Corp. | 369000 | 17383590 |
| Enovis Corp. (a) | 438000 | 23441760 |
| Esab Corp. | 465000 | 21817800 |
| IDEX Corp. | 146000 | 33336180 |
| Ingersoll Rand, Inc. | 1776000 | 92796000 |
|  |  | 188775330 |
| **Miscellaneous - Manufacturing — 1.8%** |  |  |
| Textron, Inc. | 1351000 | 95650800 |
| **Packaging & Containers — 1.8%** |  |  |
| Ball Corp. | 1093000 | 55896020 |
| Sealed Air Corp. | 783000 | 39056040 |
|  |  | 94952060 |
| **Transportation — 1.6%** |  |  |
| J.B. Hunt Transport Services, Inc. | 366000 | 63815760 |
| Knight-Swift Transportation Holdings, Inc. | 241679 | 12666396 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| XPO, Inc. (a) | 257737 | $8580065 |
|  |  | 85062221 |
|  |  | 912771589 |
| **Technology — 19.4%** |  |  |
| **Computers — 3.4%** |  |  |
| Crowdstrike Holdings, Inc. Class A (a) | 328874 | 34627144 |
| EPAM Systems, Inc. (a) | 88397 | 28971233 |
| Fortinet, Inc. (a) | 1171000 | 57250190 |
| Genpact Ltd. | 417265 | 19327715 |
| KBR, Inc. | 457318 | 24146390 |
| Leidos Holdings, Inc. | 111000 | 11676090 |
|  |  | 175998762 |
| **Semiconductors — 7.0%** |  |  |
| KLA Corp. | 202976 | 76528041 |
| Lam Research Corp. | 37315 | 15683495 |
| Lattice Semiconductor Corp. (a) | 351000 | 22772880 |
| Marvell Technology, Inc. | 2153947 | 79782197 |
| Microchip Technology, Inc. | 1953901 | 137261545 |
| Monolithic Power Systems, Inc. | 29175 | 10316572 |
| NXP Semiconductor NV | 37000 | 5847110 |
| SiTime Corp. (a) | 44468 | 4518838 |
| Wolfspeed, Inc. (a) (b) | 233037 | 16088874 |
|  |  | 368799552 |
| **Software — 9.0%** |  |  |
| Atlassian Corp. (a) | 185624 | 23886096 |
| Autodesk, Inc. (a) | 34272 | 6404409 |
| Bill.com Holdings, Inc. (a) | 202595 | 22074751 |
| Black Knight, Inc. (a) | 561000 | 34641750 |
| Broadridge Financial Solutions, Inc. | 162000 | 21729060 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 2180000 | 18966000 |
| Clear Secure Inc. Class A (b) | 255000 | 6994650 |
| Confluent, Inc. Class A (a) | 148000 | 3291520 |
| Doximity, Inc. Class A (a) (b) | 300000 | 10068000 |
| Fair Isaac Corp. (a) | 118806 | 71114895 |
| HashiCorp, Inc. Class A (a) (b) | 75000 | 2050500 |
| HubSpot, Inc. (a) | 35331 | 10215252 |
| MongoDB, Inc. (a) | 37000 | 7283080 |
| MSCI, Inc. | 49204 | 22888225 |
| Paycom Software, Inc. (a) | 66881 | 20753843 |
| PTC, Inc. (a) | 254000 | 30490160 |
| Roper Technologies, Inc. | 95000 | 41048550 |
| Synopsys, Inc. (a) | 157000 | 50128530 |
| Veeva Systems, Inc. Class A (a) | 399315 | 64441455 |
| Workday, Inc. Class A (a) | 31091 | 5202457 |
|  |  | 473673183 |
|  |  | 1018471497 |
| **TOTAL COMMON STOCK <br>(Cost $4,519,616,026)** |  | **5107917491** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **PREFERRED STOCK — 0.5%** |  |  |
| **Consumer, Cyclical — 0.0%** |  |  |
| **Auto Manufacturers — 0.0%** |  |  |
| Nuro, Inc., Series D (Acquired 10/29/21, Cost $3,125,295) (a) (c) (d) (e) | 149925 | $2080959 |
| **Consumer, Non-cyclical — 0.2%** |  |  |
| **Commercial Services — 0.1%** |  |  |
| Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $3,678,889) (a) (c) (d) (e) | 77608 | 6053424 |
| **Health Care – Services — 0.1%** |  |  |
| Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $5,006,003) (a) (c) (d) (e) | 618025 | 4066605 |
|  |  | 10120029 |
| **Financial — 0.1%** |  |  |
| **Investment Companies — 0.1%** |  |  |
| Maplebear, Inc., Series E (Acquired 11/19/21-12/01/21, Cost $10,196,717) (a) (c) (d) (e) | 84807 | 4111443 |
| Maplebear, Inc., Series I (Acquired 2/26/21, Cost $1,765,375) (a) (c) (d) (e) | 14123 | 684683 |
|  |  | 4796126 |
| **Industrial — 0.1%** |  |  |
| **Electrical Components & Equipment — 0.1%** |  |  |
| Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $7,310,569) (a) (c) (d) (e) | 177128 | 5521080 |
| **Technology — 0.1%** |  |  |
| **Software — 0.1%** |  |  |
| Databricks, Inc., Series H (Acquired 8/31/21, Cost $3,472,858) (a) (c) (d) (e) | 47260 | 2835600 |
| **TOTAL PREFERRED STOCK <br>(Cost $34,555,706)** |  | **25353794** |
| **TOTAL EQUITIES <br>(Cost $4,554,171,732)** |  | **5133271285** |
| **MUTUAL FUNDS — 0.2%** |  |  |
| **Diversified Financial Services — 0.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (f) | 11026456 | 11026456 |
| **TOTAL MUTUAL FUNDS <br>(Cost $11,026,456)** |  | **11026456** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $4,565,198,188)** |  | **5144297741** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 5.3%** |  |  |
| **Mutual Fund — 4.0%** |  |  |
| T. Rowe Price Treasury Reserve Fund | $211333493 | $211333493 |
| **Repurchase Agreement — 1.3%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g) | $67540273 | $67540273 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $278,873,766)** |  | **278873766** |
| **TOTAL INVESTMENTS — 103.1%<br>(Cost $4,844,071,954) (h)** |  | **5423171507** |
| **Other Assets/(Liabilities) — (3.1)%** |  | **(162886641)** |
| **NET ASSETS — 100.0%** |  | $**5260284866** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $39,037,202 or 0.74% of net assets. The Fund received $28,941,047 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&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 December 31, 2022, these securities amounted to a value of $48,197,645 or 0.92% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $48,197,645 or 0.92% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $67,549,878. Collateralized by U.S. Government Agency obligations with a rate of 0.000% – 4.275%, maturity date of 6/29/23 – 6/30/24, and an aggregate market value, including accrued interest, of $68,891,254.

&nbsp;&nbsp;&nbsp;&nbsp;(h) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Small Cap Growth Equity Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.6%** |  |  |
| **COMMON STOCK — 97.6%** |  |  |
| **Basic Materials — 2.3%** |  |  |
| **Chemicals — 2.3%** |  |  |
| Cabot Corp. | 88162 | $5892748 |
| Livent Corp. (a) | 241801 | 4804586 |
| Methanex Corp. (b) | 49312 | 1866952 |
| Olin Corp. | 48476 | 2566320 |
|  |  | 15130606 |
|  |  | 15130606 |
| **Communications — 3.2%** |  |  |
| **Internet — 1.4%** |  |  |
| Cargurus, Inc. (a) | 123587 | 1731454 |
| Criteo SA Sponsored ADR (a) | 66302 | 1727830 |
| Perficient, Inc. (a) | 39870 | 2784122 |
| Ziff Davis, Inc. (a) | 32301 | 2555009 |
|  |  | 8798415 |
| **Media — 0.7%** |  |  |
| The New York Times Co. Class A | 62464 | 2027581 |
| World Wrestling Entertainment, Inc. Class A | 40694 | 2788353 |
|  |  | 4815934 |
| **Telecommunications — 1.1%** |  |  |
| Calix, Inc. (a) | 80846 | 5532292 |
| Viavi Solutions, Inc. (a) | 167982 | 1765491 |
|  |  | 7297783 |
|  |  | 20912132 |
| **Consumer, Cyclical — 11.8%** |  |  |
| **Apparel — 2.3%** |  |  |
| Carter's, Inc. (b) | 17183 | 1282024 |
| Crocs, Inc. (a) | 37012 | 4013211 |
| Deckers Outdoor Corp. (a) | 7753 | 3094688 |
| On Holding AG, Class A (a) (b) | 39752 | 682144 |
| Oxford Industries, Inc. | 43555 | 4058455 |
| Steven Madden Ltd. | 58892 | 1882188 |
|  |  | 15012710 |
| **Auto Parts & Equipment — 0.7%** |  |  |
| Visteon Corp. (a) | 35958 | 4704385 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Distribution & Wholesale — 0.7%** |  |  |
| H&E Equipment Services, Inc. | 33337 | $1513500 |
| WESCO International, Inc. (a) | 24313 | 3043987 |
|  |  | 4557487 |
| **Entertainment — 0.8%** |  |  |
| Cinemark Holdings, Inc. (a) | 111619 | 966620 |
| DraftKings, Inc. Class A (a) (b) | 61628 | 701943 |
| Red Rock Resorts, Inc. Class A | 98064 | 3923541 |
|  |  | 5592104 |
| **Food Services — 0.3%** |  |  |
| Sovos Brands, Inc. (a) | 149563 | 2149220 |
| **Home Builders — 1.2%** |  |  |
| Century Communities, Inc. | 42492 | 2125025 |
| Skyline Champion Corp. (a) | 84233 | 4338842 |
| Thor Industries, Inc. (b) | 15168 | 1145032 |
|  |  | 7608899 |
| **Leisure Time — 1.0%** |  |  |
| Acushnet Holdings Corp. | 41614 | 1766931 |
| Planet Fitness, Inc. Class A (a) | 38495 | 3033406 |
| YETI Holdings, Inc. (a) | 50675 | 2093384 |
|  |  | 6893721 |
| **Lodging — 0.4%** |  |  |
| Boyd Gaming Corp. | 45190 | 2464211 |
| **Retail — 4.4%** |  |  |
| Academy Sports & Outdoors, Inc. | 38764 | 2036661 |
| BJ's Wholesale Club Holdings, Inc. (a) | 14324 | 947676 |
| Boot Barn Holdings, Inc. (a) | 39528 | 2471290 |
| Denny's Corp. (a) | 110546 | 1018129 |
| Freshpet, Inc. (a) (b) | 6400 | 337728 |
| Nu Skin Enterprises, Inc. Class A | 47423 | 1999354 |
| Patrick Industries, Inc. | 40884 | 2477570 |
| Rush Enterprises, Inc. Class A | 78878 | 4123742 |
| Texas Roadhouse, Inc. | 39881 | 3627177 |
| Victoria's Secret & Co. (a) | 54644 | 1955162 |
| Wingstop, Inc. | 55519 | 7640525 |
|  |  | 28635014 |
|  |  | 77617751 |
| **Consumer, Non-cyclical — 29.8%** |  |  |
| **Beverages — 1.4%** |  |  |
| Celsius Holdings, Inc. (a) | 56673 | 5896259 |
| MGP Ingredients, Inc. (b) | 31631 | 3364906 |
|  |  | 9261165 |
| **Biotechnology — 7.3%** |  |  |
| Adicet Bio, Inc. (a) | 34568 | 309038 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Akero Therapeutics, Inc. (a) | 22450 | $1230260 |
| Amicus Therapeutics, Inc. (a) | 175376 | 2141341 |
| Apellis Pharmaceuticals, Inc. (a) | 30535 | 1578965 |
| Blueprint Medicines Corp. (a) | 23388 | 1024628 |
| Celldex Therapeutics, Inc. (a) | 23223 | 1035049 |
| Crinetics Pharmaceuticals, Inc. (a) | 105467 | 1930046 |
| Cytokinetics, Inc. (a) | 96015 | 4399407 |
| Halozyme Therapeutics, Inc. (a) | 132461 | 7537031 |
| Immatics NV (a) | 172982 | 1506673 |
| Immunocore Holdings PLC ADR (a) | 18477 | 1054482 |
| Intellia Therapeutics, Inc. (a) | 27546 | 961080 |
| Intra-Cellular Therapies, Inc. (a) | 72461 | 3834636 |
| IVERIC bio, Inc. (a) | 57272 | 1226194 |
| Karuna Therapeutics, Inc. (a) | 14288 | 2807592 |
| Kymera Therapeutics, Inc. (a) | 53513 | 1335685 |
| Myriad Genetics, Inc. (a) | 96674 | 1402740 |
| Prothena Corp. PLC (a) | 18676 | 1125229 |
| PTC Therapeutics, Inc. (a) | 36952 | 1410458 |
| Relay Therapeutics, Inc. (a) | 60749 | 907590 |
| Revolution Medicines, Inc. (a) | 88292 | 2103115 |
| Rocket Pharmaceuticals, Inc. (a) | 92800 | 1816096 |
| Sage Therapeutics, Inc. (a) | 14384 | 548606 |
| Syndax Pharmaceuticals, Inc. (a) | 88842 | 2261029 |
| Veracyte, Inc. (a) | 64192 | 1523276 |
| Zentalis Pharmaceuticals, Inc. (a) | 43427 | 874620 |
|  |  | 47884866 |
| **Commercial Services — 5.1%** |  |  |
| AMN Healthcare Services, Inc. (a) | 27011 | 2777271 |
| Cross Country Healthcare, Inc. (a) | 95250 | 2530793 |
| Driven Brands Holdings, Inc. (a) | 51519 | 1406984 |
| H&R Block, Inc. | 56893 | 2077163 |
| HealthEquity, Inc. (a) | 71969 | 4436169 |
| Herc Holdings, Inc. | 27973 | 3680408 |
| Paylocity Holding Corp. (a) | 18289 | 3552821 |
| TriNet Group, Inc. (a) | 64960 | 4404288 |
| WillScot Mobile Mini Holdings Corp. (a) | 185190 | 8365032 |
|  |  | 33230929 |
| **Cosmetics & Personal Care — 1.3%** |  |  |
| elf Beauty, Inc. (a) | 155701 | 8610265 |
| **Food — 0.8%** |  |  |
| Performance Food Group Co. (a) | 65277 | 3811524 |
| The Simply Good Foods Co. (a) | 43910 | 1669897 |
|  |  | 5481421 |
| **Health Care – Products — 8.8%** |  |  |
| AtriCure, Inc. (a) | 62196 | 2760259 |
| Axonics Inc. (a) | 82293 | 5145781 |
| Glaukos Corp. (a) | 72555 | 3169202 |
| Globus Medical, Inc. Class A (a) | 119916 | 8906161 |
| Haemonetics Corp. (a) | 68063 | 5353155 |
| ICU Medical, Inc. (a) | 11798 | 1857949 |
| Inari Medical, Inc. (a) | 66248 | 4210723 |
| Inspire Medical Systems, Inc. (a) | 45872 | 11554239 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| iRhythm Technologies, Inc. (a) | 14149 | $1325337 |
| Lantheus Holdings, Inc. (a) | 10268 | 523257 |
| Omnicell, Inc. (a) | 32299 | 1628516 |
| Repligen Corp. (a) | 19800 | 3352338 |
| Shockwave Medical, Inc. (a) | 31709 | 6519688 |
| Silk Road Medical, Inc. (a) | 25573 | 1351533 |
|  |  | 57658138 |
| **Health Care – Services — 3.0%** |  |  |
| Acadia Healthcare Co., Inc. (a) | 105030 | 8646070 |
| Amedisys, Inc. (a) | 20341 | 1699287 |
| Medpace Holdings, Inc. (a) | 25573 | 5431961 |
| Surgery Partners, Inc. (a) | 146401 | 4078732 |
|  |  | 19856050 |
| **Pharmaceuticals — 2.1%** |  |  |
| Aclaris Therapeutics, Inc. (a) | 140417 | 2211568 |
| Ascendis Pharma A/S ADR (a) | 5026 | 613825 |
| BellRing Brands, Inc. (a) | 81017 | 2077276 |
| Harmony Biosciences Holdings, Inc. (a) | 36203 | 1994785 |
| Merus NV (a) (b) | 39558 | 611962 |
| Option Care Health, Inc. (a) | 86828 | 2612655 |
| Owens & Minor, Inc. | 78331 | 1529805 |
| Revance Therapeutics, Inc. (a) | 32540 | 600688 |
| Vaxcyte, Inc. (a) | 26281 | 1260174 |
| Verona Pharma PLC ADR (a) (b) | 23095 | 603472 |
|  |  | 14116210 |
|  |  | 196099044 |
| **Energy — 6.7%** |  |  |
| **Energy – Alternate Sources — 0.5%** |  |  |
| Maxeon Solar Technologies Ltd. (a) (b) | 36823 | 591377 |
| Shoals Technologies Group, Inc. Class A (a) | 115647 | 2853012 |
|  |  | 3444389 |
| **Oil & Gas — 5.8%** |  |  |
| Chord Energy Corp. | 46180 | 6317886 |
| Magnolia Oil & Gas Corp. Class A | 83014 | 1946678 |
| Matador Resources Co. | 112788 | 6455985 |
| PBF Energy, Inc. Class A | 45074 | 1838118 |
| PDC Energy, Inc. | 53285 | 3382532 |
| Sitio Royalties Corp. Class A (a) | 179085 | 5166613 |
| SM Energy Co. | 194867 | 6787217 |
| Viper Energy Partners LP (c) | 202482 | 6436903 |
|  |  | 38331932 |
| **Oil & Gas Services — 0.2%** |  |  |
| Aris Water Solution, Inc. Class A (b) | 72257 | 1041223 |
| **Pipelines — 0.2%** |  |  |
| New Fortress Energy, Inc. (b) | 33204 | 1408514 |
|  |  | 44226058 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Financial — 12.0%** |  |  |
| **Banks — 3.9%** |  |  |
| Ameris Bancorp | 120774 | $5693286 |
| Atlantic Union Bankshares Corp. | 52297 | 1837717 |
| Cadence Bank | 178820 | 4409701 |
| First Interstate BancSystem, Inc. Class A | 62333 | 2409171 |
| National Bank Holdings Corp. Class A | 56862 | 2392184 |
| Pinnacle Financial Partners, Inc. | 26665 | 1957211 |
| Seacoast Banking Corp. of Florida | 78094 | 2435752 |
| Synovus Financial Corp. | 65320 | 2452766 |
| Wintrust Financial Corp. | 25662 | 2168952 |
|  |  | 25756740 |
| **Diversified Financial Services — 2.6%** |  |  |
| Air Lease Corp. | 67008 | 2574447 |
| Hamilton Lane, Inc. Class A | 71275 | 4553047 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 132258 | 3832837 |
| PJT Partners, Inc. Class A | 25918 | 1909897 |
| PRA Group, Inc. (a) | 64883 | 2191748 |
| StepStone Group, Inc. Class A | 77316 | 1946817 |
|  |  | 17008793 |
| **Insurance — 2.2%** |  |  |
| Assured Guaranty Ltd. | 45910 | 2858357 |
| The Hanover Insurance Group, Inc. | 12660 | 1710746 |
| Kemper Corp. | 40581 | 1996585 |
| Kinsale Capital Group, Inc. | 16485 | 4311157 |
| MGIC Investment Corp. | 152115 | 1977495 |
| Selective Insurance Group, Inc. | 21964 | 1946230 |
|  |  | 14800570 |
| **Real Estate — 0.3%** |  |  |
| McGrath RentCorp | 16986 | 1677198 |
| **Real Estate Investment Trusts (REITS) — 3.0%** |  |  |
| Centerspace | 24227 | 1421398 |
| Douglas Emmett, Inc. | 97954 | 1535919 |
| Essential Properties Realty Trust, Inc. | 91186 | 2140135 |
| National Storage Affiliates Trust | 45463 | 1642124 |
| Outfront Media, Inc. | 78273 | 1297766 |
| Phillips Edison & Co., Inc. | 153439 | 4885498 |
| PotlatchDeltic Corp. | 52582 | 2313082 |
| Ryman Hospitality Properties, Inc. | 36514 | 2986115 |
| Xenia Hotels & Resorts, Inc. | 133852 | 1764169 |
|  |  | 19986206 |
|  |  | 79229507 |
| **Industrial — 16.5%** |  |  |
| **Aerospace & Defense — 1.8%** |  |  |
| Curtiss-Wright Corp. | 47946 | 8006502 |
| Leonardo DRS, Inc. (a) | 26493 | 338581 |
| Mercury Systems, Inc. (a) | 37791 | 1690769 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Spirit AeroSystems Holdings, Inc. Class A | 67676 | $2003210 |
|  |  | 12039062 |
| **Building Materials — 0.6%** |  |  |
| The AZEK Co., Inc (a) | 118567 | 2409282 |
| Louisiana-Pacific Corp. | 27292 | 1615686 |
|  |  | 4024968 |
| **Electrical Components & Equipment — 1.6%** |  |  |
| Acuity Brands, Inc. | 19393 | 3211675 |
| Novanta, Inc. (a) | 52065 | 7074071 |
|  |  | 10285746 |
| **Engineering & Construction — 2.1%** |  |  |
| Comfort Systems USA, Inc. | 49325 | 5676321 |
| Fluor Corp. (a) | 229718 | 7962026 |
|  |  | 13638347 |
| **Environmental Controls — 3.1%** |  |  |
| Casella Waste Systems, Inc. Class A (a) | 124118 | 9843798 |
| Clean Harbors, Inc. (a) | 52384 | 5978062 |
| Evoqua Water Technologies Corp. (a) | 109656 | 4342378 |
|  |  | 20164238 |
| **Hand & Machine Tools — 0.5%** |  |  |
| Kennametal, Inc. | 80244 | 1930671 |
| Regal Rexnord Corp. | 12153 | 1458117 |
|  |  | 3388788 |
| **Machinery – Diversified — 3.3%** |  |  |
| Albany International Corp. Class A | 17687 | 1743761 |
| Applied Industrial Technologies, Inc. | 45339 | 5714074 |
| Cactus, Inc. Class A | 65399 | 3286954 |
| Chart Industries, Inc. (a) | 23781 | 2740285 |
| Enovis Corp. (a) | 19129 | 1023784 |
| Flowserve Corp. | 66264 | 2032979 |
| The Middleby Corp. (a) | 13954 | 1868441 |
| Zurn Elkay Water Solutions Corp. | 160093 | 3385967 |
|  |  | 21796245 |
| **Metal Fabricate & Hardware — 1.7%** |  |  |
| Advanced Drainage Systems, Inc. | 19807 | 1623580 |
| Helios Technologies, Inc. | 35363 | 1925162 |
| RBC Bearings, Inc. (a) | 9310 | 1949048 |
| Valmont Industries, Inc. | 16176 | 5348918 |
|  |  | 10846708 |
| **Packaging & Containers — 0.8%** |  |  |
| Graphic Packaging Holding Co. | 243059 | 5408063 |
| **Transportation — 0.7%** |  |  |
| Kirby Corp. (a) | 34649 | 2229663 |
| RXO, Inc. (a) | 21100 | 362920 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Saia, Inc. (a) | 10188 | $2136220 |
|  |  | 4728803 |
| **Trucking & Leasing — 0.3%** |  |  |
| GATX Corp. | 21084 | 2242072 |
|  |  | 108563040 |
| **Technology — 14.0%** |  |  |
| **Computers — 3.3%** |  |  |
| CyberArk Software Ltd. (a) | 27673 | 3587805 |
| Exlservice Holdings, Inc. (a) | 50822 | 8610772 |
| Globant SA (a) | 14093 | 2369879 |
| KBR, Inc. | 49364 | 2606419 |
| Rapid7, Inc. (a) | 37080 | 1259978 |
| WNS Holdings Ltd. ADR (a) | 38268 | 3061057 |
|  |  | 21495910 |
| **Semiconductors — 4.1%** |  |  |
| Axcelis Technologies, Inc. (a) | 4295 | 340851 |
| Cirrus Logic, Inc. (a) | 26922 | 2005151 |
| FormFactor, Inc. (a) | 56662 | 1259596 |
| Impinj, Inc. (a) | 52751 | 5759354 |
| Lattice Semiconductor Corp. (a) | 105281 | 6830631 |
| MACOM Technology Solutions Holdings, Inc. (a) | 42529 | 2678476 |
| MKS Instruments, Inc. | 15274 | 1294166 |
| Power Integrations, Inc. | 32109 | 2302858 |
| Synaptics, Inc. (a) | 27929 | 2657724 |
| Tower Semiconductor Ltd. (a) | 36751 | 1587643 |
|  |  | 26716450 |
| **Software — 6.6%** |  |  |
| Box, Inc. Class A (a) | 74089 | 2306391 |
| Confluent, Inc. Class A (a) | 40922 | 910105 |
| DoubleVerify Holdings, Inc. (a) | 60513 | 1328865 |
| Doximity, Inc. Class A (a) (b) | 31586 | 1060026 |
| Duolingo, Inc. (a) | 24007 | 1707618 |
| Evolent Health, Inc. Class A (a) | 74855 | 2101928 |
| Five9, Inc. (a) | 31674 | 2149398 |
| Gitlab, Inc. Class A (a) (b) | 26191 | 1190119 |
| HashiCorp, Inc. Class A (a) (b) | 26161 | 715242 |
| Jamf Holding Corp. (a) (b) | 228502 | 4867093 |
| Manhattan Associates, Inc. (a) | 68391 | 8302667 |
| New Relic, Inc. (a) | 33793 | 1907615 |
| PowerSchool Holdings, Inc. Class A (a) | 127761 | 2948724 |
| Privia Health Group, Inc. (a) | 62205 | 1412676 |
| RingCentral, Inc. Class A (a) | 69324 | 2454070 |
| Samsara, Inc. Class A (a) | 75329 | 936339 |
| Sprout Social, Inc. Class A (a) | 59202 | 3342545 |
| Verra Mobility Corp. (a) | 290721 | 4020671 |
|  |  | 43662092 |
|  |  | 91874452 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Utilities — 1.3%** |  |  |
| **Electric — 1.0%** |  |  |
| Ameresco, Inc. Class A (a) | 33666 | $1923675 |
| Atlantica Sustainable Infrastructure PLC | 74412 | 1927271 |
| Portland General Electric Co. (b) | 52928 | 2593472 |
|  |  | 6444418 |
| **Gas — 0.3%** |  |  |
| ONE Gas, Inc. | 24461 | 1852187 |
|  |  | 8296605 |
| **TOTAL COMMON STOCK <br>(Cost $643,658,397)** |  | **641949195** |
| **TOTAL EQUITIES <br>(Cost $643,658,397)** |  | **641949195** |
| **MUTUAL FUNDS — 3.3%** |  |  |
| **Diversified Financial Services — 3.3%** |  |  |
| iShares Russell 2000 ETF (b) | 34003 | 5928763 |
| iShares Russell 2000 Growth ETF (b) | 17542 | 3763110 |
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 11958384 | 11958384 |
|  |  | 21650257 |
| **TOTAL MUTUAL FUNDS <br>(Cost $21,740,197)** |  | **21650257** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $665,398,594)** |  | **663599452** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | |
| **SHORT-TERM INVESTMENTS — 3.0%** |  |  |
| **Repurchase Agreement — 3.0%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $19321865 | 19321865 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $19,321,865)** |  | **19321865** |
| **TOTAL INVESTMENTS — 103.9%<br>(Cost $684,720,459) (f)** |  | **682921317** |
| **Other Assets/(Liabilities) — (3.9)%** |  | **(25389848)** |
| **NET ASSETS — 100.0%** |  | $**657531469** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $20,769,380 or 3.16% of net assets. The Fund received $9,301,307 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is a Master Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $19,324,613. Collateralized by U.S. Government Agency obligations with a rate of 0.000% - 3.000%, maturity date of 6/29/23 - 6/30/24 , and an aggregate market value, including accrued interest, of $19,708,308.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual Overseas Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 99.3%** |  |  |
| **COMMON STOCK — 98.8%** |  |  |
| **Australia — 0.3%** |  |  |
| Orica Ltd. | 117229 | $1197904 |
| **Belgium — 1.1%** |  |  |
| Anheuser-Busch InBev SA | 49100 | 2951803 |
| KBC Group NV | 31641 | 2031582 |
|  |  | 4983385 |
| **Canada — 3.3%** |  |  |
| Canadian National Railway Co. | 38788 | 4611117 |
| Intact Financial Corp. | 15972 | 2299190 |
| Open Text Corp. (a) | 88600 | 2625282 |
| Restaurant Brands International, Inc. | 9800 | 633766 |
| Suncor Energy, Inc. | 61110 | 1938460 |
| The Toronto-Dominion Bank | 46545 | 3013737 |
|  |  | 15121552 |
| **Cayman Islands — 2.1%** |  |  |
| Alibaba Group Holding Ltd. (b) | 292040 | 3224462 |
| NetEase, Inc. | 135100 | 1969291 |
| Tencent Holdings Ltd. | 69900 | 2970904 |
| Vipshop Holdings Ltd. ADR (b) | 110904 | 1512730 |
|  |  | 9677387 |
| **Denmark — 2.7%** |  |  |
| Carlsberg A/S Class B | 19621 | 2597359 |
| DSV A/S | 11555 | 1832694 |
| Novo Nordisk A/S Class B | 56116 | 7598104 |
|  |  | 12028157 |
| **France — 17.8%** |  |  |
| Accor SA (b) | 122455 | 3042453 |
| Air Liquide SA | 56478 | 8033391 |
| BNP Paribas SA | 98431 | 5601445 |
| Capgemini SE | 50073 | 8397936 |
| Cie de Saint-Gobain | 54756 | 2688179 |
| Cie Generale des Etablissements Michelin SCA | 72114 | 2005266 |
| Danone SA | 31300 | 1649006 |
| Dassault Systemes SE | 45336 | 1635137 |
| Edenred | 24600 | 1338588 |
| Engie SA | 285000 | 4082351 |
| EssilorLuxottica SA | 28447 | 5180088 |
| Kering SA | 4825 | 2469350 |
| L'Oreal SA | 6412 | 2300259 |
| Legrand SA | 32193 | 2592098 |
| LVMH Moet Hennessy Louis Vuitton SE | 10358 | 7524516 |
| Pernod Ricard SA | 26625 | 5233399 |

---

***MassMutual Overseas Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Publicis Groupe SA (b) | 39569 | $2512665 |
| Schneider Electric SE | 64537 | 9076447 |
| Valeo | 127630 | 2274978 |
| Worldline SA (b) (c) | 80500 | 3141138 |
|  |  | 80778690 |
| **Germany — 15.8%** |  |  |
| adidas AG | 26745 | 3650964 |
| Allianz SE Registered | 19910 | 4281172 |
| Bayer AG Registered | 151608 | 7827897 |
| Bayerische Motoren Werke AG | 45285 | 4041920 |
| Beiersdorf AG | 45493 | 5220395 |
| Continental AG | 66380 | 3965933 |
| Daimler Truck Holding AG (b) | 103061 | 3193166 |
| Deutsche Boerse AG | 32996 | 5693155 |
| Fresenius Medical Care AG & Co. KGaA | 53721 | 1757115 |
| Fresenius SE & Co. KGaA | 130700 | 3677228 |
| Henkel AG & Co. KGaA | 33400 | 2154121 |
| Mercedes-Benz Group AG | 69773 | 4578750 |
| Merck KGaA | 31046 | 6012374 |
| MTU Aero Engines AG | 8812 | 1907272 |
| SAP SE | 84372 | 8707140 |
| Siemens AG Registered | 24600 | 3414299 |
| thyssenkrupp AG (b) | 253088 | 1544354 |
|  |  | 71627255 |
| **Hong Kong — 1.6%** |  |  |
| AIA Group Ltd. | 650200 | 7163256 |
| **India — 1.6%** |  |  |
| Axis Bank Ltd. | 64605 | 727045 |
| HDFC Bank Ltd. | 102752 | 2025005 |
| Housing Development Finance Corp. Ltd. | 75922 | 2421455 |
| Tata Consultancy Services Ltd. | 54433 | 2141941 |
|  |  | 7315446 |
| **Ireland — 2.3%** |  |  |
| Linde PLC (b) | 12906 | 4219889 |
| Ryanair Holdings PLC Sponsored ADR (b) | 80041 | 5983865 |
|  |  | 10203754 |
| **Israel — 0.9%** |  |  |
| Check Point Software Technologies Ltd. (b) | 32834 | 4142338 |
| **Italy — 2.7%** |  |  |
| Eni SpA | 247498 | 3535321 |
| Intesa Sanpaolo SpA | 3833776 | 8553112 |
|  |  | 12088433 |
| **Japan — 9.7%** |  |  |
| Daikin Industries Ltd. | 28100 | 4322610 |
| Denso Corp. | 55200 | 2705992 |
| Fujitsu Ltd. | 8600 | 1138881 |
| Hitachi Ltd. | 124200 | 6250346 |
| Hoya Corp. | 32500 | 3144544 |

---

***MassMutual Overseas Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Koito Manufacturing Co. Ltd. | 120700 | $1797920 |
| Komatsu Ltd. | 70100 | 1520832 |
| Kose Corp. | 27800 | 3020138 |
| Kubota Corp. | 144800 | 1994669 |
| Kyocera Corp. | 68300 | 3408466 |
| Olympus Corp. | 180500 | 3190464 |
| Shin-Etsu Chemical Co. Ltd. | 12300 | 1498576 |
| SMC Corp. | 6800 | 2877961 |
| Sony Group Corp. | 51300 | 3911928 |
| Terumo Corp. | 108400 | 3065427 |
|  |  | 43848754 |
| **Mexico — 0.1%** |  |  |
| Grupo Televisa SAB Sponsored ADR | 90349 | 411991 |
| **Netherlands — 5.7%** |  |  |
| Akzo Nobel NV | 69611 | 4644866 |
| CNH Industrial NV | 232097 | 3727514 |
| EXOR NV (b) | 44600 | 3255666 |
| ING Groep NV (b) | 325325 | 3969098 |
| Koninklijke Philips NV | 72570 | 1089220 |
| Prosus NV (b) | 60823 | 4175831 |
| QIAGEN NV (b) | 56320 | 2834502 |
| Randstad NV | 36392 | 2222344 |
|  |  | 25919041 |
| **Portugal — 0.5%** |  |  |
| Galp Energia SGPS SA | 178822 | 2419721 |
| **Republic of Korea — 0.7%** |  |  |
| NAVER Corp. | 20565 | 2920822 |
| **Singapore — 0.9%** |  |  |
| DBS Group Holdings, Ltd. | 162600 | 4116449 |
| **Spain — 0.9%** |  |  |
| Amadeus IT Group SA (b) | 82280 | 4243183 |
| **Sweden — 1.1%** |  |  |
| Sandvik AB | 32200 | 581378 |
| SKF AB Class B | 147700 | 2260281 |
| Volvo AB Class B | 119200 | 2158314 |
|  |  | 4999973 |
| **Switzerland — 12.9%** |  |  |
| Cie Financiere Richemont SA Registered | 52545 | 6799619 |
| Credit Suisse Group AG Registered (b) | 531092 | 1595646 |
| Holcim AG (b) | 59184 | 3051952 |
| Julius Baer Group Ltd. (b) | 41119 | 2390082 |
| Nestle SA Registered | 93514 | 10799510 |
| Novartis AG Registered | 71748 | 6499028 |
| Roche Holding AG | 31060 | 9760973 |
| Schindler Holding AG | 5120 | 961377 |
| Sika AG Registered | 10719 | 2586381 |
| Sonova Holding AG Registered | 5799 | 1379797 |
| The Swatch Group AG | 5075 | 1440771 |
| UBS Group AG Registered | 341611 | 6367487 |

---

***MassMutual Overseas Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Zurich Insurance Group AG | 10297 | $4920682 |
|  |  | 58553305 |
| **Taiwan — 0.7%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 43781 | 3261247 |
| **United Kingdom — 12.9%** |  |  |
| Ashtead Group PLC | 29900 | 1708088 |
| Compass Group PLC | 294101 | 6795777 |
| Diageo PLC | 107996 | 4769026 |
| Experian PLC | 139866 | 4761539 |
| Glencore PLC (b) | 394100 | 2635258 |
| Informa PLC | 201300 | 1509211 |
| Liberty Global PLC Class A (b) | 108300 | 2050119 |
| Lloyds Banking Group PLC | 8154397 | 4477848 |
| London Stock Exchange Group PLC | 29483 | 2543913 |
| Prudential PLC | 428293 | 5795932 |
| Reckitt Benckiser Group PLC | 48581 | 3379733 |
| RELX PLC | 172378 | 4775867 |
| Rio Tinto PLC | 43911 | 3081069 |
| Rolls-Royce Holdings PLC (b) | 1795210 | 2009900 |
| Schroders PLC | 520264 | 2734859 |
| Smiths Group PLC | 39056 | 752977 |
| Tesco PLC | 913539 | 2476846 |
| WPP PLC | 222444 | 2208390 |
|  |  | 58466352 |
| **United States — 0.5%** |  |  |
| Yum China Holdings, Inc. | 39789 | 2174469 |
| **TOTAL COMMON STOCK <br>(Cost $425,753,799)** |  | **447662864** |
| **PREFERRED STOCK — 0.5%** |  |  |
| **Republic of Korea — 0.5%** |  |  |
| Samsung Electronics Co. Ltd. 1.760% | 52500 | 2112487 |
| **TOTAL PREFERRED STOCK <br>(Cost $2,997,578)** |  | **2112487** |
| **TOTAL EQUITIES <br>(Cost $428,751,377)** |  | **449775351** |
| **MUTUAL FUNDS — 0.1%** |  |  |
| **United States — 0.1%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 386416 | 386416 |
| **TOTAL MUTUAL FUNDS <br>(Cost $386,416)** |  | **386416** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $429,137,793)** |  | **450161767** |

---

***MassMutual Overseas Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Repurchase Agreement — 0.6%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $2964141 | $2964141 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $2,964,141)** |  | **2964141** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $432,101,934) (f)** |  | **453125908** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(171632)** |
| **NET ASSETS — 100.0%** |  | $**452954276** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $367,732 or 0.08% of net assets. (*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 December 31, 2022, the aggregate market value of these securities amounted to $3,141,138 or 0.69% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $2,964,563. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $3,023,495.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 98.9%** |  |  |
| **COMMON STOCK — 98.2%** |  |  |
| **Australia — 2.7%** |  |  |
| ANZ Group Holdings Ltd. | 124850 | $2011198 |
| BHP Group Ltd. | 229717 | 7083053 |
| BHP Group Ltd. | 123525 | 3824485 |
| Challenger Ltd. | 203981 | 1057328 |
| Downer EDI Ltd. | 608214 | 1520138 |
| IGO Ltd. | 598148 | 5436186 |
| Macquarie Group Ltd. | 19290 | 2189902 |
| Rio Tinto Ltd. | 13665 | 1076942 |
| Scentre Group | 884324 | 1719531 |
| South32 Ltd. | 1848124 | 5002721 |
| Suncorp Group Ltd. | 227253 | 1863508 |
| Woodside Energy Group Ltd. | 19231 | 464106 |
| Worley Ltd. | 535230 | 5470402 |
|  |  | 38719500 |
| **Austria — 0.5%** |  |  |
| BAWAG Group AG (a) (b) | 63163 | 3358420 |
| Erste Group Bank AG | 105757 | 3372337 |
|  |  | 6730757 |
| **Belgium — 0.3%** |  |  |
| KBC Group NV | 32966 | 2116657 |
| Umicore SA | 55767 | 2057416 |
|  |  | 4174073 |
| **Bermuda — 0.3%** |  |  |
| China Resources Gas Group Ltd. | 640500 | 2385391 |
| Credicorp Ltd. | 4511 | 611962 |
| Hongkong Land Holdings Ltd. | 309100 | 1417570 |
|  |  | 4414923 |
| **Brazil — 1.3%** |  |  |
| Ambev SA | 815200 | 2241570 |
| B3 SA - Brasil Bolsa Balcao | 982100 | 2455838 |
| Banco BTG Pactual SA | 458700 | 2078085 |
| EDP - Energias do Brasil SA | 234707 | 924466 |
| Klabin SA | 403000 | 1523967 |
| Localiza Rent a Car SA | 203114 | 2045574 |
| Multiplan Empreendimentos Imobiliarios SA | 392300 | 1628988 |
| Raia Drogasil SA | 739788 | 3325882 |
| Suzano SA | 222127 | 2061695 |
| WEG SA | 129200 | 941006 |
|  |  | 19227071 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Canada — 4.2%** |  |  |
| BRP, Inc. | 15174 | $1156877 |
| Canadian Pacific Railway Ltd. | 80794 | 6026425 |
| Constellation Software, Inc. | 2491 | 3889124 |
| Definity Financial Corp. | 108703 | 3089285 |
| The Descartes Systems Group, Inc. (b) | 17908 | 1247292 |
| Element Fleet Management Corp. (c) | 278000 | 3788109 |
| Magna International, Inc. (c) | 79328 | 4456647 |
| Manulife Financial Corp. | 288869 | 5152279 |
| National Bank of Canada (c) | 138749 | 9348649 |
| Shopify, Inc. Class A (b) | 41760 | 1449490 |
| Sun Life Financial, Inc. | 149564 | 6942465 |
| Suncor Energy, Inc. | 79400 | 2518634 |
| TC Energy Corp. (c) | 44072 | 1757021 |
| TELUS International CDA, Inc. (b) | 67209 | 1326807 |
| TMX Group Ltd. | 58854 | 5890616 |
| Waste Connections, Inc. | 18734 | 2483379 |
|  |  | 60523099 |
| **Cayman Islands — 5.6%** |  |  |
| Alibaba Group Holding Ltd. (b) | 600080 | 6625582 |
| Alibaba Group Holding Ltd. Sponsored ADR (b) | 81901 | 7214659 |
| Baidu, Inc. Class A (b) | 248000 | 3564584 |
| Baidu, Inc. Sponsored ADR (b) | 17325 | 1981633 |
| Bizlink Holding, Inc. | 197000 | 1514765 |
| Budweiser Brewing Co. APAC Ltd. (a) | 1014200 | 3190497 |
| Chailease Holding Co. Ltd. | 163000 | 1149790 |
| China Resources Mixc Lifestyle Services Ltd. (a) | 158600 | 805770 |
| CK Hutchison Holdings Ltd. | 283000 | 1698943 |
| ENN Energy Holdings Ltd. | 55800 | 778456 |
| JD Health International, Inc. (a) (b) | 272950 | 2496192 |
| JD.com, Inc. Class A | 49050 | 1378812 |
| JOYY, Inc. ADR | 64674 | 2043052 |
| KE Holdings, Inc. ADR (b) | 238702 | 3332280 |
| Kingdee International Software Group Co. Ltd. (b) | 307000 | 653543 |
| Li Auto, Inc. ADR (b) | 24600 | 501840 |
| Li Auto, Inc. Class A (b) | 5200 | 53026 |
| Li Ning Co. Ltd. | 186500 | 1600403 |
| Longfor Group Holdings Ltd. (a) | 533759 | 1635801 |
| Meituan Class B (a) (b) | 138100 | 3053582 |
| Pinduoduo, Inc. ADR (b) | 13400 | 1092770 |
| Sea Ltd. ADR (b) | 50839 | 2645153 |
| Silergy Corp. | 133000 | 1885976 |
| Sunny Optical Technology Group Co. Ltd. | 34400 | 409372 |
| Tencent Holdings Ltd. | 306900 | 13043927 |
| Tingyi Cayman Islands Holding Corp. | 1012000 | 1782323 |
| Tongcheng Travel Holdings Ltd. (b) | 1287600 | 3098823 |
| Trip.com Group Ltd. (b) | 91150 | 3167760 |
| Trip.com Group Ltd. ADR (b) | 71641 | 2464450 |
| Wuxi Biologics Cayman, Inc. (a) (b) | 54500 | 418400 |
| XP, Inc. Class A (b) | 165468 | 2538279 |
| Zhongsheng Group Holdings Ltd. | 784000 | 3996215 |
|  |  | 81816658 |
| **Chile — 0.2%** |  |  |
| Banco de Chile | 26662663 | 2766065 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Banco Santander Chile Sponsored ADR | 47004 | $744543 |
|  |  | 3510608 |
| **China — 3.4%** |  |  |
| Beijing Capital International Airport Co. Ltd. Class H (b) | 2194000 | 1605169 |
| Chacha Food Co. Ltd. Class A | 117700 | 846734 |
| China Construction Bank Corp. Class H | 3965000 | 2484309 |
| China Oilfield Services Ltd. Class A | 890600 | 2128214 |
| Foshan Haitian Flavouring & Food Co. Ltd. Class A | 88500 | 1013121 |
| Fuyao Glass Industry Group Co. Ltd. Class A | 768600 | 3878363 |
| Glodon Co. Ltd. Class A | 92300 | 796206 |
| Hisense Home Appliances Group Co. Ltd. Class A | 64155 | 121580 |
| Hongfa Technology Co. Ltd. Class A | 140420 | 675104 |
| Huayu Automotive Systems Co. Ltd. Class A | 344100 | 858033 |
| Hundsun Technologies, Inc. Class A | 320900 | 1868302 |
| Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 835300 | 3714257 |
| Kweichow Moutai Co. Ltd. Class A | 12098 | 2993715 |
| NARI Technology Co. Ltd. Class A | 1247538 | 4363024 |
| Nongfu Spring Co. Ltd. Class H (a) | 78000 | 440776 |
| PICC Property & Casualty Co. Ltd. Class H | 2008000 | 1900627 |
| Ping An Insurance Group Co. of China Ltd. Class H | 348000 | 2296867 |
| Pony Testing International Group Co. Ltd. Class A | 113931 | 532168 |
| Sangfor Technologies, Inc. Class A | 18700 | 302854 |
| Shandong Pharmaceutical Glass Co. Ltd. Class A | 314700 | 1283111 |
| Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 817600 | 1339101 |
| Shenzhen Inovance Technology Co. Ltd. Class A | 357700 | 3577488 |
| Songcheng Performance Development Co. Ltd. Class A | 868400 | 1824603 |
| Tsingtao Brewery Co. Ltd. Class H | 338000 | 3339378 |
| Weichai Power Co. Ltd. Class A | 1495100 | 2188855 |
| Yifeng Pharmacy Chain Co. Ltd. Class A | 228016 | 2094605 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A | 267500 | 814897 |
|  |  | 49281461 |
| **Cyprus — 0.0%** |  |  |
| Ozon Holdings PLC (b) (d) (e) | 18310 |  |
| TCS Group Holding, PLC (b) (d) (e) | 10848 |  |
| **Denmark — 0.4%** |  |  |
| Carlsberg A/S Class B | 17237 | 2281774 |
| Genmab A/S (b) | 8358 | 3540261 |
|  |  | 5822035 |
| **Finland — 0.9%** |  |  |
| Kojamo OYJ | 48463 | 718006 |
| Metso Outotec OYJ | 126296 | 1302982 |
| Sampo OYJ Class A | 168612 | 8816434 |
| Stora Enso OYJ Class R | 164709 | 2326937 |
|  |  | 13164359 |
| **France — 8.0%** |  |  |
| Air Liquide SA | 22644 | 3220867 |
| Alstom SA (c) | 84796 | 2081942 |
| AXA SA | 476166 | 13271094 |
| BNP Paribas SA | 125309 | 7131000 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Capgemini SE | 20967 | $3516456 |
| Dassault Aviation SA | 52056 | 8832284 |
| Engie SA | 602800 | 8634531 |
| EssilorLuxottica SA | 48056 | 8750811 |
| Faurecia SE (b) | 69487 | 1057722 |
| Ipsen SA | 7577 | 816563 |
| Kering SA | 11783 | 6030333 |
| L'Oreal SA | 11040 | 3960521 |
| Legrand SA | 36870 | 2968678 |
| LVMH Moet Hennessy Louis Vuitton SE | 2253 | 1636680 |
| Safran SA | 44185 | 5521500 |
| Sanofi | 145178 | 14047514 |
| Teleperformance | 18996 | 4532918 |
| Thales SA | 29869 | 3818346 |
| TotalEnergies SE | 250985 | 15665267 |
|  |  | 115495027 |
| **Germany — 5.6%** |  |  |
| BASF SE | 43193 | 2144282 |
| Bayer AG Registered | 173809 | 8974189 |
| Brenntag SE | 22118 | 1414131 |
| Covestro AG (a) | 110628 | 4328118 |
| Daimler Truck Holding AG (b) | 117173 | 3630402 |
| Deutsche Boerse AG | 11450 | 1975592 |
| Deutsche Post AG Registered | 66069 | 2486959 |
| Deutsche Telekom AG Registered | 462877 | 9232761 |
| Evotec SE (b) | 174246 | 2844033 |
| Fresenius SE & Co. KGaA | 145833 | 4102993 |
| GEA Group AG | 42231 | 1725064 |
| HeidelbergCement AG | 25120 | 1432677 |
| Infineon Technologies AG | 47514 | 1447166 |
| KION Group AG | 43577 | 1246963 |
| Mercedes-Benz Group AG Registered | 38948 | 2555905 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered | 19768 | 6427838 |
| SAP SE | 40141 | 4142527 |
| Siemens AG Registered | 105385 | 14626662 |
| Siemens Healthineers AG (a) | 65775 | 3290457 |
| Stroeer SE & Co KGaA | 17577 | 817871 |
| Vonovia SE | 29809 | 702520 |
| Zalando SE (a) (b) | 47146 | 1671375 |
|  |  | 81220485 |
| **Hong Kong — 1.8%** |  |  |
| AIA Group Ltd. | 1286000 | 14167867 |
| Beijing Enterprises Holdings Ltd. | 261500 | 837646 |
| China Overseas Land & Investment Ltd. | 909000 | 2399422 |
| Fosun International Ltd. | 1317000 | 1073207 |
| Galaxy Entertainment Group Ltd. | 731000 | 4840318 |
| Guangdong Investment Ltd. | 1834000 | 1877580 |
| Hong Kong Exchanges & Clearing Ltd. | 29200 | 1261882 |
|  |  | 26457922 |
| **Hungary — 0.3%** |  |  |
| OTP Bank Nyrt | 175123 | 4735162 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **India — 4.7%** |  |  |
| Ashok Leyland Ltd. | 433140 | $750982 |
| Asian Paints Ltd. | 20825 | 777230 |
| Axis Bank Ltd. | 548870 | 6176816 |
| HDFC Asset Management Co. Ltd. (a) | 26794 | 703318 |
| HDFC Bank Ltd. | 114335 | 2253279 |
| HDFC Life Insurance Co. Ltd. (a) | 496994 | 3392702 |
| Hindalco Industries Ltd. | 334134 | 1903063 |
| Hindustan Unilever Ltd. | 28483 | 880543 |
| Housing Development Finance Corp. Ltd. | 325670 | 10386913 |
| ICICI Bank Ltd. | 324482 | 3486158 |
| ICICI Bank Ltd. Sponsored ADR | 104073 | 2278158 |
| Indus Towers Ltd. | 549104 | 1264114 |
| Infosys Ltd. | 124352 | 2253373 |
| Kotak Mahindra Bank Ltd. | 211585 | 4652138 |
| Larsen & Toubro Ltd. | 87206 | 2193501 |
| Maruti Suzuki India Ltd. | 9111 | 923492 |
| NTPC Ltd. | 2750137 | 5531456 |
| Petronet LNG Ltd. | 1244771 | 3235423 |
| Reliance Industries Ltd. | 167493 | 5137634 |
| Shree Cement Ltd. | 5450 | 1528573 |
| Shriram Finance Ltd. | 227337 | 3788058 |
| Tata Consultancy Services Ltd. | 11420 | 449378 |
| Tech Mahindra Ltd. | 134326 | 1639728 |
| Voltas Ltd. | 206616 | 1990890 |
|  |  | 67576920 |
| **Indonesia — 0.7%** |  |  |
| Bank Central Asia Tbk PT | 8452600 | 4634139 |
| Bank Rakyat Indonesia Persero Tbk PT | 11581564 | 3671484 |
| Sarana Menara Nusantara Tbk PT | 24941000 | 1760432 |
| Sumber Alfaria Trijaya Tbk PT | 1778900 | 302829 |
|  |  | 10368884 |
| **Ireland — 0.6%** |  |  |
| DCC PLC | 34137 | 1685219 |
| Kerry Group PLC Class A | 6442 | 583319 |
| Kerry Group PLC Class A | 8123 | 732998 |
| Linde PLC (b) | 16214 | 5301509 |
|  |  | 8303045 |
| **Italy — 1.7%** |  |  |
| Amplifon SpA | 46063 | 1376040 |
| Banca Mediolanum SpA | 355710 | 2971637 |
| DiaSorin SpA | 15908 | 2229155 |
| Enel SpA | 702675 | 3779188 |
| Ermenegildo Zegna NV | 104719 | 1096408 |
| Intesa Sanpaolo SpA | 640689 | 1429370 |
| Leonardo SpA | 209300 | 1804153 |
| Moncler SpA | 44712 | 2380050 |
| Prysmian SpA | 145437 | 5383949 |
| UniCredit SpA | 187315 | 2663665 |
|  |  | 25113615 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Japan — 13.9%** |  |  |
| Asahi Group Holdings Ltd. (c) | 85900 | $2674719 |
| Asahi Kasei Corp. | 251200 | 1785027 |
| Asics Corp. | 74500 | 1653227 |
| Astellas Pharma, Inc. | 564100 | 8558012 |
| Central Japan Railway Co. | 13900 | 1710013 |
| Chugai Pharmaceutical Co. Ltd. | 126100 | 3204217 |
| CyberAgent, Inc. | 199400 | 1773581 |
| Daiichi Sankyo Co. Ltd. | 106400 | 3409858 |
| Daikin Industries Ltd. | 11900 | 1830571 |
| Denso Corp. | 43400 | 2127537 |
| DIC Corp. (c) | 59500 | 1044776 |
| Disco Corp. | 7200 | 2069768 |
| Electric Power Development Co. Ltd. | 97900 | 1557381 |
| Fujitsu General Ltd. | 62600 | 1509227 |
| Fujitsu Ltd. | 28100 | 3721228 |
| Hamamatsu Photonics KK | 41000 | 1972264 |
| Hikari Tsushin, Inc. | 10400 | 1463030 |
| Hitachi Ltd. | 93100 | 4685243 |
| Honda Motor Co. Ltd. | 37800 | 864265 |
| Isetan Mitsukoshi Holdings Ltd. | 97800 | 1066677 |
| Keyence Corp. | 8200 | 3210339 |
| Kirin Holdings Co. Ltd. (c) | 95500 | 1463086 |
| MatsukiyoCocokara & Co. | 60100 | 3021728 |
| Mitsubishi Corp. | 69300 | 2241975 |
| Mitsubishi Electric Corp. | 516200 | 5109910 |
| Mitsubishi Estate Co. Ltd. | 151300 | 1957927 |
| Mitsubishi HC Capital, Inc. | 242200 | 1193146 |
| Mitsubishi UFJ Financial Group, Inc. | 984500 | 6641466 |
| Mitsui Fudosan Co. Ltd. | 312800 | 5714524 |
| Murata Manufacturing Co. Ltd. | 99200 | 4976794 |
| Nextage Co. Ltd. | 6800 | 131202 |
| Nippon Sanso Holdings Corp. | 82100 | 1182559 |
| Nippon Shokubai Co. Ltd. | 25500 | 1017968 |
| Nippon Steel Corp. | 96100 | 1673193 |
| Nippon Telegraph & Telephone Corp. | 660100 | 18841944 |
| NTT Data Corp. | 288400 | 4243644 |
| Olympus Corp. | 138700 | 2451620 |
| Omron Corp. | 20300 | 990101 |
| ORIX Corp. | 169200 | 2728318 |
| Otsuka Holdings Co. Ltd. | 225900 | 7354413 |
| Outsourcing, Inc. | 171200 | 1235950 |
| Pan Pacific International Holding Corp. | 70500 | 1308726 |
| Panasonic Holdings Corp. | 250000 | 2093564 |
| Persol Holdings Co. Ltd. | 173000 | 3673960 |
| Recruit Holdings Co. Ltd. | 77200 | 2455258 |
| Renesas Electronics Corp. (b) | 122000 | 1102576 |
| Seven & i Holdings Co. Ltd. | 200800 | 8589897 |
| Shimadzu Corp. | 62500 | 1782645 |
| SMC Corp. | 2300 | 973428 |
| SoftBank Group Corp. | 29000 | 1228094 |
| Sompo Holdings, Inc. | 56800 | 2522077 |
| Sony Group Corp. | 78600 | 5993714 |
| Stanley Electric Co. Ltd. | 196500 | 3734876 |
| Sumitomo Corp. | 295400 | 4898360 |
| Sumitomo Mitsui Trust Holdings, Inc. | 46200 | 1612030 |
| Sumitomo Rubber Industries Ltd. (c) | 66600 | 584390 |
| Suzuki Motor Corp. | 113200 | 3642001 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Taiheiyo Cement Corp. | 76900 | $1195918 |
| Takeda Pharmaceutical Co. Ltd. | 69600 | 2173894 |
| TechnoPro Holdings, Inc. | 91400 | 2416412 |
| THK Co. Ltd. | 43300 | 817871 |
| Tokio Marine Holdings, Inc. | 198300 | 4244923 |
| Tokyo Electron Ltd. | 15600 | 4634190 |
| Tosoh Corp. | 21300 | 252731 |
| Toyota Motor Corp. | 665900 | 9100948 |
| Welcia Holdings Co. Ltd. | 36300 | 845558 |
| Z Holdings Corp. | 1461700 | 3695298 |
|  |  | 201635767 |
| **Luxembourg — 0.3%** |  |  |
| Millicom International Cellular SA (b) (c) | 91997 | 1163286 |
| Samsonite International SA (a) (b) | 496500 | 1298275 |
| Tenaris SA | 139547 | 2448983 |
|  |  | 4910544 |
| **Malaysia — 0.2%** |  |  |
| CIMB Group Holdings Bhd | 2783296 | 3666231 |
| **Mexico — 0.8%** |  |  |
| Gruma SAB de CV Class B | 213505 | 2852211 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 14865 | 2137736 |
| Grupo Financiero Banorte SAB de CV Class O | 137500 | 989557 |
| Grupo Mexico SAB de CV Series B | 860182 | 3032587 |
| Orbia Advance Corp. SAB de CV | 456479 | 809347 |
| Wal-Mart de Mexico SAB de CV | 643900 | 2276029 |
|  |  | 12097467 |
| **Netherlands — 5.9%** |  |  |
| Adyen NV (a) (b) | 1644 | 2274994 |
| AerCap Holdings NV (b) | 51209 | 2986509 |
| Airbus SE | 39162 | 4656451 |
| Akzo Nobel NV | 146457 | 9772495 |
| ASML Holding NV | 35650 | 19297450 |
| Heineken NV | 15313 | 1438680 |
| ING Groep NV (b) | 1095394 | 13364254 |
| Koninklijke DSM NV | 9957 | 1220683 |
| Koninklijke Philips NV | 470364 | 7059805 |
| NXP Semiconductor NV | 31803 | 5025828 |
| Prosus NV (b) | 172663 | 11854256 |
| Prosus NV (b) | 26947 | 1851891 |
| Signify NV (a) | 59799 | 2013268 |
| Stellantis NV | 155135 | 2199295 |
| X5 Retail Group NV (d) (e) | 53349 |  |
| Yandex N.V. (b) (d) (e) | 66647 |  |
|  |  | 85015859 |
| **Norway — 1.0%** |  |  |
| DNB Bank ASA | 241159 | 4774500 |
| Equinor ASA | 179775 | 6448240 |
| Storebrand ASA | 313171 | 2719295 |
|  |  | 13942035 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Philippines — 0.3%** |  |  |
| Bank of the Philippine Islands | 101980 | $186763 |
| BDO Unibank, Inc. | 225174 | 425082 |
| Jollibee Foods Corp. | 1170 | 4839 |
| SM Investments Corp. | 180980 | 2935843 |
| Universal Robina Corp. | 328140 | 802630 |
|  |  | 4355157 |
| **Poland — 0.3%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 156192 | 1083254 |
| Powszechny Zaklad Ubezpieczen SA | 334281 | 2707705 |
|  |  | 3790959 |
| **Portugal — 0.6%** |  |  |
| Banco Comercial Portugues SA | 4512532 | 710055 |
| Galp Energia SGPS SA | 436805 | 5910606 |
| Jeronimo Martins SGPS SA | 82866 | 1791809 |
|  |  | 8412470 |
| **Republic of Korea — 3.6%** |  |  |
| Amorepacific Corp. | 8890 | 974845 |
| CJ CheilJedang Corp. | 6000 | 1810786 |
| Hyundai Motor Co. | 18731 | 2251266 |
| Kangwon Land, Inc. (b) | 117600 | 2168381 |
| KT Corp. (b) | 116648 | 3126406 |
| KT Corp. Sponsored ADR (b) (c) | 149163 | 2013701 |
| LG Chem Ltd. | 4712 | 2254082 |
| LG H&H Co. Ltd. | 2464 | 1417791 |
| Lotte Chemical Corp. | 17497 | 2452518 |
| NAVER Corp. | 35545 | 5048413 |
| POSCO Holdings, Inc. | 3428 | 754536 |
| Samsung Electronics Co. Ltd. | 630724 | 27813722 |
|  |  | 52086447 |
| **Russia — 0.0%** |  |  |
| Gazprom PJSC (d) (e) | 496602 |  |
| Novatek PJSC (d) (e) | 73140 |  |
| **Saudi Arabia — 0.6%** |  |  |
| Al Rajhi Bank (b) | 76741 | 1539394 |
| Arabian Internet & Communications Services Co. | 2715 | 175602 |
| Nahdi Medical Co. | 33441 | 1491180 |
| The Saudi British Bank | 277694 | 2884326 |
| The Saudi National Bank | 207759 | 2796815 |
|  |  | 8887317 |
| **Singapore — 1.3%** |  |  |
| DBS Group Holdings, Ltd. | 77400 | 1959490 |
| Jardine Cycle & Carriage Ltd. (c) | 104200 | 2226288 |
| United Overseas Bank Ltd. | 327200 | 7503901 |
| Wilmar International Ltd. | 1101700 | 3432337 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Yangzijiang Shipbuilding Holdings Ltd. | 3658400 | $3699513 |
|  |  | 18821529 |
| **South Africa — 0.7%** |  |  |
| Capitec Bank Holdings Ltd. | 28418 | 3108504 |
| Clicks Group Ltd. | 101732 | 1617097 |
| FirstRand Ltd. | 1090081 | 3981481 |
| Kumba Iron Ore Ltd. | 45727 | 1314519 |
|  |  | 10021601 |
| **Spain — 0.9%** |  |  |
| Amadeus IT Group SA (b) | 95194 | 4909159 |
| Fluidra SA | 141863 | 2200150 |
| Iberdrola SA | 355693 | 4160718 |
| Indra Sistemas SA | 101848 | 1159399 |
|  |  | 12429426 |
| **Sweden — 1.5%** |  |  |
| Assa Abloy AB Class B | 108192 | 2327850 |
| Elekta AB | 235915 | 1417622 |
| Essity AB Class B | 112563 | 2954547 |
| Olink Holding AB ADR (b) (c) | 29221 | 741629 |
| Svenska Handelsbanken AB Class A | 312311 | 3142564 |
| Swedbank AB Class A | 296639 | 5039519 |
| Telefonaktiebolaget LM Ericsson Class B | 1051202 | 6156229 |
|  |  | 21779960 |
| **Switzerland — 6.8%** |  |  |
| ABB Ltd. Registered | 135698 | 4133059 |
| Alcon, Inc. | 78230 | 5373187 |
| Barry Callebaut AG Registered | 2269 | 4495443 |
| Holcim AG (b) | 45833 | 2363478 |
| Julius Baer Group Ltd. (b) | 148957 | 8658273 |
| Lonza Group AG Registered | 7687 | 3783372 |
| Nestle SA Registered | 179724 | 20755513 |
| Novartis AG Registered | 131788 | 11937530 |
| Partners Group Holding AG | 5217 | 4637340 |
| PolyPeptide Group AG (a) (b) | 7985 | 217423 |
| Roche Holding AG | 63303 | 19893717 |
| UBS Group AG Registered | 169737 | 3163827 |
| Zurich Insurance Group AG | 18703 | 8937703 |
|  |  | 98349865 |
| **Taiwan — 2.9%** |  |  |
| ASE Technology Holding Co. Ltd. | 346000 | 1056114 |
| Hon Hai Precision Industry Co. Ltd. | 1173000 | 3810936 |
| Largan Precision Co. Ltd. | 11000 | 729521 |
| MediaTek, Inc. | 184000 | 3737422 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2232000 | 32530616 |
| Vanguard International Semiconductor Corp. | 251000 | 632210 |
|  |  | 42496819 |
| **Thailand — 0.7%** |  |  |
| Airports of Thailand PCL (b) | 150100 | 325033 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Bangkok Dusit Medical Services PCL | 2515000 | $2123971 |
| Bumrungrad Hospital PCL | 37500 | 228975 |
| CP ALL PCL | 2372000 | 4674145 |
| Land & Houses PCL | 8758200 | 2497957 |
| The Siam Cement PCL | 37300 | 367930 |
|  |  | 10218011 |
| **United Arab Emirates — 0.2%** |  |  |
| First Abu Dhabi Bank PJSC | 477296 | 2219930 |
| **United Kingdom — 11.3%** |  |  |
| Amcor PLC | 281910 | 3379621 |
| Antofagasta PLC | 145756 | 2705983 |
| Ashtead Group PLC | 95252 | 5441432 |
| ASOS PLC (b) (c) | 138436 | 843952 |
| AstraZeneca PLC Sponsored ADR | 354104 | 24008251 |
| Atlassian Corp. (b) | 5700 | 733476 |
| boohoo Group PLC (b) (c) | 384235 | 164820 |
| Bridgepoint Group PLC (a) | 709137 | 1643122 |
| British American Tobacco PLC | 62661 | 2486057 |
| Bunzl PLC | 48767 | 1627711 |
| Burberry Group PLC | 146058 | 3568931 |
| Close Brothers Group PLC | 42247 | 534826 |
| Compass Group PLC | 175361 | 4052058 |
| Diageo PLC | 89950 | 3972128 |
| Direct Line Insurance Group PLC | 1022195 | 2740647 |
| Dr. Martens Plc | 280761 | 648869 |
| Fresnillo PLC | 191382 | 2077559 |
| Great Portland Estates PLC | 388313 | 2318017 |
| GSK PLC ADR | 171644 | 6031570 |
| HSBC Holdings PLC | 598649 | 3733456 |
| Imperial Brands PLC | 154269 | 3854346 |
| Informa PLC | 252887 | 1895975 |
| InterContinental Hotels Group PLC | 35826 | 2062099 |
| Investec PLC | 213326 | 1319109 |
| Johnson Matthey PLC | 82519 | 2124309 |
| Kingfisher PLC | 946979 | 2710181 |
| Lloyds Banking Group PLC | 8869997 | 4870808 |
| London Stock Exchange Group PLC | 49546 | 4275030 |
| Melrose Industries PLC | 1500024 | 2438608 |
| Mondi PLC | 56319 | 956492 |
| National Grid PLC | 246034 | 2955208 |
| Network International Holdings PLC (a) (b) | 275551 | 986911 |
| Next PLC | 57747 | 4066003 |
| Persimmon PLC | 95989 | 1416907 |
| Prudential PLC | 369913 | 5005897 |
| Rightmove PLC | 209035 | 1294163 |
| Rolls-Royce Holdings PLC (b) | 2327201 | 2605512 |
| Shell PLC | 193522 | 5499454 |
| Shell PLC ADR | 52880 | 3011516 |
| Smith & Nephew PLC | 277692 | 3709901 |
| Smiths Group PLC | 118834 | 2291051 |
| Standard Chartered PLC | 325846 | 2445710 |
| Taylor Wimpey PLC | 1230185 | 1516477 |
| Unilever PLC | 250880 | 12656642 |
| Unilever PLC | 117536 | 5898121 |
| Vodafone Group PLC | 1860830 | 1886267 |
| Vodafone Group PLC Sponsored ADR | 196104 | 1984573 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| WPP PLC | 614391 | $6099579 |
|  |  | 164549335 |
| **United States — 1.2%** |  |  |
| Autoliv, Inc. | 21746 | 1666473 |
| Broadcom, Inc. | 10005 | 5594096 |
| Canva, Inc. (Acquired 8/16/21, Cost $652,842) (b) (d) (e) (f) | 383 | 211339 |
| Las Vegas Sands Corp. (b) | 6100 | 293227 |
| Mastercard, Inc. Class A | 7933 | 2758542 |
| MercadoLibre, Inc. (b) | 1400 | 1184736 |
| Yum China Holdings, Inc. | 102200 | 5585230 |
| Yum China Holdings, Inc. | 8400 | 468799 |
|  |  | 17762442 |
| **TOTAL COMMON STOCK <br>(Cost $1,436,772,268)** |  | **1424104775** |
| **PREFERRED STOCK — 0.7%** |  |  |
| **Germany — 0.7%** |  |  |
| Dr Ing hc F Porsche AG (b) | 59265 | 6012803 |
| Sartorius AG 0.0340% | 5103 | 2018009 |
| Volkswagen AG 6.014% | 16803 | 2094306 |
|  |  | 10125118 |
| **United States — 0.0%** |  |  |
| Canva, Inc., Series A , (Acquired 11/04/21, Cost $39,209) (b) (d) (e) (f) | 23 | 12691 |
| **TOTAL PREFERRED STOCK <br>(Cost $9,192,246)** |  | **10137809** |
| **TOTAL EQUITIES <br>(Cost $1,445,964,514)** |  | **1434242584** |
| **MUTUAL FUNDS — 0.2%** |  |  |
| **United States — 0.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (g) | 2310919 | 2310919 |
| **TOTAL MUTUAL FUNDS <br>(Cost $2,310,919)** |  | **2310919** |
| **RIGHTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Localiza Rent a Car SA (b) (e) | 887 | 1807 |
| **Republic of Korea — 0.0%** |  |  |
| Lotte Chemical Corp. Right (b) (d) (e) | 3411 | 95762 |
| **Russia — 0.0%** |  |  |
| Moscow Exchange (b) (d) (e) | 83990 |  |
| Moscow Exchange (b) (d) (e) | 1181630 |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **TOTAL RIGHTS <br>(Cost $2,619,127)** |  | $**97569** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $1,450,894,560)** |  | **1436651072** |
| **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| **Mutual Fund — 0.7%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 10433385 | 10433385 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 0.1%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h) | $1120919 | 1120919 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $11,554,304)** |  | **11554304** |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $1,462,448,864) (i)** |  | **1448205376** |
| **Other Assets/(Liabilities) — 0.1%** |  | **2091431** |
| **NET ASSETS — 100.0%** |  | $**1450296807** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $37,219,401 or 2.57% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $21,450,615 or 1.48% of net assets. The Fund received $20,112,328 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $319,792 or 0.02% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment is valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $224,031 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;(g) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $1,121,079. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,143,386.

&nbsp;&nbsp;&nbsp;&nbsp;(i) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** | **OTC Options Written** |
| **Description** | **Counterparty** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional<br>Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Call** | | | | | | | |  |
| Julius Baer Group Ltd. | Goldman Sachs International | 1/20/23 | 56.00 | 62 CHF | 347200 | $(2416) | $(9292) | $6876 |
| Julius Baer Group Ltd. | Goldman Sachs International | 2/17/23 | 57.00 | 62 CHF | 353400 | (5539) | (10941) | 5402 |
| Julius Baer Group Ltd. | Goldman Sachs International | 2/17/23 | 58.00 | 61 CHF | 353800 | (3950) | (8535) | 4585 |
|  |  |  |  |  |  | $(11905) | $(28768) | $16863 |

---

---

| | |
|:---|:---|
| **Currency Legend** | **Currency Legend** |
| CHF | Swiss Franc |

---

***MassMutual 20/80 Allocation Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 21.4%** |  |  |
| DFA Commodity Strategy Portfolio | 153359 | $752993 |
| Invesco Real Estate Fund, Class R6 | 24761 | 405829 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 197020 | 3203541 |
| MassMutual Diversified Value Fund, Class I (a) | 203390 | 2241353 |
| MassMutual Equity Opportunities Fund, Class I (a) | 311711 | 5046594 |
| MassMutual Fundamental Value Fund, Class I (a) | 260427 | 2169357 |
| MassMutual Growth Opportunities Fund, Class I (a) | 179155 | 747075 |
| MassMutual International Equity Fund, Class I (a) | 78545 | 611867 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 64021 | 1118451 |
| MassMutual Mid Cap Value Fund, Class I (a) | 114280 | 1234222 |
| MassMutual Overseas Fund, Class I (a) | 459840 | 3448802 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 15047 | 188391 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 97043 | 818071 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 91107 | 829071 |
| MM Equity Asset Fund, Class I (a) | 1284929 | 8300644 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 158425 | 2141900 |
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 12160 | 394119 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 4789 | 1209188 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 7945 | 698641 |
|  |  | 35560109 |
| **Fixed Income Funds — 78.6%** |  |  |
| Invesco International Bond Fund, Class R6 | 1600165 | 6880710 |
| MassMutual Core Bond Fund, Class I (a) | 2996289 | 26637006 |
| MassMutual Global Floating Rate Fund, Class I (a) | 36760 | 312460 |
| MassMutual High Yield Fund, Class I (a) | 63901 | 476060 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 186239 | 1694774 |
| MassMutual Short-Duration Bond Fund, Class I (a) | 1886951 | 16246648 |
| MassMutual Strategic Bond Fund, Class I (b) | 3825502 | 32631531 |
| MassMutual Total Return Bond Fund, Class I (a) | 4542775 | 38023028 |
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 11070 | 229048 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 813939 | 7716146 |
|  |  | 130847411 |
| **TOTAL MUTUAL FUNDS <br>(Cost $194,478,878)** |  | **166407520** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $194,478,878)** |  | **166407520** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $194,478,878) (c)** |  | **166407520** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(48635)** |
| **NET ASSETS — 100.0%** |  | $**166358885** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual 40/60 Allocation Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 41.3%** |  |  |
| DFA Commodity Strategy Portfolio | 144700 | $710477 |
| Invesco Real Estate Fund, Class R6 | 34801 | 570396 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 367279 | 5971958 |
| MassMutual Diversified Value Fund, Class I (a) | 476294 | 5248754 |
| MassMutual Equity Opportunities Fund, Class I (a) | 573076 | 9278104 |
| MassMutual Fundamental Value Fund, Class I (a) | 608492 | 5068740 |
| MassMutual Growth Opportunities Fund, Class I (a) | 334199 | 1393609 |
| MassMutual International Equity Fund, Class I (a) | 279127 | 2174396 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 98062 | 1713151 |
| MassMutual Mid Cap Value Fund, Class I (a) | 264728 | 2859064 |
| MassMutual Overseas Fund, Class I (a) | 673935 | 5054513 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 31339 | 392368 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 244535 | 2061431 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 130374 | 1186405 |
| MM Equity Asset Fund, Class I (a) | 2827555 | 18266008 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 397846 | 5382858 |
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 25206 | 816938 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 10636 | 2685152 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 18328 | 1611734 |
|  |  | 72446056 |
| **Fixed Income Funds — 58.8%** |  |  |
| Invesco International Bond Fund, Class R6 | 1235747 | 5313714 |
| MassMutual Core Bond Fund, Class I (a) | 2230910 | 19832787 |
| MassMutual Global Floating Rate Fund, Class I (a) | 42690 | 362862 |
| MassMutual High Yield Fund, Class I (a) | 84293 | 627987 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 97604 | 888201 |
| MassMutual Short-Duration Bond Fund, Class I (a) | 1642934 | 14145663 |
| MassMutual Strategic Bond Fund, Class I (b) | 2838831 | 24215226 |
| MassMutual Total Return Bond Fund, Class I (a) | 3658579 | 30622309 |
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 11855 | 245282 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 745297 | 7065420 |
|  |  | 103319451 |
| **TOTAL MUTUAL FUNDS <br>(Cost $208,256,636)** |  | **175765507** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $208,256,636)** |  | **175765507** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $208,256,636) (c)** |  | **175765507** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(160380)** |
| **NET ASSETS — 100.0%** |  | $**175605127** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual 60/40 Allocation Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 59.8%** |  |  |
| DFA Commodity Strategy Portfolio | 110165 | $540911 |
| Invesco Real Estate Fund, Class R6 | 40254 | 659769 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 502585 | 8172038 |
| MassMutual Diversified Value Fund, Class I (a) | 679891 | 7492396 |
| MassMutual Equity Opportunities Fund, Class I (a) | 855173 | 13845250 |
| MassMutual Fundamental Value Fund, Class I (a) | 709871 | 5913229 |
| MassMutual Growth Opportunities Fund, Class I (a) | 424316 | 1769399 |
| MassMutual International Equity Fund, Class I (a) | 275142 | 2143356 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 154455 | 2698331 |
| MassMutual Mid Cap Value Fund, Class I (a) | 409010 | 4417310 |
| MassMutual Overseas Fund, Class I (a) | 675052 | 5062887 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 68148 | 853209 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 297772 | 2510219 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 29367 | 267244 |
| MM Equity Asset Fund, Class I (a) | 4483710 | 28964767 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 497586 | 6732332 |
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 42906 | 1390589 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 16079 | 4059541 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 12938 | 1137743 |
|  |  | 98630520 |
| **Fixed Income Funds — 40.3%** |  |  |
| Invesco International Bond Fund, Class R6 | 916298 | 3940080 |
| MassMutual Core Bond Fund, Class I (a) | 1358866 | 12080319 |
| MassMutual Global Floating Rate Fund, Class I (a) | 35027 | 297730 |
| MassMutual High Yield Fund, Class I (a) | 81616 | 608036 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 44831 | 407965 |
| MassMutual Short-Duration Bond Fund, Class I (a) | 1109882 | 9556085 |
| MassMutual Strategic Bond Fund, Class I (b) | 1881399 | 16048331 |
| MassMutual Total Return Bond Fund, Class I (a) | 2238451 | 18735833 |
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 13007 | 269122 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 481485 | 4564480 |
|  |  | 66507981 |
| **TOTAL MUTUAL FUNDS <br>(Cost $195,139,028)** |  | **165138501** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $195,139,028)** |  | **165138501** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $195,139,028) (c)** |  | **165138501** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(125780)** |
| **NET ASSETS — 100.0%** |  | $**165012721** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual 80/20 Allocation Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 80.3%** |  |  |
| DFA Commodity Strategy Portfolio | 61899 | $303924 |
| Invesco Real Estate Fund, Class R6 | 52895 | 866949 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 515892 | 8388407 |
| MassMutual Diversified Value Fund, Class I (a) | 510264 | 5623113 |
| MassMutual Equity Opportunities Fund, Class I (a) | 820193 | 13278926 |
| MassMutual Fundamental Value Fund, Class I (a) | 683499 | 5693546 |
| MassMutual Growth Opportunities Fund, Class I (a) | 370435 | 1544713 |
| MassMutual International Equity Fund, Class I (a) | 430006 | 3349748 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 177596 | 3102608 |
| MassMutual Mid Cap Value Fund, Class I (a) | 364988 | 3941874 |
| MassMutual Overseas Fund, Class I (a) | 940090 | 7050677 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 76495 | 957721 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 231822 | 1954262 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 242032 | 2202488 |
| MM Equity Asset Fund, Class I (a) | 3809687 | 24610575 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 501308 | 6782696 |
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 47636 | 1543870 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 17554 | 4431967 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 25560 | 2247732 |
|  |  | 97875796 |
| **Fixed Income Funds — 19.8%** |  |  |
| Invesco International Bond Fund, Class R6 | 437169 | 1879826 |
| MassMutual Core Bond Fund, Class I (a) | 439793 | 3909762 |
| MassMutual Global Floating Rate Fund, Class I (a) | 36349 | 308969 |
| MassMutual High Yield Fund, Class I (a) | 77136 | 574662 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 14373 | 130795 |
| MassMutual Short-Duration Bond Fund, Class I (a) | 623622 | 5369381 |
| MassMutual Strategic Bond Fund, Class I (a) | 441548 | 3766407 |
| MassMutual Total Return Bond Fund, Class I (a) | 855424 | 7159899 |
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 6225 | 128805 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 99822 | 946312 |
|  |  | 24174818 |
| **TOTAL MUTUAL FUNDS <br>(Cost $143,676,046)** |  | **122050614** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $143,676,046)** |  | **122050614** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $143,676,046) (b)** |  | **122050614** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(79789)** |
| **NET ASSETS — 100.0%** |  | $**121970825** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan In Retirement Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 35.1%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 59112 | $868357 |
| JPMorgan Large Cap Value Fund, Class R6 | 58205 | 1044782 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 93240 | 1516080 |
| MassMutual Diversified Value Fund, Class I (a) | 82363 | 907639 |
| MassMutual Equity Opportunities Fund, Class I (a) | 153556 | 2486078 |
| MassMutual Fundamental Value Fund, Class I (a) | 145016 | 1207983 |
| MassMutual Growth Opportunities Fund, Class I (a) | 110672 | 461500 |
| MassMutual International Equity Fund, Class I (a) | 198942 | 1549756 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 40802 | 712818 |
| MassMutual Mid Cap Value Fund, Class I (a) | 64952 | 701480 |
| MassMutual Overseas Fund, Class I (a) | 363333 | 2724998 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 38793 | 485693 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 77017 | 649257 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 175564 | 1597628 |
| MM Equity Asset Fund, Class I (a) | 1166270 | 7534105 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 263352 | 3560522 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 2424 | 611971 |
| Vanguard Real Estate Index Fund, Admiral Shares | 4378 | 511709 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 5709 | 502062 |
|  |  | 29634418 |
| **Fixed Income Funds — 65.0%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 64830 | 383143 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 11873065 | 11873065 |
| MassMutual Core Bond Fund, Class I (a) | 1854661 | 16487935 |
| MassMutual Global Floating Rate Fund, Class I (a) | 13028 | 110735 |
| MassMutual High Yield Fund, Class I (a) | 586344 | 4368263 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 680318 | 6190891 |
| MassMutual Strategic Bond Fund, Class I (b) | 655169 | 5588590 |
| MassMutual Total Return Bond Fund, Class I (a) | 665741 | 5572249 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 442753 | 4197294 |
|  |  | 54772165 |
| **TOTAL MUTUAL FUNDS <br>(Cost $98,110,178)** |  | **84406583** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $98,110,178)** |  | **84406583** |

---

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan In Retirement Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $98,110,178) (c)** |  | $**84406583** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(112475)** |
| **NET ASSETS — 100.0%** |  | $**84294108** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2020 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 35.1%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 116288 | $1708265 |
| JPMorgan Large Cap Value Fund, Class R6 | 114534 | 2055880 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 182195 | 2962498 |
| MassMutual Diversified Value Fund, Class I (a) | 162034 | 1785620 |
| MassMutual Equity Opportunities Fund, Class I (a) | 302943 | 4904653 |
| MassMutual Fundamental Value Fund, Class I (a) | 283451 | 2361143 |
| MassMutual Growth Opportunities Fund, Class I (a) | 218010 | 909103 |
| MassMutual International Equity Fund, Class I (a) | 394559 | 3073615 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 80533 | 1406908 |
| MassMutual Mid Cap Value Fund, Class I (a) | 128259 | 1385198 |
| MassMutual Overseas Fund, Class I (a) | 708740 | 5315553 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 76483 | 957565 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 151854 | 1280130 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 348433 | 3170744 |
| MM Equity Asset Fund, Class I (a) | 2279229 | 14723817 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 510631 | 6908831 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 4707 | 1188410 |
| Vanguard Real Estate Index Fund, Admiral Shares | 8503 | 993732 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 11087 | 974969 |
|  |  | 58066634 |
| **Fixed Income Funds — 65.0%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 126570 | 748030 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 23282012 | 23282012 |
| MassMutual Core Bond Fund, Class I (a) | 3638519 | 32346433 |
| MassMutual Global Floating Rate Fund, Class I (a) | 25299 | 215043 |
| MassMutual High Yield Fund, Class I (a) | 1150117 | 8568372 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 1334667 | 12145469 |
| MassMutual Strategic Bond Fund, Class I (b) | 1285165 | 10962461 |
| MassMutual Total Return Bond Fund, Class I (a) | 1306008 | 10931286 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 859825 | 8151139 |
|  |  | 107350245 |
| **TOTAL MUTUAL FUNDS <br>(Cost $192,843,390)** |  | **165416879** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $192,843,390)** |  | **165416879** |

---

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2020 Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $192,843,390) (c)** |  | $**165416879** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(189415)** |
| **NET ASSETS — 100.0%** |  | $**165227464** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2025 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 46.5%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 172736 | $2537495 |
| JPMorgan Large Cap Value Fund, Class R6 | 130792 | 2347713 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 209122 | 3400316 |
| MassMutual Diversified Value Fund, Class I (a) | 184995 | 2038647 |
| MassMutual Equity Opportunities Fund, Class I (a) | 343877 | 5567366 |
| MassMutual Fundamental Value Fund, Class I (a) | 325516 | 2711549 |
| MassMutual Growth Opportunities Fund, Class I (a) | 248460 | 1036080 |
| MassMutual International Equity Fund, Class I (a) | 445573 | 3471017 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 89895 | 1570466 |
| MassMutual Mid Cap Value Fund, Class I (a) | 143131 | 1545813 |
| MassMutual Overseas Fund, Class I (a) | 815393 | 6115448 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 84793 | 1061605 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 168687 | 1422030 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 515623 | 4692168 |
| MM Equity Asset Fund, Class I (a) | 2619873 | 16924382 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 586556 | 7936097 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 5299 | 1337830 |
| Vanguard Real Estate Index Fund, Admiral Shares | 12582 | 1470492 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 12414 | 1091668 |
|  |  | 68278182 |
| **Fixed Income Funds — 53.6%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 225402 | 1332127 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 11211515 | 11211515 |
| MassMutual Core Bond Fund, Class I (a) | 3086599 | 27439862 |
| MassMutual Global Floating Rate Fund, Class I (a) | 22285 | 189426 |
| MassMutual High Yield Fund, Class I (a) | 992722 | 7395779 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 613662 | 5584326 |
| MassMutual Strategic Bond Fund, Class I (b) | 1089644 | 9294668 |
| MassMutual Total Return Bond Fund, Class I (a) | 1107350 | 9268516 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 734632 | 6964314 |
|  |  | 78680533 |
| **TOTAL MUTUAL FUNDS <br>(Cost $173,988,825)** |  | **146958715** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $173,988,825)** |  | **146958715** |

---

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2025 Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $173,988,825) (c)** |  | $**146958715** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(123406)** |
| **NET ASSETS — 100.0%** |  | $**146835309** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2030 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 59.5%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 511478 | $7513612 |
| JPMorgan Large Cap Value Fund, Class R6 | 374169 | 6716339 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 598930 | 9738610 |
| MassMutual Diversified Value Fund, Class I (a) | 528875 | 5828207 |
| MassMutual Equity Opportunities Fund, Class I (a) | 983179 | 15917671 |
| MassMutual Fundamental Value Fund, Class I (a) | 931633 | 7760500 |
| MassMutual Growth Opportunities Fund, Class I (a) | 710039 | 2960865 |
| MassMutual International Equity Fund, Class I (a) | 1284754 | 10008233 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 252231 | 4406480 |
| MassMutual Mid Cap Value Fund, Class I (a) | 401727 | 4338653 |
| MassMutual Overseas Fund, Class I (a) | 2354589 | 17659420 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 239644 | 3000339 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 477124 | 4022154 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 1525100 | 13878411 |
| MM Equity Asset Fund, Class I (a) | 7500576 | 48453723 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 1666573 | 22548734 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 14708 | 3713401 |
| Vanguard Real Estate Index Fund, Institutional Shares | 278862 | 5044614 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 34711 | 3052455 |
|  |  | 196562421 |
| **Fixed Income Funds — 40.6%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 295938 | 1748994 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 18241150 | 18241150 |
| MassMutual Core Bond Fund, Class I (a) | 5729582 | 50935986 |
| MassMutual High Yield Fund, Class I (a) | 1907929 | 14214071 |
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 212571 | 1934400 |
| MassMutual Strategic Bond Fund, Class I (b) | 2021430 | 17242794 |
| MassMutual Total Return Bond Fund, Class I (a) | 2054420 | 17195495 |
| Vanguard Total Bond Market Index Fund, Institutional Shares | 1347400 | 12773350 |
|  |  | 134286240 |
| **TOTAL MUTUAL FUNDS <br>(Cost $392,425,728)** |  | **330848661** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $392,425,728)** |  | **330848661** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $392,425,728) (c)** |  | **330848661** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(277195)** |
| **NET ASSETS — 100.0%** |  | $**330571466** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2035 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 71.6%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 515620 | $7574456 |
| JPMorgan Large Cap Value Fund, Class R6 | 198831 | 3569009 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 484500 | 7877970 |
| MassMutual Diversified Value Fund, Class I (a) | 281540 | 3102566 |
| MassMutual Equity Opportunities Fund, Class I (a) | 328048 | 5311101 |
| MassMutual Fundamental Value Fund, Class I (a) | 439887 | 3664260 |
| MassMutual Growth Opportunities Fund, Class I (a) | 631003 | 2631281 |
| MassMutual International Equity Fund, Class I (a) | 859328 | 6694162 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 133829 | 2337992 |
| MassMutual Mid Cap Value Fund, Class I (a) | 213071 | 2301168 |
| MassMutual Overseas Fund, Class I (a) | 1466534 | 10999002 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 126784 | 1587339 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 252188 | 2125946 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 442465 | 4026428 |
| MM Equity Asset Fund, Class I (a) | 4044586 | 26128027 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 705247 | 9534934 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 7951 | 2007429 |
| Vanguard Real Estate Index Fund, Admiral Shares | 25335 | 2960854 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 18675 | 1642299 |
|  |  | 106076223 |
| **Fixed Income Funds — 28.5%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 33474 | 197834 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 7624252 | 7624252 |
| MassMutual Core Bond Fund, Class I (a) | 734368 | 6528535 |
| MassMutual High Yield Fund, Class I (a) | 522937 | 3895878 |
| MassMutual Strategic Bond Fund, Class I (a) | 1305285 | 11134083 |
| MassMutual Total Return Bond Fund, Class I (a) | 1326525 | 11103012 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 173867 | 1648255 |
|  |  | 42131849 |
| **TOTAL MUTUAL FUNDS <br>(Cost $176,722,262)** |  | **148208072** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $176,722,262)** |  | **148208072** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $176,722,262) (b)** |  | **148208072** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(128840)** |
| **NET ASSETS — 100.0%** |  | $**148079232** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2040 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 81.4%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 947383 | $13917052 |
| JPMorgan Large Cap Value Fund, Class R6 | 371941 | 6676346 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 902398 | 14672998 |
| MassMutual Diversified Value Fund, Class I (a) | 524968 | 5785149 |
| MassMutual Equity Opportunities Fund, Class I (a) | 613409 | 9931096 |
| MassMutual Fundamental Value Fund, Class I (a) | 819353 | 6825209 |
| MassMutual Growth Opportunities Fund, Class I (a) | 1175676 | 4902567 |
| MassMutual International Equity Fund, Class I (a) | 1650053 | 12853910 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 247078 | 4316452 |
| MassMutual Mid Cap Value Fund, Class I (a) | 393531 | 4250139 |
| MassMutual Overseas Fund, Class I (a) | 2802480 | 21018599 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 235029 | 2942561 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 468465 | 3949162 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 817750 | 7441527 |
| MM Equity Asset Fund, Class I (a) | 7539225 | 48703396 |
| Vanguard Developed Markets Index Fund, Institutional Shares | 1335185 | 18065055 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 14541 | 3671260 |
| Vanguard Real Estate Index Fund, Admiral Shares | 49821 | 5822547 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 34222 | 3009485 |
|  |  | 198754510 |
| **Fixed Income Funds — 18.7%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 389505 | 2301975 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 9438095 | 9438095 |
| MassMutual Core Bond Fund, Class I (a) | 647616 | 5757304 |
| MassMutual High Yield Fund, Class I (a) | 662516 | 4935745 |
| MassMutual Strategic Bond Fund, Class I (b) | 1273400 | 10862105 |
| MassMutual Total Return Bond Fund, Class I (a) | 1293164 | 10823783 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 151776 | 1438836 |
|  |  | 45557843 |
| **TOTAL MUTUAL FUNDS <br>(Cost $292,929,399)** |  | **244312353** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $292,929,399)** |  | **244312353** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $292,929,399) (c)** |  | **244312353** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(179507)** |
| **NET ASSETS — 100.0%** |  | $**244132846** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2045 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 88.8%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 456615 | $6707677 |
| JPMorgan Large Cap Value Fund, Class R6 | 178604 | 3205940 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 432544 | 7033160 |
| MassMutual Diversified Value Fund, Class I (a) | 252281 | 2780138 |
| MassMutual Equity Opportunities Fund, Class I (a) | 293509 | 4751919 |
| MassMutual Fundamental Value Fund, Class I (a) | 392450 | 3269109 |
| MassMutual Growth Opportunities Fund, Class I (a) | 565492 | 2358100 |
| MassMutual International Equity Fund, Class I (a) | 789145 | 6147437 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 118805 | 2075522 |
| MassMutual Mid Cap Value Fund, Class I (a) | 189003 | 2041233 |
| MassMutual Overseas Fund, Class I (a) | 1338541 | 10039054 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 112848 | 1412853 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 224250 | 1890425 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 390888 | 3557078 |
| MM Equity Asset Fund, Class I (a) | 3607496 | 23304423 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 663964 | 8976790 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 7218 | 1822251 |
| Vanguard Real Estate Index Fund, Admiral Shares | 25317 | 2958805 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 16986 | 1493747 |
|  |  | 95825661 |
| **Fixed Income Funds — 11.3%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 84057 | 496780 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 4155694 | 4155694 |
| MassMutual Core Bond Fund, Class I (a) | 142832 | 1269776 |
| MassMutual High Yield Fund, Class I (a) | 147380 | 1097979 |
| MassMutual Strategic Bond Fund, Class I (b) | 280872 | 2395837 |
| MassMutual Total Return Bond Fund, Class I (a) | 285377 | 2388609 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 34603 | 328039 |
|  |  | 12132714 |
| **TOTAL MUTUAL FUNDS <br>(Cost $129,834,336)** |  | **107958375** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $129,834,336)** |  | **107958375** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $129,834,336) (c)** |  | **107958375** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(101854)** |
| **NET ASSETS — 100.0%** |  | $**107856521** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2050 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 90.2%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 750996 | $11032138 |
| JPMorgan Large Cap Value Fund, Class R6 | 291203 | 5227101 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 709862 | 11542363 |
| MassMutual Diversified Value Fund, Class I (a) | 411233 | 4531784 |
| MassMutual Equity Opportunities Fund, Class I (a) | 477215 | 7726113 |
| MassMutual Fundamental Value Fund, Class I (a) | 645000 | 5372848 |
| MassMutual Growth Opportunities Fund, Class I (a) | 925119 | 3857746 |
| MassMutual International Equity Fund, Class I (a) | 1302214 | 10144246 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 195363 | 3412997 |
| MassMutual Mid Cap Value Fund, Class I (a) | 311206 | 3361029 |
| MassMutual Overseas Fund, Class I (a) | 2205432 | 16540737 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 185367 | 2320798 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 368308 | 3104840 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 651030 | 5924376 |
| MM Equity Asset Fund, Class I (a) | 5920031 | 38243399 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 1047736 | 14165390 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 11388 | 2875203 |
| Vanguard Real Estate Index Fund, Admiral Shares | 40031 | 4678479 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 26802 | 2356968 |
|  |  | 156418555 |
| **Fixed Income Funds — 9.9%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 107484 | 635229 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 6700173 | 6700173 |
| MassMutual Core Bond Fund, Class I (a) | 186359 | 1656729 |
| MassMutual High Yield Fund, Class I (a) | 194057 | 1445723 |
| MassMutual Strategic Bond Fund, Class I (b) | 366526 | 3126468 |
| MassMutual Total Return Bond Fund, Class I (a) | 372517 | 3117964 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 43531 | 412671 |
|  |  | 17094957 |
| **TOTAL MUTUAL FUNDS <br>(Cost $208,654,342)** |  | **173513512** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $208,654,342)** |  | **173513512** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $208,654,342) (c)** |  | **173513512** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(109580)** |
| **NET ASSETS — 100.0%** |  | $**173403932** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2055 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Diversified Financial Services — 100.1%** |  |  |
| **Equity Funds — 90.2%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 247256 | $3632197 |
| JPMorgan Large Cap Value Fund, Class R6 | 95820 | 1719964 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 234983 | 3820826 |
| MassMutual Diversified Value Fund, Class I (a) | 135607 | 1494390 |
| MassMutual Equity Opportunities Fund, Class I (a) | 157179 | 2544730 |
| MassMutual Fundamental Value Fund, Class I (a) | 213549 | 1778861 |
| MassMutual Growth Opportunities Fund, Class I (a) | 305043 | 1272029 |
| MassMutual International Equity Fund, Class I (a) | 431134 | 3358534 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 64538 | 1127486 |
| MassMutual Mid-Cap Value Fund, Class I (a) | 102793 | 1110167 |
| MassMutual Overseas Fund, Class I (a) | 724837 | 5436279 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 61432 | 769126 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 121828 | 1027009 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 216130 | 1966781 |
| MM Equity Asset Fund, Class I (a) | 1959759 | 12660042 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 353185 | 4775059 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 3839 | 969213 |
| Vanguard Real Estate Index Fund, Admiral Shares | 13495 | 1577103 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 9035 | 794516 |
|  |  | 51834312 |
| **Fixed Income Funds — 9.9%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 35639 | 210625 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 2218732 | 2218732 |
| MassMutual Core Bond Fund, Class I (a) | 61744 | 548906 |
| MassMutual High Yield Fund, Class I (a) | 64278 | 478872 |
| MassMutual Strategic Bond Fund, Class I (b) | 121446 | 1035937 |
| MassMutual Total Return Bond Fund, Class I (a) | 123430 | 1033110 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 14674 | 139111 |
|  |  | 5665293 |
| **TOTAL MUTUAL FUNDS <br>(Cost $69,089,364)** |  | **57499605** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $69,089,364)** |  | **57499605** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $69,089,364) (c)** |  | **57499605** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(48696)** |
| **NET ASSETS — 100.0%** |  | $**57450909** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MassMutual RetireSMART<sup>sm</sup> by JPMorgan 2060 Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 99.9%** |  |  |
| **Equity Funds — 90.1%** |  |  |
| JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | 78186 | $1148551 |
| JPMorgan Large Cap Value Fund, Class R6 | 30436 | 546318 |
| MassMutual Blue Chip Growth Fund, Class I (a) | 74847 | 1217019 |
| MassMutual Diversified Value Fund, Class I (a) | 43113 | 475107 |
| MassMutual Equity Opportunities Fund, Class I (a) | 49877 | 807511 |
| MassMutual Fundamental Value Fund, Class I (a) | 67962 | 566123 |
| MassMutual Growth Opportunities Fund, Class I (a) | 96861 | 403910 |
| MassMutual International Equity Fund, Class I (a) | 135919 | 1058808 |
| MassMutual Mid Cap Growth Fund, Class I (a) | 20554 | 359075 |
| MassMutual Mid Cap Value Fund, Class I (a) | 32534 | 351371 |
| MassMutual Overseas Fund, Class I (a) | 231146 | 1733595 |
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 19436 | 243337 |
| MassMutual Small Cap Value Equity Fund, Class I (a) | 38604 | 325428 |
| MassMutual Strategic Emerging Markets Fund, Class I (a) | 68109 | 619790 |
| MM Equity Asset Fund, Class I (a) | 623814 | 4029838 |
| Vanguard Developed Markets Index Fund, Admiral Shares | 116374 | 1573372 |
| Vanguard Mid-Cap Index Fund, Admiral Shares | 1265 | 319354 |
| Vanguard Real Estate Index Fund, Admiral Shares | 4446 | 519653 |
| Vanguard Small-Cap Index Fund, Admiral Shares | 2977 | 261791 |
|  |  | 16559951 |
| **Fixed Income Funds — 9.8%** |  |  |
| JPMorgan Emerging Markets Debt Fund, Class R6 | 11411 | 67438 |
| JPMorgan U.S. Government Money Market Fund, Class IM | 707959 | 707959 |
| MassMutual Core Bond Fund, Class I (a) | 19741 | 175499 |
| MassMutual High Yield Fund, Class I (a) | 20531 | 152960 |
| MassMutual Strategic Bond Fund, Class I (b) | 38851 | 331397 |
| MassMutual Total Return Bond Fund, Class I (a) | 39472 | 330380 |
| Vanguard Total Bond Market Index Fund, Admiral Shares | 4835 | 45837 |
|  |  | 1811470 |
| **TOTAL MUTUAL FUNDS <br>(Cost $21,718,170)** |  | **18371421** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $21,718,170)** |  | **18371421** |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $21,718,170) (c)** |  | **18371421** |
| **Other Assets/(Liabilities) — 0.1%** |  | **17089** |
| **NET ASSETS — 100.0%** |  | $**18388510** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

***MM Equity Asset Fund — Portfolio of Investments***

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 98.4%** |  |  |
| **COMMON STOCK — 98.4%** |  |  |
| **Basic Materials — 2.3%** |  |  |
| **Chemicals — 2.0%** |  |  |
| Air Products & Chemicals, Inc. | 2105 | $648887 |
| Celanese Corp. | 2183 | 223190 |
| DuPont de Nemours, Inc. | 8671 | 595091 |
| Eastman Chemical Co. | 11746 | 956594 |
| Linde PLC | 8198 | 2674024 |
| PPG Industries, Inc. | 10495 | 1319641 |
|  |  | 6417427 |
| **Iron & Steel — 0.2%** |  |  |
| Nucor Corp. | 3655 | 481766 |
| **Mining — 0.1%** |  |  |
| Freeport-McMoRan, Inc. | 11798 | 448324 |
|  |  | 7347517 |
| **Communications — 10.6%** |  |  |
| **Internet — 8.4%** |  |  |
| Alphabet, Inc. Class A (a) | 72108 | 6362089 |
| Alphabet, Inc. Class C (a) | 52490 | 4657438 |
| Amazon.com, Inc. (a) | 96530 | 8108520 |
| Booking Holdings, Inc. (a) | 945 | 1904440 |
| Expedia Group, Inc. (a) | 7951 | 696508 |
| Meta Platforms, Inc. Class A (a) | 26990 | 3247976 |
| Netflix, Inc. (a) | 5929 | 1748343 |
| Uber Technologies, Inc. (a) | 10603 | 262212 |
|  |  | 26987526 |
| **Media — 1.4%** |  |  |
| Charter Communications, Inc. Class A (a) | 4361 | 1478815 |
| Comcast Corp. Class A | 71021 | 2483605 |
| The Walt Disney Co. (a) | 5714 | 496432 |
|  |  | 4458852 |
| **Telecommunications — 0.8%** |  |  |
| Corning, Inc. | 8827 | 281934 |
| Motorola Solutions, Inc. | 2934 | 756121 |
| T-Mobile US, Inc. (a) | 11160 | 1562400 |
| Verizon Communications, Inc. | 1996 | 78643 |
|  |  | 2679098 |
|  |  | 34125476 |

---

***MM Equity Asset Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Consumer, Cyclical — 8.5%** |  |  |
| **Airlines — 0.1%** |  |  |
| Southwest Airlines Co. (a) | 7243 | $243872 |
| **Apparel — 0.6%** |  |  |
| NIKE, Inc. Class B | 15877 | 1857768 |
| **Auto Manufacturers — 1.0%** |  |  |
| Rivian Automotive, Inc. Class A (a) | 3057 | 56341 |
| Tesla, Inc. (a) | 26308 | 3240619 |
|  |  | 3296960 |
| **Auto Parts & Equipment — 0.2%** |  |  |
| Magna International, Inc. (b) | 8600 | 483148 |
| **Home Builders — 0.4%** |  |  |
| Lennar Corp. Class A | 11078 | 1002559 |
| Toll Brothers, Inc. | 7646 | 381688 |
|  |  | 1384247 |
| **Leisure Time — 0.0%** |  |  |
| Royal Caribbean Cruises Ltd. (a) | 2082 | 102913 |
| **Lodging — 0.3%** |  |  |
| Marriott International, Inc. Class A | 6522 | 971060 |
| **Retail — 5.9%** |  |  |
| AutoNation, Inc. (a) | 4377 | 469652 |
| AutoZone, Inc. (a) | 644 | 1588220 |
| Best Buy Co., Inc. | 14463 | 1160077 |
| Burlington Stores, Inc. (a) | 2989 | 606050 |
| Chipotle Mexican Grill, Inc. (a) | 1018 | 1412465 |
| Costco Wholesale Corp. | 5251 | 2397082 |
| Domino's Pizza, Inc. | 1001 | 346746 |
| The Home Depot, Inc. | 6240 | 1970966 |
| Lowe's Cos., Inc. | 16742 | 3335676 |
| McDonald's Corp. | 7010 | 1847345 |
| O'Reilly Automotive, Inc. (a) | 1673 | 1412062 |
| Target Corp. | 2966 | 442053 |
| The TJX Cos., Inc. | 13038 | 1037825 |
| Ulta Beauty, Inc. (a) | 530 | 248607 |
| Yum! Brands, Inc. | 4422 | 566370 |
|  |  | 18841196 |
|  |  | 27181164 |
| **Consumer, Non-cyclical — 22.3%** |  |  |
| **Agriculture — 0.8%** |  |  |
| Altria Group, Inc. | 23346 | 1067146 |
| Philip Morris International, Inc. | 14996 | 1517745 |
|  |  | 2584891 |
| **Beverages — 2.2%** |  |  |
| The Coca-Cola Co. | 63989 | 4070340 |
| Constellation Brands, Inc. Class A | 5993 | 1388878 |

---

***MM Equity Asset Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| PepsiCo, Inc. | 8068 | $1457565 |
|  |  | 6916783 |
| **Biotechnology — 1.7%** |  |  |
| Biogen, Inc. (a) | 3928 | 1087742 |
| BioMarin Pharmaceutical, Inc. (a) | 3072 | 317921 |
| Regeneron Pharmaceuticals, Inc. (a) | 2773 | 2000692 |
| Sarepta Therapeutics, Inc. (a) | 2357 | 305420 |
| Vertex Pharmaceuticals, Inc. (a) | 5871 | 1695427 |
|  |  | 5407202 |
| **Commercial Services — 1.2%** |  |  |
| Affirm Holdings, Inc. (a) (b) | 11225 | 108546 |
| Block, Inc. (a) | 2710 | 170296 |
| Booz Allen Hamilton Holding Corp. | 2929 | 306139 |
| Cintas Corp. | 1010 | 456136 |
| FleetCor Technologies, Inc. (a) | 5963 | 1095284 |
| S&P Global, Inc. | 4722 | 1581587 |
|  |  | 3717988 |
| **Cosmetics & Personal Care — 1.6%** |  |  |
| Colgate-Palmolive Co. | 24843 | 1957380 |
| The Procter & Gamble Co. | 20581 | 3119256 |
|  |  | 5076636 |
| **Food — 0.4%** |  |  |
| The Hershey Co. | 1774 | 410805 |
| Mondelez International, Inc. Class A | 15190 | 1012414 |
|  |  | 1423219 |
| **Health Care – Products — 4.3%** |  |  |
| Abbott Laboratories | 15599 | 1712614 |
| Baxter International, Inc. | 21338 | 1087598 |
| Boston Scientific Corp. (a) | 33446 | 1547546 |
| Danaher Corp. | 7282 | 1932789 |
| Intuitive Surgical, Inc. (a) | 7350 | 1950323 |
| Medtronic PLC | 16049 | 1247328 |
| Thermo Fisher Scientific, Inc. | 6973 | 3839961 |
| Zimmer Biomet Holdings, Inc. | 3383 | 431333 |
|  |  | 13749492 |
| **Health Care – Services — 3.3%** |  |  |
| Centene Corp. (a) | 17883 | 1466585 |
| Elevance Health, Inc. | 4074 | 2089840 |
| Humana, Inc. | 1515 | 775968 |
| Town Health International Medical Group Ltd. | 62000 | 3020 |
| UnitedHealth Group, Inc. | 12050 | 6388669 |
|  |  | 10724082 |
| **Household Products & Wares — 0.5%** |  |  |
| Avery Dennison Corp. | 2345 | 424445 |

---

***MM Equity Asset Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Kimberly-Clark Corp. | 8557 | $1161613 |
|  |  | 1586058 |
| **Pharmaceuticals — 6.3%** |  |  |
| AbbVie, Inc. | 29102 | 4703174 |
| Bristol-Myers Squibb Co. | 45667 | 3285741 |
| CVS Health Corp. | 2284 | 212846 |
| DexCom, Inc. (a) | 3855 | 436540 |
| Eli Lilly & Co. | 10122 | 3703032 |
| Johnson & Johnson | 17697 | 3126175 |
| McKesson Corp. | 2460 | 922795 |
| Merck & Co., Inc. | 21921 | 2432135 |
| Neurocrine Biosciences, Inc. (a) | 2872 | 343032 |
| Pfizer, Inc. | 22096 | 1132199 |
|  |  | 20297669 |
|  |  | 71484020 |
| **Energy — 5.2%** |  |  |
| **Oil & Gas — 5.0%** |  |  |
| Chevron Corp. | 7856 | 1410073 |
| ConocoPhillips | 28942 | 3415156 |
| Coterra Energy, Inc. | 23321 | 572997 |
| Diamondback Energy, Inc. | 14320 | 1958690 |
| EOG Resources, Inc. | 15723 | 2036443 |
| Exxon Mobil Corp. | 55697 | 6143379 |
| Phillips 66 | 5109 | 531745 |
|  |  | 16068483 |
| **Oil & Gas Services — 0.2%** |  |  |
| Baker Hughes Co. | 17567 | 518753 |
|  |  | 16587236 |
| **Financial — 16.2%** |  |  |
| **Banks — 4.6%** |  |  |
| Bank of America Corp. | 79899 | 2646255 |
| Citigroup, Inc. | 19198 | 868326 |
| Fifth Third Bancorp | 32453 | 1064783 |
| Morgan Stanley | 16651 | 1415668 |
| State Street Corp. | 8432 | 654070 |
| SVB Financial Group (a) | 959 | 220704 |
| Truist Financial Corp. | 42309 | 1820556 |
| US Bancorp | 60569 | 2641414 |
| Wells Fargo & Co. | 82797 | 3418688 |
|  |  | 14750464 |
| **Diversified Financial Services — 5.4%** |  |  |
| American Express Co. | 19404 | 2866941 |
| Ameriprise Financial, Inc. | 2770 | 862495 |
| Capital One Financial Corp. | 2776 | 258057 |
| CME Group, Inc. | 8144 | 1369495 |
| Intercontinental Exchange, Inc. | 14789 | 1517203 |
| Mastercard, Inc. Class A | 15534 | 5401638 |
| Raymond James Financial, Inc. | 7802 | 833644 |

---

***MM Equity Asset Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Visa, Inc. Class A | 20261 | $4209425 |
|  |  | 17318898 |
| **Insurance — 3.6%** |  |  |
| Aon PLC Class A | 2385 | 715834 |
| Berkshire Hathaway, Inc. Class B (a) | 16080 | 4967112 |
| Globe Life, Inc. | 4058 | 489192 |
| The Progressive Corp. | 21494 | 2787987 |
| Prudential Financial, Inc. | 3710 | 368997 |
| The Travelers Cos., Inc. | 12021 | 2253817 |
|  |  | 11582939 |
| **Real Estate Investment Trusts (REITS) — 2.6%** |  |  |
| Camden Property Trust | 2615 | 292566 |
| Equinix, Inc. | 1463 | 958309 |
| Equity LifeStyle Properties, Inc. | 9029 | 583273 |
| Host Hotels & Resorts, Inc. | 8489 | 136248 |
| Prologis, Inc. | 20082 | 2263844 |
| SBA Communications Corp. | 5602 | 1570297 |
| Sun Communities, Inc. | 5233 | 748319 |
| UDR, Inc. | 19105 | 739937 |
| Ventas, Inc. | 24783 | 1116474 |
|  |  | 8409267 |
|  |  | 52061568 |
| **Industrial — 8.6%** |  |  |
| **Aerospace & Defense — 1.2%** |  |  |
| General Dynamics Corp. | 1616 | 400946 |
| Howmet Aerospace, Inc. | 4453 | 175492 |
| Raytheon Technologies Corp. | 31790 | 3208247 |
|  |  | 3784685 |
| **Building Materials — 0.4%** |  |  |
| Martin Marietta Materials, Inc. | 1465 | 495126 |
| Masco Corp. | 15467 | 721845 |
|  |  | 1216971 |
| **Electronics — 1.3%** |  |  |
| Honeywell International, Inc. | 17612 | 3774251 |
| TE Connectivity Ltd. | 3272 | 375626 |
|  |  | 4149877 |
| **Machinery – Diversified — 1.5%** |  |  |
| Deere & Co. | 6274 | 2690040 |
| Dover Corp. | 5281 | 715100 |
| Ingersoll Rand, Inc. | 3892 | 203357 |
| Otis Worldwide Corp. | 15782 | 1235889 |
|  |  | 4844386 |
| **Miscellaneous - Manufacturing — 2.2%** |  |  |
| Eaton Corp. PLC | 12452 | 1954342 |
| Parker-Hannifin Corp. | 5798 | 1687218 |

---

***MM Equity Asset Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Textron, Inc. | 16830 | $1191564 |
| Trane Technologies PLC | 12615 | 2120455 |
|  |  | 6953579 |
| **Transportation — 2.0%** |  |  |
| CSX Corp. | 20538 | 636267 |
| Norfolk Southern Corp. | 6881 | 1695616 |
| Union Pacific Corp. | 5806 | 1202248 |
| United Parcel Service, Inc. Class B | 17627 | 3064278 |
|  |  | 6598409 |
|  |  | 27547907 |
| **Technology — 21.6%** |  |  |
| **Computers — 7.6%** |  |  |
| Accenture PLC Class A | 10728 | 2862659 |
| Apple, Inc. | 148529 | 19298373 |
| Fortinet, Inc. (a) | 6779 | 331425 |
| Leidos Holdings, Inc. | 8408 | 884438 |
| Seagate Technology Holdings PLC | 18937 | 996276 |
|  |  | 24373171 |
| **Semiconductors — 5.7%** |  |  |
| Advanced Micro Devices, Inc. (a) | 27869 | 1805075 |
| Analog Devices, Inc. | 15649 | 2566905 |
| Broadcom, Inc. | 1048 | 585968 |
| Lam Research Corp. | 5686 | 2389826 |
| Microchip Technology, Inc. | 12551 | 881708 |
| Micron Technology, Inc. | 5667 | 283237 |
| NVIDIA Corp. | 20845 | 3046288 |
| NXP Semiconductor NV | 14888 | 2352751 |
| QUALCOMM, Inc. | 3820 | 419971 |
| Teradyne, Inc. | 5087 | 444349 |
| Texas Instruments, Inc. | 20600 | 3403532 |
|  |  | 18179610 |
| **Software — 8.3%** |  |  |
| Adobe, Inc. (a) | 7151 | 2406526 |
| Cadence Design Systems, Inc. (a) | 2606 | 418628 |
| DocuSign, Inc. (a) | 6557 | 363389 |
| Intuit, Inc. | 5067 | 1972178 |
| Microsoft Corp. | 81487 | 19542212 |
| Oracle Corp. | 10872 | 888677 |
| Salesforce, Inc. (a) | 1454 | 192786 |
| Workday, Inc. Class A (a) | 4288 | 717511 |
| ZoomInfo Technologies, Inc. (a) | 7960 | 239676 |
|  |  | 26741583 |
|  |  | 69294364 |
| **Utilities — 3.1%** |  |  |
| **Electric — 3.1%** |  |  |
| Ameren Corp. | 9907 | 880931 |
| CenterPoint Energy, Inc. | 32660 | 979474 |

---

***MM Equity Asset Fund — Portfolio of Investments (Continued)***

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| FirstEnergy Corp. | 11627 | $487636 |
| NextEra Energy, Inc. | 44750 | 3741100 |
| PG&E Corp. (a) | 76139 | 1238020 |
| Public Service Enterprise Group, Inc. | 18538 | 1135823 |
| Sempra Energy | 10582 | 1635342 |
|  |  | 10098326 |
|  |  | 10098326 |
| **TOTAL COMMON STOCK <br>(Cost $282,379,692)** |  | **315727578** |
| **TOTAL EQUITIES <br>(Cost $282,379,692)** |  | **315727578** |
| **RIGHTS — 0.0%** |  |  |
| **Consumer, Non-cyclical — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Tobira Therapeutics Inc.,CVR (a) (c) (d) | 505 |  |
| **TOTAL RIGHTS <br>(Cost $30)** |  | **—** |
| **MUTUAL FUNDS — 0.0%** |  |  |
| **Diversified Financial Services — 0.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (e) | 107700 | 107700 |
| **TOTAL MUTUAL FUNDS <br>(Cost $107,700)** |  | **107700** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $282,487,422)** |  | **315835278** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | |
| **SHORT-TERM INVESTMENTS — 1.7%** |  |  |
| **Repurchase Agreement — 1.7%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (f) | $5309630 | 5309630 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $5,309,630)** |  | **5309630** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $287,797,052) (g)** |  | **321144908** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(309327)** |
| **NET ASSETS — 100.0%** |  | $**320835581** |

---

**Abbreviation Legend**

CVR Contingent Value Rights

**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 December 31, 2022, was $595,132 or 0.19% of net assets. The Fund received $504,007 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&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 December 31, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Maturity value of $5,310,385. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $5,415,890.

&nbsp;&nbsp;&nbsp;&nbsp;(g) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| S&P 500 E Mini Index | 3/17/23 | 28 | $5522477 | $(117077) |

---

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 96.6%** |  |  |
| **BANK LOANS — 0.9%** |  |  |
| **Advertising — 0.1%** |  |  |
| Lamar Media Corp., 2020 Term Loan B, 1 mo. USD LIBOR + 1.500% |  |  |
| &nbsp;&nbsp;&nbsp;5.861% VRN 2/05/27 | $305000 | $294801 |
| **Aerospace & Defense — 0.0%** |  |  |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2020 Term Loan G, 3 mo. USD LIBOR + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.830% VRN 8/22/24 | 94191 | 93249 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan H, 3 mo. USD SOFR CME + 2.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.830% VRN 2/22/27 | 25000 | 24878 |
|  |  | 118127 |
| **Airlines — 0.0%** |  |  |
| American Airlines, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.993% VRN 4/20/28 | 85000 | 84535 |
| Mileage Plus Holdings LLC, 2020 Term Loan B, 3 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.996% VRN 6/21/27 | 92842 | 95372 |
|  |  | 179907 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 4/30/26 | 83229 | 81392 |
| **Cosmetics & Personal Care — 0.0%** |  |  |
| Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.480% VRN 10/01/26 | 114120 | 109111 |
| **Entertainment — 0.1%** |  |  |
| Formula One Holdings Ltd., Term Loan B, 3 mo. USD SOFR CME + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.573% VRN 1/15/30 | 240000 | 239700 |
| UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.110% VRN 4/29/26 | 269060 | 265175 |
|  |  | 504875 |
| **Environmental Controls — 0.1%** |  |  |
| Filtration Group Corp., 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 3/29/25 | 396374 | 391586 |
| Madison IAQ LLC, Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.988% VRN 6/21/28 | 83039 | 77071 |
|  |  | 468657 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Health Care – Products — 0.0%** |  |  |
| Maravai Intermediate Holdings LLC, 2022 Term Loan B, 3 mo. USD SOFR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;6.955%% VRN 10/19/27 | $124844 | $122347 |
| **Health Care – Services — 0.0%** |  |  |
| Surgery Center Holdings, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.050% VRN 8/31/26 | 90591 | 89335 |
| **Insurance — 0.2%** |  |  |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;2018 Term Loan B7, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 11/03/24 | 170610 | 165340 |
| &nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan B4, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;9.634% VRN 1/20/29 | 230000 | 177758 |
| Hub International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, 3 mo. USD LIBOR + 3.250%, 3 mo. USD LIBOR + 7.232% |  |  |
| &nbsp;&nbsp;&nbsp;7.528% VRN 4/25/25 | 483166 | 478223 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 3 mo. USD SOFR CME + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.220% VRN 11/10/29 | 25000 | 24701 |
|  |  | 846022 |
| **Machinery – Construction & Mining — 0.0%** |  |  |
| Brookfield WEC Holdings, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 2.750% |  |  |
| &nbsp;&nbsp;&nbsp;7.134% VRN 8/01/25 | 91074 | 89660 |
| **Packaging & Containers — 0.0%** |  |  |
| Charter NEX US, Inc., 2021 Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.134% VRN 12/01/27 | 117149 | 113598 |
| **Pharmaceuticals — 0.1%** |  |  |
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000% |  |  |
| &nbsp;&nbsp;&nbsp;8.730% VRN 10/01/27 | 140281 | 131338 |
| PetVet Care Centers LLC, 2021 Term Loan B3, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 2/14/25 | 104539 | 97959 |
|  |  | 229297 |
| **Retail — 0.0%** |  |  |
| WOOF Holdings, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750% |  |  |
| &nbsp;&nbsp;&nbsp;8.104% VRN 12/21/27 | 41452 | 38896 |
| **Software — 0.3%** |  |  |
| Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;9.080% VRN 9/19/24 (a) | 482227 | 480120 |
| Ascend Learning LLC, 2021 Term Loan, 1 mo. USD LIBOR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.884% VRN 12/11/28 | 97867 | 92362 |
| Athenahealth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Delayed Draw Term Loan, 3 mo. USD SOFR CME + 3.500%, 3 mo. USD SOFR CME + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 (b) | 15903 | 14319 |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, 1 mo. USD SOFR + 3.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.821% VRN 2/15/29 | 93360 | 84057 |
| Epicor Software Corp., 2020 Term Loan, 1 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;7.634% VRN 7/30/27 | 99901 | 95723 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| RealPage, Inc., 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;7.384% VRN 4/24/28 | $86462 | $82053 |
| The Ultimate Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan, 3 mo. USD LIBOR + 3.250% |  |  |
| &nbsp;&nbsp;&nbsp;6.998% VRN 5/04/26 | 618142 | 587234 |
| &nbsp;&nbsp;&nbsp;2021 2nd Lien Term Loan, 1 mo. USD LIBOR + 5.250% |  |  |
| &nbsp;&nbsp;&nbsp;8.998% VRN 5/03/27 | 95000 | 86972 |
|  |  | 1522840 |
| **Telecommunications — 0.0%** |  |  |
| Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 6 mo. USD SOFRTE + 7.500% |  |  |
| &nbsp;&nbsp;&nbsp;7.445% VRN 2/01/29 | 516 | 497 |
| **TOTAL BANK LOANS <br>(Cost $4,993,447)** |  | **4809362** |
| **CORPORATE DEBT — 26.1%** |  |  |
| **Advertising — 0.0%** |  |  |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 1/15/29 | 80000 | 73454 |
| **Agriculture — 0.5%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.557% 8/15/27 | 770000 | 703425 |
| &nbsp;&nbsp;&nbsp;4.906% 4/02/30 | 470000 | 431359 |
| BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.668% 3/25/26 | 205000 | 181643 |
| &nbsp;&nbsp;&nbsp;3.950% 6/15/25 (c) | 786000 | 755431 |
| Bunge Finance Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;1.850% 6/16/23 EUR (d) | 220000 | 233987 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 6/15/30 (c) | 55000 | 53762 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 11/17/29 | 125000 | 127184 |
| Reynolds American, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 6/12/25 | 290000 | 283860 |
|  |  | 2770651 |
| **Airlines — 0.2%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;11.750% 7/15/25 (c) | 50000 | 53624 |
| American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 4/20/26 (c) | 60000 | 57683 |
| &nbsp;&nbsp;&nbsp;5.750% 4/20/29 (c) | 70000 | 63853 |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/20/27 (c) | 472530 | 469791 |
| United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 11/01/29 | 140621 | 112972 |
| &nbsp;&nbsp;&nbsp;2.700% 11/01/33 | 88452 | 71527 |
|  |  | 829450 |
| **Apparel — 0.0%** |  |  |
| Wolverine World Wide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 8/15/29 (c) (e) | 90000 | 68180 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Auto Manufacturers — 1.3%** |  |  |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 11/25/26 GBP (d) | $130000 | $134278 |
| &nbsp;&nbsp;&nbsp;1.950% 10/18/24 EUR (d) | 200000 | 208319 |
| BMW Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 3/24/23 EUR (c) (d) | 117000 | 124612 |
| &nbsp;&nbsp;&nbsp;0.000% 4/14/23 EUR (c) (d) | 84000 | 89342 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.100% 8/19/32 (e) | 105000 | 97138 |
| &nbsp;&nbsp;&nbsp;9.625% 4/22/30 | 85000 | 96155 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 5/28/27 | 265000 | 247219 |
| &nbsp;&nbsp;&nbsp;7.350% 11/04/27 | 200000 | 204940 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 10/01/27 (e) | 290000 | 273124 |
| &nbsp;&nbsp;&nbsp;5.600% 10/15/32 | 135000 | 126121 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.850% 2/26/26 EUR (c) (d) | 150000 | 143631 |
| &nbsp;&nbsp;&nbsp;0.955% 9/07/23 EUR (c) (d) | 110000 | 116007 |
| &nbsp;&nbsp;&nbsp;4.000% 10/06/26 | 620000 | 584146 |
| &nbsp;&nbsp;&nbsp;4.350% 4/09/25 | 600000 | 584154 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;1.800% 10/15/25 (c) | 300000 | 269404 |
| &nbsp;&nbsp;&nbsp;2.100% 9/15/28 (c) | 470000 | 385448 |
| Mercedes-Benz International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 2/27/23 EUR (c) (d) | 112000 | 119535 |
| &nbsp;&nbsp;&nbsp;0.750% 5/11/23 EUR (c) (d) | 80000 | 85083 |
| RCI Banque SA |  |  |
| &nbsp;&nbsp;&nbsp;0.250% 3/08/23 EUR (c) (d) | 55000 | 58586 |
| &nbsp;&nbsp;&nbsp;0.750% 4/10/23 EUR (c) (d) | 68000 | 72440 |
| Stellantis NV |  |  |
| &nbsp;&nbsp;&nbsp;2.375% 4/14/23 EUR (c) (d) | 53000 | 56564 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.375% 2/01/23 EUR (c) (d) | 81000 | 86722 |
| Volkswagen Bank GmbH |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 6/15/23 EUR (c) (d) | 80000 | 84752 |
| &nbsp;&nbsp;&nbsp;2.500% 7/31/26 EUR (c) (d) | 700000 | 698727 |
| Volkswagen Financial Services AG |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 4/12/23 EUR (c) (d) | 72000 | 76641 |
| &nbsp;&nbsp;&nbsp;2.500% 4/06/23 EUR (c) (d) | 67000 | 71658 |
| Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 9/26/26 (c) | 1320000 | 1225406 |
| &nbsp;&nbsp;&nbsp;4.600% 6/08/29 (c) | 215000 | 203488 |
| Volkswagen International Finance NV |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 1/16/23 EUR (c) (d) | 120000 | 128351 |
| Volkswagen Leasing GmbH |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 6/19/26 EUR (c) (d) | 145000 | 140783 |
| &nbsp;&nbsp;&nbsp;1.625% 8/15/25 EUR (c) (d) | 150000 | 151066 |
|  |  | 6943840 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 5/15/26 (c) | 75000 | 73284 |
| Continental AG |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/12/23 EUR (c) (d) | 45000 | 47211 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| The Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 7/15/29 (e) | $140000 | $116781 |
|  |  | 237276 |
| **Banks — 8.6%** |  |  |
| ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 11/29/23 EUR (c) (d) | 114000 | 121637 |
| Arion Banki HF |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 3/20/23 EUR (c) (d) | 150000 | 159816 |
| Banco Bilbao Vizcaya Argentaria SA 1 year CMT + 2.300% |  |  |
| &nbsp;&nbsp;&nbsp;5.862% VRN 9/14/26 | 400000 | 399659 |
| Banco de Bogota SA |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 5/12/26 (c) | 250000 | 245000 |
| Banco de Credito del Peru SA 5 year CMT + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;3.125% VRN 7/01/30 (c) | 200000 | 181000 |
| Banco de Sabadell SA |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 3/05/23 EUR (c) (d) | 300000 | 320044 |
| &nbsp;&nbsp;&nbsp;1 year EURIBOR ICE Swap + 1.150% 0.875% VRN 6/16/28 EUR (c) (d) | 200000 | 172247 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 1/17/25 EUR (c) (d) | 200000 | 203542 |
| &nbsp;&nbsp;&nbsp;2.746% 5/28/25 | 1200000 | 1123130 |
| &nbsp;&nbsp;&nbsp;3.490% 5/28/30 | 200000 | 169124 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 2.000% 4.175% VRN 3/24/28 | 200000 | 185765 |
| Bangkok Bank PCL 5 year CMT + 1.900% |  |  |
| &nbsp;&nbsp;&nbsp;3.733% VRN 9/25/34 (c) | 250000 | 208870 |
| Bank Hapoalim BM 5 year CMT + 2.155% |  |  |
| &nbsp;&nbsp;&nbsp;3.255% VRN 1/21/32 (c) | 200000 | 172096 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 7/26/23 EUR (c) (d) | 110000 | 116536 |
| &nbsp;&nbsp;&nbsp;SOFR + .960% 1.734% VRN 7/22/27 | 585000 | 512836 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.530% 1.898% VRN 7/23/31 | 1312000 | 1010081 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.220% 2.299% VRN 7/21/32 | 935000 | 722677 |
| &nbsp;&nbsp;&nbsp;2.375% 6/19/24 EUR (c) (d) | 150000 | 158623 |
| &nbsp;&nbsp;&nbsp;2.375% 6/19/24 EUR (c) (d) | 150000 | 158623 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + .990% 2.496% VRN 2/13/31 | 1735000 | 1414240 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.150% 2.592% VRN 4/29/31 | 585000 | 477844 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28 | 55000 | 49808 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.060% 3.559% VRN 4/23/27 | 495000 | 464321 |
| &nbsp;&nbsp;&nbsp;4.250% 10/22/26 | 302000 | 292121 |
| Bank of Ireland Group PLC 1 year CMT + 2.650% |  |  |
| &nbsp;&nbsp;&nbsp;6.253% VRN 9/16/26 (c) | 355000 | 352154 |
| Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 6/15/23 EUR (c) (d) | 100000 | 106219 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.050% 2.279% VRN 11/24/27 | 295000 | 255598 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.714% 2.852% VRN 5/07/26 | 670000 | 623053 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.610% 3.932% VRN 5/07/25 | 475000 | 460791 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 2.650% 5.501% VRN 8/09/28 | 225000 | 218260 |
| BBVA Bancomer SA 5 year CMT + 2.650% |  |  |
| &nbsp;&nbsp;&nbsp;5.125% VRN 1/18/33 (c) | 300000 | 269308 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.004% 1.323% VRN 1/13/27 (c) | 890000 | 777629 |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.800% 2.125% VRN 1/23/27 EUR (c) (d) | 200000 | 199833 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.228% 2.591% VRN 1/20/28 (c) | 680000 | 599019 |
| &nbsp;&nbsp;&nbsp;2.875% 9/26/23 EUR (c) (d) | 153000 | 163795 |
| &nbsp;&nbsp;&nbsp;4.500% 3/21/23 EUR (c) (d) | 157000 | 168857 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 10/05/23 EUR (c) (d) | 100000 | 105149 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.625% 7/18/23 EUR (c) (d) | $100000 | $107920 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 1/12/23 EUR (c) (d) | 100000 | 106953 |
| &nbsp;&nbsp;&nbsp;1.125% 5/17/24 EUR (c) (d) | 100000 | 103642 |
| &nbsp;&nbsp;&nbsp;1.750% 10/24/23 EUR (c) (d) | 100000 | 105775 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 2.350% 2.750% VRN 7/14/28 EUR (c) (d) | 200000 | 209960 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 10/26/23 EUR (c) (d) | 110000 | 115848 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.167% 2.561% VRN 5/01/32 | 300000 | 237618 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.280% 3.070% VRN 2/24/28 | 570000 | 514599 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.842% 3.106% VRN 4/08/26 | 475000 | 449170 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.546% 5.610% VRN 9/29/26 | 630000 | 631736 |
| Commerzbank AG |  |  |
| &nbsp;&nbsp;&nbsp;0.500% 8/28/23 EUR (c) (d) | 142000 | 149816 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 8/29/23 EUR (c) (d) | 100000 | 105758 |
| &nbsp;&nbsp;&nbsp;2.375% 5/22/23 EUR (c) (d) | 130000 | 139075 |
| &nbsp;&nbsp;&nbsp;3.875% 7/25/23 EUR (c) (d) | 118000 | 126847 |
| &nbsp;&nbsp;&nbsp;4.625% 5/23/29 GBP (c) (d) | 150000 | 165367 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 9/16/24 EUR (c) (d) | 200000 | 206006 |
| Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 6/07/23 EUR (c) (d) | 111000 | 116715 |
| Credit Suisse Group AG 1 year GBP Swap + 1.230% |  |  |
| &nbsp;&nbsp;&nbsp;2.125% VRN 9/12/25 GBP (c) (d) | 250000 | 268981 |
| Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 5/22/23 EUR (c) (d) | 110000 | 116754 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 1.700% 1.375% VRN 2/12/30 EUR (c) (d) | 200000 | 195657 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.591% 3.244% VRN 12/20/25 (c) | 1040000 | 973865 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.450% 3.773% VRN 3/28/25 (c) | 355000 | 344116 |
| &nbsp;&nbsp;&nbsp;3.875% 9/12/23 (c) | 5000 | 4937 |
| &nbsp;&nbsp;&nbsp;5.375% 1/12/24 (c) | 200000 | 198398 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 8/30/23 EUR (c) (d) | 114000 | 120664 |
| &nbsp;&nbsp;&nbsp;2.375% 1/11/23 EUR (c) (d) | 100000 | 107051 |
| Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.650% 9/13/28 | 405000 | 380077 |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;0.050% 11/14/23 EUR (c) (d) | 109000 | 113706 |
| Fifth Third Bancorp SOFR + 2.127% |  |  |
| &nbsp;&nbsp;&nbsp;4.772% VRN 7/28/30 | 140000 | 133812 |
| The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 5/15/24 EUR (c) (d) | 40000 | 41879 |
| &nbsp;&nbsp;&nbsp;SOFR + .818% 1.542% VRN 9/10/27 | 605000 | 522568 |
| &nbsp;&nbsp;&nbsp;1.625% 7/27/26 EUR (c) (d) | 140000 | 139714 |
| &nbsp;&nbsp;&nbsp;2.000% 7/27/23 EUR (c) (d) | 130000 | 138657 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.248% 2.383% VRN 7/21/32 | 510000 | 397054 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.281% 2.615% VRN 4/22/32 | 250000 | 199513 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.264% 2.650% VRN 10/21/32 | 520000 | 411988 |
| &nbsp;&nbsp;&nbsp;3.250% 2/01/23 EUR (c) (d) | 134000 | 143520 |
| &nbsp;&nbsp;&nbsp;3.500% 11/16/26 | 385000 | 361268 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.846% 3.615% VRN 3/15/28 | 550000 | 511843 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.725% 4.482% VRN 8/23/28 | 335000 | 322110 |
| HSBC Continental Europe SA |  |  |
| &nbsp;&nbsp;&nbsp;0.600% 3/20/23 EUR (c) (d) | 100000 | 106678 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + 1.538% 1.645% VRN 4/18/26 | 940000 | 850147 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.929% 2.099% VRN 6/04/26 | 610000 | 556192 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;SOFR + 1.430% 2.999% VRN 3/10/26 | $560000 | $526703 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.110% 4.755% VRN 6/09/28 | 970000 | 918188 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.610% 5.210% VRN 8/11/28 | 440000 | 425127 |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 9/20/23 EUR (c) (d) | 100000 | 105504 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.005% 1.726% VRN 4/01/27 | 260000 | 229707 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 7/04/24 EUR (c) (d) | 300000 | 308677 |
| &nbsp;&nbsp;&nbsp;2.125% 8/30/23 EUR (c) (d) | 114000 | 121512 |
| JP Morgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;SOFR + .885% 1.578% VRN 4/22/27 | 630000 | 554481 |
| &nbsp;&nbsp;&nbsp;3 mo. TSFR + 1.105% 1.764% VRN 11/19/31 | 955000 | 726294 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.890% 2.182% VRN 6/01/28 | 675000 | 591111 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.510% 2.739% VRN 10/15/30 | 445000 | 374193 |
| &nbsp;&nbsp;&nbsp;2.750% 2/01/23 EUR (c) (d) | 114000 | 122092 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.170% 2.947% VRN 2/24/28 | 570000 | 516794 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.515% 2.956% VRN 5/13/31 | 1730000 | 1429590 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.800% 4.586% VRN 4/26/33 | 100000 | 92888 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.080% 4.912% VRN 7/25/33 | 805000 | 770130 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.580% 5.717% VRN 9/14/33 (e) | 340000 | 334336 |
| KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 10/18/23 EUR (c) (d) | 100000 | 105358 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 6/02/37 CAD (d) | 75000 | 57402 |
| &nbsp;&nbsp;&nbsp;4.700% 6/02/37 CAD (d) | 65000 | 49748 |
| Landsbankinn HF |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 5/23/25 EUR (c) (d) | 265000 | 242115 |
| &nbsp;&nbsp;&nbsp;1.000% 5/30/23 EUR (c) (d) | 100000 | 105749 |
| Mitsubishi UFJ Financial Group, Inc. 1 year CMT + 1.900% |  |  |
| &nbsp;&nbsp;&nbsp;5.354% VRN 9/13/28 | 430000 | 426334 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + .698% 0.406% VRN 10/29/27 EUR (d) | 100000 | 92389 |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + .753% 0.637% VRN 7/26/24 EUR (d) | 100000 | 105309 |
| &nbsp;&nbsp;&nbsp;SOFR + .858% 1.512% VRN 7/20/27 | 730000 | 634279 |
| &nbsp;&nbsp;&nbsp;SOFR + .879% 1.593% VRN 5/04/27 | 670000 | 588441 |
| &nbsp;&nbsp;&nbsp;1.875% 3/30/23 EUR (d) | 113000 | 120753 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.178% 2.239% VRN 7/21/32 | 460000 | 352855 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.485% 3.217% VRN 4/22/42 | 165000 | 122355 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.076% 4.889% VRN 7/20/33 | 100000 | 94256 |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 11/10/23 EUR (c) (d) | 56000 | 58948 |
| The Nationale-Nederlanden Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 2/26/25 EUR (c) (d) | 100000 | 99116 |
| Natwest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 3/22/23 EUR (c) (d) | 114000 | 122053 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 2.850% 7.472% VRN 11/10/26 | 235000 | 244755 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 2/22/23 EUR (c) (d) | 111000 | 118627 |
| &nbsp;&nbsp;&nbsp;5.375% 9/22/27 (c) | 320000 | 322004 |
| The PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.550% 1/22/30 | 145000 | 123419 |
| QNB Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 2/12/27 (c) | 200000 | 183580 |
| Santander Holdings SOFR + 1.249% |  |  |
| &nbsp;&nbsp;&nbsp;2.490% VRN 1/06/28 | 365000 | 313596 |
| Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 9/08/23 EUR (c) (d) | 111000 | 117432 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.250% 1.532% VRN 8/21/26 | 1465000 | 1291604 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Shinhan Bank Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 3/24/26 (c) | $200000 | $186803 |
| &nbsp;&nbsp;&nbsp;4.000% 4/23/29 (c) | 500000 | 444990 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.000% 1.456% VRN 1/14/27 (c) | 295000 | 255622 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 2.800% 2.500% VRN 9/09/30 EUR (c) (d) | 300000 | 296628 |
| &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 1.209% 2.819% VRN 1/30/26 (c) | 200000 | 186104 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.650% 3.971% VRN 3/30/26 (c) | 285000 | 272412 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 3.850% 4.644% VRN 4/01/31 (c) | 1030000 | 928506 |
| The Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 7/20/23 EUR (c) (d) | 110000 | 116448 |
| Truist Financial Corp. SOFR + 1.368% |  |  |
| &nbsp;&nbsp;&nbsp;4.123% VRN 6/06/28 | 525000 | 501834 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.080% 1.364% VRN 1/30/27 (c) | 235000 | 206026 |
| &nbsp;&nbsp;&nbsp;1 year CMT + 1.750% 4.751% VRN 5/12/28 (c) | 200000 | 191671 |
| UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 3/04/23 EUR (c) (d) | 313000 | 334866 |
| &nbsp;&nbsp;&nbsp;5 year EURIBOR ICE Swap + 4.739% 4.875% VRN 2/20/29 EUR (c) (d) | 200000 | 211219 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 5/02/23 EUR (c) (d) | 114000 | 121926 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.100% 2.393% VRN 6/02/28 | 1105000 | 976747 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.262% 2.572% VRN 2/11/31 | 1225000 | 1017287 |
| &nbsp;&nbsp;&nbsp;3 mo. TSFR + 1.432% 2.879% VRN 10/30/30 | 2145000 | 1828615 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.530% 3.068% VRN 4/30/41 | 335000 | 239233 |
| &nbsp;&nbsp;&nbsp;4.300% 7/22/27 | 290000 | 279557 |
|  |  | 47429557 |
| **Beverages — 0.1%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 6/01/50 | 380000 | 335667 |
| **Biotechnology — 0.0%** |  |  |
| CSL Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.050% 4/27/29 (c) | 260000 | 245603 |
| **Building Materials — 0.1%** |  |  |
| Cie de Saint-Gobain |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 4/03/23 EUR (c) (d) | 100000 | 106825 |
| CRH Finance UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 12/02/29 GBP (c) (d) | 150000 | 164534 |
| Holcim Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 5/26/23 EUR (c) (d) | 111000 | 118234 |
| Johnson Controls International PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 9/15/23 EUR (d) | 111000 | 117094 |
|  |  | 506687 |
| **Chemicals — 0.3%** |  |  |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 8/01/30 (c) (e) | 39000 | 38123 |
| BASF SE |  |  |
| &nbsp;&nbsp;&nbsp;0.101% 6/05/23 EUR (c) (d) | 100000 | 105929 |
| Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/31/30 (c) | 300000 | 255400 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.050% 3/15/25 | 265000 | 264296 |
| &nbsp;&nbsp;&nbsp;6.165% 7/15/27 | 285000 | 281511 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 5/26/23 EUR (d) | $111000 | $118121 |
| Equate Petrochemical BV |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 4/28/28 (c) | 200000 | 174000 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 10/15/27 | 65000 | 60288 |
| The Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.950% 8/15/29 | 145000 | 127277 |
| Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 7/17/29 EUR (d) | 575000 | 496666 |
|  |  | 1921611 |
| **Commercial Services — 0.3%** |  |  |
| Abertis Infraestructuras SA |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 3/27/31 EUR (c) (d) | 100000 | 92882 |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.100% 12/15/27 | 305000 | 301552 |
| Holding d'Infrastructures de Transport SASU |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 3/27/23 EUR (c) (d) | 100000 | 106282 |
| Transurban Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 3/16/31 (c) (e) | 920000 | 726009 |
| &nbsp;&nbsp;&nbsp;3.375% 3/22/27 (c) | 560000 | 513346 |
| Verisure Holding AB |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 7/15/26 EUR (c) (d) | 100000 | 96610 |
|  |  | 1836681 |
| **Computers — 0.0%** |  |  |
| Capgemini SE |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 7/01/23 EUR (c) (d) | 100000 | 106752 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 1/31/23 EUR (d) | 109000 | 116492 |
|  |  | 223244 |
| **Diversified Financial Services — 1.4%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 10/29/26 | 525000 | 459622 |
| &nbsp;&nbsp;&nbsp;3.500% 1/15/25 | 150000 | 142902 |
| &nbsp;&nbsp;&nbsp;4.450% 4/03/26 | 270000 | 258181 |
| &nbsp;&nbsp;&nbsp;4.875% 1/16/24 | 540000 | 534852 |
| &nbsp;&nbsp;&nbsp;6.500% 7/15/25 | 150000 | 152115 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 6/09/27 | 1065000 | 999663 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 6/12/29 EUR (d) | 300000 | 255745 |
| &nbsp;&nbsp;&nbsp;SOFR + 1.790% 3.273% VRN 3/01/30 | 265000 | 227049 |
| &nbsp;&nbsp;&nbsp;3.650% 5/11/27 | 510000 | 480484 |
| &nbsp;&nbsp;&nbsp;3.750% 3/09/27 | 115000 | 108908 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.160% 4.985% VRN 7/24/26 | 525000 | 514606 |
| &nbsp;&nbsp;&nbsp;SOFR + 2.600% 5.247% VRN 7/26/30 | 140000 | 133614 |
| Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;4.100% 2/09/27 | 510000 | 479968 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 2/15/26 GBP (c) (d) | 140000 | 151312 |
| FCA Bank SpA |  |  |
| &nbsp;&nbsp;&nbsp;0.500% 9/18/23 EUR (c) (d) | 109000 | 114215 |
| &nbsp;&nbsp;&nbsp;0.500% 9/13/24 EUR (c) (d) | 160000 | 161248 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650% 9/15/40 | $130000 | $90693 |
| &nbsp;&nbsp;&nbsp;4.350% 6/15/29 | 465000 | 450615 |
| Iqera Group SAS |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 9/30/24 EUR (c) (d) | 100000 | 96811 |
| LeasePlan Corp. NV |  |  |
| &nbsp;&nbsp;&nbsp;0.125% 9/13/23 EUR (d) | 108000 | 112727 |
| &nbsp;&nbsp;&nbsp;5 year EURIBOR ICE Swap + 7.556% 7.375% VRN EUR (c) (d) (f) | 200000 | 211949 |
| LSEGA Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 4/06/28 (c) | 1520000 | 1297630 |
| &nbsp;&nbsp;&nbsp;2.500% 4/06/31 (c) (e) | 435000 | 361265 |
| &nbsp;&nbsp;&nbsp;3.200% 4/06/41 (c) (e) | 200000 | 147680 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 3/15/26 | 55000 | 52298 |
|  |  | 7996152 |
| **Electric — 1.4%** |  |  |
| Ausgrid Finance Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.350% 8/01/28 (c) | 260000 | 241431 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 8/15/52 | 430000 | 384055 |
| E.ON SE |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 4/20/23 EUR (c) (d) | 104000 | 110549 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 4/15/25 | 30000 | 29524 |
| EDP - Energias de Portugal SA |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 6/01/26 EUR (c) (d) | 200000 | 207558 |
| EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;6.300% 10/11/27 (c) | 200000 | 205411 |
| Enel Finance America LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.100% 10/14/27 (c) | 200000 | 207117 |
| Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 4/17/23 EUR (c) (d) | 120000 | 129171 |
| &nbsp;&nbsp;&nbsp;5.250% 9/29/23 EUR (d) | 26000 | 28246 |
| &nbsp;&nbsp;&nbsp;5.625% 8/14/24 GBP (c) (d) | 150000 | 182781 |
| &nbsp;&nbsp;&nbsp;6.800% 10/14/25 (c) | 200000 | 205565 |
| Engie SA |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 2/28/23 EUR (c) (d) | 100000 | 106619 |
| &nbsp;&nbsp;&nbsp;3.000% 2/01/23 EUR (c) (d) | 84000 | 89894 |
| Interchile SA |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 6/30/56 (c) | 280000 | 231530 |
| Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 8/10/37 (c) | 300000 | 233552 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.440% 1/15/32 | 595000 | 482285 |
| &nbsp;&nbsp;&nbsp;3.000% 1/15/52 | 425000 | 279806 |
| &nbsp;&nbsp;&nbsp;5.000% 7/15/32 | 125000 | 123108 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 6/15/29 (c) | 205000 | 181485 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.100% 8/01/27 | 540000 | 461457 |
| &nbsp;&nbsp;&nbsp;2.500% 2/01/31 | 465000 | 363345 |
| &nbsp;&nbsp;&nbsp;4.550% 7/01/30 | 510000 | 463791 |
| Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/29 | 145000 | 132777 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 6/01/27 | 340000 | 333451 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| State Grid Overseas Investment BVI Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 5/02/25 EUR (c) (d) | $100000 | $99791 |
| Vistra Corp. 5 year CMT + 6.930% |  |  |
| &nbsp;&nbsp;&nbsp;8.000% VRN (c) (f) | 310000 | 296071 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 7/15/24 (c) | 1285000 | 1232897 |
| &nbsp;&nbsp;&nbsp;4.375% 5/01/29 (c) | 100000 | 86278 |
| &nbsp;&nbsp;&nbsp;5.125% 5/13/25 (c) | 485000 | 474194 |
|  |  | 7603739 |
| **Electrical Components & Equipment — 0.0%** |  |  |
| Schneider Electric SE |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 9/08/23 EUR (c) (d) | 100000 | 106136 |
| **Electronics — 0.1%** |  |  |
| Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 4/01/25 | 375000 | 362484 |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 9/01/30 (c) | 345000 | 326965 |
|  |  | 689449 |
| **Engineering & Construction — 0.1%** |  |  |
| Cellnex Telecom SA |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 10/23/30 EUR (c) (d) | 200000 | 165770 |
| Infrastrutture Wireless Italiane SpA |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 10/21/28 EUR (c) (d) | 155000 | 141032 |
|  |  | 306802 |
| **Entertainment — 0.2%** |  |  |
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 4/15/27 | 75000 | 71507 |
| Cirsa Finance International Sarl |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 12/20/23 EUR (c) (d) | 22666 | 24029 |
| International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 6/15/26 EUR (c) (d) | 100000 | 101633 |
| &nbsp;&nbsp;&nbsp;3.500% 6/15/26 EUR (c) (d) | 100000 | 101633 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.755% 3/15/27 (c) | 705000 | 636483 |
|  |  | 935285 |
| **Environmental Controls — 0.0%** |  |  |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 6/30/28 (c) | 95000 | 77900 |
| **Food — 0.1%** |  |  |
| Bellis Acquisition Co. PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 2/16/26 GBP (c) (d) | 100000 | 98167 |
| Chobani LLC / Chobani Finance Corp., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/15/28 (c) | 105000 | 91414 |
| Mondelez International Holdings Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;0.250% 9/09/29 EUR (c) (d) | 198000 | 169213 |
| Nestle Finance International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 5/16/23 EUR (c) (d) | 39000 | 41528 |
| Tesco Corporate Treasury Services PLC |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 5/29/26 EUR (c) (d) | 150000 | 145273 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;1.875% 11/02/28 GBP (c) (d) | $150000 | $147756 |
|  |  | 693351 |
| **Forest Products & Paper — 0.1%** |  |  |
| Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 1/29/30 (c) | 200000 | 185977 |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/15/30 | 200000 | 187250 |
|  |  | 373227 |
| **Gas — 0.2%** |  |  |
| APA Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 7/15/27 (c) | 885000 | 827862 |
| **Health Care – Products — 0.3%** |  |  |
| Abbott Ireland Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 9/27/23 EUR (c) (d) | 111000 | 117286 |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 7/15/28 (c) | 105000 | 95407 |
| Becton Dickinson Euro Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;0.632% 6/04/23 EUR (d) | 109000 | 115730 |
| &nbsp;&nbsp;&nbsp;1.213% 2/12/36 EUR (d) | 100000 | 75131 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 4/01/29 (c) | 68000 | 54732 |
| Medtronic Global Holdings SCA |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 3/07/23 EUR (d) | 160000 | 170624 |
| &nbsp;&nbsp;&nbsp;0.375% 10/15/28 EUR (d) | 100000 | 89313 |
| PerkinElmer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.900% 9/15/28 | 410000 | 340308 |
| &nbsp;&nbsp;&nbsp;2.250% 9/15/31 | 220000 | 172998 |
| &nbsp;&nbsp;&nbsp;3.300% 9/15/29 | 195000 | 170142 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.875% 10/01/31 EUR (d) | 140000 | 118236 |
| &nbsp;&nbsp;&nbsp;2.375% 4/15/32 EUR (d) | 100000 | 95234 |
|  |  | 1615141 |
| **Health Care – Services — 0.9%** |  |  |
| Catalent Pharma Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 7/15/27 (c) (e) | 70000 | 65126 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.450% 7/15/28 | 230000 | 193941 |
| &nbsp;&nbsp;&nbsp;2.625% 8/01/31 | 315000 | 246999 |
| &nbsp;&nbsp;&nbsp;3.375% 2/15/30 | 515000 | 435366 |
| &nbsp;&nbsp;&nbsp;4.625% 12/15/29 | 875000 | 799915 |
| Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 3/15/31 (c) (e) | 110000 | 95150 |
| Fresenius Medical Care AG & Co. KGaA |  |  |
| &nbsp;&nbsp;&nbsp;0.250% 11/29/23 EUR (c) (d) | 72000 | 75086 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 3/15/27 (c) | 235000 | 214298 |
| &nbsp;&nbsp;&nbsp;3.375% 3/15/29 (c) | 90000 | 79209 |
| &nbsp;&nbsp;&nbsp;3.500% 9/01/30 | 499000 | 431681 |
| &nbsp;&nbsp;&nbsp;5.375% 9/01/26 | 170000 | 168261 |
| &nbsp;&nbsp;&nbsp;5.875% 2/15/26 | 625000 | 629636 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 3/23/29 | 170000 | 155941 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.875% 4/01/30 | $645000 | $633880 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 6/15/28 (c) | 75000 | 68444 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 6/15/30 (c) | 90000 | 85752 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 5/15/30 | 190000 | 157070 |
| &nbsp;&nbsp;&nbsp;5.875% 2/15/53 | 360000 | 389517 |
|  |  | 4925272 |
| **Holding Company – Diversified — 0.0%** |  |  |
| CK Hutchison Finance 16 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 4/06/23 EUR (c) (d) | 111000 | 118267 |
| **Insurance — 0.9%** |  |  |
| AIA Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 4/06/28 (c) | 640000 | 601958 |
| Allianz SE 10 mo. EURIBOR ICE Swap + 3.200% |  |  |
| &nbsp;&nbsp;&nbsp;3.375% VRN EUR (c) (d) (f) | 400000 | 412979 |
| Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.800% 5/15/30 | 145000 | 124121 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 3/18/30 EUR (d) | 167000 | 151318 |
| &nbsp;&nbsp;&nbsp;2.500% 1/15/51 | 505000 | 318028 |
| &nbsp;&nbsp;&nbsp;2.850% 10/15/50 | 185000 | 124514 |
| &nbsp;&nbsp;&nbsp;3.850% 3/15/52 | 195000 | 157672 |
| Berkshire Hathaway, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 3/16/23 EUR (d) | 160000 | 170583 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250% 5/30/25 | 217000 | 215543 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 4/05/32 (c) | 145000 | 127624 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.350% 4/20/28 | 1150000 | 1097578 |
| Hannover Rueck SE 3 mo. EURIBOR + 3.000% |  |  |
| &nbsp;&nbsp;&nbsp;1.750% VRN 10/08/40 EUR (c) (d) | 300000 | 249297 |
| Jackson Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.170% 6/08/27 (e) | 430000 | 424591 |
| Legal & General Group PLC 5 Year UK Gilt + 4.580% |  |  |
| &nbsp;&nbsp;&nbsp;5.375% VRN 10/27/45 GBP (c) (d) | 185000 | 217616 |
| Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 11/15/30 | 185000 | 151632 |
| Trinity Acquisition PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.400% 3/15/26 | 545000 | 529233 |
|  |  | 5074287 |
| **Internet — 0.1%** |  |  |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 9/30/27 (c) | 15000 | 14700 |
| &nbsp;&nbsp;&nbsp;7.125% 9/30/30 (c) (e) | 32000 | 31440 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 12/15/27 (c) (e) | 128000 | 117760 |
| MercadoLibre, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 1/14/31 | 200000 | 154620 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 5/15/29 EUR (d) | 100000 | 104752 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.240% 6/03/50 (c) | $350000 | $222955 |
| United Group BV |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 8/15/28 EUR (c) (d) | 100000 | 78448 |
|  |  | 724675 |
| **Investment Companies — 0.1%** |  |  |
| Criteria Caixa SA |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 5/10/23 EUR (c) (d) | 100000 | 106537 |
| JAB Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 5/18/28 EUR (c) (d) | 300000 | 286741 |
|  |  | 393278 |
| **Iron & Steel — 0.1%** |  |  |
| ABJA Investment Co. Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.450% 1/24/28 (c) | 200000 | 194219 |
| Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.125% 4/01/32 | 150000 | 127606 |
|  |  | 321825 |
| **Leisure Time — 0.0%** |  |  |
| Deuce Finco Plc |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 6/15/27 GBP (c) (d) | 100000 | 96172 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250% 1/15/29 (c) | 120000 | 120585 |
|  |  | 216757 |
| **Lodging — 0.1%** |  |  |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 8/18/26 | 210000 | 188624 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 10/15/27 | 335000 | 331072 |
|  |  | 519696 |
| **Machinery – Diversified — 0.0%** |  |  |
| Highland Holdings Sarl |  |  |
| &nbsp;&nbsp;&nbsp;0.318% 12/15/26 EUR (d) | 122000 | 114262 |
| TK Elevator Midco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 7/15/27 EUR (c) (d) | 100000 | 94703 |
|  |  | 208965 |
| **Media — 0.3%** |  |  |
| Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 8/15/29 EUR (c) (d) | 100000 | 86225 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 2/01/31 (c) | 130000 | 104275 |
| &nbsp;&nbsp;&nbsp;5.375% 6/01/29 (c) | 33000 | 29718 |
| &nbsp;&nbsp;&nbsp;6.375% 9/01/29 (c) | 75000 | 70481 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 1/15/29 | 355000 | 286336 |
| &nbsp;&nbsp;&nbsp;4.200% 3/15/28 | 485000 | 446488 |
| &nbsp;&nbsp;&nbsp;6.484% 10/23/45 | 105000 | 95091 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 11/01/39 | 295000 | 231025 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 12/01/28 (c) | $65000 | $51878 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 7/15/28 (c) | 125000 | 108787 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375% 6/30/30 (c) | 65000 | 62121 |
| Ziggo BV |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 1/15/30 EUR (c) (d) | 100000 | 85502 |
|  |  | 1657927 |
| **Mining — 0.0%** |  |  |
| Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 2/15/28 (c) (e) | 90000 | 84444 |
| Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 4/01/29 (c) | 60000 | 54297 |
|  |  | 138741 |
| **Miscellaneous - Manufacturing — 0.1%** |  |  |
| Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 9/15/27 | 165000 | 160270 |
| &nbsp;&nbsp;&nbsp;4.500% 9/15/29 | 175000 | 168045 |
| Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 2/20/23 EUR (c) (d) | 100000 | 106712 |
| &nbsp;&nbsp;&nbsp;0.375% 9/06/23 EUR (c) (d) | 107000 | 113048 |
|  |  | 548075 |
| **Oil & Gas — 1.0%** |  |  |
| Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 1/15/26 (c) | 180000 | 166497 |
| BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.109% 2/16/23 EUR (c) (d) | 150000 | 160311 |
| &nbsp;&nbsp;&nbsp;2.213% 9/25/26 EUR (c) (d) | 160000 | 162670 |
| Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 4/15/29 (c) | 75000 | 73020 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/02/31 | 225000 | 171930 |
| Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 7/10/23 EUR (c) (d) | 117000 | 125433 |
| &nbsp;&nbsp;&nbsp;4.750% 9/12/28 (c) | 875000 | 848347 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 6/30/27 (c) | 300000 | 290280 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.200% 3/15/40 | 95000 | 92286 |
| &nbsp;&nbsp;&nbsp;8.500% 7/15/27 | 115000 | 123848 |
| &nbsp;&nbsp;&nbsp;8.875% 7/15/30 | 85000 | 95965 |
| OMV AG |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 6/16/23 EUR (c) (d) | 71000 | 75151 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 3/15/23 EUR (c) (d) | 850000 | 909427 |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 4/16/39 (c) | 200000 | 178541 |
| TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 3/15/23 EUR (c) (d) | 100000 | 106973 |
| Wintershall Dea Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;0.452% 9/25/23 EUR (c) (d) | 100000 | 104293 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Woodside Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 9/15/26 (c) | $2000000 | $1872239 |
|  |  | 5557211 |
| **Packaging & Containers — 0.1%** |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 9/01/29 EUR (c) (d) | 180000 | 140657 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 3/15/28 (e) | 140000 | 143804 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 2/01/29 EUR (c) (d) | 100000 | 93674 |
| Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 4/15/29 (c) | 75000 | 70500 |
| Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 8/15/26 EUR (c) (d) | 100000 | 97411 |
|  |  | 546046 |
| **Pharmaceuticals — 1.1%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 11/21/29 | 475000 | 429986 |
| &nbsp;&nbsp;&nbsp;4.050% 11/21/39 | 270000 | 232443 |
| &nbsp;&nbsp;&nbsp;4.250% 11/21/49 | 325000 | 273906 |
| &nbsp;&nbsp;&nbsp;4.700% 5/14/45 | 530000 | 474861 |
| &nbsp;&nbsp;&nbsp;4.875% 11/14/48 | 980000 | 899249 |
| Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 5/28/28 | 445000 | 382717 |
| Bayer Capital Corp. BV |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 11/13/23 EUR (c) (d) | 56000 | 59150 |
| Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.957% 2/11/31 | 645000 | 511615 |
| &nbsp;&nbsp;&nbsp;2.823% 5/20/30 | 510000 | 438936 |
| &nbsp;&nbsp;&nbsp;3.020% 5/24/25 GBP (d) | 150000 | 171564 |
| Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/15/44 | 95000 | 76161 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 8/15/29 | 135000 | 121087 |
| &nbsp;&nbsp;&nbsp;5.050% 3/25/48 | 823000 | 742421 |
| GlaxoSmithKline Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;0.125% 5/12/23 EUR (c) (d) | 100000 | 106204 |
| Roche Finance Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;0.500% 2/27/23 EUR (c) (d) | 92000 | 98261 |
| Sanofi |  |  |
| &nbsp;&nbsp;&nbsp;0.500% 3/21/23 EUR (c) (d) | 100000 | 106594 |
| &nbsp;&nbsp;&nbsp;2.500% 11/14/23 EUR (c) (d) | 100000 | 107058 |
| Teva Pharmaceutical Finance Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 1/31/25 EUR (d) | 100000 | 105211 |
| &nbsp;&nbsp;&nbsp;7.125% 1/31/25 | 200000 | 198878 |
| Utah Acquisition Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 6/15/26 | 685000 | 641140 |
|  |  | 6177442 |
| **Pipelines — 1.5%** |  |  |
| Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;3.400% 2/15/31 | 990000 | 830606 |
| Cheniere Corpus Christi Holdings LLC |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.700% 11/15/29 | $465000 | $421152 |
| &nbsp;&nbsp;&nbsp;5.125% 6/30/27 | 140000 | 138498 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 1/31/32 (c) | 95000 | 75532 |
| Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 10/15/28 | 145000 | 131069 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;2.900% 5/15/25 | 185000 | 174465 |
| &nbsp;&nbsp;&nbsp;4.500% 4/15/24 | 65000 | 64095 |
| &nbsp;&nbsp;&nbsp;5.875% 1/15/24 | 390000 | 391062 |
| &nbsp;&nbsp;&nbsp;6.000% 6/15/48 | 568000 | 513181 |
| &nbsp;&nbsp;&nbsp;6.250% 4/15/49 | 105000 | 98250 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.800% 1/31/30 | 145000 | 123683 |
| Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 9/15/23 (c) | 55000 | 53500 |
| &nbsp;&nbsp;&nbsp;2.600% 10/15/25 (c) | 170000 | 154297 |
| &nbsp;&nbsp;&nbsp;3.450% 10/15/27 (c) | 70000 | 62005 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 6/15/30 (c) | 90000 | 84401 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 10/01/25 (e) | 80000 | 77012 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 5/15/30 | 95000 | 88290 |
| &nbsp;&nbsp;&nbsp;5.000% 3/15/27 | 290000 | 284700 |
| &nbsp;&nbsp;&nbsp;5.875% 6/30/26 | 1715000 | 1735266 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp;7.500% 10/01/25 (c) | 110000 | 110990 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 1/15/32 | 125000 | 104981 |
| &nbsp;&nbsp;&nbsp;4.875% 2/01/31 | 25000 | 22439 |
| &nbsp;&nbsp;&nbsp;5.500% 3/01/30 | 150000 | 141138 |
| &nbsp;&nbsp;&nbsp;6.875% 1/15/29 | 345000 | 348103 |
| Transcanada Trust 3 mo. CDOR + 3.080% |  |  |
| &nbsp;&nbsp;&nbsp;4.650% VRN 5/18/77 CAD (d) | 650000 | 429076 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 3/15/28 | 125000 | 117453 |
| &nbsp;&nbsp;&nbsp;4.600% 3/15/48 | 110000 | 92000 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 8/15/29 (c) | 55000 | 48125 |
| &nbsp;&nbsp;&nbsp;3.875% 11/01/33 (c) | 180000 | 147042 |
| &nbsp;&nbsp;&nbsp;4.125% 8/15/31 (c) | 65000 | 55380 |
| The Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 6/15/27 | 1170000 | 1103110 |
|  |  | 8220901 |
| **Real Estate — 0.2%** |  |  |
| Akelius Residential Property AB |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 2/07/25 EUR (c) (d) | 170000 | 168272 |
| Blackstone Property Partners Europe Holdings SARL |  |  |
| &nbsp;&nbsp;&nbsp;0.500% 9/12/23 EUR (c) (d) | 100000 | 103112 |
| &nbsp;&nbsp;&nbsp;1.750% 3/12/29 EUR (c) (d) | 280000 | 218521 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 5/15/28 (c) | 65000 | 62034 |
| EMG SUKUK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.564% 6/18/24 (c) | 200000 | 196850 |
| Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 2/01/29 (c) | 110000 | 92125 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;5.375% 8/01/28 (c) | $40000 | $36029 |
| Vonovia Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 12/15/23 EUR (c) (d) | 100000 | 105737 |
|  |  | 982680 |
| **Real Estate Investment Trusts (REITS) — 1.8%** |  |  |
| Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;4.050% 7/01/30 | 585000 | 513220 |
| &nbsp;&nbsp;&nbsp;4.125% 6/15/26 | 2000000 | 1897642 |
| &nbsp;&nbsp;&nbsp;4.125% 5/15/29 | 160000 | 143416 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 1/15/31 (e) | 715000 | 575114 |
| &nbsp;&nbsp;&nbsp;2.900% 3/15/27 | 135000 | 123039 |
| &nbsp;&nbsp;&nbsp;3.800% 2/15/28 | 665000 | 618483 |
| Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 3/01/29 | 760000 | 694253 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.350% 9/01/24 | 125000 | 119534 |
| Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;2.050% 3/15/31 | 230000 | 168683 |
| &nbsp;&nbsp;&nbsp;3.625% 1/15/28 | 850000 | 754901 |
| Highwoods Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;3.050% 2/15/30 | 675000 | 538810 |
| &nbsp;&nbsp;&nbsp;4.125% 3/15/28 | 405000 | 366401 |
| Inmobiliaria Colonial Socimi SA |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 11/28/25 EUR (c) (d) | 200000 | 197030 |
| Klepierre SA |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 4/17/23 EUR (c) (d) | 100000 | 106586 |
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 2/01/27 | 55000 | 52319 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 6/30/29 GBP (d) | 150000 | 151641 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.950% 8/15/27 | 650000 | 620636 |
| Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;3.600% 2/01/27 | 305000 | 285988 |
| &nbsp;&nbsp;&nbsp;4.125% 3/15/28 | 815000 | 758025 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.840% 4/15/27 (c) | 635000 | 538679 |
| &nbsp;&nbsp;&nbsp;2.593% 10/15/56 (c) | 515000 | 396571 |
| Scentre Group Trust 1 / Scentre Group Trust 2 |  |  |
| &nbsp;&nbsp;&nbsp;1.375% 3/22/23 EUR (c) (d) | 111000 | 118276 |
|  |  | 9739247 |
| **Retail — 0.2%** |  |  |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 10/01/30 (c) | 90000 | 84456 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 4/01/52 | 265000 | 211802 |
| &nbsp;&nbsp;&nbsp;5.625% 4/15/53 | 195000 | 185409 |
| Next Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.625% 5/18/28 GBP (c) (d) (e) | 250000 | 265363 |
| Ross Stores, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.875% 4/15/31 | 535000 | 421463 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 4/01/32 | $140000 | $129675 |
|  |  | 1298168 |
| **Savings & Loans — 0.1%** |  |  |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + .930% 1.500% VRN 3/08/26 EUR (c) (d) | 140000 | 140026 |
| &nbsp;&nbsp;&nbsp;5 year EUR Swap + 1.500% 2.000% VRN 7/25/29 EUR (c) (d) | 150000 | 151274 |
|  |  | 291300 |
| **Semiconductors — 0.4%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.110% 9/15/28 | 135000 | 125763 |
| Entegris Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.950% 6/15/30 (c) | 110000 | 101442 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.185% 2/15/27 | 262000 | 248454 |
| &nbsp;&nbsp;&nbsp;4.975% 2/06/26 | 435000 | 429232 |
| NXP BV / NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.350% 3/01/26 | 1115000 | 1109769 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700% 5/01/25 | 45000 | 42388 |
| &nbsp;&nbsp;&nbsp;3.150% 5/01/27 | 95000 | 86189 |
|  |  | 2143237 |
| **Software — 0.2%** |  |  |
| Central Parent, Inc. / CDK Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250% 6/15/29 (c) (e) | 74000 | 72430 |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 5/21/23 EUR (d) | 110000 | 116837 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 7/01/31 GBP (d) | 250000 | 251344 |
| &nbsp;&nbsp;&nbsp;3.500% 7/01/29 | 150000 | 135337 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.300% 3/25/28 | 355000 | 308031 |
| SAP SE |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 2/20/23 EUR (c) (d) | 106000 | 113263 |
| Workday, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.700% 4/01/29 | 110000 | 100880 |
|  |  | 1098122 |
| **Telecommunications — 1.6%** |  |  |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;3.375% 1/15/28 EUR (c) (d) | 135000 | 108405 |
| &nbsp;&nbsp;&nbsp;5.500% 1/15/28 (c) | 290000 | 227105 |
| America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 6/28/30 GBP (d) | 140000 | 171106 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.650% 2/01/28 | 415000 | 351106 |
| &nbsp;&nbsp;&nbsp;2.500% 3/15/23 EUR (d) | 113000 | 120913 |
| &nbsp;&nbsp;&nbsp;3.500% 9/15/53 | 555000 | 374277 |
| Axiata SPV2 Bhd |  |  |
| &nbsp;&nbsp;&nbsp;2.163% 8/19/30 (c) | 250000 | 200382 |
| CK Hutchison Group Telecom Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 10/17/23 EUR (c) (d) | 109000 | 113905 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 4/03/23 EUR (c) (d) | $112000 | $119292 |
| NBN Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 5/05/31 (c) | 480000 | 382516 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.591% 4/03/28 (c) | 765000 | 642398 |
| Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 9/11/23 EUR (c) (d) | 100000 | 105664 |
| PLT VII Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 1/05/26 EUR (c) (d) | 100000 | 100524 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.200% 3/15/27 (c) | 185000 | 171452 |
| &nbsp;&nbsp;&nbsp;3.800% 3/15/32 (c) | 295000 | 255632 |
| &nbsp;&nbsp;&nbsp;4.550% 3/15/52 (c) | 145000 | 112488 |
| Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875% 11/15/28 | 60000 | 62399 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.050% 2/15/28 | 270000 | 232338 |
| &nbsp;&nbsp;&nbsp;3.750% 4/15/27 | 2765000 | 2607874 |
| Tele2 AB |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 3/23/31 EUR (c) (d) | 130000 | 105908 |
| Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;3.987% 1/23/23 EUR (c) (d) | 100000 | 107119 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.100% 3/22/28 | 365000 | 317355 |
| &nbsp;&nbsp;&nbsp;2.550% 3/21/31 | 370000 | 304793 |
| &nbsp;&nbsp;&nbsp;2.650% 11/20/40 | 530000 | 360162 |
| &nbsp;&nbsp;&nbsp;3.550% 3/22/51 | 535000 | 382389 |
| Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 7/15/31 GBP (c) (d) | 155000 | 142433 |
| &nbsp;&nbsp;&nbsp;4.500% 7/15/31 GBP (c) (d) | 150000 | 137838 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;1.750% 8/25/23 EUR (c) (d) | 113000 | 120220 |
| &nbsp;&nbsp;&nbsp;4.875% 6/19/49 | 38000 | 32033 |
| &nbsp;&nbsp;&nbsp;5.250% 5/30/48 | 408000 | 361521 |
|  |  | 8831547 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.550% 11/19/26 | 245000 | 230048 |
| **Transportation — 0.0%** |  |  |
| Deutsche Post AG |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 10/09/23 EUR (c) (d) | 62000 | 66560 |
| InPost SA |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 7/15/27 EUR (c) (d) | 100000 | 87777 |
|  |  | 154337 |
| **Water — 0.0%** |  |  |
| Veolia Environnement SA |  |  |
| &nbsp;&nbsp;&nbsp;0.314% 10/04/23 EUR (c) (d) | 100000 | 105111 |
| **TOTAL CORPORATE DEBT <br>(Cost $163,969,850)** |  | **144870107** |
| **MUNICIPAL OBLIGATIONS — 0.1%** |  |  |
| Commonwealth of Puerto Rico, General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 11/01/43 | 698226 | 305474 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **TOTAL MUNICIPAL OBLIGATIONS <br>(Cost $370,482)** |  | $**305474** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.5%** |  |  |
| **Automobile Asset-Backed Securities — 0.9%** |  |  |
| AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D |  |  |
| &nbsp;&nbsp;&nbsp;1.490% 9/18/26 | 275000 | 254619 |
| CarMax Auto Owner Trust, Series 2022-1, Class D |  |  |
| &nbsp;&nbsp;&nbsp;2.470% 7/17/28 | 280000 | 253086 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class D, 1.400% 4/15/27 | 235000 | 214990 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class D, 1.550% 6/15/27 | 195000 | 177035 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class D, 3.020% 6/15/28 | 995000 | 901279 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class C, 3.850% 7/17/28 | 820000 | 791226 |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class C, 5.300% 9/15/27 | 520000 | 510751 |
| GMF Floorplan Owner Revolving Trust, Series 2020-2, Class C |  |  |
| &nbsp;&nbsp;&nbsp;1.310% 10/15/25 (c) | 290000 | 278980 |
| Santander Bank NA - SBCLN, Series 2021-1A, Class B |  |  |
| &nbsp;&nbsp;&nbsp;1.833% 12/15/31 (c) | 131449 | 126942 |
| Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D |  |  |
| &nbsp;&nbsp;&nbsp;1.570% 1/15/27 (c) | 735000 | 665947 |
| Santander Drive Auto Receivables Trust, Series 2021-4, Class D |  |  |
| &nbsp;&nbsp;&nbsp;1.670% 10/15/27 | 310000 | 286996 |
| Santander Retail Auto Lease Trust, Series 2021-A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;1.380% 3/22/27 (c) | 715000 | 673423 |
|  |  | 5135274 |
| **Commercial Mortgage-Backed Securities — 2.3%** |  |  |
| Austin Fairmont Hotel Trust, Series 2019-FAIR, Class B, 1 mo. USD LIBOR + 1.250% |  |  |
| &nbsp;&nbsp;&nbsp;5.568% FRN 9/15/32 (c) | 235000 | 228257 |
| Aventura Mall Trust, Series 2018-AVM, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.112% VRN 7/05/40 (c) (g) | 380000 | 340617 |
| Barclays Commercial Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD LIBOR + 2.160% |  |  |
| &nbsp;&nbsp;&nbsp;6.478% FRN 11/15/34 (c) | 245000 | 196385 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ARIA, Class B, 1 mo. USD LIBOR + 1.297% 5.615% FRN 10/15/36 (c) | 475000 | 444747 |
| &nbsp;&nbsp;&nbsp;Series 2022-CSMO, Class B, 1 mo. TSFR + 3.141% 7.476% FRN 6/15/27 (c) | 465000 | 460934 |
| BXSC Commercial Mortgage Trust, Series 2018, Class B, 1 mo. TSFR + 2.092% |  |  |
| &nbsp;&nbsp;&nbsp;6.428% FRN 3/15/35 (c) | 920000 | 886679 |
| Cantor Commercial Real Estate Lending, Series 2019-CF2, Class B |  |  |
| &nbsp;&nbsp;&nbsp;3.267% 11/15/52 | 295000 | 233157 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013-375P, Class C, 3.518% VRN 5/10/35 (c) (g) | 390000 | 359451 |
| &nbsp;&nbsp;&nbsp;Series 2013-375P, Class D, 3.518% VRN 5/10/35 (c) (g) | 315000 | 286385 |
| Cold Storage Trust, Series 2020-ICE5, Class C, 1 mo. USD LIBOR + 1.650% |  |  |
| &nbsp;&nbsp;&nbsp;5.968% FRN 11/15/37 (c) | 285067 | 275814 |
| Commercial Mortgage Trust, Series 2015-LC23, Class AM, |  |  |
| &nbsp;&nbsp;&nbsp;4.158% VRN 10/10/48 (g) | 1650000 | 1547691 |
| Credit Suisse Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-NET, Class A, 2.257% 8/15/37 (c) | 298082 | 267680 |
| &nbsp;&nbsp;&nbsp;Series 2020-NET, Class C, 3.526% 8/15/37 (c) | 480000 | 430998 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| DC Office Trust, Series 2019-MTC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.072% VRN 9/15/45 (c) (g) | $520000 | $367305 |
| Great Wolf Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-WOLF, Class A, 1 mo. USD LIBOR + 1.034% 5.352% FRN 12/15/36 (c) | 710000 | 689626 |
| &nbsp;&nbsp;&nbsp;Series 2019-WOLF, Class C, 1 mo. USD LIBOR + 1.633% 5.951% FRN 12/15/36 (c) | 435000 | 416033 |
| &nbsp;&nbsp;&nbsp;Series 2019-WOLF, Class D, 1 mo. USD LIBOR + 1.933% 6.251% FRN 12/15/36 (c) | 820000 | 781124 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX |  |  |
| &nbsp;&nbsp;&nbsp;4.248% 7/05/33 (c) | 115000 | 108334 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;2.335% VRN 9/10/39 (c) (g) | 290000 | 230775 |
| SMRT, Series 2022-MINI, Class C, 1 mo. TSFR + 1.550% |  |  |
| &nbsp;&nbsp;&nbsp;5.886% FRN 1/15/39 (c) | 580000 | 548129 |
| VNDO Trust, Series 2016,Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.903% VRN 1/10/35 (c) (g) | 750000 | 623131 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-LC18, Class AS, 3.808% 12/15/47 | 1695000 | 1601577 |
| &nbsp;&nbsp;&nbsp;Series 2017-C39, Class B, 4.025% 9/15/50 | 1010000 | 884865 |
| &nbsp;&nbsp;&nbsp;Series 2021-SAVE, Class C, 1 mo. USD LIBOR + 1.800% 6.118% FRN 2/15/40 (c) | 368154 | 331916 |
|  |  | 12541610 |
| **Other Asset-Backed Securities — 3.1%** |  |  |
| 522 Funding CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-5A, Class AR, 3 mo. TSFR + 1.330% 5.194% FRN 4/15/35 (c) | 825000 | 793114 |
| &nbsp;&nbsp;&nbsp;Series 2019-5A, Class BR, 3 mo. TSFR + 1.850% 5.714% FRN 4/15/35 (c) | 465000 | 423684 |
| AGL CLO 17 Ltd., Series 2022-17A, Class A, 3 mo. TSFR + 1.330% |  |  |
| &nbsp;&nbsp;&nbsp;5.318% FRN 1/21/35 (c) | 630000 | 610053 |
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;2.370% 4/20/28 (c) | 175000 | 157258 |
| Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I |  |  |
| &nbsp;&nbsp;&nbsp;4.194% 6/05/49 (c) | 1267200 | 1249464 |
| Benefit Street Partners CLO Ltd., Series 2020-20A, Class AR, 3 mo. USD LIBOR + 1.170% |  |  |
| &nbsp;&nbsp;&nbsp;5.249% FRN 7/15/34 (c) | 470000 | 458485 |
| Carlyle U.S. CLO Ltd., Series 2019-4A, Class A11R, 3 mo. TSFR + 1.320% |  |  |
| &nbsp;&nbsp;&nbsp;5.184% FRN 4/15/35 (c) | 865000 | 838830 |
| CBAM Ltd., Series 2019-9A, Class A, 3 mo. USD LIBOR + 1.280% |  |  |
| &nbsp;&nbsp;&nbsp;5.359% FRN 2/12/30 (c) | 1138207 | 1124986 |
| Cedar Funding VIII Clo Ltd., Series 2017-8A, Class A1R, 3 mo. USD LIBOR + 1.150% |  |  |
| &nbsp;&nbsp;&nbsp;5.229% FRN 10/17/34 (c) | 490000 | 477930 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class A, 3 mo. USD LIBOR + 1.140% 5.219% FRN 7/15/36 (c) | 585000 | 571123 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A1R, 3 mo. USD LIBOR + 1.150% 5.229% FRN 7/15/36 (c) | 925000 | 903899 |
| &nbsp;&nbsp;&nbsp;Series 2020-3A, Class A1R, 3 mo. USD LIBOR + 1.130% 5.373% FRN 10/20/34 (c) | 610000 | 595177 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;4.940% 1/25/52 CAD (c) (d) | 275000 | 185283 |
| Driven Brands Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A2, 3.237% 1/20/51 (c) | 555113 | 460414 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2, 3.786% 7/20/50 (c) | 268813 | 231661 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Dryden 86 CLO Ltd., Series 2020-86A, Class A1R, 3 mo. USD LIBOR + 1.100% |  |  |
| &nbsp;&nbsp;&nbsp;5.179% FRN 7/17/34 (c) | $600000 | $584715 |
| Hardee's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.865% 6/20/51 (c) | 295500 | 236182 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class AII, 4.959% 6/20/48 (c) | 311188 | 294026 |
| HPEFS Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class C, 1.960% 5/21/29 (c) | 129000 | 118846 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class D, 2.400% 11/20/29 (c) | 350000 | 326481 |
| HPS Loan Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-16A, Class A1, 3 mo. USD LIBOR + 1.140% 5.465% FRN 1/23/35 (c) | 290000 | 281829 |
| &nbsp;&nbsp;&nbsp;Series 11A-17, Class BR, 3 mo. USD LIBOR + 1.550% 6.082% FRN 5/06/30 (c) | 265000 | 255170 |
| Jack in the Box Funding LLC, Series 2022-1A, Class A2I |  |  |
| &nbsp;&nbsp;&nbsp;3.445% 2/26/52 (c) | 959390 | 844032 |
| Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 3 mo. TSFR + 1.290% |  |  |
| &nbsp;&nbsp;&nbsp;5.154% FRN 10/15/32 (c) | 465000 | 454000 |
| Neuberger Berman Loan Advisers CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-43A, Class A, 3 mo. USD LIBOR + 1.130% 5.209% FRN 7/17/35 (c) | 685000 | 669525 |
| &nbsp;&nbsp;&nbsp;Series 2019-32A, Class AR, 3 mo. USD LIBOR + .990% 5.217% FRN 1/20/32 (c) | 1445000 | 1421043 |
| OZLM Ltd., Series 2014-7RA, Class A1R, 3 mo. USD LIBOR + 1.010% |  |  |
| &nbsp;&nbsp;&nbsp;5.089% FRN 7/17/29 (c) | 266150 | 263046 |
| Palmer Square CLO Ltd., Series 2022-1A, Class A, 3 mo. TSFR + 1.320% |  |  |
| &nbsp;&nbsp;&nbsp;5.283% FRN 4/20/35 (c) | 480000 | 467321 |
| Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2I |  |  |
| &nbsp;&nbsp;&nbsp;3.251% 12/05/51 (c) | 630238 | 546444 |
| Symphony CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-26A, Class AR, 3 mo. USD LIBOR + 1.080% 5.323% FRN 4/20/33 (c) | 425000 | 412802 |
| &nbsp;&nbsp;&nbsp;Series 2022-31A, Class B, 3 mo. TSFR + 1.850% 5.888% FRN 4/22/35 (c) | 410000 | 392315 |
| Wellfleet CLO Ltd., Series 2017-2A, Class A1R, 3 mo. USD LIBOR + 1.060% |  |  |
| &nbsp;&nbsp;&nbsp;5.303% FRN 10/20/29 (c) | 475472 | 469801 |
|  |  | 17118939 |
| **Student Loans Asset-Backed Securities — 0.6%** |  |  |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-HA, Class A, 1.310% 1/15/69 (c) | 162402 | 144174 |
| &nbsp;&nbsp;&nbsp;Series 2020-DA, Class A, 1.690% 5/15/69 (c) | 153295 | 138068 |
| &nbsp;&nbsp;&nbsp;Series 2022-A, Class A, 2.230% 7/15/70 (c) | 945980 | 808743 |
| &nbsp;&nbsp;&nbsp;Series 2019-FA, Class A2, 2.600% 8/15/68 (c) | 318994 | 295814 |
| &nbsp;&nbsp;&nbsp;Series 2020-CA, Class B, 2.830% 11/15/68 (c) | 470000 | 380171 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-BA, Class A1A, 1.290% 7/15/53 (c) | 191262 | 172734 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, 2.310% 1/15/53 (c) | 570000 | 478979 |
| &nbsp;&nbsp;&nbsp;Series 2018-A, Class A2A, 3.500% 2/15/36 (c) | 666902 | 646076 |
|  |  | 3064759 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 1.2%** |  |  |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class A3, 1.446% VRN 1/20/65 (c) (g) | 289462 | 226841 |
| &nbsp;&nbsp;&nbsp;Series 2020-5, Class A3, 2.041% VRN 5/25/65 (c) (g) | 68069 | 59553 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 2.881% STEP 12/25/66 (c) | 309822 | 274424 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2020-5, Class M1, 2.970% VRN 5/25/65 (c) (g) | $275000 | $207730 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A2, 4.022% VRN 11/25/48 (c) (g) | 2334 | 2321 |
| BINOM Securitization Trust, Series 2021-INV1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.034% VRN 6/25/56 (c) (g) | 294040 | 250845 |
| CIM Trust, Series 2021-INV1, Class A29, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 7/01/51 (c) (g) | 603574 | 466780 |
| Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B, |  |  |
| &nbsp;&nbsp;&nbsp;3.000% VRN 11/27/51 (c) (g) | 223193 | 180403 |
| COLT Mortgage Loan Trust, Series 2020-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.506% VRN 4/27/65 (c) (g) | 47850 | 43926 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.241% VRN 9/25/66 (c) (g) | 335376 | 261350 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A3, 3.999% VRN 5/25/65 (c) (g) | 430000 | 379533 |
| Flagstar Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 (c) (g) | 15976 | 15252 |
| &nbsp;&nbsp;&nbsp;Series 2020-1INV, Class A11, 1 mo. USD LIBOR + .850% 4.866% FRN 3/25/50 (c) | 89013 | 80948 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-H1, Class A3, 2.964% VRN 10/25/59 (c) (g) | 341883 | 322213 |
| &nbsp;&nbsp;&nbsp;Series 2018-1, Class A23, 3.500% VRN 11/25/57 (c) (g) | 23437 | 20932 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A22, 4.000% VRN 2/25/59 (c) (g) | 10663 | 10015 |
| GCAT Trust, Series 2021-NQM4, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.556% VRN 8/25/66 (c) (g) | 196015 | 147197 |
| GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-GR2, Class A4, 2.500% VRN 2/25/52 (c) (g) | 468394 | 363115 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A14, 2.932% VRN 10/25/50 (c) (g) | 249154 | 208112 |
| Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.073% VRN 9/25/56 (c) (g) | 214878 | 169047 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-LTV1, Class B1, 3.263% VRN 6/25/50 (c) (g) | 356651 | 273139 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 (c) (g) | 118706 | 103921 |
| &nbsp;&nbsp;&nbsp;Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 (c) (g) | 29429 | 28023 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 (c) (g) | 100168 | 86751 |
| &nbsp;&nbsp;&nbsp;Series 2020-5, Class B2, 3.584% VRN 12/25/50 (c) (g) | 336319 | 267268 |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A11, 1 mo. USD LIBOR + .830% 4.874% FRN 8/25/50 (c) | 63440 | 58012 |
| Onslow Bay Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1, 1.054% VRN 7/25/61 (c) (g) | 321441 | 244679 |
| &nbsp;&nbsp;&nbsp;Series 2019-EXP3, Class 1A8, 3.500% VRN 10/25/59 (c) (g) | 56345 | 49969 |
| &nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class 1A8, 3.500% VRN 2/25/60 (c) (g) | 262833 | 228413 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A25, 4.000% VRN 5/27/49 (c) (g) | 111976 | 102744 |
| &nbsp;&nbsp;&nbsp;Series 2019-EXP2, Class 1A3, 4.000% VRN 6/25/59 (c) (g) | 84580 | 76428 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (c) (g) | 53822 | 49125 |
| &nbsp;&nbsp;&nbsp;Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (c) (g) | 66906 | 62119 |
| &nbsp;&nbsp;&nbsp;Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (c) (g) | 8692 | 8445 |
| &nbsp;&nbsp;&nbsp;Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (c) (g) | 5702 | 5629 |
| SG Residential Mortgage Trust, Series 2019-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.703% VRN 9/25/59 (c) (g) | 15898 | 15303 |
| TRK Trust, Series 2021-INV1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.153% VRN 7/25/56 (c) (g) | 298292 | 248407 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class A2, 1.218% VRN 9/25/66 (c) (g) | 295600 | 231887 |
| &nbsp;&nbsp;&nbsp;Series 2019-4, Class A1, 2.642% STEP 11/25/59 (c) | 119693 | 113896 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A1, 2.724% STEP 1/25/67 (c) | 759297 | 673941 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A2, 3.117% VRN 7/25/59 (c) (g) | 191940 | 184183 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A3, 3.889% VRN 3/25/60 (c) (g) | $100000 | $92063 |
|  |  | 6894882 |
| **Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.4%** |  |  |
| Bayview MSR Opportunity Master Fund Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class A20, 2.500% VRN 6/25/51 (c) (g) | 944768 | 730645 |
| &nbsp;&nbsp;&nbsp;Series 2021-4, Class A20, 2.500% VRN 10/25/51 (c) (g) | 429497 | 332156 |
| GS Mortgage-Backed Securities Trust, Series 2021-GR1, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 11/25/51 (c) (g) | 456413 | 353827 |
| Hundred Acre Wood Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021,Class A, 2.500% VRN 7/25/51 (c) (g) | 855478 | 660523 |
| &nbsp;&nbsp;&nbsp;Series 2021-INV2, Class A27, 2.500% VRN 10/25/51 (c) (g) | 272913 | 210719 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 (c) (g) | 102190 | 90304 |
| &nbsp;&nbsp;&nbsp;Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 (c) (g) | 12580 | 11963 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 (c) (g) | 84350 | 76427 |
| &nbsp;&nbsp;&nbsp;Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 (c) (g) | 22594 | 20500 |
|  |  | 2487064 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS <br>(Cost $52,223,154)** |  | **47242528** |
| **SOVEREIGN DEBT OBLIGATIONS — 18.4%** |  |  |
| 1Malaysia Development Berhad Global Investments Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.400% 3/09/23 (c) | 1000000 | 979000 |
| Albania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 10/09/25 EUR (c) (d) | 160000 | 158750 |
| &nbsp;&nbsp;&nbsp;3.500% 6/16/27 EUR (c) (d) | 105000 | 99752 |
| &nbsp;&nbsp;&nbsp;3.500% 11/23/31 EUR (c) (d) | 490000 | 423702 |
| Australia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 5/21/32 AUD (d) | 1464000 | 781713 |
| &nbsp;&nbsp;&nbsp;3.000% 3/21/47 AUD (c) (d) | 808000 | 436867 |
| Brazil Notas do Tesouro Nacional Serie B |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 5/15/25 BRL (d) | 270000 | 205238 |
| Brazil Notas do Tesouro Nacional Serie F |  |  |
| &nbsp;&nbsp;&nbsp;10.000% 1/01/27 BRL (d) | 2855000 | 497025 |
| Bundesobligation Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 4/16/27 EUR (c) (d) | 3957000 | 3808380 |
| &nbsp;&nbsp;&nbsp;1.300% 10/15/27 EUR (c) (d) | 4933000 | 4995009 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 2/15/32 EUR (c) (d) | 4695000 | 4019784 |
| &nbsp;&nbsp;&nbsp;0.000% 8/15/52 EUR (c) (d) | 278210 | 148772 |
| &nbsp;&nbsp;&nbsp;1.700% 8/15/32 EUR (c) (d) | 5095000 | 5084163 |
| Canadian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.250% 3/01/27 CAD (d) | 8345000 | 5633861 |
| Canadian Government Real Return Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 12/01/31 CAD (d) | 1720952 | 1543046 |
| Cyprus Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.950% 1/20/32 EUR (c) (d) | 610000 | 486701 |
| &nbsp;&nbsp;&nbsp;2.750% 2/26/34 EUR (c) (d) | 93000 | 85216 |
| &nbsp;&nbsp;&nbsp;2.750% 5/03/49 EUR (c) (d) | 99000 | 84486 |
| &nbsp;&nbsp;&nbsp;3.750% 7/26/23 EUR (c) (d) | 120000 | 128822 |
| &nbsp;&nbsp;&nbsp;3.750% 7/26/23 EUR (c) (d) | 100000 | 107352 |
| Czech Republic Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.400% 9/17/25 CZK (c) (d) | 22450000 | 919799 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;2.750% 7/23/29 CZK (d) | $51630000 | $1971631 |
| French Republic Government Bond OAT |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 5/25/32 EUR (c) (d) | 2880000 | 2332888 |
| &nbsp;&nbsp;&nbsp;1.250% 5/25/36 EUR (c) (d) | 1771000 | 1485484 |
| Hellenic Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.750% 6/18/31 EUR (c) (d) | 585000 | 461531 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 4/20/33 HUF (d) | 1259450000 | 1954018 |
| &nbsp;&nbsp;&nbsp;4.750% 11/24/32 HUF (d) | 53110000 | 102946 |
| &nbsp;&nbsp;&nbsp;5.000% 2/22/27 EUR (c) (d) | 247000 | 262266 |
| Iceland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 4/15/28 EUR (c) (d) | 346000 | 304561 |
| Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 6/14/28 EUR (c) (d) | 1280000 | 1328018 |
| Ireland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 5/15/50 EUR (c) (d) | 73000 | 54023 |
| &nbsp;&nbsp;&nbsp;2.000% 2/18/45 EUR (c) (d) | 191000 | 163679 |
| Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 1/18/27 EUR (c) (d) | 530000 | 525391 |
| &nbsp;&nbsp;&nbsp;1.750% 8/31/25 ILS (d) | 4274000 | 1163127 |
| &nbsp;&nbsp;&nbsp;5.500% 1/31/42 ILS (d) | 3470000 | 1284900 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| &nbsp;&nbsp;&nbsp;2.800% 3/01/67 EUR (c) (d) | 1064000 | 766617 |
| Japan Government CPI Linked Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.005% 3/10/31 JPY (d) | 209861927 | 1660634 |
| &nbsp;&nbsp;&nbsp;0.100% 3/10/24 JPY (d) | 110472200 | 859855 |
| &nbsp;&nbsp;&nbsp;0.100% 9/10/24 JPY (d) | 290838600 | 2272592 |
| &nbsp;&nbsp;&nbsp;0.100% 3/10/25 JPY (d) | 307954500 | 2407508 |
| Japan Government Ten Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.400% 3/20/25 JPY (d) | 336200000 | 2581367 |
| Japan Government Thirty Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.700% 12/20/51 JPY (d) | 20300000 | 123760 |
| &nbsp;&nbsp;&nbsp;1.000% 3/20/52 JPY (d) | 329400000 | 2172725 |
| &nbsp;&nbsp;&nbsp;1.300% 6/20/52 JPY (d) | 221250000 | 1580444 |
| &nbsp;&nbsp;&nbsp;1.400% 9/20/52 JPY (d) | 219950000 | 1601961 |
| &nbsp;&nbsp;&nbsp;1.700% 9/20/44 JPY (d) | 280250000 | 2273049 |
| &nbsp;&nbsp;&nbsp;2.200% 9/20/39 JPY (d) | 240750000 | 2121917 |
| &nbsp;&nbsp;&nbsp;2.500% 9/20/37 JPY (d) | 50250000 | 460543 |
| Latvia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.375% 10/07/26 EUR (c) (d) | 2114000 | 2013284 |
| Malaysia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.844% 4/15/33 MYR (d) | 590000 | 130719 |
| &nbsp;&nbsp;&nbsp;4.065% 6/15/50 MYR (d) | 2820000 | 583820 |
| &nbsp;&nbsp;&nbsp;4.642% 11/07/33 MYR (d) | 3255000 | 770063 |
| &nbsp;&nbsp;&nbsp;4.736% 3/15/46 MYR (d) | 5640000 | 1312881 |
| &nbsp;&nbsp;&nbsp;4.921% 7/06/48 MYR (d) | 6150000 | 1455083 |
| &nbsp;&nbsp;&nbsp;4.935% 9/30/43 MYR (d) | 325000 | 78346 |
| Mexican Bonos |  |  |
| &nbsp;&nbsp;&nbsp;8.500% 5/31/29 MXN (d) | 4567000 | 227878 |
| New South Wales Treasury Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 5/20/26 AUD (c) (d) | 680000 | 463049 |
| &nbsp;&nbsp;&nbsp;4.000% 5/20/26 AUD (c) (d) | 860000 | 585620 |
| North Macedonia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.625% 3/10/28 EUR (c) (d) | 400000 | 333445 |
| Norway Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 3/14/24 NOK (c) (d) | 2700000 | 275104 |
| Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.250% 4/28/25 EUR (d) | 125000 | 123848 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Province of Ontario Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 6/02/43 CAD (d) | $140000 | $91541 |
| &nbsp;&nbsp;&nbsp;3.500% 6/02/43 CAD (d) | 62000 | 40540 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 3/07/28 EUR (c) (d) | 430000 | 382806 |
| &nbsp;&nbsp;&nbsp;2.875% 10/28/24 EUR (c) (d) | 100000 | 105209 |
| &nbsp;&nbsp;&nbsp;2.875% 5/26/28 EUR (c) (d) | 560000 | 518220 |
| &nbsp;&nbsp;&nbsp;3.624% 5/26/30 EUR (c) (d) | 509000 | 444402 |
| Serbia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.000% 9/23/28 EUR (c) (d) | 850000 | 649265 |
| &nbsp;&nbsp;&nbsp;1.500% 6/26/29 EUR (c) (d) | 450000 | 344273 |
| &nbsp;&nbsp;&nbsp;1.650% 3/03/33 EUR (c) (d) | 435000 | 281429 |
| &nbsp;&nbsp;&nbsp;2.050% 9/23/36 EUR (c) (d) | 280000 | 167946 |
| &nbsp;&nbsp;&nbsp;2.050% 9/23/36 EUR (c) (d) | 375000 | 224928 |
| Serbia Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 8/20/32 RSD (d) | 75180000 | 562989 |
| Singapore Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.500% 11/01/25 SGD (d) | 1350000 | 942601 |
| &nbsp;&nbsp;&nbsp;1.625% 7/01/31 SGD (d) | 1338000 | 889070 |
| &nbsp;&nbsp;&nbsp;2.375% 6/01/25 SGD (d) | 480000 | 353531 |
| &nbsp;&nbsp;&nbsp;2.875% 7/01/29 SGD (d) | 4113000 | 3038535 |
| Slovenia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 2/12/31 EUR (c) (d) | 155000 | 122628 |
| &nbsp;&nbsp;&nbsp;1.500% 3/25/35 EUR (c) (d) | 342000 | 278789 |
| &nbsp;&nbsp;&nbsp;1.750% 11/03/40 EUR (c) (d) | 450000 | 337008 |
| &nbsp;&nbsp;&nbsp;2.250% 3/03/32 EUR (c) (d) | 170000 | 161179 |
| &nbsp;&nbsp;&nbsp;3.125% 8/07/45 EUR (c) (d) | 1035000 | 961914 |
| Sweden Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 6/01/32 SEK (c) (d) | 33150000 | 3147341 |
| Thailand Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 12/17/31 THB (d) | 91434000 | 2539869 |
| &nbsp;&nbsp;&nbsp;3.650% 6/20/31 THB (d) | 19528000 | 614156 |
| United Kingdom Gilt |  |  |
| &nbsp;&nbsp;&nbsp;0.625% 6/07/25 GBP (c) (d) | 1393000 | 1571909 |
| &nbsp;&nbsp;&nbsp;0.625% 10/22/50 GBP (c) (d) | 732000 | 394140 |
| &nbsp;&nbsp;&nbsp;4.250% 6/07/32 GBP (c) (d) | 5041000 | 6376021 |
| &nbsp;&nbsp;&nbsp;4.250% 12/07/46 GBP (c) (d) | 959000 | 1194530 |
| &nbsp;&nbsp;&nbsp;4.750% 12/07/30 GBP (c) (d) | 1326000 | 1728231 |
|  |  | 101723013 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS <br>(Cost $118,935,754)** |  | **101723013** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (h) — 21.1%** |  |  |
| **Collateralized Mortgage Obligations — 0.1%** |  |  |
| Federal Home Loan Mortgage Corp. REMICS <br> Series 4977, Class IO 4.500% 5/25/50 | 257044 | 49134 |
| Government National Mortgage Association <br> Series 2022-63, Class LM 3.500% 10/20/50 | 260000 | 228617 |
|  |  | 277751 |
| **Pass-Through Securities — 20.4%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8147 1.500% 4/01/37 | 335553 | 291862 |
| &nbsp;&nbsp;&nbsp;Pool #RB5148 2.000% 3/01/42 | 874015 | 738136 |
| &nbsp;&nbsp;&nbsp;Pool #RA3046 2.000% 7/01/50 | 27443 | 22567 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #SD8146 2.000% 5/01/51 | $528317 | $434460 |
| &nbsp;&nbsp;&nbsp;Pool #RA5258 2.000% 5/01/51 | 857987 | 705027 |
| &nbsp;&nbsp;&nbsp;Pool #QC2565 2.000% 6/01/51 | 31637 | 26016 |
| &nbsp;&nbsp;&nbsp;Pool #RA6505 2.000% 12/01/51 | 1475019 | 1209290 |
| &nbsp;&nbsp;&nbsp;Pool #QD9658 2.000% 2/01/52 | 33831 | 27694 |
| &nbsp;&nbsp;&nbsp;Pool #SD8199 2.000% 3/01/52 | 4635715 | 3794783 |
| &nbsp;&nbsp;&nbsp;Pool #SD1217 2.000% 3/01/52 | 243632 | 200426 |
| &nbsp;&nbsp;&nbsp;Pool #SD8204 2.000% 4/01/52 | 222721 | 182318 |
| &nbsp;&nbsp;&nbsp;Pool #RA7324 2.000% 5/01/52 | 147949 | 121527 |
| &nbsp;&nbsp;&nbsp;Pool #SD8218 2.000% 6/01/52 | 965968 | 790437 |
| &nbsp;&nbsp;&nbsp;Pool #RB5149 2.500% 3/01/42 | 679553 | 593288 |
| &nbsp;&nbsp;&nbsp;Pool #QC1292 2.500% 5/01/51 | 19689 | 16802 |
| &nbsp;&nbsp;&nbsp;Pool #QC3425 2.500% 6/01/51 | 242325 | 206641 |
| &nbsp;&nbsp;&nbsp;Pool #QC2902 2.500% 6/01/51 | 38700 | 33448 |
| &nbsp;&nbsp;&nbsp;Pool #QC3551 2.500% 7/01/51 | 22341 | 19051 |
| &nbsp;&nbsp;&nbsp;Pool #QC5137 2.500% 8/01/51 | 62815 | 53506 |
| &nbsp;&nbsp;&nbsp;Pool #QC5575 2.500% 8/01/51 | 78659 | 67002 |
| &nbsp;&nbsp;&nbsp;Pool #SD7548 2.500% 11/01/51 | 930544 | 802822 |
| &nbsp;&nbsp;&nbsp;Pool #SD0854 2.500% 1/01/52 | 92058 | 78358 |
| &nbsp;&nbsp;&nbsp;Pool #RA6623 2.500% 1/01/52 | 1103357 | 943640 |
| &nbsp;&nbsp;&nbsp;Pool #SD8200 2.500% 3/01/52 | 687893 | 585414 |
| &nbsp;&nbsp;&nbsp;Pool #SD7554 2.500% 4/01/52 | 357750 | 307753 |
| &nbsp;&nbsp;&nbsp;Pool #SD8212 2.500% 5/01/52 | 2788791 | 2372462 |
| &nbsp;&nbsp;&nbsp;Pool #ZS7930 3.000% 1/01/33 | 409453 | 389456 |
| &nbsp;&nbsp;&nbsp;Pool #RB5162 3.000% 6/01/42 | 120310 | 108035 |
| &nbsp;&nbsp;&nbsp;Pool #RB5166 3.000% 7/01/42 | 67750 | 60838 |
| &nbsp;&nbsp;&nbsp;Pool #RB5173 3.000% 8/01/42 | 57538 | 51667 |
| &nbsp;&nbsp;&nbsp;Pool #SD1497 3.000% 4/01/43 | 316139 | 287540 |
| &nbsp;&nbsp;&nbsp;Pool #ZS4693 3.000% 12/01/46 | 71771 | 64672 |
| &nbsp;&nbsp;&nbsp;Pool #G08756 3.000% 4/01/47 | 30583 | 27565 |
| &nbsp;&nbsp;&nbsp;Pool #SD0080 3.000% 9/01/49 | 139726 | 125863 |
| &nbsp;&nbsp;&nbsp;Pool #SD7531 3.000% 12/01/50 | 162525 | 145537 |
| &nbsp;&nbsp;&nbsp;Pool #RA6348 3.000% 11/01/51 | 435558 | 384381 |
| &nbsp;&nbsp;&nbsp;Pool #QD8560 3.000% 3/01/52 | 388758 | 342564 |
| &nbsp;&nbsp;&nbsp;Pool #QE4043 3.000% 6/01/52 | 463421 | 408210 |
| &nbsp;&nbsp;&nbsp;Pool #SD8220 3.000% 6/01/52 | 652929 | 575345 |
| &nbsp;&nbsp;&nbsp;Pool #SD7555 3.000% 8/01/52 | 936229 | 834124 |
| &nbsp;&nbsp;&nbsp;Pool #SB0015 3.500% 6/01/33 | 147453 | 142262 |
| &nbsp;&nbsp;&nbsp;Pool #U90690 3.500% 6/01/42 | 48143 | 45251 |
| &nbsp;&nbsp;&nbsp;Pool #U99051 3.500% 6/01/43 | 49518 | 46163 |
| &nbsp;&nbsp;&nbsp;Pool #ZM3532 3.500% 6/01/47 | 188962 | 175642 |
| &nbsp;&nbsp;&nbsp;Pool #ZT0179 3.500% 11/01/47 | 301898 | 281938 |
| &nbsp;&nbsp;&nbsp;Pool #RA1202 3.500% 8/01/49 | 113498 | 105435 |
| &nbsp;&nbsp;&nbsp;Pool #SD0212 3.500% 12/01/49 | 158418 | 147115 |
| &nbsp;&nbsp;&nbsp;Pool #SD1361 3.500% 2/01/50 | 845999 | 793238 |
| &nbsp;&nbsp;&nbsp;Pool #SD0617 3.500% 11/01/50 | 108734 | 100942 |
| &nbsp;&nbsp;&nbsp;Pool #SB8171 4.000% 6/01/37 | 68834 | 67275 |
| &nbsp;&nbsp;&nbsp;Pool #SB0727 4.000% 8/01/37 | 230201 | 225131 |
| &nbsp;&nbsp;&nbsp;Pool #RA1906 4.000% 12/01/49 | 197669 | 189359 |
| &nbsp;&nbsp;&nbsp;Pool #SD8039 4.000% 1/01/50 | 244829 | 232777 |
| &nbsp;&nbsp;&nbsp;Pool #SD1035 4.000% 5/01/52 | 225298 | 212342 |
| &nbsp;&nbsp;&nbsp;Pool #SD8244 4.000% 9/01/52 | 345198 | 324700 |
| &nbsp;&nbsp;&nbsp;Pool #SD0422 4.500% 7/01/45 | 121498 | 120553 |
| &nbsp;&nbsp;&nbsp;Pool #RA2607 4.500% 5/01/50 | 52201 | 50969 |
| &nbsp;&nbsp;&nbsp;Pool #ZS3941 5.000% 12/01/41 | 36843 | 37338 |
| &nbsp;&nbsp;&nbsp;Pool #QF0658 5.000% 8/01/52 | 763347 | 759256 |
| &nbsp;&nbsp;&nbsp;Pool #QF1305 5.000% 10/01/52 | 69842 | 68971 |
| Federal National Mortgage Association |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA4581 1.500% 4/01/37 | $690605 | $600683 |
| &nbsp;&nbsp;&nbsp;Pool #MA4601 1.500% 5/01/37 | 573317 | 498667 |
| &nbsp;&nbsp;&nbsp;Pool #MA4685 1.500% 6/01/37 | 464805 | 404284 |
| &nbsp;&nbsp;&nbsp;Pool #MA4519 1.500% 1/01/42 | 598977 | 487409 |
| &nbsp;&nbsp;&nbsp;Pool #MA4586 2.000% 4/01/42 | 1022210 | 863292 |
| &nbsp;&nbsp;&nbsp;Pool #FS2763 2.000% 8/01/42 | 49172 | 41528 |
| &nbsp;&nbsp;&nbsp;Pool #CA6587 2.000% 8/01/50 | 117370 | 96739 |
| &nbsp;&nbsp;&nbsp;Pool #MA4158 2.000% 10/01/50 | 276224 | 227670 |
| &nbsp;&nbsp;&nbsp;Pool #MA4325 2.000% 5/01/51 | 2382393 | 1959154 |
| &nbsp;&nbsp;&nbsp;Pool #CB2357 2.000% 12/01/51 | 1200506 | 984231 |
| &nbsp;&nbsp;&nbsp;Pool #MA4547 2.000% 2/01/52 | 594466 | 486814 |
| &nbsp;&nbsp;&nbsp;Pool #BT6598 2.000% 2/01/52 | 908783 | 743359 |
| &nbsp;&nbsp;&nbsp;Pool #CB2766 2.000% 2/01/52 | 369314 | 302434 |
| &nbsp;&nbsp;&nbsp;Pool #CB2848 2.000% 2/01/52 | 597117 | 488984 |
| &nbsp;&nbsp;&nbsp;Pool #FS0733 2.000% 2/01/52 | 531308 | 436753 |
| &nbsp;&nbsp;&nbsp;Pool #FS1618 2.000% 3/01/52 | 275732 | 226489 |
| &nbsp;&nbsp;&nbsp;Pool #MA4562 2.000% 3/01/52 | 6160039 | 5042590 |
| &nbsp;&nbsp;&nbsp;Pool #FS1571 2.000% 4/01/52 | 25963 | 21253 |
| &nbsp;&nbsp;&nbsp;Pool #MA4622 2.000% 6/01/52 | 927599 | 759040 |
| &nbsp;&nbsp;&nbsp;Pool #BM3859 2.500% 8/01/31 | 93572 | 87887 |
| &nbsp;&nbsp;&nbsp;Pool #BC9043 2.500% 11/01/31 | 291616 | 273534 |
| &nbsp;&nbsp;&nbsp;Pool #BM1890 2.500% 1/01/32 | 68722 | 64632 |
| &nbsp;&nbsp;&nbsp;Pool #CB3210 2.500% 3/01/37 | 1646840 | 1512818 |
| &nbsp;&nbsp;&nbsp;Pool #MA4628 2.500% 6/01/37 | 514849 | 472790 |
| &nbsp;&nbsp;&nbsp;Pool #BV7856 2.500% 7/01/37 | 439777 | 403850 |
| &nbsp;&nbsp;&nbsp;Pool #CB4726 2.500% 9/01/37 | 132493 | 121669 |
| &nbsp;&nbsp;&nbsp;Pool #MA4326 2.500% 5/01/51 | 932933 | 798177 |
| &nbsp;&nbsp;&nbsp;Pool #BT1265 2.500% 6/01/51 | 341174 | 290934 |
| &nbsp;&nbsp;&nbsp;Pool #BT0163 2.500% 6/01/51 | 53005 | 45812 |
| &nbsp;&nbsp;&nbsp;Pool #CB1331 2.500% 8/01/51 | 741938 | 633380 |
| &nbsp;&nbsp;&nbsp;Pool #FM8320 2.500% 8/01/51 | 80353 | 68521 |
| &nbsp;&nbsp;&nbsp;Pool #CB1783 2.500% 10/01/51 | 1520307 | 1296434 |
| &nbsp;&nbsp;&nbsp;Pool #CB1866 2.500% 10/01/51 | 1144123 | 975645 |
| &nbsp;&nbsp;&nbsp;Pool #CB2638 2.500% 1/01/52 | 1283966 | 1093692 |
| &nbsp;&nbsp;&nbsp;Pool #CB2635 2.500% 1/01/52 | 1234322 | 1050440 |
| &nbsp;&nbsp;&nbsp;Pool #CB2538 2.500% 1/01/52 | 1099421 | 940274 |
| &nbsp;&nbsp;&nbsp;Pool #CB2804 2.500% 2/01/52 | 753753 | 644054 |
| &nbsp;&nbsp;&nbsp;Pool #FS2573 2.500% 3/01/52 | 87212 | 75132 |
| &nbsp;&nbsp;&nbsp;Pool #FS1629 2.500% 4/01/52 | 81685 | 69465 |
| &nbsp;&nbsp;&nbsp;Pool #MA4578 2.500% 4/01/52 | 1736208 | 1477016 |
| &nbsp;&nbsp;&nbsp;Pool #CB3665 2.500% 5/01/52 | 994430 | 845664 |
| &nbsp;&nbsp;&nbsp;Pool #AS7056 3.000% 4/01/31 | 222491 | 212598 |
| &nbsp;&nbsp;&nbsp;Pool #BM5111 3.000% 11/01/33 | 103604 | 98544 |
| &nbsp;&nbsp;&nbsp;Pool #CA4885 3.000% 12/01/34 | 383824 | 363760 |
| &nbsp;&nbsp;&nbsp;Pool #BO7256 3.000% 1/01/35 | 191505 | 181315 |
| &nbsp;&nbsp;&nbsp;Pool #FM2547 3.000% 2/01/35 | 119137 | 112909 |
| &nbsp;&nbsp;&nbsp;Pool #FM8540 3.000% 11/01/35 | 215767 | 205769 |
| &nbsp;&nbsp;&nbsp;Pool #AL9412 3.000% 11/01/36 | 220308 | 206436 |
| &nbsp;&nbsp;&nbsp;Pool #CA5597 3.000% 4/01/40 | 851351 | 780186 |
| &nbsp;&nbsp;&nbsp;Pool #MA4632 3.000% 6/01/42 | 30941 | 27784 |
| &nbsp;&nbsp;&nbsp;Pool #MA4695 3.000% 7/01/42 | 178927 | 160671 |
| &nbsp;&nbsp;&nbsp;Pool #BM4221 3.000% 1/01/43 | 123491 | 111918 |
| &nbsp;&nbsp;&nbsp;Pool #BM5468 3.000% 2/01/43 | 187835 | 170843 |
| &nbsp;&nbsp;&nbsp;Pool #AB9248 3.000% 5/01/43 | 48978 | 44547 |
| &nbsp;&nbsp;&nbsp;Pool #AU1629 3.000% 7/01/43 | 13709 | 12460 |
| &nbsp;&nbsp;&nbsp;Pool #AS0406 3.000% 9/01/43 | 77414 | 70556 |
| &nbsp;&nbsp;&nbsp;Pool #BM5469 3.000% 3/01/44 | 352794 | 320878 |
| &nbsp;&nbsp;&nbsp;Pool #BM3380 3.000% 6/01/46 | 312182 | 283453 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA2670 3.000% 7/01/46 | $111111 | $100260 |
| &nbsp;&nbsp;&nbsp;Pool #MA2806 3.000% 11/01/46 | 209041 | 188366 |
| &nbsp;&nbsp;&nbsp;Pool #AS8295 3.000% 11/01/46 | 277067 | 250444 |
| &nbsp;&nbsp;&nbsp;Pool #BD8462 3.000% 11/01/46 | 1212486 | 1093704 |
| &nbsp;&nbsp;&nbsp;Pool #FM1000 3.000% 4/01/47 | 174259 | 157025 |
| &nbsp;&nbsp;&nbsp;Pool #MA2956 3.000% 4/01/47 | 137069 | 123427 |
| &nbsp;&nbsp;&nbsp;Pool #BM1418 3.000% 4/01/47 | 1395455 | 1258749 |
| &nbsp;&nbsp;&nbsp;Pool #BM4744 3.000% 6/01/47 | 120403 | 108834 |
| &nbsp;&nbsp;&nbsp;Pool #FM1572 3.000% 9/01/48 | 247687 | 223190 |
| &nbsp;&nbsp;&nbsp;Pool #FM5499 3.000% 2/01/49 | 163022 | 146899 |
| &nbsp;&nbsp;&nbsp;Pool #FM1445 3.000% 8/01/49 | 118965 | 107162 |
| &nbsp;&nbsp;&nbsp;Pool #CA4108 3.000% 9/01/49 | 769267 | 691021 |
| &nbsp;&nbsp;&nbsp;Pool #FM2870 3.000% 3/01/50 | 213591 | 191598 |
| &nbsp;&nbsp;&nbsp;Pool #CA5540 3.000% 4/01/50 | 14013 | 12548 |
| &nbsp;&nbsp;&nbsp;Pool #CA6314 3.000% 7/01/50 | 195973 | 173345 |
| &nbsp;&nbsp;&nbsp;Pool #BQ1348 3.000% 8/01/50 | 132153 | 117514 |
| &nbsp;&nbsp;&nbsp;Pool #CA6738 3.000% 8/01/50 | 235680 | 209572 |
| &nbsp;&nbsp;&nbsp;Pool #BQ5052 3.000% 9/01/50 | 6880 | 6128 |
| &nbsp;&nbsp;&nbsp;Pool #FM7072 3.000% 4/01/51 | 683864 | 611527 |
| &nbsp;&nbsp;&nbsp;Pool #CB2432 3.000% 12/01/51 | 29750 | 26227 |
| &nbsp;&nbsp;&nbsp;Pool #FM3462 3.500% 12/01/33 | 318614 | 308173 |
| &nbsp;&nbsp;&nbsp;Pool #AS4449 3.500% 2/01/35 | 104091 | 99649 |
| &nbsp;&nbsp;&nbsp;Pool #FM3340 3.500% 5/01/35 | 9981 | 9590 |
| &nbsp;&nbsp;&nbsp;Pool #FM8137 3.500% 9/01/35 | 105858 | 102554 |
| &nbsp;&nbsp;&nbsp;Pool #MA1283 3.500% 12/01/42 | 40910 | 38391 |
| &nbsp;&nbsp;&nbsp;Pool #MA1373 3.500% 3/01/43 | 62900 | 58584 |
| &nbsp;&nbsp;&nbsp;Pool #MA1437 3.500% 5/01/43 | 59528 | 55443 |
| &nbsp;&nbsp;&nbsp;Pool #MA1546 3.500% 8/01/43 | 141882 | 132147 |
| &nbsp;&nbsp;&nbsp;Pool #AL6167 3.500% 1/01/44 | 566352 | 527492 |
| &nbsp;&nbsp;&nbsp;Pool #AS5182 3.500% 6/01/45 | 361462 | 338467 |
| &nbsp;&nbsp;&nbsp;Pool #BC1747 3.500% 1/01/46 | 910610 | 851543 |
| &nbsp;&nbsp;&nbsp;Pool #BM5785 3.500% 9/01/46 | 94527 | 88513 |
| &nbsp;&nbsp;&nbsp;Pool #FS1400 3.500% 7/01/47 | 24913 | 23379 |
| &nbsp;&nbsp;&nbsp;Pool #BM4582 3.500% 8/01/47 | 107024 | 100082 |
| &nbsp;&nbsp;&nbsp;Pool #BM3122 3.500% 10/01/47 | 1061819 | 991617 |
| &nbsp;&nbsp;&nbsp;Pool #MA3210 3.500% 12/01/47 | 34151 | 31701 |
| &nbsp;&nbsp;&nbsp;Pool #CA0858 3.500% 12/01/47 | 49070 | 45549 |
| &nbsp;&nbsp;&nbsp;Pool #MA3238 3.500% 1/01/48 | 208545 | 193454 |
| &nbsp;&nbsp;&nbsp;Pool #BH9277 3.500% 2/01/48 | 371634 | 344741 |
| &nbsp;&nbsp;&nbsp;Pool #FM1001 3.500% 11/01/48 | 44636 | 41462 |
| &nbsp;&nbsp;&nbsp;Pool #FM8196 3.500% 12/01/48 | 739749 | 687604 |
| &nbsp;&nbsp;&nbsp;Pool #FM3972 3.500% 7/01/50 | 252449 | 232544 |
| &nbsp;&nbsp;&nbsp;Pool #FM8086 3.500% 7/01/51 | 118822 | 108738 |
| &nbsp;&nbsp;&nbsp;Pool #MA4514 3.500% 1/01/52 | 514029 | 468858 |
| &nbsp;&nbsp;&nbsp;Pool #BV3533 3.500% 2/01/52 | 40000 | 36452 |
| &nbsp;&nbsp;&nbsp;Pool #FS1694 4.000% 7/01/35 | 130821 | 128635 |
| &nbsp;&nbsp;&nbsp;Pool #FS1883 4.000% 6/01/37 | 141444 | 138240 |
| &nbsp;&nbsp;&nbsp;Pool #BF0198 4.000% 11/01/40 | 101802 | 97817 |
| &nbsp;&nbsp;&nbsp;Pool #MA0639 4.000% 2/01/41 | 327229 | 317277 |
| &nbsp;&nbsp;&nbsp;Pool #BM3385 4.000% 6/01/45 | 537220 | 518917 |
| &nbsp;&nbsp;&nbsp;Pool #FS1042 4.000% 9/01/45 | 534576 | 518198 |
| &nbsp;&nbsp;&nbsp;Pool #FM2673 4.000% 10/01/45 | 808385 | 783414 |
| &nbsp;&nbsp;&nbsp;Pool #AL8387 4.000% 3/01/46 | 581546 | 561551 |
| &nbsp;&nbsp;&nbsp;Pool #FS2119 4.000% 3/01/46 | 93174 | 90310 |
| &nbsp;&nbsp;&nbsp;Pool #MA3088 4.000% 8/01/47 | 30942 | 29714 |
| &nbsp;&nbsp;&nbsp;Pool #MA3121 4.000% 9/01/47 | 282262 | 270881 |
| &nbsp;&nbsp;&nbsp;Pool #MA3467 4.000% 9/01/48 | 3982 | 3803 |
| &nbsp;&nbsp;&nbsp;Pool #BM5527 4.000% 10/01/48 | 104945 | 101107 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #BM5147 4.000% 10/01/48 | $24539 | $23726 |
| &nbsp;&nbsp;&nbsp;Pool #FM3664 4.000% 3/01/49 | 377779 | 360776 |
| &nbsp;&nbsp;&nbsp;Pool #CA3503 4.000% 5/01/49 | 51782 | 49359 |
| &nbsp;&nbsp;&nbsp;Pool #CA4571 4.000% 11/01/49 | 80305 | 76402 |
| &nbsp;&nbsp;&nbsp;Pool #CA4823 4.000% 12/01/49 | 110154 | 104800 |
| &nbsp;&nbsp;&nbsp;Pool #FS1792 4.000% 5/01/52 | 226888 | 213787 |
| &nbsp;&nbsp;&nbsp;Pool #CB4379 4.000% 8/01/52 | 212201 | 199865 |
| &nbsp;&nbsp;&nbsp;Pool #AL0065 4.500% 4/01/41 | 187757 | 186398 |
| &nbsp;&nbsp;&nbsp;Pool #AI1888 4.500% 5/01/41 | 208503 | 206995 |
| &nbsp;&nbsp;&nbsp;Pool #AL0160 4.500% 5/01/41 | 272458 | 270484 |
| &nbsp;&nbsp;&nbsp;Pool #AL6536 4.500% 3/01/45 | 278723 | 276391 |
| &nbsp;&nbsp;&nbsp;Pool #BM4185 4.500% 9/01/46 | 153975 | 152590 |
| &nbsp;&nbsp;&nbsp;Pool #FM2899 4.500% 11/01/46 | 348699 | 346087 |
| &nbsp;&nbsp;&nbsp;Pool #FM5708 4.500% 5/01/47 | 172746 | 171497 |
| &nbsp;&nbsp;&nbsp;Pool #BM3148 4.500% 11/01/47 | 138548 | 137042 |
| &nbsp;&nbsp;&nbsp;Pool #BM4343 4.500% 5/01/48 | 145159 | 143762 |
| &nbsp;&nbsp;&nbsp;Pool #CA2207 4.500% 8/01/48 | 31132 | 30530 |
| &nbsp;&nbsp;&nbsp;Pool #CA5186 4.500% 1/01/50 | 25260 | 24712 |
| &nbsp;&nbsp;&nbsp;Pool #CA5696 4.500% 5/01/50 | 86999 | 84157 |
| &nbsp;&nbsp;&nbsp;Pool #MA4656 4.500% 7/01/52 | 881924 | 852013 |
| &nbsp;&nbsp;&nbsp;Pool #MA4701 4.500% 8/01/52 | 217261 | 209892 |
| &nbsp;&nbsp;&nbsp;Pool #BW3031 4.500% 8/01/52 | 380000 | 366963 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805 4.500% 11/01/52 | 212845 | 205493 |
| &nbsp;&nbsp;&nbsp;Pool #AD6438 5.000% 6/01/40 | 48659 | 49313 |
| &nbsp;&nbsp;&nbsp;Pool #FM8543 5.000% 11/01/44 | 203693 | 206537 |
| &nbsp;&nbsp;&nbsp;Pool #AL9893 5.000% 2/01/45 | 264120 | 268832 |
| &nbsp;&nbsp;&nbsp;Pool #FM4212 5.000% 12/01/47 | 418197 | 421639 |
| &nbsp;&nbsp;&nbsp;Pool #FS1510 5.000% 10/01/48 | 310381 | 314238 |
| &nbsp;&nbsp;&nbsp;Pool #FS2620 5.000% 8/01/52 | 46754 | 46273 |
| &nbsp;&nbsp;&nbsp;Pool #BW7752 5.000% 10/01/52 | 99849 | 98604 |
| &nbsp;&nbsp;&nbsp;Pool #BM3279 5.500% 5/01/44 | 640514 | 658853 |
| &nbsp;&nbsp;&nbsp;Pool #BM4971 6.000% 7/01/41 | 186146 | 194691 |
| &nbsp;&nbsp;&nbsp;Pool #MA4894 6.000% 1/01/53 | 3125000 | 3176933 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7472 2.500% 7/20/51 | 752378 | 655608 |
| &nbsp;&nbsp;&nbsp;Pool #AA5821 3.000% 11/15/42 | 40272 | 36834 |
| &nbsp;&nbsp;&nbsp;Pool #MA0852 3.500% 3/20/43 | 114385 | 107787 |
| &nbsp;&nbsp;&nbsp;Pool # 784346 3.500% 7/20/47 | 25451 | 23665 |
| &nbsp;&nbsp;&nbsp;Pool # 784793 3.500% 12/20/47 | 6755 | 6281 |
| &nbsp;&nbsp;&nbsp;Pool #MA5234 4.500% 11/20/41 | 140025 | 138866 |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7254 2.000% 3/20/51 | 530373 | 448191 |
| &nbsp;&nbsp;&nbsp;Pool #MA7471 2.000% 7/20/51 | 1837942 | 1551283 |
| &nbsp;&nbsp;&nbsp;Pool #MA7533 2.000% 8/20/51 | 2566075 | 2165050 |
| &nbsp;&nbsp;&nbsp;Pool #MA7826 2.000% 1/20/52 | 803124 | 675793 |
| &nbsp;&nbsp;&nbsp;Pool #MA8041 2.000% 5/20/52 | 508811 | 427505 |
| &nbsp;&nbsp;&nbsp;Pool #MA6819 2.500% 8/20/50 | 325402 | 284490 |
| &nbsp;&nbsp;&nbsp;Pool #MA7589 2.500% 9/20/51 | 390201 | 339649 |
| &nbsp;&nbsp;&nbsp;Pool #MA7649 2.500% 10/20/51 | 2491047 | 2167539 |
| &nbsp;&nbsp;&nbsp;Pool #MA7705 2.500% 11/20/51 | 628755 | 546658 |
| &nbsp;&nbsp;&nbsp;Pool #MA7767 2.500% 12/20/51 | 1334275 | 1159640 |
| &nbsp;&nbsp;&nbsp;Pool #MA7936 2.500% 3/20/52 | 217647 | 188956 |
| &nbsp;&nbsp;&nbsp;Pool #MA2600 3.000% 2/20/45 | 79515 | 72413 |
| &nbsp;&nbsp;&nbsp;Pool #MA2891 3.000% 6/20/45 | 646246 | 588521 |
| &nbsp;&nbsp;&nbsp;Pool #MA3662 3.000% 5/20/46 | 103379 | 93919 |
| &nbsp;&nbsp;&nbsp;Pool #MA3802 3.000% 7/20/46 | 49118 | 44623 |
| &nbsp;&nbsp;&nbsp;Pool #MA3873 3.000% 8/20/46 | 284868 | 258799 |
| &nbsp;&nbsp;&nbsp;Pool #MA4195 3.000% 1/20/47 | 346700 | 314540 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA6144 3.000% 9/20/49 | $13542 | $11833 |
| &nbsp;&nbsp;&nbsp;Pool #MA6209 3.000% 10/20/49 | 82699 | 72262 |
| &nbsp;&nbsp;&nbsp;Pool #MA6399 3.000% 1/20/50 | 41252 | 36046 |
| &nbsp;&nbsp;&nbsp;Pool #MA6531 3.000% 3/20/50 | 134070 | 117151 |
| &nbsp;&nbsp;&nbsp;Pool #MA6589 3.000% 4/20/50 | 63165 | 55193 |
| &nbsp;&nbsp;&nbsp;Pool #MA6757 3.000% 7/20/50 | 108547 | 94544 |
| &nbsp;&nbsp;&nbsp;Pool #MA7473 3.000% 7/20/51 | 853083 | 765420 |
| &nbsp;&nbsp;&nbsp;Pool #MA7650 3.000% 10/20/51 | 1405483 | 1259738 |
| &nbsp;&nbsp;&nbsp;Pool #MA8098 3.000% 6/20/52 | 1038312 | 927478 |
| &nbsp;&nbsp;&nbsp;Pool #MA0318 3.500% 8/20/42 | 160584 | 151012 |
| &nbsp;&nbsp;&nbsp;Pool #783802 3.500% 4/20/43 | 182373 | 170429 |
| &nbsp;&nbsp;&nbsp;Pool #MA1012 3.500% 5/20/43 | 341324 | 321636 |
| &nbsp;&nbsp;&nbsp;Pool #MA1090 3.500% 6/20/43 | 135349 | 127542 |
| &nbsp;&nbsp;&nbsp;Pool #785587 3.500% 12/20/44 | 231825 | 218454 |
| &nbsp;&nbsp;&nbsp;Pool #AL1773 3.500% 1/20/45 | 168368 | 156973 |
| &nbsp;&nbsp;&nbsp;Pool #MA3173 3.500% 10/20/45 | 222730 | 209535 |
| &nbsp;&nbsp;&nbsp;Pool #MA3310 3.500% 12/20/45 | 73131 | 68730 |
| &nbsp;&nbsp;&nbsp;Pool #MA3597 3.500% 4/20/46 | 107826 | 101202 |
| &nbsp;&nbsp;&nbsp;Pool #MA3663 3.500% 5/20/46 | 84115 | 78869 |
| &nbsp;&nbsp;&nbsp;Pool #MA3736 3.500% 6/20/46 | 225984 | 211890 |
| &nbsp;&nbsp;&nbsp;Pool #MA3803 3.500% 7/20/46 | 16226 | 15214 |
| &nbsp;&nbsp;&nbsp;Pool #MA3937 3.500% 9/20/46 | 108047 | 101309 |
| &nbsp;&nbsp;&nbsp;Pool #786092 3.500% 1/20/47 | 151436 | 142465 |
| &nbsp;&nbsp;&nbsp;Pool #MA4382 3.500% 4/20/47 | 19561 | 18298 |
| &nbsp;&nbsp;&nbsp;Pool #MA4586 3.500% 7/20/47 | 37131 | 34734 |
| &nbsp;&nbsp;&nbsp;Pool #MA4719 3.500% 9/20/47 | 13002 | 12154 |
| &nbsp;&nbsp;&nbsp;Pool #BC1919 3.500% 9/20/47 | 50132 | 46551 |
| &nbsp;&nbsp;&nbsp;Pool #MA4900 3.500% 12/20/47 | 177969 | 166369 |
| &nbsp;&nbsp;&nbsp;Pool #784474 3.500% 2/20/48 | 159045 | 147684 |
| &nbsp;&nbsp;&nbsp;Pool #MA784472 3.500% 2/20/48 | 292462 | 271571 |
| &nbsp;&nbsp;&nbsp;Pool #785087 3.500% 2/20/48 | 591290 | 554413 |
| &nbsp;&nbsp;&nbsp;Pool #784504 3.500% 2/20/48 | 123206 | 114328 |
| &nbsp;&nbsp;&nbsp;Pool #784891 3.500% 4/20/48 | 460582 | 427971 |
| &nbsp;&nbsp;&nbsp;Pool #785327 3.500% 10/20/49 | 65302 | 60657 |
| &nbsp;&nbsp;&nbsp;Pool #MA3245 4.000% 11/20/45 | 157447 | 152763 |
| &nbsp;&nbsp;&nbsp;Pool #MA4511 4.000% 6/20/47 | 98298 | 94574 |
| &nbsp;&nbsp;&nbsp;Pool #MA4720 4.000% 9/20/47 | 345134 | 331738 |
| &nbsp;&nbsp;&nbsp;Pool #MA4838 4.000% 11/20/47 | 85632 | 82308 |
| &nbsp;&nbsp;&nbsp;Pool #MA6934 4.000% 10/20/50 | 821268 | 783038 |
| &nbsp;&nbsp;&nbsp;Pool #MA8346 4.000% 10/20/52 | 1388379 | 1316482 |
| &nbsp;&nbsp;&nbsp;Pool #MA2894 4.500% 6/20/45 | 147805 | 147376 |
| &nbsp;&nbsp;&nbsp;Pool #MA2963 4.500% 7/20/45 | 55450 | 55289 |
| &nbsp;&nbsp;&nbsp;Pool #MA3312 4.500% 12/20/45 | 2655 | 2648 |
| &nbsp;&nbsp;&nbsp;Pool #MA4588 4.500% 7/20/47 | 261570 | 259176 |
| &nbsp;&nbsp;&nbsp;Pool #MA4654 4.500% 8/20/47 | 40327 | 39895 |
| &nbsp;&nbsp;&nbsp;Pool #MA5079 4.500% 3/20/48 | 61973 | 61173 |
| &nbsp;&nbsp;&nbsp;Pool #MA5265 4.500% 6/20/48 | 213 | 209 |
| &nbsp;&nbsp;&nbsp;Pool #MA5399 4.500% 8/20/48 | 52052 | 51169 |
| &nbsp;&nbsp;&nbsp;Pool #MA5711 4.500% 1/20/49 | 83839 | 82469 |
| &nbsp;&nbsp;&nbsp;Pool #786255 4.500% 9/20/49 | 70839 | 69548 |
| &nbsp;&nbsp;&nbsp;Pool #MA8347 4.500% 10/20/52 | 1398910 | 1359331 |
| &nbsp;&nbsp;&nbsp;Pool #MA4781 5.000% 10/20/47 | 274877 | 279141 |
| &nbsp;&nbsp;&nbsp;Pool #MA5194 5.000% 5/20/48 | 58343 | 58792 |
| &nbsp;&nbsp;&nbsp;Pool #BF2644 5.000% 5/20/48 | 4649 | 4658 |
| &nbsp;&nbsp;&nbsp;Pool #BF2878 5.000% 6/20/48 | 15725 | 15758 |
| &nbsp;&nbsp;&nbsp;Pool #MA5266 5.000% 6/20/48 | 409242 | 412265 |
| &nbsp;&nbsp;&nbsp;Pool #MA5988 5.000% 6/20/49 | 173629 | 174410 |
| &nbsp;&nbsp;&nbsp;Pool #MA5081 5.500% 3/20/48 | 46443 | 48048 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Pool #MA5140 5.500% 4/20/48 | $35730 | $36965 |
| &nbsp;&nbsp;&nbsp;Pool #MA5195 5.500% 5/20/48 | 104814 | 108075 |
| &nbsp;&nbsp;&nbsp;Pool #MA5469 5.500% 9/20/48 | 397 | 408 |
| &nbsp;&nbsp;&nbsp;Pool #MA5531 5.500% 10/20/48 | 9573 | 9748 |
| &nbsp;&nbsp;&nbsp;Pool #MA5598 5.500% 11/20/48 | 47042 | 47903 |
| &nbsp;&nbsp;&nbsp;Pool #MA5654 5.500% 12/20/48 | 131613 | 133693 |
| &nbsp;&nbsp;&nbsp;Pool #MA5713 5.500% 1/20/49 | 32223 | 33075 |
| &nbsp;&nbsp;&nbsp;Pool #MA5820 5.500% 3/20/49 | 34234 | 35128 |
| &nbsp;&nbsp;&nbsp;Pool #MA8429 5.500% 11/20/52 | 1353162 | 1361860 |
| Government National Mortgage Association II TBA |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 1/23/53 (i) | 1923000 | 1934418 |
| &nbsp;&nbsp;&nbsp;6.000% 1/23/53 (i) | 1045000 | 1062471 |
| &nbsp;&nbsp;&nbsp;6.500% 1/23/53 (i) | 1210000 | 1237698 |
| &nbsp;&nbsp;&nbsp;7.000% 1/23/53 (i) | 355000 | 364430 |
| Uniform Mortgage Backed Securities TBA |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 1/17/38 (i) | 1330000 | 1156684 |
| &nbsp;&nbsp;&nbsp;2.000% 1/12/53 (i) | 955000 | 781011 |
|  |  | 112990859 |
| **Whole Loans — 0.6%** |  |  |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA1, Class M1, 30 day SOFR + .700% 4.628% FRN 8/25/33 (c) | 16006 | 15940 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA1, Class M1B, 30 day SOFR + 1.850% 5.778% FRN 1/25/42 (c) | 535000 | 507707 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class M2, 30 day SOFR + 2.300% 6.228% FRN 8/25/33 (c) | 260000 | 257049 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 (c) | 744856 | 753047 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M1, 30 day SOFR + 1.000% 4.928% FRN 12/25/41 (c) | 81260 | 80172 |
| &nbsp;&nbsp;&nbsp;Series 2022-R02, Class 2M1, 30 day SOFR + 1.200% 5.128% FRN 1/25/42 (c) | 943520 | 927185 |
| &nbsp;&nbsp;&nbsp;Series 2021-R03, Class 1M2, 30 day SOFR + 1.650% 5.578% FRN 12/25/41 (c) | 345000 | 325235 |
| &nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1M1, 30 day SOFR + 2.100% 6.028% FRN 3/25/42 (c) | 248467 | 246911 |
| &nbsp;&nbsp;&nbsp;Series 2017-C06, Class 1M2B, 1 mo. USD LIBOR + 2.650% 7.039% FRN 2/25/30 | 349874 | 352042 |
|  |  | 3465288 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <br>(Cost $125,493,007)** |  | **116733898** |
| **U.S. TREASURY OBLIGATIONS — 21.5%** |  |  |
| **U.S. Treasury Bonds & Notes — 21.5%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.875% 5/15/52 | 9080000 | 7356710 |
| &nbsp;&nbsp;&nbsp;3.000% 8/15/52 | 8900000 | 7423787 |
| &nbsp;&nbsp;&nbsp;3.250% 5/15/42 | 4575000 | 4041453 |
| &nbsp;&nbsp;&nbsp;3.375% 8/15/42 | 11400000 | 10261072 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/42 (e) | 8030000 | 7919765 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/52 | 7980000 | 8069775 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 1/15/25 | 6165000 | 5772146 |
| &nbsp;&nbsp;&nbsp;1.750% 3/15/25 | 2110000 | 1995039 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.000% 7/15/25 (j) | $12600000 | $12215175 |
| &nbsp;&nbsp;&nbsp;3.125% 8/31/27 | 10465000 | 10082110 |
| &nbsp;&nbsp;&nbsp;3.875% 11/30/27 (e) | 11905000 | 11857446 |
| &nbsp;&nbsp;&nbsp;3.875% 12/31/27 | 7130000 | 7102271 |
| &nbsp;&nbsp;&nbsp;3.875% 11/30/29 | 3420000 | 3405296 |
| &nbsp;&nbsp;&nbsp;4.125% 9/30/27 | 11850000 | 11912772 |
| &nbsp;&nbsp;&nbsp;4.125% 10/31/27 | 1400000 | 1407175 |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/32 | 7910000 | 8093365 |
|  |  | 118915357 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $123,697,483)** |  | **118915357** |
| **TOTAL BONDS & NOTES <br>(Cost $589,683,177)** |  | **534599739** |
| **TOTAL PURCHASED<br>OPTIONS(#) — 0.0%<br>(Cost $127,775)** |  | **92249** |
|  | **Number of<br>Shares** |  |
| **MUTUAL FUNDS — 4.0%** |  |  |
| **Diversified Financial Services — 4.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (k) | 22183340 | 22183340 |
| **TOTAL MUTUAL FUNDS <br>(Cost $22,183,340)** |  | **22183340** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $611,994,292)** |  | **556875328** |
| **SHORT-TERM INVESTMENTS — 5.9%** |  |  |
| **Mutual Fund — 2.0%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 11216403 | 11216403 |
| **Repurchase Agreement — 0.2%** | **Principal<br>Amount** |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (l) | $1254745 | 1254745 |
| **Sovereign Debt Obligations — 3.0%** |  |  |
| Canadian Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.811% 1/19/23 CAD (d) (m) | 1050000 | 773819 |
| &nbsp;&nbsp;&nbsp;3.818% 1/19/23 CAD (d) (m) | 1050000 | 773819 |
| Japan Treasury Discount Bill |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 1/16/23 JPY (d) | 1330000000 | 10134630 |
| &nbsp;&nbsp;&nbsp;0.000% 5/10/23 JPY (d) | 677000000 | 5161136 |
| **U.S. Treasury Bill — 0.7%** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;1.465% 1/26/23 (m) | 900000 | 897768 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;4.019% 1/26/23 (m) | $3185000 | $3177104 |
|  |  | 4074872 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $31,968,100)** |  | **33389424** |
| **TOTAL INVESTMENTS — 106.5%<br>(Cost $643,962,392) (n)** |  | **590264752** |
| **Less Unfunded Loan Commitments — (0.0)%** |  | **(15871)** |
| **NET INVESTMENTS — 106.5%<br>(Cost $643,946,521)** |  | **590248881** |
| **Other Assets/(Liabilities) — (6.5)%** |  | **(35964914)** |
| **NET ASSETS — 100.0%** |  | $**554283967** |

---

**Abbreviation Legend**

CLO Collateralized Loan Obligation

FRN Floating Rate Note

REMICS Real Estate Mortgage Investment Conduits

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Unfunded or partially unfunded loan commitments.

&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 December 31, 2022, the aggregate market value of these securities amounted to $148,791,545 or 26.84% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $22,266,220 or 4.02% of net assets. The Fund received $536,930 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is perpetual and has no stated maturity date.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(i) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is pledged/held as collateral for open derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Maturity value of $1,254,923. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,279,885.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(n) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** | **(#) OTC Options Purchased** |
| **Description** | **Counterparty** | **Expiration Date** | **Exercise Price** | **No. of Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums Paid (Received)** | **Unrealized Appreciation/ (Depreciation)** |
| **Call** | | | | | | | | |  |
| USD Call GBP Put | Citibank N.A. | 2/03/23 | 1.19 | 3175000 | USD | 3175000 | $26848 | $33411 | $(6563) |
| USD Call EUR Put | Morgan Stanley & Co. LLC | 1/06/23 | 0.99 | 3900000 | USD | 3900000 | 4 | 16575 | (16571) |
| USD Call CAD Put | UBS AG | 3/03/23 | 1.39 | 3200000 | USD | 3200000 | 15155 | 32536 | (17381) |
|  |  |  |  |  |  |  | $42007 | $82522 | $(40515) |
| **Put** |  |  |  |  |  |  |  |  |  |
| USD Put JPY Call | Bank of America N.A. | 2/17/23 | 128.80 | 1600000 | USD | 1600000 | $23123 | $21248 | $1875 |
| USD Put JPY Call | Morgan Stanley & Co. LLC | 3/17/23 | 127.85 | 1600000 | USD | 1600000 | 27119 | 24005 | 3114 |
|  |  |  |  |  |  |  | $50242 | $45253 | $4989 |
|  |  |  |  |  |  |  | $92249 | $127775 | $(35526) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| Bank of America N.A. | 1/20/23 | CAD | 311886 | USD | 232169 | $(1806) |
| Bank of America N.A. | 1/20/23 | USD | 1334678 | JPY | 182289000 | (57054) |
| Bank of America N.A. | 2/24/23 | GBP | 1619767 | USD | 1934066 | 26667 |
| Barclays Bank PLC | 2/24/23 | USD | 92022 | SEK | 1023783 | (6372) |
| BNP Paribas SA | 1/13/23 | USD | 188691 | CZK | 4473000 | (9132) |
| BNP Paribas SA | 1/13/23 | USD | 276232 | HUF | 111456000 | (21698) |
| BNP Paribas SA | 1/13/23 | HUF | 23249973 | USD | 57292 | 4857 |
| BNP Paribas SA | 1/13/23 | MXN | 1791000 | USD | 90679 | 1084 |
| BNP Paribas SA | 1/13/23 | CNH | 2782000 | USD | 389559 | 12735 |
| BNP Paribas SA | 1/19/23 | USD | 1309749 | CLP | 1290631453 | (209719) |
| BNP Paribas SA | 1/19/23 | CLP | 344734117 | USD | 363597 | 42261 |
| BNP Paribas SA | 1/20/23 | USD | 117665 | CHF | 115000 | (6919) |
| BNP Paribas SA | 1/20/23 | USD | 138769 | CAD | 188000 | (90) |
| BNP Paribas SA | 1/20/23 | AUD | 186000 | USD | 121368 | 5352 |
| BNP Paribas SA | 1/20/23 | CAD | 124000 | USD | 92419 | (831) |
| BNP Paribas SA | 1/20/23 | USD | 7375303 | JPY | 1054335850 | (674294) |
| BNP Paribas SA | 2/17/23 | PLN | 743000 | USD | 159554 | 9416 |
| BNP Paribas SA | 2/24/23 | USD | 189806 | GBP | 159000 | (2664) |
| BNP Paribas SA | 2/24/23 | USD | 1079743 | EUR | 1042000 | (39503) |
| BNP Paribas SA | 2/24/23 | EUR | 261796 | USD | 270676 | 10527 |
| BNP Paribas SA | 3/02/23 | USD | 456157 | BRL | 2475587 | (7804) |
| BNP Paribas SA | 3/10/23 | USD | 256144 | MYR | 1136000 | (2449) |
| Citibank N.A. | 1/13/23 | USD | 554044 | MXN | 11312028 | (25534) |
| Citibank N.A. | 1/13/23 | CNH | 1564000 | USD | 219898 | 6266 |
| Citibank N.A. | 1/13/23 | USD | 1754243 | CNH | 12651203 | (75195) |
| Citibank N.A. | 1/13/23 | ZAR | 14216932 | USD | 783881 | 52211 |
| Citibank N.A. | 1/19/23 | USD | 807718 | INR | 66322450 | 6702 |
| Citibank N.A. | 1/19/23 | ILS | 5684000 | USD | 1611248 | 6677 |
| Citibank N.A. | 1/19/23 | USD | 4215745 | ILS | 14497607 | 89064 |
| Citibank N.A. | 1/20/23 | USD | 542602 | CAD | 756095 | (15860) |
| Citibank N.A. | 1/20/23 | USD | 635785 | JPY | 92771194 | (72500) |
| Citibank N.A. | 1/20/23 | USD | 2424878 | AUD | 3765238 | (140337) |
| Citibank N.A. | 1/20/23 | CAD | 249271 | USD | 182570 | 1545 |
| Citibank N.A. | 1/20/23 | JPY | 230328000 | USD | 1715000 | 43498 |
| Citibank N.A. | 2/24/23 | USD | 1191713 | SEK | 12378200 | 2067 |
| Citibank N.A. | 2/24/23 | EUR | 1347475 | USD | 1441468 | 5897 |
| Citibank N.A. | 2/24/23 | USD | 1177732 | GBP | 968468 | 5398 |
| Citibank N.A. | 3/10/23 | USD | 144686 | THB | 5051000 | (2061) |
| Citibank N.A. | 3/17/23 | USD | 199253 | RSD | 22154963 | (2885) |
| Citibank N.A. | 3/17/23 | USD | 313874 | SGD | 423642 | (2785) |
| Deutsche Bank AG | 1/13/23 | USD | 1741855 | HUF | 773226695 | (325036) |
| Deutsche Bank AG | 1/13/23 | HUF | 29785223 | USD | 78014 | 1604 |
| Deutsche Bank AG | 1/19/23 | USD | 47474 | INR | 3905835 | 301 |
| Deutsche Bank AG | 1/19/23 | CLP | 144073997 | USD | 146399 | 23220 |
| Deutsche Bank AG | 1/20/23 | USD | 4817419 | JPY | 677410939 | (354448) |
| Deutsche Bank AG | 3/10/23 | USD | 2974644 | THB | 103986252 | (46471) |
| Goldman Sachs International | 1/19/23 | USD | 805217 | TWD | 25522000 | (26367) |
| Goldman Sachs International | 1/19/23 | USD | 48608 | INR | 4023006 | 20 |
| Goldman Sachs International | 1/19/23 | CLP | 135065414 | USD | 135447 | 23566 |
| Goldman Sachs International | 1/19/23 | ILS | 216418 | USD | 61412 | 190 |
| Goldman Sachs International | 1/19/23 | INR | 104372000 | USD | 1267635 | (7071) |
| HSBC Bank USA | 1/13/23 | USD | 1211538 | CNH | 8694538 | (45743) |
| HSBC Bank USA | 1/20/23 | JPY | 216507759 | USD | 1488681 | 164303 |
| HSBC Bank USA | 2/24/23 | USD | 731787 | EUR | 702838 | (23154) |
| HSBC Bank USA | 2/24/23 | USD | 387551 | GBP | 318533 | 1966 |
| HSBC Bank USA | 3/10/23 | USD | 4101477 | MYR | 18115833 | (22318) |
| JP Morgan Chase Bank N.A. | 1/13/23 | USD | 1126406 | MXN | 22966846 | (50312) |
| JP Morgan Chase Bank N.A. | 1/13/23 | USD | 544850 | CNH | 3928258 | (23199) |
| JP Morgan Chase Bank N.A. | 2/17/23 | USD | 300289 | RSD | 35456575 | (23247) |
| JP Morgan Chase Bank N.A. | 2/24/23 | EUR | 307123 | USD | 325068 | 4823 |
| JP Morgan Chase Bank N.A. | 2/24/23 | USD | 158152 | EUR | 150497 | (3502) |
| JP Morgan Chase Bank N.A. | 3/17/23 | USD | 206899 | SGD | 278254 | (1087) |
| Morgan Stanley & Co. LLC | 1/19/23 | CLP | 554009438 | USD | 578389 | 73849 |
| Morgan Stanley & Co. LLC | 1/20/23 | USD | 10545471 | JPY | 1551802375 | (1302161) |
| Morgan Stanley & Co. LLC | 1/20/23 | JPY | 64492952 | USD | 445181 | 47207 |
| Morgan Stanley & Co. LLC | 2/24/23 | USD | 9992056 | GBP | 8395007 | (170129) |
| Morgan Stanley & Co. LLC | 2/24/23 | USD | 21253200 | EUR | 20395371 | (654121) |
| Morgan Stanley & Co. LLC | 3/02/23 | USD | 242224 | BRL | 1333009 | (7601) |
| Royal Bank of Canada | 1/20/23 | USD | 1553631 | CAD | 2086215 | 12725 |
| Royal Bank of Canada | 1/20/23 | JPY | 93453241 | USD | 643025 | 70468 |
| Royal Bank of Canada | 1/20/23 | CAD | 61975 | USD | 45433 | 342 |
| Royal Bank of Canada | 1/20/23 | AUD | 222000 | USD | 150986 | 260 |
| State Street Bank and Trust | 1/13/23 | USD | 157284 | CNY | 1148000 | (7973) |
| State Street Bank and Trust | 1/13/23 | CZK | 2442000 | USD | 98231 | 9769 |
| State Street Bank and Trust | 1/20/23 | USD | 278614 | NOK | 2939186 | (21595) |
| State Street Bank and Trust | 1/20/23 | USD | 10199523 | CAD | 13981005 | (127029) |
| State Street Bank and Trust | 1/20/23 | USD | 13933669 | JPY | 1998589366 | (1325071) |
| State Street Bank and Trust | 1/20/23 | CAD | 1836716 | USD | 1340777 | 15845 |
| State Street Bank and Trust | 1/20/23 | JPY | 474993775 | USD | 3611071 | 15390 |
| State Street Bank and Trust | 2/24/23 | USD | 42382298 | EUR | 40705945 | (1341260) |
| State Street Bank and Trust | 2/24/23 | USD | 8039180 | GBP | 6715888 | (90426) |
| State Street Bank and Trust | 2/24/23 | EUR | 1775832 | USD | 1894821 | 12657 |
| State Street Bank and Trust | 2/24/23 | GBP | 596792 | USD | 722788 | (369) |
| State Street Bank and Trust | 3/17/23 | USD | 4129894 | SGD | 5581009 | (41735) |
| UBS AG | 1/13/23 | USD | 820129 | ZAR | 14216932 | (15963) |
| UBS AG | 1/13/23 | USD | 2699395 | CZK | 67971340 | (306702) |
| UBS AG | 1/19/23 | USD | 668670 | CLP | 650167724 | (96776) |
| UBS AG | 1/19/23 | USD | 840148 | INR | 68837555 | 8755 |
| UBS AG | 1/19/23 | CLP | 762916211 | USD | 789357 | 108829 |
| UBS AG | 1/19/23 | INR | 26093000 | USD | 316375 | (1234) |
| UBS AG | 1/20/23 | USD | 542489 | CAD | 756095 | (15973) |
| UBS AG | 1/20/23 | USD | 2858169 | AUD | 4583894 | (264789) |
| UBS AG | 1/20/23 | CHF | 4388000 | USD | 4423833 | 329875 |
| UBS AG | 1/20/23 | JPY | 138350100 | USD | 954663 | 101606 |
| UBS AG | 1/20/23 | USD | 1489062 | CHF | 1410000 | (38452) |
| UBS AG | 2/17/23 | USD | 1855018 | PLN | 9000900 | (191928) |
| UBS AG | 2/24/23 | USD | 1987269 | SEK | 20630333 | 4526 |
| UBS AG | 2/24/23 | EUR | 1267736 | USD | 1341896 | 19820 |
| UBS AG | 3/17/23 | USD | 569760 | SGD | 771819 | (7151) |
|  |  |  |  |  |  | $(6973745) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| Euro-Schatz | 3/08/23 | 3 | $342144 | $(3604) |
| Australia 3 Year Bond | 3/15/23 | 112 | 8253177 | (109374) |
| Korea 10 Year Bond | 3/21/23 | 26 | 2330230 | (69495) |
| Korea 3 Year Bond | 3/21/23 | 147 | 12127493 | (101277) |
| Canada 10 Year Bond | 3/22/23 | 57 | 5348864 | (189817) |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 154 | 18361355 | (146042) |
| U.S. Treasury Ultra Bond | 3/22/23 | 43 | 5995550 | (220112) |
|  |  |  |  | $(839721) |
| **Short** |  |  |  |  |
| Euro-BTP | 3/08/23 | 15 | $(1790519) | $41619 |
| Japanese 10 Year Bond | 3/13/23 | 5 | (5644517) | 102761 |
| UK Long Gilt | 3/29/23 | 35 | (4449328) | 222234 |
|  |  |  |  | $366614 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** | **Centrally Cleared Credit Default Swaps - Buy Protection** |
| **Reference<br>Obligation/Index** | **Rate Paid by Fund** | **Payment Frequency** | **Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| iTraxx Europe Crossover Series 38† | 1.000% | Quarterly | 12/20/2027 | EUR | 2960000 | $(2050) | $71958 | $(74008) |
| iTraxx Europe Crossover Series 38† | 5.000% | Quarterly | 12/20/2027 | EUR | 7805000 | (87937) | 63278 | (151215) |
| Lanxess Chemicals Co. | 1.000% | Quarterly | 12/20/2027 | EUR | 400000 | 19841 | 33677 | (13836) |
| Republic of Mexico | 1.000% | Quarterly | 12/20/2027 | USD | 372000 | 4804 | 4532 | 272 |
| CDX.NA.IG Series 39† | 1.000% | Quarterly | 12/20/2027 | USD | 8381000 | (65960) | (90593) | 24633 |
| CDX.NA.HY Series 39 | 5.000% | Quarterly | 12/20/2027 | USD | 5184000 | (29155) | (41829) | 12674 |
|  |  |  |  |  |  | $(160457) | $41023 | $(201480) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** | **Centrally Cleared Credit Default Swaps - Sell Protection††** |
| **Reference<br>Obligation/ Index** | **Rate Received by Fund** | **Payment Frequency** | **Termination Date** | **Credit Rating** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| Republic of Mexico | 1.000% | Quarterly | 12/20/27 | NR\* | USD | 4059000 | $(52419) | $(144418) | $91999 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** | **OTC Credit Default Swaps-Sell Protection††** |  |  |
| **Reference<br> Obligation/Index** | **Rate Paid by<br> Fund** | **Payment Frequency** | **Counterparty** | **Credit Rating** | **Termination Date** | **Notional Amount** | **Notional Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| Republic of Greece | 1.000% | Quarterly | Bank of America N.A. | NR\* | 12/20/24 | USD | 151000 | $969 | $(4578) | $5547 |
| Republic of Greece | 1.000% | Quarterly | Bank of America N.A. | NR\* | 12/20/24 | USD | 303000 | 1944 | (9187) | 11131 |
| Republic of Greece | 1.000% | Quarterly | Bank of America N.A. | NR\* | 12/20/24 | USD | 152000 | 975 | (10490) | 11465 |
| Republic of Greece | 1.000% | Quarterly | Bank of America N.A. | NR\* | 12/20/29 | USD | 225000 | (9298) | (11044) | 1746 |
| Republic of Greece | 1.000% | Quarterly | Bank of America N.A. | NR\* | 12/20/29 | USD | 225000 | (9298) | (11239) | 1941 |
| Republic of Greece | 1.000% | Quarterly | Barclays Bank PLC | NR\* | 6/20/24 | USD | 135000 | 811 | (8191) | 9002 |
| Republic of Greece | 1.000% | Quarterly | Barclays Bank PLC | NR\* | 6/20/24 | USD | 67500 | 405 | (3879) | 4284 |
| Republic of Greece | 1.000% | Quarterly | Barclays Bank PLC | NR\* | 6/20/24 | USD | 67500 | 405 | (3879) | 4284 |
| Republic of Greece | 1.000% | Quarterly | Barclays Bank PLC | NR\* | 12/20/24 | USD | 450000 | 2887 | (2504) | 5391 |
| Republic of Greece | 1.000% | Quarterly | Citibank N.A. | NR\* | 6/20/25 | USD | 150000 | 685 | (9034) | 9719 |
| Republic of Greece | 1.000% | Quarterly | Citibank N.A. | NR\* | 6/20/25 | USD | 75000 | 343 | (4350) | 4693 |
| Republic of Greece | 1.000% | Quarterly | Citibank N.A. | NR\* | 12/20/25 | USD | 300000 | 829 | (281) | 1110 |
| Barclays Bank PLC | 1.000% | Quarterly | JP Morgan Chase Bank N.A. | A+\* | 6/20/24 | EUR | 100000 | 350 | 1278 | (928) |
| Republic of Greece | 1.000% | Quarterly | Morgan Stanley & Co. LLC | NR\* | 12/20/24 | USD | 134000 | 860 | (993) | 1853 |
| Republic of Greece | 1.000% | Quarterly | Morgan Stanley & Co. LLC | NR\* | 6/20/25 | USD | 94000 | 430 | (4498) | 4928 |
|  |  |  |  |  |  |  |  | $(6703) | $(82869) | $76166 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **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/ Reference** | **Frequency** | <br>**Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation (Depreciation)** |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.558% | Quarterly | 7/17/25 | CNY | 30000000 | $3104 | $— | $3104 |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.600% | Quarterly | 8/06/25 | CNY | 7500000 | 1729 |  | 1729 |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.855% | Quarterly | 11/24/25 | CNY | 26575000 | 29724 |  | 29724 |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.605% | Quarterly | 1/15/26 | CNY | 58525000 | 4313 |  | 4313 |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.780% | Quarterly | 6/28/26 | CNY | 9775000 | 5474 |  | 5474 |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.560% | Quarterly | 7/28/26 | CNY | 2800000 | (1369) |  | (1369) |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.255% | Quarterly | 1/26/27 | CNY | 24350000 | (57197) |  | (57197) |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.355% | Quarterly | 4/15/27 | CNY | 37000000 | (70683) |  | (70683) |
| 3-Month CNREPOFIX=CFXS-Reuters | Quarterly | Fixed 2.440% | Quarterly | 7/27/27 | CNY | 5400000 | (11554) |  | (11554) |
| 6-Month PRIBOR | Semi-Annually | Fixed 6.180% | Annually | 6/21/27 | CZK | 6266000 | 8982 |  | 8982 |
| 6-Month PRIBOR | Semi-Annually | Fixed 6.180% | Annually | 6/21/27 | CZK | 6266000 | 8982 |  | 8982 |
| 6-Month PRIBOR | Semi-Annually | Fixed 6.333% | Annually | 6/22/27 | CZK | 12494000 | 21205 |  | 21205 |
| 6-Month PRIBOR | Semi-Annually | Fixed 6.285% | Annually | 6/22/27 | CZK | 6304000 | 10184 |  | 10184 |
| 6-Month EURIBOR | Semi-Annually | Fixed -0.001% | Annually | 10/20/25 | EUR | 690000 | (67247) |  | (67247) |
| 6-Month EURIBOR | Semi-Annually | Fixed -0.001% | Annually | 11/04/25 | EUR | 1030000 | (100352) |  | (100352) |
| 12 Month CPTFE | Maturity | Fixed 2.575% | Maturity | 12/15/27 | EUR | 2225000 | (17936) |  | (17936) |
| 12 Month CPTFE | Maturity | Fixed 2.573% | Maturity | 12/15/27 | EUR | 2225000 | (18221) |  | (18221) |
| 6-Month EURIBOR | Semi-Annually | Fixed 3.160% | Annually | 12/30/27 | EUR | 5430000 | (23129) |  | (23129) |
| 6-Month EURIBOR | Semi-Annually | Fixed -0.057% | Annually | 5/19/28 | EUR | 1060000 | (182254) |  | (182254) |
| 6-Month EURIBOR | Semi-Annually | Fixed -0.101% | Annually | 6/01/28 | EUR | 500000 | (87784) |  | (87784) |
| 6-Month EURIBOR | Semi-Annually | Fixed -0.100% | Annually | 6/03/28 | EUR | 365000 | (64011) |  | (64011) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.638% | Annually | 12/16/29 | EUR | 1275000 | (47423) |  | (47423) |
| 6-Month EURIBOR | Semi-Annually | Fixed 0.830% | Annually | 3/02/32 | EUR | 4300000 | (857206) |  | (857206) |
| 6-Month EURIBOR | Semi-Annually | Fixed 1.222% | Annually | 4/04/32 | EUR | 1350000 | (227069) |  | (227069) |
| 6-Month EURIBOR | Semi-Annually | Fixed 1.627% | Annually | 4/21/32 | EUR | 946000 | (127301) |  | (127301) |
| 6-Month EURIBOR | Semi-Annually | Fixed 1.640% | Annually | 5/02/32 | EUR | 950000 | (127146) |  | (127146) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.796% | Annually | 11/17/32 | EUR | 82000 | (2995) |  | (2995) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.803% | Annually | 11/18/32 | EUR | 140000 | (5034) |  | (5034) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.735% | Annually | 11/21/32 | EUR | 131000 | (5496) |  | (5496) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.730% | Annually | 11/23/32 | EUR | 2400000 | (102033) |  | (102033) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.717% | Annually | 11/24/32 | EUR | 200000 | (8747) |  | (8747) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.683% | Annually | 11/30/32 | EUR | 126000 | (5932) |  | (5932) |
| 6-Month EURIBOR | Semi-Annually | Fixed 2.698% | Annually | 11/30/32 | EUR | 54000 | (2471) |  | (2471) |
| 28 Day-MXN-TIIE-Banxico | Monthly | Fixed 5.499% | Monthly | 5/04/27 | MXN | 15000000 | (92679) |  | (92679) |
| Fixed 3.090% | Annually | 6-Month WIBOR | Semi-Annually | 2/20/28 | PLN | 1070000 | 32033 |  | 32033 |
| Fixed 2.850% | Annually | 6-Month WIBOR | Semi-Annually | 4/06/28 | PLN | 100000 | 3306 |  | 3306 |
| Fixed 2.920% | Annually | 6-Month WIBOR | Semi-Annually | 5/07/28 | PLN | 200000 | 6612 |  | 6612 |
| Fixed 3.030% | Annually | 6-Month WIBOR | Semi-Annually | 5/18/28 | PLN | 300000 | 9600 |  | 9600 |
| Fixed 1.715% | Annually | 6-Month WIBOR | Semi-Annually | 9/24/29 | PLN | 1700000 | 91313 |  | 91313 |
| Fixed 1.780% | Annually | 6-Month WIBOR | Semi-Annually | 10/22/29 | PLN | 823529 | 44165 |  | 44165 |
| Fixed 1.775% | Annually | 6-Month WIBOR | Semi-Annually | 10/22/29 | PLN | 1176471 | 63165 |  | 63165 |
|  |  |  |  |  |  |  | $(1969378) | $— | $(1969378) |

---

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

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

---

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

---

**Currency Legend**

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Offshore Chinese Yuan

CNY Chinese Yuan Renminbi

CZK Czech Koruna

---

| | |
|:---|:---|
| EUR | Euro |

---

GBP British Pound

HUF Hungarian Forint

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

PLN Polish Zloty

RSD Serbian dinar

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TWD Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 93.4%** |  |  |
| **CORPORATE DEBT — 29.9%** |  |  |
| **Bermuda — 0.3%** |  |  |
| Ooredoo International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 4/08/31 (a) | $260000 | $223174 |
| **Brazil — 0.9%** |  |  |
| Globo Comunicacao e Participacoes SA |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 1/22/30 (a) | 850000 | 717400 |
| **Canada — 0.2%** |  |  |
| MEGlobal Canada ULC |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 5/18/30 (a) | 200000 | 201000 |
| **Cayman Islands — 1.5%** |  |  |
| Cosan Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250% (a) (b) | 100000 | 100000 |
| DP World Crescent Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.875% 7/18/29 (a) | 300000 | 280083 |
| Health & Happiness H&H International Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 10/24/24 (a) | 200000 | 175800 |
| Lamar Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.958% 5/07/25 (a) | 500000 | 473055 |
| Lima Metro Line 2 Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 7/05/34 (a) | 94621 | 90930 |
| Sea Ltd., Convertible, |  |  |
| &nbsp;&nbsp;&nbsp;0.250% 9/15/26 (c) | 100000 | 73250 |
|  |  | 1193118 |
| **Chile — 3.3%** |  |  |
| AES Andes SA 5 year USD Swap + 4.644% |  |  |
| &nbsp;&nbsp;&nbsp;7.125% VRN 3/26/79 (a) | 850000 | 804313 |
| Agrosuper SA |  |  |
| &nbsp;&nbsp;&nbsp;4.600% 1/20/32 (a) | 200000 | 176791 |
| Banco Santander Chile |  |  |
| &nbsp;&nbsp;&nbsp;3.177% 10/26/31 (a) | 375000 | 319219 |
| Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 1/29/30 (a) | 200000 | 185977 |
| &nbsp;&nbsp;&nbsp;5.150% 1/29/50 (a) | 250000 | 217941 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;3.150% 1/14/30 (a) | 200000 | 176547 |
| Empresa de los Ferrocarriles del Estado |  |  |
| &nbsp;&nbsp;&nbsp;3.068% 8/18/50 (a) | 450000 | 281053 |
| Empresa de Transporte de Pasajeros Metro SA |  |  |
| &nbsp;&nbsp;&nbsp;3.693% 9/13/61 (a) | 200000 | 136959 |
| &nbsp;&nbsp;&nbsp;4.700% 5/07/50 (a) | 200000 | 167799 |
| VTR Comunicaciones SpA |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 4/15/29 (a) | 250000 | 145625 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;5.125% 1/15/28 (a) | $200000 | $124210 |
|  |  | 2736434 |
| **Colombia — 1.7%** |  |  |
| Banco Davivienda SA 10 year CMT + 5.097% |  |  |
| &nbsp;&nbsp;&nbsp;6.650% VRN (a) (b) | 400000 | 307000 |
| Banco de Bogota SA |  |  |
| &nbsp;&nbsp;&nbsp;6.250% 5/12/26 (a) | 250000 | 245000 |
| Bancolombia SA 5 year CMT + 2.944% |  |  |
| &nbsp;&nbsp;&nbsp;4.625% VRN 12/18/29 (c) | 200000 | 175500 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 11/02/31 | 355000 | 271268 |
| &nbsp;&nbsp;&nbsp;5.875% 5/28/45 | 445000 | 309925 |
| &nbsp;&nbsp;&nbsp;6.875% 4/29/30 | 50000 | 45329 |
|  |  | 1354022 |
| **Hong Kong — 0.2%** |  |  |
| Lenovo Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.421% 11/02/30 (a) (c) | 200000 | 159075 |
| **India — 1.3%** |  |  |
| Adani International Container Terminal Pvt Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 2/16/31 (a) | 515625 | 404301 |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.200% 8/04/27 (a) | 200000 | 175806 |
| &nbsp;&nbsp;&nbsp;4.375% 7/03/29 (a) | 200000 | 168459 |
| Bharti Airtel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.250% 6/03/31 (a) | 400000 | 339180 |
|  |  | 1087746 |
| **Indonesia — 0.9%** |  |  |
| Bank Negara Indonesia Persero Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;3.750% 3/30/26 (a) | 213000 | 196420 |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 5/20/43 (a) | 200000 | 182737 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 6/30/50 (a) | 200000 | 143145 |
| &nbsp;&nbsp;&nbsp;6.150% 5/21/48 (a) | 200000 | 189990 |
|  |  | 712292 |
| **Ireland — 0.4%** |  |  |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.125% 7/15/29 (a) (c) | 400000 | 331363 |
| **Israel — 0.8%** |  |  |
| ICL Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 5/31/38 (a) | 150000 | 146666 |
| ICL Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 5/31/38 (a) | 200000 | 195554 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 6/30/25 (a) | 300000 | 293250 |
|  |  | 635470 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Jamaica — 0.1%** |  |  |
| TransJamaican Highway Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 10/10/36 (a) | $142860 | $114002 |
| **Kazakhstan — 0.9%** |  |  |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 4/14/33 (a) | 200000 | 148200 |
| &nbsp;&nbsp;&nbsp;5.750% 4/19/47 (a) | 500000 | 386450 |
| &nbsp;&nbsp;&nbsp;6.375% 10/24/48 (a) | 230000 | 189077 |
|  |  | 723727 |
| **Mauritius — 0.5%** |  |  |
| Greenko Power II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.300% 12/13/28 (a) | 248300 | 207598 |
| HTA Group Ltd/Mauritius |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 12/18/25 (a) | 200000 | 184000 |
|  |  | 391598 |
| **Mexico — 8.1%** |  |  |
| Axtel SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 11/14/24 (a) | 200000 | 164122 |
| Banco Mercantil Del Norte SA |  |  |
| &nbsp;&nbsp;&nbsp;5 year CMT + 4.967% 6.750% VRN (a) (b) | 200000 | 195000 |
| &nbsp;&nbsp;&nbsp;10 year CMT + 7.760% 8.375% VRN (a) (b) | 200000 | 198095 |
| BBVA Bancomer SA |  |  |
| &nbsp;&nbsp;&nbsp;5 year CMT + 2.650% 5.125% VRN 1/18/33 (a) | 600000 | 538617 |
| &nbsp;&nbsp;&nbsp;5 year CMT + 4.308% 5.875% VRN 9/13/34 (a) | 200000 | 184623 |
| Cemex SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;5.450% 11/19/29 (a) | 200000 | 192220 |
| Cometa Energia SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;6.375% 4/24/35 (a) | 342800 | 328231 |
| Industrias Penoles SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 8/06/50 (a) | 200000 | 164952 |
| Infraestructura Energetica Nova SAPI de CV |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 1/14/48 (a) | 300000 | 228776 |
| Mexico City Airport Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.500% 7/31/47 (a) | 1342000 | 1033340 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/23/26 | 500000 | 450625 |
| &nbsp;&nbsp;&nbsp;6.500% 3/13/27 | 850000 | 775556 |
| &nbsp;&nbsp;&nbsp;6.500% 6/02/41 | 2360000 | 1535770 |
| &nbsp;&nbsp;&nbsp;6.840% 1/23/30 | 55000 | 45453 |
| &nbsp;&nbsp;&nbsp;8.750% 6/02/29 | 620000 | 581258 |
|  |  | 6616638 |
| **Netherlands — 0.5%** |  |  |
| Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 8/10/37 (a) | 500000 | 389253 |
| **Panama — 0.7%** |  |  |
| Aeropuerto Internacional de Tocumen SA |  |  |
| &nbsp;&nbsp;&nbsp;4.000% 8/11/41 (a) | 200000 | 165392 |
| Banco General SA 10 year CMT + 3.665% |  |  |
| &nbsp;&nbsp;&nbsp;5.250% VRN (a) (b) | 200000 | 165500 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Banco Nacional de Panama |  |  |
| &nbsp;&nbsp;&nbsp;2.500% 8/11/30 (a) | $310000 | $248465 |
|  |  | 579357 |
| **Paraguay — 0.2%** |  |  |
| Telfon Celuar Del Paragu SA |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 4/15/27 (a) | 200000 | 193600 |
| **Peru — 0.2%** |  |  |
| Consorcio Transmantaro SA |  |  |
| &nbsp;&nbsp;&nbsp;4.700% 4/16/34 (a) | 200000 | 182000 |
| **Philippines — 1.1%** |  |  |
| Globe Telecom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 7/23/35 (a) | 400000 | 289152 |
| International Container Terminal Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 6/17/30 (a) | 400000 | 348440 |
| Manila Water Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375% 7/30/30 (a) | 300000 | 253200 |
|  |  | 890792 |
| **Qatar — 0.7%** |  |  |
| QatarEnergy Trading LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 7/12/31 (a) | 300000 | 248239 |
| &nbsp;&nbsp;&nbsp;3.125% 7/12/41 (a) | 450000 | 345785 |
|  |  | 594024 |
| **Saudi Arabia — 1.1%** |  |  |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 4/16/29 (a) | 200000 | 183452 |
| &nbsp;&nbsp;&nbsp;4.250% 4/16/39 (a) | 800000 | 714163 |
|  |  | 897615 |
| **Sri Lanka — 0.1%** |  |  |
| SriLankan Airlines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 6/25/24 (a) | 300000 | 126000 |
| **Thailand — 1.3%** |  |  |
| Bangkok Bank PCL 5 year CMT + 1.900% |  |  |
| &nbsp;&nbsp;&nbsp;3.733% VRN 9/25/34 (a) | 375000 | 313305 |
| Bangkok Bank PCL/Hong Kong 5 year CMT + 2.150% |  |  |
| &nbsp;&nbsp;&nbsp;3.466% VRN 9/23/36 (a) | 200000 | 157097 |
| Thaioil Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 10/17/49 (a) | 200000 | 120124 |
| &nbsp;&nbsp;&nbsp;3.500% 10/17/49 (a) | 800000 | 480498 |
|  |  | 1071024 |
| **United Arab Emirates — 1.0%** |  |  |
| Emirates NBD Bank PJSC 6 year CMT + 3.656% |  |  |
| &nbsp;&nbsp;&nbsp;6.125% VRN (a) (b) | 200000 | 196810 |
| Oztel Holdings SPC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.625% 4/24/28 (a) | 200000 | 200011 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Ruwais Power Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 8/31/36 (a) | $400000 | $410000 |
|  |  | 806821 |
| **United States — 1.2%** |  |  |
| Citgo Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 8/01/24 (a) | 165000 | 164616 |
| International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 3/31/27 | 275000 | 242540 |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.125% 4/04/26 (a) | 200000 | 170500 |
| MercadoLibre, Inc., Convertible, |  |  |
| &nbsp;&nbsp;&nbsp;2.000% 8/15/28 | 90000 | 182385 |
| Periama Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.950% 4/19/26 (a) | 200000 | 186112 |
|  |  | 946153 |
| **Venezuela — 0.7%** |  |  |
| Petroleos de Venezuela SA |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 4/12/27 (a) (d) | 900000 | 40500 |
| &nbsp;&nbsp;&nbsp;6.000% 5/16/24 (a) (d) | 2400000 | 114000 |
| &nbsp;&nbsp;&nbsp;6.000% 11/15/26 (a) (d) | 1750000 | 78750 |
| &nbsp;&nbsp;&nbsp;8.500% 10/27/20 (a) (d) | 250000 | 46875 |
| &nbsp;&nbsp;&nbsp;9.000% 11/17/21 (a) (d) | 4990000 | 224550 |
| &nbsp;&nbsp;&nbsp;9.750% 5/17/35 (a) (d) | 150000 | 7125 |
| &nbsp;&nbsp;&nbsp;12.750% 2/17/22 (a) (d) | 1500000 | 67512 |
|  |  | 579312 |
| **TOTAL CORPORATE DEBT <br>(Cost $31,386,463)** |  | **24453010** |
| **SOVEREIGN DEBT OBLIGATIONS — 63.5%** |  |  |
| **Albania — 1.5%** |  |  |
| Albania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 6/16/27 EUR (a) (e) | 190000 | 180505 |
| &nbsp;&nbsp;&nbsp;3.500% 11/23/31 EUR (a) (e) | 600000 | 518819 |
| &nbsp;&nbsp;&nbsp;3.500% 11/23/31 EUR (a) (e) | 590000 | 510172 |
|  |  | 1209496 |
| **Angola — 2.0%** |  |  |
| Angolan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.000% 11/26/29 (a) | 200000 | 175112 |
| &nbsp;&nbsp;&nbsp;8.250% 5/09/28 (a) | 925000 | 840640 |
| &nbsp;&nbsp;&nbsp;9.125% 11/26/49 (a) | 300000 | 233640 |
| &nbsp;&nbsp;&nbsp;9.500% 11/12/25 (a) | 400000 | 410864 |
|  |  | 1660256 |
| **Argentina — 1.0%** |  |  |
| Argentine Republic Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 12/15/35 | 845000 | 3591 |
| &nbsp;&nbsp;&nbsp;0.500% STEP 7/09/30 | 396224 | 106529 |
| &nbsp;&nbsp;&nbsp;1.500% STEP 7/09/35 | 649923 | 164751 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.875% STEP 1/09/38 | $1677891 | $530738 |
|  |  | 805609 |
| **Azerbaijan — 0.3%** |  |  |
| Republic of Azerbaijan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 9/01/32 (a) | 300000 | 249750 |
| **Bahamas — 0.8%** |  |  |
| Bahamas Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.000% 11/21/28 (a) | 875000 | 667282 |
| **Bahrain — 2.9%** |  |  |
| Bahrain Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 5/18/34 (a) | 900000 | 776379 |
| &nbsp;&nbsp;&nbsp;6.750% 9/20/29 (a) | 350000 | 347550 |
| &nbsp;&nbsp;&nbsp;7.000% 10/12/28 (a) | 1075000 | 1080603 |
| &nbsp;&nbsp;&nbsp;7.500% 9/20/47 (a) | 200000 | 179162 |
|  |  | 2383694 |
| **Barbados — 0.1%** |  |  |
| Barbados Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.500% 10/01/29 (a) | 75000 | 69525 |
| **Bermuda — 0.5%** |  |  |
| Bermuda Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 7/15/32 (a) | 400000 | 397066 |
| **Brazil — 0.7%** |  |  |
| Brazil Notas do Tesouro Nacional Serie F |  |  |
| &nbsp;&nbsp;&nbsp;10.000% 1/01/31 BRL (e) | 2200000 | 364149 |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.000% 1/27/45 | 240000 | 177796 |
|  |  | 541945 |
| **Chile — 0.4%** |  |  |
| Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.500% 1/31/34 | 200000 | 170203 |
| &nbsp;&nbsp;&nbsp;4.000% 1/31/52 | 200000 | 154178 |
|  |  | 324381 |
| **Colombia — 2.9%** |  |  |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 1/30/30 (c) | 800000 | 611812 |
| &nbsp;&nbsp;&nbsp;3.125% 4/15/31 | 400000 | 296996 |
| &nbsp;&nbsp;&nbsp;4.125% 5/15/51 | 925000 | 553140 |
| &nbsp;&nbsp;&nbsp;4.500% 1/28/26 | 200000 | 187970 |
| &nbsp;&nbsp;&nbsp;5.000% 6/15/45 | 350000 | 237860 |
| &nbsp;&nbsp;&nbsp;5.625% 2/26/44 | 400000 | 293234 |
| Colombian TES |  |  |
| &nbsp;&nbsp;&nbsp;7.000% 3/26/31 COP (e) | 1335300000 | 194290 |
|  |  | 2375302 |
| **Costa Rica — 0.2%** |  |  |
| Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.625% 4/30/43 (a) | 200000 | 163487 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Dominican Republic — 5.0%** |  |  |
| Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 1/30/30 (a) | $655000 | $557326 |
| &nbsp;&nbsp;&nbsp;4.875% 9/23/32 (a) | 650000 | 539549 |
| &nbsp;&nbsp;&nbsp;4.875% 9/23/32 (a) | 1075000 | 892331 |
| &nbsp;&nbsp;&nbsp;5.500% 2/22/29 (a) | 165000 | 151304 |
| &nbsp;&nbsp;&nbsp;5.875% 1/30/60 (a) | 1175000 | 860410 |
| &nbsp;&nbsp;&nbsp;6.500% 2/15/48 (a) | 300000 | 246762 |
| &nbsp;&nbsp;&nbsp;6.850% 1/27/45 (a) | 1000000 | 866788 |
|  |  | 4114470 |
| **Ecuador — 1.9%** |  |  |
| Ecuador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 7/31/30 (a) | 165446 | 64616 |
| &nbsp;&nbsp;&nbsp;1.500% STEP 7/31/40 (a) | 408900 | 166864 |
| &nbsp;&nbsp;&nbsp;2.500% STEP 7/31/35 (a) | 50000 | 22987 |
| &nbsp;&nbsp;&nbsp;2.500% STEP 7/31/35 (a) | 1358550 | 624577 |
| &nbsp;&nbsp;&nbsp;5.500% STEP 7/31/30 (a) | 1002100 | 643918 |
|  |  | 1522962 |
| **Egypt — 1.4%** |  |  |
| Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 2/16/31 (a) | 200000 | 138820 |
| &nbsp;&nbsp;&nbsp;7.600% 3/01/29 (a) | 275000 | 223396 |
| &nbsp;&nbsp;&nbsp;8.500% 1/31/47 (a) | 550000 | 365572 |
| &nbsp;&nbsp;&nbsp;8.500% 1/31/47 (a) | 640000 | 425393 |
|  |  | 1153181 |
| **El Salvador — 0.9%** |  |  |
| El Salvador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.875% 1/30/25 (a) | 715000 | 464425 |
| &nbsp;&nbsp;&nbsp;6.375% 1/18/27 (a) | 125000 | 54687 |
| &nbsp;&nbsp;&nbsp;7.650% 6/15/35 (a) | 100000 | 39821 |
| &nbsp;&nbsp;&nbsp;7.650% 6/15/35 (a) | 360000 | 143357 |
|  |  | 702290 |
| **Ghana — 0.3%** |  |  |
| Ghana Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;8.625% 4/07/34 (a) | 200000 | 71240 |
| &nbsp;&nbsp;&nbsp;10.750% 10/14/30 (a) | 200000 | 139652 |
|  |  | 210892 |
| **Guatemala — 0.9%** |  |  |
| Guatemala Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 2/13/28 (a) | 400000 | 384658 |
| &nbsp;&nbsp;&nbsp;5.250% 8/10/29 (a) | 200000 | 191980 |
| &nbsp;&nbsp;&nbsp;5.375% 4/24/32 (a) | 200000 | 195220 |
|  |  | 771858 |
| **India — 2.0%** |  |  |
| Export Import Bank of India |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 1/13/31 (a) | 205000 | 161060 |
| &nbsp;&nbsp;&nbsp;3.250% 1/15/30 (a) | 1500000 | 1297487 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| Export-Import Bank of India |  |  |
| &nbsp;&nbsp;&nbsp;2.250% 1/13/31 (a) | $200000 | $157132 |
|  |  | 1615679 |
| **Indonesia — 5.0%** |  |  |
| Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.625% 4/15/43 (a) | 1400000 | 1261572 |
| Perusahaan Penerbit SBSN Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;3.800% 6/23/50 (a) | 200000 | 155000 |
| &nbsp;&nbsp;&nbsp;4.450% 2/20/29 (a) | 775000 | 762600 |
| &nbsp;&nbsp;&nbsp;4.550% 3/29/26 (a) | 1350000 | 1346894 |
| Perusahaan Penerbit SBSN Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;2.800% 6/23/30 (a) | 650000 | 568750 |
|  |  | 4094816 |
| **Ivory Coast — 3.1%** |  |  |
| Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.875% 1/30/32 EUR (a) (e) | 250000 | 210659 |
| &nbsp;&nbsp;&nbsp;6.125% 6/15/33 (a) | 2125000 | 1885938 |
| &nbsp;&nbsp;&nbsp;6.625% 3/22/48 EUR (a) (e) | 525000 | 394570 |
|  |  | 2491167 |
| **Jamaica — 1.2%** |  |  |
| Jamaica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.750% 4/28/28 | 200000 | 211519 |
| &nbsp;&nbsp;&nbsp;8.000% 3/15/39 | 500000 | 583742 |
| &nbsp;&nbsp;&nbsp;8.000% 3/15/39 | 175000 | 204310 |
|  |  | 999571 |
| **Jordan — 1.6%** |  |  |
| Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.850% 7/07/30 (a) | 1200000 | 1072560 |
| &nbsp;&nbsp;&nbsp;7.750% 1/15/28 (a) | 240000 | 242453 |
|  |  | 1315013 |
| **Mexico — 0.3%** |  |  |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 5/29/31 MXN (e) | 4500000 | 213690 |
| **Mongolia — 0.2%** |  |  |
| Mongolia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.450% 7/07/31 (a) | 250000 | 192555 |
| **Morocco — 2.2%** |  |  |
| Morocco Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.000% 12/15/32 (a) | 425000 | 337703 |
| &nbsp;&nbsp;&nbsp;3.000% 12/15/32 (a) | 600000 | 476758 |
| &nbsp;&nbsp;&nbsp;4.000% 12/15/50 (a) | 1425000 | 973819 |
|  |  | 1788280 |
| **Nigeria — 0.7%** |  |  |
| Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 2/16/32 (a) | 750000 | 563797 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Oman — 3.6%** |  |  |
| Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 6/15/26 (a) | $600000 | $579115 |
| &nbsp;&nbsp;&nbsp;4.750% 6/15/26 (a) | 550000 | 530856 |
| &nbsp;&nbsp;&nbsp;5.375% 3/08/27 (a) | 200000 | 195564 |
| &nbsp;&nbsp;&nbsp;5.625% 1/17/28 (a) | 200000 | 197212 |
| &nbsp;&nbsp;&nbsp;6.500% 3/08/47 (a) | 390000 | 354647 |
| &nbsp;&nbsp;&nbsp;6.750% 10/28/27 (a) | 200000 | 206988 |
| &nbsp;&nbsp;&nbsp;6.750% 10/28/27 (a) | 400000 | 413976 |
| &nbsp;&nbsp;&nbsp;6.750% 1/17/48 (a) | 300000 | 280666 |
| &nbsp;&nbsp;&nbsp;7.000% 1/25/51 (a) | 200000 | 193000 |
|  |  | 2952024 |
| **Pakistan — 0.2%** |  |  |
| Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.875% 3/31/36 (a) | 562000 | 196700 |
| **Panama — 1.5%** |  |  |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.252% 9/29/32 | 1050000 | 777564 |
| &nbsp;&nbsp;&nbsp;4.500% 1/19/63 | 360000 | 253441 |
| &nbsp;&nbsp;&nbsp;6.400% 2/14/35 | 200000 | 202852 |
|  |  | 1233857 |
| **Paraguay — 1.3%** |  |  |
| Paraguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.950% 4/28/31 (a) | 400000 | 386552 |
| &nbsp;&nbsp;&nbsp;5.400% 3/30/50 (a) | 600000 | 517017 |
| &nbsp;&nbsp;&nbsp;5.400% 3/30/50 (a) | 200000 | 172339 |
|  |  | 1075908 |
| **Peru — 1.1%** |  |  |
| Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.780% 12/01/60 | 670000 | 388418 |
| &nbsp;&nbsp;&nbsp;3.300% 3/11/41 | 300000 | 218002 |
| &nbsp;&nbsp;&nbsp;3.550% 3/10/51 | 130000 | 92331 |
| &nbsp;&nbsp;&nbsp;6.150% 8/12/32 PEN (a) (e) | 850000 | 196447 |
|  |  | 895198 |
| **Philippines — 0.7%** |  |  |
| Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.650% 12/10/45 | 900000 | 603305 |
| **Qatar — 1.4%** |  |  |
| Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.400% 4/16/50 (a) | 200000 | 182951 |
| &nbsp;&nbsp;&nbsp;4.400% 4/16/50 (a) | 200000 | 182951 |
| &nbsp;&nbsp;&nbsp;4.817% 3/14/49 (a) | 800000 | 778000 |
|  |  | 1143902 |
| **Romania — 1.6%** |  |  |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.625% 12/02/40 EUR (a) (e) | 50000 | 29786 |
| &nbsp;&nbsp;&nbsp;2.875% 4/13/42 EUR (a) (e) | 125000 | 74717 |
| &nbsp;&nbsp;&nbsp;3.000% 2/14/31 (a) | 300000 | 235722 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;3.000% 2/14/31 (a) | $174000 | $136719 |
| &nbsp;&nbsp;&nbsp;3.375% 1/28/50 EUR (a) (e) | 450000 | 276768 |
| &nbsp;&nbsp;&nbsp;4.000% 2/14/51 (a) | 160000 | 105885 |
| &nbsp;&nbsp;&nbsp;4.000% 2/14/51 (a) | 722000 | 477805 |
|  |  | 1337402 |
| **Saudi Arabia — 1.1%** |  |  |
| Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.750% 2/03/32 (a) | 200000 | 174185 |
| &nbsp;&nbsp;&nbsp;3.750% 1/21/55 (a) | 400000 | 314728 |
| &nbsp;&nbsp;&nbsp;5.000% 4/17/49 (a) | 400000 | 376150 |
|  |  | 865063 |
| **Senegal — 2.3%** |  |  |
| Senegal Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.750% 3/13/28 EUR (a) (e) | 300000 | 276369 |
| &nbsp;&nbsp;&nbsp;6.250% 5/23/33 (a) | 200000 | 164800 |
| &nbsp;&nbsp;&nbsp;6.250% 5/23/33 (a) | 1750000 | 1442000 |
|  |  | 1883169 |
| **Serbia — 1.0%** |  |  |
| Serbia Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;2.125% 12/01/30 (a) | 1100000 | 788920 |
| **South Africa — 1.7%** |  |  |
| Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.650% 9/27/47 | 210000 | 153741 |
| &nbsp;&nbsp;&nbsp;5.875% 4/20/32 | 425000 | 382500 |
| &nbsp;&nbsp;&nbsp;6.250% 3/08/41 | 400000 | 340080 |
| &nbsp;&nbsp;&nbsp;7.300% 4/20/52 | 560000 | 481376 |
|  |  | 1357697 |
| **Sri Lanka — 0.9%** |  |  |
| Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;6.125% 6/03/25 (a) | 200000 | 63973 |
| &nbsp;&nbsp;&nbsp;6.125% 6/03/25 (a) | 500000 | 159932 |
| &nbsp;&nbsp;&nbsp;6.825% 7/18/26 (a) | 200000 | 62301 |
| &nbsp;&nbsp;&nbsp;6.850% 11/03/25 (a) | 1400000 | 441130 |
|  |  | 727336 |
| **Suriname — 0.6%** |  |  |
| Suriname Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;9.250% 10/26/26 (a) | 631000 | 500383 |
| **Turkey — 1.9%** |  |  |
| Republic of Turkey |  |  |
| &nbsp;&nbsp;&nbsp;8.600% 9/24/27 | 275000 | 275153 |
| Turkey Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.250% 4/14/26 | 200000 | 177700 |
| &nbsp;&nbsp;&nbsp;4.875% 10/09/26 | 400000 | 357526 |
| &nbsp;&nbsp;&nbsp;4.875% 4/16/43 | 450000 | 291850 |
| &nbsp;&nbsp;&nbsp;6.000% 1/14/41 | 350000 | 252511 |
| &nbsp;&nbsp;&nbsp;9.875% 1/15/28 | 200000 | 206951 |
|  |  | 1561691 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Ukraine — 0.0%** |  |  |
| Ukraine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;1.258% FRN 8/01/41 (a) (f) | $115000 | $32059 |
| **Uruguay — 0.5%** |  |  |
| Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.750% 10/28/34 | 355000 | 383064 |
| **Uzbekistan — 1.4%** |  |  |
| Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.900% 10/19/31 (a) | 298000 | 244360 |
| &nbsp;&nbsp;&nbsp;3.900% 10/19/31 (a) | 450000 | 369000 |
| &nbsp;&nbsp;&nbsp;5.375% 2/20/29 (a) | 200000 | 185104 |
| &nbsp;&nbsp;&nbsp;5.375% 2/20/29 (a) | 400000 | 370208 |
|  |  | 1168672 |
| **Venezuela — 0.2%** |  |  |
| Venezuela Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;7.750% 10/13/19 (a) (d) | 1000000 | 72500 |
| &nbsp;&nbsp;&nbsp;9.250% 9/15/27 (d) | 300000 | 26250 |
| &nbsp;&nbsp;&nbsp;11.750% 10/21/26 (a) (d) | 300000 | 25500 |
| &nbsp;&nbsp;&nbsp;12.750% 8/23/22 (a) (d) | 255000 | 19763 |
|  |  | 144013 |
| **Zambia — 0.5%** |  |  |
| Zambia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;5.375% 9/20/22 (a) (d) | 1025000 | 423837 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS <br>(Cost $62,182,962)** |  | **51872214** |
| **TOTAL BONDS & NOTES <br>(Cost $93,569,425)** |  | **76325224** |
|  | **Number of<br>Shares** |  |
| **MUTUAL FUNDS — 1.6%** |  |  |
| **Diversified Financial Services — 1.6%** |  |  |
| **United States — 1.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (g) | 1320090 | 1320090 |
| **TOTAL MUTUAL FUNDS <br>(Cost $1,320,090)** |  | **1320090** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $94,889,515)** |  | **77645314** |
| **SHORT-TERM INVESTMENTS — 5.3%** |  |  |
| **Mutual Fund — 3.7%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 3042999 | 3042999 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **Repurchase Agreement — 1.3%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h) | $1019104 | $1019104 |
| **U.S. Treasury Bill — 0.3%** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;1.962% 3/23/23 (i) (j) | 30000 | 29721 |
| &nbsp;&nbsp;&nbsp;2.491% 3/23/23 (i) (j) | 20000 | 19814 |
| &nbsp;&nbsp;&nbsp;2.698% 3/23/23 (i) (j) | 210000 | 208045 |
|  |  | 257580 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $4,320,616)** |  | **4319683** |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $99,210,131) (k)** |  | **81964997** |
| **Other Assets/(Liabilities) — (0.3)%** |  | **(280561)** |
| **NET ASSETS — 100.0%** |  | $**81684436** |

---

**Abbreviation Legend**

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

**Notes to Portfolio of Investments**

**Percentages are stated as a percent of net assets.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $60,511,252 or 74.08% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is perpetual and has no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $1,364,126 or 1.67% of net assets. The Fund received $74,168 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2022, these securities amounted to a value of $1,147,162 or 1.40% 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) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $1,019,249. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,039,522.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is pledged/held as collateral for open derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| BNP Paribas SA | 1/19/23 | USD | 106339 | PEN | 418550 | $(3721) |
| BNP Paribas SA | 2/24/23 | USD | 145714 | EUR | 138000 | (2516) |
| BNP Paribas SA | 3/02/23 | USD | 234062 | BRL | 1270265 | (4005) |
| Goldman Sachs International | 1/13/23 | USD | 214893 | MXN | 4226323 | (1645) |
| Goldman Sachs International | 3/10/23 | USD | 48446 | COP | 236483828 | 272 |
| HSBC Bank USA | 2/24/23 | USD | 1763862 | EUR | 1694086 | (55810) |
| Morgan Stanley & Co. LLC | 1/19/23 | USD | 86810 | PEN | 342450 | (3239) |
| Morgan Stanley & Co. LLC | 2/24/23 | EUR | 100210 | USD | 107078 | 561 |
| Morgan Stanley & Co. LLC | 2/24/23 | USD | 869495 | EUR | 834400 | (26761) |
| Morgan Stanley & Co. LLC | 3/02/23 | USD | 124289 | BRL | 683989 | (3900) |
| UBS AG | 2/24/23 | EUR | 116937 | USD | 122841 | 2764 |
| UBS AG | 3/10/23 | USD | 41372 | COP | 202711340 | 78 |
|  |  |  |  |  |  | $(97922) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| U.S. Treasury Ultra Bond | 3/22/23 | 17 | $2380708 | $(97395) |
| **Short** |  |  |  |  |
| U.S. Treasury Note 10 Year | 3/22/23 | 61 | $(6874805) | $24696 |

---

**Currency Legend**

BRL Brazilian Real

COP Colombian Peso

---

| | |
|:---|:---|
| EUR | Euro |

---

MXN Mexican Peso

PEN Peruvian New Sol

USD U.S. Dollar

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 97.6%** |  |  |
| **COMMON STOCK — 96.6%** |  |  |
| **Basic Materials — 1.2%** |  |  |
| **Chemicals — 1.2%** |  |  |
| Air Products & Chemicals, Inc. | 1579 | $486742 |
| CF Industries Holdings, Inc. | 2572 | 219134 |
| FMC Corp. | 1499 | 187075 |
| International Flavors & Fragrances, Inc. | 39862 | 4179132 |
| Linde PLC | 10693 | 3487843 |
| Nutrien Ltd. | 122028 | 8911705 |
| PPG Industries, Inc. | 600 | 75444 |
| RPM International, Inc. | 2407 | 234562 |
| The Sherwin-Williams Co. | 26105 | 6195500 |
|  |  | 23977137 |
| **Forest Products & Paper — 0.0%** |  |  |
| International Paper Co. | 3468 | 120097 |
| West Fraser Timber Co. Ltd. | 786 | 56820 |
|  |  | 176917 |
| **Iron & Steel — 0.0%** |  |  |
| Steel Dynamics, Inc. | 900 | 87930 |
|  |  | 24241984 |
| **Communications — 9.8%** |  |  |
| **Advertising — 0.2%** |  |  |
| The Trade Desk, Inc. Class A (a) | 72621 | 3255600 |
| **Internet — 8.6%** |  |  |
| Alphabet, Inc. Class A (a) | 359278 | 31699098 |
| Alphabet, Inc. Class C (a) | 543989 | 48268144 |
| Amazon.com, Inc. (a) | 565725 | 47520900 |
| Booking Holdings, Inc. (a) | 4060 | 8182037 |
| Coupang, Inc. (a) | 219184 | 3224196 |
| Expedia Group, Inc. (a) | 37348 | 3271685 |
| Gen Digital, Inc. | 7000 | 150010 |
| Match Group, Inc. (a) | 74212 | 3079056 |
| Meta Platforms, Inc. Class A (a) | 34161 | 4110935 |
| Netflix, Inc. (a) | 33838 | 9978149 |
| Pinterest, Inc. Class A (a) | 128648 | 3123573 |
| Sea Ltd. ADR (a) | 53158 | 2765811 |
| Spotify Technology SA (a) | 49724 | 3925710 |
|  |  | 169299304 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Media — 0.4%** |  |  |
| Comcast Corp. Class A | 7005 | $244965 |
| The Walt Disney Co. (a) | 79763 | 6929809 |
|  |  | 7174774 |
| **Telecommunications — 0.6%** |  |  |
| Arista Networks, Inc. (a) | 2900 | 351915 |
| Cisco Systems, Inc. | 6161 | 293510 |
| T-Mobile US, Inc. (a) | 10929 | 1530060 |
| Verizon Communications, Inc. | 244167 | 9620180 |
|  |  | 11795665 |
|  |  | 191525343 |
| **Consumer, Cyclical — 8.5%** |  |  |
| **Airlines — 0.0%** |  |  |
| Southwest Airlines Co. (a) | 6619 | 222862 |
| United Airlines Holdings, Inc. (a) | 3699 | 139452 |
|  |  | 362314 |
| **Apparel — 0.1%** |  |  |
| NIKE, Inc. Class B | 9579 | 1120839 |
| **Auto Manufacturers — 1.5%** |  |  |
| Cummins, Inc. | 22327 | 5409609 |
| Ferrari NV | 45935 | 9840196 |
| PACCAR, Inc. | 3428 | 339269 |
| Rivian Automotive, Inc. Class A (a) | 686189 | 12646463 |
| Tesla, Inc. (a) | 9423 | 1160725 |
|  |  | 29396262 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Aptiv PLC (a) | 546 | 50849 |
| Magna International, Inc. (b) | 3080 | 173034 |
|  |  | 223883 |
| **Home Builders — 0.0%** |  |  |
| NVR, Inc. (a) | 57 | 262917 |
| **Leisure Time — 0.1%** |  |  |
| Peloton Interactive, Inc. Class A (a) | 208710 | 1657158 |
| **Lodging — 0.7%** |  |  |
| Hilton Worldwide Holdings, Inc. | 2942 | 371751 |
| Las Vegas Sands Corp. (a) | 173637 | 8346731 |
| Marriott International, Inc. Class A | 2757 | 410490 |
| MGM Resorts International | 6657 | 223209 |
| Wynn Resorts Ltd. (a) | 65391 | 5392796 |
|  |  | 14744977 |
| **Retail — 6.1%** |  |  |
| AutoZone, Inc. (a) | 184 | 453777 |
| Burlington Stores, Inc. (a) | 1755 | 355844 |
| Chipotle Mexican Grill, Inc. (a) | 4341 | 6023094 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Costco Wholesale Corp. | 7539 | $3441553 |
| Dollar General Corp. | 43743 | 10771714 |
| Dollar Tree, Inc. (a) | 1631 | 230689 |
| Floor & Decor Holdings, Inc. Class A (a) | 35930 | 2501806 |
| The Home Depot, Inc. | 39704 | 12540905 |
| Lowe's Cos., Inc. | 2088 | 416013 |
| Lululemon Athletica, Inc. (a) | 6105 | 1955920 |
| McDonald's Corp. | 71198 | 18762809 |
| O'Reilly Automotive, Inc. (a) | 4862 | 4103674 |
| Ross Stores, Inc. | 194893 | 22621230 |
| Starbucks Corp. | 7174 | 711661 |
| The TJX Cos., Inc. | 55246 | 4397582 |
| Ulta Beauty, Inc. (a) | 15976 | 7493862 |
| Walmart, Inc. | 129740 | 18395835 |
| Yum! Brands, Inc. | 28968 | 3710221 |
|  |  | 118888189 |
|  |  | 166656539 |
| **Consumer, Non-cyclical — 24.0%** |  |  |
| **Agriculture — 1.2%** |  |  |
| Altria Group, Inc. | 9555 | 436759 |
| Darling Ingredients, Inc. (a) | 1754 | 109783 |
| Philip Morris International, Inc. | 217805 | 22044044 |
|  |  | 22590586 |
| **Beverages — 1.1%** |  |  |
| The Coca-Cola Co. | 109515 | 6966249 |
| Constellation Brands, Inc. Class A | 16844 | 3903597 |
| Keurig Dr Pepper, Inc. | 228643 | 8153410 |
| Monster Beverage Corp. (a) | 6127 | 622074 |
| PepsiCo, Inc. | 6523 | 1178445 |
|  |  | 20823775 |
| **Biotechnology — 0.9%** |  |  |
| Amgen, Inc. | 20384 | 5353654 |
| Argenx SE ADR (a) | 12498 | 4734617 |
| Biogen, Inc. (a) | 1121 | 310427 |
| Corteva, Inc. | 1680 | 98750 |
| Gilead Sciences, Inc. | 2200 | 188870 |
| Illumina, Inc. (a) | 7230 | 1461906 |
| Moderna, Inc. (a) | 2806 | 504014 |
| Regeneron Pharmaceuticals, Inc. (a) | 3926 | 2832570 |
| Vertex Pharmaceuticals, Inc. (a) | 9150 | 2642337 |
|  |  | 18127145 |
| **Commercial Services — 1.0%** |  |  |
| Adyen NV (a) (c) | 660 | 913319 |
| Booz Allen Hamilton Holding Corp. | 24649 | 2576313 |
| Bright Horizons Family Solutions, Inc. (a) | 2800 | 176680 |
| Cintas Corp. | 4937 | 2229648 |
| CoStar Group, Inc. (a) | 2300 | 177744 |
| FleetCor Technologies, Inc. (a) | 4100 | 753088 |
| Global Payments, Inc. | 31455 | 3124111 |
| S&P Global, Inc. | 2400 | 803856 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| TransUnion | 84227 | $4779882 |
| United Rentals, Inc. (a) | 883 | 313836 |
| Verisk Analytics, Inc. | 23671 | 4176038 |
| WillScot Mobile Mini Holdings Corp. (a) | 6100 | 275537 |
|  |  | 20300052 |
| **Cosmetics & Personal Care — 1.3%** |  |  |
| Colgate-Palmolive Co. | 1300 | 102427 |
| The Estee Lauder Cos., Inc. Class A | 19291 | 4786290 |
| The Procter & Gamble Co. | 138399 | 20975752 |
|  |  | 25864469 |
| **Food — 1.9%** |  |  |
| Conagra Brands, Inc. | 8696 | 336535 |
| General Mills, Inc. | 32032 | 2685883 |
| The Hershey Co. | 12122 | 2807092 |
| The Kraft Heinz Co. | 241443 | 9829145 |
| Mondelez International, Inc. Class A | 281023 | 18730183 |
| Sysco Corp. | 23754 | 1815993 |
|  |  | 36204831 |
| **Health Care – Products — 3.4%** |  |  |
| Abbott Laboratories | 5601 | 614934 |
| Align Technology, Inc. (a) | 9103 | 1919823 |
| Avantor, Inc. (a) | 144814 | 3054127 |
| Boston Scientific Corp. (a) | 1500 | 69405 |
| Danaher Corp. | 45883 | 12178266 |
| GE HealthCare Technologies, Inc. (a) | 15837 | 924564 |
| Insulet Corp. (a) | 10047 | 2957736 |
| Intuitive Surgical, Inc. (a) | 46661 | 12381496 |
| Medtronic PLC | 1999 | 155362 |
| PerkinElmer, Inc. | 28668 | 4019827 |
| ResMed, Inc. | 5619 | 1169483 |
| Steris PLC | 17229 | 3182024 |
| Stryker Corp. | 23045 | 5634272 |
| Thermo Fisher Scientific, Inc. | 30567 | 16832941 |
| West Pharmaceutical Services, Inc. | 306 | 72017 |
| Zimmer Biomet Holdings, Inc. | 4700 | 599250 |
|  |  | 65765527 |
| **Health Care – Services — 6.1%** |  |  |
| Centene Corp. (a) | 155971 | 12791182 |
| Charles River Laboratories International, Inc. (a) | 400 | 87160 |
| Elevance Health, Inc. | 71947 | 36906653 |
| HCA Healthcare, Inc. | 60302 | 14470068 |
| Humana, Inc. | 26852 | 13753326 |
| Molina Healthcare, Inc. (a) | 1067 | 352345 |
| Quest Diagnostics, Inc. | 13464 | 2106308 |
| UnitedHealth Group, Inc. | 73686 | 39066843 |
|  |  | 119533885 |
| **Household Products & Wares — 0.2%** |  |  |
| Avery Dennison Corp. | 1794 | 324714 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Kimberly-Clark Corp. | 26681 | $3621946 |
|  |  | 3946660 |
| **Pharmaceuticals — 6.9%** |  |  |
| AbbVie, Inc. | 76668 | 12390315 |
| AmerisourceBergen Corp. | 46190 | 7654145 |
| AstraZeneca PLC Sponsored ADR | 214047 | 14512386 |
| Becton Dickinson and Co. | 97527 | 24801116 |
| Bristol-Myers Squibb Co. | 6261 | 450479 |
| Cigna Corp. | 31982 | 10596916 |
| CVS Health Corp. | 27759 | 2586861 |
| DexCom, Inc. (a) | 4324 | 489650 |
| Eli Lilly & Co. | 51570 | 18866369 |
| Johnson & Johnson | 169818 | 29998350 |
| McKesson Corp. | 892 | 334607 |
| Merck & Co., Inc. | 99057 | 10990374 |
| Novo Nordisk A/S Sponsored ADR | 600 | 81204 |
| Pfizer, Inc. | 20178 | 1033921 |
| Viatris, Inc. | 36200 | 402906 |
| Zoetis, Inc. | 3498 | 512632 |
|  |  | 135702231 |
|  |  | 468859161 |
| **Energy — 3.0%** |  |  |
| **Energy – Alternate Sources — 0.0%** |  |  |
| Enphase Energy, Inc. (a) | 700 | 185472 |
| First Solar, Inc. (a) | 300 | 44937 |
|  |  | 230409 |
| **Oil & Gas — 2.5%** |  |  |
| Chevron Corp. | 90009 | 16155715 |
| ConocoPhillips | 27061 | 3193198 |
| EOG Resources, Inc. | 4802 | 621955 |
| Exxon Mobil Corp. | 248301 | 27387600 |
| Hess Corp. | 3100 | 439642 |
| Marathon Petroleum Corp. | 4468 | 520031 |
| Pioneer Natural Resources Co. | 1173 | 267902 |
| TotalEnergies SE Sponsored ADR | 7388 | 458647 |
|  |  | 49044690 |
| **Oil & Gas Services — 0.1%** |  |  |
| Halliburton Co. | 18851 | 741787 |
| **Pipelines — 0.4%** |  |  |
| Kinder Morgan, Inc. | 462674 | 8365146 |
|  |  | 58382032 |
| **Financial — 15.3%** |  |  |
| **Banks — 5.0%** |  |  |
| Bank of America Corp. | 888352 | 29422218 |
| The Bank of New York Mellon Corp. | 2422 | 110249 |
| Citigroup, Inc. | 90881 | 4110548 |
| Citizens Financial Group, Inc. | 2275 | 89567 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Fifth Third Bancorp | 13986 | $458881 |
| The Goldman Sachs Group, Inc. | 24320 | 8351001 |
| Huntington Bancshares, Inc. | 46327 | 653211 |
| JP Morgan Chase & Co. | 206128 | 27641765 |
| Morgan Stanley | 3989 | 339145 |
| Signature Bank | 1620 | 186656 |
| SVB Financial Group (a) | 742 | 170764 |
| US Bancorp | 244815 | 10676382 |
| Wells Fargo & Co. | 385041 | 15898343 |
|  |  | 98108730 |
| **Diversified Financial Services — 3.1%** |  |  |
| American Express Co. | 3600 | 531900 |
| Ameriprise Financial, Inc. | 800 | 249096 |
| Apollo Global Management, Inc. | 3116 | 198770 |
| BlackRock, Inc. | 460 | 325970 |
| Blue Owl Capital, Inc. (b) | 7112 | 75387 |
| Capital One Financial Corp. | 900 | 83664 |
| The Charles Schwab Corp. | 37207 | 3097855 |
| CME Group, Inc. | 1927 | 324044 |
| Intercontinental Exchange, Inc. | 4775 | 489867 |
| Maplebear, Inc., (Non-Voting) (Acquired 8/07/20, Cost $14,781) (a) (d) (e) (f) | 319 | 15465 |
| Maplebear, Inc., (Voting) (Acquired 8/07/20, Cost $282,637) (a) (d) (e) (f) | 6100 | 295728 |
| Mastercard, Inc. Class A | 65472 | 22766578 |
| Visa, Inc. Class A | 148910 | 30937542 |
|  |  | 59391866 |
| **Insurance — 6.2%** |  |  |
| The Allstate Corp. | 68121 | 9237208 |
| American International Group, Inc. | 101727 | 6433215 |
| Assurant, Inc. | 2021 | 252746 |
| Berkshire Hathaway, Inc. Class B (a) | 61246 | 18918889 |
| Chubb Ltd. | 93675 | 20664705 |
| Corebridge Financial, Inc. | 135644 | 2721019 |
| Equitable Holdings, Inc. | 14025 | 402518 |
| The Hartford Financial Services Group, Inc. | 125550 | 9520457 |
| Marsh & McLennan Cos., Inc. | 2821 | 466819 |
| MetLife, Inc. | 202526 | 14656807 |
| The Progressive Corp. | 139527 | 18098047 |
| RenaissanceRe Holdings Ltd. | 2463 | 453758 |
| The Travelers Cos., Inc. | 101684 | 19064733 |
| Voya Financial, Inc. | 1064 | 65425 |
|  |  | 120956346 |
| **Private Equity — 0.0%** |  |  |
| Ares Management Corp. Class A | 1294 | 88561 |
| **Real Estate Investment Trusts (REITS) — 1.0%** |  |  |
| Alexandria Real Estate Equities, Inc. | 947 | 137950 |
| American Homes 4 Rent Class A | 1700 | 51238 |
| American Tower Corp. | 1041 | 220546 |
| AvalonBay Communities, Inc. | 873 | 141007 |
| Boston Properties, Inc. | 13123 | 886852 |
| Camden Property Trust | 491 | 54933 |
| Equinix, Inc. | 906 | 593457 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Equity LifeStyle Properties, Inc. | 30009 | $1938581 |
| Essex Property Trust, Inc. | 697 | 147708 |
| Extra Space Storage, Inc. | 1237 | 182062 |
| Prologis, Inc. | 85801 | 9672347 |
| Public Storage | 854 | 239282 |
| Rexford Industrial Realty, Inc. | 3632 | 198453 |
| SBA Communications Corp. | 3344 | 937357 |
| Simon Property Group, Inc. | 1765 | 207352 |
| Sun Communities, Inc. | 196 | 28028 |
| Welltower, Inc. | 4199 | 275245 |
| Weyerhaeuser Co. | 141915 | 4399365 |
|  |  | 20311763 |
|  |  | 298857266 |
| **Industrial — 8.1%** |  |  |
| **Aerospace & Defense — 1.4%** |  |  |
| Airbus SE | 58324 | 6934856 |
| The Boeing Co. (a) | 2383 | 453938 |
| L3 Harris Technologies, Inc. | 75853 | 15793353 |
| Northrop Grumman Corp. | 7696 | 4199014 |
| Raytheon Technologies Corp. | 926 | 93452 |
| TransDigm Group, Inc. | 593 | 373382 |
|  |  | 27847995 |
| **Building Materials — 0.0%** |  |  |
| Carrier Global Corp. | 2800 | 115500 |
| Vulcan Materials Co. | 1328 | 232546 |
|  |  | 348046 |
| **Commercial Services — 0.0%** |  |  |
| Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $1,171,890) (a) (d) (e) (f) | 307471 | 624166 |
| **Electrical Components & Equipment — 0.4%** |  |  |
| AMETEK, Inc. | 37357 | 5219520 |
| Emerson Electric Co. | 20634 | 1982102 |
|  |  | 7201622 |
| **Electronics — 1.2%** |  |  |
| Agilent Technologies, Inc. | 14985 | 2242505 |
| Amphenol Corp. Class A | 97 | 7386 |
| Honeywell International, Inc. | 42403 | 9086963 |
| Hubbell, Inc. | 18262 | 4285726 |
| Mettler-Toledo International, Inc. (a) | 1821 | 2632165 |
| TE Connectivity Ltd. | 36203 | 4156104 |
| Trimble, Inc. (a) | 4100 | 207296 |
|  |  | 22618145 |
| **Environmental Controls — 0.3%** |  |  |
| Republic Services, Inc. | 44041 | 5680848 |
| Waste Connections, Inc. | 3528 | 467672 |
|  |  | 6148520 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Hand & Machine Tools — 0.0%** |  |  |
| Stanley Black & Decker, Inc. | 4600 | $345552 |
| **Machinery – Diversified — 0.3%** |  |  |
| Dover Corp. | 21808 | 2953021 |
| IDEX Corp. | 6838 | 1561321 |
| Ingersoll Rand, Inc. | 9708 | 507243 |
| Otis Worldwide Corp. | 3630 | 284265 |
| Rockwell Automation, Inc. | 1200 | 309084 |
|  |  | 5614934 |
| **Miscellaneous - Manufacturing — 2.6%** |  |  |
| Eaton Corp. PLC | 101406 | 15915672 |
| General Electric Co. | 193950 | 16251071 |
| Siemens AG Registered | 33767 | 4686611 |
| Teledyne Technologies, Inc. (a) | 29995 | 11995300 |
| Textron, Inc. | 3748 | 265358 |
| Trane Technologies PLC | 3098 | 520743 |
|  |  | 49634755 |
| **Packaging & Containers — 0.0%** |  |  |
| Ball Corp. | 3480 | 177967 |
| Packaging Corp. of America | 1673 | 213994 |
| Sealed Air Corp. | 5691 | 283867 |
| WestRock Co. | 2187 | 76895 |
|  |  | 752723 |
| **Transportation — 1.9%** |  |  |
| Canadian Pacific Railway Ltd. (b) | 5180 | 386376 |
| CSX Corp. | 442006 | 13693346 |
| FedEx Corp. | 24730 | 4283236 |
| J.B. Hunt Transport Services, Inc. | 1858 | 323961 |
| Norfolk Southern Corp. | 27799 | 6850230 |
| Old Dominion Freight Line, Inc. | 20815 | 5906881 |
| Saia, Inc. (a) | 1006 | 210938 |
| Union Pacific Corp. | 22179 | 4592605 |
| United Parcel Service, Inc. Class B | 969 | 168451 |
|  |  | 36416024 |
|  |  | 157552482 |
| **Technology — 23.0%** |  |  |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Mobileye Global, Inc. Class A (a) | 12941 | 453712 |
| **Commercial Services — 0.0%** |  |  |
| Celonis SE (Acquired 6/17/21, Cost $435,243) (a) (d) (e) (f) | 1177 | 435243 |
| **Computers — 4.7%** |  |  |
| Accenture PLC Class A | 35440 | 9456809 |
| Apple, Inc. | 622901 | 80933527 |
| Cognizant Technology Solutions Corp. Class A | 1657 | 94764 |
| Fortinet, Inc. (a) | 6725 | 328785 |
| Pure Storage, Inc. Class A (a) | 4005 | 107174 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Western Digital Corp. (a) | 4700 | $148285 |
|  |  | 91069344 |
| **Semiconductors — 6.4%** |  |  |
| Advanced Micro Devices, Inc. (a) | 168193 | 10893861 |
| Analog Devices, Inc. | 14996 | 2459794 |
| Applied Materials, Inc. | 82538 | 8037550 |
| ASML Holding NV | 35108 | 19183011 |
| Broadcom, Inc. | 29430 | 16455196 |
| KLA Corp. | 47824 | 18031083 |
| Lam Research Corp. | 23269 | 9779961 |
| Marvell Technology, Inc. | 6500 | 240760 |
| Micron Technology, Inc. | 139339 | 6964163 |
| Monolithic Power Systems, Inc. | 700 | 247527 |
| NVIDIA Corp. | 150224 | 21953735 |
| QUALCOMM, Inc. | 4728 | 519796 |
| Texas Instruments, Inc. | 62394 | 10308737 |
|  |  | 125075174 |
| **Software — 11.9%** |  |  |
| Activision Blizzard, Inc. | 56605 | 4333113 |
| Adobe, Inc. (a) | 2000 | 673060 |
| Atlassian Corp. (a) | 33966 | 4370745 |
| Black Knight, Inc. (a) | 37975 | 2344956 |
| Broadridge Financial Solutions, Inc. | 18042 | 2419973 |
| Cadence Design Systems, Inc. (a) | 2645 | 424893 |
| Canva, Inc. (Acquired 12/17/21-12/22/21, Cost $872,531) (a) (d) (e) (f) | 512 | 282522 |
| Ceridian HCM Holding, Inc. (a) | 49293 | 3162146 |
| The Descartes Systems Group, Inc. (a) | 1800 | 125370 |
| Electronic Arts, Inc. | 17254 | 2108094 |
| Epic Games, Inc. (Acquired 6/18/20-3/29/21, Cost $2,419,150) (a) (d) (e) (f) | 3660 | 2517458 |
| Fidelity National Information Services, Inc. | 38622 | 2620503 |
| Fiserv, Inc. (a) | 263502 | 26632147 |
| HashiCorp, Inc. Class A (a) (b) | 8525 | 233073 |
| Intuit, Inc. | 54036 | 21031892 |
| Microsoft Corp. | 501037 | 120158693 |
| MongoDB, Inc. (a) | 9264 | 1823526 |
| MSCI, Inc. | 639 | 297244 |
| Roper Technologies, Inc. | 23331 | 10081092 |
| Salesforce, Inc. (a) | 80164 | 10628945 |
| SentinelOne Inc. Class A (a) | 114058 | 1664106 |
| ServiceNow, Inc. (a) | 34366 | 13343287 |
| Stripe, Inc., Class B (Acquired 12/17/19, Cost $295,694) (a) (d) (e) (f) | 18846 | 348839 |
| Synopsys, Inc. (a) | 1850 | 590686 |
| Veeva Systems, Inc. Class A (a) | 481 | 77624 |
| Workday, Inc. Class A (a) | 619 | 103577 |
| Zoom Video Communications, Inc. Class A (a) | 1270 | 86030 |
|  |  | 232483594 |
|  |  | 449517067 |
| **Utilities — 3.7%** |  |  |
| **Electric — 3.7%** |  |  |
| Ameren Corp. | 93716 | 8333227 |
| American Electric Power Co., Inc. | 58984 | 5600531 |
| CMS Energy Corp. | 2989 | 189293 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Dominion Energy, Inc. | 63321 | $3882844 |
| DTE Energy Co. | 29405 | 3455970 |
| Exelon Corp. | 11500 | 497145 |
| FirstEnergy Corp. | 118607 | 4974378 |
| NextEra Energy, Inc. | 11892 | 994171 |
| PG&E Corp. (a) | 40847 | 664172 |
| Sempra Energy | 53730 | 8303434 |
| The Southern Co. | 434101 | 30999152 |
| WEC Energy Group, Inc. | 22491 | 2108756 |
| Xcel Energy, Inc. | 34374 | 2409961 |
|  |  | 72413034 |
|  |  | 72413034 |
| **TOTAL COMMON STOCK <br>(Cost $1,936,525,447)** |  | **1888004908** |
| **PREFERRED STOCK — 1.0%** |  |  |
| **Consumer, Cyclical — 0.5%** |  |  |
| **Auto Manufacturers — 0.5%** |  |  |
| Dr Ing hc F Porsche AG (a) | 68744 | 6974507 |
| Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $1,236,023) <br> (a) (d) (e) (f) | 94681 | 1314172 |
| Nuro, Inc., Series D (Acquired 10/29/21, Cost $487,977) <br> (a) (d) (e) (f) | 23409 | 324917 |
| Waymo LLC, Series A-2 (Acquired 5/08/20, Cost $748,934) |  |  |
| &nbsp;&nbsp;&nbsp;(a) (d) (e) (f) | 8722 | 411504 |
|  |  | 9025100 |
| **Consumer, Non-cyclical — 0.1%** |  |  |
| **Commercial Services— 0.1%** |  |  |
| Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $1,059,705) <br> (a) (d) (e) (f) | 22355 | 1743690 |
| **Financial — 0.0%** |  |  |
| **Investment Companies — 0.0%** |  |  |
| Maplebear, Inc., Series A (Acquired 11/18/20, Cost $53,081) |  |  |
| &nbsp;&nbsp;&nbsp;(a) (d) (e) (f) | 870 | 42178 |
| Maplebear, Inc., Series G (Acquired 7/02/20, Cost $599,129) |  |  |
| &nbsp;&nbsp;&nbsp;(a) (d) (e) (f) | 12458 | 603964 |
| Maplebear, Inc., Series I (Acquired 2/26/21, Cost $240,750) |  |  |
| &nbsp;&nbsp;&nbsp;(a) (d) (e) (f) | 1926 | 93372 |
|  |  | 739514 |
|  |  | 739514 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Industrial — 0.3%** |  |  |
| **Electrical Components & Equipment — 0.1%** |  |  |
| Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $760,988) (a) (d) (e) (f) | 18438 | $574712 |
| **Electronics — 0.2%** |  |  |
| GM Cruise Holdings, LLC, Class F (Acquired 5/07/19, Cost $921,625) (a) (d) (e) (f) | 50500 | 1026665 |
| GM Cruise Holdings, LLC, Class G (Acquired 1/21/21, Cost $979,851) (a) (d) (e) (f) | 37186 | 755991 |
| Sartorius AG 0.0340% | 5818 | 2300759 |
|  |  | 4083415 |
|  |  | 4658127 |
| **Technology — 0.1%** |  |  |
| **Software — 0.1%** |  |  |
| Canva, Inc., Series A (Acquired 12/17/21, Cost $49,421) (a) (d) (e) (f) | 29 | 16002 |
| Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $13,633) (a) (d) (e) (f) | 8 | 4414 |
| Celonis SE, Series D (Acquired 6/17/21-10/04/22, Cost $1,306,468) (a) (d) (e) (f) | 3533 | 1306468 |
| Formagrid, Inc., Series F (Acquired 12/08/21, Cost $1,130,824) (a) (d) (e) (f) | 6038 | 635258 |
| Rappi, Inc., Series E (Acquired 9/08/20-9/24/20, Cost $1,092,516) (a) (d) (e) (f) | 18286 | 658479 |
|  |  | 2620621 |
| **TOTAL PREFERRED STOCK <br>(Cost $18,264,730)** |  | **18787052** |
| **TOTAL EQUITIES <br>(Cost $1,954,790,177)** |  | **1906791960** |
|  | **Principal<br>Amount** |  |
| **BONDS & NOTES — 0.0%** |  |  |
| **CORPORATE DEBT — 0.0%** |  |  |
| **Commercial Services — 0.0%** |  |  |
| Redwood Materials, Inc., Promissory Note (Acquired 6/17/22, Cost $50,373), |  |  |
| &nbsp;&nbsp;&nbsp;0.000% 9/24/23 (d) (e) (f) | $50373 | 50373 |
| **TOTAL CORPORATE DEBT <br>(Cost $50,373)** |  | **50373** |
| **TOTAL BONDS & NOTES <br>(Cost $50,373)** |  | **50373** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 0.0%** |  |  |
| **Diversified Financial Services — 0.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (g) | 697218 | $697218 |
| **TOTAL MUTUAL FUNDS <br>(Cost $697,218)** |  | **697218** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $1,955,537,768)** |  | **1907539551** |
| **SHORT-TERM INVESTMENTS — 2.7%** |  |  |
| **Mutual Fund — 2.6%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 50287049 | 50287049 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 0.1%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h) | $997996 | 997996 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $51,285,045)** |  | **51285045** |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $2,006,822,813) (i)** |  | **1958824596** |
| **Other Assets/(Liabilities) — (0.3)%** |  | **(4916261)** |
| **NET ASSETS — 100.0%** |  | $**1953908335** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $862,538 or 0.04% of net assets. The Fund received $186,682 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&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 December 31, 2022, the aggregate market value of these securities amounted to $913,319 or 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $14,081,580 or 0.72% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $14,081,580 or 0.72% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment is valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $998,138. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,018,026.

&nbsp;&nbsp;&nbsp;&nbsp;(i) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 99.7%** |  |  |
| **CORPORATE DEBT — 0.3%** |  |  |
| **Health Care – Services — 0.3%** |  |  |
| Health Care Service Corp. A Mutual Legal Reserve Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.500% 6/01/25 (a) | $545000 | $501034 |
| **TOTAL CORPORATE DEBT <br>(Cost $504,316)** |  | **501034** |
| **MUNICIPAL OBLIGATIONS — 0.4%** |  |  |
| California State University, Revenue Bond |  |  |
| &nbsp;&nbsp;&nbsp;0.563% 11/01/24 | 125000 | 115686 |
| City & County of Denver Co. Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 0.877% 11/15/23 | 20000 | 19381 |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 1.115% 11/15/24 | 30000 | 28087 |
| City of Atlanta GA Water & Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 0.407% 11/01/23 | 15000 | 14496 |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 0.616% 11/01/24 | 15000 | 13916 |
| Dallas Area Rapid Transit |  |  |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 0.541% 12/01/23 | 10000 | 9628 |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 0.761% 12/01/24 | 10000 | 9298 |
| State of Illinois, General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;2.840% 10/01/23 | 485000 | 477398 |
| Tobacco Settlement Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 1.193% 6/01/23 | 50000 | 49183 |
| &nbsp;&nbsp;&nbsp;Revenue Bond, 1.497% 6/01/24 | 65000 | 61646 |
|  |  | 798719 |
| **TOTAL MUNICIPAL OBLIGATIONS <br>(Cost $825,000)** |  | **798719** |
| **NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%** |  |  |
| **Automobile Asset-Backed Securities — 1.0%** |  |  |
| AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C |  |  |
| &nbsp;&nbsp;&nbsp;1.060% 8/18/26 | 120000 | 113727 |
| Capital One Prime Auto Receivables Trust, Series 2020-1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;1.630% 8/15/25 | 140000 | 135823 |
| CarMax Auto Owner Trust, Series 2021-1, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;0.340% 12/15/25 | 89048 | 86101 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.760% 10/22/29 (a) | 345000 | 346147 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.270% 5/17/27 | 265000 | 267929 |
| Mercedes-Benz Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.210% 8/16/27 | 370000 | 372915 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.700% 2/15/29 | $425000 | $425027 |
|  |  | 1747669 |
| **Other Asset-Backed Securities — 0.6%** |  |  |
| BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.280% 9/26/33 (a) | 38719 | 36379 |
| CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.150% 4/17/28 | 265000 | 263993 |
| Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.730% 4/25/28 (a) | 175401 | 173427 |
| MVW Owner Trust, Series 2018-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.450% 1/21/36 (a) | 55274 | 53033 |
| Sierra Receivables Funding LLC, Series 2019-3A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;2.340% 8/20/36 (a) | 36032 | 34858 |
| Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A, 0.500% 5/20/27 | 291000 | 272938 |
| &nbsp;&nbsp;&nbsp;5.230% 11/22/27 | 335000 | 337223 |
|  |  | 1171851 |
| **Student Loans Asset-Backed Securities — 0.5%** |  |  |
| Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-EA, Class A, 0.970% 12/16/69 (a) | 167257 | 141409 |
| &nbsp;&nbsp;&nbsp;Series 2019-GA, Class A, 2.400% 10/15/68 (a) | 111589 | 102116 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX |  |  |
| &nbsp;&nbsp;&nbsp;1.320% 4/20/62 (a) | 496098 | 438731 |
| SMB Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-B, Class A2A, 2.430% 2/17/32 (a) | 84284 | 79754 |
| &nbsp;&nbsp;&nbsp;Series 2017-B, Class A2A, 2.820% 10/15/35 (a) | 177178 | 170254 |
| &nbsp;&nbsp;&nbsp;Series 2017-A, Class A2A, 2.880% 9/15/34 (a) | 55068 | 53164 |
|  |  | 985428 |
| **Whole Loan Collateral Collateralized Mortgage Obligations — 2.3%** |  |  |
| Bayview MSR Opportunity Master Fund Trust, Series 2021-2, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 6/25/51 (a) (b) | 344255 | 296328 |
| COLT Mortgage Loan Trust, Series 2021-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.907% VRN 12/25/66 (a) (b) | 551045 | 468046 |
| Credit Suisse Mortgage Trust, Series 2021-RPL6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.000% VRN 10/25/60 (a) (b) | 290066 | 249120 |
| Flagstar Mortgage Trust, Series 2021-5INV, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 7/25/51 (a) (b) | 363230 | 312208 |
| Galton Funding Mortgage Trust, Series 2020-H1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.617% VRN 1/25/60 (a) (b) | 153972 | 136360 |
| GS Mortgage-Backed Securities Trust, Series 2022-GR1, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 6/25/52 (a) (b) | 701995 | 599876 |
| JP Morgan Mortgage Trust, Series 2019-INV2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 2/25/50 (a) (b) | 19039 | 16841 |
| Metlife Securitization Trust, Series 2018-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.750% VRN 3/25/57 (a) (b) | 86449 | 80261 |
| NYMT Loan Trust, Series 2022-CP1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;2.042% 7/25/61 (a) | 297952 | 262538 |
| Onslow Bay Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1, 2.305% VRN 11/25/61 (a) (b) | 267013 | 228394 |
| &nbsp;&nbsp;&nbsp;Series 2019-EXP1, Class 1A3, 4.000% VRN 1/25/59 (a) (b) | 36429 | 34679 |
| &nbsp;&nbsp;&nbsp;Series 2019-EXP2, Class 1A3, 4.000% VRN 6/25/59 (a) (b) | 73514 | 66428 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class 2A1, 1 mo. USD LIBOR + .750% 5.139% FRN 2/25/60 (a) | $19282 | $17515 |
| &nbsp;&nbsp;&nbsp;Series 2019-EXP3, Class 2A1, 1 mo. USD LIBOR + .900% 5.289% FRN 10/25/59 (a) | 32231 | 30038 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (a) (b) | 14719 | 13435 |
| &nbsp;&nbsp;&nbsp;Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (a) (b) | 40020 | 37156 |
| &nbsp;&nbsp;&nbsp;Series 2018-CH2, Class A3, 4.000% VRN 6/25/48 (a) (b) | 8134 | 7395 |
| &nbsp;&nbsp;&nbsp;Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (a) (b) | 2756 | 2678 |
| &nbsp;&nbsp;&nbsp;Series 2018-CH4, Class A2, 4.000% VRN 10/25/48 (a) (b) | 1093 | 1079 |
| SG Residential Mortgage Trust, Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.160% VRN 7/25/61 (a) (b) | 395946 | 310886 |
| Starwood Mortgage Residential Trust, Series 2021-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.127% VRN 6/25/56 (a) (b) | 352659 | 287514 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-6, Class A1, 2.750% VRN 10/25/57 (a) (b) | 68085 | 64033 |
| &nbsp;&nbsp;&nbsp;Series 2018-2, Class A1, 3.250% VRN 3/25/58 (a) (b) | 79212 | 75061 |
| &nbsp;&nbsp;&nbsp;Series 2018-5, Class A1A, 3.250% VRN 7/25/58 (a) (b) | 53459 | 49994 |
| &nbsp;&nbsp;&nbsp;Series 2018-3, Class A1, 3.750% VRN 5/25/58 (a) (b) | 44967 | 42286 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class A1, 1.046% VRN 6/25/66 (a) (b) | 337000 | 277810 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, 2.417% STEP 1/25/60 (a) | 52358 | 49194 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.500% VRN 12/25/50 (a) (b) | 284545 | 244931 |
|  |  | 4262084 |
| **Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1%** |  |  |
| Galton Funding Mortgage Trust, Series 2018-1, Class A33, |  |  |
| &nbsp;&nbsp;&nbsp;3.500% VRN 11/25/57 (a) (b) | 54445 | 47952 |
| Onslow Bay Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-INV1, Class A21, 3.500% VRN 12/25/49 (a) (b) | 30870 | 26219 |
| &nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class 1A9, 3.500% VRN 2/25/60 (a) (b) | 60540 | 52342 |
| &nbsp;&nbsp;&nbsp;Series 2019-EXP3, Class 2A2, 1 mo. USD LIBOR + 1.100% 5.489% FRN 10/25/59 (a) | 18099 | 16990 |
|  |  | 143503 |
| **TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS <br>(Cost $9,185,228)** |  | **8310535** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 1.1%** |  |  |
| **Collateralized Mortgage Obligations — 0.0%** |  |  |
| Government National Mortgage Association <br> Series 2019-65, Class B 3.500% 5/20/49 | 52940 | 49868 |
| **Whole Loans — 1.1%** |  |  |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA1, Class M1A, 30 day SOFR + 1.000% 4.928% FRN 1/25/42 (a) | 572021 | 558347 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A, 30 day SOFR + 1.300% 5.228% FRN 2/25/42 (a) | 218020 | 215614 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1A, 30 day SOFR + 2.000% 5.928% FRN 4/25/42 (a) | 455530 | 454521 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1A, 30 day SOFR + 2.950% 6.878% FRN 6/25/42 (a) | 93107 | 94131 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M1, 30 day SOFR + 1.000% 4.928% FRN 12/25/41 (a) | $308788 | $304654 |
| &nbsp;&nbsp;&nbsp;Series 2018-C03, Class 1EB2, 1 mo. USD LIBOR + .850% 5.239% FRN 10/25/30 | 233647 | 232172 |
| &nbsp;&nbsp;&nbsp;Series 2018-C03, Class 1ED2, 1 mo. USD LIBOR + .850% 5.239% FRN 10/25/30 | 13178 | 13128 |
| &nbsp;&nbsp;&nbsp;Series 2017-C05, Class 1ED3, 1 mo. USD LIBOR + 1.200% 5.589% FRN 1/25/30 | 10404 | 10403 |
| &nbsp;&nbsp;&nbsp;Series 2017-C06, Class 1M2B, 1 mo. USD LIBOR + 2.650% 7.039% FRN 2/25/30 | 137931 | 138786 |
|  |  | 2021756 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <br>(Cost $2,092,435)** |  | **2071624** |
| **U.S. TREASURY OBLIGATIONS — 93.4%** |  |  |
| **U.S. Treasury Bonds & Notes — 93.4%** |  |  |
| U.S. Treasury Inflation Index |  |  |
| &nbsp;&nbsp;&nbsp;0.125% 10/15/24 | 12021432 | 11583463 |
| &nbsp;&nbsp;&nbsp;0.125% 4/15/25 | 20348520 | 19405811 |
| &nbsp;&nbsp;&nbsp;0.125% 10/15/25 | 12026514 | 11438577 |
| &nbsp;&nbsp;&nbsp;0.125% 4/15/26 | 2701249 | 2541777 |
| &nbsp;&nbsp;&nbsp;0.125% 7/15/26 | 1634925 | 1542003 |
| &nbsp;&nbsp;&nbsp;0.125% 10/15/26 | 12295260 | 11535772 |
| &nbsp;&nbsp;&nbsp;0.125% 4/15/27 | 18791351 | 17529908 |
| &nbsp;&nbsp;&nbsp;0.250% 1/15/25 | 9396124 | 9018811 |
| &nbsp;&nbsp;&nbsp;0.375% 7/15/25 | 12823941 | 12325260 |
| &nbsp;&nbsp;&nbsp;0.375% 1/15/27 | 11301693 | 10667886 |
| &nbsp;&nbsp;&nbsp;0.375% 7/15/27 | 5098156 | 4809742 |
| &nbsp;&nbsp;&nbsp;0.500% 4/15/24 (d) | 17946614 | 17459742 |
| &nbsp;&nbsp;&nbsp;0.625% 1/15/26 | 6303934 | 6056209 |
| &nbsp;&nbsp;&nbsp;0.625% 7/15/32 | 2222162 | 2037560 |
| &nbsp;&nbsp;&nbsp;1.625% 10/15/27 | 18256700 | 18254561 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.500% 11/30/24 (e) | 17540000 | 17550571 |
|  |  | 173757653 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $182,276,828)** |  | **173757653** |
| **TOTAL BONDS & NOTES <br>(Cost $194,883,807)** |  | **185439565** |
|  | **Number of<br>Shares** |  |
| **MUTUAL FUNDS — 9.6%** |  |  |
| **Diversified Financial Services — 9.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (f) | 17976450 | 17976450 |
| **TOTAL MUTUAL FUNDS <br>(Cost $17,976,450)** |  | **17976450** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $212,860,257)** |  | **203416015** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shares** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Mutual Fund — 0.0%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 9008 | $9008 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 0.4%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (g) | $690381 | 690381 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $699,389)** |  | **699389** |
| **TOTAL INVESTMENTS — 109.7%<br>(Cost $213,559,646) (h)** |  | **204115404** |
| **Other Assets/(Liabilities) — (9.7)%** |  | **(18111253)** |
| **NET ASSETS — 100.0%** |  | $**186004151** |

---

**Abbreviation Legend**

FRN Floating Rate Note

STEP Step Up Bond

VRN Variable Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $8,163,160 or 4.39% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this security is pledged/held as collateral for open derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2022, was $17,622,679 or 9.47% of net assets. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Maturity value of $690,480. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $704,284.

&nbsp;&nbsp;&nbsp;&nbsp;(h) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| U.S. Treasury Note 2 Year | 3/31/23 | 39 | $8035332 | $(37285) |
| **Short** |  |  |  |  |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 50 | $(6040259) | $126196 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **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/ Reference** | **Frequency** | <br>**Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation (Depreciation)** |
| Fixed 3.135% | Maturity | U.S. Consumer Price Index | Maturity | 8/03/23 | USD | 4650000 | $267598 | $— | $267598 |
| Fixed 2.960% | Maturity | U.S. Consumer Price Index | Maturity | 8/02/24 | USD | 1376000 | 79455 |  | 79455 |
| Fixed 2.952% | Maturity | U.S. Consumer Price Index | Maturity | 8/03/24 | USD | 3133000 | 180769 |  | 180769 |
| Fixed 3.112% | Maturity | U.S. Consumer Price Index | Maturity | 8/22/24 | USD | 1370000 | (11221) |  | (11221) |
| Fixed 3.129% | Maturity | U.S. Consumer Price Index | Maturity | 8/22/24 | USD | 1370000 | (11653) |  | (11653) |
| Fixed 3.320% | Maturity | U.S. Consumer Price Index | Maturity | 8/30/24 | USD | 1370000 | (20615) |  | (20615) |
| Fixed 2.962% | Maturity | U.S. Consumer Price Index | Maturity | 9/15/25 | USD | 4046000 | (50525) |  | (50525) |
| Fixed 2.715% | Maturity | U.S. Consumer Price Index | Maturity | 10/03/25 | USD | 1383000 | (6471) |  | (6471) |
| Fixed 2.739% | Maturity | U.S. Consumer Price Index | Maturity | 10/03/25 | USD | 891000 | (4774) |  | (4774) |
| Fixed 2.535% | Maturity | U.S. Consumer Price Index | Maturity | 10/05/25 | USD | 891000 | 461 |  | 461 |
| Fixed 2.560% | Maturity | U.S. Consumer Price Index | Maturity | 10/05/25 | USD | 891000 | (166) |  | (166) |
| Fixed 2.665% | Maturity | U.S. Consumer Price Index | Maturity | 10/06/25 | USD | 906000 | (2797) |  | (2797) |
| Fixed 2.685% | Maturity | U.S. Consumer Price Index | Maturity | 10/11/25 | USD | 906000 | (3036) |  | (3036) |
|  |  |  |  |  |  |  | $417025 | $— | $417025 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** | **OTC Interest Rate Swaps** |
| **Paid by the Fund** | **Paid by the Fund** | **Received by the Fund** | **Received by the Fund** | | | | | | | |
| **Rate/ Reference** | **Frequency** | **Rate/ Reference** | **Frequency** | **Counterparty** | **Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront Premium Paid/ (Received)** | **Unrealized Appreciation (Depreciation)** |
| Fixed 1.600% | Maturity | U.S. Consumer Price Index | Maturity | Bank of America N.A. | 2/21/23 | USD | 3638000 | $384318 | $— | $384318 |
| Fixed 1.593% | Maturity | U.S. Consumer Price Index | Maturity | Citibank N.A. | 2/18/23 | USD | 1311000 | 139022 |  | 139022 |
| Fixed 1.596% | Maturity | U.S. Consumer Price Index | Maturity | Citibank N.A. | 2/18/23 | USD | 1789000 | 189518 |  | 189518 |
| Fixed 1.592% | Maturity | U.S. Consumer Price Index | Maturity | Citibank N.A. | 2/20/23 | USD | 2867000 | 303912 |  | 303912 |
| Fixed 1.487% | Maturity | U.S. Consumer Price Index | Maturity | Citibank N.A. | 2/26/23 | USD | 2061000 | 223527 |  | 223527 |
| Fixed 1.605% | Maturity | U.S. Consumer Price Index | Maturity | Goldman Sachs International | 2/21/23 | USD | 2993000 | 315719 |  | 315719 |
| Fixed 1.565% | Maturity | U.S. Consumer Price Index | Maturity | HSBC Bank USA | 2/25/23 | USD | 2241000 | 237911 |  | 237911 |
| Fixed 2.290% | Maturity | U.S. Consumer Price Index | Maturity | UBS AG | 6/05/23 | USD | 1700000 | 139004 |  | 139004 |
|  |  |  |  |  |  |  |  | $1932931 | $— | $1932931 |

---

**Currency Legend**

USD U.S. Dollar

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 91.3%** |  |  |
| **COMMON STOCK — 90.3%** |  |  |
| **Australia — 9.8%** |  |  |
| ALS Ltd. | 175484 | $1459405 |
| BHP Group Ltd. | 309513 | 9582901 |
| BlueScope Steel Ltd. | 93462 | 1065320 |
| Capricorn Metals Ltd. (a) | 20746 | 63232 |
| Goodman Group | 71316 | 837864 |
| IGO Ltd. | 86004 | 781636 |
| Northern Star Resources Ltd. | 347671 | 2545870 |
| OZ Minerals Ltd. | 67015 | 1253911 |
| Perseus Mining Ltd. | 1282216 | 1799543 |
| Rio Tinto Ltd. | 23301 | 1836358 |
| Scentre Group | 281941 | 548222 |
| South32 Ltd. | 225315 | 609909 |
| Tietto Minerals Ltd. (a) | 1633642 | 783321 |
|  |  | 23167492 |
| **Belgium — 0.3%** |  |  |
| Warehouses De Pauw CVA | 20594 | 588878 |
| **Bermuda — 0.3%** |  |  |
| Hongkong Land Holdings Ltd. | 170100 | 780099 |
| **Brazil — 0.2%** |  |  |
| Vale SA | 27582 | 468472 |
| **Canada — 7.2%** |  |  |
| Canadian Apartment Properties | 14198 | 447541 |
| Canadian National Railway Co. | 6270 | 744806 |
| Canadian Natural Resources Ltd. | 15674 | 870405 |
| Canadian Pacific Railway Ltd. | 9333 | 696148 |
| ERO Copper Corp. (a) (b) | 21559 | 296794 |
| Franco-Nevada Corp. | 14172 | 1931851 |
| Granite REIT | 8121 | 414327 |
| K92 Mining, Inc. (a) | 280184 | 1587157 |
| Karora Resources, Inc. (a) | 291722 | 1001852 |
| Nutrien Ltd. | 46651 | 3406923 |
| Orla Mining Ltd. (a) | 119037 | 481775 |
| Osisko Mining, Inc. (a) | 124665 | 322251 |
| Rhyolite Resources Ltd. (a) | 214075 | 23716 |
| StorageVault Canada, Inc. (b) | 64423 | 286430 |
| TC Energy Corp. | 13378 | 533247 |
| Toromont Industries Ltd. | 18291 | 1319951 |
| Victoria Gold Corp. (a) | 85341 | 450656 |
| Wesdome Gold Mines Ltd. (a) | 270421 | 1493906 |
| West Fraser Timber Co. Ltd. (b) | 2397 | 173083 |
| Wheaton Precious Metals Corp. | 14778 | 577368 |
|  |  | 17060187 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Cayman Islands — 0.5%** |  |  |
| H World Group Ltd. | 71800 | $309018 |
| Wharf Real Estate Investment Co. Ltd. | 132000 | 769577 |
|  |  | 1078595 |
| **Denmark — 0.4%** |  |  |
| Bakkafrost P/F | 11358 | 709957 |
| ROCKWOOL International A/S Class B | 1182 | 278832 |
|  |  | 988789 |
| **Finland — 1.3%** |  |  |
| Kojamo OYJ | 34041 | 504336 |
| Metso Outotec OYJ | 182791 | 1885835 |
| UPM-Kymmene OYJ | 20751 | 777871 |
|  |  | 3168042 |
| **France — 2.3%** |  |  |
| Gecina SA | 2431 | 247681 |
| Legrand SA | 4183 | 336804 |
| Schneider Electric SE | 4099 | 576481 |
| TotalEnergies SE (b) | 59876 | 3737170 |
| Verallia SA (c) | 14375 | 487024 |
|  |  | 5385160 |
| **Hong Kong — 0.3%** |  |  |
| Sun Hung Kai Properties Ltd. | 55000 | 752654 |
| **Ireland — 0.8%** |  |  |
| Linde PLC | 6084 | 1984479 |
| **Japan — 2.5%** |  |  |
| Hoshino Resorts REIT, Inc. | 73 | 393499 |
| Industrial & Infrastructure Fund Investment Corp. | 494 | 571321 |
| Invincible Investment Corp. | 694 | 268273 |
| Katitas Co. Ltd. | 19200 | 441583 |
| Kyoritsu Maintenance Co. Ltd. (b) | 8300 | 372018 |
| Mitsui Fudosan Co. Ltd. | 57800 | 1055945 |
| Mitsui Fudosan Logistics Park, Inc. | 125 | 458082 |
| Nippon Steel Corp. | 84200 | 1466003 |
| Shin-Etsu Chemical Co. Ltd. | 2100 | 255854 |
| Tokyo Tatemono Co. Ltd. (b) | 36500 | 441849 |
| Tokyu REIT, Inc. | 163 | 256859 |
|  |  | 5981286 |
| **Kazakhstan — 0.5%** |  |  |
| NAC Kazatomprom JSC GDR (c) | 45740 | 1285767 |
| **Luxembourg — 0.5%** |  |  |
| Ardagh Metal Packaging SA | 45374 | 218249 |
| Shurgard Self Storage SA | 10781 | 495565 |
| Tenaris SA ADR | 11781 | 414220 |
|  |  | 1128034 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Mexico — 0.2%** |  |  |
| Grupo Mexico SAB de CV Series B | 124209 | $437901 |
| **Netherlands — 0.4%** |  |  |
| Akzo Nobel NV | 7372 | 491904 |
| Schlumberger NV | 6491 | 347009 |
|  |  | 838913 |
| **Norway — 1.7%** |  |  |
| Equinor ASA | 61388 | 2201889 |
| Norsk Hydro ASA | 204633 | 1532602 |
| TGS ASA | 25118 | 339825 |
|  |  | 4074316 |
| **Portugal — 0.4%** |  |  |
| Galp Energia SGPS SA | 70111 | 948704 |
| **Republic of Korea — 0.8%** |  |  |
| Korea Zinc Co. ,Ltd. | 483 | 216692 |
| POSCO Holdings, Inc. | 7143 | 1572244 |
|  |  | 1788936 |
| **Russia — 0.0%** |  |  |
| Alrosa PJSC (a) (d) (e) | 688100 |  |
| MMC Norlisk Nickel PJSC (d) (e) | 2654 |  |
| Polyus PJSC (a) (d) (e) | 2282 |  |
| **Singapore — 0.5%** |  |  |
| CapitaLand Mall Trust | 518600 | 790751 |
| Digital Core REIT Management Pte Ltd. (b) | 470000 | 256873 |
| Lendlease Global Commercial REIT | 445200 | 234474 |
|  |  | 1282098 |
| **South Africa — 0.1%** |  |  |
| Impala Platinum Holdings Ltd. | 14600 | 182541 |
| Sibanye Stillwater Ltd. | 46655 | 123871 |
|  |  | 306412 |
| **Spain — 0.2%** |  |  |
| Cellnex Telecom SA (c) | 10222 | 339939 |
| Iberdrola SA | 20448 | 239190 |
|  |  | 579129 |
| **Sweden — 3.2%** |  |  |
| Alfa Laval AB | 14096 | 407893 |
| Boliden AB | 75394 | 2835161 |
| Epiroc AB Class A | 59413 | 1085733 |
| Epiroc AB Class B | 34720 | 559643 |
| Sandvik AB | 125606 | 2267844 |
| Svenska Cellulosa AB Class B | 28847 | 364751 |
|  |  | 7521025 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **United Kingdom — 6.5%** |  |  |
| Adriatic Metals PLC (a) | 121138 | $256062 |
| Anglo American PLC | 10435 | 408141 |
| Big Yellow Group PLC | 23573 | 327231 |
| Central Asia Metals PLC | 250514 | 751474 |
| Derwent London PLC | 14286 | 409297 |
| Glencore PLC | 517314 | 3459162 |
| Great Portland Estates PLC | 75276 | 449357 |
| InterContinental Hotels Group PLC | 9143 | 526259 |
| Mondi PLC | 7021 | 119241 |
| Persimmon PLC | 12977 | 191555 |
| Rio Tinto PLC | 55178 | 3871631 |
| Shell PLC | 48729 | 1384767 |
| TechnipFMC PLC (a) | 54314 | 662088 |
| The UNITE Group PLC | 49777 | 548092 |
| The Weir Group PLC | 106547 | 2138286 |
|  |  | 15502643 |
| **United States — 49.4%** |  |  |
| Acadia Realty Trust | 69502 | 997354 |
| AGCO Corp. | 2476 | 343396 |
| Air Products & Chemicals, Inc. | 3280 | 1011093 |
| Alaska Air Group, Inc. (a) | 7499 | 322007 |
| Albemarle Corp. | 1158 | 251124 |
| Alexandria Real Estate Equities, Inc. | 15373 | 2239385 |
| Allegiant Travel Co. (a) | 4480 | 304595 |
| Ameren Corp. | 3486 | 309975 |
| American Homes 4 Rent Class A | 59488 | 1792968 |
| American Tower Corp. | 13950 | 2955447 |
| Apartment Income REIT Corp. | 12552 | 430659 |
| Apple Hospitality REIT, Inc. | 81679 | 1288895 |
| AvalonBay Communities, Inc. | 13591 | 2195218 |
| Avery Dennison Corp. | 2505 | 453405 |
| Baker Hughes Co. | 13450 | 397178 |
| Ball Corp. | 23894 | 1221939 |
| Cactus, Inc. Class A | 10160 | 510642 |
| Camden Property Trust | 12480 | 1396262 |
| Caterpillar, Inc. | 2591 | 620700 |
| CF Industries Holdings, Inc. | 9003 | 767056 |
| ChampionX Corp. | 17020 | 493410 |
| Chesapeake Energy Corp. | 7011 | 661628 |
| Chevron Corp. | 13955 | 2504783 |
| CMS Energy Corp. | 4340 | 274852 |
| ConocoPhillips | 33963 | 4007634 |
| Crown Castle, Inc. | 10007 | 1357349 |
| Crown Holdings, Inc. | 5366 | 441139 |
| CSX Corp. | 20517 | 635617 |
| CubeSmart | 47934 | 1929343 |
| Cummins, Inc. | 3364 | 815064 |
| Darling Ingredients, Inc. (a) | 14256 | 892283 |
| Deere & Co. | 3089 | 1324440 |
| Delta Air Lines, Inc. (a) | 18083 | 594207 |
| Devon Energy Corp. | 27028 | 1662492 |
| Dominion Energy, Inc. | 5209 | 319416 |
| Douglas Emmett, Inc. | 42298 | 663233 |
| DTE Energy Co. | 2281 | 268086 |
| EastGroup Properties, Inc. | 7347 | 1087797 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Element Solutions, Inc. | 18022 | $327820 |
| EOG Resources, Inc. | 19874 | 2574080 |
| Equinix, Inc. | 7247 | 4747002 |
| Equity LifeStyle Properties, Inc. | 48645 | 3142467 |
| Equity Residential | 36734 | 2167306 |
| Essex Property Trust, Inc. | 8349 | 1769320 |
| Extra Space Storage, Inc. | 2685 | 395178 |
| Federal Realty Investment Trust | 1179 | 119126 |
| FMC Corp. | 8497 | 1060426 |
| Frontier Group Holdings, Inc. (a) | 57385 | 589344 |
| Halliburton Co. | 14206 | 559006 |
| Hess Corp. | 16547 | 2346695 |
| Hilton Worldwide Holdings, Inc. | 9781 | 1235927 |
| Host Hotels & Resorts, Inc. | 24016 | 385457 |
| The Howard Hughes Corp. (a) | 2798 | 213823 |
| Hubbell, Inc. | 3184 | 747221 |
| International Paper Co. | 13275 | 459713 |
| JetBlue Airways Corp. (a) | 30447 | 197297 |
| Kilroy Realty Corp. | 17539 | 678233 |
| Kimco Realty Corp. | 22104 | 468163 |
| Liberty Energy, Inc. | 11750 | 188117 |
| Magnolia Oil & Gas Corp. Class A | 29887 | 700850 |
| Marriott International, Inc. Class A | 3604 | 536600 |
| Martin Marietta Materials, Inc. | 2750 | 929417 |
| Newmont Corp. | 24133 | 1139078 |
| NextEra Energy, Inc. | 3192 | 266851 |
| Norfolk Southern Corp. | 4253 | 1048024 |
| Nucor Corp. | 18462 | 2433476 |
| Packaging Corp. of America | 7287 | 932080 |
| Pebblebrook Hotel Trust | 56658 | 758651 |
| Pioneer Natural Resources Co. | 8047 | 1837854 |
| Prologis, Inc. | 47445 | 5348475 |
| Public Storage | 13894 | 3892960 |
| Quanta Services, Inc. | 3354 | 477945 |
| Rayonier, Inc. | 28611 | 943019 |
| Regency Centers Corp. | 36530 | 2283125 |
| Reliance Steel & Aluminum Co. | 17464 | 3535412 |
| Rexford Industrial Realty, Inc. | 40167 | 2194725 |
| Royal Gold, Inc. | 1988 | 224087 |
| RPM International, Inc. | 10239 | 997791 |
| SBA Communications Corp. | 8352 | 2341149 |
| Sempra Energy | 3741 | 578134 |
| The Sherwin-Williams Co. | 5815 | 1380074 |
| Shoals Technologies Group, Inc. Class A (a) | 16210 | 399901 |
| Simon Property Group, Inc. | 27395 | 3218365 |
| SL Green Realty Corp. (b) | 5865 | 197768 |
| The Southern Co. | 7636 | 545287 |
| Southern Copper Corp. | 16032 | 968172 |
| Southwest Airlines Co. (a) | 16219 | 546094 |
| Steel Dynamics, Inc. | 27357 | 2672779 |
| Sun Country Airlines Holdings, Inc. (a) | 36393 | 577193 |
| Terreno Realty Corp. | 30495 | 1734251 |
| Union Pacific Corp. | 4864 | 1007188 |
| United Airlines Holdings, Inc. (a) | 14314 | 539638 |
| Ventas, Inc. | 32412 | 1460161 |
| Vulcan Materials Co. | 7816 | 1368660 |
| Welltower, Inc. | 34523 | 2262983 |
| WestRock Co. | 6625 | 232935 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Weyerhaeuser Co. | 21859 | $677629 |
| Xcel Energy, Inc. | 3205 | 224703 |
|  |  | 117527276 |
| **TOTAL COMMON STOCK <br>(Cost $220,608,621)** |  | **214625287** |
| **PREFERRED STOCK — 1.0%** |  |  |
| **United States — 1.0%** |  |  |
| Jetti Holdings, Inc., Series C, (Acquired 5/24/21-6/30/21, Cost $130,426) (a) (d) (e) (f) | 2253 | 299406 |
| KoBold Metals, Inc., Series B-1, (Acquired 1/10/22, Cost $670,800) (a) (d) (e) (f) | 24472 | 670800 |
| Lilac Solutions, Inc., Series B, (Acquired 9/08/21, Cost $329,342) (a) (d) (e) (f) | 25087 | 342438 |
| NextEra Energy, Inc. Convertible 5.279% | 18013 | 913258 |
|  |  | 2225902 |
| **TOTAL PREFERRED STOCK <br>(Cost $1,992,987)** |  | **2225902** |
| **TOTAL EQUITIES <br>(Cost $222,601,608)** |  | **216851189** |
| **MUTUAL FUNDS — 5.2%** |  |  |
| **United States — 5.2%** |  |  |
| Industrial Select Sector SPDR Fund (b) | 29594 | 2906427 |
| iShares MSCI Global Metals & Mining Producers ETF (b) | 34821 | 1427661 |
| SPDR S&P Homebuilders ETF (b) | 18861 | 1137695 |
| SPDR S&P Oil & Gas Exploration & Production ETF | 6166 | 837836 |
| State Street Navigator Securities Lending Government Money Market Portfolio (g) | 5162960 | 5162960 |
| VanEck Oil Services ETF | 2574 | 782625 |
|  |  | 12255204 |
| **TOTAL MUTUAL FUNDS <br>(Cost $12,235,698)** |  | **12255204** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $234,837,306)** |  | **229106393** |
| **SHORT-TERM INVESTMENTS — 5.6%** |  |  |
| **Mutual Fund — 2.9%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 6947754 | 6947754 |
| **Repurchase Agreement — 0.4%** | **Principal<br>Amount** |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h) | $992019 | 992019 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. Treasury Bill — 2.3%** |  |  |
| U.S. Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;3.324% 2/16/23 (i) (j) | $1490000 | $1482590 |
| &nbsp;&nbsp;&nbsp;3.607% 2/16/23 (i) | 100000 | 99503 |
| &nbsp;&nbsp;&nbsp;4.584% 5/18/23 (i) (j) | 4000000 | 3932284 |
|  |  | 5514377 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $13,455,257)** |  | **13454150** |
| **TOTAL INVESTMENTS — 102.1%<br>(Cost $248,292,563) (k)** |  | **242560543** |
| **Other Assets/(Liabilities) — (2.1)%** |  | **(4867983)** |
| **NET ASSETS — 100.0%** |  | $**237692560** |

---

**Abbreviation Legend**

ADR American Depositary Receipt <br> ETF Exchange-Traded Fund

GDR Global Depositary Receipt <br> REIT 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 December 31, 2022, was $5,953,434 or 2.50% of net assets. The Fund received $972,229 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&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 December 31, 2022, the aggregate market value of these securities amounted to $2,112,730 or 0.89% 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 December 31, 2022, these securities amounted to a value of $1,312,644 or 0.55% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $1,312,644 or 0.55% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $992,160. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,011,870.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown represents yield-to-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is pledged/held as collateral for open derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** | **Forward contracts** |
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized Appreciation (Depreciation)** |
| BNP Paribas SA | 1/04/23 | BRL | 6139450 | USD | 1176658 | $(13828) |
| BNP Paribas SA | 1/04/23 | USD | 1162775 | BRL | 6139450 | (55) |
| BNP Paribas SA | 2/02/23 | BRL | 6139450 | USD | 1155890 | 604 |
| Deutsche Bank AG | 1/13/23 | NOK | 11199430 | USD | 1124181 | 19426 |
| Deutsche Bank AG | 1/13/23 | NOK | 11191470 | EUR | 1060642 | 6719 |
| Goldman Sachs International | 1/13/23 | USD | 1116028 | SEK | 11506470 | 12741 |
| Morgan Stanley & Co. LLC | 1/04/23 | USD | 1176658 | BRL | 6139450 | 13828 |
| Morgan Stanley & Co. LLC | 1/04/23 | BRL | 6139450 | USD | 1131685 | 31145 |
|  |  |  |  |  |  | $70580 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Long** |  | | | |
| SPI 200 Index | 3/16/23 | 13 | $1586358 | $(39194) |
| Xab Materials | 3/17/23 | 21 | 1821392 | (79652) |
| Xae Energy | 3/17/23 | 102 | 8953402 | 434678 |
|  |  |  |  | $315832 |
| **Short** |  |  |  |  |
| U.S. Treasury Note 10 Year | 3/22/23 | 29 | $(3265404) | $8795 |
| U.S. Treasury Ultra Bond | 3/22/23 | 9 | (1206269) | (2544) |
|  |  |  |  | $6251 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **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/ Reference** | **Frequency** | <br>**Termination Date** | **Notional<br>Amount** | **Notional<br>Amount** |<br>**Value** |<br>**Upfront Premium Paid/ (Received)** | <br>**Unrealized Appreciation (Depreciation)** |
| 12-Month USD SOFR | Annually | Fixed 4.547% | Annually | 5/18/23 | USD | 3625000 | $(2412) | $— | $(2412) |

---

**Currency Legend**

BRL Brazilian Real

---

| | |
|:---|:---|
| EUR | Euro |

---

NOK Norwegian Krone

SEK Swedish Krona

USD U.S. Dollar

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **EQUITIES — 96.7%** |  |  |
| **COMMON STOCK — 94.7%** |  |  |
| **Basic Materials — 2.5%** |  |  |
| **Chemicals — 1.0%** |  |  |
| AgroFresh Solutions, Inc. (a) | 60688 | $179637 |
| Element Solutions, Inc. | 106731 | 1941436 |
| H.B. Fuller Co. | 3322 | 237922 |
| Hawkins, Inc. | 7142 | 275681 |
| Orion Engineered Carbons SA | 27005 | 480959 |
| PPG Industries, Inc. | 5570 | 700372 |
| Quaker Chemical Corp. | 8656 | 1444686 |
| RPM International, Inc. | 14100 | 1374045 |
|  |  | 6634738 |
| **Forest Products & Paper — 0.1%** |  |  |
| Clearwater Paper Corp. (a) | 11492 | 434512 |
| West Fraser Timber Co. Ltd. (b) | 4079 | 294538 |
|  |  | 729050 |
| **Holding Companies-Diversified — 0.0%** |  |  |
| Dynamics Special Purpose Corp., Founders Shares (Acquired 12/22/21, Cost $0) (a) (c) (d) | 607 | 813 |
| **Iron & Steel — 0.2%** |  |  |
| Carpenter Technology Corp. | 13411 | 495403 |
| Haynes International, Inc. | 10383 | 474399 |
| Reliance Steel & Aluminum Co. | 3543 | 717245 |
|  |  | 1687047 |
| **Mining — 1.2%** |  |  |
| AngloGold Ashanti Ltd. Sponsored ADR | 45324 | 880192 |
| Cameco Corp. | 86925 | 1970590 |
| Constellium SE (a) | 100825 | 1192760 |
| ERO Copper Corp. (a) (b) | 13723 | 188919 |
| Franco-Nevada Corp. | 13543 | 1846109 |
| Freeport-McMoRan, Inc. | 21184 | 804992 |
| Fresnillo PLC | 163284 | 1772539 |
|  |  | 8656101 |
|  |  | 17707749 |
| **Communications — 3.0%** |  |  |
| **Advertising — 0.4%** |  |  |
| Advantage Solutions, Inc. (a) | 67419 | 140232 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Boston Omaha Corp. Class A (a) | 19960 | $528940 |
| The Trade Desk, Inc. Class A (a) | 45700 | 2048731 |
|  |  | 2717903 |
| **Internet — 0.5%** |  |  |
| Bumble, Inc. Class A (a) | 14599 | 307309 |
| Deliveroo PLC (a) (e) | 159333 | 165170 |
| Farfetch Ltd. Class A (a) (b) | 71633 | 338824 |
| Figs, Inc. Class A (a) | 35662 | 240005 |
| Match Group, Inc. (a) | 9000 | 373410 |
| Open Lending Corp. Class A (a) | 100599 | 679043 |
| Opendoor Technologies, Inc. (a) (b) | 66249 | 76849 |
| Palo Alto Networks, Inc. (a) | 2100 | 293034 |
| Rover Group, Inc., Earnout Shares 16.00 (Acquired 8/02/21, Cost $0) (a) (c) (d) (f) | 15883 | 321 |
| Spotify Technology SA (a) | 9500 | 750025 |
| Upwork, Inc. (a) | 16133 | 168428 |
|  |  | 3392418 |
| **Media — 1.4%** |  |  |
| DISH Network Corp. Class A (a) | 46278 | 649743 |
| Liberty Media Corp-Liberty Formula One Class C (a) | 33000 | 1972740 |
| News Corp. Class A | 237946 | 4330617 |
| Paramount Global Class B | 82587 | 1394069 |
| Saga Communications, Inc. Class A | 3838 | 90577 |
| Scholastic Corp. | 38511 | 1519644 |
|  |  | 9957390 |
| **Telecommunications — 0.7%** |  |  |
| Arista Networks, Inc. (a) | 8582 | 1041426 |
| Clearfield, Inc. (a) | 1457 | 137162 |
| Corning, Inc. | 51731 | 1652288 |
| Credo Technology Group Holding Ltd. (a) | 14700 | 195657 |
| DigitalBridge Group, Inc. | 41495 | 453955 |
| Harmonic, Inc. (a) | 10309 | 135048 |
| Infinera Corp. (a) (b) | 12888 | 86865 |
| Motorola Solutions, Inc. | 5700 | 1468947 |
|  |  | 5171348 |
|  |  | 21239059 |
| **Consumer, Cyclical — 10.8%** |  |  |
| **Airlines — 0.6%** |  |  |
| Allegiant Travel Co. (a) | 9734 | 661815 |
| Southwest Airlines Co. (a) | 103916 | 3498852 |
| Sun Country Airlines Holdings, Inc. (a) | 10891 | 172731 |
|  |  | 4333398 |
| **Apparel — 0.8%** |  |  |
| adidas AG | 5754 | 785479 |
| On Holding AG, Class A (a) | 13420 | 230287 |
| Ralph Lauren Corp. | 29472 | 3114306 |
| Skechers U.S.A., Inc. Class A (a) | 17306 | 725987 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Steven Madden Ltd. | 16279 | $520277 |
|  |  | 5376336 |
| **Auto Manufacturers — 0.7%** |  |  |
| Blue Bird Corp. (a) | 13328 | 142743 |
| General Motors Co. | 52874 | 1778682 |
| PACCAR, Inc. | 22260 | 2203072 |
| Rivian Automotive, Inc. Class A (a) | 52354 | 964884 |
|  |  | 5089381 |
| **Auto Parts & Equipment — 0.2%** |  |  |
| Dorman Products, Inc. (a) | 6924 | 559944 |
| The Shyft Group, Inc. | 3660 | 90987 |
| Visteon Corp. (a) | 3365 | 440243 |
|  |  | 1091174 |
| **Distribution & Wholesale — 0.6%** |  |  |
| IAA, Inc. (a) | 8186 | 327440 |
| Pool Corp. | 328 | 99164 |
| SiteOne Landscape Supply, Inc. (a) | 22486 | 2638057 |
| ThredUp, Inc. Class A (a) | 18155 | 23783 |
| Univar Solutions, Inc. (a) | 24527 | 779959 |
|  |  | 3868403 |
| **Entertainment — 0.5%** |  |  |
| Cinemark Holdings, Inc. (a) | 16212 | 140396 |
| Madison Square Garden Entertainment Corp. (a) | 17798 | 800376 |
| Madison Square Garden Sports Corp. | 4746 | 870084 |
| Marriott Vacations Worldwide Corp. | 6456 | 868913 |
| Red Rock Resorts, Inc. Class A | 4601 | 184086 |
| Vail Resorts, Inc. | 3700 | 881895 |
|  |  | 3745750 |
| **Food Services — 0.2%** |  |  |
| Compass Group PLC | 73722 | 1703491 |
| **Home Builders — 0.3%** |  |  |
| Cavco Industries, Inc. (a) | 1248 | 282360 |
| Horizon Global Corp. (a) | 39691 | 15432 |
| LCI Industries | 3585 | 331433 |
| Meritage Home Corp. (a) | 9990 | 921078 |
| Skyline Champion Corp. (a) | 12796 | 659122 |
|  |  | 2209425 |
| **Housewares — 0.2%** |  |  |
| The Scotts Miracle-Gro Co. (b) | 29201 | 1418877 |
| **Leisure Time — 0.0%** |  |  |
| Peloton Interactive, Inc. Class A (a) (b) | 13105 | 104054 |
| Rad Power Bikes, Inc., Class A (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (f) | 14321 | 61151 |
|  |  | 165205 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Lodging — 0.8%** |  |  |
| Hilton Worldwide Holdings, Inc. | 23500 | $2969460 |
| MGM Resorts International | 73082 | 2450439 |
| Wyndham Hotels & Resorts, Inc. | 6126 | 436845 |
|  |  | 5856744 |
| **Retail — 5.8%** |  |  |
| Academy Sports & Outdoors, Inc. | 3929 | 206430 |
| Bath & Body Works, Inc. | 57543 | 2424862 |
| Beacon Roofing Supply, Inc. (a) | 24183 | 1276620 |
| Best Buy Co., Inc. | 19021 | 1525674 |
| BJ's Restaurants, Inc. (a) | 25908 | 683453 |
| Burlington Stores, Inc. (a) | 48833 | 9901379 |
| Casey's General Stores, Inc. | 8700 | 1951845 |
| The Children's Place, Inc. (a) | 3954 | 144005 |
| Chipotle Mexican Grill, Inc. (a) | 720 | 998993 |
| Chuy's Holdings, Inc. (a) | 16292 | 461064 |
| Dollar General Corp. | 10200 | 2511750 |
| Dollar Tree, Inc. (a) | 14177 | 2005195 |
| Domino's Pizza, Inc. | 5250 | 1818600 |
| Dutch Bros, Inc., Class A (a) (b) | 4306 | 121386 |
| Fiesta Restaurant Group, Inc. (a) | 31292 | 229996 |
| Five Below, Inc. (a) | 10311 | 1823706 |
| Floor & Decor Holdings, Inc. Class A (a) | 24743 | 1722855 |
| Framebridge Future Contingency Payments (Acquired 5/19/20, Cost $10,553) (a) (c) (d) (f) | 10553 | 4749 |
| Hibbett, Inc. | 3006 | 205069 |
| LL Flooring Holdings, Inc. (a) | 26112 | 146749 |
| Lululemon Athletica, Inc. (a) | 1300 | 416494 |
| O'Reilly Automotive, Inc. (a) | 2100 | 1772463 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 22727 | 1064533 |
| Papa John's International, Inc. | 24402 | 2008529 |
| Petco Health & Wellness Co., Inc. (a) (b) | 30691 | 290951 |
| Red Robin Gourmet Burgers, Inc. (a) | 8196 | 45734 |
| RH (a) | 1026 | 274137 |
| Ross Stores, Inc. | 9100 | 1056237 |
| Rush Enterprises, Inc. Class A | 12290 | 642521 |
| Ruth's Hospitality Group, Inc. | 13108 | 202912 |
| Sweetgreen, Inc. Class A (a) (b) | 21922 | 187871 |
| Warby Parker, Inc. Class A (a) | 50185 | 676996 |
| Wingstop, Inc. | 6961 | 957973 |
| Winmark Corp. | 1103 | 260120 |
| Yum! Brands, Inc. | 5300 | 678824 |
|  |  | 40700675 |
| **Textiles — 0.1%** |  |  |
| Bombas LLC. (Acquired 2/12/21, Cost $183,470) (a) (c) (d) (f) | 41514 | 145714 |
| UniFirst Corp. | 960 | 185271 |
|  |  | 330985 |
|  |  | 75889844 |
| **Consumer, Non-cyclical — 24.7%** |  |  |
| **Agriculture — 0.2%** |  |  |
| Bunge Ltd. | 16423 | 1638523 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Pax Labs, Inc., Class A (Acquired 4/18/19, Cost $218,578) (a) (c) (d) (f) | 58048 | $38312 |
|  |  | 1676835 |
| **Beverages — 1.2%** |  |  |
| The Boston Beer Co., Inc. Class A (a) | 6120 | 2016662 |
| Carlsberg A/S Class B | 14520 | 1922107 |
| Coca-Cola Consolidated, Inc. | 2024 | 1037017 |
| Constellation Brands, Inc. Class A | 6885 | 1595599 |
| Monster Beverage Corp. (a) | 15384 | 1561937 |
|  |  | 8133322 |
| **Biotechnology — 4.6%** |  |  |
| Abcam PLC Sponsored ADR (a) | 74906 | 1165537 |
| ACADIA Pharmaceuticals, Inc. (a) | 5060 | 80555 |
| Akero Therapeutics, Inc. (a) | 4191 | 229667 |
| Allogene Therapeutics, Inc. (a) | 10030 | 63089 |
| Alnylam Pharmaceuticals, Inc. (a) | 16631 | 3952357 |
| Apellis Pharmaceuticals, Inc. (a) | 35578 | 1839738 |
| Argenx SE ADR (a) | 9646 | 3654194 |
| Avid Bioservices, Inc. (a) | 23873 | 328731 |
| Avidity Biosciences, Inc. (a) | 16218 | 359877 |
| BeiGene Ltd. ADR (a) | 759 | 166934 |
| Blueprint Medicines Corp. (a) | 22482 | 984936 |
| C4 Therapeutics, Inc. (a) | 6196 | 36556 |
| Cerevel Therapeutics Holdings, Inc. (a) | 20056 | 632566 |
| Certara, Inc. (a) | 12280 | 197340 |
| CinCor Pharma, Inc. (a) | 1598 | 19639 |
| Corteva, Inc. | 18545 | 1090075 |
| CRISPR Therapeutics AG (a) | 14360 | 583734 |
| Cytokinetics, Inc. (a) | 2900 | 132878 |
| Day One Biopharmaceuticals, Inc. (a) | 4153 | 89373 |
| Denali Therapeutics, Inc. (a) | 9991 | 277850 |
| DICE Therapeutics, Inc. (a) | 5974 | 186389 |
| Entrada Therapeutics, Inc. (a) (b) | 6271 | 84784 |
| Exelixis, Inc. (a) | 7237 | 116082 |
| Exscientia PLC ADR (a) | 1673 | 8917 |
| Fate Therapeutics, Inc. (a) | 6240 | 62962 |
| Generation Bio Co., (a) | 36471 | 143331 |
| Gossamer Bio, Inc. (a) (b) | 1873 | 4064 |
| HilleVax, Inc. (a) | 7986 | 133606 |
| Horizon Therapeutics PLC (a) | 14200 | 1615960 |
| Icosavax, Inc. (a) | 28040 | 222638 |
| Ideaya Biosciences, Inc. (a) | 4373 | 79457 |
| IGM Biosciences, Inc. (a) | 4316 | 73415 |
| Incyte Corp. (a) | 1235 | 99195 |
| Insmed, Inc. (a) | 69484 | 1388290 |
| Intellia Therapeutics, Inc. (a) | 6338 | 221133 |
| Ionis Pharmaceuticals, Inc. (a) | 54280 | 2050156 |
| Iovance Biotherapeutics, Inc. (a) | 4659 | 29771 |
| IVERIC bio, Inc. (a) | 6489 | 138930 |
| Karuna Therapeutics, Inc. (a) | 8794 | 1728021 |
| Keros Therapeutics, Inc. (a) | 1399 | 67180 |
| Kymera Therapeutics, Inc. (a) | 23653 | 590379 |
| MacroGenics, Inc. (a) | 20074 | 134697 |
| MeiraGTx Holdings PLC (a) | 2135 | 13920 |
| Mirati Therapeutics, Inc. (a) | 1304 | 59084 |
| Monte Rosa Therapeutics, Inc. (a) | 18919 | 143974 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| MorphoSys AG ADR (a) | 49980 | $178928 |
| NeoGenomics, Inc. (a) | 18974 | 175320 |
| Nkarta, Inc. (a) | 30640 | 183534 |
| Nurix Therapeutics, Inc. (a) | 9032 | 99171 |
| Nuvalent, Inc., Class A (a) | 1032 | 30733 |
| Olink Holding AB ADR (a) (b) | 17406 | 441764 |
| Pliant Therapeutics, Inc. (a) | 1800 | 34794 |
| Prime Medicine, Inc. (a) | 1434 | 26644 |
| Prime Medicine, Inc. (Acquired 4/19/21, Cost $40,943) (a) (c) (d) | 3006 | 53059 |
| Prothena Corp. PLC (a) | 13460 | 810965 |
| PTC Therapeutics, Inc. (a) | 1285 | 49048 |
| RAPT Therapeutics, Inc. (a) | 14192 | 281002 |
| Relay Therapeutics, Inc. (a) | 23216 | 346847 |
| Replimune Group, Inc. (a) | 17230 | 468656 |
| Revolution Medicines, Inc. (a) | 4846 | 115432 |
| Rocket Pharmaceuticals, Inc. (a) | 2287 | 44757 |
| Sage Therapeutics, Inc. (a) | 2521 | 96151 |
| Sana Biotechnology, Inc. (a) (b) | 6238 | 24640 |
| Scholar Rock Holding Corp. (a) | 27439 | 248323 |
| Seagen, Inc. (a) | 5600 | 719656 |
| Seer, Inc. (a) | 16250 | 94250 |
| Senti Biosciences, Inc. (a) (b) | 5462 | 7701 |
| Syndax Pharmaceuticals, Inc. (a) | 6709 | 170744 |
| Tenaya Therapeutics, Inc. (a) | 20228 | 40658 |
| Ultragenyx Pharmaceutical, Inc. (a) | 9429 | 436846 |
| Ventyx Biosciences, Inc. (a) | 3527 | 115650 |
| Verve Therapeutics, Inc. (a) | 11371 | 220029 |
| Xencor, Inc. (a) | 28938 | 753546 |
| Zai Lab Ltd. ADR (a) | 2756 | 84609 |
| Zentalis Pharmaceuticals, Inc. (a) | 17253 | 347475 |
|  |  | 31982893 |
| **Commercial Services — 5.4%** |  |  |
| Altus Group Ltd. (b) | 3533 | 141007 |
| American Public Education, Inc. (a) | 12591 | 154743 |
| Ashtead Group PLC | 21869 | 1249304 |
| Booz Allen Hamilton Holding Corp. | 24547 | 2565652 |
| Bright Horizons Family Solutions, Inc. (a) | 44676 | 2819056 |
| Clarivate PLC (a) | 48482 | 404340 |
| CoStar Group, Inc. (a) | 40871 | 3158511 |
| Equifax, Inc. | 18151 | 3527828 |
| FleetCor Technologies, Inc. (a) | 12300 | 2259264 |
| FTI Consulting, Inc. (a) | 2248 | 356982 |
| Global Payments, Inc. | 16278 | 1616731 |
| Green Dot Corp. Class A (a) | 20529 | 324769 |
| Herc Holdings, Inc. | 1691 | 222485 |
| Huron Consulting Group, Inc. (a) | 4914 | 356756 |
| Legalzoom.com Inc. (a) | 14353 | 111092 |
| MarketAxess Holdings, Inc. | 6975 | 1945258 |
| Monro, Inc. | 24814 | 1121593 |
| Multiplan Corp. (a) (b) | 160871 | 185002 |
| Paylocity Holding Corp. (a) | 20080 | 3900741 |
| Payoneer Global, Inc. (a) | 133811 | 731946 |
| PROG Holdings, Inc. (a) | 15007 | 253468 |
| Rent the Runway, Inc. Class A (a) | 14550 | 44378 |
| Rentokil Initial PLC | 162618 | 999497 |
| SEACOR Marine Holdings Inc. (a) | 41333 | 378610 |
| Strategic Education, Inc. | 33364 | 2613069 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Toast, Inc., Class A (a) | 126744 | $2285194 |
| TransUnion | 24800 | 1407400 |
| United Rentals, Inc. (a) | 2800 | 995176 |
| Verisk Analytics, Inc. | 9800 | 1728916 |
| WillScot Mobile Mini Holdings Corp. (a) | 5865 | 264922 |
|  |  | 38123690 |
| **Food — 1.8%** |  |  |
| Cal-Maine Foods, Inc. | 3197 | 174077 |
| Campbell Soup Co. | 9770 | 554447 |
| Flowers Foods, Inc. | 137380 | 3948301 |
| Grocery Outlet Holding Corp. (a) | 904 | 26388 |
| Nomad Foods Ltd. (a) | 65950 | 1136978 |
| Post Holdings, Inc. (a) | 13952 | 1259308 |
| The Simply Good Foods Co. (a) | 19991 | 760258 |
| Sysco Corp. | 37801 | 2889886 |
| TreeHouse Foods, Inc. (a) | 26878 | 1327236 |
| Utz Brands, Inc. (b) | 39497 | 626422 |
|  |  | 12703301 |
| **Health Care – Products — 6.1%** |  |  |
| Adaptive Biotechnologies Corp. (a) | 3894 | 29750 |
| Alcon, Inc. | 22200 | 1521810 |
| AtriCure, Inc. (a) | 7996 | 354862 |
| Atrion Corp. | 839 | 469379 |
| Avantor, Inc. (a) | 124900 | 2634141 |
| Bruker Corp. | 65013 | 4443639 |
| The Cooper Cos., Inc. | 8400 | 2777628 |
| Cvrx, Inc. (a) (b) | 4148 | 76116 |
| Dentsply Sirona, Inc. | 76492 | 2435505 |
| Exact Sciences Corp. (a) | 10500 | 519855 |
| Gyroscope Therapeutics, Milesone Payment 1 (Acquired 2/18/22, Cost $31,900) (a) (c) (d) (f) | 31900 | 15631 |
| Gyroscope Therapeutics, Milesone Payment 2 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (f) | 21260 | 5740 |
| Gyroscope Therapeutics, Milesone Payment 3 (Acquired 2/18/22, Cost $21,260) (a) (c) (d) (f) | 21260 | 5528 |
| Hologic, Inc. (a) | 80700 | 6037167 |
| ICU Medical, Inc. (a) | 10724 | 1688815 |
| Koninklijke Philips NV | 116702 | 1751608 |
| Lantheus Holdings, Inc. (a) | 7796 | 397284 |
| Masimo Corp. (a) | 3600 | 532620 |
| Neogen Corp. (a) | 22700 | 345721 |
| Novocure Ltd. (a) | 1539 | 112886 |
| Pacific Biosciences of California, Inc. (a) | 43436 | 355306 |
| Penumbra, Inc. (a) | 2755 | 612877 |
| PROCEPT BioRobotics Corp. (a) | 17229 | 715693 |
| Quidelortho Corp. (a) | 29310 | 2510988 |
| Rapid Micro Biosystems, Inc., Class A (a) (b) | 15636 | 17669 |
| Repligen Corp. (a) | 13139 | 2224564 |
| Sartorius Stedim Biotech | 976 | 317975 |
| Shockwave Medical, Inc. (a) | 480 | 98693 |
| Teleflex, Inc. | 18140 | 4528288 |
| Utah Medical Products, Inc. | 3032 | 304807 |
| West Pharmaceutical Services, Inc. | 8374 | 1970821 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Zimmer Biomet Holdings, Inc. | 25216 | $3215040 |
|  |  | 43028406 |
| **Health Care – Services — 3.0%** |  |  |
| Acadia Healthcare Co., Inc. (a) | 28000 | 2304960 |
| Agiliti, Inc. (a) (b) | 25342 | 413328 |
| agilon health, Inc. (a) (b) | 10261 | 165613 |
| Catalent, Inc. (a) | 47854 | 2153908 |
| Centene Corp. (a) | 22282 | 1827347 |
| Charles River Laboratories International, Inc. (a) | 9010 | 1963279 |
| dentalcorp Holdings Ltd. (a) (b) | 18724 | 123075 |
| The Ensign Group, Inc. | 8148 | 770882 |
| Eurofins Scientific SE | 5559 | 400314 |
| Flame Biosciences, Inc. (Acquired 9/28/20, Cost $60,083) (a) (c) (d) (f) | 9173 | 42104 |
| Fresenius SE & Co. KGaA | 38141 | 1073092 |
| Ginkgo Bioworks, Inc., Earnout Shares 15.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f) | 874 | 462 |
| Ginkgo Bioworks, Inc., Earnout Shares 17.50 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f) | 874 | 418 |
| Ginkgo Bioworks, Inc., Earnout Shares 20.00 (Acquired 9/17/21, Cost $0) (a) (c) (d) (f) | 874 | 381 |
| Innovage Holding Corp. (a) | 41043 | 294689 |
| ModivCare, Inc. (a) | 7673 | 688498 |
| Molina Healthcare, Inc. (a) | 8205 | 2709455 |
| The Pennant Group, Inc. (a) | 29722 | 326348 |
| Select Medical Holdings Corp. | 229548 | 5699677 |
| U.S. Physical Therapy, Inc. | 5337 | 432457 |
|  |  | 21390287 |
| **Household Products & Wares — 0.7%** |  |  |
| Avery Dennison Corp. | 13400 | 2425400 |
| Kimberly-Clark Corp. | 7856 | 1066452 |
| Reynolds Consumer Products, Inc. | 43600 | 1307128 |
|  |  | 4798980 |
| **Pharmaceuticals — 1.7%** |  |  |
| Agios Pharmaceuticals, Inc. (a) | 7849 | 220400 |
| Alector, Inc. (a) | 2225 | 20537 |
| Arvinas, Inc. (a) | 11180 | 382468 |
| Ascendis Pharma A/S ADR (a) | 18897 | 2307891 |
| BellRing Brands, Inc. (a) | 39235 | 1005985 |
| Capsule Corp. (Acquired 4/07/21, Cost $144,670) (a) (c) (d) (f) | 9983 | 29265 |
| Cardinal Health, Inc. | 21024 | 1616115 |
| Centessa Pharmaceuticals PLC ADR (a) (b) | 3637 | 11275 |
| Elanco Animal Health, Inc. (a) | 61064 | 746202 |
| Embecta Corp. | 27981 | 707639 |
| Immuneering Corp. Class A (a) | 8525 | 41346 |
| Kura Oncology, Inc. (a) | 18875 | 234239 |
| Longboard Pharmaceuticals, Inc. (a) | 3060 | 9669 |
| Lyell Immunopharma, Inc. (a) | 7678 | 26643 |
| Morphic Holding, Inc. (a) | 6791 | 181659 |
| Neurocrine Biosciences, Inc. (a) | 1457 | 174024 |
| Option Care Health, Inc. (a) | 33822 | 1017704 |
| Patterson Cos., Inc. | 39404 | 1104494 |
| Prometheus Biosciences, Inc. (a) | 5704 | 627440 |
| Reata Pharmaceuticals, Inc. Class A (a) (b) | 3018 | 114654 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Repare Therapeutics, Inc. (a) | 13913 | $204660 |
| Vaxcyte, Inc. (a) | 3067 | 147063 |
| Viatris, Inc. | 83371 | 927919 |
|  |  | 11859291 |
|  |  | 173697005 |
| **Diversified — 0.1%** |  |  |
| **Holding Company – Diversified — 0.1%** |  |  |
| Conyers Park III Acquisition Corp. (a) | 31244 | 308066 |
| Post Holdings Partnering Corp. (a) | 21493 | 216150 |
|  |  | 524216 |
|  |  | 524216 |
| **Energy — 4.7%** |  |  |
| **Energy – Alternate Sources — 0.3%** |  |  |
| NextEra Energy Partners LP (b) | 12636 | 885657 |
| REX American Resources Corp. (a) | 4579 | 145887 |
| Shoals Technologies Group, Inc. Class A (a) | 31575 | 778955 |
|  |  | 1810499 |
| **Oil & Gas — 1.7%** |  |  |
| Advantage Energy Ltd. (a) | 60328 | 421940 |
| Canadian Natural Resources Ltd. | 16421 | 911858 |
| Coterra Energy, Inc. | 32000 | 786240 |
| Devon Energy Corp. | 23978 | 1474887 |
| Diamondback Energy, Inc. | 7811 | 1068389 |
| Imperial Oil Ltd. (b) | 20298 | 989324 |
| Kimbell Royalty Partners LP | 18562 | 309985 |
| Magnolia Oil & Gas Corp. Class A | 101824 | 2387773 |
| Matador Resources Co. | 22739 | 1301580 |
| Pioneer Natural Resources Co. | 9766 | 2230457 |
| Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $33,220) (a) (c) (d) (f) | 11 | 162748 |
| Venture Global LNG, Inc., Series C (Acquired 3/08/18, Cost $27,180) (a) (c) (d) (f) | 9 | 133157 |
|  |  | 12178338 |
| **Oil & Gas Services — 2.2%** |  |  |
| Aris Water Solution, Inc. Class A (b) | 25654 | 369674 |
| ChampionX Corp. | 25115 | 728084 |
| Enerflex Ltd. (b) | 73415 | 463046 |
| Expro Group Holdings NV (a) | 129495 | 2347744 |
| Liberty Energy, Inc. | 72364 | 1158547 |
| NexTier Oilfield Solutions, Inc. (a) | 68274 | 630852 |
| Nov, Inc. | 68553 | 1432072 |
| Ranger Energy Services, Inc. (a) | 31032 | 341662 |
| TechnipFMC PLC (a) | 455530 | 5552911 |
| Tidewater, Inc. (a) | 72909 | 2686697 |
|  |  | 15711289 |
| **Pipelines — 0.5%** |  |  |
| Cheniere Energy, Inc. | 8500 | 1274660 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Equitrans Midstream Corp. | 284978 | $1909353 |
|  |  | 3184013 |
|  |  | 32884139 |
| **Financial — 17.0%** |  |  |
| **Banks — 6.4%** |  |  |
| BankUnited, Inc. | 47071 | 1599002 |
| Blue Foundry Bancorp (a) | 20556 | 264145 |
| Burke & Herbert Bank & Trust Co. | 3920 | 277144 |
| Cadence Bank | 27074 | 667645 |
| Coastal Financial Corp. (a) | 6005 | 285358 |
| Columbia Banking System, Inc. | 27265 | 821494 |
| CRB Group, Inc. (Acquired 4/14/22, Cost $73,283) (a) (c) (d) (f) | 697 | 53920 |
| CrossFirst Bankshares, Inc. (a) | 31022 | 384983 |
| Dime Community Bancshares, Inc. | 15759 | 501609 |
| Dogwood State Bank, (Non-Voting) (Acquired 5/06/19, Cost $53,690) (a) (c) (d) (f) | 5369 | 96642 |
| Dogwood State Bank, (Voting) (Acquired 5/06/19, Cost $26,370) (a) (c) (d) (f) | 2637 | 47466 |
| East West Bancorp, Inc. | 21322 | 1405120 |
| Eastern Bankshares, Inc. | 27099 | 467458 |
| Equity Bancshares, Inc. Class A | 9517 | 310920 |
| Farmers & Merchants Bank of Long Beach/Long Beach CA | 31 | 231415 |
| FB Financial Corp. | 33061 | 1194825 |
| Fifth Third Bancorp | 116146 | 3810750 |
| The First Bancshares, Inc. | 19663 | 629413 |
| Five Star Bancorp | 9617 | 261967 |
| Glacier Bancorp, Inc. | 10510 | 519404 |
| HarborOne Bancorp, Inc. | 35190 | 489141 |
| Heritage Commerce Corp. | 38877 | 505401 |
| Home BancShares, Inc. | 62247 | 1418609 |
| Independent Bank Corp. | 9636 | 813567 |
| Independent Bank Group, Inc. | 10746 | 645620 |
| John Marshall Bancorp, Inc. | 11333 | 326164 |
| Kearny Financial Corp. | 48462 | 491889 |
| Live Oak Bancshares, Inc. | 43529 | 1314576 |
| Metropolitan Bank Holding Corp. (a) | 4601 | 269941 |
| National Bank Holdings Corp. Class A | 21297 | 895965 |
| Origin Bancorp, Inc. | 22918 | 841091 |
| P10, Inc. | 29684 | 316728 |
| Pinnacle Financial Partners, Inc. | 24219 | 1777675 |
| Ponce Financial Group, Inc. (a) | 21067 | 196344 |
| Popular, Inc. | 45407 | 3011392 |
| Preferred Bank | 8200 | 611884 |
| Provident Bancorp, Inc. | 13162 | 95819 |
| Sandy Spring Bancorp, Inc. | 9815 | 345782 |
| Signature Bank | 21448 | 2471239 |
| Southern First Bancshares, Inc. (a) | 5100 | 233325 |
| SouthState Corp. | 21250 | 1622650 |
| State Street Corp. | 38402 | 2978843 |
| SVB Financial Group (a) | 1708 | 393079 |
| Texas Capital Bancshares, Inc. (a) | 23839 | 1437730 |
| Towne Bank | 26103 | 805016 |
| Veritex Holdings, Inc. | 22550 | 633204 |
| Walker & Dunlop, Inc. | 6643 | 521343 |
| Webster Financial Corp. | 58756 | 2781509 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Westamerica Bancorp. | 6576 | $388050 |
| Western Alliance Bancorp | 39374 | 2345115 |
|  |  | 44809371 |
| **Diversified Financial Services — 2.4%** |  |  |
| Air Lease Corp. | 19163 | 736242 |
| Apollo Global Management, Inc. | 24383 | 1555392 |
| Assetmark Financial Holdings, Inc. (a) | 18144 | 417312 |
| Cboe Global Markets, Inc. | 11039 | 1385063 |
| Columbia Financial, Inc. (a) | 8780 | 189824 |
| Encore Capital Group, Inc. (a) | 6936 | 332512 |
| Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (a) (c) (d) (f) | 8339 | 33356 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 27409 | 794313 |
| Houlihan Lokey, Inc. | 9567 | 833860 |
| Intercontinental Exchange, Inc. | 14200 | 1456778 |
| NerdWallet, Inc. Class A (a) | 13732 | 131827 |
| OneMain Holdings, Inc. | 35298 | 1175776 |
| OTC Markets Group, Inc. Class A | 4941 | 281143 |
| PennyMac Financial Services, Inc. | 34033 | 1928310 |
| PRA Group, Inc. (a) | 21635 | 730830 |
| Radian Group, Inc. | 40674 | 775653 |
| Raymond James Financial, Inc. | 7050 | 753293 |
| Stash Financial, Inc. (Acquired 1/06/21-1/26/21, Cost $15,690) (a) (c) (d) (f) | 487 | 17050 |
| StepStone Group, Inc. Class A | 34691 | 873519 |
| TMX Group Ltd. | 4110 | 411364 |
| Tradeweb Markets, Inc. Class A | 25500 | 1655715 |
| Virtus Investment Partners, Inc. | 3026 | 579297 |
|  |  | 17048429 |
| **Insurance — 3.4%** |  |  |
| Assurant, Inc. | 22795 | 2850743 |
| Axis Capital Holdings Ltd. | 43373 | 2349515 |
| Brown & Brown, Inc. | 30569 | 1741516 |
| BRP Group, Inc. Class A (a) | 34557 | 868763 |
| CNA Financial Corp. | 43244 | 1828356 |
| Essent Group Ltd. | 8336 | 324104 |
| First American Financial Corp. | 6474 | 338849 |
| The Hanover Insurance Group, Inc. | 5690 | 768890 |
| Jackson Financial, Inc., Class A | 38329 | 1333466 |
| James River Group Holdings Ltd. | 25522 | 533665 |
| Kemper Corp. | 57469 | 2827475 |
| Loews Corp. | 32712 | 1908091 |
| Palomar Holdings, Inc. (a) | 8509 | 384266 |
| ProAssurance Corp. | 12111 | 211579 |
| RenaissanceRe Holdings Ltd. | 18302 | 3371778 |
| Ryan Specialty Holdings, Inc. (a) | 12647 | 524977 |
| Selective Insurance Group, Inc. | 18772 | 1663387 |
|  |  | 23829420 |
| **Private Equity — 0.3%** |  |  |
| KKR & Co., Inc. | 45800 | 2126036 |
| **Real Estate — 0.6%** |  |  |
| eXp World Holdings, Inc. (b) | 7225 | 80053 |
| FirstService Corp. | 16636 | 2038742 |
| McGrath RentCorp | 5738 | 566570 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| The St. Joe Co. | 20451 | $790431 |
| Tricon Residential, Inc. | 114734 | 884599 |
|  |  | 4360395 |
| **Real Estate Investment Trusts (REITS) — 3.5%** |  |  |
| Apartment Investment and Management Co. Class A | 175219 | 1247559 |
| Apple Hospitality REIT, Inc. | 37771 | 596026 |
| Community Healthcare Trust, Inc. | 7332 | 262486 |
| CubeSmart | 35433 | 1426178 |
| Digital Realty Trust, Inc. | 6611 | 662885 |
| EastGroup Properties, Inc. | 13838 | 2048854 |
| Elme Communities | 34829 | 619956 |
| Equity Commonwealth | 19197 | 479349 |
| Equity Residential | 17187 | 1014033 |
| Essential Properties Realty Trust, Inc. | 26009 | 610431 |
| First Industrial Realty Trust, Inc. | 3428 | 165435 |
| Flagship Communities REIT | 5389 | 87517 |
| Independence Realty Trust, Inc. | 34875 | 587993 |
| JBG SMITH Properties | 50771 | 963634 |
| NexPoint Residential Trust, Inc. | 2900 | 126208 |
| Omega Healthcare Investors, Inc. | 9981 | 278969 |
| Pebblebrook Hotel Trust | 32998 | 441843 |
| PennyMac Mortgage Investment Trust (b) | 32587 | 403753 |
| PotlatchDeltic Corp. | 12807 | 563380 |
| Rayonier, Inc. | 51997 | 1713821 |
| Regency Centers Corp. | 28099 | 1756188 |
| Rexford Industrial Realty, Inc. | 42517 | 2323129 |
| Safehold, Inc. (b) | 15953 | 456575 |
| Saul Centers, Inc. | 15030 | 611421 |
| SBA Communications Corp. | 1991 | 558097 |
| Simon Property Group, Inc. | 3932 | 461931 |
| Terreno Realty Corp. | 28037 | 1594464 |
| UMH Properties, Inc. | 6526 | 105069 |
| Vornado Realty Trust | 34653 | 721129 |
| Weyerhaeuser Co. | 55551 | 1722081 |
|  |  | 24610394 |
| **Savings & Loans — 0.4%** |  |  |
| Capitol Federal Financial, Inc. | 24111 | 208560 |
| FS Bancorp, Inc. | 6395 | 213849 |
| Pacific Premier Bancorp, Inc. | 29909 | 943928 |
| WSFS Financial Corp. | 20931 | 949012 |
|  |  | 2315349 |
|  |  | 119099394 |
| **Industrial — 16.6%** |  |  |
| **Aerospace & Defense — 0.7%** |  |  |
| Bombardier, Inc. Class B (a) | 6355 | 245329 |
| Rolls-Royce Holdings PLC (a) | 1735119 | 1942623 |
| Spirit AeroSystems Holdings, Inc. Class A | 62238 | 1842245 |
| Triumph Group, Inc. (a) | 62533 | 657847 |
|  |  | 4688044 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Building Materials — 1.6%** |  |  |
| Fortune Brands Innovations, Inc. | 6038 | $344830 |
| Gibraltar Industries, Inc. (a) | 9742 | 446963 |
| JELD-WEN Holding, Inc. (a) | 16793 | 162053 |
| Martin Marietta Materials, Inc. | 6131 | 2072094 |
| Masterbrand, Inc. (a) | 654 | 4938 |
| Mohawk Industries, Inc. (a) | 15736 | 1608534 |
| SPX Technologies, Inc. (a) | 25691 | 1686614 |
| Summit Materials, Inc. Class A (a) | 83708 | 2376477 |
| UFP Industries, Inc. | 12972 | 1028031 |
| Vulcan Materials Co. | 7649 | 1339416 |
|  |  | 11069950 |
| **Electrical Components & Equipment — 0.5%** |  |  |
| Belden, Inc. | 13542 | 973670 |
| Insteel Industries, Inc. | 5002 | 137655 |
| Littelfuse, Inc. | 8911 | 1962202 |
| Novanta, Inc. (a) | 5488 | 745655 |
|  |  | 3819182 |
| **Electronics — 2.5%** |  |  |
| Agilent Technologies, Inc. | 32300 | 4833695 |
| Amphenol Corp. Class A | 19300 | 1469502 |
| Brady Corp. Class A | 14070 | 662697 |
| CTS Corp. | 19926 | 785483 |
| Fortive Corp. | 42100 | 2704925 |
| Hubbell, Inc. | 4724 | 1108628 |
| Keysight Technologies, Inc. (a) | 18100 | 3096367 |
| Knowles Corp. (a) | 18203 | 298893 |
| National Instruments Corp. | 45168 | 1666699 |
| Vontier Corp. | 42689 | 825179 |
|  |  | 17452068 |
| **Environmental Controls — 0.3%** |  |  |
| Stericycle, Inc. (a) | 16915 | 843889 |
| Tetra Tech, Inc. | 4525 | 656985 |
| Waste Connections, Inc. | 5400 | 715824 |
|  |  | 2216698 |
| **Hand & Machine Tools — 0.7%** |  |  |
| Cadre Holdings, Inc. | 7823 | 157555 |
| Enerpac Tool Group Corp. | 38038 | 968067 |
| MSA Safety, Inc. | 4444 | 640781 |
| Stanley Black & Decker, Inc. | 39819 | 2991203 |
|  |  | 4757606 |
| **Machinery – Construction & Mining — 0.1%** |  |  |
| BWX Technologies, Inc. | 12500 | 726000 |
| **Machinery – Diversified — 3.6%** |  |  |
| Alamo Group, Inc. | 3420 | 484272 |
| Cactus, Inc. Class A | 20572 | 1033949 |
| CIRCOR International, Inc. (a) | 19438 | 465734 |
| Cognex Corp. | 17800 | 838558 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| CSW Industrials, Inc. | 8052 | $933468 |
| Enovis Corp. (a) | 21133 | 1131038 |
| Esab Corp. | 37211 | 1745940 |
| Graco, Inc. | 9525 | 640652 |
| Hydrofarm Holdings Group, Inc. (a) | 6021 | 9333 |
| IDEX Corp. | 14730 | 3363301 |
| Ingersoll Rand, Inc. | 159085 | 8312191 |
| Marel HF | 27870 | 96644 |
| The Middleby Corp. (a) | 13207 | 1768417 |
| Mueller Water Products, Inc. Class A | 38781 | 417284 |
| Rockwell Automation, Inc. | 5902 | 1520178 |
| Thermon Group Holdings, Inc. (a) | 22927 | 460374 |
| The Toro Co. | 18206 | 2060919 |
| Zurn Elkay Water Solutions Corp. | 16325 | 345274 |
|  |  | 25627526 |
| **Metal Fabricate & Hardware — 0.9%** |  |  |
| AZZ, Inc. | 15949 | 641150 |
| Helios Technologies, Inc. | 20059 | 1092012 |
| RBC Bearings, Inc. (a) | 13230 | 2769700 |
| Strattec Security Corp. (a) | 3912 | 80392 |
| Valmont Industries, Inc. | 2333 | 771453 |
| Xometry, Inc. Class A (a) | 31977 | 1030619 |
|  |  | 6385326 |
| **Miscellaneous - Manufacturing — 2.7%** |  |  |
| Alstom SA (b) | 51476 | 1263857 |
| EnPro Industries, Inc. | 2400 | 260856 |
| ESCO Technologies, Inc. | 16128 | 1411845 |
| Federal Signal Corp. | 17166 | 797704 |
| John Bean Technologies Corp. | 5957 | 544053 |
| Myers Industries, Inc. | 23489 | 522161 |
| Teledyne Technologies, Inc. (a) | 9064 | 3624784 |
| Textron, Inc. | 117683 | 8331956 |
| Trane Technologies PLC | 11242 | 1889668 |
|  |  | 18646884 |
| **Packaging & Containers — 1.0%** |  |  |
| Ball Corp. | 76937 | 3934558 |
| Sealed Air Corp. | 37400 | 1865512 |
| WestRock Co. | 36733 | 1291532 |
|  |  | 7091602 |
| **Transportation — 2.0%** |  |  |
| C.H. Robinson Worldwide, Inc. | 13798 | 1263345 |
| International Seaways, Inc. | 5650 | 209163 |
| J.B. Hunt Transport Services, Inc. | 35982 | 6273822 |
| Landstar System, Inc. | 8353 | 1360704 |
| Matson, Inc. | 1133 | 70824 |
| Old Dominion Freight Line, Inc. | 9081 | 2577006 |
| Saia, Inc. (a) | 11241 | 2357013 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| US Xpress Enterprises, Inc. Class A (a) | 23308 | $42187 |
|  |  | 14154064 |
|  |  | 116634950 |
| **Technology — 12.6%** |  |  |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Mobileye Global, Inc. Class A (a) | 3216 | 112753 |
| **Commercial Services — 0.0%** |  |  |
| Socure, Inc. (Acquired 12/22/21, Cost $62,185) (a) (c) (d) (f) | 3870 | 28948 |
| **Computers — 1.9%** |  |  |
| Apiture, Inc. (Acquired 7/01/20-6/30/22, Cost $97,636) (a) (c) (d) (f) | 6130 | 101865 |
| Coalition, Inc. (Acquired 9/13/21, Cost $4,230) (a) (c) (d) (f) | 256 | 5513 |
| Conduent, Inc. (a) | 55774 | 225885 |
| Crowdstrike Holdings, Inc. Class A (a) | 13062 | 1375298 |
| Endava PLC Sponsored ADR (a) | 24593 | 1881365 |
| Fortinet, Inc. (a) | 56100 | 2742729 |
| Globant SA (a) | 8970 | 1508395 |
| Leidos Holdings, Inc. | 5300 | 557507 |
| PAR Technology Corp. (a) (b) | 15384 | 401061 |
| Parsons Corp. (a) | 28348 | 1311095 |
| Western Digital Corp. (a) | 108686 | 3429043 |
|  |  | 13539756 |
| **Semiconductors — 3.5%** |  |  |
| Entegris, Inc. | 46648 | 3059642 |
| KLA Corp. | 7459 | 2812267 |
| Lattice Semiconductor Corp. (a) | 49776 | 3229467 |
| MACOM Technology Solutions Holdings, Inc. (a) | 11088 | 698322 |
| Marvell Technology, Inc. | 132984 | 4925728 |
| MaxLinear, Inc. (a) | 8360 | 283822 |
| Microchip Technology, Inc. | 78400 | 5507600 |
| MKS Instruments, Inc. | 11130 | 943045 |
| Monolithic Power Systems, Inc. | 4456 | 1575686 |
| NXP Semiconductor NV | 1800 | 284454 |
| Onto Innovation, Inc. (a) | 12136 | 826340 |
|  |  | 24146373 |
| **Software — 7.2%** |  |  |
| Agilysys, Inc. (a) | 6158 | 487344 |
| Alignment Healthcare, Inc. (a) | 58758 | 690994 |
| Amplitude, Inc. (a) (b) | 14244 | 172068 |
| Atlassian Corp. (a) | 22328 | 2873167 |
| Bill.com Holdings, Inc. (a) | 26767 | 2916532 |
| Black Knight, Inc. (a) | 27168 | 1677624 |
| Blackline, Inc. (a) | 8718 | 586460 |
| Broadridge Financial Solutions, Inc. | 7700 | 1032801 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 104684 | 910751 |
| Ceridian HCM Holding, Inc. (a) | 44567 | 2858973 |
| Checkr, Inc. (Acquired 6/29/18-12/02/19, Cost $116,452) (a) (c) (d) (f) | 15444 | 118919 |
| Clear Secure Inc. Class A (b) | 54669 | 1499571 |
| Clearwater Analytics Holdings, Inc. Class A (a) | 14030 | 263063 |
| Confluent, Inc. Class A (a) | 7700 | 171248 |
| Databricks, Inc. (Acquired 7/24/20-8/28/20, Cost $24,732) (a) (c) (d) (f) | 1545 | 92700 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| Datadog, Inc. Class A (a) | 17007 | $1250014 |
| Definitive Healthcare Corp. (a) (b) | 8670 | 95283 |
| The Descartes Systems Group, Inc. (a) | 37753 | 2629496 |
| DoubleVerify Holdings, Inc. (a) | 44667 | 980887 |
| Doximity, Inc. Class A (a) | 23051 | 773592 |
| Duolingo, Inc. (a) | 6557 | 466399 |
| Fair Isaac Corp. (a) | 3200 | 1915456 |
| Five9, Inc. (a) | 11598 | 787040 |
| Gusto, Inc. (Acquired 8/18/20-11/09/20, Cost $204,799) (a) (c) (d) (f) | 15332 | 288702 |
| HashiCorp, Inc. Class A (a) (b) | 21075 | 576190 |
| HubSpot, Inc. (a) | 8968 | 2592918 |
| Manhattan Associates, Inc. (a) | 4889 | 593525 |
| Monday.com Ltd. (a) | 3544 | 432368 |
| MongoDB, Inc. (a) | 1800 | 354312 |
| MSCI, Inc. | 3864 | 1797417 |
| nCino, Inc. (a) | 10229 | 270455 |
| Outset Medical, Inc. (a) | 22338 | 576767 |
| Paycom Software, Inc. (a) | 873 | 270901 |
| Paycor HCM, Inc. (a) | 30231 | 739753 |
| Phreesia, Inc. (a) | 18894 | 611410 |
| Privia Health Group, Inc. (a) | 18578 | 421906 |
| Procore Technologies, Inc. (a) | 27222 | 1284334 |
| PTC, Inc. (a) | 12200 | 1464488 |
| Roper Technologies, Inc. | 9029 | 3901341 |
| SentinelOne Inc. Class A (a) | 31126 | 454128 |
| ServiceTitan, Inc. (Acquired 11/09/18-5/04/21, Cost $29,280) (a) (c) (d) (f) | 637 | 40010 |
| SS&C Technologies Holdings, Inc | 15265 | 794696 |
| Synopsys, Inc. (a) | 7231 | 2308786 |
| Tanium, Inc., Class B (Acquired 9/24/20, Cost $30,277) (a) (c) (d) (f) | 2657 | 11717 |
| Themis Solutions, Inc. (Acquired 4/14/21, Cost $108,219) (a) (c) (d) (f) | 4820 | 85892 |
| Veeva Systems, Inc. Class A (a) | 25902 | 4180065 |
| Vimeo, Inc. (a) | 40122 | 137618 |
| Workiva, Inc. (a) | 11560 | 970693 |
|  |  | 50410774 |
|  |  | 88238604 |
| **Utilities — 2.7%** |  |  |
| **Electric — 1.9%** |  |  |
| CenterPoint Energy, Inc. | 34316 | 1029137 |
| FirstEnergy Corp. | 95630 | 4010722 |
| IDACORP, Inc. | 20889 | 2252879 |
| MGE Energy, Inc. | 18238 | 1283955 |
| NorthWestern Corp. | 6828 | 405173 |
| PG&E Corp. (a) | 262900 | 4274754 |
| PNM Resources, Inc. | 10057 | 490681 |
|  |  | 13747301 |
| **Gas — 0.5%** |  |  |
| Chesapeake Utilities Corp. | 12599 | 1488950 |
| ONE Gas, Inc. | 14242 | 1078404 |
| RGC Resources, Inc. | 7280 | 160524 |
| Southwest Gas Holdings, Inc. | 13602 | 841692 |
|  |  | 3569570 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Water — 0.3%** |  |  |
| Artesian Resources Corp. Class A | 3159 | $185054 |
| California Water Service Group | 15530 | 941739 |
| SJW Group | 10076 | 818071 |
|  |  | 1944864 |
|  |  | 19261735 |
| **TOTAL COMMON STOCK <br>(Cost $641,213,551)** |  | **665176695** |
| **Preferred Stock — 2.0%** |  |  |
| **Communications — 0.1%** |  |  |
| **Internet — 0.1%** |  |  |
| 1661, Inc., Series F (Acquired 5/28/21, Cost $288,836) (a) (c) (d) (f) | 49629 | 91317 |
| Evolve Vacation Rental Network, Inc., Series 8 (Acquired 3/29/18, Cost $44,816) (a) (c) (d) (f) | 5266 | 101897 |
| Evolve Vacation Rental Network, Inc., Series 9 (Acquired 5/29/20, Cost $20,111) (a) (c) (d) (f) | 3470 | 67145 |
| Minted, Inc., Series E (Acquired 10/30/18, Cost $113,257) (a) (c) (d) (f) | 8410 | 113956 |
| SecurityScorecard, Inc., Series E (Acquired 3/05/21, Cost $262,495) (a) (c) (d) (f) | 51969 | 253609 |
|  |  | 627924 |
| **Consumer, Cyclical — 0.1%** |  |  |
| **Auto Manufacturers — 0.1%** |  |  |
| Nuro, Inc., Series C (Acquired 10/30/20-3/02/21, Cost $282,254) (a) (c) (d) (f) | 21621 | 300099 |
| Nuro, Inc., Series D (Acquired 10/29/21, Cost $252,025) (a) (c) (d) (f) | 12090 | 167809 |
|  |  | 467908 |
| **Leisure Time — 0.0%** |  |  |
| Rad Power Bikes, Inc., Series C (Acquired 1/22/21, Cost $69,082) (a) (c) (d) (f) | 14321 | 61151 |
| Rad Power Bikes, Inc., Series D (Acquired 9/16/21, Cost $107,722) (a) (c) (d) (f) | 11240 | 47995 |
|  |  | 109146 |
| **Retail — 0.0%** |  |  |
| OfferUp, Inc., Series F (Acquired 7/01/20, Cost $9,217) (a) (c) (d) (f) | 4025 | 2737 |
|  |  | 579791 |
| **Consumer, Non-cyclical — 0.9%** |  |  |
| **Agriculture — 0.1%** |  |  |
| Farmer's Business Network, Inc., Series E (Acquired 2/11/19, Cost $191,081) (a) (c) (d) (f) | 8198 | 410146 |
| Farmer's Business Network, Inc., Series F (Acquired 7/31/20, Cost $172,258) (a) (c) (d) (f) | 5211 | 260706 |
|  |  | 670852 |
| **Biotechnology — 0.3%** |  |  |
| Genesis Therapeutics, Inc., Series A (Acquired 11/24/20, Cost $25,262) (a) (c) (d) (f) | 4946 | 25262 |
| Inscripta, Inc., Series E (Acquired 3/30/21, Cost $148,812) (a) (c) (d) (f) | 16853 | 94040 |
| Insitro, Inc., Series B (Acquired 5/21/20, Cost $34,456) (a) (c) (d) (f) | 5530 | 101150 |
| Insitro, Inc., Series C (Acquired 4/07/21, Cost $62,208) (a) (c) (d) (f) | 3401 | 62208 |
| Kardium, Inc., Series D-5 (Acquired 11/29/18, Cost $29,906) (a) (c) (d) (f) | 30866 | 31355 |
| Kardium, Inc., Series D-6 (Acquired 1/08/21, Cost $145,349) (a) (c) (d) (f) | 143083 | 145349 |
| Laronde, Inc., Series B (Acquired 7/28/21, Cost $109,340) (a) (c) (d) (f) | 3905 | 21868 |
| National Resilience, Inc., Series B (Acquired 10/23/20, Cost $263,720) (a) (c) (d) (f) | 19306 | 1172453 |
| National Resilience, Inc., Series C (Acquired 6/09/21, Cost $315,045) (a) (c) (d) (f) | 7094 | 430819 |
| Tessera Therapeutics, Inc., Series C (Acquired 2/25/22, Cost $34,499) (a) (c) (d) (f) | 1687 | 34499 |
| Treeline Biosciences, Inc., Series A (Acquired 4/09/21, Cost $40,640) (a) (c) (d) (f) | 5192 | 40640 |
|  |  | 2159643 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Commercial Services — 0.1%** | | |
| Honor Technology, Inc., Series D (Acquired 10/16/20, Cost $225,290) (a) (c) (d) (f) | 93556 | $215179 |
| Honor Technology, Inc., Series E (Acquired 9/29/21, Cost $116,646) (a) (c) (d) (f) | 36897 | 84863 |
| Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $214,074) (a) (c) (d) (f) | 4516 | 352248 |
|  |  | 652290 |
| **Food — 0.1%** |  |  |
| Cava Group, Inc., Series E (Acquired 6/23/20-3/26/21, Cost $475,884) (a) (c) (d) (f) | 18159 | 581451 |
| Cava Group, Inc., Series F (Acquired 3/26/21, Cost $512,596) (a) (c) (d) (f) | 13622 | 436177 |
|  |  | 1017628 |
| **Health Care – Products — 0.1%** |  |  |
| Cleerly, Inc., Series C (Acquired 7/08/22, Cost $200,211) (a) (c) (d) (f) | 16995 | 200211 |
| Ring Therapeutics, Inc., Series B (Acquired 4/12/21, Cost $50,885) (a) (c) (d) (f) | 5531 | 50885 |
| Tempus Labs, Inc., Series D (Acquired 3/16/18, Cost $21,326) (a) (c) (d) (f) | 2275 | 133952 |
| Tempus Labs, Inc., Series E (Acquired 8/23/18, Cost $29,149) (a) (c) (d) (f) | 1741 | 105226 |
| Tempus Labs, Inc., Series F (Acquired 4/30/19, Cost $17,059) (a) (c) (d) (f) | 689 | 42194 |
| Tempus Labs, Inc., Series G (Acquired 2/06/20, Cost $19,176) (a) (c) (d) (f) | 500 | 30990 |
| Tempus Labs, Inc., Series G-2 (Acquired 11/19/20, Cost $26,075) (a) (c) (d) (f) | 455 | 25576 |
|  |  | 589034 |
| **Health Care – Services — 0.1%** |  |  |
| Caris Life Sciences, Inc., Series C (Acquired 8/14/20, Cost $125,312) (a) (c) (d) (f) | 45403 | 298752 |
| Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $378,132) (a) (c) (d) (f) | 46683 | 307174 |
|  |  | 605926 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Pharmaceuticals — 0.0%** |  |  |
| Haul Hub, Inc., Series B (Acquired 2/14/20-3/03/21, Cost $108,854) (a) (c) (d) (f) | 7466 | $140883 |
| Haul Hub, Inc., Series C (Acquired 4/14/22, Cost $43,061) (a) (c) (d) (f) | 2282 | 43061 |
|  |  | 183944 |
|  |  | 5879317 |
| **Financial — 0.2%** |  |  |
| **Banks — 0.1%** |  |  |
| CRB Group, Inc., Series D (Acquired 1/28/22, Cost $255,280) (a) (c) (d) (f) | 2428 | 187830 |
| **Diversified Financial Services — 0.1%** |  |  |
| Color Health, Inc., Series D (Acquired 12/17/20, Cost $43,490) (a) (c) (d) (f) | 1155 | 47239 |
| Color Health, Inc., Series D-1 (Acquired 1/13/20, Cost $56,632) (a) (c) (d) (f) | 2655 | 108590 |
| Color Health, Inc., Series E (Acquired 10/26/21, Cost $15,095) (a) (c) (d) (f) | 151 | 6176 |
| Convoy, Inc., Series C (Acquired 9/14/18, Cost $127,740) (a) (c) (d) (f) | 17990 | 93188 |
| Convoy, Inc., Series D (Acquired 10/30/19, Cost $417,858) (a) (c) (d) (f) | 30861 | 159860 |
| Convoy, Inc., Series E (Acquired 9/30/21, Cost $72,706) (a) (c) (d) (f) | 4407 | 22828 |
| Stash Financial, Inc., Series F (Acquired 4/24/20, Cost $126,801) (a) (c) (d) (f) | 5060 | 177151 |
| Stash Financial, Inc., Series G (Acquired 1/26/21, Cost $174,908) (a) (c) (d) (f) | 4667 | 163392 |
|  |  | 778424 |
| **Insurance — 0.0%** |  |  |
| Go Maps, Inc., Series B-1 (Acquired 5/15/19-7/29/20, Cost $9,665) (a) (c) (d) (f) | 755 | 7537 |
| **Investment Companies — 0.0%** |  |  |
| Maplebear, Inc., Series E (Acquired 11/19/21-12/01/21, Cost $348,680) (a) (c) (d) (f) | 2900 | 140592 |
| Maplebear, Inc., Series I (Acquired 2/26/21, Cost $58,500) (a) (c) (d) (f) | 468 | 22689 |
|  |  | 163281 |
|  |  | 1137072 |
| **Industrial — 0.2%** |  |  |
| **Aerospace & Defense — 0.0%** |  |  |
| ABL Space Systems Company, Series B (Acquired 3/24/21, Cost $328,985) (a) (c) (d) (f) | 7305 | 306226 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Electrical Components & Equipment — 0.1%** |  |  |
| CelLink, Inc., Series D (Acquired 1/20/22, Cost $223,836) (a) (c) (d) (f) | 10749 | $223836 |
| Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $505,509) (a) (c) (d) (f) | 12248 | 381770 |
|  |  | 605606 |
| **Electronics — 0.1%** |  |  |
| Sartorius AG 0.0340% | 1954 | 772720 |
|  |  | 1684552 |
| **Technology — 0.6%** |  |  |
| **Computers — 0.1%** |  |  |
| Coalition, Inc., Series E (Acquired 9/07/21, Cost $253,711) (a) (c) (d) (f) | 15355 | 330667 |
| Mesosphere, Inc., Series D (Acquired 5/04/18, Cost $72,584) (a) (c) (d) (f) | 6566 | 4071 |
|  |  | 334738 |
| **Software — 0.5%** |  |  |
| Checkr, Inc., Series C (Acquired 4/10/18, Cost $106,628) (a) (c) (d) (f) | 23433 | 180434 |
| Checkr, Inc., Series D (Acquired 9/06/19, Cost $308,786) (a) (c) (d) (f) | 30627 | 235828 |
| Databricks, Inc., Series F (Acquired 10/22/19, Cost $104,923) (a) (c) (d) (f) | 7329 | 439740 |
| Databricks, Inc., Series G (Acquired 2/01/21, Cost $128,414) (a) (c) (d) (f) | 849 | 50940 |
| Databricks, Inc., Series H (Acquired 8/31/21, Cost $121,028) (a) (c) (d) (f) | 1563 | 93780 |
| DTX Company, Series A-1 (Acquired 4/02/22, Cost $31,212) (a) (c) (d) (f) | 17154 | 31212 |
| Eikon Therapeutics, Inc., Series B (Acquired 3/12/21, Cost $89,186) (a) (c) (d) (f) | 5042 | 89186 |
| Epirus, Inc., Series C-2 (Acquired 1/28/21, Cost $324,592) (a) (c) (d) (f) | 58131 | 324592 |
| Flexe, Inc., Series C (Acquired 11/18/20, Cost $134,849) (a) (c) (d) (f) | 11083 | 226033 |
| Flexe, Inc., Series D (Acquired 7/04/22, Cost $73,849) (a) (c) (d) (f) | 3621 | 73849 |
| Gusto, Inc., Series B (Acquired 8/18/20, Cost $49,238) (a) (c) (d) (f) | 3644 | 68617 |
| Gusto, Inc., Series B-2 (Acquired 8/18/20, Cost $91,936) (a) (c) (d) (f) | 6804 | 128119 |
| Gusto, Inc., Series C (Acquired 7/16/18, Cost $84,209) (a) (c) (d) (f) | 11076 | 208561 |
| Gusto, Inc., Series D (Acquired 7/16/19, Cost $187,638) (a) (c) (d) (f) | 14095 | 265409 |
| JetClosing, Inc., Series A (Acquired 5/25/18, Cost $22,781) (a) (c) (d) (f) | 11678 |  |
| JetClosing, Inc., Series B-1 (Acquired 7/13/20-2/25/21, Cost $36,276) (a) (c) (d) (f) | 27130 |  |
| JetClosing, Inc., Series B-2 (Acquired 2/06/20, Cost $5,769) (a) (c) (d) (f) | 5185 |  |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| KoBold Metals, Inc., Series B-1 (Acquired 1/10/22, Cost $244,807) (a) (c) (d) (f) | 8931 | $244807 |
| Seismic Software, Inc., Series E (Acquired 12/13/18, Cost $117,981) (a) (c) (d) (f) | 18715 | 193700 |
| Seismic Software, Inc., Series F (Acquired 9/25/20-3/24/21, Cost $18,592) (a) (c) (d) (f) | 2115 | 21890 |
| ServiceTitan, Inc., Series A-1 (Acquired 11/09/18, Cost $263) (a) (c) (d) (f) | 10 | 628 |
| ServiceTitan, Inc., Series D (Acquired 11/09/18, Cost $124,743) (a) (c) (d) (f) | 4744 | 297971 |
| ServiceTitan, Inc., Series E (Acquired 4/23/20, Cost $7,435) (a) (c) (d) (f) | 220 | 13818 |
| ServiceTitan, Inc., Series F (Acquired 3/25/21, Cost $25,650) (a) (c) (d) (f) | 239 | 15012 |
| Socure, Inc., Series A (Acquired 12/22/21, Cost $75,555) (a) (c) (d) (f) | 4702 | 35171 |
| Socure, Inc., Series A-1 (Acquired 12/22/21, Cost $62,025) (a) (c) (d) (f) | 3860 | 28873 |
| Socure, Inc., Series B (Acquired 12/22/21, Cost $1,109) (a) (c) (d) (f) | 69 | 516 |
| Socure, Inc., Series E (Acquired 10/27/21, Cost $143,750) (a) (c) (d) (f) | 8946 | 66916 |
| Themis Solutions, Inc., Series AA (Acquired 4/14/21, Cost $24,473) (a) (c) (d) (f) | 1090 | 19424 |
| Themis Solutions, Inc., Series AB (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (f) | 120 | 2138 |
| Themis Solutions, Inc., Series B (Acquired 4/14/21, Cost $2,694) (a) (c) (d) (f) | 120 | 2138 |
| Themis Solutions, Inc., Series E (Acquired 4/14/21, Cost $309,164) (a) (c) (d) (f) | 13770 | 245381 |
|  |  | 3604683 |
|  |  | 3939421 |
| **TOTAL PREFERRED STOCK <br>(Cost $12,079,978)** |  | **13848077** |
| **TOTAL EQUITIES <br>(Cost $653,293,529)** |  | **679024772** |
| **RIGHTS — 0.0%** |  |  |
| **Consumer, Non-cyclical — 0.0%** |  |  |
| **Pharmaceuticals — 0.0%** |  |  |
| Progenic Pharmaceuticals, Inc., CVR (a) (d) (f) | 25104 | 28892 |
| **TOTAL RIGHTS <br>(Cost $0)** |  | **28892** |
| **WARRANTS — 0.0%** |  |  |
| **Communications — 0.0%** |  |  |
| **Advertising — 0.0%** |  |  |
| Advantage Solutions, Inc., Expires 10/28/25 (a) | 3668 | 440 |
| **Consumer, Non-cyclical — 0.0%** |  |  |
| **Pharmaceuticals — 0.0%** |  |  |
| EQRx, Inc., Expires 12/17/2026 (a) | 1166 | 312 |
| **Diversified — 0.0%** |  |  |
| **Holding Company – Diversified — 0.0%** |  |  |
| Big Sky Growth Partners, Inc. (a) (d) | 8141 | 2 |
| Bluescape Opportunities Acquisition Corp., Expires 1/31/2026 (a) | 5835 | 934 |
|  |  | 936 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **Financial — 0.0%** |  |  |
| **Banks — 0.0%** |  |  |
| Dogwood State Bank (Acquired 5/06/19, Cost $0) (a) (c) (d) (f) | 800 | $6456 |
| **Diversified Financial Services — 0.0%** |  |  |
| Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (c) (d) (f) | 1432 | 1031 |
| **Insurance — 0.0%** |  |  |
| Hagerty Group, LLC. (Acquired 8/18/21, Cost $4,451) (a) (c) (d) | 3040 | 6810 |
|  |  | 14297 |
| **Industrial — 0.0%** |  |  |
| **Aerospace & Defense — 0.0%** |  |  |
| Triumph Group, Inc. Expires 12/19/2023 (a) | 18759 | 12569 |
| **TOTAL WARRANTS <br>(Cost $11,709)** |  | **28554** |
| **MUTUAL FUNDS — 0.5%** |  |  |
| **Diversified Financial Services — 0.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (g) | 3755790 | 3755790 |
| **TOTAL MUTUAL FUNDS <br>(Cost $3,755,790)** |  | **3755790** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $657,061,028)** |  | **682838008** |
| **SHORT-TERM INVESTMENTS — 4.0%** |  |  |
| **Mutual Fund — 3.9%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 27319435 | 27319435 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 0.1%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (h) | $991000 | 991000 |
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $28,310,435)** |  | **28310435** |
| **TOTAL INVESTMENTS — 101.2%<br>(Cost $685,371,463) (i)** |  | **711148443** |
| **Other Assets/(Liabilities) — (1.2)%** |  | **(8315086)** |
| **NET ASSETS — 100.0%** |  | $**702833357** |

---

**Abbreviation Legend**

ADR American Depositary Receipt

**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 December 31, 2022, was $8,847,003 or 1.26% of net assets. The Fund received $5,363,151 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted security. Certain securities are restricted as to resale. At December 31, 2022, these securities amounted to a value of $14,811,907 or 2.11% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2022, these securities amounted to a value of $14,840,801 or 2.11% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $165,170 or 0.02% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment is valued using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Maturity value of $991,141. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $1,010,893.

&nbsp;&nbsp;&nbsp;&nbsp;(i) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **BONDS & NOTES — 99.3%** |  |  |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (a) — 2.1%** |  |  |
| **Collateralized Mortgage Obligations — 0.7%** |  |  |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-7, Class KE, 2.500% 1/20/50 | $176707 | $156704 |
| &nbsp;&nbsp;&nbsp;Series 2016-121, Class JF, 1 mo. USD LIBOR + 0.400% 4.753% FRN 9/20/46 | 177228 | 173351 |
| &nbsp;&nbsp;&nbsp;Series 2019-78, Class FB, 1 mo. USD LIBOR + 0.400% 4.753% FRN 6/20/49 | 98519 | 96268 |
| &nbsp;&nbsp;&nbsp;Series 2019-112, Class GF, 1 mo. USD LIBOR + 0.430% 4.783% FRN 9/20/49 | 91231 | 89219 |
| &nbsp;&nbsp;&nbsp;Series 2019-103, Class CF, 1 mo. USD LIBOR + 0.450% 4.803% FRN 8/20/49 | 190217 | 186324 |
| &nbsp;&nbsp;&nbsp;Series 2019-111, Class FB, 1 mo. USD LIBOR + 0.450% 4.803% FRN 9/20/49 | 71763 | 70598 |
| &nbsp;&nbsp;&nbsp;Series 2019-125, Class DF, 1 mo. USD LIBOR + 0.450% 4.803% FRN 10/20/49 | 147598 | 144650 |
|  |  | 917114 |
| **Pass-Through Securities — 1.4%** |  |  |
| Government National Mortgage Association II |  |  |
| &nbsp;&nbsp;&nbsp;Pool #MA7534 2.500% 8/20/51 | 91364 | 79556 |
| &nbsp;&nbsp;&nbsp;Pool #MA7705 2.500% 11/20/51 | 174140 | 151402 |
| &nbsp;&nbsp;&nbsp;Pool #MA7767 2.500% 12/20/51 | 526323 | 457436 |
| &nbsp;&nbsp;&nbsp;Pool #MA4484 3.000% 6/20/32 | 130727 | 122995 |
| &nbsp;&nbsp;&nbsp;Pool #MA6381 3.000% 1/20/35 | 68199 | 64079 |
| &nbsp;&nbsp;&nbsp;Pool #MA6630 3.000% 5/20/35 | 31621 | 29711 |
| &nbsp;&nbsp;&nbsp;Pool #MA6209 3.000% 10/20/49 | 17565 | 15348 |
| &nbsp;&nbsp;&nbsp;Pool #MA6399 3.000% 1/20/50 | 39506 | 34520 |
| &nbsp;&nbsp;&nbsp;Pool #MA6464 3.000% 2/20/50 | 90382 | 78976 |
| &nbsp;&nbsp;&nbsp;Pool #MA6531 3.000% 3/20/50 | 55456 | 48458 |
| &nbsp;&nbsp;&nbsp;Pool #MA7650 3.000% 10/20/51 | 200444 | 179658 |
| &nbsp;&nbsp;&nbsp;Pool #BQ0937 3.500% 9/20/49 | 64119 | 59319 |
| &nbsp;&nbsp;&nbsp;Pool #BQ7205 3.500% 10/20/49 | 35338 | 32670 |
| &nbsp;&nbsp;&nbsp;Pool #BS3713 3.500% 1/20/50 | 123620 | 114365 |
| &nbsp;&nbsp;&nbsp;Pool #BS3771 3.500% 2/20/50 | 88670 | 81977 |
| &nbsp;&nbsp;&nbsp;Pool #MA4588 4.500% 7/20/47 | 107151 | 106170 |
| &nbsp;&nbsp;&nbsp;Pool #MA4781 5.000% 10/20/47 | 48334 | 49084 |
| &nbsp;&nbsp;&nbsp;Pool #MA4840 5.000% 11/20/47 | 38091 | 38682 |
| &nbsp;&nbsp;&nbsp;Pool #MA5653 5.000% 12/20/48 | 117638 | 118360 |
| &nbsp;&nbsp;&nbsp;Pool #MA5820 5.500% 3/20/49 | 15846 | 16259 |
|  |  | 1879025 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES <br>(Cost $3,090,531)** |  | **2796139** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 97.2%** |  |  |
| **U.S. Treasury Bonds & Notes — 97.2%** |  |  |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;1.125% 5/15/40 | $3490000 | $2201447 |
| &nbsp;&nbsp;&nbsp;1.125% 8/15/40 | 5170000 | 3237891 |
| &nbsp;&nbsp;&nbsp;1.250% 5/15/50 | 659300 | 358994 |
| &nbsp;&nbsp;&nbsp;1.375% 11/15/40 | 6110000 | 4000821 |
| &nbsp;&nbsp;&nbsp;1.375% 8/15/50 | 7400000 | 4165095 |
| &nbsp;&nbsp;&nbsp;1.625% 11/15/50 | 3580000 | 2156296 |
| &nbsp;&nbsp;&nbsp;1.750% 8/15/41 | 6940000 | 4786475 |
| &nbsp;&nbsp;&nbsp;1.875% 2/15/41 | 7480000 | 5322154 |
| &nbsp;&nbsp;&nbsp;1.875% 2/15/51 | 5855000 | 3764747 |
| &nbsp;&nbsp;&nbsp;1.875% 11/15/51 | 6760000 | 4331267 |
| &nbsp;&nbsp;&nbsp;2.000% 11/15/41 (b) | 7760000 | 5584599 |
| &nbsp;&nbsp;&nbsp;2.000% 2/15/50 | 4050000 | 2705906 |
| &nbsp;&nbsp;&nbsp;2.000% 8/15/51 | 3700000 | 2450103 |
| &nbsp;&nbsp;&nbsp;2.250% 5/15/41 | 7690000 | 5820526 |
| &nbsp;&nbsp;&nbsp;2.250% 8/15/46 | 2505000 | 1790990 |
| &nbsp;&nbsp;&nbsp;2.250% 8/15/49 | 2550000 | 1813415 |
| &nbsp;&nbsp;&nbsp;2.250% 2/15/52 | 13760000 | 9678194 |
| &nbsp;&nbsp;&nbsp;2.375% 2/15/42 | 21220000 | 16318776 |
| &nbsp;&nbsp;&nbsp;2.375% 11/15/49 | 2220000 | 1624239 |
| &nbsp;&nbsp;&nbsp;2.375% 5/15/51 | 2440000 | 1769188 |
| &nbsp;&nbsp;&nbsp;2.500% 2/15/46 | 1700000 | 1283164 |
| &nbsp;&nbsp;&nbsp;2.875% 11/15/46 | 1700000 | 1374527 |
| &nbsp;&nbsp;&nbsp;2.875% 5/15/49 | 2480000 | 2015388 |
| &nbsp;&nbsp;&nbsp;2.875% 5/15/52 | 3985000 | 3228689 |
| &nbsp;&nbsp;&nbsp;3.000% 11/15/45 | 850000 | 705134 |
| &nbsp;&nbsp;&nbsp;3.000% 2/15/47 | 1560000 | 1288409 |
| &nbsp;&nbsp;&nbsp;3.000% 5/15/47 | 1200000 | 990961 |
| &nbsp;&nbsp;&nbsp;3.000% 8/15/48 | 2330000 | 1932014 |
| &nbsp;&nbsp;&nbsp;3.000% 2/15/49 | 2480000 | 2063488 |
| &nbsp;&nbsp;&nbsp;3.000% 8/15/52 | 5555000 | 4633611 |
| &nbsp;&nbsp;&nbsp;3.125% 5/15/48 | 6425000 | 5449460 |
| &nbsp;&nbsp;&nbsp;3.250% 5/15/42 | 1945000 | 1718170 |
| &nbsp;&nbsp;&nbsp;3.375% 8/15/42 | 8330000 | 7497783 |
| &nbsp;&nbsp;&nbsp;3.375% 11/15/48 | 2330000 | 2075812 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/42 (c) | 5080000 | 5010262 |
| &nbsp;&nbsp;&nbsp;4.000% 11/15/52 | 2633700 | 2663329 |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;4.125% 11/15/32 | 705000 | 721343 |
|  |  | 128532667 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $171,101,804)** |  | **128532667** |
| **TOTAL BONDS & NOTES <br>(Cost $174,192,335)** |  | **131328806** |
|  | **Number of<br>Shares** |  |
| **MUTUAL FUNDS — 3.9%** |  |  |
| **Diversified Financial Services — 3.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 5137150 | 5137150 |
| **TOTAL MUTUAL FUNDS <br>(Cost $5,137,150)** |  | **5137150** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $179,329,485)** |  | **136465956** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Mutual Fund — 0.0%** |  |  |
| T. Rowe Price Government Reserve Investment Fund | 65 | 65 |
|  | **Principal<br>Amount** |  |
| **Repurchase Agreement — 0.1%** |  |  |
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/30/22, 1.280%, due 1/03/23 (e) | $102017 | 102017 |

---

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

---

| | |
|:---|:---|
| **TOTAL SHORT-TERM INVESTMENTS <br>(Cost $102,082)** | **102082** |
| **TOTAL INVESTMENTS — 103.3%<br>(Cost $179,431,567) (f)** | **136568038** |
| **Other Assets/(Liabilities) — (3.3)%** | **(4307885)** |
| **NET ASSETS — 100.0%** | $**132260153** |

---

**Abbreviation Legend**

FRN Floating Rate Note

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is pledged/held as collateral for open derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Denotes a ll or a portion
 of security on loan. The total value of securities on loan as of December 31, 2022, was $5,036,067 or 3.81% of net assets. *(Note 2).* 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of security lending cash collateral. *(Note 2)*.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Maturity value of $102,031. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 6/29/23, and an aggregate market value, including accrued interest, of $104,060.

&nbsp;&nbsp;&nbsp;&nbsp;(f) See Note 3 for aggregate cost for federal tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | |
| | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Value/ Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Short** |  | | | |
| U.S. Treasury Ultra 10 Year | 3/22/23 | 9 | $(1085537) | $21006 |

---

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 38.3%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 1987029 | $18777421 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 2402087 | 25534182 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 282992 | 3081787 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 827910 | 9098733 |
| MM S&P 500 Index Fund, Class I (a) | 489988 | 6369842 |
|  |  | 62861965 |
| **Fixed Income Funds — 61.7%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 4136037 | 34080943 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 973396 | 6920845 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 3606257 | 32564504 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 978762 | 5207011 |
| State Street Institutional U.S. Government Money Market Fund | 6114279 | 6114279 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 798412 | 6802467 |
| T. Rowe Price Institutional Floating Rate Fund | 355703 | 3265358 |
| T. Rowe Price Institutional High Yield Fund | 837287 | 6162432 |
|  |  | 101117839 |
| **TOTAL MUTUAL FUNDS <br>(Cost $195,710,617)** |  | **163979804** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $195,710,617)** |  | **163979804** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $195,710,617) (b)** |  | **163979804** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(28135)** |
| **NET ASSETS — 100.0%** |  | $**163951669** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 99.9%** |  |  |
| **Equity Funds — 41.3%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 322751 | $3050000 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 387633 | 4120543 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 46979 | 511600 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 133529 | 1467482 |
| MM S&P 500 Index Fund, Class I (a) | 78677 | 1022801 |
|  |  | 10172426 |
| **Fixed Income Funds — 58.6%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 620142 | 5109968 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 141959 | 1009326 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 456390 | 4121205 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 153365 | 815903 |
| State Street Institutional U.S. Government Money Market Fund | 1003276 | 1003276 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 119036 | 1014183 |
| T. Rowe Price Institutional Floating Rate Fund | 52784 | 484554 |
| T. Rowe Price Institutional High Yield Fund | 122896 | 904517 |
|  |  | 14462932 |
| **TOTAL MUTUAL FUNDS <br>(Cost $29,807,096)** |  | **24635358** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $29,807,096)** |  | **24635358** |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $29,807,096) (b)** |  | **24635358** |
| **Other Assets/(Liabilities) — 0.1%** |  | **24011** |
| **NET ASSETS — 100.0%** |  | $**24659369** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 44.8%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 1468971 | $13881773 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 1754443 | 18649725 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 212005 | 2308730 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 605968 | 6659585 |
| MM S&P 500 Index Fund, Class I (a) | 353491 | 4595389 |
|  |  | 46095202 |
| **Fixed Income Funds — 55.2%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2500234 | 20601925 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 563020 | 4003073 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 1669698 | 15077373 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 636406 | 3385682 |
| State Street Institutional U.S. Government Money Market Fund | 4137838 | 4137838 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 478757 | 4079012 |
| T. Rowe Price Institutional Floating Rate Fund | 211572 | 1942227 |
| T. Rowe Price Institutional High Yield Fund | 490753 | 3611940 |
|  |  | 56839070 |
| **TOTAL MUTUAL FUNDS <br>(Cost $124,000,819)** |  | **102934272** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $124,000,819)** |  | **102934272** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $124,000,819) (b)** |  | **102934272** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(9791)** |
| **NET ASSETS — 100.0%** |  | $**102924481** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 47.8%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 1741321 | $16455488 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 2072655 | 22032319 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 251801 | 2742112 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 718794 | 7899548 |
| MM S&P 500 Index Fund, Class I (a) | 407934 | 5303147 |
|  |  | 54432614 |
| **Fixed Income Funds — 52.2%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2685581 | 22129186 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 590734 | 4200121 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 1601635 | 14462767 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 701448 | 3731706 |
| State Street Institutional U.S. Government Money Market Fund | 4709296 | 4709296 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 515307 | 4390418 |
| T. Rowe Price Institutional Floating Rate Fund | 225524 | 2070312 |
| T. Rowe Price Institutional High Yield Fund | 523143 | 3850330 |
|  |  | 59544136 |
| **TOTAL MUTUAL FUNDS <br>(Cost $136,054,771)** |  | **113976750** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $136,054,771)** |  | **113976750** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $136,054,771) (b)** |  | **113976750** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(4914)** |
| **NET ASSETS — 100.0%** |  | $**113971836** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 51.3%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 8576072 | $81043884 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 10188195 | 108300514 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1205750 | 13130619 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 3557841 | 39100672 |
| MM S&P 500 Index Fund, Class I (a) | 1992554 | 25903208 |
|  |  | 267478897 |
| **Fixed Income Funds — 48.7%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 11837429 | 97540419 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 2553303 | 18153983 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 6187532 | 55873410 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 3198592 | 17016512 |
| State Street Institutional U.S. Government Money Market Fund | 20701770 | 20701770 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 2250081 | 19170694 |
| T. Rowe Price Institutional Floating Rate Fund | 974042 | 8941706 |
| T. Rowe Price Institutional High Yield Fund | 2258973 | 16626038 |
|  |  | 254024532 |
| **TOTAL MUTUAL FUNDS <br>(Cost $617,149,598)** |  | **521503429** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $617,149,598)** |  | **521503429** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $617,149,598) (b)** |  | **521503429** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(210883)** |
| **NET ASSETS — 100.0%** |  | $**521292546** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 58.3%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 10071742 | $95177962 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 12205070 | 129739890 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1450543 | 15796409 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 4189967 | 46047739 |
| MM S&P 500 Index Fund, Class I (a) | 2336909 | 30379823 |
|  |  | 317141823 |
| **Fixed Income Funds — 41.7%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 10919948 | 89980374 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 2163352 | 15381429 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 4245170 | 38333887 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 3491171 | 18573028 |
| State Street Institutional U.S. Government Money Market Fund | 24162480 | 24162480 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 2089046 | 17798674 |
| T. Rowe Price Institutional Floating Rate Fund | 875509 | 8037173 |
| T. Rowe Price Institutional High Yield Fund | 1959485 | 14421810 |
|  |  | 226688855 |
| **TOTAL MUTUAL FUNDS <br>(Cost $647,686,170)** |  | **543830678** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $647,686,170)** |  | **543830678** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $647,686,170) (b)** |  | **543830678** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(201689)** |
| **NET ASSETS — 100.0%** |  | $**543628989** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 69.3%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 26990972 | $255064689 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 32731698 | 347937955 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 3884146 | 42298345 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 11403369 | 125323029 |
| MM S&P 500 Index Fund, Class I | 6182671 | 80374728 |
|  |  | 850998746 |
| **Fixed Income Funds — 30.7%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 20121787 | 165803528 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 3230229 | 22966929 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 2773101 | 25041105 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 7943866 | 42261369 |
| State Street Institutional U.S. Government Money Market Fund | 53241436 | 53241436 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 3755768 | 31999141 |
| T. Rowe Price Institutional Floating Rate Fund | 1432892 | 13153947 |
| T. Rowe Price Institutional High Yield Fund | 3087247 | 22722137 |
|  |  | 377189592 |
| **TOTAL MUTUAL FUNDS <br>(Cost $1,421,983,351)** |  | **1228188338** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $1,421,983,351)** |  | **1228188338** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $1,421,983,351) (b)** |  | **1228188338** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(586461)** |
| **NET ASSETS — 100.0%** |  | $**1227601877** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 80.3%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 16903666 | $159739648 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 20272879 | 215500704 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 2405836 | 26199552 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 7024038 | 77194183 |
| MM S&P 500 Index Fund, Class I (a) | 4010841 | 52140938 |
|  |  | 530775025 |
| **Fixed Income Funds — 19.7%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 6980208 | 57516916 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 901672 | 6410891 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 5938 | 53617 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 3351052 | 17827595 |
| State Street Institutional U.S. Government Money Market Fund | 26730975 | 26730975 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 1305601 | 11123722 |
| T. Rowe Price Institutional Floating Rate Fund | 413921 | 3799795 |
| T. Rowe Price Institutional High Yield Fund | 914052 | 6727423 |
|  |  | 130190934 |
| **TOTAL MUTUAL FUNDS <br>(Cost $772,649,953)** |  | **660965959** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $772,649,953)** |  | **660965959** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $772,649,953) (b)** |  | **660965959** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(283804)** |
| **NET ASSETS — 100.0%** |  | $**660682155** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 89.5%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 31512044 | $297788814 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 37715438 | 400915103 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 4485169 | 48843495 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 13127927 | 144275913 |
| MM S&P 500 Index Fund, Class I (a) | 7648085 | 99425110 |
|  |  | 991248435 |
| **Fixed Income Funds — 10.6%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 5452220 | 44926296 |
| MassMutual Select T. Rowe Price Emerging Markets Bond Fund, Class I (a) | 364274 | 2589990 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 26617 | 240351 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 3117352 | 16584315 |
| State Street Institutional U.S. Government Money Market Fund | 38536538 | 38536538 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 966641 | 8235778 |
| T. Rowe Price Institutional Floating Rate Fund | 165044 | 1515108 |
| T. Rowe Price Institutional High Yield Fund | 646517 | 4758362 |
|  |  | 117386738 |
| **TOTAL MUTUAL FUNDS <br>(Cost $1,279,708,914)** |  | **1108635173** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $1,279,708,914)** |  | **1108635173** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $1,279,708,914) (b)** |  | **1108635173** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(558176)** |
| **NET ASSETS — 100.0%** |  | $**1108076997** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 94.5%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 15788631 | $149202564 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 18726964 | 199067626 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 2228455 | 24267872 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 6557882 | 72071125 |
| MM S&P 500 Index Fund, Class I (a) | 3969522 | 51603789 |
|  |  | 496212976 |
| **Fixed Income Funds — 5.5%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 1004638 | 8278217 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 7470 | 67454 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 667986 | 3553686 |
| State Street Institutional U.S. Government Money Market Fund | 15972983 | 15972983 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 154708 | 1318112 |
|  |  | 29190452 |
| **TOTAL MUTUAL FUNDS <br>(Cost $614,718,614)** |  | **525403428** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $614,718,614)** |  | **525403428** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $614,718,614) (b)** |  | **525403428** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(227096)** |
| **NET ASSETS — 100.0%** |  | $**525176332** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.1%** |  |  |
| **Equity Funds — 96.1%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 23411269 | $221236493 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 27815811 | 295682073 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 3292345 | 35853641 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 9689133 | 106483569 |
| MM S&P 500 Index Fund, Class I (a) | 5875963 | 76387513 |
|  |  | 735643289 |
| **Fixed Income Funds — 4.0%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 636561 | 5245263 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 11669 | 105372 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 381616 | 2030197 |
| State Street Institutional U.S. Government Money Market Fund | 22363438 | 22363438 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 107121 | 912672 |
|  |  | 30656942 |
| **TOTAL MUTUAL FUNDS <br>(Cost $889,224,150)** |  | **766300231** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $889,224,150)** |  | **766300231** |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $889,224,150) (b)** |  | **766300231** |
| **Other Assets/(Liabilities) — (0.1)%** |  | **(386396)** |
| **NET ASSETS — 100.0%** |  | $**765913835** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 96.5%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 10025113 | $94737321 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 11966895 | 127208099 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1421393 | 15478970 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 4181855 | 45958583 |
| MM S&P 500 Index Fund, Class I (a) | 2574138 | 33463794 |
|  |  | 316846767 |
| **Fixed Income Funds — 3.5%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 267371 | 2203133 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 2508 | 22648 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 166093 | 883615 |
| State Street Institutional U.S. Government Money Market Fund | 8133843 | 8133843 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 47610 | 405641 |
|  |  | 11648880 |
| **TOTAL MUTUAL FUNDS <br>(Cost $386,903,045)** |  | **328495647** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $386,903,045)** |  | **328495647** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $386,903,045) (b)** |  | **328495647** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(134292)** |
| **NET ASSETS — 100.0%** |  | $**328361355** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

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

**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Equity Funds — 96.5%** |  |  |
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 4653316 | $43973838 |
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 5542585 | 58917681 |
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 661243 | 7200938 |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1939394 | 21313937 |
| MM S&P 500 Index Fund, Class I (a) | 1189206 | 15459673 |
|  |  | 146866067 |
| **Fixed Income Funds — 3.5%** |  |  |
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 120342 | 991619 |
| MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I (a) | 1207 | 10898 |
| MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I (a) | 76344 | 406151 |
| State Street Institutional U.S. Government Money Market Fund | 3835806 | 3835806 |
| T. Rowe Price Dynamic Global Bond Fund, Class I | 20865 | 177769 |
|  |  | 5422243 |
| **TOTAL MUTUAL FUNDS <br>(Cost $183,326,673)** |  | **152288310** |
| **TOTAL LONG-TERM INVESTMENTS <br>(Cost $183,326,673)** |  | **152288310** |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $183,326,673) (b)** |  | **152288310** |
| **Other Assets/(Liabilities) — (0.0)%** |  | **(50388)** |
| **NET ASSETS — 100.0%** |  | $**152237922** |

---

**Notes to Portfolio of Investments**

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Note 3 for aggregate cost for federal tax purposes.

***Notes to Portfolio of Investments (Unaudited)***

1. The Funds

MassMutual Select Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. As of December 31, 2022, the Trust consists of the following series (each individually referred to as a "Fund" or collectively as the "Funds"):

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

MassMutual Strategic Bond Fund ("Strategic Bond Fund")

MassMutual Diversified Value Fund ("Diversified Value Fund")

MassMutual Fundamental Value Fund ("Fundamental Value Fund")

MM S&P 500<sup>®</sup> Index Fund ("S&P 500 Index Fund")

MassMutual Equity Opportunities Fund ("Equity Opportunities Fund")

MassMutual Fundamental Growth Fund ("Fundamental Growth Fund")

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

MassMutual Growth Opportunities Fund ("Growth Opportunities Fund")

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

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

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

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

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

MassMutual Overseas Fund ("Overseas Fund")

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

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

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

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

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

MassMutual RetireSMART<sup>SM</sup> by JPMorgan In Retirement Fund ("MM RetireSMART by JPMorgan In Retirement Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2020 Fund ("MM RetireSMART by JPMorgan 2020 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2025 Fund ("MM RetireSMART by JPMorgan 2025 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2030 Fund ("MM RetireSMART by JPMorgan 2030 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2035 Fund ("MM RetireSMART by JPMorgan 2035 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2040 Fund ("MM RetireSMART by JPMorgan 2040 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2045 Fund ("MM RetireSMART by JPMorgan 2045 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2050 Fund ("MM RetireSMART by JPMorgan 2050 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2055 Fund ("MM RetireSMART by JPMorgan 2055 Fund")

MassMutual RetireSMART<sup>SM</sup> by JPMorgan 2060 Fund ("MM RetireSMART by JPMorgan 2060 Fund")

MM Equity Asset Fund ("Equity Asset Fund")

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

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

MassMutual Select T. Rowe Price Large Cap Blend Fund ("MM Select T. Rowe Price Large Cap Blend Fund")

MassMutual Select T. Rowe Price Limited Duration Inflation Focused Bond Fund ("MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund")

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

***Notes to Portfolio of Investments (Unaudited) (Continued)***

MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund ("MM Select T. Rowe Price Small and Mid Cap Blend Fund")

MassMutual Select T. Rowe Price U.S. Treasury Long-Term Index Fund ("MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund")

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

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")

The 20/80 Allocation Fund, 40/60 Allocation Fund, 60/40 Allocation Fund, and 80/20 Allocation Fund (the "MM Target Allocation Funds") invest their investable assets in shares of MassMutual Funds advised by MML Investment Advisers, LLC ("MML Advisers") and non-affiliated mutual funds (together, the "MM Target Allocation Underlying Funds").

The MM RetireSMART by JPMorgan In Retirement Fund, MM RetireSMART by JPMorgan 2020 Fund, MM RetireSMART by JPMorgan 2025 Fund, MM RetireSMART by JPMorgan 2030 Fund, MM RetireSMART by JPMorgan 2035 Fund, MM RetireSMART by JPMorgan 2040 Fund, MM RetireSMART by JPMorgan 2045 Fund, MM RetireSMART by JPMorgan 2050 Fund, MM RetireSMART by JPMorgan 2055 Fund, and MM RetireSMART by JPMorgan 2060 Fund (the "MM RetireSMART by JPMorgan Funds") invest their investable assets in shares of MassMutual Funds, J.P. Morgan Funds advised by J.P. Morgan Investment Management Inc. ("J.P. Morgan") or its affiliates, and non-affiliated mutual funds (together, the "MM RetireSMART by JPMorgan Underlying Funds").

***Notes to Portfolio of Investments (Unaudited) (Continued)***

The MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, and MM Select T. Rowe Price Retirement 2060 Fund (the "MM Select T. Rowe Price Retirement Funds") invest their investable assets primarily in shares of MassMutual Funds and T. Rowe Price Funds (together, the "MM Select T. Rowe Price Underlying Funds"). The MM Target Allocation Underlying Funds, MM RetireSMART by JPMorgan Underlying Funds, and MM Select T. Rowe Price Underlying Funds are hereinafter collectively referred to as the ("Underlying Funds").

2. Significant Accounting Policies

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

Investment Valuation

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

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

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

***Notes to Portfolio of Investments (Unaudited) (Continued)***

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

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

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

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

***Notes to Portfolio of Investments (Unaudited) (Continued)***

Investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and any other investments fair valued using significant unobservable inputs may be fair valued using one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indexes or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company.

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

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

 

***Notes to Portfolio of Investments (Unaudited) (Continued)***

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

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

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

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

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

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

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

The Fundamental Value Fund, Fundamental Growth Fund, Growth Opportunities Fund, and Small Cap Growth Equity Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2022. The MM Target Allocation Funds, MM RetireSMART by JPMorgan Funds, and the MM Select T. Rowe Price Retirement Funds characterized all investments at Level 1, as of December 31, 2022. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2022, for the remaining Funds' investments:

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Total Return Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $376965 | $— | $— | $376965 |
| Bank Loans (Less Unfunded Loan Commitments) |  | 15366529 |  | 15366529 |
| Corporate Debt |  | 215292054 |  | 215292054 |
| Municipal Obligations |  | 2198369 |  | 2198369 |
| Non-U.S. Government Agency Obligations |  | 122192549 |  | 122192549 |
| Sovereign Debt Obligations |  | 7571120 |  | 7571120 |
| U.S. Government Agency Obligations and Instrumentalities |  | 284072982 |  | 284072982 |
| U.S. Treasury Obligations |  | 195530343 |  | 195530343 |
| Rights |  |  |  |  |
| Mutual Funds | 37216875 |  |  | 37216875 |
| Short-Term Investments |  | 99746890 |  | 99746890 |
| Unfunded Loan Commitments\*\* | $— | $(233) | $— | $(233) |
| Total Investments | $37593840 | $941970603 | $**—** | $979564443 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $4880 | $— | $4880 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 163540 |  |  | 163540 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 1769110 |  | 1769110 |
| Total | $163540 | $1773990 | $— | $1937530 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(92893) | $— | $(92893) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (29150) |  |  | (29150) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (5688111) |  | (5688111) |
| Total | $(29150) | $(5781004) | $— | $(5810154) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Strategic Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bank Loans (Less Unfunded Loan Commitments) | $— | $11469437 | $— | $11469437 |
| Corporate Debt |  | 135883083 |  | 135883083 |
| Municipal Obligations |  | 50558 |  | 50558 |
| Non-U.S. Government Agency Obligations |  | 35524310 |  | 35524310 |
| Sovereign Debt Obligations |  | 17085265 |  | 17085265 |
| U.S. Government Agency Obligations and Instrumentalities |  | 122602917 |  | 122602917 |
| U.S. Treasury Obligations |  | 113415005 |  | 113415005 |
| Purchased Options | 100563 |  |  | 100563 |
| Mutual Funds | 9365725 |  |  | 9365725 |
| Short-Term Investments |  | 17535645 |  | 17535645 |
| Unfunded Loan Commitments\*\* |  | (5921) |  | (5921) |
| Total Investments | $9466288 | $453560299 | $**—** | $463026587 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $966715 | $— | $966715 |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 1268433 |  |  | 1268433 |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | 4601372 |  | 4601372 |
| Total | $1268433 | $5568087 | $**—** | $6836520 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Contracts | $— | $(161405) | $— | $(161405) |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (1554558) |  |  | (1554558) |
| &nbsp;&nbsp;&nbsp; Swap Agreements |  | (392230) |  | (392230) |
| &nbsp;&nbsp;&nbsp; Written Options | (194038) |  |  | (194038) |
| Total | $(1748596) | $(553635) | $**—** | $(2302231) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Diversified Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $293644044 | $5200743 \* | $— | $298844787 |
| Preferred Stock | 434494 | 2909483 \* |  | 3343977 |
| Mutual Funds | 2496744 |  |  | 2496744 |
| Short-Term Investments | 105 | 3018921 |  | 3019026 |
| Total Investments | $296575387 | $11129147 | $— | $307704534 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**S&P 500 Index Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $2305897257 | $— | $— | $2305897257 |
| Short-Term Investments |  | 22404562 |  | 22404562 |
| Total Investments | $2305897257 | $22404562 | $— | $2328301819 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(464372) | $— | $— | $(464372) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Equity Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $601739858 | $8238800 \* | $— | $609978658 |
| Preferred Stock | 736176 | 4639885 \* |  | 5376061 |
| Short-Term Investments | 159 | 14949988 |  | 14950147 |
| Total Investments | $602476193 | $27828673 | $— | $630304866 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Blue Chip Growth Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $2321035569 | $9003355 \* | $3035132 | $2333074056 |
| Preferred Stock |  |  | 3370186 | 3370186 |
| Corporate Debt |  | 1731520 |  | 1731520 |
| Short-Term Investments | 102 | 22109521 |  | 22109623 |
| Total Investments | $2321035671 | $32844396 | $6405318 | $2360285385 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Mid Cap Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $103419477 | $3199569 \* | $— | $106619046 |
| Preferred Stock |  | 397287 \* |  | 397287 |
| Mutual Funds | 462969 |  |  | 462969 |
| Short-Term Investments |  | 2617871 |  | 2617871 |
| Total Investments | $103882446 | $6214727 | $— | $110097173 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $2290 | $— | $2290 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(16417) | $— | $(16417) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Small Cap Value Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $50083400 | $495358 \* | $— | $50578758 |
| Mutual Funds | 452296 |  |  | 452296 |
| Short-Term Investments |  | 1532239 |  | 1532239 |
| Total Investments | $50535696 | $2027597 | $— | $52563293 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Small Company Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $210208547 | $412754 \* | $— | $210621301 |
| Mutual Funds | 509390 |  |  | 509390 |
| Short-Term Investments |  | 2535191 |  | 2535191 |
| Total Investments | $210717937 | $2947945 | $— | $213665882 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $1828 | $— | $1828 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(15) | $— | $(15) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Mid Cap Growth Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $5085073640 | $— | $22843851 | $5107917491 |
| Preferred Stock |  |  | 25353794 | 25353794 |
| Mutual Funds | 11026456 |  |  | 11026456 |
| Short-Term Investments | 211333493 | 67540273 |  | 278873766 |
| Total Investments | $5307433589 | $67540273 | $48197645 | $5423171507 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Overseas Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $1197904 | $— | $1197904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 4983385 |  | 4983385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 15121552 |  |  | 15121552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | 1512730 | 8164657 |  | 9677387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 12028157 |  | 12028157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 80778690 |  | 80778690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 71627255 |  | 71627255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 7163256 |  | 7163256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 7315446 |  | 7315446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 5983865 | 4219889 |  | 10203754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 4142338 |  |  | 4142338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 12088433 |  | 12088433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 43848754 |  | 43848754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 411991 |  |  | 411991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 25919041 |  | 25919041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 2419721 |  | 2419721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Korea |  | 2920822 |  | 2920822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 4116449 |  | 4116449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 4243183 |  | 4243183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 4999973 |  | 4999973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 58553305 |  | 58553305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 3261247 |  |  | 3261247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 2050119 | 56416233 |  | 58466352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2174469 |  |  | 2174469 |
| Preferred Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Korea |  | 2112487 |  | 2112487 |
| Mutual Funds | 386416 |  |  | 386416 |
| Short-Term Investments |  | 2964141 |  | 2964141 |
| Total Investments | $35044727 | $418081181 | $— | $453125908 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price International Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $2011198 | $36708302 | $— | $38719500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 6730757 |  | 6730757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 4174073 |  | 4174073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 611962 | 3802961 |  | 4414923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 19227071 |  | 19227071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 60523099 |  |  | 60523099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands | 23814116 | 58002542 |  | 81816658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 3510608 |  |  | 3510608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 49281461 |  | 49281461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 5822035 |  | 5822035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 13164359 |  | 13164359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 115495027 |  | 115495027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 81220485 |  | 81220485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 26457922 |  | 26457922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 4735162 |  | 4735162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 2278158 | 65298762 |  | 67576920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 10368884 |  | 10368884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 8303045 |  | 8303045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 1096408 | 24017207 |  | 25113615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 201635767 |  | 201635767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 4910544 |  | 4910544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia |  | 3666231 |  | 3666231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 12097467 |  |  | 12097467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 8012337 | 77003522 |  | 85015859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 13942035 |  | 13942035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  | 4355157 |  | 4355157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 3790959 |  | 3790959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 8412470 |  | 8412470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Korea | 2013701 | 50072746 |  | 52086447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 8887317 |  | 8887317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 18821529 |  | 18821529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 10021601 |  | 10021601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 12429426 |  | 12429426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 741629 | 21038331 |  | 21779960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 98349865 |  | 98349865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 42496819 |  | 42496819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 7123149 | 3094862 |  | 10218011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 2219930 |  | 2219930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 35035910 | 128779949 |  | 163815859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 16149307 | 2135272 | 211339 | 18495918 |
| Preferred Stock<sup>\*</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 10125118 |  | 10125118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  | 12691 | 12691 |
| Mutual Funds | 2310919 |  |  | 2310919 |
| Rights | 1808 |  | 95761 | 97569 |
| Short-Term Investments | 10433385 | 1120919 |  | 11554304 |
| Total Investments | $187765161 | $1260120424 | $319791 | $1448205376 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | $— | $(11905) | $— | $(11905) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**Equity Asset Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $315724558 | $3020 \* | $— | $315727578 |
| Rights |  |  |  |  |
| Mutual Funds | 107700 |  |  | 107700 |
| Short-Term Investments |  | 5309630 |  | 5309630 |
| Total Investments | $315832258 | $5312650 | $— | $321144908 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(117077) | $— | $— | $(117077) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price Bond Asset Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bank Loans (Less Unfunded Loan Commitments) | $— | $4795043 | $— | $4795043 |
| Corporate Debt |  | 144870107 |  | 144870107 |
| Municipal Obligations |  | 305474 |  | 305474 |
| Non-U.S. Government Agency Obligations |  | 47242528 |  | 47242528 |
| Sovereign Debt Obligations |  | 101723013 |  | 101723013 |
| U.S. Government Agency Obligations and Instrumentalities |  | 116733898 |  | 116733898 |
| U.S. Treasury Obligations |  | 118915357 |  | 118915357 |
| Purchased Options |  | 92249 |  | 92249 |
| Mutual Funds | 22183340 |  |  | 22183340 |
| Short-Term Investments | 11216403 | 22173021 |  | 33389424 |
| Unfunded Loan Commitments\*\* |  | (1552) |  | (1552) |
| Total Investments | $33399743 | $556849138 | $— | $590248881 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $1384140 | $— | $1384140 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 366614 |  |  | 366614 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 380429 |  | 380429 |
| Total | $366614 | $1764569 | $— | $2131183 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(8357885) | $— | $(8357885) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (839721) |  |  | (839721) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (2569386) |  | (2569386) |
| Total | $(839721) | $(10927271) | $— | $(11766992) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price Emerging Markets Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Debt | $— | $24453010 | $— | $24453010 |
| Sovereign Debt Obligations |  | 51872214 |  | 51872214 |
| Mutual Funds | 1320090 |  |  | 1320090 |
| Short-Term Investments | 3042999 | 1276684 |  | 4319683 |
| Total Investments | $4363089 | $77601908 | $— | $81964997 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Contracts | $— | $3675 | $— | $3675 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 24696 |  |  | 24696 |
| Total | $24696 | $3675 | $— | $28371 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forwards Contracts | $— | $(101597) | $— | $(101597) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (97395) |  |  | (97395) |
| Total | $(97395) | $(101597) | $— | $(198992) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price Large Cap Blend Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $1870950701 | $12534786 \* | $4519421 | $1888004908 |
| Preferred Stock |  | 9275266 \* | 9511786 | 18787052 |
| Corporate Debt |  |  | 50373 | 50373 |
| Mutual Funds | 697218 |  |  | 697218 |
| Short-Term Investments | 50287049 | 997996 |  | 51285045 |
| Total Investments | $1921934968 | $22808048 | $14081580 | $1958824596 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Debt | $— | $501034 | $— | $501034 |
| Municipal Obligations |  | 798719 |  | 798719 |
| Non-U.S. Government Agency Obligations |  | 8310535 |  | 8310535 |
| U.S. Government Agency Obligations and Instrumentalities |  | 2071624 |  | 2071624 |
| U.S. Treasury Obligations |  | 173757653 |  | 173757653 |
| Mutual Funds | 17976450 |  |  | 17976450 |
| Short-Term Investments | 9008 | 690381 |  | 699389 |
| Total Investments | $17985458 | $186129946 | $— | $204115404 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $126196 | $— | $— | $126196 |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | 2461214 |  | 2461214 |
| Total | $126196 | $2461214 | $— | $2587410 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(37285) | $— | $— | $(37285) |
| &nbsp;&nbsp;&nbsp;Swap Agreements |  | (111258) |  | (111258) |
| Total | $(37285) | $(111258) | $— | $(148543) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price Real Assets Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $— | $23167492 | $— | $23167492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 588878 |  | 588878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda |  | 780099 |  | 780099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 468472 |  | 468472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 17060187 |  |  | 17060187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands |  | 1078595 |  | 1078595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 988789 |  | 988789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 3168042 |  | 3168042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 5385160 |  | 5385160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 752654 |  | 752654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 1984479 |  |  | 1984479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 5981286 |  | 5981286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan |  | 1285767 |  | 1285767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 632468 | 495566 |  | 1128034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 437901 |  |  | 437901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 347009 | 491904 |  | 838913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 4074316 |  | 4074316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 948704 |  | 948704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Korea |  | 1788936 |  | 1788936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | —<sup>+</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 1282098 |  | 1282098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 306412 |  | 306412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 579129 |  | 579129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 7521025 |  | 7521025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 662088 | 14840555 |  | 15502643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 117527276 |  |  | 117527276 |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 913259 |  | 1312643 | 2225902 |
| Mutual Funds | 12255204 |  |  | 12255204 |
| Short-Term Investments | 6947754 | 6506396 |  | 13454150 |
| Total Investments | $158767625 | $82480275 | $1312643 | $242560543 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | $— | $84463 | $— | $84463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 443473 |  |  | 443473 |
| Total | $443473 | $84463 | $— | $527936 |
| **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | $— | $(13883) | $— | $(13883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (121390) |  |  | (121390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements |  | (2412) |  | (2412) |
| Total | $(121390) | $(16295) | $— | $(137685) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

**MM Select T. Rowe Price Small and Mid Cap Blend Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $647452455 | $16055859 \* | $1668381 | $665176695 |
| Preferred Stock |  | 772720 \* | 13075357 | 13848077 |
| Rights |  |  | 28892 | 28892 |
| Warrants | 14255 | 6812 | 7487 | 28554 |
| Mutual Funds | 3755790 |  |  | 3755790 |
| Short-Term Investments | 27319435 | 991000 |  | 28310435 |
| Total Investments | $678541935 | $17826391 | $14780117 | $711148443 |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government Agency Obligations and Instrumentalities | $— | $2796139 | $— | $2796139 |
| U.S. Treasury Obligations |  | 128532667 |  | 128532667 |
| Mutual Funds | 5137150 |  |  | 5137150 |
| Short-Term Investments | 65 | 102017 |  | 102082 |
| Total Investments | $5137215 | $131430823 | $— | $136568038 |
| **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $21006 | $— | $— | $21006 |

---

---

| | |
|:---|:---|
| \* | 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 loan commitments are valued at the unrealized appreciation/(depreciation) on the commitment.* |
| + | Represents a security at $0 value as of December 31, 2022. |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

Derivative Instruments

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

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

*Securities Lending* 

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

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2022, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds' cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

***Notes to Portfolio of Investments (Unaudited) (Continued)***

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

Accounting for Investment Transactions

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

Foreign Currency Translation

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

Foreign Securities

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

***Notes to Portfolio of Investments (Unaudited) (Continued)***

Federal Income Tax

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

Dividends and Distributions to Shareholders

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

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

3. Federal Income Tax Information

At December 31, 2022, the aggregate cost of investments and the unrealized appreciation/(depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) |
| Total Return Bond Fund | $1042011269 | $1576282 | $(64023108) | $(62446826) |
| Strategic Bond Fund | 508906616 | 1779399 | (47659428) | (45880029) |
| Diversified Value Fund | 265061222 | 51541104 | (8897792) | 42643312 |
| Fundamental Value Fund | 395365774 | 96517024 | (17543743) | 78973281 |
| S&P 500 Index Fund | 1431083667 | 993577308 | (96359156) | 897218152 |
| Equity Opportunities Fund | 541671459 | 110502346 | (21868939) | 88633407 |
| Fundamental Growth Fund | 30350057 | 1713461 | (4265519) | (2552058) |
| Blue Chip Growth Fund | 1963380800 | 651023347 | (254118762) | 396904585 |
| Growth Opportunities Fund | 270317565 | 31808315 | (60700997) | (28892682) |
| Mid Cap Value Fund | 112906200 | 6311731 | (9120758) | (2809027) |
| Small Cap Value Equity Fund | 47139881 | 9584432 | (4161020) | 5423412 |
| Small Company Value Fund | 223305482 | 16227277 | (25866877) | (9639600) |
| Mid Cap Growth Fund | 4844071954 | 963905001 | (384805448) | 579099553 |
| Small Cap Growth Equity Fund | 684720459 | 53671573 | (55470715) | (1799142) |
| Overseas Fund | 432101934 | 60750161 | (39726187) | 21023974 |
| MM Select T. Rowe Price International Equity Fund | 1462448864 | 144137956 | (158381444) | (14243488) |
| 20/80 Allocation Fund | 194478878 | 416539 | (28487897) | (28071358) |
| 40/60 Allocation Fund | 208256636 | 819109 | (33310238) | (32491129) |
| 60/40 Allocation Fund | 195139028 | 588258 | (30588785) | (30000527) |
| 80/20 Allocation Fund | 143676046 | 1289697 | (22915129) | (21625432) |
| MM RetireSMART by JPMorgan In Retirement Fund | 98110178 | 104729 | (13808324) | (13703595) |
| MM RetireSMART by JPMorgan 2020 Fund | 192843390 | 189595 | (27616106) | (27426511) |
| MM RetireSMART by JPMorgan 2025 Fund | 173988825 | 282719 | (27312829) | (27030110) |
| MM RetireSMART by JPMorgan 2030 Fund | 392425728 | 680582 | (62257649) | (61577067) |
| MM RetireSMART by JPMorgan 2035 Fund | 176722262 | 420917 | (28935107) | (28514190) |
| MM RetireSMART by JPMorgan 2040 Fund | 292929399 | 779227 | (49396273) | (48617046) |
| MM RetireSMART by JPMorgan 2045 Fund | 129834336 | 419964 | (22295925) | (21875961) |
| MM RetireSMART by JPMorgan 2050 Fund | 208654342 | 600075 | (35740905) | (35140830) |
| MM RetireSMART by JPMorgan 2055 Fund | 69089364 | 190618 | (11780377) | (11589759) |
| MM RetireSMART by JPMorgan 2060 Fund | 21718170 | 50650 | (3397399) | (3346749) |
| Equity Asset Fund | 287797052 | 51242036 | (17894180) | 33347856 |
| MM Select T. Rowe Price Bond Asset Fund | 643946521 | 4181535 | (57879175) | (53697640) |
| MM Select T. Rowe Price Emerging Markets Bond Fund | 99210131 | 252826 | (17497960) | (17245134) |
| MM Select T. Rowe Price Large Cap Blend Fund | 2006822813 | 98516356 | (146514573) | (47998217) |
| MM Select T. Rowe Price Limited Duration Inflation Focused Bond Fund | 213559646 | 1516506 | (10960748) | (9444242) |
| MM Select T. Rowe Price Real Assets Fund | 248292563 | 17213802 | (22945822) | (5732020) |
| MM Select T. Rowe Price Small and Mid Cap Blend Fund | 685371463 | 97763180 | (71986200) | 25776980 |
| MM Select T. Rowe Price U.S. Treasury Long-Term Index Fund | 179431567 | 69429 | (42932958) | (42863529) |
| MM Select T. Rowe Price Retirement Balanced Fund | 195710617 |  | (31730813) | (31730813) |
| MM Select T. Rowe Price Retirement 2005 Fund | 29807096 |  | (5171738) | (5171738) |
| MM Select T. Rowe Price Retirement 2010 Fund | 124000819 |  | (21066547) | (21066547) |
| MM Select T. Rowe Price Retirement 2015 Fund | 136054771 |  | (22078021) | (22078021) |
| MM Select T. Rowe Price Retirement 2020 Fund | 617149598 |  | (95646169) | (95646169) |
| MM Select T. Rowe Price Retirement 2025 Fund | 647686170 |  | (103855492) | (103855492) |
| MM Select T. Rowe Price Retirement 2030 Fund | 1421983351 |  | (193795013) | (193795013) |
| MM Select T. Rowe Price Retirement 2035 Fund | 772649953 |  | (111683994) | (111683994) |
| MM Select T. Rowe Price Retirement 2040 Fund | 1279708914 | 8002 | (171081743) | (171073741) |
| MM Select T. Rowe Price Retirement 2045 Fund | 614718614 |  | (89315186) | (89315186) |
| MM Select T. Rowe Price Retirement 2050 Fund | 889224150 |  | (122923919) | (122923919) |
| MM Select T. Rowe Price Retirement 2055 Fund | 386903045 |  | (58407398) | (58407398) |
| MM Select T. Rowe Price Retirement 2060 Fund | 183326673 |  | (31038363) | (31038363) |

---

***Notes to Portfolio of Investments (Unaudited) (Continued)***

4. New Accounting Pronouncements

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

5. *Coronavirus (COVID-19) Pandemic*

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund's performance and have the potential to impair the ability of a Fund's investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

6. *Russia-Ukraine War*

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund's or an Underlying Fund's investments, even beyond any direct exposure the Fund or the Underlying Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's or an Underlying Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund or an Underlying Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** MASSMUTUAL SELECT FUNDS

- **b. Investment Company Act file number:** 811-08274

- **c. CIK number of Registrant:** 0000916053

- **d. LEI of Registrant:** PJVR01EN4PJWVNUIQ236

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1295 State Street

  - **City:** Springfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01111-0001

  - **Telephone number:** 4137441000

**Item A.2. Information about the Series.**

- **a. Name of Series:** MassMutual RetireSMART by JPMorgan 2020 Fund

- **b. EDGAR series identifier (if any):** S000003675

- **c. LEI of Series:** 549300KKTI7TU7LB2P61

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $166231489.51

**Total Liabilities:** $1004025.74

**Net Assets:** $165227463.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010262 | -1.66%               | 4.63%                | 1.91%                |
| Class ID C000010264 | -1.74%               | 4.62%                | 1.88%                |
| Class ID C000010265 | -1.68%               | 4.68%                | 1.89%                |
| Class ID C000010266 | -1.65%               | 4.70%                | 1.89%                |
| Class ID C000140371 | -1.68%               | 4.70%                | 1.90%                |
| Class ID C000140372 | -1.61%               | 4.72%                | 1.90%                |
| Class ID C000140373 | -1.71%               | 4.72%                | 1.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-337513.82              | $-10150412.64                              |
| Month 2  | $-547723.80              | $8001071.42                                |
| Month 3  | $-730859.00              | $3737268.36                                |

### Schedule of Portfolio Investments

| Name                           | Title                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMORGAN EMERGING MARKETS DEBT | JPMORGAN EMERG MRKT DEBT R6  | CUSIP: 48121A134<br>LEI: 8KLDAXM5A9FOP50PQD10 | Long             | EC               | RF                | US        |    126570 | NS      | $748030.35    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN EMERGING MARKETS RESE | JPM EMG MRKT RES ENH EQ R6   | CUSIP: 46645V626<br>LEI: N/A                  | Long             | EC               | RF                | US        |    116288 | NS      | $1708265.12   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN LARGE CAP VALUE FUND  | JPMORGAN LARGE CAP VALUE R6  | CUSIP: 48121L833<br>LEI: N/A                  | Long             | EC               | RF                | US        |    114534 | NS      | $2055879.81   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN US GOVERNMENT MONEY M | JPMORGAN US GOVT MMKT IM     | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | EC               | RF                | US        |  23205514 | NS      | $23205513.95  | 14.04%            |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL CORE BOND FUND      | MASSMUTUAL CORE BOND I       | CUSIP: 57629H350<br>LEI: 70SJ1002V7C8MQRNZW38 | Long             | EC               | RF                | US        |   3638519 | NS      | $32346433.30  | 19.58%            |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL GLOBAL FLOATING RAT | MASSMUTUAL GLBL FLTG RT I    | CUSIP: 576291108<br>LEI: N/A                  | Long             | EC               | RF                | US        |     25120 | NS      | $213522.46    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL HIGH YIELD FUND     | MASSMUTUAL HIGH YIELD I      | CUSIP: 57629H327<br>LEI: AQDRLVGKF0IT8SWIC757 | Long             | EC               | RF                | US        |   1144014 | NS      | $8522901.28   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL INFLATION PROTECTED | MASSMUTUAL INFL PR + INC I   | CUSIP: 57629H319<br>LEI: JQG9N9TODI6PZUOH8555 | Long             | EC               | RF                | US        |   1334667 | NS      | $12145469.24  | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL INTERNATIONAL EQUIT | MASSMUTUAL INTL GRWTH I      | CUSIP: 57630C770<br>LEI: ENGTSN31R0IYS7T1NX07 | Long             | EC               | RF                | US        |    394559 | NS      | $3073615.08   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT BLUE CHIP GR | MASSMUTUAL SEL BL CH GR I    | CUSIP: 57630E875<br>LEI: 549300BPPFERTZCUPZ87 | Long             | EC               | RF                | US        |    182195 | NS      | $2962497.68   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT DIVERSIFIED  | MASSMUTUAL SEL DIVER VAL I   | CUSIP: 57630E826<br>LEI: 549300U0DJIT6OQPYF70 | Long             | EC               | RF                | US        |    162034 | NS      | $1785619.75   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT EQUITY OPPOR | MASSMUTUAL SEL EQT OPPOR I   | CUSIP: 57630A626<br>LEI: 549300EU85WTLR8V6U34 | Long             | EC               | RF                | US        |    302943 | NS      | $4904652.89   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT FUNDAMENTAL  | MASSMUTUAL SEL FUNDA VAL I   | CUSIP: 57630A634<br>LEI: 549300KVPK2RZW6Y4C91 | Long             | EC               | RF                | US        |    283451 | NS      | $2361143.17   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT GROWTH OPPOR | MASSMUTUAL SEL GROW OPP I    | CUSIP: 57630A386<br>LEI: 549300B6PINPSEC9ND74 | Long             | EC               | RF                | US        |    218010 | NS      | $909103.13    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT MID CAP GROW | MASSMUTL SEL M/C GR E II I   | CUSIP: 57630A592<br>LEI: 549300LPDVDBGPODUD56 | Long             | EC               | RF                | US        |     80533 | NS      | $1406908.35   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT MID CAP VALU | MASSMUTUAL SEL M/C VALUE I   | CUSIP: 57630A378<br>LEI: 549300IIX63KTQHRGE14 | Long             | EC               | RF                | US        |    128259 | NS      | $1385198.37   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT OVERSEAS FUN | MASSMUTUAL SEL OVERSEAS I    | CUSIP: 57630A576<br>LEI: RFO5LMPC4ZPVN8YRTC66 | Long             | EC               | RF                | US        |    708740 | NS      | $5315553.31   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT SMALL CAP GR | MASSMUTUAL SEL S/C GR EQ I   | CUSIP: 57630A584<br>LEI: 9T0957ZK0MF24NE45C35 | Long             | EC               | RF                | US        |     76483 | NS      | $957565.39    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT SMALL CAP VA | MASSMUTUAL SEL S/C VL EQ I   | CUSIP: 57630E651<br>LEI: 549300BN7CXS1EJMX342 | Long             | EC               | RF                | US        |    151854 | NS      | $1280129.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT STRATEGIC BO | MASSMUTUAL SEL STRATEG BD I  | CUSIP: 57630E578<br>LEI: 761OL3UHRIX25W4KQ497 | Long             | EC               | RF                | US        |   1285165 | NS      | $10962460.48  | 6.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL SELECT TOTAL RETURN | MASSMUTUAL SEL TR BOND I     | CUSIP: 57630A642<br>LEI: 5SN68FW6WBKEUI82IP46 | Long             | EC               | RF                | US        |   1306008 | NS      | $10931285.89  | 6.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSMUTUAL STRATEGIC EMERGING  | MASSMUTUAL STR EMRG MRK I    | CUSIP: 57629H293<br>LEI: KOMUWLUQJ7K4VJJHJI24 | Long             | EC               | RF                | US        |    348433 | NS      | $3170743.81   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MM SELECT EQUITY ASSET FUND    | MM SELECT EQUITY ASSET I     | CUSIP: 57630G789<br>LEI: 549300J2QYXGVT738886 | Long             | EC               | RF                | US        |   2279229 | NS      | $14723816.77  | 8.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VANGUARD DEVELOPED MARKETS IND | VANGUARD DEV MKT INDX INST   | CUSIP: 921943882<br>LEI: 3TVJ6OS71EDS4RAB2217 | Long             | EC               | RF                | US        |    510631 | NS      | $6908830.83   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VANGUARD MID CAP INDEX FUND    | VANGUARD MID CAP INDEX ADM   | CUSIP: 922908645<br>LEI: F7RXEPKL33W3OZ8V3S02 | Long             | EC               | RF                | US        |      4707 | NS      | $1188409.87   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VANGUARD REAL ESTATE INDEX FUN | VANGUARD REAL EST INDX ADM   | CUSIP: 921908877<br>LEI: B1HNOZOSPCLXHIVBEI82 | Long             | EC               | RF                | US        |      8503 | NS      | $993731.47    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| VANGUARD SMALL CAP INDEX FUND  | VANGUARD SML CAP INDX ADM    | CUSIP: 922908686<br>LEI: HZKQM2YGJWB4I8NIZL49 | Long             | EC               | RF                | US        |     11087 | NS      | $974968.88    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| VANGUARD TOTAL BOND MARKET IND | VANGUARD TTL BD MKT IDX INST | CUSIP: 921937504<br>LEI: CIJB0QNLPT2SSWMJ5W92 | Long             | EC               | RF                | US        |    859825 | NS      | $8151138.95   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** MASSMUTUAL SELECT FUNDS

**Signature:** /s/ Renee Hitchcock

**Name of Signer:** Renee Hitchcock

**Title:** Treasurer and CFO