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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/24/24 Massmutual Premier Funds NPORT-P/A 12/31/23 2:3.9M FilePoint/FA → MassMutual Core Bond Fund ⇒ Administrative Class (MCBLX) — Class A (MMCBX) — Class I (MCZZX) — Class R3 (MCBNX) — Class R4 (MCZRX) — Class R5 (MCBDX) — Class Y — Service Class (MCBYX) |
Document/Exhibit Description Pages Size
1: NPORT-P/A Amendment to Monthly Portfolio Investments Report HTML 401K
(Quarterly Release) by an Investment Company --
primary_doc.xml
2: NPORT-EX Portfolio Holdings Schedule HTML 3.54M
| MassMutual Short-Duration Bond Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 89.7% | ||||||||
| CORPORATE DEBT — 45.9% | ||||||||
| Agriculture — 0.6% | ||||||||
| BAT Capital Corp. | ||||||||
| 4.700% 4/02/27 | $ | 490,000 | $ | 485,006 | ||||
| Imperial Brands Finance PLC | ||||||||
| 3.125% 7/26/24 (a) | 520,000 | 511,356 | ||||||
| 996,362 | ||||||||
| Apparel — 0.1% | ||||||||
| Tapestry, Inc. | ||||||||
| 7.000% 11/27/26 | 158,000 | 163,796 | ||||||
| Auto Manufacturers — 1.7% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 2.300% 2/10/25 | 920,000 | 884,737 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.800% 1/07/29 | 480,000 | 491,214 | ||||||
| Hyundai Capital America | ||||||||
| 6.100% 9/21/28 (a) | 550,000 | 571,525 | ||||||
| Nissan Motor Acceptance Co. LLC | ||||||||
| 1.850% 9/16/26 (a) | 1,095,000 | 984,529 | ||||||
| 2,932,005 | ||||||||
| Auto Parts & Equipment — 0.3% | ||||||||
| LG Energy Solution Ltd. | ||||||||
| 5.625% 9/25/26 (a) | 500,000 | 505,101 | ||||||
| Banks — 11.6% | ||||||||
| ABN AMRO Bank NV | ||||||||
| 4.750% 7/28/25 (a) | 1,585,000 | 1,553,078 | ||||||
| ABQ Finance Ltd. | ||||||||
| 2.000% 7/06/26 (a) | 1,200,000 | 1,100,484 | ||||||
| Bank Mandiri Persero Tbk. PT | ||||||||
| 5.500% 4/04/26 (a) | 1,082,000 | 1,084,157 | ||||||
| Bank of America Corp. Secured Overnight Financing Rate + 0.960% | ||||||||
| 1.734% VRN 7/22/27 | 975,000 | 893,247 | ||||||
| Barclays PLC | ||||||||
| 5.200% 5/12/26 | 1,340,000 | 1,331,313 | ||||||
| BPCE SA | ||||||||
| 4.625% 7/11/24 (a) | 1,200,000 | 1,186,908 | ||||||
| Credit Agricole SA Secured Overnight Financing Rate + 1.860% | ||||||||
| 6.316% VRN 10/03/29 (a) | 596,000 | 624,227 | ||||||
| Danske Bank AS 1 yr. CMT + 0.730% | ||||||||
| 1.549% VRN 9/10/27 (a) | 1,200,000 | 1,082,487 | ||||||
| Deutsche Bank AG Secured Overnight Financing Rate + 1.219% | ||||||||
| 2.311% VRN 11/16/27 | 715,000 | 653,790 | ||||||
| HSBC Holdings PLC Secured Overnight Financing Rate + 1.290% | ||||||||
| 1.589% VRN 5/24/27 | 1,150,000 | 1,054,756 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020% | ||||||||
| 6.208% VRN 8/21/29 | $ | 560,000 | $ | 577,433 | ||||
| ING Groep NV Secured Overnight Financing Rate + 1.560% | ||||||||
| 6.083% VRN 9/11/27 | 560,000 | 571,482 | ||||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522% | ||||||||
| 4.203% VRN 7/23/29 | 600,000 | 583,033 | ||||||
| Lloyds Banking Group PLC 1 yr. CMT + 1.700% | ||||||||
| 5.871% VRN 3/06/29 | 775,000 | 793,766 | ||||||
| Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069% | ||||||||
| 1.340% VRN 1/12/27 (a) | 1,050,000 | 964,674 | ||||||
| Morgan Stanley Secured Overnight Financing Rate + 1.630% | ||||||||
| 5.449% VRN 7/20/29 | 1,135,000 | 1,156,510 | ||||||
| Natwest Group PLC 1 yr. CMT + .900% | ||||||||
| 1.642% VRN 6/14/27 | 890,000 | 812,650 | ||||||
| Societe Generale SA 1 yr. CMT + 1.300% | ||||||||
| 2.797% VRN 1/19/28 (a) | 1,200,000 | 1,105,130 | ||||||
| Synovus Bank | ||||||||
| 5.625% 2/15/28 | 653,000 | 627,400 | ||||||
| Truist Financial Corp. Secured Overnight Financing Rate + 2.446% | ||||||||
| 7.161% VRN 10/30/29 | 515,000 | 556,217 | ||||||
| UBS Group AG | ||||||||
| Secured Overnight Financing Rate Index + .980% 1.305% VRN 2/02/27 (a) | 760,000 | 695,572 | ||||||
| 1 yr. CMT + 1.080% 1.364% VRN 1/30/27 (a) | 875,000 | 802,308 | ||||||
| Wells Fargo & Co. Secured Overnight Financing Rate + 1.740% | ||||||||
| 5.574% VRN 7/25/29 | 570,000 | 582,009 | ||||||
| 20,392,631 | ||||||||
| Beverages — 0.5% | ||||||||
| JDE Peet's NV | ||||||||
| 1.375% 1/15/27 (a) | 1,029,000 | 924,667 | ||||||
| Chemicals — 2.3% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.165% 7/15/27 | 425,000 | 435,776 | ||||||
| 6.350% 11/15/28 | 560,000 | 587,281 | ||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.832% 10/15/27 (a) | 555,000 | 486,337 | ||||||
| MEGlobal Canada ULC | ||||||||
| 5.000% 5/18/25 (a) | 1,050,000 | 1,036,770 | ||||||
| Yara International ASA | ||||||||
| 4.750% 6/01/28 (a) | 1,525,000 | 1,487,633 | ||||||
| 4,033,797 | ||||||||
| Commercial Services — 0.8% | ||||||||
| Triton Container International Ltd. | ||||||||
| 2.050% 4/15/26 (a) | 1,500,000 | 1,371,801 | ||||||
| Diversified Financial Services — 3.7% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 2.450% 10/29/26 | 1,000,000 | 925,921 | ||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 485,000 | 429,666 | ||||||
| 3.950% 7/15/26 (a) | 880,000 | 818,456 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.875% 2/15/25 (a) | 1,445,000 | 1,393,752 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| BGC Group, Inc. | ||||||||
| 4.375% 12/15/25 | $ | 1,340,000 | $ | 1,285,986 | ||||
| Charles Schwab Corp. | ||||||||
| 5.875% 8/24/26 | 490,000 | 502,566 | ||||||
| Secured Overnight Financing Rate + 1.878% 6.196% VRN 11/17/29 | 465,000 | 487,621 | ||||||
| REC Ltd. | ||||||||
| 2.250% 9/01/26 (a) | 800,000 | 738,216 | ||||||
| 6,582,184 | ||||||||
| Electric — 1.7% | ||||||||
| Alliant Energy Finance LLC | ||||||||
| 1.400% 3/15/26 (a) | 1,630,000 | 1,478,395 | ||||||
| Ameren Corp. | ||||||||
| 5.700% 12/01/26 | 239,000 | 244,398 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 4.950% 6/08/25 | 760,000 | 755,015 | ||||||
| Sempra | ||||||||
| 5.400% 8/01/26 | 465,000 | 471,088 | ||||||
| 2,948,896 | ||||||||
| Entertainment — 0.4% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 3.638% 3/15/25 | 730,000 | 714,159 | ||||||
| Food — 1.3% | ||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
| 2.500% 1/15/27 | 1,425,000 | 1,311,370 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 4.250% 2/01/27 (a) | 995,000 | 952,708 | ||||||
| 2,264,078 | ||||||||
| Hand & Machine Tools — 0.6% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.050% 2/15/26 (a) | 725,000 | 733,013 | ||||||
| 6.050% 4/15/28 (a) | 250,000 | 253,069 | ||||||
| 986,082 | ||||||||
| Health Care – Services — 0.4% | ||||||||
| HCA, Inc. | ||||||||
| 5.200% 6/01/28 | 680,000 | 686,978 | ||||||
| Home Builders — 0.3% | ||||||||
| Toll Brothers Finance Corp. | ||||||||
| 4.875% 3/15/27 | 540,000 | 536,865 | ||||||
| Housewares — 0.4% | ||||||||
| Newell Brands, Inc. | ||||||||
| 6.375% 9/15/27 (b) | 780,000 | 774,416 | ||||||
| Insurance — 2.6% | ||||||||
| Athene Global Funding | ||||||||
| 1.730% 10/02/26 (a) | 1,635,000 | 1,476,824 | ||||||
| Lincoln National Corp., (Acquired 4/19/23, Cost $731,429), | ||||||||
| 3.800% 3/01/28 (b) (c) | 825,000 | 791,885 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sammons Financial Group, Inc. | ||||||||
| 4.450% 5/12/27 (a) | $ | 2,365,000 | $ | 2,222,614 | ||||
| 4,491,323 | ||||||||
| Internet — 0.6% | ||||||||
| Prosus NV | ||||||||
| 3.257% 1/19/27 (a) | 1,250,000 | 1,154,780 | ||||||
| Investment Companies — 2.3% | ||||||||
| Ares Capital Corp. | ||||||||
| 3.875% 1/15/26 | 910,000 | 874,194 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 1,325,000 | 1,200,275 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 1,015,000 | 958,741 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 1,115,000 | 1,010,532 | ||||||
| 4,043,742 | ||||||||
| Lodging — 0.5% | ||||||||
| Las Vegas Sands Corp. | ||||||||
| 3.200% 8/08/24 | 930,000 | 911,946 | ||||||
| Machinery – Construction & Mining — 0.5% | ||||||||
| Weir Group PLC | ||||||||
| 2.200% 5/13/26 (a) | 1,036,000 | 963,146 | ||||||
| Media — 0.6% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 5.125% 5/01/27 (a) | 575,000 | 555,548 | ||||||
| Paramount Global | ||||||||
| 3.700% 6/01/28 | 550,000 | 508,247 | ||||||
| 1,063,795 | ||||||||
| Mining — 0.4% | ||||||||
| Alcoa Nederland Holding BV | ||||||||
| 6.125% 5/15/28 (a) | 770,000 | 774,433 | ||||||
| Oil & Gas — 1.8% | ||||||||
| EQT Corp. | ||||||||
| 6.125% STEP 2/01/25 | 592,000 | 594,634 | ||||||
| Ovintiv, Inc. | ||||||||
| 5.375% 1/01/26 | 400,000 | 400,008 | ||||||
| 5.650% 5/15/28 | 650,000 | 663,221 | ||||||
| Parkland Corp. | ||||||||
| 5.875% 7/15/27 (a) | 455,000 | 453,163 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 1,220,000 | 1,136,340 | ||||||
| 3,247,366 | ||||||||
| Pharmaceuticals — 2.1% | ||||||||
| Bayer US Finance II LLC | ||||||||
| 4.375% 12/15/28 (a) | 525,000 | 498,876 | ||||||
| CVS Health Corp. | ||||||||
| 5.000% 1/30/29 | 570,000 | 580,459 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Hikma Finance USA LLC | ||||||||
| 3.250% 7/09/25 (a) | $ | 1,150,000 | $ | 1,100,090 | ||||
| Viatris, Inc. | ||||||||
| 2.300% 6/22/27 | 1,605,000 | 1,455,622 | ||||||
| 3,635,047 | ||||||||
| Pipelines — 2.0% | ||||||||
| Columbia Pipelines Holding Co. LLC | ||||||||
| 6.055% 8/15/26 (a) | 511,000 | 523,075 | ||||||
| Energy Transfer LP | ||||||||
| 4.950% 6/15/28 | 1,375,000 | 1,369,620 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.500% 9/01/28 (a) | 391,000 | 388,685 | ||||||
| ONEOK, Inc. | ||||||||
| 5.550% 11/01/26 | 270,000 | 274,751 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
| 4.500% 12/15/26 | 960,000 | 947,607 | ||||||
| 3,503,738 | ||||||||
| Real Estate — 0.6% | ||||||||
| MAF Sukuk Ltd. | ||||||||
| 4.500% 11/03/25 (a) | 1,025,000 | 1,006,431 | ||||||
| Real Estate Investment Trusts (REITS) — 2.7% | ||||||||
| CubeSmart LP | ||||||||
| 2.250% 12/15/28 | 650,000 | 573,955 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 1,125,000 | 940,063 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 5.375% 4/15/26 | 570,000 | 566,476 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 4.750% 1/15/28 | 989,000 | 950,710 | ||||||
| VICI Properties LP/VICI Note Co., Inc. | ||||||||
| 3.750% 2/15/27 (a) | 600,000 | 566,372 | ||||||
| Vornado Realty LP | ||||||||
| 2.150% 6/01/26 | 1,200,000 | 1,082,026 | ||||||
| 4,679,602 | ||||||||
| Retail — 0.6% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 5.900% 3/09/26 | 343,000 | 341,841 | ||||||
| Nordstrom, Inc. | ||||||||
| 4.000% 3/15/27 | 740,000 | 689,340 | ||||||
| 1,031,181 | ||||||||
| Savings & Loans — 0.2% | ||||||||
| Nationwide Building Society | ||||||||
| 4.000% 9/14/26 (a) | 297,000 | 285,018 | ||||||
| Telecommunications — 1.0% | ||||||||
| Sprint Capital Corp. | ||||||||
| 6.875% 11/15/28 | 650,000 | 704,295 | ||||||
| Tower Bersama Infrastructure Tbk. PT | ||||||||
| 4.250% 1/21/25 (a) | 1,100,000 | 1,076,618 | ||||||
| 1,780,913 | ||||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Venture Capital — 0.7% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | $ | 1,338,000 | $ | 1,207,600 | ||||
| TOTAL CORPORATE DEBT (Cost $83,317,747) | 80,593,879 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 43.7% | ||||||||
| Automobile Asset-Backed Securities — 0.2% | ||||||||
| AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D | ||||||||
| 1.490% 9/18/26 | 339,000 | 319,467 | ||||||
| Commercial Mortgage-Backed Securities — 5.3% | ||||||||
| BAMLL Commercial Mortgage Securities Trust | ||||||||
| Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (d) | 2,280,000 | 1,998,919 | ||||||
| Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (d) | 3,050,000 | 2,605,191 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C, | ||||||||
| 3.958% VRN 4/15/46 (d) | 1,015,000 | 679,843 | ||||||
| One New York Plaza Trust | ||||||||
| Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.677% FRN 1/15/36 (a) | 4,106,000 | 3,425,734 | ||||||
| Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 8.227% FRN 1/15/36 (a) | 760,000 | 580,824 | ||||||
| 9,290,511 | ||||||||
| Other Asset-Backed Securities — 20.9% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 5.676% FRN 9/15/41 (a) | 32,863 | 32,381 | ||||||
| 522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 7.227% FRN 10/20/31 (a) | 2,352,000 | 2,338,507 | ||||||
| AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322% | ||||||||
| 6.734% FRN 7/22/32 (a) | 2,000,000 | 1,997,534 | ||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||
| 4.230% FRN 10/25/34 | 66,632 | 58,643 | ||||||
| Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term SOFR + 1.812% | ||||||||
| 7.227% FRN 10/20/31 (a) | 3,700,000 | 3,682,895 | ||||||
| BHG Securitization Trust, Series 2021-B, Class C | ||||||||
| 2.240% 10/17/34 (a) | 3,736,000 | 3,207,809 | ||||||
| BRE Grand Islander Timeshare Issuer LLC | ||||||||
| Series 2017-1A, Class A, 2.940% 5/25/29 (a) | 104,051 | 101,749 | ||||||
| Series 2017-1A, Class B, 3.240% 5/25/29 (a) | 29,729 | 29,240 | ||||||
| Series 2019-A, Class B, 3.780% 9/26/33 (a) | 665,833 | 634,579 | ||||||
| CARS-DB4 LP, Series 2020-1A, Class B1 | ||||||||
| 4.170% 2/15/50 (a) | 3,289,000 | 3,122,341 | ||||||
| Castlelake Aircraft Structured Trust, Series 2019-1A, Class B | ||||||||
| 5.095% 4/15/39 (a) | 707,996 | 458,441 | ||||||
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | ||||||||
| 6.657% FRN 4/20/31 (a) | 885,266 | 885,091 | ||||||
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||
| 2.280% 7/15/60 (a) | 577,448 | 518,396 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Elara HGV Timeshare Issuer LLC | ||||||||
| Series 2017-A, Class B, 2.960% 3/25/30 (a) | $ | 318,867 | $ | 312,656 | ||||
| Series 2019-A, Class C, 3.450% 1/25/34 (a) | 1,390,844 | 1,310,027 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 1,939,538 | 1,660,281 | ||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 727,844 | 656,733 | ||||||
| Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 1,565,320 | 1,414,622 | ||||||
| Hero Funding Trust | ||||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 528,428 | 459,278 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 104,591 | 92,005 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 257,159 | 234,703 | ||||||
| Series 2015-1A, Class A, 3.840% 9/21/40 (a) | 170,206 | 158,350 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 84,980 | 76,747 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 681,722 | 641,060 | ||||||
| Hilton Grand Vacations Trust, Series 2019-AA, Class C | ||||||||
| 2.840% 7/25/33 (a) | 610,700 | 575,161 | ||||||
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class B | ||||||||
| 4.458% 11/15/39 (a) | 1,757,143 | 823,962 | ||||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 94,344 | 88,793 | ||||||
| Mosaic Solar Loans Trust, Series 2018-2GS, Class A | ||||||||
| 4.200% 2/22/44 (a) | 566,802 | 522,820 | ||||||
| Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422% | ||||||||
| 6.816% FRN 7/15/34 (a) | 500,000 | 499,003 | ||||||
| Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class BR, 3 mo. USD Term SOFR + 1.762% | ||||||||
| 7.158% FRN 4/19/30 (a) | 500,000 | 499,971 | ||||||
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | ||||||||
| 7.040% FRN 7/25/30 (a) | 1,375,000 | 1,352,340 | ||||||
| Orange Lake Timeshare Trust | ||||||||
| Series 2016-A, Class B, 2.910% 3/08/29 (a) | 116,438 | 112,421 | ||||||
| Series 2018-A, Class C, 3.740% 11/08/30 (a) | 122,565 | 119,556 | ||||||
| Oxford Finance Funding LLC, Series 2020-1A, Class B | ||||||||
| 4.037% 2/15/28 (a) | 365,990 | 356,451 | ||||||
| PVOne LLC, Series 2023-1, Class A | ||||||||
| 7.670% 9/17/35 (a) | 1,000,002 | 1,004,056 | ||||||
| Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662% | ||||||||
| 7.056% FRN 7/15/31 (a) | 2,650,000 | 2,615,357 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
| 3.510% 7/20/37 (a) | 157,868 | 150,936 | ||||||
| Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | ||||||||
| 1.780% 1/15/25 (a) | 4,048,000 | 3,792,510 | ||||||
| 36,597,405 | ||||||||
| Student Loans Asset-Backed Securities — 6.0% | ||||||||
| Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + .482% | ||||||||
| 5.835% FRN 3/28/68 | 344,836 | 319,183 | ||||||
| College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% | ||||||||
| 7.120% FRN 11/26/46 (a) | 351,845 | 354,602 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2017-AGS, Class B, 3.470% 5/25/41 (a) | 236,872 | 204,622 | ||||||
| Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 98,680 | 82,903 | ||||||
| Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 80,965 | 64,535 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | $ | 37,950 | $ | 33,820 | ||||
| Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 149,221 | 137,612 | ||||||
| ELFI Graduate Loan Program LLC, Series 2018-A, Class B | ||||||||
| 4.000% 8/25/42 (a) | 214,648 | 196,094 | ||||||
| Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700% | ||||||||
| 6.341% FRN 8/25/48 (a) | 30,975 | 30,672 | ||||||
| Goal Structured Solutions Trust, Series 2015-1, Class B, 1 mo. USD LIBOR + 1.500% | ||||||||
| 6.970% FRN 9/25/43 (a) | 100,000 | 87,788 | ||||||
| Laurel Road Prime Student Loan Trust | ||||||||
| Series 2019-A, Class BFX, 3.000% 10/25/48 (a) | 1,210,820 | 1,139,056 | ||||||
| Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | 688,402 | 658,514 | ||||||
| Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564% | ||||||||
| 6.920% FRN 2/25/67 (a) | 1,000,000 | 938,667 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% 5.776% FRN 7/25/55 | 453,933 | 424,791 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40 | 388,896 | 360,909 | ||||||
| Series 2005-5, Class B, ABS, 90 day USD SOFR Average + 0.512% 5.846% FRN 10/25/40 | 488,621 | 431,832 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.906% FRN 1/25/55 | 333,278 | 306,801 | ||||||
| Series 2004-1 Class B, 90 day USD SOFR Average + 0.762% 6.096% FRN 7/25/39 | 295,558 | 276,647 | ||||||
| Series 2003-4, Class B, 90 day USD SOFR Average + 0.912% 6.263% FRN 6/15/38 | 194,527 | 181,565 | ||||||
| Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.263% FRN 12/15/38 | 700,574 | 674,543 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.576% FRN 9/15/34 (a) | 29,651 | 29,581 | ||||||
| Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.988% FRN 9/15/53 (a) | 983,451 | 992,720 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.669% VRN 1/25/45 (a) (d) | 1,617,246 | 1,564,693 | ||||||
| SoFi Professional Loan Program LLC, Series 2019-A, Class BFX, ABS, 144A | ||||||||
| 4.110% 6/15/48 (a) | 870,000 | 782,303 | ||||||
| Wachovia Student Loan Trust, Series 2005-1, Class B, ABS, 90 day USD SOFR Average + 0.562% | ||||||||
| 5.896% FRN 10/25/40 | 306,114 | 265,592 | ||||||
| 10,540,045 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 11.3% | ||||||||
| Angel Oak Mortgage Trust, Series 2021-3, Class M1, | ||||||||
| 2.479% VRN 5/25/66 (a) (d) | 6,583,000 | 4,341,244 | ||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 5.275% VRN 8/25/34 (d) | 6,524 | 6,270 | ||||||
| Credit Suisse Mortgage Trust, Series 2021-NQM4, Class M1, | ||||||||
| 2.472% VRN 5/25/66 (a) (d) | 7,095,350 | 4,498,910 | ||||||
| Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class IIA2, | ||||||||
| 4.918% VRN 2/25/34 (d) | 35,597 | 33,112 | ||||||
| New Residential Mortgage Loan Trust, Series 2020-NQM1, Class M1, | ||||||||
| 3.207% VRN 1/26/60 (a) (d) | 2,252,000 | 1,965,274 | ||||||
| OBX Trust, Series 2021-NQM1, Class M1, | ||||||||
| 2.219% VRN 2/25/66 (a) (d) | 2,501,000 | 1,595,610 | ||||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| TRK Trust, Series 2021-INV1, Class M1, | ||||||||
| 2.585% VRN 7/25/56 (a) (d) | $ | 1,222,000 | $ | 830,648 | ||||
| Verus Securitization Trust | ||||||||
| Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (d) | 2,247,000 | 1,521,529 | ||||||
| Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (d) | 2,129,000 | 1,894,951 | ||||||
| Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (d) | 3,602,000 | 3,151,405 | ||||||
| 19,838,953 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $89,993,608) | 76,586,381 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 0.1% | ||||||||
| Pass-Through Securities — 0.1% | ||||||||
| Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.159% 4.762% 3/01/37 | 47,653 | 48,103 | ||||||
| Federal National Mortgage Association Pool #775539 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.641% 5.391% 5/01/34 | 12,860 | 13,065 | ||||||
| Government National Mortgage Association Pool #507545 7.500% 8/15/29 | 16,543 | 17,156 | ||||||
| 78,324 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $78,044) | 78,324 | |||||||
| TOTAL BONDS & NOTES (Cost $173,389,399) | 157,258,584 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $173,389,399) | 157,258,584 | |||||||
| SHORT-TERM INVESTMENTS — 8.3% | ||||||||
| Commercial Paper — 6.2% | ||||||||
| American Honda Finance Corp. | ||||||||
| 5.728% 2/05/24 | 4,000,000 | 3,976,226 | ||||||
| Fortive Corp. | ||||||||
| 5.738% 1/10/24 (a) | 1,000,000 | 998,178 | ||||||
| VW Credit, Inc. | ||||||||
| 5.865% 1/26/24 (a) | 6,000,000 | 5,973,936 | ||||||
| 10,948,340 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (f) | 1,608,900 | 1,608,900 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.2% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g) | $ | 2,155,252 | 2,155,252 | |||||
| MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) |
| Value | ||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $14,713,624) | $ | 14,712,492 | ||||||
| TOTAL INVESTMENTS — 98.0% (Cost $188,103,023) (h) | 171,971,076 | |||||||
| Other Assets/(Liabilities) — 2.0% | 3,474,259 | |||||||
| NET ASSETS — 100.0% | $ | 175,445,335 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| LIBOR | London InterBank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Up Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $118,081,052 or 67.30% of net assets. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,575,764 or 0.90% of net assets. (Note 2). |
| (c) | Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $791,885 or 0.45% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023. |
| (e) | 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. |
| (f) | Represents investment of security lending cash collateral. (Note 2). |
| (g) | Maturity value of $2,155,635. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $2,198,409. |
| (h) | 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 | ||||||||||||||
| U.S. Treasury Note 2 Year | 3/28/24 | 404 | $ | 82,342,407 | $ | 846,874 | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Long Bond | 3/19/24 | 6 | $ | (689,324) | $ | (60,301) | ||||||||
| U.S. Treasury Ultra 10 Year | 3/19/24 | 94 | (10,553,394) | (540,075) | ||||||||||
| U.S. Treasury Ultra Bond | 3/19/24 | 1 | (121,012) | (12,582) | ||||||||||
| U.S. Treasury Note 5 Year | 3/28/24 | 278 | (29,486,682) | (752,334) | ||||||||||
| $ | (1,365,292) | |||||||||||||
| Centrally Cleared Credit Default Swaps - Buy Protection | ||||||||||||||||||||||||||||||||
| Reference Obligation/Index | Rate Paid by Fund | Payment Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
| CDX.NA.IG Series 41† | 1.000% | Quarterly | 12/20/28 | USD | 22,000,000 | $ | (427,526) | $ | (315,457) | $ | (112,069) | |||||||||||||||||||||
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.965% | Annually | 6/23/25 | USD | 10,000,000 | $ | (62,582) | $ | — | $ | (62,582) | ||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.815% | Annually | 6/30/25 | USD | 8,350,000 | (69,102) | — | (69,102) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.749% | Annually | 7/14/25 | USD | 8,374,000 | (75,760) | — | (75,760) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.618% | Annually | 8/07/25 | USD | 9,049,000 | (96,912) | — | (96,912) | |||||||||||||||||||||||
| Fixed 3.293% | Annually | 12-Month USD SOFR | Annually | 6/23/33 | USD | 2,000,000 | 25,668 | — | 25,668 | |||||||||||||||||||||||
| Fixed 3.223% | Annually | 12-Month USD SOFR | Annually | 6/30/33 | USD | 2,100,000 | 38,807 | — | 38,807 | |||||||||||||||||||||||
| Fixed 3.086% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 2,092,000 | 61,941 | — | 61,941 | |||||||||||||||||||||||
| Fixed 3.107% | Annually | 12-Month USD SOFR | Annually | 8/07/33 | USD | 2,005,000 | 56,408 | — | 56,408 | |||||||||||||||||||||||
| $ | (121,532) | $ | — | $ | (121,532) | |||||||||||||||||||||||||||
| † | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
| USD | U.S. Dollar |
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 75.0% | ||||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 46.9% | ||||||||
| Automobile Asset-Backed Securities — 9.7% | ||||||||
| BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2 | ||||||||
| 5.542% 10/27/31 (a) | $ | 2,396,991 | $ | 2,386,465 | ||||
| Carvana Auto Receivables Trust, Series 2020-N3, Class B | ||||||||
| 0.660% 6/12/28 | 1,228,887 | 1,143,771 | ||||||
| Drive Auto Receivables Trust | ||||||||
| Series 2021-1, Class C, 1.020% 6/15/27 | 490,993 | 487,762 | ||||||
| Series 2021-3, Class C, 1.470% 1/15/27 | 3,445,000 | 3,375,572 | ||||||
| Exeter Automobile Receivables Trust | ||||||||
| Series 2020-2A, Class D, 4.730% 4/15/26 (a) | 1,282,266 | 1,276,323 | ||||||
| Series 2023-5A, Class A2, 6.200% 4/15/26 | 900,000 | 900,841 | ||||||
| Hertz Vehicle Financing LLC, Series 2021-1A, Class D | ||||||||
| 3.980% 12/26/25 (a) | 4,600,000 | 4,408,363 | ||||||
| OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C | ||||||||
| 5.310% 6/14/29 (a) | 1,100,000 | 1,054,196 | ||||||
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D | ||||||||
| 1.350% 7/15/27 | 5,000,000 | 4,812,941 | ||||||
| Westlake Automobile Receivables Trust | ||||||||
| Series 2020-3A, Class D, 1.650% 2/17/26 (a) | 2,779,000 | 2,726,536 | ||||||
| Series 2023-4A, Class A2, 6.230% 1/15/27 (a) | 1,800,000 | 1,809,993 | ||||||
| 24,382,763 | ||||||||
| Commercial Mortgage-Backed Securities — 8.2% | ||||||||
| BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | ||||||||
| 7.159% FRN 7/15/35 (a) | 1,150,000 | 1,128,947 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class F, 1 mo. USD Term SOFR + 2.114% | ||||||||
| 7.476% FRN 10/15/36 (a) | 2,082,500 | 2,066,881 | ||||||
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 1.797% | ||||||||
| 7.409% FRN 12/15/37 (a) | 250,836 | 248,013 | ||||||
| COMM Mortgage Trust, Series 2015-LC19, Class D | ||||||||
| 2.867% 2/10/48 (a) | 2,457,000 | 1,952,021 | ||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||
| Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% 7.009% FRN 5/15/36 (a) | 5,985,110 | 5,966,405 | ||||||
| Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% 7.559% FRN 5/15/36 (a) | 3,596,053 | 3,571,330 | ||||||
| KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 144A, 1 mo. USD Term SOFR + 1.546% | ||||||||
| 6.908% FRN 5/15/36 (a) | 2,500,000 | 2,470,312 | ||||||
| Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | ||||||||
| 7.691% FRN 5/25/38 (a) | 2,987,121 | 2,987,104 | ||||||
| 20,391,013 | ||||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Home Equity Asset-Backed Securities — 0.5% | ||||||||
| Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | ||||||||
| 6.085% FRN 4/25/36 | $ | 1,215,855 | $ | 1,184,473 | ||||
| Other Asset-Backed Securities — 14.9% | ||||||||
| 321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||
| 5.676% FRN 9/15/41 (a) | 35,328 | 34,810 | ||||||
| Affirm Asset Securitization Trust | ||||||||
| Series 2021-Z1, Class A, 1.070% 8/15/25 (a) | 1,584,326 | 1,564,955 | ||||||
| Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | 360,544 | 353,839 | ||||||
| Series 2022-X1, Class A, 1.750% 2/15/27 (a) | 368,798 | 362,907 | ||||||
| Series 2023-X1, Class A, 7.110% 11/15/28 (a) | 870,000 | 872,476 | ||||||
| BHG Securitization Trust | ||||||||
| Series 2021-B, Class A, 0.900% 10/17/34 (a) | 605,759 | 587,899 | ||||||
| Series 2022-C, Class A, 5.320% 10/17/35 (a) | 2,204,575 | 2,189,010 | ||||||
| Series 2023-A, Class A, 5.550% 4/17/36 (a) | 2,902,160 | 2,886,603 | ||||||
| Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, | ||||||||
| 0.985% VRN 11/25/50 (a) (b) | 1,195,624 | 1,111,178 | ||||||
| Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C | ||||||||
| 3.310% 3/25/30 (a) | 178,349 | 174,728 | ||||||
| FCI Funding LLC | ||||||||
| Series 2021-1A, Class A, 1.130% 4/15/33 (a) | 567,796 | 559,850 | ||||||
| Series 2021-1A, Class B, 1.530% 4/15/33 (a) | 339,310 | 334,162 | ||||||
| First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | ||||||||
| 5.630% FRN 11/25/36 | 286,094 | 280,630 | ||||||
| FNA VI LLC, Series 21-1A, Class A | ||||||||
| 1.350% 1/10/32 (a) | 2,449,439 | 2,235,086 | ||||||
| Gracie Point International Funding | ||||||||
| Series 2022-1A, Class C, 30 day USD SOFR Average + 3.500% 0.000% FRN 4/01/24 (a) | 2,300,000 | 2,299,992 | ||||||
| Series 2022-3A, Class B, 30 day USD SOFR Average + 4.000% 9.331% FRN 11/01/24 (a) | 2,500,000 | 2,506,061 | ||||||
| Series 2022-1A, Class E, 30 day USD SOFR Average + 5.750% 11.081% FRN 4/01/24 (a) | 1,287,000 | 1,286,993 | ||||||
| Hilton Grand Vacations Trust, Series 2022-2A, Class C | ||||||||
| 5.570% 1/25/37 (a) | 1,080,296 | 1,052,478 | ||||||
| JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | ||||||||
| 5.730% FRN 3/25/37 | 230,211 | 224,311 | ||||||
| KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | ||||||||
| 7.676% FRN 2/15/39 (a) | 900,000 | 802,802 | ||||||
| Marlette Funding Trust, Series 2023-2A, Class A | ||||||||
| 6.040% 6/15/33 (a) | 1,163,654 | 1,160,915 | ||||||
| MVW Owner Trust, Series 2018-1A, Class A | ||||||||
| 3.450% 1/21/36 (a) | 350,642 | 345,267 | ||||||
| NP SPE II LLC, Series 2019-1A, Class A1 | ||||||||
| 2.574% 9/20/49 (a) | 121,924 | 115,887 | ||||||
| Oportun Funding LLC, Series 2022-1, Class A | ||||||||
| 3.250% 6/15/29 (a) | 209,297 | 208,443 | ||||||
| Orange Lake Timeshare Trust | ||||||||
| Series 2016-A, Class A, 2.610% 3/08/29 (a) | 122,499 | 119,037 | ||||||
| Series 2016-A, Class B, 2.910% 3/08/29 (a) | 162,321 | 156,721 | ||||||
| Pagaya AI Debt Trust, Series 2022-1, Class A | ||||||||
| 2.030% 10/15/29 (a) | 3,203,201 | 3,157,751 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| PFS Financing Corp., Series 2021-B, Class B | ||||||||
| 1.090% 8/15/26 (a) | $ | 1,878,000 | $ | 1,819,120 | ||||
| PVOne LLC, Series 2023-1, Class A | ||||||||
| 7.670% 9/17/35 (a) | 1,172,730 | 1,177,484 | ||||||
| Reach Financial LLC, Series 2023-1A, Class A | ||||||||
| 7.050% 2/18/31 (a) | 3,503,347 | 3,512,870 | ||||||
| Sierra Timeshare Receivables Funding LLC | ||||||||
| Series 2019-3A, Class C, 3.000% 8/20/36 (a) | 427,794 | 412,901 | ||||||
| Series 2019-2A, Class C, 3.120% 5/20/36 (a) | 382,718 | 372,905 | ||||||
| Series 2019-1A, Class C, 3.770% 1/20/36 (a) | 122,543 | 120,929 | ||||||
| Series 2019-3A, Class D, 4.180% 8/20/36 (a) | 385,876 | 371,223 | ||||||
| Series 2019-1A, Class D, 4.750% 1/20/36 (a) | 282,871 | 278,243 | ||||||
| Structured Asset Investment Loan Trust, Series 2005-2, Class M2, 1 mo. USD Term SOFR + 0.849% | ||||||||
| 6.205% FRN 3/25/35 | 86,170 | 85,912 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust | ||||||||
| Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.640% FRN 1/25/37 | 139,548 | 137,056 | ||||||
| Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759% 6.115% FRN 2/25/36 | 124,154 | 123,786 | ||||||
| Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | ||||||||
| 1.780% 1/15/25 (a) | 1,800,000 | 1,686,393 | ||||||
| Upstart Securitization Trust, Series 2021-4, Class A | ||||||||
| 0.840% 9/20/31 (a) | 191,513 | 190,679 | ||||||
| 37,274,292 | ||||||||
| Student Loans Asset-Backed Securities — 4.9% | ||||||||
| College Loan Corp. Trust, Series 2005-2, Class B, 90 day USD SOFR Average + 0.752% | ||||||||
| 6.054% FRN 1/15/37 | 166,262 | 144,767 | ||||||
| Commonbond Student Loan Trust | ||||||||
| Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 139,416 | 107,419 | ||||||
| Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 9,831 | 8,761 | ||||||
| Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 6.370% FRN 1/25/47 (a) | 185,701 | 181,539 | ||||||
| ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 0.864% | ||||||||
| 6.220% FRN 8/25/42 (a) | 310,983 | 305,483 | ||||||
| Goal Capital Funding Trust, Series 2010-1, Class A, 3 mo. USD LIBOR + 0.700% | ||||||||
| 6.341% FRN 8/25/48 (a) | 56,198 | 55,648 | ||||||
| JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | ||||||||
| 5.951% FRN 6/28/39 (a) | 172,735 | 154,229 | ||||||
| Laurel Road Prime Student Loan Trust | ||||||||
| Series 2019-A, Class A1FX, 2.340% 10/25/48 (a) | 68,494 | 67,096 | ||||||
| Series 2018-B, Class A2FX, 3.540% 5/26/43 (a) | 101,522 | 100,961 | ||||||
| Series 2017-C, Class A1, 1 mo. USD Term SOFR + 0.664% 6.020% FRN 11/25/42 (a) | 29,287 | 29,237 | ||||||
| Navient Private Education Refi Loan Trust | ||||||||
| Series 2021-A, Class A, 0.840% 5/15/69 (a) | 4,360,665 | 3,821,819 | ||||||
| Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 967,276 | 884,886 | ||||||
| Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264% | ||||||||
| 6.602% FRN 3/25/66 (a) | 1,127,542 | 1,131,409 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.784% FRN 3/23/37 | 523,365 | 466,237 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.796% FRN 1/25/38 | $ | 269,434 | $ | 226,774 | ||||
| Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.864% FRN 6/25/41 | 135,322 | 117,689 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.946% FRN 10/25/40 | 545,845 | 483,671 | ||||||
| Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 6/25/41 (a) | 295,000 | 278,097 | ||||||
| SLC Student Loan Trust | ||||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.843% FRN 12/15/39 | 184,323 | 162,511 | ||||||
| Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.893% FRN 3/15/40 | 617,191 | 563,448 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.796% FRN 1/25/70 | 128,147 | 120,020 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40 | 200,789 | 186,339 | ||||||
| Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.816% FRN 1/25/41 | 226,261 | 208,915 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.906% FRN 1/25/55 | 199,967 | 184,080 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.066% FRN 10/25/64 | 127,385 | 119,049 | ||||||
| Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.263% FRN 12/15/38 | 142,008 | 136,732 | ||||||
| SMB Private Education Loan Trust | ||||||||
| Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.346% FRN 7/15/36 (a) | 690,530 | 684,457 | ||||||
| Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614% 6.976% FRN 4/15/32 (a) | 305,733 | 305,834 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.669% VRN 1/25/45 (a) (b) | 408,912 | 395,624 | ||||||
| SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX | ||||||||
| 3.600% 2/25/48 (a) | 559,565 | 541,624 | ||||||
| 12,174,355 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 8.7% | ||||||||
| Angel Oak Mortgage Trust, Series 2022-2, Class A1, | ||||||||
| 3.353% VRN 1/25/67 (a) (b) | 2,029,251 | 1,850,146 | ||||||
| BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, | ||||||||
| 1.435% VRN 3/25/60 (a) (b) | 556,047 | 510,291 | ||||||
| CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | ||||||||
| 5.500% FRN 8/25/49 (a) | 667,658 | 630,174 | ||||||
| COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||||
| 2.284% VRN 12/27/66 (a) (b) | 7,742,887 | 6,880,350 | ||||||
| Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||||
| 1.128% VRN 5/25/65 (a) (b) | 346,189 | 312,962 | ||||||
| NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864% | ||||||||
| 6.220% FRN 5/25/55 (a) | 4,621,933 | 4,623,840 | ||||||
| OBX Trust | ||||||||
| Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (b) | 586,615 | 460,207 | ||||||
| Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.420% FRN 2/25/60 (a) | 313,463 | 294,502 | ||||||
| PSMC Trust, Series 2020-2, Class A2, | ||||||||
| 3.000% VRN 5/25/50 (a) (b) | 775,486 | 685,449 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| STAR Trust, Series 2021-1, Class A3, | ||||||||
| 1.528% VRN 5/25/65 (a) (b) | $ | 3,064,877 | $ | 2,682,319 | ||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (b) | 1,000,000 | 802,439 | ||||||
| Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (b) | 1,106,381 | 1,056,339 | ||||||
| Verus Securitization Trust | ||||||||
| Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (b) | 848,551 | 708,347 | ||||||
| Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (b) | 264,922 | 256,893 | ||||||
| 21,754,258 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $120,643,253) | 117,161,154 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (c) — 12.3% | ||||||||
| Whole Loans — 12.3% | ||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||||
| Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.137% FRN 10/25/41 (a) | 3,626,870 | 3,619,429 | ||||||
| Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.187% FRN 9/25/41 (a) | 6,895,991 | 6,831,257 | ||||||
| Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.187% FRN 11/25/41 (a) | 1,512,078 | 1,503,515 | ||||||
| Series 2022-DNA1, Class M1A, 30 day USD SOFR Average + 1.000% 6.337% FRN 1/25/42 (a) | 534,161 | 532,409 | ||||||
| Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.637% FRN 2/25/42 (a) | 2,253,724 | 2,254,715 | ||||||
| Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.152% FRN 1/25/50 (a) | 712,314 | 717,544 | ||||||
| Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.337% FRN 4/25/42 (a) | 2,608,157 | 2,633,113 | ||||||
| Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% 7.552% FRN 9/25/48 (a) | 432,482 | 435,429 | ||||||
| Series 2020-DNA5, Class M2, 30 day USD SOFR Average + 2.800% 8.137% FRN 10/25/50 (a) | 394,329 | 400,067 | ||||||
| Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.287% FRN 6/25/42 (a) | 2,590,026 | 2,651,807 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities | ||||||||
| Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.237% FRN 4/25/42 (a) | 682,511 | 686,653 | ||||||
| Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.237% FRN 6/25/43 (a) | 1,242,975 | 1,251,695 | ||||||
| Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.837% FRN 4/25/43 (a) | 2,672,458 | 2,712,445 | ||||||
| Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.287% FRN 6/25/42 (a) | 4,295,034 | 4,423,890 | ||||||
| 30,653,968 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $30,600,042) | 30,653,968 | |||||||
| U.S. TREASURY OBLIGATIONS — 15.8% | ||||||||
| U.S. Treasury Bonds & Notes — 15.8% | ||||||||
| U.S. Treasury Inflation-Indexed Bonds | ||||||||
| 0.125% 2/15/51 | 768,151 | 474,963 | ||||||
| 0.125% 2/15/52 | 994,725 | 609,078 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 0.250% 2/15/50 | $ | 718,044 | $ | 467,592 | ||||
| 0.625% 2/15/43 | 669,115 | 522,325 | ||||||
| 0.750% 2/15/42 | 953,141 | 772,074 | ||||||
| 0.750% 2/15/45 | 1,228,185 | 959,528 | ||||||
| 0.875% 2/15/47 | 764,748 | 602,172 | ||||||
| 1.000% 2/15/46 | 649,255 | 530,704 | ||||||
| 1.000% 2/15/48 | 249,538 | 201,173 | ||||||
| 1.000% 2/15/49 | 495,194 | 398,246 | ||||||
| 1.375% 2/15/44 | 924,112 | 825,442 | ||||||
| 1.500% 2/15/53 | 724,542 | 656,078 | ||||||
| 2.125% 2/15/40 | 213,525 | 219,198 | ||||||
| 2.125% 2/15/41 | 365,292 | 374,955 | ||||||
| 2.375% 1/15/27 | 533,988 | 538,702 | ||||||
| 2.500% 1/15/29 | 931,483 | 962,820 | ||||||
| 3.375% 4/15/32 | 346,676 | 387,788 | ||||||
| 3.875% 4/15/29 | 1,778,001 | 1,959,717 | ||||||
| U.S. Treasury Inflation-Indexed Notes | ||||||||
| 0.125% 4/15/27 | 1,416,623 | 1,331,062 | ||||||
| 0.125% 1/15/30 | 1,554,618 | 1,408,889 | ||||||
| 0.125% 7/15/30 | 1,620,027 | 1,463,373 | ||||||
| 0.125% 1/15/31 | 1,772,895 | 1,582,253 | ||||||
| 0.125% 7/15/31 | 2,066,310 | 1,836,720 | ||||||
| 0.125% 1/15/32 | 1,997,874 | 1,754,417 | ||||||
| 0.250% 7/15/29 | 1,443,384 | 1,333,794 | ||||||
| 0.375% 1/15/27 | 1,018,960 | 968,257 | ||||||
| 0.375% 7/15/27 | 1,635,101 | 1,553,587 | ||||||
| 0.500% 1/15/28 | 1,871,010 | 1,770,318 | ||||||
| 0.625% 7/15/32 | 2,117,900 | 1,934,536 | ||||||
| 0.750% 7/15/28 (d) | 1,495,378 | 1,430,964 | ||||||
| 1.125% 1/15/33 | 2,065,800 | 1,954,036 | ||||||
| 1.250% 4/15/28 | 2,051,520 | 1,997,935 | ||||||
| 1.375% 7/15/33 | 2,026,120 | 1,964,157 | ||||||
| 1.625% 10/15/27 | 2,856,260 | 2,834,397 | ||||||
| 2.375% 10/15/28 | 1,004,510 | 1,034,602 | ||||||
| 39,615,852 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,070,163) | 39,615,852 | |||||||
| TOTAL BONDS & NOTES (Cost $193,313,458) | 187,430,974 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $193,313,458) | 187,430,974 | |||||||
| SHORT-TERM INVESTMENTS — 24.3% | ||||||||
| Commercial Paper — 22.9% | ||||||||
| 3M Co. | ||||||||
| 6.138% 3/20/24 (a) | 5,000,000 | 4,935,850 | ||||||
| American Electric Power Co., Inc. | ||||||||
| 5.995% 5/22/24 (a) | 2,000,000 | 1,954,967 | ||||||
| AT&T, Inc. | ||||||||
| 6.119% 3/19/24 (a) | 3,000,000 | 2,962,213 | ||||||
| Avangrid, Inc. | ||||||||
| 5.590% 1/12/24 (a) | 5,000,000 | 4,989,045 | ||||||
| Bayer Corp. | ||||||||
| 6.361% 8/15/24 (a) | 2,000,000 | 1,922,384 | ||||||
| MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.388% 7/24/24 (a) | $ | 3,000,000 | $ | 2,894,685 | ||||
| CRH America Finance, Inc. | ||||||||
| 6.078% 6/14/24 (a) | 5,000,000 | 4,870,332 | ||||||
| DENTSPLY SIRONA, Inc. | ||||||||
| 5.751% 1/09/24 (a) | 2,000,000 | 1,996,664 | ||||||
| DTE Energy Co. | ||||||||
| 5.652% 1/23/24 (a) | 4,000,000 | 3,984,548 | ||||||
| ERAC USA Finance LLC | ||||||||
| 5.838% 2/22/24 (a) | 5,000,000 | 4,955,635 | ||||||
| Fortive Corp. | ||||||||
| 5.795% 2/07/24 (a) | 5,000,000 | 4,968,815 | ||||||
| Humana, Inc. | ||||||||
| 5.706% 1/09/24 (a) | 5,000,000 | 4,991,412 | ||||||
| Hyundai Capital America | ||||||||
| 5.812% 3/01/24 (a) | 2,000,000 | 1,980,249 | ||||||
| Kinder Morgan, Inc. | ||||||||
| 5.853% 1/16/24 (a) | 2,000,000 | 1,994,178 | ||||||
| L3harris Technologies, Inc. | ||||||||
| 6.407% 8/27/24 (a) | 3,000,000 | 2,884,402 | ||||||
| VW Credit, Inc. | ||||||||
| 6.028% 5/02/24 (a) | 5,000,000 | 4,902,436 | ||||||
| 57,187,815 | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (e) | 3,536,832 | 3,536,832 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $60,739,345) | 60,724,647 | |||||||
| TOTAL INVESTMENTS — 99.3% (Cost $254,052,803) (f) | 248,155,621 | |||||||
| Other Assets/(Liabilities) — 0.7% | 1,750,118 | |||||||
| NET ASSETS — 100.0% | $ | 249,905,739 | ||||||
Abbreviation Legend
| FRN | Floating Rate Note |
| LIBOR | London InterBank Offered Rate |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $189,125,650 or 75.68% of net assets. |
| (b) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023. |
| (c) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (d) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (e) | Maturity value of $3,537,460. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $3,607,586. |
| (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) | |||||||||||
| Short | ||||||||||||||
| U.S. Treasury Long Bond | 3/19/24 | 4 | $ | (490,987) | $ | (8,763) | ||||||||
| U.S. Treasury Ultra Bond | 3/19/24 | 2 | (256,681) | (10,507) | ||||||||||
| U.S. Treasury Note 2 Year | 3/28/24 | 275 | (56,087,505) | (538,862) | ||||||||||
| U.S. Treasury Note 5 Year | 3/28/24 | 6 | (651,075) | (1,566) | ||||||||||
| $ | (559,698) | |||||||||||||
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.725% | Annually | 7/14/25 | USD | 19,200,000 | $ | (180,466) | $ | — | $ | (180,466) | ||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 4.994% | Annually | 10/06/25 | USD | 9,000,000 | 119,177 | — | 119,177 | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 5.093% | Annually | 10/20/25 | USD | 20,000,000 | 313,183 | — | 313,183 | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 4.525% | Annually | 10/30/25 | USD | 38,900,000 | 244,094 | — | 244,094 | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 4.706% | Annually | 11/07/25 | USD | 15,000,000 | 146,778 | — | 146,778 | |||||||||||||||||||||||
| Fixed 2.260% | Maturity | U.S. Consumer Price Index | Maturity | 12/04/25 | USD | 9,000,000 | (41,066) | — | (41,066) | |||||||||||||||||||||||
| Fixed 2.219% | Maturity | U.S. Consumer Price Index | Maturity | 12/18/25 | USD | 4,500,000 | (15,693) | — | (15,693) | |||||||||||||||||||||||
| Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 6,000,000 | (28,578) | — | (28,578) | |||||||||||||||||||||||
| Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3,000,000 | (18,141) | — | (18,141) | |||||||||||||||||||||||
| Fixed 3.067% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 4,300,000 | 133,906 | — | 133,906 | |||||||||||||||||||||||
| Fixed 3.541% | Annually | 12-Month USD SOFR | Annually | 10/30/33 | USD | 8,800,000 | (64,235) | — | (64,235) | |||||||||||||||||||||||
| $ | 608,959 | $ | — | $ | 608,959 | |||||||||||||||||||||||||||
| OTC Total Return Swaps | |||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | ||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Counterparty | Termination Date | No. of Contracts/ Notional | Value | Upfront Premium Received (Paid)/ Received | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
| Fed Funds + 23.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Barclays PLC | 5/31/24 | 61,094,468 | $ | 1,644,658 | $ | — | $ | 1,644,658 | |||||||||||||||||
| Fed Funds + 15.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA | 2/28/24 | 66,460,295 | 1,846,413 | — | 1,846,413 | ||||||||||||||||||||
| Fed Funds + 12.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 2/28/24 | 13,205,774 | 366,885 | — | 366,885 | ||||||||||||||||||||
| Fed Funds + 22.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International | 4/30/24 | 45,782,736 | 2,506,201 | — | 2,506,201 | ||||||||||||||||||||
| $ | 6,364,157 | $ | — | $ | 6,364,157 | ||||||||||||||||||||||||
Currency Legend
| USD | U.S. Dollar |
| MassMutual Core Bond Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 99.3% | ||||||||
| CORPORATE DEBT — 37.4% | ||||||||
| Aerospace & Defense — 0.1% | ||||||||
| Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 710,000 | $ | 735,198 | ||||
| Agriculture — 0.7% | ||||||||
| BAT Capital Corp. | ||||||||
| 3.462% 9/06/29 | 1,125,000 | 1,036,323 | ||||||
| Imperial Brands Finance PLC | ||||||||
| 3.875% 7/26/29 (a) | 1,627,000 | 1,517,887 | ||||||
| Reynolds American, Inc. | ||||||||
| 5.850% 8/15/45 | 1,025,000 | 959,458 | ||||||
| Viterra Finance BV | ||||||||
| 3.200% 4/21/31 (a) | 1,540,000 | 1,327,124 | ||||||
| 4,840,792 | ||||||||
| Airlines — 0.2% | ||||||||
| Spirit Airlines Pass-Through Trust, Series 2015-1A, Class A, | ||||||||
| 4.100% 10/01/29 | 971,578 | 891,641 | ||||||
| United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||||
| 4.600% 9/01/27 | 292,888 | 278,132 | ||||||
| 1,169,773 | ||||||||
| Apparel — 0.1% | ||||||||
| Tapestry, Inc. | ||||||||
| 7.000% 11/27/26 | 531,000 | 550,478 | ||||||
| Auto Manufacturers — 0.2% | ||||||||
| General Motors Co. | ||||||||
| 5.150% 4/01/38 | 785,000 | 743,114 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 3.100% 1/12/32 | 815,000 | 693,864 | ||||||
| 1,436,978 | ||||||||
| Banks — 8.7% | ||||||||
| ABN AMRO Bank NV | ||||||||
| 4.750% 7/28/25 (a) | 2,100,000 | 2,057,706 | ||||||
| AIB Group PLC Secured Overnight Financing Rate + 2.330% | ||||||||
| 6.608% VRN 9/13/29 (a) | 1,653,000 | 1,741,356 | ||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 1,930,000 | 1,528,692 | ||||||
| 3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28 | 1,625,000 | 1,530,635 | ||||||
| 5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | 2,225,000 | 1,953,563 | ||||||
| Secured Overnight Financing Rate + 1.840% 5.872% VRN 9/15/34 | 1,275,000 | 1,334,632 | ||||||
| 7.750% 5/14/38 | 1,055,000 | 1,283,105 | ||||||
| Bank of Montreal 5 yr. CMT + 2.979% | ||||||||
| 4.800% VRN (b) | 1,550,000 | 1,493,200 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Bank of Nova Scotia 3 mo. USD Term SOFR + 2.910% | ||||||||
| 8.335% VRN (b) | $ | 3,550,000 | $ | 3,209,607 | ||||
| Barclays PLC | ||||||||
| 5 yr. CMT + 5.867% 6.125% VRN (b) | 775,000 | 741,256 | ||||||
| 5 yr. CMT + 5.431% 8.000% VRN (b) | 1,368,000 | 1,342,572 | ||||||
| BNP Paribas SA 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.149% | ||||||||
| 6.625% VRN (a) (b) | 1,860,000 | 1,846,078 | ||||||
| BPCE SA Secured Overnight Financing Rate + 1.730% | ||||||||
| 3.116% VRN 10/19/32 (a) | 2,080,000 | 1,695,971 | ||||||
| Credit Agricole SA Secured Overnight Financing Rate + 1.860% | ||||||||
| 6.316% VRN 10/03/29 (a) | 1,097,000 | 1,148,954 | ||||||
| Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730% | ||||||||
| 5.974% VRN 8/09/28 | 3,128,000 | 3,012,858 | ||||||
| Goldman Sachs Group, Inc. Secured Overnight Financing Rate + 1.410% | ||||||||
| 3.102% VRN 2/24/33 | 1,550,000 | 1,330,543 | ||||||
| HSBC Holdings PLC | ||||||||
| Secured Overnight Financing Rate + 1.285% 2.206% VRN 8/17/29 | 1,355,000 | 1,182,814 | ||||||
| Secured Overnight Financing Rate + 1.970% 6.161% VRN 3/09/29 | 1,845,000 | 1,905,124 | ||||||
| Huntington Bancshares, Inc. | ||||||||
| 5 yr. CMT + 1.170% 2.487% VRN 8/15/36 | 257,000 | 194,226 | ||||||
| 2.625% 8/06/24 | 1,075,000 | 1,054,902 | ||||||
| ING Groep NV 5 yr. USD ICE Swap + 4.204% | ||||||||
| 6.750% VRN (a) (b) | 1,325,000 | 1,316,719 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. USD Term SOFR + 2.515% 2.956% VRN 5/13/31 | 1,350,000 | 1,186,344 | ||||||
| 5.600% 7/15/41 | 1,225,000 | 1,302,065 | ||||||
| Lloyds Banking Group PLC | ||||||||
| 5 yr. USD Swap + 4.760% 7.500% VRN (b) | 2,325,000 | 2,301,523 | ||||||
| 1 yr. CMT + 3.750% 7.953% VRN 11/15/33 | 1,075,000 | 1,228,827 | ||||||
| Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) | 3,525,000 | 2,836,737 | ||||||
| Morgan Stanley | ||||||||
| Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | 1,410,000 | 1,117,548 | ||||||
| Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37 | 2,660,000 | 2,588,439 | ||||||
| National Australia Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.347% VRN 1/12/37 (a) | 3,060,000 | 2,539,365 | ||||||
| NatWest Group PLC 5 yr. CMT + 2.100% | ||||||||
| 3.754% VRN 11/01/29 | 725,000 | 707,211 | ||||||
| Societe Generale SA 5 yr. USD ICE Swap + 5.873% | ||||||||
| 8.000% VRN (a) (b) | 1,975,000 | 1,973,532 | ||||||
| SVB Financial Group | ||||||||
| 4.250% (b) | 301,000 | 2,559 | ||||||
| Swedbank AB 5 yr. CMT + 4.134% | ||||||||
| 5.625% VRN (a) (b) | 1,200,000 | 1,177,500 | ||||||
| Synovus Bank | ||||||||
| 5.625% 2/15/28 | 1,531,000 | 1,470,980 | ||||||
| Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 | 1,642,000 | 1,708,976 | ||||||
| UBS Group AG | ||||||||
| Secured Overnight Financing Rate Index + 0.980% 1.305% VRN 2/02/27 (a) | 2,000,000 | 1,830,453 | ||||||
| 1 yr. CMT + 1.800% 6.246% VRN 9/22/29 (a) | 819,000 | 854,340 | ||||||
| Secured Overnight Financing Rate + 3.340% 6.373% VRN 7/15/26 (a) | 888,000 | 897,865 | ||||||
| US Bancorp Secured Overnight Financing Rate + 2.260% | ||||||||
| 5.836% VRN 6/12/34 | 1,096,000 | 1,130,551 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Wells Fargo & Co. Secured Overnight Financing Rate + 1.790% | ||||||||
| 6.303% VRN 10/23/29 | $ | 1,625,000 | $ | 1,712,623 | ||||
| 61,471,951 | ||||||||
| Beverages — 0.3% | ||||||||
| Bacardi Ltd./Bacardi-Martini BV | ||||||||
| 5.900% 6/15/43 (a) | 437,000 | 441,788 | ||||||
| Molson Coors Beverage Co. | ||||||||
| 4.200% 7/15/46 | 1,479,000 | 1,260,271 | ||||||
| 5.000% 5/01/42 | 350,000 | 336,975 | ||||||
| 2,039,034 | ||||||||
| Biotechnology — 0.2% | ||||||||
| Amgen, Inc. | ||||||||
| 5.600% 3/02/43 | 972,000 | 1,004,378 | ||||||
| 5.750% 3/02/63 | 725,000 | 760,629 | ||||||
| 1,765,007 | ||||||||
| Chemicals — 0.5% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.165% 7/15/27 | 975,000 | 999,722 | ||||||
| International Flavors & Fragrances, Inc. | ||||||||
| 1.832% 10/15/27 (a) | 1,300,000 | 1,139,168 | ||||||
| LYB International Finance III LLC | ||||||||
| 4.200% 5/01/50 | 1,475,000 | 1,174,324 | ||||||
| 3,313,214 | ||||||||
| Diversified Financial Services — 3.3% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 3.300% 1/30/32 | 2,060,000 | 1,792,879 | ||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 985,000 | 872,621 | ||||||
| 3.950% 7/15/26 (a) | 2,725,000 | 2,534,422 | ||||||
| 8.500% 5/18/25 (a) | 1,185,000 | 1,203,592 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) | 1,875,000 | 1,588,985 | ||||||
| ARES Finance Co. LLC | ||||||||
| 4.000% 10/08/24 (a) | 2,380,000 | 2,329,211 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (a) | 2,970,000 | 2,630,946 | ||||||
| 3.250% 2/15/27 (a) | 1,945,000 | 1,798,815 | ||||||
| 4.250% 4/15/26 (a) | 1,746,000 | 1,686,311 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 (a) | 1,930,000 | 1,590,789 | ||||||
| 4.125% 10/07/51 (a) | 1,219,000 | 810,122 | ||||||
| Charles Schwab Corp. | ||||||||
| 5 yr. CMT + 3.168% 4.000% VRN (b) | 2,075,000 | 1,829,069 | ||||||
| Secured Overnight Financing Rate + 2.500% 5.853% VRN 5/19/34 | 989,000 | 1,020,897 | ||||||
| Global Aircraft Leasing Co. Ltd. | ||||||||
| 6.500% 9/15/24 (a) | 1,919,474 | 1,804,306 | ||||||
| 23,492,965 | ||||||||
| Electric — 1.9% | ||||||||
| Algonquin Power & Utilities Corp. 5 yr. CMT + 3.249% | ||||||||
| 4.750% VRN 1/18/82 | 825,000 | 697,125 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Cleveland Electric Illuminating Co. | ||||||||
| 5.950% 12/15/36 | $ | 589,000 | $ | 602,775 | ||||
| CMS Energy Corp. | ||||||||
| 4.700% 3/31/43 | 655,000 | 585,983 | ||||||
| 4.875% 3/01/44 | 700,000 | 665,059 | ||||||
| Dominion Energy South Carolina, Inc. | ||||||||
| 6.250% 10/15/53 | 246,000 | 283,605 | ||||||
| Dominion Energy, Inc. | ||||||||
| 5.950% 6/15/35 | 675,000 | 710,870 | ||||||
| Duke Energy Florida LLC | ||||||||
| 6.200% 11/15/53 | 692,000 | 791,367 | ||||||
| Entergy Texas, Inc. | ||||||||
| 5.800% 9/01/53 | 1,217,000 | 1,306,978 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 | 1,275,000 | 1,079,954 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 2.500% 2/01/31 | 1,035,000 | 853,762 | ||||||
| 3.750% 7/01/28 | 1,650,000 | 1,545,535 | ||||||
| Public Service Enterprise Group, Inc. | ||||||||
| 5.875% 10/15/28 | 1,680,000 | 1,760,339 | ||||||
| Sempra | ||||||||
| 5 yr. CMT + 2.868% 4.125% VRN 4/01/52 | 1,050,000 | 901,077 | ||||||
| 6.000% 10/15/39 | 171,000 | 180,102 | ||||||
| Vistra Operations Co. LLC | ||||||||
| 5.125% 5/13/25 (a) | 1,550,000 | 1,534,926 | ||||||
| 13,499,457 | ||||||||
| Entertainment — 0.1% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 1,080,000 | 988,420 | ||||||
| Food — 0.6% | ||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
| 3.625% 1/15/32 | 2,500,000 | 2,143,181 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 1,555,000 | 1,202,710 | ||||||
| 3.000% 10/15/30 (a) | 1,208,000 | 991,674 | ||||||
| 4,337,565 | ||||||||
| Gas — 0.4% | ||||||||
| CenterPoint Energy Resources Corp. | ||||||||
| 6.625% 11/01/37 | 1,500,000 | 1,636,739 | ||||||
| NiSource, Inc. | ||||||||
| 4.800% 2/15/44 | 1,350,000 | 1,233,197 | ||||||
| 2,869,936 | ||||||||
| Hand & Machine Tools — 0.3% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.050% 4/15/28 (a) | 1,880,000 | 1,903,080 | ||||||
| Health Care – Services — 0.2% | ||||||||
| HCA, Inc. | ||||||||
| 5.900% 6/01/53 | 1,515,000 | 1,552,956 | ||||||
| Insurance — 5.8% | ||||||||
| Allianz SE 5 yr. CMT + 2.973% | ||||||||
| 3.500% VRN (a) (b) | 4,400,000 | 3,901,308 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Allstate Corp., (Acquired 11/30/18, Cost $3,292,364), 3 mo. USD Term SOFR + 3.200% | ||||||||
| 8.579% VRN 8/15/53 (c) | $ | 3,220,000 | $ | 3,199,275 | ||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 2,215,000 | 1,783,800 | ||||||
| Athene Global Funding | ||||||||
| 2.673% 6/07/31 (a) | 3,080,000 | 2,526,509 | ||||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 | 1,670,000 | 1,387,980 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 4.700% 6/22/47 | 1,425,000 | 1,132,593 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 | 3,169,000 | 3,158,245 | ||||||
| Enstar Finance LLC | ||||||||
| HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 | 900,000 | 762,246 | ||||||
| 5 yr. CMT + 5.468% 5.750% VRN 9/01/40 | 2,700,000 | 2,527,310 | ||||||
| Enstar Group Ltd. | ||||||||
| 3.100% 9/01/31 | 307,000 | 250,353 | ||||||
| Equitable Holdings, Inc. 5 yr. CMT + 4.736% | ||||||||
| 4.950% VRN (b) | 925,000 | 880,201 | ||||||
| Global Atlantic Fin Co. | ||||||||
| 3.125% 6/15/31 (a) | 4,161,000 | 3,408,871 | ||||||
| 5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 3,580,000 | 3,068,398 | ||||||
| Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850% | ||||||||
| 3.379% VRN 2/04/32 (a) | 2,585,000 | 2,383,094 | ||||||
| Hill City Funding Trust | ||||||||
| 4.046% 8/15/41 (a) | 4,055,000 | 2,992,174 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) | 1,415,000 | 1,185,629 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 925,000 | 993,522 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 3.350% 4/16/31 (a) | 4,980,000 | 3,996,310 | ||||||
| 4.450% 5/12/27 (a) | 80,000 | 75,184 | ||||||
| 4.750% 4/08/32 (a) | 90,000 | 78,922 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 1,015,000 | 1,170,166 | ||||||
| 40,862,090 | ||||||||
| Investment Companies — 1.5% | ||||||||
| ARES Capital Corp. | ||||||||
| 2.150% 7/15/26 | 2,275,000 | 2,073,829 | ||||||
| 7.000% 1/15/27 | 468,000 | 481,383 | ||||||
| BlackRock TCP Capital Corp. | ||||||||
| 3.900% 8/23/24 | 1,137,000 | 1,118,867 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 1.750% 9/15/24 | 370,000 | 358,861 | ||||||
| 2.625% 12/15/26 | 3,660,000 | 3,315,476 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 2,025,000 | 1,912,760 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 1,165,000 | 1,055,847 | ||||||
| 10,317,023 | ||||||||
| Media — 0.9% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 5.125% 5/01/27 (a) | 2,025,000 | 1,956,493 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 6.484% 10/23/45 | $ | 1,905,000 | $ | 1,871,879 | ||||
| Discovery Communications LLC | ||||||||
| 4.000% 9/15/55 | 1,186,000 | 843,888 | ||||||
| Paramount Global | ||||||||
| 5.850% 9/01/43 | 875,000 | 787,546 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.750% 6/15/39 | 655,000 | 649,646 | ||||||
| 6,109,452 | ||||||||
| Oil & Gas — 2.0% | ||||||||
| BP Capital Markets PLC 5 yr. CMT + 4.398% | ||||||||
| 4.875% VRN (b) | 1,540,000 | 1,462,688 | ||||||
| EQT Corp. | ||||||||
| 3.900% 10/01/27 | 720,000 | 688,785 | ||||||
| 7.000% STEP 2/01/30 | 1,965,000 | 2,108,917 | ||||||
| Helmerich & Payne, Inc. | ||||||||
| 2.900% 9/29/31 | 1,725,000 | 1,450,317 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 1,110,000 | 1,180,005 | ||||||
| 6.500% 2/01/38 | 530,000 | 546,654 | ||||||
| 7.100% 7/15/53 | 1,064,000 | 1,169,577 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 (d) | 2,415,000 | 2,249,394 | ||||||
| 5.150% 11/15/29 | 1,350,000 | 1,287,760 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 925,000 | 802,413 | ||||||
| 6.375% 1/23/45 | 640,000 | 417,011 | ||||||
| 6.500% 3/13/27 | 295,000 | 274,979 | ||||||
| 6.625% 6/15/38 | 202,000 | 142,470 | ||||||
| 13,780,970 | ||||||||
| Oil & Gas Services — 0.2% | ||||||||
| Nov, Inc. | ||||||||
| 3.950% 12/01/42 | 1,778,000 | 1,367,672 | ||||||
| Pharmaceuticals — 1.3% | ||||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 815,000 | 775,538 | ||||||
| Cigna Group | ||||||||
| 4.800% 7/15/46 | 1,105,000 | 1,028,251 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 370,000 | 346,064 | ||||||
| 5.875% 6/01/53 | 875,000 | 920,337 | ||||||
| 6.125% 9/15/39 | 895,000 | 950,491 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 1,480,265 | 1,499,534 | ||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 3.950% 6/15/26 | 1,550,000 | 1,497,910 | ||||||
| 5.250% 6/15/46 | 2,300,000 | 1,915,244 | ||||||
| 8,933,369 | ||||||||
| Pipelines — 1.4% | ||||||||
| Energy Transfer LP 3 mo. USD LIBOR + 4.028% | ||||||||
| 9.669% VRN (b) | 2,635,000 | 2,530,429 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| EnLink Midstream Partners LP | ||||||||
| 5.450% 6/01/47 | $ | 1,150,000 | $ | 1,003,375 | ||||
| Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | ||||||||
| 5.250% VRN 8/16/77 | 2,550,000 | 2,437,822 | ||||||
| Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 9.751% VRN (b) | 2,590,000 | 2,502,588 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
| 4.700% 6/15/44 | 1,525,000 | 1,276,133 | ||||||
| 9,750,347 | ||||||||
| Private Equity — 0.5% | ||||||||
| Apollo Management Holdings LP 5 yr. CMT + 3.266% | ||||||||
| 4.950% VRN 1/14/50 (a) | 1,970,000 | 1,855,760 | ||||||
| KKR Group Finance Co. VIII LLC | ||||||||
| 3.500% 8/25/50 (a) | 920,000 | 654,325 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 1,382,000 | 953,564 | ||||||
| 3,463,649 | ||||||||
| Real Estate Investment Trusts (REITS) — 3.2% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 2,321,000 | 1,798,374 | ||||||
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||||
| 3.750% 12/15/27 (a) | 2,675,000 | 2,235,262 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 5.750% 6/01/28 | 1,150,000 | 1,160,327 | ||||||
| Kimco Realty OP LLC | ||||||||
| 4.125% 12/01/46 | 855,000 | 656,227 | ||||||
| 4.450% 9/01/47 | 1,055,000 | 870,838 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 3.375% 2/01/31 | 1,800,000 | 1,529,317 | ||||||
| 4.500% 4/01/27 | 608,000 | 583,280 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 2.750% 4/01/32 | 1,155,000 | 802,572 | ||||||
| Rexford Industrial Realty LP | ||||||||
| 2.125% 12/01/30 | 1,175,000 | 960,521 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 | 1,445,000 | 1,195,861 | ||||||
| Spirit Realty LP | ||||||||
| 2.700% 2/15/32 | 715,000 | 598,945 | ||||||
| 3.200% 1/15/27 | 425,000 | 402,085 | ||||||
| 3.400% 1/15/30 | 490,000 | 446,114 | ||||||
| 4.000% 7/15/29 | 1,030,000 | 977,221 | ||||||
| STORE Capital Corp. | ||||||||
| 4.500% 3/15/28 | 1,050,000 | 964,928 | ||||||
| 4.625% 3/15/29 | 2,950,000 | 2,720,559 | ||||||
| VICI Properties LP/VICI Note Co., Inc. | ||||||||
| 3.750% 2/15/27 (a) | 950,000 | 896,756 | ||||||
| WEA Finance LLC | ||||||||
| 2.875% 1/15/27 (a) | 2,150,000 | 1,912,587 | ||||||
| WEA Finance LLC/Westfield UK & Europe Finance PLC | ||||||||
| 3.750% 9/17/24 (a) | 1,575,000 | 1,546,385 | ||||||
| 22,258,159 | ||||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Retail — 0.1% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 5.950% 3/09/28 | $ | 1,014,000 | $ | 1,008,731 | ||||
| Software — 0.4% | ||||||||
| Electronic Arts, Inc. | ||||||||
| 2.950% 2/15/51 | 1,150,000 | 813,151 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 1,560,000 | 1,151,336 | ||||||
| Oracle Corp. | ||||||||
| 6.900% 11/09/52 | 691,000 | 811,007 | ||||||
| 2,775,494 | ||||||||
| Telecommunications — 1.6% | ||||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 4,675,000 | 3,361,219 | ||||||
| British Telecommunications PLC | ||||||||
| 9.625% STEP 12/15/30 | 2,495,000 | 3,087,309 | ||||||
| Sprint Capital Corp. | ||||||||
| 8.750% 3/15/32 | 2,325,000 | 2,869,662 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | 1,007,000 | 1,104,336 | ||||||
| Vodafone Group PLC | ||||||||
| 4.250% 9/17/50 | 1,175,000 | 974,626 | ||||||
| 11,397,152 | ||||||||
| Venture Capital — 0.7% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 3,662,000 | 3,305,105 | ||||||
| 3.375% 1/20/27 | 1,415,000 | 1,287,528 | ||||||
| 4,592,633 | ||||||||
| TOTAL CORPORATE DEBT (Cost $281,661,691) | 262,583,545 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.1% | ||||||||
| Commercial Mortgage-Backed Securities — 7.2% | ||||||||
| Bank, Series 2020-BN30, Class MCDF, | ||||||||
| 2.918% VRN 12/15/53 (e) | 3,165,000 | 1,797,193 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (e) | 3,150,000 | 2,324,789 | ||||||
| Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (e) | 4,800,000 | 3,260,345 | ||||||
| Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (e) | 3,100,000 | 2,207,565 | ||||||
| BGME Trust | ||||||||
| Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (e) | 16,248,000 | 12,905,050 | ||||||
| Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (e) | 3,790,000 | 2,864,669 | ||||||
| BMO Mortgage Trust, Series 2023-C4, Class A5, | ||||||||
| 5.117% VRN 2/15/56 (e) | 1,300,000 | 1,304,562 | ||||||
| BX Trust, Series 2023-LIFE, Class C | ||||||||
| 5.884% 2/15/28 (a) | 1,500,000 | 1,436,608 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 1,259,000 | 992,710 | ||||||
| COLEM Mortgage Trust, Series 2022-HLNE, Class D, | ||||||||
| 2.461% VRN 4/12/42 (a) (e) | 1,900,000 | 1,509,474 | ||||||
| COMM Mortgage Trust | ||||||||
| Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (e) | 1,200,000 | 1,114,415 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2015-CR23, Class C, 4.287% VRN 5/10/48 (e) | $ | 1,050,000 | $ | 938,362 | ||||
| DROP Mortgage Trust | ||||||||
| Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.727% FRN 10/15/43 (a) | 3,365,000 | 2,743,781 | ||||||
| Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 8.227% FRN 10/15/43 (a) | 1,162,000 | 874,114 | ||||||
| GS Mortgage Securities Trust, Series 2019-GC39, Class C, | ||||||||
| 4.005% VRN 5/10/52 (e) | 1,357,000 | 978,158 | ||||||
| KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 7.227% FRN 8/15/38 (a) | 3,077,756 | 2,909,878 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 7.227% FRN 3/15/38 (a) | 2,505,591 | 2,392,808 | ||||||
| MFT Mortgage Trust | ||||||||
| Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 1,185,000 | 847,253 | ||||||
| Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (e) | 1,278,000 | 836,857 | ||||||
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||||
| 7.577% FRN 7/15/39 (a) | 4,879,000 | 3,236,810 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 390,000 | 352,681 | ||||||
| Series 2021-FCMT, Class B, 1 mo. USD Term SOFR + 1.964% 7.327% FRN 5/15/31 (a) | 3,000,000 | 2,886,535 | ||||||
| 50,714,617 | ||||||||
| Other Asset-Backed Securities — 11.3% | ||||||||
| AASET Trust, Series 2021-2A, Class B | ||||||||
| 3.538% 1/15/47 (a) | 964,699 | 778,068 | ||||||
| Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR2, 3 mo. USD Term SOFR + 2.512% | ||||||||
| 7.906% FRN 7/15/32 (a) | 830,000 | 821,368 | ||||||
| Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | ||||||||
| 7.930% FRN 4/26/35 (a) | 1,750,000 | 1,754,832 | ||||||
| Apidos CLO XXV Ltd., Series 2016-25A, Class A2R, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 7.377% FRN 10/20/31 (a) | 2,610,000 | 2,609,872 | ||||||
| Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||||
| 6.715% FRN 4/18/35 (a) | 1,000,000 | 995,417 | ||||||
| BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A | ||||||||
| 2.940% 5/25/29 (a) | 141,212 | 138,088 | ||||||
| Business Jet Securities LLC, Series 2021-1A, Class C | ||||||||
| 5.067% 4/15/36 (a) | 612,554 | 577,777 | ||||||
| CARS-DB4 LP | ||||||||
| Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | 553,473 | 501,818 | ||||||
| Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | 486,735 | 409,705 | ||||||
| Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | ||||||||
| 6.657% FRN 4/20/31 (a) | 983,629 | 983,434 | ||||||
| Eaton Vance CLO Ltd. | ||||||||
| Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012% 7.406% FRN 10/15/30 (a) | 1,700,000 | 1,697,574 | ||||||
| Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312% 7.706% FRN 10/15/34 (a) | 400,000 | 396,207 | ||||||
| Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 7.327% FRN 10/20/34 (a) | 1,300,000 | 1,299,921 | ||||||
| Flexential Issuer | ||||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2021-1A, Class B, 3.720% 11/27/51 (a) | $ | 4,000,000 | $ | 3,473,983 | ||||
| Series 2021-1A, Class C, 6.930% 11/27/51 (a) | 4,000,000 | 3,293,560 | ||||||
| Goodgreen Trust | ||||||||
| Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 2,054,411 | 1,758,615 | ||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 804,879 | 726,242 | ||||||
| Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 387,061 | 354,896 | ||||||
| Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 786,599 | 710,871 | ||||||
| Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (e) | 1,013,375 | 894,705 | ||||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 330,715 | 297,758 | ||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 369,176 | 320,865 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 111,128 | 97,755 | ||||||
| Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 347,513 | 317,166 | ||||||
| Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 89,338 | 80,683 | ||||||
| Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 648,279 | 609,611 | ||||||
| HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950% | ||||||||
| 8.281% FRN 7/20/36 (a) | 1,000,000 | 1,009,486 | ||||||
| KREF Ltd. | ||||||||
| Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 7.126% FRN 2/15/39 (a) | 3,500,000 | 3,302,755 | ||||||
| Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.476% FRN 2/15/39 (a) | 5,800,000 | 5,368,078 | ||||||
| Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.676% FRN 2/15/39 (a) | 3,200,000 | 2,854,408 | ||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | 1,553,876 | 1,320,845 | ||||||
| MACH 1 Cayman Ltd., Series 2019-1, Class A | ||||||||
| 3.474% 10/15/39 (a) | 1,074,753 | 928,390 | ||||||
| Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462% | ||||||||
| 7.857% FRN 10/18/30 (a) | 680,000 | 680,008 | ||||||
| Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | ||||||||
| 7.256% FRN 7/15/30 (a) | 2,090,000 | 2,087,277 | ||||||
| Mariner Finance Issuance Trust | ||||||||
| Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,771,000 | 1,561,614 | ||||||
| Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835,000 | 715,226 | ||||||
| Mosaic Solar Loan Trust, Series 2018-1A, Class A | ||||||||
| 4.010% 6/22/43 (a) | 135,700 | 124,533 | ||||||
| Mosaic Solar Loans LLC | ||||||||
| Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 298,685 | 276,237 | ||||||
| Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 128,165 | 120,624 | ||||||
| Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2015-45A, Class B, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 7.306% FRN 10/14/35 (a) | 1,350,000 | 1,346,587 | ||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 7.527% FRN 10/20/34 (a) | 550,000 | 538,154 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
| 6.822% FRN 10/30/34 (a) | 2,000,000 | 1,999,866 | ||||||
| Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 7.490% FRN 10/25/31 (a) | 1,030,000 | 1,030,033 | ||||||
| RR 19 Ltd., Series 2021-19A, Class A1, 3 mo. USD Term SOFR + 1.402% | ||||||||
| 6.796% FRN 10/15/35 (a) | 1,000,000 | 999,290 | ||||||
| RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | ||||||||
| 7.244% FRN 1/15/37 (a) | 750,000 | 743,636 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D | ||||||||
| 3.170% 11/20/37 (a) | $ | 648,799 | $ | 597,019 | ||||
| Silver Point CLO 2 Ltd., Series 2023-2A, Class A1, 3 mo. USD Term SOFR + 2.250% | ||||||||
| 7.666% FRN 4/20/35 (a) | 2,000,000 | 2,013,270 | ||||||
| Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD Term SOFR + 2.562% | ||||||||
| 7.929% FRN 8/18/31 (a) | 1,660,000 | 1,637,718 | ||||||
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | ||||||||
| 6.670% FRN 11/25/35 (a) | 365,112 | 359,631 | ||||||
| Structured Receivables Finance LLC, Series 2010-B, Class A | ||||||||
| 3.730% 8/15/36 (a) | 62,084 | 60,439 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 551,780 | 521,012 | ||||||
| SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||||
| 4.190% 1/15/71 (a) | 1,577,158 | 1,378,046 | ||||||
| Symphony CLO 39 Ltd., Series 2023-39A, Class B, 3 mo. USD Term SOFR + 2.300% | ||||||||
| 7.712% FRN 4/25/34 (a) | 1,500,000 | 1,499,712 | ||||||
| Symphony CLO Ltd., Series 2023-30A, Class B, 3 mo. USD Term SOFR + 2.650% | ||||||||
| 8.066% FRN 4/20/35 (a) | 1,875,000 | 1,879,018 | ||||||
| THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 7.377% FRN 1/20/31 (a) | 2,440,000 | 2,401,804 | ||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class A, 4.163% 7/15/40 (a) | 3,296,008 | 2,832,540 | ||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,496,476 | 1,165,950 | ||||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 733,562 | 545,081 | ||||||
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 7.327% FRN 10/20/32 (a) | 1,100,000 | 1,085,717 | ||||||
| TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542% | ||||||||
| 6.957% FRN 4/20/33 (a) | 4,200,000 | 4,199,882 | ||||||
| Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||||
| 7.370% 4/30/48 (a) | 1,532,139 | 1,428,971 | ||||||
| Voya CLO Ltd. | ||||||||
| Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% 7.277% FRN 1/20/35 (a) | 500,000 | 495,972 | ||||||
| Series 2015-3A, Class A3R, 3 mo. USD Term SOFR + 1.962% 7.377% FRN 10/20/31 (a) | 1,500,000 | 1,491,018 | ||||||
| WAVE Trust, Series 2017-1A, Class C | ||||||||
| 6.656% 11/15/42 (a) | 2,204,323 | 273,600 | ||||||
| Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
| 4.750% STEP 9/15/43 (a) | 899,341 | 773,730 | ||||||
| 79,547,968 | ||||||||
| Student Loans Asset-Backed Securities — 2.4% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,360,300 | 1,243,475 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 909,302 | 830,433 | ||||||
| Education Loan Asset-Backed Trust I | ||||||||
| Series 2003-1, Class A2, 0.000% FRN 2/01/43 (a) (e) | 1,300,000 | 1,201,846 | ||||||
| Series 2003-2, Class 2A1, 0.000% FRN 8/01/43 (a) (e) | 1,950,000 | 1,813,348 | ||||||
| Series 2013-1, Class B1, 1 mo. USD LIBOR + 1.000% 6.470% FRN 11/25/33 (a) | 567,403 | 549,425 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Higher Education Funding I | ||||||||
| Series 2004-1, Class B2, 0.000% FRN 1/01/44 (a) (e) | $ | 600,000 | $ | 516,162 | ||||
| Series 2004-1, Class B1, 4.161% FRN 1/01/44 (a) (e) | 600,000 | 516,181 | ||||||
| Navient Student Loan Trust, Series 2018-EA, Class B | ||||||||
| 4.440% 12/15/59 (a) | 730,000 | 670,968 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2,850,000 | 2,197,498 | ||||||
| Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 10/25/50 (a) | 975,000 | 893,604 | ||||||
| Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 5/26/54 (a) | 1,130,000 | 1,110,097 | ||||||
| SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462% | ||||||||
| 5.805% FRN 2/15/45 | 842,821 | 757,645 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40 | 1,409,044 | 1,307,641 | ||||||
| Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.906% FRN 1/25/55 | 969,535 | 892,512 | ||||||
| SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||
| 5.669% VRN 1/25/45 (a) (e) | 1,899,403 | 1,837,681 | ||||||
| 16,338,516 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 2.2% | ||||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 5.275% VRN 8/25/34 (e) | 22,620 | 21,741 | ||||||
| Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1, | ||||||||
| 2.317% VRN 4/25/66 (a) (e) | 1,670,000 | 1,026,483 | ||||||
| Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||||
| 2.500% VRN 8/25/51 (a) (e) | 4,422,439 | 3,520,676 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||||
| 2.500% VRN 6/25/51 (a) (e) | 2,664,854 | 2,124,805 | ||||||
| NMLT Trust, Series 2021-INV1, Class M1, | ||||||||
| 2.711% VRN 5/25/56 (a) (e) | 3,723,000 | 2,435,905 | ||||||
| STAR Trust, Series 2021-1, Class M1, | ||||||||
| 2.363% VRN 5/25/65 (a) (e) | 5,273,000 | 3,876,201 | ||||||
| Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | ||||||||
| 2.491% VRN 6/25/56 (a) (e) | 1,840,000 | 1,237,643 | ||||||
| Verus Securitization Trust, Series 2021-R3, Class M1, | ||||||||
| 2.411% VRN 4/25/64 (a) (e) | 1,491,000 | 1,173,848 | ||||||
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | ||||||||
| 3.932% VRN 11/25/48 (a) (e) | 33,170 | 31,289 | ||||||
| 15,448,591 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $188,748,022) | 162,049,692 | |||||||
| SOVEREIGN DEBT OBLIGATION — 0.2% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 1,778,000 | 1,526,462 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,789,195) | 1,526,462 | |||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 27.4% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS | ||||||||
| Series 2178, Class PB 7.000% 8/15/29 | $ | 48,676 | $ | 49,885 | ||||
| Pass-Through Securities — 27.4% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 4,253,422 | 3,514,514 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 8,683,816 | 7,186,111 | ||||||
| Pool #RA5576 2.500% 7/01/51 | 7,127,156 | 6,139,025 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 3,452,129 | 3,067,333 | ||||||
| Pool #RA2483 3.500% 6/01/50 | 4,824,343 | 4,466,396 | ||||||
| Pool #Z40047 4.000% 10/01/41 | 65,445 | 63,490 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 4,912,081 | 4,692,616 | ||||||
| Pool #SD1603 4.000% 9/01/52 | 3,062,268 | 2,898,655 | ||||||
| Pool #SD4364 5.500% 10/01/53 | 5,173,422 | 5,223,876 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #CB0414 2.500% 5/01/51 | 6,192,639 | 5,299,239 | ||||||
| Pool #FM8596 2.500% 9/01/51 | 2,193,354 | 1,887,205 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 7,908,023 | 6,817,808 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 1,464,708 | 1,404,936 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 499,039 | 478,207 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 3,494,182 | 3,124,244 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 5,331,522 | 4,767,061 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 6,289,854 | 5,604,275 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 364,912 | 357,310 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 3,229,763 | 3,032,202 | ||||||
| Pool #CA6096 3.500% 6/01/50 | 6,545,471 | 6,029,142 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 349,695 | 323,639 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 10,076,720 | 9,303,089 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 2,061,405 | 2,033,951 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 5,511,362 | 5,377,679 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 4,843,594 | 4,703,404 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 184,800 | 188,381 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 1,210,348 | 1,234,412 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 413,538 | 421,802 | ||||||
| Pool #775539 Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 yr. + 1.641% 5.391% FRN 5/01/34 | 38,631 | 39,247 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #781038 6.500% 5/15/29 | 15,141 | 15,498 | ||||||
| Pool #781468 6.500% 7/15/32 | 1,299 | 1,349 | ||||||
| Pool #781496 6.500% 9/15/32 | 5,798 | 5,993 | ||||||
| Pool #781124 7.000% 12/15/29 | 2,151 | 2,215 | ||||||
| Pool #781319 7.000% 7/15/31 | 43,266 | 44,926 | ||||||
| Pool #581417 7.000% 7/15/32 | 7,061 | 7,242 | ||||||
| Pool #565982 7.000% 7/15/32 | 10,305 | 10,824 | ||||||
| Pool #441009 8.000% 11/15/26 | 294 | 300 | ||||||
| Pool #522777 8.000% 12/15/29 | 2,673 | 2,759 | ||||||
| Pool #523043 8.000% 3/15/30 | 95 | 99 | ||||||
| Pool #529134 8.000% 3/15/30 | 1,059 | 1,112 | ||||||
| Pool #477036 8.000% 4/15/30 | 109 | 114 | ||||||
| Pool #503157 8.000% 4/15/30 | 9,029 | 9,473 | ||||||
| Pool #528714 8.000% 4/15/30 | 842 | 885 | ||||||
| Pool #544640 8.000% 11/15/30 | 7,386 | 7,788 | ||||||
| Pool #531298 8.500% 8/15/30 | 409 | 426 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 2,520,004 | 2,300,191 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #MA6283 3.000% 11/20/49 | $ | 4,576,410 | $ | 4,170,072 | ||||
| Pool #MA6409 3.000% 1/20/50 | 4,762,958 | 4,356,057 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 2,835,880 | 2,675,028 | ||||||
| Government National Mortgage Association II, TBA | ||||||||
| 2.500% 1/20/54 (g) | 3,900,000 | 3,416,278 | ||||||
| 3.000% 1/20/54 (g) | 4,100,000 | 3,714,470 | ||||||
| 3.500% 1/20/54 (g) | 5,280,000 | 4,917,994 | ||||||
| 4.500% 1/20/54 (g) | 2,000,000 | 1,952,537 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.500% 1/01/54 (g) | 18,475,000 | 15,735,505 | ||||||
| 3.000% 1/01/54 (g) | 11,225,000 | 9,935,878 | ||||||
| 3.500% 1/01/54 (g) | 2,150,000 | 1,973,633 | ||||||
| 4.000% 1/01/54 (g) | 1,075,000 | 1,017,386 | ||||||
| 4.500% 1/01/54 (g) | 8,825,000 | 8,561,625 | ||||||
| 5.000% 1/01/54 (g) | 10,475,000 | 10,370,245 | ||||||
| 5.500% 1/01/54 (g) | 17,700,000 | 17,787,126 | ||||||
| 192,674,277 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $200,963,480) | 192,724,162 | |||||||
| U.S. TREASURY OBLIGATIONS — 11.2% | ||||||||
| U.S. Treasury Bonds & Notes — 11.2% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (h) | 19,450,000 | 13,609,519 | ||||||
| U.S. Treasury Notes | ||||||||
| 4.625% 10/15/26 | 64,000,000 | 64,957,978 | ||||||
| 78,567,497 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $77,082,986) | 78,567,497 | |||||||
| TOTAL BONDS & NOTES (Cost $750,245,374) | 697,451,358 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $750,245,374) | 697,451,358 | |||||||
| SHORT-TERM INVESTMENTS — 11.3% | ||||||||
| Commercial Paper — 10.6% | ||||||||
| 3M Co. | ||||||||
| 6.031% 3/27/24 (a) | 5,000,000 | 4,930,403 | ||||||
| 6.138% 3/20/24 (a) | 10,000,000 | 9,871,700 | ||||||
| AT&T, Inc. | ||||||||
| 6.119% 3/19/24 (a) | 7,000,000 | 6,911,831 | ||||||
| Avangrid, Inc. | ||||||||
| 5.590% 1/12/24 (a) | 5,000,000 | 4,989,045 | ||||||
| Bayer Corp. | ||||||||
| 6.361% 8/15/24 (a) | 9,000,000 | 8,650,726 | ||||||
| 6.396% 7/26/24 (a) | 7,200,000 | 6,944,766 | ||||||
| CRH America Finance, Inc. | ||||||||
| 6.078% 6/14/24 (a) | 10,000,000 | 9,740,664 | ||||||
| 6.091% 6/17/24 (a) | 5,000,000 | 4,868,119 | ||||||
| ERAC USA Finance LLC | ||||||||
| 5.838% 2/22/24 (a) | 4,000,000 | 3,964,508 | ||||||
| MassMutual Core Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Spire, Inc. | ||||||||
| 5.734% 1/12/24 (a) | $ | 6,000,000 | $ | 5,987,210 | ||||
| VW Credit, Inc. | ||||||||
| 6.028% 5/02/24 (a) | 8,000,000 | 7,843,898 | ||||||
| 74,702,870 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (i) | 1,541,228 | 1,541,228 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (j) | $ | 3,360,222 | 3,360,222 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $79,623,741) | 79,604,320 | |||||||
| TOTAL INVESTMENTS — 110.6% (Cost $829,869,115) (k) | 777,055,678 | |||||||
| Other Assets/(Liabilities) — (10.6)% | (74,327,925) | |||||||
| NET ASSETS — 100.0% | $ | 702,727,753 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| LIBOR | London InterBank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Up Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $318,194,548 or 45.28% of net assets. |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $3,199,275 or 0.46% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (d) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,510,925 or 0.22% of net assets. (Note 2). |
| (e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023. |
| (f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (h) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (i) | Represents investment of security lending cash collateral. (Note 2). |
| (j) | Maturity value of $3,360,820. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $3,427,434. |
| (k) | 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 | ||||||||||||||
| U.S. Treasury Long Bond | 3/19/24 | 154 | $ | 18,066,971 | $ | 1,173,404 | ||||||||
| U.S. Treasury Ultra 10 Year | 3/19/24 | 44 | 5,215,521 | (22,833) | ||||||||||
| U.S. Treasury Ultra Bond | 3/19/24 | 257 | 31,297,374 | 3,036,220 | ||||||||||
| U.S. Treasury Note 5 Year | 3/28/24 | 372 | 39,582,098 | 881,621 | ||||||||||
| $ | 5,068,412 | |||||||||||||
| Short | ||||||||||||||
| U.S. Treasury Note 2 Year | 3/28/24 | 101 | $ | (20,737,947) | $ | (59,373) | ||||||||
| Centrally Cleared Credit Default Swaps - Buy Protection | ||||||||||||||||||||||||||||||||
| Reference Obligation/Index | Rate Paid by Fund | Payment Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
| CDX.NA.IG Series 41† | 1.000% | Quarterly | 12/20/28 | USD | 112,000,000 | $ | (2,176,496) | $ | (1,605,965) | $ | (570,531) | |||||||||||||||||||||
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.965% | Annually | 6/23/25 | USD | 51,000,000 | $ | (319,170) | $ | — | $ | (319,170) | ||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.815% | Annually | 6/30/25 | USD | 49,000,000 | (405,508) | — | (405,508) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.749% | Annually | 7/14/25 | USD | 49,141,000 | (444,581) | — | (444,581) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.618% | Annually | 8/07/25 | USD | 50,000,000 | (535,486) | — | (535,486) | |||||||||||||||||||||||
| Fixed 3.293% | Annually | 12-Month USD SOFR | Annually | 6/23/33 | USD | 11,000,000 | 141,176 | — | 141,176 | |||||||||||||||||||||||
| Fixed 3.223% | Annually | 12-Month USD SOFR | Annually | 6/30/33 | USD | 11,440,000 | 211,405 | — | 211,405 | |||||||||||||||||||||||
| Fixed 3.086% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 11,394,000 | 337,359 | — | 337,359 | |||||||||||||||||||||||
| Fixed 3.107% | Annually | 12-Month USD SOFR | Annually | 8/07/33 | USD | 11,104,000 | 312,394 | — | 312,394 | |||||||||||||||||||||||
| $ | (702,411) | $ | — | $ | (702,411) | |||||||||||||||||||||||||||
| † | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
| USD | U.S. Dollar |
| MassMutual Diversified Bond Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 0.8% | ||||||||
| PREFERRED STOCK — 0.8% | ||||||||
| Financial — 0.8% | ||||||||
| Insurance — 0.8% | ||||||||
| Equitable Holdings, Inc., Class C | ||||||||
| 4.300% | 45,600 | $ | 755,135 | |||||
| Selective Insurance Group, Inc., Class B | ||||||||
| 4.600% | 18,825 | 323,602 | ||||||
| 1,078,737 | ||||||||
| TOTAL PREFERRED STOCK (Cost $1,610,626) | 1,078,737 | |||||||
| TOTAL EQUITIES (Cost $1,610,626) | 1,078,737 | |||||||
| Principal Amount | ||||||||
| BONDS & NOTES — 92.8% | ||||||||
| CORPORATE DEBT — 41.3% | ||||||||
| Aerospace & Defense — 0.3% | ||||||||
| Boeing Co. | ||||||||
| 5.930% 5/01/60 | $ | 140,000 | 144,968 | |||||
| TransDigm, Inc. | ||||||||
| 5.500% 11/15/27 | 250,000 | 244,932 | ||||||
| 389,900 | ||||||||
| Agriculture — 0.5% | ||||||||
| Imperial Brands Finance PLC | ||||||||
| 3.875% 7/26/29 (a) | 345,000 | 321,863 | ||||||
| Reynolds American, Inc. | ||||||||
| 5.850% 8/15/45 | 120,000 | 112,327 | ||||||
| Viterra Finance BV | ||||||||
| 3.200% 4/21/31 (a) | 280,000 | 241,295 | ||||||
| 675,485 | ||||||||
| Airlines — 0.3% | ||||||||
| Alaska Airlines Pass-Through Trust, Series 2020-1, Class A, | ||||||||
| 4.800% 2/15/29 (a) | 344,941 | 335,177 | ||||||
| United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||||
| 4.600% 9/01/27 | 53,741 | 51,034 | ||||||
| 386,211 | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Apparel — 0.1% | ||||||||
| Tapestry, Inc. | ||||||||
| 7.000% 11/27/26 | $ | 102,000 | $ | 105,742 | ||||
| Auto Manufacturers — 0.1% | ||||||||
| General Motors Co. | ||||||||
| 5.200% 4/01/45 | 225,000 | 202,491 | ||||||
| Banks — 8.8% | ||||||||
| ABN AMRO Bank NV 1 yr. CMT + 1.650% | ||||||||
| 6.339% VRN 9/18/27 (a) | 400,000 | 408,728 | ||||||
| AIB Group PLC Secured Overnight Financing Rate + 2.330% | ||||||||
| 6.608% VRN 9/13/29 (a) | 210,000 | 221,225 | ||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 310,000 | 245,541 | ||||||
| 5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | 460,000 | 403,883 | ||||||
| Secured Overnight Financing Rate + 1.840% 5.872% VRN 9/15/34 | 155,000 | 162,249 | ||||||
| 7.750% 5/14/38 | 125,000 | 152,027 | ||||||
| Bank of Montreal 5 yr. CMT + 2.979% | ||||||||
| 4.800% VRN (b) | 285,000 | 274,556 | ||||||
| Bank of Nova Scotia 3 mo. USD Term SOFR + 2.910% | ||||||||
| 8.335% VRN (b) | 575,000 | 519,866 | ||||||
| Barclays PLC | ||||||||
| 5 yr. CMT + 3.410% 4.375% VRN (b) | 375,000 | 291,527 | ||||||
| 5 yr. CMT + 5.431% 8.000% VRN (b) | 290,000 | 284,610 | ||||||
| BNP Paribas SA | ||||||||
| 5 yr. CMT + 3.340% 4.625% VRN (a) (b) | 375,000 | 302,054 | ||||||
| 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.149% 6.625% VRN (a) (b) | 250,000 | 248,129 | ||||||
| BPCE SA | ||||||||
| Secured Overnight Financing Rate + 1.730% 3.116% VRN 10/19/32 (a) | 450,000 | 366,917 | ||||||
| Secured Overnight Financing Rate + 1.98% 6.612% VRN 10/19/27 (a) | 390,000 | 401,321 | ||||||
| Credit Agricole SA Secured Overnight Financing Rate + 1.860% | ||||||||
| 6.316% VRN 10/03/29 (a) | 325,000 | 340,392 | ||||||
| Danske Bank AS 7 yr. USD Swap + 3.896% | ||||||||
| 6.125% VRN (a) (b) | 425,000 | 422,284 | ||||||
| Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730% | ||||||||
| 5.974% VRN 8/09/28 | 468,000 | 450,773 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 5.150% 5/22/45 | 235,000 | 227,178 | ||||||
| HSBC Holdings PLC | ||||||||
| 6.500% 9/15/37 | 125,000 | 130,801 | ||||||
| 7.350% 11/27/32 | 415,000 | 440,345 | ||||||
| Huntington Bancshares, Inc. | ||||||||
| 2.625% 8/06/24 | 225,000 | 220,793 | ||||||
| 3 mo. USD Term SOFR + 3.142% 8.536% VRN (b) | 510,000 | 478,125 | ||||||
| ING Groep NV 5 yr. USD ICE Swap + 4.204% | ||||||||
| 6.750% VRN (a) (b) | 275,000 | 273,281 | ||||||
| JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | ||||||||
| 2.956% VRN 5/13/31 | 235,000 | 206,512 | ||||||
| Lloyds Banking Group PLC 5 yr. CMT + 3.913% | ||||||||
| 8.000% VRN (b) | 605,000 | 606,209 | ||||||
| Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||||
| 3.052% VRN 3/03/36 (a) | 650,000 | 523,086 | ||||||
| Morgan Stanley | ||||||||
| Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | 280,000 | 221,925 | ||||||
| Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37 | 185,000 | 180,023 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Secured Overnight Financing Rate + 1.630% 5.449% VRN 7/20/29 | $ | 405,000 | $ | 412,675 | ||||
| NatWest Group PLC 5 yr. CMT + 2.100% | ||||||||
| 3.754% VRN 11/01/29 | 425,000 | 414,572 | ||||||
| Nordea Bank Abp 5 yr. CMT + 4.110% | ||||||||
| 6.625% VRN (a) (b) | 275,000 | 271,902 | ||||||
| Societe Generale SA 5 yr. USD ICE Swap + 5.873% | ||||||||
| 8.000% VRN (a) (b) | 525,000 | 524,610 | ||||||
| SVB Financial Group | ||||||||
| 4.100% (b) | 210,000 | 2,100 | ||||||
| 4.250% (b) | 590,000 | 5,015 | ||||||
| Swedbank AB 5 yr. CMT + 4.134% | ||||||||
| 5.625% VRN (a) (b) | 200,000 | 196,250 | ||||||
| Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||||
| 8.125% VRN 10/31/82 | 358,000 | 372,602 | ||||||
| UBS Group AG Secured Overnight Financing Rate + 3.340% | ||||||||
| 6.373% VRN 7/15/26 (a) | 375,000 | 379,166 | ||||||
| US Bancorp Secured Overnight Financing Rate + 2.260% | ||||||||
| 5.836% VRN 6/12/34 | 186,000 | 191,863 | ||||||
| Wells Fargo & Co. Secured Overnight Financing Rate + 1.790% | ||||||||
| 6.303% VRN 10/23/29 | 280,000 | 295,098 | ||||||
| 12,070,213 | ||||||||
| Beverages — 0.4% | ||||||||
| Bacardi Ltd. | ||||||||
| 5.150% 5/15/38 (a) | 200,000 | 190,157 | ||||||
| Molson Coors Beverage Co. | ||||||||
| 4.200% 7/15/46 | 366,000 | 311,872 | ||||||
| 502,029 | ||||||||
| Biotechnology — 0.2% | ||||||||
| Amgen, Inc. | ||||||||
| 5.600% 3/02/43 | 171,000 | 176,696 | ||||||
| 5.750% 3/02/63 | 150,000 | 157,372 | ||||||
| 334,068 | ||||||||
| Building Materials — 0.2% | ||||||||
| Standard Industries, Inc. | ||||||||
| 4.375% 7/15/30 (a) | 200,000 | 183,677 | ||||||
| 4.750% 1/15/28 (a) | 151,000 | 145,367 | ||||||
| 329,044 | ||||||||
| Chemicals — 0.2% | ||||||||
| LYB International Finance III LLC | ||||||||
| 4.200% 5/01/50 | 265,000 | 210,980 | ||||||
| Commercial Services — 0.1% | ||||||||
| Ashtead Capital, Inc. | ||||||||
| 4.250% 11/01/29 (a) | 200,000 | 186,752 | ||||||
| Computers — 0.2% | ||||||||
| Dell International LLC/EMC Corp. | ||||||||
| 8.350% 7/15/46 | 96,000 | 126,074 | ||||||
| Leidos, Inc. | ||||||||
| 5.500% 7/01/33 | 226,000 | 218,372 | ||||||
| 344,446 | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Distribution & Wholesale — 0.4% | ||||||||
| H&E Equipment Services, Inc. | ||||||||
| 3.875% 12/15/28 (a) | $ | 600,000 | $ | 545,589 | ||||
| Diversified Financial Services — 4.2% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 3.400% 10/29/33 | 760,000 | 652,591 | ||||||
| Antares Holdings LP | ||||||||
| 2.750% 1/15/27 (a) | 345,000 | 305,639 | ||||||
| 3.750% 7/15/27 (a) | 605,000 | 545,100 | ||||||
| 8.500% 5/18/25 (a) | 330,000 | 335,178 | ||||||
| ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||||
| 4.125% VRN 6/30/51 (a) | 295,000 | 250,000 | ||||||
| ARES Finance Co. LLC | ||||||||
| 4.000% 10/08/24 (a) | 375,000 | 366,997 | ||||||
| Avolon Holdings Funding Ltd. | ||||||||
| 2.528% 11/18/27 (a) | 375,000 | 332,190 | ||||||
| 3.250% 2/15/27 (a) | 175,000 | 161,847 | ||||||
| 4.375% 5/01/26 (a) | 480,000 | 464,445 | ||||||
| 5.500% 1/15/26 (a) | 135,000 | 134,127 | ||||||
| BGC Group, Inc. | ||||||||
| 4.375% 12/15/25 | 475,000 | 455,853 | ||||||
| Blue Owl Finance LLC | ||||||||
| 3.125% 6/10/31 (a) | 475,000 | 391,515 | ||||||
| 4.125% 10/07/51 (a) | 198,000 | 131,587 | ||||||
| Charles Schwab Corp. | ||||||||
| 5 yr. CMT + 3.168% 4.000% VRN (b) | 425,000 | 374,629 | ||||||
| Secured Overnight Financing Rate + 2.500% 5.853% VRN 5/19/34 | 186,000 | 191,999 | ||||||
| Global Aircraft Leasing Co. Ltd. | ||||||||
| 6.500% 9/15/24 (a) | 557,078 | 523,653 | ||||||
| OneMain Finance Corp. | ||||||||
| 4.000% 9/15/30 (c) | 220,000 | 188,266 | ||||||
| 5,805,616 | ||||||||
| Electric — 1.8% | ||||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 5.950% 5/15/37 | 120,000 | 127,566 | ||||||
| Cleveland Electric Illuminating Co. | ||||||||
| 5.950% 12/15/36 | 145,000 | 148,391 | ||||||
| CMS Energy Corp. | ||||||||
| 4.700% 3/31/43 | 115,000 | 102,882 | ||||||
| 4.875% 3/01/44 | 125,000 | 118,760 | ||||||
| Dominion Energy South Carolina, Inc. | ||||||||
| 6.250% 10/15/53 | 57,000 | 65,713 | ||||||
| Duke Energy Florida LLC | ||||||||
| 6.200% 11/15/53 | 133,000 | 152,098 | ||||||
| Elwood Energy LLC | ||||||||
| 8.159% 7/05/26 | 55,842 | 48,024 | ||||||
| IPALCO Enterprises, Inc. | ||||||||
| 4.250% 5/01/30 | 365,000 | 337,232 | ||||||
| NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||||
| 3.800% VRN 3/15/82 | 475,000 | 402,336 | ||||||
| Pacific Gas & Electric Co. | ||||||||
| 3.750% 7/01/28 | 485,000 | 454,294 | ||||||
| 4.300% 3/15/45 | 160,000 | 125,198 | ||||||
| Virginia Electric & Power Co. | ||||||||
| 6.000% 1/15/36 | 100,000 | 107,299 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Vistra Operations Co. LLC | ||||||||
| 5.125% 5/13/25 (a) | $ | 265,000 | $ | 262,423 | ||||
| 2,452,216 | ||||||||
| Entertainment — 0.2% | ||||||||
| Live Nation Entertainment, Inc. | ||||||||
| 5.625% 3/15/26 (a) | 77,000 | 76,296 | ||||||
| Warnermedia Holdings, Inc. | ||||||||
| 4.279% 3/15/32 | 200,000 | 183,041 | ||||||
| 259,337 | ||||||||
| Food — 0.7% | ||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL | ||||||||
| 6.750% 3/15/34 (a) | 260,000 | 273,944 | ||||||
| 7.250% 11/15/53 (a) | 260,000 | 282,527 | ||||||
| Smithfield Foods, Inc. | ||||||||
| 2.625% 9/13/31 (a) | 375,000 | 290,042 | ||||||
| 3.000% 10/15/30 (a) | 81,000 | 66,495 | ||||||
| 913,008 | ||||||||
| Gas — 0.2% | ||||||||
| NiSource, Inc. | ||||||||
| 4.800% 2/15/44 | 240,000 | 219,235 | ||||||
| Hand & Machine Tools — 0.2% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.050% 4/15/28 (a) | 325,000 | 328,990 | ||||||
| Home Builders — 0.0% | ||||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (a) | 35,000 | 32,436 | ||||||
| Insurance — 6.8% | ||||||||
| Allianz SE 5 yr. CMT + 2.973% | ||||||||
| 3.500% VRN (a) (b) | 1,176,000 | 1,042,713 | ||||||
| Allstate Corp., (Acquired 7/02/19, Cost $687,600), 3 mo. USD Term SOFR + 3.200% | ||||||||
| 8.579% VRN 8/15/53 (d) | 640,000 | 635,881 | ||||||
| Ascot Group Ltd. | ||||||||
| 4.250% 12/15/30 (a) | 450,000 | 362,397 | ||||||
| Athene Global Funding | ||||||||
| 1.730% 10/02/26 (a) | 350,000 | 316,140 | ||||||
| 2.950% 11/12/26 (a) | 365,000 | 339,980 | ||||||
| AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||||
| 4.900% VRN 1/15/40 | 400,000 | 332,450 | ||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | 575,000 | 378,263 | ||||||
| 4.700% 6/22/47 | 125,000 | 99,350 | ||||||
| Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||||
| 6.875% VRN 12/15/52 | 600,000 | 597,964 | ||||||
| Enstar Finance LLC 5 yr. CMT + 5.468% | ||||||||
| 5.750% VRN 9/01/40 | 910,000 | 851,797 | ||||||
| Enstar Group Ltd. | ||||||||
| 3.100% 9/01/31 | 31,000 | 25,280 | ||||||
| Equitable Holdings, Inc. 5 yr. CMT + 4.736% | ||||||||
| 4.950% VRN (b) | 410,000 | 390,143 | ||||||
| Global Atlantic Fin Co. | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3.125% 6/15/31 (a) | $ | 310,000 | $ | 253,965 | ||||
| 5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 955,000 | 818,525 | ||||||
| Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850% | ||||||||
| 3.379% VRN 2/04/32 (a) | 320,000 | 295,006 | ||||||
| Hill City Funding Trust | ||||||||
| 4.046% 8/15/41 (a) | 390,000 | 287,780 | ||||||
| Jackson Financial, Inc. | ||||||||
| 3.125% 11/23/31 | 450,000 | 378,750 | ||||||
| Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||||
| 4.125% VRN 12/15/51 (a) | 255,000 | 213,665 | ||||||
| Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318% | ||||||||
| 9.250% VRN (b) (d) | 169,000 | 184,452 | ||||||
| MetLife Capital Trust IV | ||||||||
| 7.875% 12/15/67 (a) | 225,000 | 241,667 | ||||||
| Prudential Financial, Inc. 5 yr. CMT + 3.162% | ||||||||
| 5.125% VRN 3/01/52 | 275,000 | 258,448 | ||||||
| Sammons Financial Group, Inc. | ||||||||
| 3.350% 4/16/31 (a) | 320,000 | 256,791 | ||||||
| 4.750% 4/08/32 (a) | 790,000 | 692,760 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (a) | 95,000 | 109,523 | ||||||
| 9,363,690 | ||||||||
| Internet — 0.1% | ||||||||
| Expedia Group, Inc. | ||||||||
| 2.950% 3/15/31 | 143,000 | 125,854 | ||||||
| Investment Companies — 2.1% | ||||||||
| ARES Capital Corp. | ||||||||
| 2.150% 7/15/26 | 455,000 | 414,766 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 2.625% 12/15/26 | 155,000 | 140,409 | ||||||
| 4.000% 1/15/29 (c) | 630,000 | 573,544 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 4.700% 2/08/27 | 410,000 | 387,275 | ||||||
| 5.500% 3/21/25 | 335,000 | 330,261 | ||||||
| Golub Capital BDC, Inc. | ||||||||
| 2.500% 8/24/26 | 160,000 | 145,009 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 6.250% 5/15/26 | 1,000,000 | 954,111 | ||||||
| 2,945,375 | ||||||||
| Leisure Time — 0.3% | ||||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 5.500% 8/31/26 (a) | 485,000 | 480,222 | ||||||
| Media — 1.2% | ||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 5.000% 2/01/28 (a) | 250,000 | 239,196 | ||||||
| CSC Holdings LLC | ||||||||
| 4.625% 12/01/30 (a) | 250,000 | 150,530 | ||||||
| 5.000% 11/15/31 (a) | 325,000 | 196,625 | ||||||
| 5.750% 1/15/30 (a) | 200,000 | 124,500 | ||||||
| Discovery Communications LLC | ||||||||
| 4.000% 9/15/55 | 235,000 | 167,212 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| DISH DBS Corp. | ||||||||
| 7.375% 7/01/28 | $ | 223,000 | $ | 133,305 | ||||
| Paramount Global | ||||||||
| 5.850% 9/01/43 | 405,000 | 364,521 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.500% 9/15/42 | 180,000 | 141,252 | ||||||
| 6.750% 6/15/39 | 115,000 | 114,060 | ||||||
| 1,631,201 | ||||||||
| Mining — 0.5% | ||||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.875% 3/01/26 (a) | 300,000 | 268,541 | ||||||
| Novelis Corp. | ||||||||
| 3.875% 8/15/31 (a) | 533,000 | 469,698 | ||||||
| 738,239 | ||||||||
| Oil & Gas — 2.0% | ||||||||
| Antero Resources Corp. | ||||||||
| 7.625% 2/01/29 (a) | 74,000 | 75,933 | ||||||
| BP Capital Markets PLC 5 yr. CMT + 4.398% | ||||||||
| 4.875% VRN (b) | 255,000 | 242,198 | ||||||
| EQT Corp. | ||||||||
| 7.000% STEP 2/01/30 | 565,000 | 606,381 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.500% 8/15/34 | 75,000 | 79,730 | ||||||
| 6.500% 2/01/38 | 160,000 | 165,028 | ||||||
| 7.100% 7/15/53 | 220,000 | 241,830 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.950% 2/01/28 | 340,000 | 316,685 | ||||||
| 5.150% 11/15/29 | 615,000 | 586,646 | ||||||
| Petroleos Mexicanos | ||||||||
| 5.350% 2/12/28 | 190,000 | 164,820 | ||||||
| 6.375% 1/23/45 | 35,000 | 22,805 | ||||||
| 6.500% 3/13/27 | 65,000 | 60,589 | ||||||
| Santos Finance Ltd. | ||||||||
| 3.649% 4/29/31 (a) | 165,000 | 143,678 | ||||||
| 2,706,323 | ||||||||
| Oil & Gas Services — 0.5% | ||||||||
| Nov, Inc. | ||||||||
| 3.950% 12/01/42 | 254,000 | 195,382 | ||||||
| Weatherford International Ltd. | ||||||||
| 8.625% 4/30/30 (a) | 483,000 | 504,280 | ||||||
| 699,662 | ||||||||
| Pharmaceuticals — 0.9% | ||||||||
| 1375209 BC Ltd. | ||||||||
| 9.000% 1/30/28 (a) (c) | 158,000 | 154,066 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 11.000% 9/30/28 (a) | 282,000 | 205,008 | ||||||
| CVS Health Corp. | ||||||||
| 5.050% 3/25/48 | 115,000 | 107,560 | ||||||
| 5.875% 6/01/53 | 100,000 | 105,181 | ||||||
| CVS Pass-Through Trust | ||||||||
| 5.926% 1/10/34 (a) | 154,194 | 156,202 | ||||||
| 7.507% 1/10/32 (a) | 10,906 | 11,471 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Utah Acquisition Sub, Inc. | ||||||||
| 3.950% 6/15/26 | $ | 205,000 | $ | 198,111 | ||||
| 5.250% 6/15/46 | 405,000 | 337,250 | ||||||
| 1,274,849 | ||||||||
| Pipelines — 0.8% | ||||||||
| Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785% | ||||||||
| 8.250% VRN 1/15/84 | 250,000 | 257,957 | ||||||
| Energy Transfer LP 5 yr. CMT + 5.134% | ||||||||
| 6.750% VRN (b) | 270,000 | 257,537 | ||||||
| EnLink Midstream Partners LP 3 mo. USD Term SOFR + 4.372% | ||||||||
| 9.756% VRN (b) | 375,000 | 341,533 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp. | ||||||||
| 4.700% 6/15/44 | 375,000 | 313,803 | ||||||
| 1,170,830 | ||||||||
| Private Equity — 0.4% | ||||||||
| Apollo Management Holdings LP 5 yr. CMT + 3.266% | ||||||||
| 4.950% VRN 1/14/50 (a) | 325,000 | 306,153 | ||||||
| KKR Group Finance Co. VIII LLC | ||||||||
| 3.500% 8/25/50 (a) | 160,000 | 113,796 | ||||||
| KKR Group Finance Co. X LLC | ||||||||
| 3.250% 12/15/51 (a) | 153,000 | 105,568 | ||||||
| 525,517 | ||||||||
| Real Estate Investment Trusts (REITS) — 3.1% | ||||||||
| Broadstone Net Lease LLC | ||||||||
| 2.600% 9/15/31 | 605,000 | 468,771 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 5.750% 6/01/28 | 205,000 | 206,841 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 3.625% 10/01/29 | 490,000 | 431,969 | ||||||
| 4.750% 1/15/28 | 202,000 | 194,179 | ||||||
| Piedmont Operating Partnership LP | ||||||||
| 2.750% 4/01/32 | 235,000 | 163,294 | ||||||
| 9.250% 7/20/28 | 133,000 | 140,407 | ||||||
| Rexford Industrial Realty LP | ||||||||
| 2.125% 12/01/30 | 201,000 | 164,310 | ||||||
| Service Properties Trust | ||||||||
| 4.950% 10/01/29 | 590,000 | 488,276 | ||||||
| Spirit Realty LP | ||||||||
| 2.700% 2/15/32 | 120,000 | 100,522 | ||||||
| 3.200% 1/15/27 | 160,000 | 151,373 | ||||||
| STORE Capital Corp. | ||||||||
| 4.500% 3/15/28 | 225,000 | 206,770 | ||||||
| 4.625% 3/15/29 | 525,000 | 484,167 | ||||||
| Ventas Realty LP | ||||||||
| 5.700% 9/30/43 | 85,000 | 81,866 | ||||||
| VICI Properties LP/VICI Note Co., Inc. | ||||||||
| 3.750% 2/15/27 (a) | 185,000 | 174,631 | ||||||
| WEA Finance LLC | ||||||||
| 2.875% 1/15/27 (a) | 385,000 | 342,487 | ||||||
| WEA Finance LLC/Westfield UK & Europe Finance PLC | ||||||||
| 3.750% 9/17/24 (a) | 425,000 | 417,279 | ||||||
| 4,217,142 | ||||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Retail — 0.6% | ||||||||
| Advance Auto Parts, Inc. | ||||||||
| 5.950% 3/09/28 | $ | 177,000 | $ | 176,080 | ||||
| Nordstrom, Inc. | ||||||||
| 4.250% 8/01/31 (c) | 440,000 | 366,071 | ||||||
| Sonic Automotive, Inc. | ||||||||
| 4.875% 11/15/31 (a) (c) | 277,000 | 246,905 | ||||||
| 789,056 | ||||||||
| Software — 0.1% | ||||||||
| Oracle Corp. | ||||||||
| 6.900% 11/09/52 | 119,000 | 139,667 | ||||||
| Telecommunications — 1.9% | ||||||||
| Altice France SA | ||||||||
| 5.125% 7/15/29 (a) | 442,000 | 343,885 | ||||||
| AT&T, Inc. | ||||||||
| 3.550% 9/15/55 | 664,000 | 477,401 | ||||||
| British Telecommunications PLC | ||||||||
| 9.625% STEP 12/15/30 | 475,000 | 587,764 | ||||||
| Deutsche Telekom International Finance BV | ||||||||
| 8.750% STEP 6/15/30 | 110,000 | 132,480 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 6.625% 8/01/26 (c) | 444,000 | 350,023 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.875% 11/15/28 | 375,000 | 406,324 | ||||||
| 8.750% 3/15/32 | 141,000 | 174,031 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 6.000% 6/15/54 | 190,000 | 208,365 | ||||||
| 2,680,273 | ||||||||
| Toys, Games & Hobbies — 0.2% | ||||||||
| Mattel, Inc. | ||||||||
| 5.875% 12/15/27 (a) | 225,000 | 224,703 | ||||||
| Venture Capital — 0.7% | ||||||||
| Hercules Capital, Inc. | ||||||||
| 2.625% 9/16/26 | 738,000 | 666,075 | ||||||
| 3.375% 1/20/27 | 340,000 | 309,371 | ||||||
| 975,446 | ||||||||
| TOTAL CORPORATE DEBT (Cost $62,316,040) | 56,981,837 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 25.1% | ||||||||
| Commercial Mortgage-Backed Securities — 10.0% | ||||||||
| Aventura Mall Trust, Series 2018-AVM, Class D, | ||||||||
| 4.112% VRN 7/05/40 (a) (e) | 530,000 | 451,883 | ||||||
| BAMLL Commercial Mortgage Securities Trust | ||||||||
| Series 2019-BPR, Class CMP, 3.895% VRN 11/05/32 (a) (e) | 440,000 | 385,756 | ||||||
| Series 2019-BPR, Class DMP, 3.895% VRN 11/05/32 (a) (e) | 540,000 | 461,247 | ||||||
| Bank | ||||||||
| Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (e) | 500,000 | 283,917 | ||||||
| Series 2019-BN17, Class C, 4.511% VRN 4/15/52 (e) | 331,000 | 256,437 | ||||||
| Benchmark Mortgage Trust | ||||||||
| Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (e) | 500,000 | 356,059 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Series 2020-IG1, Class D, 3.245% VRN 9/15/43 (e) | $ | 400,000 | $ | 183,246 | ||||
| BGME Trust, Series 2021-VR, Class D, | ||||||||
| 2.995% VRN 1/10/43 (a) (e) | 3,100,000 | 2,343,133 | ||||||
| BMO Mortgage Trust, Series 2023-C4, Class A5, | ||||||||
| 5.117% VRN 2/15/56 (e) | 300,000 | 301,053 | ||||||
| CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.197% | ||||||||
| 7.809% FRN 12/15/37 (a) | 572,453 | 561,002 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||||
| 3.502% 8/10/56 | 222,000 | 175,045 | ||||||
| COMM Mortgage Trust, Series 2015-CR23, Class C, | ||||||||
| 4.287% VRN 5/10/48 (e) | 110,000 | 98,304 | ||||||
| DC Office Trust | ||||||||
| Series 2019-MTC, Class D, 3.072% VRN 9/15/45 (a) (e) | 357,000 | 226,518 | ||||||
| Series 2019-MTC, Class E, 3.072% VRN 9/15/45 (a) (e) | 622,000 | 323,611 | ||||||
| DROP Mortgage Trust, Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% | ||||||||
| 8.227% FRN 10/15/43 (a) | 998,000 | 750,745 | ||||||
| GS Mortgage Securities Trust, Series 2018-GS10, Class D | ||||||||
| 3.000% 7/10/51 (a) | 599,000 | 324,468 | ||||||
| Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, | ||||||||
| 3.443% VRN 7/10/39 (a) (e) | 630,000 | 491,038 | ||||||
| Jackson Park Trust, Series 2019-LIC, Class D, | ||||||||
| 3.242% VRN 10/14/39 (a) (e) | 686,000 | 546,039 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class E, | ||||||||
| 3.783% VRN 6/05/39 (a) (e) | 553,000 | 453,615 | ||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, | ||||||||
| 4.619% VRN 8/15/47 (e) | 300,000 | 260,518 | ||||||
| KIND Trust, Series 2021-KIND, Class C, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 7.227% FRN 8/15/38 (a) | 893,542 | 844,803 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||||
| 7.227% FRN 3/15/38 (a) | 424,643 | 405,529 | ||||||
| Med Trust, Series 2021-MDLN, Class F, 1 mo. USD Term SOFR + 4.114% | ||||||||
| 9.477% FRN 11/15/38 (a) | 1,990,447 | 1,908,315 | ||||||
| MFT Mortgage Trust | ||||||||
| Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 205,000 | 146,571 | ||||||
| Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (e) | 215,000 | 140,786 | ||||||
| VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||||
| 7.577% FRN 7/15/39 (a) | 864,000 | 573,192 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (e) | 140,000 | 126,178 | ||||||
| Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 7.877% FRN 5/15/31 (a) | 461,000 | 437,857 | ||||||
| 13,816,865 | ||||||||
| Other Asset-Backed Securities — 10.6% | ||||||||
| AIMCO CLO, Series 2018-AA, Class B, 3 mo. USD Term SOFR + 1.662% | ||||||||
| 7.064% FRN 4/17/31 (a) | 250,000 | 247,099 | ||||||
| Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | ||||||||
| 7.930% FRN 4/26/35 (a) | 500,000 | 501,380 | ||||||
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||
| 4.230% FRN 10/25/34 | 87,955 | 77,409 | ||||||
| Atrium XV, Series 15A, Class B, 3 mo. USD Term SOFR + 2.012% | ||||||||
| 7.424% FRN 1/23/31 (a) | 250,000 | 249,908 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||||
| 6.715% FRN 4/18/35 (a) | $ | 500,000 | $ | 497,708 | ||||
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, | ||||||||
| 4.213% STEP 12/16/41 (a) | 241,583 | 227,767 | ||||||
| BRE Grand Islander Timeshare Issuer LLC | ||||||||
| Series 2017-1A, Class A, 2.940% 5/25/29 (a) | 24,420 | 23,880 | ||||||
| Series 2017-1A, Class B, 3.240% 5/25/29 (a) | 20,173 | 19,842 | ||||||
| Business Jet Securities LLC, Series 2021-1A, Class C | ||||||||
| 5.067% 4/15/36 (a) | 717,542 | 676,804 | ||||||
| DataBank Issuer, Series 2021-1A, Class B | ||||||||
| 2.650% 2/27/51 (a) | 300,000 | 265,137 | ||||||
| Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482% | ||||||||
| 6.876% FRN 10/15/36 (a) | 500,000 | 498,513 | ||||||
| Goodgreen Trust | ||||||||
| Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 130,162 | 117,445 | ||||||
| Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 71,457 | 65,519 | ||||||
| Series 2019-2A, Class B, 3.860% 4/15/55 (a) | 83,959 | 69,786 | ||||||
| Series 2021-1A, Class C, 5.740% 10/15/56 (a) | 389,306 | 305,672 | ||||||
| Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 7.377% FRN 1/20/31 (a) | 280,000 | 279,098 | ||||||
| Hero Funding Trust | ||||||||
| Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 44,966 | 40,485 | ||||||
| Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 62,736 | 54,526 | ||||||
| Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 23,969 | 21,084 | ||||||
| Series 2016-4A, Class A2, 4.290% 9/20/47 (a) | 46,914 | 43,741 | ||||||
| Horizon Aircraft Finance I Ltd., Series 2018-1, Class B | ||||||||
| 5.270% 12/15/38 (a) | 225,200 | 124,720 | ||||||
| Horizon Aircraft Finance II Ltd., Series 2019-1, Class B | ||||||||
| 4.703% 7/15/39 (a) | 273,167 | 170,451 | ||||||
| JG Wentworth XLIII LLC, Series 2019-1A, Class B | ||||||||
| 4.510% 8/15/73 (a) | 130,941 | 109,456 | ||||||
| Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||||
| 4.300% 1/15/42 (a) | 268,501 | 228,234 | ||||||
| LoanCore Issuer Ltd., Series 2022-CRE7, Class E, 30 day USD SOFR Average + 3.750% | ||||||||
| 9.088% FRN 1/17/37 (a) | 1,000,000 | 945,078 | ||||||
| MACH 1 Cayman Ltd., Series 2019-1, Class B | ||||||||
| 4.335% 10/15/39 (a) | 319,562 | 228,967 | ||||||
| Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | ||||||||
| 7.256% FRN 7/15/30 (a) | 950,000 | 948,762 | ||||||
| Madison Park Funding XXXII Ltd., Series 2018-32A, Class CR, 3 mo. USD Term SOFR + 2.262% | ||||||||
| 7.674% FRN 1/22/31 (a) | 300,000 | 298,079 | ||||||
| Mariner Finance Issuance Trust, Series 2021-AA, Class D | ||||||||
| 3.830% 3/20/36 (a) | 381,000 | 325,921 | ||||||
| Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||||
| 4.450% 6/20/42 (a) | 21,361 | 20,104 | ||||||
| Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 7.306% FRN 7/15/34 (a) | 500,000 | 499,973 | ||||||
| OHA Credit Partners XI Ltd., Series 2015-11A, Class CR, 3 mo. USD Term SOFR + 2.412% | ||||||||
| 7.827% FRN 1/20/32 (a) | 300,000 | 299,997 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||||
| 7.527% FRN 10/20/34 (a) | $ | 250,000 | $ | 244,616 | ||||
| Pioneer Aircraft Finance Ltd., Series 2019-1, Class B | ||||||||
| 4.948% 6/15/44 (a) | 341,661 | 253,635 | ||||||
| Rad CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD Term SOFR + 2.362% | ||||||||
| 7.740% FRN 4/25/32 (a) | 250,000 | 250,063 | ||||||
| Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||||
| 6.822% FRN 10/30/34 (a) | 500,000 | 499,966 | ||||||
| Renew, Series 2021-1, Class M | ||||||||
| 3.210% 11/20/56 (a) | 157,024 | 125,187 | ||||||
| Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982% | ||||||||
| 7.349% FRN 5/20/31 (a) | 250,000 | 249,593 | ||||||
| RRX 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term SOFR + 2.012% | ||||||||
| 7.406% FRN 1/15/37 (a) | 250,000 | 249,989 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||||
| 3.510% 7/20/37 (a) | 29,798 | 28,489 | ||||||
| Slam Ltd., Series 2021-1A, Class B | ||||||||
| 3.422% 6/15/46 (a) | 247,204 | 207,661 | ||||||
| Steele Creek CLO Ltd., Series 2018-2A, Class C, 3 mo. USD Term SOFR + 2.562% | ||||||||
| 7.929% FRN 8/18/31 (a) | 490,000 | 483,423 | ||||||
| Store Master Funding I-VII & XIV, Series 2019-1, Class A4 | ||||||||
| 4.490% 11/20/49 (a) | 754,279 | 610,738 | ||||||
| Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||||
| 4.870% 7/20/48 (a) | 101,448 | 95,791 | ||||||
| SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||||
| 4.190% 1/15/71 (a) | 249,448 | 217,956 | ||||||
| Symphony CLO 39 Ltd., Series 2023-39A, Class B, 3 mo. USD Term SOFR + 2.300% | ||||||||
| 7.712% FRN 4/25/34 (a) | 500,000 | 499,904 | ||||||
| THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||||
| 7.377% FRN 1/20/31 (a) | 490,000 | 482,330 | ||||||
| Thrust Engine Leasing DAC | ||||||||
| Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,046,643 | 815,471 | ||||||
| Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 244,521 | 181,694 | ||||||
| TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||||
| 7.327% FRN 10/20/32 (a) | 250,000 | 246,754 | ||||||
| Willis Engine Structured Trust III, Series 2017-A, Class A, | ||||||||
| 4.690% STEP 8/15/42 (a) | 269,211 | 226,859 | ||||||
| Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||||
| 4.750% STEP 9/15/43 (a) | 173,206 | 149,015 | ||||||
| 14,601,679 | ||||||||
| Student Loans Asset-Backed Securities — 2.3% | ||||||||
| College Avenue Student Loans LLC | ||||||||
| Series 2021-A, Class D, 4.120% 7/25/51 (a) | 220,945 | 202,148 | ||||||
| Series 2019-A, Class C, 4.460% 12/28/48 (a) | 135,942 | 124,151 | ||||||
| Series 2019-A, Class D, 5.500% 12/28/48 (a) | 95,525 | 86,276 | ||||||
| Commonbond Student Loan Trust, Series 2017-AGS, Class C | ||||||||
| 5.280% 5/25/41 (a) | 33,079 | 30,505 | ||||||
| EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B | ||||||||
| 3.500% 11/25/50 (a) | 600,000 | 475,365 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450% | ||||||||
| 6.091% FRN 8/25/42 | $ | 344,983 | $ | 307,685 | ||||
| Navient Student Loan Trust | ||||||||
| Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 140,000 | 128,679 | ||||||
| Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% 6.652% FRN 3/25/67 (a) | 250,000 | 231,547 | ||||||
| Nelnet Student Loan Trust | ||||||||
| Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (e) | 70,000 | 69,428 | ||||||
| Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.864% FRN 6/25/41 | 64,538 | 56,128 | ||||||
| Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% 6.452% FRN 11/25/36 (a) | 200,000 | 198,199 | ||||||
| Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% 6.452% FRN 6/25/42 (a) | 150,000 | 144,064 | ||||||
| Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% 6.452% FRN 7/26/49 (a) | 250,000 | 224,877 | ||||||
| Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.952% FRN 6/25/41 (a) | 100,000 | 94,270 | ||||||
| SLM Student Loan Trust | ||||||||
| Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.796% FRN 1/25/70 | 99,670 | 93,349 | ||||||
| Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.806% FRN 10/25/40 | 105,678 | 98,073 | ||||||
| Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.886% FRN 1/25/44 | 187,897 | 174,331 | ||||||
| Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.066% FRN 10/25/64 | 65,815 | 61,509 | ||||||
| SMB Private Education Loan Trust, Series 2019-A, Class B | ||||||||
| 4.000% 11/17/42 (a) | 185,000 | 167,069 | ||||||
| SoFi Professional Loan Program LLC, Series 2017-C, Class C, | ||||||||
| 4.210% VRN 7/25/40 (a) (e) | 180,000 | 168,138 | ||||||
| South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614% | ||||||||
| 6.970% FRN 1/25/36 | 31,730 | 31,682 | ||||||
| 3,167,473 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 2.2% | ||||||||
| Angel Oak Mortgage Trust I LLC | ||||||||
| Series 2019-4, Class M1, 3.459% VRN 7/26/49 (a) (e) | 349,522 | 339,574 | ||||||
| Series 2019-2, Class M1, 4.065% VRN 3/25/49 (a) (e) | 114,617 | 112,568 | ||||||
| Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||
| 5.275% VRN 8/25/34 (e) | 3,618 | 3,477 | ||||||
| New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, | ||||||||
| 3.398% VRN 11/27/56 (a) (e) | 3,600,000 | 2,569,875 | ||||||
| 3,025,494 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $40,605,643) | 34,611,511 | |||||||
| SOVEREIGN DEBT OBLIGATION — 0.1% | ||||||||
| Mexico Government International Bond | ||||||||
| 4.750% 3/08/44 | 174,000 | 149,384 | ||||||
| TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $194,251) | 149,384 | |||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (f) — 11.7% | ||||||||
| Collateralized Mortgage Obligations — 0.0% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS | ||||||||
| Series 2178, Class PB 7.000% 8/15/29 | $ | 2,645 | $ | 2,711 | ||||
| Pass-Through Securities — 11.7% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA4245 2.000% 12/01/50 | 452,911 | 374,231 | ||||||
| Pool #RA4255 2.000% 1/01/51 | 918,113 | 759,765 | ||||||
| Pool #SD0905 3.000% 3/01/52 | 699,165 | 621,232 | ||||||
| Pool #SD1523 4.000% 8/01/52 | 1,037,764 | 991,398 | ||||||
| Pool #SD1603 4.000% 9/01/52 | 654,531 | 619,560 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #FM8596 2.500% 9/01/51 | 442,889 | 381,070 | ||||||
| Pool #FS3035 2.500% 4/01/52 | 1,471,260 | 1,268,429 | ||||||
| Pool #MA3029 3.000% 6/01/32 | 207,430 | 198,965 | ||||||
| Pool #MA3090 3.000% 8/01/32 | 84,583 | 81,052 | ||||||
| Pool #AR3007 3.000% 2/01/43 | 79,569 | 73,192 | ||||||
| Pool #FS1075 3.000% 3/01/52 | 707,682 | 632,758 | ||||||
| Pool #CB3304 3.000% 4/01/52 | 1,084,377 | 969,572 | ||||||
| Pool #CB3305 3.000% 4/01/52 | 1,312,272 | 1,169,237 | ||||||
| Pool #AS1304 3.500% 12/01/28 | 49,958 | 48,918 | ||||||
| Pool #MA1356 3.500% 2/01/43 | 427,814 | 401,645 | ||||||
| Pool #CA6096 3.500% 6/01/50 | 924,678 | 851,736 | ||||||
| Pool #FM4017 3.500% 8/01/50 | 59,522 | 55,088 | ||||||
| Pool #CB3842 3.500% 6/01/52 | 2,136,857 | 1,972,802 | ||||||
| Pool #CA1909 4.500% 6/01/48 | 335,387 | 330,921 | ||||||
| Pool #CB3866 4.500% 6/01/52 | 813,152 | 793,428 | ||||||
| Pool #CB4129 4.500% 7/01/52 | 1,022,043 | 992,461 | ||||||
| Pool #AD6437 5.000% 6/01/40 | 24,053 | 24,520 | ||||||
| Pool #AD6996 5.000% 7/01/40 | 158,152 | 161,297 | ||||||
| Pool #AL8173 5.000% 2/01/44 | 54,646 | 55,738 | ||||||
| Government National Mortgage Association | ||||||||
| Pool #579140 6.500% 1/15/32 | 304 | 314 | ||||||
| Pool #587280 6.500% 9/15/32 | 497 | 509 | ||||||
| Pool #550659 6.500% 9/15/35 | 44,120 | 46,236 | ||||||
| Pool #538689 6.500% 12/15/35 | 5,519 | 5,809 | ||||||
| Pool #780651 7.000% 10/15/27 | 214 | 217 | ||||||
| Pool #462384 7.000% 11/15/27 | 141 | 144 | ||||||
| Pool #482668 7.000% 8/15/28 | 324 | 331 | ||||||
| Pool #581417 7.000% 7/15/32 | 430 | 441 | ||||||
| Pool #423836 8.000% 8/15/26 | 96 | 97 | ||||||
| Government National Mortgage Association II | ||||||||
| Pool #MA6038 3.000% 7/20/49 | 423,530 | 386,587 | ||||||
| Pool #MA6283 3.000% 11/20/49 | 766,385 | 698,337 | ||||||
| Pool #MA6409 3.000% 1/20/50 | 800,695 | 732,291 | ||||||
| Pool #MA4321 3.500% 3/20/47 | 502,187 | 473,703 | ||||||
| 16,174,031 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $17,614,461) | 16,176,742 | |||||||
| U.S. TREASURY OBLIGATIONS — 14.6% | ||||||||
| U.S. Treasury Bonds & Notes — 14.6% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 (g) | 3,340,000 | 2,337,059 | ||||||
| MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| U.S. Treasury Notes | ||||||||
| 4.250% 10/15/25 | $ | 16,750,000 | $ | 16,718,267 | ||||
| 4.875% 10/31/28 | 1,000,000 | 1,044,001 | ||||||
| 20,099,327 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $19,890,700) | 20,099,327 | |||||||
| TOTAL BONDS & NOTES (Cost $140,621,095) | 128,018,801 | |||||||
| TOTAL PURCHASED OPTIONS (#) —
0.0% (Cost $4,446) | 9,162 | |||||||
| Number of Shares | ||||||||
| WARRANTS — 0.0% | ||||||||
| Consumer, Non-cyclical — 0.0% | ||||||||
| Chemicals — 0.0% | ||||||||
| Hercules LLC, Expires 3/31/29, Strike 0.09 (h) (i) (j) | 150 | 3,966 | ||||||
| TOTAL WARRANTS (Cost $0) | 3,966 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $142,236,167) | 129,110,666 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 4.9% | ||||||||
| Commercial Paper — 2.2% | ||||||||
| VW Credit, Inc. | ||||||||
| 5.865% 1/26/24 (a) | $ | 3,000,000 | 2,986,967 | |||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 1.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (k) | 1,795,363 | 1,795,363 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (l) | $ | 1,918,010 | 1,918,010 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $6,701,434) | 6,700,340 | |||||||
| TOTAL INVESTMENTS — 98.5% (Cost $148,937,601) (m) | 135,811,006 | |||||||
| Other Assets/(Liabilities) — 1.5% | 2,071,769 | |||||||
| NET ASSETS — 100.0% | $ | 137,882,775 | ||||||
Abbreviation Legend
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| ICE | Inter-Continental Exchange |
| LIBOR | London InterBank Offered Rate |
| REMICS | Real Estate Mortgage Investment Conduits |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Up Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $58,211,631 or 42.22% of net assets. |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $1,758,520 or 1.28% of net assets. (Note 2). |
| (d) | Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $820,333 or 0.59% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (e) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023. |
| (f) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
| (g) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (h) | Non-income producing security. |
| (i) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $3,966 or 0.00% of net assets. |
| (j) | Investment is valued using significant unobservable inputs. |
| (k) | Represents investment of security lending cash collateral. (Note 2). |
| (l) | Maturity value of $1,918,351. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,956,453. |
| (m) | See Note 3 for aggregate cost for federal tax purposes. |
| (#) OTC Options Purchased | ||||||||||||||||||||||||||||||||
| Description | Counterparty | Expiration Date | Exercise Price | No. of Contracts | Notional Amount | Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| Call | ||||||||||||||||||||||||||||||||
| AUD Call USD Put | Bank of America N.A. | 6/10/24 | 0.68 | 190,000 | AUD | 190,000 | $ | 3,636 | $ | 1,840 | $ | 1,796 | ||||||||||||||||||||
| AUD Call USD Put | Bank of America N.A. | 6/10/24 | 0.69 | 380,000 | AUD | 380,000 | 4,817 | 2,301 | 2,516 | |||||||||||||||||||||||
| AUD Call USD Put | Bank of America N.A. | 6/10/24 | 0.73 | 190,000 | AUD | 190,000 | 709 | 305 | 404 | |||||||||||||||||||||||
| $ | 9,162 | $ | 4,446 | $ | 4,716 | |||||||||||||||||||||||||||
| Forward contracts | ||||||||||||||||
| Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||
| Bank of America N.A. | 1/09/24 | PEN | 575,130 | USD | 150,000 | $ | 5,443 | |||||||||
| Bank of America N.A. | 2/13/24 | USD | 101,713 | ZAR | 1,885,603 | (1,011) | ||||||||||
| Barclays Bank PLC | 2/20/24 | USD | 101,763 | CNH | 734,672 | (1,673) | ||||||||||
| BNP Paribas SA | 1/16/24 | USD | 415,746 | CHF | 372,870 | (28,147) | ||||||||||
| BNP Paribas SA | 1/23/24 | USD | 156,563 | TWD | 5,035,053 | (7,893) | ||||||||||
| BNP Paribas SA | 2/06/24 | BRL | 571,874 | USD | 109,000 | 8,505 | ||||||||||
| Citibank N.A. | 2/06/24 | USD | 249,000 | MXN | 4,432,734 | (10,630) | ||||||||||
| Citibank N.A. | 2/20/24 | JPY | 7,910,917 | USD | 55,500 | 1,011 | ||||||||||
| Citibank N.A. | 2/20/24 | USD | 101,868 | PHP | 5,779,592 | (2,487) | ||||||||||
| Goldman Sachs International | 1/16/24 | ILS | 551,694 | USD | 140,429 | 11,980 | ||||||||||
| Goldman Sachs International | 1/16/24 | USD | 126,950 | ILS | 504,372 | (12,386) | ||||||||||
| Goldman Sachs International | 2/06/24 | USD | 119,841 | MXN | 2,099,551 | (3,132) | ||||||||||
| Goldman Sachs International | 2/06/24 | MXN | 8,892,122 | USD | 484,775 | 36,045 | ||||||||||
| Goldman Sachs International | 2/13/24 | TRY | 3,582,733 | USD | 126,500 | (9,510) | ||||||||||
| Goldman Sachs International | 2/13/24 | HUF | 90,294,750 | USD | 245,000 | 13,892 | ||||||||||
| Goldman Sachs International | 2/20/24 | JPY | 7,935,700 | USD | 55,500 | 1,188 | ||||||||||
| Goldman Sachs International | 2/20/24 | USD | 256,430 | SGD | 345,024 | (5,578) | ||||||||||
| HSBC Bank PLC | 1/16/24 | ILS | 1,004,059 | USD | 262,300 | 15,077 | ||||||||||
| HSBC Bank PLC | 2/13/24 | HUF | 35,256,267 | USD | 98,116 | 2,972 | ||||||||||
| HSBC Bank PLC | 2/13/24 | USD | 100,046 | CHF | 89,247 | (6,508) | ||||||||||
| HSBC Bank PLC | 2/13/24 | USD | 96,723 | CZK | 2,239,639 | (3,298) | ||||||||||
| HSBC Bank PLC | 2/20/24 | KRW | 200,192,080 | USD | 153,899 | 1,972 | ||||||||||
| HSBC Bank PLC | 2/20/24 | THB | 8,957,520 | USD | 254,247 | 9,285 | ||||||||||
| JP Morgan Chase Bank N.A. | 2/06/24 | MXN | 2,099,551 | USD | 120,945 | 2,028 | ||||||||||
| Morgan Stanley & Co. LLC | 1/23/24 | JPY | 79,828,000 | USD | 541,582 | 26,176 | ||||||||||
| Morgan Stanley & Co. LLC | 2/06/24 | BRL | 1,265,922 | USD | 255,000 | 5,114 | ||||||||||
| $ | 48,435 | |||||||||||||||
| Futures contracts | ||||||||||||||
| Expiration Date | Number of Contracts | Notional Amount | Value/ Net Unrealized Appreciation (Depreciation) | |||||||||||
| Long | ||||||||||||||
| U.S. Treasury Long Bond | 3/19/24 | 68 | $ | 7,837,552 | $ | 658,198 | ||||||||
| U.S. Treasury Ultra 10 Year | 3/19/24 | 12 | 1,396,587 | 19,601 | ||||||||||
| U.S. Treasury Ultra Bond | 3/19/24 | 57 | 6,918,569 | 696,275 | ||||||||||
| U.S. Treasury Note 2 Year | 3/28/24 | 34 | 6,941,245 | 59,833 | ||||||||||
| U.S. Treasury Note 5 Year | 3/28/24 | 93 | 9,884,186 | 231,744 | ||||||||||
| $ | 1,665,651 | |||||||||||||
| Centrally Cleared Credit Default Swaps - Buy Protection | ||||||||||||||||||||||||||||||||
| Reference Obligation/Index | Rate Paid by Fund | Payment Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
| CDX.NA.IG Series 41† | 1.000% | Quarterly | 12/20/28 | USD | 24,000,000 | $ | (466,392) | $ | (344,135) | $ | (122,257) | |||||||||||||||||||||
| Centrally Cleared Interest Rate Swaps | ||||||||||||||||||||||||||||||||
| Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||||
| Rate/ Reference | Frequency | Rate/ Reference | Frequency | Termination Date | Notional Amount | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.965% | Annually | 6/23/25 | USD | 11,000,000 | $ | (68,841) | $ | — | $ | (68,841) | ||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.815% | Annually | 6/30/25 | USD | 8,000,000 | (66,205) | — | (66,205) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.749% | Annually | 7/14/25 | USD | 8,023,000 | (72,584) | — | (72,584) | |||||||||||||||||||||||
| 12-Month USD SOFR | Annually | Fixed 3.618% | Annually | 8/07/25 | USD | 10,467,000 | (112,099) | — | (112,099) | |||||||||||||||||||||||
| Fixed 3.293% | Annually | 12-Month USD SOFR | Annually | 6/23/33 | USD | 2,000,000 | 25,668 | — | 25,668 | |||||||||||||||||||||||
| Fixed 3.223% | Annually | 12-Month USD SOFR | Annually | 6/30/33 | USD | 2,300,000 | 42,503 | — | 42,503 | |||||||||||||||||||||||
| Fixed 3.086% | Annually | 12-Month USD SOFR | Annually | 7/14/33 | USD | 2,291,000 | 67,833 | — | 67,833 | |||||||||||||||||||||||
| Fixed 3.107% | Annually | 12-Month USD SOFR | Annually | 8/07/33 | USD | 2,327,000 | 65,467 | — | 65,467 | |||||||||||||||||||||||
| $ | (118,258) | $ | — | $ | (118,258) | |||||||||||||||||||||||||||
| † | Payment is based on a percentage of the index. Reference entities are a number of individual issuers comprising the index. |
Currency Legend
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CHF | Swiss Franc |
| CNH | Offshore Chinese Yuan |
| CZK | Czech Koruna |
| HUF | Hungarian Forint |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| PEN | Peruvian New Sol |
| PHP | Philippine Peso |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | New Turkish Lira |
| TWD | Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |
| MassMutual High Yield Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Principal Amount | Value | |||||||
| BONDS & NOTES — 93.7% | ||||||||
| BANK LOANS — 7.3% | ||||||||
| Aerospace & Defense — 0.4% | ||||||||
| Barnes Group, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.000% | ||||||||
| 8.456% VRN 9/03/30 | $ | 1,520,327 | $ | 1,523,368 | ||||
| Chemicals — 1.0% | ||||||||
| Element Solutions, Inc. ., 2023 Term Loan B, | ||||||||
| 0.000% 12/18/30 (a) | 1,361,324 | 1,364,728 | ||||||
| LSF11 A5 Holdco LLC | ||||||||
| Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||||
| 8.970% VRN 10/15/28 | 994,937 | 995,563 | ||||||
| 2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 9.706% VRN 10/15/28 | 2,042,522 | 2,045,933 | ||||||
| 4,406,224 | ||||||||
| Computers — 0.0% | ||||||||
| SonicWall US Holdings, Inc., 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500% | ||||||||
| 13.010% VRN 5/18/26 | 38,923 | 35,383 | ||||||
| Diversified Financial Services — 0.5% | ||||||||
| Aretec Group, Inc., 2023 Incremental Term Loan, | ||||||||
| 0.000% 8/09/30 (a) | 1,963,922 | 1,959,680 | ||||||
| Electric — 0.2% | ||||||||
| Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. USD Term SOFR + 4.500% | ||||||||
| 9.869% VRN 5/17/30 | 865,217 | 868,825 | ||||||
| Food — 0.2% | ||||||||
| 8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, | ||||||||
| 0.000% 10/01/25 (a) | 1,121,504 | 1,072,909 | ||||||
| Health Care – Products — 0.4% | ||||||||
| Bausch & Lomb Corp., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.000% | ||||||||
| 9.356% VRN 9/29/28 | 1,572,517 | 1,566,620 | ||||||
| Health Care – Services — 0.6% | ||||||||
| Catalent Pharma Solutions, Inc., 2021 Term Loan B3, | ||||||||
| 0.000% 2/22/28 (a) | 1,730,972 | 1,694,189 | ||||||
| LifePoint Health, Inc., 2023 Term Loan B, | ||||||||
| 0.000% 11/16/28 (a) | 869,978 | 866,281 | ||||||
| 2,560,470 | ||||||||
| Internet — 0.3% | ||||||||
| MH Sub I LLC, 2023 Term Loan, 1 mo. USD Term SOFR + 4.250% | ||||||||
| 9.606% VRN 5/03/28 | 1,186,422 | 1,164,509 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Investment Companies — 0.3% | ||||||||
| GIP Pilot Acquisition Partners LP, Term Loan, 3 mo. USD Term SOFR + 3.000% | ||||||||
| 8.388% VRN 10/04/30 | $ | 1,166,975 | $ | 1,166,006 | ||||
| Media — 0.4% | ||||||||
| A-L Parent LLC, 2023 Take Back Term Loan, | ||||||||
| 0.000% 6/30/28 (a) | 1,584,030 | 1,524,629 | ||||||
| Mining — 0.3% | ||||||||
| Arsenal AIC Parent LLC, Term Loan, 1 mo. USD Term SOFR + 4.500% | ||||||||
| 9.856% VRN 8/18/30 | 1,151,700 | 1,154,936 | ||||||
| Packaging & Containers — 0.1% | ||||||||
| Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 4.175% | ||||||||
| 9.631% VRN 4/13/29 | 645,932 | 648,083 | ||||||
| Pipelines — 0.5% | ||||||||
| BIP PipeCo Holdings LLC, Term Loan B, 3 mo. USD Term SOFR + 3.250% | ||||||||
| 8.616% VRN 12/06/30 | 854,774 | 851,569 | ||||||
| Buckeye Partners LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.500% | ||||||||
| 7.856% VRN 11/22/30 | 1,156,170 | 1,159,581 | ||||||
| 2,011,150 | ||||||||
| Real Estate Investment Trusts (REITS) — 0.4% | ||||||||
| RHP Hotel Properties LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||||
| 8.106% VRN 5/18/30 | 1,526,923 | 1,527,366 | ||||||
| Software — 1.7% | ||||||||
| Banff Merger Sub, Inc. | ||||||||
| 2023 USD Term Loan, | ||||||||
| 0.000% 12/02/28 (a) | 3,852,533 | 3,874,685 | ||||||
| 2021 USD 2nd Lien Term Loan, 1 mo. USD Term SOFR + 5.500% | ||||||||
| 10.970% VRN 2/27/26 | 2,500,000 | 2,488,275 | ||||||
| Quest Software US Holdings, Inc., 2022 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500% | ||||||||
| 13.033% VRN 2/01/30 | 1,456,351 | 860,281 | ||||||
| 7,223,241 | ||||||||
| TOTAL BANK LOANS (Cost $30,796,695) | 30,413,399 | |||||||
| CORPORATE DEBT — 86.4% | ||||||||
| Advertising — 0.5% | ||||||||
| Clear Channel Outdoor Holdings, Inc. | ||||||||
| 9.000% 9/15/28 (b) | 710,000 | 740,860 | ||||||
| Stagwell Global LLC | ||||||||
| 5.625% 8/15/29 (b) | 1,514,000 | 1,392,528 | ||||||
| 2,133,388 | ||||||||
| Aerospace & Defense — 0.9% | ||||||||
| Spirit AeroSystems, Inc. | ||||||||
| 9.750% 11/15/30 (b) | 1,684,000 | 1,810,256 | ||||||
| Triumph Group, Inc. | ||||||||
| 7.750% 8/15/25 (c) | 493,000 | 491,418 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 9.000% 3/15/28 (b) | $ | 1,345,000 | $ | 1,430,199 | ||||
| 3,731,873 | ||||||||
| Agriculture — 0.2% | ||||||||
| Darling Ingredients, Inc. | ||||||||
| 6.000% 6/15/30 (b) | 938,000 | 938,694 | ||||||
| Airlines — 2.0% | ||||||||
| Allegiant Travel Co. | ||||||||
| 7.250% 8/15/27 (b) | 2,000,000 | 1,956,883 | ||||||
| American Airlines, Inc. | ||||||||
| 8.500% 5/15/29 (b) | 1,488,000 | 1,571,327 | ||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
| 5.500% 4/20/26 (b) | 3,270,833 | 3,247,239 | ||||||
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | ||||||||
| 5.750% 1/20/26 (b) | 946,043 | 891,306 | ||||||
| United Airlines, Inc. | ||||||||
| 4.375% 4/15/26 (b) | 758,000 | 738,599 | ||||||
| 8,405,354 | ||||||||
| Apparel — 0.3% | ||||||||
| Tapestry, Inc. | ||||||||
| 7.050% 11/27/25 | 1,019,000 | 1,041,422 | ||||||
| Auto Manufacturers — 0.3% | ||||||||
| JB Poindexter & Co., Inc. | ||||||||
| 8.750% 12/15/31 (b) | 1,386,000 | 1,413,720 | ||||||
| Auto Parts & Equipment — 0.6% | ||||||||
| Adient Global Holdings Ltd. | ||||||||
| 4.875% 8/15/26 (b) | 1,734,000 | 1,695,614 | ||||||
| 8.250% 4/15/31 (b) | 816,000 | 864,045 | ||||||
| 2,559,659 | ||||||||
| Building Materials — 2.8% | ||||||||
| Emerald Debt Merger Sub LLC | ||||||||
| 6.625% 12/15/30 (b) | 2,389,000 | 2,440,053 | ||||||
| Knife River Corp. | ||||||||
| 7.750% 5/01/31 (b) | 1,107,000 | 1,178,667 | ||||||
| New Enterprise Stone & Lime Co., Inc. | ||||||||
| 5.250% 7/15/28 (b) | 2,072,000 | 1,976,501 | ||||||
| 9.750% 7/15/28 (b) | 3,764,000 | 3,764,000 | ||||||
| Smyrna Ready Mix Concrete LLC | ||||||||
| 8.875% 11/15/31 (b) | 1,607,000 | 1,689,240 | ||||||
| Summit Materials LLC/Summit Materials Finance Corp. | ||||||||
| 7.250% 1/15/31 (b) | 630,000 | 663,834 | ||||||
| 11,712,295 | ||||||||
| Chemicals — 4.3% | ||||||||
| Celanese US Holdings LLC | ||||||||
| 6.379% 7/15/32 | 2,895,000 | 3,060,263 | ||||||
| Consolidated Energy Finance SA | ||||||||
| 5.625% 10/15/28 (b) | 4,296,000 | 3,637,767 | ||||||
| LSF11 A5 HoldCo LLC | ||||||||
| 6.625% 10/15/29 (b) | 2,667,000 | 2,255,310 | ||||||
| Methanex Corp. | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.125% 10/15/27 | $ | 2,056,000 | $ | 2,008,509 | ||||
| 5.250% 12/15/29 (c) | 1,618,000 | 1,556,721 | ||||||
| Olympus Water US Holding Corp. | ||||||||
| 4.250% 10/01/28 (b) | 2,503,000 | 2,252,186 | ||||||
| 6.250% 10/01/29 (b) (c) | 1,772,000 | 1,573,821 | ||||||
| Polar US Borrower LLC/Schenectady International Group, Inc. | ||||||||
| 6.750% 5/15/26 (b) | 1,257,000 | 402,240 | ||||||
| Tronox, Inc. | ||||||||
| 4.625% 3/15/29 (b) | 689,000 | 610,315 | ||||||
| Vibrantz Technologies, Inc. | ||||||||
| 9.000% 2/15/30 (b) (c) | 498,000 | 394,875 | ||||||
| 17,752,007 | ||||||||
| Coal — 0.5% | ||||||||
| Coronado Finance Pty. Ltd. | ||||||||
| 10.750% 5/15/26 (b) | 2,077,000 | 2,163,845 | ||||||
| Commercial Services — 2.0% | ||||||||
| Alta Equipment Group, Inc. | ||||||||
| 5.625% 4/15/26 (b) | 2,194,000 | 2,116,524 | ||||||
| GTCR W-2 Merger Sub LLC | ||||||||
| 7.500% 1/15/31 (b) | 431,000 | 455,448 | ||||||
| PECF USS Intermediate Holding III Corp. | ||||||||
| 8.000% 11/15/29 (b) | 599,000 | 305,490 | ||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. | ||||||||
| 6.250% 1/15/28 (b) (c) | 2,865,000 | 2,848,293 | ||||||
| PROG Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (b) | 2,527,000 | 2,328,706 | ||||||
| 8,054,461 | ||||||||
| Computers — 0.3% | ||||||||
| Presidio Holdings, Inc. | ||||||||
| 8.250% 2/01/28 (b) (c) | 1,048,000 | 1,058,781 | ||||||
| Cosmetics & Personal Care — 0.6% | ||||||||
| Coty, Inc. | ||||||||
| 6.500% 4/15/26 (b) | 105,000 | 104,832 | ||||||
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | ||||||||
| 4.750% 1/15/29 (b) | 2,104,000 | 2,006,816 | ||||||
| 6.625% 7/15/30 (b) | 331,000 | 340,040 | ||||||
| 2,451,688 | ||||||||
| Distribution & Wholesale — 0.4% | ||||||||
| Resideo Funding, Inc. | ||||||||
| 4.000% 9/01/29 (b) | 1,882,000 | 1,642,045 | ||||||
| Diversified Financial Services — 6.1% | ||||||||
| Aretec Group, Inc. | ||||||||
| 10.000% 8/15/30 (b) | 1,099,000 | 1,167,852 | ||||||
| Coinbase Global, Inc. | ||||||||
| 3.375% 10/01/28 (b) | 305,000 | 257,351 | ||||||
| 3.625% 10/01/31 (b) | 373,000 | 288,195 | ||||||
| Global Aircraft Leasing Co. Ltd. | ||||||||
| 6.500% 9/15/24 (b) | 8,509,033 | 7,998,491 | ||||||
| Jefferson Capital Holdings LLC | ||||||||
| 6.000% 8/15/26 (b) | 2,664,000 | 2,549,180 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| LPL Holdings, Inc. | ||||||||
| 6.750% 11/17/28 | $ | 1,045,000 | $ | 1,113,991 | ||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
| 8.125% 3/30/29 (b) | 675,000 | 705,525 | ||||||
| 8.375% 5/01/28 (b) | 1,977,000 | 2,070,611 | ||||||
| Midcap Financial Issuer Trust | ||||||||
| 5.625% 1/15/30 (b) | 723,000 | 641,663 | ||||||
| 6.500% 5/01/28 (b) | 1,492,000 | 1,395,766 | ||||||
| OneMain Finance Corp. | ||||||||
| 4.000% 9/15/30 | 709,000 | 606,731 | ||||||
| 5.375% 11/15/29 | 1,195,000 | 1,118,996 | ||||||
| PRA Group, Inc. | ||||||||
| 5.000% 10/01/29 (b) (c) | 4,020,000 | 3,317,365 | ||||||
| 7.375% 9/01/25 (b) | 1,582,000 | 1,569,891 | ||||||
| 8.375% 2/01/28 (b) | 445,000 | 428,408 | ||||||
| 25,230,016 | ||||||||
| Electric — 2.9% | ||||||||
| PG&E Corp. | ||||||||
| 5.000% 7/01/28 (c) | 3,121,000 | 3,036,674 | ||||||
| 5.250% 7/01/30 (c) | 583,000 | 562,330 | ||||||
| Pike Corp. | ||||||||
| 5.500% 9/01/28 (b) | 2,213,000 | 2,108,325 | ||||||
| 8.625% 1/31/31 (b) | 1,071,000 | 1,125,451 | ||||||
| Talen Energy Supply LLC | ||||||||
| 8.625% 6/01/30 (b) | 2,894,000 | 3,074,969 | ||||||
| Vistra Operations Co. LLC | ||||||||
| 5.125% 5/13/25 (b) | 2,000,000 | 1,980,550 | ||||||
| 11,888,299 | ||||||||
| Electronics — 0.6% | ||||||||
| Atkore, Inc. | ||||||||
| 4.250% 6/01/31 (b) | 2,549,000 | 2,275,009 | ||||||
| Engineering & Construction — 1.5% | ||||||||
| Arcosa, Inc. | ||||||||
| 4.375% 4/15/29 (b) | 2,166,000 | 2,017,369 | ||||||
| Global Infrastructure Solutions, Inc. | ||||||||
| 5.625% 6/01/29 (b) | 488,000 | 445,640 | ||||||
| 7.500% 4/15/32 (b) | 1,457,000 | 1,343,541 | ||||||
| MasTec, Inc. | ||||||||
| 4.500% 8/15/28 (b) (c) | 1,815,000 | 1,704,396 | ||||||
| Railworks Holdings LP/Railworks Rally, Inc. | ||||||||
| 8.250% 11/15/28 (b) | 879,000 | 870,210 | ||||||
| 6,381,156 | ||||||||
| Entertainment — 1.2% | ||||||||
| Caesars Entertainment, Inc. | ||||||||
| 6.250% 7/01/25 (b) | 1,969,000 | 1,974,354 | ||||||
| 7.000% 2/15/30 (b) | 419,000 | 429,658 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
| 4.750% 10/15/27 (b) | 930,000 | 891,716 | ||||||
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||||
| 4.875% 5/01/29 (b) | 987,000 | 917,910 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Ontario Gaming GTA LP | ||||||||
| 8.000% 8/01/30 (b) | $ | 684,000 | $ | 705,375 | ||||
| 4,919,013 | ||||||||
| Environmental Controls — 0.3% | ||||||||
| Enviri Corp. | ||||||||
| 5.750% 7/31/27 (b) | 847,000 | 789,442 | ||||||
| GFL Environmental, Inc. | ||||||||
| 6.750% 1/15/31 (b) | 572,000 | 589,321 | ||||||
| 1,378,763 | ||||||||
| Food — 1.0% | ||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | ||||||||
| 6.500% 2/15/28 (b) | 1,532,000 | 1,550,304 | ||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||||
| 3.625% 1/15/32 | 2,474,000 | 2,120,892 | ||||||
| 3.750% 12/01/31 | 400,000 | 344,659 | ||||||
| 4,015,855 | ||||||||
| Gas — 0.3% | ||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||||
| 9.375% 6/01/28 (b) | 1,254,000 | 1,294,978 | ||||||
| Hand & Machine Tools — 1.3% | ||||||||
| Regal Rexnord Corp. | ||||||||
| 6.400% 4/15/33 (b) | 5,158,000 | 5,376,027 | ||||||
| Health Care – Products — 0.6% | ||||||||
| Bausch & Lomb Escrow Corp. | ||||||||
| 8.375% 10/01/28 (b) | 592,000 | 624,524 | ||||||
| Garden Spinco Corp. | ||||||||
| 8.625% 7/20/30 (b) | 1,861,000 | 1,987,802 | ||||||
| 2,612,326 | ||||||||
| Health Care – Services — 4.8% | ||||||||
| Centene Corp. | ||||||||
| 4.625% 12/15/29 | 3,879,000 | 3,718,904 | ||||||
| Charles River Laboratories International, Inc. | ||||||||
| 3.750% 3/15/29 (b) | 50,000 | 45,786 | ||||||
| 4.250% 5/01/28 (b) | 1,025,000 | 975,664 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
| 4.750% 2/15/31 (b) | 1,356,000 | 1,065,999 | ||||||
| 5.625% 3/15/27 (b) | 556,000 | 516,598 | ||||||
| 6.000% 1/15/29 (b) | 1,141,000 | 1,027,048 | ||||||
| 6.875% 4/15/29 (b) | 472,000 | 304,568 | ||||||
| HCA, Inc. | ||||||||
| 3.500% 9/01/30 | 1,124,000 | 1,018,936 | ||||||
| LifePoint Health, Inc. | ||||||||
| 9.875% 8/15/30 (b) | 2,140,000 | 2,162,664 | ||||||
| 11.000% 10/15/30 (b) | 1,771,000 | 1,865,132 | ||||||
| Molina Healthcare, Inc. | ||||||||
| 4.375% 6/15/28 (b) | 1,121,000 | 1,060,218 | ||||||
| Radiology Partners, Inc., (Acquired 11/18/21, Cost $3,591,088), | ||||||||
| 9.250% 2/01/28 (b) (d) | 3,443,000 | 1,762,988 | ||||||
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. | ||||||||
| 9.750% 12/01/26 (b) | 208,000 | 206,353 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| RP Escrow Issuer LLC | ||||||||
| 5.250% 12/15/25 (b) (c) | $ | 1,155,000 | $ | 924,107 | ||||
| Tenet Healthcare Corp. | ||||||||
| 4.375% 1/15/30 | 1,178,000 | 1,091,699 | ||||||
| 6.125% 6/15/30 | 2,081,000 | 2,104,072 | ||||||
| 19,850,736 | ||||||||
| Home Builders — 1.2% | ||||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||||
| 4.625% 8/01/29 (b) | 1,241,000 | 1,103,563 | ||||||
| Mattamy Group Corp. | ||||||||
| 4.625% 3/01/30 (b) | 4,245,000 | 3,934,075 | ||||||
| 5.250% 12/15/27 (b) | 25,000 | 24,305 | ||||||
| 5,061,943 | ||||||||
| Insurance — 1.0% | ||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||||
| 6.750% 4/15/28 (b) | 523,000 | 535,045 | ||||||
| 7.000% 1/15/31 (b) | 369,000 | 389,245 | ||||||
| Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc. | ||||||||
| 7.625% 10/15/25 (b) | 3,333,066 | 3,387,078 | ||||||
| 4,311,368 | ||||||||
| Internet — 1.1% | ||||||||
| Getty Images, Inc. | ||||||||
| 9.750% 3/01/27 (b) | 3,859,000 | 3,881,510 | ||||||
| Uber Technologies, Inc. | ||||||||
| 4.500% 8/15/29 (b) | 770,000 | 734,554 | ||||||
| 4,616,064 | ||||||||
| Investment Companies — 1.3% | ||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||
| 4.750% 9/15/24 | 1,179,000 | 1,171,818 | ||||||
| 6.250% 5/15/26 | 4,270,000 | 4,074,053 | ||||||
| 5,245,871 | ||||||||
| Leisure Time — 3.0% | ||||||||
| Carnival Corp. | ||||||||
| 7.625% 3/01/26 (b) | 651,000 | 662,771 | ||||||
| 5.750% 3/01/27 (b) | 1,023,000 | 997,869 | ||||||
| 6.000% 5/01/29 (b) | 1,597,000 | 1,536,642 | ||||||
| 7.000% 8/15/29 (b) | 184,000 | 192,118 | ||||||
| Life Time, Inc. | ||||||||
| 5.750% 1/15/26 (b) | 189,000 | 187,641 | ||||||
| 8.000% 4/15/26 (b) (c) | 848,000 | 855,710 | ||||||
| NCL Corp. Ltd. | ||||||||
| 5.875% 3/15/26 (b) | 781,000 | 763,160 | ||||||
| 5.875% 2/15/27 (b) | 224,000 | 222,066 | ||||||
| 8.375% 2/01/28 (b) | 668,000 | 707,342 | ||||||
| NCL Finance Ltd. | ||||||||
| 6.125% 3/15/28 (b) (c) | 620,000 | 593,484 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 4.250% 7/01/26 (b) | 1,609,000 | 1,554,091 | ||||||
| 5.500% 8/31/26 (b) | 601,000 | 595,079 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5.375% 7/15/27 (b) | $ | 451,000 | $ | 446,455 | ||||
| 5.500% 4/01/28 (b) | 504,000 | 497,578 | ||||||
| Viking Cruises Ltd. | ||||||||
| 7.000% 2/15/29 (b) | 2,608,000 | 2,585,584 | ||||||
| 12,397,590 | ||||||||
| Lodging — 1.3% | ||||||||
| Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. | ||||||||
| 4.875% 7/01/31 (b) | 1,266,000 | 1,120,666 | ||||||
| Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | ||||||||
| 5.875% 5/15/25 (b) | 1,046,000 | 1,039,100 | ||||||
| Travel & Leisure Co. | ||||||||
| 6.000% STEP 4/01/27 | 419,000 | 416,666 | ||||||
| 6.625% 7/31/26 (b) | 1,839,000 | 1,855,103 | ||||||
| Wyndham Hotels & Resorts, Inc. | ||||||||
| 4.375% 8/15/28 (b) | 1,071,000 | 1,001,546 | ||||||
| 5,433,081 | ||||||||
| Machinery – Diversified — 0.2% | ||||||||
| Chart Industries, Inc. | ||||||||
| 7.500% 1/01/30 (b) | 756,000 | 790,207 | ||||||
| Media — 6.5% | ||||||||
| Altice Financing SA | ||||||||
| 5.000% 1/15/28 (b) | 1,105,000 | 1,001,640 | ||||||
| CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
| 4.250% 2/01/31 (b) | 2,361,000 | 2,063,349 | ||||||
| 4.250% 1/15/34 (b) | 3,376,000 | 2,743,429 | ||||||
| 4.500% 5/01/32 | 853,000 | 730,564 | ||||||
| 5.000% 2/01/28 (b) | 939,000 | 898,419 | ||||||
| 5.375% 6/01/29 (b) | 1,205,000 | 1,135,817 | ||||||
| CSC Holdings LLC | ||||||||
| 4.625% 12/01/30 (b) | 1,843,000 | 1,109,708 | ||||||
| 5.750% 1/15/30 (b) | 670,000 | 417,075 | ||||||
| 7.500% 4/01/28 (b) | 800,000 | 598,472 | ||||||
| Cumulus Media New Holdings, Inc. | ||||||||
| 6.750% 7/01/26 (b) | 892,000 | 600,726 | ||||||
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | ||||||||
| 5.875% 8/15/27 (b) | 2,669,000 | 2,507,731 | ||||||
| DISH DBS Corp. | ||||||||
| 5.125% 6/01/29 | 380,000 | 195,848 | ||||||
| 5.250% 12/01/26 (b) | 392,000 | 335,846 | ||||||
| 5.750% 12/01/28 (b) | 504,000 | 401,990 | ||||||
| 7.375% 7/01/28 | 1,266,000 | 756,787 | ||||||
| DISH Network Corp. | ||||||||
| 11.750% 11/15/27 (b) | 818,000 | 853,875 | ||||||
| Gray Escrow II, Inc. | ||||||||
| 5.375% 11/15/31 (b) | 1,881,000 | 1,419,211 | ||||||
| iHeartCommunications, Inc. | ||||||||
| 8.375% 5/01/27 | 246,114 | 159,746 | ||||||
| LCPR Senior Secured Financing DAC | ||||||||
| 6.750% 10/15/27 (b) | 2,216,000 | 2,170,483 | ||||||
| Sirius XM Radio, Inc. | ||||||||
| 3.875% 9/01/31 (b) | 2,352,000 | 2,012,104 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 4.500% 8/15/30 (b) | $ | 250,000 | $ | 222,575 | ||||
| 5.500% 5/15/29 (b) | 4,137,000 | 3,997,344 | ||||||
| Virgin Media Vendor Financing Notes IV DAC | ||||||||
| 5.000% 7/15/28 (b) | 588,000 | 552,249 | ||||||
| 26,884,988 | ||||||||
| Mining — 1.8% | ||||||||
| Arsenal AIC Parent LLC | ||||||||
| 8.000% 10/01/30 (b) | 691,000 | 720,962 | ||||||
| Constellium SE | ||||||||
| 3.750% 4/15/29 (b) | 2,250,000 | 2,041,561 | ||||||
| First Quantum Minerals Ltd. | ||||||||
| 6.875% 3/01/26 (b) | 1,420,000 | 1,271,093 | ||||||
| 7.500% 4/01/25 (b) | 2,297,000 | 2,190,178 | ||||||
| 8.625% 6/01/31 (b) | 805,000 | 682,238 | ||||||
| Novelis Corp. | ||||||||
| 3.250% 11/15/26 (b) | 304,000 | 286,185 | ||||||
| 3.875% 8/15/31 (b) | 313,000 | 275,826 | ||||||
| 7,468,043 | ||||||||
| Miscellaneous - Manufacturing — 0.6% | ||||||||
| Amsted Industries, Inc. | ||||||||
| 5.625% 7/01/27 (b) | 2,435,000 | 2,426,278 | ||||||
| Oil & Gas — 7.7% | ||||||||
| Apache Corp. | ||||||||
| 4.750% 4/15/43 (c) | 816,000 | 642,218 | ||||||
| 5.100% 9/01/40 | 607,000 | 520,084 | ||||||
| 5.350% 7/01/49 | 910,000 | 756,621 | ||||||
| Chesapeake Energy Corp. | ||||||||
| 5.875% 2/01/29 (b) | 1,359,000 | 1,331,756 | ||||||
| CVR Energy, Inc. | ||||||||
| 5.250% 2/15/25 (b) | 1,944,000 | 1,940,697 | ||||||
| Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||||
| 5.750% 2/01/29 (b) | 513,000 | 495,402 | ||||||
| 6.000% 4/15/30 (b) | 443,000 | 429,626 | ||||||
| 6.000% 2/01/31 (b) | 1,792,000 | 1,727,291 | ||||||
| 6.250% 11/01/28 (b) | 2,052,000 | 2,044,095 | ||||||
| Nabors Industries Ltd. | ||||||||
| 7.250% 1/15/26 (b) | 983,000 | 944,869 | ||||||
| 7.500% 1/15/28 (b) | 909,000 | 786,057 | ||||||
| Nabors Industries, Inc. | ||||||||
| 5.750% 2/01/25 | 387,000 | 386,871 | ||||||
| 7.375% 5/15/27 (b) | 777,000 | 761,214 | ||||||
| Neptune Energy Bondco PLC | ||||||||
| 6.625% 5/15/25 (b) | 6,763,000 | 6,702,033 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 6.200% 3/15/40 | 1,570,000 | 1,621,025 | ||||||
| 6.450% 9/15/36 | 1,040,000 | 1,100,321 | ||||||
| 6.600% 3/15/46 | 801,000 | 867,275 | ||||||
| Parkland Corp. | ||||||||
| 4.625% 5/01/30 (b) | 795,000 | 731,400 | ||||||
| 5.875% 7/15/27 (b) | 2,479,000 | 2,468,991 | ||||||
| Permian Resources Operating LLC | ||||||||
| 7.000% 1/15/32 (b) | 1,421,000 | 1,466,007 | ||||||
| Sunoco LP/Sunoco Finance Corp. | ||||||||
| 5.875% 3/15/28 | 245,000 | 244,674 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 6.000% 4/15/27 | $ | 753,000 | $ | 753,644 | ||||
| 7.000% 9/15/28 (b) | 735,000 | 758,352 | ||||||
| Transocean Poseidon Ltd. | ||||||||
| 6.875% 2/01/27 (b) | 147,000 | 146,270 | ||||||
| Transocean, Inc. | ||||||||
| 7.250% 11/01/25 (b) | 1,205,000 | 1,186,925 | ||||||
| 7.500% 1/15/26 (b) | 931,000 | 914,671 | ||||||
| 31,728,389 | ||||||||
| Oil & Gas Services — 0.7% | ||||||||
| Weatherford International Ltd. | ||||||||
| 8.625% 4/30/30 (b) | 2,835,000 | 2,959,907 | ||||||
| Packaging & Containers — 2.0% | ||||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | ||||||||
| 4.000% 9/01/29 (b) (c) | 1,217,000 | 1,030,162 | ||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
| 8.750% 4/15/30 (b) (c) | 1,744,000 | 1,626,048 | ||||||
| Graham Packaging Co., Inc. | ||||||||
| 7.125% 8/15/28 (b) | 1,295,000 | 1,165,500 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
| 7.875% 8/15/26 (b) | 2,895,000 | 2,946,186 | ||||||
| 9.250% 4/15/27 (b) | 1,077,000 | 1,057,135 | ||||||
| Trident TPI Holdings, Inc. | ||||||||
| 12.750% 12/31/28 (b) | 527,000 | 563,890 | ||||||
| 8,388,921 | ||||||||
| Pharmaceuticals — 3.1% | ||||||||
| 1375209 BC Ltd. | ||||||||
| 9.000% 1/30/28 (b) (c) | 4,352,000 | 4,243,635 | ||||||
| AdaptHealth LLC | ||||||||
| 4.625% 8/01/29 (b) | 1,000,000 | 771,751 | ||||||
| 5.125% 3/01/30 (b) (c) | 2,000,000 | 1,560,148 | ||||||
| Bausch Health Cos., Inc. | ||||||||
| 4.875% 6/01/28 (b) | 1,347,000 | 811,222 | ||||||
| 9.000% 12/15/25 (b) | 870,000 | 812,919 | ||||||
| 11.000% 9/30/28 (b) | 741,000 | 538,692 | ||||||
| 14.000% 10/15/30 (b) | 286,000 | 159,107 | ||||||
| Herbalife Nutrition Ltd./HLF Financing, Inc. | ||||||||
| 7.875% 9/01/25 (b) | 2,128,000 | 2,101,942 | ||||||
| HLF Financing SARL LLC/Herbalife International, Inc. | ||||||||
| 4.875% 6/01/29 (b) | 321,000 | 252,052 | ||||||
| Jazz Securities DAC | ||||||||
| 4.375% 1/15/29 (b) | 1,247,000 | 1,161,474 | ||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | ||||||||
| 4.125% 4/30/28 (b) | 527,000 | 485,084 | ||||||
| 12,898,026 | ||||||||
| Pipelines — 6.1% | ||||||||
| CQP Holdco LP/BIP-V Chinook Holdco LLC | ||||||||
| 5.500% 6/15/31 (b) | 4,376,000 | 4,146,717 | ||||||
| Energy Transfer LP | ||||||||
| 5 yr. CMT + 5.694% 6.500% VRN (e) | 500,000 | 475,140 | ||||||
| 5 yr. CMT + 5.306% 7.125% VRN (e) | 700,000 | 645,035 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| EnLink Midstream LLC | ||||||||
| 5.625% 1/15/28 (b) | $ | 449,000 | $ | 443,918 | ||||
| EnLink Midstream Partners LP | ||||||||
| 4.150% 6/01/25 | 27,000 | 26,393 | ||||||
| 4.850% 7/15/26 | 277,000 | 271,376 | ||||||
| 5.050% 4/01/45 | 160,000 | 132,400 | ||||||
| 5.450% 6/01/47 | 706,000 | 615,985 | ||||||
| 5.600% 4/01/44 | 3,122,000 | 2,717,149 | ||||||
| EQM Midstream Partners LP | ||||||||
| 6.000% 7/01/25 (b) | 339,000 | 338,844 | ||||||
| 6.500% 7/01/27 (b) | 763,000 | 776,911 | ||||||
| 7.500% 6/01/27 (b) | 832,000 | 857,290 | ||||||
| 7.500% 6/01/30 (b) | 176,000 | 189,203 | ||||||
| Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||
| 6.250% 5/15/26 | 290,000 | 289,657 | ||||||
| 8.000% 1/15/27 | 553,000 | 562,166 | ||||||
| 8.250% 1/15/29 | 750,000 | 771,784 | ||||||
| Harvest Midstream I LP | ||||||||
| 7.500% 9/01/28 (b) | 1,911,000 | 1,899,686 | ||||||
| ITT Holdings LLC | ||||||||
| 6.500% 8/01/29 (b) | 4,327,000 | 3,827,837 | ||||||
| Kinetik Holdings LP | ||||||||
| 6.625% 12/15/28 (b) | 1,354,000 | 1,379,470 | ||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||||
| 7.500% 2/01/26 (b) | 2,943,000 | 2,972,457 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
| 3.875% 8/15/29 (b) | 869,000 | 788,443 | ||||||
| 4.125% 8/15/31 (b) | 994,000 | 875,720 | ||||||
| 25,003,581 | ||||||||
| Real Estate — 0.1% | ||||||||
| Realogy Group LLC/Realogy Co.-Issuer Corp. | ||||||||
| 5.750% 1/15/29 (b) | 326,000 | 253,355 | ||||||
| Real Estate Investment Trusts (REITS) — 1.4% | ||||||||
| HAT Holdings I LLC/HAT Holdings II LLC | ||||||||
| 8.000% 6/15/27 (b) | 425,000 | 442,571 | ||||||
| Iron Mountain, Inc. | ||||||||
| 7.000% 2/15/29 (b) | 915,000 | 940,508 | ||||||
| RLJ Lodging Trust LP | ||||||||
| 3.750% 7/01/26 (b) | 1,238,000 | 1,172,998 | ||||||
| 4.000% 9/15/29 (b) | 829,000 | 744,967 | ||||||
| Service Properties Trust | ||||||||
| 4.375% 2/15/30 | 568,000 | 440,945 | ||||||
| 4.950% 2/15/27 | 284,000 | 257,097 | ||||||
| 5.500% 12/15/27 | 548,000 | 501,725 | ||||||
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC | ||||||||
| 4.750% 4/15/28 (b) | 1,162,000 | 1,001,523 | ||||||
| 6.500% 2/15/29 (b) | 560,000 | 404,126 | ||||||
| 5,906,460 | ||||||||
| Retail — 4.0% | ||||||||
| Asbury Automotive Group, Inc. | ||||||||
| 4.625% 11/15/29 (b) (c) | 993,000 | 919,122 | ||||||
| Bath & Body Works, Inc. | ||||||||
| 6.750% 7/01/36 | 658,000 | 662,156 | ||||||
| 6.875% 11/01/35 | 1,478,000 | 1,496,524 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| BlueLinx Holdings, Inc. | ||||||||
| 6.000% 11/15/29 (b) | $ | 1,774,000 | $ | 1,641,713 | ||||
| Brinker International, Inc. | ||||||||
| 8.250% 7/15/30 (b) | 989,000 | 1,034,573 | ||||||
| CEC Entertainment LLC | ||||||||
| 6.750% 5/01/26 (b) | 855,000 | 834,547 | ||||||
| Nordstrom, Inc. | ||||||||
| 5.000% 1/15/44 | 2,190,000 | 1,556,437 | ||||||
| PetSmart, Inc./PetSmart Finance Corp. | ||||||||
| 4.750% 2/15/28 (b) | 610,000 | 575,098 | ||||||
| 7.750% 2/15/29 (b) | 1,096,000 | 1,066,208 | ||||||
| Raising Cane's Restaurants LLC | ||||||||
| 9.375% 5/01/29 (b) | 294,000 | 313,752 | ||||||
| Sonic Automotive, Inc. | ||||||||
| 4.625% 11/15/29 (b) (c) | 585,000 | 532,357 | ||||||
| 4.875% 11/15/31 (b) (c) | 1,260,000 | 1,123,104 | ||||||
| Staples, Inc. | ||||||||
| 7.500% 4/15/26 (b) | 1,004,000 | 934,149 | ||||||
| 10.750% 4/15/27 (b) | 686,000 | 499,843 | ||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||||
| 5.000% 6/01/31 (b) | 1,271,000 | 1,152,271 | ||||||
| Superior Plus LP/Superior General Partner, Inc. | ||||||||
| 4.500% 3/15/29 (b) | 2,169,000 | 2,011,249 | ||||||
| 16,353,103 | ||||||||
| Software — 0.8% | ||||||||
| Boxer Parent Co., Inc. | ||||||||
| 9.125% 3/01/26 (b) | 158,000 | 157,653 | ||||||
| Consensus Cloud Solutions, Inc. | ||||||||
| 6.000% 10/15/26 (b) (c) | 1,761,000 | 1,674,447 | ||||||
| 6.500% 10/15/28 (b) | 267,000 | 242,184 | ||||||
| Veritas US, Inc./Veritas Bermuda Ltd. | ||||||||
| 7.500% 9/01/25 (b) | 1,690,000 | 1,395,214 | ||||||
| 3,469,498 | ||||||||
| Telecommunications — 5.1% | ||||||||
| Altice France Holding SA | ||||||||
| 10.500% 5/15/27 (b) | 494,000 | 319,924 | ||||||
| Altice France SA | ||||||||
| 5.125% 7/15/29 (b) | 1,663,000 | 1,293,846 | ||||||
| C&W Senior Financing DAC | ||||||||
| 6.875% 9/15/27 (b) | 1,105,000 | 1,029,528 | ||||||
| Connect Finco SARL/Connect US Finco LLC | ||||||||
| 6.750% 10/01/26 (b) | 4,032,000 | 4,007,848 | ||||||
| Frontier Communications Holdings LLC | ||||||||
| 6.000% 1/15/30 (b) | 2,191,000 | 1,869,238 | ||||||
| 6.750% 5/01/29 (b) | 902,000 | 806,571 | ||||||
| 8.625% 3/15/31 (b) | 3,081,000 | 3,141,394 | ||||||
| GoTo Group, Inc., (Acquired 8/22/22, Cost $620,905), | ||||||||
| 5.500% 9/01/27 (b) (d) | 760,000 | 367,606 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 6.625% 8/01/26 (c) | 2,280,000 | 1,797,415 | ||||||
| Intelsat Jackson Holdings SA | ||||||||
| 6.500% 3/15/30 (b) | 1,079,000 | 1,027,859 | ||||||
| Level 3 Financing, Inc. | ||||||||
| 4.250% 7/01/28 (b) | 557,000 | 275,715 | ||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Sprint Capital Corp. | ||||||||
| 8.750% 3/15/32 | $ | 3,296,000 | $ | 4,068,131 | ||||
| Viasat, Inc. | ||||||||
| 6.500% 7/15/28 (b) | 1,267,000 | 1,040,524 | ||||||
| 21,045,599 | ||||||||
| Transportation — 1.1% | ||||||||
| Carriage Purchaser, Inc. | ||||||||
| 7.875% 10/15/29 (b) | 1,473,000 | 1,205,966 | ||||||
| Seaspan Corp. | ||||||||
| 5.500% 8/01/29 (b) | 3,997,000 | 3,343,808 | ||||||
| 4,549,774 | ||||||||
| TOTAL CORPORATE DEBT (Cost $370,046,880) | 357,473,456 | |||||||
| TOTAL BONDS & NOTES (Cost $400,843,575) | 387,886,855 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $400,843,575) | 387,886,855 | |||||||
| SHORT-TERM INVESTMENTS — 12.5% | ||||||||
| Commercial Paper — 6.7% | ||||||||
| 3M Co. | ||||||||
| 6.031% 3/27/24 (b) | 4,000,000 | 3,944,322 | ||||||
| Bayer Corp. | ||||||||
| 6.361% 8/15/24 (b) | 4,000,000 | 3,844,767 | ||||||
| CRH America Finance, Inc. | ||||||||
| 6.091% 6/17/24 (b) | 5,000,000 | 4,868,119 | ||||||
| DTE Energy Co. | ||||||||
| 5.652% 1/23/24 (b) | 4,000,000 | 3,984,548 | ||||||
| ERAC USA Finance LLC | ||||||||
| 5.838% 2/22/24 (b) | 3,000,000 | 2,973,381 | ||||||
| Tampa Electric Co. | ||||||||
| 5.757% 1/16/24 (b) | 5,000,000 | 4,986,651 | ||||||
| VW Credit, Inc. | ||||||||
| 5.942% 4/15/24 (b) | 3,000,000 | 2,949,206 | ||||||
| 27,550,994 | ||||||||
| Number of Shares | ||||||||
| Investment of Cash Collateral from Securities Loaned — 4.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (f) | 20,172,590 | 20,172,590 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.9% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g) | $ | 3,661,614 | 3,661,614 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $51,384,502) | 51,385,198 | |||||||
| MassMutual High Yield Fund — Portfolio of Investments (Continued) |
| Value | ||||||||
| TOTAL INVESTMENTS — 106.2% (Cost $452,228,077) (h) | $ | 439,272,053 | ||||||
| Other Assets/(Liabilities) — (6.2)% | (25,561,986) | |||||||
| NET ASSETS — 100.0% | $ | 413,710,067 | ||||||
Abbreviation Legend
| CMT | Constant Maturity Treasury Index |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Up Bond |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | All or a portion of the security represents unsettled bank loan commitments at December 31, 2023 where the rate will be determined at time of settlement. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $328,342,503 or 79.37% of net assets. |
| (c) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $21,487,852 or 5.19% of net assets. The Fund received $1,769,693 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) | Restricted security. Certain securities are restricted to resale. At December 31, 2023, these securities amounted to a value of $2,130,594 or 0.51% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
| (e) | Security is perpetual and has no stated maturity date. |
| (f) | Represents investment of security lending cash collateral. (Note 2). |
| (g) | Maturity value of $3,662,265. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $3,734,899. |
| (h) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Balanced Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 64.7% | ||||||||
| COMMON STOCK — 64.7% | ||||||||
| Basic Materials — 0.9% | ||||||||
| Chemicals — 0.7% | ||||||||
| Air Products & Chemicals, Inc. | 219 | $ | 59,962 | |||||
| Albemarle Corp. | 42 | 6,068 | ||||||
| Dow, Inc. | 1,770 | 97,067 | ||||||
| DuPont de Nemours, Inc. | 1,234 | 94,932 | ||||||
| Ecolab, Inc. | 534 | 105,919 | ||||||
| International Flavors & Fragrances, Inc. | 160 | 12,955 | ||||||
| LyondellBasell Industries NV Class A | 989 | 94,034 | ||||||
| PPG Industries, Inc. | 472 | 70,588 | ||||||
| Sherwin-Williams Co. | 496 | 154,702 | ||||||
| 696,227 | ||||||||
| Iron & Steel — 0.2% | ||||||||
| Nucor Corp. | 1,253 | 218,072 | ||||||
| Mining — 0.0% | ||||||||
| Newmont Corp. | 945 | 39,114 | ||||||
| 953,413 | ||||||||
| Communications — 3.8% | ||||||||
| Advertising — 0.0% | ||||||||
| Omnicom Group, Inc. | 330 | 28,548 | ||||||
| Internet — 1.3% | ||||||||
| Booking Holdings, Inc. (a) | 259 | 918,730 | ||||||
| CDW Corp. | 255 | 57,967 | ||||||
| DoorDash, Inc., Class A (a) | 154 | 15,229 | ||||||
| eBay, Inc. | 2,354 | 102,681 | ||||||
| Palo Alto Networks, Inc. (a) | 558 | 164,543 | ||||||
| VeriSign, Inc. (a) | 384 | 79,089 | ||||||
| 1,338,239 | ||||||||
| Media — 0.4% | ||||||||
| Fox Corp. Class A | 6,684 | 198,314 | ||||||
| Walt Disney Co. | 2,215 | 199,993 | ||||||
| 398,307 | ||||||||
| Telecommunications — 2.1% | ||||||||
| Arista Networks, Inc. (a) | 356 | 83,842 | ||||||
| Cisco Systems, Inc. | 19,410 | 980,593 | ||||||
| Corning, Inc. | 909 | 27,679 | ||||||
| Motorola Solutions, Inc. | 487 | 152,475 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Verizon Communications, Inc. | 23,675 | $ | 892,547 | |||||
| 2,137,136 | ||||||||
| 3,902,230 | ||||||||
| Consumer, Cyclical — 6.8% | ||||||||
| Apparel — 0.2% | ||||||||
| NIKE, Inc. Class B | 2,314 | 251,231 | ||||||
| Auto Manufacturers — 0.6% | ||||||||
| Cummins, Inc. | 666 | 159,553 | ||||||
| Ford Motor Co. | 33,762 | 411,559 | ||||||
| 571,112 | ||||||||
| Auto Parts & Equipment — 0.0% | ||||||||
| Aptiv PLC (a) | 513 | 46,026 | ||||||
| Distribution & Wholesale — 0.2% | ||||||||
| Copart, Inc. (a) | 2,255 | 110,495 | ||||||
| W.W. Grainger, Inc. | 129 | 106,901 | ||||||
| 217,396 | ||||||||
| Home Builders — 0.3% | ||||||||
| DR Horton, Inc. | 2,068 | 314,295 | ||||||
| Lodging — 0.4% | ||||||||
| Hilton Worldwide Holdings, Inc. | 940 | 171,165 | ||||||
| Las Vegas Sands Corp. | 1,049 | 51,621 | ||||||
| Marriott International, Inc. Class A | 848 | 191,232 | ||||||
| 414,018 | ||||||||
| Retail — 5.1% | ||||||||
| AutoZone, Inc. (a) | 150 | 387,841 | ||||||
| Best Buy Co., Inc. | 959 | 75,071 | ||||||
| Chipotle Mexican Grill, Inc. (a) | 108 | 246,992 | ||||||
| Dollar General Corp. | 250 | 33,988 | ||||||
| Dollar Tree, Inc. (a) | 504 | 71,593 | ||||||
| Genuine Parts Co. | 327 | 45,290 | ||||||
| Home Depot, Inc. | 3,728 | 1,291,938 | ||||||
| Lowe's Cos., Inc. | 3,471 | 772,471 | ||||||
| Lululemon Athletica, Inc. (a) | 543 | 277,630 | ||||||
| O'Reilly Automotive, Inc. (a) | 527 | 500,692 | ||||||
| Ross Stores, Inc. | 1,383 | 191,393 | ||||||
| Target Corp. | 950 | 135,299 | ||||||
| TJX Cos., Inc. | 8,994 | 843,727 | ||||||
| Ulta Beauty, Inc. (a) | 146 | 71,539 | ||||||
| Walgreens Boots Alliance, Inc. | 532 | 13,891 | ||||||
| Yum! Brands, Inc. | 1,973 | 257,792 | ||||||
| 5,217,147 | ||||||||
| 7,031,225 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Consumer, Non-cyclical — 14.5% | ||||||||
| Beverages — 1.7% | ||||||||
| Brown-Forman Corp. Class B | 282 | $ | 16,102 | |||||
| Coca-Cola Co. | 10,284 | 606,036 | ||||||
| Constellation Brands, Inc. Class A | 513 | 124,018 | ||||||
| Keurig Dr Pepper, Inc. | 1,653 | 55,078 | ||||||
| Monster Beverage Corp. (a) | 1,965 | 113,204 | ||||||
| PepsiCo, Inc. | 4,942 | 839,349 | ||||||
| 1,753,787 | ||||||||
| Biotechnology — 1.5% | ||||||||
| Amgen, Inc. | 1,927 | 555,015 | ||||||
| Biogen, Inc. (a) | 137 | 35,451 | ||||||
| BioMarin Pharmaceutical, Inc. (a) | 82 | 7,906 | ||||||
| BioNTech SE ADR (a) | 462 | 48,759 | ||||||
| Gilead Sciences, Inc. | 3,257 | 263,850 | ||||||
| Illumina, Inc. (a) | 53 | 7,380 | ||||||
| Incyte Corp. (a) | 245 | 15,384 | ||||||
| Moderna, Inc. (a) | 61 | 6,066 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 261 | 229,234 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 861 | 350,332 | ||||||
| 1,519,377 | ||||||||
| Commercial Services — 1.1% | ||||||||
| Automatic Data Processing, Inc. | 912 | 212,469 | ||||||
| Block, Inc. (a) | 266 | 20,575 | ||||||
| Cintas Corp. | 225 | 135,599 | ||||||
| CoStar Group, Inc. (a) | 444 | 38,801 | ||||||
| Global Payments, Inc. | 810 | 102,870 | ||||||
| Moody's Corp. | 308 | 120,292 | ||||||
| PayPal Holdings, Inc. (a) | 1,501 | 92,176 | ||||||
| S&P Global, Inc. | 412 | 181,494 | ||||||
| Verisk Analytics, Inc. | 709 | 169,352 | ||||||
| 1,073,628 | ||||||||
| Cosmetics & Personal Care — 1.7% | ||||||||
| Colgate-Palmolive Co. | 6,668 | 531,506 | ||||||
| Estee Lauder Cos., Inc. Class A | 156 | 22,815 | ||||||
| Procter & Gamble Co. | 8,132 | 1,191,664 | ||||||
| 1,745,985 | ||||||||
| Food — 1.1% | ||||||||
| Campbell Soup Co. | 921 | 39,815 | ||||||
| General Mills, Inc. | 4,932 | 321,270 | ||||||
| Hershey Co. | 560 | 104,406 | ||||||
| Kellanova | 1,444 | 80,734 | ||||||
| Kroger Co. | 3,650 | 166,842 | ||||||
| McCormick & Co., Inc. | 345 | 23,605 | ||||||
| Mondelez International, Inc. Class A | 4,902 | 355,052 | ||||||
| Sysco Corp. | 813 | 59,455 | ||||||
| 1,151,179 | ||||||||
| Health Care – Products — 1.3% | ||||||||
| Abbott Laboratories | 2,588 | 284,861 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Agilent Technologies, Inc. | 329 | $ | 45,741 | |||||
| Align Technology, Inc. (a) | 65 | 17,810 | ||||||
| Baxter International, Inc. | 501 | 19,369 | ||||||
| Boston Scientific Corp. (a) | 2,905 | 167,938 | ||||||
| Danaher Corp. | 711 | 164,483 | ||||||
| Edwards Lifesciences Corp. (a) | 387 | 29,509 | ||||||
| IDEXX Laboratories, Inc. (a) | 71 | 39,408 | ||||||
| Intuitive Surgical, Inc. (a) | 291 | 98,172 | ||||||
| Medtronic PLC | 2,059 | 169,620 | ||||||
| ResMed, Inc. | 81 | 13,934 | ||||||
| STERIS PLC | 112 | 24,623 | ||||||
| Thermo Fisher Scientific, Inc. | 424 | 225,055 | ||||||
| Waters Corp. (a) | 38 | 12,511 | ||||||
| West Pharmaceutical Services, Inc. | 80 | 28,169 | ||||||
| Zimmer Biomet Holdings, Inc. | 282 | 34,319 | ||||||
| 1,375,522 | ||||||||
| Health Care – Services — 2.0% | ||||||||
| Centene Corp. (a) | 2,067 | 153,392 | ||||||
| Elevance Health, Inc. | 572 | 269,732 | ||||||
| Humana, Inc. | 397 | 181,750 | ||||||
| IQVIA Holdings, Inc. (a) | 166 | 38,409 | ||||||
| Laboratory Corp. of America Holdings | 216 | 49,095 | ||||||
| Quest Diagnostics, Inc. | 169 | 23,302 | ||||||
| UnitedHealth Group, Inc. | 2,625 | 1,381,984 | ||||||
| 2,097,664 | ||||||||
| Household Products & Wares — 0.3% | ||||||||
| Church & Dwight Co., Inc. | 898 | 84,915 | ||||||
| Clorox Co. | 233 | 33,224 | ||||||
| Kimberly-Clark Corp. | 1,428 | 173,516 | ||||||
| 291,655 | ||||||||
| Pharmaceuticals — 3.8% | ||||||||
| Becton Dickinson & Co. | 903 | 220,179 | ||||||
| Bristol-Myers Squibb Co. | 6,459 | 331,411 | ||||||
| Cardinal Health, Inc. | 928 | 93,542 | ||||||
| Cencora, Inc. | 547 | 112,343 | ||||||
| Cigna Group | 1,145 | 342,870 | ||||||
| CVS Health Corp. | 2,892 | 228,352 | ||||||
| Dexcom, Inc. (a) | 165 | 20,475 | ||||||
| Eli Lilly & Co. | 2,202 | 1,283,590 | ||||||
| McKesson Corp. | 556 | 257,417 | ||||||
| Merck & Co., Inc. | 7,037 | 767,174 | ||||||
| Pfizer, Inc. | 4,213 | 121,292 | ||||||
| Zoetis, Inc. | 593 | 117,041 | ||||||
| 3,895,686 | ||||||||
| 14,904,483 | ||||||||
| Energy — 2.3% | ||||||||
| Energy – Alternate Sources — 0.0% | ||||||||
| Enphase Energy, Inc. (a) | 80 | 10,571 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Oil & Gas — 0.9% | ||||||||
| Marathon Petroleum Corp. | 4,898 | $ | 726,667 | |||||
| Valero Energy Corp. | 1,696 | 220,480 | ||||||
| 947,147 | ||||||||
| Oil & Gas Services — 0.2% | ||||||||
| Baker Hughes Co. | 2,195 | 75,025 | ||||||
| Halliburton Co. | 2,047 | 73,999 | ||||||
| Schlumberger NV | 1,658 | 86,283 | ||||||
| 235,307 | ||||||||
| Pipelines — 1.2% | ||||||||
| Cheniere Energy, Inc. | 3,114 | 531,591 | ||||||
| Kinder Morgan, Inc. | 15,138 | 267,034 | ||||||
| ONEOK, Inc. | 1,227 | 86,160 | ||||||
| Williams Cos., Inc. | 7,996 | 278,501 | ||||||
| 1,163,286 | ||||||||
| 2,356,311 | ||||||||
| Financial — 8.0% | ||||||||
| Banks — 0.6% | ||||||||
| Bank of New York Mellon Corp. | 4,418 | 229,957 | ||||||
| Fifth Third Bancorp | 1,855 | 63,979 | ||||||
| Northern Trust Corp. | 683 | 57,632 | ||||||
| Regions Financial Corp. | 2,496 | 48,372 | ||||||
| State Street Corp. | 1,293 | 100,156 | ||||||
| Truist Financial Corp. | 3,448 | 127,300 | ||||||
| 627,396 | ||||||||
| Diversified Financial Services — 2.7% | ||||||||
| American Express Co. | 1,705 | 319,414 | ||||||
| Ameriprise Financial, Inc. | 266 | 101,035 | ||||||
| BlackRock, Inc. | 186 | 150,995 | ||||||
| Charles Schwab Corp. | 743 | 51,118 | ||||||
| CME Group, Inc. | 1,183 | 249,140 | ||||||
| Discover Financial Services | 1,885 | 211,874 | ||||||
| Intercontinental Exchange, Inc. | 1,430 | 183,655 | ||||||
| Nasdaq, Inc. | 1,235 | 71,803 | ||||||
| T. Rowe Price Group, Inc. | 564 | 60,737 | ||||||
| Visa, Inc. Class A | 5,254 | 1,367,879 | ||||||
| 2,767,650 | ||||||||
| Insurance — 3.3% | ||||||||
| Aflac, Inc. | 1,977 | 163,103 | ||||||
| Allstate Corp. | 477 | 66,771 | ||||||
| American International Group, Inc. | 2,662 | 180,351 | ||||||
| Aon PLC Class A | 660 | 192,073 | ||||||
| Arch Capital Group Ltd. (a) | 3,627 | 269,377 | ||||||
| Arthur J Gallagher & Co. | 649 | 145,947 | ||||||
| Chubb Ltd. | 2,425 | 548,050 | ||||||
| Hartford Financial Services Group, Inc. | 1,545 | 124,187 | ||||||
| Marsh & McLennan Cos., Inc. | 2,935 | 556,095 | ||||||
| MetLife, Inc. | 3,661 | 242,102 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Principal Financial Group, Inc. | 611 | $ | 48,067 | |||||
| Progressive Corp. | 2,948 | 469,557 | ||||||
| Prudential Financial, Inc. | 785 | 81,412 | ||||||
| Travelers Cos., Inc. | 1,203 | 229,160 | ||||||
| Willis Towers Watson PLC | 286 | 68,983 | ||||||
| 3,385,235 | ||||||||
| Private Equity — 0.1% | ||||||||
| Blackstone, Inc. | 1,008 | 131,967 | ||||||
| Real Estate — 0.1% | ||||||||
| CBRE Group, Inc. Class A (a) | 669 | 62,277 | ||||||
| Real Estate Investment Trusts (REITS) — 1.2% | ||||||||
| Alexandria Real Estate Equities, Inc. | 192 | 24,340 | ||||||
| American Tower Corp. | 560 | 120,893 | ||||||
| AvalonBay Communities, Inc. | 384 | 71,892 | ||||||
| Crown Castle, Inc. | 511 | 58,862 | ||||||
| Digital Realty Trust, Inc. | 494 | 66,483 | ||||||
| Equinix, Inc. | 201 | 161,883 | ||||||
| Equity Residential | 971 | 59,386 | ||||||
| Extra Space Storage, Inc. | 144 | 23,088 | ||||||
| Prologis, Inc. | 1,040 | 138,632 | ||||||
| Public Storage | 739 | 225,395 | ||||||
| Realty Income Corp. | 1,335 | 76,656 | ||||||
| SBA Communications Corp. | 92 | 23,339 | ||||||
| Simon Property Group, Inc. | 491 | 70,036 | ||||||
| Ventas, Inc. | 738 | 36,782 | ||||||
| Weyerhaeuser Co. | 2,070 | 71,974 | ||||||
| 1,229,641 | ||||||||
| 8,204,166 | ||||||||
| Industrial — 4.8% | ||||||||
| Building Materials — 0.5% | ||||||||
| Carrier Global Corp. | 2,370 | 136,157 | ||||||
| Johnson Controls International PLC | 1,094 | 63,058 | ||||||
| Martin Marietta Materials, Inc. | 130 | 64,858 | ||||||
| Trane Technologies PLC | 637 | 155,364 | ||||||
| Vulcan Materials Co. | 275 | 62,428 | ||||||
| 481,865 | ||||||||
| Electrical Components & Equipment — 0.3% | ||||||||
| AMETEK, Inc. | 694 | 114,434 | ||||||
| Eaton Corp. PLC | 897 | 216,015 | ||||||
| 330,449 | ||||||||
| Electronics — 0.7% | ||||||||
| Amphenol Corp. Class A | 1,622 | 160,789 | ||||||
| Garmin Ltd. | 679 | 87,279 | ||||||
| Honeywell International, Inc. | 1,193 | 250,184 | ||||||
| Keysight Technologies, Inc. (a) | 314 | 49,954 | ||||||
| Mettler-Toledo International, Inc. (a) | 14 | 16,981 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TE Connectivity Ltd. | 1,369 | $ | 192,345 | |||||
| 757,532 | ||||||||
| Environmental Controls — 0.7% | ||||||||
| Republic Services, Inc. | 1,912 | 315,308 | ||||||
| Waste Connections, Inc. | 1,150 | 171,660 | ||||||
| Waste Management, Inc. | 1,591 | 284,948 | ||||||
| 771,916 | ||||||||
| Machinery – Diversified — 0.5% | ||||||||
| Deere & Co. | 711 | 284,307 | ||||||
| Otis Worldwide Corp. | 1,146 | 102,533 | ||||||
| Rockwell Automation, Inc. | 293 | 90,971 | ||||||
| 477,811 | ||||||||
| Miscellaneous - Manufacturing — 0.3% | ||||||||
| Illinois Tool Works, Inc. | 1,313 | 343,927 | ||||||
| Packaging & Containers — 0.1% | ||||||||
| Amcor PLC | 3,871 | 37,316 | ||||||
| Ball Corp. | 407 | 23,411 | ||||||
| 60,727 | ||||||||
| Transportation — 1.7% | ||||||||
| CSX Corp. | 10,771 | 373,431 | ||||||
| Expeditors International of Washington, Inc. | 1,526 | 194,107 | ||||||
| FedEx Corp. | 1,056 | 267,136 | ||||||
| Norfolk Southern Corp. | 452 | 106,844 | ||||||
| Union Pacific Corp. | 2,110 | 518,258 | ||||||
| United Parcel Service, Inc. Class B | 1,737 | 273,109 | ||||||
| 1,732,885 | ||||||||
| 4,957,112 | ||||||||
| Technology — 21.6% | ||||||||
| Computers — 6.7% | ||||||||
| Accenture PLC Class A | 2,205 | 773,757 | ||||||
| Apple, Inc. | 26,297 | 5,062,961 | ||||||
| Cognizant Technology Solutions Corp. Class A | 1,869 | 141,166 | ||||||
| Fortinet, Inc. (a) | 1,214 | 71,055 | ||||||
| Hewlett Packard Enterprise Co. | 5,241 | 88,992 | ||||||
| HP, Inc. | 1,819 | 54,734 | ||||||
| International Business Machines Corp. | 3,623 | 592,542 | ||||||
| NetApp, Inc. | 839 | 73,966 | ||||||
| 6,859,173 | ||||||||
| Office & Business Equipment — 0.0% | ||||||||
| Zebra Technologies Corp. Class A (a) | 20 | 5,466 | ||||||
| Semiconductors — 5.9% | ||||||||
| Advanced Micro Devices, Inc. (a) | 1,225 | 180,577 | ||||||
| Applied Materials, Inc. | 3,043 | 493,179 | ||||||
| Broadcom, Inc. | 1,331 | 1,485,729 | ||||||
| Intel Corp. | 8,285 | 416,321 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| KLA Corp. | 468 | $ | 272,048 | |||||
| Lam Research Corp. | 406 | 318,003 | ||||||
| Marvell Technology, Inc. | 657 | 39,624 | ||||||
| Micron Technology, Inc. | 784 | 66,907 | ||||||
| NVIDIA Corp. | 5,119 | 2,535,031 | ||||||
| ON Semiconductor Corp. (a) | 503 | 42,016 | ||||||
| Texas Instruments, Inc. | 1,506 | 256,713 | ||||||
| 6,106,148 | ||||||||
| Software — 9.0% | ||||||||
| Adobe, Inc. (a) | 1,754 | 1,046,436 | ||||||
| ANSYS, Inc. (a) | 163 | 59,149 | ||||||
| Autodesk, Inc. (a) | 368 | 89,601 | ||||||
| Cadence Design Systems, Inc. (a) | 964 | 262,565 | ||||||
| Electronic Arts, Inc. | 1,741 | 238,186 | ||||||
| Fidelity National Information Services, Inc. | 672 | 40,367 | ||||||
| Fiserv, Inc. (a) | 2,140 | 284,278 | ||||||
| HubSpot, Inc. (a) | 45 | 26,124 | ||||||
| Intuit, Inc. | 717 | 448,146 | ||||||
| Microsoft Corp. | 12,390 | 4,659,136 | ||||||
| MSCI, Inc. | 111 | 62,787 | ||||||
| Oracle Corp. | 3,958 | 417,292 | ||||||
| Paychex, Inc. | 902 | 107,437 | ||||||
| Salesforce, Inc. (a) | 2,490 | 655,219 | ||||||
| ServiceNow, Inc. (a) | 424 | 299,552 | ||||||
| Snowflake, Inc. Class A (a) | 148 | 29,452 | ||||||
| Splunk, Inc. (a) | 245 | 37,326 | ||||||
| Synopsys, Inc. (a) | 470 | 242,008 | ||||||
| Veeva Systems, Inc. Class A (a) | 118 | 22,717 | ||||||
| Workday, Inc. Class A (a) | 611 | 168,673 | ||||||
| Zoom Video Communications, Inc. Class A (a) | 298 | 21,429 | ||||||
| 9,217,880 | ||||||||
| 22,188,667 | ||||||||
| Utilities — 2.0% | ||||||||
| Electric — 2.0% | ||||||||
| Ameren Corp. | 799 | 57,800 | ||||||
| American Electric Power Co., Inc. | 840 | 68,225 | ||||||
| Avangrid, Inc. | 49 | 1,588 | ||||||
| CMS Energy Corp. | 780 | 45,295 | ||||||
| Consolidated Edison, Inc. | 1,262 | 114,804 | ||||||
| Dominion Energy, Inc. | 1,722 | 80,934 | ||||||
| DTE Energy Co. | 721 | 79,497 | ||||||
| Duke Energy Corp. | 2,726 | 264,531 | ||||||
| Edison International | 1,383 | 98,871 | ||||||
| Entergy Corp. | 702 | 71,035 | ||||||
| Eversource Energy | 489 | 30,181 | ||||||
| Exelon Corp. | 2,760 | 99,084 | ||||||
| FirstEnergy Corp. | 661 | 24,232 | ||||||
| NextEra Energy, Inc. | 2,263 | 137,455 | ||||||
| Public Service Enterprise Group, Inc. | 7,910 | 483,696 | ||||||
| Sempra | 1,298 | 97,000 | ||||||
| WEC Energy Group, Inc. | 1,189 | 100,078 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Xcel Energy, Inc. | 2,084 | $ | 129,020 | |||||
| 1,983,326 | ||||||||
| Water — 0.0% | ||||||||
| American Water Works Co., Inc. | 132 | 17,423 | ||||||
| 2,000,749 | ||||||||
| TOTAL COMMON STOCK (Cost $57,728,797) | 66,498,356 | |||||||
| TOTAL EQUITIES (Cost $57,728,797) | 66,498,356 | |||||||
| Principal Amount | ||||||||
| BONDS & NOTES — 36.5% | ||||||||
| CORPORATE DEBT — 12.2% | ||||||||
| Agriculture — 0.2% | ||||||||
| Archer-Daniels-Midland Co. | ||||||||
| 2.700% 9/15/51 | $ | 49,000 | 33,052 | |||||
| Bunge Ltd. Finance Corp. | ||||||||
| 1.630% 8/17/25 | 13,000 | 12,290 | ||||||
| 3.250% 8/15/26 | 47,000 | 45,106 | ||||||
| Cargill, Inc. | ||||||||
| 3.125% 5/25/51 (b) | 74,000 | 54,152 | ||||||
| 144,600 | ||||||||
| Airlines — 0.1% | ||||||||
| American Airlines Pass-Through Trust, Series 2021-1A, Class EETC, | ||||||||
| 2.875% 1/11/36 | 65,300 | 55,354 | ||||||
| Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||||
| 4.500% 10/20/25 (b) | 55,329 | 54,488 | ||||||
| 109,842 | ||||||||
| Apparel — 0.1% | ||||||||
| Tapestry, Inc. | ||||||||
| 7.350% 11/27/28 | 63,000 | 66,087 | ||||||
| 7.700% 11/27/30 | 50,000 | 52,635 | ||||||
| 118,722 | ||||||||
| Auto Manufacturers — 0.2% | ||||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.800% 6/23/28 | 72,000 | 73,985 | ||||||
| PACCAR Financial Corp. | ||||||||
| 4.600% 1/10/28 | 91,000 | 91,780 | ||||||
| 165,765 | ||||||||
| Banks — 3.2% | ||||||||
| Australia & New Zealand Banking Group Ltd. 5 yr. CMT + 1.700% | ||||||||
| 2.570% VRN 11/25/35 (b) | 225,000 | 181,460 | ||||||
| Bank of America Corp. | ||||||||
| 5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 162,000 | 128,315 | ||||||
| 4.183% 11/25/27 | 41,000 | 39,845 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 | $ | 23,000 | $ | 20,761 | ||||
| 3 mo. USD Term SOFR + 1.572% 4.271% VRN 7/23/29 | 18,000 | 17,379 | ||||||
| 4.750% 4/21/45 | 63,000 | 57,504 | ||||||
| Secured Overnight Financing Rate + 1.910% 5.288% VRN 4/25/34 | 69,000 | 69,159 | ||||||
| 5 yr. CMT + 3.231% 6.125% VRN 12/31/99 (c) | 162,000 | 162,389 | ||||||
| 7.750% 5/14/38 | 20,000 | 24,324 | ||||||
| Bank of New York Mellon Corp. 5 yr. CMT + 2.630% | ||||||||
| 3.750% VRN (c) | 156,000 | 134,836 | ||||||
| Bank of Nova Scotia | ||||||||
| 4.500% 12/16/25 | 36,000 | 35,407 | ||||||
| Citigroup, Inc. | ||||||||
| Secured Overnight Financing Rate + 0.528% 1.281% VRN 11/03/25 | 55,000 | 52,917 | ||||||
| 4.450% 9/29/27 | 27,000 | 26,379 | ||||||
| Secured Overnight Financing Rate + 2.086% 4.910% VRN 5/24/33 | 71,000 | 69,514 | ||||||
| 5.500% 9/13/25 | 54,000 | 54,246 | ||||||
| 5.875% 1/30/42 | 18,000 | 19,093 | ||||||
| 6.000% 10/31/33 | 16,000 | 16,879 | ||||||
| 6.625% 6/15/32 | 14,000 | 15,236 | ||||||
| 8.125% 7/15/39 | 14,000 | 18,026 | ||||||
| Cooperatieve Rabobank UA 1 yr. CMT + 0.550% | ||||||||
| 1.106% VRN 2/24/27 (b) | 250,000 | 228,913 | ||||||
| Fifth Third Bancorp Secured Overnight Financing Rate + 2.340% | ||||||||
| 6.339% VRN 7/27/29 | 14,000 | 14,577 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| Secured Overnight Financing Rate + 0.798% 1.431% VRN 3/09/27 | 227,000 | 209,314 | ||||||
| Secured Overnight Financing Rate + 1.090% 1.992% VRN 1/27/32 | 135,000 | 109,078 | ||||||
| 4.250% 10/21/25 | 32,000 | 31,409 | ||||||
| 5.950% 1/15/27 | 72,000 | 74,045 | ||||||
| 6.750% 10/01/37 | 32,000 | 35,224 | ||||||
| Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020% | ||||||||
| 6.208% VRN 8/21/29 | 50,000 | 51,557 | ||||||
| JP Morgan Chase & Co. | ||||||||
| 3 mo. USD Term SOFR + 1.422% 3.702% VRN 5/06/30 | 160,000 | 150,574 | ||||||
| Secured Overnight Financing Rate + 1.845% 5.350% VRN 6/01/34 | 53,000 | 53,754 | ||||||
| 5.600% 7/15/41 | 41,000 | 43,579 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 2.564% 9/13/31 | 200,000 | 162,683 | ||||||
| Morgan Stanley | ||||||||
| Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | 100,000 | 79,259 | ||||||
| Secured Overnight Financing Rate + 1.485% 3.217% VRN 4/22/42 | 44,000 | 33,844 | ||||||
| 3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30 | 79,000 | 76,944 | ||||||
| Secured Overnight Financing Rate + 1.870% 5.250% VRN 4/21/34 | 73,000 | 72,993 | ||||||
| National Australia Bank Ltd. | ||||||||
| 6.429% 1/12/33 (b) | 80,000 | 84,713 | ||||||
| PNC Financial Services Group, Inc. | ||||||||
| Secured Overnight Financing Rate + 1.933% 5.068% VRN 1/24/34 | 54,000 | 52,837 | ||||||
| Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29 | 85,000 | 86,813 | ||||||
| Secured Overnight Financing Rate + 2.284% 6.875% VRN 10/20/34 | 35,000 | 38,855 | ||||||
| State Street Corp. Secured Overnight Financing Rate + 1.890% | ||||||||
| 5.159% VRN 5/18/34 | 74,000 | 74,542 | ||||||
| Truist Financial Corp. Secured Overnight Financing Rate + 2.361% | ||||||||
| 5.867% VRN 6/08/34 | 43,000 | 43,864 | ||||||
| US Bancorp | ||||||||
| Secured Overnight Financing Rate + 1.600% 4.839% VRN 2/01/34 | 79,000 | 75,670 | ||||||
| Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29 | 66,000 | 67,805 | ||||||
| Wells Fargo & Co. | ||||||||
| Secured Overnight Financing Rate + 2.020% 5.389% VRN 4/24/34 | 67,000 | 67,291 | ||||||
| Secured Overnight Financing Rate + 1.990% 5.557% VRN 7/25/34 | 54,000 | 54,978 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| 5 yr. CMT + 3.606% 7.625% VRN (c) | $ | 30,000 | $ | 31,479 | ||||
| 3,250,263 | ||||||||
| Biotechnology — 0.6% | ||||||||
| Amgen, Inc. | ||||||||
| 2.200% 2/21/27 | 347,000 | 322,651 | ||||||
| 5.250% 3/02/33 | 54,000 | 55,363 | ||||||
| 5.650% 3/02/53 | 77,000 | 81,011 | ||||||
| CSL Finance PLC | ||||||||
| 4.250% 4/27/32 (b) | 65,000 | 63,404 | ||||||
| 4.750% 4/27/52 (b) | 27,000 | 25,706 | ||||||
| Gilead Sciences, Inc. | ||||||||
| 5.550% 10/15/53 | 32,000 | 34,672 | ||||||
| 582,807 | ||||||||
| Building Materials — 0.0% | ||||||||
| Carrier Global Corp. | ||||||||
| 6.200% 3/15/54 (b) | 19,000 | 21,963 | ||||||
| Commercial Services — 0.3% | ||||||||
| Element Fleet Management Corp. | ||||||||
| 1.600% 4/06/24 (b) | 21,000 | 20,732 | ||||||
| Moody's Corp. | ||||||||
| 4.250% 2/01/29 | 209,000 | 206,869 | ||||||
| PayPal Holdings, Inc. | ||||||||
| 3.250% 6/01/50 | 27,000 | 20,241 | ||||||
| Triton Container International Ltd. | ||||||||
| 3.150% 6/15/31 (b) | 100,000 | 79,552 | ||||||
| 327,394 | ||||||||
| Computers — 0.2% | ||||||||
| Apple, Inc. | ||||||||
| 2.650% 5/11/50 | 27,000 | 18,585 | ||||||
| 3.000% 6/20/27 | 177,000 | 170,144 | ||||||
| 188,729 | ||||||||
| Diversified Financial Services — 0.7% | ||||||||
| Air Lease Corp. | ||||||||
| 2.200% 1/15/27 | 64,000 | 58,604 | ||||||
| American Express Co. Secured Overnight Financing Rate + 1.280% | ||||||||
| 5.282% VRN 7/27/29 | 186,000 | 189,861 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 3.900% 1/25/28 | 99,000 | 95,347 | ||||||
| Charles Schwab Corp. | ||||||||
| 10 yr. CMT + 3.079% 4.000% VRN (c) | 93,000 | 73,452 | ||||||
| 5.875% 8/24/26 | 115,000 | 117,949 | ||||||
| LSEGA Financing PLC | ||||||||
| 1.375% 4/06/26 (b) | 218,000 | 201,032 | ||||||
| 736,245 | ||||||||
| Electric — 0.1% | ||||||||
| Nevada Power Co. | ||||||||
| 6.650% 4/01/36 | 20,000 | 22,008 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Xcel Energy, Inc. | ||||||||
| 6.500% 7/01/36 | $ | 99,000 | $ | 110,612 | ||||
| 132,620 | ||||||||
| Entertainment — 0.1% | ||||||||
| Warnermedia Holdings, Inc. | ||||||||
| 5.141% 3/15/52 | 49,000 | 42,059 | ||||||
| 5.391% 3/15/62 | 37,000 | 31,687 | ||||||
| 73,746 | ||||||||
| Environmental Controls — 0.0% | ||||||||
| Republic Services, Inc. | ||||||||
| 5.000% 4/01/34 | 28,000 | 28,672 | ||||||
| Food — 0.3% | ||||||||
| Conagra Brands, Inc. | ||||||||
| 4.850% 11/01/28 | 170,000 | 169,716 | ||||||
| General Mills, Inc. | ||||||||
| 3.000% 2/01/51 | 112,000 | 77,833 | ||||||
| Ingredion, Inc. | ||||||||
| 3.200% 10/01/26 | 25,000 | 23,928 | ||||||
| Mars, Inc. | ||||||||
| 3.950% 4/01/49 (b) | 67,000 | 56,103 | ||||||
| 327,580 | ||||||||
| Health Care – Services — 0.8% | ||||||||
| HCA, Inc. | ||||||||
| 5.000% 3/15/24 | 328,000 | 327,402 | ||||||
| Humana, Inc. | ||||||||
| 5.950% 3/15/34 | 123,000 | 131,647 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.810% 6/01/41 | 110,000 | 82,401 | ||||||
| 3.002% 6/01/51 | 80,000 | 56,978 | ||||||
| Mayo Clinic | ||||||||
| 3.196% 11/15/61 | 106,000 | 72,739 | ||||||
| Providence St Joseph Health Obligated Group | ||||||||
| 2.700% 10/01/51 | 93,000 | 56,330 | ||||||
| Quest Diagnostics, Inc. | ||||||||
| 6.400% 11/30/33 | 47,000 | 52,127 | ||||||
| UnitedHealth Group, Inc. | ||||||||
| 3.125% 5/15/60 | 36,000 | 25,580 | ||||||
| 5.050% 4/15/53 | 20,000 | 20,203 | ||||||
| 5.875% 2/15/53 | 25,000 | 28,315 | ||||||
| 853,722 | ||||||||
| Insurance — 0.8% | ||||||||
| American International Group, Inc. 3 mo. USD LIBOR + 2.868% | ||||||||
| 5.750% VRN 4/01/48 | 104,000 | 102,360 | ||||||
| Arch Capital Finance LLC | ||||||||
| 5.031% 12/15/46 | 27,000 | 25,011 | ||||||
| Arch Capital Group Ltd. | ||||||||
| 3.635% 6/30/50 | 49,000 | 37,394 | ||||||
| Arthur J Gallagher & Co. | ||||||||
| 6.750% 2/15/54 | 20,000 | 23,336 | ||||||
| Athene Holding Ltd. | ||||||||
| 3.950% 5/25/51 | 16,000 | 12,011 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Brighthouse Financial, Inc. | ||||||||
| 3.850% 12/22/51 | $ | 68,000 | $ | 44,734 | ||||
| GA Global Funding Trust | ||||||||
| 1.625% 1/15/26 (b) | 37,000 | 34,051 | ||||||
| Jackson Financial, Inc. | ||||||||
| 5.170% 6/08/27 | 78,000 | 77,851 | ||||||
| Marsh & McLennan Cos., Inc. | ||||||||
| 5.450% 3/15/53 | 16,000 | 16,726 | ||||||
| 5.700% 9/15/53 | 42,000 | 45,641 | ||||||
| New York Life Global Funding | ||||||||
| 4.550% 1/28/33 (b) | 47,000 | 46,323 | ||||||
| New York Life Insurance Co. | ||||||||
| 3.750% 5/15/50 (b) | 23,000 | 18,392 | ||||||
| Pacific Life Global Funding II | ||||||||
| 5.500% 8/28/26 (b) | 64,000 | 65,175 | ||||||
| Prudential Financial, Inc. | ||||||||
| 5 yr. CMT + 3.035% 3.700% VRN 10/01/50 | 18,000 | 15,605 | ||||||
| 3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | 99,000 | 95,041 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 3.150% 6/15/30 | 49,000 | 43,978 | ||||||
| 3.900% 5/15/29 | 54,000 | 51,366 | ||||||
| USF&G Capital I | ||||||||
| 8.500% 12/15/45 (b) | 35,000 | 40,351 | ||||||
| 795,346 | ||||||||
| Internet — 0.0% | ||||||||
| Alphabet, Inc. | ||||||||
| 2.250% 8/15/60 | 32,000 | 19,797 | ||||||
| Investment Companies — 0.2% | ||||||||
| Blackstone Secured Lending Fund | ||||||||
| 2.750% 9/16/26 | 158,000 | 144,556 | ||||||
| Media — 0.4% | ||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||||
| 3.500% 6/01/41 | 119,000 | 84,110 | ||||||
| 3.850% 4/01/61 | 80,000 | 49,865 | ||||||
| 6.484% 10/23/45 | 32,000 | 31,444 | ||||||
| Comcast Corp. | ||||||||
| 2.937% 11/01/56 | 43,000 | 28,282 | ||||||
| 3.400% 7/15/46 | 41,000 | 31,759 | ||||||
| 3.969% 11/01/47 | 23,000 | 19,301 | ||||||
| Discovery Communications LLC | ||||||||
| 3.950% 3/20/28 | 56,000 | 53,265 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.750% 6/15/39 | 27,000 | 26,779 | ||||||
| Walt Disney Co. | ||||||||
| 3.600% 1/13/51 | 58,000 | 46,619 | ||||||
| 371,424 | ||||||||
| Oil & Gas — 0.1% | ||||||||
| BP Capital Markets America, Inc. | ||||||||
| 3.379% 2/08/61 | 95,000 | 68,780 | ||||||
| BP Capital Markets PLC 5 yr. CMT + 4.036% | ||||||||
| 4.375% VRN (c) | 58,000 | 56,580 | ||||||
| 125,360 | ||||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Packaging & Containers — 0.3% | ||||||||
| Berry Global, Inc. | ||||||||
| 1.570% 1/15/26 | $ | 48,000 | $ | 44,592 | ||||
| Sealed Air Corp. | ||||||||
| 1.573% 10/15/26 (b) | 44,000 | 39,619 | ||||||
| Silgan Holdings, Inc. | ||||||||
| 1.400% 4/01/26 (b) | 49,000 | 44,738 | ||||||
| WRKCo, Inc. | ||||||||
| 3.000% 6/15/33 | 27,000 | 23,263 | ||||||
| 4.650% 3/15/26 | 192,000 | 190,676 | ||||||
| 342,888 | ||||||||
| Pharmaceuticals — 0.4% | ||||||||
| AbbVie, Inc. | ||||||||
| 4.700% 5/14/45 | 67,000 | 63,756 | ||||||
| Bristol-Myers Squibb Co. | ||||||||
| 4.350% 11/15/47 | 27,000 | 23,809 | ||||||
| 6.250% 11/15/53 | 28,000 | 32,046 | ||||||
| Cigna Group | ||||||||
| 4.800% 7/15/46 | 27,000 | 25,125 | ||||||
| CVS Health Corp. | ||||||||
| 5.875% 6/01/53 | 17,000 | 17,881 | ||||||
| 6.125% 9/15/39 | 8,000 | 8,496 | ||||||
| Eli Lilly & Co. | ||||||||
| 4.950% 2/27/63 | 33,000 | 34,182 | ||||||
| Merck & Co., Inc. | ||||||||
| 5.000% 5/17/53 | 81,000 | 83,285 | ||||||
| Pfizer Investment Enterprises Pte. Ltd. | ||||||||
| 4.450% 5/19/28 | 93,000 | 92,952 | ||||||
| 4.750% 5/19/33 | 61,000 | 61,137 | ||||||
| 442,669 | ||||||||
| Pipelines — 0.9% | ||||||||
| Enterprise Products Operating LLC | ||||||||
| 3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77 | 41,000 | 39,196 | ||||||
| 3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78 | 27,000 | 24,199 | ||||||
| Kinder Morgan, Inc. | ||||||||
| 3.250% 8/01/50 | 50,000 | 33,415 | ||||||
| MPLX LP | ||||||||
| 1.750% 3/01/26 | 365,000 | 341,433 | ||||||
| 4.500% 4/15/38 | 27,000 | 24,026 | ||||||
| 5.650% 3/01/53 | 7,000 | 6,913 | ||||||
| ONEOK, Inc. | ||||||||
| 6.350% 1/15/31 | 200,000 | 213,599 | ||||||
| 6.625% 9/01/53 | 46,000 | 51,480 | ||||||
| Sabine Pass Liquefaction LLC | ||||||||
| 4.500% 5/15/30 | 100,000 | 97,727 | ||||||
| Williams Cos., Inc. | ||||||||
| 3.500% 10/15/51 | 45,000 | 32,846 | ||||||
| 5.300% 8/15/52 | 40,000 | 38,723 | ||||||
| 903,557 | ||||||||
| Real Estate — 0.1% | ||||||||
| CBRE Services, Inc. | ||||||||
| 2.500% 4/01/31 | 121,000 | 102,387 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Real Estate Investment Trusts (REITS) — 0.9% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.950% 3/15/34 | $ | 78,000 | $ | 65,040 | ||||
| 5.150% 4/15/53 | 20,000 | 19,291 | ||||||
| American Tower Corp. | ||||||||
| 1.600% 4/15/26 | 96,000 | 88,737 | ||||||
| Brixmor Operating Partnership LP | ||||||||
| 2.250% 4/01/28 | 24,000 | 21,312 | ||||||
| Crown Castle, Inc. | ||||||||
| 2.500% 7/15/31 | 88,000 | 73,368 | ||||||
| 3.700% 6/15/26 | 243,000 | 234,491 | ||||||
| 5.200% 2/15/49 | 11,000 | 10,364 | ||||||
| Extra Space Storage LP | ||||||||
| 2.350% 3/15/32 | 65,000 | 52,983 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 3.500% 9/15/30 | 84,000 | 74,938 | ||||||
| Kimco Realty OP LLC | ||||||||
| 2.250% 12/01/31 | 58,000 | 47,355 | ||||||
| Kite Realty Group LP | ||||||||
| 4.000% 10/01/26 | 110,000 | 103,940 | ||||||
| NNN REIT, Inc. | ||||||||
| 5.600% 10/15/33 | 40,000 | 41,292 | ||||||
| Prologis LP | ||||||||
| 4.875% 6/15/28 | 75,000 | 75,955 | ||||||
| Public Storage Operating Co. | ||||||||
| 5.350% 8/01/53 | 14,000 | 14,617 | ||||||
| Realty Income Corp. | ||||||||
| 4.850% 3/15/30 | 30,000 | 30,132 | ||||||
| 953,815 | ||||||||
| Retail — 0.3% | ||||||||
| Home Depot, Inc. | ||||||||
| 2.375% 3/15/51 | 48,000 | 30,308 | ||||||
| McDonald's Corp. | ||||||||
| 3.300% 7/01/25 | 100,000 | 97,682 | ||||||
| 5.450% 8/14/53 | 51,000 | 54,258 | ||||||
| Starbucks Corp. | ||||||||
| 4.450% 8/15/49 | 86,000 | 78,067 | ||||||
| Walmart, Inc. | ||||||||
| 4.500% 4/15/53 | 67,000 | 65,101 | ||||||
| 325,416 | ||||||||
| Semiconductors — 0.2% | ||||||||
| Micron Technology, Inc. | ||||||||
| 4.185% 2/15/27 | 200,000 | 196,165 | ||||||
| Skyworks Solutions, Inc. | ||||||||
| 1.800% 6/01/26 | 36,000 | 33,358 | ||||||
| 229,523 | ||||||||
| Software — 0.4% | ||||||||
| Electronic Arts, Inc. | ||||||||
| 2.950% 2/15/51 | 42,000 | 29,698 | ||||||
| Intuit, Inc. | ||||||||
| 5.500% 9/15/53 | 48,000 | 52,493 | ||||||
| Microsoft Corp. | ||||||||
| 2.921% 3/17/52 | 80,000 | 59,043 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Oracle Corp. | ||||||||
| 3.600% 4/01/40 | $ | 197,000 | $ | 157,089 | ||||
| 5.550% 2/06/53 | 15,000 | 15,004 | ||||||
| 6.900% 11/09/52 | 53,000 | 62,204 | ||||||
| 375,531 | ||||||||
| Telecommunications — 0.3% | ||||||||
| T-Mobile USA, Inc. | ||||||||
| 5.050% 7/15/33 | 80,000 | 80,622 | ||||||
| 6.000% 6/15/54 | 16,000 | 17,546 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.700% 3/22/61 | 47,000 | 35,906 | ||||||
| 3.875% 2/08/29 | 180,000 | 174,507 | ||||||
| 308,581 | ||||||||
| Transportation — 0.0% | ||||||||
| CSX Corp. | ||||||||
| 4.750% 11/15/48 | 18,000 | 17,121 | ||||||
| TOTAL CORPORATE DEBT (Cost $13,866,705) | 12,520,641 | |||||||
| NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.1% | ||||||||
| Automobile Asset-Backed Securities — 0.6% | ||||||||
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A | ||||||||
| 1.660% 2/20/28 (b) | 150,000 | 134,691 | ||||||
| Enterprise Fleet Financing LLC, Series 2021-3, Class A3 | ||||||||
| 1.220% 8/20/27 (b) | 234,000 | 221,635 | ||||||
| Fifth Third Auto Trust, Series 2023-1, Class A3 | ||||||||
| 5.530% 8/15/28 | 131,000 | 132,503 | ||||||
| Hyundai Auto Receivables Trust, Series 2021-C, Class A4 | ||||||||
| 1.030% 12/15/27 | 140,000 | 131,066 | ||||||
| Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4 | ||||||||
| 1.020% 3/15/27 | 70,000 | 65,254 | ||||||
| 685,149 | ||||||||
| Commercial Mortgage-Backed Securities — 1.1% | ||||||||
| Bank | ||||||||
| Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d) | 29,000 | 24,942 | ||||||
| Series 2019-BN16, Class AS, 4.267% 2/15/52 | 31,333 | 28,908 | ||||||
| Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d) | 24,330 | 21,460 | ||||||
| BBCMS Mortgage Trust, Series 2020-C7, Class AS | ||||||||
| 2.444% 4/15/53 | 57,000 | 44,465 | ||||||
| Benchmark Mortgage Trust, Series 2019-B9, Class AAB | ||||||||
| 3.933% 3/15/52 | 273,208 | 264,438 | ||||||
| BX Commercial Mortgage Trust | ||||||||
| Series 2021-VOLT , Class C, 1 mo. USD Term SOFR + 0.814% 6.176% FRN 9/15/36 (b) | 115,000 | 112,052 | ||||||
| Series 2021-VOLT , Class C, 1 mo. USD Term SOFR + 1.214% 6.576% FRN 9/15/36 (b) | 100,000 | 96,374 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C, | ||||||||
| 4.139% VRN 10/12/50 (d) | 70,000 | 60,371 | ||||||
| COMM Mortgage Trust, Series 2014-LC17, Class C, | ||||||||
| 4.538% VRN 10/10/47 (d) | 100,000 | 92,978 | ||||||
| GS Mortgage Securities Trust, Series 2020-GC45, Class A5 | ||||||||
| 2.911% 2/13/53 | 140,000 | 123,675 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Life Mortgage Trust | ||||||||
| Series 2021-BMR , Class A, 1 mo. USD Term SOFR + 0.814% 6.177% FRN 3/15/38 (b) | $ | 98,297 | $ | 96,146 | ||||
| Series 2021-BMR , Class B, 1 mo. USD Term SOFR + 0.994% 6.357% FRN 3/15/38 (b) | 98,297 | 95,839 | ||||||
| Morgan Stanley Capital I Trust, Series 2018-H3, Class B, | ||||||||
| 4.620% VRN 7/15/51 (d) | 20,000 | 17,573 | ||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||
| Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d) | 30,000 | 28,162 | ||||||
| Series 2018-C45, Class B, 4.556% 6/16/51 | 10,000 | 9,043 | ||||||
| 1,116,426 | ||||||||
| Other Asset-Backed Securities — 0.5% | ||||||||
| AMSR Trust, Series 2021-SFR3, Class B | ||||||||
| 1.726% 10/17/38 (b) | 130,000 | 116,954 | ||||||
| Dllmt LLC, Series 2021-1A, Class A4 | ||||||||
| 1.240% 6/20/29 (b) | 150,000 | 142,009 | ||||||
| MVW LLC, Series 2021-2A, Class A | ||||||||
| 1.430% 5/20/39 (b) | 149,103 | 136,835 | ||||||
| Progress Residential Trust, Series 2021-SFR10, Class A | ||||||||
| 2.393% 12/17/40 (b) | 98,740 | 86,390 | ||||||
| 482,188 | ||||||||
| Whole Loan Collateral Collateralized Mortgage Obligations — 1.9% | ||||||||
| Angel Oak Mortgage Trust | ||||||||
| Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (d) | 209,970 | 177,299 | ||||||
| Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b) | 226,926 | 202,520 | ||||||
| Bayview MSR Opportunity Master Fund Trust | ||||||||
| Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (d) | 125,520 | 103,024 | ||||||
| Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (d) | 102,940 | 87,836 | ||||||
| Ellington Financial Mortgage Trust, Series 2022-3, Class A1, | ||||||||
| 5.000% STEP 8/25/67 (b) | 201,274 | 201,064 | ||||||
| Flagstar Mortgage Trust, Series 2021-11IN, Class A6, | ||||||||
| 2.500% VRN 11/25/51 (b) (d) | 213,137 | 183,991 | ||||||
| Imperial Fund Mortgage Trust, Series 2021-NQM3, Class A1, | ||||||||
| 1.595% VRN 11/25/56 (b) (d) | 134,240 | 110,857 | ||||||
| JP Morgan Mortgage Trust | ||||||||
| Series 2021-LTV2, Class A1, 2.520% VRN 5/25/52 (b) (d) | 224,693 | 182,496 | ||||||
| Series 2022-8, Class A4A, 4.000% VRN 1/25/53 (b) (d) | 143,010 | 132,514 | ||||||
| OBX Trust, Series 2022-NQM1, Class A1, | ||||||||
| 2.305% VRN 11/25/61 (b) (d) | 209,607 | 180,234 | ||||||
| Starwood Mortgage Residential Trust | ||||||||
| Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (d) | 232,807 | 195,325 | ||||||
| Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (d) | 254,333 | 219,206 | ||||||
| 1,976,366 | ||||||||
| TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,772,115) | 4,260,129 | |||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (e) — 9.3% | ||||||||
| Pass-Through Securities — 9.3% | ||||||||
| Federal Home Loan Mortgage Corp. | ||||||||
| Pool #RA6233 2.000% 11/01/51 | 489,443 | 400,287 | ||||||
| Pool #SD8212 2.500% 5/01/52 | 730,516 | 622,273 | ||||||
| Pool #SD8174 3.000% 10/01/51 | 392,686 | 348,948 | ||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Pool #RA7484 4.000% 6/01/52 | $ | 436,906 | $ | 413,699 | ||||
| Pool #SD1351 4.500% 7/01/52 | 377,923 | 367,103 | ||||||
| Pool #SD1628 5.000% 9/01/52 | 391,186 | 388,143 | ||||||
| Federal National Mortgage Association | ||||||||
| Pool #CB1782 2.000% 10/01/51 | 722,602 | 592,103 | ||||||
| Pool #CB1787 2.000% 10/01/51 | 472,061 | 386,809 | ||||||
| Pool #MA4562 2.000% 3/01/52 | 456,346 | 373,219 | ||||||
| Pool #MA4361 2.500% 6/01/36 | 271,860 | 250,801 | ||||||
| Pool #CB2074 2.500% 11/01/51 | 368,759 | 314,637 | ||||||
| Pool #FS2635 2.500% 5/01/52 | 445,325 | 382,401 | ||||||
| Pool #BO7245 3.000% 1/01/50 | 269,808 | 241,538 | ||||||
| Pool #FS2600 3.000% 5/01/52 | 461,216 | 410,945 | ||||||
| Pool #BU8819 3.500% 5/01/52 | 448,577 | 412,176 | ||||||
| Pool #CB3859 4.000% 6/01/52 | 229,170 | 217,212 | ||||||
| Pool #CB4404 5.000% 8/01/52 | 381,892 | 378,802 | ||||||
| Uniform Mortgage-Backed Security, TBA | ||||||||
| 2.000% 1/01/39 (f) | 1,500,000 | 1,344,281 | ||||||
| 3.000% 1/01/54 (f) | 400,000 | 354,063 | ||||||
| 3.500% 1/01/54 (f) | 500,000 | 458,984 | ||||||
| 4.500% 1/01/54 (f) | 100,000 | 97,016 | ||||||
| 6.000% 1/01/54 (f) | 750,000 | 761,953 | ||||||
| 9,517,393 | ||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $10,044,409) | 9,517,393 | |||||||
| U.S. TREASURY OBLIGATIONS — 10.9% | ||||||||
| U.S. Treasury Bonds & Notes — 10.9% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 2.250% 8/15/49 | 839,900 | 587,693 | ||||||
| 4.125% 8/15/53 | 555,600 | 562,981 | ||||||
| 4.750% 11/15/43 | 1,298,200 | 1,394,968 | ||||||
| U.S. Treasury Notes | ||||||||
| 2.750% 4/30/27 | 1,700,000 | 1,635,586 | ||||||
| 2.875% 4/30/29 | 1,050,000 | 999,177 | ||||||
| 3.500% 2/15/33 | 410,000 | 397,764 | ||||||
| 4.375% 12/15/26 | 912,400 | 921,524 | ||||||
| 4.375% 11/30/28 | 890,700 | 911,600 | ||||||
| 4.375% 11/30/30 | 1,018,400 | 1,047,679 | ||||||
| 4.500% 11/15/33 | 1,502,100 | 1,577,674 | ||||||
| 4.625% 9/30/30 | 400,000 | 417,097 | ||||||
| 4.875% 11/30/25 | 695,600 | 702,896 | ||||||
| 11,156,639 | ||||||||
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,259,204) | 11,156,639 | |||||||
| TOTAL BONDS & NOTES (Cost $39,942,433) | 37,454,802 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $97,671,230) | 103,953,158 | |||||||
| MassMutual Balanced Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 1.4% | ||||||||
| Repurchase Agreement — 1.3% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g) | $ | 1,325,647 | $ | 1,325,647 | ||||
| U.S. Treasury Bill — 0.1% | ||||||||
| U.S. Treasury Bills | ||||||||
| 4.852% 4/18/24 (h) (i) | 97,000 | 95,502 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,421,291) | 1,421,149 | |||||||
| TOTAL INVESTMENTS — 102.6% (Cost $99,092,521) (j) | 105,374,307 | |||||||
| Other Assets/(Liabilities) — (2.6)% | (2,670,689) | |||||||
| NET ASSETS — 100.0% | $ | 102,703,618 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| CMT | Constant Maturity Treasury Index |
| FRN | Floating Rate Note |
| LIBOR | London InterBank Offered Rate |
| SOFR | Secured Overnight Financing Rate |
| STEP | Step Up Bond |
| TBA | To Be Announced |
| VRN | Variable Rate Note |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $4,576,158 or 4.46% of net assets. |
| (c) | Security is perpetual and has no stated maturity date. |
| (d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2023. |
| (e) | 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. |
| (f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (g) | Maturity value of $1,325,883. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,352,253. |
| (h) | All or a portion of this security is pledged/held as collateral for open derivatives. |
| (i) | The rate shown represents yield-to-maturity. |
| (j) | 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 | ||||||||||||||
| U.S. Treasury Note 2 Year | 3/28/24 | 10 | $ | 2,039,254 | $ | 19,887 | ||||||||
| Short | ||||||||||||||
| U.S. Treasury Note 10 Year | 3/19/24 | 9 | $ | (984,356) | $ | (31,660) | ||||||||
| U.S. Treasury Ultra 10 Year | 3/19/24 | 11 | (1,242,986) | (55,186) | ||||||||||
| U.S. Treasury Note 5 Year | 3/28/24 | 7 | (745,048) | (16,366) | ||||||||||
| $ | (103,212) | |||||||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 99.9% | ||||||||
| COMMON STOCK — 99.9% | ||||||||
| Basic Materials — 3.0% | ||||||||
| Chemicals — 1.7% | ||||||||
| Ecolab, Inc. | 689 | $ | 136,663 | |||||
| LyondellBasell Industries NV Class A | 1,254 | 119,231 | ||||||
| Mosaic Co. | 1,259 | 44,984 | ||||||
| PPG Industries, Inc. | 2,706 | 404,682 | ||||||
| 705,560 | ||||||||
| Iron & Steel — 0.8% | ||||||||
| Nucor Corp. | 804 | 139,928 | ||||||
| Steel Dynamics, Inc. | 1,726 | 203,840 | ||||||
| 343,768 | ||||||||
| Mining — 0.5% | ||||||||
| Newmont Corp. (NEM US) | 5,556 | 229,963 | ||||||
| 1,279,291 | ||||||||
| Communications — 7.8% | ||||||||
| Advertising — 0.9% | ||||||||
| Omnicom Group, Inc. | 4,338 | 375,281 | ||||||
| Internet — 1.2% | ||||||||
| DoorDash, Inc., Class A (a) | 414 | 40,940 | ||||||
| F5, Inc. (a) | 847 | 151,596 | ||||||
| GoDaddy, Inc. Class A (a) | 2,630 | 279,201 | ||||||
| Wayfair, Inc. Class A (a) (b) | 854 | 52,692 | ||||||
| 524,429 | ||||||||
| Media — 3.7% | ||||||||
| Comcast Corp. Class A | 17,855 | 782,942 | ||||||
| Fox Corp. Class A | 13,910 | 412,710 | ||||||
| Walt Disney Co. | 4,271 | 385,628 | ||||||
| 1,581,280 | ||||||||
| Telecommunications — 2.0% | ||||||||
| Cisco Systems, Inc. | 16,341 | 825,547 | ||||||
| 3,306,537 | ||||||||
| Consumer, Cyclical — 9.0% | ||||||||
| Auto Manufacturers — 2.3% | ||||||||
| Cummins, Inc. | 176 | 42,164 | ||||||
| Ford Motor Co. | 4,926 | 60,048 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| General Motors Co. | 5,211 | $ | 187,179 | |||||
| PACCAR, Inc. | 5,406 | 527,896 | ||||||
| Rivian Automotive, Inc. Class A (a) (b) | 5,622 | 131,892 | ||||||
| 949,179 | ||||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| BorgWarner, Inc. | 1,165 | 41,765 | ||||||
| Distribution & Wholesale — 0.2% | ||||||||
| WESCO International, Inc. | 586 | 101,894 | ||||||
| Home Builders — 1.7% | ||||||||
| DR Horton, Inc. | 1,610 | 244,688 | ||||||
| PulteGroup, Inc. | 4,636 | 478,528 | ||||||
| 723,216 | ||||||||
| Leisure Time — 0.1% | ||||||||
| Polaris, Inc. | 533 | 50,513 | ||||||
| Retail — 4.6% | ||||||||
| GameStop Corp. Class A (a) (b) | 6,702 | 117,486 | ||||||
| Genuine Parts Co. | 1,721 | 238,359 | ||||||
| Macy's, Inc. | 2,955 | 59,455 | ||||||
| McDonald's Corp. | 1,926 | 571,078 | ||||||
| MSC Industrial Direct Co., Inc. Class A | 663 | 67,135 | ||||||
| Walmart, Inc. | 5,513 | 869,124 | ||||||
| 1,922,637 | ||||||||
| 3,789,204 | ||||||||
| Consumer, Non-cyclical — 22.8% | ||||||||
| Agriculture — 0.5% | ||||||||
| Philip Morris International, Inc. | 2,160 | 203,213 | ||||||
| Beverages — 1.1% | ||||||||
| PepsiCo, Inc. | 2,791 | 474,023 | ||||||
| Biotechnology — 2.2% | ||||||||
| Amgen, Inc. | 1,091 | 314,230 | ||||||
| Bio-Rad Laboratories, Inc. Class A (a) | 585 | 188,891 | ||||||
| Exelixis, Inc. (a) | 2,105 | 50,499 | ||||||
| Incyte Corp. (a) | 2,691 | 168,968 | ||||||
| United Therapeutics Corp. (a) | 841 | 184,927 | ||||||
| 907,515 | ||||||||
| Commercial Services — 2.3% | ||||||||
| Block, Inc. (a) | 2,714 | 209,928 | ||||||
| Global Payments, Inc. | 1,798 | 228,346 | ||||||
| United Rentals, Inc. | 710 | 407,128 | ||||||
| WEX, Inc. (a) | 637 | 123,928 | ||||||
| 969,330 | ||||||||
| Cosmetics & Personal Care — 2.0% | ||||||||
| Colgate-Palmolive Co. | 1,546 | 123,231 | ||||||
| Kenvue, Inc. | 10,224 | 220,123 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Procter & Gamble Co. | 3,481 | $ | 510,106 | |||||
| 853,460 | ||||||||
| Food — 2.8% | ||||||||
| Campbell Soup Co. | 3,533 | 152,732 | ||||||
| General Mills, Inc. | 3,666 | 238,803 | ||||||
| Hershey Co. | 357 | 66,559 | ||||||
| J. M. Smucker Co. | 712 | 89,982 | ||||||
| Kellanova | 755 | 42,212 | ||||||
| Lamb Weston Holdings, Inc. | 2,063 | 222,990 | ||||||
| Mondelez International, Inc. Class A | 5,007 | 362,657 | ||||||
| 1,175,935 | ||||||||
| Health Care – Products — 2.5% | ||||||||
| Cooper Cos., Inc. | 486 | 183,922 | ||||||
| Globus Medical, Inc. Class A (a) | 3,404 | 181,399 | ||||||
| Hologic, Inc. (a) | 811 | 57,946 | ||||||
| Medtronic PLC | 4,630 | 381,420 | ||||||
| Stryker Corp. | 844 | 252,744 | ||||||
| 1,057,431 | ||||||||
| Health Care – Services — 1.7% | ||||||||
| Elevance Health, Inc. | 1,000 | 471,560 | ||||||
| Quest Diagnostics, Inc. | 292 | 40,261 | ||||||
| UnitedHealth Group, Inc. | 411 | 216,379 | ||||||
| 728,200 | ||||||||
| Household Products & Wares — 0.5% | ||||||||
| Kimberly-Clark Corp. | 1,609 | 195,510 | ||||||
| Pharmaceuticals — 7.2% | ||||||||
| Bristol-Myers Squibb Co. | 10,291 | 528,031 | ||||||
| Cardinal Health, Inc. | 514 | 51,811 | ||||||
| Henry Schein, Inc. (a) | 2,168 | 164,139 | ||||||
| Jazz Pharmaceuticals PLC (a) | 3,103 | 381,669 | ||||||
| Johnson & Johnson | 7,672 | 1,202,509 | ||||||
| McKesson Corp. | 110 | 50,928 | ||||||
| Merck & Co., Inc. | 3,524 | 384,187 | ||||||
| Pfizer, Inc. | 8,676 | 249,782 | ||||||
| Premier, Inc. Class A | 1,920 | 42,931 | ||||||
| 3,055,987 | ||||||||
| 9,620,604 | ||||||||
| Energy — 7.2% | ||||||||
| Energy – Alternate Sources — 0.1% | ||||||||
| First Solar, Inc. (a) | 255 | 43,931 | ||||||
| Oil & Gas — 6.6% | ||||||||
| Chevron Corp. | 4,722 | 704,333 | ||||||
| ConocoPhillips | 2,839 | 329,523 | ||||||
| Coterra Energy, Inc. | 2,448 | 62,473 | ||||||
| Devon Energy Corp. | 2,880 | 130,464 | ||||||
| Exxon Mobil Corp. | 8,299 | 829,734 | ||||||
| HF Sinclair Corp. | 745 | 41,400 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Marathon Oil Corp. | 7,334 | $ | 177,189 | |||||
| Marathon Petroleum Corp. | 1,522 | 225,804 | ||||||
| Ovintiv, Inc. | 2,412 | 105,935 | ||||||
| Valero Energy Corp. | 1,385 | 180,050 | ||||||
| 2,786,905 | ||||||||
| Pipelines — 0.5% | ||||||||
| ONEOK, Inc. | 3,003 | 210,871 | ||||||
| 3,041,707 | ||||||||
| Financial — 28.4% | ||||||||
| Banks — 9.0% | ||||||||
| Bank of America Corp. | 10,575 | 356,060 | ||||||
| Bank of New York Mellon Corp. | 10,106 | 526,017 | ||||||
| Bank OZK | 6,687 | 333,213 | ||||||
| Citigroup, Inc. | 5,129 | 263,836 | ||||||
| East West Bancorp, Inc. | 3,720 | 267,654 | ||||||
| First Citizens BancShares, Inc. Class A | 67 | 95,071 | ||||||
| JP Morgan Chase & Co. | 8,471 | 1,440,917 | ||||||
| M&T Bank Corp. | 586 | 80,329 | ||||||
| State Street Corp. | 4,345 | 336,564 | ||||||
| Wells Fargo & Co. | 2,392 | 117,734 | ||||||
| 3,817,395 | ||||||||
| Diversified Financial Services — 3.8% | ||||||||
| Affiliated Managers Group, Inc. | 1,480 | 224,102 | ||||||
| BlackRock, Inc. | 364 | 295,495 | ||||||
| Capital One Financial Corp. | 946 | 124,040 | ||||||
| Cboe Global Markets, Inc. | 716 | 127,849 | ||||||
| CME Group, Inc. | 1,387 | 292,102 | ||||||
| Coinbase Global, Inc. Class A (a) | 632 | 109,917 | ||||||
| Interactive Brokers Group, Inc. Class A | 1,729 | 143,334 | ||||||
| Synchrony Financial | 5,060 | 193,241 | ||||||
| Western Union Co. | 8,704 | 103,752 | ||||||
| 1,613,832 | ||||||||
| Insurance — 8.7% | ||||||||
| Aflac, Inc. | 6,115 | 504,488 | ||||||
| Arch Capital Group Ltd. (a) | 470 | 34,907 | ||||||
| Arthur J Gallagher & Co. | 2,023 | 454,932 | ||||||
| Assurant, Inc. | 461 | 77,674 | ||||||
| Berkshire Hathaway, Inc. Class B (a) | 4,929 | 1,757,977 | ||||||
| Brown & Brown, Inc. | 5,682 | 404,047 | ||||||
| Everest Group Ltd. | 138 | 48,794 | ||||||
| MGIC Investment Corp. | 2,806 | 54,128 | ||||||
| Primerica, Inc. | 1,616 | 332,508 | ||||||
| 3,669,455 | ||||||||
| Real Estate Investment Trusts (REITS) — 6.9% | ||||||||
| AGNC Investment Corp. | 5,825 | 57,143 | ||||||
| Agree Realty Corp. | 5,709 | 359,382 | ||||||
| Brixmor Property Group, Inc. | 7,741 | 180,133 | ||||||
| Healthcare Realty Trust, Inc. | 7,588 | 130,741 | ||||||
| Highwoods Properties, Inc. | 9,612 | 220,692 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Kimco Realty Corp. | 9,551 | $ | 203,532 | |||||
| Mid-America Apartment Communities, Inc. | 2,787 | 374,740 | ||||||
| National Storage Affiliates Trust | 3,637 | 150,826 | ||||||
| Omega Healthcare Investors, Inc. | 1,398 | 42,863 | ||||||
| Realty Income Corp. | 6,363 | 365,363 | ||||||
| SBA Communications Corp. | 1,677 | 425,438 | ||||||
| Spirit Realty Capital, Inc. | 975 | 42,598 | ||||||
| STAG Industrial, Inc. | 7,576 | 297,434 | ||||||
| WP Carey, Inc. | 908 | 58,847 | ||||||
| 2,909,732 | ||||||||
| 12,010,414 | ||||||||
| Industrial — 13.0% | ||||||||
| Aerospace & Defense — 1.1% | ||||||||
| General Dynamics Corp. | 421 | 109,321 | ||||||
| RTX Corp. | 2,823 | 237,528 | ||||||
| TransDigm Group, Inc. | 137 | 138,589 | ||||||
| 485,438 | ||||||||
| Building Materials — 0.5% | ||||||||
| Builders FirstSource, Inc. (a) | 854 | 142,567 | ||||||
| Trane Technologies PLC | 261 | 63,658 | ||||||
| 206,225 | ||||||||
| Electrical Components & Equipment — 1.6% | ||||||||
| AMETEK, Inc. | 1,175 | 193,746 | ||||||
| Eaton Corp. PLC | 992 | 238,893 | ||||||
| Emerson Electric Co. | 2,661 | 258,995 | ||||||
| 691,634 | ||||||||
| Electronics — 2.3% | ||||||||
| Honeywell International, Inc. | 543 | 113,872 | ||||||
| Hubbell, Inc. | 1,286 | 423,004 | ||||||
| nVent Electric PLC | 7,477 | 441,816 | ||||||
| 978,692 | ||||||||
| Engineering & Construction — 1.5% | ||||||||
| EMCOR Group, Inc. | 1,942 | 418,365 | ||||||
| TopBuild Corp. (a) | 538 | 201,352 | ||||||
| 619,717 | ||||||||
| Hand & Machine Tools — 0.4% | ||||||||
| Snap-on, Inc. | 545 | 157,418 | ||||||
| Machinery – Construction & Mining — 1.2% | ||||||||
| Caterpillar, Inc. | 1,197 | 353,917 | ||||||
| Oshkosh Corp. | 1,481 | 160,555 | ||||||
| 514,472 | ||||||||
| Machinery – Diversified — 1.4% | ||||||||
| Dover Corp. | 1,512 | 232,561 | ||||||
| Ingersoll Rand, Inc. | 2,677 | 207,039 | ||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Middleby Corp. (a) | 1,087 | $ | 159,974 | |||||
| 599,574 | ||||||||
| Metal Fabricate & Hardware — 0.3% | ||||||||
| Timken Co. | 1,343 | 107,641 | ||||||
| Miscellaneous - Manufacturing — 1.6% | ||||||||
| 3M Co. | 5,266 | 575,679 | ||||||
| A.O. Smith Corp. | 998 | 82,275 | ||||||
| 657,954 | ||||||||
| Packaging & Containers — 1.1% | ||||||||
| AptarGroup, Inc. | 309 | 38,199 | ||||||
| Sonoco Products Co. | 3,432 | 191,746 | ||||||
| Westrock Co. | 5,904 | 245,134 | ||||||
| 475,079 | ||||||||
| 5,493,844 | ||||||||
| Technology — 6.7% | ||||||||
| Computers — 1.5% | ||||||||
| Amdocs Ltd. | 2,385 | 209,618 | ||||||
| Cognizant Technology Solutions Corp. Class A | 873 | 65,938 | ||||||
| DXC Technology Co. (a) | 1,751 | 40,045 | ||||||
| International Business Machines Corp. | 1,897 | 310,254 | ||||||
| 625,855 | ||||||||
| Semiconductors — 2.2% | ||||||||
| Applied Materials, Inc. | 2,817 | 456,551 | ||||||
| Intel Corp. | 9,126 | 458,582 | ||||||
| 915,133 | ||||||||
| Software — 3.0% | ||||||||
| AppLovin Corp. Class A (a) | 1,012 | 40,328 | ||||||
| HashiCorp, Inc. Class A (a) | 1,915 | 45,271 | ||||||
| Oracle Corp. | 1,308 | 137,902 | ||||||
| Roper Technologies, Inc. | 970 | 528,815 | ||||||
| Salesforce, Inc. (a) | 1,204 | 316,821 | ||||||
| Twilio, Inc. Class A (a) | 639 | 48,481 | ||||||
| Unity Software, Inc. (a) (b) | 1,363 | 55,733 | ||||||
| Zoom Video Communications, Inc. Class A (a) | 1,551 | 111,532 | ||||||
| 1,284,883 | ||||||||
| 2,825,871 | ||||||||
| Utilities — 2.0% | ||||||||
| Electric — 1.6% | ||||||||
| Hawaiian Electric Industries, Inc. | 14,520 | 206,039 | ||||||
| NRG Energy, Inc. | 7,712 | 398,711 | ||||||
| Vistra Corp. | 2,191 | 84,397 | ||||||
| 689,147 | ||||||||
| MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Gas — 0.4% | ||||||||
| National Fuel Gas Co. | 3,395 | $ | 170,327 | |||||
| 859,474 | ||||||||
| TOTAL COMMON STOCK (Cost $38,638,657) | 42,226,946 | |||||||
| TOTAL EQUITIES (Cost $38,638,657) | 42,226,946 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $38,638,657) | 42,226,946 | |||||||
| SHORT-TERM INVESTMENTS — 0.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 98,667 | 98,667 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $98,667) | 98,667 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost $38,737,324) (d) | 42,325,613 | |||||||
| Other Assets/(Liabilities) — (0.1)% | (30,899) | |||||||
| NET ASSETS — 100.0% | $ | 42,294,714 | ||||||
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $284,958 or 0.67% of net assets. The Fund received $193,451 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral. (Note 2). |
| (d) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Main Street Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 98.6% | ||||||||
| COMMON STOCK — 98.6% | ||||||||
| Basic Materials — 1.8% | ||||||||
| Chemicals — 1.8% | ||||||||
| DuPont de Nemours, Inc. | 7,048 | $ | 542,203 | |||||
| Valvoline, Inc. (a) | 17,159 | 644,835 | ||||||
| 1,187,038 | ||||||||
| Communications — 14.9% | ||||||||
| Internet — 12.6% | ||||||||
| Alphabet, Inc. Class A (a) | 19,311 | 2,697,554 | ||||||
| Amazon.com, Inc. (a) | 17,398 | 2,643,452 | ||||||
| Meta Platforms, Inc. Class A (a) | 5,137 | 1,818,293 | ||||||
| Netflix, Inc. (a) | 1,455 | 708,410 | ||||||
| Uber Technologies, Inc. (a) | 9,309 | 573,155 | ||||||
| 8,440,864 | ||||||||
| Telecommunications — 2.3% | ||||||||
| T-Mobile US, Inc. | 3,035 | 486,601 | ||||||
| Verizon Communications, Inc. | 27,898 | 1,051,755 | ||||||
| 1,538,356 | ||||||||
| 9,979,220 | ||||||||
| Consumer, Cyclical — 5.0% | ||||||||
| Auto Manufacturers — 0.6% | ||||||||
| Tesla, Inc. (a) | 1,580 | 392,598 | ||||||
| Auto Parts & Equipment — 1.0% | ||||||||
| Aptiv PLC (a) | 1,934 | 173,518 | ||||||
| Mobileye Global, Inc. Class A (a) (b) | 11,911 | 515,985 | ||||||
| 689,503 | ||||||||
| Retail — 3.4% | ||||||||
| Lowe's Cos., Inc. | 1,690 | 376,110 | ||||||
| Starbucks Corp. | 9,971 | 957,316 | ||||||
| Walmart, Inc. | 6,050 | 953,782 | ||||||
| 2,287,208 | ||||||||
| 3,369,309 | ||||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Consumer, Non-cyclical — 22.3% | ||||||||
| Agriculture — 2.0% | ||||||||
| Philip Morris International, Inc. | 14,260 | $ | 1,341,581 | |||||
| Beverages — 3.8% | ||||||||
| Constellation Brands, Inc. Class A | 6,957 | 1,681,855 | ||||||
| PepsiCo, Inc. | 4,922 | 835,952 | ||||||
| 2,517,807 | ||||||||
| Biotechnology — 1.9% | ||||||||
| Biogen, Inc. (a) | 1,313 | 339,765 | ||||||
| Gilead Sciences, Inc. | 11,948 | 967,907 | ||||||
| 1,307,672 | ||||||||
| Commercial Services — 2.2% | ||||||||
| Equifax, Inc. | 4,532 | 1,120,718 | ||||||
| Paylocity Holding Corp. (a) | 1,956 | 322,447 | ||||||
| 1,443,165 | ||||||||
| Cosmetics & Personal Care — 0.7% | ||||||||
| Coty, Inc. Class A (a) | 39,245 | 487,423 | ||||||
| Health Care – Products — 3.0% | ||||||||
| Boston Scientific Corp. (a) | 11,465 | 662,792 | ||||||
| Zimmer Biomet Holdings, Inc. | 10,896 | 1,326,043 | ||||||
| 1,988,835 | ||||||||
| Health Care – Services — 4.6% | ||||||||
| HCA Healthcare, Inc. | 2,789 | 754,926 | ||||||
| Lonza Group AG Registered | 821 | 345,409 | ||||||
| Tenet Healthcare Corp. (a) | 7,281 | 550,225 | ||||||
| UnitedHealth Group, Inc. | 2,681 | 1,411,466 | ||||||
| 3,062,026 | ||||||||
| Pharmaceuticals — 4.1% | ||||||||
| Becton Dickinson & Co. | 2,300 | 560,809 | ||||||
| Eli Lilly & Co. | 1,694 | 987,467 | ||||||
| Merck & Co., Inc. | 11,220 | 1,223,204 | ||||||
| 2,771,480 | ||||||||
| 14,919,989 | ||||||||
| Energy — 3.8% | ||||||||
| Oil & Gas — 3.8% | ||||||||
| Chevron Corp. | 2,217 | 330,687 | ||||||
| Exxon Mobil Corp. | 18,100 | 1,809,638 | ||||||
| Marathon Oil Corp. | 16,361 | 395,282 | ||||||
| 2,535,607 | ||||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Financial — 14.9% | ||||||||
| Banks — 2.9% | ||||||||
| JP Morgan Chase & Co. | 8,674 | $ | 1,475,447 | |||||
| M&T Bank Corp. | 1,121 | 153,667 | ||||||
| Wells Fargo & Co. | 6,322 | 311,169 | ||||||
| 1,940,283 | ||||||||
| Diversified Financial Services — 5.7% | ||||||||
| American Express Co. | 7,945 | 1,488,416 | ||||||
| Charles Schwab Corp. | 19,223 | 1,322,542 | ||||||
| Mastercard, Inc. Class A | 2,394 | 1,021,065 | ||||||
| 3,832,023 | ||||||||
| Insurance — 4.1% | ||||||||
| American International Group, Inc. | 16,497 | 1,117,672 | ||||||
| Arthur J Gallagher & Co. | 2,377 | 534,540 | ||||||
| Equitable Holdings, Inc. | 31,532 | 1,050,015 | ||||||
| 2,702,227 | ||||||||
| Real Estate Investment Trusts (REITS) — 2.2% | ||||||||
| Prologis, Inc. | 10,826 | 1,443,106 | ||||||
| 9,917,639 | ||||||||
| Industrial — 7.9% | ||||||||
| Aerospace & Defense — 2.3% | ||||||||
| Boeing Co. (a) | 5,900 | 1,537,894 | ||||||
| Building Materials — 0.5% | ||||||||
| CRH PLC | 4,888 | 338,054 | ||||||
| Electrical Components & Equipment — 1.3% | ||||||||
| Emerson Electric Co. | 9,178 | 893,295 | ||||||
| Electronics — 1.2% | ||||||||
| Hubbell, Inc. | 2,434 | 800,616 | ||||||
| Machinery – Diversified — 0.7% | ||||||||
| Otis Worldwide Corp. | 4,787 | 428,293 | ||||||
| Transportation — 1.9% | ||||||||
| United Parcel Service, Inc. Class B | 8,179 | 1,285,984 | ||||||
| 5,284,136 | ||||||||
| Technology — 26.2% | ||||||||
| Computers — 6.5% | ||||||||
| Amdocs Ltd. | 7,211 | 633,775 | ||||||
| Apple, Inc. | 19,294 | 3,714,674 | ||||||
| 4,348,449 | ||||||||
| Semiconductors — 6.7% | ||||||||
| Applied Materials, Inc. | 7,245 | 1,174,197 | ||||||
| ARM Holdings PLC ADR (a) (b) | 4,737 | 355,962 | ||||||
| NVIDIA Corp. | 4,598 | 2,277,022 | ||||||
| MassMutual Main Street Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Texas Instruments, Inc. | 3,985 | $ | 679,283 | |||||
| 4,486,464 | ||||||||
| Software — 13.0% | ||||||||
| Autodesk, Inc. (a) | 1,686 | 410,507 | ||||||
| Fiserv, Inc. (a) | 7,814 | 1,038,012 | ||||||
| Microsoft Corp. | 14,315 | 5,383,012 | ||||||
| ServiceNow, Inc. (a) | 1,681 | 1,187,610 | ||||||
| Tyler Technologies, Inc. (a) | 1,458 | 609,619 | ||||||
| 8,628,760 | ||||||||
| 17,463,673 | ||||||||
| Utilities — 1.8% | ||||||||
| Electric — 1.8% | ||||||||
| Ameren Corp. | 4,142 | 299,632 | ||||||
| Dominion Energy, Inc. | 10,934 | 513,898 | ||||||
| FirstEnergy Corp. | 10,793 | 395,672 | ||||||
| 1,209,202 | ||||||||
| TOTAL COMMON STOCK (Cost $54,560,084) | 65,865,813 | |||||||
| TOTAL EQUITIES (Cost $54,560,084) | 65,865,813 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $54,560,084) | 65,865,813 | |||||||
| SHORT-TERM INVESTMENTS — 2.0% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 359,881 | 359,881 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d) | $ | 941,957 | 941,957 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,301,838) | 1,301,838 | |||||||
| TOTAL INVESTMENTS — 100.6% (Cost $55,861,922) (e) | 67,167,651 | |||||||
| Other Assets/(Liabilities) — (0.6)% | (389,882) | |||||||
| NET ASSETS — 100.0% | $ | 66,777,769 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $869,272 or 1.30% of net assets. The Fund received $527,856 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Represents investment of security lending cash collateral. (Note 2). |
| (d) | Maturity value of $942,125. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $960,840. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Disciplined Growth Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 98.8% | ||||||||
| COMMON STOCK — 98.8% | ||||||||
| Communications — 22.6% | ||||||||
| Internet — 21.9% | ||||||||
| Airbnb, Inc. Class A (a) | 9,358 | $ | 1,273,998 | |||||
| Alphabet, Inc. Class A (a) | 55,931 | 7,813,001 | ||||||
| Alphabet, Inc. Class C (a) | 33,967 | 4,786,969 | ||||||
| Amazon.com, Inc. (a) | 69,656 | 10,583,533 | ||||||
| Booking Holdings, Inc. (a) | 639 | 2,266,674 | ||||||
| DoorDash, Inc., Class A (a) | 3,920 | 387,649 | ||||||
| GoDaddy, Inc. Class A (a) | 4,532 | 481,117 | ||||||
| Meta Platforms, Inc. Class A (a) | 20,461 | 7,242,376 | ||||||
| Netflix, Inc. (a) | 2,409 | 1,172,894 | ||||||
| Palo Alto Networks, Inc. (a) | 918 | 270,700 | ||||||
| VeriSign, Inc. (a) | 3,063 | 630,855 | ||||||
| Wayfair, Inc. Class A (a) (b) | 9,392 | 579,486 | ||||||
| 37,489,252 | ||||||||
| Telecommunications — 0.7% | ||||||||
| Arista Networks, Inc. (a) | 5,525 | 1,301,193 | ||||||
| 38,790,445 | ||||||||
| Consumer, Cyclical — 7.0% | ||||||||
| Apparel — 0.5% | ||||||||
| Deckers Outdoor Corp. (a) | 1,335 | 892,354 | ||||||
| Auto Manufacturers — 1.9% | ||||||||
| Tesla, Inc. (a) | 13,094 | 3,253,597 | ||||||
| Distribution & Wholesale — 1.1% | ||||||||
| Copart, Inc. (a) | 31,011 | 1,519,539 | ||||||
| W.W. Grainger, Inc. | 400 | 331,476 | ||||||
| 1,851,015 | ||||||||
| Entertainment — 0.2% | ||||||||
| DraftKings, Inc. Class A (a) | 6,942 | 244,705 | ||||||
| Retail — 3.3% | ||||||||
| AutoZone, Inc. (a) | 236 | 610,204 | ||||||
| Cava Group, Inc. (a) | 4,806 | 206,562 | ||||||
| Costco Wholesale Corp. | 2,137 | 1,410,591 | ||||||
| Home Depot, Inc. | 3,291 | 1,140,496 | ||||||
| Lululemon Athletica, Inc. (a) | 2,544 | 1,300,722 | ||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Ulta Beauty, Inc. (a) | 2,156 | $ | 1,056,418 | |||||
| 5,724,993 | ||||||||
| 11,966,664 | ||||||||
| Consumer, Non-cyclical — 17.8% | ||||||||
| Beverages — 1.2% | ||||||||
| Monster Beverage Corp. (a) | 8,610 | 496,022 | ||||||
| PepsiCo, Inc. | 9,461 | 1,606,856 | ||||||
| 2,102,878 | ||||||||
| Biotechnology — 3.5% | ||||||||
| Apellis Pharmaceuticals, Inc. (a) | 3,305 | 197,837 | ||||||
| Exelixis, Inc. (a) | 27,590 | 661,884 | ||||||
| Incyte Corp. (a) | 23,573 | 1,480,149 | ||||||
| Maravai LifeSciences Holdings, Inc. Class A (a) | 20,251 | 132,644 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 1,396 | 1,226,093 | ||||||
| Vertex Pharmaceuticals, Inc. (a) | 5,719 | 2,327,004 | ||||||
| 6,025,611 | ||||||||
| Commercial Services — 3.3% | ||||||||
| Automatic Data Processing, Inc. | 2,624 | 611,313 | ||||||
| FleetCor Technologies, Inc. (a) | 1,855 | 524,242 | ||||||
| Grand Canyon Education, Inc. (a) | 1,616 | 213,377 | ||||||
| Paylocity Holding Corp. (a) | 2,291 | 377,671 | ||||||
| PayPal Holdings, Inc. (a) | 20,610 | 1,265,660 | ||||||
| Rollins, Inc. | 8,063 | 352,111 | ||||||
| S&P Global, Inc. | 2,992 | 1,318,036 | ||||||
| United Rentals, Inc. | 1,713 | 982,269 | ||||||
| 5,644,679 | ||||||||
| Cosmetics & Personal Care — 1.3% | ||||||||
| Kenvue, Inc. | 66,786 | 1,437,903 | ||||||
| Procter & Gamble Co. | 4,724 | 692,255 | ||||||
| 2,130,158 | ||||||||
| Food — 0.5% | ||||||||
| Hershey Co. | 3,498 | 652,167 | ||||||
| Lamb Weston Holdings, Inc. | 1,646 | 177,916 | ||||||
| 830,083 | ||||||||
| Health Care – Products — 1.4% | ||||||||
| Globus Medical, Inc. Class A (a) | 12,742 | 679,021 | ||||||
| ResMed, Inc. | 9,904 | 1,703,686 | ||||||
| 2,382,707 | ||||||||
| Health Care – Services — 3.0% | ||||||||
| Elevance Health, Inc. | 2,077 | 979,430 | ||||||
| Medpace Holdings, Inc. (a) | 2,584 | 792,074 | ||||||
| UnitedHealth Group, Inc. | 6,471 | 3,406,787 | ||||||
| 5,178,291 | ||||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Pharmaceuticals — 3.6% | ||||||||
| AbbVie, Inc. | 1,169 | $ | 181,160 | |||||
| Cencora, Inc. | 9,260 | 1,901,819 | ||||||
| Eli Lilly & Co. | 3,317 | 1,933,545 | ||||||
| Jazz Pharmaceuticals PLC (a) | 13,871 | 1,706,133 | ||||||
| Neurocrine Biosciences, Inc. (a) | 3,901 | 513,996 | ||||||
| 6,236,653 | ||||||||
| 30,531,060 | ||||||||
| Financial — 5.5% | ||||||||
| Diversified Financial Services — 4.0% | ||||||||
| Mastercard, Inc. Class A | 5,139 | 2,191,835 | ||||||
| Visa, Inc. Class A | 17,835 | 4,643,342 | ||||||
| 6,835,177 | ||||||||
| Insurance — 1.5% | ||||||||
| Arthur J Gallagher & Co. | 2,017 | 453,583 | ||||||
| Brown & Brown, Inc. | 22,430 | 1,594,997 | ||||||
| Marsh & McLennan Cos., Inc. | 2,555 | 484,096 | ||||||
| 2,532,676 | ||||||||
| 9,367,853 | ||||||||
| Industrial — 5.0% | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| Lockheed Martin Corp. | 362 | 164,073 | ||||||
| TransDigm Group, Inc. | 167 | 168,937 | ||||||
| 333,010 | ||||||||
| Electronics — 0.7% | ||||||||
| Hubbell, Inc. | 3,836 | 1,261,775 | ||||||
| Engineering & Construction — 1.7% | ||||||||
| EMCOR Group, Inc. | 6,024 | 1,297,750 | ||||||
| TopBuild Corp. (a) | 4,409 | 1,650,113 | ||||||
| 2,947,863 | ||||||||
| Machinery – Construction & Mining — 1.4% | ||||||||
| Caterpillar, Inc. | 7,140 | 2,111,084 | ||||||
| Vertiv Holdings Co. Class A | 5,597 | 268,824 | ||||||
| 2,379,908 | ||||||||
| Machinery – Diversified — 1.0% | ||||||||
| Deere & Co. | 3,672 | 1,468,323 | ||||||
| Graco, Inc. | 2,345 | 203,452 | ||||||
| 1,671,775 | ||||||||
| 8,594,331 | ||||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Technology — 40.9% | ||||||||
| Computers — 12.9% | ||||||||
| Accenture PLC Class A | 5,988 | $ | 2,101,249 | |||||
| Apple, Inc. | 104,235 | 20,068,365 | ||||||
| 22,169,614 | ||||||||
| Semiconductors — 9.9% | ||||||||
| Advanced Micro Devices, Inc. (a) | 1,904 | 280,669 | ||||||
| Broadcom, Inc. | 3,854 | 4,302,027 | ||||||
| KLA Corp. | 3,943 | 2,292,066 | ||||||
| NVIDIA Corp. | 20,325 | 10,065,346 | ||||||
| 16,940,108 | ||||||||
| Software — 18.1% | ||||||||
| Adobe, Inc. (a) | 3,140 | 1,873,324 | ||||||
| AppLovin Corp. Class A (a) | 11,259 | 448,671 | ||||||
| Cadence Design Systems, Inc. (a) | 1,527 | 415,909 | ||||||
| Doximity, Inc. Class A (a) | 10,122 | 283,821 | ||||||
| Dynatrace, Inc. (a) | 7,852 | 429,426 | ||||||
| Fiserv, Inc. (a) | 3,538 | 469,988 | ||||||
| HashiCorp, Inc. Class A (a) | 18,417 | 435,378 | ||||||
| Intuit, Inc. | 1,611 | 1,006,923 | ||||||
| Manhattan Associates, Inc. (a) | 2,384 | 513,323 | ||||||
| Microsoft Corp. | 55,043 | 20,698,370 | ||||||
| Paychex, Inc. | 8,283 | 986,588 | ||||||
| Procore Technologies, Inc. (a) | 2,952 | 204,337 | ||||||
| Salesforce, Inc. (a) | 8,806 | 2,317,211 | ||||||
| Smartsheet, Inc. Class A (a) | 3,926 | 187,741 | ||||||
| Synopsys, Inc. (a) | 911 | 469,083 | ||||||
| UiPath, Inc. Class A (a) | 11,541 | 286,679 | ||||||
| 31,026,772 | ||||||||
| 70,136,494 | ||||||||
| TOTAL COMMON STOCK (Cost $138,866,086) | 169,386,847 | |||||||
| TOTAL EQUITIES (Cost $138,866,086) | 169,386,847 | |||||||
| MUTUAL FUNDS — 0.3% | ||||||||
| Diversified Financial Services — 0.3% | ||||||||
| iShares Russell 1000 Growth ETF | 1,746 | 529,335 | ||||||
| TOTAL MUTUAL FUNDS (Cost $508,906) | 529,335 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $139,374,992) | 169,916,182 | |||||||
| MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENTS — 1.1% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.3% | ||||||||
| State Street Navigator Securities Lending Prime Portfolio (c) | 585,774 | $ | 585,774 | |||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.8% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d) | $ | 1,312,867 | 1,312,867 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,898,641) | 1,898,641 | |||||||
| TOTAL INVESTMENTS — 100.2% (Cost $141,273,633) (e) | 171,814,823 | |||||||
| Other Assets/(Liabilities) — (0.2)% | (413,682) | |||||||
| NET ASSETS — 100.0% | $ | 171,401,141 | ||||||
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 December 31, 2023, was $573,687 or 0.33% of net assets. (Note 2). |
| (c) | Represents investment of security lending cash collateral. (Note 2). |
| (d) | Maturity value of $1,313,100. Collateralized by U.S. Government Agency obligations with a rate of 4.875%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $1,339,208. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 99.6% | ||||||||
| COMMON STOCK — 99.6% | ||||||||
| Basic Materials — 2.3% | ||||||||
| Iron & Steel — 0.8% | ||||||||
| Commercial Metals Co. | 56,988 | $ | 2,851,680 | |||||
| Mining — 1.5% | ||||||||
| Century Aluminum Co. (a) | 217,339 | 2,638,496 | ||||||
| Kaiser Aluminum Corp. | 40,455 | 2,879,991 | ||||||
| 5,518,487 | ||||||||
| 8,370,167 | ||||||||
| Communications — 2.0% | ||||||||
| Internet — 1.0% | ||||||||
| Ziff Davis, Inc. (a) | 55,538 | 3,731,598 | ||||||
| Telecommunications — 1.0% | ||||||||
| DigitalBridge Group, Inc. | 204,939 | 3,594,630 | ||||||
| 7,326,228 | ||||||||
| Consumer, Cyclical — 12.0% | ||||||||
| Apparel — 1.0% | ||||||||
| Steven Madden Ltd. (b) | 88,282 | 3,707,844 | ||||||
| Auto Parts & Equipment — 3.8% | ||||||||
| Allison Transmission Holdings, Inc. | 86,444 | 5,026,719 | ||||||
| Dorman Products, Inc. (a) | 49,252 | 4,108,109 | ||||||
| Visteon Corp. (a) | 37,855 | 4,728,089 | ||||||
| 13,862,917 | ||||||||
| Home Builders — 1.3% | ||||||||
| KB Home | 73,313 | 4,579,130 | ||||||
| Home Furnishing — 0.8% | ||||||||
| Tempur Sealy International, Inc. | 55,475 | 2,827,561 | ||||||
| Retail — 5.1% | ||||||||
| AutoNation, Inc. (a) | 45,634 | 6,853,314 | ||||||
| BJ's Wholesale Club Holdings, Inc. (a) | 53,534 | 3,568,577 | ||||||
| Murphy USA, Inc. | 5,629 | 2,007,076 | ||||||
| Papa John's International, Inc. | 28,012 | 2,135,355 | ||||||
| Texas Roadhouse, Inc. | 32,900 | 4,021,367 | ||||||
| 18,585,689 | ||||||||
| 43,563,141 | ||||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Consumer, Non-cyclical — 21.1% | ||||||||
| Beverages — 1.1% | ||||||||
| Coca-Cola Consolidated, Inc. | 4,301 | $ | 3,993,048 | |||||
| Biotechnology — 5.4% | ||||||||
| ADMA Biologics, Inc. (a) | 582,599 | 2,633,348 | ||||||
| Bridgebio Pharma, Inc. (a) | 74,174 | 2,994,404 | ||||||
| Cabaletta Bio, Inc. (a) | 67,797 | 1,538,992 | ||||||
| Guardant Health, Inc. (a) | 101,112 | 2,735,080 | ||||||
| Immunovant, Inc. (a) | 34,580 | 1,456,855 | ||||||
| Intra-Cellular Therapies, Inc. (a) | 56,064 | 4,015,304 | ||||||
| Structure Therapeutics, Inc. ADR (a) | 19,530 | 796,043 | ||||||
| Twist Bioscience Corp. (a) | 92,176 | 3,397,607 | ||||||
| 19,567,633 | ||||||||
| Commercial Services — 2.7% | ||||||||
| ABM Industries, Inc. | 53,443 | 2,395,850 | ||||||
| Korn Ferry | 77,967 | 4,627,341 | ||||||
| Marqeta, Inc. Class A (a) | 371,559 | 2,593,482 | ||||||
| 9,616,673 | ||||||||
| Health Care – Products — 2.5% | ||||||||
| 10X Genomics, Inc. Class A (a) | 39,348 | 2,201,914 | ||||||
| AtriCure, Inc. (a) | 81,906 | 2,923,225 | ||||||
| BioLife Solutions, Inc. (a) (b) | 98,798 | 1,605,467 | ||||||
| TransMedics Group, Inc. (a) | 31,490 | 2,485,506 | ||||||
| 9,216,112 | ||||||||
| Health Care – Services — 5.1% | ||||||||
| Acadia Healthcare Co., Inc. (a) | 88,773 | 6,902,989 | ||||||
| Addus HomeCare Corp. (a) | 31,018 | 2,880,021 | ||||||
| Encompass Health Corp. | 50,525 | 3,371,028 | ||||||
| Tenet Healthcare Corp. (a) | 69,638 | 5,262,544 | ||||||
| 18,416,582 | ||||||||
| Pharmaceuticals — 4.3% | ||||||||
| Ascendis Pharma AS ADR (a) | 27,662 | 3,484,029 | ||||||
| BellRing Brands, Inc. (a) | 141,574 | 7,847,447 | ||||||
| Collegium Pharmaceutical, Inc. (a) | 97,440 | 2,999,203 | ||||||
| Revance Therapeutics, Inc. (a) | 145,471 | 1,278,690 | ||||||
| 15,609,369 | ||||||||
| 76,419,417 | ||||||||
| Energy — 5.3% | ||||||||
| Oil & Gas — 3.4% | ||||||||
| Chesapeake Energy Corp. (b) | 42,053 | 3,235,558 | ||||||
| CNX Resources Corp. (a) | 233,059 | 4,661,180 | ||||||
| Helmerich & Payne, Inc. (b) | 123,764 | 4,482,732 | ||||||
| 12,379,470 | ||||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Oil & Gas Services — 0.7% | ||||||||
| Nov, Inc. | 122,286 | $ | 2,479,960 | |||||
| Pipelines — 1.2% | ||||||||
| Equitrans Midstream Corp. | 436,404 | 4,442,592 | ||||||
| 19,302,022 | ||||||||
| Financial — 17.6% | ||||||||
| Banks — 4.8% | ||||||||
| Bank of NT Butterfield & Son Ltd. | 60,185 | 1,926,522 | ||||||
| Cathay General Bancorp | 89,159 | 3,973,817 | ||||||
| Columbia Banking System, Inc. | 139,504 | 3,721,967 | ||||||
| Webster Financial Corp. | 70,865 | 3,597,107 | ||||||
| Wintrust Financial Corp. | 46,819 | 4,342,462 | ||||||
| 17,561,875 | ||||||||
| Diversified Financial Services — 3.7% | ||||||||
| Federated Hermes, Inc. | 125,023 | 4,233,279 | ||||||
| PennyMac Financial Services, Inc. | 49,439 | 4,368,924 | ||||||
| Stifel Financial Corp. | 68,623 | 4,745,281 | ||||||
| 13,347,484 | ||||||||
| Insurance — 1.1% | ||||||||
| Definity Financial Corp. | 135,590 | 3,841,401 | ||||||
| Real Estate Investment Trusts (REITS) — 5.0% | ||||||||
| DiamondRock Hospitality Co. | 542,995 | 5,098,723 | ||||||
| Four Corners Property Trust, Inc. | 179,351 | 4,537,580 | ||||||
| Outfront Media, Inc. | 284,964 | 3,978,098 | ||||||
| Terreno Realty Corp. | 69,299 | 4,342,968 | ||||||
| 17,957,369 | ||||||||
| Savings & Loans — 3.0% | ||||||||
| Berkshire Hills Bancorp, Inc. | 105,327 | 2,615,269 | ||||||
| OceanFirst Financial Corp. | 124,980 | 2,169,653 | ||||||
| Pacific Premier Bancorp, Inc. | 132,570 | 3,859,113 | ||||||
| WSFS Financial Corp. | 49,585 | 2,277,439 | ||||||
| 10,921,474 | ||||||||
| 63,629,603 | ||||||||
| Industrial — 22.1% | ||||||||
| Aerospace & Defense — 2.6% | ||||||||
| Curtiss-Wright Corp. | 30,038 | 6,692,166 | ||||||
| Spirit AeroSystems Holdings, Inc. Class A (a) | 90,875 | 2,888,008 | ||||||
| 9,580,174 | ||||||||
| Building Materials — 2.0% | ||||||||
| Summit Materials, Inc. Class A (a) | 189,660 | 7,294,324 | ||||||
| Electrical Components & Equipment — 0.9% | ||||||||
| Belden, Inc. | 42,129 | 3,254,465 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Electronics — 4.2% | ||||||||
| Atkore, Inc. (a) | 47,470 | $ | 7,595,200 | |||||
| Itron, Inc. (a) | 53,524 | 4,041,597 | ||||||
| Vishay Intertechnology, Inc. | 153,340 | 3,675,560 | ||||||
| 15,312,357 | ||||||||
| Engineering & Construction — 2.2% | ||||||||
| TopBuild Corp. (a) | 20,996 | 7,857,963 | ||||||
| Environmental Controls — 1.2% | ||||||||
| Casella Waste Systems, Inc. Class A (a) | 49,721 | 4,249,157 | ||||||
| Hand & Machine Tools — 0.7% | ||||||||
| Regal Rexnord Corp. | 17,169 | 2,541,355 | ||||||
| Machinery – Construction & Mining — 1.0% | ||||||||
| BWX Technologies, Inc. | 49,539 | 3,801,127 | ||||||
| Machinery – Diversified — 2.5% | ||||||||
| Esab Corp. | 43,759 | 3,790,404 | ||||||
| Zurn Elkay Water Solutions Corp. Class C (b) | 174,319 | 5,126,722 | ||||||
| 8,917,126 | ||||||||
| Miscellaneous - Manufacturing — 1.8% | ||||||||
| EnPro Industries, Inc. | 41,039 | 6,432,453 | ||||||
| Packaging & Containers — 1.0% | ||||||||
| Silgan Holdings, Inc. | 82,827 | 3,747,922 | ||||||
| Transportation — 2.0% | ||||||||
| CryoPort, Inc. (a) (b) | 126,561 | 1,960,430 | ||||||
| Hub Group, Inc. Class A (a) | 55,633 | 5,114,898 | ||||||
| 7,075,328 | ||||||||
| 80,063,751 | ||||||||
| Technology — 16.2% | ||||||||
| Computers — 4.8% | ||||||||
| ASGN, Inc. (a) | 55,628 | 5,349,745 | ||||||
| CACI International, Inc. Class A (a) | 13,814 | 4,473,802 | ||||||
| Endava PLC Sponsored ADR (a) | 58,975 | 4,591,204 | ||||||
| KBR, Inc. | 52,609 | 2,915,064 | ||||||
| 17,329,815 | ||||||||
| Semiconductors — 4.2% | ||||||||
| Allegro MicroSystems, Inc. (a) | 121,938 | 3,691,063 | ||||||
| MACOM Technology Solutions Holdings, Inc. (a) | 51,935 | 4,827,358 | ||||||
| MKS Instruments, Inc. | 32,984 | 3,393,064 | ||||||
| Silicon Laboratories, Inc. (a) | 26,117 | 3,454,496 | ||||||
| 15,365,981 | ||||||||
| Software — 7.2% | ||||||||
| Envestnet, Inc. (a) | 55,016 | 2,724,392 | ||||||
| Evolent Health, Inc. Class A (a) (b) | 102,875 | 3,397,961 | ||||||
| Gitlab, Inc. Class A (a) | 81,874 | 5,154,787 | ||||||
| MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| HashiCorp, Inc. Class A (a) | 76,933 | $ | 1,818,696 | |||||
| Paycor HCM, Inc. (a) | 194,366 | 4,196,362 | ||||||
| Progress Software Corp. | 56,178 | 3,050,466 | ||||||
| Sprout Social, Inc. Class A (a) | 90,778 | 5,577,401 | ||||||
| 25,920,065 | ||||||||
| 58,615,861 | ||||||||
| Utilities — 1.0% | ||||||||
| Electric — 1.0% | ||||||||
| Portland General Electric Co. | 80,294 | 3,479,942 | ||||||
| TOTAL COMMON STOCK (Cost $292,796,977) | 360,770,132 | |||||||
| TOTAL EQUITIES (Cost $292,796,977) | 360,770,132 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $292,796,977) | 360,770,132 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 1.4% | ||||||||
| Repurchase Agreement — 1.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (c) | $ | 5,115,029 | 5,115,029 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,115,029) | 5,115,029 | |||||||
| TOTAL INVESTMENTS — 101.0% (Cost $297,912,006) (d) | 365,885,161 | |||||||
| Other Assets/(Liabilities) — (1.0)% | (3,798,722) | |||||||
| NET ASSETS — 100.0% | $ | 362,086,439 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $17,708,628 or 4.89% of net assets. The Fund received $18,082,993 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (c) | Maturity value of $5,115,939. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $5,217,344. |
| (d) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Global Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 100.2% | ||||||||
| COMMON STOCK — 100.2% | ||||||||
| Canada — 0.6% | ||||||||
| Canadian Pacific Kansas City Ltd. (a) | 14,407 | $ | 1,139,017 | |||||
| China — 2.6% | ||||||||
| JD.com, Inc. ADR | 137,999 | 3,986,791 | ||||||
| Tencent Holdings Ltd. | 24,700 | 933,185 | ||||||
| Yum China Holdings, Inc. (YUMC US) | 2,840 | 120,501 | ||||||
| 5,040,477 | ||||||||
| Denmark — 4.2% | ||||||||
| Novo Nordisk AS Class B | 77,706 | 8,037,507 | ||||||
| France — 11.7% | ||||||||
| Airbus SE | 57,174 | 8,825,281 | ||||||
| Dassault Systemes SE | 18,880 | 924,264 | ||||||
| EssilorLuxottica SA | 7,452 | 1,497,821 | ||||||
| Kering SA | 6,021 | 2,672,005 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 10,098 | 8,190,743 | ||||||
| Pernod Ricard SA | 1,331 | 235,361 | ||||||
| 22,345,475 | ||||||||
| Germany — 3.0% | ||||||||
| Allianz SE Registered | 3,904 | 1,042,760 | ||||||
| SAP SE | 30,375 | 4,672,448 | ||||||
| 5,715,208 | ||||||||
| India — 7.1% | ||||||||
| DLF Ltd. | 1,155,114 | 10,040,012 | ||||||
| HDFC Bank Ltd. | 45,950 | 942,309 | ||||||
| ICICI Bank Ltd. Sponsored ADR | 106,851 | 2,547,328 | ||||||
| 13,529,649 | ||||||||
| Israel — 1.1% | ||||||||
| Nice Ltd. Sponsored ADR (a) (b) | 10,272 | 2,049,367 | ||||||
| Italy — 1.0% | ||||||||
| Brunello Cucinelli SpA | 16,370 | 1,606,185 | ||||||
| Ferrari NV | 849 | 286,147 | ||||||
| 1,892,332 | ||||||||
| Japan — 5.5% | ||||||||
| Hoya Corp. | 7,300 | 907,895 | ||||||
| Keyence Corp. | 11,700 | 5,128,618 | ||||||
| Murata Manufacturing Co. Ltd. | 92,790 | 1,959,625 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| TDK Corp. | 51,300 | $ | 2,431,823 | |||||
| 10,427,961 | ||||||||
| Netherlands — 1.9% | ||||||||
| ASML Holding NV | 3,440 | 2,597,245 | ||||||
| BE Semiconductor Industries NV | 2,779 | 418,759 | ||||||
| Universal Music Group NV | 17,822 | 508,928 | ||||||
| 3,524,932 | ||||||||
| Spain — 1.4% | ||||||||
| Amadeus IT Group SA | 36,592 | 2,624,380 | ||||||
| Sweden — 5.0% | ||||||||
| Assa Abloy AB Class B | 131,999 | 3,802,814 | ||||||
| Atlas Copco AB Class A | 332,413 | 5,724,047 | ||||||
| 9,526,861 | ||||||||
| Switzerland — 0.6% | ||||||||
| Lonza Group AG Registered | 2,752 | 1,157,813 | ||||||
| United States — 54.5% | ||||||||
| Adobe, Inc. (b) | 13,570 | 8,095,862 | ||||||
| Alphabet, Inc. Class A (b) | 153,606 | 21,457,222 | ||||||
| Amazon.com, Inc. (b) | 15,537 | 2,360,692 | ||||||
| Analog Devices, Inc. | 46,923 | 9,317,031 | ||||||
| Avantor, Inc. (b) | 30,566 | 697,822 | ||||||
| Boston Scientific Corp. (b) | 11,761 | 679,903 | ||||||
| Charles River Laboratories International, Inc. (b) | 2,875 | 679,650 | ||||||
| Charter Communications, Inc. Class A (b) | 2,423 | 941,772 | ||||||
| Danaher Corp. | 3,739 | 864,980 | ||||||
| Ecolab, Inc. | 3,596 | 713,267 | ||||||
| Edwards Lifesciences Corp. (b) | 5,957 | 454,221 | ||||||
| Equifax, Inc. | 12,337 | 3,050,817 | ||||||
| IDEXX Laboratories, Inc. (b) | 1,525 | 846,451 | ||||||
| Illumina, Inc. (b) | 6,309 | 878,465 | ||||||
| Intuit, Inc. | 14,606 | 9,129,188 | ||||||
| Intuitive Surgical, Inc. (b) | 5,567 | 1,878,083 | ||||||
| IQVIA Holdings, Inc. (b) | 8,521 | 1,971,589 | ||||||
| Lam Research Corp. | 592 | 463,690 | ||||||
| Linde PLC (LIN US) | 1,388 | 570,066 | ||||||
| Marriott International, Inc. Class A | 7,210 | 1,625,927 | ||||||
| Marvell Technology, Inc. | 51,177 | 3,086,485 | ||||||
| Meta Platforms, Inc. Class A (b) | 38,359 | 13,577,552 | ||||||
| Microsoft Corp. | 10,357 | 3,894,646 | ||||||
| Netflix, Inc. (b) | 817 | 397,781 | ||||||
| NVIDIA Corp. | 5,402 | 2,675,179 | ||||||
| Phathom Pharmaceuticals, Inc. (a) (b) | 36,710 | 335,162 | ||||||
| S&P Global, Inc. | 18,806 | 8,284,419 | ||||||
| Thermo Fisher Scientific, Inc. | 503 | 266,987 | ||||||
| Veralto Corp. | 1,247 | 102,578 | ||||||
| MassMutual Global Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Visa, Inc. Class A | 16,812 | $ | 4,377,004 | |||||
| 103,674,491 | ||||||||
| TOTAL COMMON STOCK (Cost $107,845,004) | 190,685,470 | |||||||
| TOTAL EQUITIES (Cost $107,845,004) | 190,685,470 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $107,845,004) | 190,685,470 | |||||||
| SHORT-TERM INVESTMENTS — 1.2% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (c) | 1,465,774 | 1,465,774 | ||||||
| Principal Amount | ||||||||
| Repurchase Agreement — 0.4% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (d) | $ | 803,672 | 803,672 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,269,446) | 2,269,446 | |||||||
| TOTAL INVESTMENTS — 101.4% (Cost $110,114,450) (e) | 192,954,916 | |||||||
| Other Assets/(Liabilities) — (1.4)% | (2,697,893) | |||||||
| NET ASSETS — 100.0% | $ | 190,257,023 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $3,286,084 or 1.73% of net assets. The Fund received $1,903,007 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Non-income producing security. |
| (c) | Represents investment of security lending cash collateral. (Note 2). |
| (d) | Maturity value of $803,815. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $819,783. |
| (e) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual International Equity Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 98.2% | ||||||||
| COMMON STOCK — 98.1% | ||||||||
| Australia — 1.2% | ||||||||
| BHP Group Ltd. Sponsored ADR (a) | 1,300 | $ | 88,803 | |||||
| BHP Group Ltd. | 3,900 | 133,694 | ||||||
| Glencore PLC | 36,100 | 216,573 | ||||||
| Macquarie Group Ltd. | 2,800 | 348,956 | ||||||
| Santos Ltd. | 64,300 | 335,783 | ||||||
| Sonic Healthcare Ltd. | 10,400 | 227,036 | ||||||
| Westpac Banking Corp. | 10,830 | 168,528 | ||||||
| 1,519,373 | ||||||||
| Belgium — 1.0% | ||||||||
| Anheuser-Busch InBev SA | 9,600 | 620,221 | ||||||
| Groupe Bruxelles Lambert NV | 1,800 | 141,863 | ||||||
| KBC Group NV | 4,400 | 285,493 | ||||||
| Liberty Global Ltd. Class C (a) (b) | 12,700 | 236,728 | ||||||
| 1,284,305 | ||||||||
| Canada — 6.2% | ||||||||
| Bank of Nova Scotia (a) | 25,057 | 1,219,710 | ||||||
| Canadian National Railway Co. | 26,080 | 3,278,083 | ||||||
| CCL Industries, Inc. Class B | 1,800 | 80,949 | ||||||
| Intact Financial Corp. | 19,044 | 2,929,935 | ||||||
| TFI International, Inc. | 632 | 85,968 | ||||||
| 7,594,645 | ||||||||
| China — 0.1% | ||||||||
| NXP Semiconductors NV | 400 | 91,872 | ||||||
| Denmark — 0.1% | ||||||||
| Novo Nordisk AS Class B | 1,200 | 124,122 | ||||||
| Finland — 2.2% | ||||||||
| Kone OYJ Class B | 53,426 | 2,673,565 | ||||||
| France — 9.4% | ||||||||
| Accor SA | 7,326 | 280,213 | ||||||
| Amundi SA (c) | 3,292 | 225,130 | ||||||
| AXA SA | 63,161 | 2,061,756 | ||||||
| Capgemini SE | 15,920 | 3,330,360 | ||||||
| Cie de Saint-Gobain SA | 3,300 | 244,023 | ||||||
| Engie SA | 5,615 | 98,735 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1,450 | 1,176,132 | ||||||
| Rexel SA | 3,900 | 107,201 | ||||||
| Societe Generale SA | 11,700 | 311,934 | ||||||
| Sodexo SA | 2,834 | 311,993 | ||||||
| TotalEnergies SE | 7,600 | 516,256 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Veolia Environnement SA | 15,092 | $ | 476,683 | |||||
| Vinci SA | 19,261 | 2,419,051 | ||||||
| 11,559,467 | ||||||||
| Germany — 7.1% | ||||||||
| Allianz SE Registered | 1,160 | 309,837 | ||||||
| BASF SE | 3,600 | 193,853 | ||||||
| Deutsche Boerse AG | 1,636 | 336,830 | ||||||
| Deutsche Post AG Registered | 9,400 | 465,636 | ||||||
| Heidelberg Materials AG | 5,000 | 446,741 | ||||||
| Infineon Technologies AG | 9,400 | 392,061 | ||||||
| K&S AG Registered | 4,000 | 63,181 | ||||||
| Merck KGaA | 19,861 | 3,159,046 | ||||||
| SAP SE | 4,100 | 630,684 | ||||||
| Siemens AG Registered | 2,860 | 536,451 | ||||||
| Symrise AG | 18,355 | 2,018,899 | ||||||
| Zalando SE (b) (c) | 7,500 | 177,592 | ||||||
| 8,730,811 | ||||||||
| Hong Kong — 3.4% | ||||||||
| AIA Group Ltd. | 314,552 | 2,732,012 | ||||||
| CK Asset Holdings Ltd. | 54,000 | 270,046 | ||||||
| Prudential PLC | 99,523 | 1,120,344 | ||||||
| 4,122,402 | ||||||||
| Ireland — 1.0% | ||||||||
| AerCap Holdings NV (b) | 6,281 | 466,804 | ||||||
| AIB Group PLC | 68,100 | 291,398 | ||||||
| Ryanair Holdings PLC Sponsored ADR (b) | 300 | 40,008 | ||||||
| Smurfit Kappa Group PLC | 10,300 | 406,044 | ||||||
| 1,204,254 | ||||||||
| Israel — 0.3% | ||||||||
| Check Point Software Technologies Ltd. (b) | 2,090 | 319,331 | ||||||
| Italy — 0.1% | ||||||||
| Prysmian SpA | 2,600 | 118,538 | ||||||
| Japan — 15.4% | ||||||||
| Astellas Pharma, Inc. | 152,610 | 1,829,804 | ||||||
| Canon, Inc. (a) | 7,500 | 192,237 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 95,261 | 3,611,923 | ||||||
| Denka Co. Ltd. | 7,200 | 127,251 | ||||||
| FANUC Corp. | 8,400 | 247,108 | ||||||
| Fujitsu Ltd. | 2,800 | 422,704 | ||||||
| Hitachi Ltd. | 6,400 | 462,537 | ||||||
| Kao Corp. (a) | 58,176 | 2,390,701 | ||||||
| KDDI Corp. | 90,804 | 2,882,856 | ||||||
| Kirin Holdings Co. Ltd. (a) | 92,165 | 1,349,402 | ||||||
| Kyocera Corp. | 24,000 | 348,854 | ||||||
| Nintendo Co. Ltd. | 7,800 | 407,598 | ||||||
| Olympus Corp. | 14,800 | 213,587 | ||||||
| ORIX Corp. | 21,200 | 397,220 | ||||||
| Rakuten Group, Inc. (a) (b) | 49,200 | 218,612 | ||||||
| Renesas Electronics Corp. (b) | 11,500 | 206,391 | ||||||
| SBI Holdings, Inc. | 16,000 | 358,876 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Seven & i Holdings Co. Ltd. | 10,700 | $ | 423,774 | |||||
| Shiseido Co. Ltd. | 37,942 | 1,142,244 | ||||||
| Sony Group Corp. | 7,000 | 663,283 | ||||||
| Square Enix Holdings Co. Ltd. | 2,700 | 96,752 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | 9,300 | 453,004 | ||||||
| Toyota Industries Corp. | 5,900 | 479,048 | ||||||
| 18,925,766 | ||||||||
| Luxembourg — 0.2% | ||||||||
| ArcelorMittal SA | 9,700 | 275,086 | ||||||
| Netherlands — 4.8% | ||||||||
| ASML Holding NV | 490 | 369,956 | ||||||
| EXOR NV | 1,100 | 110,276 | ||||||
| Heineken Holding NV | 3,900 | 330,595 | ||||||
| Heineken NV | 31,986 | 3,254,420 | ||||||
| ING Groep NV Series N | 14,500 | 217,068 | ||||||
| Koninklijke Philips NV (b) | 3,745 | 87,461 | ||||||
| Shell PLC | 46,032 | 1,495,542 | ||||||
| 5,865,318 | ||||||||
| Norway — 0.5% | ||||||||
| Aker BP ASA | 10,913 | 317,162 | ||||||
| DNB Bank ASA | 17,100 | 363,284 | ||||||
| 680,446 | ||||||||
| Republic of Korea — 0.4% | ||||||||
| Samsung Electronics Co. Ltd. | 8,100 | 492,641 | ||||||
| Singapore — 0.3% | ||||||||
| DBS Group Holdings Ltd. | 14,500 | 366,339 | ||||||
| Spain — 3.5% | ||||||||
| Iberdrola SA | 183,622 | 2,401,429 | ||||||
| Industria de Diseno Textil SA | 43,094 | 1,879,606 | ||||||
| 4,281,035 | ||||||||
| Sweden — 2.8% | ||||||||
| Assa Abloy AB Class B | 90,643 | 2,611,372 | ||||||
| Essity AB Class B | 12,000 | 297,375 | ||||||
| Husqvarna AB Class B (a) | 8,800 | 72,539 | ||||||
| Skandinaviska Enskilda Banken AB Class A | 18,859 | 259,599 | ||||||
| Volvo AB Class B | 5,700 | 148,177 | ||||||
| 3,389,062 | ||||||||
| Switzerland — 5.2% | ||||||||
| ABB Ltd. Registered | 8,000 | 355,513 | ||||||
| Cie Financiere Richemont SA Registered | 2,600 | 358,626 | ||||||
| Julius Baer Group Ltd. | 2,800 | 157,332 | ||||||
| Novartis AG Registered | 30,348 | 3,064,223 | ||||||
| Sika AG Registered | 7,402 | 2,418,486 | ||||||
| 6,354,180 | ||||||||
| United Kingdom — 19.5% | ||||||||
| Ashtead Group PLC | 4,500 | 311,807 | ||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| AstraZeneca PLC | 19,330 | $ | 2,603,430 | |||||
| Aviva PLC | 31,858 | 176,211 | ||||||
| BAE Systems PLC | 228,663 | 3,235,098 | ||||||
| Barratt Developments PLC | 18,900 | 135,196 | ||||||
| BP PLC | 80,800 | 477,489 | ||||||
| Bunzl PLC | 5,300 | 215,132 | ||||||
| Burberry Group PLC | 6,900 | 125,310 | ||||||
| CK Hutchison Holdings Ltd. | 76,000 | 409,060 | ||||||
| CNH Industrial NV | 24,300 | 297,705 | ||||||
| Compass Group PLC | 50,682 | 1,384,881 | ||||||
| DCC PLC | 5,941 | 435,945 | ||||||
| Diageo PLC | 76,968 | 2,795,031 | ||||||
| Dowlais Group PLC | 32,769 | 44,494 | ||||||
| Entain PLC | 14,600 | 184,417 | ||||||
| Inchcape PLC | 21,756 | 197,726 | ||||||
| Informa PLC | 17,400 | 172,743 | ||||||
| Kingfisher PLC | 85,500 | 264,609 | ||||||
| Legal & General Group PLC | 105,400 | 336,106 | ||||||
| Lloyds Banking Group PLC | 688,600 | 416,964 | ||||||
| National Grid PLC | 62,783 | 847,717 | ||||||
| Pearson PLC | 4,455 | 54,703 | ||||||
| Persimmon PLC | 9,200 | 162,265 | ||||||
| Reckitt Benckiser Group PLC | 46,092 | 3,179,875 | ||||||
| Smith & Nephew PLC | 168,611 | 2,308,191 | ||||||
| Tesco PLC | 102,400 | 378,784 | ||||||
| Unilever PLC (ULVR LN) | 9,300 | 449,970 | ||||||
| Unilever PLC (UNA NA) | 48,245 | 2,336,057 | ||||||
| 23,936,916 | ||||||||
| United States — 13.4% | ||||||||
| Experian PLC | 72,349 | 2,948,350 | ||||||
| GSK PLC | 16,520 | 305,146 | ||||||
| Linde PLC (LIN US) | 670 | 275,176 | ||||||
| Linde PLC (WM2 TH) | 8,131 | 3,309,289 | ||||||
| Nestle SA Registered | 31,452 | 3,640,172 | ||||||
| Roche Holding AG | 10,507 | 3,045,266 | ||||||
| Sanofi SA | 4,500 | 446,136 | ||||||
| Schneider Electric SE | 11,603 | 2,336,266 | ||||||
| Stellantis NV | 7,200 | 168,613 | ||||||
| 16,474,414 | ||||||||
| TOTAL COMMON STOCK (Cost $113,256,989) | 120,383,888 | |||||||
| PREFERRED STOCK — 0.1% | ||||||||
| Germany — 0.1% | ||||||||
| Henkel AG & Co. KGaA 2.542% | ||||||||
| 2,369 | 190,543 | |||||||
| TOTAL PREFERRED STOCK (Cost $184,455) | 190,543 | |||||||
| TOTAL EQUITIES (Cost $113,441,444) | 120,574,431 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $113,441,444) | 120,574,431 | |||||||
| MassMutual International Equity Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENTS — 3.8% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 1.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (d) | 2,175,788 | $ | 2,175,788 | |||||
| Principal Amount | ||||||||
| Repurchase Agreement — 2.0% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (e) | $ | 2,478,720 | 2,478,720 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,654,508) | 4,654,508 | |||||||
| TOTAL INVESTMENTS — 102.0% (Cost $118,095,952) (f) | 125,228,939 | |||||||
| Other Assets/(Liabilities) — (2.0)% | (2,500,548) | |||||||
| NET ASSETS — 100.0% | $ | 122,728,391 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $5,309,623 or 4.33% of net assets. The Fund received $3,423,209 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (b) | Non-income producing security. |
| (c) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $402,722 or 0.33% of net assets. |
| (d) | Represents investment of security lending cash collateral. (Note 2). |
| (e) | Maturity value of $2,479,161. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $2,528,347. |
| (f) | See Note 3 for aggregate cost for federal tax purposes. |
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments |
December 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| EQUITIES — 96.8% | ||||||||
| COMMON STOCK — 95.8% | ||||||||
| Brazil — 6.2% | ||||||||
| Ambev SA | 696,263 | $ | 1,962,610 | |||||
| Arezzo Industria e Comercio SA | 14,887 | 196,813 | ||||||
| B3 SA - Brasil Bolsa Balcao | 329,400 | 979,589 | ||||||
| Localiza Rent a Car SA | 41,206 | 537,286 | ||||||
| NU Holdings Ltd. Class A (a) | 125,835 | 1,048,206 | ||||||
| Raia Drogasil SA | 7,500 | 45,269 | ||||||
| Vale SA Sponsored ADR | 46,014 | 729,782 | ||||||
| WEG SA | 97,937 | 760,990 | ||||||
| 6,260,545 | ||||||||
| Chile — 1.0% | ||||||||
| Antofagasta PLC | 28,601 | 611,820 | ||||||
| Banco Santander Chile | 8,770,560 | 428,070 | ||||||
| 1,039,890 | ||||||||
| China — 19.2% | ||||||||
| BeiGene Ltd. ADR (a) | 1,093 | 197,133 | ||||||
| Budweiser Brewing Co. APAC Ltd. (b) | 56,700 | 105,857 | ||||||
| H World Group Ltd. | 8,800 | 29,366 | ||||||
| H World Group Ltd. ADR | 120,167 | 4,018,385 | ||||||
| Meituan Class B (a) (b) | 8,784 | 92,584 | ||||||
| MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b) | 32,900 | 27,030 | ||||||
| NetEase, Inc. ADR | 13,950 | 1,299,582 | ||||||
| New Horizon Health Ltd. (a) (b) | 128,500 | 379,855 | ||||||
| PDD Holdings, Inc. ADR (a) | 4,967 | 726,722 | ||||||
| Tencent Holdings Ltd. | 94,590 | 3,573,682 | ||||||
| WuXi Biologicals Cayman, Inc. (a) (b) (c) | 71,000 | 268,202 | ||||||
| WuXi XDC Cayman, Inc. (a) | 147,000 | 602,420 | ||||||
| Yum China Holdings, Inc. (YUMC US) | 106,758 | 4,529,742 | ||||||
| Zai Lab Ltd. ADR (a) (d) | 7,408 | 202,461 | ||||||
| ZTO Express Cayman, Inc. | 10,970 | 231,295 | ||||||
| ZTO Express Cayman, Inc. ADR | 146,516 | 3,117,861 | ||||||
| 19,402,177 | ||||||||
| France — 6.4% | ||||||||
| L'Oreal SA | 1,219 | 606,094 | ||||||
| Pernod Ricard SA | 25,262 | 4,467,081 | ||||||
| TotalEnergies SE | 19,686 | 1,337,240 | ||||||
| 6,410,415 | ||||||||
| Hong Kong — 0.1% | ||||||||
| AIA Group Ltd. | 7,000 | 60,798 | ||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| India — 17.4% | ||||||||
| Havells India Ltd. | 31,699 | $ | 520,556 | |||||
| HCL Technologies Ltd. | 25,540 | 449,893 | ||||||
| HDFC Bank Ltd. | 248,362 | 5,093,227 | ||||||
| Kotak Mahindra Bank Ltd. | 245,940 | 5,623,142 | ||||||
| Oberoi Realty Ltd. | 74,410 | 1,271,669 | ||||||
| Tata Consultancy Services Ltd. | 102,018 | 4,653,204 | ||||||
| 17,611,691 | ||||||||
| Indonesia — 1.3% | ||||||||
| Bank Central Asia Tbk. PT | 1,721,500 | 1,049,994 | ||||||
| Bank Rakyat Indonesia Persero Tbk. PT | 632,200 | 234,384 | ||||||
| 1,284,378 | ||||||||
| Italy — 1.6% | ||||||||
| Ermenegildo Zegna NV | 22,891 | 264,849 | ||||||
| PRADA SpA | 234,800 | 1,339,840 | ||||||
| 1,604,689 | ||||||||
| Japan — 1.5% | ||||||||
| Chugai Pharmaceutical Co. Ltd. | 12,800 | 485,326 | ||||||
| Daiichi Sankyo Co. Ltd. | 36,800 | 1,018,783 | ||||||
| 1,504,109 | ||||||||
| Mexico — 12.9% | ||||||||
| America Movil SAB de CV ADR | 118,099 | 2,187,193 | ||||||
| Fomento Economico Mexicano SAB de CV | 177,932 | 2,320,524 | ||||||
| Grupo Financiero Banorte SAB de CV Class O | 5,500 | 55,418 | ||||||
| Grupo Mexico SAB de CV Series B | 1,033,694 | 5,745,247 | ||||||
| Wal-Mart de Mexico SAB de CV | 644,768 | 2,710,676 | ||||||
| 13,019,058 | ||||||||
| Netherlands — 0.6% | ||||||||
| Argenx SE ADR (a) | 1,580 | 601,080 | ||||||
| Peru — 1.1% | ||||||||
| Credicorp Ltd. | 7,210 | 1,080,995 | ||||||
| Philippines — 1.2% | ||||||||
| SM Investments Corp. | 71,460 | 1,124,973 | ||||||
| SM Prime Holdings, Inc. | 139,200 | 82,689 | ||||||
| 1,207,662 | ||||||||
| Poland — 0.0% | ||||||||
| Allegro.eu SA (a) (b) | 3,994 | 33,849 | ||||||
| Portugal — 1.4% | ||||||||
| Galp Energia SGPS SA | 93,747 | 1,379,026 | ||||||
| Republic of Korea — 9.9% | ||||||||
| Kakao Corp. | 11,063 | 464,464 | ||||||
| LG Chem Ltd. | 5,123 | 1,973,260 | ||||||
| LG H&H Co. Ltd. | 791 | 217,280 | ||||||
| Samsung Biologics Co. Ltd. (a) (b) | 2,921 | 1,721,814 | ||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Number of Shares | Value | |||||||
| Samsung Electronics Co. Ltd. | 85,693 | $ | 5,211,841 | |||||
| SK Hynix, Inc. | 4,074 | 444,820 | ||||||
| 10,033,479 | ||||||||
| Russia — 0.0% | ||||||||
| Novatek PJSC GDR (a) (b) (c) (e) | 5,950 | — | ||||||
| Sberbank of Russia PJSC (c) (e) | 18,062 | — | ||||||
| — | ||||||||
| South Africa — 1.0% | ||||||||
| FirstRand Ltd. | 248,675 | 998,218 | ||||||
| Switzerland — 3.7% | ||||||||
| Cie Financiere Richemont SA Registered | 27,020 | 3,726,958 | ||||||
| Taiwan — 9.1% | ||||||||
| MediaTek, Inc. | 4,000 | 131,743 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 470,000 | 9,045,377 | ||||||
| 9,177,120 | ||||||||
| Turkey — 0.2% | ||||||||
| Akbank TAS | 127,513 | 158,200 | ||||||
| BIM Birlesik Magazalar AS | 4,976 | 50,783 | ||||||
| 208,983 | ||||||||
| TOTAL COMMON STOCK (Cost $92,271,119) | 96,645,120 | |||||||
| PREFERRED STOCK — 1.0% | ||||||||
| Brazil — 1.0% | ||||||||
| Itau Unibanco Holding SA 3.699% | ||||||||
| 148,082 | 1,029,692 | |||||||
| TOTAL PREFERRED STOCK (Cost $799,371) | 1,029,692 | |||||||
| TOTAL EQUITIES (Cost $93,070,490) | 97,674,812 | |||||||
| RIGHTS — 0.0% | ||||||||
| Brazil — 0.0% | ||||||||
| Localiza Rent a Car SA (a) | 147 | 605 | ||||||
| TOTAL RIGHTS (Cost $0) | 605 | |||||||
| TOTAL LONG-TERM INVESTMENTS (Cost $93,070,490) | 97,675,417 | |||||||
| SHORT-TERM INVESTMENTS — 2.6% | ||||||||
| Investment of Cash Collateral from Securities Loaned — 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio (f) | 60,284 | 60,284 | ||||||
| MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) |
| Principal Amount | Value | |||||||
| Repurchase Agreement — 2.5% | ||||||||
| Fixed Income Clearing Corp., Repurchase Agreement, dated 12/29/23, 1.600%, due 1/02/24 (g) | $ | 2,561,476 | $ | 2,561,476 | ||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,621,760) | 2,621,760 | |||||||
| TOTAL INVESTMENTS — 99.4% (Cost $95,692,250) (h) | 100,297,177 | |||||||
| Other Assets/(Liabilities) — 0.6% | 646,672 | |||||||
| NET ASSETS — 100.0% | $ | 100,943,849 | ||||||
Abbreviation Legend
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
Notes to Portfolio of Investments
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $2,629,191 or 2.60% of net assets. |
| (c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2023, these securities amounted to a value of $268,202 or 0.27% of net assets. |
| (d) | Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2023, was $200,204 or 0.20% of net assets. The Fund received $145,006 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on the Portfolio of Investments. (Note 2). |
| (e) | Investment is valued using significant unobservable inputs. |
| (f) | Represents investment of security lending cash collateral. (Note 2). |
| (g) | Maturity value of $2,561,932. Collateralized by U.S. Government Agency obligations with a rate of 0.375%, maturity date of 11/30/25, and an aggregate market value, including accrued interest, of $2,612,758. |
| (h) | See Note 3 for aggregate cost for federal tax purposes. |
| Notes to Portfolio of Investments (Unaudited) |
1. The Funds
MassMutual Premier 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 August 1, 1994, as amended and restated as of November 21, 2011, as it may be further amended from time to time. The Trust consists of 14 series, including the following 13 series listed below (each individually referred to as a “Fund” or collectively as the “Funds”):
MassMutual Short-Duration Bond Fund (“Short-Duration Bond Fund”)
MassMutual Inflation-Protected and Income Fund (“Inflation-Protected and Income Fund”)
MassMutual Core Bond Fund (“Core Bond Fund”)
MassMutual Diversified Bond Fund (“Diversified Bond Fund”)
MassMutual High Yield Fund (“High Yield Fund”)
MassMutual Balanced Fund (“Balanced Fund”)
MassMutual Disciplined Value Fund (“Disciplined Value Fund”)
MassMutual Main Street Fund (“Main Street Fund”)
MassMutual Disciplined Growth Fund (“Disciplined Growth Fund”)
MassMutual Small Cap Opportunities Fund (“Small Cap Opportunities Fund”)
MassMutual Global Fund (“Global Fund”)
MassMutual International Equity Fund (“International Equity Fund”)
MassMutual Strategic Emerging Markets Fund (“Strategic Emerging Markets Fund”)
2. Significant Accounting Policies
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Investment Valuation
The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes; instead, MML Investment Advisers, LLC (“MML Advisers”) will determine the fair value of a Fund’s securities in accordance with MML Advisers’ fair valuation policy and procedures. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund holds foreign securities that trade on days that foreign securities markets are open.
Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.
The Board of Trustees (“Trustees”) have designated MML Advisers as the Funds’ “valuation designee,” responsible for determining the fair value, in good faith, of securities and other instruments held by the Funds for which market quotations are not readily available or for which such market quotations or values are considered by MML Advisers or a subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event). It is possible that a significant amount of a Fund’s assets will be subject to fair valuation in accordance with MML Advisers’ fair valuation policy and procedures. The fair value determined for an investment by MML Advisers may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.
The Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds' portfolio securities may change on days when the prices of the Funds' shares are not calculated. The prices of the Funds' shares will reflect any such changes when the prices of the Funds' shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds' investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs may be fair valued using alternate valuation approaches including the following:
Market approach: considers factors including the price of recent investments in the same or similar security or financial metrics of comparable securities.
Income approach: considers factors including expected future cash flows, security specific risks, and corresponding discount rates.
Cost approach: considers factors including the value of the security's underlying assets and liabilities.
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds' own assumptions in determining the fair value of investments)
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.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
The Disciplined Value Fund characterized all investments at Level 1, as of December 31, 2023. The Small Cap Opportunities Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2023. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
The following is the aggregate value by input level, as of December 31, 2023, for the remaining Funds' investments:
Short-Duration Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 80,593,879 | $ | — | $ | 80,593,879 | ||||||||
| Non-U.S. Government Agency Obligations | — | 76,586,381 | — | 76,586,381 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 78,324 | — | 78,324 | ||||||||||||
| Short-Term Investments | 1,608,900 | 13,103,592 | — | 14,712,492 | ||||||||||||
| Total Investments | $ | 1,608,900 | $ | 170,362,176 | $ | — | $ | 171,971,076 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 846,874 | $ | — | $ | — | $ | 846,874 | ||||||||
| Swap Agreements | — | 182,824 | — | 182,824 | ||||||||||||
| Total | $ | 846,874 | $ | 182,824 | $ | — | $ | 1,029,698 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (1,365,292 | ) | $ | — | $ | — | $ | (1,365,292 | ) | ||||||
| Swap Agreements | — | (731,882 | ) | — | (731,882 | ) | ||||||||||
| Total | $ | (1,365,292 | ) | $ | (731,882 | ) | $ | — | $ | (2,097,174 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Inflation-Protected and Income Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Non-U.S. Government Agency Obligations | $ | — | $ | 117,161,154 | $ | — | $ | 117,161,154 | ||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 30,653,968 | — | 30,653,968 | ||||||||||||
| U.S. Treasury Obligations | — | 39,615,852 | — | 39,615,852 | ||||||||||||
| Short-Term Investments | — | 60,724,647 | — | 60,724,647 | ||||||||||||
| Total Investments | $ | — | $ | 248,155,621 | $ | — | $ | 248,155,621 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Swap Agreements | $ | — | $ | 7,321,295 | $ | — | $ | 7,321,295 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (559,698 | ) | $ | — | $ | — | $ | (559,698 | ) | ||||||
| Swap Agreements | — | (348,179 | ) | — | (348,179 | ) | ||||||||||
| Total | $ | (559,698 | ) | $ | (348,179 | ) | $ | — | $ | (907,877 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Core Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Debt | $ | — | $ | 262,583,545 | $ | — | $ | 262,583,545 | ||||||||
| Non-U.S. Government Agency Obligations | — | 162,049,692 | — | 162,049,692 | ||||||||||||
| Sovereign Debt Obligations | — | 1,526,462 | — | 1,526,462 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 192,724,162 | — | 192,724,162 | ||||||||||||
| U.S. Treasury Obligations | — | 78,567,497 | — | 78,567,497 | ||||||||||||
| Short-Term Investments | 1,541,228 | 78,063,092 | — | 79,604,320 | ||||||||||||
| Total Investments | $ | 1,541,228 | $ | 775,514,450 | $ | — | $ | 777,055,678 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 5,091,245 | $ | — | $ | — | $ | 5,091,245 | ||||||||
| Swap Agreements | — | 1,002,334 | — | 1,002,334 | ||||||||||||
| Total | $ | 5,091,245 | $ | 1,002,334 | $ | — | $ | 6,093,579 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (82,206 | ) | $ | — | $ | — | $ | (82,206 | ) | ||||||
| Swap Agreements | — | (3,881,241 | ) | — | (3,881,241 | ) | ||||||||||
| Total | $ | (82,206 | ) | $ | (3,881,241 | ) | $ | — | $ | (3,963,447 | ) | |||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Diversified Bond Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Preferred Stock | $ | 1,078,737 | $ | — | $ | — | $ | 1,078,737 | ||||||||
| Corporate Debt | — | 56,981,837 | — | 56,981,837 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 34,611,511 | — | 34,611,511 | ||||||||||||
| Sovereign Debt Obligations | — | 149,384 | — | 149,384 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 16,176,742 | — | 16,176,742 | ||||||||||||
| U.S. Treasury Obligations | — | 20,099,327 | — | 20,099,327 | ||||||||||||
| Purchased Options | — | 9,162 | — | 9,162 | ||||||||||||
| Warrants | — | — | 3,966 | 3,966 | ||||||||||||
| Short-Term Investments | 1,795,363 | 4,904,977 | — | 6,700,340 | ||||||||||||
| Total Investments | $ | 2,874,100 | $ | 132,932,940 | $ | 3,966 | $ | 135,811,006 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | 140,688 | $ | — | $ | 140,688 | ||||||||
| Futures Contracts | 1,665,651 | — | — | 1,665,651 | ||||||||||||
| Swap Agreements | — | 201,471 | — | 201,471 | ||||||||||||
| Total | $ | 1,665,651 | $ | 342,159 | $ | — | $ | 2,007,810 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Forward Contracts | $ | — | $ | (92,253 | ) | $ | — | $ | (92,253 | ) | ||||||
| Swap Agreements | — | (786,121 | ) | — | (786,121 | ) | ||||||||||
| Total | $ | — | $ | (878,374 | ) | $ | — | $ | (878,374 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
High Yield Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Bank Loans | $ | — | $ | 30,413,399 | $ | — | $ | 30,413,399 | ||||||||
| Corporate Debt | — | 357,473,456 | — | 357,473,456 | ||||||||||||
| Short-Term Investments | 20,172,590 | 31,212,608 | — | 51,385,198 | ||||||||||||
| Total Investments | $ | 20,172,590 | $ | 419,099,463 | $ | — | $ | 439,272,053 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Balanced Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 66,498,356 | $ | — | $ | — | $ | 66,498,356 | ||||||||
| Corporate Debt | — | 12,520,641 | — | 12,520,641 | ||||||||||||
| Non-U.S. Government Agency Obligations | — | 4,260,129 | — | 4,260,129 | ||||||||||||
| U.S. Government Agency Obligations and Instrumentalities | — | 9,517,393 | — | 9,517,393 | ||||||||||||
| U.S. Treasury Obligations | — | 11,156,639 | — | 11,156,639 | ||||||||||||
| Short-Term Investments | — | 1,421,149 | — | 1,421,149 | ||||||||||||
| Total Investments | $ | 66,498,356 | $ | 38,875,951 | $ | — | $ | 105,374,307 | ||||||||
| Asset Derivatives | ||||||||||||||||
| Futures Contracts | $ | 19,887 | $ | — | $ | — | $ | 19,887 | ||||||||
| Liability Derivatives | ||||||||||||||||
| Futures Contracts | $ | (103,212 | ) | $ | — | $ | — | $ | (103,212 | ) | ||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Main Street Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 65,520,404 | $ | 345,409 | * | $ | — | $ | 65,865,813 | |||||||
| Short-Term Investments | 359,881 | 941,957 | — | 1,301,838 | ||||||||||||
| Total Investments | $ | 65,880,285 | $ | 1,287,366 | $ | — | $ | 67,167,651 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Disciplined Growth Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock | $ | 169,386,847 | $ | — | $ | — | $ | 169,386,847 | ||||||||
| Mutual Funds | 529,335 | — | — | 529,335 | ||||||||||||
| Short-Term Investments | 585,774 | 1,312,867 | — | 1,898,641 | ||||||||||||
| Total Investments | $ | 170,501,956 | $ | 1,312,867 | $ | — | $ | 171,814,823 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Global Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock * | ||||||||||||||||
| Canada | $ | 1,139,017 | $ | — | $ | — | $ | 1,139,017 | ||||||||
| China | 4,107,292 | 933,185 | — | 5,040,477 | ||||||||||||
| Denmark | — | 8,037,507 | — | 8,037,507 | ||||||||||||
| France | — | 22,345,475 | — | 22,345,475 | ||||||||||||
| Germany | — | 5,715,208 | — | 5,715,208 | ||||||||||||
| India | 2,547,328 | 10,982,321 | — | 13,529,649 | ||||||||||||
| Israel | 2,049,367 | — | — | 2,049,367 | ||||||||||||
| Italy | — | 1,892,332 | — | 1,892,332 | ||||||||||||
| Japan | — | 10,427,961 | — | 10,427,961 | ||||||||||||
| Netherlands | — | 3,524,932 | — | 3,524,932 | ||||||||||||
| Spain | — | 2,624,380 | — | 2,624,380 | ||||||||||||
| Sweden | — | 9,526,861 | — | 9,526,861 | ||||||||||||
| Switzerland | — | 1,157,813 | — | 1,157,813 | ||||||||||||
| United States | 103,674,491 | — | — | 103,674,491 | ||||||||||||
| Short-Term Investments | 1,465,774 | 803,672 | — | 2,269,446 | ||||||||||||
| Total Investments | $ | 114,983,269 | $ | 77,971,647 | $ | — | $ | 192,954,916 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
International Equity Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Australia | $ | 88,803 | $ | 1,430,570 | $ | — | $ | 1,519,373 | ||||||||
| Belgium | 236,728 | 1,047,577 | — | 1,284,305 | ||||||||||||
| Canada | 7,594,645 | — | — | 7,594,645 | ||||||||||||
| China | 91,872 | — | — | 91,872 | ||||||||||||
| Denmark | — | 124,122 | — | 124,122 | ||||||||||||
| Finland | — | 2,673,565 | — | 2,673,565 | ||||||||||||
| France | — | 11,559,467 | — | 11,559,467 | ||||||||||||
| Germany | — | 8,730,811 | — | 8,730,811 | ||||||||||||
| Hong Kong | — | 4,122,402 | — | 4,122,402 | ||||||||||||
| Ireland | 506,812 | 697,442 | — | 1,204,254 | ||||||||||||
| Israel | 319,331 | — | — | 319,331 | ||||||||||||
| Italy | — | 118,538 | — | 118,538 | ||||||||||||
| Japan | — | 18,925,766 | — | 18,925,766 | ||||||||||||
| Luxembourg | — | 275,086 | — | 275,086 | ||||||||||||
| Netherlands | — | 5,865,318 | — | 5,865,318 | ||||||||||||
| Norway | — | 680,446 | — | 680,446 | ||||||||||||
| Republic of Korea | — | 492,641 | — | 492,641 | ||||||||||||
| Singapore | — | 366,339 | — | 366,339 | ||||||||||||
| Spain | — | 4,281,035 | — | 4,281,035 | ||||||||||||
| Sweden | — | 3,389,062 | — | 3,389,062 | ||||||||||||
| Switzerland | — | 6,354,180 | — | 6,354,180 | ||||||||||||
| United Kingdom | — | 23,936,916 | — | 23,936,916 | ||||||||||||
| United States | 275,176 | 16,199,238 | — | 16,474,414 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Germany | — | 190,543 | — | 190,543 | ||||||||||||
| Short-Term Investments | 2,175,788 | 2,478,720 | — | 4,654,508 | ||||||||||||
| Total Investments | $ | 11,289,155 | $ | 113,939,784 | $ | — | $ | 125,228,939 | ||||||||
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Strategic Emerging Markets Fund
| Asset Investments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stock* | ||||||||||||||||
| Brazil | $ | 1,777,988 | $ | 4,482,557 | $ | — | $ | 6,260,545 | ||||||||
| Chile | 428,070 | 611,820 | — | 1,039,890 | ||||||||||||
| China | 14,694,306 | 4,707,871 | — | 19,402,177 | ||||||||||||
| France | — | 6,410,415 | — | 6,410,415 | ||||||||||||
| Hong Kong | — | 60,798 | — | 60,798 | ||||||||||||
| India | — | 17,611,691 | — | 17,611,691 | ||||||||||||
| Indonesia | — | 1,284,378 | — | 1,284,378 | ||||||||||||
| Italy | 264,849 | 1,339,840 | — | 1,604,689 | ||||||||||||
| Japan | — | 1,504,109 | — | 1,504,109 | ||||||||||||
| Mexico | 13,019,058 | — | — | 13,019,058 | ||||||||||||
| Netherlands | 601,080 | — | — | 601,080 | ||||||||||||
| Peru | 1,080,995 | — | — | 1,080,995 | ||||||||||||
| Philippines | — | 1,207,662 | — | 1,207,662 | ||||||||||||
| Poland | — | 33,849 | — | 33,849 | ||||||||||||
| Portugal | — | 1,379,026 | — | 1,379,026 | ||||||||||||
| Republic of Korea | — | 10,033,479 | — | 10,033,479 | ||||||||||||
| Russia | — | — | — | + | — | |||||||||||
| South Africa | — | 998,218 | — | 998,218 | ||||||||||||
| Switzerland | — | 3,726,958 | — | 3,726,958 | ||||||||||||
| Taiwan | — | 9,177,120 | — | 9,177,120 | ||||||||||||
| Turkey | — | 208,983 | — | 208,983 | ||||||||||||
| Preferred Stock* | ||||||||||||||||
| Brazil | — | 1,029,692 | — | 1,029,692 | ||||||||||||
| Rights | 605 | — | — | 605 | ||||||||||||
| Short-Term Investments | 60,284 | 2,561,476 | — | 2,621,760 | ||||||||||||
| Total Investments | $ | 31,927,235 | $ | 68,369,942 | $ | — | $ | 100,297,177 | ||||||||
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable. |
| + | Represents a security at $0 value as of December 31, 2023. |
Derivative Instruments
Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.
Please refer to the Funds’ most recent Annual/Semiannual reports and Prospectus(es) and Statement(s) of Additional Information which can be found on the Securities and Exchange Commission'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 may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).
Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2023, the Funds' collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.
Accounting for Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country's tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.
Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.
Foreign Securities
The Global Fund invests a significant amount of its assets in foreign securities and each of the International Equity Fund and Strategic Emerging Markets Fund invests substantially all of its assets in foreign securities. The other Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, public health, and diplomatic risks. In addition, fluctuations in currency exchange rates may favorably or unfavorably affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, less stringent investor protection and disclosure standards, less reliable settlement practices, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater volatility in currency exchange rates, and are more susceptible to environmental problems.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
Federal Income Tax
It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to U.S. federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for U.S. federal income tax.
Dividends and Distributions to Shareholders
Dividends from net investment income 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 December 31, 2023, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a U.S. federal income tax basis, were as follows:
| Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
| Short-Duration Bond Fund | $ | 188,103,023 | $ | 850,160 | $ | (16,982,107 | ) | $ | (16,131,947 | ) | ||||||
| Inflation-Protected and Income Fund | 254,052,803 | 873,827 | (6,771,009 | ) | (5,897,182 | ) | ||||||||||
| Core Bond Fund | 829,869,115 | 7,628,094 | (60,441,531 | ) | (52,813,437 | ) | ||||||||||
| Diversified Bond Fund | 148,937,601 | 1,081,497 | (14,208,092 | ) | (13,126,595 | ) | ||||||||||
| High Yield Fund | 452,228,077 | 7,143,380 | (20,099,404 | ) | (12,956,024 | ) | ||||||||||
| Balanced Fund | 99,092,521 | 10,850,428 | (4,568,642 | ) | 6,281,786 | |||||||||||
| Disciplined Value Fund | 38,737,324 | 4,558,804 | (970,515 | ) | 3,588,289 | |||||||||||
| Main Street Fund | 55,861,922 | 11,957,228 | (651,499 | ) | 11,305,729 | |||||||||||
| Disciplined Growth Fund | 141,273,633 | 31,940,745 | (1,399,555 | ) | 30,541,190 | |||||||||||
| Small Cap Opportunities Fund | 297,912,006 | 79,619,160 | (11,646,005 | ) | 67,973,155 | |||||||||||
| Global Fund | 110,114,450 | 87,709,949 | (4,869,483 | ) | 82,840,466 | |||||||||||
| International Equity Fund | 118,095,952 | 15,324,465 | (8,191,478 | ) | 7,132,987 | |||||||||||
| Strategic Emerging Markets Fund | 95,692,250 | 9,902,407 | (5,297,480 | ) | 4,604,927 | |||||||||||
4. New Accounting Pronouncements
In June 2022, FASB issued Accounting Standards Update 2022-03 — Fair Value Measurement (Topic 820) — Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 to indicate that a contractual sale restriction should not be considered in the fair value of an equity security subject to such a restriction, and requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date and is not expected to have a material impact on the financial statements.
| Notes to Portfolio of Investments (Unaudited) (Continued) |
In December 2022, FASB issued Accounting Standards Update 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”). ASU 2022-06 is an update of ASU 2020-04, which responded to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2022-06 defers the sunset date provision included in Topic 848. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.
5. Russia-Ukraine War
In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States, other countries, and certain international organizations. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. These sanctions and any other intergovernmental actions (including retaliatory actions by the Russian government) may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.
| This ‘NPORT-P/A’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/24 | ||||
| Filed on: | 4/24/24 | NPORT-P/A | ||
| For Period end: | 12/31/23 | N-MFP2, NPORT-P, NPORT-P/A | ||
| 12/15/23 | ||||
| 11/21/11 | ||||
| 8/1/94 | ||||
| List all Filings | ||||