MassMutual Disciplined Value Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Berkshire Hathaway, Inc. Class B | 4.5% | ||||
JP Morgan Chase & Co. | 3.7% | ||||
Johnson & Johnson | 2.7% | ||||
Walmart, Inc. | 2.1% | ||||
Exxon Mobil Corp. | 2.1% | ||||
Cisco Systems, Inc. | 1.8% | ||||
Comcast Corp. Class A | 1.6% | ||||
Chevron Corp. | 1.5% | ||||
EMCOR Group, Inc. | 1.5% | ||||
PACCAR, Inc. | 1.4% | ||||
22.9% | |||||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08690 |
MassMutual Premier Funds |
(Exact name of registrant as specified in charter) |
1295 State Street, Springfield, MA | 01111 |
(Address of principal executive offices) | (Zip code) |
Paul LaPiana |
1295 State Street, Springfield, MA 01111 |
(Name and address of agent for service) |
Registrant’s telephone number, including area code: | (413) 744-1000 |
Date of fiscal year end: | 9/30/2024 | |
Date of reporting period: | 3/31/2024 |
Item 1. Reports to Stockholders.
(a) | The Report to Stockholders is attached herewith. |
MassMutual U.S. Government Money Market Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Discount Notes | 46.2% | ||||
U.S. Treasury Bill | 38.7% | ||||
Repurchase Agreement | 15.0% | ||||
Total Short-Term Investments | 99.9% | ||||
Other Assets & Liabilities | 0.1% | ||||
Net Assets | 100.0% | ||||
1 | ||||
MassMutual Short-Duration Bond Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Short-Duration Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Corporate Debt | 45.9% | ||||
Non-U.S. Government Agency Obligations | 43.7% | ||||
U.S. Government Agency Obligations and Instrumentalities* | 0.0% | ||||
Total Long-Term Investments | 89.6% | ||||
Short-Term Investments and Other Assets and Liabilities | 10.4% | ||||
Net Assets | 100.0% | ||||
* | 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. |
2 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Inflation-Protected and Income Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Non-U.S. Government Agency Obligations | 52.3% | ||||
U.S. Treasury Obligations | 20.0% | ||||
U.S. Government Agency Obligations and Instrumentalities* | 11.1% | ||||
Corporate Debt | 0.5% | ||||
Total Long-Term Investments | 83.9% | ||||
Short-Term Investments and Other Assets and Liabilities | 16.1% | ||||
Net Assets | 100.0% | ||||
* | 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. |
3 | ||||
MassMutual Core Bond Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Core Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Corporate Debt | 38.0% | ||||
U.S. Government Agency Obligations and Instrumentalities* | 28.5% | ||||
Non-U.S. Government Agency Obligations | 23.3% | ||||
U.S. Treasury Obligations | 8.5% | ||||
Sovereign Debt Obligations | 0.2% | ||||
Total Long-Term Investments | 98.5% | ||||
Short-Term Investments and Other Assets and Liabilities | 1.5% | ||||
Net Assets | 100.0% | ||||
* | 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. |
4 | ||||
MassMutual Diversified Bond Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Diversified Bond Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Corporate Debt | 40.9% | ||||
Non-U.S. Government Agency Obligations | 24.9% | ||||
U.S. Government Agency Obligations and Instrumentalities* | 20.5% | ||||
U.S. Treasury Obligations | 5.4% | ||||
Preferred Stock | 0.3% | ||||
Sovereign Debt Obligations | 0.1% | ||||
Warrants | 0.0% | ||||
Purchased Options | 0.0% | ||||
Total Long-Term Investments | 92.1% | ||||
Short-Term Investments and Other Assets and Liabilities | 7.9% | ||||
Net Assets | 100.0% | ||||
* | 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. |
5 | ||||
MassMutual High Yield Fund — Portfolio Summaries (Unaudited) | ||
MassMutual High Yield Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Corporate Debt | 87.4% | ||||
Bank Loans | 9.5% | ||||
Total Long-Term Investments | 96.9% | ||||
Short-Term Investments and Other Assets and Liabilities | 3.1% | ||||
Net Assets | 100.0% | ||||
6 | ||||
MassMutual Balanced Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Balanced Fund Portfolio Characteristics (% of Net Assets) on 3/31/24 | |||||
Common Stock | 64.5% | ||||
U.S. Treasury Obligations | 11.9% | ||||
Corporate Debt | 10.7% | ||||
U.S. Government Agency Obligations and Instrumentalities* | 9.7% | ||||
Non-U.S. Government Agency Obligations | 3.7% | ||||
Total Long-Term Investments | 100.5% | ||||
Short-Term Investments and Other Assets and Liabilities | (0.5)% | ||||
Net Assets | 100.0% | ||||
* | 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. |
7 | ||||
MassMutual Disciplined Value Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Disciplined Value Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Financials | 24.0% | ||||
Industrials | 14.6% | ||||
Health Care | 13.2% | ||||
Information Technology | 10.7% | ||||
Consumer Staples | 8.0% | ||||
Energy | 6.9% | ||||
Real Estate | 6.0% | ||||
Consumer Discretionary | 5.3% | ||||
Communication Services | 4.6% | ||||
Materials | 4.6% | ||||
Utilities | 1.8% | ||||
Total Long-Term Investments | 99.7% | ||||
Short-Term Investments and Other Assets and Liabilities | 0.3% | ||||
Net Assets | 100.0% | ||||
8 | ||||
MassMutual Main Street Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Main Street Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Microsoft Corp. | 8.0% | ||||
NVIDIA Corp. | 5.7% | ||||
Apple, Inc. | 4.6% | ||||
Alphabet, Inc. Class A | 4.1% | ||||
Amazon.com, Inc. | 4.0% | ||||
Meta Platforms, Inc. Class A | 2.8% | ||||
Exxon Mobil Corp. | 2.7% | ||||
JP Morgan Chase & Co. | 2.5% | ||||
Philip Morris International, Inc. | 2.2% | ||||
Constellation Brands, Inc. Class A | 2.1% | ||||
38.7% | |||||
MassMutual Main Street Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Information Technology | 26.2% | ||||
Financials | 14.6% | ||||
Health Care | 14.4% | ||||
Communication Services | 11.4% | ||||
Industrials | 9.0% | ||||
Consumer Discretionary | 7.5% | ||||
Consumer Staples | 6.4% | ||||
Energy | 4.1% | ||||
Real Estate | 1.7% | ||||
Utilities | 1.7% | ||||
Materials | 1.5% | ||||
Total Long-Term Investments | 98.5% | ||||
Short-Term Investments and Other Assets and Liabilities | 1.5% | ||||
Net Assets | 100.0% | ||||
9 | ||||
MassMutual Disciplined Growth Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Disciplined Growth Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Microsoft Corp. | 12.4% | ||||
Apple, Inc. | 9.6% | ||||
NVIDIA Corp. | 9.2% | ||||
Amazon.com, Inc. | 6.9% | ||||
Meta Platforms, Inc. Class A | 4.6% | ||||
Alphabet, Inc. Class C | 3.7% | ||||
Alphabet, Inc. Class A | 3.6% | ||||
Visa, Inc. Class A | 2.7% | ||||
Broadcom, Inc. | 2.4% | ||||
Mastercard, Inc. Class A | 2.1% | ||||
57.2% | |||||
MassMutual Disciplined Growth Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Information Technology | 41.6% | ||||
Consumer Discretionary | 14.6% | ||||
Communication Services | 13.3% | ||||
Health Care | 12.0% | ||||
Financials | 7.8% | ||||
Industrials | 6.1% | ||||
Consumer Staples | 3.2% | ||||
Real Estate | 1.1% | ||||
Total Long-Term Investments | 99.7% | ||||
Short-Term Investments and Other Assets and Liabilities | 0.3% | ||||
Net Assets | 100.0% | ||||
10 | ||||
MassMutual Small Cap Opportunities Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Small Cap Opportunities Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Atkore, Inc. | 2.4% | ||||
Summit Materials, Inc. Class A | 2.2% | ||||
AutoNation, Inc. | 2.0% | ||||
BellRing Brands, Inc. | 1.9% | ||||
Tenet Healthcare Corp. | 1.9% | ||||
Allison Transmission Holdings, Inc. | 1.9% | ||||
Enpro, Inc. | 1.7% | ||||
Acadia Healthcare Co., Inc. | 1.6% | ||||
Zurn Elkay Water Solutions Corp. Class C | 1.6% | ||||
ASGN, Inc. | 1.6% | ||||
18.8% | |||||
MassMutual Small Cap Opportunities Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Industrials | 22.4% | ||||
Health Care | 16.8% | ||||
Information Technology | 13.3% | ||||
Financials | 12.8% | ||||
Consumer Discretionary | 9.7% | ||||
Materials | 6.6% | ||||
Real Estate | 6.1% | ||||
Energy | 5.2% | ||||
Consumer Staples | 3.0% | ||||
Utilities | 1.7% | ||||
Communication Services | 0.9% | ||||
Total Long-Term Investments | 98.5% | ||||
Short-Term Investments and Other Assets and Liabilities | 1.5% | ||||
Net Assets | 100.0% | ||||
11 | ||||
MassMutual Global Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Global Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Alphabet, Inc. Class A | 10.7% | ||||
Meta Platforms, Inc. Class A | 8.5% | ||||
DLF Ltd. | 5.4% | ||||
Airbus SE | 5.0% | ||||
Novo Nordisk AS Class B | 4.8% | ||||
Intuit, Inc. | 4.4% | ||||
Analog Devices, Inc. | 4.4% | ||||
LVMH Moet Hennessy Louis Vuitton SE | 4.1% | ||||
S&P Global, Inc. | 3.6% | ||||
Adobe, Inc. | 3.1% | ||||
54.0% | |||||
MassMutual Global Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Information Technology | 29.2% | ||||
Communication Services | 20.6% | ||||
Health Care | 12.1% | ||||
Industrials | 11.8% | ||||
Consumer Discretionary | 11.4% | ||||
Financials | 8.3% | ||||
Real Estate | 5.4% | ||||
Materials | 0.7% | ||||
Consumer Staples | 0.1% | ||||
Total Long-Term Investments | 99.6% | ||||
Short-Term Investments and Other Assets and Liabilities | 0.4% | ||||
Net Assets | 100.0% | ||||
12 | ||||
MassMutual International Equity Fund — Portfolio Summaries (Unaudited) | ||
MassMutual International Equity Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Capgemini SE | 2.8% | ||||
Nestle SA Registered | 2.8% | ||||
Merck KGaA | 2.8% | ||||
Canadian National Railway Co. | 2.7% | ||||
Linde PLC (WM2 TH) | 2.7% | ||||
Experian PLC | 2.5% | ||||
Intact Financial Corp. | 2.5% | ||||
Heineken NV | 2.4% | ||||
Diageo PLC | 2.4% | ||||
Novartis AG Registered | 2.3% | ||||
25.9% | |||||
MassMutual International Equity Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Industrials | 19.9% | ||||
Consumer Staples | 17.6% | ||||
Health Care | 15.8% | ||||
Financials | 12.6% | ||||
Materials | 9.0% | ||||
Information Technology | 7.2% | ||||
Consumer Discretionary | 7.1% | ||||
Energy | 2.7% | ||||
Communication Services | 2.5% | ||||
Utilities | 2.3% | ||||
Real Estate | 0.2% | ||||
Total Long-Term Investments | 96.9% | ||||
Short-Term Investments and Other Assets and Liabilities | 3.1% | ||||
Net Assets | 100.0% | ||||
13 | ||||
MassMutual Strategic Emerging Markets Fund — Portfolio Summaries (Unaudited) | ||
MassMutual Strategic Emerging Markets Fund Largest Holdings (% of Net Assets) on 3/31/24 | |||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 9.5% | ||||
Samsung Electronics Co. Ltd. | 6.5% | ||||
Grupo Mexico SAB de CV Series B | 5.5% | ||||
Kotak Mahindra Bank Ltd. | 5.4% | ||||
H World Group Ltd. ADR | 4.7% | ||||
Tencent Holdings Ltd. | 4.3% | ||||
HDFC Bank Ltd. | 4.3% | ||||
Tata Consultancy Services Ltd. | 3.3% | ||||
Pernod Ricard SA | 3.3% | ||||
Fomento Economico Mexicano SAB de CV | 2.9% | ||||
49.7% | |||||
MassMutual Strategic Emerging Markets Fund Sector Table (% of Net Assets) on 3/31/24 | |||||
Information Technology | 20.9% | ||||
Financials | 17.8% | ||||
Consumer Discretionary | 13.0% | ||||
Consumer Staples | 12.1% | ||||
Communication Services | 8.2% | ||||
Materials | 7.8% | ||||
Health Care | 6.6% | ||||
Industrials | 6.2% | ||||
Energy | 3.1% | ||||
Real Estate | 2.0% | ||||
Total Long-Term Investments | 97.7% | ||||
Short-Term Investments and Other Assets and Liabilities | 2.3% | ||||
Net Assets | 100.0% | ||||
14 | ||||
MassMutual U.S. Government Money Market Fund — Portfolio of Investments | ||
Principal Amount | Value | ||||||||
Short-Term Investments — 99.9% | |||||||||
Discount Notes — 46.2% | |||||||||
Federal Home Loan Bank | |||||||||
Secured Overnight Financing Rate + 0.000% 5.330% FRN 4/01/24, 7/24/24 (a) | $11,500,000 | $11,500,000 | |||||||
Secured Overnight Financing Rate + 0.005% 5.335% FRN 4/01/24, 7/17/24 (a) | 18,000,000 | 18,000,000 | |||||||
Secured Overnight Financing Rate + 0.005% 5.335% FRN 4/01/24, 8/13/24 (a) | 13,500,000 | 13,500,000 | |||||||
Secured Overnight Financing Rate + 0.010% 5.340% FRN 4/01/24, 9/05/24 (a) | 13,500,000 | 13,500,000 | |||||||
Secured Overnight Financing Rate + 0.025% 5.355% FRN 4/01/24, 11/26/24 (a) | 9,000,000 | 9,000,000 | |||||||
5.180% 4/05/24, 4/05/24 (a) | 3,690,000 | 3,686,215 | |||||||
5.180% 4/10/24, 4/10/24 (a) | 7,900,000 | 7,886,149 | |||||||
77,072,364 | |||||||||
Repurchase Agreement — 15.0% | |||||||||
HSBC Securities (USA) Inc., Tri-Party Repurchase Agreement, dated 3/28/24, 5.270%, due 4/01/24 (b) | 25,000,000 | 25,000,000 | |||||||
U.S. Treasury Bill — 38.7% | |||||||||
U.S. Treasury Bill | |||||||||
5.265% 4/04/24 (c) | 11,800,000 | 11,789,640 | |||||||
5.294% 4/02/24 (c) | 22,000,000 | 21,987,110 | |||||||
5.354% 4/16/24 (c) | 11,500,000 | 11,469,715 | |||||||
5.365% 5/14/24 (c) | 11,500,000 | 11,422,524 | |||||||
5.377% 5/02/24 (c) | 8,000,000 | 7,960,147 | |||||||
64,629,136 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $166,701,500) | 166,701,500 | ||||||||
TOTAL INVESTMENTS — 99.9% (Cost $166,701,500) (d) | 166,701,500 | ||||||||
Other Assets/(Liabilities) — 0.1% | 153,803 | ||||||||
NET ASSETS — 100.0% | $166,855,303 | ||||||||
FRN | Floating Rate Note. | |||
(a) | The stated maturity dates reflect reset date and final maturity date, respectively. |
(b) | Maturity value of $25,014,639. Collateralized by U.S. Government Agency obligations with rates ranging from 0.000% - 1.125%, maturity dates ranging from of 5/15/37 - 5/15/53, and an aggregate market value, including accrued interest, of $25,500,001. |
(c) | The rate shown represents yield-to-maturity. |
(d) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
15 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments | ||
Principal Amount | Value | |||||
Bonds & Notes — 89.6% | ||||||
Corporate Debt — 45.9% | ||||||
Agriculture — 0.3% | ||||||
BAT Capital Corp. | ||||||
4.700% 4/02/27 | $490,000 | $481,848 | ||||
Apparel — 0.2% | ||||||
Tapestry, Inc. | ||||||
7.000% 11/27/26 | 433,000 | 446,130 | ||||
Auto Manufacturers — 1.2% | ||||||
General Motors Financial Co., Inc. | ||||||
5.800% 1/07/29 | 480,000 | 488,456 | ||||
Hyundai Capital America | ||||||
6.100% 9/21/28 (a) | 550,000 | 566,612 | ||||
Nissan Motor Acceptance Co. LLC | ||||||
1.850% 9/16/26 (a) | 1,095,000 | 990,817 | ||||
2,045,885 | ||||||
Banks — 11.2% | ||||||
ABN AMRO Bank NV | ||||||
4.750% 7/28/25 (a) | 1,585,000 | 1,560,573 | ||||
ABQ Finance Ltd. | ||||||
2.000% 7/06/26 (a) | 1,200,000 | 1,109,724 | ||||
Bank Negara Indonesia Persero Tbk. PT | ||||||
5.280% 4/05/29 (a) (b) | 500,000 | 499,375 | ||||
Bank of America Corp. Secured Overnight Financing Rate + 0.960% | ||||||
1.734% VRN 7/22/27 | 975,000 | 898,901 | ||||
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620% | ||||||
5.601% VRN 3/20/30 (a) | 359,000 | 357,572 | ||||
Barclays PLC | ||||||
5.200% 5/12/26 | 440,000 | 435,469 | ||||
Secured Overnight Financing Rate + 1.740% | ||||||
5.690% VRN 3/12/30 | 445,000 | 447,317 | ||||
BNP Paribas SA Secured Overnight Financing Rate + 1.590% | ||||||
5.497% VRN 5/20/30 (a) | 274,000 | 274,599 | ||||
Cooperatieve Rabobank UA 1 yr. CMT + 1.120% | ||||||
5.447% VRN 3/05/30 (a) | 445,000 | 447,013 | ||||
Credit Agricole SA Secured Overnight Financing Rate + 1.860% | ||||||
6.316% VRN 10/03/29 (a) | 596,000 | 617,885 | ||||
Danske Bank AS 1 yr. CMT + 0.730% | ||||||
1.549% VRN 9/10/27 (a) | 1,200,000 | 1,094,095 | ||||
Principal Amount | Value | |||||
Deutsche Bank AG Secured Overnight Financing Rate + 1.219% | ||||||
2.311% VRN 11/16/27 | $715,000 | $653,697 | ||||
HDFC Bank Ltd. | ||||||
5.196% 2/15/27 (a) | 500,000 | 495,806 | ||||
HSBC Holdings PLC Secured Overnight Financing Rate + 1.290% | ||||||
1.589% VRN 5/24/27 | 1,150,000 | 1,058,197 | ||||
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020% | ||||||
6.208% VRN 8/21/29 | 560,000 | 573,167 | ||||
ING Groep NV Secured Overnight Financing Rate + 1.440% | ||||||
5.335% VRN 3/19/30 | 445,000 | 443,913 | ||||
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 1.522% | ||||||
4.203% VRN 7/23/29 | 600,000 | 578,445 | ||||
Lloyds Banking Group PLC 1 yr. CMT + 1.700% | ||||||
5.871% VRN 3/06/29 | 775,000 | 787,534 | ||||
Macquarie Group Ltd. Secured Overnight Financing Rate + 1.069% | ||||||
1.340% VRN 1/12/27 (a) | 1,050,000 | 973,879 | ||||
Morgan Stanley Secured Overnight Financing Rate + 1.630% | ||||||
5.449% VRN 7/20/29 | 1,135,000 | 1,144,953 | ||||
Natwest Group PLC 1 yr. CMT + 0.900% | ||||||
1.642% VRN 6/14/27 | 890,000 | 818,240 | ||||
Societe Generale SA 1 yr. CMT + 1.300% | ||||||
2.797% VRN 1/19/28 (a) | 1,200,000 | 1,108,053 | ||||
Swedbank AB | ||||||
5.407% 3/14/29 (a) | 445,000 | 444,992 | ||||
Synovus Bank | ||||||
5.625% 2/15/28 | 653,000 | 634,127 | ||||
Truist Financial Corp. Secured Overnight Financing Rate + 2.446% | ||||||
7.161% VRN 10/30/29 | 515,000 | 549,196 | ||||
UBS Group AG 1 yr. CMT + 1.080% | ||||||
1.364% VRN 1/30/27 (a) | 875,000 | 809,724 | ||||
Wells Fargo & Co. Secured Overnight Financing Rate + 1.740% | ||||||
5.574% VRN 7/25/29 | 570,000 | 576,756 | ||||
19,393,202 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
16 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||||||
Beverages — 0.3% | ||||||||||
JDE Peet’s NV | ||||||||||
1.375% 1/15/27 (a) | $504,000 | $453,263 | ||||||||
Chemicals — 2.3% | ||||||||||
Celanese US Holdings LLC | ||||||||||
6.165% 7/15/27 | 425,000 | 432,866 | ||||||||
6.350%11/15/28 | 560,000 | 580,137 | ||||||||
International Flavors & Fragrances, Inc. | ||||||||||
1.832%10/15/27 (a) | 555,000 | 492,127 | ||||||||
MEGlobal Canada ULC | ||||||||||
5.000% 5/18/25 (a) | 1,050,000 | 1,035,909 | ||||||||
Yara International ASA | ||||||||||
4.750% 6/01/28 (a) | 1,525,000 | 1,483,093 | ||||||||
4,024,132 | ||||||||||
Commercial Services — 1.1% | ||||||||||
Element Fleet Management Corp. | ||||||||||
5.643% 3/13/27 (a) | 534,000 | 535,656 | ||||||||
Triton Container International Ltd. | ||||||||||
2.050% 4/15/26 (a) | 1,500,000 | 1,382,200 | ||||||||
1,917,856 | ||||||||||
Diversified Financial Services — 3.6% | ||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||||
2.450%10/29/26 | 1,000,000 | 928,659 | ||||||||
Antares Holdings LP | ||||||||||
2.750% 1/15/27 (a) | 485,000 | 434,503 | ||||||||
3.950% 7/15/26 (a) | 880,000 | 827,007 | ||||||||
Avolon Holdings Funding Ltd. | ||||||||||
4.250% 4/15/26 (a) | 1,400,000 | 1,351,171 | ||||||||
BGC Group, Inc. | ||||||||||
4.375%12/15/25 | 1,340,000 | 1,303,119 | ||||||||
Charles Schwab Corp. Secured Overnight Financing Rate + 1.878% | ||||||||||
6.196% VRN 11/17/29 | 465,000 | 483,320 | ||||||||
Macquarie Airfinance Holdings Ltd. | ||||||||||
6.400% 3/26/29 (a) | 113,000 | 114,788 | ||||||||
REC Ltd. | ||||||||||
2.250% 9/01/26 (a) | 800,000 | 738,104 | ||||||||
6,180,671 | ||||||||||
Electric — 1.6% | ||||||||||
Adani Transmission Step-One Ltd. | ||||||||||
4.000% 8/03/26 (a) | 500,000 | 469,997 | ||||||||
Alliant Energy Finance LLC | ||||||||||
1.400% 3/15/26 (a) | 1,630,000 | 1,482,393 | ||||||||
DTE Energy Co. | ||||||||||
5.100% 3/01/29 | 455,000 | 453,165 | ||||||||
Principal Amount | Value | |||||
Pacific Gas & Electric Co. | ||||||
5.550% 5/15/29 | $405,000 | $408,536 | ||||
2,814,091 | ||||||
Entertainment — 0.4% | ||||||
Warnermedia Holdings, Inc. | ||||||
4.054% 3/15/29 | 750,000 | 702,094 | ||||
Food — 1.4% | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||
2.500% 1/15/27 | 1,425,000 | 1,313,538 | ||||
Smithfield Foods, Inc. | ||||||
4.250% 2/01/27 (a) | 995,000 | 955,491 | ||||
Tyson Foods, Inc. | ||||||
5.400% 3/15/29 | 168,000 | 169,502 | ||||
2,438,531 | ||||||
Hand & Machine Tools — 0.6% | ||||||
Regal Rexnord Corp. | ||||||
6.050% 2/15/26 (a) | 725,000 | 728,744 | ||||
6.050% 4/15/28 (a) | 250,000 | 253,441 | ||||
982,185 | ||||||
Home Builders — 0.3% | ||||||
Toll Brothers Finance Corp. | ||||||
4.875% 3/15/27 | 540,000 | 533,755 | ||||
Housewares — 0.4% | ||||||
Newell Brands, Inc. | ||||||
6.375% 9/15/27(c) | 780,000 | 767,051 | ||||
Insurance — 3.4% | ||||||
Athene Global Funding | ||||||
1.730%10/02/26 (a) | 1,635,000 | 1,483,762 | ||||
CNO Global Funding | ||||||
2.650% 1/06/29 (a) | 525,000 | 457,159 | ||||
GA Global Funding Trust | ||||||
5.500% 1/08/29 (a) | 890,000 | 893,362 | ||||
Lincoln National Corp., (Acquired 4/19/23, Cost $731,429), | ||||||
3.800% 3/01/28 (d) | 825,000 | 789,358 | ||||
Sammons Financial Group, Inc. | ||||||
4.450% 5/12/27 (a) | 2,365,000 | 2,254,591 | ||||
5,878,232 | ||||||
Internet — 0.7% | ||||||
Prosus NV | ||||||
3.257% 1/19/27 (a) | 1,250,000 | 1,158,298 | ||||
Investment Companies — 3.0% | ||||||
Ares Capital Corp. | ||||||
3.875% 1/15/26 | 910,000 | 880,186 | ||||
Blackstone Private Credit Fund | ||||||
2.625%12/15/26 | 1,325,000 | 1,208,960 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
17 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||||||
Blue Owl Credit Income Corp. | ||||||||||
4.700% 2/08/27 | $1,015,000 | $962,897 | ||||||||
Blue Owl Technology Finance Corp. II | ||||||||||
6.750% 4/04/29 (a) (b) | 706,000 | 697,242 | ||||||||
Golub Capital BDC, Inc. | ||||||||||
2.500% 8/24/26 | 1,115,000 | 1,024,441 | ||||||||
HPS Corporate Lending Fund | ||||||||||
6.750% 1/30/29 (a) | 522,000 | 521,044 | ||||||||
5,294,770 | ||||||||||
Lodging — 0.5% | ||||||||||
Las Vegas Sands Corp. | ||||||||||
3.200% 8/08/24 | 930,000 | 919,785 | ||||||||
Machinery – Construction & Mining — 0.5% | ||||||||||
Weir Group PLC | ||||||||||
2.200% 5/13/26 (a) | 1,036,000 | 961,655 | ||||||||
Machinery – Diversified — 0.0% | ||||||||||
AGCO Corp. | ||||||||||
5.450% 3/21/27 | 85,000 | 85,380 | ||||||||
Media — 0.6% | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||
5.125% 5/01/27 (a) | 575,000 | 547,844 | ||||||||
Paramount Global | ||||||||||
3.700% 6/01/28 | 550,000 | 487,324 | ||||||||
1,035,168 | ||||||||||
Oil & Gas — 1.9% | ||||||||||
EQT Corp. | ||||||||||
6.125% STEP 2/01/25 | 592,000 | 592,705 | ||||||||
Ovintiv, Inc. | ||||||||||
5.375% 1/01/26 | 400,000 | 398,371 | ||||||||
5.650% 5/15/28 | 650,000 | 660,747 | ||||||||
Parkland Corp. | ||||||||||
5.875% 7/15/27 (a) | 455,000 | 451,057 | ||||||||
Patterson-UTI Energy, Inc. | ||||||||||
3.950% 2/01/28 | 1,220,000 | 1,153,050 | ||||||||
3,255,930 | ||||||||||
Packaging & Containers — 0.2% | ||||||||||
Smurfit Kappa Treasury ULC | ||||||||||
5.200% 1/15/30 (a) (b) | 440,000 | 439,450 | ||||||||
Pharmaceuticals — 1.4% | ||||||||||
Bayer US Finance II LLC | ||||||||||
4.375% 12/15/28 (a) | 525,000 | 494,148 | ||||||||
Hikma Finance USA LLC | ||||||||||
3.250% 7/09/25 (a) | 1,150,000 | 1,107,611 | ||||||||
Principal Amount | Value | |||||
Viatris, Inc. | ||||||
2.300% 6/22/27 | $980,000 | $889,868 | ||||
2,491,627 | ||||||
Pipelines — 1.6% | ||||||
Columbia Pipelines Holding Co. LLC | ||||||
6.055% 8/15/26 (a) | 511,000 | 516,584 | ||||
Energy Transfer LP | ||||||
4.950% 6/15/28 | 1,375,000 | 1,363,954 | ||||
EQM Midstream Partners LP | ||||||
5.500% 7/15/28 | 450,000 | 443,826 | ||||
Harvest Midstream I LP | ||||||
7.500% 9/01/28 (a) | 391,000 | 396,447 | ||||
2,720,811 | ||||||
Real Estate — 0.6% | ||||||
MAF Sukuk Ltd. | ||||||
4.500% 11/03/25 (a) | 1,025,000 | 1,005,527 | ||||
Real Estate Investment Trusts (REITS) — 3.7% | ||||||
CubeSmart LP | ||||||
2.250% 12/15/28 | 650,000 | 570,089 | ||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||
3.750% 12/15/27 (a) | 1,125,000 | 962,648 | ||||
GLP Capital LP/GLP Financing II, Inc. | ||||||
5.375% 4/15/26 | 570,000 | 565,035 | ||||
Omega Healthcare Investors, Inc. | ||||||
4.750% 1/15/28 | 989,000 | 954,818 | ||||
Piedmont Operating Partnership LP | ||||||
9.250% 7/20/28 | 425,000 | 452,586 | ||||
Store Capital LLC | ||||||
4.500% 3/15/28 | 475,000 | 450,209 | ||||
Sun Communities Operating LP | ||||||
5.500% 1/15/29 | 430,000 | 428,875 | ||||
VICI Properties LP/VICI Note Co., Inc. | ||||||
3.750% 2/15/27 (a) | 600,000 | 568,651 | ||||
Vornado Realty LP | ||||||
2.150% 6/01/26 | 1,200,000 | 1,090,880 | ||||
WEA Finance LLC | ||||||
3.500% 6/15/29 (a) | 500,000 | 441,744 | ||||
6,485,535 | ||||||
Retail — 0.2% | ||||||
Advance Auto Parts, Inc. | ||||||
5.900% 3/09/26 | 343,000 | 342,458 | ||||
Savings & Loans — 0.2% | ||||||
Nationwide Building Society | ||||||
4.000% 9/14/26 (a) | 297,000 | 284,977 | ||||
Semiconductors — 0.2% | ||||||
SK Hynix, Inc. | ||||||
5.500% 1/16/27 (a) | 300,000 | 299,969 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
18 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||||||
Telecommunications — 1.3% | ||||||||||
Rogers Communications, Inc. | ||||||||||
5.000% 2/15/29 | $450,000 | $446,875 | ||||||||
Sprint Capital Corp. | ||||||||||
6.875%11/15/28 | 650,000 | 692,664 | ||||||||
Tower Bersama Infrastructure Tbk. PT | ||||||||||
4.250% 1/21/25 (a) | 1,100,000 | 1,083,567 | ||||||||
2,223,106 | ||||||||||
Trucking & Leasing — 0.3% | ||||||||||
GATX Corp. | ||||||||||
5.400% 3/15/27 | 460,000 | 463,147 | ||||||||
Venture Capital — 0.7% | ||||||||||
Hercules Capital, Inc. | ||||||||||
2.625% 9/16/26 | 1,338,000 | 1,215,007 | ||||||||
TOTAL CORPORATE DEBT | ||||||||||
(Cost $82,013,441) | 79,741,526 | |||||||||
Non-U.S. Government Agency Obligations — 43.7% | ||||||||||
Automobile Asset-Backed Securities — 0.6% | ||||||||||
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class D | ||||||||||
1.490% 9/18/26 | 339,000 | 323,492 | ||||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class D | ||||||||||
5.480% 9/15/27 (a) | 700,000 | 695,199 | ||||||||
1,018,691 | ||||||||||
Commercial Mortgage-Backed Securities — 5.2% | ||||||||||
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP, | ||||||||||
3.895% VRN 11/05/32 (a) (e) | 2,280,000 | 2,051,146 | ||||||||
CARS-DB4 LP, Series 2020-1A, Class B1 | ||||||||||
4.170% 2/15/50 (a) | 3,289,000 | 3,151,083 | ||||||||
CF Hippolyta Issuer LLC, Series 2020-1, Class B1 | ||||||||||
2.280% 7/15/60 (a) | 577,448 | 531,610 | ||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class C, | ||||||||||
3.958% VRN 4/15/46 (e) | 1,015,000 | 692,100 | ||||||||
One New York Plaza Trust | ||||||||||
Series 2020-1NYP, Class C, 1 mo. USD Term SOFR + 2.314% 7.641% FRN 1/15/36 (a) | 2,106,000 | 1,938,697 | ||||||||
Series 2020-1NYP, Class D, 1 mo. USD Term SOFR + 2.864% 8.191% FRN 1/15/36 (a) | 760,000 | 626,784 | ||||||||
8,991,420 | ||||||||||
Principal Amount | Value | |||||||||
Home Equity Asset-Backed Securities — 0.0% | ||||||||||
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||||||
4.420% FRN 10/25/34 | $61,083 | $55,929 | ||||||||
Other Asset-Backed Securities — 20.1% | ||||||||||
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||||||
5.640% FRN 9/15/41 (a) | 32,863 | 32,441 | ||||||||
522 Funding CLO Ltd., Series 2018-3A, Class BR, 3 mo. USD Term SOFR + 1.812% | ||||||||||
7.129% FRN 10/20/31 (a) | 2,352,000 | 2,352,066 | ||||||||
AIMCO CLO 10 Ltd., Series 2019-10A, Class AR, 3 mo. USD Term SOFR + 1.322% | ||||||||||
6.639% FRN 7/22/32 (a) | 2,000,000 | 2,000,128 | ||||||||
Ballyrock CLO Ltd., Series 2020-2A, Class A2R, 3 mo. USD Term SOFR + 1.812% | ||||||||||
7.129% FRN 10/20/31 (a) | 3,700,000 | 3,700,000 | ||||||||
BHG Securitization Trust, Series 2021-B, Class C | ||||||||||
2.240% 10/17/34 (a) | 3,736,000 | 3,308,704 | ||||||||
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B | ||||||||||
3.780% 9/26/33 (a) | 610,131 | 581,361 | ||||||||
Canyon Capital CLO Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.442% | ||||||||||
6.756% FRN 7/15/34 (a) | 900,000 | 900,305 | ||||||||
Castlelake Aircraft Structured Trust, Series 2019-1A, Class B | ||||||||||
5.095% 4/15/39 (a) | 707,996 | 474,388 | ||||||||
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3 mo. USD Term SOFR + 1.242% | ||||||||||
6.559% FRN 4/20/31 (a) | 785,245 | 785,714 | ||||||||
Elara HGV Timeshare Issuer LLC | ||||||||||
Series 2017-A, Class B, 2.960% 3/25/30 (a) | 277,686 | 277,065 | ||||||||
Series 2019-A, Class C, 3.450% 1/25/34 (a) | 1,263,084 | 1,201,021 | ||||||||
Flatiron CLO 20 Ltd., Series 2020-1A, Class AR, 3 mo. USD Term SOFR + 1.380% | ||||||||||
1.000% FRN 5/20/36 (a) (b) | 1,000,000 | 1,000,179 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
19 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Goodgreen Trust | ||||||
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | $1,901,843 | $1,605,518 | ||||
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 721,927 | 649,511 | ||||
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 1,535,341 | 1,378,346 | ||||
Hero Funding Trust | ||||||
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 520,768 | 447,884 | ||||
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 102,966 | 89,643 | ||||
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 252,603 | 225,990 | ||||
Series 2015-1A, Class A, 3.840% 9/21/40 (a) | 167,547 | 152,863 | ||||
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 83,660 | 74,779 | ||||
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 674,746 | 627,950 | ||||
Hilton Grand Vacations Trust, Series 2019-AA, Class C | ||||||
2.840% 7/25/33 (a) | 554,077 | 524,010 | ||||
Horizon Aircraft Finance III Ltd., Series 2019-2, Class B | ||||||
4.458%11/15/39 (a) | 1,757,143 | 878,568 | ||||
Mosaic Solar Loan Trust, Series 2018-2GS, Class A | ||||||
4.200% 2/22/44 (a) | 546,321 | 507,496 | ||||
Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||
4.450% 6/20/42 (a) | 89,876 | 86,289 | ||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 3 mo. USD Term SOFR + 1.422% | ||||||
6.736% FRN 7/15/34 (a) | 500,000 | 500,306 | ||||
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class BR, 3 mo. USD Term SOFR + 1.762% | ||||||
7.071% FRN 4/19/30 (a) | 500,000 | 500,018 | ||||
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, 3 mo. USD Term SOFR + 1.662% | ||||||
6.986% FRN 7/25/30 (a) | 1,375,000 | 1,375,158 | ||||
Oxford Finance Funding LLC, Series 2020-1A, Class B | ||||||
4.037% 2/15/28 (a) | 361,996 | 353,855 | ||||
PFS Financing Corp., Series 2022-A, Class B | ||||||
2.770% 2/15/27 (a) | 800,000 | 777,455 | ||||
Principal Amount | Value | |||||||||
PVONE 2023-1, LLC, Series 2023-2A, Class A | ||||||||||
7.670% 9/17/35 (a) | $917,831 | $924,937 | ||||||||
Rad CLO 1 Ltd., Series 2018-1A, Class BR, 3 mo. USD Term SOFR + 1.662% | ||||||||||
6.976% FRN 7/15/31 (a) | 2,650,000 | 2,638,152 | ||||||||
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||||||
3.510% 7/20/37 (a) | 141,075 | 136,927 | ||||||||
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | ||||||||||
1.780% 1/15/25 (a) | 4,048,000 | 3,908,890 | ||||||||
34,977,917 | ||||||||||
Student Loans Asset-Backed Securities — 5.9% | ||||||||||
Chase Education Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.482% | ||||||||||
5.834% FRN 3/28/68 | 328,847 | 304,398 | ||||||||
College Avenue Student Loans LLC, Series 2017-A, Class A1, 1 mo. USD Term SOFR + 1.764% | ||||||||||
7.094% FRN 11/26/46 (a) | 331,053 | 333,693 | ||||||||
Commonbond Student Loan Trust | ||||||||||
Series 2017-AGS, Class B, 3.470% 5/25/41 (a) | 219,039 | 190,560 | ||||||||
Series 2018-AGS, Class C, 3.820% 2/25/44 (a) | 98,680 | 81,570 | ||||||||
Series 2018-BGS, Class C, 4.120% 9/25/45 (a) | 80,965 | 63,140 | ||||||||
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | 37,950 | 33,198 | ||||||||
Series 2017-AGS, Class C, 5.280% 5/25/41 (a) | 149,221 | 132,942 | ||||||||
ELFI Graduate Loan Program LLC, Series 2018-A, Class B | ||||||||||
4.000% 8/25/42 (a) | 214,648 | 194,175 | ||||||||
Goal Capital Funding Trust, Series 2010-1, Class A, 90 day USD SOFR Average + 0.962% | ||||||||||
6.320% FRN 8/25/48 (a) | 24,210 | 24,209 | ||||||||
Goal Structured Solutions Trust, Series 2015-1, Class B, 30 day USD SOFR Average + 1.614% | ||||||||||
6.935% FRN 9/25/43 (a) | 100,000 | 88,647 | ||||||||
Laurel Road Prime Student Loan Trust | ||||||||||
Series 2019-A, Class BFX, 3.000%10/25/48 (a) | 1,210,820 | 1,125,794 | ||||||||
Series 2017-B, Class CFX, 3.610% 8/25/42 (a) | 688,402 | 659,479 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
20 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||||||
Nelnet Student Loan Trust, Series 2018-5A, Class B, 1 mo. USD Term SOFR + 1.564% | ||||||||||
6.894% FRN 2/25/67 (a) | $1,000,000 | $941,860 | ||||||||
SLM Student Loan Trust | ||||||||||
Series 2005-4, Class B, 90 day USD SOFR Average + 0.442% 5.803% FRN 7/25/55 | 436,511 | 409,452 | ||||||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | 388,896 | 363,994 | ||||||||
Series 2005-5, Class B, 90 day USD SOFR Average + 0.512% 5.873% FRN 10/25/40 | 469,461 | 430,177 | ||||||||
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55 | 319,800 | 303,140 | ||||||||
Series 2004-1 Class B, 90 day USD SOFR Average + 0.762% 6.123% FRN 7/25/39 | 282,156 | 268,211 | ||||||||
Series 2003-4, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 6/15/38 | 184,327 | 174,684 | ||||||||
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 12/15/38 | 666,212 | 638,100 | ||||||||
SMB Private Education Loan Trust | ||||||||||
Series 2016-C, Class A2B, 1 mo. USD Term SOFR + 1.214% 6.540% FRN 9/15/34 (a) | 22,107 | 22,078 | ||||||||
Series 2023-D, Class A1B, 30 day USD SOFR Average + 1.650% 6.969% FRN 9/15/53 (a) | 949,399 | 962,676 | ||||||||
SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||||||
5.370% VRN 1/25/45 (a) (e) | 1,538,325 | 1,480,756 | ||||||||
SoFi Professional Loan Program LLC, Series 2019-A, Class BFX | ||||||||||
4.110% 6/15/48 (a) | 870,000 | 772,719 | ||||||||
Wachovia Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.562% | ||||||||||
5.923% FRN 10/25/40 | 288,485 | 249,999 | ||||||||
10,249,651 | ||||||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 11.9% | ||||||||||
Angel Oak Mortgage Trust, Series 2021-3, Class M1, | ||||||||||
2.479% VRN 5/25/66 (a) (e) | 6,583,000 | 4,556,180 | ||||||||
Principal Amount | Value | |||||||||
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||||||
5.258% VRN 8/25/34 (e) | $6,407 | $6,250 | ||||||||
Credit Suisse Mortgage Trust, Series 2021-NQM4, Class M1, | ||||||||||
2.472% VRN 5/25/66 (a) (e) | 7,095,350 | 4,612,775 | ||||||||
Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, | ||||||||||
5.516% VRN 2/25/34 (e) | 33,857 | 31,808 | ||||||||
New Residential Mortgage Loan Trust, Series 2020-NQM1, Class M1, | ||||||||||
3.207% VRN 1/26/60 (a) (e) | 2,252,000 | 1,960,667 | ||||||||
OBX Trust, Series 2021-NQM1, Class M1, | ||||||||||
2.219% VRN 2/25/66 (a) (e) | 2,501,000 | 1,676,928 | ||||||||
TRK Trust, Series 2021-INV1, Class M1, | ||||||||||
2.585% VRN 7/25/56 (a) (e) | 1,222,000 | 862,407 | ||||||||
Verus Securitization Trust | ||||||||||
Series 2021-1, Class M1, 1.968% VRN 1/25/66 (a) (e) | 2,247,000 | 1,672,542 | ||||||||
Series 2019-INV3, Class M1, 3.279% VRN 11/25/59 (a) (e) | 2,129,000 | 1,915,801 | ||||||||
Series 2020-4, Class M1, 3.291% VRN 5/25/65 (a) (e) | 3,602,000 | 3,284,339 | ||||||||
20,579,697 | ||||||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $87,056,974) | 75,873,305 | |||||||||
U.S. Government Agency Obligations and Instrumentalities (f) — 0.0% | ||||||||||
Pass-Through Securities — 0.0% | ||||||||||
Federal Home Loan Mortgage Corp. Pool #1Q0239 1 yr. CMT + 2.159% 5.778% 3/01/37 | 47,003 | 47,394 | ||||||||
Government National Mortgage Association Pool #507545 7.500% 8/15/29 | 15,890 | 16,356 | ||||||||
63,750 | ||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $63,865) | 63,750 | |||||||||
TOTAL BONDS & NOTES (Cost $169,134,280) | 155,678,581 | |||||||||
TOTAL LONG-TERM INVESTMENTS (Cost $169,134,280) | 155,678,581 | |||||||||
The accompanying notes are an integral part of the financial statements. | ||||
21 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||||||
Short-Term Investments — 10.0% | ||||||||||
Commercial Paper — 7.5% | ||||||||||
CVS Health Corp. | ||||||||||
5.659% 4/03/24 (a) | $3,000,000 | $2,997,301 | ||||||||
Dominion Energy, Inc. | ||||||||||
5.667% 4/23/24 (a) | 2,000,000 | 1,992,062 | ||||||||
Duke Energy Corp. | ||||||||||
5.536% 4/03/24 (a) | 3,000,000 | 2,997,286 | ||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||
5.690% 5/07/24 (a) | 3,000,000 | 2,981,433 | ||||||||
Southern Co. | ||||||||||
5.654% 4/25/24 (a) | 2,000,000 | 1,991,369 | ||||||||
12,959,451 | ||||||||||
Number of Shares | ||||||||||
Investment of Cash Collateral from Securities Loaned — 0.4% | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (g) | 775,860 | 775,860 | ||||||||
Principal Amount | ||||||
Repurchase Agreement — 2.1% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24,1.600%, due 4/01/24 (h) | $3,556,963 | 3,556,963 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,300,096) | 17,292,274 | |||||
TOTAL INVESTMENTS — 99.6% (Cost $186,434,376) (i) | 172,970,855 | |||||
Other Assets/(Liabilities) — 0.4% | 679,777 | |||||
NET ASSETS — 100.0% | $173,650,632 | |||||
CLO | Collateralized Loan Obligation | |||
CMT | Constant Maturity Treasury Index | |||
FRN | Floating Rate Note | |||
SOFR | Secured Overnight Financing Rate | |||
STEP | Step Coupon Bond | |||
VRN | Variable Rate Note | |||
(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 March 31, 2024, the aggregate market value of these securities amounted to $125,696,965 or 72.38% of net assets. |
(b) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $760,298 or 0.44% of net assets. (Note 2). |
(d) | Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $789,358 or 0.45% 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 March 31, 2024. |
(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) | Represents investment of security lending cash collateral. (Note 2). |
(h) | Maturity value of $3,557,595. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $3,628,148. |
(i) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
22 | ||||
MassMutual Short-Duration Bond Fund — Portfolio of Investments (Continued) | ||
United States | 58.7% | ||
Cayman Islands | 9.6% | ||
Ireland | 4.0% | ||
United Kingdom | 3.0% | ||
Netherlands | 1.7% | ||
Canada | 1.6% | ||
France | 1.4% | ||
India | 1.0% | ||
Indonesia | 0.9% | ||
Brazil | 0.9% | ||
Bermuda | 0.8% | ||
China | 0.7% | ||
Germany | 0.7% | ||
Qatar | 0.6% | ||
Jordan | 0.6% | ||
Denmark | 0.6% | ||
Kuwait | 0.6% | ||
United Arab Emirates | 0.6% | ||
Australia | 0.6% | ||
Switzerland | 0.5% | ||
Sweden | 0.3% | ||
Republic of Korea | 0.2% | ||
Total Long-Term Investments | 89.6% | ||
Short-Term Investments and Other Assets and Liabilities | 10.4% | ||
Net Assets | 100.0% | ||
Futures contracts | ||||||||||||
Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||
Long | ||||||||||||
U.S. Treasury Note 2 Year | 6/28/24 | 466 | $ 95,400,405 | $ (110,686) | ||||||||
Short | ||||||||||||
U.S. Treasury Long Bond | 6/18/24 | 6 | $(714,497) | $(8,128) | ||||||||
U.S. Treasury Ultra 10 Year | 6/18/24 | 108 | (12,320,084) | (57,729) | ||||||||
U.S. Treasury Ultra Bond | 6/18/24 | 1 | (127,707) | (1,293) | ||||||||
U.S. Treasury Note 5 Year | 6/28/24 | 352 | (37,638,714) | (30,786) | ||||||||
$ (97,936) | ||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
23 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments | ||
Principal Amount | Value | |||||
Bonds & Notes — 83.9% | ||||||
Corporate Debt — 0.5% | ||||||
Real Estate Investment Trusts (REITS) — 0.5% | ||||||
SBA Tower Trust | ||||||
2.836% 1/15/50 (a) | $1,375,000 | $1,342,035 | ||||
TOTAL CORPORATE DEBT (Cost $1,340,945) | 1,342,035 | |||||
Non-U.S. Government Agency Obligations — 52.3% | ||||||
Automobile Asset-Backed Securities — 14.0% | ||||||
American Credit Acceptance Receivables Trust, Series 2021-2, Class E | ||||||
2.540% 7/13/27 (a) | 4,700,000 | 4,536,217 | ||||
BOF URSA VI Funding Trust I, Series 2023-CAR2, Class A2 | ||||||
5.542% 10/27/31 (a) | 2,094,113 | 2,085,269 | ||||
Carvana Auto Receivables Trust, Series 2021-N3, Class B | ||||||
0.660% 6/12/28 | 1,100,644 | 1,030,005 | ||||
Drive Auto Receivables Trust | ||||||
Series 2021-1, Class C, 1.020% 6/15/27 | 71,788 | 71,648 | ||||
Series 2021-1, Class D, 1.450% 1/16/29 | 5,500,000 | 5,330,359 | ||||
Series 2021-3, Class C, 1.470% 1/15/27 | 2,594,086 | 2,554,576 | ||||
Exeter Automobile Receivables Trust | ||||||
Series 2020-2A, Class D, 4.730% 4/15/26 (a) | 745,926 | 743,559 | ||||
Series 2023-5A, Class A2, 6.200% 4/15/26 | 883,181 | 884,555 | ||||
Flagship Credit Auto Trust, Series 2021-2, Class C | ||||||
1.270% 6/15/27 (a) | 5,835,000 | 5,583,614 | ||||
Ford Credit Auto Owner Trust, Series 2018-1, Class C | ||||||
3.490% 7/15/31 (a) | 3,500,000 | 3,428,810 | ||||
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class C | ||||||
5.310% 6/14/29 (a) | 1,100,000 | 1,050,692 | ||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D | ||||||
1.350% 7/15/27 | 4,664,163 | 4,528,109 | ||||
Principal Amount | Value | |||||
Westlake Automobile Receivables Trust | ||||||
Series 2020-3A, Class D, 1.650% 2/17/26 (a) | $1,875,093 | $1,855,943 | ||||
Series 2023-4A, Class A2, 6.230% 1/15/27 (a) | 1,800,000 | 1,806,613 | ||||
35,489,969 | ||||||
Commercial Mortgage-Backed Securities — 8.0% | ||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class B, 1 mo. USD Term SOFR + 1.797% | ||||||
7.122% FRN 7/15/35 (a) | 1,150,000 | 1,144,390 | ||||
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, 1 mo. USD Term SOFR + 2.047% | ||||||
7.373% FRN 12/15/37 (a) | 250,836 | 250,679 | ||||
CARS-DB4 LP, Series 2020-1A, Class A1 | ||||||
2.690% 2/15/50 (a) | 1,259,842 | 1,224,633 | ||||
COMM Mortgage Trust, Series 2015-LC19, Class D | ||||||
2.867% 2/10/48 (a) | 2,457,000 | 2,165,137 | ||||
Credit Suisse Mortgage Capital Certificates | ||||||
Series 2019-ICE4, Class D, 1 mo. USD Term SOFR + 1.647% 6.973% FRN 5/15/36 (a) | 5,985,110 | 5,979,501 | ||||
Series 2019-ICE4, Class E, 1 mo. USD Term SOFR + 2.197% 7.523% FRN 5/15/36 (a) | 3,596,053 | 3,591,559 | ||||
Extended Stay America Trust | ||||||
Series 2021-ESH, Class D, 1 mo. USD Term SOFR + 2.364% 7.690% FRN 7/15/38 (a) | 1,188,532 | 1,187,047 | ||||
Series 2021-ESH, Class F, 1 mo. USD Term SOFR + 3.814% 9.140% FRN 7/15/38 (a) | 1,645,660 | 1,643,602 | ||||
KREF Ltd., Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% | ||||||
7.640% FRN 2/15/39 (a) | 900,000 | 803,046 | ||||
Ready Capital Mortgage Financing LLC, Series 2023-FL12, Class A, 1 mo. USD Term SOFR + 2.335% | ||||||
7.664% FRN 5/25/38 (a) | 2,407,035 | 2,410,042 | ||||
20,399,636 | ||||||
Home Equity Asset-Backed Securities — 0.6% | ||||||
Home Equity Asset Trust, Series 2005-9, Class M1, 1 mo. USD Term SOFR + 0.729% | ||||||
6.059% FRN 4/25/36 | 1,154,188 | 1,123,759 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
24 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
JP Morgan Mortgage Acquisition Trust, Series 2007-CH3, Class A5, 1 mo. USD Term SOFR + 0.374% | ||||||
5.704% FRN 3/25/37 | $220,066 | $214,115 | ||||
Structured Asset Securities Corp. Mortgage Loan Trust | ||||||
Series 2006-BC6, Class A4, 1 mo. USD Term SOFR + 0.284% 5.614% FRN 1/25/37 | 127,190 | 125,163 | ||||
Series 2006-WF1, Class M4, 1 mo. USD Term SOFR + 0.759% 6.089% FRN 2/25/36 | 61,396 | 61,302 | ||||
1,524,339 | ||||||
Other Asset-Backed Securities — 16.6% | ||||||
321 Henderson Receivables I LLC, Series 2006-3A, Class A1, 1 mo. USD Term SOFR + 0.314% | ||||||
5.640% FRN 9/15/41 (a) | 35,328 | 34,874 | ||||
ACHV ABS TRUST, Series 2024-1PL, Class A | ||||||
5.900% 4/25/31 (a) | 2,700,000 | 2,699,945 | ||||
Affirm Asset Securitization Trust | ||||||
Series 2021-Z1, Class A, 1.070% 8/15/25 (a) | 628,538 | 623,887 | ||||
Series 2021-Z2, Class A, 1.170% 11/16/26 (a) | 258,216 | 257,451 | ||||
Series 2022-X1, Class A, 1.750% 2/15/27 (a) | 208,061 | 205,192 | ||||
Series 2023-X1, Class A, 7.110% 11/15/28 (a) | 4,908,668 | 4,932,015 | ||||
BHG Securitization Trust | ||||||
Series 2021-B, Class A, 0.900% 10/17/34 (a) | 472,605 | 460,969 | ||||
Series 2021-A, Class A, 1.420% 11/17/33 (a) | 1,993,627 | 1,901,965 | ||||
Series 2022-C, Class A, 5.320% 10/17/35 (a) | 1,674,597 | 1,666,571 | ||||
Series 2023-A, Class A, 5.550% 4/17/36 (a) | 2,613,503 | 2,597,593 | ||||
Conn’s Receivables Funding LLC, Series 2024-A, Class A | ||||||
7.050% 1/16/29 (a) | 2,840,126 | 2,844,694 | ||||
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class C | ||||||
3.310% 3/25/30 (a) | 155,316 | 154,939 | ||||
FCI Funding LLC | ||||||
Series 2021-1A, Class A, 1.130% 4/15/33 (a) | 392,260 | 388,484 | ||||
Series 2021-1A, Class B, 1.530% 4/15/33 (a) | 234,411 | 231,964 | ||||
Principal Amount | Value | |||||
FNA VI LLC, Series 2021-1A, Class A | ||||||
1.350% 1/10/32 (a) | $2,309,796 | $2,130,758 | ||||
Hilton Grand Vacations Trust, Series 2022-2A, Class C | ||||||
5.570% 1/25/37 (a) | 977,994 | 959,910 | ||||
Marlette Funding Trust, Series 2023-2A, Class A | ||||||
6.040% 6/15/33 (a) | 814,799 | 815,371 | ||||
MVW Owner Trust, Series 2018-1A, Class A | ||||||
3.450% 1/21/36 (a) | 315,535 | 313,100 | ||||
NP SPE II LLC, Series 2019-1A, Class A1 | ||||||
2.574% 9/20/49 (a) | 114,414 | 109,797 | ||||
Pagaya AI Debt Trust, Series 2022-1, Class A | ||||||
2.030% 10/15/29 (a) | 1,973,273 | 1,953,670 | ||||
PFS Financing Corp. | ||||||
Series 2021-B, Class B, 1.090% 8/15/26 (a) | 1,878,000 | 1,841,227 | ||||
Series 2022-A, Class B, 2.770% 2/15/27 (a) | 1,100,000 | 1,069,001 | ||||
PVONE 2023-1, LLC, Series 2023-2A, Class A | ||||||
7.670% 9/17/35 (a) | 1,076,366 | 1,084,698 | ||||
RAM, Series 2024-1, Class A, Series 2024-1, Class A | ||||||
6.669% 2/15/39 (a) (b) (c) | 4,146,691 | 4,146,691 | ||||
Reach Financial LLC, Series 2023-1A, Class A | ||||||
7.050% 2/18/31 (a) | 2,592,361 | 2,599,382 | ||||
SBA Tower Trust, Series 2014-2A, Class C, | ||||||
3.869% STEP 10/15/49 (a) | 3,200,000 | 3,163,520 | ||||
Sierra Timeshare Receivables Funding LLC | ||||||
Series 2019-3A, Class C, 3.000% 8/20/36 (a) | 380,085 | 370,795 | ||||
Series 2019-2A, Class C, 3.120% 5/20/36 (a) | 335,896 | 331,090 | ||||
Series 2019-3A, Class D, 4.180% 8/20/36 (a) | 342,843 | 333,946 | ||||
Trafigura Securitisation Finance PLC, Series 2021-1A, Class B | ||||||
1.780% 1/15/25 (a) | 1,800,000 | 1,738,143 | ||||
41,961,642 | ||||||
Student Loans Asset-Backed Securities — 4.4% | ||||||
Commonbond Student Loan Trust | ||||||
Series 2021-AGS, Class B, 1.400% 3/25/52 (a) | 133,474 | 99,220 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
25 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Series 2018-CGS, Class C, 4.350% 2/25/46 (a) | $9,831 | $8,600 | ||||
Series 2019-AGS, Class A2, 1 mo. USD Term SOFR + 1.014% 6.344% FRN 1/25/47 (a) | 152,949 | 148,847 | ||||
ELFI Graduate Loan Program LLC, Series 2018-A, Class A1, 1 mo. USD Term SOFR + 0.864% | ||||||
6.194% FRN 8/25/42 (a) | 237,288 | 235,841 | ||||
Goal Capital Funding Trust, Series 2010-1, Class A, 90 day USD SOFR Average + 0.962% | ||||||
6.320% FRN 8/25/48 (a) | 43,923 | 43,922 | ||||
JP Morgan Student Loan Trust, Series 2007-A, Class B, 90 day USD SOFR Average + 0.612% | ||||||
5.973% FRN 6/28/39 (a) | 164,830 | 147,809 | ||||
Laurel Road Prime Student Loan Trust | ||||||
Series 2019-A, Class A1FX, 2.340% 10/25/48 (a) | 58,124 | 56,043 | ||||
Series 2018-B, Class A2FX, 3.540% 5/26/43 (a) | 40,875 | 40,697 | ||||
Series 2017-C, Class A1, 1 mo. USD Term SOFR + 0.664% 5.994% FRN 11/25/42 (a) | 6,308 | 6,306 | ||||
Navient Private Education Refi Loan Trust | ||||||
Series 2021-A, Class A, 0.840% 5/15/69 (a) | 4,128,530 | 3,610,841 | ||||
Series 2020-HA, Class A, 1.310% 1/15/69 (a) | 891,353 | 814,466 | ||||
Navient Student Loan Trust, Series 2016-7A, Class A, 30 day USD SOFR Average + 1.264% | ||||||
6.585% FRN 3/25/66 (a) | 1,070,693 | 1,074,063 | ||||
Nelnet Student Loan Trust | ||||||
Series 2005-2, Class B, 90 day USD SOFR Average + 0.432% 5.785% FRN 3/23/37 | 523,365 | 497,227 | ||||
Series 2006-2, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/38 | 269,434 | 228,574 | ||||
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.865% FRN 6/25/41 | 122,473 | 107,750 | ||||
Series 2004-3, Class B, 90 day USD SOFR Average + 0.612% 5.973% FRN 10/25/40 | 545,845 | 494,649 | ||||
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 6/25/41 (a) | 295,000 | 284,116 | ||||
Principal Amount | Value | |||||
SLC Student Loan Trust | ||||||
Series 2006-2, Class B, 90 day USD SOFR Average + 0.492% 5.845% FRN 12/15/39 | $176,152 | $155,371 | ||||
Series 2005-2, Class B, 90 day USD SOFR Average + 0.542% 5.895% FRN 3/15/40 | 582,053 | 531,638 | ||||
SLM Student Loan Trust | ||||||
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/70 | 122,962 | 114,706 | ||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | 200,789 | 187,932 | ||||
Series 2006-2, Class B, 90 day USD SOFR Average + 0.482% 5.843% FRN 1/25/41 | 217,323 | 202,757 | ||||
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55 | 191,880 | 181,884 | ||||
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.093% FRN 10/25/64 | 121,485 | 114,660 | ||||
Series 2003-11, Class B, 90 day USD SOFR Average + 0.912% 6.265% FRN 12/15/38 | 135,043 | 129,345 | ||||
SMB Private Education Loan Trust | ||||||
Series 2019-A, Class A2B, 1 mo. USD Term SOFR + 0.984% 6.310% FRN 7/15/36 (a) | 626,574 | 621,788 | ||||
Series 2014-A, Class A3, 1 mo. USD Term SOFR + 1.614% 6.940% FRN 4/15/32 (a) | 91,721 | 91,746 | ||||
SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||
5.370% VRN 1/25/45 (a) (d) | 388,957 | 374,401 | ||||
SoFi Professional Loan Program LLC, Series 2018-D, Class A2FX | ||||||
3.600% 2/25/48 (a) | 505,588 | 489,301 | ||||
11,094,500 | ||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 8.7% | ||||||
Angel Oak Mortgage Trust, Series 2022-2, Class A1, | ||||||
3.353% VRN 1/25/67 (a) (d) | 1,983,143 | 1,824,875 | ||||
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A3, | ||||||
1.435% VRN 3/25/60 (a) (d) | 518,468 | 485,122 | ||||
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class A, | ||||||
0.985% VRN 11/25/50 (a) (d) | 668,811 | 632,719 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
26 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
CIM Trust, Series 2019-INV3, Class A11, 30 day USD SOFR Average + 1.064% | ||||||
5.500% FRN 8/25/49 (a) | $655,059 | $625,105 | ||||
COLT Mortgage Loan Trust, Series 2022-1, Class A1, | ||||||
2.284% VRN 12/27/66 (a) (d) | 7,600,036 | 6,664,298 | ||||
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3, | ||||||
1.128% VRN 5/25/65 (a) (d) | 334,478 | 307,830 | ||||
First Franklin Mortgage Loan Trust, Series 2006-FF15, Class A5, 1 mo. USD Term SOFR + 0.274% | ||||||
5.604% FRN 11/25/36 | 250,130 | 244,313 | ||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, 1 mo. USD Term SOFR + 0.864% | ||||||
6.194% FRN 5/25/55 (a) | 4,621,933 | 4,622,869 | ||||
OBX Trust | ||||||
Series 2021-NQM2, Class A2, 1.357% VRN 5/25/61 (a) (d) | 574,343 | 458,328 | ||||
Series 2020-EXP1, Class 2A2, 1 mo. USD Term SOFR + 1.064% 6.394% FRN 2/25/60 (a) | 287,305 | 274,501 | ||||
PSMC Trust, Series 2020-2, Class A2, | ||||||
3.000% VRN 5/25/50 (a) (d) | 762,758 | 669,266 | ||||
STAR Trust, Series 2021-1, Class A3, | ||||||
1.528% VRN 5/25/65 (a) (d) | 2,953,918 | 2,582,896 | ||||
Starwood Mortgage Residential Trust | ||||||
Series 2020-1, Class M1, 2.878% VRN 2/25/50 (a) (d) | 1,000,000 | 823,954 | ||||
Series 2019-INV1, Class A3, 2.916% VRN 9/27/49 (a) (d) | 988,552 | 949,606 | ||||
Verus Securitization Trust | ||||||
Series 2021-3, Class A3, 1.437% VRN 6/25/66 (a) (d) | 824,550 | 689,523 | ||||
Series 2019-INV2, Class A3, 4.219% VRN 7/25/59 (a) (d) | 228,202 | 222,909 | ||||
22,078,114 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $135,360,156) | 132,548,200 | |||||
U.S. Government Agency Obligations and Instrumentalities (e) — 11.1% | ||||||
Whole Loans — 11.1% | ||||||
Federal Home Loan Mortgage Corp. STACR REMICS Trust | ||||||
Series 2021-DNA6, Class M1, 30 day USD SOFR Average + 0.800% 6.120% FRN 10/25/41 (a) | 2,938,006 | 2,937,820 | ||||
Principal Amount | Value | |||||
Series 2021-HQA3, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 9/25/41 (a) | $6,581,896 | $6,550,721 | ||||
Series 2021-DNA7, Class M1, 30 day USD SOFR Average + 0.850% 6.170% FRN 11/25/41 (a) | 1,388,124 | 1,387,011 | ||||
Series 2022-DNA1, Class M1A, 30 day USD SOFR Average + 1.000% 6.320% FRN 1/25/42 (a) | 506,795 | 506,632 | ||||
Series 2022-DNA2, Class M1A, 30 day USD SOFR Average + 1.300% 6.620% FRN 2/25/42 (a) | 2,080,824 | 2,085,649 | ||||
Series 2020-DNA1, Class M2, 30 day USD SOFR Average + 1.814% 7.135% FRN 1/25/50 (a) | 611,106 | 615,377 | ||||
Series 2022-DNA3, Class M1A, 30 day USD SOFR Average + 2.000% 7.320% FRN 4/25/42 (a) | 2,453,614 | 2,486,419 | ||||
Series 2022-DNA5, Class M1A, 30 day USD SOFR Average + 2.950% 8.270% FRN 6/25/42 (a) | 2,442,051 | 2,512,622 | ||||
Federal Home Loan Mortgage Corp. STACR Trust, Series 2018-DNA3, Class M2A, 30 day USD SOFR Average + 2.214% | ||||||
7.535% FRN 9/25/48 (a) | 350,700 | 352,950 | ||||
Federal National Mortgage Association Connecticut Avenue Securities | ||||||
Series 2022-R05, Class 2M1, 30 day USD SOFR Average + 1.900% 7.220% FRN 4/25/42 (a) | 642,626 | 646,798 | ||||
Series 2023-R05, Class 1M1, 30 day USD SOFR Average + 1.900% 7.221% FRN 6/25/43 (a) | 1,180,875 | 1,193,223 | ||||
Series 2023-R03, Class 2M1, 30 day USD SOFR Average + 2.500% 7.820% FRN 4/25/43 (a) | 2,523,415 | 2,571,749 | ||||
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950% 8.271% FRN 6/25/42 (a) | 4,157,473 | 4,275,987 | ||||
28,122,958 | ||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $27,996,312) | $28,122,958 | |||||
The accompanying notes are an integral part of the financial statements. | ||||
27 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
U.S. Treasury Obligations — 20.0% | ||||||
U.S. Treasury Bonds & Notes — 20.0% | ||||||
U.S. Treasury Inflation-Indexed Bonds | ||||||
0.125% 2/15/51 | $769,464 | $459,769 | ||||
0.125% 2/15/52 | 996,426 | 585,965 | ||||
0.250% 2/15/50 | 719,268 | 453,882 | ||||
0.625% 2/15/43 | 1,139,442 | 874,473 | ||||
0.750% 2/15/42 | 954,772 | 761,628 | ||||
0.750% 2/15/45 | 1,230,281 | 943,660 | ||||
0.875% 2/15/47 | 766,056 | 590,426 | ||||
1.000% 2/15/46 | 650,365 | 520,438 | ||||
1.000% 2/15/48 | 1,062,347 | 836,238 | ||||
1.000% 2/15/49 | 496,040 | 388,511 | ||||
1.375% 2/15/44 | 1,322,420 | 1,159,359 | ||||
1.500% 2/15/53 | 725,781 | 633,453 | ||||
1.750% 1/15/28 | 1,176,920 | 1,167,011 | ||||
2.125% 2/15/40 | 499,079 | 504,982 | ||||
2.125% 2/15/41 | 647,390 | 655,582 | ||||
2.125% 2/15/54 | 502,115 | 507,361 | ||||
2.500% 1/15/29 | 933,075 | 958,513 | ||||
3.375% 4/15/32 | 347,270 | 384,624 | ||||
3.875% 4/15/29 | 1,781,041 | 1,947,159 | ||||
U.S. Treasury Inflation-Indexed Notes | ||||||
0.125% 4/15/25 | 2,386,380 | 2,327,251 | ||||
0.125% 1/15/30 | 2,276,010 | 2,060,174 | ||||
0.125% 7/15/30 | 2,344,037 | 2,111,609 | ||||
0.125% 1/15/31 | 2,486,295 | 2,211,835 | ||||
0.125% 7/15/31 | 2,069,856 | 1,831,163 | ||||
0.125% 1/15/32 | 2,001,294 | 1,748,181 | ||||
0.250% 7/15/29 | 1,445,856 | 1,333,121 | ||||
0.375% 7/15/27 | 1,259,930 | 1,198,821 | ||||
0.500% 1/15/28 | 1,874,205 | 1,773,339 | ||||
0.625% 7/15/32 | 2,545,824 | 2,308,431 | ||||
0.750% 7/15/28 (f) | 1,497,928 | 1,430,956 | ||||
0.875% 1/15/29 | 2,441,180 | 2,326,933 | ||||
1.125% 1/15/33 | 2,483,184 | 2,328,759 | ||||
1.250% 4/15/28 | 2,055,020 | 1,996,249 | ||||
1.375% 7/15/33 | 3,318,363 | 3,184,563 | ||||
1.625% 10/15/27 | 2,861,155 | 2,833,567 | ||||
1.750% 1/15/34 | 1,203,168 | 1,187,759 | ||||
2.375% 10/15/28 | 2,113,083 | 2,162,036 | ||||
50,687,781 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $53,523,183) | 50,687,781 | |||||
TOTAL BONDS & NOTES (Cost $218,220,596) | $212,700,974 | |||||
Principal Amount | Value | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $218,220,596) | $212,700,974 | |||||
Short-Term Investments — 15.4% | ||||||
Commercial Paper — 15.1% | ||||||
American Electric Power Co., Inc. | ||||||
5.995% 5/22/24 (a) | $2,000,000 | 1,982,935 | ||||
Bayer Corp. | ||||||
6.361% 8/15/24 (a) | 2,000,000 | 1,955,939 | ||||
6.388% 7/24/24 (a) | 3,000,000 | 2,944,185 | ||||
CRH America Finance, Inc. | ||||||
6.078% 6/14/24 (a) | 5,000,000 | 4,939,376 | ||||
Dentsply Sirona, Inc. | ||||||
5.702% 4/04/24 (a) | 5,000,000 | 4,994,721 | ||||
5.707% 4/09/24 (a) | 3,000,000 | 2,994,542 | ||||
Eversource Energy | ||||||
5.760% 4/09/24 (a) | 5,000,000 | 4,990,943 | ||||
L3Harris Technologies, Inc. | ||||||
6.407% 8/27/24 (a) | 3,000,000 | 2,928,805 | ||||
Marsh & McLennan, Co. | ||||||
5.478% 4/01/24 (a) (b) | 2,500,000 | 2,498,500 | ||||
Penske Truck Leasing Co. LP | ||||||
5.728% 4/08/24 | 3,000,000 | 2,994,916 | ||||
VW Credit, Inc. | ||||||
6.028% 5/02/24 (a) | 5,000,000 | 4,972,948 | ||||
38,197,810 | ||||||
Repurchase Agreement — 0.3% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (g) | 759,401 | 759,401 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $38,968,672) | 38,957,211 | |||||
TOTAL INVESTMENTS — 99.3% (Cost $257,189,268) (h) | 251,658,185 | |||||
Other Assets/(Liabilities) — 0.7% | 1,890,693 | |||||
NET ASSETS — 100.0% | $253,548,878 | |||||
FRN | Floating Rate Note | |||
REMICS | Real Estate Mortgage Investment Conduits | |||
SOFR | Secured Overnight Financing Rate | |||
STEP | Step Coupon Bond | |||
VRN | Variable Rate Note | |||
The accompanying notes are an integral part of the financial statements. | ||||
28 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) | ||
(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 March 31, 2024, the aggregate market value of these securities amounted to $178,101,690 or 70.24% of net assets. |
(b) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $6,645,191 or 2.62% of net assets. |
(c) | Investment is valued using significant unobservable inputs. |
(d) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or |
(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) | All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2). |
(g) | Maturity value of $759,536. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $774,663. |
(h) | See Note 6 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 Ultra 10 Year | 6/18/24 | 5 | $573,220 | $(173) | ||||||||
U.S. Treasury Ultra Bond | 6/18/24 | 1 | 128,003 | 997 | ||||||||
$824 | ||||||||||||
Short | ||||||||||||
U.S. Treasury Long Bond | 6/18/24 | 12 | $(1,442,960) | $(2,290) | ||||||||
U.S. Treasury Note 2 Year | 6/28/24 | 275 | (56,273,814) | 40,611 | ||||||||
U.S. Treasury Note 5 Year | 6/28/24 | 56 | (6,001,638) | 8,763 | ||||||||
$ 47,084 | ||||||||||||
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 4.706% | Annually | 11/07/25 | USD | 15,000,000 | $(3,707) | $— | $(3,707) | ||||||||||||||||||
Fixed 2.114% | Maturity | U.S. Consumer Price Index | Maturity | 1/04/26 | USD | 5,500,000 | 33,567 | — | 33,567 | ||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.077% | Annually | 2/02/26 | USD | 12,000,000 | (109,624) | — | (109,624) | ||||||||||||||||||
12-Month USD SOFR | Annually | Fixed 4.213% | Annually | 2/06/26 | USD | 12,000,000 | (80,407) | — | (80,407) | ||||||||||||||||||
Fixed 2.490% | Maturity | U.S. Consumer Price Index | Maturity | 7/31/26 | USD | 6,000,000 | 20,020 | — | 20,020 | ||||||||||||||||||
Fixed 2.482% | Maturity | U.S. Consumer Price Index | Maturity | 9/07/26 | USD | 3,000,000 | 5,943 | — | 5,943 | ||||||||||||||||||
$(134,208) | $ — | $(134,208) | |||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
29 | ||||
MassMutual Inflation-Protected and Income Fund — Portfolio of Investments (Continued) | ||
Paid by the Fund | Received by the Fund | |||||||||||||||||||||||||||||
Rate/Reference | Frequency | Rate/ Reference | Frequency | Counterparty | Termination Date | No. of Contracts/ Notional | Value | Upfront Premium Paid/ (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Fed Funds + 23.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Barclays PLC* | 5/31/24 | USD | 61,094,468 | $ 1,592,351 | $ — | $ 1,592,351 | ||||||||||||||||||||
Fed Funds + 18.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | BNP Paribas SA* | 7/31/24 | USD | 62,663,383 | 515,673 | — | 515,673 | ||||||||||||||||||||
Fed Funds + 22.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International* | 4/30/24 | USD | 45,782,736 | 2,465,941 | — | 2,465,941 | ||||||||||||||||||||
Fed Funds + 20.0 BP | Maturity | Bloomberg US Treasury Inflation Notes TR Index | Maturity | Goldman Sachs International* | 8/30/24 | USD | 13,450,654 | 110,689 | — | 110,689 | ||||||||||||||||||||
$ 4,684,654 | $— | $ 4,684,654 | ||||||||||||||||||||||||||||
* | Contracts are subject to a master netting agreement or similar agreement. |
USD | U.S. Dollar | |||
The accompanying notes are an integral part of the financial statements. | ||||
30 | ||||
MassMutual Core Bond Fund — Portfolio of Investments | ||
Principal Amount | Value | |||||
Bonds & Notes — 98.5% | ||||||
Corporate Debt — 38.0% | ||||||
Aerospace & Defense — 0.1% | ||||||
Boeing Co. | ||||||
5.930% 5/01/60 | $650,000 | $609,398 | ||||
Agriculture — 0.3% | ||||||
Reynolds American, Inc. | ||||||
5.850% 8/15/45 | 940,000 | 871,894 | ||||
Viterra Finance BV | ||||||
3.200% 4/21/31 (a) | 1,290,000 | 1,116,746 | ||||
1,988,640 | ||||||
Airlines — 0.2% | ||||||
Spirit Airlines Pass-Through Trust, Series 2015-1A, Class A, | ||||||
4.100% 10/01/29 | 971,578 | 891,156 | ||||
United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||
4.600% 9/01/27 | 266,903 | 257,518 | ||||
1,148,674 | ||||||
Auto Manufacturers — 0.7% | ||||||
Ford Motor Credit Co. LLC | ||||||
5.800% 3/05/27 | 1,151,000 | 1,155,257 | ||||
General Motors Co. | ||||||
5.150% 4/01/38 | 785,000 | 736,817 | ||||
General Motors Financial Co., Inc. | ||||||
3.100% 1/12/32 | 815,000 | 690,305 | ||||
5.400% 5/08/27 | 403,000 | 404,054 | ||||
Hyundai Capital America | ||||||
1.650% 9/17/26 (a) | 1,420,000 | 1,298,812 | ||||
4,285,245 | ||||||
Banks — 7.8% | ||||||
ABN AMRO Bank NV | ||||||
4.750% 7/28/25 (a) | 1,900,000 | 1,870,718 | ||||
AIB Group PLC Secured Overnight Financing Rate + 2.330% | ||||||
6.608% VRN 9/13/29 (a) | 1,453,000 | 1,514,701 | ||||
Bank of America Corp. | ||||||
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 1,765,000 | 1,411,705 | ||||
3 mo. USD Term SOFR + 1.302% 3.419% VRN 12/20/28 | 1,485,000 | 1,393,139 | ||||
5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | 2,025,000 | 1,790,236 | ||||
Bank of Ireland Group PLC Secured Overnight Financing Rate + 1.620% | ||||||
5.601% VRN 3/20/30 (a) | 656,000 | 653,390 | ||||
Principal Amount | Value | |||||
Bank of Montreal 5 yr. CMT + 2.979% | ||||||
4.800% VRN (b) | $1,550,000 | $1,514,693 | ||||
Barclays PLC | ||||||
5 yr. CMT + 5.867% 6.125% VRN (b) | 1,500,000 | 1,447,696 | ||||
5 yr. CMT + 5.431% 8.000% VRN (b) | 1,368,000 | 1,365,181 | ||||
BNP Paribas SA Secured Overnight Financing Rate + 1.590% | ||||||
5.497% VRN 5/20/30 (a) | 848,000 | 849,854 | ||||
BPCE SA Secured Overnight Financing Rate + 1.730% | ||||||
3.116% VRN 10/19/32 (a) | 1,830,000 | 1,499,669 | ||||
Citigroup, Inc. Secured Overnight Financing Rate + 3.813% | ||||||
5.000% VRN (b) | 1,241,000 | 1,233,333 | ||||
Danske Bank AS 1 yr. CMT + 1.400% | ||||||
5.705% VRN 3/01/30 (a) | 630,000 | 634,025 | ||||
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730% | ||||||
5.974% VRN 8/09/28 | 2,863,000 | 2,848,031 | ||||
Goldman Sachs Group, Inc. Secured Overnight Financing Rate + 1.410% | ||||||
3.102% VRN 2/24/33 | 1,420,000 | 1,214,449 | ||||
HSBC Holdings PLC Secured Overnight Financing Rate + 1.285% | ||||||
2.206% VRN 8/17/29 | 1,355,000 | 1,187,559 | ||||
ING Groep NV | ||||||
5 yr. USD Swap + 4.446% 6.500% VRN (b) | 1,925,000 | 1,901,089 | ||||
5 yr. USD ICE Swap + 4.204% 6.750% VRN (a) (b) | 1,325,000 | 1,325,000 | ||||
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | ||||||
2.956% VRN 5/13/31 | 1,235,000 | 1,079,585 | ||||
Lloyds Banking Group PLC | ||||||
5 yr. USD Swap + 4.760% 7.500% VRN (b) | 2,325,000 | 2,311,022 | ||||
1 yr. CMT + 3.750% 7.953% VRN 11/15/33 | 1,075,000 | 1,210,326 | ||||
5 yr. CMT + 3.913% 8.000% VRN (b) | 950,000 | 956,523 | ||||
Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||
3.052% VRN 3/03/36 (a) | 3,225,000 | 2,666,239 | ||||
Morgan Stanley | ||||||
Secured Overnight Financing Rate + 1.360% 2.484% VRN 9/16/36 | 1,290,000 | 1,020,241 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
31 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Secured Overnight Financing Rate + 2.620% 5.297% VRN 4/20/37 | $2,435,000 | $2,336,137 | ||||
National Australia Bank Ltd. 5 yr. CMT + 1.700% | ||||||
3.347% VRN 1/12/37 (a) | 2,800,000 | 2,368,165 | ||||
NatWest Group PLC | ||||||
5 yr. CMT + 2.100% 3.754% VRN 11/01/29 | 725,000 | 712,689 | ||||
5 yr. CMT + 5.625% 6.000% VRN (b) | 825,000 | 805,605 | ||||
Societe Generale SA | ||||||
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | 1,525,000 | 1,408,150 | ||||
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b) | 1,975,000 | 1,984,150 | ||||
SVB Financial Group | ||||||
4.250% (b) (c) | 301,000 | 4,524 | ||||
Swedbank AB 5 yr. CMT + 4.134% | ||||||
5.625% VRN (a) (b) | 1,200,000 | 1,192,500 | ||||
Synovus Bank | ||||||
5.625% 2/15/28 | 1,531,000 | 1,486,751 | ||||
Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||
8.125% VRN 10/31/82 | 2,737,000 | 2,870,711 | ||||
UBS Group AG 1 yr. CMT + 1.800% | ||||||
6.246% VRN 9/22/29 (a) | 819,000 | 844,971 | ||||
50,912,757 | ||||||
Beverages — 0.3% | ||||||
Bacardi Ltd./Bacardi-Martini BV | ||||||
5.900% 6/15/43 (a) | 437,000 | 439,345 | ||||
Molson Coors Beverage Co. | ||||||
4.200% 7/15/46 | 1,479,000 | 1,235,818 | ||||
1,675,163 | ||||||
Biotechnology — 0.2% | ||||||
Amgen, Inc. | ||||||
5.600% 3/02/43 | 887,000 | 902,455 | ||||
5.750% 3/02/63 | 665,000 | 678,267 | ||||
1,580,722 | ||||||
Chemicals — 0.3% | ||||||
Dow Chemical Co. | ||||||
5.600% 2/15/54 | 701,000 | 698,233 | ||||
LYB International Finance III LLC | ||||||
4.200% 5/01/50 | 1,350,000 | 1,056,031 | ||||
1,754,264 | ||||||
Computers — 0.1% | ||||||
Kyndryl Holdings, Inc. | ||||||
6.350% 2/20/34 | 570,000 | 585,083 | ||||
Principal Amount | Value | |||||
Diversified Financial Services — 3.5% | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||
3.300% 1/30/32 | $1,885,000 | $1,616,682 | ||||
Antares Holdings LP | ||||||
2.750% 1/15/27 (a) | 985,000 | 882,444 | ||||
3.950% 7/15/26 (a) | 2,800,000 | 2,631,386 | ||||
8.500% 5/18/25 (a) | 1,185,000 | 1,205,389 | ||||
ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||
4.125% VRN 6/30/51 (a) | 1,715,000 | 1,591,079 | ||||
ARES Finance Co. LLC | ||||||
4.000% 10/08/24 (a) | 2,180,000 | 2,144,631 | ||||
Avolon Holdings Funding Ltd. | ||||||
2.528% 11/18/27 (a) | 2,970,000 | 2,641,489 | ||||
3.250% 2/15/27 (a) | 1,545,000 | 1,434,811 | ||||
4.250% 4/15/26 (a) | 1,596,000 | 1,540,335 | ||||
Blue Owl Finance LLC | ||||||
3.125% 6/10/31 (a) | 1,765,000 | 1,477,827 | ||||
4.125% 10/07/51 (a) | 1,114,000 | 761,717 | ||||
Charles Schwab Corp. | ||||||
5 yr. CMT + 3.168% 4.000% VRN (b) | 2,075,000 | 1,941,315 | ||||
Secured Overnight Financing Rate + 2.500% | ||||||
5.853% VRN 5/19/34 | 904,000 | 925,739 | ||||
Global Aircraft Leasing Co. Ltd. | ||||||
6.500% 9/15/24 (a) | 1,989,054 | 1,891,846 | ||||
22,686,690 | ||||||
Electric — 1.8% | ||||||
Cleveland Electric Illuminating Co. | ||||||
5.950% 12/15/36 | 539,000 | 543,654 | ||||
CMS Energy Corp. | ||||||
4.700% 3/31/43 | 600,000 | 529,226 | ||||
4.875% 3/01/44 | 640,000 | 594,517 | ||||
Dominion Energy South Carolina, Inc. | ||||||
6.250% 10/15/53 | 246,000 | 275,379 | ||||
Dominion Energy, Inc. | ||||||
5.950% 6/15/35 | 620,000 | 638,270 | ||||
Duke Energy Florida LLC | ||||||
6.200% 11/15/53 | 632,000 | 696,772 | ||||
Emera, Inc. 3 mo. USD LIBOR + 5.440% | ||||||
6.750% VRN 6/15/76 | 1,625,000 | 1,604,889 | ||||
Entergy Texas, Inc. | ||||||
5.800% 9/01/53 | 1,112,000 | 1,147,980 | ||||
Indianapolis Power & Light Co. | ||||||
5.700% 4/01/54 (a) | 358,000 | 358,949 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
32 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
IPALCO Enterprises, Inc. | ||||||
5.750% 4/01/34 (a) | $547,000 | $545,265 | ||||
MidAmerican Energy Co. | ||||||
5.300% 2/01/55 | 487,000 | 481,740 | ||||
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||
3.800% VRN 3/15/82 | 1,165,000 | 1,056,925 | ||||
Pacific Gas & Electric Co. | ||||||
2.500% 2/01/31 | 945,000 | 785,842 | ||||
Sempra | ||||||
5 yr. CMT + 2.868% 4.125% VRN 4/01/52 | 960,000 | 885,644 | ||||
6.000% 10/15/39 | 171,000 | 174,150 | ||||
Tampa Electric Co. | ||||||
4.450% 6/15/49 | 421,000 | 360,560 | ||||
Virginia Electric & Power Co. | ||||||
5.350% 1/15/54 | 918,000 | 899,839 | ||||
11,579,601 | ||||||
Entertainment — 0.2% | ||||||
Warnermedia Holdings, Inc. | ||||||
4.279% 3/15/32 | 1,250,000 | 1,116,548 | ||||
Food — 0.7% | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||
3.625% 1/15/32 (d) | 2,285,000 | 1,955,126 | ||||
Smithfield Foods, Inc. | ||||||
2.625% 9/13/31 (a) | 1,555,000 | 1,217,751 | ||||
3.000% 10/15/30 (a) (d) | 1,208,000 | 1,000,052 | ||||
4.250% 2/01/27 (a) | 650,000 | 624,190 | ||||
4,797,119 | ||||||
Gas — 0.2% | ||||||
CenterPoint Energy Resources Corp. | ||||||
6.625% 11/01/37 | 1,370,000 | 1,491,685 | ||||
Hand & Machine Tools — 0.3% | ||||||
Regal Rexnord Corp. | ||||||
6.050% 4/15/28 (a) | 1,720,000 | 1,743,673 | ||||
Health Care – Services — 0.3% | ||||||
HCA, Inc. | ||||||
5.900% 6/01/53 | 1,385,000 | 1,392,648 | ||||
Humana, Inc. | ||||||
5.750% 4/15/54 | 815,000 | 820,310 | ||||
2,212,958 | ||||||
Insurance — 7.0% | ||||||
Allianz SE 5 yr. CMT + 2.973% | ||||||
3.500% VRN (a) (b) | 4,400,000 | 4,081,013 | ||||
Principal Amount | Value | |||||
Allstate Corp., (Acquired 11/30/18, Cost $3,292,364), 3 mo. USD Term SOFR + 3.200% | ||||||
8.507% VRN 8/15/53 (e) | $3,220,000 | $3,220,953 | ||||
Arthur J Gallagher & Co. | ||||||
5.750% 7/15/54 | 564,000 | 564,773 | ||||
Ascot Group Ltd. | ||||||
4.250% 12/15/30 (a) | 2,025,000 | 1,665,132 | ||||
Athene Global Funding | ||||||
2.673% 6/07/31 (a) | 2,820,000 | 2,336,178 | ||||
5.684% 2/23/26 (a) | 1,515,000 | 1,520,637 | ||||
AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||
4.900% VRN 1/15/40 | 1,530,000 | 1,364,697 | ||||
Brighthouse Financial, Inc. | ||||||
4.700% 6/22/47 | 1,305,000 | 1,034,837 | ||||
CNO Global Funding | ||||||
2.650% 1/06/29 (a) | 1,340,000 | 1,166,844 | ||||
Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||
6.875% VRN 12/15/52 | 2,899,000 | 2,902,474 | ||||
Enstar Finance LLC | ||||||
HYB, 5 yr. CMT + 4.006% 5.500% VRN 1/15/42 | 900,000 | 838,430 | ||||
5 yr. CMT + 5.468% 5.750% VRN 9/01/40 | 2,400,000 | 2,327,771 | ||||
Equitable Holdings, Inc. 5 yr. CMT + 4.736% 4.950% VRN (b) | 925,000 | 903,993 | ||||
Global Atlantic Fin Co. | ||||||
3.125% 6/15/31 (a) | 3,006,000 | 2,489,390 | ||||
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 3,275,000 | 2,951,508 | ||||
6.750% 3/15/54 (a) | 414,000 | 424,686 | ||||
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850% | ||||||
3.379% VRN 2/04/32 (a) | 2,365,000 | 2,191,862 | ||||
Hill City Funding Trust | ||||||
4.046% 8/15/41 (a) | 3,710,000 | 2,706,523 | ||||
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||
4.125% VRN 12/15/51 (a) | 1,295,000 | 1,169,063 | ||||
MetLife Capital Trust IV | ||||||
7.875% 12/15/67 (a) | 825,000 | 884,505 | ||||
Sammons Financial Group, Inc. | ||||||
3.350% 4/16/31 (a) | 4,555,000 | 3,719,401 | ||||
4.450% 5/12/27 (a) | 80,000 | 76,265 | ||||
4.750% 4/08/32 (a) | 90,000 | 79,134 | ||||
6.875% 4/15/34 (a) | 831,000 | 836,673 | ||||
USF&G Capital I | ||||||
8.500% 12/15/45 (a) | 1,015,000 | 1,149,104 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
33 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Vitality Re XV Ltd. 3 mo. U.S. Treasury Bill Rate + 2.500% | ||||||
7.862% FRN 1/08/28 (a) | $3,276,000 | $3,271,414 | ||||
45,877,260 | ||||||
Investment Companies — 2.0% | ||||||
ARES Capital Corp. | ||||||
2.150% 7/15/26 | 2,080,000 | 1,915,326 | ||||
5.875% 3/01/29 | 982,000 | 979,063 | ||||
BlackRock TCP Capital Corp. | ||||||
3.900% 8/23/24 | 1,137,000 | 1,126,367 | ||||
Blackstone Private Credit Fund | ||||||
2.625% 12/15/26 | 3,350,000 | 3,056,615 | ||||
Blue Owl Credit Income Corp. | ||||||
4.700% 2/08/27 | 1,855,000 | 1,759,776 | ||||
Blue Owl Technology Finance Corp. II | ||||||
6.750% 4/04/29 (a) (g) | 1,303,000 | 1,286,837 | ||||
Golub Capital BDC, Inc. | ||||||
2.500% 8/24/26 | 1,065,000 | 978,502 | ||||
6.000% 7/15/29 | 1,311,000 | 1,287,558 | ||||
HPS Corporate Lending Fund | ||||||
6.750% 1/30/29 (a) | 620,000 | 618,865 | ||||
13,008,909 | ||||||
Media — 1.0% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||
5.125% 5/01/27 (a) | 1,000,000 | 952,772 | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||
2.300% 2/01/32 (d) | 1,165,000 | 898,807 | ||||
6.484% 10/23/45 | 1,745,000 | 1,617,305 | ||||
Discovery Communications LLC | ||||||
4.000% 9/15/55 | 1,086,000 | 743,227 | ||||
Paramount Global | ||||||
5 yr. CMT + 3.999% 6.375% VRN 3/30/62 | 1,100,000 | 1,016,372 | ||||
6.875% 4/30/36 | 1,100,000 | 1,038,914 | ||||
Time Warner Cable LLC | ||||||
6.750% 6/15/39 | 600,000 | 571,482 | ||||
6,838,879 | ||||||
Oil & Gas — 2.0% | ||||||
BP Capital Markets PLC | ||||||
5 yr. CMT + 4.398% 4.875% VRN (b) | 1,540,000 | 1,469,192 | ||||
5 yr. CMT + 2.153% 6.450% VRN (b) | 720,000 | 745,624 | ||||
EQT Corp. | ||||||
3.900% 10/01/27 | 660,000 | 627,352 | ||||
7.000% STEP 2/01/30 | 1,800,000 | 1,912,403 | ||||
Principal Amount | Value | |||||
Ovintiv, Inc. | ||||||
6.500% 8/15/34 | $885,000 | $938,799 | ||||
6.500% 2/01/38 | 530,000 | 552,142 | ||||
7.100% 7/15/53 | 1,549,000 | 1,733,074 | ||||
Patterson-UTI Energy, Inc. | ||||||
3.950% 2/01/28 (d) | 2,105,000 | 1,989,483 | ||||
5.150% 11/15/29 (d) | 1,350,000 | 1,320,860 | ||||
Petroleos Mexicanos | ||||||
5.350% 2/12/28 | 845,000 | 748,572 | ||||
6.375% 1/23/45 | 585,000 | 377,204 | ||||
6.500% 3/13/27 | 295,000 | 277,860 | ||||
6.625% 6/15/38 | 202,000 | 143,841 | ||||
12,836,406 | ||||||
Oil & Gas Services — 0.2% | ||||||
Nov, Inc. | ||||||
3.950% 12/01/42 | 1,628,000 | 1,241,519 | ||||
Pharmaceuticals — 1.0% | ||||||
AbbVie, Inc. | ||||||
4.700% 5/14/45 | 745,000 | 696,645 | ||||
Cigna Group | ||||||
4.800% 7/15/46 | 1,010,000 | 918,111 | ||||
CVS Health Corp. | ||||||
5.050% 3/25/48 | 370,000 | 336,026 | ||||
5.875% 6/01/53 | 675,000 | 686,683 | ||||
6.125% 9/15/39 | 895,000 | 926,255 | ||||
CVS Pass-Through Trust | ||||||
5.926% 1/10/34 (a) | 1,453,183 | 1,426,806 | ||||
Utah Acquisition Sub, Inc. | ||||||
5.250% 6/15/46 | 2,105,000 | 1,746,341 | ||||
6,736,867 | ||||||
Pipelines — 1.5% | ||||||
Cheniere Energy, Inc. | ||||||
5.650% 4/15/34 (a) | 431,000 | 434,078 | ||||
Energy Transfer LP | ||||||
5.950% 5/15/54 | 651,000 | 649,663 | ||||
3 mo. USD Term SOFR + 4.290% 9.597% VRN (b) | 2,635,000 | 2,623,791 | ||||
EnLink Midstream Partners LP | ||||||
5.450% 6/01/47 | 1,150,000 | 1,000,822 | ||||
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | ||||||
5.250% VRN 8/16/77 | 1,250,000 | 1,186,132 | ||||
Plains All American Pipeline LP 3 mo. USD Term SOFR + 4.372% | ||||||
9.679% VRN (b) | 2,590,000 | 2,573,623 | ||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||
4.700% 6/15/44 | 1,395,000 | 1,184,020 | ||||
9,652,129 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
34 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Private Equity — 0.7% | ||||||
Apollo Management Holdings LP 5 yr. CMT + 3.266% | ||||||
4.950% VRN 1/14/50 (a) | $1,805,000 | $1,707,880 | ||||
Brookfield Finance, Inc. | ||||||
5.968% 3/04/54 | 1,491,000 | 1,542,296 | ||||
KKR Group Finance Co. VIII LLC | ||||||
3.500% 8/25/50 (a) | 920,000 | 646,230 | ||||
KKR Group Finance Co. X LLC | ||||||
3.250% 12/15/51 (a) | 1,182,000 | 795,211 | ||||
4,691,617 | ||||||
Real Estate — 0.1% | ||||||
CBRE Services, Inc. | ||||||
5.500% 4/01/29 | 587,000 | 590,544 | ||||
Real Estate Investment Trusts (REITS) — 3.1% | ||||||
Broadstone Net Lease LLC | ||||||
2.600% 9/15/31 | 2,126,000 | 1,679,889 | ||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||
3.750% 12/15/27 (a) | 2,675,000 | 2,288,964 | ||||
GLP Capital LP/GLP Financing II, Inc. | ||||||
5.750% 6/01/28 | 1,150,000 | 1,150,850 | ||||
Kimco Realty OP LLC | ||||||
4.125% 12/01/46 | 555,000 | 424,808 | ||||
4.450% 9/01/47 | 1,055,000 | 858,589 | ||||
Omega Healthcare Investors, Inc. | ||||||
3.375% 2/01/31 | 1,645,000 | 1,404,111 | ||||
3.625% 10/01/29 | 800,000 | 714,091 | ||||
4.500% 4/01/27 | 478,000 | 462,573 | ||||
Piedmont Operating Partnership LP | ||||||
2.750% 4/01/32 | 1,055,000 | 758,131 | ||||
9.250% 7/20/28 | 772,000 | 822,108 | ||||
Rexford Industrial Realty LP | ||||||
2.125% 12/01/30 | 1,075,000 | 878,652 | ||||
Service Properties Trust | ||||||
4.950% 10/01/29 | 1,320,000 | 1,080,648 | ||||
Store Capital LLC | ||||||
4.500% 3/15/28 (d) | 700,000 | 663,465 | ||||
4.625% 3/15/29 (d) | 2,950,000 | 2,779,278 | ||||
VICI Properties LP/VICI Note Co., Inc. | ||||||
3.750% 2/15/27 (a) | 870,000 | 824,543 | ||||
WEA Finance LLC | ||||||
2.875% 1/15/27 (a) | 1,965,000 | 1,797,036 | ||||
WEA Finance LLC/Westfield UK & Europe Finance PLC | ||||||
3.750% 9/17/24 (a) | 1,575,000 | 1,554,414 | ||||
20,142,150 | ||||||
Principal Amount | Value | |||||
Retail — 0.0% | ||||||
Alimentation Couche-Tard, Inc. | ||||||
5.617% 2/12/54 (a) | $214,000 | $216,008 | ||||
Software — 0.4% | ||||||
Electronic Arts, Inc. | ||||||
2.950% 2/15/51 | 1,050,000 | 701,875 | ||||
Microsoft Corp. | ||||||
2.921% 3/17/52 | 1,425,000 | 1,007,439 | ||||
Oracle Corp. | ||||||
6.900% 11/09/52 | 631,000 | 726,062 | ||||
2,435,376 | ||||||
Telecommunications — 1.4% | ||||||
AT&T, Inc. | ||||||
3.550% 9/15/55 | 4,280,000 | 2,992,685 | ||||
British Telecommunications PLC | ||||||
9.625% STEP 12/15/30 | 1,285,000 | 1,576,220 | ||||
Cisco Systems, Inc. | ||||||
5.300% 2/26/54 | 268,000 | 275,098 | ||||
Motorola Solutions, Inc. | ||||||
5.400% 4/15/34 | 724,000 | 722,570 | ||||
Sprint Capital Corp. | ||||||
8.750% 3/15/32 | 1,260,000 | 1,527,815 | ||||
T-Mobile USA, Inc. | ||||||
6.000% 6/15/54 | 922,000 | 985,476 | ||||
Vodafone Group PLC | ||||||
4.250% 9/17/50 | 1,075,000 | 867,740 | ||||
8,947,604 | ||||||
Venture Capital — 0.6% | ||||||
Hercules Capital, Inc. | ||||||
2.625% 9/16/26 | 3,352,000 | 3,043,874 | ||||
3.375% 1/20/27 | 1,295,000 | 1,189,252 | ||||
4,233,126 | ||||||
TOTAL CORPORATE DEBT (Cost $263,596,988) | 247,616,614 | |||||
Non-U.S. Government Agency Obligations — 23.3% | ||||||
Commercial Mortgage-Backed Securities — 9.3% | ||||||
Bank, Series 2020-BN30, Class MCDF, | ||||||
2.918% VRN 12/15/53 (f) | $3,165,000 | $1,753,684 | ||||
Benchmark Mortgage Trust | ||||||
Series 2021-B23, Class 360A, 2.760% VRN 2/15/54 (a) (f) | 3,150,000 | 2,372,880 | ||||
Series 2021-B23, Class 360B, 2.760% VRN 2/15/54 (a) (f) | 4,800,000 | 3,337,549 | ||||
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (f) | 3,100,000 | 2,258,103 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
35 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
BGME Trust | ||||||
Series 2021-VR, Class C, 2.995% VRN 1/10/43 (a) (f) | $16,248,000 | $12,768,119 | ||||
Series 2021-VR, Class D, 2.995% VRN 1/10/43 (a) (f) | 3,790,000 | 2,839,307 | ||||
BMO Mortgage Trust, Series 2023-C4, Class A5, | ||||||
5.117% VRN 2/15/56 (f) | 1,300,000 | 1,306,822 | ||||
BX Trust, Series 2023-LIFE, Class C | ||||||
5.884% 2/15/28 (a) | 1,500,000 | 1,442,343 | ||||
CARS-DB4 LP | ||||||
Series 2020-1A, Class A3, 3.250% 2/15/50 (a) | 552,734 | 484,607 | ||||
Series 2020-1A, Class A6, 3.810% 2/15/50 (a) | 486,119 | 414,173 | ||||
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||
3.502% 8/10/56 | 1,259,000 | 1,010,177 | ||||
COLEM Mortgage Trust, Series 2022-HLNE, Class D, | ||||||
2.461% VRN 4/12/42 (a) (f) | 1,900,000 | 1,520,444 | ||||
COMM Mortgage Trust | ||||||
Series 2015-CR23, Class B, 4.183% VRN 5/10/48 (f) | 1,200,000 | 1,131,342 | ||||
Series 2015-CR23, Class C, 4.283% VRN 5/10/48 (f) | 1,050,000 | 959,419 | ||||
DROP Mortgage Trust | ||||||
Series 2021-FILE, Class C, 1 mo. USD Term SOFR + 2.364% 7.690% FRN 10/15/43 (a) | 3,365,000 | 2,964,174 | ||||
Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% 8.190% FRN 10/15/43 (a) | 1,162,000 | 919,085 | ||||
GS Mortgage Securities Trust, Series 2019-GC39, Class C, | ||||||
4.005% VRN 5/10/52 (f) | 1,357,000 | 996,607 | ||||
KREF Ltd. | ||||||
Series 2021-FL2, Class B, 1 mo. USD Term SOFR + 1.764% 7.090% FRN 2/15/39 (a) | 3,500,000 | 3,318,556 | ||||
Series 2021-FL2, Class C, 1 mo. USD Term SOFR + 2.114% 7.440% FRN 2/15/39 (a) | 5,800,000 | 5,401,748 | ||||
Series 2021-FL2, Class D, 1 mo. USD Term SOFR + 2.314% 7.640% FRN 2/15/39 (a) | 3,200,000 | 2,855,273 | ||||
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||
7.190% FRN 3/15/38 (a) | 2,505,591 | 2,449,219 | ||||
Principal Amount | Value | |||||
MFT Mortgage Trust | ||||||
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | $1,185,000 | $807,528 | ||||
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (f) | 1,278,000 | 819,941 | ||||
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||
7.541% FRN 7/15/39 (a) | 4,879,000 | 3,300,338 | ||||
Wells Fargo Commercial Mortgage Trust | ||||||
Series 2018-C45, Class B, 4.556% 6/16/51 | 390,000 | 356,186 | ||||
Series 2021-FCMT, Class B, 1 mo. USD Term SOFR + 1.964% 7.291% FRN 5/15/31 (a) | 3,000,000 | 2,912,977 | ||||
60,700,601 | ||||||
Home Equity Asset-Backed Securities — 0.1% | ||||||
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-GEL1, Class M2, 1 mo. USD Term SOFR + 1.314% | ||||||
6.644% FRN 11/25/35 (a) | 338,626 | 333,597 | ||||
Other Asset-Backed Securities — 9.2% | ||||||
AASET Trust, Series 2021-2A, Class B | ||||||
3.538% 1/15/47 (a) | 947,433 | 797,217 | ||||
Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class CR2, 3 mo. USD Term SOFR + 2.512% | ||||||
7.826% FRN 7/15/32 (a) | 830,000 | 830,038 | ||||
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | ||||||
7.874% FRN 4/26/35 (a) | 1,750,000 | 1,757,548 | ||||
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||
6.618% FRN 4/18/35 (a) | 1,000,000 | 1,000,174 | ||||
Business Jet Securities LLC, Series 2021-1A, Class C | ||||||
5.067% 4/15/36 (a) | 544,355 | 523,432 | ||||
Eaton Vance CLO Ltd. | ||||||
Series 2018-1A, Class B, 3 mo. USD Term SOFR + 2.012% 7.326% FRN 10/15/30 (a) | 1,700,000 | 1,700,185 | ||||
Series 2020-1A, Class CR, 3 mo. USD Term SOFR + 2.312% 7.626% FRN 10/15/34 (a) | 400,000 | 399,983 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
36 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 3 mo. USD Term SOFR + 1.520% | ||||||
6.831% FRN 4/20/37 (a) | $3,000,000 | $3,007,236 | ||||
Elmwood CLO III Ltd., Series 2019-3A, Class BR, 3 mo. USD Term SOFR + 1.912% | ||||||
7.229% FRN 10/20/34 (a) | 1,300,000 | 1,301,195 | ||||
Flatiron CLO 20 Ltd., Series 2020-1A, Class BR, 3 mo. USD Term SOFR + 1.920% | ||||||
7.220% FRN 5/20/36 (a) (g) | 500,000 | 500,090 | ||||
Goodgreen Trust | ||||||
Series 2019-2A, Class A, 2.760% 4/15/55 (a) | 2,014,484 | 1,700,609 | ||||
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 798,335 | 718,255 | ||||
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 383,368 | 346,727 | ||||
Series 2019-1A, Class A, 3.860% 10/15/54 (a) | 771,534 | 692,642 | ||||
Series 2018-1A, Class A, 3.930% VRN 10/15/53 (a) (f) | 996,353 | 907,575 | ||||
Hero Funding Trust | ||||||
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 325,013 | 287,486 | ||||
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 363,824 | 312,905 | ||||
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 109,401 | 95,246 | ||||
Series 2016-4A, Class A1, 3.570% 9/20/47 (a) | 341,355 | 305,392 | ||||
Series 2017-2A, Class A2, 4.070% 9/20/48 (a) | 87,950 | 78,614 | ||||
Series 2018-1A, Class A2, 4.670% 9/20/48 (a) | 641,645 | 597,144 | ||||
HPS Loan Management Ltd., Series 2023-18A, Class B, 3 mo. USD Term SOFR + 2.950% | ||||||
8.268% FRN 7/20/36 (a) | 1,000,000 | 1,011,925 | ||||
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||
4.300% 1/15/42 (a) | 1,547,814 | 1,378,483 | ||||
MACH 1 Cayman Ltd., Series 2019-1, Class A | ||||||
3.474% 10/15/39 (a) | 1,037,244 | 937,689 | ||||
Madison Park Funding XXIX Ltd., Series 2018-29A, Class C, 3 mo. USD Term SOFR + 2.462% | ||||||
7.760% FRN 10/18/30 (a) | 680,000 | 680,119 | ||||
Principal Amount | Value | |||||
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | ||||||
7.176% FRN 7/15/30 (a) | $2,090,000 | $2,090,073 | ||||
Mariner Finance Issuance Trust | ||||||
Series 2021-AA, Class B, 2.330% 3/20/36 (a) | 1,771,000 | 1,570,438 | ||||
Series 2021-AA, Class C, 2.960% 3/20/36 (a) | 835,000 | 721,552 | ||||
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | ||||||
1.000% FRN 4/18/36 (a) (g) | 700,000 | 700,123 | ||||
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | ||||||
6.878% FRN 4/15/37 (a) | 2,000,000 | 2,001,350 | ||||
Mosaic Solar Loan Trust, Series 2018-1A, Class A | ||||||
4.010% 6/22/43 (a) | 130,839 | 122,438 | ||||
Mosaic Solar Loans LLC | ||||||
Series 2017-2A, Class A, 3.820% 6/22/43 (a) | 287,756 | 268,241 | ||||
Series 2017-1A, Class A, 4.450% 6/20/42 (a) | 122,095 | 117,222 | ||||
Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class B, 3 mo. USD Term SOFR + 1.912% | ||||||
7.226% FRN 10/14/35 (a) | 1,350,000 | 1,350,921 | ||||
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||
7.429% FRN 10/20/34 (a) | 550,000 | 550,039 | ||||
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||
6.749% FRN 10/30/34 (a) | 2,000,000 | 2,001,658 | ||||
Regatta XIV Funding Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 2.112% | ||||||
7.436% FRN 10/25/31 (a) | 1,030,000 | 1,030,845 | ||||
RR 7 Ltd., Series 2019-7A, Class A2B, 3 mo. USD Term SOFR + 1.850% | ||||||
7.167% FRN 1/15/37 (a) | 750,000 | 749,977 | ||||
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class D | ||||||
3.170% 11/20/37 (a) | 581,820 | 541,080 | ||||
Structured Receivables Finance LLC, Series 2010-B, Class A | ||||||
3.730% 8/15/36 (a) | 55,103 | 54,124 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
37 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||
4.870% 7/20/48 (a) | $540,577 | $511,061 | ||||
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||
4.190% 1/15/71 (a) | 1,564,562 | 1,426,173 | ||||
Symphony CLO 30 Ltd., Series 2023-30A, Class B, 3 mo. USD Term SOFR + 2.650% | ||||||
7.968% FRN 4/20/35 (a) | 1,875,000 | 1,877,524 | ||||
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 | 1,502,967 | ||||
Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530% | ||||||
6.837% FRN 4/17/37 (a) | 2,000,000 | 1,999,244 | ||||
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||
7.279% FRN 1/20/31 (a) | 2,440,000 | 2,440,112 | ||||
Thrust Engine Leasing DAC | ||||||
Series 2021-1A, Class A, 4.163% 7/15/40 (a) | 3,269,593 | 3,013,126 | ||||
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,484,483 | 1,352,884 | ||||
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 624,688 | 549,744 | ||||
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||
7.229% FRN 10/20/32 (a) | 1,100,000 | 1,100,506 | ||||
TICP CLO XV Ltd., Series 2020-15A, Class A, 3 mo. USD Term SOFR + 1.542% | ||||||
6.859% FRN 4/20/33 (a) | 4,200,000 | 4,204,196 | ||||
Vivint Solar Financing V LLC, Series 2018-1A, Class B | ||||||
7.370% 4/30/48 (a) | 1,532,139 | 1,428,739 | ||||
Voya CLO Ltd. | ||||||
Series 2021-3A, Class B, 3 mo. USD Term SOFR + 1.862% 7.179% FRN 1/20/35 (a) | 500,000 | 496,395 | ||||
Series 2015-3A, Class A3R, 3 mo. USD Term SOFR + 1.962% 7.279% FRN 10/20/31 (a) | 1,500,000 | 1,499,472 | ||||
WAVE Trust, Series 2017-1A, Class C | ||||||
6.656% 11/15/42 (a) | 2,241,207 | 450,506 | ||||
Principal Amount | Value | |||||
Willis Engine Structured Trust IV, Series 2018-A, Class A, | ||||||
4.750% STEP 9/15/43 (a) | $426,734 | $407,326 | ||||
59,997,965 | ||||||
Student Loans Asset-Backed Securities — 2.5% | ||||||
College Avenue Student Loans LLC | ||||||
Series 2019-A, Class B, 3.810% 12/28/48 (a) | 1,293,406 | 1,176,493 | ||||
Series 2019-A, Class C, 4.460% 12/28/48 (a) | 864,586 | 785,949 | ||||
Education Loan Asset-Backed Trust I | ||||||
Series 2003-1, Class A2, 5.272% FRN 2/01/43 (a) (f) | 1,300,000 | 1,202,470 | ||||
Series 2003-2, Class 2A1, 6.258% FRN 8/01/43 (a) (f) | 1,950,000 | 1,816,056 | ||||
Series 2013-1, Class B1, 30 day USD SOFR Average + 1.114% 6.435% FRN 11/25/33 (a) | 523,719 | 509,981 | ||||
Higher Education Funding I | ||||||
Series 2004-1, Class B1, 5.784% FRN 1/01/44 (a) (f) | 600,000 | 516,403 | ||||
Series 2004-1, Class B2, 5.793% FRN 1/01/44 (a) (f) | 600,000 | 516,371 | ||||
Navient Student Loan Trust, Series 2018-EA, Class B | ||||||
4.440% 12/15/59 (a) | 730,000 | 666,148 | ||||
Nelnet Student Loan Trust | ||||||
Series 2019-5, Class B, 3.450% 10/25/67 (a) | 2,850,000 | 2,150,684 | ||||
Series 2014-3A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 10/25/50 (a) | 975,000 | 915,421 | ||||
Series 2015-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 5/26/54 (a) | 1,130,000 | 1,113,352 | ||||
SLC Student Loan Trust, Series 2005-1, Class B, 90 day USD SOFR Average + 0.462% | ||||||
5.822% FRN 2/15/45 | 796,949 | 716,876 | ||||
SLM Student Loan Trust | ||||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | 1,409,044 | 1,318,818 | ||||
Series 2005-8, Class B, 90 day USD SOFR Average + 0.572% 5.933% FRN 1/25/55 | 930,327 | 881,862 | ||||
SoFi Alternative Trust, Series 2019-C, Class PT, | ||||||
5.370% VRN 1/25/45 (a) (f) | 1,806,713 | 1,739,100 | ||||
16,025,984 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
38 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Whole Loan Collateral Collateralized Mortgage Obligations — 2.2% | ||||||
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||
5.258% VRN 8/25/34 (f) | $22,216 | $21,671 | ||||
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class M1, | ||||||
2.317% VRN 4/25/66 (a) (f) | 1,670,000 | 1,057,649 | ||||
Flagstar Mortgage Trust, Series 2021-6INV, Class A18, | ||||||
2.500% VRN 8/25/51 (a) (f) | 4,375,228 | 3,470,786 | ||||
New Residential Mortgage Loan Trust, Series 2021-INV1, Class A4, | ||||||
2.500% VRN 6/25/51 (a) (f) | 2,627,042 | 2,082,341 | ||||
NMLT Trust, Series 2021-INV1, Class M1, | ||||||
2.711% VRN 5/25/56 (a) (f) | 3,723,000 | 2,577,933 | ||||
STAR Trust, Series 2021-1, Class M1, | ||||||
2.363% VRN 5/25/65 (a) (f) | 5,273,000 | 3,958,599 | ||||
Starwood Mortgage Residential Trust, Series 2021-3, Class M1, | ||||||
2.491% VRN 6/25/56 (a) (f) | 1,840,000 | 1,248,176 | ||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-1, Class A1, | ||||||
3.933% VRN 11/25/48 (a) (f) | 28,750 | 26,909 | ||||
14,444,064 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $174,921,047) | 151,502,211 | |||||
Sovereign Debt Obligation — 0.2% | ||||||
Mexico Government International Bond | ||||||
4.750% 3/08/44 | 1,778,000 | 1,479,863 | ||||
TOTAL SOVEREIGN DEBT OBLIGATION (Cost $1,789,109) | 1,479,863 | |||||
U.S. Government Agency Obligations and Instrumentalities (h) — 28.5% | ||||||
Collateralized Mortgage Obligations — 0.0% | ||||||
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | 43,295 | 44,595 | ||||
Pass-Through Securities — 28.5% | ||||||
Federal Home Loan Mortgage Corp. | ||||||
Pool #RA4245 2.000% 12/01/50 | 4,195,530 | 3,365,848 | ||||
Pool #RA4255 2.000% 1/01/51 | 8,526,935 | 6,859,356 | ||||
Principal Amount | Value | |||||
Pool #RA5576 2.500% 7/01/51 | $7,009,629 | $5,877,708 | ||||
Pool #SD0905 3.000% 3/01/52 | 3,359,414 | 2,909,519 | ||||
Pool #RA2483 3.500% 6/01/50 | 4,787,963 | 4,333,962 | ||||
Pool #Z40047 4.000% 10/01/41 | 64,249 | 61,586 | ||||
Pool #SD1523 4.000% 8/01/52 | 4,799,174 | 4,485,520 | ||||
Pool #SD1603 4.000% 9/01/52 | 3,038,688 | 2,814,453 | ||||
Pool #SD4364 5.500% 10/01/53 | 5,105,747 | 5,107,820 | ||||
Federal National Mortgage Association | ||||||
Pool #CB0414 2.500% 5/01/51 | 6,107,485 | 5,092,615 | ||||
Pool #FM8596 2.500% 9/01/51 | 2,158,965 | 1,809,659 | ||||
Pool #FS3035 2.500% 4/01/52 | 7,762,043 | 6,511,048 | ||||
Pool #MA3029 3.000% 6/01/32 | 1,395,066 | 1,322,948 | ||||
Pool #MA3090 3.000% 8/01/32 | 475,679 | 450,201 | ||||
Pool #FS1075 3.000% 3/01/52 | 3,448,382 | 3,005,915 | ||||
Pool #CB3304 3.000% 4/01/52 | 5,236,178 | 4,564,316 | ||||
Pool #CB3305 3.000% 4/01/52 | 6,236,077 | 5,428,122 | ||||
Pool #AS1304 3.500% 12/01/28 | 329,507 | 319,678 | ||||
Pool #MA1356 3.500% 2/01/43 | 3,155,546 | 2,894,408 | ||||
Pool #CA6096 3.500% 6/01/50 | 6,456,903 | 5,816,403 | ||||
Pool #FM4017 3.500% 8/01/50 | 347,716 | 314,745 | ||||
Pool #CB3842 3.500% 6/01/52 | 9,905,593 | 8,933,831 | ||||
Pool #CA1909 4.500% 6/01/48 | 2,032,553 | 1,964,471 | ||||
Pool #CB3866 4.500% 6/01/52 | 5,402,502 | 5,187,774 | ||||
Pool #CB4129 4.500% 7/01/52 | 4,784,700 | 4,561,632 | ||||
Pool #AD6437 5.000% 6/01/40 | 177,626 | 178,930 | ||||
Pool #AD6996 5.000% 7/01/40 | 1,177,410 | 1,186,610 | ||||
Pool #AL8173 5.000% 2/01/44 | 409,539 | 412,466 | ||||
Government National Mortgage Association | ||||||
Pool #781038 6.500% 5/15/29 | 13,981 | 14,208 | ||||
Pool #781468 6.500% 7/15/32 | 1,238 | 1,269 | ||||
Pool #781496 6.500% 9/15/32 | 5,498 | 5,615 | ||||
Pool #781124 7.000% 12/15/29 | 2,009 | 2,045 | ||||
Pool #781319 7.000% 7/15/31 | 41,389 | 42,403 | ||||
Pool #581417 7.000% 7/15/32 | 6,716 | 6,816 | ||||
Pool #565982 7.000% 7/15/32 | 10,089 | 10,423 | ||||
Pool #441009 8.000% 11/15/26 | 138 | 140 | ||||
Pool #522777 8.000% 12/15/29 | 2,528 | 2,592 | ||||
Pool #523043 8.000% 3/15/30 | 91 | 94 | ||||
Pool #529134 8.000% 3/15/30 | 1,025 | 1,067 | ||||
Pool #477036 8.000% 4/15/30 | 105 | 109 | ||||
Pool #503157 8.000% 4/15/30 | 8,738 | 9,085 | ||||
Pool #528714 8.000% 4/15/30 | 816 | 850 | ||||
Pool #544640 8.000% 11/15/30 | 7,182 | 7,500 | ||||
Pool #531298 8.500% 8/15/30 | 368 | 380 | ||||
Government National Mortgage Association II | ||||||
Pool #MA6038 3.000% 7/20/49 | 2,471,790 | 2,198,984 | ||||
Pool #MA6283 3.000% 11/20/49 | 4,484,383 | 3,986,649 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
39 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Pool #MA6409 3.000% 1/20/50 | $4,668,250 | $4,150,107 | ||||
Pool #MA4321 3.500% 3/20/47 | 2,773,922 | 2,555,341 | ||||
Government National Mortgage Association II, TBA | ||||||
2.500% 4/20/54 (g) | 3,900,000 | 3,321,516 | ||||
3.000% 4/20/54 (g) | 4,100,000 | 3,616,276 | ||||
3.500% 4/20/54 (g) | 5,280,000 | 4,804,185 | ||||
4.500% 4/20/54 (g) | 2,000,000 | 1,921,617 | ||||
Uniform Mortgage-Backed Security, TBA | ||||||
2.500% 4/01/54 (g) | 25,575,000 | 21,140,336 | ||||
3.000% 4/01/54 (g) | 11,225,000 | 9,659,639 | ||||
3.500% 4/01/54 (g) | 2,150,000 | 1,923,662 | ||||
4.000% 4/01/54 (g) | 1,075,000 | 995,467 | ||||
4.500% 4/01/54 (g) | 3,325,000 | 3,166,153 | ||||
5.000% 4/01/39 (g) | 9,000,000 | 8,983,477 | ||||
5.000% 4/01/54 (g) | 5,275,000 | 5,148,482 | ||||
5.500% 4/01/54 (g) | 12,400,000 | 12,340,422 | ||||
185,788,453 | ||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $197,954,724) | 185,833,048 | |||||
U.S. Treasury Obligations — 8.5% | ||||||
U.S. Treasury Bonds & Notes — 8.5% | ||||||
U.S. Treasury Bonds | ||||||
2.250% 8/15/49 (i) | 21,950,000 | 14,636,677 | ||||
U.S. Treasury Notes | ||||||
4.625% 10/15/26 | 40,400,000 | 40,514,558 | ||||
55,151,235 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $55,274,010) | 55,151,235 | |||||
TOTAL BONDS & NOTES (Cost $693,535,878) | 641,582,971 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $693,535,878) | 641,582,971 | |||||
Short-Term Investments — 13.3% | ||||||
Commercial Paper — 12.4% | ||||||
Bayer Corp. | ||||||
6.361% 8/15/24 (a) | 9,000,000 | 8,801,725 | ||||
6.396% 7/26/24 (a) | 7,200,000 | 7,063,800 | ||||
CRH America Finance, Inc. | ||||||
6.078% 6/14/24 (a) | 10,000,000 | 9,878,753 | ||||
6.091% 6/17/24 (a) | 5,000,000 | 4,937,034 | ||||
Principal Amount | Value | |||||
Dentsply Sirona, Inc. | ||||||
5.645% 4/16/24 (a) | $5,000,000 | $4,985,492 | ||||
5.702% 4/04/24 (a) | 5,000,000 | 4,994,721 | ||||
Eversource Energy | ||||||
5.718% 4/10/24 (a) | 6,000,000 | 5,988,223 | ||||
L3Harris Technologies, Inc. | ||||||
5.669% 4/22/24 (a) | 8,000,000 | 7,969,441 | ||||
5.837% 4/04/24 (a) | 4,000,000 | 3,995,777 | ||||
Marsh & McLennan, Co. | ||||||
5.478% 4/01/24 (a) (j) | 10,000,000 | 9,994,000 | ||||
OGE Energy Corp. | ||||||
5.698% 4/04/24 (a) | 4,000,000 | 3,995,777 | ||||
VW Credit, Inc. | ||||||
6.028% 5/02/24 (a) | 8,000,000 | 7,956,717 | ||||
80,561,460 | ||||||
Number of Shares | ||||||
Investment of Cash Collateral from Securities Loaned — 0.7% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (k) | 4,602,658 | 4,602,658 | ||||
Principal Amount | ||||||
Repurchase Agreement — 0.2% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (l) | $1,349,910 | 1,349,910 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $86,540,612) | 86,514,028 | |||||
TOTAL INVESTMENTS — 111.8% (Cost $780,076,490) (m) | 728,096,999 | |||||
Other Assets/ (Liabilities) — (11.8)% | (76,903,317) | |||||
NET ASSETS — 100.0% | $651,193,682 | |||||
The accompanying notes are an integral part of the financial statements. | ||||
40 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
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 Coupon Bond | |||
TBA | To Be Announced | |||
VRN | Variable Rate Note | |||
(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 March 31, 2024, the aggregate market value of these securities amounted to $314,238,452 or 48.26% of net assets. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2024, these securities amounted to a value of $4,524 or 0.00% of net assets. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $4,506,455 or 0.69% of net assets. (Note 2). |
(e) | Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $3,220,953 or 0.49% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(f) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024. |
(g) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(h) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(i) | All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2). |
(j) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $9,994,000 or 1.53% of net assets. |
(k) | Represents investment of security lending cash collateral. (Note 2). |
(l) | Maturity value of $1,350,150. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,376,938. |
(m) | See Note 6 for aggregate cost for federal tax purposes. |
United States | 80.7% | ||
Cayman Islands | 5.4% | ||
United Kingdom | 3.2% | ||
Canada | 1.9% | ||
Ireland | 1.4% | ||
France | 1.4% | ||
Netherlands | 1.0% | ||
Bermuda | 0.9% | ||
Australia | 0.8% | ||
Germany | 0.6% | ||
Mexico | 0.5% | ||
Republic of Korea | 0.3% | ||
Sweden | 0.2% | ||
Switzerland | 0.1% | ||
Denmark | 0.1% | ||
Total Long-Term Investments | 98.5% | ||
Short-Term Investments and Other Assets and Liabilities | 1.5% | ||
Net Assets | 100.0% | ||
The accompanying notes are an integral part of the financial statements. | ||||
41 | ||||
MassMutual Core Bond Fund — Portfolio of Investments (Continued) | ||
Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||
Long | ||||||||||||
U.S. Treasury Long Bond | 6/18/24 | 304 | $36,360,899 | $252,100 | ||||||||
U.S. Treasury Ultra Bond | 6/18/24 | 123 | 15,722,781 | 144,219 | ||||||||
U.S. Treasury Note 2 Year | 6/28/24 | 106 | 21,693,509 | (18,165) | ||||||||
U.S. Treasury Note 5 Year | 6/28/24 | 312 | 33,399,576 | (10,701) | ||||||||
$ 367,453 | ||||||||||||
Short | ||||||||||||
U.S. Treasury Ultra 10 Year | 6/18/24 | 73 | $(8,383,578) | $17,094 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
42 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 0.3% | ||||||
Preferred Stock — 0.3% | ||||||
Financials — 0.3% | ||||||
Selective Insurance Group, Inc. 4.600% Class B | 18,825 | $ 355,040 | ||||
TOTAL PREFERRED STOCK (Cost $470,625) | 355,040 | |||||
TOTAL EQUITIES (Cost $470,625) | 355,040 | |||||
Principal Amount | ||||||
Bonds & Notes — 91.8% | ||||||
Corporate Debt — 40.9% | ||||||
Aerospace & Defense — 0.3% | ||||||
Boeing Co. | ||||||
5.930% 5/01/60 | $140,000 | 131,255 | ||||
TransDigm, Inc. | ||||||
5.500% 11/15/27 | 250,000 | 244,688 | ||||
375,943 | ||||||
Agriculture — 0.3% | ||||||
Reynolds American, Inc. | ||||||
5.850% 8/15/45 | 120,000 | 111,306 | ||||
Viterra Finance BV | ||||||
3.200% 4/21/31 (a) | 280,000 | 242,394 | ||||
353,700 | ||||||
Airlines — 0.3% | ||||||
Alaska Airlines Pass-Through Trust, Series 2020-1, Class A, | ||||||
4.800% 2/15/29 (a) | 327,264 | 319,190 | ||||
United Airlines Pass-Through Trust, Series 2018-1, Class B, | ||||||
4.600% 9/01/27 | 48,973 | 47,251 | ||||
366,441 | ||||||
Auto Manufacturers — 0.5% | ||||||
General Motors Co. | ||||||
5.200% 4/01/45 | 225,000 | 202,130 | ||||
General Motors Financial Co., Inc. | ||||||
5.750% 2/08/31 | 335,000 | 338,632 | ||||
Hyundai Capital America | ||||||
1.650% 9/17/26 (a) | 175,000 | 160,065 | ||||
700,827 | ||||||
Principal Amount | Value | |||||
Banks — 6.6% | ||||||
AIB Group PLC Secured Overnight Financing Rate + 2.330% | ||||||
6.608% VRN 9/13/29 (a) | $ 210,000 | $ 218,918 | ||||
Bank of America Corp. | ||||||
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 310,000 | 247,948 | ||||
5 yr. CMT + 2.000% 3.846% VRN 3/08/37 | 460,000 | 406,671 | ||||
Bank of Montreal 5 yr. CMT + 2.979% | ||||||
4.800% VRN (b) | 285,000 | 278,508 | ||||
Barclays PLC | ||||||
5 yr. CMT + 3.410% 4.375% VRN (b) | 375,000 | 307,421 | ||||
5 yr. CMT + 5.431% 8.000% VRN (b) | 290,000 | 289,402 | ||||
BNP Paribas SA 5 yr. CMT + 3.340% | ||||||
4.625% VRN (a) (b) | 375,000 | 309,348 | ||||
BPCE SA Secured Overnight Financing Rate + 1.730% | ||||||
3.116% VRN 10/19/32 (a) | 450,000 | 368,771 | ||||
Citigroup, Inc. Secured Overnight Financing Rate + 3.813% | ||||||
5.000% VRN (b) | 242,000 | 240,505 | ||||
Discover Bank 5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 1.730% | ||||||
5.974% VRN 8/09/28 | 468,000 | 465,553 | ||||
HSBC Holdings PLC | ||||||
6.500% 9/15/37 | 125,000 | 130,130 | ||||
7.350% 11/27/32 | 415,000 | 433,656 | ||||
Huntington Bancshares, Inc. 3 mo. USD Term SOFR + 3.142% | ||||||
8.456% VRN (b) | 510,000 | 500,627 | ||||
ING Groep NV | ||||||
5 yr. USD Swap + 4.446% 6.500% VRN (b) | 400,000 | 395,032 | ||||
5 yr. USD ICE Swap + 4.204% 6.750% VRN (a) (b) | 275,000 | 275,000 | ||||
JP Morgan Chase & Co. 3 mo. USD Term SOFR + 2.515% | ||||||
2.956% VRN 5/13/31 | 235,000 | 205,427 | ||||
Lloyds Banking Group PLC 5 yr. CMT + 3.913% | ||||||
8.000% VRN (b) | 605,000 | 609,154 | ||||
Macquarie Bank Ltd. 5 yr. CMT + 1.700% | ||||||
3.052% VRN 3/03/36 (a) | 650,000 | 537,381 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
43 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Morgan Stanley | ||||||
Secured Overnight Financing Rate + 1.360% | ||||||
2.484% VRN 9/16/36 | $ 280,000 | $221,448 | ||||
Secured Overnight Financing Rate + 2.620% | ||||||
5.297% VRN 4/20/37 | 185,000 | 177,489 | ||||
NatWest Group PLC | ||||||
5 yr. CMT + 2.100% 3.754% VRN 11/01/29 | 425,000 | 417,783 | ||||
5 yr. CMT + 2.200% 6.475% VRN 6/01/34 | 320,000 | 325,276 | ||||
Nordea Bank Abp 5 yr. CMT + 4.110% | ||||||
6.625% VRN (a) (b) | 275,000 | 272,226 | ||||
Societe Generale SA | ||||||
1 yr. CMT + 1.300% 2.797% VRN 1/19/28 (a) | 300,000 | 277,013 | ||||
5 yr. USD ICE Swap + 5.873% 8.000% VRN (a) (b) | 525,000 | 527,432 | ||||
SVB Financial Group | ||||||
4.100% (b) (c) | 210,000 | 3,150 | ||||
4.250% (b) (c) | 590,000 | 8,868 | ||||
Swedbank AB 5 yr. CMT + 4.134% | ||||||
5.625% VRN (a) (b) | 200,000 | 198,750 | ||||
Toronto-Dominion Bank 5 yr. CMT + 4.075% | ||||||
8.125% VRN 10/31/82 | 358,000 | 375,489 | ||||
9,024,376 | ||||||
Beverages — 0.4% | ||||||
Bacardi Ltd. | ||||||
5.150% 5/15/38 (a) | 200,000 | 190,194 | ||||
Molson Coors Beverage Co. | ||||||
4.200% 7/15/46 | 366,000 | 305,821 | ||||
496,015 | ||||||
Biotechnology — 0.2% | ||||||
Amgen, Inc. | ||||||
5.600% 3/02/43 | 171,000 | 173,980 | ||||
5.750% 3/02/63 | 150,000 | 152,992 | ||||
326,972 | ||||||
Building Materials — 0.2% | ||||||
Standard Industries, Inc. | ||||||
4.375% 7/15/30 (a) | 200,000 | 179,709 | ||||
4.750% 1/15/28 (a) | 151,000 | 144,112 | ||||
323,821 | ||||||
Chemicals — 0.3% | ||||||
Dow Chemical Co. | ||||||
5.600% 2/15/54 | 147,000 | 146,420 | ||||
Principal Amount | Value | |||||
LYB International Finance III LLC | ||||||
4.200% 5/01/50 | $ 265,000 | $ 207,295 | ||||
353,715 | ||||||
Commercial Services — 0.1% | ||||||
Ashtead Capital, Inc. | ||||||
4.250% 11/01/29 (a) | 200,000 | 186,455 | ||||
Computers — 0.3% | ||||||
Dell International LLC/EMC Corp. | ||||||
8.350% 7/15/46 | 96,000 | 124,174 | ||||
Kyndryl Holdings, Inc. | ||||||
6.350% 2/20/34 | 116,000 | 119,070 | ||||
Leidos, Inc. | ||||||
5.500% 7/01/33 | 226,000 | 220,931 | ||||
464,175 | ||||||
Distribution & Wholesale — 0.4% | ||||||
H&E Equipment Services, Inc. | ||||||
3.875% 12/15/28 (a) | 600,000 | 549,290 | ||||
Diversified Financial Services — 4.0% | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||
3.400% 10/29/33 | 385,000 | 324,308 | ||||
Antares Holdings LP | ||||||
2.750% 1/15/27 (a) | 345,000 | 309,079 | ||||
3.750% 7/15/27 (a) | 605,000 | 552,056 | ||||
8.500% 5/18/25 (a) | 330,000 | 335,678 | ||||
ARES Finance Co. III LLC 5 yr. CMT + 3.237% | ||||||
4.125% VRN 6/30/51 (a) | 295,000 | 273,684 | ||||
ARES Finance Co. LLC | ||||||
4.000% 10/08/24 (a) | 375,000 | 368,916 | ||||
Avolon Holdings Funding Ltd. | ||||||
2.528% 11/18/27 (a) | 375,000 | 333,521 | ||||
3.250% 2/15/27 (a) | 175,000 | 162,519 | ||||
4.375% 5/01/26 (a) | 480,000 | 463,577 | ||||
BGC Group, Inc. | ||||||
4.375% 12/15/25 | 475,000 | 461,926 | ||||
Blue Owl Finance LLC | ||||||
3.125% 6/10/31 (a) | 475,000 | 397,716 | ||||
4.125% 10/07/51 (a) | 198,000 | 135,386 | ||||
Charles Schwab Corp. | ||||||
5 yr. CMT + 3.168% 4.000% VRN (b) | 425,000 | 397,619 | ||||
Secured Overnight Financing Rate + 2.500% | ||||||
5.853% VRN 5/19/34 | 186,000 | 190,473 | ||||
Global Aircraft Leasing Co. Ltd. | ||||||
6.500% 9/15/24 (a) | 577,272 | 549,060 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
44 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
OneMain Finance Corp. | ||||||
4.000% 9/15/30 | $ 220,000 | $188,286 | ||||
5,443,804 | ||||||
Electric — 2.1% | ||||||
Berkshire Hathaway Energy Co. | ||||||
5.950% 5/15/37 | 120,000 | 125,019 | ||||
Cleveland Electric Illuminating Co. | ||||||
5.950% 12/15/36 | 145,000 | 146,252 | ||||
CMS Energy Corp. | ||||||
4.700% 3/31/43 | 115,000 | 101,435 | ||||
4.875% 3/01/44 | 125,000 | 116,117 | ||||
Dominion Energy South Carolina, Inc. | ||||||
6.250% 10/15/53 | 57,000 | 63,807 | ||||
Duke Energy Florida LLC | ||||||
6.200% 11/15/53 | 133,000 | 146,631 | ||||
Elwood Energy LLC | ||||||
8.159% 7/05/26 | 39,753 | 32,647 | ||||
Indianapolis Power & Light Co. | ||||||
5.700% 4/01/54 (a) | 72,000 | 72,191 | ||||
IPALCO Enterprises, Inc. | ||||||
4.250% 5/01/30 | 365,000 | 339,601 | ||||
Massachusetts Electric Co. | ||||||
5.867% 2/26/54 (a) | 355,000 | 362,038 | ||||
MidAmerican Energy Co. | ||||||
5.300% 2/01/55 | 104,000 | 102,877 | ||||
NextEra Energy Capital Holdings, Inc. 5 yr. CMT + 2.547% | ||||||
3.800% VRN 3/15/82 | 475,000 | 430,935 | ||||
Pacific Gas & Electric Co. | ||||||
4.300% 3/15/45 | 160,000 | 126,429 | ||||
Sempra 5 yr. CMT + 2.789% | ||||||
6.875% VRN 10/01/54 | 332,000 | 335,465 | ||||
Tampa Electric Co. | ||||||
4.450% 6/15/49 | 94,000 | 80,505 | ||||
Virginia Electric & Power Co. | ||||||
5.350% 1/15/54 | 197,000 | 193,103 | ||||
6.000% 1/15/36 | 100,000 | 105,622 | ||||
2,880,674 | ||||||
Entertainment — 0.2% | ||||||
Live Nation Entertainment, Inc. | ||||||
5.625% 3/15/26 (a) | 77,000 | 76,156 | ||||
Warnermedia Holdings, Inc. | ||||||
4.279% 3/15/32 | 275,000 | 245,640 | ||||
321,796 | ||||||
Food — 0.8% | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL | ||||||
6.750% 3/15/34 (a) | 260,000 | 273,188 | ||||
Principal Amount | Value | |||||
7.250% 11/15/53 (a) | $ 260,000 | $279,442 | ||||
Smithfield Foods, Inc. | ||||||
2.625% 9/13/31 (a) | 375,000 | 293,670 | ||||
3.000% 10/15/30 (a) | 81,000 | 67,056 | ||||
4.250% 2/01/27 (a) | 250,000 | 240,073 | ||||
1,153,429 | ||||||
Gas — 0.2% | ||||||
NiSource, Inc. | ||||||
4.800% 2/15/44 | 240,000 | 214,690 | ||||
Hand & Machine Tools — 0.2% | ||||||
Regal Rexnord Corp. | ||||||
6.050% 4/15/28 (a) | 325,000 | 329,473 | ||||
Health Care – Services — 0.1% | ||||||
Humana, Inc. | ||||||
5.750% 4/15/54 | 163,000 | 164,062 | ||||
Home Builders — 0.0% | ||||||
Mattamy Group Corp. | ||||||
4.625% 3/01/30 (a) (d) | 35,000 | 31,753 | ||||
Insurance — 7.2% | ||||||
Allianz SE 5 yr. CMT + 2.973% | ||||||
3.500% VRN (a) (b) | 1,176,000 | 1,090,743 | ||||
Allstate Corp., (Acquired 7/02/19, Cost $687,600), 3 mo. USD Term SOFR + 3.200% | ||||||
8.507% VRN 8/15/53 (e) | 640,000 | 640,189 | ||||
Arthur J Gallagher & Co. | ||||||
5.750% 7/15/54 | 115,000 | 115,158 | ||||
Ascot Group Ltd. | ||||||
4.250% 12/15/30 (a) | 450,000 | 370,029 | ||||
Athene Global Funding | ||||||
1.730% 10/02/26 (a) | 350,000 | 317,625 | ||||
2.950% 11/12/26 (a) | 365,000 | 341,111 | ||||
5.684% 2/23/26 (a) | 145,000 | 145,540 | ||||
Athene Holding Ltd. | ||||||
6.250% 4/01/54 | 355,000 | 360,283 | ||||
AXIS Specialty Finance LLC 5 yr. CMT + 3.186% | ||||||
4.900% VRN 1/15/40 | 400,000 | 356,784 | ||||
Brighthouse Financial, Inc. | ||||||
3.850% 12/22/51 | 575,000 | 377,555 | ||||
4.700% 6/22/47 | 125,000 | 99,122 | ||||
Corebridge Financial, Inc. 5 yr. CMT + 3.846% | ||||||
6.875% VRN 12/15/52 | 600,000 | 600,719 | ||||
Enstar Finance LLC 5 yr. CMT + 5.468% | ||||||
5.750% VRN 9/01/40 | 910,000 | 882,613 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
45 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Equitable Holdings, Inc. 5 yr. CMT + 4.736% | ||||||
4.950% VRN (b) | $ 410,000 | $400,689 | ||||
Global Atlantic Fin Co. | ||||||
3.125% 6/15/31 (a) | 310,000 | 256,723 | ||||
5 yr. CMT + 3.796% 4.700% VRN 10/15/51 (a) | 955,000 | 860,669 | ||||
6.750% 3/15/54 (a) | 81,000 | 83,091 | ||||
Hanwha Life Insurance Co. Ltd. 5 yr. CMT + 1.850% | ||||||
3.379% VRN 2/04/32 (a) | 320,000 | 296,573 | ||||
Hill City Funding Trust | ||||||
4.046% 8/15/41 (a) | 390,000 | 284,513 | ||||
Liberty Mutual Group, Inc. 5 yr. CMT + 3.315% | ||||||
4.125% VRN 12/15/51 (a) | 255,000 | 230,202 | ||||
Lincoln National Corp., (Acquired 11/15/22, Cost $169,000), 5 yr. CMT + 5.318% | ||||||
9.250% VRN (b) (e) | 169,000 | 182,059 | ||||
MetLife Capital Trust IV | ||||||
7.875% 12/15/67 (a) | 225,000 | 241,229 | ||||
Prudential Financial, Inc. 5 yr. CMT + 3.162% | ||||||
5.125% VRN 3/01/52 | 275,000 | 257,770 | ||||
Sammons Financial Group, Inc. | ||||||
3.350% 4/16/31 (a) | 320,000 | 261,297 | ||||
4.750% 4/08/32 (a) | 790,000 | 694,624 | ||||
6.875% 4/15/34 (a) | 31,000 | 31,212 | ||||
USF&G Capital I | ||||||
8.500% 12/15/45 (a) | 95,000 | 107,552 | ||||
9,885,674 | ||||||
Investment Companies — 2.8% | ||||||
ARES Capital Corp. | ||||||
2.150% 7/15/26 | 455,000 | 418,978 | ||||
5.875% 3/01/29 | 207,000 | 206,381 | ||||
Blackstone Private Credit Fund | ||||||
2.625% 12/15/26 | 155,000 | 141,425 | ||||
4.000% 1/15/29 (d) | 355,000 | 325,710 | ||||
Blue Owl Capital Corp. II | ||||||
8.450% 11/15/26 (a) | 375,000 | 386,244 | ||||
Blue Owl Credit Income Corp. | ||||||
4.700% 2/08/27 | 410,000 | 388,953 | ||||
Blue Owl Technology Finance Corp. II | ||||||
6.750% 4/04/29 (a) (f) | 257,000 | 253,812 | ||||
Golub Capital BDC, Inc. | ||||||
2.500% 8/24/26 | 160,000 | 147,005 | ||||
6.000% 7/15/29 | 268,000 | 263,208 | ||||
HPS Corporate Lending Fund | ||||||
6.750% 1/30/29 (a) | 130,000 | 129,762 | ||||
Principal Amount | Value | |||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||
6.250% 5/15/26 | $1,000,000 | $965,325 | ||||
Sixth Street Specialty Lending, Inc. | ||||||
6.125% 3/01/29 | 179,000 | 177,965 | ||||
3,804,768 | ||||||
Leisure Time — 0.3% | ||||||
Royal Caribbean Cruises Ltd. | ||||||
5.500% 8/31/26 (a) | 485,000 | 480,642 | ||||
Media — 1.7% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||
5.000% 2/01/28 (a) | 250,000 | 232,726 | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||
2.300% 2/01/32 (d) | 440,000 | 339,463 | ||||
6.484% 10/23/45 | 175,000 | 162,194 | ||||
CSC Holdings LLC | ||||||
4.625% 12/01/30 (a) | 250,000 | 126,954 | ||||
5.000% 11/15/31 (a) | 325,000 | 164,298 | ||||
5.750% 1/15/30 (a) | 200,000 | 105,875 | ||||
Discovery Communications LLC | ||||||
4.000% 9/15/55 | 235,000 | 160,827 | ||||
DISH DBS Corp. | ||||||
7.375% 7/01/28 | 223,000 | 107,358 | ||||
Paramount Global | ||||||
3.700% 6/01/28 | 300,000 | 265,813 | ||||
5 yr. CMT + 3.999% 6.375% VRN 3/30/62 | 400,000 | 369,590 | ||||
Time Warner Cable LLC | ||||||
4.500% 9/15/42 | 180,000 | 133,165 | ||||
6.750% 6/15/39 | 115,000 | 109,534 | ||||
2,277,797 | ||||||
Mining — 0.3% | ||||||
Novelis Corp. | ||||||
3.875% 8/15/31 (a) | 533,000 | 457,850 | ||||
Oil & Gas — 2.0% | ||||||
Antero Resources Corp. | ||||||
7.625% 2/01/29 (a) | 74,000 | 76,002 | ||||
BP Capital Markets PLC | ||||||
5 yr. CMT + 4.398% 4.875% VRN (b) | 255,000 | 243,275 | ||||
5 yr. CMT + 2.153% 6.450% VRN (b) | 134,000 | 138,769 | ||||
EQT Corp. | ||||||
7.000% STEP 2/01/30 | 565,000 | 600,282 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
46 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Ovintiv, Inc. | ||||||
6.500% 8/15/34 | $ 75,000 | $79,559 | ||||
6.500% 2/01/38 | 160,000 | 166,684 | ||||
7.100% 7/15/53 | 420,000 | 469,911 | ||||
Patterson-UTI Energy, Inc. | ||||||
5.150% 11/15/29 (d) | 615,000 | 601,725 | ||||
Petroleos Mexicanos | ||||||
5.350% 2/12/28 | 190,000 | 168,318 | ||||
6.375% 1/23/45 | 35,000 | 22,568 | ||||
6.500% 3/13/27 | 65,000 | 61,224 | ||||
Santos Finance Ltd. | ||||||
3.649% 4/29/31 (a) | 165,000 | 143,773 | ||||
2,772,090 | ||||||
Oil & Gas Services — 0.5% | ||||||
Nov, Inc. | ||||||
3.950% 12/01/42 | 254,000 | 193,701 | ||||
Weatherford International Ltd. | ||||||
8.625% 4/30/30 (a) | 483,000 | 504,237 | ||||
697,938 | ||||||
Packaging & Containers — 0.2% | ||||||
Smurfit Kappa Treasury ULC | ||||||
5.438% 4/03/34 (a) (f) | 320,000 | 320,000 | ||||
Pharmaceuticals — 0.8% | ||||||
1375209 BC Ltd. | ||||||
9.000% 1/30/28 (a) (d) | 158,000 | 154,840 | ||||
Bausch Health Cos., Inc. | ||||||
11.000% 9/30/28 (a) | 282,000 | 188,235 | ||||
CVS Health Corp. | ||||||
5.050% 3/25/48 | 115,000 | 104,440 | ||||
5.875% 6/01/53 | 100,000 | 101,731 | ||||
CVS Pass-Through Trust | ||||||
5.926% 1/10/34 (a) | 151,373 | 148,626 | ||||
7.507% 1/10/32 (a) | 10,649 | 11,025 | ||||
Utah Acquisition Sub, Inc. | ||||||
5.250% 6/15/46 | 405,000 | 335,994 | ||||
1,044,891 | ||||||
Pipelines — 1.2% | ||||||
Cheniere Energy, Inc. | ||||||
5.650% 4/15/34 (a) | 86,000 | 86,614 | ||||
Enbridge, Inc., Series NC5, 5 yr. CMT + 3.785% | ||||||
8.250% VRN 1/15/84 | 250,000 | 260,149 | ||||
Energy Transfer LP | ||||||
5.950% 5/15/54 | 138,000 | 137,717 | ||||
5 yr. CMT + 5.134% 6.750% VRN (b) | 270,000 | 265,323 | ||||
Principal Amount | Value | |||||
EnLink Midstream Partners LP 3 mo. USD Term SOFR + 4.372% | ||||||
9.701% VRN (b) | $ 375,000 | $ 367,522 | ||||
Enterprise Products Operating LLC 3 mo. USD Term SOFR + 3.295% | ||||||
5.250% VRN 8/16/77 | 250,000 | 237,227 | ||||
Plains All American Pipeline LP/PAA Finance Corp. | ||||||
4.700% 6/15/44 | 375,000 | 318,285 | ||||
1,672,837 | ||||||
Private Equity — 0.6% | ||||||
Apollo Management Holdings LP 5 yr. CMT + 3.266% | ||||||
4.950% VRN 1/14/50 (a) | 325,000 | 307,513 | ||||
Brookfield Finance, Inc. | ||||||
5.968% 3/04/54 | 279,000 | 288,599 | ||||
KKR Group Finance Co. VIII LLC | ||||||
3.500% 8/25/50 (a) | 160,000 | 112,388 | ||||
KKR Group Finance Co. X LLC | ||||||
3.250% 12/15/51 (a) | 153,000 | 102,933 | ||||
811,433 | ||||||
Real Estate Investment Trusts (REITS) — 3.2% | ||||||
Broadstone Net Lease LLC | ||||||
2.600% 9/15/31 | 605,000 | 478,049 | ||||
GLP Capital LP/GLP Financing II, Inc. | ||||||
5.750% 6/01/28 | 205,000 | 205,152 | ||||
Omega Healthcare Investors, Inc. | ||||||
3.625% 10/01/29 | 490,000 | 437,381 | ||||
4.750% 1/15/28 | 202,000 | 195,018 | ||||
Piedmont Operating Partnership LP | ||||||
2.750% 4/01/32 | 235,000 | 168,873 | ||||
9.250% 7/20/28 | 133,000 | 141,633 | ||||
Rexford Industrial Realty LP | ||||||
2.125% 12/01/30 | 201,000 | 164,287 | ||||
Service Properties Trust | ||||||
4.950% 10/01/29 | 590,000 | 483,017 | ||||
Store Capital LLC | ||||||
4.500% 3/15/28 | 225,000 | 213,257 | ||||
4.625% 3/15/29 | 525,000 | 494,617 | ||||
Ventas Realty LP | ||||||
5.700% 9/30/43 | 85,000 | 81,223 | ||||
VICI Properties LP/VICI Note Co., Inc. | ||||||
3.750% 2/15/27 (a) | 185,000 | 175,334 | ||||
WEA Finance LLC | ||||||
2.875% 1/15/27 (a) | 385,000 | 352,091 | ||||
3.500% 6/15/29 (a) | 375,000 | 331,308 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
47 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
WEA Finance LLC/Westfield UK & Europe Finance PLC | ||||||
3.750% 9/17/24 (a) | $ 425,000 | $419,445 | ||||
4,340,685 | ||||||
Retail — 0.5% | ||||||
Nordstrom, Inc. | ||||||
4.250% 8/01/31 | 440,000 | 386,345 | ||||
Sonic Automotive, Inc. | ||||||
4.875% 11/15/31 (a) (d) | 277,000 | 242,490 | ||||
628,835 | ||||||
Software — 0.1% | ||||||
Oracle Corp. | ||||||
6.900% 11/09/52 | 119,000 | 136,928 | ||||
Telecommunications — 1.3% | ||||||
Altice France SA | ||||||
5.125% 7/15/29 (a) | 442,000 | 298,807 | ||||
AT&T, Inc. | ||||||
3.550% 9/15/55 | 664,000 | 464,286 | ||||
British Telecommunications PLC | ||||||
9.625% STEP 12/15/30 | 275,000 | 337,323 | ||||
Cisco Systems, Inc. | ||||||
5.300% 2/26/54 | 49,000 | 50,298 | ||||
Hughes Satellite Systems Corp. | ||||||
6.625% 8/01/26 | 444,000 | 261,517 | ||||
Sprint Capital Corp. | ||||||
8.750% 3/15/32 | 141,000 | 170,970 | ||||
T-Mobile USA, Inc. | ||||||
6.000% 6/15/54 | 190,000 | 203,081 | ||||
1,786,282 | ||||||
Venture Capital — 0.7% | ||||||
Hercules Capital, Inc. | ||||||
2.625% 9/16/26 | 738,000 | 670,161 | ||||
3.375% 1/20/27 | 340,000 | 312,236 | ||||
982,397 | ||||||
TOTAL CORPORATE DEBT (Cost $61,110,533) | 56,162,458 | |||||
Non-U.S. Government Agency Obligations — 24.9% | ||||||
Commercial Mortgage-Backed Securities — 10.2% | ||||||
Aventura Mall Trust, Series 2018-AVM, Class D, | ||||||
4.112% VRN 7/05/40 (a) (g) | 530,000 | 458,557 | ||||
BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CMP, | ||||||
3.895% VRN 11/05/32 (a) (g) | 440,000 | 395,835 | ||||
Principal Amount | Value | |||||
Bank | ||||||
Series 2020-BN30, Class MCDF, 2.918% VRN 12/15/53 (g) | $ 500,000 | $277,043 | ||||
Series 2019-BN17, Class C, 4.508% VRN 4/15/52 (g) | 331,000 | 260,910 | ||||
Benchmark Mortgage Trust | ||||||
Series 2021-B25, Class 300C, 2.994% VRN 4/15/54 (a) (g) | 500,000 | 364,210 | ||||
Series 2020-IG1, Class D, 3.245% VRN 9/15/43 (g) | 400,000 | 113,791 | ||||
BGME Trust, Series 2021-VR, Class D, | ||||||
2.995% VRN 1/10/43 (a) (g) | 3,100,000 | 2,322,388 | ||||
BMO Mortgage Trust, Series 2023-C4, Class A5, | ||||||
5.117% VRN 2/15/56 (g) | 300,000 | 301,574 | ||||
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, 1 mo. USD Term SOFR + 2.447% | ||||||
7.773% FRN 12/15/37 (a) | 572,453 | 571,022 | ||||
Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class C | ||||||
3.502% 8/10/56 | 222,000 | 178,125 | ||||
COMM Mortgage Trust, Series 2015-CR23, Class C, | ||||||
4.283% VRN 5/10/48 (g) | 110,000 | 100,511 | ||||
DataBank Issuer LLC, Series 2021-1A, Class B | ||||||
2.650% 2/27/51 (a) | 300,000 | 266,524 | ||||
DC Office Trust | ||||||
Series 2019-MTC, Class D, 3.072% VRN 9/15/45 (a) (g) | 357,000 | 223,145 | ||||
Series 2019-MTC, Class E, 3.072% VRN 9/15/45 (a) (g) | 622,000 | 339,019 | ||||
DROP Mortgage Trust, Series 2021-FILE, Class D, 1 mo. USD Term SOFR + 2.864% | ||||||
8.190% FRN 10/15/43 (a) | 998,000 | 789,369 | ||||
GS Mortgage Securities Trust, Series 2018-GS10, Class D | ||||||
3.000% 7/10/51 (a) | 599,000 | 382,610 | ||||
Hudson Yards Mortgage Trust, Series 2019-30HY, Class E, | ||||||
3.443% VRN 7/10/39 (a) (g) | 630,000 | 504,493 | ||||
Jackson Park Trust, Series 2019-LIC, Class D, | ||||||
3.242% VRN 10/14/39 (a) (g) | 686,000 | 539,850 | ||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class C, | ||||||
4.619% VRN 8/15/47 (g) | 300,000 | 278,588 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
48 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Life Mortgage Trust, Series 2021-BMR, Class E, 1 mo. USD Term SOFR + 1.864% | ||||||
7.190% FRN 3/15/38 (a) | $ 424,643 | $415,089 | ||||
LoanCore Issuer Ltd., Series 2022-CRE7, Class E, 30 day USD SOFR Average + 3.750% | ||||||
9.069% FRN 1/17/37 (a) | 1,000,000 | 895,633 | ||||
Med Trust, Series 2021-MDLN, Class F, 1 mo. USD Term SOFR + 4.114% | ||||||
9.440% FRN 11/15/38 (a) | 1,990,447 | 1,986,718 | ||||
MFT Mortgage Trust | ||||||
Series 2020-ABC, Class A, 3.358% 2/10/42 (a) | 205,000 | 139,699 | ||||
Series 2020-ABC, Class B, 3.477% VRN 2/10/42 (a) (g) | 215,000 | 137,940 | ||||
Store Master Funding I-VII & XIV, Series 2019-1, Class A4 | ||||||
4.490% 11/20/49 (a) | 753,317 | 620,468 | ||||
VASA Trust, Series 2021-VASA, Class D, 1 mo. USD Term SOFR + 2.214% | ||||||
7.541% FRN 7/15/39 (a) | 864,000 | 584,442 | ||||
Wells Fargo Commercial Mortgage Trust | ||||||
Series 2015-NXS1, Class C, 3.848% VRN 5/15/48 (g) | 140,000 | 128,809 | ||||
Series 2021-FCMT, Class C, 1 mo. USD Term SOFR + 2.514% 7.841% FRN 5/15/31 (a) | 461,000 | 443,281 | ||||
14,019,643 | ||||||
Home Equity Asset-Backed Securities — 0.1% | ||||||
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class M1, 1 mo. USD Term SOFR + 1.014% | ||||||
4.420% FRN 10/25/34 | 80,630 | 73,826 | ||||
Other Asset-Backed Securities — 10.1% | ||||||
AIMCO CLO, Series 2018-AA, Class B, 3 mo. USD Term SOFR + 1.662% | ||||||
6.978% FRN 4/17/31 (a) | 250,000 | 249,715 | ||||
Apidos CLO XLIV Ltd., Series 2023-44A, Class B, 3 mo. USD Term SOFR + 2.550% | ||||||
7.874% FRN 4/26/35 (a) | 500,000 | 502,156 | ||||
Atrium XV, Series 15A, Class B, 3 mo. USD Term SOFR + 2.012% | ||||||
7.327% FRN 1/23/31 (a) | 250,000 | 250,132 | ||||
Principal Amount | Value | |||||
Bain Capital Credit CLO Ltd., Series 2022-1A, Class A1, 3 mo. USD Term SOFR + 1.320% | ||||||
6.618% FRN 4/18/35 (a) | $ 500,000 | $ 500,087 | ||||
Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A, Class A, | ||||||
4.213% STEP 12/16/41 (a) | 212,762 | 209,570 | ||||
Business Jet Securities LLC, Series 2021-1A, Class C | ||||||
5.067% 4/15/36 (a) | 637,653 | 613,145 | ||||
Canyon CLO Ltd., Series 2020-2A, Class BR, 3 mo. USD Term SOFR + 1.962% | ||||||
7.276% FRN 10/15/34 (a) | 500,000 | 499,991 | ||||
Diameter Capital CLO 2 Ltd., Series 2021-2A, Class A1, 3 mo. USD Term SOFR + 1.482% | ||||||
6.796% FRN 10/15/36 (a) | 500,000 | 500,096 | ||||
Goodgreen Trust | ||||||
Series 2016-1A, Class A, 3.230% 10/15/52 (a) | 129,104 | 116,154 | ||||
Series 2017-1A, Class A, 3.740% 10/15/52 (a) | 70,776 | 64,011 | ||||
Series 2019-2A, Class B, 3.860% 4/15/55 (a) | 83,959 | 69,713 | ||||
Series 2021-1A, Class C, 5.740% 10/15/56 (a) | 383,433 | 300,748 | ||||
Harbor Park CLO Ltd., Series 2018-1A, Class B1, 3 mo. USD Term SOFR + 1.962% | ||||||
7.279% FRN 1/20/31 (a) | 280,000 | 280,031 | ||||
Hero Funding Trust | ||||||
Series 2016-3A, Class A1, 3.080% 9/20/42 (a) | 44,190 | 39,088 | ||||
Series 2017-3A, Class A1, 3.190% 9/20/48 (a) | 61,826 | 53,173 | ||||
Series 2017-2A, Class A1, 3.280% 9/20/48 (a) | 23,596 | 20,543 | ||||
Series 2016-4A, Class A2, 4.290% 9/20/47 (a) | 46,083 | 42,048 | ||||
Horizon Aircraft Finance I Ltd., Series 2018-1, Class B | ||||||
5.270% 12/15/38 (a) | 225,200 | 135,772 | ||||
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) | 128,754 | 111,697 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
49 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Labrador Aviation Finance Ltd., Series 2016-1A, Class A1 | ||||||
4.300% 1/15/42 (a) | $ 267,453 | $ 238,194 | ||||
MACH 1 Cayman Ltd., Series 2019-1, Class B | ||||||
4.335% 10/15/39 (a) | 319,562 | 242,874 | ||||
Madison Park Funding XXVIII Ltd., Series 2018-28A, Class B, 3 mo. USD Term SOFR + 1.862% | ||||||
7.176% FRN 7/15/30 (a) | 950,000 | 950,033 | ||||
Madison Park Funding XXXII Ltd., Series 2018-32A, Class CR, 3 mo. USD Term SOFR + 2.262% | ||||||
7.579% FRN 1/22/31 (a) | 300,000 | 300,004 | ||||
Mariner Finance Issuance Trust, Series 2021-AA, Class D | ||||||
3.830% 3/20/36 (a) | 381,000 | 328,834 | ||||
MidOcean Credit CLO XII Ltd., Series 2023-12A, Class CR, 3 mo. USD Term SOFR + 2.450% | ||||||
1.000% FRN 4/18/36 (a) (f) | 250,000 | 250,044 | ||||
MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1, 3 mo. USD Term SOFR + 1.580% | ||||||
6.878% FRN 4/15/37 (a) | 500,000 | 500,337 | ||||
Mosaic Solar Loans LLC, Series 2017-1A, Class A | ||||||
4.450% 6/20/42 (a) | 20,349 | 19,537 | ||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, 3 mo. USD Term SOFR + 1.912% | ||||||
7.226% FRN 7/15/34 (a) | 500,000 | 500,356 | ||||
OHA Credit Partners XI Ltd., Series 2015-11A, Class CR, 3 mo. USD Term SOFR + 2.412% | ||||||
7.729% FRN 1/20/32 (a) | 300,000 | 300,009 | ||||
Parallel Ltd., Series 2021-2A, Class A2, 3 mo. USD Term SOFR + 2.112% | ||||||
7.429% FRN 10/20/34 (a) | 250,000 | 250,018 | ||||
Pioneer Aircraft Finance Ltd., Series 2019-1, Class B | ||||||
4.948% 6/15/44 (a) | 341,661 | 256,259 | ||||
Rad CLO 12 Ltd., Series 2021-12A, Class A, 3 mo. USD Term SOFR + 1.432% | ||||||
6.749% FRN 10/30/34 (a) | 500,000 | 500,414 | ||||
Rad CLO 4 Ltd., Series 2019-4A, Class B1, 3 mo. USD Term SOFR + 2.362% | ||||||
7.686% FRN 4/25/32 (a) | 250,000 | 250,035 | ||||
Principal Amount | Value | |||||
Renew Financial, Series 2021-1, Class M | ||||||
3.210% 11/20/56 (a) | $ 154,291 | $121,648 | ||||
Rockford Tower CLO Ltd., Series 2018-1A, Class B, 3 mo. USD Term SOFR + 1.982% | ||||||
7.301% FRN 5/20/31 (a) | 250,000 | 250,061 | ||||
RRX 6 Ltd., Series 2021-6A, Class A2, 3 mo. USD Term SOFR + 2.012% | ||||||
7.326% FRN 1/15/37 (a) | 250,000 | 250,014 | ||||
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C | ||||||
3.510% 7/20/37 (a) | 26,628 | 25,845 | ||||
Slam Ltd., Series 2021-1A, Class B | ||||||
3.422% 6/15/46 (a) | 242,633 | 206,117 | ||||
Sunnova Helios II Issuer LLC, Series 2018-1A, Class A | ||||||
4.870% 7/20/48 (a) | 99,389 | 93,962 | ||||
SuttonPark Structured Settlements LLC, Series 2017-1A, Class A | ||||||
4.190% 1/15/71 (a) | 247,456 | 225,568 | ||||
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 | 500,989 | ||||
Symphony CLO 42 Ltd., Series 2024-42A, Class A1, 3 mo. USD Term SOFR + 1.530% | ||||||
6.837% FRN 4/17/37 (a) | 500,000 | 499,811 | ||||
THL Credit Wind River CLO Ltd., Series 2018-3A, Class B, 3 mo. USD Term SOFR + 1.962% | ||||||
7.279% FRN 1/20/31 (a) | 490,000 | 490,023 | ||||
Thrust Engine Leasing DAC | ||||||
Series 2021-1A, Class B, 6.121% 7/15/40 (a) | 1,038,255 | 946,213 | ||||
Series 2021-1A, Class C, 7.386% 7/15/40 (a) | 208,229 | 183,248 | ||||
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, 3 mo. USD Term SOFR + 1.912% | ||||||
7.229% FRN 10/20/32 (a) | 250,000 | 250,115 | ||||
Willis Engine Structured Trust III, Series 2017-A, Class A, | ||||||
4.690% STEP 8/15/42 (a) | 263,166 | 227,255 | ||||
13,886,138 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
50 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Student Loans Asset-Backed Securities — 2.2% | ||||||
College Avenue Student Loans LLC | ||||||
Series 2021-A, Class D, 4.120% 7/25/51 (a) | $ 187,793 | $ 169,740 | ||||
Series 2019-A, Class C, 4.460% 12/28/48 (a) | 129,257 | 117,501 | ||||
Series 2019-A, Class D, 5.500% 12/28/48 (a) | 90,828 | 81,913 | ||||
Commonbond Student Loan Trust, Series 2017-AGS, Class C | ||||||
5.280% 5/25/41 (a) | 33,079 | 29,470 | ||||
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B | ||||||
3.500% 11/25/50 (a) | 600,000 | 468,526 | ||||
Goal Capital Funding Trust, Series 2006-1, Class B, 3 mo. USD LIBOR + 0.450% | ||||||
6.035% FRN 8/25/42 | 321,282 | 289,901 | ||||
Navient Student Loan Trust | ||||||
Series 2018-EA, Class B, 4.440% 12/15/59 (a) | 140,000 | 127,755 | ||||
Series 2018-1A, Class B, 30 day USD SOFR Average + 1.314% 6.635% FRN 3/25/67 (a) | 250,000 | 232,092 | ||||
Nelnet Student Loan Trust | ||||||
Series 2005-4, Class A4R2, 1.191% FRN 3/22/32 (g) | 70,000 | 69,490 | ||||
Series 2006-3, Class B, 90 day USD SOFR Average + 0.512% 5.865% FRN 6/25/41 | 58,410 | 51,388 | ||||
Series 2012-2A, Class B, 30 day USD SOFR Average + 1.114% 6.435% FRN 11/25/36 (a) | 200,000 | 197,019 | ||||
Series 2012-1A, Class B, 30 day USD SOFR Average + 1.114% 6.435% FRN 6/25/42 (a) | 150,000 | 147,480 | ||||
Series 2012-4A, Class B, 30 day USD SOFR Average + 1.114% 6.435% FRN 7/26/49 (a) | 250,000 | 227,933 | ||||
Series 2014-2A, Class B, 30 day USD SOFR Average + 1.614% 6.935% FRN 6/25/41 (a) | 100,000 | 96,311 | ||||
SLM Student Loan Trust | ||||||
Series 2006-4, Class B, 90 day USD SOFR Average + 0.462% 5.823% FRN 1/25/70 | 95,637 | 89,216 | ||||
Series 2006-5, Class B, 90 day USD SOFR Average + 0.472% 5.833% FRN 10/25/40 | 105,678 | 98,912 | ||||
Principal Amount | Value | |||||
Series 2005-6, Class B, 90 day USD SOFR Average + 0.552% 5.913% FRN 1/25/44 | $ 180,074 | $170,492 | ||||
Series 2004-3, Class B, 90 day USD SOFR Average + 0.732% 6.093% FRN 10/25/64 | 62,767 | 59,241 | ||||
SMB Private Education Loan Trust, Series 2019-A, Class B | ||||||
4.000% 11/17/42 (a) | 185,000 | 170,746 | ||||
SoFi Professional Loan Program LLC, Series 2017-C, Class C, | ||||||
4.210% VRN 7/25/40 (a) (g) | 180,000 | 166,285 | ||||
South Carolina Student Loan Corp., Series 2015-A, Class A, 1 mo. USD Term SOFR + 1.614% | ||||||
6.944% FRN 1/25/36 | 26,447 | 26,412 | ||||
3,087,823 | ||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 2.3% | ||||||
Angel Oak Mortgage Trust I LLC | ||||||
Series 2019-4, Class M1, 3.459% VRN 7/26/49 (a) (g) | 286,828 | 279,124 | ||||
Series 2019-2, Class M1, 4.065% VRN 3/25/49 (a) (g) | 93,820 | 92,608 | ||||
Banc of America Mortgage Trust, Series 2004-G, Class 2A7, | ||||||
5.258% VRN 8/25/34 (g) | 3,553 | 3,466 | ||||
New Residential Mortgage Loan Trust, Series 2021-NQM3, Class B1, | ||||||
3.398% VRN 11/27/56 (a) (g) | 3,600,000 | 2,716,729 | ||||
3,091,927 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $39,298,710) | 34,159,357 | |||||
Sovereign Debt Obligation — 0.1% | ||||||
Mexico Government International Bond | ||||||
4.750% 3/08/44 | 174,000 | 144,823 | ||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $194,086) | 144,823 | |||||
The accompanying notes are an integral part of the financial statements. | ||||
51 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
U.S. Government Agency Obligations and Instrumentalities (h) — 20.5% | ||||||
Collateralized Mortgage Obligations — 0.0% | ||||||
Federal Home Loan Mortgage Corp. REMICS Series 2178, Class PB 7.000% 8/15/29 | $ 2,353 | $2,424 | ||||
Pass-Through Securities — 20.5% | ||||||
Federal Home Loan Mortgage Corp. | ||||||
Pool #RA4245 2.000% 12/01/50 | 446,746 | 358,401 | ||||
Pool #RA4255 2.000% 1/01/51 | 901,526 | 725,218 | ||||
Pool #SD0905 3.000% 3/01/52 | 680,388 | 589,270 | ||||
Pool #SD1523 4.000% 8/01/52 | 1,013,910 | 947,645 | ||||
Pool #SD1603 4.000% 9/01/52 | 649,491 | 601,562 | ||||
Federal National Mortgage Association | ||||||
Pool #FM8596 2.500% 9/01/51 | 435,945 | 365,412 | ||||
Pool #FS3035 2.500% 4/01/52 | 1,444,101 | 1,211,358 | ||||
Pool #MA3029 3.000% 6/01/32 | 197,567 | 187,354 | ||||
Pool #MA3090 3.000% 8/01/32 | 80,624 | 76,305 | ||||
Pool #AR3007 3.000% 2/01/43 | 78,675 | 70,811 | ||||
Pool #FS1075 3.000% 3/01/52 | 698,406 | 608,793 | ||||
Pool #CB3304 3.000% 4/01/52 | 1,064,985 | 928,336 | ||||
Pool #CB3305 3.000% 4/01/52 | 1,301,052 | 1,132,486 | ||||
Pool #AS1304 3.500% 12/01/28 | 45,111 | 43,765 | ||||
Pool #MA1356 3.500% 2/01/43 | 417,984 | 383,393 | ||||
Pool #CA6096 3.500% 6/01/50 | 912,166 | 821,682 | ||||
Pool #FM4017 3.500% 8/01/50 | 59,186 | 53,574 | ||||
Pool #CB3842 3.500% 6/01/52 | 2,100,568 | 1,894,497 | ||||
Pool #CA1909 4.500% 6/01/48 | 330,693 | 319,616 | ||||
Pool #CB3866 4.500% 6/01/52 | 797,091 | 765,409 | ||||
Pool #CB4129 4.500% 7/01/52 | 1,009,616 | 962,546 | ||||
Pool #AD6437 5.000% 6/01/40 | 23,120 | 23,289 | ||||
Pool #AD6996 5.000% 7/01/40 | 153,848 | 155,050 | ||||
Pool #AL8173 5.000% 2/01/44 | 54,118 | 54,504 | ||||
Government National Mortgage Association | ||||||
Pool #579140 6.500% 1/15/32 | 294 | 300 | ||||
Pool #587280 6.500% 9/15/32 | 458 | 466 | ||||
Pool #550659 6.500% 9/15/35 | 43,282 | 44,639 | ||||
Pool #538689 6.500% 12/15/35 | 5,437 | 5,633 | ||||
Pool #780651 7.000% 10/15/27 | 185 | 186 | ||||
Pool #462384 7.000% 11/15/27 | 129 | 131 | ||||
Pool #482668 7.000% 8/15/28 | 306 | 310 | ||||
Pool #581417 7.000% 7/15/32 | 409 | 415 | ||||
Pool #423836 8.000% 8/15/26 | 84 | 85 | ||||
Government National Mortgage Association II | ||||||
Pool #MA6038 3.000% 7/20/49 | 415,427 | 369,577 | ||||
Pool #MA6283 3.000% 11/20/49 | 750,973 | 667,621 | ||||
Principal Amount | Value | |||||
Pool #MA6409 3.000% 1/20/50 | $ 784,774 | $697,670 | ||||
Pool #MA4321 3.500% 3/20/47 | 491,215 | 452,508 | ||||
Uniform Mortgage-Backed Security, TBA | ||||||
2.500% 4/01/54 (f) | 4,700,000 | 3,885,028 | ||||
5.000% 4/01/39 (f) | 1,300,000 | 1,297,613 | ||||
5.000% 4/01/54 (f) | 2,800,000 | 2,732,844 | ||||
5.500% 4/01/54 (f) | 4,800,000 | 4,776,937 | ||||
28,212,239 | ||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $29,948,463) | 28,214,663 | |||||
U.S. Treasury Obligations — 5.4% | ||||||
U.S. Treasury Bonds & Notes — 5.4% | ||||||
U.S. Treasury Bonds | ||||||
2.250% 8/15/49 (i) | 3,340,000 | 2,227,175 | ||||
U.S. Treasury Notes | ||||||
4.250% 10/15/25 | 2,700,000 | 2,677,936 | ||||
4.875% 10/31/28 | 2,500,000 | 2,563,364 | ||||
7,468,475 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $7,577,456) | 7,468,475 | |||||
TOTAL BONDS & NOTES (Cost $138,129,248) | 126,149,776 | |||||
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $4,446) | 392 | |||||
Number of Shares | ||||||
Warrants — 0.0% | ||||||
Materials — 0.0% | ||||||
Hercules LLC, Expires 3/31/29, Strike 0.09 (j) (k) (l) | 150 | 4,148 | ||||
TOTAL WARRANTS (Cost $0) | 4,148 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $138,604,319) | 126,509,356 | |||||
The accompanying notes are an integral part of the financial statements. | ||||
52 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
SHORT-TERM INVESTMENTS — 15.5% | ||||||
Commercial Paper — 12.3% | ||||||
Amcor Flexibles North America, Inc. | ||||||
5.621% 4/16/24 (a) | $3,000,000 | $2,991,106 | ||||
American Electric Power Co., Inc. | ||||||
5.701% 4/17/24 (a) | 5,000,000 | 4,984,713 | ||||
Avangrid, Inc. | ||||||
5.600% 4/16/24 (a) | 2,000,000 | 1,994,038 | ||||
NextEra Energy Capital Holdings, Inc. | ||||||
5.654% 4/08/24 (a) | 2,000,000 | 1,996,665 | ||||
5.690% 5/07/24 (a) | 3,000,000 | 2,981,433 | ||||
VW Credit, Inc. | ||||||
5.656% 4/23/24 (a) | 2,000,000 | 1,992,002 | ||||
16,939,957 | ||||||
Number of Shares | ||||||
Investment of Cash Collateral from Securities Loaned — 1.1% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (m) | 1,506,933 | 1,506,933 | ||||
Principal Amount | ||||||
Repurchase Agreement — 2.1% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (n) | $2,843,776 | 2,843,776 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $21,301,200) | 21,290,666 | |||||
TOTAL INVESTMENTS — 107.6% (Cost $159,905,519) (o) | 147,800,022 | |||||
Other Assets/(Liabilities) — (7.6)% | (10,422,881) | |||||
NET ASSETS — 100.0% | $137,377,141 | |||||
ARS | Auction Rate Security | |||
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 Coupon Bond | |||
TBA | To Be Announced | |||
VRN | Variable Rate Note | |||
(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 March 31, 2024, the aggregate market value of these securities amounted to $71,316,656 or 51.91% of net assets. |
(b) | Security is perpetual and has no stated maturity date. |
(c) | Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At March 31, 2024, these securities amounted to a value of $12,018 or 0.01% of net assets. |
(d) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $1,499,888 or 1.09% of net assets. The Fund received $24,164 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(e) | Restricted security. Certain securities are restricted to resale. At March 31, 2024, these securities amounted to a value of $822,248 or 0.60% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities. |
(f) | A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2). |
(g) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at March 31, 2024. |
(h) | May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency. |
(i) | All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2). |
(j) | Investment is valued using significant unobservable inputs. |
(k) | Non-income producing security. |
(l) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $4,148 or 0.00% of net assets. |
(m) | Represents investment of security lending cash collateral. (Note 2). |
(n) | Maturity value of $2,844,281. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,900,668. |
(o) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
53 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
United States | 72.8% | ||
Cayman Islands | 6.8% | ||
United Kingdom | 3.3% | ||
France | 2.1% | ||
Canada | 1.9% | ||
Ireland | 1.3% | ||
Bermuda | 1.1% | ||
Germany | 0.8% | ||
Netherlands | 0.7% | ||
Australia | 0.5% | ||
Mexico | 0.3% | ||
Republic of Korea | 0.2% | ||
Finland | 0.2% | ||
Sweden | 0.1% | ||
Total Long-Term Investments | 92.1% | ||
Short-Term Investments and Other Assets and Liabilities | 7.9% | ||
Net Assets | 100.0% | ||
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 | $246 | $1,842 | $(1,596) | ||||||||||||||||||
AUD Call USD Put | Bank of America N.A.* | 6/10/24 | 0.69 | 380,000 | AUD | 380,000 | 143 | 2,300 | (2,157) | ||||||||||||||||||
AUD Call USD Put | Bank of America N.A.* | 6/10/24 | 0.73 | 190,000 | AUD | 190,000 | 3 | 304 | (301) | ||||||||||||||||||
$ 392 | $ 4,446 | $ (4,054) | |||||||||||||||||||||||||
Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||||
Bank of America N.A.* | 4/23/24 | USD | 135,645 | JPY | 20,219,685 | $1,648 | ||||||||||||
Bank of America N.A.* | 5/14/24 | HUF | 125,551,017 | USD | 346,157 | (3,111) | ||||||||||||
Bank of America N.A.* | 5/14/24 | USD | 98,836 | ZAR | 1,885,603 | (393) | ||||||||||||
Bank of America N.A.* | 5/14/24 | USD | 238,845 | CZK | 5,672,543 | (2,973) | ||||||||||||
Bank of America N.A.* | 7/16/24 | USD | 251,903 | GBP | 198,363 | 1,397 | ||||||||||||
BNP Paribas SA* | 5/21/24 | JPY | 57,667,022 | USD | 394,000 | (10,169) | ||||||||||||
Citibank N.A.* | 4/09/24 | PEN | 372,884 | USD | 99,000 | 1,227 | ||||||||||||
Citibank N.A.* | 4/16/24 | ARS | 13,043,250 | USD | 12,750 | 2,214 | ||||||||||||
Citibank N.A.* | 4/23/24 | THB | 3,375,503 | USD | 97,000 | (4,331) | ||||||||||||
Citibank N.A.* | 4/23/24 | JPY | 20,219,685 | USD | 140,063 | (6,066) | ||||||||||||
Citibank N.A.* | 4/23/24 | USD | 161,613 | TWD | 5,035,053 | 3,872 | ||||||||||||
Citibank N.A.* | 4/23/24 | USD | 94,808 | THB | 3,375,503 | 2,139 | ||||||||||||
Citibank N.A.* | 5/21/24 | USD | 102,257 | PHP | 5,779,592 | (469) | ||||||||||||
Citibank N.A.* | 7/16/24 | ARS | 17,212,500 | USD | 12,750 | 4,017 | ||||||||||||
Citibank N.A.* | 9/16/24 | ARS | 33,243,924 | USD | 27,703 | 1,397 | ||||||||||||
Goldman Sachs International* | 4/16/24 | CHF | 240,140 | USD | 275,000 | (8,343) | ||||||||||||
Goldman Sachs International* | 4/16/24 | USD | 442,766 | CHF | 372,870 | 28,722 | ||||||||||||
Goldman Sachs International* | 5/07/24 | MXN | 4,459,389 | USD | 255,146 | 11,636 | ||||||||||||
Goldman Sachs International* | 5/14/24 | TRY | 3,582,733 | USD | 106,231 | (905) | ||||||||||||
Goldman Sachs International* | 5/14/24 | USD | 103,217 | CHF | 89,247 | 3,807 | ||||||||||||
Goldman Sachs International* | 5/21/24 | USD | 257,342 | SGD | 345,024 | 1,244 | ||||||||||||
Goldman Sachs International* | 5/21/24 | USD | 488,856 | JPY | 73,513,639 | (450) | ||||||||||||
HSBC Bank PLC* | 4/16/24 | ILS | 1,051,380 | USD | 282,899 | 3,194 |
The accompanying notes are an integral part of the financial statements. | ||||
54 | ||||
MassMutual Diversified Bond Fund — Portfolio of Investments (Continued) | ||
Counterparty | Settlement Date | Currency Purchased | Currency Sold | Unrealized Appreciation (Depreciation) | ||||||||||||||
HSBC Bank PLC* | 4/16/24 | USD | 178,000 | ILS | 673,794 | $(5,347) | ||||||||||||
HSBC Bank PLC* | 5/14/24 | CZK | 5,672,543 | USD | 243,729 | (1,911) | ||||||||||||
HSBC Bank PLC* | 5/21/24 | JPY | 15,846,617 | USD | 108,458 | (2,984) | ||||||||||||
HSBC Bank PLC* | 5/21/24 | KRW | 200,192,080 | USD | 150,929 | (1,828) | ||||||||||||
HSBC Bank PLC* | 5/21/24 | THB | 8,957,520 | USD | 251,708 | (5,237) | ||||||||||||
HSBC Bank PLC* | 5/21/24 | USD | 102,439 | CNH | 734,672 | 1,086 | ||||||||||||
Morgan Stanley & Co. LLC* | 4/09/24 | PEN | 575,130 | USD | 153,433 | 1,155 | ||||||||||||
Morgan Stanley & Co. LLC* | 4/09/24 | BRL | 653,149 | USD | 132,000 | (1,869) | ||||||||||||
Morgan Stanley & Co. LLC* | 4/09/24 | USD | 106,000 | PEN | 388,925 | 1,462 | ||||||||||||
Morgan Stanley & Co. LLC* | 5/07/24 | BRL | 1,837,796 | USD | 366,862 | (1,690) | ||||||||||||
Morgan Stanley & Co. LLC* | 5/21/24 | USD | 101,000 | MYR | 482,629 | (1,298) | ||||||||||||
$10,843 | ||||||||||||||||||
Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||
Long | ||||||||||||
U.S. Treasury Long Bond | 6/18/24 | 95 | $ 11,313,945 | $127,617 | ||||||||
U.S. Treasury Ultra Bond | 6/18/24 | 34 | 4,342,286 | 43,714 | ||||||||
U.S. Treasury Note 2 Year | 6/28/24 | 58 | 11,878,932 | (18,838) | ||||||||
U.S. Treasury Note 5 Year | 6/28/24 | 61 | 6,521,367 | 6,586 | ||||||||
$ 159,079 | ||||||||||||
Short | ||||||||||||
U.S. Treasury Ultra 10 Year | 6/18/24 | 26 | $(2,970,900) | $(8,944) | ||||||||
ARS | Argentinean Peso | |||
AUD | Australian Dollar | |||
BRL | Brazilian Real | |||
CHF | Swiss Franc | |||
CNH | Offshore Chinese Yuan | |||
CZK | Czech Koruna | |||
GBP | British Pound | |||
HUF | Hungarian Forint | |||
ILS | Israeli Shekel | |||
JPY | Japanese Yen | |||
KRW | South Korean Won | |||
MXN | Mexican Peso | |||
MYR | Malaysian Ringgit | |||
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 | |||
The accompanying notes are an integral part of the financial statements. | ||||
55 | ||||
MassMutual High Yield Fund — Portfolio of Investments | ||
Principal Amount | Value | |||||
Bonds & Notes — 96.9% | ||||||
Bank Loans — 9.5% | ||||||
Aerospace & Defense — 0.4% | ||||||
Barnes Group, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 2.500% | ||||||
7.827% VRN 9/03/30 | $1,520,327 | $1,521,088 | ||||
Chemicals — 1.5% | ||||||
CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.750% | ||||||
9.321% VRN 12/29/27 | 1,721,797 | 1,447,171 | ||||
LSF11 A5 Holdco LLC | ||||||
Term Loan, 1 mo. USD Term SOFR + 3.500% | ||||||
8.942% VRN 10/15/28 | 994,937 | 994,439 | ||||
2023 Incremental Term Loan B, 1 mo. USD Term SOFR + 4.250% | ||||||
9.677% VRN 10/15/28 | 2,042,522 | 2,043,543 | ||||
PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.250% | ||||||
9.723% VRN 4/23/29 (a) | 1,254,007 | 1,240,138 | ||||
5,725,291 | ||||||
Commercial Services — 0.3% | ||||||
APi Group DE, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 2.500% | ||||||
7.942% VRN 1/03/29 | 1,226,160 | 1,227,950 | ||||
Computers — 0.9% | ||||||
McAfee LLC, 2022 USD Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||
9.176% VRN 3/01/29 | 2,094,670 | 2,087,988 | ||||
SonicWall US Holdings, Inc., 2nd Lien Term Loan, 3 mo. USD Term SOFR + 7.500% | ||||||
12.962% VRN 5/18/26 | 38,923 | 35,420 | ||||
Vision Solutions, Inc., 2021 Incremental Term Loan, 3 mo. USD Term SOFR + 4.000% | ||||||
9.586% VRN 4/24/28 | 1,335,779 | 1,334,670 | ||||
3,458,078 | ||||||
Diversified Financial Services — 0.5% | ||||||
Aretec Group, Inc., 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.500% | ||||||
9.927% VRN 8/09/30 | 1,963,922 | 1,973,741 | ||||
Principal Amount | Value | |||||
Electric — 0.2% | ||||||
Talen Energy Supply LLC, 2023 Term Loan B, 3 mo. USD Term SOFR + 4.500% | ||||||
9.826% VRN 5/17/30 | $865,217 | $867,848 | ||||
Engineering & Construction — 0.3% | ||||||
Artera Services, LLC, 2024 Term Loan, 3 mo. USD SOFR CME + 4.500% | ||||||
9.809% VRN 2/15/31 | 1,030,225 | 1,033,315 | ||||
Food — 0.7% | ||||||
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.750% | ||||||
9.192% VRN 10/01/25 | 1,848,768 | 1,813,068 | ||||
Fiesta Purchaser, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.000% | ||||||
9.327% VRN 2/12/31 | 873,582 | 874,552 | ||||
2,687,620 | ||||||
Gas — 0.4% | ||||||
NGL Energy Partners LP, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.500% | ||||||
9.830% VRN 2/02/31 | 1,430,788 | 1,433,649 | ||||
Health Care – Services — 0.4% | ||||||
LifePoint Health, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 5.500% | ||||||
11.087% VRN 11/16/28 | 869,978 | 871,997 | ||||
Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 5.000% | ||||||
0.000% VRN1/31/29 (a) | 582,670 | 561,653 | ||||
1,433,650 | ||||||
Media — 0.7% | ||||||
A-L Parent LLC, 2023 Take Back Term Loan, 1 mo. USD Term SOFR + 5.500% | ||||||
10.827% VRN 6/30/28 | 2,084,030 | 2,071,651 | ||||
Sinclair Television Group, Inc., Term Loan B2B, 1 mo. USD Term SOFR + 2.500% | ||||||
0.000% VRN9/30/26 (a) | 663,471 | 628,804 | ||||
2,700,455 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
56 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Mining — 0.3% | ||||||
Arsenal AIC Parent LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.750% | ||||||
9.080% VRN 8/18/30 | $1,148,821 | $1,151,405 | ||||
Packaging & Containers — 0.2% | ||||||
Clydesdale Acquisition Holdings, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.675% | ||||||
9.105% VRN 4/13/29 | 644,293 | 644,957 | ||||
Pipelines — 0.3% | ||||||
ITT Holdings LLC, 2023 Term Loan B, 1 mo. USD Term SOFR + 3.250% | ||||||
8.677% VRN 10/05/30 | 1,205,853 | 1,206,456 | ||||
Real Estate Investment Trusts (REITS) — 0.3% | ||||||
RHP Hotel Properties LP, 2023 Term Loan B, 1 mo. USD Term SOFR + 2.750% | ||||||
8.077% VRN 5/18/30 | 1,054,635 | 1,054,372 | ||||
Software — 2.1% | ||||||
Banff Merger Sub, Inc., 2023 USD Term Loan, 1 mo. USD Term SOFR + 4.250% | ||||||
9.580% VRN 12/29/28 (a) | 3,842,902 | 3,864,538 | ||||
Cloud Software Group, Inc., 2022 USD Term Loan B, | ||||||
0.000% 3/30/29 (a) | 1,965,000 | 1,954,605 | ||||
UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.500% | ||||||
8.814% VRN 2/10/31 | 1,594,499 | 1,602,073 | ||||
Veritas US, Inc., 2021 USD Term Loan B, 1 mo. USD Term SOFR + 5.000% | ||||||
10.445% VRN 9/01/25 | 569,222 | 525,267 | ||||
7,946,483 | ||||||
TOTAL BANK LOANS (Cost $35,636,280) | 36,066,358 | |||||
Corporate Debt — 87.4% | ||||||
Advertising — 0.8% | ||||||
Clear Channel Outdoor Holdings, Inc. | ||||||
9.000% 9/15/28 (b) | 710,000 | 739,546 | ||||
7.500% 6/01/29 (b) | 500,000 | 413,521 | ||||
7.875% 4/01/30 (b) | 378,000 | 375,791 | ||||
Stagwell Global LLC | ||||||
5.625% 8/15/29 (b) | 1,514,000 | 1,374,874 | ||||
2,903,732 | ||||||
Principal Amount | Value | |||||
Aerospace & Defense — 1.0% | ||||||
Spirit AeroSystems, Inc. | ||||||
9.750% 11/15/30 (b) | $2,233,000 | $2,497,758 | ||||
Triumph Group, Inc. | ||||||
9.000% 3/15/28 (b) | 1,211,000 | 1,276,675 | ||||
3,774,433 | ||||||
Agriculture — 0.2% | ||||||
Darling Ingredients, Inc. | ||||||
6.000% 6/15/30 (b) | 938,000 | 929,561 | ||||
Airlines — 1.8% | ||||||
Allegiant Travel Co. | ||||||
7.250% 8/15/27 (b) | 2,702,000 | 2,687,614 | ||||
American Airlines, Inc. | ||||||
8.500% 5/15/29 (b) | 1,488,000 | 1,572,008 | ||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | ||||||
5.750% 1/20/26 (b) | 2,174,043 | 2,040,244 | ||||
United Airlines, Inc. | ||||||
4.375% 4/15/26 (b) | 758,000 | 732,787 | ||||
7,032,653 | ||||||
Auto Manufacturers — 0.5% | ||||||
JB Poindexter & Co., Inc. | ||||||
8.750% 12/15/31 (b) | 2,011,000 | 2,078,632 | ||||
Auto Parts & Equipment — 0.7% | ||||||
Adient Global Holdings Ltd. | ||||||
4.875% 8/15/26 (b) | 1,734,000 | 1,690,445 | ||||
8.250% 4/15/31 (b) | 816,000 | 861,074 | ||||
2,551,519 | ||||||
Building Materials — 3.3% | ||||||
EMRLD Borrower LP/Emerald Co.-Issuer, Inc. | ||||||
6.625% 12/15/30 (b) | 2,389,000 | 2,411,918 | ||||
Knife River Corp. | ||||||
7.750% 5/01/31 (b) | 1,107,000 | 1,158,860 | ||||
New Enterprise Stone & Lime Co., Inc. | ||||||
5.250% 7/15/28 (b) | 2,072,000 | 1,984,958 | ||||
9.750% 7/15/28 (b) | 3,764,000 | 3,850,854 | ||||
Smyrna Ready Mix Concrete LLC | ||||||
6.000% 11/01/28 (b) | 1,627,000 | 1,590,160 | ||||
8.875% 11/15/31 (b) | 1,607,000 | 1,717,708 | ||||
12,714,458 | ||||||
Chemicals — 3.6% | ||||||
Consolidated Energy Finance SA | ||||||
5.625% 10/15/28 (b) | 4,296,000 | 3,605,374 | ||||
LSF11 A5 HoldCo LLC | ||||||
6.625% 10/15/29 (b) | 2,667,000 | 2,401,470 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
57 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Methanex Corp. | ||||||
5.125% 10/15/27 | $2,056,000 | $1,988,624 | ||||
Olympus Water US Holding Corp. | ||||||
4.250% 10/01/28 (b) | 2,503,000 | 2,270,831 | ||||
6.250% 10/01/29 (b) (c) | 1,772,000 | 1,621,905 | ||||
Polar US Borrower LLC/Schenectady International Group, Inc. | ||||||
6.750% 5/15/26 (b) | 1,257,000 | 295,395 | ||||
Vibrantz Technologies, Inc. | ||||||
9.000% 2/15/30 (b) (c) | 1,426,000 | 1,316,903 | ||||
13,500,502 | ||||||
Coal — 0.6% | ||||||
Coronado Finance Pty. Ltd. | ||||||
10.750% 5/15/26 (b) | 2,077,000 | 2,163,978 | ||||
Commercial Services — 2.7% | ||||||
Alta Equipment Group, Inc. | ||||||
5.625% 4/15/26 (b) | 2,194,000 | 2,144,655 | ||||
PECF USS Intermediate Holding III Corp. | ||||||
8.000% 11/15/29 (b) | 599,000 | 314,602 | ||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | ||||||
6.250% 1/15/28 (b) | 2,571,000 | 2,518,497 | ||||
PROG Holdings, Inc. | ||||||
6.000% 11/15/29 (b) | 2,766,000 | 2,585,200 | ||||
Sabre GLBL, Inc. | ||||||
8.625% 6/01/27 (b) | 2,924,000 | 2,565,875 | ||||
Sabre Global, Inc., Convertible, | ||||||
7.320% 8/01/26 | 85,000 | 73,268 | ||||
10,202,097 | ||||||
Computers — 0.6% | ||||||
Presidio Holdings, Inc. | ||||||
8.250% 2/01/28 (b) | 1,048,000 | 1,045,170 | ||||
Western Digital Corp. | ||||||
4.750% 2/15/26 | 1,083,000 | 1,057,965 | ||||
2,103,135 | ||||||
Cosmetics & Personal Care — 0.0% | ||||||
Coty, Inc. | ||||||
6.500% 4/15/26 (b) | 105,000 | 105,169 | ||||
Distribution & Wholesale — 0.4% | ||||||
Resideo Funding, Inc. | ||||||
4.000% 9/01/29 (b) | 1,882,000 | 1,682,756 | ||||
Diversified Financial Services — 7.9% | ||||||
Aretec Group, Inc. | ||||||
10.000% 8/15/30 (b) | 1,099,000 | 1,200,408 | ||||
Principal Amount | Value | |||||
Coinbase Global, Inc. | ||||||
3.375% 10/01/28 (b) | $305,000 | $261,329 | ||||
3.625% 10/01/31 (b) | 373,000 | 301,219 | ||||
GGAM Finance Ltd. | ||||||
8.000% 2/15/27 (b) | 2,005,000 | 2,070,202 | ||||
Global Aircraft Leasing Co. Ltd. | ||||||
6.500% 9/15/24 (b) | 8,817,485 | 8,386,561 | ||||
Jefferson Capital Holdings LLC | ||||||
6.000% 8/15/26 (b) | 2,664,000 | 2,613,989 | ||||
9.500% 2/15/29 (b) | 1,965,000 | 2,011,447 | ||||
Macquarie Airfinance Holdings Ltd. | ||||||
8.125% 3/30/29 (b) | 1,757,000 | 1,858,242 | ||||
8.375% 5/01/28 (b) | 1,977,000 | 2,095,553 | ||||
Midcap Financial Issuer Trust | ||||||
5.625% 1/15/30 (b) | 857,000 | 737,479 | ||||
6.500% 5/01/28 (b) | 1,492,000 | 1,376,381 | ||||
OneMain Finance Corp. | ||||||
4.000% 9/15/30 | 709,000 | 606,795 | ||||
5.375% 11/15/29 | 1,195,000 | 1,123,554 | ||||
PRA Group, Inc. | ||||||
5.000% 10/01/29 (b) | 4,020,000 | 3,387,586 | ||||
7.375% 9/01/25 (b) | 1,582,000 | 1,579,184 | ||||
8.375% 2/01/28 (b) | 445,000 | 442,865 | ||||
30,052,794 | ||||||
Electric — 2.6% | ||||||
PG&E Corp. | ||||||
5.000% 7/01/28 (c) | 3,121,000 | 3,005,716 | ||||
5.250% 7/01/30 (c) | 583,000 | 553,986 | ||||
Pike Corp. | ||||||
5.500% 9/01/28 (b) | 2,213,000 | 2,118,162 | ||||
8.625% 1/31/31 (b) | 1,071,000 | 1,138,116 | ||||
Talen Energy Supply LLC | ||||||
8.625% 6/01/30 (b) | 2,894,000 | 3,094,710 | ||||
9,910,690 | ||||||
Electrical Components & Equipment — 0.3% | ||||||
Energizer Holdings, Inc. | ||||||
4.375% 3/31/29 (b) | 1,145,000 | 1,025,993 | ||||
Electronics — 0.6% | ||||||
Atkore, Inc. | ||||||
4.250% 6/01/31 (b) | 2,549,000 | 2,260,490 | ||||
Engineering & Construction — 2.5% | ||||||
Arcosa, Inc. | ||||||
4.375% 4/15/29 (b) | 2,166,000 | 1,996,041 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
58 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Artera Services LLC | ||||||
8.500% 2/15/31 (b) | $981,000 | $1,005,764 | ||||
Global Infrastructure Solutions, Inc. | ||||||
5.625% 6/01/29 (b) | 2,528,000 | 2,317,977 | ||||
7.500% 4/15/32 (b) | 1,457,000 | 1,425,334 | ||||
MasTec, Inc. | ||||||
4.500% 8/15/28 (b) (c) | 1,815,000 | 1,725,834 | ||||
Railworks Holdings LP/Railworks Rally, Inc. | ||||||
8.250% 11/15/28 (b) | 879,000 | 872,113 | ||||
9,343,063 | ||||||
Entertainment — 0.7% | ||||||
Live Nation Entertainment, Inc. | ||||||
4.750% 10/15/27 (b) | 930,000 | 887,989 | ||||
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | ||||||
4.875% 5/01/29 (b) | 987,000 | 913,919 | ||||
Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. | ||||||
8.000% 8/01/30 (b) | 684,000 | 704,501 | ||||
2,506,409 | ||||||
Environmental Controls — 0.2% | ||||||
Enviri Corp. | ||||||
5.750% 7/31/27 (b) | 847,000 | 797,518 | ||||
Food — 1.7% | ||||||
Fiesta Purchaser, Inc. | ||||||
7.875% 3/01/31 (b) | 621,000 | 641,307 | ||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | ||||||
3.625% 1/15/32 | 3,863,000 | 3,305,318 | ||||
3.750% 12/01/31 | 400,000 | 345,850 | ||||
Pilgrim’s Pride Corp. | ||||||
4.250% 4/15/31 (b) | 2,285,000 | 2,059,792 | ||||
6,352,267 | ||||||
Gas — 0.2% | ||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | ||||||
9.375% 6/01/28 (b) | 839,000 | 868,793 | ||||
Hand & Machine Tools — 1.4% | ||||||
Regal Rexnord Corp. | ||||||
6.400% 4/15/33 (b) | 5,158,000 | 5,349,496 | ||||
Health Care – Products — 0.5% | ||||||
Neogen Food Safety Corp. | ||||||
8.625% 7/20/30 (b) | 1,898,000 | 2,044,626 | ||||
Principal Amount | Value | |||||
Health Care – Services — 4.2% | ||||||
CHS/Community Health Systems, Inc. | ||||||
4.750% 2/15/31 (b) | $1,356,000 | $1,046,489 | ||||
5.625% 3/15/27 (b) | 556,000 | 511,743 | ||||
6.000% 1/15/29 (b) | 1,141,000 | 996,775 | ||||
6.875% 4/15/29 (b) | 472,000 | 353,394 | ||||
LifePoint Health, Inc. | ||||||
9.875% 8/15/30 (b) | 2,140,000 | 2,238,530 | ||||
11.000% 10/15/30 (b) | 1,964,000 | 2,099,106 | ||||
Molina Healthcare, Inc. | ||||||
4.375% 6/15/28 (b) | 1,121,000 | 1,053,772 | ||||
Radiology Partners, Inc. | ||||||
8.500% 1/31/29 (b) | 1,035,358 | 960,605 | ||||
9.781% 2/15/30 (b) | 3,620,816 | 2,914,757 | ||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. | ||||||
9.750% 12/01/26 (b) | 644,000 | 644,867 | ||||
Tenet Healthcare Corp. | ||||||
4.375% 1/15/30 | 1,178,000 | 1,088,792 | ||||
6.125% 6/15/30 | 2,081,000 | 2,076,226 | ||||
15,985,056 | ||||||
Home Builders — 1.8% | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. | ||||||
4.625% 8/01/29 (b) | 1,241,000 | 1,144,715 | ||||
Beazer Homes USA, Inc. | ||||||
7.500% 3/15/31 (b) | 744,000 | 751,371 | ||||
Mattamy Group Corp. | ||||||
4.625% 3/01/30 (b) | 5,293,000 | 4,802,032 | ||||
5.250% 12/15/27 (b) | 25,000 | 24,239 | ||||
6,722,357 | ||||||
Housewares — 0.2% | ||||||
Newell Brands, Inc. | ||||||
5.700% STEP 4/01/26 | 419,000 | 411,530 | ||||
6.375% 9/15/27 | 291,000 | 286,169 | ||||
697,699 | ||||||
Insurance — 1.1% | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | ||||||
6.750% 4/15/28 (b) | 523,000 | 526,691 | ||||
7.000% 1/15/31 (b) | 369,000 | 372,697 | ||||
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc. | ||||||
7.625% 10/15/25 (b) | 3,333,066 | 3,293,414 | ||||
4,192,802 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
59 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Internet — 1.0% | ||||||
Getty Images, Inc. | ||||||
9.750% 3/01/27 (b) | $3,859,000 | $3,856,943 | ||||
Investment Companies — 1.4% | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||
4.750% 9/15/24 | 1,179,000 | 1,173,568 | ||||
6.250% 5/15/26 | 4,270,000 | 4,121,938 | ||||
5,295,506 | ||||||
Leisure Time — 3.2% | ||||||
Carnival Corp. | ||||||
7.625% 3/01/26 (b) | 651,000 | 658,655 | ||||
5.750% 3/01/27 (b) | 1,023,000 | 1,012,499 | ||||
6.000% 5/01/29 (b) | 3,068,000 | 3,027,225 | ||||
7.000% 8/15/29 (b) | 184,000 | 191,909 | ||||
Life Time, Inc. | ||||||
5.750% 1/15/26 (b) | 189,000 | 187,467 | ||||
8.000% 4/15/26 (b) | 398,000 | 402,807 | ||||
NCL Corp. Ltd. | ||||||
5.875% 3/15/26 (b) | 781,000 | 770,965 | ||||
5.875% 2/15/27 (b) | 224,000 | 221,310 | ||||
8.375% 2/01/28 (b) | 668,000 | 705,625 | ||||
NCL Finance Ltd. | ||||||
6.125% 3/15/28 (b) (c) | 620,000 | 612,260 | ||||
Royal Caribbean Cruises Ltd. | ||||||
4.250% 7/01/26 (b) | 1,609,000 | 1,552,755 | ||||
5.500% 8/31/26 (b) | 601,000 | 595,600 | ||||
5.375% 7/15/27 (b) | 451,000 | 444,640 | ||||
5.500% 4/01/28 (b) | 504,000 | 498,156 | ||||
Viking Cruises Ltd. | ||||||
7.000% 2/15/29 (b) | 1,128,000 | 1,132,881 | ||||
12,014,754 | ||||||
Lodging — 0.8% | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. | ||||||
4.875% 7/01/31 (b) | 1,266,000 | 1,133,494 | ||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. | ||||||
5.875% 5/15/25 (b) | 1,046,000 | 1,043,342 | ||||
Wyndham Hotels & Resorts, Inc. | ||||||
4.375% 8/15/28 (b) | 1,071,000 | 995,625 | ||||
3,172,461 | ||||||
Media — 6.8% | ||||||
Altice Financing SA | ||||||
5.000% 1/15/28 (b) | 464,000 | 381,893 | ||||
5.750% 8/15/29 (b) | 699,000 | 560,068 | ||||
Principal Amount | Value | |||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||
4.250% 2/01/31 (b) | $2,361,000 | $1,928,110 | ||||
4.250% 1/15/34 (b) | 3,376,000 | 2,548,387 | ||||
4.500% 5/01/32 | 853,000 | 685,466 | ||||
CSC Holdings LLC | ||||||
5.750% 1/15/30 (b) | 939,000 | 497,081 | ||||
7.500% 4/01/28 (b) | 800,000 | 539,241 | ||||
11.750% 1/31/29 (b) | 1,850,000 | 1,852,885 | ||||
Cumulus Media New Holdings, Inc. | ||||||
6.750% 7/01/26 (b) | 892,000 | 477,101 | ||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | ||||||
5.875% 8/15/27 (b) | 3,333,000 | 3,153,139 | ||||
DISH DBS Corp. | ||||||
5.125% 6/01/29 | 380,000 | 158,494 | ||||
7.375% 7/01/28 | 1,266,000 | 609,486 | ||||
DISH Network Corp. | ||||||
11.750% 11/15/27 (b) | 818,000 | 835,121 | ||||
Gray Television, Inc. | ||||||
5.375% 11/15/31 (b) | 1,881,000 | 1,233,408 | ||||
7.000% 5/15/27 (b) (c) | 243,000 | 225,998 | ||||
LCPR Senior Secured Financing DAC | ||||||
6.750% 10/15/27 (b) | 1,385,000 | 1,299,848 | ||||
McGraw-Hill Education, Inc. | ||||||
5.750% 8/01/28 (b) | 910,000 | 857,181 | ||||
Sirius XM Radio, Inc. | ||||||
3.875% 9/01/31 (b) | 615,000 | 512,795 | ||||
Time Warner Cable Enterprises LLC | ||||||
8.375% 7/15/33 | 2,780,000 | 3,102,725 | ||||
Virgin Media Secured Finance PLC | ||||||
4.500% 8/15/30 (b) | 236,000 | 203,514 | ||||
5.500% 5/15/29 (b) | 4,137,000 | 3,824,936 | ||||
Virgin Media Vendor Financing Notes IV DAC | ||||||
5.000% 7/15/28 (b) | 588,000 | 539,479 | ||||
26,026,356 | ||||||
Mining — 1.1% | ||||||
Constellium SE | ||||||
3.750% 4/15/29 (b) | 2,250,000 | 2,024,320 | ||||
First Quantum Minerals Ltd. | ||||||
9.375% 3/01/29 (b) | 1,397,000 | 1,447,173 | ||||
Novelis Corp. | ||||||
3.250% 11/15/26 (b) | 304,000 | 283,261 | ||||
3.875% 8/15/31 (b) | 313,000 | 268,869 | ||||
4,023,623 | ||||||
Miscellaneous – Manufacturing — 0.6% | ||||||
Amsted Industries, Inc. | ||||||
5.625% 7/01/27 (b) | 2,435,000 | 2,398,432 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
60 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Oil & Gas — 3.8% | ||||||
Apache Corp. | ||||||
4.750% 4/15/43 (c) | $816,000 | $643,298 | ||||
5.100% 9/01/40 | 607,000 | 520,910 | ||||
5.350% 7/01/49 | 910,000 | 769,224 | ||||
Hilcorp Energy I LP/Hilcorp Finance Co. | ||||||
6.000% 4/15/30 (b) | 443,000 | 433,745 | ||||
6.000% 2/01/31 (b) | 1,792,000 | 1,742,402 | ||||
Nabors Industries Ltd. | ||||||
7.250% 1/15/26 (b) | 983,000 | 976,914 | ||||
Nabors Industries, Inc. | ||||||
7.375% 5/15/27 (b) | 777,000 | 775,569 | ||||
Occidental Petroleum Corp. | ||||||
6.200% 3/15/40 | 1,570,000 | 1,611,013 | ||||
6.600% 3/15/46 | 801,000 | 863,260 | ||||
Parkland Corp. | ||||||
4.625% 5/01/30 (b) | 795,000 | 732,909 | ||||
5.875% 7/15/27 (b) | 2,479,000 | 2,457,519 | ||||
Sunoco LP/Sunoco Finance Corp. | ||||||
5.875% 3/15/28 | 245,000 | 242,657 | ||||
7.000% 9/15/28 (b) | 510,000 | 521,092 | ||||
Transocean Poseidon Ltd. | ||||||
6.875% 2/01/27 (b) | 132,300 | 132,452 | ||||
Transocean, Inc. | ||||||
7.250% 11/01/25 (b) | 1,251,000 | 1,245,708 | ||||
7.500% 1/15/26 (b) | 931,000 | 925,171 | ||||
14,593,843 | ||||||
Oil & Gas Services — 0.8% | ||||||
Weatherford International Ltd. | ||||||
8.625% 4/30/30 (b) | 2,835,000 | 2,959,652 | ||||
Packaging & Containers — 2.3% | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | ||||||
4.000% 9/01/29 (b) | 1,217,000 | 980,965 | ||||
Clydesdale Acquisition Holdings, Inc. | ||||||
8.750% 4/15/30 (b) | 2,181,000 | 2,142,918 | ||||
Graham Packaging Co., Inc. | ||||||
7.125% 8/15/28 (b) | 1,295,000 | 1,174,168 | ||||
Mauser Packaging Solutions Holding Co. | ||||||
7.875% 8/15/26 (b) | 2,895,000 | 2,949,284 | ||||
9.250% 4/15/27 (b) | 1,077,000 | 1,068,422 | ||||
Trident TPI Holdings, Inc. | ||||||
12.750% 12/31/28 (b) | 527,000 | 562,277 | ||||
8,878,034 | ||||||
Principal Amount | Value | |||||
Pharmaceuticals — 4.1% | ||||||
1375209 BC Ltd. | ||||||
9.000% 1/30/28 (b) (c) | $4,352,000 | $4,264,972 | ||||
AdaptHealth LLC | ||||||
4.625% 8/01/29 (b) | 1,000,000 | 860,545 | ||||
5.125% 3/01/30 (b) | 2,000,000 | 1,744,272 | ||||
Bausch Health Cos., Inc. | ||||||
4.875% 6/01/28 (b) | 1,347,000 | 735,063 | ||||
6.125% 2/01/27 (b) | 477,000 | 297,214 | ||||
9.000% 12/15/25 (b) | 870,000 | 826,513 | ||||
14.000% 10/15/30 (b) | 286,000 | 164,533 | ||||
Grifols SA | ||||||
4.750% 10/15/28 (b) (c) | 2,379,000 | 1,968,291 | ||||
Herbalife Ltd., Convertible, | ||||||
4.250% 6/15/28 (b) | 399,000 | 344,377 | ||||
Herbalife Nutrition Ltd./HLF Financing, Inc. | ||||||
7.875% 9/01/25 (b) | 2,128,000 | 2,127,707 | ||||
HLF Financing SARL LLC/Herbalife International, Inc. | ||||||
4.875% 6/01/29 (b) | 246,000 | 170,970 | ||||
Perrigo Finance Unlimited Co. | ||||||
4.650% STEP 6/15/30 | 2,089,000 | 1,920,331 | ||||
15,424,788 | ||||||
Pipelines — 5.7% | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC | ||||||
5.500% 6/15/31 (b) | 4,376,000 | 4,135,829 | ||||
Energy Transfer LP | ||||||
5 yr. CMT + 5.694% 6.500% VRN (d) | 500,000 | 490,071 | ||||
5 yr. CMT + 5.306% 7.125% VRN (d) | 700,000 | 683,400 | ||||
EnLink Midstream Partners LP | ||||||
4.150% 6/01/25 (c) | 27,000 | 26,411 | ||||
4.850% 7/15/26 | 277,000 | 271,554 | ||||
5.050% 4/01/45 | 160,000 | 132,129 | ||||
5.450% 6/01/47 | 380,000 | 330,706 | ||||
5.600% 4/01/44 (c) | 1,488,000 | 1,324,839 | ||||
EQM Midstream Partners LP | ||||||
6.000% 7/01/25 (b) | 339,000 | 339,431 | ||||
6.500% 7/01/27 (b) | 763,000 | 769,748 | ||||
7.500% 6/01/27 (b) | 832,000 | 853,129 | ||||
7.500% 6/01/30 (b) | 176,000 | 188,134 | ||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||
6.250% 5/15/26 | 290,000 | 288,170 | ||||
8.000% 1/15/27 | 553,000 | 559,430 | ||||
8.250% 1/15/29 | 750,000 | 769,947 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
61 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Harvest Midstream I LP | ||||||
7.500% 9/01/28 (b) | $1,911,000 | $1,937,622 | ||||
ITT Holdings LLC | ||||||
6.500% 8/01/29 (b) | 4,327,000 | 3,948,818 | ||||
NGL Energy Operating LLC/NGL Energy Finance Corp. | ||||||
8.125% 2/15/29 (b) | 624,000 | 639,090 | ||||
8.375% 2/15/32 (b) | 1,102,000 | 1,129,668 | ||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | ||||||
7.375% 2/15/29 (b) | 1,032,000 | 1,038,169 | ||||
Venture Global Calcasieu Pass LLC | ||||||
3.875% 8/15/29 (b) | 869,000 | 782,228 | ||||
4.125% 8/15/31 (b) | 994,000 | 883,864 | ||||
21,522,387 | ||||||
Private Equity — 0.4% | ||||||
HAT Holdings I LLC/HAT Holdings II LLC | ||||||
3.375% 6/15/26 (b) | 1,520,000 | 1,431,696 | ||||
Real Estate Investment Trusts (REITS) — 1.3% | ||||||
Global Net Lease, Inc./Global Net Lease Operating Partnership LP | ||||||
3.750% 12/15/27 (b) | 261,000 | 223,334 | ||||
HAT Holdings I LLC/HAT Holdings II LLC | ||||||
8.000% 6/15/27 (b) | 425,000 | 443,147 | ||||
RLJ Lodging Trust LP | ||||||
3.750% 7/01/26 (b) | 1,238,000 | 1,178,955 | ||||
4.000% 9/15/29 (b) | 2,345,000 | 2,067,163 | ||||
Service Properties Trust | ||||||
4.375% 2/15/30 | 568,000 | 433,571 | ||||
4.950% 2/15/27 | 284,000 | 262,688 | ||||
5.500% 12/15/27 | 548,000 | 522,376 | ||||
5,131,234 | ||||||
Retail — 4.2% | ||||||
Bath & Body Works, Inc. | ||||||
6.750% 7/01/36 | 658,000 | 664,587 | ||||
6.875% 11/01/35 | 1,478,000 | 1,511,342 | ||||
BlueLinx Holdings, Inc. | ||||||
6.000% 11/15/29 (b) | 1,774,000 | 1,722,992 | ||||
Brinker International, Inc. | ||||||
8.250% 7/15/30 (b) | 989,000 | 1,042,180 | ||||
CEC Entertainment LLC | ||||||
6.750% 5/01/26 (b) | 855,000 | 846,919 | ||||
Nordstrom, Inc. | ||||||
5.000% 1/15/44 | 651,000 | 504,491 | ||||
Principal Amount | Value | |||||
PetSmart, Inc./PetSmart Finance Corp. | ||||||
4.750% 2/15/28 (b) | $610,000 | $571,110 | ||||
7.750% 2/15/29 (b) | 1,096,000 | 1,067,002 | ||||
Raising Cane’s Restaurants LLC | ||||||
9.375% 5/01/29 (b) | 294,000 | 317,738 | ||||
Sonic Automotive, Inc. | ||||||
4.625% 11/15/29 (b) (c) | 585,000 | 524,626 | ||||
4.875% 11/15/31 (b) (c) | 1,260,000 | 1,103,021 | ||||
Specialty Building Products Holdings LLC/SBP Finance Corp. | ||||||
6.375% 9/30/26 (b) | 1,260,000 | 1,251,554 | ||||
Staples, Inc. | ||||||
7.500% 4/15/26 (b) | 1,004,000 | 979,876 | ||||
10.750% 4/15/27 (b) | 686,000 | 652,070 | ||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. | ||||||
5.000% 6/01/31 (b) | 1,271,000 | 1,158,750 | ||||
Superior Plus LP/Superior General Partner, Inc. | ||||||
4.500% 3/15/29 (b) | 2,169,000 | 2,005,345 | ||||
15,923,603 | ||||||
Software — 0.8% | ||||||
Boxer Parent Co., Inc. | ||||||
9.125% 3/01/26 (b) | 158,000 | 157,942 | ||||
Consensus Cloud Solutions, Inc. | ||||||
6.000% 10/15/26 (b) (c) | 1,761,000 | 1,673,746 | ||||
Veritas US, Inc./Veritas Bermuda Ltd. | ||||||
7.500% 9/01/25 (b) | 1,317,000 | 1,207,508 | ||||
3,039,196 | ||||||
Telecommunications — 5.7% | ||||||
Altice France Holding SA | ||||||
10.500% 5/15/27 (b) | 494,000 | 184,843 | ||||
Altice France SA | ||||||
5.125% 7/15/29 (b) | 698,000 | 471,871 | ||||
C&W Senior Finance Ltd. | ||||||
6.875% 9/15/27 (b) | 2,136,000 | 2,017,219 | ||||
Connect Finco SARL/Connect US Finco LLC | ||||||
6.750% 10/01/26 (b) | 4,634,000 | 4,542,595 | ||||
Consolidated Communications, Inc. | ||||||
5.000% 10/01/28 (b) | 722,000 | 601,782 | ||||
6.500% 10/01/28 (b) | 736,000 | 642,912 | ||||
Frontier Communications Holdings LLC | ||||||
6.000% 1/15/30 (b) | 2,191,000 | 1,855,837 | ||||
6.750% 5/01/29 (b) | 902,000 | 803,853 | ||||
8.625% 3/15/31 (b) | 3,081,000 | 3,146,715 | ||||
Hughes Satellite Systems Corp. | ||||||
6.625% 8/01/26 | 2,280,000 | 1,342,928 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
62 | ||||
MassMutual High Yield Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Intelsat Jackson Holdings SA | ||||||
6.500% 3/15/30 (b) | $1,079,000 | $1,002,466 | ||||
Level 3 Financing, Inc. | ||||||
4.250% 7/01/28 (b) | 557,000 | 261,790 | ||||
11.000% 11/15/29 (b) | 3,793,000 | 3,944,720 | ||||
Viasat, Inc. | ||||||
6.500% 7/15/28 (b) (c) | 1,267,000 | 978,395 | ||||
21,797,926 | ||||||
Transportation — 1.3% | ||||||
Carriage Purchaser, Inc. | ||||||
7.875% 10/15/29 (b) | 1,473,000 | 1,308,730 | ||||
Seaspan Corp. | ||||||
5.500% 8/01/29 (b) | 3,997,000 | 3,485,451 | ||||
4,794,181 | ||||||
TOTAL CORPORATE DEBT (Cost $341,637,871) | 332,137,293 | |||||
TOTAL BONDS & NOTES (Cost $377,274,151) | 368,203,651 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $377,274,151) | 368,203,651 | |||||
Short-Term Investments — 5.1% | ||||||
Commercial Paper — 1.1% | ||||||
Eversource Energy | ||||||
5.681% 4/01/24 (b) | 4,000,000 | 3,997,590 | ||||
3,997,590 | ||||||
Number of Shares | ||||||
Investment of Cash Collateral from Securities Loaned — 4.0% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (e) | 15,162,615 | 15,162,615 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $19,162,615) | 19,160,205 | |||||
TOTAL INVESTMENTS — 102.0% (Cost $396,436,766) (f) | 387,363,856 | |||||
Other Assets/ (Liabilities) — (2.0)% | (7,450,953) | |||||
NET ASSETS — 100.0% | $379,912,903 | |||||
CMT | Constant Maturity Treasury Index | |||
SOFR | Secured Overnight Financing Rate | |||
STEP | Step Coupon Bond | |||
VRN | Variable Rate Note | |||
(a) | All or a portion of the security represents unsettled bank loan commitments at March 31, 2024 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 March 31, 2024, the aggregate market value of these securities amounted to $293,670,080 or 77.30% of net assets. |
(c) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $16,569,214 or 4.36% of net assets. The Fund received $1,763,807 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(d) | Security is perpetual and has no stated maturity date. |
(e) | Represents investment of security lending cash collateral. (Note 2). |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
63 | ||||
MassMutual Balanced Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 64.5% | ||||||
Common Stock — 64.5% | ||||||
Communication Services — 1.5% | ||||||
Electronic Arts, Inc. | 1,656 | $219,702 | ||||
Fox Corp. Class A | 6,317 | 197,533 | ||||
Omnicom Group, Inc. | 323 | 31,253 | ||||
Verizon Communications, Inc. | 22,579 | 947,415 | ||||
Walt Disney Co. | 2,095 | 256,344 | ||||
1,652,247 | ||||||
Consumer Discretionary — 7.2% | ||||||
Aptiv PLC (a) | 502 | 39,984 | ||||
AutoZone, Inc. (a) | 145 | 456,989 | ||||
Best Buy Co., Inc. | 899 | 73,745 | ||||
Booking Holdings, Inc. | 247 | 896,086 | ||||
Chipotle Mexican Grill, Inc. (a) | 104 | 302,304 | ||||
DoorDash, Inc., Class A (a) | 151 | 20,796 | ||||
DR Horton, Inc. | 1,988 | 327,126 | ||||
eBay, Inc. | 2,230 | 117,699 | ||||
Ford Motor Co. | 32,423 | 430,578 | ||||
Garmin Ltd. | 638 | 94,979 | ||||
Genuine Parts Co. | 320 | 49,578 | ||||
Hilton Worldwide Holdings, Inc. | 898 | 191,552 | ||||
Home Depot, Inc. | 3,565 | 1,367,534 | ||||
Las Vegas Sands Corp. | 1,026 | 53,044 | ||||
Lowe's Cos., Inc. | 3,307 | 842,392 | ||||
Lululemon Athletica, Inc. (a) | 518 | 202,357 | ||||
Marriott International, Inc. Class A | 812 | 204,876 | ||||
NIKE, Inc. Class B | 2,184 | 205,252 | ||||
O’Reilly Automotive, Inc. (a) | 501 | 565,569 | ||||
Ross Stores, Inc. | 1,307 | 191,815 | ||||
TJX Cos., Inc. | 8,567 | 868,865 | ||||
Ulta Beauty, Inc. (a) | 137 | 71,635 | ||||
Yum! Brands, Inc. | 1,880 | 260,662 | ||||
7,835,417 | ||||||
Consumer Staples — 4.9% | ||||||
Brown-Forman Corp. Class B | 276 | 14,247 | ||||
Campbell Soup Co. | 901 | 40,049 | ||||
Church & Dwight Co., Inc. | 847 | 88,350 | ||||
Clorox Co. | 228 | 34,909 | ||||
Coca-Cola Co. | 9,850 | 602,623 | ||||
Colgate-Palmolive Co. | 6,346 | 571,457 | ||||
Constellation Brands, Inc. Class A | 489 | 132,891 | ||||
Dollar General Corp. | 244 | 38,079 | ||||
Dollar Tree, Inc. (a) | 473 | 62,980 | ||||
Estee Lauder Cos., Inc. Class A | 152 | 23,431 | ||||
General Mills, Inc. | 4,740 | 331,658 | ||||
Hershey Co. | 531 | 103,279 | ||||
Kellanova | 1,354 | 77,571 | ||||
Number of Shares | Value | |||||
Keurig Dr Pepper, Inc. | 1,616 | $49,563 | ||||
Kimberly-Clark Corp. | 1,362 | 176,175 | ||||
Kroger Co. | 3,482 | 198,927 | ||||
McCormick & Co., Inc. | 337 | 25,885 | ||||
Mondelez International, Inc. Class A | 4,717 | 330,190 | ||||
Monster Beverage Corp. (a) | 1,865 | 110,557 | ||||
PepsiCo, Inc. | 4,707 | 823,772 | ||||
Procter & Gamble Co. | 7,756 | 1,258,411 | ||||
Sysco Corp. | 759 | 61,616 | ||||
Target Corp. | 902 | 159,843 | ||||
Walgreens Boots Alliance, Inc. | 521 | 11,300 | ||||
5,327,763 | ||||||
Energy — 2.4% | ||||||
Baker Hughes Co. | 2,022 | 67,737 | ||||
Cheniere Energy, Inc. | 2,990 | 482,227 | ||||
Halliburton Co. | 1,915 | 75,489 | ||||
Kinder Morgan, Inc. | 14,328 | 262,776 | ||||
Marathon Petroleum Corp. | 4,669 | 940,804 | ||||
ONEOK, Inc. | 1,160 | 92,997 | ||||
Schlumberger NV | 1,558 | 85,394 | ||||
Valero Energy Corp. | 1,604 | 273,787 | ||||
Williams Cos., Inc. | 7,629 | 297,302 | ||||
2,578,513 | ||||||
Financials — 7.7% | ||||||
Aflac, Inc. | 1,885 | 161,846 | ||||
Allstate Corp. | 447 | 77,335 | ||||
American Express Co. | 1,639 | 373,184 | ||||
American International Group, Inc. | 2,514 | 196,519 | ||||
Ameriprise Financial, Inc. | 251 | 110,048 | ||||
Aon PLC Class A | 632 | 210,911 | ||||
Arch Capital Group Ltd. (a) | 3,439 | 317,901 | ||||
Arthur J Gallagher & Co. | 618 | 154,525 | ||||
Bank of New York Mellon Corp. | 4,204 | 242,234 | ||||
BlackRock, Inc. | 177 | 147,565 | ||||
Blackstone, Inc. | 960 | 126,115 | ||||
Block, Inc. (a) | 260 | 21,991 | ||||
Charles Schwab Corp. | 727 | 52,591 | ||||
Chubb Ltd. | 2,323 | 601,959 | ||||
CME Group, Inc. | 1,118 | 240,694 | ||||
Discover Financial Services | 1,795 | 235,307 | ||||
Fidelity National Information Services, Inc. | 658 | 48,810 | ||||
Fifth Third Bancorp | 1,728 | 64,299 | ||||
Fiserv, Inc. (a) | 2,028 | 324,115 | ||||
Global Payments, Inc. | 769 | 102,785 | ||||
Hartford Financial Services Group, Inc. | 1,469 | 151,380 | ||||
Intercontinental Exchange, Inc. | 1,348 | 185,256 | ||||
Marsh & McLennan Cos., Inc. | 2,811 | 579,010 |
The accompanying notes are an integral part of the financial statements. | ||||
64 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
MetLife, Inc. | 3,461 | $256,495 | ||||
Moody’s Corp. | 292 | 114,765 | ||||
MSCI, Inc. | 108 | 60,529 | ||||
Nasdaq, Inc. | 1,141 | 71,997 | ||||
Northern Trust Corp. | 668 | 59,399 | ||||
PayPal Holdings, Inc. (a) | 1,414 | 94,724 | ||||
Principal Financial Group, Inc. | 598 | 51,613 | ||||
Progressive Corp. | 2,807 | 580,544 | ||||
Prudential Financial, Inc. | 739 | 86,759 | ||||
Regions Financial Corp. | 2,441 | 51,359 | ||||
S&P Global, Inc. | 387 | 164,649 | ||||
State Street Corp. | 1,221 | 94,408 | ||||
T. Rowe Price Group, Inc. | 525 | 64,008 | ||||
Travelers Cos., Inc. | 1,139 | 262,129 | ||||
Truist Financial Corp. | 3,281 | 127,893 | ||||
Visa, Inc. Class A | 5,027 | 1,402,935 | ||||
Willis Towers Watson PLC | 268 | 73,700 | ||||
8,344,286 | ||||||
Health Care — 8.6% | ||||||
Abbott Laboratories | 2,447 | 278,126 | ||||
Agilent Technologies, Inc. | 322 | 46,854 | ||||
Align Technology, Inc. (a) | 64 | 20,987 | ||||
Amgen, Inc. | 1,849 | 525,708 | ||||
Baxter International, Inc. | 491 | 20,985 | ||||
Becton Dickinson & Co. | 865 | 214,044 | ||||
Biogen, Inc. (a) | 134 | 28,894 | ||||
BioMarin Pharmaceutical, Inc. (a) | 80 | 6,987 | ||||
BioNTech SE ADR (a) | 452 | 41,697 | ||||
Boston Scientific Corp. (a) | 2,741 | 187,731 | ||||
Bristol-Myers Squibb Co. | 6,163 | 334,220 | ||||
Cardinal Health, Inc. | 879 | 98,360 | ||||
Cencora, Inc. | 519 | 126,112 | ||||
Centene Corp. (a) | 1,973 | 154,841 | ||||
Cigna Group | 1,101 | 399,872 | ||||
CVS Health Corp. | 2,728 | 217,585 | ||||
Danaher Corp. | 678 | 169,310 | ||||
Dexcom, Inc. (a) | 161 | 22,331 | ||||
Edwards Lifesciences Corp. (a) | 378 | 36,122 | ||||
Elevance Health, Inc. | 543 | 281,567 | ||||
Eli Lilly & Co. | 2,105 | 1,637,606 | ||||
Gilead Sciences, Inc. | 3,107 | 227,588 | ||||
Humana, Inc. | 377 | 130,714 | ||||
IDEXX Laboratories, Inc. (a) | 69 | 37,255 | ||||
Illumina, Inc. (a) | 51 | 7,003 | ||||
Incyte Corp. (a) | 239 | 13,616 | ||||
Intuitive Surgical, Inc. (a) | 275 | 109,750 | ||||
IQVIA Holdings, Inc. (a) | 162 | 40,968 | ||||
Laboratory Corp. of America Holdings | 211 | 46,095 | ||||
Number of Shares | Value | |||||
McKesson Corp. | 532 | $285,604 | ||||
Medtronic PLC | 1,962 | 170,988 | ||||
Merck & Co., Inc. | 6,704 | 884,593 | ||||
Mettler-Toledo International, Inc. (a) | 13 | 17,307 | ||||
Moderna, Inc. (a) | 59 | 6,287 | ||||
Pfizer, Inc. | 4,004 | 111,111 | ||||
Quest Diagnostics, Inc. | 165 | 21,963 | ||||
Regeneron Pharmaceuticals, Inc. (a) | 252 | 242,548 | ||||
ResMed, Inc. | 79 | 15,644 | ||||
STERIS PLC | 109 | 24,505 | ||||
Thermo Fisher Scientific, Inc. | 409 | 237,715 | ||||
UnitedHealth Group, Inc. | 2,511 | 1,242,192 | ||||
Veeva Systems, Inc. Class A (a) | 115 | 26,644 | ||||
Vertex Pharmaceuticals, Inc. (a) | 824 | 344,440 | ||||
Waters Corp. (a) | 37 | 12,737 | ||||
West Pharmaceutical Services, Inc. | 78 | 30,865 | ||||
Zimmer Biomet Holdings, Inc. | 276 | 36,427 | ||||
Zoetis, Inc. | 564 | 95,435 | ||||
9,269,933 | ||||||
Industrials — 5.0% | ||||||
AMETEK, Inc. | 661 | 120,897 | ||||
Automatic Data Processing, Inc. | 869 | 217,024 | ||||
Carrier Global Corp. | 2,259 | 131,316 | ||||
Cintas Corp. | 215 | 147,711 | ||||
Copart, Inc. (a) | 2,145 | 124,238 | ||||
CSX Corp. | 10,343 | 383,415 | ||||
Cummins, Inc. | 637 | 187,692 | ||||
Deere & Co. | 686 | 281,768 | ||||
Eaton Corp. PLC | 856 | 267,654 | ||||
Expeditors International of Washington, Inc. | 1,437 | 174,696 | ||||
FedEx Corp. | 1,006 | 291,478 | ||||
Honeywell International, Inc. | 1,138 | 233,575 | ||||
Illinois Tool Works, Inc. | 1,245 | 334,071 | ||||
Johnson Controls International PLC | 1,006 | 65,712 | ||||
Norfolk Southern Corp. | 429 | 109,339 | ||||
Otis Worldwide Corp. | 1,087 | 107,907 | ||||
Paychex, Inc. | 857 | 105,240 | ||||
Republic Services, Inc. | 1,838 | 351,867 | ||||
Rockwell Automation, Inc. | 271 | 78,950 | ||||
Trane Technologies PLC | 609 | 182,822 | ||||
Union Pacific Corp. | 2,026 | 498,254 | ||||
United Parcel Service, Inc. Class B | 1,642 | 244,050 | ||||
Verisk Analytics, Inc. | 677 | 159,589 | ||||
W.W. Grainger, Inc. | 122 | 124,111 | ||||
Waste Connections, Inc. | 1,084 | 186,459 | ||||
Waste Management, Inc. | 1,508 | 321,430 | ||||
5,431,265 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
65 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Information Technology — 23.2% | ||||||
Accenture PLC Class A | 2,114 | $732,734 | ||||
Adobe, Inc. (a) | 1,671 | 843,187 | ||||
Advanced Micro Devices, Inc. (a) | 1,156 | 208,646 | ||||
Amphenol Corp. Class A | 1,548 | 178,562 | ||||
ANSYS, Inc. (a) | 159 | 55,198 | ||||
Apple, Inc. | 25,135 | 4,310,150 | ||||
Applied Materials, Inc. | 2,915 | 601,160 | ||||
Arista Networks, Inc. (a) | 336 | 97,433 | ||||
Autodesk, Inc. (a) | 347 | 90,366 | ||||
Broadcom, Inc. | 1,272 | 1,685,922 | ||||
Cadence Design Systems, Inc. (a) | 920 | 286,378 | ||||
CDW Corp. | 249 | 63,689 | ||||
Cisco Systems, Inc. | 18,556 | 926,130 | ||||
Cognizant Technology Solutions Corp. Class A | 1,781 | 130,529 | ||||
Corning, Inc. | 889 | 29,301 | ||||
Enphase Energy, Inc. (a) | 78 | 9,436 | ||||
Fortinet, Inc. (a) | 1,144 | 78,147 | ||||
Hewlett Packard Enterprise Co. | 4,938 | 87,551 | ||||
HP, Inc. | 1,779 | 53,761 | ||||
HubSpot, Inc. (a) | 44 | 27,569 | ||||
Intel Corp. | 7,962 | 351,682 | ||||
International Business Machines Corp. | 3,472 | 663,013 | ||||
Intuit, Inc. | 682 | 443,300 | ||||
Keysight Technologies, Inc. (a) | 307 | 48,009 | ||||
KLA Corp. | 450 | 314,357 | ||||
Lam Research Corp. | 388 | 376,969 | ||||
Marvell Technology, Inc. | 643 | 45,576 | ||||
Micron Technology, Inc. | 734 | 86,531 | ||||
Microsoft Corp. | 11,840 | 4,981,325 | ||||
Motorola Solutions, Inc. | 459 | 162,936 | ||||
NetApp, Inc. | 792 | 83,136 | ||||
NVIDIA Corp. | 4,891 | 4,419,312 | ||||
ON Semiconductor Corp. (a) | 493 | 36,260 | ||||
Oracle Corp. | 3,800 | 477,318 | ||||
Palo Alto Networks, Inc. (a) | 524 | 148,884 | ||||
Salesforce, Inc. | 2,386 | 718,615 | ||||
ServiceNow, Inc. (a) | 402 | 306,485 | ||||
Snowflake, Inc. Class A (a) | 145 | 23,432 | ||||
Synopsys, Inc. (a) | 448 | 256,032 | ||||
TE Connectivity Ltd. | 1,292 | 187,650 | ||||
Texas Instruments, Inc. | 1,424 | 248,075 | ||||
VeriSign, Inc. (a) | 359 | 68,034 | ||||
Workday, Inc. Class A (a) | 584 | 159,286 | ||||
Zebra Technologies Corp. Class A (a) | 19 | 5,727 | ||||
Zoom Video Communications, Inc. Class A (a) | 291 | 19,023 | ||||
25,126,816 | ||||||
Number of Shares | Value | |||||
Materials — 1.1% | ||||||
Air Products & Chemicals, Inc. | 214 | $51,846 | ||||
Albemarle Corp. | 41 | 5,401 | ||||
Amcor PLC | 3,785 | 35,995 | ||||
Ball Corp. | 398 | 26,809 | ||||
Dow, Inc. | 1,674 | 96,975 | ||||
DuPont de Nemours, Inc. | 1,163 | 89,167 | ||||
Ecolab, Inc. | 508 | 117,297 | ||||
International Flavors & Fragrances, Inc. | 156 | 13,414 | ||||
LyondellBasell Industries NV Class A | 936 | 95,734 | ||||
Martin Marietta Materials, Inc. | 120 | 73,673 | ||||
Newmont Corp. | 925 | 33,152 | ||||
Nucor Corp. | 1,194 | 236,293 | ||||
PPG Industries, Inc. | 439 | 63,611 | ||||
Sherwin-Williams Co. | 472 | 163,940 | ||||
Vulcan Materials Co. | 257 | 70,141 | ||||
1,173,448 | ||||||
Real Estate — 1.1% | ||||||
Alexandria Real Estate Equities, Inc. | 188 | 24,235 | ||||
American Tower Corp. | 531 | 104,920 | ||||
AvalonBay Communities, Inc. | 358 | 66,431 | ||||
CBRE Group, Inc. Class A (a) | 622 | 60,483 | ||||
CoStar Group, Inc. (a) | 434 | 41,924 | ||||
Crown Castle, Inc. | 500 | 52,915 | ||||
Digital Realty Trust, Inc. | 463 | 66,691 | ||||
Equinix, Inc. | 192 | 158,463 | ||||
Equity Residential | 902 | 56,925 | ||||
Extra Space Storage, Inc. | 141 | 20,727 | ||||
Prologis, Inc. | 993 | 129,308 | ||||
Public Storage | 708 | 205,363 | ||||
Realty Income Corp. | 1,247 | 67,463 | ||||
SBA Communications Corp. | 90 | 19,503 | ||||
Simon Property Group, Inc. | 460 | 71,985 | ||||
Ventas, Inc. | 722 | 31,436 | ||||
Weyerhaeuser Co. | 1,937 | 69,558 | ||||
1,248,330 | ||||||
Utilities — 1.8% | ||||||
Ameren Corp. | 782 | 57,837 | ||||
American Electric Power Co., Inc. | 785 | 67,588 | ||||
American Water Works Co., Inc. | 129 | 15,765 | ||||
Avangrid, Inc. | 48 | 1,749 | ||||
CMS Energy Corp. | 763 | 46,039 | ||||
Consolidated Edison, Inc. | 1,197 | 108,699 | ||||
Dominion Energy, Inc. | 1,616 | 79,491 | ||||
DTE Energy Co. | 677 | 75,919 | ||||
Duke Energy Corp. | 2,579 | 249,415 | ||||
Edison International | 1,305 | 92,303 | ||||
Entergy Corp. | 647 | 68,375 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
66 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Eversource Energy | 479 | $28,630 | ||||
Exelon Corp. | 2,610 | 98,058 | ||||
FirstEnergy Corp. | 647 | 24,987 | ||||
NextEra Energy, Inc. | 2,156 | 137,790 | ||||
Public Service Enterprise Group, Inc. | 7,592 | 506,994 | ||||
Sempra | 1,225 | 87,992 | ||||
WEC Energy Group, Inc. | 1,122 | 92,138 | ||||
Xcel Energy, Inc. | 1,985 | 106,694 | ||||
1,946,463 | ||||||
TOTAL COMMON STOCK (Cost $55,375,080) | 69,934,481 | |||||
TOTAL EQUITIES (Cost $55,375,080) | 69,934,481 | |||||
Principal Amount | ||||||
Bonds & Notes — 36.0% | ||||||
Corporate Debt — 10.7% | ||||||
Agriculture — 0.1% | ||||||
Archer-Daniels-Midland Co. | ||||||
2.700% 9/15/51 | $ 49,000 | 31,289 | ||||
Bunge Ltd. Finance Corp. | ||||||
1.630% 8/17/25 | 13,000 | 12,313 | ||||
3.250% 8/15/26 | 47,000 | 44,937 | ||||
88,539 | ||||||
Airlines — 0.1% | ||||||
American Airlines Pass-Through Trust, Series 2021-1A, Class EETC, | ||||||
2.875% 1/11/36 | 63,450 | 53,877 | ||||
Delta Air Lines, Inc./SkyMiles IP Ltd. | ||||||
4.500% 10/20/25 (b) | 48,413 | 47,920 | ||||
101,797 | ||||||
Auto Manufacturers — 0.2% | ||||||
General Motors Financial Co., Inc. | ||||||
5.800% 6/23/28 | 72,000 | 73,409 | ||||
PACCAR Financial Corp. | ||||||
4.600% 1/10/28 | 91,000 | 90,612 | ||||
164,021 | ||||||
Banks — 2.8% | ||||||
Australia & New Zealand Banking Group Ltd. 5 yr. CMT + 1.700% | ||||||
2.570% VRN 11/25/35 (b) | 225,000 | 184,337 | ||||
Bank of America Corp. | ||||||
5 yr. CMT + 1.200% 2.482% VRN 9/21/36 | 162,000 | 129,573 | ||||
4.183% 11/25/27 | 41,000 | 39,798 | ||||
Principal Amount | Value | |||||
3 mo. USD Term SOFR + 2.076% 4.244% VRN 4/24/38 | $ 23,000 | $20,690 | ||||
3 mo. USD Term SOFR + 1.572% 4.271% VRN 7/23/29 | 18,000 | 17,350 | ||||
4.750% 4/21/45 | 63,000 | 58,264 | ||||
Secured Overnight Financing Rate + 1.910% 5.288% VRN 4/25/34 | 69,000 | 68,790 | ||||
5 yr. CMT + 3.231% 6.125% VRN (c) | 162,000 | 162,442 | ||||
7.750% 5/14/38 | 20,000 | 24,264 | ||||
Bank of New York Mellon Corp. 5 yr. CMT + 2.630% | ||||||
3.750% VRN (c) | 156,000 | 142,990 | ||||
Bank of Nova Scotia | ||||||
4.500% 12/16/25 | 36,000 | 35,404 | ||||
Citigroup, Inc. | ||||||
4.450% 9/29/27 | 27,000 | 26,265 | ||||
Secured Overnight Financing Rate + 2.086% 4.910% VRN 5/24/33 | 71,000 | 68,449 | ||||
Secured Overnight Financing Rate + 1.364% 5.174% VRN 2/13/30 | 37,000 | 36,827 | ||||
5.500% 9/13/25 | 54,000 | 53,975 | ||||
5.875% 1/30/42 | 18,000 | 19,035 | ||||
6.000% 10/31/33 | 16,000 | 16,476 | ||||
6.625% 6/15/32 | 14,000 | 15,005 | ||||
8.125% 7/15/39 | 14,000 | 17,914 | ||||
Comerica, Inc. Secured Overnight Financing Rate + 2.155% | ||||||
5.982% VRN 1/30/30 | 27,000 | 26,675 | ||||
Cooperatieve Rabobank UA 1 yr. CMT + 0.550% | ||||||
1.106% VRN 2/24/27 (b) | 250,000 | 230,187 | ||||
Fifth Third Bancorp | ||||||
Secured Overnight Financing Rate + 1.840% 5.631% VRN 1/29/32 | 28,000 | 28,029 | ||||
Secured Overnight Financing Rate + 2.340% 6.339% VRN 7/27/29 | 14,000 | 14,432 | ||||
Goldman Sachs Group, Inc. | ||||||
Secured Overnight Financing Rate + 0.798% 1.431% VRN 3/09/27 | 227,000 | 210,222 | ||||
Secured Overnight Financing Rate + 1.090% 1.992% VRN 1/27/32 | 135,000 | 109,242 | ||||
4.250% 10/21/25 | 32,000 | 31,399 | ||||
5.950% 1/15/27 | 72,000 | 73,554 | ||||
6.750% 10/01/37 | 32,000 | 34,961 | ||||
Huntington Bancshares, Inc. Secured Overnight Financing Rate + 2.020% | ||||||
6.208% VRN 8/21/29 | 29,000 | 29,682 | ||||
JP Morgan Chase & Co. | ||||||
3 mo. USD Term SOFR + 1.422% 3.702% VRN 5/06/30 | 160,000 | 149,904 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
67 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Secured Overnight Financing Rate + 1.845% 5.350% VRN 6/01/34 | $ 53,000 | $53,204 | ||||
5.600% 7/15/41 | 41,000 | 42,930 | ||||
Mizuho Financial Group, Inc. | ||||||
2.564% 9/13/31 | 200,000 | 163,722 | ||||
Morgan Stanley | ||||||
Secured Overnight Financing Rate + 1.485% 3.217% VRN 4/22/42 | 44,000 | 33,653 | ||||
3 mo. USD Term SOFR + 1.890% 4.431% VRN 1/23/30 | 79,000 | 76,505 | ||||
Secured Overnight Financing Rate + 1.870% 5.250% VRN 4/21/34 | 73,000 | 72,429 | ||||
PNC Financial Services Group, Inc. | ||||||
Secured Overnight Financing Rate + 1.933% 5.068% VRN 1/24/34 | 54,000 | 52,310 | ||||
Secured Overnight Financing Rate + 1.841% 5.582% VRN 6/12/29 | 85,000 | 86,035 | ||||
Truist Financial Corp. Secured Overnight Financing Rate + 1.620% | ||||||
5.435% VRN 1/24/30 | 40,000 | 39,953 | ||||
US Bancorp | ||||||
Secured Overnight Financing Rate + 1.600% 4.839% VRN 2/01/34 | 79,000 | 75,015 | ||||
Secured Overnight Financing Rate + 2.020% 5.775% VRN 6/12/29 | 66,000 | 67,152 | ||||
Wells Fargo & Co. | ||||||
Secured Overnight Financing Rate + 2.020% 5.389% VRN 4/24/34 | 67,000 | 66,583 | ||||
Secured Overnight Financing Rate + 1.990% 5.557% VRN 7/25/34 | 54,000 | 54,209 | ||||
5 yr. CMT + 3.606% 7.625% VRN (c) | 30,000 | 32,061 | ||||
2,991,896 | ||||||
Biotechnology — 0.4% | ||||||
Amgen, Inc. | ||||||
2.200% 2/21/27 | 347,000 | 321,318 | ||||
5.250% 3/02/33 | 54,000 | 54,454 | ||||
5.650% 3/02/53 | 36,000 | 36,682 | ||||
412,454 | ||||||
Building Materials — 0.0% | ||||||
Carrier Global Corp. | ||||||
6.200% 3/15/54 | 19,000 | 20,921 | ||||
Commercial Services — 0.3% | ||||||
Element Fleet Management Corp. | ||||||
1.600% 4/06/24 (b) | 21,000 | 20,989 | ||||
ERAC USA Finance LLC | ||||||
5.000% 2/15/29 (b) | 42,000 | 42,070 | ||||
Moody’s Corp. | ||||||
4.250% 2/01/29 | 209,000 | 203,678 | ||||
Principal Amount | Value | |||||
PayPal Holdings, Inc. | ||||||
3.250% 6/01/50 | $ 27,000 | $19,127 | ||||
Triton Container International Ltd. | ||||||
3.150% 6/15/31 (b) | 100,000 | 80,622 | ||||
366,486 | ||||||
Computers — 0.2% | ||||||
Apple, Inc. | ||||||
2.650% 5/11/50 | 27,000 | 17,929 | ||||
3.000% 6/20/27 | 177,000 | 168,611 | ||||
186,540 | ||||||
Diversified Financial Services — 0.5% | ||||||
Air Lease Corp. | ||||||
2.200% 1/15/27 | 64,000 | 58,865 | ||||
Brookfield Finance, Inc. | ||||||
3.900% 1/25/28 | 99,000 | 95,326 | ||||
Charles Schwab Corp. | ||||||
10 yr. CMT + 3.079% 4.000% VRN (c) | 93,000 | 78,469 | ||||
5.875% 8/24/26 | 115,000 | 116,917 | ||||
LSEGA Financing PLC | ||||||
1.375% 4/06/26 (b) | 218,000 | 202,087 | ||||
551,664 | ||||||
Electric — 0.1% | ||||||
MidAmerican Energy Co. | ||||||
5.300% 2/01/55 | 20,000 | 19,784 | ||||
Nevada Power Co. | ||||||
6.650% 4/01/36 | 20,000 | 21,702 | ||||
Xcel Energy, Inc. | ||||||
6.500% 7/01/36 | 99,000 | 106,036 | ||||
147,522 | ||||||
Entertainment — 0.0% | ||||||
Warnermedia Holdings, Inc. | ||||||
5.141% 3/15/52 | 49,000 | 40,670 | ||||
Environmental Controls — 0.0% | ||||||
Republic Services, Inc. | ||||||
5.000% 4/01/34 | 28,000 | 27,795 | ||||
Food — 0.3% | ||||||
Conagra Brands, Inc. | ||||||
4.850% 11/01/28 | 170,000 | 167,982 | ||||
General Mills, Inc. | ||||||
3.000% 2/01/51 | 112,000 | 73,506 | ||||
Ingredion, Inc. | ||||||
3.200% 10/01/26 | 25,000 | 23,790 | ||||
Mars, Inc. | ||||||
3.950% 4/01/49 (b) | 67,000 | 54,296 | ||||
319,574 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
68 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Health Care – Services — 0.5% | ||||||
Humana, Inc. | ||||||
5.950% 3/15/34 | $123,000 | $127,718 | ||||
Kaiser Foundation Hospitals | ||||||
2.810% 6/01/41 | 110,000 | 81,179 | ||||
3.002% 6/01/51 | 80,000 | 55,425 | ||||
Mayo Clinic | ||||||
3.196% 11/15/61 | 106,000 | 72,919 | ||||
Providence St. Joseph Health Obligated Group | ||||||
2.700% 10/01/51 | 93,000 | 56,984 | ||||
Quest Diagnostics, Inc. | ||||||
6.400% 11/30/33 | 47,000 | 50,778 | ||||
UnitedHealth Group, Inc. | ||||||
3.125% 5/15/60 | 36,000 | 23,673 | ||||
5.050% 4/15/53 | 20,000 | 19,424 | ||||
5.875% 2/15/53 | 25,000 | 27,048 | ||||
515,148 | ||||||
Insurance — 0.8% | ||||||
American International Group, Inc. 3 mo. USD LIBOR + 2.868% | ||||||
5.750% VRN 4/01/48 | 104,000 | 102,110 | ||||
Arch Capital Finance LLC | ||||||
5.031% 12/15/46 | 27,000 | 24,813 | ||||
Arch Capital Group Ltd. | ||||||
3.635% 6/30/50 | 49,000 | 36,398 | ||||
Arthur J Gallagher & Co. | ||||||
6.750% 2/15/54 | 20,000 | 22,707 | ||||
Athene Holding Ltd. | ||||||
3.950% 5/25/51 | 16,000 | 11,753 | ||||
6.250% 4/01/54 | 37,000 | 37,551 | ||||
Brighthouse Financial, Inc. | ||||||
3.850% 12/22/51 | 68,000 | 44,650 | ||||
GA Global Funding Trust | ||||||
1.625% 1/15/26 (b) | 37,000 | 34,303 | ||||
Jackson Financial, Inc. | ||||||
5.170% 6/08/27 | 78,000 | 77,841 | ||||
Marsh & McLennan Cos., Inc. | ||||||
5.450% 3/15/53 | 16,000 | 16,104 | ||||
5.700% 9/15/53 | 42,000 | 43,604 | ||||
New York Life Global Funding | ||||||
4.550% 1/28/33 (b) | 47,000 | 45,340 | ||||
New York Life Insurance Co. | ||||||
3.750% 5/15/50 (b) | 23,000 | 17,681 | ||||
Pacific Life Global Funding II | ||||||
5.500% 8/28/26 (b) | 64,000 | 64,514 | ||||
Prudential Financial, Inc. | ||||||
5 yr. CMT + 3.035% 3.700% VRN 10/01/50 | 18,000 | 15,734 | ||||
Principal Amount | Value | |||||
3 mo. USD LIBOR + 2.665% 5.700% VRN 9/15/48 | $ 99,000 | $97,913 | ||||
Reinsurance Group of America, Inc. | ||||||
3.150% 6/15/30 | 49,000 | 43,695 | ||||
3.900% 5/15/29 | 54,000 | 50,959 | ||||
USF&G Capital I | ||||||
8.500% 12/15/45 (b) | 35,000 | 39,624 | ||||
827,294 | ||||||
Internet — 0.0% | ||||||
Alphabet, Inc. | ||||||
2.250% 8/15/60 | 32,000 | 18,428 | ||||
Investment Companies — 0.1% | ||||||
Blackstone Secured Lending Fund | ||||||
2.750% 9/16/26 | 158,000 | 145,640 | ||||
Machinery – Diversified — 0.0% | ||||||
AGCO Corp. | ||||||
5.450% 3/21/27 | 18,000 | 18,081 | ||||
5.800% 3/21/34 | 23,000 | 23,287 | ||||
41,368 | ||||||
Media — 0.2% | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | ||||||
3.500% 6/01/41 | 59,000 | 39,617 | ||||
3.850% 4/01/61 | 46,000 | 27,293 | ||||
6.484% 10/23/45 | 32,000 | 29,658 | ||||
Comcast Corp. | ||||||
2.937% 11/01/56 | 43,000 | 27,073 | ||||
3.400% 7/15/46 | 41,000 | 30,612 | ||||
3.969% 11/01/47 | 23,000 | 18,487 | ||||
Discovery Communications LLC | ||||||
3.950% 3/20/28 | 56,000 | 53,029 | ||||
Time Warner Cable LLC | ||||||
6.750% 6/15/39 | 27,000 | 25,717 | ||||
251,486 | ||||||
Oil & Gas — 0.1% | ||||||
BP Capital Markets America, Inc. | ||||||
3.379% 2/08/61 | 95,000 | 65,625 | ||||
BP Capital Markets PLC 5 yr. CMT + 4.036% | ||||||
4.375% VRN (c) | 12,000 | 11,761 | ||||
77,386 | ||||||
Packaging & Containers — 0.3% | ||||||
Berry Global, Inc. | ||||||
1.570% 1/15/26 | 48,000 | 44,870 | ||||
Silgan Holdings, Inc. | ||||||
1.400% 4/01/26 (b) | 49,000 | 44,882 |
The accompanying notes are an integral part of the financial statements. | ||||
69 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
WRKCo, Inc. | ||||||
3.000% 6/15/33 | $ 27,000 | $22,844 | ||||
4.650% 3/15/26 | 192,000 | 189,597 | ||||
302,193 | ||||||
Pharmaceuticals — 0.6% | ||||||
AbbVie, Inc. | ||||||
4.700% 5/14/45 | 67,000 | 62,651 | ||||
5.050% 3/15/34 | 68,000 | 68,843 | ||||
5.400% 3/15/54 | 45,000 | 46,318 | ||||
Astrazeneca Finance LLC | ||||||
5.000% 2/26/34 | 58,000 | 58,238 | ||||
Bristol-Myers Squibb Co. | ||||||
4.350% 11/15/47 | 27,000 | 23,314 | ||||
6.250% 11/15/53 | 28,000 | 31,541 | ||||
Cigna Group | ||||||
4.800% 7/15/46 | 27,000 | 24,544 | ||||
CVS Health Corp. | ||||||
5.875% 6/01/53 | 17,000 | 17,294 | ||||
6.125% 9/15/39 | 8,000 | 8,279 | ||||
Eli Lilly & Co. | ||||||
4.950% 2/27/63 | 33,000 | 32,100 | ||||
Merck & Co., Inc. | ||||||
5.000% 5/17/53 | 81,000 | 79,302 | ||||
Pfizer Investment Enterprises Pte. Ltd. | ||||||
4.450% 5/19/28 | 93,000 | 91,677 | ||||
4.750% 5/19/33 | 61,000 | 60,060 | ||||
604,161 | ||||||
Pipelines — 0.8% | ||||||
Enterprise Products Operating LLC | ||||||
3 mo. USD Term SOFR + 3.295% 5.250% VRN 8/16/77 | 41,000 | 38,905 | ||||
3 mo. USD Term SOFR + 2.832% 5.375% VRN 2/15/78 | 27,000 | 25,163 | ||||
Kinder Morgan, Inc. | ||||||
3.250% 8/01/50 | 50,000 | 32,977 | ||||
MPLX LP | ||||||
1.750% 3/01/26 | 365,000 | 341,200 | ||||
4.500% 4/15/38 | 27,000 | 23,977 | ||||
5.650% 3/01/53 | 7,000 | 6,847 | ||||
ONEOK, Inc. | ||||||
6.350% 1/15/31 | 200,000 | 211,756 | ||||
6.625% 9/01/53 | 46,000 | 50,697 | ||||
Sabine Pass Liquefaction LLC | ||||||
4.500% 5/15/30 | 100,000 | 96,171 | ||||
Williams Cos., Inc. | ||||||
3.500% 10/15/51 | 45,000 | 31,979 | ||||
859,672 | ||||||
Real Estate — 0.1% | ||||||
CBRE Services, Inc. | ||||||
2.500% 4/01/31 | 121,000 | 100,127 | ||||
Principal Amount | Value | |||||
Real Estate Investment Trusts (REITS) — 0.9% | ||||||
Alexandria Real Estate Equities, Inc. | ||||||
2.950% 3/15/34 | $ 78,000 | $64,078 | ||||
5.150% 4/15/53 | 20,000 | 18,419 | ||||
American Tower Corp. | ||||||
1.600% 4/15/26 | 96,000 | 89,150 | ||||
Brixmor Operating Partnership LP | ||||||
2.250% 4/01/28 | 24,000 | 21,311 | ||||
Crown Castle, Inc. | ||||||
2.500% 7/15/31 | 88,000 | 72,820 | ||||
3.700% 6/15/26 | 243,000 | 234,674 | ||||
5.200% 2/15/49 | 11,000 | 10,198 | ||||
Extra Space Storage LP | ||||||
2.350% 3/15/32 | 65,000 | 52,008 | ||||
Host Hotels & Resorts LP | ||||||
3.500% 9/15/30 | 84,000 | 74,695 | ||||
Kimco Realty OP LLC | ||||||
2.250% 12/01/31 | 58,000 | 46,767 | ||||
Kite Realty Group LP | ||||||
4.000% 10/01/26 | 110,000 | 104,685 | ||||
NNN REIT, Inc. | ||||||
5.600% 10/15/33 | 40,000 | 40,499 | ||||
Prologis LP | ||||||
4.875% 6/15/28 | 75,000 | 75,081 | ||||
Public Storage Operating Co. | ||||||
5.350% 8/01/53 | 14,000 | 14,063 | ||||
Realty Income Corp. | ||||||
4.850% 3/15/30 | 30,000 | 29,654 | ||||
Regency Centers LP | ||||||
5.250% 1/15/34 | 25,000 | 24,905 | ||||
973,007 | ||||||
Retail — 0.3% | ||||||
Home Depot, Inc. | ||||||
2.375% 3/15/51 | 48,000 | 28,536 | ||||
McDonald’s Corp. | ||||||
3.300% 7/01/25 | 100,000 | 97,764 | ||||
5.450% 8/14/53 | 51,000 | 51,752 | ||||
Starbucks Corp. | ||||||
4.450% 8/15/49 | 86,000 | 74,593 | ||||
Walmart, Inc. | ||||||
4.500% 4/15/53 | 67,000 | 61,934 | ||||
314,579 | ||||||
Semiconductors — 0.2% | ||||||
Micron Technology, Inc. | ||||||
4.185% 2/15/27 | 200,000 | 194,883 | ||||
5.300% 1/15/31 | 33,000 | 33,191 | ||||
228,074 | ||||||
Software — 0.4% | ||||||
Electronic Arts, Inc. | ||||||
2.950% 2/15/51 | 42,000 | 28,075 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
70 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
Fiserv, Inc. | ||||||
5.450% 3/15/34 | $ 86,000 | $87,102 | ||||
Intuit, Inc. | ||||||
5.500% 9/15/53 | 48,000 | 49,827 | ||||
Microsoft Corp. | ||||||
2.921% 3/17/52 | 80,000 | 56,558 | ||||
Oracle Corp. | ||||||
3.600% 4/01/40 | 197,000 | 155,290 | ||||
5.550% 2/06/53 | 15,000 | 14,673 | ||||
6.900% 11/09/52 | 53,000 | 60,985 | ||||
452,510 | ||||||
Telecommunications — 0.4% | ||||||
Cisco Systems, Inc. | ||||||
5.050% 2/26/34 | 36,000 | 36,485 | ||||
T-Mobile USA, Inc. | ||||||
5.050% 7/15/33 | 80,000 | 79,132 | ||||
5.500% 1/15/55 | 36,000 | 35,931 | ||||
6.000% 6/15/54 | 16,000 | 17,101 | ||||
Verizon Communications, Inc. | ||||||
3.700% 3/22/61 | 47,000 | 34,365 | ||||
3.875% 2/08/29 | 180,000 | 172,326 | ||||
375,340 | ||||||
Transportation — 0.0% | ||||||
CSX Corp. | ||||||
4.750% 11/15/48 | 18,000 | 16,548 | ||||
TOTAL CORPORATE DEBT (Cost $12,859,604) | 11,522,840 | |||||
Non-U.S. Government Agency Obligations — 3.7% | ||||||
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 | 136,700 | ||||
Enterprise Fleet Financing LLC, Series 2021-3, Class A3 | ||||||
1.220% 8/20/27 (b) | 234,000 | 223,325 | ||||
Fifth Third Auto Trust, Series 2023-1, Class A3 | ||||||
5.530% 8/15/28 | 131,000 | 131,826 | ||||
Hyundai Auto Receivables Trust, Series 2021-C, Class A4 | ||||||
1.030% 12/15/27 | 140,000 | 132,074 | ||||
Toyota Auto Receivables Owner Trust, Series 2021-D, Class A4 | ||||||
1.020% 3/15/27 | 70,000 | 65,523 | ||||
689,448 | ||||||
Principal Amount | Value | |||||
Commercial Mortgage-Backed Securities — 1.0% | ||||||
Bank | ||||||
Series 2019-BN17, Class B, 4.128% VRN 4/15/52 (d) | $ 29,000 | $25,309 | ||||
Series 2019-BN16, Class AS, 4.267% 2/15/52 | 31,333 | 28,993 | ||||
Series 2019-BN16, Class B, 4.438% VRN 2/15/52 (d) | 24,330 | 21,744 | ||||
BBCMS Mortgage Trust, Series 2020-C7, Class AS | ||||||
2.444% 4/15/53 | 57,000 | 45,727 | ||||
Benchmark Mortgage Trust, Series 2019-B9, Class AAB | ||||||
3.933% 3/15/52 | 260,581 | 252,386 | ||||
BX Commercial Mortgage Trust | ||||||
Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.814% 6.140% FRN 9/15/36 (b) | 115,000 | 114,066 | ||||
Series 2021-VOLT , Class C, 1 mo. USD Term SOFR + 1.214% 6.540% FRN 9/15/36 (b) | 100,000 | 98,500 | ||||
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class C, | ||||||
4.138% VRN 10/12/50 (d) | 70,000 | 61,093 | ||||
GS Mortgage Securities Trust, Series 2020-GC45, Class A5 | ||||||
2.911% 2/13/53 | 140,000 | 123,879 | ||||
Life Mortgage Trust | ||||||
Series 2021-BMR , Class A, 1 mo. USD Term SOFR + 0.814% 6.140% FRN 3/15/38 (b) | 98,297 | 97,191 | ||||
Series 2021-BMR , Class B, 1 mo. USD Term SOFR + 0.994% 6.320% FRN 3/15/38 (b) | 98,297 | 97,007 | ||||
Morgan Stanley Capital I Trust, Series 2018-H3, Class B, | ||||||
4.620% VRN 7/15/51 (d) | 20,000 | 18,028 | ||||
Wells Fargo Commercial Mortgage Trust | ||||||
Series 2018-C45, Class AS, 4.405% VRN 6/15/51 (d) | 30,000 | 28,211 | ||||
Series 2018-C45, Class B, 4.556% 6/16/51 | 10,000 | 9,133 | ||||
1,021,267 | ||||||
Other Asset-Backed Securities — 0.4% | ||||||
AMSR Trust, Series 2021-SFR3, Class B | ||||||
1.726% 10/17/38 (b) | 130,000 | 117,707 | ||||
Dllmt LLC, Series 2021-1A, Class A4 | ||||||
1.240% 6/20/29 (b) | 150,000 | 143,863 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
71 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
MVW LLC, Series 2021-2A, Class A | ||||||
1.430% 5/20/39 (b) | $135,827 | $126,091 | ||||
Progress Residential Trust, Series 2021-SFR10, Class A | ||||||
2.393% 12/17/40 (b) | 97,926 | 87,059 | ||||
474,720 | ||||||
Whole Loan Collateral Collateralized Mortgage Obligations — 1.7% | ||||||
Angel Oak Mortgage Trust | ||||||
Series 2021-8, Class A1, 1.820% VRN 11/25/66 (b) (d) | 204,469 | 176,212 | ||||
Series 2022-1, Class A1, 2.881% STEP 12/25/66 (b) | 223,211 | 200,141 | ||||
Bayview MSR Opportunity Master Fund Trust | ||||||
Series 2021-5, Class A2, 2.500% VRN 11/25/51 (b) (d) | 122,861 | 99,076 | ||||
Series 2021-5, Class A1, 3.000% VRN 11/25/51 (b) (d) | 100,759 | 84,307 | ||||
Ellington Financial Mortgage Trust, Series 2022-3, Class A1, | ||||||
5.000% STEP 8/25/67 (b) | 197,659 | 195,826 | ||||
Flagstar Mortgage Trust, Series 2021-11IN, Class A6, | ||||||
2.500% VRN 11/25/51 (b) (d) | 208,121 | 180,450 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2021-LTV2, Class A1, 2.520% VRN 5/25/52 (b) (d) | 221,326 | 182,109 | ||||
Series 2022-8, Class A4A, 4.000% VRN 1/25/53 (b) (d) | 139,183 | 128,632 | ||||
OBX Trust, Series 2022-NQM1, Class A1, | ||||||
2.305% VRN 11/25/61 (b) (d) | 206,894 | 177,192 | ||||
Starwood Mortgage Residential Trust | ||||||
Series 2021-6, Class A1, 1.920% VRN 11/25/66 (b) (d) | 225,775 | 193,000 | ||||
Series 2022-1, Class A1, 2.447% VRN 12/25/66 (b) (d) | 248,220 | 214,349 | ||||
1,831,294 | ||||||
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,465,010) | 4,016,729 | |||||
U.S. Government Agency Obligations and Instrumentalities (e) — 9.7% | ||||||
Pass-Through Securities — 9.7% | ||||||
Federal Home Loan Mortgage Corp. | ||||||
Pool #RA6233 2.000% 11/01/51 | 486,359 | 385,468 | ||||
Pool #SD8212 2.500% 5/01/52 | 721,777 | 596,879 | ||||
Pool #SD8174 3.000% 10/01/51 | 385,820 | 333,542 | ||||
Principal Amount | Value | |||||
Pool #RA7484 4.000% 6/01/52 | $ 429,935 | $399,015 | ||||
Pool #SD1351 4.500% 7/01/52 | 366,361 | 349,510 | ||||
Pool #SD1628 5.000% 9/01/52 | 386,402 | 377,691 | ||||
Pool #SD3386 5.500% 7/01/53 | 291,840 | 290,773 | ||||
Pool #SD5060 5.500% 3/01/54 | 300,000 | 299,559 | ||||
Federal National Mortgage Association | ||||||
Pool #CB1787 2.000% 10/01/51 | 465,172 | 368,676 | ||||
Pool #CB1782 2.000% 10/01/51 | 712,874 | 564,994 | ||||
Pool #MA4562 2.000% 3/01/52 | 451,488 | 357,548 | ||||
Pool #MA4361 2.500% 6/01/36 | 263,425 | 239,781 | ||||
Pool #CB2074 2.500% 11/01/51 | 361,404 | 300,108 | ||||
Pool #FS2635 2.500% 5/01/52 | 437,465 | 365,183 | ||||
Pool #BO7245 3.000% 1/01/50 | 267,592 | 233,340 | ||||
Pool #FS2600 3.000% 5/01/52 | 453,663 | 394,177 | ||||
Pool #BU8819 3.500% 5/01/52 | 442,963 | 397,846 | ||||
Pool #CB3859 4.000% 6/01/52 | 225,239 | 209,322 | ||||
Pool #CB4891 4.500% 10/01/52 | 96,195 | 91,620 | ||||
Pool #CB4404 5.000% 8/01/52 | 375,678 | 367,091 | ||||
Pool #CB7859 5.500% 1/01/54 | 593,467 | 591,112 | ||||
Uniform Mortgage-Backed Security, TBA | ||||||
2.000% 4/01/39 (f) | 1,500,000 | 1,328,646 | ||||
3.000% 4/01/54 (f) | 400,000 | 344,219 | ||||
3.500% 4/01/54 (f) | 500,000 | 447,363 | ||||
4.500% 4/01/54 (f) | 100,000 | 95,223 | ||||
6.000% 4/01/54 (f) | 750,000 | 757,119 | ||||
10,485,805 | ||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $11,239,880) | 10,485,805 | |||||
U.S. Treasury Obligations — 11.9% | ||||||
U.S. Treasury Bonds & Notes — 11.9% | ||||||
U.S. Treasury Bonds | ||||||
2.250% 8/15/49 | 839,900 | 560,061 | ||||
4.500% 2/15/44 | 1,333,200 | 1,342,366 | ||||
4.750% 11/15/53 | 912,600 | 974,200 | ||||
U.S. Treasury Notes | ||||||
2.750% 4/30/27 | 1,700,000 | 1,619,186 | ||||
2.875% 4/30/29 | 1,050,000 | 985,030 | ||||
3.500% 2/15/33 | 535,000 | 506,877 | ||||
4.000% 2/15/34 | 1,626,100 | 1,599,168 | ||||
4.250% 3/15/27 | 894,400 | 890,277 | ||||
4.250% 2/28/29 | 1,052,700 | 1,054,381 | ||||
4.250% 2/28/31 | 1,459,400 | 1,462,450 | ||||
4.625% 2/28/26 | 736,600 | 735,996 | ||||
4.625% 9/30/30 | 1,175,000 | 1,201,118 | ||||
12,931,110 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
72 | ||||
MassMutual Balanced Fund — Portfolio of Investments (Continued) | ||
Principal Amount | Value | |||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,375,560) | $12,931,110 | |||||
TOTAL BONDS & NOTES (Cost $41,940,054) | 38,956,484 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $97,315,134) | 108,890,965 | |||||
Short-Term Investments — 2.3% | ||||||
Repurchase Agreement — 2.2% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (g) | $ 2,392,938 | 2,392,938 | ||||
U.S. Treasury Bill — 0.1% | ||||||
U.S. Treasury Bills | ||||||
4.852% 4/18/24 (h) (i) | 97,000 | 96,716 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,489,728) | 2,489,654 | |||||
TOTAL INVESTMENTS — 102.8% (Cost $99,804,862) (j) | 111,380,619 | |||||
Other Assets/(Liabilities) — (2.8)% | (3,002,615) | |||||
NET ASSETS — 100.0% | $108,378,004 | |||||
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 Coupon Bond | |||
TBA | To Be Announced | |||
VRN | Variable Rate Note | |||
(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 March 31, 2024, the aggregate market value of these securities amounted to $4,181,655 or 3.86% 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 March 31, 2024. |
(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. (Note 2). |
(g) | Maturity value of $2,393,364. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,440,866. |
(h) | The rate shown represents yield-to-maturity. |
(i) | All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2). |
(j) | See Note 6 for aggregate cost for federal tax purposes. |
Expiration Date | Number of Contracts | Notional Amount | Value/Net Unrealized Appreciation (Depreciation) | |||||||||
Long | ||||||||||||
U.S. Treasury Note 2 Year | 6/28/24 | 9 | $1,841,831 | $(1,472) | ||||||||
U.S. Treasury Note 5 Year | 6/28/24 | 4 | 427,382 | 681 | ||||||||
$(791) | ||||||||||||
Short | ||||||||||||
U.S. Treasury Note 10 Year | 6/18/24 | 8 | $(881,170) | $(5,205) | ||||||||
U.S. Treasury Ultra 10 Year | 6/18/24 | 9 | (1,027,316) | (4,168) | ||||||||
$ (9,373) | ||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
73 | ||||
MassMutual Disciplined Value Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 99.7% | ||||||
Common Stock — 99.7% | ||||||
Communication Services — 4.6% | ||||||
Comcast Corp. Class A | 16,736 | $725,506 | ||||
Fox Corp. Class A | 13,194 | 412,576 | ||||
Frontier Communications Parent, Inc. (a) | 1,608 | 39,396 | ||||
Omnicom Group, Inc. | 2,817 | 272,573 | ||||
Walt Disney Co. | 4,051 | 495,680 | ||||
Warner Bros Discovery, Inc. (a) | 10,870 | 94,895 | ||||
2,040,626 | ||||||
Consumer Discretionary — 5.3% | ||||||
BorgWarner, Inc. | 1,186 | 41,202 | ||||
DoorDash, Inc., Class A (a) | 458 | 63,076 | ||||
DR Horton, Inc. | 1,527 | 251,268 | ||||
Ford Motor Co. | 4,674 | 62,071 | ||||
GameStop Corp. Class A (a) | 6,358 | 79,602 | ||||
General Motors Co. | 5,173 | 234,595 | ||||
Genuine Parts Co. | 1,916 | 296,846 | ||||
Macy’s, Inc. | 2,286 | 45,697 | ||||
McDonald's Corp. | 1,827 | 515,123 | ||||
Polaris, Inc. | 590 | 59,071 | ||||
PulteGroup, Inc. | 4,084 | 492,612 | ||||
TopBuild Corp. (a) | 324 | 142,796 | ||||
Wayfair, Inc. Class A (a) (b) | 811 | 55,051 | ||||
2,339,010 | ||||||
Consumer Staples — 8.0% | ||||||
Campbell Soup Co. | 3,351 | 148,952 | ||||
Colgate-Palmolive Co. | 1,466 | 132,013 | ||||
General Mills, Inc. | 3,477 | 243,286 | ||||
Hershey Co. | 338 | 65,741 | ||||
J. M. Smucker Co. | 675 | 84,962 | ||||
Kimberly-Clark Corp. | 1,420 | 183,677 | ||||
Lamb Weston Holdings, Inc. | 1,958 | 208,586 | ||||
Mondelez International, Inc. Class A | 4,750 | 332,500 | ||||
PepsiCo, Inc. | 2,648 | 463,427 | ||||
Philip Morris International, Inc. | 2,049 | 187,729 | ||||
Procter & Gamble Co. | 3,303 | 535,912 | ||||
Walmart, Inc. | 15,691 | 944,127 | ||||
3,530,912 | ||||||
Energy — 6.9% | ||||||
APA Corp. | 1,259 | 43,284 | ||||
Chevron Corp. | 4,248 | 670,080 | ||||
ConocoPhillips | 2,693 | 342,765 | ||||
Coterra Energy, Inc. | 2,323 | 64,765 | ||||
Devon Energy Corp. | 2,732 | 137,092 | ||||
Exxon Mobil Corp. | 7,873 | 915,158 | ||||
Number of Shares | Value | |||||
HF Sinclair Corp. | 717 | $43,285 | ||||
Marathon Petroleum Corp. | 1,444 | 290,966 | ||||
ONEOK, Inc. | 2,465 | 197,619 | ||||
Ovintiv, Inc. | 2,288 | 118,747 | ||||
Valero Energy Corp. | 1,148 | 195,952 | ||||
3,019,713 | ||||||
Financials — 24.0% | ||||||
Affiliated Managers Group, Inc. | 1,405 | 235,295 | ||||
Aflac, Inc. | 5,943 | 510,266 | ||||
AGNC Investment Corp. (b) | 5,130 | 50,787 | ||||
Arch Capital Group Ltd. (a) | 559 | 51,674 | ||||
Arthur J Gallagher & Co. | 1,918 | 479,577 | ||||
Assurant, Inc. | 437 | 82,261 | ||||
Bank of America Corp. | 10,032 | 380,413 | ||||
Bank of New York Mellon Corp. | 8,825 | 508,497 | ||||
Bank OZK | 6,343 | 288,353 | ||||
Berkshire Hathaway, Inc. Class B (a) | 4,716 | 1,983,172 | ||||
BlackRock, Inc. | 459 | 382,668 | ||||
Block, Inc. (a) | 2,574 | 217,709 | ||||
Brown & Brown, Inc. | 5,504 | 481,820 | ||||
Capital One Financial Corp. | 897 | 133,554 | ||||
Cboe Global Markets, Inc. | 1,705 | 313,260 | ||||
Citigroup, Inc. | 3,906 | 247,015 | ||||
CME Group, Inc. | 1,316 | 283,322 | ||||
Coinbase Global, Inc. Class A (a) | 601 | 159,337 | ||||
East West Bancorp, Inc. | 1,747 | 138,205 | ||||
Everest Group Ltd. | 131 | 52,073 | ||||
First Citizens BancShares, Inc. Class A | 63 | 103,005 | ||||
Global Payments, Inc. | 1,705 | 227,890 | ||||
Interactive Brokers Group, Inc. Class A | 1,641 | 183,316 | ||||
JP Morgan Chase & Co. | 8,037 | 1,609,811 | ||||
MGIC Investment Corp. | 2,661 | 59,500 | ||||
Primerica, Inc. | 1,604 | 405,748 | ||||
Robinhood Markets, Inc. Class A (a) | 3,708 | 74,642 | ||||
State Street Corp. | 4,121 | 318,636 | ||||
Synchrony Financial | 4,801 | 207,019 | ||||
Wells Fargo & Co. | 2,268 | 131,453 | ||||
Western Union Co. | 8,257 | 115,433 | ||||
WEX, Inc. (a) | 605 | 143,706 | ||||
10,559,417 | ||||||
Health Care — 13.2% | ||||||
Amgen, Inc. | 1,035 | 294,271 | ||||
Bio-Rad Laboratories, Inc. Class A (a) | 522 | 180,544 | ||||
Bristol-Myers Squibb Co. | 9,763 | 529,448 | ||||
Cardinal Health, Inc. | 488 | 54,607 | ||||
The Cooper Cos., Inc. | 1,845 | 187,194 | ||||
Elevance Health, Inc. | 949 | 492,094 | ||||
Exelixis, Inc. (a) | 6,978 | 165,588 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
74 | ||||
MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Globus Medical, Inc. Class A (a) | 3,229 | $173,204 | ||||
Henry Schein, Inc. (a) | 2,056 | 155,269 | ||||
Hologic, Inc. (a) | 768 | 59,873 | ||||
Incyte Corp. (a) | 2,554 | 145,501 | ||||
Jazz Pharmaceuticals PLC (a) | 3,309 | 398,470 | ||||
Johnson & Johnson | 7,391 | 1,169,182 | ||||
McKesson Corp. | 104 | 55,832 | ||||
Medtronic PLC | 4,392 | 382,763 | ||||
Merck & Co., Inc. | 4,296 | 566,857 | ||||
Premier, Inc. Class A | 1,845 | 40,775 | ||||
Quest Diagnostics, Inc. | 316 | 42,063 | ||||
Stryker Corp. | 802 | 287,012 | ||||
United Therapeutics Corp. (a) | 990 | 227,423 | ||||
UnitedHealth Group, Inc. | 409 | 202,332 | ||||
5,810,302 | ||||||
Industrials — 14.6% | ||||||
3M Co. | 4,996 | 529,926 | ||||
A.O. Smith Corp. | 947 | 84,719 | ||||
AMETEK, Inc. | 1,114 | 203,750 | ||||
Builders FirstSource, Inc. (a) | 811 | 169,134 | ||||
Caterpillar, Inc. | 1,135 | 415,898 | ||||
Cummins, Inc. | 169 | 49,796 | ||||
Dover Corp. | 971 | 172,051 | ||||
Eaton Corp. PLC | 941 | 294,232 | ||||
EMCOR Group, Inc. | 1,830 | 640,866 | ||||
Emerson Electric Co. | 2,524 | 286,272 | ||||
General Dynamics Corp. | 400 | 112,996 | ||||
Honeywell International, Inc. | 515 | 105,704 | ||||
Hubbell, Inc. | 1,219 | 505,946 | ||||
Ingersoll Rand, Inc. | 1,326 | 125,904 | ||||
Middleby Corp. (a) | 1,031 | 165,774 | ||||
MSC Industrial Direct Co., Inc. Class A | 630 | 61,135 | ||||
nVent Electric PLC | 6,973 | 525,764 | ||||
Oshkosh Corp. | 1,406 | 175,342 | ||||
PACCAR, Inc. | 5,029 | 623,043 | ||||
RTX Corp. | 2,678 | 261,185 | ||||
Snap-on, Inc. | 519 | 153,738 | ||||
Timken Co. | 1,090 | 95,299 | ||||
Trane Technologies PLC | 248 | 74,450 | ||||
TransDigm Group, Inc. | 133 | 163,803 | ||||
United Rentals, Inc. | 401 | 289,165 | ||||
Vertiv Holdings Co. Class A | 757 | 61,824 | ||||
WESCO International, Inc. | 556 | 95,232 | ||||
6,442,948 | ||||||
Information Technology — 10.7% | ||||||
Advanced Micro Devices, Inc. (a) | 250 | 45,123 | ||||
Amdocs Ltd. | 2,263 | 204,507 | ||||
Applied Materials, Inc. | 2,716 | 560,121 | ||||
AppLovin Corp. Class A (a) | 1,494 | 103,415 | ||||
Number of Shares | Value | |||||
Arrow Electronics, Inc. (a) | 359 | $46,476 | ||||
Cisco Systems, Inc. | 15,500 | 773,605 | ||||
Cognizant Technology Solutions Corp. Class A | 828 | 60,684 | ||||
DXC Technology Co. (a) | 2,907 | 61,657 | ||||
F5, Inc. (a) | 805 | 152,620 | ||||
First Solar, Inc. (a) | 307 | 51,822 | ||||
GoDaddy, Inc. Class A (a) | 2,495 | 296,107 | ||||
HashiCorp, Inc. Class A (a) | 1,816 | 48,941 | ||||
Hewlett Packard Enterprise Co. | 20,054 | 355,557 | ||||
HP, Inc. | 5,145 | 155,482 | ||||
Intel Corp. | 8,657 | 382,380 | ||||
International Business Machines Corp. | 1,798 | 343,346 | ||||
Oracle Corp. | 1,241 | 155,882 | ||||
Roper Technologies, Inc. | 921 | 516,534 | ||||
Salesforce, Inc. | 812 | 244,558 | ||||
Twilio, Inc. Class A (a) | 607 | 37,118 | ||||
Zoom Video Communications, Inc. Class A (a) | 1,471 | 96,159 | ||||
4,692,094 | ||||||
Materials — 4.6% | ||||||
AptarGroup, Inc. | 1,498 | 215,547 | ||||
Ecolab, Inc. | 652 | 150,547 | ||||
LyondellBasell Industries NV Class A | 1,190 | 121,713 | ||||
Mosaic Co. | 1,793 | 58,201 | ||||
Newmont Corp. | 5,784 | 207,299 | ||||
Nucor Corp. | 761 | 150,602 | ||||
PPG Industries, Inc. | 2,567 | 371,958 | ||||
Sonoco Products Co. | 3,256 | 188,327 | ||||
SSR Mining, Inc. | 5,748 | 25,636 | ||||
Steel Dynamics, Inc. | 1,591 | 235,834 | ||||
Westrock Co. | 5,601 | 276,969 | ||||
2,002,633 | ||||||
Real Estate — 6.0% | ||||||
Agree Realty Corp. | 5,416 | 309,362 | ||||
Brixmor Property Group, Inc. | 7,344 | 172,217 | ||||
Healthcare Realty Trust, Inc. | 7,198 | 101,852 | ||||
Highwoods Properties, Inc. | 9,117 | 238,683 | ||||
Kimco Realty Corp. | 9,061 | 177,686 | ||||
Mid-America Apartment Communities, Inc. | 3,373 | 443,819 | ||||
National Storage Affiliates Trust | 3,449 | 135,063 | ||||
Omega Healthcare Investors, Inc. | 1,393 | 44,116 | ||||
Realty Income Corp. | 6,743 | 364,796 | ||||
SBA Communications Corp. | 1,591 | 344,770 | ||||
STAG Industrial, Inc. | 7,186 | 276,230 | ||||
WP Carey, Inc. | 863 | 48,708 | ||||
2,657,302 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
75 | ||||
MassMutual Disciplined Value Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Utilities — 1.8% | ||||||
Hawaiian Electric Industries, Inc. | 13,774 | $155,233 | ||||
National Fuel Gas Co. | 3,220 | 172,978 | ||||
NRG Energy, Inc. | 5,161 | 349,348 | ||||
Vistra Corp. | 1,418 | 98,764 | ||||
776,323 | ||||||
TOTAL COMMON STOCK (Cost $36,714,348) | 43,871,280 | |||||
TOTAL EQUITIES (Cost $36,714,348) | 43,871,280 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $36,714,348) | 43,871,280 | |||||
Short-Term Investments — 0.4% | ||||||
Investment of Cash Collateral from Securities Loaned — 0.1% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) | 55,539 | 55,539 | ||||
Principal Amount | ||||||
Repurchase Agreement — 0.3% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d) | $122,830 | 122,830 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $178,369) | 178,369 | |||||
TOTAL INVESTMENTS — 100.1% (Cost $36,892,717) (e) | 44,049,649 | |||||
Other Assets/ (Liabilities) — (0.1)% | (44,071) | |||||
NET ASSETS — 100.0% | $44,005,578 | |||||
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $104,712 or 0.24% of net assets. The Fund received $50,829 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $122,852. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $125,307. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
76 | ||||
MassMutual Main Street Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 98.5% | ||||||
Common Stock — 98.5% | ||||||
Communication Services — 11.4% | ||||||
Alphabet, Inc. Class A (a) | 19,660 | $2,967,284 | ||||
Meta Platforms, Inc. Class A | 4,247 | 2,062,258 | ||||
Netflix, Inc. (a) | 1,004 | 609,759 | ||||
T-Mobile US, Inc. | 2,974 | 485,416 | ||||
Verizon Communications, Inc. | 32,957 | 1,382,876 | ||||
Walt Disney Co. | 6,387 | 781,514 | ||||
8,289,107 | ||||||
Consumer Discretionary — 7.5% | ||||||
Amazon.com, Inc. (a) | 16,336 | 2,946,688 | ||||
Aptiv PLC (a) | 1,886 | 150,220 | ||||
Lowe's Cos., Inc. | 1,583 | 403,238 | ||||
Mobileye Global, Inc. Class A (a) (b) | 11,622 | 373,647 | ||||
Starbucks Corp. | 7,062 | 645,396 | ||||
Tesla, Inc. (a) | 1,480 | 260,169 | ||||
Valvoline, Inc. (a) | 15,074 | 671,848 | ||||
5,451,206 | ||||||
Consumer Staples — 6.4% | ||||||
Constellation Brands, Inc. Class A | 5,699 | 1,548,760 | ||||
Coty, Inc. Class A (a) | 36,733 | 439,327 | ||||
Philip Morris International, Inc. | 17,238 | 1,579,345 | ||||
Walmart, Inc. | 18,171 | 1,093,349 | ||||
4,660,781 | ||||||
Energy — 4.1% | ||||||
Chevron Corp. | 3,523 | 555,718 | ||||
Exxon Mobil Corp. | 16,977 | 1,973,407 | ||||
Marathon Oil Corp. | 15,313 | 433,970 | ||||
2,963,095 | ||||||
Financials — 14.6% | ||||||
American Express Co. | 6,735 | 1,533,492 | ||||
American International Group, Inc. | 16,168 | 1,263,852 | ||||
Arthur J Gallagher & Co. | 2,321 | 580,343 | ||||
Charles Schwab Corp. | 16,762 | 1,212,563 | ||||
Equitable Holdings, Inc. | 25,578 | 972,220 | ||||
Fiserv, Inc. (a) | 7,316 | 1,169,243 | ||||
JP Morgan Chase & Co. | 9,256 | 1,853,977 | ||||
M&T Bank Corp. | 2,166 | 315,023 | ||||
Mastercard, Inc. Class A | 2,199 | 1,058,972 | ||||
Wells Fargo & Co. | 11,611 | 672,974 | ||||
10,632,659 | ||||||
Health Care — 14.4% | ||||||
Becton Dickinson & Co. | 2,824 | 698,799 | ||||
Biogen, Inc. (a) | 1,286 | 277,300 | ||||
Boston Scientific Corp. (a) | 10,730 | 734,898 | ||||
Number of Shares | Value | |||||
Eli Lilly & Co. | 1,653 | $1,285,968 | ||||
Gilead Sciences, Inc. | 11,666 | 854,535 | ||||
HCA Healthcare, Inc. | 2,733 | 911,537 | ||||
Lonza Group AG Registered | 1,378 | 825,065 | ||||
Merck & Co., Inc. | 9,910 | 1,307,624 | ||||
Tenet Healthcare Corp. (a) | 7,136 | 750,065 | ||||
UnitedHealth Group, Inc. | 3,014 | 1,491,026 | ||||
Zimmer Biomet Holdings, Inc. | 10,635 | 1,403,607 | ||||
10,540,424 | ||||||
Industrials — 9.0% | ||||||
Emerson Electric Co. | 9,683 | 1,098,246 | ||||
Equifax, Inc. | 4,176 | 1,117,163 | ||||
Hubbell, Inc. | 2,279 | 945,899 | ||||
Huntington Ingalls Industries, Inc. | 1,266 | 369,001 | ||||
Otis Worldwide Corp. | 5,595 | 555,416 | ||||
Paylocity Holding Corp. (a) | 3,187 | 547,718 | ||||
Uber Technologies, Inc. (a) | 8,402 | 646,870 | ||||
United Parcel Service, Inc. Class B | 8,804 | 1,308,538 | ||||
6,588,851 | ||||||
Information Technology — 26.2% | ||||||
Amdocs Ltd. | 7,067 | 638,645 | ||||
Apple, Inc. | 19,653 | 3,370,097 | ||||
Applied Materials, Inc. | 7,071 | 1,458,252 | ||||
Autodesk, Inc. (a) | 2,929 | 762,770 | ||||
Dell Technologies, Inc. Class C | 3,201 | 365,266 | ||||
Microsoft Corp. | 13,893 | 5,845,063 | ||||
NVIDIA Corp. | 4,580 | 4,138,305 | ||||
ServiceNow, Inc. (a) | 1,647 | 1,255,673 | ||||
Texas Instruments, Inc. | 3,905 | 680,290 | ||||
Tyler Technologies, Inc. (a) | 1,519 | 645,590 | ||||
19,159,951 | ||||||
Materials — 1.5% | ||||||
CRH PLC | 4,789 | 413,099 | ||||
DuPont de Nemours, Inc. | 8,500 | 651,695 | ||||
1,064,794 | ||||||
Real Estate — 1.7% | ||||||
Prologis, Inc. | 9,731 | 1,267,171 | ||||
Utilities — 1.7% | ||||||
Ameren Corp. | 3,925 | 290,293 | ||||
Atmos Energy Corp. | 4,487 | 533,370 | ||||
FirstEnergy Corp. | 10,576 | 408,445 | ||||
1,232,108 | ||||||
TOTAL COMMON STOCK (Cost $53,775,532) | 71,850,147 | |||||
TOTAL EQUITIES (Cost $53,775,532) | 71,850,147 | |||||
The accompanying notes are an integral part of the financial statements. | ||||
77 | ||||
MassMutual Main Street Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $53,775,532) | $71,850,147 | |||||
Short-Term Investments — 0.9% | ||||||
Investment of Cash Collateral from Securities Loaned — 0.5% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) | 379,665 | 379,665 | ||||
Principal Amount | ||||||
Repurchase Agreement — 0.4% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d) | $330,759 | 330,759 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $710,424) | 710,424 | |||||
TOTAL INVESTMENTS — 99.4% (Cost $54,485,956) (e) | 72,560,571 | |||||
Other Assets/ (Liabilities) — 0.6% | 415,379 | |||||
NET ASSETS — 100.0% | $72,975,950 | |||||
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $369,886 or 0.51% of net assets. (Note 2). |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $330,818. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $337,476. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
78 | ||||
MassMutual Disciplined Growth Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 99.7% | ||||||
Common Stock — 99.7% | ||||||
Communication Services — 13.3% | ||||||
Alphabet, Inc. Class A (a) | 45,328 | $6,841,355 | ||||
Alphabet, Inc. Class C (a) | 46,540 | 7,086,180 | ||||
Meta Platforms, Inc. Class A | 18,233 | 8,853,580 | ||||
Netflix, Inc. (a) | 2,591 | 1,573,592 | ||||
Spotify Technology SA (a) | 4,014 | 1,059,295 | ||||
25,414,002 | ||||||
Consumer Discretionary — 14.6% | ||||||
Airbnb, Inc. Class A (a) | 5,465 | 901,506 | ||||
Amazon.com, Inc. (a) | 72,721 | 13,117,414 | ||||
AutoZone, Inc. (a) | 237 | 746,941 | ||||
Booking Holdings, Inc. | 542 | 1,966,311 | ||||
Cava Group, Inc. (a) | 2,997 | 209,940 | ||||
Deckers Outdoor Corp. (a) | 1,771 | 1,666,972 | ||||
DoorDash, Inc., Class A (a) | 5,705 | 785,693 | ||||
Grand Canyon Education, Inc. (a) | 1,661 | 226,245 | ||||
Home Depot, Inc. | 2,288 | 877,677 | ||||
Lululemon Athletica, Inc. (a) | 2,656 | 1,037,566 | ||||
NVR, Inc. (a) | 242 | 1,960,190 | ||||
Tesla, Inc. (a) | 11,038 | 1,940,370 | ||||
TopBuild Corp. (a) | 1,762 | 776,566 | ||||
Ulta Beauty, Inc. (a) | 355 | 185,622 | ||||
Wayfair, Inc. Class A (a) (b) | 9,696 | 658,165 | ||||
Wingstop, Inc. | 625 | 229,000 | ||||
YETI Holdings, Inc. (a) | 14,326 | 552,267 | ||||
27,838,445 | ||||||
Consumer Staples — 3.2% | ||||||
Costco Wholesale Corp. | 1,971 | 1,444,014 | ||||
Hershey Co. | 1,841 | 358,074 | ||||
Monster Beverage Corp. (a) | 15,336 | 909,118 | ||||
PepsiCo, Inc. | 14,977 | 2,621,125 | ||||
Procter & Gamble Co. | 4,131 | 670,255 | ||||
6,002,586 | ||||||
Financials — 7.8% | ||||||
Arthur J Gallagher & Co. | 3,412 | 853,137 | ||||
Block, Inc. (a) | 2,711 | 229,296 | ||||
Brighthouse Financial, Inc. (a) | 9,774 | 503,752 | ||||
Brown & Brown, Inc. | 22,880 | 2,002,915 | ||||
Kinsale Capital Group, Inc. | 397 | 208,322 | ||||
Marsh & McLennan Cos., Inc. | 2,304 | 474,578 | ||||
Mastercard, Inc. Class A | 8,378 | 4,034,593 | ||||
NU Holdings Ltd. Class A (a) | 19,257 | 229,736 | ||||
PayPal Holdings, Inc. (a) | 17,549 | 1,175,608 | ||||
Visa, Inc. Class A | 18,461 | 5,152,096 | ||||
14,864,033 | ||||||
Number of Shares | Value | |||||
Health Care — 12.0% | ||||||
AbbVie, Inc. | 2,113 | $384,777 | ||||
Cencora, Inc. | 3,849 | 935,269 | ||||
Doximity, Inc. Class A (a) | 12,061 | 324,562 | ||||
Elevance Health, Inc. | 3,347 | 1,735,553 | ||||
Eli Lilly & Co. | 3,693 | 2,873,006 | ||||
Exelixis, Inc. (a) | 56,080 | 1,330,778 | ||||
Globus Medical, Inc. Class A (a) | 9,460 | 507,434 | ||||
Incyte Corp. (a) | 25,586 | 1,457,635 | ||||
Jazz Pharmaceuticals PLC (a) | 15,070 | 1,814,729 | ||||
Maravai LifeSciences Holdings, Inc. Class A (a) | 20,251 | 175,576 | ||||
Medpace Holdings, Inc. (a) | 592 | 239,257 | ||||
Merck & Co., Inc. | 10,871 | 1,434,429 | ||||
Neurocrine Biosciences, Inc. (a) | 6,460 | 890,963 | ||||
Regeneron Pharmaceuticals, Inc. (a) | 1,089 | 1,048,152 | ||||
ResMed, Inc. | 10,421 | 2,063,671 | ||||
Roivant Sciences Ltd. (a) | 19,126 | 201,588 | ||||
UnitedHealth Group, Inc. | 6,849 | 3,388,200 | ||||
Vertex Pharmaceuticals, Inc. (a) | 4,936 | 2,063,297 | ||||
22,868,876 | ||||||
Industrials — 6.1% | ||||||
Automatic Data Processing, Inc. | 1,618 | 404,079 | ||||
Caterpillar, Inc. | 4,808 | 1,761,795 | ||||
Copart, Inc. (a) | 39,706 | 2,299,772 | ||||
EMCOR Group, Inc. | 5,589 | 1,957,268 | ||||
Hubbell, Inc. | 3,651 | 1,515,348 | ||||
Paychex, Inc. | 10,091 | 1,239,175 | ||||
Paylocity Holding Corp. (a) | 3,929 | 675,238 | ||||
Rollins, Inc. | 11,235 | 519,843 | ||||
United Rentals, Inc. | 1,068 | 770,145 | ||||
Vertiv Holdings Co. Class A | 2,279 | 186,126 | ||||
W.W. Grainger, Inc. | 323 | 328,588 | ||||
11,657,377 | ||||||
Information Technology — 41.6% | ||||||
Accenture PLC Class A | 4,509 | 1,562,865 | ||||
Adobe, Inc. (a) | 2,742 | 1,383,613 | ||||
Apple, Inc. | 106,735 | 18,302,918 | ||||
Applied Materials, Inc. | 10,787 | 2,224,603 | ||||
AppLovin Corp. Class A (a) | 3,337 | 230,987 | ||||
Arista Networks, Inc. (a) | 6,188 | 1,794,396 | ||||
Broadcom, Inc. | 3,403 | 4,510,370 | ||||
Cadence Design Systems, Inc. (a) | 887 | 276,105 | ||||
Dynatrace, Inc. (a) | 14,764 | 685,640 | ||||
GoDaddy, Inc. Class A (a) | 5,917 | 702,230 | ||||
HashiCorp, Inc. Class A (a) | 9,998 | 269,446 | ||||
Intuit, Inc. | 1,086 | 705,900 | ||||
KLA Corp. | 2,655 | 1,854,703 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
79 | ||||
MassMutual Disciplined Growth Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Manhattan Associates, Inc. (a) | 942 | $235,717 | ||||
Microsoft Corp. | 56,269 | 23,673,494 | ||||
NVIDIA Corp. | 19,372 | 17,503,764 | ||||
Procore Technologies, Inc. (a) | 3,441 | 282,747 | ||||
Salesforce, Inc. | 5,770 | 1,737,809 | ||||
Synopsys, Inc. (a) | 2,056 | 1,175,004 | ||||
UiPath, Inc. Class A (a) | 8,235 | 186,687 | ||||
79,298,998 | ||||||
Real Estate — 1.1% | ||||||
American Tower Corp. | 10,790 | 2,131,996 | ||||
TOTAL COMMON STOCK (Cost $143,088,459) | 190,076,313 | |||||
TOTAL EQUITIES (Cost $143,088,459) | 190,076,313 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $143,088,459) | 190,076,313 | |||||
Short-Term Investments — 1.1% | ||||||
Investment of Cash Collateral from Securities Loaned — 0.3% | ||||||
State Street Navigator Securities Lending Prime Portfolio (c) | 664,731 | 664,731 | ||||
Principal Amount | ||||||
Repurchase Agreement — 0.8% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d) | $1,474,639 | 1,474,639 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,139,370) | 2,139,370 | |||||
TOTAL INVESTMENTS — 100.8% (Cost $145,227,829) (e) | 192,215,683 | |||||
Other Assets/ (Liabilities) — (0.8)% | (1,521,140) | |||||
NET ASSETS — 100.0% | $190,694,543 | |||||
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $651,580 or 0.34% of net assets. (Note 2). |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $1,474,901. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,504,199. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
80 | ||||
MassMutual Small Cap Opportunities Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 98.5% | ||||||
Common Stock — 98.5% | ||||||
Communication Services — 0.9% | ||||||
Ziff Davis, Inc. (a) | 58,215 | $3,669,873 | ||||
Consumer Discretionary — 9.7% | ||||||
AutoNation, Inc. (a) | 47,834 | 7,920,354 | ||||
Dorman Products, Inc. (a) | 48,629 | 4,687,349 | ||||
KB Home | 76,847 | 5,446,915 | ||||
Papa John’s International, Inc. | 29,363 | 1,955,576 | ||||
Steven Madden Ltd. | 92,538 | 3,912,507 | ||||
Texas Roadhouse, Inc. | 33,168 | 5,123,461 | ||||
TopBuild Corp. (a) | 10,488 | 4,622,376 | ||||
Visteon Corp. (a) | 39,679 | 4,666,647 | ||||
38,335,185 | ||||||
Consumer Staples — 3.0% | ||||||
BellRing Brands, Inc. (a) | 128,254 | 7,570,834 | ||||
BJ’s Wholesale Club Holdings, Inc. (a) | 53,970 | 4,082,830 | ||||
11,653,664 | ||||||
Energy — 5.2% | ||||||
Chesapeake Energy Corp. (b) | 44,080 | 3,915,626 | ||||
CNX Resources Corp. (a) | 244,296 | 5,794,701 | ||||
Helmerich & Payne, Inc. | 129,731 | 5,456,486 | ||||
Northern Oil & Gas, Inc. | 66,766 | 2,649,275 | ||||
Nov, Inc. | 128,182 | 2,502,113 | ||||
20,318,201 | ||||||
Financials — 12.8% | ||||||
Bank of NT Butterfield & Son Ltd. | 63,087 | 2,018,153 | ||||
Berkshire Hills Bancorp, Inc. | 103,995 | 2,383,565 | ||||
Cathay General Bancorp | 93,457 | 3,535,478 | ||||
Columbia Banking System, Inc. | 146,230 | 2,829,551 | ||||
Definity Financial Corp. (b) | 108,285 | 3,448,684 | ||||
Federated Hermes, Inc. | 131,049 | 4,733,490 | ||||
Marqeta, Inc. Class A (a) | 389,471 | 2,321,247 | ||||
OceanFirst Financial Corp. | 126,000 | 2,067,660 | ||||
Pacific Premier Bancorp, Inc. | 138,961 | 3,335,064 | ||||
PennyMac Financial Services, Inc. | 51,822 | 4,720,466 | ||||
Stifel Financial Corp. | 71,930 | 5,622,768 | ||||
United Community Banks, Inc. | 83,231 | 2,190,640 | ||||
Webster Financial Corp. | 74,281 | 3,771,246 | ||||
Wintrust Financial Corp. | 49,076 | 5,123,044 | ||||
WSFS Financial Corp. | 51,975 | 2,346,152 | ||||
50,447,208 | ||||||
Health Care — 16.8% | ||||||
Acadia Healthcare Co., Inc. (a) | 80,834 | 6,403,669 | ||||
Addus HomeCare Corp. (a) | 31,843 | 3,290,656 | ||||
Number of Shares | Value | |||||
ADMA Biologics, Inc. (a) | 610,685 | $4,030,521 | ||||
Ascendis Pharma AS ADR (a) | 28,995 | 4,383,174 | ||||
BioLife Solutions, Inc. (a) (b) | 103,563 | 1,921,094 | ||||
Bridgebio Pharma, Inc. (a) | 77,750 | 2,404,030 | ||||
BrightSpring Health Services, Inc. (a) | 161,652 | 1,757,157 | ||||
Cabaletta Bio, Inc. (a) | 71,066 | 1,212,386 | ||||
Collegium Pharmaceutical, Inc. (a) | 102,137 | 3,964,958 | ||||
CryoPort, Inc. (a) (b) | 127,594 | 2,258,414 | ||||
Encompass Health Corp. | 52,960 | 4,373,437 | ||||
Evolent Health, Inc. Class A (a) | 107,834 | 3,535,877 | ||||
Guardant Health, Inc. (a) | 123,103 | 2,539,615 | ||||
Immunovant, Inc. (a) | 36,247 | 1,171,141 | ||||
Integer Holdings Corp. (a) | 32,709 | 3,816,486 | ||||
Intra-Cellular Therapies, Inc. (a) | 58,766 | 4,066,607 | ||||
SI-BONE, Inc. (a) | 70,558 | 1,155,034 | ||||
Structure Therapeutics, Inc. ADR (a) | 20,471 | 877,387 | ||||
Tenet Healthcare Corp. (a) | 70,206 | 7,379,353 | ||||
TransMedics Group, Inc. (a) (b) | 33,008 | 2,440,612 | ||||
Twist Bioscience Corp. (a) | 96,621 | 3,315,066 | ||||
66,296,674 | ||||||
Industrials — 22.4% | ||||||
ABM Industries, Inc. | 56,018 | 2,499,523 | ||||
Air Lease Corp. | 65,195 | 3,353,631 | ||||
Allison Transmission Holdings, Inc. | 90,611 | 7,353,989 | ||||
ASGN, Inc. (a) | 58,310 | 6,108,555 | ||||
Atkore, Inc. | 49,758 | 9,471,933 | ||||
BWX Technologies, Inc. | 44,647 | 4,581,675 | ||||
CACI International, Inc. Class A (a) | 14,029 | 5,314,606 | ||||
Casella Waste Systems, Inc. Class A (a) | 52,117 | 5,152,808 | ||||
Curtiss-Wright Corp. | 21,628 | 5,535,470 | ||||
Enpro, Inc. | 40,520 | 6,838,560 | ||||
Esab Corp. | 45,868 | 5,071,625 | ||||
Hub Group, Inc. Class A | 116,630 | 5,040,749 | ||||
KBR, Inc. | 55,145 | 3,510,531 | ||||
Korn Ferry | 79,347 | 5,217,859 | ||||
Paycor HCM, Inc. (a) (b) | 203,736 | 3,960,628 | ||||
Regal Rexnord Corp. | 17,309 | 3,117,351 | ||||
Zurn Elkay Water Solutions Corp. Class C | 182,722 | 6,115,705 | ||||
88,245,198 | ||||||
Information Technology — 13.3% | ||||||
Allegro MicroSystems, Inc. (a) | 127,816 | 3,445,919 | ||||
Astera Labs, Inc. (a) | 13,554 | 1,005,571 | ||||
Belden, Inc. | 44,159 | 4,089,565 | ||||
Endava PLC Sponsored ADR (a) | 61,817 | 2,351,519 | ||||
Envestnet, Inc. (a) | 57,667 | 3,339,496 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
81 | ||||
MassMutual Small Cap Opportunities Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Gitlab, Inc. Class A (a) | 80,839 | $4,714,530 | ||||
HashiCorp, Inc. Class A (a) | 80,642 | 2,173,302 | ||||
Itron, Inc. (a) | 56,104 | 5,190,742 | ||||
MACOM Technology Solutions Holdings, Inc. (a) | 54,438 | 5,206,450 | ||||
MKS Instruments, Inc. | 34,574 | 4,598,342 | ||||
Progress Software Corp. | 58,886 | 3,139,213 | ||||
Silicon Laboratories, Inc. (a) | 27,376 | 3,934,479 | ||||
Sprout Social, Inc. Class A (a) (b) | 95,153 | 5,681,586 | ||||
Vishay Intertechnology, Inc. | 160,732 | 3,645,402 | ||||
52,516,116 | ||||||
Materials — 6.6% | ||||||
ATI, Inc. (a) | 86,400 | 4,421,088 | ||||
Century Aluminum Co. (a) | 163,148 | 2,510,848 | ||||
Commercial Metals Co. | 59,735 | 3,510,626 | ||||
Kaiser Aluminum Corp. | 25,858 | 2,310,671 | ||||
Silgan Holdings, Inc. | 86,819 | 4,215,930 | ||||
Summit Materials, Inc. Class A (a) | 198,803 | 8,860,650 | ||||
25,829,813 | ||||||
Real Estate — 6.1% | ||||||
DiamondRock Hospitality Co. | 569,170 | 5,469,724 | ||||
DigitalBridge Group, Inc. | 214,818 | 4,139,543 | ||||
Four Corners Property Trust, Inc. | 187,998 | 4,600,311 | ||||
Outfront Media, Inc. | 298,701 | 5,015,190 | ||||
Terreno Realty Corp. | 72,639 | 4,823,229 | ||||
24,047,997 | ||||||
Utilities — 1.7% | ||||||
Chesapeake Utilities Corp. | 30,850 | 3,310,205 | ||||
Portland General Electric Co. | 84,165 | 3,534,930 | ||||
6,845,135 | ||||||
TOTAL COMMON STOCK (Cost $305,374,329) | 388,205,064 | |||||
TOTAL EQUITIES (Cost $305,374,329) | 388,205,064 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $305,374,329) | $388,205,064 | |||||
Principal Amount | Value | |||||
Short-Term Investments — 1.3% | ||||||
Repurchase Agreement — 1.3% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (c) | $5,144,370 | $5,144,370 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,144,370) | 5,144,370 | |||||
TOTAL INVESTMENTS — 99.8% (Cost $310,518,699) (d) | 393,349,434 | |||||
Other Assets/(Liabilities) — 0.2% | 647,654 | |||||
NET ASSETS — 100.0% | $393,997,088 | |||||
ADR | American Depositary Receipt | |||
(a) | Non-income producing security. |
(b) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $18,857,265 or 4.79% of net assets. The Fund received $19,496,878 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(c) | Maturity value of $5,145,285. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $5,247,271. |
(d) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
82 | ||||
MassMutual Global Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 99.6% | ||||||
Common Stock — 99.6% | ||||||
Canada — 0.6% | ||||||
Canadian Pacific Kansas City Ltd. (a) | 14,179 | $1,250,163 | ||||
China — 2.4% | ||||||
JD.com, Inc. ADR | 135,824 | 3,720,219 | ||||
Tencent Holdings Ltd. | 24,300 | 948,300 | ||||
Yum China Holdings, Inc. | 2,795 | 111,213 | ||||
4,779,732 | ||||||
Denmark — 4.8% | ||||||
Novo Nordisk AS Class B | 76,482 | 9,797,032 | ||||
France — 11.4% | ||||||
Airbus SE | 55,084 | 10,160,577 | ||||
Dassault Systemes SE | 18,582 | 821,904 | ||||
EssilorLuxottica SA | 7,334 | 1,663,308 | ||||
Kering SA | 4,523 | 1,787,781 | ||||
LVMH Moet Hennessy Louis Vuitton SE | 9,270 | 8,384,132 | ||||
Pernod Ricard SA | 1,310 | 211,813 | ||||
23,029,515 | ||||||
Germany — 3.6% | ||||||
Allianz SE Registered | 3,751 | 1,124,119 | ||||
SAP SE | 31,126 | 6,060,019 | ||||
7,184,138 | ||||||
India — 7.2% | ||||||
DLF Ltd. | 1,018,283 | 10,992,358 | ||||
HDFC Bank Ltd. | 45,227 | 786,348 | ||||
ICICI Bank Ltd. Sponsored ADR | 105,167 | 2,777,460 | ||||
14,556,166 | ||||||
Israel — 1.4% | ||||||
Nice Ltd. Sponsored ADR (a) (b) | 10,906 | 2,842,322 | ||||
Italy — 1.1% | ||||||
Brunello Cucinelli SpA | 16,113 | 1,842,652 | ||||
Ferrari NV | 835 | 363,939 | ||||
2,206,591 | ||||||
Japan — 4.4% | ||||||
Hoya Corp. | 7,200 | 901,310 | ||||
Keyence Corp. | 11,200 | 5,207,992 | ||||
Murata Manufacturing Co. Ltd. | 12,990 | 244,438 | ||||
TDK Corp. | 50,400 | 2,475,908 | ||||
8,829,648 | ||||||
Netherlands — 2.1% | ||||||
ASML Holding NV | 3,252 | 3,122,189 | ||||
BE Semiconductor Industries NV | 3,861 | 589,503 | ||||
Number of Shares | Value | |||||
Universal Music Group NV | 17,541 | $527,436 | ||||
4,239,128 | ||||||
Spain — 1.1% | ||||||
Amadeus IT Group SA | 36,017 | 2,309,846 | ||||
Sweden — 4.5% | ||||||
Assa Abloy AB Class B | 129,920 | 3,726,727 | ||||
Atlas Copco AB Class A | 321,905 | 5,432,252 | ||||
9,158,979 | ||||||
Switzerland — 0.8% | ||||||
Lonza Group AG Registered | 2,709 | 1,621,988 | ||||
United States — 54.2% | ||||||
Adobe, Inc. (b) | 12,503 | 6,309,014 | ||||
Alphabet, Inc. Class A (b) | 143,674 | 21,684,717 | ||||
Amazon.com, Inc. (b) | 15,293 | 2,758,551 | ||||
Analog Devices, Inc. | 44,809 | 8,862,772 | ||||
Avantor, Inc. (b) | 30,084 | 769,248 | ||||
Boston Scientific Corp. (b) | 11,576 | 792,840 | ||||
Charles River Laboratories International, Inc. (b) | 2,829 | 766,518 | ||||
Charter Communications, Inc. Class A (b) | 747 | 217,101 | ||||
Danaher Corp. | 3,681 | 919,219 | ||||
Ecolab, Inc. | 3,538 | 816,924 | ||||
Edwards Lifesciences Corp. (b) | 5,862 | 560,173 | ||||
Equifax, Inc. | 12,142 | 3,248,228 | ||||
IDEXX Laboratories, Inc. (b) | 1,501 | 810,435 | ||||
Illumina, Inc. (b) | 6,209 | 852,620 | ||||
Intuit, Inc. | 13,652 | 8,873,800 | ||||
Intuitive Surgical, Inc. (b) | 5,479 | 2,186,614 | ||||
IQVIA Holdings, Inc. (b) | 8,387 | 2,120,988 | ||||
Lam Research Corp. | 925 | 898,702 | ||||
Linde PLC | 1,336 | 620,331 | ||||
Marriott International, Inc. Class A | 7,097 | 1,790,644 | ||||
Marvell Technology, Inc. | 50,371 | 3,570,296 | ||||
Meta Platforms, Inc. Class A | 35,443 | 17,210,412 | ||||
Microsoft Corp. | 10,194 | 4,288,820 | ||||
Netflix, Inc. (b) | 1,814 | 1,101,697 | ||||
NVIDIA Corp. | 5,317 | 4,804,228 | ||||
Phathom Pharmaceuticals, Inc. (a) (b) | 36,132 | 383,722 | ||||
S&P Global, Inc. | 16,980 | 7,224,141 | ||||
Thermo Fisher Scientific, Inc. | 495 | 287,699 | ||||
Veralto Corp. | 1,227 | 108,786 | ||||
Visa, Inc. Class A | 16,547 | 4,617,937 | ||||
109,457,177 | ||||||
TOTAL COMMON STOCK (Cost $104,400,661) | 201,262,425 |
The accompanying notes are an integral part of the financial statements. | ||||
83 | ||||
MassMutual Global Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
TOTAL EQUITIES (Cost $104,400,661) | $201,262,425 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $104,400,661) | 201,262,425 | |||||
Short-Term Investments — 1.5% | ||||||
Investment of Cash Collateral from Securities Loaned — 0.8% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (c) | 1,656,800 | 1,656,800 | ||||
Principal Amount | ||||||
Repurchase Agreement — 0.7% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (d) | $1,433,512 | 1,433,512 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,090,312) | 3,090,312 | |||||
TOTAL INVESTMENTS — 101.1% (Cost $107,490,973) (e) | 204,352,737 | |||||
Other Assets/(Liabilities) — (1.1)% | (2,260,847) | |||||
NET ASSETS — 100.0% | $202,091,890 | |||||
ADR | American Depositary Receipt | |||
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $4,431,173 or 2.19% of net assets. The Fund received $2,830,954 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(b) | Non-income producing security. |
(c) | Represents investment of security lending cash collateral. (Note 2). |
(d) | Maturity value of $1,433,767. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $1,462,258. |
(e) | See Note 6 for aggregate cost for federal tax purposes. |
Information Technology | 29.2% | ||
Communication Services | 20.6% | ||
Health Care | 12.1% | ||
Industrials | 11.8% | ||
Consumer Discretionary | 11.4% | ||
Financials | 8.3% | ||
Real Estate | 5.4% | ||
Materials | 0.7% | ||
Consumer Staples | 0.1% | ||
Total Long-Term Investments | 99.6% | ||
Short-Term Investments and Other Assets and Liabilities | 0.4% | ||
Net Assets | 100.0% | ||
The accompanying notes are an integral part of the financial statements. | ||||
84 | ||||
MassMutual International Equity Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 96.9% | ||||||
Common Stock — 96.7% | ||||||
Australia — 1.3% | ||||||
BHP Group Ltd. Sponsored ADR (a) | 1,300 | $74,997 | ||||
BHP Group Ltd. | 3,800 | 109,741 | ||||
Glencore PLC | 52,500 | 288,826 | ||||
Macquarie Group Ltd. | 2,700 | 351,408 | ||||
Santos Ltd. | 62,300 | 314,666 | ||||
Sonic Healthcare Ltd. | 10,100 | 193,558 | ||||
Westpac Banking Corp. | 5,330 | 90,781 | ||||
Whitehaven Coal Ltd. | 18,400 | 85,134 | ||||
1,509,111 | ||||||
Belgium — 1.0% | ||||||
Anheuser-Busch InBev SA | 8,500 | 517,042 | ||||
Groupe Bruxelles Lambert NV | 1,700 | 128,568 | ||||
KBC Group NV | 4,300 | 323,086 | ||||
Liberty Global Ltd. Class C (b) | 12,300 | 216,972 | ||||
1,185,668 | ||||||
Canada — 6.1% | ||||||
Bank of Nova Scotia (a) | 17,684 | 914,782 | ||||
Canadian National Railway Co. | 24,647 | 3,245,569 | ||||
CCL Industries, Inc. Class B (a) | 1,700 | 86,885 | ||||
Intact Financial Corp. | 17,998 | 2,923,687 | ||||
TFI International, Inc. (a) | 432 | 68,888 | ||||
7,239,811 | ||||||
Denmark — 0.1% | ||||||
Novo Nordisk AS Class B | 1,200 | 153,715 | ||||
Finland — 2.0% | ||||||
Kone OYJ Class B | 50,492 | 2,348,598 | ||||
France — 9.9% | ||||||
Accor SA | 7,126 | 332,647 | ||||
Amundi SA (c) | 3,192 | 219,002 | ||||
AXA SA | 59,693 | 2,241,395 | ||||
Capgemini SE | 14,578 | 3,361,581 | ||||
Cie de Saint-Gobain SA | 3,200 | 248,146 | ||||
Engie SA | 5,415 | 90,998 | ||||
LVMH Moet Hennessy Louis Vuitton SE | 1,370 | 1,239,079 | ||||
Rexel SA | 3,800 | 102,548 | ||||
Societe Generale SA | 11,700 | 314,782 | ||||
Sodexo SA | 2,734 | 234,417 | ||||
Teleperformance SE | 1,000 | 96,970 | ||||
TotalEnergies SE (a) | 7,400 | 508,824 | ||||
Veolia Environnement SA | 14,692 | 476,650 | ||||
Vinci SA | 18,204 | 2,331,711 | ||||
11,798,750 |
Number of Shares | Value | |||||
Germany — 8.0% | ||||||
Allianz SE Registered | 1,060 | $317,666 | ||||
BASF SE | 3,500 | 199,870 | ||||
Deutsche Boerse AG | 1,436 | 293,820 | ||||
Deutsche Post AG Registered | 9,200 | 396,184 | ||||
Heidelberg Materials AG | 3,900 | 428,987 | ||||
Infineon Technologies AG | 9,900 | 336,557 | ||||
K&S AG Registered | 5,511 | 85,960 | ||||
Merck KGaA | 18,770 | 3,312,683 | ||||
SAP SE | 3,700 | 720,365 | ||||
Siemens AG Registered | 2,460 | 469,626 | ||||
Symrise AG | 22,817 | 2,731,407 | ||||
Zalando SE (b) (c) | 7,799 | 222,890 | ||||
9,516,015 | ||||||
Hong Kong — 2.6% | ||||||
AIA Group Ltd. | 297,280 | 1,995,043 | ||||
CK Asset Holdings Ltd. | 52,500 | 216,276 | ||||
Prudential PLC | 94,058 | 884,759 | ||||
3,096,078 | ||||||
Ireland — 1.0% | ||||||
AerCap Holdings NV (b) | 4,981 | 432,899 | ||||
AIB Group PLC | 51,900 | 263,227 | ||||
Smurfit Kappa Group PLC | 10,000 | 456,177 | ||||
1,152,303 | ||||||
Israel — 0.3% | ||||||
Check Point Software Technologies Ltd. (b) | 1,790 | 293,578 | ||||
Italy — 0.1% | ||||||
Prysmian SpA | 2,000 | 104,450 | ||||
Ryanair Holdings PLC Sponsored ADR | 200 | 29,118 | ||||
133,568 | ||||||
Japan — 15.3% | ||||||
Astellas Pharma, Inc. | 144,770 | 1,555,804 | ||||
Canon, Inc. (a) | 7,600 | 226,236 | ||||
Chugai Pharmaceutical Co. Ltd. | 68,651 | 2,623,925 | ||||
Denka Co. Ltd. (a) | 1,500 | 23,373 | ||||
FANUC Corp. | 8,200 | 229,345 | ||||
Fujitsu Ltd. | 28,000 | 448,350 | ||||
Hitachi Ltd. | 6,300 | 575,440 | ||||
Kao Corp. | 54,986 | 2,057,335 | ||||
KDDI Corp. | 71,694 | 2,119,845 | ||||
Keyence Corp. | 3,390 | 1,576,348 | ||||
Kirin Holdings Co. Ltd. | 87,105 | 1,210,316 | ||||
Kyocera Corp. | 23,200 | 309,873 | ||||
Nintendo Co. Ltd. | 6,900 | 377,657 | ||||
Olympus Corp. | 16,300 | 234,500 |
The accompanying notes are an integral part of the financial statements. | ||||
85 | ||||
MassMutual International Equity Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
ORIX Corp. | 20,500 | $448,218 | ||||
Rakuten Group, Inc. (b) | 47,600 | 270,108 | ||||
Renesas Electronics Corp. | 16,100 | 288,163 | ||||
SBI Holdings, Inc. | 15,500 | 406,239 | ||||
Seven & i Holdings Co. Ltd. | 31,200 | 454,140 | ||||
Shiseido Co. Ltd. | 35,852 | 980,064 | ||||
Sony Group Corp. | 6,800 | 582,777 | ||||
Square Enix Holdings Co. Ltd. | 2,600 | 100,047 | ||||
Sumitomo Mitsui Financial Group, Inc. | 9,100 | 531,990 | ||||
Toyota Industries Corp. | 5,500 | 574,941 | ||||
18,205,034 | ||||||
Luxembourg — 0.2% | ||||||
ArcelorMittal SA | 9,500 | 260,989 | ||||
Eurofins Scientific SE | 200 | 12,748 | ||||
273,737 | ||||||
Netherlands — 4.7% | ||||||
ASML Holding NV | 390 | 374,432 | ||||
EXOR NV | 1,000 | 111,137 | ||||
Heineken Holding NV | 3,800 | 306,564 | ||||
Heineken NV | 30,230 | 2,912,831 | ||||
ING Groep NV Series N | 14,000 | 230,567 | ||||
Koninklijke Philips NV (b) | 3,245 | 65,072 | ||||
Pluxee NV (b) | 2,734 | 80,818 | ||||
Shell PLC | 45,481 | 1,508,993 | ||||
5,590,414 | ||||||
Norway — 0.5% | ||||||
Aker BP ASA | 11,413 | 285,229 | ||||
DNB Bank ASA | 16,500 | 327,544 | ||||
612,773 | ||||||
Republic of Korea — 0.4% | ||||||
Samsung Electronics Co. Ltd. | 7,900 | 473,011 | ||||
Singapore — 0.3% | ||||||
DBS Group Holdings Ltd. | 14,100 | 377,135 | ||||
Spain — 3.5% | ||||||
Iberdrola SA | 173,539 | 2,154,628 | ||||
Industria de Diseno Textil SA | 40,728 | 2,050,933 | ||||
4,205,561 | ||||||
Sweden — 2.7% | ||||||
Assa Abloy AB Class B | 85,665 | 2,457,282 | ||||
Essity AB Class B (a) | 13,400 | 318,226 | ||||
Husqvarna AB Class B | 8,500 | 72,739 | ||||
Skandinaviska Enskilda Banken AB Class A | 18,259 | 246,962 | ||||
Volvo AB Class B (a) | 3,200 | 86,666 | ||||
3,181,875 | ||||||
Number of Shares | Value | |||||
Switzerland — 5.0% | ||||||
ABB Ltd. Registered | 2,300 | $106,749 | ||||
Cie Financiere Richemont SA Registered Class A | 2,500 | 382,435 | ||||
Julius Baer Group Ltd. | 2,800 | 161,631 | ||||
Novartis AG Registered | 28,796 | 2,788,730 | ||||
Sika AG Registered | 8,501 | 2,531,224 | ||||
5,970,769 | ||||||
United Kingdom — 18.2% | ||||||
Ashtead Group PLC | 4,400 | 312,757 | ||||
AstraZeneca PLC | 18,269 | 2,459,758 | ||||
Aviva PLC | 34,058 | 213,737 | ||||
BAE Systems PLC | 157,842 | 2,688,525 | ||||
Barratt Developments PLC | 18,300 | 110,056 | ||||
BP PLC | 78,300 | 491,985 | ||||
Bunzl PLC | 4,500 | 173,289 | ||||
Burberry Group PLC | 6,600 | 101,254 | ||||
CK Hutchison Holdings Ltd. | 74,000 | 357,754 | ||||
Compass Group PLC | 66,163 | 1,939,044 | ||||
DCC PLC | 5,041 | 366,953 | ||||
Diageo PLC | 77,449 | 2,860,239 | ||||
Dowlais Group PLC | 57,069 | 56,172 | ||||
Entain PLC | 13,500 | 135,702 | ||||
Inchcape PLC | 21,056 | 192,728 | ||||
Informa PLC | 12,000 | 125,811 | ||||
Kingfisher PLC | 82,700 | 260,123 | ||||
Legal & General Group PLC | 102,100 | 327,547 | ||||
Lloyds Banking Group PLC | 667,500 | 436,943 | ||||
Pearson PLC | 9,161 | 120,425 | ||||
Persimmon PLC | 8,900 | 147,670 | ||||
Reckitt Benckiser Group PLC | 46,923 | 2,669,401 | ||||
Smith & Nephew PLC | 159,979 | 2,023,000 | ||||
Tesco PLC | 99,200 | 371,217 | ||||
Unilever PLC (ULVR LN) | 9,100 | 456,967 | ||||
Unilever PLC (UNA NA) | 45,596 | 2,288,420 | ||||
21,687,477 | ||||||
United States — 13.5% | ||||||
CNH Industrial NV | 23,500 | 304,560 | ||||
Experian PLC | 68,377 | 2,985,069 | ||||
GSK PLC | 15,920 | 341,913 | ||||
Linde PLC (LIN US) | 570 | 264,662 | ||||
Linde PLC (WM2 TH) | 6,951 | 3,213,070 | ||||
Nestle SA Registered | 31,650 | 3,360,610 | ||||
Roche Holding AG | 10,054 | 2,566,553 | ||||
Sanofi SA | 4,400 | 431,717 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
86 | ||||
MassMutual International Equity Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Schneider Electric SE | 10,965 | $2,479,540 | ||||
Stellantis NV | 5,400 | 153,481 | ||||
16,101,175 | ||||||
TOTAL COMMON STOCK (Cost $108,515,490) | 115,106,156 | |||||
Preferred Stock — 0.2% | ||||||
Germany — 0.2% | ||||||
Henkel AG & Co. KGaA 2.487% | 2,269 | 182,353 | ||||
TOTAL PREFERRED STOCK (Cost $176,903) | 182,353 | |||||
TOTAL EQUITIES (Cost $108,692,393) | 115,288,509 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $108,692,393) | 115,288,509 | |||||
Short-Term Investments — 2.8% | ||||||
Investment of Cash Collateral from Securities Loaned — 0.5% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (d) | 599,797 | 599,797 | ||||
Principal Amount | ||||||
Repurchase Agreement — 2.3% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (e) | $2,783,022 | 2,783,022 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,382,819) | 3,382,819 | |||||
TOTAL INVESTMENTS — 99.7% (Cost $112,075,212) (f) | 118,671,328 | |||||
Other Assets/(Liabilities) — 0.3% | 369,840 | |||||
NET ASSETS — 100.0% | $119,041,168 | |||||
ADR | American Depositary Receipt | |||
(a) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $2,083,558 or 1.75% of net assets. The Fund received $1,599,455 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(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 March 31, 2024, the aggregate market value of these securities amounted to $441,892 or 0.37% of net assets. |
(d) | Represents investment of security lending cash collateral. (Note 2). |
(e) | Maturity value of $2,783,516. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,838,683. |
(f) | See Note 6 for aggregate cost for federal tax purposes. |
Industrials | 19.9% | ||
Consumer Staples | 17.6% | ||
Health Care | 15.8% | ||
Financials | 12.6% | ||
Materials | 9.0% | ||
Information Technology | 7.2% | ||
Consumer Discretionary | 7.1% | ||
Energy | 2.7% | ||
Communication Services | 2.5% | ||
Utilities | 2.3% | ||
Real Estate | 0.2% | ||
Total Long-Term Investments | 96.9% | ||
Short-Term Investments and Other Assets and Liabilities | 3.1% | ||
Net Assets | 100.0% | ||
The accompanying notes are an integral part of the financial statements. | ||||
87 | ||||
MassMutual Strategic Emerging Markets Fund — Portfolio of Investments | ||
Number of Shares | Value | |||||
Equities — 97.7% | ||||||
Common Stock — 96.6% | ||||||
Brazil — 5.9% | ||||||
Ambev SA | 723,863 | $1,802,658 | ||||
Arezzo Industria e Comercio SA | 16,887 | 216,399 | ||||
B3 SA - Brasil Bolsa Balcao | 370,700 | 886,209 | ||||
Localiza Rent a Car SA | 55,553 | 605,662 | ||||
NU Holdings Ltd. Class A (a) | 114,223 | 1,362,680 | ||||
Raia Drogasil SA | 8,800 | 48,023 | ||||
Vale SA Sponsored ADR | 52,487 | 639,817 | ||||
WEG SA | 110,137 | 838,863 | ||||
6,400,311 | ||||||
Chile — 1.5% | ||||||
Antofagasta PLC | 30,960 | 799,230 | ||||
Banco de Chile | 3,429,473 | 381,531 | ||||
Banco Santander Chile | 9,998,414 | 497,997 | ||||
1,678,758 | ||||||
China — 16.9% | ||||||
Budweiser Brewing Co. APAC Ltd. (b) | 207,900 | 306,544 | ||||
H World Group Ltd. | 10,100 | 39,147 | ||||
H World Group Ltd. ADR | 132,360 | 5,122,332 | ||||
MicroTech Medical Hangzhou Co. Ltd. Class H (a) (b) | 18,500 | 9,893 | ||||
NetEase, Inc. ADR | 9,021 | 933,403 | ||||
New Horizon Health Ltd. (a) (b) (c) | 145,000 | 260,983 | ||||
PDD Holdings, Inc. ADR (a) | 11,357 | 1,320,251 | ||||
Tencent Holdings Ltd. | 119,990 | 4,682,573 | ||||
WuXi Biologicals Cayman, Inc. (a) (b) | 65,966 | 118,563 | ||||
WuXi XDC Cayman, Inc. (a) | 147,000 | 343,744 | ||||
Yum China Holdings, Inc. | 66,813 | 2,658,489 | ||||
ZTO Express Cayman, Inc. | 7,530 | 159,905 | ||||
ZTO Express Cayman, Inc. ADR | 117,600 | 2,462,544 | ||||
18,418,371 | ||||||
France — 5.4% | ||||||
L’Oreal SA | 1,372 | 650,687 | ||||
Pernod Ricard SA | 22,131 | 3,578,345 | ||||
TotalEnergies SE | 23,902 | 1,643,502 | ||||
5,872,534 | ||||||
Hong Kong — 0.1% | ||||||
AIA Group Ltd. | 8,000 | 53,688 | ||||
India — 15.9% | ||||||
Havells India Ltd. | 35,676 | 653,172 | ||||
HCL Technologies Ltd. | 28,742 | 533,370 | ||||
HDFC Bank Ltd. | 269,138 | 4,679,420 | ||||
Number of Shares | Value | |||||
Kotak Mahindra Bank Ltd. | 276,361 | $5,933,002 | ||||
Macrotech Developers Ltd. (b) | 32,598 | 441,653 | ||||
Oberoi Realty Ltd. | 83,742 | 1,476,602 | ||||
Tata Consultancy Services Ltd. | 77,256 | 3,602,665 | ||||
17,319,884 | ||||||
Indonesia — 1.4% | ||||||
Bank Central Asia Tbk. PT | 1,937,400 | 1,231,219 | ||||
Bank Rakyat Indonesia Persero Tbk. PT | 711,400 | 271,910 | ||||
1,503,129 | ||||||
Italy — 1.9% | ||||||
Ermenegildo Zegna NV | 15,539 | 227,646 | ||||
PRADA SpA | 229,800 | 1,820,786 | ||||
2,048,432 | ||||||
Japan — 2.2% | ||||||
Chugai Pharmaceutical Co. Ltd. | 14,400 | 550,385 | ||||
Daiichi Sankyo Co. Ltd. | 57,800 | 1,837,094 | ||||
2,387,479 | ||||||
Mexico — 13.7% | ||||||
America Movil SAB de CV ADR | 127,834 | 2,385,382 | ||||
Fomento Economico Mexicano SAB de CV | 241,403 | 3,155,991 | ||||
Grupo Financiero Banorte SAB de CV Class O | 23,016 | 247,671 | ||||
Grupo Mexico SAB de CV Series B | 1,010,194 | 5,994,346 | ||||
Wal-Mart de Mexico SAB de CV | 757,455 | 3,085,687 | ||||
14,869,077 | ||||||
Netherlands — 0.6% | ||||||
Argenx SE ADR (a) | 1,778 | 700,034 | ||||
Peru — 1.3% | ||||||
Credicorp Ltd. | 8,115 | 1,374,924 | ||||
Philippines — 1.6% | ||||||
SM Investments Corp. | 87,660 | 1,522,605 | ||||
SM Prime Holdings, Inc. | 337,700 | 196,748 | ||||
1,719,353 | ||||||
Poland — 0.2% | ||||||
Allegro.eu SA (a) (b) | 19,491 | 161,526 | ||||
Portugal — 1.6% | ||||||
Galp Energia SGPS SA | 105,502 | 1,746,371 | ||||
Republic of Korea — 11.3% | ||||||
Kakao Corp. | 10,460 | 422,881 | ||||
LG Chem Ltd. | 3,148 | 1,029,301 | ||||
LG H&H Co. Ltd. | 891 | 255,859 | ||||
NAVER Corp. | 3,788 | 526,657 |
The accompanying notes are an integral part of the financial statements. | ||||
88 | ||||
MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) | ||
Number of Shares | Value | |||||
Samsung Biologics Co. Ltd. (a) (b) | 3,287 | $2,034,245 | ||||
Samsung Electronics Co. Ltd. | 118,288 | 7,082,473 | ||||
SK Hynix, Inc. | 7,054 | 937,456 | ||||
12,288,872 | ||||||
Russia — 0.0% | ||||||
Novatek PJSC GDR (a) (b) (c) (d) | 3,739 | — | ||||
Sberbank of Russia PJSC (c) (d) | 18,062 | — | ||||
— | ||||||
South Africa — 0.8% | ||||||
FirstRand Ltd. (e) | 279,865 | 912,151 | ||||
Switzerland — 2.2% | ||||||
Cie Financiere Richemont SA Registered Class A | 14,441 | 2,209,101 | ||||
Galderma Group AG (a) | 3,205 | 225,133 | ||||
2,434,234 | ||||||
Taiwan — 9.8% | ||||||
MediaTek, Inc. | 5,000 | 181,636 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 431,000 | 10,384,485 | ||||
Voltronic Power Technology Corp. | 2,000 | 103,226 | ||||
10,669,347 | ||||||
Turkey — 1.0% | ||||||
Akbank TAS | 222,340 | 321,906 | ||||
BIM Birlesik Magazalar AS | 17,063 | 185,448 | ||||
KOC Holding AS | 57,036 | 358,757 | ||||
Migros Ticaret AS | 11,636 | 147,044 | ||||
Yapi ve Kredi Bankasi AS | 147,527 | 125,483 | ||||
1,138,638 | ||||||
United Arab Emirates — 0.3% | ||||||
Americana Restaurants International PLC | 370,896 | 335,303 | ||||
United Kingdom — 1.0% | ||||||
AstraZeneca PLC | 8,376 | 1,127,754 | ||||
TOTAL COMMON STOCK (Cost $98,867,810) | 105,160,170 | |||||
Preferred Stock — 1.1% | ||||||
Brazil — 1.1% | ||||||
Itau Unibanco Holding SA 3.699% | 166,582 | 1,150,537 | ||||
TOTAL PREFERRED STOCK (Cost $926,985) | 1,150,537 | |||||
TOTAL EQUITIES (Cost $99,794,795) | 106,310,707 | |||||
TOTAL LONG-TERM INVESTMENTS (Cost $99,794,795) | 106,310,707 |
Principal Amount | Value | |||||
Short-Term Investments — 1.8% | ||||||
Repurchase Agreement — 1.8% | ||||||
Fixed Income Clearing Corp., Repurchase Agreement, dated 3/28/24, 1.600%, due 4/01/24 (f) | $ 2,021,558 | $2,021,558 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,021,558) | 2,021,558 | |||||
TOTAL INVESTMENTS — 99.5% (Cost $101,816,353) (g) | 108,332,265 | |||||
Other Assets/(Liabilities) — 0.5% | 555,131 | |||||
NET ASSETS — 100.0% | $108,887,396 | |||||
ADR | American Depositary Receipt | |||
GDR | Global Depositary Receipt | |||
(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 March 31, 2024, the aggregate market value of these securities amounted to $3,333,407 or 3.06% of net assets. |
(c) | This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At March 31, 2024, these securities amounted to a value of $260,983 or 0.24% of net assets. |
(d) | Investment is valued using significant unobservable inputs. |
(e) | Denotes all or a portion of security on loan. The total value of securities on loan as of March 31, 2024, was $721,423 or 0.66% of net assets. The Fund received $752,441 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2). |
(f) | Maturity value of $2,021,918. Collateralized by U.S. Government Agency obligations with a rate of 5.000%, maturity date of 9/30/25, and an aggregate market value, including accrued interest, of $2,062,067. |
(g) | See Note 6 for aggregate cost for federal tax purposes. |
The accompanying notes are an integral part of the financial statements. | ||||
89 | ||||
MassMutual Strategic Emerging Markets Fund — Portfolio of Investments (Continued) | ||
Information Technology | 20.9% | ||
Financials | 17.8% | ||
Consumer Discretionary | 13.0% | ||
Consumer Staples | 12.1% | ||
Communication Services | 8.2% | ||
Materials | 7.8% | ||
Health Care | 6.6% | ||
Industrials | 6.2% | ||
Energy | 3.1% | ||
Real Estate | 2.0% | ||
Total Long-Term Investments | 97.7% | ||
Short-Term Investments and Other Assets and Liabilities | 2.3% | ||
Net Assets | 100.0% | ||
The accompanying notes are an integral part of the financial statements. | ||||
90 | ||||
MassMutual Funds | ||
MassMutual U.S. Government Money Market Fund | MassMutual Short- Duration Bond Fund | |||||
Assets: | ||||||
Investments, at value (Note 2) (a) | $141,701,500 | $169,413,892 | ||||
Repurchase agreements, at value (Note 2) (b) | 25,000,000 | 3,556,963 | ||||
Total investments (c) | 166,701,500 | 172,970,855 | ||||
Cash | 47,707 | 146,387 | ||||
Foreign currency, at value (d) | — | 184 | ||||
Receivables from: | ||||||
Investments sold | ||||||
Regular delivery | — | 1,111,259 | ||||
Cash collateral pledged for open derivatives (Note 2) | — | 3,042,000 | ||||
Open forward contracts (Note 2) | — | — | ||||
Fund shares sold | 169,975 | 15,261 | ||||
Variation margin on open derivative instruments (Note 2) | — | — | ||||
Interest and dividends | 484,936 | 1,134,913 | ||||
Foreign tax reclaims | — | — | ||||
Open swap agreements, at value (Note 2) | — | — | ||||
Prepaid expenses | 16,259 | 82,621 | ||||
Total assets | 167,420,377 | 178,503,480 | ||||
Liabilities: | ||||||
Payables for: | ||||||
Investments purchased | ||||||
Regular delivery | — | 474,278 | ||||
Delayed delivery | — | 2,636,993 | ||||
Cash collateral held for open derivatives (Note 2) | — | — | ||||
Distributions (Note 2) | 587 | 10,788 | ||||
Open forward contracts (Note 2) | — | — | ||||
Interest and dividends | — | — | ||||
Fund shares redeemed | 403,661 | 650,971 | ||||
Cash collateral held for securities on loan (Note 2) | — | 775,860 | ||||
Trustees’ fees and expenses (Note 3) | 27,407 | 31,975 | ||||
Variation margin on open derivative instruments (Note 2) | — | 44 | ||||
Affiliates (Note 3): | ||||||
Administration fees | 32,175 | 71,974 | ||||
Investment advisory fees | 43,136 | 21,500 | ||||
Service fees | — | 38,707 | ||||
Distribution fees | — | 4,284 | ||||
Due to custodian | — | — | ||||
Accrued expense and other liabilities | 58,108 | 135,474 | ||||
Total liabilities | 565,074 | 4,852,848 | ||||
Net assets | $ 166,855,303 | $ 173,650,632 | ||||
Net assets consist of: | ||||||
Paid-in capital | $166,886,243 | $342,718,778 | ||||
Accumulated earnings (loss) | (30,940) | (169,068,146) | ||||
Net assets | $166,855,303 | $173,650,632 | ||||
(a) Cost of investments: | $141,701,500 | $182,877,413 | ||||
(b) Cost of repurchase agreements: | $25,000,000 | $3,556,963 | ||||
(c) Securities on loan with market value of: | $— | $760,298 | ||||
(d) Cost of foreign currency: | $— | $186 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
92 | ||||
MassMutual Inflation- Protected and Income Fund | MassMutual Core Bond Fund | MassMutual Diversified Bond Fund | MassMutual High Yield Fund | MassMutual Balanced Fund | ||||||||
$250,898,784 | $726,747,089 | $144,956,246 | $387,363,856 | $108,987,681 | ||||||||
759,401 | 1,349,910 | 2,843,776 | — | 2,392,938 | ||||||||
251,658,185 | 728,096,999 | 147,800,022 | 387,363,856 | 111,380,619 | ||||||||
317,854 | 2,771,912 | 40,889 | — | 21,848 | ||||||||
— | 2 | 4,267 | — | — | ||||||||
— | — | 297,289 | 5,843,940 | 121,839 | ||||||||
920,000 | — | — | — | — | ||||||||
— | — | 70,217 | — | — | ||||||||
254,223 | 815,360 | 3,172,501 | 418,324 | 35,422 | ||||||||
— | 48 | — | — | — | ||||||||
458,182 | 5,089,429 | 1,109,106 | 6,385,196 | 312,042 | ||||||||
— | — | 14,428 | 460,557 | — | ||||||||
4,684,654 | — | — | — | — | ||||||||
70,115 | 61,613 | 63,456 | 65,903 | 69,850 | ||||||||
258,363,213 | 736,835,363 | 152,572,175 | 400,537,776 | 111,941,620 | ||||||||
— | 1,070,067 | — | 4,914,562 | 412,321 | ||||||||
— | 79,336,625 | 13,470,781 | — | 2,982,216 | ||||||||
1,650,000 | — | — | — | — | ||||||||
684 | 1,264 | 339 | 656 | — | ||||||||
— | — | 59,374 | — | — | ||||||||
2,593,394 | — | — | — | — | ||||||||
383,818 | 240,142 | 12,002 | 198,043 | 5,929 | ||||||||
— | 4,602,658 | 1,506,933 | 15,162,615 | — | ||||||||
18,449 | 81,708 | 11,708 | 21,350 | 9,374 | ||||||||
929 | — | 53 | — | 1,798 | ||||||||
32,497 | 55,017 | 35,184 | 47,857 | 30,795 | ||||||||
73,504 | 168,964 | 40,799 | 134,965 | 39,292 | ||||||||
7,869 | 13,527 | 4,919 | 29,332 | 17,559 | ||||||||
1,381 | 99 | 693 | 14,907 | 6,189 | ||||||||
— | — | — | 27,765 | — | ||||||||
51,810 | 71,610 | 52,249 | 72,821 | 58,143 | ||||||||
4,814,335 | 85,641,681 | 15,195,034 | 20,624,873 | 3,563,616 | ||||||||
$253,548,878 | $651,193,682 | $137,377,141 | $379,912,903 | $108,378,004 | ||||||||
$293,415,188 | $810,006,718 | $175,213,007 | $458,926,304 | $98,002,918 | ||||||||
(39,866,310) | (158,813,036) | (37,835,866) | (79,013,401) | 10,375,086 | ||||||||
$ 253,548,878 | $ 651,193,682 | $ 137,377,141 | $ 379,912,903 | $ 108,378,004 | ||||||||
$256,429,867 | $778,726,580 | $157,061,743 | $396,436,766 | $97,411,924 | ||||||||
$759,401 | $1,349,910 | $2,843,776 | $— | $2,392,938 | ||||||||
$— | $4,506,455 | $1,499,888 | $16,569,214 | $— | ||||||||
$— | $2 | $4,336 | $— | $— | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
93 | ||||
MassMutual Funds (Continued) | ||
MassMutual U.S. Government Money Market Fund | MassMutual Short- Duration Bond Fund | |||||
Class I shares: | ||||||
Net assets | $51,873,102 | |||||
Shares outstanding (a) | 5,787,592 | |||||
Net asset value, offering price and redemption price per share | $8.96 | |||||
Class R5 shares: | ||||||
Net assets | $ 166,855,303 | $ 12,093,146 | ||||
Shares outstanding (a) | 167,057,123 | 1,342,919 | ||||
Net asset value, offering price and redemption price per share | $1.00 | $9.01 | ||||
Service Class shares: | ||||||
Net assets | $1,434,746 | |||||
Shares outstanding (a) | 160,508 | |||||
Net asset value, offering price and redemption price per share | $8.94 | |||||
Administrative Class shares: | ||||||
Net assets | $10,696,127 | |||||
Shares outstanding (a) | 1,200,141 | |||||
Net asset value, offering price and redemption price per share | $8.91 | |||||
Class R4 shares: | ||||||
Net assets | $8,433,779 | |||||
Shares outstanding (a) | 939,076 | |||||
Net asset value, offering price and redemption price per share | $8.98 | |||||
Class A shares: | ||||||
Net assets | $6,265,812 | |||||
Shares outstanding (a) | 706,324 | |||||
Net asset value, and redemption price per share | $8.87 | |||||
Offering price per share (100/[100-maximum sales charge] of net asset value) | $9.10 | |||||
Class R3 shares: | ||||||
Net assets | $6,141,037 | |||||
Shares outstanding (a) | 689,767 | |||||
Net asset value, offering price and redemption price per share | $8.90 | |||||
Class Y shares: | ||||||
Net assets | $32,843,584 | |||||
Shares outstanding (a) | 3,660,766 | |||||
Net asset value, offering price and redemption price per share | $8.97 | |||||
Class L shares: | ||||||
Net assets | $43,114,836 | |||||
Shares outstanding (a) | 4,825,128 | |||||
Net asset value, offering price and redemption price per share | $8.94 | |||||
Class C shares: | ||||||
Net assets | $754,463 | |||||
Shares outstanding (a) | 83,751 | |||||
Net asset value, offering price and redemption price per share | $9.01 | |||||
(a) Authorized unlimited number of shares with no par value. | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
94 | ||||
MassMutual Inflation- Protected and Income Fund | MassMutual Core Bond Fund | MassMutual Diversified Bond Fund | MassMutual High Yield Fund | MassMutual Balanced Fund | ||||||||
$ 167,981,327 | $ 473,368,504 | $ 48,341,717 | $ 231,107,444 | $ 43,344,826 | ||||||||
18,134,588 | 52,674,983 | 5,501,661 | 29,223,812 | 3,627,274 | ||||||||
$9.26 | $8.99 | $8.79 | $7.91 | $11.95 | ||||||||
$47,981,389 | $97,094,761 | $74,148,516 | $37,816,411 | $25,121,774 | ||||||||
5,177,789 | 10,758,514 | 9,352,019 | 4,748,740 | 2,102,635 | ||||||||
$9.27 | $9.02 | $7.93 | $7.96 | $11.95 | ||||||||
$17,841,335 | $24,736,447 | $4,012,859 | $22,146,398 | $9,211,604 | ||||||||
1,930,620 | 2,756,736 | 496,609 | 2,779,032 | 713,288 | ||||||||
$9.24 | $8.97 | $8.08 | $7.97 | $12.91 | ||||||||
$6,487,757 | $33,561,366 | $3,520,548 | $13,075,728 | $1,306,677 | ||||||||
693,018 | 3,778,901 | 436,104 | 1,671,122 | 108,781 | ||||||||
$9.36 | $8.88 | $8.07 | $7.82 | $12.01 | ||||||||
$2,845,430 | $1,412,840 | $2,165,456 | $17,043,043 | $5,450,844 | ||||||||
314,996 | 160,730 | 272,296 | 2,216,535 | 479,932 | ||||||||
$9.03 | $8.79 | $7.95 | $7.69 | $11.36 | ||||||||
$7,925,605 | $20,757,362 | $3,993,446 | $6,721,174 | $13,412,531 | ||||||||
868,579 | 2,347,695 | 492,187 | 859,304 | 1,163,025 | ||||||||
$9.12 | $8.84 | $8.11 | $7.82 | $11.53 | ||||||||
$9.52 | $9.23 | $8.47 | $8.17 | $12.20 | ||||||||
$2,386,387 | $165,657 | $1,099,025 | $24,658,817 | $10,416,361 | ||||||||
263,415 | 18,118 | 136,537 | 3,112,163 | 923,830 | ||||||||
$9.06 | $9.14 | $8.05 | $7.92 | $11.28 | ||||||||
$99,648 | $96,745 | $95,574 | $27,240,995 | $113,387 | ||||||||
10,741 | 10,718 | 12,048 | 3,435,246 | 9,488 | ||||||||
$9.28 | $9.03 | $7.93 | $7.93 | $11.95 | ||||||||
$102,893 | ||||||||||||
12,923 | ||||||||||||
$7.96 | ||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
95 | ||||
MassMutual Funds (Continued) | ||
MassMutual Disciplined Value Fund | MassMutual Main Street Fund | |||||
Assets: | ||||||
Investments, at value (Note 2) (a) | $43,926,819 | $72,229,812 | ||||
Repurchase agreements, at value (Note 2) (b) | 122,830 | 330,759 | ||||
Total investments (c) | 44,049,649 | 72,560,571 | ||||
Cash | 7,283 | 19,180 | ||||
Foreign currency, at value (d) | — | — | ||||
Receivables from: | ||||||
Investments sold | ||||||
Regular delivery | — | 752,581 | ||||
Fund shares sold | 11,791 | 393,545 | ||||
Interest and dividends | 43,333 | 45,762 | ||||
Foreign tax reclaims | — | 2,730 | ||||
Prepaid expenses | 66,551 | 61,513 | ||||
Total assets | 44,178,607 | 73,835,882 | ||||
Liabilities: | ||||||
Payables for: | ||||||
Investments purchased | ||||||
Regular delivery | — | 359,721 | ||||
Fund shares redeemed | 6,632 | 18,387 | ||||
Cash collateral held for securities on loan (Note 2) | 55,539 | 379,665 | ||||
Trustees’ fees and expenses (Note 3) | 12,976 | 8,483 | ||||
Affiliates (Note 3): | ||||||
Administration fees | 16,772 | 17,058 | ||||
Investment advisory fees | 14,842 | 30,192 | ||||
Service fees | 4,001 | 9,537 | ||||
Distribution fees | 1,233 | 334 | ||||
Accrued expense and other liabilities | 61,034 | 36,555 | ||||
Total liabilities | 173,029 | 859,932 | ||||
Net assets | $ 44,005,578 | $ 72,975,950 | ||||
Net assets consist of: | ||||||
Paid-in capital | $36,381,161 | $51,904,684 | ||||
Accumulated earnings (loss) | 7,624,417 | 21,071,266 | ||||
Net assets | $44,005,578 | $72,975,950 | ||||
(a) Cost of investments: | $36,769,887 | $54,155,197 | ||||
(b) Cost of repurchase agreements: | $122,830 | $330,759 | ||||
(c) Securities on loan with market value of: | $104,712 | $369,886 | ||||
(d) Cost of foreign currency: | $— | $— |
The accompanying notes are an integral part of the financial statements. | ||||
96 | ||||
MassMutual Disciplined Growth Fund | MassMutual Small Cap Opportunities Fund | MassMutual Global Fund | MassMutual International Equity Fund | MassMutual Strategic Emerging Markets Fund | ||||||||
$190,741,044 | $388,205,064 | $202,919,225 | $115,888,306 | $106,310,707 | ||||||||
1,474,639 | 5,144,370 | 1,433,512 | 2,783,022 | 2,021,558 | ||||||||
192,215,683 | 393,349,434 | 204,352,737 | 118,671,328 | 108,332,265 | ||||||||
18,129 | — | 3,739 | 12,176 | 11,898 | ||||||||
— | 10,872 | 33,857 | 90,507 | 492,815 | ||||||||
— | 326,761 | 300,336 | 1,532,668 | 119,333 | ||||||||
115,456 | 921,989 | 88,567 | 24,205 | 31,777 | ||||||||
29,326 | 316,259 | 41,616 | 295,347 | 216,963 | ||||||||
— | — | 297,776 | 712,921 | 50,199 | ||||||||
63,141 | 75,934 | 61,940 | 82,268 | 54,683 | ||||||||
192,441,735 | 395,001,249 | 205,180,568 | 121,421,420 | 109,309,933 | ||||||||
— | — | — | 1,541,867 | — | ||||||||
884,752 | 692,446 | 198,253 | 23,006 | 3,556 | ||||||||
664,731 | — | 1,656,800 | 599,797 | — | ||||||||
17,157 | 16,058 | 19,932 | 30,016 | 9,111 | ||||||||
30,517 | 39,760 | 32,949 | 19,445 | 8,564 | ||||||||
65,075 | 163,355 | 115,816 | 76,358 | 67,077 | ||||||||
12,800 | 37,763 | 18,667 | 7,832 | 596 | ||||||||
3,164 | 5,334 | 5,042 | 1,490 | 312 | ||||||||
68,996 | 49,445 | 1,041,219 | 80,441 | 333,321 | ||||||||
1,747,192 | 1,004,161 | 3,088,678 | 2,380,252 | 422,537 | ||||||||
$ 190,694,543 | $ 393,997,088 | $ 202,091,890 | $ 119,041,168 | $ 108,887,396 | ||||||||
$133,511,639 | $300,398,212 | $100,446,577 | $112,300,918 | $128,216,566 | ||||||||
57,182,904 | 93,598,876 | 101,645,313 | 6,740,250 | (19,329,170) | ||||||||
$190,694,543 | $393,997,088 | $202,091,890 | $119,041,168 | $108,887,396 | ||||||||
$143,753,190 | $305,374,329 | $106,057,461 | $109,292,190 | $99,794,795 | ||||||||
$1,474,639 | $5,144,370 | $1,433,512 | $2,783,022 | $2,021,558 | ||||||||
$651,580 | $18,857,265 | $4,431,173 | $2,083,558 | $721,423 | ||||||||
$— | $10,851 | $34,058 | $90,728 | $495,915 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
97 | ||||
MassMutual Funds (Continued) | ||
MassMutual Disciplined Value Fund | MassMutual Main Street Fund | |||||
Class I shares: | ||||||
Net assets | $9,829,425 | $2,612,776 | ||||
Shares outstanding (a) | 697,232 | 241,880 | ||||
Net asset value, offering price and redemption price per share | $14.10 | $10.80 | ||||
Class R5 shares: | ||||||
Net assets | $ 16,760,012 | $ 36,610,434 | ||||
Shares outstanding (a) | 1,183,369 | 3,389,016 | ||||
Net asset value, offering price and redemption price per share | $14.16 | $10.80 | ||||
Service Class shares: | ||||||
Net assets | $9,676,659 | $128,554 | ||||
Shares outstanding (a) | 692,702 | 11,121 | ||||
Net asset value, offering price and redemption price per share | $13.97 | $11.56 | ||||
Administrative Class shares: | ||||||
Net assets | $1,048,310 | $17,466,644 | ||||
Shares outstanding (a) | 72,401 | 1,621,406 | ||||
Net asset value, offering price and redemption price per share | $14.48 | $10.77 | ||||
Class R4 shares: | ||||||
Net assets | $464,350 | $7,304,261 | ||||
Shares outstanding (a) | 33,624 | 709,842 | ||||
Net asset value, offering price and redemption price per share | $13.81 | $10.29 | ||||
Class A shares: | ||||||
Net assets | $3,951,716 | $8,328,950 | ||||
Shares outstanding (a) | 286,778 | 796,387 | ||||
Net asset value, and redemption price per share | $13.78 | $10.46 | ||||
Offering price per share (100/[100-maximum sales charge] of net asset value) | $14.58 | $11.07 | ||||
Class R3 shares: | ||||||
Net assets | $2,168,221 | $524,331 | ||||
Shares outstanding (a) | 154,613 | 49,967 | ||||
Net asset value, offering price and redemption price per share | $14.02 | $10.49 | ||||
Class Y shares: | ||||||
Net assets | $106,885 | |||||
Shares outstanding (a) | 7,547 | |||||
Net asset value, offering price and redemption price per share | $14.16 | |||||
(a) Authorized unlimited number of shares with no par value. | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
98 | ||||
MassMutual Disciplined Growth Fund | MassMutual Small Cap Opportunities Fund | MassMutual Global Fund | MassMutual International Equity Fund | MassMutual Strategic Emerging Markets Fund | ||||||||
$ 42,260,164 | $ 169,105,734 | $ 59,396,231 | $ 72,450,395 | $ 105,823,110 | ||||||||
3,867,876 | 9,269,308 | 5,502,508 | 8,500,352 | 10,382,224 | ||||||||
$10.93 | $18.24 | $10.79 | $8.52 | $10.19 | ||||||||
$94,533,470 | $117,235,741 | $55,345,161 | $29,130,856 | $128,097 | ||||||||
8,656,498 | 6,453,157 | 5,146,710 | 3,414,333 | 12,305 | ||||||||
$10.92 | $18.17 | $10.75 | $8.53 | $10.41 | ||||||||
$9,201,930 | $17,648,229 | $4,509,654 | $2,752,489 | $1,631,961 | ||||||||
836,916 | 975,673 | 429,599 | 323,508 | 159,998 | ||||||||
$11.00 | $18.09 | $10.50 | $8.51 | $10.20 | ||||||||
$23,221,311 | $23,068,644 | $51,810,380 | $2,133,214 | $279,049 | ||||||||
2,063,090 | 1,287,741 | 4,881,376 | 253,348 | 27,292 | ||||||||
$11.26 | $17.91 | $10.61 | $8.42 | $10.22 | ||||||||
$6,632,095 | $15,175,312 | $9,754,653 | $599,290 | $425,511 | ||||||||
648,519 | 885,662 | 981,944 | 77,003 | 42,256 | ||||||||
$10.23 | $17.13 | $9.93 | $7.78 | $10.07 | ||||||||
$9,179,106 | $42,100,099 | $12,938,574 | $9,376,741 | $64,583 | ||||||||
882,936 | 2,441,197 | 1,270,375 | 1,186,039 | 6,368 | ||||||||
$10.40 | $17.25 | $10.18 | $7.91 | $10.14 | ||||||||
$11.01 | $18.25 | $10.77 | $8.37 | $10.73 | ||||||||
$5,528,079 | $9,554,274 | $8,337,237 | $2,495,044 | $535,085 | ||||||||
548,393 | 567,888 | 835,812 | 325,761 | 54,032 | ||||||||
$10.08 | $16.82 | $9.98 | $7.66 | $9.90 | ||||||||
$138,388 | $109,055 | $103,139 | ||||||||||
12,674 | 5,999 | 12,092 | ||||||||||
$10.92 | $18.18 | $8.53 | ||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
99 | ||||
MassMutual Funds (Continued) | ||
MassMutual U.S. Government Money Market Fund | MassMutual Short- Duration Bond Fund | |||||
Investment income (Note 2): | ||||||
Dividends (a) | $— | $— | ||||
Interest (b) | 5,028,818 | 4,249,516 | ||||
Securities lending net income | — | 7,930 | ||||
Total investment income | 5,028,818 | 4,257,446 | ||||
Expenses (Note 3): | ||||||
Investment advisory fees | 326,279 | 319,403 | ||||
Custody fees | 3,440 | 25,747 | ||||
Trustee reporting | — | 5,266 | ||||
Audit and tax fees | 18,179 | 25,246 | ||||
Legal fees | 3,448 | 11,373 | ||||
Proxy fees | 1,506 | 1,245 | ||||
Accounting & Administration fees | 27,440 | 35,110 | ||||
Shareholder reporting fees | 4,916 | 11,686 | ||||
Trustees’ fees | 6,748 | 6,244 | ||||
Registration and filing fees | 16,009 | 82,615 | ||||
Transfer agent fees | 1,478 | 19,100 | ||||
409,443 | 543,035 | |||||
Administration fees: | ||||||
Class R5 | 93,222 | 5,939 | ||||
Service Class | — | 2,094 | ||||
Administrative Class | — | 16,416 | ||||
Class R4 | — | 4,519 | ||||
Class A | — | 8,576 | ||||
Class R3 | — | 6,170 | ||||
Class Y | — | 18,863 | ||||
Class L | — | 10,872 | ||||
Class C | — | 193 | ||||
Distribution and Service fees: | ||||||
Class R4 | — | 5,649 | ||||
Class A | — | 7,553 | ||||
Class R3 | — | 15,424 | ||||
Class L | — | 54,359 | ||||
Class C | — | 1,932 | ||||
Total expenses | 502,665 | 701,594 | ||||
Expenses waived (Note 3): | ||||||
Class I fees reimbursed by adviser | — | (52,227) | ||||
Class R5 fees reimbursed by adviser | (2,406) | (2,655) | ||||
Service Class fees reimbursed by adviser | — | (359) | ||||
Administrative Class fees reimbursed by adviser | — | (2,205) | ||||
Class R4 fees reimbursed by adviser | — | (1,612) | ||||
Class A fees reimbursed by adviser | — | (1,280) | ||||
Class R3 fees reimbursed by adviser | — | (1,261) | ||||
Class Y fees reimbursed by adviser | — | (49,824) | ||||
Class L fees reimbursed by adviser | — | (45,892) | ||||
Class C fees reimbursed by adviser | — | (821) | ||||
Net expenses: | 500,259 | 543,458 | ||||
Net investment income (loss) | 4,528,559 | 3,713,988 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
100 | ||||
MassMutual Inflation- Protected and Income Fund | MassMutual Core Bond Fund | MassMutual Diversified Bond Fund | MassMutual High Yield Fund | MassMutual Balanced Fund | ||||||||
$— | $— | $35,334 | $— | $576,254 | ||||||||
6,268,347 | 17,907,312 | 3,699,920 | 15,411,836 | 692,328 | ||||||||
49 | 4,318 | 6,931 | 66,239 | — | ||||||||
6,268,396 | 17,911,630 | 3,742,185 | 15,478,075 | 1,268,582 | ||||||||
474,670 | 1,263,055 | 266,577 | 941,437 | 245,094 | ||||||||
21,976 | 34,649 | 24,259 | 38,780 | 27,852 | ||||||||
— | — | — | 8,495 | — | ||||||||
25,695 | 25,619 | 26,792 | 25,031 | 24,887 | ||||||||
5,019 | 12,809 | 2,493 | 5,960 | 2,382 | ||||||||
1,245 | 1,245 | 1,245 | 1,245 | 1,245 | ||||||||
26,526 | 39,966 | 34,801 | 38,719 | 27,928 | ||||||||
23,566 | 32,896 | 18,756 | 23,310 | 17,316 | ||||||||
8,695 | 22,459 | 5,008 | 13,284 | 3,453 | ||||||||
55,446 | 55,307 | 53,692 | 67,948 | 52,738 | ||||||||
1,478 | 1,478 | 1,478 | 18,231 | 1,478 | ||||||||
644,316 | 1,489,483 | 435,101 | 1,182,440 | 404,373 | ||||||||
24,368 | 46,462 | 32,494 | 17,133 | 12,026 | ||||||||
18,839 | 25,376 | 3,834 | 20,714 | 8,473 | ||||||||
9,715 | 46,915 | 5,690 | 19,693 | 3,473 | ||||||||
2,873 | 1,402 | 3,521 | 16,438 | 5,213 | ||||||||
11,265 | 29,833 | 6,209 | 9,769 | 17,737 | ||||||||
2,178 | 167 | 1,121 | 23,096 | 9,560 | ||||||||
49 | 47 | 47 | 6,646 | 52 | ||||||||
— | — | — | — | — | ||||||||
— | — | — | — | — | ||||||||
3,591 | 1,752 | 4,401 | 20,548 | 6,516 | ||||||||
9,901 | 26,217 | 5,433 | 8,584 | 15,634 | ||||||||
5,444 | 416 | 2,802 | 57,740 | 23,900 | ||||||||
— | — | — | — | — | ||||||||
— | — | — | 492 | — | ||||||||
732,539 | 1,668,070 | 500,653 | 1,383,293 | 506,957 | ||||||||
— | (23,461) | — | (19,362) | — | ||||||||
— | (5,087) | — | (2,714) | — | ||||||||
— | (1,290) | — | (1,594) | — | ||||||||
— | (1,760) | — | (1,008) | — | ||||||||
— | (73) | — | (1,232) | — | ||||||||
— | (1,098) | — | (502) | — | ||||||||
— | (9) | — | (1,798) | — | ||||||||
— | (5) | — | (2,014) | — | ||||||||
— | — | — | — | — | ||||||||
— | — | — | (8) | — | ||||||||
732,539 | 1,635,287 | 500,653 | 1,353,061 | 506,957 | ||||||||
5,535,857 | 16,276,343 | 3,241,532 | 14,125,014 | 761,625 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
101 | ||||
MassMutual Funds (Continued) | ||
MassMutual U.S. Government Money Market Fund | MassMutual Short- Duration Bond Fund | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) on: | ||||||
Investment transactions | 105 | (17,293,658) | ||||
Futures contracts | — | (63,258) | ||||
Written options | — | — | ||||
Swap agreements | — | (541,074) | ||||
Foreign currency transactions | — | — | ||||
Forward contracts | — | — | ||||
Net realized gain (loss) | 105 | (17,897,990) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||
Investment transactions | — | 23,736,132 | ||||
Futures contracts | — | (414,430) | ||||
Written options | — | — | ||||
Swap agreements | — | 16,313 | ||||
Translation of assets and liabilities in foreign currencies | — | 4 | ||||
Forward contracts | — | — | ||||
Net change in unrealized appreciation (depreciation) | — | 23,338,019 | ||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 105 | 5,440,029 | ||||
Net increase (decrease) in net assets resulting from operations | $ 4,528,664 | $9,154,017 | ||||
(a) Net of foreign withholding tax of: | $— | $— | ||||
(b) Net of foreign withholding tax of: | $— | $664 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
102 | ||||
MassMutual Inflation- Protected and Income Fund | MassMutual Core Bond Fund | MassMutual Diversified Bond Fund | MassMutual High Yield Fund | MassMutual Balanced Fund | ||||||||
(1,470,581) | (10,827,148) | (6,018,189) | (7,713,615) | 1,887,295 | ||||||||
45,462 | (1,750,273) | (273,009) | — | (14,122) | ||||||||
— | — | 17,276 | — | — | ||||||||
(6,495,180) | (2,939,699) | (559,032) | — | — | ||||||||
— | — | (11,832) | — | — | ||||||||
— | — | (82,346) | — | — | ||||||||
(7,920,299) | (15,517,120) | (6,927,132) | (7,713,615) | 1,873,173 | ||||||||
5,890,830 | 44,389,078 | 11,628,364 | 27,112,666 | 13,245,229 | ||||||||
(333,193) | 3,946,184 | 1,197,122 | — | (52,218) | ||||||||
— | — | (8,689) | — | — | ||||||||
9,876,055 | 190,143 | (14,889) | — | — | ||||||||
— | — | 1,473 | 1,254 | — | ||||||||
— | — | 62,519 | — | — | ||||||||
15,433,692 | 48,525,405 | 12,865,900 | 27,113,920 | 13,193,011 | ||||||||
7,513,393 | 33,008,285 | 5,938,768 | 19,400,305 | 15,066,184 | ||||||||
$13,049,250 | $49,284,628 | $9,180,300 | $33,525,319 | $15,827,809 | ||||||||
$— | $— | $— | $— | $95 | ||||||||
$— | $— | $— | $— | $— | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
103 | ||||
MassMutual Funds (Continued) | ||
MassMutual Disciplined Value Fund | MassMutual Main Street Fund | |||||
Investment income (Note 2): | ||||||
Dividends (a) | $ 526,492 | $ 457,164 | ||||
Interest | 1,858 | 6,389 | ||||
Securities lending net income | 436 | 1,848 | ||||
Total investment income | 528,786 | 465,401 | ||||
Expenses (Note 3): | ||||||
Investment advisory fees | 99,782 | 183,914 | ||||
Custody fees | 20,565 | 15,683 | ||||
Audit and tax fees | 22,881 | 23,442 | ||||
Legal fees | 1,448 | 1,538 | ||||
Proxy fees | 1,245 | 1,245 | ||||
Accounting & Administration fees | 13,506 | 11,876 | ||||
Shareholder reporting fees | 6,844 | 11,236 | ||||
Trustees’ fees | 1,942 | 2,263 | ||||
Registration and filing fees | 53,055 | 49,904 | ||||
Transfer agent fees | 1,478 | 1,478 | ||||
222,746 | 302,579 | |||||
Administration fees: | ||||||
Class R5 | 8,005 | 16,483 | ||||
Service Class | 9,756 | 116 | ||||
Administrative Class | 1,409 | 24,573 | ||||
Class R4 | 303 | 6,395 | ||||
Class A | 5,833 | 11,106 | ||||
Class R3 | 1,895 | 514 | ||||
Class Y | 48 | — | ||||
Distribution and Service fees: | ||||||
Class R4 | 379 | 7,994 | ||||
Class A | 5,129 | 9,775 | ||||
Class R3 | 4,738 | 1,284 | ||||
Total expenses | 260,241 | 380,819 | ||||
Expenses waived (Note 3): | ||||||
Class I fees reimbursed by adviser | — | — | ||||
Class R5 fees reimbursed by adviser | — | — | ||||
Service Class fees reimbursed by adviser | — | — | ||||
Administrative Class fees reimbursed by adviser | — | — | ||||
Class R4 fees reimbursed by adviser | — | — | ||||
Class A fees reimbursed by adviser | — | — | ||||
Class R3 fees reimbursed by adviser | — | — | ||||
Investment advisory fees waived | — | — | ||||
Net expenses: | 260,241 | 380,819 | ||||
Net investment income (loss) | 268,545 | 84,582 | ||||
The accompanying notes are an integral part of the financial statements. | ||||
104 | ||||
MassMutual Disciplined Growth Fund | MassMutual Small Cap Opportunities Fund | MassMutual Global Fund | MassMutual International Equity Fund | MassMutual Strategic Emerging Markets Fund | ||||||||
$ 526,051 | $ 2,209,315 | $ 501,411 | $ 1,206,479 | $ 967,396 | ||||||||
9,638 | 51,840 | 8,726 | 25,783 | 25,776 | ||||||||
4,364 | 12,991 | 4,201 | 7,763 | 770 | ||||||||
540,053 | 2,274,146 | 514,338 | 1,240,025 | 993,942 | ||||||||
383,180 | 980,062 | 692,987 | 489,566 | 491,209 | ||||||||
13,613 | 12,469 | 33,139 | 48,873 | 64,263 | ||||||||
22,921 | 23,051 | 28,879 | 27,218 | 19,606 | ||||||||
2,556 | 6,014 | 3,713 | 2,328 | 1,652 | ||||||||
1,245 | 1,245 | 1,245 | 1,248 | 1,245 | ||||||||
14,326 | 15,093 | 12,517 | 14,671 | 10,629 | ||||||||
6,978 | 20,494 | 14,568 | 12,375 | 13,643 | ||||||||
5,424 | 10,890 | 6,107 | 3,995 | 3,395 | ||||||||
52,757 | 56,385 | 50,485 | 53,224 | 49,441 | ||||||||
1,478 | 1,478 | 1,478 | 1,284 | 1,478 | ||||||||
504,478 | 1,127,181 | 845,118 | 654,782 | 656,561 | ||||||||
41,049 | 53,225 | 24,822 | 14,358 | 92 | ||||||||
10,151 | 15,738 | 4,046 | 2,929 | 1,435 | ||||||||
31,511 | 31,806 | 75,343 | 2,980 | 403 | ||||||||
6,122 | 14,042 | 9,315 | 556 | 385 | ||||||||
12,564 | 51,885 | 16,308 | 13,760 | 120 | ||||||||
4,773 | 8,077 | 7,776 | 2,306 | 484 | ||||||||
61 | 48 | — | 49 | — | ||||||||
7,652 | 17,553 | 11,644 | 695 | 482 | ||||||||
11,104 | 45,743 | 14,411 | 12,083 | 104 | ||||||||
11,932 | 20,192 | 19,442 | 5,764 | 1,210 | ||||||||
641,397 | 1,385,490 | 1,028,225 | 710,262 | 661,276 | ||||||||
— | (1,198) | — | — | (89,020) | ||||||||
— | (843) | — | — | (173) | ||||||||
— | (126) | — | — | (1,339) | ||||||||
— | (172) | — | — | (250) | ||||||||
— | (107) | — | — | (360) | ||||||||
— | (299) | — | — | (77) | ||||||||
— | (63) | — | — | (452) | ||||||||
— | — | — | (29,492) | — | ||||||||
641,397 | 1,382,682 | 1,028,225 | 680,770 | 569,605 | ||||||||
(101,344) | 891,464 | (513,887) | 559,255 | 424,337 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
105 | ||||
MassMutual Funds (Continued) | ||
MassMutual Disciplined Value Fund | MassMutual Main Street Fund | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) on: | ||||||
Investment transactions | 532,386 | 3,599,945 | ||||
Foreign currency transactions | — | (317) | ||||
Net realized gain (loss) | 532,386 | 3,599,628 | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||
Investment transactions | 5,861,665 | 10,899,527 | ||||
Translation of assets and liabilities in foreign currencies | — | 131 | ||||
Net change in unrealized appreciation (depreciation) | 5,861,665 | 10,899,658 | ||||
Net realized gain (loss) and change in unrealized appreciation (depreciation) | 6,394,051 | 14,499,286 | ||||
Net increase (decrease) in net assets resulting from operations | $ 6,662,596 | $ 14,583,868 | ||||
(a) Net of foreign withholding tax of: | $— | $775 | ||||
*Net of net increase (decrease) in accrued foreign capital gains tax of: | $— | $— | ||||
The accompanying notes are an integral part of the financial statements. | ||||
106 | ||||
MassMutual Disciplined Growth Fund | MassMutual Small Cap Opportunities Fund | MassMutual Global Fund | MassMutual International Equity Fund | MassMutual Strategic Emerging Markets Fund | ||||||||
11,452,841 | 10,622,927 | 13,059,455 | 2,557,139 | 1,024,647 | ||||||||
— | (1,715) | (2,137) | 321 | (29,588) | ||||||||
11,452,841 | 10,621,212 | 13,057,318 | 2,557,460 | 995,059 | ||||||||
33,077,452 | 56,453,965 | 32,363,845 * | 9,497,132 | 7,259,559 * | ||||||||
— | 20 | 4,225 | 14,244 | 777 | ||||||||
33,077,452 | 56,453,985 | 32,368,070 | 9,511,376 | 7,260,336 | ||||||||
44,530,293 | 67,075,197 | 45,425,388 | 12,068,836 | 8,255,395 | ||||||||
$ 44,428,949 | $ 67,966,661 | $ 44,911,501 | $ 12,628,091 | $ 8,679,732 | ||||||||
$— | $4,009 | $43,430 | $118,110 | $133,438 | ||||||||
$— | $— | $(486,403) | $— | $93,990 | ||||||||
The accompanying notes are an integral part of the financial statements. | ||||
107 | ||||
MassMutual Funds (Continued) | ||
MassMutual U.S. Government Money Market Fund | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
Increase (Decrease) in Net Assets: | ||||||
Operations: | ||||||
Net investment income (loss) | $4,528,559 | $7,696,118 | ||||
Net realized gain (loss) | 105 | 321 | ||||
Net change in unrealized appreciation (depreciation) | — | — | ||||
Net increase (decrease) in net assets resulting from operations | 4,528,664 | 7,696,439 | ||||
Distributions to shareholders (Note 2): | ||||||
Class I | — | — | ||||
Class R5 | (4,528,057) | (7,696,593) | ||||
Service Class | — | — | ||||
Administrative Class | — | — | ||||
Class R4 | — | — | ||||
Class A | — | — | ||||
Class R3 | — | — | ||||
Class Y | — | — | ||||
Class L | — | — | ||||
Class C | — | — | ||||
Total distributions | (4,528,057) | (7,696,593) | ||||
Tax return of capital: | ||||||
Class I | — | — | ||||
Class R5 | — | — | ||||
Service Class | — | — | ||||
Administrative Class | — | — | ||||
Class R4 | — | — | ||||
Class A | — | — | ||||
Class R3 | — | — | ||||
Class Y | — | — | ||||
Class L | — | — | ||||
Class C | — | — | ||||
Total tax return of capital | — | — | ||||
Net fund share transactions (Note 5): | ||||||
Class I | — | — | ||||
Class R5 | (5,253,676) | (33,219,795) | ||||
Service Class | — | — | ||||
Administrative Class | — | — | ||||
Class R4 | — | — | ||||
Class A | — | — | ||||
Class R3 | — | — | ||||
Class Y | — | — | ||||
Class L | — | — | ||||
Class C | — | — | ||||
Increase (decrease) in net assets from fund share transactions | (5,253,676) | (33,219,795) | ||||
Total increase (decrease) in net assets | (5,253,069) | (33,219,949) | ||||
Net assets | ||||||
Beginning of period | 172,108,372 | 205,328,321 | ||||
End of period | $ 166,855,303 | $ 172,108,372 | ||||
* Commenced operations on February 1, 2023. | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
108 | ||||
MassMutual Short-Duration Bond Fund | MassMutual Inflation-Protected and Income Fund | ||||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||||
$3,713,988 | $10,009,542 | $5,535,857 | $10,561,885 | ||||||
(17,897,990) | (37,538,076) | (7,920,299) | (24,267,730) | ||||||
23,338,019 | 37,179,707 | 15,433,692 | 19,176,541 | ||||||
9,154,017 | 9,651,173 | 13,049,250 | 5,470,696 | ||||||
(1,095,932) | (3,308,878) | (6,573,931) | (6,485,045) | ||||||
(207,236) | (876,994) | (1,924,402) | (2,502,538) | ||||||
(35,232) | (102,714) | (656,755) | (1,108,108) | ||||||
(180,016) | (324,168) | (240,054) | (279,683) | ||||||
(72,955) | (184,942) | (87,743) | (151,257) | ||||||
(92,331) | (202,700) | (260,744) | (277,944) | ||||||
(89,043) | (197,586) | (68,147) | (69,335) | ||||||
(700,727) | (3,736,266) | (3,750) | — | ||||||
(752,675) | (1,945,558) | — | — | ||||||
(12,405) | (32,732) | — | — | ||||||
(3,238,552) | (10,912,538) | (9,815,526) | (10,873,910) | ||||||
— | (39,122) | — | — | ||||||
— | (10,369) | — | — | ||||||
— | (1,214) | — | — | ||||||
— | (3,833) | — | — | ||||||
— | (2,187) | — | — | ||||||
— | (2,397) | — | — | ||||||
— | (2,336) | — | — | ||||||
— | (44,174) | — | — | ||||||
— | (23,003) | — | — | ||||||
— | (387) | — | — | ||||||
— | (129,022) | — | — | ||||||
(27,632,345) | (53,385,498) | (2,950,431) | 3,108,492 | ||||||
340,491 | (19,277,163) | (2,292,013) | (15,484,149) | ||||||
(2,064,156) | 453,367 | (3,924,011) | (9,153,994) | ||||||
(1,381,535) | 1,139,234 | (480,342) | (744,313) | ||||||
5,076,676 | (5,426,682) | (759,071) | (681,621) | ||||||
11,731 | (1,541,741) | (111,165) | (802,215) | ||||||
(803,123) | (918,891) | 248,379 | (270,924) | ||||||
(14,407,448) | (175,479,422) | 226 | 100,000* | ||||||
(4,245,725) | (30,588,796) | — | — | ||||||
(141,264) | (226,678) | — | — | ||||||
(45,246,698) | (285,252,270) | (10,268,428) | (23,928,724) | ||||||
(39,331,233) | (286,642,657) | (7,034,704) | (29,331,938) | ||||||
212,981,865 | 499,624,522 | 260,583,582 | 289,915,520 | ||||||
$ 173,650,632 | $ 212,981,865 | $ 253,548,878 | $ 260,583,582 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
109 | ||||
MassMutual Funds (Continued) | ||
MassMutual Core Bond Fund | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
Increase (Decrease) in Net Assets: | ||||||
Operations: | ||||||
Net investment income (loss) | $16,276,343 | $32,777,099 | ||||
Net realized gain (loss) | (15,517,120) | (44,206,762) | ||||
Net change in unrealized appreciation (depreciation) | 48,525,405 | 19,529,329 | ||||
Net increase (decrease) in net assets resulting from operations | 49,284,628 | 8,099,666 | ||||
Distributions to shareholders (Note 2): | ||||||
Class I | (28,548,842) | (18,947,053) | ||||
Class R5 | (5,335,625) | (5,049,706) | ||||
Service Class | (1,310,240) | (1,323,476) | ||||
Administrative Class | (1,737,784) | (1,260,653) | ||||
Class R4 | (74,682) | (58,399) | ||||
Class A | (1,057,798) | (772,091) | ||||
Class R3 | (8,390) | (5,295) | ||||
Class Y | (5,442) | — | ||||
Class C | — | — | ||||
Total distributions | (38,078,803) | (27,416,673) | ||||
Net fund share transactions (Note 5): | ||||||
Class I | (27,115,988) | 21,198,419 | ||||
Class R5 | 3,090,466 | (39,642,243) | ||||
Service Class | (5,484,762) | (6,333,157) | ||||
Administrative Class | 2,275,334 | (3,493,050) | ||||
Class R4 | (35,912) | (834,390) | ||||
Class A | (1,497,249) | (1,400,222) | ||||
Class R3 | (7,500) | (3,658) | ||||
Class Y | — | 100,000 * | ||||
Class C | — | — | ||||
Increase (decrease) in net assets from fund share transactions | (28,775,611) | (30,408,301) | ||||
Total increase (decrease) in net assets | (17,569,786) | (49,725,308) | ||||
Net assets | ||||||
Beginning of period | 668,763,468 | 718,488,776 | ||||
End of period | $ 651,193,682 | $ 668,763,468 | ||||
* Commenced operations on February 1, 2023. | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
110 | ||||
MassMutual Diversified Bond Fund | MassMutual High Yield Fund | ||||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||||
$3,241,532 | $7,284,900 | $14,125,014 | $25,114,192 | ||||||
(6,927,132) | (9,858,082) | (7,713,615) | (20,871,649) | ||||||
12,865,900 | 4,031,077 | 27,113,920 | 33,949,166 | ||||||
9,180,300 | 1,457,895 | 33,525,319 | 38,191,709 | ||||||
(2,900,803) | (3,066,113) | (9,080,447) | (16,023,785) | ||||||
(4,180,936) | (2,434,368) | (1,186,258) | (2,147,884) | ||||||
(250,599) | (190,793) | (705,972) | (1,399,388) | ||||||
(228,615) | (338,479) | (440,483) | (805,064) | ||||||
(244,093) | (150,025) | (539,270) | (1,415,359) | ||||||
(263,941) | (189,315) | (222,158) | (493,437) | ||||||
(63,397) | (50,765) | (729,941) | (1,394,875) | ||||||
(6,217) | — | (925,411) | (1,711,818) | ||||||
— | — | (2,960) | (5,020) | ||||||
(8,138,601) | (6,419,858) | (13,832,900) | (25,396,630) | ||||||
(28,189,073) | 3,113,199 | (41,009,951) | 23,134,345 | ||||||
11,552,336 | 6,269,488 | 3,320,518 | (2,543,088) | ||||||
141,316 | (992,171) | 166,546 | (2,005,567) | ||||||
(1,317,477) | (3,181,064) | 24,082 | (733,839) | ||||||
(2,268,786) | 783,745 | (765,727) | (14,766,226) | ||||||
(543,793) | (498,374) | (746,435) | (1,519,440) | ||||||
(21,508) | (198,615) | 340,175 | (2,442,085) | ||||||
— | 100,000 * | (3,277,813) | 5,082,253 | ||||||
— | — | 1,526 | 12,873 | ||||||
(20,646,985) | 5,396,208 | (41,947,079) | 4,219,226 | ||||||
(19,605,286) | 434,245 | (22,254,660) | 17,014,305 | ||||||
156,982,427 | 156,548,182 | 402,167,563 | 385,153,258 | ||||||
$ 137,377,141 | $ 156,982,427 | $ 379,912,903 | $ 402,167,563 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
111 | ||||
MassMutual Funds (Continued) | ||
MassMutual Balanced Fund | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
Increase (Decrease) in Net Assets: | ||||||
Operations: | ||||||
Net investment income (loss) | $761,625 | $1,776,033 | ||||
Net realized gain (loss) | 1,873,173 | (1,290,556) | ||||
Net change in unrealized appreciation (depreciation) | 13,193,011 | 11,790,990 | ||||
Net increase (decrease) in net assets resulting from operations | 15,827,809 | 12,276,467 | ||||
Distributions to shareholders (Note 2): | ||||||
Class I | (723,616) | (834,824) | ||||
Class R5 | (396,171) | (506,260) | ||||
Service Class | (130,066) | (114,812) | ||||
Administrative Class | (53,892) | (91,105) | ||||
Class R4 | (76,162) | (65,417) | ||||
Class A | (157,071) | (167,111) | ||||
Class R3 | (112,924) | (108,827) | ||||
Class Y | (1,775) | — | ||||
Total distributions | (1,651,677) | (1,888,356) | ||||
Net fund share transactions (Note 5): | ||||||
Class I | (742,171) | (10,052,972) | ||||
Class R5 | (4,194,327) | (5,639,482) | ||||
Service Class | (63,571) | (259,810) | ||||
Administrative Class | (2,276,088) | (3,510,700) | ||||
Class R4 | (212,920) | (25,310) | ||||
Class A | (401,546) | (2,260,526) | ||||
Class R3 | (175,398) | (1,260,911) | ||||
Class Y | — | 100,000 * | ||||
Increase (decrease) in net assets from fund share transactions | (8,066,021) | (22,909,711) | ||||
Total increase (decrease) in net assets | 6,110,111 | (12,521,600) | ||||
Net assets | ||||||
Beginning of period | 102,267,893 | 114,789,493 | ||||
End of period | $ 108,378,004 | $ 102,267,893 | ||||
* Commenced operations on February 1, 2023. | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
112 | ||||
MassMutual Disciplined Value Fund | MassMutual Main Street Fund | ||||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||||
$268,545 | $833,586 | $84,582 | $337,977 | ||||||
532,386 | 1,977,748 | 3,599,628 | 5,555,886 | ||||||
5,861,665 | 7,544,162 | 10,899,658 | 6,695,534 | ||||||
6,662,596 | 10,355,496 | 14,583,868 | 12,589,397 | ||||||
(632,068) | (2,730,325) | (285,744) | (380,210) | ||||||
(1,110,403) | (2,040,561) | (2,928,683) | (4,211,164) | ||||||
(732,368) | (1,301,070) | (10,539) | (13,467) | ||||||
(60,562) | (119,698) | (1,489,330) | (2,320,099) | ||||||
(12,495) | (137,935) | (613,772) | (775,352) | ||||||
(286,793) | (437,484) | (760,715) | (1,041,080) | ||||||
(116,304) | (388,059) | (49,424) | (96,841) | ||||||
(7,162) | — | — | — | ||||||
(2,958,155) | (7,155,132) | (6,138,207) | (8,838,213) | ||||||
(16,937,032) | 257,915 | (630,708) | (375,600) | ||||||
(3,082,288) | (2,594,356) | (2,146,222) | 1,407,842 | ||||||
(1,746,344) | (1,961,343) | (1,209) | 1,158 | ||||||
(361,263) | 105,908 | (1,502,135) | (1,976,934) | ||||||
45,848 | (998,296) | 560,054 | (236,949) | ||||||
(623,457) | (249,420) | (411,996) | (528,124) | ||||||
118,402 | (2,168,024) | (24,207) | (319,354) | ||||||
— | 100,000 * | — | — | ||||||
(22,586,134) | (7,507,616) | (4,156,423) | (2,027,961) | ||||||
(18,881,693) | (4,307,252) | 4,289,238 | 1,723,223 | ||||||
62,887,271 | 67,194,523 | 68,686,712 | 66,963,489 | ||||||
$ 44,005,578 | $ 62,887,271 | $ 72,975,950 | $ 68,686,712 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
113 | ||||
MassMutual Funds (Continued) | ||
MassMutual Disciplined Growth Fund | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||
Increase (Decrease) in Net Assets: | ||||||
Operations: | ||||||
Net investment income (loss) | $(101,344) | $166,428 | ||||
Net realized gain (loss) | 11,452,841 | 6,445,246 | ||||
Net change in unrealized appreciation (depreciation) | 33,077,452 | 27,318,816 | ||||
Net increase (decrease) in net assets resulting from operations | 44,428,949 | 33,930,490 | ||||
Distributions to shareholders (Note 2): | ||||||
Class I | (1,615,353) | (916,567) | ||||
Class R5 | (3,517,567) | (3,740,607) | ||||
Service Class | (356,459) | (712,618) | ||||
Administrative Class | (877,160) | (1,134,152) | ||||
Class R4 | (300,501) | (305,507) | ||||
Class A | (402,264) | (744,187) | ||||
Class R3 | (219,465) | (206,964) | ||||
Class Y | (5,349) | — | ||||
Total distributions | (7,294,118) | (7,760,602) | ||||
Net fund share transactions (Note 5): | ||||||
Class I | (213,358) | 12,682,155 | ||||
Class R5 | 3,185,503 | (13,137,877) | ||||
Service Class | (5,533,457) | (4,241,389) | ||||
Administrative Class | (1,355,090) | (7,365,749) | ||||
Class R4 | (1,007,303) | (986,886) | ||||
Class A | (809,965) | (8,570,392) | ||||
Class R3 | 58,580 | (178,596) | ||||
Class Y | — | 100,000 * | ||||
Increase (decrease) in net assets from fund share transactions | (5,675,090) | (21,698,734) | ||||
Total increase (decrease) in net assets | 31,459,741 | 4,471,154 | ||||
Net assets | ||||||
Beginning of period | 159,234,802 | 154,763,648 | ||||
End of period | $ 190,694,543 | $ 159,234,802 | ||||
* Commenced operations on February 1, 2023. | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
114 | ||||
MassMutual Small Cap Opportunities Fund | MassMutual Global Fund | ||||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||||
$891,464 | $1,569,331 | $(513,887) | $(358,314) | ||||||
10,621,212 | 14,217,264 | 13,057,318 | 39,566,304 | ||||||
56,453,985 | 22,002,464 | 32,368,070 | 15,219,762 | ||||||
67,966,661 | 37,789,059 | 44,911,501 | 54,427,752 | ||||||
(6,676,666) | (1,468,645) | (12,522,119) | (12,546,325) | ||||||
(5,186,500) | (1,410,819) | (11,551,942) | (13,889,612) | ||||||
(766,370) | (207,096) | (950,873) | (1,359,215) | ||||||
(1,035,678) | (242,408) | (11,606,738) | (10,936,495) | ||||||
(720,788) | (128,301) | (2,340,010) | (2,097,768) | ||||||
(1,811,705) | (357,876) | (2,779,676) | (2,182,359) | ||||||
(406,374) | (61,858) | (1,893,964) | (1,873,279) | ||||||
(4,792) | — | — | — | ||||||
(16,608,873) | (3,877,003) | (43,645,322) | (44,885,053) | ||||||
21,408,244 | 19,726,109 | 10,939,132 | (11,792,685) | ||||||
(3,438,240) | (7,603,679) | 10,415,509 | (17,628,169) | ||||||
(340,497) | (2,169,683) | 815,510 | (2,115,174) | ||||||
(1,309,239) | (1,184,446) | 609,235 | 2,705,642 | ||||||
(754,294) | 729,008 | 915,448 | (96,932) | ||||||
274,904 | (6,761,451) | 2,358,930 | 1,243,342 | ||||||
695,210 | (334,449) | 972,112 | (818,187) | ||||||
— | 100,000 * | — | — | ||||||
16,536,088 | 2,501,409 | 27,025,876 | (28,502,163) | ||||||
67,893,876 | 36,413,465 | 28,292,055 | (18,959,464) | ||||||
326,103,212 | 289,689,747 | 173,799,835 | 192,759,299 | ||||||
$ 393,997,088 | $ 326,103,212 | $ 202,091,890 | $ 173,799,835 | ||||||
The accompanying notes are an integral part of the financial statements. | ||||
115 | ||||
MassMutual Funds (Continued) | ||
MassMutual International Equity Fund | MassMutual Strategic Emerging Markets Fund | |||||||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |||||||||
Increase (Decrease) in Net Assets: | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $559,255 | $2,164,000 | $424,337 | $806,348 | ||||||||
Net realized gain (loss) | 2,557,460 | 325,214 | 995,059 | (12,173,908) | ||||||||
Net change in unrealized appreciation (depreciation) | 9,511,376 | 17,836,400 | 7,260,336 | 28,094,437 | ||||||||
Net increase (decrease) in net assets resulting from operations | 12,628,091 | 20,325,614 | 8,679,732 | 16,726,877 | ||||||||
Distributions to shareholders (Note 2): | ||||||||||||
Class I | (2,460,099) | (4,199,952) | (116,712) | (454,812) | ||||||||
Class R5 | (972,915) | (1,950,265) | (56) | — | ||||||||
Service Class | (95,641) | (154,615) | — | (2,309) | ||||||||
Administrative Class | (62,526) | (141,221) | — | (69) | ||||||||
Class R4 | (18,101) | (33,604) | — | — | ||||||||
Class A | (312,344) | (544,895) | — | — | ||||||||
Class R3 | (71,282) | (130,573) | — | — | ||||||||
Class Y | (3,327) | — | — | — | ||||||||
Total distributions | (3,996,235) | (7,155,125) | (116,768) | (457,190) | ||||||||
Net fund share transactions (Note 5): | ||||||||||||
Class I | (3,198,543) | (3,620,656) | (1,163,721) | (22,442,122) | ||||||||
Class R5 | (3,221,817) | (4,249,875) | (156,883) | 10,933 | ||||||||
Service Class | (936,095) | 594,398 | 138,606 | (180,384) | ||||||||
Administrative Class | 93,935 | (644,826) | (32,438) | 22,198 | ||||||||
Class R4 | 22,023 | (265,108) | 13,045 | 30,814 | ||||||||
Class A | (1,182,526) | (151,139) | (94,922) | (6,554) | ||||||||
Class R3 | 96,993 | (60,727) | 1,034 | (135,227) | ||||||||
Class Y | — | 100,000* | — | — | ||||||||
Increase (decrease) in net assets from fund share transactions | (8,326,030) | (8,297,933) | (1,295,279) | (22,700,342) | ||||||||
Total increase (decrease) in net assets | 305,826 | 4,872,556 | 7,267,685 | (6,430,655) | ||||||||
Net assets | ||||||||||||
Beginning of period | 118,735,342 | 113,862,786 | 101,619,711 | 108,050,366 | ||||||||
End of period | $ 119,041,168 | $ 118,735,342 | $ 108,887,396 | $ 101,619,711 | ||||||||
* Commenced operations on February 1, 2023. | ||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
116 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 1.00 | $0.02 | $0.00d | $0.02 | $(0.02) | $— | $(0.02) | $ 1.00 | 2.45%b | $166,855 | 0.54%a | 0.54%a,k | 4.86%a | ||||||||||||||||||||||||||
9/30/23 | 1.00 | 0.04 | 0.00d | 0.04 | (0.04) | — | (0.04) | 1.00 | 4.08% | 172,108 | 0.61% | N/A | 3.95% | ||||||||||||||||||||||||||
9/30/22 | 1.00 | 0.00d | 0.00d | 0.00d | (0.00)d | — | (0.00)d | 1.00 | 0.44% | 205,328 | 0.54% | 0.27% | 0.39% | ||||||||||||||||||||||||||
9/30/21 | 1.00 | (0.00)d | 0.00d | 0.00d | — | — | — | 1.00 | 0.00%e | 235,578 | 0.51% | 0.07% | 0.00%e | ||||||||||||||||||||||||||
9/30/20 | 1.00 | 0.01 | 0.00d | 0.01 | (0.01) | — | (0.01) | 1.00 | 0.56% | 277,991 | 0.51% | 0.40% | 0.59% | ||||||||||||||||||||||||||
9/30/19 | 1.00 | 0.02 | 0.00d | 0.02 | (0.02) | (0.00)d | (0.02) | 1.00 | 1.85% | 333,574 | 0.52% | N/A | 1.83% | ||||||||||||||||||||||||||
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
The accompanying notes are an integral part of the financial statements. | ||||
117 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Tax return of capital | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 8.68 | $0.18 | $0.26 | $0.44 | $(0.16) | $— | $(0.16) | $ 8.96 | 5.13%b | $51,873 | 0.59%a | 0.42%a | 4.24%a | ||||||||||||||||||||||||||
9/30/23 | 8.67 | 0.30 | 0.04aa | 0.34 | (0.33) | (0.00)d | (0.33) | 8.68 | 3.96% | 77,614 | 0.70% | 0.46% | 3.47% | ||||||||||||||||||||||||||
9/30/22 | 10.10 | 0.20 | (1.19) | (0.99) | (0.44) | — | (0.44) | 8.67 | (10.11%) | 131,484 | 0.40% | 0.39% | 2.08% | ||||||||||||||||||||||||||
9/30/21 | 10.09 | 0.24 | 0.22 | 0.46 | (0.45) | — | (0.45) | 10.10 | 4.69% | 211,826 | 0.44% | N/A | 2.41% | ||||||||||||||||||||||||||
9/30/20 | 10.31 | 0.34 | (0.21) | 0.13 | (0.35) | — | (0.35) | 10.09 | 1.26% | 189,805 | 0.42% | N/A | 3.41% | ||||||||||||||||||||||||||
9/30/19 | 10.30 | 0.32 | 0.08 | 0.40 | (0.39) | — | (0.39) | 10.31 | 4.05% | 204,282 | 0.43% | N/A | 3.13% | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.72 | $0.17 | $0.27 | $0.44 | $(0.15) | $— | $(0.15) | $9.01 | 5.11%b | $12,093 | 0.70%a | 0.65%a | 4.00%a | ||||||||||||||||||||||||||
9/30/23 | 8.70 | 0.27 | 0.05aa | 0.32 | (0.30) | (0.00)d | (0.30) | 8.72 | 3.71% | 11,359 | 0.82% | N/A | 3.09% | ||||||||||||||||||||||||||
9/30/22 | 10.13 | 0.19 | (1.20) | (1.01) | (0.42) | — | (0.42) | 8.70 | (10.26%) | 30,546 | 0.50% | N/A | 1.95% | ||||||||||||||||||||||||||
9/30/21 | 10.12 | 0.24 | 0.21 | 0.45 | (0.44) | — | (0.44) | 10.13 | 4.56% | 66,938 | 0.54% | N/A | 2.34% | ||||||||||||||||||||||||||
9/30/20 | 10.34 | 0.33 | (0.21) | 0.12 | (0.34) | — | (0.34) | 10.12 | 1.15% | 110,813 | 0.52% | N/A | 3.31% | ||||||||||||||||||||||||||
9/30/19 | 10.33 | 0.31 | 0.08 | 0.39 | (0.38) | — | (0.38) | 10.34 | 3.92% | 158,895 | 0.53% | N/A | 3.03% | ||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.65 | $0.17 | $0.27 | $0.44 | $(0.15) | $— | $(0.15) | $8.94 | 5.08%b | $1,435 | 0.79%a | 0.76%a | 3.91%a | ||||||||||||||||||||||||||
9/30/23 | 8.65 | 0.26 | 0.03aa | 0.29 | (0.29) | (0.00)d | (0.29) | 8.65 | 3.37% | 3,437 | 0.91% | N/A | 3.02% | ||||||||||||||||||||||||||
9/30/22 | 10.06 | 0.17 | (1.18) | (1.01) | (0.40) | — | (0.40) | 8.65 | (10.30%) | 2,981 | 0.62% | N/A | 1.82% | ||||||||||||||||||||||||||
9/30/21 | 10.04 | 0.23 | 0.21 | 0.44 | (0.42) | — | (0.42) | 10.06 | 4.51% | 16,282 | 0.64% | N/A | 2.25% | ||||||||||||||||||||||||||
9/30/20 | 10.26 | 0.32 | (0.22) | 0.10 | (0.32) | — | (0.32) | 10.04 | 1.00% | 38,559 | 0.62% | N/A | 3.19% | ||||||||||||||||||||||||||
9/30/19 | 10.25 | 0.30 | 0.08 | 0.38 | (0.37) | — | (0.37) | 10.26 | 3.82% | 51,201 | 0.63% | N/A | 2.92% | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 15% | 16% | 20% | 72% | 37% | 55% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
g | For the period December 13, 2021 (commencement of operations) through September 30, 2022. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
aa | The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |
The accompanying notes are an integral part of the financial statements. | ||||
118 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Tax return of capital | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.63 | $0.16 | $0.26 | $0.42 | $(0.14) | $— | $(0.14) | $8.91 | 4.92%b | $10,696 | 0.90%a | 0.86%a | 3.82%a | ||||||||||||||||||||||||||
9/30/23 | 8.62 | 0.25 | 0.04aa | 0.29 | (0.28) | (0.00)d | (0.28) | 8.63 | 3.39% | 11,719 | 1.01% | N/A | 2.96% | ||||||||||||||||||||||||||
9/30/22 | 10.01 | 0.17 | (1.18) | (1.01) | (0.38) | — | (0.38) | 8.62 | (10.38%) | 10,582 | 0.70% | N/A | 1.78% | ||||||||||||||||||||||||||
9/30/21 | 10.00 | 0.21 | 0.22 | 0.43 | (0.42) | — | (0.42) | 10.01 | 4.40% | 16,920 | 0.74% | N/A | 2.16% | ||||||||||||||||||||||||||
9/30/20 | 10.22 | 0.31 | (0.21) | 0.10 | (0.32) | — | (0.32) | 10.00 | 0.94% | 27,628 | 0.72% | N/A | 3.12% | ||||||||||||||||||||||||||
9/30/19 | 10.21 | 0.29 | 0.08 | 0.37 | (0.36) | — | (0.36) | 10.22 | 3.76% | 31,270 | 0.73% | N/A | 2.83% | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.69 | $0.17 | $0.26 | $0.43 | $(0.14) | $— | $(0.14) | $8.98 | 4.94%b | $8,434 | 1.05%a | 0.97%a | 3.81%a | ||||||||||||||||||||||||||
9/30/23 | 8.69 | 0.23 | 0.04aa | 0.27 | (0.27) | (0.00)d | (0.27) | 8.69 | 3.11% | 3,225 | 1.16% | N/A | 2.63% | ||||||||||||||||||||||||||
9/30/22 | 10.07 | 0.15 | (1.18) | (1.03) | (0.35) | — | (0.35) | 8.69 | (10.46%) | 8,688 | 0.85% | N/A | 1.63% | ||||||||||||||||||||||||||
9/30/21 | 10.05 | 0.20 | 0.22 | 0.42 | (0.40) | — | (0.40) | 10.07 | 4.30% | 11,743 | 0.89% | N/A | 1.97% | ||||||||||||||||||||||||||
9/30/20 | 10.27 | 0.29 | (0.21) | 0.08 | (0.30) | — | (0.30) | 10.05 | 0.79% | 11,525 | 0.87% | N/A | 2.96% | ||||||||||||||||||||||||||
9/30/19 | 10.26 | 0.27 | 0.08 | 0.35 | (0.34) | — | (0.34) | 10.27 | 3.57% | 12,494 | 0.88% | N/A | 2.67% | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.59 | $0.15 | $0.26 | $0.41 | $(0.13) | $— | $(0.13) | $8.87 | 4.82%b | $6,266 | 1.13%a | 1.09%a | 3.58%a | ||||||||||||||||||||||||||
9/30/23 | 8.58 | 0.23 | 0.03aa | 0.26 | (0.25) | (0.00)d | (0.25) | 8.59 | 3.13% | 6,055 | 1.26% | N/A | 2.65% | ||||||||||||||||||||||||||
9/30/22 | 9.93 | 0.14 | (1.18) | (1.04) | (0.31) | — | (0.31) | 8.58 | (10.63%) | 7,588 | 0.95% | N/A | 1.44% | ||||||||||||||||||||||||||
9/30/21 | 9.92 | 0.19 | 0.21 | 0.40 | (0.39) | — | (0.39) | 9.93 | 4.15% | 36,186 | 0.99% | N/A | 1.90% | ||||||||||||||||||||||||||
9/30/20 | 10.14 | 0.28 | (0.21) | 0.07 | (0.29) | — | (0.29) | 9.92 | 0.71% | 41,913 | 0.97% | N/A | 2.87% | ||||||||||||||||||||||||||
9/30/19 | 10.14 | 0.26 | 0.08 | 0.34 | (0.34) | — | (0.34) | 10.14 | 3.44% | 55,315 | 0.98% | N/A | 2.58% | ||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.62 | $0.15 | $0.25 | $0.40 | $(0.12) | $— | $(0.12) | $8.90 | 4.72%b | $6,141 | 1.30%a | 1.25%a | 3.41%a | ||||||||||||||||||||||||||
9/30/23 | 8.61 | 0.21 | 0.04aa | 0.25 | (0.24) | (0.00)d | (0.24) | 8.62 | 2.98% | 6,742 | 1.41% | N/A | 2.49% | ||||||||||||||||||||||||||
9/30/22 | 9.99 | 0.13 | (1.19) | (1.06) | (0.32) | — | (0.32) | 8.61 | (10.80%) | 7,665 | 1.10% | N/A | 1.37% | ||||||||||||||||||||||||||
9/30/21 | 9.98 | 0.17 | 0.22 | 0.39 | (0.38) | — | (0.38) | 9.99 | 4.04% | 11,652 | 1.14% | N/A | 1.70% | ||||||||||||||||||||||||||
9/30/20 | 10.20 | 0.27 | (0.22) | 0.05 | (0.27) | — | (0.27) | 9.98 | 0.53% | 7,737 | 1.12% | N/A | 2.72% | ||||||||||||||||||||||||||
9/30/19 | 10.20 | 0.24 | 0.09 | 0.33 | (0.33) | — | (0.33) | 10.20 | 3.29% | 7,040 | 1.13% | N/A | 2.43% | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.69 | $0.18 | $0.26 | $0.44 | $(0.16) | $— | $(0.16) | $8.97 | 5.12%b | $32,844 | 0.69%a | 0.43%a | 4.23%a | ||||||||||||||||||||||||||
9/30/23 | 8.68 | 0.30 | 0.04aa | 0.34 | (0.33) | (0.00)d | (0.33) | 8.69 | 3.96% | 46,025 | 0.81% | 0.46% | 3.43% | ||||||||||||||||||||||||||
9/30/22g | 9.86 | 0.15 | (1.09) | (0.94) | (0.24) | — | (0.24) | 8.68 | (9.66%)b | 222,385 | 0.48%a | 0.40%a | 2.05%a | ||||||||||||||||||||||||||
Class L | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.65 | $0.17 | $0.27 | $0.44 | $(0.15) | $— | $(0.15) | $8.94 | 5.12%b | $43,115 | 0.90%a | 0.68%a | 3.98%a | ||||||||||||||||||||||||||
9/30/23 | 8.64 | 0.28 | 0.03aa | 0.31 | (0.30) | (0.00)d | (0.30) | 8.65 | 3.70% | 45,936 | 1.00% | 0.71% | 3.22% | ||||||||||||||||||||||||||
9/30/22g | 9.82 | 0.14 | (1.10) | (0.96) | (0.22) | — | (0.22) | 8.64 | (9.87%)b | 76,609 | 0.69%a | 0.65%a | 1.86%a | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.72 | $0.16 | $0.27 | $0.43 | $(0.14) | $— | $(0.14) | $9.01 | 4.96%b | $754 | 1.15%a | 0.93%a | 3.74%a | ||||||||||||||||||||||||||
9/30/23 | 8.71 | 0.26 | 0.04aa | 0.30 | (0.29) | (0.00)d | (0.29) | 8.72 | 3.44% | 871 | 1.26% | 0.96% | 2.95% | ||||||||||||||||||||||||||
9/30/22g | 9.90 | 0.12 | (1.11) | (0.99) | (0.20) | — | (0.20) | 8.71 | (10.07%)b | 1,097 | 0.94%a | 0.90%a | 1.64%a | ||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
119 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers (including interest expense)p,q | Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p,q | Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j,q | Net investment income (loss) to average daily net assets (including interest expense)p | |||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.15 | $0.20 | $0.27 | $0.47 | $(0.36) | $— | $(0.36) | $9.26 | 5.22%b | $167,981 | 0.52%a | N/A | N/A | 4.51%a | ||||||||||||||||||||||||||||
9/30/23 | 9.35 | 0.35 | (0.19) | 0.16 | (0.36) | — | (0.36) | 9.15 | 1.67% | 168,966 | 0.51% | N/A | N/A | 3.74% | ||||||||||||||||||||||||||||
9/30/22 | 11.46 | 0.27 | (1.57) | (1.30) | (0.20) | (0.61) | (0.81) | 9.35 | (12.28%) | 169,362 | 0.47% | N/A | N/A | 2.60% | ||||||||||||||||||||||||||||
9/30/21 | 11.40 | 0.19 | 0.48 | 0.67 | (0.12) | (0.49) | (0.61) | 11.46 | 6.12% | 187,579 | 0.47% | 0.47%n | 0.47%n | 1.73% | ||||||||||||||||||||||||||||
9/30/20 | 10.59 | 0.20 | 0.83 | 1.03 | (0.22) | — | (0.22) | 11.40 | 9.93% | 176,809 | 0.47% | 0.47%n | 0.47%n | 1.86% | ||||||||||||||||||||||||||||
9/30/19 | 10.24 | 0.25 | 0.42 | 0.67 | (0.32) | — | (0.32) | 10.59 | 6.80% | 154,260 | 0.50% | 0.49% | 0.46% | 2.40% | ||||||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.15 | $0.20 | $0.28 | $0.48 | $(0.36) | $— | $(0.36) | $9.27 | 5.25%b | $47,981 | 0.62%a | N/A | N/A | 4.39%a | ||||||||||||||||||||||||||||
9/30/23 | 9.35 | 0.34 | (0.19) | 0.15 | (0.35) | — | (0.35) | 9.15 | 1.56% | 49,635 | 0.61% | N/A | N/A | 3.63% | ||||||||||||||||||||||||||||
9/30/22 | 11.47 | 0.25 | (1.57) | (1.32) | (0.19) | (0.61) | (0.80) | 9.35 | (12.44%) | 66,136 | 0.57% | N/A | N/A | 2.40% | ||||||||||||||||||||||||||||
9/30/21 | 11.41 | 0.18 | 0.48 | 0.66 | (0.11) | (0.49) | (0.60) | 11.47 | 6.01% | 93,318 | 0.57% | 0.57%n | 0.57%n | 1.63% | ||||||||||||||||||||||||||||
9/30/20 | 10.59 | 0.19 | 0.84 | 1.03 | (0.21) | — | (0.21) | 11.41 | 9.92% | 86,369 | 0.57% | 0.57%n | 0.57%n | 1.75% | ||||||||||||||||||||||||||||
9/30/19 | 10.24 | 0.24 | 0.42 | 0.66 | (0.31) | — | (0.31) | 10.59 | 6.68% | 73,365 | 0.60% | 0.59% | 0.56% | 2.30% | ||||||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.12 | $0.20 | $0.27 | $0.47 | $(0.35) | $— | $(0.35) | $9.24 | 5.15%b | $17,841 | 0.71%a | N/A | N/A | 4.31%a | ||||||||||||||||||||||||||||
9/30/23 | 9.31 | 0.32 | (0.17) | 0.15 | (0.34) | — | (0.34) | 9.12 | 1.55% | 21,436 | 0.71% | N/A | N/A | 3.48% | ||||||||||||||||||||||||||||
9/30/22 | 11.42 | 0.23 | (1.55) | (1.32) | (0.18) | (0.61) | (0.79) | 9.31 | (12.51%) | 31,069 | 0.67% | N/A | N/A | 2.19% | ||||||||||||||||||||||||||||
9/30/21 | 11.37 | 0.17 | 0.47 | 0.64 | (0.10) | (0.49) | (0.59) | 11.42 | 5.84% | 55,836 | 0.67% | 0.67%n | 0.67%n | 1.53% | ||||||||||||||||||||||||||||
9/30/20 | 10.55 | 0.18 | 0.84 | 1.02 | (0.20) | — | (0.20) | 11.37 | 9.82% | 54,729 | 0.67% | 0.67%n | 0.67%n | 1.66% | ||||||||||||||||||||||||||||
9/30/19 | 10.20 | 0.22 | 0.43 | 0.65 | (0.30) | — | (0.30) | 10.55 | 6.60% | 50,873 | 0.71% | 0.70% | 0.67% | 2.17% | ||||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 49% | 80% | 77% | 100% | 110% | 42% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
n | Expenses incurred during the period fell under the expense cap. |
p | Interest expense incurred as a result of entering into reverse repurchase agreements and Treasury roll transactions is included in the Fund’s net expenses in the Statements of Operations. Income earned on investing proceeds from reverse repurchase agreements and Treasury roll transactions is included in interest income in the Statements of Operations. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
The accompanying notes are an integral part of the financial statements. | ||||
120 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers (including interest expense)p,q | Ratio of expenses to average daily net assets after expense waivers (including interest expense)j,p,q | Ratio of expenses to average daily net assets after expense waivers (excluding interest expense)j,q | Net investment income (loss) to average daily net assets (including interest expense)p | |||||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.24 | $0.19 | $0.27 | $0.46 | $(0.34) | $— | $(0.34) | $9.36 | 5.05%b | $6,488 | 0.82%a | N/A | N/A | 4.18%a | ||||||||||||||||||||||||||||
9/30/23 | 9.43 | 0.33 | (0.19) | 0.14 | (0.33) | — | (0.33) | 9.24 | 1.40% | 6,883 | 0.81% | N/A | N/A | 3.45% | ||||||||||||||||||||||||||||
9/30/22 | 11.55 | 0.23 | (1.58) | (1.35) | (0.16) | (0.61) | (0.77) | 9.43 | (12.59%) | 7,759 | 0.77% | N/A | N/A | 2.15% | ||||||||||||||||||||||||||||
9/30/21 | 11.49 | 0.16 | 0.48 | 0.64 | (0.09) | (0.49) | (0.58) | 11.55 | 5.74% | 14,073 | 0.77% | 0.77%n | 0.77%n | 1.42% | ||||||||||||||||||||||||||||
9/30/20 | 10.66 | 0.17 | 0.85 | 1.02 | (0.19) | — | (0.19) | 11.49 | 9.70% | 15,288 | 0.77% | 0.77%n | 0.77%n | 1.56% | ||||||||||||||||||||||||||||
9/30/19 | 10.30 | 0.21 | 0.44 | 0.65 | (0.29) | — | (0.29) | 10.66 | 6.53% | 16,168 | 0.80% | 0.79% | 0.76% | 2.03% | ||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.88 | $0.18 | $0.27 | $0.45 | $(0.30) | $— | $(0.30) | $9.03 | 5.03%b | $2,845 | 0.96%a | N/A | N/A | 4.07%a | ||||||||||||||||||||||||||||
9/30/23 | 9.08 | 0.30 | (0.18) | 0.12 | (0.32) | — | (0.32) | 8.88 | 1.24% | 3,557 | 0.96% | N/A | N/A | 3.26% | ||||||||||||||||||||||||||||
9/30/22 | 11.16 | 0.22 | (1.54) | (1.32) | (0.15) | (0.61) | (0.76) | 9.08 | (12.75%) | 4,316 | 0.92% | N/A | N/A | 2.10% | ||||||||||||||||||||||||||||
9/30/21 | 11.12 | 0.14 | 0.47 | 0.61 | (0.08) | (0.49) | (0.57) | 11.16 | 5.65% | 5,234 | 0.92% | 0.92%n | 0.92%n | 1.31% | ||||||||||||||||||||||||||||
9/30/20 | 10.33 | 0.15 | 0.82 | 0.97 | (0.18) | — | (0.18) | 11.12 | 9.51% | 4,358 | 0.92% | 0.92%n | 0.92%n | 1.40% | ||||||||||||||||||||||||||||
9/30/19 | 10.00 | 0.19 | 0.42 | 0.61 | (0.28) | — | (0.28) | 10.33 | 6.27% | 6,949 | 0.96% | 0.95% | 0.92% | 1.95% | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.98 | $0.18 | $0.26 | $0.44 | $(0.30) | $— | $(0.30) | $9.12 | 4.93%b | $7,926 | 1.05%a | N/A | N/A | 3.96%a | ||||||||||||||||||||||||||||
9/30/23 | 9.17 | 0.29 | (0.18) | 0.11 | (0.30) | — | (0.30) | 8.98 | 1.15% | 7,905 | 1.06% | N/A | N/A | 3.17% | ||||||||||||||||||||||||||||
9/30/22 | 11.23 | 0.20 | (1.54) | (1.34) | (0.11) | (0.61) | (0.72) | 9.17 | (12.81%) | 8,860 | 1.02% | N/A | N/A | 1.94% | ||||||||||||||||||||||||||||
9/30/21 | 11.19 | 0.12 | 0.48 | 0.60 | (0.07) | (0.49) | (0.56) | 11.23 | 5.54% | 13,244 | 1.02% | 1.02%n | 1.02%n | 1.12% | ||||||||||||||||||||||||||||
9/30/20 | 10.39 | 0.14 | 0.82 | 0.96 | (0.16) | — | (0.16) | 11.19 | 9.42% | 22,018 | 1.02% | 1.02%n | 1.02%n | 1.30% | ||||||||||||||||||||||||||||
9/30/19 | 10.05 | 0.18 | 0.42 | 0.60 | (0.26) | — | (0.26) | 10.39 | 6.16% | 16,136 | 1.06% | 1.05% | 1.02% | 1.78% | ||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.91 | $0.17 | $0.27 | $0.44 | $(0.29) | $— | $(0.29) | $9.06 | 4.93%b | $2,386 | 1.22%a | N/A | N/A | 3.80%a | ||||||||||||||||||||||||||||
9/30/23 | 9.09 | 0.27 | (0.17) | 0.10 | (0.28) | — | (0.28) | 8.91 | 1.07% | 2,103 | 1.21% | N/A | N/A | 3.01% | ||||||||||||||||||||||||||||
9/30/22 | 11.17 | 0.19 | (1.54) | (1.35) | (0.12) | (0.61) | (0.73) | 9.09 | (12.98%) | 2,414 | 1.17% | N/A | N/A | 1.89% | ||||||||||||||||||||||||||||
9/30/21 | 11.12 | 0.11 | 0.47 | 0.58 | (0.04) | (0.49) | (0.53) | 11.17 | 5.40% | 2,940 | 1.17% | 1.17%n | 1.17%n | 1.02% | ||||||||||||||||||||||||||||
9/30/20 | 10.33 | 0.12 | 0.82 | 0.94 | (0.15) | — | (0.15) | 11.12 | 9.20% | 3,256 | 1.17% | 1.17%n | 1.17%n | 1.16% | ||||||||||||||||||||||||||||
9/30/19 | 9.99 | 0.17 | 0.41 | 0.58 | (0.24) | — | (0.24) | 10.33 | 6.03% | 4,297 | 1.21% | 1.20% | 1.17% | 1.68% | ||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.16 | $0.20 | $0.27 | $0.47 | $(0.35) | $— | $(0.35) | $9.28 | 5.21%b | $100 | 0.62%a | N/A | N/A | 4.39%a | ||||||||||||||||||||||||||||
9/30/23g | 9.33 | 0.26 | (0.43) | (0.17) | — | — | — | 9.16 | (1.82%)b | 98 | 0.61%a | N/A | N/A | 4.16%a | ||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
121 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.84 | $0.22 | $0.45 | $0.67 | $(0.52) | $— | $(0.52) | $8.99 | 7.71%b | $473,369 | 0.45%a | 0.44%a | 4.95%a | ||||||||||||||||||||||||||||
9/30/23 | 9.10 | 0.41 | (0.32) | 0.09 | (0.35) | — | (0.35) | 8.84 | 0.92% | 492,575 | 0.45% | N/A | 4.53% | ||||||||||||||||||||||||||||
9/30/22 | 11.33 | 0.27 | (2.07) | (1.80) | (0.26) | (0.17) | (0.43) | 9.10 | (16.47%) | 485,216 | 0.42% | N/A | 2.62% | ||||||||||||||||||||||||||||
9/30/21 | 11.64 | 0.27 | 0.11 | 0.38 | (0.43) | (0.26) | (0.69) | 11.33 | 3.31% | 679,036 | 0.42% | N/A | 2.39% | ||||||||||||||||||||||||||||
9/30/20 | 11.33 | 0.37 | 0.32 | 0.69 | (0.38) | — | (0.38) | 11.64 | 6.28% | 786,360 | 0.42% | N/A | 3.27% | ||||||||||||||||||||||||||||
9/30/19 | 10.66 | 0.37 | 0.66 | 1.03 | (0.36) | — | (0.36) | 11.33 | 9.98% | 847,736 | 0.43% | N/A | 3.42% | ||||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.88 | $0.21 | $0.44 | $0.65 | $(0.51) | $— | $(0.51) | $9.02 | 7.47%b | $97,095 | 0.55%a | 0.54%a | 4.86%a | ||||||||||||||||||||||||||||
9/30/23 | 9.13 | 0.40 | (0.31) | 0.09 | (0.34) | — | (0.34) | 8.88 | 0.91% | 92,389 | 0.55% | N/A | 4.41% | ||||||||||||||||||||||||||||
9/30/22 | 11.37 | 0.25 | (2.07) | (1.82) | (0.25) | (0.17) | (0.42) | 9.13 | (16.60%) | 135,050 | 0.52% | N/A | 2.43% | ||||||||||||||||||||||||||||
9/30/21 | 11.68 | 0.26 | 0.11 | 0.37 | (0.42) | (0.26) | (0.68) | 11.37 | 3.19% | 306,648 | 0.52% | N/A | 2.29% | ||||||||||||||||||||||||||||
9/30/20 | 11.37 | 0.36 | 0.32 | 0.68 | (0.37) | — | (0.37) | 11.68 | 6.16% | 316,359 | 0.52% | N/A | 3.17% | ||||||||||||||||||||||||||||
9/30/19 | 10.69 | 0.36 | 0.67 | 1.03 | (0.35) | — | (0.35) | 11.37 | 9.92% | 317,805 | 0.53% | N/A | 3.32% | ||||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.82 | $0.21 | $0.44 | $0.65 | $(0.50) | $— | $(0.50) | $8.97 | 7.53%b | $24,736 | 0.65%a | 0.64%a | 4.76%a | ||||||||||||||||||||||||||||
9/30/23 | 9.07 | 0.39 | (0.31) | 0.08 | (0.33) | — | (0.33) | 8.82 | 0.81% | 29,605 | 0.65% | N/A | 4.31% | ||||||||||||||||||||||||||||
9/30/22 | 11.30 | 0.25 | (2.07) | (1.82) | (0.24) | (0.17) | (0.41) | 9.07 | (16.72%) | 36,797 | 0.62% | N/A | 2.40% | ||||||||||||||||||||||||||||
9/30/21 | 11.60 | 0.25 | 0.10 | 0.35 | (0.39) | (0.26) | (0.65) | 11.30 | 3.11% | 58,047 | 0.62% | N/A | 2.19% | ||||||||||||||||||||||||||||
9/30/20 | 11.29 | 0.35 | 0.31 | 0.66 | (0.35) | — | (0.35) | 11.60 | 6.06% | 83,876 | 0.62% | N/A | 3.08% | ||||||||||||||||||||||||||||
9/30/19 | 10.63 | 0.35 | 0.64 | 0.99 | (0.33) | — | (0.33) | 11.29 | 9.67% | 86,988 | 0.63% | N/A | 3.22% | ||||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 115% | 206% | 239% | 256% | 231% | 261% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
The accompanying notes are an integral part of the financial statements. | ||||
122 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.74 | $0.20 | $0.44 | $0.64 | $(0.50) | $— | $(0.50) | $8.88 | 7.42%b | $ 33,561 | 0.75%a | 0.74%a | 4.67%a | ||||||||||||||||||||||||||||
9/30/23 | 8.99 | 0.38 | (0.31) | 0.07 | (0.32) | — | (0.32) | 8.74 | 0.70% | 30,750 | 0.75% | N/A | 4.22% | ||||||||||||||||||||||||||||
9/30/22 | 11.19 | 0.24 | (2.05) | (1.81) | (0.22) | (0.17) | (0.39) | 8.99 | (16.75%) | 35,207 | 0.72% | N/A | 2.30% | ||||||||||||||||||||||||||||
9/30/21 | 11.51 | 0.24 | 0.10 | 0.34 | (0.40) | (0.26) | (0.66) | 11.19 | 2.97% | 55,178 | 0.72% | N/A | 2.11% | ||||||||||||||||||||||||||||
9/30/20 | 11.21 | 0.33 | 0.32 | 0.65 | (0.35) | — | (0.35) | 11.51 | 5.94% | 76,597 | 0.72% | N/A | 2.97% | ||||||||||||||||||||||||||||
9/30/19 | 10.55 | 0.33 | 0.66 | 0.99 | (0.33) | — | (0.33) | 11.21 | 9.65% | 67,239 | 0.73% | N/A | 3.13% | ||||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.62 | $0.19 | $0.44 | $0.63 | $(0.46) | $— | $(0.46) | $8.79 | 7.40%b | $1,413 | 0.90%a | 0.89%a | 4.51%a | ||||||||||||||||||||||||||||
9/30/23 | 8.84 | 0.36 | (0.30) | 0.06 | (0.28) | — | (0.28) | 8.62 | 0.57% | 1,420 | 0.90% | N/A | 4.05% | ||||||||||||||||||||||||||||
9/30/22 | 11.01 | 0.20 | (2.00) | (1.80) | (0.20) | (0.17) | (0.37) | 8.84 | (16.92%) | 2,295 | 0.87% | N/A | 1.99% | ||||||||||||||||||||||||||||
9/30/21 | 11.33 | 0.21 | 0.10 | 0.31 | (0.37) | (0.26) | (0.63) | 11.01 | 2.82% | 8,557 | 0.87% | N/A | 1.95% | ||||||||||||||||||||||||||||
9/30/20 | 11.04 | 0.31 | 0.31 | 0.62 | (0.33) | — | (0.33) | 11.33 | 5.80% | 10,444 | 0.87% | N/A | 2.80% | ||||||||||||||||||||||||||||
9/30/19 | 10.39 | 0.31 | 0.64 | 0.95 | (0.30) | — | (0.30) | 11.04 | 9.47% | 14,011 | 0.88% | N/A | 2.98% | ||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.66 | $0.19 | $0.44 | $0.63 | $(0.45) | $— | $(0.45) | $8.84 | 7.28%b | $20,757 | 0.98%a | 0.97%a | 4.43%a | ||||||||||||||||||||||||||||
9/30/23 | 8.91 | 0.35 | (0.31) | 0.04 | (0.29) | — | (0.29) | 8.66 | 0.34% | 21,761 | 1.00% | N/A | 3.97% | ||||||||||||||||||||||||||||
9/30/22 | 11.09 | 0.20 | (2.01) | (1.81) | (0.20) | (0.17) | (0.37) | 8.91 | (16.91%) | 23,746 | 0.97% | N/A | 1.97% | ||||||||||||||||||||||||||||
9/30/21 | 11.40 | 0.21 | 0.09 | 0.30 | (0.35) | (0.26) | (0.61) | 11.09 | 2.70% | 57,351 | 0.97% | N/A | 1.83% | ||||||||||||||||||||||||||||
9/30/20 | 11.10 | 0.30 | 0.32 | 0.62 | (0.32) | — | (0.32) | 11.40 | 5.70% | 58,572 | 0.97% | N/A | 2.72% | ||||||||||||||||||||||||||||
9/30/19 | 10.45 | 0.30 | 0.65 | 0.95 | (0.30) | — | (0.30) | 11.10 | 9.32% | 97,070 | 0.98% | N/A | 2.87% | ||||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.94 | $0.19 | $0.45 | $0.64 | $(0.44) | $— | $(0.44) | $9.14 | 7.29%b | $166 | 1.15%a | 1.14%a | 4.26%a | ||||||||||||||||||||||||||||
9/30/23 | 9.18 | 0.35 | (0.32) | 0.03 | (0.27) | — | (0.27) | 8.94 | 0.23% | 169 | 1.15% | N/A | 3.81% | ||||||||||||||||||||||||||||
9/30/22 | 11.34 | 0.20 | (2.09) | (1.89) | (0.10) | (0.17) | (0.27) | 9.18 | (17.05%) | 177 | 1.12% | N/A | 1.88% | ||||||||||||||||||||||||||||
9/30/21 | 11.63 | 0.19 | 0.10 | 0.29 | (0.32) | (0.26) | (0.58) | 11.34 | 2.54% | 352 | 1.12% | N/A | 1.70% | ||||||||||||||||||||||||||||
9/30/20 | 11.34 | 0.29 | 0.32 | 0.61 | (0.32) | — | (0.32) | 11.63 | 5.54% | 867 | 1.12% | N/A | 2.57% | ||||||||||||||||||||||||||||
9/30/19 | 10.67 | 0.29 | 0.67 | 0.96 | (0.29) | — | (0.29) | 11.34 | 9.24% | 1,225 | 1.13% | N/A | 2.72% | ||||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.87 | $0.21 | $0.46 | $0.67 | $(0.51) | $— | $(0.51) | $9.03 | 7.68%b | $97 | 0.55%a | 0.54%a | 4.86%a | ||||||||||||||||||||||||||||
9/30/23g | 9.33 | 0.28 | (0.74) | (0.46) | — | — | — | 8.87 | (4.93%)b | 95 | 0.55%a | N/A | 4.59%a | ||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
123 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.68 | $0.21 | $0.44 | $0.65 | $(0.54) | $— | $(0.54) | $8.79 | 7.61%b | $48,342 | 0.65%a | N/A | 4.96%a | ||||||||||||||||||||||||||
9/30/23 | 8.93 | 0.41 | (0.30) | 0.11 | (0.36) | — | (0.36) | 8.68 | 1.13% | 76,296 | 0.61% | N/A | 4.65% | ||||||||||||||||||||||||||
9/30/22 | 11.33 | 0.31 | (2.27) | (1.96) | (0.30) | (0.14) | (0.44) | 8.93 | (18.00%) | 75,455 | 0.54% | N/A | 3.07% | ||||||||||||||||||||||||||
9/30/21 | 11.51 | 0.32 | 0.33 | 0.65 | (0.46) | (0.37) | (0.83) | 11.33 | 5.89% | 111,411 | 0.52% | N/A | 2.85% | ||||||||||||||||||||||||||
9/30/20 | 11.28 | 0.39 | 0.20 | 0.59 | (0.36) | (0.00)d | (0.36) | 11.51 | 5.43% | 97,183 | 0.51% | N/A | 3.54% | ||||||||||||||||||||||||||
9/30/19 | 10.59 | 0.38 | 0.64 | 1.02 | (0.33) | — | (0.33) | 11.28 | 9.98% | 60,965 | 0.55% | 0.55%n | 3.54% | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.87 | $0.19 | $0.39 | $0.58 | $(0.52) | $— | $(0.52) | $7.93 | 7.57%b | $74,149 | 0.75%a | N/A | 4.86%a | ||||||||||||||||||||||||||
9/30/23 | 8.13 | 0.37 | (0.28) | 0.09 | (0.35) | — | (0.35) | 7.87 | 1.00% | 61,990 | 0.71% | N/A | 4.55% | ||||||||||||||||||||||||||
9/30/22 | 10.35 | 0.28 | (2.07) | (1.79) | (0.29) | (0.14) | (0.43) | 8.13 | (18.05%) | 57,774 | 0.64% | N/A | 2.99% | ||||||||||||||||||||||||||
9/30/21 | 10.58 | 0.28 | 0.31 | 0.59 | (0.45) | (0.37) | (0.82) | 10.35 | 5.79% | 80,079 | 0.62% | N/A | 2.75% | ||||||||||||||||||||||||||
9/30/20 | 10.40 | 0.35 | 0.18 | 0.53 | (0.35) | (0.00)d | (0.35) | 10.58 | 5.30% | 78,289 | 0.61% | N/A | 3.46% | ||||||||||||||||||||||||||
9/30/19 | 9.78 | 0.34 | 0.60 | 0.94 | (0.32) | — | (0.32) | 10.40 | 9.99% | 109,659 | 0.65% | 0.65%n | 3.46% | ||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.00 | $0.19 | $0.41 | $0.60 | $(0.52) | $— | $(0.52) | $8.08 | 7.62%b | $4,013 | 0.85%a | N/A | 4.76%a | ||||||||||||||||||||||||||
9/30/23 | 8.27 | 0.37 | (0.30) | 0.07 | (0.34) | — | (0.34) | 8.00 | 0.73% | 3,836 | 0.81% | N/A | 4.44% | ||||||||||||||||||||||||||
9/30/22 | 10.51 | 0.27 | (2.10) | (1.83) | (0.27) | (0.14) | (0.41) | 8.27 | (18.11%) | 4,963 | 0.74% | N/A | 2.81% | ||||||||||||||||||||||||||
9/30/21 | 10.73 | 0.28 | 0.31 | 0.59 | (0.44) | (0.37) | (0.81) | 10.51 | 5.71% | 11,853 | 0.72% | N/A | 2.66% | ||||||||||||||||||||||||||
9/30/20 | 10.54 | 0.35 | 0.18 | 0.53 | (0.34) | (0.00)d | (0.34) | 10.73 | 5.20% | 12,067 | 0.71% | N/A | 3.36% | ||||||||||||||||||||||||||
9/30/19 | 9.91 | 0.33 | 0.61 | 0.94 | (0.31) | — | (0.31) | 10.54 | 9.80% | 12,976 | 0.75% | 0.75%n | 3.35% | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 58% | 107% | 198% | 192% | 186% | 236% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
n | Expenses incurred during the period fell under the expense cap. |
q | Excludes fees and expenses incurred indirectly as a result of investments inunderlying funds, as applicable. |
r | Unaudited. |
The accompanying notes are an integral part of the financial statements. | ||||
124 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 7.99 | $0.18 | $0.40 | $0.58 | $(0.50) | $— | $(0.50) | $ 8.07 | 7.46%b | $3,521 | 0.95%a | N/A | 4.63%a | ||||||||||||||||||||||||||
9/30/23 | 8.25 | 0.35 | (0.28) | 0.07 | (0.33) | — | (0.33) | 7.99 | 0.76% | 4,797 | 0.91% | N/A | 4.31% | ||||||||||||||||||||||||||
9/30/22 | 10.49 | 0.26 | (2.10) | (1.84) | (0.26) | (0.14) | (0.40) | 8.25 | (18.21%) | 8,149 | 0.84% | N/A | 2.76% | ||||||||||||||||||||||||||
9/30/21 | 10.71 | 0.27 | 0.30 | 0.57 | (0.42) | (0.37) | (0.79) | 10.49 | 5.52% | 12,621 | 0.82% | N/A | 2.57% | ||||||||||||||||||||||||||
9/30/20 | 10.52 | 0.34 | 0.18 | 0.52 | (0.33) | (0.00)d | (0.33) | 10.71 | 5.10% | 17,108 | 0.81% | N/A | 3.25% | ||||||||||||||||||||||||||
9/30/19 | 9.88 | 0.32 | 0.62 | 0.94 | (0.30) | — | (0.30) | 10.52 | 9.79% | 21,870 | 0.85% | 0.85%n | 3.25% | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.86 | $0.17 | $0.40 | $0.57 | $(0.48) | $— | $(0.48) | $7.95 | 7.46%b | $2,165 | 1.10%a | N/A | 4.46%a | ||||||||||||||||||||||||||
9/30/23 | 8.12 | 0.34 | (0.28) | 0.06 | (0.32) | — | (0.32) | 7.86 | 0.64% | 4,395 | 1.06% | N/A | 4.20% | ||||||||||||||||||||||||||
9/30/22 | 10.33 | 0.25 | (2.08) | (1.83) | (0.24) | (0.14) | (0.38) | 8.12 | (18.37%) | 3,754 | 0.99% | N/A | 2.63% | ||||||||||||||||||||||||||
9/30/21 | 10.57 | 0.25 | 0.29 | 0.54 | (0.41) | (0.37) | (0.78) | 10.33 | 5.35% | 5,253 | 0.97% | N/A | 2.42% | ||||||||||||||||||||||||||
9/30/20 | 10.38 | 0.32 | 0.19 | 0.51 | (0.32) | (0.00)d | (0.32) | 10.57 | 5.05% | 6,233 | 0.96% | N/A | 3.10% | ||||||||||||||||||||||||||
9/30/19 | 9.78 | 0.31 | 0.59 | 0.90 | (0.30) | — | (0.30) | 10.38 | 9.49% | 6,925 | 1.00% | 1.00%n | 3.12% | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $8.01 | $0.17 | $0.40 | $0.57 | $(0.47) | $— | $(0.47) | $8.11 | 7.14%b | $3,993 | 1.19%a | N/A | 4.40%a | ||||||||||||||||||||||||||
9/30/23 | 8.26 | 0.34 | (0.29) | 0.05 | (0.30) | — | (0.30) | 8.01 | 0.54% | 4,468 | 1.16% | N/A | 4.09% | ||||||||||||||||||||||||||
9/30/22 | 10.49 | 0.24 | (2.10) | (1.86) | (0.23) | (0.14) | (0.37) | 8.26 | (18.40%) | 5,106 | 1.09% | N/A | 2.46% | ||||||||||||||||||||||||||
9/30/21 | 10.69 | 0.24 | 0.30 | 0.54 | (0.37) | (0.37) | (0.74) | 10.49 | 5.23% | 9,381 | 1.07% | N/A | 2.33% | ||||||||||||||||||||||||||
9/30/20 | 10.48 | 0.31 | 0.20 | 0.51 | (0.30) | (0.00)d | (0.30) | 10.69 | 4.96% | 14,756 | 1.06% | N/A | 2.99% | ||||||||||||||||||||||||||
9/30/19 | 9.85 | 0.30 | 0.60 | 0.90 | (0.27) | — | (0.27) | 10.48 | 9.45% | 28,973 | 1.10% | 1.10%n | 3.01% | ||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.93 | $0.17 | $0.40 | $0.57 | $(0.45) | $— | $(0.45) | $8.05 | 7.33%b | $1,099 | 1.35%a | N/A | 4.24%a | ||||||||||||||||||||||||||
9/30/23 | 8.20 | 0.32 | (0.29) | 0.03 | (0.30) | — | (0.30) | 7.93 | 0.29% | 1,106 | 1.31% | N/A | 3.94% | ||||||||||||||||||||||||||
9/30/22 | 10.30 | 0.22 | (2.08) | (1.86) | (0.10) | (0.14) | (0.24) | 8.20 | (18.45%) | 1,347 | 1.24% | N/A | 2.35% | ||||||||||||||||||||||||||
9/30/21 | 10.53 | 0.22 | 0.30 | 0.52 | (0.38) | (0.37) | (0.75) | 10.30 | 5.14% | 3,255 | 1.22% | N/A | 2.16% | ||||||||||||||||||||||||||
9/30/20 | 10.34 | 0.29 | 0.17 | 0.46 | (0.27) | (0.00)d | (0.27) | 10.53 | 4.61% | 3,881 | 1.21% | N/A | 2.85% | ||||||||||||||||||||||||||
9/30/19 | 9.72 | 0.28 | 0.60 | 0.88 | (0.26) | — | (0.26) | 10.34 | 9.35% | 3,553 | 1.25% | 1.25%n | 2.85% | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.87 | $0.19 | $0.39 | $0.58 | $(0.52) | $— | $(0.52) | $7.93 | 7.52%b | $96 | 0.76%a | N/A | 4.86%a | ||||||||||||||||||||||||||
9/30/23g | 8.30 | 0.25 | (0.68) | (0.43) | — | — | — | 7.87 | (5.18%)b | 95 | 0.71%a | N/A | 4.63%a | ||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
125 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 7.53 | $0.27 | $0.38 | $0.65 | $(0.27) | $(0.27) | $ 7.91 | 8.70%b | $231,107 | 0.59%a | 0.58%a | 7.15%a | ||||||||||||||||||||||||
9/30/23 | 7.28 | 0.49 | 0.25 | 0.74 | (0.49) | (0.49) | 7.53 | 10.39% | 259,513 | 0.68% | N/A | 6.47% | ||||||||||||||||||||||||
9/30/22 | 9.34 | 0.47 | (1.64) | (1.17) | (0.89) | (0.89) | 7.28 | (13.59%) | 228,970 | 0.55% | N/A | 5.61% | ||||||||||||||||||||||||
9/30/21 | 8.63 | 0.49 | 0.70 | 1.19 | (0.48) | (0.48) | 9.34 | 14.20% | 351,942 | 0.54% | N/A | 5.50% | ||||||||||||||||||||||||
9/30/20 | 9.21 | 0.50 | (0.52) | (0.02) | (0.56) | (0.56) | 8.63 | (0.28%) | 375,807 | 0.53% | N/A | 5.79% | ||||||||||||||||||||||||
9/30/19 | 9.27 | 0.56 | (0.10) | 0.46 | (0.52) | (0.52) | 9.21 | 5.45% | 326,836 | 0.54% | 0.54%n | 6.31% | ||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.58 | $0.27 | $0.37 | $0.64 | $(0.26) | $(0.26) | $7.96 | 8.62%b | $37,816 | 0.69%a | 0.68%a | 7.09%a | ||||||||||||||||||||||||
9/30/23 | 7.33 | 0.49 | 0.25 | 0.74 | (0.49) | (0.49) | 7.58 | 10.26% | 32,778 | 0.78% | N/A | 6.37% | ||||||||||||||||||||||||
9/30/22 | 9.40 | 0.47 | (1.66) | (1.19) | (0.88) | (0.88) | 7.33 | (13.74%) | 34,164 | 0.65% | N/A | 5.52% | ||||||||||||||||||||||||
9/30/21 | 8.68 | 0.49 | 0.70 | 1.19 | (0.47) | (0.47) | 9.40 | 14.13% | 46,518 | 0.64% | N/A | 5.39% | ||||||||||||||||||||||||
9/30/20 | 9.25 | 0.49 | (0.51) | (0.02) | (0.55) | (0.55) | 8.68 | (0.28%) | 49,116 | 0.63% | N/A | 5.69% | ||||||||||||||||||||||||
9/30/19 | 9.31 | 0.56 | (0.11) | 0.45 | (0.51) | (0.51) | 9.25 | 5.29% | 41,369 | 0.64% | 0.64%n | 6.23% | ||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.58 | $0.27 | $0.38 | $0.65 | $(0.26) | $(0.26) | $7.97 | 8.70%b | $22,146 | 0.79%a | 0.78%a | 6.98%a | ||||||||||||||||||||||||
9/30/23 | 7.33 | 0.48 | 0.25 | 0.73 | (0.48) | (0.48) | 7.58 | 10.15% | 20,937 | 0.88% | N/A | 6.26% | ||||||||||||||||||||||||
9/30/22 | 9.39 | 0.46 | (1.66) | (1.20) | (0.86) | (0.86) | 7.33 | (13.81%) | 22,158 | 0.75% | N/A | 5.44% | ||||||||||||||||||||||||
9/30/21 | 8.67 | 0.48 | 0.70 | 1.18 | (0.46) | (0.46) | 9.39 | 14.00% | 29,097 | 0.74% | N/A | 5.31% | ||||||||||||||||||||||||
9/30/20 | 9.25 | 0.48 | (0.52) | (0.04) | (0.54) | (0.54) | 8.67 | (0.48%) | 33,897 | 0.73% | N/A | 5.58% | ||||||||||||||||||||||||
9/30/19 | 9.31 | 0.55 | (0.11) | 0.44 | (0.50) | (0.50) | 9.25 | 5.20% | 49,174 | 0.74% | 0.74%n | 6.13% | ||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 36% | 38% | 53% | 68% | 79% | 54% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period December 13, 2021 (commencement of operations) through September 30, 2022. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
n | Expenses incurred during the period fell under the expense cap. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
The accompanying notes are an integral part of the financial statements. | ||||
126 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 7.45 | $0.26 | $0.36 | $0.62 | $(0.25) | $(0.25) | $ 7.82 | 8.46%b | $13,076 | 0.89%a | 0.88%a | 6.86%a | ||||||||||||||||||||||||
9/30/23 | 7.20 | 0.46 | 0.26 | 0.72 | (0.47) | (0.47) | 7.45 | 10.10% | 12,382 | 0.98% | N/A | 6.17% | ||||||||||||||||||||||||
9/30/22 | 9.22 | 0.44 | (1.62) | (1.18) | (0.84) | (0.84) | 7.20 | (13.85%) | 12,693 | 0.85% | N/A | 5.28% | ||||||||||||||||||||||||
9/30/21 | 8.53 | 0.46 | 0.68 | 1.14 | (0.45) | (0.45) | 9.22 | 13.79% | 23,211 | 0.84% | N/A | 5.20% | ||||||||||||||||||||||||
9/30/20 | 9.10 | 0.47 | (0.51) | (0.04) | (0.53) | (0.53) | 8.53 | (0.55%) | 23,549 | 0.83% | N/A | 5.49% | ||||||||||||||||||||||||
9/30/19 | 9.16 | 0.53 | (0.10) | 0.43 | (0.49) | (0.49) | 9.10 | 5.13% | 25,980 | 0.84% | 0.84%n | 6.03% | ||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.32 | $0.25 | $0.36 | $0.61 | $(0.24) | $(0.24) | $7.69 | 8.48%b | $17,043 | 1.04%a | 1.03%a | 6.72%a | ||||||||||||||||||||||||
9/30/23 | 7.07 | 0.44 | 0.26 | 0.70 | (0.45) | (0.45) | 7.32 | 10.01% | 16,984 | 1.13% | N/A | 6.00% | ||||||||||||||||||||||||
9/30/22 | 9.06 | 0.42 | (1.60) | (1.18) | (0.81) | (0.81) | 7.07 | (14.05%) | 30,615 | 1.00% | N/A | 5.19% | ||||||||||||||||||||||||
9/30/21 | 8.38 | 0.44 | 0.68 | 1.12 | (0.44) | (0.44) | 9.06 | 13.73% | 39,125 | 0.99% | N/A | 5.05% | ||||||||||||||||||||||||
9/30/20 | 8.97 | 0.45 | (0.51) | (0.06) | (0.53) | (0.53) | 8.38 | (0.75%) | 40,160 | 0.98% | N/A | 5.34% | ||||||||||||||||||||||||
9/30/19 | 9.04 | 0.51 | (0.10) | 0.41 | (0.48) | (0.48) | 8.97 | 4.97% | 47,055 | 0.99% | 0.99%n | 5.88% | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.44 | $0.25 | $0.37 | $0.62 | $(0.24) | $(0.24) | $7.82 | 8.49%b | $6,721 | 1.13%a | 1.11%a | 6.62%a | ||||||||||||||||||||||||
9/30/23 | 7.20 | 0.44 | 0.25 | 0.69 | (0.45) | (0.45) | 7.44 | 9.68% | 7,116 | 1.23% | N/A | 5.91% | ||||||||||||||||||||||||
9/30/22 | 9.19 | 0.42 | (1.63) | (1.21) | (0.78) | (0.78) | 7.20 | (14.10%) | 8,335 | 1.10% | N/A | 5.06% | ||||||||||||||||||||||||
9/30/21 | 8.49 | 0.44 | 0.69 | 1.13 | (0.43) | (0.43) | 9.19 | 13.65% | 13,444 | 1.09% | N/A | 4.97% | ||||||||||||||||||||||||
9/30/20 | 9.07 | 0.44 | (0.50) | (0.06) | (0.52) | (0.52) | 8.49 | (0.81%) | 24,556 | 1.08% | N/A | 5.24% | ||||||||||||||||||||||||
9/30/19 | 9.13 | 0.51 | (0.10) | 0.41 | (0.47) | (0.47) | 9.07 | 4.89% | 31,392 | 1.09% | 1.09%n | 5.77% | ||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.54 | $0.25 | $0.37 | $0.62 | $(0.24) | $(0.24) | $7.92 | 8.33%b | $24,659 | 1.29%a | 1.28%a | 6.48%a | ||||||||||||||||||||||||
9/30/23 | 7.29 | 0.44 | 0.25 | 0.69 | (0.44) | (0.44) | 7.54 | 9.62% | 23,159 | 1.38% | N/A | 5.76% | ||||||||||||||||||||||||
9/30/22 | 9.31 | 0.41 | (1.65) | (1.24) | (0.78) | (0.78) | 7.29 | (14.27%) | 24,740 | 1.25% | N/A | 4.93% | ||||||||||||||||||||||||
9/30/21 | 8.60 | 0.43 | 0.69 | 1.12 | (0.41) | (0.41) | 9.31 | 13.41% | 33,334 | 1.24% | N/A | 4.79% | ||||||||||||||||||||||||
9/30/20 | 9.17 | 0.44 | (0.52) | (0.08) | (0.49) | (0.49) | 8.60 | (0.96%) | 35,047 | 1.23% | N/A | 5.09% | ||||||||||||||||||||||||
9/30/19 | 9.23 | 0.50 | (0.10) | 0.40 | (0.46) | (0.46) | 9.17 | 4.71% | 42,509 | 1.24% | 1.24%n | 5.63% | ||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.55 | $0.27 | $0.38 | $0.65 | $(0.27) | $(0.27) | $7.93 | 8.67%b | $27,241 | 0.64%a | 0.63%a | 7.11%a | ||||||||||||||||||||||||
9/30/23 | 7.30 | 0.49 | 0.25 | 0.74 | (0.49) | (0.49) | 7.55 | 10.33% | 29,201 | 0.73% | N/A | 6.43% | ||||||||||||||||||||||||
9/30/22g | 8.86 | 0.38 | (1.56) | (1.18) | (0.38) | (0.38) | 7.30 | (13.66%)b | 23,397 | 0.60%a | N/A | 5.81%a | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
3/31/24r | $7.58 | $0.24 | $0.37 | $0.61 | $(0.23) | $(0.23) | $7.96 | 8.15%b | $103 | 1.59%a | 1.57%a | 6.18%a | ||||||||||||||||||||||||
9/30/23 | 7.33 | 0.42 | 0.25 | 0.67 | (0.42) | (0.42) | 7.58 | 9.27% | 96 | 1.69% | N/A | 5.47% | ||||||||||||||||||||||||
9/30/22g | 8.89 | 0.32 | (1.56) | (1.24) | (0.32) | (0.32) | 7.33 | (14.28%)b | 81 | 1.55%a | N/A | 4.78%a | ||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
127 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 10.43 | $0.09 | $1.63 | $1.72 | $(0.20) | $— | $(0.20) | $ 11.95 | 16.63%b | $43,345 | 0.79%a | N/A | 1.69%a | ||||||||||||||||||||||||||
9/30/23 | 9.57 | 0.18 | 0.86 | 1.04 | (0.18) | — | (0.18) | 10.43 | 10.88% | 38,571 | 0.77% | N/A | 1.73% | ||||||||||||||||||||||||||
9/30/22 | 14.34 | 0.16 | (1.45) | (1.29) | (0.22) | (3.26) | (3.48) | 9.57 | (13.65%) | 44,532 | 0.70% | N/A | 1.37% | ||||||||||||||||||||||||||
9/30/21 | 12.40 | 0.16 | 2.21 | 2.37 | (0.21) | (0.22) | (0.43) | 14.34 | 19.60% | 54,692 | 0.69% | N/A | 1.21% | ||||||||||||||||||||||||||
9/30/20 | 12.07 | 0.21 | 0.90 | 1.11 | (0.27) | (0.51) | (0.78) | 12.40 | 9.49% | 42,455 | 0.71% | N/A | 1.75% | ||||||||||||||||||||||||||
9/30/19 | 12.86 | 0.24 | (0.09)aa | 0.15 | (0.22) | (0.72) | (0.94) | 12.07 | 1.91% | 31,567 | 0.76% | 0.74% | 2.06% | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $10.43 | $0.09 | $1.62 | $1.71 | $(0.19) | $— | $(0.19) | $11.95 | 16.56%b | $25,122 | 0.89%a | N/A | 1.59%a | ||||||||||||||||||||||||||
9/30/23 | 9.57 | 0.17 | 0.86 | 1.03 | (0.17) | — | (0.17) | 10.43 | 10.76% | 26,032 | 0.87% | N/A | 1.62% | ||||||||||||||||||||||||||
9/30/22 | 14.34 | 0.15 | (1.46) | (1.31) | (0.20) | (3.26) | (3.46) | 9.57 | (13.74%) | 28,960 | 0.80% | N/A | 1.26% | ||||||||||||||||||||||||||
9/30/21 | 12.39 | 0.15 | 2.22 | 2.37 | (0.20) | (0.22) | (0.42) | 14.34 | 19.58% | 39,742 | 0.79% | N/A | 1.10% | ||||||||||||||||||||||||||
9/30/20 | 12.07 | 0.20 | 0.89 | 1.09 | (0.26) | (0.51) | (0.77) | 12.39 | 9.29% | 42,199 | 0.81% | N/A | 1.66% | ||||||||||||||||||||||||||
9/30/19 | 12.85 | 0.23 | (0.09)aa | 0.14 | (0.20) | (0.72) | (0.92) | 12.07 | 1.88% | 45,321 | 0.86% | 0.83% | 1.94% | ||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $11.26 | $0.09 | $1.75 | $1.84 | $(0.19) | $— | $(0.19) | $12.91 | 16.44%b | $9,212 | 0.99%a | N/A | 1.49%a | ||||||||||||||||||||||||||
9/30/23 | 10.31 | 0.17 | 0.94 | 1.11 | (0.16) | — | (0.16) | 11.26 | 10.74% | 8,093 | 0.97% | N/A | 1.52% | ||||||||||||||||||||||||||
9/30/22 | 15.20 | 0.14 | (1.58) | (1.44) | (0.19) | (3.26) | (3.45) | 10.31 | (13.87%) | 7,659 | 0.90% | N/A | 1.16% | ||||||||||||||||||||||||||
9/30/21 | 13.12 | 0.14 | 2.35 | 2.49 | (0.19) | (0.22) | (0.41) | 15.20 | 19.40% | 10,330 | 0.89% | N/A | 1.00% | ||||||||||||||||||||||||||
9/30/20 | 12.73 | 0.19 | 0.95 | 1.14 | (0.24) | (0.51) | (0.75) | 13.12 | 9.22% | 8,637 | 0.91% | N/A | 1.56% | ||||||||||||||||||||||||||
9/30/19 | 13.50 | 0.23 | (0.09)aa | 0.14 | (0.19) | (0.72) | (0.91) | 12.73 | 1.73% | 6,045 | 0.96% | 0.92% | 1.84% | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 63% | 155% | 215% | 343% | 113% | 161% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
aa | The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |
The accompanying notes are an integral part of the financial statements. | ||||
128 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waivers | Ratio of expenses to average daily net assets after expense waiversj | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 10.48 | $0.08 | $1.62 | $1.70 | $(0.17) | $— | $(0.17) | $ 12.01 | 16.40%b | $1,307 | 1.09%a | N/A | 1.39%a | ||||||||||||||||||||||||||
9/30/23 | 9.61 | 0.15 | 0.87 | 1.02 | (0.15) | — | (0.15) | 10.48 | 10.57% | 3,247 | 1.07% | N/A | 1.44% | ||||||||||||||||||||||||||
9/30/22 | 14.39 | 0.12 | (1.46) | (1.34) | (0.18) | (3.26) | (3.44) | 9.61 | (13.95%) | 6,318 | 1.00% | N/A | 1.07% | ||||||||||||||||||||||||||
9/30/21 | 12.44 | 0.12 | 2.23 | 2.35 | (0.18) | (0.22) | (0.40) | 14.39 | 19.30% | 7,411 | 0.99% | N/A | 0.90% | ||||||||||||||||||||||||||
9/30/20 | 12.11 | 0.17 | 0.90 | 1.07 | (0.23) | (0.51) | (0.74) | 12.44 | 9.13% | 5,849 | 1.01% | N/A | 1.44% | ||||||||||||||||||||||||||
9/30/19 | 12.89 | 0.20 | (0.09)aa | 0.11 | (0.17) | (0.72) | (0.89) | 12.11 | 1.62% | 6,981 | 1.06% | 1.02% | 1.73% | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.90 | $0.06 | $1.55 | $1.61 | $(0.15) | $— | $(0.15) | $11.36 | 16.41%b | $5,451 | 1.24%a | N/A | 1.24%a | ||||||||||||||||||||||||||
9/30/23 | 9.09 | 0.13 | 0.81 | 0.94 | (0.13) | — | (0.13) | 9.90 | 10.37% | 4,937 | 1.22% | N/A | 1.27% | ||||||||||||||||||||||||||
9/30/22 | 13.77 | 0.10 | (1.37) | (1.27) | (0.15) | (3.26) | (3.41) | 9.09 | (14.06%) | 4,554 | 1.15% | N/A | 0.92% | ||||||||||||||||||||||||||
9/30/21 | 11.92 | 0.10 | 2.13 | 2.23 | (0.16) | (0.22) | (0.38) | 13.77 | 19.12% | 5,984 | 1.14% | N/A | 0.76% | ||||||||||||||||||||||||||
9/30/20 | 11.64 | 0.15 | 0.86 | 1.01 | (0.22) | (0.51) | (0.73) | 11.92 | 8.94% | 2,994 | 1.16% | N/A | 1.31% | ||||||||||||||||||||||||||
9/30/19 | 12.42 | 0.18 | (0.08)aa | 0.10 | (0.16) | (0.72) | (0.88) | 11.64 | 1.52% | 2,853 | 1.21% | 1.17% | 1.59% | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $10.04 | $0.06 | $1.56 | $1.62 | $(0.13) | $— | $(0.13) | $11.53 | 16.30%b | $13,413 | 1.33%a | N/A | 1.16%a | ||||||||||||||||||||||||||
9/30/23 | 9.21 | 0.12 | 0.83 | 0.95 | (0.12) | — | (0.12) | 10.04 | 10.32% | 12,044 | 1.32% | N/A | 1.17% | ||||||||||||||||||||||||||
9/30/22 | 13.91 | 0.09 | (1.41) | (1.32) | (0.12) | (3.26) | (3.38) | 9.21 | (14.22%) | 13,123 | 1.25% | N/A | 0.80% | ||||||||||||||||||||||||||
9/30/21 | 12.03 | 0.09 | 2.16 | 2.25 | (0.15) | (0.22) | (0.37) | 13.91 | 19.07% | 20,919 | 1.24% | N/A | 0.67% | ||||||||||||||||||||||||||
9/30/20 | 11.74 | 0.14 | 0.86 | 1.00 | (0.20) | (0.51) | (0.71) | 12.03 | 8.80% | 26,626 | 1.26% | N/A | 1.21% | ||||||||||||||||||||||||||
9/30/19 | 12.51 | 0.17 | (0.08)aa | 0.09 | (0.14) | (0.72) | (0.86) | 11.74 | 1.44% | 26,981 | 1.31% | 1.27% | 1.49% | ||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.82 | $0.05 | $1.53 | $1.58 | $(0.12) | $— | $(0.12) | $11.28 | 16.22%b | $10,416 | 1.49%a | N/A | 0.99%a | ||||||||||||||||||||||||||
9/30/23 | 9.01 | 0.10 | 0.81 | 0.91 | (0.10) | — | (0.10) | 9.82 | 10.14% | 9,244 | 1.47% | N/A | 1.02% | ||||||||||||||||||||||||||
9/30/22 | 13.69 | 0.07 | (1.36) | (1.29) | (0.13) | (3.26) | (3.39) | 9.01 | (14.27%) | 9,643 | 1.40% | N/A | 0.66% | ||||||||||||||||||||||||||
9/30/21 | 11.85 | 0.07 | 2.11 | 2.18 | (0.12) | (0.22) | (0.34) | 13.69 | 18.81% | 12,390 | 1.39% | N/A | 0.50% | ||||||||||||||||||||||||||
9/30/20 | 11.57 | 0.12 | 0.85 | 0.97 | (0.18) | (0.51) | (0.69) | 11.85 | 8.66% | 7,503 | 1.41% | N/A | 1.06% | ||||||||||||||||||||||||||
9/30/19 | 12.36 | 0.15 | (0.08)aa | 0.07 | (0.14) | (0.72) | (0.86) | 11.57 | 1.27% | 7,236 | 1.46% | 1.42% | 1.35% | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $10.43 | $0.09 | $1.62 | $1.71 | $(0.19) | $— | $(0.19) | $11.95 | 16.52%b | $113 | 0.89%a | N/A | 1.59%a | ||||||||||||||||||||||||||
9/30/23g | 10.54 | 0.11 | (0.22)aa | (0.11) | — | — | — | 10.43 | (1.04%)b | 99 | 0.87%a | N/A | 1.61%a | ||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
129 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 12.81 | $0.08 | $2.17 | $2.25 | $(0.35) | $(0.61) | $(0.96) | $ 14.10 | 18.60%b | $9,829 | 1.00%a | 1.25%a | ||||||||||||||||||||||||
9/30/23 | 12.29 | 0.17 | 1.70 | 1.87 | (0.17) | (1.18) | (1.35) | 12.81 | 15.25% | 26,343 | 0.81% | 1.31% | ||||||||||||||||||||||||
9/30/22 | 16.30 | 0.20 | (1.43) | (1.23) | (0.22) | (2.56) | (2.78) | 12.29 | (10.19%) | 24,938 | 0.76% | 1.40% | ||||||||||||||||||||||||
9/30/21 | 12.08 | 0.22 | 4.28 | 4.50 | (0.28) | — | (0.28) | 16.30 | 37.75% | 31,848 | 0.74% | 1.46% | ||||||||||||||||||||||||
9/30/20 | 13.98 | 0.28 | (1.16) | (0.88) | (0.31) | (0.71) | (1.02) | 12.08 | (7.26%) | 20,650 | 0.72% | 2.20% | ||||||||||||||||||||||||
9/30/19 | 17.06 | 0.28 | (0.76) | (0.48) | (0.40) | (2.20) | (2.60) | 13.98 | (1.20%) | 16,781 | 0.64% | 2.03% | ||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $12.85 | $0.08 | $2.18 | $2.26 | $(0.34) | $(0.61) | $(0.95) | $14.16 | 18.62%b | $16,760 | 1.11%a | 1.32%a | ||||||||||||||||||||||||
9/30/23 | 12.33 | 0.16 | 1.70 | 1.86 | (0.16) | (1.18) | (1.34) | 12.85 | 15.06% | 18,288 | 0.91% | 1.21% | ||||||||||||||||||||||||
9/30/22 | 16.34 | 0.19 | (1.44) | (1.25) | (0.20) | (2.56) | (2.76) | 12.33 | (10.28%) | 19,907 | 0.85% | 1.27% | ||||||||||||||||||||||||
9/30/21 | 12.11 | 0.21 | 4.28 | 4.49 | (0.26) | — | (0.26) | 16.34 | 37.57% | 35,564 | 0.84% | 1.39% | ||||||||||||||||||||||||
9/30/20 | 14.01 | 0.27 | (1.17) | (0.90) | (0.29) | (0.71) | (1.00) | 12.11 | (7.34%) | 32,418 | 0.82% | 2.10% | ||||||||||||||||||||||||
9/30/19 | 17.09 | 0.27 | (0.76) | (0.49) | (0.39) | (2.20) | (2.59) | 14.01 | (1.32%) | 53,709 | 0.74% | 1.92% | ||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $12.69 | $0.08 | $2.14 | $2.22 | $(0.33) | $(0.61) | $(0.94) | $13.97 | 18.56%b | $9,677 | 1.21%a | 1.23%a | ||||||||||||||||||||||||
9/30/23 | 12.19 | 0.14 | 1.68 | 1.82 | (0.14) | (1.18) | (1.32) | 12.69 | 14.95% | 10,471 | 1.01% | 1.11% | ||||||||||||||||||||||||
9/30/22 | 16.19 | 0.17 | (1.43) | (1.26) | (0.18) | (2.56) | (2.74) | 12.19 | (10.38%) | 11,925 | 0.96% | 1.20% | ||||||||||||||||||||||||
9/30/21 | 12.00 | 0.19 | 4.25 | 4.44 | (0.25) | — | (0.25) | 16.19 | 37.48% | 16,120 | 0.94% | 1.27% | ||||||||||||||||||||||||
9/30/20 | 13.88 | 0.25 | (1.16) | (0.91) | (0.26) | (0.71) | (0.97) | 12.00 | (7.46%) | 11,618 | 0.92% | 1.98% | ||||||||||||||||||||||||
9/30/19 | 16.95 | 0.25 | (0.76) | (0.51) | (0.36) | (2.20) | (2.56) | 13.88 | (1.43%) | 20,401 | 0.84% | 1.82% | ||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 33% | 70% | 40% | 189% | 57% | 53% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
aa | The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |
The accompanying notes are an integral part of the financial statements. | ||||
130 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 13.12 | $0.07 | $2.22 | $2.29 | $(0.32) | $(0.61) | $(0.93) | $ 14.48 | 18.47%b | $1,048 | 1.31%a | 1.08%a | ||||||||||||||||||||||||
9/30/23 | 12.55 | 0.13 | 1.74 | 1.87 | (0.12) | (1.18) | (1.30) | 13.12 | 14.90% | 1,314 | 1.11% | 1.01% | ||||||||||||||||||||||||
9/30/22 | 16.57 | 0.16 | (1.47) | (1.31) | (0.15) | (2.56) | (2.71) | 12.55 | (10.45%) | 1,154 | 1.06% | 1.10% | ||||||||||||||||||||||||
9/30/21 | 12.28 | 0.18 | 4.35 | 4.53 | (0.24) | — | (0.24) | 16.57 | 37.32% | 1,652 | 1.04% | 1.23% | ||||||||||||||||||||||||
9/30/20 | 14.20 | 0.24 | (1.20) | (0.96) | (0.25) | (0.71) | (0.96) | 12.28 | (7.62%) | 4,214 | 1.02% | 1.88% | ||||||||||||||||||||||||
9/30/19 | 17.27 | 0.25 | (0.76) | (0.51) | (0.36) | (2.20) | (2.56) | 14.20 | (1.46%) | 5,731 | 0.94% | 1.72% | ||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $12.35 | $0.06 | $2.11 | $2.17 | $(0.10) | $(0.61) | $(0.71) | $13.81 | 18.33%b | $464 | 1.46%a | 1.03%a | ||||||||||||||||||||||||
9/30/23 | 11.89 | 0.10 | 1.65 | 1.75 | (0.11) | (1.18) | (1.29) | 12.35 | 14.67% | 378 | 1.26% | 0.80% | ||||||||||||||||||||||||
9/30/22 | 15.85 | 0.13 | (1.39) | (1.26) | (0.14) | (2.56) | (2.70) | 11.89 | (10.62%) | 1,293 | 1.20% | 0.87% | ||||||||||||||||||||||||
9/30/21 | 11.76 | 0.15 | 4.16 | 4.31 | (0.22) | — | (0.22) | 15.85 | 37.08% | 2,731 | 1.19% | 1.06% | ||||||||||||||||||||||||
9/30/20 | 13.63 | 0.21 | (1.13) | (0.92) | (0.24) | (0.71) | (0.95) | 11.76 | (7.70%) | 2,707 | 1.17% | 1.73% | ||||||||||||||||||||||||
9/30/19 | 16.67 | 0.22 | (0.75) | (0.53) | (0.31) | (2.20) | (2.51) | 13.63 | (1.65%) | 4,039 | 1.09% | 1.58% | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
3/31/24r | $12.50 | $0.06 | $2.10 | $2.16 | $(0.27) | $(0.61) | $(0.88) | $13.78 | 18.30%b | $3,952 | 1.54%a | 0.89%a | ||||||||||||||||||||||||
9/30/23 | 12.01 | 0.10 | 1.66 | 1.76 | (0.09) | (1.18) | (1.27) | 12.50 | 14.59% | 4,164 | 1.36% | 0.76% | ||||||||||||||||||||||||
9/30/22 | 15.98 | 0.12 | (1.41) | (1.29) | (0.12) | (2.56) | (2.68) | 12.01 | (10.68%) | 4,245 | 1.30% | 0.83% | ||||||||||||||||||||||||
9/30/21 | 11.85 | 0.14 | 4.20 | 4.34 | (0.21) | — | (0.21) | 15.98 | 37.00% | 6,784 | 1.29% | 0.93% | ||||||||||||||||||||||||
9/30/20 | 13.73 | 0.21 | (1.15) | (0.94) | (0.23) | (0.71) | (0.94) | 11.85 | (7.77%) | 5,569 | 1.27% | 1.66% | ||||||||||||||||||||||||
9/30/19 | 16.78 | 0.20 | (0.74) | (0.54) | (0.31) | (2.20) | (2.51) | 13.73 | (1.75%) | 6,012 | 1.19% | 1.48% | ||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $12.63 | $0.05 | $2.14 | $2.19 | $(0.19) | $(0.61) | $(0.80) | $14.02 | 18.21%b | $2,168 | 1.71%a | 0.73%a | ||||||||||||||||||||||||
9/30/23 | 12.13 | 0.07 | 1.68 | 1.75 | (0.07) | (1.18) | (1.25) | 12.63 | 14.41% | 1,833 | 1.51% | 0.57% | ||||||||||||||||||||||||
9/30/22 | 16.12 | 0.10 | (1.43) | (1.33) | (0.10) | (2.56) | (2.66) | 12.13 | (10.86%) | 3,732 | 1.46% | 0.72% | ||||||||||||||||||||||||
9/30/21 | 11.95 | 0.12 | 4.24 | 4.36 | (0.19) | — | (0.19) | 16.12 | 36.87% | 4,873 | 1.44% | 0.79% | ||||||||||||||||||||||||
9/30/20 | 13.85 | 0.19 | (1.17) | (0.98) | (0.21) | (0.71) | (0.92) | 11.95 | (7.98%) | 3,988 | 1.42% | 1.50% | ||||||||||||||||||||||||
9/30/19 | 16.90 | 0.18 | (0.74) | (0.56) | (0.29) | (2.20) | (2.49) | 13.85 | (1.85%) | 4,346 | 1.34% | 1.33% | ||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
3/31/24r | $12.85 | $0.09 | $2.17 | $2.26 | $(0.34) | $(0.61) | $(0.95) | $14.16 | 18.59%b | $107 | 1.11%a | 1.33%a | ||||||||||||||||||||||||
9/30/23g | 13.25 | 0.11 | (0.51)aa | (0.40) | — | — | — | 12.85 | (3.02%)b | 97 | 0.91%a | 1.27%a | ||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
131 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 9.58 | $0.02 | $2.15 | $2.17 | $— | $(0.95) | $(0.95) | $ 10.80 | 24.13%b | $2,613 | 0.90%a | 0.47%a | ||||||||||||||||||||||||
9/30/23 | 9.12 | 0.07 | 1.62 | 1.69 | (0.10) | (1.13) | (1.23) | 9.58 | 19.52% | 2,937 | 0.89% | 0.71% | ||||||||||||||||||||||||
9/30/22 | 14.00 | 0.09 | (1.98) | (1.89) | (0.11) | (2.88) | (2.99) | 9.12 | (18.90%) | 3,154 | 0.78% | 0.75% | ||||||||||||||||||||||||
9/30/21 | 11.28 | 0.11 | 3.00 | 3.11 | (0.12) | (0.27) | (0.39) | 14.00 | 28.21% | 27,948 | 0.75% | 0.84% | ||||||||||||||||||||||||
9/30/20 | 11.07 | 0.11 | 1.19 | 1.30 | (0.13) | (0.96) | (1.09) | 11.28 | 12.22% | 30,273 | 0.74% | 1.03% | ||||||||||||||||||||||||
9/30/19 | 12.04 | 0.14 | 0.30 | 0.44 | (0.13) | (1.28) | (1.41) | 11.07 | 5.60% | 24,639 | 0.73% | 1.29% | ||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $9.58 | $0.02 | $2.15 | $2.17 | $— | $(0.95) | $(0.95) | $10.80 | 24.13%b | $36,610 | 1.00%a | 0.39%a | ||||||||||||||||||||||||
9/30/23 | 9.12 | 0.06 | 1.62 | 1.68 | (0.09) | (1.13) | (1.22) | 9.58 | 19.37% | 34,533 | 0.99% | 0.60% | ||||||||||||||||||||||||
9/30/22 | 13.99 | 0.08 | (1.97) | (1.89) | (0.10) | (2.88) | (2.98) | 9.12 | (18.90%) | 31,307 | 0.88% | 0.66% | ||||||||||||||||||||||||
9/30/21 | 11.27 | 0.10 | 2.99 | 3.09 | (0.10) | (0.27) | (0.37) | 13.99 | 28.11% | 47,342 | 0.85% | 0.74% | ||||||||||||||||||||||||
9/30/20 | 11.06 | 0.10 | 1.18 | 1.28 | (0.11) | (0.96) | (1.07) | 11.27 | 12.10% | 45,358 | 0.84% | 0.93% | ||||||||||||||||||||||||
9/30/19 | 12.03 | 0.13 | 0.29 | 0.42 | (0.11) | (1.28) | (1.39) | 11.06 | 5.47% | 48,226 | 0.83% | 1.19% | ||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $10.20 | $0.02 | $2.29 | $2.31 | $— | $(0.95) | $(0.95) | $11.56 | 24.03%b | $129 | 1.10%a | 0.29%a | ||||||||||||||||||||||||
9/30/23 | 9.63 | 0.05 | 1.73 | 1.78 | (0.08) | (1.13) | (1.21) | 10.20 | 19.37% | 115 | 1.09% | 0.51% | ||||||||||||||||||||||||
9/30/22 | 14.62 | 0.07 | (2.09) | (2.02) | (0.09) | (2.88) | (2.97) | 9.63 | (19.00%) | 107 | 0.98% | 0.57% | ||||||||||||||||||||||||
9/30/21 | 11.75 | 0.08 | 3.14 | 3.22 | (0.08) | (0.27) | (0.35) | 14.62 | 28.00% | 160 | 0.95% | 0.62% | ||||||||||||||||||||||||
9/30/20 | 11.50 | 0.09 | 1.22 | 1.31 | (0.10) | (0.96) | (1.06) | 11.75 | 11.88% | 182 | 0.94% | 0.82% | ||||||||||||||||||||||||
9/30/19 | 12.44 | 0.12 | 0.32 | 0.44 | (0.10) | (1.28) | (1.38) | 11.50 | 5.38% | 652 | 0.93% | 1.08% | ||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 26% | 69% | 48% | 46% | 38% | 55% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
bb | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure. |
The accompanying notes are an integral part of the financial statements. | ||||
132 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 9.57 | $0.01 | $2.14 | $2.15 | $— | $(0.95) | $(0.95) | $ 10.77 | 23.93%b | $17,467 | 1.20%a | 0.19%a | ||||||||||||||||||||||||
9/30/23 | 9.10 | 0.04 | 1.63 | 1.67 | (0.07) | (1.13) | (1.20) | 9.57 | 19.25% | 16,880 | 1.19% | 0.41% | ||||||||||||||||||||||||
9/30/22 | 13.97 | 0.05 | (1.97) | (1.92) | (0.07) | (2.88) | (2.95) | 9.10 | (19.11%) | 17,867 | 1.08% | 0.45% | ||||||||||||||||||||||||
9/30/21 | 11.25 | 0.07 | 3.00 | 3.07 | (0.08) | (0.27) | (0.35) | 13.97 | 27.91% | 24,389 | 1.05% | 0.53% | ||||||||||||||||||||||||
9/30/20 | 11.05 | 0.08 | 1.17 | 1.25 | (0.09) | (0.96) | (1.05) | 11.25 | 11.79% | 21,264 | 1.04% | 0.73% | ||||||||||||||||||||||||
9/30/19 | 12.01 | 0.10 | 0.31 | 0.41 | (0.09) | (1.28) | (1.37) | 11.05 | 5.30% | 24,458 | 1.03% | 0.98% | ||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $9.18 | $0.00d | $2.06 | $2.06 | $— | $(0.95) | $(0.95) | $10.29 | 23.96%b | $7,304 | 1.36%a | 0.04%a | ||||||||||||||||||||||||
9/30/23 | 8.78 | 0.02 | 1.56 | 1.58 | (0.05) | (1.13) | (1.18) | 9.18 | 18.95% | 5,941 | 1.34% | 0.26% | ||||||||||||||||||||||||
9/30/22 | 13.56 | 0.03 | (1.88) | (1.85) | (0.05) | (2.88) | (2.93) | 8.78 | (19.16%) | 5,889 | 1.23% | 0.31% | ||||||||||||||||||||||||
9/30/21 | 10.94 | 0.05 | 2.91 | 2.96 | (0.07) | (0.27) | (0.34) | 13.56 | 27.64% | 8,266 | 1.20% | 0.38% | ||||||||||||||||||||||||
9/30/20 | 10.77 | 0.06 | 1.15 | 1.21 | (0.08) | (0.96) | (1.04) | 10.94 | 11.68% | 6,418 | 1.19% | 0.58% | ||||||||||||||||||||||||
9/30/19 | 11.75 | 0.09 | 0.29 | 0.38 | (0.08) | (1.28) | (1.36) | 10.77 | 5.08% | 6,379 | 1.18% | 0.83% | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
3/31/24r | $9.32 | $(0.00)d,bb | $2.09 | $2.09 | $— | $(0.95) | $(0.95) | $10.46 | 23.92%b | $8,329 | 1.44%a | (0.05%)a | ||||||||||||||||||||||||
9/30/23 | 8.90 | 0.01 | 1.59 | 1.60 | (0.05) | (1.13) | (1.18) | 9.32 | 18.79% | 7,795 | 1.44% | 0.15% | ||||||||||||||||||||||||
9/30/22 | 13.70 | 0.02 | (1.91) | (1.89) | (0.03) | (2.88) | (2.91) | 8.90 | (19.22%) | 7,887 | 1.33% | 0.21% | ||||||||||||||||||||||||
9/30/21 | 11.04 | 0.04 | 2.94 | 2.98 | (0.05) | (0.27) | (0.32) | 13.70 | 27.56% | 10,628 | 1.30% | 0.31% | ||||||||||||||||||||||||
9/30/20 | 10.86 | 0.05 | 1.15 | 1.20 | (0.06) | (0.96) | (1.02) | 11.04 | 11.53% | 12,086 | 1.29% | 0.48% | ||||||||||||||||||||||||
9/30/19 | 11.83 | 0.08 | 0.29 | 0.37 | (0.06) | (1.28) | (1.34) | 10.86 | 5.01% | 12,843 | 1.28% | 0.74% | ||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $9.36 | $(0.01)bb | $2.09 | $2.08 | $— | $(0.95) | $(0.95) | $10.49 | 23.71%b | $524 | 1.61%a | (0.21%)a | ||||||||||||||||||||||||
9/30/23 | 8.93 | (0.00)d,bb | 1.59 | 1.59 | (0.03) | (1.13) | (1.16) | 9.36 | 18.62% | 485 | 1.59% | (0.00%)e | ||||||||||||||||||||||||
9/30/22 | 13.73 | 0.01 | (1.93) | (1.92) | — | (2.88) | (2.88) | 8.93 | (19.37%) | 752 | 1.48% | 0.06% | ||||||||||||||||||||||||
9/30/21 | 11.07 | 0.02 | 2.95 | 2.97 | (0.04) | (0.27) | (0.31) | 13.73 | 27.36% | 1,277 | 1.45% | 0.14% | ||||||||||||||||||||||||
9/30/20 | 10.88 | 0.03 | 1.16 | 1.19 | (0.04) | (0.96) | (1.00) | 11.07 | 11.41% | 1,219 | 1.44% | 0.33% | ||||||||||||||||||||||||
9/30/19 | 11.85 | 0.06 | 0.30 | 0.36 | (0.05) | (1.28) | (1.33) | 10.88 | 4.87% | 1,239 | 1.43% | 0.61% | ||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
133 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 8.83 | $0.00d,bb | $2.53 | $2.53 | $(0.01) | $(0.42) | $(0.43) | $ 10.93 | 29.43%b | $42,260 | 0.59%a | 0.04%a | ||||||||||||||||||||||||
9/30/23 | 7.49 | 0.02 | 1.71 | 1.73 | (0.02) | (0.37) | (0.39) | 8.83 | 23.88% | 34,334 | 0.63% | 0.25% | ||||||||||||||||||||||||
9/30/22 | 15.56 | 0.02bb | (1.93) | (1.91) | — | (6.16) | (6.16) | 7.49 | (24.92%) | 18,483 | 0.58% | 0.18% | ||||||||||||||||||||||||
9/30/21 | 12.85 | 0.04 | 3.27 | 3.31 | (0.06) | (0.54) | (0.60) | 15.56 | 26.75% | 31,388 | 0.57% | 0.26% | ||||||||||||||||||||||||
9/30/20 | 11.00 | 0.09 | 3.18 | 3.27 | (0.11) | (1.31) | (1.42) | 12.85 | 32.63% | 35,702 | 0.56% | 0.77% | ||||||||||||||||||||||||
9/30/19 | 14.37 | 0.10 | (0.47) | (0.37) | (0.15) | (2.85) | (3.00) | 11.00 | 0.99% | 28,367 | 0.55% | 0.89% | ||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $8.82 | $0.00d,bb | $2.52 | $2.52 | $— | $(0.42) | $(0.42) | $10.92 | 29.39%b | $94,533 | 0.69%a | (0.06%)a | ||||||||||||||||||||||||
9/30/23 | 7.49 | 0.02 | 1.69 | 1.71 | (0.01) | (0.37) | (0.38) | 8.82 | 23.60% | 73,393 | 0.73% | 0.19% | ||||||||||||||||||||||||
9/30/22 | 15.57 | 0.01bb | (1.93) | (1.92) | — | (6.16) | (6.16) | 7.49 | (24.92%) | 73,291 | 0.68% | 0.09% | ||||||||||||||||||||||||
9/30/21 | 12.85 | 0.02 | 3.29 | 3.31 | (0.05) | (0.54) | (0.59) | 15.57 | 26.72% | 108,948 | 0.67% | 0.15% | ||||||||||||||||||||||||
9/30/20 | 11.00 | 0.07 | 3.19 | 3.26 | (0.10) | (1.31) | (1.41) | 12.85 | 32.48% | 101,466 | 0.66% | 0.67% | ||||||||||||||||||||||||
9/30/19 | 14.37 | 0.09 | (0.48) | (0.39) | (0.13) | (2.85) | (2.98) | 11.00 | 0.85% | 100,651 | 0.65% | 0.79% | ||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $8.88 | $(0.01) | $2.55 | $2.54 | $— | $(0.42) | $(0.42) | $11.00 | 29.41%b | $9,202 | 0.79%a | (0.14%)a | ||||||||||||||||||||||||
9/30/23 | 7.54 | 0.01 | 1.70 | 1.71 | — | (0.37) | (0.37) | 8.88 | 23.44% | 12,529 | 0.83% | 0.12% | ||||||||||||||||||||||||
9/30/22 | 15.65 | (0.00)d | (1.95) | (1.95) | — | (6.16) | (6.16) | 7.54 | (25.04%) | 14,309 | 0.78% | (0.02%) | ||||||||||||||||||||||||
9/30/21 | 12.92 | 0.01 | 3.30 | 3.31 | (0.04) | (0.54) | (0.58) | 15.65 | 26.53% | 25,505 | 0.77% | 0.05% | ||||||||||||||||||||||||
9/30/20 | 11.04 | 0.06 | 3.20 | 3.26 | (0.07) | (1.31) | (1.38) | 12.92 | 32.33% | 25,668 | 0.76% | 0.57% | ||||||||||||||||||||||||
9/30/19 | 14.40 | 0.08 | (0.47) | (0.39) | (0.12) | (2.85) | (2.97) | 11.04 | 0.79% | 31,895 | 0.75% | 0.71% | ||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 28% | 64% | 60% | 110% | 50% | 49% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
bb | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure. |
The accompanying notes are an integral part of the financial statements. | ||||
134 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 9.09 | $(0.01) | $2.60 | $2.59 | $— | $(0.42) | $(0.42) | $ 11.26 | 29.28%b | $23,221 | 0.89%a | (0.26%)a | ||||||||||||||||||||||||
9/30/23 | 7.71 | (0.00)d,bb | 1.75 | 1.75 | — | (0.37) | (0.37) | 9.09 | 23.44% | 19,964 | 0.93% | (0.00%)e | ||||||||||||||||||||||||
9/30/22 | 15.89 | (0.01) | (2.01) | (2.02) | — | (6.16) | (6.16) | 7.71 | (25.13%) | 24,021 | 0.88% | (0.11%) | ||||||||||||||||||||||||
9/30/21 | 13.10 | (0.01) | 3.36 | 3.35 | (0.02) | (0.54) | (0.56) | 15.89 | 26.46% | 36,207 | 0.87% | (0.05%) | ||||||||||||||||||||||||
9/30/20 | 11.19 | 0.05 | 3.25 | 3.30 | (0.08) | (1.31) | (1.39) | 13.10 | 32.19% | 36,957 | 0.86% | 0.47% | ||||||||||||||||||||||||
9/30/19 | 14.55 | 0.07 | (0.47) | (0.40) | (0.11) | (2.85) | (2.96) | 11.19 | 0.66% | 37,316 | 0.85% | 0.60% | ||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $8.30 | $(0.02) | $2.37 | $2.35 | $— | $(0.42) | $(0.42) | $10.23 | 29.17%b | $6,632 | 1.04%a | (0.42%)a | ||||||||||||||||||||||||
9/30/23 | 7.08 | (0.01)bb | 1.60 | 1.59 | — | (0.37) | (0.37) | 8.30 | 23.26% | 6,373 | 1.08% | (0.16%) | ||||||||||||||||||||||||
9/30/22 | 15.06 | (0.03) | (1.79) | (1.82) | — | (6.16) | (6.16) | 7.08 | (25.23%) | 6,348 | 1.03% | (0.28%) | ||||||||||||||||||||||||
9/30/21 | 12.45 | (0.03) | 3.18 | 3.15 | — | (0.54) | (0.54) | 15.06 | 26.20% | 12,613 | 1.02% | (0.22%) | ||||||||||||||||||||||||
9/30/20 | 10.70 | 0.03 | 3.09 | 3.12 | (0.06) | (1.31) | (1.37) | 12.45 | 31.97% | 28,832 | 1.01% | 0.31% | ||||||||||||||||||||||||
9/30/19 | 14.05 | 0.05 | (0.46) | (0.41) | (0.09) | (2.85) | (2.94) | 10.70 | 0.59% | 24,049 | 1.00% | 0.45% | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
3/31/24r | $8.43 | $(0.02) | $2.41 | $2.39 | $— | $(0.42) | $(0.42) | $10.40 | 29.19%b | $9,179 | 1.13%a | (0.49%)a | ||||||||||||||||||||||||
9/30/23 | 7.20 | (0.02)bb | 1.62 | 1.60 | — | (0.37) | (0.37) | 8.43 | 23.00% | 8,081 | 1.18% | (0.25%) | ||||||||||||||||||||||||
9/30/22 | 15.23 | (0.04) | (1.83) | (1.87) | — | (6.16) | (6.16) | 7.20 | (25.29%) | 14,354 | 1.13% | (0.38%) | ||||||||||||||||||||||||
9/30/21 | 12.59 | (0.04) | 3.22 | 3.18 | — | (0.54) | (0.54) | 15.23 | 26.12% | 26,591 | 1.12% | (0.30%) | ||||||||||||||||||||||||
9/30/20 | 10.80 | 0.02 | 3.13 | 3.15 | (0.05) | (1.31) | (1.36) | 12.59 | 31.87% | 27,988 | 1.11% | 0.22% | ||||||||||||||||||||||||
9/30/19 | 14.15 | 0.04 | (0.47) | (0.43) | (0.07) | (2.85) | (2.92) | 10.80 | 0.42% | 29,210 | 1.10% | 0.35% | ||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $8.20 | $(0.03) | $2.33 | $2.30 | $— | $(0.42) | $(0.42) | $10.08 | 28.91%b | $5,528 | 1.29%a | (0.66%)a | ||||||||||||||||||||||||
9/30/23 | 7.01 | (0.03)bb | 1.59 | 1.56 | — | (0.37) | (0.37) | 8.20 | 23.06% | 4,449 | 1.33% | (0.41%) | ||||||||||||||||||||||||
9/30/22 | 15.00 | (0.05) | (1.78) | (1.83) | — | (6.16) | (6.16) | 7.01 | (25.46%) | 3,959 | 1.28% | (0.51%) | ||||||||||||||||||||||||
9/30/21 | 12.43 | (0.06) | 3.17 | 3.11 | — | (0.54) | (0.54) | 15.00 | 25.88% | 5,002 | 1.27% | (0.46%) | ||||||||||||||||||||||||
9/30/20 | 10.66 | 0.01 | 3.09 | 3.10 | (0.02) | (1.31) | (1.33) | 12.43 | 31.78% | 5,875 | 1.26% | 0.05% | ||||||||||||||||||||||||
9/30/19 | 14.02 | 0.02 | (0.47) | (0.45) | (0.06) | (2.85) | (2.91) | 10.66 | 0.23% | 6,015 | 1.25% | 0.20% | ||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||
3/31/24r | $8.82 | $(0.00)d | $2.52 | $2.52 | $— | $(0.42) | $(0.42) | $10.92 | 29.38%b | $138 | 0.69%a | (0.06%)a | ||||||||||||||||||||||||
9/30/23g | 7.89 | 0.01 | 0.92 | 0.93 | — | — | — | 8.82 | 11.79%b | 112 | 0.73%a | 0.15%a | ||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
135 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 15.85 | $0.06 | $3.14 | $3.20 | $(0.05) | $(0.76) | $(0.81) | $ 18.24 | 20.95%b | $169,106 | 0.66%a | 0.66%a,k | 0.68%a | ||||||||||||||||||||||||||
9/30/23 | 14.20 | 0.10 | 1.76 | 1.86 | (0.14) | (0.07) | (0.21) | 15.85 | 13.14% | 125,988 | 0.67% | N/A | 0.65% | ||||||||||||||||||||||||||
9/30/22 | 19.21 | 0.08 | (3.28) | (3.20) | — | (1.81) | (1.81) | 14.20 | (18.57%) | 95,436 | 0.66% | N/A | 0.48% | ||||||||||||||||||||||||||
9/30/21 | 13.96 | 0.06 | 6.51 | 6.57 | (0.11) | (1.21) | (1.32) | 19.21 | 48.95% | 85,183 | 0.66% | N/A | 0.35% | ||||||||||||||||||||||||||
9/30/20 | 13.72 | 0.10 | 0.27 | 0.37 | (0.06) | (0.07) | (0.13) | 13.96 | 2.62% | 39,988 | 0.69% | N/A | 0.77% | ||||||||||||||||||||||||||
9/30/19 | 16.47 | 0.11 | (1.43) | (1.32) | (0.07) | (1.36) | (1.43) | 13.72 | (7.01%) | 35,326 | 0.70% | N/A | 0.82% | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $15.79 | $0.05 | $3.13 | $3.18 | $(0.04) | $(0.76) | $(0.80) | $18.17 | 20.91%b | $117,236 | 0.76%a | 0.76%a,k | 0.57%a | ||||||||||||||||||||||||||
9/30/23 | 14.14 | 0.09 | 1.76 | 1.85 | (0.13) | (0.07) | (0.20) | 15.79 | 13.08% | 104,951 | 0.77% | N/A | 0.55% | ||||||||||||||||||||||||||
9/30/22 | 19.16 | 0.06 | (3.27) | (3.21) | — | (1.81) | (1.81) | 14.14 | (18.68%) | 100,585 | 0.75% | N/A | 0.35% | ||||||||||||||||||||||||||
9/30/21 | 13.93 | 0.05 | 6.48 | 6.53 | (0.09) | (1.21) | (1.30) | 19.16 | 48.78% | 137,127 | 0.76% | N/A | 0.26% | ||||||||||||||||||||||||||
9/30/20 | 13.69 | 0.09 | 0.27 | 0.36 | (0.05) | (0.07) | (0.12) | 13.93 | 2.56% | 92,440 | 0.79% | N/A | 0.68% | ||||||||||||||||||||||||||
9/30/19 | 16.44 | 0.10 | (1.43) | (1.33) | (0.06) | (1.36) | (1.42) | 13.69 | (7.14%) | 61,826 | 0.80% | N/A | 0.71% | ||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $15.72 | $0.04 | $3.12 | $3.16 | $(0.03) | $(0.76) | $(0.79) | $18.09 | 20.87%b | $17,648 | 0.86%a | 0.86%a,k | 0.46%a | ||||||||||||||||||||||||||
9/30/23 | 14.08 | 0.07 | 1.75 | 1.82 | (0.11) | (0.07) | (0.18) | 15.72 | 12.95% | 15,707 | 0.87% | N/A | 0.45% | ||||||||||||||||||||||||||
9/30/22 | 19.11 | 0.04 | (3.26) | (3.22) | — | (1.81) | (1.81) | 14.08 | (18.78%) | 15,851 | 0.85% | N/A | 0.24% | ||||||||||||||||||||||||||
9/30/21 | 13.89 | 0.03 | 6.48 | 6.51 | (0.08) | (1.21) | (1.29) | 19.11 | 48.72% | 24,560 | 0.86% | N/A | 0.17% | ||||||||||||||||||||||||||
9/30/20 | 13.66 | 0.08 | 0.25 | 0.33 | (0.03) | (0.07) | (0.10) | 13.89 | 2.37% | 17,146 | 0.89% | N/A | 0.58% | ||||||||||||||||||||||||||
9/30/19 | 16.39 | 0.08 | (1.41) | (1.33) | (0.04) | (1.36) | (1.40) | 13.66 | (7.16%) | 17,073 | 0.90% | N/A | 0.61% | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 16% | 46% | 39% | 40% | 47% | 34% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
k | Amount waived had no impact on the ratio of expenses to average daily net assets. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
aa | The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |
bb | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure. |
The accompanying notes are an integral part of the financial statements. | ||||
136 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 15.58 | $0.03 | $3.09 | $3.12 | $(0.03) | $(0.76) | $(0.79) | $ 17.91 | 20.74%b | $23,069 | 0.96%a | 0.96%a,k | 0.36%a | ||||||||||||||||||||||||||
9/30/23 | 13.95 | 0.05 | 1.75 | 1.80 | (0.10) | (0.07) | (0.17) | 15.58 | 12.88% | 21,277 | 0.97% | N/A | 0.35% | ||||||||||||||||||||||||||
9/30/22 | 18.97 | 0.02 | (3.23) | (3.21) | — | (1.81) | (1.81) | 13.95 | (18.88%) | 20,100 | 0.95% | N/A | 0.15% | ||||||||||||||||||||||||||
9/30/21 | 13.80 | 0.01 | 6.44 | 6.45 | (0.07) | (1.21) | (1.28) | 18.97 | 48.54% | 26,314 | 0.96% | N/A | 0.07% | ||||||||||||||||||||||||||
9/30/20 | 13.57 | 0.06 | 0.26 | 0.32 | (0.02) | (0.07) | (0.09) | 13.80 | 2.27% | 18,422 | 0.99% | N/A | 0.48% | ||||||||||||||||||||||||||
9/30/19 | 16.29 | 0.07 | (1.41) | (1.34) | (0.02) | (1.36) | (1.38) | 13.57 | (7.28%) | 20,377 | 1.00% | N/A | 0.51% | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $14.92 | $0.02 | $2.95 | $2.97 | $— | $(0.76) | $(0.76) | $17.13 | 20.66%b | $15,175 | 1.11%a | 1.11%a,k | 0.21%a | ||||||||||||||||||||||||||
9/30/23 | 13.37 | 0.03 | 1.67 | 1.70 | (0.08) | (0.07) | (0.15) | 14.92 | 12.69% | 13,888 | 1.12% | N/A | 0.20% | ||||||||||||||||||||||||||
9/30/22 | 18.28 | (0.00)d,bb | (3.10) | (3.10) | — | (1.81) | (1.81) | 13.37 | (18.99%) | 11,835 | 1.10% | N/A | (0.00%)e | ||||||||||||||||||||||||||
9/30/21 | 13.34 | (0.02) | 6.22 | 6.20 | (0.05) | (1.21) | (1.26) | 18.28 | 48.31% | 15,682 | 1.11% | N/A | (0.09%) | ||||||||||||||||||||||||||
9/30/20 | 13.12 | 0.04 | 0.25 | 0.29 | — | (0.07) | (0.07) | 13.34 | 2.16% | 9,413 | 1.14% | N/A | 0.32% | ||||||||||||||||||||||||||
9/30/19 | 15.81 | 0.05 | (1.38) | (1.33) | (0.00)d | (1.36) | (1.36) | 13.12 | (7.43%) | 10,591 | 1.15% | N/A | 0.36% | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $15.02 | $0.01 | $2.98 | $2.99 | $— | $(0.76) | $(0.76) | $17.25 | 20.66%b | $42,100 | 1.19%a | 1.19%a,k | 0.13%a | ||||||||||||||||||||||||||
9/30/23 | 13.46 | 0.02 | 1.67 | 1.69 | (0.06) | (0.07) | (0.13) | 15.02 | 12.53% | 36,525 | 1.22% | N/A | 0.10% | ||||||||||||||||||||||||||
9/30/22 | 18.40 | (0.02)bb | (3.11) | (3.13) | — | (1.81) | (1.81) | 13.46 | (19.04%) | 38,730 | 1.20% | N/A | (0.11%) | ||||||||||||||||||||||||||
9/30/21 | 13.42 | (0.03) | 6.25 | 6.22 | (0.03) | (1.21) | (1.24) | 18.40 | 48.15% | 55,207 | 1.21% | N/A | (0.18%) | ||||||||||||||||||||||||||
9/30/20 | 13.21 | 0.03 | 0.25 | 0.28 | — | (0.07) | (0.07) | 13.42 | 2.07% | 42,491 | 1.24% | N/A | 0.22% | ||||||||||||||||||||||||||
9/30/19 | 15.92 | 0.03 | (1.38) | (1.35) | — | (1.36) | (1.36) | 13.21 | (7.54%) | 50,524 | 1.25% | N/A | 0.26% | ||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $14.68 | $(0.00)d,bb | $2.90 | $2.90 | $— | $(0.76) | $(0.76) | $16.82 | 20.52%b | $9,554 | 1.36%a | 1.36%a,k | (0.03%)a | ||||||||||||||||||||||||||
9/30/23 | 13.16 | (0.01)bb | 1.64 | 1.63 | (0.04) | (0.07) | (0.11) | 14.68 | 12.40% | 7,672 | 1.37% | N/A | (0.05%) | ||||||||||||||||||||||||||
9/30/22 | 18.06 | (0.04)bb | (3.05) | (3.09) | — | (1.81) | (1.81) | 13.16 | (19.19%) | 7,153 | 1.35% | N/A | (0.26%) | ||||||||||||||||||||||||||
9/30/21 | 13.18 | (0.06) | 6.15 | 6.09 | — | (1.21) | (1.21) | 18.06 | 48.00% | 9,695 | 1.36% | N/A | (0.34%) | ||||||||||||||||||||||||||
9/30/20 | 13.00 | 0.01 | 0.24 | 0.25 | — | (0.07) | (0.07) | 13.18 | 1.87% | 6,048 | 1.39% | N/A | 0.07% | ||||||||||||||||||||||||||
9/30/19 | 15.71 | 0.01 | (1.36) | (1.35) | — | (1.36) | (1.36) | 13.00 | (7.66%) | 8,551 | 1.40% | N/A | 0.11% | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $15.79 | $0.05 | $3.14 | $3.19 | $(0.04) | $(0.76) | $(0.80) | $18.18 | 20.92%b | $109 | 0.76%a | 0.76%a,k | 0.57%a | ||||||||||||||||||||||||||
9/30/23g | 16.67 | 0.06 | (0.94)aa | (0.88) | — | — | — | 15.79 | (5.28%)b | 95 | 0.77%a | N/A | 0.55%a | ||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
137 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||
3/31/24r | $ 11.02 | $(0.02) | $2.58 | $2.56 | $— | $(2.79) | $(2.79) | $ 10.79 | 27.16%b | $59,396 | 0.92%a | (0.36%)a | ||||||||||||||||||||||||
9/30/23 | 10.72 | 0.00d,bb | 2.84 | 2.84 | — | (2.54) | (2.54) | 11.02 | 29.05% | 48,335 | 0.91% | 0.02% | ||||||||||||||||||||||||
9/30/22 | 18.79 | (0.01) | (6.02) | (6.03) | — | (2.04) | (2.04) | 10.72 | (36.28%) | 56,931 | 0.86% | (0.06%) | ||||||||||||||||||||||||
9/30/21 | 15.04 | (0.05) | 4.64 | 4.59 | — | (0.84) | (0.84) | 18.79 | 31.36% | 99,959 | 0.84% | (0.29%) | ||||||||||||||||||||||||
9/30/20 | 12.35 | 0.00d | 2.81 | 2.81 | (0.09) | (0.03) | (0.12) | 15.04 | 22.90% | 75,893 | 0.85% | 0.00%e | ||||||||||||||||||||||||
9/30/19 | 16.08 | 0.10 | (0.83) | (0.73) | (0.11) | (2.89) | (3.00) | 12.35 | (1.93%) | 70,159 | 0.84% | 0.79% | ||||||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||||||||||
3/31/24r | $10.99 | $(0.02) | $2.57 | $2.55 | $— | $(2.79) | $(2.79) | $10.75 | 27.13%b | $55,345 | 1.01%a | (0.46%)a | ||||||||||||||||||||||||
9/30/23 | 10.70 | (0.01) | 2.84 | 2.83 | — | (2.54) | (2.54) | 10.99 | 28.99% | 44,364 | 1.02% | (0.08%) | ||||||||||||||||||||||||
9/30/22 | 18.78 | (0.03) | (6.01) | (6.04) | — | (2.04) | (2.04) | 10.70 | (36.36%) | 58,808 | 0.96% | (0.17%) | ||||||||||||||||||||||||
9/30/21 | 15.05 | (0.07) | 4.64 | 4.57 | — | (0.84) | (0.84) | 18.78 | 31.20% | 126,049 | 0.94% | (0.39%) | ||||||||||||||||||||||||
9/30/20 | 12.36 | (0.01) | 2.81 | 2.80 | (0.08) | (0.03) | (0.11) | 15.05 | 22.77% | 111,038 | 0.95% | (0.09%) | ||||||||||||||||||||||||
9/30/19 | 16.09 | 0.08 | (0.83) | (0.75) | (0.09) | (2.89) | (2.98) | 12.36 | (2.07%) | 98,379 | 0.94% | 0.66% | ||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||
3/31/24r | $10.80 | $(0.03) | $2.52 | $2.49 | $— | $(2.79) | $(2.79) | $10.50 | 27.07%b | $4,510 | 1.12%a | (0.56%)a | ||||||||||||||||||||||||
9/30/23 | 10.56 | (0.02) | 2.80 | 2.78 | — | (2.54) | (2.54) | 10.80 | 28.90% | 3,655 | 1.12% | (0.20%) | ||||||||||||||||||||||||
9/30/22 | 18.58 | (0.04) | (5.94) | (5.98) | — | (2.04) | (2.04) | 10.56 | (36.43%) | 5,579 | 1.06% | (0.24%) | ||||||||||||||||||||||||
9/30/21 | 14.91 | (0.08) | 4.59 | 4.51 | — | (0.84) | (0.84) | 18.58 | 31.09% | 7,892 | 1.04% | (0.49%) | ||||||||||||||||||||||||
9/30/20 | 12.23 | (0.03) | 2.80 | 2.77 | (0.06) | (0.03) | (0.09) | 14.91 | 22.75% | 6,166 | 1.05% | (0.19%) | ||||||||||||||||||||||||
9/30/19 | 15.94 | 0.06 | (0.82) | (0.76) | (0.06) | (2.89) | (2.95) | 12.23 | (2.23%) | 6,361 | 1.04% | 0.43% | ||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 2% | 10% | 10% | 10% | 12% | 32% |
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
bb | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure. |
The accompanying notes are an integral part of the financial statements. | ||||
138 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assetsq | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||||||
3/31/24r | $ 10.90 | $(0.03) | $2.53 | $2.50 | $— | $(2.79) | $(2.79) | $ 10.61 | 26.89%b | $51,810 | 1.21%a | (0.65%)a | ||||||||||||||||||||||||||||
9/30/23 | 10.64 | (0.03) | 2.83 | 2.80 | — | (2.54) | (2.54) | 10.90 | 28.84% | 50,587 | 1.22% | (0.29%) | ||||||||||||||||||||||||||||
9/30/22 | 18.73 | (0.06) | (5.99) | (6.05) | — | (2.04) | (2.04) | 10.64 | (36.52%) | 45,831 | 1.16% | (0.38%) | ||||||||||||||||||||||||||||
9/30/21 | 15.03 | (0.10) | 4.64 | 4.54 | — | (0.84) | (0.84) | 18.73 | 31.03% | 88,387 | 1.14% | (0.59%) | ||||||||||||||||||||||||||||
9/30/20 | 12.34 | (0.04) | 2.81 | 2.77 | (0.05) | (0.03) | (0.08) | 15.03 | 22.56% | 80,607 | 1.15% | (0.29%) | ||||||||||||||||||||||||||||
9/30/19 | 16.06 | 0.06 | (0.83) | (0.77) | (0.06) | (2.89) | (2.95) | 12.34 | (2.30%) | 77,097 | 1.14% | 0.45% | ||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||
3/31/24r | $10.37 | $(0.04) | $2.39 | $2.35 | $— | $(2.79) | $(2.79) | $9.93 | 26.79%b | $9,755 | 1.37%a | (0.81%)a | ||||||||||||||||||||||||||||
9/30/23 | 10.24 | (0.04) | 2.71 | 2.67 | — | (2.54) | (2.54) | 10.37 | 28.67% | 8,921 | 1.37% | (0.43%) | ||||||||||||||||||||||||||||
9/30/22 | 18.12 | (0.07) | (5.77) | (5.84) | — | (2.04) | (2.04) | 10.24 | (36.60%) | 8,676 | 1.31% | (0.52%) | ||||||||||||||||||||||||||||
9/30/21 | 14.59 | (0.12) | 4.49 | 4.37 | — | (0.84) | (0.84) | 18.12 | 30.79% | 15,975 | 1.29% | (0.72%) | ||||||||||||||||||||||||||||
9/30/20 | 11.98 | (0.06) | 2.73 | 2.67 | (0.03) | (0.03) | (0.06) | 14.59 | 22.36% | 8,878 | 1.30% | (0.45%) | ||||||||||||||||||||||||||||
9/30/19 | 15.71 | 0.04 | (0.82) | (0.78) | (0.06) | (2.89) | (2.95) | 11.98 | (2.45%) | 7,531 | 1.29% | 0.32% | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||
3/31/24r | $10.57 | $(0.04) | $2.44 | $2.40 | $— | $(2.79) | $(2.79) | $10.18 | 26.74%b | $12,939 | 1.45%a | (0.89%)a | ||||||||||||||||||||||||||||
9/30/23 | 10.41 | (0.06) | 2.76 | 2.70 | — | (2.54) | (2.54) | 10.57 | 28.47% | 10,559 | 1.47% | (0.54%) | ||||||||||||||||||||||||||||
9/30/22 | 18.40 | (0.09) | (5.86) | (5.95) | — | (2.04) | (2.04) | 10.41 | (36.64%) | 9,014 | 1.41% | (0.63%) | ||||||||||||||||||||||||||||
9/30/21 | 14.82 | (0.14) | 4.56 | 4.42 | — | (0.84) | (0.84) | 18.40 | 30.65% | 19,415 | 1.39% | (0.84%) | ||||||||||||||||||||||||||||
9/30/20 | 12.17 | (0.07) | 2.77 | 2.70 | (0.02) | (0.03) | (0.05) | 14.82 | 22.22% | 22,903 | 1.40% | (0.55%) | ||||||||||||||||||||||||||||
9/30/19 | 15.87 | 0.03 | (0.82) | (0.79) | (0.02) | (2.89) | (2.91) | 12.17 | (2.48%) | 24,676 | 1.39% | 0.20% | ||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||
3/31/24r | $10.41 | $(0.05) | $2.41 | $2.36 | $— | $(2.79) | $(2.79) | $9.98 | 26.79%b | $8,337 | 1.62%a | (1.06%)a | ||||||||||||||||||||||||||||
9/30/23 | 10.30 | (0.07) | 2.72 | 2.65 | — | (2.54) | (2.54) | 10.41 | 28.24% | 7,378 | 1.62% | (0.69%) | ||||||||||||||||||||||||||||
9/30/22 | 18.25 | (0.11) | (5.80) | (5.91) | — | (2.04) | (2.04) | 10.30 | (36.73%) | 7,920 | 1.56% | (0.77%) | ||||||||||||||||||||||||||||
9/30/21 | 14.72 | (0.17) | 4.54 | 4.37 | — | (0.84) | (0.84) | 18.25 | 30.51% | 13,541 | 1.54% | (0.98%) | ||||||||||||||||||||||||||||
9/30/20 | 12.10 | (0.09) | 2.75 | 2.66 | (0.01) | (0.03) | (0.04) | 14.72 | 21.99% | 9,792 | 1.55% | (0.69%) | ||||||||||||||||||||||||||||
9/30/19 | 15.80 | 0.01 | (0.82) | (0.81) | — | (2.89) | (2.89) | 12.10 | (2.69%) | 10,226 | 1.54% | 0.06% | ||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
139 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.94 | $0.04 | $0.82 | $0.86 | $(0.17) | $(0.11) | $(0.28) | $8.52 | 11.05%b | $72,450 | 1.11%a | 1.06%a | 1.05%a | ||||||||||||||||||||||||||
9/30/23 | 7.14 | 0.14 | 1.12 | 1.26 | (0.10) | (0.36) | (0.46) | 7.94 | 17.61% | 70,386 | 1.10% | 1.05% | 1.75% | ||||||||||||||||||||||||||
9/30/22 | 10.08 | 0.12 | (1.83) | (1.71) | (0.21) | (1.02) | (1.23) | 7.14 | (19.37%) | 66,355 | 1.09% | 1.04% | 1.41% | ||||||||||||||||||||||||||
9/30/21 | 13.08 | 0.14 | 1.84 | 1.98 | (0.04) | (4.94) | (4.98) | 10.08 | 17.97% | 89,913 | 1.02% | 1.00% | 1.31% | ||||||||||||||||||||||||||
9/30/20 | 12.01 | 0.03 | 1.54 | 1.57 | (0.13) | (0.37) | (0.50) | 13.08 | 13.17% | 96,308 | 1.02% | 1.00% | 0.26% | ||||||||||||||||||||||||||
9/30/19 | 12.99 | 0.09 | (0.49) | (0.40) | (0.12) | (0.46) | (0.58) | 12.01 | (2.49%) | 149,979 | 0.93% | 0.92% | 0.81% | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.94 | $0.04 | $0.82 | $0.86 | $(0.16) | $(0.11) | $(0.27) | $8.53 | 11.05%b | $29,131 | 1.21%a | 1.16%a | 0.94%a | ||||||||||||||||||||||||||
9/30/23 | 7.14 | 0.13 | 1.12 | 1.25 | (0.09) | (0.36) | (0.45) | 7.94 | 17.48% | 30,262 | 1.20% | 1.15% | 1.62% | ||||||||||||||||||||||||||
9/30/22 | 10.08 | 0.12 | (1.85) | (1.73) | (0.19) | (1.02) | (1.21) | 7.14 | (19.47%) | 30,827 | 1.19% | 1.14% | 1.38% | ||||||||||||||||||||||||||
9/30/21 | 13.08 | 0.14 | 1.83 | 1.97 | (0.03) | (4.94) | (4.97) | 10.08 | 17.79% | 50,688 | 1.12% | 1.10% | 1.27% | ||||||||||||||||||||||||||
9/30/20 | 12.00 | 0.02 | 1.55 | 1.57 | (0.12) | (0.37) | (0.49) | 13.08 | 13.14% | 61,444 | 1.12% | 1.10% | 0.20% | ||||||||||||||||||||||||||
9/30/19 | 12.98 | 0.10 | (0.51) | (0.41) | (0.11) | (0.46) | (0.57) | 12.00 | (2.63%) | 94,827 | 1.03% | 1.02% | 0.89% | ||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.91 | $0.03 | $0.83 | $0.86 | $(0.15) | $(0.11) | $(0.26) | $8.51 | 11.10%b | $2,752 | 1.31%a | 1.26%a | 0.79%a | ||||||||||||||||||||||||||
9/30/23 | 7.12 | 0.13 | 1.10 | 1.23 | (0.08) | (0.36) | (0.44) | 7.91 | 17.26% | 3,485 | 1.30% | 1.25% | 1.60% | ||||||||||||||||||||||||||
9/30/22 | 10.05 | 0.12 | (1.85) | (1.73) | (0.18) | (1.02) | (1.20) | 7.12 | (19.52%) | 2,624 | 1.29% | 1.24% | 1.35% | ||||||||||||||||||||||||||
9/30/21 | 13.04 | 0.12 | 1.84 | 1.96 | (0.01) | (4.94) | (4.95) | 10.05 | 17.72% | 3,469 | 1.22% | 1.20% | 1.16% | ||||||||||||||||||||||||||
9/30/20 | 11.97 | 0.00d | 1.54 | 1.54 | (0.10) | (0.37) | (0.47) | 13.04 | 12.94% | 4,524 | 1.22% | 1.20% | 0.00%e | ||||||||||||||||||||||||||
9/30/19 | 12.94 | 0.07 | (0.49) | (0.42) | (0.09) | (0.46) | (0.55) | 11.97 | (2.74%) | 9,393 | 1.13% | 1.12% | 0.60% | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 12% | 20% | 22% | 30% | 106% | 52% | ||||||||||||
a | Annualized. |
b | Percentage represents the results for the period and is not annualized. |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
e | Amount is less than 0.005%. |
g | For the period February 1, 2023 (commencement of operations) through September 30, 2023. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
aa | The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund. |
The accompanying notes are an integral part of the financial statements. | ||||
140 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | ||||||||||||||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.83 | $0.03 | $0.81 | $0.84 | $(0.14) | $(0.11) | $(0.25) | $8.42 | 10.95%b | $2,133 | 1.41%a | 1.36%a | 0.78%a | |||||||||||||||||||||||||||||||||||||
9/30/23 | 7.05 | 0.11 | 1.10 | 1.21 | (0.07) | (0.36) | (0.43) | 7.83 | 17.21% | 1,890 | 1.40% | 1.35% | 1.38% | |||||||||||||||||||||||||||||||||||||
9/30/22 | 9.96 | 0.11 | (1.83) | (1.72) | (0.17) | (1.02) | (1.19) | 7.05 | (19.60%) | 2,273 | 1.39% | 1.34% | 1.26% | |||||||||||||||||||||||||||||||||||||
9/30/21 | 12.97 | 0.11 | 1.82 | 1.93 | — | (4.94) | (4.94) | 9.96 | 17.59% | 2,436 | 1.32% | 1.30% | 1.03% | |||||||||||||||||||||||||||||||||||||
9/30/20 | 11.91 | (0.00)d | 1.52 | 1.52 | (0.09) | (0.37) | (0.46) | 12.97 | 12.81% | 3,565 | 1.32% | 1.30% | (0.02%) | |||||||||||||||||||||||||||||||||||||
9/30/19 | 12.87 | 0.08 | (0.51) | (0.43) | (0.07) | (0.46) | (0.53) | 11.91 | (2.77%) | 5,465 | 1.23% | 1.22% | 0.65% | |||||||||||||||||||||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.25 | $0.02 | $0.75 | $0.77 | $(0.13) | $(0.11) | $(0.24) | $7.78 | 10.88%b | $599 | 1.56%a | 1.51%a | 0.64%a | |||||||||||||||||||||||||||||||||||||
9/30/23 | 6.55 | 0.08 | 1.03 | 1.11 | (0.05) | (0.36) | (0.41) | 7.25 | 16.89% | 537 | 1.55% | 1.50% | 1.14% | |||||||||||||||||||||||||||||||||||||
9/30/22 | 9.33 | 0.08 | (1.69) | (1.61) | (0.15) | (1.02) | (1.17) | 6.55 | (19.69%) | 711 | 1.53% | 1.48% | 0.93% | |||||||||||||||||||||||||||||||||||||
9/30/21 | 12.45 | 0.09 | 1.73 | 1.82 | — | (4.94) | (4.94) | 9.33 | 17.41% | 1,639 | 1.47% | 1.45% | 0.88% | |||||||||||||||||||||||||||||||||||||
9/30/20 | 11.43 | (0.04) | 1.48 | 1.44 | (0.05) | (0.37) | (0.42) | 12.45 | 12.70% | 1,951 | 1.47% | 1.45% | (0.31%) | |||||||||||||||||||||||||||||||||||||
9/30/19 | 12.38 | 0.05 | (0.48) | (0.43) | (0.06) | (0.46) | (0.52) | 11.43 | (2.95%) | 4,895 | 1.38% | 1.37% | 0.48% | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.36 | $0.02 | $0.77 | $0.79 | $(0.13) | $(0.11) | $(0.24) | $7.91 | 10.88%b | $9,377 | 1.64%a | 1.59%a | 0.47%a | |||||||||||||||||||||||||||||||||||||
9/30/23 | 6.65 | 0.09 | 1.03 | 1.12 | (0.05) | (0.36) | (0.41) | 7.36 | 16.87% | 9,847 | 1.65% | 1.60% | 1.14% | |||||||||||||||||||||||||||||||||||||
9/30/22 | 9.45 | 0.08 | (1.72) | (1.64) | (0.14) | (1.02) | (1.16) | 6.65 | (19.79%) | 9,014 | 1.64% | 1.59% | 0.95% | |||||||||||||||||||||||||||||||||||||
9/30/21 | 12.56 | 0.08 | 1.75 | 1.83 | — | (4.94) | (4.94) | 9.45 | 17.30% | 13,793 | 1.57% | 1.55% | 0.82% | |||||||||||||||||||||||||||||||||||||
9/30/20 | 11.54 | (0.03) | 1.48 | 1.45 | (0.06) | (0.37) | (0.43) | 12.56 | 12.61% | 18,670 | 1.57% | 1.55% | (0.22%) | |||||||||||||||||||||||||||||||||||||
9/30/19 | 12.49 | 0.05 | (0.50) | (0.45) | (0.04) | (0.46) | (0.50) | 11.54 | (3.09%) | 22,004 | 1.48% | 1.47% | 0.46% | |||||||||||||||||||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.13 | $0.01 | $0.75 | $0.76 | $(0.12) | $(0.11) | $(0.23) | $7.66 | 10.80%b | $2,495 | 1.81%a | 1.76%a | 0.39%a | |||||||||||||||||||||||||||||||||||||
9/30/23 | 6.46 | 0.08 | 1.00 | 1.08 | (0.05) | (0.36) | (0.41) | 7.13 | 16.65% | 2,231 | 1.80% | 1.75% | 1.03% | |||||||||||||||||||||||||||||||||||||
9/30/22 | 9.22 | 0.07 | (1.67) | (1.60) | (0.14) | (1.02) | (1.16) | 6.46 | (19.87%) | 2,060 | 1.79% | 1.74% | 0.89% | |||||||||||||||||||||||||||||||||||||
9/30/21 | 12.38 | 0.07 | 1.71 | 1.78 | — | (4.94) | (4.94) | 9.22 | 17.07% | 2,294 | 1.72% | 1.70% | 0.74% | |||||||||||||||||||||||||||||||||||||
9/30/20 | 11.38 | (0.06) | 1.47 | 1.41 | (0.04) | (0.37) | (0.41) | 12.38 | 12.42% | 2,427 | 1.72% | 1.70% | (0.49%) | |||||||||||||||||||||||||||||||||||||
9/30/19 | 12.34 | 0.02 | (0.48) | (0.46) | (0.04) | (0.46) | (0.50) | 11.38 | (3.24%) | 5,415 | 1.63% | 1.62% | 0.21% | |||||||||||||||||||||||||||||||||||||
Class Y | ||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/24r | $7.94 | $0.04 | $0.82 | $0.86 | $(0.16) | $(0.11) | $(0.27) | $8.53 | 11.08%b | $103 | 1.21%a | 1.16%a | 0.97%a | |||||||||||||||||||||||||||||||||||||
9/30/23g | 8.27 | 0.12 | (0.45)aa | (0.33) | — | — | — | 7.94 | (3.99%)b | 96 | 1.20%a | 1.15%a | 2.27%a | |||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
141 | ||||
MassMutual Funds (Continued) | ||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.36 | $0.04 | $0.80 | $0.84 | $(0.01) | $— | $(0.01) | $ 10.19 | 9.00%b | $105,823 | 1.34%a | 1.15%a | 0.87%a | ||||||||||||||||||||||||||
9/30/23 | 8.22 | 0.07 | 1.11 | 1.18 | (0.04) | — | (0.04) | 9.36 | 14.31% | 98,677 | 1.38% | 1.15% | 0.70% | ||||||||||||||||||||||||||
9/30/22 | 14.93 | 0.05 | (4.73) | (4.68) | (0.20) | (1.83) | (2.03) | 8.22 | (35.67%) | 105,253 | 1.35% | 1.15% | 0.43% | ||||||||||||||||||||||||||
9/30/21 | 13.23 | 0.04 | 1.88 | 1.92 | — | (0.22) | (0.22) | 14.93 | 14.53% | 156,998 | 1.22% | 1.15% | 0.25% | ||||||||||||||||||||||||||
9/30/20 | 13.02 | 0.02 | 1.33 | 1.35 | (0.08) | (1.06) | (1.14) | 13.23 | 10.33% | 169,366 | 1.27% | 1.15% | 0.12% | ||||||||||||||||||||||||||
9/30/19 | 12.75 | 0.07 | 0.28 | 0.35 | (0.08) | — | (0.08) | 13.02 | 2.85% | 141,988 | 1.21% | 1.10% | 0.55% | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.55 | $0.03 | $0.83 | $0.86 | $(0.00)d | $— | $(0.00)d | $10.41 | 9.03%b | $128 | 1.44%a | 1.25%a | 0.70%a | ||||||||||||||||||||||||||
9/30/23 | 8.36 | 0.06 | 1.13 | 1.19 | — | — | — | 9.55 | 14.23% | 267 | 1.48% | 1.25% | 0.60% | ||||||||||||||||||||||||||
9/30/22 | 15.14 | 0.03 | (4.80) | (4.77) | (0.18) | (1.83) | (2.01) | 8.36 | (35.72%) | 225 | 1.45% | 1.23% | 0.25% | ||||||||||||||||||||||||||
9/30/21 | 13.43 | 0.03 | 1.90 | 1.93 | — | (0.22) | (0.22) | 15.14 | 14.38% | 2,703 | 1.32% | 1.25% | 0.16% | ||||||||||||||||||||||||||
9/30/20 | 13.20 | 0.00d | 1.35 | 1.35 | (0.06) | (1.06) | (1.12) | 13.43 | 10.23% | 3,165 | 1.37% | 1.25% | 0.02% | ||||||||||||||||||||||||||
9/30/19 | 12.92 | 0.06 | 0.29 | 0.35 | (0.07) | — | (0.07) | 13.20 | 2.78% | 4,295 | 1.31% | 1.22% | 0.45% | ||||||||||||||||||||||||||
Service Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.36 | $0.03 | $0.81 | $0.84 | $— | $— | $— | $10.20 | 8.97%b | $1,632 | 1.54%a | 1.35%a | 0.67%a | ||||||||||||||||||||||||||
9/30/23 | 8.22 | 0.05 | 1.10 | 1.15 | (0.01) | — | (0.01) | 9.36 | 14.04% | 1,364 | 1.58% | 1.35% | 0.49% | ||||||||||||||||||||||||||
9/30/22 | 14.93 | 0.02 | (4.73) | (4.71) | (0.17) | (1.83) | (2.00) | 8.22 | (35.83%) | 1,346 | 1.55% | 1.35% | 0.22% | ||||||||||||||||||||||||||
9/30/21 | 13.25 | 0.01 | 1.89 | 1.90 | — | (0.22) | (0.22) | 14.93 | 14.35% | 2,216 | 1.42% | 1.35% | 0.05% | ||||||||||||||||||||||||||
9/30/20 | 13.05 | (0.01) | 1.33 | 1.32 | (0.06) | (1.06) | (1.12) | 13.25 | 10.12% | 2,473 | 1.47% | 1.35% | (0.05%) | ||||||||||||||||||||||||||
9/30/19 | 12.73 | 0.05 | 0.29 | 0.34 | (0.02) | — | (0.02) | 13.05 | 2.71% | 419 | 1.41% | 1.31% | 0.42% | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024b,r | Year Ended September 30 | |||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||
Portfolio turnover rate | 29% | 38% | 55% | 48% | 71% | 32% | ||||||||||||
a | Annualized. |
b | Percentage represents the results for the period and is not annualized |
c | Per share amount calculated on the average shares method. |
d | Amount is less than $0.005 per share. |
j | Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund. |
l | Employee retirement benefit plans that invest plan assets in the Separate Investment Accounts (SIAs) may be subject to certain charges as set forth in their respective Plan Documents. Total return figures would be lower for the periods presented if they reflected these charges. |
m | Total return excludes sales charges, if any, and would be lower for the period presented if it reflected these charges. |
q | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds, as applicable. |
r | Unaudited. |
bb | The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure. |
The accompanying notes are an integral part of the financial statements. | ||||
142 | ||||
Income (loss) from investment operations | Less distributions to shareholders | Ratios / Supplemental Data | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of the period | Net investment income (loss)c,j | Net realized and unrealized gain (loss) on investments | Total income (loss) from investment operations | From net investment income | From net realized gains | Total distributions | Net asset value, end of the period | Total returnl,m | Net assets, end of the period (000’s) | Ratio of expenses to average daily net assets before expense waiversq | Ratio of expenses to average daily net assets after expense waiversj,q | Net investment income (loss) to average daily net assets | |||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.39 | $0.03 | $0.80 | $0.83 | $— | $— | $— | $ 10.22 | 8.84%b | $279 | 1.64%a | 1.45%a | 0.61%a | ||||||||||||||||||||||||||
9/30/23 | 8.24 | 0.04 | 1.11 | 1.15 | (0.00)d | — | (0.00)d | 9.39 | 13.99% | 287 | 1.68% | 1.45% | 0.41% | ||||||||||||||||||||||||||
9/30/22 | 14.96 | (0.01)bb | (4.72) | (4.73) | (0.16) | (1.83) | (1.99) | 8.24 | (35.90%) | 233 | 1.65% | 1.45% | (0.06%) | ||||||||||||||||||||||||||
9/30/21 | 13.29 | (0.01) | 1.90 | 1.89 | — | (0.22) | (0.22) | 14.96 | 14.23% | 1,017 | 1.52% | 1.45% | (0.03%) | ||||||||||||||||||||||||||
9/30/20 | 13.08 | (0.02) | 1.33 | 1.31 | (0.04) | (1.06) | (1.10) | 13.29 | 9.96% | 989 | 1.57% | 1.45% | (0.16%) | ||||||||||||||||||||||||||
9/30/19 | 12.78 | 0.03 | 0.30 | 0.33 | (0.03) | — | (0.03) | 13.08 | 2.61% | 927 | 1.51% | 1.41% | 0.24% | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.26 | $0.02 | $0.79 | $0.81 | $— | $— | $— | $10.07 | 8.75%b | $426 | 1.79%a | 1.60%a | 0.43%a | ||||||||||||||||||||||||||
9/30/23 | 8.13 | 0.02 | 1.11 | 1.13 | — | — | — | 9.26 | 13.90% | 379 | 1.83% | 1.60% | 0.25% | ||||||||||||||||||||||||||
9/30/22 | 14.71 | (0.00)d,bb | (4.69) | (4.69) | (0.06) | (1.83) | (1.89) | 8.13 | (35.99%) | 307 | 1.80% | 1.60% | (0.02%) | ||||||||||||||||||||||||||
9/30/21 | 13.10 | (0.05) | 1.88 | 1.83 | — | (0.22) | (0.22) | 14.71 | 13.98% | 443 | 1.67% | 1.60% | (0.32%) | ||||||||||||||||||||||||||
9/30/20 | 12.90 | (0.04) | 1.32 | 1.28 | (0.02) | (1.06) | (1.08) | 13.10 | 9.84% | 1,237 | 1.72% | 1.60% | (0.30%) | ||||||||||||||||||||||||||
9/30/19 | 12.63 | 0.01 | 0.29 | 0.30 | (0.03) | — | (0.03) | 12.90 | 2.38% | 1,337 | 1.66% | 1.57% | 0.05% | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.33 | $0.00d | $0.81 | $0.81 | $— | $— | $— | $10.14 | 8.68%b | $65 | 1.87%a | 1.69%a | 0.01%a | ||||||||||||||||||||||||||
9/30/23 | 8.21 | 0.01 | 1.11 | 1.12 | — | — | — | 9.33 | 13.64% | 153 | 1.93% | 1.70% | 0.15% | ||||||||||||||||||||||||||
9/30/22 | 14.77 | (0.02)bb | (4.71) | (4.73) | — | (1.83) | (1.83) | 8.21 | (35.99%) | 140 | 1.90% | 1.68% | (0.15%) | ||||||||||||||||||||||||||
9/30/21 | 13.17 | (0.06) | 1.88 | 1.82 | — | (0.22) | (0.22) | 14.77 | 13.83% | 635 | 1.77% | 1.70% | (0.36%) | ||||||||||||||||||||||||||
9/30/20 | 12.98 | (0.05) | 1.32 | 1.27 | (0.02) | (1.06) | (1.08) | 13.17 | 9.75% | 2,029 | 1.82% | 1.70% | (0.42%) | ||||||||||||||||||||||||||
9/30/19 | 12.73 | 0.01 | 0.28 | 0.29 | (0.04) | — | (0.04) | 12.98 | 2.32% | 885 | 1.76% | 1.68% | 0.09% | ||||||||||||||||||||||||||
Class R3 | |||||||||||||||||||||||||||||||||||||||
3/31/24r | $9.11 | $0.01 | $0.78 | $0.79 | $— | $— | $— | $9.90 | 8.67%b | $535 | 2.04%a | 1.85%a | 0.17%a | ||||||||||||||||||||||||||
9/30/23 | 8.03 | 0.00d | 1.08 | 1.08 | — | — | — | 9.11 | 13.45% | 493 | 2.08% | 1.85% | 0.01% | ||||||||||||||||||||||||||
9/30/22 | 14.62 | (0.03)bb | (4.64) | (4.67) | (0.09) | (1.83) | (1.92) | 8.03 | (36.15%) | 546 | 2.05% | 1.85% | (0.29%) | ||||||||||||||||||||||||||
9/30/21 | 13.05 | (0.06) | 1.85 | 1.79 | — | (0.22) | (0.22) | 14.62 | 13.72% | 1,120 | 1.92% | 1.85% | (0.42%) | ||||||||||||||||||||||||||
9/30/20 | 12.87 | (0.07) | 1.31 | 1.24 | (0.00)d | (1.06) | (1.06) | 13.05 | 9.57% | 992 | 1.97% | 1.85% | (0.58%) | ||||||||||||||||||||||||||
9/30/19 | 12.60 | (0.02) | 0.29 | 0.27 | — | — | — | 12.87 | 2.14% | 750 | 1.91% | 1.81% | (0.15%) | ||||||||||||||||||||||||||
The accompanying notes are an integral part of the financial statements. | ||||
143 | ||||
Notes to Financial Statements (Unaudited) | ||
1. | The Funds |
2. | Significant Accounting Policies |
144 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
145 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
146 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Short-Duration Bond Fund | ||||||||||||
Asset Investments | ||||||||||||
Corporate Debt | $ — | $ 79,741,526 | $ — | $ 79,741,526 | ||||||||
Non-U.S. Government Agency Obligations | — | 75,873,305 | — | 75,873,305 | ||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 63,750 | — | 63,750 | ||||||||
Short-Term Investments | 775,860 | 16,516,414 | — | 17,292,274 | ||||||||
Total Investments | $775,860 | $172,194,995 | $— | $172,970,855 | ||||||||
Liability Derivatives | ||||||||||||
Futures Contracts | $(208,622) | $— | $— | $(208,622) | ||||||||
Inflation-Protected and Income Fund | ||||||||||||
Asset Investments | ||||||||||||
Corporate Debt | $— | $1,342,035 | $— | $1,342,035 | ||||||||
Non-U.S. Government Agency Obligations | — | 128,401,509 | 4,146,691 | 132,548,200 | ||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 28,122,958 | — | 28,122,958 | ||||||||
U.S. Treasury Obligations | — | 50,687,781 | — | 50,687,781 | ||||||||
Short-Term Investments | — | 38,957,211 | — | 38,957,211 | ||||||||
Total Investments | $— | $247,511,494 | $4,146,691 | $251,658,185 | ||||||||
Asset Derivatives | ||||||||||||
Futures Contracts | $50,371 | $— | $— | $50,371 | ||||||||
Swap Agreements | — | 4,744,184 | — | 4,744,184 | ||||||||
Total | $50,371 | $4,744,184 | $— | $4,794,555 | ||||||||
Liability Derivatives | ||||||||||||
Futures Contracts | $(2,463) | $— | $— | $(2,463) | ||||||||
Swap Agreements | — | (193,738) | — | (193,738) | ||||||||
Total | $(2,463) | $(193,738) | $— | $(196,201) | ||||||||
Core Bond Fund | ||||||||||||
Asset Investments | ||||||||||||
Corporate Debt | $— | $247,616,614 | $— | $247,616,614 | ||||||||
Non-U.S. Government Agency Obligations | — | 151,502,211 | — | 151,502,211 | ||||||||
Sovereign Debt Obligations | — | 1,479,863 | — | 1,479,863 | ||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 185,833,048 | — | 185,833,048 | ||||||||
U.S. Treasury Obligations | — | 55,151,235 | — | 55,151,235 | ||||||||
Short-Term Investments | 4,602,658 | 81,911,370 | — | 86,514,028 | ||||||||
Total Investments | $4,602,658 | $723,494,341 | $— | $728,096,999 | ||||||||
Asset Derivatives | ||||||||||||
Futures Contracts | $413,413 | $— | $— | $413,413 | ||||||||
Liability Derivatives | ||||||||||||
Futures Contracts | $(28,866) | $— | $— | $(28,866) | ||||||||
Diversified Bond Fund | ||||||||||||
Asset Investments | ||||||||||||
Preferred Stock | $355,040 | $— | $— | $355,040 | ||||||||
Corporate Debt | — | 56,162,458 | — | 56,162,458 | ||||||||
147 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Diversified Bond Fund (Continued) | ||||||||||||
Asset Investments (Continued) | ||||||||||||
Non-U.S. Government Agency Obligations | $ — | $ 34,159,357 | $ — | $ 34,159,357 | ||||||||
Sovereign Debt Obligations | — | 144,823 | — | 144,823 | ||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 28,214,663 | — | 28,214,663 | ||||||||
U.S. Treasury Obligations | — | 7,468,475 | — | 7,468,475 | ||||||||
Purchased Options | — | 392 | — | 392 | ||||||||
Warrants | — | — | 4,148 | 4,148 | ||||||||
Short-Term Investments | 1,506,933 | 19,783,733 | — | 21,290,666 | ||||||||
Total Investments | $1,861,973 | $145,933,901 | $4,148 | $147,800,022 | ||||||||
Asset Derivatives | ||||||||||||
Forward Contracts | $— | $70,217 | $— | $70,217 | ||||||||
Futures Contracts | 177,917 | — | — | 177,917 | ||||||||
Total | $177,917 | $70,217 | $— | $248,134 | ||||||||
Liability Derivatives | ||||||||||||
Forward Contracts | $— | $(59,374) | $— | $(59,374) | ||||||||
Futures Contracts | (27,782) | — | — | (27,782) | ||||||||
Total | $(27,782) | $(59,374) | $— | $(87,156) | ||||||||
High Yield Fund | ||||||||||||
Asset Investments | ||||||||||||
Bank Loans | $— | $36,066,358 | $— | $36,066,358 | ||||||||
Corporate Debt | — | 332,137,293 | — | 332,137,293 | ||||||||
Short-Term Investments | 15,162,615 | 3,997,590 | — | 19,160,205 | ||||||||
Total Investments | $15,162,615 | $372,201,241 | $— | $387,363,856 | ||||||||
Balanced Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock | $69,934,481 | $— | $— | $69,934,481 | ||||||||
Corporate Debt | — | 11,522,840 | — | 11,522,840 | ||||||||
Non-U.S. Government Agency Obligations | — | 4,016,729 | — | 4,016,729 | ||||||||
U.S. Government Agency Obligations and Instrumentalities | — | 10,485,805 | — | 10,485,805 | ||||||||
U.S. Treasury Obligations | — | 12,931,110 | — | 12,931,110 | ||||||||
Short-Term Investments | — | 2,489,655 | — | 2,489,655 | ||||||||
Total Investments | $69,934,481 | $41,446,139 | $— | $111,380,620 | ||||||||
Asset Derivatives | ||||||||||||
Futures Contracts | $681 | $— | $— | $681 | ||||||||
Liability Derivatives | ||||||||||||
Futures Contracts | $(10,845) | $— | $— | $(10,845) | ||||||||
Disciplined Value Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock | $43,871,280 | $— | $— | $43,871,280 | ||||||||
Short-Term Investments | 55,539 | 122,830 | — | 178,369 | ||||||||
Total Investments | $43,926,819 | $122,830 | $— | $44,049,649 | ||||||||
148 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Main Street Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock | $71,025,082 | $825,065* | $— | $71,850,147 | ||||||||
Short-Term Investments | 379,665 | 330,759 | — | 710,424 | ||||||||
Total Investments | $71,404,747 | $1,155,824 | $— | $72,560,571 | ||||||||
Disciplined Growth Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock | $ 190,076,313 | $ — | $ — | $ 190,076,313 | ||||||||
Short-Term Investments | 664,731 | 1,474,639 | — | 2,139,370 | ||||||||
Total Investments | $190,741,044 | $1,474,639 | $— | $192,215,683 | ||||||||
Global Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock* | ||||||||||||
Canada | $1,250,163 | $— | $— | $1,250,163 | ||||||||
China | 3,831,432 | 948,300 | — | 4,779,732 | ||||||||
Denmark | — | 9,797,032 | — | 9,797,032 | ||||||||
France | — | 23,029,515 | — | 23,029,515 | ||||||||
Germany | — | 7,184,138 | — | 7,184,138 | ||||||||
India | 2,777,460 | 11,778,706 | — | 14,556,166 | ||||||||
Israel | 2,842,322 | — | — | 2,842,322 | ||||||||
Italy | — | 2,206,591 | — | 2,206,591 | ||||||||
Japan | — | 8,829,648 | — | 8,829,648 | ||||||||
Netherlands | — | 4,239,128 | — | 4,239,128 | ||||||||
Spain | — | 2,309,846 | — | 2,309,846 | ||||||||
Sweden | — | 9,158,979 | — | 9,158,979 | ||||||||
Switzerland | — | 1,621,988 | — | 1,621,988 | ||||||||
United States | 109,457,177 | — | — | 109,457,177 | ||||||||
Short-Term Investments | 1,656,800 | 1,433,512 | — | 3,090,312 | ||||||||
Total Investments | $121,815,354 | $82,537,383 | $— | $204,352,737 | ||||||||
International Equity Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock* | ||||||||||||
Australia | $74,997 | $1,434,114 | $— | $1,509,111 | ||||||||
Belgium | 216,972 | 968,696 | — | 1,185,668 | ||||||||
Canada | 7,239,811 | — | — | 7,239,811 | ||||||||
Denmark | — | 153,715 | — | 153,715 | ||||||||
Finland | — | 2,348,598 | — | 2,348,598 | ||||||||
France | — | 11,798,750 | — | 11,798,750 | ||||||||
Germany | — | 9,516,015 | — | 9,516,015 | ||||||||
Hong Kong | — | 3,096,078 | — | 3,096,078 | ||||||||
Ireland | 432,899 | 719,404 | — | 1,152,303 | ||||||||
Israel | 293,578 | — | — | 293,578 | ||||||||
Italy | 29,118 | 104,450 | — | 133,568 | ||||||||
Japan | — | 18,205,034 | — | 18,205,034 | ||||||||
Luxembourg | — | 273,737 | — | 273,737 | ||||||||
Netherlands | — | 5,590,414 | — | 5,590,414 | ||||||||
Norway | — | 612,773 | — | 612,773 | ||||||||
149 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Level 1 | Level 2 | Level 3 | Total | |||||||||
International Equity Fund (Continued) | ||||||||||||
Asset Investments (Continued) | ||||||||||||
Common Stock* (Continued) | ||||||||||||
Republic of Korea | $ — | $ 473,011 | $ — | $ 473,011 | ||||||||
Singapore | — | 377,135 | — | 377,135 | ||||||||
Spain | — | 4,205,561 | — | 4,205,561 | ||||||||
Sweden | — | 3,181,875 | — | 3,181,875 | ||||||||
Switzerland | — | 5,970,769 | — | 5,970,769 | ||||||||
United Kingdom | — | 21,687,477 | — | 21,687,477 | ||||||||
United States | 569,222 | 15,531,953 | — | 16,101,175 | ||||||||
Preferred Stock* | ||||||||||||
Germany | — | 182,353 | — | 182,353 | ||||||||
Short-Term Investments | 599,797 | 2,783,022 | — | 3,382,819 | ||||||||
Total Investments | $9,456,394 | $109,214,934 | $— | $118,671,328 | ||||||||
Strategic Emerging Markets Fund | ||||||||||||
Asset Investments | ||||||||||||
Common Stock* | ||||||||||||
Brazil | $4,381,254 | $2,019,057 | $— | $6,400,311 | ||||||||
Chile | 879,528 | 799,230 | — | 1,678,758 | ||||||||
China | 12,497,019 | 5,921,352 | — | 18,418,371 | ||||||||
France | — | 5,872,534 | — | 5,872,534 | ||||||||
Hong Kong | — | 53,688 | — | 53,688 | ||||||||
India | — | 17,319,884 | — | 17,319,884 | ||||||||
Indonesia | — | 1,503,129 | — | 1,503,129 | ||||||||
Italy | 227,646 | 1,820,786 | — | 2,048,432 | ||||||||
Japan | — | 2,387,479 | — | 2,387,479 | ||||||||
Mexico | 2,385,382 | 12,483,695 | — | 14,869,077 | ||||||||
Netherlands | 700,034 | — | — | 700,034 | ||||||||
Peru | 1,374,924 | — | — | 1,374,924 | ||||||||
Philippines | — | 1,719,353 | — | 1,719,353 | ||||||||
Poland | — | 161,526 | — | 161,526 | ||||||||
Portugal | — | 1,746,371 | — | 1,746,371 | ||||||||
Republic of Korea | — | 12,288,872 | — | 12,288,872 | ||||||||
Russia | — | — | —+ | — | ||||||||
South Africa | — | 912,151 | — | 912,151 | ||||||||
Switzerland | — | 2,434,234 | — | 2,434,234 | ||||||||
Taiwan | — | 10,669,347 | — | 10,669,347 | ||||||||
Turkey | — | 1,138,638 | — | 1,138,638 | ||||||||
United Arab Emirates | — | 335,303 | — | 335,303 | ||||||||
United Kingdom | — | 1,127,754 | — | 1,127,754 | ||||||||
Preferred Stock* | ||||||||||||
Brazil | — | 1,150,537 | — | 1,150,537 | ||||||||
Short-Term Investments | — | 2,021,558 | — | 2,021,558 | ||||||||
Total Investments | $22,445,787 | $85,886,478 | $ — | $108,332,265 | ||||||||
* | 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 March 31, 2024. |
150 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Asset Valuation Inputs | |||||||||||||||||||||||||||||||||
Investments in Securities | |||||||||||||||||||||||||||||||||
Balance as of 9-30-23 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | (Sales) | Transfers into Level 3 | Transfers (out) of Level 3 | Balance as of 3-31-24 | Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 3/31/24 | ||||||||||||||||||||||||
Inflation-Protected and Income Fund | |||||||||||||||||||||||||||||||||
Non-U.S. Government Agency Obligations | $ — | $ — | $ — | $ — | $4,500,000 | $(353,309) | $ — | $ — | $4,146,691 | $ — | |||||||||||||||||||||||
Fair Value | Valuation Technique(s) | Unobservable Input Description | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value | |||||||||||
Inflation-Protected and Income Fund | |||||||||||||||
Fixed Income | $4,146,691 | Cost approach | Transaction price | $ 100 | $ 100 | ||||||||||
Total | $4,146,691 | ||||||||||||||
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
151 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest/ Inflation Rate Risk | Total | |||||||||||||||
Short-Duration Bond Fund | |||||||||||||||||||
Liability Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $(208,622) | $(208,622) | ||||||||||||||
Realized Gain (Loss)# | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $(63,258) | $(63,258) | ||||||||||||||
Swap Agreements | (281,746) | — | — | (259,328) | (541,074) | ||||||||||||||
Total Realized Gain (Loss) | $(281,746) | $— | $— | $(322,586) | $(604,332) | ||||||||||||||
Change in Appreciation (Depreciation)## | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $(414,430) | $(414,430) | ||||||||||||||
Swap Agreements | (54,163) | — | — | 70,476 | 16,313 | ||||||||||||||
Total Change in Appreciation (Depreciation) | $(54,163) | $— | $— | $(343,954) | $(398,117) | ||||||||||||||
Inflation-Protected and Income Fund | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $50,371 | $50,371 | ||||||||||||||
Swap Agreements* | — | 4,684,654 | — | — | 4,684,654 | ||||||||||||||
Swap Agreements^^,^^^ | — | — | — | 59,530 | 59,530 | ||||||||||||||
Total Value | $— | $4,684,654 | $— | $109,901 | $4,794,555 | ||||||||||||||
Liability Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $(2,463) | $(2,463) | ||||||||||||||
Swap Agreements^^,^^^ | — | — | — | (193,738) | (193,738) | ||||||||||||||
Total Value | $— | $— | $— | $(196,201) | $(196,201) | ||||||||||||||
Realized Gain (Loss)# | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $45,462 | $ 45,462 | ||||||||||||||
Swap Agreements | — | (6,730,558) | — | 235,378 | (6,495,180) | ||||||||||||||
Total Realized Gain (Loss) | $— | $ (6,730,558) | $— | $280,840 | $ (6,449,718) | ||||||||||||||
Change in Appreciation (Depreciation)## | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $(333,193) | $(333,193) | ||||||||||||||
Swap Agreements | — | 9,926,454 | — | (50,399) | 9,876,055 | ||||||||||||||
Total Change in Appreciation (Depreciation) | $— | $9,926,454 | $— | $(383,592) | $9,542,862 | ||||||||||||||
Core Bond Fund | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $413,413 | $413,413 | ||||||||||||||
Liability Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $(28,866) | $(28,866) | ||||||||||||||
Realized Gain (Loss)# | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $ (1,750,273) | $ (1,750,273) | ||||||||||||||
Swap Agreements | (1,264,215) | — | — | (1,675,484) | (2,939,699) | ||||||||||||||
Total Realized Gain (Loss) | $ (1,264,215) | $— | $— | $ (3,425,757) | $ (4,689,972) | ||||||||||||||
152 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Credit Risk | Equity Risk | Foreign Exchange Risk | Interest/ Inflation Rate Risk | Total | |||||||||||||||
Core Bond Fund (Continued) | |||||||||||||||||||
Change in Appreciation (Depreciation)## | |||||||||||||||||||
Futures Contracts | $ — | $ — | $ — | $ 3,946,184 | $ 3,946,184 | ||||||||||||||
Swap Agreements | (275,741) | — | — | 465,884 | 190,143 | ||||||||||||||
Total Change in Appreciation (Depreciation) | $(275,741) | $— | $— | $ 4,412,068 | $ 4,136,327 | ||||||||||||||
Diversified Bond Fund | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Purchased Options* | $— | $— | $392 | $— | $392 | ||||||||||||||
Forward Contracts* | — | — | 70,217 | — | 70,217 | ||||||||||||||
Futures Contracts^^ | — | — | — | 177,917 | 177,917 | ||||||||||||||
Total Value | $— | $— | $70,609 | $177,917 | $248,526 | ||||||||||||||
Liability Derivatives | |||||||||||||||||||
Forward Contracts^ | $— | $— | $(59,374) | $ — | $(59,374) | ||||||||||||||
Futures Contracts^^ | — | — | — | (27,782) | (27,782) | ||||||||||||||
Total Value | $— | $— | $(59,374) | $(27,782) | $(87,156) | ||||||||||||||
Realized Gain (Loss)# | |||||||||||||||||||
Purchased Options | $— | $ — | $(14,140) | $ — | $(14,140) | ||||||||||||||
Forward Contracts | — | — | (82,346) | — | (82,346) | ||||||||||||||
Futures Contracts | — | — | — | (273,009) | (273,009) | ||||||||||||||
Swap Agreements | (273,390) | — | — | (285,642) | (559,032) | ||||||||||||||
Written Options | — | — | 17,276 | — | 17,276 | ||||||||||||||
Total Realized Gain (Loss) | $(273,390) | $— | $(79,210) | $(558,651) | $(911,251) | ||||||||||||||
Change in Appreciation (Depreciation)## | |||||||||||||||||||
Purchased Options | $— | $— | $8,369 | $— | $8,369 | ||||||||||||||
Forward Contracts | — | — | 62,519 | — | 62,519 | ||||||||||||||
Futures Contracts | — | — | — | 1,197,122 | 1,197,122 | ||||||||||||||
Swap Agreements | (59,087) | — | — | 44,198 | (14,889) | ||||||||||||||
Written Options | — | — | (8,689) | — | (8,689) | ||||||||||||||
Total Change in Appreciation (Depreciation) | $(59,087) | $— | $62,199 | $ 1,241,320 | $ 1,244,432 | ||||||||||||||
Balanced Fund | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $681 | $681 | ||||||||||||||
Liability Derivatives | |||||||||||||||||||
Futures Contracts^^ | $— | $— | $— | $(10,845) | $(10,845) | ||||||||||||||
Realized Gain (Loss)# | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $(14,122) | $(14,122) | ||||||||||||||
Change in Appreciation (Depreciation)## | |||||||||||||||||||
Futures Contracts | $— | $— | $— | $(52,218) | $(52,218) | ||||||||||||||
* | Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts or open swap agreements, at value, as applicable. |
^ | Statements of Assets and Liabilities location: Payables for: open forward contracts, as applicable. |
153 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
^^ | Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities. |
^^^ | Represents centrally cleared swaps, which are not subject to a master netting agreement or similar agreement. |
# | Statements of Operations location: Amounts are included in net realized gain (loss) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable. |
## | Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable. |
Average Number of Contracts, Notional Amounts, or Shares/Units† | |||||||||||||||
Fund Name | Futures Contracts | Forward Contracts | Swap Agreements | Purchased Options | Written Options | ||||||||||
Short-Duration Bond Fund | 891 | $— | $65,970,000 | — | — | ||||||||||
Inflation-Protected and Income Fund | 295 | — | 335,529,194 | — | — | ||||||||||
Core Bond Fund | 876 | — | 356,079,000 | — | — | ||||||||||
Diversified Bond Fund | 270 | 6,138,940 | 70,408,000 | 634,962 | 384,885 | ||||||||||
Balanced Fund | 33 | — | — | — | — | ||||||||||
† | As applicable, amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended March 31, 2024. |
154 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Counterparty | Derivative Assets Subject to an MNA by Counterparty† | Financial Instruments Available for Offset | Collateral Received*** | Net Amount* | ||||||||
Inflation-Protected and Income Fund | ||||||||||||
Barclays PLC | $ 1,592,351 | $ — | $ (260,000) | $ 1,332,351 | ||||||||
BNP Paribas SA | 515,673 | — | — | 515,673 | ||||||||
Goldman Sachs International | 2,576,630 | — | (1,390,000) | 1,186,630 | ||||||||
$4,684,654 | $— | $(1,650,000) | $3,034,654 | |||||||||
Diversified Bond Fund | ||||||||||||
Bank of America N.A. | $3,437 | $(3,437) | $— | $— | ||||||||
Citibank N.A. | 14,866 | (10,866) | — | 4,000 | ||||||||
Goldman Sachs International | 45,409 | (9,698) | — | 35,711 | ||||||||
HSBC Bank PLC | 4,280 | (4,280) | — | — | ||||||||
Morgan Stanley & Co. LLC | 2,617 | (2,617) | — | — | ||||||||
$70,609 | $(30,898) | $— | $39,711 | |||||||||
Counterparty | Derivative Liabilities Subject to an MNA by Counterparty† | Financial Instruments Available for Offset | Collateral Pledged*** | Net Amount** | ||||||||
Diversified Bond Fund | ||||||||||||
Bank of America N.A. | $ (6,477) | $ 3,437 | $ — | $ (3,040) | ||||||||
BNP Paribas SA | (10,169) | — | — | (10,169) | ||||||||
Citibank N.A. | (10,866) | 10,866 | — | — | ||||||||
Goldman Sachs International | (9,698) | 9,698 | — | — | ||||||||
HSBC Bank PLC | (17,307) | 4,280 | — | (13,027) | ||||||||
Morgan Stanley & Co. LLC | (4,857) | 2,617 | — | (2,240) | ||||||||
$(59,374) | $30,898 | $— | $(28,476) | |||||||||
* | Represents the net amount receivable from the counterparty in the event of default. |
** | Represents the net amount payable to the counterparty in the event of default. |
*** | The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0. |
† | The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement. |
155 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
156 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
157 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
158 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
159 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
160 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
161 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
162 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
163 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
3. | Investment Advisory Fees and Other Transactions |
Fund | Investment Advisory Fee | |||
U.S. Government Money Market Fund | 0.35% on the first $1 billion; and 0.33% on any excess over $1 billion | |||
Short-Duration Bond Fund | 0.35% on the first $500 million; and 0.30% on any excess over $500 million | |||
Inflation-Protected and Income Fund | 0.38% on the first $350 million; and 0.33% on any excess over $350 million | |||
Core Bond Fund | 0.38% on the first $1.5 billion; 0.33% on the next $500 million; and 0.28% on any excess over $2 billion | |||
Diversified Bond Fund | 0.40% on the first $150 million; and 0.30% on any excess over $150 million | |||
High Yield Fund | 0.48% on the first $250 million; and 0.455% on any excess over $250 million | |||
Balanced Fund | 0.48% on the first $300 million; and 0.43% on any excess over $300 million | |||
Disciplined Value Fund | 0.45% on the first $400 million; and 0.40% on any excess over $400 million | |||
Main Street Fund | 0.55% on the first $300 million; and 0.50% on any excess over $300 million | |||
Disciplined Growth Fund | 0.45% on the first $400 million; and 0.40% on any excess over $400 million | |||
Small Cap Opportunities Fund | 0.58% on the first $300 million; and 0.53% on any excess over $300 million | |||
Global Fund | 0.75% on the first $400 million; and 0.70% on any excess over $400 million | |||
International Equity Fund | 0.83% on the first $500 million; 0.78% on the next $500 million; and 0.73% on any excess over $1 billion | |||
Strategic Emerging Markets Fund | 1.00% on the first $350 million; and 0.95% on any excess over $350 million | |||
164 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
U.S. Government Money Market Fund | 0.05% | |||||
Short-Duration Bond Fund* | 0.08% | |||||
Inflation-Protected and Income Fund* | 0.08% | |||||
Core Bond Fund* | 0.10% | |||||
Diversified Bond Fund* | 0.10% | |||||
High Yield Fund* | 0.20% | |||||
* | Baring International Investment Limited (“BIIL”), a wholly-owned subsidiary of Barings, serves as a sub-subadviser of the Fund. BIIL does not receive a fee from Barings under the sub-subadvisory agreement with Barings. |
Balanced Fund* | Invesco Advisers, Inc. | ||||||
Disciplined Value Fund | Wellington Management Company LLP | ||||||
Main Street Fund | Invesco Advisers, Inc. | ||||||
Disciplined Growth Fund | Wellington Management Company LLP | ||||||
Small Cap Opportunities Fund | Invesco Advisers, Inc. | ||||||
Global Fund | Invesco Advisers, Inc. | ||||||
International Equity Fund | Thompson, Siegel & Walmsley LLC; and | ||||||
Wellington Management Company LLP | |||||||
Strategic Emerging Markets Fund | Invesco Advisers, Inc. | ||||||
* | Invesco Capital Management LLC serves as a sub-subadviser of the Fund. |
Class I | Class R5 | Service Class | Administrative Class | Class R4 | Class A | Class R3 | Class Y | Class L | Class C | |||||||||||||||||||||
U.S. Government Money Market Fund | N/A | 0.10% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Short-Duration Bond Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | 0.05% | 0.05% | ||||||||||||||||||||
Inflation-Protected and Income Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Core Bond Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Diversified Bond Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
High Yield Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.05% | N/A | None | ||||||||||||||||||||
Balanced Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Disciplined Value Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Main Street Fund* | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A |
165 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Class I | Class R5 | Service Class | Administrative Class | Class R4 | Class A | Class R3 | Class Y | Class L | Class C | |||||||||||||||||||||
Disciplined Growth Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Small Cap Opportunities Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Global Fund* | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
International Equity Fund | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
Strategic Emerging Markets Fund* | None | 0.10% | 0.20% | 0.30% | 0.20% | 0.25%** | 0.20% | 0.10% | N/A | N/A | ||||||||||||||||||||
* | Class Y is not currently available for purchase. |
** | Prior to February 1, 2024, the annual rate was 0.30%. |
Class I | Class R5 | Service Class | Administrative Class | Class R4 | Class A | Class R3 | Class Y | Class L | Class C | |||||||||||||||||||||
U.S. Government Money Market Fund | N/A | 0.54% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||
Short-Duration Bond Fund | 0.46% | 0.56% | 0.66% | 0.76% | 0.91% | 0.96% | 1.16% | 0.51% | 0.76% | 1.01% | ||||||||||||||||||||
Core Bond Fund | 0.42% | 0.52% | 0.62% | 0.72% | 0.87% | 0.92% | 1.12% | 0.52% | N/A | N/A | ||||||||||||||||||||
High Yield Fund | 0.54% | 0.64% | 0.74% | 0.84% | 0.99% | 1.04% | 1.24% | 0.59% | N/A | 1.54% | ||||||||||||||||||||
Small Cap Opportunities Fund | 0.65% | 0.75% | 0.85% | 0.95% | 1.10% | 1.15% | 1.35% | 0.75% | N/A | N/A | ||||||||||||||||||||
Strategic Emerging Markets Fund* | 1.15% | 1.25% | 1.35% | 1.45% | 1.60% | 1.65% | 1.85% | 1.25% | N/A | N/A | ||||||||||||||||||||
# | Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles. |
* | Class Y is not currently available for purchase. |
Class I | Class R5 | Service Class | Administrative Class | Class R4 | Class A | Class R3 | Class Y | Class L | Class C | |||||||||||||||||||||
Short-Duration Bond Fund | 0.40% | None | None | None | None | None | None | 0.40% | 0.65% | 0.90% | ||||||||||||||||||||
Strategic Emerging Markets Fund* | 1.15% | 1.25% | 1.35% | 1.45% | 1.60% | 1.70% | 1.85% | 1.25% | N/A | N/A | ||||||||||||||||||||
# | Acquired Fund Fees and Expenses are borne indirectly by a Fund through investments in other pooled investment vehicles. |
* | Class Y is not currently available for purchase. |
166 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Rebated Commissions | |||
Main Street Fund | $ 1,221 | ||
Small Cap Opportunities Fund | 2,636 | ||
Global Fund | 830 | ||
International Equity Fund | 137 | ||
Strategic Emerging Markets Fund | 531 |
Total % Ownership by Related Party | |||
U.S. Government Money Market Fund | 86.7% | ||
Short-Duration Bond Fund | 83.9% | ||
Inflation-Protected and Income Fund | 79.2% | ||
Core Bond Fund | 94.7% | ||
Diversified Bond Fund | 93.2% | ||
High Yield Fund | 85.6% | ||
Balanced Fund | 92.7% | ||
Disciplined Value Fund | 97.7% | ||
Main Street Fund | 94.3% | ||
Disciplined Growth Fund | 97.6% | ||
Small Cap Opportunities Fund | 67.7% | ||
Global Fund | 89.7% | ||
International Equity Fund | 91.0% | ||
Strategic Emerging Markets Fund | 97.1% | ||
167 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Purchases | Sales | |||||||||||
Long-Term U.S. Government Securities | Other Long-Term Securities | Long-Term U.S. Government Securities | Other Long-Term Securities | |||||||||
Short-Duration Bond Fund | $— | $24,953,038 | $15,697 | $58,901,363 | ||||||||
Inflation-Protected and Income Fund | 49,531,744 | 50,667,717 | 63,964,281 | 50,530,116 | ||||||||
Core Bond Fund | 688,556,935 | 76,153,369 | 667,254,290 | 158,132,635 | ||||||||
Diversified Bond Fund | 58,394,922 | 17,110,972 | 63,519,801 | 41,659,716 | ||||||||
High Yield Fund | — | 137,092,266 | — | 169,225,403 | ||||||||
Balanced Fund | 55,945,445 | 10,416,995 | 55,707,245 | 22,115,206 | ||||||||
Disciplined Value Fund | — | 14,982,827 | — | 39,978,916 | ||||||||
Main Street Fund | — | 17,335,495 | — | 27,650,349 | ||||||||
Disciplined Growth Fund | — | 48,128,115 | — | 61,835,790 | ||||||||
Small Cap Opportunities Fund | — | 58,181,434 | — | 53,426,153 | ||||||||
Global Fund | — | 3,849,752 | — | 31,493,390 | ||||||||
International Equity Fund | — | 13,618,718 | — | 23,387,314 | ||||||||
Strategic Emerging Markets Fund | — | 28,569,013 | — | 28,500,532 | ||||||||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
U.S. Government Money Market Fund Class R5 | ||||||||||||
Sold | 336,805,880 | $ 336,805,879 | 231,528,021 | $ 231,528,021 | ||||||||
Issued as reinvestment of dividends | 4,524,534 | 4,524,534 | 7,693,032 | 7,693,032 | ||||||||
Redeemed | (346,584,089) | (346,584,089) | (272,440,848) | (272,440,848) | ||||||||
Net increase (decrease) | (5,253,675) | $(5,253,676) | (33,219,795) | $(33,219,795) | ||||||||
Short-Duration Bond Fund Class I | ||||||||||||
Sold | 2,451,147 | $21,559,314 | 8,666,801 | $75,259,346 | ||||||||
Issued as reinvestment of dividends | 122,103 | 1,079,122 | 382,931 | 3,314,863 | ||||||||
Redeemed | (5,728,704) | (50,270,781) | (15,271,592) | (131,959,707) | ||||||||
Net increase (decrease) | (3,155,454) | $(27,632,345) | (6,221,860) | $(53,385,498) | ||||||||
Short-Duration Bond Fund Class R5 | ||||||||||||
Sold | 583,224 | $5,145,727 | 1,767,569 | $15,294,522 | ||||||||
Issued as reinvestment of dividends | 22,923 | 203,948 | 100,861 | 876,210 | ||||||||
Redeemed | (566,032) | (5,009,184) | (4,075,011) | (35,447,895) | ||||||||
Net increase (decrease) | 40,115 | $340,491 | (2,206,581) | $(19,277,163) | ||||||||
168 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Short-Duration Bond Fund Service Class | ||||||||||||
Sold | 125,347 | $ 1,112,990 | 450,710 | $ 3,885,915 | ||||||||
Issued as reinvestment of dividends | 4,007 | 35,232 | 12,043 | 103,928 | ||||||||
Redeemed | (366,106) | (3,212,378) | (410,242) | (3,536,476) | ||||||||
Net increase (decrease) | (236,752) | $(2,064,156) | 52,511 | $453,367 | ||||||||
Short-Duration Bond Fund Administrative Class | ||||||||||||
Sold | 139,958 | $1,220,178 | 677,760 | $5,848,714 | ||||||||
Issued as reinvestment of dividends | 20,460 | 180,016 | 38,073 | 327,792 | ||||||||
Redeemed | (318,394) | (2,781,729) | (585,659) | (5,037,272) | ||||||||
Net increase (decrease) | (157,976) | $(1,381,535) | 130,174 | $1,139,234 | ||||||||
Short-Duration Bond Fund Class R4 | ||||||||||||
Sold | 633,453 | $5,655,373 | 131,209 | $1,145,653 | ||||||||
Issued as reinvestment of dividends | 8,202 | 72,955 | 21,549 | 186,887 | ||||||||
Redeemed | (73,605) | (651,652) | (781,818) | (6,759,222) | ||||||||
Net increase (decrease) | 568,050 | $5,076,676 | (629,060) | $(5,426,682) | ||||||||
Short-Duration Bond Fund Class A | ||||||||||||
Sold | 36,089 | $313,781 | 75,259 | $642,954 | ||||||||
Issued as reinvestment of dividends | 10,485 | 91,886 | 23,781 | 203,775 | ||||||||
Redeemed | (45,272) | (393,936) | (278,488) | (2,388,470) | ||||||||
Net increase (decrease) | 1,302 | $11,731 | (179,448) | $(1,541,741) | ||||||||
Short-Duration Bond Fund Class R3 | ||||||||||||
Sold | 60,506 | $529,143 | 268,834 | $2,316,577 | ||||||||
Issued as reinvestment of dividends | 10,128 | 89,043 | 23,196 | 199,553 | ||||||||
Redeemed | (163,035) | (1,421,309) | (400,080) | (3,435,021) | ||||||||
Net increase (decrease) | (92,401) | $(803,123) | (108,050) | $(918,891) | ||||||||
Short-Duration Bond Fund Class Y | ||||||||||||
Sold | 78,467 | $693,403 | 338,923 | $2,928,834 | ||||||||
Issued as reinvestment of dividends | 72,019 | 636,786 | 379,571 | 3,283,279 | ||||||||
Redeemed | (1,788,353) | (15,737,637) | (21,043,926) | (181,691,535) | ||||||||
Net increase (decrease) | (1,637,867) | $(14,407,448) | (20,325,432) | $(175,479,422) | ||||||||
Short-Duration Bond Fund Class L | ||||||||||||
Sold | 7,464 | $65,399 | 56,691 | $489,439 | ||||||||
Issued as reinvestment of dividends | 83,858 | 739,515 | 222,983 | 1,923,839 | ||||||||
Redeemed | (576,259) | (5,050,639) | (3,834,161) | (33,002,074) | ||||||||
Net increase (decrease) | (484,937) | $(4,245,725) | (3,554,487) | $(30,588,796) | ||||||||
Short-Duration Bond Fund Class C | ||||||||||||
Sold | 3 | $23 | 10,859 | $94,243 | ||||||||
Issued as reinvestment of dividends | 1,396 | 12,405 | 3,784 | 32,936 | ||||||||
Redeemed | (17,512) | (153,692) | (40,680) | (353,857) | ||||||||
Net increase (decrease) | (16,113) | $(141,264) | (26,037) | $(226,678) | ||||||||
Inflation-Protected and Income Fund Class I | ||||||||||||
Sold | 4,443,556 | $41,198,487 | 6,364,701 | $59,346,528 | ||||||||
Issued as reinvestment of dividends | 719,731 | 6,573,368 | 701,788 | 6,484,519 | ||||||||
Redeemed | (5,496,021) | (50,722,286) | (6,718,141) | (62,722,555) | ||||||||
Net increase (decrease) | (332,734) | $(2,950,431) | 348,348 | $3,108,492 | ||||||||
169 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Inflation-Protected and Income Fund Class R5 | ||||||||||||
Sold | 707,653 | $ 6,574,215 | 1,348,371 | $ 12,576,982 | ||||||||
Issued as reinvestment of dividends | 210,696 | 1,924,402 | 270,545 | 2,502,538 | ||||||||
Redeemed | (1,164,200) | (10,790,630) | (3,268,629) | (30,563,669) | ||||||||
Net increase (decrease) | (245,851) | $(2,292,013) | (1,649,713) | $(15,484,149) | ||||||||
Inflation-Protected and Income Fund Service Class | ||||||||||||
Sold | 220,578 | $2,035,139 | 606,257 | $5,636,269 | ||||||||
Issued as reinvestment of dividends | 72,060 | 656,755 | 120,185 | 1,108,108 | ||||||||
Redeemed | (712,275) | (6,615,905) | (1,712,041) | (15,898,371) | ||||||||
Net increase (decrease) | (419,637) | $(3,924,011) | (985,599) | $(9,153,994) | ||||||||
Inflation-Protected and Income Fund Administrative Class | ||||||||||||
Sold | 119,693 | $1,118,960 | 395,290 | $3,714,053 | ||||||||
Issued as reinvestment of dividends | 25,998 | 240,054 | 29,913 | 279,683 | ||||||||
Redeemed | (197,934) | (1,839,356) | (502,677) | (4,738,049) | ||||||||
Net increase (decrease) | (52,243) | $(480,342) | (77,474) | $(744,313) | ||||||||
Inflation-Protected and Income Fund Class R4 | ||||||||||||
Sold | 23,449 | $211,741 | 107,339 | $975,326 | ||||||||
Issued as reinvestment of dividends | 9,842 | 87,743 | 16,806 | 151,257 | ||||||||
Redeemed | (118,696) | (1,058,555) | (198,829) | (1,808,204) | ||||||||
Net increase (decrease) | (85,405) | $(759,071) | (74,684) | $(681,621) | ||||||||
Inflation-Protected and Income Fund Class A | ||||||||||||
Sold | 85,192 | $773,859 | 180,696 | $1,651,858 | ||||||||
Issued as reinvestment of dividends | 28,808 | 259,398 | 30,374 | 276,707 | ||||||||
Redeemed | (125,705) | (1,144,422) | (296,994) | (2,730,780) | ||||||||
Net increase (decrease) | (11,705) | $(111,165) | (85,924) | $(802,215) | ||||||||
Inflation-Protected and Income Fund Class R3 | ||||||||||||
Sold | 35,332 | $320,051 | 75,680 | $688,255 | ||||||||
Issued as reinvestment of dividends | 7,625 | 68,147 | 7,661 | 69,335 | ||||||||
Redeemed | (15,499) | (139,819) | (112,803) | (1,028,514) | ||||||||
Net increase (decrease) | 27,458 | $248,379 | (29,462) | $(270,924) | ||||||||
Inflation-Protected and Income Fund Class Y(a) | ||||||||||||
Sold | 23 | $225 | 10,718 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | 1 | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | 23 | $226 | 10,718 | $100,000 | ||||||||
Core Bond Fund Class I | ||||||||||||
Sold | 6,605,533 | $59,115,526 | 14,343,365 | $129,812,183 | ||||||||
Issued as reinvestment of dividends | 3,231,428 | 28,539,804 | 2,085,319 | 18,934,696 | ||||||||
Redeemed | (12,869,678) | (114,771,318) | (14,066,559) | (127,548,460) | ||||||||
Net increase (decrease) | (3,032,717) | $(27,115,988) | 2,362,125 | $21,198,419 | ||||||||
Core Bond Fund Class R5 | ||||||||||||
Sold | 1,280,911 | $11,502,575 | 1,851,620 | $16,878,204 | ||||||||
Issued as reinvestment of dividends | 601,428 | 5,335,625 | 553,696 | 5,049,706 | ||||||||
Redeemed | (1,533,129) | (13,747,734) | (6,792,597) | (61,570,153) | ||||||||
Net increase (decrease) | 349,210 | $3,090,466 | (4,387,281) | $(39,642,243) | ||||||||
170 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Core Bond Fund Service Class | ||||||||||||
Sold | 208,596 | $ 1,861,184 | 617,126 | $ 5,595,105 | ||||||||
Issued as reinvestment of dividends | 148,520 | 1,310,240 | 145,757 | 1,323,476 | ||||||||
Redeemed | (956,207) | (8,656,186) | (1,462,508) | (13,251,738) | ||||||||
Net increase (decrease) | (599,091) | $(5,484,762) | (699,625) | $(6,333,157) | ||||||||
Core Bond Fund Administrative Class | ||||||||||||
Sold | 290,502 | $2,567,731 | 441,686 | $3,972,540 | ||||||||
Issued as reinvestment of dividends | 199,023 | 1,737,784 | 140,073 | 1,260,653 | ||||||||
Redeemed | (230,321) | (2,030,181) | (979,141) | (8,726,243) | ||||||||
Net increase (decrease) | 259,204 | $2,275,334 | (397,382) | $(3,493,050) | ||||||||
Core Bond Fund Class R4 | ||||||||||||
Sold | 9,750 | $85,245 | 215,650 | $1,909,328 | ||||||||
Issued as reinvestment of dividends | 8,643 | 74,682 | 6,569 | 58,399 | ||||||||
Redeemed | (22,368) | (195,839) | (317,047) | (2,802,117) | ||||||||
Net increase (decrease) | (3,975) | $(35,912) | (94,828) | $(834,390) | ||||||||
Core Bond Fund Class A | ||||||||||||
Sold | 172,243 | $1,510,250 | 776,832 | $6,896,355 | ||||||||
Issued as reinvestment of dividends | 121,489 | 1,055,914 | 86,229 | 770,885 | ||||||||
Redeemed | (457,605) | (4,063,413) | (1,017,959) | (9,067,462) | ||||||||
Net increase (decrease) | (163,873) | $(1,497,249) | (154,898) | $(1,400,222) | ||||||||
Core Bond Fund Class R3 | ||||||||||||
Sold | 1,714 | $15,517 | 4,943 | $45,378 | ||||||||
Issued as reinvestment of dividends | 933 | 8,390 | 573 | 5,295 | ||||||||
Redeemed | (3,452) | (31,407) | (5,850) | (54,331) | ||||||||
Net increase (decrease) | (805) | $(7,500) | (334) | $(3,658) | ||||||||
Core Bond Fund Class Y(a) | ||||||||||||
Sold | — | $— | 10,718 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 10,718 | $100,000 | ||||||||
Diversified Bond Fund Class I | ||||||||||||
Sold | 437,645 | $3,824,015 | 838,994 | $7,479,365 | ||||||||
Issued as reinvestment of dividends | 337,134 | 2,900,803 | 342,966 | 3,066,113 | ||||||||
Redeemed | (4,066,991) | (34,913,891) | (835,239) | (7,432,279) | ||||||||
Net increase (decrease) | (3,292,212) | $(28,189,073) | 346,721 | $3,113,199 | ||||||||
Diversified Bond Fund Class R5 | ||||||||||||
Sold | 1,277,486 | $10,092,116 | 1,977,259 | $15,915,093 | ||||||||
Issued as reinvestment of dividends | 538,762 | 4,180,936 | 299,799 | 2,434,368 | ||||||||
Redeemed | (343,922) | (2,720,716) | (1,502,889) | (12,079,973) | ||||||||
Net increase (decrease) | 1,472,326 | $11,552,336 | 774,169 | $6,269,488 | ||||||||
Diversified Bond Fund Service Class | ||||||||||||
Sold | 199,121 | $1,590,655 | 117,004 | $962,705 | ||||||||
Issued as reinvestment of dividends | 31,690 | 250,599 | 23,098 | 190,793 | ||||||||
Redeemed | (213,452) | (1,699,938) | (261,320) | (2,145,669) | ||||||||
Net increase (decrease) | 17,359 | $141,316 | (121,218) | $(992,171) | ||||||||
171 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Diversified Bond Fund Administrative Class | ||||||||||||
Sold | 75,130 | $ 596,111 | 141,035 | $ 1,164,456 | ||||||||
Issued as reinvestment of dividends | 28,939 | 228,615 | 40,978 | 338,479 | ||||||||
Redeemed | (268,255) | (2,142,203) | (569,203) | (4,683,999) | ||||||||
Net increase (decrease) | (164,186) | $(1,317,477) | (387,190) | $(3,181,064) | ||||||||
Diversified Bond Fund Class R4 | ||||||||||||
Sold | 27,510 | $217,356 | 112,190 | $905,376 | ||||||||
Issued as reinvestment of dividends | 31,416 | 244,093 | 18,453 | 150,025 | ||||||||
Redeemed | (345,692) | (2,730,235) | (33,578) | (271,656) | ||||||||
Net increase (decrease) | (286,766) | $(2,268,786) | 97,065 | $783,745 | ||||||||
Diversified Bond Fund Class A | ||||||||||||
Sold | 48,834 | $396,509 | 99,451 | $813,954 | ||||||||
Issued as reinvestment of dividends | 33,189 | 263,437 | 22,797 | 188,989 | ||||||||
Redeemed | (147,749) | (1,203,739) | (182,442) | (1,501,317) | ||||||||
Net increase (decrease) | (65,726) | $(543,793) | (60,194) | $(498,374) | ||||||||
Diversified Bond Fund Class R3 | ||||||||||||
Sold | 29,109 | $233,361 | 37,159 | $302,631 | ||||||||
Issued as reinvestment of dividends | 8,047 | 63,397 | 6,176 | 50,765 | ||||||||
Redeemed | (40,057) | (318,266) | (68,163) | (552,011) | ||||||||
Net increase (decrease) | (2,901) | $(21,508) | (24,828) | $(198,615) | ||||||||
Diversified Bond Fund Class Y(a) | ||||||||||||
Sold | — | $— | 12,048 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 12,048 | $100,000 | ||||||||
High Yield Fund Class I | ||||||||||||
Sold | 5,106,842 | $39,522,376 | 9,517,250 | $72,296,066 | ||||||||
Issued as reinvestment of dividends | 1,170,436 | 9,079,816 | 2,114,155 | 16,019,963 | ||||||||
Redeemed | (11,538,283) | (89,612,143) | (8,613,549) | (65,181,684) | ||||||||
Net increase (decrease) | (5,261,005) | $(41,009,951) | 3,017,856 | $23,134,345 | ||||||||
High Yield Fund Class R5 | ||||||||||||
Sold | 672,544 | $5,235,717 | 670,049 | $5,115,989 | ||||||||
Issued as reinvestment of dividends | 151,790 | 1,186,258 | 281,451 | 2,147,064 | ||||||||
Redeemed | (401,106) | (3,101,457) | (1,288,207) | (9,806,141) | ||||||||
Net increase (decrease) | 423,228 | $3,320,518 | (336,707) | $(2,543,088) | ||||||||
High Yield Fund Service Class | ||||||||||||
Sold | 315,237 | $2,456,190 | 538,228 | $4,102,334 | ||||||||
Issued as reinvestment of dividends | 90,351 | 705,965 | 182,294 | 1,391,633 | ||||||||
Redeemed | (387,432) | (2,995,609) | (981,296) | (7,499,534) | ||||||||
Net increase (decrease) | 18,156 | $166,546 | (260,774) | $(2,005,567) | ||||||||
High Yield Fund Administrative Class | ||||||||||||
Sold | 302,539 | $2,263,629 | 330,962 | $2,484,159 | ||||||||
Issued as reinvestment of dividends | 57,392 | 440,483 | 107,348 | 804,819 | ||||||||
Redeemed | (351,893) | (2,680,030) | (538,203) | (4,022,817) | ||||||||
Net increase (decrease) | 8,038 | $24,082 | (99,893) | $(733,839) | ||||||||
172 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
High Yield Fund Class R4 | ||||||||||||
Sold | 224,229 | $ 1,688,075 | 635,653 | $ 4,681,214 | ||||||||
Issued as reinvestment of dividends | 71,514 | 538,950 | 192,337 | 1,415,316 | ||||||||
Redeemed | (400,571) | (2,992,752) | (2,835,194) | (20,862,756) | ||||||||
Net increase (decrease) | (104,828) | $(765,727) | (2,007,204) | $(14,766,226) | ||||||||
High Yield Fund Class A | ||||||||||||
Sold | 61,067 | $463,323 | 173,441 | $1,300,822 | ||||||||
Issued as reinvestment of dividends | 28,818 | 220,896 | 65,518 | 490,973 | ||||||||
Redeemed | (186,642) | (1,430,654) | (441,045) | (3,311,235) | ||||||||
Net increase (decrease) | (96,757) | $(746,435) | (202,086) | $(1,519,440) | ||||||||
High Yield Fund Class R3 | ||||||||||||
Sold | 479,580 | $3,726,826 | 541,261 | $4,114,615 | ||||||||
Issued as reinvestment of dividends | 93,906 | 729,718 | 183,609 | 1,393,522 | ||||||||
Redeemed | (533,087) | (4,116,369) | (1,046,525) | (7,950,222) | ||||||||
Net increase (decrease) | 40,399 | $340,175 | (321,655) | $(2,442,085) | ||||||||
High Yield Fund Class Y | ||||||||||||
Sold | 290,442 | $2,261,151 | 1,295,544 | $9,852,336 | ||||||||
Issued as reinvestment of dividends | 119,103 | 925,411 | 224,851 | 1,709,275 | ||||||||
Redeemed | (843,694) | (6,464,375) | (856,847) | (6,479,358) | ||||||||
Net increase (decrease) | (434,149) | $(3,277,813) | 663,548 | $5,082,253 | ||||||||
High Yield Fund Class C | ||||||||||||
Sold | 149 | $1,100 | 1,654 | $12,500 | ||||||||
Issued as reinvestment of dividends | 54 | 426 | 49 | 373 | ||||||||
Net increase (decrease) | 203 | $1,526 | 1,703 | $12,873 | ||||||||
Balanced Fund Class I | ||||||||||||
Sold | 511,220 | $5,820,100 | 402,605 | $4,207,009 | ||||||||
Issued as reinvestment of dividends | 65,903 | 723,616 | 80,117 | 834,824 | ||||||||
Redeemed | (647,808) | (7,285,887) | (1,438,957) | (15,094,805) | ||||||||
Net increase (decrease) | (70,685) | $(742,171) | (956,235) | $(10,052,972) | ||||||||
Balanced Fund Class R5 | ||||||||||||
Sold | 82,104 | $911,753 | 326,720 | $3,419,792 | ||||||||
Issued as reinvestment of dividends | 36,048 | 396,171 | 48,539 | 506,260 | ||||||||
Redeemed | (511,825) | (5,502,251) | (906,601) | (9,565,534) | ||||||||
Net increase (decrease) | (393,673) | $(4,194,327) | (531,342) | $(5,639,482) | ||||||||
Balanced Fund Service Class | ||||||||||||
Sold | 32,869 | $398,021 | 42,348 | $466,643 | ||||||||
Issued as reinvestment of dividends | 10,948 | 130,066 | 10,187 | 114,812 | ||||||||
Redeemed | (49,364) | (591,658) | (76,394) | (841,265) | ||||||||
Net increase (decrease) | (5,547) | $(63,571) | (23,859) | $(259,810) | ||||||||
Balanced Fund Administrative Class | ||||||||||||
Sold | 4,464 | $50,660 | 71,091 | $749,507 | ||||||||
Issued as reinvestment of dividends | 4,877 | 53,892 | 8,677 | 91,105 | ||||||||
Redeemed | (210,467) | (2,380,640) | (427,218) | (4,351,312) | ||||||||
Net increase (decrease) | (201,126) | $(2,276,088) | (347,450) | $(3,510,700) | ||||||||
173 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Balanced Fund Class R4 | ||||||||||||
Sold | 30,740 | $ 324,550 | 48,939 | $ 486,930 | ||||||||
Issued as reinvestment of dividends | 7,288 | 76,162 | 6,588 | 65,417 | ||||||||
Redeemed | (56,656) | (613,632) | (58,010) | (577,657) | ||||||||
Net increase (decrease) | (18,628) | $(212,920) | (2,483) | $(25,310) | ||||||||
Balanced Fund Class A | ||||||||||||
Sold | 34,131 | $359,938 | 66,980 | $678,343 | ||||||||
Issued as reinvestment of dividends | 14,784 | 157,001 | 16,572 | 167,048 | ||||||||
Redeemed | (85,308) | (918,485) | (308,524) | (3,105,917) | ||||||||
Net increase (decrease) | (36,393) | $(401,546) | (224,972) | $(2,260,526) | ||||||||
Balanced Fund Class R3 | ||||||||||||
Sold | 57,968 | $611,391 | 92,234 | $908,007 | ||||||||
Issued as reinvestment of dividends | 10,868 | 112,924 | 11,037 | 108,827 | ||||||||
Redeemed | (86,688) | (899,713) | (232,080) | (2,277,745) | ||||||||
Net increase (decrease) | (17,852) | $(175,398) | (128,809) | $(1,260,911) | ||||||||
Balanced Fund Class Y(a) | ||||||||||||
Sold | — | $— | 9,488 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 9,488 | $100,000 | ||||||||
Disciplined Value Fund Class I | ||||||||||||
Sold | 17,609 | $226,919 | 160,298 | $2,114,750 | ||||||||
Issued as reinvestment of dividends | 50,973 | 632,068 | 213,307 | 2,730,325 | ||||||||
Redeemed | (1,428,485) | (17,796,019) | (345,549) | (4,587,160) | ||||||||
Net increase (decrease) | (1,359,903) | $(16,937,032) | 28,056 | $257,915 | ||||||||
Disciplined Value Fund Class R5 | ||||||||||||
Sold | 41,557 | $541,035 | 100,002 | $1,295,405 | ||||||||
Issued as reinvestment of dividends | 89,117 | 1,110,403 | 158,675 | 2,040,561 | ||||||||
Redeemed | (370,037) | (4,733,726) | (450,410) | (5,930,322) | ||||||||
Net increase (decrease) | (239,363) | $(3,082,288) | (191,733) | $(2,594,356) | ||||||||
Disciplined Value Fund Service Class | ||||||||||||
Sold | 10,206 | $132,236 | 95,787 | $1,235,838 | ||||||||
Issued as reinvestment of dividends | 59,591 | 732,368 | 102,366 | 1,301,070 | ||||||||
Redeemed | (202,134) | (2,610,948) | (351,576) | (4,498,251) | ||||||||
Net increase (decrease) | (132,337) | $(1,746,344) | (153,423) | $(1,961,343) | ||||||||
Disciplined Value Fund Administrative Class | ||||||||||||
Sold | 5,329 | $71,418 | 12,020 | $159,160 | ||||||||
Issued as reinvestment of dividends | 4,754 | 60,562 | 9,109 | 119,698 | ||||||||
Redeemed | (37,851) | (493,243) | (12,920) | (172,950) | ||||||||
Net increase (decrease) | (27,768) | $(361,263) | 8,209 | $105,908 | ||||||||
Disciplined Value Fund Class R4 | ||||||||||||
Sold | 15,057 | $196,306 | 12,931 | $157,000 | ||||||||
Issued as reinvestment of dividends | 1,028 | 12,495 | 11,124 | 137,935 | ||||||||
Redeemed | (13,053) | (162,953) | (102,130) | (1,293,231) | ||||||||
Net increase (decrease) | 3,032 | $45,848 | (78,075) | $(998,296) | ||||||||
174 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Disciplined Value Fund Class A | ||||||||||||
Sold | 7,920 | $ 99,988 | 29,966 | $ 376,226 | ||||||||
Issued as reinvestment of dividends | 23,642 | 286,779 | 34,858 | 437,463 | ||||||||
Redeemed | (78,007) | (1,010,224) | (85,135) | (1,063,109) | ||||||||
Net increase (decrease) | (46,445) | $(623,457) | (20,311) | $(249,420) | ||||||||
Disciplined Value Fund Class R3 | ||||||||||||
Sold | 7,716 | $101,542 | 54,618 | $693,029 | ||||||||
Issued as reinvestment of dividends | 9,417 | 116,304 | 30,556 | 388,059 | ||||||||
Redeemed | (7,662) | (99,444) | (247,634) | (3,249,112) | ||||||||
Net increase (decrease) | 9,471 | $118,402 | (162,460) | $(2,168,024) | ||||||||
Disciplined Value Fund Class Y(a) | ||||||||||||
Sold | — | $— | 7,547 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 7,547 | $100,000 | ||||||||
Main Street Fund Class I | ||||||||||||
Sold | 62,599 | $659,678 | 24,954 | $241,165 | ||||||||
Issued as reinvestment of dividends | 30,463 | 285,744 | 42,481 | 380,210 | ||||||||
Redeemed | (157,873) | (1,576,130) | (106,730) | (996,975) | ||||||||
Net increase (decrease) | (64,811) | $(630,708) | (39,295) | $(375,600) | ||||||||
Main Street Fund Class R5 | ||||||||||||
Sold | 337,317 | $3,414,134 | 540,670 | $5,197,192 | ||||||||
Issued as reinvestment of dividends | 312,226 | 2,928,683 | 469,996 | 4,211,164 | ||||||||
Redeemed | (864,803) | (8,489,039) | (839,515) | (8,000,514) | ||||||||
Net increase (decrease) | (215,260) | $(2,146,222) | 171,151 | $1,407,842 | ||||||||
Main Street Fund Service Class | ||||||||||||
Sold | 43 | $470 | 79 | $791 | ||||||||
Issued as reinvestment of dividends | 103 | 1,029 | 138 | 1,312 | ||||||||
Redeemed | (265) | (2,708) | (87) | (945) | ||||||||
Net increase (decrease) | (119) | $(1,209) | 130 | $1,158 | ||||||||
Main Street Fund Administrative Class | ||||||||||||
Sold | 112,600 | $1,108,963 | 183,529 | $1,745,546 | ||||||||
Issued as reinvestment of dividends | 159,116 | 1,489,330 | 258,940 | 2,320,099 | ||||||||
Redeemed | (414,939) | (4,100,428) | (640,605) | (6,042,579) | ||||||||
Net increase (decrease) | (143,223) | $(1,502,135) | (198,136) | $(1,976,934) | ||||||||
Main Street Fund Class R4 | ||||||||||||
Sold | 17,562 | $166,937 | 39,475 | $364,881 | ||||||||
Issued as reinvestment of dividends | 68,578 | 613,772 | 90,052 | 775,352 | ||||||||
Redeemed | (23,280) | (220,655) | (153,242) | (1,377,182) | ||||||||
Net increase (decrease) | 62,860 | $560,054 | (23,715) | $(236,949) | ||||||||
Main Street Fund Class A | ||||||||||||
Sold | 27,775 | $273,747 | 58,211 | $547,425 | ||||||||
Issued as reinvestment of dividends | 81,592 | 742,491 | 118,713 | 1,038,736 | ||||||||
Redeemed | (149,174) | (1,428,234) | (227,204) | (2,114,285) | ||||||||
Net increase (decrease) | (39,807) | $(411,996) | (50,280) | $(528,124) | ||||||||
175 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Main Street Fund Class R3 | ||||||||||||
Sold | 1,216 | $ 11,710 | 2,992 | $ 27,681 | ||||||||
Issued as reinvestment of dividends | 5,413 | 49,424 | 11,005 | 96,841 | ||||||||
Redeemed | (8,477) | (85,341) | (46,467) | (443,876) | ||||||||
Net increase (decrease) | (1,848) | $(24,207) | (32,470) | $(319,354) | ||||||||
Disciplined Growth Fund Class I | ||||||||||||
Sold | 255,657 | $2,498,283 | 1,991,204 | $17,545,608 | ||||||||
Issued as reinvestment of dividends | 172,213 | 1,615,353 | 119,500 | 916,567 | ||||||||
Redeemed | (450,025) | (4,326,994) | (687,698) | (5,780,020) | ||||||||
Net increase (decrease) | (22,155) | $(213,358) | 1,423,006 | $12,682,155 | ||||||||
Disciplined Growth Fund Class R5 | ||||||||||||
Sold | 785,986 | $7,724,586 | 1,587,489 | $13,334,596 | ||||||||
Issued as reinvestment of dividends | 375,007 | 3,517,567 | 487,693 | 3,740,607 | ||||||||
Redeemed | (823,995) | (8,056,650) | (3,543,488) | (30,213,080) | ||||||||
Net increase (decrease) | 336,998 | $3,185,503 | (1,468,306) | $(13,137,877) | ||||||||
Disciplined Growth Fund Service Class | ||||||||||||
Sold | 17,149 | $168,850 | 330,059 | $2,888,674 | ||||||||
Issued as reinvestment of dividends | 37,760 | 356,459 | 92,189 | 712,618 | ||||||||
Redeemed | (628,602) | (6,058,766) | (909,846) | (7,842,681) | ||||||||
Net increase (decrease) | (573,693) | $(5,533,457) | (487,598) | $(4,241,389) | ||||||||
Disciplined Growth Fund Administrative Class | ||||||||||||
Sold | 102,351 | $1,034,842 | 254,222 | $2,075,512 | ||||||||
Issued as reinvestment of dividends | 90,709 | 877,160 | 143,201 | 1,134,152 | ||||||||
Redeemed | (326,514) | (3,267,092) | (1,316,882) | (10,575,413) | ||||||||
Net increase (decrease) | (133,454) | $(1,355,090) | (919,459) | $(7,365,749) | ||||||||
Disciplined Growth Fund Class R4 | ||||||||||||
Sold | 62,471 | $577,954 | 82,823 | $641,231 | ||||||||
Issued as reinvestment of dividends | 34,187 | 300,501 | 42,197 | 305,507 | ||||||||
Redeemed | (216,191) | (1,885,758) | (253,639) | (1,933,624) | ||||||||
Net increase (decrease) | (119,533) | $(1,007,303) | (128,619) | $(986,886) | ||||||||
Disciplined Growth Fund Class A | ||||||||||||
Sold | 23,049 | $213,628 | 182,991 | $1,455,844 | ||||||||
Issued as reinvestment of dividends | 44,996 | 402,264 | 101,112 | 744,187 | ||||||||
Redeemed | (143,275) | (1,425,857) | (1,320,431) | (10,770,423) | ||||||||
Net increase (decrease) | (75,230) | $(809,965) | (1,036,328) | $(8,570,392) | ||||||||
Disciplined Growth Fund Class R3 | ||||||||||||
Sold | 128,552 | $1,159,924 | 94,731 | $730,073 | ||||||||
Issued as reinvestment of dividends | 25,313 | 219,465 | 28,906 | 206,964 | ||||||||
Redeemed | (148,272) | (1,320,809) | (145,268) | (1,115,633) | ||||||||
Net increase (decrease) | 5,593 | $58,580 | (21,631) | $(178,596) | ||||||||
Disciplined Growth Fund Class Y(a) | ||||||||||||
Sold | — | $— | 12,674 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 12,674 | $100,000 | ||||||||
176 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Small Cap Opportunities Fund Class I | ||||||||||||
Sold | 1,962,409 | $ 32,191,707 | 2,125,146 | $ 34,048,068 | ||||||||
Issued as reinvestment of dividends | 410,985 | 6,551,095 | 90,919 | 1,438,337 | ||||||||
Redeemed | (1,052,127) | (17,334,558) | (990,262) | (15,760,296) | ||||||||
Net increase (decrease) | 1,321,267 | $21,408,244 | 1,225,803 | $19,726,109 | ||||||||
Small Cap Opportunities Fund Class R5 | ||||||||||||
Sold | 571,231 | $9,255,725 | 1,224,245 | $19,537,458 | ||||||||
Issued as reinvestment of dividends | 326,606 | 5,186,500 | 89,462 | 1,410,819 | ||||||||
Redeemed | (1,092,192) | (17,880,465) | (1,779,536) | (28,551,956) | ||||||||
Net increase (decrease) | (194,355) | $(3,438,240) | (465,829) | $(7,603,679) | ||||||||
Small Cap Opportunities Fund Service Class | ||||||||||||
Sold | 115,461 | $1,873,396 | 183,329 | $2,894,968 | ||||||||
Issued as reinvestment of dividends | 48,443 | 766,370 | 13,174 | 207,096 | ||||||||
Redeemed | (187,280) | (2,980,263) | (323,049) | (5,271,747) | ||||||||
Net increase (decrease) | (23,376) | $(340,497) | (126,546) | $(2,169,683) | ||||||||
Small Cap Opportunities Fund Administrative Class | ||||||||||||
Sold | 69,299 | $1,115,509 | 190,252 | $2,982,584 | ||||||||
Issued as reinvestment of dividends | 66,093 | 1,035,678 | 15,549 | 242,408 | ||||||||
Redeemed | (213,491) | (3,460,426) | (280,329) | (4,409,438) | ||||||||
Net increase (decrease) | (78,099) | $(1,309,239) | (74,528) | $(1,184,446) | ||||||||
Small Cap Opportunities Fund Class R4 | ||||||||||||
Sold | 117,650 | $1,834,566 | 213,779 | $3,287,991 | ||||||||
Issued as reinvestment of dividends | 48,085 | 720,788 | 8,582 | 128,301 | ||||||||
Redeemed | (210,929) | (3,309,648) | (176,570) | (2,687,284) | ||||||||
Net increase (decrease) | (45,194) | $(754,294) | 45,791 | $729,008 | ||||||||
Small Cap Opportunities Fund Class A | ||||||||||||
Sold | 424,606 | $6,933,768 | 248,064 | $3,752,629 | ||||||||
Issued as reinvestment of dividends | 120,050 | 1,811,552 | 23,762 | 357,851 | ||||||||
Redeemed | (535,526) | (8,470,416) | (718,089) | (10,871,931) | ||||||||
Net increase (decrease) | 9,130 | $274,904 | (446,263) | $(6,761,451) | ||||||||
Small Cap Opportunities Fund Class R3 | ||||||||||||
Sold | 87,609 | $1,368,473 | 150,038 | $2,207,862 | ||||||||
Issued as reinvestment of dividends | 27,588 | 406,374 | 4,197 | 61,858 | ||||||||
Redeemed | (69,957) | (1,079,637) | (175,026) | (2,604,169) | ||||||||
Net increase (decrease) | 45,240 | $695,210 | (20,791) | $(334,449) | ||||||||
Small Cap Opportunities Fund Class Y(a) | ||||||||||||
Sold | — | $— | 5,999 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 5,999 | $100,000 | ||||||||
Global Fund Class I | ||||||||||||
Sold | 804,282 | $9,034,859 | 1,102,378 | $12,353,755 | ||||||||
Issued as reinvestment of dividends | 1,223,585 | 11,440,516 | 1,260,937 | 12,546,325 | ||||||||
Redeemed | (910,137) | (9,536,243) | (3,290,838) | (36,692,765) | ||||||||
Net increase (decrease) | 1,117,730 | $10,939,132 | (927,523) | $(11,792,685) | ||||||||
177 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Global Fund Class R5 | ||||||||||||
Sold | 376,972 | $ 4,066,002 | 645,488 | $ 7,045,309 | ||||||||
Issued as reinvestment of dividends | 1,239,479 | 11,551,942 | 1,398,752 | 13,889,612 | ||||||||
Redeemed | (504,657) | (5,202,435) | (3,503,891) | (38,563,090) | ||||||||
Net increase (decrease) | 1,111,794 | $10,415,509 | (1,459,651) | $(17,628,169) | ||||||||
Global Fund Service Class | ||||||||||||
Sold | 13,564 | $140,051 | 62,527 | $666,084 | ||||||||
Issued as reinvestment of dividends | 104,492 | 950,873 | 139,264 | 1,359,215 | ||||||||
Redeemed | (26,972) | (275,414) | (391,518) | (4,140,473) | ||||||||
Net increase (decrease) | 91,084 | $815,510 | (189,727) | $(2,115,174) | ||||||||
Global Fund Administrative Class | ||||||||||||
Sold | 325,557 | $3,390,559 | 418,778 | $4,545,409 | ||||||||
Issued as reinvestment of dividends | 1,261,602 | 11,606,738 | 1,109,178 | 10,936,495 | ||||||||
Redeemed | (1,348,851) | (14,388,062) | (1,190,790) | (12,776,262) | ||||||||
Net increase (decrease) | 238,308 | $609,235 | 337,166 | $2,705,642 | ||||||||
Global Fund Class R4 | ||||||||||||
Sold | 70,748 | $704,961 | 167,991 | $1,684,423 | ||||||||
Issued as reinvestment of dividends | 271,463 | 2,340,010 | 223,404 | 2,097,768 | ||||||||
Redeemed | (220,947) | (2,129,523) | (377,560) | (3,879,123) | ||||||||
Net increase (decrease) | 121,264 | $915,448 | 13,835 | $(96,932) | ||||||||
Global Fund Class A | ||||||||||||
Sold | 60,443 | $597,712 | 78,631 | $835,675 | ||||||||
Issued as reinvestment of dividends | 313,958 | 2,775,390 | 227,397 | 2,178,460 | ||||||||
Redeemed | (103,270) | (1,014,172) | (172,701) | (1,770,793) | ||||||||
Net increase (decrease) | 271,131 | $2,358,930 | 133,327 | $1,243,342 | ||||||||
Global Fund Class R3 | ||||||||||||
Sold | 57,939 | $570,023 | 110,963 | $1,133,941 | ||||||||
Issued as reinvestment of dividends | 218,703 | 1,893,964 | 198,231 | 1,873,279 | ||||||||
Redeemed | (149,660) | (1,491,875) | (369,375) | (3,825,407) | ||||||||
Net increase (decrease) | 126,982 | $972,112 | (60,181) | $(818,187) | ||||||||
International Equity Fund Class I | ||||||||||||
Sold | 608,898 | $4,966,397 | 2,992,094 | $24,516,587 | ||||||||
Issued as reinvestment of dividends | 303,716 | 2,460,099 | 526,310 | 4,199,952 | ||||||||
Redeemed | (1,282,034) | (10,625,039) | (3,940,341) | (32,337,195) | ||||||||
Net increase (decrease) | (369,420) | $(3,198,543) | (421,937) | $(3,620,656) | ||||||||
International Equity Fund Class R5 | ||||||||||||
Sold | 207,791 | $1,724,240 | 480,617 | $3,937,017 | ||||||||
Issued as reinvestment of dividends | 119,965 | 972,915 | 244,088 | 1,950,265 | ||||||||
Redeemed | (725,695) | (5,918,972) | (1,228,457) | (10,137,157) | ||||||||
Net increase (decrease) | (397,939) | $(3,221,817) | (503,752) | $(4,249,875) | ||||||||
International Equity Fund Service Class | ||||||||||||
Sold | 18,034 | $147,272 | 99,541 | $800,758 | ||||||||
Issued as reinvestment of dividends | 11,822 | 95,641 | 19,400 | 154,615 | ||||||||
Redeemed | (146,722) | (1,179,008) | (47,077) | (360,975) | ||||||||
Net increase (decrease) | (116,866) | $(936,095) | 71,864 | $594,398 | ||||||||
178 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
International Equity Fund Administrative Class | ||||||||||||
Sold | 17,485 | $ 141,896 | 41,651 | $ 335,810 | ||||||||
Issued as reinvestment of dividends | 7,806 | 62,526 | 17,899 | 141,221 | ||||||||
Redeemed | (13,457) | (110,487) | (140,480) | (1,121,857) | ||||||||
Net increase (decrease) | 11,834 | $93,935 | (80,930) | $(644,826) | ||||||||
International Equity Fund Class R4 | ||||||||||||
Sold | 4,636 | $34,924 | 9,670 | $72,500 | ||||||||
Issued as reinvestment of dividends | 2,443 | 18,101 | 4,591 | 33,604 | ||||||||
Redeemed | (4,183) | (31,002) | (48,725) | (371,212) | ||||||||
Net increase (decrease) | 2,896 | $22,023 | (34,464) | $(265,108) | ||||||||
International Equity Fund Class A | ||||||||||||
Sold | 29,495 | $224,612 | 174,452 | $1,323,495 | ||||||||
Issued as reinvestment of dividends | 41,377 | 311,566 | 73,155 | 543,543 | ||||||||
Redeemed | (223,228) | (1,718,704) | (265,383) | (2,018,177) | ||||||||
Net increase (decrease) | (152,356) | $(1,182,526) | (17,776) | $(151,139) | ||||||||
International Equity Fund Class R3 | ||||||||||||
Sold | 24,057 | $179,925 | 67,506 | $494,314 | ||||||||
Issued as reinvestment of dividends | 9,765 | 71,282 | 18,110 | 130,573 | ||||||||
Redeemed | (20,917) | (154,214) | (91,696) | (685,614) | ||||||||
Net increase (decrease) | 12,905 | $96,993 | (6,080) | $(60,727) | ||||||||
International Equity Fund Class Y(a) | ||||||||||||
Sold | — | $— | 12,092 | $100,000 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | — | — | — | — | ||||||||
Net increase (decrease) | — | $— | 12,092 | $100,000 | ||||||||
Strategic Emerging Markets Fund Class I | ||||||||||||
Sold | 1,403,592 | $13,701,525 | 1,934,883 | $18,898,295 | ||||||||
Issued as reinvestment of dividends | 12,170 | 116,712 | 49,063 | 454,812 | ||||||||
Redeemed | (1,576,335) | (14,981,958) | (4,248,900) | (41,795,229) | ||||||||
Net increase (decrease) | (160,573) | $(1,163,721) | (2,264,954) | $(22,442,122) | ||||||||
Strategic Emerging Markets Fund Class R5 | ||||||||||||
Sold | 447 | $4,399 | 3,585 | $36,150 | ||||||||
Issued as reinvestment of dividends | 4 | 41 | — | — | ||||||||
Redeemed | (16,081) | (161,323) | (2,585) | (25,217) | ||||||||
Net increase (decrease) | (15,630) | $(156,883) | 1,000 | $10,933 | ||||||||
Strategic Emerging Markets Fund Service Class | ||||||||||||
Sold | 18,235 | $175,335 | 26,748 | $262,353 | ||||||||
Issued as reinvestment of dividends | — | — | 249 | 2,309 | ||||||||
Redeemed | (3,854) | (36,729) | (45,143) | (445,046) | ||||||||
Net increase (decrease) | 14,381 | $138,606 | (18,146) | $(180,384) | ||||||||
Strategic Emerging Markets Fund Administrative Class | ||||||||||||
Sold | 4,710 | $45,045 | 11,636 | $111,573 | ||||||||
Issued as reinvestment of dividends | — | — | 7 | 69 | ||||||||
Redeemed | (7,946) | (77,483) | (9,363) | (89,444) | ||||||||
Net increase (decrease) | (3,236) | $(32,438) | 2,280 | $22,198 | ||||||||
179 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | |||||||||||
Shares | Amount | Shares | Amount | |||||||||
Strategic Emerging Markets Fund Class R4 | ||||||||||||
Sold | 2,729 | $ 26,500 | 5,442 | $ 52,285 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | (1,462) | (13,455) | (2,181) | (21,471) | ||||||||
Net increase (decrease) | 1,267 | $13,045 | 3,261 | $30,814 | ||||||||
Strategic Emerging Markets Fund Class A | ||||||||||||
Sold | 503 | $4,814 | 701 | $6,528 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | (10,517) | (99,736) | (1,403) | (13,082) | ||||||||
Net increase (decrease) | (10,014) | $(94,922) | (702) | $(6,554) | ||||||||
Strategic Emerging Markets Fund Class R3 | ||||||||||||
Sold | 3,959 | $37,766 | 7,557 | $70,774 | ||||||||
Issued as reinvestment of dividends | — | — | — | — | ||||||||
Redeemed | (4,031) | (36,732) | (21,492) | (206,001) | ||||||||
Net increase (decrease) | (72) | $1,034 | (13,935) | $(135,227) | ||||||||
(a) | Commenced operations on February 1, 2023. |
Front-End Sales Charges Retained by Distributor | |||
Short-Duration Bond Fund | $ 11 | ||
High Yield Fund | 5 | ||
Global Fund | 450 |
180 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Federal Income Tax Cost | Tax Basis Unrealized Appreciation | Tax Basis Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||
Short-Duration Bond Fund | $186,434,376 | $667,272 | $(14,130,793) | $(13,463,521) | ||||||||
Inflation-Protected and Income Fund | 257,189,268 | 1,002,735 | (6,533,818) | (5,531,083) | ||||||||
Core Bond Fund | 780,076,490 | 3,873,775 | (55,853,266) | (51,979,491) | ||||||||
Diversified Bond Fund | 159,905,519 | 869,875 | (12,975,372) | (12,105,497) | ||||||||
High Yield Fund | 396,436,766 | 6,597,236 | (15,670,146) | (9,072,910) | ||||||||
Balanced Fund | 99,804,862 | 15,901,243 | (4,325,486) | 11,575,757 | ||||||||
Disciplined Value Fund | 36,892,717 | 7,864,462 | (707,530) | 7,156,932 | ||||||||
Main Street Fund | 54,485,956 | 18,824,458 | (749,843) | 18,074,615 | ||||||||
Disciplined Growth Fund | 145,227,829 | 48,949,236 | (1,961,382) | 46,987,854 | ||||||||
Small Cap Opportunities Fund | 310,518,699 | 97,035,352 | (14,204,617) | 82,830,735 | ||||||||
Global Fund | 107,490,973 | 101,255,519 | (4,393,755) | 96,861,764 | ||||||||
International Equity Fund | 112,075,212 | 16,947,017 | (10,350,901) | 6,596,116 | ||||||||
Strategic Emerging Markets Fund | 101,816,353 | 11,686,522 | (5,170,610) | 6,515,912 |
Short Term Capital Loss Carryforward | Long Term Capital Loss Carryforward | |||||
Short-Duration Bond Fund | $ 55,557,232 | $ 80,720,810 | ||||
Inflation-Protected and Income Fund | 23,475,503 | 4,690,083 | ||||
Core Bond Fund | 38,261,016 | 54,585,371 | ||||
Diversified Bond Fund | 7,287,798 | 11,789,161 | ||||
High Yield Fund | 8,816,132 | 53,405,416 | ||||
Balanced Fund | 436,639 | 1,940,622 | ||||
Strategic Emerging Markets Fund | 10,957,640 | 12,350,612 | ||||
Amount | |||
Short-Duration Bond Fund | $ 170,482 | ||
Main Street Fund | 296,891 | ||
Global Fund | 263,510 | ||
Strategic Emerging Markets Fund | 320,023 |
181 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Ordinary Income | Long Term Capital Gain | Return of Capital | |||||||
U.S. Government Money Market Fund | $ 7,696,593 | $— | $ — | ||||||
Short-Duration Bond Fund | 10,912,538 | — | 129,022 | ||||||
Inflation-Protected and Income Fund | 10,873,910 | — | — | ||||||
Core Bond Fund | 27,416,673 | — | — | ||||||
Diversified Bond Fund | 6,419,858 | — | — | ||||||
High Yield Fund | 25,396,630 | — | — | ||||||
Balanced Fund | 1,888,356 | — | — | ||||||
Disciplined Value Fund | 4,145,423 | 3,009,709 | — | ||||||
Main Street Fund | 563,141 | 8,275,072 | — | ||||||
Disciplined Growth Fund | 125,279 | 7,635,323 | — | ||||||
Small Cap Opportunities Fund | 2,402,349 | 1,474,654 | — | ||||||
Global Fund | — | 44,885,053 | — | ||||||
International Equity Fund | 1,563,956 | 5,591,169 | — | ||||||
Strategic Emerging Markets Fund | 457,190 | — | — |
Amount | |||
International Equity Fund | $ 207,186 | ||
Strategic Emerging Markets Fund | 348,778 |
Undistributed Ordinary Income | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total | |||||||||||
U.S. Government Money Market Fund | $ — | $— | $(31,547) | $— | $(31,547) | ||||||||||
Short-Duration Bond Fund | — | (136,448,524) | (35,519) | (38,499,568) | (174,983,611) | ||||||||||
Inflation-Protected and Income Fund | 4,921,532 | (28,165,585) | (18,907) | (19,837,074) | (43,100,034) | ||||||||||
Core Bond Fund | 23,560,514 | (92,846,387) | (93,220) | (100,639,768) | (170,018,861) | ||||||||||
Diversified Bond Fund | 4,797,752 | (19,076,959) | (12,325) | (24,586,033) | (38,877,565) | ||||||||||
High Yield Fund | 75,078 | (62,221,548) | (20,568) | (36,538,782) | (98,705,820) | ||||||||||
Balanced Fund | 1,219,734 | (2,377,261) | (10,167) | (2,633,352) | (3,801,046) | ||||||||||
Disciplined Value Fund | 2,317,458 | 476,996 | (15,608) | 1,141,130 | 3,919,976 | ||||||||||
182 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
Undistributed Ordinary Income | Undistributed Long Term Capital Gain (Capital Loss Carryover) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total | |||||||||||
Main Street Fund | 158,203 | 5,881,940 | (306,655) | 6,892,117 | 12,625,605 | ||||||||||
Disciplined Growth Fund | 29,047 | 6,477,745 | (19,451) | 13,560,732 | 20,048,073 | ||||||||||
Small Cap Opportunities Fund | 3,744,830 | 12,872,054 | (15,165) | 25,639,369 | 42,241,088 | ||||||||||
Global Fund | — | 37,637,162 | (285,900) | 63,027,872 | 100,379,134 | ||||||||||
International Equity Fund | 2,357,217 | 1,507,789 | (36,696) | (5,719,916) | (1,891,606) | ||||||||||
Strategic Emerging Markets Fund | — | (23,308,252) | (329,838) | (4,254,044) | (27,892,134) |
183 | ||||
Notes to Financial Statements (Unaudited) (Continued) | ||
184 | ||||
Other Information (Unaudited) | ||
185 | ||||
Other Information (Unaudited) (Continued) | ||
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||
U.S. Government Money Market Fund | ||||||||||||||||||
Class R5 | $ 1,000 | 0.54% | $ 1,024.50 | $ 2.69 | $ 1,021.90 | $ 2.68 | ||||||||||||
Short-Duration Bond Fund | ||||||||||||||||||
Class I | 1,000 | 0.42% | 1,051.30 | 2.12 | 1,022.50 | 2.09 | ||||||||||||
Class R5 | 1,000 | 0.65% | 1,049.90 | 3.28 | 1,021.40 | 3.23 | ||||||||||||
Service Class | 1,000 | 0.76% | 1,050.80 | 3.83 | 1,020.90 | 3.78 | ||||||||||||
Administrative Class | 1,000 | 0.86% | 1,049.20 | 4.33 | 1,020.40 | 4.27 | ||||||||||||
Class R4 | 1,000 | 0.97% | 1,049.40 | 4.89 | 1,019.80 | 4.82 | ||||||||||||
Class A | 1,000 | 1.09% | 1,048.20 | 5.49 | 1,019.20 | 5.41 | ||||||||||||
Class R3 | 1,000 | 1.25% | 1,047.20 | 6.29 | 1,018.40 | 6.20 | ||||||||||||
Class Y | 1,000 | 0.43% | 1,051.20 | 2.17 | 1,022.50 | 2.14 | ||||||||||||
Class L | 1,000 | 0.68% | 1,050.00 | 3.43 | 1,021.20 | 3.38 | ||||||||||||
Class C | 1,000 | 0.93% | 1,049.60 | 4.69 | 1,020.00 | 4.62 |
186 | ||||
Other Information (Unaudited) (Continued) | ||
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||
Inflation-Protected and Income Fund | ||||||||||||||||||
Class I | $1,000 | 0.52% | $1,052.20 | $2.62 | $1,022.00 | $2.59 | ||||||||||||
Class R5 | 1,000 | 0.62% | 1,052.50 | 3.13 | 1,021.50 | 3.08 | ||||||||||||
Service Class | 1,000 | 0.71% | 1,051.50 | 3.58 | 1,021.10 | 3.53 | ||||||||||||
Administrative Class | 1,000 | 0.82% | 1,050.50 | 4.13 | 1,020.60 | 4.07 | ||||||||||||
Class R4 | 1,000 | 0.96% | 1,050.30 | 4.84 | 1,019.90 | 4.77 | ||||||||||||
Class A | 1,000 | 1.05% | 1,050.40 | 5.29 | 1,019.40 | 5.21 | ||||||||||||
Class R3 | 1,000 | 1.22% | 1,049.30 | 6.15 | 1,018.60 | 6.06 | ||||||||||||
Class Y | 1,000 | 0.62% | 1,052.10 | 3.13 | 1,021.50 | 3.08 | ||||||||||||
Core Bond Fund | ||||||||||||||||||
Class I | 1,000 | 0.44% | 1,075.90 | 2.25 | 1,022.40 | 2.19 | ||||||||||||
Class R5 | 1,000 | 0.54% | 1,074.70 | 2.75 | 1,021.90 | 2.68 | ||||||||||||
Service Class | 1,000 | 0.64% | 1,075.30 | 3.27 | 1,021.40 | 3.18 | ||||||||||||
Administrative Class | 1,000 | 0.74% | 1,074.20 | 3.77 | 1,021.00 | 3.68 | ||||||||||||
Class R4 | 1,000 | 0.89% | 1,074.00 | 4.54 | 1,020.20 | 4.42 | ||||||||||||
Class A | 1,000 | 0.97% | 1,072.80 | 4.94 | 1,019.80 | 4.82 | ||||||||||||
Class R3 | 1,000 | 1.14% | 1,072.90 | 5.81 | 1,019.00 | 5.66 | ||||||||||||
Class Y | 1,000 | 0.54% | 1,075.60 | 2.76 | 1,021.90 | 2.68 | ||||||||||||
Diversified Bond Fund | ||||||||||||||||||
Class I | 1,000 | 0.65% | 1,074.90 | 3.32 | 1,021.40 | 3.23 | ||||||||||||
Class R5 | 1,000 | 0.75% | 1,075.70 | 3.83 | 1,020.90 | 3.73 | ||||||||||||
Service Class | 1,000 | 0.85% | 1,076.20 | 4.34 | 1,020.40 | 4.22 | ||||||||||||
Administrative Class | 1,000 | 0.95% | 1,074.60 | 4.85 | 1,019.90 | 4.72 | ||||||||||||
Class R4 | 1,000 | 1.10% | 1,074.60 | 5.61 | 1,019.20 | 5.46 | ||||||||||||
Class A | 1,000 | 1.19% | 1,071.40 | 6.06 | 1,018.70 | 5.91 | ||||||||||||
Class R3 | 1,000 | 1.35% | 1,073.30 | 6.88 | 1,018.00 | 6.70 | ||||||||||||
Class Y | 1,000 | 0.76% | 1,075.20 | 3.88 | 1,020.90 | 3.78 | ||||||||||||
High Yield Fund | ||||||||||||||||||
Class I | 1,000 | 0.58% | 1,085.70 | 2.97 | 1,021.70 | 2.88 | ||||||||||||
Class R5 | 1,000 | 0.68% | 1,086.20 | 3.49 | 1,021.20 | 3.38 | ||||||||||||
Service Class | 1,000 | 0.78% | 1,085.70 | 4.00 | 1,020.80 | 3.88 | ||||||||||||
Administrative Class | 1,000 | 0.88% | 1,084.60 | 4.51 | 1,020.30 | 4.37 | ||||||||||||
Class R4 | 1,000 | 1.03% | 1,083.40 | 5.28 | 1,019.50 | 5.11 | ||||||||||||
Class A | 1,000 | 1.11% | 1,084.90 | 5.69 | 1,019.10 | 5.51 | ||||||||||||
Class R3 | 1,000 | 1.28% | 1,083.30 | 6.56 | 1,018.30 | 6.35 | ||||||||||||
Class Y | 1,000 | 0.63% | 1,085.30 | 3.23 | 1,021.50 | 3.13 | ||||||||||||
Class C | 1,000 | 1.57% | 1,081.50 | 8.04 | 1,016.90 | 7.79 | ||||||||||||
Balanced Fund | ||||||||||||||||||
Class I | 1,000 | 0.79% | 1,166.30 | 4.21 | 1,020.70 | 3.93 | ||||||||||||
Class R5 | 1,000 | 0.89% | 1,165.60 | 4.74 | 1,020.20 | 4.42 | ||||||||||||
Service Class | 1,000 | 0.99% | 1,164.40 | 5.27 | 1,019.70 | 4.92 | ||||||||||||
Administrative Class | 1,000 | 1.09% | 1,164.00 | 5.80 | 1,019.20 | 5.41 | ||||||||||||
Class R4 | 1,000 | 1.24% | 1,164.10 | 6.60 | 1,018.50 | 6.15 | ||||||||||||
Class A | 1,000 | 1.33% | 1,163.00 | 7.07 | 1,018.00 | 6.60 | ||||||||||||
Class R3 | 1,000 | 1.49% | 1,161.20 | 7.92 | 1,017.30 | 7.39 | ||||||||||||
Class Y | 1,000 | 0.89% | 1,165.20 | 4.74 | 1,020.20 | 4.42 | ||||||||||||
187 | ||||
Other Information (Unaudited) (Continued) | ||
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||
Disciplined Value Fund | ||||||||||||||||||
Class I | $1,000 | 1.00% | $1,186.00 | $5.38 | $1,019.70 | $4.97 | ||||||||||||
Class R5 | 1,000 | 1.11% | 1,186.20 | 5.97 | 1,019.10 | 5.51 | ||||||||||||
Service Class | 1,000 | 1.21% | 1,185.60 | 6.50 | 1,018.60 | 6.01 | ||||||||||||
Administrative Class | 1,000 | 1.31% | 1,184.70 | 7.04 | 1,018.10 | 6.50 | ||||||||||||
Class R4 | 1,000 | 1.46% | 1,183.30 | 7.84 | 1,017.40 | 7.24 | ||||||||||||
Class A | 1,000 | 1.54% | 1,183.00 | 8.27 | 1,017.00 | 7.64 | ||||||||||||
Class R3 | 1,000 | 1.71% | 1,182.10 | 9.18 | 1,016.20 | 8.48 | ||||||||||||
Class Y | 1,000 | 1.11% | 1,185.90 | 5.97 | 1,019.10 | 5.51 | ||||||||||||
Main Street Fund | ||||||||||||||||||
Class I | 1,000 | 0.90% | 1,241.30 | 4.96 | 1,020.20 | 4.47 | ||||||||||||
Class R5 | 1,000 | 1.00% | 1,241.30 | 5.51 | 1,019.70 | 4.97 | ||||||||||||
Service Class | 1,000 | 1.10% | 1,240.30 | 6.06 | 1,019.20 | 5.46 | ||||||||||||
Administrative Class | 1,000 | 1.20% | 1,239.30 | 6.61 | 1,018.70 | 5.96 | ||||||||||||
Class R4 | 1,000 | 1.36% | 1,239.60 | 7.49 | 1,017.90 | 6.75 | ||||||||||||
Class A | 1,000 | 1.44% | 1,239.20 | 7.93 | 1,017.50 | 7.14 | ||||||||||||
Class R3 | 1,000 | 1.61% | 1,237.10 | 8.86 | 1,016.70 | 7.98 | ||||||||||||
Disciplined Growth Fund | ||||||||||||||||||
Class I | 1,000 | 0.59% | 1,294.30 | 3.33 | 1,021.70 | 2.93 | ||||||||||||
Class R5 | 1,000 | 0.69% | 1,293.90 | 3.89 | 1,021.20 | 3.43 | ||||||||||||
Service Class | 1,000 | 0.79% | 1,294.10 | 4.46 | 1,020.70 | 3.93 | ||||||||||||
Administrative Class | 1,000 | 0.89% | 1,292.80 | 5.02 | 1,020.20 | 4.42 | ||||||||||||
Class R4 | 1,000 | 1.04% | 1,291.70 | 5.86 | 1,019.50 | 5.16 | ||||||||||||
Class A | 1,000 | 1.13% | 1,291.90 | 6.37 | 1,019.00 | 5.61 | ||||||||||||
Class R3 | 1,000 | 1.29% | 1,289.10 | 7.26 | 1,018.20 | 6.40 | ||||||||||||
Class Y | 1,000 | 0.69% | 1,293.80 | 3.89 | 1,021.20 | 3.43 | ||||||||||||
Small Cap Opportunities Fund | ||||||||||||||||||
Class I | 1,000 | 0.66% | 1,209.50 | 3.59 | 1,021.30 | 3.28 | ||||||||||||
Class R5 | 1,000 | 0.76% | 1,209.10 | 4.13 | 1,020.90 | 3.78 | ||||||||||||
Service Class | 1,000 | 0.86% | 1,208.70 | 4.67 | 1,020.40 | 4.27 | ||||||||||||
Administrative Class | 1,000 | 0.96% | 1,207.40 | 5.21 | 1,019.90 | 4.77 | ||||||||||||
Class R4 | 1,000 | 1.11% | 1,206.60 | 6.02 | 1,019.10 | 5.51 | ||||||||||||
Class A | 1,000 | 1.19% | 1,206.60 | 6.46 | 1,018.70 | 5.91 | ||||||||||||
Class R3 | 1,000 | 1.36% | 1,205.20 | 7.37 | 1,017.90 | 6.75 | ||||||||||||
Class Y | 1,000 | 0.76% | 1,209.20 | 4.13 | 1,020.90 | 3.78 | ||||||||||||
Global Fund | ||||||||||||||||||
Class I | 1,000 | 0.92% | 1,272.80 | 5.14 | 1,020.10 | 4.57 | ||||||||||||
Class R5 | 1,000 | 1.01% | 1,272.50 | 5.64 | 1,019.60 | 5.02 | ||||||||||||
Service Class | 1,000 | 1.12% | 1,270.70 | 6.25 | 1,019.10 | 5.56 | ||||||||||||
Administrative Class | 1,000 | 1.21% | 1,270.10 | 6.75 | 1,018.60 | 6.01 | ||||||||||||
Class R4 | 1,000 | 1.37% | 1,269.20 | 7.64 | 1,017.90 | 6.80 | ||||||||||||
Class A | 1,000 | 1.45% | 1,268.70 | 8.09 | 1,017.50 | 7.19 | ||||||||||||
Class R3 | 1,000 | 1.62% | 1,267.90 | 9.03 | 1,016.60 | 8.03 |
188 | ||||
Other Information (Unaudited) (Continued) | ||
Beginning Value | Annualized Expense Ratio | Ending Value (Based on Actual Returns and Expenses) | Operating Expenses Incurred* | Ending Value (Based on Hypothetical Returns and Expenses) | Operating Expenses Incurred* | |||||||||||||
International Equity Fund | ||||||||||||||||||
Class I | $1,000 | 1.06% | $1,110.50 | $5.50 | $1,019.40 | $5.26 | ||||||||||||
Class R5 | 1,000 | 1.16% | 1,110.50 | 6.02 | 1,018.90 | 5.76 | ||||||||||||
Service Class | 1,000 | 1.26% | 1,111.00 | 6.54 | 1,018.40 | 6.25 | ||||||||||||
Administrative Class | 1,000 | 1.36% | 1,109.50 | 7.05 | 1,017.90 | 6.75 | ||||||||||||
Class R4 | 1,000 | 1.51% | 1,108.80 | 7.83 | 1,017.20 | 7.49 | ||||||||||||
Class A | 1,000 | 1.59% | 1,108.80 | 8.25 | 1,016.80 | 7.89 | ||||||||||||
Class R3 | 1,000 | 1.76% | 1,108.00 | 9.12 | 1,015.90 | 8.72 | ||||||||||||
Class Y | 1,000 | 1.16% | 1,110.80 | 6.02 | 1,018.90 | 5.76 | ||||||||||||
Strategic Emerging Markets Fund | ||||||||||||||||||
Class I | 1,000 | 1.15% | 1,090.00 | 5.91 | 1,018.90 | 5.71 | ||||||||||||
Class R5 | 1,000 | 1.25% | 1,090.30 | 6.43 | 1,018.40 | 6.20 | ||||||||||||
Service Class | 1,000 | 1.35% | 1,089.70 | 6.94 | 1,018.00 | 6.70 | ||||||||||||
Administrative Class | 1,000 | 1.45% | 1,088.40 | 7.45 | 1,017.50 | 7.19 | ||||||||||||
Class R4 | 1,000 | 1.60% | 1,087.50 | 8.21 | 1,016.70 | 7.93 | ||||||||||||
Class A | 1,000 | 1.69% | 1,086.80 | 8.67 | 1,016.30 | 8.38 | ||||||||||||
Class R3 | 1,000 | 1.85% | 1,086.70 | 9.49 | 1,015.50 | 9.17 |
* | Expenses are calculated using the annualized expense ratio for the six months ended March 31, 2024, multiplied by the average account value over the period, multiplied by 180 days in the period, divided by 366 days in the year, unless stated otherwise. |
189 | ||||
(b) | Not applicable to this filing. |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Investments.
(a) | Please see portfolio of investments contained in the Report to Stockholders included under Item 1 of this form N-CSR. |
(b) | Not applicable to this filing. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this filing.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable to this filing.
Item 11. Controls and Procedures.
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this filing.
Item 13. Exhibits.
(a)(1) Code of Ethics (Item 2) is not applicable to this filing.
(a)(3) Not applicable to this filing.
(a)(4) Not applicable to this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | MassMutual Premier Funds | |
By (Signature and Title) | /s/ Paul LaPiana | |
Paul LaPiana, President and Principal Executive Officer | ||
Date | 5/21/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Paul LaPiana | |
Paul LaPiana, President and Principal Executive Officer | ||
Date | 5/21/2024 | |
By (Signature and Title) | /s/ Renée Hitchcock | |
Renée Hitchcock, Treasurer and Principal Financial Officer | ||
Date | 5/21/2024 |