| MassMutual Total Return Bond Fund — Portfolio of Investments |
June 30, 2025 (Unaudited)
| Principal Amount | Value | |||||||
| Bonds & Notes — 99.4% | ||||||||
| Bank Loans — 1.8% | ||||||||
| Advertising — 0.0% | ||||||||
| Advantage Sales & Marketing, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.789% VRN 10/28/27 (a) | $ | 54,496 | $ | 45,241 | ||||
| Aerospace & Defense — 0.0% | ||||||||
| HDI Aerospace Intermediate Holding III Corp., Term Loan B | ||||||||
| 0.000% 2/11/32 (b) | 52,000 | 52,000 | ||||||
| TransDigm, Inc. | ||||||||
| 2023 Term Loan J, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 2/28/31 (a) | 11,880 | 11,900 | ||||||
| 2024 Term Loan I, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.046% VRN 8/24/28 (a) | 49,937 | 50,098 | ||||||
| 113,998 | ||||||||
| Apparel — 0.0% | ||||||||
| ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 12/21/28 (a) | 43,990 | 43,932 | ||||||
| Auto Parts & Equipment — 0.0% | ||||||||
| First Brands Group LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.541% VRN 3/30/27 (a) | 81,453 | 76,815 | ||||||
| Beverages — 0.0% | ||||||||
| Celsius Holdings, Inc., Term Loan, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.492% VRN 4/01/32 (a) | 46,155 | 46,375 | ||||||
| Naked Juice LLC | ||||||||
| Term Loan, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.646% VRN 1/24/29 (a) (c) | 307,781 | 104,646 | ||||||
| 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6,000% | ||||||||
| 10.396% FRN 1/24/30 (a) | 68,440 | 15,969 | ||||||
| 2025 FLTO Term Loan, 3 mo. USD Term SOFR + 6.000% | ||||||||
| 10.396% VRN 1/24/30 (a) | 317 | 146 | ||||||
| Primo Brands Corp., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.546% VRN 3/31/28 (a) | 11,991 | 12,029 | ||||||
| 179,165 | ||||||||
| Chemicals — 0.0% | ||||||||
| Chemours Co., 2023 USD Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 8/18/28 (a) | 71,917 | 71,647 | ||||||
| Mativ Holdings, Inc., Delayed Draw Term Loan A, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.927% VRN 5/06/27 (a) | 44,374 | 43,931 | ||||||
| 115,578 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Commercial Services — 0.1% | ||||||||
| Albion Financing 3 SARL, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.321% VRN 8/16/29 (a) | $ | 14,240 | $ | 14,249 | ||||
| Belron Finance 2019 LLC, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.049% VRN 10/16/31 (a) | 48,046 | 48,213 | ||||||
| Boost Newco Borrower LLC, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.296% VRN 1/31/31 (a) | 54,516 | 54,629 | ||||||
| CCRR Parent, Inc. | ||||||||
| US Acquisition Facility, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.683% VRN 3/06/28 (a) | 76,898 | 31,836 | ||||||
| Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.697% VRN 3/06/28 (a) | 27,359 | 10,807 | ||||||
| Element Materials Technology Group US Holdings, Inc., 2022 USD Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.046% VRN 7/06/29 (a) | 32,291 | 32,317 | ||||||
| TruGreen LP, 2020 Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.427% VRN 11/02/27 (a) | 70,924 | 67,157 | ||||||
| 259,208 | ||||||||
| Computers — 0.1% | ||||||||
| McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.316% VRN 3/01/29 (a) | 11,506 | 11,158 | ||||||
| Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.177% VRN 2/01/28 (a) | 80,846 | 71,170 | ||||||
| Twitter, Inc. | ||||||||
| 2025 Fixed Term Loan, | ||||||||
| 9.500% 10/26/29 | 26,730 | 25,973 | ||||||
| Term Loan, 1 mo. USD Term SOFR + 6.500% | ||||||||
| 10.927% VRN 10/26/29 (a) | 72,730 | 70,980 | ||||||
| 179,281 | ||||||||
| Cosmetics & Personal Care — 0.0% | ||||||||
| Opal Bidco SAS, USD Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.575% VRN 4/28/32 (a) | 43,809 | 43,960 | ||||||
| Distribution & Wholesale — 0.0% | ||||||||
| BCPE Empire Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 12/11/30 (a) | 22,244 | 22,094 | ||||||
| Diversified Financial Services — 0.2% | ||||||||
| Avolon TLB Borrower 1 (US) LLC, 2023 Term Loan B6, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.071% VRN 6/24/30 (a) | 356,013 | 356,166 | ||||||
| Blackhawk Network Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.327% VRN 3/12/29 (a) | 51,903 | 52,147 | ||||||
| Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.750% | ||||||||
| 8.046% VRN 4/09/27 (a) | 137,340 | 133,235 | ||||||
| GC Ferry Acquisition I, Inc., Term Loan | ||||||||
| 0.000% 6/04/32 (b) | 51,020 | 50,063 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Guggenheim Partners LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 11/26/31 (a) | $ | 37,742 | $ | 37,876 | ||||
| Jane Street Group LLC, 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.333% VRN 12/15/31 (a) | 75,884 | 75,787 | ||||||
| 705,274 | ||||||||
| Electric — 0.2% | ||||||||
| Alpha Generation LLC | ||||||||
| Term Loan B | ||||||||
| 0.000% 9/30/31 (b) | 94,382 | 94,186 | ||||||
| 2025 Term Loan B | ||||||||
| 0.000% 9/30/31 (b) | 94,620 | 94,423 | ||||||
| Calpine Corp. | ||||||||
| 2024 Term Loan B10, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.077% VRN 1/31/31 (a) (b) | 122,415 | 122,323 | ||||||
| 2024 Term Loan B5, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.077% VRN 2/15/32 (a) | 84,692 | 84,653 | ||||||
| EFS Cogen Holdings I LLC, 2020 Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% VRN 10/03/31 (a) | 66,539 | 66,747 | ||||||
| Kestrel Acquisition LLC, 2024 Term Loan B, 3 mo. U.S. (Fed) Prime Rate + 2.500%, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% - 10.000% VRN 11/06/31 (a) | 40,023 | 39,937 | ||||||
| Potomac Energy Center LLC, Term Loan, 3 mo. USD Term SOFR + 6.000% | ||||||||
| 10.557% VRN 11/12/26 (a) | 42,558 | 42,558 | ||||||
| South Field LLC | ||||||||
| 2025 Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 8/29/31 (a) | 31,809 | 31,928 | ||||||
| 2025 Term Loan C, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 8/29/31 (a) | 2,046 | 2,053 | ||||||
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.077% VRN 12/20/30 (a) | 106,533 | 106,747 | ||||||
| 685,555 | ||||||||
| Electrical Components & Equipment — 0.0% | ||||||||
| Pelican Products, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.807% VRN 12/29/28 (a) | 62,728 | 54,652 | ||||||
| Electronics — 0.0% | ||||||||
| TCP Sunbelt Acquisition Co., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||||
| 8.580% VRN 10/24/31 (a) | 74,813 | 74,813 | ||||||
| Engineering & Construction — 0.0% | ||||||||
| Artera Services LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.796% VRN 2/15/31 (a) | 91,809 | 76,556 | ||||||
| Entertainment — 0.1% | ||||||||
| DK Crown Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.066% VRN 3/04/32 (a) | 31,275 | 31,158 | ||||||
| Flutter Financing BV, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.296% VRN 6/04/32 (a) | 65,128 | 65,047 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| GVC Holdings (Gibraltar) Ltd., 2024 USD Term Loan B3, 6 mo. USD Term SOFR + 2.750% | ||||||||
| 7.016% VRN 10/31/29 (a) | $ | 31,152 | $ | 31,246 | ||||
| Showtime Acquisition LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.074% VRN 8/13/31 (a) | 119,980 | 120,880 | ||||||
| UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.571% VRN 11/21/31 (a) | 27,807 | 27,898 | ||||||
| Voyager Parent LLC, Term Loan B | ||||||||
| 0.000% 5/09/32 (b) | 84,631 | 83,667 | ||||||
| 359,896 | ||||||||
| Food — 0.1% | ||||||||
| 8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 3 mo. U.S. (Fed) Prime Rate + 2.750% | ||||||||
| 10.250% VRN 10/01/25 (a) | 16,997 | 16,976 | ||||||
| BCPE North Star US HoldCo 2, Inc., Term Loan, 1 mo. USD Term SOFR + 4.000%, 3 mo. U.S. (Fed) Prime Rate + 3.000% | ||||||||
| 8.441% - 10.500% VRN 6/09/28 (a) | 67,082 | 66,075 | ||||||
| United Natural Foods, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.750% | ||||||||
| 9.077% VRN 5/01/31 (a) | 108,807 | 109,351 | ||||||
| 192,402 | ||||||||
| Health Care - Products — 0.0% | ||||||||
| Antylia Scientific, Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.318% VRN 5/27/32 (a) | 41,986 | 40,814 | ||||||
| Health Care - Services — 0.1% | ||||||||
| IQVIA, Inc., 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.046% VRN 1/02/31 (a) | 86,755 | 87,053 | ||||||
| Modivcare, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.046% VRN 7/01/31 (a) | 320,539 | 232,926 | ||||||
| Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.296% VRN 9/27/30 (a) | 18,880 | 18,686 | ||||||
| 338,665 | ||||||||
| Home Furnishing — 0.0% | ||||||||
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.324% VRN 7/31/28 (a) | 34,002 | 33,931 | ||||||
| Insurance — 0.0% | ||||||||
| AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 1/30/32 (a) | 55,294 | 55,304 | ||||||
| Asurion LLC, 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.691% VRN 1/20/29 (a) | 36,698 | 33,974 | ||||||
| 89,278 | ||||||||
| Internet — 0.1% | ||||||||
| Arches Buyer, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.677% VRN 12/06/27 (a) | 63,261 | 62,414 | ||||||
| Barracuda Networks, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.780% VRN 8/15/29 (a) | 42,579 | 35,224 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Delivery Hero SE, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||||
| 9.300% VRN 12/12/29 (a) | $ | 93,030 | $ | 93,670 | ||||
| Magnite, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 2/06/31 (a) | 67,308 | 67,392 | ||||||
| MH Sub I LLC | ||||||||
| 2023 Term Loan, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 5/03/28 (a) | 26,024 | 24,390 | ||||||
| 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 12/31/31 (a) | 108,738 | 94,240 | ||||||
| Plano HoldCo, Inc., Term Loan B | ||||||||
| 0.000% 10/02/31 (b) | 16,958 | 16,067 | ||||||
| PUG LLC, 2024 Extended Term Loan B, 1 mo. USD Term SOFR + 4.750% | ||||||||
| 9.077% VRN 3/15/30 (a) | 40,209 | 38,935 | ||||||
| Red Ventures LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 3/04/30 (a) (b) | 52,516 | 44,433 | ||||||
| Research Now Group, Inc., 2024 First Lien Second Out Term Loan, 3 mo. USD Term SOFR + 5.500% | ||||||||
| 10.086% VRN 10/15/28 (a) | 49,007 | 43,106 | ||||||
| TripAdvisor, Inc., Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 7/08/31 (a) | 44,446 | 44,279 | ||||||
| 564,150 | ||||||||
| Leisure Time — 0.0% | ||||||||
| Sabre GLBL, Inc. | ||||||||
| 2022 1st Lien Term Loan B, 1 mo. USD Term SOFR + 5.000% | ||||||||
| 9.427% VRN 6/30/28 (a) | 34,956 | 34,606 | ||||||
| 2024 Term Loan B1, 1 mo. USD Term SOFR + 6.000% | ||||||||
| 10.427% VRN 11/15/29 (a) | 25,329 | 25,215 | ||||||
| 59,821 | ||||||||
| Lodging — 0.1% | ||||||||
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.069% VRN 11/08/30 (a) | 239,333 | 240,044 | ||||||
| Station Casinos LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 3/14/31 (a) | 23,922 | 23,951 | ||||||
| 263,995 | ||||||||
| Machinery - Construction & Mining — 0.0% | ||||||||
| WEC US Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.574% VRN 1/27/31 (a) (b) | 42,726 | 42,722 | ||||||
| Machinery - Diversified — 0.0% | ||||||||
| Oregon Tool, Inc., 2025 2nd Lien Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.586% VRN 10/15/29 (a) | 104,363 | 84,230 | ||||||
| Media — 0.1% | ||||||||
| Charter Communications Operating LLC, 2024 Term Loan B5, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.548% VRN 12/15/31 (a) | 99,080 | 99,216 | ||||||
| NEP Group, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.250%, PIK 1.500%, Cash, | ||||||||
| 7.844% VRN 8/19/26 (a) (d) | 46,122 | 42,403 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Telenet Financing USD LLC, 2020 USD Term Loan AR, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.426% VRN 4/30/28 (a) | $ | 65,220 | $ | 63,699 | ||||
| Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.926% VRN 1/31/28 (a) | 171,605 | 169,228 | ||||||
| 374,546 | ||||||||
| Office & Business Equipment — 0.0% | ||||||||
| Xerox Holdings Corp., 2023 Term Loan B, 3 mo. USD Term SOFR + 4.000%, 6 mo. USD Term SOFR + 4.000% | ||||||||
| 8.217% - 8.296% VRN 11/17/29 (a) | 39,413 | 37,947 | ||||||
| Packaging & Containers — 0.0% | ||||||||
| Balcan Innovations, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.750% | ||||||||
| 9.030% VRN 10/18/31 (a) | 58,708 | 53,425 | ||||||
| Pharmaceuticals — 0.0% | ||||||||
| Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.396% VRN 10/01/27 (a) | 116,028 | 111,590 | ||||||
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 5/05/28 (a) | 51,624 | 51,822 | ||||||
| 163,412 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.4% | ||||||||
| Healthpeak Properties, Inc. | ||||||||
| 2024 Term Loan A3, 3 mo. USD Term SOFR + 0.850% | ||||||||
| 5.146% VRN 3/01/29 (a) | 460,173 | 446,367 | ||||||
| Term Loan A2, 1 mo. USD Term SOFR + 0.840% | ||||||||
| 5.267% VRN 2/22/27 (a) | 228,010 | 224,020 | ||||||
| Term Loan A1, 1 mo. USD Term SOFR + 0.840% | ||||||||
| 5.267% VRN 8/20/27 (a) | 228,010 | 224,019 | ||||||
| Invitation Homes Operating Partnership LP, 2024 Term Loan, 1 mo. USD Term SOFR + 0.850% | ||||||||
| 5.261% VRN 9/09/28 (a) | 628,736 | 616,162 | ||||||
| 1,510,568 | ||||||||
| Retail — 0.1% | ||||||||
| 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.077% VRN 9/20/30 (a) | 54,811 | 54,514 | ||||||
| Dave & Buster’s, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.563% VRN 11/01/31 (a) | 66,192 | 63,023 | ||||||
| KFC Holding Co., 2021 Term Loan B, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.179% VRN 3/15/28 (a) | 99,059 | 99,461 | ||||||
| Peer Holding III BV, 2025 USD Term Loan B5B | ||||||||
| 0.000% 7/01/31 (b) | 104,269 | 104,738 | ||||||
| 321,736 | ||||||||
| Software — 0.1% | ||||||||
| Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||||
| 8.077% VRN 12/29/28 (a) | 31,653 | 29,878 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Castle US Holding Corp., 2025 USD FLSO Term Loan B1, 3 mo. USD Term SOFR + 4.512% | ||||||||
| 8.842% VRN 5/31/30 (a) | $ | 28,062 | $ | 15,189 | ||||
| Cloud Software Group, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||||
| 7.796% VRN 3/29/29 (a) | 42,633 | 42,662 | ||||||
| Cotiviti Corp., 2025 2nd Amendment Term Loan, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.074% VRN 3/26/32 (a) | 34,054 | 33,856 | ||||||
| DTI Holdco, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 8.327% VRN 4/26/29 (a) | 29,104 | 28,714 | ||||||
| EagleView Technology Corp., 2018 Add On Term Loan B, 3 mo. USD Term SOFR + 6.500% | ||||||||
| 11.065% VRN 8/14/25 (a) | 268,233 | 260,521 | ||||||
| ECI Macola Max Holding LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.546% VRN 5/09/30 (a) | 29,722 | 29,852 | ||||||
| Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 6.827% VRN 1/30/32 (a) | 31,396 | 31,373 | ||||||
| Modena Buyer LLC, Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.780% VRN 7/01/31 (a) | 17,223 | 16,556 | ||||||
| Renaissance Holding Corp., 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||||
| 8.280% VRN 4/05/30 (a) (b) | 92,854 | 84,105 | ||||||
| 572,706 | ||||||||
| Telecommunications — 0.0% | ||||||||
| Frontier Communications Corp., 2025 Term Loan B, 6 mo. USD Term SOFR + 2.500% | ||||||||
| 6.792% VRN 7/01/31 (a) | 25,827 | 25,795 | ||||||
| Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.441% VRN 3/09/27 (a) | 116,658 | 110,732 | ||||||
| 136,527 | ||||||||
| TOTAL BANK LOANS (Cost $8,333,449) | 7,916,893 | |||||||
| Corporate Debt — 17.3% | ||||||||
| Aerospace & Defense — 0.0% | ||||||||
| Lockheed Martin Corp. | ||||||||
| 4.500% 5/15/36 | 110,000 | 105,737 | ||||||
| 4.800% 8/15/34 | 35,000 | 34,880 | ||||||
| 140,617 | ||||||||
| Agriculture — 0.3% | ||||||||
| Imperial Brands Finance PLC | ||||||||
| 3.875% 7/26/29 (f) | 50,000 | 48,444 | ||||||
| 6.125% 7/27/27 (f) | 690,000 | 712,162 | ||||||
| Japan Tobacco, Inc. | ||||||||
| 5.250% 6/15/30 (f) | 665,000 | 684,377 | ||||||
| 1,444,983 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Auto Manufacturers — 0.3% | ||||||||
| Volkswagen Financial Services AG | ||||||||
| 3.875% 11/19/31 EUR (e) (f) | $ | 500,000 | $ | 591,881 | ||||
| Volkswagen Group of America Finance LLC | ||||||||
| 5.650% 3/25/32 (f) | 65,000 | 66,075 | ||||||
| 5.800% 3/27/35 (f) | 120,000 | 120,876 | ||||||
| Volkswagen International Finance NV 9 yr. EUR Swap + 4.783% | ||||||||
| 7.875% VRN EUR (a) (e) (f) (g) | 200,000 | 266,176 | ||||||
| 1,045,008 | ||||||||
| Banks — 5.1% | ||||||||
| Bank of America Corp. | ||||||||
| 1 day USD SOFR + 1.370% 1.922% VRN 10/24/31 (a) | 120,000 | 104,650 | ||||||
| 1 day USD SOFR + 1.060% 2.087% VRN 6/14/29 (a) | 1,135,000 | 1,063,870 | ||||||
| 1 day USD SOFR + 1.050% 2.551% VRN 2/04/28 (a) | 2,311,000 | 2,246,042 | ||||||
| 1 day USD SOFR + 2.150% 2.592% VRN 4/29/31 (a) | 290,000 | 265,118 | ||||||
| 3 mo. USD Term SOFR + 1.837% 3.824% VRN 1/20/28 (a) | 2,564,000 | 2,541,654 | ||||||
| 3 mo. USD Term SOFR + 1.332% 3.970% VRN 3/05/29 (a) | 920,000 | 909,822 | ||||||
| Citibank NA | ||||||||
| 4.914% 5/29/30 | 485,000 | 494,312 | ||||||
| Citigroup, Inc. | ||||||||
| 1 day USD SOFR + 1.167% 2.561% VRN 5/01/32 (a) | 210,000 | 186,043 | ||||||
| 1 day USD SOFR + 1.351% 3.057% VRN 1/25/33 (a) | 345,000 | 308,330 | ||||||
| 1 day USD SOFR + 1.465% 5.333% VRN 3/27/36 (a) (h) | 330,000 | 332,589 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 1 day USD SOFR + 0.798% 1.431% VRN 3/09/27 (a) | 2,475,000 | 2,421,535 | ||||||
| 1 day USD SOFR + 0.818% 1.542% VRN 9/10/27 (a) | 485,000 | 468,271 | ||||||
| 1 day USD SOFR + 0.913% 1.948% VRN 10/21/27 (a) | 1,550,000 | 1,500,806 | ||||||
| 1 day USD SOFR + 1.420% 5.016% VRN 10/23/35 (a) | 100,000 | 98,790 | ||||||
| 1 day USD SOFR + 1.380% 5.536% VRN 1/28/36 (a) | 90,000 | 92,294 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. USD Term SOFR + 0.695% 1.040% VRN 2/04/27 (a) | 50,000 | 48,969 | ||||||
| 1 day USD SOFR + 0.885% 1.578% VRN 4/22/27 (a) | 1,320,000 | 1,289,410 | ||||||
| 1 day USD SOFR + 1.015% 2.069% VRN 6/01/29 (a) | 885,000 | 830,063 | ||||||
| 1 day USD SOFR + 1.180% 2.545% VRN 11/08/32 (a) | 345,000 | 303,719 | ||||||
| 3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30 (a) | 540,000 | 503,518 | ||||||
| 1 day USD SOFR + 1.340% 4.946% VRN 10/22/35 (a) | 75,000 | 74,214 | ||||||
| 1 day USD SOFR + 1.310% 5.012% VRN 1/23/30 (a) | 315,000 | 320,814 | ||||||
| 1 day USD SOFR + 1.315% 5.502% VRN 1/24/36 (a) | 155,000 | 159,650 | ||||||
| Morgan Stanley | ||||||||
| 1 day USD SOFR + 0.879% 1.593% VRN 5/04/27 (a) | 910,000 | 888,025 | ||||||
| 1 day USD SOFR + 1.200% 2.511% VRN 10/20/32 (a) | 365,000 | 319,634 | ||||||
| 1 day USD SOFR + 1.290% 2.943% VRN 1/21/33 (a) | 205,000 | 182,961 | ||||||
| 1 day USD SOFR + 1.418% 5.587% VRN 1/18/36 (a) | 610,000 | 626,174 | ||||||
| PNC Financial Services Group, Inc. 1 day USD SOFR + 2.284% | ||||||||
| 6.875% VRN 10/20/34 (a) | 60,000 | 67,074 | ||||||
| Santander UK Group Holdings PLC | ||||||||
| 1 yr. CMT + 1.250% 1.532% VRN 8/21/26 (a) | 295,000 | 293,639 | ||||||
| 1 day USD SOFR + 1.220% 2.469% VRN 1/11/28 (a) | 195,000 | 188,792 | ||||||
| US Bancorp 1 day USD SOFR + 1.600% | ||||||||
| 4.839% VRN 2/01/34 (a) | 210,000 | 207,358 | ||||||
| Wells Fargo & Co. | ||||||||
| 1 day USD SOFR + 2.100% 2.393% VRN 6/02/28 (a) | 1,280,000 | 1,233,171 | ||||||
| 1 day USD SOFR + 1.500% 3.350% VRN 3/02/33 (a) | 180,000 | 164,385 | ||||||
| 1 day USD SOFR + 2.100% 4.897% VRN 7/25/33 (a) | 545,000 | 545,106 | ||||||
| 1 day USD SOFR + 1.740% 5.574% VRN 7/25/29 (a) | 1,000,000 | 1,032,558 | ||||||
| 22,313,360 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Beverages — 0.3% | ||||||||
| Anheuser-Busch InBev SA | ||||||||
| 3.950% 3/22/44 EUR (e) (f) | $ | 310,000 | $ | 357,901 | ||||
| Constellation Brands, Inc. | ||||||||
| 2.250% 8/01/31 | 795,000 | 688,711 | ||||||
| Davide Campari-Milano NV, Convertible, | ||||||||
| 2.375% 1/17/29 EUR (e) (f) | 200,000 | 226,153 | ||||||
| 1,272,765 | ||||||||
| Chemicals — 0.2% | ||||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.832% 10/15/27 (f) | 85,000 | 80,076 | ||||||
| 2.300% 11/01/30 (f) | 860,000 | 760,024 | ||||||
| 840,100 | ||||||||
| Commercial Services — 0.2% | ||||||||
| AA Bond Co. Ltd. | ||||||||
| 8.450% 7/31/50 GBP (e) (f) | 130,000 | 189,982 | ||||||
| Grand Canyon University | ||||||||
| 5.125% 10/01/28 | 70,000 | 67,890 | ||||||
| Worldline SA | ||||||||
| Convertible, 0.000% 7/30/25 EUR (e) (f) | 60,000 | 82,470 | ||||||
| Convertible, 0.000% 7/30/26 EUR (e) (f) | 370,000 | 398,842 | ||||||
| 739,184 | ||||||||
| Diversified Financial Services — 0.6% | ||||||||
| Air Lease Corp. | ||||||||
| 5.850% 12/15/27 | 505,000 | 522,301 | ||||||
| American Express Co. 1 day USD SOFR + 1.790% | ||||||||
| 5.667% VRN 4/25/36 (a) | 440,000 | 455,633 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (f) | 859,000 | 816,552 | ||||||
| Blackrock, Inc. | ||||||||
| 3.750% 7/18/35 EUR (e) | 415,000 | 498,841 | ||||||
| Visa, Inc. | ||||||||
| 3.875% 5/15/44 EUR (e) | 135,000 | 158,578 | ||||||
| 2,451,905 | ||||||||
| Electric — 1.4% | ||||||||
| AEP Transmission Co. LLC | ||||||||
| 5.375% 6/15/35 | 155,000 | 158,373 | ||||||
| Amprion GmbH | ||||||||
| 0.625% 9/23/33 EUR (e) (f) | 100,000 | 93,624 | ||||||
| 4.000% 5/21/44 EUR (e) (f) | 200,000 | 226,842 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| E.ON SE | ||||||||
| 3.500% 4/16/33 EUR (e) (f) | $ | 345,000 | $ | 410,389 | ||||
| 4.000% 1/16/40 EUR (e) (f) | 25,000 | 29,397 | ||||||
| Elia Group SA | ||||||||
| 3.875% 6/11/31 EUR (e) (f) | 200,000 | 240,004 | ||||||
| Eurogrid GmbH | ||||||||
| 0.741% 4/21/33 EUR (e) (f) | 300,000 | 286,991 | ||||||
| Eversource Energy | ||||||||
| 4.600% 7/01/27 | 735,000 | 738,469 | ||||||
| FirstEnergy Transmission LLC | ||||||||
| 2.866% 9/15/28 (f) | 1,401,000 | 1,334,781 | ||||||
| Florida Power & Light Co. | ||||||||
| 5.700% 3/15/55 | 390,000 | 394,459 | ||||||
| MVM Energetika Zrt | ||||||||
| 6.500% 3/13/31 (f) | 250,000 | 258,511 | ||||||
| Northern States Power Co. | ||||||||
| 5.050% 5/15/35 | 445,000 | 449,446 | ||||||
| Southwestern Electric Power Co. | ||||||||
| 3.250% 11/01/51 | 175,000 | 113,072 | ||||||
| TenneT Holding BV | ||||||||
| 2.750% 5/17/42 EUR (e) (f) | 230,000 | 243,892 | ||||||
| Wisconsin Power & Light Co. | ||||||||
| 4.950% 4/01/33 | 1,000,000 | 1,001,056 | ||||||
| 5,979,306 | ||||||||
| Engineering & Construction — 0.1% | ||||||||
| Heathrow Funding Ltd. | ||||||||
| 1.125% 10/08/32 EUR (e) (f) | 235,000 | 248,558 | ||||||
| 3.875% 1/16/38 EUR (e) (f) | 225,000 | 261,687 | ||||||
| 510,245 | ||||||||
| Entertainment — 0.2% | ||||||||
| FDJ UNITED | ||||||||
| 3.375% 11/21/33 EUR (e) (f) | 200,000 | 232,504 | ||||||
| Great Canadian Gaming Corp./Raptor LLC | ||||||||
| 8.750% 11/15/29 (f) | 75,000 | 73,412 | ||||||
| Voyager Parent LLC | ||||||||
| 9.250% 7/01/32 (f) | 98,000 | 101,962 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 387,000 | 287,831 | ||||||
| 5.050% 3/15/42 | 300,000 | 202,125 | ||||||
| 5.141% 3/15/52 | 80,000 | 49,400 | ||||||
| 947,234 | ||||||||
| Food — 0.5% | ||||||||
| ELO SACA | ||||||||
| 6.000% 3/22/29 EUR (e) (f) | 300,000 | 329,090 | ||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | ||||||||
| 6.500% 12/01/52 | 650,000 | 674,400 | ||||||
| 6.750% 3/15/34 | 598,000 | 652,816 | ||||||
| Pilgrim’s Pride Corp. | ||||||||
| 3.500% 3/01/32 (f) | 500,000 | 450,126 | ||||||
| 2,106,432 | ||||||||
| Gas — 0.5% | ||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
| 9.375% 6/01/28 (f) | 110,000 | 113,425 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| KeySpan Gas East Corp. | ||||||||
| 5.819% 4/01/41 (f) | $ | 1,337,000 | $ | 1,288,703 | ||||
| National Gas Transmission PLC | ||||||||
| 4.250% 4/05/30 EUR (e) (f) | 475,000 | 584,269 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 7.750% 5/01/35 (f) | 59,000 | 63,863 | ||||||
| 2,050,260 | ||||||||
| Health Care - Products — 0.3% | ||||||||
| American Medical Systems Europe BV | ||||||||
| 3.000% 3/08/31 EUR (e) | 520,000 | 611,545 | ||||||
| Sartorius Finance BV | ||||||||
| 4.500% 9/14/32 EUR (e) (f) | 100,000 | 123,402 | ||||||
| Stryker Corp. | ||||||||
| 3.375% 9/11/32 EUR (e) | 195,000 | 230,740 | ||||||
| Thermo Fisher Scientific Finance I BV | ||||||||
| 1.625% 10/18/41 EUR (e) | 115,000 | 97,443 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 1.875% 10/01/49 EUR (e) | 260,000 | 197,988 | ||||||
| 1,261,118 | ||||||||
| Health Care - Services — 0.6% | ||||||||
| Elevance Health, Inc. | ||||||||
| 5.200% 2/15/35 | 310,000 | 313,245 | ||||||
| 5.375% 6/15/34 | 190,000 | 194,199 | ||||||
| Fortrea Holdings, Inc. | ||||||||
| 7.500% 7/01/30 (f) (h) | 50,000 | 45,259 | ||||||
| Humana, Inc. | ||||||||
| 5.550% 5/01/35 | 690,000 | 693,859 | ||||||
| Kedrion SpA | ||||||||
| 6.500% 9/01/29 (f) | 200,000 | 191,407 | ||||||
| ModivCare, Inc. PIK 10.000%, Cash | ||||||||
| 5.000% 10/01/29 (d) (f) | 895,650 | 250,782 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 6.250% 1/15/33 (f) | 45,000 | 45,806 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 4.375% 1/15/30 | 75,000 | 72,600 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 5.150% 7/15/34 (h) | 435,000 | 439,392 | ||||||
| 5.300% 6/15/35 | 430,000 | 438,266 | ||||||
| 2,684,815 | ||||||||
| Household Products & Wares — 0.0% | ||||||||
| Central Garden & Pet Co. | ||||||||
| 5.125% 2/01/28 | 22,000 | 22,014 | ||||||
| Spectrum Brands, Inc. | ||||||||
| 3.875% 3/15/31 (f) | 65,000 | 52,139 | ||||||
| 74,153 | ||||||||
| Insurance — 0.7% | ||||||||
| Athene Global Funding | ||||||||
| 3.205% 3/08/27 (f) | 445,000 | 433,135 | ||||||
| Farmers Exchange Capital II 3 mo. USD Term SOFR + 4.006% | ||||||||
| 6.151% VRN 11/01/53 (a) (f) | 350,000 | 333,944 | ||||||
| Farmers Exchange Capital III 3 mo. USD Term SOFR + 3.454% | ||||||||
| 5.454% VRN 10/15/54 (a) (f) | 2,540,000 | 2,296,379 | ||||||
| 3,063,458 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Internet — 0.0% | ||||||||
| Getty Images, Inc. | ||||||||
| 11.250% 2/21/30 (f) | $ | 19,778 | $ | 19,630 | ||||
| Snap, Inc. | ||||||||
| 6.875% 3/01/33 (f) | 100,000 | 102,612 | ||||||
| 122,242 | ||||||||
| Investment Companies — 0.1% | ||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 9.000% 6/15/30 | 620,000 | 579,760 | ||||||
| Lodging — 0.1% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 6.000% 6/14/30 | 450,000 | 464,253 | ||||||
| Machinery - Diversified — 0.0% | ||||||||
| Oregon Tool Lux LP | ||||||||
| 7.875% 10/15/29 (f) | 99,450 | 56,810 | ||||||
| Media — 0.5% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.700% 4/01/51 | 120,000 | 79,933 | ||||||
| 3.900% 6/01/52 | 19,000 | 13,040 | ||||||
| 4.908% 7/23/25 | 255,000 | 254,981 | ||||||
| 5.375% 4/01/38 | 5,000 | 4,712 | ||||||
| CSC Holdings LLC | ||||||||
| 5.750% 1/15/30 (f) | 239,000 | 118,206 | ||||||
| 6.500% 2/01/29 (f) | 312,000 | 253,686 | ||||||
| 11.750% 1/31/29 (f) | 461,000 | 438,483 | ||||||
| DISH Network Corp. | ||||||||
| 11.750% 11/15/27 (f) | 42,000 | 43,295 | ||||||
| Sirius XM Radio LLC | ||||||||
| 5.000% 8/01/27 (f) | 36,000 | 35,692 | ||||||
| Time Warner Cable LLC | ||||||||
| 5.500% 9/01/41 | 725,000 | 659,220 | ||||||
| 5.875% 11/15/40 | 360,000 | 345,622 | ||||||
| VZ Secured Financing BV | ||||||||
| 5.000% 1/15/32 (f) | 25,000 | 22,240 | ||||||
| 2,269,110 | ||||||||
| Office & Business Equipment — 0.0% | ||||||||
| Xerox Corp. | ||||||||
| 10.250% 10/15/30 (f) | 135,000 | 141,337 | ||||||
| Oil & Gas — 0.3% | ||||||||
| Ecopetrol SA | ||||||||
| 8.875% 1/13/33 | 100,000 | 103,161 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 4.500% 7/15/44 | 400,000 | 292,556 | ||||||
| Pertamina Persero PT | ||||||||
| 3.100% 8/27/30 (f) | 175,000 | 160,592 | ||||||
| Petroleos Mexicanos | ||||||||
| 6.625% 6/15/35 | 700,000 | 589,945 | ||||||
| Transocean, Inc. | ||||||||
| 8.750% 2/15/30 (f) | 36,000 | 37,020 | ||||||
| 1,183,274 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oil & Gas Services — 0.0% | ||||||||
| USA Compression Partners LP/USA Compression Finance Corp. | ||||||||
| 6.875% 9/01/27 | $ | 95,000 | $ | 95,191 | ||||
| Packaging & Containers — 0.7% | ||||||||
| Amcor UK Finance PLC | ||||||||
| 3.950% 5/29/32 EUR (e) | 400,000 | 478,587 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | ||||||||
| 4.125% 8/15/26 (f) (h) | 120,000 | 112,664 | ||||||
| 5.250% 8/15/27 (f) (h) | 600,000 | 267,558 | ||||||
| Berry Global, Inc. | ||||||||
| 1.650% 1/15/27 | 85,000 | 81,530 | ||||||
| 4.875% 7/15/26 (f) | 273,000 | 272,645 | ||||||
| 5.500% 4/15/28 | 310,000 | 318,028 | ||||||
| 5.650% 1/15/34 | 320,000 | 330,234 | ||||||
| Sealed Air Corp. | ||||||||
| 1.573% 10/15/26 (f) | 1,200,000 | 1,148,461 | ||||||
| 3,009,707 | ||||||||
| Pharmaceuticals — 0.9% | ||||||||
| 1261229 BC Ltd. | ||||||||
| 10.000% 4/15/32 (f) | 135,000 | 136,184 | ||||||
| Bayer US Finance II LLC | ||||||||
| 4.375% 12/15/28 (f) | 166,000 | 164,454 | ||||||
| 4.400% 7/15/44 (f) | 536,000 | 417,190 | ||||||
| 4.625% 6/25/38 (f) | 1,310,000 | 1,158,812 | ||||||
| CVS Health Corp. | ||||||||
| 4.780% 3/25/38 | 150,000 | 137,659 | ||||||
| 5.050% 3/25/48 | 250,000 | 215,862 | ||||||
| 5.125% 7/20/45 | 260,000 | 230,260 | ||||||
| 5.700% 6/01/34 | 15,000 | 15,444 | ||||||
| 5.875% 6/01/53 | 345,000 | 329,639 | ||||||
| 5 yr. CMT + 2.516% 6.750% VRN 12/10/54 (a) | 250,000 | 250,545 | ||||||
| 5 yr. CMT + 2.886% 7.000% VRN 3/10/55 (a) | 395,000 | 407,407 | ||||||
| Grifols SA | ||||||||
| 4.750% 10/15/28 (f) | 105,000 | 100,939 | ||||||
| 7.500% 5/01/30 EUR (e) (f) | 100,000 | 123,186 | ||||||
| Teva Pharmaceutical Finance Netherlands II BV | ||||||||
| 4.125% 6/01/31 EUR (e) | 250,000 | 295,206 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 6.000% 12/01/32 | 44,000 | 44,934 | ||||||
| Teva Pharmaceutical Finance Netherlands IV BV | ||||||||
| 5.750% 12/01/30 | 44,000 | 44,789 | ||||||
| 4,072,510 | ||||||||
| Pipelines — 0.1% | ||||||||
| TransCanada PipeLines Ltd. | ||||||||
| 5.850% 3/15/36 | 50,000 | 51,557 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 8.125% 6/01/28 (f) | 38,000 | 39,275 | ||||||
| 5 yr. CMT + 5.440% 9.000% VRN (a) (f) (g) | 42,000 | 40,832 | ||||||
| 9.875% 2/01/32 (f) | 200,000 | 215,993 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.750% 1/15/36 (i) | 22,000 | 22,000 | ||||||
| 369,657 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Real Estate — 0.1% | ||||||||
| Blackstone Property Partners Europe Holdings SARL | ||||||||
| 1.000% 5/04/28 EUR (e) (f) | $ | 125,000 | $ | 138,926 | ||||
| LEG Immobilien SE | ||||||||
| 1.500% 1/17/34 EUR (e) (f) | 100,000 | 96,933 | ||||||
| Vonovia SE | ||||||||
| 0.750% 9/01/32 EUR (e) (f) | 200,000 | 193,436 | ||||||
| 2.250% 4/07/30 EUR (e) (f) | 100,000 | 113,627 | ||||||
| 542,922 | ||||||||
| Real Estate Investment Trusts (REITS) — 1.4% | ||||||||
| American Assets Trust LP | ||||||||
| 3.375% 2/01/31 | 865,000 | 774,594 | ||||||
| American Homes 4 Rent LP | ||||||||
| 2.375% 7/15/31 | 330,000 | 287,354 | ||||||
| Crown Castle, Inc. | ||||||||
| 2.100% 4/01/31 | 777,000 | 666,639 | ||||||
| Equinix Europe 2 Financing Corp. LLC | ||||||||
| 3.625% 11/22/34 EUR (e) | 280,000 | 321,045 | ||||||
| Extra Space Storage LP | ||||||||
| 3.900% 4/01/29 | 670,000 | 656,070 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 4.000% 1/15/31 | 380,000 | 358,170 | ||||||
| 5.375% 4/15/26 | 715,000 | 715,156 | ||||||
| Healthcare Realty Holdings LP | ||||||||
| 3.100% 2/15/30 | 195,000 | 180,853 | ||||||
| 3.625% 1/15/28 | 157,000 | 153,174 | ||||||
| Hudson Pacific Properties LP | ||||||||
| 4.650% 4/01/29 (h) | 332,000 | 298,290 | ||||||
| 5.950% 2/15/28 | 15,000 | 14,621 | ||||||
| LXP Industrial Trust | ||||||||
| 6.750% 11/15/28 | 230,000 | 243,473 | ||||||
| Prologis Euro Finance LLC | ||||||||
| 4.250% 1/31/43 EUR (e) | 710,000 | 832,150 | ||||||
| Realty Income Corp. | ||||||||
| 4.875% 7/06/30 EUR (e) | 395,000 | 499,022 | ||||||
| VICI Properties LP/VICI Note Co., Inc. | ||||||||
| 3.875% 2/15/29 (f) | 190,000 | 183,798 | ||||||
| 4.125% 8/15/30 (f) | 50,000 | 47,991 | ||||||
| 5.750% 2/01/27 (f) | 10,000 | 10,138 | ||||||
| 6,242,538 | ||||||||
| Retail — 0.6% | ||||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | ||||||||
| 9.500% 7/01/32 (i) | 65,000 | 66,493 | ||||||
| Ferrellgas LP/Ferrellgas Finance Corp. | ||||||||
| 5.875% 4/01/29 (f) | 708,000 | 655,020 | ||||||
| McDonald’s Corp. | ||||||||
| 4.950% 3/03/35 | 435,000 | 434,744 | ||||||
| Michaels Cos., Inc. | ||||||||
| 5.250% 5/01/28 (f) | 643,000 | 514,080 | ||||||
| 7.875% 5/01/29 (f) | 79,000 | 51,745 | ||||||
| Starbucks Corp. | ||||||||
| 5.400% 5/15/35 | 895,000 | 911,943 | ||||||
| 2,634,025 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Semiconductors — 0.2% | ||||||||
| Foundry JV Holdco LLC | ||||||||
| 5.500% 1/25/31 (f) | $ | 90,000 | $ | 92,313 | ||||
| Intel Corp. | ||||||||
| 3.050% 8/12/51 | 158,000 | 93,866 | ||||||
| 3.734% 12/08/47 | 610,000 | 430,343 | ||||||
| 5.600% 2/21/54 | 112,000 | 102,749 | ||||||
| 5.700% 2/10/53 | 110,000 | 102,370 | ||||||
| 821,641 | ||||||||
| Software — 0.2% | ||||||||
| Fiserv Funding ULC | ||||||||
| 4.000% 6/15/36 EUR (e) | 135,000 | 158,549 | ||||||
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | ||||||||
| 8.750% 5/01/29 (f) | 72,000 | 74,063 | ||||||
| Open Text Corp. | ||||||||
| 6.900% 12/01/27 (f) | 125,000 | 129,413 | ||||||
| Oracle Corp. | ||||||||
| 4.800% 8/03/28 | 385,000 | 391,326 | ||||||
| 753,351 | ||||||||
| Telecommunications — 0.5% | ||||||||
| Altice Financing SA | ||||||||
| 5.000% 1/15/28 (f) | 35,000 | 26,330 | ||||||
| 5.750% 8/15/29 (f) | 69,000 | 50,383 | ||||||
| 9.625% 7/15/27 (f) | 50,000 | 43,000 | ||||||
| Consolidated Communications, Inc. | ||||||||
| 6.500% 10/01/28 (f) | 96,000 | 97,707 | ||||||
| EchoStar Corp. | ||||||||
| 10.750% 11/30/29 | 23,000 | 23,690 | ||||||
| Global Switch Finance BV | ||||||||
| 1.375% 10/07/30 EUR (e) (f) | 240,000 | 264,734 | ||||||
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | ||||||||
| 5.152% 9/20/29 (f) | 1,108,250 | 1,115,848 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 5.125% 5/15/32 | 690,000 | 703,657 | ||||||
| 2,325,349 | ||||||||
| Water — 0.3% | ||||||||
| Holding d’Infrastructures des Metiers de l’Environnement | ||||||||
| 4.875% 10/24/29 EUR (e) (f) | 140,000 | 170,834 | ||||||
| Severn Trent Utilities Finance PLC | ||||||||
| 3.875% 8/04/35 EUR (e) (f) | 250,000 | 296,229 | ||||||
| Suez SACA | ||||||||
| 2.875% 5/24/34 EUR (e) (f) | 400,000 | 440,722 | ||||||
| United Utilities Water Finance PLC | ||||||||
| 3.750% 5/23/34 EUR (e) (f) | 150,000 | 176,703 | ||||||
| 1,084,488 | ||||||||
| TOTAL CORPORATE DEBT (Cost $76,284,442) | 75,693,108 | |||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Municipal Obligations — 0.8% | ||||||||
| Florida — 0.1% | ||||||||
| County of Miami-Dade, FL, Aviation Revenue, Revenue Bonds, Series B, | ||||||||
| 2.707% 10/01/33 | $ | 375,000 | $ | 324,852 | ||||
| New York — 0.7% | ||||||||
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue | ||||||||
| Revenue Bonds, Series F3, 5.130% 2/01/35 | 1,033,000 | 1,052,006 | ||||||
| Revenue Bonds, Series F3, 5.150% 2/01/36 | 1,033,000 | 1,045,013 | ||||||
| New York State Dormitory Authority, Revenue Bonds, Series F, | ||||||||
| 5.628% 3/15/39 | 860,000 | 884,627 | ||||||
| 2,981,646 | ||||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $3,344,851) | 3,306,498 | |||||||
| Non-U.S. Government Agency Obligations — 18.4% | ||||||||
| Commercial Mortgage-Backed Securities — 3.4% | ||||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A, | ||||||||
| 4.227% VRN 8/10/38 (a) (f) (j) | 1,280,000 | 1,244,128 | ||||||
| BX Commercial Mortgage Trust, Series 2024-KING, Class B, 1 mo. USD Term SOFR + 1.741% | ||||||||
| 6.053% FRN 5/15/34 (a) (f) | 1,183,420 | 1,182,681 | ||||||
| BX Trust | ||||||||
| Series 2019-OC11, Class B, 3.605% 12/09/41 (f) | 1,110,000 | 1,044,385 | ||||||
| Series 2019-OC11, Class E, 4.076% VRN 12/09/41 (a) (f) (j) | 700,000 | 639,085 | ||||||
| Series 2022-VAMF, Class C, 1 mo. USD Term SOFR + 1.580% 5.892% FRN 1/15/39 (a) (f) | 1,057,000 | 1,053,697 | ||||||
| Series 2022-PSB, Class D, 1 mo. USD Term SOFR + 4.693% 9.005% FRN 8/15/39 (a) (f) | 938,000 | 938,000 | ||||||
| Century Plaza Towers | ||||||||
| Series 2019-CPT, Class A, 2.865% 11/13/39 (f) | 805,000 | 730,984 | ||||||
| Series 2019-CPT, Class B, 3.097% VRN 11/13/39 (a) (f) (j) | 1,000,000 | 898,132 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-420K, Class D, | ||||||||
| 3.422% VRN 11/10/42 (a) (f) (j) | 700,000 | 617,504 | ||||||
| DC Office Trust, Series 2019-MTC, Class A | ||||||||
| 2.965% 9/15/45 (f) | 860,000 | 792,041 | ||||||
| GWT Trust, Series 2024-WLF2, Class B, 1 mo. USD Term SOFR + 2.141% | ||||||||
| 6.452% FRN 5/15/41 (a) (f) | 1,532,000 | 1,535,833 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class A | ||||||||
| 3.228% 7/10/39 (f) | 880,000 | 826,869 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A | ||||||||
| 3.397% 6/05/39 (f) | 900,000 | 843,109 | ||||||
| MKT Mortgage Trust, Series 2020-525M, Class A | ||||||||
| 2.694% 2/12/40 (f) | 570,000 | 500,811 | ||||||
| One Bryant Park Trust, Series 2019-OBP, Class A | ||||||||
| 2.516% 9/15/54 (f) | 1,085,000 | 986,110 | ||||||
| SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B, | ||||||||
| 4.144% VRN 1/05/43 (a) (f) (j) | 50,000 | 43,438 | ||||||
| TTAN, Series 2021-MHC, Class E, 1 mo. USD Term SOFR + 2.514% | ||||||||
| 6.827% FRN 3/15/38 (a) (f) | 1,038,210 | 1,038,859 | ||||||
| 14,915,666 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Home Equity Asset-Backed Securities — 1.0% | ||||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W2, Class M1, 1 mo. USD Term SOFR + 0.849% | ||||||||
| 5.169% FRN 10/25/35 (a) | $ | 490,142 | $ | 484,757 | ||||
| Countrywide Asset-Backed Certificates Trust, Series 2004-5, Class M1, 1 mo. USD Term SOFR + 0.969% | ||||||||
| 5.289% FRN 8/25/34 (a) | 5,089 | 5,078 | ||||||
| Morgan Stanley Capital I, Inc. Trust | ||||||||
| Series 2006-HE1, Class A4, 1 mo. USD Term SOFR + 0.694% 5.014% FRN 1/25/36 (a) | 1,314,949 | 1,263,815 | ||||||
| Series 2006-NC2, Class A2D, 1 mo. USD Term SOFR + 0.694% 5.014% FRN 2/25/36 (a) | 448,907 | 446,369 | ||||||
| Option One Mortgage Loan Trust, Series 2006-3, Class 1A1, 1 mo. USD Term SOFR + 0.394% | ||||||||
| 4.714% FRN 2/25/37 (a) | 3,155,128 | 2,005,620 | ||||||
| 4,205,639 | ||||||||
| Other Asset-Backed Securities — 5.3% | ||||||||
| Allegro CLO X Ltd., Series 2019-1A, Class ARR, 3 mo. USD Term SOFR + 1.130% | ||||||||
| 5.400% FRN 4/20/32 (a) (f) | 1,359,034 | 1,357,978 | ||||||
| AMMC CLO 15 Ltd., Series 2014-15A, Class AR3, 3 mo. USD Term SOFR + 1.382% | ||||||||
| 5.638% FRN 1/15/32 (a) (f) | 86,164 | 86,171 | ||||||
| AMMC CLO 30 Ltd., Series 2024-30A, Class A1, 3 mo. USD Term SOFR + 1.680% | ||||||||
| 5.936% FRN 1/15/37 (a) (f) | 2,400,000 | 2,407,051 | ||||||
| Barings CLO Ltd., Series 2019-3A, Class A1RR, 3 mo. USD Term SOFR + 1.140% | ||||||||
| 5.410% FRN 1/20/36 (a) (f) | 1,800,000 | 1,801,440 | ||||||
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, Class A2 | ||||||||
| 6.000% 5/20/55 (f) | 400,000 | 412,077 | ||||||
| CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2 | ||||||||
| 4.760% 3/22/49 (f) | 2,270,000 | 2,238,835 | ||||||
| DataBank Issuer LLC, Series 2021-2A, Class A2 | ||||||||
| 2.400% 10/25/51 (f) | 1,100,000 | 1,058,282 | ||||||
| Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, 3 mo. USD Term SOFR + 1.650% | ||||||||
| 5.906% FRN 10/15/30 (a) (f) | 1,850,000 | 1,850,594 | ||||||
| LCM 37 Ltd., Series 37A, Class A1R, 3 mo. USD Term SOFR + 1.060% | ||||||||
| 5.316% FRN 4/15/34 (a) (f) | 2,000,000 | 1,999,020 | ||||||
| Progress Residential Trust | ||||||||
| Series 2021-SFR8, Class C, 1.931% 10/17/38 (f) | 2,500,000 | 2,419,653 | ||||||
| Series 2021-SFR10, Class F, 4.608% 12/17/40 (f) | 988,061 | 966,470 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class AR, 3 mo. USD Term SOFR + 1.230% | ||||||||
| 5.512% FRN 4/25/32 (a) (f) | 1,026,483 | 1,027,304 | ||||||
| Rockford Tower CLO Ltd. | ||||||||
| Series 2019-2A, Class AR2, 3 mo. USD Term SOFR + 1.130% 5.452% FRN 8/20/32 (a) (f) | 3,146,165 | 3,144,529 | ||||||
| Series 2019-1A, Class AR, 3 mo. USD Term SOFR + 1.382% 5.651% FRN 4/20/34 (a) (f) | 2,435,000 | 2,435,597 | ||||||
| 23,205,001 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Student Loans Asset-Backed Securities — 0.9% | ||||||||
| SLM Student Loan Trust, Series 2008-5, Class B, 90 day USD SOFR Average + 2.112% | ||||||||
| 6.475% FRN 7/25/73 (a) | $ | 3,735,000 | $ | 3,815,442 | ||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 7.8% | ||||||||
| Ajax Mortgage Loan Trust | ||||||||
| Series 2019-F, Class A1, 2.860% STEP 7/25/59 (f) | 1,020,237 | 992,985 | ||||||
| Series 2022-B, Class A1, 3.500% STEP 3/27/62 (f) | 2,045,085 | 1,982,917 | ||||||
| American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, 1 mo. USD Term SOFR + 0.514% | ||||||||
| 4.834% FRN 3/25/46 (a) | 1,165,760 | 1,062,047 | ||||||
| Bear Stearns ALT-A Trust, Series 2005-4, Class 25A1, | ||||||||
| 5.168% VRN 5/25/35 (a) (j) | 440,200 | 413,644 | ||||||
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, | ||||||||
| 3.000% VRN 2/25/61 (a) (f) (j) | 2,055,832 | 1,910,171 | ||||||
| CIM Trust, Series 2021-J3, Class A1, | ||||||||
| 2.500% VRN 6/25/51 (a) (f) (j) | 3,170,995 | 2,584,608 | ||||||
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA3, Class A2, 1 mo. USD Term SOFR + 0.614% | ||||||||
| 4.934% FRN 7/25/47 (a) | 2,505,928 | 2,173,735 | ||||||
| First Horizon Alternative Mortgage Securities Trust, Series 2005-AA9, Class 2A1, | ||||||||
| 5.335% VRN 11/25/35 (a) (j) | 889,043 | 777,864 | ||||||
| GCAT Trust, Series 2025-INV2, Class A1, | ||||||||
| 6.000% VRN 5/25/55 (a) (f) (j) | 1,697,109 | 1,713,086 | ||||||
| HarborView Mortgage Loan Trust | ||||||||
| Series 2007-6, Class 1A1A, 1 mo. USD Term SOFR + 0.314% 4.632% FRN 8/19/37 (a) | 2,066,884 | 1,749,744 | ||||||
| Series 2007-3, Class 2A1A, 1 mo. USD Term SOFR + 0.514% 4.832% FRN 5/19/37 (a) | 2,262,042 | 2,075,914 | ||||||
| Series 2006-10, Class 1A1A, 1 mo. USD Term SOFR + 0.514% 4.841% FRN 11/19/36 (a) | 2,331,050 | 1,826,540 | ||||||
| HomeBanc Mortgage Trust, Series 2005-5, Class A1, 1 mo. USD Term SOFR + 0.634% | ||||||||
| 4.954% FRN 1/25/36 (a) | 1,067,477 | 1,040,401 | ||||||
| JP Morgan Mortgage Trust, Series 2005-A5, Class 1A2, | ||||||||
| 5.188% VRN 8/25/35 (a) (j) | 52,079 | 50,847 | ||||||
| MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 4A1, | ||||||||
| 4.299% VRN 4/25/34 (a) (j) | 310,876 | 273,068 | ||||||
| OBX Trust, Series 2021-NQM4, Class A1, | ||||||||
| 1.957% VRN 10/25/61 (a) (f) (j) | 3,187,169 | 2,707,379 | ||||||
| PMT Loan Trust, Series 2025-INV6, Class A2, | ||||||||
| 6.000% VRN 6/25/56 (a) (f) (j) | 1,500,000 | 1,515,059 | ||||||
| RALI Trust, Series 2006-QA7, Class 2A1, 1 mo. USD Term SOFR + 0.484% | ||||||||
| 4.804% FRN 8/25/36 (a) | 412,666 | 364,345 | ||||||
| Residential Asset Securitization Trust, Series 2006-A14C, Class 1A1 | ||||||||
| 6.250% 12/25/36 | 1,772,031 | 1,252,277 | ||||||
| Sequoia Mortgage Trust, Series 2025-6, Class A5, | ||||||||
| 5.500% VRN 7/25/55 (a) (f) (j) | 1,700,000 | 1,706,675 | ||||||
| Structured Asset Mortgage Investments II Trust, Series 2006-AR1, Class 3A1, 1 mo. USD Term SOFR + 0.574% | ||||||||
| 4.894% FRN 2/25/36 (a) | 1,168,852 | 942,818 | ||||||
| Washington Mutual Mortgage Pass-Through Certificates Trust | ||||||||
| Series 2006-AR12, Class 1A4, 4.755% VRN 10/25/36 (a) (j) | 3,148,950 | 2,845,854 | ||||||
| Series 2005-AR2, Class 2A1A, 1 mo. USD Term SOFR + 0.734% 5.054% FRN 1/25/45 (a) | 305,984 | 300,162 | ||||||
| Series 2005-7, Class 4CB, 7.000% 8/25/35 | 1,939,586 | 1,621,136 | ||||||
| Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR3, Class A4, | ||||||||
| 6.364% VRN 4/25/37 (a) (j) | $ | 503,081 | $ | 443,673 | ||||
| 34,326,949 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $81,030,280) | 80,468,697 | |||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sovereign Debt Obligations — 0.5% | ||||||||
| Brazilian Government International Bond | ||||||||
| 6.125% 3/15/34 | $ | 230,000 | $ | 227,599 | ||||
| Costa Rica Government International Bond | ||||||||
| 6.550% 4/03/34 (f) | 300,000 | 311,700 | ||||||
| Guatemala Government Bond | ||||||||
| 3.700% 10/07/33 (f) | 300,000 | 252,750 | ||||||
| Israel Government International Bond | ||||||||
| 5.375% 2/19/30 | 340,000 | 346,487 | ||||||
| Mexico Government International Bond | ||||||||
| 2.659% 5/24/31 | 213,000 | 184,245 | ||||||
| 4.875% 5/19/33 | 200,000 | 188,640 | ||||||
| Oman Government International Bond | ||||||||
| 6.750% 10/28/27 (f) | 200,000 | 209,026 | ||||||
| Panama Government International Bond | ||||||||
| 3.160% 1/23/30 | 225,000 | 202,697 | ||||||
| Paraguay Government International Bond | ||||||||
| 4.950% 4/28/31 (f) | 200,000 | 198,700 | ||||||
| Republic of South Africa Government International Bond | ||||||||
| 5.875% 4/20/32 | 200,000 | 195,641 | ||||||
| 2,317,485 | ||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,328,673) | 2,317,485 | |||||||
| U.S. Government Agency Obligations and Instrumentalities (k) — 36.3% | ||||||||
| Collateralized Mortgage Obligations — 0.9% | ||||||||
| Federal National Mortgage Association REMICS | ||||||||
| Series 2018-43, Class CT, 3.000% 6/25/48 | 441,259 | 388,978 | ||||||
| Series 2018-54, Class KA, 3.500% 1/25/47 | 205,476 | 202,800 | ||||||
| Series 2018-38, Class PA, 3.500% 6/25/47 | 422,675 | 411,188 | ||||||
| Government National Mortgage Association REMICS | ||||||||
| Series 2015-8, Class LZ, 3.000% 11/16/44 | 751,468 | 660,038 | ||||||
| Series 2018-124, Class NW, 3.500% 9/20/48 | 402,931 | 362,269 | ||||||
| Series 2019-15, Class GT, 3.500% 2/20/49 | 439,338 | 394,101 | ||||||
| Series 2024-97, Class FW, 30 day USD SOFR Average + 1.150% 5.452% FRN 6/20/54 (a) | 1,432,822 | 1,429,910 | ||||||
| 3,849,284 | ||||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pass-Through Securities — 35.4% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #SD8199 2.000% 3/01/52 | $ | 6,312,865 | $ | 5,009,482 | ||||
| Pool #QE0312 2.000% 4/01/52 | 816,752 | 648,122 | ||||||
| Pool #SD8204 2.000% 4/01/52 | 1,550,788 | 1,230,605 | ||||||
| Pool #SD8147 2.500% 5/01/51 | 2,813,062 | 2,349,976 | ||||||
| Pool #SD8189 2.500% 1/01/52 | 1,996,557 | 1,662,269 | ||||||
| Pool #SD8194 2.500% 2/01/52 | 2,494,739 | 2,075,480 | ||||||
| Pool #G08710 3.000% 6/01/46 | 46,108 | 41,079 | ||||||
| Pool #G08715 3.000% 8/01/46 | 991,173 | 883,059 | ||||||
| Pool #G08721 3.000% 9/01/46 | 132,783 | 118,299 | ||||||
| Pool #G08726 3.000% 10/01/46 | 1,791,166 | 1,594,112 | ||||||
| Pool #G08732 3.000% 11/01/46 | 1,271,979 | 1,132,044 | ||||||
| Pool #G08741 3.000% 1/01/47 | 863,145 | 768,187 | ||||||
| Pool #SD3016 3.000% 6/01/52 | 1,821,685 | 1,585,027 | ||||||
| Pool #G60038 3.500% 1/01/44 | 428,097 | 401,315 | ||||||
| Pool #G07848 3.500% 4/01/44 | 3,225,595 | 3,026,766 | ||||||
| Pool #G60138 3.500% 8/01/45 | 1,861,607 | 1,734,396 | ||||||
| Pool #G08711 3.500% 6/01/46 | 752,537 | 695,085 | ||||||
| Pool #G08716 3.500% 8/01/46 | 1,078,990 | 996,615 | ||||||
| Pool #G08792 3.500% 12/01/47 | 915,018 | 841,730 | ||||||
| Pool #G67707 3.500% 1/01/48 | 1,232,178 | 1,141,958 | ||||||
| Pool #G67714 4.000% 7/01/48 | 1,203,808 | 1,145,929 | ||||||
| Pool #G67717 4.000% 11/01/48 | 1,073,497 | 1,021,882 | ||||||
| Pool #SD3246 4.000% 8/01/52 | 2,757,689 | 2,567,893 | ||||||
| Pool #SD5202 4.000% 10/01/52 | 3,438,761 | 3,198,329 | ||||||
| Pool #SD8265 4.000% 11/01/52 | 1,370,359 | 1,277,116 | ||||||
| Pool #G08843 4.500% 10/01/48 | 391,925 | 380,794 | ||||||
| Pool #SD8257 4.500% 10/01/52 | 4,699,030 | 4,509,772 | ||||||
| Pool #G08826 5.000% 6/01/48 | 130,008 | 130,293 | ||||||
| Pool #G08844 5.000% 10/01/48 | 45,084 | 45,183 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #MA4093 2.000% 8/01/40 | 676,609 | 584,939 | ||||||
| Pool #MA4176 2.000% 11/01/40 | 1,790,879 | 1,545,741 | ||||||
| Pool #MA4333 2.000% 5/01/41 | 556,985 | 478,778 | ||||||
| Pool #MA4158 2.000% 10/01/50 | 2,529,600 | 2,021,556 | ||||||
| Pool #BT9728 2.000% 10/01/51 | 4,437,902 | 3,525,793 | ||||||
| Pool #BQ6913 2.000% 12/01/51 | 2,383,926 | 1,893,964 | ||||||
| Pool #CB2767 2.000% 1/01/52 | 3,665,080 | 2,914,097 | ||||||
| Pool #CB2766 2.000% 2/01/52 | 2,458,383 | 1,961,569 | ||||||
| Pool #FS8274 2.000% 4/01/52 | 2,174,895 | 1,725,856 | ||||||
| Pool #MA4548 2.500% 2/01/52 | 3,316,264 | 2,758,942 | ||||||
| Pool #MA4563 2.500% 3/01/52 | 7,859,080 | 6,538,304 | ||||||
| Pool #MA1607 3.000% 10/01/33 | 1,230,101 | 1,182,306 | ||||||
| Pool #BN7755 3.000% 9/01/49 | 1,388,162 | 1,228,212 | ||||||
| Pool #MA3811 3.000% 10/01/49 | 408,930 | 353,889 | ||||||
| Pool #BO2259 3.000% 10/01/49 | 2,466,025 | 2,174,944 | ||||||
| Pool #BV8526 3.000% 5/01/52 | 3,804,338 | 3,295,844 | ||||||
| Pool #AB4262 3.500% 1/01/32 | 691,933 | 678,744 | ||||||
| Pool #MA1148 3.500% 8/01/42 | 1,793,316 | 1,679,514 | ||||||
| Pool #CA0996 3.500% 1/01/48 | 64,158 | 58,983 | ||||||
| Pool #MA3276 3.500% 2/01/48 | 143,012 | 131,029 | ||||||
| Pool #MA3305 3.500% 3/01/48 | 477,872 | 437,834 | ||||||
| Pool #MA3332 3.500% 4/01/48 | 19,260 | 17,646 | ||||||
| Pool #CA3633 3.500% 6/01/49 | 528,999 | 485,008 | ||||||
| Pool #MA2995 4.000% 5/01/47 | 388,201 | 367,488 | ||||||
| Pool #MA3027 4.000% 6/01/47 | 365,543 | 346,039 | ||||||
| Pool #AS9830 4.000% 6/01/47 | 222,614 | 210,736 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #AS9972 4.000% 7/01/47 | $ | 204,795 | $ | 193,868 | ||||
| Pool #CB4121 4.000% 7/01/52 | 3,336,058 | 3,102,807 | ||||||
| Pool #AL9106 4.500% 2/01/46 | 173,812 | 170,722 | ||||||
| Pool #CA1710 4.500% 5/01/48 | 692,534 | 672,648 | ||||||
| Pool #CA1711 4.500% 5/01/48 | 12,409 | 12,052 | ||||||
| Pool #CA2208 4.500% 8/01/48 | 485,673 | 471,576 | ||||||
| Pool #BW9897 4.500% 10/01/52 | 1,773,053 | 1,700,533 | ||||||
| Pool #FS4233 4.500% 12/01/52 | 913,242 | 876,460 | ||||||
| Pool #MA4840 4.500% 12/01/52 | 2,374,859 | 2,279,209 | ||||||
| Pool #CB6854 4.500% 8/01/53 | 2,349,058 | 2,257,934 | ||||||
| Pool #BY0545 5.000% 5/01/53 | 715,000 | 701,813 | ||||||
| Pool #FS7252 5.000% 11/01/53 | 3,139,100 | 3,084,146 | ||||||
| Pool #MA5107 5.500% 8/01/53 | 3,414,468 | 3,419,781 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA4126 3.000% 12/20/46 | 1,132,353 | 1,013,901 | ||||||
| Pool #MA4836 3.000% 11/20/47 | 797,724 | 712,532 | ||||||
| Pool #MA6209 3.000% 10/20/49 | 344,570 | 299,804 | ||||||
| Pool #MA4127 3.500% 12/20/46 | 771,534 | 712,526 | ||||||
| Pool #MA4382 3.500% 4/20/47 | 130,840 | 120,834 | ||||||
| Pool #MA4719 3.500% 9/20/47 | 1,137,449 | 1,049,745 | ||||||
| Pool #MA4837 3.500% 11/20/47 | 155,636 | 143,539 | ||||||
| Pool #MA4962 3.500% 1/20/48 | 387,841 | 357,452 | ||||||
| Pool #MA5019 3.500% 2/20/48 | 532,917 | 491,160 | ||||||
| Pool #MA4838 4.000% 11/20/47 | 322,611 | 304,608 | ||||||
| Pool #MA4901 4.000% 12/20/47 | 266,605 | 251,728 | ||||||
| Pool #MA5078 4.000% 3/20/48 | 215,552 | 203,321 | ||||||
| Pool #MA5466 4.000% 9/20/48 | 150,222 | 141,558 | ||||||
| Pool #MA5528 4.000% 10/20/48 | 603,000 | 568,220 | ||||||
| Pool #MB0023 4.000% 11/20/54 (i) | 2,362,819 | 2,199,031 | ||||||
| Pool #MA4264 4.500% 2/20/47 | 166,848 | 163,731 | ||||||
| Pool #MA4512 4.500% 6/20/47 | 1,004,487 | 983,835 | ||||||
| Pool #MA8347 4.500% 10/20/52 | 3,542,696 | 3,421,427 | ||||||
| Pool #MA9963 4.500% 10/20/54 | 122,468 | 117,434 | ||||||
| Pool #MA3666 5.000% 5/20/46 | 21,798 | 22,088 | ||||||
| Pool #MA3806 5.000% 7/20/46 | 146,069 | 148,006 | ||||||
| Pool #MA4072 5.000% 11/20/46 | 28,875 | 29,254 | ||||||
| Pool #MA4454 5.000% 5/20/47 | 535,524 | 539,505 | ||||||
| Government National Mortgage Association II, TBA | ||||||||
| 2.500% 7/20/54 (i) | 5,300,000 | 4,504,320 | ||||||
| 4.000% 7/20/54 (i) | 1,550,000 | 1,440,447 | ||||||
| 4.500% 7/20/54 (i) | 1,800,000 | 1,722,182 | ||||||
| 5.000% 7/20/54 (i) | 5,675,000 | 5,572,457 | ||||||
| 5.500% 7/20/54 (i) | 3,450,000 | 3,453,427 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.000% 7/01/54 (i) | 2,325,000 | 1,839,656 | ||||||
| 2.500% 7/01/55 (i) | 1,900,000 | 1,575,144 | ||||||
| 3.000% 7/01/54 (i) | 2,825,000 | 2,442,744 | ||||||
| 3.500% 7/01/54 (i) | 6,075,000 | 5,467,738 | ||||||
| 4.000% 7/01/54 (i) | 1,950,000 | 1,812,668 | ||||||
| 4.500% 7/01/54 (i) | 4,700,000 | 4,494,007 | ||||||
| 5.000% 7/01/54 (i) | 3,600,000 | 3,527,718 | ||||||
| 5.500% 7/01/54 (i) | 3,225,000 | 3,223,739 | ||||||
| 154,825,587 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $164,915,627) | 158,674,871 | |||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Treasury Obligations — 24.3% | ||||||||
| U.S. Treasury Bonds & Notes — 24.3% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.750% 5/15/55 | $ | 18,687,000 | $ | 18,576,132 | ||||
| 5.000% 5/15/45 | 24,055,000 | 24,705,295 | ||||||
| U.S. Treasury Inflation-Indexed Notes | ||||||||
| 2.125% 1/15/35 | 5,839,218 | 5,933,358 | ||||||
| U.S. Treasury Notes | ||||||||
| 3.750% 6/30/27 | 640,000 | 640,400 | ||||||
| 3.875% 6/15/28 | 11,375,000 | 11,434,537 | ||||||
| 3.875% 6/30/30 | 24,196,000 | 24,288,591 | ||||||
| 4.000% 6/30/32 | 14,365,000 | 14,371,767 | ||||||
| 4.250% 5/15/35 | 6,001,000 | 6,008,525 | ||||||
| 105,958,605 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $104,744,792) | 105,958,605 | |||||||
| TOTAL BONDS & NOTES (Cost $440,982,114) | 434,336,157 | |||||||
| Number of Shares | ||||||||
| Equities — 0.2% | ||||||||
| Common Stock — 0.2% | ||||||||
| Communication Services — 0.2% | ||||||||
| Intelsat SA (l) | 16,791 | 717,815 | ||||||
| TOTAL COMMON STOCK (Cost $1,575,355) | 717,815 | |||||||
| TOTAL EQUITIES (Cost $1,575,355) | 717,815 | |||||||
| TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $134,348) | 224,523 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $442,691,817) | 435,278,495 | |||||||
| Short-Term Investments — 10.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (m) | 1,194,448 | 1,194,448 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 8.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (n) | $ | 38,858,069 | 38,858,069 | |||||
| U.S. Treasury Bill — 1.0% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.278% 7/31/25 (o) | 4,585,000 | 4,569,129 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $44,621,733) | 44,621,646 | |||||||
| TOTAL INVESTMENTS — 109.9% (Cost $487,313,550) (p) | 479,900,141 | |||||||
| Other Assets/(Liabilities) — (9.9)% | (43,044,786 | ) | ||||||
| NET ASSETS — 100.0% | $ | 436,855,355 | ||||||
| MassMutual Total Return Bond Fund — Portfolio of Investments (Continued) |
| Abbreviation Legend |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| PIK | Payment in kind |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Coupon Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
| Notes to Portfolio of Investments |
| Percentages are stated as a percent of net assets. |
| (a) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | All or a portion of the security represents unsettled bank loan commitments at June 30, 2025, where the rate will be determined at time of settlement. |
| (c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $104,646 or 0.02% of net assets. |
| (d) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (e) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
| (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 June 30, 2025, the aggregate market value of these securities amounted to $80,863,766 or 18.51% of net assets. |
| (g) | Security is perpetual and has no stated maturity date. |
| (h) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $1,502,651 or 0.34% of net assets. The Fund received $342,391 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). |
| (i) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (j) | 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 June 30, 2025. |
| (k) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (l) | Non-income producing security. |
| (m) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (n) | Maturity value of $38,861,037. Collateralized by U.S. Government Agency obligations with a rate of 3.750%, maturity date of 6/30/27, and an aggregate market value, including accrued interest, of $39,635,362. |
| (o) | The rate shown represents yield-to-maturity. |
| (p) | See Note 3 for aggregate cost for federal tax purposes. |
| (#) Interest Rate Swaptions Purchased | |||||||||||||||||||||||||
| Paid by Fund | Received by Fund | ||||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Rate | Frequency | Rate | Frequency | Notional Amount | Value | Premium Paid/ (Received) |
Unrealized Appreciation (Depreciation) | |||||||||||||||
| Put | |||||||||||||||||||||||||
| 2-Year Interest Rate Swap, 1/5/28 | Goldman Sachs International | 12/31/25 | 3.86%## | Semi-Annually | 3-Month USD SOFR+0BP | Quarterly | USD | 11,405,000 | $ | 28,912 | $ | 34,215 | $ | (5,303 | ) | ||||||||||
| 2-Year Interest Rate Swap, 1/5/28 | Goldman Sachs International | 12/31/25 | 4.09%## | Semi-Annually | 3-Month USD SOFR+0BP | Quarterly | USD | 11,435,000 | 14,134 | 34,305 | (20,171 | ) | |||||||||||||
| 5-Year Interest Rate Swap, 1/5/31 | Goldman Sachs International | 12/31/25 | 4.23%## | Semi-Annually | 3-Month USD SOFR+0BP | Quarterly | USD | 4,835,000 | 15,791 | 33,241 | (17,450 | ) | |||||||||||||
| 5-Year Interest Rate Swap, 1/5/31 | JP Morgan Chase Bank N.A. | 12/31/25 | 4.01%## | Semi-Annually | 3-Month USD SOFR+0BP | Quarterly | USD | 4,810,000 | 29,307 | 32,587 | (3,280 | ) | |||||||||||||
| 5-Year Interest Rate Swap, 1/5/31 | JP Morgan Chase Bank N.A. | 12/31/25 | 4.20%## | Semi-Annually | 3-Month USD SOFR+0BP | Quarterly | USD | 19,340,000 | 76,277 | — | 76,277 | ||||||||||||||
| 2-Year Interest Rate Swap, 1/5/28 | Morgan Stanley Capital Services LLC | 12/31/25 | 4.11%## | Semi-Annually | 3-Month USD SOFR+0BP | Quarterly | USD | 45,740,000 | 60,102 | — | 60,102 | ||||||||||||||
| $ | 224,523 | $ | 134,348 | $ | 90,175 | ||||||||||||||||||||
|
Forward contracts |
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Citibank N.A. | 7/11/25 | USD | 10,167,121 | EUR | 9,366,000 | $ | (872,100) | |||||||||||
| Citibank N.A. | 7/11/25 | EUR | 544,265 | USD | 613,357 | 28,140 | ||||||||||||
| Goldman Sachs International | 7/11/25 | USD | 181,416 | GBP | 140,000 | (10,763) | ||||||||||||
| Goldman Sachs International | 7/11/25 | USD | 4,202,666 | EUR | 3,773,966 | (245,513) | ||||||||||||
| Goldman Sachs International | 7/11/25 | EUR | 2,796,035 | USD | 3,196,513 | 99,030 | ||||||||||||
| $ | (1,001,206) | |||||||||||||||||
|
Futures contracts |
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 9/19/25 | 9 | $ | 1,022,063 | $ | 17,156 | ||||||||
| U.S. Treasury Ultra Bond | 9/19/25 | 32 | 3,776,027 | 35,973 | ||||||||||
| U.S. Treasury Note 2 Year | 9/30/25 | 537 | 111,271,962 | 436,624 | ||||||||||
| U.S. Treasury Note 5 Year | 9/30/25 | 422 | 45,365,409 | 632,591 | ||||||||||
| $ | 1,122,344 | |||||||||||||
| Short | ||||||||||||||
| Euro-BOBL | 9/08/25 | 8 | $ | (1,112,645 | ) | $ | 3,675 | |||||||
| Euro-Bund | 9/08/25 | 36 | (5,551,399 | ) | 32,229 | |||||||||
| Euro-Buxl 30 Year Bond | 9/08/25 | 11 | (1,556,693 | ) | 18,125 | |||||||||
| U.S. Treasury Ultra 10 Year | 9/19/25 | 9 | (1,013,890 | ) | (14,501) | |||||||||
| $ | 39,528 | |||||||||||||
| ## | Exercise Rate. | |
| Currency Legend | ||
| EUR | Euro | |
| GBP | British Pound | |
| USD | U.S. Dollar | |
| MassMutual Diversified Value Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 97.8% | ||||||||
| Common Stock — 97.8% | ||||||||
| Communication Services — 8.5% | ||||||||
| AT&T, Inc. | 223,700 | $ | 6,473,878 | |||||
| Charter Communications, Inc. Class A (a) | 4,694 | 1,918,954 | ||||||
| Comcast Corp. Class A | 115,900 | 4,136,471 | ||||||
| Fox Corp. Class A | 11,000 | 616,440 | ||||||
| Interpublic Group of Cos., Inc. | 11,800 | 288,864 | ||||||
| Match Group, Inc. | 8,100 | 250,209 | ||||||
| News Corp. Class A | 13,800 | 410,136 | ||||||
| Verizon Communications, Inc. | 153,700 | 6,650,599 | ||||||
| Walt Disney Co. | 60,700 | 7,527,407 | ||||||
| 28,272,958 | ||||||||
| Consumer Discretionary — 6.1% | ||||||||
| ADT, Inc. | 25,300 | 214,291 | ||||||
| AutoNation, Inc. (a) | 2,700 | 536,355 | ||||||
| BorgWarner, Inc. | 7,400 | 247,752 | ||||||
| CarMax, Inc. (a) | 5,600 | 376,376 | ||||||
| Dick’s Sporting Goods, Inc. | 2,000 | 395,620 | ||||||
| eBay, Inc. | 16,800 | 1,250,928 | ||||||
| Expedia Group, Inc. | 4,400 | 742,192 | ||||||
| Ford Motor Co. | 142,400 | 1,545,040 | ||||||
| Gap, Inc. | 13,600 | 296,616 | ||||||
| General Motors Co. | 38,000 | 1,869,980 | ||||||
| Genuine Parts Co. | 4,600 | 558,026 | ||||||
| H&R Block, Inc. | 4,600 | 252,494 | ||||||
| Hasbro, Inc. | 4,300 | 317,426 | ||||||
| Lithia Motors, Inc. | 900 | 304,038 | ||||||
| LKQ Corp. | 9,400 | 347,894 | ||||||
| Lowe’s Cos., Inc. | 24,100 | 5,347,067 | ||||||
| Lululemon Athletica, Inc. (a) | 2,900 | 688,982 | ||||||
| MGM Resorts International (a) | 9,900 | 340,461 | ||||||
| Murphy USA, Inc. | 650 | 264,420 | ||||||
| NVR, Inc. (a) | 115 | 849,351 | ||||||
| Penske Automotive Group, Inc. | 2,400 | 412,344 | ||||||
| PulteGroup, Inc. | 8,700 | 917,502 | ||||||
| Toll Brothers, Inc. | 3,300 | 376,629 | ||||||
| Ulta Beauty, Inc. (a) | 1,652 | 772,839 | ||||||
| Williams-Sonoma, Inc. | 4,500 | 735,165 | ||||||
| Wynn Resorts Ltd. | 3,800 | 355,946 | ||||||
| 20,315,734 | ||||||||
| Consumer Staples — 6.0% | ||||||||
| Albertsons Cos., Inc. | 20,600 | 443,106 | ||||||
| Altria Group, Inc. | 61,400 | 3,599,882 | ||||||
| Coca-Cola Consolidated, Inc. | 2,750 | 307,038 | ||||||
| Dollar Tree, Inc. (a) | 7,000 | 693,280 | ||||||
| MassMutual Diversified Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Hormel Foods Corp. | 3,700 | $ | 111,925 | |||||
| Ingredion, Inc. | 2,300 | 311,926 | ||||||
| Kenvue, Inc. | 47,200 | 987,896 | ||||||
| Keurig Dr. Pepper, Inc. | 49,500 | 1,636,470 | ||||||
| Kimberly-Clark Corp. | 12,100 | 1,559,932 | ||||||
| Kraft Heinz Co. | 39,400 | 1,017,308 | ||||||
| Kroger Co. | 24,300 | 1,743,039 | ||||||
| Lamb Weston Holdings, Inc. | 4,700 | 243,695 | ||||||
| Molson Coors Beverage Co. Class B | 6,900 | 331,821 | ||||||
| Mondelez International, Inc. Class A | 43,600 | 2,940,384 | ||||||
| PepsiCo, Inc. | 15,400 | 2,033,416 | ||||||
| Sysco Corp. | 17,700 | 1,340,598 | ||||||
| Tyson Foods, Inc. Class A | 10,400 | 581,776 | ||||||
| 19,883,492 | ||||||||
| Energy — 5.3% | ||||||||
| Antero Midstream Corp. | 17,500 | 331,625 | ||||||
| Baker Hughes Co. | 36,100 | 1,384,074 | ||||||
| Chevron Corp. | 46,900 | 6,715,611 | ||||||
| EOG Resources, Inc. | 19,900 | 2,380,239 | ||||||
| HF Sinclair Corp. | 6,900 | 283,452 | ||||||
| Kinder Morgan, Inc. | 74,900 | 2,202,060 | ||||||
| Ovintiv, Inc. | 9,500 | 361,475 | ||||||
| Phillips 66 | 14,900 | 1,777,570 | ||||||
| Range Resources Corp. | 8,700 | 353,829 | ||||||
| TechnipFMC PLC | 14,200 | 489,048 | ||||||
| Valero Energy Corp. | 11,400 | 1,532,388 | ||||||
| 17,811,371 | ||||||||
| Financials — 32.1% | ||||||||
| Aflac, Inc. | 18,000 | 1,898,280 | ||||||
| Ally Financial, Inc. | 7,300 | 284,335 | ||||||
| American Financial Group, Inc. | 2,400 | 302,904 | ||||||
| American International Group, Inc. | 19,400 | 1,660,446 | ||||||
| Ameriprise Financial, Inc. | 3,140 | 1,675,912 | ||||||
| Apollo Global Management, Inc. | 15,400 | 2,184,798 | ||||||
| Arch Capital Group Ltd. | 10,100 | 919,605 | ||||||
| Assurant, Inc. | 1,700 | 335,733 | ||||||
| Axis Capital Holdings Ltd. | 2,700 | 280,314 | ||||||
| Bank of America Corp. | 198,300 | 9,383,556 | ||||||
| Bank of New York Mellon Corp. | 22,600 | 2,059,086 | ||||||
| Carlyle Group, Inc. | 11,900 | 611,660 | ||||||
| Chubb Ltd. | 13,100 | 3,795,332 | ||||||
| Cincinnati Financial Corp. | 5,100 | 759,492 | ||||||
| Citigroup, Inc. | 48,200 | 4,102,784 | ||||||
| Citizens Financial Group, Inc. | 12,200 | 545,950 | ||||||
| Comerica, Inc. | 2,800 | 167,020 | ||||||
| Commerce Bancshares, Inc. | 3,500 | 217,595 | ||||||
| Corebridge Financial, Inc. | 18,300 | 649,650 | ||||||
| Corpay, Inc. (a) | 2,000 | 663,640 | ||||||
| Cullen/Frost Bankers, Inc. | 1,400 | 179,956 | ||||||
| East West Bancorp, Inc. | 3,600 | 363,528 | ||||||
| Equitable Holdings, Inc. | 11,300 | 633,930 | ||||||
| Everest Group Ltd. | 1,500 | 509,775 | ||||||
| Fidelity National Financial, Inc. | 7,300 | 409,238 | ||||||
| Fifth Third Bancorp | 15,700 | 645,741 | ||||||
| First Citizens BancShares, Inc. Class A | 410 | 802,153 | ||||||
| MassMutual Diversified Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| First Horizon Corp. | 10,400 | $ | 220,480 | |||||
| Goldman Sachs Group, Inc. | 9,650 | 6,829,787 | ||||||
| Hartford Insurance Group, Inc. | 9,300 | 1,179,891 | ||||||
| Huntington Bancshares, Inc. | 39,400 | 660,344 | ||||||
| JP Morgan Chase & Co. | 62,900 | 18,235,339 | ||||||
| Loews Corp. | 7,000 | 641,620 | ||||||
| M&T Bank Corp. | 3,900 | 756,561 | ||||||
| Markel Group, Inc. (a) | 350 | 699,076 | ||||||
| MetLife, Inc. | 23,100 | 1,857,702 | ||||||
| Morgan Stanley | 49,800 | 7,014,828 | ||||||
| Northern Trust Corp. | 6,400 | 811,456 | ||||||
| Old Republic International Corp. | 8,100 | 311,364 | ||||||
| PayPal Holdings, Inc. (a) | 32,500 | 2,415,400 | ||||||
| PNC Financial Services Group, Inc. | 10,800 | 2,013,336 | ||||||
| Primerica, Inc. | 1,100 | 301,037 | ||||||
| Principal Financial Group, Inc. | 7,400 | 587,782 | ||||||
| Progressive Corp. | 14,300 | 3,816,098 | ||||||
| Prudential Financial, Inc. | 10,200 | 1,095,888 | ||||||
| Raymond James Financial, Inc. | 6,700 | 1,027,579 | ||||||
| Regions Financial Corp. | 24,800 | 583,296 | ||||||
| Reinsurance Group of America, Inc. | 1,800 | 357,048 | ||||||
| RenaissanceRe Holdings Ltd. | 1,700 | 412,930 | ||||||
| SEI Investments Co. | 4,300 | 386,398 | ||||||
| State Street Corp. | 9,600 | 1,020,864 | ||||||
| Stifel Financial Corp. | 2,800 | 290,584 | ||||||
| Synchrony Financial | 12,900 | 860,946 | ||||||
| T. Rowe Price Group, Inc. | 6,200 | 598,300 | ||||||
| Travelers Cos., Inc. | 11,700 | 3,130,218 | ||||||
| Truist Financial Corp. | 26,800 | 1,152,132 | ||||||
| Unum Group | 5,500 | 444,180 | ||||||
| US Bancorp | 31,900 | 1,443,475 | ||||||
| Voya Financial, Inc. | 1,500 | 106,500 | ||||||
| W. R. Berkley Corp. | 12,600 | 925,722 | ||||||
| Webster Financial Corp. | 4,800 | 262,080 | ||||||
| Wells Fargo & Co. | 94,400 | 7,563,328 | ||||||
| Willis Towers Watson PLC | 2,900 | 888,850 | ||||||
| Zions Bancorp NA | 2,500 | 129,850 | ||||||
| 107,074,682 | ||||||||
| Health Care — 15.0% | ||||||||
| AbbVie, Inc. | 27,800 | 5,160,236 | ||||||
| Amgen, Inc. | 17,100 | 4,774,491 | ||||||
| Cardinal Health, Inc. | 7,900 | 1,327,200 | ||||||
| Cencora, Inc. | 6,700 | 2,008,995 | ||||||
| Cigna Group | 9,700 | 3,206,626 | ||||||
| CVS Health Corp. | 41,400 | 2,855,772 | ||||||
| DaVita, Inc. (a) | 2,700 | 384,615 | ||||||
| Exelixis, Inc. (a) | 7,000 | 308,525 | ||||||
| Gilead Sciences, Inc. | 38,600 | 4,279,582 | ||||||
| Halozyme Therapeutics, Inc. (a) | 3,900 | 202,878 | ||||||
| HCA Healthcare, Inc. | 10,700 | 4,099,170 | ||||||
| Henry Schein, Inc. (a) | 4,400 | 321,420 | ||||||
| Jazz Pharmaceuticals PLC (a) | 2,100 | 222,852 | ||||||
| Johnson & Johnson | 79,300 | 12,113,075 | ||||||
| Labcorp Holdings, Inc. | 3,200 | 840,032 | ||||||
| Medtronic PLC | 46,700 | 4,070,839 | ||||||
| Molina Healthcare, Inc. (a) | 1,900 | 566,010 | ||||||
| Quest Diagnostics, Inc. | 4,700 | 844,261 | ||||||
| MassMutual Diversified Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Roivant Sciences Ltd. (a) | 24,800 | $ | 279,496 | |||||
| Tenet Healthcare Corp. (a) | 3,400 | 598,400 | ||||||
| United Therapeutics Corp. (a) | 1,500 | 431,025 | ||||||
| Universal Health Services, Inc. Class B | 2,500 | 452,875 | ||||||
| Zimmer Biomet Holdings, Inc. | 7,200 | 656,712 | ||||||
| 50,005,087 | ||||||||
| Industrials — 11.8% | ||||||||
| 3M Co. | 17,800 | 2,709,872 | ||||||
| Acuity, Inc. | 1,000 | 298,340 | ||||||
| AGCO Corp. | 2,700 | 278,532 | ||||||
| Allegion PLC | 3,100 | 446,772 | ||||||
| Allison Transmission Holdings, Inc. | 2,900 | 275,471 | ||||||
| CACI International, Inc. Class A (a) | 800 | 381,360 | ||||||
| Caterpillar, Inc. | 17,100 | 6,638,391 | ||||||
| CNH Industrial NV | 45,600 | 590,976 | ||||||
| CSX Corp. | 68,500 | 2,235,155 | ||||||
| Cummins, Inc. | 4,600 | 1,506,500 | ||||||
| Delta Air Lines, Inc. | 20,200 | 993,436 | ||||||
| Donaldson Co., Inc. | 4,200 | 291,270 | ||||||
| Dover Corp. | 3,200 | 586,336 | ||||||
| EMCOR Group, Inc. | 1,513 | 809,288 | ||||||
| Expeditors International of Washington, Inc. | 5,000 | 571,250 | ||||||
| General Dynamics Corp. | 9,000 | 2,624,940 | ||||||
| Genpact Ltd. | 5,800 | 255,258 | ||||||
| Huntington Ingalls Industries, Inc. | 1,400 | 338,044 | ||||||
| L3Harris Technologies, Inc. | 6,100 | 1,530,124 | ||||||
| Leidos Holdings, Inc. | 4,700 | 741,472 | ||||||
| Lockheed Martin Corp. | 7,720 | 3,575,441 | ||||||
| Masco Corp. | 8,300 | 534,188 | ||||||
| Middleby Corp. (a) | 2,000 | 288,000 | ||||||
| Mueller Industries, Inc. | 4,000 | 317,880 | ||||||
| Norfolk Southern Corp. | 7,600 | 1,945,372 | ||||||
| Oshkosh Corp. | 2,100 | 238,434 | ||||||
| Owens Corning | 3,500 | 481,320 | ||||||
| PACCAR, Inc. | 19,100 | 1,815,646 | ||||||
| Regal Rexnord Corp. | 2,400 | 347,904 | ||||||
| Snap-on, Inc. | 1,900 | 591,242 | ||||||
| Southwest Airlines Co. (b) | 20,800 | 674,752 | ||||||
| Textron, Inc. | 7,500 | 602,175 | ||||||
| U-Haul Holding Co. (UHAL US) (a) (b) | 600 | 36,336 | ||||||
| U-Haul Holding Co. (UHAL/B US) | 6,500 | 353,405 | ||||||
| UFP Industries, Inc. | 2,100 | 208,656 | ||||||
| United Airlines Holdings, Inc. (a) | 11,900 | 947,597 | ||||||
| United Rentals, Inc. | 2,400 | 1,808,160 | ||||||
| WESCO International, Inc. | 1,800 | 333,360 | ||||||
| 39,202,655 | ||||||||
| Information Technology — 5.9% | ||||||||
| Cisco Systems, Inc. | 122,700 | 8,512,926 | ||||||
| Cognizant Technology Solutions Corp. Class A | 18,000 | 1,404,540 | ||||||
| Dell Technologies, Inc. Class C | 12,400 | 1,520,240 | ||||||
| Dropbox, Inc. Class A (a) | 7,500 | 214,500 | ||||||
| Gen Digital, Inc. | 22,600 | 664,440 | ||||||
| NetApp, Inc. | 7,300 | 777,815 | ||||||
| QUALCOMM, Inc. | 40,000 | 6,370,400 | ||||||
| TD SYNNEX Corp. | 2,900 | 393,530 | ||||||
| 19,858,391 | ||||||||
| MassMutual Diversified Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Materials — 3.7% | ||||||||
| Axalta Coating Systems Ltd. (a) | 7,200 | $ | 213,768 | |||||
| CF Industries Holdings, Inc. | 5,900 | 542,800 | ||||||
| Corteva, Inc. | 22,900 | 1,706,737 | ||||||
| CRH PLC | 24,700 | 2,267,460 | ||||||
| Crown Holdings, Inc. | 4,600 | 473,708 | ||||||
| Mosaic Co. | 11,600 | 423,168 | ||||||
| Newmont Corp. (NEM US) | 40,600 | 2,365,356 | ||||||
| Nucor Corp. | 8,400 | 1,088,136 | ||||||
| Packaging Corp. of America | 3,300 | 621,885 | ||||||
| PPG Industries, Inc. | 8,300 | 944,125 | ||||||
| Reliance, Inc. | 2,100 | 659,190 | ||||||
| Steel Dynamics, Inc. | 7,100 | 908,871 | ||||||
| 12,215,204 | ||||||||
| Real Estate — 0.1% | ||||||||
| Jones Lang LaSalle, Inc. (a) | 1,700 | 434,826 | ||||||
| Utilities — 3.3% | ||||||||
| DTE Energy Co. | 7,600 | 1,006,696 | ||||||
| Duke Energy Corp. | 24,300 | 2,867,400 | ||||||
| Evergy, Inc. | 8,400 | 579,012 | ||||||
| FirstEnergy Corp. | 19,400 | 781,044 | ||||||
| National Fuel Gas Co. | 3,300 | 279,543 | ||||||
| NRG Energy, Inc. | 6,700 | 1,075,886 | ||||||
| OGE Energy Corp. | 6,300 | 279,594 | ||||||
| PPL Corp. | 27,000 | 915,030 | ||||||
| Public Service Enterprise Group, Inc. | 17,100 | 1,439,478 | ||||||
| Southern Co. | 15,400 | 1,414,182 | ||||||
| WEC Energy Group, Inc. | 4,500 | 468,900 | ||||||
| 11,106,765 | ||||||||
TOTAL COMMON STOCK (Cost $297,005,755) | 326,181,165 | |||||||
TOTAL EQUITIES (Cost $297,005,755) | 326,181,165 | |||||||
| Exchange-Traded Funds — 1.7% | ||||||||
| iShares Russell 1000 Value ETF (b) | 30,000 | 5,826,900 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,745,219) | 5,826,900 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $302,750,974) | 332,008,065 | |||||||
| Short-Term Investments — 0.5% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 567,147 | 567,147 | ||||||
| MassMutual Diversified Value Fund — Portfolio of Investments (Continued) |
Principal Amount | Value | |||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $ | 890,396 | $ | 890,396 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,457,543) | 1,457,543 | |||||||
TOTAL INVESTMENTS — 100.0% (Cost $304,208,517) (e) | 333,465,608 | |||||||
| Other Assets/(Liabilities) — 0.0% | 23,640 | |||||||
| NET ASSETS — 100.0% | $ | 333,489,248 | ||||||
Abbreviation Legend
| ETF | Exchange-Traded Fund |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $1,418,260 or 0.43% of net assets. The Fund received $884,816 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | Maturity value of $890,464. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $908,260. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MM S&P 500 Index Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 99.5% | ||||||||
| Common Stock — 99.5% | ||||||||
| Communication Services — 9.7% | ||||||||
| Alphabet, Inc. Class A | 245,447 | $ | 43,255,125 | |||||
| Alphabet, Inc. Class C | 197,992 | 35,121,801 | ||||||
| AT&T, Inc. | 303,461 | 8,782,161 | ||||||
| Charter Communications, Inc. Class A (a) | 3,998 | 1,634,422 | ||||||
| Comcast Corp. Class A | 157,064 | 5,605,614 | ||||||
| Electronic Arts, Inc. | 9,675 | 1,545,097 | ||||||
| Fox Corp. Class A | 9,499 | 532,324 | ||||||
| Fox Corp. Class B | 5,669 | 292,690 | ||||||
| Interpublic Group of Cos., Inc. | 16,245 | 397,678 | ||||||
| Live Nation Entertainment, Inc. (a) | 6,497 | 982,866 | ||||||
| Match Group, Inc. | 11,209 | 346,246 | ||||||
| Meta Platforms, Inc. Class A | 91,564 | 67,582,473 | ||||||
| Netflix, Inc. (a) | 17,948 | 24,034,705 | ||||||
| News Corp. Class A | 16,469 | 489,459 | ||||||
| News Corp. Class B | 5,372 | 184,313 | ||||||
| Omnicom Group, Inc. | 7,770 | 558,974 | ||||||
| Paramount Global Class B | 27,083 | 349,371 | ||||||
| T-Mobile US, Inc. | 20,112 | 4,791,885 | ||||||
| Take-Two Interactive Software, Inc. (a) | 7,014 | 1,703,350 | ||||||
| TKO Group Holdings, Inc. | 2,995 | 544,940 | ||||||
| Verizon Communications, Inc. | 177,802 | 7,693,493 | ||||||
| Walt Disney Co. | 75,816 | 9,401,942 | ||||||
| Warner Bros Discovery, Inc. (a) | 92,462 | 1,059,615 | ||||||
| 216,890,544 | ||||||||
| Consumer Discretionary — 10.3% | ||||||||
| Airbnb, Inc. Class A (a) | 18,202 | 2,408,853 | ||||||
| Amazon.com, Inc. (a) | 398,475 | 87,421,430 | ||||||
| Aptiv PLC (a) | 9,312 | 635,265 | ||||||
| AutoZone, Inc. (a) | 714 | 2,650,532 | ||||||
| Best Buy Co., Inc. | 7,812 | 524,420 | ||||||
| Booking Holdings, Inc. | 1,372 | 7,942,837 | ||||||
| Caesars Entertainment, Inc. (a) | 9,568 | 271,636 | ||||||
| CarMax, Inc. (a) | 6,813 | 457,902 | ||||||
| Carnival Corp. (a) | 43,844 | 1,232,893 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 56,406 | 3,167,197 | ||||||
| Darden Restaurants, Inc. | 4,918 | 1,071,976 | ||||||
| Deckers Outdoor Corp. (a) | 6,085 | 627,181 | ||||||
| Domino’s Pizza, Inc. | 1,397 | 629,488 | ||||||
| DoorDash, Inc., Class A (a) | 14,477 | 3,568,725 | ||||||
| DR Horton, Inc. | 11,687 | 1,506,688 | ||||||
| eBay, Inc. | 19,509 | 1,452,640 | ||||||
| Expedia Group, Inc. | 5,140 | 867,015 | ||||||
| Ford Motor Co. | 167,285 | 1,815,042 | ||||||
| Garmin Ltd. | 6,479 | 1,352,297 | ||||||
| General Motors Co. | 39,920 | 1,964,463 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Genuine Parts Co. | 6,117 | $ | 742,053 | |||||
| Hasbro, Inc. | 5,136 | 379,140 | ||||||
| Hilton Worldwide Holdings, Inc. | 9,925 | 2,643,425 | ||||||
| Home Depot, Inc. | 41,917 | 15,368,449 | ||||||
| Las Vegas Sands Corp. | 13,834 | 601,917 | ||||||
| Lennar Corp. Class A | 9,874 | 1,092,163 | ||||||
| LKQ Corp. | 11,305 | 418,398 | ||||||
| Lowe’s Cos., Inc. | 23,605 | 5,237,241 | ||||||
| Lululemon Athletica, Inc. (a) | 4,516 | 1,072,911 | ||||||
| Marriott International, Inc. Class A | 9,658 | 2,638,662 | ||||||
| McDonald’s Corp. | 30,155 | 8,810,386 | ||||||
| MGM Resorts International (a) | 8,202 | 282,067 | ||||||
| Mohawk Industries, Inc. (a) | 2,418 | 253,503 | ||||||
| NIKE, Inc. Class B | 50,215 | 3,567,274 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a) | 18,828 | 381,832 | ||||||
| NVR, Inc. (a) | 125 | 923,208 | ||||||
| O’Reilly Automotive, Inc. (a) | 36,051 | 3,249,277 | ||||||
| Pool Corp. | 1,497 | 436,346 | ||||||
| PulteGroup, Inc. | 8,397 | 885,548 | ||||||
| Ralph Lauren Corp. | 1,791 | 491,236 | ||||||
| Ross Stores, Inc. | 13,747 | 1,753,842 | ||||||
| Royal Caribbean Cruises Ltd. | 10,527 | 3,296,425 | ||||||
| Starbucks Corp. | 47,925 | 4,391,368 | ||||||
| Tapestry, Inc. | 8,487 | 745,243 | ||||||
| Tesla, Inc. (a) | 118,179 | 37,540,741 | ||||||
| TJX Cos., Inc. | 47,086 | 5,814,650 | ||||||
| Tractor Supply Co. | 22,320 | 1,177,826 | ||||||
| Ulta Beauty, Inc. (a) | 1,931 | 903,360 | ||||||
| Williams-Sonoma, Inc. | 5,098 | 832,860 | ||||||
| Wynn Resorts Ltd. | 3,962 | 371,121 | ||||||
| Yum! Brands, Inc. | 11,622 | 1,722,148 | ||||||
| 229,593,100 | ||||||||
| Consumer Staples — 5.5% | ||||||||
| Altria Group, Inc. | 70,928 | 4,158,509 | ||||||
| Archer-Daniels-Midland Co. | 20,077 | 1,059,664 | ||||||
| Brown-Forman Corp. Class B | 8,057 | 216,814 | ||||||
| Bunge Global SA | 5,978 | 479,914 | ||||||
| Campbell’s Co. | 8,698 | 266,594 | ||||||
| Church & Dwight Co., Inc. | 10,161 | 976,574 | ||||||
| Clorox Co. | 5,477 | 657,623 | ||||||
| Coca-Cola Co. | 163,362 | 11,557,861 | ||||||
| Colgate-Palmolive Co. | 33,930 | 3,084,237 | ||||||
| Conagra Brands, Inc. | 21,169 | 433,329 | ||||||
| Constellation Brands, Inc. Class A | 6,519 | 1,060,511 | ||||||
| Costco Wholesale Corp. | 18,711 | 18,522,767 | ||||||
| Dollar General Corp. | 9,160 | 1,047,721 | ||||||
| Dollar Tree, Inc. (a) | 8,349 | 826,885 | ||||||
| Estee Lauder Cos., Inc. Class A | 9,552 | 771,802 | ||||||
| General Mills, Inc. | 23,568 | 1,221,058 | ||||||
| Hershey Co. | 6,196 | 1,028,226 | ||||||
| Hormel Foods Corp. | 12,850 | 388,713 | ||||||
| J.M. Smucker Co. | 4,635 | 455,157 | ||||||
| Kellanova | 11,050 | 878,806 | ||||||
| Kenvue, Inc. | 82,523 | 1,727,206 | ||||||
| Keurig Dr. Pepper, Inc. | 58,022 | 1,918,207 | ||||||
| Kimberly-Clark Corp. | 14,231 | 1,834,661 | ||||||
| Kraft Heinz Co. | 36,575 | 944,366 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Kroger Co. | 26,284 | $ | 1,885,351 | |||||
| Lamb Weston Holdings, Inc. | 6,333 | 328,366 | ||||||
| McCormick & Co., Inc. | 10,204 | 773,667 | ||||||
| Molson Coors Beverage Co. Class B | 7,831 | 376,593 | ||||||
| Mondelez International, Inc. Class A | 54,581 | 3,680,943 | ||||||
| Monster Beverage Corp. (a) | 29,243 | 1,831,782 | ||||||
| PepsiCo, Inc. | 57,823 | 7,634,949 | ||||||
| Philip Morris International, Inc. | 65,643 | 11,955,560 | ||||||
| Procter & Gamble Co. | 98,877 | 15,753,084 | ||||||
| Sysco Corp. | 20,834 | 1,577,967 | ||||||
| Target Corp. | 19,162 | 1,890,331 | ||||||
| Tyson Foods, Inc. Class A | 12,564 | 702,830 | ||||||
| Walgreens Boots Alliance, Inc. | 32,817 | 376,739 | ||||||
| Walmart, Inc. | 182,208 | 17,816,298 | ||||||
| 122,101,665 | ||||||||
| Energy — 3.0% | ||||||||
| APA Corp. | 16,397 | 299,901 | ||||||
| Baker Hughes Co. | 41,927 | 1,607,481 | ||||||
| Chevron Corp. | 68,495 | 9,807,799 | ||||||
| ConocoPhillips | 53,240 | 4,777,758 | ||||||
| Coterra Energy, Inc. | 30,513 | 774,420 | ||||||
| Devon Energy Corp. | 27,392 | 871,340 | ||||||
| Diamondback Energy, Inc. | 7,888 | 1,083,811 | ||||||
| EOG Resources, Inc. | 22,871 | 2,735,600 | ||||||
| EQT Corp. | 25,312 | 1,476,196 | ||||||
| Expand Energy Corp. | 8,830 | 1,032,580 | ||||||
| Exxon Mobil Corp. | 181,766 | 19,594,375 | ||||||
| Halliburton Co. | 35,918 | 732,009 | ||||||
| Hess Corp. | 11,805 | 1,635,465 | ||||||
| Kinder Morgan, Inc. | 81,192 | 2,387,045 | ||||||
| Marathon Petroleum Corp. | 13,181 | 2,189,496 | ||||||
| Occidental Petroleum Corp. | 28,696 | 1,205,519 | ||||||
| ONEOK, Inc. | 26,086 | 2,129,400 | ||||||
| Phillips 66 | 17,165 | 2,047,785 | ||||||
| Schlumberger NV | 58,359 | 1,972,534 | ||||||
| Targa Resources Corp. | 9,309 | 1,620,511 | ||||||
| Texas Pacific Land Corp. | 796 | 840,886 | ||||||
| Valero Energy Corp. | 13,070 | 1,756,869 | ||||||
| Williams Cos., Inc. | 52,041 | 3,268,695 | ||||||
| 65,847,475 | ||||||||
| Financials — 14.0% | ||||||||
| Aflac, Inc. | 20,631 | 2,175,745 | ||||||
| Allstate Corp. | 11,065 | 2,227,495 | ||||||
| American Express Co. | 23,341 | 7,445,312 | ||||||
| American International Group, Inc. | 24,728 | 2,116,470 | ||||||
| Ameriprise Financial, Inc. | 4,014 | 2,142,392 | ||||||
| Aon PLC Class A | 9,056 | 3,230,819 | ||||||
| Apollo Global Management, Inc. | 19,012 | 2,697,232 | ||||||
| Arch Capital Group Ltd. | 16,103 | 1,466,178 | ||||||
| Arthur J Gallagher & Co. | 10,717 | 3,430,726 | ||||||
| Assurant, Inc. | 1,976 | 390,240 | ||||||
| Bank of America Corp. | 276,349 | 13,076,835 | ||||||
| Bank of New York Mellon Corp. | 30,578 | 2,785,962 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 77,334 | 37,566,537 | ||||||
| Blackrock, Inc. | 6,142 | 6,444,494 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Blackstone, Inc. | 30,711 | $ | 4,593,751 | |||||
| Brown & Brown, Inc. | 11,739 | 1,301,503 | ||||||
| Capital One Financial Corp. | 26,975 | 5,739,201 | ||||||
| Cboe Global Markets, Inc. | 4,361 | 1,017,029 | ||||||
| Charles Schwab Corp. | 72,030 | 6,572,017 | ||||||
| Chubb Ltd. | 15,717 | 4,553,529 | ||||||
| Cincinnati Financial Corp. | 6,590 | 981,383 | ||||||
| Citigroup, Inc. | 78,769 | 6,704,817 | ||||||
| Citizens Financial Group, Inc. | 17,884 | 800,309 | ||||||
| CME Group, Inc. | 15,197 | 4,188,597 | ||||||
| Coinbase Global, Inc. Class A (a) | 8,916 | 3,124,969 | ||||||
| Corpay, Inc. (a) | 2,930 | 972,233 | ||||||
| Erie Indemnity Co. Class A | 1,091 | 378,348 | ||||||
| Everest Group Ltd. | 1,730 | 587,941 | ||||||
| FactSet Research Systems, Inc. | 1,540 | 688,811 | ||||||
| Fidelity National Information Services, Inc. | 22,052 | 1,795,253 | ||||||
| Fifth Third Bancorp | 27,945 | 1,149,378 | ||||||
| Fiserv, Inc. (a) | 23,382 | 4,031,291 | ||||||
| Franklin Resources, Inc. | 13,652 | 325,600 | ||||||
| Global Payments, Inc. | 10,228 | 818,649 | ||||||
| Globe Life, Inc. | 3,266 | 405,931 | ||||||
| Goldman Sachs Group, Inc. | 12,940 | 9,158,285 | ||||||
| Hartford Insurance Group, Inc. | 11,828 | 1,500,618 | ||||||
| Huntington Bancshares, Inc. | 60,432 | 1,012,840 | ||||||
| Intercontinental Exchange, Inc. | 24,192 | 4,438,506 | ||||||
| Invesco Ltd. | 19,071 | 300,750 | ||||||
| Jack Henry & Associates, Inc. | 3,268 | 588,796 | ||||||
| JP Morgan Chase & Co. | 117,203 | 33,978,322 | ||||||
| KeyCorp. | 40,455 | 704,726 | ||||||
| KKR & Co., Inc. | 28,447 | 3,784,304 | ||||||
| Loews Corp. | 7,090 | 649,869 | ||||||
| M&T Bank Corp. | 6,641 | 1,288,288 | ||||||
| MarketAxess Holdings, Inc. | 1,627 | 363,374 | ||||||
| Marsh & McLennan Cos., Inc. | 20,780 | 4,543,339 | ||||||
| Mastercard, Inc. Class A | 34,208 | 19,222,844 | ||||||
| MetLife, Inc. | 24,174 | 1,944,073 | ||||||
| Moody’s Corp. | 6,593 | 3,306,983 | ||||||
| Morgan Stanley | 52,097 | 7,338,383 | ||||||
| MSCI, Inc. | 3,246 | 1,872,098 | ||||||
| Nasdaq, Inc. | 17,727 | 1,585,148 | ||||||
| Northern Trust Corp. | 8,031 | 1,018,250 | ||||||
| PayPal Holdings, Inc. (a) | 40,830 | 3,034,486 | ||||||
| PNC Financial Services Group, Inc. | 16,548 | 3,084,878 | ||||||
| Principal Financial Group, Inc. | 8,423 | 669,039 | ||||||
| Progressive Corp. | 24,723 | 6,597,580 | ||||||
| Prudential Financial, Inc. | 15,193 | 1,632,336 | ||||||
| Raymond James Financial, Inc. | 7,821 | 1,199,507 | ||||||
| Regions Financial Corp. | 37,049 | 871,392 | ||||||
| S&P Global, Inc. | 13,238 | 6,980,265 | ||||||
| State Street Corp. | 12,232 | 1,300,751 | ||||||
| Synchrony Financial | 16,341 | 1,090,598 | ||||||
| T. Rowe Price Group, Inc. | 9,118 | 879,887 | ||||||
| Travelers Cos., Inc. | 9,631 | 2,576,678 | ||||||
| Truist Financial Corp. | 55,049 | 2,366,557 | ||||||
| US Bancorp | 65,707 | 2,973,242 | ||||||
| Visa, Inc. Class A | 72,158 | 25,619,698 | ||||||
| W. R. Berkley Corp. | 12,501 | 918,448 | ||||||
| Wells Fargo & Co. | 137,239 | 10,995,589 | ||||||
| Willis Towers Watson PLC | 4,216 | 1,292,204 | ||||||
| 310,609,908 | ||||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Health Care — 9.3% | ||||||||
| Abbott Laboratories | 73,374 | 9,979,598 | ||||||
| AbbVie, Inc. | 74,495 | 13,827,762 | ||||||
| Agilent Technologies, Inc. | 12,064 | 1,423,673 | ||||||
| Align Technology, Inc. (a) | 2,825 | 534,857 | ||||||
| Amgen, Inc. | 22,677 | 6,331,645 | ||||||
| Baxter International, Inc. | 20,851 | 631,368 | ||||||
| Becton Dickinson & Co. | 11,942 | 2,057,010 | ||||||
| Bio-Techne Corp. | 7,070 | 363,752 | ||||||
| Biogen, Inc. (a) | 6,032 | 757,559 | ||||||
| Boston Scientific Corp. (a) | 62,393 | 6,701,632 | ||||||
| Bristol-Myers Squibb Co. | 85,826 | 3,972,886 | ||||||
| Cardinal Health, Inc. | 9,902 | 1,663,536 | ||||||
| Cencora, Inc. | 7,241 | 2,171,214 | ||||||
| Centene Corp. (a) | 21,136 | 1,147,262 | ||||||
| Charles River Laboratories International, Inc. (a) | 1,931 | 292,991 | ||||||
| Cigna Group | 11,259 | 3,722,000 | ||||||
| Cooper Cos., Inc. (a) | 8,737 | 621,725 | ||||||
| CVS Health Corp. | 53,086 | 3,661,872 | ||||||
| Danaher Corp. | 26,862 | 5,306,319 | ||||||
| DaVita, Inc. (a) | 1,906 | 271,510 | ||||||
| Dexcom, Inc. (a) | 16,732 | 1,460,536 | ||||||
| Edwards Lifesciences Corp. (a) | 24,654 | 1,928,189 | ||||||
| Elevance Health, Inc. | 9,520 | 3,702,899 | ||||||
| Eli Lilly & Co. | 33,174 | 25,860,128 | ||||||
| GE HealthCare Technologies, Inc. (a) | 19,437 | 1,439,699 | ||||||
| Gilead Sciences, Inc. | 52,460 | 5,816,240 | ||||||
| HCA Healthcare, Inc. | 7,257 | 2,780,157 | ||||||
| Henry Schein, Inc. (a) | 4,797 | 350,421 | ||||||
| Hologic, Inc. (a) | 9,942 | 647,821 | ||||||
| Humana, Inc. | 5,089 | 1,244,159 | ||||||
| IDEXX Laboratories, Inc. (a) | 3,376 | 1,810,684 | ||||||
| Incyte Corp. (a) | 6,956 | 473,704 | ||||||
| Insulet Corp. (a) | 2,922 | 918,034 | ||||||
| Intuitive Surgical, Inc. (a) | 15,116 | 8,214,186 | ||||||
| IQVIA Holdings, Inc. (a) | 7,027 | 1,107,385 | ||||||
| Johnson & Johnson | 101,472 | 15,499,848 | ||||||
| Labcorp Holdings, Inc. | 3,493 | 916,947 | ||||||
| McKesson Corp. | 5,276 | 3,866,147 | ||||||
| Medtronic PLC | 53,951 | 4,702,909 | ||||||
| Merck & Co., Inc. | 105,898 | 8,382,886 | ||||||
| Mettler-Toledo International, Inc. (a) | 879 | 1,032,579 | ||||||
| Moderna, Inc. (a) | 15,146 | 417,878 | ||||||
| Molina Healthcare, Inc. (a) | 2,256 | 672,062 | ||||||
| Pfizer, Inc. | 239,769 | 5,812,001 | ||||||
| Quest Diagnostics, Inc. | 4,891 | 878,570 | ||||||
| Regeneron Pharmaceuticals, Inc. | 4,329 | 2,272,725 | ||||||
| ResMed, Inc. | 6,280 | 1,620,240 | ||||||
| Revvity, Inc. | 4,686 | 453,230 | ||||||
| Solventum Corp. (a) | 6,167 | 467,705 | ||||||
| STERIS PLC | 4,147 | 996,192 | ||||||
| Stryker Corp. | 14,505 | 5,738,613 | ||||||
| Thermo Fisher Scientific, Inc. | 15,920 | 6,454,923 | ||||||
| UnitedHealth Group, Inc. | 38,257 | 11,935,036 | ||||||
| Universal Health Services, Inc. Class B | 2,595 | 470,084 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Vertex Pharmaceuticals, Inc. (a) | 10,814 | $ | 4,814,393 | |||||
| Viatris, Inc. | 51,733 | 461,976 | ||||||
| Waters Corp. (a) | 2,453 | 856,195 | ||||||
| West Pharmaceutical Services, Inc. | 2,893 | 632,988 | ||||||
| Zimmer Biomet Holdings, Inc. | 8,067 | 735,791 | ||||||
| Zoetis, Inc. | 18,633 | 2,905,816 | ||||||
| 206,192,147 | ||||||||
| Industrials — 8.5% | ||||||||
| 3M Co. | 22,697 | 3,455,391 | ||||||
| A.O. Smith Corp. | 5,105 | 334,735 | ||||||
| Allegion PLC | 3,781 | 544,918 | ||||||
| AMETEK, Inc. | 9,835 | 1,779,742 | ||||||
| Automatic Data Processing, Inc. | 17,119 | 5,279,500 | ||||||
| Axon Enterprise, Inc. (a) | 3,129 | 2,590,624 | ||||||
| Boeing Co. (a) | 31,799 | 6,662,844 | ||||||
| Broadridge Financial Solutions, Inc. | 4,949 | 1,202,755 | ||||||
| Builders FirstSource, Inc. (a) | 4,451 | 519,387 | ||||||
| C.H. Robinson Worldwide, Inc. | 5,288 | 507,384 | ||||||
| Carrier Global Corp. | 33,435 | 2,447,108 | ||||||
| Caterpillar, Inc. | 19,835 | 7,700,145 | ||||||
| Cintas Corp. | 14,475 | 3,226,043 | ||||||
| Copart, Inc. (a) | 37,829 | 1,856,269 | ||||||
| CSX Corp. | 78,593 | 2,564,490 | ||||||
| Cummins, Inc. | 5,924 | 1,940,110 | ||||||
| Dayforce, Inc. (a) | 6,842 | 378,978 | ||||||
| Deere & Co. | 10,645 | 5,412,876 | ||||||
| Delta Air Lines, Inc. | 27,270 | 1,341,139 | ||||||
| Dover Corp. | 5,656 | 1,036,349 | ||||||
| Eaton Corp. PLC | 16,502 | 5,891,049 | ||||||
| Emerson Electric Co. | 23,574 | 3,143,121 | ||||||
| Equifax, Inc. | 5,250 | 1,361,693 | ||||||
| Expeditors International of Washington, Inc. | 5,783 | 660,708 | ||||||
| Fastenal Co. | 49,080 | 2,061,360 | ||||||
| FedEx Corp. | 9,236 | 2,099,435 | ||||||
| Fortive Corp. | 14,253 | 743,009 | ||||||
| GE Vernova, Inc. | 11,511 | 6,091,046 | ||||||
| Generac Holdings, Inc. (a) | 2,559 | 366,474 | ||||||
| General Dynamics Corp. | 10,624 | 3,098,596 | ||||||
| General Electric Co. | 44,973 | 11,575,600 | ||||||
| Honeywell International, Inc. | 27,104 | 6,311,980 | ||||||
| Howmet Aerospace, Inc. | 17,217 | 3,204,600 | ||||||
| Hubbell, Inc. | 2,211 | 902,995 | ||||||
| Huntington Ingalls Industries, Inc. | 1,789 | 431,972 | ||||||
| IDEX Corp. | 3,030 | 531,977 | ||||||
| Illinois Tool Works, Inc. | 11,140 | 2,754,365 | ||||||
| Ingersoll Rand, Inc. | 17,235 | 1,433,607 | ||||||
| Jacobs Solutions, Inc. | 4,947 | 650,283 | ||||||
| JB Hunt Transport Services, Inc. | 3,523 | 505,903 | ||||||
| Johnson Controls International PLC | 27,559 | 2,910,782 | ||||||
| L3Harris Technologies, Inc. | 7,808 | 1,958,559 | ||||||
| Leidos Holdings, Inc. | 5,419 | 854,901 | ||||||
| Lennox International, Inc. | 1,292 | 740,626 | ||||||
| Lockheed Martin Corp. | 8,794 | 4,072,853 | ||||||
| Masco Corp. | 9,406 | 605,370 | ||||||
| Nordson Corp. | 2,436 | 522,205 | ||||||
| Norfolk Southern Corp. | 9,481 | 2,426,852 | ||||||
| Northrop Grumman Corp. | 5,678 | 2,838,886 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Old Dominion Freight Line, Inc. | 7,858 | $ | 1,275,353 | |||||
| Otis Worldwide Corp. | 16,402 | 1,624,126 | ||||||
| PACCAR, Inc. | 21,959 | 2,087,423 | ||||||
| Parker-Hannifin Corp. | 5,389 | 3,764,055 | ||||||
| Paychex, Inc. | 13,451 | 1,956,582 | ||||||
| Paycom Software, Inc. | 2,105 | 487,097 | ||||||
| Pentair PLC | 6,812 | 699,320 | ||||||
| Quanta Services, Inc. | 6,241 | 2,359,597 | ||||||
| Republic Services, Inc. | 8,473 | 2,089,527 | ||||||
| Rockwell Automation, Inc. | 4,788 | 1,590,430 | ||||||
| Rollins, Inc. | 12,242 | 690,694 | ||||||
| RTX Corp. | 56,341 | 8,226,913 | ||||||
| Snap-on, Inc. | 2,117 | 658,768 | ||||||
| Southwest Airlines Co. (b) | 24,576 | 797,245 | ||||||
| Stanley Black & Decker, Inc. | 7,028 | 476,147 | ||||||
| Textron, Inc. | 7,210 | 578,891 | ||||||
| Trane Technologies PLC | 9,405 | 4,113,841 | ||||||
| TransDigm Group, Inc. | 2,353 | 3,578,066 | ||||||
| Uber Technologies, Inc. (a) | 88,191 | 8,228,220 | ||||||
| Union Pacific Corp. | 25,197 | 5,797,326 | ||||||
| United Airlines Holdings, Inc. (a) | 13,815 | 1,100,088 | ||||||
| United Parcel Service, Inc. Class B | 30,657 | 3,094,518 | ||||||
| United Rentals, Inc. | 2,731 | 2,057,535 | ||||||
| Veralto Corp. | 10,299 | 1,039,684 | ||||||
| Verisk Analytics, Inc. | 5,833 | 1,816,980 | ||||||
| W.W. Grainger, Inc. | 1,844 | 1,918,203 | ||||||
| Waste Management, Inc. | 15,425 | 3,529,548 | ||||||
| Westinghouse Air Brake Technologies Corp. | 7,254 | 1,518,625 | ||||||
| Xylem, Inc. | 10,243 | 1,325,034 | ||||||
| 190,011,430 | ||||||||
| Information Technology — 32.9% | ||||||||
| Accenture PLC Class A | 26,401 | 7,890,995 | ||||||
| Adobe, Inc. (a) | 17,974 | 6,953,781 | ||||||
| Advanced Micro Devices, Inc. (a) | 68,380 | 9,703,122 | ||||||
| Akamai Technologies, Inc. (a) | 6,002 | 478,719 | ||||||
| Amphenol Corp. Class A | 51,013 | 5,037,534 | ||||||
| Analog Devices, Inc. | 20,906 | 4,976,046 | ||||||
| ANSYS, Inc. (a) | 3,727 | 1,308,997 | ||||||
| Apple, Inc. | 629,890 | 129,234,531 | ||||||
| Applied Materials, Inc. | 34,263 | 6,272,527 | ||||||
| Arista Networks, Inc. (a) | 43,432 | 4,443,528 | ||||||
| Autodesk, Inc. (a) | 9,129 | 2,826,065 | ||||||
| Broadcom, Inc. | 198,296 | 54,660,292 | ||||||
| Cadence Design Systems, Inc. (a) | 11,515 | 3,548,347 | ||||||
| CDW Corp. | 5,619 | 1,003,497 | ||||||
| Cisco Systems, Inc. | 167,777 | 11,640,368 | ||||||
| Cognizant Technology Solutions Corp. Class A | 20,989 | 1,637,772 | ||||||
| Corning, Inc. | 33,168 | 1,744,305 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 10,504 | 5,349,792 | ||||||
| Dell Technologies, Inc. Class C | 12,729 | 1,560,575 | ||||||
| Enphase Energy, Inc. (a) | 6,012 | 238,376 | ||||||
| EPAM Systems, Inc. (a) | 2,209 | 390,595 | ||||||
| F5, Inc. (a) | 2,322 | 683,411 | ||||||
| Fair Isaac Corp. (a) | 1,023 | 1,870,003 | ||||||
| First Solar, Inc. (a) | 4,684 | 775,389 | ||||||
| Fortinet, Inc. (a) | 26,549 | 2,806,760 | ||||||
| Gartner, Inc. (a) | 3,274 | 1,323,416 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Gen Digital, Inc. | 23,874 | $ | 701,896 | |||||
| GoDaddy, Inc. Class A (a) | 5,950 | 1,071,357 | ||||||
| Hewlett Packard Enterprise Co. | 55,529 | 1,135,568 | ||||||
| HP, Inc. | 39,618 | 969,056 | ||||||
| Intel Corp. | 183,262 | 4,105,069 | ||||||
| International Business Machines Corp. | 39,196 | 11,554,197 | ||||||
| Intuit, Inc. | 11,790 | 9,286,158 | ||||||
| Jabil, Inc. | 4,528 | 987,557 | ||||||
| Juniper Networks, Inc. | 13,229 | 528,234 | ||||||
| Keysight Technologies, Inc. (a) | 7,345 | 1,203,552 | ||||||
| KLA Corp. | 5,577 | 4,995,542 | ||||||
| Lam Research Corp. | 53,944 | 5,250,909 | ||||||
| Microchip Technology, Inc. | 22,808 | 1,604,999 | ||||||
| Micron Technology, Inc. | 47,131 | 5,808,896 | ||||||
| Microsoft Corp. | 313,453 | 155,914,657 | ||||||
| Monolithic Power Systems, Inc. | 2,039 | 1,491,284 | ||||||
| Motorola Solutions, Inc. | 7,110 | 2,989,471 | ||||||
| NetApp, Inc. | 8,440 | 899,282 | ||||||
| NVIDIA Corp. | 1,028,498 | 162,492,399 | ||||||
| NXP Semiconductors NV | 10,654 | 2,327,792 | ||||||
| ON Semiconductor Corp. (a) | 17,518 | 918,118 | ||||||
| Oracle Corp. | 68,593 | 14,996,488 | ||||||
| Palantir Technologies, Inc. Class A (a) | 89,708 | 12,228,995 | ||||||
| Palo Alto Networks, Inc. (a) | 27,923 | 5,714,163 | ||||||
| PTC, Inc. (a) | 4,905 | 845,328 | ||||||
| QUALCOMM, Inc. | 46,272 | 7,369,279 | ||||||
| Ralliant Corp. (a) | 4,751 | 230,376 | ||||||
| Roper Technologies, Inc. | 4,534 | 2,570,053 | ||||||
| Salesforce, Inc. | 40,464 | 11,034,128 | ||||||
| Seagate Technology Holdings PLC | 8,890 | 1,283,094 | ||||||
| ServiceNow, Inc. (a) | 8,730 | 8,975,138 | ||||||
| Skyworks Solutions, Inc. | 6,350 | 473,202 | ||||||
| Super Micro Computer, Inc. (a) (b) | 22,308 | 1,093,315 | ||||||
| Synopsys, Inc. (a) | 6,592 | 3,379,587 | ||||||
| TE Connectivity PLC | 12,367 | 2,085,942 | ||||||
| Teledyne Technologies, Inc. (a) | 1,961 | 1,004,640 | ||||||
| Teradyne, Inc. | 6,594 | 592,932 | ||||||
| Texas Instruments, Inc. | 38,313 | 7,954,545 | ||||||
| Trimble, Inc. (a) | 10,146 | 770,893 | ||||||
| Tyler Technologies, Inc. (a) | 1,778 | 1,054,069 | ||||||
| VeriSign, Inc. | 3,405 | 983,364 | ||||||
| Western Digital Corp. | 14,198 | 908,530 | ||||||
| Workday, Inc. Class A (a) | 9,263 | 2,223,120 | ||||||
| Zebra Technologies Corp. Class A (a) | 2,128 | 656,190 | ||||||
| 733,022,107 | ||||||||
| Materials — 1.9% | ||||||||
| Air Products & Chemicals, Inc. | 9,472 | 2,671,672 | ||||||
| Albemarle Corp. (b) | 5,237 | 328,203 | ||||||
| Amcor PLC | 96,160 | 883,711 | ||||||
| Avery Dennison Corp. | 3,196 | 560,802 | ||||||
| Ball Corp. | 11,903 | 667,639 | ||||||
| CF Industries Holdings, Inc. | 7,123 | 655,316 | ||||||
| Corteva, Inc. | 28,467 | 2,121,646 | ||||||
| Dow, Inc. | 29,203 | 773,296 | ||||||
| DuPont de Nemours, Inc. | 17,410 | 1,194,152 | ||||||
| Eastman Chemical Co. | 5,241 | 391,293 | ||||||
| Ecolab, Inc. | 10,764 | 2,900,252 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Freeport-McMoRan, Inc. | 60,343 | $ | 2,615,869 | |||||
| International Flavors & Fragrances, Inc. | 10,609 | 780,292 | ||||||
| International Paper Co. | 22,041 | 1,032,180 | ||||||
| Linde PLC (LIN US) | 19,852 | 9,314,161 | ||||||
| LyondellBasell Industries NV Class A | 10,313 | 596,710 | ||||||
| Martin Marietta Materials, Inc. | 2,483 | 1,363,068 | ||||||
| Mosaic Co. | 14,105 | 514,550 | ||||||
| Newmont Corp. (NEM US) | 46,589 | 2,714,275 | ||||||
| Nucor Corp. | 9,959 | 1,290,089 | ||||||
| Packaging Corp. of America | 3,917 | 738,159 | ||||||
| PPG Industries, Inc. | 9,787 | 1,113,271 | ||||||
| Sherwin-Williams Co. | 9,719 | 3,337,116 | ||||||
| Smurfit WestRock PLC | 20,435 | 881,770 | ||||||
| Steel Dynamics, Inc. | 5,891 | 754,107 | ||||||
| Vulcan Materials Co. | 5,643 | 1,471,807 | ||||||
| 41,665,406 | ||||||||
| Real Estate — 2.0% | ||||||||
| Alexandria Real Estate Equities, Inc. | 6,851 | 497,588 | ||||||
| American Tower Corp. | 19,743 | 4,363,598 | ||||||
| AvalonBay Communities, Inc. | 6,079 | 1,237,076 | ||||||
| BXP, Inc. | 6,480 | 437,206 | ||||||
| Camden Property Trust | 4,803 | 541,250 | ||||||
| CBRE Group, Inc. Class A (a) | 12,646 | 1,771,958 | ||||||
| CoStar Group, Inc. (a) | 17,812 | 1,432,085 | ||||||
| Crown Castle, Inc. | 18,549 | 1,905,539 | ||||||
| Digital Realty Trust, Inc. | 13,351 | 2,327,480 | ||||||
| Equinix, Inc. | 4,169 | 3,316,314 | ||||||
| Equity Residential | 14,010 | 945,535 | ||||||
| Essex Property Trust, Inc. | 2,836 | 803,722 | ||||||
| Extra Space Storage, Inc. | 9,044 | 1,333,447 | ||||||
| Federal Realty Investment Trust | 3,517 | 334,080 | ||||||
| Healthpeak Properties, Inc. | 31,068 | 544,001 | ||||||
| Host Hotels & Resorts, Inc. | 27,517 | 422,661 | ||||||
| Invitation Homes, Inc. | 23,548 | 772,374 | ||||||
| Iron Mountain, Inc. | 12,487 | 1,280,792 | ||||||
| Kimco Realty Corp. | 29,786 | 626,102 | ||||||
| Mid-America Apartment Communities, Inc. | 4,806 | 711,336 | ||||||
| Prologis, Inc. | 39,134 | 4,113,766 | ||||||
| Public Storage | 6,617 | 1,941,560 | ||||||
| Realty Income Corp. | 37,507 | 2,160,778 | ||||||
| Regency Centers Corp. | 7,317 | 521,190 | ||||||
| SBA Communications Corp. | 4,473 | 1,050,439 | ||||||
| Simon Property Group, Inc. | 12,807 | 2,058,853 | ||||||
| UDR, Inc. | 11,993 | 489,674 | ||||||
| Ventas, Inc. | 18,568 | 1,172,569 | ||||||
| VICI Properties, Inc. | 44,596 | 1,453,830 | ||||||
| Welltower, Inc. | 26,201 | 4,027,880 | ||||||
| Weyerhaeuser Co. | 30,224 | 776,455 | ||||||
| 45,371,138 | ||||||||
| Utilities — 2.4% | ||||||||
| AES Corp. | 31,199 | 328,213 | ||||||
| Alliant Energy Corp. | 11,340 | 685,730 | ||||||
| Ameren Corp. | 11,174 | 1,073,151 | ||||||
| American Electric Power Co., Inc. | 22,521 | 2,336,779 | ||||||
| American Water Works Co., Inc. | 8,282 | 1,152,109 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Atmos Energy Corp. (b) | 6,577 | $ | 1,013,581 | |||||
| CenterPoint Energy, Inc. | 27,072 | 994,625 | ||||||
| CMS Energy Corp. | 12,442 | 861,982 | ||||||
| Consolidated Edison, Inc. | 14,924 | 1,497,623 | ||||||
| Constellation Energy Corp. | 13,218 | 4,266,242 | ||||||
| Dominion Energy, Inc. | 36,151 | 2,043,255 | ||||||
| DTE Energy Co. | 8,702 | 1,152,667 | ||||||
| Duke Energy Corp. | 32,779 | 3,867,922 | ||||||
| Edison International | 15,842 | 817,447 | ||||||
| Entergy Corp. | 18,482 | 1,536,224 | ||||||
| Evergy, Inc. | 9,303 | 641,256 | ||||||
| Eversource Energy | 15,112 | 961,425 | ||||||
| Exelon Corp. | 42,979 | 1,866,148 | ||||||
| FirstEnergy Corp. | 21,138 | 851,016 | ||||||
| NextEra Energy, Inc. | 86,819 | 6,026,975 | ||||||
| NiSource, Inc. | 19,426 | 783,645 | ||||||
| NRG Energy, Inc. | 8,136 | 1,306,479 | ||||||
| PG&E Corp. | 93,241 | 1,299,780 | ||||||
| Pinnacle West Capital Corp. | 4,910 | 439,298 | ||||||
| PPL Corp. | 30,937 | 1,048,455 | ||||||
| Public Service Enterprise Group, Inc. | 21,245 | 1,788,404 | ||||||
| Sempra | 27,218 | 2,062,308 | ||||||
| Southern Co. | 46,351 | 4,256,412 | ||||||
| Vistra Corp. | 14,394 | 2,789,701 | ||||||
| WEC Energy Group, Inc. | 13,586 | 1,415,661 | ||||||
| Xcel Energy, Inc. | 24,821 | 1,690,310 | ||||||
| 52,854,823 | ||||||||
TOTAL COMMON STOCK (Cost $1,035,955,851) | 2,214,159,743 | |||||||
TOTAL EQUITIES (Cost $1,035,955,851) | 2,214,159,743 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $1,035,955,851) | 2,214,159,743 | |||||||
| Short-Term Investments — 0.1% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 331,776 | 331,776 | ||||||
Principal Amount |
||||||||
| U.S. Treasury Bills — 0.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.110% 9/11/25 (d) (e) | $ | 5,000 | 4,958 | |||||
| 4.173% 9/11/25 (d) (e) | 425,000 | 421,398 | ||||||
| 4.191% 9/11/25 (d) (e) | 150,000 | 148,729 | ||||||
| 4.213% 9/11/25 (d) (e) | 300,000 | 297,458 | ||||||
| 4.213% 9/11/25 (d) (e) | 430,000 | 426,356 | ||||||
| 4.220% 9/11/25 (d) (e) | 60,000 | 59,491 | ||||||
| 4.222% 9/11/25 (d) (e) | 15,000 | 14,873 | ||||||
| 4.227% 9/11/25 (d) (e) | 5,000 | 4,958 | ||||||
| 4.235% 9/11/25 (d) (e) | 6,000 | 5,949 | ||||||
| 4.249% 9/11/25 (d) (e) | 35,000 | 34,703 | ||||||
| MM S&P 500 Index Fund — Portfolio of Investments (Continued) |
Principal Amount |
Value | |||||||
| 4.258% 9/11/25 (d) (e) | $ | 117,000 | $ | 116,008 | ||||
| 1,534,881 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,867,163) |
1,866,657 | |||||||
TOTAL INVESTMENTS — 99.6% (Cost $1,037,823,014) (f) |
2,216,026,400 | |||||||
| Other Assets/(Liabilities) — 0.4% | 8,886,250 | |||||||
| NET ASSETS — 100.0% | $ | 2,224,912,650 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $3,199,894 or 0.14% of net assets. The Fund received $2,907,806 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | The rate shown represents yield-to-maturity. |
| (e) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| S&P 500 E Mini Index | 9/19/25 | 57 | $ | 17,319,722 | $ | 503,466 | ||||||||
| MassMutual Equity Opportunities Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 98.9% | ||||||||
| Common Stock — 98.7% | ||||||||
| Communication Services — 3.2% | ||||||||
| Alphabet, Inc. Class A | 58,544 | $ | 10,317,209 | |||||
| Walt Disney Co. | 12,400 | 1,537,724 | ||||||
| 11,854,933 | ||||||||
| Consumer Discretionary — 7.8% | ||||||||
| Home Depot, Inc. | 5,620 | 2,060,517 | ||||||
| Las Vegas Sands Corp. | 56,100 | 2,440,911 | ||||||
| McDonald’s Corp. | 40,527 | 11,840,774 | ||||||
| TJX Cos., Inc. | 104,213 | 12,869,263 | ||||||
| 29,211,465 | ||||||||
| Consumer Staples — 8.7% | ||||||||
| Coca-Cola Co. | 163,319 | 11,554,819 | ||||||
| Colgate-Palmolive Co. | 17,100 | 1,554,390 | ||||||
| Kenvue, Inc. | 166,500 | 3,484,845 | ||||||
| Kimberly-Clark Corp. | 30,000 | 3,867,600 | ||||||
| Philip Morris International, Inc. | 10,700 | 1,948,791 | ||||||
| Procter & Gamble Co. | 64,260 | 10,237,903 | ||||||
| 32,648,348 | ||||||||
| Energy — 2.6% | ||||||||
| ConocoPhillips | 55,600 | 4,989,544 | ||||||
| TotalEnergies SE | 60,700 | 3,733,496 | ||||||
| TotalEnergies SE Sponsored ADR | 19,100 | 1,172,549 | ||||||
| 9,895,589 | ||||||||
| Financials — 24.1% | ||||||||
| American Express Co. | 33,671 | 10,740,376 | ||||||
| Charles Schwab Corp. | 41,200 | 3,759,088 | ||||||
| Chubb Ltd. | 46,991 | 13,614,232 | ||||||
| Citigroup, Inc. | 33,000 | 2,808,960 | ||||||
| Fifth Third Bancorp | 94,500 | 3,886,785 | ||||||
| Marsh & McLennan Cos., Inc. | 53,248 | 11,642,143 | ||||||
| Mastercard, Inc. Class A | 20,936 | 11,764,776 | ||||||
| MetLife, Inc. | 69,900 | 5,621,358 | ||||||
| S&P Global, Inc. | 21,091 | 11,121,073 | ||||||
| US Bancorp | 37,500 | 1,696,875 | ||||||
| Visa, Inc. Class A | 26,494 | 9,406,695 | ||||||
| Wells Fargo & Co. | 56,300 | 4,510,756 | ||||||
| 90,573,117 | ||||||||
| MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Health Care — 12.4% | ||||||||
| Becton Dickinson & Co. | 17,500 | $ | 3,014,375 | |||||
| Danaher Corp. | 51,274 | 10,128,666 | ||||||
| Elevance Health, Inc. | 11,200 | 4,356,352 | ||||||
| Eli Lilly & Co. | 10,433 | 8,132,836 | ||||||
| Sanofi SA ADR | 69,200 | 3,343,052 | ||||||
| Stryker Corp. | 24,003 | 9,496,307 | ||||||
| Viatris, Inc. | 158,900 | 1,418,977 | ||||||
| Zimmer Biomet Holdings, Inc. | 33,800 | 3,082,898 | ||||||
| Zoetis, Inc. | 24,150 | 3,766,193 | ||||||
| 46,739,656 | ||||||||
| Industrials — 10.9% | ||||||||
| Boeing Co. (a) | 15,900 | 3,331,527 | ||||||
| CSX Corp. | 115,300 | 3,762,239 | ||||||
| Fortive Corp. | 32,200 | 1,678,586 | ||||||
| General Electric Co. | 11,900 | 3,062,941 | ||||||
| Honeywell International, Inc. | 44,783 | 10,429,065 | ||||||
| L3Harris Technologies, Inc. | 11,700 | 2,934,828 | ||||||
| Northrop Grumman Corp. | 18,589 | 9,294,128 | ||||||
| Stanley Black & Decker, Inc. | 44,100 | 2,987,775 | ||||||
| Union Pacific Corp. | 15,500 | 3,566,240 | ||||||
| 41,047,329 | ||||||||
| Information Technology — 21.8% | ||||||||
| Accenture PLC Class A | 30,709 | 9,178,613 | ||||||
| Apple, Inc. | 41,321 | 8,477,830 | ||||||
| Broadcom, Inc. | 49,235 | 13,571,628 | ||||||
| Intuit, Inc. | 17,062 | 13,438,543 | ||||||
| Microsoft Corp. | 31,771 | 15,803,213 | ||||||
| QUALCOMM, Inc. | 32,500 | 5,175,950 | ||||||
| Ralliant Corp. (a) | 10,733 | 520,459 | ||||||
| Salesforce, Inc. | 6,070 | 1,655,228 | ||||||
| Samsung Electronics Co. Ltd. | 35,000 | 1,551,712 | ||||||
| Texas Instruments, Inc. | 59,405 | 12,333,666 | ||||||
| 81,706,842 | ||||||||
| Materials — 4.5% | ||||||||
| CF Industries Holdings, Inc. | 24,100 | 2,217,200 | ||||||
| International Paper Co. | 50,200 | 2,350,866 | ||||||
| Linde PLC (LIN US) | 26,282 | 12,330,989 | ||||||
| 16,899,055 | ||||||||
| Real Estate — 0.8% | ||||||||
| Equity Residential | 47,300 | 3,192,277 | ||||||
| Utilities — 1.9% | ||||||||
| Ameren Corp. | 38,700 | 3,716,748 | ||||||
| Southern Co. | 36,300 | 3,333,429 | ||||||
| 7,050,177 | ||||||||
TOTAL COMMON STOCK (Cost $309,325,667) | 370,818,788 | |||||||
| MassMutual Equity Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Preferred Stock — 0.2% | ||||||||
| Consumer Discretionary — 0.2% | ||||||||
| Volkswagen AG 7.089% | 7,600 | $ | 802,524 | |||||
TOTAL PREFERRED STOCK (Cost $890,501) | 802,524 | |||||||
TOTAL EQUITIES (Cost $310,216,168) | 371,621,312 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $310,216,168) | 371,621,312 | |||||||
| Short-Term Investments — 0.4% | ||||||||
| Mutual Fund — 0.0% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (b) | 101 | 101 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (c) | $ | 1,480,164 | 1,480,164 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,480,265) | 1,480,265 | |||||||
TOTAL INVESTMENTS — 99.3% (Cost $311,696,433) (d) | 373,101,577 | |||||||
| Other Assets/(Liabilities) — 0.7% | 2,488,145 | |||||||
| NET ASSETS — 100.0% | $ | 375,589,722 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (c) | Maturity value of $1,480,277. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $1,509,933. |
| (d) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Blue Chip Growth Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
Number of Shares |
Value | |||||||
| Equities — 99.9% | ||||||||
| Common Stock — 99.9% | ||||||||
| Communication Services — 19.8% | ||||||||
| Alphabet, Inc. Class A | 359,876 | $ | 63,420,948 | |||||
| Alphabet, Inc. Class C | 238,807 | 42,361,974 | ||||||
| Meta Platforms, Inc. Class A | 220,980 | 163,103,128 | ||||||
| Netflix, Inc. (a) | 84,764 | 113,510,015 | ||||||
| Sea Ltd. ADR (a) | 35,611 | 5,695,623 | ||||||
| T-Mobile US, Inc. | 49,746 | 11,852,482 | ||||||
| Walt Disney Co. | 219,334 | 27,199,609 | ||||||
| 427,143,779 | ||||||||
| Consumer Discretionary — 15.9% | ||||||||
| Alibaba Group Holding Ltd. Sponsored ADR | 34,598 | 3,923,759 | ||||||
| Amazon.com, Inc. (a) | 649,686 | 142,534,611 | ||||||
| Booking Holdings, Inc. | 2,138 | 12,377,395 | ||||||
| Carvana Co. (a) | 109,685 | 36,959,458 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 165,825 | 9,311,074 | ||||||
| DoorDash, Inc., Class A (a) | 26,408 | 6,509,836 | ||||||
| NIKE, Inc. Class B | 105,493 | 7,494,223 | ||||||
| Ross Stores, Inc. | 32,951 | 4,203,889 | ||||||
| Starbucks Corp. | 145,545 | 13,336,288 | ||||||
| Tesla, Inc. (a) | 284,196 | 90,277,701 | ||||||
| TJX Cos., Inc. | 39,359 | 4,860,443 | ||||||
| Yum China Holdings, Inc. | 54,351 | 2,430,033 | ||||||
| Yum! Brands, Inc. | 59,726 | 8,850,199 | ||||||
| 343,068,909 | ||||||||
| Consumer Staples — 1.6% | ||||||||
| Colgate-Palmolive Co. | 45,951 | 4,176,946 | ||||||
| Mondelez International, Inc. Class A | 37,183 | 2,507,621 | ||||||
| Monster Beverage Corp. (a) | 390,459 | 24,458,352 | ||||||
| Procter & Gamble Co. | 20,349 | 3,242,003 | ||||||
| 34,384,922 | ||||||||
| Energy — 0.1% | ||||||||
| Schlumberger NV | 57,786 | 1,953,167 | ||||||
| Financials — 8.7% | ||||||||
| Adyen NV ADR (a) | 131,630 | 2,410,145 | ||||||
| Block, Inc. (a) | 109,722 | 7,453,416 | ||||||
| Charles Schwab Corp. | 45,932 | 4,190,836 | ||||||
| Chubb Ltd. | 37,494 | 10,862,762 | ||||||
| FactSet Research Systems, Inc. | 22,738 | 10,170,253 | ||||||
| Fiserv, Inc. (a) | 12,995 | 2,240,468 | ||||||
| Goldman Sachs Group, Inc. | 6,047 | 4,279,764 | ||||||
| Marsh & McLennan Cos., Inc. | 21,077 | 4,608,275 | ||||||
| Mastercard, Inc. Class A | 49,979 | 28,085,199 | ||||||
| MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued) |
Number of Shares |
Value | |||||||
| Morgan Stanley | 34,264 | $ | 4,826,427 | |||||
| PayPal Holdings, Inc. (a) | 99,495 | 7,394,468 | ||||||
| S&P Global, Inc. | 7,780 | 4,102,316 | ||||||
| SEI Investments Co. | 129,530 | 11,639,566 | ||||||
| Visa, Inc. Class A | 241,976 | 85,913,579 | ||||||
| 188,177,474 | ||||||||
| Health Care — 8.5% | ||||||||
| Danaher Corp. | 31,581 | 6,238,511 | ||||||
| Elevance Health, Inc. | 6,129 | 2,383,936 | ||||||
| Eli Lilly & Co. | 42,964 | 33,491,727 | ||||||
| Illumina, Inc. (a) | 64,129 | 6,118,548 | ||||||
| Intuitive Surgical, Inc. (a) | 59,539 | 32,354,088 | ||||||
| Novartis AG Sponsored ADR | 86,308 | 10,444,131 | ||||||
| Novo Nordisk AS Sponsored ADR | 195,600 | 13,500,312 | ||||||
| Regeneron Pharmaceuticals, Inc. | 29,806 | 15,648,150 | ||||||
| Roche Holding AG Sponsored ADR (b) | 196,334 | 8,002,574 | ||||||
| Stryker Corp. | 15,950 | 6,310,298 | ||||||
| Thermo Fisher Scientific, Inc. | 35,972 | 14,585,207 | ||||||
| UnitedHealth Group, Inc. | 26,565 | 8,287,483 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 58,625 | 26,099,850 | ||||||
| 183,464,815 | ||||||||
| Industrials — 4.9% | ||||||||
| Boeing Co. (a) | 225,281 | 47,203,128 | ||||||
| Cintas Corp. | 14,282 | 3,183,029 | ||||||
| Deere & Co. | 20,632 | 10,491,166 | ||||||
| Expeditors International of Washington, Inc. | 86,298 | 9,859,546 | ||||||
| GE Vernova, Inc. | 13,438 | 7,110,718 | ||||||
| General Electric Co. | 77,043 | 19,830,098 | ||||||
| Old Dominion Freight Line, Inc. | 15,905 | 2,581,381 | ||||||
| TransDigm Group, Inc. | 2,359 | 3,587,190 | ||||||
| Veralto Corp. | 7,395 | 746,525 | ||||||
| 104,592,781 | ||||||||
| Information Technology — 39.5% | ||||||||
| Apple, Inc. | 450,591 | 92,447,756 | ||||||
| ASML Holding NV (b) | 12,500 | 10,017,375 | ||||||
| Autodesk, Inc. (a) | 87,035 | 26,943,425 | ||||||
| Broadcom, Inc. | 133,085 | 36,684,880 | ||||||
| Confluent, Inc. Class A (a) | 29,512 | 735,734 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 9,681 | 4,930,630 | ||||||
| Datadog, Inc. Class A (a) | 13,539 | 1,818,694 | ||||||
| Intuit, Inc. | 11,005 | 8,667,868 | ||||||
| Microsoft Corp. | 423,613 | 210,709,342 | ||||||
| Monolithic Power Systems, Inc. | 7,251 | 5,303,236 | ||||||
| NVIDIA Corp. | 1,684,430 | 266,123,096 | ||||||
| Oracle Corp. | 251,347 | 54,951,995 | ||||||
| Palantir Technologies, Inc. Class A (a) | 14,345 | 1,955,510 | ||||||
| QUALCOMM, Inc. | 69,562 | 11,078,444 | ||||||
| Roper Technologies, Inc. | 10,560 | 5,985,831 | ||||||
| Salesforce, Inc. | 87,352 | 23,820,017 | ||||||
| ServiceNow, Inc. (a) | 24,027 | 24,701,678 | ||||||
| Shopify, Inc. Class A (a) | 289,908 | 33,440,888 | ||||||
| Synopsys, Inc. (a) | 18,387 | 9,426,647 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 26,082 | 5,907,312 | ||||||
| MassMutual Blue Chip Growth Fund — Portfolio of Investments (Continued) |
Number of Shares |
Value | |||||||
| TE Connectivity PLC | 26,865 | $ | 4,531,320 | |||||
| Texas Instruments, Inc. | 16,871 | 3,502,757 | ||||||
| Workday, Inc. Class A (a) | 30,327 | 7,278,480 | ||||||
| 850,962,915 | ||||||||
| Materials — 0.4% | ||||||||
| Linde PLC (LIN US) | 9,047 | 4,244,671 | ||||||
| Sherwin-Williams Co. | 12,292 | 4,220,581 | ||||||
| 8,465,252 | ||||||||
| Utilities — 0.5% | ||||||||
| Constellation Energy Corp. | 32,718 | 10,560,062 | ||||||
| TOTAL COMMON STOCK (Cost $1,125,167,102) | 2,152,774,076 | |||||||
| TOTAL EQUITIES (Cost $1,125,167,102) | 2,152,774,076 | |||||||
Principal Amount |
||||||||
| Bonds & Notes — 0.2% | ||||||||
| Corporate Debt — 0.2% | ||||||||
| Retail — 0.2% | ||||||||
| Carvana Co. | ||||||||
| PIK 12.000%, Cash 9.000% 12/01/28 (c) (d) | $ | 649,802 | 666,481 | |||||
| PIK 13.000%, Cash 9.000% 6/01/30 (c) (d) | 1,054,922 | 1,109,091 | ||||||
| PIK 14.000%, Cash 9.000% 6/01/31 (c) (d) | 1,318,214 | 1,561,545 | ||||||
| 3,337,117 | ||||||||
TOTAL CORPORATE DEBT (Cost $3,322,550) | 3,337,117 | |||||||
TOTAL BONDS & NOTES (Cost $3,322,550) | 3,337,117 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $1,128,489,652) | 2,156,111,193 | |||||||
| Short-Term Investments — 0.3% | ||||||||
Number of Shares |
||||||||
| Investment of Cash Collateral from Securities Loaned — 0.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (e) | 6,820,698 | 6,820,698 | ||||||
| Mutual Fund — 0.0% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (f) | 100 | 100 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,820,798) | 6,820,798 | |||||||
TOTAL INVESTMENTS — 100.4% (Cost $1,135,310,450) (g) | 2,162,931,991 | |||||||
| Other Assets/(Liabilities) — (0.4)% | (7,824,375 | ) | ||||||
| NET ASSETS — 100.0% | $ | 2,155,107,616 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| PIK | Payment in kind |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $8,184,006 or 0.38% of net assets. The Fund received $1,545,420 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (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 June 30, 2025, the aggregate market value of these securities amounted to $3,337,117 or 0.15% of net assets. |
| (e) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (f) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (g) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Company Value Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
Number of Shares |
Value | |||||||
| Equities — 99.1% | ||||||||
| Common Stock — 99.1% | ||||||||
| Communication Services — 1.9% | ||||||||
| Cable One, Inc. | 201 | $ | 27,298 | |||||
| Criteo SA Sponsored ADR (a) | 13,297 | 318,596 | ||||||
| Entravision Communications Corp. Class A | 18,468 | 42,846 | ||||||
| Nexstar Media Group, Inc. | 2,599 | 449,497 | ||||||
| Thryv Holdings, Inc. (a) | 1,553 | 18,884 | ||||||
| Townsquare Media, Inc. Class A | 1,572 | 12,435 | ||||||
| 869,556 | ||||||||
| Consumer Discretionary — 11.9% | ||||||||
| A-Mark Precious Metals, Inc. | 2,723 | 60,396 | ||||||
| Accel Entertainment, Inc. (a) | 1,117 | 13,147 | ||||||
| ADT, Inc. | 49,106 | 415,928 | ||||||
| AutoNation, Inc. (a) | 1,496 | 297,180 | ||||||
| BorgWarner, Inc. | 11,360 | 380,333 | ||||||
| Boyd Gaming Corp. | 1,906 | 149,106 | ||||||
| Brunswick Corp. | 2,688 | 148,485 | ||||||
| Build-A-Bear Workshop, Inc. (b) | 3,781 | 194,948 | ||||||
| Capri Holdings Ltd. (a) | 4,215 | 74,606 | ||||||
| Champion Homes, Inc. (a) | 2,133 | 133,547 | ||||||
| Cracker Barrel Old Country Store, Inc. (b) | 7,163 | 437,516 | ||||||
| Crocs, Inc. (a) | 1,849 | 187,267 | ||||||
| Group 1 Automotive, Inc. | 944 | 412,254 | ||||||
| Hanesbrands, Inc. (a) | 74,743 | 342,323 | ||||||
| KinderCare Learning Cos., Inc. (a) | 7,308 | 73,811 | ||||||
| Laureate Education, Inc. (a) | 1,836 | 42,926 | ||||||
| M/I Homes, Inc. (a) | 766 | 85,884 | ||||||
| MarineMax, Inc. (a) | 4,433 | 111,446 | ||||||
| Meritage Homes Corp. | 1,473 | 98,647 | ||||||
| OneWater Marine, Inc. Class A (a) (b) | 3,985 | 53,359 | ||||||
| Patrick Industries, Inc. | 977 | 90,148 | ||||||
| Pursuit Attractions & Hospitality, Inc. (a) | 10,803 | 311,450 | ||||||
| Taylor Morrison Home Corp. (a) | 1,915 | 117,619 | ||||||
| Topgolf Callaway Brands Corp. (a) | 40,775 | 328,239 | ||||||
| Visteon Corp. (a) | 2,703 | 252,190 | ||||||
| Winmark Corp. | 1,042 | 393,470 | ||||||
| Winnebago Industries, Inc. | 7,318 | 212,222 | ||||||
| 5,418,447 | ||||||||
| Consumer Staples — 2.8% | ||||||||
| Edgewell Personal Care Co. | 6,756 | 158,158 | ||||||
| Nomad Foods Ltd. | 24,497 | 416,204 | ||||||
| Spectrum Brands Holdings, Inc. | 3,201 | 169,653 | ||||||
| Turning Point Brands, Inc. | 1,023 | 77,513 | ||||||
| WD-40 Co. | 1,943 | 443,179 | ||||||
| 1,264,707 | ||||||||
| MassMutual Small Company Value Fund — Portfolio of Investments (Continued) |
Number of Shares |
Value | |||||||
| Energy — 7.0% | ||||||||
| Cactus, Inc. Class A | 8,123 | $ | 355,138 | |||||
| ChampionX Corp. | 3,978 | 98,814 | ||||||
| Chord Energy Corp. | 1,931 | 187,017 | ||||||
| Crescent Energy Co. Class A | 22,089 | 189,965 | ||||||
| Flowco Holdings, Inc. Class A | 5,120 | 91,187 | ||||||
| Infinity Natural Resources, Inc. Class A (a) | 2,172 | 39,769 | ||||||
| Mach Natural Resources LP | 5,338 | 77,081 | ||||||
| Magnolia Oil & Gas Corp. Class A (b) | 27,584 | 620,088 | ||||||
| Matador Resources Co. | 9,263 | 442,030 | ||||||
| NexGen Energy Ltd. (a) (b) | 39,180 | 271,909 | ||||||
| Northern Oil & Gas, Inc. (b) | 22,468 | 636,968 | ||||||
| Permian Resources Corp. | 12,316 | 167,744 | ||||||
| TXO Partners LP | 2,761 | 41,526 | ||||||
| 3,219,236 | ||||||||
| Financials — 29.3% | ||||||||
| 1st Source Corp. | 6,282 | 389,924 | ||||||
| Amalgamated Financial Corp. | 9,704 | 302,765 | ||||||
| Ameris Bancorp | 2,956 | 191,253 | ||||||
| Aspen Insurance Holdings Ltd. Class A (a) | 2,215 | 69,706 | ||||||
| Atlantic Union Bankshares Corp. | 3,666 | 114,673 | ||||||
| Axis Capital Holdings Ltd. | 3,724 | 386,626 | ||||||
| Axos Financial, Inc. (a) | 1,774 | 134,895 | ||||||
| Baldwin Insurance Group, Inc. (a) (b) | 301 | 12,886 | ||||||
| BancFirst Corp. | 277 | 34,243 | ||||||
| Bank of Marin Bancorp | 8,864 | 202,454 | ||||||
| BankUnited, Inc. | 8,275 | 294,507 | ||||||
| Bowhead Specialty Holdings, Inc. (a) | 313 | 11,747 | ||||||
| Columbia Banking System, Inc. | 10,243 | 239,481 | ||||||
| Compass Diversified Holdings | 10,323 | 64,828 | ||||||
| CVB Financial Corp. | 4,108 | 81,297 | ||||||
| Donnelley Financial Solutions, Inc. (a) | 8,037 | 495,481 | ||||||
| Euronet Worldwide, Inc. (a) | 2,468 | 250,206 | ||||||
| EVERTEC, Inc. | 8,255 | 297,593 | ||||||
| Federated Hermes, Inc. | 9,889 | 438,281 | ||||||
| Fidelis Insurance Holdings Ltd. | 3,974 | 65,889 | ||||||
| First BanCorp | 22,399 | 466,571 | ||||||
| First Bancorp/Southern Pines NC | 9,066 | 399,720 | ||||||
| First Hawaiian, Inc. | 14,390 | 359,174 | ||||||
| First Merchants Corp. | 1,491 | 57,105 | ||||||
| Flagstar Financial, Inc. | 25,112 | 266,187 | ||||||
| FNB Corp. | 23,044 | 335,982 | ||||||
| HA Sustainable Infrastructure Capital, Inc. (b) | 13,383 | 359,467 | ||||||
| Hamilton Insurance Group Ltd. Class B (a) | 4,226 | 91,366 | ||||||
| Hanover Insurance Group, Inc. | 2,893 | 491,434 | ||||||
| Heritage Financial Corp. | 17,705 | 422,087 | ||||||
| Home BancShares, Inc. | 8,837 | 251,501 | ||||||
| Independent Bank Corp. | 5,862 | 368,632 | ||||||
| International Bancshares Corp. | 2,707 | 180,178 | ||||||
| Marex Group PLC | 1,536 | 60,626 | ||||||
| NCR Atleos Corp. (a) | 15,641 | 446,238 | ||||||
| Nicolet Bankshares, Inc. | 3,940 | 486,511 | ||||||
| Old National Bancorp | 19,313 | 412,139 | ||||||
| MassMutual Small Company Value Fund — Portfolio of Investments (Continued) |
Number of Shares |
Value | |||||||
| Pacific Premier Bancorp, Inc. | 16,022 | $ | 337,904 | |||||
| Popular, Inc. | 1,476 | 162,670 | ||||||
| Repay Holdings Corp. (a) | 12,190 | 58,756 | ||||||
| SiriusPoint Ltd. (a) | 2,925 | 59,641 | ||||||
| Slide Insurance Holdings, Inc. (a) | 2,235 | 48,410 | ||||||
| SouthState Corp. | 3,617 | 332,873 | ||||||
| StoneX Group, Inc. (a) | 1,823 | 166,148 | ||||||
| Texas Capital Bancshares, Inc. (a) | 5,196 | 412,562 | ||||||
| TriCo Bancshares | 9,374 | 379,553 | ||||||
| UMB Financial Corp. | 7,494 | 788,069 | ||||||
| Walker & Dunlop, Inc. | 4,846 | 341,546 | ||||||
| Webster Financial Corp. | 6,302 | 344,089 | ||||||
| WSFS Financial Corp. | 7,485 | 411,675 | ||||||
| 13,377,549 | ||||||||
| Health Care — 3.7% | ||||||||
| Embecta Corp. | 9,513 | 92,181 | ||||||
| Enovis Corp. (a) | 8,785 | 275,497 | ||||||
| Envista Holdings Corp. (a) | 24,792 | 484,436 | ||||||
| Integer Holdings Corp. (a) | 3,506 | 431,133 | ||||||
| Pediatrix Medical Group, Inc. (a) | 27,115 | 389,100 | ||||||
| 1,672,347 | ||||||||
| Industrials — 16.6% | ||||||||
| ArcBest Corp. | 4,781 | 368,185 | ||||||
| Atmus Filtration Technologies, Inc. | 893 | 32,523 | ||||||
| Blue Bird Corp. (a) (b) | 14,774 | 637,646 | ||||||
| BrightView Holdings, Inc. (a) | 25,072 | 417,449 | ||||||
| Brink’s Co. | 3,094 | 276,263 | ||||||
| Deluxe Corp. | 2,354 | 37,452 | ||||||
| DIRTT Environmental Solutions (a) | 20,488 | 12,356 | ||||||
| Ducommun, Inc. (a) | 4,043 | 334,073 | ||||||
| DXP Enterprises, Inc. (a) | 1,011 | 88,614 | ||||||
| First Advantage Corp. (a) (b) | 19,333 | 321,121 | ||||||
| Fluor Corp. (a) | 9,004 | 461,635 | ||||||
| Franklin Covey Co. (a) | 9,366 | 213,732 | ||||||
| Gates Industrial Corp. PLC (a) | 9,988 | 230,024 | ||||||
| GMS, Inc. (a) | 2,522 | 274,268 | ||||||
| GXO Logistics, Inc. (a) | 8,345 | 406,401 | ||||||
| Herc Holdings, Inc. | 2,703 | 355,958 | ||||||
| Hillman Solutions Corp. (a) | 13,212 | 94,334 | ||||||
| IBEX Holdings Ltd. (a) | 715 | 20,807 | ||||||
| JBT Marel Corp. | 4,246 | 510,624 | ||||||
| Kirby Corp. (a) | 2,858 | 324,126 | ||||||
| Korn Ferry | 2,183 | 160,079 | ||||||
| Loomis AB | 2,525 | 106,179 | ||||||
| Luxfer Holdings PLC | 681 | 8,295 | ||||||
| MillerKnoll, Inc. | 19,057 | 370,087 | ||||||
| Montrose Environmental Group, Inc. (a) | 18,016 | 394,370 | ||||||
| NV5 Global, Inc. (a) | 2,263 | 52,253 | ||||||
| Proficient Auto Logistics, Inc. (a) | 3,448 | 25,032 | ||||||
| Science Applications International Corp. | 717 | 80,741 | ||||||
| Sensata Technologies Holding PLC | 2,742 | 82,562 | ||||||
| Star Bulk Carriers Corp. | 14,441 | 249,107 | ||||||
| Tecnoglass, Inc. (b) | 743 | 57,478 | ||||||
| Timken Co. | 4,769 | 345,991 | ||||||
| Titan Machinery, Inc. (a) | 2,462 | 48,772 | ||||||
| TriNet Group, Inc. | 2,179 | 159,372 | ||||||
| 7,557,909 | ||||||||
| MassMutual Small Company Value Fund — Portfolio of Investments (Continued) |
Number of Shares |
Value | |||||||
| Information Technology — 8.4% | ||||||||
| ACI Worldwide, Inc. (a) | 6,461 | $ | 296,625 | |||||
| Amkor Technology, Inc. | 4,087 | 85,786 | ||||||
| Avnet, Inc. | 1,608 | 85,353 | ||||||
| Axcelis Technologies, Inc. (a) | 2,948 | 205,446 | ||||||
| Calix, Inc. (a) | 4,127 | 219,515 | ||||||
| Crane NXT Co. | 5,856 | 315,638 | ||||||
| Extreme Networks, Inc. (a) | 13,734 | 246,525 | ||||||
| FormFactor, Inc. (a) | 9,227 | 317,501 | ||||||
| Grid Dynamics Holdings, Inc. (a) | 24,376 | 281,543 | ||||||
| Harmonic, Inc. (a) | 34,315 | 324,963 | ||||||
| Ichor Holdings Ltd. (a) | 11,763 | 231,025 | ||||||
| Ingram Micro Holding Corp. (b) | 4,774 | 99,490 | ||||||
| IPG Photonics Corp. (a) | 4,776 | 327,872 | ||||||
| Kulicke & Soffa Industries, Inc. | 3,941 | 136,359 | ||||||
| Penguin Solutions, Inc. (a) | 16,113 | 319,199 | ||||||
| TTM Technologies, Inc. (a) | 8,579 | 350,195 | ||||||
| 3,843,035 | ||||||||
| Materials — 5.4% | ||||||||
| AdvanSix, Inc. | 7,915 | 187,981 | ||||||
| Avient Corp. | 7,486 | 241,873 | ||||||
| Axalta Coating Systems Ltd. (a) | 10,110 | 300,166 | ||||||
| Ecovyst, Inc. (a) (b) | 32,974 | 271,376 | ||||||
| Graphic Packaging Holding Co. (b) | 16,052 | 338,216 | ||||||
| Ingevity Corp. (a) | 2,993 | 128,968 | ||||||
| Methanex Corp. | 6,982 | 231,104 | ||||||
| Minerals Technologies, Inc. | 2,192 | 120,713 | ||||||
| O-I Glass, Inc. (a) | 38,629 | 569,391 | ||||||
| Titan America SA | 5,101 | 63,661 | ||||||
| 2,453,449 | ||||||||
| Real Estate — 8.8% | ||||||||
| Acadia Realty Trust | 19,779 | 367,296 | ||||||
| American Healthcare REIT, Inc. | 16,167 | 593,976 | ||||||
| Americold Realty Trust, Inc. | 9,453 | 157,203 | ||||||
| Broadstone Net Lease, Inc. | 16,585 | 266,189 | ||||||
| COPT Defense Properties | 18,130 | 500,025 | ||||||
| EPR Properties | 2,277 | 132,658 | ||||||
| First Industrial Realty Trust, Inc. | 3,227 | 155,316 | ||||||
| Independence Realty Trust, Inc. (b) | 26,070 | 461,178 | ||||||
| National Storage Affiliates Trust | 5,394 | 172,554 | ||||||
| NETSTREIT Corp. | 14,085 | 238,459 | ||||||
| Ryman Hospitality Properties, Inc. | 4,512 | 445,199 | ||||||
| Smartstop Self Storage REIT, Inc. (b) | 787 | 28,513 | ||||||
| STAG Industrial, Inc. | 7,237 | 262,558 | ||||||
| Terreno Realty Corp. | 2,982 | 167,201 | ||||||
| UMH Properties, Inc. | 4,483 | 75,270 | ||||||
| 4,023,595 | ||||||||
| Utilities — 3.3% | ||||||||
| IDACORP, Inc. (b) | 4,045 | 466,995 | ||||||
| ONE Gas, Inc. | 6,857 | 492,744 | ||||||
| TXNM Energy, Inc. | 9,367 | 527,550 | ||||||
| 1,487,289 | ||||||||
| MassMutual Small Company Value Fund — Portfolio of Investments (Continued) |
Number of Shares |
Value | |||||||
TOTAL COMMON STOCK (Cost $44,810,690) | $ | 45,187,119 | ||||||
TOTAL EQUITIES (Cost $44,810,690) | 45,187,119 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $44,810,690) | 45,187,119 | |||||||
| Short-Term Investments — 4.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 3.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 1,669,564 | 1,669,564 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $ | 246,775 | 246,775 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,916,339) | 1,916,339 | |||||||
| TOTAL INVESTMENTS — 103.3% (Cost $46,727,029) (e) | 47,103,458 | |||||||
| Other Assets/(Liabilities) — (3.3)% | (1,522,199 | ) | ||||||
| NET ASSETS — 100.0% | $ | 45,581,259 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $4,346,707 or 9.54% of net assets. The Fund received $2,840,713 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | Maturity value of $246,794. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $251,912. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Company Value Fund — Portfolio of Investments (Continued) |
| Forward contracts | ||||||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Citibank N.A. | 9/26/25 | USD | 87,552 | SEK | 845,623 | $ | (2,332) | |||||||||||
Currency Legend
| SEK | Swedish Krona |
| USD | U.S. Dollar |
| MassMutual Mid Cap Growth Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 99.0% | ||||||||
| Common Stock — 99.0% | ||||||||
| Communication Services — 4.5% | ||||||||
| Liberty Media Corp-Liberty Formula One Class C (a) | 453,824 | $ | 47,424,608 | |||||
| Liberty Media Corp-Liberty Live Class C (a) | 163,000 | 13,229,080 | ||||||
| Live Nation Entertainment, Inc. (a) | 40,600 | 6,141,968 | ||||||
| Match Group, Inc. | 484,929 | 14,979,457 | ||||||
| New York Times Co. Class A | 437,500 | 24,491,250 | ||||||
| Reddit, Inc. Class A (a) | 132,876 | 20,007,139 | ||||||
| ROBLOX Corp. Class A (a) | 164,609 | 17,316,867 | ||||||
| Trade Desk, Inc. Class A (a) | 608,794 | 43,827,080 | ||||||
| 187,417,449 | ||||||||
| Consumer Discretionary — 14.1% | ||||||||
| Birkenstock Holding PLC (a) | 363,758 | 17,889,618 | ||||||
| Bright Horizons Family Solutions, Inc. (a) | 158,590 | 19,600,138 | ||||||
| Burlington Stores, Inc. (a) | 182,283 | 42,406,317 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 152,906 | 8,585,672 | ||||||
| Domino’s Pizza, Inc. | 119,621 | 53,901,223 | ||||||
| DraftKings, Inc. Class A (a) | 1,347,684 | 57,802,167 | ||||||
| Duolingo, Inc. (a) | 43,400 | 17,794,868 | ||||||
| Hilton Worldwide Holdings, Inc. | 205,600 | 54,759,504 | ||||||
| Lithia Motors, Inc. | 22,203 | 7,500,617 | ||||||
| Lululemon Athletica, Inc. (a) | 60,900 | 14,468,622 | ||||||
| Mattel, Inc. (a) | 740,900 | 14,610,548 | ||||||
| Modine Manufacturing Co. (a) (b) | 30,631 | 3,017,154 | ||||||
| On Holding AG, Class A (a) | 399,847 | 20,812,036 | ||||||
| Planet Fitness, Inc. Class A (a) | 352,000 | 38,385,600 | ||||||
| Ross Stores, Inc. | 349,886 | 44,638,456 | ||||||
| Texas Roadhouse, Inc. | 106,600 | 19,977,906 | ||||||
| TopBuild Corp. (a) (b) | 28,100 | 9,097,094 | ||||||
| Tractor Supply Co. | 154,484 | 8,152,121 | ||||||
| Ulta Beauty, Inc. (a) | 48,203 | 22,550,327 | ||||||
| Viking Holdings Ltd. (a) | 697,568 | 37,173,399 | ||||||
| Wingstop, Inc. | 57,473 | 19,353,458 | ||||||
| Yum! Brands, Inc. | 337,259 | 49,975,039 | ||||||
| 582,451,884 | ||||||||
| Consumer Staples — 3.2% | ||||||||
| Casey’s General Stores, Inc. | 64,364 | 32,843,018 | ||||||
| Celsius Holdings, Inc. (a) | 145,267 | 6,738,936 | ||||||
| Church & Dwight Co., Inc. | 84,970 | 8,166,467 | ||||||
| Dollar Tree, Inc. (a) | 436,900 | 43,270,576 | ||||||
| Lamb Weston Holdings, Inc. | 100,261 | 5,198,533 | ||||||
| Maplebear, Inc. (a) (b) | 319,700 | 14,463,228 | ||||||
| McCormick & Co., Inc. | 286,400 | 21,714,848 | ||||||
| 132,395,606 | ||||||||
| MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Energy — 4.6% | ||||||||
| Cheniere Energy, Inc. | 330,836 | $ | 80,565,183 | |||||
| EQT Corp. | 575,100 | 33,539,832 | ||||||
| Expand Energy Corp. | 193,500 | 22,627,890 | ||||||
| Permian Resources Corp. (b) | 643,453 | 8,763,830 | ||||||
| TechnipFMC PLC | 1,304,090 | 44,912,859 | ||||||
| 190,409,594 | ||||||||
| Financials — 8.9% | ||||||||
| Aon PLC Class A | 48,007 | 17,126,977 | ||||||
| Apollo Global Management, Inc. | 65,884 | 9,346,963 | ||||||
| Assurant, Inc. | 219,500 | 43,349,055 | ||||||
| Axis Capital Holdings Ltd. | 173,700 | 18,033,534 | ||||||
| Block, Inc. (a) | 297,476 | 20,207,545 | ||||||
| Carlyle Group, Inc. (b) | 212,971 | 10,946,709 | ||||||
| Cboe Global Markets, Inc. | 117,700 | 27,448,817 | ||||||
| Corpay, Inc. (a) | 75,345 | 25,000,978 | ||||||
| KKR & Co., Inc. | 62,161 | 8,269,278 | ||||||
| Markel Group, Inc. (a) | 8,700 | 17,377,032 | ||||||
| MarketAxess Holdings, Inc. | 120,800 | 26,979,472 | ||||||
| MSCI, Inc. | 62,606 | 36,107,385 | ||||||
| Nasdaq, Inc. | 80,305 | 7,180,873 | ||||||
| Raymond James Financial, Inc. | 227,400 | 34,876,338 | ||||||
| Toast, Inc., Class A (a) | 773,200 | 34,245,028 | ||||||
| TPG, Inc. | 190,778 | 10,006,306 | ||||||
| Tradeweb Markets, Inc. Class A | 136,800 | 20,027,520 | ||||||
| 366,529,810 | ||||||||
| Health Care — 18.5% | ||||||||
| Agilent Technologies, Inc. | 500,111 | 59,018,099 | ||||||
| Alcon AG (b) | 460,543 | 40,656,736 | ||||||
| Align Technology, Inc. (a) | 147,001 | 27,831,699 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 209,845 | 68,428,356 | ||||||
| Ascendis Pharma AS ADR (a) | 117,500 | 20,280,500 | ||||||
| Avantor, Inc. (a) | 2,248,100 | 30,259,426 | ||||||
| Biogen, Inc. (a) | 57,800 | 7,259,102 | ||||||
| BioNTech SE ADR (a) | 110,100 | 11,722,347 | ||||||
| Bruker Corp. | 514,248 | 21,187,017 | ||||||
| Caris Life Sciences, Inc. (a) | 262,364 | 7,010,366 | ||||||
| Cooper Cos., Inc. (a) | 407,200 | 28,976,352 | ||||||
| CRISPR Therapeutics AG (a) (b) | 172,014 | 8,366,761 | ||||||
| Cytokinetics, Inc. (a) (b) | 238,800 | 7,889,952 | ||||||
| Dexcom, Inc. (a) | 225,913 | 19,719,946 | ||||||
| Encompass Health Corp. | 113,000 | 13,857,190 | ||||||
| GE HealthCare Technologies, Inc. (a) | 91,469 | 6,775,109 | ||||||
| Hologic, Inc. (a) | 1,036,800 | 67,557,888 | ||||||
| IDEXX Laboratories, Inc. (a) | 28,141 | 15,093,144 | ||||||
| Inspire Medical Systems, Inc. (a) | 65,809 | 8,540,034 | ||||||
| Ionis Pharmaceuticals, Inc. (a) (b) | 698,317 | 27,590,505 | ||||||
| Masimo Corp. (a) | 46,500 | 7,822,230 | ||||||
| Mettler-Toledo International, Inc. (a) | 38,128 | 44,789,724 | ||||||
| Molina Healthcare, Inc. (a) | 63,000 | 18,767,700 | ||||||
| Natera, Inc. (a) | 62,936 | 10,632,408 | ||||||
| Quidelortho Corp. (a) (b) | 277,300 | 7,991,786 | ||||||
| ResMed, Inc. | 47,107 | 12,153,606 | ||||||
| Revolution Medicines, Inc. (a) | 151,500 | 5,573,685 | ||||||
| MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Steris PLC | 56,903 | $ | 13,669,238 | |||||
| Teleflex, Inc. | 322,300 | 38,147,428 | ||||||
| United Therapeutics Corp. (a) | 34,102 | 9,799,210 | ||||||
| Vaxcyte, Inc. (a) | 159,171 | 5,174,649 | ||||||
| Veeva Systems, Inc. Class A (a) | 301,965 | 86,959,881 | ||||||
| West Pharmaceutical Services, Inc. | 26,100 | 5,710,680 | ||||||
| 765,212,754 | ||||||||
| Industrials — 18.1% | ||||||||
| API Group Corp. (a) | 200,017 | 10,210,868 | ||||||
| ATI, Inc. (a) | 199,243 | 17,202,641 | ||||||
| Booz Allen Hamilton Holding Corp. | 114,500 | 11,922,885 | ||||||
| Broadridge Financial Solutions, Inc. | 124,800 | 30,330,144 | ||||||
| Builders FirstSource, Inc. (a) | 77,377 | 9,029,122 | ||||||
| BWX Technologies, Inc. | 290,272 | 41,816,584 | ||||||
| CACI International, Inc. Class A (a) (b) | 15,533 | 7,404,581 | ||||||
| Cintas Corp. | 38,930 | 8,676,329 | ||||||
| Equifax, Inc. | 143,378 | 37,187,952 | ||||||
| Esab Corp. | 293,066 | 35,329,106 | ||||||
| Ferguson Enterprises, Inc. | 144,100 | 31,377,775 | ||||||
| Fortive Corp. | 472,812 | 24,647,690 | ||||||
| FTAI Aviation Ltd. (b) | 180,343 | 20,746,659 | ||||||
| IDEX Corp. | 81,300 | 14,273,841 | ||||||
| Ingersoll Rand, Inc. | 546,800 | 45,482,824 | ||||||
| ITT, Inc. | 109,400 | 17,157,202 | ||||||
| JB Hunt Transport Services, Inc. | 119,843 | 17,209,455 | ||||||
| Knight-Swift Transportation Holdings, Inc. | 109,367 | 4,837,302 | ||||||
| L3Harris Technologies, Inc. | 39,067 | 9,799,566 | ||||||
| Old Dominion Freight Line, Inc. | 161,900 | 26,276,370 | ||||||
| Paylocity Holding Corp. (a) | 204,725 | 37,094,123 | ||||||
| Quanta Services, Inc. | 88,047 | 33,288,810 | ||||||
| QXO, Inc. (a) (b) | 223,033 | 4,804,131 | ||||||
| RBC Bearings, Inc. (a) | 26,536 | 10,211,053 | ||||||
| Rollins, Inc. | 224,084 | 12,642,819 | ||||||
| StandardAero, Inc. (a) | 377,118 | 11,935,785 | ||||||
| Textron, Inc. | 630,800 | 50,646,932 | ||||||
| TransUnion | 439,070 | 38,638,160 | ||||||
| Trex Co., Inc. (a) | 65,046 | 3,537,202 | ||||||
| UL Solutions, Inc. Class A | 132,783 | 9,674,569 | ||||||
| Veralto Corp. | 182,400 | 18,413,280 | ||||||
| Verisk Analytics, Inc. | 48,900 | 15,232,350 | ||||||
| Vertiv Holdings Co. Class A | 135,891 | 17,449,763 | ||||||
| Waste Connections, Inc. | 109,027 | 20,357,521 | ||||||
| XPO, Inc. (a) (b) | 353,876 | 44,691,000 | ||||||
| 749,536,394 | ||||||||
| Information Technology — 22.5% | ||||||||
| Allegro MicroSystems, Inc. (a) (b) | 495,104 | 16,927,606 | ||||||
| Amphenol Corp. Class A | 445,817 | 44,024,429 | ||||||
| AppLovin Corp. Class A (a) | 44,133 | 15,450,081 | ||||||
| Arista Networks, Inc. (a) | 55,664 | 5,694,984 | ||||||
| Atlassian Corp. Class A (a) | 124,100 | 25,203,469 | ||||||
| CCC Intelligent Solutions Holdings, Inc. (a) (b) | 3,203,614 | 30,146,008 | ||||||
| CDW Corp. | 48,983 | 8,747,874 | ||||||
| Cloudflare, Inc. Class A (a) | 70,149 | 13,737,279 | ||||||
| Cognizant Technology Solutions Corp. Class A | 71,150 | 5,551,834 | ||||||
| Corning, Inc. | 240,600 | 12,653,154 | ||||||
| MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Datadog, Inc. Class A (a) | 92,701 | $ | 12,452,525 | |||||
| Dolby Laboratories, Inc. Class A | 111,337 | 8,267,885 | ||||||
| EPAM Systems, Inc. (a) | 61,390 | 10,854,980 | ||||||
| Fair Isaac Corp. (a) | 20,229 | 36,977,803 | ||||||
| Fortinet, Inc. (a) | 145,819 | 15,415,985 | ||||||
| Gartner, Inc. (a) | 69,800 | 28,214,556 | ||||||
| Guidewire Software, Inc. (a) | 41,762 | 9,832,863 | ||||||
| HubSpot, Inc. (a) | 39,730 | 22,114,910 | ||||||
| Keysight Technologies, Inc. (a) | 183,400 | 30,051,924 | ||||||
| KLA Corp. | 9,586 | 8,586,564 | ||||||
| Lattice Semiconductor Corp. (a) | 1,041,448 | 51,020,537 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 69,700 | 9,987,313 | ||||||
| Manhattan Associates, Inc. (a) | 64,200 | 12,677,574 | ||||||
| Marvell Technology, Inc. | 163,396 | 12,646,850 | ||||||
| Microchip Technology, Inc. | 685,400 | 48,231,598 | ||||||
| Monday.com Ltd. (a) | 52,200 | 16,415,856 | ||||||
| MongoDB, Inc. (a) | 57,081 | 11,986,439 | ||||||
| Monolithic Power Systems, Inc. | 73,176 | 53,519,463 | ||||||
| NXP Semiconductors NV | 109,500 | 23,924,655 | ||||||
| Onestream, Inc. (a) | 261,219 | 7,392,498 | ||||||
| Palantir Technologies, Inc. Class A (a) | 92,138 | 12,560,252 | ||||||
| PTC, Inc. (a) | 345,406 | 59,527,270 | ||||||
| Pure Storage, Inc. Class A (a) | 591,237 | 34,043,426 | ||||||
| Ralliant Corp. (a) | 154,094 | 7,472,018 | ||||||
| Roper Technologies, Inc. | 14,500 | 8,219,180 | ||||||
| SailPoint, Inc. (a) | 141,724 | 3,239,811 | ||||||
| Snowflake, Inc. Class A (a) | 48,340 | 10,817,042 | ||||||
| Teradyne, Inc. | 134,984 | 12,137,761 | ||||||
| Twilio, Inc. Class A (a) | 186,710 | 23,219,255 | ||||||
| Tyler Technologies, Inc. (a) | 89,669 | 53,159,370 | ||||||
| Unity Software, Inc. (a) (b) | 496,794 | 12,022,415 | ||||||
| Zoom Communications, Inc. (a) | 355,300 | 27,706,294 | ||||||
| Zscaler, Inc. (a) | 176,033 | 55,263,800 | ||||||
| 928,097,390 | ||||||||
| Materials — 3.1% | ||||||||
| Avery Dennison Corp. | 193,378 | 33,932,038 | ||||||
| Ball Corp. | 599,000 | 33,597,910 | ||||||
| Eagle Materials, Inc. | 59,420 | 12,009,376 | ||||||
| Martin Marietta Materials, Inc. | 62,400 | 34,255,104 | ||||||
| Sealed Air Corp. (b) | 520,315 | 16,145,374 | ||||||
| 129,939,802 | ||||||||
| Real Estate — 1.1% | ||||||||
| CoStar Group, Inc. (a) | 466,419 | 37,500,088 | ||||||
| First Industrial Realty Trust, Inc. | 157,304 | 7,571,041 | ||||||
| 45,071,129 | ||||||||
| MassMutual Mid Cap Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Utilities — 0.4% | ||||||||
| Vistra Corp. | 84,358 | $ | 16,349,424 | |||||
| TOTAL COMMON STOCK (Cost $3,335,414,198) | 4,093,411,236 | |||||||
| TOTAL EQUITIES (Cost $3,335,414,198) | 4,093,411,236 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $3,335,414,198) | 4,093,411,236 | |||||||
| Short-Term Investments — 2.9% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 8,472,077 | 8,472,077 | ||||||
| Mutual Fund — 0.0% | ||||||||
| T. Rowe Price Treasury Reserve Fund, 1.206% (d) | 378 | 378 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 2.7% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $ | 109,891,624 | 109,891,624 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $118,364,079) | 118,364,079 | |||||||
| TOTAL INVESTMENTS — 101.9% (Cost $3,453,778,277) (f) | 4,211,775,315 | |||||||
| Other Assets/(Liabilities) — (1.9)% | (77,395,728) | |||||||
| NET ASSETS — 100.0% | $ | 4,134,379,587 | ||||||
| Abbreviation Legend | |
| ADR | American Depositary Receipt |
| Notes to Portfolio of Investments |
| Percentages are stated as a percent of net assets. |
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $167,522,188 or 4.05% of net assets. The Fund received $169,967,763 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (e) | Maturity value of $109,900,018. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $112,089,730. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Cap Growth Equity Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 98.0% | ||||||||
| Common Stock — 98.0% | ||||||||
| Communication Services — 1.4% | ||||||||
| Cargurus, Inc. (a) | 105,961 | $ | 3,546,515 | |||||
| Cinemark Holdings, Inc. | 66,778 | 2,015,361 | ||||||
| Criteo SA Sponsored ADR (a) | 49,120 | 1,176,915 | ||||||
| Ziff Davis, Inc. (a) (b) | 32,008 | 968,882 | ||||||
| 7,707,673 | ||||||||
| Consumer Discretionary — 10.8% | ||||||||
| Acushnet Holdings Corp. (b) | 15,299 | 1,114,073 | ||||||
| Boot Barn Holdings, Inc. (a) | 17,544 | 2,666,688 | ||||||
| Century Communities, Inc. | 23,662 | 1,332,644 | ||||||
| Champion Homes, Inc. (a) | 55,212 | 3,456,823 | ||||||
| Cheesecake Factory, Inc. (b) | 33,632 | 2,107,381 | ||||||
| Duolingo, Inc. (a) | 6,487 | 2,659,800 | ||||||
| Dutch Bros, Inc. Class A (a) | 33,858 | 2,314,871 | ||||||
| Genius Sports Ltd. (a) | 249,135 | 2,591,004 | ||||||
| Goodyear Tire & Rubber Co. (a) (b) | 130,953 | 1,357,983 | ||||||
| H&R Block, Inc. | 33,684 | 1,848,915 | ||||||
| Life Time Group Holdings, Inc. (a) | 69,267 | 2,100,868 | ||||||
| Modine Manufacturing Co. (a) (b) | 41,444 | 4,082,234 | ||||||
| Ollie’s Bargain Outlet Holdings, Inc. (a) (b) | 49,107 | 6,471,320 | ||||||
| Patrick Industries, Inc. (b) | 22,041 | 2,033,723 | ||||||
| Planet Fitness, Inc. Class A (a) | 27,222 | 2,968,559 | ||||||
| Shake Shack, Inc. Class A (a) | 35,242 | 4,955,025 | ||||||
| Sportradar Group AG Class A (a) | 100,343 | 2,817,631 | ||||||
| Stride, Inc. (a) | 26,519 | 3,850,294 | ||||||
| Sweetgreen, Inc. Class A (a) (b) | 94,629 | 1,408,079 | ||||||
| Texas Roadhouse, Inc. | 17,877 | 3,350,329 | ||||||
| Valvoline, Inc. (a) | 32,416 | 1,227,594 | ||||||
| Visteon Corp. (a) | 11,612 | 1,083,400 | ||||||
| Wingstop, Inc. | 3,497 | 1,177,580 | ||||||
| YETI Holdings, Inc. (a) | 38,463 | 1,212,354 | ||||||
| 60,189,172 | ||||||||
| Consumer Staples — 1.8% | ||||||||
| BellRing Brands, Inc. (a) | 57,156 | 3,311,047 | ||||||
| Chefs’ Warehouse, Inc. (a) | 29,906 | 1,908,302 | ||||||
| Freshpet, Inc. (a) | 20,918 | 1,421,587 | ||||||
| Guardian Pharmacy Services, Inc. Class A (a) | 43,933 | 936,212 | ||||||
| Simply Good Foods Co. (a) | 44,631 | 1,409,894 | ||||||
| Vital Farms, Inc. (a) | 29,158 | 1,123,166 | ||||||
| 10,110,208 | ||||||||
| Energy — 2.8% | ||||||||
| Archrock, Inc. | 96,412 | 2,393,910 | ||||||
| MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Cactus, Inc. Class A | 23,751 | $ | 1,038,394 | |||||
| Gulfport Energy Corp. (a) | 13,436 | 2,702,920 | ||||||
| Magnolia Oil & Gas Corp. Class A (b) | 65,301 | 1,467,966 | ||||||
| Seadrill Ltd. (a) (b) | 31,924 | 838,005 | ||||||
| TechnipFMC PLC | 103,411 | 3,561,475 | ||||||
| Viper Energy, Inc. | 94,695 | 3,610,720 | ||||||
| 15,613,390 | ||||||||
| Financials — 11.9% | ||||||||
| Ameris Bancorp | 35,986 | 2,328,294 | ||||||
| Assured Guaranty Ltd. | 17,036 | 1,483,836 | ||||||
| Bancorp, Inc. (a) | 38,379 | 2,186,452 | ||||||
| Banner Corp. | 30,900 | 1,982,235 | ||||||
| Beazley PLC | 57,449 | 737,490 | ||||||
| Cadence Bank | 138,151 | 4,418,069 | ||||||
| Cohen & Steers, Inc. | 13,215 | 995,750 | ||||||
| Enova International, Inc. (a) | 7,365 | 821,345 | ||||||
| Evercore, Inc. Class A | 10,200 | 2,754,204 | ||||||
| HA Sustainable Infrastructure Capital, Inc. (b) | 127,718 | 3,430,505 | ||||||
| Hamilton Insurance Group Ltd. Class B (a) | 36,017 | 778,688 | ||||||
| Hamilton Lane, Inc. Class A | 39,924 | 5,673,999 | ||||||
| Hancock Whitney Corp. | 43,167 | 2,477,786 | ||||||
| Kemper Corp. | 21,218 | 1,369,410 | ||||||
| Marex Group PLC | 43,294 | 1,708,814 | ||||||
| MGIC Investment Corp. | 38,911 | 1,083,282 | ||||||
| Mr. Cooper Group, Inc. (a) | 19,326 | 2,883,632 | ||||||
| National Bank Holdings Corp. Class A | 51,481 | 1,936,200 | ||||||
| Palomar Holdings, Inc. (a) | 13,907 | 2,145,155 | ||||||
| Paymentus Holdings, Inc. Class A (a) | 62,440 | 2,044,910 | ||||||
| Perella Weinberg Partners | 78,491 | 1,524,295 | ||||||
| Piper Sandler Cos. | 7,016 | 1,950,027 | ||||||
| PJT Partners, Inc. Class A | 31,526 | 5,202,105 | ||||||
| Seacoast Banking Corp. of Florida | 101,019 | 2,790,145 | ||||||
| SiriusPoint Ltd. (a) | 147,310 | 3,003,651 | ||||||
| StepStone Group, Inc. Class A | 109,850 | 6,096,675 | ||||||
| UMB Financial Corp. | 21,443 | 2,254,946 | ||||||
| 66,061,900 | ||||||||
| Health Care — 19.2% | ||||||||
| ADMA Biologics, Inc. (a) | 67,099 | 1,221,873 | ||||||
| Akero Therapeutics, Inc. (a) | 37,345 | 1,992,729 | ||||||
| Alignment Healthcare, Inc. (a) | 263,461 | 3,688,454 | ||||||
| Amicus Therapeutics, Inc. (a) | 85,306 | 488,803 | ||||||
| Apellis Pharmaceuticals, Inc. (a) | 29,704 | 514,176 | ||||||
| Apogee Therapeutics, Inc. (a) | 30,356 | 1,318,361 | ||||||
| AtriCure, Inc. (a) | 44,718 | 1,465,409 | ||||||
| Avidity Biosciences, Inc. (a) | 54,369 | 1,544,080 | ||||||
| Axsome Therapeutics, Inc. (a) | 26,205 | 2,735,540 | ||||||
| Blueprint Medicines Corp. (a) | 25,836 | 3,311,659 | ||||||
| Bridgebio Pharma, Inc. (a) | 36,586 | 1,579,783 | ||||||
| BrightSpring Health Services, Inc. (a) (b) | 136,790 | 3,226,876 | ||||||
| Caris Life Sciences, Inc. (a) | 9,724 | 259,825 | ||||||
| Celldex Therapeutics, Inc. (a) | 36,360 | 739,926 | ||||||
| CG oncology, Inc. (a) | 20,992 | 545,792 | ||||||
| Concentra Group Holdings Parent, Inc. | 32,370 | 665,851 | ||||||
| Crinetics Pharmaceuticals, Inc. (a) (b) | 55,724 | 1,602,622 | ||||||
| Cytokinetics, Inc. (a) (b) | 40,830 | 1,349,023 | ||||||
| MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Disc Medicine, Inc. (a) | 30,087 | $ | 1,593,408 | |||||
| Encompass Health Corp. | 45,707 | 5,605,049 | ||||||
| Ensign Group, Inc. | 11,349 | 1,750,697 | ||||||
| GeneDx Holdings Corp. (a) | 34,087 | 3,146,571 | ||||||
| Glaukos Corp. (a) | 45,818 | 4,732,541 | ||||||
| Guardant Health, Inc. (a) | 41,141 | 2,140,978 | ||||||
| Haemonetics Corp. (a) (b) | 25,130 | 1,874,949 | ||||||
| Halozyme Therapeutics, Inc. (a) | 24,814 | 1,290,824 | ||||||
| HealthEquity, Inc. (a) | 56,202 | 5,887,722 | ||||||
| Hims & Hers Health, Inc. (a) | 45,540 | 2,270,169 | ||||||
| Immatics NV (a) (b) | 56,871 | 305,966 | ||||||
| Insmed, Inc. (a) | 58,151 | 5,852,317 | ||||||
| Integer Holdings Corp. (a) | 18,753 | 2,306,056 | ||||||
| Janux Therapeutics, Inc. (a) | 8,589 | 198,406 | ||||||
| Kymera Therapeutics, Inc. (a) (b) | 41,663 | 1,818,173 | ||||||
| Lantheus Holdings, Inc. (a) (b) | 42,535 | 3,481,915 | ||||||
| Madrigal Pharmaceuticals, Inc. (a) | 1,774 | 536,883 | ||||||
| Merit Medical Systems, Inc. (a) | 21,707 | 2,029,170 | ||||||
| Merus NV (a) | 40,252 | 2,117,255 | ||||||
| Nurix Therapeutics, Inc. (a) | 47,235 | 538,007 | ||||||
| Nuvalent, Inc., Class A (a) | 13,309 | 1,015,477 | ||||||
| Option Care Health, Inc. (a) | 57,660 | 1,872,797 | ||||||
| PACS Group, Inc. (a) | 56,691 | 732,448 | ||||||
| PROCEPT BioRobotics Corp. (a) | 41,050 | 2,364,480 | ||||||
| Protagonist Therapeutics, Inc. (a) | 19,003 | 1,050,296 | ||||||
| Prothena Corp. PLC (a) | 10,649 | 64,639 | ||||||
| PTC Therapeutics, Inc. (a) | 21,609 | 1,055,384 | ||||||
| RadNet, Inc. (a) (b) | 39,686 | 2,258,530 | ||||||
| Repligen Corp. (a) | 11,691 | 1,454,127 | ||||||
| Revolution Medicines, Inc. (a) | 65,846 | 2,422,474 | ||||||
| Scholar Rock Holding Corp. (a) | 20,886 | 739,782 | ||||||
| Soleno Therapeutics, Inc. (a) | 11,540 | 966,821 | ||||||
| Spyre Therapeutics, Inc. (a) (b) | 22,517 | 337,080 | ||||||
| Structure Therapeutics, Inc. ADR (a) (b) | 27,334 | 566,907 | ||||||
| TransMedics Group, Inc. (a) (b) | 10,232 | 1,371,190 | ||||||
| Twist Bioscience Corp. (a) | 61,065 | 2,246,581 | ||||||
| Ultragenyx Pharmaceutical, Inc. (a) | 14,432 | 524,748 | ||||||
| Vaxcyte, Inc. (a) | 23,401 | 760,767 | ||||||
| Veracyte, Inc. (a) | 25,580 | 691,427 | ||||||
| Vericel Corp. (a) | 18,567 | 790,026 | ||||||
| Verona Pharma PLC ADR (a) | 35,365 | 3,344,822 | ||||||
| Waystar Holding Corp. (a) | 60,596 | 2,476,559 | ||||||
| 106,835,200 | ||||||||
| Industrials — 25.9% | ||||||||
| AAR Corp. (a) | 24,796 | 1,705,717 | ||||||
| Acuity, Inc. | 9,049 | 2,699,679 | ||||||
| Air Lease Corp. | 32,162 | 1,881,155 | ||||||
| Alight, Inc. Class A | 50,800 | 287,528 | ||||||
| Ameresco, Inc. Class A (a) (b) | 84,759 | 1,287,489 | ||||||
| Applied Industrial Technologies, Inc. | 18,188 | 4,227,801 | ||||||
| Archer Aviation, Inc. Class A (a) | 110,891 | 1,203,167 | ||||||
| Argan, Inc. | 5,977 | 1,317,809 | ||||||
| ATI, Inc. (a) | 33,401 | 2,883,842 | ||||||
| Atmus Filtration Technologies, Inc. | 47,165 | 1,717,749 | ||||||
| AZEK Co., Inc. (a) | 122,556 | 6,660,919 | ||||||
| Boise Cascade Co. | 14,264 | 1,238,400 | ||||||
| Casella Waste Systems, Inc. Class A (a) | 64,735 | 7,469,124 | ||||||
| MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Comfort Systems USA, Inc. | 7,772 | $ | 4,167,424 | |||||
| Construction Partners, Inc. Class A (a) (b) | 28,583 | 3,037,801 | ||||||
| Crane Co. | 20,958 | 3,979,715 | ||||||
| Curtiss-Wright Corp. | 15,332 | 7,490,449 | ||||||
| DXP Enterprises, Inc. (a) | 34,933 | 3,061,877 | ||||||
| Embraer SA Sponsored ADR | 59,952 | 3,411,868 | ||||||
| Enpro, Inc. | 11,163 | 2,138,273 | ||||||
| Esab Corp. | 28,541 | 3,440,618 | ||||||
| ESCO Technologies, Inc. | 26,643 | 5,111,992 | ||||||
| Exlservice Holdings, Inc. (a) | 154,851 | 6,780,925 | ||||||
| Federal Signal Corp. | 17,172 | 1,827,444 | ||||||
| Fluor Corp. (a) | 73,627 | 3,774,856 | ||||||
| GATX Corp. | 11,958 | 1,836,271 | ||||||
| GEO Group, Inc. (a) | 21,769 | 521,368 | ||||||
| Karman Holdings, Inc. (a) | 39,299 | 1,979,491 | ||||||
| Kirby Corp. (a) | 20,520 | 2,327,173 | ||||||
| Korn Ferry | 28,449 | 2,086,165 | ||||||
| Leonardo DRS, Inc. | 84,607 | 3,932,533 | ||||||
| Loar Holdings, Inc. (a) | 25,722 | 2,216,465 | ||||||
| McGrath RentCorp | 13,407 | 1,554,676 | ||||||
| Mueller Water Products, Inc. Class A | 92,866 | 2,232,499 | ||||||
| MYR Group, Inc. (a) | 10,260 | 1,861,677 | ||||||
| NEXTracker, Inc. Class A (a) | 37,884 | 2,059,753 | ||||||
| Powell Industries, Inc. (b) | 5,266 | 1,108,230 | ||||||
| Primoris Services Corp. | 32,146 | 2,505,459 | ||||||
| Rocket Lab Corp. (a) | 86,692 | 3,100,973 | ||||||
| Rush Enterprises, Inc. Class A | 70,596 | 3,636,400 | ||||||
| RXO, Inc. (a) (b) | 80,848 | 1,270,931 | ||||||
| Ryder System, Inc. | 14,110 | 2,243,490 | ||||||
| Shoals Technologies Group, Inc. Class A (a) | 369,897 | 1,572,062 | ||||||
| SPX Technologies, Inc. (a) | 21,607 | 3,623,062 | ||||||
| StandardAero, Inc. (a) | 45,543 | 1,441,436 | ||||||
| Sterling Infrastructure, Inc. (a) (b) | 14,185 | 3,272,905 | ||||||
| TriNet Group, Inc. | 15,528 | 1,135,718 | ||||||
| Verra Mobility Corp. (a) | 245,655 | 6,237,180 | ||||||
| Voyager Technologies, Inc. Class A (a) | 16,092 | 631,611 | ||||||
| WNS Holdings Ltd. (a) (b) | 20,202 | 1,277,575 | ||||||
| Xometry, Inc. Class A (a) | 32,547 | 1,099,763 | ||||||
| Zurn Elkay Water Solutions Corp. | 123,055 | 4,500,121 | ||||||
| 144,068,608 | ||||||||
| Information Technology — 17.8% | ||||||||
| Agilysys, Inc. (a) (b) | 13,499 | 1,547,525 | ||||||
| Alkami Technology, Inc. (a) (b) | 36,745 | 1,107,494 | ||||||
| Allegro MicroSystems, Inc. (a) | 58,971 | 2,016,218 | ||||||
| Appfolio, Inc. Class A (a) | 5,321 | 1,225,320 | ||||||
| AvePoint, Inc. (a) | 380,135 | 7,340,407 | ||||||
| Badger Meter, Inc. | 6,951 | 1,702,647 | ||||||
| Belden, Inc. | 18,931 | 2,192,210 | ||||||
| Braze, Inc. Class A (a) | 42,478 | 1,193,632 | ||||||
| Calix, Inc. (a) | 36,225 | 1,926,808 | ||||||
| Celestica, Inc. (a) (b) | 39,317 | 6,137,777 | ||||||
| Cellebrite DI Ltd. (a) | 65,642 | 1,050,272 | ||||||
| Cirrus Logic, Inc. (a) | 13,804 | 1,439,136 | ||||||
| Clearwater Analytics Holdings, Inc. Class A (a) | 200,330 | 4,393,237 | ||||||
| Commvault Systems, Inc. (a) | 18,646 | 3,250,557 | ||||||
| Crane NXT Co. (b) | 28,398 | 1,530,652 | ||||||
| Credo Technology Group Holding Ltd. (a) | 24,889 | 2,304,473 | ||||||
| MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| CyberArk Software Ltd. (a) | 23,268 | $ | 9,467,284 | |||||
| Fabrinet (a) | 9,247 | 2,724,906 | ||||||
| Freshworks, Inc. Class A (a) | 215,459 | 3,212,494 | ||||||
| Impinj, Inc. (a) (b) | 9,744 | 1,082,266 | ||||||
| Intapp, Inc. (a) | 67,386 | 3,478,465 | ||||||
| Itron, Inc. (a) | 14,394 | 1,894,682 | ||||||
| Jamf Holding Corp. (a) | 81,886 | 778,736 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 30,713 | 4,400,866 | ||||||
| MKS, Inc. (b) | 12,369 | 1,228,984 | ||||||
| Nova Ltd. (a) (b) | 4,926 | 1,355,635 | ||||||
| Novanta, Inc. (a) | 13,221 | 1,704,584 | ||||||
| PAR Technology Corp. (a) (b) | 58,954 | 4,089,639 | ||||||
| Pegasystems, Inc. (b) | 51,438 | 2,784,339 | ||||||
| Power Integrations, Inc. | 20,034 | 1,119,901 | ||||||
| Q2 Holdings, Inc. (a) | 42,744 | 4,000,411 | ||||||
| Semtech Corp. (a) | 23,926 | 1,080,020 | ||||||
| ServiceTitan, Inc. Class A (a) | 16,375 | 1,755,072 | ||||||
| Silicon Motion Technology Corp. Sponsored ADR | 21,182 | 1,592,251 | ||||||
| SiTime Corp. (a) (b) | 33,266 | 7,088,319 | ||||||
| Sprout Social, Inc. Class A (a) | 3,745 | 78,308 | ||||||
| Tower Semiconductor Ltd. (a) | 38,228 | 1,657,184 | ||||||
| Universal Display Corp. | 4,864 | 751,293 | ||||||
| Viavi Solutions, Inc. (a) | 159,541 | 1,606,578 | ||||||
| 99,290,582 | ||||||||
| Materials — 2.2% | ||||||||
| Cabot Corp. | 63,914 | 4,793,550 | ||||||
| Carpenter Technology Corp. | 22,293 | 6,161,339 | ||||||
| Graphic Packaging Holding Co. (b) | 67,259 | 1,417,147 | ||||||
| 12,372,036 | ||||||||
| Real Estate — 3.0% | ||||||||
| American Healthcare REIT, Inc. | 139,978 | 5,142,792 | ||||||
| Douglas Emmett, Inc. | 80,409 | 1,209,351 | ||||||
| Essential Properties Realty Trust, Inc. (b) | 49,564 | 1,581,587 | ||||||
| Highwoods Properties, Inc. | 37,630 | 1,169,917 | ||||||
| Independence Realty Trust, Inc. (b) | 81,605 | 1,443,592 | ||||||
| Phillips Edison & Co., Inc. | 117,142 | 4,103,484 | ||||||
| Terreno Realty Corp. | 27,637 | 1,549,607 | ||||||
| Xenia Hotels & Resorts, Inc. | 50,879 | 639,549 | ||||||
| 16,839,879 | ||||||||
| Utilities — 1.2% | ||||||||
| IDACORP, Inc. | 18,856 | 2,176,925 | ||||||
| ONE Gas, Inc. | 24,771 | 1,780,044 | ||||||
| Talen Energy Corp. (a) | 9,425 | 2,740,508 | ||||||
| 6,697,477 | ||||||||
| TOTAL COMMON STOCK (Cost $456,518,366) | 545,786,125 | |||||||
| TOTAL EQUITIES (Cost $456,518,366) | 545,786,125 | |||||||
| MassMutual Small Cap Growth Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Exchange-Traded Funds — 0.4% | ||||||||
| iShares Russell 2000 ETF | 8,682 | $ | 1,873,489 | |||||
| iShares Russell 2000 Growth ETF | 1,754 | 501,398 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $2,335,737) | 2,374,887 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $458,854,103) | 548,161,012 | |||||||
| Short-Term Investments — 1.0% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (c) | 24,856 | 24,856 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (d) | $ | 5,221,321 | 5,221,321 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,246,177) | 5,246,177 | |||||||
| TOTAL INVESTMENTS — 99.4% (Cost $464,100,280) (e) | 553,407,189 | |||||||
| Other Assets/(Liabilities) — 0.6% | 3,494,739 | |||||||
| NET ASSETS — 100.0% | $ | 556,901,928 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| REIT | Real Estate Investment Trust |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $69,186,704 or 12.42% of net assets. The Fund received $70,559,953 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (d) | Maturity value of $5,221,720. Collateralized by U.S. Government Agency obligations with a rate of 3.375%, maturity date of 9/15/27, and an aggregate market value, including accrued interest, of $5,325,778. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Overseas Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 98.2% | ||||||||
| Common Stock — 97.7% | ||||||||
| Australia — 1.5% | ||||||||
| Glencore PLC | 1,057,100 | $ | 4,116,218 | |||||
| Rio Tinto PLC | 27,778 | 1,618,695 | ||||||
| 5,734,913 | ||||||||
| Canada — 2.5% | ||||||||
| Canadian National Railway Co. | 24,539 | 2,553,037 | ||||||
| Intact Financial Corp. | 8,855 | 2,059,068 | ||||||
| Open Text Corp. | 36,990 | 1,080,839 | ||||||
| Suncor Energy, Inc. (SU CN) | 48,278 | 1,808,453 | ||||||
| Toronto-Dominion Bank | 31,474 | 2,314,989 | ||||||
| 9,816,386 | ||||||||
| China — 2.6% | ||||||||
| Alibaba Group Holding Ltd. | 165,540 | 2,349,265 | ||||||
| NetEase, Inc. | 104,200 | 2,810,605 | ||||||
| Prosus NV (PRX NA) | 32,799 | 1,837,298 | ||||||
| Tencent Holdings Ltd. | 49,000 | 3,147,128 | ||||||
| 10,144,296 | ||||||||
| Denmark — 2.3% | ||||||||
| Carlsberg AS Class B | 25,826 | 3,663,394 | ||||||
| DSV AS | 9,185 | 2,206,414 | ||||||
| Novo Nordisk AS Class B | 46,177 | 3,222,137 | ||||||
| 9,091,945 | ||||||||
| France — 16.9% | ||||||||
| Accor SA | 38,770 | 2,028,259 | ||||||
| Air Liquide SA | 36,824 | 7,605,843 | ||||||
| Airbus SE | 12,335 | 2,581,024 | ||||||
| BNP Paribas SA | 88,890 | 8,006,261 | ||||||
| Capgemini SE | 42,427 | 7,261,779 | ||||||
| Cie de Saint-Gobain SA | 39,942 | 4,698,703 | ||||||
| Cie Generale des Etablissements Michelin SCA | 52,085 | 1,938,050 | ||||||
| Danone SA | 10,100 | 825,203 | ||||||
| Dassault Systemes SE | 41,177 | 1,492,587 | ||||||
| Edenred SE | 137,396 | 4,261,429 | ||||||
| Engie SA | 193,863 | 4,565,182 | ||||||
| EssilorLuxottica SA | 10,296 | 2,828,421 | ||||||
| Kering SA | 17,120 | 3,734,605 | ||||||
| Legrand SA | 20,369 | 2,720,763 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 9,902 | 5,193,120 | ||||||
| Pernod Ricard SA | 52,089 | 5,203,228 | ||||||
| Publicis Groupe SA (a) | 12,769 | 1,441,500 | ||||||
| MassMutual Overseas Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Worldline SA (a) (b) (c) | 141,600 | $ | 598,967 | |||||
| 66,984,924 | ||||||||
| Germany — 13.1% | ||||||||
| adidas AG | 11,355 | 2,646,843 | ||||||
| Allianz SE Registered | 3,860 | 1,563,957 | ||||||
| Bayer AG Registered | 109,025 | 3,278,395 | ||||||
| Bayerische Motoren Werke AG | 31,585 | 2,806,028 | ||||||
| Beiersdorf AG | 28,784 | 3,615,662 | ||||||
| Brenntag SE | 40,700 | 2,695,618 | ||||||
| Continental AG | 40,799 | 3,560,226 | ||||||
| Daimler Truck Holding AG | 60,161 | 2,847,421 | ||||||
| Deutsche Boerse AG | 18,230 | 5,948,493 | ||||||
| Fresenius Medical Care AG | 52,912 | 3,033,772 | ||||||
| Fresenius SE & Co. KGaA | 46,200 | 2,323,520 | ||||||
| Mercedes Benz Group AG | 33,973 | 1,987,759 | ||||||
| Merck KGaA | 28,218 | 3,654,255 | ||||||
| MTU Aero Engines AG | 5,239 | 2,329,770 | ||||||
| SAP SE | 25,882 | 7,872,986 | ||||||
| Siemens AG Registered | 2,460 | 630,929 | ||||||
| thyssenkrupp AG | 87,317 | 937,657 | ||||||
| 51,733,291 | ||||||||
| Hong Kong — 2.0% | ||||||||
| AIA Group Ltd. | 415,800 | 3,739,195 | ||||||
| Prudential PLC | 331,622 | 4,163,327 | ||||||
| 7,902,522 | ||||||||
| India — 0.9% | ||||||||
| Axis Bank Ltd. | 86,605 | 1,210,327 | ||||||
| HDFC Bank Ltd. | 62,100 | 1,447,625 | ||||||
| Tata Consultancy Services Ltd. | 21,254 | 857,806 | ||||||
| 3,515,758 | ||||||||
| Indonesia — 0.6% | ||||||||
| Bank Mandiri Persero Tbk. PT | 7,931,000 | 2,385,858 | ||||||
| Ireland — 0.9% | ||||||||
| AIB Group PLC | 448,184 | 3,687,168 | ||||||
| Israel — 0.7% | ||||||||
| Check Point Software Technologies Ltd. (b) | 13,300 | 2,942,625 | ||||||
| Italy — 3.6% | ||||||||
| Eni SpA | 170,729 | 2,765,266 | ||||||
| Intesa Sanpaolo SpA | 983,275 | 5,667,911 | ||||||
| Ryanair Holdings PLC Sponsored ADR | 100,821 | 5,814,347 | ||||||
| 14,247,524 | ||||||||
| Japan — 14.6% | ||||||||
| Asahi Group Holdings Ltd. | 49,200 | 658,472 | ||||||
| Daikin Industries Ltd. | 24,900 | 2,941,646 | ||||||
| Denso Corp. | 208,200 | 2,807,891 | ||||||
| FUJIFILM Holdings Corp. | 115,700 | 2,514,130 | ||||||
| Fujitsu Ltd. | 42,100 | 1,022,864 | ||||||
| MassMutual Overseas Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Hitachi Ltd. | 268,200 | $ | 7,769,444 | |||||
| Hoya Corp. | 10,300 | 1,222,763 | ||||||
| Komatsu Ltd. | 50,200 | 1,643,161 | ||||||
| Kose Corp. (a) | 23,200 | 911,463 | ||||||
| Kyocera Corp. | 116,300 | 1,396,331 | ||||||
| LY Corp. | 647,300 | 2,383,662 | ||||||
| Mitsubishi Electric Corp. | 184,400 | 3,982,487 | ||||||
| Mitsubishi Estate Co. Ltd. | 41,300 | 772,724 | ||||||
| Olympus Corp. | 142,300 | 1,688,467 | ||||||
| Seven & i Holdings Co. Ltd. | 191,700 | 3,091,808 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 117,400 | 3,868,666 | ||||||
| SMC Corp. | 4,600 | 1,656,566 | ||||||
| Sompo Holdings, Inc. | 91,500 | 2,741,254 | ||||||
| Sony Group Corp. | 207,100 | 5,398,997 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 141,400 | 3,544,901 | ||||||
| Suzuki Motor Corp. | 110,900 | 1,336,029 | ||||||
| Terumo Corp. | 122,800 | 2,254,025 | ||||||
| ZOZO, Inc. | 194,000 | 2,094,259 | ||||||
| 57,702,010 | ||||||||
| Luxembourg — 0.6% | ||||||||
| Eurofins Scientific SE (a) | 33,755 | 2,405,378 | ||||||
| Netherlands — 3.0% | ||||||||
| Akzo Nobel NV | 33,900 | 2,372,419 | ||||||
| ASML Holding NV | 1,785 | 1,430,481 | ||||||
| ASR Nederland NV | 19,400 | 1,288,552 | ||||||
| EXOR NV | 15,437 | 1,556,774 | ||||||
| ING Groep NV | 176,459 | 3,872,367 | ||||||
| Koninklijke Ahold Delhaize NV | 30,600 | 1,279,313 | ||||||
| 11,799,906 | ||||||||
| Portugal — 0.5% | ||||||||
| Galp Energia SGPS SA | 111,616 | 2,049,104 | ||||||
| Republic of Korea — 0.9% | ||||||||
| KB Financial Group, Inc. | 35,100 | 2,883,891 | ||||||
| NAVER Corp. | 4,305 | 835,817 | ||||||
| 3,719,708 | ||||||||
| Singapore — 0.7% | ||||||||
| DBS Group Holdings Ltd. | 83,250 | 2,943,662 | ||||||
| Spain — 1.2% | ||||||||
| Amadeus IT Group SA | 57,427 | 4,858,224 | ||||||
| Sweden — 1.1% | ||||||||
| Sandvik AB | 59,200 | 1,358,525 | ||||||
| SKF AB Class B | 78,400 | 1,800,738 | ||||||
| Volvo AB Class B | 44,100 | 1,238,179 | ||||||
| 4,397,442 | ||||||||
| Switzerland — 4.6% | ||||||||
| Cie Financiere Richemont SA Registered Class A | 37,847 | 7,157,672 | ||||||
| Julius Baer Group Ltd. | 24,976 | 1,685,311 | ||||||
| Sika AG Registered | 1,960 | 531,878 | ||||||
| MassMutual Overseas Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Sonova Holding AG Registered | 5,202 | $ | 1,553,918 | |||||
| Swatch Group AG | 1,510 | 246,439 | ||||||
| UBS Group AG Registered | 86,127 | 2,926,435 | ||||||
| Zurich Insurance Group AG | 5,934 | 4,161,173 | ||||||
| 18,262,826 | ||||||||
| Taiwan — 1.3% | ||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 23,277 | 5,272,008 | ||||||
| United Kingdom — 11.4% | ||||||||
| Ashtead Group PLC | 46,700 | 2,993,633 | ||||||
| Compass Group PLC | 176,767 | 5,987,129 | ||||||
| Diageo PLC | 141,005 | 3,546,774 | ||||||
| Flutter Entertainment PLC (b) | 5,542 | 1,583,682 | ||||||
| Lloyds Banking Group PLC | 1,018,797 | 1,072,889 | ||||||
| London Stock Exchange Group PLC | 25,590 | 3,739,177 | ||||||
| NatWest Group PLC | 461,047 | 3,237,235 | ||||||
| Reckitt Benckiser Group PLC | 31,900 | 2,170,060 | ||||||
| RELX PLC | 85,272 | 4,625,566 | ||||||
| Rentokil Initial PLC | 221,900 | 1,073,965 | ||||||
| Rolls-Royce Holdings PLC | 483,566 | 6,424,790 | ||||||
| Schroders PLC | 425,553 | 2,111,565 | ||||||
| Smith & Nephew PLC | 103,500 | 1,581,539 | ||||||
| Smiths Group PLC | 24,156 | 744,909 | ||||||
| Tesco PLC | 512,252 | 2,821,809 | ||||||
| WPP PLC | 203,056 | 1,419,385 | ||||||
| 45,134,107 | ||||||||
| United States — 10.2% | ||||||||
| CNH Industrial NV | 274,697 | 3,560,073 | ||||||
| Experian PLC | 87,697 | 4,517,846 | ||||||
| Linde PLC (LIN US) | 5,601 | 2,627,877 | ||||||
| Nestle SA Registered | 53,607 | 5,324,345 | ||||||
| Novartis AG Registered | 56,399 | 6,822,871 | ||||||
| Qiagen NV | 42,671 | 2,054,523 | ||||||
| Roche Holding AG | 23,740 | 7,760,854 | ||||||
| Schneider Electric SE | 28,940 | 7,717,088 | ||||||
| 40,385,477 | ||||||||
| TOTAL COMMON STOCK (Cost $301,915,544) | 387,117,062 | |||||||
| Preferred Stock — 0.5% | ||||||||
| Republic of Korea — 0.5% | ||||||||
| Samsung Electronics Co. Ltd. 2.931% | 60,150 | 2,205,812 | ||||||
| TOTAL PREFERRED STOCK (Cost $2,858,788) | 2,205,812 | |||||||
| TOTAL EQUITIES (Cost $304,774,332) | 389,322,874 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $304,774,332) | 389,322,874 | |||||||
| MassMutual Overseas Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Short-Term Investments — 1.4% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 1,480,914 | $ | 1,480,914 | |||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (e) | $ | 3,835,872 | 3,835,872 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,316,786) | 5,316,786 | |||||||
| TOTAL INVESTMENTS — 99.6% (Cost $310,091,118) (f) | 394,639,660 | |||||||
| Other Assets/(Liabilities) — 0.4% | 1,720,619 | |||||||
| NET ASSETS — 100.0% | $ | 396,360,279 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $2,956,028 or 0.75% of net assets. The Fund received $1,567,866 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Non-income producing security. |
| (c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $598,967 or 0.15% of net assets. |
| (d) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (e) | Maturity value of $3,836,165. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $3,912,919. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments |
June 30, 2025 (Unaudited)
| Number of Shares | Value | |||||||
| Equities — 97.3% | ||||||||
| Common Stock — 97.0% | ||||||||
| Argentina — 0.0% | ||||||||
| Grupo Financiero Galicia SA ADR | 2,332 | $ | 117,510 | |||||
| Australia — 1.2% | ||||||||
| ANZ Group Holdings Ltd. | 27,418 | 526,249 | ||||||
| BHP Group Ltd. | 62,459 | 1,501,172 | ||||||
| BHP Group Ltd. Class DI (a) | 18,007 | 432,535 | ||||||
| Downer EDI Ltd. | 138,299 | 575,446 | ||||||
| Macquarie Group Ltd. | 4,454 | 670,615 | ||||||
| Scentre Group | 256,271 | 602,324 | ||||||
| Worley Ltd. | 47,043 | 405,038 | ||||||
| 4,713,379 | ||||||||
| Austria — 0.9% | ||||||||
| BAWAG Group AG (b) | 14,958 | 1,906,596 | ||||||
| Erste Group Bank AG | 13,425 | 1,141,062 | ||||||
| OMV AG | 10,891 | 592,059 | ||||||
| 3,639,717 | ||||||||
| Brazil — 2.0% | ||||||||
| B3 SA - Brasil Bolsa Balcao | 423,220 | 1,135,732 | ||||||
| Banco BTG Pactual SA | 66,300 | 515,576 | ||||||
| Embraer SA | 50,500 | 715,798 | ||||||
| Itau Unibanco Holding SA Sponsored ADR | 75,036 | 509,494 | ||||||
| Klabin SA | 130,020 | 441,529 | ||||||
| Localiza Rent a Car SA | 37,668 | 280,928 | ||||||
| MercadoLibre, Inc. (c) | 724 | 1,892,268 | ||||||
| Multiplan Empreendimentos Imobiliarios SA | 62,302 | 312,020 | ||||||
| NU Holdings Ltd. Class A (c) | 30,018 | 411,847 | ||||||
| Petroleo Brasileiro SA - Petrobras Sponsored ADR | 15,426 | 192,979 | ||||||
| Raia Drogasil SA | 115,385 | 321,110 | ||||||
| Rede D’Or Sao Luiz SA (b) | 88,835 | 579,142 | ||||||
| WEG SA | 85,554 | 673,649 | ||||||
| 7,982,072 | ||||||||
| Canada — 3.8% | ||||||||
| Brookfield Corp. | 12,208 | 755,565 | ||||||
| Canadian National Railway Co. | 15,585 | 1,621,463 | ||||||
| Cenovus Energy, Inc. | 59,079 | 803,917 | ||||||
| Constellation Software, Inc. | 431 | 1,580,370 | ||||||
| Definity Financial Corp. | 33,959 | 1,979,310 | ||||||
| Descartes Systems Group, Inc. (c) | 11,519 | 1,170,849 | ||||||
| Element Fleet Management Corp. (a) | 94,623 | 2,370,179 | ||||||
| Great-West Lifeco, Inc. (a) | 29,802 | 1,133,428 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Magna International, Inc. | 9,667 | $ | 373,243 | |||||
| National Bank of Canada (a) | 13,510 | 1,394,107 | ||||||
| Shopify, Inc. Class A (c) | 8,675 | 1,000,661 | ||||||
| Suncor Energy, Inc. (SU CN) | 16,001 | 599,384 | ||||||
| Suncor Energy, Inc. (SU US) | 127 | 4,756 | ||||||
| TMX Group Ltd. | 11,144 | 472,357 | ||||||
| 15,259,589 | ||||||||
| Chile — 0.3% | ||||||||
| Antofagasta PLC | 28,328 | 703,825 | ||||||
| Banco de Chile | 3,611,334 | 546,182 | ||||||
| 1,250,007 | ||||||||
| China — 8.4% | ||||||||
| Airtac International Group | 7,000 | 207,642 | ||||||
| Alibaba Group Holding Ltd. | 242,636 | 3,443,375 | ||||||
| Alibaba Group Holding Ltd. Sponsored ADR | 1,527 | 173,177 | ||||||
| Baidu, Inc. Class A (c) | 26,584 | 283,354 | ||||||
| Bank of Ningbo Co. Ltd. Class A | 132,600 | 507,803 | ||||||
| BeOne Medicines Ltd. ADR (c) | 2,679 | 648,506 | ||||||
| Bilibili, Inc. Class Z (c) | 10,320 | 221,149 | ||||||
| BYD Co. Ltd. Class H | 8,000 | 125,207 | ||||||
| China Construction Bank Corp. Class H | 1,467,000 | 1,482,267 | ||||||
| China Mengniu Dairy Co. Ltd. | 236,000 | 484,809 | ||||||
| China Pacific Insurance Group Co. Ltd. Class H | 196,200 | 673,194 | ||||||
| China Resources Beer Holdings Co. Ltd. | 58,000 | 184,443 | ||||||
| China Resources Gas Group Ltd. | 14,700 | 37,620 | ||||||
| China Resources Land Ltd. | 199,000 | 675,294 | ||||||
| China Resources Mixc Lifestyle Services Ltd. (b) | 66,000 | 319,363 | ||||||
| China Tower Corp. Ltd. Class H (b) | 201,500 | 288,305 | ||||||
| CMOC Group Ltd. Class H | 246,000 | 248,973 | ||||||
| Contemporary Amperex Technology Co. Ltd. Class A | 10,400 | 366,118 | ||||||
| CRRC Corp. Ltd. Class A | 351,200 | 345,067 | ||||||
| Eastroc Beverage Group Co. Ltd. Class A | 1,843 | 80,745 | ||||||
| Foshan Haitian Flavouring & Food Co. Ltd. Class H (c) | 7,500 | 33,488 | ||||||
| Fosun International Ltd. | 244,000 | 145,440 | ||||||
| Fuyao Glass Industry Group Co. Ltd. Class A | 91,400 | 728,602 | ||||||
| H World Group Ltd. ADR | 7,837 | 265,831 | ||||||
| Hongfa Technology Co. Ltd. Class A | 90,020 | 280,307 | ||||||
| Jiangsu Hengrui Pharmaceuticals Co. Ltd. (c) | 18,200 | 124,735 | ||||||
| Kanzhun Ltd. ADR (c) | 16,073 | 286,742 | ||||||
| KE Holdings, Inc. Class A | 129,749 | 777,410 | ||||||
| KE Holdings, Inc. ADR | 46,964 | 833,141 | ||||||
| Kuaishou Technology (b) (c) | 38,400 | 310,737 | ||||||
| Kweichow Moutai Co. Ltd. Class A | 1,998 | 393,937 | ||||||
| Li Auto, Inc. Class A (c) | 16,800 | 228,564 | ||||||
| NARI Technology Co. Ltd. Class A | 111,021 | 347,232 | ||||||
| NetEase, Inc. | 60,465 | 1,630,933 | ||||||
| OmniVision Integrated Circuits Group, Inc. | 19,900 | 354,550 | ||||||
| PDD Holdings, Inc. ADR (c) | 12,070 | 1,263,246 | ||||||
| Prosus NV (PRX NA) | 56,377 | 3,158,065 | ||||||
| Prosus NV (PRX SJ) (a) | 20,604 | 1,155,347 | ||||||
| Sany Heavy Industry Co. Ltd. Class A | 315,500 | 791,886 | ||||||
| Shenzhen Inovance Technology Co. Ltd. Class A | 67,200 | 608,242 | ||||||
| Shenzhou International Group Holdings Ltd. | 109,600 | 779,640 | ||||||
| Silergy Corp. | 41,000 | 498,907 | ||||||
| Sunny Optical Technology Group Co. Ltd. | 66,300 | 587,253 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Tencent Holdings Ltd. | 54,300 | $ | 3,487,532 | |||||
| Tencent Music Entertainment Group ADR | 18,806 | 366,529 | ||||||
| Tongcheng Travel Holdings Ltd. (b) | 425,600 | 1,063,240 | ||||||
| Trip.com Group Ltd. | 6,300 | 366,956 | ||||||
| Wanhua Chemical Group Co. Ltd. Class A | 16,400 | 124,047 | ||||||
| Wilmar International Ltd. | 22,900 | 51,670 | ||||||
| Xiaomi Corp. Class B (b) (c) | 96,400 | 742,928 | ||||||
| Xinyi Glass Holdings Ltd. | 395,000 | 380,148 | ||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 66,700 | 116,571 | ||||||
| Yum China Holdings, Inc. | 5,090 | 227,574 | ||||||
| ZTO Express Cayman, Inc. | 18,195 | 322,925 | ||||||
| 33,630,766 | ||||||||
| Denmark — 0.6% | ||||||||
| Novo Nordisk AS Class B | 14,586 | 1,017,782 | ||||||
| Novo Nordisk AS Sponsored ADR | 17,970 | 1,240,289 | ||||||
| 2,258,071 | ||||||||
| Finland — 0.7% | ||||||||
| Mandatum OYJ | 56,097 | 366,633 | ||||||
| Sampo OYJ Class A | 141,808 | 1,526,025 | ||||||
| Stora Enso OYJ Class R (a) | 76,143 | 825,553 | ||||||
| 2,718,211 | ||||||||
| France — 7.1% | ||||||||
| Air Liquide SA | 5,040 | 1,040,991 | ||||||
| Airbus SE | 7,720 | 1,615,363 | ||||||
| Alstom SA (a) (c) | 24,376 | 569,892 | ||||||
| AXA SA | 63,153 | 3,104,053 | ||||||
| BNP Paribas SA | 15,145 | 1,364,100 | ||||||
| Cie de Saint-Gobain SA | 8,511 | 1,001,218 | ||||||
| Dassault Aviation SA | 5,116 | 1,812,853 | ||||||
| Edenred SE | 30,725 | 952,957 | ||||||
| Engie SA | 72,524 | 1,707,831 | ||||||
| EssilorLuxottica SA | 2,370 | 651,064 | ||||||
| Forvia SE (c) | 16,354 | 166,305 | ||||||
| Hermes International SCA | 282 | 765,070 | ||||||
| Kering SA | 1,986 | 433,232 | ||||||
| L’Oreal SA | 1,793 | 767,729 | ||||||
| Legrand SA | 4,900 | 654,511 | ||||||
| Safran SA | 8,797 | 2,865,042 | ||||||
| Sartorius Stedim Biotech | 4,327 | 1,035,555 | ||||||
| Societe Generale SA | 34,024 | 1,949,585 | ||||||
| Teleperformance SE | 2,299 | 223,229 | ||||||
| Thales SA | 4,402 | 1,296,849 | ||||||
| TotalEnergies SE | 57,543 | 3,539,317 | ||||||
| Vinci SA | 4,454 | 657,464 | ||||||
| 28,174,210 | ||||||||
| Germany — 6.2% | ||||||||
| Allianz SE Registered | 2,201 | 891,780 | ||||||
| BASF SE | 16,321 | 805,027 | ||||||
| Covestro AG (c) | 19,422 | 1,381,903 | ||||||
| Daimler Truck Holding AG | 13,711 | 648,942 | ||||||
| Deutsche Post AG | 13,275 | 613,643 | ||||||
| Deutsche Telekom AG Registered | 60,493 | 2,214,782 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Heidelberg Materials AG | 4,786 | $ | 1,124,441 | |||||
| KION Group AG | 15,173 | 844,772 | ||||||
| Mercedes Benz Group AG | 7,795 | 456,085 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered | 2,601 | 1,686,843 | ||||||
| Puma SE | 8,084 | 220,722 | ||||||
| Rheinmetall AG | 305 | 645,294 | ||||||
| SAP SE | 13,404 | 4,077,332 | ||||||
| Schott Pharma AG & Co. KGaA | 14,075 | 471,708 | ||||||
| Siemens AG Registered | 23,968 | 6,147,200 | ||||||
| Siemens Healthineers AG (b) | 38,631 | 2,142,975 | ||||||
| Springer Nature AG & Co. KGaA | 9,075 | 199,443 | ||||||
| 24,572,892 | ||||||||
| Guatemala — 0.2% | ||||||||
| Millicom International Cellular SA | 17,848 | 668,765 | ||||||
| Hong Kong — 1.3% | ||||||||
| AIA Group Ltd. | 187,800 | 1,688,843 | ||||||
| Futu Holdings Ltd. ADR | 4,839 | 598,052 | ||||||
| Hongkong Land Holdings Ltd. | 75,100 | 433,639 | ||||||
| Jardine Matheson Holdings Ltd. | 4,800 | 230,753 | ||||||
| Prudential PLC | 158,347 | 1,987,957 | ||||||
| Techtronic Industries Co. Ltd. | 16,000 | 176,248 | ||||||
| Wharf Real Estate Investment Co. Ltd. | 59,000 | 167,082 | ||||||
| 5,282,574 | ||||||||
| Hungary — 0.4% | ||||||||
| OTP Bank Nyrt | 22,320 | 1,782,869 | ||||||
| India — 4.8% | ||||||||
| Ashok Leyland Ltd. | 196,040 | 570,551 | ||||||
| Astral Ltd. | 7,688 | 135,130 | ||||||
| Avenue Supermarts Ltd. (b) (c) | 2,999 | 152,883 | ||||||
| Axis Bank Ltd. | 70,110 | 979,805 | ||||||
| Bajaj Finance Ltd. | 28,417 | 310,572 | ||||||
| Bharti Airtel Ltd. | 27,417 | 643,251 | ||||||
| Cummins India Ltd. | 6,435 | 255,404 | ||||||
| Divi’s Laboratories Ltd. | 2,285 | 182,248 | ||||||
| HDFC Bank Ltd. | 28,165 | 656,560 | ||||||
| HDFC Life Insurance Co. Ltd. (b) | 52,405 | 496,791 | ||||||
| Hindalco Industries Ltd. | 70,710 | 571,519 | ||||||
| ICICI Bank Ltd. | 171,680 | 2,897,153 | ||||||
| ICICI Bank Ltd. Sponsored ADR | 14,896 | 501,102 | ||||||
| Indraprastha Gas Ltd. | 282,156 | 717,590 | ||||||
| Infosys Ltd. | 33,593 | 628,328 | ||||||
| InterGlobe Aviation Ltd. (b) (c) | 4,392 | 306,027 | ||||||
| Kotak Mahindra Bank Ltd. | 61,432 | 1,547,677 | ||||||
| Larsen & Toubro Ltd. | 27,169 | 1,163,308 | ||||||
| MakeMyTrip Ltd. (c) | 1,737 | 170,261 | ||||||
| NTPC Green Energy Ltd. (c) | 91,514 | 112,163 | ||||||
| NTPC Ltd. | 266,376 | 1,040,307 | ||||||
| Power Grid Corp. of India Ltd. | 110,315 | 384,875 | ||||||
| Reliance Industries Ltd. | 125,257 | 2,191,342 | ||||||
| Shree Cement Ltd. | 1,710 | 617,391 | ||||||
| Shriram Finance Ltd. | 93,490 | 771,311 | ||||||
| Tech Mahindra Ltd. | 28,062 | 551,725 | ||||||
| Titan Co. Ltd. | 6,117 | 263,123 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Varun Beverages Ltd. | 41,009 | $ | 219,004 | |||||
| Voltas Ltd. | 15,179 | 233,227 | ||||||
| 19,270,628 | ||||||||
| Indonesia — 0.9% | ||||||||
| Bank Central Asia Tbk. PT | 3,048,000 | 1,633,119 | ||||||
| Bank Rakyat Indonesia Persero Tbk. PT | 5,171,164 | 1,195,877 | ||||||
| Semen Indonesia Persero Tbk. PT | 783,700 | 130,427 | ||||||
| Telkom Indonesia Persero Tbk. PT | 3,537,600 | 606,083 | ||||||
| 3,565,506 | ||||||||
| Ireland — 0.5% | ||||||||
| AerCap Holdings NV | 11,196 | 1,309,932 | ||||||
| Kingspan Group PLC | 7,837 | 666,454 | ||||||
| 1,976,386 | ||||||||
| Italy — 3.0% | ||||||||
| Banca Mediolanum SpA | 30,158 | 519,596 | ||||||
| DiaSorin SpA | 6,642 | 711,414 | ||||||
| Enel SpA | 144,731 | 1,373,666 | ||||||
| Ferrari NV | 1,484 | 727,597 | ||||||
| Intesa Sanpaolo SpA | 117,430 | 676,904 | ||||||
| Leonardo SpA (a) | 23,396 | 1,319,349 | ||||||
| Moncler SpA | 8,692 | 496,277 | ||||||
| Prysmian SpA | 15,329 | 1,080,993 | ||||||
| Ryanair Holdings PLC Sponsored ADR | 16,981 | 979,294 | ||||||
| UniCredit SpA | 61,884 | 4,150,565 | ||||||
| 12,035,655 | ||||||||
| Japan — 13.6% | ||||||||
| Ajinomoto Co. Inc. | 48,900 | 1,305,093 | ||||||
| Asahi Group Holdings Ltd. | 55,700 | 745,465 | ||||||
| Asics Corp. | 11,900 | 303,994 | ||||||
| Calbee, Inc. | 24,000 | 456,978 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 35,800 | 1,871,394 | ||||||
| Daikin Industries Ltd. | 3,900 | 460,740 | ||||||
| Denso Corp. | 36,200 | 488,212 | ||||||
| Disco Corp. | 2,800 | 828,488 | ||||||
| Electric Power Development Co. Ltd. | 12,200 | 207,888 | ||||||
| Fujitsu Ltd. | 34,700 | 843,073 | ||||||
| Hamamatsu Photonics KK | 20,700 | 250,991 | ||||||
| Hikari Tsushin, Inc. | 1,200 | 353,699 | ||||||
| Hitachi Ltd. | 45,800 | 1,326,773 | ||||||
| Isetan Mitsukoshi Holdings Ltd. (a) | 70,600 | 1,077,776 | ||||||
| KDDI Corp. | 94,400 | 1,621,824 | ||||||
| Keyence Corp. | 2,800 | 1,124,308 | ||||||
| Kubota Corp. | 22,300 | 250,024 | ||||||
| Kyushu Railway Co. | 25,700 | 664,912 | ||||||
| MatsukiyoCocokara & Co. | 27,900 | 574,900 | ||||||
| MINEBEA MITSUMI, Inc. | 28,200 | 412,334 | ||||||
| Mitsubishi Corp. | 21,100 | 421,362 | ||||||
| Mitsubishi Electric Corp. | 95,000 | 2,051,715 | ||||||
| Mitsubishi Estate Co. Ltd. | 55,900 | 1,045,890 | ||||||
| Mitsubishi UFJ Financial Group, Inc. | 209,300 | 2,865,658 | ||||||
| Mitsui Fudosan Co. Ltd. | 159,100 | 1,536,979 | ||||||
| Murata Manufacturing Co. Ltd. | 17,700 | 261,817 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| NEC Corp. | 25,200 | $ | 738,074 | |||||
| Nextage Co. Ltd. (a) | 27,300 | 330,913 | ||||||
| Nippon Sanso Holdings Corp. | 34,400 | 1,300,778 | ||||||
| Nippon Steel Corp. | 20,900 | 396,585 | ||||||
| Niterra Co. Ltd. | 9,800 | 326,572 | ||||||
| Nomura Research Institute Ltd. | 16,300 | 654,997 | ||||||
| Olympus Corp. | 32,900 | 390,376 | ||||||
| Open House Group Co. Ltd. | 7,800 | 352,952 | ||||||
| ORIX Corp. | 33,600 | 757,615 | ||||||
| Panasonic Holdings Corp. | 52,000 | 558,619 | ||||||
| Persol Holdings Co. Ltd. | 296,600 | 578,212 | ||||||
| Rakuten Bank Ltd. (c) | 6,000 | 273,890 | ||||||
| Recruit Holdings Co. Ltd. | 20,300 | 1,195,249 | ||||||
| Renesas Electronics Corp. | 228,000 | 2,805,817 | ||||||
| Resona Holdings, Inc. | 68,900 | 632,393 | ||||||
| Seven & i Holdings Co. Ltd. | 174,300 | 2,811,175 | ||||||
| Shimizu Corp. | 30,100 | 335,763 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 64,700 | 2,132,050 | ||||||
| SMC Corp. | 800 | 288,098 | ||||||
| Sony Group Corp. | 106,900 | 2,786,831 | ||||||
| Stanley Electric Co. Ltd. | 13,200 | 260,832 | ||||||
| Subaru Corp. | 19,400 | 337,059 | ||||||
| SUMCO Corp. (a) | 24,800 | 194,235 | ||||||
| Sumitomo Corp. | 52,000 | 1,340,023 | ||||||
| Sumitomo Mitsui Trust Group, Inc. | 19,100 | 506,311 | ||||||
| Suzuki Motor Corp. | 40,900 | 492,728 | ||||||
| Sysmex Corp. | 15,700 | 273,202 | ||||||
| Taiheiyo Cement Corp. | 16,300 | 404,013 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 29,700 | 916,799 | ||||||
| TechnoPro Holdings, Inc. (a) | 19,300 | 563,287 | ||||||
| Tokio Marine Holdings, Inc. | 35,500 | 1,497,553 | ||||||
| Tokyo Electron Ltd. | 4,000 | 763,679 | ||||||
| Toyota Motor Corp. | 155,300 | 2,667,613 | ||||||
| Unicharm Corp. | 86,500 | 626,510 | ||||||
| Yamaha Corp. | 40,200 | 289,706 | ||||||
| 54,132,796 | ||||||||
| Luxembourg — 0.4% | ||||||||
| ArcelorMittal SA | 17,563 | 555,132 | ||||||
| CVC Capital Partners PLC (b) | 58,145 | 1,190,666 | ||||||
| 1,745,798 | ||||||||
| Macau — 0.1% | ||||||||
| Galaxy Entertainment Group Ltd. | 95,000 | 422,723 | ||||||
| Malaysia — 0.2% | ||||||||
| CIMB Group Holdings Bhd. | 404,896 | 660,951 | ||||||
| Mexico — 0.7% | ||||||||
| Arca Continental SAB de CV (a) | 23,826 | 252,424 | ||||||
| Gruma SAB de CV Class B | 6,461 | 111,432 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 3,367 | 773,130 | ||||||
| Grupo Mexico SAB de CV Series B (a) | 262,132 | 1,582,054 | ||||||
| Wal-Mart de Mexico SAB de CV (a) | 63,263 | 209,298 | ||||||
| 2,928,338 | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Netherlands — 4.4% | ||||||||
| ABN AMRO Bank NV (b) | 22,646 | $ | 620,050 | |||||
| Adyen NV (b) (c) | 550 | 1,009,861 | ||||||
| Akzo Nobel NV | 13,998 | 979,620 | ||||||
| Argenx SE ADR (c) | 2,284 | 1,258,987 | ||||||
| ASM International NV | 1,060 | 678,683 | ||||||
| ASML Holding NV | 6,213 | 4,974,422 | ||||||
| ASR Nederland NV | 8,133 | 540,196 | ||||||
| BE Semiconductor Industries NV | 2,467 | 369,303 | ||||||
| Heineken NV | 16,709 | 1,462,992 | ||||||
| ING Groep NV | 134,723 | 2,956,476 | ||||||
| Koninklijke Philips NV | 79,690 | 1,913,251 | ||||||
| NXP Semiconductors NV | 3,432 | 749,858 | ||||||
| 17,513,699 | ||||||||
| Norway — 0.7% | ||||||||
| DNB Bank ASA | 40,991 | 1,134,230 | ||||||
| Equinor ASA | 41,744 | 1,054,003 | ||||||
| Storebrand ASA | 40,039 | 567,886 | ||||||
| 2,756,119 | ||||||||
| Philippines — 0.3% | ||||||||
| BDO Unibank, Inc. | 119,780 | 324,914 | ||||||
| Jollibee Foods Corp. | 46,510 | 178,244 | ||||||
| SM Investments Corp. | 50,030 | 775,076 | ||||||
| 1,278,234 | ||||||||
| Poland — 0.2% | ||||||||
| Powszechny Zaklad Ubezpieczen SA | 38,495 | 675,041 | ||||||
| Portugal — 1.0% | ||||||||
| Banco Comercial Portugues SA Class R | 921,831 | 718,280 | ||||||
| Galp Energia SGPS SA | 101,798 | 1,868,860 | ||||||
| Jeronimo Martins SGPS SA | 62,085 | 1,572,149 | ||||||
| 4,159,289 | ||||||||
| Republic of Korea — 3.5% | ||||||||
| Coupang, Inc. (c) | 13,883 | 415,935 | ||||||
| HL Mando Co. Ltd. | 6,138 | 149,020 | ||||||
| Hyundai Mobis Co. Ltd. | 2,335 | 495,385 | ||||||
| Hyundai Motor Co. | 3,751 | 563,930 | ||||||
| KB Financial Group, Inc. | 11,335 | 931,308 | ||||||
| KT Corp. | 15,373 | 634,587 | ||||||
| KT Corp. Sponsored ADR | 34,568 | 718,323 | ||||||
| LG Chem Ltd. | 1,195 | 188,011 | ||||||
| Samsung Electronics Co. Ltd. | 142,787 | 6,330,410 | ||||||
| Samsung Life Insurance Co. Ltd. | 8,113 | 766,273 | ||||||
| SK Hynix, Inc. | 10,453 | 2,264,209 | ||||||
| SK Square Co. Ltd. (c) | 2,294 | 311,400 | ||||||
| 13,768,791 | ||||||||
| Russia — 0.0% | ||||||||
| Novatek PJSC (c) (d) (e) | 73,140 | — | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Saudi Arabia — 0.8% | ||||||||
| Al Rajhi Bank | 28,247 | $ | 713,914 | |||||
| Saudi Awwal Bank | 38,729 | 348,036 | ||||||
| Saudi National Bank | 231,578 | 2,234,386 | ||||||
| 3,296,336 | ||||||||
| Singapore — 1.2% | ||||||||
| DBS Group Holdings Ltd. | 21,490 | 759,871 | ||||||
| Sea Ltd. ADR (c) | 10,600 | 1,695,364 | ||||||
| Seatrium Ltd. (a) | 324,700 | 513,857 | ||||||
| United Overseas Bank Ltd. | 62,300 | 1,765,069 | ||||||
| 4,734,161 | ||||||||
| South Africa — 0.3% | ||||||||
| Bid Corp. Ltd. | 7,802 | 206,314 | ||||||
| Capitec Bank Holdings Ltd. | 1,784 | 358,799 | ||||||
| Clicks Group Ltd. | 10,440 | 219,187 | ||||||
| FirstRand Ltd. | 136,440 | 585,014 | ||||||
| 1,369,314 | ||||||||
| Spain — 0.7% | ||||||||
| Amadeus IT Group SA | 17,587 | 1,487,830 | ||||||
| Banco Santander SA | 109,325 | 905,055 | ||||||
| Puig Brands SA Class B | 15,577 | 308,100 | ||||||
| 2,700,985 | ||||||||
| Sweden — 1.7% | ||||||||
| Assa Abloy AB Class B | 25,221 | 788,655 | ||||||
| Autoliv, Inc. | 5,850 | 656,616 | ||||||
| Essity AB Class B | 80,469 | 2,228,480 | ||||||
| Sandvik AB | 28,723 | 659,137 | ||||||
| Skandinaviska Enskilda Banken AB Class A | 39,190 | 684,451 | ||||||
| Swedbank AB Class A | 26,931 | 713,526 | ||||||
| Telefonaktiebolaget LM Ericsson Class B | 145,975 | 1,251,063 | ||||||
| 6,981,928 | ||||||||
| Switzerland — 1.6% | ||||||||
| ABB Ltd. Registered | 19,107 | 1,142,248 | ||||||
| Cie Financiere Richemont SA Registered Class A | 6,190 | 1,170,661 | ||||||
| Julius Baer Group Ltd. | 24,746 | 1,669,791 | ||||||
| Partners Group Holding AG | 684 | 896,828 | ||||||
| Sandoz Group AG | 12,625 | 693,683 | ||||||
| Sonova Holding AG Registered | 2,201 | 657,473 | ||||||
| 6,230,684 | ||||||||
| Taiwan — 5.0% | ||||||||
| ASE Technology Holding Co. Ltd. | 129,000 | 646,310 | ||||||
| Chroma ATE, Inc. | 37,000 | 558,185 | ||||||
| CTBC Financial Holding Co. Ltd. | 315,000 | 471,423 | ||||||
| Delta Electronics, Inc. | 14,000 | 197,099 | ||||||
| E.Sun Financial Holding Co. Ltd. | 88,000 | 98,998 | ||||||
| Eclat Textile Co. Ltd. (c) | 30,000 | 421,262 | ||||||
| Elite Material Co. Ltd. | 8,000 | 240,363 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 51,000 | 279,600 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Lotes Co. Ltd. | 4,000 | $ | 183,777 | |||||
| MediaTek, Inc. | 31,000 | 1,319,898 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 430,000 | 15,525,582 | ||||||
| 19,942,497 | ||||||||
| Thailand — 0.4% | ||||||||
| Bangkok Bank PCL Foreign Registered | 135,500 | 579,541 | ||||||
| SCB X PCL | 88,700 | 317,870 | ||||||
| True Corp. PCL NVDR (c) | 1,824,300 | 623,117 | ||||||
| 1,520,528 | ||||||||
| Turkey — 0.1% | ||||||||
| BIM Birlesik Magazalar AS | 18,675 | 233,565 | ||||||
| TAV Havalimanlari Holding AS (c) | 22,786 | 152,044 | ||||||
| 385,609 | ||||||||
| United Arab Emirates — 0.1% | ||||||||
| ADNOC Drilling Co. PJSC | 323,193 | 501,418 | ||||||
| United Kingdom — 11.3% | ||||||||
| Admiral Group PLC | 18,541 | 832,298 | ||||||
| Ashtead Group PLC | 3,152 | 202,054 | ||||||
| AstraZeneca PLC Sponsored ADR | 83,648 | 5,845,322 | ||||||
| Aviva PLC | 164,890 | 1,401,842 | ||||||
| Barclays PLC | 450,300 | 2,085,649 | ||||||
| Bridgepoint Group PLC (b) | 173,754 | 743,309 | ||||||
| British American Tobacco PLC | 14,357 | 679,407 | ||||||
| BT Group PLC (a) | 616,694 | 1,640,340 | ||||||
| Bunzl PLC | 36,637 | 1,166,891 | ||||||
| CK Hutchison Holdings Ltd. | 72,000 | 444,471 | ||||||
| Compass Group PLC | 36,038 | 1,220,613 | ||||||
| DCC PLC | 6,386 | 414,543 | ||||||
| Diageo PLC | 18,976 | 477,314 | ||||||
| Dowlais Group PLC | 135,011 | 123,614 | ||||||
| Hiscox Ltd. | 25,791 | 444,418 | ||||||
| HSBC Holdings PLC | 134,827 | 1,632,359 | ||||||
| Imperial Brands PLC | 40,939 | 1,616,179 | ||||||
| Informa PLC | 63,598 | 703,648 | ||||||
| Investec PLC | 57,040 | 426,809 | ||||||
| Johnson Matthey PLC | 7,259 | 173,007 | ||||||
| Kingfisher PLC | 187,485 | 749,140 | ||||||
| Lloyds Banking Group PLC | 1,836,326 | 1,933,824 | ||||||
| London Stock Exchange Group PLC | 3,749 | 547,799 | ||||||
| Marks & Spencer Group PLC | 78,040 | 379,645 | ||||||
| Melrose Industries PLC | 117,062 | 853,250 | ||||||
| National Grid PLC | 141,860 | 2,074,189 | ||||||
| Next PLC | 5,391 | 921,004 | ||||||
| Persimmon PLC | 18,409 | 327,818 | ||||||
| RELX PLC | 19,261 | 1,044,810 | ||||||
| Rolls-Royce Holdings PLC | 249,064 | 3,309,132 | ||||||
| Segro PLC | 169,009 | 1,576,980 | ||||||
| Smiths Group PLC | 20,981 | 647,001 | ||||||
| SSE PLC | 27,792 | 698,613 | ||||||
| Standard Chartered PLC | 111,698 | 1,851,121 | ||||||
| Taylor Wimpey PLC | 257,284 | 419,828 | ||||||
| Unilever PLC (ULVR LN) | 62,063 | 3,780,205 | ||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Unilever PLC (UNA NA) | 12,863 | $ | 784,286 | |||||
| WPP PLC | 139,405 | 974,452 | ||||||
| 45,147,184 | ||||||||
| United States — 6.2% | ||||||||
| Alcon AG | 16,052 | 1,425,180 | ||||||
| Amcor PLC | 66,663 | 612,633 | ||||||
| Amrize Ltd. (c) | 4,499 | 224,425 | ||||||
| BP PLC | 247,602 | 1,235,153 | ||||||
| Broadcom, Inc. | 3,212 | 885,388 | ||||||
| BRP, Inc. (a) | 7,748 | 376,092 | ||||||
| Cognizant Technology Solutions Corp. Class A | 6,983 | 544,883 | ||||||
| Experian PLC | 11,122 | 572,967 | ||||||
| GSK PLC Sponsored ADR (a) | 25,185 | 967,104 | ||||||
| Holcim AG | 4,499 | 335,347 | ||||||
| Mastercard, Inc. Class A | 876 | 492,259 | ||||||
| Nestle SA Registered | 28,257 | 2,806,537 | ||||||
| Novartis AG Registered | 19,161 | 2,318,003 | ||||||
| Qiagen NV | 16,503 | 794,586 | ||||||
| Roche Holding AG | 10,342 | 3,380,908 | ||||||
| Samsonite Group SA (b) | 183,900 | 340,501 | ||||||
| Sanofi SA | 30,120 | 2,914,339 | ||||||
| Schneider Electric SE | 3,109 | 829,040 | ||||||
| Shell PLC ADR | 16,110 | 1,134,305 | ||||||
| Signify NV (b) | 19,918 | 539,254 | ||||||
| Spotify Technology SA (c) | 973 | 746,622 | ||||||
| Stellantis NV | 30,423 | 305,773 | ||||||
| Tenaris SA | 26,403 | 493,161 | ||||||
| Waste Connections, Inc. | 2,443 | 456,157 | ||||||
| 24,730,617 | ||||||||
| Vietnam — 0.2% | ||||||||
| Asia Commercial Bank JSC | 276,920 | 225,920 | ||||||
| Bank for Foreign Trade of Vietnam JSC (c) | 125,700 | 274,414 | ||||||
| FPT Corp. | 51,500 | 233,194 | ||||||
| 733,528 | ||||||||
| TOTAL COMMON STOCK (Cost $320,018,452) | 387,215,375 | |||||||
| Preferred Stock — 0.3% | ||||||||
| Brazil — 0.1% | ||||||||
| Banco Bradesco SA 5.627% | 135,100 | 418,496 | ||||||
| Germany — 0.2% | ||||||||
| Volkswagen AG 7.089% | 6,323 | 667,679 | ||||||
| TOTAL PREFERRED STOCK (Cost $989,697) | 1,086,175 | |||||||
| TOTAL EQUITIES (Cost $321,008,149) | 388,301,550 | |||||||
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Warrants — 0.0% | ||||||||
| Canada — 0.0% | ||||||||
| Constellation Software, Inc., Expires 3/31/40 (a) (c) (d) (e) | 1,982 | $ | — | |||||
| TOTAL WARRANTS (Cost $0) | — | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $321,008,149) | 388,301,550 | |||||||
| Short-Term Investments — 2.7% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (f) | 3,126,324 | 3,126,324 | ||||||
| Mutual Fund — 1.6% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (g) | 6,452,435 | 6,452,435 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (h) | $ | 1,165,305 | 1,165,305 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $10,744,064) | 10,744,064 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $331,752,213) (i) | 399,045,614 | |||||||
| Other Assets/(Liabilities) — 0.0% | 128,782 | |||||||
| NET ASSETS — 100.0% | $ | 399,174,396 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $14,097,724 or 3.53% of net assets. The Fund received $11,692,918 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $12,752,628 or 3.19% of net assets. |
| (c) | Non-income producing security. |
| (d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $0 or 0.00% of net assets. |
| (e) | Investment is valued using significant unobservable inputs. |
| (f) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (g) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (h) | Maturity value of $1,165,394. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 10/31/27, and an aggregate market value, including accrued interest, of $1,188,798. |
| (i) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price International Equity Fund — Portfolio of Investments (Continued) |
| OTC Options Written | |||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||
| Call | |||||||||||||||||||||||
| Thales SA | Goldman Sachs International | 8/15/25 | 290.00 | 4 | EUR | 116,000 | $ | (643 | ) | $ | (4,516 | ) | $ | 3,873 | |||||||||
| Forward contracts | |||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | |||||||||
| UBS AG | 7/15/25 | JPY | 326,361,000 | USD | 2,259,440 | $ | 10,161 | ||||||
Currency Legend
| EUR | Euro |
| JPY | Japanese Yen |
| USD | U.S. Dollar |
| MassMutual 20/80 Allocation Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 20.9% | ||||||||
| DFA Commodity Strategy Portfolio | 205,312 | $ | 956,753 | |||||
| Invesco Real Estate Fund, Class R6 | 41,835 | 703,663 | ||||||
| MassMutual Blue Chip Growth Fund, Class I (a) | 167,913 | 4,258,266 | ||||||
| MassMutual Diversified Value Fund, Class I (a) | 411,975 | 4,136,229 | ||||||
| MassMutual Equity Opportunities Fund, Class I (a) | 284,601 | 4,946,373 | ||||||
| MassMutual International Equity Fund, Class I (a) | 158,522 | 1,444,134 | ||||||
| MassMutual Mid Cap Growth Fund, Class I (a) | 52,858 | 1,031,790 | ||||||
| MassMutual Overseas Fund, Class I (a) | 281,338 | 2,745,855 | ||||||
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 17,542 | 281,720 | ||||||
| MM S&P 500 Index Fund, Class I (a) | 575,885 | 8,857,113 | ||||||
| Vanguard Developed Markets Index Fund, Admiral Shares | 173,199 | 3,174,730 | ||||||
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 28,702 | 1,175,645 | ||||||
| Vanguard Mid-Cap Index Fund, Admiral Shares | 7,608 | 2,638,282 | ||||||
| Vanguard Small-Cap Index Fund, Admiral Shares | 10,098 | 1,147,169 | ||||||
| 37,497,722 | ||||||||
| Fixed Income Funds — 79.1% | ||||||||
| Invesco International Bond Fund, Class R6 | 1,664,625 | 7,707,214 | ||||||
| MassMutual Core Bond Fund, Class I (a) | 7,052,475 | 64,459,620 | ||||||
| MassMutual Global Floating Rate Fund, Class I (a) | 26,513 | 228,277 | ||||||
| MassMutual High Yield Fund, Class I (a) | 65,191 | 530,656 | ||||||
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 76,332 | 719,813 | ||||||
| MassMutual Short-Duration Bond Fund, Class I (a) | 1,268,042 | 11,805,472 | ||||||
| MassMutual Total Return Bond Fund, Class I (a) | 4,855,119 | 40,880,098 | ||||||
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 160,040 | 3,008,745 | ||||||
| Vanguard Total Bond Market Index Fund, Institutional Shares | 1,293,684 | 12,522,860 | ||||||
| 141,862,755 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $182,384,406) | 179,360,477 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $182,384,406) | 179,360,477 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $182,384,406) (b) | 179,360,477 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (40,005 | ) | ||||||
| NET ASSETS — 100.0% | $ | 179,320,472 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual 40/60 Allocation Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.1% | ||||||||
| Equity Funds — 41.3% | ||||||||
| DFA Commodity Strategy Portfolio | 209,910 | $ | 978,181 | |||||
| Invesco Real Estate Fund, Class R6 | 83,861 | 1,410,547 | ||||||
| MassMutual Blue Chip Growth Fund, Class I (a) | 351,645 | 8,917,705 | ||||||
| MassMutual Diversified Value Fund, Class I (a) | 844,833 | 8,482,123 | ||||||
| MassMutual Equity Opportunities Fund, Class I (a) | 582,497 | 10,123,798 | ||||||
| MassMutual International Equity Fund, Class I (a) | 325,783 | 2,967,879 | ||||||
| MassMutual Mid Cap Growth Fund, Class I (a) | 107,137 | 2,091,313 | ||||||
| MassMutual Overseas Fund, Class I (a) | 607,286 | 5,927,108 | ||||||
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 35,441 | 569,190 | ||||||
| MM S&P 500 Index Fund, Class I (a) | 1,207,227 | 18,567,153 | ||||||
| Vanguard Developed Markets Index Fund, Institutional Shares | 353,250 | 6,482,137 | ||||||
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 55,469 | 2,271,993 | ||||||
| Vanguard Mid-Cap Index Fund, Admiral Shares | 15,062 | 5,223,541 | ||||||
| Vanguard Small-Cap Index Fund, Admiral Shares | 19,842 | 2,254,007 | ||||||
| 76,266,675 | ||||||||
| Fixed Income Funds — 58.8% | ||||||||
| Invesco International Bond Fund, Class R6 | 1,256,195 | 5,816,184 | ||||||
| MassMutual Core Bond Fund, Class I (a) | 5,393,794 | 49,299,274 | ||||||
| MassMutual Global Floating Rate Fund, Class I (a) | 20,270 | 174,522 | ||||||
| MassMutual High Yield Fund, Class I (a) | 48,949 | 398,443 | ||||||
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 58,847 | 554,925 | ||||||
| MassMutual Short-Duration Bond Fund, Class I (a) | 969,716 | 9,028,053 | ||||||
| MassMutual Total Return Bond Fund, Class I (a) | 3,705,690 | 31,201,912 | ||||||
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 134,348 | 2,525,744 | ||||||
| Vanguard Total Bond Market Index Fund, Institutional Shares | 985,391 | 9,538,583 | ||||||
| 108,537,640 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $185,531,136) | 184,804,315 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $185,531,136) | 184,804,315 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $185,531,136) (b) | 184,804,315 | |||||||
| Other Assets/(Liabilities) — (0.1)% | (107,299 | ) | ||||||
| NET ASSETS — 100.0% | $ | 184,697,016 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual 60/40 Allocation Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 61.0% | ||||||||
| DFA Commodity Strategy Portfolio | 195,169 | $ | 909,486 | |||||
| Invesco Real Estate Fund, Class R6 | 101,262 | 1,703,227 | ||||||
| MassMutual Blue Chip Growth Fund, Class I (a) | 423,896 | 10,750,015 | ||||||
| MassMutual Diversified Value Fund, Class I (a) | 1,024,404 | 10,285,015 | ||||||
| MassMutual Equity Opportunities Fund, Class I (a) | 709,566 | 12,332,256 | ||||||
| MassMutual International Equity Fund, Class I (a) | 344,773 | 3,140,883 | ||||||
| MassMutual Mid Cap Growth Fund, Class I (a) | 127,171 | 2,482,376 | ||||||
| MassMutual Overseas Fund, Class I (a) | 654,744 | 6,390,301 | ||||||
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 42,074 | 675,707 | ||||||
| MM S&P 500 Index Fund, Class I (a) | 1,453,725 | 22,358,296 | ||||||
| Vanguard Developed Markets Index Fund, Institutional Shares | 492,794 | 9,042,778 | ||||||
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 75,672 | 3,099,536 | ||||||
| Vanguard Mid-Cap Index Fund, Admiral Shares | 20,594 | 7,142,146 | ||||||
| Vanguard Small-Cap Index Fund, Admiral Shares | 27,174 | 3,086,932 | ||||||
| 93,398,954 | ||||||||
| Fixed Income Funds — 39.0% | ||||||||
| Invesco International Bond Fund, Class R6 | 683,916 | 3,166,530 | ||||||
| MassMutual Core Bond Fund, Class I (a) | 2,910,915 | 26,605,767 | ||||||
| MassMutual Global Floating Rate Fund, Class I (a) | 12,520 | 107,794 | ||||||
| MassMutual High Yield Fund, Class I (a) | 26,379 | 214,721 | ||||||
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 33,518 | 316,073 | ||||||
| MassMutual Short-Duration Bond Fund, Class I (a) | 528,878 | 4,923,852 | ||||||
| MassMutual Total Return Bond Fund, Class I (a) | 1,994,036 | 16,789,780 | ||||||
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 98,146 | 1,845,146 | ||||||
| Vanguard Total Bond Market Index Fund, Institutional Shares | 604,851 | 5,854,960 | ||||||
| 59,824,623 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $147,547,036) | 153,223,577 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $147,547,036) | 153,223,577 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $147,547,036) (b) | 153,223,577 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (71,933 | ) | ||||||
| NET ASSETS — 100.0% | $ | 153,151,644 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual 80/20 Allocation Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 80.8% | ||||||||
| DFA Commodity Strategy Portfolio | 148,401 | $ | 691,550 | |||||
| Invesco Real Estate Fund, Class R6 | 105,006 | 1,766,208 | ||||||
| MassMutual Blue Chip Growth Fund, Class I (a) | 448,495 | 11,373,830 | ||||||
| MassMutual Diversified Value Fund, Class I (a) | 1,072,460 | 10,767,495 | ||||||
| MassMutual Equity Opportunities Fund, Class I (a) | 734,663 | 12,768,441 | ||||||
| MassMutual International Equity Fund, Class I (a) | 390,919 | 3,561,271 | ||||||
| MassMutual Mid Cap Growth Fund, Class I (a) | 131,668 | 2,570,157 | ||||||
| MassMutual Overseas Fund, Class I (a) | 701,370 | 6,845,369 | ||||||
| MassMutual Small Cap Growth Equity Fund, Class I (a) | 43,637 | 700,808 | ||||||
| MM S&P 500 Index Fund, Class I (a) | 1,533,049 | 23,578,294 | ||||||
| Vanguard Developed Markets Index Fund, Institutional Shares | 500,095 | 9,176,750 | ||||||
| Vanguard Emerging Markets Stock Index Fund, Admiral Shares | 79,529 | 3,257,492 | ||||||
| Vanguard Mid-Cap Index Fund, Admiral Shares | 21,320 | 7,393,939 | ||||||
| Vanguard Small-Cap Index Fund, Admiral Shares | 28,200 | 3,203,528 | ||||||
| 97,655,132 | ||||||||
| Fixed Income Funds — 19.2% | ||||||||
| Invesco International Bond Fund, Class R6 | 264,540 | 1,224,821 | ||||||
| MassMutual Core Bond Fund, Class I (a) | 1,111,862 | 10,162,419 | ||||||
| MassMutual Global Floating Rate Fund, Class I (a) | 8,175 | 70,384 | ||||||
| MassMutual High Yield Fund, Class I (a) | 7,478 | 60,870 | ||||||
| MassMutual Inflation-Protected and Income Fund, Class I (a) | 13,115 | 123,671 | ||||||
| MassMutual Short-Duration Bond Fund, Class I (a) | 203,824 | 1,897,597 | ||||||
| MassMutual Total Return Bond Fund, Class I (a) | 776,874 | 6,541,278 | ||||||
| Vanguard Long-Term Treasury Index Fund, Admiral Shares | 54,376 | 1,022,277 | ||||||
| Vanguard Total Bond Market Index Fund, Admiral Shares | 223,110 | 2,159,702 | ||||||
| 23,263,019 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $113,067,634) | 120,918,151 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $113,067,634) | 120,918,151 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $113,067,634) (b) | 120,918,151 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (49,878 | ) | ||||||
| NET ASSETS — 100.0% | $ | 120,868,273 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Principal Amount | Value | |||||||
| Bonds & Notes — 97.5% | ||||||||
| Bank Loans — 2.7% | ||||||||
| Advertising — 0.2% | ||||||||
| Lamar Media Corp., 2020 Term Loan B, 1 mo. USD Term SOFR + 1.500% | ||||||||
| 5.927% VRN 2/05/27 (a) | $ | 305,000 | $ | 304,237 | ||||
| Aerospace & Defense — 0.0% | ||||||||
| TransDigm, Inc., 2024 Term Loan K, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.046% VRN 3/22/30 (a) | 66,650 | 66,872 | ||||||
| Airlines — 0.0% | ||||||||
| American Airlines, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.522% VRN 4/20/28 (a) | 71,345 | 70,799 | ||||||
| Building Materials — 0.0% | ||||||||
| Quikrete Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 2/10/32 (a) | 68,277 | 68,158 | ||||||
| Commercial Services — 0.0% | ||||||||
| Shift4 Payments LLC, 2025 Term Loan, | ||||||||
| 0.000% 6/30/32 (b) | 15,000 | 15,117 | ||||||
| Computers — 0.0% | ||||||||
| Sandisk Corp., Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.321% VRN 2/20/32 (a) | 59,880 | 59,506 | ||||||
| Cosmetics & Personal Care — 0.1% | ||||||||
| Opal Bidco SAS, USD Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 7.575% VRN 4/28/32 (a) | 130,000 | 130,447 | ||||||
| Diversified Financial Services — 0.3% | ||||||||
| Citadel Securities LP, 2024 First Lien Term Loan, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.327% VRN 10/31/31 (a) | 417,803 | 419,320 | ||||||
| Jane Street Group LLC, 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.333% VRN 12/15/31 (a) | 89,727 | 89,611 | ||||||
| 508,931 | ||||||||
| Electric — 0.3% | ||||||||
| Cogentrix Finance Holdco I LLC, Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 2/26/32 (a) | 54,863 | 54,952 | ||||||
| NRG Energy, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.030% VRN 4/16/31 (a) | 447,727 | 448,287 | ||||||
| 503,239 | ||||||||
| Entertainment — 0.1% | ||||||||
| Delta 2 (LUX) SARL | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 2024 Term Loan B2, | ||||||||
| 0.000% 9/30/31 (b) | $ | 18,333 | $ | 18,338 | ||||
| 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.000% | ||||||||
| 6.296% VRN 9/30/31 (a) | 36,667 | 36,676 | ||||||
| EOC Borrower LLC, Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 3/24/32 (a) | 35,000 | 35,011 | ||||||
| 90,025 | ||||||||
| Environmental Controls — 0.0% | ||||||||
| Filtration Group Corp., 2025 USD Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 10/21/28 (a) | 67,975 | 68,208 | ||||||
| Health Care - Products — 0.0% | ||||||||
| Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.577% VRN 10/23/28 (a) | 67,760 | 67,793 | ||||||
| Health Care - Services — 0.3% | ||||||||
| IQVIA, Inc., 2025 Repriced Term Loan B, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.046% VRN 1/02/31 (a) | 559,311 | 561,235 | ||||||
| Insurance — 0.4% | ||||||||
| Alera Group, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 3.250% | ||||||||
| 7.577% VRN 5/31/32 (a) | 40,000 | 40,110 | ||||||
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.072% VRN 9/19/31 (a) | 149,163 | 149,179 | ||||||
| Asurion LLC | ||||||||
| 2025 Term Loan B13, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 9/19/30 (a) | 20,000 | 19,410 | ||||||
| 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.677% VRN 8/19/28 (a) | 42,355 | 41,863 | ||||||
| 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.250% | ||||||||
| 9.691% VRN 1/20/29 (a) | 150,000 | 138,867 | ||||||
| HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.769% - 6.796% VRN 6/20/30 (a) | 199,207 | 199,759 | ||||||
| Truist Insurance Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.750% | ||||||||
| 7.046% VRN 5/06/31 (a) | 144,274 | 144,244 | ||||||
| 733,432 | ||||||||
| Lodging — 0.2% | ||||||||
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 1 mo. USD Term SOFR + 1.750% | ||||||||
| 6.069% VRN 11/08/30 (a) | 440,000 | 441,307 | ||||||
| Machinery - Construction & Mining — 0.0% | ||||||||
| WEC US Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.250% | ||||||||
| 6.574% VRN 1/27/31 (a) | 49,345 | 49,341 | ||||||
| Machinery - Diversified — 0.1% | ||||||||
| TK Elevator Midco GmbH, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.237% VRN 4/30/30 (a) (b) | 84,800 | 84,983 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oil & Gas — 0.1% | ||||||||
| Hilcorp Energy I LP, Term Loan B, 1 mo. USD Term SOFR + 2.000% | ||||||||
| 6.314% VRN 2/11/30 (a) | $ | 240,606 | $ | 240,606 | ||||
| Packaging & Containers — 0.1% | ||||||||
| Charter NEX US, Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.061% VRN 11/29/30 (a) | 101,900 | 102,219 | ||||||
| Pipelines — 0.0% | ||||||||
| Epic Crude Services LP, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.256% VRN 10/15/31 (a) | 44,888 | 44,990 | ||||||
| Retail — 0.0% | ||||||||
| QXO, Inc., Term Loan B, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 7.296% VRN 4/30/32 (a) | 3,778 | 3,800 | ||||||
| Software — 0.4% | ||||||||
| Applied Systems, Inc. | ||||||||
| 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 2.500% | ||||||||
| 6.796% VRN 2/24/31 (a) | 190,187 | 190,900 | ||||||
| 2024 2nd Lien Term Loan, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 8.796% VRN 2/23/32 (a) | 5,104 | 5,223 | ||||||
| Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 12/11/28 (a) | 75,700 | 75,653 | ||||||
| Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 2/15/29 (a) | 75,191 | 75,073 | ||||||
| Clearwater Analytics, LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 6.529% VRN 4/21/32 (a) | 15,000 | 14,981 | ||||||
| Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.327% VRN 10/09/29 (a) | 114,713 | 114,928 | ||||||
| Epicor Software Corp., 2024 Term Loan E, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 7.077% VRN 5/30/31 (a) | 119,523 | 119,763 | ||||||
| UKG, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 7.311% VRN 2/10/31 (a) | 179,507 | 180,139 | ||||||
| 776,660 | ||||||||
| Telecommunications — 0.1% | ||||||||
| Level 3 Financing, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 8.577% VRN 3/27/32 (a) | 75,000 | 75,766 | ||||||
| TOTAL BANK LOANS (Cost $5,065,110) | 5,067,671 | |||||||
| Corporate Debt — 24.9% | ||||||||
| Aerospace & Defense — 0.3% | ||||||||
| Boeing Co. | ||||||||
| 3.750% 2/01/50 | 102,000 | 72,032 | ||||||
| 6.388% 5/01/31 | 94,000 | 101,021 | ||||||
| 6.528% 5/01/34 | 70,000 | 76,057 | ||||||
| 6.858% 5/01/54 | 218,000 | 238,648 | ||||||
| General Dynamics Corp. | ||||||||
| 4.950% 8/15/35 | 21,000 | 21,080 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Hexcel Corp. | ||||||||
| 5.875% 2/26/35 | $ | 30,000 | $ | 30,514 | ||||
| TransDigm, Inc. | ||||||||
| 6.375% 5/31/33 (c) | 45,000 | 45,041 | ||||||
| 6.875% 12/15/30 (c) | 21,000 | 21,790 | ||||||
| 7.125% 12/01/31 (c) | 45,000 | 47,147 | ||||||
| 653,330 | ||||||||
| Agriculture — 0.3% | ||||||||
| BAT Capital Corp. | ||||||||
| 5.350% 8/15/32 | 180,000 | 184,090 | ||||||
| Imperial Brands Finance PLC | ||||||||
| 5.625% 7/01/35 (c) (d) | 200,000 | 200,679 | ||||||
| 6.375% 7/01/55 (c) (d) | 200,000 | 202,803 | ||||||
| 587,572 | ||||||||
| Airlines — 0.0% | ||||||||
| Delta Air Lines, Inc. | ||||||||
| 5.250% 7/10/30 | 65,000 | 65,417 | ||||||
| Auto Manufacturers — 0.9% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 4.867% 8/03/27 EUR (e) | 100,000 | 122,027 | ||||||
| 5.125% 2/20/29 EUR (e) | 100,000 | 123,185 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.550% 7/15/29 | 136,000 | 138,928 | ||||||
| Hyundai Capital America | ||||||||
| 4.550% 9/26/29 (c) | 110,000 | 109,019 | ||||||
| 4.750% 9/26/31 (c) | 75,000 | 74,066 | ||||||
| 5.350% 3/19/29 (c) | 61,000 | 62,106 | ||||||
| 5.400% 1/08/31 (c) | 36,000 | 36,758 | ||||||
| 6.500% 1/16/29 (c) | 72,000 | 75,884 | ||||||
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | ||||||||
| 10.000% 1/15/31 (c) | 40,000 | 39,301 | ||||||
| Stellantis Finance US, Inc. | ||||||||
| 5.750% 3/18/30 (c) | 200,000 | 201,789 | ||||||
| Volkswagen Bank GmbH | ||||||||
| 4.375% 5/03/28 EUR (c) (e) | 100,000 | 122,464 | ||||||
| Volkswagen Financial Services AG | ||||||||
| 0.375% 2/12/30 EUR (c) (e) | 140,000 | 145,114 | ||||||
| Volkswagen Group of America Finance LLC | ||||||||
| 4.950% 8/15/29 (c) | 200,000 | 200,811 | ||||||
| 5.350% 3/27/30 (c) | 200,000 | 203,461 | ||||||
| Volkswagen Leasing GmbH | ||||||||
| 3.875% 10/11/28 EUR (c) (e) | 65,000 | 78,685 | ||||||
| 1,733,598 | ||||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| Clarios Global LP/Clarios US Finance Co. | ||||||||
| 6.750% 5/15/28 (c) | 13,000 | 13,344 | ||||||
| Dana Financing Luxembourg SARL | ||||||||
| 8.500% 7/15/31 EUR (c) (e) | 100,000 | 128,204 | ||||||
| 141,548 | ||||||||
| Banks — 4.2% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA 5 yr. EURIBOR ICE Swap + 2.800% | ||||||||
| 5.750% VRN 9/15/33 EUR (a) (c) (e) | 100,000 | 125,987 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Banco de Sabadell SA | ||||||||
| 1 yr. EUR Swap + 2.000% 5.000% VRN 6/07/29 EUR (a) (c) (e) | $ | 100,000 | $ | 124,953 | ||||
| 1 yr. EUR Swap + 2.250% 5.125% VRN 11/10/28 EUR (a) (c) (e) | 100,000 | 124,345 | ||||||
| Bank of America Corp. | ||||||||
| 3 mo. EURIBOR + 0.890% 1.662% VRN 4/25/28 EUR (a) (c) (e) | 100,000 | 116,177 | ||||||
| 1 day USD SOFR + 1.220% 2.299% VRN 7/21/32 (a) | 161,000 | 140,299 | ||||||
| 1 day USD SOFR + 1.738% 5.518% VRN 10/25/35 (a) | 255,000 | 255,002 | ||||||
| Banque Federative du Credit Mutuel SA | ||||||||
| 5.125% 1/13/33 EUR (c) (e) | 100,000 | 127,118 | ||||||
| Barclays PLC | ||||||||
| 1 yr. EUR Swap + 1.260% 0.577% VRN 8/09/29 EUR (a) (c) (e) | 100,000 | 110,126 | ||||||
| 1 yr. EURIBOR ICE Swap + 0.850% 0.877% VRN 1/28/28 EUR (a) (c) (e) | 100,000 | 114,863 | ||||||
| 1 day USD SOFR + 0.960% 5.086% VRN 2/25/29 (a) | 200,000 | 202,485 | ||||||
| 1 day USD SOFR + 1.230% 5.367% VRN 2/25/31 (a) | 200,000 | 204,297 | ||||||
| 1 yr. U.K. Government Bond + 2.800% 6.369% VRN 1/31/31 GBP (a) (c) (e) | 125,000 | 180,052 | ||||||
| BPCE SA | ||||||||
| 0.250% 1/14/31 EUR (c) (e) | 200,000 | 202,898 | ||||||
| CaixaBank SA | ||||||||
| 3 mo. EURIBOR + 1.000% 0.750% VRN 5/26/28 EUR (a) (c) (e) | 100,000 | 113,978 | ||||||
| 1 day USD SOFR + 1.360% 4.885% VRN 7/03/31 (a) (c) (d) | 200,000 | 200,787 | ||||||
| 1 day USD SOFR + 1.790% 5.581% VRN 7/03/36 (a) (c) (d) | 200,000 | 202,051 | ||||||
| 5 yr. EUR Swap + 3.550% 6.250% VRN 2/23/33 EUR (a) (c) (e) | 100,000 | 126,269 | ||||||
| Citigroup, Inc. | ||||||||
| 1 day USD SOFR + 1.167% 2.561% VRN 5/01/32 (a) | 115,000 | 101,881 | ||||||
| 1 day USD SOFR + 2.056% 5.827% VRN 2/13/35 (a) | 206,000 | 210,195 | ||||||
| Commonwealth Bank of Australia 1 yr. CMT + 1.320% | ||||||||
| 5.929% VRN 3/14/46 (a) (c) | 200,000 | 196,389 | ||||||
| Danske Bank AS 1 yr. EUR Swap + 1.350% | ||||||||
| 4.500% VRN 11/09/28 EUR (a) (c) (e) | 100,000 | 122,914 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 1 yr. U.K. Government Bond + 1.950% 3.625% VRN 10/29/29 GBP (a) (c) (e) | 85,000 | 113,169 | ||||||
| 1 day USD SOFR + 1.135% 4.692% VRN 10/23/30 (a) | 170,000 | 170,511 | ||||||
| 1 day USD SOFR + 1.420% 5.016% VRN 10/23/35 (a) | 185,000 | 182,762 | ||||||
| HSBC Holdings PLC 3 mo. EURIBOR + 1.290% | ||||||||
| 4.752% VRN 3/10/28 EUR (a) (c) (e) | 140,000 | 171,108 | ||||||
| ING Groep NV 3 mo. EURIBOR + 0.700% | ||||||||
| 0.375% VRN 9/29/28 EUR (a) (c) (e) | 100,000 | 112,107 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 1.750% 7/04/29 EUR (c) (e) | 100,000 | 112,989 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. EURIBOR + 0.840% 1.638% VRN 5/18/28 EUR (a) (c) (e) | 100,000 | 116,061 | ||||||
| 3 mo. USD Term SOFR + 1.510% 2.739% VRN 10/15/30 (a) | 100,000 | 93,244 | ||||||
| 3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31 (a) | 271,000 | 250,594 | ||||||
| 1 day USD SOFR + 1.040% 4.603% VRN 10/22/30 (a) | 170,000 | 170,581 | ||||||
| 1 day USD SOFR + 1.340% 4.946% VRN 10/22/35 (a) | 125,000 | 123,691 | ||||||
| 1 day USD SOFR + 1.435% 5.103% VRN 4/22/31 (a) | 60,000 | 61,488 | ||||||
| 1 day USD SOFR + 1.620% 5.336% VRN 1/23/35 (a) | 97,000 | 99,292 | ||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 4.700% 6/02/37 CAD (e) | 50,000 | 38,368 | ||||||
| Morgan Stanley | ||||||||
| 3 mo. EURIBOR + 0.698% 0.406% VRN 10/29/27 EUR (a) (e) | 100,000 | 114,789 | ||||||
| 1 day USD SOFR + 1.450% 5.173% VRN 1/16/30 (a) | 157,000 | 160,289 | ||||||
| 1 day USD SOFR + 1.555% 5.320% VRN 7/19/35 (a) | 40,000 | 40,488 | ||||||
| 1 day USD SOFR + 1.757% 5.664% VRN 4/17/36 (a) | 75,000 | 77,719 | ||||||
| NatWest Group PLC 5 yr. EUR Swap + 1.270% | ||||||||
| 1.043% VRN 9/14/32 EUR (a) (c) (e) | 135,000 | 152,858 | ||||||
| PNC Financial Services Group, Inc. 1 day USD SOFR + 1.394% | ||||||||
| 5.575% VRN 1/29/36 (a) | 85,000 | 87,607 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Regions Financial Corp. 1 day USD SOFR + 1.490% | ||||||||
| 5.722% VRN 6/06/30 (a) | $ | 80,000 | $ | 82,624 | ||||
| Royal Bank of Canada | ||||||||
| 4.125% 7/05/28 EUR (c) (e) | 100,000 | 122,833 | ||||||
| Santander Holdings USA, Inc. 1 day USD SOFR + 1.610% | ||||||||
| 5.473% VRN 3/20/29 (a) | 95,000 | 96,594 | ||||||
| Santander UK Group Holdings PLC | ||||||||
| 1 yr. EUR Swap + 0.800% 0.603% VRN 9/13/29 EUR (a) (c) (e) | 175,000 | 191,906 | ||||||
| 1 yr. GBP SONIA Linked ICE Swap + 1.250% 2.421% VRN 1/17/29 GBP (a) (c) (e) | 100,000 | 129,324 | ||||||
| Shinhan Bank Co. Ltd. | ||||||||
| 4.500% 4/12/28 (c) | 330,000 | 332,008 | ||||||
| Societe Generale SA | ||||||||
| 1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) (c) | 255,000 | 247,634 | ||||||
| 1 yr. CMT + 1.200% 5.500% VRN 4/13/29 (a) (c) | 385,000 | 391,883 | ||||||
| Toronto-Dominion Bank | ||||||||
| 2.551% 8/03/27 EUR (c) (e) | 100,000 | 118,057 | ||||||
| UBS Group AG 1 yr. EURIBOR ICE Swap + 4.950% | ||||||||
| 7.750% VRN 3/01/29 EUR (a) (c) (e) | 100,000 | 132,689 | ||||||
| US Bancorp | ||||||||
| 3 mo. EURIBOR + 1.200% 4.009% VRN 5/21/32 EUR (a) (e) | 190,000 | 230,640 | ||||||
| 1 day USD SOFR + 2.110% 4.967% VRN 7/22/33 (a) | 40,000 | 39,509 | ||||||
| Wells Fargo & Co. 1 day USD SOFR + 2.130% | ||||||||
| 4.611% VRN 4/25/53 (a) | 190,000 | 161,921 | ||||||
| 8,030,403 | ||||||||
| Beverages — 0.2% | ||||||||
| Anheuser-Busch InBev SA | ||||||||
| 1.150% 1/22/27 EUR (c) (e) | 100,000 | 115,789 | ||||||
| Anheuser-Busch InBev Worldwide, Inc. | ||||||||
| 5.550% 1/23/49 | 68,000 | 67,484 | ||||||
| Constellation Brands, Inc. | ||||||||
| 4.800% 5/01/30 | 15,000 | 15,124 | ||||||
| Diageo Investment Corp. | ||||||||
| 5.125% 8/15/30 | 200,000 | 206,051 | ||||||
| 404,448 | ||||||||
| Building Materials — 0.1% | ||||||||
| Amrize Finance US LLC | ||||||||
| 4.700% 4/07/28 (c) | 60,000 | 60,545 | ||||||
| 4.950% 4/07/30 (c) | 70,000 | 70,938 | ||||||
| Quikrete Holdings, Inc. | ||||||||
| 6.375% 3/01/32 (c) | 50,000 | 51,416 | ||||||
| 182,899 | ||||||||
| Chemicals — 0.3% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.629% STEP 7/15/32 | 145,000 | 152,014 | ||||||
| 7.050% STEP 11/15/30 | 27,000 | 28,417 | ||||||
| Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | ||||||||
| 4.750% 5/15/30 (c) | 45,000 | 45,596 | ||||||
| Ma’aden Sukuk Ltd. | ||||||||
| 5.250% 2/13/30 (c) | 200,000 | 203,369 | ||||||
| Westlake Corp. | ||||||||
| 1.625% 7/17/29 EUR (e) | 100,000 | 110,594 | ||||||
| 539,990 | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Commercial Services — 0.6% | ||||||||
| Autostrade per l’Italia SpA | ||||||||
| 1.625% 1/25/28 EUR (c) (e) | $ | 100,000 | $ | 115,027 | ||||
| 2.000% 1/15/30 EUR (c) (e) | 525,000 | 589,667 | ||||||
| DP World Ltd. | ||||||||
| 5.250% 12/24/29 (c) | 200,000 | 203,060 | ||||||
| Element Fleet Management Corp. | ||||||||
| 5.037% 3/25/30 (c) | 70,000 | 70,615 | ||||||
| Transurban Finance Co. Pty. Ltd. | ||||||||
| 1.750% 3/29/28 EUR (c) (e) | 100,000 | 115,229 | ||||||
| 1,093,598 | ||||||||
| Computers — 0.1% | ||||||||
| Booz Allen Hamilton, Inc. | ||||||||
| 5.950% 8/04/33 (f) | 97,000 | 99,572 | ||||||
| 5.950% 4/15/35 (f) | 90,000 | 91,340 | ||||||
| Hewlett Packard Enterprise Co. | ||||||||
| 4.550% 10/15/29 | 31,000 | 30,845 | ||||||
| 221,757 | ||||||||
| Distribution & Wholesale — 0.1% | ||||||||
| IMCD NV | ||||||||
| 3.625% 4/30/30 EUR (c) (e) | 100,000 | 119,009 | ||||||
| Diversified Financial Services — 1.0% | ||||||||
| American Express Co. | ||||||||
| 1 day USD SOFR + 1.440% 5.016% VRN 4/25/31 (a) | 165,000 | 168,484 | ||||||
| 1 day USD SOFR + 1.790% 5.667% VRN 4/25/36 (a) | 65,000 | 67,309 | ||||||
| CA Auto Bank SpA | ||||||||
| 4.750% 1/25/27 EUR (c) (e) | 100,000 | 121,614 | ||||||
| Capital One Financial Corp. | ||||||||
| 1.650% 6/12/29 EUR (e) | 200,000 | 224,216 | ||||||
| 1 day USD SOFR + 1.905% 5.700% VRN 2/01/30 (a) | 35,000 | 36,205 | ||||||
| 1 day USD SOFR + 3.070% 7.624% VRN 10/30/31 (a) | 33,000 | 37,285 | ||||||
| Jane Street Group/JSG Finance, Inc. | ||||||||
| 6.125% 11/01/32 (c) | 55,000 | 55,525 | ||||||
| 6.750% 5/01/33 (c) | 45,000 | 46,269 | ||||||
| 7.125% 4/30/31 (c) | 60,000 | 63,129 | ||||||
| London Stock Exchange Group PLC | ||||||||
| 1.750% 12/06/27 EUR (c) (e) | 100,000 | 115,669 | ||||||
| LPL Holdings, Inc. | ||||||||
| 5.200% 3/15/30 | 117,000 | 118,817 | ||||||
| Navient Corp. | ||||||||
| 5.625% 8/01/33 | 20,000 | 18,392 | ||||||
| 7.875% 6/15/32 | 30,000 | 31,200 | ||||||
| 9.375% 7/25/30 | 70,000 | 77,211 | ||||||
| 11.500% 3/15/31 | 50,000 | 56,648 | ||||||
| Swedbank Hypotek AB | ||||||||
| 3.000% 10/29/30 SEK (c) (e) | 5,500,000 | 592,894 | ||||||
| 1,830,867 | ||||||||
| Electric — 2.3% | ||||||||
| AEP Transmission Co. LLC | ||||||||
| 5.375% 6/15/35 | 25,000 | 25,544 | ||||||
| AES Andes SA | ||||||||
| 6.250% 3/14/32 (c) (f) | 200,000 | 203,952 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Alpha Generation LLC | ||||||||
| 6.750% 10/15/32 (c) | $ | 30,000 | $ | 30,925 | ||||
| AusNet Services Holdings Pty. Ltd. | ||||||||
| 1.500% 2/26/27 EUR (c) (e) | 100,000 | 115,729 | ||||||
| Chile Electricity Lux MPC II SARL | ||||||||
| 5.580% 10/20/35 (c) | 195,501 | 195,517 | ||||||
| Constellation Energy Generation LLC | ||||||||
| 5.750% 3/15/54 | 300,000 | 293,888 | ||||||
| Consumers Energy Co. | ||||||||
| 4.500% 1/15/31 | 45,000 | 45,176 | ||||||
| 5.050% 5/15/35 | 25,000 | 25,173 | ||||||
| DTE Energy Co. | ||||||||
| 4.875% 6/01/28 | 36,000 | 36,529 | ||||||
| 5.100% 3/01/29 | 239,000 | 243,708 | ||||||
| 5.200% 4/01/30 | 145,000 | 148,376 | ||||||
| E.ON International Finance BV | ||||||||
| 6.250% 6/03/30 GBP (c) (e) | 105,000 | 153,958 | ||||||
| EDP SA | ||||||||
| 2.875% 6/01/26 EUR (c) (e) | 200,000 | 236,452 | ||||||
| Electricite de France SA | ||||||||
| 6.125% 6/02/34 GBP (c) (e) | 100,000 | 140,606 | ||||||
| Eversource Energy | ||||||||
| 5.850% 4/15/31 | 136,000 | 143,061 | ||||||
| 5.950% 7/15/34 | 266,000 | 278,350 | ||||||
| FirstEnergy Corp. | ||||||||
| 2.250% 9/01/30 | 28,000 | 24,863 | ||||||
| 2.650% 3/01/30 | 163,000 | 149,663 | ||||||
| FirstEnergy Transmission LLC | ||||||||
| 5.000% 1/15/35 | 55,000 | 54,408 | ||||||
| Indianapolis Power & Light Co. | ||||||||
| 5.700% 4/01/54 (c) | 58,000 | 57,789 | ||||||
| IPALCO Enterprises, Inc. | ||||||||
| 5.750% 4/01/34 | 100,000 | 100,458 | ||||||
| National Grid Electricity Distribution East Midlands PLC | ||||||||
| 3.530% 9/20/28 EUR (c) (e) | 100,000 | 120,545 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 2.440% 1/15/32 | 164,000 | 142,296 | ||||||
| Niagara Mohawk Power Corp. | ||||||||
| 4.647% 10/03/30 (c) (d) | 85,000 | 85,000 | ||||||
| 5.664% 1/17/54 (c) | 97,000 | 93,252 | ||||||
| 5.996% 7/03/55 (c) (d) | 180,000 | 180,000 | ||||||
| NRG Energy, Inc. | ||||||||
| 4.450% 6/15/29 (c) (f) | 64,000 | 62,965 | ||||||
| Orsted AS | ||||||||
| 4.875% 1/12/32 GBP (c) (e) | 150,000 | 199,179 | ||||||
| Public Service Co. of Oklahoma | ||||||||
| 5.450% 1/15/36 | 170,000 | 171,215 | ||||||
| RTE Reseau de Transport d’Electricite SADIR | ||||||||
| 0.750% 1/12/34 EUR (c) (e) | 200,000 | 188,643 | ||||||
| Talen Energy Supply LLC | ||||||||
| 8.625% 6/01/30 (c) | 45,000 | 48,225 | ||||||
| Trans-Allegheny Interstate Line Co. | ||||||||
| 5.000% 1/15/31 (c) | 20,000 | 20,348 | ||||||
| Vistra Corp. | ||||||||
| 5 yr. CMT + 6.930% 8.000% VRN (a) (c) (g) | 60,000 | 61,455 | ||||||
| 5 yr. CMT + 5.045% 8.875% VRN (a) (c) (g) | 190,000 | 206,509 | ||||||
| Vistra Operations Co. LLC | ||||||||
| 6.000% 4/15/34 (c) | 66,000 | 68,538 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.950% 10/15/33 (c) | $ | 72,000 | $ | 79,062 | ||||
| 4,431,357 | ||||||||
| Engineering & Construction — 0.7% | ||||||||
| ABB Finance BV | ||||||||
| 3.250% 1/16/27 EUR (c) (e) | 100,000 | 119,282 | ||||||
| Avinor AS | ||||||||
| 0.750% 10/01/30 EUR (c) (e) | 140,000 | 147,221 | ||||||
| Cellnex Telecom SA | ||||||||
| 1.750% 10/23/30 EUR (c) (e) | 500,000 | 548,021 | ||||||
| Heathrow Funding Ltd. | ||||||||
| 3.875% 1/16/38 EUR (c) (e) | 100,000 | 116,305 | ||||||
| HTA Group Ltd. | ||||||||
| 7.500% 6/04/29 (c) | 200,000 | 205,020 | ||||||
| Sitios Latinoamerica SAB de CV | ||||||||
| 5.375% 4/04/32 (c) | 200,000 | 197,160 | ||||||
| 1,333,009 | ||||||||
| Entertainment — 0.0% | ||||||||
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co. | ||||||||
| 6.625% 5/01/32 (c) (f) | 60,000 | 61,886 | ||||||
| Food — 0.3% | ||||||||
| Mars, Inc. | ||||||||
| 4.750% 4/20/33 (c) | 169,000 | 168,114 | ||||||
| 5.200% 3/01/35 (c) | 160,000 | 161,917 | ||||||
| 5.650% 5/01/45 (c) | 115,000 | 115,278 | ||||||
| Mondelez International, Inc. | ||||||||
| 1.625% 3/08/27 EUR (e) | 100,000 | 116,280 | ||||||
| 561,589 | ||||||||
| Food Services — 0.1% | ||||||||
| Sodexo, Inc. | ||||||||
| 5.150% 8/15/30 (c) | 200,000 | 203,185 | ||||||
| Forest Products & Paper — 0.1% | ||||||||
| Mondi Finance Europe GmbH | ||||||||
| 2.375% 4/01/28 EUR (c) (e) | 100,000 | 117,215 | ||||||
| Gas — 0.4% | ||||||||
| APA Infrastructure Ltd. | ||||||||
| 2.000% 3/22/27 EUR (c) (e) | 100,000 | 116,771 | ||||||
| 3.500% 3/22/30 GBP (c) (e) | 150,000 | 193,287 | ||||||
| 5.125% 9/16/34 (c) | 35,000 | 34,324 | ||||||
| 5.750% 9/16/44 (c) | 45,000 | 43,365 | ||||||
| Boston Gas Co. | ||||||||
| 6.119% 7/20/53 (c) | 56,000 | 56,105 | ||||||
| National Fuel Gas Co. | ||||||||
| 5.500% 3/15/30 | 60,000 | 61,663 | ||||||
| NiSource, Inc. | ||||||||
| 5.250% 3/30/28 | 33,000 | 33,783 | ||||||
| 5.850% 4/01/55 | 115,000 | 113,793 | ||||||
| Southern California Gas Co. | ||||||||
| 5.450% 6/15/35 | 75,000 | 76,577 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 7.500% 5/01/33 (c) | 15,000 | 16,062 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 7.750% 5/01/35 (c) | $ | 45,000 | $ | 48,709 | ||||
| 794,439 | ||||||||
| Health Care - Products — 0.5% | ||||||||
| American Medical Systems Europe BV | ||||||||
| 3.000% 3/08/31 EUR (e) | 103,000 | 121,133 | ||||||
| 3.250% 3/08/34 EUR (e) | 119,000 | 138,398 | ||||||
| Medline Borrower LP/Medline Co-Issuer, Inc. | ||||||||
| 6.250% 4/01/29 (c) | 45,000 | 46,228 | ||||||
| Revvity, Inc. | ||||||||
| 2.250% 9/15/31 | 81,000 | 69,352 | ||||||
| Sartorius Finance BV | ||||||||
| 4.500% 9/14/32 EUR (c) (e) | 100,000 | 123,402 | ||||||
| Solventum Corp. | ||||||||
| 5.400% 3/01/29 | 164,000 | 168,882 | ||||||
| 5.900% 4/30/54 | 243,000 | 242,920 | ||||||
| 910,315 | ||||||||
| Health Care - Services — 1.1% | ||||||||
| Centene Corp. | ||||||||
| 2.450% 7/15/28 | 91,000 | 84,506 | ||||||
| 3.375% 2/15/30 | 192,000 | 176,838 | ||||||
| 4.250% 12/15/27 | 36,000 | 35,455 | ||||||
| CommonSpirit Health | ||||||||
| 2.782% 10/01/30 | 12,000 | 10,985 | ||||||
| Elevance Health, Inc. | ||||||||
| 4.750% 2/15/30 | 70,000 | 70,830 | ||||||
| 4.950% 11/01/31 | 95,000 | 96,328 | ||||||
| 5.125% 2/15/53 | 82,000 | 73,212 | ||||||
| HCA, Inc. | ||||||||
| 5.450% 9/15/34 | 90,000 | 90,779 | ||||||
| Health Care Service Corp. A Mutual Legal Reserve Co. | ||||||||
| 5.200% 6/15/29 (c) | 75,000 | 76,537 | ||||||
| 5.450% 6/15/34 (c) | 95,000 | 96,527 | ||||||
| 5.875% 6/15/54 (c) | 190,000 | 185,054 | ||||||
| Humana, Inc. | ||||||||
| 4.875% 4/01/30 | 208,000 | 209,407 | ||||||
| 5.550% 5/01/35 | 170,000 | 170,951 | ||||||
| Icon Investments Six DAC | ||||||||
| 5.849% 5/08/29 | 200,000 | 207,481 | ||||||
| IQVIA, Inc. | ||||||||
| 6.250% 2/01/29 | 142,000 | 148,412 | ||||||
| 6.250% 6/01/32 (c) | 65,000 | 66,704 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 6.250% 1/15/33 (c) | 30,000 | 30,537 | ||||||
| Sutter Health | ||||||||
| 5.164% 8/15/33 | 54,000 | 54,739 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 4.500% 4/15/33 | 156,000 | 152,041 | ||||||
| 5.300% 6/15/35 | 65,000 | 66,250 | ||||||
| 5.950% 6/15/55 | 35,000 | 35,545 | ||||||
| 2,139,118 | ||||||||
| Holding Company - Diversified — 0.0% | ||||||||
| ProGroup AG | ||||||||
| 5.375% 4/15/31 EUR (c) (e) | 70,000 | 81,735 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Insurance — 1.5% | ||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
| 6.500% 10/01/31 (c) | $ | 35,000 | $ | 35,651 | ||||
| 6.750% 4/15/28 (c) | 25,000 | 25,415 | ||||||
| 7.000% 1/15/31 (c) | 25,000 | 25,860 | ||||||
| Arthur J Gallagher & Co. | ||||||||
| 4.850% 12/15/29 | 35,000 | 35,514 | ||||||
| Aspen Insurance Holdings Ltd. | ||||||||
| 5.750% 7/01/30 | 65,000 | 66,074 | ||||||
| Athene Global Funding | ||||||||
| 5.526% 7/11/31 (c) | 190,000 | 194,090 | ||||||
| CNO Global Funding | ||||||||
| 4.950% 9/09/29 (c) | 40,000 | 40,411 | ||||||
| Corebridge Financial, Inc. | ||||||||
| 3.850% 4/05/29 | 36,000 | 35,273 | ||||||
| 3.900% 4/05/32 | 111,000 | 104,186 | ||||||
| Corebridge Global Funding | ||||||||
| 5.200% 1/12/29 (c) | 36,000 | 36,871 | ||||||
| Credit Agricole Assurances SA 5 yr. EURIBOR ICE Swap + 2.650% | ||||||||
| 2.625% VRN 1/29/48 EUR (a) (c) (e) | 200,000 | 231,409 | ||||||
| Equitable America Global Funding | ||||||||
| 4.950% 6/09/30 (c) | 85,000 | 85,926 | ||||||
| First American Financial Corp. | ||||||||
| 2.400% 8/15/31 | 205,000 | 174,871 | ||||||
| Fortitude Group Holdings LLC | ||||||||
| 6.250% 4/01/30 (c) | 85,000 | 87,449 | ||||||
| Hannover Rueck SE | ||||||||
| 1.125% 4/18/28 EUR (c) (e) | 100,000 | 113,012 | ||||||
| 3 mo. EURIBOR + 2.380% 1.125% VRN 10/09/39 EUR (a) (c) (e) | 200,000 | 214,916 | ||||||
| HUB International Ltd. | ||||||||
| 7.250% 6/15/30 (c) | 65,000 | 67,927 | ||||||
| Jackson Financial, Inc. | ||||||||
| 5.170% 6/08/27 | 75,000 | 75,995 | ||||||
| Jackson National Life Global Funding | ||||||||
| 5.350% 1/13/30 (c) (f) | 220,000 | 226,287 | ||||||
| Jones Deslauriers Insurance Management, Inc. | ||||||||
| 8.500% 3/15/30 (c) | 57,000 | 60,416 | ||||||
| Metropolitan Life Global Funding I | ||||||||
| 5.000% 1/10/30 GBP (c) (e) | 100,000 | 139,654 | ||||||
| NN Group NV | ||||||||
| 1.625% 6/01/27 EUR (c) (e) | 100,000 | 116,323 | ||||||
| Panther Escrow Issuer LLC | ||||||||
| 7.125% 6/01/31 (c) | 35,000 | 36,356 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 6.000% 9/15/33 | 201,000 | 210,682 | ||||||
| 5 yr. CMT + 2.392% 6.650% VRN 9/15/55 (a) | 35,000 | 34,885 | ||||||
| RenaissanceRe Holdings Ltd. | ||||||||
| 5.800% 4/01/35 | 45,000 | 46,234 | ||||||
| Sammons Financial Group Global Funding | ||||||||
| 5.050% 1/10/28 (c) | 50,000 | 50,734 | ||||||
| 5.100% 12/10/29 (c) | 85,000 | 86,820 | ||||||
| Swiss RE Subordinated Finance PLC 3 mo. USD Term SOFR + 2.125% | ||||||||
| 6.191% VRN 4/01/46 (a) (c) | 200,000 | 199,924 | ||||||
| 2,859,165 | ||||||||
| Internet — 0.3% | ||||||||
| Match Group Holdings II LLC | ||||||||
| 5.000% 12/15/27 (c) | 33,000 | 32,819 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Netflix, Inc. | ||||||||
| 3.625% 5/15/27 EUR (e) | $ | 100,000 | $ | 120,378 | ||||
| Uber Technologies, Inc. | ||||||||
| 4.300% 1/15/30 | 195,000 | 194,101 | ||||||
| 4.500% 8/15/29 (c) | 180,000 | 178,729 | ||||||
| United Group BV | ||||||||
| 4.625% 8/15/28 EUR (c) (e) | 100,000 | 116,762 | ||||||
| 642,789 | ||||||||
| Investment Companies — 0.4% | ||||||||
| Abu Dhabi Developmental Holding Co. PJSC | ||||||||
| 4.500% 5/06/30 (c) | 200,000 | 199,425 | ||||||
| ARES Strategic Income Fund | ||||||||
| 5.450% 9/09/28 (c) | 35,000 | 35,017 | ||||||
| Golub Capital Private Credit Fund | ||||||||
| 5.875% 5/01/30 (f) | 100,000 | 99,879 | ||||||
| HA Sustainable Infrastructure Capital, Inc. | ||||||||
| 6.375% 7/01/34 | 105,000 | 105,007 | ||||||
| HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
| 8.000% 6/15/27 (c) | 234,000 | 243,788 | ||||||
| 683,116 | ||||||||
| Iron & Steel — 0.1% | ||||||||
| Steel Dynamics, Inc. | ||||||||
| 5.250% 5/15/35 | 110,000 | 110,117 | ||||||
| Leisure Time — 0.1% | ||||||||
| Carnival Corp. | ||||||||
| 7.000% 8/15/29 (c) | 40,000 | 42,138 | ||||||
| Deuce Finco PLC | ||||||||
| 5.500% 6/15/27 GBP (c) (e) | 100,000 | 136,057 | ||||||
| 178,195 | ||||||||
| Lodging — 0.2% | ||||||||
| Hilton Domestic Operating Co., Inc. | ||||||||
| 6.125% 4/01/32 (c) | 35,000 | 35,845 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.375% 12/15/31 | 100,000 | 101,398 | ||||||
| Las Vegas Sands Corp. | ||||||||
| 3.500% 8/18/26 | 78,000 | 76,945 | ||||||
| MGM China Holdings Ltd. | ||||||||
| 7.125% 6/26/31 (c) | 200,000 | 207,884 | ||||||
| 422,072 | ||||||||
| Machinery - Diversified — 0.2% | ||||||||
| AGCO Corp. | ||||||||
| 5.800% 3/21/34 | 47,000 | 47,701 | ||||||
| Deere & Co. | ||||||||
| 5.450% 1/16/35 | 100,000 | 104,170 | ||||||
| Regal Rexnord Corp. | ||||||||
| 6.050% 4/15/28 | 165,000 | 170,030 | ||||||
| 321,901 | ||||||||
| Media — 0.6% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 2/01/31 (c) | 40,000 | 37,367 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.500% 6/01/33 (c) | $ | 65,000 | $ | 59,412 | ||||
| 7.375% 3/01/31 (c) | 60,000 | 62,605 | ||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.900% 6/01/52 | 255,000 | 175,009 | ||||||
| 6.550% 6/01/34 | 41,000 | 43,745 | ||||||
| Comcast Corp. | ||||||||
| 2.887% 11/01/51 | 275,000 | 167,359 | ||||||
| 3.250% 11/01/39 | 111,000 | 86,961 | ||||||
| 5.650% 6/01/54 | 245,000 | 238,082 | ||||||
| Cox Communications, Inc. | ||||||||
| 5.700% 6/15/33 (c) | 88,000 | 89,082 | ||||||
| 5.800% 12/15/53 (c) | 125,000 | 113,368 | ||||||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. | ||||||||
| 5.875% 8/15/27 (c) | 5,000 | 4,984 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.550% 5/01/37 | 14,000 | 14,460 | ||||||
| 6.750% 6/15/39 | 77,000 | 79,817 | ||||||
| 7.300% 7/01/38 | 21,000 | 22,900 | ||||||
| 1,195,151 | ||||||||
| Mining — 0.5% | ||||||||
| Corp. Nacional del Cobre de Chile | ||||||||
| 6.300% 9/08/53 (c) | 200,000 | 195,668 | ||||||
| Freeport Indonesia PT | ||||||||
| 4.763% 4/14/27 (c) | 240,000 | 239,385 | ||||||
| Freeport-McMoRan, Inc. | ||||||||
| 4.250% 3/01/30 | 40,000 | 39,165 | ||||||
| 4.625% 8/01/30 | 28,000 | 27,711 | ||||||
| 5.000% 9/01/27 | 18,000 | 17,961 | ||||||
| 5.450% 3/15/43 | 75,000 | 70,876 | ||||||
| Minera Mexico SA de CV | ||||||||
| 5.625% 2/12/32 (c) | 200,000 | 203,116 | ||||||
| Nexa Resources SA | ||||||||
| 6.600% 4/08/37 (c) (f) | 200,000 | 200,972 | ||||||
| 994,854 | ||||||||
| Miscellaneous - Manufacturing — 0.3% | ||||||||
| 3M Co. | ||||||||
| 4.800% 3/15/30 | 170,000 | 172,825 | ||||||
| 5.150% 3/15/35 | 170,000 | 171,513 | ||||||
| Knorr-Bremse AG | ||||||||
| 3.250% 9/21/27 EUR (c) (e) | 100,000 | 119,664 | ||||||
| 464,002 | ||||||||
| Multi-National — 0.2% | ||||||||
| Asian Infrastructure Investment Bank | ||||||||
| 7.000% 3/01/29 INR (c) (e) | 3,800,000 | 44,882 | ||||||
| Inter American Development Bank | ||||||||
| 1.745% STEP 7/31/33 (h) | 100,000 | 99,860 | ||||||
| Inter-American Development Bank | ||||||||
| 7.350% 10/06/30 INR (e) | 6,000,000 | 72,199 | ||||||
| International Bank for Reconstruction & Development | ||||||||
| 6.500% 4/17/30 INR (e) | 7,700,000 | 89,309 | ||||||
| 306,250 | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oil & Gas — 2.0% | ||||||||
| Civitas Resources, Inc. | ||||||||
| 9.625% 6/15/33 (c) | $ | 40,000 | $ | 41,007 | ||||
| Coterra Energy, Inc. | ||||||||
| 5.400% 2/15/35 | 100,000 | 98,987 | ||||||
| 5.600% 3/15/34 | 42,000 | 42,357 | ||||||
| Crescent Energy Finance LLC | ||||||||
| 7.375% 1/15/33 (c) | 50,000 | 47,790 | ||||||
| Diamondback Energy, Inc. | ||||||||
| 5.400% 4/18/34 | 273,000 | 273,808 | ||||||
| 5.750% 4/18/54 | 88,000 | 81,684 | ||||||
| EOG Resources, Inc. | ||||||||
| 5.000% 7/15/32 (d) | 55,000 | 55,669 | ||||||
| 5.350% 1/15/36 (d) | 95,000 | 96,342 | ||||||
| 5.950% 7/15/55 (d) | 55,000 | 56,009 | ||||||
| Expand Energy Corp. | ||||||||
| 4.750% 2/01/32 | 107,000 | 104,045 | ||||||
| 5.375% 2/01/29 | 116,000 | 116,108 | ||||||
| 5.375% 3/15/30 | 124,000 | 124,348 | ||||||
| Harbour Energy PLC | ||||||||
| 6.327% 4/01/35 (c) | 200,000 | 198,825 | ||||||
| HF Sinclair Corp. | ||||||||
| 6.250% 1/15/35 | 12,000 | 12,181 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 7.250% 2/15/35 (c) | 45,000 | 44,003 | ||||||
| 8.375% 11/01/33 (c) | 79,000 | 81,969 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 6.200% 3/15/40 | 117,000 | 114,481 | ||||||
| 6.375% 9/01/28 | 50,000 | 51,955 | ||||||
| 8.500% 7/15/27 | 30,000 | 31,733 | ||||||
| 8.875% 7/15/30 | 291,000 | 332,523 | ||||||
| Petroleos Mexicanos | ||||||||
| 4.875% 2/21/28 EUR (c) (e) | 180,000 | 207,043 | ||||||
| 8.750% 6/02/29 | 285,000 | 295,271 | ||||||
| Raizen Fuels Finance SA | ||||||||
| 5.700% 1/17/35 (c) | 535,000 | 500,894 | ||||||
| Sunoco LP | ||||||||
| 7.250% 5/01/32 (c) | 27,000 | 28,349 | ||||||
| TotalEnergies Capital International SA | ||||||||
| 3.127% 5/29/50 | 80,000 | 52,776 | ||||||
| 3.461% 7/12/49 | 47,000 | 33,310 | ||||||
| Valero Energy Corp. | ||||||||
| 5.150% 2/15/30 | 40,000 | 40,791 | ||||||
| Var Energi ASA | ||||||||
| 5.500% 5/04/29 EUR (c) (e) | 320,000 | 404,239 | ||||||
| Wintershall Dea Finance BV | ||||||||
| 1.332% 9/25/28 EUR (c) (e) | 200,000 | 222,237 | ||||||
| 3,790,734 | ||||||||
| Packaging & Containers — 0.2% | ||||||||
| Amcor Flexibles North America, Inc. | ||||||||
| 4.800% 3/17/28 (c) | 75,000 | 75,512 | ||||||
| 5.100% 3/17/30 (c) | 45,000 | 45,767 | ||||||
| Smurfit Westrock Financing DAC | ||||||||
| 5.418% 1/15/35 | 200,000 | 202,607 | ||||||
| 323,886 | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pharmaceuticals — 0.8% | ||||||||
| AbbVie, Inc. | ||||||||
| 2.125% 11/17/28 EUR (e) | $ | 100,000 | $ | 116,163 | ||||
| Astrazeneca Finance LLC | ||||||||
| 5.000% 2/26/34 | 108,000 | 110,099 | ||||||
| Bayer US Finance LLC | ||||||||
| 6.375% 11/21/30 (c) | 280,000 | 297,557 | ||||||
| Becton Dickinson & Co. | ||||||||
| 3.519% 2/08/31 EUR (e) | 113,000 | 136,007 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 314,000 | 271,123 | ||||||
| 5.625% 2/21/53 | 161,000 | 148,930 | ||||||
| 5 yr. CMT + 2.516% 6.750% VRN 12/10/54 (a) | 95,000 | 95,207 | ||||||
| 5 yr. CMT + 2.886% 7.000% VRN 3/10/55 (a) | 110,000 | 113,455 | ||||||
| Gruenenthal GmbH | ||||||||
| 6.750% 5/15/30 EUR (c) (e) | 100,000 | 124,279 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 3.125% 11/22/28 EUR (c) (e) | 155,000 | 181,603 | ||||||
| 1,594,423 | ||||||||
| Pipelines — 0.7% | ||||||||
| Cheniere Energy Partners LP | ||||||||
| 5.950% 6/30/33 | 143,000 | 149,268 | ||||||
| Columbia Pipelines Holding Co. LLC | ||||||||
| 5.681% 1/15/34 (c) | 175,000 | 177,151 | ||||||
| Enbridge, Inc. | ||||||||
| 5.550% 6/20/35 | 75,000 | 76,246 | ||||||
| ONEOK, Inc. | ||||||||
| 6.050% 9/01/33 | 98,000 | 102,827 | ||||||
| South Bow Canadian Infrastructure Holdings Ltd. 5 yr. CMT + 3.667% | ||||||||
| 7.500% VRN 3/01/55 (a) (c) | 25,000 | 25,794 | ||||||
| South Bow USA Infrastructure Holdings LLC | ||||||||
| 5.026% 10/01/29 (c) | 40,000 | 40,129 | ||||||
| Targa Resources Corp. | ||||||||
| 5.550% 8/15/35 | 55,000 | 55,278 | ||||||
| 5.650% 2/15/36 | 50,000 | 50,470 | ||||||
| 6.125% 5/15/55 | 14,000 | 13,696 | ||||||
| 6.150% 3/01/29 | 95,000 | 99,907 | ||||||
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||||||||
| 4.000% 1/15/32 | 47,000 | 43,803 | ||||||
| 4.875% 2/01/31 | 10,000 | 9,920 | ||||||
| 5.000% 1/15/28 | 21,000 | 21,015 | ||||||
| 5.500% 3/01/30 | 58,000 | 58,863 | ||||||
| Transcanada Trust 3 mo. CAD CDOR + 3.080% | ||||||||
| 4.650% VRN 5/18/77 CAD (a) (e) | 300,000 | 219,767 | ||||||
| Venture Global LNG, Inc. | ||||||||
| 5 yr. CMT + 5.440% 9.000% VRN (a) (c) (g) | 45,000 | 43,749 | ||||||
| 9.500% 2/01/29 (c) | 55,000 | 59,916 | ||||||
| Venture Global Plaquemines LNG LLC | ||||||||
| 6.500% 1/15/34 (d) | 50,000 | 50,000 | ||||||
| 6.750% 1/15/36 (d) | 35,000 | 35,000 | ||||||
| Williams Cos., Inc. | ||||||||
| 5.300% 9/30/35 | 80,000 | 80,084 | ||||||
| 1,412,883 | ||||||||
| Real Estate — 0.5% | ||||||||
| Blackstone Property Partners Europe Holdings SARL | ||||||||
| 1.750% 3/12/29 EUR (c) (e) | 280,000 | 311,336 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| CBRE Services, Inc. | ||||||||
| 4.800% 6/15/30 | $ | 40,000 | $ | 40,126 | ||||
| Howard Hughes Corp. | ||||||||
| 5.375% 8/01/28 (c) | 37,000 | 36,724 | ||||||
| Logicor Financing SARL | ||||||||
| 0.875% 1/14/31 EUR (c) (e) | 600,000 | 608,178 | ||||||
| 996,364 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.6% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 5.250% 5/15/36 | 25,000 | 24,531 | ||||||
| American Homes 4 Rent LP | ||||||||
| 5.250% 3/15/35 | 45,000 | 44,667 | ||||||
| Brixmor Operating Partnership LP | ||||||||
| 4.125% 5/15/29 | 61,000 | 59,981 | ||||||
| 5.200% 4/01/32 | 35,000 | 35,279 | ||||||
| Crown Castle, Inc. | ||||||||
| 5.800% 3/01/34 | 91,000 | 94,220 | ||||||
| Equinix Europe 2 Financing Corp. LLC | ||||||||
| 3.650% 9/03/33 EUR (e) | 190,000 | 221,777 | ||||||
| Extra Space Storage LP | ||||||||
| 5.400% 6/15/35 | 120,000 | 120,648 | ||||||
| Healthcare Realty Holdings LP | ||||||||
| 2.050% 3/15/31 | 91,000 | 76,071 | ||||||
| 3.625% 1/15/28 | 322,000 | 314,154 | ||||||
| MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. | ||||||||
| 5.750% 2/01/27 | 45,000 | 45,616 | ||||||
| Realty Income Corp. | ||||||||
| 5.125% 4/15/35 | 25,000 | 25,030 | ||||||
| 1,061,974 | ||||||||
| Retail — 0.1% | ||||||||
| Ferguson Enterprises, Inc. | ||||||||
| 5.000% 10/03/34 | 20,000 | 19,849 | ||||||
| Home Depot, Inc. | ||||||||
| 4.950% 6/25/34 | 190,000 | 192,289 | ||||||
| Yum! Brands, Inc. | ||||||||
| 5.375% 4/01/32 | 30,000 | 30,022 | ||||||
| 242,160 | ||||||||
| Semiconductors — 0.7% | ||||||||
| Broadcom, Inc. | ||||||||
| 4.550% 2/15/32 | 80,000 | 79,260 | ||||||
| 5.150% 11/15/31 | 140,000 | 144,029 | ||||||
| Foundry JV Holdco LLC | ||||||||
| 5.500% 1/25/31 (c) | 200,000 | 205,139 | ||||||
| 5.900% 1/25/33 (c) | 200,000 | 207,336 | ||||||
| Intel Corp. | ||||||||
| 3.250% 11/15/49 | 402,000 | 254,608 | ||||||
| Marvell Technology, Inc. | ||||||||
| 2.950% 4/15/31 | 124,000 | 112,927 | ||||||
| 4.750% 7/15/30 | 20,000 | 20,089 | ||||||
| 5.450% 7/15/35 | 90,000 | 90,626 | ||||||
| NXP BV/NXP Funding LLC/NXP USA, Inc. | ||||||||
| 3.125% 2/15/42 | 34,000 | 23,995 | ||||||
| 3.250% 11/30/51 | 59,000 | 37,942 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3.400% 5/01/30 | $ | 86,000 | $ | 81,399 | ||||
| 4.300% 6/18/29 | 51,000 | 50,534 | ||||||
| 1,307,884 | ||||||||
| Software — 0.2% | ||||||||
| AppLovin Corp. | ||||||||
| 5.375% 12/01/31 | 55,000 | 55,967 | ||||||
| MSCI, Inc. | ||||||||
| 4.000% 11/15/29 (c) | 41,000 | 39,675 | ||||||
| Paychex, Inc. | ||||||||
| 5.100% 4/15/30 | 70,000 | 71,693 | ||||||
| Synopsys, Inc. | ||||||||
| 4.850% 4/01/30 | 120,000 | 121,664 | ||||||
| 5.700% 4/01/55 | 120,000 | 119,311 | ||||||
| UKG, Inc. | ||||||||
| 6.875% 2/01/31 (c) | 30,000 | 31,127 | ||||||
| 439,437 | ||||||||
| Telecommunications — 0.7% | ||||||||
| Axian Telecom Holding & Management PLC | ||||||||
| 7.250% 7/11/30 (c) (d) | 200,000 | 198,888 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 6.875% 6/30/33 (c) | 10,000 | 10,175 | ||||||
| Motorola Solutions, Inc. | ||||||||
| 5.400% 4/15/34 | 83,000 | 84,648 | ||||||
| 5.550% 8/15/35 | 140,000 | 142,743 | ||||||
| Rogers Communications, Inc. | ||||||||
| 3.800% 3/15/32 | 111,000 | 103,147 | ||||||
| 4.350% 5/01/49 | 14,000 | 11,264 | ||||||
| 5.300% 2/15/34 | 219,000 | 219,233 | ||||||
| 5 yr. CMT + 2.620% 7.125% VRN 4/15/55 (a) | 55,000 | 55,748 | ||||||
| Sprint Capital Corp. | ||||||||
| 8.750% 3/15/32 | 157,000 | 190,455 | ||||||
| TDC Net AS | ||||||||
| 5.056% 5/31/28 EUR (c) (e) | 100,000 | 122,798 | ||||||
| 5.618% 2/06/30 EUR (c) (e) | 100,000 | 125,299 | ||||||
| 1,264,398 | ||||||||
| Transportation — 0.1% | ||||||||
| Burlington Northern Santa Fe LLC | ||||||||
| 5.500% 3/15/55 | 155,000 | 153,476 | ||||||
| Water — 0.2% | ||||||||
| Severn Trent Utilities Finance PLC | ||||||||
| 4.625% 11/30/34 GBP (c) (e) | 160,000 | 206,485 | ||||||
| Veolia Environnement SA | ||||||||
| 1.940% 1/07/30 EUR (c) (e) | 200,000 | 226,119 | ||||||
| 432,604 | ||||||||
| TOTAL CORPORATE DEBT (Cost $46,058,353) | 47,436,119 | |||||||
| Municipal Obligations — 0.2% | ||||||||
| California — 0.0% | ||||||||
| City of Los Angeles Department of Airports, CA, Revenue Bonds, Series C, | ||||||||
| 6.582% 5/15/39 | 85,000 | 91,763 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Illinois — 0.1% | ||||||||
| State of Illinois, General Obligation, | ||||||||
| 7.350% 7/01/35 | $ | 90,357 | $ | 96,610 | ||||
| New York — 0.0% | ||||||||
| Metropolitan Transportation Authority, NY, Revenue Bonds, | ||||||||
| 6.548% 11/15/31 | 70,000 | 74,155 | ||||||
| Puerto Rico — 0.1% | ||||||||
| Commonwealth of Puerto Rico, General Obligation, Series CW, | ||||||||
| 0.000% VRN 11/01/43 (a) (i) | 249,670 | 153,547 | ||||||
| TOTAL MUNICIPAL OBLIGATIONS (Cost $384,687) | 416,075 | |||||||
| Non-U.S. Government Agency Obligations — 8.4% | ||||||||
| Automobile Asset-Backed Securities — 2.1% | ||||||||
| Bayview Opportunity Master Fund VII LLC | ||||||||
| Series 2024-CAR1, Class A, 30 day USD SOFR Average + 1.100% 5.405% FRN 12/26/31 (a) (c) | 170,303 | 170,567 | ||||||
| Series 2024-CAR1, Class C, 30 day USD SOFR Average + 1.500% 5.805% FRN 12/26/31 (a) (c) | 135,161 | 135,726 | ||||||
| CarMax Auto Owner Trust, Series 2024-1, Class B | ||||||||
| 5.170% 8/15/29 | 70,000 | 70,789 | ||||||
| CarMax Select Receivables Trust | ||||||||
| Series 2024-A, Class B, 5.350% 1/15/30 | 145,000 | 147,469 | ||||||
| Series 2024-A, Class A3, 5.400% 11/15/28 | 125,000 | 125,884 | ||||||
| Carvana Auto Receivables Trust, Series 2024-N1, Class B | ||||||||
| 5.630% 5/10/30 (c) | 225,000 | 227,794 | ||||||
| Chase Auto Credit Linked Notes, Series 2025-1, Class B | ||||||||
| 4.753% 2/25/33 (c) | 250,000 | 250,838 | ||||||
| Drive Auto Receivables Trust, Series 2021-3, Class D | ||||||||
| 1.940% 6/15/29 (c) | 227,341 | 222,823 | ||||||
| Enterprise Fleet Financing LLC | ||||||||
| Series 2024-4, Class A2, 4.690% 7/20/27 (c) | 60,000 | 60,032 | ||||||
| Series 2024-3, Class A4, 5.060% 3/20/31 (c) | 110,000 | 111,780 | ||||||
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D | ||||||||
| 6.690% 6/15/29 | 85,000 | 86,334 | ||||||
| Ford Credit Auto Owner Trust, Series 2022-C, Class C | ||||||||
| 5.220% 3/15/30 | 200,000 | 200,743 | ||||||
| Ford Credit Floorplan Master Owner Trust A | ||||||||
| Series 2018-4, Class A, 4.060% 11/15/30 | 425,000 | 422,504 | ||||||
| Series 2024-3, Class B, 4.500% 9/15/29 (c) | 155,000 | 154,186 | ||||||
| Huntington Bank Auto Credit-Linked Notes | ||||||||
| Series 2025-1, Class B, 4.957% 3/21/33 (c) | 224,185 | 225,061 | ||||||
| Series 2024-1, Class B1, 6.153% 5/20/32 (c) | 211,313 | 214,502 | ||||||
| Octane Receivables Trust | ||||||||
| Series 2024-RVM1, Class A, 5.010% 1/22/46 (c) | 111,020 | 111,961 | ||||||
| Series 2023-1A, Class A, 5.870% 5/21/29 (c) | 21,691 | 21,735 | ||||||
| Series 2023-3A, Class B, 6.480% 7/20/29 (c) | 150,000 | 152,616 | ||||||
| Series 2023-3A, Class C, 6.740% 8/20/29 (c) | 100,000 | 101,633 | ||||||
| Santander Drive Auto Receivables Trust | ||||||||
| Series 2021-4, Class D, 1.670% 10/15/27 | 151,690 | 150,216 | ||||||
| Series 2025-1, Class A3, 4.740% 1/16/29 | 140,000 | 140,172 | ||||||
| SBNA Auto Lease Trust | ||||||||
| Series 2024-C, Class A4, 4.420% 3/20/29 (c) | 90,000 | 89,986 | ||||||
| Series 2024-C, Class A3, 4.560% 2/22/28 (c) | 185,000 | 185,413 | ||||||
| SFS Auto Receivables Securitization Trust | ||||||||
| Series 2024-1A, Class A4, 4.940% 1/21/31 (c) | 130,000 | 131,475 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2024-1A, Class C, 5.510% 1/20/32 (c) | $ | 65,000 | $ | 66,017 | ||||
| 3,978,256 | ||||||||
| Commercial Mortgage-Backed Securities — 1.6% | ||||||||
| BBCMS Mortgage Trust, Series 2019-BWAY, Class D, 1 mo. USD Term SOFR + 2.274% | ||||||||
| 6.587% FRN 11/15/34 (a) (c) | 245,000 | 2,450 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2024-GPA3, Class A, 1 mo. USD Term SOFR + 1.293% 5.605% FRN 12/15/39 (a) (c) | 412,594 | 412,982 | ||||||
| Series 2024-SLCT, Class A, 1 mo. USD Term SOFR + 1.323% 5.635% FRN 1/15/42 (a) (c) | 145,000 | 144,229 | ||||||
| Series 2024-MDHS, Class A, 1 mo. USD Term SOFR + 1.641% 5.953% FRN 5/15/41 (a) (c) | 476,020 | 476,615 | ||||||
| CONE Trust, Series 2024-DFW1, Class A, 1 mo. USD Term SOFR + 1.642% | ||||||||
| 5.954% FRN 8/15/41 (a) (c) | 220,000 | 218,921 | ||||||
| HILT Commercial Mortgage Trust, Series 2024-ORL, Class A, 1 mo. USD Term SOFR + 1.541% | ||||||||
| 5.853% FRN 5/15/37 (a) (c) | 310,000 | 310,194 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX | ||||||||
| 4.248% 7/05/33 (c) | 115,000 | 109,830 | ||||||
| MED Commercial Mortgage Trust, Series 2024-MOB, Class A, 1 mo. USD Term SOFR + 1.592% | ||||||||
| 5.903% FRN 5/15/41 (a) (c) | 165,000 | 164,696 | ||||||
| Real Estate Asset Liquidity Trust | ||||||||
| Series 2025-1A, Class A1, 3.930% 1/12/60 CAD (c) (e) | 941,618 | 690,446 | ||||||
| Series 2025-1A, Class A2, 4.400% 1/12/60 CAD (c) (e) | 245,000 | 179,329 | ||||||
| TX Trust, Series 2024-HOU, Class A, 1 mo. USD Term SOFR + 1.591% | ||||||||
| 5.903% FRN 6/15/39 (a) (c) | 190,000 | 188,812 | ||||||
| Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class C, 1 mo. USD Term SOFR + 2.014% | ||||||||
| 6.327% FRN 2/15/40 (a) (c) | 172,000 | 171,901 | ||||||
| 3,070,405 | ||||||||
| Other Asset-Backed Securities — 3.1% | ||||||||
| Affirm Master Trust, Series 2025-2A, Class A | ||||||||
| 4.670% 7/15/33 (c) | 245,000 | 245,815 | ||||||
| Amur Equipment Finance Receivables X LLC, Series 2022-1A, Class C | ||||||||
| 2.370% 4/20/28 (c) | 175,000 | 174,045 | ||||||
| Auxilior Term Funding LLC, Series 2024-1A, Class A3 | ||||||||
| 5.490% 7/15/31 (c) | 140,000 | 142,559 | ||||||
| BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A | ||||||||
| 3.280% 9/26/33 (c) | 68,348 | 67,414 | ||||||
| CIFC Funding Ltd., Series 2018-1A, Class A1R, 3 mo. USD Term SOFR + 1.320% | ||||||||
| 5.590% FRN 1/18/38 (a) (c) | 485,000 | 486,334 | ||||||
| Clarus Capital Funding LLC, Series 2024-1A, Class A2 | ||||||||
| 4.710% 8/20/32 (c) | 162,266 | 162,410 | ||||||
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 | ||||||||
| 4.940% 1/25/52 CAD (c) (e) | 125,000 | 89,977 | ||||||
| Dell Equipment Finance Trust, Series 2023-3, Class C | ||||||||
| 6.170% 4/23/29 (c) | 125,000 | 126,496 | ||||||
| DLLST LLC, Series 2024-1A, Class A4 | ||||||||
| 4.930% 4/22/30 (c) | 45,000 | 45,311 | ||||||
| Driven Brands Funding LLC, Series 2020-1A, Class A2 | ||||||||
| 3.786% 7/20/50 (c) | 255,583 | 249,243 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Dryden 93 CLO Ltd., Series 2021-93A, Class BR, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 5.956% FRN 1/15/38 (a) (c) | $ | 255,000 | $ | 255,667 | ||||
| Elara HGV Timeshare Issuer LLC, Series 2023-A, Class B | ||||||||
| 6.530% 2/25/38 (c) | 102,119 | 104,927 | ||||||
| Elmwood CLO 20 Ltd., Series 2022-7A, Class AR, 3 mo. USD Term SOFR + 1.500% | ||||||||
| 5.780% FRN 1/17/37 (a) (c) | 305,000 | 305,710 | ||||||
| Frontier Issuer LLC, Series 2024-1, Class A2 | ||||||||
| 6.190% 6/20/54 (c) | 160,000 | 164,099 | ||||||
| Hardee’s Funding LLC, Series 2021-1A, Class A2 | ||||||||
| 2.865% 6/20/51 (c) | 288,000 | 265,996 | ||||||
| HPEFS Equipment Trust, Series 2023-2A, Class D | ||||||||
| 6.970% 7/21/31 (c) | 100,000 | 101,417 | ||||||
| Invesco US CLO Ltd., Series 2023-1A, Class AR, 3 mo. USD Term SOFR + 1.570% | ||||||||
| 5.842% FRN 4/22/37 (a) (c) | 250,000 | 250,738 | ||||||
| Madison Park Funding LX Ltd., Series 2022-60A, Class BR, 3 mo. USD Term SOFR + 1.750% | ||||||||
| 6.032% FRN 10/25/37 (a) (c) | 250,000 | 250,748 | ||||||
| Madison Park Funding LXI Ltd., Series 2023-61A, Class A, 3 mo. USD Term SOFR + 1.730% | ||||||||
| 6.000% FRN 1/20/37 (a) (c) | 275,000 | 276,116 | ||||||
| MVW LLC, Series 2023-1A, Class A | ||||||||
| 4.930% 10/20/40 (c) | 281,640 | 283,772 | ||||||
| Palmer Square CLO Ltd., Series 2020-3A, Class A1R2, 3 mo. USD Term SOFR + 1.650% | ||||||||
| 5.976% FRN 11/15/36 (a) (c) | 430,000 | 431,976 | ||||||
| RR 12 Ltd., Series 2020-12A, Class AAR3, 3 mo. USD Term SOFR + 1.250% | ||||||||
| 5.506% FRN 1/15/36 (a) (c) | 295,000 | 295,166 | ||||||
| RR 34 Ltd., Series 2024-34RA, Class A2AR, 3 mo. USD Term SOFR + 1.700% | ||||||||
| 5.956% FRN 10/15/39 (a) (c) | 305,000 | 305,446 | ||||||
| SEB Funding LLC, Series 2024-1A, Class A2 | ||||||||
| 7.386% 4/30/54 (c) | 145,000 | 148,281 | ||||||
| Sound Point CLO XXII Ltd., Series 2019-1A, Class BRR, 3 mo. USD Term SOFR + 1.650% | ||||||||
| 5.920% FRN 1/20/32 (a) (c) | 250,000 | 250,652 | ||||||
| Verdant Receivables LLC | ||||||||
| Series 2025-1A, Class B, 5.370% 5/12/33 (c) | 100,000 | 100,866 | ||||||
| Series 2024-1A, Class A2, 5.680% 12/12/31 (c) | 109,771 | 111,405 | ||||||
| Verizon Master Trust, Series 2023-1, Class C | ||||||||
| 4.980% 1/22/29 | 135,000 | 135,716 | ||||||
| 5,828,302 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.2% | ||||||||
| SBA Tower Trust | ||||||||
| 2.593% 10/15/56 (c) | 415,000 | 361,885 | ||||||
| Student Loans Asset-Backed Securities — 0.2% | ||||||||
| Navient Private Education Refi Loan Trust, Series 2020-CA, Class B | ||||||||
| 2.830% 11/15/68 (c) | 470,000 | 402,927 | ||||||
| SMB Private Education Loan Trust, Series 2020-B, Class A1A | ||||||||
| 1.290% 7/15/53 (c) | 99,361 | 93,886 | ||||||
| 496,813 | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.1% | ||||||||
| Chase Home Lending Mortgage Trust, Series 2024-RPL4, Class A1B, | ||||||||
| 3.375% VRN 12/25/64 (a) (c) (j) | $ | 56,579 | $ | 50,199 | ||||
| Citigroup Mortgage Loan Trust, Series 2022-INV1, Class A4B, | ||||||||
| 3.000% VRN 11/27/51 (a) (c) (j) | 189,685 | 160,009 | ||||||
| Flagstar Mortgage Trust | ||||||||
| Series 2018-6RR, Class 2A4, 4.000% VRN 9/25/48 (a) (c) (j) | 9,431 | 9,164 | ||||||
| Series 2020-1INV, Class A11, 1 mo. USD Term SOFR + 0.964% 5.284% FRN 3/25/50 (a) (c) | 69,839 | 66,650 | ||||||
| Galton Funding Mortgage Trust, Series 2018-1, Class A23, | ||||||||
| 3.500% VRN 11/25/57 (a) (c) (j) | 12,986 | 11,902 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2020-INV1, Class A14, | ||||||||
| 2.908% VRN 10/25/50 (a) (c) (j) | 198,425 | 168,726 | ||||||
| HOMES Trust, Series 2025-AFC2, Class A1B, | ||||||||
| 5.573% STEP 6/25/60 (c) | 100,000 | 100,067 | ||||||
| Imperial Fund Mortgage Trust, Series 2021-NQM2, Class A1, | ||||||||
| 1.073% VRN 9/25/56 (a) (c) (j) | 153,497 | 130,545 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2020-LTV1, Class B1A, 3.255% VRN 6/25/50 (a) (c) (j) | 336,013 | 284,083 | ||||||
| Series 2019-INV3, Class A3, 3.500% VRN 5/25/50 (a) (c) (j) | 84,171 | 74,755 | ||||||
| Series 2020-LTV1, Class A3, 3.500% VRN 6/25/50 (a) (c) (j) | 7,844 | 7,700 | ||||||
| Series 2020-INV1, Class A3, 3.500% VRN 8/25/50 (a) (c) (j) | 74,922 | 66,386 | ||||||
| Series 2020-5, Class B2, 3.565% VRN 12/25/50 (a) (c) (j) | 314,409 | 277,571 | ||||||
| Series 2020-INV1, Class A11, 1 mo. USD Term SOFR + 0.944% 5.264% FRN 8/25/50 (a) (c) | 47,451 | 45,414 | ||||||
| MFA Trust, Series 2020-NQM3, Class M1, | ||||||||
| 2.654% VRN 1/26/65 (a) (c) (j) | 170,000 | 153,931 | ||||||
| OBX Trust, Series 2019-INV2, Class A25, | ||||||||
| 4.000% VRN 5/27/49 (a) (c) (j) | 80,414 | 74,354 | ||||||
| Sequoia Mortgage Trust | ||||||||
| Series 2017-CH1, Class A2, 3.500% VRN 8/25/47 (a) (c) (j) | 18,768 | 17,197 | ||||||
| Series 2017-CH1, Class A13, 4.000% VRN 8/25/47 (a) (c) (j) | 23,330 | 21,933 | ||||||
| Series 2018-CH3, Class A2, 4.000% VRN 8/25/48 (a) (c) (j) | 2,363 | 2,327 | ||||||
| SG Residential Mortgage Trust, Series 2019-3, Class A1, | ||||||||
| 2.703% VRN 9/25/59 (a) (c) (j) | 765 | 762 | ||||||
| Towd Point Mortgage Trust | ||||||||
| Series 2025-1, Class A1A, 4.753% VRN 6/25/65 (a) (c) (j) | 135,000 | 134,700 | ||||||
| Series 2025-1, Class A1B, 4.753% VRN 6/25/65 (a) (c) (j) | 100,000 | 99,282 | ||||||
| Series 2019-HY3, Class A1A, 1 mo. USD Term SOFR + 1.114% 5.434% FRN 10/25/59 (a) (c) | 58,898 | 59,581 | ||||||
| Verus Securitization Trust, Series 2021-5, Class A2, | ||||||||
| 1.218% VRN 9/25/66 (a) (c) (j) | 214,676 | 184,664 | ||||||
| 2,201,902 | ||||||||
| Whole Loan Collateral Support Collateralized Mortgage Obligations — 0.1% | ||||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2019-INV3, Class A15, 3.500% VRN 5/25/50 (a) (c) (j) | 72,460 | 64,168 | ||||||
| Series 2020-LTV1, Class A15, 3.500% VRN 6/25/50 (a) (c) (j) | 3,353 | 3,289 | ||||||
| Sequoia Mortgage Trust | ||||||||
| Series 2018-CH1, Class A19, 4.000% VRN 3/25/48 (a) (c) (j) | 43,641 | 40,297 | ||||||
| Series 2018-CH2, Class A21, 4.000% VRN 6/25/48 (a) (c) (j) | 14,551 | 13,488 | ||||||
| 121,242 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $16,644,043) | 16,058,805 | |||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sovereign Debt Obligations — 20.8% | ||||||||
| Albania Government International Bond | ||||||||
| 5.900% 6/09/28 EUR (c) (e) | $ | 170,000 | $ | 212,024 | ||||
| Australia Government Bond | ||||||||
| 3.000% 3/21/47 AUD (c) (e) | 270,000 | 135,820 | ||||||
| 4.500% 4/21/33 AUD (c) (e) | 774,000 | 528,980 | ||||||
| Bonos de la Tesoreria de la Republica en pesos | ||||||||
| 5.800% 10/01/34 CLP (c) (e) | 340,000,000 | 370,939 | ||||||
| Brazil Notas do Tesouro Nacional Series F | ||||||||
| 10.000% 1/01/31 BRL (e) | 2,385,000 | 363,875 | ||||||
| 10.000% 1/01/35 BRL (e) | 4,643,000 | 663,258 | ||||||
| Bulgaria Government International Bond | ||||||||
| 0.375% 9/23/30 EUR (c) (e) | 20,000 | 20,817 | ||||||
| 3.500% 5/07/34 EUR (c) (e) | 155,000 | 184,265 | ||||||
| 4.125% 5/07/38 EUR (c) (e) | 190,000 | 227,768 | ||||||
| 4.500% 1/27/33 EUR (c) (e) | 148,000 | 188,894 | ||||||
| Bundesrepublik Deutschland Bundesanleihe | ||||||||
| 0.000% 2/15/31 EUR (c) (e) | 550,000 | 573,082 | ||||||
| 2.500% 8/15/54 EUR (c) (e) | 412,000 | 431,239 | ||||||
| Canadian Government Bond | ||||||||
| 4.000% 3/01/29 CAD (e) | 1,162,000 | 890,322 | ||||||
| Canadian Government Real Return Bond | ||||||||
| 4.000% 12/01/31 CAD (e) | 1,276,725 | 1,106,135 | ||||||
| Chile Government International Bond | ||||||||
| 4.125% 7/05/34 EUR (e) | 170,000 | 206,030 | ||||||
| China Government Bond | ||||||||
| 2.470% 7/25/54 CNY (e) | 4,670,000 | 724,776 | ||||||
| 2.530% 6/15/74 CNY (e) | 260,000 | 42,494 | ||||||
| 2.670% 5/25/33 CNY (e) | 3,900,000 | 584,011 | ||||||
| 3.320% 4/15/52 CNY (e) | 2,530,000 | 452,353 | ||||||
| 4.000% 6/24/69 CNY (e) | 500,000 | 110,314 | ||||||
| Colombia TES | ||||||||
| 6.000% 4/28/28 COP (e) | 701,300,000 | 154,469 | ||||||
| 7.000% 3/26/31 COP (e) | 210,600,000 | 41,617 | ||||||
| Cyprus Government International Bond | ||||||||
| 0.950% 1/20/32 EUR (c) (e) | 175,000 | 184,452 | ||||||
| 2.750% 5/03/49 EUR (c) (e) | 45,000 | 43,856 | ||||||
| Czech Republic Government Bond | ||||||||
| 1.500% 4/24/40 CZK (e) | 27,530,000 | 883,680 | ||||||
| 3.500% 5/30/35 CZK (e) | 11,490,000 | 515,697 | ||||||
| 3.600% 6/03/36 CZK (e) | 12,860,000 | 576,710 | ||||||
| 4.900% 4/14/34 CZK (e) | 12,020,000 | 603,672 | ||||||
| Deutsche Bundesrepublik Inflation-Linked Bond | ||||||||
| 0.500% 4/15/30 EUR (c) (e) | 921,381 | 1,084,159 | ||||||
| Egypt Government International Bond | ||||||||
| 6.375% 4/11/31 EUR (c) (e) | 160,000 | 174,567 | ||||||
| Estonia Government International Bond | ||||||||
| 3.250% 1/17/34 EUR (c) (e) | 275,000 | 325,083 | ||||||
| French Republic Government Bond OAT | ||||||||
| 1.250% 5/25/36 EUR (c) (e) | 1,007,000 | 958,444 | ||||||
| 2.500% 5/25/30 EUR (c) (e) | 510,000 | 600,018 | ||||||
| 4.000% 4/25/55 EUR (c) (e) | 269,000 | 315,984 | ||||||
| Hungary Government Bond | ||||||||
| 2.250% 4/20/33 HUF (e) | 23,110,000 | 49,642 | ||||||
| Hungary Government International Bond | ||||||||
| 5.000% 2/22/27 EUR (c) (e) | 107,000 | 130,702 | ||||||
| Iceland Government International Bond | ||||||||
| 4/15/28EUR (c) (e) | 100,000 | 110,269 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| India Government Bond | ||||||||
| 6.540% 1/17/32 INR (e) | $ | 51,370,000 | $ | 606,485 | ||||
| 7.260% 8/22/32 INR (e) | 8,530,000 | 104,547 | ||||||
| Indonesia Government International Bond | ||||||||
| 3.750% 6/14/28 EUR (c) (e) | 255,000 | 309,013 | ||||||
| Indonesia Treasury Bond | ||||||||
| 5.500% 4/15/26 IDR (e) | 4,080,000,000 | 250,226 | ||||||
| 6.750% 7/15/35 IDR (e) | 2,936,000,000 | 182,043 | ||||||
| 6.875% 4/15/29 IDR (e) | 3,403,000,000 | 213,557 | ||||||
| 7.000% 2/15/33 IDR (e) | 10,166,000,000 | 639,478 | ||||||
| 7.125% 8/15/40 IDR (e) | 3,084,000,000 | 192,353 | ||||||
| Ireland Government Bond | ||||||||
| 2.000% 2/18/45 EUR (c) (e) | 68,000 | 64,568 | ||||||
| Israel Government International Bond | ||||||||
| 1.500% 1/18/27 EUR (c) (e) | 130,000 | 149,406 | ||||||
| Italy Buoni Poliennali Del Tesoro | ||||||||
| 0.950% 6/01/32 EUR (c) (e) | 210,000 | 216,547 | ||||||
| 1.300% 5/15/28 EUR (c) (e) | 393,371 | 470,207 | ||||||
| 2.800% 3/01/67 EUR (c) (e) | 214,000 | 182,409 | ||||||
| 4.300% 10/01/54 EUR (c) (e) | 185,000 | 218,584 | ||||||
| 4.500% 10/01/53 EUR (c) (e) | 254,000 | 311,127 | ||||||
| Japan Government Forty Year Bond | ||||||||
| 1.300% 3/20/63 JPY (e) | 106,750,000 | 454,131 | ||||||
| Japan Government Thirty Year Bond | ||||||||
| 1.300% 6/20/52 JPY (e) | 45,900,000 | 231,404 | ||||||
| 1.400% 9/20/52 JPY (e) | 151,950,000 | 783,169 | ||||||
| 1.700% 9/20/44 JPY (e) | 113,800,000 | 713,533 | ||||||
| 2.200% 6/20/54 JPY (e) | 83,650,000 | 510,625 | ||||||
| Japanese Government CPI Linked Bond | ||||||||
| 0.005% 3/10/35 JPY (e) | 23,224,020 | 162,057 | ||||||
| Japanese Government CPI-Linked Bond | ||||||||
| 0.005% 3/10/31 JPY (e) | 93,646,071 | 693,231 | ||||||
| 0.005% 3/10/34 JPY (e) | 231,422,250 | 1,633,576 | ||||||
| Jordan Government International Bond | ||||||||
| 6.125% 1/29/26 (c) | 200,000 | 199,236 | ||||||
| Kingdom of Belgium Government Bond | ||||||||
| 1.000% 6/22/31 EUR (c) (e) | 995,000 | 1,069,009 | ||||||
| 3.300% 6/22/54 EUR (c) (e) | 279,000 | 292,670 | ||||||
| Korea International Bond | ||||||||
| 2.250% 7/03/28 EUR (d) (e) | 110,000 | 129,665 | ||||||
| Latvia Government International Bond | ||||||||
| 0.375% 10/07/26 EUR (c) (e) | 634,000 | 730,433 | ||||||
| 3.875% 5/22/29 EUR (c) (e) | 140,000 | 172,626 | ||||||
| Lithuania Government International Bond | ||||||||
| 3.500% 2/13/34 EUR (c) (e) | 101,000 | 120,759 | ||||||
| 3.875% 6/14/33 EUR (c) (e) | 336,000 | 415,531 | ||||||
| Malaysia Government Bond | ||||||||
| 4.642% 11/07/33 MYR (e) | 1,180,000 | 302,959 | ||||||
| 4.736% 3/15/46 MYR (e) | 4,695,000 | 1,240,447 | ||||||
| Mexican Bonos | ||||||||
| 7.500% 5/26/33 MXN (e) | 3,380,000 | 164,408 | ||||||
| 8.500% 5/31/29 MXN (e) | 7,010,000 | 372,315 | ||||||
| Mexican Udibonos | ||||||||
| 4.000% 8/24/34 MXN (e) | 6,367,134 | 315,094 | ||||||
| Mexico Government International Bond | ||||||||
| 5.850% 7/02/32 (d) | 200,000 | 202,400 | ||||||
| 6.625% 1/29/38 (d) | 200,000 | 203,000 | ||||||
| Montenegro Government International Bond | ||||||||
| 4.875% 4/01/32 EUR (c) (e) | 140,000 | 163,142 | ||||||
| 7.250% 3/12/31 (c) | 200,000 | 206,812 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Morocco Government International Bond | ||||||||
| 1.375% 3/30/26 EUR (c) (e) | $ | 140,000 | $ | 163,037 | ||||
| 3.875% 4/02/29 EUR (c) (e) | 348,000 | 415,760 | ||||||
| 4.750% 4/02/35 EUR (c) (e) | 210,000 | 247,906 | ||||||
| Peru Government Bond | ||||||||
| 5.400% 8/12/34 PEN (e) | 254,000 | 67,558 | ||||||
| 6.150% 8/12/32 PEN (e) | 848,000 | 246,998 | ||||||
| Peruvian Government International Bond | ||||||||
| 5.500% 3/30/36 | 280,000 | 280,182 | ||||||
| 6.200% 6/30/55 | 150,000 | 150,525 | ||||||
| Province of Ontario | ||||||||
| 3.500% 6/02/43 CAD (e) | 38,000 | 24,896 | ||||||
| Republic of Austria Government Bond | ||||||||
| 3.150% 10/20/53 EUR (c) (e) | 203,000 | 220,747 | ||||||
| Republic of Cote d’Ivoire | ||||||||
| 6.875% 4/01/28 XOF (c) (e) | 86,000,000 | 151,502 | ||||||
| Republic of Poland Government Bond | ||||||||
| 5.000% 10/25/34 PLN (e) | 554,000 | 148,954 | ||||||
| Republic of Poland Government International Bond | ||||||||
| 3.625% 1/11/34 EUR (c) (e) | 189,000 | 227,677 | ||||||
| 3.875% 10/22/39 EUR (c) (e) | 40,000 | 46,362 | ||||||
| 5.500% 3/18/54 | 100,000 | 92,676 | ||||||
| Republic of South Africa Government Bond | ||||||||
| 8.250% 3/31/32 ZAR (e) | 8,310,000 | 448,320 | ||||||
| 8.875% 2/28/35 ZAR (e) | 1,114,000 | 58,817 | ||||||
| Serbia International Bond | ||||||||
| 1.000% 9/23/28 EUR (c) (e) | 135,000 | 146,957 | ||||||
| 1.500% 6/26/29 EUR (c) (e) | 264,000 | 283,626 | ||||||
| 3.125% 5/15/27 EUR (c) (e) | 280,000 | 328,545 | ||||||
| Singapore Government Bond | ||||||||
| 0.500% 11/01/25 SGD (e) | 400,000 | 312,872 | ||||||
| 2.875% 7/01/29 SGD (e) | 485,000 | 396,038 | ||||||
| Slovenia Government Bond | ||||||||
| 0.000% 2/12/31 EUR (c) (e) | 63,000 | 64,623 | ||||||
| 1.500% 3/25/35 EUR (c) (e) | 114,000 | 117,396 | ||||||
| 2.250% 3/03/32 EUR (c) (e) | 69,000 | 79,340 | ||||||
| Spain Government Bond | ||||||||
| 1.900% 10/31/52 EUR (c) (e) | 648,000 | 505,537 | ||||||
| 3.100% 7/30/31 EUR (e) | 210,000 | 253,000 | ||||||
| 3.150% 4/30/35 EUR (c) (e) | 259,000 | 304,641 | ||||||
| Sri Lanka Government Bond | ||||||||
| 20.000% 9/15/27 LKR (e) | 31,000,000 | 126,759 | ||||||
| Sweden Bond Inflation-Linked | ||||||||
| 0.125% 6/01/32 SEK (c) (e) | 1,665,000 | 229,361 | ||||||
| Thailand Government Bond | ||||||||
| 2.050% 4/17/28 THB (e) | 8,100,000 | 253,507 | ||||||
| 2.500% 11/17/29 THB (e) | 14,367,000 | 461,988 | ||||||
| 2.800% 6/17/34 THB (e) | 2,900,000 | 97,988 | ||||||
| UK Gilts | ||||||||
| 3.250% 1/22/44 GBP (c) (e) | 574,000 | 611,210 | ||||||
| 4.250% 12/07/46 GBP (c) (e) | 137,000 | 164,960 | ||||||
| 4.375% 7/31/54 GBP (c) (e) | 1,322,000 | 1,571,844 | ||||||
| 39,665,308 | ||||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $38,598,975) | 39,665,308 | |||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Government Agency Obligations and Instrumentalities (k) — 14.3% | ||||||||
| Collateralized Mortgage Obligations — 0.4% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS | ||||||||
| Series 5293, Class KI, 2.000% 2/25/51 | $ | 965,138 | $ | 128,786 | ||||
| Series 5293, Class IO, 2.000% 3/25/51 | 1,693,735 | 217,597 | ||||||
| Series 5000, Class UI, 2.500% 7/25/50 | 859,831 | 136,038 | ||||||
| Series 5293, Class CI, 2.500% 4/25/51 | 509,781 | 81,775 | ||||||
| Federal National Mortgage Association Interest STRIPS Series 435, Class C24 2.000% 4/25/52 | 273,224 | 35,204 | ||||||
| Federal National Mortgage Association REMICS Series 2020-97, Class AI 2.000% 1/25/51 | 579,173 | 79,323 | ||||||
| Government National Mortgage Association REMICS Series 2020-181, Class WI 2.000% 12/20/50 | 1,025,350 | 122,501 | ||||||
| 801,224 | ||||||||
| Pass-Through Securities — 13.9% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #SB0869 1.500% 2/01/36 | 158,014 | 141,710 | ||||||
| Pool #QN7552 2.000% 8/01/36 | 218,483 | 199,847 | ||||||
| Pool #RB5114 2.000% 6/01/41 | 132,043 | 113,369 | ||||||
| Pool #RA3046 2.000% 7/01/50 | 22,790 | 18,291 | ||||||
| Pool #SD8140 2.000% 4/01/51 | 462,366 | 368,638 | ||||||
| Pool #QC2565 2.000% 6/01/51 | 26,930 | 21,445 | ||||||
| Pool #RA6505 2.000% 12/01/51 | 295,532 | 236,085 | ||||||
| Pool #QD9658 2.000% 2/01/52 | 31,888 | 25,254 | ||||||
| Pool #SD1217 2.000% 3/01/52 | 205,007 | 164,538 | ||||||
| Pool #SD3580 2.000% 4/01/52 | 229,584 | 184,407 | ||||||
| Pool #SD8204 2.000% 4/01/52 | 194,629 | 154,445 | ||||||
| Pool #RA7324 2.000% 5/01/52 | 128,835 | 103,322 | ||||||
| Pool #RB5149 2.500% 3/01/42 | 206,624 | 182,399 | ||||||
| Pool #SD8089 2.500% 7/01/50 | 125,370 | 104,966 | ||||||
| Pool #SD8099 2.500% 10/01/50 | 132,200 | 110,520 | ||||||
| Pool #QC3425 2.500% 6/01/51 | 193,950 | 160,991 | ||||||
| Pool #QC2902 2.500% 6/01/51 | 30,546 | 25,862 | ||||||
| Pool #QC5575 2.500% 8/01/51 | 66,516 | 55,213 | ||||||
| Pool #SD8161 2.500% 8/01/51 | 439,532 | 366,627 | ||||||
| Pool #SD8200 2.500% 3/01/52 | 87,215 | 72,557 | ||||||
| Pool #RB5173 3.000% 8/01/42 | 47,261 | 42,864 | ||||||
| Pool #G08756 3.000% 4/01/47 | 24,887 | 22,149 | ||||||
| Pool #SD0080 3.000% 9/01/49 | 105,620 | 93,582 | ||||||
| Pool #SD7531 3.000% 12/01/50 | 130,228 | 114,734 | ||||||
| Pool #SD1183 3.000% 1/01/52 | 215,068 | 188,271 | ||||||
| Pool #U90690 3.500% 6/01/42 | 36,767 | 34,456 | ||||||
| Pool #U99051 3.500% 6/01/43 | 37,096 | 34,758 | ||||||
| Pool #ZT0179 3.500% 11/01/47 | 220,807 | 203,549 | ||||||
| Pool #RA1202 3.500% 8/01/49 | 88,416 | 80,898 | ||||||
| Pool #SD0212 3.500% 12/01/49 | 115,676 | 105,767 | ||||||
| Pool #SD0617 3.500% 11/01/50 | 84,681 | 77,348 | ||||||
| Pool #SB8171 4.000% 6/01/37 | 46,293 | 45,512 | ||||||
| Pool #SD0422 4.500% 7/01/45 | 88,822 | 88,025 | ||||||
| Pool #RA2607 4.500% 5/01/50 | 41,553 | 40,243 | ||||||
| Pool #ZS3941 5.000% 12/01/41 | 28,459 | 28,790 | ||||||
| Pool #QF1305 5.000% 10/01/52 | 67,318 | 66,329 | ||||||
| Pool #SD3041 5.000% 5/01/53 | 99,072 | 97,430 | ||||||
| Pool #SD3630 5.500% 8/01/53 | 715,196 | 718,275 | ||||||
| Pool #QH3273 5.500% 10/01/53 | 35,045 | 35,093 | ||||||
| Pool #QI6767 5.500% 5/01/54 | 93,980 | 94,214 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #QJ3040 5.500% 9/01/54 | $ | 213,650 | $ | 214,517 | ||||
| Pool #QI9074 6.000% 6/01/54 | 71,928 | 73,239 | ||||||
| Pool #RJ1975 6.000% 7/01/54 | 154,952 | 158,280 | ||||||
| Pool #QY2115 6.000% 5/01/55 | 17,452 | 17,803 | ||||||
| Pool #QY4616 6.000% 6/01/55 | 67,859 | 69,136 | ||||||
| Pool #QJ5643 6.500% 9/01/54 | 104,822 | 108,303 | ||||||
| Pool #SD6376 6.500% 9/01/54 (d) | 24,012 | 24,956 | ||||||
| Pool #QJ4230 6.500% 9/01/54 (d) | 65,997 | 68,323 | ||||||
| Pool #QX0557 6.500% 12/01/54 | 75,764 | 78,273 | ||||||
| Pool #QX3636 6.500% 1/01/55 | 37,096 | 38,317 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #MA4519 1.500% 1/01/42 | 189,278 | 155,875 | ||||||
| Pool #FM8732 2.000% 9/01/36 | 228,395 | 211,198 | ||||||
| Pool #MA4602 2.000% 5/01/37 | 327,303 | 299,181 | ||||||
| Pool #FS2763 2.000% 8/01/42 | 41,209 | 35,116 | ||||||
| Pool #FS5191 2.000% 8/01/42 | 46,785 | 39,934 | ||||||
| Pool #CA6587 2.000% 8/01/50 | 98,041 | 78,688 | ||||||
| Pool #MA4158 2.000% 10/01/50 | 235,237 | 187,992 | ||||||
| Pool #MA4255 2.000% 2/01/51 | 1,153,713 | 919,838 | ||||||
| Pool #MA4511 2.000% 1/01/52 | 333,947 | 265,312 | ||||||
| Pool #MA4547 2.000% 2/01/52 | 256,339 | 203,414 | ||||||
| Pool #CB2848 2.000% 2/01/52 | 498,361 | 397,648 | ||||||
| Pool #MA4562 2.000% 3/01/52 | 463,054 | 367,450 | ||||||
| Pool #FS1571 2.000% 4/01/52 | 22,322 | 17,713 | ||||||
| Pool #MA4622 2.000% 6/01/52 | 618,763 | 490,431 | ||||||
| Pool #BM3859 2.500% 8/01/31 | 56,662 | 54,590 | ||||||
| Pool #BM1890 2.500% 1/01/32 | 38,344 | 37,050 | ||||||
| Pool #CB4726 2.500% 9/01/37 | 107,537 | 100,576 | ||||||
| Pool #FS4054 2.500% 2/01/38 | 37,063 | 34,629 | ||||||
| Pool #MA4078 2.500% 7/01/50 | 24,236 | 20,292 | ||||||
| Pool #BT0163 2.500% 6/01/51 | 40,911 | 34,636 | ||||||
| Pool #CB1331 2.500% 8/01/51 | 205,229 | 171,957 | ||||||
| Pool #CB1280 2.500% 8/01/51 | 54,330 | 45,522 | ||||||
| Pool #CB2045 2.500% 11/01/51 | 38,989 | 32,875 | ||||||
| Pool #CB2638 2.500% 1/01/52 | 726,957 | 609,557 | ||||||
| Pool #MA4512 2.500% 1/01/52 | 26,365 | 21,951 | ||||||
| Pool #CB2538 2.500% 1/01/52 | 655,390 | 550,572 | ||||||
| Pool #FS5037 2.500% 2/01/52 | 245,318 | 204,627 | ||||||
| Pool #CB2804 2.500% 2/01/52 | 424,859 | 356,777 | ||||||
| Pool #FS2573 2.500% 3/01/52 | 70,699 | 59,724 | ||||||
| Pool #FS4283 2.500% 3/01/52 | 50,831 | 42,591 | ||||||
| Pool #MA4623 2.500% 6/01/52 | 237,953 | 197,814 | ||||||
| Pool #BM5111 3.000% 11/01/33 | 61,976 | 60,145 | ||||||
| Pool #BO7256 3.000% 1/01/35 | 128,703 | 123,894 | ||||||
| Pool #FM2547 3.000% 2/01/35 | 75,778 | 72,994 | ||||||
| Pool #BM4221 3.000% 1/01/43 | 101,285 | 92,052 | ||||||
| Pool #BM5468 3.000% 2/01/43 | 149,254 | 135,727 | ||||||
| Pool #AB9248 3.000% 5/01/43 | 38,030 | 34,575 | ||||||
| Pool #AU1629 3.000% 7/01/43 | 10,849 | 9,848 | ||||||
| Pool #AS0406 3.000% 9/01/43 | 61,008 | 55,273 | ||||||
| Pool #MA2806 3.000% 11/01/46 | 169,020 | 150,231 | ||||||
| Pool #BM4744 3.000% 6/01/47 | 95,979 | 85,969 | ||||||
| Pool #FM1445 3.000% 8/01/49 | 95,092 | 84,254 | ||||||
| Pool #CA5540 3.000% 4/01/50 | 11,249 | 9,903 | ||||||
| Pool #CA6314 3.000% 7/01/50 | 166,170 | 144,167 | ||||||
| Pool #BQ1348 3.000% 8/01/50 | 94,963 | 83,279 | ||||||
| Pool #CA6738 3.000% 8/01/50 | 181,730 | 159,371 | ||||||
| Pool #BQ5052 3.000% 9/01/50 | 6,427 | 5,638 | ||||||
| Pool #AS4449 3.500% 2/01/35 | 64,953 | 62,820 | ||||||
| Pool #FM3340 3.500% 5/01/35 | 4,998 | 4,910 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #FM8137 3.500% 9/01/35 | $ | 51,944 | $ | 51,093 | ||||
| Pool #MA1283 3.500% 12/01/42 | 32,365 | 30,256 | ||||||
| Pool #MA1373 3.500% 3/01/43 | 49,026 | 45,786 | ||||||
| Pool #MA1437 3.500% 5/01/43 | 44,157 | 41,194 | ||||||
| Pool #AS5182 3.500% 6/01/45 | 281,625 | 260,771 | ||||||
| Pool #FS1400 3.500% 7/01/47 | 19,218 | 18,063 | ||||||
| Pool #BM4582 3.500% 8/01/47 | 83,625 | 77,245 | ||||||
| Pool #CA0858 3.500% 12/01/47 | 38,346 | 35,229 | ||||||
| Pool #FM1001 3.500% 11/01/48 | 35,127 | 32,272 | ||||||
| Pool #FM8086 3.500% 7/01/51 | 95,727 | 86,338 | ||||||
| Pool #BV3533 3.500% 2/01/52 | 33,746 | 30,531 | ||||||
| Pool #FS1694 4.000% 7/01/35 | 80,069 | 79,919 | ||||||
| Pool #BF0198 4.000% 11/01/40 | 74,473 | 72,903 | ||||||
| Pool #MA0639 4.000% 2/01/41 | 249,958 | 241,764 | ||||||
| Pool #AL8387 4.000% 3/01/46 | 446,680 | 426,986 | ||||||
| Pool #FS2119 4.000% 3/01/46 | 72,087 | 69,627 | ||||||
| Pool #MA3088 4.000% 8/01/47 | 24,109 | 22,823 | ||||||
| Pool #MA3467 4.000% 9/01/48 | 3,095 | 2,921 | ||||||
| Pool #BM5527 4.000% 10/01/48 | 80,531 | 76,436 | ||||||
| Pool #BM5147 4.000% 10/01/48 | 18,790 | 17,887 | ||||||
| Pool #CA3503 4.000% 5/01/49 | 40,984 | 38,630 | ||||||
| Pool #CA4571 4.000% 11/01/49 | 61,657 | 58,059 | ||||||
| Pool #CA4823 4.000% 12/01/49 | 76,760 | 72,281 | ||||||
| Pool #MA4804 4.000% 11/01/52 | 28,513 | 26,573 | ||||||
| Pool #AL0065 4.500% 4/01/41 | 143,487 | 142,048 | ||||||
| Pool #AI1888 4.500% 5/01/41 | 161,813 | 160,139 | ||||||
| Pool #BM4185 4.500% 9/01/46 | 121,414 | 119,256 | ||||||
| Pool #FM5708 4.500% 5/01/47 | 129,283 | 127,929 | ||||||
| Pool #BM4343 4.500% 5/01/48 | 106,418 | 104,127 | ||||||
| Pool #CA2207 4.500% 8/01/48 | 24,185 | 23,483 | ||||||
| Pool #CA5186 4.500% 1/01/50 | 21,449 | 20,779 | ||||||
| Pool #CA5696 4.500% 5/01/50 | 54,836 | 53,107 | ||||||
| Pool #MA4656 4.500% 7/01/52 | 115,677 | 111,063 | ||||||
| Pool #AD6438 5.000% 6/01/40 | 34,613 | 35,015 | ||||||
| Pool #FM8543 5.000% 11/01/44 | 150,540 | 152,299 | ||||||
| Pool #FM4212 5.000% 12/01/47 | 283,796 | 287,052 | ||||||
| Pool #FS2620 5.000% 8/01/52 | 38,288 | 37,920 | ||||||
| Pool #BW7752 5.000% 10/01/52 | 85,817 | 84,556 | ||||||
| Pool #FS7303 5.000% 7/01/53 | 203,321 | 199,762 | ||||||
| Pool #CB7095 5.000% 9/01/53 | 294,336 | 290,655 | ||||||
| Pool #BM3279 5.500% 5/01/44 | 241,305 | 248,962 | ||||||
| Pool #FS5115 5.500% 6/01/53 | 8,779 | 8,817 | ||||||
| Pool #FA0048 5.500% 9/01/53 | 13,767 | 13,887 | ||||||
| Pool #DB0817 5.500% 4/01/54 | 162,074 | 162,445 | ||||||
| Pool #CB8483 5.500% 5/01/54 | 25,134 | 25,307 | ||||||
| Pool #CB9932 5.500% 2/01/55 | 83,954 | 84,294 | ||||||
| Pool #BM4971 6.000% 7/01/41 | 132,715 | 139,557 | ||||||
| Pool #CB5702 6.000% 2/01/53 | 291,671 | 299,760 | ||||||
| Pool #FS5460 6.000% 5/01/53 | 117,552 | 120,812 | ||||||
| Pool #FS6544 6.000% 12/01/53 | 197,842 | 203,329 | ||||||
| Pool #MA5247 6.000% 1/01/54 | 386,247 | 393,338 | ||||||
| Pool #CB8755 6.000% 6/01/54 | 39,477 | 40,325 | ||||||
| Pool #CB8858 6.000% 7/01/54 | 5,535 | 5,654 | ||||||
| Pool #CB9011 6.000% 8/01/54 | 286,482 | 293,263 | ||||||
| Pool #FS8793 6.000% 8/01/54 | 104,015 | 105,917 | ||||||
| Pool #CB7523 6.500% 11/01/53 | 157,297 | 162,827 | ||||||
| Pool #CB8226 6.500% 3/01/54 | 8,393 | 8,692 | ||||||
| Pool #CB8505 6.500% 5/01/54 | 80,068 | 83,177 | ||||||
| Pool #DC9630 6.500% 1/01/55 | 69,762 | 72,072 | ||||||
| Pool #CC0603 6.500% 6/01/55 (d) | 469,701 | 486,986 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Government National Mortgage Association Pool #AA5821 3.000% 11/15/42 | $ | 30,913 | $ | 28,061 | ||||
| Government National Mortgage Association II | ||||||||
| Pool #MA7736 1.500% 12/20/36 | 50,835 | 45,526 | ||||||
| Pool #MA7796 1.500% 1/20/37 | 69,920 | 62,618 | ||||||
| Pool #MA8015 1.500% 5/20/37 | 122,315 | 109,197 | ||||||
| Pool #MA7135 2.000% 1/20/51 | 634,139 | 517,029 | ||||||
| Pool #MA7192 2.000% 2/20/51 | 80,839 | 65,910 | ||||||
| Pool #MA7935 2.000% 3/20/52 | 417,388 | 340,372 | ||||||
| Pool #MA6819 2.500% 8/20/50 | 257,268 | 218,873 | ||||||
| Pool #MA7312 2.500% 4/20/51 | 315,690 | 268,641 | ||||||
| Pool #MA7705 2.500% 11/20/51 | 286,731 | 243,819 | ||||||
| Pool #MA7936 2.500% 3/20/52 | 373,175 | 317,384 | ||||||
| Pool #MA2600 3.000% 2/20/45 | 61,264 | 55,357 | ||||||
| Pool #MA3662 3.000% 5/20/46 | 79,931 | 71,570 | ||||||
| Pool #MA3802 3.000% 7/20/46 | 38,137 | 34,147 | ||||||
| Pool #MA3873 3.000% 8/20/46 | 222,527 | 199,249 | ||||||
| Pool #MA6144 3.000% 9/20/49 | 10,275 | 8,940 | ||||||
| Pool #MA6209 3.000% 10/20/49 | 66,568 | 57,920 | ||||||
| Pool #MA6399 3.000% 1/20/50 | 36,913 | 32,118 | ||||||
| Pool #MA6589 3.000% 4/20/50 | 52,716 | 45,868 | ||||||
| Pool #MA7473 3.000% 7/20/51 | 212,913 | 188,378 | ||||||
| Pool #MA0318 3.500% 8/20/42 | 125,090 | 116,591 | ||||||
| Pool #MA0852 3.500% 3/20/43 | 89,022 | 82,837 | ||||||
| Pool #783802 3.500% 4/20/43 | 13,410 | 12,524 | ||||||
| Pool #MA1090 3.500% 6/20/43 | 105,271 | 97,879 | ||||||
| Pool #AL1773 3.500% 1/20/45 | 126,022 | 116,927 | ||||||
| Pool #MA3310 3.500% 12/20/45 | 56,619 | 52,306 | ||||||
| Pool #MA3597 3.500% 4/20/46 | 83,759 | 77,379 | ||||||
| Pool #MA3803 3.500% 7/20/46 | 12,587 | 11,628 | ||||||
| Pool #MA3937 3.500% 9/20/46 | 83,725 | 77,348 | ||||||
| Pool #MA4586 3.500% 7/20/47 | 28,721 | 26,516 | ||||||
| Pool #784346 3.500% 7/20/47 | 19,169 | 17,673 | ||||||
| Pool #MA4719 3.500% 9/20/47 | 10,016 | 9,243 | ||||||
| Pool #BC1919 3.500% 9/20/47 | 38,587 | 35,382 | ||||||
| Pool #784793 3.500% 12/20/47 | 5,251 | 4,817 | ||||||
| Pool #785327 3.500% 10/20/49 | 51,740 | 47,415 | ||||||
| Pool #MA3245 4.000% 11/20/45 | 122,198 | 116,066 | ||||||
| Pool #MA4511 4.000% 6/20/47 | 74,669 | 70,549 | ||||||
| Pool #MA4838 4.000% 11/20/47 | 65,532 | 61,875 | ||||||
| Pool #MA8346 4.000% 10/20/52 | 296,628 | 278,245 | ||||||
| Pool #5234 4.500% 11/20/41 | 104,425 | 103,328 | ||||||
| Pool #MA2894 4.500% 6/20/45 | 112,140 | 110,659 | ||||||
| Pool #MA2963 4.500% 7/20/45 | 43,093 | 42,355 | ||||||
| Pool #MA3312 4.500% 12/20/45 | 2,081 | 2,045 | ||||||
| Pool #MA4654 4.500% 8/20/47 | 30,877 | 30,213 | ||||||
| Pool #MA5079 4.500% 3/20/48 | 46,224 | 45,202 | ||||||
| Pool #MA5265 4.500% 6/20/48 | 161 | 157 | ||||||
| Pool #MA5399 4.500% 8/20/48 | 39,068 | 38,106 | ||||||
| Pool #MA5711 4.500% 1/20/49 | 63,845 | 62,174 | ||||||
| Pool #786255 4.500% 9/20/49 | 61,053 | 59,264 | ||||||
| Pool #MA4781 5.000% 10/20/47 | 212,015 | 213,591 | ||||||
| Pool #MA5194 5.000% 5/20/48 | 42,666 | 42,783 | ||||||
| Pool #BF2644 5.000% 5/20/48 | 4,423 | 4,410 | ||||||
| Pool #BF2878 5.000% 6/20/48 | 14,934 | 14,891 | ||||||
| Pool #MA5988 5.000% 6/20/49 | 120,294 | 120,173 | ||||||
| Pool #MA6042 5.000% 7/20/49 | 172,025 | 171,960 | ||||||
| Pool #MA5081 5.500% 3/20/48 | 33,481 | 34,646 | ||||||
| Pool #MA5140 5.500% 4/20/48 | 25,249 | 26,132 | ||||||
| Pool #MA5195 5.500% 5/20/48 | 73,424 | 75,558 | ||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #MA5469 5.500% 9/20/48 | $ | 291 | $ | 299 | ||||
| Pool #MA5531 5.500% 10/20/48 | 6,816 | 6,995 | ||||||
| Pool #MA5598 5.500% 11/20/48 | 32,958 | 33,823 | ||||||
| Pool #MA5654 5.500% 12/20/48 | 89,985 | 92,236 | ||||||
| Pool #MA5713 5.500% 1/20/49 | 23,086 | 23,663 | ||||||
| Pool #MA5820 5.500% 3/20/49 | 23,351 | 24,008 | ||||||
| Pool #MA8271 6.000% 9/20/52 | 139,692 | 142,938 | ||||||
| Pool #MA8350 6.000% 10/20/52 | 85,282 | 87,237 | ||||||
| Government National Mortgage Association II, TBA 5.500% 7/20/54 (d) | 360,000 | 360,358 | ||||||
| 26,512,079 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $28,775,404) | 27,313,303 | |||||||
| U.S. Treasury Obligations — 26.2% | ||||||||
| U.S. Treasury Bonds & Notes — 26.2% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 1.125% 5/15/40 | 420,000 | 260,795 | ||||||
| 3.375% 8/15/42 (l) | 9,575,000 | 8,028,287 | ||||||
| 4.000% 11/15/42 | 6,520,000 | 5,946,471 | ||||||
| 4.125% 8/15/44 | 1,390,000 | 1,272,899 | ||||||
| 4.250% 8/15/54 | 470,000 | 429,014 | ||||||
| 4.500% 2/15/44 | 340,000 | 328,910 | ||||||
| 4.500% 11/15/54 (l) | 5,840,000 | 5,563,778 | ||||||
| 4.750% 2/15/45 | 530,000 | 527,035 | ||||||
| U.S. Treasury Notes | ||||||||
| 0.625% 8/15/30 | 835,000 | 711,795 | ||||||
| 1.500% 1/31/27 | 6,300,000 | 6,076,319 | ||||||
| 3.125% 8/31/27 | 2,660,000 | 2,626,933 | ||||||
| 3.750% 4/30/27 | 1,145,000 | 1,144,840 | ||||||
| 3.875% 3/31/27 | 815,000 | 816,333 | ||||||
| 3.875% 11/30/27 | 1,100,000 | 1,104,048 | ||||||
| 4.000% 3/31/30 | 865,000 | 872,952 | ||||||
| 4.125% 9/30/27 | 5,655,000 | 5,705,313 | ||||||
| 4.125% 10/31/27 | 1,400,000 | 1,412,556 | ||||||
| 4.125% 3/31/32 | 1,580,000 | 1,593,718 | ||||||
| 4.250% 1/31/30 | 1,140,000 | 1,162,448 | ||||||
| 4.375% 12/31/29 | 1,320,000 | 1,352,583 | ||||||
| 4.625% 9/30/28 | 1,005,000 | 1,032,723 | ||||||
| 4.625% 2/15/35 | 1,755,000 | 1,810,580 | ||||||
| 49,780,330 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $51,095,289) | 49,780,330 | |||||||
| TOTAL BONDS & NOTES (Cost $186,621,861) | 185,737,611 | |||||||
| TOTAL PURCHASED OPTIONS (#) — 0.1% (Cost $145,812) | 107,177 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $186,767,673) | 185,844,788 | |||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Short-Term Investments — 4.6% | ||||||||
| Commercial Paper — 0.1% | ||||||||
| VW Credit, Inc. | ||||||||
| 4.796% 7/16/25 (c) | $ | 250,000 | $ | 249,481 | ||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (m) | 835,498 | 835,498 | ||||||
| Mutual Fund — 2.6% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (n) | 4,996,286 | 4,996,286 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.6% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (o) | $ | 1,091,769 | 1,091,769 | |||||
| Sovereign Debt Obligations — 0.1% | ||||||||
| Egypt Treasury Bills, 26.201%, due 9/23/25 EGP (e) (p) | 5,525,000 | 104,323 | ||||||
| U.S. Treasury Bill — 0.8% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.284% 7/10/25 (p) | 1,460,000 | 1,458,468 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,734,981) | 8,735,825 | |||||||
| TOTAL INVESTMENTS — 102.2% (Cost $195,502,654) (q) | 194,580,613 | |||||||
| Other Assets/(Liabilities) — (2.2)% | (4,271,550 | ) | ||||||
| NET ASSETS — 100.0% | $ | 190,309,063 | ||||||
Abbreviation Legend
| CDOR | Canadian Dollar Offered Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| EURIBOR | Euro Inter-Bank Offered Rate |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| OAT | Obligations Assimilables du Tresor |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| STEP | Step Coupon Bond |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Floating rate or variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) | All or a portion of the security represents unsettled bank loan commitments at June 30, 2025, where the rate will be determined at time of settlement. |
| (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 June 30, 2025, the aggregate market value of these securities amounted to $57,976,402 or 30.46% of net assets. |
| (d) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (e) | The principal amount of the security is in foreign currency. The market value is in U.S. dollars. |
| (f) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $1,020,534 or 0.54% of net assets. The Fund received $208,232 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). |
| (g) | Security is perpetual and has no stated maturity date. |
| (h) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $99,860 or 0.05% of net assets. |
| (i) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At June 30, 2025, these securities amounted to a value of $153,547 or 0.08% of net assets. |
| (j) | 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 June 30, 2025. |
| (k) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (l) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (m) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (n) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (o) | Maturity value of $1,091,852. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $1,113,786. |
| (p) | The rate shown represents yield-to-maturity. |
| (q) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| (#) OTC Options Purchased | |||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||
| Call | |||||||||||||||||||||||
| USD Call SGD Put | HSBC Bank USA | 9/18/25 | 1.30 | 665,000 | USD | 665,000 | $ | 1,330 | $ | 3,139 | $ | (1,809 | ) | ||||||||||
| Put | |||||||||||||||||||||||
SPDR Euro Stoxx 50 Index | Morgan Stanley & Co. International PLC | 8/15/25 | 50.00 | 46 | USD | 230,000 | $ | 537 | $ | 14,387 | $ | (13,850 | ) | ||||||||||
| $ | 1,867 | $ | 17,526 | $ | (15,659 | ) | |||||||||||||||||
| (#) Interest Rate Swaptions Purchased | ||||||||||||||||||||||||||||
| Paid by Fund | Received by Fund | |||||||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Rate | Frequency | Rate | Frequency | Notional Amount | Value | Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
| Call | ||||||||||||||||||||||||||||
| 10-Year Interest Rate Swap, 12/18/36 | Citibank N.A. | 12/16/26 | 6-Month EURIBOR | Semi-Annually | 2.27%## | Annually | EUR | 1,330,000 | $ | 18,136 | $ | 49,316 | $ | (31,180 | ) | |||||||||||||
| Put | ||||||||||||||||||||||||||||
| 30-Year Interest Rate Swap, 11/07/55 | Barclays Capital, Inc. | 7/09/25 | 4.55%## | Annually | 6-Month EURIBOR | Semi-Annually | USD | 1,800,000 | $ | — | $ | 29,653 | $ | (29,653 | ) | |||||||||||||
| 10-Year Interest Rate Swap, 12/18/36 | Citibank N.A. | 12/16/26 | 2.27%## | Annually | 6-Month EURIBOR | Semi-Annually | EUR | 1,330,000 | 87,174 | 49,317 | 37,857 | |||||||||||||||||
| $ | 87,174 | $ | 78,970 | $ | 8,204 | |||||||||||||||||||||||
| $ | 105,310 | $ | 128,286 | $ | (22,976 | ) | ||||||||||||||||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Forward contracts | ||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||
| Bank of America N.A. | 7/11/25 | KRW | 364,808,000 | USD | 267,641 | $ | 2,821 | |||||||
| Bank of America N.A. | 7/17/25 | USD | 53,258 | TRY | 2,165,000 | (451 | ) | |||||||
| Bank of America N.A. | 7/18/25 | RON | 1,184,000 | USD | 255,900 | 18,462 | ||||||||
| Bank of America N.A. | 7/18/25 | MXN | 2,265,479 | USD | 115,546 | 4,988 | ||||||||
| Bank of America N.A. | 7/18/25 | ZAR | 5,172,357 | USD | 288,096 | 3,712 | ||||||||
| Bank of America N.A. | 7/18/25 | USD | 770,852 | ZAR | 14,368,810 | (39,789 | ) | |||||||
| Bank of America N.A. | 7/18/25 | USD | 144,118 | CZK | 3,083,743 | (2,866 | ) | |||||||
| Bank of America N.A. | 7/25/25 | USD | 477,358 | JPY | 68,556,000 | 67 | ||||||||
| Bank of America N.A. | 7/25/25 | EUR | 246,583 | USD | 284,391 | 6,513 | ||||||||
| Bank of America N.A. | 8/14/25 | PLN | 255,338 | USD | 67,686 | 3,082 | ||||||||
| Bank of America N.A. | 8/14/25 | USD | 547,424 | PLN | 2,086,000 | (30,722 | ) | |||||||
| Bank of America N.A. | 8/22/25 | GBP | 280,000 | USD | 374,443 | 10,011 | ||||||||
| Bank of America N.A. | 8/22/25 | EUR | 687,000 | USD | 800,389 | 11,595 | ||||||||
| Bank of America N.A. | 8/29/25 | USD | 825,657 | SEK | 7,767,000 | 1,591 | ||||||||
| Bank of America N.A. | 9/04/25 | USD | 1,533,076 | MYR | 6,509,616 | (16,650 | ) | |||||||
| Bank of America N.A. | 9/12/25 | USD | 37,480 | CNH | 267,000 | (26 | ) | |||||||
| Bank of America N.A. | 10/17/25 | USD | 349,758 | CZK | 7,446,979 | (6,190 | ) | |||||||
| Barclays Bank PLC | 7/11/25 | USD | 292,986 | KRW | 408,651,000 | (9,979 | ) | |||||||
| Barclays Bank PLC | 7/11/25 | USD | 118,781 | INR | 10,171,000 | 233 | ||||||||
| Barclays Bank PLC | 7/17/25 | TRY | 10,901,000 | USD | 265,886 | 4,550 | ||||||||
| Barclays Bank PLC | 7/18/25 | ZAR | 9,429,000 | USD | 531,369 | 585 | ||||||||
| Barclays Bank PLC | 7/25/25 | JPY | 162,675,000 | USD | 1,152,401 | (19,848 | ) | |||||||
| Barclays Bank PLC | 7/25/25 | EUR | 336,173 | USD | 380,487 | 16,110 | ||||||||
| Barclays Bank PLC | 7/25/25 | USD | 3,569,065 | JPY | 503,815,429 | 61,471 | ||||||||
| Barclays Bank PLC | 9/12/25 | USD | 956,812 | CNH | 6,819,580 | (1,147 | ) | |||||||
| Barclays Bank PLC | 10/16/25 | TRY | 3,575,000 | USD | 81,718 | 110 | ||||||||
| BNP Paribas SA | 7/11/25 | KRW | 408,651,000 | USD | 279,789 | 23,176 | ||||||||
| BNP Paribas SA | 7/11/25 | USD | 417,701 | TWD | 13,795,000 | (54,880 | ) | |||||||
| BNP Paribas SA | 7/11/25 | USD | 163,571 | PEN | 610,500 | (8,723 | ) | |||||||
| BNP Paribas SA | 7/11/25 | PEN | 261,612 | USD | 73,827 | 5 | ||||||||
| BNP Paribas SA | 7/25/25 | USD | 351,718 | EUR | 308,000 | (11,642 | ) | |||||||
| BNP Paribas SA | 7/25/25 | USD | 525,285 | CAD | 726,000 | (8,468 | ) | |||||||
| BNP Paribas SA | 8/22/25 | USD | 11,978,278 | EUR | 10,649,428 | (608,579 | ) | |||||||
| BNP Paribas SA | 9/12/25 | CNH | 1,559,543 | USD | 218,303 | 769 | ||||||||
| BNP Paribas SA | 9/19/25 | USD | 5,980,614 | EUR | 5,126,306 | (89,424 | ) | |||||||
| BNP Paribas SA | 10/10/25 | USD | 73,619 | PEN | 261,612 | (20 | ) | |||||||
| Citibank N.A. | 7/11/25 | TWD | 13,354,000 | USD | 461,871 | (4,397 | ) | |||||||
| Citibank N.A. | 7/17/25 | USD | 81,499 | TRY | 3,310,000 | (617 | ) | |||||||
| Citibank N.A. | 7/18/25 | CZK | 2,654,259 | USD | 120,482 | 6,031 | ||||||||
| Citibank N.A. | 7/18/25 | HUF | 142,162,000 | USD | 400,046 | 18,646 | ||||||||
| Citibank N.A. | 7/18/25 | USD | 247,469 | RON | 1,141,000 | (16,929 | ) | |||||||
| Citibank N.A. | 7/18/25 | USD | 37,529 | ZAR | 680,000 | (835 | ) | |||||||
| Citibank N.A. | 7/18/25 | USD | 130,808 | MXN | 2,484,000 | (1,352 | ) | |||||||
| Citibank N.A. | 7/18/25 | USD | 66,841 | CZK | 1,441,753 | (1,879 | ) | |||||||
| Citibank N.A. | 7/18/25 | MXN | 16,432,000 | USD | 821,901 | 52,357 | ||||||||
| Citibank N.A. | 7/25/25 | JPY | 66,682,000 | USD | 468,395 | (4,151 | ) | |||||||
| Citibank N.A. | 7/25/25 | CAD | 724,451 | USD | 524,317 | 8,297 | ||||||||
| Citibank N.A. | 7/25/25 | USD | 4,072,362 | CAD | 5,629,311 | (66,288 | ) | |||||||
| Citibank N.A. | 7/25/25 | USD | 998,208 | JPY | 142,555,040 | 5,731 | ||||||||
| Citibank N.A. | 7/25/25 | USD | 31,894 | EUR | 28,000 | (1,139 | ) | |||||||
| Citibank N.A. | 8/05/25 | TWD | 1,207,000 | USD | 41,801 | (371 | ) | |||||||
| Citibank N.A. | 8/05/25 | USD | 417,390 | TWD | 11,929,000 | 7,932 | ||||||||
| Citibank N.A. | 8/08/25 | CLP | 25,317,858 | USD | 27,215 | (38 | ) | |||||||
| Citibank N.A. | 8/22/25 | GBP | 14,000 | USD | 18,887 | 336 | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||
| Citibank N.A. | 8/22/25 | EUR | 55,700 | USD | 65,534 | 299 | ||||||||
| Citibank N.A. | 9/03/25 | USD | 51,133 | BRL | 293,000 | (1,971 | ) | |||||||
| Citibank N.A. | 9/11/25 | USD | 104,889 | EGP | 5,811,921 | (9,230 | ) | |||||||
| Citibank N.A. | 9/11/25 | EGP | 5,971,000 | USD | 112,702 | 4,541 | ||||||||
| Citibank N.A. | 9/24/25 | USD | 34,456 | EGP | 1,829,000 | (1,276 | ) | |||||||
| Citibank N.A. | 9/24/25 | EGP | 5,259,000 | USD | 102,555 | 188 | ||||||||
| Deutsche Bank AG | 7/11/25 | USD | 577,775 | INR | 49,964,000 | (4,580 | ) | |||||||
| Deutsche Bank AG | 7/11/25 | IDR | 1,385,432,498 | USD | 84,113 | 1,195 | ||||||||
| Deutsche Bank AG | 7/11/25 | INR | 20,136,926 | USD | 232,447 | 2,258 | ||||||||
| Deutsche Bank AG | 7/11/25 | PEN | 305,214 | USD | 86,292 | (155 | ) | |||||||
| Deutsche Bank AG | 7/18/25 | USD | 20,863 | MXN | 397,000 | (260 | ) | |||||||
| Deutsche Bank AG | 7/25/25 | EUR | 91,729 | USD | 105,914 | 2,302 | ||||||||
| Deutsche Bank AG | 7/25/25 | USD | 287,924 | JPY | 41,107,769 | 1,729 | ||||||||
| Deutsche Bank AG | 8/22/25 | USD | 68,390 | EUR | 60,000 | (2,526 | ) | |||||||
| Deutsche Bank AG | 10/10/25 | USD | 86,079 | PEN | 305,214 | 167 | ||||||||
| Goldman Sachs International | 7/11/25 | USD | 1,072,033 | IDR | 17,856,858,530 | (27,511 | ) | |||||||
| Goldman Sachs International | 7/11/25 | USD | 697,181 | INR | 60,244,399 | (4,996 | ) | |||||||
| Goldman Sachs International | 7/11/25 | USD | 249,180 | TWD | 7,480,000 | (7,065 | ) | |||||||
| Goldman Sachs International | 7/11/25 | IDR | 24,325,088,292 | USD | 1,495,364 | 2,465 | ||||||||
| Goldman Sachs International | 7/11/25 | TWD | 23,858,000 | USD | 822,264 | (4,950 | ) | |||||||
| Goldman Sachs International | 7/18/25 | CZK | 1,284,053 | USD | 57,891 | 3,312 | ||||||||
| Goldman Sachs International | 7/18/25 | MXN | 1,126,060 | USD | 59,153 | 758 | ||||||||
| Goldman Sachs International | 7/18/25 | USD | 119,321 | CZK | 2,596,415 | (4,434 | ) | |||||||
| Goldman Sachs International | 7/25/25 | USD | 555,123 | AUD | 859,000 | (10,458 | ) | |||||||
| Goldman Sachs International | 8/08/25 | CLP | 121,462,758 | USD | 128,764 | 1,614 | ||||||||
| Goldman Sachs International | 9/03/25 | BRL | 519,149 | USD | 89,750 | 4,343 | ||||||||
| Goldman Sachs International | 9/05/25 | USD | 807,138 | THB | 26,322,382 | (6,506 | ) | |||||||
| Goldman Sachs International | 9/05/25 | USD | 51,041 | COP | 213,192,014 | (690 | ) | |||||||
| Goldman Sachs International | 9/12/25 | USD | 794,175 | CNH | 5,661,350 | (1,085 | ) | |||||||
| Goldman Sachs International | 10/09/25 | USD | 840,426 | TWD | 23,858,000 | 17,306 | ||||||||
| Goldman Sachs International | 10/10/25 | USD | 1,489,887 | IDR | 24,325,088,292 | (3,017 | ) | |||||||
| HSBC Bank USA | 7/11/25 | INR | 10,134,628 | USD | 118,070 | 54 | ||||||||
| HSBC Bank USA | 7/11/25 | USD | 20,085 | IDR | 328,614,000 | (149 | ) | |||||||
| HSBC Bank USA | 7/18/25 | USD | 734,093 | CZK | 16,439,885 | (49,499 | ) | |||||||
| HSBC Bank USA | 7/25/25 | JPY | 5,735,000 | USD | 40,066 | (139 | ) | |||||||
| HSBC Bank USA | 7/25/25 | USD | 10,223,895 | EUR | 8,934,043 | (315,951 | ) | |||||||
| HSBC Bank USA | 7/25/25 | EUR | 987,977 | USD | 1,111,858 | 53,697 | ||||||||
| HSBC Bank USA | 7/25/25 | USD | 1,594,316 | JPY | 227,551,000 | 10,092 | ||||||||
| HSBC Bank USA | 8/08/25 | USD | 398,179 | CLP | 376,950,487 | (6,441 | ) | |||||||
| HSBC Bank USA | 8/22/25 | USD | 28,714 | EUR | 25,000 | (834 | ) | |||||||
| HSBC Bank USA | 8/22/25 | EUR | 206,087 | USD | 242,547 | 1,033 | ||||||||
| HSBC Bank USA | 9/05/25 | USD | 103,591 | COP | 432,844,393 | (1,438 | ) | |||||||
| HSBC Bank USA | 9/12/25 | USD | 2,004,428 | CNH | 14,376,361 | (15,044 | ) | |||||||
| JP Morgan Chase Bank N.A. | 7/11/25 | USD | 135,514 | PEN | 507,500 | (7,712 | ) | |||||||
| JP Morgan Chase Bank N.A. | 7/11/25 | USD | 37,102 | INR | 3,155,000 | 329 | ||||||||
| JP Morgan Chase Bank N.A. | 7/11/25 | USD | 50,661 | IDR | 834,742,260 | (739 | ) | |||||||
| JP Morgan Chase Bank N.A. | 7/18/25 | RON | 179,000 | USD | 40,750 | 729 | ||||||||
| JP Morgan Chase Bank N.A. | 7/18/25 | MXN | 1,173,208 | USD | 61,846 | 575 | ||||||||
| JP Morgan Chase Bank N.A. | 7/18/25 | USD | 53,988 | CZK | 1,183,000 | (2,399 | ) | |||||||
| JP Morgan Chase Bank N.A. | 7/18/25 | USD | 68,772 | MXN | 1,354,000 | (3,267 | ) | |||||||
| JP Morgan Chase Bank N.A. | 7/18/25 | USD | 16,955 | HUF | 5,780,000 | (68 | ) | |||||||
| JP Morgan Chase Bank N.A. | 7/25/25 | EUR | 818,485 | USD | 936,275 | 29,324 | ||||||||
| JP Morgan Chase Bank N.A. | 7/25/25 | CAD | 27,694 | USD | 20,226 | 134 | ||||||||
| JP Morgan Chase Bank N.A. | 7/25/25 | CHF | 97,000 | USD | 118,950 | 3,655 | ||||||||
| JP Morgan Chase Bank N.A. | 8/22/25 | GBP | 60,000 | USD | 79,672 | 2,711 | ||||||||
| JP Morgan Chase Bank N.A. | 8/22/25 | USD | 48,284 | EUR | 41,000 | (175 | ) | |||||||
| JP Morgan Chase Bank N.A. | 9/11/25 | EGP | 2,011,000 | USD | 37,220 | 2,267 | ||||||||
| JP Morgan Chase Bank N.A. | 9/12/25 | CNH | 1,058,000 | USD | 148,122 | 497 | ||||||||
| JP Morgan Chase Bank N.A. | 9/24/25 | EGP | 8,435,000 | USD | 154,346 | 10,444 | ||||||||
| JP Morgan Chase Bank N.A. | 10/17/25 | USD | 33,715 | CZK | 708,000 | (126 | ) | |||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||
| Morgan Stanley & Co. LLC | 7/11/25 | INR | 8,950,290 | USD | 104,279 | 41 | ||||||||
| Morgan Stanley & Co. LLC | 7/18/25 | ZAR | 1,395,014 | USD | 76,837 | 1,865 | ||||||||
| Morgan Stanley & Co. LLC | 7/18/25 | USD | 560,133 | CZK | 12,077,813 | (15,544 | ) | |||||||
| Royal Bank of Canada | 7/18/25 | USD | 410,989 | MXN | 8,486,097 | (40,511 | ) | |||||||
| Royal Bank of Canada | 7/25/25 | USD | 267,875 | AUD | 413,000 | (4,052 | ) | |||||||
| Royal Bank of Canada | 8/22/25 | EUR | 468,000 | USD | 527,435 | 25,708 | ||||||||
| Royal Bank of Canada | 8/22/25 | USD | 60,908 | GBP | 45,000 | (880 | ) | |||||||
| State Street Bank and Trust | 7/18/25 | USD | 45,834 | HUF | 16,606,397 | (3,075 | ) | |||||||
| State Street Bank and Trust | 7/18/25 | USD | 287,038 | ZAR | 5,386,619 | (16,857 | ) | |||||||
| State Street Bank and Trust | 7/18/25 | USD | 130,895 | MXN | 2,484,000 | (1,265 | ) | |||||||
| State Street Bank and Trust | 7/25/25 | CAD | 130,268 | USD | 94,707 | 1,065 | ||||||||
| State Street Bank and Trust | 7/25/25 | JPY | 45,491,663 | USD | 315,049 | 1,666 | ||||||||
| State Street Bank and Trust | 7/25/25 | AUD | 815,509 | USD | 523,499 | 13,448 | ||||||||
| State Street Bank and Trust | 7/25/25 | USD | 319,683 | JPY | 45,904,263 | 94 | ||||||||
| State Street Bank and Trust | 8/14/25 | PLN | 1,279,648 | USD | 339,898 | 14,763 | ||||||||
| State Street Bank and Trust | 8/22/25 | GBP | 16,388 | USD | 22,248 | 252 | ||||||||
| State Street Bank and Trust | 8/22/25 | USD | 315,692 | GBP | 232,358 | (3,347 | ) | |||||||
| State Street Bank and Trust | 8/22/25 | EUR | 315,000 | USD | 367,458 | 4,849 | ||||||||
| State Street Bank and Trust | 9/12/25 | USD | 118,183 | CNY | 859,979 | (2,440 | ) | |||||||
| State Street Bank and Trust | 9/12/25 | USD | 690,049 | SGD | 882,158 | (7,381 | ) | |||||||
| State Street Bank and Trust | 9/19/25 | USD | 1,990,339 | EUR | 1,708,769 | (33,006 | ) | |||||||
| State Street Bank and Trust | 9/19/25 | EUR | 158,448 | USD | 184,471 | 3,147 | ||||||||
| UBS AG | 7/11/25 | USD | 401,721 | IDR | 6,690,306,000 | (10,238 | ) | |||||||
| UBS AG | 7/11/25 | KRW | 364,150,000 | USD | 265,656 | 4,317 | ||||||||
| UBS AG | 7/11/25 | USD | 537,978 | TWD | 15,937,000 | (7,983 | ) | |||||||
| UBS AG | 7/11/25 | INR | 84,312,556 | USD | 985,420 | (2,717 | ) | |||||||
| UBS AG | 7/11/25 | USD | 264,515 | KRW | 367,596,000 | (8,013 | ) | |||||||
| UBS AG | 7/11/25 | PEN | 245,960 | USD | 68,993 | 421 | ||||||||
| UBS AG | 7/18/25 | MXN | 1,232,673 | USD | 64,626 | 958 | ||||||||
| UBS AG | 7/18/25 | USD | 601,500 | MXN | 12,729,146 | (75,749 | ) | |||||||
| UBS AG | 7/18/25 | USD | 588,066 | RON | 2,663,000 | (29,016 | ) | |||||||
| UBS AG | 7/25/25 | USD | 874,345 | AUD | 1,373,364 | (29,903 | ) | |||||||
| UBS AG | 7/25/25 | USD | 911,037 | CHF | 736,000 | (19,239 | ) | |||||||
| UBS AG | 7/25/25 | AUD | 809,000 | USD | 529,270 | 3,391 | ||||||||
| UBS AG | 7/25/25 | CAD | 1,052,821 | USD | 765,586 | 8,444 | ||||||||
| UBS AG | 8/08/25 | USD | 130,412 | CLP | 122,467,209 | (1,045 | ) | |||||||
| UBS AG | 8/22/25 | USD | 5,059,151 | GBP | 3,794,385 | (150,737 | ) | |||||||
| UBS AG | 8/22/25 | USD | 561,635 | EUR | 487,030 | (13,999 | ) | |||||||
| UBS AG | 9/03/25 | USD | 865,872 | BRL | 5,027,231 | (45,286 | ) | |||||||
| UBS AG | 9/05/25 | USD | 50,995 | COP | 215,345,469 | (1,258 | ) | |||||||
| UBS AG | 10/10/25 | USD | 68,808 | PEN | 245,960 | (425 | ) | |||||||
| UBS AG | 10/10/25 | USD | 981,078 | INR | 84,312,556 | 2,299 | ||||||||
| $ | (1,512,130 | ) | ||||||||||||
| Futures contracts | ||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||
| Long | ||||||||||||
| Euro-BTP | 9/08/25 | 3 | $ | 427,157 | $ | 439 | ||||||
| Australia 3 Year Bond | 9/15/25 | 9 | 635,744 | 2,444 | ||||||||
| Korea 10 Year Bond | 9/16/25 | 19 | 1,663,538 | 3,749 | ||||||||
| U.S. Treasury Ultra 10 Year | 9/19/25 | 78 | 8,765,084 | 147,635 | ||||||||
| U.S. Treasury Note 2 Year | 9/30/25 | 17 | 3,526,328 | 10,070 | ||||||||
| U.S. Treasury Note 5 Year | 9/30/25 | 127 | 13,712,384 | 130,616 | ||||||||
| $ | 294,953 | |||||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||
| Short | ||||||||||||
| Euro-BOBL | 9/08/25 | 25 | $ | (3,480,220 | ) | $ | 14,689 | |||||
| Euro-Bund | 9/08/25 | 5 | (771,273 | ) | 4,722 | |||||||
| Euro-OAT | 9/08/25 | 24 | (3,507,649 | ) | 6,591 | |||||||
| Euro-Schatz | 9/08/25 | 7 | (885,863 | ) | 1,517 | |||||||
| Mini 10 Year Japanese Government Bond | 9/11/25 | 1 | (96,245 | ) | (349 | ) | ||||||
| Japanese Government Bond 10 Year | 9/12/25 | 1 | (962,394 | ) | (2,989 | ) | ||||||
| Korea 3 Year Bond | 9/16/25 | 10 | (795,839 | ) | 1,159 | |||||||
| Canada 10 Year Bond | 9/18/25 | 2 | (177,401 | ) | (1,780 | ) | ||||||
| Canada 5 Year Bond | 9/18/25 | 3 | (249,754 | ) | (1,636 | ) | ||||||
| U.S. Treasury Long Bond | 9/19/25 | 7 | (779,232 | ) | (29,049 | ) | ||||||
| UK Long Gilt | 9/26/25 | 1 | (124,650 | ) | (3,048 | ) | ||||||
| $ | (10,173 | ) | ||||||||||
| Centrally Cleared Credit Default Swaps - Buy Protection | ||||||||||||||||||||||
| Reference Obligation/Index | Rate Paid by Fund | Payment Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||
| iTraxx Crossover Europe Series 42† | 5.000% | Quarterly | 12/20/29 | EUR | 296,001 | $ | (31,127 | ) | $ | (25,059 | ) | $ | (6,068 | ) | ||||||||
| iTraxx Crossover Europe Series 42† | 5.000% | Quarterly | 6/20/30 | EUR | 100,000 | (10,960 | ) | (7,798 | ) | (3,162 | ) | |||||||||||
| CDX.EM Series 41† | 1.000% | Quarterly | 6/20/29 | USD | 800,000 | 8,080 | 22,808 | (14,728 | ) | |||||||||||||
| $ | (34,007 | ) | $ | (10,049 | ) | $ | (23,958 | ) | ||||||||||||||
| Centrally Cleared Credit Default Swaps - Sell Protection†† | ||||||||||||||||||||||||
| Reference Obligation/ Index | Rate Received by Fund | Payment Frequency | Termination Date | Credit Rating | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||
| iTraxx Europe Series 43† | 1.000% | Quarterly | 6/20/30 | Not Rated | EUR | 7,320,000 | $ | 183,920 | $ | 151,088 | $ | 32,832 | ||||||||||||
| Republic of Vietnam | 1.000% | Quarterly | 6/20/28 | BB+* | USD | 317,000 | 3,455 | 2,281 | 1,174 | |||||||||||||||
| CDX.NA.IG Series 44† | 1.000% | Quarterly | 6/20/30 | Not Rated | USD | 12,604,000 | 278,649 | 197,279 | 81,370 | |||||||||||||||
| CDX.NA.HY Series 44† | 5.000% | Quarterly | 6/20/30 | Not Rated | USD | 469,000 | 35,203 | 30,832 | 4,371 | |||||||||||||||
| $ | 501,227 | $ | 381,480 | $ | 119,747 | |||||||||||||||||||
| OTC Credit Default Swaps-Sell Protection†† | ||||||||||||||||||||||||||
| Reference Obligation/Index | Rate Received by Fund | Payment Frequency | Counterparty | Credit Rating | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
| Republic of Greece | 1.000% | Quarterly | Bank of America N.A. | BBB-* | 12/20/29 | USD | 225,000 | $ | 5,069 | $ | (11,045 | ) | $ | 16,114 | ||||||||||||
| Republic of Ivory Coast | 1.000% | Quarterly | Barclays Bank PLC | Ba2* | 6/20/27 | USD | 70,000 | (2,294 | ) | (2,181 | ) | (113 | ) | |||||||||||||
| Republic of Vietnam | 1.000% | Quarterly | Goldman Sachs International | BB+* | 6/20/26 | USD | 120,000 | 726 | 944 | (218 | ) | |||||||||||||||
| $ | 3,501 | $ | (12,282 | ) | $ | 15,783 | ||||||||||||||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
| Fixed 5.118% | Semi-Annually | CLP-ICP | Semi-Annually | 4/11/35 | CLP | 274,507,000 | $ | (714 | ) | $ | — | $ | (714 | ) | ||||||||||||||||
| Fixed 5.216% | Semi-Annually | CLP-ICP | Semi-Annually | 4/24/35 | CLP | 129,000,000 | (1,369 | ) | — | (1,369 | ) | |||||||||||||||||||
| 3-Month CNREPOFIX=CFXSReuters | Quarterly | Fixed 1.653% | Quarterly | 9/20/29 | CNY | 2,115,000 | 2,074 | — | 2,074 | |||||||||||||||||||||
| 3-Month CNREPOFIX=CFXSReuters | Quarterly | Fixed 1.696% | Quarterly | 3/12/30 | CNY | 6,650,000 | 9,000 | — | 9,000 | |||||||||||||||||||||
| 3-Month CNREPOFIX=CFXSReuters | Quarterly | Fixed 1.388% | Quarterly | 4/11/30 | CNY | 1,730,000 | (1,208 | ) | — | (1,208 | ) | |||||||||||||||||||
| Fixed 1.860% | Maturity | Eurozone Consumer Price Index | Maturity | 9/15/29 | EUR | 1,220,000 | (398 | ) | — | (398 | ) | |||||||||||||||||||
| 6-Month EURIBOR | Semi-Annually | Fixed 2.294% | Annually | 2/18/30 | EUR | 1,800,000 | 3,151 | — | 3,151 | |||||||||||||||||||||
| Fixed 1.958% | Maturity | Eurozone Consumer Price Index | Maturity | 10/15/34 | EUR | 295,000 | 171 | — | 171 | |||||||||||||||||||||
| Fixed 2.213% | Annually | 6-Month EURIBOR | Semi-Annually | 12/13/39 | EUR | 270,000 | 21,432 | — | 21,432 | |||||||||||||||||||||
| Fixed 2.244% | Annually | 6-Month EURIBOR | Semi-Annually | 12/16/39 | EUR | 165,000 | 12,385 | — | 12,385 | |||||||||||||||||||||
| 6-Month EURIBOR | Semi-Annually | Fixed 2.510% | Annually | 8/19/44 | EUR | 705,000 | (38,925 | ) | — | (38,925 | ) | |||||||||||||||||||
| Fixed 2.240% | Annually | 6-Month EURIBOR | Semi-Annually | 2/18/55 | EUR | 385,000 | 48,946 | — | 48,946 | |||||||||||||||||||||
| INR-FBIL-MIBOR | Semi-Annually | Fixed 6.283% | Semi-Annually | 7/19/31 | INR | 965,000 | 245 | — | 245 | |||||||||||||||||||||
| INR-FBIL-MIBOR | Semi-Annually | Fixed 5.970% | Semi-Annually | 9/20/31 | INR | 9,145,000 | 984 | — | 984 | |||||||||||||||||||||
| Fixed 0.418% | Annually | JPY-TONAR | Annually | 8/10/28 | JPY | 91,085,000 | 7,523 | — | 7,523 | |||||||||||||||||||||
| Fixed 0.602% | Annually | JPY-TONAR | Annually | 5/02/29 | JPY | 69,900,000 | 4,444 | — | 4,444 | |||||||||||||||||||||
| Fixed 0.945% | Annually | JPY-TONAR | Annually | 2/10/30 | JPY | 106,362,000 | (2,023 | ) | — | (2,023 | ) | |||||||||||||||||||
| Fixed 1.040% | Annually | JPY-TONAR | Annually | 6/18/32 | JPY | 27,727,000 | (386 | ) | — | (386 | ) | |||||||||||||||||||
| Fixed 1.041% | Annually | JPY-TONAR | Annually | 6/18/32 | JPY | 27,727,000 | (404 | ) | — | (404 | ) | |||||||||||||||||||
| Fixed 1.030% | Annually | JPY-TONAR | Annually | 6/18/32 | JPY | 46,819,000 | (436 | ) | — | (436 | ) | |||||||||||||||||||
| MXN-28 DAY TIIE | Monthly | Fixed 7.900% | Monthly | 4/19/32 | MXN | 5,488,000 | 897 | — | 897 | |||||||||||||||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
| Fixed 9.045% | Monthly | MXN-28 DAY TIIE | Monthly | 1/24/35 | MXN | 4,800,000 | (17,052 | ) | — | (17,052 | ) | |||||||||||||||||||
| Fixed 4.230% | Annually | 6-Month WIBOR | Semi-Annually | 6/10/30 | PLN | 1,265,000 | (261 | ) | — | (261 | ) | |||||||||||||||||||
| Fixed 4.290% | Annually | 6-Month WIBOR | Semi-Annually | 6/11/30 | PLN | 320,000 | (260 | ) | — | (260 | ) | |||||||||||||||||||
| Fixed 4.255% | Annually | 6-Month WIBOR | Semi-Annually | 6/11/30 | PLN | 320,000 | (124 | ) | — | (124 | ) | |||||||||||||||||||
| Fixed 4.315% | Annually | 6-Month WIBOR | Semi-Annually | 6/12/30 | PLN | 960,000 | (1,138 | ) | — | (1,138 | ) | |||||||||||||||||||
| Fixed 4.320% | Annually | 6-Month WIBOR | Semi-Annually | 6/12/30 | PLN | 961,000 | (1,198 | ) | — | (1,198 | ) | |||||||||||||||||||
| Fixed 2.558% | Maturity | USD-USCPI | Maturity | 5/13/30 | USD | 1,034,000 | (4,473 | ) | — | (4,473 | ) | |||||||||||||||||||
| Fixed 2.548% | Maturity | USD-USCPI | Maturity | 5/13/30 | USD | 981,000 | (3,807 | ) | — | (3,807 | ) | |||||||||||||||||||
| Fixed 2.533% | Maturity | USD-USCPI | Maturity | 5/14/30 | USD | 413,000 | (1,282 | ) | — | (1,282 | ) | |||||||||||||||||||
| Fixed 2.562% | Maturity | USD-USCPI | Maturity | 5/14/30 | USD | 413,000 | (1,843 | ) | — | (1,843 | ) | |||||||||||||||||||
| Fixed 2.555% | Maturity | USD-USCPI | Maturity | 5/14/30 | USD | 777,000 | (3,212 | ) | — | (3,212 | ) | |||||||||||||||||||
| Fixed 2.545% | Maturity | USD-USCPI | Maturity | 5/14/30 | USD | 412,000 | (1,510 | ) | — | (1,510 | ) | |||||||||||||||||||
| Fixed 2.447% | Maturity | USD-USCPI | Maturity | 3/21/35 | USD | 221,000 | 497 | — | 497 | |||||||||||||||||||||
| Fixed 2.459% | Maturity | USD-USCPI | Maturity | 3/21/35 | USD | 354,000 | 427 | — | 427 | |||||||||||||||||||||
| Fixed 2.439% | Maturity | USD-USCPI | Maturity | 3/24/35 | USD | 135,000 | 362 | — | 362 | |||||||||||||||||||||
| Fixed 2.454% | Maturity | USD-USCPI | Maturity | 3/24/35 | USD | 219,000 | 307 | — | 307 | |||||||||||||||||||||
| Fixed 2.454% | Maturity | USD-USCPI | Maturity | 3/24/35 | USD | 221,000 | 319 | — | 319 | |||||||||||||||||||||
| Fixed 2.520% | Maturity | USD-USCPI | Maturity | 3/31/35 | USD | 960,000 | (4,661 | ) | — | (4,661 | ) | |||||||||||||||||||
| Fixed 3.815% | Annually | 12-Month USD SOFR | Annually | 4/24/35 | USD | 2,338,000 | (24,655 | ) | — | (24,655 | ) | |||||||||||||||||||
| Fixed 3.703% | Annually | 12-Month USD SOFR | Annually | 4/30/35 | USD | 2,229,000 | (2,766 | ) | — | (2,766 | ) | |||||||||||||||||||
| Fixed 4.002% | Annually | 12-Month USD SOFR | Annually | 5/16/35 | USD | 3,556,000 | (92,105 | ) | — | (92,105 | ) | |||||||||||||||||||
| Fixed 3.705% | Annually | 12-Month USD SOFR | Annually | 7/02/35 | USD | 2,113,000 | (1,737 | ) | — | (1,737 | ) | |||||||||||||||||||
| $ | (94,783 | ) | $ | — | $ | (94,783 | ) | |||||||||||||||||||||||
| * | Rating represents a weighted average of the ratings of all securities included in the underlying index for the credit default swap. Ratings used in the weighted average are from Moody’s Investors Service, Inc., S&P Global Ratings, or Fitch Ratings, whichever is the highest for each constituent. All ratings are as of the report date and do not reflect subsequent change |
| ## | Exercise Rate. |
| † | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
| MassMutual Select T. Rowe Price Bond Asset Fund — Portfolio of Investments (Continued) |
| †† | For each credit derivative with sold protection, the credit ratings of the entities referenced, as rated by any rating organization, are included in the equivalent S&P Global Ratings. The reference entity rating represents the likelihood of a potential payment by the Fund if the referenced entity experiences a credit event as of period end. Notional amounts represent the maximum potential amount of future payments (undiscounted) the Fund could be required to make under the credit derivatives with sold protection. |
Currency Legend
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Offshore Chinese Yuan |
| CNY | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| LKR | Sri Lanka Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian New Sol |
| PLN | Polish Zloty |
| RON | New Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | New Turkish Lira |
| TWD | Taiwan Dollar |
| USD | U.S. Dollar |
| XOF | West African CFA Franc |
| ZAR | South African Rand |
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number
of Shares | Value | |||||||
| Equities — 99.6% | ||||||||
| Common Stock — 99.6% | ||||||||
| Communication Services — 9.2% | ||||||||
| Alphabet, Inc. Class A | 68,402 | $ | 12,054,485 | |||||
| Alphabet, Inc. Class C | 58,746 | 10,420,953 | ||||||
| AT&T, Inc. | 18,549 | 536,808 | ||||||
| Charter Communications, Inc. Class A (a) | 247 | 100,976 | ||||||
| Comcast Corp. Class A | 50,432 | 1,799,918 | ||||||
| Electronic Arts, Inc. | 588 | 93,904 | ||||||
| Fox Corp. Class A | 556 | 31,158 | ||||||
| Fox Corp. Class B | 337 | 17,399 | ||||||
| Interpublic Group of Cos., Inc. | 954 | 23,354 | ||||||
| Live Nation Entertainment, Inc. (a) | 407 | 61,571 | ||||||
| Match Group, Inc. | 680 | 21,005 | ||||||
| Meta Platforms, Inc. Class A | 26,484 | 19,547,576 | ||||||
| Netflix, Inc. (a) | 7,872 | 10,541,631 | ||||||
| News Corp. Class A | 970 | 28,828 | ||||||
| News Corp. Class B | 304 | 10,430 | ||||||
| Omnicom Group, Inc. | 505 | 36,330 | ||||||
| Paramount Global Class B | 1,524 | 19,660 | ||||||
| Pinterest, Inc. Class A (a) | 35,008 | 1,255,387 | ||||||
| Spotify Technology SA (a) | 2,225 | 1,707,332 | ||||||
| T-Mobile US, Inc. | 17,063 | 4,065,430 | ||||||
| Take-Two Interactive Software, Inc. (a) | 436 | 105,883 | ||||||
| TKO Group Holdings, Inc. | 171 | 31,113 | ||||||
| Verizon Communications, Inc. | 10,868 | 470,258 | ||||||
| Walt Disney Co. | 4,646 | 576,151 | ||||||
| Warner Bros Discovery, Inc. (a) | 5,731 | 65,677 | ||||||
| 63,623,217 | ||||||||
| Consumer Discretionary — 10.3% | ||||||||
| Airbnb, Inc. Class A (a) | 1,112 | 147,162 | ||||||
| Amazon.com, Inc. (a) | 133,526 | 29,294,269 | ||||||
| Aptiv PLC (a) | 588 | 40,113 | ||||||
| AutoZone, Inc. (a) | 790 | 2,932,662 | ||||||
| Best Buy Co., Inc. | 498 | 33,431 | ||||||
| Booking Holdings, Inc. | 523 | 3,027,772 | ||||||
| Caesars Entertainment, Inc. (a) | 581 | 16,495 | ||||||
| CarMax, Inc. (a) | 394 | 26,481 | ||||||
| Carnival Corp. (a) | 2,690 | 75,643 | ||||||
| Carvana Co. (a) | 4,876 | 1,643,017 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 30,145 | 1,692,642 | ||||||
| Coupang, Inc. (a) | 48,361 | 1,448,895 | ||||||
| Darden Restaurants, Inc. | 300 | 65,391 | ||||||
| Deckers Outdoor Corp. (a) | 389 | 40,094 | ||||||
| Domino’s Pizza, Inc. | 88 | 39,653 | ||||||
| DoorDash, Inc., Class A (a) | 5,831 | 1,437,400 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| DR Horton, Inc. | 728 | $ | 93,854 | |||||
| Duolingo, Inc. (a) | 1,734 | 710,975 | ||||||
| eBay, Inc. | 1,188 | 88,458 | ||||||
| Expedia Group, Inc. | 316 | 53,303 | ||||||
| Ferrari NV | 3,260 | 1,599,812 | ||||||
| Floor & Decor Holdings, Inc. Class A (a) | 5,574 | 423,401 | ||||||
| Ford Motor Co. | 9,997 | 108,467 | ||||||
| Garmin Ltd. | 394 | 82,236 | ||||||
| General Motors Co. | 2,478 | 121,942 | ||||||
| Genuine Parts Co. | 356 | 43,186 | ||||||
| Hasbro, Inc. | 346 | 25,542 | ||||||
| Hilton Worldwide Holdings, Inc. | 618 | 164,598 | ||||||
| Home Depot, Inc. | 10,005 | 3,668,233 | ||||||
| Las Vegas Sands Corp. | 884 | 38,463 | ||||||
| Lennar Corp. Class A | 600 | 66,366 | ||||||
| LKQ Corp. | 667 | 24,686 | ||||||
| Lowe’s Cos., Inc. | 9,018 | 2,000,824 | ||||||
| Lululemon Athletica, Inc. (a) | 288 | 68,423 | ||||||
| Marriott International, Inc. Class A | 588 | 160,647 | ||||||
| McDonald’s Corp. | 11,584 | 3,384,497 | ||||||
| MercadoLibre, Inc. (a) | 635 | 1,659,655 | ||||||
| MGM Resorts International (a) | 533 | 18,330 | ||||||
| Mohawk Industries, Inc. (a) | 143 | 14,992 | ||||||
| NIKE, Inc. Class B | 3,035 | 215,606 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a) | 1,156 | 23,444 | ||||||
| NVR, Inc. (a) | 7 | 51,700 | ||||||
| O’Reilly Automotive, Inc. (a) | 15,626 | 1,408,371 | ||||||
| Pool Corp. | 98 | 28,565 | ||||||
| PulteGroup, Inc. | 520 | 54,839 | ||||||
| Ralph Lauren Corp. | 103 | 28,251 | ||||||
| Ross Stores, Inc. | 15,995 | 2,040,642 | ||||||
| Royal Caribbean Cruises Ltd. | 644 | 201,662 | ||||||
| Starbucks Corp. | 2,919 | 267,468 | ||||||
| Tapestry, Inc. | 532 | 46,715 | ||||||
| Tesla, Inc. (a) | 17,801 | 5,654,666 | ||||||
| TJX Cos., Inc. | 13,877 | 1,713,671 | ||||||
| Tractor Supply Co. | 22,504 | 1,187,536 | ||||||
| Ulta Beauty, Inc. (a) | 2,585 | 1,209,315 | ||||||
| Williams-Sonoma, Inc. | 316 | 51,625 | ||||||
| Wingstop, Inc. | 1,636 | 550,907 | ||||||
| Wynn Resorts Ltd. | 230 | 21,544 | ||||||
| Yum! Brands, Inc. | 717 | 106,245 | ||||||
| 71,444,782 | ||||||||
| Consumer Staples — 4.2% | ||||||||
| Altria Group, Inc. | 4,354 | 255,275 | ||||||
| Archer-Daniels-Midland Co. | 1,228 | 64,814 | ||||||
| Brown-Forman Corp. Class B | 514 | 13,832 | ||||||
| Bunge Global SA | 342 | 27,456 | ||||||
| Campbell’s Co. | 530 | 16,245 | ||||||
| Church & Dwight Co., Inc. | 631 | 60,645 | ||||||
| Clorox Co. | 316 | 37,942 | ||||||
| Coca-Cola Co. | 30,407 | 2,151,295 | ||||||
| Colgate-Palmolive Co. | 35,876 | 3,261,128 | ||||||
| Conagra Brands, Inc. | 1,214 | 24,851 | ||||||
| Constellation Brands, Inc. Class A | 399 | 64,909 | ||||||
| Costco Wholesale Corp. | 1,143 | 1,131,501 | ||||||
| Dollar General Corp. | 564 | 64,510 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Dollar Tree, Inc. (a) | 14,036 | $ | 1,390,126 | |||||
| Estee Lauder Cos., Inc. Class A | 603 | 48,722 | ||||||
| General Mills, Inc. | 1,415 | 73,311 | ||||||
| Hershey Co. | 379 | 62,895 | ||||||
| Hormel Foods Corp. | 745 | 22,536 | ||||||
| J.M. Smucker Co. | 272 | 26,710 | ||||||
| Kellanova | 691 | 54,955 | ||||||
| Kenvue, Inc. | 166,303 | 3,480,722 | ||||||
| Keurig Dr. Pepper, Inc. | 3,489 | 115,346 | ||||||
| Kimberly-Clark Corp. | 852 | 109,840 | ||||||
| Kraft Heinz Co. | 2,240 | 57,837 | ||||||
| Kroger Co. | 1,579 | 113,262 | ||||||
| Lamb Weston Holdings, Inc. | 387 | 20,066 | ||||||
| McCormick & Co., Inc. | 654 | 49,586 | ||||||
| Molson Coors Beverage Co. Class B | 442 | 21,256 | ||||||
| Mondelez International, Inc. Class A | 62,249 | 4,198,073 | ||||||
| Monster Beverage Corp. (a) | 1,799 | 112,689 | ||||||
| PepsiCo, Inc. | 3,525 | 465,441 | ||||||
| Philip Morris International, Inc. | 4,012 | 730,706 | ||||||
| Procter & Gamble Co. | 41,400 | 6,595,848 | ||||||
| Sysco Corp. | 1,257 | 95,205 | ||||||
| Target Corp. | 1,177 | 116,111 | ||||||
| Tyson Foods, Inc. Class A | 738 | 41,284 | ||||||
| Walgreens Boots Alliance, Inc. | 1,838 | 21,100 | ||||||
| Walmart, Inc. | 42,270 | 4,133,161 | ||||||
| 29,331,191 | ||||||||
| Energy — 4.1% | ||||||||
| APA Corp. | 978 | 17,888 | ||||||
| Baker Hughes Co. | 2,542 | 97,460 | ||||||
| Chevron Corp. | 21,416 | 3,066,557 | ||||||
| ConocoPhillips | 55,004 | 4,936,059 | ||||||
| Coterra Energy, Inc. | 1,967 | 49,922 | ||||||
| Devon Energy Corp. | 1,686 | 53,632 | ||||||
| Diamondback Energy, Inc. | 6,095 | 837,453 | ||||||
| EOG Resources, Inc. | 1,407 | 168,291 | ||||||
| EQT Corp. | 1,559 | 90,921 | ||||||
| Expand Energy Corp. | 14,387 | 1,682,416 | ||||||
| Exxon Mobil Corp. | 24,007 | 2,587,955 | ||||||
| Halliburton Co. | 2,228 | 45,407 | ||||||
| Hess Corp. | 709 | 98,225 | ||||||
| Kinder Morgan, Inc. | 4,966 | 146,000 | ||||||
| Marathon Petroleum Corp. | 791 | 131,393 | ||||||
| Occidental Petroleum Corp. | 1,826 | 76,710 | ||||||
| ONEOK, Inc. | 1,594 | 130,118 | ||||||
| Phillips 66 | 9,723 | 1,159,954 | ||||||
| Range Resources Corp. | 67,204 | 2,733,187 | ||||||
| Schlumberger NV | 105,677 | 3,571,883 | ||||||
| Targa Resources Corp. | 561 | 97,659 | ||||||
| TechnipFMC PLC | 74,567 | 2,568,087 | ||||||
| Texas Pacific Land Corp. | 49 | 51,763 | ||||||
| Valero Energy Corp. | 25,734 | 3,459,164 | ||||||
| Williams Cos., Inc. | 3,132 | 196,721 | ||||||
| 28,054,825 | ||||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Financials — 14.9% | ||||||||
| Adyen NV (a) (b) | 496 | $ | 910,711 | |||||
| Aflac, Inc. | 1,270 | 133,934 | ||||||
| Allstate Corp. | 26,552 | 5,345,183 | ||||||
| American Express Co. | 13,624 | 4,345,784 | ||||||
| American International Group, Inc. | 1,485 | 127,101 | ||||||
| Ameriprise Financial, Inc. | 247 | 131,831 | ||||||
| Annaly Capital Management, Inc. | 56,461 | 1,062,596 | ||||||
| Aon PLC Class A | 555 | 198,002 | ||||||
| Apollo Global Management, Inc. | 1,163 | 164,995 | ||||||
| Arch Capital Group Ltd. | 962 | 87,590 | ||||||
| ARES Management Corp. Class A | 4,314 | 747,185 | ||||||
| Arthur J Gallagher & Co. | 660 | 211,279 | ||||||
| Assurant, Inc. | 130 | 25,674 | ||||||
| Bank of America Corp. | 74,663 | 3,533,053 | ||||||
| Bank of New York Mellon Corp. | 1,843 | 167,916 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 18,897 | 9,179,596 | ||||||
| Blackrock, Inc. | 375 | 393,469 | ||||||
| Blackstone, Inc. | 1,880 | 281,210 | ||||||
| Brown & Brown, Inc. | 719 | 79,716 | ||||||
| Capital One Financial Corp. | 5,925 | 1,260,603 | ||||||
| Cboe Global Markets, Inc. | 268 | 62,500 | ||||||
| Charles Schwab Corp. | 78,088 | 7,124,749 | ||||||
| Chubb Ltd. | 5,362 | 1,553,479 | ||||||
| Cincinnati Financial Corp. | 401 | 59,717 | ||||||
| Citigroup, Inc. | 19,882 | 1,692,356 | ||||||
| Citizens Financial Group, Inc. | 1,121 | 50,165 | ||||||
| CME Group, Inc. | 4,891 | 1,348,057 | ||||||
| Coinbase Global, Inc. Class A (a) | 544 | 190,667 | ||||||
| Corebridge Financial, Inc. | 49,968 | 1,773,864 | ||||||
| Corpay, Inc. (a) | 3,949 | 1,310,357 | ||||||
| Erie Indemnity Co. Class A | 63 | 21,848 | ||||||
| Everest Group Ltd. | 110 | 37,384 | ||||||
| FactSet Research Systems, Inc. | 97 | 43,386 | ||||||
| Fidelity National Information Services, Inc. | 1,360 | 110,718 | ||||||
| Fifth Third Bancorp | 1,719 | 70,702 | ||||||
| Fiserv, Inc. (a) | 17,605 | 3,035,278 | ||||||
| Franklin Resources, Inc. | 768 | 18,317 | ||||||
| Global Payments, Inc. | 635 | 50,825 | ||||||
| Globe Life, Inc. | 215 | 26,722 | ||||||
| Goldman Sachs Group, Inc. | 5,323 | 3,767,353 | ||||||
| Hartford Insurance Group, Inc. | 738 | 93,630 | ||||||
| Huntington Bancshares, Inc. | 64,523 | 1,081,405 | ||||||
| Intercontinental Exchange, Inc. | 21,206 | 3,890,665 | ||||||
| Invesco Ltd. | 1,218 | 19,208 | ||||||
| Jack Henry & Associates, Inc. | 187 | 33,692 | ||||||
| JP Morgan Chase & Co. | 45,088 | 13,071,462 | ||||||
| KeyCorp. | 96,487 | 1,680,804 | ||||||
| KKR & Co., Inc. | 1,735 | 230,807 | ||||||
| Loews Corp. | 456 | 41,797 | ||||||
| M&T Bank Corp. | 427 | 82,834 | ||||||
| MarketAxess Holdings, Inc. | 97 | 21,664 | ||||||
| Marsh & McLennan Cos., Inc. | 5,870 | 1,283,417 | ||||||
| Mastercard, Inc. Class A | 10,094 | 5,672,222 | ||||||
| MetLife, Inc. | 7,525 | 605,160 | ||||||
| Moody’s Corp. | 398 | 199,633 | ||||||
| Morgan Stanley | 3,180 | 447,935 | ||||||
| MSCI, Inc. | 200 | 115,348 | ||||||
| Nasdaq, Inc. | 1,063 | 95,053 | ||||||
| Northern Trust Corp. | 504 | 63,902 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| PayPal Holdings, Inc. (a) | 2,507 | $ | 186,320 | |||||
| PNC Financial Services Group, Inc. | 1,018 | 189,776 | ||||||
| Principal Financial Group, Inc. | 540 | 42,892 | ||||||
| Progressive Corp. | 8,096 | 2,160,499 | ||||||
| Prudential Financial, Inc. | 910 | 97,770 | ||||||
| Raymond James Financial, Inc. | 474 | 72,697 | ||||||
| Regions Financial Corp. | 2,334 | 54,896 | ||||||
| S&P Global, Inc. | 3,208 | 1,691,546 | ||||||
| State Street Corp. | 741 | 78,798 | ||||||
| Synchrony Financial | 999 | 66,673 | ||||||
| T. Rowe Price Group, Inc. | 572 | 55,198 | ||||||
| Tradeweb Markets, Inc. Class A | 7,300 | 1,068,720 | ||||||
| Travelers Cos., Inc. | 14,838 | 3,969,759 | ||||||
| Truist Financial Corp. | 3,381 | 145,349 | ||||||
| US Bancorp | 4,008 | 181,362 | ||||||
| Visa, Inc. Class A | 35,063 | 12,449,118 | ||||||
| W. R. Berkley Corp. | 771 | 56,645 | ||||||
| Wells Fargo & Co. | 8,389 | 672,127 | ||||||
| Willis Towers Watson PLC | 257 | 78,770 | ||||||
| 102,785,425 | ||||||||
| Health Care — 9.5% | ||||||||
| Abbott Laboratories | 20,861 | 2,837,305 | ||||||
| AbbVie, Inc. | 4,553 | 845,128 | ||||||
| Agilent Technologies, Inc. | 732 | 86,383 | ||||||
| Alcon AG (c) | 20,213 | 1,784,404 | ||||||
| Align Technology, Inc. (a) | 179 | 33,890 | ||||||
| Amgen, Inc. | 1,386 | 386,985 | ||||||
| Argenx SE ADR (a) | 2,336 | 1,287,650 | ||||||
| AstraZeneca PLC Sponsored ADR | 28,353 | 1,981,308 | ||||||
| Baxter International, Inc. | 1,313 | 39,758 | ||||||
| Becton Dickinson & Co. | 10,387 | 1,789,161 | ||||||
| Bio-Techne Corp. | 405 | 20,837 | ||||||
| Biogen, Inc. (a) | 378 | 47,473 | ||||||
| Boston Scientific Corp. (a) | 3,813 | 409,554 | ||||||
| Bristol-Myers Squibb Co. | 5,246 | 242,837 | ||||||
| Cardinal Health, Inc. | 620 | 104,160 | ||||||
| Cencora, Inc. | 14,961 | 4,486,056 | ||||||
| Centene Corp. (a) | 1,273 | 69,098 | ||||||
| Charles River Laboratories International, Inc. (a) | 135 | 20,484 | ||||||
| Cigna Group | 8,158 | 2,696,872 | ||||||
| Cooper Cos., Inc. (a) | 511 | 36,363 | ||||||
| CVS Health Corp. | 3,261 | 224,944 | ||||||
| Danaher Corp. | 10,469 | 2,068,046 | ||||||
| DaVita, Inc. (a) | 107 | 15,242 | ||||||
| Dexcom, Inc. (a) | 1,003 | 87,552 | ||||||
| Edwards Lifesciences Corp. (a) | 1,514 | 118,410 | ||||||
| Elevance Health, Inc. | 7,264 | 2,825,405 | ||||||
| Eli Lilly & Co. | 10,034 | 7,821,804 | ||||||
| GE HealthCare Technologies, Inc. (a) | 1,174 | 86,958 | ||||||
| Gilead Sciences, Inc. | 40,379 | 4,476,820 | ||||||
| HCA Healthcare, Inc. | 2,982 | 1,142,404 | ||||||
| Henry Schein, Inc. (a) | 339 | 24,764 | ||||||
| Hologic, Inc. (a) | 575 | 37,467 | ||||||
| Humana, Inc. | 309 | 75,544 | ||||||
| IDEXX Laboratories, Inc. (a) | 210 | 112,631 | ||||||
| Incyte Corp. (a) | 411 | 27,989 | ||||||
| Insulet Corp. (a) | 180 | 56,552 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Intuitive Surgical, Inc. (a) | 6,617 | $ | 3,595,744 | |||||
| IQVIA Holdings, Inc. (a) | 430 | 67,764 | ||||||
| Johnson & Johnson | 6,202 | 947,356 | ||||||
| Labcorp Holdings, Inc. | 217 | 56,965 | ||||||
| McKesson Corp. | 322 | 235,955 | ||||||
| Medtronic PLC | 3,295 | 287,225 | ||||||
| Merck & Co., Inc. | 6,501 | 514,619 | ||||||
| Mettler-Toledo International, Inc. (a) | 944 | 1,108,936 | ||||||
| Moderna, Inc. (a) | 868 | 23,948 | ||||||
| Molina Healthcare, Inc. (a) | 4,886 | 1,455,539 | ||||||
| Natera, Inc. (a) | 5,408 | 913,628 | ||||||
| Pfizer, Inc. | 14,656 | 355,261 | ||||||
| Quest Diagnostics, Inc. | 14,599 | 2,622,418 | ||||||
| Regeneron Pharmaceuticals, Inc. | 271 | 142,275 | ||||||
| ResMed, Inc. | 378 | 97,524 | ||||||
| Revvity, Inc. | 20,112 | 1,945,233 | ||||||
| Solventum Corp. (a) | 355 | 26,923 | ||||||
| STERIS PLC | 253 | 60,776 | ||||||
| Stryker Corp. | 6,594 | 2,608,784 | ||||||
| Tenet Healthcare Corp. (a) | 13,885 | 2,443,760 | ||||||
| Thermo Fisher Scientific, Inc. | 1,367 | 554,264 | ||||||
| UnitedHealth Group, Inc. | 18,479 | 5,764,894 | ||||||
| Universal Health Services, Inc. Class B | 151 | 27,354 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 2,902 | 1,291,970 | ||||||
| Viatris, Inc. | 3,061 | 27,335 | ||||||
| Waters Corp. (a) | 154 | 53,752 | ||||||
| West Pharmaceutical Services, Inc. | 187 | 40,916 | ||||||
| Zimmer Biomet Holdings, Inc. | 515 | 46,973 | ||||||
| Zoetis, Inc. | 1,151 | 179,498 | ||||||
| 65,905,827 | ||||||||
| Industrials — 9.7% | ||||||||
| 3M Co. | 1,394 | 212,223 | ||||||
| A.O. Smith Corp. | 316 | 20,720 | ||||||
| Allegion PLC | 222 | 31,995 | ||||||
| AMETEK, Inc. | 27,630 | 4,999,925 | ||||||
| Automatic Data Processing, Inc. | 1,045 | 322,278 | ||||||
| Axon Enterprise, Inc. (a) | 190 | 157,309 | ||||||
| Boeing Co. (a) | 10,511 | 2,202,370 | ||||||
| Booz Allen Hamilton Holding Corp. | 7,109 | 740,260 | ||||||
| Broadridge Financial Solutions, Inc. | 5,212 | 1,266,672 | ||||||
| Builders FirstSource, Inc. (a) | 294 | 34,307 | ||||||
| C.H. Robinson Worldwide, Inc. | 302 | 28,977 | ||||||
| Carrier Global Corp. | 2,074 | 151,796 | ||||||
| Caterpillar, Inc. | 1,212 | 470,511 | ||||||
| Cintas Corp. | 881 | 196,348 | ||||||
| Copart, Inc. (a) | 2,252 | 110,506 | ||||||
| CSX Corp. | 4,842 | 157,994 | ||||||
| Cummins, Inc. | 353 | 115,608 | ||||||
| Dayforce, Inc. (a) | 407 | 22,544 | ||||||
| Deere & Co. | 11,562 | 5,879,161 | ||||||
| Delta Air Lines, Inc. | 1,683 | 82,770 | ||||||
| Dover Corp. | 352 | 64,497 | ||||||
| Eaton Corp. PLC | 1,015 | 362,345 | ||||||
| Emerson Electric Co. | 1,448 | 193,062 | ||||||
| Equifax, Inc. | 7,873 | 2,042,020 | ||||||
| Expeditors International of Washington, Inc. | 360 | 41,130 | ||||||
| Fastenal Co. | 2,945 | 123,690 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| FedEx Corp. | 569 | $ | 129,339 | |||||
| Ferguson Enterprises, Inc. | 5,636 | 1,227,239 | ||||||
| Fortive Corp. | 875 | 45,614 | ||||||
| GE Vernova, Inc. | 708 | 374,638 | ||||||
| Generac Holdings, Inc. (a) | 157 | 22,484 | ||||||
| General Dynamics Corp. | 651 | 189,871 | ||||||
| General Electric Co. | 31,381 | 8,077,156 | ||||||
| Honeywell International, Inc. | 1,656 | 385,649 | ||||||
| Howmet Aerospace, Inc. | 1,040 | 193,575 | ||||||
| Hubbell, Inc. | 137 | 55,952 | ||||||
| Huntington Ingalls Industries, Inc. | 100 | 24,146 | ||||||
| IDEX Corp. | 194 | 34,061 | ||||||
| Illinois Tool Works, Inc. | 686 | 169,613 | ||||||
| Ingersoll Rand, Inc. | 15,455 | 1,285,547 | ||||||
| Jacobs Solutions, Inc. | 316 | 41,538 | ||||||
| JB Hunt Transport Services, Inc. | 202 | 29,007 | ||||||
| Johnson Controls International PLC | 1,696 | 179,132 | ||||||
| L3Harris Technologies, Inc. | 7,231 | 1,813,824 | ||||||
| Leidos Holdings, Inc. | 337 | 53,165 | ||||||
| Lennox International, Inc. | 83 | 47,579 | ||||||
| Lockheed Martin Corp. | 539 | 249,632 | ||||||
| Masco Corp. | 543 | 34,947 | ||||||
| Nordson Corp. | 139 | 29,797 | ||||||
| Norfolk Southern Corp. | 18,554 | 4,749,267 | ||||||
| Northrop Grumman Corp. | 3,159 | 1,579,437 | ||||||
| Old Dominion Freight Line, Inc. | 17,260 | 2,801,298 | ||||||
| Otis Worldwide Corp. | 1,019 | 100,901 | ||||||
| Owens Corning | 6,258 | 860,600 | ||||||
| PACCAR, Inc. | 1,348 | 128,141 | ||||||
| Parker-Hannifin Corp. | 7,374 | 5,150,518 | ||||||
| Paychex, Inc. | 824 | 119,859 | ||||||
| Paycom Software, Inc. | 121 | 27,999 | ||||||
| Pentair PLC | 6,329 | 649,735 | ||||||
| Quanta Services, Inc. | 380 | 143,670 | ||||||
| Republic Services, Inc. | 13,779 | 3,398,039 | ||||||
| Rockwell Automation, Inc. | 4,745 | 1,576,147 | ||||||
| Rollins, Inc. | 725 | 40,905 | ||||||
| RTX Corp. | 3,444 | 502,893 | ||||||
| Snap-on, Inc. | 136 | 42,320 | ||||||
| Southwest Airlines Co. (c) | 1,522 | 49,374 | ||||||
| Stanley Black & Decker, Inc. | 396 | 26,829 | ||||||
| Textron, Inc. | 469 | 37,656 | ||||||
| Trane Technologies PLC | 577 | 252,386 | ||||||
| TransDigm Group, Inc. | 751 | 1,142,001 | ||||||
| Uber Technologies, Inc. (a) | 5,390 | 502,887 | ||||||
| Union Pacific Corp. | 12,531 | 2,883,132 | ||||||
| United Airlines Holdings, Inc. (a) | 845 | 67,287 | ||||||
| United Parcel Service, Inc. Class B | 1,879 | 189,666 | ||||||
| United Rentals, Inc. | 168 | 126,571 | ||||||
| Veralto Corp. | 635 | 64,103 | ||||||
| Verisk Analytics, Inc. | 363 | 113,075 | ||||||
| W.W. Grainger, Inc. | 114 | 118,587 | ||||||
| Waste Management, Inc. | 939 | 214,862 | ||||||
| Westinghouse Air Brake Technologies Corp. | 19,108 | 4,000,260 | ||||||
| Xylem, Inc. | 4,532 | 586,260 | ||||||
| 66,971,188 | ||||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Information Technology — 31.0% | ||||||||
| Accenture PLC Class A | 9,154 | $ | 2,736,039 | |||||
| Adobe, Inc. (a) | 1,098 | 424,794 | ||||||
| Advanced Micro Devices, Inc. (a) | 4,179 | 593,000 | ||||||
| Akamai Technologies, Inc. (a) | 385 | 30,708 | ||||||
| Amphenol Corp. Class A | 22,450 | 2,216,937 | ||||||
| Analog Devices, Inc. | 16,656 | 3,964,461 | ||||||
| ANSYS, Inc. (a) | 224 | 78,673 | ||||||
| Apple, Inc. | 156,371 | 32,082,638 | ||||||
| Applied Materials, Inc. | 2,088 | 382,250 | ||||||
| AppLovin Corp. Class A (a) | 4,122 | 1,443,030 | ||||||
| Arista Networks, Inc. (a) | 2,654 | 271,531 | ||||||
| ASML Holding NV | 1,074 | 860,693 | ||||||
| Autodesk, Inc. (a) | 552 | 170,883 | ||||||
| Broadcom, Inc. | 60,009 | 16,541,481 | ||||||
| Cadence Design Systems, Inc. (a) | 704 | 216,938 | ||||||
| CDW Corp. | 342 | 61,078 | ||||||
| Cisco Systems, Inc. | 10,255 | 711,492 | ||||||
| Cognizant Technology Solutions Corp. Class A | 1,270 | 99,098 | ||||||
| Corning, Inc. | 1,979 | 104,076 | ||||||
| Crowdstrike Holdings, Inc. Class A (a) | 2,418 | 1,231,512 | ||||||
| Dell Technologies, Inc. Class C | 772 | 94,647 | ||||||
| Enphase Energy, Inc. (a) | 356 | 14,115 | ||||||
| EPAM Systems, Inc. (a) | 145 | 25,639 | ||||||
| F5, Inc. (a) | 147 | 43,265 | ||||||
| Fair Isaac Corp. (a) | 635 | 1,160,755 | ||||||
| First Solar, Inc. (a) | 274 | 45,358 | ||||||
| Fortinet, Inc. (a) | 1,634 | 172,746 | ||||||
| Gartner, Inc. (a) | 200 | 80,844 | ||||||
| Gen Digital, Inc. | 1,396 | 41,042 | ||||||
| GoDaddy, Inc. Class A (a) | 362 | 65,182 | ||||||
| Hewlett Packard Enterprise Co. | 3,371 | 68,937 | ||||||
| HP, Inc. | 2,407 | 58,875 | ||||||
| HubSpot, Inc. (a) | 1,991 | 1,108,250 | ||||||
| Intel Corp. | 49,080 | 1,099,392 | ||||||
| International Business Machines Corp. | 2,395 | 705,998 | ||||||
| Intuit, Inc. | 4,487 | 3,534,096 | ||||||
| Jabil, Inc. | 282 | 61,504 | ||||||
| Juniper Networks, Inc. | 846 | 33,781 | ||||||
| Keysight Technologies, Inc. (a) | 38,608 | 6,326,307 | ||||||
| KLA Corp. | 2,100 | 1,881,054 | ||||||
| Lam Research Corp. | 3,299 | 321,125 | ||||||
| Microchip Technology, Inc. | 1,382 | 97,251 | ||||||
| Micron Technology, Inc. | 2,881 | 355,083 | ||||||
| Microsoft Corp. | 107,321 | 53,382,539 | ||||||
| Monolithic Power Systems, Inc. | 123 | 89,960 | ||||||
| Motorola Solutions, Inc. | 430 | 180,798 | ||||||
| NetApp, Inc. | 528 | 56,258 | ||||||
| NVIDIA Corp. | 308,326 | 48,712,425 | ||||||
| NXP Semiconductors NV | 653 | 142,674 | ||||||
| ON Semiconductor Corp. (a) | 1,082 | 56,708 | ||||||
| Oracle Corp. | 7,736 | 1,691,322 | ||||||
| Palantir Technologies, Inc. Class A (a) | 5,483 | 747,442 | ||||||
| Palo Alto Networks, Inc. (a) | 1,702 | 348,297 | ||||||
| PTC, Inc. (a) | 309 | 53,253 | ||||||
| QUALCOMM, Inc. | 2,842 | 452,617 | ||||||
| Ralliant Corp. | 292 | 14,143 | ||||||
| Roper Technologies, Inc. | 2,732 | 1,548,607 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Salesforce, Inc. | 6,970 | $ | 1,900,649 | |||||
| Samsara, Inc. Class A (a) | 16,060 | 638,867 | ||||||
| Seagate Technology Holdings PLC | 544 | 78,515 | ||||||
| ServiceNow, Inc. (a) | 4,237 | 4,355,975 | ||||||
| Shopify, Inc. Class A (a) | 15,538 | 1,792,308 | ||||||
| Skyworks Solutions, Inc. | 413 | 30,777 | ||||||
| Snowflake, Inc. Class A (a) | 9,120 | 2,040,782 | ||||||
| Super Micro Computer, Inc. (a) (c) | 1,293 | 63,370 | ||||||
| Synopsys, Inc. (a) | 3,872 | 1,985,097 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 16,164 | 3,660,984 | ||||||
| TE Connectivity PLC | 16,895 | 2,849,680 | ||||||
| Teledyne Technologies, Inc. (a) | 3,519 | 1,802,819 | ||||||
| Teradyne, Inc. | 418 | 37,587 | ||||||
| Texas Instruments, Inc. | 19,791 | 4,109,007 | ||||||
| Trimble, Inc. (a) | 631 | 47,943 | ||||||
| Tyler Technologies, Inc. (a) | 110 | 65,212 | ||||||
| VeriSign, Inc. | 212 | 61,226 | ||||||
| Western Digital Corp. | 900 | 57,591 | ||||||
| Workday, Inc. Class A (a) | 558 | 133,920 | ||||||
| Zebra Technologies Corp. Class A (a) | 133 | 41,012 | ||||||
| 214,846,922 | ||||||||
| Materials — 3.3% | ||||||||
| Air Products & Chemicals, Inc. | 571 | 161,056 | ||||||
| Albemarle Corp. (c) | 312 | 19,553 | ||||||
| Amcor PLC | 5,865 | 53,899 | ||||||
| Avery Dennison Corp. | 206 | 36,147 | ||||||
| Ball Corp. | 25,981 | 1,457,274 | ||||||
| CF Industries Holdings, Inc. | 417 | 38,364 | ||||||
| Corteva, Inc. | 1,760 | 131,173 | ||||||
| Dow, Inc. | 1,806 | 47,823 | ||||||
| DuPont de Nemours, Inc. | 1,073 | 73,597 | ||||||
| Eastman Chemical Co. | 295 | 22,025 | ||||||
| Ecolab, Inc. | 647 | 174,328 | ||||||
| Franco-Nevada Corp. (c) | 1,796 | 294,400 | ||||||
| Freeport-McMoRan, Inc. | 30,856 | 1,337,607 | ||||||
| International Flavors & Fragrances, Inc. | 656 | 48,249 | ||||||
| International Paper Co. | 77,525 | 3,630,496 | ||||||
| Linde PLC (LIN US) | 14,383 | 6,748,216 | ||||||
| LyondellBasell Industries NV Class A | 666 | 38,535 | ||||||
| Martin Marietta Materials, Inc. | 157 | 86,187 | ||||||
| Mosaic Co. | 815 | 29,731 | ||||||
| Newmont Corp. (NEM US) | 2,869 | 167,148 | ||||||
| Nucor Corp. | 603 | 78,113 | ||||||
| Packaging Corp. of America | 6,404 | 1,206,834 | ||||||
| PPG Industries, Inc. | 10,028 | 1,140,685 | ||||||
| Sherwin-Williams Co. | 14,151 | 4,858,887 | ||||||
| Smurfit WestRock PLC | 1,270 | 54,800 | ||||||
| Steel Dynamics, Inc. | 7,101 | 908,999 | ||||||
| Vulcan Materials Co. | 340 | 88,679 | ||||||
| 22,932,805 | ||||||||
| Real Estate — 1.4% | ||||||||
| Alexandria Real Estate Equities, Inc. | 391 | 28,398 | ||||||
| American Tower Corp. | 1,206 | 266,550 | ||||||
| AvalonBay Communities, Inc. | 1,663 | 338,421 | ||||||
| BXP, Inc. | 373 | 25,166 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Camden Property Trust | 272 | $ | 30,652 | |||||
| CBRE Group, Inc. Class A (a) | 759 | 106,351 | ||||||
| CoStar Group, Inc. (a) | 1,082 | 86,993 | ||||||
| Crown Castle, Inc. | 1,116 | 114,647 | ||||||
| Digital Realty Trust, Inc. | 812 | 141,556 | ||||||
| Equinix, Inc. | 252 | 200,458 | ||||||
| Equity Residential | 877 | 59,189 | ||||||
| Essex Property Trust, Inc. | 4,687 | 1,328,296 | ||||||
| Extra Space Storage, Inc. | 544 | 80,207 | ||||||
| Federal Realty Investment Trust | 202 | 19,188 | ||||||
| Healthpeak Properties, Inc. | 1,787 | 31,290 | ||||||
| Host Hotels & Resorts, Inc. | 1,778 | 27,310 | ||||||
| Invitation Homes, Inc. | 1,462 | 47,954 | ||||||
| Iron Mountain, Inc. | 755 | 77,440 | ||||||
| Kimco Realty Corp. | 1,746 | 36,701 | ||||||
| Mid-America Apartment Communities, Inc. | 301 | 44,551 | ||||||
| Prologis, Inc. | 2,382 | 250,396 | ||||||
| Public Storage | 7,144 | 2,096,193 | ||||||
| Realty Income Corp. | 2,328 | 134,116 | ||||||
| Regency Centers Corp. | 417 | 29,703 | ||||||
| SBA Communications Corp. | 277 | 65,051 | ||||||
| Simon Property Group, Inc. | 788 | 126,679 | ||||||
| UDR, Inc. | 771 | 31,480 | ||||||
| Ventas, Inc. | 1,163 | 73,443 | ||||||
| VICI Properties, Inc. | 34,410 | 1,121,766 | ||||||
| Welltower, Inc. | 15,719 | 2,416,482 | ||||||
| Weyerhaeuser Co. | 1,863 | 47,860 | ||||||
| 9,484,487 | ||||||||
| Utilities — 2.0% | ||||||||
| AES Corp. | 1,926 | 20,262 | ||||||
| Alliant Energy Corp. | 661 | 39,971 | ||||||
| Ameren Corp. | 40,365 | 3,876,655 | ||||||
| American Electric Power Co., Inc. | 1,369 | 142,048 | ||||||
| American Water Works Co., Inc. | 7,727 | 1,074,903 | ||||||
| Atmos Energy Corp. (c) | 16,210 | 2,498,123 | ||||||
| CenterPoint Energy, Inc. | 1,673 | 61,466 | ||||||
| CMS Energy Corp. | 767 | 53,138 | ||||||
| Consolidated Edison, Inc. | 928 | 93,125 | ||||||
| Constellation Energy Corp. | 807 | 260,467 | ||||||
| Dominion Energy, Inc. | 2,198 | 124,231 | ||||||
| DTE Energy Co. | 532 | 70,469 | ||||||
| Duke Energy Corp. | 1,993 | 235,174 | ||||||
| Edison International | 993 | 51,239 | ||||||
| Entergy Corp. | 1,150 | 95,588 | ||||||
| Evergy, Inc. | 591 | 40,738 | ||||||
| Eversource Energy | 941 | 59,866 | ||||||
| Exelon Corp. | 2,581 | 112,067 | ||||||
| FirstEnergy Corp. | 1,316 | 52,982 | ||||||
| NextEra Energy, Inc. | 5,307 | 368,412 | ||||||
| NiSource, Inc. | 1,216 | 49,053 | ||||||
| NRG Energy, Inc. | 504 | 80,932 | ||||||
| PG&E Corp. | 5,633 | 78,524 | ||||||
| Pinnacle West Capital Corp. | 307 | 27,467 | ||||||
| PPL Corp. | 1,896 | 64,255 | ||||||
| Public Service Enterprise Group, Inc. | 1,280 | 107,750 | ||||||
| Sempra | 1,681 | 127,369 | ||||||
| Southern Co. | 10,839 | 995,345 | ||||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Vistra Corp. | 875 | $ | 169,584 | |||||
| WEC Energy Group, Inc. | 816 | 85,027 | ||||||
| Xcel Energy, Inc. | 44,390 | 3,022,959 | ||||||
| 14,139,189 | ||||||||
| TOTAL COMMON STOCK (Cost $613,310,096) | 689,519,858 | |||||||
| TOTAL EQUITIES (Cost $613,310,096) | 689,519,858 | |||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $613,310,096) | 689,519,858 | |||||||
| Short-Term Investments — 1.1% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (d) | 131,158 | 131,158 | ||||||
| Mutual Fund — 0.9% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (e) | 6,404,143 | 6,404,143 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (f) | $ | 1,175,101 | 1,175,101 | |||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $7,710,402) | 7,710,402 | |||||||
| TOTAL INVESTMENTS
— 100.7% (Cost $621,020,498) (g) | 697,230,260 | |||||||
| Other Assets/(Liabilities) — (0.7)% | (5,097,734 | ) | ||||||
| NET ASSETS — 100.0% | $ | 692,132,526 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $910,711 or 0.13% of net assets. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $3,810,580 or 0.55% of net assets. The Fund received $3,798,657 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (d) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (e) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (f) | Maturity value of $1,175,191. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $1,198,699. |
| (g) | See Note 3 for aggregate cost for federal tax purposes. |
| Futures contracts | |||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/Net
Unrealized Appreciation (Depreciation) | ||||||
| Long | |||||||||
| S&P 500 E Mini Index | 9/19/25 | 1 | $ | 301,630 | $ | 11,058 | |||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number
of Shares | Value | |||||||
| Equities — 98.7% | ||||||||
| Common Stock — 98.7% | ||||||||
| Argentina — 0.1% | ||||||||
| Vista Energy SAB de CV (a) | 2,357 | $ | 112,688 | |||||
| Australia — 9.0% | ||||||||
| Ausgold Ltd. (a) | 72,281 | 30,861 | ||||||
| BHP Group Ltd. | 105,576 | 2,537,468 | ||||||
| Capricorn Metals Ltd. (a) | 55,268 | 353,299 | ||||||
| Emerald Resources NL (a) (b) | 91,699 | 240,321 | ||||||
| Evolution Mining Ltd. | 5,954 | 31,054 | ||||||
| Fortescue Ltd. (b) | 16,152 | 162,546 | ||||||
| Genesis Minerals Ltd. (a) (b) | 28,915 | 83,279 | ||||||
| Glencore PLC | 265,468 | 1,033,700 | ||||||
| Goodman Group | 35,761 | 806,038 | ||||||
| Mirvac Group | 118,599 | 172,120 | ||||||
| Northern Star Resources Ltd. | 29,733 | 367,759 | ||||||
| Ora Banda Mining Ltd. (a) | 120,532 | 61,860 | ||||||
| Predictive Discovery Ltd. (a) | 555,703 | 142,849 | ||||||
| Rio Tinto Ltd. (b) | 5,874 | 414,205 | ||||||
| Rio Tinto PLC | 20,507 | 1,194,995 | ||||||
| Scentre Group | 82,181 | 193,153 | ||||||
| Sovereign Metals Ltd. (a) | 52,210 | 23,047 | ||||||
| Turaco Gold Ltd. (a) | 66,975 | 19,838 | ||||||
| Woodside Energy Group Ltd. (b) | 17,498 | 269,672 | ||||||
| 8,138,064 | ||||||||
| Bahrain — 0.1% | ||||||||
| Aluminium Bahrain BSC | 34,242 | 89,421 | ||||||
| Belgium — 0.6% | ||||||||
| Aedifica SA | 1,749 | 136,026 | ||||||
| Shurgard Self Storage Ltd. (a) (b) (c) (d) | 5,125 | — | ||||||
| Syensqo SA | 1,441 | 111,484 | ||||||
| Warehouses De Pauw CVA (b) | 12,984 | 316,458 | ||||||
| 563,968 | ||||||||
| Brazil — 2.6% | ||||||||
| ERO Copper Corp. (a) | 15,675 | 264,751 | ||||||
| Vale SA | 62,284 | 603,569 | ||||||
| Wheaton Precious Metals Corp. | 16,288 | 1,464,754 | ||||||
| 2,333,074 | ||||||||
| Canada — 12.5% | ||||||||
| Agnico Eagle Mines Ltd. (AEM CN) | 11,540 | 1,374,885 | ||||||
| Agnico Eagle Mines Ltd. (AEM US) | 2,001 | 237,979 | ||||||
| Alamos Gold, Inc. Class A (AGI CN) | 23,863 | 634,711 | ||||||
| Alamos Gold, Inc. Class A (AGI US) | 7,040 | 186,982 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Artemis Gold, Inc. (a) | 18,128 | $ | 329,745 | |||||
| Barrick Mining Corp. | 11,608 | 241,679 | ||||||
| Cameco Corp. | 7,473 | 554,721 | ||||||
| Canadian Apartment Properties REIT | 5,696 | 185,761 | ||||||
| Canadian Natural Resources Ltd. | 18,270 | 574,229 | ||||||
| Capstone Copper Corp. (a) | 45,231 | 277,680 | ||||||
| Champion Iron Ltd. (b) | 40,454 | 111,044 | ||||||
| Colliers International Group, Inc. (b) | 1,796 | 234,450 | ||||||
| Dundee Precious Metals, Inc. | 2,582 | 41,486 | ||||||
| Enbridge, Inc. | 13,456 | 609,826 | ||||||
| Equinox Gold Corp. (a) (b) | 8,407 | 48,525 | ||||||
| Foran Mining Corp. (a) | 41,364 | 92,646 | ||||||
| Franco-Nevada Corp. | 9,672 | 1,587,934 | ||||||
| G Mining Ventures Corp. (a) | 26,574 | 346,969 | ||||||
| Kinross Gold Corp. | 14,007 | 218,887 | ||||||
| Lundin Gold, Inc. | 5,345 | 282,214 | ||||||
| NGEx Minerals Ltd. (a) | 16,996 | 198,448 | ||||||
| NuVista Energy Ltd. (a) | 1,340 | 14,741 | ||||||
| OR Royalties, Inc. (b) | 20,358 | 523,246 | ||||||
| Precision Drilling Corp. (a) (b) | 1,588 | 75,205 | ||||||
| Robex Resources, Inc. (a) | 8,332 | 19,741 | ||||||
| Skeena Resources Ltd. (a) | 25,752 | 409,611 | ||||||
| Snowline Gold Corp. (a) | 26,493 | 162,645 | ||||||
| South Bow Corp. (SOBO CN) (b) | 7,189 | 186,621 | ||||||
| Suncor Energy, Inc. (SU CN) | 12,444 | 466,142 | ||||||
| Teck Resources Ltd. Class B | 13,003 | 525,061 | ||||||
| Torex Gold Resources, Inc. (a) | 1,684 | 54,932 | ||||||
| Tourmaline Oil Corp. | 4,016 | 193,759 | ||||||
| Wesdome Gold Mines Ltd. (a) | 8,453 | 117,755 | ||||||
| West Fraser Timber Co. Ltd. (WFG (CN) | 2,945 | 215,963 | ||||||
| 11,336,223 | ||||||||
| Chile — 0.2% | ||||||||
| Antofagasta PLC | 6,072 | 150,862 | ||||||
| China — 0.6% | ||||||||
| Zijin Mining Group Co. Ltd. Class H | 214,000 | 544,709 | ||||||
| Congo — 0.2% | ||||||||
| Ivanhoe Mines Ltd. Class A (a) (b) | 23,538 | 176,827 | ||||||
| Finland — 0.7% | ||||||||
| Kojamo OYJ (a) (b) | 23,908 | 311,861 | ||||||
| Stora Enso OYJ Class R (b) | 17,260 | 187,135 | ||||||
| UPM-Kymmene OYJ | 5,375 | 146,750 | ||||||
| 645,746 | ||||||||
| France — 1.5% | ||||||||
| Air Liquide SA | 2,478 | 511,821 | ||||||
| SPIE SA | 1,725 | 97,049 | ||||||
| TotalEnergies SE | 12,755 | 784,526 | ||||||
| 1,393,396 | ||||||||
| Germany — 1.3% | ||||||||
| BASF SE | 5,469 | 269,756 | ||||||
| Heidelberg Materials AG | 1,335 | 313,650 | ||||||
| KION Group AG | 3,866 | 215,243 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| LEG Immobilien SE | 1,537 | $ | 136,364 | |||||
| Symrise AG | 1,606 | 168,635 | ||||||
| thyssenkrupp AG | 8,572 | 92,051 | ||||||
| 1,195,699 | ||||||||
| Hong Kong — 0.6% | ||||||||
| Kerry Properties Ltd. | 56,500 | 145,971 | ||||||
| Sun Hung Kai Properties Ltd. | 20,000 | 229,650 | ||||||
| Swire Properties Ltd. | 69,600 | 174,016 | ||||||
| 549,637 | ||||||||
| India — 0.1% | ||||||||
| Nexus Select Trust | 72,104 | 116,866 | ||||||
| Italy — 0.2% | ||||||||
| Interpump Group SpA (b) | 3,690 | 153,675 | ||||||
| Ivory Coast — 0.2% | ||||||||
| Endeavour Mining PLC | 4,908 | 151,340 | ||||||
| Japan — 2.7% | ||||||||
| Invincible Investment Corp. | 309 | 133,019 | ||||||
| Japan Prime Realty Investment Corp. (b) | 216 | 138,889 | ||||||
| Japan Real Estate Investment Corp. | 179 | 146,543 | ||||||
| Kajima Corp. | 3,500 | 91,194 | ||||||
| Kubota Corp. | 11,000 | 123,330 | ||||||
| Kyushu Railway Co. | 7,600 | 196,628 | ||||||
| Mitsubishi Estate Co. Ltd. | 27,400 | 512,655 | ||||||
| Mitsui Fudosan Co. Ltd. | 19,700 | 190,311 | ||||||
| Nippon Prologis REIT, Inc. | 225 | 124,274 | ||||||
| Nippon Sanso Holdings Corp. | 3,200 | 121,003 | ||||||
| Nippon Steel Corp. | 16,100 | 305,504 | ||||||
| Nomura Real Estate Holdings, Inc. | 15,700 | 91,792 | ||||||
| Open House Group Co. Ltd. | 4,500 | 203,626 | ||||||
| Shimizu Corp. | 5,800 | 64,698 | ||||||
| 2,443,466 | ||||||||
| Kazakhstan — 0.2% | ||||||||
| NAC Kazatomprom JSC GDR (e) | 4,960 | 214,473 | ||||||
| Luxembourg — 0.3% | ||||||||
| ArcelorMittal SA | 7,490 | 236,744 | ||||||
| Mexico — 0.9% | ||||||||
| Grupo Mexico SAB de CV Series B | 44,107 | 266,200 | ||||||
| Industrias Penoles SAB de CV (a) | 9,103 | 254,512 | ||||||
| Southern Copper Corp. | 2,574 | 260,412 | ||||||
| 781,124 | ||||||||
| Netherlands — 0.2% | ||||||||
| Akzo Nobel NV | 2,400 | 167,959 | ||||||
| Norway — 0.1% | ||||||||
| Var Energi ASA | 19,277 | 61,800 | ||||||
| Portugal — 0.3% | ||||||||
| Galp Energia SGPS SA | 17,049 | 312,994 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Republic of Korea — 0.3% | ||||||||
| POSCO Holdings, Inc. | 1,339 | $ | 259,640 | |||||
| Russia — 0.0% | ||||||||
| Alrosa PJSC (a) (c) (d) | 688,100 | — | ||||||
| Polyus PJSC (a) (c) (d) | 22,820 | — | ||||||
| — | ||||||||
| Saudi Arabia — 0.2% | ||||||||
| Saudi Arabian Mining Co. (a) | 9,884 | 141,274 | ||||||
| Singapore — 0.6% | ||||||||
| CapitaLand Integrated Commercial Trust | 112,006 | 191,187 | ||||||
| Digital Core REIT Management Pte. Ltd. | 137,300 | 72,829 | ||||||
| Keppel DC REIT | 134,400 | 246,353 | ||||||
| 510,369 | ||||||||
| South Africa — 3.2% | ||||||||
| Anglo American PLC | 24,045 | 709,839 | ||||||
| Gold Fields Ltd. | 24,299 | 575,602 | ||||||
| Harmony Gold Mining Co. Ltd. | 13,686 | 189,772 | ||||||
| Impala Platinum Holdings Ltd. (a) | 55,004 | 494,194 | ||||||
| Northam Platinum Holdings Ltd. (b) | 12,289 | 133,003 | ||||||
| Sibanye Stillwater Ltd. (a) (b) | 73,336 | 134,339 | ||||||
| Valterra Platinum Ltd. (VAL SJ) | 11,585 | 517,582 | ||||||
| Valterra Platinum Ltd. (VALT LN) (a) | 2,723 | 119,607 | ||||||
| 2,873,938 | ||||||||
| Spain — 0.2% | ||||||||
| Cellnex Telecom SA (e) | 5,223 | 203,404 | ||||||
| Taiwan — 0.1% | ||||||||
| China Steel Corp. | 177,000 | 113,963 | ||||||
| United Kingdom — 2.4% | ||||||||
| Anglogold Ashanti PLC (a) (c) (d) | 4,404 | 200,690 | ||||||
| Anglogold Ashanti PLC (ANG SJ) | 4,953 | 225,716 | ||||||
| Anglogold Ashanti PLC (AU US) | 6,219 | 283,400 | ||||||
| Big Yellow Group PLC | 14,969 | 207,987 | ||||||
| Persimmon PLC | 10,228 | 182,135 | ||||||
| Segro PLC | 49,861 | 465,240 | ||||||
| TechnipFMC PLC | 9,500 | 327,180 | ||||||
| UNITE Group PLC | 13,416 | 156,627 | ||||||
| Yellow Cake PLC (a) (e) | 12,055 | 87,252 | ||||||
| 2,136,227 | ||||||||
| United States — 55.3% | ||||||||
| Acadia Realty Trust | 29,034 | 539,161 | ||||||
| Alcoa Corp. | 3,569 | 105,321 | ||||||
| Alexandria Real Estate Equities, Inc. | 1,526 | 110,833 | ||||||
| Ameren Corp. | 1,157 | 111,118 | ||||||
| American Homes 4 Rent Class A | 22,286 | 803,856 | ||||||
| American Tower Corp. | 7,429 | 1,641,958 | ||||||
| Amrize Ltd. (a) | 2,819 | 140,621 | ||||||
| Apple Hospitality REIT, Inc. | 13,237 | 154,476 | ||||||
| AvalonBay Communities, Inc. | 5,468 | 1,112,738 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Baker Hughes Co. | 6,989 | $ | 267,958 | |||||
| BP PLC | 48,053 | 239,710 | ||||||
| Camden Property Trust | 2,018 | 227,408 | ||||||
| Carpenter Technology Corp. | 155 | 42,839 | ||||||
| CBRE Group, Inc. Class A (a) | 721 | 101,027 | ||||||
| Chevron Corp. | 6,464 | 925,580 | ||||||
| Coeur Mining, Inc. (a) | 10,092 | 89,415 | ||||||
| ConocoPhillips | 10,213 | 916,515 | ||||||
| Constellation Energy Corp. | 348 | 112,320 | ||||||
| Corteva, Inc. | 2,911 | 216,957 | ||||||
| Crown Castle, Inc. | 4,251 | 436,705 | ||||||
| CubeSmart | 17,322 | 736,185 | ||||||
| Diamondback Energy, Inc. | 2,259 | 310,387 | ||||||
| Digital Realty Trust, Inc. | 1,366 | 238,135 | ||||||
| Douglas Emmett, Inc. | 19,028 | 286,181 | ||||||
| DuPont de Nemours, Inc. | 3,142 | 215,510 | ||||||
| EastGroup Properties, Inc. | 4,849 | 810,365 | ||||||
| EOG Resources, Inc. | 5,473 | 654,626 | ||||||
| EQT Corp. | 7,075 | 412,614 | ||||||
| Equinix, Inc. | 3,240 | 2,577,323 | ||||||
| Equity LifeStyle Properties, Inc. | 9,896 | 610,286 | ||||||
| Equity Residential | 14,815 | 999,864 | ||||||
| Essex Property Trust, Inc. | 4,136 | 1,172,142 | ||||||
| Expand Energy Corp. | 2,924 | 341,933 | ||||||
| Expro Group Holdings NV (a) | 12,970 | 111,412 | ||||||
| Exxon Mobil Corp. | 10,717 | 1,155,293 | ||||||
| Federal Realty Investment Trust | 1,202 | 114,178 | ||||||
| Flowco Holdings, Inc. Class A | 1,581 | 28,158 | ||||||
| Freeport-McMoRan, Inc. | 41,807 | 1,812,333 | ||||||
| Gaming & Leisure Properties, Inc. | 9,973 | 465,540 | ||||||
| Healthcare Realty Trust, Inc. | 2,889 | 45,820 | ||||||
| Hess Corp. | 2,080 | 288,163 | ||||||
| HF Sinclair Corp. | 4,686 | 192,501 | ||||||
| Hilton Worldwide Holdings, Inc. | 462 | 123,049 | ||||||
| Holcim AG | 2,819 | 210,123 | ||||||
| International Paper Co. | 4,534 | 212,327 | ||||||
| Ivanhoe Electric, Inc. (a) | 22,032 | 199,830 | ||||||
| Kilroy Realty Corp. | 4,653 | 159,644 | ||||||
| Kimco Realty Corp. | 7,257 | 152,542 | ||||||
| Kinder Morgan, Inc. | 6,153 | 180,898 | ||||||
| Knife River Corp. (a) | 1,543 | 125,970 | ||||||
| Kodiak Gas Services, Inc. | 3,736 | 128,033 | ||||||
| Linde PLC (LIN US) | 1,771 | 830,918 | ||||||
| Lineage, Inc. (b) | 2,289 | 99,617 | ||||||
| Louisiana-Pacific Corp. | 1,606 | 138,100 | ||||||
| Marathon Petroleum Corp. | 3,754 | 623,577 | ||||||
| Newmont Corp. (NEM AU) | 3,460 | 201,761 | ||||||
| Newmont Corp. (NEM US) | 22,067 | 1,285,623 | ||||||
| NextEra Energy, Inc. | 3,864 | 268,239 | ||||||
| NRG Energy, Inc. | 947 | 152,069 | ||||||
| Nucor Corp. | 4,172 | 540,441 | ||||||
| ONEOK, Inc. | 5,019 | 409,701 | ||||||
| Ovintiv, Inc. | 5,938 | 225,941 | ||||||
| Packaging Corp. of America | 1,073 | 202,207 | ||||||
| Pebblebrook Hotel Trust | 9,572 | 95,624 | ||||||
| Permian Resources Corp. | 14,775 | 201,235 | ||||||
| Phillips 66 | 4,094 | 488,414 | ||||||
| PPG Industries, Inc. | 829 | 94,299 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| Prologis, Inc. | 18,718 | $ | 1,967,636 | |||||
| Public Storage | 5,076 | 1,489,400 | ||||||
| Range Resources Corp. | 5,722 | 232,714 | ||||||
| Rayonier, Inc. | 8,653 | 191,924 | ||||||
| Regency Centers Corp. | 16,124 | 1,148,512 | ||||||
| Reliance, Inc. | 1,885 | 591,701 | ||||||
| Rexford Industrial Realty, Inc. | 24,348 | 866,058 | ||||||
| Royal Gold, Inc. | 1,284 | 228,347 | ||||||
| RPM International, Inc. | 1,565 | 171,900 | ||||||
| SBA Communications Corp. | 1,002 | 235,310 | ||||||
| Schlumberger NV | 13,727 | 463,973 | ||||||
| Shell PLC | 36,011 | 1,261,926 | ||||||
| Sherwin-Williams Co. | 1,159 | 397,954 | ||||||
| Simon Property Group, Inc. | 7,713 | 1,239,942 | ||||||
| Smartstop Self Storage REIT, Inc. | 12,315 | 446,172 | ||||||
| Southern Co. | 2,281 | 209,464 | ||||||
| Steel Dynamics, Inc. | 7,112 | 910,407 | ||||||
| Sun Communities, Inc. | 8,183 | 1,035,068 | ||||||
| Targa Resources Corp. | 2,775 | 483,072 | ||||||
| Tenaris SA ADR | 4,632 | 173,237 | ||||||
| Terreno Realty Corp. | 11,885 | 666,392 | ||||||
| Uranium Energy Corp. (a) | 39,860 | 271,048 | ||||||
| Valero Energy Corp. | 3,709 | 498,564 | ||||||
| Ventas, Inc. | 19,345 | 1,221,637 | ||||||
| VICI Properties, Inc. | 6,413 | 209,064 | ||||||
| Viper Energy, Inc. | 4,809 | 183,367 | ||||||
| Vornado Realty Trust | 10,095 | 386,033 | ||||||
| Warrior Met Coal, Inc. | 3,420 | 156,739 | ||||||
| Weatherford International PLC | 3,134 | 157,672 | ||||||
| Welltower, Inc. | 14,753 | 2,267,979 | ||||||
| Weyerhaeuser Co. | 5,866 | 150,698 | ||||||
| Williams Cos., Inc. | 13,540 | 850,447 | ||||||
| 49,990,004 | ||||||||
| Vietnam — 0.7% | ||||||||
| Hoa Phat Group JSC (a) | 747,756 | 650,189 | ||||||
| Zambia — 0.5% | ||||||||
| First Quantum Minerals Ltd. (a) | 26,005 | 461,950 | ||||||
| TOTAL COMMON STOCK (Cost $84,987,085) | 89,211,713 | |||||||
| Preferred Stock — 0.0% | ||||||||
| United States — 0.0% | ||||||||
| Lilac Solutions, Inc., Series B, (Acquired 9/08/21, Cost $329,342) (a) (f) (g) | 25,087 | 251 | ||||||
| TOTAL PREFERRED STOCK (Cost $329,342) | 251 | |||||||
| TOTAL EQUITIES (Cost $85,316,427) | 89,211,964 | |||||||
| Mutual Funds — 0.1% | ||||||||
| Canada — 0.1% | ||||||||
| Sprott Physical Uranium Trust (a) | 4,700 | 88,012 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| Number
of Shares | Value | |||||||
| TOTAL MUTUAL FUNDS (Cost $105,361) | $ | 88,012 | ||||||
| TOTAL LONG-TERM INVESTMENTS
(Cost $85,421,788) | 89,299,976 | |||||||
| Short-Term Investments — 1.7% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (h) | 560,811 | 560,811 | ||||||
| Mutual Fund — 0.0% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (i) | 107 | 107 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.1% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (j) | $ | 967,333 | 967,333 | |||||
| TOTAL SHORT-TERM
INVESTMENTS (Cost $1,528,251) | 1,528,251 | |||||||
| TOTAL INVESTMENTS
— 100.5% (Cost $86,950,039) (k) | 90,828,227 | |||||||
| Other Assets/(Liabilities) — (0.5)% | (425,021 | ) | ||||||
| NET ASSETS — 100.0% | $ | 90,403,206 | ||||||
| Abbreviation Legend | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| REIT | Real Estate Investment Trust |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $2,821,183 or 3.12% of net assets. The Fund received $2,390,893 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $200,690 or 0.22% of net assets. |
| (d) | Investment is valued using significant unobservable inputs. |
| (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 June 30, 2025, the aggregate market value of these securities amounted to $505,129 or 0.56% of net assets. |
| (f) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $251 or 0.00% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (g) | This security is valued using an agreed upon price from an executed securities purchase agreement. The total value of these securities as of June 30, 2025 was $251. |
| (h) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (i) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| MassMutual Select T. Rowe Price Real Assets Fund — Portfolio of Investments (Continued) |
| (j) | Maturity value of $967,407. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $986,861. |
| (k) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Equities — 97.7% | ||||||||
| Common Stock — 97.6% | ||||||||
| Communication Services — 2.8% | ||||||||
| Advantage Solutions, Inc. (a) (b) | 20,367 | $ | 26,885 | |||||
| AST SpaceMobile, Inc. (a) (b) | 274 | 12,804 | ||||||
| Atlanta Braves Holdings, Inc. Class C (a) | 2,217 | 103,689 | ||||||
| Charter Communications, Inc. Class A (a) | 663 | 271,041 | ||||||
| ESC GCI Liberty, Inc. (c) (d) | 29,586 | — | ||||||
| Liberty Broadband Corp. Class C (a) | 1,957 | 192,530 | ||||||
| Liberty Media Corp-Liberty Formula One Class C (a) | 7,142 | 746,339 | ||||||
| Liberty Media Corp-Liberty Live Class C (a) | 10,182 | 826,371 | ||||||
| Live Nation Entertainment, Inc. (a) | 551 | 83,355 | ||||||
| Madison Square Garden Sports Corp. (a) | 292 | 61,014 | ||||||
| Match Group, Inc. | 6,024 | 186,081 | ||||||
| MNTN, Inc. Class A (a) | 1,234 | 26,988 | ||||||
| New York Times Co. Class A | 10,651 | 596,243 | ||||||
| Pinterest, Inc. Class A (a) | 14,385 | 515,846 | ||||||
| Reddit, Inc. Class A (a) | 2,567 | 386,513 | ||||||
| Trade Desk, Inc. Class A (a) | 6,769 | 487,300 | ||||||
| Vimeo, Inc. (a) | 7,383 | 29,827 | ||||||
| 4,552,826 | ||||||||
| Consumer Discretionary — 9.4% | ||||||||
| Abercrombie & Fitch Co. Class A (a) | 578 | 47,887 | ||||||
| Advance Auto Parts, Inc. | 12,891 | 599,303 | ||||||
| Aramark | 5,629 | 235,686 | ||||||
| Asbury Automotive Group, Inc. (a) | 170 | 40,552 | ||||||
| Bath & Body Works, Inc. | 3,899 | 116,814 | ||||||
| Birkenstock Holding PLC (a) | 7,623 | 374,899 | ||||||
| BJ's Restaurants, Inc. (a) | 544 | 24,262 | ||||||
| Boot Barn Holdings, Inc. (a) | 404 | 61,408 | ||||||
| Bright Horizons Family Solutions, Inc. (a) | 2,064 | 255,090 | ||||||
| Burlington Stores, Inc. (a) | 3,236 | 752,823 | ||||||
| Carvana Co. (a) | 898 | 302,590 | ||||||
| Cava Group, Inc. (a) | 2,016 | 169,808 | ||||||
| Champion Homes, Inc. (a) | 1,761 | 110,256 | ||||||
| Chewy, Inc., Class A (a) | 2,034 | 86,689 | ||||||
| Compass Group PLC | 7,322 | 247,997 | ||||||
| Domino's Pizza, Inc. | 1,625 | 732,225 | ||||||
| Dorman Products, Inc. (a) | 639 | 78,386 | ||||||
| DraftKings, Inc. Class A (a) | 16,198 | 694,732 | ||||||
| Duolingo, Inc. (a) | 715 | 293,164 | ||||||
| Dutch Bros, Inc. Class A (a) | 3,159 | 215,981 | ||||||
| Figs, Inc. Class A (a) | 15,578 | 87,860 | ||||||
| Floor & Decor Holdings, Inc. Class A (a) | 4,478 | 340,149 | ||||||
| Frontdoor, Inc. (a) | 926 | 54,578 | ||||||
| Global-e Online Ltd. (a) | 1,853 | 62,150 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Grand Canyon Education, Inc. (a) | 210 | $ | 39,690 | |||||
| Group 1 Automotive, Inc. | 147 | 64,196 | ||||||
| Hilton Worldwide Holdings, Inc. | 3,226 | 859,213 | ||||||
| Installed Building Products, Inc. | 1,933 | 348,559 | ||||||
| Kontoor Brands, Inc. | 1,255 | 82,792 | ||||||
| Life Time Group Holdings, Inc. (a) | 2,354 | 71,397 | ||||||
| Lululemon Athletica, Inc. (a) | 901 | 214,060 | ||||||
| Marriott Vacations Worldwide Corp. | 1,372 | 99,209 | ||||||
| Meritage Homes Corp. | 806 | 53,978 | ||||||
| Modine Manufacturing Co. (a) | 837 | 82,444 | ||||||
| Ollie's Bargain Outlet Holdings, Inc. (a) | 229 | 30,178 | ||||||
| On Holding AG, Class A (a) | 5,391 | 280,602 | ||||||
| Papa John's International, Inc. | 1,348 | 65,971 | ||||||
| Patrick Industries, Inc. | 329 | 30,357 | ||||||
| Peloton Interactive, Inc. Class A (a) | 32,187 | 223,378 | ||||||
| Planet Fitness, Inc. Class A (a) | 8,080 | 881,124 | ||||||
| Pool Corp. | 87 | 25,359 | ||||||
| PulteGroup, Inc. | 2,792 | 294,444 | ||||||
| Puma SE | 10,079 | 275,193 | ||||||
| Ralph Lauren Corp. | 1,328 | 364,244 | ||||||
| Red Rock Resorts, Inc. Class A | 1,396 | 72,634 | ||||||
| Ross Stores, Inc. | 4,430 | 565,179 | ||||||
| Savers Value Village, Inc. (a) (b) | 15,083 | 153,847 | ||||||
| Sportradar Group AG Class A (a) | 3,851 | 108,136 | ||||||
| Steven Madden Ltd. | 2,541 | 60,933 | ||||||
| Strategic Education, Inc. | 2,414 | 205,504 | ||||||
| Sweetgreen, Inc. Class A (a) (b) | 6,239 | 92,836 | ||||||
| Taylor Morrison Home Corp. (a) | 1,063 | 65,289 | ||||||
| Texas Roadhouse, Inc. | 1,665 | 312,038 | ||||||
| TopBuild Corp. (a) | 440 | 142,446 | ||||||
| Ulta Beauty, Inc. (a) | 749 | 350,397 | ||||||
| Under Armour, Inc. Class A (a) | 7,170 | 48,971 | ||||||
| United Parks & Resorts, Inc. (a) | 134 | 6,318 | ||||||
| Urban Outfitters, Inc. (a) | 1,356 | 98,364 | ||||||
| Vail Resorts, Inc. | 13 | 2,043 | ||||||
| VF Corp. | 20,247 | 237,902 | ||||||
| Victoria's Secret & Co. (a) | 3,651 | 67,616 | ||||||
| Viking Holdings Ltd. (a) | 12,023 | 640,706 | ||||||
| Visteon Corp. (a) | 1,896 | 176,897 | ||||||
| Wingstop, Inc. | 1,651 | 555,958 | ||||||
| Wyndham Hotels & Resorts, Inc. | 1,514 | 122,952 | ||||||
| Yum! Brands, Inc. | 5,295 | 784,613 | ||||||
| 15,243,256 | ||||||||
| Consumer Staples — 2.7% | ||||||||
| BellRing Brands, Inc. (a) | 1,628 | 94,310 | ||||||
| Boston Beer Co., Inc. Class A (a) | 11 | 2,099 | ||||||
| Casey's General Stores, Inc. | 1,028 | 524,558 | ||||||
| Dollar Tree, Inc. (a) | 6,821 | 675,552 | ||||||
| Flowers Foods, Inc. | 14,133 | 225,845 | ||||||
| Grocery Outlet Holding Corp. (a) | 8,194 | 101,769 | ||||||
| Interparfums, Inc. | 610 | 80,099 | ||||||
| Kenvue, Inc. | 32,075 | 671,330 | ||||||
| Lamb Weston Holdings, Inc. | 11,182 | 579,787 | ||||||
| Maplebear, Inc. (a) | 5,111 | 231,222 | ||||||
| McCormick & Co., Inc. | 4,479 | 339,598 | ||||||
| Nomad Foods Ltd. | 3,883 | 65,972 | ||||||
| Olaplex Holdings, Inc. (a) (b) | 39,942 | 55,919 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Post Holdings, Inc. (a) | 1,807 | $ | 197,017 | |||||
| Primo Brands Corp. | 53 | 1,570 | ||||||
| Reynolds Consumer Products, Inc. | 1,326 | 28,403 | ||||||
| Simply Good Foods Co. (a) | 3,928 | 124,086 | ||||||
| TreeHouse Foods, Inc. (a) | 4,775 | 92,730 | ||||||
| Tyson Foods, Inc. Class A | 5,477 | 306,383 | ||||||
| Utz Brands, Inc. | 2,559 | 32,115 | ||||||
| 4,430,364 | ||||||||
| Energy — 5.4% | ||||||||
| Antero Resources Corp. (a) | 33 | 1,329 | ||||||
| Baker Hughes Co. | 5,009 | 192,045 | ||||||
| Cactus, Inc. Class A | 3,879 | 169,590 | ||||||
| ChampionX Corp. | 81 | 2,012 | ||||||
| Cheniere Energy, Inc. | 3,516 | 856,216 | ||||||
| Delek US Holdings, Inc. | 4,110 | 87,050 | ||||||
| DT Midstream, Inc. (a) | 10 | 1,099 | ||||||
| Enerflex Ltd. | 15,249 | 120,379 | ||||||
| EQT Corp. | 8,988 | 524,180 | ||||||
| Expand Energy Corp. | 11,304 | 1,321,890 | ||||||
| Expro Group Holdings NV (a) | 8,552 | 73,462 | ||||||
| Gulfport Energy Corp. (a) | 475 | 95,556 | ||||||
| Kinetik Holdings, Inc. | 1,216 | 53,565 | ||||||
| Kodiak Gas Services, Inc. | 2,219 | 76,045 | ||||||
| Liberty Energy, Inc. | 3,232 | 37,103 | ||||||
| Magnolia Oil & Gas Corp. Class A (b) | 8,506 | 191,215 | ||||||
| Marathon Petroleum Corp. | 2,438 | 404,976 | ||||||
| Matador Resources Co. | 5,657 | 269,952 | ||||||
| MEG Energy Corp. (b) | 2,461 | 46,500 | ||||||
| Noble Corp. PLC | 1,180 | 31,329 | ||||||
| PBF Energy, Inc. Class A | 6,236 | 135,134 | ||||||
| Permian Resources Corp. | 30,308 | 412,795 | ||||||
| Phillips 66 | 3,635 | 433,655 | ||||||
| Range Resources Corp. | 5,862 | 238,408 | ||||||
| Solaris Oilfield Infrastructure, Inc. | 650 | 18,389 | ||||||
| South Bow Corp. (SOBO CN) (b) | 8,501 | 220,680 | ||||||
| TechnipFMC PLC | 51,486 | 1,773,178 | ||||||
| Tidewater, Inc. (a) | 7,167 | 330,614 | ||||||
| Viper Energy, Inc. | 12,778 | 487,225 | ||||||
| Weatherford International PLC | 3,653 | 183,782 | ||||||
| 8,789,353 | ||||||||
| Financials — 16.4% | ||||||||
| Allstate Corp. | 2,420 | 487,170 | ||||||
| Annaly Capital Management, Inc. | 16,920 | 318,434 | ||||||
| Assurant, Inc. | 5,508 | 1,087,775 | ||||||
| Ategrity Specialty Holdings LLC (a) | 999 | 21,498 | ||||||
| Axis Capital Holdings Ltd. | 2,664 | 276,576 | ||||||
| Baldwin Insurance Group, Inc. (a) | 4,349 | 186,181 | ||||||
| Banc of California, Inc. | 19,004 | 267,006 | ||||||
| BankUnited, Inc. | 3,203 | 113,995 | ||||||
| Blue Foundry Bancorp (a) | 4,490 | 42,969 | ||||||
| Byline Bancorp, Inc. | 1,084 | 28,975 | ||||||
| Cadence Bank | 5,805 | 185,644 | ||||||
| Cathay General Bancorp | 1,881 | 85,642 | ||||||
| Cboe Global Markets, Inc. | 2,794 | 651,589 | ||||||
| Coastal Financial Corp. (a) | 2,076 | 201,102 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Columbia Banking System, Inc. | 19,308 | $ | 451,421 | |||||
| Corebridge Financial, Inc. | 13,345 | 473,747 | ||||||
| Corpay, Inc. (a) | 4,094 | 1,358,471 | ||||||
| Definity Financial Corp. | 1,520 | 88,594 | ||||||
| Dime Community Bancshares, Inc. | 2,910 | 78,395 | ||||||
| Eagle Bancorp, Inc. | 315 | 6,136 | ||||||
| East West Bancorp, Inc. | 4,465 | 450,876 | ||||||
| Eastern Bankshares, Inc. | 14,043 | 214,437 | ||||||
| Edenred SE (b) | 8,854 | 274,613 | ||||||
| Encore Capital Group, Inc. (a) | 1,370 | 53,033 | ||||||
| Equity Bancshares, Inc. Class A | 1,795 | 73,236 | ||||||
| Etoro Group Ltd. Class A (a) | 1,754 | 116,799 | ||||||
| FB Financial Corp. | 6,247 | 282,989 | ||||||
| Fifth Third Bancorp | 12,496 | 513,960 | ||||||
| First Busey Corp. | 830 | 18,995 | ||||||
| Five Star Bancorp | 2,377 | 67,840 | ||||||
| Flagstar Financial, Inc. | 15,827 | 167,766 | ||||||
| FS Bancorp, Inc. | 1,843 | 72,577 | ||||||
| Goosehead Insurance, Inc. Class A | 1,868 | 197,093 | ||||||
| Grasshopper Bancorp, Inc. (Acquired 5/02/19, Cost $83,390) (e) (f) | 8,339 | 83 | ||||||
| HA Sustainable Infrastructure Capital, Inc. | 8,740 | 234,756 | ||||||
| Hagerty, Inc. Class A (a) | 95 | 960 | ||||||
| Hamilton Lane, Inc. Class A | 3,180 | 451,942 | ||||||
| Hanover Insurance Group, Inc. | 2,756 | 468,162 | ||||||
| HarborOne Bancorp, Inc. | 6,249 | 72,988 | ||||||
| Home BancShares, Inc. | 10,574 | 300,936 | ||||||
| Horace Mann Educators Corp. | 4,442 | 190,873 | ||||||
| Houlihan Lokey, Inc. | 1,435 | 258,228 | ||||||
| International Bancshares Corp. | 301 | 20,035 | ||||||
| James River Group Holdings Ltd. | 8,382 | 49,119 | ||||||
| John Marshall Bancorp, Inc. | 3,593 | 66,578 | ||||||
| Kearny Financial Corp. | 3,438 | 22,209 | ||||||
| KeyCorp. | 21,183 | 369,008 | ||||||
| Lazard, Inc. | 12,070 | 579,119 | ||||||
| Lincoln National Corp. | 6,560 | 226,976 | ||||||
| Live Oak Bancshares, Inc. | 9,631 | 287,004 | ||||||
| Markel Group, Inc. (a) | 134 | 267,646 | ||||||
| MarketAxess Holdings, Inc. | 1,892 | 422,559 | ||||||
| Marqeta, Inc. Class A (a) | 119,527 | 696,842 | ||||||
| MSCI, Inc. | 783 | 451,587 | ||||||
| National Bank Holdings Corp. Class A | 3,038 | 114,259 | ||||||
| OneMain Holdings, Inc. | 5,033 | 286,881 | ||||||
| Origin Bancorp, Inc. | 1,421 | 50,787 | ||||||
| Oscar Health, Inc. Class A (a) | 17,139 | 367,460 | ||||||
| OTC Markets Group, Inc. Class A | 1,118 | 63,726 | ||||||
| Pacific Premier Bancorp, Inc. | 5,231 | 110,322 | ||||||
| Palomar Holdings, Inc. (a) | 345 | 53,216 | ||||||
| PennyMac Financial Services, Inc. | 6,263 | 624,045 | ||||||
| PennyMac Mortgage Investment Trust | 9,313 | 119,765 | ||||||
| Pinnacle Financial Partners, Inc. | 5,799 | 640,268 | ||||||
| PJT Partners, Inc. Class A | 506 | 83,495 | ||||||
| Ponce Financial Group, Inc. (a) | 3,335 | 46,156 | ||||||
| Popular, Inc. | 7,729 | 851,813 | ||||||
| PRA Group, Inc. (a) | 5,782 | 85,285 | ||||||
| Preferred Bank | 1,819 | 157,425 | ||||||
| Primerica, Inc. | 289 | 79,091 | ||||||
| Prosperity Bancshares, Inc. | 2,997 | 210,509 | ||||||
| Raymond James Financial, Inc. | 3,579 | 548,911 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| RenaissanceRe Holdings Ltd. | 3,270 | $ | 794,283 | |||||
| Renasant Corp. | 3,108 | 111,670 | ||||||
| RLI Corp. | 2,303 | 166,323 | ||||||
| Root, Inc. Class A (a) | 1,096 | 140,255 | ||||||
| Ryan Specialty Holdings, Inc. | 2,160 | 146,858 | ||||||
| Sezzle, Inc. (a) | 490 | 87,833 | ||||||
| Shift4 Payments, Inc. Class A (a) (b) | 461 | 45,690 | ||||||
| Southern First Bancshares, Inc. (a) | 1,331 | 50,618 | ||||||
| SouthState Corp. | 5,138 | 472,850 | ||||||
| Sprott, Inc. | 382 | 26,392 | ||||||
| StepStone Group, Inc. Class A | 10,106 | 560,883 | ||||||
| Stifel Financial Corp. | 234 | 24,285 | ||||||
| StoneX Group, Inc. (a) | 818 | 74,553 | ||||||
| Synovus Financial Corp. | 1,873 | 96,928 | ||||||
| Texas Capital Bancshares, Inc. (a) | 4,861 | 385,963 | ||||||
| TMX Group Ltd. | 5,191 | 220,029 | ||||||
| Toast, Inc., Class A (a) | 22,196 | 983,061 | ||||||
| Towne Bank | 6,784 | 231,877 | ||||||
| TPG, Inc. | 4,004 | 210,010 | ||||||
| Tradeweb Markets, Inc. Class A | 2,119 | 310,222 | ||||||
| TWFG, Inc. (a) | 3,393 | 118,755 | ||||||
| Voya Financial, Inc. | 6,288 | 446,448 | ||||||
| Walker & Dunlop, Inc. | 1,999 | 140,890 | ||||||
| Webster Financial Corp. | 7,447 | 406,606 | ||||||
| Western Alliance Bancorp | 11,019 | 859,262 | ||||||
| White Mountains Insurance Group Ltd. | 86 | 154,432 | ||||||
| Willis Towers Watson PLC | 1,455 | 445,958 | ||||||
| WSFS Financial Corp. | 2,282 | 125,510 | ||||||
| 26,685,002 | ||||||||
| Health Care — 15.6% | ||||||||
| 10X Genomics, Inc. Class A (a) | 1,684 | 19,501 | ||||||
| ADMA Biologics, Inc. (a) | 1,577 | 28,717 | ||||||
| Agilent Technologies, Inc. | 6,995 | 825,480 | ||||||
| Agios Pharmaceuticals, Inc. (a) | 561 | 18,659 | ||||||
| Akero Therapeutics, Inc. (a) | 2,265 | 120,860 | ||||||
| Alcon AG (b) | 5,051 | 445,902 | ||||||
| Align Technology, Inc. (a) | 1,584 | 299,899 | ||||||
| Alignment Healthcare, Inc. (a) | 16,150 | 226,100 | ||||||
| Alkermes PLC (a) | 11,231 | 321,319 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) | 3,981 | 1,298,164 | ||||||
| AnaptysBio, Inc. (a) (b) | 697 | 15,473 | ||||||
| Applied Therapeutics, Inc. (a) | 30,939 | 9,625 | ||||||
| Arcellx, Inc. (a) | 2,819 | 185,631 | ||||||
| Argenx SE ADR (a) | 854 | 470,742 | ||||||
| Arrowhead Pharmaceuticals, Inc. (a) | 1,217 | 19,229 | ||||||
| Arvinas, Inc. (a) | 1,114 | 8,199 | ||||||
| Ascendis Pharma AS ADR (a) | 3,780 | 652,428 | ||||||
| Autolus Therapeutics PLC ADR (a) | 2,605 | 5,939 | ||||||
| Avanos Medical, Inc. (a) | 6,204 | 75,937 | ||||||
| Avantor, Inc. (a) | 42,040 | 565,858 | ||||||
| Avidity Biosciences, Inc. (a) | 6,514 | 184,998 | ||||||
| Axsome Therapeutics, Inc. (a) | 630 | 65,766 | ||||||
| Baxter International, Inc. | 24,128 | 730,596 | ||||||
| Beam Therapeutics, Inc. (a) | 330 | 5,613 | ||||||
| Bio-Rad Laboratories, Inc. Class A (a) | 58 | 13,997 | ||||||
| Bio-Techne Corp. | 9,011 | 463,616 | ||||||
| Biogen, Inc. (a) | 900 | 113,031 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| BioLife Solutions, Inc. (a) | 5,389 | $ | 116,079 | |||||
| BioNTech SE ADR (a) | 1,708 | 181,851 | ||||||
| Black Diamond Therapeutics, Inc. (a) | 13,909 | 34,494 | ||||||
| Blueprint Medicines Corp. (a) | 672 | 86,137 | ||||||
| BrightSpring Health Services, Inc. (a) | 6,228 | 146,919 | ||||||
| Bruker Corp. | 9,836 | 405,243 | ||||||
| Cabaletta Bio, Inc. (a) | 9,768 | 14,847 | ||||||
| Caris Life Sciences, Inc. (a) | 7,467 | 199,518 | ||||||
| Celldex Therapeutics, Inc. (a) | 2,041 | 41,534 | ||||||
| Centessa Pharmaceuticals PLC ADR (a) | 1,056 | 13,876 | ||||||
| Concentra Group Holdings Parent, Inc. | 34,797 | 715,774 | ||||||
| Cooper Cos., Inc. (a) | 11,803 | 839,902 | ||||||
| Corcept Therapeutics, Inc. (a) | 694 | 50,940 | ||||||
| Crinetics Pharmaceuticals, Inc. (a) | 3,765 | 108,281 | ||||||
| CRISPR Therapeutics AG (a) (b) | 3,333 | 162,117 | ||||||
| Cytokinetics, Inc. (a) | 14,908 | 492,560 | ||||||
| Day One Biopharmaceuticals, Inc. (a) | 707 | 4,596 | ||||||
| Denali Therapeutics, Inc. (a) | 5,613 | 78,526 | ||||||
| DENTSPLY SIRONA, Inc. | 19,072 | 302,863 | ||||||
| Disc Medicine, Inc. (a) | 736 | 38,979 | ||||||
| Doximity, Inc. Class A (a) | 1,886 | 115,687 | ||||||
| Dyne Therapeutics, Inc. (a) | 4,531 | 43,135 | ||||||
| Elanco Animal Health, Inc. (a) | 19,565 | 279,388 | ||||||
| Encompass Health Corp. | 1,939 | 237,780 | ||||||
| Ensign Group, Inc. | 846 | 130,504 | ||||||
| Entrada Therapeutics, Inc. (a) | 1,780 | 11,962 | ||||||
| Erasca, Inc. (a) | 28,506 | 36,203 | ||||||
| Exact Sciences Corp. (a) | 2,307 | 122,594 | ||||||
| GeneDx Holdings Corp. (a) | 1,275 | 117,695 | ||||||
| Generation Bio Co. (a) | 6,148 | 1,968 | ||||||
| Ginkgo Bioworks, Inc., Earnout Shares 600 (Acquired 9/17/21, Cost $0) (c) (d) (e) | 21 | — | ||||||
| Ginkgo Bioworks, Inc., Earnout Shares 700 (Acquired 9/17/21, Cost $0) (c) (d) (e) | 21 | — | ||||||
| Ginkgo Bioworks, Inc., Earnout Shares 800 (Acquired 9/17/21, Cost $0) (c) (d) (e) | 21 | — | ||||||
| Gyroscope Therapeutics, Milestone Payment 1 (Acquired 2/18/22, Cost $31,900) (c) (d) (e) | 31,900 | — | ||||||
| Gyroscope Therapeutics, Milestone Payment 2 (Acquired 2/18/22, Cost $21,260) (c) (d) (e) | 21,260 | — | ||||||
| Gyroscope Therapeutics, Milestone Payment 3 (Acquired 2/18/22, Cost $21,260) (c) (d) (e) | 21,260 | — | ||||||
| Haemonetics Corp. (a) | 781 | 58,270 | ||||||
| HealthEquity, Inc. (a) | 720 | 75,427 | ||||||
| Hologic, Inc. (a) | 16,277 | 1,060,609 | ||||||
| Ideaya Biosciences, Inc. (a) | 1,515 | 31,845 | ||||||
| Immatics NV (a) (b) | 24,388 | 131,207 | ||||||
| Immunocore Holdings PLC ADR (a) (b) | 8,523 | 267,452 | ||||||
| Immunome, Inc. (a) (b) | 11,002 | 102,319 | ||||||
| Immunovant, Inc. (a) (b) | 8,965 | 143,440 | ||||||
| Innovage Holding Corp. (a) | 10,034 | 37,025 | ||||||
| Insmed, Inc. (a) | 4,999 | 503,099 | ||||||
| Ionis Pharmaceuticals, Inc. (a) | 16,185 | 639,469 | ||||||
| Janux Therapeutics, Inc. (a) | 973 | 22,476 | ||||||
| Jasper Therapeutics, Inc. (a) | 1,584 | 8,791 | ||||||
| Karyopharm Therapeutics, Inc. (a) (b) | 1,133 | 4,883 | ||||||
| Kestra Medical Technologies Ltd. (a) | 402 | 6,665 | ||||||
| Kymera Therapeutics, Inc. (a) | 4,032 | 175,956 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Lantheus Holdings, Inc. (a) | 1,963 | $ | 160,691 | |||||
| LifeStance Health Group, Inc. (a) | 5,502 | 28,445 | ||||||
| Madrigal Pharmaceuticals, Inc. (a) | 216 | 65,370 | ||||||
| Maravai LifeSciences Holdings, Inc. Class A (a) (b) | 3,653 | 8,804 | ||||||
| Masimo Corp. (a) | 2,704 | 454,867 | ||||||
| Merus NV (a) | 1,305 | 68,643 | ||||||
| Metsera, Inc. (a) | 3,761 | 107,000 | ||||||
| Mettler-Toledo International, Inc. (a) | 484 | 568,565 | ||||||
| Mirum Pharmaceuticals, Inc. (a) | 1,012 | 51,501 | ||||||
| Molina Healthcare, Inc. (a) | 1,261 | 375,652 | ||||||
| Monte Rosa Therapeutics, Inc. (a) | 4,172 | 18,816 | ||||||
| MoonLake Immunotherapeutics (a) | 675 | 31,860 | ||||||
| Natera, Inc. (a) | 2,155 | 364,066 | ||||||
| Neogen Corp. (a) | 3,894 | 18,613 | ||||||
| NeoGenomics, Inc. (a) | 4,264 | 31,170 | ||||||
| Neumora Therapeutics, Inc. (a) | 4,756 | 3,488 | ||||||
| Neurocrine Biosciences, Inc. (a) | 3,298 | 414,526 | ||||||
| Novocure Ltd. (a) | 897 | 15,967 | ||||||
| Nurix Therapeutics, Inc. (a) | 4,883 | 55,617 | ||||||
| Nuvalent, Inc., Class A (a) | 1,985 | 151,456 | ||||||
| ORIC Pharmaceuticals, Inc. (a) | 1,182 | 11,997 | ||||||
| Outset Medical, Inc. (a) | 1,970 | 37,844 | ||||||
| Penumbra, Inc. (a) | 221 | 56,715 | ||||||
| Perrigo Co. PLC | 27,692 | 739,930 | ||||||
| Personalis, Inc. (a) | 2,182 | 14,314 | ||||||
| Praxis Precision Medicines, Inc. (a) | 545 | 22,917 | ||||||
| Prime Medicine, Inc. (a) (b) | 10,086 | 24,912 | ||||||
| PROCEPT BioRobotics Corp. (a) | 1,743 | 100,397 | ||||||
| Quidelortho Corp. (a) | 12,319 | 355,034 | ||||||
| RadNet, Inc. (a) | 1,597 | 90,885 | ||||||
| Rapport Therapeutics, Inc. (a) | 1,130 | 12,848 | ||||||
| Relay Therapeutics, Inc. (a) | 1,649 | 5,706 | ||||||
| Repligen Corp. (a) | 2,350 | 292,293 | ||||||
| Replimune Group, Inc. (a) | 5,683 | 52,795 | ||||||
| Revolution Medicines, Inc. (a) | 6,000 | 220,740 | ||||||
| Rhythm Pharmaceuticals, Inc. (a) | 529 | 33,428 | ||||||
| Sarepta Therapeutics, Inc. (a) | 658 | 11,252 | ||||||
| Sartorius Stedim Biotech | 240 | 57,438 | ||||||
| Scholar Rock Holding Corp. (a) | 4,968 | 175,967 | ||||||
| Select Medical Holdings Corp. | 31,639 | 480,280 | ||||||
| Soleno Therapeutics, Inc. (a) | 730 | 61,159 | ||||||
| Sotera Health Co. (a) | 12,356 | 137,399 | ||||||
| Stevanato Group SpA (b) | 5,376 | 131,336 | ||||||
| Tango Therapeutics, Inc. (a) (b) | 4,296 | 21,996 | ||||||
| Teleflex, Inc. | 5,029 | 595,232 | ||||||
| TG Therapeutics, Inc. (a) | 979 | 35,234 | ||||||
| Ultragenyx Pharmaceutical, Inc. (a) | 847 | 30,797 | ||||||
| Vaxcyte, Inc. (a) | 6,267 | 203,740 | ||||||
| Veeva Systems, Inc. Class A (a) | 4,927 | 1,418,877 | ||||||
| Vera Therapeutics, Inc. (a) | 2,228 | 52,492 | ||||||
| Viatris, Inc. | 40,827 | 364,585 | ||||||
| Viridian Therapeutics, Inc. (a) | 1,447 | 20,229 | ||||||
| WaVe Life Sciences Ltd. (a) | 3,037 | 19,741 | ||||||
| West Pharmaceutical Services, Inc. | 403 | 88,176 | ||||||
| Xencor, Inc. (a) | 1,882 | 14,793 | ||||||
| Zenas Biopharma, Inc. (a) | 333 | 3,227 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Zimmer Biomet Holdings, Inc. | 8,600 | $ | 784,406 | |||||
| 25,368,392 | ||||||||
| Industrials — 18.0% | ||||||||
| Acuity, Inc. | 41 | 12,232 | ||||||
| ACV Auctions, Inc. Class A (a) | 1,363 | 22,108 | ||||||
| Advanced Drainage Systems, Inc. | 200 | 22,972 | ||||||
| AeroVironment, Inc. (a) | 232 | 66,108 | ||||||
| AGCO Corp. | 3,708 | 382,517 | ||||||
| Air Lease Corp. | 950 | 55,566 | ||||||
| Alamo Group, Inc. | 163 | 35,596 | ||||||
| Allegiant Travel Co. | 1,629 | 89,514 | ||||||
| API Group Corp. (a) | 26,869 | 1,371,662 | ||||||
| Arcosa, Inc. | 1,883 | 163,275 | ||||||
| Atmus Filtration Technologies, Inc. | 1,957 | 71,274 | ||||||
| AZZ, Inc. | 2,386 | 225,429 | ||||||
| Booz Allen Hamilton Holding Corp. | 3,388 | 352,792 | ||||||
| Brady Corp. Class A | 668 | 45,404 | ||||||
| BrightView Holdings, Inc. (a) | 327 | 5,445 | ||||||
| Broadridge Financial Solutions, Inc. | 1,937 | 470,749 | ||||||
| BWX Technologies, Inc. | 4,008 | 577,392 | ||||||
| Casella Waste Systems, Inc. Class A (a) | 1,385 | 159,801 | ||||||
| Conduent, Inc. (a) | 7,594 | 20,048 | ||||||
| Covenant Logistics Group, Inc. | 895 | 21,578 | ||||||
| Crane Co. | 843 | 160,077 | ||||||
| CSW Industrials, Inc. | 144 | 41,304 | ||||||
| Custom Truck One Source, Inc. (a) (b) | 11,584 | 57,225 | ||||||
| Dayforce, Inc. (a) | 11,196 | 620,146 | ||||||
| Diploma PLC | 1,284 | 86,170 | ||||||
| Douglas Dynamics, Inc. | 1,620 | 47,741 | ||||||
| Enerpac Tool Group Corp. | 1,312 | 53,215 | ||||||
| Enpro, Inc. | 1,026 | 196,530 | ||||||
| Equifax, Inc. | 1,712 | 444,041 | ||||||
| Esab Corp. | 14,289 | 1,722,539 | ||||||
| ESCO Technologies, Inc. | 851 | 163,281 | ||||||
| Federal Signal Corp. | 1,368 | 145,583 | ||||||
| Ferguson Enterprises, Inc. | 2,271 | 494,510 | ||||||
| First Advantage Corp. (a) | 15,234 | 253,037 | ||||||
| Fortive Corp. | 15,313 | 798,267 | ||||||
| FTAI Aviation Ltd. | 556 | 63,962 | ||||||
| FTI Consulting, Inc. (a) | 392 | 63,308 | ||||||
| Graco, Inc. | 1,326 | 113,996 | ||||||
| Helios Technologies, Inc. | 1,261 | 42,080 | ||||||
| Herc Holdings, Inc. | 162 | 21,334 | ||||||
| Hexcel Corp. | 5,576 | 314,988 | ||||||
| Hillenbrand, Inc. | 1,789 | 35,905 | ||||||
| Hillman Solutions Corp. (a) | 9,702 | 69,272 | ||||||
| Hubbell, Inc. | 751 | 306,716 | ||||||
| IDEX Corp. | 3,006 | 527,763 | ||||||
| Ingersoll Rand, Inc. | 13,561 | 1,128,004 | ||||||
| ITT, Inc. | 1,754 | 275,080 | ||||||
| JB Hunt Transport Services, Inc. | 1,870 | 268,532 | ||||||
| JBT Marel Corp. | 880 | 105,829 | ||||||
| Karman Holdings, Inc. (a) | 3,077 | 154,988 | ||||||
| Kratos Defense & Security Solutions, Inc. (a) | 2,166 | 100,611 | ||||||
| L3Harris Technologies, Inc. | 2,624 | 658,204 | ||||||
| Landstar System, Inc. | 911 | 126,647 | ||||||
| Leonardo DRS, Inc. | 4,089 | 190,057 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Limbach Holdings, Inc. (a) | 85 | $ | 11,909 | |||||
| Loar Holdings, Inc. (a) | 2,174 | 187,334 | ||||||
| Matson, Inc. | 664 | 73,936 | ||||||
| McGrath RentCorp | 899 | 104,248 | ||||||
| MDA Space Ltd. (a) | 761 | 19,621 | ||||||
| Mercury Systems, Inc. (a) | 1,253 | 67,487 | ||||||
| Middleby Corp. (a) | 4,080 | 587,520 | ||||||
| Moog, Inc. Class A | 222 | 40,175 | ||||||
| MSA Safety, Inc. | 1,715 | 287,314 | ||||||
| MYR Group, Inc. (a) | 235 | 42,641 | ||||||
| NEXTracker, Inc. Class A (a) | 1,581 | 85,959 | ||||||
| Norfolk Southern Corp. | 2,613 | 668,850 | ||||||
| Old Dominion Freight Line, Inc. | 5,417 | 879,179 | ||||||
| Parsons Corp. (a) | 2,683 | 192,559 | ||||||
| Paylocity Holding Corp. (a) | 6,556 | 1,187,882 | ||||||
| Pitney Bowes, Inc. | 3,283 | 35,818 | ||||||
| Quanta Services, Inc. | 711 | 268,815 | ||||||
| QXO, Inc. (a) | 4,371 | 94,151 | ||||||
| RBC Bearings, Inc. (a) | 2,498 | 961,230 | ||||||
| Robert Half, Inc. | 181 | 7,430 | ||||||
| Rush Enterprises, Inc. Class A | 3,226 | 166,171 | ||||||
| RXO, Inc. (a) | 2,913 | 45,792 | ||||||
| Saia, Inc. (a) | 3,329 | 912,113 | ||||||
| Sensata Technologies Holding PLC | 16,723 | 503,530 | ||||||
| Shoals Technologies Group, Inc. Class A (a) | 8,539 | 36,291 | ||||||
| Shyft Group, Inc. | 5,931 | 74,375 | ||||||
| Simpson Manufacturing Co., Inc. | 147 | 22,831 | ||||||
| SiteOne Landscape Supply, Inc. (a) | 7,899 | 955,305 | ||||||
| Southwest Airlines Co. (b) | 14,412 | 467,525 | ||||||
| Spirax Group PLC | 1,236 | 101,057 | ||||||
| SPX Technologies, Inc. (a) | 502 | 84,175 | ||||||
| SS&C Technologies Holdings, Inc. | 4,687 | 388,084 | ||||||
| StandardAero, Inc. (a) | 21,835 | 691,078 | ||||||
| Sun Country Airlines Holdings, Inc. (a) | 3,255 | 38,246 | ||||||
| Tetra Tech, Inc. | 86 | 3,093 | ||||||
| Textron, Inc. | 12,884 | 1,034,456 | ||||||
| Thermon Group Holdings, Inc. (a) | 3,291 | 92,411 | ||||||
| Toro Co. | 3,543 | 250,419 | ||||||
| TransUnion | 4,334 | 381,392 | ||||||
| Trex Co., Inc. (a) | 7,124 | 387,403 | ||||||
| UFP Industries, Inc. | 1,261 | 125,293 | ||||||
| UL Solutions, Inc. Class A | 3,498 | 254,864 | ||||||
| UniFirst Corp. | 285 | 53,643 | ||||||
| Upwork, Inc. (a) | 2,999 | 40,307 | ||||||
| Valmont Industries, Inc. | 223 | 72,825 | ||||||
| Veralto Corp. | 2,868 | 289,525 | ||||||
| Verisk Analytics, Inc. | 764 | 237,986 | ||||||
| Verra Mobility Corp. (a) | 15,219 | 386,410 | ||||||
| VSE Corp. | 3,308 | 433,282 | ||||||
| Waste Connections, Inc. | 991 | 185,040 | ||||||
| Weir Group PLC | 1,229 | 42,017 | ||||||
| WillScot Holdings Corp. | 1,820 | 49,868 | ||||||
| XPO, Inc. (a) | 2,044 | 258,137 | ||||||
| Xylem, Inc. | 2,761 | 357,163 | ||||||
| Zurn Elkay Water Solutions Corp. | 2,253 | 82,392 | ||||||
| 29,330,961 | ||||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Information Technology — 14.7% | ||||||||
| Alarm.com Holdings, Inc. (a) | 686 | $ | 38,807 | |||||
| Alkami Technology, Inc. (a) | 775 | 23,359 | ||||||
| Allegro MicroSystems, Inc. (a) | 1,956 | 66,876 | ||||||
| Amphenol Corp. Class A | 4,918 | 485,652 | ||||||
| Amplitude, Inc. Class A (a) | 10,800 | 133,920 | ||||||
| Appfolio, Inc. Class A (a) | 142 | 32,700 | ||||||
| ASGN, Inc. (a) | 360 | 17,975 | ||||||
| Atlassian Corp. Class A (a) | 1,990 | 404,149 | ||||||
| Aurora Innovation, Inc. (a) (b) | 17,507 | 91,737 | ||||||
| Bel Fuse, Inc. Class B | 213 | 20,808 | ||||||
| Bill Holdings, Inc. (a) | 9,614 | 444,744 | ||||||
| CCC Intelligent Solutions Holdings, Inc. (a) | 78,334 | 737,123 | ||||||
| CDW Corp. | 1,521 | 271,635 | ||||||
| Cellebrite DI Ltd. (a) | 7,274 | 116,384 | ||||||
| Circle Internet Group, Inc. (a) (b) | 168 | 30,457 | ||||||
| Clearwater Analytics Holdings, Inc. Class A (a) | 97 | 2,127 | ||||||
| Corning, Inc. | 18,461 | 970,864 | ||||||
| CTS Corp. | 1,379 | 58,759 | ||||||
| CyberArk Software Ltd. (a) | 565 | 229,887 | ||||||
| Datadog, Inc. Class A (a) | 3,488 | 468,543 | ||||||
| Descartes Systems Group, Inc. (a) | 4,370 | 444,189 | ||||||
| Docusign, Inc. (a) | 6,354 | 494,913 | ||||||
| Endava PLC Sponsored ADR (a) | 3,426 | 52,486 | ||||||
| Entegris, Inc. | 3,420 | 275,823 | ||||||
| Fair Isaac Corp. (a) | 189 | 345,484 | ||||||
| Gartner, Inc. (a) | 1,066 | 430,899 | ||||||
| Globant SA (a) (b) | 1,874 | 170,234 | ||||||
| GoDaddy, Inc. Class A (a) | 2,108 | 379,566 | ||||||
| HubSpot, Inc. (a) | 1,172 | 652,370 | ||||||
| I3 Verticals, Inc. Class A (a) | 4,009 | 110,167 | ||||||
| Insight Enterprises, Inc. (a) | 56 | 7,733 | ||||||
| Intapp, Inc. (a) | 2,082 | 107,473 | ||||||
| IonQ, Inc. (a) (b) | 97 | 4,168 | ||||||
| JFrog Ltd. (a) | 3,358 | 147,349 | ||||||
| Keysight Technologies, Inc. (a) | 7,117 | 1,166,192 | ||||||
| Kinaxis, Inc. (a) | 150 | 22,308 | ||||||
| Lattice Semiconductor Corp. (a) | 26,528 | 1,299,607 | ||||||
| Littelfuse, Inc. | 578 | 131,050 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 4,244 | 608,123 | ||||||
| Manhattan Associates, Inc. (a) | 1,003 | 198,062 | ||||||
| Microchip Technology, Inc. | 10,696 | 752,678 | ||||||
| Mirion Technologies, Inc. (a) | 28,457 | 612,679 | ||||||
| MKS, Inc. | 6,294 | 625,372 | ||||||
| Monday.com Ltd. (a) | 2,275 | 715,442 | ||||||
| MongoDB, Inc. (a) | 476 | 99,955 | ||||||
| Monolithic Power Systems, Inc. | 1,375 | 1,005,647 | ||||||
| Navitas Semiconductor Corp. (a) | 2,311 | 15,137 | ||||||
| nCino, Inc. (a) | 7,580 | 212,013 | ||||||
| Novanta, Inc. (a) | 1,921 | 247,675 | ||||||
| NXP Semiconductors NV | 1,731 | 378,206 | ||||||
| Onestream, Inc. (a) | 9,221 | 260,954 | ||||||
| Onto Innovation, Inc. (a) | 1,224 | 123,538 | ||||||
| Ouster, Inc. (a) | 872 | 21,146 | ||||||
| PAR Technology Corp. (a) | 4,512 | 312,997 | ||||||
| Procore Technologies, Inc. (a) | 2,761 | 188,908 | ||||||
| PTC, Inc. (a) | 5,410 | 932,359 | ||||||
| Pure Storage, Inc. Class A (a) | 7,388 | 425,401 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Ralliant Corp. | 5,048 | $ | 244,794 | |||||
| Rambus, Inc. (a) | 3,471 | 222,213 | ||||||
| Roper Technologies, Inc. | 620 | 351,441 | ||||||
| SailPoint, Inc. (a) | 2,360 | 53,950 | ||||||
| Samsara, Inc. Class A (a) | 7,228 | 287,530 | ||||||
| Sandisk Corp. (a) | 8,895 | 403,388 | ||||||
| ServiceTitan, Inc. Class A (a) | 1,675 | 179,527 | ||||||
| TE Connectivity PLC | 2,519 | 424,880 | ||||||
| Teledyne Technologies, Inc. (a) | 1,156 | 592,230 | ||||||
| TTM Technologies, Inc. (a) | 2,070 | 84,497 | ||||||
| Tyler Technologies, Inc. (a) | 1,408 | 834,719 | ||||||
| Viavi Solutions, Inc. (a) | 16,979 | 170,979 | ||||||
| Western Digital Corp. | 4,193 | 268,310 | ||||||
| Workiva, Inc. (a) | 2,710 | 185,499 | ||||||
| Zoom Communications, Inc. (a) | 5,563 | 433,803 | ||||||
| Zscaler, Inc. (a) | 1,932 | 606,532 | ||||||
| 23,969,101 | ||||||||
| Materials — 4.3% | ||||||||
| Alamos Gold, Inc. Class A (AGI CN) | 88 | 2,341 | ||||||
| Avery Dennison Corp. | 3,018 | 529,569 | ||||||
| Ball Corp. | 9,348 | 524,329 | ||||||
| Cabot Corp. | 509 | 38,175 | ||||||
| Capstone Copper Corp. (a) | 23,929 | 146,904 | ||||||
| Carpenter Technology Corp. | 5 | 1,382 | ||||||
| Commercial Metals Co. | 377 | 18,439 | ||||||
| Constellium SE (a) | 21,285 | 283,091 | ||||||
| DuPont de Nemours, Inc. | 4,849 | 332,593 | ||||||
| Element Solutions, Inc. | 12,354 | 279,818 | ||||||
| Franco-Nevada Corp. | 2,914 | 478,416 | ||||||
| Freeport-McMoRan, Inc. | 7,324 | 317,495 | ||||||
| HB Fuller Co. | 1,896 | 114,044 | ||||||
| IAMGOLD Corp. (a) | 5,894 | 43,321 | ||||||
| International Paper Co. | 16,027 | 750,544 | ||||||
| Knife River Corp. (a) | 5,330 | 435,141 | ||||||
| Louisiana-Pacific Corp. | 1,065 | 91,579 | ||||||
| Martin Marietta Materials, Inc. | 976 | 535,785 | ||||||
| OR Royalties, Inc. | 11,965 | 307,620 | ||||||
| PureCycle Technologies, Inc. (a) (b) | 991 | 13,577 | ||||||
| Quaker Chemical Corp. (b) | 740 | 82,836 | ||||||
| Reliance, Inc. | 2,091 | 656,365 | ||||||
| Royal Gold, Inc. | 18 | 3,201 | ||||||
| Sealed Air Corp. | 8,108 | 251,591 | ||||||
| Stora Enso OYJ Class R (b) | 26,372 | 285,929 | ||||||
| Warrior Met Coal, Inc. | 3,589 | 164,484 | ||||||
| West Fraser Timber Co. Ltd. (WFG (CN) | 359 | 26,326 | ||||||
| West Fraser Timber Co. Ltd. (WFG US) (b) | 195 | 14,294 | ||||||
| Westlake Corp. | 3,613 | 274,335 | ||||||
| 7,003,524 | ||||||||
| Real Estate — 5.1% | ||||||||
| American Assets Trust, Inc. | 3,244 | 64,069 | ||||||
| Apartment Investment & Management Co. Class A | 33,088 | 286,211 | ||||||
| CareTrust REIT, Inc. | 3,345 | 102,357 | ||||||
| Colliers International Group, Inc. | 1,380 | 180,145 | ||||||
| CoStar Group, Inc. (a) | 5,564 | 447,346 | ||||||
| CubeSmart | 9,143 | 388,578 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Curbline Properties Corp. | 14,661 | $ | 334,711 | |||||
| EastGroup Properties, Inc. | 1,754 | 293,129 | ||||||
| Empire State Realty Trust, Inc. Class A | 5,612 | 45,401 | ||||||
| Equity Residential | 6,862 | 463,116 | ||||||
| Essential Properties Realty Trust, Inc. | 6,341 | 202,341 | ||||||
| FirstService Corp. | 1,788 | 312,221 | ||||||
| Flagship Communities REIT | 3,355 | 60,357 | ||||||
| Highwoods Properties, Inc. | 5,542 | 172,301 | ||||||
| Hudson Pacific Properties, Inc. | 15,646 | 42,870 | ||||||
| Independence Realty Trust, Inc. (b) | 18,580 | 328,680 | ||||||
| Jones Lang LaSalle, Inc. (a) | 984 | 251,688 | ||||||
| Kilroy Realty Corp. | 4,939 | 169,457 | ||||||
| Landbridge Co. LLC Class A | 1,464 | 98,937 | ||||||
| Lineage, Inc. (b) | 5,087 | 221,386 | ||||||
| Macerich Co. | 10,419 | 168,579 | ||||||
| NETSTREIT Corp. | 7,945 | 134,509 | ||||||
| Opendoor Technologies, Inc. (a) | 26,706 | 14,234 | ||||||
| Pebblebrook Hotel Trust | 16,880 | 168,631 | ||||||
| Rayonier, Inc. | 11,409 | 253,052 | ||||||
| Redfin Corp. (a) | 7,380 | 82,582 | ||||||
| Regency Centers Corp. | 6,622 | 471,685 | ||||||
| Rexford Industrial Realty, Inc. | 7,853 | 279,331 | ||||||
| Ryman Hospitality Properties, Inc. | 1,458 | 143,861 | ||||||
| Safehold, Inc. | 6,957 | 108,251 | ||||||
| Saul Centers, Inc. | 2,078 | 70,943 | ||||||
| Smartstop Self Storage REIT, Inc. | 1,065 | 38,585 | ||||||
| St. Joe Co. | 559 | 26,664 | ||||||
| Sun Communities, Inc. | 5,470 | 691,900 | ||||||
| Terreno Realty Corp. | 6,273 | 351,727 | ||||||
| UMH Properties, Inc. | 9,358 | 157,121 | ||||||
| UNITE Group PLC | 4,352 | 50,808 | ||||||
| Vornado Realty Trust | 7,832 | 299,496 | ||||||
| Weyerhaeuser Co. | 14,747 | 378,850 | ||||||
| 8,356,110 | ||||||||
| Utilities — 3.2% | ||||||||
| Ameren Corp. | 5,960 | 572,398 | ||||||
| Artesian Resources Corp. Class A | 1,664 | 55,844 | ||||||
| California Water Service Group | 4,514 | 205,297 | ||||||
| CenterPoint Energy, Inc. | 10,977 | 403,295 | ||||||
| Chesapeake Utilities Corp. | 3,320 | 399,130 | ||||||
| Consolidated Edison, Inc. | 3,986 | 399,995 | ||||||
| Dominion Energy, Inc. | 11,139 | 629,576 | ||||||
| FirstEnergy Corp. | 11,952 | 481,187 | ||||||
| Hawaiian Electric Industries, Inc. (a) | 17,612 | 187,216 | ||||||
| IDACORP, Inc. | 2,617 | 302,133 | ||||||
| MDU Resources Group, Inc. | 1,287 | 21,454 | ||||||
| MGE Energy, Inc. | 469 | 41,478 | ||||||
| Middlesex Water Co. | 2,209 | 119,684 | ||||||
| OGE Energy Corp. | 6,323 | 280,615 | ||||||
| ONE Gas, Inc. | 3,188 | 229,090 | ||||||
| PG&E Corp. | 31,912 | 444,853 | ||||||
| Southwest Gas Holdings, Inc. | 1,794 | 133,456 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TXNM Energy, Inc. | 6,412 | $ | 361,124 | |||||
| 5,267,825 | ||||||||
| TOTAL COMMON STOCK (Cost $147,781,225) | 158,996,714 | |||||||
| Preferred Stock — 0.1% | ||||||||
| Health Care — 0.1% | ||||||||
| Kardium, Inc., Series D-5 (Acquired 11/29/18, Cost $29,906) (e) (f) | 30,866 | 309 | ||||||
| Kardium, Inc., Series D-6 (Acquired 1/08/21, Cost $145,349) (e) (f) | 143,083 | 1,431 | ||||||
| Sartorius AG 0.342% | 406 | 103,331 | ||||||
| 105,071 | ||||||||
| TOTAL PREFERRED STOCK (Cost $292,790) | 105,071 | |||||||
| TOTAL EQUITIES (Cost $148,074,015) | 159,101,785 | |||||||
| Principal Amount | ||||||||
| Bonds & Notes — 0.1% | ||||||||
| Corporate Debt — 0.1% | ||||||||
| Semiconductors — 0.1% | ||||||||
| Wolfspeed, Inc. | ||||||||
| Convertible, 0.250% 2/15/28 | $ | 79,000 | 19,553 | |||||
| 1.875% 12/01/29 | 339,000 | 83,902 | ||||||
| 103,455 | ||||||||
| TOTAL CORPORATE DEBT (Cost $231,648) | 103,455 | |||||||
| TOTAL BONDS & NOTES (Cost $231,648) | 103,455 | |||||||
| Number of Shares | ||||||||
| Rights — 0.0% | ||||||||
| Health Care — 0.0% | ||||||||
| AstraZeneca PLC, CVR (a) (c) (d) | 16,791 | — | ||||||
| TOTAL RIGHTS (Cost $5,205) | — | |||||||
| Warrants — 0.0% | ||||||||
| Communication Services — 0.0% | ||||||||
| Advantage Solutions, Inc., Expires 10/28/25, Strike 11.5 (a) | 3,668 | 54 | ||||||
| Financials — 0.0% | ||||||||
| Grasshopper Bancorp, Inc. (Acquired 10/15/18, Cost $0) (a) (e) (f) | 1,432 | 14 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Health Care — 0.0% | ||||||||
| Revolution Medicines, Inc., Expires 12/17/26, Strike 11.5 (a) | 1,166 | $ | 315 | |||||
| TOTAL WARRANTS (Cost $6,869) | 383 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $148,317,737) | 159,205,623 | |||||||
| Short-Term Investments — 3.5% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.340% (g) | 1,101,826 | 1,101,826 | ||||||
| Mutual Fund — 2.3% | ||||||||
| T. Rowe Price Government Reserve Investment Fund, 1.200% (h) | 3,749,081 | 3,749,081 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.6% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/25, 2.750%, due 7/01/25 (i) | $ | 963,223 | 963,223 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,814,130) | 5,814,130 | |||||||
| TOTAL INVESTMENTS — 101.3% (Cost $154,131,867) (j) | 165,019,753 | |||||||
| Other Assets/(Liabilities) — (1.3)% | (2,192,605 | ) | ||||||
| NET ASSETS — 100.0% | $ | 162,827,148 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2025, was $3,739,920 or 2.30% of net assets. The Fund received $2,779,866 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Investment is valued using significant unobservable inputs. |
| (d) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2025, these securities amounted to a value of $0 or 0.00% of net assets. |
| (e) | Restricted security. Certain securities are restricted to resale. At June 30, 2025, these securities amounted to a value of $1,837 or 0.00% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (f) | This security is valued using an agreed upon price from an executed securities purchase agreement. The total value of these securities as of June 30, 2025 was $1,837. |
| (g) | Represents investment of security lending cash collateral and 7-day effective yield as of June 30, 2025. (Note 2). |
| (h) | Rate disclosed is the 7-day net yield as of June 30, 2025. |
| (i) | Maturity value of $963,297. Collateralized by U.S. Government Agency obligations with a rate of 4.125%, maturity date of 9/30/27, and an aggregate market value, including accrued interest, of $982,497. |
| (j) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement Balanced Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 39.9% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 1,703,688 | $ | 20,750,921 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 2,464,467 | 35,241,873 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 443,893 | 5,189,111 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 798,226 | 8,836,364 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 609,983 | 7,874,877 | ||||||
| 77,893,146 | ||||||||
| Fixed Income Funds — 60.1% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 4,821,647 | 42,285,843 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 301,701 | 2,673,075 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 858,344 | 6,669,336 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 688,802 | 6,412,746 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 210,193 | 1,984,220 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 717,069 | 5,693,525 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 8,116,713 | 38,797,886 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 736,476 | 5,280,532 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 7,515,893 | 7,515,893 | ||||||
| 117,313,056 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $191,542,164) | 195,206,202 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $191,542,164) | 195,206,202 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $191,542,164) (b) | 195,206,202 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (31,887 | ) | ||||||
| NET ASSETS — 100.0% | $ | 195,174,315 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2005 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 99.7% | ||||||||
| Equity Funds — 40.7% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 40,245 | $ | 490,180 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 56,813 | 812,423 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 10,466 | 122,349 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 18,875 | 208,950 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 14,262 | 184,124 | ||||||
| 1,818,026 | ||||||||
| Fixed Income Funds — 59.0% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 113,096 | 991,856 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 6,748 | 59,783 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 20,191 | 156,887 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 16,113 | 150,016 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 4,935 | 46,587 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 16,607 | 131,862 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 165,751 | 792,288 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 17,545 | 125,794 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 175,350 | 175,350 | ||||||
| 2,630,423 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $4,345,907) | 4,448,449 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $4,345,907) | 4,448,449 | |||||||
| TOTAL INVESTMENTS — 99.7% (Cost $4,345,907) (b) | 4,448,449 | |||||||
| Other Assets/(Liabilities) — 0.3% | 11,482 | |||||||
| NET ASSETS — 100.0% | $ | 4,459,931 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2010 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 44.9% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 458,065 | $ | 5,579,237 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 653,898 | 9,350,744 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 118,460 | 1,384,796 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 213,129 | 2,359,334 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 162,831 | 2,102,147 | ||||||
| 20,776,258 | ||||||||
| Fixed Income Funds — 55.1% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 1,119,375 | 9,816,921 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 66,158 | 586,161 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 199,939 | 1,553,526 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 153,298 | 1,427,205 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 47,343 | 446,914 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 161,459 | 1,281,986 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 1,533,031 | 7,327,889 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 182,105 | 1,305,692 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1,784,026 | 1,784,026 | ||||||
| 25,530,320 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $44,687,438) | 46,306,578 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $44,687,438) | 46,306,578 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $44,687,438) (b) | 46,306,578 | |||||||
| Other Assets/(Liabilities) — 0.0% | 4,295 | |||||||
| NET ASSETS — 100.0% | $ | 46,310,873 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2015 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 47.9% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 267,816 | $ | 3,261,997 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 387,174 | 5,536,590 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 69,412 | 811,426 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 120,870 | 1,338,034 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 94,848 | 1,224,486 | ||||||
| 12,172,533 | ||||||||
| Fixed Income Funds — 52.1% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 597,725 | 5,242,051 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 35,694 | 316,250 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 106,300 | 825,953 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 81,024 | 754,335 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 24,594 | 232,165 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 85,192 | 676,428 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 738,293 | 3,529,038 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 99,826 | 715,750 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 956,677 | 956,677 | ||||||
| 13,248,647 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $24,593,041) | 25,421,180 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $24,593,041) | 25,421,180 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $24,593,041) (b) | 25,421,180 | |||||||
| Other Assets/(Liabilities) — 0.0% | 7,574 | |||||||
| NET ASSETS — 100.0% | $ | 25,428,754 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2020 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 50.9% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 975,408 | $ | 11,880,466 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 1,408,694 | 20,144,322 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 251,384 | 2,938,679 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 439,132 | 4,861,188 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 346,227 | 4,469,793 | ||||||
| 44,294,448 | ||||||||
| Fixed Income Funds — 49.1% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 1,986,580 | 17,422,304 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 117,978 | 1,045,281 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 352,478 | 2,738,753 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 269,433 | 2,508,421 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 80,409 | 759,062 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 277,128 | 2,200,393 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 2,159,957 | 10,324,594 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 337,863 | 2,422,476 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 3,300,732 | 3,300,732 | ||||||
| 42,722,016 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $83,753,460) | 87,016,464 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $83,753,460) | 87,016,464 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $83,753,460) (b) | 87,016,464 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (10,610 | ) | ||||||
| NET ASSETS — 100.0% | $ | 87,005,854 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2025 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 54.9% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 1,648,143 | $ | 20,074,377 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 2,401,700 | 34,344,311 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 431,410 | 5,043,178 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 747,575 | 8,275,660 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 574,963 | 7,422,775 | ||||||
| 75,160,301 | ||||||||
| Fixed Income Funds — 45.1% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2,935,770 | 25,746,703 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 166,785 | 1,477,716 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 527,030 | 4,095,022 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 381,157 | 3,548,569 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 114,720 | 1,082,954 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 398,034 | 3,160,392 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 2,856,317 | 13,653,193 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 539,704 | 3,869,680 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 5,157,643 | 5,157,643 | ||||||
| 61,791,872 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $132,321,902) | 136,952,173 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $132,321,902) | 136,952,173 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $132,321,902) (b) | 136,952,173 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (20,512 | ) | ||||||
| NET ASSETS — 100.0% | $ | 136,931,661 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2030 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 64.9% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 4,144,846 | $ | 50,484,220 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 6,089,161 | 87,075,006 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1,014,838 | 11,863,453 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1,858,427 | 20,572,785 | ||||||
| T. Rowe Price Hedged Equity Fund, Class I | 676,740 | 8,736,710 | ||||||
| 178,732,174 | ||||||||
| Fixed Income Funds — 35.1% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 4,926,763 | 43,207,710 | ||||||
| T. Rowe Price Dynamic Credit Fund, Class I | 111,561 | 988,428 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 879,504 | 6,833,747 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 629,786 | 5,863,311 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 181,756 | 1,715,780 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 649,603 | 5,157,845 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 2,991,086 | 14,297,389 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 1,188,487 | 8,521,453 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 10,162,546 | 10,162,546 | ||||||
| 96,748,209 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $267,797,571) | 275,480,383 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $267,797,571) | 275,480,383 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $267,797,571) (b) | 275,480,383 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (81,472 | ) | ||||||
| NET ASSETS — 100.0% | $ | 275,398,911 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2035 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 76.8% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 3,981,402 | $ | 48,493,472 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 5,856,806 | 83,752,319 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 920,526 | 10,760,944 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1,782,880 | 19,736,482 | ||||||
| 162,743,217 | ||||||||
| Fixed Income Funds — 23.2% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2,786,047 | 24,433,631 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 506,298 | 3,933,937 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 306,472 | 2,853,259 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 90,334 | 852,757 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 328,795 | 2,610,632 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 209,675 | 1,002,247 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 859,296 | 6,161,151 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 7,230,303 | 7,230,303 | ||||||
| 49,077,917 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $206,622,929) | 211,821,134 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $206,622,929) | 211,821,134 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $206,622,929) (b) | 211,821,134 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (61,396 | ) | ||||||
| NET ASSETS — 100.0% | $ | 211,759,738 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2040 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 86.8% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 5,795,956 | $ | 70,594,748 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 8,583,110 | 122,738,479 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1,328,412 | 15,529,131 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 2,587,447 | 28,643,040 | ||||||
| 237,505,398 | ||||||||
| Fixed Income Funds — 13.2% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 1,835,325 | 16,095,798 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 323,386 | 2,512,711 | ||||||
| T. Rowe Price Emerging Markets Bond Fund, Class I | 155,795 | 1,450,453 | ||||||
| T. Rowe Price Institutional Floating Rate Fund, Institutional Shares | 49,560 | 467,850 | ||||||
| T. Rowe Price Institutional High Yield Fund, Institutional Shares | 175,162 | 1,390,783 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 270,684 | 1,293,869 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 665,922 | 4,774,658 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 8,056,668 | 8,056,668 | ||||||
| 36,042,790 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $266,497,557) | 273,548,188 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $266,497,557) | 273,548,188 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $266,497,557) (b) | 273,548,188 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (104,482 | ) | ||||||
| NET ASSETS — 100.0% | $ | 273,443,706 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2045 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 94.7% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 4,242,014 | $ | 51,667,734 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 6,322,632 | 90,413,644 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 975,976 | 11,409,162 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1,894,687 | 20,974,182 | ||||||
| 174,464,722 | ||||||||
| Fixed Income Funds — 5.3% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 308,113 | 2,702,152 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 55,722 | 432,964 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 182,680 | 873,209 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 176,357 | 1,264,481 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 4,527,993 | 4,527,993 | ||||||
| 9,800,799 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $180,238,070) | 184,265,521 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $180,238,070) | 184,265,521 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $180,238,070) (b) | 184,265,521 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (59,320 | ) | ||||||
| NET ASSETS — 100.0% | $ | 184,206,201 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2050 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 96.6% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 4,759,201 | $ | 57,967,069 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 7,098,157 | 101,503,639 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 1,090,181 | 12,744,210 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 2,121,477 | 23,484,756 | ||||||
| 195,699,674 | ||||||||
| Fixed Income Funds — 3.4% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 147,773 | 1,295,969 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 23,588 | 183,279 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 2,824 | 13,501 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 82,006 | 587,987 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 4,768,360 | 4,768,360 | ||||||
| 6,849,096 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $196,287,081) | 202,548,770 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $196,287,081) | 202,548,770 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $196,287,081) (b) | 202,548,770 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (82,118 | ) | ||||||
| NET ASSETS — 100.0% | $ | 202,466,652 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2055 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 97.6% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 2,474,117 | $ | 30,134,746 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 3,686,184 | 52,712,428 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 561,969 | 6,569,420 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 1,110,295 | 12,290,961 | ||||||
| 101,707,555 | ||||||||
| Fixed Income Funds — 2.4% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 72,333 | 634,363 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 3,886 | 30,193 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 1,853 | 8,856 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 37,898 | 271,730 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1,593,643 | 1,593,643 | ||||||
| 2,538,785 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $102,076,728) | 104,246,340 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $102,076,728) | 104,246,340 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $102,076,728) (b) | 104,246,340 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (30,980 | ) | ||||||
| NET ASSETS — 100.0% | $ | 104,215,360 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2060 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 100.0% | ||||||||
| Equity Funds — 97.6% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 2,160,099 | $ | 26,310,007 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 3,220,887 | 46,058,689 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 490,787 | 5,737,301 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 969,708 | 10,734,666 | ||||||
| 88,840,663 | ||||||||
| Fixed Income Funds — 2.4% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 57,982 | 508,499 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 6,295 | 48,915 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 1,519 | 7,263 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 33,915 | 243,169 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 1,410,585 | 1,410,585 | ||||||
| 2,218,431 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $89,364,013) | 91,059,094 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $89,364,013) | 91,059,094 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $89,364,013) (b) | 91,059,094 | |||||||
| Other Assets/(Liabilities) — (0.0)% | (30,407 | ) | ||||||
| NET ASSETS — 100.0% | $ | 91,028,687 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Select T. Rowe Price Retirement 2065 Fund — Portfolio of Investments |
| June 30, 2025 (Unaudited) |
| Number of Shares | Value | |||||||
| Mutual Funds — 99.8% | ||||||||
| Equity Funds — 97.4% | ||||||||
| MassMutual Select T. Rowe Price International Equity Fund, Class I (a) | 105,034 | $ | 1,279,319 | |||||
| MassMutual Select T. Rowe Price Large Cap Blend Fund, Class I (a) | 156,360 | 2,235,943 | ||||||
| MassMutual Select T. Rowe Price Real Assets Fund, Class I (a) | 23,866 | 278,994 | ||||||
| MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund, Class I (a) | 47,491 | 525,724 | ||||||
| 4,319,980 | ||||||||
| Fixed Income Funds — 2.4% | ||||||||
| MassMutual Select T. Rowe Price Bond Asset Fund, Class I (a) | 2,616 | 22,946 | ||||||
| T. Rowe Price Dynamic Global Bond Fund, Class I | 498 | 3,869 | ||||||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund, Class I | 55 | 265 | ||||||
| T. Rowe Price U.S. Treasury Long-Term Index Fund, Class I | 1,634 | 11,719 | ||||||
| T. Rowe Price U.S. Treasury Money Fund, Inc., Class I | 68,996 | 68,996 | ||||||
| 107,795 | ||||||||
| TOTAL MUTUAL FUNDS (Cost $4,459,621) | 4,427,775 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $4,459,621) | 4,427,775 | |||||||
| TOTAL INVESTMENTS — 99.8% (Cost $4,459,621) (b) | 4,427,775 | |||||||
| Other Assets/(Liabilities) — 0.2% | 9,643 | |||||||
| NET ASSETS — 100.0% | $ | 4,437,418 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Affiliated issuer. |
| (b) | See Note 3 for aggregate cost for federal tax purposes. |
| Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MassMutual Select Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated May 28, 1993, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):
MassMutual Total Return Bond Fund (“Total Return Bond Fund”)
MassMutual Diversified Value Fund (“Diversified Value Fund”)
MM S&P 500® Index Fund (“S&P 500 Index Fund”)
MassMutual Equity Opportunities Fund (“Equity Opportunities Fund”)
MassMutual Blue Chip Growth Fund (“Blue Chip Growth Fund”)
MassMutual Small Company Value Fund (“Small Company Value Fund”)
MassMutual Mid Cap Growth Fund (“Mid Cap Growth Fund”)
MassMutual Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)
MassMutual Overseas Fund (“Overseas Fund”)
MassMutual Select T. Rowe Price International Equity Fund (“MM Select T. Rowe Price International Equity Fund”)
MassMutual 20/80 Allocation Fund (“20/80 Allocation Fund”)
MassMutual 40/60 Allocation Fund (“40/60 Allocation Fund”)
MassMutual 60/40 Allocation Fund (“60/40 Allocation Fund”)
MassMutual 80/20 Allocation Fund (“80/20 Allocation Fund”)
MassMutual Select T. Rowe Price Bond Asset Fund (“MM Select T. Rowe Price Bond Asset Fund”)
MassMutual Select T. Rowe Price Large Cap Blend Fund (“MM Select T. Rowe Price Large Cap Blend Fund”)
MassMutual Select T. Rowe Price Real Assets Fund (“MM Select T. Rowe Price Real Assets Fund”)
MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund (“MM Select T. Rowe Price Small and Mid Cap Blend Fund”)
MassMutual Select T. Rowe Price Retirement Balanced Fund (“MM Select T. Rowe Price Retirement Balanced Fund”)
MassMutual Select T. Rowe Price Retirement 2005 Fund (“MM Select T. Rowe Price Retirement 2005 Fund”)
MassMutual Select T. Rowe Price Retirement 2010 Fund (“MM Select T. Rowe Price Retirement 2010 Fund”)
MassMutual Select T. Rowe Price Retirement 2015 Fund (“MM Select T. Rowe Price Retirement 2015 Fund”)
MassMutual Select T. Rowe Price Retirement 2020 Fund (“MM Select T. Rowe Price Retirement 2020 Fund”)
MassMutual Select T. Rowe Price Retirement 2025 Fund (“MM Select T. Rowe Price Retirement 2025 Fund”)
MassMutual Select T. Rowe Price Retirement 2030 Fund (“MM Select T. Rowe Price Retirement 2030 Fund”)
MassMutual Select T. Rowe Price Retirement 2035 Fund (“MM Select T. Rowe Price Retirement 2035 Fund”)
MassMutual Select T. Rowe Price Retirement 2040 Fund (“MM Select T. Rowe Price Retirement 2040 Fund”)
MassMutual Select T. Rowe Price Retirement 2045 Fund (“MM Select T. Rowe Price Retirement 2045 Fund”)
MassMutual Select T. Rowe Price Retirement 2050 Fund (“MM Select T. Rowe Price Retirement 2050 Fund”)
MassMutual Select T. Rowe Price Retirement 2055 Fund (“MM Select T. Rowe Price Retirement 2055 Fund”)
MassMutual Select T. Rowe Price Retirement 2060 Fund (“MM Select T. Rowe Price Retirement 2060 Fund”)
MassMutual Select T. Rowe Price Retirement 2065 Fund (“MM Select T. Rowe Price Retirement 2065 Fund”)
The 20/80 Allocation Fund, 40/60 Allocation Fund, 60/40 Allocation Fund, and 80/20 Allocation Fund (the “MM Target Allocation Funds”) invest their investable assets in shares of MassMutual Funds advised by MML Investment Advisers, LLC (“MML Advisers”) and non-affiliated mutual funds (together, the “MM Target Allocation Underlying Funds”).
The MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 Fund (the “MM Select T. Rowe Price Retirement Funds”) invest their investable assets in shares of MassMutual Funds and T. Rowe Price Funds (together, the “MM Select T. Rowe Price Underlying Funds”). The MM Target Allocation Underlying Funds and MM Select T. Rowe Price Underlying Funds are hereinafter collectively referred to as the (“Underlying Funds”).
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.
Each Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 impacts financial statement disclosures only and does not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. MML Advisers acts as each Fund’s CODM. Each Fund represents a single operating segment, and the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund’s portfolio managers as a team. The financial information in the form of each Fund’s portfolio composition, total returns, expense ratios, and changes in net assets, which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmark(s) and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within each Fund’s financial statements.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
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 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.
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.
Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including, but not limited to, the following:
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security’s underlying assets and liabilities.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing the Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including fair value factors, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.
In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.
The MM Target Allocation Funds and the MM Select T. Rowe Price Retirement Funds characterized all investments at Level 1, as of June 30, 2025. For each Fund noted in the preceding sentence, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The following is the aggregate value by input level, as of June 30, 2025, for the remaining Funds’ investments:
Total Return Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Bank Loans | $ | — | $ | 7,916,893 | $ | — | $ | 7,916,893 | ||||||||
| Corporate Debt | — | 75,693,108 | — | 75,693,108 | ||||||||||||
| Municipal Obligations | — | 3,306,498 | — | 3,306,498 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 80,468,697 | — | 80,468,697 | ||||||||||||
| Sovereign Debt Obligations | — | 2,317,485 | — | 2,317,485 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 158,674,871 | — | 158,674,871 | ||||||||||||
| U.S. Treasury Obligations | — | 105,958,605 | — | 105,958,605 | ||||||||||||
| Common Stock | 717,815 | — | — | 717,815 | ||||||||||||
| Purchased Options | — | 224,523 | — | 224,523 | ||||||||||||
| Short-Term Investments | 1,194,448 | 43,427,198 | — | 44,621,646 | ||||||||||||
| Total Investments | $ | 1,912,263 | $ | 477,987,878 | $ | — | $ | 479,900,141 | ||||||||
| Liability Investments | ||||||||||||||||
| Unfunded Loan Commitments** | $ | — | $ | (183 | ) | $ | — | $ | (183 | ) | ||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 127,170 | $ | — | $ | 127,170 | ||||||||
| Futures Contracts | 1,176,373 | — | — | 1,176,373 | ||||||||||||
| Total | $ | 1,176,373 | $ | 127,170 | $ | — | $ | 1,303,543 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (1,128,376 | ) | $ | — | $ | (1,128,376 | ) | ||||||
| Futures Contracts | (14,501 | ) | — | — | (14,501 | ) | ||||||||||
| Total | $ | (14,501 | ) | $ | (1,128,376 | ) | $ | — | $ | (1,142,877 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Diversified Value Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 326,181,165 | $ | — | $ | — | $ | 326,181,165 | ||||||||
| Exchange-Traded Funds | 5,826,900 | — | — | 5,826,900 | ||||||||||||
| Short-Term Investments | 567,147 | 890,396 | — | 1,457,543 | ||||||||||||
| Total Investments | $ | 332,575,212 | $ | 890,396 | $ | — | $ | 333,465,608 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
S&P 500 Index Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 2,214,159,743 | $ | — | $ | — | $ | 2,214,159,743 | ||||||||
| Short-Term Investments | 331,776 | 1,534,881 | — | 1,866,657 | ||||||||||||
| Total Investments | $ | 2,214,491,519 | $ | 1,534,881 | $ | — | $ | 2,216,026,400 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 503,466 | $ | — | $ | — | $ | 503,466 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Equity Opportunities Fund | ||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 365,533,580 | $ | 5,285,208 | * | $ | — | $ | 370,818,788 | |||||||
| Preferred Stock | — | 802,524 | * | — | 802,524 | |||||||||||
| Short-Term Investments | 101 | 1,480,164 | — | 1,480,265 | ||||||||||||
| Total Investments | $ | 365,533,681 | $ | 7,567,896 | $ | — | $ | 373,101,577 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Blue Chip Growth Fund | ||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 2,150,363,931 | $ | 2,410,145 | $ | — | $ | 2,152,774,076 | ||||||||
| Corporate Debt | — | 3,337,117 | — | 3,337,117 | ||||||||||||
| Short-Term Investments | 6,820,798 | — | — | 6,820,798 | ||||||||||||
| Total Investments | $ | 2,157,184,729 | $ | 5,747,262 | $ | — | $ | 2,162,931,991 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Small Company Value Fund | |||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 45,068,584 | $ | 118,535 | * | $ | — | $ | 45,187,119 | |||||||
| Short-Term Investments | 1,669,564 | 246,775 | — | 1,916,339 | ||||||||||||
| Total Investments | $ | 46,738,148 | $ | 365,310 | $ | — | $ | 47,103,458 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (2,332 | ) | $ | — | $ | (2,332 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Mid Cap Growth Fund | ||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 4,093,411,236 | $ | — | $ | — | $ | 4,093,411,236 | ||||||||
| Short-Term Investments | 8,472,455 | 109,891,624 | — | 118,364,079 | ||||||||||||
| Total Investments | $ | 4,101,883,691 | $ | 109,891,624 | $ | — | $ | 4,211,775,315 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Small Cap Growth Equity Fund | ||||||||||||||||
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 545,048,635 | $ | 737,490 | * | $ | — | $ | 545,786,125 | |||||||
| Exchange-Traded Funds | 2,374,887 | — | — | 2,374,887 | ||||||||||||
| Short-Term Investments | 24,856 | 5,221,321 | — | 5,246,177 | ||||||||||||
| Total Investments | $ | 547,448,378 | $ | 5,958,811 | $ | — | $ | 553,407,189 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Overseas Fund |
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Australia | $ | — | $ | 5,734,913 | $ | — | $ | 5,734,913 | ||||||||
| Canada | 9,816,386 | — | — | 9,816,386 | ||||||||||||
| China | — | 10,144,296 | — | 10,144,296 | ||||||||||||
| Denmark | — | 9,091,945 | — | 9,091,945 | ||||||||||||
| France | — | 66,984,924 | — | 66,984,924 | ||||||||||||
| Germany | — | 51,733,291 | — | 51,733,291 | ||||||||||||
| Hong Kong | — | 7,902,522 | — | 7,902,522 | ||||||||||||
| India | — | 3,515,758 | — | 3,515,758 | ||||||||||||
| Indonesia | — | 2,385,858 | — | 2,385,858 | ||||||||||||
| Ireland | — | 3,687,168 | — | 3,687,168 | ||||||||||||
| Israel | 2,942,625 | — | — | 2,942,625 | ||||||||||||
| Italy | 5,814,347 | 8,433,177 | — | 14,247,524 | ||||||||||||
| Japan | — | 57,702,010 | — | 57,702,010 | ||||||||||||
| Luxembourg | — | 2,405,378 | — | 2,405,378 | ||||||||||||
| Netherlands | 1,430,481 | 10,369,425 | — | 11,799,906 | ||||||||||||
| Portugal | — | 2,049,104 | — | 2,049,104 | ||||||||||||
| Republic of Korea | — | 3,719,708 | — | 3,719,708 | ||||||||||||
| Singapore | — | 2,943,662 | — | 2,943,662 | ||||||||||||
| Spain | — | 4,858,224 | — | 4,858,224 | ||||||||||||
| Sweden | — | 4,397,442 | — | 4,397,442 | ||||||||||||
| Switzerland | — | 18,262,826 | — | 18,262,826 | ||||||||||||
| Taiwan | 5,272,008 | — | — | 5,272,008 | ||||||||||||
| United Kingdom | 1,583,682 | 43,550,425 | — | 45,134,107 | ||||||||||||
| United States | 6,187,950 | 34,197,527 | — | 40,385,477 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Republic of Korea | — | 2,205,812 | — | 2,205,812 | ||||||||||||
| Short-Term Investments | 1,480,914 | 3,835,872 | — | 5,316,786 | ||||||||||||
| Total Investments | $ | 34,528,393 | $ | 360,111,267 | $ | — | $ | 394,639,660 | ||||||||
| 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* | ||||||||||||||||
| Argentina | $ | 117,510 | $ | — | $ | — | $ | 117,510 | ||||||||
| Australia | — | 4,713,379 | — | 4,713,379 | ||||||||||||
| Austria | — | 3,639,717 | — | 3,639,717 | ||||||||||||
| Brazil | 7,982,072 | — | — | 7,982,072 | ||||||||||||
| Canada | 15,259,589 | — | — | 15,259,589 | ||||||||||||
| Chile | 546,182 | 703,825 | — | 1,250,007 | ||||||||||||
| China | 4,222,969 | 29,407,797 | — | 33,630,766 | ||||||||||||
| Denmark | 1,240,289 | 1,017,782 | — | 2,258,071 | ||||||||||||
| Finland | — | 2,718,211 | — | 2,718,211 | ||||||||||||
| France | — | 28,174,210 | — | 28,174,210 | ||||||||||||
| Germany | — | 24,572,892 | — | 24,572,892 | ||||||||||||
| Guatemala | 668,765 | — | — | 668,765 | ||||||||||||
| Hong Kong | 598,052 | 4,684,522 | — | 5,282,574 | ||||||||||||
| Hungary | — | 1,782,869 | — | 1,782,869 | ||||||||||||
| India | 671,363 | 18,599,265 | — | 19,270,628 | ||||||||||||
| Indonesia | — | 3,565,506 | — | 3,565,506 | ||||||||||||
| Ireland | 1,309,932 | 666,454 | — | 1,976,386 | ||||||||||||
| Italy | 979,294 | 11,056,361 | — | 12,035,655 | ||||||||||||
| Japan | — | 54,132,796 | — | 54,132,796 | ||||||||||||
| Luxembourg | — | 1,745,798 | — | 1,745,798 | ||||||||||||
| Macau | — | 422,723 | — | 422,723 | ||||||||||||
| Malaysia | — | 660,951 | — | 660,951 | ||||||||||||
| Mexico | 2,928,338 | — | — | 2,928,338 | ||||||||||||
| Netherlands | 2,008,845 | 15,504,854 | — | 17,513,699 | ||||||||||||
| Norway | — | 2,756,119 | — | 2,756,119 | ||||||||||||
| Philippines | — | 1,278,234 | — | 1,278,234 | ||||||||||||
| Poland | — | 675,041 | — | 675,041 | ||||||||||||
| Portugal | — | 4,159,289 | — | 4,159,289 | ||||||||||||
| Republic of Korea | 1,134,258 | 12,634,533 | — | 13,768,791 | ||||||||||||
| Russia | — | — | — | + | — | |||||||||||
| Saudi Arabia | — | 3,296,336 | — | 3,296,336 | ||||||||||||
| Singapore | 1,695,364 | 3,038,797 | — | 4,734,161 | ||||||||||||
| South Africa | — | 1,369,314 | — | 1,369,314 | ||||||||||||
| Spain | — | 2,700,985 | — | 2,700,985 | ||||||||||||
| Sweden | — | 6,981,928 | — | 6,981,928 | ||||||||||||
| Switzerland | — | 6,230,684 | — | 6,230,684 | ||||||||||||
| Taiwan | — | 19,942,497 | — | 19,942,497 | ||||||||||||
| Thailand | — | 1,520,528 | — | 1,520,528 | ||||||||||||
| Turkey | — | 385,609 | — | 385,609 | ||||||||||||
| United Arab Emirates | — | 501,418 | — | 501,418 | ||||||||||||
| United Kingdom | 5,845,322 | 39,301,862 | — | 45,147,184 | ||||||||||||
| United States | 6,439,868 | 18,290,749 | — | 24,730,617 | ||||||||||||
| Vietnam | — | 733,528 | — | 733,528 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Brazil | 418,496 | — | — | 418,496 | ||||||||||||
| Germany | — | 667,679 | — | 667,679 | ||||||||||||
| Warrants | — | — | — | + | — | |||||||||||
| Short-Term Investments | 9,578,759 | 1,165,305 | — | 10,744,064 | ||||||||||||
| Total Investments | $ | 63,645,267 | $ | 335,400,347 | $ | — | $ | 399,045,614 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 10,161 | $ | — | $ | 10,161 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Written Options | $ | — | $ | (643 | ) | $ | — | $ | (643 | ) | ||||||
| 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 | $ | — | $ | 5,067,671 | $ | — | $ | 5,067,671 | ||||||||
| Corporate Debt | — | 47,436,119 | — | 47,436,119 | ||||||||||||
| Municipal Obligations | — | 416,075 | — | 416,075 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 16,058,805 | — | 16,058,805 | ||||||||||||
| Sovereign Debt Obligations | — | 39,665,308 | — | 39,665,308 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 27,313,303 | — | 27,313,303 | ||||||||||||
| U.S. Treasury Obligations | — | 49,780,330 | — | 49,780,330 | ||||||||||||
| Purchased Options | — | 107,177 | — | 107,177 | ||||||||||||
| Short-Term Investments | 5,831,784 | 2,904,041 | — | 8,735,825 | ||||||||||||
| Total Investments | $ | 5,831,784 | $ | 188,748,829 | $ | — | $ | 194,580,613 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 513,927 | $ | — | $ | 513,927 | ||||||||
| Futures Contracts | 323,631 | — | — | 323,631 | ||||||||||||
| Swap Agreements | — | 628,266 | — | 628,266 | ||||||||||||
| Total | $ | 323,631 | $ | 1,142,193 | $ | — | $ | 1,465,824 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (2,026,057 | ) | $ | — | $ | (2,026,057 | ) | ||||||
| Futures Contracts | (38,851 | ) | — | — | (38,851 | ) | ||||||||||
| Swap Agreements | — | (252,328 | ) | — | (252,328 | ) | ||||||||||
| Total | $ | (38,851 | ) | $ | (2,278,385 | ) | $ | — | $ | (2,317,236 | ) | |||||
| 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 | $ | 688,609,147 | $ | 910,711 | * | $ | — | $ | 689,519,858 | |||||||
| Short-Term Investments | 6,535,301 | 1,175,101 | — | 7,710,402 | ||||||||||||
| Total Investments | $ | 695,144,448 | $ | 2,085,812 | $ | — | $ | 697,230,260 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 11,058 | $ | — | $ | — | $ | 11,058 | ||||||||
| 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* | ||||||||||||||||
| Argentina | $ | 112,688 | $ | — | $ | — | $ | 112,688 | ||||||||
| Australia | — | 8,138,064 | — | 8,138,064 | ||||||||||||
| Bahrain | — | 89,421 | — | 89,421 | ||||||||||||
| Belgium | — | 563,968 | — | + | 563,968 | |||||||||||
| Brazil | 2,333,074 | — | — | 2,333,074 | ||||||||||||
| Canada | 11,225,179 | 111,044 | — | 11,336,223 | ||||||||||||
| Chile | — | 150,862 | — | 150,862 | ||||||||||||
| China | — | 544,709 | — | 544,709 | ||||||||||||
| Congo | 176,827 | — | — | 176,827 | ||||||||||||
| Finland | — | 645,746 | — | 645,746 | ||||||||||||
| France | — | 1,393,396 | — | 1,393,396 | ||||||||||||
| Germany | — | 1,195,699 | — | 1,195,699 | ||||||||||||
| Hong Kong | — | 549,637 | — | 549,637 | ||||||||||||
| India | — | 116,866 | — | 116,866 | ||||||||||||
| Italy | — | 153,675 | — | 153,675 | ||||||||||||
| Ivory Coast | 151,340 | — | — | 151,340 | ||||||||||||
| Japan | — | 2,443,466 | — | 2,443,466 | ||||||||||||
| Kazakhstan | — | 214,473 | — | 214,473 | ||||||||||||
| Luxembourg | — | 236,744 | — | 236,744 | ||||||||||||
| Mexico | 781,124 | — | — | 781,124 | ||||||||||||
| Netherlands | — | 167,959 | — | 167,959 | ||||||||||||
| Norway | — | 61,800 | — | 61,800 | ||||||||||||
| Portugal | — | 312,994 | — | 312,994 | ||||||||||||
| Republic of Korea | — | 259,640 | — | 259,640 | ||||||||||||
| Russia | — | — | — | + | — | |||||||||||
| Saudi Arabia | — | 141,274 | — | 141,274 | ||||||||||||
| Singapore | — | 510,369 | — | 510,369 | ||||||||||||
| South Africa | 119,607 | 2,754,331 | — | 2,873,938 | ||||||||||||
| Spain | — | 203,404 | — | 203,404 | ||||||||||||
| Taiwan | — | 113,963 | — | 113,963 | ||||||||||||
| United Kingdom | 610,580 | 1,324,957 | 200,690 | 2,136,227 | ||||||||||||
| United States | 48,076,484 | 1,913,520 | — | 49,990,004 | ||||||||||||
| Vietnam | — | 650,189 | — | 650,189 | ||||||||||||
| Zambia | 461,950 | — | — | 461,950 | ||||||||||||
| Preferred Stock | ||||||||||||||||
| United States | — | 251 | — | 251 | ||||||||||||
| Mutual Funds | 88,012 | — | — | 88,012 | ||||||||||||
| Short-Term Investments | 560,918 | 967,333 | — | 1,528,251 | ||||||||||||
| Total Investments | $ | 64,697,783 | $ | 25,929,754 | $ | 200,690 | $ | 90,828,227 | ||||||||
| 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 | $ | 157,511,683 | $ | 1,485,031 | * | $ | — | + | $ | 158,996,714 | ||||||
| Preferred Stock | — | 105,071 | * | — | 105,071 | |||||||||||
| Corporate Debt | — | 103,455 | — | 103,455 | ||||||||||||
| Rights | — | — | — | + | — | |||||||||||
| Warrants | 369 | 14 | — | 383 | ||||||||||||
| Short-Term Investments | 4,850,907 | 963,223 | — | 5,814,130 | ||||||||||||
| Total Investments | $ | 162,362,959 | $ | 2,656,794 | $ | — | $ | 165,019,753 | ||||||||
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| ** | Unfunded bank loan commitments are valued at the unrealized appreciation(depreciation) on the commitment. |
| + | Represents a security at $0 value as of June 30, 2025. |
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 SAI(s) which can be found on the SEC’s EDGAR database on its website at http://www.sec.gov for more information regarding the derivatives and other investments held by the Fund(s).
Securities Lending
Each Fund, other than the MM Target Allocation Funds 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 June 30, 2025, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
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 and MM Select T. Rowe Price International Equity 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.
Market Risk
The value of a Fund’s portfolio securities may decline, at times sharply and unpredictably, as a result of unfavorable market-induced changes affecting particular industries, sectors, or issuers. Stock and bond markets can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, public health, and other conditions, as well as investor perceptions of these conditions. A Fund is subject to risks affecting issuers, such as management performance, financial leverage, industry problems, and reduced demand for goods or services.
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income are either declared daily and paid monthly or declared and paid annually depending on the requirements of each Fund. Dividends from net investment income may also be distributed at other times throughout the year as required to satisfy tax or regulatory requirements. Distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.
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 June 30, 2025, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:
| Notes to Portfolio of Investments (Unaudited) (Continued) |
| Federal Income Tax Cost |
Tax Basis Unrealized Appreciation |
Tax Basis Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
|||||||||
| Total Return Bond Fund | $ | 487,313,550 | $ | 6,336,453 | $ | (13,749,862) | $ | (7,413,409 | ) | |||
| Diversified Value Fund | 304,208,517 | 37,272,122 | (8,015,031) | 29,257,091 | ||||||||
| S&P 500 Index Fund | 1,037,823,014 | 1,224,360,316 | (46,156,930) | 1,178,203,386 | ||||||||
| Equity Opportunities Fund | 311,696,433 | 69,120,597 | (7,715,453) | 61,405,144 | ||||||||
| Blue Chip Growth Fund | 1,135,310,450 | 1,057,738,528 | (30,116,987) | 1,027,621,541 | ||||||||
| Small Company Value Fund | 46,727,029 | 4,592,071 | (4,215,642) | 376,429 | ||||||||
| Mid Cap Growth Fund | 3,453,778,277 | 927,707,898 | (169,710,860) | 757,997,038 | ||||||||
| Small Cap Growth Equity Fund | 464,100,280 | 115,606,239 | (26,299,330) | 89,306,909 | ||||||||
| Overseas Fund | 310,091,118 | 104,231,722 | (19,683,180) | 84,548,542 | ||||||||
| MM Select T. Rowe Price International Equity Fund | 331,752,213 | 78,658,004 | (11,364,603) | 67,293,401 | ||||||||
| 20/80 Allocation Fund | 182,384,406 | 3,459,443 | (6,483,372) | (3,023,929 | ) | |||||||
| 40/60 Allocation Fund | 185,531,136 | 7,067,041 | (7,793,862) | (726,821 | ) | |||||||
| 60/40 Allocation Fund | 147,547,036 | 8,951,110 | (3,274,569) | 5,676,541 | ||||||||
| 80/20 Allocation Fund | 113,067,634 | 9,665,419 | (1,814,902) | 7,850,517 | ||||||||
| MM Select T. Rowe Price Bond Asset Fund | 195,502,654 | 4,374,864 | (5,296,905) | (922,041 | ) | |||||||
| MM Select T. Rowe Price Large Cap Blend Fund | 621,020,498 | 94,410,384 | (18,200,622) | 76,209,762 | ||||||||
| MM Select T. Rowe Price Real Assets Fund | 86,950,039 | 10,507,714 | (6,629,526) | 3,878,188 | ||||||||
| MM Select T. Rowe Price Small and Mid Cap Blend Fund | 154,131,867 | 20,805,938 | (9,918,052) | 10,887,886 | ||||||||
| MM Select T. Rowe Price Retirement Balanced Fund | 191,542,164 | 7,401,347 | (3,737,309) | 3,664,038 | ||||||||
| MM Select T. Rowe Price Retirement 2005 Fund | 4,345,907 | 122,720 | (20,178) | 102,542 | ||||||||
| MM Select T. Rowe Price Retirement 2010 Fund | 44,687,438 | 1,840,230 | (221,090) | 1,619,140 | ||||||||
| MM Select T. Rowe Price Retirement 2015 Fund | 24,593,041 | 929,690 | (101,551) | 828,139 | ||||||||
| MM Select T. Rowe Price Retirement 2020 Fund | 83,753,460 | 3,638,705 | (375,701) | 3,263,004 | ||||||||
| MM Select T. Rowe Price Retirement 2025 Fund | 132,321,902 | 5,360,968 | (730,697) | 4,630,271 | ||||||||
| MM Select T. Rowe Price Retirement 2030 Fund | 267,797,571 | 9,477,431 | (1,794,619) | 7,682,812 | ||||||||
| MM Select T. Rowe Price Retirement 2035 Fund | 206,622,929 | 7,045,260 | (1,847,055) | 5,198,205 | ||||||||
| MM Select T. Rowe Price Retirement 2040 Fund | 266,497,557 | 9,400,804 | (2,350,173) | 7,050,631 | ||||||||
| MM Select T. Rowe Price Retirement 2045 Fund | 180,238,070 | 5,924,780 | (1,897,329) | 4,027,451 | ||||||||
| MM Select T. Rowe Price Retirement 2050 Fund | 196,287,081 | 7,834,683 | (1,572,994) | 6,261,689 | ||||||||
| MM Select T. Rowe Price Retirement 2055 Fund | 102,076,728 | 3,218,886 | (1,049,274) | 2,169,612 | ||||||||
| MM Select T. Rowe Price Retirement 2060 Fund | 89,364,013 | 2,571,091 | (876,010) | 1,695,081 | ||||||||
| MM Select T. Rowe Price Retirement 2065 Fund | 4,459,621 | 102,919 | (134,765) | (31,846 | ) | |||||||
4. New Accounting Pronouncements
In December 2023, FASB issued Accounting Standards Update 2023-09 — Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and allows for early adoption. Management is currently evaluating the impact of applying this update.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
5. Upcoming Fund Mergers
The respective Board of Trustees of each Selling Fund and each Acquiring Fund, as applicable, has approved the reorganization of each Selling Fund listed in the table below (each, a “Selling Fund”) with and into the corresponding Acquiring Fund listed in the table below (each, an “Acquiring Fund”). Subject to the satisfaction of certain conditions, the reorganizations are expected to occur in September 2025. No shareholder approval is required to effect the reorganization of the Selling Funds into the corresponding Acquiring Funds. No assurance can be given that the reorganizations will occur. None of the reorganizations is contingent upon any other reorganization.
| Selling Funds | Acquiring Funds | |
| Equity Opportunities Fund (a series of MassMutual Select Funds) |
Diversified Value Fund (a series of MassMutual Select Funds) | |
| Total Return Bond Fund (a series of MassMutual Select Funds) |
MassMutual Core Bond Fund (a series of MassMutual Premier Funds) |
Under the terms of the proposed Agreement and Plan of Reorganization, each Selling Fund’s assets and liabilities would be transferred to the corresponding Acquiring Fund in return for shares of the Acquiring Fund with an aggregate net asset value equal to the aggregate value of the assets that it receives from its corresponding Selling Fund, less the liabilities it assumes from that corresponding Selling Fund. The Acquiring Fund shares would be distributed pro rata to shareholders of the respective Selling Fund, in liquidation of the Selling Fund. Current shareholders of the Selling Fund would thus become shareholders of the applicable Acquiring Fund and would receive shares of the applicable Acquiring Fund with a value equal to their shares of the Selling Fund at the time of the reorganization. Assuming certain conditions are satisfied, each reorganization is expected to be a tax-free event for U.S. federal income tax purposes. More information about each Acquiring Fund and the definitive terms of each of the reorganizations is included in the combined information statement/prospectus relating to the reorganizations, which is available at https://www.massmutual.com/product-performance/mutual-funds.
6. Upcoming Fund Liquidations
The Trustees have approved a Plan of Liquidation and Termination pursuant to which it is expected that the Small Company Value Fund, MM Select T. Rowe Price International Equity Fund, MM Select T. Rowe Price Bond Asset Fund, MM Select T. Rowe Price Large Cap Blend Fund, MM Select T. Rowe Price Real Assets Fund, MM Select T. Rowe Small and Mid Cap Blend Fund, 20/80 Allocation Fund, 40/60 Allocation Fund, 60/40 Allocation Fund, 80/20 Allocation Fund, MM Select T. Rowe Price Retirement Balanced Fund, MM Select T. Rowe Price Retirement 2005 Fund, MM Select T. Rowe Price Retirement 2010 Fund, MM Select T. Rowe Price Retirement 2015 Fund, MM Select T. Rowe Price Retirement 2020 Fund, MM Select T. Rowe Price Retirement 2025 Fund, MM Select T. Rowe Price Retirement 2030 Fund, MM Select T. Rowe Price Retirement 2035 Fund, MM Select T. Rowe Price Retirement 2040 Fund, MM Select T. Rowe Price Retirement 2045 Fund, MM Select T. Rowe Price Retirement 2050 Fund, MM Select T. Rowe Price Retirement 2055 Fund, MM Select T. Rowe Price Retirement 2060 Fund, and MM Select T. Rowe Price Retirement 2065 Fund (each, a “Fund”) will be dissolved. Effective on or about September 12, 2025 (the “Termination Date”), shareholders of the various classes of shares of each Fund will receive proceeds in proportion to the number of shares of such class held by each of them on the Termination Date.